Jakarta, IndonesiaSentinel — Minister of State-Owned Enterprises (BUMN) Erick Thohir has announced plans to dissolve PT Jiwasraya (Persero) following the completion of a restructuring process for its policyholders. The dissolution, expected to take place in September 2024, aligns with the Financial Health Recovery Plan (RPK) and regulations set forth by the Financial Services Authority (OJK).
Arya Sinulingga, Special Staff to the Minister of BUMN, stated that the liquidation of the state-owned life insurance company is a necessary step following the restructuring. “After nearly all policyholders have been successfully restructured, Jiwasraya will be dissolved. The estimated timeline is September 2024,” Arya said at the BUMN Ministry in Central Jakarta on Thursday (August 22, 2024).
Before the dissolution, the BUMN Ministry had already initiated steps to safeguard the former Jiwasraya policyholders.
The strategy involved the establishment of a new holding entity, the Indonesia Financial Group (IFG), which focuses on insurance, guarantees, and investments. Through this holding, Jiwasraya’s policyholders were transferred to IFG Life, a subsidiary within the holding, as part of the restructuring program.
“We’re dissolving Jiwasraya and replacing it with IFG Life to restore the business to its true purpose,” Arya explained.
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Arya also highlighted the success of the restructuring efforts, noting that 99.6% of Jiwasraya’s policies have been transferred to IFG Life. The remaining 0.4% of policies have either not yet participated in the restructuring or have rejected the terms.
“The total number of corporate clients was 5,686, and we managed to restructure 99.6% of them. Our target was 85%, so this is a significant achievement,” Arya concluded.
(Agung)
