Subsidiaries’ investments in shares of stock

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. - 90 - 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 b. The details of liability for future policy benefits based on type of coverage are as follows: 2014 2013 Individual: Combined endowment 8,011,198 7,349,104 Whole life combined 221,777 222,826 Whole life 51,717 49,897 Endowment 9,679 9,347 Non-traditional 1,660 1,415 Death 5,633 269 Subtotal 8,301,664 7,632,858 Group: Death 290,816 290,856 Non-traditional 6 11 Subtotal 290,822 290,867 Total 8,592,486 7,923,725 c. As of December 31, 2014 and 2013, AJSM, a subsidiary, liability for future policy benefits is recorded by AJSM based on actuarial calculation. The assumptions used in the computation are as follows: Mortality Method of Reserve Table IDR USD Computation a. Individual: Death Reinsurance + TMI93 7.04 - 8.56 1.28 - 4.95 GPV Endowment Reinsurance + TMI93 8.09 - 8.47 GPV Combined endowment Reinsurance + TMI93 7.04 - 8.58 1.28 - 5.17 GPV Whole life Reinsurance + TMI93 7.75 - 8.58 4.24 - 5.17 GPV Combined whole life Reinsurance + TMI93 7.61 - 8.58 3.84 - 5.17 GPV b. Group: Death Reinsurance + CSO 58 7.04 - 8.56 1.28 - 5.05 GPV Type of Insurance Actuarial Interest The above liability for future policy benefits are prospective with linear interpolation. d. The changes in liability for future policy benefits are as follows: 2014 2013 Balance at the beginning of the year 7,923,725 10,008,717 Increase decrease in liability for future benefits Note 43 649,466 2,117,408 Increase in liability for future benefits - sharia 19,295 32,416 Balance at the end of year 8,592,486 7,923,725 - 91 - 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

26. Unearned Premiums and Estimated Liability Claims

2014 2013 Unearned premiums 1,087,316 1,276,711 Estimated liability claims 1,085,180 636,077 Total 2,172,496 1,912,788

a. Unearned Premiums

Unearned premiums by type of insurance are as follows: 2014 2013 Fire 175,089 426,951 Health 155,516 287,930 Motor vehicles 517,060 401,356 Miscellaneous 177,387 105,113 Marine cargo 6,557 5,188 Marine hull 19,759 29,860 Engineering 26,619 17,101 Accident 8,749 2,604 Death 580 608 Total 1,087,316 1,276,711 The changes in unearned premiums are as follows: 2014 2013 Balance at the beginning of the year 1,276,711 1,457,906 Increase in unearned premiums Note 39 31,697 123,190 Decrease in reinsurance assets 223,806 312,036 Increase in unearned premiums tabarru fund 2,714 7,651 Balance at the end of year 1,087,316 1,276,711

b. Estimated Claims Liability

The details of estimated claims liability by type of insurance are as follows: 2014 2013 Fire 750,469 267,909 Motor vehicles 124,802 101,964 Marine hull 34,114 62,999 Miscellaneous 86,134 88,778 Health 35,082 53,475 Death 15,861 10,173 Marine cargo 9,004 10,177 Engineering 29,714 40,602 Total 1,085,180 636,077 - 92 -