{
    "success": true,
    "data": {
        "id": 1728293,
        "msgid": "sun-lifes-sharia-business-enters-final-phase-spin-off-to-be-completed-by-2026-1778320381",
        "date": "2026-05-09 16:30:00",
        "title": "Sun Life's Sharia Business Enters Final Phase, Spin-Off to Be Completed by 2026",
        "author": "Aprillia Ika",
        "source": "KOMPAS",
        "tags": "",
        "topic": "Finance",
        "summary": "PT Sun Life Financial Indonesia is finalising the spin-off of its Sharia business unit into a separate entity, PT Sun Life Syariah, in compliance with OJK Regulation No. 11\/2023, with the process expected to conclude in the third or fourth quarter of 2026. The company established the new entity earlier this year and is currently undergoing fit and proper tests for its management team, marking the end of a process initiated in 2014 following the enactment of Law No. 40\/2014. This move underscores Sun Life's commitment to strengthening independent Sharia-based insurance operations in Indonesia, building on developments since the unit's inception in 2010.",
        "content": "<p>JAKARTA - PT Sun Life Financial Indonesia is preparing to execute the\nseparation of its Sharia business unit (UUS), targeted for completion in\nthe second half of this year.<\/p>\n<p>Sun Life Indonesia President Director Albertus Wiroyo stated that\nsince the beginning of the year, the company has established a new\nentity to operate the Sharia business, named PT Sun Life Syariah.<\/p>\n<p>This is part of fulfilling the spin-off obligation in accordance with\nthe Financial Services Authority (OJK) regulations as stipulated in OJK\nRegulation (POJK) No.\u00a011\/2023.<\/p>\n<p>\u201cThis year is the final year, so a spin-off must occur. We have been\ncarrying it out since the beginning of the year; the PT has already been\nestablished,\u201d he said after a press conference in Jakarta on Friday\n(8\/5\/2026).<\/p>\n<p>He revealed that the spin-off process has now entered the fit and\nproper test stage for the prospective management of the new Sharia\ninsurance company.<\/p>\n<p>\u201cWe hope that in the third quarter, fourth quarter, all portfolios\nfrom the Sharia unit can be transferred to the new company, namely PT\nSun Life Syariah,\u201d he added.<\/p>\n<p>For information, the plan to spin off Sun Life Indonesia\u2019s UUS has\nbeen discussed since 2014 following the issuance of Law No.\u00a040 of 2014.\nThe UUS itself was established by the company in 2010.<\/p>\n<p>In 2016, the company stated it was refining the spin-off steps by\nbuilding dedicated Sharia distribution channels and agencies to make the\nSharia business more independent before separating it from the parent\ncompany.<\/p>\n<p>Sun Life Indonesia also expressed its commitment to strengthening\nSharia-based insurance business in Indonesia through the establishment\nof a standalone Sharia insurance company.<\/p>\n<p>\u201cWe must be strong first before the spin-off in 2019,\u201d said Head of\nSharia at Sun Life, Srikandi Utami, in 2016.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/sun-lifes-sharia-business-enters-final-phase-spin-off-to-be-completed-by-2026-1778320381",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}