pt asuransi ramayana tbk

PT ASURANSI RAMAYANA Tbk DAN ANAK PERUSAHAAN/ PT ASURANSI RAMAYANA Tbk AND ITS SUBSIDIARY Daftar Isi/Table of Contents Halaman/ Page Surat Pernyataan Direksi atas Laporan Keuangan Konsolidasi PT Asuransi Ramayana Tbk dan

Anak Perusahaan untuk Tahun-tahun yang Berakhir 31 Desember 2008 dan 2007/

Directors’ Statement on the Consolidated Financial Statements of PT Asuransi Ramayana Tbk and Its Subsidiary for the Years Ended December 31, 2008 and 2007

Laporan Auditor Independen/Independent Auditors’ Report 1 Laporan Keuangan Konsolidasi - Pada tanggal 31 Desember 2008 dan 2007 serta untuk

tahun-tahun yang berakhir pada tanggal tersebut/ Consolidated Financial Statements - As of December 31, 2008 and 2007 and for the years

then ended

Neraca Konsolidasi/Consolidated Balance Sheets 3 Laporan Laba Rugi Konsolidasi/Consolidated Statements of Income 5 Laporan Perubahan Ekuitas Konsolidasi/Consolidated Statements of Changes in Equity 6 Laporan Arus Kas Konsolidasi/Consolidated Statements of Cash Flows 7 Catatan atas Laporan Keuangan Konsolidasi/Notes to Consolidated Financial Statements 8

Lampiran I/Attachment I:

Informasi Pendapatan, Beban dan Hasil Underwriting Tersendiri Induk Perusahaan/ Information on Underwriting Revenue, Expense and Income – Parent Company Only

Lampiran II/Attachment II:

Informasi Analisis Kekayaan Tersendiri Induk Perusahaan/Analysis of Admitted Assets – Parent Company Only

Lampiran III/Attachment III:

Informasi Perhitungan Batas Tingkat Solvabilitas Tersendiri Induk Perusahaan/Solvency Margin Calculation – Parent Company Only

PT ASURANSI RAMAYANA Tbk DAN ANAK PERUSAHAAN PT ASURANSI RAMAYANA Tbk AND ITS SUBSIDIARYNeraca Konsolidasi Consolidated Balance Sheets31 Desember 2008 dan 2007 December 31, 2008 and 2007

Catatan/2008 Notes 2007Rp Rp

ASET ASSETS

Investasi 2g,3 InvestmentsDeposito berjangka 128.080.719.693 2d,32 99.849.894.426 Time depositsObligasi dimiliki hingga jatuh tempo 4.000.000.000 1.000.000.000 Bonds held-to-maturitySurat berharga untuk diperdagangkan 689.487.205 25 5.632.379.423 Trading securitiesInvestasi saham Investments in shares of stock

Perusahaan asosiasi 6.037.571.005 2e,25,31 5.409.042.597 Associated companiesPerusahaan lain 4.654.700.000 4.154.700.000 Other companies

Jumlah investasi 143.462.477.903 116.046.016.446 Total investments

Kas dan setara kas 16.482.449.916 2d,2h,4,32 11.467.414.361 Cash and cash equivalents

Piutang premi 2d,2i,2j,5,32 Premiums receivablePihak yang mempunyai

hubungan istimewa 222.420.944 2e,31 112.941.282 Related partiesPihak ketiga - setelah dikurangi Third parties - net of allowance

penyisihan piutang ragu-ragu for doubtful accounts of sebesar Rp 606.074.661 pada 2008 Rp 606,074,661 in 2008 anddan Rp 321.447.247 pada 2007 58.358.400.705 35.429.972.118 Rp 321,447,247 in 2007

Piutang reasuransi 2d,2i,2j,6,32 Reinsurance receivablesPihak yang mempunyai

hubungan istimewa 589.400.189 2e,31 903.576.577 Related partiesPihak ketiga 57.977.832.599 38.852.101.616 Third parties

Piutang lain-lain - setelah dikurangi Other accounts receivable - net ofpenyisihan piutang ragu-ragu sebesar allowance for doubtful accounts ofRp 1.270.439.104 tahun 2008 dan Rp 1,270,439,104 in 2008 andRp 848.740.851 tahun 2007 421.107.915 2i,2j,7 736.454.849 Rp 848,740,851 in 2007

Pajak dibayar dimuka - 2r,28 1.726.627.710 Prepaid taxes

Piutang pihak yang mempunyai Accounts receivable from a relatedhubungan istimewa 7.353.951.923 2e,2i,31 7.497.362.143 party

Aset tetap - setelah dikurangi Property and equipment - net of akumulasi penyusutan sebesar accumulated depreciation ofRp 36.600.388.924 tahun 2008 dan Rp 36,600,388,924 in 2008 andRp 33.634.013.206 tahun 2007 21.991.422.618 2k,2l,8,15,26,27 23.158.218.653 Rp 33,634,013,206 in 2007

Aset pajak tangguhan 3.108.797.473 2r,28 4.064.438.201 Deferred tax assets

Aset lain-lain 5.305.606.127 9 4.725.751.259 Other assets

JUMLAH ASET 315.273.868.312 244.720.875.215 TOTAL ASSETS

Lihat catatan atas laporan keuangan konsolidasi yang merupakan See accompanying notes to consolidated financial statements bagian yang tidak terpisahkan dari laporan keuangan konsolidasi. which are an integral part of the consolidated financial statements.

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PT ASURANSI RAMAYANA Tbk DAN ANAK PERUSAHAAN PT ASURANSI RAMAYANA Tbk AND ITS SUBSIDIARYNeraca Konsolidasi Consolidated Balance Sheets31 Desember 2008 dan 2007 (Lanjutan) December 31, 2008 and 2007 (Continued)

Catatan/2008 Notes 2007

Rp Rp

KEWAJIBAN DAN EKUITAS LIABILITIES AND EQUITY

KEWAJIBAN LIABILITIESHutang klaim 44.540.720.843 2d,2n,10,32 21.428.999.537 Claims payableEstimasi klaim retensi sendiri 27.314.037.491 2d,2n,11,32 17.800.506.458 Estimated own retention claimsPremi belum merupakan pendapatan 66.323.309.611 2d,2m,12,32 55.363.940.147 Unearned premiumsHutang reasuransi 19.134.822.654 2d,2m,13,32 12.375.242.594 Reinsurance payablesHutang komisi 2d,2o,14,32 Commissions payable

Pihak yang mempunyai hubungan istimewa 35.677.740 2e,31 16.373.668 Related parties

Pihak ketiga 13.125.891.201 10.266.956.790 Third partiesHutang bank - 8,15,27 5.750.000.000 Bank loanHutang pajak 4.930.660.301 2r,16,28 799.108.654 Taxes payableHutang lain-lain 16.235.902.455 17 6.185.859.980 Other accounts payableCadangan imbalan pasca-kerja 10.780.721.668 2e,2q,30,31 12.906.015.402 Post-employment benefits reserve

Jumlah Kewajiban 202.421.743.964 142.893.003.230 Total Liabilities

HAK MINORITAS ATAS ASET MINORITY INTEREST IN NET BERSIH ANAK PERUSAHAAN 13.915.187 2c,18 13.182.637 ASSETS OF A SUBSIDIARY

EKUITAS EQUITYModal saham - nilai nominal Rp 500 Capital stock - Rp 500 par value

per saham per shareModal dasar - 220.000.000 saham Authorized - 220,000,000 sharesModal ditempatkan dan disetor - Issued and paid-up -

79.799.943 saham di 2008 dan 79,799,943 shares in 2008 and56.999.982 saham di 2007 39.899.971.500 19 28.499.991.000 56,999,982 shares in 2007

Tambahan modal disetor 75.007.350 20 11.474.987.850 Additional paid-in capitalSaldo laba Retained earnings

Ditentukan penggunaannya 49.358.618.782 21 40.858.618.782 AppropriatedTidak ditentukan penggunaannya 23.504.611.529 20.981.091.716 Unappropriated

Jumlah Ekuitas 112.838.209.161 101.814.689.348 Total Equity

JUMLAH KEWAJIBAN DAN EKUITAS 315.273.868.312 244.720.875.215 TOTAL LIABILITIES AND EQUITY


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PT ASURANSI RAMAYANA Tbk DAN ANAK PERUSAHAAN PT ASURANSI RAMAYANA Tbk AND ITS SUBSIDIARYLaporan Laba Rugi Konsolidasi Consolidated Statements of IncomeUntuk Tahun-tahun yang Berakhir 31 Desember 2008 dan 2007 For the Years Ended December 31, 2008 and 2007

Catatan/2008 Notes 2007

Rp Rp

PENDAPATAN USAHA OPERATING REVENUESPendapatan underwriting Underwriting revenues

Pendapatan premi Premium incomePremi bruto 441.451.520.530 2m,22 390.798.488.249 Gross premiums Premi reasuransi (202.997.648.872) 2m,22,34 (166.595.413.544) Reinsurance premiumsKenaikan premi belum Increase in unearned

merupakan pendapatan (10.959.369.464) 2m,12,22 (8.261.431.761) premiums

Jumlah pendapatan premi 227.494.502.194 215.941.642.944 Net premium income

Beban underwriting Underwriting expensesBeban klaim Claims expense

Klaim bruto 230.230.598.862 2n,23 166.175.047.102 Gross claimsKlaim reasuransi (146.991.022.368) 2n,23 (90.668.928.685) Reinsurance claimsKenaikan estimasi klaim Increase in estimated own

retensi sendiri 9.513.531.033 2n,11,23 63.634.250 retention claims

Jumlah beban klaim 92.753.107.527 75.569.752.667 Net claims expenseBeban komisi neto 49.983.010.025 2o,24 70.960.442.107 Net commission expense

Jumlah beban underwriting 142.736.117.552 146.530.194.774 Total underwriting expenses

Hasil underwriting 84.758.384.642 69.411.448.170 Underwriting income

Hasil investasi 9.045.949.592 2g,3,25,32 9.066.793.464 Income from investments

Jumlah Pendapatan Usaha 93.804.334.234 78.478.241.634 Net Operating Revenues

BEBAN USAHA 70.321.124.158 2p,8,9,26 61.402.388.827 OPERATING EXPENSES

LABA USAHA 23.483.210.076 17.075.852.807 INCOME FROM OPERATIONS

PENDAPATAN LAIN-LAIN - Bersih 3.835.160.345 2d,8,15,27,32 2.274.539.738 OTHER INCOME - Net

LABA SEBELUM PAJAK DAN HAK INCOME BEFORE TAX AND MINORITYMINORITAS ATAS LABA INTEREST IN NET INCOMEBERSIH ANAK PERUSAHAAN 27.318.370.421 19.350.392.545 OF A SUBSIDIARY

BEBAN PAJAK 9.739.120.128 2r,28 3.847.575.053 TAX EXPENSE

LABA SEBELUM HAK MINORITAS INCOME BEFORE MINORITY INTERESTATAS LABA BERSIH ANAK IN NET INCOME OF PERUSAHAAN 17.579.250.293 15.502.817.492 A SUBSIDIARY

HAK MINORITAS ATAS LABA MINORITY INTEREST IN NET INCOMEBERSIH ANAK PERUSAHAAN (732.550) 2c,18 (44.267) OF A SUBSIDIARY

LABA BERSIH 17.578.517.743 15.502.773.225 NET INCOME

LABA BERSIH PER SAHAM DASAR 220 2s,29 194 BASIC EARNINGS PER SHARE


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PT ASURANSI RAMAYANA Tbk DAN ANAK PERUSAHAAN PT ASURANSI RAMAYANA Tbk AND ITS SUBSIDIARYLaporan Perubahan Ekuitas Konsolidasi Consolidated Statements of Changes in EquityUntuk Tahun-tahun yang Berakhir 31 Desember 2008 dan 2007 For the Years Ended December 31, 2008 and 2007

Laba BelumDirealisasi atas

KenaikanNilai WajarReksadana/

Tambahan Unrealized GainModal on Increase in Cadangan Cadangan Jumlah

Disetor/ Fair Value of Umum/ Modal/ Tidak Ditentukan Ekuitas/Catatan/ Modal Saham/ Additional Investment General Capital Penggunaannya/ Total Notes Capital Stock Paid-in Capital in Mutual Fund Reserve Reserve Unappropriated Equity

Rp Rp Rp Rp Rp Rp Rp

Saldo per 1 Januari 2007 28.499.991.000 11.474.987.850 29.587.931 29.544.267.611 2.500.000.006 20.676.662.640 92.725.497.038 Balance as of January 1, 2007

Laba bersih tahun berjalan - - - - - 15.502.773.225 15.502.773.225 Net income during the year

Dividen tunai 21 - - - - - (6.383.992.984) (6.383.992.984) Cash dividends

Cadangan umum 21 - - - 8.814.351.165 - (8.814.351.165) - Appropriation to general reserve

Realisasi kenaikan nilai Realization of increase in fair value wajar reksadana 2g,3 - - (29.587.931) - - - (29.587.931) of investment in mutual fund

Saldo per 31 Desember 2007 28.499.991.000 11.474.987.850 - 38.358.618.776 2.500.000.006 20.981.091.716 101.814.689.348 Balance as of December 31, 2007

Penerbitan saham bonus 11.399.980.500 (11.399.980.500) - - - - - Bonus share issuance


Dividen tunai 21 - - - - - (6.554.997.930) (6.554.997.930) Cash dividends

Cadangan umum 21 - - - 8.500.000.000 - (8.500.000.000) - Appropriation to general reserve

Saldo per 31 Desember 2008 39.899.971.500 75.007.350 - 46.858.618.776 2.500.000.006 23.504.611.529 112.838.209.161 Balance as of December 31, 2008


Saldo Laba/Retained EarningsDitentukan Pengunaannya/

Appropriated

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PT ASURANSI RAMAYANA Tbk DAN ANAK PERUSAHAAN PT ASURANSI RAMAYANA Tbk AND ITS SUBSIDIARYLaporan Arus Kas Konsolidasi Consolidated Statements of Cash FlowsUntuk Tahun-tahun yang Berakhir 31 Desember 2008 dan 2007 For the Years Ended December 31, 2008 and 2007

2008 2007Rp Rp

ARUS KAS DARI AKTIVITAS OPERASI CASH FLOWS FROM OPERATING ACTIVITIESPenerimaan: Cash receipts from:

Premi 487.737.715.332 457.334.747.465 PremiumsKlaim reasuransi 45.188.114.032 35.821.562.908 Reinsurance claimsKlaim koasuransi 37.335.597.462 26.347.574.169 Co-insurance claimsLain-lain 362.349.791.742 3.393.039.403 Others

Pembayaran: Cash payments for:Klaim (234.688.749.061) (190.087.697.810) ClaimsPremi reasuransi (79.539.191.983) (85.402.130.397) Reinsurance premiumsPremi koasuransi (94.176.449.609) (53.610.877.842) Co-insurance premiumsKomisi broker dan reduksi (82.257.439.338) (106.089.335.721) Brokerage commissions and reductionBeban usaha dan lain-lain (390.606.850.710) (61.535.995.168) Operating and other expenses

Kas dihasilkan dari operasi 51.342.537.868 26.170.887.007 Cash generated from operationsPembayaran pajak penghasilan (10.510.161.059) (5.155.374.459) Income tax paid

Kas Bersih Diperoleh Dari Aktivitas Operasi 40.832.376.809 21.015.512.548 Net Cash Provided by Operating Activities

ARUS KAS DARI AKTIVITAS INVESTASI CASH FLOWS FROM INVESTING ACTIVITIESPencairan deposito berjangka 186.536.491.373 119.663.824.416 Withdrawals of time depositsPenerimaan hasil investasi 5.410.306.521 7.135.007.137 Investment income receivedHasil penjualan aset tetap 9.950.000 478.325.000 Proceeds from sale of property and equipmentPerolehan aset tetap (1.912.291.808) (3.821.853.889) Acquisitions of property and equipmentPenempatan deposito berjangka (214.361.122.293) (129.050.661.630) Placements in time deposits

Proceeds from withdrawal of investment Pencairan (Penempatan) reksadana 3.784.533.408 (4.500.000.000) (placements) in mutual fundsPenempatan obligasi (3.000.000.000) - Investment in bonds

Kas Bersih Digunakan untuk Aktivitas Investasi (23.532.132.799) (10.095.358.966) Net Cash Used in Investing Activities

ARUS KAS DARI AKTIVITAS PENDANAAN CASH FLOWS FROM FINANCING ACTIVITIESPembayaran hutang bank (5.750.000.000) (3.000.000.000) Payment of bank loanPembayaran dividen (6.535.208.455) (6.360.866.363) Payment of dividends

Kas Digunakan untuk Aktivitas Pendanaan (12.285.208.455) (9.360.866.363) Cash Used in Financing Activities

KENAIKAN BERSIH KAS NET INCREASE IN CASH DAN SETARA KAS 5.015.035.555 1.559.287.219 AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS ATKAS DAN SETARA KAS AWAL TAHUN 11.467.414.361 9.908.127.142 BEGINNING OF THE YEAR

CASH AND CASH EQUIVALENTS ATKAS DAN SETARA KAS AKHIR TAHUN 16.482.449.916 11.467.414.361 END OF THE YEAR


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PT ASURANSI RAMAYANA Tbk DAN ANAK PERUSAHAAN Catatan atas Laporan Keuangan Konsolidasi 31 Desember 2008 dan 2007 serta untuk Tahun-tahun yang Berakhir pada Tanggal Tersebut

PT ASURANSI RAMAYANA Tbk AND ITS SUBSIDIARY

Notes to Consolidated Financial Statements December 31, 2008 and 2007 and

For the Years then Ended

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1. Umum 1. General

a. Pendirian dan Informasi Umum a. Establishment and General Information

PT Asuransi Ramayana Tbk (Perusahaan) didirikan dengan Akta No. 14 tanggal 6 Agustus 1956 dari Soewandi, S.H., notaris di Jakarta. Akta pendirian ini disahkan oleh Menteri Kehakiman Republik Indonesia dalam Surat Keputusan No. J.A.5/67/16 tanggal 15 September 1956 serta diumumkan dalam Berita Negara Republik Indonesia No. 94 tanggal 23 November 1956, Tambahan No. 1170. Anggaran dasar Perusahaan telah mengalami beberapa kali perubahan, terakhir dengan Akta No. 511 tanggal 27 Mei 2008, dari Hj. Mas Ayu Fatimah Sjofjan, S.H., MH. notaris di Jakarta, mengenai perubahan modal dasar Perusahaan dan penyesuaian dengan Undang-Undang No.40/2007 tentang Perseroan Terbatas. Perubahan anggaran dasar ini telah disahkan oleh Menteri Kehakiman dan Hak Asasi Manusia Republik Indonesia dengan Surat Keputusan No. AHU-61016.AH.01.02 Tahun 2008 tanggal 10 September 2008. Sampai dengan tanggal pelaporan laporan keuangan konsolidasi ini, pengumuman tentang perubahan ini dalam Berita Negara Republik Indonesia masih dalam proses.

PT Asuransi Ramayana Tbk (the Company), was established based on Notarial Deed No. 14 dated August 6, 1956 of Soewandi, S.H., notary public in Jakarta. The Deed of Establishment was approved by the Minister of Justice of the Republic of Indonesia in his Decision Letter No. J.A.5/67/16 dated September 15, 1956, and was published in the State Gazette of the Republic of Indonesia No. 94 dated November 23, 1956, Supplement No. 1170. The Company's Articles of Association have been amended several times, most recently by Notarial Deed No. 511 dated May 27, 2008 of Hj. Mas Ayu Fatimah Sjofjan, S.H., MH. notary public in Jakarta, concerning the changes in the Company’s authorized capital and to be in accordance with the provisions of Republic of Indonesia Law No.40/ 2007 regarding Limited Liability Company. These amendments to the Company’s Articles of Association were approved by the Minister of Law and Human Rights of the Republic of Indonesia in his Decision Letter No. AHU-61016.AH.01.02 Year 2008, dated September 10, 2008. As of date of completion of the consolidated financial statements, the publication in the State Gazette is still in process.

Sesuai dengan pasal 3 Anggaran Dasar, ruang lingkup kegiatan Perusahaan adalah menjalankan usaha di bidang asuransi kerugian sesuai dengan peraturan perundang-undangan yang berlaku.

In accordance with article 3 of the Company's Articles of Association, the Company is engaged in general insurance business in accordance with the existing regulations.

Perusahaan telah memperoleh izin sebagai Perusahaan asuransi kerugian dari Departemen Keuangan Republik Indonesia cq Direktorat Jenderal Moneter Dalam Negeri, dengan surat No. KEP-6651/MD/1986 tanggal 13 Oktober 1986. Perusahaan mulai beroperasi secara komersial sejak tahun 1956.

The Company obtained its license to operate as a general insurance company from the Department of Finance of the Republic of Indonesia through the Directorate General of Monetary Affairs in its Decision Letter No. KEP-6651/MD/1986, dated October 13, 1986. The Company commenced commercial operations in 1956.

Kantor pusat Perusahaan beralamat di Jalan Kebon Sirih No. 49, Jakarta. Perusahaan memiliki 25 cabang yang terletak di beberapa kota di Indonesia.

The Company's head office is located at Jalan Kebon Sirih No. 49, Jakarta. The Company has 25 branches that are located in several cities in Indonesia.





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1. Umum (Lanjutan) 1. General (Continued)

b. Penawaran Umum Efek Perusahaan

(Lanjutan) b. Public Offering of Shares (Continued)

Pada tanggal 30 Januari 1990, Perusahaan memperoleh Surat Izin Emisi Saham dari Ketua Badan Pengawas Pasar Modal (Bapepam) (sekarang Badan Pengawas Pasar Modal dan Lembaga Keuangan atau Bapepam dan LK) No. SI-078/SHM/MK.10/1990 untuk melaksanakan penawaran umum saham kepada masyarakat sebanyak 2 juta saham dengan nilai nominal Rp 1.000 per saham dan harga penawaran sebesar Rp 6.000 per saham. Selanjutnya, pada tanggal 19 September 1990, Perusahaan memperoleh Surat Persetujuan dari Ketua Bapepam (sekarang Bapepam dan LK) atas Permohonan Pencatatan Saham dengan sistem Partial Listing di Bursa Efek Jakarta (sekarang Bursa Efek Indonesia) melalui suratnya No. S-638/PM/1990 untuk mencatatkan 1 juta saham dengan nilai nominal Rp 1.000 per saham. Dengan surat persetujuan tersebut, saham Perusahaan yang tercatat di Bursa Efek Jakarta (sekarang Bursa Efek Indonesia) sejak tanggal 23 Oktober 1990 berjumlah 3 juta saham sesuai dengan Surat Persetujuan Pencatatan dari Direksi PT Bursa Efek Jakarta (sekarang Bursa Efek Indonesia) No. 5-103/BEJ/V/1992 tanggal 15 Mei 1992.

On January 30, 1990, the Company obtained Stock Issuance Permit No. SI-078/SHM/MK.10/1990 from the Chairman of the Capital Market Supervisory Agency (Bapepam) currently known as the Capital Market and Financial Institutions Supervisory Agency or Bapepam-LK for the public offering of 2 million shares of stock with Rp 1,000 par value per share at Rp 6,000 offering price per share. Furthermore, on September 19, 1990,the Company obtained Approval Letter No. S-638/PM/1990 from the Chairman of Bapepam (currently known as Bapepam-LK) for partial listing of its 1 million shares of stock with Rp 1,000 par value per share in the Jakarta Stock Exchange (BEJ) (now the Indonesia Stock Exchange after merger with Surabaya Stock Exchange in December 2007). With this approval letter, the Company's shares of stock listed in the BEJ (now BEI) as of October 23, 1990 totaled to 3 million shares which is in accordance with the Letter of Approval of Listing No. 5-103/BEJ/V/1992 dated May 15, 1992 from the Directorate of the Jakarta Stock Exchange (now BEI).

Berdasarkan surat Perusahaan kepada Ketua Bapepam (sekarang Bapepam dan LK) No. 0239/Dir/C5/HK.017/IV/98 tanggal 2 April 1998, Perusahaan memberitahukan pelaksanaan perubahan nilai nominal saham (stock split) dari Rp 1.000 per saham menjadi Rp 500 per saham dan pembagian saham bonus yang berasal dari agio saham sejumlah 20 juta saham atau sebesar Rp 10 miliar, sesuai dengan keputusan Rapat Umum Luar Biasa Pemegang Saham tanggal 31 Maret 1998.

Based on the letter to the Chairman of Bapepam (currently known as Bapepam-LK) No. 0239/Dir/C5/HK.017/IV/98 dated April 2, 1998, the Company has changed the par value per share (stock split) from Rp 1,000 to Rp 500 and distributed bonus shares of 20 million shares or Rp 10 billion from the additional paid-up capital, in accordance with the Extraordinary Stockholders’ Meeting held on March 31, 1998.

Saham bonus dibagikan dengan perbandingan satu saham lama dengan nilai nominal Rp 500 per saham akan mernperoleh satu saham baru dengan nilai nominal Rp 500 per saham. Jumlah saham beredar yarg tercatat setelah pemecahan saham dan pembagian saham bonus adalah sebesar 12 juta saham.

Every holder of one old share with Rp 500 par value per share has the right to receive one new share with Rp 500 par value per share as bonus share. Total listed shares after the stock split and distribution of bonus shares totaled to 12 million shares.





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b. Penawaran Umum Efek Perusahaan (Lanjutan)

b. Public Offering of Shares (Continued)

Berdasarkan surat PT Bursa Efek Jakarta (BEJ) No. S-3780/BEJ.EEM/12-2000 tanggal 20 Desember 2000 dan surat PT Bursa Efek Surabaya (BES) No. JKT-0191MKT-LlST/ BES/1/2001 tanggal 29 Januari 2001, Perusahaan memperoleh persetujuan pencatatan 28 juta saham milik pendiri dengan nilai nominal Rp 500 per saham dalam rangka Company Listing, sehingga jumlah saham beredar yang tercatat menjadi 40 juta saham. Pencatatan saham dilakukan pada tanggal 12 Januari 2001 di BEJ dan tanggal 5 Februari 2001 di BES.

Based on the letters of the Jakarta Stock Exchange No. S-3780/BEJ.EEM/12-2000 dated December 20, 2000 and Surabaya Stock Exchange No. JKT-0191MKT-LlST/ BES/1/2001 dated January 29, 2001, the Company obtained approval for the listing of 28 million shares of the founders with Rp 500 par value per share, consequently, the total listed shares became 40 million shares. The listing of shares in the Jakarta Stock Exchange and Surabaya Stock Exchange was made on January 12, 2001 and February 5, 2001, respectively.

Berdasarkan Rapat Umum Pemegang Saham Luar Biasa tanggal 3 Mei 2002, pemegang saham setuju untuk membagikan dividen saham sejumlah 16.999.982 saham dengan nilai nominal Rp 500. Jumlah saham yang beredar setelah pembagian dividen saham menjadi sejumlah 56.999.982 lembar saham.

Based on the Extraordinary Stockholders’ Meeting dated May 3, 2002, the stockholders agreed to distribute stock dividends totaling to 16,999,982 shares with Rp 500 par value per share. The total listed number of shares after the distribution of stock dividends is 56,999,982 shares.

Pada tanggal 29 September 2008, berdasarkan Rapat Umum Pemegang Saham Luar Biasa tanggal 26 Agustus 2008 yang didokumentasikan dalam Akta No. 264 dari Arry Supratno, S.H., notaris di Jakarta, Perusahaan membagikan saham bonus dari tambahan modal disetor dengan ketentuan setiap pemegang lima saham berhak atas dua saham baru sehingga jumlah saham yang beredar bertambah dari 56.999.982 saham menjadi 79.799.943 saham (Catatan 19).

