JAKARTA. PT Bank Mandiri (Persero) Tbk (BMRI) and PT Kimia Farma Tbk (KAEF) officially divested their portions in PT Asuransi Jiwa Inhealth Indonesia (Mandiri Inhealth), equal to 70%, to PT Asuransi Jiwa IFG (IFG Life).

In the announcement issued today (26/2), Bank Mandiri and Kimia Farma are confirmed to have sold 70% of Mandiri Inhealth to IFG Life.

“The company announces the acquisition of 70% of the company’s share by PT Asuransi Jiwa IFG directly from current shareholders of the company, PT Bank Mandiri (Persero) Tbk (BMRI) and PT Kimia Farma Tbk (KAEF),” confirmed the Board of Directors of Mandiri Inhealth.

The composition of shareholders of Mandiri Inhealth pre-acquisition were BMRI of 80%, KAEF of 10%, and PT Bahana Pembinaan Usaha Indonesia (Persero) or BPUI, which conducts business under the title of Indonesia Financial Group (IFG) of 10%.

With this divestment, after the acquisition took effect, Bank Mandiri would no longer consolidate assets and profit of Mandiri Inhealth despite still owning a small remaining portion of the company. IDNFinancials have attempted to secure a confirmation from the management, but has yet to be responded so far.

BMRI’s annual report saw that Mandiri Inhealth recorded assets of IDR 2.82 trillion in 2023. It grew 4.36% year-on-year (yoy) from IDR 2.7 trillion in 2022. Meanwhile, the profit of this company contributed IDR 175 billion, also growing from IDR 146 billion seen in 2022.

IFG Life, as the buying party, is known as a life and health insurance company owned by IFG. With this acquisition taking place, IFG will be directly and indirectly through subsidiary will have a claim of 80% of Mandiri Inhealth’s shares.

In the same announcement, it is said that the acquisition by IFG Life was carried out according to the Article 127 Paragraph (2) jo. Paragrah (8) Act No. 40 Year 2007 regarding Limited Company, as amended in Act No. 6 Year 2023 regarding the Enactment of Government Regulation in Lieu of Act No. 2 Year 2022 regarding Job Creation to an Act.

The Board of Directors of Mandiri Inhealth further said that the interested parties may get their hands on the acquisition plan in the company’s office. The creditors of Mandiri Inhealth or other parties that object this acquisition plan may express their objection in a written form along with their reasons and supporting documents within 14 calendar days after the announcement was issued. (PP/ZH)