Asuransi Bintang Reports Alleged Fraud, Losing Rp400 Million Per Month
The insurance issuer PT Asuransi Bintang Tbk (ASBI) has revealed developments regarding the handling of alleged criminal acts of embezzlement and investment fraud involving internal company personnel. The losses are estimated to reach Rp400 million per month.
This structural collective crime is said to have been carried out by the Human Resources (HR) division. During further investigations, ASBI discovered allegations of embezzlement in office and money laundering (TPPU) conducted systematically through the monthly payroll process.
“An embezzlement of Company funds has occurred systematically through the monthly payroll process, amounting to approximately Rp4 400 million per month over a period of at least 2.5 years,” as disclosed in an information disclosure to the Indonesia Stock Exchange (BEI) on Tuesday, 1 September 2026.
Following these findings, the company reported the alleged criminal acts to the police on 31 August 2026. The report is recorded under Report Receipt Number LP/3454/VIII/2026/SPKT/POLRES METRO JAKSEL/POLDA METRO JAYA, with the reported individuals identified by the initials JCM, HCP, and SAA.
Simultaneously, the company also reported the fraudulent activities to the Financial Services Authority (OJK) via the OJK Online Reporting Application System (APOLO).
Regarding the impact of the lost funds and investments, ASBI has re-reported its financial health position as of 31 July 2026 to the OJK via letter Number 192/SK/PDIR-HW/VIII/2026, dated 20 August 2026.
Based on recalculations following the full charge of the embezzled investment assets, the company recorded a Risk-Based Capital (RBC) Ratio of 140.77%, an Investment Adequacy Ratio of 178.76%, a Liquidity Ratio of 101.78%, and an SBN fulfilment ratio of 3.28%.
ASBI stated that the fundamental health of the company as of 31 July 2026 remains in good condition, even after accounting for the embezzled funds and investments. The company’s equity was recorded at approximately Rp403 billion, unaudited, based on the applicable PSAK 117 financial standards.
In terms of the ability to meet obligations, proforma calculations show that Available Capital reached Rp371.8 billion, while Required Capital stood at Rp177.9 billion. Consequently, the company recorded a New RBC Ratio of 209%.
The company also noted that the previously tight liquidity condition, reflected in a Liquidity Ratio or Current Ratio of 101.78% based on PSAK 104, has begun to be overcome. This improvement is supported by the commitment of controlling shareholders through bridge financing injections and the acceleration of plans to divest property assets in Surabaya and Jakarta.
According to ASBI, the swift actions and strong commitment of the controlling shareholders are beginning to resolve the cash-flow mismatch caused by the alleged criminal acts. The company believes this support helps maintain operational continuity during the legal proceedings.
Furthermore, the company has prepared for an Extraordinary General Meeting of Shareholders (EGMS) on 30 September 2026. The main agenda of the EGMS includes the replacement of management and the approval of asset divestments.
ASBI stated that the case demonstrates how the application of Good Corporate Governance (GCG) principles can collapse when facing structured crimes carried out systematically by an entire directorate. The formal oversight mechanisms, which should serve as checks and balances, were allegedly collectively manipulated by the perpetrators, causing the internal control system to lose its effectiveness.
Nevertheless, the company believes that corporate values and the integrity of individuals outside the scope of the implicated directorate remain a bulwark in maintaining governance. The quality of leadership, integrity, and the solidarity of shareholders, combined with adaptive technology and big-data analytics, are said to have enabled the company to detect and uncover the alleged criminal acts.