Maskapai Reasuransi Indonesia Tbk PT

The company maintains a strong liquidity position, with a liquidity_fpt of 1.3x, supported by a free cash flow of IDR 46.6 billion and operating cash flow of IDR 70.5 billion. Its debt-to-equity ratio is 0.0, indicating no long-term debt obligations, and its total equity of IDR 1.45 trillion provides a solid capital base. Profitability metrics show a return on equity (ROE) of 3.5% and a return on assets (ROA) of 1.02%, which are below the industry_config preferred metrics for reinsurance firms, which typically target ROE above 5% and ROA above 2%. The company’s net income of IDR 50.8 billion reflects a healthy operating income of IDR 43.4 billion, but its returns are constrained by asset intensity and low leverage. The company operates through two segments: Non Life and Life. While segment-specific revenue figures are not disclosed, the company’s exposure to both life and general reinsurance suggests a balanced geographic and product portfolio. However, the absence of detailed revenue concentration data limits visibility into potential overreliance on specific markets or products. Growth trajectory is positive, with a current FY outlook indicating a 7% increase in revenue and a 5% increase in operating income. The next FY outlook projects a 4% revenue growth and a 3% increase in operating income, driven by expansion in the sharia reinsurance segment and improved underwriting performance. Risk factors include a medium liquidity risk due to negative net cash after subtracting total debt, and a low dilution potential, with no near-term pressure from share issuance or ATM programs. The company’s capital structure remains stable, with no long-term debt and a strong equity base. Recent events include a 10-K filing highlighting the company’s ESG governance score of 23.1 and social pillar score of 18.4, indicating moderate ESG performance. No material regulatory or operational risks were disclosed in the latest transcripts or filings.