Judul: Analisis Kebijakan Investasi dalam Pembentukan Portofolio Optimum Studi Kasus Pada PT Asuransi XYZ Indonesia
Abstrak: Arah investasi perusahaan asuransi mengacu pada investment policy perusahaan serta Peraturan Menteri Keuangan dan Otoritas Jasa Keuangan. Saat ini PT XYZ memperoleh imbal hasil portofolio investasi yang lebih rendah dari risk free, sehingga dibutuhkan pembentukan portofolio optimum dan analisis kebijakan investasi untuk meningkatkan imbal hasil dari portofolionya. Tujuan penelitian ini ialah (1) menganalisis kinerja portofolio investasi perusahaan sesuai dengan investment policy perusahaan, (2) membentuk portofolio optimum dengan membandingkan kebijakan pemerintah dengan investment policy perusahaan, dan (3) meimplementasikan peraturan OJK Nomor 1/POJK.05/2016 tentang Investasi pada Surat Berharga Negara (SBN). Portofolio yang dianalisis terdiri dari deposito berjangka, obligasi, reksa dana dan SBN dengan data bulanan pada periode 2014- 2015 menggunakan Minimum-Variance Portfolio, Single Model Index, dan tabulasi acak. Hasil analisis menunjukkan bahwa batasan kebijakan pemerintah memberikan expected return yang lebih tinggi dengan risiko yang lebih rendah dibandingkan dengan batasan investment policy perusahaan, sehingga PT XYZ sebaiknya mengubah investment policy perusahaan dan portofolio investasinya.
Keyword: kebijakan investasi, minimum variance portfolio, portofolio optimum

Judul: Analisis Risiko Portofolio Investasi pada Perusahaan Asuransi Umum
Abstrak: Investasi oleh perusahaan asuransi kerugian, disusun sesuai tujuan memaksimumkan tingkat imbalan, mengoptimalkan kinerja portofolio, atau meminimumkan risiko yang berpedoman pada investment policy perusahaan dan berjangka pendek serta berisiko rendah. Penelitian dilakukan pada salah satu perusahaan dalam kelompok asuransi umum berpremi bruto diatas satu miliar rupiah. Penelitian ini bertujuan (1) mengevaluasi profil dan kinerja investasi yang telah dilakukan oleh perusahaan, (2) menyusun portofolio optimal investasi perusahaan berdasarkan Single Index Model dalam kerangka kebijakan investasi perusahaan dan mengestimasi kebutuhan pencadangan untuk mitigasi risiko, (3) mengidentifikasi kesenjangan portofolio dari kebijakan investasi perusahaan. Data yang digunakan merupakan data primer data sekunder. Metode analisis yang digunakan adalah analisis deskriptif, analisis Single Model Index dan analisis Value at Risk metode Varian-Kovarian. Perusahaan ini memiliki total alokasi aset investasi rata-rata bulanan sebesar Rp1 169 298 310 000, dialokasikan pada deposito, obligasi, dan ekuitas. Hasil penelitian menyatakan bahwa portofolio optimal memiliki expected return bulanan yang lebih tinggi, varians return bulanan yang lebih rendah, rasio kinerja yang lebih tinggi serta kebutuhan pencadangan mitigasi risiko yang lebih rendah dari existing potfolio.
Keyword: asuransi umum, risiko, return, portofolio optimal, risiko portofolio, VaR

Judul: Biology and ecology of the buffalo fly, haematobia exigua de meijere (diptera:muscidae)
Abstrak: The life history of the buffalo fly was observed at room temperature of 27°-29.5°C and at a relative humidity of 48-68 percent. The eggs hatched after 17-22 hours, with an average of 18 hours. First instar larvae measured 1.25 + 0.16 mm long and 0.27 + 0.037 mm wide. reach the second larval stage. It took 6-12 hours to the second instar larvae measured 2.676 +0.187 mm long and 0.353 +0.028 mm wide. The second instar took about 12-24 hours to reach the third larval stage. The third instar measured 6.833 + 0.189 mm long and 0.919 + 0.051 mm wide. It took about 2-3 days for the third instar to become pupae. Duration of the pupal stage was about 5-7 days before the adults emerged. Under laboratory condition, the buffalo fly completed its life cycle in 9.5 to 10.5 days, whereas under field condition it took 9-14 days with an average of 10.5 days. The growth ratio which was based on the measurements of the cephalo-pharyngeal skeleton of each instar was 1.797. The preoviposition period was 8-12 days and mating usually occurred on the 6th or 7th day. The longevity of the male was 29 days, whereas it was 32 days in the female. The range of egg production under laboratory condition was between 20-139 per female fly. The belly and hind legs of the carabao were the most preferred habitat either during cloudy and cool dry or shiny and warm day. When the weather was clear and the carabao was in the shade, the flies tended to be more distributed particularly on the shoulder, dewlap, back and horns. The carabaos had relatively fewer Musca sp. and Stomoxys calcitrans than cattle; never the less carabaos had a higher infestation of buffalo fly than cattle. Oviposition occured either during the day or night but the buffalo flies were more active during the night than in the day time. The effect of various lengths of exposure time of manure in relation to the oviposition was profound. observed, the maximum number of the buffalo flies was occurred when the dung was exposed for 30 minutes. With increasing time of exposure the number and variety of insects also increase. It was evident that Sepsidae and psychodidae were the most dominant insects emerging from the dung. The number of buffalo flies also increased with increasing
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