SOEs Insurance Merger Looms, PertaLife Awaits Further Instructions
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JAKARTA, Investortrust.id — Indonesia’s sovereign wealth fund, Daya Anagata Nusantara Investment Management (Danantara), is preparing to consolidate several state-linked insurance companies, but PertaLife Insurance says it has not been formally included in the plan.
“We have no comment at this point. We’re simply waiting for instructions from our superiors. As of now, there has been no official directive,” said President Director of PertaLife Insurance Hanindio W Hadi during the company’s 40th anniversary celebration in Jakarta on Wednesday, July 2, 2025.
While the idea of consolidation was briefly mentioned during a recent general shareholders’ meeting, Hanindio said there have been no further discussions or internal assessments regarding the proposal.
“So far, there has been no study or detailed discussion. It was touched on during the meeting, but until any instruction comes in, we’re operating business as usual,” he added.
Although not officially categorized as a state-owned enterprise (SOE), PertaLife is closely tied to one. The life insurer is majority-owned by Pertamina’s pension fund, Dana Pensiun Pertamina (DPP), placing it within the orbit of PT Pertamina (Persero), Indonesia’s state energy company.
Earlier, Danantara’s Chief Operating Officer Dony Oskario confirmed that the consolidation plan is part of a broader effort to streamline and strengthen Indonesia’s state-owned insurers and logistics firms.
"Jasa Raharja has an insurance business, Pertamina owns Tugu Insurance, and BRI and BNI have their own insurance arms. But their scale is small and not competitive,” said Dony on Wednesday, June 18, 2025.
He explained that the first step in the plan involved a fundamental review of SOE-linked insurance firms. The second step will include actual mergers to combine fragmented entities into stronger players.
“The goal is to reduce the number of state-owned companies from 888 to fewer than 200 — companies that are truly solid and competitive,” Dony said.