Bank Mandiri to exit Inhealth through Rp570 billion sale to IFG Life
IFG Life already owns 80% of Inhealth, while the proposed purchase covers Mandiri’s remaining 20% stake.
A conditional agreement signed on 26 October 2026 sets out Bank Mandiri’s planned Rp570 billion sale of its entire holding in PT Asuransi Jiwa Inhealth Indonesia to IFG Life. The deal involves 200,000 shares, according to the bank’s disclosure to the Indonesia Stock Exchange.
The filing, submitted on 28 October 2026, puts Mandiri’s ownership at 20%, with IFG Life holding 80%. Inhealth has been a subsidiary of IFG Life within the IFG holding structure since its shareholder composition changed on 26 June 2024.
Mandiri said its affiliation with IFG Life makes the divestment an affiliated transaction under POJK No.42/2020. However, the bank said shareholder approval was not required because the deal was not a material transaction. The transaction value and Inhealth’s assets, net profit and operating revenue, measured against Mandiri’s, were well below the 20% materiality threshold.
Management linked the sale to an initiative to strengthen the life insurance industry by consolidating companies under the supervision of Danantara Asset Management and IFG, the state-owned insurance holding company.
Mandiri continues to have an insurance subsidiary through its 51.00% stake in AXA Mandiri Financial Services, according to the bank’s financial performance presentation.
