Jiwasraya Life Insurance (Persero) Equity Deficit Reaches Rp 10 Trillion in 2018

Attorney General Sanitiar Burhanuddin, in a press conference at the Attorney General's Complex on Wednesday (18/12/2018), estimated state losses due to alleged corruption at PT Asuransi Jiwasraya (Persero) to be Rp 13.7 trillion. These losses allegedly arose from violations of good corporate governance principles related to the management of funds from the JS Saving Plan insurance program. As a result, the state-owned insurance company experienced a failure to pay maturing customer claims.

According to Ministry of Finance data, PT Asuransi Jiwasraya's revenue in 2018 was only Rp 7.81 trillion, while the cost of goods sold (COGS) plus operating expenses reached Rp 23.73 trillion. As a result, PT Asuransi Jiwasraya incurred a loss of Rp 15.83 trillion last year, compared to a profit of Rp 2.4 trillion the previous year.

(Read Databoks: [Inilah 12 BUMN yang Mencatat Kerugian pada 2018](https://databoks.katadata.co.id/datapublish/2019/12/16/inilah-12-bumn-yang-mencatat-kerugian-pada-2018))

The assets of this state-owned enterprise (SOE) at the end of 2018 were only Rp 36 trillion, while its liabilities reached Rp 47.06 trillion. Therefore, its equity was minus Rp 10.24 trillion and was projected to be [minus Rp 23.9 trillion](https://databoks.katadata.co.id/datapublish/2019/11/08/ekuitas-jiwasraya-negatif-rp-2392-triliun-per-kuartal-iii-2019) by September 2019.