BSLI Annual Report 2010-11

20
Annual Report 2010 - 11

for the year ended 31st March, 2011
Dear Shareholders,
On behalf of the Directors, I present the eleventh Annual Report, together with the Audited Statement of Accounts, of Birla Sun Life Insurance
Company Limited (the Company/BSLI) for the year ended 31
st
March, 2011.
FINANCIAL PERFORMANCE
The Life Insurance Industry witnessed strong performance from its inception till 2009-10. The Regulator (IRDA) introduced a number of
regulatory changes in FY 2010-11 to create a more robust platform for future growth. This led to the existing players in the industry reviewing
their business strategies. We responded proactively to the changing regulations by reviewing our product strategy, distribution set up and
operating model. This included moving towards a more balanced product mix and taking several steps to further strengthen our multi-channel
distribution architecture.
The summary of financial performance for BSLI is as under:
(` in Mn)
Particulars Current Year
FY 2010-11
Previous Year
FY 2009-10
Inc (%)
over FY 10
Income
Gross premium income 56,771 55,057 3%
Reinsurance (net) (825) (803) 3%
Total premium income (net) 55,946 54,254 3%
Income from investments
Policyholders 14,919 40,032 -63%
Shareholders 384 301 28%
Investment Income 15,303 40,333 -62%
Other Income 237 143 65%
Total Income 71,486 94,730 -25%
Less:
Commission 3,806 5,162 -26%
Expenses (including depreciation) 12,040 13,276 -9%
Benefits paid (net) 19,344 11,388 70%
Provisions for actuarial liability (net) 33,253 69,260 -52%
Provision for taxation (6)
Profit for the Current Year 3,050 (4,355) N.A.
Add: Loss bought forward from Previous Year (20,275) (15,920) 27%
Total Loss as on date (17,225) (20,275) -15%
The Company achieved total premium revenue of ` 55,946 Mn, mainly driven by strong renewal premium growth of 41%. As we transitioned
into the new commission regime, our new business fell as did that of the private sector as a whole.
We are pleased to announce the maiden annual profit for the Company, having declared profits for all four quarters in a row. The Company
recorded a net profit of ` 3,050 Mn in FY11 against a loss of ` 4,355 Mn in last year. Going forward, the Company is confident of funding its
business growth through internal accruals. The Company recorded good performance across a range of key financial parameters as detailed
below:
while the total remium revenue amounted to ` 56,771 Mn registering a growth of 3%, the renewal premium of ` 35,968 Mn registered
a robust growth of 41% over the previous year. As an insurer with a long-established track record, a significant portion of our business
(95%) is on regular premium basis, which has provided us with a regular stream of renewal premiums. New business premium amounting
to ` 20,803 Mn was lower than previous year by 30% for the reasons mentioned before.
The Renewal remium qrowth rellects the healthy state ol our business in terms ol quality ol sales, servicinq and underwritinq caabilities.
The Company stands in the top quartile amongst competitors on several persistency measures as disclosed by IRDA.
The total commission as % ol total remium has declined lrom O.4% in the revious year to G.7% durinq the year under review.
The Comany maintained excellence in investment erlormance lor its olicyholders. For all its unit linked lunds, the Comany delivered
superior fund performance across the board, consistently beating benchmarks.
The Comany took several stes to rationali/e exenses across its oerations to increase value to the customer without comromisinq
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21
on profit margins in the medium to long term. We believe that the Companys profitable journey starting with the maiden profit of
` 3,050 Mn during the year, is sustainable given the business environment. These profits are primarily driven by in-force business,
declining expense ratios and changes in product structures to reduce new business strain.
iven the robust linancial erlormance, there has been no caital inlusion lor the current year. The solvency osition lor the Comany
has improved from 2.10 in FY10 to 2.88 in FY11.
We believe that the Company is well-positioned to grow profitably and gain market share, leveraging its strong brand, innovative products,
talented team and distribution reach.
BUSINESS REVIEW
Industry Scenario
The Indian life insurance industry has witnessed a decade of high growth since it was opened to private players in 2000. Today the industry
comprises of 23 players with more than 2.7 million agents spread across 11,000 branches. The multi distribution set up is well entrenched
with Agency and Banca channels contributing more than 80% of new sales. After a decade of strong performance, which catapulted the Indian
life insurance industry to amongst the top 5 countries in Asia, there is still scope for improving the insurance penetration levels.
The ndian lile insurance market has been a redominantly bnit Linked nsurance Flan ("bLF") market. The same was driven by
advantages offered in these products, need of the customer and growth of equity markets during the last decade or so. During FY11,
several regulations impacting the products as well as distribution were made effective.
Froduct related requlations. hew requlations qoverninq desiqn ol bLFs, made ellective in Se'1O, brouqht about a aradiqm chanqe
across the sector. These new guidelines capped the overall charges, increased the minimum sum assured component, capped the
surrender charges and imposed minimum prescribed returns to customers. The new regulations also required unit-linked pension to be
offered with minimum guaranteed return of 4.5% p.a.
Bistribution related requlations. RBA, with a view to imrove the quality ol distribution, issued quidelines.1) to tiqhten the rocess
around licensinq ol cororate aqents and 2) to imrove quality ol individual lile aqents by rescribinq minimum ersistency requirements
during the year.
n the lonq run, these requlations, which kee customer interests as the local oint, should ositively imact the business.
bnder the new quidelines, bLFs are simlilied and less exensive, thereby makinq it a more comellinq roosition lor consumers in
the long-term vis--vis other comparable retail financial products.
The new quidelines will require layers to imrove customer stickiness and otimi/e cost structures.
iven the above, it is imortant to look at industry erlormance u to Se'1O and Fost Se'1O, when the new quidelines were made
ellective.
Particulars New Business (` Mn) Growth % over previous year same period
YTD Sep10 Oct10-Mar11 FY11 YTD Sep10 Oct10-Mar11 FY11
Frivate Flayers 137,261 151,064 288,325 13% -34% -17%
LC 206,937 202,927 409,864 11% -28% -13%
Industry 344,198 353,990 698,188 12% -31% -15%
As the table shows against a growth of 13% in the first half of the financial year, the private sector witnessed a decline of 34% over the next
six months. This was rimarily on account ol.
withdrawal ol old bLF roducts and transitioninq to new bLF roducts under a new commission reqime necessitated by the new
regulations.
Several layers movinq to a balanced mix ol bLF and hon bLF roducts in the roortion ol aroximately 7O.8O resectively in 08
(lor to 7 layers).
Movement to sinqle remium lrom Se'1O onwards by several rivate layers (87% in h2 aqainst 14% in h1 ol total individual new
business remium).
At the end of the year under review, the Companys market share stood at 7.0% among private players and 2.9% for the total market.
Summary of Operations and Business
The total premium amounted to ` 55,946 Mn, driven by strong renewal premiums leading to growth of 41% in renewal premiums over
the previous year.
0ur new business sales were imacted due to withdrawal ol our old bLFs and time required lor accetability ol new roducts. For
the full year, new business amounted to ` 20,803 Mn resulting in a de-growth of 30% in new business for the Company. We are fairly
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22
confident on gaining lost ground in the coming year, on the back of a robust product portfolio, higher distribution capacities, better
distribution productivity and a strong brand.
n the last two years, we have locused on a conscious strateqy ol capital conservation and profitability improvement. The endeavor
to improve profitability and capital efficiency paid off in the current year with the Company registering a profit of ` 3,050 Mn. The year
saw an improvement in expense ratio i.e. from 24% in FY10 to 21% in FY11. This was made possible on the back of several initiatives
imlemented to otimi/e the cost structure.
BSL continues to lollow a successful multi-channel distribution strategy with around 600 branches, 5 Bank partners and >200 third
party distributors.
Agency Channel continues to be the Companys largest distribution channel accounting for 71% of the individual life business written
in the year and registering new business premium of ` 12,OO5 Mn. we believe that we have been able to achieve an otimal aqency si/e
which enables us to cover the entire geography as well as focus on a more productive core. The Company going forward will continue
to gradually create distribution capacities that are sustainable in the long-run. In Agency channel, the Company currently is in the top
quartile lor FLS (Front line stall) roductivity but we reali/e that hiqher utili/ation ol existinq caacities in the aqency channel will become
critical as we move lorward. As a result, the Comany has imlemented locused roqrams to drive rolessionali/ation ol sales lorces
and agents, which is expected to deliver result in the coming year. The Company has taken initiatives through sharply defining the profile
ol aqents and FLS by develoinq a tiqht recruitment rocess which is exected to imrove roductivity qoinq lorward.
The year under review saw our Bancassurance channel deliverinq an Annuali/ed Fremium Equivalent (AFE) ol ` 2,679 Mn. We foresee
the role of Bancassurance to become more significant going forward and the Company is keen to increase its Bancassurance capacity
which will hel us achieve hiqher elliciencies and an otimal channel mix. iven the strenqth ol our innovative roduct ollerinqs and the
differentiated service model, we are confident that we will be making further in-roads in this channel in the years ahead.
