PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2012 and 2011 and January 1, 2011December 31, 2010 and For the Years then Ended December 31, 2012 and 2011
Figures are Presented in Millions of Rupiah, unless Otherwise Stated
- 100 - Maturity
Net carrying Type of Investment
Term Date
value Rupiah
Shares PT Tiga Pilar Sejahtera Food Tbk
90 days January 24, 2011
32,069 January 1, 2011December 31, 2010
As of December 31, 2012, there are no securities sold under agreement to repurchase.
24. Insurance Payable
January 1, 2011 December 31,
December 31, December 31,
2012 2011
2010 Related parties Note 53
Reinsurance payable 2,661
19,108 7,181
Insurance claims payable 1,460
8,064 3,216
Commissions payable 8,310
3,354 1,868
Premiums payable 696
929 181
Total 13,127
31,455 12,446
Third parties Reinsurance payable
180,677 126,426
54,769 Insurance claims payable
98,810 99,531
98,605 Commissions payable
36,846 18,001
22,844 Premiums payable
29,365 26,014
8,073 Total
345,698 269,972
184,291 Total
358,825 301,427
196,737
The details of insurance payable based on currency:
January 1, 2011 December 31,
December 31, December 31,
2012 2011
2010 Rupiah
Reinsurance payable 110,924
96,269 10,481
Insurance claims payable 85,157
87,609 97,584
Commissions payable 37,163
19,330 21,604
Premiums payable 19,357
20,755 3,482
Total 252,601
223,963 133,151
Foreign currency Note 54 Reinsurance payable
72,414 49,265
51,469 Insurance claims payable
15,113 15,275
2,889 Commissions payable
7,993 6,736
4,456 Premiums payable
10,704 6,188
4,772 Total
106,224 77,464
63,586 Total
358,825 301,427
196,737
PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2012 and 2011 and January 1, 2011December 31, 2010 and For the Years then Ended December 31, 2012 and 2011
Figures are Presented in Millions of Rupiah, unless Otherwise Stated
- 101 - The details of insurance payable based on type of insurance:
Reinsurance Claim
Commission Premium
Fire 81,291
290 8,513
7,326 Health
46,781 30,167
5,518 -
Motor Vehicles 29,958
11,292 5,150
14,328 Marine Hull
9,312 57
2,338 2,889
Engineering 8,884
- 435
2,087 Marine Cargo
4,455 78
1,139 2,186
Death 974
598 -
- Accident
12 -
6 -
Miscellaneous 1,671
57,788 22,057
1,245 Total
183,338 100,270
45,156 30,061
December 31, 2012
Reinsurance Claim
Commission Premium
Fire 65,253
2,353 8,245
8,784 Health
40,922 14,789
7,980 -
Marine Hull 9,746
190 2,229
472 Motor Vehicles
4,947 27,829
3,046 15,931
Engineering 3,005
79 63
432 Death
974 1,889
- -
Marine Cargo 425
3,020 344
1,161 Accident
- -
1 -
Miscellaneous 20,262
52,736 4,157
163 Total
145,534 102,885
26,065 26,943
December 31, 2011
Reinsurance Claim
Commission Premium
Fire 31,171
440 3,728
4,979 Motor Vehicles
18,738 9,469
3,058 1,156
Marine Hull 5,530
- 1,619
498 Engineering
1,230 -
254 642
Death 720
25 15
- Health
10 6,755
13,399 -
Accident 6
- -
- Marine Cargo
- 8
627 320
Miscellaneous 4,545
83,776 3,360
659 Total
61,950 100,473
26,060 8,254
January 1, 2011December 31, 2010
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, 2012 and 2011 and January 1, 2011December 31, 2010 and For the Years then Ended December 31, 2012 and 2011
Figures are Presented in Millions of Rupiah, unless Otherwise Stated
- 102 -
25. 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:
January 1, 2011 December 31,
December 31, December 31,
2012 2011
2010 Motor Vehicles
526,406 630,133
714,536 Fire
69,150 464,661
434,361 Miscellaneous
17,470 17,215
12,174 Engineering
6,756 2,514
696 Marine Cargo
5 136
99 Marine Hull
- 145
180 Health
- 32
32 Total
619,787 1,114,836
1,162,078
26. 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:
January 1, 2011 December 31,
December 31, December 31,
2012 2011
2010 Individual:
Combined endowment 9,504,445
7,295,590 2,111,871
Whole life 243,498
226,998 216,970
Endowment 8,688
8,624 8,471
Non-Traditional 4,524 5,070
4,988 Death
432 414
710 Subtotal
9,761,587 7,536,696
2,343,010 Group:
Death 247,124
159,659 138,227
Endowment -
38 43
Non-Traditional 6 4
- Subtotal
247,130 159,701
138,270 Total
10,008,717 7,696,397
2,481,280
PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2012 and 2011 and January 1, 2011December 31, 2010 and For the Years then Ended December 31, 2012 and 2011
Figures are Presented in Millions of Rupiah, unless Otherwise Stated
- 103 - c. As of December 31, 2012 and 2011 and January 1, 2011December 31, 2010, 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:
For the insurance policies issued since 1994:
Mortality Method of Reserve
Table Actuarial Interest
Computation a. Individual:
Death Reinsurance
8 Zilmer
TMI 93 + Reinsuran2, 8 Net level premium
Endowment CSO 58
5 Net level premium
MOD TMI 93 8
Net level premium Reinsurance
9 Net level premium
Combined endowment CSO 58
4, 5, 8 Net level premium
TMI 93 2,5, 3, 4, 5, 8
Net level premium 8
Zilmer Reinsurance + TMI 2, 4, 8
Net level premium CSO 1980
4, 8, 9 Zilmer
7 Net level premium
Reinsurance 5, 7, 8
Net level premium 5, 9
Zilmer MOD CSO 58
8 Net level premium
Whole life CSO 58
6 Zilmer
TMI 93 4, 5, 7, 8
Net level premium Reinsurance
8, 5 Zilmer
8 Net level premium
Combined Whole life CSO 58
5, 6 Net level premium
TMI 93 4, 5, 7, 8
Net level premium Reinsurance
5, 9 Zilmer
8 Net level premium
b. Group: Death
Reinsurance 4, 8
Net level premium Type of Insurance
For the insurance policies issued before 1994:
Mortality Method of Reserve
Table Actuarial Interest
Computation Individual:
Endowment CSO 58
8 Zilmer
Combined Endowment CSO 58
4, 7 Zilmer
Whole life CSO 58
6 Zilmer
Type of Insurance
The above liability for future policy benefits are prospective with linear interpolation. d.
The changes in liability for future policy benefits are as follows:
January 1, 2011 December 31,
December 31, December 31,
2012 2011
2010 Balance at the beginning of the year
7,696,397 2,481,280
3,372,899 Increase decrease in liability for
future benefits Note 46 2,262,842
5,215,117 891,619
Increase in liability for future benefits - sharia 49,478
- -
Balance at the end of year 10,008,717
7,696,397 2,481,280