Jiwasraya restructuring completed, Erick Thohir: 99.7 of policies switched to IFG Life

IFG Life received an overflow of Jiwasraya insurance policies and Minister of BUMN Erick Thohir praised this achievment.

JAKARTA -- Minister of State-Owned Enterprises (BUMN) Erick Thohir said the program to rescue PT Asuransi Jiwasraya policy holders has been fully completed. Erick Thohir is grateful that the Jiwasraya problem has been resolved completely through restructuring, bail-in and transfer.

"Thank God, we see together the process of completing the rescue of the Jiwasraya policy with a success rate of policyholder acceptance of 99.7 percent," said Erick on Friday (29/12/2023).

Erick Thohir explained that 99.7 percent of the policyholders who approved the restructuring consisted of corporations amounting to IDR 19.5 trillion, bancassurance amounting to IDR 10.4 trillion, and retail amounting to IDR 8.2 trillion.

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Erick Thohir emphasized that Jiwasraya had succeeded in offering the restructuring program again to policyholders who rejected the restructuring and changed to agreeing to restructure Rp. 399 billion in policy liabilities.

The state-owned insurance, guarantee and investment holding or Indonesia Financial Group (IFG) has succeeded in responding to the trust in optimizing state capital participation (PMN) to complete Jiwasraya.

Erick Thohir hopes that IFG through IFG Life can continue its positive achievements in providing protection to customers.

Based on a report from the Jiwasraya restructuring acceleration team, as of December 2023, IFG Life has received a total injection of funds amounting to IDR 31.16 trillion, which comes from PMN for the 2021 budget year of IDR 20 trillion, PMN for the 2023 budget year of IDR 3 trillion, as well as additional capital strengthening from IFG amounting to IDR 6.7 trillion in 2022 and IDR 1.46 trillion in 2023.

With this total capital injection, IFG Life together with Jiwasraya have successfully completed the Jiwasraya policy holder rescue program, as a form of protection for consumers, especially Jiwasraya customers.

The funding commitment in 2024 of IDR 3.56 trillion originating from PMN for the 2024 fiscal year is expected to be able to complete the transfer of the remaining policies at Jiwasraya.