PT ASURANSI BRI LIFE (BRI LIFE) On October 6, 2015, BRI signed a sale and purchase agreement with the shareholders of PT Asuransi BRI Life (formerly PT Asuransi Jiwa Bringin Jiwa Sejahtera) to acquire a 91.001% interest in BRI Life. The entire series of acquisition activities was completed on December 29, 2015 in accordance with Deed No. 41 of Notary Fathiah Helmi, S.H. so that BR owns 91.001% of BRI Life shares and the remaining 8.999% is owned by the BRI YKP BRI Employee Welfare Foundation). Furthermore, on February 23, 2017, PT Asuransi Jiwa Bringin Jiwa Sejahtera changed its name to PT Asuransi BRI Life (BRI Life). On March 2, 2021, BRI Life officially had a new shareholder, namely FWD Financial Services Pte Ltd which has added capital to BRI Life of 936,458 shares through the issuance of new shares. Thus, after the transaction, BRI Life’s shareholder structure was that BRI owned 2,002,022 shares with 63.83% ownership. Then, the ownership of FWD was 29.86% with 936,458 shares, and the BRI Employee Welfare Foundation was 6.31% of 197,978 shares. This change in shareholder structure previously obtained OJK approval through letter no. S-12/NB.1/2021 dated February 4, 2021. On October 13, 2021 the Shareholders approved the transfer of ownership of shares owned by FWD Financial Services Pte. Ltd. to FWD Management Holdings Limited, so that the structure of BRI Life Shareholders became: BRI 63.83%, YKP BRI 6.31%, and FWD Management Holding Limited 29.86%. The change in Shareholder Structure previously obtained OJK approval through letter No.S.93/NB.1/2021 datedSeptember 29, 2021. In 2022, BRI Life issues 255,549 shares and as part of FWD Management Holdings Limited’s commitment to support BRI Life’s progress in a manner agreed upon by the Shareholders. The new shares were taken up entirely by FWD Management Holdings Limited. To take part in the new shares, FWD Management Holdings Limited has deposited IDR770 billion to BRI Life. The issuance of these shares changed the composition of shareholder ownership to BRI 59.02%, FWD Management Holdings Limited 35.14% and YKP BRI 5.84%. The change in share ownership has received approval from the Otoritas Jasa Keuangan (OJK) through letter Number 31/NB.11/2022 dated February 28, 2022. In 2023, BRI Life experienced another change in shareholder composition. BRI Life added paid-in capital of IDR26,358,000,000 from the previous IDR339,200,700,000 to IDR365,558,700,000 which was taken up by FWD Management Holdings Limited. The plan to change ownership of PT Asuransi BRI Life has received approval from the Otoritas Jasa Keuangan through letter Number S-15/NB.02/2023 dated February 26, 2023. The issuance of shares changes the composition of shareholder ownership to BRI 54.77%, FWD Management Holdings Limited 39.82% and YKP BRI 5.42%. BRI Life’s head office was located at Graha Irama Building, 15th floor, Jl H.R Rasuna Said Blok X-1 No 1 and 2, Jakarta, BRI Life also had 6 Customer Care Center Offices, 20 Service Center and 1 Customer Care Offices (BRILiaN Tower). Table of PT Asuransi BRI Life Performance (Productivity) (in IDR million) Description 2023 2022 Growth (Nominal) (%) Asset 23,678,043 21,627,641 2,050,402 9.48% Equity 9,201,975 7,866,323 1,335,652 16.98% Premium Income 7,703,537 8,185,446 (481,910) (5.89%) The additional capital by FWD in 2023 amounting to IDR770 billion had an impact on increasing BRI Life’s assets and equity. At the end of 2023, BRI Life’s equity grew 16.98% to IDR9.20 trillion. Apart from that, BRI Life’s assets reached IDR23.68 trillion or grew 9.48%. BRI Life’s Gross Premium decreased in line with the success of shifting products from unit linked to traditional carried out by BRI Life and the implementation of increasingly appropriate market conduct so that the premiums produced were quality premiums and provided a sustainable contribution to BRI Life. PT Asuransi BRI Life Strategy In 2023 Some of BRI Life’s main strategies that have been implemented in 2023 in order to achieve the targets approved by the Shareholders, among others: 1. The BRI Centralized Distribution Referral System is a strategic initiative taken by BRI Life in order to increase BFA productivity. Throughout 2023, BFA productivity is relatively low, which is reflected in the level of closing ratio and data leads which tends to decrease compared to the previous period even though the number of BFA has increased. This strategic initiative was piloted at the end of 2023 with the aim of increasing lead data which is the fuel for BFA to carry out production so that it is more centralized and systematic from data sources at head office to BFA’s hands. 2. Improve business processes in selling insurance products so that the products sold are in line with customer needs. This is done by determining product segmentation that is in accordance with existing customer segmentation. As one way to increase the persistence ratio, BRI Life is releasing new products that suit customer needs by paying in advance. Apart from that, there has also been an increase in the frequency of billing for continued premium payments. Alignment of PT Bank Rakyat Indonesia (Persero) Tbk. 2023 Annual Report 248
RkJQdWJsaXNoZXIy NTM2MDQ5