This year marks an important milestone for Indonesia’s insurance industry, as conventional insurers begin reporting their first full set of annual financial results under “Pernyataan Standar Akuntansi Keuangan” 117 (PSAK 117), which is the Indonesian equivalent to International Financial Reporting Standard 17. The new standard represents one of the most significant changes to insurance accounting in recent decades, aiming to introduce a more consistent and transparent framework across insurers.
The first set of published results by companies in Indonesia offers valuable insights into the impacts of PSAK 117 on equity and profits on transition, and how the product profile of an insurer might affect the results under the PSAK 117 framework.
In this article, we summarise the PSAK 117 results reported by selected conventional insurers in Indonesia that are publicly available up to 30 June 2026, highlight key themes emerging from the transition results and earnings disclosures in 2024 and 2025, and consider what these developments may mean for companies and the wider market. Our analysis includes 17 conventional life insurers in Indonesia to assess how the new standard has affected their financial statements.
Key discussion points include the following.
- Transition: Impact on revenue recognition, profit before tax, and equity.
- Profit and loss: Relative sources of profit by company.
- Other disclosures: Key ratios from company reporting.