Astra Life leads the way in Indonesia with successful completion of IFRS 17 compliance audit review

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Astra Life leads the way in Indonesia with successful completion of IFRS 17 compliance audit review

Singapore, August 14th, 2024: Astra Life, a leading life insurance company in Indonesia, has proudly announced the adoption of Moody's RiskIntegrity™ solution for IFRS 17, and the subsequent successful completion of their first IFRS 17 compliance audit review, marking a significant milestone in the country's financial landscape. 

As one of the first companies in Indonesia to undergo the auditing review process for IFRS 17 compliance, Astra Life's proactive approach underscores its commitment to excellence in financial reporting, regulatory compliance, and industry standards. The successful audit review also reaffirms Astra Life's dedication to maintaining the highest financial integrity and accountability standards.

Astra Life has streamlined its financial processes and enhanced transparency in its financial reporting using the RiskIntegrity for IFSR 17 solution, which offers  comprehensive support for insurance companies such as Astra Life that are transitioning to IFRS 17.

Lucy Tanurahardja, Accounting Financial Controller and Panny Desalasiyanti, Actuarial and Product Group Head, at Astra Life jointly commented: “We are honored to be at the forefront of implementing Moody's RiskIntegrity for IFRS 17 solution in Indonesia.”

"Beyond achieving compliance, one of the standout benefits of this solution is its cost-effectiveness, and simplicity in terms of integration and ongoing maintenance, ensuring seamless operations and minimal disruption to our daily activities, thanks to its design and software as a service deployment.”

Building on this achievement, Astra Life and Moody’s are committed to further fostering their partnership, with both companies exploring opportunities to leverage the groundwork laid by the IFRS 17 implementation to simplify business planning and optimize performance beyond compliance requirements.

Andrew Hare, Head of Insurance – APAC, Moody’s, commented: "We believe in the power of collaboration and innovation to drive sustainable growth. Our partnership with Astra Life exemplifies our commitment to delivering value-added solutions and staying ahead of industry trends."

With a shared vision for the future, Astra Life and Moody’s are poised to embark on the next phase of their partnership, leveraging technology and expertise to navigate evolving regulatory landscapes and unlock new opportunities for growth and efficiency.

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About Astra Life:

PT ASURANSI JIWA ASTRA (Astra Life) is a life insurance company owned by PT Astra International Tbk (Astra) - a national pride company that has a deep understanding of the Indonesian market, PT Sedaya Multi Investama - a sub holding of the financial services group PT Astra International Tbk. known as Astra Financial, and Koperasi Astra.

Established since 2014, Astra Life continue to develop and innovate to deliver protection products and services that meet the needs of the Indonesian people. Our products and services cover various market segments, both individual customers in the form of life, health, accident protection insurance, investment-linked life insurance (unit link), sharia life insurance and also corporate customers in the form of employee benefit group business and pension fund (DPLK).

Based on data as of December 2023, Astra Life is a life insurance company with a gross premium value of IDR 6.1 trillion, total assets reaching IDR 7.5 trillion and Astra Life's solvency/Risk Based Capital (RBC) level of 259% (for life insurance conventional), above the minimum requirement of the Financial Services Authority (OJK) which is 120%. Astra Life has also served 3.6 million insured people.

Thus, in Astra Life we believe that life insurance can help Indonesian people achieve their goals. Just like a trampoline that helps you jump higher to achieve what you dream of without fear of falling, Astra Life is always be there for you to help you reach your dreams.