The transfered policies were valued at 38 trillion rupiah ($3.2 billion), local news outlet Antara reported, citing a Financial Services Authority official.
Jiwasraya was founded as a Dutch-owned entity in 1859 and was nationalised by the Indonesian government in 1960.
A 2016 audit revealed violations of investment guidelines that eventually led to a negative equity of more than 28 trillion rupiah, prompting the government to begin work to rescue the company. Its near collapse hurt more than 7 million clients across the country.
