PT Asuransi Sahabat Artha Proteksi (Sahabat Insurance) was formerly known as PT Bess Central Insurance and has been estaablished since September 4, 1996, at the time named as PT AIOI Indonesia. On March 25, 2011, PT Asuransi Central Asia took over all shares from PT AIOI Indonesia who carried out the merger and transferred its assets and liabilities to PT Asuransi MSIG Indonesia.
New shareholders entered along with PT Asuransi Central Asia. In conjuction with the change in the shareholders structure, it was decided that PT AIOI Indonesia to change its name to PT Bess Central Insurance on May 26, 2011, after obtaining the Decree of the Minister of Finance Number KEP-420/KM.10/2011.
The single presence policy regulation released by Otoritas Jasa Keuangan in 2018 states that the primary entity in the insurance industry may only hold one life insurance or general insurance company. The primary entity is required to merge or divesting shares if there is more than one life insurance or general insurance company. On this basis, PT Asuransi Central Asia decided to transfer its share ownership in the company, accompanied by several new shareholders in early 2020.
For this reason, the company decided to change its name to PT Asuransi Sahabat Artha Proteksi as stated in the Board of Commissioners Regulation from Otoritas Jasa Keuangan Number KEP-131/NB.11/2020 on March 31, 2020.