Risk Capacity Calculation of Insurance Company Using Altman Z-Score Approach: Case Study of PT Jasa Raharja

Sunaryo, Tarsicius and Tambunan, Martua Eliakim (2025) Risk Capacity Calculation of Insurance Company Using Altman Z-Score Approach: Case Study of PT Jasa Raharja. Jurnal Manajemen Motivasi, 22 (1). pp. 383-393. ISSN 2407-5310

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Official URL: https://openjurnal.unmuhpnk.ac.id/jm_motivasi/inde...

Abstract

State-owned social insurance company PT Jasa Raharja plays a strategic role in financial stability through risk management. This study assesses its financial risk capacity from 2020 to 2024 using the Modified Altman Z-Score for Emerging Markets. Results show consistent placement in the Safe Zone, with Z-Scores ranging from 3.88 (2020) to 3.20 (2024), indicating very low bankruptcy risk. However, risk capacity in Rupiah declined significantly from IDR 9.53 trillion to IDR 6.28 trillion due to rising liabilities, especially technical reserves. This signals a narrowing financial safety margin, requiring enhanced asset

Item Type:	Article
Subjects:	PHILOSOPHY. PSYCHOLOGY. RELIGION > Psychology > Psychology > Motivation SOCIAL SCIENCES > Industries. Land use. Labor > Management. Industrial management > Risk in industry. Risk management
Depositing User:	Mr Faisal M
Date Deposited:	12 Jan 2026 08:58
Last Modified:	12 Jan 2026 08:58
URI:	http://repository.uki.ac.id/id/eprint/21375

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