and subsidiaries

PT Avrist Assurance dan entitas anak/and subsidiaries Laporan keuangan konsolidasian beserta laporan auditor independen 31 Desember 2012 dan 2011 dan tahun yang berakhir pada tanggal-tanggal tersebut/ Consolidated financial statements with independent auditors’ report December 31, 2012 and 2011 and years then ended

The original consolidated financial statements included herein are in Indonesian language.

PT AVRIST ASSURANCE DAN ENTITAS ANAK LAPORAN KEUANGAN KONSOLIDASIAN BESERTA LAPORAN AUDITOR INDEPENDEN 31 DESEMBER 2012 DAN 2011 DAN TAHUN YANG BERAKHIR PADA TANGGAL-TANGGAL TERSEBUT

PT AVRIST ASSURANCE AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS WITH INDEPENDENT AUDITORS’ REPORT DECEMBER 31, 2012 AND 2011 AND YEARS THEN ENDED

Daftar Isi

Table of Contents

Halaman/ Page Laporan Auditor Independen

Independent Auditors’ Report

Laporan Posisi Keuangan Konsolidasian …………

1-2

...Consolidated Statements of Financial Position

Laporan Laba Rugi Komprehensif Konsolidasian ….…………………………………

3-4

Consolidated Statements of Comprehensive …………………………………………. Income

Laporan Perubahan Ekuitas Konsolidasian……….

5-6

...Consolidated Statements of Changes in Equity

Laporan Arus Kas Konsolidasian ………………….

7-8

………..Consolidated Statements of Cash Flows

Catatan atas Laporan Keuangan Konsolidasian …

9-113

Notes to the Consolidated Financial Statements

Lampiran/ Appendix Daftar Informasi Tambahan:

Index to Supplementary Information:

Laporan Posisi Keuangan Tersendiri…………

1-2

..Separate Statements of Financial Position

Laporan Laba Rugi Komprehensif Tersendiri..

3

Separate Statements of ...........................Comprehensive Income

Laporan Perubahan Ekuitas Tersendiri………

4

Separate Statements of ………………………. Changes in Equity

Laporan Arus Kas Tersendiri ………………….

5-6

……… Separate Statements of Cash Flows

Catatan atas Laporan Keuangan Tersendiri…

7-10

Notes to the Separate Financial Statements

***************************


PT AVRIST ASSURANCE DAN ENTITAS ANAK LAPORAN POSISI KEUANGAN KONSOLIDASIAN 31 Desember 2012 dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)

PT AVRIST ASSURANCE AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION December 31, 2012 and 2011 (Expressed in millions of Rupiah, unless otherwise stated) Catatan/ Notes

2012

2011

ASET

ASSETS

Kas dan bank

197.123

2,4,35,36,37

88.135

Cash and banks

Piutang premi

43.685

2,5,37

29.257

Premium receivables

110.779

2,6, 35,36,37

119.255

Investment income receivables

26.096

2,13,37

11.385

Reinsurance assets

Piutang karyawan dan agen

3.682

37

5.225

Loans to officers, staff and agents

Piutang pihak berelasi

4.793

2,8,33a,37

4.923

Due from related parties

19.774

7,35,36,37

20.010

Other receivables

7.382

2

7.518

Prepaid expenses

292.363 802.563 8.969.502 254 13.394 11

INVESTMENTS Statutory funds Time deposits Marketable securities Mortgage loans Policy loans Direct placement

10.078.087

Total investments

Piutang hasil investasi Aset reasuransi

Piutang lain-lain Biaya dibayar di muka INVESTASI Dana jaminan Deposito berjangka Efek-efek Pinjaman hipotik Pinjaman polis Penyertaan langsung Total investasi

311.548 831.123 9.244.295 106 13.394 11

2,37 9,35,36 10,35,36 11,35,36 12

10.400.477

Tagihan pajak

36.151

2,22a

30.536

Claim for tax refund

Aset tetap - neto

30.617

2,14

19.952

Fixed assets - net

827

2,22d

89

Deferred tax assets - net

4.304

Goodwill - net

4.301

1.995

Other assets

10.898.676

10.420.671

TOTAL ASSETS

Aset pajak tangguhan - neto Goodwill - neto Aset lain-lain TOTAL ASET

12.989

2

Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.

