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IFG Life has an ambition to become the largest insurance company

07 December 2020 13:34

JAKARTA. Indonesia Financial Group (IFG), an SOE holding, engaged in insurance and underwriting sector, has ambition to run the largest insurance business in Indonesia after obtaining state capital participation of IDR 22 trillion through IFG Life.

The state capital participation plan for IFG Life was approved by Commission VI of the Indonesian Parliament at the end of November 2020. Moreover, IFG management had also prepared IDR 4.7 trillion in funds from dividend payments from IFG holding members.

"So that the total funds prepared for IFG Life reach IDR 26.7 trillion," said Pantro Silitonga, IFG Business Director, to idnfinancials.com last weekend.

IFG Life will not only run a life insurance business, but also health insurance and pension fund management. "We are targeting IFG Life to operate starting January 2021," told Silitonga.

Silitonga admitted that IFG Life was still a new player in insurance industry. However, he was quite optimistic because IFG Life had a fairly wide target market, started from SOE ecosystem and general public. "There is even a possibility that IFG Life will play in Asean market in the future," he said.

Apart from that, IFG Life will also continue managing the restructured PT Jiwasraya (Persero) policy, and they will start conducting outreach during December 2020. (KR/VA)

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