0ver the ast lew years, we have built a stronq lranchise in the Corporate Agent & Broker segment. This segment saw new business
sales of ` 2,242 Mn in FY11. The channel was secilically imacted as a result ol the new bLF quidelines. oinq lorward, the channel
will leverage some of the new tie-ups achieved during the latter part of the year and is expected to deliver growth by fully activating
these relationships. The Company will continue to look at new tie-ups in this segment with a view of creating long-term sustainable
partnerships with key distributors.
The year saw Group business first year premium of ` 3,646 Mn. The Company has continued to focus on group business over the years.
The approach has proved to be successful over the past 4-5 years as around 15% of the total new business on an average is contributed
by rou business. The Comany, on account ol its established track record in this seqment and suerior investment erlormance, is
one ol the relerred roduct and service roviders lor various larqe, medium and small enterrises. oinq lorward, we lan to lurther
extend our product portfolio to be able to meet our client needs.
n terms ol Product performance, the strateqy to move towards a non bLF ortlolio, which was initiated a coule ol years back, aid oll
in the current year as the Company moved to a more stable product mix during the year. By end of July 2010, the Company had already
manaqed a 1O% share ol non bLF roducts. iven our understandinq and readiness to launch non bLF roducts, the Comany has
been quickly able to shilt towards a hiqher traditional mix. n the second hall ol the year, the non bLF roducts contributed close to 4O%
of our sales.
o we continue to strenqthen our roduct ortlolio. Burinq the year we launched 5 traditional roducts takinq the total non bLF
roduct ollerinqs to 8. The Comany shall continue to ursue its balanced roduct mix strateqy ol bLF and non bLF keeinq in
mind interests of all stakeholders i.e. customers, distributors and shareholders.
o We have a long history of product innovation given our strong belief in offering the right products to our customers and we were
the ioneers ol bLFs in ndia. hence, bLFs will continue to be our llaqshi roducts, even in the new bLF requlatory reqime.
Since Se'1O the Comany introduced 8 bLFs across wealth, child, savinqs and lonqterm accumulation roducts.
The Comany has been suortinq social causes lrom the beqinninq ol its oerations. As in the revious years, the Comany comlied with
both rural and social obligations as mandated by RBA and wrote 316,945 policies in the rural sector which was well-above the mandatory
requirements as mandated by RBA's requlations on rural obliqations. n addition to this the qrou insurance cover under social obliqation
was written for 144,750 lives against the mandatory requirement for 25,000 lives. The Company entered into strategic tie-ups with micro-
linance institutions throuqh which it was able to sell roducts like BimaKavach and BimaSuraksha, which are rimarily desiqned lor the rural
segment. The Company will continuously strive to launch specific products designed for the rural and semi-urban segment.
Investment performance across the range of fund offerings continued to be strong during the year under review. Assets under Management
grew from ` 161,290 Mn to ` 197,598 Mn, an increase of 22%. The Company continued to deliver superior investment performance to
its policyholders with every fund beating the internal benchmark set. This ability to provide strong investment performance in both good
and bad market conditions is a key strength for the Company.
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23
0ur investment in branding yielded qood results with the consideration scores (i.e. likelihood ol rosective customers to urchase a
olicy) imrovinq lrom 17% to 21% between Ar'1O to Feb'11. we believe that strenqth ol brand is exected to become more imortant
as the customers focus more on the provider than the product.
The Comany undertook several measures to lurther imrove on all health metrics lor the business. Maintaininq a hiqh level ol
persistency is important to our financial results, as a large block of in-force policies provides us with regular revenues in the form of
renewal premiums. Initiatives taken over the past couple of years in areas of customer segmentation to promote need-based selling,
increasinq customer enqaqement yielded results with the 18Month ersistency lor new business remium at 82% (as on Bec'1O). The
business conservation improved from 60% in FY10 to 75% in FY11 for individual life business.
The Comany continues to leveraqe technology for achieving its business goals and creating a robust customer service platform for
creating service differentiation in this market. The Company has taken several steps towards developing a customer centric culture
and improving turnaround times by engaging exclusive call centers and empowering its service assurance cell for effective query and
complaint management.
The Comany has been roactive in maintaininq the culture ol compliance. The Company continues to comply with all existing and new
regulations which came in during the year, the primary ones being the regulations on capping of charges and corporate governance.
The Comany qot its results, assumtions and methodoloqy lor rearinq Embedded value (Ev) and value ol hew Business (vhB)
for FY10 peer reviewed by an international actuarial firm. It will continue to set standards going forward by improving the disclosure
standards around reortinq Ev and vhB.
OUTLOOK FOR THE INDUSTRY & COMPANY
The last one year has been challenqinq lor the lile insurance industry in terms ol new business qrowth. however, this has qiven
an opportunity to existing players to review their operating models to drive higher efficiencies and focus on more balanced growth
objectives.
n site ol the current hase ol uncertainty we are bullish about the lonqterm rosects ol the industry takinq into account the underlyinq
demographic and macro-economic drivers. The future growth will be driven by factors like long-term economic growth, high savings rate
and rising awareness amongst the population about the need for insurance. While there can be some short term aberrations, long term
growth continues to remain attractive.
The Comany has identilied the lollowinq locus areas to strenqthen its cometitive and linancial osition in the luture years.
o Enhancinq the distribution caacities across all channels and makinq them more roductive by drivinq hiqher caacity utili/ation,
o Customer retention and increasinq customers as a key driver lor revenue and rolitability qrowth,
o Balanced roduct mix between bLF and non bLF with a view to tarqet all customer seqments,
o Review oeratinq model to drive hiqher customer and distributor satislaction alonq with cost elliciencies.
RESERVES
During the year, the Company has generated a profit after tax of ` 3,050 Mn, which has resulted in accumulated losses reducing by the same
amount.
DIVIDEND
In view of the accumulated losses as on the reporting date, the Directors are unable to recommend any dividend.
CLAIMS
In the insurance industry, Claims is one of the most important yardsticks by which a companys performance is experienced by its customers.
The Company continues to build faith amongst the public and the insured population of being the preferred life insurance provider and this
reinforces its Customer first approach.
The objective of the Company in the critical area of claim processing is to carry out prompt and speedy settlement of claims, keeping the
interest ol botholicyholders and the Comany in ersective, whilst also salequardinq the Comany lrom otential losses by minimi/inq the
risk of fraud associated with claims. The minimal litigations in claim related matters and the success ratio at various judicial forums, displays
the sound decision making policy of the Company in settlement of claims.
The Companys claims outstanding ratio has been reducing year-on-year and has been one of the best in the industry (FY 03-04 - 3.14%,
FY 04-05 - 2.52%, FY 05-06 - 1.72%, FY 06 -07 - 0.41%, FY 07-08 - 0.32%, FY 08-09 & FY 09-10 0.00% (excluding admitted claims pending
for disbursement for want of rightful nomination details). For the FY 11, the Company has once again achieved the unique distinction of
having claims outstanding ratio of 0.00% which means that 100% of claims raised during the year stood processed (excluding admitted
claims pending for disbursement for want of rightful nomination details). As er the RBA Annual Reort 2OOO1O, it is noted that BSL has
one of the best turnaround times and least outstanding claims amongst its peers.
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SHARE CAPITAL
The Authorised Share Caital ol the Comany is ` 87,5OO Mn. The Faid u Caital ol the Comany is ` 19,695 Mn as on 31
st
March, 2011.
There was no requirement of fresh capital infusion during the year under review.
DIRECTORS
The Board of Directors comprises of eleven Directors including three Independent Directors.
n accordance with the rovisions ol Section 255 and 25G ol the Comanies Act, 1O5G Mr. Bonald A. Stewart, Mr. Kumar Manqalam Birla
and Mr. Ajay Srinivasan, Birectors, retire by rotation at the ensuinq Annual eneral Meetinq (AM) ol the Comany, and beinq eliqible, oller
themselves for re-appointment.
During the year under review, Mr. Jayant Dua was appointed as Managing Director of the Company with effect from 1
st
July, 2010 to oversee
the day to day affairs of the Company.
Besides the above, there was no change in the directorship of the Company during the FY 2010-11.
The Company has received requisite disclosures and undertakings from all the Directors in compliance with the provisions of the Companies
Act, 1956 and the Insurance Act, 1938.
A detailed rolile ol the Birectors seekinq reaointment/cootion at the ensuinq Annual eneral Meetinq ol the Comany is qiven in the
Cororate overnance Reort, lorminq a art ol this Annual Reort.
PARTICULAR OF EMPLOYEES
In pursuance of the Companys 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 Companys total workforce stood at 11,147 as at
31
st
March, 11 aqainst 12,1O1 in the revious year. Several initiatives around talent manaqement, traininq and lonq termincentive lan lor
senior management were implemented, during the year under review.
n accordance with the rovisions ol Section 217(2A) ol the Comanies Act, 1O5G read with Comanies (Farticulars ol Emloyees) Rules,
1O75, as amended, the names and relevant articulars ol emloyees are set out as an Annexure to this Reort.
ACCOUNTS AND AUDIT
Statutory Auditors
As er the Circular no. 8G/7/F&A/EMFL/74/July/O5 dated 25
th
July, 2OO5 ol the nsurance Requlatory Beveloment Authority, every insurance
Company is required to have two statutory auditors for a joint audit.
