Insurance firm's profit declines

JAKARTA (JP): Interest rate declines slashed last year's profit by 6.2 percent for PT Asuransi Dayin Mitra, an insurance company.

The firm's after-tax profit declined from Rp 5 billion (US$2.3 million) in 1992 to Rp 4.69 billion last year, the firm's board of directors said in a report to the annual shareholders meeting here yesterday.

The report explained that the company invested Rp 27.22 billion in time deposits in 1992 and Rp 24.34 billion in 1993, and Rp 4 billion in statutory deposits for the last two years.

The company's total investments decreased from Rp 34.27 billion in 1992 to Rp 29.96 billion last year.

The shareholders agreed yesterday on the distribution of Rp 2 billion as dividends, in which one share will be eligible for a cash dividend of Rp 100 (46 U.S. cents), while the remaining Rp 2.69 billion will be retained to improve the company's capital standing.

The company's net revenue from premiums rose by 22.4 percent from Rp 7.76 billion in 1992 to Rp 9.5 billion last year, while the underwriting revenue increased by 17.9 percent from Rp 7.49 billion to Rp 8.84 billion.

The meeting also agreed to appoint Suyitno Siswowidagdo as vice chief commissioner of the company.

The company is 64 percent owned by PT Gajah Tunggal Abadi, 9.92 percent by PT Gajah Tunggal Mulia, 7.89 percent by Bank of NT Butterfield Son and 18.19 percent by the investing public. (yns)