PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
For the Years Ended December 31, 2014 and 2013 Figures are Presented in Millions of Rupiah,unless Otherwise Stated
d. Deposits from other banks consist of:
2014 2013
Demand deposits 85,772
201,481 Time deposits
378,500 35,200
Call Money 206,925
20,000 Certificate of Sharia Interbank
Mudharabah Investment 95,000
- Total
766,197 256,681
a. Demand deposits consist of:
2014 2013
Related parties Note 50 Foreign currencies Note 51
17,336 36,199
Third parties Rupiah
68,436 165,282
Total 85,772
201,481
Interest rates per annum are as follows:
2014 2013
Rupiah 0.00 - 3.00
0.00 - 5.00 Foreign currencies
0.00 - 0.15 0.00 - 0.15
As of December 31, 2014 and 2013, demand deposits are managed by Sharia unit, amounting to Rp 6,910 and Rp 7, respectively.
b. Time deposits represent time deposits which are placed by third parties in Rupiah.
As of December 31, 2014 and 2013, time deposits are managed by Sharia unit, amounting to Rp 55,000 and nil, respectively.
Interest rates for deposits from other banks per annum are 7.50 - 10.75 and 7.60 - 7.75, as of December 31, 2014 and 2013, respectively.
c. Call Money consist of:
2014 2013
Third parties less than 1 month Rupiah
145,000 20,000
Foreign currencies Note 51 61,925
- Total
206,925 20,000
Interest rates per annum for call money in Rupiah are 5.90 - 6.80 and 7.05 in 2014, while in foreign currencies are 0.30 in 2014.
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PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
For the Years Ended December 31, 2014 and 2013 Figures are Presented in Millions of Rupiah,unless Otherwise Stated
23. Insurance Payable
Consist of:
2014 2013
Related parties Note 50 Commissions payable
18,270 6,893
Reinsurance payable 10,315
4,954 Insurance claims payable
3,710 520
Premiums payable 1,430
342 Total
33,725 12,709
Third parties Reinsurance payable
387,818 245,080
Insurance claims payable 73,383
88,825 Commissions payable
90,175 41,562
Premiums payable 80,157
33,395 Total
631,533 408,862
Total 665,258
421,571
The details of insurance payable based on currency:
2014 2013
Rupiah Reinsurance payable
37,756 58,410
Insurance claims payable 56,659
67,129 Commissions payable
92,876 39,284
Premiums payable 31,719
20,421 Total
219,010 185,244
Forreign currencies Note 51 Reinsurance payable
360,377 191,624
Insurance claims payable 20,434
22,216 Commissions payable
15,569 9,171
Premiums payable 49,868
13,316 Total
446,248 236,327
Total 665,258
421,571
The details of insurance payable based on type of insurance: Reinsurance
Claim Commission
Premium Fire
255,025 3,403
14,088 20,852
Health 985
10,902 4,463
- Motor Vehicles
1,463 17,045
50,183 18,484
Marine Hull 6,899
75 1,851
1,029 Engineering
53,040 1
4,775 27,650
Marine Cargo 807
119 1,096
118 Death
1,918 812
10,195 -
Accident 47
- -
- Miscellaneous
77,949 44,736
21,794 13,454
Total 398,133
77,093 108,445
81,587 2014
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PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
For the Years Ended December 31, 2014 and 2013 Figures are Presented in Millions of Rupiah,unless Otherwise Stated
Reinsurance Claim
Commission Premium
Fire 137,831
1,645 9,838
13,467 Health
12,087 31,123
3,978 -
Motor Vehicles 5,572
9,974 9,795
16,350 Marine Hull
22,550 641
2,674 1,105
Engineering 49,538
- 1,341
942 Marine Cargo
12,807 230
978 106
Death 965
- 2,026
- Accident
86 -
- -
Miscellaneous 8,598
45,732 17,825
1,767 Total
250,034 89,345
48,455 33,737
2013
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.
24. 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:
2014 2013
Motor Vehicles 986,982
583,676 Fire
109,534 666,058
Engineering 89,173
40,631 Miscellaneous
79,007 47,146
Marine Cargo 3,300
5,759 Marine Hull
5 106
Health 31
153 Total
1,268,032 1,343,529
25. 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.
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