Jiwasraya’s liabilities increased to Rp 54.5 trillion in the third quarter of 2020, this is the reason

ILLUSTRATION. Residents pass in front of the head office of PT Asuransi Jiwasraya Jakarta./pho KONTAN / Carolus Agus Waluyo.

Reporter: Ferrika Sari | Editor: Herlina Kartika Dewi

KONTAN.CO.ID – JAKARTA. Over time, the obligations or liabilities of PT Asuransi Jiwasraya continue to climb. As of the third quarter of 2020, the state-owned insurance company’s liabilities reached Rp 54.5 trillion, an increase of 3.02% compared to the realization as of May 2020 valued at Rp 52.9 trillion.

Jiwasraya’s debt which matures until September has also touched Rp 19.1 trillion. Meanwhile, asset ownership is only Rp. 16 trillion. With this condition, Jiwasraya’s equity is in a position of minus IDR 38.5 trillion.

Jiwasraya Corporate Secretary Kompyang Wibisana said the increase in liabilities was due to increased interest expenses. However, he did not reveal whether the interest expense came from the Saving Plan or traditional policies.

“The increase (in liabilities) was due to an increase in interest expense. Therefore, it is necessary to save the policy through a restructuring program,” said Kompyang, Tuesday (10/11).

Also Read: Selling Citos, Jiwasraya gets Rp. 2.1 T to pay for traditional policies and saving plans

In order to improve the messy financial condition, the government formed IFG Life as a replacement company for Jiwasraya. The government has approved a State Capital Participation (PMN) of IDR 22 trillion to establish and operate IFG Life.

The new company will manage the restructured Jiwasraya portfolio. The government also encourages JS Saving Plan customers who have large claims in all policies, to enter the IFG Life restructuring program.

To get benefits, IFG Life will run a life insurance business, health and pension fund management in Indonesia. The government believes that the market potential is large and prospective.

Kompyang said that the government’s steps are proof of its seriousness in saving the rights of Jiwasraya policy holders.

“Hopefully this policy rescue program can be understood as the best solution compared to being liquidated Jiwasraya,” explained Kompyang.