Annual Report 2014-15 - Birla Sun Life Insurance

Transcription

Birla Sun Life Insurance
Journey to empowerment
At BSLI, we believe that empowering our stakeholders with financial
security is a not just a journey, but our ultimate destination. This year, as
an organisation, we have embarked on this unique journey towards building
a trust surplus organisation by empowering the lives of customers, advisors
and employees.
Over the last few years, the insurance industry has undergone drastic
changes. Changes in the regulatory environment in particular have had a
significant impact on the development of the industry. Consumer awareness
and protection has been a critical part of the regulatory agenda. At BSLI,
we are conscious of the fact that a long term sustainable business model is
crucial towards achieving sustainable growth.
Thus began our journey to explore new avenues, to see endless possibilities,
to experience the change in the route that leads us to newer horizons, and to
shape numerous dreams into reality. It is undoubtedly the road less travelled
towards a world of new possibilities.
Our approach is clear. Our journey requires the right companions (People),
a navigation in the right direction (Process), and the eventual destination
(winning the trust of our Customers). The key is to empower our people,
strengthen our processes and serve our customers, thus developing a strong
partnership of long term success.
1 | ANNUAL REPORT 2014-15
Birla Annual Report 2014-15_P001_P024 Final.indd 1
10/11/15 3:53 PM
MESSAGE FROM THE MD & CEO
“The secret of change is to focus all your energy not on fighting
the old, but on building the new.” - Socrates
We embarked on a unique journey towards building this trust
surplus and empowering the lives of customers, advisors and
employees by reimagining the way we conduct business. To
achieve this vision, we have relooked at our business models
and business practices, in the way we approach and provide
solutions to our customers towards proactively addressing the key
challenges faced by the industry today.
Dear stakeholders,
It gives me great pleasure to connect with you once again. Last
financial year has been significant for Birla Sun Life Insurance
(BSLI). A year that will be known in the history of BSLI as the year
of transformation, not just for BSLI but the life insurance industry
at large. This change is reflective of our endeavour to build a ‘Trust
surplus organisation’ that will epitomise a culture of customer
centricity at BSLI shaping the organisation into a successful
business model for the future.
Money as you know is a commodity that is intrinsic to the wellbeing of every person. It plays a significant role in safeguarding
the financial future of families. And it is at the very core of every
person’s sense of security and well-being. A commitment to
provide our customers with the means to protect loved ones
against life’s uncertainties is thus our primary goal. This, in turn
empowers us with a responsibility to shape up the financial
well-being of our customers with their hard earned savings that
they have bestowed with trust upon us.
Over the last 12 years, the insurance industry has been at the
helm of transformational changes. These changes came into
being primarily in response to the key challenge the life insurance
industry faces, which is lack of customer confidence. And it is this
very issue that is at the heart of our change initiative.
At BSLI, we have taken concrete steps in re-orienting ourselves
completely to meet the changing needs of our customers to
their satisfaction. As an organisation, we have made a conscious
effort and have moved towards co-creation through the process
of solutions counselling. We have focussed on unique customers
solutions based on exclusive needs and counselling as a method to
deliver our solutions. In this initiative, we lay emphasis on investing
time and resources in understanding customer needs better and
counselling them in every step, thus empowering them to cocreate a solution to meet financial needs. Our business model
is to build a sustainable business to meet customer outcomes.
These are very simple, yet powerful principles. Our protection
counsellors are trained to provide superior advisory skills and
have a deep commitment to customer welfare, managing their
hard earned money with care.
We have taken several strides in our journey towards providing
complete customised services. These would not be possible
without the help of our advisors, strong in-house cross functional
teams, a committed management, absolute shareholder support,
and overall economic recovery.
We remain committed to our promise of ensuring the best solution
to every customer. Each one of you is a valued customer and
I thank you for accompanying us on our journey and placing
your beliefs in BSLI over the years. I would like to reinforce our
commitment in serving you in the best way possible.
The destination is not the end of our journey, but the beginning
of a new one. As we move forward, we depend on your crucial
support to guide us in the right direction. You can reach out to
our advisors with your suggestions and thoughts on making our
services even more fruitful. My team and I will always be at your
behest towards serving you better. The legendary Steve Jobs said,
“The ones who are crazy enough to think that they can change the
world, are the ones who do.” My team is committed to help you
realise your dreams and push ourselves to better our own best.
My best wishes on another successful journey.
Pankaj Razdan
MD & Chief Executive Officer, BSLI
10/11/15 3:53 PM
BOARD OF DIRECTORS
Mr. Kumar Mangalam Birla
Chairman
Mr. Kumar Mangalam Birla (47) is the Chairman of the US $40 billion multinational Aditya Birla Group, which operates in 36 countries
across 6 continents. Over 50% of its revenues flow from its operations outside India.
Mr. Birla chairs the Boards of all of the Group’s major companies in India and globally. Among its clutch of companies globally feature
Novelis, Columbian Chemicals, Aditya Birla Minerals, Aditya Birla Chemicals, Thai Carbon Black, Alexandria Carbon Black, Domsjö
Fabriker and Terrace Bay Pulp Mill, among others. In India, he chairs the Boards of Hindalco, Grasim, Aditya Birla Nuvo, UltraTech, Idea,
Aditya Birla Financial Services and Aditya Birla Retail.
The Group’s businesses are spread across a swath of industries. These include aluminium, copper, cement, textiles (pulp, fibre, yarn,
fabric and branded apparel), carbon black, insulators, natural resources, power, agribusiness, telecommunications, financial services,
IT/ITeS, retail and trading.
Business record
Mr. Birla took over as Chairman of the Group in 1995, at the age of 28, after the untimely demise of his father. As Chairman,
Mr. Birla has taken the Aditya Birla Group to an altogether higher growth trajectory. In the 18 years that he has been at the helm of the
Group, he has accelerated growth, built a meritocracy and enhanced stakeholder value.
In the process he has raised the Group’s turnover from US $2 billion in 1995, to US $40 billion today. Mr. Birla has restructured
the businesses to emerge as a global/national leader in the sectors in which the Group operates. He has made 36 acquisitions in
19 years in India and globally, the highest by an Indian multinational in India.
The acquisition of Novelis, a global metals major, in 2007, the second largest acquisition ever by an Indian company, led to a new
found respect for Indian companies and stoked a higher level of interest in the country as well. Recently, the acquisition of Columbian
Chemicals, a US based company and the world’s 3rd largest carbon black manufacturer positioned the Group as the No. 1 player in this
sector, given its own sizeable carbon black operations today. Likewise, the acquisition of Domsjö Fabriker, a leading Swedish speciality
pulp manufacturer enables the Group’s Pulp and Fibre business to further consolidate its global position.
Besides these, over the years Mr. Birla has acquired manufacturing plants in Canada, China, Indonesia, plantations in Laos, and mines in
Australia, set up new plants in Egypt, Thailand and China. Alongside, he has expanded capacities in all of the Group’s manufacturing units.
In India as well, he has made major acquisitions, the most notable being the Cement division of Larsen & Toubro, Indal from Alcan, Madura
Garments from Coats Viyella, the Chlor Alkali division of Kanoria Chemicals and Solaris Chemtech Industries.
Under his stewardship, the Aditya Birla Group enjoys a position of leadership in all the major sectors in which it operates. Over the years, Mr.
Birla has built a highly successful meritocratic organisation, anchored by an extraordinary force of 120,000 employees belonging to 42 different
nationalities. The Aditya Birla Group has been ranked 4th in the world and 1st in Asia Pacific in the ‘Top Companies for Leaders’ study 2011,
conducted by Aon Hewitt, Fortune Magazine and RBL (a strategic HR and leadership Advisory firm). The Group has topped the Nielsen’s
Corporate Image Monitor 2013-14 and emerged as the Number 1 corporate, the ‘Best in Class’, for the second consecutive year.
In key responsible positions on various regulatory bodies
Mr. Birla holds several key positions on various regulatory and professional Boards. He was a Director on the Central Board of Directors of the
Reserve Bank of India. He was Chairman of the Advisory Committee constituted by the Ministry of Company Affairs and also served on The
Prime Minister of India’s Advisory Council on Trade and Industry.
As the Chairman of Securities and Exchange Board of India (SEBI) Committee on Corporate Governance, he authored the First Report
on Corporate Governance titled “Report of the Kumar Mangalam Birla Committee on Corporate Governance”. Its recommendations were
path breaking and became the basis of corporate governance norms. Furthermore, as the Convener of the Prime Minister’s Task Force on
Administrative and Legal Simplifications, the extensive recommendations made by him in his report, have been implemented in totality. Mr.
Birla also served as Chairman of SEBI’s committee on Insider Trading which formulated Corporate Governance principles for Indian corporates.
He is on the National Council of the Confederation of Indian Industry and the Apex Advisory Council of the Associated Chambers of Commerce
and Industry of India.
10/11/15 3:53 PM
BOARD OF DIRECTORS
On the Board of Educational Institutions
Mr. Birla is deeply engaged with educational institutions. He is the Chancellor, of the renowned Birla Institute of Technology & Science (BITS),
with campuses in Pilani, Goa, Hyderabad and Dubai.
He is a Director of the G. D. Birla Medical Research & Education Foundation.
He serves on the London Business School’s Asia Pacific Advisory Board and is an Honorary Fellow of the London Business School.
Accolades conferred on Mr. Birla
Mr. Birla has won recognition for his exemplary contribution to leadership processes and institution/systems building. A selective list:
 Inducted as an Honorary Member – Rotary Club of Mumbai (November 2014)
 Hello Hall of Fame – Business Leader of the Year 2014 (November 2014)
 US India Business Council (USIBC) “2014 Global Leadership Award”
 “Business Leader of the Year”, the Economic Times Awards for Corporate Excellence, 2012-13
 ‘Ranked the 4th Most Powerful CEO (2013)’ in the Economic Times’ Corporate India’s Definitive Power listing of 100 CEOs
 Indore Management Association’s Award - “National Indian Business Icon”, 2013
 Forbes India Leadership Award-Flagship Award - “Entrepreneur of the Year, 2012”
 NDTV Profit Business Leadership Awards 2012 - “Most Inspiring Leader”
 The Degree of Doctor of Science (Honoris Causa) in recognition of his role in “pioneering great Engineering
products involving Multi-disciplinary Engineering thought processes in the Country” by the Visvesvaraya Technological
University, Karnataka, 2012
 NASSCOM’s ‘Global Business Leader Award’ 2012
 CNBC-TV18 India Business Leader Award 2012 for “Taking India Abroad”
 “GQ Business Leader of the Year Award-2011” from Condé Nast India Pvt. Ltd., an affiliate of Condé Nast Global
 “CNN-IBN Indian of the Year 2010-Business”, “for being the most outstanding business person and making a success
out of most businesses including the sunrise sector”, 2010
 The All India Management Association’s (AIMA), Managing India Awards 2010 “Business Leader of the Year”, 2010
 The AIMA – “JRD Tata Corporate Leadership Award”, 2008
 The Honorary Degree of Doctor of Science (Honoris causa) in “recognition of his invaluable contribution in the field
of Business Administration” by the G. D. Pant University of Agriculture & Technology, 2008
 “For the development of technology and also for the involvement in the field of Industries in bringing the country at par with other
countries in the field of Industries”, the SRM University in Tamil Nadu conferred the Degree of Doctor of
Literature, 2008
 The Asia Pacific Global HR Excellence – “Exemplary Leader Award”, 2007
 “The Global Indian Leader of the Year” by NDTV Profit in their Business Leader Awards category, 2007
 The Lakshmipat Singhania-IIM, Lucknow “National Leadership Award, Business Leader”, 2006
 Represented India at the Ernst & Young World Entrepreneur Award in Monte Carlo, Monaco in June 2006, where he was
inducted as a “Member of the Ernst & Young World Entrepreneur of the Year Academy”
 “The Ernst & Young Entrepreneur of the Year” Award, 2005
 “Young Super Performer in the CEO Category” by Business Today, 2005
 Chosen by the World Economic Forum (Davos) as one of the “Young Global Leaders”, 2004
 “The D. Litt (honoris Causa) Degree” by The Banaras Hindu University, 2004
10/11/15 3:53 PM
BOARD OF DIRECTORS
“Honorary Fellowship” by the All India Management Association, 2004
 “The Business Leader of the Year”, The Economic Times Awards for Corporate Excellence 2002-2003
 “Business Man of the Year-2003” by Business India
 The Rajiv Gandhi Award for “Business Excellence and his contribution to the country” by the Mumbai Pradesh Youth
Congress, 2001
 The National HRD Network, “The Outstanding Business Man of the Year”, 2001
 The Institute of Directors’ “Golden Peacock National Award for Business Leadership”, 2001
 Hindustan Times, “The Businessman of the Year”, 2001
 The Bombay Management Association – “The Management Man of the Year 1999-2000”
 “Among the 10 super Stars of Corporate Finance” Global Finance, 1998
 “Among the top 10 of India’s most admired and respected CEOs and the top CEO of the coming millennium”,
Business World, 1998
Beyond business: Reaching out to the marginalised sections of society
A firm practitioner of the trusteeship concept, Mr. Birla has institutionalised the concept of caring and giving at the Aditya Birla Group.
With his mandate, the Group is involved in meaningful welfare driven activities that distinctively impact the quality of life of the weaker
sections of society, surrounding hundreds of villages that are among the poorest in India, Thailand, Indonesia, Philippines and Egypt.
In India, the Group is engaged in 3,000 villages, reaching out to 7 million people annually and making a difference to their lives through
meticulously conceived projects, focusing on health care, education, sustainable livelihood, infrastructure and social causes. For
instance, the Group runs 42 schools which provide quality education to 45,000 children. Of these, over 18,000 children receive free
education. Additionally, over a 100,000 youngsters benefit from bridge educational programmes and vocational training. Its 18 hospitals
tend to more than a million villagers. In line with its commitment to sustainable development, the Group has partnered with the Columbia
University in establishing the Columbia Global Centre’s Earth Institute in Mumbai. To embed CSR as a way of life in organisations, it has
set up the FICCI – Aditya Birla CSR Centre for Excellence, in Delhi.
Educational background
A commerce graduate from the Bombay University, Mr. Birla is a Chartered Accountant. He earned an MBA from the London
Business School.
Personal details
Born June 14, 1967, in Kolkata, Mr. Birla was raised in Mumbai. Mr. Birla and his wife, Mrs. Neerja Birla, have three children, Ananyashree,
Aryaman Vikram and Advaitesha.
10/11/15 3:53 PM
BOARD OF DIRECTORS
Mr. Donald A. Stewart
Non-Executive Director
Mr. Donald A. Stewart retired as Chief Executive Officer of Sun Life Financial Inc. in November, 2011, but continues to work fulltime
on a broad range of international business activities with a primary focus on financial services. He is Chairman of Sun Life Assurance
Company of Canada (UK) in the United Kingdom, the AV Companies in Canada and the federal-provincial Nominating Committee of the
Canada Pension Plan Investment Board. He is a board member and chairs the Audit Committee of leading aluminium products company
Novelis, based in Atlanta. He is also a board member and Chair of the Risk Committee of Sun Life Everbright, based in Beijing and a
board member of Birla Sun Life Asset Management Company in Mumbai.
Mr. Bishwanath Puranmalka
Mr. Bishwanath Puranmalka, Director of Aditya Birla Group’s Financial Services’ Companies has a total working experience of over 45
years. He has been associated with the Aditya Birla Group in various capacities since the inception of his career. He has experience in the
implementation and running of several manufacturing, training and service industry businesses, and setting up Greenfield manufacturing
operations. He also has wide experience in the set up and operation and maintenance of captive Power Plants of the Aditya Birla Group.
He has been looking after a NBFC-Birla Global Finance Co. Ltd. now known as Aditya Birla Finance Ltd., since June 1994.
Mr. Ajay Srinivasan
Mr. Ajay Srinivasan has been the Chief Executive, Financial Services at the Aditya Birla Group since July 2007.
In his role as Chief Executive, Financial Services, he sets the vision and provides strategic direction and leadership for the Group’s
Financial Services business that covers several verticals such as Life Insurance, Fund Management, Private Equity, Wealth Management,
Retail Broking, Capital Markets Based Lending, Corporate Financing, Infrastructure Finance and General Insurance Broking. Under
his leadership, the financial services business has grown rapidly with a turnover of USD 1.3 billion, over 5.6 million customers and a
workforce of over 17,500 people.
Prior to joining the Aditya Birla Group, Ajay was Chief Executive, Fund Management at Prudential Corporation Asia, based in Hong Kong.
Under Ajay’s leadership, Prudential’s Fund Management operations in Asia grew rapidly, both organically and through acquisition. Ajay
oversaw a business that spanned ten markets, including Japan, with total funds under management of about USD 70 billion, which made
it at the time the second largest retail fund manager in Asia.
As a member of Prudential Corporation Asia’s Board of Directors, Ajay also oversaw the development of Prudential’s retirement business
in Asia.
10/11/15 3:53 PM
BOARD OF DIRECTORS
Ajay joined Prudential in 1998 as Managing Director of Prudential ICICI Asset Management Company, Prudential’s Indian fund
management joint venture with ICICI Bank. Within two years of operation, Prudential ICICI AMC had grown to become the largest private
sector asset management company in India.
With a proven track record for building successful businesses, his experience in the financial services industry spans over
two decades.
Ajay has in his financial career engaged with several bodies including the Financial Planning Standards Board, the CII Committee on
Financial Sector Reforms, The CII Committee of Financial Inclusion, The CII Committee on Insurance and Pensions and the FICCI
Committee on Insurance.
Ajay holds a BA with Honours in Economics from St. Stephens College, University of Delhi and an MBA from the Indian Institute of
Management, Ahmedabad.
Mr. Kevin Strain
Mr. Kevin Strain is President, Sun Life Financial Asia. In this role, Mr. Strain is responsible for Sun Life’s interests in Asia, including
identifying opportunities for growth in the region and managing the Company’s relationships with its partners. Sun Life has operated in
Asia since the 1890s, and today spans seven key markets – the Philippines, Hong Kong, Indonesia, India, China, Vietnam and Malaysia.
Mr. Strain was appointed to the role effective April 2012, and is based in Sun Life’s Asia Regional Office in Hong Kong. He is also a
member of the Company’s Executive Team. Mr. Strain has significant insurance and leadership experience in both individual and group
businesses and in managing finance functions.
From 2007 to 2012, he was Senior Vice-President of Sun Life’s Individual Insurance and Investments division in Canada, responsible
for the creation and delivery of Insurance, Health and Wealth Management Products and Solutions nationwide. This included managing
an expansive distribution organisation encompassing Sun Life’s career sales force, the largest in Canada, and Third-party distributors.
In earlier roles, Mr. Strain was Vice-President of Investor Relations in Sun Life’s corporate office and held senior finance positions
in the company’s Canadian operations. He joined Sun Life in 2002 as part of its acquisition of the Clarica Life Insurance Company,
where he had served in finance and customer-focused roles before being appointed head of Clarica’s Canadian pension and group
savings division.
Mr. Strain is a Chartered Accountant and holds a Master of Accounting degree from the University of Waterloo in Canada.
Mr. Sandeep Asthana
Mr. Sandeep Asthana is the India Country Head of Sun Life Financial, a leading global financial services company, headquartered in
Canada, providing protection and wealth management products for over 150 years. In his role, Mr. Asthana manages Sun Life Financial’s
interest in its two joint ventures in India-Birla Sun Life Insurance Co. Ltd., and Birla Sun Life Asset Management Co. Ltd.
A chemical engineer from IIT Mumbai and MBA from IIM Lucknow, Sandeep started his career with Unit Trust of India in 1993, and was
closely involved with its plans for entry into life insurance and pensions. He joined Zurich Financial Services in 2000, and headed the life
insurance planning team. In 2003, Sandeep joined RGA, a leading US-based life and health reinsurer, and built up their business in India
to make it a leading reinsurance player in India. Prior to joining Sun Life Financial, Mr. Asthana was Managing Director of RGA Services
India Pvt. Ltd.
10/11/15 3:53 PM
BOARD OF DIRECTORS
Mr. M. V. Nair
Independent Director
Mr. M. V. Nair is the Chairman, Credit Information Bureau (India) Ltd. He is also Non-Executive Chairman of SWIFT Domestic Services
Pvt Ltd., a joint venture between SWIFT Scrl, a global provider of secure financial messaging services and seven Indian Banks.
Prior to this, he was CMD, Union Bank of India and Dena Bank.
He was also Chairman of the Indian Banks Association, Chairman of the Governing Board of Institute of Banking Personnel
Selection, Chairman of the Managing Committee of Indian Institute of Banking and Finance, a member of the Governing Council
of IDRBT as well as the member of the Governing Council of National Institute of Bank Management.
He was the Chairman of the Committee set up by the RBI to suggest revised guidelines for Priority Sector Lending Classification.
He was the member of Usha Thorat committee on Lead Bank Scheme, Damodaran Committee on Customer Service in Banks
and Khandelwal Committee on Human Resources issues of Public Sector Banks.
Ms. Tarjani Vakil
Ms. Tarjani Vakil has over four decades of experience in the field of development banking and financial services. Ms. Vakil started
her career with Maharashtra State Finance Corporation (MSFC) in 1958 and assumed several responsibilities till 1965. She moved
from MSFC to join Industrial Development Bank of India (IDBI) in 1965. After an illustrious seventeen years stint at IDBI in the capacity
of a Deputy General Manager, Ms. Vakil joined EXIM Bank of India as General Manager in 1982 and rose to the level of Chairman and
Managing Director (CMD) of Exim Bank of India and retired in 1996. Ms. Vakil is now a member of the several boards and sub committees
of the board of various companies and provides strategic direction.
She was responsible, as part of the top management team in 1982 to set up EXIM Bank as a model institution with an open office, no
peons, no clerical staff, less hierarchy and no computerisation office on an ongoing basis.
Her tenure as Chairman and Managing Director (CMD) of EXIM Bank of India is marked by several initiatives, setting up of a platform for
EXIM Bank of Asia and Australia. Those who joined this path rating initiatives initially were China, Japan, Australia, and Malaysia and so
on. This platform has flourished and grown bigger.
On further her appointment as CMD in 1996, Ms. Vakil became the first lady to head a financial institution in India. She has won many
laurels and awards, nationally and internationally.
10/11/15 3:53 PM
BOARD OF DIRECTORS
Mr. Lalit Naik
Mr. Lalit Naik is the Managing Director of Aditya Birla Nuvo Ltd. and Sector Head of Chemicals Business. The business has its
manufacturing operations in India, Thailand and China. Mr. Naik provides strategic and operational leadership to these businesses, both
in domestic and international sectors.
Prior to joining Aditya Birla Group, Mr. Naik was the Regional MD, Asia Pacific of Saint Gobain, a 43 billion euro company.
Mr. Naik was in charge of Saint Gobain’s operations in India, China, Malaysia, Thailand, Abu Dhabi and had also acquired successful and
profitable businesses in Korea, Japan, Malaysia and Vietnam.
Born in 1961, Mr. Naik completed B. Tech in Chemical Engineering from IIT Kanpur and a MBA from IIM Ahmedabad. Mr. Naik is married
and has two children. His son is studying in the US and the daughter is studying in the American High School.
Mr. Naik started his professional career with Bharat Petroleum and later joined Godrej Soaps Limited. During his long professional
career, he worked in Dow Chemical India Limited and soon became an Executive Director of BASF India Limited. He was responsible for
commissioning the first “SUPERPLASTICIZERS” plant, Polymers/Dyestuff plants and acquisition of JBA printing inks. Mr. Naik with his
experience and expertise managed the entire business and lead it to the path of profitability.
Mr. Naik has more than two and a half decades of rich professional experience in the field of Chemicals and has worked in leadership
positions in many companies.
Mr. Haigreve Khaitan
Mr. Haigreve Khaitan is a Partner of Khaitan & Co.’s Mumbai Office and also heads the Firm M&A practice. He started his career in
Litigation and moved on to specialise in M&A and Private Equity transactions, Project Finance transactions, Financing transactions. He
has been involved in some of the most high profile and complex deals in India.
He has rich experience in all aspects of Merger & Acquisitions-due diligence, structuring, documentation involving listed companies,
cross border transactions and medium and small business, etc. In restructuring, such as advice and documentation involving creditors
restructuring, sick companies, de-mergers, spin-offs, sale of assets, etc. And in foreign investment, joint ventures and foreign
collaborations. He advises a range of large Indian conglomerates and multinational clients in various business sectors including
infrastructure, power, telecom, automobiles, steel, software and information technology, retail, etc.
He has been recommended by Chambers & Partners, Legal 500, IFLR 1000 as a leading lawyer in India for Corporate/M&A transactions.
He is on the Board of Directors of various public listed companies such as Ambuja Cements Limited, CEAT Limited, Harrisons Malayalam
Limited, Inox Leisure Limited, Jindal Steel & Power Limited, Torrent Pharmaceuticals Limited and Karan Chand Thapar & Bros (Coal
Sales) Limited, amongst others.
He has been in the practice of corporate and commercial mergers and acquisitions, private equity project finance.
Mr. Khaitan is a Law Graduate from South Kolkata Law College affiliation and involved in many as under Professional Affiliations:
1. Bar Council of West Bengal
3. International Bar Association, London
5. The Bar Association of India
2. Incorporated Law Society, Kolkata
4. The Indian Law Institute
6. Young Presidents’ Organisation
He is serving directorship as an independent Non-Executive Director on the Board of Directors of several Indian public listed companies.
10/11/15 3:53 PM
BOARD OF DIRECTORS
Mr. Pankaj Razdan
Managing Director & Chief Executive Officer
Mr. Pankaj Razdan is the MD & Chief Executive Officer at Birla Sun Life Insurance (BSLI). He has rich experience in the financial
services business, across various functions and multiple lines of business. He has been with the Aditya Birla Financial Services Group
(ABFSG) since 2007, as a co-owner of the ABFSG Vision and the Deputy Chief Executive - Financial Services, a position he continues
to hold. At ABFSG, Pankaj has steered some of the key financial services verticals successfully despite the challenging times. He has
guided Birla Sun Life Asset Management Company to an industry leadership position. He has also driven many key projects across
ABFSG, to help set a foundation for our leadership in the Indian financial services industry.
In his role at Birla Sun Life Insurance, Pankaj provides BSLI strategic direction and leads the insurance team towards achieving rapid
growth and profitability. As BSLI gears for its next phase of growth, the Company will benefit from his experience and expertise in
growing businesses, developing new business models, building distribution efficiency and customer management.
Pankaj’s professional experience spans organisations including the Karvy Group and ICICI Prudential Asset Management Company. He
has been a recipient of several personal and professional recognitions including being recognised as ‘India’s Hottest Young Executives’
by Business Today. He holds a degree in electronics engineering with the experience of multiple management development programs
from illustrious institutes including the Indian Institute of Management, Ahmedabad.
10/11/15 3:54 PM
SENIOR MANAGEMENT TEAM
Mr. Mayank Bathwal
Deputy Chief Executive Officer
Mr. Mayank Bathwal is the Deputy Chief Executive Officer at BSLI. In this role, he partners the CEO and the leadership team in
managing the affairs of the company. He oversees the Finance, Planning, IT, Operations, Strategy, Group business and Investment
functions and also provides leadership to some very important areas of the Company including Revenue Assurance, Customer Service,
Technology enablement and Operational efficiency.
Mayank has rich experience of nearly 20 years in the industry. He joined the Aditya Birla Group in early 1994 and has worked closely
in various units and projects of the group including fertilizer and copper smelting units, financial services business and power projects.
He joined Birla Sun Life Insurance in December 1999 as part of the Project team to set up the Life Insurance venture and was looking after
the Business Strategy and Planning function prior to taking charge of other Finance Operations of the company. Mayank then moved
to take charge as the Chief Financial Officer of Sun Life, Indonesia in June 2006. He moved back to India in June 2007 as CFO at BSLI
with the objective of supporting BSLI in its transformational phase after his yearlong successful stint in Indonesia. As the CFO & Head of
Institutional Sales in FY 2011, in addition to the Finance operations he also took charge of the Institutional Sales teams which included
Bancassurance, Corporate Agency & Broking channels of BSLI.
Mayank is a Fellow member of the Institute of Chartered Accountants of India and the Institute of Cost & Works Accountants of India and
an Associate Member of the Institute of Company Secretaries of India. Mayank was also felicitated at Annual CFO100 Roll of Honour (for
the years 2012 and 2013) for his exceptional contribution to the area of Corporate Finance.
Mayank is also a member of CII CFO/Tax Committee and ICC Expert committee on Banking, Finance and Insurance.
Mr. Amit Jain
Chief Financial Officer (CFO)
Mr. Amit Jain is Chief Financial Officer (CFO) at BSLI overseeing the Finance, Accounts and Taxation functions. He holds a Master’s
degree in Business Administration from the Faculty of Management Studies (FMS), Delhi and a Bachelor’s degree in Mechanical
Engineering from Delhi University.
Amit brings two decades of experience in Finance, Planning and Strategy. He has spent close to 10 years in BSLI. His sharp business
acumen has lent immense success to the Planning and Finance functions that he has spearheaded.
His professional experience spans organisations including IDBI Federal Life Insurance, Max India Ltd., CARE Ratings among others.
10/11/15 3:54 PM
Mr. Anil Kumar Singh
Chief Actuarial Officer (CAO)
Mr. Anil Kumar Singh is the Chief Actuarial Officer & Appointed Actuary for Birla Sun Life Insurance (BSLI) and is responsible for all
Actuarial functions within the Company. Anil is a Fellow of the Institute of Actuaries of India, 2002 and holds a Masters in Statistics from
Lucknow University.
Before joining BSLI, Anil was the Chief Actuary & Appointed Actuary at Bajaj Allianz Life Insurance Company. Anil has vast experience
of close to 20 years in the Life Insurance industry in India, in Actuarial roles covering Valuation, Asset Liability Management, Product
Development and Pricing with organisations like LIC, Aviva Life Insurance and was also a part of the BSLI Actuarial team during its
inception in 2000-2001.
Mr. Ashok Suvarna
Chief Operating Officer
Mr. Ashok Suvarna is the Executive Vice President and COO at Birla Sun Life Insurance Company Ltd. In his role, he is responsible
for providing leadership to the Underwriting, Revenue Assurance, Customer Service and Operations teams. He is part of the Leadership
Team of Birla Sun Life Insurance and is involved in rolling out growth strategies of the company.
Ashok comes with an experience of over 20 years in the Financial Services industry. He has experience is setting up and managing
teams across functional areas including Technology, Operations, Projects and Quality Assurance. Prior to joining Birla Sun Life
Insurance, Ashok was EVP and COO at Birla Sun Life Asset Management Company Ltd, where he was providing leadership to the
Operations, Technology, Service and Marketing teams. Before joining the Aditya Birla Group, he was Senior Vice President and Head
of Operations at ICICI Prudential Asset Management Company Ltd, where he was responsible for Operations, Projects and Quality
Assurance and was also involved in pan Asia projects of Prudential Funds Management. He has been associated with many industry
firsts in the MF Industry including the launch of MF transactions on the Stock Exchange platform. Before joining ICICI Prudential
Asset Management Company Ltd, Ashok was associated with SBI Funds Management Pvt. Ltd. He is also a winner of several awards,
including the Aditya Birla Chairman’s award.
Mr. Lalit Vermani
Chief Legal Compliance & Risk Officer (CLCRO)
Mr. Lalit Vermani is Chief Legal, Compliance and Risk Officer heading the Compliance, Legal, Risk and Internal Audit functions for the
Company. He has 20 years of experience in various areas of Financial Services including Insurance, Asset Management and Investment
banking. Prior to this assignment, Lalit was heading the Compliance function at Birla Sun Life AMC Ltd.
Lalit holds an Honours Degree in Economics and MBA with specialisation in Finance. He is also a certified Financial Risk Manager (FRM)
by Global Association of Risk Professionals.
10/11/15 3:54 PM
Mr. Pramod Krishnamurthy
Chief Technology Officer (CTO)
Mr. Pramod Krishnamurthy is the Chief Technology Officer (CTO) for BSLI responsible for providing the crucial technology edge to
enable BSLI to differentiate itself positively in the marketplace.
Pramod is an IIT-IIM graduate and has over 22 years of work experience in the Financial Services Technology area. He has held several
senior leadership positions in the IT and Financial Services Industry, including running his own software company early in his career. Prior
to joining BSLI, Pramod was an Executive Vice President with Fullerton India Credit.
He was awarded the prestigious Pan-Asia IT Leadership Award for 2012 by Asia Insurance Review and Celent, for defining and
implementing the technology strategy and roadmap for BSLI. He was also recognised among the Top 100 CIOs in India for 2011, by his
peer group under the aegis of World CIO Council and CIO Association of India.
Mr. Sashi Krishnan
Chief Investment Officer (CIO)
Mr. Sashi Krishnan is the Chief Investment Officer (CIO) of Birla Sun Life Insurance. He joined the organisation in December 2011 and
has a rich experience of over 25 years in the Mutual Fund and Life Insurance industry.
Sashi has done his BE (Hons.) in Chemical Engineering and MSc (Hons.) in Economics from BITS, Pilani. He also has a Diploma in
Management from IGNOU with a specialisation in Finance. In addition, he has also done CAIIB from the Indian Institute of Bankers. He
has an extensive experience in Equity and Debt Markets. Prior to joining BSLI, Sashi was the Chief Investment Officer at Bajaj Allianz
Life Insurance Company where he managed Assets over ` 42,000 crores. Besides leading the Investments team and being a member
of the Investment Committee, he was also involved in product design and provided sales support. His previous assignments include
leadership roles with DBS Bank (Singapore), DBS Cholamandalam Asset Management Ltd. and Unit Trust of India. Sashi is the Member
of the Index Policy Committee of India Index Services & Products Ltd. and, also was the Co Chair of Life Insurance Committee of the
Bombay Chamber of Commerce and Industry.
He has also served as the Member of the Financial Planning Standards Board, India in 2004-2006. He is also a member of the Capital
Markets Committee of the Indian Merchants Chamber.
10/11/15 3:54 PM
Ms. Shobha Ratna
Head – Human Resource & Training
Ms. Shobha Ratna is Executive Vice President & Head – Human Resource & Training at Birla Sun Life Insurance (BSLI). In this role,
she drives the Human Resource strategy at BSLI including talent management, talent development, compensation and culture creation.
Shobha has extensive experience of about eighteen years in the functional areas of talent, leadership and learning. Prior to this role
at BSLI, she managed talent and leadership development at the Aditya Birla Group (ABG) for six years. At ABG, Shobha contributed
significantly to institutionalising the leadership development and talent management processes across the Group through a series of new
initiatives aimed to build the talent pipeline. Her professional experience also includes a stint of twelve years at Hindustan Unilever Ltd.
(HUL) with a year spent in Unilever London.
Shobha holds a Bachelor’s degree in Civil Engineering from the National Institute of Technology (NIT), Calicut and a Master’s degree in
Personnel Management & Industrial Relations (PMIR) from the Tata Institute of Social Sciences (TISS).
Mr. Vikas Seth
Chief Distribution Officer (CDO)
Mr. Vikas Seth is Chief Distribution Officer (CDO) at BSLI. He is a qualified Electronics & Electrical Communication Engineer and has
completed a Masters Degree in Business Administration (Marketing). He joined BSLI in January 2008.
Currently at BSLI, Vikas is responsible for Direct Sales Force, Bancassurance and Corporate Agency and Broker channels.
Vikas has a strong professional experience of over 17 years in diverse industries including Telecom, FMCG and Life Insurance.
He has worked with organisations like Essar Telecom (Vodafone), Amway, ICICI Prudential and HDFC Life in the past. His expertise is
in start-up, building distribution, implementation of sales & marketing strategies. He has played an important role in building BSLI’s
distribution capability.
10/11/15 3:54 PM
SUMMARY OF FINANCIAL INDICATORS
Total Premium collected over the years (in crores)
Total Premium
Total Income
10,4
11
7,15
7,11
0
,677
5
5
7,17
8
,885
5,61
7
3
6
5,21
4
5,23
3
4,83
2011
2012
2013
2014
2015
Total Premium for FY14−15
Net Profit over the years (in crores)
542
461
371
305
285
2011
2012
2013
2014
2015
Net Profit for FY14–15
Operating expenses over the years (in crores)
5
1,21
3
1,20
1
1,16
2011
2012
5
1,04
2013
996
2014
2015
OPEX for FY14−15
10/11/15 3:54 PM
We enhance our process...
to navigate
the path of success
On our journey to empowerment, we redefined the business model based
on the core framework of CPS (Capacity-Productivity-Sustainability). We
are confident that using this framework will help us achieve our core vision
of building a trust surplus organisation.
01
10/11/15 3:54 PM
PROCESS
Over the last decade, the insurance industry has undergone a
transformational change. At BSLI, we realise that for long term
sustainable growth, we need to realign the business model, adjust
to increasing amounts of regulation and attempt to continuously
innovate for growth. Thus we started on to relook at our business
models and the key challenges that the organisation was facing.
The Direct Sales Force (Agency) Channel commands about 80%
of BSLI’s business, and therefore was the natural first choice
in this journey. After extensive research across stakeholders
including employees, advisors, customers and competition in the
agency and third party distribution channel, three key challenges
were identified –
a. The challenge of accessing a large pool of customers in a
manner that engenders trust
b. The challenge of improving the quality of engagement and
selling to the customers and
c. Building a pool of high quality and committed sales-force &
distribution.
Innovation – the key to progress
The Innovation and Design Lab is composed of two teams –
Design and Intervention. The Design team with its unique research,
innovation, design and development capabilities, builds new tools
and models collaborating with various functions as required. It
also plans launch, roll out and integration into the BSLI system
through training, etc. The Intervention team is in-charge of the roll
out, assimilation and adoption of the model. They act as coaches
for people on field, and provide on-ground support and share best
practices and success.
The entire approach is based on the core philosophy of trust
surplus, which automatically brings us closer to the customer.
Each tool creates win-win for us and the competitors and builds
unique competitive advantages over our competitors.
Roles – Capacity-Productivity-Sustainability
The first step towards redefining the Business Model is based
on the core framework of CPS, which is Capacity-ProductivitySustainability. Each function within the organisation is aligned by
this core framework of building capacity and capability, ensuring
productivity in a way that the business is sustainable.
Capacity – The collective strength of our resources to
deliver on the customer promise
Our goal is to understand the customers – their needs, wants,
dreams and aspirations. After a thorough understanding, we offer
them unique solutions that are mapped to their financial needs.
This enables us to build forums that allow us access to invaluable
customer insights. We believe that understanding the customer
and offering them solution based on their exclusive needs
generates an environment of trust.
Productivity – Leveraging our strengths to serve the
customers in the best way possible
At BSLI, productivity is the core of all our actions. Our focus is
on delivering superior performance across all touch-points of
customer delivery. Technological innovations have helped us
bring unprecedented convenience for customers, enabling them
to place their trust in us. Using innovative methods and effective
communication tools, we continue to provide our customers with
greater service efficiencies and a compelling value.
Sustainability – Building a lifelong relationship of trust with
the customer
We understand that the key to our sustained trust with the
customer is our determination to deliver on the customer promise.
Our energy comes from the desire to earn the trust of every
customer we meet, rather than the zeal to beat competitors.
Thus, building trust and delivering superior performance are two
integral values that are reflected in our wide range of products and
solution offerings. We aim to build a sustainable business to meet
customer outcomes.
Building excellence in Agency Channel
Tools – The Cluster Model Approach
Since its inception, BSLI has been at the helm of innovation within
the life insurance market, ushering in an industry-wide change
with the introduction of innovative unit-linked products and the
highest NAV plans. We strongly believe that ‘innovation’ may
ultimately be the key to growth, regardless of shifting economic
and insurance market conditions, as they devise ways to thwart
ongoing and emerging competitive threats as well as capitalise on
new opportunities.
Our new ‘cluster’ approach gives us access to a vast customer
network through the sustainable, professional and scientific
cluster model. BSLI identifies clusters based on similar profiles,
understands their needs and introduces our advisors to the
cluster, helping them easily target like-minded prospects. Using
the Cluster Model, we can offer unique solutions that are mapped
to our customer’s financial needs through a wide range of products
and combo solution offerings.
An Innovation and Design Lab was conceptualised with the vision
of addressing the fundamental issue of ‘organisational quality’ as
a strategy to build a competitive advantage in every aspect of our
business. Our goal was to redefine the business model and develop
solutions for the key challenges for not only insurance, but also
those that the financial services industry was facing as a whole,
such as the challenge of accessing a large pool of customers,
building customer awareness towards financial and protection
needs, improving customer engagement and conversion through
a robust sales force and distribution.
Based on this, the key levers were identified –
(i) Roles – Expansion and how to ensure that people contribute
more,
(ii) Tools – That enable better performance and
(iii) Engagement – New ways of working, dialoguing and
collaborating.
10/11/15 3:54 PM
We guide our employees…
in the
right
direction
At BSLI, we believe that the empowerment of the organisation begins with
the empowerment of its employees. By constantly developing scientific
tools and methodologies, we aim to provide our employees with the right
tools and techniques to achieve success.
01
10/11/15 3:54 PM
EMPLOYEES
Last year, in January 2014, BSLI has embarked on a unique
journey towards building a trust surplus organisation and
empowering the lives of advisors, employees and customers
by reimagining the way we conduct business. To achieve
this vision, we recognised the significance of our employees
in building this ‘trust surplus’ organisation. Our employees
and advisors are an invaluable part of BSLI and we could not
embark on a journey towards empowerment without their active
support and involvement.
The world is constantly changing and fast moving towards
customisation. Even though the concept of customisation is
relatively new to the financial services domain, it is slowly finding
its roots. The customers have now begun to expect more than
insurance solutions from us. Instead, they require assistance
in achieving their protection outcomes. As an organisation, we
are therefore moving towards solutions counselling. We aim to
focus on unique customer solutions based on their exclusive
needs and counselling as a method to deliver our solutions.
Our goal is to understand our customers’ needs, counsel them
in every step of their journey of life, enable them to co-create a
solution to meet their financial needs and lead them on the road
to empowerment.
Our Journey Redefined
We redefined the Business Model based on the core framework
of CPS which is Capacity-Productivity-Sustainability. Each
function in the organisation is aligned by this framework of
building capacity, ensuring productivity in a way that the
business is sustainable. Based on this key theme, the team
has worked on four key tracks – role alignment and measures,
recruitment strategy, market engagement and customer
engagement.
1. Redefining the Roles & Measures
Differentiation of roles is critical, as drivers of success at
every level are different. So we redefined the roles across
the sales hierarchy, based on the business model. The
key objective was to move from just measuring business
performance to measuring business health. Thus emerged
the new measurement framework of Capacity-Productivity
Sustainability, which helped us assess the business
outcomes in both qualitative and quantitative format.
2. Ensuring Quality Recruitment
The new Business Model also required people with
certain mind sets, values and practices. It also required
communicating the new way of doing business and setting
the expectation right in the minds of new employees
joining the organisation. A 4 step Recruitment Process was
launched for FLS to ensure quality recruitment aligned to the
new business model, moving from push hiring to discovery
recruitment. Similarly, a tool for recruiting the right set of
advisors who are committed to business was also made.
3. Market Engagement
One of the major challenges that insurance industry and
financial services industry is facing is the challenge of
finding new customers. To reach out to a large pool of
customers, we built the cluster based market engagement
approach. The core outcome was to recognise the potential
of the area by shifting our thinking from individual to groups
of customers, having common goals and not just depend on
the natural market of the distributors.
4. Customer Engagement
BSLI is committed towards empowering customers so
that they are able to discover their protection needs and
identify relevant products/solutions to fulfil those needs.
With the help of the Protection Counselling tool, we made
a shift from push mode of engagement to ‘co- creation and
self-discovery’.
Recruitment Strategy
In an industry where finding right candidates who are committed
to the business is difficult, our Discovery Recruitment Process
is a unique strategy, where not just the company discovers
about the prospect, but also the prospect discovers about him.
The discovery resume and mind set orientation helps us find the
right fitment for the company, rather than just depending on an
interview process, which is too dependent on individual skills
and judgement.
A 4 step Recruitment Process was launched for FLS to ensure
quality recruitment in alignment to the new business model. The
tool required designing of resume, mind set orientation test and
career opportunity presentation. Workshops were conducted
with the Branch Managers to ensure adoptions. Similarly,
a tool for recruiting right set of advisors called the ‘Advisor
Recruitment Roadmap’ was made to recruit right advisors,
who are committed to business. This tool had three parts –
learning resources for FLS, engagement resources for advisor
recruitment, and communication handouts. A very innovative
income calculator was also made to show earning potential
to advisors.
Market Engagement
With a focus on insights and innovation, we have discovered
new ways to connect with our customers and build longterm relationships with them. With our new customer-centric
approach, we have ensured that our employees and advisors
become a crucial part of the customer’s everyday life. After
all, they are the face of BSLI for our customers and their
enthusiasm, energy and passion has played an important part
in our success.
The ‘cluster’ approach has not only helped us in building trust,
but also led to long term sustainability of the business through
referrals and upsell.
1. Identifying customers
We are now able to simplify and expand our reach, rather
than use the ‘one-on-one’ approach to target a few
people we know personally.
2. Engaging with customers
With limited tools and resources, breaking the ice with
prospective customers was a challenge. Now, we penetrate
the identified clusters through contribution events and equip
our advisors with the tools to engage with the customers.
10/11/15 3:54 PM
EMPLOYEES
3. Offering customised solutions
Prospective customers found the ‘one-size-fits-all’ approach
unconvincing. Thus, we now offer solutions and combos
that are tailor-made to our customer’s identified financial
needs.
4. Empowering customers
Conventional processes and services made it challenging
to build a long-term relationship with customers. We have
now ensured to fast track processes and empower zones for
service convenience.
Customer Engagement
We launched a three level certification program called
Protection Counselling Program for our advisors, where they
are systematically trained through three training interventions to
become certified Protection Counsellors. This brings immense
pride and recognition to the advisors as they graduate from
being insurance advisors to protection counsellors.
10/11/15 3:54 PM
We lead our customers...
on the road to
empowerment.
The most crucial milestone on the journey to end-to-end empowerment
is building a sustainable relationship with customers. Through our various
customer-centric innovations and practices, we aim to generate more
engagement and involvement of the customers in our growth.
10/11/15 3:54 PM
CUSTOMERS
Life insurance is a product which assures certainty in times of
uncertainty. Customers invest with us for long term benefits and
hence at the core of our entire business lies ‘trust’. To achieve the
vision of being a leader and a role model in the industry, it has
become extremely pertinent for BSLI to rebuild trust in the market
and convert the prevailing trust deficit into a ‘trust surplus’.
 Easy readability
 A unique app tracker: This allows the customer to keep
tracking his policy status. The feature is also available for
offline customers.
 Online medical appointment booking
We believe that to empower our customers and build a trust surplus
organisation, we need to have ‘engagement’ with the customers and
not just mere ‘transaction’. In the start of our journey, we redefined
roles and measures, launched a new market engagement model to
increase access to customers, redefined the recruitment strategy
and made path breaking innovations in customer engagement by
launching the Protection Counselling tool.
Current Challenges of customers
Though there are many challenges in an individual’s life, most
people are not aware of the risks and uncertainties that can
prevent them from fulfilling their aspirations and responsibilities.
There also exist many products in the market and many rationales
to buy insurance and other similar products. Though every advisor
may claim that he is selling the right product or solution, the
customer is in no way sure of having made an optimal choice.
BSLI’s approach to customer empowerment
BSLI is committed towards empowering its customers so that they
are able to discover their protection needs and identify relevant
products and solutions to fulfil those needs. We believe that our
Protection Counselling tool has the potential to change the way
insurance is sold today, putting BSLI far ahead of the competition.
This industry pioneering methodology has reached a new level in
customer engagement and consultative selling. These strategic
innovations are crucial to the growth of the insurance industry,
thus building customer-centricity across financial services.
 Sixty seconds call back for assistance
S4S engagement app
In our endeavour to spread awareness about the value of Life
Insurance, we set out to empower our customers to protect
themselves against the uncertainties of life. Hence, we created a
mobile application that would empower the customer to protect
himself in an uncertain situation and be closer to his loved ones
when they are caught in a similar situation. The app was a ‘safety
box’ of a secure financial future. Thus we called it S4S – Security
for Self app.
Key Features
 Allows the user to send emergency messages with the current
location link illustrated in a map, to five close contacts within
5 seconds, through just a click
 Enables the user to activate a siren to sensitise the immediate
surroundings and get help
 Permits the user to take a live recording of situation and send
an email with the voice recording when triggered
 Stores information about all insurance policies the user owns
 Nominates multiple loved ones of the user to share the details
of the policies
 Store all medical data for easy access during emergencies
Building Sustainable relationships
Brand Campaign
The most crucial stage in end-to-end empowerment is building a
sustainable relationship with the customers.
We are launching a service Unique Customer History (UCH) where
we are building a Roadmap of Engagement with the customer.
Each advisor will get unique history of customer engagement,
open solutions and strategies and timely updates on when and
with what proposition they can engage with the customers.
At BSLI, we strongly believe that through our various customercentric innovations and practices which are aimed to build the trust
surplus, we will build a strong partnership of long term success.
Khud ko kar buland
This was our biggest online and social campaign. It extended
support to the brand campaign through extensive digital media
and social promotions.
Some of the key highlights of this campaign are:
 Total impressions: 83 million
Total clicks: 8.51 lakh
Overall CTR: 1.72%
Total views: 5.8 million + web + mobile
View Through Rate: 20%
Digitising Customer Experience
Launch of the e-commerce platform with Protect@Ease
We are focussed on building a platform with first-in-industry
features that would showcase BSLI’s strength in the online
marketplace.
Protect@Ease has many convenient features for customer
engagement.
 A unique horizontal interface: The customer can see both his
details input and the premium output without having to scroll
down. Any missing information can be viewed at one go as
opposed to scrolling up and down to find the missing fields.
 Top performers:
YouTube views: 3.4 million
Social Media reach: 47 lakh
Facebook reach: 5.3 million
Facebook post-promotion activity: 80,000+ likes
Reach of Logical Indian: 9 lakh readers
We also explored Facebook as a medium for reaching out to
existing customers for premium renewal payments. The message
was successfully communicated to more than 6 lakh customers,
engaging them for 3 months.
10/11/15 3:54 PM
ACHIEVING MILESTONES
Key Rewards
&
Recognitions
Golden Peacock Award for
Business Excellence in 2014
Won a Silver metal at Big Bang
Awards, 2014
Adjudged a top 5 employer in the BFSI
sector in the annual ‘Best Companies to
Work for - BT - People Strong Survey’.
Won the Kyoorius Advertising Awards,
2014 for the most outstanding creative
work in the Indian communications sphere.
Celent Model Insurer Asia 2014 Award in
the area of IT Management and Business
Process Management.
Won a Blue Elephant and a Black
Elephant (the Cannes Grand
Prix equivalent)
Skoch Order-of-Merit Award for
Business Leadership in Insurance
through Strategy & Innovation.
Won 3 Bronze metals at Goafest
Creative & Media Abby Awards, 2014
Won a Silver metal at Effies, 2014 for
its effective marketing campaign.
Won a Silver metal at Emvies, 2014
for measurable and significant
contributions in the field of media.
10/11/15 3:54 PM
FINANCIAL REPORT
10/11/15 3:55 PM
Directors’ Report
for the year ended March 31, 2015
Dear Shareholders,
On behalf of your Board of Directors, I present the fifteenth Annual Report, together with the Audited Statement of Accounts, of Birla Sun Life
Insurance Company Limited (‘the Company/BSLI’) for the year ended March 31, 2015.
1.
INDUSTRY & BUSINESS PERFORMANCE
Macro-economic conditions and regulatory changes have influenced the performance of Life Insurance Industry, shifting the priorities of Life
Insurers and driving the following key business trends:
• In Individual life, LIC registered a 26% YoY de-growth in FY15, leading to decrease in its market share from 63% in FY14 to 53% in
FY15. The private sector grew by 16% in FY15. The combined market share of top four private insurance players increased from 22%
in FY14 to 31% in FY15, on the back of their captive Bancassurance channel.
• Total Number of customer of all Insurance players (including LIC) declined by 37% over previous year. Even among the private insurance
players, the number of customers declined by 10% YoY, and the growth in new business premium was largely driven through higher
average premium per policy.
• Bancassurance continues to grow, and has become the largest distribution channel in the private sector. While, share of sales by the
corporate agents and brokers continued to shrink, the direct channel showed significant growth during the year.
• Positive equity sentiment on the back of a stable Government at the Centre and easing of inflation caused a shift in consumer preference
towards unit linked products.
• In Group Life, market share of private insurance players increased from 32% in FY14 to 39% in FY15, with the top five private insurance
players contributing 29% of the group sales in FY15. The growth was mostly attributable to the private insurance players gaining
foothold in PSU and Mega customers segments where traditionally LIC has been the leading insurer.
Outlook for FY16 in terms of new business growth is positive due to recovery in GDP growth, easing of inflation, buoyant capital markets and
the Government’s moves to encourage financial savings. Recent regulatory changes such as the easing of FDI limits in insurance can help
attract more capital to the insurance sector.
Your Company has taken several steps during the Year to transform its model for engagement with its customers and distributors. Overall, BSLI
has transitioned well in terms of its product strategy leading to a balanced suite of participating and non-participating products both traditional
and unit-linked. Your Company is well positioned to capitalise on the opportunities which the sector will offer in the next 3-5 years.
2.
BUSINESS REVIEW AND FINANCIAL PERFORMANCE
Financial Performance
Table 1: Business & Financial Performance of Your Company
Particulars
Business Performance
New Business Premium
Renewal Premium
Total Premium
Financial Performance
Income
Gross premium income
Reinsurance (net)
Total premium income (net)
Income from investments
Policyholders
Shareholders
Investment Income
Other Income
Total Income
Less:
Commission
Expenses (including depreciation & Service tax)
Benefits paid (net)
Provisions for actuarial liability (net)
Provision for Taxation
Profit for the Current Year
Share Capital
Reserve & Surplus
Less:
Debit Balance in Profit and Loss Account
Net Worth
(` in Crores)
Standalone
2014-15
2013-14
Inc. (%)
Consolidated
2014-15
1,938
3,295
5,233
1,697
3,136
4,833
14%
5%
8%
1,938
3,295
5,233
5,233
-165
5,068
4,833
-188
4,645
8%
12%
9%
5,233
-165
5,068
5,309
128
5,437
34
10,539
2,496
115
2, 611
37
7,293
113%
11%
108%
-8%
45%
5,309
128
5,437
34
10,539
233
996
3,772
5,253
–
235
1,045
3, 666
1,977
–
-1%
-5%
3%
166%
–
233
996
3,772
5,253
–
285
370
-23%
285
1,901
268
1,901
268
0%
–
1,901
268
627
1,542
913
1,256
-31%
23%
627
1,542
2014_BSLI AR_Financial_Part 1.indd 25
11/10/15 3:58:03 PM
Directors’ Report
Your Company recorded satisfactory performance in FY15 across a range of key financial parameters:
•
The Company recorded new business premium of ` 1,938 crores in FY15 as compared to ` 1,697 crores in FY14. The Group Business
recorded new business premium of ` 1,177 crores in FY15, a growth of 44% over FY14.
•
Renewal premium at ` 3,295 crores was higher by 5% in FY15 as compared to previous year. BSLI will continue to focus on managing
its substantial in-force book and on improving persistency levels, which is important to deliver value from our existing book.
•
Traditional products accounted for 61% of sales in FY15 as compared to 59% in FY14. This was on account of continued focus on
improving the product mix.
•
The Company registered Net Profit of ` 285 crores for the year as compared to ` 370 crores in the previous year. The fall in net profit
was primarily due to lower profits from the inforce book especially the ULIP block sold before September 2010. The Company continues
its focus on profitability through better management of in-force business, driving right product mix, optimisation of expenses and
building efficiencies in distribution.
•
The Opex to Premium ratio has improved from 21.6% in FY14 to 18.6% in FY15.
•
Solvency margin at 2.05 for FY15 against the regulatory requirement of 1.5 indicates the Company’s stable financial position.
With a robust operating platform, strong trusted brand and long term commitment towards life insurance business, the Company is well
positioned to meet the challenges and to tap the long term opportunities of the life insurance industry.
Summary of Operations and Business
•
BSLI continues to follow a successful multi-channel distribution strategy with 488 branches, around 90,600 Agents, 4 key bank
partners and 151 third party distributors.
•
Post the Oct. 2013 regulatory changes, the Company has moved to a balanced sales mix of participating/non-participating traditional
products and ULIP products. The Agency channel continues to be the Company’s largest distribution channel contributing to over two
third of our individual business with New Business premium of ` 519 crores.
•
In FY15, the focus has been on implementing a new distribution model built around customer discovery, customer engagement and
solution fulfillment. The channel took significant steps towards digitisation by launching 2 new platforms – My Solutions (Tablet based
platform to offer solutions to customers) and Empower@ease – virtual office for sales managers and our Advisors.
•
The FY15 was marked by the exit of a major bancassurance relationship for the Company – Citibank N.A. The 14 years relationship
with Citibank ended due to its global insurance tie-up with another larger global Insurer. Bancassurance channel delivered first year
premium of ` 143 crores. The recent draft guidelines by IRDA on open architecture for corporate agents are expected to provide the
Company with access to several opportunities for tie-ups with Banks. Our priorities for the channel moving forward will be to harvest
existing partners’ growing customer base and tapping new opportunities from the open architecture model.
•
First year premium from Corporate Agent & Brokers and other channels in FY15 was ` 84 crores. Sales from this segment were lower
compared to previous year due to initiatives taken to improve the quality of business. Going forward the focus will be on a few existing
strategic tie-ups and addition of new strategic capacities, even while continuing efforts to improve the quality of business.
•
Group Business registered a 44% YoY growth with first year premium of ` 1,177 crores in FY15. This came from improvement in
product lines across risk and fund based products and increasing our penetration across geographies & customer segments. This line
of business continues to be profitable for the Company.
•
During the year under review, the Company launched several new products
✧
Online Term offering: BSLI Protect@Ease
✧
Non-Participating Traditional products: BSLI Guaranteed Future
✧
Participating Traditional products: BSLI Vision Moneyback Plus, BSLI Vision Star Child, and BSLI Vision Endowment Plus
✧
Unit Linked products: BSLI Fortune Elite
✧
Products under Rural and Group platform were also launched
•
Assets under Management (AUM) grew from ` 24,775 crores in FY14 to ` 30,185 crores in FY15. For unit-linked funds, Company
has delivered superior fund performance consistently beating its benchmarks. 100% of the funds outperformed their respective
benchmark over the long-term (across 2-4 years). 100% of the funds also outperformed their benchmark over the 5 year period ending
March 31, 2015.
•
The Company’s continued quality initiatives such as pre-issuance verification calls, pre-issuance joint declaration from policy holder,
and quality agreements with distributors to drive the right sales behaviour and reduce first premium lapse, have started showing
positive results as the 13 month premium persistency was improved to 62% in FY15 from 59% in FY14.
•
With the focus on implementing the new distribution model of the Company and improving its customer-facing processes including
customer service and distribution support, the Company has launched “Protection Counseling” tool, which helps in determining the
financial needs of the customer as per his/her profile, thereby engaging the customer and building trust surplus.
•
Proactive measures have been undertaken to strengthen compliance and risk management functions given the Company’s focus to
maintain robust internal controls, mitigate risks and improve sales conduct and thereby maintain the reputation of being one of most
compliant insurance companies in an environment of increasing regulatory oversight.
11/10/15 3:58:06 PM
Directors’ Report
•
Our investment in branding yielded good results with both brand awareness as well as consideration scores (i.e. likelihood of prospective
customers to purchase a policy) showing improvements to an all-time high. Going forward strength of the BSLI brand is expected
to become more important and we continue to strengthen our brand performance through an optimal mix of above-the-line and
below-the-line activities.
Outlook for the Industry and Company
In the last few years, general market conditions have been difficult for sale of life insurance savings products. Factors included lackluster
equity markets, high interest rates, high inflation rates, and preference of customers towards physical savings over financial savings. Recent
changes in the external environment including stable government at the centre, optimistic outlook on GDP growth, easing of inflation and
buoyant capital markets augur well for the industry. India already has several structural advantages in terms of favourable demographics and
high rate of savings. The above positive sentiment in the external environment will definitely provide a fillip to the growth and expansion of the
industry. The recent regulatory changes such as The Insurance Laws (Amendment) Act, 2015 and Draft Registration of Corporate Agent (CA)
Regulations, 2015 are expected to provide more balanced growth opportunity for all the players in the Insurance industry.
3.
BSLI CLAIMS MISSION FOR ITS POLICYHOLDERS
Our Mission is to provide hassle-free, seamless and speedy claim settlement services to our Customers and ensure prompt payment of
valid claims.
For FY14-15, some of the key noteworthy points for Claims function were:
1.
Extension of Scope of Grievance Redressal Committee (GRC) to hear and address claims representations. It is chaired by an independent
Chairman Mr. N. N. Jambusaria (ex Chairman, LIC).
2.
To facilitate swifter Claim settlement, introduced NEFT payment method for Individual & Group Claims process. This enabled our
Customers to speedily receive the claim monies directly into their bank accounts and saved them the hassles of receiving and banking
cheques. Over 95% of payments in H2 FY15 were through NEFT route.
3.
To enhance customer experience in their moments of truth, BSLI rolled out innovative ‘Claim Ambassador’ to assist on Claims process
to its Clients/Claimant’s in their hour of need.
4.
Claims department has also proactively provided speedy claim settlement service in case of national tragedies and these claims have
been settled on topmost priority.
5.
Improved results seen across all Channels in Claims processing.
Individual Life:
•
Claims Pending (No’s) ratio has reduced significantly from 2.67% in FY14 to 1.68% in FY15.
•
Overall Payment ratio in number terms has moved up significantly from 87.76% in FY14 to 95.30% in FY15.
•
The Repudiation ratio has reduced drastically from 9.57% in FY14 to 3.02% in FY15. Group Life: 100% of Claims stand paid. i.e. zero pendency/Repudiation of Group Claims.
Health Life: Claim pendency numbers reduced drastically from 14% in FY14 to 1.5% in FY15.
Rural & Social Life: 100% of Claims stands paid i.e. zero pendency of Rural & Social Claims.
4.
RESERVES
During the year, the Company generated profit after tax of ` 285 crores, leading to a reduction in accumulated losses. No amount was
transferred to General Reserve.
5.
DIVIDEND
The Board of Directors have not recommended any dividend for the year ended March 31, 2015 due to carry forward losses.
6.
Share Capital
The Authorised Share Capital of the Company is ` 3,750 crores. The Issued, Subscribed and Paid up Capital of the Company was
` 1,901 crores, as on March 31, 2015. There was no requirement of fresh capital infusion during the year under review.
7.
Corporate Governance
Your Directors reaffirm their commitment to the corporate governance standards to the extent they are applicable to the Company. A detailed
Corporate Governance Report is annexed to and forms part of the Annual Report.
8.
CONSOLIDATED FINANCIAL STATEMENT
In accordance with the Companies Act, 2013 (“the Act”) and Accounting Standard (AS) – 21 on Consolidated Financial Statements, the
audited consolidated financial statement is provided in the Annual Report.
9.
SUBSIDIARIES
During the year under review, the Company has incorporated a subsidiary Company in the name of “Birla Sun Life Pension Management
Limited” to act as the Pension Fund Manager of the NPS Trust under the National Pension System to manage the pension funds for private
11/10/15 3:58:09 PM
Directors’ Report
sector in accordance with the applicable provisions of the NPS, the schemes, the guidelines issued by the Pension Fund Regulatory
and Development Authority (‘PFRDA’). The subsidiary Company is yet to obtain certificate of registration/commencement of business
from PFRDA.
A statement containing the salient features of the financial statement of subsidiary in the prescribed format AOC1 is annexed to the Directors’
Report. The statement also provides the details of performance and financial position of Subsidiary Company.
10. PUBLIC DEPOSITS
During the year under review, the Company has not accepted any deposit from the public falling within the ambit of Chapter V (Section 73)
of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.
11. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report forms part of the Annual Report.
12. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
The information on conservation of Energy, Technology Absorption, Foreign exchange earnings and outgo stipulated under Section 134(3)(m)
of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, is annexed to the Directors Report.
13. PARTICULARS OF EMPLOYEES
In pursuance of the Company’s aspirations to maintain its position as the most preferred employer in the insurance industry, the Company
continued to invest in creating a pool of talent for the growing business needs. The Company’s total workforce stood at 8014 as at March 31,
2015 against 9,732 as of the previous year end. Structured initiatives around talent management, learning and development and long term
retention plan for talent pool across levels were implemented for skill development to enhance productivity and performance of workforce.
The relevant particulars of employees as required to the extend applicable under Rule 5(2) and 5(3) of The Companies (Appointment and
