Jiwasraya Insurance Assets as of December 2020

PT Asuransi Jiwasraya (Persero) experienced a default on policyholder claims amounting to tens of trillions of rupiah in 2019. Due to poor governance, Jiwasraya suffered massive losses and was unable to meet its obligations.

Based on Jiwasraya's financial statements, the company's assets totaled only Rp15.73 trillion at the end of 2020. Meanwhile, its liabilities reached Rp54.36 trillion. Therefore, the company's equity was a negative Rp38.64 trillion.

Throughout 2020, Jiwasraya recorded a loss of Rp4.05 trillion. The previous year, the company also suffered a loss of Rp4.14 trillion.

The government, as the majority shareholder, ultimately restructured Jiwasraya insurance policies by transferring them to a new entity, PT Asuransi Jiwa IFG (IFG Life).

IFG Life is a subsidiary of PT Bahana Pembinaan Usaha Indonesia (Persero) or BPUI, established on October 20, 2020. IFG Life received its operational license as an insurance company from the Financial Services Authority (OJK) on April 7, 2021.

Through BPUI, also known as Indonesia Financial Group (IFG), IFG Life received a government capital injection in the form of State Capital Participation (PMN) in cash amounting to Rp20 trillion.

To strengthen its capital, IFG Life also received a syndicated loan from the Indonesian State-Owned Banks Association (Himbara) totaling Rp6.7 trillion.