JAKARTA — The potential consolidation of reinsurance entities within the Danantara sovereign wealth fund (SWF) ecosystem remains in the preliminary study phase. PT Tugureasuransi Indonesia (Tugure) has clarified that no final decision has been reached regarding its participation in the proposed merger.
Dradjat Irwansyah, Finance Director of Tugure, acknowledged that the state-owned reinsurance industry is currently facing significant pressure, sparking discussions regarding structural reorganization. This challenging climate has led the parent holding companies, Danantara and Indonesia Financial Group (IFG), to explore the possibility of integrating various reinsurance players.
“It is no secret that the reinsurance industry is currently navigating a difficult period. We have held several discussions with Danantara and BPUI to address these challenges,” Dradjat stated on Thursday (April 29, 2026).
While the Danantara ecosystem includes several existing reinsurance entities—such as Nasional Re, Indonesia Re, and Tugure—Dradjat emphasized that Tugure operates under a unique joint control ownership structure, which complicates any unilateral corporate action. Currently, 50.7% of Tugure is held by entities affiliated with state-owned enterprises, specifically Pertamina through Tugu Pratama Indonesia (TUGU) and Tugu Pratama Interindo, while the remaining 49.3% is owned by the private firm PT Asriland.
PT Asriland is widely recognized as being owned by Bambang Trihatmodjo, the third son of the late President Soeharto, with business interests spanning real estate, construction, logistics, and trade. “Both shareholders are effectively in control, which creates a joint control arrangement,” Dradjat explained.
Under Indonesia’s Limited Liability Company Law, major corporate actions like mergers require approval from at least 75% of shareholders. Consequently, Tugure cannot be integrated into a merger without the explicit consent of both the state-affiliated and private shareholders. Dradjat confirmed that Danantara and BPUI have not mandated the company’s inclusion, noting that Tugure is merely participating in ongoing evaluations to determine the most viable restructuring path.
“They have explicitly stated that no decision has been made to include Tugure in the merger process. Reports suggesting that a merger is already underway are premature; we are currently strictly at the evaluation and study stage,” he added.
Despite these external pressures, Tugure remains on a solid financial footing. According to its audited financial report for the period ending December 31, 2025, the company posted a net profit of Rp110 billion, supported by insurance premium revenue of Rp192.2 billion and investment gains of Rp254.4 billion.
Furthermore, the company has successfully bolstered its capital to Rp1.5 trillion, meeting the minimum capital requirements for the reinsurance industry in 2026. Looking ahead, Tugure maintains an optimistic outlook, targeting organic equity growth to reach Rp2 trillion by 2028 as it works toward achieving a KPPE 2 capital capacity rating.
Summary
The potential consolidation of reinsurance entities within Indonesia’s Danantara sovereign wealth fund ecosystem remains in a preliminary study phase. PT Tugureasuransi Indonesia (Tugure) has clarified that no final decision has been made regarding its participation, despite industry pressures driving consolidation discussions. Tugure is merely participating in ongoing evaluations led by Danantara and Indonesia Financial Group (IFG), refuting premature reports of an active merger.
A significant factor complicating Tugure’s integration is its joint control ownership structure, with 50.7% held by state-affiliated entities and 49.3% by private firm PT Asriland, owned by Bambang Trihatmodjo. Major corporate actions require approval from at least 75% of shareholders, necessitating consent from both state and private owners. Despite these external pressures, Tugure reported a Rp110 billion net profit in 2025 and has increased its capital to Rp1.5 trillion, meeting 2026 minimum requirements.