Remuneration of Managerial Personnel) Rules 2014 is attached to this report.
14. Directors
As on March 31, 2015, your Board of Directors comprises of eleven Directors including one Managing Director and CEO and three
Independent Directors.
During the year, following were the changes in the directorship of the Company:
•
Mr. Venkatesh Mysore (DIN 01401447) (Non-Executive Director) resigned from the Company w.e.f. August 01, 2014
•
Mr. Sandeep Asthana (DIN 00401858) was appointed as an Additional Director w.e.f. August 01, 2014
•
Mr. G.P. Gupta (DIN 00017639) (Independent Director) resigned from the Company w.e.f. August 20, 2014
•
Dr. Rakesh Jain (DIN 00020425) (Non-Executive Director) resigned from the Company w.e.f. December 05, 2014
•
Mr. Lalit Naik (DIN 02943588) (Non-Executive Director) was appointed as Director in casual Vacancy w.e.f. January 30, 2015
•
Mr. Haigreve Khaitan (DIN 00005290) (Independent Director) was appointed as an additional Director w.e.f. January 30, 2015
In accordance with the provisions of Section 149 of the Companies Act, 2013, Ms. Tarjani Vakil and Mr. M.V. Nair were appointed as
Independent Directors for a term of five years w.e.f. August 28, 2014.
In accordance with the provisions of the Companies Act, 2013 read with Article 83 of the Articles of Association of the Company,
Mr. Ajay Srinivasan and Mr. B.N. Puranmalka, Directors, retire by rotation at the ensuing Annual General Meeting (‘AGM’) of the Company, and
being eligible, offer themselves for re-appointment.
Mr. Sandeep Asthana was appointed as an Additional Director of the Company by the Board of Directors at its meeting held on August 01,
2014. As per the provision of Section 161 of the Companies Act, 2013, Mr. Asthana holds office only up to the date of the ensuing AGM of
the Company. The Company has also received a Notice in writing along with requisite deposit under Section 160 of the Act, proposing his
candidature for the office of Director.
Mr. Haigreve Khaitan was appointed as an Additional (Independent) Director on the Board of the Company for a period of 5 years. Pursuant
to Section 161 of the Companies Act, 2013, Mr. Khaitan holds office only up to the date of the forthcoming AGM of the Company and in
accordance with the requirements of Section 150 and 152 of the Companies Act, 2013, his continuation as an Independent Director will
required to be approved by the Members of the Company in the ensuing AGM for a period of 5 years with effect from January 30, 2015.
Mr. Lalit Naik was appointed as Director in casual vacancy (in place of Dr. Rakesh Jain) on January 30, 2015. Pursuant to Section 161(4) of
the Companies Act, 2013, Mr. Naik holds office up to the date which the original Director (Dr. Rakesh Jain) would have held office if it had
not been vacated. Consequently, Mr. Naik holds office till the ensuing AGM of the Company, the date till which the original Director
Dr. Rakesh Jain, would have held the office and is eligible for re-appointment. The Company has received Notices in writing from
Members along with requisite deposit under Section 160 of the Act proposing the candidature of Mr. Khaitan and Mr. Naik for appointment
as a Director. The Board recommends the appointment of aforesaid Directors by the shareholders in the ensuing AGM.
The Company has also received requisite disclosures and undertakings from all the Directors in compliance with the provisions of the
Companies Act, 2013 and the Insurance Act, 1938 along with the other applicable guidelines issued by IRDA. The Independent Directors have
given the declarations under Section 149(6) of the Companies Act, 2013.
11/10/15 3:58:12 PM
Directors’ Report
A detailed profile of the Directors seeking appointment at the ensuing Annual General Meeting of the Company is given in the Corporate
Governance Report, forming a part of this Annual Report.
15. KEY MANAGERIAL PERSONNEL
During the year under review, the Company had the following Key Managerial Personnel (‘KMP’):
•
Mr. Pankaj Razdan (Managing Director and Chief Executive Officer)
•
Mr. Amit Jain (Chief Financial Officer)
•
Mr. Ashish Lakhtakia (Company Secretary upto, August 29, 2014)
•
Mr. Amber Gupta (Company Secretary, appointed w.e.f. August 29, 2014)
16. BOARD EVALUATION
Pursuant to the requirement of the Companies Act, 2013, the annual performance evaluation of the Board, the Directors (Independent and
others) individually, as well as applicable Committees of the Board viz Audit, Nomination and Remuneration Committee (NRC) and Corporate
Social Responsibility (CSR) Committee was carried out for FY14-15.
17. NOMINATION AND REMUNERATION COMMITTEE POLICY
The Board has formed the Nomination and Remuneration Committee. The Board has, on the recommendation of the Nomination & Remuneration
Committee, formulated a policy on Directors appointment and remuneration including the criteria for determining qualifications, positive
attributes and independence of a Director and other matters as specified under Section 178(3) of the Companies Act, 2013. The Nomination
and Remuneration Policy of the Company is annexed to the Directors’ Report.
18. MANAGERIAL REMUNERATION
The details on remuneration paid to the Non-Executive Directors are disclosed in the Corporate Governance Report and the details on
remuneration paid to the Managing Director is as per MGT 9 which forms part of the Directors' Report.
19. NUMBER OF BOARD MEETINGS
During the year under review four Board Meetings were convened and held, the details of which are given in the Corporate Governance
Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013. The detailed information
about Composition, Meetings and attendance are provided in the Corporate Governance Report.
20. AUDIT COMMITTEE
The Company has duly constituted Audit Committee. The details as regard to the Composition, Meetings, attendance and other information
are provided in the Corporate Governance Report.
21. WHISTLE BLOWER POLICY
The Company has implemented a Whistle Blower Policy providing a platform to all the employees and Directors to report any suspected or
confirmed incident of fraud/misconduct through any of the determined reporting protocols. The more details are provided in the Corporate
Governance Report.
22. DIRECTORS’ RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act 2013, your Directors, to the best of their knowledge and belief confirm that:
•
in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation
relating to material departures;
•
the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of
the profit and loss of the Company for that period;
•
the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the
provisions of Companies Act, 2013 preventing and detecting fraud and other irregularities;
•
the Directors have prepared the annual accounts on a going concern basis; and
•
the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were
adequate and operating effectively.
23. AUDITORS AND AUDITORS’ REPORT
As per the Circular no. 36/7/F&A/EMPL/74/July/05 dated July 25, 2005 of the Insurance Regulatory and Development Authority, every
Insurance Company is required to have two statutory auditors for a joint audit.
The Joint Statutory Auditors M/s. Khimji Kunverji & Co. (Registration No. 105146W) and M/s. S. R. Batliboi & Associates LLP (Registration
No. 101049W), appointed at 14th AGM, hold office upto the ensuing 15th AGM of the Company. The term of office of M/s. S. R. Batliboi &
Associates LLP as the Statutory Auditor of the Company is expiring (after completing 5 years) in the forthcoming Annual General Meeting of
the Company.
11/10/15 3:58:15 PM
Directors’ Report
The Board proposes to re-appoint M/s. Khimji Kunverji & Co. (being eligible for re-appointment) and appoint M/s. S. B. Billimoria & Co.
(Registration No. 101496W) as the Joint Statutory Auditors on recommendation of the Audit Committee of the Company. M/s. S. B. Billimoria
& Co. will replace M/s S. R. Batliboi & Associates LLP who have completed their term of five years with the Company.
The Company has received certificates from the proposed auditors confirming their eligibility and willingness for their appointment/
re-appointment pursuant to Section 139(1) of the Companies Act, 2013 and as per the requirement stipulated by IRDA. The auditors have
further certified that they have subjected themselves to the peer review process of the Institute of Chartered Accountants of India (ICAI) and
they hold a valid certificate issued by the “Peer Review Board” of ICAI.
The observations, if any, made by the Statutory Auditors of the Company in their report read with relevant notes to the Accounts are
self-explanatory and, therefore do not call for any further comments.
24. INTERNAL AUDIT FRAMEWORK
The Company has in place a robust internal audit framework to monitor the efficacy of internal controls with the objective of providing to the
Audit Committee and the Board of Directors, an independent, objective and reasonable assurance on the adequacy and effectiveness of the
organisation’s risk management, control and governance processes.
The framework is commensurate with the nature of the business and the size of its operations. Internal auditing, at BSLI, involves the
utilisation of a systematic methodology for analysing business processes or organisational problems and recommending solutions to add
value and improve the organisation’s operations. The audit approach verifies compliance with the regulatory, operational and system related
procedures and controls.
The purpose, authority and responsibility of the internal audit function is formally defined in the internal audit charter which is periodically
reviewed and presented to the Board for approval.
The internal audit plan is developed based on the risk profile of business activities of the organisation. The audit plan covers process audits
at head office and across various branches of the Company. The audits are carried out by external service providers, in-house internal audit
team and by audit team of the two promoters. The audit plan is approved by the Audit Committee, which regularly reviews compliance to
the plan.
Internal Audit Process followed by the Company is as follows:
•
Establish and communicate the scope and objectives for the audit to management;
•
Develop an understanding of the business area under review. This involves review of documents and interviews;
•
Identify control procedures used to ensure each key transaction type is properly controlled and monitored;
•
Develop and execute a risk-based sampling and testing approach to determine whether the key controls are operating as intended;
•
Key audit findings and recommendations made by the auditors are reported to the Audit Committee of the Company;
•
Monitor the implementation of audit recommendations and ensure periodic reporting to the Audit Committee.
The audit findings are used as a key input in the risk management process and all the key risks of the Company are mapped to the audit
processes to ensure a risk-based audit approach. Ongoing monitoring is performed as an integral part of the day to day supervision, review
and measurement of internal audit activity.
25. ADEQUACY OF INTERNAL FINANCIAL CONTROLS
The Company has put in place adequate system and process for internal financial controls with reference to the financial statement.
26. MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION OF THE COMPANY
There are no material changes and commitments, affecting the financial position of the Company which has occurred between the end of
the financial year of the Company i.e. March 31, 2015 and the date of the Directors’ report.
27. SECRETARIAL AUDIT REPORT
Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with rule 9 of The Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, the Company has appointed M/s. N. L. Bhatia & Associates, a firm of Company Secretaries in Practice
to undertake the Secretarial Audit of the Company for the financial year 2014-15. The Report of the Secretarial Audit is annexed to the
Directors’ Report.
28. RISK MANAGEMENT FRAMEWORK
The Company has an Enterprise Risk Management (‘ERM’) framework covering procedures to identify, assess and mitigate the various key
business risks. A detailed ERM report is annexed to and forms part of the Annual Report.
29. RELATED PARTY TRANSACTIONS
The Board has formulated and adopted a Related Party Transactions Policy (‘Policy’) for the purpose of identification, monitoring and reporting
of such transactions. The Policy is available on the Company’s website at www.birlasunlife.com.
All Related Party Transactions (‘RPT’) entered into by your Company during the FY15 were on arm’s length basis and in the ordinary course
of business and since transactions were not material in accordance with the Related Party Transaction Policy framework, the particulars of
such transactions with the related parties are not required to be reported by your Company in the prescribed form AOC 2.
11/10/15 3:58:18 PM
Directors’ Report
The details of all related party transactions (AS18) during the year under review are set out in Note No. 28 of the standalone financial
statement forming part of the Annual Report.
30. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The Company, being an Insurance Company, the provisions of Section 186 of the Companies Act, 2013 are not applicable. Hence no
disclosures have been provided.
31. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS/COURTS/TRIBUNALS
No significant and material orders were passed by the regulators or courts or tribunals impacting the going concern status and Company’s
operations in future.
32. CORPORATE SOCIAL RESPONSIBILITY
The Board of Directors of your Company have constituted a Corporate Social Responsibility (‘CSR’) Committee and formulated a CSR Policy.
The said CSR Policy has been uploaded on the website of the Company at www.birlasunlife.com.
The required disclosure as per Rule 9 of Companies (Corporate Social Responsibility Policy) Rules 2014 annexed to the Directors’ Report.
33. CUSTOMER GRIEVANCE REDRESSAL
The Grievance Redressal Guidelines issued by IRDA has established uniformity in the insurance industry in terms of definitions, timeframes
for complaint resolution and classifications of complaints. In accordance with the Grievance Redressal Guidelines, BSLI’s Grievance Redressal
Policy has been approved by the Board and filed with the IRDA. Grievance Officers have been appointed at each branch and at HO of
the Company.
BSLI has a Policyholders’ Grievances Redressal Committee (‘PGRC’) which is headed by an independent Chairman Mr. N. N. Jambusaria
(ex-Chairman, LIC). PGRC meets periodically and decides on various requests/complaints from policyholders. Representatives of the
concerned sales channels along with customer service team are invited to attend the meetings.
In accordance with IRDA’s Corporate Governance Guidelines, BSLI has also formed a Committee called the Policyholders’ Protection
Committee, which is also chaired by Mr. N. N. Jambusaria. This Committee looks into the broad aspects of protection of policyholders’
interests, ensuring adequacy of and adherence to the Company’s Grievance Redressal framework as well as ensuring adequate and correct
disclosures to customers.
Initiatives to spread awareness among employees/sales force as well as customers have been undertaken through e-modules/functional
trainings and through the BSLI website respectively.
Grievances received by BSLI are reported on ‘Integrated Grievance Redressal Management System’ (IRDA - IGMS) online and a reverse feed
also gets downloaded for complaints registered by customers on IGMS against BSLI. Grievance Redressal team has been empowered to take
decisions for ensuring effective resolution of customer complaints.
To create customer awareness about the Grievance Redressal Mechanism; we have placed pamphlets at every front-office/customer walk-in
area across BSLI branches, indicating the Guidelines and the Escalation Matrix, which the customer can follow in case he/she is not satisfied
with the resolution provided.
34. AWARDS/RECOGNITIONS
•
Golden Peacock Award for Business Excellence in 2014
•
BSLI has been adjudged 1st Runner-up in QualTech Innovation Prize 2014 in services category for Process Monitoring Practices
•
BSLI has been adjudged a top 5 employer in the BFSI sector in the annual ‘Best Companies to Work for-BT-PeopleStrong Survey’
•
Celent Model Insurer Asia 2014 Award in the area of IT Management and Business Process Management
•
Won Grand Midas for BSLI and 4 Gold Midas for BSLI
•
Won a Gold and Bronze for BSLI at the Exchange4media OOH Awards, 2013
•
Winner under the Crisis management category for BSLI at the Exchange4media PR Awards, 2013
•
Won 2 Gold Creative Abbys for BSLI and 1 Silver Metal for BSLI at the Goafest Creative & Media Abby Awards, 2013 Outdoor Advertising
Awards, 2013
•
Won a Bronze Metal for BSLI at Effies, 2013
•
Won 2 Bronze and 1 Silver Metal for BSLI at the DMAi Award, 2013 Emvies, 2014
•
Won 1 Bronze Metals for BSLI at the Goafest Creative & Media Abby Awards
•
Won a Silver Metal for BSLI at the Big Bang Awards, 2014
•
Won a Blue Elephant and Black Elephant for BSLI at the Kyoorius Advertising Awards, 2014
•
Won a Silver Metal for BSLI at the Effies, 2014
35. EXTRACT OF ANNUAL RETURN
The details forming part of the extract of the Annual Return in form MGT 9 is annexed to the Directors’ Report.
11/10/15 3:58:21 PM
Directors’ Report
36. ANTI-SEXUAL HARASSMENT POLICY
The Company has in place an Anti Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints Committee has been set up to redress complaints received regarding
sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy. During the year under review
there were no cases filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013.
37. OTHER STATUTORY INFORMATION
IRDA License
The Insurance Regulatory and Development Authority vide its circular dated 7th April, 2015 bearing reference number IRDA/F&A/CIR/
GLD/062/04/2015 has intimated all insurers that the Section 3 read with Section 3A of The Insurance Act, 1938 has been amended by the
Insurance Laws (Amendment) Act 2015. Pursuant to above, Insurers shall not be issued the Renewal Certificate of Registration (IRDA/R6) on
an annual basis, the certificate of registration which expired on 31st March, 2015 shall continue to be in force from 1st April 2015 and the
Insurers to continue to pay such annual fee as may be prescribed by the Regulations.
Management Report
Pursuant to the provisions of Regulation 3 of the Insurance Regulatory and Development Authority (Preparation of Financial Statements and
Auditors’ Report of Insurance Companies) Regulations, 2000, the Management Report forms a part of this Annual Report.
Appointed Actuary’s Certificate
The certificate of the Appointed Actuary is attached to the Financial Statements.
Certificate from Compliance Officer (under the IRDA Corporate Governance Guidelines)
In compliance with “Guidelines on Corporate Governance for the Insurance Sector” (CG Guidelines) issued by IRDA, a Compliance Certificate
issued by the Company Secretary, designated as the Compliance Officer under CG Guidelines, is annexed to and forms part of the Corporate
Governance Report.
Solvency Margin
The Directors are pleased to report that the assets of the Company are higher than the liabilities of the Company with a solvency margin at
2.05 times in FY15, it is above the minimum solvency margin level of 1.50 times, as specified in Section 64VA of the Insurance Act, 1938
read with the IRDA (Assets, Liabilities and Solvency Margin of Insurers) Regulations, 2000.
38. ACKNOWLEDGEMENTS
Your Board places on record its heartfelt appreciation to the dedicated efforts put in by the employees at all levels. The results of the year in
a tough environment are testimony to their hard work and commitment.
Your Board takes this opportunity to express sincere thanks to its valued customers for their continued patronage.
Your Board also acknowledges the contribution of insurance advisors, banks, corporate brokers/agents and intermediaries, training institutes,
bankers and business and technology partners, the Registrars, National Securities Depository Limited/Central Depository Securities Limited,
reinsurers, underwriters and other insurance intermediaries who have always supported and helped the Company achieve its objectives.
Your Board would like to thank the Aditya Birla Group and Sun Life Financial, Inc., for their constant support, guidance and cooperation.
Your Board would also like to express its gratitude for the valuable advice, guidance and support received from time to time from the
Insurance Regulatory and Development Authority, the Auditors and the other statutory authorities and look forward to their continued support
in future.
By order of the Board of Directors
For Birla Sun Life Insurance Company Limited
Mumbai, 24th April, 2015
Sd/Kumar Mangalam Birla
Chairman
(DIN No. 00012813)
11/10/15 3:58:25 PM
Directors’ Report
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
Particulars pursuant to Rule 8(3) of The Companies (Accounts) Rules, 2014 are furnished hereunder:
A. CONSERVATION OF ENERGY
: Not Applicable
B.TECHNOLOGY ABOSORPTION, RESEARCH
& DEVELOPMENT (R&D)
1.Specific areas in which
R&D is carried out by the Company
1. Empower@Ease
An integrated end to end technology enabled solution for all Sales Management needs,
across channels, multilingual and empowered by the new age devices – tablet, laptop
and mobile. Major modules that went live include My Solutions tool, Cluster Engagement
tool, Advisor Recruitment tool (A customised BOP tool for advisor recruitment), and
Protection Counseling tool (Help identify the protection needs of the customer based
on typical cluster needs).
2. Front End Enablers
Integration of core and peripheral systems – providing de-dupe & requirements upfront
and a common data-entry software, with an objective to ensure all requirements are
conveyed to the customer at the POS. This has currently been implemented in our
illustration and receipting systems.
3. Protect@Ease
Increase Digital Presence, meet customer needs of an online product. Generate
revenue, create warm leads for sales force after doing analytics on customer base,
helping customer meet his/her increased insurance needs.
2.Benefits derived as a result of
the above R&D
1. Empower@Ease
• Standardised, platform agnostic, unique solutions approach
• A s of date, 7 combo solutions have been launched: Aspire Future Solution, Enhanced
Family Protection Solution, Future Secure, Premier Retirement Solution, Wealth
Forever Solution, Lifetime Income and Make My Solution.
• It can be accessed by Sales Force from Laptop/Desktop as well as Android tablet.
• A vailable in multiple regional languages apart from English (Hindi, Telugu, Kannada,
Tamil and Malayalam)
• T otal Annual Premium of the receipted combo applications for MTD is
` 593.03 lakhs
• T otal Annual Premium of the receipted combo applications for YTD is
` 4660.09 lakhs
• “Office-in-a-box” for front line sales force, that enhances customer trust surplus
• To decrease non-medical requirement from 11% to 2%
• Other benefits:
✧ Responsiveness
✧ Profitability/Cost reduction
✧ Revenue enhancement
✧ Customer empowerment
3. Protect@Ease
• Increase digital presence
• Meet customer needs of an online product
• G
enerate revenue, create warm leads for sales force after doing analytics on
customer base
• Helping customer meet his/her increased insurance needs
• Digital platform is now ready for quickly launching new products online
11/10/15 3:58:28 PM
Directors’ Report
3.Future Plan of action
1. Empower@Ease
• Implement Pre-Sales/Post-Sales modules
• M
PCT, SME and other Sales tools to increase the customer trust surplus and
completely transform the way sales force identifies a customer and his/her needs
• To increase adaptability across advisors
3. Protect@Ease
• Increase digital presence and meet customer needs of online products – direct
from website and also through partnerships
4. Expenditure on R&D
a) Capital
Approximately ` 37.50 Mn
b) Recurring
c) Total
d)Total R&D expenditure as a
percentage of total turnover
NA
Technology absorption, adaption and
innovation
1.Efforts, in brief, towards technology
absorption, adaption and innovation
1. Zonal Empowerment – Polad
2. Common Data Entry
3. MIS Automation for Ops
4. My Express Insights (MEI) Dashboard
5. Retention Tool
6. Test automation
7. Wi-Fi enablement of corporate offices
8. Asset replacement (laptop/desktop/etc.)
9. Disk based backup
10. Storage refresh
11. SSL VPN
12. Private cloud upgrade
2.Benefits derived as a result of
the above efforts (e.g. Product
improvement, cost reduction, product
development, import substitution, etc.)
Benefits derived from major initiatives:
• Z onal Empowerment – Polad: Automation by decentralisation of policy servicing
requests coming at branches and hence aiming to improve processing time and
reduce man power required at central office. Delegation of transaction processing/
approval rights, down-streaming/automating processes. Benefits accrued are:
a) Improvement in FTR percentage
b) CBA through reduction in back office staff
c) Capability enhancement of field operations
• C
ommon Data Entry: Vendor agnostic data entry system with standardisation of
business rules leading to consistency and improvement in data entry quality.
• M
IS Automation for Ops: Automation of various MIS's from the central system in
order to avoid manual work and error in compiling and reporting the data.
• M
y Express Insights (MEI) Dashboard: Developing dashboard solution for Executives
with Sales, Health, Financial, Competition, Functional and Top/Bottom Analysis.
a)KPIs analysis and monitoring making an automated process for KPIs available at
Monthly and Daily level.
b)Reduce the report generation and publications which are generated to develop
unified interface for all business users.
• Retention Tool: Systemic solution to aid in retention of surrenders.
11/10/15 3:58:31 PM
Directors’ Report
• T est Automation: Introduction of an automated testing tool to reduce the execution
time of test cases and increase testing accuracy. The implementation resulted in
significant saving of man hours. Additionally it resulted in better test-execution,
increased test coverage and faster time to market for new product launches.
a) Saving of approx. 4000 hours by using this tool on the Policy Issuance projects
b) Saving of approx. 1000 hours by using this tool on a Policy Automation project
c) Saving of approx. 31 hours for four New Product launches
d) Increased accuracy of testing as compared to manual testing
e) Better test-execution and increased test coverage
f) Faster time to market for new product launches
• W
i-Fi Enablement of Corporate Offices: To access mobile applications within the
Intranet at major offices.
• A
sset Replacement (laptop/desktop/etc.): Below assets which are more than
5 years vintage are required to be replaced.
a) 850 laptops
b) 1100 desktops
c) 240 UPS
• D
isk Based Backup: Optimise time taken for backup; move to latest technology from
tape to disk.
• S
torage Refresh: Current storage for production and DR data is 6 years old
technology which has been upgraded twice in last 2 years. With 115 TB there is no
further scope of upgrade. New storage is of 135 TB and with latest technology.
• S
SL VPN: Existing VPN appliance was bought in 2007-08 and has gone out of support
by end Feb'15. It is being replaced with a common VPN solution across ABFS Group.
• P
rivate Cloud Upgrade: Build redundancy for cloud to reduce downtime; Upgrade to
new version to accommodate more VMs in the server.
3.Particulars of imported technology
in the last five years (reckoned from
beginning of the financial year)
a)Technology imported
NA
b)Year of import
NA
c)Has technology been fully
absorbed
NA
d)If not fully absorbed, areas where
this has not taken place, reasons,
therefore and future plans of action
NA
C.FOREIGN EXCHANGE EARNINGS AND
OUTGO
1.Earnings
Nil
2.Outgo
32,738,420 ( Amt. in INR)
11/10/15 3:58:34 PM
Directors’ Report
Form No. MR-3
Secretarial Audit Report
To,
The Members
Birla Sun Life Insurance Company Limited
Our report of even date is to be read along with this letter.
1.Maintenance of Secretarial record is the responsibility of the management of the Company. Our responsibility is to express an opinion on these
secretarial records based on our audit.
2.We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents
of the secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. We believe
that the processes and practices, we followed provide a reasonable basis for our opinion.
3.We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4.Where ever require we have obtained the Management representation about the compliance of Laws, Rules and Regulations and happening
of events, etc.
5.The compliance of the provisions of Corporate and Other Applicable Laws, Rules, Regulations, Standard is the responsibility of Management.
Our examination was limited to the verification of procedures on test basis.
6.The Secretarial Audit report is neither an assurance as to the future viability of the Company nor the efficacy or effectiveness with which the
Management has conducted the affairs of the Company.
For N. L. Bhatia & Associates
UID No.: S1996MH016600
N. L. Bhatia
Membership No. 1176
CP No. 422
11/10/15 3:58:37 PM
Directors’ Report
Secretarial Audit Report
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
For the Financial Year ended March 31, 2015
To,
The Members,
Birla Sun Life Insurance Company Limited,
We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good corporate practices
by Birla Sun Life Insurance Company Limited (hereinafter called the Company). Secretarial Audit was conducted in a manner that provided us a
reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.
Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained by the Company
and also the information provided by the Company, its officers, agents and authorised representatives during the conduct of Secretarial Audit. We
hereby report that in our opinion, the Company has, during the financial year ended March 31, 2015 complied with the statutory provisions listed
hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner and subject
to the reporting made hereinafter:
We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year
ended March 31, 2015 according to the provisions of:
i. The Companies Act, 2013 (the Act) and the Rules made thereunder;
ii.Foreign Exchange Management Act, 1999 (“FEMA”) Foreign Exchange Management (Insurance) Regulations, 2000 and other Regulations
issued by RBI, if applicable
iii. Insurance Act, 1938 and Insurance Rules, 1939
iv. Insurance Regulatory and Development Authority Act, 1999 and Rules & Regulation, Circular, etc., issued by the IRDAI thereunder;
v. Recommendations made by the Institute of Company Secretaries of India (ICSI) for Corporate Governance;
vi.The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’) are not applicable
to the Company:
a) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the Rules made thereunder;
b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992;
c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009;
d) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999;
e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;
f)The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies
Act and dealing with client;
g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; and
h)The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998;
Other Laws applicable to the Company:
1. Anti Money Laundering Regulation issued by IRDA/RBI and various circulars and guidelines thereunder
2. Employee Laws
• The Payment of Gratuity Act, 1972;
• The Payment of Bonus Act, 1965 and Payment of Bonus Rules, 1975;
• The Payment of Wages Act, 1936;
• The Minimum Wages Act, 1948;
• The Employees’ Provident Fund and Miscellaneous Provisions Act, 1952, and Scheme framed thereunder;
• The Employees’ State Insurance Act, 1948;
• The Maternity Benefit Act, 1961;
• The Contract Labour (Abolition and Regulation) Act,1970 & Rules;
3. Indian Stamp Act, 1899 and the state Stamp Acts;
4. The Labour Welfare Fund Act, 1953;
5. Income Tax Act, 1961;
6. Finance Act, 1994;
11/10/15 3:58:40 PM
Directors’ Report
7. Service Tax;
8. The States Shops and Establishment Act;
9. Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
We hereby have also examined compliance with the applicable clauses of the following:
i. Secretarial Standards issued by The Institute of Company Secretaries of India (ICSI)
ii. The Listing Agreement entered into by the Company with the Stock exchanges; not applicable to the Company.
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc.,
mentioned above.
We further report that; the Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive
Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were
carried out in compliance with the provisions of the Act.
Adequate notice is given to all Directors to schedule the Board Meetings, Board Committee Meetings, agenda and detailed notes on agenda were
sent at least seven days in advance and a system exists for seeking and obtaining further information and clarifications on the agenda items before
the meeting and for meaningful participation at the meeting.
Majority decision is carried through while the dissenting members’ views are captured and recorded as part of the minutes. All the decisions have
been taken unanimously and no dissent recorded.
We further report that; there are adequate systems and processes in the Company commensurate with the size and operations of the Company
to monitor and ensure compliance with applicable Laws, Rules, Regulations and Guidelines.
For N. L. Bhatia & Associates
(S1996MH016600)
Place: Mumbai
Date: 17th April, 2015 N. L. Bhatia
(Managing Partner)
FCS No.: 1176
CP No. 422
11/10/15 3:58:43 PM
Directors’ Report
Report on Corporate Social Responsibility
1.
2.
3.
4.
5.
6.
7. A brief outline of the Company's CSR policy, including overview of projects or programs proposed to be undertaken and a reference
to the web-link to the CSR policy and projects or programs.
For us in the Aditya Birla Group, reaching out to underserved communities is part of our DNA. We believe in the trusteeship concept. This
entails transcending business interests and grappling with the “quality of life” challenges that underserved communities face, and working
towards making a meaningful difference to them.
Our vision is – “to actively contribute to the social and economic development of the communities in which we operate. In so doing build a
better, sustainable way of life for the weaker and marginalised sections of society and raise the country’s human development index”.
– Dr. (Mrs.) Rajashree Birla, Chairperson, Aditya Birla Centre for Community Initiatives and Rural Development.
Implementation process:
Identification of projects – All projects are identified in consultation with the community in a participatory manner, literally sitting with them
and gauging their basic needs. We recourse to the participatory rural appraisal mapping process. Subsequently, based on a consensus and
in discussion with the village panchayats, and other stakeholders, projects are prioritised.
Arising from this our focus areas that have emerged are Education, Health care, Sustainable livelihood, Infrastructure development and
espousing social causes. All of our community projects/programmes are carried out under the aegis of The Aditya Birla Centre for Community
Initiatives and Rural Development. Our activities are in line with Schedule VII of the Companies Act, 2013.
Your Company has framed a CSR Policy in compliance with the provisions of the Companies Act, 2013 which is accessible from our
Company’s website. (www.birlasunlife.com).
The Composition of the CSR Committee
A. Members:
• Ms. Tarjani Vakil – Independent Director
• Mr. Ajay Srinivasan – Non-Executive Director
• Mr. Sandeep Asthana – Non-Executive Director
B. Permanent Invitee(s):
• Dr. (Mrs.) Rajashree Birla, Chairperson, Aditya Birla Centre for Community Initiatives and Rural Development.
• Mrs. Pragnya Ram – Group Executive President, Corporate Communications and CSR
• Mr. Pankaj Razdan – Managing Director and CEO
Average net profit of the Company for last three financial years ` 4,576,619 (Amount in Thousands)
Prescribed CSR Expenditure (two percent of the amount as in item 3 above) – ` 91,532 (Amount in Thousands)
Details of CSR spent during the financial year.
a. Total amount to be spent for the financial year – ` 91,532 (Amount in Thousands)
b. Amount unspent, if any; – ` 91,532 (Amount in Thousands)
c. Manner in which the amount spent during the financial year is detailed below. NA
Amount spent:
Amount outlay
Amount spent on the Cumulative
CSR project or Sector in which Projects or
expenditure upto Direct or
(budget) Project
Project or programs
activity
the Project is programs(1) Local
the reporting
through
or programs wise Subheads(1)
undertaken
covered
area or other
period
implementing
Direct expenditure
(Specify the State
Agency*
on the projects or
or district where the
programs
Projects or programs
was undertaken)
* Give details of implementing agency:
In case the Company has failed to spend the two percent of the average net profit of the last three financial years or any part
thereof, the Company shall provide the reasons for not spending the amount in its Board report.
The Company has formulated its CSR policy in accordance with the directions specified in the Companies Act, 2013 read with the rules.
The Company is part of Aditya Birla Group and its overall vision is to actively contribute to the social and economic development of the
communities in which the Group operates and in so doing build a better, sustainable way of life for the weaker and marginalised sections of
society and raise the country’s human development index.
This is the first year requiring spending under CSR. Accordingly an amount of ` 91,532 (Amount in Thousands) (being 2% of Average net
profit of the Company for last three financial years) was to be invested in CSR. The Company was in the process of identifying and evaluating
Projects which were in line with the vision of The Aditya Birla Centre for Community Initiatives and Rural Development and the CSR policy. As
such all the projects would normally go through detailed evaluation process and assessed under agreed strategy and vision. However given
the projects were still under the evaluation strategy, the Company could not spend the allocated amount. The Company has plans for meeting
out the objectives and completing the identification of projects.
A responsibility statement of the CSR Committee that the implementation and monitoring of CSR Policy, is in compliance with CSR
objectives and Policy of the Company.
The Company has not spent any amount during FY15. However, the projects are being evaluated, in line with the CSR policy.
Pankaj Razdan
Managing Director & CEO
(DIN - 00061240)
Tarjani Vakil
Chairperson (CSR Committee)
(DIN - 00009603)
11/10/15 3:58:46 PM
Directors’ Report
Form No. MGT 9
Extract of Annual Return
as on financial year ended on 31.03.2015
Pursuant to Section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies
(Management & Administration) Rules, 2014.
1.
REGISTRATION & OTHER DETAILS:
CIN
U99999MH2000PLC128110
Registration Date
August 04, 2000
Name of the Company
Category/Sub-category of the Company
Company having Share Capital
Address of the Registered office
& contact details
One Indiabulls Centre, Tower-1, 16th floor, Jupiter Mill Compound, 841, S.B. Marg,
Elphinstone Road, Mumbai – 400 013.
Telephone No. 022 67239100
Whether listed company
No
Name, Address & contact details of the Registrar
& Transfer Agent, if any.
MCS Limited
Office No. 21/11, Kashiram Jamnadas Bldg., Ground Floor, 5 P. D'Mello Road,
Near Ghadiyal Godi, Masjid (East), Mumbai – 400 009.
Contact Person:
Name: Mr. Uday Modgil
Contact Number: 022-23726253
Email Id: mcsonlineinfo@yahoo.com
2.
PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
All the business activities contributing 10% or more of the total turnover of the company shall be stated
3.
4.
Name & Description of main
products/services
"NIC Code of the Product/service"
"% to total turnover of the company"
Life Insurance
65110
100%
PARTICULARS OF HOLDING, SUBSIDIARY & ASSOCIATE COMPANIES
Name & Address of
the Company
CIN/GLN
Holding/Subsidiary/
Associate
% of Shares
Held
Applicable
Section
Birla Sun Life Pension Management
Limited
One Indiabulls Centre, Tower-1,
16th floor, Jupiter Mill Compound,
841, S.B. Marg, Elphinstone Road,
Mumbai – 400 013
U66000MH2015PLC260801
Subsidiary
100%
2(87) (ii)
(i) SHAREHOLDING PATTERN (Equity Share capital Break up as % to total Equity)
Category of Shareholders
A. Promoters
(1) Indian
a) Individual*/HUF
b) Central Govt. or State Govt.
c) Bodies Corporates
d) Bank/FI
e) Any other
SUB TOTAL: (A) (1)
No. of Shares held at the beginning of the year
(April 01, 2014)
No. of Shares held at the end of the year
(March 31, 2015)
% change during
the year
Demat
Physical
Total
% of Total
Shares
Demat
Physical
Total
% of Total
Shares
–
5
5
–
–
5
5
–
Nil
Nil
1406893915
–
1406893915
74.00%
1406893915
–
1406893915
74.00%
Nil
Nil
1406893915
5
1406893920
74.00%
1406893915
5
1406893920
74.00%
Nil
Nil
(2) Foreign
a) NRI - Individuals
b) Other Individuals
11/10/15 3:58:49 PM
Directors’ Report
No. of Shares held at the beginning of the year
(April 01, 2014)
Category of Shareholders
Demat
c) Bodies Corp.
d) Banks/FI
e) Any other…
SUB TOTAL (A)(2)
Total Shareholding of
Promoter
(A)=(A)(1)+(A)(2)
Physical
Total
494314080 494314080
No. of Shares held at the end of the year
(March 31, 2015)
% of Total
Shares
26%
Demat
Physical
Total
494314080 494314080
% change during
the year
% of Total
Shares
26%
Nil
Nil
494314080 494314080
26%
494314080 494314080
26%
Nil
Nil
1406893915 494314085 1901208000
100%
1406893915 494314085 1901208000
100%
Nil
Nil
B.
(1)
a)
b)
c)
d)
e)
f)
g)
h)
PUBLIC SHAREHOLDING
Institutions
Mutual Funds
Banks/FI
Central govt.
State Govt.
Venture Capital Fund
Insurance Companies
FIIS
Foreign Venture Capital
Funds
i) Others (specify)
SUB TOTAL (B)(1):
Non Institutions
Bodies corporates
i) Indian
ii) Overseas
Individuals
i)Individual shareholders
holding nominal share
capital upto ` 1 lakh
ii)Individuals shareholders
holding nominal share
capital in excess of
` 1 lakh
c) Others (specify)
SUB TOTAL (B)(2):
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
100%
Nil
Nil
(2)
a)
b)
Total Public Shareholding
(B) = (B)(1) + (B)(2)
C. Shares held by Custodian
for GDRs & ADRs
Grand Total (A+B+C)
1406893915 494314085 1901208000
100%
1406893915 494314085 1901208000
(* Shares held as a Nominee of Aditya Birla Nuvo Limited)
(ii) Share Holding of Promoters
Shareholding at the beginning of the year
(April 01, 2014)
Sr. No.
Shareholders Name
% of shares
No. of shares % of total shares
pledged
of the company
encumbered to
total shares
% of shares
pledged
encumbered to
total shares
% change in
share holding
during the year
1
Aditya Birla Nuvo Ltd.
1406893915
74.00%
Nil
1406893915
74.00%
Nil
Nil
2
Sun Life Financial (India) Insurance 494314080
Investments Inc.
26.00%
Nil
494314080
26.00%
Nil
Nil
3
Rajesh Shah jointly with Aditya
Birla Nuvo Limited*
1
–
Nil
1
–
Nil
Nil
4
B. N. Puranmalka jointly with
Aditya Birla Nuvo Limited*
1
–
Nil
1
–
Nil
Nil
5
Sushil Agarwal jointly with Aditya
Birla Nuvo Limited*
1
–
Nil
1
–
Nil
Nil
6
Anil Rustogi jointly with Aditya
Birla Nuvo Limited*
1
–
Nil
1
–
Nil
Nil
7
Shriram Jagetiya jointly with
Aditya Birla Nuvo Limited*
1
–
Nil
1
–
Nil
Nil
1901208000
100%
Nil
1901208000
100%
Nil
Nil
Total
No. of shares % of total shares
of the company
Shareholding at the end of the year
(March 31, 2015)
(* Shares held as a Nominee of Aditya Birla Nuvo Limited)
11/10/15 3:58:52 PM
Directors’ Report
(iii) Change In Promoters' Shareholding (specify if there is no change)
Shareholders Name
At the beginning of the year
Date wise increase/decrease in Promoters Share
holding during the year specifying the reasons for
increase/decrease (e.g. allotment/transfer/bonus/
sweat equity, etc.)
At the end of the year
Cumulative Share holding
Share holding at the
during the year (March 31, 2015)
beginning of the Year (April 01, 2014)
No. of Shares
% of total shares
No. of Shares
% of total shares
of the company
of the company
No Change during the year
(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters & Holders of gdrs & adrs)
Sr.
No.
Shareholders Name
Shareholding at the
beginning of the year (April 01, 2014)
No. of shares
% of total shares
of the company
Cumulative Shareholding
during the year (March 31, 2015)
No. of shares
% of total shares
of the company
Nil
Nil
Nil
Nil
(v) Shareholding of Directors & Key Managerial Personnel
Sr.
No.
1
Name of Directors and
Key Managerial Personnel
Shareholding at the
beginning of the year
No. of shares
% of total shares
of the company
Cumulative Shareholding
during the year
No. of shares
% of total shares
of the company
Mr. B. N. Puranmalka Jointly with Aditya
Birla Nuvo Limited, Non-Executive Director
At the beginning of the year
1
–
1
–
At the end of the year
1
–
1
–
Name of MD/
WTD/Manager
Total Amount
(INR)
* None of the KMP hold shares in the Company
(** Shares held as a Nominee of Aditya Birla Nuvo Limited)
5.
INDEBTEDNESS
Nil.
6.
REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A.
Remuneration to Managing Director, Whole-time Directors and/or Manager
Sr.
Particulars of Remuneration
No.
Pankaj Razdan
1
2
3
4
5
Gross salary
(a) Salary as per provisions contained in Section 17(1) of the Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961
(c) Profits in lieu of salary under Section 17(3) Income-tax Act, 1961
Stock Option
Sweat Equity
Commission
– as % of profit
– others, specify…
Others, please specify
Total (A)
Ceiling as per the Act *
35,492,171
3,036,400
35,492,171
3,036,400
38,528,571
38,528,571
Note: The Provisions/Ceiling relating to payment of Managerial Remuneration under the Companies Act, 2013 are not applicable to the
Company since the Company is an Insurance Company under the provisions of Insurance Act 1938. The appointment of MD & CEO and
the payment of remuneration is as per the approval of Insurance Regulatory and Development Authority of India (IRDAI).
11/10/15 3:58:55 PM
Directors’ Report
B.
Remuneration to other directors:
Sr.
No.
Mr. Haigreve
Khaitan
(INR)
1. Independent Directors
• Fee for attending Board and Committee meetings
• Commission
• Others, please specify
Total (1)
2. Other Non-Executive Directors
• Fee for attending board committee meetings
• Commission
• Others, please specify
Total (2)
Total (B)=(1+2)
Total Managerial Remuneration
Overall Ceiling as per the Act
C.
Name of Directors
Mr. M. V. Nair
Ms. Tarjani
(INR)
Vakil
(INR)
Total Amount
(INR)
50,000
–
–
50,000
90,000
–
–
90,000
330,000
–
–
330,000
470,000
–
–
470,000
–
–
–
0
50,000
–
–
–
–
–
0
90,000
–
–
–
–
–
0
330,000
–
–
–
–
–
0
470,000
–
–
Remuneration to Key Managerial Personnel other than MD/Manager/WTD
Key Managerial Personnel
Company Secretary
Sr.
No.
1
2
3
4
5
7.
Gross salary
(a)Salary as per provisions contained in
Section 17(1) of the Income-tax Act, 1961
(b)Value of perquisites u/s 17(2) of the
Income-tax Act, 1961
(c)Profits in lieu of salary under Section
17(3) Income-tax Act, 1961
Stock Option
Sweat Equity
Commission
–as % of profit
–others, specify…
Others, please specify
Total
Total Amount
(INR)
CFO
Mr. Ashish Lakhtakia
(April 1, 2014 to
August 29, 2014)
(INR)
Mr. Amber Gupta
(August 29, 2014 to
March 31, 2015)
(INR)
Mr. Amit Jain
1,380,898
2,823,766
9,948,002
14,152,666
–
–
21,600
21,600
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
1,380,898
–
–
–
2,823,766
–
–
–
9,969,602
–
–
–
14,174,266
PENALTIES/PUNISHMENT/COMPOUNDING OF OFFENCES
There were no penalties/punishment/compounding of offences under the Companies Act, 2013.
11/10/15 3:58:58 PM
Directors’ Report
Nomination and Remuneration Committee Policy
1.
Purpose
The Nomination and Remuneration Committee (“Committee”) is appointed by the Board of Directors (“Board”) of Birla Sun Life Insurance
Company Limited (“Company”) and is charged with formulating and recommending to the Board of Directors:
I.The Company’s policies relating to the remuneration of the Directors, key managerial personnel and other employees,
Section 178(3)
II.
2.
Criteria for determining the qualifications, positive attributes and independence of current and proposed Directors. Section 178(2)
Committee Constitution and Membership: Section 178(1)
The Committee shall consist of no fewer than three members, of which all shall be non-executive Directors and at least half shall be
independent. The Chairman of the Committee (“Chairman”) shall be an independent Director. The members, including the Chairman, shall be
appointed by the Board. The members of the Committee may be removed by the Board in its complete discretion. The Chairman of the Board
of Directors can serve as a member of the Committee, but may not serve as Committee Chairman. Section 178(1)
3.
Roles and Responsibilities
The primary responsibilities of the Committee are set forth below.
Executive Remuneration: Section 178(4)
a.The level and composition of remuneration is reasonable and sufficient to attract, retain and motivate Directors and Senior Managers
of the quality required to run the Company successfully;
b.
c.The remuneration provided to Directors and Senior Managers includes a balance between fixed and incentive pay reflecting short and
long-term performance objectives appropriate to the working of the Company and its goals.
Executive Talent:
The relationship of remuneration to performance is clear and meets appropriate performance benchmarks; and
a.Formulate appropriate policies, institute processes which enable the identification of individuals who are qualified to become Directors
and who may be appointed in senior management and recommend to the Board of Directors their appointment and removal from time
to time {Section 178(2)}
b.Review and Implement succession and development plans for Managing Director, Executive Directors and Senior Managers
Clause 49 IID(6) Listing Agreement
c. Devise a policy on Board diversity (Para IV of Clause 49)
d. Formulate the criteria for determining qualifications, positive attributes and independence of Directors {Section 178(3)}
Board Performance and Rewards
a.Establish evaluation criteria and conduct the process of performance evaluation of each Director in a structured manner:
{Section 134(3)(p)}
b.
Establish evaluation criteria of Board and Board Committees {Section 134(3)(p)}
c.Review and make recommendations to the Board with respect to any incentive-based compensation and equity-based plans that are
subject to Board or shareholders approval (including broad-based plans). Section 178(3)
Disclosures
a.The Committee shall review and discuss with management the disclosures required to be included in the Directors' report as specified
in Section 197(12) of the Companies Act, 2013 and such other details as maybe prescribed in Rule 5 of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules 2014.
4.
Organisation
The Committee will meet at least one time during each fiscal year, or more frequently as it deems necessary to carry out its responsibilities.
Meetings of the Committee may be called by the Chairman or a majority of the members of the Committee. A majority of the Committee
members will constitute a quorum. The act of a majority of the Committee members present at any meeting at which a quorum is present
will be the act of the Committee. In case of an equality of votes, the Chairman shall have a second or casting vote.
Minutes of the Committee will be recorded and maintained by the Company Secretary and presented to the Committee at the next Committee
meeting for approval. The Company Secretary, or his/her designate as approved by the Chairman, shall act as secretary for the meetings.
For in camera sessions held by the Committee without management present, minutes will be recorded and maintained by the Chairman or
his/her designate. Each member of the Board will have access to the minutes of the Committee’s meetings, regardless of whether he or she
is a member of the Committee.
11/10/15 3:59:01 PM
Directors’ Report
The Committee will be called upon from time to time to enable the Board to decide on appointment and removal of Executives. The
Committee is expected to exercise due diligence, professional judgment and prudence in this process. In discharging its responsibilities, the
Committee will be supported by the Group Human Resources - Rewards and Benefits team of the Aditya Birla Group, who are independent of
the companies. In addition the Committee will have resources, authority and adequate funding to appoint external consultants.
5.
Group Context
The Aditya Birla Group is a conglomerate and it is designed in a manner such that there is sharing of resources and infrastructure so that
there is a uniformity of business processes, systems thereby promoting synergies and exemplary customer experiences. In order to do there
are multiple entities within the group who provide such services. The manpower costs of these services are at arm’s length and arise in the
normal course of business. The details of the Group Context and its implications on Compensation programs are appended in Annexure – 1
of this document.
Annexure – 1: Aditya Birla Group Context
The Aditya Birla Group (ABG) is structured in a way such that:
1.
Multiple Lines of Business (LOB’s) coalesce under one legal entity
2.
Multiple legal entities merge into a single LOB
3.
One LOB is represented by a single legal entity (e.g. - Idea Cellular, Hindalco Industries, etc.)
This combination of business and legal structures have created a network of organisations who exemplify the concept of the Aditya Birla Group as
a conglomerate. This network enables individual entities to achieve economies of scale, sharing of resources, infrastructure and costs. In order to
understand the Group’s philosophy and construct of compensation programs it’s important to recognise the salient features emanating out of the
structure which have an impact on compensation program design.
A.
Synergy and Shared Infrastructure
In case of 1 and 2 above ABG companies utilise shared resources to ensure the uniformity of business processes, systems, promote synergies and
exemplary customer experience. The costs of implementing these processes (including manpower costs) are shared across these entities on an
arm’s length basis and arise in the normal course of business.
B.
Specialist Services from the Group’s Centre
A key enabler to businesses performance are world class specialist services provided from the Group’s centre.
The Group centre hosts a number of Group Functions or Centres of Excellences (COE’s). These COE’s are instrumental in promoting specialist
services, processes and knowledge sharing across the Group. To achieve economies of scale, many of the businesses have interconnectivity
among themselves in terms of sharing of resources, infrastructure and costs. These services are provided strictly on arm’s length basis and in the
ordinary course of business.
C.
People Advantage
The conglomerate structure enables the Group and its entities to attract and retain the best of talent by leveraging its Employer Brand. Employee
mobility, talent fungibility are the key propositions of the Employer Brand.
In order to leverage its talent pool, ABG compensation programs are governed by common principles and frameworks which are customised for
each sector. In addition Compensation programs are managed by an internal governance process which are applicable to every ABG entity.
The Nomination and Remuneration Committee is encouraged to take into account the three elements (A to C) above as part of its deliberations.
Executive Remuneration Philosophy
At the Aditya Birla Group, we expect our executive team to foster a culture of growth and entrepreneurial risk-taking. Our Executive Compensation
Philosophy supports the design of programs that align executive rewards – including incentive programs, retirement benefit programs, promotion
and advancement opportunities – with the long-term success of our stakeholders. Our reward programs recognise and reward executives who
display initiative, deliver superior individual performance, and contribute to sustainable corporate and business success.
Our business and organisational model
Our Group is a conglomerate and organised in a manner such that there is sharing of resources and infrastructure. This results in uniformity
of business processes and systems thereby promoting synergies and exemplary customer experiences.
I.
Objectives of the Executive Remuneration Program
Our executive compensation program is designed to attract, retain, and reward talented executives who will contribute to our long-term
success and thereby build value for our shareholders.
Our executive compensation program is intended to:
1.
Provide for monetary and non-monetary remuneration elements to our executives on a holistic basis
11/10/15 3:59:04 PM
Directors’ Report
2.Emphasize “Pay for Performance” by aligning incentives with business strategies to reward executives who achieve or exceed Group,
business and individual goals.
II. Covered Executives
Our Executive Compensation Philosophy applies to those executives whose remuneration is subject to the approval of the Nomination &
Remuneration Committee. The covered executives are as follows:
1.
Director: Defined as per the Act
2.
Key Managerial Personnel: CFO, CS, any others CEO equivalent (ex: Deputy Managing Director)
3.
Senior Management: Job Band 1 and above and all other employees as defined by the Act, Section (178)
III. Business and Talent Competitors
We benchmark our executive pay practices and levels against peer companies in similar industries, geographies and of similar size. In
addition to this, we look at secondary reference (internal and external) benchmarks in order to ensure that pay policies and levels
across the Group are generally equitable internally and support the Group’s global mobility objectives for executive talent. The additional
reference points may take into account the executive pay practices and pay levels in other markets and industries, recognising the differences
in levels and medium of pay.
IV.
Executive Pay Positioning
We aim to provide competitive remuneration opportunities to our executives by positioning target total remuneration (including perks and
benefits, annual incentive pay-outs, long term incentive pay-outs at target performance) and target total cash compensation (including annual
incentive pay-outs) at target performance directionally between median and top quartile of the primary talent market. We recognise the
size and scope of the role and the market standing, skills and experience while positioning our executives.
We use secondary market data only as a reference point for determining the types and amount of remuneration while principally believing
that target total remuneration packages should reflect the typical cost of comparable executive talent available in the sector.
V.
i. Executive Pay-mix
Our executive pay-mix aims to strike the appropriate balance between key components: (i) Fixed Cash compensation (Basic
Salary + Allowances) (ii) Annual Incentive Plan (iii) Long-Term Incentives (iv) Perks and Benefits.
ii.
Performance Goal Setting
We aim to ensure that for both annual incentive plans and long term incentive plans, the target performance goals shall be achievable
and realistic.
T hreshold performance (the point at which incentive plans are paid out at their minimum, but non-zero, level) shall reflect a base-line
level of performance, reflecting an estimated 90% probability of achievement.
Target performance is the expected level of performance at the beginning of the performance cycle, taking into account all known
relevant facts likely to impact measured performance.
Maximum performance (the point at which the maximum plan payout is made) shall be based on an exceptional level of achievement,
reflecting no more than an estimated 10% probability of achievement.
VI. i. Performance Measurement
Annual Incentive Plan:
We tie annual incentive plan pay-outs of our executives to relevant financial and operational metrics achievement and their
individual performance. We annually align the financial and operational metrics with priorities/focus areas for the business.
Long-Term Incentive:
Our Long-term incentive plans incentivise stretch performance, link executive remuneration to sustained long term growth and act
as an attraction and retention tool.
We use stock options as the primary long-term incentive vehicle for our executives as we believe that they best align executive
incentives with stockholder interests.
ii.
We grant restricted stock units, as a secondary long term incentive vehicle, to motivate and retain our executives.
Executive Benefits and Perquisites
Our executives are eligible to participate in our broad-based retirement, health and welfare, and other employee benefit plans. In
addition to these broad-based plans, they are eligible for other benefits plans commensurate with their roles. These benefits are
designed to encourage long-term careers with the Group. They are also eligible for certain perquisites with each perquisite serving
a clear business purpose or need.
11/10/15 3:59:07 PM
Directors’ Report
Other Remuneration Elements
Each of our executives is subject to an employment agreement. Each such agreement generally provides for a total remuneration
package for our executives.
We limit other remuneration elements, for e.g. Change in Control (CIC) agreements, severance agreements, to instances of compelling
business need or competitive rationale and we do not provide for any tax gross-ups for our executives.
Risk and Compliance
We aim to ensure that the Group's remuneration programs do not encourage excessive risk taking. We review our remuneration
programs for factors such as
1.
Remuneration mix overly weighted towards annual incentives
2.
Uncapped pay-outs
3.
Unreasonable goals or thresholds
4.
Steep pay-out cliffs at certain performance levels that may encourage short-term decisions to meet pay-out thresholds
Claw back Clause:
In an incident of restatement of financial statements due to fraud or non-compliance with any requirement of the Companies Act 2013
and the rules made thereafter, we shall recover from our executives the remuneration received in excess of what would be payable to
him/her as per restatement of financial statements the executives is obligated to pertaining to the relevant performance year.
Implementation
The Group and Business Centre of Expertise teams will assist the Nomination & Remuneration Committee in adopting, interpreting
and implementing the Executive Remuneration Philosophy. The costs of these services will be established through “arm’s length”,
market-based agreements entered into as needs arise in the normal course of business.
11/10/15 3:59:10 PM
Directors’ Report
Form AOC-1
(Pursuant to first proviso to sub-section (3) of Section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statement of
subsidiaries/associate companies/joint ventures
Part “A”: Subsidiaries
(Information in respect of each subsidiary to be presented with amounts in `.)
Sr.
No.
1)
2)
3)
4)
5)
6)
7)
8)
9)
10)
11)
12)
13)
14)
Particulars
Details
Name of the subsidiary
Reporting period for the subsidiary concerned, if different from the holding Company’s
reporting period
Reporting currency and Exchange rate as on the last date of the relevant Financial Year
in the case of foreign subsidiaries
Share Capital
Reserves & Surplus
Total Assets
Total Liabilities
Investments
Turnover
Profit before taxation
Provision for taxation
Profit after taxation
Proposed Dividend
% of shareholding
Birla Sun Life Pension Management Limited
January 9, 2015 (Date of Incorporation) to
March 31, 2015
INR
500,000
(3,724,700)
500,000
3,724,700
Nil
Nil
(3,724,700)
Nil
(3,724,700)
Nil
100%
Notes: The following information shall be furnished at the end of the statement:
1. Names of subsidiaries which are yet to commence operations.
2. Names of subsidiaries which have been liquidated or sold during the year.
Part “B”: Associates and Joint Ventures
Statement pursuant to Section 129(3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures –
Not Applicable
1. Names of associates or joint ventures which are yet to commence operations. Not applicable
2. Names of associates or joint ventures which have been liquidated or sold during the year. Not Applicable
For and on behalf of the Board of Directors
Kumar Mangalam Birla
Chairman
(DIN - 00012813)
Ajay Srinivasan
Director
(DIN - 00121181)
Pankaj Razdan
Mayank Bathwal
Managing Director & CEO Deputy Chief
(DIN - 00061240)
Executive Officer
Anil Kumar Singh
Chief Actuarial Officer
& Appointed Actuary
Donald A. Stewart
Director
(DIN - 00438164)
Amit Jain
Chief Financial Officer
Amber Gupta
Company Secretary
11/10/15 3:59:13 PM
Management Discussion and Analysis
LIFE INSURANCE INDUSTRY STRUCTURE, PERFORMANCE & TREND
Industry Structure and Competitive Position Overview
•
T he growth of the insurance industry in the past one and a half decades has seen varied phases of growth. In the first decade – before the
September 2010 ULIP regulations, the industry grew aggressively as a result the insurance penetration increased from 2.7% in 2001 to 5.2%
in 2009. Post the September 2010 regulations on products, the industry has seen a period of de-growth and resultant reduction in insurance
penetration to 3.2% in 2013.
•
T he reasons for the Industry’s weak performance has been due to an inter play of various variables over the past 3-4 years including weak
macro-economic conditions, regulatory changes, high inflation, shift in product mix and uncertainty around new product launches.
•
T he market share of LIC and top 7 private insurance players, has broadly remained the same from FY10 to FY15. LIC market share which had
increased from 53% in FY10 to 63% in FY14, again reduced to 53% in FY15. The market share of top 7 private insurance players’ declined
from 37% in FY10 to 27% in FY14, again increased to 35%, in FY15. Given their distribution, brand strength and product expertise, the top 7
private insurance players re-gained ground in FY15.
120
Concentration of LIC, Top Seven Players and others in terms of Total Weighted NBP
90
Top 7 Players
31%
25%
30%
27%
35%
59%
65%
60%
63%
53%
10%
10%
10%
10%
12%
FY11
FY12
FY13
FY14
FY15
60
LIC
30
Other Players
0
As at the end of the FY15, BSLI’s market share stood at 7.6% amongst private insurance players, (previous year: 7.6%). BSLI has transitioned
well in terms of its product strategy and has launched several new products to have a balanced mix of Participating, Non-Participating and
Unit linked products.
Industry Performance for FY 2015
While the overall life insurance industry showed negative growth in 2015, the private sector registered a growth of more than 15% in FY15.
The growth in private sector was largely driven through
•
Players having large private banks as bancassurance partners
•
Change in economic environment leading to revival of appetite for savings in financial products
•
Shift in product mix towards ULIPs leading to higher premium per policy
•
Focus on productivity of Sales Force through improved sales management methods and techniques
•
Increasing penetration of Digital Channels
However, the sector continued to show decline in customer acquisition and growth in new business premium was largely driven through
higher average premium per policy.
Life Insurance Premium at Industry Level
Particulars (INR Bn) – Individual Life
FY10
FY11
FY12
FY13
FY14
FY15
Life Insurance NB Premium (incl. LIC)
550
504
479
470
454
408
Growth (%)
17%
-8%
-5%
-2%
-3%
-10%
LI NB Premium (Pvt. Players only)
288
230
175
178
172
200
Growth (%)
7%
-20%
-24%
2%
-3%
16%
Source: IRDA New business Data.
11/10/15 3:59:17 PM
REGULATORY & STATUTORY CHANGES IMPACTING INDUSTRY
The Insurance Laws Amendment Act, 2015
The Parliament enacted the Insurance Laws Amendment Act, 2015 to amend the Insurance Act, 1938. The following were the key changes:• Increase in the Foreign Direct Investment (FDI) limit from 26% to 49%. This will strengthen the financial standing of the Industry and help in
bringing foreign capital and global best-practices.
• Disallowing the repudiation of all claims coming after three years of the date of policy issuance.
• Abrogation of the Sections 40 and 40A – relating to limitation of payment of commission to agents, and Section 40B – relating to limitation
of expenses of an insurance company. This will help the insurers bridge operational difficulties and aid them in scaling up their business.
• The bill recognises “E-form of policies” – thus facilitating further impetus on demat form of insurance policies which makes storage and
retrieval of insurance policies easy.
Opportunities
We believe that the following trends characterise the Indian economy and augur well for the life insurance industry:
•Improving macro-economic indicators: India is projected to be one of the fastest growing economies in the world on a long term basis. This
augurs well for the industry as better economic growth will lead to higher household savings and within that pie of financial and insurance
savings will also increase.
• Lower per capita insurance and penetration: The Indian life insurance industry has expanded significantly in terms of premiums since
liberalisation in 2000. However, its total premium collection to GDP ratio and per capita insurance is significantly lower than the developed
countries. India has one of the lowest insurance densities in the world, at USD 41.4 much lower than other developing countries such as USD
110.6 in China, USD 1,821.3 in South Korea and USD 791.9 in South Africa.
• Increased distribution penetration: There is significant opportunity to increase the distribution reach within the country with the implementation
of proposed draft open architecture for corporate agents and Banks. The governments initiative on Financial Inclusion coupled with opening
up of Bancassurance and new models of distribution will provide opportunities for a more equitable growth across customer segments
including rural segments.
• Pension Segment: There is an opportunity to explore underpenetrated and underinsured segments including retirement/health. There are
several product/customer segments in India that have a high potential to grow. For example, only about 15% of the working population
is covered under retirement plans. Penetrating in these segments will bring in more avenues for insurance companies to penetrate their
customer base.
• Role of Digital: With the total numbers of internet users increasing to more than 20% of the total population of India (280 Mn), the size of the
digital opportunity has increased manifold. The industry has been making rapid strides to leverage this opportunity. The industry is working
extensively on reviewing its operating models to accelerate digitisation of their processes and platforms. The digital wave will lead to better
customer experience, higher customer engagement and increased productivity. The share of online platforms to directly distribute simple
and easy to understand life insurance products will continue to increase at a rapid pace for the next 5-7 years.
BSLI is well positioned to tap into the opportunities of the life insurance industry. The Company is expected to emerge stronger on the back of its
wide distribution franchise, a successful multi-channel strategy, a long history of product innovations & operational efficiency.
SUMMARY OF OPERATIONS
Sales Performance Review & Market Share Movement
As on March 31, 2015, BSLI’s nationwide reach encompassed 488 branches, an agency force of over 90,600 empanelled agents, tie-ups with
around 150 non-bank corporate agents, brokers & business associates and 4 key bank partners.
The Company maintained its market share at 7.6% in FY15 in terms of new business premium. The Company recorded first year premium of
` 19,379 Mn. (growth of 14% over last year). The Company maintained its overall position at No. 6 among the private insurance players in terms
of new business premium.
The Company continues to follow a multi-channel strategy for its Individual Life Business. While the Agency channel continues to hold the major
share, the other channels like Bancassurance, Corporate Agents & Brokers and Direct Marketing contributed more than 30% of Individual Life sales
in FY15. The Company continues to review its portfolio of distribution partners on an ongoing basis to drive long term quality business.
15 Cr.
9 Cr.
(2%)
(1%)
84 Cr.
(11%)
112 Cr.
(12%)
519 Cr.
(68%)
143 Cr.
(19%)
586 Cr.
(67%)
173 Cr.
(20%)
Agency
Banca
CABC
Direct
FY14
FY15
Agency
Banca
CABC
Direct
11/10/15 3:59:20 PM
PRODUCT STRATEGY & PERFORMANCE
During FY15, BSLI has seen a shift in product mix towards traditional products. After the September’10 guidelines, there has been a major shift in
favour of traditional products. The Company has a balanced mix of ULIP, Non Par Traditional and Par Traditional Products to meet multiple customer
120
needs across different segments.
90
0% 5%
32%
29%
46%
0%
60
0%
95%
68%
30
54%
21%
53%
31%
41%
2%
45%
40%
38%
FY13
FY14
FY15
0
FY10
Non PAR
FY11
PAR
FY12
ULIP
During the year under review, the Company launched several new products to complete its product suite and capture new customer segments such
as child solutions, Super HNI customer segment and low-ticket size customer segment.
Key Summary of Financial Indicators at a Glance:
Following is the summary of BSLI’s financial performance for FY15.
(in ` crores)
Particulars
Current Year
Previous Year
2014-15
5,233
(165)
5,068
2013-14
4,833
(188)
4,645
Inc (%)
Income
Gross premium income
8%
Reinsurance (net)
12%
Total premium income (net)
9%
Policyholders
5,309
2,496
113%
Shareholders
128
115
11%
Investment Income
5,437
2,611
108%
Other Income
34
37
-8%
Total Income (Including Sh Income)
10,539
7,293
45%
Less:
Commission
233
235
-1%
Expenses (including depreciation)
996
1,045
-5%
Benefits paid (net)
3,772
3,666
3%
Provisions for actuarial liability (net)
5,253
1,977
166%
Provision for Taxation
–
–
–
Profit for the Current Year
285
370
-23%
Share Capital
1,901
1,901
0%
Reserves & Surplus
268
268
0%
Net Worth
1,542
1,257
23%
• The Company achieved total gross premium of ` 5,233 crores, a growth of 8% Y-o-Y. This was driven by 44% growth Y-o-Y in group
business premium.
• The Company registered Net Profit of ` 285 crores in FY15 as against ` 370 crores in FY14. The fall in net profit is primarily due to lower
profits from in-force book especially the ULIP block sold before September 2010. Overall Commission ratio saw a marginal decrease to 4.5%
in FY15 as against 4.9% in FY14.
• The company continues to focus on operating and cost efficiencies. While the total operating costs reduced from ` 1,045 crores in FY14 to
` 996 crores in FY15, the Opex to total premium ratio has reduced from 21.6% to 19% over the same period.
• Given the robust financial performance and solvency position, there has been no capital infusion for the past 4 years.
We believe that the Company’s profitable journey is sustainable as these profits are primarily driven by in force business, declining expense
ratios and changes in product structures. The Company took several steps to rationalise expenses, improve efficiencies and productivity across
its operations.
11/10/15 3:59:24 PM
Premium Income
Premium Break-Up
Particulars (INR crores)
FY15
FY14
First year premium
1,938
1,697
14%
761
879
-13%
Group Business
1,177
818
44%
Renewal Premium
3,295
3,136
5%
Total Premium
5,233
4,833
8%
Individual Life
% Growth
The total premium for the Company amounted to ` 5,233 crores with a growth of 8% Y-o-Y. While the new business premium registered a growth of