The Joint Statutory Auditors M/s. Fraser & Ross (Reqistration ho. OOO82OS) and M/s. S. R. Batliboi & Associates, (Reqistration ho. 1O1O4Ow)
who were aointed at the last Annual eneral Meetinq ol the Comany, hold ollice uto the ensuinq 11
th
Annual eneral Meetinq ol the Comany.
The Board rooses to reaoint M/s. Fraser & Ross and M/s. S. R. Batliboi & Associates as the Joint Statutory Auditor (beinq eliqible lor
reaointment) on recommendation ol the Audit Committee ol the Comany.
The Company has received certificates from the proposed auditors confirming their eligibility and willingness for their appointment/
reaointment ursuant to Section 224(1B) ol the Comanies Act, 1O5G and as er the requirement stiulated by RBA. The auditors have
lurther certilied that they have subjected themselves lor the eer review rocess ol the nstitute ol Chartered Accountants ol ndia (CA) and
they hold a valid certilicate issued by the "Feer Review Board" ol CA.
Directors Responsibility Statement
The Birectors would like to assure the members that the Financial Statements, lor the year under review, conlorm in their entirety to the
requirements ol the Comanies Act, 1O5G and the requlations ol RBA.
The Birectors lurther conlirm that.
the annual accounts have been reared in accordance with alicable accountinq standards, and there have been no material deartures
lrom the same,
they have selected accountinq olicies and alied them consistently and made judqments 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 the end of the financial year March 31, 2011 and of
the rolit ol the Comany lor the said eriod endinq March 81, 2O11,
they have taken roer and sullicient care lor the maintenance ol adequate accountinq records in accordance with the rovisions ol the
Comanies Act, 1O5G lor salequardinq the assets ol the Comany and lor reventinq and detectinq lraud and other irreqularities, and
they have reared the accounts ol the Comany on a qoinq concern basis, and other accountinq olicies are stated in the notes to the
Accounts, which form an integral part of the annual accounts.
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25
roer systems are in lace to ensure comliance ol all laws alicable to the Comany.
all related arty transactions are disclosed in Annexure 2 to Schedule 1G in terms ol Accountinq Standard 18.
Internal Audit Framework
The Company has in place a robust internal audit framework developed with a risk based audit approach and it is commensurate with the
nature ol the business and the si/e ol its oerations. The internal audit lan covers rocesses audits as well as transaction based audit at the
head office and across various branches of the Company. The audits are carried out by independent firms of chartered accountants and also by
audit team of the two promoters. The audit approach verifies compliance with the regulatory, operational and system related procedures and
controls. Key audit observations and recommendations made by the internal auditors are reported to the Audit Committee of the Company and
implementation of these recommendations are actively monitored by the internal audit team and periodically reported to the Audit Committee.
These observations 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 risk-based audit approach.
nternal Audit Frocess lollowed by the Comany is as lollows.
Establish and communicate the scoe and objectives lor the audit to aroriate manaqement lunction.
Bevelo an understandinq ol the business area under review. This involves review ol documents and interviews.
dentily control rocedures used to ensure each key transaction tye is roerly controlled and monitored.
Bevelo and execute a riskbased samlinq and testinq aroach to determine whether the most imortant controls are oeratinq as
intended.
Reort roblems identilied and neqotiate action lans with manaqement to address the roblems.
Followu on reorted lindinqs at aroriate intervals. nternal audit deartments maintain a lollowu database lor this urose.
0nqoinq monitorinq is erlormed as an inteqral art ol the day to day suervision, review and measurement ol internal audit activity.
Risk Management Framework
The Comany has an Enterrise Risk Manaqement (ERM) lramework coverinq rocedures to identily, assess and mitiqate the key business
risks. A detailed ERM reort is annexed to and lorms an inteqral art ol this Annual Reort.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
The articulars as required to be disclosed ursuant to Section 217(1)(e) ol the Comanies Act, 1O5G read with the Comanies (Bisclosure ol
Farticulars in the Reort ol Board ol Birectors) Rules, 1O88, are qiven in the Annexure lorminq art ol this Reort.
CORPORATE GOVERNANCE
A detailed Cororate overnance Reort is annexed to and lorms an inteqral art ol this Annual Reort.
CUSTOMER GRIEVANCE REDRESSAL
The linancial year 2O1O2O11 has seen the imlementation ol rievance Redressal uidelines by the RBA. The rievance Redressal
uidelines has established unilormity in the insurance industry in terms ol delinitions, timelrames lor comlaint resolution and classilications
ol comlaints. n accordance with these quidelines, Comany's rievance Redressal Folicy has been aroved by the Board and liled with the
RBA. rievance 0llicers have been aointed at each branch and at head 0llice.
The Comany also has in lace a Folicyholders' rievances Redressal Committee which is chaired by an indeendent Chairman
Mr. h. h. Jambusaria (ExChairman, LC). This Committee meets at least once a month and decides on various requests/ comlaints lrom
olicyholders' which need to be treated with excetions. Reresentatives ol the concerned sales channels alonq with customer services team
are invited to the meetings. The decisions of the Committee are implemented before its subsequent meeting.
n tandem with RBA's Cororate overnance uidelines, BSL has lormed a Committee called the Folicyholders' Frotection Committee which
is again chaired by Mr. Jambusaria. This Committee looks into the broader aspects of protection of policyholders interests, ensuring adequacy
ol and adherence to the Comany's rievance Redressal lramework as well as ensurinq adequate and correct disclosures to customers.
Additionally, initiatives to spread awareness among employees/sales force as well as customers have been undertaken through e-modules/
functional trainings and through the Companys website.
AWARDS/ RECOGNITIONS
Burinq the year under review, Comany won the lollowinq awards.
Frestiqious 'Good Corporate Citizen Award from Bombay Chamber of Commerce and Industry for the year 2009-10 under the category
of Banking and Financial Institutions.
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Silver Shield by Institute of Chartered Accountant of India for the second year in a row for Excellence in Financial Reporting in
Insurance Sector".
Certificate of Merit for the year 2009 by South Asia Federation of Accounts (SAFA) in the category Non Banking Sector not subject
to Prudential Supervision and we were the only life insurance company to be awarded. This award is conferred basis improvement
in Transarency, Accountability and overnance in the ublished Annual Reorts.
LICENSE
RBA has renewed the Certilicate ol Reqistration ol the Comany to sell lile insurance roducts in ndia lor the Financial Year 2O1112 vide its
Certilicate ol Renewal ol Reqistration dated February 28, 2O11. The renewed reqistration is with ellect lrom Aril O1, 2O11 and is valid uto
March 31, 2012.
OTHER STATUTORY INFORMATION
Public Deposits
During the FY 11, the Company has not accepted any deposits from the public.
Statutory Disclosure of Particulars
Farticulars in the Comanies (Bisclosure ol Farticulars in the Reort ol the Board ol Birectors) Rules, 1O88, as alicable, are qiven in the
Annexure lorminq art ol this Reort.
Auditors Report
The reort ol the Joint Statutory Auditors is attached to this Reort. All the notes to Schedules and Accounts are sellexlanatory and do not
call for any further comments.
Management Report
Fursuant to the rovisions ol Requlation 8 ol the nsurance Requlatory and Beveloment Authority (Frearation ol Financial Statements and
Auditors' Reort ol nsurance Comanies) Requlations, 2OOO, the Manaqement Reort lorms a art ol this Annual Reort.
Appointed Actuarys Certificate
The certilicate ol the Aointed Actuary is attached to the Financial Statements.
Certificate from Compliance Officer (under the IRDA Corporate Governance Guidelines)
n comliance with "uidelines on Cororate overnance lor the nsurance Sector" (C uidelines) issued by RBA, a comliance certilicate
issued by the Comany Secretary, desiqnated as the Comliance 0llicer under C uidelines, is attached to and lorms art ol the Cororate
overnance Reort.
Solvency Margin
The Directors are pleased to report that the assets of the Company are higher than the liabilities of the Company and the assets are more than
sullicient to meet the minimum solvency marqin level ol 1.5O times, as secilied in Section G4vA ol the nsurance Act, 1O88 read with the
RBA (Assets, Liabilities and Solvency Marqin ol nsurers) Requlations, 2OOO.
ACKNOWLEDGEMENTS
The 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.
The Board takes this opportunity to express sincere thanks to its valued customers for their continued patronage.
The Board also acknowledges the contribution of insurance advisors, banks, corporate brokers/agents and intermediaries, training institutes,
bankers and business and technoloqy artners, the Reqistrars, hational Securities Beository Limited /Central Beository Securities Limited,
reinsurers, underwriters, who have always supported and helped the Company achieve its objectives.
The Board would like to thank the Aditya Birla rou and Sun Lile Financial nc., lor their constant suort, quidance and cooeration.
The Board would also like to express its gratitude for the valuable advice, guidance and support received from time to time from the Insurance
Requlatory and Beveloment Authority, the Reserve Bank ol ndia, the Auditors and the other statutory authorities and look lorward to their
continued support in future.
By order of the Board of Directors
for Birla Sun Life Insurance Company Limited
Donald A. Stewart
Mumbai, 27
th
April, 2011 Chairman
Directors Report
27
ANNEXURE TO THE DIRECTORS REPORT
Farticulars ursuant to the Comanies (Bisclosure ol Farticulars in the Reort ol Board ol Birectors) Rules, 1O88, are lurnished hereunder.
