Asuransi Bintang Successfully Implements New Insurance Accounting Standard

Proactive Preparation Minimizes Transition Impact

PT Asuransi Bintang Tbk (ASBI) has successfully managed the implementation of the new PSAK 117 accounting standard for insurance contracts, which became effective this year. As a publicly listed company, Asuransi Bintang began reporting financial statements compliant with PSAK 117 from the first quarter through Q3 2025, submitted timely to both the Indonesia Stock Exchange (BEI) and the Financial Services Authority (OJK).

Strategic Measures for Smooth Transition

The company started preparing for the new standard in 2022, implementing various strategic measures to minimize the impact of the transition. Key actions included discontinuing unprofitable products and managing runoff portfolios from loss-making business lines. These proactive steps helped manage the direct impact on the company's equity as of January 1, 2025, when the new standard took effect.

Financial and Operational Implications

The adoption of PSAK 117 represents a significant change in accounting practices for insurance companies in Indonesia. By preparing ahead and taking decisive actions, Asuransi Bintang has positioned itself well for compliance while maintaining financial stability. The successful implementation demonstrates the company's commitment to transparency and regulatory compliance in the Indonesian financial sector.