Prudential Indonesia to reorganize its Takaful business

Prudential Life Assurance (Prudential Indonesia) is planning to place its Takaful insurance business into a separate entity. The transfer of the portfolio as well as human and technological resources is expected to be completed by 2024.

The insurer submitted its plan to the Financial Services Authority (OJK) in October 2020.

This move is in line with the draft law that requires insurers to separate Islamic insurance subsidiaries from conventional business units by 17 October 2024.