JAKARTA – PT Lippo General Insurance Tbk (LPGI) plans to elevate its authorised capital to IDR 150 billion, going in accordance with the plan of the controlling shareholder change in the company. The minimum core capital will then match the requirement set by the Financial Services Authority (OJK) regarding the minimum capital of insurance and reinsurance companies.
Agus Benjamin, President Director of Lippo General Insurance, said that the minimum capital requirement is stated in the OJK Regulations (POJK) No.67/2016. “However, this level has yet to be reached as the company was established in 1963, way before said regulation took effect,” he explained.
According to Benjamin, the company only needs to adjust the capital structure once it has made changes to ownership via new shareholder enlistment or shares acquisition, as mentioned in said POJK.
Until May 2022, LPGI’s shares reportedly reach 150 million shares. PT Star Pacific Tbk owns 19.8% of them, followed by PT Inti Anugerah of 65.79%, and the public of 14.41%.
Star Pacific is known to have agreed to the transfer of 14.90% of its portion in LPGI worth IDR 280.12 billion to Hanwa General Insurance Co Ltd and another 4.90% worth IDR 92.08 billion to PT Hanwa Life Insurance Indonesia. (LK/ZH)