Other Assets Deposits and Deposits from Other Banks

PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2011 and 2010 and For the Years then Ended - 95 -

26. Accounts Payable

2011 2010 Rp 000,000 Rp 000,000 Related parties Note 54 Reinsurance payable 19,108 7,181 Commissions payable 8,064 3,216 Insurance claims payable 3,354 1,868 Premiums payable 929 181 Total 31,455 12,446 Third parties Reinsurance payable 126,426 54,769 Insurance claims payable 99,531 98,605 Premiums payable 26,014 8,073 Commissions payable 18,001 22,844 Others 1,637 2,115 Total 271,609 186,406 Total 303,064 198,852 The details of accounts payable based on currency: 2011 2010 Rp 000,000 Rp 000,000 Rupiah Insurance claims payable 87,609 97,584 Reinsurance payable 96,269 10,481 Commissions payable 19,330 21,604 Premiums payable 20,755 3,482 Others 1,637 2,115 Total 225,600 135,266 Foreign currency Note 59 Reinsurance payable 49,265 51,469 Insurance claims payable 15,275 2,889 Commissions payable 6,736 4,456 Premiums payable 6,188 4,772 Total 77,464 63,586 Total 303,064 198,852 Reinsurance payables represent insurance premiums due to the reinsurance companies based on the reinsurance contract treaty for certain amount of insurance policies. Commissions payable represent commissions due to brokers and insurance agencies while insurance claims payable represent liabilities to policyholders in relation to claims which have been approved but the payments of which are still in process. Premiums payable represent co-insurance premium payable to co-insurance member arising from life insurance transaction. PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2011 and 2010 and For the Years then Ended - 96 -

27. Premiums Received in Advance

This account represents premiums received in advance by ASM, a subsidiary, in relation to insurance policies issued with coverage period of more than one 1 year. Premiums received in advance by type of insurance are as follows: 2011 2010 Rp 000,000 Rp 000,000 Motor Vehicles 627,611 714,536 Fire 54,423 43,345 Enginnering 574 346 Marine Hull 141 179 Marine Cargo 135 75 Health 32 32 Miscellanous 16,213 12,174 Total 699,129 770,687 As of December 31, 2011 and 2010, balance of premium in advance in foreign currency amounted to US 2,187,046 and US 2,193,827, respectively Note 59.

28. Liability for Future Policy Benefits

a. Liability for future policy benefits represents the amount set aside to provide the benefits promised to policyholders under the terms of life insurance policies in force, which are stated in the policies and determined in accordance with the actuarial calculation. b. The details of liability for future policy benefits based on type of coverage are as follows: 2011 2010 Rp 000,000 Rp 000,000 Individual: Combined endowment 7,295,590 2,111,871 Whole life 226,997 216,970 Endowment 8,624 8,471 Non-Traditional 5,070 4,988 Death 414 710 Subtotal 7,536,695 2,343,010 Group: Death 159,659 138,227 Endowment 38 43 Others 5 - Subtotal 159,702 138,270 Total 7,696,397 2,481,280 c. As of December 31, 2011 and 2010, balance of liability for future policy benefits in foreign currency amounted to US 97,767,275 and US 58,851,009, respectively Note 59. PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2011 and 2010 and For the Years then Ended - 97 - d. As of December 31, 2011 and 2010, AJSM, a subsidiary, liability for future policy benefits is recorded by AJSM based on actuarial calculation of Herman Sulistyo, FSAI. The assumptions used in the computation are as follows: For the insurance policies issued since 1994: Mortality Method of Reserve Table Ac tuarial Interest Computation a. Individual: Death CSO 1958 4, 8 Net level premium TMII 1993 2, 8 Net level premium Endowm ent CSO 1958 5 Net level premium TMI 1993 8 Net level premium Reins urance 9 Net level premium Combined endowment CSO 1958 4, 5, 8 Net level premium TMII 1993 2, 3, 4 , 5 , 7 , 8 Net level premium CSO 1980 7 Net level premium 8, 5 Net level premium TMII 1999 9 Zilmer W hole life CSO 1958 4, 7, 8 Net level premium TMII 1993 5, 8, 9 Net level premium Reins urance 8, 5 Zilmer b. Group: Death CSO 1958 4, 8 Net level premium Type of Insurance For the insurance policies issued before 1994: Mortality Method of Reserve Table Actuarial Interest Computation a. Individual: Endowment CSO 1958 8 Zilmer Combined Endowment CSO 1958 4, 6, 7 Zilmer W hole life CSO 1958 6 Zilmer b. Group: Death CSO 1958 6 Zilmer Type of Insurance The above liability for future policy benefits are prospective with linear interpolation. e. The changes in liability for future policy benefits are as follows: 2011 2010 Rp 000,000 Rp 000,000 Balance at the beginning of the year 2,481,280 3,372,899 Increase decrease in liability for future benefits Note 47 5,215,117 891,619 Balance at the end of year 7,696,397 2,481,280 PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2011 and 2010 and For the Years then Ended - 98 -

29. Unearned Premiums and Estimated Own Retention Claims

2011 2010 Rp 000,000 Rp 000,000 Unearned premiums 593,813 477,159 Estimated own retention claims 220,949 197,210 Total 814,762 674,369 a. Unearned Premiums Unearned premiums by type of insurance are as follows: 2011 2010 Rp 000,000 Rp 000,000 Motor vehicles 317,363 249,835 Health 208,107 180,043 Fire 28,266 18,169 Miscellaneous 23,243 17,298 Marine cargo 7,507 5,286 Marine hull 5,756 3,661 Accident 2,027 1,739 Engineering 1,137 743 Death 407 385 Total 593,813 477,159 The changes in unearned premiums are as follows: 2011 2010 Rp 000,000 Rp 000,000 Balance at the beginning of the year 477,159 357,697 Increase in unearned premiums Note 43 115,723 116,724 Increase in unearned premiums tabarru fund 931 2,738 Balance at the end of year 593,813 477,159 Calculation method for Premium Reserve was based on regulation of KMK No. 424KMK.062003 Article 28 about Calculation of Unearned Premiums.