Based on the Central Government Financial Report, 12 out of 113 State-Owned Enterprises (SOEs) recorded losses in 2018. This number excludes Merpati Nusantara Airlines. The remaining 100 SOEs recorded a total profit of Rp 157 trillion.
PT Asuransi Jiwasraya (Persero) led the SOE losses in 2018 with Rp 15.83 trillion. The financial crisis plaguing this state-owned insurance company, resulting from declining asset values and swelling liabilities, caused its losses. For information, the company's assets as of December 2018 amounted to Rp 36.82 trillion, while its liabilities reached Rp 47.06 trillion. As a result, its equity was negative Rp 10.25 trillion, and it recorded a net loss of Rp 13.08 trillion.
(Read Databoks: Where did PT Asuransi Jiwasraya's investments flow?)
The SOE with the second-largest loss last year was PT Krakatau Steel (Persero) Tbk, with a loss of Rp 1.08 trillion. Perum Bulog was third, with a loss of Rp 923.23 billion. The total losses of the 12 SOEs reached Rp 19.43 trillion.
(Read Databoks: Jiwasraya's Equity Negative Rp 23.92 Trillion as of Q3 2019)