Bisnis.com, JAKARTA — As the Jakarta Composite Index (IHSG) soared to a new all-time high of 8,274.35 at the close of trading on Thursday, October 23, 2025, leading insurers PT Asuransi Ciputra Indonesia (Ciputra Life) and PT Zurich Topas Life (Zurich Life) have unveiled their distinct investment strategies. This market buoyancy comes despite data from the Financial Services Authority (OJK) revealing a significant trend among long-term institutional investors, particularly pension funds, who have reduced their equity holdings by 9.82% year-on-year to Rp23.2 trillion as of July 2025.
Addressing this complex market landscape, Hengky Djojosantoso, President Director of Ciputra Life, stated that the company prioritizes a strategic balance. Their approach focuses on ensuring income stability, primarily through bond interest, while simultaneously seizing opportunities for price appreciation in both bond and equity markets. Demonstrating robust performance, Ciputra Life successfully recorded total investments exceeding Rp1 trillion by September 2025, marking an impressive 33.3% year-to-date growth. The majority of its investment portfolio remains allocated to Government Securities (SBN) and corporate bonds.
“For equity instruments, we maintain a selective stance, concentrating on issuers with strong fundamentals. We believe this allows us to capture market momentum, especially in the stock market, without excessively increasing risk exposure,” Djojosantoso told Bisnis on Monday, October 27, 2025. He further emphasized the company’s commitment to meticulously monitor market dynamics. Ciputra Life, he added, is prepared to make measured adjustments to its portfolio allocation to ensure the fulfillment of its obligations to policyholders.
Meanwhile, PT Zurich Topas Life (Zurich Life) underscores a distinct investment strategy, consistently prioritizing prudent principles that meticulously consider the alignment of the company’s assets and liabilities. Santy Gui, Zurich Life‘s Chief Investment Officer, reported that as of August 2025, the company’s total balance sheet investments had also surpassed Rp1 trillion, with the largest portion strategically concentrated in government bonds.
Gui explained to Bisnis on Monday, October 27, 2025, “This strategy is congruent with the company’s objective to provide optimal protection for policyholders while simultaneously safeguarding the company’s long-term stability.”
The Financial Services Authority (OJK) confirmed that investment allocation within the pension fund industry falls under the purview of each individual company, provided they adhere to regulations issued by the OJK. Following the Indonesia Pension Fund Summit (IPFS) 2025 in Tangerang Selatan on Thursday, October 23, 2025, an OJK official remarked, “Indeed, it is true that the majority of these allocations are still in Government Securities (SBN) and deposits, with a smaller portion in other instruments.”
Tondy Suradiredja, Chairman of the Financial Institution Pension Fund Association (DPLK), offered further insight, attributing the tendency of pension funds to shift their investment allocations primarily to the inherent high volatility of the stock market. “Compared to deposits or SBNs, which offer greater stability and lower risk, the paramount priority for pension funds is to guarantee the availability of funds for retirement,” he told Bisnis on Wednesday evening, October 22, 2025.
Summary
The Jakarta Composite Index (IHSG) recently achieved an all-time high of 8,274.35, even as institutional investors like pension funds decreased their equity holdings. Amidst this, Ciputra Life announced its investment strategy, focusing on balancing income stability through bonds with opportunities for price appreciation in both bond and equity markets. The company reported over Rp1 trillion in total investments by September 2025, primarily allocated to Government Securities and corporate bonds, while selectively investing in fundamentally strong equities to manage risk.
Zurich Life, conversely, emphasizes a prudent investment strategy that aligns company assets and liabilities, with the majority of its over Rp1 trillion in investments concentrated in government bonds. This approach aims to provide optimal policyholder protection and ensure the company’s long-term stability. This trend aligns with broader pension fund behavior, which, as noted by the OJK and DPLK, tends to favor stable Government Securities and deposits over volatile equities to guarantee retirement funds.