IFG Needs IDR 8.1 Trillion Fund To Transfer Jiwasraya Policy This Year

JAKARTA - PT Asuransi Jiwa IFG (IFG Life) needs funds of IDR 8.1 trillion to complete the policy transfer from PT Jiwasraya (Persero) this year. Therefore, this state capital investment company (PMN) requires.

The Director General of State Assets of the Ministry of Finance, Rionald Silaban, said that the estimated required funds of Rp. 8.1 trillion was based on the calculation of PT Bahana Pembinaan Usaha Indonesia (BPUI) or the Indonesia Financial Group, as the parent company of IFG Life, and financial consultants.

"Then the BPKP was verified, and also the estimated projected book, it is estimated that the funds amounted to Rp8.1 trillion for IFG Life to complete the policy transfer in 2023," he said during a Hearing Meeting with Commission XI of the DPR, Monday, September 18.

Ronald explained that to meet the needs of funds worth IDR 8.1 trillion in 2023, the government needs to inject fresh funds through this year's State Capital Participation (PMN) scheme which reached IDR 3 trillion. Then, PMN for Fiscal Year 2024 is worth IDR 3.56 trillion.

Furthermore, Rionald said the remaining funds needed worth IDR 1.45 trillion could be patched through a fundraising organized by the Indonesia Financial Group.

"Where the Rp8.1 trillion will be fulfilled Rp3 trillion from (PMN) 2023, then Rp3.56 trillion through PMN 2024. And the remaining Rp1.45 trillion through fundraising carried out by PT BPUI," he explained.

With the addition of PMN 2023 and 2024, Rionald hopes that IFG Life can complete the transfer of restructuring policies and are still left behind in Jiwasraya.

In fact, continued Rionald, injections of fresh funds can also meet Risk Based Capital or RBC, which minimum is 120 percent.

"To maintain the value of liabilities transferred so that they can be in accordance with the assumptions, an acceleration of PMN disbursement is carried out, which is why we propose an in-depth investigation of PMN for 2024 today, so that the deepening can be completed," he said.

"We will immediately take care of the provisions and hopefully this can, for PMN 2024, it can be disbursed at the beginning of the year, so that it can meet the minimum RBC that must be met by BPUI," he continued.

Rional revealed that until June 30, 2023, there were still policies that had not been transferred from Jiwasraya to IFG Life with a value of IDR 7.44 trillion.

"These police have been completed and are involved in the restructuring," concluded Rionald.