The accompanying notes to the consolidated financial statements form an integral part of these consolidated financial statements taken as a whole.

1


PT AVRIST ASSURANCE DAN ENTITAS ANAK LAPORAN POSISI KEUANGAN KONSOLIDASIAN (lanjutan) 31 Desember 2012 dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) Catatan/ Notes

2012 LIABILITAS Uang muka premi Biaya masih harus dibayar Utang reasuransi Liabilitas imbalan kerja karyawan Utang pajak Utang lain-lain Nilai aset neto yang dapat diatribusikan kepada pemegang unit Liabilitas kepada pemegang polis: Liabilitas manfaat polis masa depan Liabilitas produk unit link dan unit link syariah Penyisihan kontribusi yang belum menjadi hak Estimasi liabilitas klaim Utang klaim Simpanan pemegang polis Premi yang belum merupakan pendapatan Kontribusi yang belum menjadi hak

PT AVRIST ASSURANCE AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (continued) December 31, 2012 and 2011 (Expressed in millions of Rupiah, unless otherwise stated)

8.294 95.425 15.627 15.008 22.888 136.134

2,15,37 2,33,37 2,34 2,22b 2,16 35,36,37

12.647

2011 7.255 85.588 10.977 10.963 16.070 141.617 -

2

LIABILITIES Premium deposits Accrued expenses Due to reinsurers Employee benefits liability Taxes payable Other liabilities Net assets value attributable to unitholders Liabilities to policyholders:

2.650.637

17a

2.886.194

1.939 60.691 3.322 600.957

17b 19 37 21,37

819 42.393 18.120 579.656

Liability for future policy benefits Liability for unit link and sharia unit link products Unearned contributions provision Estimated claims liabilities Claims payable Policyholders’ deposits

4.665.566

18,35,36,37

4.532.189

171.711

17c

110.579

Unearned premium income

3.465

17d

3.230

Unearned contributions

Sub-total

8.158.288

8.173.180

Sub-total

TOTAL LIABILITAS

8.464.311

8.445.650

TOTAL LIABILITIES

2.614

PARTICIPANTS’ FUNDS Tabarru fund

DANA PESERTA Dana tabarru

2.591

EKUITAS Ekuitas yang Dapat Diatribusikan kepada Pemilik Entitas Induk Modal saham - nilai nominal Rp1.000.000 (nilai penuh) per saham Modal dasar, ditempatkan dan disetor penuh - 4.500 saham Keuntungan yang belum direalisasi atas perubahan nilai wajar efek-efek, neto Saldo laba

1.229.663 1.197.001

Sub - total

2.431.164

Kepentingan non-pengendali TOTAL EKUITAS TOTAL LIABILITAS DAN EKUITAS

2,20

1.009.914 957.627

EQUITY Equity Attributable to the Equity Holders of the Parent Entity Share capital - Rp1,000,000 (full amount) par value per share Authorized, issued and fully paid - 4,500 shares Unrealized gains on changes in fair value of marketable securities, net Retained earnings

1.972.041

Sub - total

366

Non-controlling interests

2.431.774

1.972.407

TOTAL EQUITY

10.898.676

10.420.671

TOTAL LIABILITIES AND EQUITY

4.500

610

23 2,9,11

2


4.500


2


PT AVRIST ASSURANCE DAN ENTITAS ANAK LAPORAN LABA RUGI KOMPREHENSIF KONSOLIDASIAN Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)

Catatan/ Notes

2012 PENDAPATAN Pendapatan premi Premi bruto Premi reasuransi Kenaikan premi yang belum merupakan pendapatan Kenaikan premi reasuransi yang ditangguhkan Pendapatan premi neto Pendapatan pengelolaan operasi asuransi syariah (ujrah) Hasil investasi - neto Pendapatan lain-lain - neto TOTAL PENDAPATAN BEBAN Klaim dan manfaat: Klaim dan manfaat Klaim reasuransi Kenaikan liabilitas produk unit link Penurunan liabilitas manfaat polis masa depan Kenaikan estimasi liabilitas klaim Kenaikan pemulihan estimasi klaim dari reasuransi