14%, renewal premium grew by 5%. As an insurer with long-established track record, a significant portion of our business is on a regular premium
basis, which has provided us with a regular stream of renewal premiums.
Investment Income
The Company continued excellence in investment performance for its policyholders. For all its ULIPs, the Company delivered excellent fund
performance across the board, consistently beating its internal benchmarks, overall and as well as across all the funds.
BSLI investment’s philosophy has been to build a sound investment portfolio within the regulatory guidelines, to ensure maximisation of
policyholders’ wealth consistently on a long term basis.
Assets under Management (AUM) grew from ` 15,828 crores in FY10 to ` 30,185 crores in FY15. Proportion of equity has remained stable for the
Company over the years and has been in the range of 38% to 46%.
30000
AUM (` crores)
24000
18000
12000
19,744
21,110
22,929
24,775
30,185
FY11
FY12
FY13
FY14
FY15
6000
0
Equity and Debt Component
120
90
46%
45%
41%
42%
38%
54%
55%
59%
58%
62%
FY11
FY12
FY13
FY14
FY15
60
30
0
Debt
Equity
11/10/15 3:59:27 PM
Investment Performance
40
36.1%
30.9%
30
27.1%
24.5%
22.7%
21.4%
18.5%
20
15.9%
10
0
Enhancer
Magnifier
Super 20
Benchmark Performance
Fund Performance
Fund
Enhancer
Magnifier
Maximiser
Super 20
Maximiser
Benchmark
BSE 100 CRISIL Composite Bond Index/CRISIL Liquid Fund Index
BSE 100 CRISIL Liquid Fund Index
BSE 100 CRISIL Liquid Fund Index
BSE Sensex/CRISIL Liquid Fund Index
Commissions
The commission rates for individual life business continued to be stable in FY15 compared to FY14. With higher focus on tradition products, the new
business commission has seen a marginal increase. The commission rates for total business and new business is provided in the table below:
Commission Ratios
Individual Life
Total Commission/Total Premium – Ind. Life
New Business Commission/NB Premium – Ind. Life
FY15
FY14
5.9%
17.4%
6.0%
16.9%
Operating Expenses
Operating expenses in FY15 was ` 996 crores as compared to ` 1,045 crores in FY14. The decline in the expenses was mainly due to reduction
of 7% in Employees' remuneration and welfare benefits expenditure in FY15 as compared to FY14.
The Opex to Premium ratio has improved from 21.6% in FY14 to 19.0% in FY15, as can be seen from the below graph.
OPEX to Premium Ratio
1500
21.7%
20.7%
1200
22.3%
21.6%
19.0%
900
600
1,204
1,217
1,161
1,045
996
FY11
FY12
FY13
FY14
FY15
300
0
OPEX (` crores)
X% OPEX as a Total Premium %
11/10/15 3:59:31 PM
Our Company’s cost structure is in line with expectations given the new business growth, product structures and our focus on long-term products.
We will continue to review our expense structure in line with the business growth.
Operating Expenses Break-Up
Particulars (INR crores)
FY15
FY14
% Growth
Salary
469
506
-7%
Other Expenses
526
538
-2.2%
Total Expenses
996
1,045
-4.8%
19.0%
21.6%
Expense as % of total premium
NET PROFIT
The Company registered Net Profit of ` 285 crores in FY15 as against ` 370 crores in FY14. Our Net Profit has de-grown over previous year
primarily due to new business premium de-growth and decrease in the size of our ULIP in-force block sold before September 2010. The Company
shall continue to focus on its core strategy i.e. to focus on a profitable product mix while providing value-added proposition to its customers.
FINANCIAL CONDITIONS & ASSET UNDER MANAGEMENT
Share Capital, Dividend and Solvency Position
The Company is capitalised at ` 2,169 crores (including share premium and capital redemption reserves). Given the robust financial performance,
there has been no capital infusion for the last four years. The net-worth of the Company increased by 23% from ` 1,257 crores in FY14 to
` 1,542 crores in FY15.
Solvency refers to the minimum surplus that an insurance Company needs to keep aside in the form of additional capital to meet any unprecedented
increase in claims and to meet any adverse losses. As solvency needs to be maintained over very long periods for which policies are written it
is necessary to ensure that the assets exceed liabilities and are invested in risk-free assets. The Regulations prescribes that each insurance
Company must have free assets equal to 1.5 times of the required solvency margin. Our solvency margin in FY15 is at 2.05 times which was above
the regulatory requirements of 1.5 times. It also ensures that the Company’s stakeholders and customers can have confidence in the Company’s
long-term financial strength.
Human Resources
Employee Engagement – BSLI engages effectively with its employees critical to building and sustaining a high-performing business and retaining
talent. Engagement initiative schemes were introduced in branches across the country which included celebrations, festivals, recreational and sport
activities, recognitions, etc. Additionally, Rewards and Recognition programme was initiated which was aimed at creating a culture of recognising
and celebrating performance at multiple levels across the organisation & group in addition to as well as across for individuals & teams.
Training & Development – The Sales & Corporate Training Cell provides training architecture for structured and systematic learning from trainer,
supervisor and by self, improve retention, application of learning and improve discipline in participation.
BRAND PERFORMANCE
During FY15, Birla Sun Life Insurance launched its new Brand Positioning. The Brand Position was arrived at basis a core category need and with
an objective of becoming not just a marketing position but a position that the entire business would stand for the next decade if not more.
The Core Category need identified was that despite the efforts of 20+ insurance companies and over 2 million agents the category has a low
penetration of 4% of GDP. This is because the category has not been able to convincingly answer one fundamental question– What role do we play
in the consumer’s life? Is Life Insurance a mode of saving, an avenue of investment, a protection solution or a tax saving instrument?
We at BSLI believe that we are in the business of protecting those we love and their dreams.
Therefore the Brand Position:
Honi ko aap rok nahin sakte
Par honi bhi aapko kahan rok sakegi.
Apno ko, apne sapno ko kar surakshit
KHUD KO KAR BULAND
The response to the new Brand Position has been extremely encouraging from both ends – business partners and consumers.
Despite the fact that our key competitors were present on Television through the year but BSLI did not spend on Mass Media in the first three
quarters, we saw a sharp rise in our spontaneous awareness and consideration scores post the break of the campaign. BSLI’s spontaneous
awareness scores increased by 9 points to reach 48% and our consideration scores increased by 7 points to reach 32%.
TECHNOLOGY
Technology led innovations and strategic partnership with business have been the key focus areas of BSLI Information technology function in
FY15. The role of technology has revved up from being a business facilitator to collaborator, by aid of best-in-class technological solutions and
infrastructure.
11/10/15 3:59:34 PM
The function continued its endeavour towards partnering with business by supporting the new business model through launch of its digital
platform – ‘Empower@Ease’, which among other tools consists of a distribution tool kit, protection counselling tool to help the front-line-sales to
better engage the customers and ‘Office-in-a-box’ to provide post-sales service. BSLI has ventured into the Insurance Digital space and launched
our first online product on the ‘e-platform’ and will continue to expand its presence in the Digital world.
CUSTOMER MANAGEMENT
Customer Service Capabilities
The Company continues to work towards making each aspect of business intrinsically customer-centric and constantly endeavours to understand
both stated and unstated requirements. Our approach has been built around (a) listening to our customers, (b) understanding their feedback and
point of view and (c) responding to the customer accordingly.
Continued focus to embrace technology while delivering service has helped Company to maintain and improvise customer relationship with
expanding business. While embarking on digital path, initiatives were rolled out in customer service area as well. This not only includes revamping
website & IVR to empower customer with more self-servicing feature, but also electronic issuance of policies in paperless environment with
faster KYC.
The Company has focused on improving customer service through a combination of capabilities and initiatives which include:
1.Institutionalising strong focus on zonal empowerment enabling faster resolution of customer request directly at the field.
2. ‘BSLI Direct’ initiative by dedicated Orphan desk to reach out and proactively engage with Orphan customers.
3. Company has also started call centre operations in regional languages to provide better customer experience.
4.RCA approach (“Root Cause Analysis”) to understand the customer grievance better and improvise processes for avoidance of any such
grievance in future. In addition preventive actions were deployed wherein customers are approached during issuance stage itself to capture
their concerns, if any.
Customer Connect initiative launched in previous year is giving good results and considering its success, Company has rolled out other initiatives
to collect instant customer feedback, transactions survey, etc., to understand the customer experience and to improve it further.
Claims Experience
Individual Life:
• The Repudiation ratio has reduced from 9.57% in FY14 to 3.02% in FY15
• Claims Pending (No’s) ratio has reduced significantly from 2.67% in FY14 to 1.68% in FY15. {These claims could not get processed for want
of claim requirements/in due diligence process/open title claims}
• Overall Payment ratio in number terms has moved up significantly from 87.76% in FY14 to 95.30% in FY15 during the same period.
Group Life: 100% of Claims stand paid. i.e. zero pendency/Repudiation of Group Claims.
OUTLOOK FOR THE COMPANY
The outlook for the growth of the Company continues to be stable and favourable. The improvement in macro-economic environment coupled
with more stability in regulations augurs well for the growth of the Company. The Company has identified the following key areas to strengthen its
competitive and financial position in the coming years:
² Agency channel shall continue to be the engine of growth. A new distribution strategy has been implemented to enable sales force to
identify and access new markets/segments/customers.
² New Sales enablement Tools, learning methodologies and engagement models have been initiated to drive higher productivity and
quality of sales/engagement with customers.
² Maintain leadership in Group Channel – Fund and Term with equal focus on revenues and profitability.
² Growth in profitability with focus on product mix, balanced channel mix and expense efficiencies.
² Continued focus on quality of business including Persistency and Claims management.
11/10/15 3:59:37 PM
Corporate Governance Report
Philosophy of Corporate Governance
Corporate Governance involves a set of relationships between a Company’s Management, its Board, its Shareholders and other Stakeholders
with an objective of ‘enhancement of long term shareholder value, while at the same time protecting the interest of all stakeholders (investors,
customers, employees, vendors, government and society-at-large) and ensuring adherence to the applicable laws.
Good Corporate Governance consists of a system of structuring, operating and controlling a Company such as to achieve the following:
•
a culture based on a foundation of sound business ethics
•
fulfilling the long-term strategic goal of the owners while taking into account the expectations of all the key stakeholders, and in particular:
² consider and care for the interests of employees, past, present and future
² work to maintain excellent relations with both customers and suppliers
² take account of the needs of the environment and the local community
•
maintaining proper compliance with all the applicable legal and regulatory requirements under which the company is carrying out its activities.
The philosophy and objective of Corporate Governance at Birla Sun Life Insurance Company Limited (BSLI) is "about working ethically and finding
a balance between economic and social goals including the ability to function profitably while complying with the applicable laws, rules and
regulations."
BSLI is committed to uphold the core values of transparency, integrity, honesty and accountability. This commitment lays the foundation for further
development of superior governance practices, which are vital for growing a successful business, creating sustainable long term shareholder value
and balancing it with the interests of other stakeholders in the Company. It is not a discipline necessarily imposed by a regulator rather a culture
that guides the Board, the Management and employees to function towards the best interest of the various stakeholders.
Reporting Under Clause 49 of the Listing Agreement
BSLI is an unlisted Public Company and consequently the Clause 49 of the listing agreement is not applicable. However, the Company on a
voluntary basis making the following reportings/disclosures to the extent applicable, in accordance with the requirements of Clause 49 of the
listing agreement, read with IRDA Corporate Governance Guidelines (IRDA CG Guidelines).
I.
Board of Directors (“Board”)
T he Company’s Board comprises of adequate mix of Independent and Non Independent Directors as well as Non-Executive and Executive
Directors.
The Board takes the responsibility to set strategic objectives for the Management and to ensure that the long term interests of all stakeholders are
served by adhering to and enforcing the principles of sound Corporate Governance.
BSLI’s Board members have diverse areas of knowledge and expertise, which is necessary in providing an independent and objective view on
business issues and assess them from the stand-point of the stakeholders of the Company.
Composition of the Board
The Board comprised of eleven Directors as on March 31, 2015, ten being Non-Executive Directors (of which three were Independent) and a
Managing Director. The current Chairman of the Board, Mr. Kumar Mangalam Birla, is a Non-Executive Director.
Composition of Board and details of Directorships/Committee Membership
The composition of our Board, their Directorships/Committee Memberships and Chairmanships (excluding the Company) as on March 31, 2015
were as under:
Sr.
No.
Name of the Directors
1
2
3
4
5
Mr. Ajay Srinivasan
Mr. Bishwanath Puranmalka
Mr. G. P. Gupta1
6
Mr. Haigreve Khaitan2
7
8
9
10
11
Mr. Kevin Strain
Mr. Lalit Naik3
Mr. M. V. Nair
Mr. Pankaj Razdan
Dr. Rakesh Jain4
Designation/Category
Non-Executive Director (Chairman)
Non-Executive Director (Policyholder’s
representative, Independent)
(Independent)
Non-Executive Director (Independent)
No. of Committees**
No. of other
Directorship(s)
in other Public
Companies*
As Member
8
6
2
1
–
–
5
1
Nil
–
–
Nil
Nil
Nil
–
9
6
1
1
6
5
2
–
Nil
Nil
2
Nil
–
Nil
Nil
Nil
Nil
–
As Chairman/
Chairperson
11/10/15 3:59:40 PM
Sr.
No.
12
13
14
Mr. Sandeep Asthana5
Ms. Tarjani Vakil
Mr. Venkatesh Mysore6
Non-Executive Director (Independent)
No. of Committees**
No. of other
Directorship(s)
in other Public
Companies*
As Member
2
8
–
1
3
–
As Chairman/
Chairperson
Nil
5
–
1. Resigned w.e.f. August 20, 2014
2. Appointed w.e.f. January 30, 2015
4. Resigned w.e.f. December 05, 2014
5. Appointed w.e.f. August 01, 2014
* Excluding alternate directorships and directorships in foreign companies and companies under Section 8 of the Companies Act, 2013.
** Only Audit Committee and Stakeholders Relationship Committee of all public limited companies (whether listed or not) have been considered
for the purpose of the Committee positions (membership and chairmanship).
Non-Executive Directors’ compensation and disclosures
No remuneration is paid to the Non-Executive Directors, except the payment of sitting fees to the Independent Directors, as detailed hereunder.
As per earlier practice the Company used to pay sitting fees of ` 20,000 for attending each meeting of Board and it’s Committee to Independent
Directors only. The Board has revised the fees and Company now pays sitting fees of ` 50,000 per Board meeting, ` 25,000 per Audit Committee
and ` 20,000 for other Committee meetings to the Independent Directors for attending each meeting w.e.f. November 4, 2014.
The details of sitting fees paid to the Independent Directors during the FY14-15 is as under:
Total Sitting Fees Paid
(Amount in `)
50,000
Mr. M. V. Nair
90,000
Ms. Tarjani Vakil
3,30,000
Grand Total
470,000
Board Meetings
The meetings of the Board of Directors are usually held at Mumbai; the Board meets at least once in every quarter to inter-alia review the Company’s
quarterly performance and financial results. As per the statutory requirements under the Companies Act, 2013, the meetings are scheduled in such
a manner that not more than one hundred and twenty days intervene between two consecutive meetings. The Company Secretary receives details
on matters which require the approval of the Board/Board Committees, from various departments of the Company well in advance, so that they
can be included in the Board/Board Committee agenda(s). All material information is incorporated, in detail, in the agenda papers for facilitating
meaningful and focused discussions at the meetings. As a part of information and agenda papers, following minimum information are provided to
the Directors for each meeting:
•
Minutes of the previous Board and Committee meetings;
•
Financial results;
•
Business review, plans and updates;
•
Regulatory updates and compliances;
•
Any material default, show cause, demand and penalty notices forming part of compliance report.
Board Meetings and attendance of Directors
During FY14-15 the Board of Directors met four times, as follows:
•
April 25, 2014;
•
August 1, 2014;
•
November 4, 2014; and
•
January 30, 2015.
11/10/15 3:59:43 PM
The attendance of the Directors at the above Board meetings was as under:
Number of Meetings
Sr. No.
Held: 4
Attended
2
Attendance in the last AGM
dated July 2, 2014
Held: 1
Attended
No
1
2
Mr. Ajay Srinivasan
3
No
3
Mr. Bishwanath N. Puranmalka
4
Yes
4
4
No
5
Mr. G. P. Gupta1
0
No
6
1
No
7
Mr. Kevin Strain
3
No
8
Mr. Lalit Naik
0
No
9
Mr. M. V. Nair
3
No
10
Mr. Pankaj Razdan
4
No
11
Dr. Rakesh Jain
1
No
12
3
Yes
13
Ms. Tarjani Vakil
4
No
14
0
No
2
3
4
4. Resigned w.e.f. December 5, 2014
Independent Directors’ Meeting
In accordance with the provisions of Schedule IV of the Companies Act, 2013, a meeting of the Independent Directors of your Company was held
on March 20, 2015 without the presence of the Non-Independent Directors and the members of the management.
Code of Conduct
The Company has designed and implemented a Code of Conduct. The code is applicable to the executive officers and all employees of the
Company. The code is available on our website, www.birlasunlife.com. All have affirmed to the Code as on March 31, 2015.
II. BOARD COMMITTEES
The Company has constituted certain Board Committees. Each of the Board Committee is constituted vide a formal approval of the Board, and
each Committee has been endowed with a definite scope of functions and responsibilities. Detailed descriptions of the all the Committees of the
Board are as under.
1.
Asset Liability Management Committee
The Board has constituted an Asset Liability Management Committee (ALM) in compliance with the requirements of IRDA CG Guidelines. ALM
Committee sets policy framework and operating guidelines for asset liability matching to safeguard the interest of Shareholders and Policyholders.
The Committee ensures that the assets are created in line with the liabilities and monitors, reviews & evaluates all possible variant that can have an
impact on the Assets Liability Management. It also ensures that requisite measures are placed to manage risk arising out of all possible variants.
A.
Terms of Reference:
The broad terms of reference of the Committee inter-alia includes the following:
•
to investigate any activity within its terms of reference;
•
to require other employees/persons to attend meeting or parts thereof;
•
to seek advise/information from any employee/employees, who shall co-operate with any request made by the committee in the course
of their duties;
•
to ask from the Investment, Finance & Actuarial function any specific details/information about the functional activities;
•
to direct the investment function to implement any specific strategy over & above the existing policy for safeguarding the interest of
the Policyholders and Shareholders;
•
to constitute any sub committee/persons to carry out activities and delegate requisite authorities to it.
11/10/15 3:59:46 PM
B.
Composition, Meetings and Attendance:
During FY14-15, the Asset Liability Management Committee members met four times, as follows:
•
April 22, 2014;
•
July 28, 2014;
•
•
January 27, 2015.
The Composition of the Asset Liability Management Committee and the attendance of Members at the meetings during FY14-15 were as under:
Sr. No.
Name of the Committee Members
No. of Meetings Attended
1
Mr. Ajay Srinivasan
4
2
Mr. Amit Jain
4
3
Chief Actuarial Officer & Appointed Actuary
4
4
Ms. Keerti Gupta1
Head – Risk
3
5
Mr. Lalit Vermani
Chief Legal, Compliance and Risk Officer
4
6
Mr. Mayank Bathwal
Deputy Chief Executive Officer
4
7
Mr. Pankaj Razdan
Managing Director and CEO
3
8
Mr. Sashi Krishnan
Chief Investment Officer
4
9
1
10
0
1. Ceased w.e.f. December 31, 2014
3. Ceased w.e.f. August 1, 2014
The Company Secretary acts as the Secretary to the Committee.
2.
Audit Committee
The Company has a qualified and Independent Audit Committee, and its composition is in line with the applicable provisions of Section 177 of the
Companies Act, 2013 read with IRDA Corporate Governance Guidelines.
A.
Terms of References
•
to review the Company’s financial statements, financial reporting, statement of cash flow and disclosure processes, both on an annual
and quarterly basis and to ensure that the financial statements are correct, sufficient and credible;
•
to recommend to the Board, the appointment, re-appointment and, if required, the replacement or removal of the statutory auditor(s)/
internal auditor(s) and concurrent auditor(s);
•
to review and approve related party transactions/related party transaction policy;
•
to review internal financial controls;
•
to review the performance of statutory auditors, internal auditors and concurrent auditors;
•
to ensure compliance with the internal control systems and its adequacy;
•
to review the adequacy of internal audit function, if any, including the structure of the internal audit department, staffing and seniority
of the official heading the department, reporting structure coverage and frequency of internal audit and review reports submitted by
internal audit department;
•
to review the functioning of the Whistle Blower Mechanism/Vigil Mechanism.
B. Composition, Meetings and Attendance:
During FY14-15, the Audit Committee met four times, as follows:
•
April 25, 2014;
•
August 1, 2014;
•
•
January 30, 2015.
11/10/15 3:59:49 PM
The Composition of the Audit Committee and the attendance of Members at the meetings during FY14-15 were as under:
Sr. No.
1
2
3
4
5
6
7
8
9
10
Mr. G.P. Gupta
Mr. Ajay Srinivasan
Mr. B. N. Puranmalka2
Mr. Kevin Strain4
Mr. M. V. Nair5
Mr. Pankaj Razdan6
Ms. Tarjani Vakil
1
0
3
4
0
3
0
4
2
4
0
2. Ceased w.e.f. January 30, 2015
All members of the Audit Committee are financially literate and have the necessary accounting and related financial management expertise. The
Audit Committee is chaired by an Independent Director.
The Chief Executive Officer, Deputy Chief Executive Officer, Chief Financial Officer, Appointed Actuary, Chief Legal Compliance and Risk Officer,
Statutory Auditors and the Internal Auditors attend each Audit Committee Meeting as invitees.
3.
Investment Committee
The Investment Committee is set up in compliance with the provisions of the IRDA (Investments) Regulations, 2000 and IRDA Corporate Governance
Guidelines.
A.
Terms of Reference:
•
to investigate any activity within its terms of reference;
•
to require other employees/persons to attend meeting or parts thereof;
•
to seek advise/information from any employee/employees, who shall co-operate with any request made by the committee in the course
of their duties;
•
to ask from the investment function any specific details/information about the functional activities;
•
to direct the investment function to implement any specific strategy over & above the existing policy for safeguarding the interest of
the Policyholder and Shareholder.
B.
During FY14-15, the Investment Committee members met four times, as follows:
•
April 22, 2014;
•
July 28, 2014;
•
•
January 27, 2015.
The Composition of the Investment Committee and the attendance of Members at the meetings during FY14-15 were as under:
Sr. No.
1
2
3
4
5
Mr. Ajay Srinivasan
Mr. Amit Jain
Ms. Keerti Gupta1
Mr. Lalit Vermani
Head – Risk
Chief Legal, Compliance & Risk Officer
4
4
4
3
4
11/10/15 3:59:52 PM
Sr. No.
6
7
8
9
10
Mr. Mayank Bathwal
Mr. Pankaj Razdan
Mr. Sashi Krishnan
Deputy Chief Executive officer
Chief Investment Officer
4
3
4
2
0
4. Policyholders’ Protection Committee
In accordance with the provisions of IRDA Corporate Governance Guidelines the Board has constituted the “Policyholders’ Protection Committee”
to address various compliance issues relating to protection of the interests of policyholders.
A.
Terms of Reference:
•
to put in place proper procedures and effective mechanism to address complaints and grievances of policyholders including misselling
by intermediaries.
•
to ensure compliance with the statutory requirements as laid down in the regulatory framework.
•
to ensure adequacy of disclosure of “material information” to the policyholders.
•
to review the status of complaints at periodic intervals to the policyholders.
•
to provide the details of grievances at periodic intervals to IRDAI.
•
to provide details of insurance ombudsmen to the policyholders.
•
to evaluate the merit of the investigated complaint cases.
B.
During FY14-15, the Policyholders’ Protection Committee members met four times, as follows:
•
April 21, 2014;
•
August 6, 2014;
•
December 1, 2014; and
•
March 23, 2015.
The Composition of the Policyholders’ Protection Committee and the attendance of Members at the meetings during FY14-15 were as under:
Sr. No.
1
2
3
4
5
6
7
8
9
10
11
12
Mr. N. N. Jambusaria
Mr. Amitabh Verma1
Mr. Amit Jain
Ms. Anjali Makhija2
Mr. Ashish Lakhtakia3
Ms. Gayatri Nathan4
Mr. Lalit Vermani
Mr. Mayank Bathwal
Mr. Pankaj Razdan
Mr. Vikas Seth
Mr. Amber Gupta5
Chairman
Chief Operating Officer
Head-Customer Service
Company Secretary
Head-Customer Service & Claims
Chief Legal, Compliance & Risk Officer
Deputy Chief Executive Officer
Chief Distribution Officer
Company Secretary & Head – Legal
4
1
4
4
2
2
2
4
4
4
3
2
1. Ceased w.e.f. April 30, 2014
4. Appointed w.e.f. December 01, 2014
5. Appointed w.e.f. December 01, 2014
11/10/15 3:59:55 PM
5. Risk Management Committee
The Board has constituted the Risk Management Committee (erstwhile Risk Review Meeting) to oversee the risk management and compliance
activities of the Company in line with the requirements under IRDA Corporate Governance Guidelines. The Committee is responsible for putting in
place an oversight of the Company’s Risk Management Strategy.
A.
Terms of Reference:
• to identify and review with the Management the major areas of risk facing the business activities of the Company and strategies to
manage risks.
• to review annually, the adequacy of and compliance with the policies implemented for the management and control of risk, including
investment policies, asset-liability risk management, operational risk, management of risk to reputation, management of outsourcing
arrangements and approves changes to the foregoing as appropriate.
• to review annually and approve changes to policies or programs that provide for the monitoring of compliance with legal and regulatory
requirements including legislative compliance management systems.
• to review status of compliance, compliance with codes of conduct.
• to review market conduct practices.
• to review procedures for dealing with customer complaints, and monitors and reviews the effectiveness of and compliance
with procedures.
• to review procedures for complying with anti-money laundering and suppression of terrorism laws and regulations worldwide and
monitor its effectiveness.
B.
During FY14-15, the Risk Management Committee members met four times, as follows:
•
April 22, 2014;
•
July 31, 2014;
•
October 29, 2014; and
•
January 22, 2015.
The Composition of the Risk Management Committee and the attendance of Members at the meetings during FY14-15 were as under:
Sr. No.
1
Mr. Ajay Srinivasan
2
Mr. G. P. Gupta
3
4
Mr. Pankaj Razdan
4
5
3
6
Ms. Tarjani Vakil
4
7
Mr. Venkatesh Mysore
0
1
2
4
3
Chairman – Independent Director
0
0
6. Finance Committee
The Board has constituted Finance Committee in line with the requirements of the revised Clause 41 of the listing agreement, for the purpose of
approval of the quarterly audited and/or un-audited financial statements.
A.
Terms of Reference:
The broad terms of reference of the Committee inter-alia includes to approve the quarterly Audited and/or unaudited financial results of
the Company.
11/10/15 3:59:58 PM
B.
The Composition of Finance Committee as on March 31, 2015 was as under:
Sr. No.
1
2
3
4
5
6
7
Mr. Ajay Srinivasan
Mr. B. N. Puranmalka1
Mr. G. P. Gupta2
Mr. Pankaj Razdan
Ms. Tarjani Vakil
Since the financial statements/results are reviewed and recommended by the Audit Committee and approved by the Board of Directors, no separate
meeting of the Finance Committee was held during the FY14-15.
7. Share Allotment Committee
The Board has re-constituted “Share Allotment Committee” in line with the requirement of the Companies Act, 2013 and the Companies (Share
Capital and Debenture) Rules, 2014.
A.
Terms of Reference:
The broad terms of reference of the Committee inter-alia includes to allot the shares to the shareholders of the Company and to authorise
the issue of share certificates and shares in dematerialised form to the shareholders of the Company.
B.
The Composition of Share Allotment Committee as on March 31, 2015 was as under:
Sr. No.
1
2
3
4
5
Designation
Mr. G. P. Gupta1
Mr. B. N. Puranmalka
Mr. Pankaj Razdan
Ms. Tarjani Vakil3
Chairman-Independent Director
8. With Profits Committee
The Board has constituted with Profits Committee in line with IRDA (Non-linked Insurance Products) Regulation, 2013.
A.
Terms of Reference:
•
to ensure that assets share are maintained at policy level and only the portion of expenses representing this business shall be allocated
to and interest rate credits to these asset shares shall represents the underlying assets of these funds;
•
to approve the detailed working of the asset share, the expenses allowed for the investment income earned on the fund, etc., which
are represented in the asset share.
B.
During FY14-15, the with Profits Committee members met once on February 24, 2015:
The Composition of the with Profits Committee and the attendance of Members at the meetings during FY14-15 were as under:
Sr. No.
1
2
3
Mr. G. P. Gupta
Mr. Pankaj Razdan
1
0
1
1
11/10/15 4:00:01 PM
4
5
Mr. Vivek Jalan
Ms. Tarjani Vakil2
Independent Actuary
1
1
9. Corporate Social Responsibility Committee
The Board has constituted Corporate Social Responsibility Committee (CSR Committee) in line with the provisions of Section 135 of the Companies
Act, 2013 (‘Act’) read with the Companies (Corporate Social Responsibility Policy) Rules, 2014.
A.
Terms of Reference:
•
to formulate and recommend to the Board, a Corporate Social Responsibility Policy which shall indicate the activities to be undertaken
by the Company as specified in Schedule VII of the Act;
•
to recommend the amount of expenditure to be incurred on the activities referred to in Schedule VII; and
•
to monitor the Corporate Social Responsibility Policy of the Company from time to time.
B.
The Composition of Corporate Social Responsibility Committee as on March 31, 2015 was as under:
Sr. No.
1
2
3
Ms. Tarjani Vakil
Mr. Ajay Srinivasan
Mr. Sandeep Asthana
10. Nomination and Remuneration Committee (Nrc)
The Board has constituted Nomination and Remuneration Committee (NRC) in line with the provisions of Section 178 of the Companies Act, 2013
read with rules made thereunder.
A.
Terms of Reference:
•
to identify persons who are qualified to become directors and who may be appointed in senior management.
•
to recommend to the Board the appointment/removal of directors and senior management in accordance with the criteria laid down
by the Board.
•
to carry out evaluation of every director’s performance in accordance with the criteria laid down by the Board.
•
to formulate the criteria for determining qualifications, positive attributes and independence of a director.
•
to recommend to the Board a policy, relating to the remuneration for the directors, key managerial personnel, senior management
personnel and other employees.
B.
The Composition of Nomination and Remuneration Committee as on March 31, 2015 was as under:
Sr. No.
1
2
3
4
Mr. Ajay Srinivasan
Mr. Kevin Strain
Mr. M. V. Nair
Ms. Tarjani Vakil
III. Subsidiary Companies
Company has one non-listed Subsidiary namely Birla Sun Life Pension Management Limited (BSLPML) which was incorporated on January 9,
2015, to act as the Pension Fund Manager of the NPS Trust under the National Pension System to manage the pension funds for private sector
in accordance with the applicable provisions of the NPS, the schemes, the guidelines issued by the Pension Fund Regulatory and Development
Authority (‘PFRDA’). The Subsidiary Company is yet to obtain certificate of registration/for commencement of business operations from PFRDA.
IV. Key Managerial Personnel (‘KMP’)
In Compliance with the requirement of the Companies Act, 2013, the Company has appointed Chief Executive Officer, Chief Financial Officer and
Company Secretary as the Key Managerial Personnel.
11/10/15 4:00:04 PM
V. Secretarial Audit
Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with Rule 9 of The Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, the Company has appointed M/s. N. L. Bhatia & Associates, a firm of Company Secretaries in Practice to
undertake the Secretarial Audit of the Company for the financial year 2014-15. The Secretarial Audit Report as required to be provided in the format
prescribed in Form MR-3 forms part of the Annual Report.
VI. Disclosures
A. Related Party Transactions
A ll the related party transactions were in ordinary course of business and on arm’s length basis. The related party transactions of the
Company are quarterly placed and reviewed by the Audit Committee of the Company and necessary briefing is also given to the Board.
B. Remuneration of Directors
T he Company is currently paying sitting fees to the Independent Director and Remuneration to Mr. Pankaj Razdan, Managing Director and
CEO. The remuneration payable to the Managing Director and CEO is approved by the IRDAI. Other than this, the Company is not paying
remuneration/Commission to Directors.
T he details of sitting fees paid to the Independent Directors have been provided earlier in this Report. The details of remuneration paid to
Managing Director and CEO have been provided in form MGT – 9 annexed to the Directors' Report.
nly one Director, Mr. Bishwanath N. Puranmalka holds one equity share of ` 10/- jointly with Aditya Birla Nuvo Limited in the share capital
O
of the Company. None of the other Directors of the Company have any holding in the share capital of the Company.
VII. Whistle Blower Policy
The Company has a Whistle Blower Policy to escalate any issues on integrity/business issues/people issues and gender issues. BSLI Grievances
and Disciplinary Committee members, constituted under the Whistle Blower Policy, conduct a proper and unbiased investigation and ascertain
the correctness and trueness of the complaint and recommend necessary corrective measures, including punitive actions such as termination
of employment/agency/contracts. Summary of cases, as and when reported, alongwith status is placed before the Policyholders’ Protection
Committee for their review and discussion.
VIII. LCMP Certification
This is an Internal Legal and Compliance Management Portal which is a repository for all regulatory notifications, legal & compliance query desk
which has been designed for better governance of Compliance. This is accessible to all employees and anyone can raise any legal, regulatory &
risk query.
Pursuant to applicable laws, the relevant Compliance Checklists, the necessary certificate(s) is/are installed in the System which is called as
Legal & Compliance Management Portal (“LCMP”). This is system automated tool subject to timely regulatory updation made by the concerned
functions.
This quarterly compliance certificate is taken from relevant function heads based on which the joint certification submitted by Chief Legal,
Compliance and Risk Officer, Chief Financial Officer, Chief Actuarial Officer and Managing Director and CEO and consolidated Compliance Certificate
is placed before Board, Audit Committee and Policyholder’s Protection Committee.
IX. Management
A detailed Management Discussion and Analysis Report form part of the Annual Report being sent to the stakeholders (including) shareholders of
the Company.
SHAREHOLDERS & GENERAL INFORMATION:
i)
General Body Meetings
Details of Annual General Meetings:
Location and time, where Annual General Meetings (AGMs) and Extra Ordinary General Meetings in the last three years were held:
Financial Year
AGM/EGM
Date & Time
2011-2012
AGM
June 20, 2012 at 10.30 a.m.
2013-2014
2012-2013
EGM
AGM
May 15, 2013 at 10.30 a.m.
July 02, 2013 at 10.30 a.m.
2013-2014
AGM
July 02, 2014 at 10.30 a.m.
2014-2015
EGM
August 28, 2014 at 11.00 a.m.
2014-2015
EGM
February 23, 2015 at 11.00 a.m.
Venue
Board Room, 16th Floor, One Indiabulls Centre, Tower-1, Jupiter Mill
Compound, 841, S. B. Marg, Elphinstone Road, Mumbai – 400 013.
A-4, Aditya Birla Centre, S. K. Ahire Marg, Worli, Mumbai – 400 030.
One Indiabulls Centre, Tower-1, 16th floor, Jupiter Mill Compound, 841,
S.B. Marg, Elphinstone Road, Mumbai – 400 013.
A-4, Aditya Birla Centre, S. K. Ahire Marg, Worli, Mumbai – 400 030.
11/10/15 4:00:07 PM
The special resolutions passed at the Extraordinary General Meetings during the FY14-15 is given here under:
Date of AGM/EGM
Particulars of Special Resolutions
August 28, 2014
a) Alteration of Article of Association
b) Ratification of Bonus rate for Par Products
February 23, 2015
ii)
a) Making of investment in Subsidiary Company
Shareholder Information
Date, Time and Venue of the 15th Annual General Meeting
June 16, 2015 at 11.00 a.m.
16th Floor, One Indiabulls Centre, Tower-1, Jupiter Mill Compound,
841, S. B. Marg, Elphinstone Road, Mumbai – 400 013.
Financial Year
2014-15
Registrar and Transfer Agents
MCS Limited
Registration no. of the Company as per Companies Act
with the Registrar of Companies
128110
Registration no. of the Company as per Insurance Act with
the Insurance Regulatory and Development Authority
109
ISIN
INE951F01015
Corporate Identification Number (CIN)
U99999MH2000PLC128110
Permanent Account Number (PAN)
AABCB4623J
Registered office/address for correspondence
One Indiabulls Centre, Tower-1, 16th Floor, Jupiter Mill Compound, 841,
S. B. Marg, Elphinstone Road, Mumbai – 400 013.
iii) Means of Communication
As per the IRDA guidelines on public disclosures, the insurance companies are required to disclose their financials (Balance Sheet, Profit & Loss
Account, Revenue Account and Key Analytical Ratios) by newspapers publication and host the same on their websites within stipulated timelines.
Accordingly, the disclosures are hosted on BSLI’s website (www.birlasunlife.com) and adequate steps have been taken to ensure publication of
requisite disclosure in news papers.
iv) Details of Directors seeking Re-appointment/Appointment at the 15th Annual General Meeting
Name of Directors
Re-Appointment
Appointment
Mr. Ajay Srinivasan
Mr. Lalit Naik
Mr. Sandeep Asthana
Date of Birth
November 2, 1963
November 2, 1935
October 10, 1961
July 13, 1970
April 16, 1968
Date of
Appointment/
Re-appointment
June 16, 2011
August 4, 2000
January 30, 2015
(Director in casual
vacancy)
January 30, 2015
(Additional
Independent Director)
August 1, 2014
(Additional Director)
Qualification
BA with Honours in
Economics from
St Stephens College,
University of Delhi
and an MBA from
the Indian Institute
of Management,
Ahmedabad.
B.Com, F.C.A. F.C.S.
and LLB
B.Tech in
Chemical
Engineering from
IIT Kanpur and
a MBA from IIM
Ahmedabad
Law Graduate from
South Kolkata Law
College
Chemical Engineer
from IIT Mumbai
and MBA from
IIM Lucknow
Expertise in specific Financial Services –
functional Area
Life Insurance,
Fund Management,
Private Equity, Wealth
Management, Retail
Broking, Non-Banking
Financial Companies
Manufacturing and
Service Industry
Manufacturing –
Chemical
Business, strategic
and operational
leadership in
Chemical Business
Mergers &
Acquisitions, Private
Equity transactions,
Project Finance
transactions and
Financing transactions
Financial Services –
Insurance and Fund
Management Business
11/10/15 4:00:10 PM
Name of Directors
Re-Appointment
Mr. Ajay Srinivasan
Appointment
Mr. Lalit Naik
Mr. Sandeep Asthana
List of Public
Ltd. Companies
(in India) in
which outside
Directorships held
6
2
6
9
2
Membership/
Chairmanships
of Committees
of other Public
Companies
(includes only
Audit Committee
and Stakeholders
Relationship
Committee)
5
1
0
7
0
Reporting under IRDA Corporate Governance Guidelines (IRDA CG Guidelines)
A detailed report on status of Compliance with the “Corporate Governance Guidelines” (IRDA CG Guidelines) is filed on an annual basis in Compliance
with IRDA Circular no. IRDA/F&A/CG/081/2011 dated May 2, 2011.
“Certification for compliance of the Corporate Governance Guidelines”
I, Amber Gupta, Company Secretary hereby certify that the Company has complied with the corporate governance guidelines for Insurance
Companies as amended from time to time and nothing has been concealed or suppressed.
Amber Gupta
Company Secretary
Place: Mumbai
Date: April 24, 2015.
11/10/15 4:00:13 PM
Enterprise Risk Management Report
Risk Management Framework
A. Risk Management Framework
The Company has an Enterprise Risk Management (ERM) framework covering procedures to identify, assess and mitigate the key business
risks. Aligned with the business planning process, the ERM framework covers all business risks including strategic risk, operational risks,
investment risks, insurance risks and catastrophic risks. The key business risks identified are approved by the Board’s Risk Management
Committee and monitored by the Risk Management team thereafter.
The Company also has in place an Operational Risk Management (ORM) framework that supports excellence in business processes, system
and facilitates matured business decisions to move to a proactive risk assessment and is in the process of implementing the key operational
risk components.
BSLI recognises that information is a critical business asset, and that our ability to operate effectively and succeed in a competitive
market depends on our ability to ensure that business information is protected adequately through appropriate controls and proactive
measures. Accordingly, BSLI has an information security framework that ensures all the information assets are safeguarded by establishing
comprehensive management processes throughout the organisation.
The Company’s Investments Function is governed by the Investment Committee and the Asset Liability Management Committee appointed
by the Board of Directors. Investment Policy and Operating Guidelines laid down by the Board provide the framework for management and
mitigation of the risks associated with investments. Asset Liability Policy and various ALM strategies are adopted to ensure adequate Asset
Liability Management. These policies are reviewed at frequent intervals by the respective Board Committees and approved by the Board
where required.
BSLI has a robust Business Continuity framework to ensure resumption of time sensitive activities within defined timeframe at defined
levels. BSLI was the 1st Insurance Company in India to be certified against the BS25999 standard and successfully got transitioned to
ISO 22301 (Globally accepted standard on Business Continuity).
The Company through its risk management policies has set up systems to continuously monitor its experience with regard to other
parameters that affect the value of benefits offered in the products. Such parameters include policy lapses, premium persistency,
maintenance expenses and investment returns.
ERM encompasses the following areas:
Governed by Risk Policies and Operating Guidelines approved by
Board Committee/Sub Committee of the board
Risk Identification
Risk Assessment
Enterprise Risk Management
Framework in BSLI
Risk monitoring,
communication and
reporting
Risk Response and Risk
Management strategy
11/10/15 4:00:16 PM
Risk Policies:
The following risk policies govern and implement effective risk management practices:
Product Design and Pricing Policy, Underwriting and Liability Management Policy, Reinsurance Ceded Policy, Capital Management Policy,
Investment Policies, Valuation Policy, Information Security Policies, Business Continuity Policy, Operational Risk Management Policy, Fraud
Reporting and Investigating Policy, Asset Liability Management policy, Outsourcing policy.
Risk Mitigation Strategies:
The Company is exposed to several risks in the course of its business. The risks on the liabilities front may arise due to more than expected
claims. On the assets front, risks could arise due to the possibility of fluctuations in their market value. The Company is also subject to
expense risk, since until new business volumes grow significantly, the actual expenses of the Company will exceed the expenses loaded into
the product pricing. The Company has implemented adequate safeguards to mitigate these risks. The overall business risks and mitigation
strategies are as described below:
Strategic Risk
Risk to future earnings or capital in terms of failure to achieve the Company’s strategic or long term business plans,
either through incorrect choices or improper implementation of those choices.
Mitigation Strategy: Strategic risks are managed through risk identification and review process through the
Enterprise Risk Management framework. Strategic risks and mitigating action plans are monitored by the Risk
Management Committee.
Investment Risk
Risk to Investment Performance can be due to Systematic Risks like Markets, Interest Rates, Liquidity, etc., or
Unsystematic Risk like the Company specific or Industry Specific Risks. These risks can impact the Guarantees, other
than hampering the Investment performance on temporary/permanent basis.
Mitigation Strategy: Robust governance structure (Investment Committee) and well defined investment policies &
processes ensure that the risks involved in investments are properly identified and acceptable levels are defined.
Stringent investment norms and approval structure ensures healthy portfolio while delivering the expected
performance. All Regulatory and Internal norms are built in the Investment system, which monitors the Investment
limits and exposure norms on real-time basis. The Company uses systems like MSCI Barra One to evaluate and
monitor risks.
Asset Liability
Management
(ALM) Risk
An asset-liability mismatch occurs when the financial terms of an institution's assets and liabilities do not correspond.
These can lead to non-payment/deferment of claims, expenses, etc.
Operational Risk
The uncertainty arising from more than expected losses or damage to finances or reputation resulting from inadequate
or failed internal processes, controls, people, systems or external events.
Mitigation Strategy: Robust governance structure (ALM Committee) and well defined Asset Liability Management
framework ensures periodic monitoring of the Asset-Liability position of the Company. BSLI’s Asset Liability
Management Techniques aims to manage the volume, mix, maturity, rate sensitivity, quality and liquidity of assets
and liabilities as a whole so as to attain a predetermined acceptable risk/reward ratio. Strategies are reviewed
and revised based on the periodic monitoring. Various analyses are carried out to gauge the impact of the Interest
rate movements, market movements and mortality rate assumptions. Further the NAV guarantee products uses
proprietary monitoring mechanisms to ensure adequate ALM.
Mitigation Strategy: Operational risks are governed through Operational Risk Management policy. The Company
maintains an operational loss database to track and mitigate risks resulting in financial losses. The Company
has also initiated a Risk Control Self Assessment process to embed the control testing as a part of day to day
operations. To control operational risk, operating and reporting processes are reviewed and updated regularly.
Ongoing training through internal and external programs is designed to equip staff at all levels to meet the demands
of their respective positions. The Company has a Business Continuity Plan in place to manage any business
interruption risk. The Company is one of the few Indian Insurance companies to be ISO 22301 (Globally accepted
standard on Business Continuity) certified. Fraud management is handled through an internal committee and is
governed by the Fraud Reporting and Investigation Policy.
11/10/15 4:00:19 PM
Insurance Risk
The uncertainty of product performance due to differences between the actual experience and expected assumptions
affecting amount of claims, benefits payments, expenses, etc.
Mitigation Strategy: The Company through its risk management policies has set up systems to continuously monitor
its experience with regard to other parameters that affect the value of benefits offered in the products. Such
parameters include policy lapses, premium persistency, maintenance expenses and investment returns.
A strong underwriting team is in place to review all proposals from clients, supported by comprehensive processes
and procedures, and guided by international experts. The objective of the underwriting team is to minimise the risks
of abnormal mortality and morbidity by acquiring adequate information, to determine, whether to accept individual
lives, and if so, the extra premium if any, to compensate for any additional risk.
The operating expenses are monitored very closely. Many products offered by the Company also have an investment
guarantee. The Company has set aside additional reserves to cover this risk. Further, the possible financial effect of
adverse mortality and morbidity experience has been reduced by entering into reinsurance agreements.
Further, the possible financial effect of adverse mortality and morbidity experience has been reduced by entering into
reinsurance agreements with RGA, Munich Re and Swiss Re (international reinsurers) for individual life business, RGA
and Munich Re (international reinsurers) for group business. All reinsurers are specialist international reinsurance
companies with excellent reputation and significant financial strength. The Company has entered into a separate
agreement with RGA to cover the catastrophic risks under individual and group business.
Information
Security Risk
The risk arising from IT systems (Data Leakage, Application Vulnerabilities, Lack of Segregation of Duties and Access
Control), Human error, etc., can cause damage to finances or reputation.
Mitigation Strategy: Information Security risks are governed through Information Security policy. The Company
has a comprehensive policy designed to comply with privacy and/or data protection legislations as specified
in Indian Information Technology Act 2008 and Notification dated 11th April, 2011 on protection of sensitive
personal information and it provides direction to Information Security staff as well as management and employees
regarding their responsibilities for the Information Security function. We also perform risk assessment before any IT
applications. Ongoing training through internal and external programs is designed to equip staff at all levels to meet
the demands of their respective positions.
Business Continuity Management Policy:
To have a planned response in the event of any contingency ensuring recovery of critical activities at agreed levels within agreed timeframe
thereby complying with various regulatory requirements and minimising the potential business impact to BSLI. Additionally to create a
system that fosters continuous improvement of business continuity management.
Business Continuity Management Objectives:
1.
Ensuring a Proactive response to any contingency.
2.
Ensuring recovery of identified critical activities within agreed timeframe.
3.
Ensuring that we adhere to our clients, contractual, legal & regulatory requirements.
Business Continuity Management Framework:
Governance through Board Level Risk
Review Committee & ISO 22301 Framework
Implementation
through
Business
Continuity
Strategies/
Crisis
Management
Plan/Alternate
Site & DR Plan
Planning
through
Business
Impact
Analysis
&
Risk
Assessment
Exercising through
Disaster
Recovery/Alternate
Site, Call Tree
Testing, CMT drills
Evacuation Drills &
Facility Walkthrough
Review through
Internal/ISO 22301
Continual
Assessment &
Management
Review Meeting
with BCMS Steering
Committee
Embedding Business Continuity in the Culture through Risk Awareness Week,
Workshops/Trainings, Screensavers & Mailers
11/10/15 4:00:23 PM
B. Risk Management Committee
Governance structure:
Board of Directors
Risk Management Committee
Risk Management Team
Function Heads
Composition, Meeting, attendance and other details of Risk Management Committee are disclosed in Corporate Governance Report.
The risk management structure comprises of the Risk Management Team and Functional Heads governed by Board Level Risk Management
Committee. Briefly the Roles and Responsibilities of the Committee is summarised below:
Scope & Term of
Risk Management Committee
Reference
Risk Management
–
Requires management to identify and present to the Committee, major areas of risk facing the business
activities of the Company and strategies to manage those risks.
–
Reviews, at least annually, the adequacy of and compliance with the policies implemented for the
management and control of risk, including investment policies, asset-liability risk management, operational
risk, management of risk to reputation, management of outsourcing arrangements and approves changes to
the foregoing as appropriate.
Compliance
–Reviews at least annually and approves changes to policies or programs that provide for the monitoring of
compliance with legal and regulatory requirements including legislative compliance management systems.
–
Reviews the status of compliance and regulatory reviews and business practice reviews worldwide, including
at least annually, compliance with codes of conduct of the Aditya Birla Group and Sun Life Financial.
–
Reviews market conduct practices.
–
Reviews procedures for complying with anti-money laundering and suppression of terrorism laws and
regulations worldwide and monitors and reviews the effectiveness and compliance with those procedures.
Others
–Performs such other duties and exercises such other powers as may, from time to time, be assigned to
or vested in the Committee by the Board.
–
In addition to above any such other duties and exercises as may be specified by IRDA by way of notifications
or necessary amendments in applicable statutes and/or guidelines, from time to time.
11/10/15 4:00:26 PM
Auditors’ Report
Independent Auditors’ Report
To the Members of Birla Sun Life Insurance Company Limited
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Birla Sun Life Insurance Company Limited (the “Company”), which comprise
the Balance Sheet as at March 31, 2015, the related Revenue Account (also called the “Policyholders’ Account” or the “Technical Account”), the
Profit and Loss Account (also called the “Shareholders’ Account” or “Non-Technical Account”) and the Receipts and Payments Account for the year
then ended, and a summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Standalone Financial Statements
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to
the preparation of these standalone financial statements that give a true and fair view of the Balance Sheet, the related Revenue Account, the Profit
and Loss Account and the Receipts and Payments Account of the Company in accordance with accounting principles generally accepted in India,
including the provisions of the Insurance Act, 1938 (the “Insurance Act”), the Insurance Laws (Amendment) Act 2015 read with IRDA’s Circular
no. IRDAI/F&A/CIR/FA/059/03/2015 dated March 31, 2015, the Insurance Regulatory and Development Authority Act, 1999 (the “IRDA Act”), the
Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies)
Regulations, 2002 (the “IRDA Financial Statements Regulations”), orders/directions issued by the Insurance Regulatory and Development Authority
of India (the “IRDA”) in this regard, and the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the
Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance
of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the
audit report under the provisions of the Act and Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we
comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation of the
financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting
and the operating effectiveness of such internal control. An audit also includes evaluating the appropriateness of the accounting policies used and
the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements
give the information required in accordance the Insurance Act, the IRDA Act, the IRDA Financial Statements Regulations and the Act to the extent
applicable and in the manner so required, and give a true and fair view in conformity with the accounting principles generally accepted in India,
as applicable to Insurance Companies:
(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015;
(b)
in the case of Revenue Account, of the net surplus for the year ended on that date;
(c)
in the case of Profit and Loss Account, of the profit for the year ended on that date; and
(d)
in the case of the Receipts and Payments Account, of the receipts and payments for the year ended on that date.
Other Matter
The actuarial valuation of liabilities for life policies in force is the responsibility of the Company’s Appointed Actuary (the “Appointed Actuary”). The
actuarial valuation of these liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists
as at March 31, 2015 has been duly certified by the Appointed Actuary and in his opinion, the assumptions for such valuation are in accordance
with the guidelines and norms issued by IRDA and the Institute of Actuaries of India in concurrence with the IRDA. We have relied upon Appointed
Actuary’s certificate in this regard for forming our opinion on the standalone financial statements of the Company.
11/10/15 4:00:29 PM
Auditors’ Report
Report on Other Legal and Regulatory Requirements
1.As required by the IRDA Financial Statements Regulations, we have issued a separate certificate dated April 24, 2015 certifying the matters
specified in paragraphs 3 and 4 of Schedule C to the IRDA Financial Statements Regulations.
2.
As required by the IRDA Financial Statements Regulations, read with Section 143(3) of the Act, We report that:
(a)We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for
the purposes of the audit .
(b)In our opinion and to the best of our information and according to the explanations given to us, proper books of account as required by
law have been kept by the Company so far as appears from our examination of those books.
(c)The Balance Sheet, the Revenue Account, the Profit and Loss Account and the Receipts and Payments Account dealt with by this Report
are in agreement with the books of account.
(d)In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7of the Companies (Accounts) Rules, 2014 and with the accounting principles as prescribed in the IRDA Financial
Statements Regulations and orders/directions issued by IRDA in this regard;
(e)In our opinion and to the best of our information and according to the explanations given to us, investments have been valued in
accordance with the provisions of the Insurance Act, the Regulations and/or orders/directions issued by IRDA in this regard;
(f)On the basis of written representations received from the Directors of the Company, as on March 31, 2015 and taken on record by the
Board of Directors, none of the Directors is disqualified as on March 31, 2015 from being appointed as a Director in terms of Section
164(2) of the Act.
(g)With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i.The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Schedule
16, Note 39 to the financial statements;
ii.The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses,
if any, on long-term contracts. The Company did not have any derivative contracts as at balance sheet date - Refer Schedule 16,
Note 38 to the financial statements
iii.There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
For S. R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration No.: 101049W
For Khimji Kunverji & Co.
ICAI Firm Registration Number: 105146W
per Amit Kabra
Partner
Membership No. 094533
Mumbai
Hasmukh B. Dedhia
Partner
Membership No. F-33494
Mumbai
11/10/15 4:00:32 PM
Annexure to the Auditors’ Report
Independent Auditors’ Certificate
To,
The Board of Directors,
One Indiabulls Centre, Tower-1,
16th floor, Jupiter Mill Compound, 841 S.B. Marg,
Elphinstone Road, Mumbai – 400 013.
Dear Sirs,
[Ref: Certificate in accordance with the Regulation 13 (D)(7) of the IRDA (Investment) (5th Amendment) Regulations (“the Regulations”), 2013]
1.At the request of Birla Sun Life Insurance Company Limited (‘the Company’), we have performed the procedures stated in paragraph 2 below,
for the purpose of issuing a certificate in connection with the Regulations, regarding the declaration of the Net Asset Value (‘NAV’) of the
schemes of the Company as at March 31, 2015.
2. In this connection, we have performed the following procedures:
a.Obtained representation from the management that the Company has declared March 31, 2015 as a business day for accepting application
forms and that it has declared NAV for March 31, 2015;
b.Obtained the list of New Business applications, Renewal receipts, applications for Surrender, Free – Look Cancellation, Fund Switches,
Withdrawal, Partial Withdrawal and Top Up received in respect of Unit Linked Products on March 31, 2015 (together referred to as
“Application Forms”), from the Management;
c. Selected a sample of Application Forms from listing mentioned in paragraph 2(b) above and verified whether:
i.The applications received on Tuesday, March 31, 2015, upto 3.00 p.m. have been appropriately stamped; and the NAV of March 31,
2015 is applied for applications received by the Company upto 3.00 p.m. on Tuesday, March 31, 2015 for the selected samples; and
ii.The applications received on Tuesday, March 31, 2015, after 3.00 p.m. hours have been appropriately stamped; and the NAV of
April 1, 2015 is applied for the applications received by the Company after 3.00 p.m. hours on Tuesday, March 31, 2015 for the
selected samples.
3. The compliance with conditions stated in the circular is the responsibility of the Company’s management. Our responsibility is to perform the
above-mentioned procedures on the particulars and state our findings. We performed the above-mentioned procedures, in accordance with
the Guidance Note on Audit Reports and Certificates for Special Purposes issued by the Institute of Chartered Accountants of India (“ICAI”).
The above-mentioned procedures include examining evidence supporting the particulars on a test basis. Further, our scope of work did not
involve us performing audit tests for the purposes of expressing an opinion on the fairness or accuracy of any of the financial information or
the financial statements of the Company taken as a whole. We have not performed an audit, the objective of which would be the expression
of an opinion on the financial statements, specified elements, accounts or items thereof, for the purpose of this certificate. Accordingly, we do
not express such opinion.
4. Based on the procedures performed by us, as mentioned in paragraph 2 above, according to the information and explanations provided to us
and representation by the Company’s management, we confirm that:
a. The Company has declared March 31, 2015 as a business day for accepting proposal forms;
b. The Company has declared NAV for March 31, 2015;
c.The applications received on Tuesday, March 31, 2015 upto 3.00 p.m. have been stamped as such and that the NAV of March 31, 2015 is
applied for proposals received upto 3.00 p.m.; and
d.The application received on Tuesday, March 31, 2015 after 3.00 p.m. have been stamped as such and that the NAV of next financial year
i.e. April 1, 2015 is applied for proposal received after 3.00 p.m.
5. The concurrent auditors of the Company, M/s. M. P. Chitale & Co., Chartered Accountants have issued a certificate dated April 21, 2015
confirming the compliance with requirements of Regulation 13 (D)(5) of the Regulations. We have read the certificate and found the same to
be in order.
6. This certificate is issued at the request of the Company solely for use of the Company for inclusion in the annual accounts as per Regulation
13 (D)(7) of the Regulations and is not intended to be used or distributed for any other purpose. We have no responsibility to update this
certificate for events and circumstances occurring after the date of this certificate.
per Amit Kabra
Partner
Mumbai
Hasmukh B. Dedhia
Partner
Mumbai
11/10/15 4:00:35 PM
Annexure to the Auditors’ Report
Independent Auditors’ Certificate
(Referred to in paragraph 1 of our Report on Other Legal and Regulatory Requirements forming part of the Independent Auditors’ Report dated
April 24, 2015)
T his certificate is issued to comply with the provisions of paragraphs 3 and 4 of Schedule C of the Insurance Regulatory and Development Authority
(Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations 2002, (the “Regulations”) read with regulation 3
of the Regulations.
Management of the Company is responsible for complying with the provisions of The Insurance Act, 1938 (the “Insurance Act”), the Insurance
Laws (Amendment) Act 2015 read with IRDA’s Circular no. IRDAI/F&A/CIR/FA/059/03/2015 dated March 31, 2015, the Insurance Regulatory and
Development Authority Act, 1999 (the “IRDA Act”), the Insurance Regulatory and Development Authority (Preparation of Financial Statements
and Auditor’s Report of Insurance Companies) Regulations, 2002 (the “IRDA Financial Statements Regulations”), orders/directions issued by
the Insurance Regulatory and Development Authority of India (the “IRDA”) which includes the preparation of the Management Report. This includes
collecting, collating and validating data and designing, implementing and monitoring of internal controls suitable for ensuring compliance as
aforesaid.
Our responsibility, for the purpose of this certificate, is limited to certifying matters contained in paragraphs 3 and 4 of Schedule C of the
Regulations. We conducted our examination in accordance with the Guidance Note on Audit Reports and Certificates for Special Purposes issued
by the Institute of Chartered Accountants of India (the “ICAI”).
In accordance with the information and explanations given to us and to the best of our knowledge and belief and based on our examination of the
books of account and other records maintained by Birla Sun Life Insurance Company Limited (‘the Company’) for the year ended March 31, 2015,
we certify that:
1.
We have reviewed the Management Report attached to the financial statements for the year ended March 31, 2015, and on the basis of our
review, there is no apparent mistake or material inconsistencies with the financial statements;
2.
Based on management representations and compliance certificates submitted to the Board of Directors by the officers of the Company
charged with compliance and the same being noted by the Board, we certify that the Company has complied with the terms and conditions
of registration stipulated by the IRDA;
3.
We have verified the cash balances, to the extent considered necessary, and securities relating to the Company’s loans and investments as at
March 31, 2015, by actual inspection or on the basis of certificates/confirmations received from the Custodian and/or Depository Participants
appointed by the Company, as the case may be. As at March 31, 2015, the Company does not have reversions and life interests;
4.
The Company is not a trustee of any trust; and
5.
No part of the assets of the Policyholders’ Funds has been directly or indirectly applied in contravention to the provisions of the Insurance
Act, 1938, relating to the application and investments of the Policyholders’ Funds.
per Amit Kabra
Partner
Mumbai
Hasmukh B. Dedhia
Partner
Membership No. F-33494
Mumbai
11/10/15 4:00:38 PM
Revenue Account
Birla Sunlife Insurance Company Limited
Registration Number: 109 dated 31st January 2001
Form A-RA
Policyholders’ Account (Technical Account)
(Amounts in thousands of Indian Rupees)
Particulars
Schedule
Premiums Earned - Net
(a) Premium
(b) Reinsurance ceded
(c) Reinsurance accepted
1
Sub-Total
Income from Investments
(a) Interest, Dividend & Rent - Gross
(b) Profit on Sale/Redemption of Investments
(c) (Loss) on Sale/Redemption of Investments
(d) Transfer/Gain (Loss) on revaluation/Change in Fair value
Sub-Total
Other Income
(a) Contribution from the Shareholders' Account (Refer Schedule 16 Note 6)
(b) Others (Interest, etc.)
Sub-Total
Total (A)
Commission
Operating Expenses related to Insurance Business
Service Tax on Charges
Provision for doubtful debts
Bad Debts written off
Provision for Fringe benefit tax
Provision (other than taxation)
(a) For diminution in value of investments (net)
(b) Others
2
3
Total (B)
Benefits paid (Net)
Interim Bonuses Paid
Change in valuation of liability in respect of life policies
(a) Gross
(b) Fund Reserve
(c) Premium Discontinuance Fund - Linked
(d) (Amount ceded in Re-insurance)
(e) Amount accepted in Re-insurance
4
Year ended
31st March 2014
52,332,246
(1,648,583)
–
48,330,521
(1,882,008)
–
50,683,663
46,448,513
13,521,864
30,620,788
(1,470,354)
10,419,776
11,758,483
10,668,152
(7,676,685)
10,208,794
53,092,074
24,958,744
3,153,831
336,157
2,591,891
365,427
3,489,988
2,957,318
107,265,725
74,364,575
2,333,736
8,707,124
1,019,890
–
–
2,347,130
9,180,154
1,190,429
–
–
–
–
–
–
12,060,750
12,717,714
37,716,053
2,847
36,654,283
734
15,935,934
34,340,805
4,224,216
(1,432,326)
–
10,429,613
10,372,440
2,704,030
(2,376,717)
–
90,787,529
57,784,383
Surplus (D) = (A) – (B) – (C)
4,417,446
3,862,477
Appropriations
Transfer to Shareholders' Account (Refer Schedule 16 Note 6)
Transfer to other Reserve
(Release from)/Transfer to Funds for Future Appropriation
4,966,022
–
(548,576)
5,224,519
–
(1,362,041)
4,417,446
3,862,478
2,847
628,308
4,417,446
734
380,045
3,862,478
5,048,601
4,243,256
Total (C)
Year ended
31st March 2015
Total (D)
The total surplus as mentioned below:
(a) Interim Bonuses Paid
(b) Allocation of Bonus to Policyholders
(c) Surplus shown in the Revenue Account
Total Surplus [(a)+(b)+(c)]
Significant Accounting Policies and Disclosures
The schedules and accompanying notes are an integral part of this Revenue Account
16
As required by Section 40B(4) of the Insurance Act, 1938 we certify that all expenses of Management in respect of life insurance business transacted in India by the Company have been
fully debited to the Policyholders' Account.
In terms of our report attached
ICAI Firm Registration No. 101049W
per Amit Kabra
Partner
Hasmukh Dedhia
Partner
Chairman
(DIN - 00012813)
Ajay Srinivasan
Director
(DIN - 00121181)
Donald A. Stewart
Director
(DIN - 00438164)
Pankaj Razdan
(DIN - 00061240)
Mayank Bathwal
Deputy Chief
Executive Officer
Amit Jain
Anil Kumar Singh
& Appointed Actuary
Amber Gupta
Company Secretary
11/10/15 4:00:41 PM
Profit and Loss Account
Form A-PL
Shareholders’ Account (Non-technical Account)
Year ended
31st March 2015
Year ended
31st March 2014
4,966,022
5,224,519
1,210,540
65,860
–
1,053,255
108,540
(12,419)
Other Income
–
–
Total (A)
6,242,422
6,373,895
234,562
–
74,468
–
–
–
–
3,153,831
–
–
–
2,591,891
Total (B)
3,388,393
2,666,359
Profit before tax
Profit after tax
2,854,029
–
2,854,029
3,707,536
–
3,707,536
Appropriations
(a) Balance at the beginning of the period
(b) Interim dividends during the period
(c) Proposed final dividend
(d) Dividend distribution tax
(e) Transfer to reserves/other accounts
(9,536,350)
–
–
–
–
(12,424,921)
–
700,000
118,965
–
Loss carried forward to Balance Sheet
(6,682,321)
(9,536,350)
1.50
1.94
Particulars
Schedule
Amounts transferred from Policyholders’ Account (Technical Account)
(Refer Schedule 16 Note 6)
(a) Interest, Dividend & Rent – Gross
(b) Profit on sale/redemption of investments
(c) (Loss) on sale/redemption of investments
Expense other than those directly related to the insurance business
Bad debts written off
(a) For diminution in the value of investment (net)
(b) Provision for doubtful debts
(c) Others
(d) Contribution to the Policyholders’ Account
3A
Earning Per Share (Basic and Diluted), Face Value of ` 10 (in `)
16
The schedules and accompanying notes are an integral part of this Profit and Loss Account
In terms of our report attached.
ICAI Firm
Registration No. 101049W
ICAI Firm
per Amit Kabra
Partner
Hasmukh Dedhia
Partner
Chairman
(DIN - 00012813)
Ajay Srinivasan
Director
(DIN - 00121181)
Pankaj Razdan
Mayank Bathwal
(DIN - 00061240)
Executive Officer
Anil Kumar Singh
& Appointed Actuary
Donald A. Stewart
Director
(DIN - 00438164)
Amit Jain
Amber Gupta
Company Secretary
11/10/15 4:00:44 PM
Balance Sheet
Form A-BS
Balance Sheet as at 31st March, 2015
Particulars
As at
31st March 2015
As at
31st March 2014
19,012,080
2,682,948
–
21,695,028
–
19,012,080
2,682,948
1,409
21,696,437
–
335,732
42,856,865
–
211,153,672
40,623
28,353,255
–
187,232,643
8,978,658
–
24,879,886
245,012,216
288,204,813
4,754,442
–
14,460,109
206,447,194
234,841,072
184,774
310,084,615
733,351
257,270,860
8
8A
8B
9
10
15,523,423
41,311,520
245,012,216
378,749
491,661
13,292,091
28,007,168
206,447,194
284,669
399,243
11
12
4,311,893
3,875,590
8,187,483
5,076,825
3,540,989
8,617,814
13
14
6,817,496
279,135
7,096,631
1,090,852
7,786,437
1,121,105
8,907,542
(289,728)
15
–
6,276,194
–
9,130,223
310,084,615
257,270,860
Schedule
Sources of Funds
Shareholders’ funds:
Share Capital
Reserves and Surplus (Refer Schedule 16 Note 34)
Credit/(Debit)/Fair Value Change Account
Sub-Total
Borrowings
Policyholders’ Funds:
Credit/(Debit) Fair Value Change Account
Policy liabilities
Insurance reserves
Provision for linked liabilities
Funds for discontinued policies
(i)
Discontinued on account of non-payment of premium
(ii) Others
Credit/(Debit) Fair Value Change Account (Linked)
Total Linked Liabilities
Sub-Total
Funds for Future Appropriation
– Linked Liabilities
Total
5
6
7
Application of Funds
Investments
Shareholders’
Policyholders’
Assets Held to Cover Linked Liabilities
Loans
Fixed Assets
Current Assets
Cash and Bank Balances
Advances and Other Assets
Sub-Total (A)
Current Liabilities
Provisions
Sub-Total (B)
