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FINANCIAL STATEMENTS As of 31 December 2011 and 2010 STATEMENTS OF FINANCIAL POSITION (BALANCE SHEET) AS OF 31 DECEMBER 2011 and 2010 (in millions of Rupiah) ASSETS

2011

2010

Time Deposits and Certificates of Deposit Shares Bonds and Medium Term Notes (MTN) Securities issued or guaranteed by the Government 5. Securities issued or guaranteed by the Bank of Indonesia 6. Mutual Fund Units 7. Direct Investments 8. Buildings with Strata Title or Land with Buildings for investment (Property) 9. Mortgage Loans 10. Other Investments 11. Total Investment (1 through 10)

334,64 3 43,344 64,386 40,534 -97,032 78,728 --3,000 661,66 7

234,26 5 42,496 28,972 32,041 -65,004 68,739 10 -2,850 474,37 8

30,969 305,75 2 136,05 5 1,917 96,476 1,038 20,673 36,764 629,64 3 1,291, 310

24,027 280,62 0 117,58 8 1,400 99,584 815 20,567 22,769 567,37 0 1,041, 748

I. INVESTMENT 1. 2. 3. 4.

II. NON-INVESTMENT

12. Cash and Bank 13. Direct Written Premium Receivables 14. Reinsurance Receivable 15. Investment Income Receivable 16. Buildings with strata title or land with buildings for own use 17. Computer Hardware 18. Other Fixed Assets 19. Other Assets 20. Total Non-Investment (12 through 19) 21. Total Assets (11 + 20)

LIABILITIES AND EQUITY I. LIABILITIES

A. Payables 1. Claim Payables 2. Reinsurance Payables 3. Commission Payables 4. Tax Payables 5. Accrued Expenses 6. Other Payables 7. Total Payables (1 through 6) B. Technical Reserves 8. Unearned Premium Reserve1) 9. Claims Reserve (EORC, Estimated Own Retention Claims)2) 10. Total Technical Reserves (8 + 9) 11. Total Liabilities (7 + 10) 12. Subordinated Loans

II. EQUITY

13. Paid-Up Capital 14. Agio 15. Retained Earnings 16. Other Comprehensive Income Net of Tax 17. Other Equity Components 18. Total Equity (13 through 17) 19. Total Liabilities and Equity (11 + 12 + 18)

2011

2010

16,371 164,88 6 -17,869 274 102,01 4 301,41 4

4,385 133,195 -18,231 382 74,810 231,003

337,79 4 119,58 2 457,37 6 758,79 0 -100,00 0 -372,10 7 60,413 -532,52 0 1,291, 310

236,066 98,170 334,236 565,239 -100,000 -308,350 68,159 -476,509 1,041,7 48

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DIRECTORS AND COMMISSIONERS BOARD OF COMMISSIONERS PRESIDENT COMMISSIONER VICE-PRESIDENT COMMISSIONER COMMISSIONERS INDEPENDENT COMMISSIONER

BOARD OF DIRECTORS PRESIDENT DIRECTOR DIRECTORS

Rudy Wanandi Sofjan Wanandi A.R. Romly Jusuf Wanandi S. Sudjaliah Soegiarso Pingki Elka Pangestu

MAJOR REINSURERS REINSURER NAME DOMESTIC REINSURERS 1. 2. 3. 4. 5.

PT REASURANSI INTERNATIONAL INDONESIA PT TUGU REASURANSI INDONESIA PT ASURANSI TRI PAKARTA PT ASURANSI MAIPARK INDONESIA PT ASURANSI MSIG INDONESIA

FOREIGN REINSURERS Christian W. Wanandi Eddy Chandra M. Th. Ratnawati Gana Aditya Tri Wahono

1. 2. 3. 4.

SWISS REINSURANCE COMPANY LTD BEST REINSURANCE (L) LTD TAIPING REINSURANCE COMPANY LTD CENTRAL REINSURANCE CORPORATION

7% 7% 2.5% 2.5% 1.5%

9% 2.5% 2% 1.5%

COMPANY OWNERSHIP PT Pakarti Yoga Rudy Wanandi Heirs of Mrs. S. Hartini PT Trimulia Sarana Pratama Cooperatives

72.81% 25.00% 1.19% 0.47% 0.53%

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STATEMENTS OF COMPREHENSIVE INCOME

For the Periods Ended 31 December 2011 and 2010 (in millions of Rupiah) DESCRIPTION

2011

2010

1

UNDERWRITING INCOME

2 3 4 5

Gross Premiums a. Direct Premium Written b. Indirect Premium Written c. Commission Paid

1,323,460 68,856 171,994

985,228 3,906 102,259

6

Total Gross Premiums (3 + 4 - 5)

1,220,322

886,875

7 8 9

Reinsurance Premiums a. Reinsurance Premiums Paid b. Reinsurance Commissions Received

547,831 69,687

398,969 50,675

10

Total Reinsurance Premiums (8 - 9)

