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.
PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2011 and 2010 and For the Years then Ended
- 99 - b.
Estimated Own Retention Claims
The details of estimated own retention claims by type of insurance are as follows:
2011 2010
Rp 000,000 Rp 000,000
Motor vehicles 89,696
67,608 Fire
48,965 39,594
Health 32,118
54,049 Miscellaneous
21,689 15,145
Marine cargo 5,521
6,581 Death
8,696 5,012
Engineering 3,617
3,597 Marine hull
10,647 5,624
Total 220,949
197,210
The changes in estimated own retention claims are as follows:
2011 2010
Rp 000,000 Rp 000,000
Balance at the beginning of the year 197,210
136,909 Increase in estimated own retention claims Note 47
22,306 59,344
Increase in estimated own retention claims tabarru fund 1,433
957 Balance at the end of year
220,949 197,210
Calculation method for Premium Reserve was based on regulation of KMK No. 424KMK.06 2003 Article 29 about Calculation of Unearned Premiums.
As of December 31, 2011 and 2010, the balance of unearned premiums and estimated own retention claims to related parties amounted to Rp 212,108 million and Rp 193,375 million,
respectively Note 54.
As of December 31, 2011 and 2010, the balance of unearned premiums and estimated own retention claims denominated in foreign currency amounted to US 3,662,135 and
US 4,994,135, respectively Note 59.
30. Securities Agent Payables
2011 2010
Rp 000,000 Rp 000,000
Payable to customer 70,063
325,144 Payable to PT KPEI
22,816 90,506
Total 92,879
415,650