A. CONSERVATION OF ENERGY . hot Alicable
B. TECHNOLOGY ABSORPTION, RESEARCH & DEVELOPMENT
(R&D)
1. Secilic areas in which R & B is carried out by
the Company
. hot Alicable
2. Benelits derived as a result ol the above R & B . hot Alicable
3. Future Flan ol action . hot Alicable
4. Exenditure on R & B
a) Capital . hil
b) Recurrinq . hil
c) Total . hil
d) Total R &B exenditure as a ercentaqe ol
total turnover
. hil
Technology absorption, adaption and innovation
1. Ellorts, in briel, towards technoloqy absortion, adation
and innovation
Major initiatives comleted.
- Branchlevel scanninq ol hew Business alication lorms
- Improvements to Web portal for Advisors and Channel
Fartners
- hew ortal lor our BSF Channel to enable systematic trackinq
of branch-level activities and performance dialogues through
the hierarchy
2. Benefits derived as a result of the above efforts
(eq. Froduct imrovement, cost reduction, roduct
develoment, imort substitution, etc.)
Benelits derived.
Substantial cost reduction, couled with ssuance
TAT improvement
Ease ol use ol Advisor ortal alonq with enhanced leatures
enables self-service to a greater extent
BSF Channel now has an Tenabled solution to imlement the
"BSL way" ol workinq, that imroves inut trackinq, reqular
performance dialogues at various levels, and ultimately results
in improved sales productivity
8. Farticulars ol imorted technoloqy in the last live years
(reckoned lrom beqinninq ol the linancial year)
a) Technoloqy imorted . hot Alicable
b) Year ol imort . hot Alicable
c) has technoloqy been lully absorbed . hot Alicable
d) If not fully absorbed, areas where this has not taken
place, reasons, therefor and future plans of action
. hot Alicable
C. FOREIGN EXCHANGE EARNINGS AND OUTGO
1. Earninqs . As per the prevailing regulations, the Company is not
permitted to do any business outside India and hence there is
no foreign exchange inflow during the year, except in the form
of share capital of ` hil (revious year ` 177 Mn).
2. 0utqo . The foreign exchange outgo, during the year, has been ` 464 Mn
(revious year ` 822 Mn).
Directors Report
28
Management Discussion and Analysis
1. INDUSTRY STRUCTURE
1.1 Industry Overview & Performance in FY11
Its been a little more than a decade since private sector players were allowed into the life insurance industry and the landscape has altered
significantly since then. Both the competitive as well as the regulatory environment has played a role in deciding the pace of evolution of the
Indian life insurance industry, over the last decade.
Build-up phase characterized by a highly competitive environment (FY01-FY09): The industry evolved from a monopoly to a truly
competitive market. The industry underwent a remarkable transformation characterized by product innovation and growth of multiple
distribution channels. Private players rapidly increased their distribution reach by growing their agency channel and employing new
channels to reach a wider customer base. As a result, the Indian insurance industry grew at a robust pace with a CAGR of over 30% in
the first 8 years since the opening up of the sector i.e. till FY09. This also helped the Indian life insurance industry achieve the position
of the 10th largest life insurance market in the world and amongst the top 5 in Asia.
Transition phase characterized by regulatory changes (FY10-FY11): This period has witnessed to a slew of regulatory changes
especially in the past two years in the area of unit-linked insurance products (ULIPs). ULIPs have emerged as the mainstay products for
the life insurance industry over the last decade. The regulatory changes in 2010 saw the capping of charges for ULIPs, caps on surrender
charges and the introduction of minimum guaranteed returns for pension products. The year under review also saw distribution related
regulations with a view to improve the quality of distribution through tightening of licensing for corporate agency and prescribing
minimum persistency requirements for individual life agents. In the long run, these guidelines will have far-reaching impact on the
industry conduct and performance including quality of business, efficiencies in distribution and customer management.
Today the industry comrises ol 28 layers with more than 11,OOO branches and aroximately 2.7 million aqents. The total enetration ol
insurance (denoted as premium as percentage of GDP) has increased from 2.3 percent in 2001 to 4.4 percent in 2010.The premium written
by the industry and the key distribution parameters across the two broad phases described above are provided in the table below:
Table 1: Key Business and Distribution parameters for life insurance industry
Particulars FY01 FY09 FY11 CAGR%
(FY01-FY09)
CAGR
(FY09-FY11)
Key Phases
Branches 2,199 11,815 11,615 23% -1%
Agents (000) 477 2,O87 2,71O 26% -4%
Weighted New Business
Premium (` Bn)
150 639 698 20% 4.5%
Policies (000) 17,OOO 50,923 48,121 15% -3%
Source: IRDA / Life Insurance Council
Weighted new business premium includes Single premium at 10%. *Branches and Agents as on Dec10
n our view, the lonqterm qrowth rosects remain robust lor the lile insurance industry in view ol the comellinq structural and
demographic advantages which the Indian economy enjoys. However, the progression to a more mature market has been accelerated by
various regulations which are unprecedented compared to other markets.
1.2 Industry Performance & Competitive Positioning
Industry Performance
New ULIP regulations, made effective in Sep10, have brought about a paradigm shift across the insurance sector. These regulations had an
immediate imact on layers leadinq to the withdrawal ol old bLFs and a movement to a more balanced roduct mix. iven the above context,
it is imperative to look at industry performance up to Sep10 and post Sep10 separately, given that Sept denotes the period in which the new
guidelines were made effective:
Table 2: Weighted New business premium growth
Particulars New Business (` Mn) Growth % (Over previous year)
Apr- Sep10 Oct10-Mar11 FY11 Apr-Sep10 Oct10-Mar11 FY11
Private Players 187,2G1 151,064 288,325 13% -34% -17%
LIC
2OG,O87 2O2,O27 409,864 11% -28% -13%
Industry 344,198 353,990 698,188 12% -31% -15%
Source: IRDA new business data
Transition Phase
(Regulatory change environment)
Build-up Phase
(Highly Competitive Environment)
29
The industry which was showinq qood qrowth in the 1st hall ol the year under review saw a shar reduction in business startinq lrom
Sep10 onwards. As against a growth of 13% in the first half of the financial year, the private sector witnessed a decline of 34% over the
next six months. This was rimarily on account ol .
withdrawal ol all revious bLFs by lile insurers to comly with the new requlatory lramework and transitioninq to new bLFs
under the new commission regime. The speed of change led to some transition issues for many in the industry.
Several layers movinq to a balanced mix ol bLFs and honbLFs.
Movement to sinqle remium lrom Se'1O onwards lor rivate layers. (88% in h2 aqainst 14% in h1 ol total individual new
business premium)
Competitive Position of Insurers & Companys Market share:
with reqards to the market structure, the to 7 layers' share ol the total rivate layers' market has remained constant at around
758O% in the ast 2 years. Also qoinq lorward, layers with a wide distribution network, strenqth ol brand and locus on customer
centricity will be in a position to gain higher mind share and are likely to remain ahead.
29%
64%
6%
42%
50%
9%
45%
43%
12%
42%
45%
13%
31%
59%
10%
FY07 FY08
Others LIC Top 7
FY09 FY10 FY11
ICICI Pru
8.5%
SBI Life
5.4%
HDFC Life
4.9%
Bajaj
Allianiz
3.6%
Reliance
Life
3.3%
Birla
Sun Life
2.9%
MNYL
2.7%
Others
10.2%
Top 7
31.1%
LIC
58.7%
Figure 1 : Concentration of LIC, Top 7 players and others private players over the years
Figure 2 : Market Share of Top-7 Players on Weighted new business premium
Source: IRDA new business data
30
At the end ol the year under review, the Comany's market share stood at 2.O% (7.O% amonq rivate layers).we have strenqthened
our position as a top rung player in the private sector by way of adopting the strategy of balanced growth and have undertaken various
initiatives around creatinq a multidistribution latlorm, movinq to a balanced roduct mix and imrovinq elliciencies ol existinq channels.
We believe that these initiatives will go a long way in increasing our competitiveness.
1.3 Regulatory Scenario
One of the most important drivers for the recent regulatory changes is the Regulators focus to protect the policyholders interests and
promote long-term growth of the insurance industry. Insurance Regulatory & Development Authority (IRDA) issued several new guidelines
during the year. Some of the key regulations that came into force during the year under review are:
uidelines lor unitlinked and ension roducts. The RBA issued comrehensive new requlations coverinq the entire sectrum ol unit
linked product features which were made effective from 1st Sep10 onwards. The summary of changes are as follows:
Table 3: New Unit-linked product guidelines
Parameters Key changes
Cap on difference between gross and net yield Less than 5 years policies - reduction in yield capped at 4%,
Less than or equal to 10 years - The cap declining to 3% over the tenure of
6-10 years
Less than or equal to 10 years - The cap declining to 2%
Cap on surrender charges Surrender Charqes as % ol AF or Fv caed subject to maximum cainq.
