Founded in 1859, PT Asuransi Jiwasraya (Persero) is Indonesia's first and one of its oldest state-owned life insurance companies. For over a century, it provided a range of insurance products, including life, health, and investment-linked plans, to the Indonesian public. However, in late 2018, the company defaulted on its high-yield "JS Saving Plan" policies, triggering one of Indonesia's largest financial scandals. Subsequent investigations revealed widespread corruption and fraudulent investments, leading to massive state losses and the conviction of its former executives. As a result, the Indonesian government initiated a comprehensive restructuring program, which involves transferring all eligible policies to a newly established state-owned entity, IFG Life, to ensure policyholders' rights are protected.

Founded in

Indonesia