PT Asuransi Jiwa Generali Indonesia (Generali Indonesia) will comply with the Financial Services Authority's (OJK) regulations concerning the separation or spin-off of its Sharia Business Unit (UUS). The regulator requires insurance and reinsurance companies with UUS to complete the spin-off by December 31, 2026. CEO Edy Tuhirman stated that the company is gradually preparing various requirements and internal aspects related to the spin-off, such as business strategy, human resources, innovation, and infrastructure. Generali Indonesia is committed to meeting the government's spin-off requirements by 2026.
As part of the preparation for the spin-off, Generali's Sharia Business Unit has been growing steadily. In June 2023, the unit strengthened its position by partnering with Pospay, an application owned by PT Pos Indonesia. Through this collaboration, people can access "Aku Berbagi," Generali's online Sharia insurance platform, within the Pospay app. Generali's Sharia Business Unit recorded insurance revenue of IDR 13 billion in 2022, a 44.4% increase compared to the same period in the previous year, while insurance expenses decreased by 9.7%. The unit's solvency ratio reached 507% in 2022. Overall, the unit has shown significant growth, with total assets reaching IDR 192 billion, a 12.9% increase from the previous year, while liabilities amounted to IDR 77 billion, a 40% increase, and equity stood at IDR 75 billion, slightly down by 12.7%.
Tuesday, 25 July 2023 06:45
Generali Indonesia Follows OJK Regulations, Will Spin Off UUS
