Summary of Financial Statement

780
Indonesian Capital Market Directory 2013
Insurance
(Million Rupiah)
2010 2011 2012
PT Asuransi Harta Aman Pratama Tbk.
Head Ofce Gedung AHAP Insurance
Jl. Balikpapan Raya No. 6
Jakarta 10130
Phone (021) 634-8760 (Hunting), 384-5678
Fax (021) 6386-4545, 6386-4480
E-mail: harta@asuransi-harta.co.id
Homepage: www.asuransi-harta.co.id
Business General Insurance
Company Status PMDN
Shareholders
PT Asuransi Central Asia 61.36%
Tan Kin Lian 6.84%
Kuan Hay Lin 6.66%
Tan Kah Ho 5.47%
Public 19.67%
Financial Performance: The Company booked net prot
at IDR 15.5 billion in 2012, increasing from IDR 14.431 billion
in 2011.
Brief History: Founded on May 28 1982, the company
was granted approval by the Minster of Justice via Ministerial
Decree No. C2-1325-HT01-01 TH.82, dated September 21
1982, and was issued Operating License No. KEP/633/MD/1983
by the Minster of Finance on February 11 the following year.
Its operations in the damage insurance business include damage
reinsurance. The company was set up by the founders of the
Harapan Group. This conglomerate initially acted as the sole In-
donesian agent for sales of Yamaha Motor products from Japan,
but rapidly expanded its operations to other Asian countries,
notably Singapore and Hong Kong. The Harapan Group diversi-
ed not only into the currency exchange business, but also into
international trade, industry, and property development. The
group also controlled two nancial institutions, PT Bank Hara-
pan Sentosa (Bank BHS) and PT Bank Pasar Gunung Kencana
(Bank Guna), both of which have since gone into liquidation. Its
expertise in the insurance business was gained from technical
assistance provided by Asia Insurance Co. Ltd. of Hong Kong
from the time the company was rst established in 1983 up
until the end of 1998. Since 1989, the company has been run
exclusively by Indonesian insurance professionals. Having made
a share offering on the Jakarta and Surabaya stock exchanges in
1990, eight years later the companys founders sold a portion of
their shares to local and foreign investors. At the 1998 General
Meeting of Shareholders, the company changed its to PT Asur-
ansi Harta Aman Pratama Tbk (PT AHAP Tbk).
Total Assets 196,917 210,216 252,378
Current Assets 59,344 68,099 86,907
of which
Cash and Cash Equivalents 4,206 3,873 3,873
Receivable from reinsurers 15,899 16,182 16,182
Premium receivables 39,038 47,868 47,868
Non-current Assets 137,573 142,117 165,471
of which
Fixed Asset Net 5,682 7,730 7,324
Investment 56,630 64,551 78,977
Other Assets 3,210 2,657 2,224

Liabilities 138,388 139,704 169,704
Current Liabilities 15,880 18,426 24,512
of which
Payable to reinsurers 2,890 2,890 2,890
Taxes payable 408 408 408
Accrued expenses 133 133 133
Non-current Liabilities 122,509 121,279 145,192
Shareholders' Equity 58,528 70,369 82,674
Paid-up capital 25,000 25,000 25,000
Paid-up capital
in excess of par value 5,340 5,340 5,340
Retained earnings 28,188 40,029 52,334
Revenue 120,425 150,183 185,760
Operating Expenses 112,001 136,230 170,116
Operating Profit 8,423 13,954 15,644
Other Income (Expenses) 1,223 1,264 1,982
Profit (loss) before Taxes 9,646 15,218 17,627
Comprehensive Profit (loss) 9,413 14,431 15,455
Revenue Breakdown
Premium Income 150,028 165,182 215,534
Investment Income 3,803 3,805 3,805
Expense Breakdown
Commissions 44,506 66,323 86,790
Reinsurance Premiums 23,911 19,304 23,253