On September 29, 2008, based on a resolution during the Extraordinary Stockholders’ Meeting held on August 26, 2008, as documented in Notarial Deed No. 264 Arry Supratno, S.H., notary public in Jakarta, the Company distributed bonus shares from the additional paid-in capital which entitle each shareholder to receive two shares for every five shares held, which resulted in increase in number of outstanding shares from 56,999,982 shares to 79,799,943 shares (Note 19).

Pada 31 Desember 2008, seluruh saham Perusahaan sebanyak 79.799.943 saham sudah tercatatkan di Bursa Efek Indonesia (dahulu Bursa Efek Jakarta dan Surabaya sebelum merger pada Desember 2007).

As of December 31, 2008, all of the Company’s shares totaling to 79,799,943 shares are listed in the Indonesia Stock Exchange (formerly the Jakarta and Surabaya Stock Exchange prior to merger in December 2007).





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c. Anak Perusahaan yang Dikonsolidasikan c. Consolidated Subsidiary Perusahaan mempunyai bagian kepemilikan sebesar 99,96% dan 99,95% masing-masing per 31 Desember 2008 dan 2007 pada PT Wisma Ramayana. Pada tahun 2008 dan 2007, Perusahaan meningkatkan investasi pada anak perusahaan dengan penyetoran tunai masing-masing sebesar Rp 5.770.000.000 dan Rp 3.930.000.000. Anak perusahaan berdomisili di Jakarta dan bergerak di bidang pengelolaan penyewaan gedung perkantoran dan kendaraan. Anak perusahaan beroperasi komersial pada tahun 1987 dan menyewakan kendaraan, gedung perkantoran dan rumah dinas kepada Perusahaan. Jumlah aset (sebelum eliminasi) anak perusahaan adalah sebesar Rp 18.143.261.611 dan Rp 15.590.748.747 per 31 Desember 2008 dan 2007.

The Company has ownership interest of 99.96% and 99.95% as of December 31, 2008 and 2007, respectively in PT Wisma Ramayana (the Subsidiary). In 2008 and 2007, the Company increased its ownership in the Subsidiary, through cash infusion of Rp 5,770,000,000 and Rp 3,930,000,000 respectively. The Subsidiary is domiciled in Jakarta and engaged in building management and rental of vehicles business. It started commercial operations in 1987 and rents out vehicles, office buildings and provides housing accommodation to the Company. The total assets (before elimination) of the Subsidiary amounted to Rp 18,143,261,611 and Rp 15,590,748,747 as of December 31, 2008 and 2007, respectively.

d. Karyawan, Direksi, Dewan Komisaris dan Komite Audit

d. Employees, Boards of Commissioners, Directors and Audit Committee

Pada tanggal 31 Desember 2008, susunan pengurus Perusahaan berdasarkan Rapat Umum Pemegang Saham yang diadakan tanggal 27 Mei 2008 yang didokumentasikan dalam Akta No. 511 dari Hj. Mas Ayu Fatimah Sjofjan, S.H.,M.H., notaris di Jakarta, adalah sebagai berikut:

At December 31, 2008, based on a resolution on the Stockholders’ Meeting held on April 17, 2008, as documented in Notarial Deed No. 511 of Hj. Mas Ayu Fatimah Sjofjan, S.H.,M.H., notary public in Jakarta, the Company’s management consists of the following:

Komisaris Utama : Dr. Aloysius Winoto Doeriat : President Commissioner Komisaris Independen : Dr. J.B. Sumarlin : Independent Commissioners

: Drs. Frans Wiyono :

Direktur Utama : Syahril, S.E. : President Director Direktur : Hendi Agung Hendarwan, S.E. : Directors

: Giri Pamengan, S.E. : : Pardomuan Harahap, S.E. :

: Ir. Antonius Widyanarso Doeriat, S.E. : Sebagai perusahaan publik, Perusahaan mempunyai komisaris independen dan komite audit seperti yang dipersyaratkan oleh Bapepam. Dr. J.B. Sumarlin adalah komisaris independen Perusahaan. Komite audit perusahaan terdiri dari 3 anggota, dimana Dr. J.B. Sumarlin, selaku komisaris independen juga merupakan ketua dan anggota dari komite audit.

As a public company, the Company has an Independent Commissioner and an Audit Committee as required by Bapepam. Dr. J.B. Sumarlin is the Company’s independent commissioner. The Company’s Audit Committee consists of 3 members, wherein Dr. J.B. Sumarlin, who acts as an Independent Commissioner is also the Chairman of the Audit Committee.

Jumlah karyawan Perusahaan dan anak perusahaan (tidak diaudit) adalah 588 dan 8 karyawan pada 31 Desember 2008 dan 610 dan 9 karyawan pada 31 Desember 2007.

The Company and its subsidiary have a total number of (unaudited) 588 and 8 employees, respectively, as of December 31, 2008, and 610 and 9 employees, respectively, as of December 31, 2007.





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d. Karyawan, Direksi, Dewan Komisaris dan Komite Audit

d. Employees, Boards of Commissioners, and Directors and Audit Committee

Perusahaan memberikan gaji, tunjangan dan bonus kepada komisaris dan direksi Perusahaan sebesar Rp 4.430.823.120 dan Rp 3.678.520.862 masing-masing pada tahun 2008 dan 2007.

The directors and commissioners’ total remuneration in 2008 and 2007 amounted to Rp 4,430,823,120 and Rp 3,678,520,862, respectively.

Dewan Direksi telah menyelesaikan laporan keuangan konsolidasi PT Asuransi Ramayana Tbk dan anak perusahaan pada tanggal 30 Maret 2009 serta bertanggung jawab atas laporan keuangan konsolidasi tersebut.

The Board of Directors had completed the consolidated financial statements of PT Asuransi Ramayana Tbk and its subsidiary on March 30, 2009 and was responsible for the consolidated financial statements.

2. Ikhtisar Kebijakan Akuntansi dan Pelaporan Keuangan Penting

2. Summary of Significant Accounting and Financial Reporting Policies

a. Penyusunan dan Pengukuran Laporan

Keuangan Konsolidasi a. Consolidated Financial Statement

Preparation and Measurement

Laporan keuangan konsolidasi disusun dengan menggunakan prinsip dan praktek akuntansi yang berlaku umum di Indonesia, yakni Pernyataan Standar Akuntansi Keuangan (PSAK) dan peraturan Badan Pengawas Pasar Modal (Bapepam) (sekarang Badan Pengawas Pasar Modal dan Lembaga Keuangan atau Bapepam dan LK).

The consolidated financial statements have been prepared using accounting principles and reporting practices generally accepted in Indonesia such as the Statements of Financial Accounting Standards (PSAK) and the regulations of the Capital Market Supervisory Agency (Bapepam) [currently known as the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK). Such consolidated financial statements are an English translation of the Company and its subsidiary’s statutory report in Indonesia, and are not intended to present the financial position, results of operations and cash flows in accordance with accounting principles and reporting practices generally accepted in other countries and jurisdictions.

Dasar pengukuran laporan keuangan konsolidasi ini adalah konsep biaya perolehan (historical cost), kecuali beberapa akun tertentu disusun berdasarkan pengukuran lain, sebagaimana diuraikan dalam kebijakan akuntansi masing-masing akun tersebut. Laporan keuangan konsolidasi disusun dengan metode akrual, kecuali laporan arus kas.

The measurement basis used is the historical cost, except for certain accounts which are measured on the bases described in the related accounting policies. The consolidated financial statements are prepared under the accrual basis of accounting, except for the consolidated statements of cash flows.

Laporan arus kas konsolidasi disusun dengan menggunakan metode langsung dengan mengelompokkan arus kas dalam aktivitas operasi, investasi dan pendanaan.

The consolidated statements of cash flows are prepared using the direct method with classifications of cash flows into operating, investing and financing activities.

Mata uang pelaporan yang digunakan untuk penyusunan laporan keuangan konsolidasi adalah mata uang Rupiah (Rp).

The reporting currency used in the preparation of the consolidated financial statements is the Indonesian Rupiah (Rp).





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2. Ikhtisar Kebijakan Akuntansi dan Pelaporan

Keuangan Penting (Lanjutan) 2. Summary of Significant Accounting and

Financial Reporting Policies (Continued) b. Penerapan Pernyataan Standar Akuntansi

Keuangan (PSAK) Revisi b. Adoption of Revised Statements of

Financial Accounting Standards (PSAKs)

PSAK Revisi yang Berlaku Efektif Tahun 2008

Revised PSAKs Effective in 2008

Perusahaan dan anak perusahaan telah menerapkan PSAK revisi tersebut mulai 1 Januari 2008:

The Company and its subsidiary had adopted the following revised PSAKs beginning January 1, 2008:

(1) PSAK No. 16 (Revisi 2007) “Aset

Tetap”, yang mengatur perlakuan akuntansi atas aset tetap. Standar ini mengatur antara lain mengenai pengakuan aset tetap, penentuan jumlah tercatat, penyusutan dan penurunan nilai. Selain itu, standar ini mewajibkan untuk menghitung dan memasukkan biaya pembongkaran dan pemindahan atau restorasi lokasi aset sebagai bagian dari biaya perolehan, serta mewajibkan entitas untuk memilih di antara model biaya atau model revaluasi sebagai kebijakan akuntansi atas aset tetapnya.

(1) PSAK No. 16 (Revised 2007), “Fixed Assets”, which prescribes the accounting treatment for property and equipment and provides, among others, for the recognition of the assets, determination of their carrying amounts, depreciation and impairment losses. In addition, the standard requires the inclusion of the cost of dismantling, removal or restoration of an asset as part of the cost of an item of property and equipment and requires the entity to choose between the cost model and the revaluation model as the accounting policy for its property and equipment.

Perusahaan dan anak perusahaan memilih model biaya untuk akuntansi atas aset tetapnya dan menerapkan Standar ini secara retrospektif.

The Company and its subsidiary elected to use the cost model in accounting for their property and equipment after initial recognition and have applied this standard on a retrospective basis.

(2) PSAK No. 30 (Revisi 2007) “Sewa”,

yang mengatur kebijakan akuntansi dan pengungkapan transaksi sewa baik dari sisi lessor maupun lessee. Standar ini mengatur klasifikasi sewa berdasarkan sejauh mana risiko dan manfaat yang terkait dengan kepemilikan aset sewaan berada pada lessor atau lessee, serta berdasarkan substansi transaksi dan bukan pada bentuk kontraknya.

(2) PSAK No. 30 (Revised 2007), “Leases”, which prescribes for lessees and lessors, the appropriate accounting policies and disclosures to apply in relation to leases. This standard provides for classification of leases based on the extent to which risks and rewards incidental to ownership of a leased asset lie with the lessor or the lessee, and the substance of the transaction rather than the form of the contract.

Penerapan PSAK revisi di atas tidak berdampak material terhadap laporan konsolidasi Perusahaan dan anak perusahaan.

The adoption of these standards has no material impact on the Company and its subsidiary’s consolidated financial statements.





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Keuangan (PSAK) Revisi (Lanjutan) b. Adoption of Revised Statements of

Financial Accounting Standards (PSAKs) (Continued)

PSAK Revisi yang Berlaku Efektif Setelah Tahun 2008

Revised PSAKs Effective Subsequent to 2008

Perusahaan dan anak perusahaan akan menerapkan PSAK revisi berikut pada saat telah berlaku efektif:

The Company and its subsidiary will adopt the following revised PSAKs when these become effective:

1) PSAK No. 50 (Revisi 2006), “Instrumen

Keuangan: Penyajian dan Pengungkapan”, mengatur ketentuan mengenai penyajian instrumen keuangan serta pengungkapan yang wajib dilakukan. Ketentuan penyajian mencakup klasifikasi instrumen keuangan tersebut dari sudut pandang penerbit, yakni aset keuangan, kewajiban keuangan dan instrumen ekuitas; pengklasifikasian bunga, dividen, kerugian dan keuntungan yang terkait dengan instrumen keuangan; dan keadaan tertentu yang memungkinkan saling hapus (offset) antara aset dan kewajiban keuangan. Standar ini mewajibkan pengungkapan antara lain informasi mengenai faktor-faktor yang mempengaruhi jumlah, saat dan kepastian arus kas masa depan dari suatu entitas terkait dengan instrumen keuangan dan kebijakan akuntansi yang diterapkan atas instrumen tersebut. PSAK No. 50 (Revisi 2006) menggantikan PSAK No. 50 “Akuntansi Investasi Efek Tertentu”, dan diterapkan secara prospektif, mulai 1 Januari 2010.

1) PSAK No. 50 (Revised 2006), “Financial Instruments: Presentation and Disclosures”, contains the requirements for the presentation of financial instruments and identifies the information that should be disclosed. The presentation requirements apply to the classification of financial instruments, from the perspective of the issuer, into financial assets, financial liabilities and equity instruments; the classification of the related interests, dividends, losses and gains; and the circumstances in which financial assets and financial liabilities should be offset. This standard requires the disclosure, among others, of information about factors that affect the amount, timing and certainty of an entity’s future cash flows relating to financial instruments and the accounting policies applied to those instruments. PSAK No. 50 (Revised 2006) supersedes PSAK No. 50, “Accounting for Certain Investments in Securities”, and is to be applied prospectively, beginning January 1, 2010.

2) PSAK No. 55 (Revisi 2006), “Instrumen

Keuangan: Pengakuan dan Pengukuran”, mengatur prinsip-prinsip pengakuan dan pengukuran aset keuangan, kewajiban keuangan, dan kontrak tertentu untuk membeli atau menjual item non-keuangan. Standar ini mengatur antara lain mengenai definisi dan karakteristik instrumen derivatif, kategori, pengakuan dan pengukuran instrumen keuangan, akuntansi lindung nilai dan penentuan hubungan lindung nilai. PSAK No. 55 (Revisi 2006) menggantikan PSAK No. 55 “Akuntansi Instrumen Derivatif dan Lindung Nilai”, dan diterapkan secara prospektif, mulai 1 Januari 2010.

2) PSAK No. 55 (Revised 2006), “Financial Instruments: Recognition and Measurement”, establishes the principles for recognizing and measuring financial assets, financial liabilities, and some contracts to buy or sell non- financial items. This standard provides for the definitions and characteristics of a derivative, the categories of financial instruments, recognition and measurement, hedge accounting and determination of hedging relationships, among others. PSAK No. 55 (Revised 2006) supersedes PSAK No. 55, “Accounting for Derivative Instruments and Hedging Activities”, and is to be applied prospectively, beginning January 1, 2010.





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Keuangan (PSAK) Revisi (Lanjutan) b. Adoption of Revised Statements of

Financial Accounting Standards (PSAKs) (Continued)

PSAK Revisi yang Berlaku Efektif Setelah Tahun 2008 (Lanjutan)

Revised PSAKs Effective Subsequent to 2008 (Continued)

Kedua standar tersebut seharusnya berlaku efektif untuk periode yang dimulai pada atau setelah 1 Januari 2009. Namun, pada tanggal 30 Desember 2008 DSAK-IAI mengumumkan penundaan berlakunya kedua standar tersebut selama 1 tahun melalui Surat No. 1705/DSAK/IAI/XII/2008, sehingga kedua standar tersebut berlaku efektif mulai 1 Januari 2010.

The above standards were originally applicable to consolidated financial statements covering periods beginning on or after January 1, 2009. However, on December 30, 2008, DSAK-IAI has announced the postponement of the effectivity of the above standards for a year through its letter No. 1705/DSAK/IAI/XII/ 2008, thus, making the standards applicable beginning January 1, 2010.

Perusahaan dan anak perusahaan masih mengevaluasi dampak perubahan PSAK dan belum menentukan dampak yang terkait pada laporan keuangan konsolidasi.

The Company and its subsidiary are still evaluating the effects of these revised PSAKs and have not yet determined the related effects on the consolidated financial statements.

c. Prinsip-prinsip Konsolidasi c. Principles of Consolidation

Laporan keuangan konsolidasi meliputi laporan keuangan Perusahaan dan anak perusahaan, dimana Perusahaan memiliki lebih dari 50%, baik langsung maupun tidak langsung, hak suara di anak perusahaan dan dapat menentukan kebijakan keuangan dan operasi dari anak perusahaan untuk memperoleh keuntungan dari aktivitas anak perusahaan tersebut. Sebuah anak perusahaan tidak dikonsolidasikan apabila sifat pengendaliannya adalah sementara karena anak perusahaan tersebut diperoleh dengan tujuan akan dijual kembali dalam waktu dekat; atau jika ada pembatasan jangka panjang yang mempengaruhi kemampuan anak perusahaan untuk memindahkan dananya ke Perusahaan.

The consolidated financial statements include the financial statements of the Company and its subsidiary, wherein the Company has direct or indirect ownership interest of more than 50% of the voting rights of the subsidiary’s capital stock or is able to govern the financial and operating policies of an enterprise so as to benefit from its activities. A subsidiary is excluded from consolidation when the control in such subsidiary is intended to be temporary because the subsidiary is acquired and held exclusively with a view to its subsequent disposal in the near future; or when the subsidiary operates under long-term restrictions which significantly impair its ability to transfer funds to the Parent Company.

Dalam hal pengendalian terhadap anak perusahaan dimulai atau diakhiri suatu periode tertentu, maka hasil usaha anak perusahaan yang diperhitungkan ke dalam laporan keuangan konsolidasi hanya sebatas hasil pada saat pengendalian tersebut mulai diperoleh hingga saat pengendalian atas anak perusahaan itu berakhir.

When an entity either began or ceased to be controlled during the year, the results of operations of that entity are included in the consolidated financial statements only from the date that the control commenced up to the date that the control ceased.

Saldo dan transaksi termasuk keuntungan atau kerugian yang belum direalisasi atas transaksi antar perusahaan dieliminasi untuk mencerminkan posisi keuangan dan hasil usaha Perusahaan dan anak perusahaan sebagai satu kesatuan usaha.

Intercompany balances and transactions, including unrealized gains or losses on intercompany transactions, are eliminated to reflect the financial position and the results of operations of the Company and its subsidiary as one business entity.





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Financial Reporting Policies (Continued) c. Prinsip-prinsip Konsolidasi (Lanjutan) c. Principles of Consolidation (Continued)

Laporan keuangan konsolidasi disusun dengan menggunakan kebijakan akuntansi yang sama untuk peristiwa dan transaksi sejenis dalam kondisi yang sama. Apabila anak perusahaan menggunakan kebijakan akuntansi yang berbeda dari kebijakan akuntansi yang digunakan dalam laporan keuangan konsolidasi, maka dilakukan penyesuaian yang diperlukan terhadap laporan keuangan anak perusahaan tersebut.

The consolidated financial statements are prepared using uniform accounting policies for like transactions and events in similar circumstances. If the subsidiary’s financial statements are prepared using accounting policies other than those adopted in the consolidated financial statements, appropriate adjustments are made to its financial statements.

Hak minoritas atas laba bersih dan ekuitas anak perusahaan dinyatakan sebesar proporsi pemegang saham minoritas atas laba bersih dan ekuitas anak perusahaan tersebut sesuai dengan persentase kepemilikan pemegang saham minoritas pada anak perusahaan tersebut.

Minority interest represents the minority stockholders’ proportionate share in the net income and equity of the subsidiaries which are not wholly owned, which is presented based on the percentage of ownership of the minority stockholders in the subsidiaries.

d. Transaksi dan Saldo Dalam Mata Uang

Asing d. Foreign Currency Transactions and

Balances

Pembukuan Perusahaan dan anak perusahaan diselenggarakan dalam mata uang Rupiah. Transaksi-transaksi selama tahun berjalan dalam mata uang asing dicatat dengan kurs yang berlaku pada saat terjadinya transaksi. Pada tanggal neraca, aset dan kewajiban moneter dalam mata uang asing disesuaikan untuk mencerminkan kurs yang berlaku pada tanggal tersebut dengan menggunakan kurs tengah.

The books of accounts of the Company and its subsidiary are maintained in Rupiah. Transactions during the year involving foreign currencies are recorded at the rates of exchange prevailing at the time the transactions are made. At balance sheet date, monetary assets and liabilities denominated in foreign currencies are adjusted to reflect the rates of exchange prevailing at that date.

Keuntungan atau kerugian kurs yang timbul

dikreditkan atau dibebankan dalam laporan laba rugi konsolidasi tahun yang bersangkutan.

The resulting gains or losses are credited or charged to current operations.

e. Transaksi Hubungan Istimewa e. Transactions with Related Parties

Pihak-pihak yang mempunyai hubungan istimewa adalah:

Related parties consist of the following:

1. Perusahaan yang melalui satu atau

lebih perantara, mengendalikan, atau dikendalikan oleh, atau berada di bawah pengendalian bersama, dengan Perusahaan (termasuk holding companies, subsidiaries, dan fellow subsidiaries);

1. Companies that, through one or more intermediaries, control or are controlled by, or are under common control with, the Company (including holding companies, subsidiaries, and fellow subsidiaries);

2. Perusahaan asosiasi; 2. Associated companies;





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Financial Reporting Policies (Continued) e. Transaksi Hubungan Istimewa (Lanjutan) e. Transactions with Related Parties

(Continued)

3. Perorangan yang memiliki, baik secara langsung maupun tidak langsung, suatu kepentingan hak suara di Perusahaan yang berpengaruh secara signifikan, dan anggota keluarga dekat dari perorangan tersebut (yang dimaksudkan dengan anggota keluarga dekat adalah mereka yang diharapkan mempengaruhi atau dipengaruhi perorangan tersebut dalam transaksinya dengan Perusahaan);

3. Individuals owning, directly or indirectly, an interest in the voting power of the Company that gives them significant influence over the Company, and close family members of such individuals (close family members are those who can influence or can be influenced by such individuals in their transactions with the Company);

4. Karyawan kunci, yaitu orang-orang yang

mempunyai wewenang dan tanggung jawab untuk merencanakan, memimpin dan mengendalikan kegiatan Perusahaan yang meliputi anggota dewan komisaris, direksi dan manajer dari Perusahaan serta anggota keluarga dekat orang perseorangan tersebut; dan

4. Key management personnel, that is, those persons having authority and responsibility for planning, directing and controlling the activities of the Company, including commissioners, directors and managers of the Company and close family members of such individuals; and

5. Perusahaan dimana suatu kepentingan

substansial dalam hak suara dimiliki baik secara langsung maupun tidak langsung oleh setiap orang yang diuraikan dalam butir (3) atau (4), atau setiap orang tersebut mempunyai pengaruh signifikan atas perusahaan tersebut. Ini mencakup perusahaan-perusahaan yang dimiliki anggota dewan komisaris, direksi atau pemegang saham utama dari Perusahaan dan perusahaan-perusahaan yang mempunyai anggota manajemen kunci yang sama dengan Perusahaan.

5. Companies in which a substantial interest in the voting power is owned, directly or indirectly, by any person described in (3) or (4) or over which such person is able to exercise significant influence. These include companies owned by commissioners, directors or major stockholders of the Company, and companies that have a common member of key management with that of the Company.

Semua transaksi dengan pihak yang mempunyai hubungan istimewa, baik yang dilakukan dengan atau tidak dengan, persyaratan dan kondisi yang sama dengan pihak ketiga diungkapkan dalam laporan keuangan konsolidasi.

All transactions with related parties, whether or not done under similar terms and conditions as those done with third parties, are disclosed in the consolidated financial statements.

f. Penggunaan Estimasi f. Use of Estimates

Penyusunan laporan keuangan konsolidasi sesuai dengan prinsip akuntansi yang berlaku umum di Indonesia mengharuskan manajemen membuat estimasi dan asumsi yang mempengaruhi jumlah aset dan kewajiban yang dilaporkan dan pengungkapan aset dan kewajiban kontinjensi pada tanggal laporan keuangan konsolidasi serta jumlah pendapatan dan beban selama periode pelaporan. Realisasi dapat berbeda dengan jumlah yang diestimasi.

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in Indonesia requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.





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Financial Reporting Policies (Continued) g. Investasi g. Investments

(1) Deposito Berjangka (1) Time deposits

Investasi dalam bentuk deposito berjangka disajikan sebesar nilai nominal.

Investment in time deposit are stated at nominal value.

(2) Penempatan pada efek yang nilai

wajarnya tersedia (2) Investments in securities for which fair

value is readily available

Investasi ini dapat berupa efek hutang (debt securities) dan efek ekuitas (equity securities) dan reksadana, digolongkan dalam tiga kelompok berikut:

Investments in securities for which fair value is readily available consist of debt and equity securities and mutual funds, which are classified based on management’s intention at acquisition as follows:

(a) Diperdagangkan (trading)

Termasuk dalam kelompok ini adalah efek yang dibeli dan dimiliki untuk dijual kembali dalam waktu dekat, yang biasanya ditunjukkan dengan frekuensi pembelian dan penjualan yang sering. Efek ini dimiliki dengan tujuan untuk menghasilkan laba dari perbedaan harga jangka pendek. Investasi efek diperdagangkan disajikan sebesar nilai wajarnya. Laba dan rugi belum direalisasi akibat kenaikan atau penurunan nilai wajar disajikan dalam laba rugi konsolidasi tahun yang berjalan.

(a) Trading

Investments in securities for trading consist of securities purchased and owned for resale in the near future. Securities for trading usually show a very high frequency of purchases and sales. These securities are owned with the objective of obtaining profit from short-term price differences. Investments in trading securities are stated at fair values. Unrealized gains or losses from the increase or decrease in fair values are recognized in the current operations.

(b) Dimiliki hingga jatuh tempo (held-

to-maturity) Investasi dalam efek hutang yang dimaksudkan untuk dimiliki hingga jatuh tempo diukur sebesar biaya perolehan yang disesuaikan dengan amortisasi premi atau diskonto yang belum diamortisasi.

(b) Held-to-maturity

Investments in debt securities which are held-to-maturity are stated at cost, adjusted for the unamortized premium or discount.

(c) Tersedia untuk dijual

Investasi dalam efek tersedia untuk dijual dinyatakan sebesar nilai wajarnya. Keuntungan dan kerugian yang timbul dari kenaikan atau penurunan nilai wajar diakui langsung dalam ekuitas sampai pada saat efek tersebut dijual atau telah terjadi penurunan nilai. Pada saat itu, keuntungan atau kerugian kumulatif yang sebelumnya diakui dalam ekuitas, diakui dalam laba rugi tahun berjalan.

(c) Available-for-sale

Investments in available-for-sale securities are stated at fair value. Gains or losses arising from increase or decrease in fair values are recognized directly in equity until the security is disposed of or is determined to be impaired, at which time, the cumulative gains or losses previously recognized in equity are included in the current operations.





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Financial Reporting Policies (Continued) g. Investasi (Lanjutan) g. Investments (Continued)

2) Penempatan pada efek yang nilai wajarnya tersedia (Lanjutan)

(2) Investments in securities for which fair value is readily available (Continued)

Bila terjadi penurunan nilai yang bersifat permanen, maka biaya perolehan efek individual harus diturunkan hingga sebesar nilai wajarnya, dan jumlah penurunan nilai tersebut harus diakui dalam laporan laba rugi konsolidasi tahun berjalan sebagai rugi yang telah direalisasi. Selisih antara jumlah yang diterima pada saat pelunasan investasi dengan jumlah tercatatnya diakui pada laporan laba rugi konsolidasi. Untuk menghitung laba atau rugi yang direalisasi, biaya perolehan efek ditentukan berdasarkan metode rata-rata tertimbang, sedangkan biaya perolehan efek yang dimiliki hingga jatuh tempo ditentukan berdasarkan metode identifikasi khusus. Penurunan nilai pasar disajikan sebagai pengurang terhadap investasi efek.

