PERFORMANCE ANALYSIS OF INSURANCE COMPANIES LISTED ON THE IDX USING BALANCED SCORECARD AND EARLY WARNING SYSTEM (2023–2024)
Keywords:
Company Performance, Balanced Scorecard, Early Warning System, Insurance CompaniesAbstract
The insurance industry in Indonesia faces various challenges, including increased risks due to global economic uncertainty, high claim levels, and cases of default and weak fund management that have reduced public trust. This study aims to analyze the performance of insurance sub-sector companies listed on the Indonesia Stock Exchange (IDX) during 2023–2024 using the Balanced Scorecard and Early Warning System methods. The research employs a descriptive qualitative design with a quantitative approach, utilizing secondary data in the form of financial statements and annual reports. The population consists of insurance sub-sector companies listed on the IDX during 2023–2024. Using purposive sampling, 14 companies were selected as research samples. The results indicate that most companies (79%) are categorized as very healthy (AA category) based on the Balanced Scorecard, although the financial perspective shows relatively lower performance. However, the majority of companies (93%) are classified as Less Healthy Level 2 under the Early Warning System, indicating several ratios outside the normal range, particularly in profitability, premium stability and technical liabilities. These findings provide important insights for management in aligning business strategies with risk-based financial performance and may serve as a reference for future research.
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