478,144

348,295

742,178

538,580

236,066 337,794

164,730 236,066

(101,728)

(71,336)

640,449

467,244

11

Net Premiums (6-10)

12 13 14

Decrease (Increase) in UPR a. Prior Year UPR b. Current Year UPR

15

1)

Decrease (Increase) in UPR (13 - 14)

16

Total Net Premium Income (11 + 15)

17

Net Underwriting Income - Other

18

UNDERWRITING INCOME (16 + 17)

19

UNDERWRITING EXPENSES

20 21 22 23 24 25

Claim Expense a. Gross Claims b. Reinsurance Claims c. Increase (Decrease) in Claim Reserves c.1. Current Year Claim Reserves c.2. Prior Year Claim Reserves

26

Total Claims Expenses (21 - 22 + 24 - 25)

--

640,449

--

467,244

547,208 201,511

507,335 275,319

119,582 98,170

98,170 77,376

367,109

252,811

27

Net Underwriting Expenses - Other

498

289

28

UNDERWRITING EXPENSES (26 + 27)

367,606

253,100

29

UNDERWRITING RESULT (18 - 28)

272,843

214,145

30

Investment Income

30,722

30,267

31 32 33

Operating Expenses a. Marketing Expenses b. General and Administrative Expenses

10,913 162,809

10,062 136,377

34

Total Operating Expenses (32 + 33)

173,722

146,439

35

INCOME FROM INSURANCE OPERATIONS (29 + 30 - 34)

129,843

97,972

36

Other Income (Expenses)

(241)

1,882

37

INCOME BEFORE TAX (35 + 36)

129,602

99,854

38

Income Tax

39

INCOME AFTER TAX (37 - 38)

40

OTHER COMPREHENSIVE INCOME AFTER TAX

(7,746)

68,834

41

TOTAL COMPREHENSIVE INCOME (39 + 40)

96,011

151,940

25,845

16,748

103,757

83,105

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FINANCIAL SOUNDNESS RATIO As of 31 December 2011 and 2010 (in millions of Rupiah)

EXPLANATION

2011

2010

SOLVENCY MARGIN FULFILLMENT A. Solvency Margin a. Admitted Assets b. Liabilities c. Total Solvency Margin B. Minimum Level of Solvency Margin [BTSM, Batas Tingkat Solvabilitas Minimum] 3) C. Excess (Deficiency) Level of Solvency Margin [BTS, Batas Tingkat Solvabilitas] D. Adequacy Ratio (%)4)

1,173,003 758,789 414,214

926,460 565,239 361,222

180,189

150,038

234,025 230%

211,184 241%

13,000 138% 153% 139% 1,922% 87%

5,000 133% 160% 113% 25,224% 87%

Other Information

a. Total Guarantee Funds b. Investment to Technical Reserve and Own Retention Claim Payable Ratio c. Liquidity Ratio (%) d. Net Premiums to Equity Ratio (%) e. Direct Premiums to Indirect Premiums Ratio (%) f. Expenses (Claims, Operating and Commission) to Net Premium Income Ratio (%)

Explanation:

1) UPR = 2) EORC = 3) RMM/BTSM =

Unearned Premium Reserve Estimated Own Retention Claims (Claims Reserves) Required Minimum Margin (of solvency) is the minimum limit of solvency margin required, i.e., funds needed to cover possible losses arising as a result of deviations in asset and liability management. [Translator note: Terminology in use in Europe has changed; RMM may not be the equivalent acronym today. However, it appears to reflect most accurately the intent of the Indonesian stipulations regarding Batas Tingkat Solvabilitas Minimum, i.e., minimum limit of solvency margin.] 4) In accordance with Article 43 clause 2 of Minister of Finance Decision No. 424/KMK.06/2003 dated 30 September 2003 on the Financial Soundness of Insurance and Reinsurance Companies as amended several times, most recently by Minister of Finance Regulation No. 158/PMK.010/2008 dated October 28, 2008 on the Second Amendment to Minister of Finance Decision No. 424/KMK.06/2003, the solvency margin adequacy ratio shall be at least 120% (one hundred and twenty per cent) of the minimum level required.

Notes: a.

b. c.

Audited by Osman Bing Satrio & Partners Public Accountants (member firm of Deloitte Touche Tohmatsu Limited) with the opinion of "unqualified�. Numbers (values) presented in the Statement of Financial Position (Balance Sheet) and Comprehensive Income Statement are based on Indonesian Financial Accounting Standards (Audit Report). Exchange rate on 31 December 2011, 1 U.S $ : 9,068 Rupiah Exchange rate on 31 December 2010, 1 U.S $ : 8,991 Rupiah

Jakarta, 07 May 2012 Board of Directors PT. Asuransi Wahana Tata Christian W. Wanandi President Director

Eddy Chandra Director

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Wahana Tata Financial Statements 2011 & 2010