If there is a permanent decline in fair value, the cost basis of the individual security and mutual fund is written-down to its fair value as a new cost basis and the amount of write-down is recognized in the current operations as realized loss. The difference between the total amount received at the time of realization and the carrying value of the investment is recognized in the consolidated statement of income. For the computation of realized gains or losses, the cost of equity securities and mutual fund is determined using the weighted average method, while the cost of debt securities, which are held-to-maturity, is determined using the specific identification method. Allowance for decline in value is presented as a deduction from the outstanding balance of investments in securities.

(3) Investasi jangka panjang dalam bentuk

penyertaan saham yang nilai wajarnya tidak tersedia.

(3) Long-term investments in shares of stock for which fair value is not readily available

Investasi pada Perusahaan Asosiasi Investments in associated companies Investasi dalam bentuk penyertaan saham dengan persentase kepemilikan kurang dari 20% dicatat dengan menggunakan metode biaya.

Investments in shares of stock with ownership interest of less than 20% are accounted for using the cost method

Menurut metode biaya, investasi dicatat sebesar biaya perolehan. Investor mengakui penghasilan hanya sebatas distribusi laba (dividen, kecuali dividen saham) yang diterima yang berasal dari laba bersih yang diakumulasikan oleh perusahaan asosiasi setelah tanggal perolehan. Penerimaan dividen yang melebihi laba tersebut dipandang sebagai pemulihan investasi dan dicatat sebagai pengurangan terhadap biaya investasi.

Under the cost method, an investor records its investment in the investee at cost. The investor recognizes income only to the extent that it receives profit distribution (dividends, except stock dividends) from the accumulated net profits of the investee arising subsequent to the date of acquisition by the investor. Dividends received in excess of such profits are considered as a recovery of investment and are recorded as a reduction of the cost of the investment.





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Financial Reporting Policies (Continued) g. Investasi (Lanjutan) g. Investments (Continued)

(3) Investasi jangka panjang dalam bentuk

penyertaan saham yang nilai wajarnya tidak tersedia. (Lanjutan)

(3) Long-term investments in shares of stock for which fair value is not readily available (Continued)

Investasi pada Perusahaan Asosiasi (Lanjutan)

Investments in associated companies (Continued)

Investasi dalam bentuk saham dimana Perusahaan mempunyai pemilikan saham minimal 20%, tetapi tidak lebih dari 50% dicatat dengan menggunakan metode ekuitas, dimana biaya perolehan dari penyertaan ditambah atau dikurangi dengan bagian Perusahaan atas laba atau rugi bersih perusahaan asosiasi sejak tanggal perolehan sebesar persentase pemilikan serta dikurangi dengan pendapatan dividen.

Investments in shares of stock with ownership interest of 20% to 50%, directly or indirectly owned, are accounted for using the equity method whereby the investor’s proportionate share in the income or loss of the associated company after the date of acquisition is added to or deducted from, and the dividends received are deducted from, the acquisition cost of the investments.

Bila terjadi penurunan nilai yang bersifat permanen, nilai tercatatnya dikurangi untuk mengakui penurunan tersebut yang ditentukan untuk setiap investasi secara individu dan kerugiannya dibebankan pada laporan laba rugi konsolidasi tahun berjalan.

When there is a permanent decline in value of investments, the carrying amount of the investments is written-down to recognize a permanent decline in value of the individual investments, and the amount of write-down is charged directly to current operations.

(4) Hasil Investasi (4) Income from Investments

Hasil investasi dari deposito berjangka dan obligasi diakui atas dasar proporsi waktu dan tingkat bunga yang berlaku. Penghasilan dividen diakui bila hak pemegang saham untuk menerima pembayaran ditetapkan. Keuntungan atau kerugian kurs mata uang asing yang berkaitan dengan deposito berjangka dicatat sebagai bagian dari hasil investasi.

Interest income from investment in time deposits and bonds is recognized on a time proportion basis, based on principal outstanding and prevailing interest rates. Dividend income is recognized when the stockholders’ right to receive payment is established. Gains or losses on foreign exchange difference related to time deposits are presented as part of income from investments.

h. Kas dan Setara Kas h. Cash and Cash Equivalents

Kas terdiri dari kas dan bank. Setara kas adalah semua investasi milik anak perusahaan yang bersifat jangka pendek dan sangat likuid yang dapat segera dikonversikan menjadi kas dengan jatuh tempo dalam waktu tiga bulan atau kurang sejak tanggal penempatannya dan yang tidak dijaminkan serta tidak dibatasi pencairannya.

Cash consists of cash on hand and in banks. Cash equivalents are short-term, highly liquid investments owned by subsidiary that are readily convertible to known amounts of cash with original maturities of three months or less from the date of placements, and which are not used as collateral and are not restricted.





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Financial Reporting Policies (Continued) i. Piutang i. Receivables

Piutang dinyatakan sebesar nilai bersih yang dapat direalisasikan setelah dikurangi dengan penyisihan piutang ragu-ragu. Piutang yang tidak dapat ditagih dihapuskan.

Account receivables are stated at net realizable value, after providing an allowance for doubtful accounts, if any. Accounts receivable deemed uncollectible are written off.

j. Piutang Ragu-ragu j. Allowance for Doubtful Accounts

Penyisihan piutang ragu-ragu dibentuk berdasarkan penelaahan manajemen terhadap masing-masing akun piutang pada akhir tahun.

Allowance for doubtful accounts is estimated based on management’s review of the status of the individual receivable account at the end of the year.

k. Aset Tetap k. Property and Equipment

Aset tetap, kecuali tanah, dinyatakan berdasarkan biaya perolehan, tetapi tidak termasuk biaya perawatan sehari-hari, dikurangi akumulasi penyusutan dan akumulasi rugi penurunan nilai, jika ada. Tanah tidak disusutkan dan dinyatakan berdasarkan biaya perolehan dikurangi akumulasi rugi penurunan nilai, jika ada.

Property and equipment, except land, are carried at cost, excluding day-to day servicing, less accumulated depreciation and any impairment in value. Land is not depreciated and is stated at cost less any impairment in value.

Biaya perolehan awal asset tetap meliputi harga perolehan, termasuk bea impor dan pajak pembelian yang tidak boleh dikreditkan dan biaya-biaya yang dapat diatribusikan secara langsung untuk membawa aset ke lokasi dan kondisi yang diinginkan sesuai dengan tujuan penggunaan yang ditetapkan.

The initial cost of property and equipment consists of its purchase price, including import duties and taxes and any directly attributable costs in bringing the property and equipment to its working condition and location for its intended use.

Beban-beban yang timbul setelah aset tetap digunakan, seperti beban perbaikan dan pemeliharaan, dibebankan ke laba rugi konsolidasi pada saat terjadinya. Apabila beban-beban tersebut menimbulkan peningkatan manfaat ekonomis di masa datang dari penggunaan aset tetap tersebut yang dapat melebihi kinerja normalnya, maka beban-beban tersebut dikapitalisasi sebagai tambahan biaya perolehan aset tetap. Penyusutan dihitung berdasarkan metode garis lurus (straight-line method) selama masa manfaat aset tetap sebagai berikut:

Expenditures incurred after the property and equipment have been put into operations , such as repairs and maintenance costs, are normally charged to operations in the year such costs are incurred. In situations where it can be clearly demonstrated that the expenditures have resulted in an increase in the future economic benefits expected to be obtained from the use of the property and equipment beyond its originally assessed standard of performance, the expenditures are capitalized as additional costs of property and equipment. Depreciation is computed on a straight-line basis over the property and equipment’s useful lives as follows:

Tahun/

Years

Bangunan 20 Buildings Peralatan komputer 4 Computer equipment Inventaris kantor 8 Office furniture and fixtures Kendaraan bermotor 8 Motor vehicles





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Financial Reporting Policies (Continued) k. Aset Tetap (Lanjutan) k. Property and Equipment (Continued)

Dalam setiap inspeksi yang signifikan, biaya inspeksi diakui dalam jumlah tercatat aset tetap sebagai suatu penggantian apabila memenuhi kriteria pengakuan. Biaya inspeksi signifikan yang dikapitalisasi tersebut diamortisasi selama periode sampai dengan saat inspeksi signifikan berikutnya. Aset tetap yang dijual atau dilepaskan, dikeluarkan dari kelompok aset tetap berikut akumulasi penyusutan serta akumulasi penurunan nilai yang terkait dengan aset tetap tersebut.

When each major inspection is performed, its cost is recognized in the carrying amount of the item of property and equipment as a replacement if the recognition criteria are satisfied. Such major inspection is capitalized and amortized over the next major inspection activity. When assets are sold or retired, the cost and related accumulated depreciation and any impairment loss are eliminated from the accounts.

Jumlah tercatat aset tetap dihentikan pengakuannya (derecognized) pada saat dilepaskan atau tidak ada manfaat ekonomis masa depan yang diharapkan dari penggunaan atau pelepasannya. Laba atau rugi yang timbul dari penghentian pengakuan aset tetap ditentukan sebesar perbedaan antara jumlah neto hasil pelepasan, jika ada, dengan jumlah tercatat dari aset tetap tersebut, dan diakui dalam laporan laba rugi konsolidasi pada tahun terjadinya penghentian pengakuan.

An item of property and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gains or loss arising from derecognition of property and equipment (calculated as the difference between the net disposal proceeds, if any, and the carrying amount of the item) is included in the consolidated statement of income in the year the item is derecognized.

Nilai residu, umur manfaat, serta metode penyusutan dan amortisasi ditelaah setiap akhir tahun dan dilakukan penyesuaian apabila hasil telaah berbeda dengan estimasi sebelumnya.

The asset’s residual values, useful lives and depreciation and amortization method are reviewed and adjusted if appropriate, at each financial year end.

l. Penurunan Nilai Aset l. Impairment of Assets

Manajemen menelaah ada atau tidaknya indikasi penurunan nilai aset pada tanggal neraca dan kemungkinan penyesuaian ke yang dapat diperoleh kembali (recoverable amount) apabila terdapat keadaan yang mengindikasikan penurunan nilai aset tersebut.

An assessment by management of the asset value is made at each balance sheet date to determine whether there is any indication of impairment of any asset and possible write-down to its recoverable amount whenever events or changes in circumstances indicate that the asset value may not be recoverable.

Kerugian penurunan nilai diakui jika nilai tercatat aset melebihi nilai yang dapat diperoleh kembali. Nilai aset yang dapat diperoleh kembali dihitung berdasarkan nilai pakai atau harga jual bersih, mana yang lebih tinggi. Di lain pihak, pemulihan penurunan nilai diakui apabila terdapat indikasi bahwa penurunan nilai tersebut tidak lagi terjadi.

An impairment loss is recognized only if the carrying amount of an asset exceeds its recoverable amount. An asset’s recoverable amount is computed as the higher of the asset’s value in use and its net selling price. On the other hand, a reversal of an impairment loss is recognized whenever there is indication that the asset is not impaired anymore.

Penurunan (pemulihan) nilai aset diakui sebagai beban (pendapatan) pada laba rugi tahun berjalan.

The amount of impairment loss (reversal of impairment loss) is charged to (credited in) current year’s operations.





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Financial Reporting Policies (Continued) m. Pengakuan Pendapatan Premi m. Premium Income Recognition

Premi dari kontrak asuransi dan reasuransi diakui sebagai pendapatan sesuai periode polis (kontrak) berdasarkan proporsi jumlah proteksi yang diberikan. Premi dari polis bersama diakui sebesar pangsa premi Perusahaan. Premi hak reasuradur diakui sebagai premi asuransi selama periode kontrak reasuransi secara proporsional dengan proteksi yang diperoleh.

Premiums on insurance and reinsurance contracts are recognized as revenue over the policy contract period in proportion to the insurance coverage provided. Premium from coinsurance is recognized as income based on the Company’s proportionate share in the premium. Premium due to reinsurance company is recognized as reinsurance premium during the period of reinsurance contract in proportion to the insurance coverage received.

Premi belum merupakan pendapatan dihitung secara agregatif dengan menggunakan persentase sesuai dengan Surat Keputusan Menteri Keuangan Republik Indonesia No. 424/KMK.06/2003 yaitu sekurang-kurangnya 10% dari premi neto untuk polis dengan masa pertanggungan tidak lebih dari satu (1) bulan dan 40% dari premi neto untuk polis dengan masa pertanggungan lebih dari satu (1) bulan.

Unearned premiums are calculated in aggregate using a percentage in accordance with the Decision Letter of the Minister of Finance of the Republic of Indonesia No. 424/KMK.06/2003 which is minimum of 10% of net premium for insurance policy with period covering not more than one (1) month and minimum of 40% of the net premium for insurance policy with period covering more than one (1) month.

Kenaikan atau penurunan premi yang belum merupakan pendapatan adalah selisih antara saldo premi yang belum merupakan pendapatan tahun berjalan dan tahun lalu.

The increase or decrease in unearned premiums represents the difference of the balances of unearned premiums between the current and the prior year.

Perusahaan mereasuransikan sebagian risiko atas akseptasi pertanggungan yang diperoleh kepada perusahaan asuransi lain dan perusahaan reasuransi. Jumlah premi dibayar atau bagian premi atas transaksi reasuransi prospektif diakui sebagai premi reasuransi sesuai periode kontrak reasuransi secara proporsional dengan proteksi yang diberikan. Pembayaran atau kewajiban atas transaksi reasuransi retrospektif diakui sebagai piutang reasuransi sebesar kewajiban yarg dibukukan sehubungan kontrak reasuransi tersebut.

The Company reinsured part of its total accepted risk to other insurance and reinsurance companies. The premium paid to the reinsurer or the insurer’s share in the premium on prospective reinsurance transaction is recognized as reinsurance premium (contra premium account) over the reinsurance contract period in proportion to the insurance coverage provided. A payment or obligation for retrospective reinsurance transaction is recognized as reinsurance receivable from the reinsurer in the amount equivalent to the payment made or recorded liability in relation to the reinsurance contract.

Pendapatan premi dalam laporan laba rugi konsolidasi menunjukkan jumlah premi bruto, dikurangi premi reasuransi, dan kenaikan atau penurunan premi yang belum merupakan pendapatan.

Underwriting income in the consolidated statement of income is presented at gross premiums, reduced by reinsurance premiums and decrease or increase in unearned premiums.





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Financial Reporting Policies (Continued) n. Beban Klaim n. Claims Expense

Klaim meliputi klaim disetujui (settled claims), klaim dalam proses penyelesaian termasuk klaim yang terjadi namun belum dilaporkan dan beban penyelesaian klaim. Beban klaim diakui sebagai beban pada saat timbulnya kewajiban untuk memenuhi klaim. Bagian klaim reasuradur diakui dan dicatat sebagai pengurang beban klaim pada periode yang sama dengan periode pengakuan beban klaim. Hak subrogasi diakui sebagai pengurang beban klaim pada saat realisasi.

Claims consist of settled claims, claims in process, including claims incurred but not yet reported, and claim settlement expenses. Claims are recognized as expenses when the obligation to settle the claims was incurred. The portion of claims recovered from reinsurers are recorded and recognized as deduction from claim expenses in the same period when the claim expenses are recognized. Subrogation rights are recognized as deduction from claims expense upon realization.

Jumlah klaim dalam proses penyelesaian (estimasi klaim retensi sendiri) dihitung berdasarkan estimasi kerugian retensi sendiri dari klaim yang pada tanggal neraca masih dalam proses penyelesaian, termasuk klaim yang sudah terjadi namun belum dilaporkan. Perubahan dalam estimasi klaim retensi sendiri diakui dalam laporan laba rugi konsolidasi pada tahun terjadinya perubahan. Kenaikan (penurunan) estimasi klaim retensi sendiri adalah selisih antara klaim retensi sendiri tahun berjalan dengan tahun lalu.

Claims in process (estimated own retention claims) are computed based on the Company's own retention share of the claims in process at balance sheet date, including claims incurred but not yet reported. Changes in estimated own retention claims are recognized in the consolidated statements of income at the time of change. The increase or decrease in estimated own retention claims represents the difference between the estimated own retention claims for the current year and the prior year.

Beban klaim menunjukkan jumlah klaim bruto, dikurangi klaim reasuransi, dan kenaikan atau penurunan estimasi klaim retensi sendiri.

Claims expense represents gross claims, reduced by reinsurance claims and increase or decrease in estimated own retention claims.

o. Komisi o. Commission Komisi yang diberikan kepada pialang asuransi, dan perusahaan asuransi lain sehubungan dengan penutupan pertanggungan dicatat sebagai beban komisi, sedangkan komisi yang diperoleh dari transaksi reasuransi dicatat sebagai pengurang beban komisi, dan diakui dalam laporan laba rugi konsolidasi pada saat terjadinya.

Commissions due to insurance brokers, agents and other insurance companies in connection with the insurance coverage are recorded as commission expense when incurred, whereas commissions obtained from reinsurance transactions are recorded as deduction from commission expense, and recognized when earned.

p. Beban Usaha p. Operating Expenses

Beban usaha dan beban lain-lain diakui pada saat terjadinya (accrual basis).

Operating and other expenses are recognized when incurred (accrual basis).





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Financial Reporting Policies (Continued) q. Imbalan Kerja q. Employee Benefits

Imbalan kerja jangka pendek Imbalan kerja jangka pendek merupakan upah, gaji, bonus, tunjangan hari raya dan iuran jaminan sosial (Jamsostek). Imbalan kerja jangka pendek diakui sebesar jumlah yang tak terdiskonto sebagai kewajiban pada neraca konsolidasi setelah dikurangi dengan jumlah yang telah dibayar, dan sebagai beban pada laba rugi konsolidasi tahun berjalan.

Short-term employee benefits Short-term employee benefits are in the form of wages, salaries, bonuses, holiday allowances and social security (Jamsostek) contribution. Short-term employee benefits are recognized at its undiscounted amount as a liability, after deducting any amount already paid, in the consolidated balance sheets and as an expense in the consolidated statements of income.

Imbalan pasca-kerja Imbalan pasca-kerja merupakan manfaat pasti yang dibentuk dengan pendanaan khusus melalui program dana pensiun dan didasarkan pada masa kerja dan jumlah penghasilan karyawan pada saat pensiun. Metode penilaian aktuarial yang digunakan untuk menentukan nilai kini kewajiban imbalan pasti, beban jasa kini yang terkait dan beban jasa lalu adalah metode Projected Unit Credit. Beban jasa kini, beban bunga, beban jasa lalu yang telah menjadi hak karyawan, hasil yang diharapkan dari aset program, dan dampak kurtailmen atau penyelesaian (jika ada) diakui pada laba rugi konsolidasi tahun berjalan. Beban jasa lalu dan keuntungan atau kerugian aktuarial bagi karyawan yang masih aktif bekerja diamortisasi selama jangka waktu rata-rata sisa masa kerja karyawan, hingga manfaat menjadi hak karyawan.

Post-employment benefits Post-employment benefits are funded defined-benefit plans through a certain pension fund which amounts are determined based on years of service and salaries of the employees at the time of pension. The actuarial valuation method used to determine the present value of defined-benefit reserve, related current service costs and past service costs is the Projected Unit Credit. Current service costs, interest costs, past service costs which are vested, expected return on plan assets and effects of curtailments and settlements (if any) are charged directly to current operations. Past service costs which are not yet vested and actuarial gains or losses for working (active) employees are amortized during the employees’ average remaining years of service, until the benefits become vested.

Selanjutnya, Perusahaan juga membukukan imbalan pasti pasca-kerja untuk karyawan sesuai dengan Undang-undang Ketenagakerjaan No. 13/2003.

The Company also provides employee benefits as required under Labor Law No. 13/2003.

Kewajiban imbalan pasca-kerja disajikan bersih sebesar nilai kini kewajiban imbalan pasti setelah memperhitungkan keuntungan atau kerugian aktuarial yang tidak diakui, beban jasa lalu yang belum diakui dan nilai wajar aset program.

Post-employment benefits reserve is presented at the present value of defined-benefit reserve net of unrecognized actuarial gains or losses, unrecognized past service costs and fair value of plan assets.

r. Pajak Penghasilan r. Income Tax

Beban pajak kini ditentukan berdasarkan laba kena pajak dalam tahun yang bersangkutan yang dihitung berdasarkan tarif pajak yang berlaku.

Current tax expense is determined based on the taxable income for the year computed using prevailing tax rates.





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Financial Reporting Policies (Continued)

r. Pajak Penghasilan (Lanjutan) r. Income Tax (Continued) Aset dan kewajiban pajak tangguhan diakui atas konsekuensi pajak periode mendatang yang timbul dari perbedaan jumlah tercatat aset dan kewajiban menurut laporan keuangan dengan dasar pengenaan pajak aset dan kewajiban. Kewajiban pajak tangguhan diakui untuk semua perbedaan temporer kena pajak dan aset pajak tangguhan diakui untuk perbedaan temporer yang boleh dikurangkan, sepanjang besar kemungkinan timbulnya laba fiskal dan besar kemungkinan perbedaan temporer dapat dimanfaatkan untuk mengurangi laba kena pajak pada masa datang.

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax liabilities are recognized for all taxable temporary differences and deferred tax assets are recognized for deductible temporary differences to the extent that it is probable that taxable income will be available in future periods against which the deductible temporary differences can be utilized.

Pajak tangguhan diukur dengan menggunakan tarif pajak yang berlaku atau secara substansial telah berlaku pada tanggal neraca. Pajak tangguhan dibebankan atau dikreditkan dalam laporan laba rugi konsolidasi, kecuali pajak tangguhan yang dibebankan atau dikreditkan langsung ke ekuitas.

Deferred tax is calculated at the tax rates that have been enacted or substantively enacted at balance sheet date. Deferred tax is charged to or credited in the consolidated statements of income, except when it relates to items charged to or credited directly in equity, in which case the deferred tax is also charged to or credited directly in equity.

Aset dan kewajiban pajak tangguhan disajikan di neraca konsolidasi, kecuali aset dan kewajiban pajak tangguhan untuk entitas yang berbeda, atas dasar kompensasi sesuai dengan penyajian aset dan kewajiban pajak kini.

Deferred tax assets and liabilities are offset in the consolidated balance sheets, except if these are for different legal entities, in the same manner the current tax assets and liabilities are presented.

Tambahan kewajiban pajak diakui pada saat hasil pemeriksaan diterima, atau jika Perusahaan mengajukan keberatan, ketika hasil banding tersebut telah ditetapkan.

Amendments to tax obligations are recorded when an assessment is received or, if appealed against by the Company and its subsidiary, when the result of the appeal has been determined.

s. Laba Per Saham s. Earnings per Share

Laba per saham dasar dihitung dengan membagi laba bersih dengan jumlah rata-rata tertimbang saham yang beredar pada tahun yang bersangkutan yang telah disesuaikan dengan dampak dari semua efek berpotensi saham biasa yang dilutif.

Basic earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the year, adjusted for the effect of any potentially dilutive ordinary shares.

t. Informasi Segmen t. Segment Information

Informasi segmen disusun sesuai dengan kebijakan akuntansi yang dianut dalam penyusunan dan penyajian laporan keuangan konsolidasi. Bentuk primer pelaporan segmen adalah segmen usaha sedangkan segmen sekunder adalah segmen geografis.

Segment information is prepared using the accounting policies adopted for preparing and presenting the consolidated financial statements. The primary segment information is based on business segments, while secondary segment information is based on geographical segments.





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Financial Reporting Policies (Continued) t. Informasi Segmen (Lanjutan) t. Segment Information (Continued)

Segmen usaha adalah komponen Perusahaan yang dapat dibedakan dalam menghasilkan produk atau jasa (baik produk atau jasa individual maupun kelompok produk atau jasa terkait) dan komponen itu memiliki risiko dan imbalan yang berbeda dengan risiko dan imbalan segmen lain.

A business segment is a distinguishable component of an enterprise that is engaged in providing an individual product or service or a group of related products or services and that is subject to risks and returns that are different from the other business segments.

Segmen geografis adalah komponen Perusahaan yang dapat dibedakan dalam menghasilkan produk atau jasa pada lingkungan (wilayah) ekonomi tertentu dan komponen itu memiliki risiko dan imbalan yang berbeda dengan risiko dan imbalan pada komponen yang beroperasi pada lingkungan (wilayah) ekonomi lain.

A geographical segment is a distinguishable component of an enterprise that is engaged in providing products or services within a particular economic environment and that is subject to risks and returns that are different from those components operating in other economic environments.

3. Investasi 3. Investments

a. Deposito Berjangka a. Time Deposits

2008 2007Rp Rp

Rupiah RupiahPT Bank Negara Indonesia (Persero) Tbk 21.348.000.000 11.433.000.000 PT Bank Negara Indonesia (Persero) TbkPT Bank Rakyat lndonesia (Persero) Tbk 19.934.000.000 12.734.000.000 PT Bank Rakyat lndonesia (Persero) Tbk PT Bank Mandiri (Persero) Tbk 19.130.500.000 18.808.480.128 PT Bank Mandiri (Persero) TbkPT Bank Tabungan Negara 18.176.000.000 16.946.000.000 PT Bank Tabungan NegaraPT Bank CIMB Niaga Tbk PT Bank CIMB Niaga Tbk

(dahulu PT Bank Niaga Tbk) 17.715.000.000 14.598.000.000 (formerly PT Bank Niaga Tbk)PT Bank Bukopin 2.108.000.000 2.363.000.000 PT Bank BukopinPT Bank Syariah Mandiri 1.322.000.000 1.047.000.000 PT Bank Syariah MandiriPT Bank Syariah Muamalat Indonesia Tbk 1.200.000.000 - PT Bank Syariah Muamalat Indonesia TbkPT Bank Tabungan Negara Syariah 1.045.000.000 530.000.000 PT Bank Tabungan Negara SyariahPT Bank BNI Syariah 1.010.000.000 210.000.000 PT Bank BNI SyariahPT Bank Commonwealth 767.000.000 - PT Bank CommonwealthPT Bank Syariah Mega Indonesia 725.000.000 150.000.000 PT Bank Syariah Mega IndonesiaCitibank, N.A., Jakarta 600.000.000 1.790.000.000 Citibank, N.A., Jakarta PT Bank Bukopin Syariah 600.000.000 150.000.000 PT Bank Bukopin SyariahPT Bank Mestika 572.000.000 310.000.000 PT Bank MestikaPT Bank Sinar Harapan Bali 518.000.000 518.000.000 PT Bank Sinar Harapan BaliPT Bank Niaga Syariah 500.000.000 200.000.000 PT Bank Niaga SyariahPT Bank BRI Syariah 500.000.000 200.000.000 PT Bank BRI SyariahPT Bank Prima 434.000.000 - PT Bank PrimaPT Bank Sumut 343.000.000 93.000.000 PT Bank SumutPT Bank Mega Tbk 330.000.000 2.009.000.000 PT Bank Mega TbkPT Bank Tabungan Pensiunan Nasional 260.000.000 250.000.000 PT Bank Tabungan Pensiunan NasionalPT Bank Pan Indonesia Tbk 200.000.000 390.000.000 PT Bank Pan Indonesia TbkPT Bank Persyarikatan 160.000.000 360.000.000 PT Bank PersyarikatanPT Bank Permata Tbk 64.000.000 164.000.000 PT Bank Permata TbkPT Bank Artha Niaga Kencana - 1.152.000.000 PT Bank Artha Niaga KencanaPT Bank Prima - 548.000.000 PT Bank PrimaPT Bank Muamalat - 400.000.000 PT Bank MuamalatPT Bank Lippo Tbk (merger dengan PT Bank Lippo Tbk (merged with

PT Bank CIMB Niaga Tbk pada 2008) - 300.000.000 PT Bank CIMB Niaga Tbk in 2008)PT Bank Jasa Arta - 52.000.000 PT Bank Jasa ArtaPT Bank OCBC NISP Tbk PT Bank OCBC NISP Tbk

(dahulu PT Bank NISP Tbk) - 50.000.000 (formerly PT Bank NISP Tbk)

Jumlah 109.561.500.000 87.755.480.128 Subtotal





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3. Investasi (Lanjutan) 3. Investments (Continued)

a. Deposito Berjangka (Lanjutan) a. Time Deposits (Continued)

2008 2007Rp Rp

Dolar Amerika Serikat (Catatan 32) U.S. Dollar (Note 32)PT Bank Negara Indonesia (Persero) Tbk 273.750.000 8.712.575.000 PT Bank Negara Indonesia (Persero) TbkPT Bank Mandiri (Persero) Tbk 3.714.819.693 3.315.906.298 PT Bank Mandiri (Persero) TbkPT Bank Rakyat lndonesia (Persero) Tbk 76.650.000 65.933.000 PT Bank Rakyat lndonesia (Persero) Tbk Citibank, N.A., Jakarta 14.454.000.000 - Citibank, N.A., Jakarta

Jumlah 18.519.219.693 12.094.414.298 Subtotal

Jumlah 128.080.719.693 99.849.894.426 Total

Tingkat bunga per tahun Interest rates per annumRupiah 4,43% - 13,01% 2,75% - 11,65% RupiahDolar Amerika Serikat 0,04% - 3,76% 3,00% - 4,36% U.S. Dollar

Deposito berjangka merupakan penempatan dana untuk jangka waktu satu sampai dengan dua belas bulan.