PT AVRIST ASSURANCE AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Years Ended December 31, 2012 and 2011 (Expressed in millions of Rupiah, unless otherwise stated)

2011

-

INCOME Premiums earned Gross premiums Reinsurance premiums Increase in unearned premium income Increase in deferred reinsurance premium

1.291.758

Net premiums earned

1.280.742 (28.046)

2,25,35 2,26

1.344.291 (15.650)

(61.132)

17c,27

(36.883)

4.482

13

1.196.046

9.821

2,20

8.745

Income from operational management on sharia insurance (ujrah)

1.097.462

2,28 35,36

609.674

Investment income - net

225.145

2,8 29,33a

167.189

Other income - net

2.077.366

TOTAL INCOME

2.528.474

84.070

35

352.194

(235.557)

17a

(222.937)

18.885

19

13.037

13

-

EXPENSES Claims and benefits: Claims and benefits Reinsurance claim recoveries Increase in liability for unit link products Decrease in liability for future policy benefits Increase in estimated claims liabilities Increase in estimated reinsurance claim recoveries

1.401.532

Claims and benefits - net

174.043 207.532

1.850.851 (19.970)

(968)

Klaim dan manfaat - neto

1.697.311

Beban akuisisi Beban usaha Laba yang diatribusikan kepada pemegang unit

208.382 259.632

2 30,35

137

-

Acquisition costs Operating expenses Profit attributable to unit-holders

2.165.462

1.783.107

TOTAL EXPENSES

LABA SEBELUM BEBAN PAJAK PENGHASILAN

363.012

294.259

INCOME BEFORE INCOME TAX EXPENSE

Beban pajak penghasilan

(46.701)

LABA TAHUN BERJALAN

316.311

TOTAL BEBAN

2,31 32

1.269.832 (10.594)

2,22c

(48.373) 245.886


Income tax expense INCOME FOR THE YEAR


3


PT AVRIST ASSURANCE DAN ENTITAS ANAK LAPORAN LABA RUGI KOMPREHENSIF KONSOLIDASIAN (lanjutan) Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)

PT AVRIST ASSURANCE AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (continued) Years Ended December 31, 2012 and 2011 (Expressed in millions of Rupiah, unless otherwise stated)

2012

2011

PENDAPATAN KOMPREHENSIF LAINNYA Keuntungan yang belum direalisasi atas perubahan nilai wajar efek-efek, neto

219.749

393.107

OTHER COMPREHENSIVE INCOME Unrealized gains on changes in fair value of marketable securities, net

TOTAL LABA KOMPREHENSIF TAHUN BERJALAN

536.060

638.993

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

Laba tahun berjalan yang dapat diatribusikan kepada: Pemilik entitas induk Kepentingan non-pengendali Total

316.374 (63)

245.922 (36)

316.311

245.886

Total laba komprehensif tahun berjalan yang dapat diatribusikan kepada: Pemilik entitas induk Kepentingan non-pengendali Total

536.123 (63)

639.029 (36)

536.060

638.993


Income for the year attributable to: Equity holders of the Parent Entity Non-controlling interests Total

Total comprehensive income for the year attributable to: Equity holders of the parent entity Non-controlling interests Total


4


PT AVRIST ASSURANCE DAN ENTITAS ANAK LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)

PT AVRIST ASSURANCE AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY Years Ended December 31, 2012 and 2011 (Expressed in millions of Rupiah, unless otherwise stated)

Ekuitas yang dapat diatribusikan kepada pemilik entitas induk/ Equity attributable to the equity holders of the parent entity

Catatan/ Notes Saldo 31 Desember 2010

Keuntungan yang belum direalisasi atas perubahan nilai wajar efek-efek, neto/ Unrealized gains on changes in fair value of marketable securities, net

Modal saham ditempatkan dan disetor penuh/Issued and fully paid share capital

Saldo laba/ Retained earnings

Sub - total/ Sub - total

Kepentingan non-pengendali/ Non-controlling interest

Total Ekuitas/ Total Equity

4.500

616.807

800.164

1.421.471

402

1.421.873

Penerapan PSAK No. 4 (Revisi 2009)

