BPK Soroti Risiko Klaim di Balik Akuisisi Mandiri Inhealth

The Jakarta Financial Audit Agency (BPK) building (BPK RI document)

JAKARTA - Indonesian Audit Watch (IAW) assesses the expansion step of PT Asuransi Jiwa IFG (IFG Life) through the acquisition of 80 percent of Mandiri Inhealth shares needs to be examined, following the notes of the Financial Audit Agency (BPK) regarding the company's ability to meet its payment obligations in the next few years.

IAW Founding Secretary Iskandar Sitorus said IFG Life is an entity resulting from the restructuring of the state's life insurance crisis, which inherited large long-term liabilities from the Jiwasraya transformation. This condition, according to him, requires a high level of caution in every strategic decision.

In the report on the results of the examination of state finances, the BPK is said to highlight the IFG Life's ability to meet claim payments, especially in the 2025-2026 period. The note is considered an official audit-based warning.

On the other hand, on June 26, 2024, IFG Life acquired 80 percent of Mandiri Inhealth shares. The corporate action is seen as a big step because it requires significant capital, management focus, and contains integration risks.

"The question is not only whether the acquisition of Mandiri Inhealth is profitable in business terms. The more fundamental question is whether the decision is in line with the main interests of the insurance company, namely ensuring the timely and full payment of claims," said Iskandar, Friday, February 6.

According to him, in the insurance industry, a company's success is measured by its ability to meet its obligations to customers rather than the aggressiveness of business growth.

IAW reminded the company's board of directors to be bound by Article 97 of Law Number 40 of 2007 concerning Limited Liability Companies which requires that the management of the company be carried out in good faith, prudence, and full responsibility.

As a state-owned enterprise, IFG Life also carries out a dual function, namely pursuing profits while providing public benefits. Iskandar assessed that many of the company's customers were state apparatus retirees who depended on the certainty of claim payments.

"Customers need certainty of payment, not just a growth narrative," he said.

IAW assessed that when state auditors have marked pressure on the ability to fulfill obligations, a more rational step is to strengthen internal consolidation before making major expansions.

However, he emphasized that the BPK audit does not mean prohibiting expansion. However, the decision to acquire in this condition is considered to increase legal and governance risks.

"In healthy financial governance, do not expand the building when the foundation has not fully recovered," said Iskandar.

IAW hopes that IFG Life management will prioritize strengthening the company's fundamentals to maintain customer confidence and long-term financial stability.