Time deposits represent short-term time deposit placements with maturities of one to twelve months.

Pada tanggal 31 Desember 2008, deposito berjangka pada PT Bank Mandiri (Persero) Tbk, PT Bank Negara Indonesia (Persero) Tbk dan PT Bank Tabungan Negara (Persero) Tbk masing-masing sebesar Rp 4.175.000.000, Rp 4.450.000.000 dan Rp 2.560.000.000 merupakan dana jaminan yang dititipkan pada PT Bank Mandiri (Persero) Tbk, pihak ketiga, sebagai bank kustodi.

As of December 31, 2008, time deposits with PT Bank Mandiri (Persero) Tbk, PT Bank Negara Indonesia (Persero) Tbk and PT Bank Tabungan Negara (Persero) Tbk amounting to Rp 4,175,000,000, Rp 4,450,000,000 and Rp 2,560,000,000, respectively, are guarantee fund which were placed with PT Bank Mandiri (Persero) Tbk, custodian bank-third party.

Pada tanggal 31 Desember 2007, deposito berjangka pada PT Bank Mandiri (Persero) Tbk, PT Bank Negara Indonesia (Persero) Tbk dan PT Bank Tabungan Negara (Persero) Tbk masing-masing sebesar Rp 1.675.000.000, Rp 450.000.000 dan Rp 60.000.000 merupakan deposito wajib atas nama Menteri keuangan qq Perusahaan.

As of December 31, 2007, time deposits with PT Bank Mandiri (Persero) Tbk, PT Bank Negara Indonesia (Persero) Tbk and PT Bank Tabungan Negara (Persero) Tbk amounting to Rp 1,675,000,000, Rp 450,000,000 and Rp 60,000,000, respectively, are compulsory time deposits in the name of the Minister of Finance on behalf of the Company.

Berdasarkan Peraturan Pemerintah No. 39/2008 tentang perubahan kedua atas Peraturan Pemerintah No. 73/1992 dan Surat Keputusan Menteri Keuangan Republik Indonesia No. 424/KMK.06/2003 pasal 36 ayat 1,jumlah dana jaminan adalah sebesar 20% dari modal setor minimum yang dipersyaratkan ditambah 1% dari premi neto yang selanjutnya diubah dengan Peraturan Menteri Keuangan No. 158/PMK.010/2008 tanggal 28 Oktober 2008 dimana dana jaminan bagi perusahaan asuransi kerugian adalah jumlah yang lebih besar antara 20% dari modal sendiri yang dipersyaratkan dan hasil penjumlahan 1% dari premi neto dengan 0,25% dari premi reasuransi. Perusahaan telah memenuhi ketentuan mengenai besarnya dana jaminan tersebut diatas

In accordance with Government Regulation No. 39/1998 regarding the second amendment of Government Regulation No. 73/1992, and article 36, paragraph 1 of the Decree of the Minister of Finance of the Republic of Indonesia No. 424/KMK.06/2003, the required total guarantee fund is equivalent to 20% of the minimum required paid-up capital stock plus 1% of the net premium earned. The regulation has been amended through Regulation of Minister of Finance No. 158/PMK.010/2008 dated October 28, 2008. stating that the guarantee fund is equivalent to 20% of required capital plus 1% of net premium plus 0.25% of reinsurance premium. The Company’s total gurantee fund is already in compliance with such statutory requirements.





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b. Obligasi Dimiliki Hingga Jatuh Tempo b. Bonds Held-to-Maturity

Tanggal 2007

Jatuh Tempo/ Peringkat/ Nilai Nominal/ Peringkat/ Nilai Nominal/Maturity Date Rating Nominal Value Rating Nominal Value

Rp Rp

BTN XI Tahun 2005(Tingkat bunga 12% per tahun)/(Interest rate 11.07 per annum ) 6 Juli/July 6, 2010 idAA- 1.000.000.000 idA 1.000.000.000

SBSN Ijarah IFR 0001(Tingkat bunga 11,80% per tahun)/(Interest rate 11.07 per annum ) 15 Februari/February 15, 2015 - 3.000.000.000 - -

4.000.000.000 1.000.000.000

2008

Pada tanggal 31 Desember 2008 dan 2007, peringkat yang digunakan adalah berdasarkan peringkat yang dibuat oleh PT Pemeringkat Efek Indonesia (Pefindo).

As of December 31, 2008 and 2007, the rating used was based on the rating made by PT Pemeringkat Efek Indonesia (Pefindo).

c. Surat Berharga Untuk Diperdagangkan -

Nilai Wajar c. Trading Securities - at Fair Value

2008 2007Rp Rp

Saham Equity SecuritiesPT Maskapai Reasuransi PT Maskapai Reasuransi

Indonesia Tbk, 771.485 saham 134.238.390 173.584.125 Indonesia Tbk, 771,485 sharesPT Kalbe Farma Tbk, 167.500 saham 67.000.000 211.050.000 PT Kalbe Farma Tbk, 167,500 sharesPT Enseval Tbk, 20.000 saham 6.500.000 15.400.000 PT Enseval Tbk, 20,000 sharesLain-lain (masing-masing saldo

dibawah Rp 10 juta) 1.511.000 2.186.000 Others (below Rp 10 million each)

209.249.390 402.220.125Reksadana Mutual Funds

Trim Syariah Saham 294.167.005 999.398.260 Trim Syariah SahamTrim Syariah Berimbang 186.070.810 413.952.916 Trim Syariah BerimbangTrim Syariah Dana Stabil - 2.176.087.775 Trim Syariah Dana StabilGanesha Abadi - 1.640.720.347 Ganesha Abadi

Jumlah 480.237.815 5.230.159.298 Total

Jumlah 689.487.205 5.632.379.423 Total

Biaya perolehan saham pada tanggal 31 Desember 2008 dan 2007 masing-masing sebesar Rp 252.862.250 dan Rp 252.945.715.

As of December 31, 2008 and 2007, the cost of trading equity securities amounted to Rp 252,862,250 and Rp 252,945,715.

Biaya perolehan reksadana pada tanggal 31 Desember 2008 dan 2007 masing-masing sebesar Rp 1.000.000.000 dan Rp 4.500.000.000.

As of December 31, 2008 and 2007, the cost of investments in mutual funds amounted to Rp 1,000,000,000 and Rp 4,500,000,000, respectively.

Nilai wajar surat berharga yang diperdagangkan didasarkan pada harga pasar surat berharga yang tercatat pada tanggal 31 Desember 2008 dan 2007. Keuntungan (kerugian) belum direalisasi akibat kenaikan harga surat berharga masing-masing sebesar (Rp 1.126.084.097) tahun 2008 dan Rp 802.332.233 tahun 2007 (Catatan 25).

Fair values of trading securities were based on the quoted market value as of December 31, 2008 and 2007. Unrealized gain (loss) from the increase (decrease) in fair values of trading securities amounted to (Rp 1,126,084,097) in 2008 and Rp 802,332,233 in 2007 (Note 25).





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c. Surat Berharga Untuk Diperdagangkan -

Nilai Wajar (Lanjutan) c. Trading Securities - at Fair Value

(Continued)

Penghasilan dividen dari saham yang diperdagangkan sebesar Rp 22.502.873 tahun 2008 dan nihil tahun 2007 (Catatan 25).

Dividend income from trading equity securities amounted to Rp 22,502,873 in 2008 and nil in 2007 (Note 25).

d. Investasi Saham d. Investments in Shares of Stock

Persentase

Tempat kepemilikan/Kedudukan/ Jenis Usaha/ Percentage ofDomicilie Type of Business Ownership 2008 2007

Rp Rp

Perusahaan asosiasi (metode ekuitas)/Associated companies (equity method)

PT Binasentra Purna Jakarta Broker asuransi/Insurance Brokerage 20 4.756.709.096 4.182.590.678

PT Saturama Wicaksana Jakarta Perdagangan/Trading 50 1.280.861.909 1.226.451.919

Jumlah/Total 6.037.571.005 5.409.042.597

Perusahaan lain (metode biaya)/Other companies (cost method)

PT Bringin Sejahtera Artamakmur Jakarta Asuransi/Insurance 10 3.350.000.000 2.850.000.000PT Staco Jasapratama Jakarta Asuransi/Insurance 5 1.066.500.000 1.066.500.000PT Asuransi MAIPARK Indonesia Jakarta Asuransi/Insurance 0,5 238.200.000 238.200.000

Jumlah/Total 4.654.700.000 4.154.700.000

Jumlah/Total 10.692.271.005 9.563.742.597

Name of CompanyNama perusahaan/

Mutasi Investasi dengan metode ekuitas: The changes in investments in shares of

stock under the equity method are as follows:

2008 2007Rp Rp

PT Binasentra Purna PT Binasentra PurnaSaldo awal 4.182.590.678 3.276.314.024 Beginning balanceBagian laba bersih perusahaan Equity in net income during

asosiasi (Catatan 25) 3.280.737.562 1.843.552.477 the year (Note 25)Dividen yang diterima (2.706.619.144) (937.275.823) Dividends received

Saldo akhir 4.756.709.096 4.182.590.678 Ending balance

PT Saturama Wicaksana PT Saturama WicaksanaSaldo awal 1.226.451.919 1.203.424.692 Beginning balanceBagian laba bersih perusahaan Equity in net income during

asosiasi (Catatan 25) 54.409.990 23.027.227 the year (Note 25)

Saldo akhir 1.280.861.909 1.226.451.919 Ending balance

Penghasilan dividen dari penyertaan saham pada perusahaan lain (metode biaya) sebesar Rp 1.118.860.000 tahun 2008 dan Rp 1.261.102.193 tahun 2007 (Catatan 25).

Dividend income from investments in shares of stock of other companies (cost method) amounted to Rp 1,118,860,000 in 2008 and Rp 1,261,102,193 in 2007 (Note 25).





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4. Kas dan Setara Kas 4. Cash and Cash Equivalents

2008 2007Rp Rp

Kas 145.368.000 136.432.613 Cash on hand

Bank Cash in banksRupiah Rupiah

PT Bank Mandiri (Persero) Tbk 4.856.763.083 4.028.318.477 PT Bank Mandiri (Persero) Tbk PT Bank Rakyat lndonesia (Persero) Tbk 2.148.788.461 1.365.115.105 PT Bank Rakyat lndonesia (Persero) TbkPT Bank Negara Indonesia PT Bank Negara Indonesia

(Persero) Tbk 2.613.199.280 1.346.126.465 (Persero) TbkPT Bank Tabungan Negara PT Bank Tabungan Negara

(Persero) Tbk 582.403.354 768.908.348 (Persero) TbkPT Bank Central Asia Tbk 322.962.335 530.826.851 PT Bank Central Asia TbkLainnya (masing-masing dibawah

Rp 300 juta) 862.392.375 873.138.569 Others (less than Rp 300 million each)Jumlah 11.386.508.888 8.912.433.815 Subtotal

Dolar Amerika Serikat (Catatan 32) U.S. Dollar (Note 32)PT Bank Mandiri (Persero) Tbk 1.369.958.366 664.398.161 PT Bank Mandiri (Persero) Tbk Citibank, N.A., Jakarta 52.997.453 661.046.756 Citibank, N.A., JakartaPT Bank Negara Indonesia 513.583.908 324.746.320 PT Bank Negara Indonesia Lainnya (masing-masing dibawah

Rp 100 juta) 14.033.301 68.356.696 Others (less than Rp 100 million each)Jumlah 1.950.573.028 1.718.547.933 Subtotal

Jumlah 13.337.081.916 10.630.981.748 Total

Deposito berjangka - Rupiah Time deposit - RupiahPT Bank Tabungan Negara 3.000.000.000 700.000.000 PT Bank Tabungan Negara

Jumlah 16.482.449.916 11.467.414.361 Total

Tingkat bunga deposito berjangka pada tahun 2008 dan 2007 masing-masing adalah sebesar 9,83% dan 7,25%,.

Interest rate on time deposit in 2008 and 2007 is 9.83% and 7.25%, respectively.

5. Piutang Premi 5. Premiums Receivable

a. Berdasarkan tertanggung dan asuradur a. By insured and ceding company

2008 2007Rp Rp

Pihak yang mempunyai hubunganistimewa (Catatan 31) 222.420.944 112.941.282 Related parties (Note 31)

Pihak ketiga 58.964.475.366 35.751.419.365 Third partiesPenyisihan piutang ragu-ragu (606.074.661) (321.447.247) Allowance for doubtful accountsBersih 58.358.400.705 35.429.972.118 Subtotal

Jumlah piutang premi 58.580.821.649 35.542.913.400 Total

b. Berdasarkan umur (hari) b. By age category (in days)

2008 2007Rp Rp

1 - 60 hari 55.080.415.268 33.988.011.720 1 - 60 dayslebih dari 60 hari 4.106.481.042 1.876.348.927 More than 60 days

Jumlah 59.186.896.310 35.864.360.647 TotalPenyisihan piutang ragu-ragu (606.074.661) (321.447.247) Allowance for doubtful accounts

Bersih 58.580.821.649 35.542.913.400 Net





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5. Piutang Premi (Lanjutan) 5. Premiums Receivable (Continued)

c. Berdasarkan mata uang c. By currency

2008 2007Rp Rp

Rupiah 36.677.649.885 25.262.248.167 Rupiah

Mata uang asing (Catatan 32) Foreign currencies (Note 32)Dolar Amerika Serikat 22.347.511.680 10.333.217.559 U.S. DollarEuro 35.895.762 160.672.718 EuroYen Jepang 59.731.285 51.076.503 Japanese YenDolar Singapura 55.908.983 41.777.792 Singapore DollarPoundsterling Inggris 9.624.665 11.658.548 Great Britain PoundsterlingLainnya 574.050 3.709.360 Others

Jumlah 59.186.896.310 35.864.360.647 TotalPenyisihan piutang ragu-ragu (606.074.661) (321.447.247) Allowance for doubtful accounts

Bersih 58.580.821.649 35.542.913.400 Net

Mutasi penyisihan piutang ragu-ragu: Changes in allowance for doubtful accounts:

2008 2007Rp Rp

Saldo awal tahun 321.447.247 620.758.605 Balance at beginning of the yearPenambahan (Catatan 26) 1.280.817.332 1.569.512.036 Additions (Note 26)Penghapusan (996.189.918) (1.868.823.394) Write-off

Saldo akhir tahun 606.074.661 321.447.247 Balance at end of the year

Manajemen berpendapat bahwa penyisihan piutang ragu-ragu atas piutang premi adalah memadai untuk menutup kemungkinan kerugian dari tidak tertagihnya piutang tersebut.

Based on the review of the status of individual premium receivable account, management believes that the allowance for doubtful accounts is adequate to cover possible losses from uncollectible receivables.

Manajemen berpendapat bahwa tidak terdapat risiko yang terkonsentrasi secara siginifikan atas piutang premi dari pihak ketiga.

Management believes that there are no significant concentrations of credit risk in premium receivables from third parties.

Transaksi dengan pihak yang mempunyai hubungan istimewa dilaksanakan dengan syarat dan kondisi yang sama sebagaimana bila dilaksanakan dengan pihak ketiga (Catatan 31).

Transactions with related parties were done under terms and conditions similar to those done with third parties (Note 31).

Per 31 Desember 2008 dan 2007, piutang premi diperkenankan merupakan piutang premi berumur kurang dari 60 hari masing-masing sebesar Rp 55.080.415.268 dan Rp 33.988.011.722.

As of December 31, 2008 and 2007, admitted premiums receivable representing premiums receivable with age of and less than 60 days amounted to Rp 55,080,415,268 and Rp 33,988,011,722, respectively.





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6. Piutang Reasuransi 6. Reinsurance Receivables

a. Berdasarkan tertanggung dan asuradur a. By insured and ceding company

2008 2007Rp Rp


Pihak ketiga 57.977.832.599 38.852.101.616 Third parties

Jumlah 58.567.232.788 39.755.678.193 Total

b. Berdasarkan umur (hari) b. By age category (in days)

2008 2007Rp Rp

1 - 60 hari 37.699.781.970 24.492.100.771 1 - 60 daysLebih dari 60 hari 20.867.450.818 15.263.577.422 More than 60 days

Jumlah 58.567.232.788 39.755.678.193 Total

c. Berdasarkan mata uang c. By currency

2008 2007Rp Rp

Rupiah 32.750.672.986 29.923.343.668 RupiahMata uang asing (Catatan 32) Foreign currencies (Note 32)

Dolar Amerika Serikat 24.374.196.841 8.350.274.107 U.S. DollarEuro 208.450.203 791.974.084 EuroYen Jepang 337.091.472 231.842.444 Japanese YenDolar Singapura 794.985.253 215.850.861 Singapore DollarWon Korea 75.900.072 237.828.891 Korean WonLainnya 25.935.961 4.564.138 Others

Jumlah 58.567.232.788 39.755.678.193 Total

Pada tanggal 31 Desember 2005, di dalam saldo piutang reasuransi lebih dari 60 hari terdapat piutang kepada PT Mandiri Re International (MRI) sehubungan dengan recovery klaim PT Pagaruyung Prasetya Lines (PPL) sebesar Rp 14,8 miliar. Manajemen berpendapat klaim atas pertanggungan ini adalah layak, sesuai dengan laporan dari penilai independen (loss adjuster) yang direkomendasikan oleh MRI dan Surat Keputusan Mahkamah Pelayaran, sehingga Perusahaan telah melunasi klaim kepada PPL. Perusahaan telah mengajukan gugatan kepada MRI sehubungan dengan piutang ini. Perkara tersebut telah melalui proses putusan Pengadilan Negeri Jakarta Selatan yang dimenangkan oleh Perusahaan dan proses putusan Pengadilan Tinggi Jakarta yang dimenangkan oleh MRI. Selanjutnya, Perusahaan mengajukan kasasi ke Makamah Agung.

As of December 31, 2005 the balance of reinsurance receivables which are outstanding for more than 60 days include Rp 14.8 billion of reinsurance receivable from PT Mandiri Re International (MRI) relating to the recovery of claim of PT Pagaruyung Prasetya Lines (PPL). Management believes that this reinsurance claim is reasonable based on the report of the loss adjuster recommended by MRI and the decision letter of the Maritime Court of Justice. The Company had paid the claim to PPLs and filed a lawsuit against MRI relating to this receivable. The case had been decided in the District Court of South Jakarta which is in favor of the Company and the High Court of Jakarta which is in favor of MRI. The Company appealed to the court session in the Supreme Court.





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6. Piutang Reasuransi (Lanjutan) 6. Reinsurance Receivables (Continued)

Pada tahun 2006, Perusahaan telah menerima pembayaran dari PT Southpoint Recoveries, perusahaan jasa pelayanan pengurusan recovery klaim, sebesar Rp 4.721.600.000 dan telah dibukukan sebagai pengurang piutang reasuransi MRI sehingga per 31 Desember 2006 menjadi Rp 10.078.400.000.

In 2006, the Company received payment amounting to Rp 4,721,600,000 from PT Southpoint Recoveries, a company providing services in handling recovery claims, and had been recorded as a deduction from receivable from MRI, thus, as of December 31, 2006, the reinsurance balance became Rp 10,078,400,000.

Pada tanggal 22 Januari 2008, kasus antara Perusahaan dan MRI telah diputuskan oleh Mahkamah Agung, yang dimenangkan oleh Perusahaan. Hasil keputusan Mahkamah Agung tersebut adalah mewajibkan MRI antara lain untuk membayar sejumlah Rp 14.800.000.000 beserta bunga 6% per tahun dari kewajiban terhitung sejak putusan ini berlaku sampai dengan pelunasan kewajiban. Tidak ada pelunasan dari MRI yang diterima oleh Perusahaan untuk sisa piutang tersebut sampai dengan 31 Desember 2008 dan sampai dengan 30 Maret 2009, tanggal penyelesaian laporan keuangan konsolidasi. Perusahaan sedang menunggu keputusan eksekusi atas pelaksanaan keputusan Mahkamah Agung.

On January 22, 2008, the case between the Company and MRI had been decided by the Supreme Court which is in favor of the Company. The result of the decision is that MRI has to pay the obligation amounting to Rp 14,800,000,000 with 6% interest per annum on the obligation since this decision is effectively applied until the obligation is fully paid. No collection from MRI had been received by the Company for this remaining balance until December 31, 2008 and as of March 30, 2009, date of the completion of the consolidated financial statements. The Company is waiting for the execution of the Supreme Court decision.

Perusahaan berpendapat bahwa seluruh piutang reasuransi per 31 Desember 2008 dan 2007 dapat tertagih, sehingga tidak ada penyisihan yang dibentuk. Manajemen juga berpendapat bahwa tidak terdapat risiko yang terkonsentrasi secara signifikan atas piutang reasuransi dari pihak ketiga.

Management believes that all reinsurance receivables as of December 31, 2008 and 2007 are collectible, thus, no allowance for doubtful accounts was provided. Management also believes that there are no significant concentrations of credit risk reinsurance receivables from third parties.

Transaksi dengan pihak yang mempunyai hubungan istimewa dilaksanakan dengan syarat dan kondisi yang sama sebagaimana bila dilaksanakan dengan pihak ketiga (Catatan 31).

Transactions with related parties were done under terms and conditions similar to those done with third parties (Note 31).

Pada tanggal 31 Desember 2008 dan 2007, piutang reasuransi diperkenankan merupakan piutang reasuransi berumur kurang dari 60 hari masing-masing sebesar Rp 37.699.781.970 dan Rp 24.492.100.773.

As of December 31, 2008 and 2007, admitted reinsurance receivables representing reinsurance receivables with age of and less than 60 days amounted to Rp 37,699,781,970 and Rp 24,492,100,773, respectively.

7. Piutang Lain-lain 7. Other Accounts Receivable

2008 2007Rp Rp

Yayasan Manajemen Mitra Indonesia 288.346.940 288.346.940 Yayasan Manajemen Mitra IndonesiaPiutang hasil investasi 412.321.828 221.944.301 Investment income receivablePiutang Pegawai 316.910 7.683.560 EmployeesLainnya 990.561.341 1.067.220.899 Others

Jumlah 1.691.547.019 1.585.195.700 TotalPenyisihan piutang ragu-ragu (1.270.439.104) (848.740.851) Allowance for doubtful accounts

Jumlah 421.107.915 736.454.849 Net





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7. Piutang Lain-lain (Lanjutan) 7. Other Accounts Receivable (Continued)

Mutasi penyisihan piutang ragu-ragu adalah sebagai berikut:

The movements in allowance for doubtful accounts are as follows:

2008 2007Rp Rp

Mutasi penyisihan piutang ragu-raguSaldo awal tahun 848.740.851 849.135.851 Balance at beginning of the yearPenambahan 421.698.253 - AdditionsPengurangan - (395.000) DeductionsSaldo akhir tahun 1.270.439.104 848.740.851 Balance at end of the year

Manajemen berpendapat bahwa penyisihan piutang ragu-ragu atas piutang lain-lain memadai untuk menutup kemungkinan kerugian dari tidak tertagihnya piutang tersebut.

Management believes that the allowance for doubtful accounts is adequate to cover possible losses from uncollectible receivables.

8. Aset Tetap 8. Property and Equipment

1 Januari/ 31 Desember/January 1, Penambahan/ Pengurangan/ December 31,

2008 Additions Deductions 2008 Rp Rp Rp Rp

Biaya perolehan At costTanah 5.077.933.515 - - 5.077.933.515 LandBangunan 18.952.294.245 562.156.125 - 19.514.450.370 BuildingsPeralatan komputer 8.259.275.902 155.071.400 (79.031.100) 8.335.316.202 Computer equipmentInventaris kantor 7.088.529.222 947.479.283 (23.338.025) 8.012.670.480 Office furniture and fixturesKendaraan bermotor 17.414.198.975 247.585.000 (10.343.000) 17.651.440.975 Motor vehicles

Jumlah 56.792.231.859 1.912.291.808 (112.712.125) 58.591.811.542 Total

Akumulasi penyusutan Accumulated depreciationBangunan 7.953.173.761 851.150.130 - 8.804.323.891 BuildingsPeralatan komputer 7.288.995.512 305.328.788 (79.031.100) 7.515.293.200 Computer equipmentInventaris kantor 5.191.342.371 560.310.022 (21.321.108) 5.730.331.285 Office furniture and fixturesKendaraan bermotor 13.200.501.562 1.360.281.986 (10.343.000) 14.550.440.548 Motor vehicles

Jumlah 33.634.013.206 3.077.070.926 (110.695.208) 36.600.388.924 Total

Nilai Buku 23.158.218.653 21.991.422.618 Net Book Value

Perubahan selama tahun 2008/Changes during 2008

1 Januari/ 31 Desember/January 1, Penambahan/ Pengurangan/ December 31,

2007 Additions Deductions 2007 Rp Rp Rp Rp

Biaya perolehan At costTanah 5.024.933.515 53.000.000 - 5.077.933.515 LandBangunan 17.720.752.992 1.231.541.253 - 18.952.294.245 BuildingsPeralatan komputer 7.586.096.077 775.997.436 (102.817.611) 8.259.275.902 Computer equipmentInventaris kantor 6.578.350.703 526.065.200 (15.886.681) 7.088.529.222 Office furniture and fixturesKendaraan bermotor 17.155.138.725 1.235.250.000 (976.189.750) 17.414.198.975 Motor vehicles

Jumlah 54.065.272.012 3.821.853.889 (1.094.894.042) 56.792.231.859 Total

Akumulasi penyusutan Accumulated depreciationBangunan 7.215.662.343 737.511.418 - 7.953.173.761 BuildingsPeralatan komputer 7.029.014.236 362.798.887 (102.817.611) 7.288.995.512 Computer equipmentInventaris kantor 4.636.138.762 571.090.290 (15.886.681) 5.191.342.371 Office furniture and fixturesKendaraan bermotor 11.929.221.782 2.220.294.678 (949.014.898) 13.200.501.562 Motor vehicles

Jumlah 30.810.037.123 3.891.695.273 (1.067.719.190) 33.634.013.206 Total

Nilai Buku 23.255.234.889 23.158.218.653 Net Book Value

Perubahan selama tahun 2007/Changes during 2007





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8. Aset Tetap (Lanjutan) 8. Property and Equipment (Continued)

Penjualan aset tetap selama tahun 2008 dan 2007 adalah:

In 2008 and 2007 there were sale of certain property and equipment with details as follows:

2008 2007Rp Rp

Harga Jual 9.950.000 478.325.000 Selling priceNilai Buku - 159.109 Net book valueKeuntungan penjualan aktiva tetap Gain on sale of property and

(Catatan 27) 9.950.000 478.165.891 equipment (Note 27)

Pada tahun 2008 dan 2007 terdapat aset tetap yang hilang dengan nilai buku masing-masing sebesar Rp 2.016.916 dan Rp 27.015.743 yang dibukukan di “Beban lain-lain” yang termasuk dalam “Pendapatan lain-lain” dalam laporan laba rugi konsolidasi.

