Manulife Indonesia Divests Asset Management Subsidiary and Faces Regulatory Changes

Divestment of Asset Management Business

PT Asuransi Jiwa Manulife Indonesia has divested its controlling stake in PT Manulife Aset Manajemen Indonesia (MAMI) through its intermediary holding company, PT Buanadaya Sarana Indonesia ¹

. The divestment occurred when Manulife Indonesia chose not to exercise its pre-emptive rights during the issuance of 1,352,052 new shares, which were fully taken up by PT Tirta Dhana Nugraha, a significant shareholder in Manulife Indonesia with a 4.9995% stake. This transaction will result in PT Tirta Dhana Nugraha becoming the controlling shareholder of PT Buanadaya Sarana Indonesia, holding 86% of the issued shares. The divestment is purportedly done to enhance the capital of PT Buanadaya Sarana Indonesia.

Regulatory Changes in Sharia Business

In a related development, the Financial Services Authority (OJK) has revoked the Sharia Unit license of PT Asuransi Jiwa Manulife Indonesia, effective December 24, 2025 ²

. This decision follows the separation of Manulife Indonesia's Sharia business into a new entity, PT Asuransi Jiwa Manulife Indonesia Syariah. The OJK's decision is contained in a letter from the Head of the Licensing, Special Examination, and Quality Control Department of Insurance, Guarantee, and Pension Funds, numbered KEP-712/PD.02/2025 dated December 24, 2025.

Implications and Future Outlook

The divestment of MAMI and the restructuring of Manulife Indonesia's Sharia business unit indicate significant strategic shifts for the company. While the divestment will impact the ownership structure of its asset management business, the separation of the Sharia business into a distinct entity and the subsequent revocation of the Sharia Unit license reflect regulatory compliance and business restructuring efforts.