PT BNI Life Insurance (BNI Life) has a total equity of Rp 6.2 trillion as of July 2024. This means that BNI Life has met the minimum equity of Rp 250 billion.

“Regarding the plan to fulfill the minimum equity, currently BNI Life has met the minimum equity limit requested by OJK, which is to meet the life insurance capital of Rp 250 billion until the end of 2026,” said Acting President Director of BNI Life Neny Asriany to Kontan.co.id, Thursday (5/9).

Neny said that BNI Life always strives to comply with the rules made by the Financial Services Authority (OJK), including OJK Regulation (POJK) Number 23 of 2023 concerning Business Licensing and Institutionalization of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies and Sharia Reinsurance Companies.

“Our regulators have certainly previously conducted good analysis and planning related to this regulation, so in our opinion this has a goal for the development of the insurance industry in Indonesia,” he added.

This year, BNI Life is targeting equity growth of around 4% or Rp 6.58 trillion.

According to him, with an increase in minimum capital, this can improve the quality of services provided by the company to policyholders. In the end, policyholders can feel safer and more comfortable in placing their future funds in the life insurance industry.

For information, the POJK regulation regulates the gradual increase in equity or minimum capital for insurance and reinsurance companies. The minimum equity increase is divided into two stages.

In the first stage, each insurance company is required to have a minimum equity of Rp 250 billion, sharia insurance companies Rp 100 billion, reinsurance companies Rp 500 billion and sharia reinsurance companies Rp 200 billion. This minimum equity must be met by each entity by December 31, 2026.

In the second stage, the regulator applies clustering or grouping of insurance companies based on their equity. This will take effect on December 31, 2028 at the latest.