Further in 2008 and 2007, loss pertaining to stolen property and equipment amounting to Rp 2,016,916 and Rp 27,015,743, was recognized in “Other expenses” included in “Other income-net” account in the consolidated statements of income.

Beban penyusutan adalah Rp 3.077.070.926 dan Rp 3.891.695.273 masing-masing untuk tahun 2008 dan 2007 (Catatan 26).

Depreciation expense charged to operations amounted to Rp 3,077,070,926 and Rp 3,891,695,273 in 2008 and 2007, respectively (Note 26).

PT Wisma Ramayana, anak perusahaan, memiliki beberapa bidang tanah yang terletak di beberapa kota di Indonesia dengan hak legal berupa Hak Milik dan Hak Guna Bangunan yang berjangka waktu 20 (dua puluh) tahun. Manajemen berpendapat tidak terdapat masalah dengan perpanjangan hak atas tanah karena seluruh tanah diperoleh dengan sah dan didukung dengan bukti pemilikan yang memadai.

PT Wisma Ramayana, a subsidiary, owns several parcels of land located in several towns in Indonesia with Ownership Rights (Hak Milik) and Building Use Rights (Hak Guna Bangunan) for a term of twenty (20) years. Management believes that there will be no difficulty in the extension of the landrights since all the parcels of land were acquired legally and are supported by sufficient evidence of ownership.

Tanah dan bangunan yang terletak di Jl. Kebon Sirih No. 49, Jakarta digunakan sebagai jaminan hutang bank (Catatan 15).

Land and building located at Jl. Kebon Sirih No. 49, Jakarta, is used as collateral on bank loan (Note 15).





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8. Aset Tetap (Lanjutan) 8. Property and Equipment (Continued)

Seluruh aktiva tetap, kecuali tanah di asuransikan terhadap resiko-resiko kebakaran, pencurian dan kemungkinan lainnya dengan uang pertanggungan sebagai berikut:

Property and equipment, except for land, are insured against fire, theft, and other possible risks as follows:

Ekuivalen/ Ekuivalen/Equivalent to Equivalent to

PT Asuransi BrIngin Rp 23.405.464.263 28.050.128.513 Rp 30.973.513.263 30.973.513.263 US$ 275.385 3.015.465.750 US$ 265.985 2.505.312.715

PT Asuransi Staco Jasa Pratama Rp 7.660.130.000 7.660.130.000 Rp 10.376.650.000 11.876.650.000 PT Asuransi Dharma Bangsa Rp 5.627.000.000 5.627.000.000 PT Asuransi Rama Satria Wibawa Rp 3.581.900.000 3.581.900.000 Rp 3.487.800.000 8.731.240.500 PT Asuransi Jasa Indonesia Rp 3.062.018.000 3.062.018.000 Rp 8.538.140.500 8.538.140.500 PT Asuransi Wahana Tata Rp 2.541.180.000 2.541.180.000 Rp 2.973.780.000 3.150.780.000 PT Asuransi Parolamas Rp 1.596.503.000 1.596.503.000 Rp 1.746.883.000 1.746.883.000 PT Asuransi Bintang Tbk Rp 900.000.000 900.000.000 Rp 900.000.000 900.000.000 PT Asuransi Allianz Utama Rp 583.000.000 583.000.000 - - -PT Asuransi Sinar Mas Rp 580.000.000 580.000.000 Rp 580.000.000 580.000.000 PT Asuransi Fadent Mahkota Sahid Rp 380.000.000 380.000.000 Rp 380.000.000 380.000.000 PT Asuransi ABDA Rp 366.000.000 366.000.000 Rp 235.000.000 235.000.000 PT Asuransi Jasa Tania Rp 211.932.500 211.932.500 Rp 272.932.500 272.932.500 PT Asuransi Bumida Rp 187.007.133 187.007.133 Rp 23.000.000 23.000.000 PT Asuransi Berdikari Rp 129.200.000 129.200.000 Rp 136.500.000 136.500.000 PT Asuransi Puri asih Rp 92.000.000 92.000.000 Rp 360.000.000 665.000.000 PT Asuransi Binagriya Rp 86.500.000 86.500.000 PT Asuransi Takaful Rp 55.000.000 55.000.000 PT Asuransi BSAM Rp 38.950.000 38.950.000 Rp 38.950.000 296.200.000 PT Asuransi Jasaraharja Rp 23.000.000 23.000.000 Rp 26.000.000 26.000.000 PT Asuransi Adira Rp 10.000.000 10.000.000 Rp 11.000.000 11.000.000

58.776.914.896 71.048.152.478

Original currency Original currency

2008 2007Mata uang asal/ Mata uang asal/

Manajemen berpendapat bahwa nilai pertanggungan tersebut cukup untuk menutup kemungkinan kerugian atas aktiva yang dipertanggungkan.

Management believes that the insurance coverages are adequate to cover possible losses on the assets insured.

Manajemen berpendapat bahwa tidak terdapat penurunan nilai atas aset tersebut per 31 Desember 2008 dan 2007.

Management believes that there is no impairment in values of the aforementioned property and equipment as of December 31, 2008 and 2007.

9. Aset Lain-lain 9. Other Assets

2008 2007Rp Rp

Keanggotaan golf club 1.466.001.196 1.466.001.196 Golf club membershipBiaya dibayar dimuka 1.020.335.779 829.614.750 Prepaid expensesPersediaan perlengkapan kantor 687.135.657 610.051.324 Office suppliesBeban tangguhan - Deferred charges on

hak atas tanah - bersih 290.128.506 305.348.977 landrights - netLainnya 1.842.004.989 1.514.735.012 Others

Jumlah 5.305.606.127 4.725.751.259 Net

Beban amortisasi hak atas tanah adalah Rp 20.970.471 dan Rp 20.653.700 masing-masing untuk tahun 2008 dan 2007 (Catatan 26).

Amortization of landrights charged to operations amounted to Rp 20,970,471 and Rp 20,653,700 in 2008 and 2007, respectively (Note 26).





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10. Hutang Klaim 10. Claims Payable

a. Berdasarkan tertanggung (pihak ketiga) a. By insured (third parties)

2008 2007Rp Rp

PT Krakatau Steel 12.177.503.913 460.063.341 PT Krakatau SteelPT Telekomunikasi Indonesia 6.503.656.535 232.806.574 PT Telekomunikasi IndonesiaPT Surya Arta Bina Nusa 6.351.129.543 - PT Surya Arta Bina NusaPT Indosat Tbk 1.305.435.332 - PT Indosat TbkPT Telekomunikasi Selular 1.237.642.337 221.693.382 PT Telekomunikasi SelularPT Varia Usaha 915.037.969 931.497.939 PT Varia UsahaPT PANN 746.784.694 - PT PANNPT Sri Melamin Rejeki 591.479.361 - PT Sri Melamin RejekiPT Merpati Nusantara Airlines 567.142.283 - PT Merpati Nusantara AirlinesPT Garuda Indonesia 375.545.256 667.482.336 PT Garuda IndonesiaJakfar Hiu - 1.604.247.045 Jakfar HiuNy. Mariani Kristi qq Hiu - 1.161.427.755 Ny. Mariani Kristi (on behalf of Hiu)PT Mutiara Hantaran - 1.101.185.700 PT Mutiara HantaranPT Pupuk Kujang - 940.249.349 PT Pupuk KujangPT Pupuk Sriwidjaja - 922.139.621 PT Pupuk SriwidjajaPT Samamantap Sejahtera - 849.075.000 PT Samamantap SejahteraPT Indonesia Power - 848.707.666 PT Indonesia PowerLainnya (masing-masing dibawah Others (less than

Rp 500 juta) 13.769.363.620 11.488.423.829 Rp 500 million each)

Jumlah 44.540.720.843 21.428.999.537 Net

b. Berdasarkan mata uang b. By currency

2008 2007Rp Rp

Rupiah 29.435.203.662 18.830.594.563 Rupiah

Mata uang asing (Catatan 32) Foreign currencies (Note 32)Dolar Amerika Serikat 14.999.965.467 2.493.294.071 U.S. DollarEuro 65.503.130 64.024.163 EuroPoundsterling Inggris 2.734.940 41.086.740 Great Britain PoundsterlingDolar Singapura 37.313.644 - Singapore Dollar

Jumlah 44.540.720.843 21.428.999.537 Total

11. Estimasi Klaim Retensi Sendiri 11. Estimated Own Retention Claims

a. Berdasarkan jenis pertanggungan a. By type of insurance policy

2008 2007Rp Rp

Kebakaran 8.014.309.418 5.423.290.398 FirePengangkutan 2.970.310.563 2.193.105.067 Marine cargoKendaraan bermotor 10.708.828.887 5.898.050.095 Motor vehicleRangka kapal 1.689.970.289 701.247.350 Marine hullRangka pesawat 3.241.266 49.388.691 AviationRekayasa 2.127.321.091 1.614.935.070 EngineeringJaminan 1.324.977.625 1.529.879.271 BondsAneka 475.078.352 390.610.516 Miscellaneous

Jumlah 27.314.037.491 17.800.506.458 Total





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11. Estimasi Klaim Retensi Sendiri (Lanjutan) 11. Estimated Own Retention Claims (Continued)

a. Berdasarkan jenis pertanggungan (Lanjutan) a. By type of insurance policy (Continued)

Dalam estimasi klaim retensi sendiri termasuk estimasi atas klaim yang sudah terjadi namun belum dilaporkan (IBNR) pada tanggal 31 Desember 2008 dan 2007 masing-masing sebesar Rp 314.721.336 dan Rp 128.431.845.

This account includes Incurred But Not Reported (IBNR) claims amounting to Rp 314,721,336 and Rp 128,431,845 as of December 31, 2008 and 2007, respectively.


2008 2007Rp Rp

Rupiah 23.236.062.080 15.092.140.546 Rupiah

Mata uang asing (Catatan 32) Foreign currencies (Note 32)Dolar Amerika Serikat 4.056.959.342 1.888.057.953 U.S. DollarLainnya 21.016.069 820.307.959 Others

Jumlah 27.314.037.491 17.800.506.458 Total

12. Premi Belum Merupakan Pendapatan 12. Unearned Premiums

2008 2007Rp Rp

Kebakaran 18.612.138.276 14.036.472.012 FirePengangkutan 3.021.678.347 1.977.704.298 Marine cargoKendaraan bermotor 21.540.149.116 22.879.727.549 Motor vehicleRangka kapal 1.781.499.744 1.996.106.873 Marine hullRangka pesawat 436.423.761 4.266.755 AviationRekayasa 3.676.794.366 2.660.270.620 EngineeringJaminan 9.427.975.079 8.062.099.556 BondsAneka 7.826.650.922 3.747.292.484 Miscellaneous

Jumlah 66.323.309.611 55.363.940.147 Total

13. Hutang Reasuransi 13. Reinsurance Payables a. Berdasarkan reasuradur a. By insurance company

2008 2007Rp Rp

Pihak ketiga Third partiesPT Asuransi Jasa Indonesia (Persero) 9.051.382.615 4.397.093.349 PT Asuransi Jasa Indonesia (Persero)Agilent Risk Specialities 5.563.373.594 3.880.583.241 Agilent Risk SpecialitiesColement Insurance Broker Limited 1.040.279.239 - Colement Insurance Broker LimitedLain-lain (dibawah Rp 1.000 juta) 3.479.787.206 4.097.566.004 Others (below Rp 1,000 million each)

Jumlah 19.134.822.654 12.375.242.594 Total





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13. Hutang Reasuransi (Lanjutan) 13. Reinsurance Payables (Continued)


2008 2007Rp Rp


Dolar Amerika Serikat 15.088.226.294 8.496.376.549 U.S. DollarLainnya 33.488 874.035 Others

Jumlah 19.134.822.654 12.375.242.594 Total

14. Hutang Komisi 14. Commissions Payable

a. Berdasarkan broker a. By broker

2008 2007Rp Rp


Pihak ketiga 13.125.891.201 10.266.956.790 Third parties

Jumlah 13.161.568.941 10.283.330.458 Total


2008 2007Rp Rp


Dolar Amerika Serikat 4.027.055.650 3.714.392.069 U.S. DollarLainnya 49.928.649 52.630.404 Others

Jumlah 13.161.568.941 10.283.330.458 Total

15. Hutang Bank 15. Bank Loan

Pada tahun 2004, PT Wisma Ramayana, anak perusahaan, memperoleh pinjaman dari PT Bank CIMB Niaga Tbk (dahulu PT Bank Niaga Tbk) dengan fasilitas kredit maksimum sebesar Rp 15.000.000.000. Pinjaman ini digunakan untuk membiayai pembelian tanah dan bangunan yang terletak di Jl. Kebon Sirih No. 49, Jakarta. Pinjaman ini dijamin dengan tanah dan bangunan yang dibeli tersebut (Catatan 8). Tingkat bunga pinjaman adalah 12% per tahun dan dibayar dengan angsuran bulanan sebesar Rp 250.000.000 per bulan sampai dengan tanggal 24 November 2009. Pada tahun 2008, PT Wisma Ramayana sudah melunasi seluruh hutang bank.

In 2004, PT Wisma Ramayana, a subsidiary, obtained loan from PT Bank CIMB Niaga Tbk (formerly PT Bank Niaga Tbk) with maximum credit facility of Rp 15,000,000,000. This loan was used to finance the acquisition of land and building located at Jl. Kebon Sirih No. 49, Jakarta, and is secured with the relatedasset acquired (Note 8). The loan bears annual interest rate at 12%, and is payable in monthly installments of Rp 250,000,000 until November 24, 2009. In 2008, PT Wisma Ramayana had fully paid the bank loan.





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16. Hutang Pajak 16. Taxes Payable

2008 2007Rp Rp

Pajak kini (Catatan 28) 4.059.190.165 19.382.303 Current tax (Note 28)Pajak penghasilan Income taxes

Pasal 21 416.189.703 310.854.432 Article 21Pasal 23 88.788.086 101.436.308 Article 23Pasal 25 347.449.409 347.038.911 Article 25

Pajak pertambahan nilai 19.042.938 20.396.700 Value added tax - net

Jumlah 4.930.660.301 799.108.654 Total

Besarnya pajak penghasilan terhutang ditetapkan berdasarkan perhitungan pajak yang dilakukan sendiri oleh wajib pajak (self assessment). Berdasarkan Undang-Undang No. 28 Tahun 2007 mengenai Perubahan Ketiga atas Ketentuan Umum dan Tata Cara Perpajakan, Kantor pajak dapat melakukan pemeriksaan atas perhitungan pajak dalam jangka waktu 5 tahun (dari sebelumnya 10 tahun) setelah terhutangnya pajak, dengan beberapa pengecualian, sedangkan untuk tahun pajak 2007 dan sebelumnya ketetapan tersebut berakhir paling lama pada akhir tahun pajak 2013.

The filing of tax returns is based on the Company and its subsidiary’s own calculation of tax liabilities (self-assessment). Based on the third amendment of the General Taxation Provisions and Procedures No. 28 Year 2007, the time limit for the tax authorities to assess or amend taxes was reduced from 10 to 5 years, subject to certain exceptions, since the tax became payable and for year 2007 and prior years, the time limit will end at the latest on fiscal year 2013.

17. Hutang Lain-lain 17. Other Accounts Payable

2008 2007Rp Rp

Jasa produksi 4.682.004.754 3.376.850.004 BonusJaminan custom bond 3.046.876.712 868.359.311 Custom bond collateralUang muka klaim 675.000.000 325.000.000 DepositLainnya 7.832.020.989 1.615.650.665 Others

Jumlah 16.235.902.455 6.185.859.980 Total

18. Hak Minoritas atas Aset Bersih Anak Perusahaan

18. Minority Interest in Net Assets of a Subsidiary

Akun ini merupakan hak pemegang saham minoritas atas aset bersih PT Wisma Ramayana, anak perusahaan, dengan rincian sebagai berikut:

This account represents minority stockholders' interest in the net assets of PT Wisma Ramayana, a subsidiary, as follows:

2008 2007Rp Rp

Modal saham 10.000.000 10.000.000 Capital stockSaldo laba 3.915.187 3.182.637 Retained earnings

Jumlah 13.915.187 13.182.637 Total





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19. Modal Saham 19. Capital Stock

Pemegang saham Perusahaan adalah sebagai berikut:

The stockholders and details of the Company’s capital stock are as follows:

Jumlah Persentase JumlahSaham/ Kepemilikan/ Total/

Number of Percentage of Paid-upShares Ownership Capital Stock

% Rp

Syahril, SE. 17.307.653 21,69 8.653.826.300 Syahril, SE.Aloysius Winoto Doeriat 16.994.678 21,30 8.497.339.200 Aloysius Winoto DoeriatPT Ragam Venturindo 11.072.847 13,88 5.536.423.500 PT Ragam VenturindoWirastuli Puntaraksma, S.H. 9.091.582 11,39 4.545.790.900 Wirastuli Puntaraksma, S.H.Korean Reinsurance Company 7.980.000 10,00 3.990.000.000 Korean Reinsurance CompanyPendiri lainnya, pemilikan

kurang dari 5% 10.250.073 12,84 5.125.036.700 Other founders, less than 5% eachMasyarakat lainnya, pemilikan

kurang dari 5% 7.103.110 8,90 3.551.554.900 Public shares, less than 5% each

Jumlah 79.799.943 100.00 39.899.971.500 Total

Pemegang Saham

2008

Name of Stockholder

Jumlah Persentase JumlahSaham/ Kepemilikan/ Total/

Number of Percentage of Paid-upShares Ownership Capital Stock

% Rp

Syahril, SE. 12.362.609 21,69 6.181.304.500 Syahril, SE.Aloysius Winoto Doeriat 12.139.056 21,30 6.069.528.000 Aloysius Winoto DoeriatPT Ragam Venturindo 7.909.177 13,88 3.954.588.500 PT Ragam VenturindoWirastuli Puntaraksma, S.H. 6.493.987 11,39 3.246.993.500 Wirastuli Puntaraksma, S.H.Korean Reinsurance Company 5.700.000 10,00 2.850.000.000 Korean Reinsurance CompanyPendiri lainnya, pemilikan

kurang dari 5% 7.321.481 12,84 3.660.740.500 Other founders, less than 5% eachMasyarakat lainnya, pemilikan

kurang dari 5% 5.073.672 8,90 2.536.836.000 Public shares, less than 5% each

Jumlah 56.999.982 100.00 28.499.991.000 Total

Pemegang Saham

2007

Name of Stockholder

20. Tambahan Modal Disetor 20. Additional Paid-in Capital

Mutasi dari akun ini merupakan: The movement in this account follows:

2008 dan/and 2007Rp

Distribusi deviden saham pada tahun 2002 Distribution of stock dividends in 2002Harga pasar pada tanggal 2 Mei 2002 Market value on May 2, 2002

sebesar Rp 1.175 per saham 19.974.978.850 of Rp 1,175 per shareNilai nominal Rp 500 per saham 8.499.991.000 Par value of Rp 500 per share

Tambahan modal disetor per 31 Desember 2007 11.474.987.850 Additional paid-in capital as of December 31, 2007Pembagian saham bonus (11.399.980.500) Issuance of bonus shares

Tambahan modal disetor per 31 Desember 2008 75.007.350 Additional paid-in capital as of December 31, 2008





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21. Penggunaan Saldo Laba 21. Appropriation of Net Income and Distribution

of Dividends

Berdasarkan Keputusan Rapat Umum Pemegarg Saham (RUPS) tanggal 27 Mei 2008 dan 31 Mei 2007, para pemegang saham Perusahaan telah menyetujui pembagian laba tahun 2007 dan 2006 sebagai berikut:

Based on the General Meeting of Stockholders held on May 27, 2008 and May 31, 2007, the stockholders approved the appropriation and distribution of the 2007 and 2006 net income, respectively, as follows:

2008 2007Rp Rp

Dividen tunai, Rp 115 per saham Cash dividends of Rp 115dari laba bersih tahun 2007 per share from 2007 netdan Rp 112 per saham dari laba income and Rp 112 per sharebersih tahun 2006 6.554.997.930 6.383.992.984 from 2006 net income

Cadangan umum 8.500.000.000 8.814.351.165 Appropriation to General reserve

Jumlah 15.054.997.930 15.198.344.149 Total

22. Pendapatan Premi 22. Premium Income

Penurunan(kenaikan) premi belum merupakan

pendapatan/Premi Decrease Pendapatan

Premi bruto/ reasuransi/ (increase) in Premi/Gross Reinsurance unearned Premium

premiums premiums premiums incomeRp Rp Rp Rp

Kebakaran 158.897.877.925 (103.771.639.038) (4.575.666.264) 50.550.572.623 FirePengangkutan 63.211.492.912 (25.371.207.745) (1.043.974.049) 36.796.311.118 Marine cargoKendaraan bermotor 78.177.468.837 (4.547.936.719) 1.339.578.433 74.969.110.551 Motor vehicleRangka kapal 11.808.230.515 (6.498.850.976) 214.607.129 5.523.986.668 Marine hullRangka pesawat 13.372.469.792 (12.308.605.696) (432.157.006) 631.707.090 AviationRekayasa 41.666.543.011 (33.156.789.681) (1.016.523.746) 7.493.229.584 EngineeringJaminan 37.720.646.463 (10.933.327.744) (1.365.875.523) 25.421.443.196 BondsAneka 36.596.791.075 (6.409.291.273) (4.079.358.438) 26.108.141.364 Miscellaneous

Jumlah 441.451.520.530 (202.997.648.872) (10.959.369.464) 227.494.502.194 Total

2008

Penurunan(kenaikan) premi belum merupakan

pendapatan/Premi Decrease Pendapatan

Premi bruto/ reasuransi/ (increase) in Premi/Gross Reinsurance unearned Premium

premiums premiums premiums incomeRp Rp Rp Rp

Kebakaran 133.623.746.168 (93.102.070.156) (1.589.380.911) 38.932.295.101 FirePengangkutan 41.897.066.211 (18.288.974.686) (96.439.532) 23.511.651.993 Marine cargoKendaraan bermotor 114.244.694.265 (2.999.424.239) (5.649.243.598) 105.596.026.428 Motor vehicleRangka kapal 13.039.692.530 (7.247.305.941) 28.281.037 5.820.667.626 Marine hullRangka pesawat 4.764.917.632 (4.489.827.194) 93.609.825 368.700.263 AviationRekayasa 37.094.698.616 (29.404.461.103) 179.312.023 7.869.549.536 EngineeringJaminan 30.508.222.589 (7.424.314.109) (726.624.165) 22.357.284.315 BondsAneka 15.625.450.238 (3.639.036.116) (500.946.440) 11.485.467.682 Miscellaneous

Jumlah 390.798.488.249 (166.595.413.544) (8.261.431.761) 215.941.642.944 Total

2007





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23. Beban Klaim 23. Claims Expense

Kenaikan(penurunan)

estimasi klaimretensisendiri/

Klaim Increase BebanKlaim bruto/ reasuransi/ (decrease) in Klaim/

Gross Reinsurance estimated own Net claimsClaims claims retention claims expense

Rp Rp Rp Rp

Kebakaran 109.467.532.960 (95.835.475.772) 2.591.019.020 16.223.076.208 FirePengangkutan 22.900.245.571 (16.192.153.721) 777.205.496 7.485.297.346 Marine cargoKendaraan bermotor 56.390.136.110 (2.927.437.627) 4.810.778.792 58.273.477.275 Motor vehicleRangka kapal 2.902.081.863 (1.862.658.672) 988.722.939 2.028.146.130 Marine hullRangka pesawat 8.246.558.687 (8.105.815.361) (46.147.425) 94.595.901 AviationRekayasa 19.282.350.034 (17.920.871.779) 512.386.021 1.873.864.276 EngineeringJaminan 1.852.943.517 (744.755.577) (204.901.646) 903.286.294 BondsAneka 9.188.750.120 (3.401.853.859) 84.467.836 5.871.364.097 Miscellaneous

Jumlah 230.230.598.862 (146.991.022.368) 9.513.531.033 92.753.107.527 Total

2008

Kenaikan(penurunan)

estimasi klaimretensisendiri/

Klaim Increase BebanKlaim bruto/ reasuransi/ (decrease) in Klaim/

Gross Reinsurance estimated own Net claimsClaims claims retention claims expense

Rp Rp Rp Rp

Kebakaran 63.369.362.966 (47.701.154.197) (1.965.636.406) 13.702.572.363 FirePengangkutan 10.468.497.075 (5.061.427.511) 1.447.931.924 6.855.001.488 Marine cargoKendaraan bermotor 47.390.130.686 (1.589.659.169) 387.658.859 46.188.130.376 Motor vehicleRangka kapal 5.452.720.882 (3.534.872.280) (398.895.511) 1.518.953.091 Marine hullRangka pesawat 5.077.680.936 (4.956.130.874) 49.381.140 170.931.202 AviationRekayasa 18.912.550.253 (17.366.768.133) (17.603.405) 1.528.178.715 EngineeringJaminan 9.055.141.743 (7.429.769.643) 474.657.430 2.100.029.530 BondsAneka 6.448.962.561 (3.029.146.878) 86.140.219 3.505.955.902 Miscellaneous

Jumlah 166.175.047.102 (90.668.928.685) 63.634.250 75.569.752.667 Total

2007





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24. Beban Komisi Neto 24. Net Commission Expense

Pendapatan Beban Bebankomisi/ Komisi/ komisi neto/

Commission Commission Net commissionincome expense expense

Rp Rp Rp

Kebakaran 19.207.336.896 27.803.230.092 8.595.893.196 FirePengangkutan 6.002.005.360 13.625.507.056 7.623.501.696 Marine cargoKendaraan bermotor 412.322.027 20.191.481.357 19.779.159.330 Motor vehicleRangka kapal 478.685.488 1.334.315.664 855.630.176 Marine hullRangka pesawat 252.819.082 225.623.776 (27.195.306) AviationRekayasa 8.086.739.981 7.404.507.399 (682.232.582) EngineeringJaminan 3.616.281.064 6.833.662.084 3.217.381.020 BondsAneka 1.580.707.524 12.201.580.019 10.620.872.495 Miscellaneous

