IFG Life Takes Over Former Jiwasraya Policyholders: What Are Its Assets?

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Viva Budy Kusnandar 23/02/2022 17:50 WIB

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IFG Life Insurance (IFG Life) has been mandated as the entity receiving the transfer of policies from former Jiwasraya policyholders.

IFG Life/PT Asuransi Jiwa IFG Financial Performance (2020 and 2021)

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IFG Life Takes Over Former Jiwasraya Policyholders: What Are Its Assets?

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IFG Life/PT Asuransi Jiwa IFG Financial Performance (2020 and 2021)

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IFG Life Insurance (IFG Life) is a business entity mandated to receive the transfer of policies from former Jiwasraya customers.

IFG Life commenced operations in April 2021. Based on its published financial statements, IFG Life's total assets amounted to Rp21.3 trillion at the end of 2021. This comprised investment assets of Rp13.98 trillion and non-investment assets of Rp7.32 trillion.

Throughout 2021, IFG Life generated revenue of Rp86.39 billion, while its total expenses reached Rp170.52 billion. Therefore, IFG Life recorded a loss of Rp89.07 billion in 2021.

IFG Life: A Subsidiary of Indonesia Financial Group

IFG Life is a subsidiary of Indonesia Financial Group (IFG), a state-owned enterprise (SOE) holding company for insurance and guarantee businesses that has received Rp20 trillion in government funding through State Capital Participation (PMN).

These PMN funds were used, among other things, by IFG to increase its equity stake in PT Bahana Pembina Usaha Indonesia Persero (BPUI) and to support the capital structure of its subsidiary, IFG Life.

Consequently, BPUI holds a majority stake in IFG Life, with a 99.9993% ownership. The remaining 0.0007% is held by PT Bahana Kapital Investa.

(Also read: Equity of AJB Bumiputera Negative Rp21.9 Trillion in 2021)

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."