Plan to Consolidate State-Owned Insurance Holding into Three Companies, Says Jasindo
Jakarta — Indonesia’s state-owned investment management body (BPI) Danantara plans to consolidate 15 state-owned insurance companies into three separate entities. Each of the three consolidated companies will have its own specialisation. PT Asuransi Jasa Indonesia (Jasindo) has stated that it is prepared for this corporate action.
“As a member of IFG, we follow what the shareholder says. So when the shareholder says to prepare, we prepare,” said Brellian Gema Widayana, Company Secretary of Jasindo, when met in Jakarta on Thursday, 12 March 2026.
According to him, as a state-owned insurer, the company must follow the direction and instructions of the shareholder, including BPI Danantara. “We have to be ready because it’s a mandate. We are now under Danantara through IFG, and they say what we do,” he noted.
He added that currently, as a state-owned insurance company, they continue to provide education and inclusion in the insurance sector, including through holiday travel insurance and personal accident insurance products offering protection of up to Rp 100 million with affordable premiums starting from Rp 10,000.
“The Eid holiday season is always accompanied by a significant increase in public mobility,” said Brellian.
As background information, Chief Operating Officer of BPI Danantara Dony Oskaria stated that this year, the number of BUMN subsidiaries and sub-subsidiaries will be reduced from 1,043 entities to approximately 300 entities. He emphasised that all BUMN companies will be affected by this restructuring, including the insurance sector.
“Insurance will go from 15 to 3, we will have one life insurance, one general insurance and one credit insurance,” explained Dony at the CNBC Indonesia Economic Outlook 2026 event at Hotel Kempinski, Jakarta, quoted on Wednesday, 11 February 2026.
The Financial Services Authority (OJK) also commented on the proposal by the Investment Management Body (BPI) Danantara to reduce the number of state-owned insurers through mergers and acquisitions.
When asked about the possibility of streamlining 16 state-owned insurers into 3, Ogi Prastomiyono, Head of Insurance, Guarantee and Pension Fund Supervision at OJK, said they are still in discussion phase with the state-owned insurance holding IFG.
“We are still in talks with IFG. We need to discuss with IFG about how the programme will work,” said Ogi when met at the Indonesian Parliament building in Jakarta on Monday, 30 June 2025.
As is known, IFG (Indonesia Financial Group) Holding oversees several insurance, guarantee and investment companies. Some of IFG Holding’s subsidiaries include Jasa Raharja, Jamkrindo and Askrindo. Additionally, IFG also oversees Jasindo. In the life and health insurance segment, IFG has subsidiary IFG Life.
There are also general insurance companies that are BUMN subsidiaries, including PT Asuransi Tugu Pratama Indonesia Tbk (TUGU) and PLN Insurance.