Jumlah 39.636.897.422 89.619.907.447 49.983.010.025 Total

2008

Pendapatan Beban Bebankomisi/ Komisi/ komisi neto/

Commission Commission Net commissionincome expense expense

Rp Rp Rp

Kebakaran 16.756.763.352 22.187.259.334 5.430.495.982 FirePengangkutan 5.179.609.995 9.010.658.543 3.831.048.548 Marine cargoKendaraan bermotor 104.815.005 54.150.766.158 54.045.951.153 Motor vehicleRangka kapal 655.601.820 1.457.721.225 802.119.405 Marine hullRangka pesawat 31.134.837 295.558.388 264.423.551 AviationRekayasa 7.076.534.572 8.116.095.536 1.039.560.964 EngineeringJaminan 2.480.634.134 5.409.293.723 2.928.659.589 BondsAneka 948.580.114 3.566.763.029 2.618.182.915 Miscellaneous

Jumlah 33.233.673.829 104.194.115.936 70.960.442.107 Total

2007

25. Hasil Investasi 25. Income from Investments

2008 2007Rp Rp

Penghasilan bunga 5.599.381.707 4.939.241.889 Interest incomeBagian laba bersih perusahaan asosiasi Equity in net income of associated

(Catatan 3) 3.335.147.552 1.866.579.704 companies (Note 3)Dividen (Catatan 3) 1.141.362.873 1.261.102.193 Dividends (Note 3)Keuntungan (kerugian) belum direalisasi atas Unrealized gain (loss) on increase

kenaikan (penurunan) nilai wajar efek (decrease) in fair value of (Catatan 3) (1.126.084.097) 802.332.233 securities (Note 3)

Laba kurs mata uang asing Gain on foreign exchange atas deposito berjangka - bersih differences on time deposits (Catatan 32) 128.386.270 57.339.496 (Note 32)

Laba penjualan efek (32.244.713) 140.197.949 Gain (loss) on sale of securities

Jumlah 9.045.949.592 9.066.793.464 Total





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26. Beban Usaha 26. Operating Expenses

2008 2007Rp Rp

Pemasaran MarketingPengembangan usaha 5.738.831.210 5.303.155.456 Business development Promosi 1.745.903.086 116.250.857 Advertising

Jumlah 7.484.734.296 5.419.406.313 Subtotal

Umum dan Administrasi General and AdministrativeGaji dan tunjangan karyawan 42.699.167.444 35.535.407.610 Salaries and employee benefitsUmum dan inventaris 10.833.325.834 11.920.793.974 General and stationeries Penyusutan dan amortisasi Depreciation and amortization

(Catatan 8 dan 9) 3.098.041.397 3.912.348.973 (Notes 8 and 9)Pemeliharaan dan perbaikan 2.323.122.145 2.336.832.390 Repairs and maintenancePenyisihan piutang ragu-ragu Provision for doubtful accounts

(Catatan 5 dan 7) 1.702.515.585 1.569.512.036 (Notes 5 and 7)Pengembangan dan pelatihan 1.855.861.210 574.765.805 Training and developmentPengolahan data 324.356.247 133.321.726 Data processing

Jumlah 62.836.389.862 55.982.982.514 Subtotal

Jumlah Beban Usaha 70.321.124.158 61.402.388.827 Total Operating Expenses

27. Pendapatan Lain-lain - Bersih 27. Other Income - Net

2008 2007Rp Rp

Pendapatan administrasi polis 1.520.919.953 1.648.209.230 Income from policy administration Laba kurs mata uang Gain on foreign exchange - net

asing - bersih (Catatan 32) 825.277.999 675.428.567 (Note 32) Jasa giro 584.431.770 527.106.999 Interest from current accountsKeuntungan penjualan aktiva tetap Gain on sale of property and equipment

(Catatan 8) 9.950.000 478.165.891 (Note 8)Beban bunga bank (Catatan 15) (176.597.222) (863.165.027) Interest expense on bank loan (Note 15)Lainnya 1.071.177.845 (191.205.922) Others

Jumlah 3.835.160.345 2.274.539.738 Net

28. Pajak Penghasilan 28. Income Tax

a. Beban pajak Perusahaan dan anak perusahaan terdiri dari:

a. Tax expense of the Company and its subsidiary consists of the following:

2008 2007Rp Rp

Pajak kini 8.783.479.400 3.837.990.400 Current taxPajak tangguhan 955.640.728 9.584.653 Deferred tax

Jumlah 9.739.120.128 3.847.575.053 Total





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28. Pajak Penghasilan (Lanjutan) 28. Income Tax (Continued)

b. Pajak Kini b. Current Tax

Rekonsiliasi laba sebelum pajak menurut laporan laba rugi konsolidasi dengan laba kena pajak adalah sebagai berikut:

A reconciliation between the income before tax per consolidated statements of income and taxable income of the Company is as follows:

2008 2007Rp Rp

Laba sebelum pajak menurut laporan Income before tax per consolidatedlaba rugi konsolidasi 27.318.370.421 19.350.392.545 statements of income

Laba sebelum pajak anak perusahaan (2.782.038.137) (309.923.601) Income before tax of a subsidiaryEliminasi 1.995.027.987 95.014.408 EliminationLaba sebelum pajak Perusahaan 26.531.360.271 19.135.483.352 Income before tax of the Company

Perbedaan temporer: Temporary differences:Penyisihan piutang ragu-ragu 1.280.817.332 1.569.512.036 Provision for doubtful accountsBeban imbalan pasca-kerja (2.086.796.000) 807.453.000 Post-employment benefits expenseEstimasi klaim retensi sendiri Estimated own retention claims

(IBNR) 186.289.491 (1.129.994.731) (IBNR)Jumlah (619.689.177) 1.246.970.305 Total

Perbedaan tetap: Permanent differences:Jasa giro (518.482.285) (518.464.474) Interest from current accountsHasil investasi (7.528.432.709) (5.986.693.228) Income from investmentsPremi belum merupakan pendapatan 5.259.050.683 (6.303.136.492) Unearned premiumsBeban lainnya 3.271.065.421 3.971.354.330 Other expensesJumlah 483.201.110 (8.836.939.864) Net

Laba kena pajak Perusahaan 26.394.872.204 11.545.513.793 Taxable income of the Company

Rincian beban pajak dan hutang pajak kini adalah sebagai berikut:

Current tax expense and payable are computed as follows:

2008 2007Rp Rp

Beban pajak kini Current tax expensePerusahaan The Company

10% x Rp 50.000.000 5.000.000 5.000.000 10% x Rp 50,000,00015% x Rp 50.000.000 7.500.000 7.500.000 15% x Rp 50,000,00030% x Rp 26.294.872.000 tahun 2008 dan 30% x Rp 26,294,872,000 in 2008 and

Rp 11.445.514.000 tahun 2007 7.888.461.600 3.433.654.200 Rp 11,445,514,000 in 2007Jumlah 7.900.961.600 3.446.154.200 SubtotalAnak perusahaan 882.517.800 391.836.200 Subsidiary

Jumlah 8.783.479.400 3.837.990.400 Total

Pembayaran pajak penghasilan dimuka Less prepaid income taxesPerusahaan The Company

Pasal 25 4.066.400.436 4.046.520.678 Article 25Pasal 23 - 167.314.116 Article 23Jumlah 4.066.400.436 4.213.834.794 Subtotal

Anak perusahaan 657.888.799 372.453.897 SubsidiaryJumlah 4.724.289.235 4.586.288.691 Total

Kekurangan (kelebihan) pembayaran pajak 4.059.190.165 (748.298.291) Current tax payable (overpayment of tax)

Hutang pajak kini (lebih bayar) Current tax payable (overpayment of tax)

Perusahaan 3.834.561.164 (767.680.594) CompanyAnak perusahaan 224.629.001 19.382.303 Subsidiary

Jumlah 4.059.190.165 (748.298.291) Total





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b. Pajak Kini (Lanjutan) b. Current Tax (Continued)

Pada tahun 2008, Perusahaan menerima beberapa Surat Ketetapan Pajak Kurang Bayar (SKPKB) untuk pajak penghasilan badan dan pajak penghasilan pasal 21, 23 dan 25 untuk tahun 2003 - 2006 yang seluruhnya sebesar Rp 2.860.919.993. Perusahaan telah melakukan pembayaran atas SKPKB tersebut dan diakui sebagai beban lain-lain pada tahun berjalan. Selanjutnya, pada tanggal 20 Oktober 2008, Perusahaan menerima pengembalian pajak penghasilan pasal 21 tahun 2003 beserta bunganya seluruhnya sebesar Rp 3.486.491.778 dan diakui sebagai pendapatan lain-lain pada tahun berjalan.

In 2008, the Company received several underpayment tax assessment letters (SKPKB) for the corporate income tax and tax income article 21, 23 and 25 for year 2003 until 2006 totaling to Rp 2,860,919,993. The Company has paid such SKPKB and recognized it as other expense in the current year. Further, in October 2008, the Company received tax refund on income tax article 21 and its interest totaling to Rp 3,486,491,778 and recognized it as other income in the current year.

c. Pajak Tangguhan c. Deferred Tax

Rincian aset pajak tangguhan Perusahaan dan anak perusahaan adalah sebagai berikut:

The details of the Company and its subsidiary’s deferred tax assets are as follows: Dikreditkan

Dikreditkan (dibebankan)ke laporan ke laporanlaba rugi/ laba rugi/

1 Januari Credited Credited (charged) to 31 Desember (charged) to 31 Desember

2007/ statement of 2007/ statement of 2008/January 1, income December 31, income December 31,

2007 for the year 2007 for the year 2008Rp Rp Rp Rp Rp

Perusahaan The CompanyPenyisihan piutang 186.227.581 (89.793.407) 96.434.174 55.084.491 151.518.665 Allowance for doubtful accountsEstimasi klaim retensi sendiri 377.527.973 (338.998.420) 38.529.553 40.150.781 78.680.334 Estimated own retention claimsCadangan imbalan pasca-kerja 3.510.267.300 242.235.900 3.752.503.200 (1.147.116.200) 2.605.387.000 Post-employment benefits reserve

Subjumlah 4.074.022.854 (186.555.927) 3.887.466.927 (1.051.880.928) 2.835.585.999 Subtotal

Anak Perusahaan SubsidiaryAset Tetap - 174.743.475 174.743.475 8.674.583 183.418.058 Property and EquipmentCadangan imbalan pasca-kerja - 2.227.799 2.227.799 87.565.617 89.793.416 Post-employment benefits reserve

Subjumlah - 176.971.274 176.971.274 96.240.200 273.211.474 Total

Jumlah 4.074.022.854 (9.584.653) 4.064.438.201 (955.640.728) 3.108.797.473 Total

Pada bulan September 2008, Undang-Undang No. 7 Tahun 1983 tentang Pajak Penghasilan direvisi melalui penerbitan Undang-Undang No. 36 Tahun 2008. Undang-undang revisi tersebut mengatur perubahan tarif pajak penghasilan badan, dari sebelumnya tarif progresif menjadi tarif tunggal sebesar 28% untuk tahun pajak 2009 dan sebesar 25% untuk tahun pajak 2010 dan seterusnya. Perusahaan telah menghitung dampak perubahan tarif pajak tersebut dalam perhitungan aset dan kewajiban pajak tangguhan Desember 2008 yakni sebesar Rp 567.117.222 - bersih, dan membukukannya sebagai bagian dari beban (penghasilan) pajak pada laba rugi konsolidasi.

On September 2008, Law No. 7 Year 1983 regarding “Income Tax” has been revised with Law No. 36 Year 2008. The revised Law stipulates changes in corporate income tax rates, from progressive tax rates to a flat rate of 28% for fiscal year 2009 and 25% for fiscal year 2010 onwards. The Company has recorded the impact of the changes in tax rates in the calculation of the deferred tax assets as of December 31, 2008 amounting to Rp 567,117,222 - net as part of tax expense in includes others the current year’s operations.





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Rekonsiliasi antara beban pajak dan hasil perkalian laba akuntansi sebelum pajak dengan tarif pajak yang berlaku adalah sebagai berikut:

A reconciliation between the total tax expense and the amounts computed by applying the effective tax rates to income before tax of the Company is as follows:

2008 2007Rp Rp

Laba sebelum pajak menurut laporan Income before tax per consolidatedlaba rugi konsolidasi 27.318.370.421 19.350.392.545 statements of income

Laba sebelum pajak - anak perusahaan (2.782.038.137) (309.923.601) Income before tax of a subsidiaryEliminasi 1.995.027.987 95.014.408 Elimination

Laba sebelum pajak Perusahaan 26.531.360.271 19.135.483.352 Income before tax of the Company

Beban pajak Perusahaan dengantarif pajak yang berlaku: Tax expense at effective tax rate:10% x Rp 50.000.000 5.000.000 5.000.000 10% x Rp 50,000,00015% x Rp 50.000.000 7.500.000 7.500.000 15% x Rp 50,000,00030% x Rp 26.431.360.000 tahun 2008 dan 30% x Rp 26,431,360,000 in 2008 and Rp 19.035.483.000 tahun 2007 7.929.408.000 5.710.645.200 Rp 19,035,483,000 in 2007Jumlah 7.941.908.000 5.723.145.200 Subtotal

Pengaruh perbedaan tetap: Tax effect of permanent differences:Jasa giro (155.544.686) (155.539.342) Interest from current accountsHasil investasi (2.258.529.813) (1.796.007.968) Income from investmentsPremi belum merupakan pendapatan 1.577.715.205 (1.890.940.948) Unearned premiumsBeban lainnya 981.319.626 1.191.406.299 Other expensesBersih 144.960.332 (2.651.081.959) Net

Jumlah 8.086.868.332 3.072.063.241 Subtotal

Dampak perubahan tarif pajak dan lainnya 865.974.197 560.646.886 Effect of change in tax rates and othersBeban pajak - Perusahaan 8.952.842.529 3.632.710.127 Tax expense - the CompanyAnak perusahaan 786.277.599 214.864.926 Subsidiary

Jumlah beban pajak 9.739.120.128 3.847.575.053 Total tax expense

29. Laba per Saham 29. Earnings per Share Perhitungan laba per saham adalah sebagai berikut

The calculation of basic earnings per share is as follows:

2008 2007Rp Rp

Laba bersih 17.578.517.743 15.502.773.225 Net income

Weighted average number of shares Rata-rata jumlah saham beredar 79.799.943 79.799.943 *) outstanding during the year

Laba per saham (dalam Rupiah penuh) 220 194 Basic earning per share (in full Rupiah)

*) Sudah disesuaikan dengan efek penerbitan *) Adjusted for the effect of bonus shares issued saham bonus di 2008 in 2008





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30. Imbalan Pasca-Kerja 30. Post-Employment Benefits

Cadangan imbalan pasca-kerja adalah sebagai berikut:

Post-employment benefits reserve is as follows:

2008 2007Rp Rp

Perusahaan The CompanyProgram pensiun manfaat pasti (1.113.221.000) (771.247.000) Defined-benefit pension planImbalan pasca-kerja sesuai dengan

Undang-undang Ketenagakerjaan Post-employment benefit underNo. 13/2003 11.534.769.000 13.279.591.000 Labor Law No. 13/2003

Jumlah 10.421.548.000 12.508.344.000 Total

Anak Perusahaan The SubsidiaryProgram pensiun manfaat pasti (33.437.000) (56.809.000) Defined-benefit pension planImbalan pasca-kerja sesuai dengan

Undang-undang Ketenagakerjaan Post-employment benefit underNo. 13/2003 392.610.668 454.480.403 Labor Law No. 13/2003

Jumlah 10.780.721.668 12.906.015.403 Total

Beban imbalan pasca-kerja adalah sebagai berikut:

Post-employment benefits expense (income) consists of the following:

2008 2007Rp Rp

Perusahaan The CompanyProgram pensiun manfaat pasti (163.918.000) (175.683.000) Defined-benefit pension planImbalan pasca-kerja sesuai dengan

Undang-undang Ketenagakerjaan Post-employment benefit underNo. 13/2003 1.784.583.000 2.035.392.000 Labor Law No. 13/2003

Jumlah 1.620.665.000 1.859.709.000 Subtotal

Anak Perusahaan The SubsidiaryProgram pensiun manfaat pasti 23.372.000 (56.809.000) Defined-benefit pension planImbalan pasca-kerja sesuai dengan

Undang-undang Ketenagakerjaan Post-employment benefit underNo. 13/2003 63.709.401 77.727.301 Labor Law No. 13/2003

Jumlah 87.081.401 20.918.301 Subtotal

Jumlah 1.707.746.401 1.880.627.301 Total

Perhitungan imbalan pasca-kerja Perusahaan dan anak perusahaan tahun 2008 dan 2007 dihitung oIeh aktuaris independen PT Sienco Aktuarindo Utama dengan laporannya masing-masing bertanggal 26 Februari 2009 dan 12 Maret 2008. Asumsi utama yang digunakan dalam menentukan penilaian aktuaris pada tanggaI 31 Desember 2008 dan 2007 adalah sebagai berikut:

The cost of providing post-employment benefits of the Company and its subsidiary in 2008 and 2007 is calculated by an independent actuary, PT Sienco Aktuarindo Utama, based on its reports dated February 26, 2009 and March 12, 2008, respectively. The actuarial valuation as of December 31, 2008 and 2007 were carried out using the following key assumptions:





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30. Imbalan Pasca-Kerja (Lanjutan) 30. Post-Employment Benefits (Continued)

2008 2007

Tabel mortalitas CSO ‘80 CSO ‘80 Mortality tableTingkat diskonto 12% per tahun/per annum 10% per tahun/per annum Discount rateTingkat kenaikan gaji 6% per tahun/per annum 6% per tahun/per annum Future salary increment rateHasil yang diharapkan dariaktiva program 10 % per tahun/per annum 10 % per tahun/per annum Expected return on plan assetsTingkat cacat 10% dari tingkat kematian/ 10% dari tingkat kematian/ Disability

of mortality rate of mortality rateTingkat pengunduran diri Resignation rate

Umur pensiun normal 55 tahun/years 55 tahun/years Normal retirement age

5% sampai dengan 25 tahun, menurun

0,25% secara linear setiap tahun sampai

0% pada usia 45 tahun/ 5% up to age 25

and decreasing linearly by 0.25% for each

year up to 0% at age 45

5% sampai dengan 25 tahun, menurun

0,25% secara linear setiap tahun sampai

0% pada usia 45 tahun/ 5% up to age 25

and decreasing linearly by 0.25% for each

year up to 0% at age 45

Program Pensiun Manfaat Pasti Defined-Benefit Pension Plan Untuk pendanaan imbalan pasca-kerja, Perusahaan dan anak perusahaan menyelenggarakan program dana pensiun manfaat pasti untuk seluruh karyawan tetap yang memenuhi syarat. Imbalan tersebut akan dibayarkan pada saat karyawan pensiun, meninggal dunia atau diberhentikan.

For funding purposes, the Company and its subsidiary carry out a defined-benefit pension plan for their eligible permanent employees. The benefits will be paid upon retirement, permanent disability or termination.

Dana pensiun ini dikelola oleh Dana Pensiun Asuransi Ramayana (DPAR), pihak yang mempunyai hubungan istimewa (Catatan 31) yang akta pendiriannya telah disahkan oIeh Menteri Keuangan Republik Indonesia dengan Surat Keputusan No. Kep-138/KM.17/1995 tanggal 30 Mei 1995 dan telah dicatat dalam buku daftar umum No. 95.01.1028 DPPK tanggal 1 Juni 1995. Pendiri DPAR adalah Perusahaan dan anak perusahaan sebagai mitra pendiri.

The pension plan is managed by Dana Pensiun Asuransi Ramayana (DPAR), a related party (Note 31), the Deed of Establishment of which was approved by the Minister of Finance of the Republic of Indonesia in his Decision Letter No. Kep-138/KM.17/1995 dated May 30, 1995, and registered on June 1, 1995 in general registration book No. 95.01.1028 DPPK. DPAR was established by the Company as founder, and the subsidiary as co-founder.

Pendanaan DPAR terutama berasal dari kontribusi pemberi kerja dan karyawan. Kontribusi karyawan untuk tahun 2008 dan 2007 masing-masing sebesar Rp 110.881.636 dan Rp 106.356.405.

The pension plan is funded by contributions from both the employer and employee. Employees’ contributions in 2008 and 2007 amounted to Rp 110,881,636 and Rp 106,356,405, respectively.

Pendapatan imbalan pasca-kerja yang diakui di laporan laba rugi adalah:

Amounts recognized in the current operations in respect of the pension plan is as follows:

2008 2007Rp Rp

Biaya jasa kini 97.660.000 114.873.000 Current service costsBiaya bunga 418.715.000 485.742.000 Interest costsHasil yang diharapkan dari aset

program (656.921.000) (833.107.000) Expected return on plan assets

Jumlah (140.546.000) (232.492.000) Net





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Program Pensiun Manfaat Pasti (Lanjutan) Defined-Benefit Pension Plan (Continued) Aset imbalan pasca-kerja yang termasuk dalam neraca adalah sebagai berikut:

The amounts included in the consolidated balance sheets arising from the Company’s asset in respect of the pension plan is as follows:

2008 2007Rp Rp

Nilai kini cadangan imbalan 3.807.829.000 4.338.538.000 Present value of funded post-employment pasca-kerja yang didanai benefit reserve

Nilai wajar aset program (4.954.487.000) (5.166.594.000) Fair value of plan assets

Jumlah (1.146.658.000) (828.056.000) Total

Aset program terdiri dari deposito berjangka, saham yang diperdagangkan di bursa dan penyertaan saham dengan nilai wajar berdasarkan laporan keuangan dana pensiun yang telah diaudit adalah sebesarRp 4.918.167.620 pada tahun 2008 dan Rp 5.134.411.800 pada tahun 2007.

The pension plan assets include time deposits, trading equity securities and investment in shares of stock with fair value, based on DPAR's audited financial statements, amounting to Rp 4,918,167,620 as of December 31, 2008 and Rp 5,134,411,800 as of December 31, 2007.

Mutasi aset bersih yang tercatat pada neraca konsolidasi adalah sebagai berikut:

Movements in the net assets recognized in the consolidated balance sheets are as follows:

2008 2007Rp Rp

Saldo awal (828.056.000) (232.614.000) Beginning of the yearPendapatan imbalan

pasca-kerja (140.546.000) (232.492.000) Amount credited in current operationsKontribusi (178.056.000) (362.950.000) Contributions

Saldo akhir (1.146.658.000) (828.056.000) End of the year

Imbalan Pasca-kerja sesuai dengan Undang-Undang Ketenagakerjaan No. 13/2003

Post-employment Benefits under Labor Law No. 13/2003

Perusahaan dan anak perusahaan juga membukukan imbalan pasca-kerja untuk karyawan sesuai dengan Undang-undang Ketenagakerjaan No. 13/2003. Tidak terdapat pendanaan khusus yang disisihkan sehubungan dengan imbalan pasca-kerja tersebut. Jumlah karyawan Perusahaan dan anak perusahaan yang berhak atas imbalan pasca-kerja tersebut adalah 549 dan 7 karyawan tahun 2008 dan 543 dan 9 karyawan tahun 2007.

The Company and its subsidiary also calculate and record estimated post-employment benefits for qualified employees in accordance with Labor Law No. 13/2003. No funding of the benefits has been made to date. The number of the Company’s and its subsidiary’s employees entitled to the benefits are 549 and 7 employees, respectively in 2008 and 543 and 9 employees, respectively, in 2007.





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Beban imbalan pasca-kerja adalah sebagai berikut:

Details of post-employment benefits expense are as follows:

2008 2007Rp Rp

Perusahaan The CompanyBeban jasa kini 820.923.000 740.098.000 Current service costsBiaya bunga 963.447.000 1.198.118.000 Interest costsBeban jasa lalu 97.177.000 97.177.000 Past service costsKeuntungan aktuaria (96.964.000) - Actuarial gains

Jumlah 1.784.583.000 2.035.393.000 Total

Anak perusahaan The SubsidiaryBeban jasa kini 7.566.779 14.701.686 Current service costsBiaya bunga 42.490.361 48.514.093 Interest costsBeban jasa lalu 14.511.522 14.511.522 Past service costsAmortisasi kerugian aktuaria (859.261) - Amortization of actuarial gains

Jumlah 63.709.401 77.727.301 Total

Imbalan Pasca-kerja sesuai dengan Undang-Undang Ketenagakerjaan No. 13/2003 (Lanjutan)

Post-employment Benefits under Labor Law No. 13/2003 (Continued)

Rekonsiliasi jumlah nilai kini cadangan imbalan pasca-kerja yang tidak didanai pada neraca konsolidasi adalah sebagai berikut:

A reconciliation of the present value of unfunded post-employment benefits reserve to the amount of post-employment reserve presented in the consolidated balance sheets is as follows:

2008 2007Rp Rp

Perusahaan The CompanyNilai kini cadangan imbalan pasca-kerja Present value of unfunded post-

yang tidak didanai 14.273.084.000 12.502.669.000 employment benefits reserveBiaya jasa lalu yang belum diakui (680.242.000) (777.419.000) Unrecognized past service costsKeuntungan (kerugian) aktuarial yang

belum diakui (2.058.073.000) 1.554.341.000 Unrecognized actuarial gains (losses)

Cadangan imbalan pasca-kerja 11.534.769.000 13.279.591.000 Post-employment benefits reserve

Anak Perusahaan The SubsidiaryNilai kini cadangan imbalan pasca-kerja Present value of unfunded post-

yang tidak didanai 130.442.704 424.903.613 employment benefits reserveBiaya jasa lalu yang belum diakui (9.091.259) (23.602.781) Unrecognized past service costsKeuntungan aktuarial yang

belum diakui 271.259.223 53.179.570 Unrecognized actuarial gains

Cadangan imbalan pasca-kerja 392.610.668 454.480.402 Post-employment benefits reserve





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Mutasi cadangan imbalan pasca-kerja di neraca adalah sebagai berikut:

Movements of post-employment benefits reserve are as follows:

2008 2007Rp Rp

Perusahaan The CompanyCadangan imbalan pasca-kerja 13.279.591.000 11.933.505.000 Post-employment benefits reserve

awal tahun at beginning of the yearBeban imbalan pasca-kerja tahun 1.784.583.000 2.035.393.000 Post-employment benefits expense

berjalan during the yearPembayaran tahun berjalan (3.529.405.000) (689.307.000) Payments made during the year

Cadangan imbalan pasca-kerja Post-employment benefits reserveakhir tahun 11.534.769.000 13.279.591.000 at end of the year

Anak Perusahaan The SubsidiaryCadangan imbalan pasca-kerja 454.480.402 376.753.101 Post-employment benefits reserve

awal tahun at beginning of the yearBeban imbalan pasca-kerja tahun 63.709.401 77.727.301 Post-employment benefits expense

berjalan during the yearPembayaran tahun berjalan (125.579.135) - Payments made during the year

Cadangan imbalan pasca-kerja Post-employment benefits reserveakhir tahun 392.610.668 454.480.402 at end of the year

31. Sifat dan Transaksi Hubungan Istimewa 31. Nature of Relationship and Transactions with

Related Parties

Sifat Hubungan Istimewa Nature of Relationship a. Perusahaan merupakan salah satu

pemegang saham dari: a. Companies wherein the Company is a

stockholder:

• PT Asuransi Bringin Sejahtera Artamakmur

• PT Staco Jasapratama • PT Saturama Wicaksana

• PT Asuransi Bringin Sejahtera Artamakmur

• PT Staco Jasapratama • PT Saturama Wicaksana

b. Perusahaan merupakan pendiri Dana

Pensiun Asuransi Ramayana. b. The Company is the founder of Dana

Pensiun Asuransi Ramayana. c. Korean Reinsurance Company merupakan

salah satu pemegang saham Perusahaan. c. Korean Reinsurance Company is one of the

stockholders of the Company.

d. Perusahaan memiliki secara tidak langsung PT Binasentra Purna.

d. The Company indirectly owns PT Binasentra Purna.

e. F.X. Widyastanto (Alm) mempunyai

hubungan keluarga dengan Ir. Widyanarso Doeriat, S.E., dan Dr. Aloysius Winoto Doeriat, Komisaris dan Direktur Utama Perusahaan. Sampai dengan tanggal 11 Mei 2000, F.X. Widyastanto (Alm) merupakan Komisaris Perusahaan dan pada tahun 1997 merupakan Direktur Utama Perusahaan.

e. The late F.X. Widyastanto has a family relationship with Ir. Widyanarso Doeriat, S.E., and Dr. Aloysius Winoto Doeriat, a Commissioner and the President Director of the Company, respectively. F.X. Widyastanto was the commissioner of the Company until May 11, 2000 and the President Director of the Company in 1997.