Net Current Assets (C) = (A – B)
Miscellaneous Expenditure
(To the extent not written off or Adjusted)
Debit Balance in Profit and Loss Account (Shareholders’ Account)
Total
The schedules and accompanying notes are an integral part of this Balance Sheet
16
ICAI Firm
ICAI Firm
per Amit Kabra
Partner
Hasmukh Dedhia
Partner
Chairman
(DIN - 00012813)
Ajay Srinivasan
Director
(DIN - 00121181)
Pankaj Razdan
Mayank Bathwal
(DIN - 00061240)
Executive Officer
Anil Kumar Singh
& Appointed Actuary
Donald A. Stewart
Director
(DIN - 00438164)
Amit Jain
Amber Gupta
Company Secretary
11/10/15 4:00:47 PM
Schedules
Schedule 1
Premium
Year ended
31st March 2015
Year ended
31st March 2014
First Year Premium
Renewal Premium
Single Premium
18,963,685
32,952,821
415,740
16,387,172
31,355,621
587,728
Total Gross Premium
52,332,246
48,330,521
52,332,246
–
48,330,521
–
52,332,246
48,330,521
Year ended
31st March 2015
Year ended
31st March 2014
Commission Paid
Direct – First Year Premium
Renewal Premium
Single Premium
1,321,172
1,007,208
5,356
1,486,361
851,244
9,525
Sub-Total
2,333,736
2,347,130
–
–
–
–
–
–
2,333,736
2,347,130
1,565,620
1,530,468
238,681
529,283
152
274,460
541,448
754
2,333,736
2,347,130
Particulars
1
2
3
Premium Income from Business written:
In India
Outside India
Total Premium
Note: Refer Schedule 16 Note 2(c)(i)
Schedule 2
Commission expenses
Particulars
Add: Commission on Re-insurance Accepted
Less: Commission on Re-insurance Ceded
Others:
Bonus Commission
Net Commission
Breakup of Commission
Particulars
Individual Agents
Brokers
Corporate Agents
Referral
Total
Note: Refer Schedule 16 Note 2(e)
11/10/15 4:00:50 PM
Schedules
Schedule 3
Operating Expenses Related to Insurance Business
Year ended
31st March 2015
Year ended
31st March 2014
Employees’ remuneration, welfare benefits and other manpower costs
Travel, conveyance and vehicle running expenses
Training expenses
Rents, rates and taxes
Repairs & maintenance
Printing and stationery
Communication expenses
Legal and professional charges
Medical fees
Auditor’s fees, expenses, etc.
(a) (i) As auditor
(ii) Out of pocket expenses
(b) As advisor or in any other capacity, in respect of
(i) Taxation services/matters
(ii) Management services
Advertisement and publicity
Interest and bank charges
Others: 1) Distribution expenses
2) Agents recruitment, seminar and other expenses
3) Recruitment and seminar expenses
4) IT expenses (including maintenance)
5) Policy stamps
6) (Profit)/Loss on sale of assets
7) Service Tax expenditure including provision for unutilised credit*
8) Electricity expenses
9) Miscellaneous expenses
10) Outsourcing expenses
Depreciation
4,691,423
202,647
134,032
623,248
237,730
67,635
170,253
100,139
61,648
5,064,391
180,677
40,786
714,508
251,514
87,188
161,506
122,340
40,375
6,601
491
5,400
626
–
1,080
705,992
(112,794)
464,830
10,661
142,976
418,065
167,131
9,605
–
146,324
39,725
227,474
190,207
–
1,014
757,085
145,629
526,873
11,186
53,698
363,272
161,574
(1,339)
(108,274)
178,544
5,141
252,490
163,949
Total
8,707,124
9,180,154
Year ended
31st March 2015
Year ended
31st March 2014
Employees' remuneration, welfare benefits and other manpower costs
Miscellaneous Expenses
154,466
13,564
37,135
29,396
34,393
8,778
11,487
19,811
Total
234,562
74,470
Particulars
1
2
3
4
5
6
7
8
9
10
11
12
13
14
* Includes reversal of provisions relating to unutilised credit of service tax for earlier years.
Schedule 3A
Operating Expenses other than those Directly Related to Insurance Business
Particulars
1
2
3
4
11/10/15 4:00:53 PM
Schedules
Schedule 4
Benefits Paid (Net)
Particulars
1
2
3
Year ended
31st March 2015
Year ended
31st March 2014
Insurance Claims
(a) Claims by Death
(b) Claims by Maturity
(c) Annuities/Pension payment
(d) Other benefits
(i) Surrender
(ii) Riders
(iii) Health
(iv) Survival and Others
3,536,825
503,908
25,354
3,394,929
599,761
4,549
34,859,953
42,634
11,619
96,183
33,816,203
55,702
8,866
183,224
(Amount ceded in reinsurance):
(a) Claims by Death
(c) Annuities/Pension Payment
(d) Other benefits (Health)
(1,356,734)
–
–
(3,689)
(1,403,651)
–
–
(5,300)
Amount accepted in reinsurance:
(a) Claims by Death
(d) Other benefits
–
–
–
–
–
–
–
–
Total
37,716,053
36,654,283
Benefits paid to Claimants
1 In India
2 Outside India
37,716,053
–
36,654,283
–
Total
37,716,053
36,654,283
As at
31st March 2015
As at
31st March 2014
37,500,000
37,500,000
19,012,080
19,012,080
Note: Refer Schedule 16 Note 2(d)
Schedule 5
Share Capital
Particulars
1
2
Authorised Capital
3,750,000,000 Equity Shares of ` 10/- each
Issued, Subscribed & Paid-up Capital
1,901,208,000 Equity Shares (Previous Year:
1,901,208,000 Equity Shares) of ` 10/- each fully paid-up
Less: Preliminary Expenses
Total
–
–
19,012,080
19,012,080
Note: Of the above 1,406,893,920 Equity Shares (Previous Year: 1,406,893,920 equity shares) of ` 10/- each are held by Aditya Birla Nuvo Limited,
the holding Company.
11/10/15 4:00:57 PM
Schedules
Schedule 5A
Pattern of shareholding (As certified by the Management)
Shareholder
As at 31st March 2015
Number of Shares
% of Holding
Number of Shares
% of Holding
Indian
Foreign
Others
1,406,893,920
494,314,080
–
74%
26%
–
1,406,893,920
494,314,080
–
74%
26%
–
Total
1,901,208,000
100%
1,901,208,000
100%
As at
31st March 2015
As at
31st March 2015
As at
31st March 2014
As at
31st March 2014
Promoters:
Schedule 6
Reserves and Surplus
Particulars
1
2
3
4
5
6
7
Capital Reserve
Capital Redemption Reserve
Share Premium
Opening balance
Add: Additions during the year
Less: Utilised during the year
Revaluation Reserve
General reserve
Opening balance
Less: Debit balance of Profit & Loss Account
Catastrophe Reserve
Balance of profit in Profit and Loss Account
Total
–
682,920
2,000,028
–
–
406,127
–
406,127
–
–
682,920
2,000,028
4,800,000
–
2,799,972
–
406,127
–
–
–
406,127
–
2,682,948
2,000,028
–
2,682,948
Schedule 7
Borrowings
As at
31st March 2015
As at
31st March 2014
Debentures/Bonds
Banks
Financial Institutions
Others
–
–
–
–
–
–
–
–
Total
–
–
Particulars
1
2
3
4
11/10/15 4:01:00 PM
Schedules
Schedule 8
Investments - Shareholders
Particulars
LONG-TERM INVESTMENTS
1
Government securities and Government guaranteed bonds including Treasury Bills
(Refer Schedule 16 Note 17 (iii) a & b)*
2
Other Approved Securities
3
Other Investments
(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual Funds
(c) Derivative Instruments
(d) Debentures/Bonds
(e) Other Securities
(f) Subsidiaries***
(g) Investment Properties-Real Estate
4
Investments in Infrastructure and Social Sector
5
Other than Approved Investments
Total (A)
SHORT-TERM INVESTMENTS
1
2
- Fixed Deposits**
- Others
3
Other Investments
(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual Funds
(f) Subsidiaries
4
5
Outstanding trades
6
Total (B)
TOTAL (A) + (B)
As at
31st March 2015
As at
31st March 2014
6,272,100
496,993
–
–
–
–
–
–
2,960,289
458,500
500
–
4,504,366
12,500
5,311,487
497,311
–
–
–
–
–
–
1,871,698
99,000
–
–
3,414,290
12,500
14,705,248
11,206,286
3,732
–
300,000
–
–
–
–
–
–
–
7,519
–
–
–
–
–
506,924
300,000
35,688
–
–
–
–
314,305
–
49,989
–
–
–
–
–
1,385,823
818,175
15,523,423
2,085,805
13,292,091
Notes:
1
Aggregate amount of Company’s investments (other than listed equity securities, mutual fund and derivative instruments) and the market
value thereof.
Particulars
Aggregate amount of Company’s investments other than listed equity securities, mutual fund
and derivative instruments
Market value of above Investments
2
3
4
5
6
7
8
As at
31st March 2015
As at
31st March 2014
15,016,500
15,595,729
11,591,963
11,212,664
*** Investments in subsidiary companies at cost is ` 500 (Previous year ` Nil)
Investments made out of Catastrophe reserve is ` Nil (Previous year ` Nil)
Debt Securities are held to maturity and reduction in market values represent market conditions and not a permanent dimunition in
value of investments, if any.
Historical cost of Mutual Fund & Equity included above is, for Mutual Fund ` 506,923 (Previous Year: ` 1,698,719) and for equity ` 13,000
(Previous year: ` 12,500).
* Includes Government securities amounting to ` 275,359 have been deposited with Clearing Corporation of India Ltd. (CCIL) towards
Settlement Guarantee Fund (SGF) deposit for trades in Security & CBLO through CCIL.
** Fixed Deposit amounting to ` 250,000 and ` 50,000 have been placed with National Securities Clearing Corporation Ltd. (NSCCL) and
Indian Clearing Corporation Ltd. (ICCL) respectively towards margin requirement for Equity trade settlement.
Refer Schedule 16 Note 2(f).
11/10/15 4:01:03 PM
Schedules
Schedule 8A
Investments - Policyholders
Particulars
1
2
3
Other Investments
(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual Funds
(f) Subsidiaries
4
Investment in Infrastructure and Social Sector
5
Total (A)
1
2
- Fixed Deposits
- Others
3
Other Investments
(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual fund
(f) Subsidiaries
4
5
Other than Approved Investments*
Total (B)
TOTAL (A) + (B)
As at
31st March 2015
As at
31st March 2014
20,266,454
1,135,095
12,256,995
798,415
2,705,948
2,178
–
–
5,869,036
735,200
–
–
8,023,803
69,850
270,335
1,905
–
–
3,679,063
185,200
–
–
5,170,449
5,211
38,807,564
22,367,573
699,714
1,791,486
100,000
297,145
950,000
1,656,350
–
–
764,309
–
59,826
–
–
–
138,566
444,396
–
–
429,131
–
50,000
–
–
–
80,005
682,623
2,503,956
5,639,595
41,311,520
28,007,168
Notes:
1
Aggregate amount of company’s investments (other than listed equity securities, mutual fund and derivative instruments) and the market
value thereof.
Particulars
Aggregate amount of Company’s investments other than listed equity securities,
mutual fund and derivative instruments
2
3
4
5
6
As at
31st March 2015
As at
31st March 2014
37,219,176
38,892,672
26,589,498
25,934,117
Investments in subsidiary/holding companies, joint ventures and associates at cost is ` Nil (Previous Year ` Nil).
Investments made out of catastrophe reserves is ` Nil (Previous Year ` Nil).
Debt Securities are held to maturity and reduction in market values represents market conditions and not a permanent diminution in the
Historical cost of Mutual Fund & Equity included above is, for Mutual Fund ` 1,208,705 (Previous Year: ` 1,110,898) and for equity
` 2,544,993 (Previous year: 266,151).
11/10/15 4:01:06 PM
Schedules
Schedule 8B
Assets held to cover linked liabilities
Particulars
1
2
3
Other Investments
(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual Funds
(f) Subsidiaries
4
5
Total (A)
1
2
- Fixed Deposits
- Others
3
Other Investments
(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual Funds
(d) Application Money
(f) Subsidiaries
4
5
Total (B)
OTHER ASSETS
1
Bank Balances
2
Interest Accrued & Dividend Receivable
3
Fund Charges
4
Outstanding Contracts (Net)
Total (C)
TOTAL (A) + (B) + (C)
As at
31st March 2015
As at
31st March 2014
46,517,839
495,756
28,658,732
354,506
–
92,778,791
87,370
–
–
22,166,465
2,705,000
–
–
48,256,616
2,365,041
–
88,174,868
76,449
–
–
18,652,614
1,151,000
–
–
30,129,810
2,662,100
215,372,878
169,860,079
514,818
444,641
3,269,800
7,415,909
7,163,100
7,518,280
–
–
–
–
–
2,274,834
–
–
–
–
1,362,609
8,199,668
–
–
–
–
–
3,879,205
–
–
–
–
2,344,766
9,537,866
23,037,638
30,887,858
11,396
3,729,385
–
2,860,919
1,645,187
3,225,643
–
828,427
6,601,700
5,699,257
245,012,216
206,447,194
Refer Schedule 16 Note 2(f)
Notes:
1
Investments in subsidiary/holding companies, joint ventures and associates at cost is ` Nil (Previous Year ` Nil).
2
Investments made out of catastrophe reserves is ` Nil (Previous Year ` Nil).
3
Debt Securities are held to maturity and reduction in market values represent market conditions and not a permanent dimunition in value
of investments, if any.
4
Historical cost of Mutual Fund & Equity included above is, for Mutual Fund ` 7,015,424 (Previous Year: ` 8,628,311) and for equity
` 90,094,930 (Previous year: ` 85,816,047).
5
11/10/15 4:01:09 PM
Schedules
Schedule 9
Loans
As at
31st March 2015
As at
31st March 2014
Security-wise classification
Secured
(a) On mortgage of property
(aa) In India
(bb) Outside India
(b) On Shares, Bonds, Govt. Securities, etc.
(c) Loans against Policies
(d) Others
Unsecured
–
–
–
378,749
–
–
–
–
–
284,669
–
–
Total
378,749
284,669
Borrower-wise classification
(a) Central and State Governments
(b) Banks and Financial Institutions
(c) Subsidiaries
(d) Companies
(e) Loans against Policies
(f) Others
–
–
–
–
378,749
–
–
–
–
–
284,669
–
Total
378,749
284,669
378,749
–
284,669
–
–
–
–
–
Total
378,749
284,669
Maturity-wise classification
(a) Short-Term
(b) Long-Term
116
378,633
2,248
282,421
Total
378,749
284,669
Particulars
1
2
3
4
Performance-wise classification
(a) Loans classified as standard:
(aa) In India
(bb) Outside India
(b) Non-standard loans less provisions
(aa) In India
(bb) Outside India
Note: Refer Schedule 16 Note 2(g).
11/10/15 4:01:12 PM
277,465
175,742
136,764
–
136,764
–
–
–
–
–
12,577
57,487
6,002
19,234
41,464
2,345,915
2,486,620
–
2,486,620
–
1,125,761
–
–
–
114,974
692,070
13,170
196,376
344,269
As at
March 31,
2015
968
–
968
–
60
–
60
968
Total
Capital Work in Progress
(Including Capital Advances)
Grand Total
Previous Year
897
72
60
–
Furniture & Fittings
Information Technology Equipment
Vehicles
Office Equipment
Others (Leasehold Improvements)
Particulars
Net Block
As at
As at
March 31, March 31,
2015
2014
1,991,726
1,996,173
–
1,996,173
–
853,995
–
–
–
101,245
568,255
7,270
177,961
287,447
As at
April 1,
2014
163,948
190,206
–
190,206
–
73,361
–
–
–
4,795
74,529
3,367
10,919
23,235
159,503
119,228
–
119,228
–
–
–
–
–
12,238
53,464
4,486
18,357
30,683
Depreciation
For the
On Sales/
year Adjustments
1,996,171
2,067,152
–
2,067,152
–
927,356
–
–
–
93,802
589,321
6,151
170,522
280,000
As at
March 31,
2015
399,243
491,661
72,193
419,468
–
198,405
–
–
–
21,172
102,749
7,020
25,854
64,269
399,243
49,499
349,745
–
99,201
–
–
–
10,589
128,239
7,810
26,825
77,081
Net Block
As at
As at
March 31,
March 31,
2015
2014
Schedules
Notes:
1. Refer Schedule 16 Note 2(h).
2. Sale/Adjustments as appearing in gross block includes closure of branches & assets write off thereon.
3. Jointly held assets which form part of Schedule 10.
199,124
2,345,918
2,322,534
Grand Total
Previous Year
277,465
–
172,564
–
–
–
15,718
53,061
4,093
10,824
21,205
Cost/Gross Block
Additions
On Sales/
Adjustments
–
2,345,918
–
953,197
–
–
–
111,833
696,495
15,079
204,786
364,528
As at
April 1,
2014
–
Total
Goodwill
Intangibles (Software)
Land-Freehold
Leasehold property
Buildings
Vehicles
Office Equipment
Particulars
Schedule 10
Fixed Assets
11/10/15 4:01:15 PM
Schedules
Schedule 11
As at
31st March 2015
As at
31st March 2014
1,123,823
1,076,194
3,063,421
–
124,649
–
3,922,148
–
78,483
–
Money at Call and Short Notice
(a) With Banks
(b) With other Institutions
–
–
–
–
Others
–
–
4,311,893
5,076,825
4,311,893
–
5,076,825
–
4,311,893
5,076,825
Particulars
1
Cash (including cheques on hand ` 1085,128/- Previous year ` 146,748/-)
(Stamps on hand ` 216/- Previous year ` 17,725/-)
2
Bank Balances
(a) Deposit Accounts
(aa) Short-term (due within 12 months)
(bb) Others
(b) Current Accounts
(c) Others
3
4
Total
Balances with non-scheduled banks included in 2 above
1 In India
2 Outside India
Total
11/10/15 4:01:18 PM
Schedules
Schedule 12
Particulars
ADVANCES
1
Reserve deposits with ceding companies
2
Application money for investments
3
Prepayments
4
Advances to Directors/Officers
5
Advance tax paid and taxes deducted at source
6
Other advances
(a) Advance to Suppliers/Contractors
(b) Others
Total (A)
OTHER ASSETS
1
Income accrued on Investments
2
Outstanding Premiums
3
Agent’s Balances (gross)
Less: Provision for doubtful debts
4
Foreign Agencies Balances
5
Due from other Entities carrying on insurance business
6
Due from Subsidiary company
7
Deposit with Reserve Bank of India
8
Service Tax unutilised credits
Less: Provision for Service Tax unutilised credits
9
OthersDeposits & Others
Outstanding Trades
Insurance Policies (Leave Encashment)
Application money for Investment
26,742
–
262,578
–
As at
31st March 2015
As at
31st March 2014
–
–
184,796
–
7,691
–
–
183,822
–
4,816
30,782
66,060
67,913
35,303
289,329
291,854
1,703,114
1,022,818
1,223,721
1,038,095
26,742
–
8,078
3,646
–
262,578
37,309
–
341,752
–
37,309
–
28,372
–
–
341,752
333,180
–
226,105
–
371,607
13,263
195,016
–
Total (B)
3,586,261
3,249,135
Total (A + B)
3,875,590
3,540,989
11/10/15 4:01:21 PM
Schedules
Schedule 13
Current Liabilities
As at
31st March 2015
As at
31st March 2014
Agent’s Balance
Balances due to other insurance companies
Deposits held on re-insurance ceded
Premiums received in advance
Unallocated premiums
Sundry Creditors*
Due to holding company
Claims outstanding
Annuities Due
Due to Officers/Directors
Others
(a) Policy Application and other Deposits
(b) Due to Policyholders
(c) Taxes Payable
(d) Temporary Overdraft (as per books only)
(e) Unclaimed amounts of policyholders
(f) Interim dividend payable
510,546
27,968
–
1,114,921
61,188
1,874,443
–
126,711
–
–
554,781
27,012
–
1,576,145
–
2,330,840
–
91,612
–
–
687,160
64,913
171,051
–
2,178,595
–
743,249
30,245
221,424
–
2,211,129
–
Total
6,817,496
7,786,437
Particulars
1
2
3
4
5
6
7
8
9
10
11
* T here are no Micro, Small and Medium Enterprises to whom the Company owes dues, which are outstanding for more than 45 days as at
31st March 2015. This information as required to be disclosed under the Micro, Small & Medium Enterprises Development Act, 2006 has been
determined to the extent such parties have been identified on the basis of information available with the Company.
Schedule 14
Provisions
Particulars
1
2
3
4
As at
31st March 2015
As at
31st March 2014
For taxation
(a) Provision for wealth tax
For proposed dividends
For dividend distribution tax
Others
(a) Provision for long-term bonus plan [Refer Schedule 16, Note 25]
(b) Provision for renewal bonus
(c) Provision for gratuity
(d) Provision for leave encashment [Refer Schedule 16, Note 26 (a)(ii)]
78
–
–
84
700,000
118,965
146,553
–
–
132,504
157,062
–
–
144,994
Total
279,135
1,121,105
As at
31st March 2015
As at
31st March 2014
Schedule 15
(To the extent not written off or adjusted)
Particulars
1
Discount Allowed in issue of shares/debentures
–
–
2
Others
–
–
Total
–
–
11/10/15 4:01:24 PM
Schedules
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
Schedules forming part of the Financial Statements for the year ended 31st March 2015
Schedule 16
Notes to the Financial Statements
1. Background
Birla Sun Life Insurance Company Limited (‘the Company’), headquartered at Mumbai, had commenced operations on 19th March 2001,
after receiving the license to transact life insurance business in India from the Insurance Regulatory and Development Authority (‘IRDA’) on
31st January 2001. The license has been renewed annually and is in force as at 31st March 2015.
The Company is a joint venture between Aditya Birla Nuvo Limited, a Company of the Aditya Birla Group of India (74 percent) and Sun Life
Financial (India) Insurance Investments Inc., subsidiary of Sun Life Assurance Company of Canada (26 percent). This business spans across
individual and group products and covers participating, non-participating and unit linked lines of businesses. Riders covering additional
benefits are offered under these products. These products are distributed through individual agents, corporate agents, banks, brokers and
other intermediaries across the country.
2.
Significant Accounting Policies
a)
Basis of preparation
The accompanying financial statements have been prepared and presented under the historical cost convention, on the accrual basis
of accounting, in accordance with accounting principles generally accepted in India, including the provisions of the Insurance Act,
1938 (the “Insurance Act”), the Insurance Laws (Amendment) Act 2015 read with IRDA’s Circular no. IRDAI/F&A/CIR/FA/059/03/2015
dated March 31, 2015, the Insurance Regulatory and Development Authority Act, 1999 (the “IRDA Act”), the Insurance Regulatory and
Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002
(the “IRDA Financial Statements Regulations”), orders/directions issued by the Insurance Regulatory and Development Authority of
India (the “IRDA”) in this regard, the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014, and various circulars issued by IRDA and practices prevailing in the insurance industry in India. The accounting
policies have been consistently applied by the Company.
The management evaluates all recently issued or revised accounting pronouncements on an ongoing basis.
b)
Use of estimates
The preparation of the financial statements in conformity with generally accepted accounting principles (‘GAAP’) requires that the
Company’s management make estimates and assumptions that affect the reported amounts of income and expenses for the year,
reported balances of assets and liabilities and disclosures relating to contingent liabilities as of the date of the financial statements.
The estimates and assumptions used in the financial statements are based upon management’s evaluation of the relevant facts and
circumstances as on date of the financial statement. Any revision to accounting estimates is recognised prospectively. Examples of
such estimates include valuation of policy liabilities, provision for linked liabilities, funds for future appropriations, provision for doubtful
debts, valuation of unlisted securities, if any, valuation of debt securities, future obligations under employee retirement benefits plans
and the useful lives of fixed assets, etc. Actual results could differ from these estimates.
c) Revenue recognition
i.
Premium Income
Premium is recognised as income when due from policyholders. For unit linked business, premium income is recognised when
the associated units are created. Premium on lapsed policies is recognised as income when such policies are reinstated. In case
of linked business, top up premium paid by policyholders are considered as single premium and are unitised as prescribed by
the regulations. This premium is recognised when the associated units are created.
ii. Income from Investments
Interest income on investments is recognised on accrual basis. Amortisation of discount/premium relating to the debt securities
(in case of non-link policy holders) and money market securities is recognised over the remaining maturity period on a
straight-line basis.
Dividend income is recognised on ex-date.
The realised profit/loss on debt/money market securities for other than linked business is the difference between the net sale
consideration and the amortised cost.
The realised profit/loss on debt securities held for linked business is difference between net sale consideration and weighted
average cost and for money market securities it is the difference between the net sale consideration and the amortised cost.
The realised profit/loss on sale of equity shares and equity related instruments/mutual fund units is the difference between the
net sale consideration and weighted average cost.
iii. Reinsurance premium
Reinsurance premium ceded is accounted for at the time of recognition of the premium income in accordance with the terms and
conditions of the relevant treaties with the reinsurers. Impact on account of subsequent revisions to or cancellations of premium
is recognised in the year in which they occur.
11/10/15 4:01:27 PM
Schedules
iv. Income from linked policies
Income from linked policies, which include asset management fees, policy administration charges, mortality charges and other
charges, if any, are recovered from the linked funds in accordance with the terms and conditions of the policies and recognised
when due.
Interest income on loans is recognised on an accrual basis and disclosed under other income.
d) Benefits paid (including claims)
Death and other claims are accounted for, when notified. Survival and maturity benefits are accounted when due. Surrenders/
Withdrawals under linked policies are accounted in the respective schemes when the associated units are cancelled. Reinsurance
recoverable thereon, if any, is accounted for in the same period as the related claim. Repudiated claims disputed before judicial
authorities are provided for based on management prudence considering the facts and evidences available in respect of such claims.
e) Acquisition costs
Acquisition costs are costs that vary with and are primarily related to acquisition of insurance contracts. Acquisition costs mainly
consists of commission, medical costs, policy printing expenses, stamp duty and other related expenses. These costs are expensed
in the year in which they are incurred. Clawback of the first year commission paid, if any, in future is accounted in the year in which it
is recovered.
f) Investments
Investments are made in accordance with the Insurance Act, 1938, the Insurance Regulatory and Development Authority (Investment)
Regulations, 2000, the Insurance Regulatory and Development Authority (Investment) (Amendment) Regulations, 2001 and various
other circulars / notifications issued by the IRDA in this context from time to time.
Investments are recorded at cost on the date of purchase, which includes brokerage and stamp duty, taxes, setup cost, transaction
charges or any other charges included in broker note.
Brokerage and transaction cost which are incurred for the purpose of execution of trade and is included in the cost of investment, does
not exceed 0.15 percent in case of cash transactions.
i.
Classification
Investments maturing within twelve months from the balance sheet date are classified as short-term investments.
Investments other than short-term investments are classified as long-term investments.
Debt securities
• Policyholders’ non-linked funds and shareholders’ investments:
ii.
All debt securities, including Central and State government securities (Government securities), are considered as ‘held to
maturity’ and stated at amortised cost. The discount or premium which is the difference between the purchase price and the
redemption amount of fixed income securities is amortised and recognised in the revenue account, on a straight line basis
over the remaining period to maturity of these securities.
• Policyholders’ linked funds:
All debt securities, including Government securities (excluding T Bills), under policyholders’ linked funds are valued using
average of the security level valuation provided by CRISIL & ICRA. The discount or premium on money market instruments
(including T Bills) which is the difference between the purchase price and the redemption amount is amortised and recognised
in the revenue account on a straight line basis over the remaining period to maturity of these securities.
iii. Equity shares/Preference shares & Exchange traded funds
Listed equity/preference shares, Exchange traded funds are valued and stated at fair value, using the last quoted closing prices
on the National Stock Exchange (NSE), at the balance sheet date. If the equity shares are not traded on the NSE, then closing
prices of the Bombay Stock Exchange (BSE) is considered.
Equity/preference, Exchange traded funds shares acquired through primary markets and awaiting listing are valued as per the
valuation policy of the Company duly approved by Investment Committee.
Unlisted equity/preference shares are valued as per the valuation policy of the company duly approved by Investment Committee.
A provision is made for diminution, if any, in the value of these shares to the extent that such diminution is other than temporary.
Social Venture Fund/Venture Capital Funds are valued at last available NAV.
iv. Mutual Funds
Mutual Funds are valued on previous day’s net asset value published by the respective mutual funds.
v.
Gain/loss on equity, preference shares and mutual funds
Unrealised gains/losses are recognised in the respective fund’s revenue account as fair value change in case of linked funds.
Unrealised gain/loss due to changes in fair value of listed equity/preference shares and mutual funds are taken to the Fair Value
Change account for other than linked business and are carried to the Balance Sheet.
Diminution in the value of investments as at the balance sheet date, other than temporary, is recognised as an expense in the
Revenue/Profit & Loss account.
11/10/15 4:01:30 PM
Schedules
vi. Investment transfer
Transfers of Investments from Shareholders’ funds to the Policyholders’ funds are affected at the lower of amortised cost or
market value in respect of all debt securities including money market instruments and at the market value in case of other
securities.
Inter-fund transfer of debt securities relating to Linked Policyholders’ Funds is effected at last available market value as per the
methodology specified in the Inter Fund transfer policy approved by the Investment committee. Inter fund transfer of equity are
done during market hours at the prevailing market price.
viii. Impairment on Investment
The carrying amounts of investments are reviewed at each balance sheet date, if there is any indicator of impairment based on
internal/external factors. An impairment loss is recognised as an expense in Revenue/Profit and Loss account, to the extent of
difference between the re-measured fair value and the acquisition cost as reduced by any previous impairment loss recognised
as expense in Revenue/Profit and Loss Account. Any reversal of impairment loss, earlier recognised in profit and loss account
shall be recognised in Revenue/Profit and Loss account.
g) Loans against policies
Loans against policies are valued at the aggregate of book values (net of repayments) plus capitalised interest and are subject to
impairment, if any.
h) Fixed assets, intangibles and depreciation
i.
Fixed assets and depreciation
Fixed assets are stated at cost less accumulated depreciation. Cost includes the purchase price and any cost directly attributable
to bringing the asset to its working condition for its intended use. Subsequent expenditure incurred on fixed assets is expensed
out in the year of expense except where such expenditure increases the future economic benefits from the existing assets.
Advances paid towards the acquisition of fixed assets outstanding at each balance sheet date and the cost of fixed assets not
ready for its intended use before such date are disclosed under capital work-in-progress.
Assets costing upto ` 5 are fully depreciated in the year of acquisition. The rate of depreciation is higher of the management
estimate based on useful life or the rates prescribed in Schedule II to the Companies Act, 2013. Depreciation on fixed assets
is provided using the straight-line method based on the economic useful life of assets as estimated by the management is
as below:
Sr. No. Asset Type
1
2
3
4
5
6
Leasehold Improvements and Furniture and fittings
at leased premises
Furniture & fittings (other than (1) above)
Vehicles
Office Equipment
Mobile Phones (included in office equipment under Schedule 10)
Estimated useful life (in years)
5 years or the maximum renewable period of
the respective leases, whichever is lower
5
3
4/5
5
2
Any additions to the original fixed assets are depreciated over the remaining useful life of the original asset.
ii. Intangibles
Intangible assets comprise of software licenses which are stated at cost less amortisation. Software expenses exceeding
`1,000 incurred on customisation of software (other than for maintenance of existing software) are capitalised. Software licenses
are amortised using Straight Line Method over a period of 3 years from the date of being ready for use.
iii.
Impairment of Assets
At each balance sheet date, management assesses whether there is any indication, based on internal/external factors, that an
asset may be impaired. Impairment occurs where the carrying value exceeds the present value of future cash flows expected
to arise from the continuing use of the asset and its eventual disposal. The impairment loss to be expensed is determined as
the excess of the carrying amount over the higher of the asset’s net sales price or present value as determined above. If at the
balance sheet date there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is
reassessed and the asset is reflected at the recoverable amount, subject to maximum of depreciable historical cost.
i) Operating leases
The Company classifies leases, where the lessor effectively retains substantially all the risks and benefits of ownership over the lease
term, as Operating Leases. Operating lease rentals are recognised as an expense on a straight line basis over the non-cancellable lease
period.
j) Employee benefits
i.
Short-Term Employee Benefits
All employee benefits payable within twelve months of rendering the service are classified as short-term employee benefits.
Benefits such as salaries & bonuses are recognised in the period in which the employee renders the related service.
11/10/15 4:01:33 PM
Schedules
ii.
Long-Term Employment Benefits
The Company has both defined contribution and defined benefit plans. These plans are financed by the Company.
• Defined Contribution Plans:
The Company has established defined contribution schemes for superannuation to provide retirement benefits to its
employees. Contributions to the superannuation schemes are made on a monthly basis and charged to revenue account
when due.
• Defined Benefit Plans:
Gratuity liability is defined benefit obligation and is funded. The Company accounts for liability for future gratuity benefits
based on independent actuarial valuation under revised Accounting Standard 15 (AS 15) on ‘Employee Benefits’.
Provident Fund contributions are made to a Trust, administered by the Company. The interest rate payable to the members
of the Trust shall not be lower than the statutory rate of interest declared by the Central Government under the Employees’
Provident Funds and Miscellaneous Provisions Act, 1952, and shortfall, if any, shall be made good by the Company. The
Company’s liability is actuarially determined (using the Projected Unit Credit Method) at the end of the year and any shortfall
in the fund size maintained by the Trust set up by the Company is additionally provided for. Actuarial losses/gains are
recognised in the Statement of Profit and Loss in the year in which they arise.
iii. Other Employee Benefits
Compensated absences are entitled to be carried forward for future encashment or availment, at the option of the employee
during the tenure of the employment, subject to the rules framed by the Company in this regard. Accumulated compensated
absences entitlements outstanding at the close of the year are accounted on the basis of an independent actuarial valuation.
Accumulated entitlements at the time of separation are entitled to be encashed.
k) Renewal bonus
Renewal bonus is payable to the individual insurance agents and a segment of the sales force. This constitutes a part of the first year
commission/incentives against receipt of the first year premium but due and payable at the end of the expiry of two years of the policy
and is accrued for in the year of sale of the policy, subject to the intermediaries’ and policy’s continued persistency.
l) Foreign currency transactions
Transactions in foreign currency are recorded at the rate of exchange prevailing at the date of the transaction. Monetary assets and
liabilities in foreign currency are translated at the rates existing as at the balance sheet date. The resulting exchange gain or loss for
revenue transactions is reflected, in the revenue account or the profit and loss account, as the case may be.
m) Segment reporting
As per Accounting Standard 17 (AS 17) on ‘Segment Reporting’ read with the “Preparation of Financial Statements and Auditor’s Report
of Insurance Companies, Regulations 2002” and the Insurance Laws (Amendment) Act 2015 read with IRDA Circular no. IRDAI/F&A/
CIR/FA/059/03/2015 dated March 31, 2015, the Company is required to report segment results separately for linked, non-linked, health
and pension businesses. The business is broadly classified as Participating non-linked, Non Participating Unit Linked and Non-Linked
businesses, which are further segmented into Individual Life, Group Life, Group Life Variable, Individual Pension, Annuity Individual,
Group Pension, Group Pension Variable and Individual Health businesses. Accordingly, the Company has prepared the revenue account
and balance sheet for these primary business segments separately. Since the business operation of the Company is in India only, the
same is considered as one geographical segment.
The following basis has been used for allocation of revenues, expenses, assets and liabilities to the business segments:
•
evenues, expenses, assets and liabilities directly attributable and identifiable to business segments, are allocated on actual
R
basis; and
•
ther expenses, assets and liabilities which are not directly identifiable though attributable to a business segment, are allocated
O
on the following basis, as considered appropriate by the management:
➢ Gross premium;
➢ First year commission;
➢ Sum assured;
➢ Policy liability;
➢ Asset under management;
➢ New Business Policy Count;
➢ Enforce policy count.
The accounting policies, used in segment reporting, are the same as those used in the preparation of the financial statements.
n) Taxation
i.
Direct Taxes
The Income-Tax Act, 1961 prescribes that profits and gains of life insurance Companies will be the surplus or deficit disclosed
by the actuarial valuation made in accordance with the Insurance Act, 1938 and the Insurance Laws (Amendment) Act 2015 read
with IRDA Circular no. IRDAI/F&A/CIR/FA/059/03/2015 dated March 31, 2015.
11/10/15 4:01:36 PM
Schedules
Deferred income tax is recognised for future tax consequences attributable to timing differences between income as determined
by the financial statements and the recognition for income tax purposes. The effect on deferred tax assets and liabilities of
a change in tax rates is recognised using the tax rates and tax laws that have been enacted or substantively enacted by the
balance sheet date.
Deferred tax assets are recognised only to the extent there is reasonable certainty that the assets can be realised in future.
However, where there is unabsorbed depreciation or carried forward loss under taxation law, deferred tax assets are recognised
only if there is virtual certainty backed by convincing evidence that such deferred assets can be realised. Deferred tax assets
are reviewed as at each balance sheet date and written down or written up to reflect the amount that is reasonably or virtually
certain, as the case may be, to be realised.
Provision for wealth tax is made at the appropriate rates, as per the applicable provisions of Wealth Tax Act, 1957.
ii. Indirect Taxes
The Company claims credit of service tax for input services, which is set off against tax on output services. As a matter of
prudence, unutilised credits are deferred for recognition until such time that there is reasonable certainty of utilisation.
o) Provisions and Contingencies
A provision is recognised when the Company has a present legal obligation as a result of past event/s and it is probable that an outflow
of resources will be required to settle the obligation, in respect of which reliable estimate can be made. These are reviewed at each
balance sheet date and adjusted to reflect current best estimates. A disclosure for contingent liability is made when there is a possible
obligation or present obligations that may, but probably will not, require an outflow of resources or it cannot be reliably estimated.
When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no
provision or disclosure is made. A contingent asset is neither recognised nor disclosed.
p) Funds for Future Appropriation
The balance in the funds for future appropriations account represents funds, the allocation of which, either to participating Policyholders
or to Shareholders, has not been determined at the Balance Sheet date. Transfers to and from the fund reflect the excess or deficit
of income over expenses and appropriations in each accounting period arising in the Company’s Policyholders’ fund. In respect of
Participating policies any allocation to the policyholder would also give rise to a shareholder transfer in the required proportion.
Amounts estimated by the Appointed Actuary as Funds for Future Appropriation (FFA) in respect of lapsed Unit Linked Policies are
set-aside in the balance sheet and are not available for distribution to shareholders until expiry of the revival period.
q) Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year. For the purpose of calculating diluted earnings per share, the net profit
or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are
adjusted for the effects of all dilutive potential equity shares.
r) Cash and Cash Equivalents
Cash and cash equivalents for the purposes of Receipts and Payments account include cash and cheques in hand; bank balances
liquid mutual funds and other investments with original maturity of three months or less which are subject to insignificant risk of
changes in value.
3.
Contingent liabilities
Sr. No. Particulars
As at
31st March 2015
As at
31st March 2014
Nil
Nil
24,321
24,321
1
Partly paid-up investments
2
Claims, other than against policies, not acknowledged as debts by the Company
3
Underwriting commitments outstanding
Nil
Nil
4
Guarantees given by or on behalf of the Company
Nil
Nil
5
Statutory demands/liabilities in dispute, not provided for
Refer Note Below
Refer Note Below
6
Reinsurance obligations to the extent not provided for in the accounts
Nil
Nil
7
Others*
263,172
91,101
* Represents potential liability to the Company (net of reinsurance) in respect of cases filed against the Company’s decision of repudiation of
death claims and customer complaints.
Note: The company has received Show Cause-Cum-Demand notices for earlier period relating to Service Tax demands of ` 398,203 as at
31st March 2015 (as at 31st March 2014 ` 398,203) plus applicable interest and penalty. Basis legal opinion obtained, management is of
the opinion that these show-cause cum demand notices are not legally tenable and decided to contest at appellate authority.
11/10/15 4:01:39 PM
Schedules
4.
Percentage of Business Sector-wise
Current Year
Particulars
Number of Number of
Individual Individual
policies
lives
issued
covered
Previous Year
Number Number of
of Group Group lives
Schemes
covered
issued
289,101
213,198
536
Rural Sector
66,497
45,913
–
–
As a % of Total
Business
23.00%
21.54%
–
Social Sector
64,881
43,645
As a % of Total
Business
22.44%
20.47%
Total Business
First year Number of Number of
and single Individual Individual
premium
life
lives
policies
covered
971,319 19,379,426
Number Number of
of Group Group lives
Schemes
covered
issued
First year
and single
premium
415,770
380,714
401
912,855 16,974,898
4,124
91,760
71,134
–
–
4,795
–
0.02%
22.07%
18.68%
–
–
0.03%
17
23,714
4,123
90,975
68,735
–
–
4,525
–
–
–
21.88%
18.05%
–
–
–
Amount of ` 38.46 Lacs from Individual rural business is qualifying for social business and is included in social premium.
ut of 69,761 policies from Individual rural business 64,881 policies are qualifying for social sector business and 66,497 is qualifying for
O
rural sector.
ote: Basis the provisions in the Regulation 15 (2) of the IRDA (Micro Insurance) Regulations, 2005; customers from the rural policy database
N
meet with the social sector definition and can therefore be reckoned under both rural sector obligation and the social sector obligation for
FY 14-15 as specified under the IRDA (Obligations of Insurers to Rural or Social Sectors) Regulations, 2002. Basis the above the total social
sector lives covered for the year FY 14-15 is 43,645 Lives.
5.Benefits paid include charges in respect of discount allowed to the policyholders’ amounting to ` 67,081 (Previous year ` 91,652) for
advance payment of future premiums subject to prepayment conditions.
6.Contribution from shareholders’/policyholders’ account
The net surplus of ` 1,812,191 (Previous year: ` 2,632,628) based on the actuarial valuation made in accordance with the Insurance
Act, 1938 and the Insurance Laws (Amendment) Act 2015 read with IRDA Circular no. IRDAI/F&A/CIR/FA/059/03/2015 dated March 31,
2015 and as certified by the appointed actuary is being transferred from policyholders’ account to shareholders’ account. The details are
tabulated below:
Surplus/(Deficit) of Business Segments
Current Year
Previous Year
Non Par Linked
Individual
Group
Individual Pensions
Group Pensions
Health
4,370,706
154,846
37,763
(93,195)
48,307
4,276,011
70,582
499,316
(17,200)
91,165
Non Par Non Linked
Individual
Group
Group Life Variable
Individual Pensions
Annuity Individual
Group Pensions
Group Pension Variable
Health
(459,355)
205,826
91,575
23,929
26,637
(81,497)
(27,057)
6,436
(452,921)
(88,782)
52,699
(32,122)
34,557
200,188
(226,781)
(10,583)
(2,492,727)
(1,763,502)
1,812,191
2,632,628
Par Non Linked
Individual
Net Surplus for Policyholders
7. Operating lease commitments
In accordance with Accounting Standard 19 (AS 19) on ‘Leases’, the details of leasing arrangements entered into by the Company are
as under:
The Company has entered into agreements in the nature of cancellable and non-cancellable lease/leave and license agreements with
different lessors/licensors for the purpose of establishment of office premises, leasehold improvements, furniture and fixtures, information
technology and office equipments. These are generally in the nature of operating leases/leave and licenses.
11/10/15 4:01:43 PM
Schedules
The operating lease rentals charged during the year and maximum obligations on operating lease payable at the balance sheet date, as per
the rentals stated in the agreements are as follows:
Particulars
Current Year
Previous Year
518,656
607,863
– Within one year of the balance sheet date
384,889
346,311
– Due in a period between one year and five years
391,840
347,106
10,719
19,481
Total lease rentals charged to Revenue Account
Lease obligations for non-cancellable leases
– Due after five years
8. Foreign exchange gain/(loss)
The Company has recorded foreign exchange loss of ` 462 in the Revenue Account and the same is included under “Interest and Bank
Charges” in Schedule 3 (Previous Year loss ` 769).
9. Managerial remuneration
The appointment of managerial personnel is in accordance with the requirements of Section 34A of the Insurance Act, 1938 and the
Insurance Laws (Amendment) Act 2015 read with IRDA Circular no. IRDAI/F&A/CIR/FA/059/03/2015 dated March 31, 2015 is approved
by the IRDA.
Particulars
Current Year
Previous Year
Salary
Other allowances
Contribution to:
– Provident fund
– Superannuation fund
Perquisites
28,613
7,329
35,106
7,815
1,473
–
200
1,028
866
372
Total*
37,615
45,187
*Of the above, amount of ` 22,615 (previous year ` 30,186) has been borne by shareholders’. The remuneration stated above excludes
gratuity and leave encashment, accrued based on actuarial valuation for the Company’s overall liability and performance/long term bonus
estimated and payable based on overall company performance.
Sitting Fees paid to independent directors in the current year is ` 480 (Previous Year: ` 520).
10.As required by Circular no. 067/IRDA/F&A/CIR/MAR-08 dated 28th March 2008. Break up of Operating expenses incurred under the
following heads.
(Previous year figures are presented in brackets)
Particulars
Agents recruitment, seminar and other expenses
Distribution Expenses
Advertisement and Publicity Expenses
Recruitment and seminar Expenses
Outsourcing Expenses
Total
Business
Development
Outsourcing
Marketing
Expense
10,661
–
–
(11,185)
–
–
464,830
–
–
(526,873)
–
–
–
–
705,993
–
–
(757,086)
142,975
–
–
(53,698)
–
–
–
227,473
–
–
(252,490)
–
618,466
(591,756)
227,473
(252,490)
705,993
(757,086)
11/10/15 4:01:46 PM
Schedules
11. Earnings per share
Particulars
Current Year
Previous Year
2,854,029
3,707,536
Weighted average number of equity shares
1,901,208,000
1,912,434,082
Earnings per share (Basic and Diluted) in `
1.50
1.94
10
10
Profit/(loss) as per profit and loss account
Face Value per share #
# Amount in absolute Indian Rupees.
12. Actuarial assumptions
The actuarial liabilities are calculated in accordance with accepted actuarial practice, requirements of Insurance Act, 1938 and the Insurance
Laws (Amendment) Act 2015 read with IRDA Circular no. IRDAI/F&A/CIR/FA/059/03/2015 dated March 31, 2015, Regulations notified by
Insurance Regulatory and Development Authority and Practice Standard prescribed by the Institute of Actuaries of India.
Unit Reserves
Unit reserves are computed by multiplying the number of units with the unit price as on the valuation date.
Non Unit Reserves
Prospective gross premium cash flow method is used to compute the non unit liabilities in respect of the policies in force as at March 31,
2015. The cash flows are projected based on assumptions that reflect the expected future experience and have an appropriate allowance for
margins for adverse deviations. The major assumptions relate to mortality, interest, expenses, policy persistency and premium persistency.
Additionally, for traditional par policies current year bonus rate, future bonus rates and terminal bonuses (wherever applicable) consistent
with the valuation interest rate, transfer to shareholders and tax on the surplus are also taken into account while calculating the
policy liability.
Mortality rates are derived based on the Indian Assured Lives Mortality (2006-2008) table after making suitable adjustments depending
on the type of the product. Longitivity (for Annuity Products) rates are derived based on the LIC Annuitant table (96-98) table after making
suitable adjustments and with appropriate mortality improvements. Interest rates used to discount the future cash flows vary from 5.50%
to 7.75%. A prudent assumption is made for investment growth on the unit funds. An appropriate allowance is made for future policy
maintenance expenses and investment expenses. Policy persistency rates are derived based on expected future policyholder behavior. For
unit linked business, the discontinuance of premiums by the policyholders while keeping the benefits in force is allowed for by appropriate
premium persistency assumptions varying by product.
Additional provisions are made towards:
I.
Investment guarantees for unit linked business
II. Substandard lives
III.Unearned premium/mortality charges (in accordance with IRDA Circular 50/IRDA/ACTL/CIR/GEN/050/03/2010)
IV. Reserves for free look option given to the policyholders
Analysis of recent experience has indicated that about 2.0% of the individual policyholders tend to exercise the option. Accordingly, with
appropriate prudence, 2.5% of the total charges collected (from the 11th to the end of that month) for new policies/coverages issued during
a given month is being set aside as the reserve. For traditional products, modal premium received (from the 11th to the end of that month)
for new policies/coverage issued during the month is being set aside as reserve.
V.
VI.
VII.
VIII.
IX.
Lapse policies eligible for revivals (in accordance with IRDA Circular 41/IRDA/ACTL/Mar-2006).
New Business Closure Reserve
Cash Surrender Value Deficiency Reserve
Premium Waiver Claim Provision
Incurred But Not Reported Reserve
For group yearly renewable term business, unearned premium method is used to compute the reserves. In addition to the unearned premium
method, provision is also made for incurred but not reported claims.
11/10/15 4:01:49 PM
Schedules
13. Disclosure of discontinued linked policies
As required by Circular no. IRDA/Reg/2/52/2010 dated 1st July 2010 relating to treatment of discontinued linked insurance policies, the
disclosures are as under:Current Year
Sub-Total
Total
Particulars
Fund for Discontinues Policies:
Opening Balance of Funds for Discontinued Policies
Add: Fund of policies discontinued during the year
Less: Fund of policies revived during the year
Add: Net Income/(Gains on investment of the Fund)
Less: Fund Management Charges levied
Less: Amount refunded to policyholders during the year
Closing Balance of Fund for Discontinued Policies
Other disclosures:
No. of policies discontinued during the year
Percentage of discontinued policies to
total policies (product-wise) during the year
BSLI Fortune Elite
BSLI Wealth Secure Plan
BSLI Wealth Assure
BSLI Empower Pension Product
BSLI Empower Pension Plan
BSLI Platinum Advantage Plan
Birla Wealth Secure
BSLI Classic Child Plan - 2010
Classic Endowment Plan
BSLI Classic Life
BSLI Dream Child Plan - 2010
Dream Endowment Plan
BSLI Dream Life
BSLI Wealth Assure Plan
No. of policies revived during the year
Percentage of policies revived (to discontinued policies) during the year
Charges imposed on account of discontinued policies
Charges readjusted on account of revival of policies
Previous Year
Sub-Total
Total
4,754,442
3,983,518
364,288
645,610
40,610
–
2,050,412
2,570,890
–
265,680
8,978,671
132,540
–
4,754,442
32,845
44,891
0.48%
2.38%
1.34%
7.63%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
4,434
13.50%
90,848
41,962
–
0.00%
0.00%
0.00%
17.90%
20.95%
5.51%
6.85%
15.08%
13.33%
8.87%
19.38%
20.46%
2.05%
2,883
6.00%
63,055
–
14. Percentage of risk-retained and risk-reinsured
Particulars
Current Year
Sum Assured
%
Previous Year
Sum Assured
%
Individual Business
Risk-retained
Risk-reinsured
535,193,137
841,337,292
38.88%
61.12%
543,286,492
825,885,835
39.68%
60.32%
Total Individual Risk
1,376,530,429
100.00%
1,369,172,327
100.00%
Group Business
Risk-retained
Risk-reinsured
1,012,579,171
879,631,763
53.51%
46.49%
382,929,176
1,159,842,070
24.82%
75.18%
Total Group Risk
1,892,210,934
100.00%
1,542,771,246
100.00%
15. Encumbrances
As on 31st March 2015, there were no encumbrances (Previous year: ` Nil) on the assets of the Company.
16.Commitments made and outstanding on Loans, Investments and Fixed Assets
The commitments made and outstanding for fixed assets by the Company as at 31st March 2015 are ` 99,400 (Previous Year: ` 15,900)
net of advances.
17. Investments
i.
Value of contract outstanding
Value of contracts in relation to investments where purchases have been made and deliveries are pending is ` 1,330,670 (Previous
year: ` 1,360,785) as at the balance sheet date. There are no investment contracts where sales have been made and payments are
overdue as at the balance sheet date.
11/10/15 4:01:52 PM
Schedules
ii. Historical costs
As at 31st March 2015, the aggregate historical cost and market value of Linked investments, which are valued at fair value, is
` 212,913,504/- and ` 238,410,782/- respectively (Previous Year: ` 185,819,318/- and ` 200,747,937/-).
iii.
iv.
Statutory deposits
a.As on 31st March 2015, the Company has securities with face value of ` 115,000 (Previous Year: ` 115,000) in CSGL Account with
Deutsche Bank, as required under Section 7 of the Insurance Act, 1938. The market value of these securities as at 31st March 2015
was ` 118,739 (Previous Year: ` 107,159).
b.As on 31st March 2015, the Company also has collateral deposit of Government Security with face value of ` 300,000 (Previous
Year ` 300,000) and cash ` 25,200 (Previous Year ` 25,200) with Clearing Corporation of India Limited.
c.As on 31st March 2015, Fixed deposit of ` 250,000 (Previous Year ` 250,000) and ` 50,000 (Previous Year: ` 50,000) has been
deposited with National Securities Clearing Corporation Limited and Indian Clearing Corporation Limited respectively towards
margin requirement for equity trade settlement.
All investments are performing assets
18. Allocation of investments and income
The funds of the shareholders and the policyholders are kept separate and records are maintained accordingly. Investments made out of the
shareholders’ and policyholders’ funds are tracked from their inception and the income thereon is also tracked separately. Since the actual
funds, investments and income thereon are tracked and reported separately, the allocation of investments and income is not required.
19. Policyholders' Liabilities Adequately Backed by Assets
Particulars
Policyholders’ liabilities (Included funds for future appropriation)
Investments (As per schedule 8A)*
Loans to policyholders (As per schedule 9)
Fixed deposits, bank balances and cheques on hand (As per schedule 11)
Other receivables under schedule 12 representing “Advances and other assets”
* Excludes prepayment fund, (Liability numbers are presented in brackets).
Current Year
Previous Year
(43,041,639)
40,131,508
378,747
2,282,777
1,092,565
(29,086,606)
26,266,104
284,669
2,184,261
434,150
20. Assets in the Internal Funds
The Company has presented the financial statements of each internal fund to which the policyholders can link their policy in Annexure 3.
Also additional disclosures as required by the Circular dated 20th February 2007 issued by IRDA are given in Annexure 3A.
The industry wise disclosures given in Appendix 3 of Annexure 3A has been made in accordance with IRDA (Investment) (5th Amendment)
Regulations, 2013.
21. Assets restructured during the year
Particulars
Current Year
Previous Year
Nil
Nil
Nil
Nil
Assets restructured during the year
NPA
22. Claims
The claims settled and remaining unpaid for a period of more than six months as at the balance sheet date amount to ` 33,577 (Previous
Year ` 50,682). Reinsurance recoverable is netted off against claim expenses incurred.
23. Foreign currency exposure
The year-end foreign currency exposures that have not been hedged by a derivative instrument or otherwise are given below:
Amount payable in foreign currency on account of import of services as follows:
Foreign currency
AED
BHD
CAD
EURO
GBP
HKD
KRW
MNT
OMR
SAR
SINGAPORE$
THB
USD
INR
168
40
35
4,469
20
30
8
10
32
13
115
20
8,233
Current Year
Amount in Foreign
currency
10
0
1
68
0
4
140
175
0
1
3
10
137
INR
–
–
–
5,146
–
–
–
–
–
–
–
–
5,525
Previous Year
Amount in Foreign
currency
–
–
–
63
–
–
–
–
–
–
–
–
92
11/10/15 4:01:55 PM
Schedules
24. Disclosure for Unclaimed Amount of Policyholders
Age-wise analysis of unclaimed amount by Policyholders/insured as required by Circular no. IRDA/F&I/CIR/CMP/174/11/2010 dated
4th November 2010.
AGE-WISE ANALYSIS
Total
Amount
Particulars
Upto One
month
Claims settled but not
1,077,588
955,308
paid to the policyholders/
insureds due to any reasons
except under litigation from (1,424,909) (1,295,578)
the insured/policyholders
Sum due to the insured/
policyholders on maturity or
otherwise
but
the
Total
Previous Year#
7-12
months
13-18
months
19-24
months
25-30
months
31-36
months
Beyond
36
Months
88,703
409
5,950
6,045
8,707
3,806
8,660
(78,649)
(15,063)
(11,457)
(11,482)
(3,984)
(705)
(7,990)
(366,054)
(581,301)
84,556
126,926
(5,356)
2,407
1,741
1,753
3,221
(378,723)
(160,184) (166,766)
(6,646)
(9,226)
(6,460)
(9,631)
(4,766)
(15,044)
Any excess collection of the
premium/tax or any other
charges which is refundable
to the policyholders either
as terms of conditions of
the policy or as per law or
as may be directed by the
authority but not refunded
so far
Cheques
issued
not encashed by
policyholder/insured*
1-6
months
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
1,593,105
104,568
132,571
127,450
148,975
178,046 178,103 360,855
362,536
(2,325,190)
2,304,639
569,132 (367,449) (254,572) (242,234) (455,596) (119,874) (105,046) (211,286)
478,575
305,830
254,785
149,569
186,498 188,552 366,415
374,416
(4,128,822) (2,024,894) (612,864) (276,281) (262,918) (473,538) (133,490) (110,517) (234,320)
# Previous year amounts are in brackets.
* The cheques issued but not encashed by policyholder/insured category includes ` 126,044 pertaining to cheques which are within the
validity period but not yet encashed by policyholders as on March 31, 2015 (Previous Year ` 686,311). This amount forms a part of bank
reconciliation statement and consequently not considered in unclaimed amount of policy holders under Schedule 13 - Current Liabilities.
25. Provisions
Long-Term Incentive Plan
The cost estimate determined after the factoring in assumptions in respect of criteria identified in the Plan which include the following:
1.
Employee Attrition Rate
2.
Performance Condition
3.
Discount Rate
Particulars
Opening balance
Long-Term Incentive Plan
Current Year
Previous Year
157,062
83,435
113,614
136,993
(105,466)
(63,366)
Unused amounts reversed#
(18,656)
Nil
Closing balance
146,553
157,062
Long-Term Incentive
Long-Term Incentive
Upto 3 Years
Upto 3 Years
Mentioned above
Mentioned above
Additional provision made
Incurred and charged
Nature of obligation
Expected timing
Assumptions
# The unused amount of Long-Term Bonus Plan has been credited to ‘Employees’ remuneration, welfare benefit and other manpower costs
Schedule 3.
11/10/15 4:01:58 PM
Schedules
26. Employee benefits
a) Defined benefit plans
(i)
Gratuity
The Company provides for gratuity, a defined benefit retirement plan covering all employees as at balance sheet date using projected
unit credit method. The plan provides a lump sum payment to vested employees at retirement or termination of employment based
on the respective employee’s salary and the years of employment with the Company. The gratuity benefit payable is greater of the
provisions of the Payment of Gratuity Act, 1972 and the Company’s Gratuity Scheme as mentioned below:
Change in Defined benefit obligations
Current Year
Previous Year
Present value of Defined benefit obligations as at beginning of the year
Service cost
Interest cost
Acquisition/Business Combination/Divestiture
Benefits paid
Past service cost
Actuarial (gain)/loss due to curtailment
Actuarial (gain)/loss on obligations
255,253
47,552
20,599
2,505
(52,752)
–
–
(23,099)
243,281
41,155
21,313
–
(29,296)
–
–
(21,200)
Present value of Defined benefit obligations as at end of the year
250,057
255,253
Reconciliation of present value of the obligation and the fair value of the
plan assets
Opening Fair Value of Plan assets
Contributions by the employer for the year
Benefits paid
Expected Return on Plan Assets
Actuarial Gain/(Loss)
276,152
22,937
(52,752)
23,512
23,581
245,815
40,796
(29,296)
18,867
(31)
Closing Fair Value of Plan assets
293,429
276,151
43,372
20,898
47,552
20,599
(23,512)
–
–
(46,680)
41,155
21,313
(18,867)
–
–
(21,170)
(2,042)
22,432
100%
0.00%
0.00%
100%
0.00%
0.00%
7.80%
9.00%
6.00%
9.00%
7.50%
6.00%
Net asset/(liability) as at end of the year
Cost recognised for the year
Current service cost
Interest cost
Expected return on plan assets
Past service cost
Actuarial (gain)/loss
Net gratuity cost
Transitional Liability expended in Revenue Account
Investment in Category of Assets (% Allocation)
Insurer Managed Funds*
Group Stable Fund
Group Short-Term Debt Fund
Actuarial assumptions used
Discount rate
Rate of return on plan
Salary escalation rate
* The amount is invested in Group Secure Fund Plan 1 of Birla Sun Life Insurance Limited, Gratuity and Group Unit Linked Product
(GULP) scheme. Below is the asset allocation of fund.
Asset allocation
Debt securities
Equity and money market
Total
Current Year
Previous Year
99.73%
0.27%
88%
12%
100%
100%
11/10/15 4:02:01 PM
Schedules
Experience Adjustments
Particulars
2014-15
2013-14
2012-13
2011-12
2010-11
Defined Benefit Obligation
250,058
255,253
243,281
187,535
142,732
Plan Assets
293,429
276,151
245,816
184,933
129,960
Surplus/(Deficit)
(43,372)
20,898
2,534
(2,602)
(12,772)
5,899
(1,908)
2,578
17,495
3,726
23,581
(31)
7,442
(3,236)
3,965
Experience adjustment on Plan Liabilities
Experience adjustment on Plan Assets
The contributions expected to be paid to the plan during the annual period beginning after the balance sheet date is ` 48,231 (Previous
Year: ` 45,384).
(ii)
Accumulated Compensated Absences
The liability for accumulated compensated absences as at balance sheet date has been calculated by using projected unit credit
method. This method takes into account the pattern of availment of leave while in service and qualifying salary on the date of availment
of leave. However in case of short-term liability the provision has been made to the extent of 50% of total short term liability.
Present value of obligation for accumulated compensated absences as determined by the Actuary is given below:
Particulars
Current Year
Previous Year
132,505
144,995
–
–
Discount rate
7.80%
9.00%
6.00%
6.00%
(19,214)
(22,931)
Present value of obligations as at end of the year
Fair value of plan assets
Cost recognised during the year
(iii) The details of the Company’s Defined Benefit Plans in respect of the Company owned Provident Fund Trust.
Particulars
Contribution to the Company Owned Employee's Provident Fund Trust
Current Year
Previous Year
155,755
172,818
The Guidance Note on implementing AS-15, Employee Benefits (Revised 2005), issued by the ICAI states that the Provident Funds set
up by employers, which require interest shortfall to be met by the employer, needs to be treated as defined benefit plans. The Company
set up Provident Fund does not have existing deficit of interest shortfall.
The actuary has accordingly provided a valuation and based on the below provided assumptions there is no shortfall as at
31st March 2015.
The details of plan assets position are as under:
Particulars
Current Year
Previous Year
Plan Assets at Fair Value
1,733,391
1,490,314
Liability Recognised in the Balance Sheet
1,661,499
1,487,846
Assumption used in determining the present value obligation of
interest rate guarantee
Discount Rate for the term of the Obligation
Guaranteed Interest Rate
b) 7.82%
9.00%
9.5% For first year and
8.80% there after
8.75%
Defined contribution plans
The Company has recognised the following amounts as expense in the Revenue account:
Particulars
Current Year
Previous Year
Contribution to superannuation fund
7,318
9,431
Contribution to ESIC
6,969
11,039
27. Segment reporting As per Accounting Standard 17 on ‘Segment Reporting’ read with the “Preparation of Financial Statements and Auditor’s Report of Insurance
Companies, Regulations 2002” and the Insurance Laws (Amendment) Act 2015 read with IRDA Circular no. IRDAI/F&A/CIR/FA/059/03/2015
dated March 31, 2015, the Company is required to report segment results separately as Participating non-linked, Non Participating Unit
11/10/15 4:02:04 PM
Schedules
Linked and Non-Linked businesses, which are further segmented into Individual Life, Group Life, Group Life Variable, Annuity Individual,
Individual Pension, Group Pension, Group Pension Variable and Individual Health businesses. The same is disclosed in Annexure 1.
28. Related Party Disclosure
During the year ended 31st March 2015, the Company has had transactions with related parties as defined in Accounting Standard 18
on “Related Party Disclosures”. Related Parties have been identified by the management on the basis of the information available with
the Company. Details of related parties with whom, the Company had transactions, nature of the relationship, transactions with them and
balances at year-end, are detailed in Annexure 2.
29. Summary of financial statements
A summary of the financial statements as per the formats prescribed by the IRDA in its circular dated 29th April 2003 is provided in
Annexure 4.
30. Accounting Ratios
Accounting ratios prescribed by the IRDA in its circular dated 29th April 2003 are provided in Annexure 5.
31.Statement containing names, descriptions, occupations of and directorships held by the persons in charge of management of the
business under Section 11 (2) of Insurance Act, 1938 and the Insurance Laws (Amendment) Act 2015 read with IRDA Circular no.
IRDAI/F&A/CIR/FA/059/03/2015 dated March 31, 2015:
From 1st April 2014 to 31st March 2015
Name
:
Designation
:
Occupation
:
Directorships Held during the year
:
Director in :
Mr. Pankaj Razdan
Service
Birla Sun Life Asset Management Company Limited –
Appointed w.e.f. 21/10/2009
:
Birla Sun Life Insurance Company Limited – Appointed w.e.f. 01/01/2014
:
Birla Sun Life Pension Management Limited –
Appointed w.e.f. 09/01/2015
Resignation
:
Aditya Birla Financial Shared Services Limited –
Resigned w.e.f. 30/10/2014
32. Penalty
As required by Circular no.005/IRDA/F&A/CIR/MAY-09 dated 7th May, 2009, the details of various penal actions taken by various Government
Authorities for the financial year 2014-15 are mentioned below:-
Sr. No.
Authority
Non-Compliance/
Violation
Amount in `
Penalty
Awarded
Penalty
Paid
Penalty Waived/
Reduced
1,500
Nil
1
Insurance Regulatory and Development Authority
Yes
1,500
2
Service Tax Authorities
Nil
Nil
Nil
Nil
3
Income Tax Authorities
Nil
Nil
Nil
Nil
4
Any other Tax Authorities
Nil
Nil
Nil
Nil
5
Enforcement Directorate/Adjudicating Authority/Tribunal or
any Authority under FEMA
Nil
Nil
Nil
Nil
6
Registrar of Companies/NCLT/CLB/Department of Corporate
Affairs or any Authority under Companies Act, 2013
Nil
Nil
Nil
Nil
7
Penalty awarded by any Court/tribunal for any matter
including claim settlement but excluding compensation
Nil
Nil
Nil
Nil
8
Securities and Exchange Board of India
Nil
Nil
Nil
Nil
9
Competition Commission of India
Nil
Nil
Nil
Nil
10
Any other Central/State/Local Government/
Statutory Authority
Nil
Nil
Nil
Nil
11/10/15 4:02:07 PM
Schedules
33. Disclosures relating to controlled Fund
As required by Circular no. IRDA/F&I/CIR/F&A/045/03/2010 dated 17th March, 2010, the details of controlled fund for the financial year
2014-2015 and 2013-2014 are mentioned below:
a)
Statement Showing Controlled Fund
Particulars
Current Year
Previous Year
1,365,610
271,749
Computation of Controlled fund as per the Balance Sheet
Policyholders’ Fund (Life Fund)
Participating
Individual Assurance
Individual Pension
–
–
Any other (Pl. Specify)
–
–
21,066,267
14,444,519
Non-participating
Group Assurance
9,321,683
7,835,244
Group Life Variable
5,217,954
1,215,417
Individual Pension
378,760
519,350
Individual Annuity
451,076
293,702
Group Pension
3,775,128
2,641,426
Group Pension Variable
1,183,358
1,055,196
Health
97,027
76,652
Others
–
–
202,918,332
170,651,198
Group Assurance
24,079,937
19,524,527
Linked
Individual Pension
11,509,170
10,573,375
Group Superannuation
6,126,568
5,441,414
Group Gratuity
–
–
Health
378,209
256,682
184,774
733,351
Total (A)
288,053,853
235,533,800
Paid up Capital
19,012,080
19,012,080
Reserves & Surpluses
2,682,948
2,682,948
Fair Value Change
–
1,409
Total (B)
21,695,028
21,696,437
Funds for Future Appropriations
Shareholders' Fund
Misc. expenses not written off
(6,276,194)
(9,130,223)
Total (C)
(6,276,194)
(9,130,223)
Total shareholders’ funds (B+C)
15,418,834
12,566,214
303,472,688
248,100,014
Credit/(Debit) from P&L A/c.
Controlled Fund (Total (A+B+C))
11/10/15 4:02:10 PM
Schedules
b)
Reconciliation of the Controlled Fund from Revenue and Profit & Loss Account
Particulars
Current Year
Previous Year
Opening Balance of Controlled Fund
248,100,014
228,242,993
Add: Inflow
Income
Premium Income
52,332,246
48,330,521
Less: Reinsurance ceded
(1,648,583)
(1,882,008)
Net Premium
50,683,663
46,448,512
Investment Income
53,092,074
24,958,744
Other Income
Funds transferred from Shareholders’ Accounts
Total Income
336,157
365,427
3,153,831
2,591,891
107,265,725
74,364,574
Less: Outgo
(i) Benefits paid (Net)
37,716,050
36,654,283
(ii) Interim Bonus Paid
2,847
734
(iii) Change in Valuation of Liability
53,068,630
21,129,654
(iv) Commission
2,333,736
2,347,130
(v) Operating Expenses
8,707,124
9,180,154
(vi) Provision for Taxation
1,019,890
1,190,429
(a) FBT
–
–
–
–
102,848,276
70,502,383
Surplus of the Policyholders’ Fund
4,417,449
3,862,192
Less: transferred to Shareholders’ Account
4,966,022
5,224,519
Net Flow in Policyholders’ account
(548,573)
(1,362,325)
Add: Net income in Shareholders’ Fund
2,854,029
3,707,536
–
(818,965)
2,305,456
1,526,244
(b) I.T.
Total Outgo
Less: Interim Dividend & Dividend distribution tax thereon
Net In Flow/Outflow
53,068,633
21,129,367
Add: Increase in Paid up Capital
–
–
Add: Increase in Securities Premium
–
(2,799,972)
Add: change in valuation Liabilities
(1,409)
1,382
Closing Balance of Controlled Fund
303,472,693
248,100,014
As Per Balance Sheet
303,472,688
248,100,014
–
–
Add: Credit/(Debit)/Fair Value Change Account
Difference, if any
11/10/15 4:02:13 PM
Schedules
c)
Reconciliation with Shareholders' and Policyholders' Fund
Particulars
Current Year
Previous Year
28,353,255
20,300,360
Policyholders’ Funds
Policyholders’ Funds – Traditional-PAR and NON-PAR
Opening Balance of the Policyholders’ Fund
–
–
Add: Change in valuation Liabilities
14,503,611
8,052,895
Total
42,856,866
28,353,255
As per Balance Sheet
42,856,864
28,353,255
–
–
20,71,80,544
195,466,401
(5,48,573)
(1,362,327)
Add: Surplus of the Revenue Account
Difference, if any
Policyholders’ Funds - Linked*
Opening Balance of the Policyholders’ Fund
Add: Surplus of the Revenue Account
3,85,65,022
13,076,471
Total
24,51,96,993
207,180,544
24,51,96,989
207,180,544
–
–
1,25,66,214
12,476,234
28,54,029
3,707,536
Add: Change in valuation Liabilities
Difference, if any
Shareholders’ Funds
Opening Balance of Shareholders’ Fund
Add: Net income of Shareholders’ account (P&L)
–
(2,799,972)
(1,409)
1,382
–
(818,965)
Closing Balance of the Shareholders’ fund
1,54,18,834
12,566,215
1,54,18,834
12,566,215
–
–
Add: Infusion of Capital
Add: Credit/(Debit)/Fair Value Change Account
Less: Interim Dividend/Proposed and final & Dividend distribution tax thereon
Difference, if any
* Includes Funds for Future Appropriations
34.Debit balance in Profit & Loss account
In accordance with IRDA (preparation of Financial Statements and Auditors' Reports of Insurance Companies) Regulation 2002 and the
Insurance Laws (Amendment) Act 2015 read with IRDA Circular no. IRDAI/F&A/CIR/FA/059/03/2015 dated March 31, 2015, debit balance
in Profit and Loss account carried to the Balance Sheet has been shown as deduction from General reserve to the extent of ` 406,127 as
at 31st March 2015 (as at 31st March 2014 ` 406,127) and the balance of as ` 6,276,194 at 31st March 2015 (as at 31st March 2014
` 9,130,223) is shown in Balance Sheet under application of funds.
35.The interest & finance costs are net of reversal of interest provision amounting to ` 186,154 consequent to decision of CESTAT in favour of
the Company and expiry of statutory time frame for contesting the same during the period.
36.The Bonus to participating policyholders, for current year as recommended by Appointed Actuary has been included in change in valuation
against policies in force.
37.The Board of Director of the Company has noted that there is deficit in the PAR policyholder’s account amounting to ` 2,492,727 and
the same has been charged to shareholders’ account. The board has recommended that the same would be subjected to approval of the
shareholders of the Company at the ensuing annual general meeting. The transfer amount is irreversible in nature and will not be recouped
to the shareholder at any point of time in future.
38.The Company has a process whereby periodically all long-term contracts are assessed for material foreseeable losses. At the year end,
the Company has reviewed and ensured that adequate provision as required under any law/accounting standards for material foreseeable
losses on such long-term contracts has been made in the books of account. The Company did not have any derivative contracts as at balance
sheet date.
For insurance contracts reliance has been placed on the Appointed Actuary for actuarial valuation of liabilities for policies in force. The
Appointed Actuary has confirmed that the assumptions used in valuation of liabilities for policies in force are in accordance with the
guidelines and norms issued by the Insurance Regulatory and Development Authority of India ("IRDA") and the Institute of Actuaries of India
in concurrence with the IRDA.
11/10/15 4:02:16 PM
Schedules
39.The Company’s pending litigations comprise of claims against the Company primarily by the customers and proceedings pending with
Income Tax authorities. The Company has reviewed all its pending litigations and proceedings and has adequately provided for where
provisions are required and disclosed the contingent liabilities where applicable, in its financial statements. The Company does not expect the
