OJK: AJB Bumiputera Has Paid Claims Of IDR 167.76 Billion As Of The End Of January 2024

JAKARTA - Chief Executive of Insurance, Guarantee and Pension Fund Supervision (PPDP) of the Financial Services Authority (OJK) Ogi Prastomiyono said AJB Bumiputera 1912 (AJBB) paid claims worth IDR 167.76 billion to 57,072 policyholders as of January 30, 2024.

"As of January 30, 2024, AJBB has realized outstanding claims for individual insurance as many as 57,072 policies with a nominal value of Rp. 167.76 billion and a collection of 2,099 participants with a nominal value of Rp. 18.65 billion," said Ogi in Jakarta, quoted from Antara, Wednesday, March 6.

Claim payments are currently continuing. AJBB implements a claim payment policy of approximately IDR 5 billion each week.

AJBB will convey the revision of the Financial Restructuring Plan (RPK) no later than March 5, 2023. Until now, the OJK is still waiting for the delivery of the revised RPK.

The OJK had previously reminded AJBB to immediately submit a revision of the RPK to the OJK.

Optimization or release of property assets is still one of the sources for the completion of AJBB's "outstanding" claims. In its implementation, OJK asks AJBB to do so with good governance principles.

On the other hand, Ogi said that currently there are still seven insurance companies that are under special OJK supervision.

In general, the reason the company is included in special supervision is because it is unable to meet the minimum amount of "risk based capital" (RBC) 120 percent, minimum equity of IDR 100 billion and investment adequacy ratio of at least 100 percent.