For year 1,
For olicies hR 25,OOO remium 2O% ol AF or Fv (max. ` 3,000)
For olicies with >= hR 25OOO G% ol AF or Fv (max. ` 6,000)
Minimum lockin eriod Raised to five years from three years
Premium payment options Premiums to be uniform over premium payment term
Top-ups to be treated as single premium, to carry additional risk cover
Distribution charges To be evenly distributed over the lockin eriod and dillerence between max. and
min. charges to not be more than 1.5 times
Risk cover All products (barring pension/annuities) to carry minimum mortality or health
cover
For 45 years aqe Reqular remium. Max (1OxAF or .5xTxAF)
> 45 years aqe Reqular remium. Max (7xAF or .25xTxAF)
(where AP stands for annual premium, T for Term)
Pension products To carry minimum guaranteed return of 4.5% i). Guaranteed return payable on
maturity.
No partial withdrawals allowed in accumulation phase.
Compulsory annuitisation of 2/3rd of accumulated fund value (in all cases
including surrender) on the vesting date
These regulations made effective in Sep10 have brought a complete change across the Life insurance sector. In the long run, the new
unit-linked regulations will help insurance companies realize sustainable growth and build a strong franchise:
o Unit-linked products have become more efficient and simplified, thereby making them an even more attractive proposition for the
consumers in the long-term.
o Insurers will be required to continuously review their business model and adjust to the dynamics of the industry. The new guidelines
necessitate layers to locus on customer stickiness and otimi/ation ol both lixed and variable cost structures.
uidelines ol Licensinq/Renewal ol cororate aqents. The RBA issued quidelines to tiqhten the rocess around licensinq and renewal
of corporate agents. The guideline states that prior approval of IRDA is required before licensing/renewal of corporate agents. Also, the
circular states that corporate agents can only be appointed by the CFO, CEO, and designated sales officer or by any person who has
31
been desiqnated by the Board lor the urose. The requlation is exected to imrove the quality ol distribution in the third arty domain
significantly in the coming years.
Guidelines on outsourcing of activities by insurance companies: The IRDA issued guidelines on outsourcing of functions/ activities by
insurance companies. As per the circular, the regulator mandates that core activities cannot be outsourced. These core activities include
product design, investment, fund accounting, policy servicing & underwriting. These guidelines are aimed at ensuring that insurers
maintain the required controls over critical processes required to fulfill obligations to policyholders.
Guidelines on persistency: IRDA issued guidelines by prescribing minimum persistency requirement for individual agents. The guidelines
require that the averaqe ersistency rate in terms ol both the number ol olicies and remium rocured by each aqent durinq the next
three liscal years should be at a minimum 5O er cent, with a lurther tiqhteninq ol the ersistency level at 75 er cent lrom FY2O1415.
The renewal ol aqent licenses will be continqent on meetinq these requirements. These quidelines are exected to be made ellective lrom
1 July 2O11 and exected to imrove the quality ol business and build a more rolessional aqency lorce.
Increase the scope of service tax levy on insurance products: 0ne ol the budqet roosals in the area ol indirect taxation in Lile
insurance industry is to extend the service tax levy to the investment services ol traditional olicies (lrom 1% to 1.5% ol total remium).
The other proposal pertaining to Budget is that in respect of ULIPs under which some of the levies collected by insurance companies
such as olicy administration charqes, olicy allocation charqes, etc would be covered by service tax.
1.4 Major Trends
While the new business sales performance has been impacted across the industry, there have been several trends that are clearly discernible
in the last 12 months. This includes the evolvinq roduct mix, chanqinq channel dynamics and increasinq locus on elliciencies in distribution
as well as back-office. The most noticeable trends post-September10 have been:
1) Rising share of traditional policies in the product mix. While we believe that ULIPs will continue to remain the flagship product for the
industry, its share has declined in the past 5 - 6 months. We have seen several players looking to focus on new product platforms beyond
ULIPs and developing products to target niche segments.
2) Insurers focus on single premium business has led to their contribution increasing from 14% to 38%.We have seen several new single
premium product launches in 2011 and its share is likely to remain significant in the near term.
3) Another big shift has been the change in distribution mix, with focus on a multi-distribution platform and a focus on a leaner and more
productive agency channel. Tightening regulations have compelled life insurance companies to focus on key productivity metrics and
profitability in the agency channel. Insurers have also increased their focus on bancassurance and well-entrenched third party distributors.
4) Several top private players have focused on capital optimization and have reported statutory profits. Rising in - force business, increasing
customer retention, better exense elliciencies has led to better exense ratios and robust rolits.
H1 FY11 H2 FY11
Figure 3: Share of Single premium share increasing
(Top 7 private players)
Source: Public disclosures, IRDA Data
Regular
Premium
86%
14%
64%
38% Single
Premium
32
1.5 Opportunities and Challenges
The last two years have been quite challenging for the industry in terms of new business growth. The Company believes that life insurance will
continue to command a large share from retail investors and dominate long - tenure investments. This belief can be substantiated by analyzing
the challenges and opportunities in the Industry.
Challenges
Brivinq hiqher utili/ation ol caacities esecially in the aqency channel and imrovinq erlormance in terms ol roductivity.
The new requlations call lor a move to a more balanced mix ol bLFs and traditional roducts to suit various lile and savinqs needs ol
customers.
Focus on customer retention and ersistency to increase inlorce rolit and larminq existinq customers to increase revenues throuqh
cross selling.
Lile insurers have already started work on modilyinq their strateqies in the liqht ol new requlations - not just by brinqinq in new
products, but by also revamping their distribution and back office models in order to boost sales and increase efficiency.
Opportunities
We believe that the following trends characterizing the Indian economy augur well for the life insurance industry:
Favorable economic trends: The long term growth potential of the insurance sector remains strong on the back of favorable factors
such as higher nominal GDP growth rate, higher domestic savings rate and increasing mind-share of insurance within the financial
savings component. In addition to the favorable demographics, life insurance industry still offers one of the best value propositions as
an investment option for a horizon of over five years.
Significant under penetration and under insurance compared to global standards: nsite ol all the recent challenqes we exect the
insurance industry to continue outpacing economic growth. As per a recent BCG report on the insurance industry, the life insurance
industry will be ~bS $85O-4OO billion in remium income by 2O2O, makinq ndia a to 8 lile insurance market by 2O2O.
FY04
14%
FY05 FY07 FY09
Figure 4: Total Savings growth and Insurance share to financial savings
2000 2005
0
5
10
15
20
25
30
35
40
Total
3
Savings
2010
17%
18%
20%
Bank Deposits,
58%
Currency,
13%
Life Insurance
20%
MFs, shares, Debentures,
PF and others, 3%
Savings growth primarily driven by rise in HH savings
Total savings
on the rise in India...
...and potential for life
insurance to gain greater share
HH Financial savings 2009
Source: RBI Annual report
(Insurance contribution)
33
Bemoqrahic trends will continue to drive sustained demand lor savinqs and rotection. This includes qrowinq middle class and younqer
population with declining dependency ratio.
0ortunity lor the industry layers to create alternate distribution channels to serve as luture enqines ol qrowth. Esecially, increased
Bancassurance penetration as well as increased use of direct marketing/internet channel.
Focus on customer service as a key dillerentiator by ollerinq imroved access throuqh increasinq customer touch oints and more sell
servicing options.
BSLI is well positioned to meet the challenges and also 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 innovation & a strong
brand name.
2. SUMMARY OF OPERATIONS
2.1 Sales Performance Review & Market Share Movement
Sales Performance
The Company has been following a successful multi-distribution strategy with around 600 branches, 5 Bank partners and >200 third party
distributors.
Agency Channel continues to be our larqest channel accountinq lor 71% ol the individual lile business written in the year and reqistered
new business premium of ` 12,OO5 Mn. within the Aqency channel, the Comany currently is in the to quartile lor lront line stall
(FLS) roductivity but we reali/e that hiqher utili/ation ol existinq caacities in the aqency channel will become critical as we move
forward. The Company, in the last year, has taken several steps to rationalize the sales structure and implemented focused programs to
rolessionali/e the aqency channel which is exected to deliver results in the cominq year. The Comany has taken initiatives throuqh
sharly delininq the rolile ol aqents and FLS by develoinq a robust recruitment rocess which is exected to imrove roductivity
going forward. The Company going forward will continue to gradually create distribution capacities that are sustainable in the long-run.
Corporate Agents & Brokers: Over the past few years, we have built a strong franchise in the Corporate Agent & Broker segment. The
segment saw new business sales of ` 2,242 Mn in FY11. oinq lorward, the channel is exected to leveraqe on some ol the new tieus
achieved durinq the latter art ol the year and is exected to deliver qrowth by lully activatinq these relationshis. The Comany will continue
to look at new tie-ups in this segment with a view of creating long-term sustainable partnerships with key distributors. The Company will
continue to work towards being a preferred manufacture in this space by offering a competitive and compelling value proposition.