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31. Sifat dan Tranksaksi Hubungan Istimewa

(Lanjutan) 31. Nature of Relationship and Transactions with

Related Parties (Continued)

Transaksi Hubungan Istimewa

Transactions with Related Parties

Dalam kegiatan usahanya, Perusahaan dan anak perusahaan melakukan transaksi tertentu dengan pihak hubungan istimewa, yang meliputi antara lain:

In the normal course of business, the Company and its subsidiary entered into certain transactions with related parties, among others, as follows:

a. Perusahaan mengadakan perjanjian

koasuransi dengan PT Staco Jasapratama dan PT Asuransi Bringin Sejahtera Artamakmur. Rincian piutang premi atas transaksi koasuransi dengan pihak yang mempunyai hubungan istimewa adalah sebagai berikut:

a. The Company entered into co-insurance agreements with PT Staco Jasapratama and PT Asuransi Bringin Sajahtera Artamakmur. The details of premiums receivable from related parties are as follows:

2008 2007Rp Rp

Piutang premi Premiums receivablePT Asuransi Bringin Sejahtera PT Asuransi Bringin Sejahtera

Artamakmur 71.970.246 67.684.362 ArtamakmurPT Staco Jasapratama 150.450.698 45.256.920 PT Staco Jasapratama

Jumlah 222.420.944 112.941.282 Total

% dari jumlah aktiva 0,07% 0,05% % to total assets

Transaksi koasuransi dengan pihak yang mempunyai hubungan istimewa menimbulkan hutang komisi sebagai berikut:

Commissions payable as a result of co-insurance transaction with related parties are as follows:

2008 2007Rp Rp

PT Staco Jasapratama 13.281.077 8.938.984 PT Staco JasapratamaPT Asuransi Bringin Sejahtera PT Asuransi Bringin Sejahtera

Artamakmur 22.396.663 7.434.684 Artamakmur

Jumlah 35.677.740 16.373.668 Total

% dari jumlah kewajiban 0,01% 0,01% % to total liabilities

b. Perusahaan memperoleh sebagian

penutupan asuransi melalui broker asuransi PT Binasentra Purna. Hutang komisi kepada PT Binasentra Purna yang timbul dari transaksi tersebut adalah Rp 835.938 per 31 Desember 2008 dan Rp 2.270.937 per 31 Desember 2007.

b. Certain insurance coverages were obtained from PT Binasentra Purna. Commission payable to PT Binasentra Purna as a result of such transactions amounted to Rp 835,938 as of December 31, 2008 and Rp 2,270,937 as of December 31, 2007.

c. Perusahaan melakukan transaksi reasuransi

treaty dan fakultatif dengan PT Asuransi Bringin Sejahtera Artamakmur, Korean Reinsurance Company dan PT Staco Jasapratama.

c. The Company entered into treaty and facultative reinsurance transactions with PT Asuransi Bringin Sejahtera Artamakmur, Korean Reinsurance Company and PT Staco Jasapratama.





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Related Parties (Continued)

Transaksi Hubungan Istimewa (Lanjutan)

Transactions with Related Parties (Continued)

Rincian piutang dan hutang reasuransi atas transaksi dengan pihak yang mempunyai hubungan istimewa adalah sebagai berikut:

The details of reinsurance receivables from and reinsurance payables to related parties are as follows:

2008 2007Rp Rp

Piutang reasuransi Reinsurance receivables

Korean Reinsurance Company 401.661.610 624.090.450 Korean Reinsurance CompanyPT Staco Jasapratama 109.050.439 197.929.713 PT Staco JasapratamaPT Asuransi Bringin Sejahtera PT Asuransi Bringin Sejahtera

Artamakmur 78.688.140 81.556.414 Artamakmur

Jumlah 589.400.189 903.576.577 Total

% dari jumlah aktiva 0,19% 0,37% % to total assets

d. Pada tanggal 31 Desember 2008 dan 2007, Perusahaan mempunyai piutang tanpa bunga kepada F.X. Widyastanto masing-masing sebesar Rp 7.353.951.923 dan Rp 7.497.362.143 yang timbul sejak tahun 1995.

d. As of December 31, 2008 and 2007, the Company has non-interest bearing receivable from F.X. Widyastanto amounting to Rp 7,353,951,923 and Rp 7,497,362,143, respectively, which originated in 1995.

Sesuai dengan Keputusan Ketua Bapepam (sekarang Bapepam dan LK) No. KEP-32/PM/2000, transaksi ini merupakan transaksi yang mempunyai benturan kepentingan. Perusahaan telah memperoleh persetujuan dari pemegang saham independen atas transaksi tersebut dalam Rapat Umum Luar Biasa Pemegang Saham (RULBPS) tanggal 28 Desember 2001, dengan keputusan sebagai berikut:

Based on the Decree of the Chairman of Bapepam (currently known as Bapepam-LK) No. KEP-32/PM/2000, this transaction represents conflict of interest. The Company has obtained approval from the independent stockholders regarding this transaction in the Extraordinary Stockholders’ Meeting held on December 28, 2001, with the following decisions:

1. Penyelesaian saldo piutang

F.X. Widyastanto dengan memotong 10% dividen tunai atas saham yang sekarang ini tercatat atas nama Dr. Aloysius Winoto Doeriat selama 15 tahun terhitung sejak penerimaan dividen tahun buku 2001.

1. Settlement of receivable from F.X. Widyastanto by deducting 10% of cash dividend on shares held by Dr. Aloysius Winoto Doeriat for 15 years, starting from the declaration of dividends from the 2001 net income.

2. Memberikan wewenang kepada Direksi

dan Komisaris untuk melakukan tindakan atau cara lain untuk menyelesaikan saldo piutang afiliasi tersebut sepanjang menguntungkan Perusahaan.

2. Giving the Board of Directors and Board of Commissioners the authority to take action related to the settlement of receivable from F.X. Widyastanto that would be beneficial to the Company.

3. Menyetujui dan memberikan wewenang

kepada Direksi dan Komisaris untuk melakukan upaya hukum apabila diperlukan sehubungan dengan penyelesaian piutang tersebut, sepanjang menguntungkan Perusahaan.

3. Approving and giving the Board of Directors and Board of Commissioners the authority to take legal action necessary for the settlement of receivable from F.X. Widyastanto that would be beneficial to the Company.





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Related Parties (Continued) Transaksi Hubungan Istimewa (Lanjutan) Transactions with Related Parties (Continued)

Perusahaan telah melakukan proses upaya hukum dalam menyelesaikan piutang ini. Perkara hukum tersebut telah melalui proses putusan Pengadilan Negeri Jakarta Selatan dan Pengadilan Tinggi Jakarta, yang keduanya dimenangkan oleh Perusahaan. Pada tanggal 29 Juni 2006, pihak ahli waris F.X. Widyastanto mengajukan kasasi atas keputusan tersebut ke Mahkamah Agung. Sampai dengan tanggal 30 Maret 2009, kasasi ini masih dalam proses.

The Company had taken legal action for the settlement of such receivable. The case had been decided in the District Court of South Jakarta and the High Court of Jakarta, wherein both decisions are in favor of the Company. On June 29, 2006, the beneficiaries of F.X. Widyastanto filed an appeal in the Supreme Court. The appeal is still in process as of March 30, 2009.

e. Perusahaan menyelenggarakan program

pensiun bagi karyawan melalui Dana Pensiun Asuransi Ramayana.

e. The Company established a pension plan for its employees through Dana Pensiun Asuransi Ramayana.

32. Aset dan Kewajiban Moneter Dalam Mata Uang

Asing 32. Monetary Assets and Liabilities Denominated

in Foreign Currencies

Mata Uang Ekuivalen/ Mata Uang Ekuivalen/Asing/ Equivalent in Asing/ Equivalent in

Foreign Currency Rp Foreign Currency Rp

Aset/Assets

Investasi/Investments USD 1.691.253 18.519.219.693 1.284.044 12.094.414.298

Kas dan setara kas/Cash and cash equivalents USD 178.134 1.950.573.028 182.455 1.718.547.933

Piutang premi/Premiums receivable USD 2.040.869 22.347.511.680 1.097.061 10.333.217.559

EUR 2.326 35.895.762 11.677 160.672.718JPY 492.710 59.731.285 614.861 51.076.503SGD 7.349 55.908.983 6.425 41.777.792GBP 609 9.624.665 620 11.658.548AUD 37 279.886 208 1.711.615CHF 15 155.231 118 974.737HKD 47 66.406 779 940.993MYR 23 72.527 29 82.015

Jumlah/Subtotal 22.509.246.425 10.602.112.480

Piutang reasuransi/Reinsurance receivables USD 2.225.954 24.374.196.841 886.535 8.350.274.107

EUR 13.507 208.450.203 57.557 791.974.084JPY 2.780.594 337.091.472 2.790.929 231.842.444SGD 104.500 794.985.253 33.196 215.850.861WON 8.982.257 75.900.072 24.417.751 237.828.891GBP 1.591 25.138.159 184 3.466.893AUD 106 797.802 99 815.165HKD - - 234 282.080

Jumlah/Subtotal 25.816.559.802 9.832.334.525

Jumlah Aset/Total Assets 68.795.598.948 34.247.409.236

2008 2007





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32. Aset dan Kewajiban Moneter Dalam Mata Uang Asing (Lanjutan)

32. Monetary Assets and Liabilities Denominated in Foreign Currencies (Continued)

Mata Uang Ekuivalen/ Mata Uang Ekuivalen/Asing/ Equivalent in Asing/ Equivalent in

Foreign Currency Rp Foreign Currency Rp

Kewajiban/Liabilities

Hutang klaim/Claims payable USD 1.369.860 14.999.965.467 264.709 2.493.294.071EUR 4.245 65.503.130 4.653 64.024.163SGD 4.905 37.313.644 - -GBP 173 2.734.940 2.185 41.086.740

Jumlah/Subtotal 15.105.517.181 2.598.404.974

Estimasi klaim retensi sendiri/Estimated own retention claims USD 370.499 4.056.959.342 200.452 1.888.057.953

EUR 1.078 16.641.837 38.769 533.456.676SGD 575 4.374.232 575 3.738.868JPY - - 3.408.119 283.112.415

Jumlah/Subtotal 4.077.975.411 2.708.365.912

Hutang reasuransi/Reinsurance payable USD 1.377.920 15.088.226.294 902.047 8.496.376.549

EUR 2,17 33.488 - -SGD - - 97 628.260JPY - - 2.959 245.775

Jumlah/Subtotal 15.088.259.782 8.497.250.584

Hutang komisi/Commissions payable USD 367.768 4.027.055.650 394.351 3.714.392.069

EUR 1.042 16.080.561 1.790 24.629.971SGD 1.826 13.891.039 1.679 10.917.496JPY 139.124 16.866.003 117.846 9.789.467GBP 181 2.860.254 266 5.001.864CHF 13 134.534 21 173.470HKD 24 33.909 1.336 1.613.888AUD 7 52.889 41 337.389MYR 3 9.460 59 166.859

Jumlah/Subtotal 4.076.984.299 3.767.022.473

Jumlah Kewajiban/Total Liabilities 38.348.736.673 17.571.043.943

Jumlah Aset - Bersih/Net Assets 30.446.862.275 16.676.365.293

2008 2007

Kurs konversi yang digunakan pada tanggal neraca adalah sebagai berikut:

The conversion rates used as of balance sheet dates are as follows:

Mata Uang 2008 2007 Foreign Currency

Rp Rp

Poundsterling Inggris (GBP) 15.802,51 18.804,11 Great Britain Poundsterling (GBP)Dolar Amerika Serikat (USD) 10.950,00 9.419,00 U.S. Dollar (USD)Euro (EUR) 15.432,40 13.759,76 Euro (EUR)Dolar Kanada (CAD) 8.977,72 9.595,58 Canadian Dollar (CAD)Franc Swiss (CHF) 10.348,75 8.260,48 Switzerland Franc (CHF)Dolar Singapura (SGD) 7.607,36 6.502,38 Singapore Dollar (SGD)Dolar Australia (AUD) 7.555,51 8.228,92 Australian Dollar (AUD)Ringgit Malaysia (MYR) 3.153,36 2.828,12 Malaysian Ringgit (MYR)Dolar Hongkong (HKD) 1.412,89 1.207,95 Hongkong Dollar (HKD)Kroner Swedia (SEK) 1.412,32 1.452,77 Swedish Krona (SEK)Yen Jepang (JPY) 121,23 83,07 Japanese Yen (JPY)Won Korea (WON) 8,96 10,03 Korean Won (WON)





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32. Aset dan Kewajiban Moneter Dalam Mata Uang Asing (Lanjutan)

32. Monetary Assets and Liabilities Denominated in Foreign Currencies (Continued)

Laba selisih kurs yang berasal dari investasi deposito berjangka sebesar Rp 128.386.270 tahun 2008 dan Rp 57.339.496 tahun 2007 disajikan sebagai “Hasil investasi” (Catatan 25). Sebaliknya, laba selisih kurs yang berasal dari transaksi dan penjabaran aset moneter (selain investasi) dan kewajiban moneter dalam mata uang asing sebesar Rp 825.277.999 tahun 2008 dan Rp 675.428.567 tahun 2007 dan disajikan sebagai “Pendapatan lain-lain - bersih” (Catatan 27) pada laporan laba rugi konsolidasi.

Foreign exchange differences on time deposits amounting to a gain of Rp 128,386,270 in 2008 and Rp 57,339,496 in 2007, were presented under "Income from investments" account (Note 25) in the consolidated statements of income. On the other hand, the net differences on foreign currency transactions and translation of monetary assets (except investments) and liabilities denominated in foreign currencies amounting to a gain of Rp 825,277,999 in 2008 and Rp 675,428,567 in 2007 were presented under "Other income - net" account (Note 27) in the consolidated statements of income.

33. Informasi Segmen 33. Segment Information

Segmen Usaha Business Segment Untuk tujuan pelaporan manajemen, saat ini Perusahaan dan anak perusahaan dibagi dalam dua divisi operasi - asuransi kerugian dan persewaan gedung kantor.

For management reporting purpose, the Company and its subsidiary are currently organized into two operating divisions - general insurance and rental of office buildings.

Asuransi Persewaankerugian/ gedung kantor/General Office Eliminasi/ Konsolidasi/

insurance building rental Elimination ConsolidatedRp Rp Rp Rp

PENDAPATAN REVENUESPihak eksternal 227.494.502.194 - - 227.494.502.194 External partiesAntar segmen - 2.129.457.000 (2.129.457.000) - Inter-segment

Jumlah 227.494.502.194 2.129.457.000 (2.129.457.000) 227.494.502.194 Total

HASIL SEGMENT RESULTSHasil segmen 90.348.799.708 120.386.975 (2.129.457.000) 88.339.729.683 Segment incomeBagian laba bersih Equity in net income of

perusahaan asosiasi 3.335.147.551 - - 3.335.147.551 associated companiesBeban usaha tidak dapat

dialokasikan 68.191.667.158 Unallocated expenses

Laba usaha 23.483.210.076 Income from operationsPendapatan lain-lain - bersih 3.835.160.345 Other income - netLaba sebelum pajak dan hak Income before tax and minority interest

minoritas atas rugi anak perusahaan 27.318.370.421 in net loss of a subsidiaryBeban pajak 9.739.120.128 Tax expense

Laba sebelum hak minoritas 17.579.250.293 Income before minority interestHak minoritas atas laba bersih Minority interest in net income

anak perusahaan (732.550) of a subsidiary

Laba bersih 17.578.517.743 Net income

2008





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33. Informasi Segmen (Lanjutan) 33. Segment Information (Continued)

Segmen Usaha (Lanjutan) Business Segment (Continued)



INFORMASI LAINNYA OTHER INFORMATION

ASET ASSETSAset segmen 254.572.961.336 8.388.055.329 - 262.961.016.665 Segment assetsInvestasi saham - Perusahaan Investments in shares of stock -

asosiasi 6.037.571.005 - - 6.037.571.005 Associated companies

Jumlah 268.998.587.670 TotalAset yang tidak dapat

dialokasikan Unallocated assetsAset pajak tangguhan - - - 3.108.797.473 Deferred tax assetsLainnya - - - 43.166.483.169 Others

Jumlah 315.273.868.312 Total

KEWAJIBAN LIABILITIESKewajiban segmen 170.474.459.541 170.474.459.541 Segment liabilitiesKewajiban yang tidak dapat

dialokasikan Unallocated liabilitiesHutang pajak - - - 4.930.660.301 Taxes payableLainnya - - - 27.016.624.122 Others

Jumlah 202.421.743.964 Total

Pengeluaran modal untuk Capital expenditures for propertyaset tetap 1.784.293.633 127.998.175 - 1.912.291.808 and equipment

Penyusutan dan amortisasi 2.140.444.745 957.596.652 - 3.098.041.397 Depreciation and amortization

Beban bukan kas lainnya 1.620.665.000 87.081.401 - 1.707.746.401 Other noncash expenses

2008



PENDAPATAN REVENUESPihak eksternal 215.941.642.944 - - 215.941.642.944 External partiesAntar segmen - 2.083.961.000 (2.083.961.000) - Inter-segment

Jumlah 215.941.642.944 2.083.961.000 (2.083.961.000) 215.941.642.944 Total

HASIL SEGMENT RESULTSHasil segmen 76.598.541.456 433.649.345 (2.083.961.000) 74.948.229.801 Segment incomeBagian laba bersih Equity in net income of

perusahaan asosiasi 1.866.579.704 - - 1.866.579.704 associated companiesBeban usaha tidak dapat

dialokasikan 59.738.956.697 Unallocated expenses

Laba usaha 17.075.852.807 Income from operationsPendapatan lain-lain - bersih 2.274.539.738 Other income - netLaba sebelum pajak dan hak Income before tax and minority interest

minoritas atas rugi anak perusahaan 19.350.392.545 in net loss of a subsidiaryBeban pajak 3.847.575.053 Tax expense

Laba sebelum hak minoritas 15.502.817.492 Income before minority interestHak minoritas atas laba bersih Minority interest in net income

anak perusahaan (44.267) of a subsidiary

Laba bersih 15.502.773.225 Net income

2007





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33. Informasi Segmen (Lanjutan) 33. Segment Information (Continued)

Segmen Usaha (Lanjutan) Business Segment (Continued)



INFORMASI LAINNYA OTHER INFORMATION

ASET ASSETSAset segmen 75.298.591.593 10.106.018.856 - 85.404.610.449 Segment assetsInvestasi saham - Perusahaan Investments in shares of stock -

asosiasi 5.409.042.597 - - 5.409.042.597 Associated companies

Jumlah 90.813.653.046 TotalAset yang tidak dapat

dialokasikan Unallocated assetsAset pajak tangguhan dan Deferred tax asset and

pajak dibayar dimuka - - - 5.791.066.911 prepaid taxezLainnya - - - 148.116.155.258 Others

Jumlah 244.720.875.215 Total

KEWAJIBAN LIABILITIESKewajiban segmen 117.252.019.196 - - 117.252.019.196 Segment liabilitiesKewajiban yang tidak dapat

dialokasikan Unallocated liabilitiesHutang pajak - - - 799.108.654 Taxes payableLainnya - - - 24.841.875.380 Others

Jumlah 142.893.003.230 Total

Pengeluaran modal untuk Capital expenditures for propertyaset tetap 2.607.430.739 1.214.423.150 - 3.821.853.889 and equipment

Penyusutan dan amortisasi 2.406.842.362 1.484.852.911 - 3.891.695.273 Depreciation and amortization

Beban bukan kas lainnya 3.429.221.036 20.918.301 - 3.450.139.337 Other noncash expenses

2007

Segmen Geografis Geographical Segment Penutupan asuransi, penempatan reasuransi dan pembayaran klaim asuransi diakukan di Kantor Pusat sehingga informasi segmen geografis tidak disajikan.

Insurance coverage, reinsurance placement and insurance claim transactions are carried out centrally in head office, thus, geographical segment information was not presented.





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34. Informasi Penting Lainnya 34. Other Significant Information

a. Kontrak Reasuransi a. Reinsurance Contracts

Dalam rangka manajemen risiko atas pertanggungan asuransi yang bernilai signifikan dan mempunyai risiko khusus, Perusahaan mengadakan kontrak reasuransi baik yang bersifat proporsional maupun non-proporsional dengan beberapa perusahaan asuransi dan reasuransi dalam negeri dan luar negeri. Program reasuransi untuk tahun 2008 adalah sebagai berikut:

For purposes of risk management on significant amount of insurance coverage and special risk coverage, the Company entered into proportional and/or non-proportional reinsurance contracts with some local and foreign insurance and reinsurance companies. Reinsurance programs for 2008 are as follows:

1. Program Reasuransi Proporsional

Treaty 1. Proportional Treaty Reinsurance

Program

Retensi/ Dalam Negeri/ Luar Negeri/ Jumlah/Retention Local Foreign Total

Kebakaran FireBisnis langsung Direct business

Rupiah 6.250.000.000 86.406.250.000 88.593.750.000 181.250.000.000 RupiahDolar Amerika Serikat *) 694.444 9.600.694 9.843.750 20.138.888 U.S. Dollar *)

Pengangkutan Marine cargoBisnis langsung Direct business


Rekayasa EngineeringBisnis langsung Direct business


Kecelakaan umum General accidentBisnis langsung Direct business

Rupiah 750.000.000 7.875.000.000 7.875.000.000 16.500.000.000 RupiahDolar Amerika Serikat *) 83.333 875.000 875.000 1.833.333 U.S. Dollar *)

Program treaty for each loss and riskProgram treaty untuk setiap kerugian untuk setiap risiko/

Jenis Pertanggungan Type of Insurance

*) Program Reasuransi treaty dilakukan

dalam Dolar Amerika Serikat atau jumlah ekuivalen mata uang asing lainnya.

*) Treaty reinsurance program is denominated in U.S. Dollar or other equivalent foreign currencies.

2. Program Reasuransi Non-Proporsional -

Excess of Loss 2. Non-proportional Reinsurance

Program - Excess of Loss


Kebakaran, pengangkutan, Property, marine cargo and dan rekayasa engineeringRupiah 1.250.000.000 3.275.000.000 1.725.000.000 6.250.000.000 RupiahDolar Amerika Serikat *) 138.889 363.889 191.667 694.445 U.S. Dollar *)

Kendaraan bermotor Motor vehicleRupiah 75.000.000 2.925.000.000 - 3.000.000.000 RupiahDolar Amerika Serikat *) 8.333 325.000 - 333.333 U.S. Dollar *)

Rangka kapal Marine hullBisnis langsung Direct business

Rupiah 300.000.000 9.700.000.000 - 10.000.000.000 RupiahDolar Amerika Serikat *) 33.333 1.077.778 - 1.111.111 U.S. Dollar *)

Excess of loss program for each loss and riskProgram excess of loss untuk setiap kerugian dan setiap risiko/





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34. Informasi Penting Lainnya (Lanjutan) 34. Other Significant Information (Continued)

a. Kontrak Reasuransi (Lanjutan) a. Reinsurance Contracts (Continued)

2. Program Reasuransi Non-Proporsional - Excess of Loss (Lanjutan)

2. Non-proportional Reinsurance Program - Excess of Loss (Continued)


Kebakaran, pengangkutan Property, marine cargo,rekayasa, kendaraan engineering, motor bermotor dan kecelakaan vehicle and personaldiri accidentRupiah 1.250.000.000 31.931.250.000 16.818.750.000 50.000.000.000 RupiahDolar Amerika Serikat *) 138.889 3.547.917 1.868.750 5.555.556 U.S. Dollar *)

Excess of loss program for each loss and occurenceProgram excess of loss untuk setiap kerugian dan setiap kejadian/

*) Program Reasuransi Non-

Proposional - Excess of Loss dilakukan dalam Dolar Amerika Serikat atau jumlah ekuivalen mata uang asing lainnya.

*) Non-propotional Reinsurance program - Excess of Loss is denominated in U.S. Dollar or other equivalent foreign currencies.

b. Analisis Kekayaan dan Perhitungan Batas

Tingkat Solvabilitas Perusahaan b. Asset Analysis and Calculation of the

Company’s Solvency Margin Limit

Berdasarkan Keputusan Menteri Keuangan Republik Indonesia No. 424/KMK.06/2003 tanggal 30 September 2003. Perusahaan setiap saat wajib memenuhi tingkat solvabilitas minimum sebesar 120% yang dihitung menggunakan pendekatan Risk Based Capital (RBC) dari deviasi dalam pengelolaan kekayaan dan kewajiban. Tingkat solvabilitas dihitung dengan mengurangi seluruh kewajiban (kecuali pinjaman subordinasi) dari kekayaan yang diperkenankan.

Based on Deed No. 424/KMK.06/2003 dated September 30, 2003 of the Ministry of Finance of the Republic of Indonesia. The Company has to meet at all times a solvency margin of at least 120% which is calculated using the Risk Based Capital approach (RBC) that might arise from deviation of assets and liabilities management. Solvency margin is calculated by deducting all liabilities (except for subordinated loans) from admitted assets.

Batas tingkat solvabilitas minimum dihitung dengan mempertimbangkan kegagalan pengelolaan kekayaan, ketidakseimbangan antara proyeksi arus kekayaan dan kewajiban, ketidakseimbangan antara nilai kekayaan dan kewajiban dalam setiap jenis mata uang, perbedaan antara beban klaim yang terjadi dan beban klaim yang diperkirakan, ketidak-cukupan premi akibat perbedaan hasil investasi yang diasumsikan dalam penetapan premi dengan hasil investasi yang diperoleh, ketidakmampuan pihak reasuradur untuk memenuhi kewajiban membayar klaim dan deviasi lainnya yang timbul dari pengelolaan kekayaan dan kewajiban.

Minimum solvency margin is calculated by considering unsuccessful assets management, imbalance between projected flows of assets and liabilities, imbalance between assets and liabilities value in each currency, the differences between claims expense incurred and estimated claims expense, insufficient premium as a result of differences between investment income assumed in determining premiums and investment income earned, inability of reinsurer to pay claims and other deviations arising from assets and liabilities management.





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b. Analisis Kekayaan dan Perhitungan Batas Tingkat Solvabilitas Perusahaan (Lanjutan)

b. Asset Analysis and Calculation of the Company’s Solvency Margin Limit (Continued)

Pada tanggal 31 Desember 2008 dan 2007, rasio pencapaian solvabilitas yang dihitung sesuai dengan Keputusan Menteri Keuangan Republik Indonesia No. 424/KMK.06/2003 dan Peraturan Bapepam dan Lembaga Keuangan No.PER-02/BL/2009 masing-masing adalah sebesar 151% dan 163%.

