BUMN insurance consolidation under IFG targeted for 2026

BP BUMN and Danantara Indonesia are targeting completion in 2026 of the consolidation of BUMN insurance companies under Indonesia Financial Group (IFG). The target was discussed at a June 17, 2026 meeting between BP BUMN head and Danantara Indonesia COO Dony Oskaria and IFG Chief Executive Hexana Tri Sasongko. The integration focus includes combining businesses, strengthening governance, optimizing capital and building synergies among entities that will be placed under the structure of the consolidated company. BP BUMN and Danantara said the move is aimed at improving operating efficiency, underwriting and investment capacity, and expanding protection for the public and businesses. The consolidation is also expected to support financial system stability, raise national insurance penetration and help finance Indonesia's economic development.