Comparative Financial Performance Analysis of PT Asuransi Ramayana Tbk and PT Dayin Mitra Tbk: Evidence from Indonesia’s Insurance Sector (2020–2024)

Abstract

This study presents a comparative analysis of the financial performance of two publicly listed Indonesian general insurance companies, PT Asuransi Ramayana Tbk and PT Dayin Mitra Tbk, over the period 2020 to 2024. Utilizing a set of key financial ratios loss ratio, expense ratio, combined ratio, retention ratio, net profit margin, return on equity (ROE), return on assets (ROA), and leverage ratio the research assesses the operational efficiency, profitability, and financial resilience of both firms. The analysis reveals that Ramayana consistently demonstrates underwriting profitability with stable loss ratios and moderate expenses but shows a declining trend in net profit and ROE in the final year. In contrast, Dayin Mitra exhibits high volatility in its loss ratios and persistent underwriting losses, yet manages to maintain strong net profit margins and improved ROA and ROE in 2024, primarily due to non-underwriting income. The study underscores the importance of balanced financial strategies, highlighting that operational discipline and diversified income sources are vital for long-term sustainability in the insurance sector. The findings offer insights for investors, policymakers, and company management in navigating financial strategies within emerging insurance markets.