Taspen Posts Rp1.04 Trillion Profit in 2025 Despite 'Leaky' Social Security Programme

PT Taspen (Persero) recorded a net profit of Rp1.04 trillion in 2025, down from Rp1.24 trillion in 2024. The state-owned enterprise’s revenue comprised Rp7.736 trillion in contributions and premiums, Rp9.872 trillion in investment income, and Rp1.863 trillion in other income. The 2025 profit achievement equated to 123.84% of the set target.

Profit from managing the Old-Age Savings (THT), Work Accident Insurance (JKK), and Death Insurance (JKM) programmes reached Rp1.04 trillion, lower than the Rp1.24 trillion recorded in 2024. The claims ratio for the THT programme rose to 264% in 2025, up from 256% the previous year. For JKK, the claims ratio increased to 28% from 20% in 2024 and 21% in 2023. Meanwhile, the JKM claims ratio continued to decline, reaching 64% in 2025 compared to 69% in 2024 and 84% in 2023.

‘This means for every 100 rupiah in premiums received by Taspen, we pay out 264. So there is… what the Betawi people call a leak. But how to patch it? We patch it with investment returns,’ said Taspen President Director Rony Hanityo Aprianto at the House of Representatives building in Jakarta on Wednesday (8/7/2026).

The investment yield on investment (YOI) showed a positive trend, rising from 7.29% in 2023 to 7.66% in 2024 and further to 8.21% in 2025. Total assets for the THT, JKK, and JKM programmes increased to Rp156.79 trillion in 2025 from Rp149.55 trillion in 2024, recording a compound annual growth rate (CAGR) of 2.91%.

For the management of the Pension Contribution Accumulation Fund (AIP), performance also grew significantly. Asset values rose from Rp250.68 trillion in 2024 to Rp286.24 trillion in 2025, with a CAGR of 11.49%. The AIP investment yield improved from 7.28% in 2024 to 7.38% in 2025.

The investment portfolio for the THT, JKK, and JKM programmes was predominantly placed in Government Securities (SBN) at Rp56.35 trillion or 47.84% of the total portfolio, followed by deposits at 18.63% (Rp21.94 trillion) and mutual funds at 10.79% (Rp12.71 trillion). Other allocations included bonds, sukuk, medium-term notes, and asset-backed securities at 9.56% (Rp11.26 trillion), shares at 6.90% (Rp8.13 trillion), and other direct investments at 6.28% (Rp7.40 trillion).

For the THT programme specifically, the investment composition consisted of SBN at 48.46% (Rp55.27 trillion), deposits at 17.11% (Rp19.52 trillion), mutual funds at 11.14% (Rp12.71 trillion), bonds, sukuk, MTN, and EBA at 9.68% (Rp11.05 trillion), shares at 7.12% (Rp8.13 trillion), and other direct investments at 6.49% (Rp7.40 trillion). The AIP fund portfolio was dominated by SBN at 71.62% (Rp193.37 trillion), followed by deposits at 16.27% (Rp43.91 trillion), bonds, sukuk, MTN, and EBA at 4.72% (Rp12.74 trillion), mutual funds at 4.06% (Rp10.16 trillion), shares at 2.99% (Rp8.08 trillion), and direct investments at 0.34% (Rp0.93 trillion).