Prioritise Governance, IFG Life Starts to Turn a Profit

IFG Life is expected to continue growing after it has completed taking over all policies from Jiwasraya. Herman Khaeron, a member of the Indonesian House of Representatives Commission VI, said that good corporate governance at IFG Life would bolster public confidence in the insurance industry more broadly. “Thank God, it is now 100 percent complete, and we also need to report that the restructuring of Jiwasraya, which later became IFG Life, is now 100 percent complete and has started to be profitable,” he said at Kompas.com Talks: New Standards in Insurance Governance and Customer Protection in Indonesia, on Thursday, 5 March 2026. A note: according to the unaudited financial statements, IFG Life’s consolidated profit stood at Rp 637.018 billion as of the end of 2025. The move is seen as protecting the insurance industry as a whole from a decline in public trust. According to him, Jiwasraya’s rescue in 2019 can also be interpreted as saving the insurance industry as a whole. “Saving the entire insurance industry, because the insurance industry rests on trust. As long as people believe, the insurance industry will endure,” he added. He also noted that financially Jiwasraya could no longer be revived given the financial burden had reached Rp 35 trillion, while asset estimates stood at only Rp 17 trillion. Herman recounted that at the time he had to withstand waves of public distrust toward the insurance industry. He argued that if Jiwasraya’s case had not been promptly addressed through restructuring, public distrust would spill over to other insurance industries. “Moreover, we were entering a difficult phase at the time, namely the onset of Covid-19, shaken by financial scandals, plunging into the Covid-19 crisis; this was not easy,” he said.