PT Lippo General Insurance Tbk (ISX:LPGI) Beneish M-Score: -3.21 (As of Aug. 25, 2026)

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ISX:LPGI PT Lippo General Insurance Tbk ISX:LPGI
74 GF Score
Price Rp645.00
GF Value Rp628.70
Valuation Fairly Valued
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What is PT Lippo General Insurance Tbk Beneish M-Score?

PT Lippo General Insurance Tbk ISX:LPGI +3.20% 74 Beneish M-Score is -3.21 as of Aug. 25, 2026. GuruFocus rates ISX:LPGI with a GF Score™ of 74/100 and a GF Value™ of Rp628.70 (Fairly Valued). Among 402 Insurance companies, PT Lippo General Insurance Tbk ranks better than 88.31% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -3.21 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Lippo General Insurance Tbk's Beneish M-Score or its related term are showing as below:

ISX:LPGI' s Beneish M-Score Range Over the Past 10 Years
Min: -8.93   Med: -2.71   Max: -1.85
Current: -3.21

During the past 13 years, the highest Beneish M-Score of PT Lippo General Insurance Tbk was -1.85. The lowest was -8.93. And the median was -2.71.

ISX:LPGI
74GF Score
PT Lippo General Insurance Tbk ISX:LPGI
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Lippo General Insurance Tbk Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of PT Lippo General Insurance Tbk for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.8371+0.528 * 1+0.404 * 1.0046+0.892 * 1.2322+0.115 * 1.1364
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.9589+4.679 * -0.207426-0.327 * 0
=-3.21

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was Rp69,749 Mil.
Revenue was Rp3,644,618 Mil.
Gross Profit was Rp3,644,618 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp3,121,591 Mil.
Property, Plant and Equipment(Net PPE) was Rp44,124 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp1,214 Mil.
Selling, General, & Admin. Expense(SGA) was Rp10,074 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was Rp144,731 Mil.
Gross Profit was Rp286,878 Mil.
Cash Flow from Operations was Rp505,353 Mil.
 Total Receivables was Rp67,616 Mil.
Revenue was Rp2,957,719 Mil.
Gross Profit was Rp2,957,719 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp2,450,752 Mil.
Property, Plant and Equipment(Net PPE) was Rp45,638 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp1,432 Mil.
Selling, General, & Admin. Expense(SGA) was Rp4,174 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp853 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(69748.58 / 3644617.535) / (67616.215 / 2957719.114)
=0.019137 / 0.022861
=0.8371

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(2957719.114 / 2957719.114) / (3644617.535 / 3644617.535)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 44124.497) / 3121591.205) / (1 - (0 + 45638.259) / 2450751.633)
=0.985865 / 0.981378
=1.0046

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=3644617.535 / 2957719.114
=1.2322

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(1432 / (1432 + 45638.259)) / (1213.752 / (1213.752 + 44124.497))
=0.030423 / 0.026771
=1.1364

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(10074.142 / 3644617.535) / (4174.136 / 2957719.114)
=0.002764 / 0.001411
=1.9589

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((0 + 0) / 3121591.205) / ((853.044 + 0) / 2450751.633)
=0 / 0.000348
=0

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(144731.453 - 286877.842 - 505352.898) / 3121591.205
=-0.207426

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

PT Lippo General Insurance Tbk has a M-score of -3.21 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -3.21 mean?
PT Lippo General Insurance Tbk (ISX:LPGI) has a Beneish M-Score of -3.21 as of Aug. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Lippo General Insurance Tbk and its competitors. According to the industry distribution chart, PT Lippo General Insurance Tbk ranks #47 out of 402 companies in the Insurance industry, placing it in the top 11.7%.
Is PT Lippo General Insurance Tbk's Beneish M-Score too high?
PT Lippo General Insurance Tbk's current Beneish M-Score is -3.21. Based on the distribution chart, PT Lippo General Insurance Tbk ranks #47 out of 402 companies in the Insurance industry, which is in the top quartile — a strong position relative to peers. Overall, PT Lippo General Insurance Tbk has a GF Score™ of 74/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does PT Lippo General Insurance Tbk's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, PT Lippo General Insurance Tbk ranks #47 out of 402 companies for Beneish M-Score. This places PT Lippo General Insurance Tbk in the top 12% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Insurance company?
A good Beneish M-Score depends on the Insurance industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Lippo General Insurance Tbk and its competitors. PT Lippo General Insurance Tbk's current Beneish M-Score is -3.21. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Lippo General Insurance Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Lippo General Insurance Tbk (ISX:LPGI) is currently considered Fairly Valued. The stock's GF Value™ is Rp628.70, compared to a current price of Rp645.00 — trading 2.6% above its estimated fair value. The current Beneish M-Score is -3.21. PT Lippo General Insurance Tbk's overall GF Score™ is 74/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For PT Lippo General Insurance Tbk (ISX:LPGI), the current Beneish M-Score is -3.21 as of Aug. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is PT Lippo General Insurance Tbk (ISX:LPGI) Overvalued in 2026?

Based on GuruFocus' analysis, PT Lippo General Insurance Tbk stock appears to be overvalued. The current stock price of Rp645.00 is trading 2.6% above its estimated GF Value™ of Rp628.70. GuruFocus considers PT Lippo General Insurance Tbk to be Fairly Valued.

Key valuation signals for ISX:LPGI:

  • Beneish M-Score: -3.21
  • GF Value™: Rp628.70 vs. price of Rp645.00 (2.6% above fair value)
  • GF Score™: 74/100

No single metric tells the full story. See the ISX:LPGI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

PT Lippo General Insurance Tbk Business Description

Address Jalan H.R. Rasuna Said Kav B-12, Lippo Kuningan Building, 27th Floor, Unit A & F, Jakarta, IDN, 12940
PT Lippo General Insurance Tbk is a company that provides general insurance services. Its operating segments are Fire insurance, Motor Vehicle Insurance, Marine Cargo insurance, Health insurance and miscellaneous insurance. Geographically, the group carries operations in Indonesia in the areas of Jabodetabek, Sumatera, Jawa Timur, Jawa Barat, Jawa Tengah, Makassar, Bali, and Balikpapan. It derives key revenue from the Health insurance segment.
74GF Score

Get the complete analysis for ISX:LPGI

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

Rp645.00
Price
Rp628.70
GF Value