Jakarta – In response to evolving global regulatory challenges, PT Perta Life Insurance (PertaLife Insurance) has strengthened its commitment to supporting the implementation of Statement of Financial Accounting Standards (PSAK) 117. This new accounting standard brings greater transparency and relevance to the insurance industry in Indonesia. The commitment was highlighted during the Business Reflection & Stakeholders Gathering forum held at Hotel Borobudur, Jakarta, on Wednesday (December 18, 2024).
PSAK 117, an adaptation of the international standard IFRS 17, marks an important milestone in the management of insurance contracts. The standard is designed to enhance transparency, consistency, and the relevance of information for stakeholders. The implementation of PSAK 117 requires comprehensive readiness in terms of operations, information technology systems, and the capital of insurance companies. The Financial Services Authority (OJK) has approved the implementation of this standard, which will be fully effective in 2025.
Finance Director of PT Pertamina (Persero), Emma Sri Martini, emphasized that facing the challenges of 2025 and beyond will not become easier. Therefore, PertaLife Insurance is expected to remain vigilant, anticipatory, and forward-looking in managing global, industrial, and business changes. Agility will be the key to navigating increasingly complex global dynamics.
“I would like to express my highest appreciation for the performance of the board of directors and board of commissioners of PertaLife Insurance. The transformation carried out over the past three years has been extraordinary. I often monitor its progress and have witnessed how the results of this transformation have brought significant changes, especially in financial and operational aspects. Transformation is indeed not an easy process; it requires strong leadership, commitment from all parties, and full support from employees. This journey cannot stop at one point but must continue so that the company remains sustainable,” said Emma.
Emma further explained that PertaLife Insurance has significant potential to explore, particularly by leveraging the Pertamina Group ecosystem. There are great opportunities for cross-selling, digital marketing, and cost efficiency. With proper collaboration, the company can optimize its captive market, such as Pertamina, Timah, and other state-owned enterprise (SOE) groups.
Meanwhile, Deputy Minister of Cooperatives of the Republic of Indonesia, Ferry Juliantono, also shared his perspective on the importance of collaboration between cooperatives and the insurance sector.
“This forum serves as important momentum for stakeholders, particularly within the Pertamina Group, to strengthen synergy in addressing challenges in the insurance industry. At the Ministry of Cooperatives, we encourage all companies, including state-owned enterprises, to support the development of insurance through their respective cooperatives. Let us work together to build a mutually supportive ecosystem for the welfare of cooperative members and the wider community,” he said.
President Director of PertaLife Insurance, Hanindio W. Hadi, emphasized that the company is committed not only to complying with this new standard but also to maintaining stakeholder trust through good governance, competent human resources, and high-quality products and services.
“As part of the Pertamina Group, PertaLife Insurance ensures its readiness to face increasingly complex regulatory changes. We are committed to continuously delivering the best for our stakeholders. The trust and full support provided by shareholders, business partners, and all stakeholders serve as the main foundation in facing the new era of the insurance industry in 2025,” Hanindio explained.
Hanindio further stated that PertaLife Insurance has undergone a comprehensive transformation over the past four years through three main pillars. The first pillar focuses on human resources (HR) development to enhance competency and adaptability. The second pillar focuses on product improvement, prioritizing more profitable products to support business sustainability. The third pillar involves business process transformation, including the development of more effective and efficient systems and procedures.
As a result, the company’s performance has shown a positive trend. In 2023, PertaLife Insurance recorded a net profit of IDR 96.14 billion, representing a 32.61% increase compared to the previous year. This figure marks the highest achievement in the company’s history.
In addition to these three transformation pillars, Hanindio also explained that PertaLife Insurance is committed to providing the best service to all customers through the 4 lines of defense approach. From the management perspective, the current board of directors and president commissioner are active Pertamina employees. In addition, Pertamina’s Internal Audit Unit (SPI) may conduct audits at any time. There is also a supervisory committee consisting of representatives from Pertamina’s human resources, finance, and labor union, which can establish oversight committees whenever necessary in accordance with company policies. This combined defense system ensures the best services that PertaLife Insurance delivers to its customers.
Through this forum, PertaLife Insurance reaffirmed that its strategic initiatives are aligned with its sustainability vision and continue to provide the best solutions that deliver peace of mind for all stakeholders, while contributing to the growth of a stronger insurance industry in Indonesia.
The talk show also featured several speakers, including Executive Director of the Indonesian Life Insurance Association (AAJI), Togar Pasaribu, who presented steps to improve transparency and the quality of financial information in the insurance industry. Joko Suwaryo, Actuary of PertaLife Insurance, explained the opportunities, challenges, and the company’s optimism regarding the implementation of PSAK 117 as well as business prospects in 2025. Another speaker, VP Investment of PertaLife Insurance, Gilang Praditiyo, provided an overview of the economic outlook for 2024 and 2025.
Meanwhile, VP of Industrial Relations & Compensation and Benefits of PT Pertamina (Persero), Saikhu, explained the ongoing One Pertamina synergy with PertaLife Insurance, including the management of various programs such as the Employee Savings Program and Mandiri Guna Life Insurance, as well as funeral assistance for retirees and their spouses. Pertamina remains committed to supporting PertaLife Insurance, and with the large demographic potential of employees across the Pertamina Group, this represents a significant business opportunity for PertaLife Insurance.
Corporate Communication of PertaLife Insurance, Ratih Triutami Wijayanti, added that the forum is expected to provide deeper insights into the opportunities, challenges, and optimism surrounding the implementation of PSAK 117 for stakeholders, while strengthening synergy with all strategic partners to ensure sustainable, adaptive, and resilient business growth amid the dynamic life insurance industry. PLI.
