Asuransi Asei Indonesia, PT (Indonesia)

PT. Asuransi Asei Indonesia (Asuransi Asei) is the result of the transformation of PT Asuransi Ekspor Indonesia (Persero). Legally Asuransi Asei was established on October 9, 2014, however the business has been commenced since 1985 through PT Asuransi Ekspor Indonesia (Persero) which engaged in insurance and guarantees to support the development of local non-oil and gas business. Together with the local business development, the government, acting as the shareholder, conducted the transformation of PT Asuransi Ekspor Indonesia (Persero) to PT Asei Reasuransi Indonesia (Persero) with call brand Asei Re, which focusing on reinsurance business. Asei Re then changed its name to PT Reasuransi Indonesia Utama (Persero) with call brand Indonesia Re. In the meantime, insurance and guarantees business was conducted by its subsidiary, PT Asuransi Asei Indonesia. Asuransi Asei established with authorized capital amounted to Rp 800 billion and paid-up capital of Rp 550 billion. Asuransi Asei’s shareholders as per December 31, 2017 are Asei Re with 99.998% ownership and the remaining 0.002% owned by Employee Cooperative of PT Asuransi Ekspor Indonesia (Persero). On October 31, 2014, Indonesian Financial Services Authority has permitted the diversion of Asei Re’s direct business & reinsurance business to PT Asuransi Asei Indonesia, and on December 17, 2014 this spin-off has been approved by Asei Re’s shareholders’ meeting.