Bancassurance: The year under review saw our Bancassurance channel delivering an APE of ` 2,G7O Mn. we loresee the share ol
Bancassurance becoming more prominent going forward and the Company is keen to increase its Bancassurance capacity which will help
achieve hiqher elliciencies and an otimal channel mix. The Comany has one ol the most cometitive Bancassurance model amonqst the
Figure 5: Insurance Premium per Capita (Density) and Penetration
US
Canada
S. Korea
Indonesia
Philippines
China
India
308
34
49
230
92
1,345
1,198
7 HK
(2009 figures) Population (Mn) Premium per Capita (US $) Insurance Penetration (%)
(Source: Swiss Re. 2009)
2,887
48
81
17
22
1,181
1,300
1,603
9.6%
4.6%
2.3%
1.0%
0.9%
6.5%
3.3%
3.5%
34
non-bank private life insurance companies and very strong bank partners. Given the strength of our innovative product offerings and the
differentiated service model, we are confident that we will be making further in-roads in this channel in the years ahead.
Group Business: The current year recorded Group business first year premium of ` 8,G4G Mn. The Comany has continued to locus on
group business with 15% of our total new business coming from Group business on an average over the past few years. The Company,
on account of its established track record in this segment and superior investment performance, is one of the preferred product and
service roviders lor various larqe, medium and small enterrises. oinq lorward, we lan to lurther extend our roduct ortlolio in the
area of traditional products enabling us to cater to our clients evolving needs.
The channel mix in FY11 lor individual business alonq with the other key distribution arameters is listed on the table below.
Table 4 Distribution Parameters
Particulars FY10 FY11
DISTRIBUTION NETWORK
Branches (Nos) ~ 632 ~ 600
Advisors (000) 169 148
Other Parameters
Agency FLS / Agent ratio 25 23
New Business per Front Line
staff in Agency Channel month
(` 000)
2,500 1,850
To sum up, our strength since the beginning has been in the area of successful implementation of our multi-distribution strategy to meet
our corporate objectives and deliver the right products to our customers.
2.2 Product Performance
The Comany has ioneered the launch ol bLFs in ndia and takes ride in brinqinq several roduct innovations to the market lace.
Around 18 months back, in order to de-risk the portfolio, the Company decided to introduce non-linked products on traditional platform.
This strateqy to have a more balanced roduct mix towards a non linked ortlolio aid oll when the new regulations came into being.
0ur understandinq ol non bLFs and roactive strateqi/inq heled the comany quickly transition towards a hiqher traditional mix.
Figure 6: Channel mix
71%
13%
16%
DSF Banca Corporate Agents & Brokers
ULIP
Traditional
Figure 7: Share of Traditional premium share increasing for BSLI
FY11 FY10 H2FY11 H1FY11
99%
1%
75%
25%
91%
9%
63%
37%
35
n terms ol roduct comleteness, we have broad based our ortlolio by introducinq several traditional roducts across various customer
segments.
o During the year we have launched 5 traditional products bringing the total non-unit linked products offerings to 8. The Company
shall continue to ursue its aroach on maintaininq a balanced roduct mix strateqy keeinq in mind interests ol all stakeholders
i.e. customers, distributors and shareholders.
o ULIP will continue to be our flagship product and we will continue to maintain our leading edge on the ULIP platform. Since Sep10,
the Company introduced 8 unit linked products across wealth, child, savings and long-term accumulation products.
2.3 Key Summary of Financial Indicators at a Glance
Over the years, the Company has recorded good performance across financial and non-financial parameters, as detailed below:
Figure 8: Strong Premium Growth (` Bn)
Figure 10: Net Income (` Mn)
0
10
20
30
40
50
60
FY11 FY10 FY09 FY08 FY07
Figure 9: Operating Expenses (` Bn)
0
2
4
6
8
10
12
14
-8000
-6000
-4000
-2000
0
2000
4000
18
33
46
55
57
4
7
12
13
12
3,050
-4,355
-7,021
-4,453
-1,397
Strong Premium Growth (FY2010-11)
` 56,771 Mn
Previous year ` 55,057 Mn
OPEX for FY2010-11
` 12,040 Mn
Decrease by 9% over FY 2009-10
Net Profit for FY2010-11
` 3,050 Mn
previous year ` (4,355) Mn
36
2.4 Discussion on Results of Operations
Following is the summary of the financial performance for FY11:
Table 5: Summary for Financials ` Mn
Particulars
Current Year Previous year
Inc (%)
FY 2010-11 FY 2009-10
Income
Gross premium income 5G,771 55,O57 3%
Reinsurance (net) (825) (803) 3%
Total premium income (net) 55,946 54,254 3%
Policyholders 14,919 40,032 -63%
Shareholders 384 301 27%
Investment Income 15,303 40,333 -62%
Other Income 287 143 65%
Total Income 71,486 94,730 -25%
Less:
Commission 3,806 5,162 26%
Exenses (includinq dereciation) 12,040 18,27G 9%
Benefits paid (net) 19,344 11,388 7O%
Provisions for actuarial liability (net) 33,253 69,260 -52%
Frovision lor Taxation (6)
Profit/(Loss) for the Current Year 3,050 (4,355) 170%
Add: Loss Brought Forward from Last Year (2O,275) (15,920) 27%
Total Loss as on date (17,225) (20,275) 15%
The Company achieved total premium revenue of ` 5G,771 Mn, mainly driven by stronq renewal remium qrowth ol 41%.0ur new business
performance got impacted because of the transition to a new commission regime and the regulatory uncertainty around new products. We are
happy to announce the first maiden profit for the company, having declared profits for all four quarters. The company recorded a net profit of
` 8,O5O Mn in FY11 aqainst a loss ol ` 4,855 Mn in the last year.
Going forward, the company is confident of funding business growth through internal accruals. We believe that the companys profitable
journey is sustainable as these rolits are rimarily driven by in lorce business, declininq exense ratios and chanqes in roduct structures
to reduce new business strain. The Comany took several stes to rationali/e exenses, imrove elliciencies and roductivity across its
oerations, which has led to a decline in exenses.
Premium Income
While, the total premium revenue amounted to ` 5G,771 Mn reqisterinq a qrowth ol 8%, the renewal remium ol ` 85,OG8 Mn reqistered a
robust growth of 41% over the previous year. As an insurer with a long-established track record, a significant portion of our business (95%)
is on a regular premium basis, which has provided us with a regular stream of renewal premiums. Our 13-month persistency on an inforce
policy basis stands at a healthy 83% signifying increasing customer stickiness.
Table 6: Premium Break-up
Particulars (` Mn) FY11 FY10 % Growth
First year premium 20,803 29,600 -30%
Individual Life 16,440 22,883 -28%
Group Business 4,363 G,717 -35%
Renewal Premium 35,968 25,456 41%
Total Premium 5G,771 55,O57 3%
Implied persistency* 75% 60%
13-Month persistency** 83% 84%
* For individual life
** as per IRDA norms
37
We believe that our sales performance is closely tied with the regulatory and economic environment. The current year has seen several
new requlations imactinq unitlinked roducts leadinq to an overhaul ol existinq roducts and rationali/ation ol distributors' comensation
creating uncertainty and impacting the new business growth. New business premium amounted to ` 2O,8O8 Mn, lower than the revious year
by 30% primarily in light of the above reasons.
Investment Income
The Comany continued its excellent track record in investment erlormance lor its olicyholders. For all its unit linked lunds, the Comany
delivered excellent lund erlormance, consistently beatinq benchmarks as is evident lrom the below table/qrah.
Figure 11: Strong premium growth over the years and increasing renewal premium
8,827
8,940
17,767
19,650
13,072
32,722
28,209
17,510
45,718
29,600
25,456
55,057
20,803
35,968
56,771
Renewal New Business
CAGR
34%
CAGR CAGR
34% 34%
Figure 12: Performance v/s benchmarks (% Returns) as on 31st Mar11 for 1 year returns (%)
Super 20 Multiplier Maximizer Magnifier Creater Enhancer Builder Protector Income
Advtge
Assure
BSLI Benchmarks
Based on Internal benchmarks
3.9%
5.8%
7.2%
3.9%
5.7%
4.3%
6.3%
4.7%
6.7%
4.8%
7.2%
5.5%
8.2%
6.7%
7.0%
6.9%
2.1%
3.1%
13.5%
9.0%
38
Table 7: Percentage of funds beating benchmarks as on 31st Mar11 across years
Performance Metrics 1 Yr 3 Yr 5 Yr
As a % ol AbM OG.7% 100% 100%
As a % of Funds 95.2% 100% 100%
The 0utlook maqa/ine Survey on Best bLFs ublished in Aril 2O1O had BSL toinq the rankinq charts in 8 out ol 7 cateqories lor lund
erlormance in bLFs with equity comonents ranqinq lrom 2O% to 1OO%.Comany's investment hilosohy has always been to maximi/e
return at an optimal level of risk on a continuous long-term basis. This calls for investing in high quality investments, which are suitably
matched to the duration of its liabilities.
All investments are based on rudent quidelines, aroved internally and as er investment requlations. Assets held at Mar 81, 2O11 were
` 1O7 Bn as comared to ` 1GO Bn in March 81, 2O1O and ` O1.G billion at March 81, 2OOO.
Due to the increasing focus of the market on traditional and capital guaranteed products, risk management and asset liability management
capabilities will become particularly important. The Company has sound and robust investment risk management practices in place.
