Danantara accelerates state-owned insurance consolidation

The Danantara Investment Management Agency is accelerating the consolidation of state-owned insurance companies, with a specific focus on the sharia insurance sector. Dony Oskaria, Chief Operating Officer of Danantara, stated that the consolidation process, which includes life, general, and credit insurance, is targeted for completion by the end of 2026.

A prerequisite for this consolidation is the completion of spin-offs for Sharia Business Units (UUS). This move is intended to support the provision of insurance and guarantees for Sharia-based People's Business Credit (KUR).

As part of this transition, PT Asuransi Tugu Pratama Indonesia Tbk (Tugu Insurance) recently approved a plan during an extraordinary general meeting to transfer its entire sharia unit membership portfolio to an insurance company within the Danantara group that already holds a sharia insurance license.