Claims Paid 47,878 45,798 54,107
Others 29,113 23,608 39,620
Per Share Data (Rp)
Earnings per Share 19 29 31
Equity per Share 117 141 165
Dividend per Share n.a 6 7
Closing Price 125 200 190
Financial Ratios
PER (x) 6.64 6.93 6.15
PBV (x) 1.07 1.42 1.15
Dividend Payout (%) n.a 0.22 0.23
Dividend Yield (%) n.a 0.04 0.04
Operating Profit Margin (x) 0.07 0.09 0.08
Net Profit Margin (x) 0.08 0.10 0.08
Expense Ratio (x) 0.75 0.82 0.79
Loss Ratio (x) 0.32 0.28 0.25
Solvency Ratio (x) 0.46 0.48 0.43
Inve 0.03 0.04 0.03
ROI (%) 4.78 6.86 6.12
ROE (%) 16.08 20.51 18.69
PER = 8,05x ; PBV = 0,95x (June 2013)
Financial Year: December 31
Public Accountant: Doli, Bambang, Sudarmadji & Dadang (2011);
Doli, Bambang, Sulistiyanto, Dadang & Ali (2012)
781
Institute for Economic and Financial Research
Stock Price, Frequency, Trading Days, Number and Value of Shares Traded and Market Capitalization
Stock Price and Traded Chart
Insurance
No Type of Listing Listing Date Trading Date Number of Shares Total Listed
per Listing Shares
1 First Issue 14-Sep-90 14-Sep-90 1,000,000 1,000,000
2 Company Listing 01-Mar-93 01-Mar-93 3,000,000 4,000,000
3 Bonus Shares 01-Mar-93 01-Mar-93 2,000,000 6,000,000
4 Stock Split 02-Oct-00 02-Oct-00 6,000,000 12,000,000
5 Stock Split 15-Sep-03 15-Sep-03 108,000,000 120,000,000
6 Stock Devidend 19-Sep-03 19-Sep-03 20,000,000 140,000,000
7 Banus Shares 29-Jun-04 29-Jun-04 120,000,000 260,000,000
8 Banus Shares 3-Aug-07 3-Aug-07 50,000,000 310,000,000
9 Right Issue 19-Dec-08 19-Dec-08 190,000,000 500,000,000
PT Asuransi Harta Aman Pratama Tbk.
Underwriters
PT INDOVEST, PT Ficorinvest
Board of Commissioners
President Commissioner Teddy Hailamsah
Commissioners Budi Santoso Tanuwibowo, Bambang Heryanto,
Pardjo
Board of Directors
President Director Sunyata Wangsadarma, MA
Directors Eng Tjiang, SE, Sutjianta, SE, Novel Sunaryo, SE
Number of Employees 85
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50
100
150
200
250
300
350
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50
100
150
200
250
Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13
Thousand Shares Stock Price (Rp)
Trading Listed Market
Month High Low Close Volume Value Frequency Day Shares Capitalization
(Rp) (Rp) (Rp) (Thousand Shares) (Rp Million) (Rp Million)
January-12 215 189 195 751.00 144.00 60 15 500,000,000 97,500.00
February-12 195 190 190 24,035.00 4,090.00 16 9 500,000,000 95,000.00
March-12 220 185 215 3,395.00 698.00 572 14 500,000,000 107,500.00
April-12 215 200 205 2,557.00 484.00 74 16 500,000,000 102,500.00
May-12 210 185 205 1,834.00 334.00 13 4 500,000,000 102,500.00
June-12 210 160 200 3,428.00 639.00 132 16 500,000,000 100,000.00
July-12 190 190 190 5.00 0.98 2 2 500,000,000 95,000.00
August-12 185 185 185 13.00 2.00 1 1 500,000,000 92,500.00
September-12 190 185 190 70.00 13.00 3 3 500,000,000 95,000.00
October-12 190 190 190 1.00 0.19 1 1 500,000,000 95,000.00
November-12 200 190 200 24.00 4.00 13 3 500,000,000 100,000.00
December-12 200 190 190 135.00 27.00 6 3 500,000,000 95,000.00
January-13 200 175 176 87.00 13.00 7 6 500,000,000 88,000.00
February-13 186 176 185 104.00 16.00 9 6 500,000,000 92,500.00
March-13 190 170 175 394.00 71.00 20 10 500,000,000 87,500.00
April-13 198 176 182 550.00 102.00 49 14 500,000,000 91,000.00
May-13 230 182 205 33,188.00 4,995.00 46 15 500,000,000 102,500.00
June-13 215 171 190 480.00 98.00 30 9 500,000,000 95,000.00
Stock Price Shares Traded