Commissions (Schedule 3)
The new regulations have impacted distributor compensation on ULIPs. To ensure attractive returns to distributors, the Company has taken
several initiatives includinq drivinq hiqher roductivity and drivinq the riqht roduct mix maed with aroriate customer seqments. The
commission rates for new business and total premium for FY11 for Individual life are provided in the below table:
Table 8: Commission Ratios
Individual Life FY11 FY10
Commission/Total premium 7.8% 10.8%
New Business commission/New Business premium 14.9% 18.3%
Operating Expenses (Schedule 3)
while, we have always recoqni/ed exense elliciency as one ol the key drivers lor rolitable qrowth in this business, the new requlations
further necessitates that we strive towards creating a robust operating model in distribution as well as back-office. Our operating results are
allected by our ability to manaqe oeratinq exenses, includinq those relatinq to headcount and inlrastructure. The Comany has been able to
create the right-sized operating model which has optimal number of branches and a leaner distribution model which is reflected in its efficient
12,455
Figure 13: Growth in AUM for BSLI (` Mn)
Equity Debt
27,745
40,200
68,927
41,575
27,352
31,633
60,050
91,684
73,856
87,443
104,755
92,843
161,299
197,598
39
oeratinq ratios. Exenses ratio has clearly been on the decline in the ast 8 years. 0eratinq Exenses as ercentaqe ol total remium has
reduced lrom 27% in FYOO to 21% in FY11. Burinq the year the Comany had undertaken several roqrams to reduce costs by imrovinq
sace elliciencies, rationali/e sales structures and several rocess imrovement and oerational redesiqn The qrowth in exenses has larqely
been lower than previous year on account of cost optimization initiatives.
Table 9: Operating Expense Break-up
Particulars (` Mn) FY11 FY10 % Growth
Salary 5,239 5,688 -8%
0ther Exenses 6,801 7,57O -10%
Total Exenses 12,040 18,2G7 -9%
Expense as % of total premium 21% 24%
Benefits & Reserves
Benefits
0ur rolitability deends a lot on our ability to retain existinq customers and to manaqe our underwritinq and claims ellectively. hence,
managing risks around claims and increase in surrenders will be the key to help us achieve our overall desired profitability objectives.
Surrenders / partial withdrawals have increased from ` 1O,5O2 Mn to ` 17,O8G Mn, which is in line with the increasinq inlorce ortlolio and also
because of the cash payout of policies which have completed 3 years since lapsation where cash value had to be disbursed to policyholders.
This is in line with the product features as per unit-linked regulations introduced from July06 that the Company could only make payouts
to olicyholders alter comletion ol 8 years lrom the olicy issuance date. The Comany reqularly monitors the surrenders exerience and
has taken adequate measure to ensure that olicies surrendered are in line with exectations includinq buildinq an investment advisory team,
imrovinq contactability, educatinq the customers on merits ol lonqterm investments etc. As a roortion ol AbM, the surrender exerience
has been stable and is in line with the industry. The Company takes pride in its underwriting abilities and also its ability to monitor and settle
claims exeditiously. ross Beath Claims to total remium ratio has imroved moderately in line with the ast new business qrowth rates at
2.4% in FY11 as against 1.4% in previous year. The Company has achieved the unique distinction of having claims outstanding ratio of 0%
which means that 100% of claims raised during the year stood processed.
Reserves
Betermininq chanqe in actuarial valuation is a comlex rocess which incororates various lactors such as increase remium (both new
business and renewal), recoqni/inq additional (MTM) investment income, adjustinq lor surrenders as well as incororatinq various reservinq
lactors which vary across roduct seqments. The reservation made has been in the normal course ol doinq business and there are no extra
ordinary/ non-recurring items.
23%
Figure 14: Expense to Premium Ratios
21%
27%
24%
21%
40
FINANCIAL CONDITION AND SOLVENCY POSITION
The Company is currently capitalized at ` 24,5OO Mn. This caital translates into a solid linancial base and is a rellection ol the lonq term
commitment of both the shareholders.
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 a long period of time for which
olicies are written, it is necessary to ensure that the assets exceed liabilities and are invested in risklree assets. The Requlator rescribes
that each insurance company must have free assets equal to 1.5 times of the required solvency margin as per the Regulator. Our solvency
marqin is at a level which is in excess ol 2.88, well above the requlatory requirements ol 1.5. t also ensures that the Comany's stakeholders
and customers can have confidence in the Companys long-term financial strength.
3. BRAND PERFORMANCE
We believe that our brand is one of the most well recognized brands in India, and this provides us with a significant competitive advantage,
particularly in attracting new customers and talent.
We continued our efforts towards strengthening our brand image this year. Our television campaign featuring our brand ambassadors was
recognized to be one of the top campaigns and we ensured continuous on-air advertising support to ensure effectiveness. Our investment in
branding yielded good results with the consideration scores (i.e. likelihood of prospective customers to purchase our policy) improving from
17% to 21% between Ar'1O to Feb'11. we believe that qoinq lorward strenqth ol brand is exected to become more imortant and we will
continue our ellorts to strenqthen our brand erlormance throuqh an otimal mix ol abovetheline and belowtheline activities.
4. CUSTOMER MANAGEMENT
The Company continues to strengthen its customer oriented delivery capabilities and continues to leverage technology for achieving the
business goals, technology being the key driver for supporting growth. Our approach has been built around (a) listening to our customers,
(b) understanding their feedback and point of view and (c) using the same in our decision making.
The Comany has a lully lunctional T inlrastructure and has recently enhanced its network bandwidth, mail architecture, business rocess
manaqement to enable workllow ol documents and scanned imaqes etc. lor all branches. Scanninq at source branches is exected to
reduce TAT at least by a day. The Company is committed to make its IT infrastructure scalable and robust to support future growth by:
o Exlorinq new technoloqies lor olicy issuance. Enable more sellservicinq leatures lor customers and nvest in automation,
process re-engineering and technology.
o Segmenting customers based on propensity to renew/default and using a combination of pro-active and re-active customer reach-
out techniques usinq multile channels (email, callcenter, SMS).
we have locused on imrovinq our customer service throuqh a combination ol caabilities and initiatives which include settinq u ol a
dedicated claim assistance cell. This has helped us settle claims faster and in a customer friendly way. For the second time in a row we have
achieved 0% claim outstanding ratio at the end of the year, a testimony to our effort of doing what is in the best interest of the customer.
211
Figure 15: Capital Infusion over the years (` Mn)
603
725
450
0
41
we work towards swilt resolution ol customer comlaints which is indicatinq a reducinq trend in the last G months.0verall comlaints
have reduced by 30% while unique complaints have reduced by 50%. Complaint resolution Service Level agreement adherence has been
consistently maintained at 99%
5. RISK MANAGEMENT
The company has established an effective risk management framework through implementation of robust processes and systems. The
company reviews various financial, operational and other risks associated with its business on a regular basis to mitigate such risks and
ensure that suitable mitigation measures are in place for such risks.
Some of the key risk management practices have been elaborated in a separate section.
6. OUTLOOK FOR THE COMPANY
The Company is well-positioned to take advantages of the robust structural and demographics drivers that Indian life insurance industry offer.
The Company has identified the following focus areas to strengthen its competitive and financial position in the future years:
Enhancinq the distribution caacities across all channels and makinq them roductive by drivinq hiqher caacity utili/ation
Balanced roduct mix between bLF and hon bLF with a view to tarqet all customer seqments
Review oeratinq model to drive hiqher customer and distributor satislaction alonq with cost elliciencies
Customer retention and increase in the number ol customers/olicies to be a key driver lor revenue and rolitability qrowth
42
Philosophy Of Corporate Governance
Corporate Governance involves a set of relationships between a Companys Management, its Board, its Shareholders and other Stakeholders
with a 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). It is also the structure through which objectives of the Company are set,
and the means of attaining those objectives and monitoring performance are determined.
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.
Structure:
This Report is divided into three sections, as follows:
A. Reporting under Clause 49 of the Listing Agreement;
B. Reporting under IRDA Corporate Governance Guidelines (IRDA CG Guidelines); and
C. Reporting under MCA Guidelines (MCA Guidelines).
SECTION A
REPORTING UNDER CLAUSE 49 OF THE LISTING AGREEMENT
BSLI is an unlisted company and hence the clause 49 of the listing agreement is not applicable. Yet BSLI, on a suo moto basis, has taken all
necessary initiatives to comply with the provisions of the said clause to the maximum extent possible and endeavours, in true spirit, to go well
beyond the mandatory provisions.
I. BOARD OF DIRECTORS (BOARD)
At BSLI, the Directors are elected by shareholders of the Company with a 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.
BSLIs 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. At BSLI, the Board is independent of the
Management.
I.A. Composition of the Board
The Board comprised of eleven Directors as on 31
st
March, 2011, ten being Non-Executive Directors (of which three were Independent) and
a Managing Director.
The current Chairman of the Board, Mr. Donald Stewart, is a Non-Executive Director.
