JAKARTA. Today (20/10), Indonesia Financial Group (IFG) was officially launched as an insurance and underwriting holding under the auspices of State-Owned Enterprises (SOEs).

The establishment of IFG as an insurance and underwriting holding for SOEs is based on Government Regulation (PP) Number 20 of 2020, regarding the addition of state capital participation in PT Bahana Pembimbing Usaha Indonesia (BPUI), which has now changed its name to IFG.

Robertus Billitea, President Director of IFG, said that his company will overhaul the insurance and investment business by SOEs. "IFG will bring changes into the financial sector, to create insurance, investment and underwriting services that are accountable, prudent and transparent," Billitea told idnfinancials.com today.

For the record, Commission VI of the House of Representatives (DPR) has previously approved the rescue steps for PT Asuransi Jiwasraya (Persero). Jiwasraya policyholders will receive protection through restructuring, transfer and bail-in schemes. Then, IFG will accommodate the entire Jiwasraya portfolio through IFG Life.

There are 9 companies, with total consolidated assets of Rp72.5 trillion, which will run under IFG. The nine companies are  PT Asuransi Kredit Indonesia (Askrindo), PT Jaminan Kredit Indonesia (Jamkrindo), PT Jasa Raharja, dan PT Asuransi Jasa Indonesia (Jasindo), PT Bahana Sekuritas, PT Bahana TCW Investment Management, PT Bahana Artha Ventura, PT Grahaniaga Tata Utama and PT Bahana Kapital Investa. (KR/AR)