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2 clusters · 4 sources · 8 days · First seen · Last updated

Indonesia state-owned insurance consolidation

Overview

The Danantara Investment Management Agency is advancing the consolidation of Indonesia’s state-owned insurance companies, with a target completion date by the end of 2026. This process encompasses life, general, and credit insurance sectors.

Initial efforts have focused on the sharia insurance sector, requiring the completion of spin-offs for Sharia Business Units to support Sharia-based People’s Business Credit. As part of this transition, Tugu Insurance approved plans to transfer its sharia unit portfolio to another Danantara group entity holding a sharia license.

As the merger progresses, officials are emphasizing the importance of corporate governance. Legal leadership at PT Danantara Asset Management has stressed that the transition must be supported by robust Standard Operating Procedures, Good Corporate Governance processes, and thorough legal studies to ensure decisions are made in the best interest of the companies. Simultaneously, IFG is promoting business transformations centered on financial resilience and disciplined risk management.

Entities

OJK · Danantara · Indonesia · Rizal Ariansyah · Tugu Insurance

Timeline

  1. [BUSINESS] 2 sources
    Indonesia state-owned insurance consolidation targets year-end completion

    BPI Danantara aims to finalize the consolidation of Indonesia's state-owned insurance sector by year-end, with a heavy focus on strengthening corporate governance and risk management.

  2. [BUSINESS] 2 sources
    Danantara accelerates state-owned insurance consolidation

    Danantara is consolidating state-owned insurance companies, targeting completion by late 2026, starting with the spin-off of sharia business units to support sharia-based credit guarantees.

Sources

cnbcindonesia.com · keuangan.kontan.co.id · mediaasuransinews.co.id · nasional.sindonews.com