outcome of these proceedings to have a materially adverse effect on its financial results. Refer Note 3 for details on contingent liabilities. In
respect of litigations, where the management assessment of a financial outflow is probable, the Company has made a provision of ` 174,506
as at 31 March 2015.
40.Depreciation on Tangible Fixed Assets is provided on Straight Line using the rates arrived at based on the useful lives as specified in the
Schedule II of the Companies Act, 2013 or estimated by the management. The company has used the following useful life to provide
depreciation on its fixed assets.
a)
Assets where useful life is same as Schedule II
Useful Life as Prescribed by
Schedule II of the Co. Act, 2013
Asset
1.
3 years
2.
Office Equipment
5 years
b)
Assets where useful life differ from Schedule II
Useful Life as Prescribed by
Schedule II of the Co. Act, 2013
Estimated Useful Life
Furniture & fittings
10 years
5 years
Information Technology Equipment - Server
Mobile Phones
Vehicles
6 years
5 years
8 years
3 years
2 years
4/5 years
Asset
Useful life of assets different from prescribed in Schedule II has been estimated by management supported by technical assessment.
The revision in the useful life of the above mentioned categories as prescribed in the schedule II of the Companies Act 2013, would have
resulted in lower depreciation to the extent of ` 37,779/41. Previous year comparatives:
Previous year amounts have been reclassified, wherever necessary and to the extent possible, to conform to current year’s classification.
Sr.
No.
Regrouped from
1
Schedule 3: Interest &
Bank Charges
2
Schedule 3: Service
Tax on Premium
Regrouped to
Reason
11,123
Schedule 3A Interest
& Bank Charges
Interest on delayed refund and claims regrouped from Sch 3
to Sch 3A
1,190,429
Revenue Service Tax
on Charges
Pursuant to clarification issued by IRDAI on preparation of
Financials Statements, service tax charged on fund management
or other service to ULIP Policyholders has been disclosed in
Revenue account as separate line item.
Amount (`)
Chairman
(DIN - 00012813)
Ajay Srinivasan
Director
(DIN - 00121181)
Pankaj Razdan
Mayank Bathwal
(DIN - 00061240)
Executive Officer
Anil Kumar Singh
& Appointed Actuary
Donald A. Stewart
Director
(DIN - 00438164)
Amit Jain
Amber Gupta
Company Secretary
11/10/15 4:02:19 PM
Premium earned-Net
(a) Premium
Sub-Total
(b)Profit on Sale/Redemption of
Investments
(c)(Loss) on Sale/Redemption of
Investments
(d)Transfer/Gain (Loss) on
revaluation/change in Fair value
Sub-Total
Other Income
(a)Contribution from the Shareholders’
Account
(b) Others (Interest etc.)
Sub-Total
TOTAL (A)
Commission
Operating Expenses related to
Insurance Business
Provision for Tax
(a)For diminution in the value of
investment (net)
(b) Others (to be specified)
TOTAL (B)
Benefits paid (Net)
Change in valuation of liability against
life policies in force
(a) Gross
(b) Fund Reserve
(c) Fund Reserve - PDF
TOTAL (C)
Surplus/(Deficit) (D) = (A) - (B) - (C)
Appropriations
Transfer to Shareholders Account
Transfer to Other Reserves
Balance being Funds for Future
Appropriations
TOTAL (D)
(b)Allocation of Bonus to
Policyholders
(c)Surplus/(Deficit) shown in the
Revenue Account
(d) Total Surplus: {a+b+c}
Particulars
313,590
(17,521)
225,353
908,637
26,868,407 1,232,538 1,685,099
(82,631)
428,406
(68,866)
885,729
(1,256,294)
8,878,799
42,988,654 3,571,317 2,530,780
–
1,364,825
–
(184)
101,542
1,263,467
617,319
770,634
–
(21,613)
174,928
433,237
–
(12,151)
98,342
347,046
–
210,242
–
–
–
–
–
154,846
154,846
3,873,618
3,873,618
56
56
–
–
–
–
–
–
34,522
34,522
–
–
34,522
–
–
–
–
–
–
–
–
205,826
205,826
–
–
205,826
91,575
91,575
–
91,575
91,575
–
–
56
205,826
–
–
154,846
–
–
–
3,873,618
–
–
–
48,307
–
(13,785)
37,763
–
(37,707)
154,846
–
–
4,370,702
–
(497,084)
–
64,324
91,541
–
64,324
–
–
–
–
–
27,850 10,248,781 1,402,380 4,002,537
121,527
–
–
–
–
–
–
–
(5,982) (2,919,102)
69,303
–
–
–
–
–
143,529 8,086,531 3,097,949 4,094,078
34,522
–
205,826
91,575
–
–
2,121,894
218,283
756,852 1,626,266
–
–
–
1,572,826
–
–
–
–
–
23,929
23,929
–
–
23,929
23,929
–
–
32,994
–
–
–
–
40,503
23,929
–
114
7,509
–
–
(10)
–
–
–
–
–
–
763
763
64,546
124
25,596
–
(3)
1,904
23,695
38,187
–
–
38,187
Group
Pension
234,312
–
(6,553)
53,875
186,990
–
23,273
564,599
–
23,273
–
–
–
–
–
26,637
26,637
–
–
26,637
26,637
–
–
–
–
–
–
–
–
157,374 1,133,886
–
–
–
–
–
–
–
182,597 1,698,485
26,637
–
–
7,779
25,223
–
5,207
–
–
–
–
–
–
81,497
764
7,114
764
88,611
217,013 1,721,758
2,572
–
66,016
–
(5)
3,719
62,302
150,233 1,398,835
–
–
–
–
150,233 1,398,835
Group Life Pension
Annuity
Variable Individual Individual
(2,143,438)
13,911 (173,702)
(184)
28,282,755 4,555,409
695,960
685,154
3,984,381
–
239,835
–
1,435,504
846
118
–
–
–
–
–
59,682,422 7,118,493 3,451,297 1,409,782
3,873,618
154,846
56
–
–
13,900
134
–
–
3,511
724,812
–
–
–
–
–
3,445,894
105,072
201,913
28,123,220 2,548,327 2,689,086
–
–
–
–
3,341
6,674
–
–
–
–
145,200
32,265
–
–
–
–
3,446
–
–
–
–
–
71,706
33,009
–
–
–
–
Group
Life
8,636,800 3,302,150 3,797,427
(344,824) (567,520)
–
–
–
8,291,976 2,734,630 3,797,427
Individual
Life
–
459,355
–
–
567
92,269
16,794
19,313
567
551,625
16,794
19,313
191,951 10,208,426 3,522,058 4,249,977
3,885
549,068
8,041
–
83,673
1,489
(2,444)
67,043
17,585
110,570
(2,859)
–
107,711
Health
Individual
Non Linked Business
–
–
–
–
–
128,162
–
–
–
–
559,715
–
–
8,473
431,553
–
8,212
–
–
–
–
–
27,057
2,365
29,422
568,188
261
73,724
–
(2,062)
16,951
58,835
465,042
–
–
465,042
Group
Pension
Variable
6,436
6,436
–
–
6,436
6,436
–
–
(2,190)
–
–
699
–
1,088
6,436
–
1,001
2,579
–
–
607
–
–
–
–
–
–
55
55
8,525
394
335
–
–
25
310
9,789
(1,654)
–
8,135
Health
Individual
53,092,074
10,419,776
(1,470,354)
30,620,788
13,521,864
52,332,246
(1,648,583)
–
50,683,663
Total
–
631,155
2,847
628,308
–
–
–
1,107,573
–
–
(13,712)
–
1,221,060
–
–
5,845,321
124,352
2,847
–
4,966,285
–
–
–
–
–
4,417,446
5,048,601
2,847
628,308
4,417,446
4,966,022
–
(548,576)
–
12,060,750
37,716,053
2,847
–
15,935,934
34,340,805
4,224,216
(1,432,326)
–
90,787,529
4,417,446
–
8,707,124
1,019,890
–
–
–
–
2,492,727
3,153,831
7,729
336,157
2,500,457
3,489,988
7,066,381 107,265,725
879,035
2,333,736
40,334
–
(27)
2,825
37,536
4,532,568
(6,978)
–
4,525,590
Par
Non Linked
Business
Individual
Life
Annexure 1
Annexures to Schedule 16
1,632,465
947,942
–
–
–
–
–
–
–
93,195
161,403
19,266
5,681
2,074
161,403
19,266
5,681
95,269
67,001,934 7,378,411 3,653,266 1,413,293
865,486
357
24,448
65
409,387
387,215
409,387
–
Group
Pension
499,906
Pension
Individual
8,497,742 1,521,916
Group
Life
24,575,983 3,788,184 1,117,091
(724,106)
(356)
(286)
–
–
–
23,851,877 3,787,828 1,116,805
Individual
Life
Linked Business
Form A-RA
Revenue Account for the year ended 31st March 2015
11/10/15 4:02:23 PM
(591,273)
(401,224)
(6,526)
(6,520,594)
9,635,768
70,582
–
–
70,582
70,582
3,083,358
–
–
3,083,358
3,083,358
341,225
341,225
–
–
341,225
499,316
–
(158,091)
–
–
–
–
–
–
–
–
(2,796)
60,343
–
–
–
921,812
–
(559,503)
(3,888) (253,101)
7,307,432 3,247,667 (309,750)
2,665,708
–
38,322
(715,303)
827
(2,344)
–
–
–
38,409,302 5,096,510 2,046,523
3,083,358
70,582
341,225
70,582
–
–
–
–
–
–
–
–
–
6,216
864,265
–
4,276,014
–
(1,192,656)
6,290
208,557
92,826
17,200
3,244
20,444
928,028
(74)
–
–
–
191,288
24,468
9,086
191,288
24,468
9,086
45,133,063 5,287,645 2,666,419
782,519
90
36,113
1,737,401
399,520
20,091,057 1,433,534 1,234,795
1,120,483
27,637
34,001
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
3,640,403
120,553
278,671
29,710,968 1,851,904 2,573,396
–
–
–
(1,819)
563,624
(111,820)
366,083
147,076
519,691
742,753
7,869,785 1,313,556
9,106,098
527,728
Group
Pension
Linked Business
Pension
Individual
508,064
–
–
508,064
Group
Life
25,607,960 3,831,611 1,422,852
(757,242)
(1,968)
(314)
–
–
–
24,850,718 3,829,643 1,422,538
Individual
Life
Group
Life
862,384
–
(21,848)
832,075
52,157
523,791
–
(8,309)
489,062
43,038
79,871
79,871
–
–
79,871
91,165
–
(11,294)
(11,414)
66,748
–
(17,182)
–
39,315
79,871
8,308
–
–
–
–
–
–
48,628
1,163
–
30,658
81,515
–
(1,293)
76,110
6,698
–
–
–
–
–
–
28,075
646
–
–
28,075
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
52,699
52,699
–
52,699
52,699
6,411,081 1,819,228 1,215,417
–
–
–
–
–
–
(1,533,693) (101,054)
–
–
–
–
5,627,839 2,308,474 1,216,063
–
–
52,699
–
–
–
–
–
–
200,214
590,300
–
–
–
–
–
–
–
–
–
4,338,680
750,451
–
186,890
3,472,654
Non Linked Business
–
–
–
–
–
–
–
–
105,199
–
–
–
–
107,645
–
–
–
–
–
–
–
1,127
2,446
–
–
382
32,122
743
32,865
108,772
745
20,485
–
(519)
19,765
1,239
55,422
–
–
55,422
34,557
34,557
–
–
34,557
34,557
–
265,860
–
–
–
–
270,450
34,557
–
–
–
–
–
–
8,588
4,590
–
–
3,179
–
1,847
1,847
313,595
5,409
22,507
–
(387)
21,625
1,269
289,241
–
–
289,241
Group Life Pension
Annuity
8,847,801 2,695,229 1,207,610
(294,378) (816,325)
–
–
–
–
8,553,423 1,878,904 1,207,610
Individual
Life
–
452,921
88,782
–
856
97,791
17,211
7,712
856
550,711
105,993
7,712
167,814 9,966,518.19 2,508,688 1,296,837
9,662
866,026
13,324
–
37,052
17,747
(15,262)
15,548
19,019
134,012
(4,106)
–
129,906
Health
Individual
70,437
–
(1,117)
65,830
5,724
773,332
–
–
773,332
Group
Pension
Variable
–
–
–
–
–
–
19,009
1,284
–
–
18,619
200,188
200,188
–
200,188
–
200,188
–
–
–
–
–
119,397 1,055,196
–
–
–
–
–
–
–
–
390,405 1,056,480
200,188
–
–
–
–
–
–
–
9,725
271,008
–
–
9,725
–
226,781
2,696
4,938
2,696
231,719
600,318 1,075,488
–
390
175,363
–
(2,781)
163,894
14,250
422,258
–
–
422,258
Group
Pension
–
–
–
–
–
–
–
–
(653)
–
–
(8)
–
7,474
–
–
–
–
–
–
–
24,206
8,135
–
–
21,870
10,583
168
10,751
31,680
2,336
457
–
(12)
441
28
24,016
(3,544)
–
20,472
Health
Individual
Total
9,180,154
10,429,613
10,372,440
2,704,030
(2,376,717)
–
57,784,383
3,862,479
–
380,779
734
380,045
–
3,862,478
4,243,256
734
380,045
3,862,478
5,224,519
–
– (1,362,041)
–
269,590
–
–
(7,960)
–
286,091
–
1,190,429
–
–
–
–
–
–
–
–
–
–
–
–
3,993,620 12,717,713
23,727 36,654,283
734
734
–
3,363,028
1,763,503 2,591,891
3,379 365,427.37
1,766,882 2,957,318
4,279,711 74,364,575
630,591 2,347,131
5,847 24,958,744
– 10,208,794
(246) (7,676,685)
5,018 11,758,483
1,075 10,668,152
2,511,113 48,330,521
(4,131) (1,882,008)
–
–
2,506,982 46,448,513
Par
Non Linked
Individual
Life
Annexure 1
Note: In the current Financial year 2014-15, new segments for the Annuity Products, and the variable products under group life and group pension segment have been introduced in the segmented financial statements. Consequently the
segment allocation ratio has also undergone changes. The segment financials of the previous financial year 2013-14 has been reclassified accordingly to reflect comparative analysis.
Premium earned-Net
(a) Premium
Sub-Total
Investments
Investments
(d)Transfer/Gain (Loss) on
Sub-Total
Other Income
(a)Contribution from the
Shareholders’ Account
Sub-Total
TOTAL (A)
Commission
Insurance Business
Provision for Tax
investment (net)
(b) Others (to be specified)
TOTAL (B)
Benefits paid (Net)
(a) Gross
(b) Fund Reserve
(c) Fund Reserve - PDF
TOTAL (C)
Appropriations
Appropriations
TOTAL (D)
Policyholders
Revenue Account
(d) Total Surplus: {a+b+c}
Particulars
Form A-RA
Revenue Account for the year ended 31st March 2014
11/10/15 4:02:26 PM
Pension
Individual
Group Life
Individual
Life
Linked Business
Sources of Funds
Share Capital
–
–
–
–
–
–
Credit/(Debit)/Fair Value Change
–
–
–
Account
Sub-Total
–
–
–
Borrowings
–
–
–
Credit/(Debit) Fair Value Change
Account
–
–
–
Policy Liabilities
2,224,970
40,075
77,645
Insurance Reserves
–
–
–
Provision for Linked Liabilities
171,113,887 23,066,548 10,727,781
(i)Discontinued on account
of non-payment of premium
8,700,501
–
278,157
(ii) Others
Account (Linked)
23,103,944 1,013,388
503,232
202,918,332 24,079,936 11,509,170
Sub-Total
205,143,302 24,120,011 11,586,815
127,400
–
10,237
Total
205,270,702 24,120,011 11,597,052
Investments
Shareholders’
–
–
–
Policyholders’
2,257,813
38,464
84,350
Assets Held to Cover Linked Liabilities 202,918,332 24,079,936 11,509,170
Loans
378,749
–
–
Fixed Assets
230,891
35,590
10,495
Current Assets
2,216,635
341,676
100,756
(456,233) (577,094)
9,754
Advances and Other Assets*
Sub-Total (A)
1,760,402 (235,418)
110,510
Current Liabilities
1,998,950 (480,263)
448,045
Provisions
131,049
20,200
5,957
Sub-Total (B)
2,129,999 (460,063)
454,002
Net Current Assets (C) = (A - B)
(369,597)
224,645 (343,492)
–
–
–
(To the extent not written off or
Adjusted)
Debit Balance in Profit and Loss
–
–
–
Account (Shareholders’ Account)
Total
205,416,188 24,378,635 11,260,523
Note: Advances and other assets allocated to shareholders’ include tax assets.
Particulars
Form A-BS
Balance Sheet as at 31st March 2015
–
–
–
–
–
–
–
–
–
–
–
–
–
–
778,997
1,849,603
2,628,600
1,141,886
46,055
1,187,941
1,440,659
–
–
297,838
1,646,639
1,944,477
2,418,342
17,608
2,435,950
(491,473)
–
–
342,509
147,581
490,090
404,563
20,249
424,812
65,278
–
493,441 19,605,748 8,448,072 5,109,166
–
–
6,151,031
9,973
8,943
18,916
39,640
590
40,230
(21,314)
–
293,015
–
3,444
6,182
9,626
5,778
204
5,982
3,644
–
–
289,012
–
–
359
–
301,115
–
–
301,115
–
–
301,115
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
126,168
54,363
180,532
149,026
7,459
156,485
24,046
–
–
41,945
18,074
60,019
49,601
2,480
52,081
7,938
–
438,608 3,646,977 1,148,098
–
13,550
5,852
19,402
14,348
801
15,149
4,253
–
–
–
–
432,944 3,609,789 1,135,791
–
–
–
–
–
–
1,411
13,142
4,369
–
–
–
451,076 3,898,405 1,183,358
–
–
–
–
–
–
451,076 3,898,405 1,183,358
–
– 137,438
–
451,076 3,760,967 1,183,358
–
–
–
–
–
–
–
–
–
–
–
Group
Pension
36,360
–
883
(17,643)
(16,760)
(50,218)
52
(50,166)
33,406
–
–
2,862
–
–
92
–
2,982
–
–
2,982
–
–
2,982
–
–
–
–
–
–
–
1,286,243
–
473
590,808
591,281
634,169
24,170
658,339
(67,058)
–
–
1,310,718
–
–
42,583
–
1,369,446
–
–
1,369,446
–
3,836
1,365,610
–
–
–
–
–
–
–
Total
–
8,978,658
6,276,194
4,311,893
3,875,590
8,187,483
6,817,496
279,135
7,096,631
1,090,852
–
22,372,510 310,084,615
6,276,194
121
572,850
572,971
–
78
78
572,893
–
15,523,423 15,523,423
– 41,311,520
– 245,012,216
–
378,749
–
491,661
–
184,774
21,695,028 310,084,615
– 24,879,886
– 245,012,216
– 288,204,813
–
–
335,732
– 42,856,865
–
–
– 211,153,672
21,695,028 21,695,028
–
–
–
19,012,080 19,012,080
2,682,948 2,682,948
Par
Non Linked Shareholders
Group
Health
Individual
Fund
Pension
Individual
Life
Variable
36,925
15,911
52,836
43,629
2,183
45,812
7,024
–
–
–
–
–
135,507 18,083,946 8,908,521 5,008,211
378,209
–
–
–
–
–
–
–
1,039
81,143
31,024
35,677
–
13,592
6,126,569
–
3,846
–
47,137
–
–
–
519,391 18,994,152 9,323,212 5,217,954
–
–
6,140,731
–
1,489
–
–
–
378,209
–
–
–
472,254 18,994,152 9,323,212 5,217,954
–
257,833
6,126,569
6,140,731
–
–
–
–
–
–
–
152,854
41,604
–
94,045 18,841,298 9,281,608 5,217,954
–
–
–
–
376,720
–
–
–
–
–
–
14,162
–
5,868,736
–
–
–
–
Group
Pension
Non Linked Business
Group
Pension Annuity
Health
Individual
Group Life
Life
Individual
Life
Variable
Annexure 1
11/10/15 4:02:30 PM
Pension
Individual
Group Life
Individual
Life
Linked Business
Group
Pension
Non Linked Business
Group
Pension Annuity
Health
Individual
Group Life
Life
Individual
Life
Variable
Group
Pension
Par
Group
Health
Individual
Fund
Pension
Individual
Life
Variable
Total
Annexure 1
Sources of Funds
Share Capital
–
–
–
–
–
–
–
–
–
–
–
–
–
– 19,012,080 19,012,080
–
–
–
–
–
–
–
–
–
–
–
–
–
–
2,682,948 2,682,948
Credit/(Debit)/Fair Value Change
–
–
–
–
–
–
–
–
–
–
–
–
–
–
1,409
1,409
Account
Sub-Total
–
–
–
–
–
–
–
–
–
–
–
–
–
– 21,696,437 21,696,437
Borrowings
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
38,935
50
–
–
–
1,625
–
–
13
–
40,623
Account
Policy Liabilities
2,932,901
25,319
251,229
14,346
72,178 11,511,618 7,809,925 1,215,417 268,122 293,702 2,627,080 1,055,196
4,473
271,749
– 28,353,255
Insurance Reserves
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
152,242,006 19,399,291 9,945,901 5,406,511 238,934
–
–
–
–
–
–
–
–
–
– 187,232,643
(i)Discontinued on account
4,716,120
–
38,322
–
–
–
–
–
–
–
–
–
–
–
– 4,754,442
of non-payment of premium
(ii) Others
Account (Linked)
13,693,072
125,236
589,151
34,903
17,747
–
–
–
–
–
–
–
–
–
– 14,460,109
170,651,198 19,524,527 10,573,374 5,441,414 256,681
–
–
–
–
–
–
–
–
–
– 206,447,194
Sub-Total
173,584,099 19,549,846 10,824,603 5,455,760 328,859 11,550,553 7,809,975 1,215,417 268,122 293,702 2,628,705 1,055,196
4,473
271,762
– 234,841,072
624,485
–
47,945
–
60,921
–
–
–
–
–
–
–
–
–
–
733,351
Total
174,208,584 19,549,846 10,872,548 5,455,760 389,780 11,550,553 7,809,975 1,215,417 268,122 293,702 2,628,705 1,055,196
4,473
271,762 21,696,437 257,270,860
Investments
Shareholders’
–
–
–
–
–
–
–
–
–
–
–
–
–
– 13,292,091 13,292,091
Policyholders’
3,425,368
24,379
288,071
13,813 128,160 11,084,409 7,520,090 1,170,312 258,171 282,802 2,529,586 1,016,036
4,307
261,664
– 28,007,168
Assets Held to Cover Linked Liabilities 170,651,196 19,524,527 10,573,375 5,441,414 256,682
–
–
–
–
–
–
–
–
–
– 206,447,194
Loans
284,669
–
–
–
–
–
–
–
–
–
–
–
–
–
–
284,669
Fixed Assets
211,539
31,652
11,754
4,197
1,107
73,089
22,264
9,976
458
2,389
3,488
6,388
198
20,744
–
399,243
Current Assets
2,775,784
415,329
154,231
55,072
14,526
959,060 292,150 130,899
6,007
31,352
45,771
83,826
2,603
109,987
228 5,076,825
1,588,319
311,528 (295,539)
23,729
6,331 1,819,875 (283,451)
56,403
9,665
13,549
19,722
36,122
5,087
224,833
4,816 3,540,989
Sub-Total (A)
4,364,103
726,857 (141,308)
78,801
20,857 2,778,935
8,699 187,302
15,672
44,902
65,493 119,948
7,690
334,820
5,044 8,617,814
Current Liabilities
4,636,273
476,960
162,708
63,263
38,647 1,215,185 419,371 150,412
10,054
33,352
52,594
96,413 (19,499)
450,704
– 7,786,437
Provisions
593,973
88,874
33,003
11,784
3,108
205,224
62,516
28,010
1,286
6,709
9,794
17,937
557
58,245
85 1,121,105
Sub-Total (B)
5,230,246
565,834
195,711
75,047
41,755 1,420,409 481,887 178,422
11,340
40,061
62,388 114,350 (18,942)
508,949
85 8,907,542
(866,143)
161,023 (337,018)
3,754 (20,898) 1,358,526 (473,188)
8,880
4,332
4,840
3,105
5,597
26,632 (174,129)
4,959
(289,728)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Adjusted)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
9,130,223 9,130,223
Account (Shareholders’ Account)
Total
173,706,629 19,741,581 10,536,181 5,463,178 365,051 12,516,024 7,069,166 1,189,168 262,961 290,031 2,536,179 1,028,022
31,137
108,279 22,427,273 257,270,860
Note: In the current Financial year 2014-15, new segments for the Annuity Products, and the variable products under group life and group pension segment have been introduced in the segmented financial statements. Consequently the segment
allocation ratio has also undergone changes. The segment financials of the previous financial year 2013-14 has been reclassified accordingly to reflect comparative analysis.
Particulars
Form A-BS
Balance Sheet as at 31st March 2014
11/10/15 4:02:33 PM
–
Total Gross
Premiums
–
128,561
22,146
4,875
927,310
490,667
508,064
–
333,108
174,956
117,671
939,197
–
–
38,686
131,899
742,138
–
–
134,012 8,847,801 2,695,229 1,207,610
–
113,357 6,302,911
–
–
82,351
150,233 1,398,835
150,233
Non Linked
38,187
–
45,552
– 1,316,484
55,422
–
57,283
(1,861)
289,241
289,241
–
–
422,258
–
49,424
372,834
Group Life Pension Annuity
Group
Variable Individual Individual Pension
20,655 2,506,204 1,821,192 1,207,610
Group
Life
110,570 8,636,800 3,302,150 3,797,427
–
110,484 7,089,963
(7,365)
Group
86 1,524,691 2,245,282 3,797,427
Pension
Group
Health Individual
Individual Pension Individual
Life
25,607,960 3,831,611 1,422,852
123,027
Renewal Premiums 22,497,320
2,987,613 3,703,050
First Year Premiums
Group
Life
Individual
Life
Particulars
Linked Business
409,387
–
350,809
58,578
Group
Life
Non Linked
9,789
–
8,327
1,462
773,332
–
287
773,045
24,016
–
14,131
9,885
Total
415,740
587,728
2,511,113 48,330,521
–
189,791 31,355,621
2,321,322 16,387,172
Total
Annexure 1
4,532,568 52,332,246
–
1,548,155 32,952,821
2,984,413 18,963,685
Par
Non Linked
Group
Health
Individual
Pension
Individual
Life
Variable
465,042
–
15,030
450,012
Par
Non Linked
Group
Health
Individual
Pension
Individual
Life
Variable
Annexure 1
Single Premiums
3,644
803,150
310,297
Pension
Group
Health Individual
Life
Linked Business
24,575,983 3,788,184 1,117,091
122,046
8,456
Schedule 1
Premium for the year ended March 2014
Total Gross
Premiums
Single Premiums
2,502,590 3,779,728
First Year Premiums
Group
Life
Individual
Life
Particulars
Schedule 1
11/10/15 4:02:36 PM
865,486
357
–
–
24,448
Net Commission
90
–
–
90
(26)
116
–
–
782,519
65
–
–
65
–
65
–
3,885
–
–
3,885
(614)
4,499
–
549,068
–
–
549,068
295,716
252,922
430
36,113
–
–
36,113
21,915
14,121
77
(74)
–
–
(74)
(94)
20
–
9,662
–
–
9,662
3,847
5,815
–
866,026
–
–
866,026
604,058
261,263
705
Linked Business
Group
Pension Pension Health Individual
Life
Individual Group Individual
Life
–
782,519
Sub-Total
Add: Commission on
Re-insurance Accepted
Less: Commission on
Re-insurance Ceded
228,310
552,491
1,718
Commission Paid
Direct - First Year Premiums
Renewal Premiums
Single Premiums
Particulars
Individual
Life
–
–
24,448
14,144
10,250
54
Schedule 2
Commission Expenses for the year ended March 2014
Net Commission
–
357
355
2
–
Linked Business
Group
Life
Life
–
865,486
Sub-Total
Add: Commission on
Less: Commission on
Re-insurance Ceded
215,646
647,834
2,006
Commission Paid
Renewal Premiums
Single Premiums
Particulars
Individual
Life
Schedule 2
13,324
–
–
13,324
7,953
3,755
1,616
Group
Life
8,041
–
–
8,041
2,616
5,153
272
Group
Life
124
–
–
124
(541)
665
–
2,572
–
2,572
(22)
–
2,594
–
–
–
–
–
–
–
261
–
261
261
–
–
394
–
–
394
173
221
–
–
–
–
–
–
–
745
–
–
745
(143)
888
–
5,409
–
5,409
–
–
5,409
–
–
–
–
–
–
–
390
–
390
390
–
–
2,336
–
–
2,336
1,911
425
–
Total
–
–
–
–
630,590 2,347,131
–
–
630,590 2,347,130
618,240 1,486,361
12,350 851,244
–
9,525
Total
Annexure 1
879,035 2,333,736
–
–
879,035 2,333,736
793,438 1,321,172
85,597 1,007,208
–
5,356
Non Linked Business
Par
Group
Pension Annuity
Group
Group
Health Non Linked
Life
Individual Individual Pension Pension Individual Individual
Life
Variable
Variable
–
–
–
–
–
–
Non Linked Business
Par
Group
Pension Annuity
Group
Group
Health Non Linked
Life
Life
Variable
Variable
Annexure 1
11/10/15 4:02:39 PM
14
Total
13
–
3
–
6,953
–
1,231
–
1,632,465
71,706
–
697
790
972
1,223
4,128
115,442
–
46,851
16,378
65,475
56,130
2,258
23,200
–
99
(4)
71,090
1,406
–
–
62
1,246
–
–
355
112,161
(74,017)
–
–
66
3,182
270
254
1,125
933
13
–
42
3
–
16,659
132,254
39,008
17,871
51,507
36,073
12,761
–
2,586
193
–
–
–
50,579
3,752
Group
Life
845,337
35,561
Individual
Life
145,200
–
3,226
1,015
4,830
4,060
–
–
–
165
–
1,173
–
8,642
1,971
5,595
110
–
22
7,377
(6,094)
2,292
11,968
4,306
1,262
3,632
2,328
–
–
157
12
–
83,566
3,585
Pension
Individual
3,446
–
11
136
20
27
–
–
–
–
–
154
–
67
49
–
–
–
1
16
–
3
49
4
4
21
74
–
–
1
–
–
2,716
93
Group
Pension
Linked Business
–
29,643
7,354
44,852
37,506
–
–
–
1,654
–
25,552
–
80,567
27,551
98,676
2,305
–
194
157,346
(57,669)
22,971
114,789
42,294
13,913
33,995
20,248
7,442
–
1,412
105
–
825,544
34,582
3,341 1,572,826
–
263
84
336
295
–
–
–
(1)
–
–
–
580
(10)
(191)
(8)
–
2
(359)
(319)
(18)
465
62
72
274
209
1
–
17
1
–
1,505
81
Health Individual
Individual
Life
210,242
–
435
362
603
756
–
–
–
2
–
124,954
–
2,578
1,526
723
15
–
39
2,072
–
40
1,989
169
191
707
519
40,062
–
27
2
–
64,324
–
700
382
962
1,201
–
–
–
3
–
11
–
4,138
2,203
1
(7)
62
1,059
–
43
3
61
3,197
271
250
1,115
738
2
(10)
–
28
14
37
33
–
–
–
–
–
–
–
64
(25)
(149)
(4)
–
–
(295)
(37)
1
57
11
1
28
24
–
–
2
–
–
5,207
–
85
27
145
118
–
–
–
9
–
8
–
264
53
85
1
–
(17)
(213)
3
–
120
464
197
30
100
56
4
23,273
–
243
173
335
419
–
–
–
1
–
266
–
1,435
768
–
(2)
–
22
367
–
22
1,108
94
87
388
275
–
–
15
1
–
8,212
–
83
57
114
143
–
–
–
607
–
30
8
37
33
–
–
–
–
–
1
–
87
–
–
–
64
11
44
1
–
–
90
(35)
(3)
49
5
11
32
23
15
–
2
–
–
491
276
72
1
7
267
–
5
–
7
379
32
33
133
93
–
–
146,324
39,725
227,474
190,207
–
–
–
9,605
–
167,131
–
418,065
142,976
464,830
10,661
–
1,080
705,992
(112,794)
134,032
623,248
237,730
67,635
170,253
100,139
61,648
–
6,601
491
–
4,966,285 8,707,124
–
64,029
12,945
108,756
88,263
–
–
–
6,538
–
7,959
–
199,605
83,145
288,785
6,847
–
314
424,662
25,590
91,811
353,298
151,007
33,656
77,196
38,546
1,348
–
2,289
171
–
Par
Non Linked
Group
Total
Group Group Life Pension
Annuity
Group
Health
Business
Pension
Life
Individual Individual Life
Variable
30,160
44,278
187
3,513
15,979
5,496
181
2,782,382 4,691,423
2,311
3,651
13
154
1,277
436
8
117,143
202,647
Non Linked Business
Annexure 1
9) Policy processing expenses
10)Hire Charges and Insurance
Expense
11)Call Centre and Mother Portal
Expenses
12) Service Tax on Expenses
Depreciation
Employees’ remuneration
Travel, conveyance and vehicle
running expenses
3 Training expenses
4 Rents, rates and taxes
5 Repairs & maintenance
6 Printing and stationery
7 Communication expenses
8 Legal and professional charges
9 Medical fees
10 Auditor’s fees, expenses, etc.
(a) i) as auditor
ii)out of pocket expenses
(b)as advisor or in any other capacity,
in respect of
i)Taxation services/matters
ii) Management services
11 Advertisement and publicity
12 Interest and bank charges
13 Others:
1) Distribution expenses
2)Agents recruitment, seminar and
other expenses
3)Recruitment and seminar
expenses
4)IT expenses (including
maintenance)
5) Policy stamps
6)Fund and asset management
charges
7)(Profit)/Loss on sale of assets
8)Service Tax expenditure including
provision for unutilised credit
1
2
Sr.
Particulars
No.
Schedule 3
Operating Expenses Related to Insurance Business for the year ended March 2015
11/10/15 4:02:43 PM
Total
Employees’ remuneration
Travel, conveyance and vehicle
running expenses
3 Training expenses
9 Medical fees
10 Auditor’s fees, expenses, etc.
(a) i) as auditor
in respect of
13 Others:
other expenses
expenses
maintenance)
5) Policy stamps
charges
Expense
Expenses
14 Depreciation
1
2
Sr.
Particulars
No.
–
9
4,517
–
16
–
3,932
5,216
41
–
(47)
(970)
–
–
–
–
206
699
1,565
1,037
–
429
114,499
67,605
79,027
1,564
2,368
106,686
8,981
–
(1,809)
(51,805)
–
–
–
–
27,056
3,463
80,109
50,508
92,826
(21)
5,076
405
277
1,458
929
6
–
49
6
–
3,113
161,111
42,052
17,563
47,235
32,484
18,793
–
2,283
265
–
1,737,401
63,658
4,762
Group
Life
898,288
25,532
Individual
Life
208,557
–
4,351
259
6,778
4,377
–
–
–
(53)
(4,000)
2,463
–
9,460
1,030
8,160
198
–
29
11,002
4,938
948
18,065
6,188
1,743
4,240
3,188
6
–
153
18
–
120,860
4,156
Pension
Individual
6,290
–
10
163
80
55
–
–
–
(1)
(46)
91
–
246
207
(29)
–
–
–
167
–
–
240
19
10
73
63
–
–
2
–
–
4,694
246
Group
Pension
Linked Business
–
72,630
(65)
87,763
57,447
–
–
–
21
(48,883)
27,843
–
126,106
19,716
214,755
4,599
–
315
303,692
57,917
17,655
269,143
100,914
33,830
56,980
44,342
3,552
–
1,677
194
–
30,658 3,472,654
–
648
3
971
628
–
–
–
(7)
(570)
121
–
1,362
153
1,407
33
–
4
1,932
699
144
2,644
919
274
611
458
1
–
22
2
–
17,584 1,951,112
615
69,399
Health Individual
Individual
Life
Schedule 3
186,890
–
108
293
822
543
–
–
–
(27)
(511)
112,707
–
2,751
2,071
2,598
40
–
5
6,392
–
(11)
2,678
213
391
771
479
17,525
–
26
3
–
34,514
2,509
Group
Life
28,075
–
67
78
503
331
–
–
–
(16)
(316)
13
–
1,701
1,258
8
–
3
1,477
–
16
2
(8)
1,655
132
91
471
281
–
18,799
1,529
382
–
5
5
40
25
–
–
–
(1)
(27)
–
–
51
(2)
(46)
(1)
–
–
(72)
36
(1)
63
11
–
22
15
–
–
1
–
–
253
5
3,179
–
81
5
81
54
–
–
–
1
(42)
146
–
119
24
21
2
–
–
48
1
–
21
279
111
15
54
45
2
2,034
78
Group Life Pension
Annuity
Non Linked Business
9,725
–
21
90
159
105
–
–
–
(5)
(98)
86
–
525
399
2
–
–
1
456
–
(2)
511
41
28
147
96
–
–
5
1
–
18,619
–
43
54
322
212
–
–
–
(10)
(202)
167
–
1,089
806
132
2
2
1,142
–
10
1
(5)
1,060
84
70
302
180
–
21,870
–
521
(1)
584
481
–
–
–
–
178,544
5,141
252,490
163,949
–
–
–
(1,339)
(108,274)
161,574
–
363,272
53,698
526,873
11,186
–
1,014
757,085
145,629
40,786
714,508
251,514
87,188
161,506
122,340
40,375
–
5,400
626
–
3,363,028 9,180,154
–
72,797
95
72,713
48,146
–
–
–
613
(486)
8,786
–
129
–
2
(318)
107,113
21,592
220,067
4,728
–
215
310,921
14,015
18,823
250,111
99,706
32,732
48,760
39,477
474
–
1,145
133
–
847
144
755
21
–
2
960
371
130
1,872
719
164
382
303
16
–
10
1
–
Par
Group
Non Linked
Total
Health
Pension
Variable
6,672
12,178
13,279
1,920,466 5,064,391
483
980
496
69,887
180,677
Group
Pension
Annexure 1
11/10/15 4:02:46 PM
(iv)
Survival and Others
Health
Riders
Surrender
–
28,123,220
(d) Other benefits
Total
2,548,327
–
–
–
–
–
–
(a) Claims by Death
–
–
–
(509)
–
–
–
2,547,957
–
–
–
Amount accepted in
reinsurance:
–
(400,925)
89,297
–
15,047
26,692,586
–
–
131
370,633
(a) Claims by Death
(ii)
(iii)
(i)
(d) Other benefits
879
Group
Life
1,356,451
Individual
Life
2,689,086
–
–
–
–
–
–
–
(200)
(436)
–
500
2,503,190
–
127,255
58,777
Pension
Individual
724,812
–
–
–
–
–
–
–
–
–
–
–
714,719
–
–
10,093
Group
Pension
Linked Business
134
–
–
–
–
(1,259)
–
–
–
(188)
(212)
7
7
–
–
1,779
Health
Individual
756,852
–
–
–
–
–
–
–
(425,491)
5,882
–
8,312
25,889
–
6,020
1,136,240
Individual
Life
1,626,266
–
–
–
–
–
–
–
(517,942)
–
–
9,298
1,283,021
–
–
851,889
Group
Life
91,541
–
–
–
–
–
–
–
–
–
–
91,541
–
–
–
7,509
–
–
–
–
–
–
–
–
1,611
–
–
2,614
–
–
3,284
Group Life Pension
Variable Individual
25,223
–
–
–
–
–
–
–
–
–
–
–
25,223
–
–
Annuity
Individual
Non Linked Business
564,599
–
–
–
–
–
–
–
–
–
–
–
564,453
–
–
146
Group
Pension
–
–
–
431,553
–
–
–
–
–
–
–
–
–
–
431,553
Group
Pension
Variable
2,579
–
–
–
–
(2,430)
–
–
(8,986)
(25)
11,831
–
2,582
–
–
(393)
25,354
503,908
3,536,825
Total
42,634
96,183
11,619
–
–
–
–
(3,689)
–
–
124,352 37,716,053
–
–
–
–
–
–
–
(2,681) (1,356,734)
42
–
9,470
(159) 34,859,953
–
–
117,680
Par
Non Linked
Health
Individual
Individual
Life
Annexure 1
3
2
Insurance Claims
1
(a) Claims by Death
Particulars
Sr.
No.
Schedule 4
Benefits Paid (Net) for the year ended March 2015
11/10/15 4:02:49 PM
3
2
Insurance Claims
1
(iv)
Survival and Others
Health
Riders
Surrender
–
–
29,710,968
(d) Other benefits
Total
1,851,904
–
–
–
–
–
–
(a) Claims by Death
–
–
–
–
–
–
–
1,851,904
–
–
–
Amount accepted in
reinsurance:
–
(446,416)
176,699
–
20,837
27,939,615
–
522,703
–
–
Group
Life
1,497,530
Individual
Life
(a) Claims by Death
(ii)
(iii)
(i)
(d) Other benefits
(a) Claims by Death
Particulars
Sr.
No.
Schedule 4
Benefits Paid (Net) for the year ended March 2014
2,573,396
–
–
–
–
–
–
–
(1)
964
–
200
2,452,297
–
69,709
50,227
Pension
Individual
864,265
–
–
–
–
–
–
–
–
–
–
–
860,780
–
–
3,485
Group
Pension
Linked Business
1,163
–
–
–
–
(1,614)
–
–
–
202
(78)
–
2,432
–
–
221
Health
Individual
750,451
–
–
–
–
–
–
–
(297,371)
4,359
–
21,738
22,021
–
7,349
992,355
Individual
Life
590,300
–
–
–
–
–
–
–
(659,863)
–
–
11,599
411,985
159
–
826,420
Group
Life
646
–
–
–
–
–
–
–
–
–
–
–
646
–
–
–
2,446
–
–
–
–
–
–
–
–
978
–
–
436
–
–
1,032
Group Life Pension
Variable Individual
4,590
–
–
–
–
–
–
–
–
–
–
–
–
4,390
–
200
Annuity
Individual
Non Linked Business
271,008
–
–
–
–
–
–
–
–
–
–
–
270,511
–
–
497
Group
Pension
–
–
–
1,284
–
–
–
–
–
–
–
–
–
–
–
1,284
Group
Pension
Variable
8,135
–
–
–
–
(3,686)
–
–
–
25
8,944
–
2,230
–
–
622
4,549
599,761
3,394,929
Total
183,224
8,866
55,702
–
–
–
–
(5,300)
–
–
23,727 36,654,283
–
–
–
–
–
–
–
– (1,403,651)
(3)
–
1,328
62 33,816,203
–
–
22,340
Par
Non Linked
Health
Individual
Individual
Life
Annexure 1
11/10/15 4:02:52 PM
Fellow Subsidiary
Aditya Birla Minacs Worldwide Limited (upto 8th May 2014)
Aditya Birla Money Mart Limited
Aditya Birla Money Insurance Advisory Services Limited
Aditya Birla Money Limited
Aditya Birla Financial Shared Services Limited
Aditya Birla Insurance Brokers Limited
Aditya Birla Customer Service Private Limited
Birla Sun Life Assets Management Company Limited
Aditya Birla Financial Services Limited
(Formerly Known as Aditya Birla Financial Service Private Limited)
(w.e.f. 4th December 2014)
Aditya Birla Housing Finance Limited
Birla Sun Life Pension Management Limited
Mr Pankaj Razdan (w.e.f. 1st January 2014)
Managing Director
4
5
6
7
8
9
10
11
12
15
Note 1:
Note 2:
Note 3:
Note 4:
Note 5:
Note 6:
Note 7:
a) Managerial Remuneration
a) Reimbursement of other expenses
a) Recovery towards Preliminary expenses
b) Share Capital Infusion
37,615
811
3,646
500
3,000
747
–
23,163
2,000
13,154
113,940
109,904
344
489
10
–
107
9,021
4,709
171,477
7,298
6,704
–
–
–
13,150
–
413
63,742
17,000
10,892
108,133
114,384
2,441
345
347
403
–
2,867
4,667
–
71,745
Audited transactions
during the year ended
31st March 2015
31st March 2014
5
6
–
–
–
2,110
518,000
874,458
–
505,361
–
1,566,618
116
–
182,000
307,242
–
177,559
–
550,434
362
–
20,841
21,696
8,830
250,000
100,000
29,525
3,078
1,874
–
–
(811)
3,646
–
(3,747)
–
–
(6,541)
–
(199)
(3,681)
–
–
–
(345)
–
–
–
(2,376)
(31,046)
–
–
–
–
–
–
–
165
3,826
–
–
(7,717)
–
–
–
5
(66)
–
–
2,082
–
(9,093)
Audited Outstanding balance
recoverable/(payable) as on
31st March 2015
31st March 2014
7
8
–
–
–
–
–
–
–
–
–
–
116
–
–
–
–
–
–
–
–
692
2,427
–
(8,830)
(8,830)
350,000
100,000
22,483
3,078
–
–
Premium received from the related parties against life insurance products sold at market rates for the year ended 31st March 2015 is ` 30,976 and for the year ended 31st March 2014 ` 27,531.
There are no provisions for doubtful debts, amounts written off or amounts written back pertaining to the above transactions.
Related party relationship have been identified by the management and relied upon by the auditors.
Related party transactions disclosed above denote the transactions entered during the existence of related party relationship.
All the above transactions are reported inclusive of service tax, wherever applicable.
Transactions of Aditya Birla Money Insurance Advisory Service Limited for the year ended 31st March 2015 includes service tax of ` 220.01 and for the year ended 31st March 2014 is ` 1,870.
The Group Insurance business related advances by the holding company is outstanding in the books as of 31st March 2015 to the extent of ` 1,565, There is an interest payment to the extent of 178 in relation to the Group Pension Scheme of the holding
company.
Key Management
Personnel
Fellow Subsidiary
Fellow Subsidiary
Fellow Subsidiary
Fellow Subsidiary
Fellow Subsidiary
Fellow Subsidiary
Fellow Subsidiary
Fellow Subsidiary
Fellow Subsidiary
4
b) Interest income on NCD
c) Final Dividend paid
d) Share capital Reduction
e) Share Premium
f) Recovery of Expenses
a) Final Dividend paid
b) Share capital Reduction
c) Share Premium
b) Recovery of expenses
c) Security Deposit received
d) Purchase of NCD
e) Interest income on NCD
f)Repayment of Housing loan recovered
from employees
a)Expenses for outsourcing of Accounts Payable
and call centre activities
a)Payment towards Advertisement Expenses
b)Reimbursement of Expenses
c)Recovery of expense
a)Payment of Commission
b)Payment towards co-branding of Expenses
a) Payment of Brokerage
a) Advance given for expenses
b) Reimbursement of expenses
c) Recovery of expense
a) Reimbursement of expenses
a) Reimbursement of Advertisement Expenses
b) Recovery of Expenses
Nature of Transaction
Annexure 2
13
14
Fellow Subsidiary
Fellow Subsidiary
Aditya Birla Finance Limited
3
Foreign Promoter
Sun Life Financial (India) Insurance Investment
2
2
Description
of Relationship with
the party
3
Holding Company
Aditya Birla Nuvo Limited
Name of the related Party with whom the transaction has been made
1
1
Sr.
No.
Related Party Disclosure for the year ended 31st March 2015 required for Consolidation with parent company, Adiya Birla Nuvo Limited
Disclosures in respect of transactions with Related parties and outstanding for the year ended 31st March 2015
11/10/15 4:02:55 PM
Interest income**
Dividend income
Profit/Loss on sale of investment
Profit/Loss on inter fund transfer/sale of investment
Miscellaneous Income/(Expenses)
Unrealised Gain/loss*
Total (A)
Fund management expenses
Fund administration expenses
Other charges
Service Tax#
Total (B)
Net Income for the year (A-B)
Add: Fund revenue account at the beginning of the year
Fund revenue account at the end of the year
Particulars
Interest income**
Dividend income
Total (A)
Other charges
Service Tax#
Total (B)
Particulars
F-5
Sch
F-5
Sch
Form A-RA(UL)
Fund Revenue Account for the year ended 31st March 2015
132,612
–
2,078
9,299
–
(2,422)
141,568
14,492
–
24,171
4,779
43,443
98,125
248,530
346,654
3,890,371 3,874,831
285,577
296,599
5,130,077 1,238,107
40,924
(19,331)
–
–
3,272,302
394,242
12,619,251 5,784,449
864,360
812,877
–
–
2,182,059 2,615,124
376,538
423,701
3,422,957 3,851,702
9,196,294 1,932,747
51,506 (1,881,240)
9,247,800
51,506
Ind. Enhancer
Current
Previous
Year
Year
153,626
–
3,939
2,444
–
9,299
169,308
17,061
–
24,423
5,128
46,612
122,696
346,655
469,351
334,763
–
(10,679)
343
–
(110,334)
214,093
39,345
–
102,959
17,589
159,893
54,200
307,241
361,441
156,029
28,399
459,631
7,466
–
301,487
953,012
50,349
–
48,040
12,157
110,546
842,466
1,997,348
2,839,814
136,263
26,540
49,326
4,411
–
177,258
393,797
41,384
–
50,567
11,365
103,316
290,482
1,706,867
1,997,349
Ind. Creator
Current
Previous
Year
Year
404,402
–
85,359
28,187
–
203,767
721,715
48,545
–
96,184
17,888
162,618
559,097
361,441
920,538
Ind. Assure
Ind. Income Advantage
Current
Previous
Current
Previous
Year
Year
Year
Year
312,418
6,589
(5,077)
980
–
(49,952)
264,959
40,955
–
93,745
16,649
151,349
113,610
1,157,674
1,271,283
99,768
139,006
2,396,982
31,203
–
374,867
3,041,826
148,325
–
129,078
34,287
311,691
2,730,135
4,258,723
6,988,858
103,629
133,203
473,984
3,045
–
840,173
1,554,033
128,881
–
146,654
34,056
309,591
1,244,442
3,014,280
4,258,723
Ind. Magnifier
Current
Previous
Year
Year
300,760
6,007
125,909
(5,207)
–
266,867
694,337
42,085
–
83,139
15,478
140,702
553,635
1,271,283
1,824,918
Ind. Protector
Current
Previous
Year
Year
177,681
8,217
38,257
(2,503)
–
3,399
225,051
27,063
–
46,474
9,089
82,626
142,425
1,102,732
1,245,157
6,849
24,199
328,206
324,820
6,182,790
395,423
242,601
10,640
–
–
580,178 2,546,749
7,340,624 3,301,831
314,185
271,687
–
–
396,163
519,575
87,799
97,799
798,147
889,061
6,542,477 2,412,770
908,783 (1,503,987)
7,451,260
908,783
Ind. Maximiser
Current
Previous
Year
Year
178,071
6,445
187,086
373
–
165,061
537,036
28,419
–
42,636
8,783
79,837
457,199
1,245,157
1,702,356
Ind. Builder
Current
Previous
Year
Year
20,095
1,270
6,261
(1,382)
–
2,744
28,988
4,114
–
9,289
1,657
15,060
13,928
7,576
21,504
12,739
20,990
63,127
59,856
1,230,400
11,916
77,420
(24,952)
–
–
493,223
642,019
1,876,909
709,829
58,856
44,599
–
–
73,994
99,903
16,421
17,860
149,270
162,362
1,727,639
547,466
(502,132) (1,049,599)
1,225,507 (502,132)
Ind. Multiplier
Current
Previous
Year
Year
18,493
1,076
23,994
658
–
18,734
62,955
4,037
–
8,194
1,512
13,742
49,213
21,504
70,717
Ind. Balancer
Current
Previous
Year
Year
Annexure 3
11/10/15 4:02:59 PM
Interest income**
Dividend income
Total (A)
Other charges
Service Tax#
Total (B)
F-5
Sch
F-5
Sch
2,409
36,417
247,779
4,419
–
304,872
595,895
39,102
–
64,901
12,855
116,858
479,038
10,342
489,380
58,397
142,994
1,741,824
119,241
–
890,300
2,952,756
161,393
–
77,049
29,471
267,913
2,684,843
1,180,938
3,865,781
43,694
121,084
22,335
2,875
–
1,211,620
1,401,608
115,513
–
123,759
29,573
268,845
1,132,763
48,175
1,180,938
Ind. Platinum
Advantage
Current
Previous
Year
Year
3,121
55,133
848,807
1,889
–
282,529
1,191,479
69,091
–
66,397
16,747
152,235
1,039,244
489,380
1,528,624
Super 20
Current
Previous
Year
Year
103,063
37,476
50,324
456
–
252,672
443,991
50,241
–
39,442
11,085
100,768
343,224
275,263
618,487
99,455
112,164
1,679,982
25,041
–
496,349
2,412,991
135,571
–
77,857
26,380
239,807
2,173,184
677,376
2,850,560
Current
Year
80,516
128,774
46,763
(31,935)
–
1,011,337
1,235,455
128,777
–
147,275
34,120
310,172
925,283
(247,907)
677,376
Previous
Year
Ind. Platinum Premier
98,354
31,553
594,688
7,091
–
5,888
737,574
48,814
–
31,368
9,910
90,092
647,482
618,487
1,265,969
Ind. Platinum Plus 1
Current
Previous
Year
Year
142,786
72,060
118,296
(3,019)
–
485,170
815,292
87,418
–
40,020
15,751
143,189
672,104
2,287,169
2,959,273
529,432
146,998
1,533,767
106,262
–
1,436,621
3,753,080
305,543
–
704
37,852
344,099
3,408,981
1,642,738
5,051,719
Current
Year
320,649
105,352
12,035
(84,207)
–
1,034,091
1,387,920
185,798
–
551
23,033
209,382
1,178,538
464,200
1,642,738
Previous
Year
Ind. Foresight FP
150,042
61,452
1,138,237
72,372
–
34,149
1,456,252
89,014
–
31,138
14,851
135,003
1,321,249
2,959,273
4,280,522
Current
Previous
Year
Year
121,943
93,782
77,242
11,468
–
680,396
984,831
104,167
–
43,898
18,301
166,366
818,465
337,367
1,155,831
5,221
11,938
106,778
20,859
–
85,010
229,806
14,800
–
–
1,829
16,629
213,177
169,051
382,228
Current
Year
3,052
11,164
6,666
4,275
–
99,762
124,918
11,204
–
–
1,385
12,589
112,329
56,722
169,051
Previous
Year
Ind. Foresight SP
139,212
75,918
1,357,879
71,257
–
104,458
1,748,724
104,706
–
30,353
16,693
151,752
1,596,972
1,155,831
2,752,803
Current
Previous
Year
Year
73,763
75,811
39,439
(5,335)
–
564,058
747,736
78,977
–
36,809
14,312
130,098
617,638
44,377
662,015
7,681
5,716
108,798
1,280
–
8,745
132,220
7,349
–
4,505
1,465
13,319
118,901
45,989
164,890
Current
Year
15,081
5,557
8,250
3,351
–
39,967
72,206
7,782
–
7,764
1,922
17,468
54,738
(8,749)
45,989
Previous
Year
Titanium 1
83,720
60,320
1,066,350
69,124
–
76,459
1,355,973
78,819
–
25,846
12,937
117,602
1,238,371
662,015
1,900,386
Current
Previous
Year
Year
Annexure 3
Particulars
Interest income**
Dividend income
Total (A)
Other charges
Service Tax#
Total (B)
Particulars
Form A-RA(UL)
11/10/15 4:03:02 PM
Interest income**
Dividend income
Total (A)
Other charges
Service Tax#
Total (B)
Particulars
Interest income**
Dividend income
Total (A)
Other charges
Service Tax#
Total (B)
Particulars
F-5
Sch
F-5
Sch
Form A-RA(UL)
5,939
2,184
1,934
4,626
–
10,189
24,873
2,966
–
3,903
849
7,717
17,156
(2,702)
14,454
24,541
1,004
16,017
2,710
–
20,061
64,333
3,547
–
4,482
992
9,021
55,311
207,790
263,101
Current
Year
25,364
1,173
2,823
964
–
1,013
31,338
3,689
–
4,583
1,022
9,294
22,043
185,747
207,790
Previous
Year
IPP - Growth
1,667
1,643
27,690
168
–
6,245
37,414
2,065
–
1,633
457
4,155
33,259
14,454
47,713
Titanium 2
Current
Previous
Year
Year
3,105
566
657
407
–
4,761
9,495
1,101
–
1,444
314
2,859
6,636
(2,163)
4,473
91,199
7,185
158,718
2,052
–
120,602
379,756
21,394
–
22,579
5,435
49,409
330,348
1,005,027
1,335,375
Current
Year
86,539
9,578
11,374
(8,235)
–
49,407
148,663
20,441
–
22,569
5,317
48,327
100,336
904,690
1,005,027
Previous
Year
IPP - Enrich
1,268
804
9,692
78
–
6,322
18,164
1,133
–
793
238
2,165
16,000
4,473
20,473
Titanium 3
Current
Previous
Year
Year
–
400
758
13
–
6,027
7,199
420
–
1,561
245
2,226
4,973
(396)
4,577
9,516
181
5,670
18
–
6,681
22,066
1,322
–
1,914
400
3,636
18,430
64,512
82,942
Current
Year
9,786
214
(248)
(1,022)
–
(1,122)
7,609
1,311
–
1,991
408
3,710
3,898
60,614
64,512
Previous
Year
IPP - Nourish
–
1,203
23,141
19
–
12,515
36,878
1,384
–
3,405
592
5,381
31,497
4,577
36,074
Pure Equity
Current
Previous
Year
Year
899
2,623
(1,556)
–
–
17,023
18,989
1,102
–
4,533
696
6,331
12,658
(3,107)
9,550
34,166
–
1,538
–
–
(18)
35,686
3,886
–
15,196
2,358
21,441
14,245
1,953
16,198
14,329
–
652
–
–
18
14,999
1,589
–
9,063
1,316
11,969
3,030
(1,077)
1,953
Liquid Plus
Current
Previous
Year
Year
26,375
–
1,349
264
–
17,587
45,575
4,019
–
1,086
631
5,736
39,841
1,184
41,025
1,005
–
56
0
–
422
1,483
148
–
118
33
299
1,184
–
1,184
98
167
1
1
–
3,081
3,348
241
–
56
37
334
3,016
188
3,204
8
2
–
–
–
192
202
7
–
5
2
14
188
–
188
Income Advantage
Maximiser Guaranteed
Guaranteed
Current
Previous
Current
Previous
Year
Year
Year
Year
2,208
6,549
54,181
–
–
9,531
72,470
3,793
–
9,283
1,616
14,692
57,777
9,550
67,327
Value Momentum
Current
Previous
Year
Year
Annexure 3
11/10/15 4:03:05 PM
Interest income**
Dividend income
Total (A)
Other charges
Service Tax#
Total (B)
F-5
Sch
F-5
Sch
360,641
–
(14,116)
55,148
–
(79,219)
322,453
41,249
–
183
5,121
46,554
275,900
624,642
900,541
9,788
2,573
47,198
3,486
–
17,957
81,002
3,359
–
–
415
3,774
77,228
69,849
147,077
7,043
2,195
6,190
(1,943)
–
9,015
22,501
2,218
–
–
274
2,492
20,010
49,839
69,849
Gr. Growth Advantage
Current
Previous
Year
Year
464,491
–
40,619
68,437
–
248,220
821,767
54,943
–
178
6,813
61,934
759,833
900,541
1,660,374
Gr. Fixed Interest
Current
Previous
Year
Year
4,727
–
970
4
–
(4,278)
1,422
585
–
–
72
658
764
9,907
10,671
38,035
–
1,141
1,309
–
27,997
68,482
4,623
–
–
571
5,195
63,287
102,919
166,206
23,531
–
(1,060)
(1,644)
–
(6,352)
14,475
2,728
–
–
337
3,065
11,410
91,510
102,919
Gr. Income Advantage
Current
Previous
Year
Year
5,263
–
317
(1,480)
–
7,010
11,110
662
–
–
82
743
10,367
10,671
21,038
Gr. Gilt
Current
Previous
Year
Year
209,130
–
(7,635)
18,961
–
(37,711)
182,745
23,454
–
20
2,901
26,375
156,370
990,568
1,146,938
604,565
26,092
525,074
28,500
–
422,336
1,606,567
91,667
–
314
11,369
103,351
1,503,216
2,599,899
4,103,115
543,101
25,629
70,556
(30,677)
–
(32,891)
575,718
79,583
–
363
9,881
89,828
485,890
2,114,009
2,599,899
Gr. Secure
Current
Previous
Year
Year
207,734
–
2,566
271
–
77,329
287,900
23,215
–
17
2,871
26,103
261,797
1,146,938
1,408,735
Gr. Bond
Current
Previous
Year
Year
156,257
–
7,918
16
–
187
164,377
16,796
–
12
2,077
18,885
145,492
346,175
491,667
137,269
13,068
275,994
5,037
–
114,991
546,359
27,242
–
523
3,432
31,197
515,162
2,626,392
3,141,554
138,479
13,506
25,364
(5,790)
–
48,791
220,349
24,549
–
830
3,137
28,517
191,833
2,434,560
2,626,392
Gr. Stable
Current
Previous
Year
Year
175,752
–
11,576
1
–
(297)
187,032
19,828
–
4
2,452
22,284
164,748
491,667
656,415
Gr. Money Market
Current
Previous
Year
Year
36,853
–
1,898
1,075
–
(853)
38,972
4,149
–
20
515
4,683
34,288
205,834
240,122
131,050
22,160
421,034
8,717
–
172,508
755,469
33,760
–
173
4,194
38,127
717,342
1,009,927
1,727,269
100,823
18,519
42,346
(8,994)
–
100,481
253,174
23,721
–
129
2,948
26,798
226,376
783,551
1,009,927
Gr. Growth
Current
Previous
Year
Year
35,131
–
1,701
1,594
–
1,742
40,168
3,931
–
20
489
4,440
35,728
240,122
275,850
Gr. Short-Term Debt
Current
Previous
Year
Year
Annexure 3
Particulars
Interest income**
Dividend income
Total (A)
Other charges
Service Tax#
Total (B)
Particulars
Form A-RA(UL)
11/10/15 4:03:08 PM
F-5
Sch
F-5
Sch
* Net change in mark to market value of investments
** Includes Lending Fee on SLB # Service Tax includes service tax on FMC & Other Charges
Interest income**
Dividend income
Total (A)
Other charges
Service Tax#
Total (B)
Add: Fund revenue account at the beginning of the
year
Particulars
Interest income**
Dividend income
Total (A)
Other charges
Service Tax#
Total (B)
Add: Fund revenue account at the beginning of the
year
Particulars
Form A-RA(UL)
7,704
13,417
5,890
274
150
(326)
(0)
(3,738)
2,251
–
–
432
53
485
1,766
26,827
28,593
1,032
16
522
(1,147)
(339)
3,738
3,822
–
–
38
5
43
3,779
28,591
32,370
Current Previous
Year
Year
2,516
2,326
189
–
16
–
–
–
205
–
–
13
2
15
190
2,326
2,153
182
–
6
–
–
–
188
9
–
13
2
15
173
Gr. Money Market 2
Current
Previous
Year
Year
742
742
–
–
–
–
–
–
–
–
–
–
–
–
–
742
742
–
–
–
–
–
–
–
–
–
–
–
–
–
Gr. Bond 2
Current
Previous
Year
Year
64,009
26,954
8,855
1,420
13,638
463
–
13,833
38,209
–
–
1,027
127
1,154
37,055
26,954
26,339
272
49
187
(13)
–
159
656
–
–
36
4
40
616
Gr. Growth 2
(1,433)
–
1,872
–
1
–
–
–
1,873
113
–
2,829
364
3,306
(1,433)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(974)
–
1,307
–
1
–
–
–
1,308
80
–
1,952
251
2,282
(974)
83,236
52,982
30,490
–
815
2,825
–
(2,320)
31,809
160
–
1,384
171
1,555
30,254
Current
Year
Total
6,255
5,888
137
5
42
7
–
191
382
–
–
13
2
15
367
Previous
Year
5,888
5,863
13
2
2
0
–
11
27
–
–
2
–
2
25
Gr. Stable 2
Current
Previous
Year
Year
27,127 30,444,440 15,317,194
– 762,508 215,015 72,992,288 30,444,440
– 215,015
– 609,202 282,184 9,042,961 8,093,061
–
–
– 1,646,095 1,621,486
– 31,689
4,263 27,675,839 2,983,112
–
1,537 (1,830) 1,044,205
(94,093)
–
–
–
(339)
–
–
(206)
1,387 10,419,776 10,208,794
– 642,222 286,004 49,828,537 22,812,360
– 35,950 16,846 2,933,482 2,503,030
–
–
–
–
–
– 48,358 70,477 3,546,305 4,336,696
– 10,420 10,793
800,902
845,388
– 94,729 98,116 7,280,689 7,685,114
– 547,493 187,888 42,547,848 15,127,246
Discontinued
Policy Fund
Current Previous
Year
Year
107,213
83,236
21,650
–
1,206
564
–
1,790
25,210
–
–
1,097
136
1,233
23,977
Gr. Short Term Debt 2
Current
Previous
Year
Year
Pension
Life Discontinued
Discontinued Fund
Fund
Current Previous Current Previous Current Previous
Year
Year
Year
Year
Year
Year
5,929
7,704
Gr. Secure 2
2,033
–
86
(557)
–
376
1,938
21
–
145
18
163
1,775
2,858
–
228
1,112
–
1,736
5,934
–
–
197
24
221
5,713
Gr. Fixed Interest 2
Current
Previous
Year
Year
Annexure 3
11/10/15 4:03:12 PM
NAV per Unit (a)/(b) (`)
(b) Number of Units outstanding
(a) Total
Plan I
Plan II
65,586,908
63,386,782
2,807,495
607,369
2,200,126
65,586,908
65,535,401
51,506
17.49
–
4,412,849
4,329,142
120,844
37,137
83,707
4,412,849
1,573,035
2,839,814
3,544,251
3,451,384
124,164
31,296
92,867
3,544,251
1,546,902
1,997,349
Ind. Creator
Current
Previous
Year
Year
20.05
–
27.74
–
11,684,737
11,079,986
844,933
240,182
604,751
11,684,737
4,695,879
6,988,858
9,716,638
9,462,429
402,341
148,131
254,209
9,716,638
5,457,915
4,258,723
Ind. Magnifier
Current
Previous
Year
Year
32.36
–
34.72
–
24,753,559
24,716,026
450,179
412,646
37,533
24,753,559
17,302,299
7,451,260
20,633,480
21,027,911
240,801
635,231
(394,431)
20,633,480
19,724,697
908,783
Current Year Previous Year
Ind. Maximiser
41.51
–
77,963,619
2,706,955
2,567,293
163,884
24,222
139,662
2,706,955
1,461,798
1,245,157
22.28
–
13,670,031
304,557
299,212
7,321
1,976
5,345
304,559
283,055
21,504
4,851,821
4,832,181
42,787
23,147
19,640
4,851,821
3,626,314
1,225,507
3,601,224
3,502,728
162,033
63,538
98,494
3,601,224
4,103,356
(502,132)
Ind. Multiplier
Current
Previous
Year
Year
26.72
–
12,594,762
336,591
331,964
8,294
3,667
4,627
336,591
265,874
70,717
Ind. Balancer
Current
Previous
Year
Year
48.57
–
41.00
–
40.13
–
31.96
–
42.61
–
32.56
–
22.05
–
16.21
–
22.04
–
14.31
–
1,468,054,757 1,599,821,704 109,951,167 110,907,306 274,253,470 298,421,112 1,122,399,958 1,272,984,715 220,150,980 251,696,852
71,308,577
69,726,215
2,303,531
721,170
1,582,362
Investments
Current Assets
Less: Current Liabilities and Provisions
Net current assets
62,060,777
9,247,800
71,308,577
F-2
F-3
F-4
21.43
–
Ind. Enhancer
Total
F-1
Sch
Particulars
23.40
–
70,601,127
2,930,504
2,885,599
77,977
33,072
44,905
2,930,504
1,228,148
1,702,356
Ind. Builder
Annexure 3
Sources of Funds
Policyholder contribution
Revenue Account
Plan I
Plan II
4,154,461
79,615,680 273,680,945 255,558,484 132,646,472 149,742,178
4,292,756
3,970,625
242,435
58,599
183,836
4,154,461
2,883,177
1,271,283
73,630,375
4,469,233
4,149,012
188,214
44,470
143,744
4,292,756
2,467,838
1,824,918
5,488,378
4,170,672
344,241
45,680
298,561
4,469,233
4,107,792
361,441
1,705,779
5,256,710
304,496
72,827
231,668
5,488,378
4,567,840
920,538
Ind. Protector
Current
Previous
Year
Year
1,722,743
1,631,377
87,662
13,260
74,402
1,705,779
1,359,125
346,654
Current
Previous
Year
Year
(a) Total
1,637,232
109,678
24,167
85,511
F-2
F-3
F-4
Investments
Current Assets
Net current assets
1,253,392
469,351
Ind. Assure
1,722,743
F-1
Sch
Total
Sources of Funds
Revenue Account
Particulars
Form A-BS(UL)
Fund Balance Sheet as at 31st March 2015
11/10/15 4:03:15 PM
Plan I
Plan II
999,388
617,160
382,228
14.91
–
11.40
–
16.79
–
8,848,994
13.05
–
8,524,818
14.23
–
20,741,733
11.59
–
15.76
–
999,388
13,881,143
12,238,405
1,642,738
63,421,466
19,235,051
1,624,055
117,374
1,506,681
20,741,733
15,690,014
5,051,719
13,881,143
9,079,756
11,747,051
8,447,708
143,701
66,591
77,110
8,524,818
7,847,442
677,376
6,740,545
6,627,955
167,030
54,441
112,590
6,740,545
5,584,714
1,155,831
14.75
–
12.38
–
62,830,954
777,899
766,019
13,388
1,506
11,880
777,899
608,848
169,051
Ind. Foresight SP
Current
Previous
Year
Year
18.63
–
787,755,337 796,324,031 526,951,376 653,220,498 1,457,914,712 1,197,644,824
(a) Total
8,735,513
212,264
98,784
113,481
8,848,994
5,998,433
2,850,560
19.15
–
Ind. Foresight FP
24.12
–
948,721
60,257
9,589
50,667
13.43
–
Current
Previous
Year
Year
16.56
–
6,749,050
6,507,752
302,350
61,053
241,297
6,749,050
3,996,247
2,752,803
5,035,691
4,853,229
232,126
49,664
182,462
5,035,691
3,135,305
1,900,386
5,094,569
5,044,215
102,117
51,763
50,354
5,094,569
4,432,553
662,015
Current
Previous
Year
Year
Annexure 3
13.13
–
16.79
–
25,916,101
435,131
432,014
12,414
9,297
3,117
435,131
270,241
164,890
13.07
–
36,744,041
480,119
485,243
8,162
13,285
(5,124)
480,119
434,130
45,989
Titanium 1
Current
Previous
Year
Year
16.70
–
294,298,328 362,248,046 456,949,982 301,515,504 388,041,560
5,637,211
5,654,936
28,698
46,423
(17,725)
5,637,211
2,677,938
2,959,273
Current
Previous
Year
Year
13,014,036
897,095
29,987
867,107
8,982,473
109,134
11,851
97,283
11,422,610
341,354
16,912
324,441
9,079,756
7,898,818
1,180,938
Investments
Current Assets
Net current assets
7,881,270
3,865,781
11,747,051
F-2
F-3
F-4
16.85
–
Ind. Platinum Advantage
Previous
Current Year
Year
21.42
–
241,750,426
5,628,889
241,854
40,373
201,480
5,830,369
1,549,847
4,280,522
299,467,346 225,458,935 188,557,663 237,061,871
3,122,981
3,183,035
37,921
36,682
1,239
3,184,274
2,565,787
618,487
5,830,369
3,799,550
3,058,927
109,444
45,390
64,054
3,122,981
1,857,012
1,265,969
Current
Previous Year
Year
3,184,274
6,415,884
3,773,925
138,868
113,244
25,625
3,799,550
3,310,170
489,380
Total
F-1
Sch
Particulars
Sources of Funds
Revenue Account
Plan I
Plan II
(a) Total
6,361,230
288,487
233,833
54,654
F-2
F-3
F-4
Investments
Current Assets
Net current assets
4,887,260
1,528,624
Super 20
Previous
Current
Previous
Current Year
Year
Year
Year
6,415,884
F-1
Sch
Total
Sources of Funds
Revenue Account
Particulars
Form A-BS(UL)
11/10/15 4:03:18 PM
(a) Total
Investments
Current Assets
Net current assets
Total
Plan I
Plan II
F-2
F-3
F-4
F-1
Sch
Particulars
12.80
–
16.46
–
363,828
12,766,956
28.50
–
9,388,225
33.78
–
347,008
19,172
2,353
16,820
363,828
156,038
207,790
317,118
304,523
17,475
4,880
12,595
317,118
54,017
263,101
IPP - Growth
Current
Previous
Year
Year
142,139
11,100,406
130,169
7,906,280
11.72
–
6,253,009
73,314
72,491
2,017
1,194
823
73,314
68,841
4,473
40.58
–
41,117,274
1,668,731
1,651,645
38,532
21,446
17,086
1,668,731
333,356
1,335,375
32.96
–
49,479,845
1,630,727
1,585,638
61,463
16,375
45,089
1,630,727
625,700
1,005,027
IPP - Enrich
Current
Previous
Year
Year
14.64
–
5,090,301
74,529
75,011
912
1,394
(482)
74,529
54,056
20,473
Titanium 3
Current
Previous
Year
Year
13.42
–
3,886,382
52,151
48,692
9,276
5,817
3,459
52,151
47,574
4,577
16.71
–
27,749,443
463,724
440,435
24,745
1,456
23,289
463,724
396,397
67,327
Current Year
11.92
–
11,798,043
140,643
143,664
3,735
6,755
(3,021)
140,643
131,093
9,550
Previous Year
Value Momentum
26.87
–
4,664,802
125,323
122,993
4,334
2,004
2,330
125,323
42,381
82,942
23.00
–
5,626,708
129,416
125,212
4,591
388
4,204
129,416
64,904
64,512
11.63
–
44,523,159
517,712
458,794
60,543
1,626
58,918
517,712
476,687
41,025
10.23
–
21,812,048
223,063
139,962
83,127
26
83,101
223,063
221,879
1,184
IPP - Nourish
Income Advantage Guaranteed
Current
Previous
Year
Year
20.09
–
9,257,329
185,999
173,127
19,894
7,022
12,872
185,999
149,925
36,074
Pure Equity
Current
Previous
Year
Year
11.71
–
29,068,388
340,367
277,860
63,278
771
62,507
340,367
338,412
1,953
13.52
–
1,772,892
23,967
22,170
2,575
778
1,797
23,967
20,763
3,204
10.62
–
733,209
7,787
6,961
2,746
1,920
826
7,787
7,599
188
Current
Previous
Year
Year
12.69
–
48,139,754
610,981
489,542
122,404
965
121,439
610,981
594,783
16,198
Liquid Plus
Current
Previous
Year
Year
Annexure 3
Sources of Funds
Revenue Account
Plan I
Plan II
(a) Total
143,060
2,710
3,630
(919)
129,533
4,284
3,648
636
F-2
F-3
F-4
142,139
127,685
14,454
Investments
Current Assets
Net current assets
82,456
47,713
Titanium 2
Current
Previous
Year
Year
130,169
F-1
Sch
Total
Sources of Funds
Revenue Account
Particulars
Form A-BS(UL)
11/10/15 4:03:21 PM
(a) Total
Plan I
Plan II
202,826
10,190,795
19.90
–
15,647,719
25.47
–
203,739
2,020
2,932
(913)
202,826
132,977
69,849
398,524
391,566
6,958
–
6,958
Investments
Current Assets
Net current assets
F-2
F-3
F-4
398,524
251,447
147,077
Previous
Current Year
Year
25.38
–
18.10
–
3,476,303
62,910
61,393
1,516
–
1,517
62,910
52,239
10,671
16.11
–
41,772,452
673,128
545,231
127,897
–
127,897
673,128
506,922
166,206
14.09
–
Annexure 3
2,332,202
2,187,572
144,659
29
144,630
2,332,202
1,185,264
1,146,938
22.07
–
3,640,577
3,133,601
640,732
133,755
506,976
3,640,577
3,148,910
491,667
24.71
–
22.75
–
49,697,324 160,035,618
1,228,232
1,265,509
25,690
62,967
(37,277)
1,228,232
571,817
656,415
17.19
–
36,307,341
624,200
598,981
25,219
–
25,219
624,200
348,350
275,850
15.73
–
41,716,101
656,200
627,604
28,709
112
28,596
656,200
416,078
240,122
9,945,062
9,785,099
219,348
59,385
159,963
9,945,062
5,841,947
4,103,115
7,357,616
7,130,166
352,387
124,936
227,450
7,357,616
4,757,717
2,599,899
42.42
–
35.98
–
58.32
–
52,983,299
3,089,796
3,101,421
59,709
71,334
(11,625)
3,089,796
(51,758)
3,141,554
48.07
–
50,013,588
2,403,994
2,340,965
79,728
16,698
63,029
2,403,994
(222,398)
2,626,392
70.57
–
62,996,563
4,445,419
4,373,402
96,506
24,489
72,017
4,445,419
2,718,150
1,727,269
56.49
–
46,018,103
2,599,517
2,517,060
113,248
30,792
82,457
2,599,516
1,589,589
1,009,927
Gr. Secure
Gr. Stable
Gr. Growth
Previous
Previous
Current
Previous
Current Year
Current Year
Year
Year
Year
Year
24.70
–
98,132,886 105,659,478
2,424,201
2,315,979
109,555
1,333
108,222
2,424,201
1,015,466
1,408,735
Gr. Bond
Gr. Money Market
Gr. Short-Term Debt
Previous
Previous
Current
Previous
Current Year
Current Year
Year
Year
Year
Year
25,843,486 234,446,681 204,501,370
364,248
341,541
22,817
110
22,707
364,248
261,329
102,919
Current
Previous
Year
Year
21.22
–
5,480,322
29.18
–
229,680,083 191,807,003
113,975
2,326
–
2,326
116,301
95,263
21,038
116,301
4,674,988
193,731
35
193,695
4,868,683
3,968,142
900,541
Gr. Gilt
Current
Previous
Year
Year
4,868,683
6,700,939
Total
F-1
Sch
Particulars
Sources of Funds
Revenue Account
Plan I
Plan II
(a) Total
6,416,501
402,299
117,861
284,438
F-2
F-3
F-4
Investments
Current Assets
Net current assets
5,040,565
1,660,374
Gr. Fixed Interest
Current
Previous
Year
Year
6,700,939
F-1
Sch
Total
Sources of Funds
Revenue Account
Particulars
Form A-BS(UL)
11/10/15 4:03:24 PM
Plan I
Plan II
–
–
– 9,915,349 19,443,533 481,062 4,703,812
(b)Number of Units outstanding
10.23
–
101,417
–
(a) Total
16.64
–
323,466
4,363
13.39
–
6,443
128
10.69
–
50,282
1,124
343
2,210
37
–
1,851
388
49,158
1,467
50,282
–
6,316
165
6,444
51,715
(1,433)
F-4
319,103
6,214
323,466
259,457 (20,510)
64,009 26,954
99,207
2,598
101,417
72,824
28,593
Gr. Growth 2
–
–
–
(32,370)
32,370
Previous
Year
12.31
–
183,777
F-2
F-3
F-1
Current
Year
13.43
–
182,542
2,263
2,226
37
–
37
2,263
(64)
2,326
Gr. Bond 2
40,424
659
668
39,765
1,327
40,424
41,398
(974)
–
–
10.70
–
– 3,778,390
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(742)
742
14.08
–
13,228,132
186,281
173,968
12,313
–
12,313
186,281
79,068
107,213
12.74
–
26,317,343
335,300
320,410
14,890
–
14,890
335,300
252,064
83,236
8,887,952
13,365
142,194
8,874,587
155,558
8,887,952
8,125,444
762,508
–
–
14.00
–
– 634,653,100
–
–
–
–
–
–
–
–
245,012,199
6,601,701
2,822,397
238,410,498
9,424,099
245,012,199
172,019,911
72,992,288
206,447,185
5,699,258
2,451,350
200,747,927
8,150,608
206,447,185
176,002,745
30,444,440
Previous
Year
12.88
–
21,320
276
256
20
–
20
276
(5,612)
5,888
12.88
–
–
–
–
–
369,235,151 9,719,435,169 9,836,830,182
4,754,439
24,660
47,220
4,729,779
71,880
4,754,439
4,539,424
215,015
Current
Year
Total
15.55
–
567,980
8,832
8,587
245
–
245
8,832
2,577
6,255
Gr. Short-Term Debt 2
Gr. Stable 2
Previous
Previous
Previous
Current Year
Current Year
Year
Year
Year
Life Discontinued
Discontinued Policy Fund
Fund
Current Previous
Current
Previous Year
Year
Year
Year
–
–
(0)
–
–
–
–
–
–
(742)
742
Current Year
Pension
Discontinued Fund
Current Previous Current Previous
Year
Year
Year
Year
12.70
–
14.91
–
Gr. Secure 2
2,477,894
2,661,560
2,450
2,378
72
–
72
2,450
(66)
2,516
Investments
Current Assets
Less: Current Liabilities
and Provisions
Net current assets
Total
Sources of Funds
Revenue Account
Sch
Plan I
Plan II
31,466
39,672
30,598
869
–
869
31,466
23,762
7,704
Gr. Money Market 2
Current
Previous
Year
Year
Annexure 3
Particulars
(a) Total
39,513
159
–
159
F-2
F-3
F-4
Investments
Current Assets
Net current assets
26,255
13,417
Current
Previous
Year
Year
39,672
F-1
Sch
Total
Sources of Funds
Revenue Account
Particulars
Form A-BS(UL)
11/10/15 4:03:27 PM
62,060,777
Closing balance
4,887,260
Closing balance
3,310,170
2,457,049
1,746,176
893,055
7,898,818
1,028,011
1,045,559
7,881,270
Opening balance
Add: Additions during the year* **
Less: Deductions during the year* **
Closing balance
7,898,818
6,632,903
2,829,963
1,564,048
Previous
Current Year
Year
3,310,170
1,772,233
195,143
Opening balance
Particulars
65,535,401
67,833,017
10,258,422
12,556,038
Super 20
Current
Previous
Year
Year
65,535,401
7,983,321
11,457,945
Opening balance
Particulars
1,359,125
1,045,778
1,144,990
831,643
Ind. Enhancer
Current
Previous
Year
Year
1,253,392
Closing balance
Particulars
1,359,125
262,060
367,793
Ind. Assure
Current
Previous
Year
Year
Opening balance
Particulars
Schedules to Fund Balance Sheet
Schedule: F-1
Policyholders’ Contribution
4,107,792
3,362,977
2,275,694
1,530,879
1,546,902
1,526,033
656,580
635,711
2,565,787
3,370,365
(8,508)
796,070
5,998,433
7,847,442
7,568
1,856,577
7,847,442
9,101,544
286,243
1,540,345
Previous
Current Year
Year
1,857,012
2,565,787
(12)
708,763
Current
Previous
Year
Year
1,573,035
1,546,902
591,764
565,631
Ind. Creator
Current
Previous
Year
Year
4,567,840
4,107,792
1,385,255
925,207
Current
Previous
Year
Year
2,883,177
2,916,719
1,030,711
1,064,253
5,457,915
7,008,202
886,751
2,437,038
2,677,938
3,949,250
6,570
1,277,882
15,690,014
12,238,405
4,761,038
1,309,429
12,238,405
7,954,923
5,367,888
1,084,406
Ind. Foresight FP
Previous
Current Year
Year
1,549,847
2,677,938
(59)
1,128,032
Current
Previous
Year
Year
4,695,879
5,457,915
864,648
1,626,684
Ind. Magnifier
Current
Previous
Year
Year
2,467,838
2,883,177
265,434
680,773
Ind. Protector
Current
Previous
Year
Year
1,461,798
1,656,346
278,038
472,586
19,724,697
22,844,031
3,694,106
6,813,440
5,584,714
7,078,482
47,127
1,540,895
617,160
608,848
8,584
272
608,848
596,673
12,865
690
Ind. Foresight SP
Previous
Current Year
Year
3,996,247
5,584,714
(189)
1,588,278
Current
Previous
Year
Year
17,302,299
19,724,697
3,257,325
5,679,723
Ind. Maximiser
Current
Previous
Year
Year
1,228,148
1,461,798
175,223
408,873
Ind. Builder
Current
Previous
Year
Year
283,055
336,474
42,923
96,342
4,103,356
4,668,377
613,112
1,178,133
270,241
434,130
(1,027)
162,862
Current Year
434,130
576,174
(36,953)
105,091
Previous
Year
4,432,553
5,662,514
48,557
1,278,518
Titanium 1
3,135,305
4,432,553
507
1,297,755
Current
Previous
Year
Year
3,626,314
4,103,356
564,609
1,041,651
Ind. Multiplier
Current
Previous
Year
Year
265,874
283,055
38,213
55,394
Ind. Balancer
Current
Previous
Year
Year
Annexure 3
11/10/15 4:03:31 PM
Gr. Fixed Interest
Current
Previous
Year
Year
Particulars
3,968,142
3,118,768
2,029,498
1,180,124
132,977
36,341
(82,129)
251,447
Closing balance
132,977
138,601
86,038
91,662
Previous
Current Year
Year
5,040,565
Opening balance
Particulars
Closing balance
3,968,142
1,456,477
384,054
54,017
Closing balance
625,700
776,105
88,646
239,051
Previous
Year
52,239
42,083
10,422
266
506,922
261,329
260,924
15,331
261,329
18,272
263,862
20,805
Previous
Current Year
Year
95,263
52,239
10,017
(33,007)
Gr. Gilt
Current
Previous
Year
Year
333,356
625,700
70,648
362,992
Current
Year
IPP - Enrich
68,841
64,904
72,831
11,701
19,628
Previous
Year
47,574
20,117
35,874
8,417
5,841,947
4,757,717
879,130
(205,100)
Current Year
4,757,717
6,435,710
5,839,433
7,517,426
Previous
Year
1,185,264
1,283,722
178,477
276,935
Gr. Secure
1,015,466
1,185,264
259,233
429,031
Gr. Bond
Current
Previous
Year
Year
42,381
64,904
5,919
28,442
Current
Year
IPP - Nourish
149,925
47,574
71,970
(30,381)
Pure Equity
Current
Previous
Year
Year
131,093
51,717
104,657
25,281
221,879
–
221,881
2
(51,758)
(222,398)
428,326
257,686
Current Year
(222,398)
157,913
318,378
698,689
Previous
Year
3,148,910
710,488
4,997,640
2,559,218
Gr. Stable
571,817
3,148,910
754,824
3,331,917
Gr. Money Market
Current
Previous
Year
Year
476,687
221,879
305,744
50,936
Income Advantage
Guaranteed
Current
Previous
Year
Year
396,397
131,093
128,114
(137,190)
Value Momentum
Current
Previous
Year
Year
338,412
127,222
450,965
239,773
7,599
–
7,598
(1)
Previous
Year
2,718,150
1,589,589
144,706
(983,855)
Current Year
Previous
Year
416,078
41,533
458,292
83,747
1,589,589
1,621,022
429,732
461,165
Gr. Growth
348,350
416,078
15,963
83,692
Gr. Short-Term Debt
Current
Previous
Year
Year
20,763
7,599
18,490
5,326
Current
Year
594,783
338,414
881,583
625,214
Liquid Plus
Current
Previous
Year
Year
Annexure 3
Opening balance
189,210
15,977
49,149
156,038
13,311
115,332
Opening balance
156,038
Previous
Year
Current
Year
Particulars
IPP - Growth
127,685
54,056
82,456
Closing balance
74,088
10,959
16,206
68,841
5,062
19,847
127,685
151
45,380
Opening balance
254,619
2,034
128,968
Titanium 3
Current
Previous
Year
Year
Titanium 2
Current
Previous
Year
Year
Particulars
Schedule: F-1
11/10/15 4:03:34 PM
176,002,747
178,053,520
50,798,591
52,849,365
Previous
Year
72,824
(26,826)
99,666
16
(64)
(64)
–
(0)
(742)
(742)
–
–
Current Year
Gr. Bond 2
(742)
(742)
–
–
Previous
Year
259,457
(20,510)
2,435
(277,532)
(20,510)
(20,270)
337
577
51,715
–
263
(51,452)
–
–
–
–
Gr. Growth 2
Pension Discontinued Fund
Current
Previous
Current
Previous
Year
Year
Year
Year
(66)
(64)
–
2
Gr. Money Market 2
Previous
Current Year
Year
* Additions represents units creation & deductions represent unit cancellations
** Includes Last Day Collections
172,019,915
Total
Current
Year
Particulars
Closing balance
(32,370)
Closing balance
176,002,747
28,725,191
32,708,024
72,824
–
105,194
Opening balance
Opening balance
Gr. Secure 2
Current
Previous
Year
Year
Particulars
23,762
26,255
Closing balance
(1,958)
28,195
2,475
23,762
5,074
2,581
Previous
Current Year
Year
Opening balance
Particulars
Schedule: F-1
252,064
373,837
2,290
124,063
41,398
–
600
(40,798)
–
–
–
–
Life Discontinued Fund
Current
Previous
Year
Year
79,068
252,064
1,459
174,455
Previous
Current Year
Year
(5,612)
(5,584)
–
28
Previous
Year
8,125,444
4,539,424
(4,438)
(3,590,458)
4,539,424
2,023,284
3,924,766
1,408,626
Current
Previous
Year
Year
2,577
(5,612)
8,362
173
Current Year
Gr. Stable 2
Annexure 3
11/10/15 4:03:37 PM
Approved Investments
Government Bonds
Corporate Bonds
Infrastructure Bonds
Equity
Money Market
Fixed Deposits
Mutual Funds
Preference Shares
Total
Other Investments
Corporate Bonds
Equity
Preference Shares
Money Market
Mutual Funds
Total
GRAND TOTAL
% of Approved Investments to Total
% of Other Investments to Total
97,464
–
–
–
–
146,439
243,903
1,631,377
85%
15%
124,345
–
–
19,397
–
15,776
159,519
1,637,232
90%
10%
–
–
–
–
–
122,643
122,643
5,256,710
98%
2%
2,560,588
573,283
2,000,197
–
–
–
–
–
5,134,068
199,192
–
–
–
–
263,227
462,420
4,170,672
89%
11%
1,254,257
1,130,373
388,125
–
5,498
930,000
–
–
3,708,253
49,955
–
22,722
–
–
11,805
84,482
4,149,012
98%
2%
1,969,276
713,861
986,899
394,112
–
–
–
384
4,064,532
38,806
–
12,507
98,228
–
166,542
316,083
3,970,625
92%
8%
1,534,805
655,185
908,862
393,392
111,962
50,000
–
336
3,654,542
–
–
30,228
–
–
46,075
76,303
2,885,599
97%
3%
1,308,108
275,719
686,671
537,872
–
–
–
928
2,809,299
29,081
–
14,378
–
–
137,691
181,150
2,567,293
93%
7%
954,622
236,874
608,276
525,559
–
60,000
–
812
2,386,144
–
–
3,112
–
–
21,228
24,340
331,964
93%
7%
144,236
34,694
51,563
77,058
–
–
–
73
307,624
–
–
3,952
–
–
13,956
17,908
299,212
94%
6%
121,055
34,766
53,523
71,898
–
–
–
64
281,306
17,138,243
13,923,119
9,080,941
17,099,874
352,720
529,300
–
16,354
58,140,550
1,365,367
–
625,787
19,646
–
3,235,436
5,246,235
63,386,782
92%
8%
20,196,507
14,247,695
11,395,511
20,352,439
330,132
305,600
–
18,690
66,846,574
315,022
–
469,491
–
–
2,095,136
2,879,649
69,726,215
96%
4%
–
–
112,716
–
–
79,778
192,494
4,329,142
96%
4%
1,350,984
181,003
618,882
1,984,480
–
–
–
1,303
4,136,653
64,196
–
52,620
98,228
–
231,042
446,085
3,451,384
87%
13%
766,845
201,400
381,298
1,634,616
–
20,000
–
1,140
3,005,299
–
–
485,556
–
–
230,932
716,488
11,079,986
94%
6%
20,966
999
8,006
9,715,249
69,315
540,900
–
8,066
10,363,501
29,796
–
365,818
–
–
395,718
791,332
9,462,429
92%
8%
7,920
15,972
32,019
7,592,752
164,778
850,600
–
7,058
8,671,098
–
–
995,322
–
–
863,743
1,859,066
24,716,026
92%
8%
–
–
–
22,804,565
34,258
–
–
18,137
22,856,960
–
–
775,010
–
–
1,362,564
2,137,575
21,027,911
90%
10%
–
–
–
18,459,730
414,737
–
–
15,870
18,890,337
–
–
811,824
–
–
40,000
851,824
4,832,181
82%
18%
–
–
–
3,775,507
204,848
–
–
–
3,980,354
–
–
275,451
–
–
93,684
369,135
3,502,728
89%
11%
–
–
41,550
2,951,938
140,105
–
–
–
3,133,594
Ind. Enhancer
Ind. Creator
Ind. Magnifier
Ind. Maximiser
Ind. Multiplier
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
–
309,973
150,314
–
256,888
670,300
–
–
1,387,475
–
468,928
252,890
–
282,595
473,300
–
–
1,477,713
Ind. Assure
Ind. Protector
Ind. Builder
Ind. Balancer
Annexure 3
Particulars
Government Bonds
Corporate Bonds
Equity
Money Market
Fixed Deposits
Mutual Funds
Preference Shares
Total
Other Investments
Corporate Bonds
Equity
Money Market
Fixed Deposits
Mutual Funds
Total
GRAND TOTAL
Particulars
Schedule: F-2
Investments
11/10/15 4:03:40 PM
Government Bonds
Corporate Bonds
Equity
Money Market
Fixed Deposits
Mutual Funds
Preference Shares
Total
Other Investments
Corporate Bonds
Equity
Preference Shares
Money Market
Mutual Funds
Total
GRAND TOTAL
Particulars
Government Bonds
Corporate Bonds
Equity
Money Market
Fixed Deposits
Mutual Funds
Preference Shares
Total
Other Investments
Corporate Bonds
Equity
Money Market
Fixed Deposits
Mutual Funds
Total
GRAND TOTAL
Particulars
Schedule: F-2
Investments
–
–
–
–
–
221,613
221,613
3,773,925
94%
6%
–
–
–
–
–
266,729
266,729
6,361,230
96%
4%
–
–
32,965
–
–
137,352
170,317
3,058,927
94%
6%
128,031
359,782
737,804
1,426,162
–
235,500
–
1,333
2,888,612
–
–
60,058
–
–
94,718
154,775
3,183,035
95%
5%
161,592
262,121
330,354
2,204,036
24,392
44,600
–
1,166
3,028,261
–
–
50,115
–
–
186,554
236,670
5,628,889
96%
4%
442,559
409,203
1,334,826
2,911,127
–
291,900
–
2,606
5,392,219
–
–
117,017
–
–
150,508
267,524
5,654,936
95%
5%
221,326
279,838
538,473
4,289,315
56,181
–
–
2,280
5,387,412
63,499
234,909
298,409
6,507,752
95%
5%
747,988
379,881
1,023,507
3,751,961
–
300,500
–
5,507
6,209,344
–
–
144,581
–
–
6,607
151,188
6,627,955
98%
2%
237,313
209,038
256,323
5,699,475
–
69,800
–
4,818
6,476,767
–
–
50,698
–
–
250,796
301,493
4,853,229
94%
6%
208,194
28,587
1,192,015
2,998,822
–
119,800
–
4,318
4,551,736
–
–
115,045
–
–
12,957
128,002
5,044,215
97%
3%
105,138
72,509
241,288
4,493,500
–
–
–
3,779
4,916,214
66,688
84,130
147,605
8,239,551
49,083
–
–
4,246
8,591,303
–
–
212,629
–
–
178,540
391,169
8,982,473
96%
4%
1,034,021
235,938
928,706
8,373,721
166,994
–
–
4,853
10,744,233
–
–
154,017
–
–
524,360
678,377
11,422,610
94%
6%
–
–
107,044
–
–
55,804
162,848
8,735,513
98%
2%
686,953
382,440
1,338,836
5,957,884
49,040
150,000
–
7,511
8,572,664
–
–
202,689
–
–
48,482
251,170
8,447,708
97%
3%
148,478
60,656
169,840
7,810,991
–
–
–
6,572
8,196,537
–
–
–
–
–
618,570
618,570
19,235,051
97%
3%
3,090,147
1,527,150
3,736,189
10,060,591
143,923
50,000
–
8,484
18,616,484
–
–
231,194
–
–
263,659
494,853
13,014,036
96%
4%
750,224
987,719
1,659,852
8,974,068
89,897
50,000
–
7,424
12,519,185
–
–
–
–
–
35,445
35,445
948,721
96%
4%
60,091
–
113,809
738,665
–
–
–
712
913,276
–
–
18,402
–
–
11,806
30,209
766,019
96%
4%
10,381
–
9,830
711,477
3,499
–
–
623
735,810
–
–
6,632
–
–
36,400
43,032
432,014
90%
10%
8,486
40,569
49,263
283,853
6,392
–
–
417
388,981
–
–
15,192
–
–
4,589
19,781
485,243
96%
4%
65,285
20,002
49,911
329,899
–
–
–
365
465,462
Ind. Foresight FP
Ind. Foresight SP
Titanium 1
–
–
–
3,424,456
127,856
–
–
–
3,552,312
–
–
–
6,026,884
67,617
–
–
–
6,094,501
Super 20
Annexure 3
11/10/15 4:03:43 PM
Government Bonds
Corporate Bonds
Equity
Money Market
Fixed Deposits
Mutual Funds
Preference Shares
Total
Other Investments
Corporate Bonds
Equity
Money Market
Fixed Deposits
Mutual Funds
Total
GRAND TOTAL
–
–
4,490
–
–
1,539
6,028
143,060
96%
4%
–
–
2,327
–
–
2,715
5,042
129,533
96%
4%
–
–
1,304
–
–
5,582
6,886
75,011
91%
9%
1,647
–
6,242
60,185
–
–
–
49
68,124
–
–
1,774
–
–
386
2,160
72,491
97%
3%
10,751
7,997
13,183
38,357
–
–
–
42
70,330
–
–
7,460
–
–
–
7,460
173,127
96%
4%
–
–
–
165,667
–
–
–
–
165,667
–
–
2,907
–
–
–
2,907
48,692
94%
6%
–
–
–
45,785
–
–
–
–
45,785
–
–
42,899
–
–
–
42,899
440,435
90%
10%
–
–
1,402
352,288
43,846
–
–
–
397,536
–
–
8,484
–
–
–
8,484
143,665
94%
6%
–
–
–
119,086
16,094
–
–
–
135,180
–
–
–
9,699
–
34,046
43,744
489,542
91%
9%
–
–
–
–
298,697
147,100
–
–
445,797
–
–
–
2,947
–
22,537
25,484
277,860
91%
9%
–
–
–
–
172,375
80,000
–
–
252,375
Value Momentum
Liquid Plus
Current Year Previous Year Current Year Previous Year
107,063
52,299
74,707
67,137
–
39,300
–
–
340,566
–
–
–
–
–
6,442
6,442
347,008
98%
2%
98,460
20,307
105,261
60,090
–
19,300
–
69
303,487
–
–
973
–
–
63
1,036
304,523
100%
0%
–
–
29,131
–
–
16,260
45,391
1,651,645
97%
3%
669,066
224,974
163,325
548,443
–
–
–
442
1,606,251
–
–
17,615
–
–
135,888
153,503
1,585,638
90%
10%
451,155
241,342
164,175
545,074
–
30,000
–
–
1,432,133
–
–
504
–
–
412
916
122,993
99%
1%
50,362
20,897
38,793
12,012
–
–
–
12
122,076
2,039
–
400
–
–
2,408
4,846
125,212
96%
4%
51,154
33,359
13,348
12,494
–
10,000
–
–
120,365
–
–
–
–
–
12,898
12,898
458,794
97%
3%
217,117
57,176
131,203
–
–
40,400
–
–
445,895
–
–
–
–
–
11,591
11,591
139,962
92%
8%
37,259
20,805
33,862
–
26,445
10,000
–
–
128,371
–
–
792
–
–
–
792
22,170
96%
4%
–
–
21
20,007
1,348
–
–
–
21,377
–
–
244
–
–
–
244
6,961
96%
4%
–
–
–
4,718
1,999
–
–
–
6,717
IPP - Growth
IPP - Enrich
IPP - Nourish
24,868
5,995
10,190
95,872
–
–
–
106
137,031
4,093
–
16,262
94,114
–
9,900
–
121
124,491
Titanium 2
Titanium 3
Pure Equity
Current Year Previous Year Current Year Previous Year Current Year Previous Year
Annexure 3
Particulars
Government Bonds
Corporate Bonds
Equity
Money Market
Fixed Deposits
Mutual Funds
Preference Shares
Total
Other Investments
Corporate Bonds
Equity
Money Market
Fixed Deposits
Mutual Funds
Total
GRAND TOTAL
Particulars
Schedule: F-2
Investments
11/10/15 4:03:47 PM
Government Bonds
Corporate Bonds
Equity
Money Market
Fixed Deposits
Mutual Funds
Preference Shares
Total
Other Investments
Corporate Bonds
Equity
Money Market
Fixed Deposits
Mutual Funds
Total
GRAND TOTAL
Particulars
Government Bonds
Corporate Bonds
Equity
Money Market
Fixed Deposits
Mutual Funds
Preference Shares
Total
Other Investments
Corporate Bonds
Equity
Money Market
Fixed Deposits
Mutual Funds
Total
GRAND TOTAL
Particulars
Schedule: F-2
Investments
35,057
–
–
–
–
200,492
235,549
4,674,988
95%
5%
–
–
–
–
–
200,557
200,557
6,416,501
97%
3%
–
–
–
–
–
4,111
4,111
113,975
96%
4%
109,864
–
–
–
–
–
–
–
109,864
–
–
–
–
–
3,922
3,922
61,393
94%
6%
57,471
–
–
–
–
–
–
–
57,471
–
–
–
–
–
213,762
213,762
2,315,979
91%
9%
–
1,018,419
865,531
–
148,966
69,300
–
–
2,102,217
75,586
–
–
–
–
90
75,676
2,187,572
97%
3%
–
916,464
591,132
–
64,700
539,600
–
–
2,111,896
39,343
16,228
7,746
106,186
–
–
–
–
181,991
–
–
4,316
–
–
17,432
21,749
203,739
89%
11%
112,900
4,140
17,211
227,463
–
–
–
106
361,819
–
–
9,705
–
–
20,043
29,748
391,567
92%
8%
–
–
–
–
–
27,559
27,559
545,234
95%
5%
274,031
48,476
185,668
–
–
9,500
–
–
517,675
–
–
–
–
–
20,917
20,917
341,542
94%
6%
144,704
135,646
25,776
–
–
10,000
–
–
320,625
73,870
–
77,120
–
–
429,085
580,075
9,785,099
94%
6%
4,659,050
1,389,069
828,023
1,814,108
31,301
482,100
–
1,372
9,205,024
198,753
–
54,132
–
–
287,249
540,134
7,130,167
92%
8%
2,261,645
1,128,940
878,871
1,328,178
–
919,700
–
–
6,590,034
Gr. Secure
1,912,193
716,227
906,678
–
124,640
779,700
–
–
4,439,438
4,216,236
629,621
1,370,085
–
–
–
–
–
6,215,943
Gr. Fixed Interest
Gr. Gilt
Gr. Bond
–
–
–
–
–
357,596
357,596
3,133,599
89%
11%
–
–
–
–
1,555,403
1,220,600
–
–
2,776,003
19,982
–
–
9,699
–
52,416
82,096
598,981
86%
14%
–
120,690
198,324
–
78,470
119,400
–
–
516,885
19,571
–
–
–
–
13,285
32,856
627,604
95%
5%
–
135,455
34,853
–
184,541
239,900
–
–
594,748
–
–
41,423
–
–
286,211
327,634
3,101,420
89%
11%
1,256,030
191,017
