PT. Asuransi Raya is an established General Insurance Company since 1958, based on Notary Act Mrs. Anisa Abubakar SH. Number 8 dated December 12th 1997, which was approved by the minister of Justice and Human Rights of Republic Indonesia on its letter no. C-25843HT.01.04 year 2000 dated December 28th 2000 and published in State Gazette of Republic Indonesia supplement number 28 dated April 6th 2004.

In 1980 BAPINDO had acquired the majority of PT. Asuransi Raya’s shares and since then it had become an affiliate of BAPINDO, which later in 1998 has merged with four others state owned bank to become Bank Mandiri.