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September December 31, %
ASSETS Note
30, 2023 2022 Incr/(Dec)
Cash on hand and in banks 874.959 1.363.572
Premium receivables 51.788 53.968
Coinsurance receivables 23.164 32.808 -29.40% A
Investment receivables 131.147 173.175 -24.27% B
Reinsurance Assets 37.140 34.267
Other Receivables 14.934 14.520
Prepaid Expenses 147.236 101.610 44.90% C
Investments 12.950.219 13.143.571
Policy loans 2.660 2.262
Fixed assets, net 159.718 175.816
Right use of assets 2.433 12.100 -79.89% D
Other Assets 361.846 428.773
TOTAL ASSETS 14.757.244 15.536.442
The explanation of increase/decrease of asset as of September 30, 2023:
Note Explanation
A The significant decrease in coinsurance receivable due to settlement in March 2023
amounted to IDR 16,7 billion.
B Decrease in investment receivables due to different timing of settlement of investment sales
transactions.
C The significant increase in prepaid expenses of agency commissions refers to agreements
with several agencies to cooperate in the distribution of products issued by the Company.
The contracts are ranging between 3 years up to 10 years period.
D The significant decrease in due to the rental period that will expire, is MSIG Tower IDR 5
billion and DMTM Semarang IDR 2 billion.
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September December 31, %
LIABILITIES AND EQUITY Note
30, 2023 2022 Incr/(Dec)
LIABILITIES
Due to Reinsurers 39.370 17.562 124.18% E
Due to Coinsurers 16.594 29.043 -42.86% F
Commissions payable 56.668 74.378
Accrued expenses 158.441 91.600 72.97% G
Employee benefits liability 5.372 34.456 -84.41% H
Lease liabilities 549 9.050 -93.93% I
Taxes payable 6.497 6.728
Deferred Tax Liabilities 32.804 31.065
Other liabilities 211.774 229.676
Unearned Ujrah 57.896 61.076
Liabilities to policy holders :
Liability for future policy benefits 2.267.162 2.356.748
Liability for unit link 3.585.751 4.202.654
Unearned premiums 173.942 92.318 88.42% J
Estimated claims liability 227.190 154.529 47.02% K
Claims payable 51.731 75.304
Policyholders' deposits 171.228 103.638
Total Liabilities to policyholders 6.477.004 6.985.191
TOTAL LIABILITIES 7.062.969 7.569.825
PARTICIPANTS' FUND 253.304 282.047
EQUITY
Share Capital
Share capital - Rp100 (full amount) par value per
share
Authorized, issued and fully paid - 2,100,000,000
(full amount) shares 210.000 210.000
Additional paid-in capital 6.842.500 6.842.500
Unrealize gain on changes in fair value of securities
at fair value through other comprehensive income -
net 133.601 136.491
Allowance for impairment losses on securities
measured at fair value through other
comprehensive income 2.326 2.782
Revaluation surplus on land and buildings - net 108.257 111.259
Retained earning 144.287 381.538
TOTAL EQUITY 7.440.971 7.684.570
TOTAL LIABILITIES, PARTICIPANTS' FUND AND
EQUITY 14.757.244 15.536.442
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The explanation of increase/decrease of liabilities as of September 30, 2023:
Note Explanation
The increase in reinsurance payable is due to 2022's outstanding that has not been billed
E
until September 2023.
The significant decrease in due to Coinsurers settlement in March 2023 amounted to IDR
F
16,5 billion.
G The significant increase in general and administrative expenses accrual is estimate legal cost.
The decrease was due to the company funding its obligations to financial institution pension
H
fund amounting is IDR 36 billion.
The significant decrease in due to the rental period that will expire, is MSIG Tower IDR 5
I
billion and DMTM Semarang IDR 2 billion.
J Increase in health Product (Individual and Group).
K Increase in health and term life product (Individual and Group).
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