As of December 31, 2008 and 2007, solvency margin ratios which were calculated based on Deed No. 424/KMK.06/2003 of the Minister of Finance of the Republic of Indonesia and the Bapepam and Lembaga Keuangan regulation No.PER-02/BL/2009 were 151% and 163%, respectively.

Perhitungan analisis kekayaan dan batas tingkat soIvabililas Perusahaan disajikan dalam lampiran II dan III.

The computations of minimum solvency margin limit and analysis of admitted assets are presented in attachments II and III.

c. Rasio Keuangan Perusahaan c. The Company’s Financial Ratios

2008 2007

Rasio investasi terhadap cadanganteknis ditambah hutang klaim Investment ratio to technical reserveretensi sendiri 132% 136% and own retention claim

Rasio premi neto terhadap premi bruto 43% 39% Net premium to gross premium ratioRasio premi neto terhadap modal sendiri 167% 151% Net premium to equity ratioRasio premi tidak langsung terhadap Indirect premium to direct premium

premi langsung 1% 1% ratioRasio biaya pendidikan dan pelatihan Training and education expense to

terhadap biaya pegawai dan pengurus 5% 1% personnel expense ratio

Rasio keuangan Perusahaan tahun 2008 dan 2007 dihitung sesuai dengan Keputusan Menteri Keuangan Republik Indonesia No. 424/KMK.06/2003.

The Company's financial ratios in 2008 and 2007 are calculated based on Deed No. 424/KMK.06/2003 of the Minister of Finance of the Republic of Indonesia.

Rasio biaya pendidikan dan pelatihan terhadap biaya pegawai dan pengurus pada tanggal 31 Desember 2007 di bawah batasan yang ditetapkan oleh Keputusan Menteri Keuangan Republik Indonesia No. 426/KMK.06/2003.

Training and education expense to personnel expense ratios as of December 31, 2007 were below the limit required by Deed No. 426/KMK.06/2003 of the Minister of Finance of the Republic of Indonesia.

d. Informasi Keuangan Tersendiri Induk

Perusahaan d. Financial Statements of the Parent

Company Only

Perusahaan menyajikan neraca, laporan laba rugi dan laporan arus kas, dimana penyertaan saham pada anak perusahaan dipertanggungjawabkan dengan metode ekuitas. Informasi keuangan tersendiri Perusahaan disajikan untuk tujuan analisis tambahan terhadap Iaporan keuangan konsolidasi dan bukan untuk menyajikan posisi keuangan, hasil usaha dan arus kas Perusahaan sebagai entitas terpisah.

Financial information of the Parent Company consists of balance sheets, statements of income, statements of changes in equity and statements of cash flows wherein investment in shares of stock of subsidiary is presented under the equity method. The Company's financial information is presented solely for the purpose of additional analysis of the basic consolidated financial statements rather than to present the financial position, results of operations and cash flows of the Company as a separate entity.





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d. Informasi Keuangan Tersendiri Induk Perusahaan (Lanjutan)

d. Financial Statements of the Parent Company Only (Continued)

Neraca Balance Sheets

2008 2007Rp Rp

ASET ASSETS

Investasi InvestmentsDeposito berjangka 128.080.719.693 99.849.894.426 Time depositsObligasi dimiliki hingga jatuh tempo 4.000.000.000 1.000.000.000 Bonds held-to-maturitySurat berharga yang diperdagangkan 689.487.205 5.632.379.423 Trading securitiesInvestasi saham Investments in shares of stock

Perusahaan asosiasi 18.227.281.366 10.407.843.388 Associated companiesPerusahaan lain 4.654.700.000 4.154.700.000 Other companies

Jumlah investasi 155.652.188.264 121.044.817.237 Total investments

Kas dan setara kas 13.219.746.069 10.470.996.493 Cash and cash equivalentsPiutang premi setelah dikurangi

penyisihan piutang ragu-ragu 58.580.821.647 35.542.913.400 Premiums receivable - netPiutang reasuransi 58.567.232.788 39.755.678.193 Reinsurance receivablesPiutang lain-lain 414.513.444 764.303.544 Other accounts receivable - net Pajak dibayar dimuka 1.726.627.710 Prepaid taxesPiutang pihak yang mempunyai Accounts receivable from a related

hubungan istimewa 7.353.951.923 7.497.362.143 partyAset tetap - setelah dikurangi

akumulasi penyusutan 12.999.380.743 13.357.548.774 Property and equipment - net Aset pajak tangguhan 2.835.586.000 3.887.466.927 Deferred tax assetsAset lain-lain 4.955.544.161 4.363.396.410 Other assets

JUMLAH ASET 314.578.965.039 238.411.110.831 TOTAL ASSETS

KEWAJIBAN DAN EKUITAS LIABILITIES AND EQUITY

KEWAJIBAN LIABILITIESHutang klaim 44.540.720.843 21.428.999.537 Claims payableEstimasi klaim retensi sendiri 27.314.037.492 17.800.506.458 Estimated own retention claimsPremi belum merupakan pendapatan 66.323.309.610 55.363.940.147 Unearned premiumsHutang reasuransi 19.134.822.654 12.375.242.594 Reinsurance payablesHutang komisi 13.161.568.941 10.283.330.458 Commissions payableHutang pajak 4.645.338.109 733.195.921 Taxes payableHutang lain-lain 16.199.410.229 6.102.862.368 Other accounts payableCadangan imbalan pasca-kerja 10.421.548.000 12.508.344.000 Post-employment benefits reserveJumlah Kewajiban 201.740.755.878 136.596.421.483 Total Liabilities

EKUITAS EQUITYModal saham - Rp 500 harga nominal Capital stock - Rp 500 par value

per lembar per shareModal dasar - 220.000.000 saham Authorized - 220,000,000 sharesModal ditempatkan dan disetor - Issued and paid-up -

79.799.943 saham di 2008 79,799,943 shares in 2008 anddan 56.999.982 saham di 2007 39.899.971.500 28.499.991.000 56,999,982 shares in 2007

Tambahan modal disetor 75.007.350 11.474.987.850 Additional paid-in capitalSaldo laba Retained earnings

Ditentukan penggunaannya 49.358.618.782 40.858.618.782 AppropriatedTidak ditentukan penggunaannya 23.504.611.529 20.981.091.716 Unappropriated

Jumlah Ekuitas 112.838.209.161 101.814.689.348 Total Equity

JUMLAH KEWAJIBAN DAN EKUITAS 314.578.965.039 238.411.110.831 TOTAL LIABILITIES AND EQUITY





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Laba Rugi Statements of Income

2008 2007Rp Rp

PENDAPATAN USAHA OPERATING REVENUESPendapatan underwriting Underwriting revenues

Premi bruto 441.451.520.530 390.798.488.249 Gross premiums Premi reasuransi (202.997.648.872) (166.595.413.544) Reinsurance premiumsKenaikan premi belum Increase in unearned

merupakan pendapatan (10.959.369.464) (8.261.431.761) premiums

Jumlah pendapatan premi 227.494.502.194 215.941.642.944 Net premium income

Beban underwriting Underwriting expensesBeban klaim Claims expense

Klaim bruto 227.482.333.962 166.175.047.102 Gross claimsKlaim reasuransi (144.242.757.468) (90.668.928.685) Reinsurance claimsKenaikan estimasi klaim Increase in estimated own

retensi sendiri 9.513.531.033 63.634.250 retention claims

Jumlah beban klaim 92.753.107.527 75.569.752.667 Net claims expenseBeban komisi neto 49.983.010.025 70.960.442.107 Net commission expense

Jumlah beban underwriting 142.736.117.552 146.530.194.774 Total underwriting expenses

Hasil underwriting 84.758.384.642 69.411.448.170 Underwriting Income

Hasil Investasi 7.639.853.044 7.305.134.918 Income from investments

Pendapatan usaha - bersih 92.398.237.686 76.716.583.088 Net operating revenues

BEBAN USAHA 69.914.782.123 60.736.228.314 OPERATING EXPENSES

LABA USAHA 22.483.455.563 15.980.354.774 INCOME FROM OPERATIONS

PENDAPATAN LAIN-LAIN - BERSIH 4.047.904.708 3.155.128.578 OTHER INCOME - NET

LABA SEBELUM PAJAK 26.531.360.271 19.135.483.352 INCOME BEFORE TAX

BEBAN PAJAK 8.952.842.528 3.632.710.127 TAX EXPENSE

LABA BERSIH 17.578.517.743 15.502.773.225 NET INCOME





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Laporan Perubahan Ekuitas Statements of Changes in Equity

Laba Belum

Direalisasi atasKenaikan

Nilai WajarReksadana/

Tambahan Unrealized GainModal on Increase in Cadangan Cadangan Jumlah

Disetor/ Fair Value of Umum/ Modal/ Tidak Ditentukan Ekuitas/

Modal Saham/ Additional Investment General Capital Penggunaannya/ Total Capital Stock Paid-in Capital in Mutual Fund Reserve Reserve Unappropriated Equity

Rp Rp Rp Rp Rp Rp Rp

Saldo per 1 Januari 2007 28.499.991.000 11.474.987.850 29.587.931 29.544.267.611 2.500.000.006 20.676.662.640 92.725.497.038 Balance as of January 1, 2007


Dividen tunai - - - - - (6.383.992.984) (6.383.992.984) Cash dividends

Cadangan umum - - - 8.814.351.165 - (8.814.351.165) - Appropriation to general reserve

Realisasi kenaikan nilai Realization of increase in fair value wajar reksadana - - (29.587.931) - - - (29.587.931) of investment in mutual fund

Saldo per 31 Desember 2007 28.499.991.000 11.474.987.850 - 38.358.618.776 2.500.000.006 20.981.091.716 101.814.689.348 Balance as of December 31, 2007

Penerbitan saham bonus 11.399.980.500 (11.399.980.500) - - - - - Bonus share issuance


Dividen tunai - - - - - (6.554.997.930) (6.554.997.930) Cash dividends

Cadangan umum - - - 8.500.000.000 - (8.500.000.000) - Appropriation to general reserve

Saldo per 31 Desember 2008 39.899.971.500 75.007.350 - 46.858.618.776 2.500.000.006 23.504.611.529 112.838.209.161 Balance as of December 31, 2008

Saldo Laba/Retained EarningsDitentukan Pengunaannya/

Appropriated

Laporan Arus Kas Statements of Cash Flows

2008 2007Rp Rp

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM OPERATING OPERASI ACTIVITIES

Penerimaan: Cash receipts from:Premi 487.737.715.332 457.334.747.465 PremiumsKlaim reasuransi 45.188.114.032 35.821.562.908 Reinsurance claimsKlaim koasuransi 37.335.597.462 26.347.574.169 Co-insurance claimsLain-lain 360.184.471.121 1.312.150.956 Others

Pembayaran: Cash payments of:Klaim (234.688.749.061) (190.087.697.810) ClaimsPremi reasuransi (79.539.191.983) (85.402.130.397) Reinsurance premiumsPremi koasuransi (94.176.449.609) (53.610.877.842) Co-insurance premiums

Brokerage commissions and Komisi broker dan reduksi (82.257.439.338) (106.089.335.721) reductionBeban usaha dan lain-lain (388.898.082.215) (59.360.584.769) Operating and other expenses

Kas dihasilkan dari operasi 50.885.985.741 26.265.408.959 Cash generated from operationsPembayaran pajak penghasilan (9.608.260.956) (4.552.701.497) Income tax paid

Kas Bersih Diperoleh Dari Aktivitas Net Cash Provided by Operating Operasi 41.277.724.785 21.712.707.462 Activities





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Laporan Arus Kas (Lanjutan) Statements of Cash Flows (Continued)

2008 2007Rp Rp

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM INVESTING INVESTASI ACTIVITIES

Pencairan deposito berjangka 186.536.491.373 119.663.824.416 Withdrawals of time depositsPenerimaan hasil investasi 2.590.674.393 6.178.989.409 Investment income received

Proceeds from sale of property and Hasil penjualan aset tetap 9.950.000 478.325.000 equipmentPerolehan aset tetap (1.784.293.635) (2.607.430.739) Acquisition of property and equipmentPenambahan investasi pada

anak perusahaan (5.770.000.000) (3.930.000.000) Additional investment in a subsidiaryPenempatan deposito berjangka (214.361.122.293) (129.050.661.630) Placements in time deposits

Proceeds from sale of investment Pencairan (penempatan) reksadana 3.784.533.408 (4.500.000.000) (placement) mutual fundPenempatan obligasi (3.000.000.000) - Investment in bonds

Kas Bersih Digunakan untuk Aktivitas Investasi (31.993.766.754) (13.766.953.544) Net Cash Used in Investing Activities

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM A FINANCING PENDANAAN ACTIVITY

Pembayaran dividend (6.535.208.455) (6.360.866.363) Payment of dividens

KENAIKAN BERSIH KAS DAN NET INCREASE IN CASH AND CASH SETARA KAS 2.748.749.576 1.584.887.555 EQUIVALENTS

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS ATBERSIH AWAL TAHUN 10.470.996.493 8.886.108.938 BEGINNING OF THE YEAR

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS ATAKHIR TAHUN 13.219.746.069 10.470.996.493 END OF THE YEAR

35. Kondisi Ekonomi Indonesia Hasil Dari Krisis

Ekonomi Global 35. Indonesian Economic Condition Resulting

from Global Economic Crisis Krisis keuangan global yang dimulai dari Amerika Serikat telah mempengaruhi pasar modal dan pasar keuangan di Indonesia ditandai antara lain dengan melemahnya nilai tukar mata uang Rupiah, penurunan permintaan dan nilai pasar komoditas, penurunan nilai pasar saham dan surat berharga serta kenaikan suku bunga. Kondisi tersebut telah mengakibatkan berkurangnya likuiditas, terbatasnya penyediaan kredit serta menurunnya pertumbuhan ekonomi. Memburuknya kondisi ekonomi tersebut diperkirakan akan berdampak lebih jauh di berbagai sektor industri dan sector riil pada tahun 2009.

Global financial crisis that originated from the United States has affected the capital and financial markets in Indonesia as evidenced by weakening of Indonesian Rupiah, decreasing demand and commodity prices, declining market values of stocks and securities, increasing interest rates, among others. These conditions have resulted to tightened liquidity conditions, decline in available credits, thus, hampering economic growth. The worsening economic condition is expected to affect various industries and to have further impact in 2009.





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35. Kondisi Ekonomi Indonesia Hasil Dari Krisis Ekonomi Global (Lanjutan)

35. Indonesian Economic Condition Resulting from Global Economic Crisis (Continued)

Penurunan harga pasar saham akibat krisis keuangan global berdampak cukup besar terhadap kinerja investasi Perusahaan dan anak perusahaan. Selanjutnya, memburuknya kondisi ekonomi dapat berpengaruh pada kegiatan operasi Perusahaan dan anak perusahaan, yaitu kemungkinan penurunan pada permintaan penutupan asuransi yang dapat memberikan dampak negatif terhadap pendapatan dan laba bersih Perusahaan dan anak perusahaan.

The declining value of marketable securities due to the global financial crisis has significantly affected the Company and its subsidiary’s investing activities. Further, the worsening economic condition could further affect the Company and its subsidiary’s operations considering the possible decline in market demand for insurance products. These factors could have a further negative impact in Company and its subisidiary’s revenues and net income.

Untuk menghadapi kondisi ekonomi yang mungkin semakin memburuk pada tahun yang akan datang, Perusahaan telah melakukan dan akan meneruskan rencana dan tindakan sebagai berikut:

To deal with the adverse economic situation that potentially could become worst in the upcoming year, the Company and it’s subsidiary have taken and will continue to implement the following measures:

• Menerapkan kebijakan akseptasi polis yang

lebih selektif dan pengelolaan risiko akseptasi yang lebih berhati-hati (prudent) agar dapat memberikan hasil yang optimal.

• Inplement a more selective and prudent policy on risk acceptance to optimize results.

• Lebih memfokuskan pada pasar ritel yang relatif tidak rentan terhadap kondisi ekonomi saat ini.

• Focus more on retail market that is not sensitive to current economic condition

• Melakukan investasi pada instrument investasi yang relatif aman untuk menghindari kerugian.

• Be more prudent in its investing activities to avoid incurring losses.

• Meningkatkan kapabilitas dan kompentensi sumber daya manusia yang dimiliki oleh Perusahaan agar dapat meningkatkan efektifitas dan efisiensi operasional Perusahaan.

• Improve human resources efficiency to minimize costs.

Perbaikan dan pemulihan ekonomi tergantung pada beberapa faktor, antara lain kebijakan fiskal dan moneter yang diupayakan oleh Pemerintah, suatu tindakan yang berada di luar kendali Perusahaan untuk mencapai pemulihan ekonomi. Dampak masa depan yang berasal dari kondisi ekonomi pada saat ini atas likuiditas serta pendapatan Perusahaan termasuk dampak masa depan terhadap investor, pelanggan dan pemasok, tidak dapat ditentukan.

Recovery of the economy to a sound and stable condition is dependent on the fiscal and monetary measures being undertaken by the Government, actions that are beyond the control of the Company and its subsidiary to achieve economic recovery. It is not possible to determine the future effect the current economic condition may have on the Company and its subsidiary liquidity and earnings, including the effects on their investors, customers and suppliers.

Tidak terdapat kejadian setelah tanggal neraca sampai dengan tanggal laporan keuangan ini yang terjadi akibat memburuknya kondisi ekonomi di Indonesia, yang menimbulkan ketidakpastian tentang kemampuan Perusahaan untuk mempertahankan kelangsungan usahanya.

There are no events subsequent to balance sheet date until the date of this report that occur as a result of the worsening economic condition in Indonesia which raise uncertainty as to Company’s ability to continue as a going concern.

********

PT ASURANSI RAMAYANA Tbk DAN ANAK PERUSAHAAN PT ASURANSI RAMAYANA Tbk AND ITS SUBSIDIARYLampiran I : Informasi Pendapatan, Beban dan Hasil Underwriting Tersendiri Perusahaan Attachment I : Information on Underwriting Revenues, Expenses and Income - Parent Company OnlyUntuk Tahun-tahun yang Berakhir 31 Desember 2008 dan 2007 For the Years Ended December 31, 2008 and 2007

Kendaraan Rangka PengangkutanKebakaran/ Pengangkutan/ Bermotor/ Kapal/ Udara/ Rekayasa/ Bond/ Aneka/

Fire Marine Cargo Motor Vehicle Marine Hull Aviation Engineering Bonds/ Miscellaneous 2008 2007Rp Rp Rp Rp Rp Rp Rp Rp Rp Rp

PENDAPATAN UNDERWRITING UNDERWRITING REVENUESPendapatan premi Premium income

Premi bruto 158.897.877.925 63.211.492.912 78.177.468.837 11.808.230.515 13.372.469.792 41.666.543.011 37.720.646.463 36.596.791.075 441.451.520.530 390.798.488.249 Gross premiumPremi reasuransi (103.771.639.038) (25.371.207.745) (4.547.936.719) (6.498.850.976) (12.308.605.696) (33.156.789.681) (10.933.327.744) (6.409.291.273) (202.997.648.872) (166.595.413.544) Reinsurance premiumsPenurunan (kenaikan) premi Decrease (increase) in unearned

belum merupakan pendapatan (4.575.666.264) (1.043.974.049) 1.339.578.433 214.607.129 (432.157.006) (1.016.523.746) (1.365.875.523) (4.079.358.438) (10.959.369.464) (8.261.431.761) premiums

Jumlah pendapatan premi 50.550.572.623 36.796.311.118 74.969.110.551 5.523.986.668 631.707.090 7.493.229.584 25.421.443.196 26.108.141.364 227.494.502.194 215.941.642.944 Net premium income

BEBAN UNDERWRITING UNDERWRITING EXPENSESBeban klaim Claims expense

Klaim bruto 109.467.532.960 22.900.245.571 56.390.136.110 2.902.081.863 8.246.558.687 19.282.350.034 1.852.943.517 9.188.750.120 230.230.598.862 166.175.047.102 Gross claimsKlaim reasuransi (95.835.475.772) (16.192.153.721) (2.927.437.627) (1.862.658.672) (8.105.815.361) (17.920.871.779) (744.755.577) (3.401.853.859) (146.991.022.368) (90.668.928.685) Reinsurance claimsKenaikan estimasi klaim Increase in estimated own

retensi sendiri 2.591.019.020 777.205.496 4.810.778.792 988.722.939 (46.147.425) 512.386.021 (204.901.646) 84.467.836 9.513.531.033 63.634.250 retention claims

Jumlah beban klaim 16.223.076.208 7.485.297.346 58.273.477.275 2.028.146.130 94.595.901 1.873.864.276 903.286.294 5.871.364.097 92.753.107.527 75.569.752.667 Net claims expense

Beban (pendapatan) komisi neto Commission income (expense)Pendapatan komisi (19.207.336.896) (6.002.005.360) (412.322.027) (478.685.488) (252.819.082) (8.086.739.981) (3.616.281.064) (1.580.707.524) (39.636.897.422) (33.233.673.829) Commission income Beban komisi 27.803.230.092 13.625.507.056 20.191.481.357 1.334.315.664 225.623.776 7.404.507.399 6.833.662.084 12.201.580.019 89.619.907.447 104.194.115.936 Commission expense

Jumlah beban komisi neto 8.595.893.196 7.623.501.696 19.779.159.330 855.630.176 (27.195.306) (682.232.582) 3.217.381.020 10.620.872.495 49.983.010.025 70.960.442.107 Commission expense - net

Jumlah beban underwriting 24.818.969.404 15.108.799.042 78.052.636.605 2.883.776.306 67.400.595 1.191.631.694 4.120.667.314 16.492.236.592 142.736.117.552 146.530.194.774 Total underwriting expenses

HASIL UNDERWRITING 25.731.603.219 21.687.512.076 (3.083.526.054) 2.640.210.362 564.306.495 6.301.597.890 21.300.775.882 9.615.904.772 84.758.384.642 69.411.448.170 UNDERWRITING INCOME

Jumlah/Total

PT ASURANSI RAMAYANA Tbk DAN ANAK PERUSAHAAN PT ASURANSI RAMAYANA Tbk AND ITS SUBSIDIARYLampiran II: Informasi Analisis Kekayaan Tersendiri Induk Perusahaan Attachment II : Analysis of Admitted Assets - Parent Company OnlyUntuk Tahun-tahun yang Berakhir 31 Desember 2008 dan 2007 For the Years Ended December 31, 2008 and 2007

Kekayaan KekayaanKekayaan belum tidak Kekayaan

dibukukan/ dibukukan/ diperkenankan/ diperkenankan/Recorded Unrecorded Non-admitted Admitted

assets assets assets assetsRp Rp Rp Rp

Investasi InvestmentsDeposito berjangka 128.080.719.693 - - 128.080.719.693 Time depositsObligasi dimiliki hingga jatuh tempo 4.000.000.000 - - 4.000.000.000 Bond held-to-maturitySurat berharga yang diperdagangkan 689.487.205 - - 689.487.205 Trading securitiesInvestasi saham 22.881.981.366 3.586.953.495 (10.545.020.685) 15.923.914.176 Investments in shares of stock

Jumlah investasi 155.652.188.264 3.586.953.495 (10.545.020.685) 148.694.121.074 Total investments

Kas dan setara kas 13.219.746.069 - - 13.219.746.069 Cash and cash equivalentsPiutang premi 58.580.821.647 - (3.500.406.379) 55.080.415.268 Premium receivablesPiutang reasuransi 58.567.232.788 - (20.867.450.818) 37.699.781.970 Reinsurance receivablesPiutang hasil investasi 397.391.416 - - 397.391.416 Investment income receivableAktiva tetap Property and equipment

Bangunan, tanah dengan bangunan 6.817.037.649 14.176.705.351 - 20.993.743.000 Building, land and buildingPerangkat keras komputer 816.851.149 - - 816.851.149 Computer hardwareAktiva tetap lain 5.365.491.945 - (5.365.491.945) - Other property and equipment

Aktiva lainnya 15.162.204.112 - (15.162.204.112) - Other assets

Jumlah kekayaan 314.578.965.039 17.763.658.846 (55.440.573.939) 276.902.049.946 Total Assets

Kekayaan KekayaanKekayaan belum tidak Kekayaan

dibukukan/ dibukukan/ diperkenankan/ diperkenankan/Recorded Unrecorded Non-admitted Admitted

assets assets assets assetsRp Rp Rp Rp

Investasi InvestmentsDeposito berjangka 99.849.894.426 - (88.000.000) 99.761.894.426 Time depositsObligasi dimiliki hingga jatuh tempo 1.000.000.000 - - 1.000.000.000 Bond held-to-maturitySurat berharga yang diperdagangkan 5.632.379.423 - - 5.632.379.423 Trading securitiesInvestasi saham 14.562.543.388 3.063.907.046 (5.215.578.006) 12.410.872.428 Investments in shares of stockJumlah investasi 121.044.817.237 3.063.907.046 (5.303.578.006) 118.805.146.277 Total investments

Kas dan setara kas 10.470.996.493 - - 10.470.996.493 Cash and cash equivalentsPiutang premi 35.542.913.400 - (1.554.901.678) 33.988.011.722 Premium receivablesPiutang reasuransi 39.755.678.193 - (15.263.577.420) 24.492.100.773 Reinsurance receivablesPiutang hasil investasi 218.941.013 - - 218.941.013 Investment income receivableAktiva tetap Property and equipment

Bangunan, tanah dengan bangunan 7.277.221.789 11.907.424.211 - 19.184.646.000 Building, land and buildingPerangkat keras komputer 966.051.251 - - 966.051.251 Computer hardwareAktiva tetap lain 5.114.275.734 - (5.114.275.734) - Other property and equipment

Aktiva lainnya 18.020.215.721 - (18.020.215.721) - Other assets

Jumlah kekayaan 238.411.110.831 14.971.331.257 (45.256.548.559) 208.125.893.529 Total Assets

Akun Account

2008

Akun Account

2007

PT ASURANSI RAMAYANA Tbk DAN ANAK PERUSAHAAN PT ASURANSI RAMAYANA Tbk AND ITS SUBSIDIARYLampiran III: Informasi Analisis Kekayaan Tersendiri Induk Perusahaan Attachment III : Analysis of Admitted Assets - Parent Company OnlyUntuk Tahun-tahun yang Berakhir 31 Desember 2008 dan 2007 For the Years Ended December 31, 2008 and 2007

2008 2007Rp Rp

Tingkat solvabilitas Solvency marginKekayaan yang diperkenankan 276.902.049.946 208.125.893.529 Admitted assetsKewajiban 201.740.755.878 136.596.421.483 Liabilities

Jumlah tingkat solvabilitas 75.161.294.068 71.529.472.046 Solvency margin

Batas tingkat solvabilitas minimum Minimum solvency marginKegagalan pengelolaan kekayaan 9.189.152.398 6.680.838.516 Unsuccessful assets managementKekayaan dan kewajiban dalam setiap jenis mata uang 96.284.997 129.928.861 Currency imbalanceBeban klaim yang terjadi dan beban klaim yang diperkirakan 36.741.687.624 33.594.749.268 Claims incurred and claim settlement expensesRisiko reasuradur 3.782.707.021 3.528.336.399 Reinsurance risk

Jumlah Batas Tingkat Solvabilitas Minimum 49.809.832.040 43.933.853.044 Minimum Solvency Margin

Jumlah Batas Tingkat Solvabilitas 25.351.462.028 27.595.619.002 Excess of Solvency Margin

Jumlah kekayaan 151% 163% Solvency Margin Attained

pt asuransi ramayana tbk

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