REPUBLIKA.CO.ID, JAKARTA -- State-owned civil servant saving and insurance company PT Taspen reported a net profit of Rp1.75 trillion in the first half of the year or a 757.97 percent increase from Rp203.63 billion in the same period last year.

Company's president director Iqbal Lantaro attributed the surge in the net profit to good service including the policy to extend the pension age from 56 to 58 years.

The company income increased driven by 2.68 percent increase on-year in premium and contributions to Rp6.5 trillion on-year from Rp6.34 trillion, Iqbal said here on Thursday.

Funds invested by the company totaled Rp5.2 trillion , up 23.31 percent from Rp6.34 trillion.

In the first half of 2014, the largest investment revenues came from bonds reaching Rp3.69 trillion and deposits at Rp1.05 trillion. Other investment revenues included from shares.

Company's finance director BM Tri Lestari said by June 2014, the total assets of Taspen reached Rp149.06 trillion , up 12.88 percent from the same period last year.

The assets included Rp114.16 trillion in investment or 76.6 percent of its total assets.

The improvement in its financial performance was also attributable to a 6.39 percent decline in claims and to a 25.85 percent reserve as a result of the implementation of the Law State Civil Apparatuses No. 5/2004.

Iqbal said claims for old age allowance valued at Rp2.04 trillion (52,200 cases), death insurance claims Rp263.98 billion (49,132 cases) and monthly pension benefits Rp31.07 trillion (2.438 million members).

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