IMQ, Jakarta — The Ministry of State-Owned Enterprises (BUMN) acknowledged that the decline in net profit for the insurance sector by 9.26% to Rp5 trillion in the 2010 forecast was due to the suboptimal investment performance of PT Askrindo (Persero).
This was stated by the Deputy Minister of SOEs for Services, Parikesit Suprapto, at the SOE Ministry office on Friday (28/1). He added that besides the suboptimal performance, another challenge stemmed from the government’s plan to boost the People’s Business Credit (KUR), which included granting approval for Askrindo and PT Jamkrindo (Persero).
Previously, as of the third quarter of this year, credit guarantees provided by Askrindo and Perum Jamkrindo reached Rp22 trillion, accounting for 90% of the total KUR disbursed by banks, which amounted to Rp25 trillion. These guarantees have exceeded the guarantee capacity of Askrindo and Jamkrindo, which was Rp19.5 trillion, despite the government’s capital injection of Rp1.95 trillion this year.
"The portion allocated to Askrindo is larger than that of Jamkrindo, leading to a negative spread," said Parikesit today.
Furthermore, he explained that Askrindo had to allocate reserves, whereas Jamkrindo had specific guarantee requirements.
"From an accounting perspective, Askrindo bears a heavier financial burden, resulting in losses," he explained.
Ideally, Askrindo should have had a guarantee capacity of Rp10.1 trillion, based on a capital injection of Rp1.1 trillion, while Jamkrindo should have had a capacity of Rp8.5 trillion, with a capital injection of Rp850 billion.
"Moving forward, we will coordinate with Askrindo and Jamkrindo to ensure a more balanced burden-sharing," he concluded.
(Source: imq21.com)