PT Lippo General Insurance Tbk, an Indonesian non-life insurer under Korea’s Hanwha General Insurance, posted its strongest financial performance on record this year, logging all-time high revenue and profit while strengthening its capital base to exceed 1 trillion Indonesian rupiah (about $60 million), the company said Tuesday.
LGI also secured a global financial strength rating of A- (Excellent) from A.M. Best, joining only five Indonesian general insurers with an international credit rating.
As of October, LGI posted revenue of IDR 3.27 trillion and profit before tax of IDR 154 billion under the previous accounting standard (IFRS 4). Under the new global insurance standard (IFRS 17), which reflects earnings more conservatively, revenue came in at IDR 3.04 trillion and profit before tax at IDR 140 billion.
The company’s equity — its net financial strength — exceeded IDR 1 trillion under both standards.
“The year 2025 marks a true turning point for LGI,” said Agus Benjamin, president director of LGI. “Our record-breaking performance reflects the company’s resilience, disciplined underwriting and consistent growth with the support and guidance of Hanwha Finance. The A.M. Best A- rating proves LGI’s credibility and competitiveness in the global insurance market.”
Hanwha became a major shareholder in LGI in 2023, when Hanwha Life acquired a 46.6 percent stake and Hanwha General Insurance acquired a 14.9 percent stake. Then in 2025, Hanwha Life agreed to sell its entire stake to Hanwha General Insurance. With that transfer completed, Hanwha General Insurance now owns 61.5 percent of LGI, making it the insurer’s controlling shareholder.
Hanwha’s strengthened ownership structure has accelerated LGI’s digital and operational upgrades, executives said, including expanded use of the group’s global financial expertise and risk-management systems.
Surpassing IDR 1 trillion in equity is expected to significantly bolster LGI’s underwriting capacity, allowing the insurer to take on larger and more complex corporate and industrial risk portfolios at a time when Indonesia is ramping up infrastructure and industrial development.
Looking ahead, LGI said it will intensify digital transformation efforts, build out ESG programs and diversify its product portfolio, to become one of Indonesia’s top five general insurers in the medium term.
jwc@heraldcorp.com