-

-

41

41

-

41

Laba tahun berjalan 2011

-

-

245.922

245.922

-

393.107 (88.500)

Keuntungan yang belum direalisasi atas perubahan nilai wajar efek-efek, neto

2

-

393.107

Dividen kas

24

-

-

4.500

1.009.914

Saldo 31 Desember 2011

(88.500) 957.627


1.972.041

(36)

Balance as of December 31, 2010 Adoption of PSAK No. 4 (Revised 2009)

245.886

Income for the year 2011

-

393.107

Unrealized gains on changes in fair value of marketable securities, net

-

(88.500)

366

1.972.407

Cash dividends Balance as of December 31, 2011


5


PT AVRIST ASSURANCE DAN ENTITAS ANAK LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN (lanjutan) Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)

PT AVRIST ASSURANCE AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (continued) Years Ended December 31, 2012 and 2011 (Expressed in millions of Rupiah, unless otherwise stated)

Ekuitas yang dapat diatribusikan kepada pemilik entitas induk/ Equity attributable to the equity holders of the parent entity

Catatan/ Notes Saldo 31 Desember 2011

Keuntungan yang belum direalisasi atas perubahan nilai wajar efek-efek, neto/ Unrealized gains on changes in fair value of marketable securities, net

Modal saham ditempatkan dan disetor penuh/Issued and fully paid share capital

Saldo laba/ Retained earnings

Kepentingan non-pengendali/ Non-controlling interest

Sub - total/ Sub - total

Total Ekuitas/ Total Equity

4.500

1.009.914

957.627

1.972.041

366

1.972.407

Balance as of December 31, 2011

Bagian kepentingan non-pengendali akibat akuisisi Entitas Anak

-

-

-

-

307

307

Non-controlling interest portion due to acquisition of a Subsidiary

Laba tahun berjalan 2012

-

-

316.374

316.374

316.311

Income for the year 2012

-

219.749

-

219.749

Unrealized gains on changes in fair value of marketable securities, net

(77.000)

-

(77.000)

Keuntungan yang belum direalisasi atas perubahan nilai wajar efek-efek, neto

2

-

219.749

Dividen kas

24

-

-

4.500

1.229.663

Saldo 31 Desember 2012

(77.000) 1.197.001


2.431.164

(63)

610

2.431.774

Cash dividends Balance as of December 31, 2012


6


PT AVRIST ASSURANCE DAN ENTITAS ANAK LAPORAN ARUS KAS KONSOLIDASIAN Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) Catatan/ Notes

2012 ARUS KAS DARI AKTIVITAS OPERASI Laba sebelum beban pajak penghasilan Penyesuaian untuk merekonsiliasi laba sebelum beban pajak penghasilan menjadi arus kas neto diperoleh dari aktivitas operasi: Kenaikan liabilitas produk unit link Kenaikan premi yang belum merupakan pendapatan Kenaikan estimasi liabilitas klaim Kenaikan premi reasuransi yang ditangguhkan Kenaikan pemulihan estimasi klaim dari reasuransi Penyusutan Beban imbalan kerja karyawan Penurunan liabilitas manfaat polis masa depan Rugi (laba) penjualan aset tetap Arus kas operasi sebelum perubahan aset dan liabilitas operasi Perubahan aset dan liabilitas operasi: Piutang premi Piutang klaim reasuransi Piutang karyawan dan agen Piutang pihak berelasi Piutang lain-lain Biaya dibayar di muka Tagihan pajak Aset lain-lain Kenaikan liabilitas produk unit link syariah Penyisihan kontribusi yang belum menjadi hak Kenaikan (penurunan) estimasi liabilitas klaim - syariah Utang klaim Simpanan pemegang polis Kontribusi yang belum menjadi hak Uang muka premi Utang reasuransi Nilai aset neto yang dapat diatribusikan kepada pemegang unit Utang pajak Biaya masih harus dibayar Utang lain-lain Dana tabarru

PT AVRIST ASSURANCE AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Years Ended December 31, 2012 and 2011 (Expressed in millions of Rupiah, unless otherwise stated)

