TUGU Insurance Revenue Grows 16.3%
JAKARTA – PT Asuransi Tugu Pratama Indonesia Tbk (TUGU) has released its performance results for the first half of 2026. The general insurance issuer, a subsidiary of PT Pertamina (Persero), successfully recorded profit growth thanks to optimal underwriting quality.
Throughout January to June 2026, TUGU posted a net profit of Rp 480.3 billion, an increase of 76.9% compared to the same period the previous year of Rp 271.6 billion. This growth was driven by improved insurance operational performance amidst fluctuating market conditions.
Analyst Yosua Zisokhi from Sinarmas Sekuritas assessed that this growth far exceeded the increase in insurance service revenue, indicating an improvement in portfolio quality, underwriting discipline, and increasingly effective risk management.
On the other hand, TUGU’s subsidiaries also began to provide a greater contribution to performance growth. The vehicle rental and services business segment showed positive development, growing 24.6% to Rp 321.3 billion, and was able to become an additional source of income while strengthening business diversification outside of core insurance activities.
However, investment income declined to Rp 140.5 billion from Rp 317.1 billion in the first half of 2025. This investment performance was still influenced by financial market conditions that tended to fluctuate throughout the period, especially in financial instruments sensitive to interest rate changes and market volatility.
Despite weakening investment returns, strong underwriting performance was able to compensate for this pressure. This was reflected in profit before tax, which increased 47.8% to Rp 554.8 billion, showing that profit growth is increasingly supported by operational business rather than investment gains.
Yosua Zisokhi assessed that the first half of 2026 performance shows TUGU’s profit quality remains optimally maintained. According to him, over the past few years investors have often valued insurance companies based on the size of their investment returns, but in this period the source of growth has shifted to the core business.
“The improvement in underwriting is a more positive signal than just a profit increase. When the insurance service result grows much faster than revenue, it means the company is becoming more efficient in managing risk while improving the quality of its business portfolio,” said Yosua Zisokhi.
He added that the decline in investment income is not an indicator of weakening company fundamentals because it is largely influenced by cyclical market conditions. Conversely, the ability to maintain profit growth when investment returns fall actually demonstrates an increasingly resilient business model.
According to the analyst, the contribution of subsidiaries in the vehicle rental and services sector is also a development worth noting. This diversification is considered capable of creating more stable income sources and reducing dependence on investment market volatility in the long term.
Going forward, investor focus is expected to be more directed towards the sustainability of underwriting quality, the ability to maintain risk selection discipline, and the optimisation of synergy between business lines. If this trend can be maintained, the room for TUGU’s profitability growth is considered to remain quite open.
With an increasingly strong core business combination, growing subsidiary contributions, and the potential for investment income recovery when market conditions improve, the first half of 2026 performance is an important momentum demonstrating the transformation of TUGU’s growth quality towards a more sustainable business model.