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As we know, JS Saving Plan is a life insurance product that not only provides protection
benefits for death or total disability due to accidents, the JS Saving Plan also provides investment
certainty benefits as much as the principal return and guaranteed investment return. Customers
only pay Rp. 100 million at the start. After one year, he can attract high percentage returns and
continue to receive insurance protection for five years. As many as 17 thousand customers are
tempted. Based on infobank sources who do not want to be named, Jiwasraya promises 10%
interest to customers. With marketing costs / agent commission / bank-based income of 3%. then
from where Jiwasraya can invest the funds with a return of 15%, assuming the company takes a
2% profit margin. The insurance premium can boost a company's performance in an instant, but it
creates a big problem when the claim is due in October 2018.
In 2017, there were three major Jiwasraya investments, namely IDR 19.17 trillion in mutual
funds, IDR 6.63 trillion in shares and IDR 6.55 trillion in property, the problem arose because
investment in mutual funds and stocks decreased in value. Allegedly, many mutual fund and stock
investments are carried out without careful calculation. Now, Jiwasraya cannot easily sell mutual
funds or stocks that have fallen in value because of huge losses.
The yellow light was actually stated by the Supreme Audit Agency (BPK) through the 2016
Examination Report (LPH). At that time, the BPK had detected an improper investment, namely
the purchase of PT Trikomsel's Okay IDR 449.5 billion, PT Sugih Energy IDR 318.1 billion and
PT Eureka Prima Jakarta IDR 118 billion. The BPK assesses that these stock purchases are not
accurate because the company's fundamentals are not good enough. Likewise, in the purchase of
Jiwasraya mutual funds investing up to IDR 6.3 trillion for shares of PT Inti Agri Resources
through the fund, the BPK also notes: investing in one stock with a large enough value can cause
bubble potential. Inti Agri's share price will continue to surge even though the company's finances
are not very good - a condition that has the potential to harm Jiwasraya.
Based on Jiwasraya's financial statements in 2017 (unaudited) recorded a net profit of IDR
2.4 trillion. But, the new management asked to be re-audited by Pricewaterhouse Coopers (Pwc).
The result, a flat profit to Rp360 billion. This difference is because Jiwasraya actually does not
reserve according to provisions. For this reason, what was once called opinion with exceptions
now shows irregularities in certain items which are often called the little adverse.
The Jiwasraya case should be a hard slap for the government and the Financial Services
Authority. Investment policies that harm both the customer and the country should not occur if
they watch them closely. The Financial Services Authority has the courage to act decisively against
state companies that are careless in investing and managing finances.
The BPK, which is reviewing Jiwasraya Insurance, needs to observe all of the company's
defects. Findings regarding suspicious stock purchases need to be deepened. The auditor must
ascertain whether there are indications of fraudulent actions that benefit the individual or other
parties. This step is important in order to sanction, even process legally if there is enough evidence,
whoever is guilty.