363.012

84.070

35

61.132

17c,27

18.885

19

(4.482) (968) 10.028 7.992 (235.557) 653

14,32 34 17a 29

304.765

2011 CASH FLOWS FROM OPERATING ACTIVITIES 294.259 Income before income tax expense Adjustments to reconcile income before income tax expense to net cash flows provided by operating activities: Increase in liability 352.194 for unit link products Increase in unearned 36.883 premium income Increase in estimated 13.037 claims liabilities Increase in deferred reinsurance premium Increase in estimated reinsurance claim recoveries 9.272 Depreciation 5.223 Employee benefits expense Decrease in liability for future (222.937) policy benefits Loss (gain) on sale of (110) fixed assets

487.821

(14.428) (9.261)

(9.073) (3.932)

1.543 130 236 136 4.889 (2.306)

292 (605) (6.673) 3.504 1.497 (670)

49.307

36

1.120 (587) (14.798) 21.301

45.804 664

19

3.097 13.153 38.710

235 1.039 4.650

(1.922) (44) 5.608

12.647 6.818 9.837 (5.483) (23)

13.934 (4.666) 40.100 49


Operating cash flows before changes in operating assets and liabilities Changes in operating assets and liabilities: Premium receivables Reinsurance claim receivables Loans to officers, staff and agents Due from related parties Other receivables Prepaid expenses Claim for tax refund Other assets Increase in liability for sharia unit link products Unearned contributions provision Increase (decrease) in estimated claim liabilities - sharia Claims payable Policyholders' deposits Unearned contributions Premium deposits Due to reinsurers Net assets value attributable to unitholders Taxes payable Accrued expenses Other liabilities Tabarru fund


7


PT AVRIST ASSURANCE DAN ENTITAS ANAK LAPORAN ARUS KAS KONSOLIDASIAN (lanjutan) Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)

PT AVRIST ASSURANCE AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) Years Ended December 31, 2012 and 2011 (Expressed in millions of Rupiah, unless otherwise stated) Catatan/ Notes

2012

2011

ARUS KAS DARI AKTIVITAS OPERASI (lanjutan) Pembayaran pajak final Pembayaran manfaat dan pemutusan hubungan kerja Pembayaran pajak penghasilan badan Arus kas neto diperoleh dari aktivitas operasi ARUS KAS DARI AKTIVITAS INVESTASI Hasil penjualan aset tetap Penurunan (kenaikan): Dana jaminan Deposito berjangka Efek-efek Pinjaman hipotik Pinjaman polis Piutang hasil investasi Perolehan aset tetap Goodwill Kepentingan non-pengendali atas aset neto Entitas Anak yang dikonsolidasi Arus kas neto digunakan untuk aktivitas investasi

CASH FLOWS FROM OPERATING ACTIVITIES (continued) (47.439)

22c

(48.462)

(3.947)

34

(2.323)

Payment of final income tax Benefits payment and termination cost

(9.599)

Payment of corporate income tax

(10.504) 309.877

566.264

346 (19.185) (28.560) (55.044) 148 8.476 (21.692) (8.685) 307 (123.889)

ARUS KAS DARI AKTIVITAS PENDANAAN Pembayaran dividen kas

(77.000)

Arus kas digunakan untuk aktivitas pendanaan KENAIKAN NETO KAS DAN BANK

41

CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of fixed assets Decrease (increase) in: Statutory funds Time deposits Marketable securities Mortgage loans Policy loans Investment income receivables Acquisitions of fixed assets Goodwill Non-controlling interest in net assets of consolidated subsidiary

(452.810)

Net cash flows used in investing activities

110

14

Net cash flows provided by operating activities

(48.039) 29.137 (424.811) 137 855 (6.777) (3.463) -

(88.500)

CASH FLOWS FROM FINANCING ACTIVITY Payments of cash dividends

(77.000)

(88.500)

Cash flows used in financing activity

108.988

24.954

NET INCREASE IN CASH AND BANKS

KAS DAN BANK AWAL TAHUN

88.135

63.181

CASH AND BANKS AT BEGINNING OF YEAR

KAS DAN BANK AKHIR TAHUN

197.123

88.135

CASH AND BANKS AT END OF YEAR

24

4



8

and subsidiaries

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