305,887
1,020,088
–
–
–
763
2,773,785
1,926
–
31,493
–
–
222,118
255,537
2,340,965
89%
11%
657,508
157,489
335,222
744,441
–
190,100
–
–
2,085,428
19,867
–
87,522
–
–
112,485
219,874
4,373,401
95%
5%
1,370,465
236,233
376,955
2,109,382
–
59,400
–
1,092
4,153,527
29,412
–
45,821
–
–
129,509
204,742
2,517,060
92%
8%
502,709
160,741
255,591
1,110,773
–
130,100
–
–
2,312,318
Gr. Stable
Gr. Growth
–
–
–
58,192
–
53,182
111,374
1,265,509
91%
9%
–
–
–
–
536,134
618,000
–
–
1,154,134
Gr. Money Market
Gr. Short-Term Debt
Annexure 3
11/10/15 4:03:50 PM
Government Bonds
Corporate Bonds
Equity
Money Market
Fixed Deposits
Mutual Funds
Preference Shares
Total
Other Investments
Corporate Bonds
Equity
Money Market
Fixed Deposits
Mutual Funds
Total
GRAND TOTAL
–
–
–
–
–
418
418
30,598
99%
1%
–
–
–
–
–
3,802
3,802
39,513
90%
10%
–
–
–
–
–
190
190
2,380
92%
8%
–
–
–
–
1,590
600
–
–
2,190
–
–
–
196
–
36
232
2,226
90%
10%
–
–
–
–
1,594
400
–
–
1,994
–
–
–
–
–
–
–
–
0%
0%
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
0%
0%
–
–
–
–
–
–
–
–
–
41,546
6,919
11,347
17,940
7,553
10,000
–
–
95,322
–
–
762
–
–
3,122
3,883
99,207
96%
4%
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
0%
0%
–
–
6,272
–
–
33,154
39,426
319,103
88%
12%
69,590
25,184
33,119
149,963
1,798
–
–
22
279,675
–
–
121
–
–
311
432
6,316
93%
7%
–
3,026
–
2,855
–
–
–
–
5,883
–
–
–
–
–
–
–
49,158
100%
0%
–
–
–
–
49,159
–
–
–
49,159
–
–
–
–
–
–
–
–
0%
0%
–
–
–
–
–
–
–
–
–
Gr. Secure 2
Gr. Growth 2
–
29,304
–
–
876
–
–
–
30,180
33,326
1,985
–
–
400
–
–
–
35,711
Gr. Money Market 2
Gr. Bond 2
2,039
–
–
–
–
23,240
25,278
320,410
92%
8%
–
80,745
78,737
–
75,752
59,900
–
–
295,135
–
–
77
–
–
192
268
8,587
97%
3%
4,529
1,166
2,172
449
–
–
–
8,317
–
–
5
–
–
–
5
255
98%
2%
169
–
–
81
–
–
–
–
250
–
–
–
–
–
–
–
39,765
100%
0%
–
–
–
–
39,765
–
–
–
39,765
–
–
–
–
–
–
–
–
0%
0%
–
–
–
–
–
–
–
–
–
–
–
–
–
–
514,600
514,600
8,874,587
94%
6%
46,603
524,940
202,708
–
5,673,336
1,912,400
–
–
8,359,987
–
–
–
26,325
–
135,274
161,599
4,729,779
97%
3%
16,688
199,166
263,122
–
3,319,007
770,200
–
–
4,568,182
–
–
–
–
–
6,654
6,654
173,968
96%
4%
–
68,438
78,979
–
–
19,900
–
–
167,317
Gr. Stable 2
Annexure 3
Particulars
Government Bonds
Corporate Bonds
Equity
Money Market
Fixed Deposits
Mutual Funds
Preference Shares
Total
Other Investments
Corporate Bonds
Equity
Money Market
Fixed Deposits
Mutual Funds
Total
GRAND TOTAL
Particulars
Schedule: F-2
Investments
11/10/15 4:03:53 PM
Government Bonds
Corporate Bonds
Equity
Money Market
Fixed Deposits
Mutual Funds
Preference Shares
Total
Other Investments
Corporate Bonds
Equity
Money Market
Fixed Deposits
Mutual Funds
Total
GRAND TOTAL
Particulars
Schedule: F-2
Investments
29,860,396
22,531,819
18,746,927
99,145,504
7,588,417
8,314,100
–
76,449
186,263,612
2,188,285
–
3,414,893
245,569
–
8,635,580
14,484,326
200,747,938
93%
7%
47,150,506
24,441,299
31,381,739
108,806,937
8,260,640
5,974,800
–
87,370
226,103,290
603,040
–
3,703,451
96,987
–
7,904,015
12,307,493
238,410,782
95%
5%
Total
Annexure 3
11/10/15 4:03:56 PM
Accrued Interest
Cash & Bank Balance
Dividend Receivable
Receivable for Sale of Investments
Receivable from policy holder
Margin Money
Share Application Money
Other Current Assets (for Investments)
Total
Particulars
Accrued Interest
Cash & Bank Balance
Dividend Receivable
Margin Money
Total
Ind. Foresight FP
Ind. Foresight SP
Titanium 1
70,980
6,901
81,823
8,522
321,517
169,324
7,173
887
2,353
1,491
318
96,042
167
2,236
279
573,098
7
123
34
1,278
364
6,109
563
7,358
636
8,290
53
667
31
293
146,289
53,013
11,704
9,990
5,093
193,348
–
129,025
125,498
768,513
76,255
–
617
–
532,964
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
88
82
69
85
146
94
10
7
6
7
341,354
109,134
212,264
143,701
1,624,055
897,095
60,257
13,388
12,414
8,162
Super 20
–
–
65,357
35,274
55,615
24,554
98,942
40,753
50,823
10,351
147
114,576
37
738
33
456
41
1,283
34
1,388
–
2,145
100
1,879
195
3,630
413
5,353
324
4,208
126,397
21,967
43,924
–
185,957
–
202,905
119,576
180,899
86,119
161,720
–
7
–
15
–
1
–
5
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
222
180
20
30
38
58
48
65
42
51
288,487
138,868
109,444
37,921
241,854
28,698
302,350
167,030
232,126
102,117
Ind. Enhancer
Ind. Creator
Ind. Magnifier
Ind. Maximiser
Ind. Multiplier
1,562,108
1,591,405
66,380
50,905
99,584
54,514
–
–
–
2,537
279
368,693
41
72,048
136
45,461
195
132,363
423
24,019
1,402
11,196
98
1,163
605
5,123
3,123
11,228
339
0
305,180
835,692
5,375
–
653,767
296,968
122,598
96,537
–
135,350
433,855
–
48,919
–
90,360
–
323,292
–
41,890
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
707
509
32
48
481
275
971
673
136
127
2,303,531
2,807,495
120,844
124,164
844,933
402,341
450,179
240,801
42,787
162,033
Ind. Assure
Ind. Protector
Ind. Builder
Ind. Balancer
48,651
63,103
127,982
144,252
117,299
117,811
68,733
72,737
6,672
6,406
35
24,559
27
199,983
62
93,424
60
82,624
66
855
–
–
–
–
29
240
70
352
5
58
–
–
–
–
1,040
30,947
–
8,150
–
–
60,992
–
176,481
–
69,777
–
9,103
–
1,549
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
6
6
7
13
12
24
1
2
109,678
87,662
304,496
344,241
188,214
242,435
77,977
163,884
8,294
7,321
Annexure 3
Particulars
Accrued Interest
Cash & Bank Balance
Dividend Receivable
Margin Money
Total
Particulars
Accrued Interest
Cash & Bank Balance
Dividend Receivable
Margin Money
Total
Particulars
Schedule: F-3
Current Assets
11/10/15 4:04:00 PM
Value Momentum
Liquid Plus
2
–
3,689
3,220
89
3,621
77
60,058
–
96
–
–
–
11
–
–
24,647
–
118,638
–
–
–
–
–
–
–
–
–
7
7
–
–
24,745
3,735
122,404
63,278
Annexure 3
Gr. Money Market
Gr. Short Term Debt
21,494
35,340
14,890
21,209
37
605,392
24
7,500
–
–
–
–
–
–
–
–
4,159
–
10,305
–
–
–
–
–
–
–
–
–
–
–
–
–
25,690
640,732
25,219
28,709
Gr. Stable
Gr. Growth
48,717
47,179
84,144
33,512
62
28,237
24
75,378
131
465
234
675
4,312
3,819
9,460
3,644
6,439
–
2,544
–
–
–
–
–
–
–
–
–
49
28
99
39
59,709
79,727
96,506
113,248
Gr. Secure
Accrued Interest
3,114
1,491
17,879
7,595
201,030
205,423
Cash & Bank Balance
20
119
18
15,222
61
34,313
Dividend Receivable
25
65
–
–
238
828
111,773
1,189
341
–
–
9,394
2,600
–
110,000
–
8,539
–
Margin Money
–
–
–
–
–
–
–
–
–
–
–
–
10
4
–
–
86
50
Total
6,958
2,019
127,897
22,817
219,348
352,387
Particulars
Particulars
Gr. Fixed Interest
Gr. Gilt
Gr. Bond
Accrued Interest
181,677
175,089
2,312
1,499
109,022
98,654
Cash & Bank Balance
54
18,642
14
17
248
46,005
Dividend Receivable
–
–
–
–
–
–
–
–
–
–
–
–
220,568
–
–
–
285
–
Margin Money
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Total
402,299
193,731
2,326
1,516
109,555
144,659
Particulars
IPP - Growth
IPP - Enrich
IPP - Nourish
Accrued Interest
15,975
14,147
30,984
30,617
3,465
4,220
12,721
4,145
–
–
Cash & Bank Balance
64
693
61
30,484
38
363
7
78,982
34
2,744
Dividend Receivable
12
53
33
344
1
8
–
–
–
2
–
4,277
–
–
112
–
–
–
–
–
1,423
–
7,445
–
719
–
47,815
–
2,541
–
Margin Money
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
1
2
10
18
–
0
–
–
–
0
Total
17,475
19,173
38,532
61,464
4,334
4,591
60,543
83,127
2,575
2,746
Particulars
Titanium 2
Titanium 3
Pure Equity
Accrued Interest
727
1,088
430
1,015
–
–
Cash & Bank Balance
69
82
49
373
7,652
9,220
Dividend Receivable
9
85
4
34
65
56
3,477
1,453
407
594
2,304
–
–
–
22
–
9,868
–
Margin Money
–
–
–
–
–
–
–
–
–
–
–
–
2
2
1
1
4
0
Total
4,284
2,710
912
2,017
19,894
9,276
Schedule: F-3
Current Assets
11/10/15 4:04:03 PM
Accrued Interest
Cash & Bank Balance
Dividend Receivable
Margin Money
Total
Particulars
Total
3,720,263
3,153,619
11,396
2,876,569
9,114
72,015
3,013,026
2,045,919
2,666,981
–
–
–
–
–
3,319
2,487
9,424,099
8,150,608
Gr. Secure 2
Gr. Growth 2
–
2,472
5,693
62
–
–
–
–
97,720
48,622
–
6
61
94
10
–
41
–
12
23,258
–
11
13
2
–
–
–
–
–
–
–
108
441
7
–
–
–
–
–
–
–
–
–
–
1,457
–
1,286
–
57,826
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
1
7
0
–
–
–
–
–
–
–
2,598
6,214
165
1,467
–
1,327
–
155,558
71,880
Gr. Money Market 2
Gr. Bond 2
Gr. Stable 2
128
827
15
1
–
–
12,284
14,464
159
1
31
42
58
36
–
–
30
426
30
17
–
–
–
–
–
–
–
–
–
0
–
–
–
–
–
–
–
–
–
2
–
–
–
–
–
–
–
–
56
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
159
869
72
37
–
–
12,313
14,890
245
20
Annexure 3
Accrued Interest
Cash & Bank Balance
Dividend Receivable
Margin Money
Total
Particulars
Accrued Interest
Cash & Bank Balance
Dividend Receivable
Margin Money
Total
Particulars
Schedule: F-3
Current Assets
11/10/15 4:04:06 PM
24,167
Total
721,170
Total
45,680
–
45,680
–
44,470
–
–
44,470
58,599
36,396
22,203
–
33,072
2,986
–
30,086
24,223
5,652
18,571
–
3,667
2,334
–
1,333
1,976
396
1,580
–
607,369
244,427
362,942
–
37,137
–
–
37,137
31,297
15,372
15,924
–
240,182
156,629
5
83,548
148,131
59,611
88,520
–
412,646
233,014
–
179,632
635,231
450,063
185,168
–
23,147
–
–
23,147
63,538
28,851
34,687
–
233,833
Total
113,244
99,027
14,217
–
45,390
11,304
–
34,086
36,682
–
36,682
–
40,373
7,756
–
32,618
46,423
–
46,423
–
61,053
9,810
–
51,242
54,441
13,375
41,066
–
49,664
7,833
–
41,831
51,763
11,145
40,618
–
–
–
16,912
16,912
Payable for Purchase of Investments
Other Current Liabilities
Payable to Policy holder
Total
11,851
–
11,851
–
98,784
–
–
98,784
66,591
20,336
46,255
–
117,374
89,960
–
27,414
29,987
22,164
7,823
–
9,589
9,589
–
–
1,506
1,506
–
–
9,297
2,293
–
7,005
13,285
7,884
5,401
–
Ind. Foresight FP
Ind. Foresight SP
Titanium 1
199,347
–
34,486
Particulars
72,827
–
–
72,827
Super 20
277,695
–
443,475
Particulars
13,260
–
13,260
–
Ind. Enhancer
Ind. Creator
Ind. Magnifier
Ind. Maximiser
Ind. Multiplier
–
–
24,167
Particulars
Annexure 3
Ind. Assure
Ind. Protector
Ind. Builder
Ind. Balancer
Particulars
Schedule: F-4
Current Liabilities
11/10/15 4:04:09 PM
3,648
Total
1,194
932
262
–
7,022
6,415
–
607
5,817
5,459
358
–
1,456
–
–
1,456
6,755
6,248
507
–
965
–
–
965
771
–
771
–
4,880
Total
2,353
748
1,605
–
21,446
2,974
–
18,472
IPP - Enrich
16,376
10,460
5,915
–
2,004
–
–
2,004
IPP - Nourish
387
235
153
–
1,626
–
–
1,626
26
–
26
–
778
–
–
778
1,920
1,919
1
–
117,861
Total
35
–
35
–
–
–
–
–
–
–
–
–
1,333
–
–
1,333
29
–
29
–
62,967
–
–
62,967
133,755
–
133,755
–
–
–
–
–
112
–
112
–
–
–
–
–
Total
2,932
2,932
–
–
–
–
–
–
110
–
110
–
59,385
58,995
–
389
124,937
124,924
12
–
71,334
71,240
–
94
16,699
16,555
143
–
24,489
24,487
–
1
30,792
30,636
156
–
Gr. Secure
Gr. Stable
Gr. Growth
117,861
–
–
Gr. Fixed Interest
Gr. Gilt
Gr. Bond
Gr. Money Market
Gr. Short Term Debt
–
–
4,880
IPP - Growth
Particulars
1,394
523
–
870
Particulars
3,630
2,289
1,341
–
Income Advantage
Guaranteed
773
–
2,875
Particulars
Annexure 3
Titanium 2
Titanium 3
Pure Equity
Value Momentum
Liquid Plus
Particulars
Schedule: F-4
Current Liabilities
11/10/15 4:04:12 PM
–
Total
–
Total
388
388
–
–
1,295,670
5
1,526,722
2,822,397
Total
2,451,351
1,219,969
1,231,381
–
Total
–
–
–
Particulars
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
1,851
1,851
–
–
37
37
–
–
343
–
–
343
–
–
–
–
668
–
–
668
–
–
–
–
142,194
–
–
142,194
47,220
–
47,220
–
Gr. Secure 2
Gr. Growth 2
–
–
–
Particulars
Annexure 3
Gr. Money Market 2
Gr. Bond 2
Gr. Stable 2
Particulars
Schedule: F-4
Current Liabilities
11/10/15 4:04:15 PM
14,917
–
43
16,704
–
48
Mortality charge
Discontinuance charge
Miscellaneous charge**
1,361,425
–
3,151
1,197,573
–
2,087
Mortality charge
Total (A+B)
2,451,761
269,703
269,703
Service Tax on charges
Total
(B) Service Tax
2,938,353
323,229
323,229
2,615,124
26
28
2,182,058
74,721
47,380
Surrender charge
Switching charge
Total
1,175,801
934,990
Policy Administration charge
(A) Other charges
27,159
Ind. Enhancer
27,442
Total (A+B)
2,988
2,988
29,947
115,685
12,726
12,726
102,959
328
–
59,660
41
12,983
53,972
5,933
5,933
48,039
154
–
35,177
9
964
11,735
56,817
6,250
6,250
50,567
168
–
33,988
8
1,499
14,904
Ind. Creator
108,072
11,888
11,888
96,184
341
–
63,421
39
6,986
25,397
105,332
11,587
11,587
93,745
24
–
56,590
43
521
36,567
145,032
15,954
15,954
129,078
214
–
89,537
49
1,706
37,572
164,780
18,126
18,126
146,654
245
–
94,460
23
3,590
48,336
Ind. Magnifier
93,415
10,276
10,276
83,139
18
–
51,683
40
324
31,074
Ind. Protector
52,218
5,744
5,744
46,474
11
–
23,029
8
348
23,078
445,129
48,966
48,966
396,163
942
–
213,183
103
26,614
155,321
583,794
64,219
64,219
519,575
1,309
–
270,142
43
38,007
210,074
Ind. Maximiser
47,906
5,270
5,270
42,636
10
–
22,229
7
490
19,900
Ind. Builder
10,437
1,148
1,148
9,289
1
–
2,412
–
–
6,876
83,140
9,146
9,146
73,994
194
–
33,254
34
2,669
37,843
112,251
12,348
12,348
99,903
256
–
42,397
7
4,566
52,677
Ind. Multiplier
9,207
1,013
1,013
8,194
2
–
2,261
–
–
5,931
Ind. Balancer
Annexure 3
Particulars
3,019
3,019
Total
(B) Service Tax
Total
24,171
94
91
Switching charge
24,423
7,916
1,201
996
6,584
Ind. Assure
Surrender charge
(A) Other charges
Particulars
Schedules to Fund Revenue Account
Schedule: F-5
Other Expenses*
11/10/15 4:04:18 PM
–
825
34,846
–
714
Mortality charge
92,398
–
4,250
1
52,910
–
3,044
77,049
Mortality charge
Total
9,523
9,523
86,572
Total
Total (A+B)
139,055
15,296
15,296
123,759
–
–
–
Surrender charge
Switching charge
(B) Service Tax
44,317
87,480
9,623
9,623
77,857
8
–
16,287
–
37,510
24,052
165,478
18,203
18,203
147,275
179
–
27,482
–
67,166
52,448
35,245
4,875
4,875
27,111
3,877
3,877
39,442
–
–
34,918
–
–
4,524
72,923
21,094
(A) Other charges
8,022
8,022
31,368
–
–
27,474
–
–
3,894
74,604
Total (A+B)
Particulars
8,207
8,207
Total
(B) Service Tax
64,901
26,448
61
Switching charge
66,397
58
6,528
Total
24,993
12,577
24,248
Super 20
Surrender charge
(A) Other charges
Particulars
Schedule: F-5
Other Expenses*
–
–
6,646
44,966
4,946
4,946
40,020
–
–
33,374
791
87
87
704
704
–
–
–
–
–
619
68
68
551
551
–
–
–
–
–
Ind. Foresight FP
34,987
3,849
3,849
31,138
–
–
25,570
–
–
5,568
49,324
5,426
5,426
43,898
24
–
25,106
–
–
18,768
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Ind. Foresight SP
34,104
3,751
3,751
30,353
1
–
15,101
–
–
15,251
41,359
4,550
4,550
36,809
35
–
21,257
–
–
15,517
5,062
557
557
4,505
–
–
1,259
–
1,641
1,605
8,724
960
960
7,764
3
–
1,939
–
3,583
2,239
Titanium 1
29,041
3,195
3,195
25,846
4
–
13,326
–
–
12,516
Annexure 3
11/10/15 4:04:21 PM
5,036
554
Total
Total (A+B)
554
4,482
5,149
566
566
4,583
–
172
–
–
–
–
–
151
–
–
4,411
4,331
(B) Service Tax
Total
Switching charge
Mortality charge
Surrender charge
(A) Other charges
25,370
2,791
2,791
22,579
–
1,108
–
–
–
21,471
25,359
2,790
2,790
22,569
–
1,337
–
3
–
21,229
1,622
891
178
178
1,444
IPP - Enrich
4,385
98
98
793
586
535
–
319
–
4
IPP - Growth
1,835
482
482
3,903
236
346
–
211
–
–
1,754
193
193
1,561
199
–
–
1,336
–
26
2,151
237
237
1,914
–
94
–
–
–
1,820
2,237
246
246
1,991
–
105
–
–
–
1,886
IPP - Nourish
3,826
421
421
3,405
489
–
3
2,882
–
31
Pure Equity
5,093
560
560
4,533
456
–
–
4,023
–
54
1,220
134
134
1,086
–
(28)
–
–
–
1,114
133
15
15
118
–
–
–
–
–
118
Income Advantage
Guaranteed
10,430
1,147
1,147
9,283
1,353
–
3
7,853
–
74
Value Momentum
10,183
1,120
1,120
9,063
402
–
1
8,618
–
42
63
7
7
56
–
(1)
–
–
–
57
6
1
1
5
–
–
–
–
–
5
17,074
1,878
1,878
15,196
496
–
1
14,649
–
50
Liquid Plus
Annexure 3
Particulars
Total (A+B)
202
202
1,633
583
2,469
–
849
–
2
458
686
–
489
–
–
Titanium 3
Titanium 2
Total
(B) Service Tax
Total
(A) Other charges
Surrender charge
Switching charge
Mortality charge
Particulars
Schedule: F-5
Other Expenses*
11/10/15 4:04:25 PM
–
Total
–
–
–
Total
Total (A+B)
(B) Service Tax
–
–
–
–
–
–
(A) Other charges
Surrender charge
Switching charge
Mortality charge
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
206
23
23
183
–
–
–
–
–
–
200
Total (A+B)
Particulars
22
22
Total
(B) Service Tax
178
Total
183
–
–
–
–
–
178
–
–
–
–
–
Gr. Gilt
Gr. Fixed Interest
(A) Other charges
Surrender charge
Switching charge
Mortality charge
Particulars
Schedule: F-5
Other Expenses*
22
2
2
20
20
–
–
–
–
–
353
39
39
314
314
–
–
–
–
–
408
45
45
363
363
–
–
–
–
–
Gr. Secure
19
2
2
17
17
–
–
–
–
–
Gr. Bond
13
1
1
12
12
–
–
–
–
–
588
65
65
523
523
–
–
–
–
–
933
103
103
830
830
–
–
–
–
–
Gr. Stable
5
1
1
4
4
–
–
–
–
–
Gr. Money Market
22
2
2
20
20
–
–
–
–
–
194
21
21
173
173
–
–
–
–
–
145
16
16
129
129
–
–
–
–
–
Gr. Growth
23
3
3
20
20
–
–
–
–
–
Gr. Short Term Debt
Annexure 3
11/10/15 4:04:28 PM
38
Total
5
5
43
Total
Total (A+B)
(B) Service Tax
38
–
–
–
–
–
(A) Other charges
Surrender charge
Switching charge
Mortality charge
485
53
53
432
432
–
–
–
–
–
1,154
127
127
1,027
1,027
–
–
–
–
–
40
4
4
36
36
–
–
–
–
–
15
15
2
2
13
Gr. Growth 2
163
2
2
13
13
–
–
–
–
–
Gr. Secure 2
221
Total (A+B)
18
18
145
13
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
3,179
350
350
2,829
4
–
–
–
2,825
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Gr. Bond 2
1,555
171
171
1,384
1,384
–
–
–
–
–
2,193
241
241
1,952
9
–
–
6
1,937
–
–
–
–
–
–
–
–
–
–
–
1,233
136
136
1,097
1,097
–
–
–
–
–
2
–
–
2
2
–
–
–
–
–
54,335
5,977
5,977
48,358
3,624
–
–
5,987
38,747
–
79,188
8,711
8,711
70,477
2,683
–
–
4,739
63,055
–
15
2
2
13
13
–
–
–
–
–
Gr. Stable 2
Annexure 3
Particulars
24
24
Total
(B) Service Tax
197
Total
145
–
–
–
–
–
197
–
–
–
–
–
Gr. Money Market 2
(A) Other charges
Surrender charge
Switching charge
Mortality charge
Particulars
Schedule: F-5
Other Expenses*
11/10/15 4:04:31 PM
3,546,305
Total
4,872,709
536,013
536,013
4,336,696
1,794,549
223,766
352
2,243,440
63,055
11,534
Previous Year
** Miscellaneous charge includes Reinstatement charge & Late
Payment charge
* Any expense which is 1% of the total expenses incurred should be
disclosed as a separate line item.
3,984,628
438,323
Total
Total (A+B)
438,323
(B) Service Tax
1,413,651
134,840
469
1,945,196
43,509
8,640
Current Year
Total
(A) Other charges
Surrender charge
Switching charge
Mortality charge
Particulars
Schedule: F-5
Other Expenses*
Annexure 3
11/10/15 4:04:34 PM
Commission
947,942
–
161,403
–
–
–
–
–
865,483
3,445,890
947,942
1,632,465
4,370,714
(497,084)
3,873,630
Transfer to Shareholders' a/c
Total (D)
–
Funds available for future
appropriations
APPROPRIATIONS
Insurance reserve at the beginning
of the year
3,873,630
–
–
–
–
–
3,873,630
(497,084)
4,370,714
–
3,873,621
528,753 59,153,667 59,682,419
SURPLUS/(DEFICIT) (D)=(A)–(B)–(C)
(707,932) 32,267,134 31,559,203
–
Change in Valuation Liability
–
–
Total (C)
–
Change in valuation of liability in
respect of life policies
–
1,236,684 26,886,532 28,123,216
3,445,890
–
UL2
865,483
1,632,465
Interim Bonus Paid
Benefits Paid (Net)
Total (B)
Service Tax on Charge
Insurance Business
–
–
–
8,878,799
7,848,272 59,153,665 67,001,937
161,403
–
6,795,747 (6,795,747)
–
8,878,799
56
(37,707)
37,763
–
56
138,816
(173,584)
–
–
312,399
201,913
32,265
145,200
24,448
340,785
5,681
–
281,888
–
–
(2)
1,100
13,690
(286)
38,713
(4)
Non-Unit
–
–
–
–
–
3,312,482
935,795
–
–
2,376,687
–
–
–
–
3,312,482
–
–
(281,888)
–
428,406
(82,629)
1,683,999
486,216
–
1,078,378
(5)
Unit
56
(37,707)
37,763
–
56
3,451,297
762,212
–
–
2,689,086
201,913
32,265
145,200
24,448
3,653,267
5,681
–
–
–
428,406
(82,631)
1,685,099
499,906
(286)
1,117,091
154,845
–
154,845
–
154,845
(6,950)
14,757
–
–
(21,707)
105,072
33,009
71,706
357
252,966
19,266
–
234,057
–
–
–
–
–
(356)
–
(7)
Total Non-Unit
(6)=(4)+(5)
Pension Individual
–
–
–
–
–
7,125,443
4,555,409
–
–
2,570,034
–
–
–
–
7,125,444
–
–
(234,057)
–
885,729
(68,866)
1,232,538
1,521,916
–
3,788,184
154,845
–
154,845
–
154,846
7,118,493
4,570,166
–
–
2,548,327
105,072
33,009
71,706
357
7,378,411
19,266
–
–
–
885,729
(68,866)
1,232,538
1,521,916
(356)
3,788,184
–
–
(65,771)
–
225,353
(17,521)
313,590
387,215
–
409,387
65
–
685,154
–
–
724,811
–
–
–
–
–
157,713 (157,713)
–
157,713 (157,713)
–
157,713 (157,713)
(184) 1,409,965
(184)
–
–
–
3,512
–
3,446
–
–
–
–
–
1,409,781
684,970
–
–
724,811
3,512
–
3,446
65
1,413,293
2,074
93,195
–
–
225,353
(17,521)
313,590
387,215
–
409,387
34,522
(13,785)
48,307
–
34,522
17,319
21,867
–
–
(4,548)
13,899
6,674
3,341
3,885
65,741
567
–
51,264
–
–
(1)
556
6,919
(2,859)
9,295
(13)
Total
Total Unit
Linked
–
–
–
–
–
126,209
121,527
–
–
4,682
–
–
–
–
126,210
–
–
(51,264)
–
1,489
(2,443)
66,487
10,666
–
101,275
34,522
(13,785)
48,306
–
34,523
143,529
143,394
–
–
134
13,899
6,674
3,341
3,885
191,951
567
–
–
–
1,489
(2,444)
67,043
17,585
(2,859)
110,570
4,063,053
(548,576)
4,611,629
–
4,069,053
71,805,519
37,719,944
–
–
34,085,575
3,770,286
1,019,890
1,856,158
894,238
79,638,858
188,991
93,195
–
–
10,419,776
(1,427,757)
30,166,677
10,924,365
(727,607)
30,001,218
(14) (15)=(13)+ (16)=(3)+(6)+(9)+
(12)+(15)
(14)
Unit
Health Individual
Total Non-Unit
(11) (12)=(10)+
(11)
Unit
Group Pension
161,040 1,252,253
2,074
93,195
65,771
–
–
–
–
–
–
–
(10)
Total Non-Unit
(8) (9)=(7)+(8)
Unit
Group Life
Annexure 3
Total (A)
(c)Other Income
(b)Contribution from the
Shareholders' a/c
(a) Linked Income
Other income:
–
–
(d) Unrealised gain/(loss)
(31) (1,256,263) (1,256,294)
(c)Loss on sale/redemption of
investments
(e) Gain Loss on Amortisation
17,255 26,851,152 26,868,407
8,497,743
214,701
8,283,042
(724,106)
(b)Profit on sale/redemption of
investments
–
(724,106)
(3)=(1)+(2)
1,383,304 23,192,682 24,575,986
(2)
(1)
(a) Premium
UL1
Schedule
Total
Premiums earned – net
Particulars
Unit
Non-Unit
Individual Life
Annexure to Revenue Account–Break up of Unit Linked Business (UL)
Revenue Account for financial year ended 31st March 2015
11/10/15 4:04:37 PM
(3)=(1)+(2)
(a) Linked Income
UL2
–
191,288
–
–
–
–
–
782,519
3,640,402
1,120,483
1,737,401
3,083,355
Total (D)
–
4,276,011
(1,192,656)
–
APPROPRIATIONS
Insurance reserve at the beginning of
the year
Transfer to Shareholders' a/c
–
3,083,355
Funds available for future appropriations
2,726,127 35,683,178 38,409,305
SURPLUS/(DEFICIT) (D)=(A)–(B)–(C)
4,276,011
–
3,083,355
–
3,083,355
– (1,192,656)
–
–
8,698,333
Total (C)
9,973,140
3,093,680 (3,093,680)
–
(1,274,806)
–
–
Transfer to Non-Linked Reserves
–
Change in valuation of liability in respect of
life policies
–
Change in Valuation Liability
–
Interim Bonus Paid
907,254 28,803,718 29,710,972
1,120,483
3,640,402
Service Tax on Charge
Total (B)
782,519
1,737,401
Benefits Paid (Net)
–
–
–
9,635,768
9,449,884 35,683,178 45,133,062
191,288
–
Operating Expenses related to Insurance
Business
Commission
Total (A)
(c)Other Income
(b)Contribution from the Shareholders' a/c
–
9,635,767
7,149,901 (7,149,901)
–
(e) Gain Loss on Amortisation
Other income:
1
(8,596) (6,511,998) (6,520,594)
(d) Unrealised gain/(loss)
(c)Loss on sale/redemption of investments
7,869,785
9,106,098
20,524
9,085,574
327,432
7,542,353
(757,242)
(b)Profit on sale/redemption of investments
–
(757,242)
(2)
(1)
Total
2,526,577 23,081,383 25,607,960
Unit
Non-Unit
(a) Premium
UL1
Schedule
(b)Reinsurance ceded
Premiums earned – net
Particulars
Individual Life
Annexure to Revenue Account–Break up of Unit Linked Business (UL)
Revenue Account for financial year ended 31st March 2014
740,575
484,938
–
887,745
–
563,624
–
–
–
–
–
–
–
–
341,225
(158,091)
499,316
–
341,225
–
–
–
–
–
273,351 1,773,173
(255,445) (271,428)
497,633 (497,633)
–
–
31,164 2,542,233
278,671
34,001
208,557
36,113
893,247 1,773,173
9,086
–
313,348 (313,348)
–
–
341,225
(158,091)
499,316
–
341,225
2,046,524
(526,873)
–
–
–
2,573,397
278,671
34,001
208,557
36,113
2,666,420
9,086
–
–
–
563,624
(591,273)
742,753
519,691
(314)
1,422,852
–
–
81,427
(247,001)
–
(6,526)
(401,224)
527,728
–
–
–
–
–
–
–
70,582
–
70,582
–
70,582
–
–
–
–
–
(3,061) 5,099,571
(3,061) 3,247,667
–
–
–
– 1,851,904
120,554
27,637
92,826
90
188,075 5,099,571
24,468
(81,427)
247,001
–
–
–
–
– 1,313,556
(1,968)
70,582
–
70,582
–
70,852
5,096,510
3,244,606
–
–
–
1,851,904
120,554
27,637
92,826
90
5,287,646
24,468
–
–
–
(6,526)
(401,224)
527,728
1,313,556
(1,968)
3,831,611
(11)
–
(12)=
147,076
366,083
–
508,064
(10)+(11)
–
20,136
(3,113)
–
(1,819)
–
–
–
–
60,343
–
–
–
(17,199)
–
(17,199)
–
(17,199)
–
–
–
–
–
(2,795) 924,608
(2,795)
–
–
–
– 864,265
6,216
–
6,290
(74)
(13,778) 924,608
3,244
(20,136)
3,113
–
–
(17,199)
–
(17,199)
–
(17,200)
921,814
57,548
–
–
–
864,266
6,216
–
6,290
(74)
910,830
3,244
–
–
–
(1,819)
79,872
(11,294)
91,166
–
79,872
(19,236)
(28,597)
10,859
–
–
(1,498)
48,628
8,308
30,658
9,662
109,264
856
–
56,923
–
–
(208)
497
7,931
(4,106)
47,372
(13)
Total
Linked
Total Unit
(20,136)
–
(20,136)
–
(20,136)
78,686
66,748
(10,859)
–
–
22,797
–
–
–
–
58,550
–
–
(56,923)
–
17,747
(15,054)
18,522
7,617
–
86,640
59,736
(11,294)
71,030
–
59,736
59,450
38,151
–
–
–
21,299
48,628
8,308
30,658
9,662
167,814
856
–
–
–
17,747
(15,262)
19,019
15,548
(4,106)
134,012
3,537,700
(1,362,041)
4,899,740
–
3,537,698
46,533,603
11,511,765
–
–
–
35,021,838
4,094,470
1,190,429
2,075,732
828,309
54,165,772
228,943
–
–
–
10,208,795
(7,640,173)
10,542,675
10,084,664
(763,630)
31,504,499
+(14) (9)+(12)+(15)
(14) (15)=(13) (16)=(3)+(6)+
Unit
Health Individual
Total Non-Unit
– (111,820) (111,820)
– 147,076
– 366,083
–
– 508,064
(10)
Unit
Group Pension
Total Non-Unit
(8) (9)=(7)+(8)
Unit
Group Life
– 3,831,611
(7)
Total Non-Unit
(5) (6)=(4)+(5)
Unit
(913) (590,361)
2,178
34,754
(314)
535,107
(4)
Non-Unit
Pension Individual
Annexure 3
11/10/15 4:04:40 PM
2
Non-Unit
Insurance Claims
(a)Claims by Death
1,059,049
297,400 1,356,449
(b)Claims by Maturity
–
370,632
370,632
(c)Annuities/Pension
131
–
131
payment
(d)Other benefits
– Surrender
358,152 26,334,435 26,692,587
– Riders
15,047
–
15,047
– Health
–
–
–
– Survival
–
8,170
8,170
– Others
74,231
6,895
81,126
Sub-Total (A)
1,506,610 27,017,532 28,524,142
Amount Ceded in reinsurance
(a)Claims by Death
400,926
–
400,926
–
–
–
(131,000)
131,000
–
payment
(d)Other benefits – Health
–
–
–
Sub-Total (B)
269,926
131,000
400,926
TOTAL (A) – (B)
1,236,684 26,886,532 28,123,216
Benefits paid to claimants:
In India
1,236,684 26,886,532 28,123,216
Outside India
–
–
–
TOTAL (UL2)
1,236,684 26,886,532 28,123,216
Particulars
Group Pension
NA
62,569
3,202
–
–
–
–
–
–
65,771
Health Individual
NA
4,571
2,936
–
–
43,661
95
–
–
51,264
Total
NA
3,422,551
1,603,751
151,507
527
2,191,796
9,708
48,887
–
7,428,727
57,585
127,255
–
58,777
127,255
–
879
–
–
–
–
–
879
–
–
509
–
–
–
–
–
–
–
–
–
–
–
– 724,811 724,811
–
–
–
– 724,811 724,811
(509,000)
–
–
312,399 2,376,687 2,689,086 (21,707) 2,570,034 2,548,327
–
–
–
–
–
–
312,399 2,376,687 2,689,086 (21,707) 2,570,034 2,548,327
200 509,509
–
–
–
–
10,093
–
–
–
–
–
–
–
–
– 724,811 724,811
–
–
–
10,093
–
–
– 714,719 714,719
–
–
–
–
–
–
–
–
–
–
–
–
– 724,811 724,811
–
–
–
–
–
–
–
–
–
200
–
200 509,509 (509,000)
509
312,399 2,376,687 2,689,086 (21,707) 2,570,034 2,548,327
200
–
–
311,604 2,191,586 2,503,190 486,923 2,061,034 2,547,957
500
–
500
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(696)
260
(436)
–
–
–
312,599 2,376,687 2,689,286 487,802 2,061,034 2,548,836
1,192
–
–
440
–
–
–
–
–
(4,548) 4,682
–
–
(4,548) 4,682
1,259
–
1,259
–
(4,548) 4,682
–
–
–
(4,446) 4,453
7
–
– (212)
–
–
(188)
–
(3,289) 4,682
1,339
–
–
134
–
134
1,259
1,259
134
–
–
–
7
7
(212)
–
(188)
1,393
1,779
–
–
34,085,575
–
34,085,575
1,259
402,894
34,085,575
401,635
–
–
32,458,460
15,554
(212)
8,170
80,502
34,488,469
1,427,977
497,887
131
Individual Life
Pension Individual
Group Life
Group Pension
Health Individual
Total Unit
Unit
Linked Life Non-Unit
Unit
Linked
Non-Unit
Unit
Linked Non-Unit Unit
Linked Non-Unit Unit Linked
Linked
Pension
Group
Group
Health
(1)
(2) (3)=(1)+(2)
(4)
(5) (6)=(4)+(5)
(7)
(8) (9)=(7)+(8)
(10)
(11) (12)=(10)
(13)
(14) (15)=(13) (16)=(3)+(6)+(9)
+(11)
+(14)
+(12)+(15)
Group Life
NA
233,198
859
–
–
–
–
–
–
234,057
Annexure 3
1
No.
Sr.
Schedule-UL2
Benefits Paid [Net] for the financial year ended 31st March 2015
Schedules to Annexure to Revenue Account (UL) forming part of Financial Statements
Schedule-UL1
Linked Income (Recovered from linked funds)* for the Year ended 31st March 2015
Particulars
Individual Life
Pension Individual
Fund Administration charges
NA
NA
Fund Management charge
2,970,780
151,434
1,499,706
97,049
Surrender charge
128,401
23,106
Switching charge
527
–
Mortality charge/Rider Premium charge
2,147,163
971
Miscellaneous charge
9,462
151
Discontinuance charges
39,709
9,178
–
–
TOTAL (UL-1)
6,795,747
281,888
Charges are inclusive of Service tax
11/10/15 4:04:44 PM
Group Life
NA
246,105
896
–
–
–
–
–
247,001
Group Pension
NA
–
3,113
–
–
–
–
–
3,113
Health Individual
NA
2,885
3,775
–
–
50,087
176
–
56,923
2
1
Sr.
No.
(1)
(2)
(3)=(1)+(2)
Individual Life
Unit
Linked Life
–
–
–
–
–
–
3,485
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
– 864,264
– 864,264
– 864,264
– 1,851,904 1,851,904
– 1,851,904 1,851,904
– 860,780
–
–
– 864,264
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
– 1,851,904 1,851,904
– 1,851,904 1,851,904
–
–
–
– 1,851,904 1,851,904
–
–
–
–
–
116
116
–
–
2,556
–
2,661
105
–
–
2,556
–
2,777
221
–
–
864,264 (1,498)
864,264 (1,498)
22,797 (18,973)
22,797 (18,973)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
– 1,614
–
1,614
–
– (20,136) 20,136
– 1,614 (20,136) 21,750
864,264 (1,498) 22,797 (18,973)
860,780
–
864,264
3,485
–
–
Pension Individual
Group Life
Group Pension
NonUnit
Linked Non-Unit
Unit
Linked
NonUnit
Linked
Unit
Pension
Group
Unit
Group
(4)
(5) (6)=(4)+(5)
(7)
(8) (9)=(7)+(8)
(10)
(11) (12)=(10)
+(11)
Insurance Claims
(a)Claims by Death
1,332,833
164,701 1,497,534 30,964
19,263
50,227
–
522,703
522,703
–
69,709
69,709
–
–
–
–
–
–
payment
(d)Other benefits
– Surrender
20,837 28,116,314 28,137,151
200 2,453,261 2,453,461
– Survival
–
–
–
–
–
–
Sub-Total (A)
1,353,670 28,803,718 30,157,388 31,164 2,542,233 2,573,397
Amount Ceded in reinsurance
(a)Claims by Death
446,416
–
446,416
–
–
–
–
–
–
–
–
–
(c)Annuities/Pension payment
–
–
–
–
–
–
(d)Other benefits
–
–
–
–
–
–
– Surrender
–
–
–
–
–
–
– Survival
–
–
–
–
–
–
Sub-Total (B)
446,416
–
446,416
–
–
–
TOTAL (A) – (B)
907,254 28,803,718 29,710,972 31,164 2,542,233 2,573,397
Benefits paid to claimants:
In India
907,254 28,803,718 29,710,972 31,164 2,542,233 2,573,397
Outside India
TOTAL (UL2)
907,254 28,803,718 29,710,972 31,164 2,542,233 2,573,397
Particulars
Non-Unit
Schedule-UL2
Benefits Paid [Net] for the financial year ended 31st March 2014
35,001,700
35,001,700
446,416
–
–
–
1,614
–
448,030
35,001,700
33,305,852
–
35,449,730
1,551,467
592,412
–
Health Individual
Total
NonUnit
Linked
Unit Linked
Unit
Health
(13)
(14) (15)=(13) (16)=(3)+(6)+(9)
+(14)
+(12)+(15)
Total
NA
2,812,405
2,077,324
251,429
396
2,544,924
12,959
70,849
7,770,287
Pension Individual
NA
141,406
125,571
42,030
–
1,338
279
2,725
313,348
Particulars
Fund Administration charges
Fund Management charge
Surrender charge
Switching charge
Mortality charge/Rider Premium charge
Miscellaneous charge
Discontinuance charges
TOTAL (UL-1)
Individual Life
NA
2,422,008
1,943,969
209,400
396
2,493,500
12,504
68,123
7,149,901
Annexure 3
Schedules to Annexure to Revenue Account (UL) forming part of Financial Statements
Schedule-UL1
Linked Income (Recovered from linked funds)* for the Year ended 31st March 2014
11/10/15 4:04:47 PM
Disclosure for ULIP Business
1.
Performance of the Fund (Absolute Growth %) (Appendix 1)
2.
Investment Management
•
Activities Outsourced: Nil
•
F ees Paid for various activities charged to policyholders account for the period ended 31st March 2015: Nil
(Previous Year: Nil)
3.
Related Party Transactions (Appendix 1A)
4.
Company wise details of Investments held in Promoters Group along with its Percentage to funds under management. This information is to
be given fund wise and total fund under ULIP. (Appendix 2)
5.
Industry wise disclosures of Investments (amount in thousands) (Appendix 3)
6.
Unclaimed redemption of units ` 127,902 thousands (Previous year ` 20,826 thousand)
7.
NAV: Highest, Lowest & Closing at the end of the Year (Appendix 4)
8.
Expenses charged to Fund (%) (Appendix 5)
9.
Ratio of Gross Income (including unrealised gains) to Average Daily Net Assets (Appendix 6)
10. As at 31st March 2015, there are no doubtful debts on assets of the respective funds.
11. Fund wise disclosure of appreciation and/or depreciation in value of Investments (Appendix 7)
11/10/15 4:04:50 PM
Appendix 1 to Annexure 3A
Performance of ULIP funds (Absolute Growth – %)
Returns as on 31st March 2015
INDIVIDUAL LIFE
Fund Name
Ind. Assure Fund
Ind. Income Adv Fund
Ind. Protector
Ind. Builder
Ind. Balancer
Ind. Enhancer
Ind. Creator
Ind. Magnifier
Ind. Maximiser
Ind. Multiplier
Super 20
Ind. Foresight FP
Ind. Foresight SP
Titanium 1
Titanium 2
Titanium 3
Ind. Liquid Plus
Ind. Pure Equity
Ind. Value Momentum
IPP - Nourish
IPP - Growth
IPP - Enrich
Income Advantage Guaranteed Fund
Maximiser Guaranteed Fund
Linked Discontinued Policy Fund
Pension Discontinued Policy Fund
Year of Inception
FY 2014-15
FY 2013-14
FY 2012-13
Since Inception
12-Sep-05
22-Aug-08
22-Mar-01
22-Mar-01
18-Jul-05
22-Mar-01
23-Feb-04
12-Aug-04
12-Jun-07
30-Oct-07
6-Jul-09
17-Mar-08
8-Sep-08
15-May-09
15-Sep-09
15-Feb-10
20-Sep-10
25-Feb-11
25-Feb-11
16-Dec-09
16-Mar-10
16-Jun-10
9-Mar-12
9-Mar-12
9-Mar-12
12-Mar-03
18-Mar-03
12-Mar-03
24-Jan-11
1-Jan-14
1-Jan-14
1-Jan-14
1-Jan-14
9.20%
14.67%
16.65%
19.55%
19.95%
18.48%
25.59%
30.85%
36.06%
54.03%
27.13%
23.30%
25.91%
26.30%
27.21%
28.68%
30.78%
22.75%
27.28%
28.50%
28.58%
24.88%
8.39%
49.73%
40.18%
16.81%
18.53%
23.14%
8.76%
13.70%
27.29%
6.99%
6.90%
8.90%
4.41%
5.49%
7.45%
8.00%
7.73%
10.82%
15.77%
15.82%
21.62%
19.20%
12.53%
13.27%
13.47%
13.43%
14.00%
16.92%
10.28%
16.93%
13.42%
13.33%
12.05%
8.53%
21.08%
13.05%
4.91%
7.69%
8.00%
8.16%
2.27%
6.20%
0.00%
0.00%
10.19%
11.15%
10.13%
10.70%
10.25%
9.74%
8.83%
8.07%
6.58%
3.67%
8.87%
7.88%
7.34%
8.11%
7.72%
8.10%
8.13%
8.40%
8.58%
8.16%
7.89%
7.57%
7.82%
10.35%
5.00%
9.94%
9.79%
9.43%
8.64%
NA
NA
NA
NA
133.98%
100.54%
223.62%
315.08%
167.25%
385.74%
301.35%
326.06%
120.54%
120.39%
114.24%
65.63%
141.17%
86.31%
67.01%
67.93%
49.12%
42.27%
57.58%
67.90%
64.64%
46.41%
26.92%
100.92%
67.11%
168.66%
237.78%
305.85%
40.04%
16.28%
35.18%
6.99%
6.90%
Year of Inception
FY 2014-15
FY 2013-14
FY 2012-13
Since Inception
18-Nov-02
28-Apr-04
28-Apr-04
31-Mar-05
10-Dec-08
31-Mar-06
28-Apr-04
19-Jun-01
31-Aug-01
31-Aug-01
18-Feb-08
23-Mar-10
23-Mar-10
28-Nov-11
28-Nov-11
28-Nov-11
28-Nov-11
28-Nov-11
28-Nov-11
28-Nov-11
14.94%
17.27%
11.92%
8.64%
9.29%
NA
NA
17.90%
21.32%
24.92%
27.96%
14.33%
NA
NA
17.38%
24.20%
9.10%
-2.23%
10.53%
20.68%
6.46%
0.94%
6.96%
9.02%
8.33%
NA
NA
6.67%
8.33%
9.98%
11.32%
5.26%
NA
NA
9.21%
NA
9.05%
2.23%
NA
10.26%
12.50%
11.48%
12.21%
9.75%
10.92%
NA
NA
10.04%
9.62%
9.16%
9.26%
11.37%
NA
NA
11.78%
NA
9.38%
NA
NA
8.94%
191.75%
112.22%
135.67%
147.14%
71.92%
NA
NA
324.19%
483.16%
605.66%
154.69%
61.14%
NA
NA
49.06%
66.36%
34.33%
0.00%
40.82%
55.47%
GROUP LIFE
Fund Name
Gr. Fixed Interest Plan I
Gr. Gilt Plan I
Gr. Bond Plan I
Gr. Money Market Plan I
Gr. Short Term Debt Plan I
Gr. Capital Protection Plan I**
Gr. Floating Rate Plan I***
Gr. Secure Plan I
Gr. Stable Plan I
Gr. Growth Plan I
Gr. Growth Maximiser****
Gr. Bond 2 ^
Gr. Growth 2
Gr. Money Market 2
Gr. Secure 2 ^^
Gr. Stable 2
**
***
**** ^
^^
The Group Capital Protection Fund became a dormat fund on 12th August 2008 on account of no units.
The Group Floating Fund became a dormat fund on 12th October 2009 on account of no units.
These funds do not have any units since their inception.
The Group Bond 2 Fund became a dormat fund on 31st March 2012 on account of no units. Returns for FY 11-12 are as on 30th March 2012.
The Group Secure 2 Fund became a dormat fund on 23rd May 2014 on account of no units. Returns for FY 14-15 are as on 22nd May 2014.
11/10/15 4:04:53 PM
Appendix 1A to Annexure 3A
Related Party Transactions
Related Party :
Service :
Brokerage for purchase/sale of securities
Basis of Payment :
As per agreed % of trade value
Fund Name
Gr. Growth
Gr. Growth 2
Gr. Secure
Gr. Secure 2
Gr. Stable
Current Year
Previous Year
327
158
22
0
48
26
324
409
0
8
172
133
Gr. Stable 2
1
0
Ind. Balancer
15
77
Ind. Builder
165
553
Ind. Creator
249
624
2,792
630
Ind. Foresight FP
347
253
Ind. Foresight SP
22
17
Ind. Enhancer
Ind. Magnifier
1,160
294
Ind. Maximiser
4,052
2,530
Ind. Multiplier
468
1,452
314
397
56
178
369
338
293
191
209
177
343
244
61
159
IPP - Enrich
101
221
IPP - Growth
14
80
Ind. Protector
4
6
Super 20
684
916
Titanium 1
67
233
Titanium 2
20
88
Titanium 3
8
24
Pure Equity
28
24
Value Momentum
36
133
12,769
10,572
IPP - Nourish
Total
11/10/15 4:04:57 PM
Related Party
: Aditya Birla Finance Ltd.
Service
: Purchase/sale of securities
Purchase of Investments
Particulars
Sale of Investments
Interest Received
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Ind. Enhancer
–
–
–
–
7,084,000
–
Gr. Bond
–
40,000
–
–
–
–
Gr. Short Term Debt
–
30,000
–
–
–
–
Gr. Secure
–
–
–
–
2,024,000
–
–
–
–
–
1,012,000
–
Ind. Assure
–
30,000
–
–
–
–
Related Party : Aditya Birla Nuvo Ltd.
Service
Particulars
Current Year
Ind. Enhancer
–
Sale of Investments
Previous Year
–
Current Year
–
Previous Year
250,000.00
Interest Received
Current Year
–
Previous Year
19,695.89
11/10/15 4:06:13 PM
Related Party : Birla Sunlife Mutual Fund
Service
Particulars
Gr. Bond
Gr. Fixed Interest
Gr. Gilt
Gr. Growth
Gr. Growth 2
Gr. Money Market
Gr. Money Market 2
Gr. Secure
Gr. Secure 2
Gr. Short Term Debt
Gr. Stable
Ind. Assure
Ind. Balancer
Ind. Builder
Ind. Creator
Ind. Enhancer
Ind. Foresight FP
Ind. Foresight SP
Ind. Magnifier
Ind. Maximiser
Ind. Multiplier
Ind. Protector
IPP - Enrich
IPP - Growth
IPP - Nourish
Liquid Plus
Super 20
Titanium 1
Titanium 2
Titanium 3
Value Momentum
Gr. Stable 2
Current Year
10,943,285
686,285
2,444,116
22,608
27,904
2,443,906
52,074
146,820
178,996
2,518,854
1,339
8,527,372
5,550
152,295
97,101
3,338,637
762,572
162,244
2,268,885
3,680,351
274,442,158
30,655,401
140,648
2,677,603
8,645,055
5,932,795
4,036,069
12,111,606
4,208,405
6,021,242
7,103,433
6,105,215
20,787,348
4,335,151
823,055
82,689
62,322
179,706
544,192
46,797
40,330
25,387
–
126,590
583
Previous Year
7,186,702
3,625,926
3,921,167
47,939
174,489
4,460,931
2,611
254,484
276,659
3,776,447
2,598
14,126,586
37,591
305,991
178,646
3,467,557
2,313,735
364,591
4,075,969
7,105,075
232,514,591
17,685,700
807,167
5,714,274
18,829,094
34,026,746
10,036,402
8,664,947
4,740,145
7,546,625
6,942,714
6,573,819
15,282,700
7,929,412
2,203,225
148,742
175,138
316,844
7,242,205
244,410
83,187
39,165
2,403
22,661
–
Sale of Investments
Current Year
10,710,374
651,258
2,416,955
22,462
27,932
2,444,341
48,591
145,015
176,106
2,632,686
1,332
8,515,037
5,826
152,020
96,341
3,293,467
809,170
159,824
2,273,108
3,740,856
274,953,333
30,439,593
134,215
2,658,499
8,658,532
6,224,548
4,071,955
12,058,626
4,216,158
6,118,614
7,053,780
6,025,166
20,792,837
4,459,276
828,947
84,226
62,712
178,298
603,034
42,484
39,432
24,533
–
124,165
524
Previous Year
7,047,900
3,608,380
3,937,199
47,552
173,918
4,497,800
2,563
256,390
274,740
3,658,742
2,564
14,073,311
37,308
299,431
185,528
3,434,098
2,269,995
368,579
4,033,052
7,081,936
231,716,760
17,711,025
814,742
5,759,106
19,067,257
33,669,989
10,121,736
8,610,938
4,727,151
7,533,406
7,088,662
6,613,575
15,573,677
7,852,635
2,204,313
151,131
176,369
314,431
7,242,100
244,643
87,853
39,281
2,411
21,366
–
11/10/15 4:06:16 PM
Asset held
Total Investment
in Promoter Group
Companies
Aditya Birla Finance
Ltd.
Birla Mutual Fund
Grasim Industries
Limited
Hindalco Industries
Limited
Idea Cellular Ltd.
Ultratech Cement
Company Limited
Name of the
Company
Asset held
Total Investment
in Promoter Group
Companies
Ltd.
Birla Mutual Fund
Grasim Industries
Limited
Hindalco Industries
Limited
Idea Cellular Ltd.
Ultratech Cement
Company Limited
Name of the
Company
0.00
0.00
0.00
0.00
0.00
0.00
0.70
0.00
0.46
30,710.16
0.00
20,064.72
4,406,522.20
2.17
0.64
0.38
28,339.56
16,702.66
95,817.10
0.00
0.00
11,657,771.58
474,854.51
0.00
163,260.39
0.00
230,931.63
80,662.49
0.00
Amount
4.07
0.00
1.40
0.00
1.98
0.69
0.00
% to the
Fund
Ind. Magnifier
% to the
Fund
2.90
0.00
0.00
1.42
1.48
0.00
0.00
% to the
Fund
Ind. Creator
5,412,499.23
157,133.42
0.00
0.00
76,775.40
80,358.02
0.00
0.00
Amount
Ind. Income Adv
Amount
1,681,709.78
0.94
0.94
0.00
15,776.35
0.00
15,776.35
0.00
% to the
Fund
0.00
Amount
Ind. Assure
Investment in promoter group companies
As on 31st March 2015
24,612,309.08
780,303.86
0.00
378,544.58
0.00
210,901.29
190,858.00
0.00
Amount
3.17
0.00
1.54
0.00
0.86
0.78
0.00
% to the
Fund
0.84
0.00
0.10
0.38
0.28
0.08
0.00
% to the
Fund
Ind. Maximiser
4,287,439.17
35,855.41
0.00
4,267.93
16,377.47
11,805.00
3,405.01
0.00
Amount
Ind. Protector
4,834,908.69
40,000.00
0.00
0.00
0.00
40,000.00
0.00
0.00
Amount
0.83
0.00
0.00
0.00
0.83
0.00
0.00
% to the
Fund
2.97
0.00
0.19
1.22
1.56
0.00
0.00
% to the
Fund
Ind. Multiplier
2,946,987.89
87,496.36
0.00
5,594.64
35,826.52
46,075.20
0.00
0.00
Amount
Ind. Builder
6,316,196.26
332,650.71
0.00
332,650.71
0.00
0.00
0.00
0.00
Amount
Super 20
336,630.82
5,084.03
596.16
489.24
0.00
3,998.63
0.00
0.00
Amount
5.27
0.00
5.27
0.00
0.00
0.00
0.00
% to the
Fund
1.51
0.18
0.15
0.00
1.19
0.00
0.00
% to the
Fund
Ind. Balancer
4.08
0.00
0.54
0.41
2.78
0.24
0.11
% to the
Fund
3,140,617.35
121,500.53
0.00
29,734.46
0.00
91,766.06
0.00
0.00
Amount
3.87
0.00
0.95
0.00
2.92
0.00
0.00
% to the
Fund
Ind. Platinum Plus
71,326,449.67
2,913,270.89
0.00
387,684.79
291,870.92
1,983,956.10
169,185.48
80,573.60
Amount
Ind. Enhancer
11/10/15 4:06:19 PM
Asset held
Total Investment
in Promoter Group
Companies
Ltd.
Birla Mutual Fund
Grasim Industries
Limited
Hindalco Industries
Limited
Idea Cellular Ltd.
Ultratech Cement
Company Limited
0.00
0.00
0.53
0.00
0.00
31,018.01
0.00
0.00
0.53
0.00
0.00
108,053.63
20,343,767.28
3.33
2.18
0.62
443,233.35
125,423.87
676,710.85
0.00
% to the
Fund
0.00
Amount
Foresight FP 1
5,856,770.17
2.19
1.03
0.63
60,479.82
36,908.12
128,405.95
0.00
% to the
Fund
0.00
Amount
Ind. Platinum Plus
437,703.51
10,702.60
0.00
6,302.60
0.00
4,400.00
0.00
0.00
Amount
2.45
0.00
1.44
0.00
1.01
0.00
0.00
% to the
Fund
2.21
0.00
0.58
0.00
0.94
0.69
0.00
% to the
Fund
Titanium 1
6,778,631.35
149,744.12
0.00
39,251.68
0.00
63,622.85
46,869.59
0.00
Amount
Ind. Platinum
132,104.20
3,244.76
0.00
2,244.76
0.00
1,000.00
0.00
0.00
Amount
2.46
0.00
1.70
0.00
0.76
0.00
0.00
% to the
Fund
3.28
0.00
0.62
0.00
1.93
0.74
0.00
% to the
Fund
Titanium 2
5,058,014.15
166,139.52
0.00
31,314.43
0.00
97,398.97
37,426.12
0.00
Amount
Ind. Platinum Plus
74,860.33
2,355.35
0.00
1,266.28
0.00
1,089.08
0.00
0.00
Amount
3.15
0.00
1.69
0.00
1.45
0.00
0.00
% to the
Fund
3.73
0.00
0.91
0.00
2.07
0.76
0.00
% to the
Fund
Titanium 3
11,702,152.56
436,476.02
0.00
105,978.67
0.00
241,713.55
88,783.80
0.00
Amount
Ind. Platinum
178,803.15
8,382.06
0.00
4,495.28
0.00
0.00
3,886.78
0.00
Amount
4.69
0.00
2.51
0.00
0.00
2.17
0.00
% to the
Fund
2.15
0.00
0.87
0.00
0.63
0.65
0.00
% to the
Fund
Pure Equity
8,909,483.65
191,450.40
0.00
77,688.91
0.00
55,803.89
57,957.60
0.00
Amount
514,486.09
4,336.55
0.00
0.00
0.00
4,336.55
0.00
0.00
0.84
0.00
0.00
0.00
0.84
0.00
0.00
% to the
Fund
Liquid Plus
Amount
Name of the
Company
Asset held
Total Investment
in Promoter Group
Companies
Ltd.
Birla Mutual Fund
Grasim Industries
Limited
Hindalco Industries
Limited
Idea Cellular Ltd.
Ultratech Cement
Company Limited
Name of the
Company
11/10/15 4:06:22 PM
Asset held
Total Investment
in Promoter Group
Companies
Ltd.
Birla Mutual Fund
Grasim Industries
Limited
Hindalco Industries
Limited
Idea Cellular Ltd.
Ultratech Cement
Company Limited
Name of the Company
0.00
0.00
0.00
0.00
0.00
0.00
1,287,039.29
1.36
1.36
0.00
17,543.08
0.00
17,543.08
0.00
% to the
Fund
0.00
Amount
Gr. Money Market
317,841.56
0.00
0.00
0.00
0.00
Asset held
3.22
10,236.72
3.55
0.02
0.31
62.94
978.03
11,277.69
0.00
% to the
Fund
0.00
Amount
IPP - Growth
Total Investment
in Promoter Group
Companies
Ltd.
Birla Mutual Fund
Grasim Industries
Limited
Hindalco Industries
Limited
Idea Cellular Ltd.
Ultratech Cement
Company Limited
Name of the Company
3.17
0.00
0.35
1.84
0.97
0.00
0.00
% to the
Fund
395,924.99
9,598.82
0.00
3,646.30
0.00
4,025.43
1,927.09
0.00
Amount
2.42
0.00
0.92
0.00
1.02
0.49
0.00
% to the
Fund
1,668,770.38
52,887.41
0.00
5,916.96
30,710.16
16,260.29
0.00
0.00
Amount
IPP - Enrich
9,936,912.75
284,214.31
0.00
29,121.47
0.00
220,000.00
14,949.44
20,143.40
Amount
2.86
0.00
0.29
0.00
2.21
0.15
0.20
% to the
Fund
0.57
0.06
0.14
0.00
0.28
0.10
0.00
% to the
Fund
Gr. Secure
125,223.50
719.09
73.60
172.67
0.00
346.04
126.78
0.00
Amount
IPP - Nourish
3,083,450.08
132,978.40
0.00
16,357.98
0.00
108,633.13
7,987.28
0.00
Amount
Gr. Stable
6,480,370.10
224,284.69
0.00
0.00
122,838.24
101,446.45
0.00
0.00
Amount
4.31
0.00
0.53
0.00
3.52
0.26
0.00
% to the
Fund
3.46
0.00
0.00
1.90
1.57
0.00
0.00
% to the
Fund
Gr. Fixed Interest
4,442,876.43
113,975.82
0.00
33,832.59
15,355.08
48,277.48
16,510.67
0.00
Amount
2.57
0.00
0.76
0.35
1.09
0.37
0.00
% to the
Fund
1.11
0.00
0.00
0.00
1.11
0.00
0.00
% to the
Fund
Gr. Growth
116,301.58
1,292.26
0.00
0.00
0.00
1,292.26
0.00
0.00
Amount
Gr. Gilt
3.90
0.00
0.00
2.53
1.36
0.00
0.00
% to the
Fund
39,671.84
616.00
0.00
0.00
0.00
616.00
0.00
0.00
Amount
1.55
0.00
0.00
0.00
1.55
0.00
0.00
% to the
Fund
2,425,248.39
94,491.64
0.00
0.00
61,420.32
33,071.32
0.00
0.00
Amount
Gr. Bond
11/10/15 4:06:26 PM
Ltd.
Birla Mutual Fund
Grasim Industries
Limited
Hindalco Industries
Limited
Idea Cellular Ltd.
Ultratech Cement
Company Limited
Total Investment
in Promoter Group
Companies
Asset held
0.83
0.00
0.00
0.00
0.00
0.83
3,966.70
0.00
0.00
0.00
0.00
3,966.70
477,589.62
0.00
% to the
Fund
0.00
Amount
Income Advantage
Guaranteed
999,388.04
2.81
0.00
0.00
28,067.83
0.00
0.00
0.78
1.00
1.03
10,000.00
10,280.23
7,787.60
0.00
% to the
Fund
0.00
Amount
1.01
0.00
0.00
0.00
1.01
0.00
0.00
% to the
Fund
323,464.46
7,136.83
0.00
2,400.17
0.00
3,624.60
1,112.06
0.00
Amount
2.21
0.00
0.74
0.00
1.12
0.34
0.00
% to the
Fund
Gr. Growth 2
613,894.54
6,218.77
0.00
0.00
0.00
6,218.77
0.00
0.00
Amount
Gr. Short Term Debt
1.88
0.00
0.00
0.00
1.88
0.00
0.00
% to the
Fund
186,284.35
2,009.32
0.00
0.00
0.00
2,009.32
0.00
0.00
Amount
1.08
0.00
0.00
0.00
1.08
0.00
0.00
% to the
Fund
2,452.12
46.20
0.00
0.00
0.00
46.20
0.00
0.00
Amount
Gr. Money Market 2
1.43
0.49
0.00
0.00
0.69
0.25
0.00
% to the
Fund
563,130.60
5,548.12
0.00
0.00
0.00
5,548.12
0.00
0.00
Amount
0.99
0.00
0.00
0.00
0.99
0.00
0.00
% to the
Fund
8,774.68
125.57
43.17
0.00
0.00
60.67
21.73
0.00
Amount
Gr. Stable
0.96
0.00
0.00
0.96
0.00
0.00
0.00
% to the
Fund
8,954,017.81
380,731.50
0.00
0.00
0.00
380,731.50
0.00
0.00
Amount
4.25
0.00
0.00
0.00
4.25
0.00
0.00
% to the
Fund
22,246.36
213.62
0.00
0.00
213.62
0.00
0.00
0.00
Amount
Ind. Maximiser
Guaranteed
243,954,024.01
8,215,635.02
669.76
1,829,184.61
692,334.62
4,680,766.20
911,962.84
100,717.00
Amount
ULIP Level
3.37
0.00
0.75
0.28
1.92
0.37
0.04
% to the
Fund
Name of the Company
Ultratech Cement
Company Limited
Total Investment
in Promoter Group
Companies
Asset held
Ltd.
Birla Mutual Fund
Grasim Industries
Limited
Hindalco Industries
Limited
Idea Cellular Ltd.
Name of the Company
Ind. Foresight SP
11/10/15 4:06:29 PM
Disclosure of Investment - Industrywise
Ind. Assure Fund
as on 31st March 2015
Industry
FINANCIAL AND
INSURANCE ACTIVITIES
Security
10.10% HDB FINANCIAL SERVICES LIMITED NCD
(MD 12/06/2017)
(MD 17/05/2016)
9.80% STATE BANK OF INDIA NCD (MD 30/06/2016)
9.87% TATA SONS LTD. NCD (MD 17/07/2017)
(MD 28/12/2018)
(MD 11/11/2016)
ANDHRA BANK CD (MD 16/11/2015)
CANARA BANK CD (MD 20/05/2015)
ICICI BANK LTD CD (MD 23/09/2015)
9.90% CHOLAMANDALAM INVT AND FIN CO LTD NCD
(MD 14/07/2016)
(MD 13/05/2016)
9.05% DEVELOPMENT CREDIT BANK QTR CMPD FD
(MD 02/02/2016) FV 1 CR
FULLERTON INDIA CREDIT CO. LTD. CP
(MD 20/01/2016)
(MD 25/02/2016)
8.75% CORPORATION BANK FD QTR COMP
(MD 13/09/2016) (FV 1.01 CRS)
(MD 17/03/2016) (F.V. 1 CR)
8.75% BANK OF BARODA FD QUARTERLY COMP
(MD 19/03/2016) (FV 1.01 Cr)
8.75% BANK OF INDIA FD QUARTERLY COMP (MD
13/03/2016) (FV 1.01 CRORES)
HOUSING FINANCE
SERVICES
INFRASTRUCTURE
FINANCE
10.18% LIC HOUSING FINANCE LTD NCD
(MD 19/09/2016)
8.58% HDFC LTD NCD (MD 08/05/2018)
9.62% LIC HOUSING FINANCE LTD. NCD
(MD 03/08/2015)
9.75% HDFC LTD. NCD MD (10/10/2016)
11.25% POWER FINANCE CORPORATION LTD NCD
(MD 28/11/2018)
8.95% POWER FINANCE CORPORATION LTD
(MD 11/03/2018)
(MD 07/10/2018)
9.057% L AND T INFRASTRUCTURE FINANCE LTD
NCD (MD 15/03/2017)
Others (Other than G-Sec)
Nature of
security
Current Year
Previous Year
Market value
% holding
Market value
% holding
941,513
55.56
210,582
12.43
NA
NA
479,282
28.28
976,685
58.08
Debt
19,419
1.15
Debt
29,958
1.78
Debt
Debt
Debt
19,349
20,430
20,696
1.15
1.21
1.23
Debt
79,228
4.71
Debt
Debt
Debt
Debt
37,998
8,897
96,150
40,230
2.26
0.53
5.72
2.39
Debt
15,035
0.89
Debt
Debt
13,913
40,000
0.83
2.38
Debt
55,949
3.33
Debt
46,134
2.74
Debt
151,500
9.01
Debt
100,000
5.95
Debt
90,900
5.41
Debt
90,900
5.41
207,054
12.31
Debt
71,335
4.24
Debt
Debt
50,011
37,032
2.97
2.20
Debt
48,677
2.89
199,512
11.86
Debt
21,701,640
1.29
Debt
50,894,050
3.03
Debt
96,882,285
5.76
Debt
30,034,470
1.79
253,981
15.10
11/10/15 4:06:32 PM
Ind. Income Adv
Industry
ELECTRICITY, GAS AND
STEAM SUPPLY
INFRASTRUCTURE
FINANCE
Nature of
security
Security
Current Year
Previous Year
Market value
% holding
Market value
% holding
NA
NA
NA
NA
1,187,223
27.32
1,015,509
18.76
10.10% Power Grid Corporation NCD (12/06/2022)
8.40% NUCLEAR POWER CORP OF INDIA
LTD (C) (MD 28/11/2027) Series-XXIX
8.40% NUCLEAR POWER CORP OF INDIA LTD (A)
(MD 28/11/2025) Series-XXIX
8.40% NUCLEAR POWER CORP OF INDIA LTD (E)
9.05% PETRONET LNG LTD NCD (MD 28/10/2019)
LTD (B) (MD 28/11/2026) Series-XXIX
8.93% POWER GRID CORPORATION OF INDIA LTD
NCD (MD 20/10/2025) [H]
8.14% NUCLEAR POWER CORPN OF INDIA LTD
(MD 25/03/2026) SR-XXX TRCH-A
(MD 25/03/2027) SR-XXX TRCH-B
(MD 25/03/2028) SR-XXX TRCH-C
(MD 25/03/2030) SR-XXX TRCH-E
8.20% POWER GRID CORPORATION NCD
(MD 23/01/2025) SR-XLVIII STRPP C
(MD 23/01/2030) SR-XLVIII STRPP D
(MD 15/07/2028) [C]
Debt
Debt
6,850
102,578
0.13
1.90
Debt
51,119
0.94
Debt
102,847
1.90
Debt
Debt
122,567
102,422
2.26
1.89
Debt
52,507
0.97
Debt
40,183
0.74
Debt
40,194
0.74
Debt
40,201
0.74
Debt
50,275
0.93
Debt
99,944
1.85
Debt
99,943
1.85
Debt
103,878
1.92
812,108
15.00
9.02% RURAL ELECTRIFICATION CORPN. LTD. NCD
(MD 19/11/2022)
NABARD ZCB (MD 01/01/2019)
(MD 25/08/2024)
(MD 19/08/2024)
(MD 27/08/2029)
8.48% POWER FINANCE CORPN. LTD. NCD
(09/12/2024) SERIES 124 C
(MD 27/08/2024)
(MD 06/02/2025)
(MD 28/12/2024)
(MD 23/01/2025)
Debt
41,540
0.77
Debt
Debt
3,719
53,311
0.07
0.98
Debt
127,974
2.36
Debt
50,258
0.93
Debt
202,144
3.73
Debt
32,034
0.59
Debt
100,223
1.85
Debt
51,160
0.95
Debt
149,746
2.77
868,506
16.05
Note:
The following Sectors were having exposure of more than 10% during previous year but less than 10% during the current year:
Sector
FINANCIAL AND INSURANCE ACTIVITIES
HOUSING FINANCE SERVICES
Market value
% holding
1263960
29.08
459735
10.58
11/10/15 4:06:35 PM
Ind. Protector
Industry
INFRASTRUCTURE
FINANCE
Nature of
security
Security
10.85% RECL Ltd NCD (MD 14/08/2018)
10.85% RECL Ltd NCD (MD 30/09/2018)
11% Power Finance Corporation Ltd NCD
(MD 15/09/2018)
11.25% Power Finance Corporation Ltd NCD
(MD 28/11/2018)
8.19% IRFC NCD (MD 27/04/2019)
(MD 22/01/2020)
8.68% Nat Cap Regional Planning NCD
(MD 04/08/2020) P/C 04/08/17
8.70% Power Finance Corporation Ltd. NCD
(MD 14/05/2020)
9.18% NABARD NCD SR XII - AB (MD 07/02/2017)
(MD 15/06/2022)
9.57% IRFC NCD (MD 31/05/2021)
(MD 29/06/2021)
(MD 15/12/2018) – Series 82-C
IDFC LTD.
RURAL ELECTRIFICATION CORPORATION LIMITED
(MD 21/10/2019)
(MD 25/08/2024)
(MD 17/07/2021)
PTC INDIA FINANCIAL SERVICES LIMITED
(MD 17/09/2019)
NCD (MD 15/03/2017)
Current Year
Previous Year
Market value
% holding
Market value
% holding
693,282
16.67
1,192,810
28.68
780,936
18.21
Debt
Debt
Debt
37,511
106,335
11,837
0.87
2.48
0.28
Debt
66,190
1.54
Debt
Debt
10,063
16,221
0.23
0.38
Debt
20,137
0.47
Debt
15,229
0.36
Debt
Debt
30,550
41,123
0.71
0.96
Debt
Debt
107,541
52,891
2.51
1.23
Debt
17,686
0.41
Equity
Equity
Debt
5,439
3,428
51,069
0.13
0.08
1.19
Debt
40,516
0.94
Debt
52,492
1.22
Equity
Debt
2,900
51,733
0.07
1.21
Debt
40,046
0.93
1,398,802
32.63
Note:
Sector
Market value
% holding
437766.42
10.53
11/10/15 4:06:38 PM
Ind. Builder
Industry
INFRASTRUCTURE
FINANCE
FINANCIAL AND
Security
10.85% RECL Ltd NCD (MD 30/09/2018)
8.19% IRFC NCD (MD 27/04/2019)
(MD 25/06/2015)
8.50% IRFC NCD (MD 22/06/2020)
8.65% RECL Ltd NCD (MD 15/01/2019)
(MD 14/05/2020)
(MD 15/06/2022)
(MD 29/06/2021)
(MD 15/12/2018) – Series 82-C
(MD 07/10/2018)
(MD 27/08/2029)
(MD 27/08/2024)
NCD (MD 15/03/2017)
(MD 30/11/2015)
8.85% STATE BANK OF INDIA NCD
(MD 04/10/2021) CALL 04/10/16 STEPUP 9.35
(MD 16/03/2026) CALL 16/03/2021
AXIS BANK LIMITED
HDFC BANK
HOUSING DEVELOPMENT FINANCE CORPORATION
ICICI BANK LTD
JAMMU AND KASHMIR BANK LTD
KOTAK MAHINDRA BANK LIMITED
SHRIRAM TRANSPORT FINANCE COMPANY LTD
STATE BANK OF INDIA
8.85% AXIS BANK NCD (MD 05/12/2024)
9.60% CHOLAMANDALAM INVT AND FIN CO LTD
NCD (MD 13/05/2016)
YES BANK LIMITED
Nature of
Security
Current Year
Previous Year
Market value
% holding
Market value
% holding
508,861
18.72
NA
NA
1,103,811
40.61
515,190
17.48
Debt
Debt
Debt
24,704
40,254
24,956
0.84
1.37
0.85
Debt
Debt
Debt
54,241
111,213
26,396
1.84
3.77
0.90
Debt
26,361
0.89
Debt
10,578
0.36
Debt
15,605
0.53
Debt
83,340
2.83
Equity
Debt
2,821
27,314
0.10
0.93
Debt
37,373
1.27
Debt
30,034
1.02
308,851
10.48
Debt
5,029
0.17
Debt
20,177
0.68
Debt
Debt
1,074
10,817
0.04
0.37
Equity
Equity
Equity
Equity
Equity
Equity
Equity
15,980
31,766
30,595
21,853
5,544
13,454
10,118
0.54
1.08
1.04
0.74
0.19
0.46
0.34
Equity
Debt
Debt
13,098
51,429
15,035
0.44
1.75
0.51
Equity
17,608
0.60
8.72% KOTAK MAHINDRA BANK LTD NCD
(MD 14/01/2022)
Debt
20,228
0.69
8.84% AXIS FINANCE LIMITED (MD 08/03/18)
Debt
25,045
0.85
753,453
25.57
11/10/15 4:06:41 PM
Ind. Balancer
Industry
FINANCIAL AND
INFRASTRUCTURE
FINANCE
Security
10.70% HDFC Bank Ltd NCD (MD 26/12/2018)
9.00% EXPORT IMPORT BANK OF INDIA NCD
(MD 10/01/2019)
AXIS BANK LIMITED
HDFC BANK
ICICI BANK LTD
STATE BANK OF INDIA
UNION BANK OF INDIA LTD.
9.60% L AND T FINANCE LIMITED NCD
(MD 09/06/2016)
10.85% RECL Ltd NCD (MD 14/08/2018)
(MD 15/09/2018)
(MD 01/08/2021)
9.40% NABARD NCD Sr XII-L (MD 13/09/2016)
IDFC LTD.
(MD 27/08/2019)
Nature of
Security
Current Year
Previous Year
Market value
% holding
Market value
% holding
51,493
15.30
45,294
14.83
Debt
Debt
1,075
13,415
0.32
3.98
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Debt
2,409
5,216
4,684
4,793
836
3,183
802
15,080
0.72
1.55
1.39
1.42
0.25
0.95
0.24
4.48
39,398
11.70
41,158
13.47
Debt
Debt
3,215
2,152
0.96
0.64
Debt
2,093
0.62
Debt
Equity
Debt
10,143
1,058
20,736
3.01
0.31
6.16
96,837
28.77
91,706
30.02
11/10/15 4:06:44 PM
Ind. Enhancer
Industry
FINANCIAL AND
INSURANCE
ACTIVITIES
Security
(MD 15/02/2019)
10.05% BAJAJ FINANCE LIMITED NCD (MD 10/01/2017)
10.1% ICICI Bank (Call 09/08/16) MD - Perpetual
(MD 12/06/2017)
(MD 30/11/2015)
10.12% ADITYA BIRLA FINANCE LTD NCD
(MD 11/12/2015)
10.15% KOTAK MAHINDRA PRIME LTD NCD
(MD 10/02/2017)
10.32% SUNDARAM FINANCE LTD. NCD (MD 13/08/2018)
10.40% Punjab National Bank (Maturity-Perpetual)
(Call 20/07/2017)
10.85% Punjab National Bank (MD 29/09/2023)
Call 29/09/2018 step-up 11.35%
7.45% STATE BK OF INDIA 050515 AAA
8.8% ST BK INDIA (050621) RSET050616 (Call 06/06/2016)
8.8% State Bank of Hyderabad NCD (MD 29/04/2016)
(MD 17/05/2016)
(MD 09/01/2023)
CALL 04/10/16 STEPUP 9.35
(MD 10/10/2022)
8.95% HDFC BANK LTD. NCD CALL 31/10/2017
(MD 31/10/2022)
8.97% Tata Sons Ltd. NCD (MD 15/07/2020)
9% Canara Bank NCD (MD 09/01/2018)
(MD 07/02/2022)
(MD 10/01/2019)
9.00% Punjab National Bank NCD (Perpetual) Call/Step-up
27/11/2019
9.05% SBI Perpetual NCD (Call-27/01/2020) Step-up
Rate 9.55%
9.05% STATE BANK OF HYDERABAD PERPETUAL CALL
20/09/20 STEP UP 50BPS
Rate 9.6%
9.10% AXIS BANK NCD (MD 28/06/2016)
(MD 28/12/2022)
9.10% State Bank of Mysore Perpetual NCD Call/Step-up
25/11/2019
9.15% AXIS BANK NCD (MD 31/12/2022)
9.15% Bank of Baroda Perpetual NCD Step-up 9.65%
Reset 23/11/19
9.15% ICICI Bank Ltd NCD (MD 31/12/2022)
Nature of
Security
Current Year
Previous Year
Market value
% holding
Market value
% holding
12,973,139
18.19
12,010,977
18.29
Debt
46,627
0.07
Debt
Debt
Debt
50,840
51,036
103,227
0.07
0.07
0.14
Debt
95,557
0.13
Debt
80,574
0.11
Debt
53,122
0.07
Debt
Debt
41,460
51,848
0.06
0.07
Debt
Debt
105,350
290,822
0.15
0.41
Debt
Debt
Debt
Debt
999
1,006
70,407
97,862
0.00
0.00
0.10
0.14
Debt
103,471
0.15
Debt
30,265
0.04
Debt
Debt
15,310
20,771
0.02
0.03
Debt
96,223
0.13
Debt
Debt
Debt
152,017
36,603
20,859
0.21
0.05
0.03
Debt
185,740
0.26
Debt
89,448
0.13
Debt
486,001
0.68
Debt
102,798
0.14
Debt
125,051
0.18
Debt
Debt
50,320
142,355
0.07
0.20
Debt
307,828
0.43
Debt
Debt
51,924
51,155
0.07
0.07
Debt
124,282
0.17
11/10/15 4:06:47 PM
Ind. Enhancer
Industry
Security
9.15% State Bank of Patiala PERP NCD Call 18/01/2020
Step-up 9.65
9.20% State Bank of Hyderabad NCD Perpetual
(MD 24/02/2020)
(MD 15/10/2018)
9.30% State Bank of Patiala NCD(MD 20/12/2022) Call fr
20/12/2017 Int 9.80
9.35 Punjab National Bank (MD 05/03/2023) Call
05/03/2018 Step-up 9.85
Call 19/03/18 Step-up 9.85
Call 16/03/2021
9.50% CANARA BANK FD QUARTERLY COMP (MD
11/02/2019)
(MD 21/05/2018)
9.75% Punjab Nati Bank (Maturity-Perpetual) (Call
11/12/2017) Step-up 10.25
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR
COMP (MD 09/05/2019)
COMP (MD 11/09/2019)
COMP (MD 12/09/2019)
COMP (MD 23/05/2019)
COMP (MD 27/05/2019)
9.75% STATE BANK OF BIKANER AND JAIPUR FD
QUARTERLY COMP (MD 10/09/2018)
Call 16/03/16
9.78% State Bank of Bik & Jai NCD(MD15/10/2022)
Call-16/10/17 Step-up -10.28
9.8% State Bank of Mysore Perpetual (30/11/2017)
Call- 301117 Step-up 10.30%
9.85% State Bank of Bik & Jai NCD (MD Perpetual)
Call- 20/03/18 Step-up 10.35
9.85% State Bank of India (28/06/2016)
Nature of
Security
Current Year
Previous Year
Market value
% holding
Debt
164,339
0.23
Debt
Debt
112,551
51,556
0.16
0.07
Debt
103,197
0.14
Debt
56,430
0.08
Debt
41,157
0.06
Debt
72,216
0.10
Debt
22,102
0.03
Debt
50,000
0.07
Debt
8,057
0.01
Debt
Debt
Debt
Debt
Debt
Debt
52,955
152,424
121,900
53,051
32,209
102,772
0.07
0.21
0.17
0.07
0.05
0.14
Debt
9,900
0.01
Debt
9,900
0.01
Debt
9,900
0.01
Debt
9,900
0.01
Debt
9,900
0.01
Debt
9,900
0.01
Debt
9,900
0.01
Debt
9,900
0.01
Debt
9,900
0.01
Debt
1,823
0.00
Debt
74,633
0.10
Debt
103,320
0.14
Debt
Debt
30,551
95,414
0.04
0.13
Debt
Debt
Debt
Debt
Debt
Debt
79,480
91,799
102,007
132,796
6,058
108,460
0.11
0.13
0.14
0.19
0.01
0.15
Market value
% holding
11/10/15 4:06:50 PM
Ind. Enhancer
Industry
Security
9.95% L AND T FINANCE LIMITED NCD (MD 28/10/2016)
9.95% State Bank of Hyderabad (MD Perpetual) Call
28/03/2018 Step-up 10.45
CALL 16/03/2021
9.95% State Bank of Travancore NCD (MD Perpetual)
Call 31/03/18 step-up 10.45
(MD 28/12/2018)
9.98% ICICI Bank Ltd (Maturity-Perpetual) (Call and
Step-up 13/09/16) 10.98%
AXIS BANK LIMITED
HDFC BANK
ICICI BANK LTD
STATE BANK OF INDIA
TATA MOTORS FINANCE LTD. ZCB (MD 02/05/2015)
9.60% L AND T FINANCE LIMITED NCD (MD 09/06/2016)
8.85% AXIS BANK NCD (MD 05/12/2024)
9.20% AXIS BANK LTD. QTR CMPD FD (MD 06/03/2019)
(FV 5 CR)
IDBI BANK LTD CD (MD 19/11/2015)
9.65% KOTAK MAHINDRA PRIME LTD. NCD
(MD 30/05/2016)
9.95% FAMILY CREDIT LIMITED NCD (MD 10/06/2016)
(MD 14/07/2016)
(MD 13/05/2016)
YES BANK LIMITED
(MD 20/12/2016)
(MD 05/02/2018) (FV 95 LACS)
(MD 16/01/2018) (FV 95 LACS)
(MD 17/01/2018) (FV 95 LACS)
(MD 22/12/2017) (FV 95 LACS)
(MD 23/01/2018) (FV 95 LACS)
(MD 23/01/2018) (FV 95 LACS) A
(MD 26/12/2017) (FV 95 LACS)
(MD 14/01/2022)
BANK OF BARODA
Nature of
Security
Current Year
Previous Year
Market value
% holding
Debt
Debt
Debt
151,286
50,586
48,885
0.21
0.07
0.07
Debt
22,695
0.03
Debt
40,566
0.06
Debt
31,044
0.04
Debt
204,080
0.29
Equity
Equity
Equity
Equity
Equity
Equity
Debt
Debt
Debt
Debt
744,297
1,695,992
999,241
1,115,759
247,806
901,085
81,397
20,107
72,001
100,000
1.04
2.38
1.40
1.56
0.35
1.26
0.11
0.03
0.10
0.14
Debt
Debt
14,240
90,838
0.02
0.13
Debt
Debt
126,112
100,574
0.18
0.14
Debt
50,116
0.07
Equity
Debt
61,700
100,186
0.09
0.14
Debt
9,500
0.01
Debt
9,500
0.01
Debt
9,500
0.01
Debt
9,500
0.01
Debt
9,500
0.01
Debt
9,500
0.01
Debt
9,500
0.01
Debt
121,367
0.17
Equity
Debt
32,628
236,540
0.05
0.33
Market value
% holding
11/10/15 4:06:53 PM
Ind. Enhancer
Industry
INFRASTRUCTURE
FINANCE
Security
10.60% IRFC NCD (MD 11/09/2018)
10.70% IRFC NCD (MD 11/09/2023)
(MD 11/08/2018)
10.85% RECL Ltd NCD (MD 14/08/2018)
10.85% RECL Ltd NCD (MD 30/09/2018)
(MD 15/09/2018)
(MD 28/11/2018)
8.50% IRFC NCD (MD 22/06/2020)
8.55% IRFC NCD (MD 15/01/2019)
8.60% IRFC Ltd NCD (MD 11/06/2019)
(MD 07/08/2019)
(MD 07/08/2024)
8.65% RECL Ltd NCD (MD 15/01/2019)
8.68% Nat Cap Regional Planning NCD (MD 04/08/2020)
P/C 04/08/17
8.70% Power Finance Corpn. Ltd. NCD (MD 15/01/2020)
(MD 14/05/2020)
8.78% Power Finance Corp. (11/12/2016)
(MD 15/11/2020)
(MD 20/02/2020)
(MD 12/04/2023)
8.90% POWER FINANCE CORPORATION LTD.
(MD 18/03/2018)
(MD 19/11/2022)
9.07% RECL (MD 28/02/2018)
9.15% Nat Cap Regional Planning NCD (MD 18/02/2019)
P/C 18/02/16
9.18% POWER FINANCE CORPORATION Ltd NCD
(MD 15/04/2021)
(MD 17/10/2018)
9.33% NABARD NCD (MD 12/06/2017)
(MD 15/06/2022)
9.36% POWER FINANCE CORPN. LTD. NCD (MD
01/08/2021)
(MD 20/07/2019)
9.43% IRFC NCD (MD 23/05/2018)
(MD 23/09/2021) P/C 23/09/18
9.46% NABARD NCD (MD 21/05/2015)
(MD 01/08/2026)
Nature of
Security
Current Year
Previous Year
Market value
% holding
Market value
% holding
7,179,632
10.07
NA
NA
Debt
Debt
Debt
50,595
205,275
74,906
0.07
0.29
0.11
Debt
Debt
Debt
151,116
140,706
44,120
0.21
0.20
0.06
Debt
155,167
0.22
Debt
Debt
Debt
Debt
173,979
300,186
51,061
55,476
0.24
0.42
0.07
0.08
Debt
50,883
0.07
Debt
Debt
224,448
80,548
0.31
0.11
Debt
Debt
212,988
97,464
0.30
0.14
Debt
Debt
30,201
152,913
0.04
0.21
Debt
30,581
0.04
Debt
51,516
0.07
Debt
36,604
0.05
Debt
270,007
0.38
Debt
Debt
51,220
30,172
0.07
0.04
Debt
Debt
101,834
51,857
0.14
0.07
Debt
71,952
0.10
Debt
Debt
51,087
227,759
0.07
0.32
Debt
9,418
0.01
Debt
47,761
0.07
Debt
Debt
Debt
81,143
135,259
90,744
0.11
0.19
0.13
Debt
Debt
41,029
108,686
0.06
0.15
11/10/15 4:06:57 PM
Ind. Enhancer
Industry
Security
9.48% REC LTD. NCD (MD 10/08/2021)
9.57% IRFC NCD (MD 31/05/2021)
(MD 29/06/2021)
(MD 29/06/2016)
(MD 05/02/2019)
9.68% Power Finance Corporation (MD 09/06/2018)
(MD 09/06/2021)
(MD 15/12/2018) – Series 82-C
(MD 11/11/2021)
(MD 27/09/2016)
9.81% IRFC NCD (07/06/2017)
(MD 07/10/2018)
9.90% NABARD NPS (MD 30/03/2017)
9.96% Power Finance Corp (18/05/2017)
IDFC LTD.
India Structured Asset Trust-Series XII Class A11 PTC
(MD 15/04/2015)
NABARD Bhavishya Nirman ZCB (MD 01/01/2018)
(MD 12/10/2019)
(MD 27/08/2029)
8.48% POWER FINANCE CORPN. LTD. NCD (09/12/2024)
SERIES 124 C
8.55% POWER FINANCE CORPN. LTD. NCD (09/12/2021)
SERIES 124 B
(MD 21/12/2024)
(MD 06/02/2025)
(MD 28/12/2024)
(MD 23/01/2025)
8.55% INDIA INFRADEBT LTD NCD (MD 04/02/2020)
Others (Other than
G-Sec)
Nature of
Security
Current Year
Previous Year
Market value
% holding
Debt
Debt
Debt
299,333
21,508
42,312
0.42
0.03
0.06
Debt
80,910
0.11
Debt
208,494
0.29
Debt
Debt
33,141
53,087
0.05
0.07
Debt
98,831
0.14
Debt
85,514
0.12
Debt
40,773
0.06
Debt
Debt
155,274
10,417
0.22
0.01
Debt
Debt
Equity
Debt
117,747
159,925
319,118
324,966
0.17
0.22
0.45
0.46
Debt
Debt
Debt
Debt
Equity
Debt
7,252
18,597
58,614
90,647
108,953
104,729
0.01
0.03
0.08
0.13
0.15
0.15
Debt
65,553
0.09
Debt
151,608
0.21
Debt
30,248
0.04
Debt
203,815
0.29
Debt
250,558
0.35
Debt
147,340
0.21
Debt
99,831
0.14
Debt
49,877
0.07
29,297,593
41.08
Market value
% holding
34,085,867
52
11/10/15 4:07:00 PM
Ind. Creator
Industry
FINANCIAL AND
INFRASTRUCTURE
FINANCE
Security
(MD 31/10/2022)
AXIS BANK LIMITED
HDFC BANK
ICICI BANK LTD
JAMMU and KASHMIR BANK LTD
MUTHOOT FINANCE LTD
STATE BANK OF INDIA
8.85% AXIS BANK NCD (MD 05/12/2024)
YES BANK LIMITED
(MD 14/01/2022)
10.60% IRFC NCD (MD 11/09/2018)
10.85% RECL Ltd. NCD (MD 14/08/2018)
11% Power Finance Corporation Ltd. NCD
(MD 15/09/2018)
(MD 25/06/2015)
8.45% IRFC NCD (MD 26/12/2018)
(MD 12/04/2023)
IDFC LTD.
(MD 27/08/2029)
(MD 27/08/2024)
(MD 17/07/2021)
PTC INDIA FINANCIAL SERVICES LIMITED
Nature of
Security
Current Year
Previous Year
Market value
% holding
Market value
% holding
742,068.05
16.84
654,117.27
18.57
Debt
30,386
0.69
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Debt
Equity
65,552
159,766
116,697
110,496
20,554
16,828
25,057
49,230
51,429
45,502
1.49
3.63
2.65
2.51
0.47
0.38
0.57
1.12
1.17
1.03
Debt
50,570
1.15
562,508.23
12.77
380,961.13
10.81
Debt
Debt
26,912
19,291
0.61
0.44
Debt
59,186
1.34
Debt
24,956
0.57
Debt
50,685
1.15
Debt
51,516
1.17
Debt
Equity
Equity
20,367
24,069
17,031
0.46
0.55
0.39
Debt
27,314
0.62
Debt
37,373
0.85
Debt
188,972
4.29
Equity
14,835
0.34
1,673,586
37.98
1,649,460
46.82
11/10/15 4:07:03 PM
Ind. Magnifier
Industry
FINANCIAL AND
COMPUTER
PROGRAMMING,
CONSULTANCY
Security
(MD 17/05/2016)
9.00 PUNJAB AND NATIONAL BANK FD QTR
(MD 02/01/16) (FV 2 CR)
9.00 PUNJAB AND NATIONAL BANK FD QTR
(MD 02/01/16) (FV 5 CR)
9.50% UNION BANK OF INDIA FD QUARTERLY
COMP (MD 06/03/2016)
COMP (MD 13/03/2016)
COMP (MD 15/03/2016)
AXIS BANK LIMITED
HDFC BANK
ICICI BANK LTD
MUTHOOT FINANCE LTD
STATE BANK OF INDIA
HDFC BANK LIMITED CD (MD 12/10/2015)
YES BANK LIMITED
8.75% BANK OF INDIA FD QUARTERLY COMP
(MD 04/03/2016) (FV 1.01 CRORES)
HCL TECHNOLOGIES LTD
INFOSYS LIMITED
KPIT TECHNOLOGIES LIMITED
TATA CONSULTANCY SERVICES LIMITED
TECH MAHINDRA LIMITED
Nature of
Security
Current Year
Previous Year
Market value
% holding
Market value
% holding
3,202,978
27.48
2,968,467
30.37
Debt
999
0.01
Debt
100,000
0.86
Debt
50,000
0.43
Debt
100,000
0.86
Debt
100,000
0.86
Debt
100,000
0.86
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Debt
Equity
Debt
289,558
758,332
505,651
495,571
105,036
103,635
374,460
28,683
153
90,900
2.48
6.50
4.34
4.25
0.90
0.89
3.21
0.25
0.00
0.78
1,543,193
13.24
1,368,725
14.01
159,874
706,409
107,106
419,369
150,435
1.37
6.06
0.92
3.60
1.29
6,272,220
53.80
5,008,955
51.25
Equity
Equity
Equity
Equity
Equity
11/10/15 4:07:06 PM
Ind. Maximiser
Industry
FINANCIAL AND
COMPUTER
PROGRAMMING,
CONSULTANCY
Nature of
Security
Security
Current Year
Previous Year
Market value
% holding
Market value
% holding
6,074,883
24.68
5,023,273
24.27
Equity
801,439
3.26
HDFC BANK
Equity
1,522,445
6.19
Equity
715,705
2.91
ICICI BANK LTD
Equity
1,365,528
5.55
MUTHOOT FINANCE LTD
Equity
247,040
1.00
Equity
243,676
0.99
STATE BANK OF INDIA
Equity
932,789
3.79
YES BANK LIMITED
Equity
246,260
1.00
13.63
1.76
6.97
3.46
1.43
16.61
Equity
Equity
Equity
Equity
3,353,748
432,988
1,716,049
851,855
352,857
3,438,130
INFOSYS LIMITED
15,253,136
61.97
10,202,350
49.29
AXIS BANK LIMITED
Note:
Sector
MANUFACTURE OF PHARMACEUTICALS
Market value
% holding
2,24,4998.55
10.85
11/10/15 4:07:09 PM
Ind. Multiplier
Industry
FINANCIAL AND
MANUFACTURE OF
CHEMICAL PRODUCTS
MANUFACTURE OF
ELECTRICAL EQUIPMENT
Current Year
Nature of
Security
Security
FEDRAL BANK LTD
HDFC BANK
MAHINDRA AND MAHINDRA FINANCIAL SERVICES LTD
MUTHOOT FINANCE LTD
SOUTH INDIAN BANK LTD.
YES BANK LIMITED
Equity
Equity
Equity
Equity
Equity
Equity
Equity
COLGATE PALMOLIVE INDIA LIMITED
RALLIS INDIA LIMITED
UPL LIMITED
BERGER PAINTS INDIA LTD.
COROMANDEL INTERNATIONAL LIMITED
Equity
Equity
Equity
Equity
Equity
ALSTOM INDIA LIMITED
INOX WIND LIMITED
Equity
Equity
Market value
Previous Year
% holding Market value
788,303
16.30
41,040
281,345
34,218
150,131
170,255
19,908
91,406
0.85
5.82
0.71
3.11
3.52
0.41
1.89
511,468
10.58
278,088
51,920
117,170
18,779
45,512
5.75
1.07
2.42
0.39
0.94
502,274
10.39
242,274
260,000
5.01
5.38
2,825,287
58.44
% holding
551,245
15.24
NA
NA
NA
NA
2,398,574
66.30
Note:
Sector
Market value
% holding
484,733.22
13.40
Super 20 Fund
Industry
FINANCIAL AND
COMPUTER
PROGRAMMING,
CONSULTANCY
Nature of
Security
Security
AXIS BANK LIMITED
HDFC BANK
ICICI BANK LTD
STATE BANK OF INDIA
Current Year
% holding
Market value
% holding
1,484,752
23.51
724,117
19.46
250,558
480,316
443,234
310,643
3.97
7.60
7.02
4.92
1,019,160
16.14
737,240
19.81
484,499
354,590
180,071
7.67
5.61
2.85
3,789,701
60.00
1,642,996
44.15
Equity
Equity
Equity
Equity
INFOSYS LIMITED
Previous Year
Market value
Equity
Equity
Equity
Note:
Sector
Market value
% holding
541,715.74
14.56
11/10/15 4:07:12 PM
Industry
FINANCIAL AND INSURANCE
ACTIVITIES
Nature of
Security
Security
QTR COMP (MD 14/03/2018)
AXIS BANK LIMITED
HDFC BANK
ICICI BANK LTD
STATE BANK OF INDIA
(MD 15/03/2018) (F.V. 5CR)
(MD 05/03/2018) (FV 1.01 CRS)
9.05% SUNDARAM FINANCE LTD. NCD
(MD 12/04/2018)
Current Year
Market value
% holding
820,033
26.11
Debt
5,000
0.16
Debt
9,900
0.32
Debt
9,900
0.32
Debt
9,900
0.32
Debt
9,900
0.32
Equity
Equity
Equity
Equity
Equity
Debt
54,111
130,381
92,266
98,146
59,374
100,000
1.72
4.15
2.94
3.13
1.89
3.18
Debt
90,900
2.89
Debt
150,255
4.78
INFRASTRUCTURE FINANCE
10.85% RECL Ltd NCD (MD 30/09/2018)
(MD 28/11/2018)
(MD 18/03/2018)
(MD 11/03/2018)
9.07% RECL (MD 28/02/2018)
9.43% IRFC NCD (MD 23/05/2018)
(MD 07/10/2018)
IDFC LTD.
543,701
17.31
Debt
Debt
42,964
48,829
1.37
1.55
Debt
5,084
0.16
Debt
94,663
3.01
Debt
Debt
Debt
5,122
104,046
41,670
0.16
3.31
1.33
Equity
Debt
Debt
Debt
Equity
16,569
17,516
157,177
1,641
8,421
0.53
0.56
5.00
0.05
0.27
1,567,165
49.90
Previous Year
Market value
% holding
660,557
20.51
NA
NA
1,953,335
60.64
Note:
Sector
COMPUTER PROGRAMMING, CONSULTANCY
Market value
% holding
383,160
11.90
11/10/15 4:07:15 PM
Industry
FINANCIAL AND
INFRASTRUCTURE
FINANCE
Nature of
Security
Security
(MD 10/01/2019)
AXIS BANK LIMITED
HDFC BANK
ICICI BANK LTD
STATE BANK OF INDIA
(MD 29/11/2018)
(MD 17/09/2018) (F.V. 5CR)
(MD 17/09/2018) (FV 1.01 CRS)
(MD 05/03/2018) (FV 1.01 CRS)
10.85% RECL Ltd NCD (MD 14/08/2018)
(MD 28/11/2018)
8.55% IRFC NCD (MD 15/01/2019)
9.43% IRFC NCD (MD 23/05/2018)
(MD 05/02/2019)
(MD 15/12/2018) - Series 82-C
(MD 07/10/2018)
IDFC LTD.
NABARD Bhavishya Nirman ZCB (MD 01/01/2018)
9.38% RECL LTD. NCD (MD 06/11/2018)
Current Year
Previous Year
Market value
% holding
Market value
% holding
1,338,539
22.85
1,339,095
23.56
Debt
Debt
1,075
45,403
0.02
0.78
Equity
Equity
Equity
Equity
Equity
Equity
Debt
114,820
290,592
189,761
192,909
48,228
111,664
52,187
1.96
4.96
3.24
3.29
0.82
1.91
0.89
Debt
100,000
1.71
Debt
101,000
1.72
Debt
90,900
1.55
NA
NA
3,293,586
57.95
1,181,528
20.17
Debt
Debt
53,587
54,254
0.91
0.93
Debt
Debt
Debt
50,879
84,277
140,733
0.87
1.44
2.40
Debt
156,049
2.66
Debt
218,766
3.74
Equity
Debt
Debt
Equity
Debt
35,164
135,372
125,570
23,680
103,195
0.60
2.31
2.14
0.40
1.76
2,666,263
45.52
Note:
Sector
Market value
% holding
744,749
13.10
11/10/15 4:07:18 PM
Industry
Nature of
Security
Security
ACTIVITIES
(MD 16/03/2026) CALL 16/03/2021
QTR COMP (MD 10/05/2019)
QTR COMP (MD 13/05/2019)
QTR COMP (MD 13/09/2019)
QTR COMP (MD 14/05/2019)
QTR COMP (MD 15/05/2019)
QTR COMP (MD 16/05/2019)
QTR COMP (MD 16/09/2019)
QTR COMP (MD 17/05/2019)
QTR COMP (MD 17/09/2019)
QTR COMP (MD 21/05/2019)
QTR COMP (MD 22/05/2019)
(MD 16/03/2026) CALL 16/03/2021
AXIS BANK LIMITED
HDFC BANK
ICICI BANK LTD
STATE BANK OF INDIA
(MD 15/05/2019) (F.V. 5CR)
(MD 15/05/2019) (FV 1.01 CRS)
(MD 28/11/2018)
8.60% IRFC Ltd NCD (MD 11/06/2019)
(MD 23/09/2021) P/C 23/09/18
9.63% RURAL ELECTRIFICATION CORPN. LTD.
NCD (MD 05/02/2019)
(MD 07/10/2018)
IDFC LTD.
(MD 27/08/2019)
8.20% SIDBI NCD (MD 07/06/2018)
Current Year
Previous Year
Market value
% holding
Market value
% holding
22.40
0.02
1,606,262
23.69
Debt
1,518,147
1,060
Debt
9,900
0.15
Debt
9,900
0.15
Debt
9,900
0.15
Debt
9,900
0.15
Debt
9,900
0.15
Debt
9,900
0.15
Debt
9,900
0.15
Debt
9,900
0.15
Debt
500
0.01
Debt
9,900
0.15
Debt
9,900
0.15
Debt
21,635
0.32
Equity
Equity
Equity
Equity
Equity
Equity
Debt
137,535
367,694
240,128
243,943
61,664
143,987
100,000
2.03
5.42
3.54
3.60
0.91
2.12
1.48
Debt
101,000
1.49
808,880
5,425
11.93
0.08
NA
NA
Debt
Debt
Debt
102,122
2,062
1.51
0.03
Debt
208,494
3.08
Debt
52,087
0.77
Equity
Debt
Debt
Equity
Debt
45,284
39,809
45,025
29,969
103,680
0.67
0.59
0.66
0.44
1.53
Debt
Debt
24,943
149,981
3,432,736
0.37
2.21
50.64
3,811,261
56.21
Note:
Sector
Market value
% holding
973,120
14.35
11/10/15 4:07:21 PM
Industry
FINANCIAL AND
INFRASTRUCTURE
FINANCE
Nature of
Security
Security
QTR COMP (MD 10/09/2019)
(MD 16/03/2026) CALL 16/03/2021
AXIS BANK LIMITED
HDFC BANK
ICICI BANK LTD
STATE BANK OF INDIA
(MD 17/09/2019) (F.V. 5CR)
(MD 17/09/2019) FV (99 Lac)
(MD 05/02/2019)
IDFC LTD.
(MD 27/08/2019)
(MD 21/10/2019)
(MD 12/10/2019)
(MD 17/09/2019)
Current Year
Previous Year
Market value
% holding
Market value
% holding
1,095,950
21.67
1,248,397
24.31
Debt
9,900
0.20
Debt
21,635
0.43
Equity
Equity
Equity
Equity
Equity
Equity
Debt
110,149
293,461
191,651
194,761
49,360
115,132
100,000
2.18
5.80
3.79
3.85
0.98
2.28
1.98
Debt
9,900
0.20
NA
NA
2,926,015
56.99
967,024
19.12
Debt
208,494
4.12
Equity
Debt
Equity
Debt
36,258
148,780
23,918
82,944
0.72
2.94
0.47
1.64
Debt
7,150
0.14
Debt
256,688
5.07
Debt
202,794
4.01
2,582,062
51.05
Note:
Sector
Market value
% holding
764,665
14.89
11/10/15 4:07:24 PM
Industry
Security
Nature of
Security
Market value
% holding
1,926,302
21.62
2,113,218
24.66
Debt
15,212
0.17
Equity
Equity
Equity
Equity
Equity
Debt
202,472
535,234
380,681
414,464
177,528
50,712
2.27
6.01
4.27
4.65
1.99
0.57
Debt
150,000
1.68
1,134,840
12.74
NA
NA
Debt
27,448
0.31
Debt
51,170
0.57
Debt
25,356
0.28
Debt
184,775
2.07
Debt
20,387
0.23
Debt
19,041
0.21
Debt
5,345
0.06
Equity
130,489
1.46
Debt
43,622
0.49
Equity
Debt
72,815
51,054
0.82
0.57
Debt
153,412
1.72
Debt
99,753
1.12
Debt
250,173
2.81
1,013,997
11.38
1,329,190
15.51
104,205
529,993
288,780
91,019
1.17
5.95
3.24
1.02
3,924,379
44.05
4,856,821
56.68
8.46% RURAL ELECTRIFICATION CORPN. LTD. TAX
REE NCD (MD 29/08/2028)
8.50% IRFC NCD (MD 22/06/2020)
8.70% Power Finance Corpn Ltd NCD
(MD 15/01/2020)
(MD 14/05/2020)
(MD 20/02/2020)
(MD 29/06/2021)
NCD (MD 11/11/2021)
IDFC LTD.
RURAL ELECTRIFICATION CORPN LTD ZCB
(MD 15/12/2020)
8.55% IRFC NCD (MD 03/02/2020)
NCD (MD 08/03/2020)
8.55% INDIA INFRADEBT LTD NCD
(MD 04/02/2020)
8.18% NABARD NCD (MD 10/02/2020)
COMPUTER PROGRAMMING,
CONSULTANCY
INFOSYS LIMITED
Previous Year
% holding
ACTIVITIES
(MD 16/03/2026) CALL 16/03/2021
AXIS BANK LIMITED
HDFC BANK
ICICI BANK LTD
STATE BANK OF INDIA
(MD 12/02/2020) (F.V. 5CR)
Current Year
Market value
Equity
Equity
Equity
Equity
11/10/15 4:07:28 PM
Industry
Security
FINANCIAL AND
COMPUTER
PROGRAMMING,
CONSULTANCY
Nature of
Security
Current Year
Previous Year
Market value
% holding
Market value
% holding
2,438,607
20.84
2,202,689
24.45
1,423,694
15.81
5,240,317
58.18
CALL 16/03/2021
Debt
32,452
0.28
AXIS BANK LIMITED
Equity
280,029
2.39
HDFC BANK
Equity
707,424
6.05
Equity
547,726
4.68
ICICI BANK LTD
Equity
570,900
4.88
STATE BANK OF INDIA
Equity
249,122
2.13
Debt
50,953
0.44
1,439,599
12.30
Equity
150,008
1.28
INFOSYS LIMITED
Equity
762,567
6.52
Equity
400,827
3.43
Equity
126,197
1.08
6,343,389
54.21
Ind. Foresight FP
Industry
ACTIVITIES
Security
(MD 10/01/2019)
(MD 21/09/2022)
(MD 05/09/2022)
(MD 30/03/2021)
9.30% STATE BANK OF INDIA NCD (MD
16/03/2021) CALL 16/03/2016
9.50% CANARA BANK FD QUARTERLY COMP
(MD 10/02/2019)
AXIS BANK LIMITED
HDFC BANK
ICICI BANK LTD
STATE BANK OF INDIA
Nature of
Security
Current Year
Previous Year
Market value
% holding
Market value
% holding
3,018,828
22.58
4,029,932
19.81
Debt
Debt
51,034
324,013
0.25
1.59
Debt
52,378
0.26
Debt
112,705
0.55
Debt
52,114
0.26
Debt
10,086
0.05
Debt
50,000
0.25
Debt
Debt
Equity
Equity
Equity
Equity
Equity
Equity
85,892
10,200
442,148
1,035,399
676,080
666,505
127,049
334,330
0.42
0.05
2.17
5.09
3.32
3.28
0.62
1.64
11/10/15 4:07:31 PM
Industry
Nature of
Security
Security
Current Year
Market value
% holding
Market value
% holding
NA
NA
7,609,256
56.93
10.60% IRFC NCD (MD 11/09/2018)
10.85% RECL Ltd NCD (MD 30/09/2018)
(MD 28/11/2018)
(MD 25/06/2015)
8.46% RURAL ELECTRIFICATION CORPN. LTD. TAX
REE NCD (MD 29/08/2028)
(MD 19/11/2022)
(MD 15/06/2022)
(MD 01/08/2021)
(MD 20/07/2019)
9.46% NABARD NCD (MD 21/05/2015)
9.48% REC LTD. NCD (MD 10/08/2021)
9.57% IRFC NCD (MD 31/05/2021)
(MD 29/06/2021)
IDFC LTD.
RURAL ELECTRIFICATION CORPN LTD ZCB
(MD 15/12/2020)
(MD 17/07/2021)
9.20% POWER FINANCE CORPORATION Ltd NCD
(MD 07/07/2021)
(09/12/2021) SERIES 124 B
(MD 04/12/2021)
Previous Year
2,479,411
12.19
Debt
Debt
Debt
26,912
5,370
32,552
0.13
0.03
0.16
Debt
3,993
0.02
Debt
27,448
0.13
Debt
88,271
0.43
Debt
36,905
0.18
Debt
104,642
0.51
Debt
71,641
0.35
Debt
Debt
Debt
Debt
1,001
216,068
537,703
208,389
0.00
1.06
2.64
1.02
Equity
Debt
241,987
158,957
1.19
0.78
Equity
Debt
84,375
157,477
0.41
0.77
Debt
32,196
0.16
Debt
393,230
1.93
Debt
50,293
