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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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
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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
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
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