JURNAL MANAJEMEN MOTIVASI
Vol 22 No 1 (2026): Jurnal Manajemen Motivasi

PENGHITUNGAN KAPASITAS RISIKO PERUSAHAAN ASURANSI DENGAN PENDEKATAN ALTMAN Z-SCORE STUDI KASUS PT JASA RAHARJA

Setyawan, Ujang (Unknown)
Sunaryo, Tarsicius (Unknown)
Tambunan, Martua E. (Unknown)

Article Info

Publish Date
17 Dec 2025

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

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Journal Info
JURNAL MANAJEMEN MOTIVASI
Website

Abbrev

jm_motivasi

Publisher

Universitas Muhammadiyah Pontianak

Subject

Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

Description

Jurnal Manajemen Motivasi (JMM) adalah Jurnal Ilmiah Fakultas Ekonomi dan Bisnis Universitas Muhammadiyah Pontianak yang diterbitkan secara berkala 2 (dua) kali dalam satu tahun (Juni dan Oktober) sebagai sarana untuk menyebarluaskan hasil penelitian dan ilmu pengetahuan di bidang ilmu manajemen ...