0.25
9,491,642
46.66
Note:
Sector
Market value
% holding
157,8849
11.81
11/10/15 4:07:34 PM
Ind. Foresight SP
Industry
ACTIVITIES
CONSULTANCY
Security
Nature of
Security
Current Year
Previous Year
Market value
% holding
Market value
% holding
228,704
22.88
189,645
24.38
126,692
16.29
NA
NA
435,802
56.02
AXIS BANK LIMITED
Equity
32,612
3.26
HDFC BANK
Equity
60,412
6.04
Equity
47,703
4.77
ICICI BANK LTD
Equity
49,726
4.98
INDUSIND BANK LTD
Equity
14,227
1.42
STATE BANK OF INDIA
Equity
24,025
2.40
128,284
12.84
Equity
11,669
1.17
INFOSYS LIMITED
Equity
76,267
7.63
Equity
28,395
2.84
Equity
11,954
1.20
126,412
12.65
(MD 01/08/2021)
Debt
52,321
5.24
IDFC LTD.
Equity
17,844
1.79
Equity
5,954
0.60
(MD 04/12/2021)
Debt
50,293
5.03
405,229
40.55
Titanium 1
Industry
ACTIVITIES
Security
Nature of
Security
Current Year
Previous Year
Market value
% holding
Market value
% holding
86,787
19.83
101,101
20.87
2.85
NA
NA
AXIS BANK LIMITED
Equity
12,477
HDFC BANK
Equity
24,597
5.62
Equity
18,299
4.18
ICICI BANK LTD
Equity
16,679
3.81
STATE BANK OF INDIA
Equity
12,256
2.80
Equity
2,480
0.57
51,918
11.86
8.70% Power Finance Corpn Ltd NCD
(MD 15/01/2020)
Debt
25,356
5.79
(MD 05/02/2019)
Debt
15,637
3.57
IDFC LTD.
Equity
4,194
0.96
Equity
3,651
0.83
(MD 12/10/2019)
Debt
3,080
0.70
11/10/15 4:07:37 PM
Industry
Security
CONSULTANCY
Nature of
Security
Current Year
Previous Year
Market value
% holding
Market value
% holding
55,744
11.51
54.32
50,892
11.63
Equity
6,288
1.44
INFOSYS LIMITED
Equity
27,439
6.27
Equity
6,794
1.55
Equity
5,900
1.35
WIPRO LTD.
Equity
4,472
1.02
227,537
51.98
263,112
Market value
% holding
Market value
% holding
38,529
29.17
35,223
24.55
4,166
8,261
6,040
5,454
4,032
675
9,900
3.15
6.25
4.57
4.13
3.05
0.51
7.49
16,847
12.75
16,073
11.20
2,061
8,978
2,360
1,955
1,494
1.56
6.80
1.79
1.48
1.13
70,063
53.04
66,896
46.62
Titanium 2
Industry
Security
ACTIVITIES
CONSULTANCY
Nature of
security
AXIS BANK LIMITED
HDFC BANK
ICICI BANK LTD
STATE BANK OF INDIA
(MD 20/03/2019) (FV 99 Lac)
Equity
Equity
Equity
Equity
Equity
Equity
Debt
INFOSYS LIMITED
WIPRO LTD.
Equity
Equity
Equity
Equity
Equity
Current Year
Previous Year
Titanium 3
Industry
FINANCIAL AND
COMPUTER
PROGRAMMING,
CONSULTANCY
Security
Nature of
security
AXIS BANK LIMITED
HDFC BANK
ICICI BANK LTD
STATE BANK OF INDIA
Equity
Equity
Equity
Equity
Equity
Equity
INFOSYS LIMITED
WIPRO LTD.
Equity
Equity
Equity
Equity
Equity
Current Year
Market value
% holding
18,071
24.14
2,311
5,253
4,042
3,634
2,454
377
3.09
7.02
5.40
4.85
3.28
0.50
11,042
14.75
1,598
5,754
1,305
1,288
1,096
2.13
7.69
1.74
1.72
1.46
44,249
59.11
Previous Year
Market value
% holding
15,771
21.44
NA
NA
45,969
62.49
11/10/15 4:07:40 PM
Ind. Pension Nourish Fund
Industry
INFRASTRUCTURE
FINANCE
FINANCIAL AND
Security
10.70% IRFC NCD (MD 11/09/2023)
10.85% RECL Ltd NCD (MD 14/08/2018)
(MD 01/08/2021)
(MD 07/10/2018)
IDFC LTD.
(MD 12/10/2019)
(MD 19/08/2024)
(MD 05/09/2022)
AXIS BANK LIMITED
FEDRAL BANK LTD
HDFC BANK
ICICI BANK LTD
MUTHOOT FINANCE LTD
STATE BANK OF INDIA
(MD 09/06/2016)
SYNDICATE BANK LTD.
Nature of
Security
Current Year
Previous Year
Market value
% holding
Market value
% holding
13,416
10.38
27,428
21.21
33,213
25.68
28,651
22.88
Debt
Debt
Debt
3,499
2,143
2,093
2.79
1.71
1.67
Debt
6,250
4.99
Equity
Debt
132
10,268
0.11
8.20
Debt
4,266
3.41
13,248
10.58
Debt
2,107
1.68
Debt
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Debt
2,147
274
184
772
784
642
125
143
526
95
5,027
1.71
0.22
0.15
0.62
0.63
0.51
0.10
0.11
0.42
0.08
4.01
Equity
Equity
264
158
0.21
0.13
30,731
24.54
11/10/15 4:07:43 PM
Ind. Pension Growth Fund
Industry
INFRASTRUCTURE
FINANCE
STEAM SUPPLY
FINANCIAL AND
Security
(MD 19/11/2022)
IDFC LTD.
(MD 21/10/2019)
(MD 25/08/2024)
(MD 19/08/2024)
9.20% POWER GRID CORPN. OF INDIA LTD. NCD
(MD 12/03/2020)
(MD 29/08/2021)
Nature of
Security
Current Year
Previous Year
Market value
% holding
Market value
% holding
53599.37
16.86
45169.36
12.38
Debt
20770
6.53
Equity
Equity
Debt
718
345
5107
0.23
0.11
1.61
Debt
5331
1.68
Debt
21329
6.71
52724.22
16.59
NA
NA
Debt
20773
6.54
Debt
3155
0.99
Debt
28797
9.06
46150.86
14.52
78088.97
21.40
116686.70
31.98
(MD 21/05/2018)
COMP (MD 17/09/2019)
COMP (MD 24/05/2019)
Debt
10071
3.17
Debt
9400
2.96
Debt
9900
3.11
AXIS BANK LIMITED
Equity
1706
0.54
HDFC BANK
Equity
5891
1.85
Equity
3027
0.95
ICICI BANK LTD
Equity
3388
1.07
MUTHOOT FINANCE LTD
Equity
973
0.31
STATE BANK OF INDIA
Equity
1795
0.56
53589.13
16.86
11/10/15 4:07:46 PM
Ind. Pension Enrich Fund
Industry
FINANCIAL AND
Nature of
Security
Security
(MD 10/02/2017)
(MD 05/09/2022)
9.30% STATE BANK OF INDIA NCD (MD
16/03/2021) CALL 16/03/2016
AXIS BANK LIMITED
HDFC BANK
ICICI BANK LTD
STATE BANK OF INDIA
(MD 30/05/2016)
NCD (MD 14/07/2016)
YES BANK LIMITED
(MD 14/01/2022)
Current Year
Previous Year
Market value
% holding
Market value
% holding
253,362
15.18
221,950
13.59
Debt
20,431
1.22
Debt
10,533
0.63
Debt
13,414
0.80
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Debt
21,406
30,135
31,378
20,950
3,965
14,124
10,597
13,548
15,140
1.28
1.81
1.88
1.26
0.24
0.85
0.64
0.81
0.91
Debt
20,115
1.21
Equity
Debt
17,512
10,114
1.05
0.61
729,214
43.70
550,274
32.75
Note:
Sector
Market value
% holding
167,188
10.24
11/10/15 4:07:49 PM
Industry
FINANCIAL AND
Security
(MD 17/05/2016)
COMP (MD 05/03/2016)
(MD 11/11/2016)
AXIS BANK CD (MD 03/09/2015)
BANK OF INDIA CD (MD 02/06/2015)
IDBI BANK LTD CD (MD 19/11/2015)
ORIENTAL BANK OF COMMERCE CD
(MD 05/10/2015)
PUNJAB NATIONAL BANK CD (MD 04/06/2015)
State Bank of Mysore CD (MD-12/06/2015)
TATA CAPITAL FINANCIAL SERVICES LIMITED CP
(MD 10/11/2015)
(MD 30/05/2016)
(MD 07/02/2016)
9.10% STATE BANK OF TRAVANCORE FD QTR
COMP (MD 01/08/2015) (FV 2CR)
COMP (MD 15/09/2016) (FV 95 LAC)
9.20% AXIS BANK LTD FD QUARTERLY COMP
(MD 08/09/2015)
BANK OF MAHARASHTRA CD (MD 11/03/2016)
ORIENTAL BANK OF COMMERCE CD (MD
11/03/2016)
VIJAYA BANK CD (MD 10/03/2016)
(MD 02/02/2016) FV 1 CR
EXPORT IMPORT BANK OF INDIA CD
(MD 21/03/2016)
INDIAN BANK CD (MD 15/03/2016)
PUNJAB NATIONAL BANK CD (MD 04/03/2016)
(MD 20/01/2016)
(MD 25/02/2016)
(MD 15/05/2019) (FV 1.01 CRS)
(MD 17/09/2018) (FV 1.01 CRS)
Nature of
Security
Current Year
Previous Year
Market value
% holding
Market value
% holding
3,936,501
82.38
7,092,017
79.20
Debt
13,980
0.16
Debt
200,000
2.23
Debt
Debt
1,019
14,040
0.01
0.16
Debt
Debt
Debt
Debt
Debt
Debt
Debt
Debt
Debt
Debt
205,623
199,491
241,117
238,433
246,458
139,388
297,348
144,218
223,094
383,077
2.30
2.23
2.69
2.66
2.75
1.56
3.32
1.61
2.49
4.28
Debt
Debt
Debt
246,343
245,854
35,095
2.75
2.75
0.39
Debt
15,140
0.17
Debt
10,000
0.11
Debt
40,000
0.45
Debt
9,500
0.11
Debt
50,000
0.56
Debt
Debt
Debt
115,758
194,180
231,321
1.29
2.17
2.58
Debt
Debt
203,495
30,000
2.27
0.34
Debt
Debt
Debt
235,087
231,120
425,155
2.63
2.58
4.75
Debt
Debt
Debt
231,401
232,014
27,974
2.58
2.59
0.31
Debt
162,391
1.81
Debt
101,000
1.13
Debt
101,000
1.13
11/10/15 4:07:52 PM
Industry
Nature of
Security
Security
(MD 05/03/2016) (FV 1.01 CRS)
(MD 11/03/2016) (FV 1.01 CRS)
(MD 16/03/2016) (FV 1.01 CRS)
(MD 25/03/2016) (FV 1.01 CRS)
(MD 03/03/2016) (FV 1.01 CRS)
(MD 04/03/2016) (FV 1.01 CRS)
(MD 05/03/2016) (FV 1.01 CRS)
(MD 25/03/2016) (FV 1.01 CRS)
(MD 13/09/2016) (FV 1.01 CRS)
(MD 20/03/2016) (FV 1.01 CRS)
(MD 16/03/2016) (FV 1.01CR)
(MD 08/09/2016) (FV 10.01 CRS)
Current Year
Previous Year
Market value
% holding
Debt
141,400
1.58
Debt
272,700
3.05
Debt
90,900
1.02
Debt
90,900
1.02
Debt
30,300
0.34
Debt
70,700
0.79
Debt
90,900
1.02
Debt
90,900
1.02
Debt
151,500
1.69
Debt
30,300
0.34
Debt
10,100
0.11
Debt
300,300
3.35
1,439,445
16.08
Market value
% holding
535,541
11.21
Pure Equity
Industry
COMPUTER
PROGRAMMING,
CONSULTANCY
MANUFACTURE OF
CHEMICAL PRODUCTS
Current Year
Nature of
Security Market value
% holding
Security
KPIT TECHNOLOGIES LIMITED
WIPRO LTD.
NIIT TECHNOLGIES LTD.
CYIENT LIMITED
HEXAWARE TECHNOLOGIES LTD.
ASIAN PAINTS LTD.
COLGATE PALMOLIVE INDIA LIMITED
RALLIS INDIA LIMITED
UPL LIMITED
COROMANDEL INTERNATIONAL LIMITED
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
27,307
15.27
3,818
4,486
3,512
4,213
4,877
2,662
2,003
1,736
2.14
2.51
1.96
2.36
2.73
1.49
1.12
0.97
25,497
14.26
4,642
7,572
3,708
4,313
5,262
2.60
4.23
2.07
2.41
2.94
120,324
67.29
Previous Year
Market value
% holding
NA
NA
8,737
17.39
33,270
66.22
Note:
Sector
Market value
% holding
6,685
13.30
11/10/15 4:07:56 PM
Value Momentum
Industry
FINANCIAL AND
Nature of
Security
Security
KARNATAKA BANK LTD
MUTHOOT FINANCE LTD
ORIENTAL BANK OF COMMERCE
SYNDICATE BANK LTD.
BANK OF BARODA
Current Year
Previous Year
Market value
% holding
Market value
% holding
78,527
17.62
33,403
24.20
10,984
12,702
20,005
4,106
14,404
8,691
7,635
2.47
2.85
4.49
0.92
3.23
1.95
1.71
318,062
71.38
80,096
58.03
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Note:
Sector
ELECTRICITY, GAS AND STEAM SUPPLY
Market value
% holding
14,072
10.20
Liquid Plus
Industry
FINANCIAL AND
Security
(MD 10/11/2015)
(MD 08/10/2015) (FV 95 LAC)
9.10% STATE BANK OF TRAVANCORE FD QTR COMP
(MD 09/07/2015) (FV 90 LAC)
(MD 10/07/2015) (FV 90 LAC)
(MD 15/07/2015) (FV 95 LAC)
(MD 16/07/2015) (FV 95 LAC)
(MD 02/02/2016) FV 1 CR
EXPORT IMPORT BANK OF INDIA CD (MD 21/03/2016)
(MD 20/01/2016)
(MD 25/02/2016)
(MD 05/03/2016) (FV 1.01 CRS)
(MD 03/03/2016) (FV 1.01 CRORES)
(MD 17/03/2016) (F.V. 1 CR)
Nature of
Security
Current Year
Previous Year
Market value
% holding
Market value
% holding
218,039
76.45
46,624
16.35
384,031
74.64
Debt
Debt
Debt
33,473
38,244
13,279
6.51
7.43
2.58
Debt
9,500
1.85
Debt
9,000
1.75
Debt
9,000
1.75
Debt
9,500
1.85
Debt
9,500
1.85
Debt
Debt
Debt
Debt
9,276
37,022
27,775
20,000
1.80
7.20
5.40
3.89
Debt
Debt
36,970
27,974
7.19
5.44
Debt
12,917
2.51
Debt
40,400
7.85
Debt
20,200
3.93
Debt
20,000
3.89
83,787
16.29
11/10/15 4:07:59 PM
Gr. Fixed Interest
Industry
STEAM SUPPLY
Nature of
Security
Security
(MD 20/05/2019) [C]
(MD 20/05/2021) [E]
(MD 20/05/2022) [F]
8.85% NHPC LTD NCD (MD 11/02/2021) (SR R2)
8.85% NHPC LTD NCD (MD 11/02/2022) (SR R2)
(MD 12/03/2020)
(MD 26/12/2019)
(MD 26/12/2020)
(MD 31/05/2021)
LTD (C) (MD 28/11/2027) Series-XXIX
8.40% NUCLEAR POWER CORP OF INDIA LTD (D)
LTD (B) (MD 28/11/2026) Series- XXIX
(MD 25/03/2026) SR-XXX TRCH-A
(MD 25/03/2027) SR-XXX TRCH-B
(MD 25/03/2028) SR-XXX TRCH-C
(MD 25/03/2029) SR-XXX TRCH-D
Current Year
Previous Year
Market value
% holding
Market value
% holding
770,636
11.89
485,854
10.02
Debt
32,649
0.50
Debt
49,203
0.76
Debt
49,103
0.76
Debt
Debt
Debt
51,433
51,622
31,159
0.79
0.80
0.48
Debt
20,762
0.32
Debt
31,350
0.48
Debt
106,392
1.64
Debt
61,547
0.95
Debt
51,423
0.79
Debt
51,341
0.79
Debt
Debt
51,070
51,211
0.79
0.79
Debt
10,046
0.16
Debt
10,049
0.16
Debt
10,050
0.16
Debt
50,227
0.78
1,429,628
22.06
886,485
18.28
Note:
Sector
Market value
% holding
1,390,454
28.67
11/10/15 4:08:02 PM
Gr. Bond
Industry
FINANCIAL AND
STEAM SUPPLY
Security
10.05% BAJAJ FINANCE LIMITED NCD
(MD 10/01/2017)
(MD 09/01/2023)
(MD 10/01/2019)
9.15% AXIS BANK NCD (MD 31/12/2022)
9.15% State Bank of Patiala PERP NCD Call
18/01/2020 Step-up 9.65
(MD 14/08/2023)
(MD 21/05/2018)
COMP (MD 11/02/2020)
COMP (MD 12/02/2020)
COMP (MD 13/02/2020)
COMP (MD 14/02/2020)
COMP (MD 20/05/2019)
COMP (MD 20/09/2019)
(MD 28/12/2018)
9.95% FAMILY CREDIT LIMITED NCD
(MD 10/06/2016)
8.54% NUCLEAR POWER CORPORATION OF INDIA
LIMITED (MD 15/03/2023)
8.65% NTPC Ltd NCD (MD 04/02/2019)
(MD 21/10/2019)
9.25% POWER GRID NCD MD (26/12/2017)
(MD 29/08/2020)
9.47% Power Grid Corporation Ltd NCD
(MD 31/03/2022)
(MD 31/05/19)
8.40% NUCLEAR POWER CORP OF INDIA LTD (A)
8.40% NUCLEAR POWER CORP OF INDIA LTD (B) (MD 28/11/2026) Series-XXIX
8.64% POWER GRID CORPORATION MD (08/07/24)
Nature of
Security
Current Year
Previous Year
Market value
% holding
Market value
% holding
641,533
26.45
1,077,023
47.07
Debt
50,840
2.10
Debt
41,388
1.71
Debt
30,957
1.28
Debt
Debt
Debt
51,924
73,107
30,814
2.14
3.01
1.27
Debt
53,527
2.21
Debt
20,141
0.83
Debt
Debt
122,396
9,900
5.05
0.41
Debt
9,900
0.41
Debt
9,900
0.41
Debt
9,900
0.41
Debt
9,900
0.41
Debt
9,900
0.41
Debt
9,900
0.41
Debt
51,739
2.13
Debt
45,400
1.87
333,905
14.59
449,058
18.52
Debt
102,792
4.24
Debt
Debt
22,349
20,433
0.92
0.84
Debt
Debt
20,464
52,348
0.84
2.16
Debt
19,915
0.82
Debt
36,660
1.51
Debt
51,119
2.11
Debt
Debt
25,535
51,211
1.05
2.11
Debt
Debt
25,652
20,580
1.06
0.85
11/10/15 4:08:05 PM
Gr. Bond
Industry
INFRASTRUCTURE
FINANCE
HOUSING FINANCE
SERVICES
Security
10.60% IRFC NCD (MD 11/09/2018)
(MD 28/11/2018)
8.50% IRFC NCD (MD 22/06/2020)
8.65% RECL Ltd NCD (MD 15/01/2019)
(MD 14/05/2020)
(MD 19/11/2022)
(MD 20/07/2019)
(MD 29/06/2016)
(MD 12/10/2019)
(MD 19/08/2024)
(MD 21/12/2024)
10.05% CAN FIN HOMES LTD. NCD MD (13/01/2017)
10.05% CAN FIN HOMES LTD. NCD MD (23/01/2017)
(MD 20/06/2018)
(MD 07/09/2017)
(MD 11/06/2017)
9.75% HDFC LTD. NCD MD (10/10/2016)
9.50% HDFC LTD NCD (MD 13/08/2024)
(MD 30/03/2020)
Nature of
Security
Current Year
Previous Year
Market value
% holding
Market value
% holding
365,604
15.07
NA
NA
Debt
Debt
1,076
27,127
0.04
1.12
Debt
Debt
Debt
10,234
10,110
19,290
0.42
0.42
0.80
Debt
51,924
2.14
Debt
36,340
1.50
Debt
Debt
19,271
19,216
0.79
0.79
Debt
66,739
2.75
Debt
53,322
2.20
Debt
50,954
2.10
335,270
13.82
337,810
14.76
Debt
Debt
Debt
38,765
51,025
49,998
1.60
2.10
2.06
Debt
30,545
1.26
Debt
20,416
0.84
Debt
Debt
Debt
13,183
106,250
25,088
0.54
4.38
1.03
375,547
15.48
438,834
19.18
11/10/15 4:08:08 PM
Gr. Money Market
Industry
FINANCIAL AND
Nature of
Security
Security
(MD 10/11/2015)
(MD 12/02/2016)
(MD 17/02/2016)
(MD 01/08/2015) (FV 2CR)
(MD 13/07/2015) (FV 90 LAC)
(MD 14/07/2015) (FV 95 LAC)
(MD 17/07/2015) (FV 95 LAC)
(MD 20/07/2015) (FV 95 LAC)
(MD 21/07/2015) (FV 95 LAC)
(MD 22/07/2015) (FV 95 LAC)
(MD 22/10/2015) (F.V. 5 CR)
(MD 22/10/2015) (F.V. 4 CR)
9.20% AXIS BANK LTD FD QUARTERLY COMP
(MD 08/09/2015)
(MD 02/02/2016) FV 1 CR
(MD 20/01/2016)
(MD 04/03/2016) (FV 1.01 CRORES)
(MD 20/03/2016) (FV 1.01 CRS)
(MD 17/03/2016) (F.V. 1 CR)
(MD 10/03/2016) (FV 1.01 CRS)
Previous Year
% holding
Market value
% holding
1,025,998
79.72
1,975,295
58.64
Debt
Debt
65,971
128,050
5.13
9.95
Debt
9,900
0.77
Debt
9,900
0.77
Debt
60,000
4.66
Debt
9,000
0.70
Debt
9,500
0.74
Debt
9,500
0.74
Debt
9,500
0.74
Debt
9,500
0.74
Debt
9,500
0.74
Debt
50,000
3.88
Debt
40,000
3.11
Debt
100,000
7.77
Debt
Debt
92,755
40,000
7.21
3.11
Debt
121,222
9.42
Debt
20,200
1.57
Debt
60,600
4.71
Debt
80,000
6.22
Debt
90,900
7.06
186,329
14.48
NA
NA
128,136
58,192
9.96
4.52
53,182
4.13
584,382
17.35
CIVIL ENGINEERING
AFCONS INFRASTRUCTURE LTD. CP (MD 08/12/2015)
SHAPOORJI PALLONJI AND COMPANY LTD CP
(MD 30/07/2015)
Current Year
Market value
Debt
Debt
Note:
Sector
MUTUAL FUND
Market value
% holding
357,596
10.62
11/10/15 4:08:11 PM
Gr. Short Term Debt
Industry
FINANCIAL AND
Security
Nature of
Security
HOUSING FINANCE
SERVICES
Previous Year
Market value
% holding
Market value
% holding
472,245
72.76
NA
NA
NA
NA
NA
NA
155,360
23.94
204,442
33.30
7.45% STATE BK OF INDIA 050515 AAA
(MD 28/12/2022)
(MD 10/11/2015)
NCD (MD 14/07/2016)
(MD 02/02/2016) FV 1 CR
(MD 25/02/2016)
(MD 17/03/2016) (F.V. 1 CR)
(MD 23/03/2018) FV (99 Lac)
(MD 26/03/2018) (FV 99 Lac)
(MD 27/03/2018) (FV 99 Lac)
(MD 23/03/2018) (FV 99 Lac)
(MD 26/03/2018) (FV 99 Lac)
(MD 27/03/2018) (FV 99 Lac)
Debt
Debt
7,991
17,286
1.30
2.82
Debt
Debt
1,019
29,404
0.17
4.79
Debt
20,115
3.28
Debt
10,000
1.63
Debt
9,227
1.50
Debt
50,000
8.14
Debt
9,900
1.61
Debt
9,900
1.61
Debt
9,900
1.61
Debt
9,900
1.61
Debt
9,900
1.61
Debt
9,900
1.61
101,626
16.55
9.15% Larsen & Toubro Ltd NCD (MD 05/01/2019)
AFCONS INFRASTRUCTURE LTD. CP
(MD 08/12/2015)
SHAPOORJI PALLONJI AND COMPANY LTD CP
(MD 30/07/2015)
Debt
Debt
58,480
33,447
9.53
5.45
Debt
9,699
1.58
82,937
13.51
CIVIL ENGINEERING
STEAM SUPPLY
Current Year
8.64% POWER GRID NCD MD (08/07/2017)
8.64% POWER GRID NCD MD (08/07/2018)
Debt
Debt
20,162
31,570
3.28
5.14
8.49% NHPC LTD NCD (MD 26/11/2016)
(SR S1)
Debt
26,059
4.24
8.64 % POWER GRID CORPORATION MD (08/07/25)
Debt
5,145
0.84
74,279
12.10
Debt
14,267
2.32
Debt
Debt
Debt
Debt
4,125
1,013
14,733
40,141
0.67
0.17
2.40
6.54
129,306
21.06
(MD 19/09/2016)
10.35% HDFC Ltd Sr E006 NCD (MD 06/06/2017)
9.30 HDFC LTD. NCD (MD 04/10/2017)
9.50 HDFC LTD. NCD (MD 04/07/2022)
(MD 30/03/2020)
11/10/15 4:08:14 PM
Gr. Secure
Industry
Security
Nature of
Security
Others (Other than
G-Sec)
Previous Year
% holding
Market value
% holding
1,723,818
17.35
1,957,954
26.73
Debt
50,840
0.51
Debt
20,143
0.20
Debt
23,496
0.24
Debt
51,825
0.52
Debt
Debt
Debt
9,052
35,724
10,319
0.09
0.36
0.10
Debt
51,266
0.52
Debt
43,723
0.44
Debt
16,853
0.17
Debt
Debt
Debt
Debt
104,438
1,018
54,230
50,586
1.05
0.01
0.55
0.51
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Debt
Debt
75,602
137,552
55,091
119,056
19,199
18,758
83,883
22,831
65,348
0.76
1.38
0.55
1.20
0.19
0.19
0.84
0.23
0.66
Debt
31,301
0.31
Debt
70,623
0.71
Equity
18,960
0.19
Debt
90,900
0.91
Debt
90,900
0.91
Debt
200,200
2.01
Debt
100,100
1.01
3,402,231
34.24
2,910,569
39.74
FINANCIAL AND
10.05% BAJAJ FINANCE LIMITED NCD
(MD 10/01/2017)
10.12% ADITYA BIRLA FINANCE LTD NCD
(MD 11/12/2015)
(MD 10/02/2017)
10.32% SUNDARAM FINANCE LTD. NCD
(MD 13/08/2018)
(MD 10/01/2019)
Rate 9.55%
(MD 28/12/2022)
(MD 05/09/2022)
(MD 28/10/2016)
AXIS BANK LIMITED
HDFC BANK
ICICI BANK LTD
MUTHOOT FINANCE LTD
STATE BANK OF INDIA
(MD 09/06/2016)
(MD 10/11/2015)
9.95% FAMILY CREDIT LIMITED NCD
(MD 10/06/2016)
YES BANK LIMITED
(MD 10/03/2016) (FV 1.01 CRS)
(MD 09/03/2016) (FV 1.01 CRS)
(MD 09/08/2016) (FV 10.01 CRS)
(MD 18/03/2016) (FV 10.01 CRS)
Current Year
Market value
11/10/15 4:08:17 PM
Gr. Stable
Industry
FINANCIAL AND
Nature of
Security
Security
(MD 10/02/2017)
(MD 31/10/2022)
AXIS BANK LIMITED
HDFC BANK
ICICI BANK LTD
MUTHOOT FINANCE LTD
STATE BANK OF INDIA
YES BANK LIMITED
Current Year
Previous Year
Market value
% holding
Market value
% holding
354,305
11.49
415,322
17.35
Debt
20,431
0.66
Debt
14,180
0.46
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Debt
Equity
42,434
76,942
30,915
66,809
9,535
10,522
47,084
24,816
10,637
1.38
2.50
1.00
2.17
0.31
0.34
1.53
0.80
0.34
1,491,085
48.36
983,820
41.11
Note:
Sector
Market value
% holding
284,315
11.88
11/10/15 4:08:20 PM
Gr. Growth
Industry
FINANCIAL AND
Security
(MD 10/02/2017)
(MD 31/10/2022)
9.05% SBI Perpetual NCD (Call-27/01/2020)
Step-up Rate 9.55%
QTR COMP (MD 10/02/2020)
QTR COMP (MD 18/09/2019)
QTR COMP (MD 19/09/2019)
QTR COMP (MD 23/09/2019)
QTR COMP (MD 24/09/2019)
QTR COMP (MD 25/09/2019)
AXIS BANK LIMITED
HDFC BANK
ICICI BANK LTD
MUTHOOT FINANCE LTD
STATE BANK OF INDIA
NCD (MD 14/07/2016)
YES BANK LIMITED
Nature of
Security
Current Year
Previous Year
Market value
% holding
Market value
% holding
773,022
17.40
528,593
20.93
Debt
35,755
0.80
Debt
13,167
0.30
Debt
26,658
0.60
Debt
9,900
0.22
Debt
9,900
0.22
Debt
9,900
0.22
Debt
9,900
0.22
Debt
9,900
0.22
Debt
9,900
0.22
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Debt
Debt
87,828
160,086
63,986
138,283
21,522
21,787
97,451
4,963
20,115
1.98
3.60
1.44
3.11
0.48
0.49
2.19
0.11
0.45
Equity
22,020
0.50
2,229,914
50.19
1,334,310
52.84
Gr. Growth Advantage Fund
Industry
Security
Nature of
Security
Previous Year
Market value
% holding
Market value
% holding
69,440
17.54
40,056
19.75
Debt
3,039
0.77
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
9,483
17,301
6,903
14,934
2,524
2,351
10,525
2,380
2.40
4.37
1.74
3.77
0.64
0.59
2.66
0.60
209,227
52.85
111,945
55.19
FINANCIAL AND
(MD 31/10/2022)
AXIS BANK LIMITED
HDFC BANK
ICICI BANK LTD
MUTHOOT FINANCE LTD
STATE BANK OF INDIA
YES BANK LIMITED
Current Year
11/10/15 4:08:23 PM
Gr. Inc. Advantage
Industry
INFRASTRUCTURE
FINANCE
Security
(MD 28/11/2018)
(MD 19/11/2022)
9.70% NABARD NCD Sr XII-D (MD 06/06/2016)
(MD 25/08/2024)
(MD 19/08/2024)
Nature of
Security
Current Year
Market value
% holding
126,674
22.49
Debt
27,127
4.82
Debt
14,539
2.58
Debt
Debt
26,362
37,317
4.68
6.63
Debt
21,329
3.79
144,529
25.67
Previous Year
Market value
% holding
91,125
26.10
101,215
28.99
(Amount in thousands of Indian Rupees)
Industry
FINANCIAL AND
STEAM SUPPLY
INFRASTRUCTURE
FINANCE
HOUSING FINANCE
SERVICES
Security
(MD 16/03/2026) CALL 16/03/2021
(MD 09/06/2016)
(MD 11/11/2016)
7.40% Canara Bank NCD (MD 29/04/2015)
(MD 02/02/2016) FV 1 CR
LTD (C) (MD 28/11/2027) Series - XXIX
8.49% NHPC LTD NCD (MD 26/11/2016) (SR S1)
9.70% NABARD NCD Sr XII-D (MD 06/06/2016)
(MD 12/10/2019)
(MD 19/09/2016)
9.30 HDFC LTD. NCD (MD 04/10/2017)
Nature of
Security
Current Year
Previous Year
Market value
% holding
Market value
% holding
128,551
38.34
NA
NA
49,139
14.66
47,204
14.08
78,825
23.51
60,904
32.69
Debt
4,240
2.28
Debt
9,900
5.31
Debt
Debt
Debt
13,247
4,963
7,540
7.11
2.66
4.05
Debt
7,020
3.77
Debt
Debt
3,994
10,000
2.14
5.37
45,327
24.33
Debt
Debt
8,822
18,464
4.74
9.91
Debt
18,041
9.68
33,652
18.06
18,250
15,401
9.80
8.27
27,434
14.73
Debt
13,248
7.11
Debt
14,186
7.62
6,654
3.57
Debt
Debt
11/10/15 4:08:27 PM
Gr. Growth 2
Industry
FINANCIAL AND
Security
(MD 17/05/2016)
AXIS BANK LIMITED
HDFC BANK
ICICI BANK LTD
MUTHOOT FINANCE LTD
STATE BANK OF INDIA
YES BANK LIMITED
Nature of
Security
DWS INSTA CASH PLUS FUND - DIRECT PLAN GROWTH
TATA LIQUID FUND - DIRECT PLAN - GROWTH
Previous Year
% holding
Market value
% holding
58,865
18.20
3,753
58.25
Debt
6,990
2.16
Debt
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Debt
Equity
3,221
6,257
11,414
4,556
9,851
1,547
1,552
6,942
4,963
1,570
1.00
1.93
3.53
1.41
3.05
0.48
0.48
2.15
1.53
0.49
33,154
10.25
NA
NA
3,625
1.12
Debt
7,303
2.26
Debt
7,139
2.21
Debt
8,080
2.50
Debt
7,008
2.17
155,694
48.13
2,562
39.76
MUTUAL FUND
BIRLA SUN LIFE CASH PLUS - DIRECT PLAN GROWTH
ICICI PRUDENTIAL LIQUID - DIRECT PLAN - GROWTH
AXIS LIQUID FUND -DIRECT PLAN - GROWTH
OPTION
Current Year
Market value
Gr. Money Market 2
Industry
FINANCIAL AND
Security
COMP (MD 11/07/2015) (FV 2 Lac)
ORIENTAL BANK OF COMMERCE CD
(MD 11/03/2016)
(MD 17/03/2016) (FV 1 Lac)
(MD 17/03/2016) (FV 1 Lac)
Nature of
Security
Current Year
Previous Year
Market value
% holding
Market value
% holding
1,990
87.96
36
1.58
1,341
54.69
Debt
200
8.16
Debt
Debt
Debt
186
185
185
7.57
7.55
7.55
Debt
Debt
185
200
7.55
8.16
Debt
200
8.16
190
7.74
11/10/15 4:08:30 PM
Industry
Nature of
Security
Security
Current Year
Previous Year
Market value
% holding
Market value
% holding
5,787
14.59
1,243
3.95
Note:
Sector
Market value
% holding
29,304
93.13
HOUSING FINANCE SERVICES
Gr. Stable 2
Industry
Nature of
Security
Security
Current Year
Market value
% holding
Market value
% holding
1,202
13.70
NA
NA
1,166
36
13.29
0.41
2,405
27.40
57
20.59
INFRASTRUCTURE
FINANCE
10.70% IRFC NCD (MD 11/09/2023)
IDFC LTD.
Previous Year
Debt
Equity
Note:
Sector
Market value
% holding
29
10.57
11/10/15 4:08:33 PM
Ind. Income Advantage Guaranteed
Industry
FINANCIAL AND
INFRASTRUCTURE
FINANCE
Nature of
Security
Security
(MD 15/02/2019)
(MD 10/01/2019)
8.85% AXIS BANK NCD (MD 05/12/2024)
(MD 16/03/2016) (F.V. 1.01 CR)
(MD 14/01/2022)
10.70% IRFC NCD (MD 11/09/2023)
8.84% POWER FINANCE CORPORATION Ltd. NCD
(MD 04/03/2023)
(MD 01/08/2021)
9.48% REC LTD. NCD (MD 10/08/2021)
(MD 07/10/2018)
(MD 12/10/2019)
(MD 17/07/2021)
Current Year
Previous Year
Market value
% holding
Market value
% holding
95,495
20.00
39,117
26.03
Debt
5,181
1.08
Debt
9,287
1.94
Debt
Debt
10,286
40,400
2.15
8.46
Debt
30,342
6.35
65,270
13.67
19,905
13.24
Debt
Debt
5,832
10,281
1.22
2.15
Debt
10,464
2.19
Debt
Debt
5,270
7,292
1.10
1.53
Debt
5,134
1.07
Debt
20,997
4.40
80,912
16.94
32,386
21.55
Ind. Maximiser Guaranteed
Industry
FINANCIAL AND
COMPUTER
PROGRAMMING,
CONSULTANCY
Nature of
security
Security
AXIS BANK LIMITED
HDFC BANK
ICICI BANK LTD
STATE BANK OF INDIA
INFOSYS LIMITED
Current Year
Previous Year
Market value
% holding
Market value
% holding
4,974
22.36
959
18.01
855
1,373
1,060
1,062
623
3.84
6.17
4.77
4.77
2.80
4,010
18.03
910
17.09
1,098
2,090
822
4.94
9.39
3.70
11,837
53.21
2,495
46.88
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Note:
Sector
MANUFACTURE OF TOBACCO PRODUCTS
Market value
% holding
599
11.26
11/10/15 4:08:36 PM
NAV Highest, Lowest and Closing as on 31st March 2015
Individual Life
Fund Name
Ind. Assure
Ind. Protector
Ind. Builder
Ind. Balancer
Ind. Enhancer
Ind. Creator
Ind. Magnifier
Ind. Maximiser
Ind. Multiplier
Super 20
Ind. Foresight FP
Ind. Foresight SP
Titanium Plus 1
Titanium Plus 2
Titanium Plus 3
Ind. Liquid Plus
Ind. Pure Equity
Ind. Value Momentum
IPP - Nourish
IPP - Growth
IPP - Enrich
Income Advantage Guaranteed Fund
Maximiser Guaranteed Fund
Linked Discontinued Policy Fund
Pension Discontinued Policy Fund
Highest
Lowest
23.3972
20.0608
32.4405
41.7072
26.9436
48.9737
41.0365
44.1753
23.0502
22.5300
22.7511
16.9402
24.7663
19.2072
17.2700
17.3982
15.5024
14.6279
16.4120
17.3553
17.1127
15.2352
12.6918
20.5435
17.4675
26.9476
33.9933
41.0820
14.0044
11.6279
14.1001
10.6988
10.6897
21.4252
17.4881
27.7441
34.7208
22.2793
40.9964
31.9569
32.5602
16.2087
14.3078
16.8527
13.4323
19.1548
14.7512
13.1289
13.0504
11.4021
11.5904
12.3809
13.0666
12.8049
11.7245
11.7091
13.4190
11.9209
23.0002
28.4976
32.9574
12.8765
10.2266
10.6214
10.0000
10.0000
Closing
21.4268
17.3788
27.5634
34.5035
22.1347
40.8044
31.8182
32.4901
16.1764
14.2039
16.8262
13.4042
19.1039
14.6998
13.0808
13.0032
11.3617
11.5541
12.3323
13.0312
12.7711
11.7091
11.7121
13.1462
11.8892
22.8214
28.3130
32.7616
12.8799
10.1889
10.6272
10.0000
9.9997
19.6772
16.2715
25.3777
31.2487
19.8326
36.4803
27.4030
26.2362
12.5111
10.1405
13.0525
11.2162
15.7910
12.1119
10.7247
10.5941
9.0642
9.7995
9.8923
10.9775
10.7587
10.1111
10.7916
10.7330
8.7025
21.0725
25.6343
28.9914
11.9072
10.0000
9.7839
10.0000
10.0000
23.3972
20.0539
32.3624
41.5079
26.7246
48.5735
40.1347
42.6056
22.0541
22.0386
21.4243
16.5625
24.1173
18.6310
16.7013
16.7928
14.9121
14.2270
15.7579
16.7900
16.4640
14.6410
12.6918
20.0921
16.7111
26.8655
33.7783
40.5846
14.0044
11.6279
13.5180
10.6988
10.6897
21.4252
17.4881
27.7441
34.7208
22.2793
40.9964
31.9569
32.5602
16.2087
14.3078
16.8525
13.4323
19.1548
14.7512
13.1289
13.0504
11.4021
11.5904
12.3808
13.0666
12.8049
11.7245
11.7091
13.4190
11.9209
23.0002
28.4976
32.9574
12.8765
10.2266
10.6202
10.0000
10.0000
Group Life
Fund Name
Gr. Fixed Interest Plan I
Gr. Gilt Plan I
Gr. Bond Plan I
Gr. Money Market Plan I
Gr. Short Term Debt Plan I
Gr. Capital Protection Plan I**
Gr. Floating Rate Plan I***
Gr. Secure Plan I
Gr. Stable Plan I
Gr. Growth Plan I
Gr. Growth Maximiser****
Gr. Bond 2 ^
Gr. Growth 2
Gr. Money Market 2
Gr. Secure 2 ^^
Gr. Stable 2
Highest
29.1751
25.3832
21.2912
19.1366
24.7032
22.0728
24.7142
22.7485
17.1921
15.7302
10.0000
10.0000
10.0000
10.0000
42.6596
35.9783
59.0257
48.0668
71.9166
56.4890
26.0893
19.9029
16.1142
14.1341
10.0000
10.0000
10.0000
10.0000
14.9055
12.7033
16.9434
13.3946
13.4332
12.3125
10.6136
10.2282
14.0824
12.7407
15.7246
12.8823
Lowest
25.1934
23.5356
17.8672
16.7726
21.9949
20.4029
22.7544
20.8698
15.7310
14.5237
10.0000
10.0000
10.0000
10.0000
35.7621
32.3879
47.8376
42.2208
56.2765
48.1755
19.8292
16.6391
13.9799
12.9583
10.0000
10.0000
10.0000
10.0000
12.6025
11.2384
13.3272
11.2198
12.3159
11.2941
10.0000
9.1159
12.7397
11.6386
12.8820
11.3775
Closing
29.1751
25.3832
21.2217
18.0970
24.7032
22.0728
24.7142
22.7485
17.1921
15.7302
10.0000
10.0000
10.0000
10.0000
42.4193
35.9783
58.3164
48.0668
70.5661
56.4890
25.4685
19.9029
16.1142
14.0944
10.0000
10.0000
10.0000
10.0000
14.9055
12.6989
16.6361
13.3946
13.4332
12.3125
10.0000
10.2282
14.0824
12.7407
15.5467
12.8823
** The Group Capital Protection Fund became a dormat fund on 12th August 2008 on account of no units.
*** The Group Floating Fund became a dormat fund on 12th October 2009 on account of no units.
**** These funds do not have any units since their inception.
^ The Group Bond 2 Fund became a dormat fund on 31st March 2012 on account of no units.
^^ The Group Secure 2 Fund became a dormat fund on 23rd May 2014 on account of no units.
11/10/15 4:08:39 PM
Annualised Expense Ratio to Average Daily Assets of the Fund
Particulars
Management Fees for the Period (inclusive of service tax)
Average Daily AUM of the ULIP funds
Annualised Expense Ratio to Average daily AUM (%)
Current Year
Previous Year
3,296,056
2,812,405
228,526,296
194,646,722
1.44%
1.44%
Statement showing Ratio of Gross Income (Including Unrealised Gain/Loss) to Average Daily Net Assets
A
Income from Investment ULIP Assets
Current Year
Previous Year
1
Interest, Dividend & Rent – Gross
9,785,616
8,891,427
2
Profit on Sale/Redemption of Investments
30,155,977
10,519,475
3
(Loss on Sale/Redemption of Investments)
(1,436,275)
(7,630,456)
4
Gain/(Loss) on Amortisation
903,439
823,120
5
Other Income/(Expense)
–
–
Sub Total
39,408,758
12,603,566
B
Unrealised Gain / (Loss)
10,419,776
10,208,794
C
Total (A+B)
49,828,534
22,812,360
D
Average Daily AUM of the ULIP Funds
228,526,296
194,646,722
E
Ratio of Gross Income to Average Daily Net Assets (%)
22%
12%
11/10/15 4:08:42 PM
–
–
–
–
–
–
–
–
Equity
Preference Shares
Money Market
Mutual Funds
–
–
–
–
–
–
Equity
Preference Shares
Money Market
GRAND TOTAL
Total
Mutual Funds
9,517
355
219
(1,675)
111
–
–
–
(1,786)
Corporate Bonds
126,594
–
–
–
–
–
–
–
126,594
–
–
–
–
35,543
35,225
55,826
(77,174)
(2,495)
223
–
–
–
–
(2,718)
(74,679)
–
–
–
–
(7,407)
(520)
(66,752)
221,536
3,554
–
–
–
2,852
–
702
217,982
–
–
384
97,810
22,029
28,985
(45,330)
337
162
–
–
(25)
–
200
(45,667)
–
–
336
74,975
(13,449)
(5,797)
68,774 (101,732)
Current Previous
Year
Year
Ind. Protector
224,548
5,515
–
–
–
5,515
–
–
219,033
–
–
928
144,200
22,208
4,300
47,397
Current
Year
59,487
1,617
96
–
–
1,413
–
108
57,870
–
–
812
112,808
(5,578)
4,168
(54,340)
Previous
Year
Ind. Builder
29,274
368
–
–
–
368
–
–
28,906
–
–
73
19,975
2,885
627
5,346
Current
Year
10,540
392
9
–
–
383
–
–
10,148
–
–
64
16,420
104
131
(6,571)
Previous
Year
Ind. Balancer
Previous
Year
5,084,916
49,332
–
–
–
41,231
–
8,101
5,035,584
–
–
18,690
4,125,935
215,910
223,814
1,812,615
(36,765)
2,386
–
–
(3,526)
–
(35,625)
1,849,380
–
–
16,354
3,268,785
(226,667)
(130,297)
451,235 (1,078,795)
Current
Year
Ind. Enhancer
552,976
13,729
–
–
–
13,729
–
–
539,247
–
–
1,303
450,175
18,213
4,005
65,551
Current
Year
44
21
67
Current
Year
130
(124)
69
Previous
Year
Ind. Magnifier
–
–
–
Current
Year
–
–
–
Previous
Year
Ind. Maximiser
–
–
8,066
–
–
7,058
–
–
18,137
–
–
15,870
(26,715)
–
–
–
(26,715)
–
–
(62,822)
371
–
–
(64,234)
–
1,041
8,588
(18,970)
–
–
27,558
–
–
25,846
1,204
–
–
24,642
–
–
251,488 1,746,303 1,371,436 3,384,468 2,804,289
(3,061)
184
–
–
(165)
–
(3,080)
254,549 1,773,018 1,434,258 3,375,880 2,778,443
–
–
1,140
293,725 1,764,820 1,427,125 3,357,743 2,762,573
(4,797)
(2,614)
(32,905)
Previous
Year
Ind. Creator
355
Other Investments
Total
1,894
6
4,496
9,162
1,888
4,666
Corporate Bonds
Government Bonds
–
Current Previous
Year
Year
Current Previous
Year
Year
–
Particulars
Ind. Income
Advantage
Ind. Assure
Fund Wise Disclosure of Appreciation and/or (Depreciation) in value of Investment segregated Class Wise
11/10/15 4:08:45 PM
320,834
–
–
–
721,687
–
–
–
Preference Shares
Money Market
Mutual Funds
33,556
–
–
97
126,459
–
–
–
Preference Shares
Money Market
Mutual Funds
126,459
848,146
Total
GRAND TOTAL
354,923
33,653
–
–
Equity
–
–
Corporate Bonds
Other Investments
Total
321,270
436
–
721,687
–
–
Corporate Bonds
Equity
–
Previous
Year
–
Current
Year
Government Bonds
Particulars
Ind. Multiplier
722,354
3,109
3,109
–
–
–
–
–
719,245
–
–
–
719,245
–
–
–
439,825
176
176
–
–
–
–
–
439,649
–
–
–
439,649
–
–
–
Current Previous
Year
Year
Super 20
392,372
3,758
–
–
–
3,758
–
–
388,614
–
–
1,333
383,186
1,575
(84)
2,604
386,482
(3,180)
102
–
–
(3,282)
–
–
389,662
–
–
1,166
413,966
(15,700)
(7,528)
(2,242)
Current Previous
Year
Year
Ind. Platinum
Plus 1
817,803
6,036
–
–
–
6,036
–
–
811,767
–
–
2,606
773,560
20,179
3,871
11,551
19,386
1,720
23,124
Current
Year
(5,710)
(9,717)
(5,240)
Previous
Year
Ind. Platinum
Plus 3
–
–
5,507
–
–
4,818
10,731
–
–
–
10,731
–
–
(3,214)
6
–
–
(3,220)
–
–
783,656 1,134,703 1,030,244
(5,423)
178
–
–
(5,601)
–
–
789,079 1,123,972 1,033,458
–
–
2,280
808,202 1,074,235 1,049,307
(11,222)
(8,001)
(2,180)
Current Previous
Year
Year
Ind. Platinum
Plus 2
868,406
8,671
–
–
–
8,671
–
–
859,735
–
–
4,318
835,957
10,927
166
8,367
22,403
4,244
19,937
Current
Year
(11,014)
(401)
(6,669)
Previous
Year
–
–
7,511
–
–
6,572
19,169
–
–
–
19,169
–
–
(3,215)
51
–
–
(3,266)
–
–
791,948 1,842,533 1,346,185
(2,050)
13
–
–
(2,063)
–
–
793,998 1,823,364 1,349,400
–
–
3,779
808,737 1,769,269 1,360,912
(13,596)
(3,138)
(1,784)
Current Previous
Year
Year
Ind. Platinum
Plus 4
(6,211)
(6,121)
(449)
Previous
Year
72,605
45,297
94,313
Current
Year
(70,059)
(13,044)
(39,459)
Previous
Year
Ind. Foresight FP
–
–
4,246
–
–
8,484
–
–
7,424
(6,305)
197
–
–
(6,502)
–
–
–
–
–
–
–
–
–
(6,674)
290
–
–
(6,964)
–
–
2,318,124 1,427,824 2,688,037 1,251,419
25,780
–
–
–
25,780
–
–
2,292,344 1,434,129 2,688,037 1,258,093
–
–
4,853
2,262,130 1,442,664 2,467,338 1,373,231
14,893
2,382
8,086
Current
Year
Ind. Platinum
Advantage
11/10/15 4:08:48 PM
131,781
623
–
–
212,293
712
–
–
Money Market
Mutual Funds
–
–
9
–
–
–
–
Preference Shares
Money Market
Mutual Funds
Total
215,786
(782)
–
Equity
GRAND TOTAL
–
–
130,776
(773)
–
–
60,029
773
–
–
–
773
–
–
59,256
–
–
417
58,564
147
10
118
Current
Year
51,284
122
3
–
–
119
–
–
51,162
–
–
365
50,223
(463)
(3)
1,040
Previous
Year
Titanium 1
21,178
287
–
–
–
287
–
–
20,891
–
–
121
20,560
149
–
61
14,933
48
1
–
–
47
–
–
14,885
–
–
106
14,558
54
(5)
172
Current Previous
Year
Year
Titanium 2
11,824
159
–
–
–
159
–
–
11,665
–
–
49
11,510
87
–
19
5,503
13
–
–
–
13
–
–
5,490
–
–
42
5,443
(21)
(4)
30
Current Previous
Year
Year
Titanium 3
18,615
83
–
–
–
83
–
–
18,532
–
–
–
18,532
–
–
–
6,100
410
–
–
–
410
–
–
5,690
–
–
–
5,690
–
–
–
Current Previous
Year
Year
Pure Equity
23,975
9,616
–
–
–
9,616
–
–
14,359
–
–
–
12,957
1,402
–
–
Current
Year
14,443
658
–
–
–
658
–
–
13,785
–
–
–
13,785
–
–
–
Previous
Year
Value Momentum
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
18
18
18
–
–
–
–
–
–
–
–
–
–
–
–
–
Current Previous
Year
Year
Liquid Plus
24,408
23
–
–
–
23
–
–
24,385
–
–
69
15,743
4,228
46
4,299
Current
Year
4,346
5
5
–
–
–
–
–
4,341
–
–
60
12,952
(1,307)
(1,090)
(6,274)
Previous
Year
IPP - Growth
191,244
5,178
–
–
–
5,178
–
–
186,066
–
–
442
143,913
6,978
5,552
29,181
70,642
79
108
–
–
(29)
–
–
70,563
–
–
387
99,465
(591)
(3,762)
(24,936)
Current Previous
Year
Year
IPP - Enrich
Corporate Bonds
Other Investments
Total
Preference Shares
Equity
131,549
(171)
2,160
215,786
–
–
Corporate Bonds
(684)
Previous
Year
621
Current
Year
Ind. Foresight SP
Government Bonds
Particulars
11/10/15 4:08:52 PM
2,364
11
–
–
2,476
12
–
–
Equity
Preference Shares
Money Market
Mutual Funds
–
–
3
–
–
–
30
Preference Shares
Money Market
Mutual Funds
Total
6,517
(1)
30
Equity
GRAND TOTAL
–
–
(163)
(90)
(92)
–
Corporate Bonds
Other Investments
(73)
265
1,719
6,487
395
857
Corporate Bonds
Total
(3,108)
Previous
Year
1,423
Current
Year
Government Bonds
Particulars
IPP - Nourish
18,009
–
–
–
–
–
–
–
18,009
–
–
–
–
5,950
1,600
10,459
Current
Year
422
9
9
–
–
–
–
–
413
–
–
–
–
158
232
23
Previous
Year
Income Advantage
Guaranteed
3,273
109
–
–
–
109
–
–
3,164
–
–
–
3,143
21
–
–
Current
Year
192
8
–
–
–
8
–
–
184
–
–
–
184
–
–
–
Previous
Year
Maximiser
Guaranteed
204,897
–
–
–
–
–
–
–
204,897
–
–
–
–
57,320
22,467
125,110
Current
Year
(43,323)
(33)
143
–
–
–
–
(176)
(43,290)
–
–
–
–
(2,200)
(2,417)
(38,673)
Previous
Year
Gr. Fixed Interest
3,959
–
–
–
–
–
–
–
3,959
–
–
–
–
–
–
3,959
Current
Year
(3,052)
3
3
–
–
–
–
–
(3,055)
–
–
–
–
–
–
(3,055)
Previous
Year
Gr. Gilt
64,051
-
–
–
–
–
–
–
64,051
–
–
–
–
32,220
31,831
–
Current
Year
(13,278)
(1,011)
–
–
–
–
–
(1,011)
(12,267)
–
–
–
–
(7,013)
(5,254)
–
Previous
Year
Gr. Bond
-
-
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Current
Year
297
297
297
–
–
–
–
–
–
–
–
–
–
–
–
–
Previous
Year
Gr. Money Market
1,899
18
–
–
–
–
–
18
1,881
–
–
–
–
1,146
735
–
Current
Year
157
(417)
12
–
–
–
–
(429)
574
–
–
–
–
(105)
679
–
Previous
Year
Gr. Short Term Debt
28,437
159
–
–
–
159
–
–
28,278
–
–
106
25,511
391
32
2,238
10,480
174
14
–
–
160
–
–
10,306
–
–
92
14,034
(36)
122
(3,906)
Current Previous
Year
Year
Gr. Growth
Advantage
11/10/15 4:08:55 PM
–
–
–
–
–
–
–
–
Equity
Preference Shares
Money Market
Mutual Funds
GRAND TOTAL
21,785
–
–
–
Money Market
Total
–
–
Preference Shares
(6,213)
16
16
–
–
Equity
–
–
–
Mutual Funds
–
–
Corporate Bonds
Previous
Year
451,151
3,260
–
–
–
1,375
–
1,885
447,891
–
–
1,372
239,182
19,470
39,429
28,815
(29)
278
–
–
2,119
–
(2,426)
28,844
–
–
1,201
182,996
(13,145)
(3,572)
148,438 (138,636)
Current
Year
Gr. Secure
183,768
831
–
–
–
831
–
–
182,937
–
–
763
138,142
4,700
4,895
34,437
Current
Year
68,778
1,247
190
–
–
1,088
–
(31)
67,531
–
–
668
110,395
(5,941)
(757)
(36,834)
Previous
Year
Gr. Stable
293,016
2,880
–
–
–
1,780
–
1,100
290,136
–
–
1,092
250,048
5,696
5,463
27,837
Current
Year
120,509
2,634
121
–
–
1,579
–
934
117,875
–
–
956
157,645
(7,176)
2,824
(36,374)
Previous
Year
Gr. Growth
2,215
–
–
–
–
–
–
–
2,215
–
–
–
–
–
8
2,207
478
–
–
–
–
–
–
–
478
–
–
–
–
–
478
–
Current Previous
Year
Year
Gr. Fixed
Interest 2
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Current Previous
Year
Year
Gr. Money
Market 2
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
-
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Current Previous
Year
Year
Gr. Bond 2
1,527
–
–
–
–
–
–
–
1,527
–
–
–
–
760
767
–
(263)
(83)
17
–
–
–
–
(100)
(180)
–
–
–
–
(304)
124
–
Current Previous
Year
Year
Gr. Short Term
Debt 2
215
2
–
–
–
2
–
–
213
–
–
–
104
71
–
38
Current
Year
22
–
–
–
–
–
–
–
22
–
–
–
18
–
–
4
Previous
Year
Gr. Stable 2
Other Investments
(6,229)
(514)
6,604
21,785
1,152
2,019
Corporate Bonds
Total
(6,867)
13,162
Current Previous
Year
Year
Government Bonds
Particulars
Gr. Income
Advantage
11/10/15 4:08:58 PM
(397)
1,898
16
–
–
–
–
–
–
–
–
Equity
Preference Shares
Money Market
Mutual Funds
Total
–
33
–
–
2
–
–
–
–
–
–
–
Equity
Preference Shares
Money Market
Mutual Funds
Total
GRAND TOTAL
(3,738)
35
–
–
Corporate Bonds
Other Investments
–
–
Corporate Bonds
(3,773)
(5,290)
Previous
Year
–
Current
Year
Government Bonds
Particulars
Gr. Secure 2
14,303
78
–
–
–
78
–
–
14,225
–
–
4
9,896
88
228
4,009
Current
Year
471
3
–
–
–
3
–
–
468
–
–
2
440
–
26
–
Previous
Year
Gr. Growth 2
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Current
Year
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Previous
Year
Life Discontinued
Fund
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Current
Year
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Previous
Year
Pension Discontinued
Fund
1,196
–
–
–
–
–
–
–
1,196
–
–
–
–
622
435
139
Current
Year
1,402
162
162
–
–
–
–
–
1,240
–
–
–
–
516
668
56
Previous
Year
Discontinued Policy
Fund
24,879,887
281,816
(15,861)
–
–
285,625
–
12,161
24,597,962
–
–
87,352
22,129,839
635,225
475,613
1,269,933
Current
Year
Previous
Year
14,460,114
(71,370)
7,267
–
–
(33,429)
–
(45,191)
14,531,467
–
–
76,448
16,777,784
(429,125)
(191,279)
(1,702,361)
Total
11/10/15 4:09:01 PM
Summary of Financial Statements
Annexure - 4
Sr. No. Particulars
2014-15
2013-14
2012-13
2011-12
2010-11
POLICYHOLDERS’ A/C
1
Gross Premium Income
52,332,246
48,330,521
52,162,991
58,853,594
56,770,665
2
Net Premium Income#
50,683,663
46,448,513
50,517,461
57,477,737
55,945,624
3
Income from investments (Net)
53,092,074
24,958,744
20,700,492
(1,632,680)
14,919,387
4
Other Income
336,157
365,427
366,568
298,060
236,803
@
5
Total Income
104,111,894
71,772,685
71,584,521
56,143,117
71,101,814
6
Commissions
2,333,736
2,347,130
3,004,767
3,254,002
3,805,795
7
Brokerage
–
–
–
–
–
8
Operating Expenses related to insurance Business
9,727,014
10,381,707
11,597,047
12,151,175
12,034,778
9
Total Expenses
12,060,750
12,728,836
14,601,814
15,405,177
15,840,573
10
Payment to Policy holders
37,718,900
36,655,017
36,586,379
27,046,221
19,343,749
11
Increase in Actuarial Liability
52,520,053
19,767,326
16,124,872
9,871,376
33,252,514
12
Provision for Tax (including Fringe Benefit Tax)
–
–
–
–
(5,875)
13
Surplus/(Deficit) from operations
1,812,191
2,621,506
4,271,456
3,820,343
2,670,853
SHAREHOLDERS’ A/C
14
Total Income under Shareholders’ Account
1,041,838
1,086,031
1,143,573
786,946
379,105
15
Profit/(loss) Before Tax
2,854,030
3,707,537
5,415,031
4,607,289
3,049,958
16
Profit/(loss) After Tax
2,854,030
3,707,537
5,415,031
4,607,289
3,049,958
17
Profit/(loss) carried to Balance Sheet
18
(A) Policyholders’ account:
Total funds (incl Funds for Future Appropriation)
Total Investments (including policy loans)
Yield on investments
- Linked Fund (%)$
- Non Par Non-Linked Fund (%)
- Par Non-Linked Fund (%)
(B) Shareholders’ account:
Total funds (including unrealised gain)
Total investments
Yield on investments (%)
19
Yield on total investments
20
Paid up equity capital
(6,682,321)
(9,536,350) (12,424,921) (13,762,293) (17,225,082)
288,389,587 235,574,421 215,763,094 199,640,312 189,770,583
286,702,486 234,739,033 215,866,081 201,197,493 190,888,814
24.90%
10.87%
7.45%
12.10%
9.03%
5.25%
10.88%
8.95%
4.25%
-1.74%
8.31%
NA
9.45%
7.54%
NA
15,418,834
15,523,423
9.26%
12,566,214
13,292,091
8.90%
12,476,234
13,706,870
10.22%
10,732,754
10,153,273
9.85%
7,269,919
6,972,707
6.59%
11.72%
11.72%
10.65%
-0.41%
9.20%
19,012,080
19,012,080
19,695,000
19,695,000
19,695,000
15,418,834
12,566,214
12,476,234
10,732,754
7,269,919
21
Net worth
22
Total Assets
23
Earnings per share (share of FV of ` 10 each) `
1.50
1.94
2.75
2.34
1.55
24
Book value per share (share of FV of ` 10 each) `
8.11
6.61
6.33
5.45
3.69
303,808,421 248,140,636 228,239,327 210,373,067 197,040,502
#
Net of Reinsurance
@
Net of Losses
$
Yield on Linked policyholders investments includes unrealised gains on investments.
11/10/15 4:09:04 PM
Analytical ratio for the Financial Year: 2014-15
Sr. No
Ratios for Life Insurers
Annexure - 5
31st March 2015
31st March 2014
1
New business premium income growth (segment-wise)
(New business premium for Current Year divided by new business
premium income for Previous Year)
a) Linked Life
0.84
0.67
b) Linked Group Life
1.02
1.23
c) Linked Pension individual
0.63
2.33
d) Linked Group Pension
0.33
4.00
e) Linked Health Individual
0.00
0.34
f) Non-Linked Life
0.61
0.49
g) Non-Linked Group Life
1.21
0.93
h) Non-Linked group Life variable
3.14
NA
i) Non-Linked Pension Individual
3.96
NA
j) Non-Linked Annuity Individual
0.52
NA
k) Non-Linked Group Pension
3.53
0.80
l) Non-Linked Group Pension Variable
0.58
NA
m) Non-Linked Health
0.15
0.35
n) Non-Linked Par Life
1.29
8.41
2
Net Retention Ratio (Net Premium divided by gross premium)
0.97
0.96
(Net premium divided by gross premium)
3
Expense of Management to Gross Direct Premium Ratio
0.21
0.26
(Expenses of management divided by the total gross direct premium)
Note: Expenses of Management = Operating Expenses related to Insurance Business
+ Commission Expenses
4
Commission Ratio
0.04
0.05
(Gross Commission paid to Gross Premium)
5
Ratio of Policyholders’ Liabilities to Shareholders’ Funds
18.70
18.75
Note:a)Policyholders’ Liabilities = Policy Liabilities + Funds for Future Appropriations
+ Provision for Linked Liabilities + Credit/(Debit) fair value change account
(Linked & Non-Linked)
b)Shareholders’ Funds = Share Capital + Reserves & Surplus
+ Credit/(Debit) fair value Current Year account + Credit/(Debit) balance in Profit
& Loss A/C
6
Growth Rate of Shareholders’ Funds
1.23
1.01
7
Ratio of Surplus/(Deficit) to Policyholders’ Liabilities
0.0044
0.0100
8
2,852,621
89,981
Change in Net Worth (` in ‘000)
9
Profit after Tax/Total Income
0.03
0.05
Note: Total Income = Total Income under Policyholders' Account excluding shareholders'
contribution + Total Income under Shareholders' Account excluding policyholders'
contribution
10
(Total Real Estate + Loans)/Cash & Invested Assets
0.00
0.00
11
Total Investments/(Capital + Surplus)
19.58
19.72
Note: Total Investments = Shareholders’ Investments + Policyholders’ Investments +
Assets held to cover Linked Liabilities
12
Total Affiliated Investments/(Capital + Surplus)*
0.73
0.46
13
Investment Yield
A. Without Unrealised Gains
16.26%
9.46%
Non-Linked Participating
18.09%
8.90%
Non-Linked Non Participating
15.33%
8.90%
Linked Non Participating
20.77%
6.88%
B. Without Unrealised Gains
9.04%
4.36%
Non-Linked Participating
7.39%
5.16%
Non-Linked Non Participating
7.33%
5.26%
Linked Non Participating
16.74%
12.18%
14
Conservation Ratio
Total Conservation Ratio (without Group)
82.10%
69.65%
Total Conservation Ratio (with Group)
69.02%
60.42%
15
Persistency Ratio**
For 13th month
62.17%
60.10%
For 25th month
53.71%
60.70%
For 37th month
56.61%
64.20%
For 49th Month
41.58%
53.30%
For 61st month
38.87%
43.50%
16
NPA Ratio
Gross NPA Ratio
Nil
Nil
Net NPA Ratio
Nil
Nil
Solvency Ratio
2.05
1.86
* Ratio calculated above is without considering policyholders’ funds amounting to ` 286,323,734 (Previous Year: ` 261,358,541 thousands).
The ratio after considering the policyholders’ funds for the Current year is 0.02 (Previous Year: 0.02).
** Last year ratios have been revised to reflect the calculation as per recent circular.
11/10/15 4:09:07 PM
Management Report
In accordance with the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance
Companies) Regulations, 2002, and the Insurance Laws (Amendment) Act 2015 read with IRDA Circular no. IRDAI/F&A/CIR/FA/059/03/2015 dated
March 31, 2015 the following Management Report is submitted by the Board of Directors:
1. Certificate of Registration
The Certificate of Registration granted by the Insurance Regulatory and Development Authority (IRDA) to enable the Company to transact life
insurance business was valid as on 31st March 2015 and is in force as on the date of this Report.
2. Statutory Dues
We hereby certify that all the material dues payable, other than those which are being contested with the statutory authorities, have been
duly paid.
3. Shareholding Pattern
The Company confirms that the shareholding pattern and any transfer of shares during the year are in accordance with the statutory and/or
regulatory requirements.
4.
Investment of Funds
The Company has not, directly or indirectly, invested policyholders fund outside India.
5. Solvency Margin
The Company has maintained adequate assets to cover both its liabilities and the minimum solvency margin, as stipulated in Section 64 VA
of the Insurance Act, 1938.
6. Valuation of Assets
We hereby certify that all assets of the Company have been reviewed on the date of the Balance Sheet and to the best of our knowledge and
belief the assets set forth in the Balance Sheet are shown in the aggregate at amounts not exceeding their realisable or market value under
the several headings – “Loans”, “Investments” (other than as mentioned hereunder), “Agents balances”, “Outstanding Premiums”, “Interest,
Dividends and Rents outstanding”, “Interest, Dividends and Rents accruing but not due”, “Amounts due from other persons or Bodies
carrying on insurance business”, “Sundry Debtors”, “Bills Receivable”, “Cash” and the several items specified under “Other Accounts”.
Market values of fixed income investments made in the shareholders’ funds and non-linked policyholders funds which are valued at amortised
cost as per the IRDA regulations, is higher by their carrying amounts by ` 2,252,726 (previous year lower by ` 1,034,679) in aggregate as
at 31st March, 2015.
7. Investment Pattern
We hereby confirm and certify that, no part of Life Insurance Fund has been directly or indirectly applied in contravention of provisions of the
Insurance Act 1938 (4 of 1938) relating to the application and investment of the life insurance funds.
8. Risk Minimisation Strategies
The Company is exposed to several risks in the course of its business. The risks on the liabilities side may arise due to more than expected
claims. On the assets side, the risks arise due to the possibility of fluctuations in their values. The Company is also subject to the expense risk,
since until new business volumes grow significantly, the actual expenses of the Company will exceed the expenses loaded into the product
pricing. The Company has implemented adequate safeguards to mitigate these risks, as are described below.
A strong underwriting team is in place to review all proposals from clients, supported by comprehensive processes and procedures, and
guided by international experts. The objective of the underwriting team is to minimise the risks of abnormal mortality and morbidity by
acquiring adequate information, on which to determine, whether to accept individual lives, and if so, the extra premium, to compensate for
any additional risk.
Further, the possible financial effect of adverse mortality and morbidity experience has been reduced by entering into reinsurance agreements
with RGA, Munich Re and Swiss Re (international reinsurers) for individual life business and RGA and Munich Re for group business. All
reinsurers are specialist international reinsurance companies with excellent reputation and significant financial strength. The Company also
has a separate agreement with RGA to cover the catastrophic risks under individual and group business.
The Company has also set-up systems to continuously monitor its experience in regard to other parameters that affect the value of benefits
offered in the products. Such parameters include policy lapses, premium persistency, maintenance expenses and investment returns. The
operating expenses are monitored very closely. Many products offered by the Company also have an investment guarantee. The Company
has set aside additional reserves to cover this risk.
The Company’s investment team operates under the close supervision of the Investment Committee appointed by the Board of Directors. The
investments are made in line with the investment policy adopted by the Company.
The Company has a robust Business Continuity Plan in place to manage any business interruption risk which is certified against the global
standard ISO 22301.
Information Security risks are governed through Information Security policy. The Company has a comprehensive policy designed to comply
with privacy and/or data protection legislations as specified in Indian Information Technology Act 2008 and Notification dated 11th April 2011
on protection of sensitive personal information and it provides direction to Information Security staff as well as management and employees
regarding their responsibilities for the Information Security function.
9. Country Risk
The Company is operating in India only and hence has no exposure to any other country risk.
11/10/15 4:09:10 PM
Management Report
10. Ageing of Claims
The average claims settlement time from the date of receipt of complete requirements from the claimant to dispatch of claim payment for
the current year and previous four financial years are given below:
Period
Average claim
settlement time (in days)
2014-15
2013-14
2012-13
2011-12
2010-11
4
4
3
3
3
Ageing of claims outstanding
For Non-Linked Business
Claims registered and not settled
Period
Current Year
Previous Year
Claims registered and settled
Current Year
Previous Year
No. of
Claims
Amount
(in '000)
No. of
Claims
Amount
(in '000)
No. of
Claims
Amount
(in '000)
No. of
Claims
Amount
(in '000)
Less than 30 Days
30 days to 6 months
6 months to 1 year
1 year to 5 years
5 years and above
55
52
31
56
–
48,866
85,207
11,628
23,600
–
72
57
24
39
1
58,567
59,338
8,107
12,502
50
1
2
–
8
1
500
3,732
–
4,836
2,500
–
5
9
6
2
–
2,718
4,021
2,514
2,700
Total for the Period
194
169,301
193
138,564
12
11,567
22
11,952
For Linked Business
Claims registered and not settled
Period
Current Year
Previous Year
Claims registered and settled
Current Year
Previous Year
No. of
Claims
Amount
(in '000)
No. of
Claim
Amount
(in '000)
No. of
Claims
Amount
(in '000)
No. of
Claim
Amount
(in '000)
Less than 30 Days
30 days to 6 months
6 months to 1 year
1 year to 5 years
5 years and above
10
4
–
13
4
7,931
7,250
–
5,892
1,085
17
14
16
73
4
10,607
8,459
6,929
33,982
900
–
–
2
21
6
–
–
409
24,570
1,690
7
12
18
34
7
3004
13,128
9,861
21,604
1258
Total for the Period
31
22,158
124
60,877
29
26,669
78
48,855
The above includes provision made (net of reinsurance) for 124 cases (previous year 171 cases) amounting to ` 52,480/- (previous year
` 69,191/-) during the year where the Company has lost in the first forum of litigation and has appealed against the same.
11.
Valuation of Investments
We hereby certify:
The investments of Shareholders Funds and Non-Linked Policyholders Funds are valued as under:
• Debt Securities and money market instruments are valued on amortised cost basis.
• Equities, Preference shares and ETF are valued on the last quoted closing price of the security on the National Stock Exchange
of India Limited (NSE). In case the shares are not traded on NSE, Valuation is done on closing price at Bombay Stock Exchange
(BSE). Investments in unlisted equity and preference shares are valued as per the valuation policy of the Company duly approved by
Investment Committee.
• Social Venture Fund and Venture Capital Funds are valued on latest available NAV per unit.
• Mutual Funds are valued on previous day’s NAV per unit published by the respective mutual funds.
The investments of linked funds of policyholders are valued as under:
• All Debt securities having maturity more than 182 days and Government Securities (except T Bills) are valued at average of the security
level valuation provided by CRISIL & ICRA. Debt securities with a residual maturity of less than or equal to 182 days are amortised over
residual days to maturity.
• Equities, Preference shares and Exchange Traded Funds (ETF) are valued on the last quoted closing price of the security on the National
Stock Exchange of India Limited (NSE). In case the shares are not traded on NSE, valuation is done on closing price at Bombay Stock
11/10/15 4:09:13 PM
Management Report
Exchange (BSE). Investments in unlisted equity and preference shares are valued as per the valuation policy of the Company duly
approved by Investment Committee.
• Money Market Instruments are valued on amortised value.
• Mutual Funds are valued on previous day’s NAV per unit published by the respective mutual funds.
12. Review of Asset Quality
Shareholders’ Fund
The company has invested more than 40% of the Shareholder funds in sovereign rated instrument like Government securities, Treasury
Bills and Collateralised Borrowing & Lending Obligation (CBLO). Around 40% of the funds have been invested in AAA/AA+/A1+ rated
securities (which include Infrastructure & Housing bonds). Around 8% of the funds are invested in the Fixed Deposits and liquid schemes
mutual funds.
The company has invested approx 0.08% of the Shareholder funds in unlisted equity shares.
Policyholders’ Fund
The policyholders’ funds are invested in accordance with regulatory norms, Investment policy, fund objective of unit linked funds and risk
profile of the respective fund In fixed income segment, majority of the investment is made in the government securities having sovereign
rating & debt securities issued by reputed corporate having rating AAA/A1+. The equity selection is made after appropriate research and
analysis of the investee company as well as the industry to which it belongs. To meet the liquidity requirement a part is invested into the
liquid mutual fund schemes and other money. Market instruments of high credit rating. The investments are also made keeping in mind the
asset-liability requirement of the respective funds.
13. Directors Responsibility Statement
The Board of Directors of the Company also state that:
• The financial statements have been prepared in accordance with applicable accounting standards, the regulations stipulated by the
IRDA and the provisions of the Insurance Act, 1938 and the Companies Act, 2013 and disclosures have been made, wherever the same
is required. There is no material departure from the said standards, principles and policies;
• The Company has adopted accounting policies and applied them consistently and has made judgments and estimates that are
reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company as at 31st March 2015, and, of the
operating profit of the Company for the year ended on 31st March 2015;
• Proper and sufficient care has been taken to maintain adequate accounting records in accordance with the applicable provisions of
the Insurance Act, 1938, Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;
• The financial statements of the Company are prepared on a going concern basis; and
• The Company has appointed some audit firms to conduct the internal audit of the Company.
• The scope of work of the audit firms’ is commensurate with the size and nature of the Company’s business. The management certifies
that adequate internal control systems and procedures were in existence for this financial year.
• The directors had laid down internal financial controls to be followed by the Company and that such internal controls are adequately
and were operating effectively.
• The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were
adequate and operating effectively.
14. Schedule of payments made to individuals, firms, companies and organisation in which Directors of the Company are interested:
Sr. No. Name of Director
1
2
3
Mr. Ajay Srinivasan
Ms. Tarjani Vakil
Entity in which Director is interested
Interested as
Aditya Birla Management Corporation
Private Limited
Birla Sun Life Asset Management
Company Limited
Essel Mining & Industries Limited
Private Limited
Company Limited
Limited
Idea Cellular Limited
Director
Amount Paid
13,016
6,247
Director
9,021
2,867
Member
Director
Director
Director
Director
Director
–
252,236
811
489
3,747
13,016
15
100,000
–
345
13,150
6,247
Director
9,021
2,867
Director
500
–
Director
Director
14,603
518,000
11,773
874,458
11/10/15 4:09:16 PM
Management Report
Sr. No. Name of Director
4
5
6
Mr. Rakesh Jain
(Resigned w.e.f. 05.12.2014)
Mr. Sandeep Asthana
Mr. Pankaj Razdan
7
Mr. M. V. Nair
8
Mr. Donald Stewart
9
10
Mr. G. P. Gupta
(resigned w.e.f. 20.08.2014)
11
Mr. Kevin Strain
12
Mr. Lalitkumar Naik
(appointed w.e.f. 30.01.2015)
(appointed w.e.f. 30.01.2015)
13
Entity in which Director is interested
Interested as
Aditya Birla Minacs Worldwide Limited
Birla Management Centre Services
Limited
Pantaloons Fashion & Retail Limited
Private Limited
Company Limited
Limited
Company Limited
Aditya Birla Financial Shared
Services Ltd.
Limited
Credit Information Bureau (India) Limited
Rolta India Limited
SLFC Assurance Company of Canada
(UK) Limited
Company Limited
Aditya Birla Retail Ltd.
Company Limited
Director
Director
Khaitan and Co.
Amount Paid
7,298
71,745
62,886
56,339
Director
Director
196
13,016
–
6,247
Director
Director
Director
14,603
518,000
9,021
11,773
874,458
2,867
Director
500
–
Director
9,021
2,867
Director
223,844
222,516
Director
500
–
Director
Director
Director
193
409
41,125
58
–
20,583
Director
9,021
2,867
Director
Director
Director
Director
Director
Director
3,747
252,236
326
518,000
14,603
9,021
13,150
100,000
88
874,458
11,773
2,867
Director
518,000
874,458
Partner
450
–
Chairman
(DIN - 00012813)
Donald A. Stewart
Director
(DIN - 00438164)
Pankaj Razdan
Mayank Bathwal
(DIN - 00061240)
Executive Officer
Anil Kumar Singh
Ajay Srinivasan
Director
(DIN - 00121181)
Amit Jain
Amber Gupta
Company Secretary
11/10/15 4:09:20 PM
Cash Flow Statement
Receipts and Payments account (Cash Flow Statement)
For the year ended 31st March 2015
Audited Year Ended
31st March 2015
Audited Year Ended
31st March 2014
51,905,194
(266,909)
(281,180)
(2,367,402)
–
(10,168,901)
(39,194,221)
38,426
–
312,110
–
–
(22,884)
–
(22,884)
47,659,254
(649,067)
241,362
(2,371,591)
–
(11,154,940)
(37,882,146)
69,341
–
334,901
–
–
(3,752,887)
–
(3,752,887)
(327,810)
7,930
(57,859)
–
(1,769,650,040)
1,757,480,805
(12,343)
10,893,384
1,732,850
66,919
(309,242)
17,578
23,694
–
(2,133,513,863)
2,130,149,198
(11,670)
9,596,097
1,617,987
7,569,781
Share capital issued / (Redemption)
Share premium
Dividend paid
Dividend distribution tax
Net cash used in financing activities (C)
Net increase / (decrease) in cash and cash equivalents (D=A+B+C)
Cash and cash equivalents at beginning of the year
Cash and cash equivalents as at end of the period
Notes:
1. Cash and cash equivalents at end of the period / year includes:
–
–
(700,000)
(118,965)
–
(818,965)
(774,930)
5,076,826
4,301,896
(682,920)
(2,117,052)
(1,181,700)
(200,830)
–
(4,182,502)
(365,608)
5,442,434
5,076,826
Bank Deposits maturing > 3 months considered in investment activities
Temporary overdraft (as per books only)
Cash and cash equivalents
43,11,896
(10,000)
–
43,01,896
50,76,826
–
–
50,76,826
Particulars
Cash flow from operating activities (A)
Premium received from policyholders, including advance receipts
Payments to the re-insurers, net of commissions and claims
Application money deposit & due to Policy holders
Payments of commission and brokerage
Deposits taken from / (refunded to) agents
Payments of other operating expenses
Payments of claims
Deposits & others
Deposits with Reserve Bank of India
Other receipts
Income taxes paid (Net)
Service tax paid
Cash flows before extraordinary items
Cash flow from extraordinary operations
Net cash flow from operating activities (A)
Cash flow from investing activities (B)
Purchase of fixed assets
Proceeds from sale of fixed assets
Loan against Policies
Loans disbursed
Purchase of investment
Proceeds from sale of investment
Expenses related to investments
Interest received (net of tax deducted at source)
Dividend received
Net cash inflow from investing activities (B)
Cash flow from financing activities (C)
ICAI Firm
ICAI Firm
per Amit Kabra
Partner
Hasmukh Dedhia
Partner
Chairman
(DIN - 00012813)
Ajay Srinivasan
Director
(DIN - 00121181)
Pankaj Razdan
Mayank Bathwal
(DIN - 00061240)
Executive Officer
Anil Kumar Singh
& Appointed Actuary
Donald A. Stewart
Director
(DIN - 00438164)
Amit Jain
Amber Gupta
Company Secretary
11/10/15 4:09:23 PM
Balance Sheet Abstract
Balance Sheet Abstract and Company’s General Business Profile
I
Registration Details State Code 2 2
Registration No.
1
2
Balance Sheet Date
3 1
Date
8
1
0 3
Month
1
0
2
0 1
Year
5
II Capital Raised during the Year (Amount in ` thousands)
Public Issue
Right Issue
N I L
N I L
Bonus Issue Private Placement (Including Premium)
N I L
N I L
III Position of Mobilisation and Development of Fund (Amount in ` thousands)
Total Liabilities
3 1 7 1 8 1 2 4 5
3
1
Source of Funds
Paid-Up-Capital
1 9 0 1 2 0 8 0
Secured Loans
N I L
Net Fixed Assets
4 9 1 6 6 1
3
Net Current Assets
1 0 9 0 8 5 2
Accumulated Losses
6 2 7 6 1 9 1
7
Total Assets
1 8 1
2
4
5
Reserve & Surplus
2 6 8 2 9
4
8
N
I
L
1
6
2
Misc. Expenditure
N
I
L
1
3
2
9
C
E
Unsecured Loans
0
1
Investments
8 4 7
IV Performance of Company (Amount in ` thousands)
Turnover
Total Expenditure
1
0
4
1
3
3
8
4
3
1
0
1
2 7 9 8
Profit Before Tax
Profit After Tax
2 8 5 4 0 2 9
2 8 5 4 0
Earning per Share
Dividend Rate %
1 . 5 0
V Generic Names of Three Principal products/Services of Company (as per monetary terms)
Item Code No. (ITC Code)
Product Description
N
I
L
L
I
F
E
I N S U R A N
Chairman
(DIN - 00012813)
Ajay Srinivasan
Director
(DIN - 00121181)
Pankaj Razdan
Mayank Bathwal
(DIN - 00061240)
Executive Officer
Anil Kumar Singh
& Appointed Actuary
Donald A. Stewart
Director
(DIN - 00438164)
Amit Jain
Amber Gupta
Company Secretary
11/10/15 4:09:26 PM
Appointed Actuary’s Certificate
I have valued the policy liabilities of Birla Sun Life Insurance Company Limited at March 31, 2015 in accordance with accepted actuarial practice
and in line with relevant professional guidance issued by the Institute of Actuaries of India, including that covering the selection of appropriate
assumptions.
In my opinion, the amount of policy liabilities (` 287,869,080 – net of reinsurance) makes appropriate provision for all policyholders’ obligations,
and the financial statements fairly present the result of the valuation.
Anil Kumar Singh
11/10/15 4:09:29 PM
CONSOLIDATED
FINANCIAL REPORT
2014_BSLI AR_Consolidated.indd 222
11/10/15 4:10:25 PM
Auditors’ Report
Independent Auditors’ Report
To the Members of Birla Sun Life Insurance Company Limited
Report on the Consolidated Financial Statements
We have audited the accompanying consolidated financial statements of Birla Sun Life Insurance Company Limited (hereinafter referred to as
“the Holding Company”) and its subsidiary, Birla Sun Life Pension Management Limited (the Holding Company and its subsidiary together referred
to as "the Group"), comprising of the Consolidated Balance Sheet as at March 31, 2015, the related Consolidated Revenue Account (also called
the “Policyholders’ Account” or the “Technical Account”), the Consolidated Profit and Loss Account (also called the “Shareholders’ Account” or
“Non-Technical Account”) and the Consolidated Receipts and Payments Account for the year then ended, and a summary of significant accounting
policies and other explanatory information (hereinafter referred to as “the consolidated financial statements”).
Management’s Responsibility for the Consolidated Financial Statements
The Holding Company’s Board of Directors is responsible for the preparation of these consolidated financial statements in terms of the requirements
of the Companies Act, 2013 (hereinafter referred to as “the Act”) that give a true and fair view of the consolidated financial position, consolidated
financial performance and consolidated receipts and payments of the Group in accordance with accounting principles generally accepted in India,
including the provisions of The Insurance Act, 1938 (the “Insurance Act”), the Insurance Laws (Amendment) Act 2015 read with IRDA’s circular
no. IRDAI/F&A/CIR/FA/059/03/2015 dated March 31, 2015, the Insurance Regulatory and Development Authority Act, 1999 (the “IRDA Act”), the
Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations,
2002 (the “IRDA Financial Statements Regulations”), orders/directions/circulars issued by the Insurance Regulatory and Development Authority of
India (the “IRDA”) in this regard, and the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014.
The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities;
the selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the
design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial statements that give a true
and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the
consolidated financial statements by the Directors of the Holding Company, as aforesaid.
Auditors’ Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. While conducting the audit, we have
taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit
report under the provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that
we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements.
The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the consolidated
financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the
Holding Company’s preparation of the consolidated financial statements that give a true and fair view in order to design audit procedures that
are appropriate in the circumstances but not for the purpose of expressing an opinion on whether the Holding Company has an adequate internal
financial controls system over financial reporting in place and the operating effectiveness of such controls. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Holding Company’s Board of
Directors, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their reports referred to in
sub-paragraph (b) of the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the consolidated
financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid consolidated financial statements give
the information required by the Insurance Act, the IRDA Act, the IRDA Financial Statements Regulations and the Act to the extent applicable and in
the manner so required, and give a true and fair view in conformity with the accounting principles generally accepted in India, of the consolidated
state of affairs of the Group as at March 31, 2015, the related consolidated Revenue Account (also called the “Policyholders’ Account” or the
“Technical Account”), the consolidated Profit and Loss Account (also called the “Shareholders’ Account” or “Non-Technical Account”) and the
consolidated Receipts and Payments Account for the year ended on that date.
Other Matter
(a)
The actuarial valuation of liabilities for life policies in force is the responsibility of the Holding Company’s Appointed Actuary (the “Appointed
Actuary”). The actuarial valuation of these liabilities for life policies in force and for policies in respect of which premium has been discontinued
but liability exists as at March 31, 2015 has been duly certified by the Appointed Actuary and in his opinion, the assumptions for such
11/10/15 4:10:28 PM
Auditors’ Report
valuation are in accordance with the guidelines and norms issued by IRDA and the Institute of Actuaries of India in concurrence with the
Authority. We have relied upon Appointed Actuary’s certificate in this regard for forming our opinion on the consolidated financial statements
of the Company.
(b)
We did not audit the financial statements of the subsidiary, whose financial statements reflect total assets of ` 500 thousand as at
March 31, 2015, Nil revenues and net cash inflows amounting to ` 500 thousand for the year ended on that date, as considered in the
consolidated financial statements. These financial statements have been audited by other auditor whose report have been furnished to us
by the management and our opinion on consolidated financial statements, in so far as it relates to the amounts and disclosures included in
respect of such subsidiary and our report in terms of sub-sections (3) and (11) of Section 143 of the Act, insofar as it relates to the aforesaid
subsidiary, is based solely on the report of other auditor.
Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements below, is not modified in
respect of the above matters with respect to our reliance on the work done and the report of the other auditor.
Report on Other Legal and Regulatory Requirements
As required by IRDA Financial Statement Regulations, read with Section 143 (3) of the Act, we report, to the extent applicable, that:
(a)
We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the
purpose of our audit of the aforesaid consolidated financial statements.
(b)
In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated financial statements have
been kept so far as it appears from our examination of those books and the report of the other auditor.
(c)
The Consolidated Balance Sheet, the Consolidated Revenue Account, the Consolidated Profit and Loss Account and the Consolidated Receipts
and Payments Account dealt with by this Report are in agreement with the relevant books of account maintained for the purpose of preparation
of the consolidated financial statements.
(d)
In our opinion, the aforesaid consolidated financial statements comply with the Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014 and with the accounting principles as prescribed in the IRDA Financial Statements
Regulations and orders/directions issued by IRDA in this regard.
(e)
In our opinion and to the best of our information and according to the explanations given to us, investments have been valued in accordance
with the provisions of the Insurance Act, the Regulations and/or orders/directions issued by IRDA in this regard.
(f)
On the basis of written representations received from the directors of the Holding Company as on March 31, 2015 taken on record by the
Board of Directors of the Holding Company and the report of the statutory auditor of its subsidiary company, none of the directors of the Group
companies is disqualified as on March 31, 2015 from being appointed as a director in terms of Section 164 (2) of the Act.
(g)
With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditor’s)
Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i.
The consolidated financial statements disclose the impact of pending litigations on the consolidated financial position of the Group –
Refer Schedule 16 Note 19 to the consolidated financial statements;
ii.
Provision has been made in the consolidated financial statements, as required under the applicable law or accounting standards, for
material foreseeable losses, if any, on long-term contracts. There were no derivatives contracts as at the balance sheet date – Refer
Schedule 16 Note 18 to the consolidated financial statements;
iii.
There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Holding Company
and its subsidiary company.
per Amit Kabra
Partner
Mumbai
Hasmukh B. Dedhia
Partner
Mumbai
11/10/15 4:10:31 PM
Consolidated Revenue Account
Form A-RA
Consolidated Revenue Account for the year ended 31st March, 2015
Particulars
Schedule
Premiums earned - Net
(a) Premium
1
Sub-Total
13,521,864
30,620,788
(1,470,354)
10,419,776
Sub-Total
53,092,074
Other Income
(a) Contribution from the Shareholders' Account
Sub-Total
Total (A)
3,153,831
336,157
3,489,988
107,265,725
Commission
Operating Expenses related to Insurance Business
(a) For diminution in value of investments (net)
(b) Others
2
3
12,060,750
Benefits paid (Net)
Change in valuation of liability in respect of life policies
(a) Gross
(b) Fund Reserve
(c) Premium Discontinuance Fund - Linked
4
Total (C)
90,787,529
4,417,446
4,966,022
–
(548,576)
Total (D)
4,417,446
(b) Allocation of Bonus to Policyholders
(c) Surplus shown in the Revenue Account
37,716,053
2,847
15,935,934
34,340,805
4,224,216
(1,432,326)
–
Surplus (D) = (A) - (B) - (C)
Appropriations
Transfer to Shareholders' Account
Transfer to Other Reserve
(Release from)/Transfer to Funds for Future Appropriation
2,333,736
8,707,124
1,019,890
–
–
–
–
Total (B)
52,332,246
(1,648,583)
–
50,683,663
(b) Profit on Sale/Redemption of Investments
(c) (Loss) on Sale/Redemption of Investments
(d) Transfer/Gain (Loss) on revaluation/Change in Fair value
Audited
Year ended
31st March 2015
2,847
628,308
4,417,446
Total Surplus [(a)+(b)+(c)]
5,048,601
The schedules and accompanying notes are an integral part of this Revenue Account
16
As required by Section 40B(4) of the Insurance Act, 1938 we certify that all expenses of Management in respect of life insurance business transacted in India by the Company have been
fully debited to the Policyholders' Account.
per Amit Kabra
Partner
Hasmukh Dedhia
Partner
Chairman
(DIN - 00012813)
Ajay Srinivasan
Director
(DIN - 00121181)
Donald A. Stewart
Director
(DIN - 00438164)
Pankaj Razdan
(DIN - 00061240)
Mayank Bathwal
Deputy Chief
Executive Officer
Amit Jain
Anil Kumar Singh
& Appointed Actuary
Amber Gupta
Company Secretary
11/10/15 4:10:35 PM
Consolidated Profit and Loss Account
Shareholders’ Account (Non-technical Account)
Particulars
Schedule
Audited Year ended
31st March 2015
Amounts transferred from Policyholders’ Account (Technical Account)
4,966,022
(b) Profit on sale/redemption of investments
(c) (Loss) on sale/redemption of investments
1,210,540
65,860
–
Other Income
–
Total (A)
6,242,422
Expense other than those directly related to the insurance business
Bad debts written off
(a) For diminution in the value of investment (net)
(b) Provision for doubtful debts
(c) Others
(d) Contribution to the Policyholders’ Account
3A
238,287
–
–
–
–
3,153,831
Total (B)
3,392,118
Profit before tax
Profit after tax
2,850,304
–
2,850,304
Appropriations
(a) Balance at the beginning of the period
(b) Interim dividends during the period
(c) Proposed final dividend
(d) Dividend distribution tax
(e) Transfer to reserves/other accounts
(9,536,350)
–
–
–
–
Loss carried forward to Balance Sheet
(6,686,046)
1.50
Earning Per Share (Basic and Diluted), Face Value of ` 10 (in `)
The schedules and accompanying notes are an integral part of this Profit and Loss Account
16
ICAI Firm
ICAI Firm
per Amit Kabra
Partner
Hasmukh Dedhia
Partner
Chairman
(DIN - 00012813)
Ajay Srinivasan
Director
(DIN - 00121181)
Pankaj Razdan
Mayank Bathwal
(DIN - 00061240)
Executive Officer
Anil Kumar Singh
& Appointed Actuary
Donald A. Stewart
Director
(DIN - 00438164)
Amit Jain
Amber Gupta
Company Secretary
11/10/15 4:10:38 PM
Consolidated Balance Sheet
Balance Sheet as at 31st March, 2015
