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June 30, December 31, %
ASSETS Note
2023 2022 Incr/(Dec)
Cash on hand and in banks 786.719 1.363.572 -42.30% A
Premium Receivables 62.925 53.968
Coinsurance Receivables 23.385 32.808 -28.72% B
Investment Receivables 171.633 173.175
Reinsurance Assets 31.464 34.267
Other Receivables 12.374 14.520
Prepaid Expenses 134.937 101.610 32.80% C
Investments 13.608.553 13.143.571
Policy Loans 2.602 2.262
Fixed Assets, net 165.328 175.816
Right-of-use Assets 5.518 12.100 -54.40% D
Other Assets 390.194 428.773
TOTAL ASSETS 15.395.632 15.536.442
The explanation of increase/decrease of asset as of June 30, 2023:
Note Explanation
A The significant decrease in cash on hand and in banks is due to investing activities.
B The significant decrease in coinsurance receivable due to settlement in March 2023 amounted
to IDR 16,7 billion.
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 Normal right-of-use asset depreciation. Decrease in the right-of-use assets due to the closure
of 1 rent office in January 2023.
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June 30, December 31, %
LIABILITIES AND EQUITY Note
2023 2022 Incr/(Dec)
LIABILITIES
Due to Reinsurers 39.056 17.562 122.39% E
Due to Coinsurers 16.610 29.043 -42.81% F
Commissions Payable 64.093 74.378
Accrued Expenses 57.183 91.600 -37.53% G
Employee Benefits Liability 39.199 34.456
Lease Liabilities 2.972 9.050 -67.16% H
Taxes Payable 5.454 6.728
Deferred Tax Liabilities 45.495 31.065
Other Liabilities 587.388 229.676 155.75% I
Unearned Ujrah 60.116 61.076
Liabilities to policy holders:
Liability for future policy benefits 2.296.602 2.356.748
Liability for unit link 3.731.412 4.202.654
Unearned premiums 157.540 92.318 70.65% J
Estimated claims liability 184.802 154.529
Claims payable 85.915 75.304
Policyholders' deposits 149.213 103.638
Total Liabilities to policyholders 6.605.484 6.985.191
TOTAL LIABILITIES 7.523.050 7.569.825
PARTICIPANTS' FUND 273.102 282.047
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 264.841 136.491
Allowance for impairment losses on securities
measured at fair value through other
comprehensive income 2.417 2.782
Revaluation surplus on land and buildings - net 109.258 111.259
Retained earning 170.464 381.538
TOTAL EQUITY 7.599.480 7.684.570
TOTAL LIABILITIES, PARTICIPANTS' FUND AND
EQUITY 15.395.632 15.536.442
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The explanation of increase/decrease of liabilities as of June 30, 2023:
Note Explanation
E The increase in reinsurance payable is due to 2022's outstanding that has not been billed until
June 2023.
F The significant decrease in due to Coinsurers settlement in March 2023 amounted to IDR 16,5
billion.
G The significant decrease in general administrative expense accrual and annual bonus payable
due to settlement in May 2023.
H Decrease in lease liabilities due to the closure of 1 rent office in January 2023.
I The significant increase in other liabilities from dividends payable amounting to IDR 371,7
billion (paid by July 27, 2023).
J Increase in group term life product.
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