ANALISIS KEBANGKRUTAN PADA PT. ASURANSI BINA DANA ARTA TBK TAHUN 2025 (Analisis dengan Pendekatan Model Altman Z″-Score, Springate S-Score, dan Zmijewski X-Score)

Abstract

This study aims to analyze the potential of financial distress (bankruptcy) at PT. Asuransi Bina Dana Arta tbk (ABDA), a general insurance company listed on the Indonesia Stock Exchange, using the Company's 2025 Annual and Sustainability Report. The background of this research is the importance of early bankruptcy prediction for insurance companies, given their fiduciary role in managing policyholders' funds and their obligation to maintain a healthy solvency level as required by the Financial Services Authority (OJK). The formulation of the problem in this study is how the financial condition of PT. Asuransi Bina Dana Arta tbk is when analyzed using the Altman Z″-Score, Springate S-Score, and Zmijewski X-Score models for the 2024-2025 period. This research uses a descriptive quantitative method with a case study approach. The data used are secondary data obtained from the consolidated financial statements contained in the Company's 2025 Annual Report, consisting of the statement of financial position and the statement of profit or loss. The analysis technique used is bankruptcy prediction analysis with three complementary models. The results of this study indicate that PT. Asuransi Bina Dana Arta tbk is categorized as a financially healthy company (non-bankrupt/safe zone) in both 2024 and 2025 based on all three models, with a consistently improving trend from 2024 to 2025. The Altman Z″-Score increased from 6.73 to 7.48, the Springate S-Score increased from 0.69 to 0.87, and the Zmijewski X-Score improved from -2.17 to -2.46, all of which are far beyond their respective bankruptcy cut-off points.