Particulars
Schedule
Sources of Funds
Share Capital
Credit/(Debit)/Fair Value Change Account
Sub-Total
Borrowings
Credit/(Debit) Fair Value Change Account
Policy Liabilities
Insurance Reserves
(i)
Discontinued on account of non-payment of premium
(ii) Others
Credit/(Debit) Fair Value Change Account (Linked)
Sub-Total
Total
5
6
7
19,012,080
2,682,948
–
21,695,028
–
335,732
42,856,865
–
211,153,672
8,978,658
–
24,879,886
245,012,216
288,204,813
184,774
310,084,615
Investments
Shareholders’
Policyholders’
Assets Held to Cover Linked Liabilities
Loans
Fixed Assets
Current Assets
8
8A
8B
9
10
15,522,923
41,311,520
245,012,216
378,749
491,661
11
12
4,312,393
3,871,944
Sub-Total (A)
8,184,337
Current Liabilities
Provisions
13
14
Sub-Total (B)
Net Current Assets (C) = (A – B)
(To the extent not written off or Adjusted)
Debit Balance in Profit and Loss Account (Shareholders’ Account)
Total
6,817,575
279,135
7,096,710
1,087,627
15
–
6,279,918
310,084,615
The schedules and accompanying notes are an integral part of this Balance Sheet
16
ICAI Firm
ICAI Firm
per Amit Kabra
Partner
Hasmukh Dedhia
Partner
Chairman
(DIN - 00012813)
Ajay Srinivasan
Director
(DIN - 00121181)
Pankaj Razdan
Mayank Bathwal
(DIN - 00061240)
Executive Officer
As at
31st March 2015
Anil Kumar Singh
& Appointed Actuary
Donald A. Stewart
Director
(DIN - 00438164)
Amit Jain
Amber Gupta
Company Secretary
11/10/15 4:10:41 PM
Schedules
Schedule 1
Premium
Particulars
1
2
3
Year ended
31st March 2015
First Year Premium
Renewal Premium
Single Premium
18,963,685
32,952,821
415,740
Total Gross Premium
52,332,246
Premium Income from Business written:
In India
Outside India
Total Premium
52,332,246
–
52,332,246
Note: Refer Schedule 16 Note 2(c)(i)
Schedule 2
Commission expenses
Particulars
Year ended
31st March 2015
Commission Paid
Direct – First Year Premium
Renewal Premium
Single Premium
1,321,172
1,007,208
5,356
Sub-total
2,333,736
Add: Commission on Re-insurance Accepted
Less: Commission on Re-insurance Ceded
Others:
Bonus Commission
Net Commission
–
–
–
2,333,736
Breakup of Commission
Particulars
Individual Agents
Brokers
Corporate Agents
Referral
Total
1,565,620
238,681
529,283
152
2,333,736
Note: Refer Schedule 16 Note 2(e)
11/10/15 4:10:44 PM
Schedules
Schedule 3
Operating Expenses Related to Insurance Business
Particulars
1
2
3
4
5
6
7
8
9
10
11
12
13
14
Year ended
31st March 2015
Employees’ remuneration, welfare benefits and other manpower costs
Travel, conveyance and vehicle running expenses
Training expenses
Rents, rates and taxes
Repairs & maintenance
Printing and stationery
Communication expenses
Medical fees
Auditor’s fees, expenses, etc.
(a) (i) as auditor
(ii) out of pocket expenses
(b) as advisor or in any other capacity, in respect of
(i) Taxation services/matters
(ii) Management services
Advertisement and publicity
Others: 1) Distribution expenses
2) Agents recruitment, seminar and other expenses
3) Recruitment and seminar expenses
4) IT expenses (including maintenance)
5) Policy stamps
6) (Profit)/Loss on sale of assets
7) Service Tax expenditure including provision for unutilised credit*
Depreciation
4,691,423
202,647
134,032
623,248
237,730
67,635
170,253
100,139
61,648
Total
8,707,124
6,601
491
–
1,080
705,992
(112,794)
464,830
10,661
142,976
418,065
167,131
9,605
–
146,324
39,725
227,474
190,207
* Includes reversal of provisions relating to unutilised credit of service tax for earlier years.
Schedule 3A
Operating Expenses other Than Those Directly Related to Insurance Business
Particulars
1
2
3
4
Year ended
31st March 2015
Employees' remuneration, welfare benefits and other manpower costs
Miscellaneous expenses
154,466
17,288
37,135
29,396
Total
238,287
11/10/15 4:10:47 PM
Schedules
Schedule 4
Benefits Paid (Net)
Particulars
1
2
3
Year ended
31st March 2015
Insurance Claims
(a) Claims by Death
(c) Annuities/Pension payment
(d) Other benefits
(i) Surrender
(ii) Riders
(iii) Health
(iv) Survival and Others
34,859,953
42,634
11,619
96,183
(a) Claims by Death
(1,356,734)
–
–
(3,689)
Amount accepted in reinsurance:
(a) Claims by Death
(d) Other benefits
–
–
–
–
3,536,825
503,908
25,354
Total
37,716,053
Benefits paid to Claimants
1 In India
2 Outside India
37,716,053
–
Total
37,716,053
Note: Refer Schedule 16 Note 2(d)
Schedule 5
Share Capital
Particulars
1
2
As at
31st March 2015
Authorised Capital
3,750,000,000 Equity Shares of ` 10/- each
37,500,000
Issued, Subscribed & Paid-up Capital
1,901,208,000 Equity Shares of ` 10/- each fully paid up
Less: Preliminary Expenses
19,012,080
–
Total
19,012,080
Note: Of the above 1,406,893,920 Equity Shares of ` 10/- each are held by Aditya Birla Nuvo Limited, the holding Company.
11/10/15 4:10:50 PM
Schedules
Schedule 5A
Pattern of shareholding (As certified by the Management)
Shareholder
Number of Shares
% of Holding
Indian
Foreign
Others
1,406,893,920
494,314,080
–
74%
26%
–
Total
1,901,208,000
100%
As at
31st March 2015
As at
31st March 2015
Promoters:
Schedule 6
Particulars
1
2
3
4
5
6
7
Capital Reserve
Share Premium
Opening balance
Revaluation Reserve
General reserve
Opening balance
Less: Debit balance of Profit & Loss Account
Catastrophe Reserve
Balance of profit in Profit and Loss Account
Total
–
682,920
2,000,028
–
–
2,000,028
–
406,127
–
406,127
–
–
–
–
2,682,948
Schedule 7
Borrowings
Particulars
1
2
3
4
As at
31st March 2015
Debentures/Bonds
Banks
Financial Institutions
Others
–
–
–
–
Total
–
11/10/15 4:10:53 PM
Schedules
Schedule 8
Investments - Shareholders
Particulars
1
2
3
Other Investments
(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual Funds
(f) Investment Properties-Real Estate
4
5
Total (A)
1
2
– Fixed Deposits
– Others
3
Other Investments
(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual Funds
(f) Subsidiaries
4
5
Outstanding trades
6
Total (B)
TOTAL (A) + (B)
As at
31st March 2015
6,272,100
496,993
–
–
–
–
–
–
2,960,289
458,500
–
4,504,366
12,500
14,704,748
3,732
–
300,000
(0)
–
–
–
–
0
–
7,519
–
–
–
–
–
506,924
818,175
15,522,923
Notes:
1
Aggregate amount of Company's investments (other than listed equity securities, mutual fund and derivative instruments) and the market
value thereof
Particulars
Aggregate amount of Company's investments other than listed equity securities, mutual fund and derivative
instruments
2
3
4
5
6
7
As at
31st March 2015
15,016,500
15,595,729
Investments made out of Catastrophe reserve is ` Nil.
“Debt Securities are held to maturity and reduction in market values represent market conditions and not a permanent dimunition in
value of investments, if any.”
Historical cost of Mutual Fund & Equity included above is, for Mutual Fund ` 506,923 and for equity ` 12,500.
Includes Government securities amounting to ` 275,359 have been deposited with Clearing Corporation of India Ltd. (CCIL) towards Settlement
Guarantee Fund (SGF) deposit for trades in Security & CBLO through CCIL.
Fixed Deposit amounting to ` 250,000 and ` 50,000 have been placed with National Securities Clearing Corporation Ltd. (NSCCL) and Indian
Clearing Corporation Ltd. (ICCL) respectively towards margin requirement for Equity trade settlement.
11/10/15 4:10:56 PM
Schedules
Schedule 8A
Investments - Policyholders
As at
31st March 2015
Particulars
1
2
3
Other Investments
(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual Funds
4
5
20,266,454
1,135,095
2,705,948
2,178
–
–
5,869,036
735,200
–
8,023,803
69,850
Total (A)
38,807,564
1
2
– Fixed Deposits
– Others
3
Other Investments
(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual fund
4
5
699,714
100,000
297,145
–
–
–
764,309
–
59,826
–
–
138,566
444,396
Total (B)
2,503,956
TOTAL (A) + (B)
41,311,520
Notes:
1
Aggregate amount of company’s investments (other than listed equity securities, mutual fund and derivative instruments) and the market
value thereof
As at
31st March 2015
Particulars
Aggregate amount of Company’s investments other than listed equity securities, mutual fund and derivative instruments
2
3
4
5
37,219,176
38,892,672
Investments made out of catastrophe reserves is ` Nil.
Debt Securities are held to maturity and reduction in market values represents market conditions and not a permanent diminution in the
Historical cost of Mutual Fund & Equity included above is, for Mutual Fund ` 1,208,705 and for equity ` 2,544,993.
11/10/15 4:10:59 PM
Schedules
Schedule 8B
Assets held to cover linked liabilities
Particulars
1
2
3
Other Investments
(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual Funds
4
5
Total (A)
1
2
– Fixed Deposits
– Others
3
Other Investments
(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual Funds
(f) Application Money
4
5
Total (B)
OTHER ASSETS
1
Bank Balances
2
Interest Accrued & Dividend Receivable
3
Fund Charges
4
Outstanding Contracts (Net)
Total (C)
TOTAL (A) + (B) + (C)
As at
31st March 2015
46,517,839
495,756
–
92,778,791
87,370
–
–
22,166,465
2,705,000
–
48,256,616
2,365,041
215,372,878
514,818
3,269,800
7,415,909
–
–
–
–
–
2,274,834
–
–
–
1,362,609
8,199,668
23,037,638
11,396
3,729,385
–
2,860,919
6,601,700
245,012,216
Refer Schedule 16 Note 2 (f)
Notes:
1
Investments in subsidiary/holding companies, joint ventures and associates at cost is ` Nil.
2
Investments made out of catastrophe reserves is ` Nil.
3
Debt Securities are held to maturity and reduction in market values represent market conditions and not a permanent dimunition in value
of investments, if any.
4
Historical cost of Mutual Fund & Equity included above is, for Mutual fund ` 7,015,424 and for equity ` 90,094,930.
5
11/10/15 4:11:02 PM
Schedules
Schedule 9
Loans
Particulars
1
2
3
4
As at
31st March 2015
Security-wise classification
Secured
(a) On mortgage of property
(aa) In India
(bb) Outside India
(b) On Shares, Bonds, Govt. Securities, etc.
(c) Loans against Policies
(d) Others
Unsecured
–
–
–
378,749
–
–
Total
378,749
Borrower-wise classification
(a) Central and State Governments
(b) Banks and Financial Institutions
(c) Companies
(d) Loans against Policies
(e) Others
–
–
–
378,749
–
Total
378,749
Performance-wise classification
(a) Loans classified as standard:
(aa) In India
(bb) Outside India
(b) Non-standard loans less provisions
(aa) In India
(bb) Outside India
378,749
–
–
–
Total
378,749
Maturity-wise classification
(a) Short-Term
(b) Long-Term
116
378,633
Total
378,749
Note: Refer Schedule 16 Note 2(g)
11/10/15 4:11:05 PM
2,345,918
–
2,345,918
–
953,197
–
–
–
111,833
696,495
15,079
204,786
364,528
As at
April 1,
2014
277,465
–
277,465
–
172,564
–
–
–
15,718
53,061
4,093
10,824
21,205
136,764
–
136,764
–
–
–
–
–
12,577
57,487
6,002
19,234
41,464
Cost/ Gross Block
Additions
On Sales/
Adjustments
60
–
60
–
60
Total
Grand Total
–
–
Vehicles
Office Equipment
Particulars
Net Block
As at
March 31,
2015
Notes:
1. Refer Schedule 16 Note 2(h)
2. Sale/Adjustments as appearing in gross block includes closure of branches & assets write off thereon
3. Jointly held assets which form part of Schedule 10
Grand Total
Total
Goodwill
Intangibles (Software)
Land-Freehold
Leasehold property
Buildings
Vehicles
Office Equipment
Particulars
Schedule 10
Fixed Assets
2,486,620
–
2,486,620
–
1,125,761
–
–
–
114,974
692,070
13,170
196,376
344,269
As at
March 31,
2015
1,996,173
–
1,996,173
–
853,995
–
–
–
101,245
568,255
7,270
177,961
287,447
As at
April 1,
2014
190,206
–
190,206
–
73,361
–
–
–
4,795
74,529
3,367
10,919
23,235
119,228
–
119,228
–
–
–
–
–
12,238
53,464
4,486
18,357
30,683
Depreciation
For the
On Sales/
year Adjustments
2,067,152
–
2,067,152
–
927,356
–
–
–
93,802
589,321
6,151
170,522
280,000
As at
March 31,
2015
491,661
72,193
419,468
–
198,405
–
–
–
21,172
102,749
7,020
25,854
64,269
Net Block
As at
March 31,
2015
Schedules
11/10/15 4:11:08 PM
Schedules
Schedule 11
Particulars
1
Cash (including cheques on hand ` 1085,128)
(Stamps on hand ` 216)
2
Bank Balances
(a) Deposit Accounts
(aa) Short-term (due within 12 months)
(bb) Others
(b) Current Accounts
(c) Others
3
4
As at
31st March 2015
1,123,823
3,063,921
–
124,649
–
Money at Call and Short Notice
(a) With Banks
(b) With other Institutions
–
–
Others
–
Total
4,312,393
Balances with non-scheduled banks included in 2 above
1 In India
2 Outside India
Total
4,312,393
–
4,312,393
11/10/15 4:11:11 PM
Schedules
Schedule 12
Particulars
As at
31st March 2015
ADVANCES
1
Reserve deposits with ceding companies
2
Application money for investments
3
Prepayments
4
Advances to Directors/Officers
5
Advance tax paid and taxes deducted at source
6
Other advances
(a) Advance to Suppliers/Contractors
(b) Others
–
–
184,796
–
7,691
30,782
66,060
Total (A)
OTHER ASSETS
1
Income accrued on Investments
2
Outstanding Premiums
3
Agent’s Balances (gross)
Less: Provision for doubtful debts
4
Foreign Agencies Balances
5
Due from other Entities carrying on insurance business
6
Due from holding company
7
Deposit with Reserve Bank of India
8
Service Tax unutilised credits
Less: Provision for Service Tax unutilised credits
9
Others –
Deposits & Others
Outstanding Trades
Insurance Policies (Leave Encashment)
Application money for Investment
As at
31st March 2015
289,329
1,703,114
1,022,818
26,742
–
262,578
–
26,742
–
8,078
–
–
262,578
333,180
–
226,105
–
Total (B)
3,582,615
Total (A+B)
3,871,944
11/10/15 4:11:14 PM
Schedules
Schedule 13
Current Liabilities
Particulars
1
2
3
4
5
6
7
8
9
10
11
As at
31st March 2015
Agent’s Balance
Balances due to other insurance companies
Deposits held on re-insurance ceded
Premiums received in advance
Unallocated premiums
Sundry Creditors*
Due to holding company
Claims outstanding
Annuities Due
Due to Officers/Directors
Others
(a) Policy Application and other Deposits
(b) Due to Policyholders
(c) Taxes Payable
(d) Temporary Overdraft (as per books only)
(e) Unclaimed amounts of policyholders
(f) Interim dividend payable
510,546
27,968
–
1,114,921
61,188
1,874,522
–
126,711
–
–
Total
6,817,575
687,160
64,913
171,051
–
2,178,595
–
* T here are no Micro, Small and Medium Enterprises to whom the Company owes dues, which are outstanding for more than 45 days as at
31st March 2015. This information as required to be disclosed under the Micro, Small & Medium Enterprises Development Act, 2006 has been
determined to the extent such parties have been identified on the basis of information available with the Company.
11/10/15 4:11:17 PM
Schedules
Schedule 14
Provisions
Particulars
1
2
3
4
As at
31st March 2015
For taxation
(a) Provision for wealth tax
For proposed dividends
For dividend distribution tax
Others
(a) Provision for long-term bonus plan [Refer Schedule 16, Note 8]
(b) Provision for renewal bonus
(c) Provision for gratuity
(d) Provision for leave encashment [Refer Schedule 16, Note 11(a)(ii)]
146,553
–
–
132,504
Total
279,135
78
–
–
Schedule 15
(To the extent not written off or adjusted)
Particulars
As at
31st March 2015
1
Discount Allowed in issue of shares/debentures
–
2
Others
–
Total
–
11/10/15 4:11:20 PM
Schedules
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
Schedules forming part of the Consolidated Financial Statements for the year ended 31st March 2015
(Amounts in thousands of Indian Rupees unless otherwise stated)
Schedule 16
Notes to the Consolidated Financial Statements
1. Background
These Consolidated financial statements comprise of the consolidated financial statements of Birla Sun Life Insurance Company Limited, the
Parent Company, with the financial statements of its subsidiary Birla Sun Life Pension Management Limited.
Birla Sun Life Insurance Company Limited (‘the Company’), headquartered at Mumbai, had commenced operations on 19th March 2001,
after receiving the license to transact life insurance business in India from the Insurance Regulatory and Development Authority (‘IRDA’) on
31st January 2001. The license has been renewed annually and is in force as at 31st March 2015.
The Company is a joint venture between Aditya Birla Nuvo Limited, a Company of the Aditya Birla Group of India (74 percent) and Sun Life
Financial (India) Insurance Investments Inc., subsidiary of Sun Life Assurance Company of Canada (26 percent). This business spans across
individual and group products and covers participating, non-participating and unit linked lines of businesses. Riders covering additional
benefits are offered under these products. These products are distributed through individual agents, corporate agents, banks, brokers and
other intermediaries across the country.
Birla Sun Life Pension Management Limited (“the Company”) is a wholly owned subsidiary of Birla Sun Life Insurance Company Limited.
The Company is a public company domiciled in India and incorporated under the provisions of the Companies Act, 2013. The Company was
incorporated on 9th January 2015 with Registration Number U66000MH2015PLC260801 with specific purpose of managing pension fund
business.
2.Significant Accounting Policies
a)
Basis of preparation
The accompanying Consolidated financial statements have been prepared and presented under the historical cost convention, on
the accrual basis of accounting, in accordance with the accounting principles generally accepted in India and in compliance with
the Accounting Standards 21 – “Consolidated Financial Statement” and in accordance with the provisions of the Insurance Act, the
Insurance Laws (Amendment) Act 2015 read with IRDA’s circular no. IRDAI/F&A/CIR/FA/059/03/2015 dated March 31, 2015, the
Insurance Regulatory and Development Authority Act, 1999 (the “IRDA Act”), the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002 (the “IRDA Financial
Statements Regulations”), orders/directions issued by the Insurance Regulatory and Development Authority of India (the “IRDA”) in this
regard, the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014,
and various circulars issued by IRDA and practices prevailing in the insurance industry in India. The accounting policies have been
consistently applied by the Company.
The management evaluates all recently issued or revised accounting pronouncements on an ongoing basis.
b)Use of estimates
The preparation of the Consolidated financial statements in conformity with generally accepted accounting principles (‘GAAP’) requires
that the Company’s management make estimates and assumptions that affect the reported amounts of income and expenses for
the year, reported balances of assets and liabilities and disclosures relating to contingent liabilities as of the date of the Consolidated
financial statements. The estimates and assumptions used in the consolidated financial statements are based upon management’s
evaluation of the relevant facts and circumstances as on date of the consolidated financial statement. Any revision to accounting
estimates is recognised prospectively.
Examples of such estimates include valuation of policy liabilities, provision for linked liabilities, funds for future appropriations, provision
for doubtful debts, valuation of unlisted securities, if any, valuation of debt securities, future obligations under employee retirement
benefits plans and the useful lives of fixed assets, etc. Actual results could differ from these estimates.
c)Revenue recognition
i.
Premium Income
Premium is recognised as income when due from policyholders. For unit linked business, premium income is recognised when
the associated units are created. Premium on lapsed policies is recognised as income when such policies are reinstated. In case
of linked business, top up premium paid by policyholders are considered as single premium and are unitised as prescribed by
the regulations. This premium is recognised when the associated units are created.
ii. Income from Investments
Interest income on investments is recognised on accrual basis. Amortisation of discount/premium relating to debt securities is
recognised over the remaining maturity period on a straight-line basis.
Dividend income is recognised when the right to receive dividend is established.
The realised gain/loss on debt securities held for other than linked business are the difference between the net sale consideration
and amortised cost.
11/10/15 4:11:24 PM
Schedules
The realised gain/loss on debt securities held for linked business and on sale of equity shares/mutual fund units is the difference
between the net sale consideration and weighted average cost.
iii. Reinsurance premium
Reinsurance premium ceded is accounted for at the time of recognition of the premium income in accordance with the terms and
conditions of the relevant treaties with the reinsurers. Impact on account of subsequent revisions to or cancellations of premium
is recognised in the year in which they occur.
iv. Income from linked policies
Income from linked policies, which include asset management fees, policy administration charges, mortality charges and other
charges, if any, are recovered from the linked funds in accordance with the terms and conditions of the policies and recognised
when due.
Interest income on loans is recognised on an accrual basis and disclosed under other income.
d) Benefits paid (including claims)
Death and other claims are accounted for, when notified. Survival and maturity benefits are accounted when due. Surrenders/
Withdrawals under linked policies are accounted in the respective schemes when the associated units are cancelled. Reinsurance
recoverable thereon, if any, is accounted for in the same period as the related claim. Repudiated claims disputed before judicial
authorities are provided for based on management prudence considering the facts and evidences available in respect of such claims.
e) Acquisition costs
Acquisition costs are costs that vary with and are primarily related to acquisition of insurance contracts. Acquisition costs mainly
consists of commission, medical costs, policy printing expenses, stamp duty and other related expenses. These costs are expensed in
the year in which they are incurred. Clawback of the first year commission paid, if any, in future is accounted in the year in which it is
recovered.
f) Investments
Investments are made in accordance with the Insurance Act, 1938, the Insurance Regulatory and Development Authority (Investment)
Regulations, 2000, the Insurance Regulatory and Development Authority (Investment) (Amendment) Regulations, 2001 and various
other circulars/notifications issued by the IRDA in this context from time to time.
Investments are recorded at cost on the date of purchase, which includes brokerage and stamp duty, taxes, setup cost, transaction
charges or any other charges included in broker note.
Brokerage and transaction cost which are incurred for the purpose of execution of trade and is included in the cost of investment, does
not exceed 0.15 percent in case of cash transactions.
i.
Classification
Investments maturing within twelve months from the balance sheet date and investments made with specific intention to
dispose off within twelve months are classified as short-term investments.
Investments other than short-term investments are classified as long-term investments.
Debt securities
• Policyholders’ non-linked funds and shareholders’ investments:
ii.
All debt securities, including Central and State government securities (Government securities), are considered as ‘held to
maturity’ and stated at amortised cost. The discount or premium which is the difference between the purchase price and the
redemption amount of fixed income securities is amortised and recognised in the revenue account, on a straight line basis
over the remaining period to maturity of these securities.
• Policyholders’ linked funds:
All debt securities, including Government securities, under policyholders’ linked funds are valued using average of the
security level valuation provided by CRISIL & ICRA. The discount or premium on money market instruments which is the
difference between the purchase price and the redemption amount is amortised and recognised in the revenue account on
a straight line basis over the remaining period to maturity of these securities.
iii. Equity shares/Preference shares & Exchange traded funds
Listed equity/preference shares, Exchange traded funds are valued and stated at fair value, using the last quoted closing prices
on the National Stock Exchange (NSE), at the balance sheet date. If the equity shares are not traded on the NSE, then closing
prices of the Bombay Stock Exchange (BSE) is considered.
Equity/preference, Exchange traded funds shares acquired through primary markets and awaiting listing are valued as per the
valuation policy of the Company duly approved by Investment Committee.
Unlisted equity/preference shares are valued as per the valuation policy of the company duly approved by Investment Committee. A
provision is made for diminution, if any, in the value of these shares to the extent that such diminution is other than temporary.
Social Venture Fund/Venture Capital Funds are valued at last available NAV.
iv. Mutual Funds
Mutual fund units are valued on previous day’s Net Asset Value published by the respective mutual funds.
11/10/15 4:11:27 PM
Schedules
v.
Gain/loss on equity, preference shares and mutual funds
Unrealised gains/losses are recognised in the respective fund’s revenue account as fair value change in case of linked funds.
Unrealised gain/loss due to changes in fair value of listed equity/preference shares and mutual funds are taken to the Fair Value
Change account for other than linked business and are carried to the Balance Sheet.
Diminution in the value of investments as at the balance sheet date, other than temporary, is recognised as an expense in the
Revenue/Profit & Loss account.
vi. Investment transfer
Transfers of Investments from Shareholders’ funds to the Policyholders’ funds are affected at the lower of amortised cost or
market value in respect of all debt securities including money market instruments and at the market value in case of other
securities.
Inter-fund transfer of debt securities relating to Linked Policyholders’ Funds is affected at last available market value as per
methodology specified in the Inter Fund transfer policy approved by Investment committee. Inter fund transfer of equity are done
during market hours at the prevailing market price.
viii. Impairment on Investment
The carrying amounts of investments are reviewed at each balance sheet date, if there is any indicator of impairment based
on internal/external factors. An impairment loss is recognised as an expense in Revenue/Profit or Loss account, to the extent of
difference between the re-measured fair value and the acquisition cost as reduced by any previous impairment loss recognised
as expense in Revenue/Profit and Loss Account. Any reversal of impairment loss earlier recognised in revenue/profit and loss
account shall be recognised in revenue/profit and loss account.
g)Pension Fund Management Business
Current investments are carried at lower of cost or fair value determined on an individual investment basis. Non-current investments
are carried at cost.
h) Loans against policies
Loans against policies are valued at the aggregate of book values (net of repayments) plus capitalised interest and are subject to
impairment, if any.
i) Fixed assets, intangibles and depreciation
i.
Fixed assets and depreciation
Fixed assets are stated at cost less accumulated depreciation. Cost includes the purchase price and any cost directly attributable
to bringing the asset to its working condition for its intended use. Subsequent expenditure incurred on fixed assets is expensed
out in the year of expense except where such expenditure increases the future economic benefits from the existing assets.
Advances paid towards the acquisition of fixed assets outstanding at each balance sheet date and the cost of fixed assets not
ready for its intended use before such date are disclosed under capital work-in-progress.
Assets costing upto `5 are fully depreciated in the year of acquisition. The rate of depreciation is higher of the management estimate
based on useful life or the rates prescribed in Schedule II to the Companies Act, 2013. Depreciation on fixed assets is provided using
the straight-line method based on the economic useful life of assets as estimated by the management is as below:
Sr. No. Asset Type
1
2
3
4
5
6
Leasehold Improvements and Furniture and fittings
at leased premises
Furniture & fittings (other than (1) above)
Vehicles
Office Equipment
Mobile Phones (included in office equipment under Schedule 10)
Estimated useful life (In years)
5 years or the maximum renewable period of
the respective leases, whichever is lower
5
3
4/5
5
2
Any additions to the original fixed assets are depreciated over the remaining useful life of the original asset.
ii. Intangibles
Intangible assets comprise of software licenses which are stated at cost less Amortisation. Software expenses exceeding ` 1,000
incurred on customisation of software (other than for maintenance of existing software) are capitalised. Software licenses are
amortised using Straight Line Method over a period of 3 years from the date of being ready for use.
iii.
Impairment of Assets
At each balance sheet date, management assesses whether there is any indication, based on internal/external factors, that an
asset may be impaired. Impairment occurs where the carrying value exceeds the present value of future cash flows expected
to arise from the continuing use of the asset and its eventual disposal. The impairment loss to be expensed is determined as
the excess of the carrying amount over the higher of the asset’s net sales price or present value as determined above. If at the
balance sheet date there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is
reassessed and the asset is reflected at the recoverable amount, subject to maximum of depreciable historical cost.
11/10/15 4:11:30 PM
Schedules
j)Operating leases
The Company classifies leases, where the lessor effectively retains substantially all the risks and benefits of ownership over the lease
term, as Operating Leases. Operating lease rentals are recognised as an expense on a straight line basis over the non cancellable
lease period.
k)Employee benefits
i.
Short-Term Employee Benefits
All employee benefits payable within twelve months of rendering the service are classified as short-term employee benefits.
Benefits such as salaries & bonuses are recognised in the period in which the employee renders the related service.
ii. Long-Term Employment Benefits
The Company has both defined contribution and defined benefit plans. These plans are financed by the Company.
• Defined Contribution Plans:
The Company has established defined contribution schemes for superannuation to provide retirement benefits to its
employees. Contributions to the superannuation schemes are made on a monthly basis and charged to revenue account
when due.
• Defined Benefit Plans:
Gratuity liability is defined benefit obligation and is funded. The Company accounts for liability for future gratuity benefits
based on independent actuarial valuation under revised Accounting Standard 15 (AS 15) on ‘Employee Benefits’.
Provident Fund contributions are made to a Trust, administered by the Company. The interest rate payable to the members
of the Trust shall not be lower than the statutory rate of interest declared by the Central Government under the Employees’
Provident Funds and Miscellaneous Provisions Act, 1952, and shortfall, if any, shall be made good by the Company. The
Company’s liability is actuarially determined (using the Projected Unit Credit Method) at the end of the year and any shortfall
in the Fund size maintained by the Trust set up by the Company is additionally provided for. Actuarial losses/gains are
recognised in the Statement of Profit and Loss in the year in which they arise.
iii. Other Employee Benefits
Compensated absences are entitled to be carried forward for future encashment or availment, at the option of the employee
during the tenure of the employment, subject to the rules framed by the Company in this regard. Accumulated compensated
absences entitlements outstanding at the close of the year are accounted on the basis of an independent actuarial valuation.
Accumulated entitlements at the time of separation are entitled to be encashed.
l)Renewal bonus
Renewal bonus is payable to the individual insurance agents and a segment of the sales force. This constitutes a part of the first year
commission/incentives against receipt of the first year premium but due and payable at the end of the expiry of two years of the policy
and is accrued for in the year of sale of the policy, subject to the intermediaries’ and policy’s continued persistency.
m) Foreign Currency Transactions
Transactions in foreign currency are recorded at the rate of exchange prevailing at the date of the transaction. Monetary assets and
liabilities in foreign currency are translated at the rates existing as at the balance sheet date. The resulting exchange gain or loss for
revenue transactions is reflected, in the revenue account or the profit and loss account, as the case may be.
n)Segment reporting
As per Accounting Standard 17 (AS 17) on ‘Segment Reporting’ read with the “Preparation of Financial Statements and Auditor’s Report
of Insurance Companies, Regulations 2002”and the Insurance Laws (Amendment) Act 2015 read with IRDA Circular no. IRDAI/F&A/CIR/
FA/059/03/2015 dated March 31, 2015, the Company is required to report segment results separately for linked, non-linked, health
and pension businesses. The business is broadly classified as Participating non-linked, Non Participating Unit Linked and Non Linked
businesses, which are further segmented into Individual Life, Group Life, Group Life Variable, Individual Pension, Annuity Individual,
Group Pension, Group Pension Variable and Individual Health businesses. Accordingly, the Company has prepared the revenue account
and balance sheet for these primary business segments separately. Since the business operation of the Company is in India only, the
same is considered as one geographical segment.
The following basis has been used for allocation of revenues, expenses, assets and liabilities to the business segments:
• Revenues, expenses, assets and liabilities directly attributable and identifiable to business segments, are allocated on actual
basis; and
• Other expenses, assets and liabilities which are not directly identifiable though attributable to a business segment, are allocated
on the following basis, as considered appropriate by the management:
➢ Gross premium;
➢ First year commission;
➢ Sum assured;
➢ Policy liability;
➢ Asset under management;
➢ New Business Policy Count;
➢ Enforce policy count
The accounting policies, used in segment reporting, are the same as those used in the preparation of the consolidated financial
statements.
11/10/15 4:11:33 PM
Schedules
o)Taxation
i.
Direct Taxes
The Income-Tax Act, 1961 prescribes that profits and gains of life insurance companies will be the surplus or deficit disclosed by
the actuarial valuation made in accordance with the Insurance Act, 1938 and the Insurance Laws (Amendment) Act 2015 read
with IRDA Circular no. IRDAI/F&A/CIR/FA/059/03/2015 dated March 31, 2015. In respect of pension fund management Company,
Provision for income tax is made in accordance with the provision of the Income Tax Act, 1961.
Deferred income tax is recognised for future tax consequences attributable to timing differences between income as determined
by the financial statements and the recognition for income tax purposes. The effect on deferred tax assets and liabilities of
a change in tax rates is recognised using the tax rates and tax laws that have been enacted or substantively enacted by the
balance sheet date.
Deferred tax assets are recognised only to the extent there is reasonable certainty that the assets can be realised in future.
However, where there is unabsorbed depreciation or carried forward loss under taxation law, deferred tax assets are recognised
only if there is virtual certainty backed by convincing evidence that such deferred assets can be realised. Deferred tax assets
are reviewed as at each balance sheet date and written down or written up to reflect the amount that is reasonably or virtually
certain, as the case may be, to be realised.
Where Company has provided for tax liability based on Minimum Alternate Tax (MAT) provisions, MAT credit is recognised as
an asset only when and to the extent there is convincing evidence that the company will pay normal income tax during the
specified period.
Provision for wealth tax is made at the appropriate rates, as per the applicable provisions of Wealth Tax Act, 1957.
ii. Indirect Taxes
The Company claims credit of service tax for input services, which is set off against tax on output services. As a matter of
prudence, unutilised credits are deferred for recognition until such time that there is reasonable certainty of utilisation. A provision
is created against unutilised credit based on estimated realisation of such unutilised credit.
p)Provisions and Contingencies
A provision is recognised when the Company has a present legal obligation as a result of past event/s and it is probable that an outflow
of resources will be required to settle the obligation, in respect of which reliable estimate can be made. These are reviewed at each
balance sheet date and adjusted to reflect current best estimates. A disclosure for contingent liability is made when there is a possible
obligation or present obligations that may, but probably will not, require an outflow of resources or it cannot be reliably estimated.
When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no
provision or disclosure is made. A contingent asset is neither recognised nor disclosed.
q) Funds for Future Appropriation
The balance in the funds for future appropriations account represents funds, the allocation of which, either to participating Policyholders
or to Shareholders, has not been determined at the Balance Sheet date. Transfers to and from the fund reflect the excess or deficit
of income over expenses and appropriations in each accounting period arising in the Company’s Policyholders fund. In respect of
Participating policies any allocation to the policyholder would also give rise to a shareholder transfer in the required proportion.
Amounts estimated by the Appointed Actuary as Funds for Future Appropriation (FFA) in respect of lapsed Unit Linked Policies are setaside in the balance sheet and are not available for distribution to shareholders until expiry of the revival period.
r)Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year. For the purpose of calculating diluted earnings per share, the net profit
or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are
adjusted for the effects of all dilutive potential equity shares.
s) Cash and Cash Equivalents
Cash and cash equivalents for the purposes of Receipts and Payments account include cash and cheques in hand; bank balances
liquid mutual funds and other investments with original maturity of three months or less which are subject to insignificant risk of
changes in value.
3.
Contingent liabilities
Sr. No. Particulars
1
Partly paid-up investments
Nil
2
Claims, other than against policies, not acknowledged as debts by the Company
24,321
3
Underwriting commitments outstanding
Nil
4
Guarantees given by or on behalf of the Company
Nil
5
Refer Note Below
Statutory demands/liabilities in dispute, not provided for
6
Reinsurance obligations to the extent not provided for in the accounts
Nil
7
Others *
263,172
*Represents potential liability to the Company (net of reinsurance) in respect of cases filed against the Company’s decision of repudiation of
death claims and customer complaints.
11/10/15 4:11:36 PM
Schedules
Note: The company has received Show Cause-Cum-Demand notices for earlier period relating to Service Tax demands of ` 398,203 as at
31st March 2015 plus applicable interest and penalty. Basis legal opinion obtained, management is of the opinion that these show-cause
cum demand notices are not legally tenable and decided to contest at appellate authority.
4.Operating Lease Commitments
In accordance with Accounting Standard 19 (AS 19) on ‘Leases’, the details of leasing arrangements entered into by the Company are
as under:
The Company has entered into agreements in the nature of cancellable and non-cancellable lease/leave and license agreements with
different lessors/licensors for the purpose of establishment of office premises, leasehold improvements, furniture and fixtures, information
technology and office equipments. These are generally in the nature of operating leases/leave and licenses.
The operating lease rentals charged during the year and maximum obligations on operating lease payable at the balance sheet date, as per
the rentals stated in the agreements are as follows:
Particulars
Total lease rentals charged to Revenue Account
Current Year
518,656
Lease obligations for non–cancellable leases
- Within one year of the balance sheet date
384,889
- Due in a period between one year and five years
391,840
10,719
- Due after five years
5.
Foreign Exchange Gain/(Loss)
The Company has recorded foreign exchange loss of ` 462 in the Revenue Account and the same is included under “Interest and Bank
Charges” in Schedule 3.
6.Earnings Per Share
Particulars
Profit/(loss) as per profit and loss account
2,850,304
Weighted average number of equity shares
1,901,208,000
Earnings per share (Basic and Diluted) in `
1.50
Face Value per share #
Current Year
10
# Amount in absolute Indian Rupees
7. Actuarial Assumptions
The actuarial liabilities are calculated in accordance with accepted actuarial practice, requirements of Insurance Act, 1938 and the Insurance
Laws (Amendment) Act 2015 read with IRDA Circular No. IRDAI/F&A/CIR/FA/059/03/2015 dated March 31, 2015, Regulations notified by
Insurance Regulatory and Development Authority and Practice Standard prescribed by the Institute of Actuaries of India.
Unit Reserves
Unit reserves are computed by multiplying the number of units with the unit price as on the valuation date.
Non Unit Reserves
Prospective gross premium cash flow method is used to compute the non unit liabilities in respect of the policies in force as at March 31,
2015. The cash flows are projected based on assumptions that reflect the expected future experience and have an appropriate allowance for
Margins for adverse deviations. The major assumptions relate to mortality, interest, expenses, policy persistency and premium persistency.
Additionally, for traditional par policies current year bonus rate, future bonus rates and terminal bonuses (wherever applicable) consistent
with the valuation interest rate, transfer to shareholders and tax on the surplus are also taken into account while calculating the policy
liability.
Mortality rates are derived based on the Indian Assured Lives Mortality (2006-2008) table after making suitable adjustments depending
on the type of the product. Longitivity (for Annuity Products) rates are derived based on the LIC Annuitant table (96-98) table after making
suitable adjustments and with appropriate mortality improvements. Interest rates used to discount the future cash flows vary from 5.50%
to 7.75%. A prudent assumption is made for investment growth on the unit funds. An appropriate allowance is made for future policy
maintenance expenses and investment expenses. Policy persistency rates are derived based on expected future policyholder behavior. For
unit linked business, the discontinuance of premiums by the policyholders while keeping the benefits in force is allowed for by appropriate
premium persistency assumptions varying by product.
Additional provisions are made towards: i.
Investment guarantees for unit linked business
ii.
Substandard lives
iii.
Unearned premium/mortality charges (in accordance with IRDA Circular no. 50/IRDA/ACTL/CIR/GEN/050/03/2010)
iv.
Reserves for free look option given to the policyholders
11/10/15 4:11:39 PM
Schedules
Analysis of recent experience has indicated that about 2.0% of the individual policyholders tend to exercise the option. Accordingly,
with appropriate prudence, 2.5% of the total charges collected (from the 11th to the end of that month) for new policies/coverages
issued during a given month is being set aside as the reserve. For traditional products, modal premium received (from the 11th to the
end of that month) for new policies/coverage issued during the month is being set aside as reserve.
v.
Lapse policies eligible for revivals (in accordance with IRDA Circular no. 41/IRDA/ACTL/Mar-2006)
vi.
New Business Closure Reserve
vii. Cash Surrender Value Deficiency Reserve
viii. Premium Waiver Claim Provision
ix.
Incurred But Not Reported Reserve
For group yearly renewable term business, unearned premium method is used to compute the reserves. In addition to the unearned premium
method, provision is also made for incurred but not reported claims.
8.Provisions
Long Term Incentive Plan
The cost estimate determined after the factoring in assumptions in respect of criteria identified in the Plan which include the following
1.
Employee attrition rate
2.
Performance condition
3.
Discount rate
Particulars
Long Term Incentive Plan
Current Year
Opening balance
157,062
Additional provision made
113,614
(105,466)
Incurred and charged
Unused amount reversed #
(18,656)
Closing balance
146,553
Long Term Incentive
Nature of obligation
Upto 3 Years
Expected timing
Mentioned above
Assumptions
#The unused amount of Long Term Bonus Plan has been credited to ‘Employees’ remuneration, welfare benefit and other manpower cost in
Schedule 3.
9.Encumbrances
As on 31st March 2015, there were no encumbrances on the assets of the Company.
10. Commitments Made and Outstanding on Loans, Investments and Fixed Assets
The commitments made and outstanding for fixed assets by the Company as at 31st March 2015 are `99,400 net of advances.
11.Employee Benefits
a) Defined Benefit Plans
i)
Gratuity
The Company provides for gratuity, a defined benefit retirement plan covering all employees as at balance sheet date using
projected unit credit method. The plan provides a lump sum payment to vested employees at retirement or termination of
employment based on the respective employee’s salary and the years of employment with the Company. The gratuity
benefit payable is greater of the provisions of the Payment of Gratuity Act, 1972 and the Company’s Gratuity Scheme as
mentioned below:
Present value of Defined benefit obligations as at beginning of the year
Current Year
255,253
Service cost
47,552
Interest cost
20,599
Acquisition/Business Combination/Divestiture
Benefits paid
Past service cost
2,505
(52,752)
–
Actuarial (gain)/loss on obligations
–
(23,099)
Present value of Defined benefit obligations as at end of the year
250,057
11/10/15 4:11:42 PM
Schedules
Reconciliation of present value of the obligation and the fair value of the plan assets
Opening Fair Value of Plan assets
Contributions by the employer for the year
Current Year
276,152
22,937
Benefits paid
(52,752)
Expected Return on Plan Assets
23,512
Actuarial Gain/(Loss)
23,581
Closing Fair Value of Plan assets
293,429
Net asset/(liability) as at end of the year
43,372
Cost recognised for the year
Current service cost
47,552
Interest cost
20,599
Expected return on plan assets (23,512)
Past service cost
–
–
Actuarial (gain)/loss
(46,680)
Net gratuity cost
(2,042)
Transitional Liability expended in Revenue Account
Investment in Category of Assets (% Allocation)
Insurer Managed Funds*
100%
Group Stable Fund
0.00%
Group Short Term Debt Fund
0.00%
Discount rate
7.80%
Rate of return on plan
9.00%
6.00%
*The amount is invested in Group Secure Fund Plan 1 of Birla Sun Life Insurance Limited, Gratuity and Group Unit Linked Product
(GULP) scheme. Below is the asset allocation of fund.
Asset allocation
Current Year
99.73%
Debt securities
Equity and money market
0.27%
Total
100%
Experience Adjustments
Particulars
Defined Benefit Obligation
250,058
Plan Assets
293,429
Surplus/(Deficit)
(43,372)
Experience adjustment on Plan Liabilities
Experience adjustment on Plan Assets
2014-15
5,899
23,581
The contributions expected to be paid to the plan during the annual period beginning after the balance sheet date is `48,231.
ii) Accumulated Compensated Absences
The liability for accumulated compensated absences as at balance sheet date has been calculated by using projected unit
credit method. This method takes into account the pattern of availment of leave while in service and qualifying salary on the
date of availment of leave. However in case of short term liability the provision has been made to the extent of 50% of total
short term liability.
11/10/15 4:11:45 PM
Schedules
Present value of obligation for accumulated compensated absences as determined by the Actuary is given below:
Particulars
Current Year
132,505
Present value of obligations as at end of the year
–
Fair value of plan assets
Discount rate
7.80%
6.00%
(19,214)
Cost recognised during the year
iii)
The details of the Company’s Defined Benefit Plans in respect of the Company owned Provident Fund Trust.
Particulars
Current Year
Contribution to the Company Owned Employee's Provident Fund Trust
155,755
The Guidance Note on implementing AS-15, Employee Benefits (Revised 2005), issued by the ICAI states that the Provident Funds
set up by employers, which require interest shortfall to be met by the employer, needs to be treated as defined benefit plans. The
Company set up Provident Fund does not have existing deficit of interest shortfall.
The actuary has accordingly provided a valuation and based on the below provided assumptions there is no shortfall as at
31st March 2015.
The details of plan assets position are as under:
Particulars
Current Year
Plan Asset at Fair Value
1,733,391
Liability Recognised in the Balance Sheet
1,661,499
Assumption used in determining the present value obligation of interest
rate guarantee
7.82%
Discount rate for the term of the obligation
Guaranteed Interest Rate
9.5% For first
year and 8.80%
there after
b)Defined contribution plans
The Company has recognised the following amounts as expense in the Revenue account;
Particulars
Current Year
Contribution to superannuation fund
7,318
Contribution to ESIC
6,969
12.As per Accounting Standard 17 on ‘Segment Reporting’ read with the “Preparation of Financial Statements and Auditor’s Report of Insurance
Companies, Regulations 2002” and the Insurance Laws (Amendment) Act 2015 read with IRDA Circular no. IRDAI/F&A/CIR/FA/059/03/2015
dated March 31, 2015, the Company is required to report segment results separately as Participating non-linked, Non Participating Unit
Linked and Non Linked businesses, which are further segmented into Individual Life, Group Life, Group Life Variable, Annuity Individual,
Individual Pension, Group Pension, Group Pension Variable and Individual Health businesses. The same is disclosed in Annexure 1.
13.Related Party Disclosure
During the year ended 31st March 2015, the Company has had transactions with related parties as defined in Accounting Standard 18
on “Related Party Disclosures”. Related Parties have been identified by the management on the basis of the information available with
the Company. Details of related parties with whom, the Company had transactions, nature of the relationship, transactions with them and
balances at year-end, are detailed in Annexure 2.
13.Debit Balance in Profit & Loss Account
In accordance with IRDA (preparation of Financial Statements and Auditors' Reports of Insurance Companies) Regulation 2002 and the
Insurance Laws (Amendment) Act 2015 read with IRDA Circular no. IRDAI/F&A/CIR/FA/059/03/2015 dated March 31, 2015, debit balance in
Profit and Loss account carried to the Balance Sheet has been shown as deduction from General reserve to the extent of ` 406,127 as at
31st March 2015 and the balance of ` 6,279,918 as at 31st March 2015 is shown in Balance Sheet under application of funds.
15.The Board of Director of the Company has noted that there is deficit in the PAR policyholder’s account amounting to ` 2,492,727 and the
same has been charged to shareholders’ account. The board has recommended that the same would be subjected to approval of the
shareholders of the Company at the ensuing annual general meeting. The transfer amount is irreversible in nature and will not be recouped
to the shareholder at any point of time in future.
11/10/15 4:11:48 PM
Schedules
16.The interest & finance costs are net of reversal of interest provision amounting to `186,154 consequent to decision of CESTAT in favour of
the Company and expiry of statutory time frame for contesting the same during the period.
17. Disclosure of additional information in consolidated notes to accounts as per schedule III of Companies Act 2013.
Net Assets i.e. Total Assets Minus Total Liabilities
Share in Profit
Name of the Entity
As % of total consolidated net assets
Amount
As % of total consolidated net assets
Amount
1
2
3
4
5
Parent
Company Limited
100.02%
1,54,18,833
100.13%
28,54,029
Subsidiaries
–
–
–
–
Indian
–
–
–
–
-0.02%
(3,225)
-0.13%
(3,725)
Foreign
–
–
–
–
Minorities interest in all
subsidiaries
–
–
–
–
Associated
–
–
–
–
Indian
–
–
–
–
Foreign
–
–
–
–
Joint Venture
–
–
–
–
Indian
–
–
–
–
Foreign
–
–
–
–
Consolidation adjustment
–
(500)
–
–
100%
1,54,15,110
100%
28,50,304
Birla Sun Life Pension
Fund Management
Company Limited
Total
The above figures are gross up of Inter Company receivable/payable of ` 3646/-.
18.The Company has a process whereby periodically all long term contracts are assessed for material foreseeable losses. At the year end,
the Company has reviewed and ensured that adequate provision as required under any law/accounting standards for material foreseeable
losses on such long term contracts has been made in the books of account. The Company did not have any derivative contracts as at balance
sheet date.
For insurance contracts reliance has been placed on the Appointed Actuary for actuarial valuation of liabilities for policies in force. The
Appointed Actuary has confirmed that the assumptions used in valuation of liabilities for policies in force are in accordance with the
guidelines and norms issued by the Insurance Regulatory and Development Authority of India (“IRDA”) and the Institute of Actuaries of India
in concurrence with the IRDA.
19.The Company’s pending litigations comprise of claims against the Company primarily by the customers and proceedings pending with
Income Tax authorities. The Company has reviewed all its pending litigations and proceedings and has adequately provided for where
provisions are required and disclosed the contingent liabilities where applicable, in its financial statements. The Company does not expect the
outcome of these proceedings to have a materially adverse effect on its financial results. Refer Note 3 for details on contingent liabilities. In
respect of litigations, where the management assessment of a financial outflow is probable, the Company has made a provision of ` 174,506
as at 31st March 2015.
20.Depreciation on Tangible Fixed Assets is provided on Straight Line using the rates arrived at based on the useful lives as specified in the
Schedule II of the Companies Act, 2013 or estimated by the management. The company has used the following useful life to provide
depreciation on its fixed assets.
11/10/15 4:11:51 PM
Schedules
a)
Assets where useful life is same as Schedule II
Asset
b)
1. Information Technology Equipment
3 years
2. Office Equipment
5 years
Assets where useful life differ from Schedule II
Useful Life as
Prescribed by
Schedule II of
the Co. Act,2013
Estimated Useful Life
10 years
5 years
Information Technology Equipment-Server
6 years
3 years
Mobile Phones
5 years
2 years
Vehicles
8 years
4/5 years
Asset
Furniture & fittings
Useful Life as Prescribed by Schedule II of the Co. Act,2013
Useful life of assets different from prescribed in Schedule II has been estimated by management supported by technical assessment. The revision in the useful life of the above mentioned categories as prescribed in the Schedule II of the Companies Act 2013, would
have resulted in lower depreciation to the extent of ` 37,779/-.
21.Previous year Comparatives
This being the first year of Consolidated Financial Statements Comparative figures for the corresponding previous year have not
been furnished.
Chairman
(DIN - 00012813)
Ajay Srinivasan
Director
(DIN - 00121181)
Pankaj Razdan
Mayank Bathwal
(DIN - 00061240)
Executive Officer
Anil Kumar Singh
& Appointed Actuary
Donald A. Stewart
Director
(DIN - 00438164)
Amit Jain
Amber Gupta
Company Secretary
11/10/15 4:11:54 PM
Premium earned-Net
(a)Premium
(b)Reinsurance ceded
(c)Reinsurance accepted
Sub-Total
(a)Interest, Dividend & Rent - Gross
Investments
Investments
(d)Transfer /Gain (Loss) on
Sub - Total
Other Income
(a)Contribution from the Shareholders'
Account
(b) Others (Interest etc)
Sub - Total
TOTAL (A)
Commission
Insurance Business
Provision for Tax
investment (net)
(b)Others ( to be specified )
TOTAL (B)
Benefits paid (Net)
(a)Gross
(b)Fund Reserve
(c)Fund Reserve - PDF
(d)(Amount ceded in Re-insurance)
(e)Amount accepted in Re-insurance
TOTAL (C)
Appropriations
Appropriations
TOTAL (D)
(a)Interim Bonuses Paid
Policyholders
Revenue Account
(d)Total Surplus : {a+b+c}
Particulars
(17,521)
(68,866)
885,729
(1,256,294)
8,878,799
908,637
42,988,654 3,571,317 2,530,780
433,237
–
(12,151)
347,046
98,342
3,873,618
3,873,618
154,846
154,846
56
56
–
–
–
–
–
–
–
–
–
–
34,522
34,522
–
–
34,522
–
–
–
–
–
–
–
–
205,826
205,826
–
–
205,826
205,826
–
–
91,575
91,575
–
–
91,575
91,575
–
–
–
–
56
37,763
–
(37,707)
–
–
64,324
–
–
–
–
–
154,846
210,242
–
–
–
–
–
3,873,618
1,572,826
–
–
–
–
–
48,307
–
(13,785)
3,341
6,674
–
–
–
–
154,846
–
–
3,446
–
–
–
–
–
770,634
–
(21,613)
617,319
174,928
4,370,702
–
(497,084)
145,200
32,265
–
–
–
–
1,364,825
–
(184)
1,263,467
101,542
Non Linked Business
23,929
23,929
–
–
23,929
23,929
–
–
–
–
114
7,509
–
–
32,994
–
–
–
–
40,503
23,929
(10)
–
–
–
–
–
–
763
763
64,546
124
25,596
–
(3)
23,695
1,904
38,187
–
–
38,187
Group
Pension
234,312
–
(6,553)
186,990
53,875
23,273
–
–
–
–
–
26,637
26,637
–
–
26,637
26,637
–
–
–
–
–
–
–
–
–
–
–
–
–
–
7,779
23,273
25,223
564,599
–
–
–
–
157,374 1,133,886
–
–
–
–
–
–
–
–
182,597 1,698,485
26,637
–
5,207
–
–
–
–
–
–
81,497
764
7,114
764
88,611
217,013 1,721,758
2,572
–
66,016
–
(5)
62,302
3,719
150,233 1,398,835
–
–
–
–
150,233 1,398,835
Group Life Pension
Annuity
–
–
–
–
–
–
–
–
13,900 2,121,894
218,283
64,324
134
756,852 1,626,266
91,541
–
–
–
–
–
–
–
–
27,850 10,248,781 1,402,380 4,002,537
121,527
–
–
–
–
–
–
–
(5,982) (2,919,102)
69,303
–
–
–
–
–
143,529 8,086,531 3,097,949 4,094,078
34,522
–
205,826
91,575
71,706
33,009
–
–
–
–
Group
Life
8,636,800 3,302,150 3,797,427
(344,824) (567,520)
–
–
–
–
8,291,976 2,734,630 3,797,427
Individual
Life
–
459,355
–
–
567
92,269
16,794
19,313
567
551,625
16,794
19,313
191,951 10,208,426 3,522,058 4,249,977
3,885
549,068
8,041
–
83,673
1,489
(2,444)
17,585
67,043
110,570
(2,859)
–
107,711
Health
Individual
–
–
–
–
–
–
–
–
3,445,894
105,072
201,913
3,511
28,123,220 2,548,327 2,689,086
724,812
–
–
–
–
–
–
–
–
(2,143,438)
13,911 (173,702)
(184)
28,282,755 4,555,409
695,960
685,154
3,984,381
–
239,835
–
1,435,504
846
118
–
–
–
–
–
59,682,422 7,118,493 3,451,297 1,409,782
3,873,618
154,846
56
–
1,632,465
947,942
–
–
–
–
–
–
–
93,195
161,403
19,266
5,681
2,074
161,403
19,266
5,681
95,269
67,001,934 7,378,411 3,653,266 1,413,293
865,486
357
24,448
65
225,353
428,406
(82,631)
387,215
313,590
Group
Pension
8,497,742 1,521,916
499,906
26,868,407 1,232,538 1,685,099
Pension
Individual
409,387
–
–
409,387
Group
Life
24,575,983 3,788,184 1,117,091
(724,106)
(356)
(286)
–
–
–
23,851,877 3,787,828 1,116,805
Individual
Life
Linked Business
–
–
–
–
–
–
–
–
–
–
8,473
431,553
–
–
128,162
–
–
–
–
559,715
–
8,212
–
–
–
–
–
27,057
2,365
29,422
568,188
261
73,724
–
(2,062)
58,835
16,951
465,042
–
–
465,042
Group
Pension
Variable
Form A-RA
Consolidated Revenue Account for the period ended March 31st, 2015
6,436
6,436
–
–
6,436
6,436
–
–
–
–
1,001
2,579
–
–
(2,190)
–
–
699
–
1,088
6,436
607
–
–
–
–
–
–
55
55
8,525
394
335
–
–
310
25
9,789
(1,654)
–
8,135
53,092,074
10,419,776
(1,470,354)
13,521,864
30,620,788
52,332,246
(1,648,583)
–
50,683,663
Total
–
631,155
2,847
628,308
–
–
–
–
–
–
5,845,321
124,352
2,847
–
1,107,573
–
–
(13,712)
–
1,221,060
-
4,966,285
–
–
–
–
–
4,417,446
5,048,601
2,847
628,308
4,417,446
4,966,022
–
(548,576)
–
–
12,060,750
37,716,053
2,847
–
15,935,934
34,340,805
4,224,216
(1,432,326)
–
90,787,529
4,417,446
8,707,124
1,019,890
–
–
–
–
2,492,727
3,153,831
7,729
336,157
2,500,457
3,489,988
7,066,381 107,265,725
879,035
2,333,736
40,334
–
(27)
37,536
2,825
4,532,568
(6,978)
–
4,525,590
Par
Non Linked
Health
Business
Individual
Individual Life
Annexure 1
11/10/15 4:11:57 PM
Pension
Individual
Group Life
Individual
Life
Linked Business
Sources of Funds
Shareholders' funds:
Share Capital
–
–
–
–
–
–
Credit/(Debit) / Fair Value Change
Account
–
–
–
Sub - Total
–
–
–
Borrowings
–
–
–
Policyholders' Funds:
Account
–
–
–
Policy Liabilities
2,224,970
40,075
77,645
Insurance Reserves
–
–
–
171,113,887 23,066,548 10,727,781
(i)Discontinued on account of
non-payment of premium
8,700,501
–
278,157
(ii)Others
Account (Linked)
23,103,944 1,013,388
503,232
202,918,332 24,079,936 11,509,170
Sub-Total
205,143,302 24,120,011 11,586,815
- Linked Liabilities
127,400
–
10,237
Total
205,270,702 24,120,011 11,597,052
Investments
Shareholders'
–
–
–
Policyholders'
2,257,813
38,464
84,350
Assets Held to Cover Linked Liabilities 202,918,332 24,079,936 11,509,170
Loans
378,749
–
–
Fixed Assets
230,891
35,590
10,495
Current Assets
2,216,892
341,715
100,768
(457,946) (577,358)
9,676
Sub-Total (A)
1,758,945 (235,642)
110,444
Current Liabilities
1,998,987 (480,257)
448,047
Provisions
131,050
20,200
5,957
Sub-Total (B)
2,130,037 (460,057)
454,003
(371,091)
224,413 (343,560)
–
–
–
Adjusted)
–
–
–
Account (Shareholders' Account )
Total
205,414,694 24,378,403 11,260,455
Note: Advances and other assets allocated to shareholders' include tax assets.
Particulars
Form A-BS
Consolidated Balance Sheet as at 31st March 2015
–
–
–
–
–
–
–
–
–
–
779,088
1,849,001
2,628,089
1,141,899
46,055
1,187,954
1,440,134
–
–
297,872
1,646,409
1,944,282
2,418,347
17,608
2,435,955
(491,673)
–
342,549
147,316
489,865
404,568
20,249
424,818
65,047
493,434 19,605,224 8,447,872 5,108,935
–
–
6,151,006
9,974
8,936
18,910
39,641
590
40,230
(21,320)
–
293,013
–
3,445
6,180
9,623
5,778
204
5,982
3,642
–
–
289,012
–
–
359
–
301,115
–
–
301,115
–
–
301,115
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
126,183
54,266
180,449
149,028
7,459
156,487
23,961
–
41,949
18,042
59,991
49,602
2,480
52,081
7,910
438,599 3,646,892 1,148,070
13,552
5,841
19,393
14,348
801
15,149
4,244
–
–
–
432,944 3,609,789 1,135,791
–
–
–
–
–
–
1,411
13,142
4,369
–
451,076 3,898,405 1,183,358
–
–
–
–
451,076 3,898,405 1,183,358
–
– 137,438
–
451,076 3,760,967 1,183,358
–
–
–
–
–
–
–
–
Group
Pension
36,359
–
883
(17,644)
(16,761)
(50,218)
52
(50,166)
33,405
–
–
2,862
–
–
92
–
2,982
–
–
2,982
–
–
2,982
–
–
–
–
–
–
–
1,285,920
–
473
590,493
590,965
634,175
24,170
658,346
(67,381)
–
–
1,310,718
–
–
42,583
–
1,369,446
–
–
1,369,446
–
3,836
1,365,610
–
–
–
–
–
–
–
Total
8,978,658
6,279,918
4,312,393
3,871,944
8,184,337
6,817,575
279,135
7,096,710
1,087,627
–
22,375,735 310,084,615
6,279,918
121
572,850
572,971
–
78
78
572,893
–
15,522,923 15,522,923
– 41,311,520
– 245,012,216
–
378,749
–
491,661
–
184,774
21,695,028 310,084,615
– 24,879,886
– 245,012,216
– 288,204,813
–
–
335,732
– 42,856,865
–
–
– 211,153,672
–
–
21,695,028 21,695,028
–
–
19,012,080 19,012,080
2,682,948 2,682,948
Par
Group
Health
Individual
Fund
Pension
Individual
Life
Variable
36,929
15,882
52,812
43,629
2,183
45,812
7,000
–
–
–
–
–
135,507 18,083,946 8,908,521 5,008,211
378,209
–
–
–
–
–
–
–
1,039
81,143
31,024
35,677
–
13,592
6,126,569
–
3,846
–
47,137
–
–
519,391 18,994,152 9,323,212 5,217,954
–
–
6,140,731
–
1,489
–
–
378,209
–
–
–
472,254 18,994,152 9,323,212 5,217,954
–
257,833
6,126,569
6,140,731
–
5,868,736
–
–
–
–
–
–
152,854
41,604
–
94,045 18,841,298 9,281,608 5,217,954
–
–
376,720
–
–
–
–
–
–
–
–
–
–
14,162
–
–
–
–
Group
Pension
Non Linked Business
Group
Pension Annuity
Health
Individual
Group Life
Life
Individual
Life
Variable
Annexure 1
11/10/15 4:12:01 PM
Total Gross
Premiums
Single Premiums
–
8,456
3,644
803,150
310,297
409,387
–
350,809
58,578
Group
Life
22,146
117,671
939,197
–
–
110,570 8,636,800 3,302,150 3,797,427
–
110,484 7,089,963
Non Linked
38,187
–
45,552
(7,365)
–
82,351
150,233 1,398,835
150,233
–
– 1,316,484
Group
86 1,524,691 2,245,282 3,797,427
Pension
Group
Health Individual
Life
Linked Business
24,575,983 3,788,184 1,117,091
122,046
2,502,590 3,779,728
First Year Premiums
Group
Life
Individual
Life
Particulars
Schedule 1
465,042
–
15,030
450,012
9,789
–
8,327
1,462
Total
415,740
4,532,568 52,332,246
–
1,548,155 32,952,821
2,984,413 18,963,685
Par
Non Linked
Group
Health
Individual
Pension
Individual
Life
Variable
Annexure 1
11/10/15 4:12:04 PM
Net Commission
357
–
–
865,486
–
357
355
2
–
24,448
–
–
24,448
14,144
10,250
54
65
–
–
65
–
65
–
3,885
–
–
3,885
(614)
4,499
–
549,068
–
–
549,068
295,716
252,922
430
Linked Business
Group
Life
Life
–
865,486
Sub-Total
Add: Commission on
Less: Commission on
Re-insurance Ceded
215,646
647,834
2,006
Commission Paid
Renewal Premiums
Single Premiums
Particulars
Individual
Life
Schedule 2
8,041
–
–
8,041
2,616
5,153
272
Group
Life
–
–
–
–
–
–
–
124
–
–
124
(541)
665
–
2,572
–
–
2,572
(22)
–
2,594
–
–
–
–
–
–
–
261
–
–
261
261
0
–
394
–
–
394
173
221
–
Total
–
–
879,035 2,333,736
–
–
879,035 2,333,736
793,438 1,321,172
85,597 1,007,208
–
5,356
Non Linked Business
Par
Group
Pension Annuity
Group
Group
Health Non Linked
Life
Life
Variable
Variable
Annexure 1
11/10/15 4:12:07 PM
14
Total
Expense
Expenses
Depreciation
Employees' remuneration
Travel, conveyance and vehicle running
expenses
3 Training expenses
9 Medical fees
10 Auditor's fees, expenses, etc.
(a) i) as auditor
in respect of
13 Others:
other expenses
expenses
maintenance)
5) Policy stamps
charges
1
2
Sr.
Particulars
No.
13
–
3
0
6,953
–
1,231
(0)
1,632,465
71,706
–
697
790
972
1,223
4,128
115,442
–
46,851
16,378
65,475
56,130
2,258
23,200
–
99
(4)
71,090
1,406
–
–
62
1,246
–
–
355
112,161
(74,017)
–
–
66
3,182
270
254
1,125
933
13
–
42
3
–
16,659
132,254
39,008
17,871
51,507
36,073
12,761
–
2,586
193
–
–
–
50,579
3,752
Group
Life
845,337
35,561
Individual
Life
145,200
–
3,226
1,015
4,830
4,060
–
–
–
165
(0)
1,173
–
8,642
1,971
5,595
110
–
22
7,377
(6,094)
2,292
11,968
4,306
1,262
3,632
2,328
–
–
157
12
–
83,566
3,585
Pension
Individual
3,446
–
11
136
20
27
–
–
–
–
29,643
7,354
44,852
37,506
–
–
–
1,654
(0)
25,552
–
80,567
27,551
98,676
2,305
–
194
157,346
(57,669)
22,971
114,789
42,294
13,913
33,995
20,248
7,442
–
1,412
105
–
825,544
34,582
3,341 1,572,826
–
263
84
336
295
–
–
–
(1)
0
–
–
154
–
0
0
580
(10)
(191)
(8)
–
2
(359)
(319)
(18)
465
62
72
274
209
1
–
17
1
–
1,505
81
Health Individual
Individual
Life
67
49
0
(0)
–
1
16
–
3
49
4
4
21
74
–
–
1
0
–
2,716
93
Group
Pension
Linked Business
Schedule 3
210,242
–
435
362
603
756
–
–
–
2
0
124,954
–
2,578
1,526
723
15
–
39
2,072
–
40
1,989
169
191
707
519
40,062
–
27
2
–
64,324
–
700
382
962
1,201
–
–
–
3
–
11
–
4,138
2,203
1
(7)
–
62
1,059
–
61
3,197
271
250
1,115
738
2
–
43
3
–
(10)
–
28
14
37
33
–
–
–
0
–
–
–
64
(25)
(149)
(4)
–
0
(295)
(37)
1
57
11
1
28
24
–
–
2
0
–
5,207
–
85
27
145
118
–
–
–
9
0
8
–
264
53
85
1
–
0
(17)
(213)
120
464
197
30
100
56
4
–
3
0
–
23,273
–
243
173
335
419
–
–
–
1
0
266
–
1,435
768
0
(2)
–
22
367
–
22
1,108
94
87
388
275
–
–
15
1
–
8,212
–
83
57
114
143
–
–
–
0
0
87
–
491
276
72
1
–
7
267
–
7
379
32
33
133
93
0
–
5
0
–
607
–
30
8
37
33
–
–
–
(0)
0
1
–
64
11
44
1
–
0
90
(35)
(3)
49
5
11
32
23
15
–
2
0
–
–
146,324
39,725
227,474
190,207
–
–
–
9,605
(0)
167,131
–
418,065
142,976
464,830
10,661
–
1,080
705,992
(112,794)
134,032
623,248
237,730
67,635
170,253
100,139
61,648
–
6,601
491
–
4,966,285 8,707,124
–
64,029
12,945
108,756
88,263
–
–
–
6,538
(0)
7,959
–
199,605
83,145
288,785
6,847
–
314
424,662
25,590
91,811
353,298
151,007
33,656
77,196
38,546
1,348
–
2,289
171
–
Par
Non Linked
Group
Total
Group Group Life Pension
Annuity
Group
Health
Business
Pension
Life
Variable
30,160
44,278
187
3,513
15,979
5,496
181
2,782,382 4,691,423
2,311
3,651
13
154
1,277
436
8
117,143
202,647
Non Linked Business
Annexure 1
11/10/15 4:12:10 PM
(iv)
Survival and Others
Health
Riders
Surrender
–
28,123,220
(d) Other benefits
Total
2,548,327
–
–
–
–
–
–
(a) Claims by Death
–
–
–
(509)
–
–
–
2,547,957
–
–
–
Amount accepted in
reinsurance:
–
(400,925)
89,297
–
15,047
26,692,586
–
–
131
370,633
(a) Claims by Death
(ii)
(iii)
(i)
(d) Other benefits
879
Group
Life
1,356,451
Individual
Life
2,689,086
–
–
–
–
–
–
–
(200)
(436)
–
500
2,503,190
–
127,255
58,777
Pension
Individual
724,812
–
–
–
–
–
–
–
–
–
–
–
714,719
–
–
10,093
Group
Pension
Linked Business
134
–
–
–
–
(1,259)
–
–
–
(188)
(212)
7
7
–
–
1,779
Health
Individual
756,852
–
–
–
–
–
–
–
(425,491)
5,882
–
8,312
25,889
–
6,020
1,136,240
Individual
Life
1,626,266
–
–
–
–
–
–
–
(517,942)
–
–
9,298
1,283,021
–
–
851,889
Group
Life
91,541
–
–
–
–
–
–
–
–
–
–
–
91,541
–
–
–
7,509
–
–
–
–
–
–
–
–
1,611
–
–
2,614
–
–
3,284
Group Life Pension
Variable Individual
25,223
–
–
–
–
–
–
–
–
25,223
–
–
Annuity
Individual
Non Linked Business
564,599
–
–
–
–
–
–
–
–
–
–
–
564,453
–
–
146
Group
Pension
–
–
–
431,553
–
–
–
–
–
–
–
–
–
–
–
431,553
Group
Pension
Variable
2,579
–
–
–
–
(2,430)
–
–
(8,986)
(25)
11,831
–
2,582
–
–
(393)
25,354
503,908
3,536,825
Total
42,634
96,183
11,619
–
–
–
–
(3,689)
–
–
124,352 37,716,053
–
–
–
–
–
–
–
(2,681) (1,356,734)
42
–
9,470
(159) 34,859,953
–
–
117,680
Par
Non Linked
Health
Individual
Individual
Life
Annexure 1
3
2
Insurance Claims
1
(a) Claims by Death
Particulars
Sr.
No.
Schedule 4
Benefits Paid (Net) for the year ended March 31st, 2015
11/10/15 4:12:13 PM
Aditya Birla Minacs Worldwide Limited (upto 8th May 2014)
Aditya Birla Money Insurance Advisory Services Limited
Aditya Birla Financial Shared Services Limited
Aditya Birla Customer Service Private Limited
Birla Sun Life Assets Management Company Limited
Aditya Birla Financial Services Limited
(Formerly Known as Aditya Birla Financial Service Private Limited)
(w.e.f. 4th December 2014)
Mr Pankaj Razdan (w.e.f. 1st January 2014)
Managing Director
3
4
5
6
7
8
9
10
11
12
Note 1:
Note 2:
Note 3:
Note 4:
Note 5:
Note 6:
Note 7:
Fellow Subsidiary
Key Management
Personnel
Fellow Subsidiary
Fellow Subsidiary
Fellow Subsidiary
Fellow Subsidiary
Fellow Subsidiary
Fellow Subsidiary
Fellow Subsidiary
Fellow Subsidiary
Fellow Subsidiary
Fellow Subsidiary
Foreign Promoter
3
Holding Company
a) Managerial Remuneration
b) Interest income on NCD
c) Final Dividend paid
d) Share capital Reduction
e) Share Premium
f) Recovery of Expenses
a) Final Dividend paid
b) Share capital Reduction
c) Share Premium
c) Security Deposit received
d) Purchase of NCD
e) Interest income on NCD
f) Repayment of Housing loan recovered from employees
a) Expenses for outsourcing of Accounts Payable and call centre activities
a) Payment towards Advertisement Expenses
b) Reimbursement of Expenses
b) Recovery of expense
a) Payment of Commission
b) Payment towards co-branding of Expenses
a) Payment of Brokerage
a) Advance given for expenses
b) Reimbursement of expenses
c) Recovery of expense
a) Reimbursement of Advertisement Expenses
b) Recovery of Expenses
4
Nature of Transaction
811
37,615
–
518,000
–
–
116
182,000
–
–
362
20,841
–
250,000
29,525
1,874
7,298
3,000
747
–
23,163
2,000
13,154
113,940
109,904
344
489
10
–
107
9,021
4,709
171,477
31st March 2015
5
Audited
transactions
during the year
ended
(811)
–
Audited
Outstanding
balance
recoverable/
(payable) as on
31st March 2015
6
–
–
–
–
–
116
–
–
–
–
2,427
(8,830)
350,000
22,483
–
–
(3,747)
–
–
(6,541)
–
(199)
(3,681)
–
–
–
(345)
–
–
–
(2,376)
(31,046)
Annexure 2
Premium received from the related parties against life insurance products sold at market rates for the year ended 31st March 2015 is ` 30,976.
There are no provisions for doubtful debts, amounts written off or amounts written back pertaining to the above transactions.
Related party relationship have been identified by the management and relied upon by the auditors.
Related party transactions disclosed above denote the transactions entered during the existence of related party relationship.
All the above transactions are reported inclusive of service tax, wherever applicable.
Transactions of Aditya Birla Money Insurance Advisory Service Limited for the year ended 31st March 2015 includes service tax of ` 220.01.
The Group Insurance business related advances by the holding company is outstanding in the books as of 31st March 2015 to the extent of ` 1,565, There is an interest payment to the extent of 178 in relation to the Group Pension Scheme of the
holding company.
Sun Life Financial (India) Insurance Investment
2
13
14
2
Name of the related Party with whom the transaction has been made
1
1
Sr.
No.
Description
of Relationship with
the party
Related Party Disclosure for the year ended 31st March 2015 required for Consolidation with parent company, Aditya Birla Nuvo Limited
Disclosures in respect of transactions with Related parties and outstanding for the year ended 31st March 2015
11/10/15 4:12:17 PM
Cash Flow Statement
Consolidated Receipts and Payments account (Cash Flow Statement)
For the year ended 31st March 2015
Audited Year Ended
31st March 2015
Particulars
Cash flow from operating activities (A)
51,905,194
(266,909)
(281,180)
(2,367,402)
–
(10,168,901)
(39,194,221)
38,426
–
312,110
–
–
(22,882)
–
(22,882)
Premium received from policyholders, including advance receipts
Payments to the re-insurers, net of commissions and claims
Application money deposit & due to Policy holders
Payments of commission and brokerage
Deposits taken from/(refunded to) agents
Payments of other operating expenses
Payments of claims
Deposits & others
Deposits with Reserve Bank of India
Other receipts
Income taxes paid (Net)
Service tax paid
Cash flows before extraordinary items
Cash flow from extraordinary operations
Net cash flow from operating activities (A)
Cash flow from investing activities (B)
(327,810)
7,930
(57,859)
–
(1,769,649,540)
1,757,480,805
(12,343)
10,893,384
1,732,850
67,417
Purchase of fixed assets
Proceeds from sale of fixed assets
Loan against Policies
Loans disbursed
Purchase of investment
Proceeds from sale of investment
Expenses related to investments
Interest received (net of tax deducted at source)
Dividend received
Net cash inflow from investing activities (B)
Cash flow from financing activities (C)
–
–
(700,000)
(118,965)
–
(818,965)
(774,430)
5,076,825
4,302,395
Share capital issued / (Redemption)
Share premium
Dividend paid
Dividend distribution tax
Net cash used in financing activities (C)
Net increase / (decrease) in cash and cash equivalents (D=A+B+C)
Cash and cash equivalents at beginning of the year
Cash and cash equivalents as at end of the period
Notes:
1. Cash and cash equivalents at end of the period / year includes:
Bank deposits maturing > 3 months considered in investment activities
Temporary Overdraft (as per books only)
Cash and cash equivalents
4,312,395
(10,000)
–
4,302,395
ICAI Firm
ICAI Firm
per Amit Kabra
Partner
Hasmukh Dedhia
Partner
Chairman
(DIN - 00012813)
Ajay Srinivasan
Director
(DIN - 00121181)
Pankaj Razdan
Mayank Bathwal
(DIN - 00061240)
Executive Officer
Anil Kumar Singh
& Appointed Actuary
Donald A. Stewart
Director
(DIN - 00438164)
Amit Jain
Amber Gupta
Company Secretary
11/10/15 4:12:20 PM
NOTES
11/10/15 4:12:20 PM

Annual Report 2014-15 - Birla Sun Life Insurance

Transcription

Similar documents

Debt Service - Rocky Point High School

Mocse_Equity insert - Mocse Federal Credit Union

Mark Machlis Monte Zwang

CHOICEPAY

registration form 002 copy

DISPATCH - CAHP Credit Union

AVS24 2.4 GHZ Wireless Audio/Video Sender

choicepay - Quantum Solutions

HENYEP CAPITAL MARKETS

Credit Coaching Strategies for Complex Credit Reports