Sharia Business Unit Separation Work Plan

As a concrete step in fulfilling regulatory requirements and meeting the needs of business partners and other stakeholders, particularly in Sharia-based business, PT Reasuransi Nusantara Makmur (Nusantara Re) plans to separate its Sharia Business Unit into an independent Sharia Reinsurance Company.

PT Reasuransi Nusantara Makmur received approval from the Financial Services Authority (OJK) on August 11, 2024, for its Sharia Unit Separation Work Plan (RKPUS). The company will diligently carry out all activities outlined in the RKPUS in accordance with applicable laws and regulations.

Once the OJK issues a business license for the new Sharia Reinsurance Company, the entire portfolio of the Sharia Unit will be transferred and managed by the new Sharia Reinsurance Company. This separation process is targeted for completion by December 31, 2026, in line with the timeline set by OJK.

During this separation process, the rights and obligations of participants remain unchanged and will continue to comply with the applicable Cooperation Agreement. Participants will still receive reinsurance protection and services as required. After the Sharia portfolio is transferred to the new Sharia Reinsurance Company, responsibilities to the participants will be borne by the new company.

PT Reasuransi Nusantara Makmur is committed to transparency throughout this separation process. For questions or further information, please contact Nusantara Re at +62-21-29189977 or via email at info@nusantarare.com.

This announcement is made for public knowledge.