Jamsostek reports surge in profits

Jamsostek reports surge in profits

JAKARTA: Indonesia's state insurance company, PT Jamsostek, recorded a profit of Rp 1.1 trillion (US$126 million) last year, a 242 percent jump over profits in 2001, news reports said on Sunday.

Jamsostek President Djunaidi attributed the leap in profits to the effective moves made by the state firm's new board of directors, resulting in a higher collection from insured workers from Rp 12.6 trillion in 2000 to Rp 21.3 trillion in 2002.

"With the improved performance, the profit increased to Rp 1.096 trillion in 2002," Djunaidi told Antara news agency.

Jamsostek reported a profit of Rp 320.7 billion in 2001, compared with Rp 229.3 billion in 2000.

Djunaidi said the company had contributed Rp 222.2 billion to state coffers in 2002. --DPA