LGI plans to join Indonesia’s top five insurers — Korea Herald
Indonesia’s Lippo General Insurance (LGI) intends to rank among the country’s five largest general insurers within three to five years. The company is expanding its business after reforms supported by its controlling shareholder, Hanwha Insurance, made health insurance its largest source of profit, Korea Herald reports.
In 2025, LGI ranked ninth among Indonesia’s 69 general insurers, with a market share of about 3.5%. The company’s gross written premiums reached a record 4 trillion Indonesian rupiah, or $225.8 million.
Returning health insurance to profitability
Hanwha Life Indonesia and Hanwha Insurance acquired a controlling stake in LGI in June 2023. In December 2025, Hanwha Insurance became the insurer’s largest shareholder after purchasing shares from Hanwha Life Indonesia and increasing its stake to 61.5%.
After joining the Hanwha Group, the company shifted its focus from increasing sales to the quality and profitability of its insurance portfolio. LGI combined Hanwha’s risk management expertise with local market knowledge, strengthening control over premiums, contract renewals, claims settlement and risk selection.
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In 2025, health insurance generated 292 billion rupiah in insurance service profit for LGI and offset losses in other lines. The company’s total insurance service profit amounted to 121 billion rupiah, while profit before tax was 169 billion rupiah.
New growth areas
LGI plans to expand insurance for industrial facilities, including power plants, chemical enterprises and steel mills. Previously, the insurer’s property portfolio mainly covered standard fire risks for shopping centers, housing and hospitals within the Lippo Group ecosystem.
The company is also considering the development of specialized products: directors and officers liability insurance, cyber insurance and marine cargo insurance. In the trade credit insurance segment, LGI intends to cooperate with international insurer Coface, initially targeting Korean companies in Indonesia.
Other development channels are expected to include bancassurance through Nobu Bank, cross-selling with Hanwha Life Insurance Indonesia, and possible cooperation with Ciptadana businesses in securities and asset management. LGI is also gradually preparing to expand retail insurance, targeting consumers with middle and above-middle incomes.
