Analisis Prediksi Kebangkrutan Perusahaan Asuransi di Bursa Efek Indonesia Menggunakan Model Altman Z-Score
DOI:
https://doi.org/10.30605/proximal.v9i2.9056Keywords:
Risk Based Capital, Altman Z-Score, Financial Condition, Insurance CompanyAbstract
With the increasing economic uncertainty and claims risk that can affect the solvency level of companies, evaluating the financial condition of insurance companies becomes important. Management and regulators need to use analyzes that can identify bankruptcy risks early to make decisions.This study aims to analyze the financial condition of insurance companies listed on the Indonesia Stock Exchange for the 2021–2025 period using two main indicators, namely Risk Based Capital (RBC) and Altman Z-Score. The research method used is quantitative with a descriptive approach based on secondary data from annual financial reports. The results of the study show that most insurance companies have RBC above the minimum requirement of the Financial Services Authority (OJK) of 120%, with VINS and ABDA recording the highest RBC of 1,685.96% and 744.06% in 2025. Based on the modified Altman Z-Score, of the eight insurance companies studied, four companies are in the safe category, namely PT.AMAG, PT.ABDA, PT.VINS and PT.AHAP. And the other four are in the gray zone category, namely PT.YOII, PT.ASBI, PT.MREI and PT.ASDM. The conclusion of this study is that the majority of insurance companies have healthy financial conditions during the 2021–2025 period, with liquidity management, profitability, and capital structure being key factors in reducing bankruptcy risk.References
Altman,. Y.H. Eom. dan D.W. Kim. 1995. Failure Prediction: Evidence from Korea. Journal of International Financial Management and Accounting. 6(3): 230-249. Anjum,
Adnan, M. A. (2001). Analisis Ketepatan Prediksi Metode altman Terhadap Terjadinya Likuidasi Pada Lembaga Perbankan [ Kasus Likuidasi Perbankan di Indonesia ]. 5(2), 181–203.
Adnyana, I. M., & Firdaus, S. (2020). Prediksi Financial Distress Dengan Model Altman Z-Score Modifikasi Pada Perusahaan Asuransi yang Terdaftar di Bursa Efek Indonesia. Jurnal Manajemen, 16, 2797–6169.
Agustinus Rangga Respati, T. M. V. A. (2025). Industri Asuransi Jiwa Bayar Klaim Kesehatan Rp 24,18 Triliun Selama 2024. Kompas.Com. https://money.kompas.com/read/2025/02/28/194813026/industri-asuransi-jiwa-bayar-klaim-kesehatan-rp-2418-triliun-selama-2024?utm
Altman, E. I. (1968). Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy. The Journal of Finance, 23(4), 589–609. https://doi.org/10.1111/j.1540-6261.1968.tb00843.x
Edward I, A. (1968). Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy. The Journal Of Finance, 23(4), 589–609.
Erzal, Gunawan, M. M., Nasyubun, M., Tinggi, S., & Asuransi, M. (2024). Bankruptcy prediction analysis of loss insurance companies in indonesia. 7(1), 3242–3255.
Jati, F. D., Sibarani, J. L., & Ginarti, C. (2026). Analisis Financial Distress menggunakan Model Altman Z-Score Modifikasi pada PT Garuda Indonesia ( Persero ) Tbk . Periode 2021 – 2025 Politeknik Negeri Medan , Indonesia. 4(November 2025).
Khairani, K., & Pangaribuan, H. (2026). Analisis Financial Distress Menggunakan Metode Altman Z-Score Untuk Memprediksi Kebangkrutan Pada Sektor Infrastructures Yang Terdaftar Di Bursa Efek Indonesia ( BEI ) Periode 2019-2024. 3(2).
Kurniadi, A. (2021). Analisis Rasio Keuangan Untuk Memprediksi Financial Distress Perusahaan Manufaktur Di BEI. 9(3), 495–508. https://doi.org/10.37641/jimkes.v9i3.511
Pratiwi, A. S., Satoto, S. H., & Suprapti, S. B. W. (2022). The Effect Of Financial Ratio In The Altman Z-Score On Financial Distress. 2022(1), 413–420.
Qusasi, H. N., Dwi, R., & Tjahjanti, F. (2022). Analisis Tingkat Kesehatan Keuangan dengan Metode Risk Based Capital Pada Perusahaan Asuransi yang Terdaftar di BEI Periode 2020-2022. 216–240.
Rafif, K., Achsani, N. A., Arsyanti, L. D., & Syzdykov, A. (2025). Determinants Of Solvency And Performence In INSURANCE : Role Of Risk-Based Capital In Stability. 11(1), 317–327.
Respati, A. R. (2024). Klaim Asuransi Melonjak, OJK Soroti “Over Utilisasi” Layanan Medis dan Obat di Rumah Sakit. Kompas.Com. https://money.kompas.com/read/2024/02/07/204000026/klaim-asuransi-melonjak-ojk-soroti-over-utilisasi-layanan-medis-dan-obat-di?utm
Untari, P. H. (2024, November). OJK Beberkan Perkembangan Asuransi Bermasalah, dari Wanaartha hingga Bumiputera. 10 November. https://finansial.bisnis.com/read/20241110/215/1814758/ojk-beberkan-perkembangan-asuransi-bermasalah-dari-wanaartha-hingga-bumiputera?utm
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Sansivani Suvanissa, Fithri Sri Mulyani, Ahmad Fitri
This work is licensed under a Creative Commons Attribution 4.0 International License.
In submitting the manuscript to the journal, the authors certify that:
- They are authorized by their co-authors to enter into these arrangements.
- The work described has not been formally published before, except in the form of an abstract or as part of a published lecture, review, thesis, or overlay journal.
- That it is not under consideration for publication elsewhere,
- That its publication has been approved by all the author(s) and by the responsible authorities – tacitly or explicitly – of the institutes where the work has been carried out.
- They secure the right to reproduce any material that has already been published or copyrighted elsewhere.
- They agree to the following license and copyright agreement.
License and Copyright Agreement
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under Creative Commons Attribution License (CC BY 4.0) that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
