<![CDATA[Bankruptcy Risk Analysis of Maximus Graha Persada Tbk. Insurance Using Altman Z-Score Analysis and Financial Risk Analysis for 2019-2024 The insurance industry has an important role in maintaining the stability of the financial system so that the financial health condition of the company needs to be evaluated periodically to anticipate the risk of bankruptcy. This study aims to analyze the level of bankruptcy risk and financial health of PT Asuransi Maximus Graha Persada Tbk during the 2019–2024 period using the Altman Z''-Score method and financial ratio analysis. The research uses a quantitative descriptive approach with secondary data obtained from the company's annual financial statements, publications of the Indonesia Stock Exchange, the Financial Services Authority, and supporting literature. The analysis was conducted using the modified Altman Z''-Score model for non-manufacturing companies and was complemented by an analysis of liquidity ratios, solvency, activity, profitability, and underwriting ratios. The results of the study show that the company's Altman Z''-Score has fluctuated during the research period. The company was in the grey area category in 2019, 2020, 2022, and 2024, while in 2021 and 2023 it was in the healthy category. The results of the financial ratio analysis show that the company's liquidity and solvency conditions are relatively good, as shown by an adequate Current Ratio value and Risk Based Capital (RBC) which is consistently above the OJK minimum limit of 120%. However, the ratio of profitability and underwriting performance is still fluctuating, as shown by the value of ROA, ROE, and Underwriting Profit Margin which had been negative, as well as the Combined Ratio which in most periods was above 1. Overall, PT Asuransi Maximus Graha Persada Tbk has not shown fully stable financial conditions, so it is necessary to increase profitability, operational efficiency, and asset management to minimize the risk of bankruptcy in the future.]]>
