Public Trust in IFG Life Deemed Positive for the Life Insurance Industry
Public trust in PT Asuransi Jiwa IFG (IFG Life), a member of IFG, the state-owned holding company for insurance, guarantees, and investment, is deemed to have a positive impact on the overall insurance industry. This aligns with the implementation of corporate governance that is increasingly well-regarded in managing the insurance business.
“IFG Life is now starting to generate profits. This means the public trusts the management of insurance by IFG (Life). Hopefully, with this good management, it will build public trust in other insurance industries,” said Herman, a member of Commission VI of the Indonesian House of Representatives (DPR RI) and Deputy Chairman of the State Accountability Agency (BAKN) of the DPR RI, during an event themed ‘New Standards for Insurance Governance and Customer Protection in Indonesia’ some time ago.
Also present as speakers at the event were the Executive Director of the Indonesian Life Insurance Association (AAJI), Emira E. Oepangat, and the Head of the Insurance and Supporting Services Supervision Department of the Financial Services Authority (OJK), Sumarjono.
Herman assessed that the performance shown by IFG Life has become a benchmark for public trust in the insurance industry. He hopes that the trust given by the public can be continuously maintained. “This is important because it not only strengthens IFG (Life), but also the existence of other insurance industries,” he stated.
Herman mentioned that the key to public trust in IFG Life is none other than transparency and accountability in management. Both IFG Life and other insurance companies, according to Herman, must be realistic in offering profits to policyholders. Herman noted that excessive profit offers to policy owners could lead to problems later when the insurance company fails to realise the promised profits.
“Efforts have upper and lower limits. So, excessive offers to policyholders can become a problem. Especially in the current uncertain global political and security situation, which will affect the economic sector. So, insurance should not offer things that are difficult to realise,” Herman explained.
Herman hopes that IFG Life can continue to develop along with continuously improving governance. The legislator from West Java believes that the insurance industry will not grow if governance is inadequate. Moreover, this industry is a trust-based industry where the public will not entrust their money and future to parties that do not have proper governance principles.
PREMIUM INCOME
It is known that IFG Life recorded consolidated premium income of Rp6.77 trillion for the period January–December 2025. This figure increased by 8.56% from the same period in the previous year.
Some time ago, the Finance Director兼 Acting President Director of IFG Life, Ryan Diastana Firman, stated that this achievement is a sign of the effectiveness of financial management strategies and the company’s commitment to maintaining customer trust through good governance and disciplined risk management.
Since its establishment in October 2020 until December 2025, IFG Life has paid claims exceeding Rp23.4 trillion. In addition, the company’s equity is recorded at Rp4.84 trillion. This positive performance also strengthens the company’s capital structure, with a Risk Based Capital (RBC) of 202.95%. This value is far above the minimum requirement set by the Financial Services Authority (OJK) of 120%.
IFG Life has also met the minimum equity threshold for the life insurance industry set by OJK, namely Rp500 billion in 2026 and Rp1 trillion in 2028.
MAINTAINING CUSTOMER TRUST
The Head of the Insurance and Supporting Services Supervision Department of the Financial Services Authority (OJK), Sumarjono, stated that strengthening governance and risk management is key to maintaining customer trust in insurance companies.
“The insurance industry lives on trust, and trust only endures if governance and risk management are implemented not just as obligations, but as a culture,” he said.
To strengthen this, OJK is currently implementing several regulations that serve as new standards in insurance management, one of which is Financial Services Authority Regulation (POJK) Number 36 of 2025 on Strengthening the Health Insurance Ecosystem, effective from 22 March 2026.
Sumarjono said the regulation aims to encourage more accountable company operations and prevent deviations in the management of public life insurance protection funds.
This step by OJK to strengthen governance and risk management in insurance companies is also supported by increased supervision and protection of policyholders’ rights by the House of Representatives of the Republic of Indonesia (DPR RI).