A.M. Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of PT Asuransi Tugu Pratama Indonesia (TPI).

TPI’s risk-adjusted capitalization remains solid. Its capital position is among the largest in Indonesia’s non-life market. TPI has a track record of strong operating performance supported by underwriting and investment results.

Its combined and operating ratios averaged 79% and 60%, respectively, in the five years to December 2017. Its return on equity averaged 11% over the same period, despite the fact that its capital position more than doubled over the period.