The changes in the chairmanship/directorship of the Company during the Financial Year (FY) 2010-11 are given in Table 01:
Name of Directors Particulars
Mr. Ajay Srinivasan Ceased to be a Managing Director w.e.f. June 30, 2010
Mr. Jayant Dua Appointed as Additional Director and Managing Director w.e.f. July 1, 2010
Dr. Rakesh Jain Appointed as Director w.e.f. June 16, 2010
Ms. Tarjani Vakil Appointed as Director w.e.f. June 16, 2010
Mr. Dikran Ohannessian Appointed as Director w.e.f. June 16, 2010
Table 01
I.B. Details of Directorships/Committee membership
The composition of our Board, their Directorships/Committee memberships and Chairmanships (excluding the Company) as on March 31,
2011 is given in Table 02:
Corporate Governance Report
43
Name of Directors Designation No. of
Directorship(s)
in other Public
Companies*
No. of Committee
Membership**
Chairmanship
in Committees**
Mr. Donald A. Stewart Non-Executive Director (Chairman) 1 Nil Nil
Mr. Kumar Mangalam Birla Non-Executive Director 10 Nil Nil
Mr. Ajay Srinivasan Non-Executive Director 3 Nil Nil
Mr. Bishwanath N. Puranmalka Non-Executive Director 2 2 Nil
Mr. Dikran Ohannessian Non-Executive Director 1 Nil Nil
Mr. Gian P. Gupta Non-Executive Director (Policyholders
representative, Independent)
10 6 4
Mr. Jayant Dua Managing Director Nil Nil Nil
Dr. Rakesh Jain Non-Executive Director 6 1 Nil
Mr. Suresh N. Talwar Non-Executive Director (Independent) 19 10 4
Ms. Tarjani Vakil Non-Executive Director (Independent) 5 4 3
Mr. Venkatesh Mysore Non-Executive Director 1 Nil Nil
Table 02
* Excluding alternate directorships and directorships in foreign companies and companies under section 25 of the Companies Act, 1956.
** Only Audit Committee and Shareholders Grievance Committee of all public limited companies (whether listed or not) have been considered
for the purpose of the Committee positions (membership and chairmanship), as per Clause 49 of listing agreement.
I.C. Non-Executive Directors Compensation and Disclosures
As stated earlier, ten of our Directors are Non-Executive Directors. Of these, seven Directors are representatives of the two shareholders
i.e. Aditya Birla Nuvo Limited (04) and Sun Life Financial (03) and the rest three are Independent. As decided by the Board, no remuneration
of whatsoever nature is paid to these Non-Executive Directors, except for a sitting fee to the three Independent Directors, as detailed
hereunder.
The Company pays sitting fees of ` 20,000 to the Independent Directors for attending each Board Meeting and Board Committee meetings.
The details of sitting fees paid to these Independent Directors during the FY 201011 are given in Table 03:
(Amount in ` )
Name of the Directors Sitting Fees for the meetings of Total
Board Audit Committee Risk Management
Committee
Mr. Gian P. Gupta 80,000 80,000 40,000 2,00,000
Mr. Suresh N. Talwar 40,000 NA NA 40,000
Ms. Tarjani Vakil 80,000 80,000 20,000 1,80,000
Table 03
I.D. Board Meetings
Agenda and Minutes
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 focussed discussions at the meetings.
In compliance with the statutory requirements, the following minimum information is supplied to the Board in the agenda of every quarterly
Board Meeting:
Minutes ol meetinqs ol revious board and committee meetinqs,
0uarterly results ol the Comany,
Annual oeratinq lans and quarterly variance analysis,
Fresentation on the linancial results which qenerally includes the linancials lor the quarter and its analysis, rolitability drivers, investment
performance, yearly plan vs actuals and an action taken report on the implementation of decisions taken in last Board meeting;
44
Comliance certilicate by the lunctional heads,
0ther statutory aqenda,
The inlormation on recruitment and remuneration ol senior ollicers just below the board level, includinq aointment or removal ol Chiel
Financial Officer and Company Secretary, if any;
Show cause, demand, rosecution notices and enalty notices which are materially imortant or involve ossible ublic or roduct
liability claims of substantial nature;
Any material delault in linancial obliqations to and by the Comany.
Every agenda and minutes of the meeting are prepared in compliance with the non mandatory provisions of clause 49 and the applicable
standards issued by the Institute of Company Secretaries of India (ICSI) and the Companies Act, 1956. The draft minutes of the proceedings
of each previous Board/Board Committee meeting, duly initialled by the Chairman, are circulated along with the agenda. The Board also takes
note of minutes of various Board Committee meetings, at every Board Meeting.
Board Meetings and attendance of Directors
As a good practice, a yearly meetings calendar is prepared and circulated to all the Directors in the month of November/December every
year, relevant for the next calendar year, so that they can adequately plan their schedule. This ensures optimum presence of the Directors/
Committee Members at each meeting.
During FY 2010-11, four Board meetings were held as below:
i. April 26, 2010
ii. July 23, 2010
iii. October 21, 2010
iv. February 4, 2011
During FY 2010-11 the time gap between two successive board meetings did not exceed 4 months.
The attendance of the Directors at the above Board meetings and at the last Annual General Meeting is given in Table 04:
Name of the Directors No. of Board meetings held
during FY 2010-11
Attendance in the last AGM
dated 16
th
June, 2010
Held Attended
Mr. Kumar Mangalam Birla 4 2 Yes
Mr. Ajay Srinivasan 4 4 Yes
Mr. Bishwanath N. Puranmalka 4 4 Yes
Mr. Dikran Ohannessian 4 4 No
Mr. Donald A. Stewart 4 4 No
Mr. Gian P. Gupta 4 4 Yes
Mr. Jayant Dua 3 3 N.A.#
Dr. Rakesh Jain 4 4 Yes
Mr. Suresh N. Talwar 4 2 No
Ms. Tarjani Vakil 4 4 Yes
Mr. Venkatesh Mysore 4 4 Yes
Table 04
# Appointed after the AGM
I.E. Code of Conduct
The Company has designed and implemented a Code of Conduct for all the employees of the Company. The senior management of the
Company is also governed by this Code of Conduct. All the employees confirm their adherence to this Code on an annual basis.
II. AUDIT COMMITTEE
The provisions of Section 292A of the Companies Act, 1956, prescribes that every public company having paid-up capital of not less than
` Five crores shall constitute a committee of the Board known as Audit Committee. The Company had constituted its Audit Committee on
31
st
January, 2001 with well defined objectives, roles and responsibilities.
45
The Audit Committee of the Company is primarily responsible to review the internal control systems and financial operating systems of
the Company, ensure legislative and regulatory compliances, accounting policies and audit reports, and report to the Board of Directors on
significant results of the foregoing activities. The Committee also serves the Board of Directors by providing qualitative inputs to financial
statements and brings in a degree of financial expertise. The Audit Committee scrutinizes the quarterly / yearly unaudited / audited financial
statements and satisfies itself with the accuracy and correctness of these statements.
In addition, the Audit Committee also reviews the Management letters / letters of internal control weaknesses issued by the Statutory
Auditors, the Internal Audit Reports relating to Internal control weaknesses and appointment, removal and terms of remuneration of the
Internal Auditor.
II.A. Composition
The composition of the Audit Committee as on 31
st
March, 2011 is given in Table 05:
Name of the Committee Member Designation
Mr. Gian P. Gupta Chairman, Non-Executive & Independent Director
Mr. Ajay Srinivasan Member & Non-Executive Director
Mr. Bishwanath N. Puranmalka Member & Non-Executive Director
Mr. Dikran Ohannessian Member & Non-Executive Director
Mr. Jayant Dua# Member & Managing Director
Ms. Tarjani Vakil Member, Non-Executive & Independent Director
Mr. Venkatesh Mysore Member & Non-Executive Director
Table 05
# Appointed w.e.f. July 1, 2010
The Company Secretary acts as the Secretary to the Committee.
All members of the Audit Committee are financially literate and have the necessary accounting and related financial management expertise.
The Chief Executive Officer, the Chief Financial Officer, the Appointed Actuary, the Senior VP Compliance, Risk Management, Internal Audit,
Legal & Secretarial, the Statutory Auditors and the Internal Auditors attend each Audit Committee Meeting. The special auditors of both the
promoters (viz. Aditya Birla Nuvo Limited & Sun Life Financial Inc.) of the Company also conduct certain process audits during the year and
they are invited to present their reports at the Audit Committee meeting of the Company.
II.B. Meetings and attendance
During FY 2010-11, the Audit Committee met four times viz.
i) April 26, 2010;
ii) July 23, 2010;
iii) October 21, 2010 and
iv) February 4, 2011.
The attendance of the Audit Committee members at the Audit Committee meetings during FY 2010-11 is given in Table 06:
Name of the Committee Member No. of Audit Committee meetings held during FY 2010-11
Held Attended
Mr. Ajay Srinivasan 04 04
Mr. Bishwanath N. Puranmalka 04 04
Mr. Dikran Ohannessian 04 04
Mr. Gian P. Gupta 04 04
Mr. Jayant Dua* 03 03
Ms. Tarjani Vakil 04 04
Mr. Venkatesh Mysore 04 04
Table 06
* Appointed as Member w.e.f. July 1, 2010.
46
III. OTHER COMMITTEES OF THE COMPANY
For ensuring smooth business activities, the Company has constituted certain Board Committees with well defined charters. The prominent
Board Committees, other than the Audit Committee, are as under:
III.1. FINANCE COMMITTEE
The Board has constituted a Finance Committee in compliance of the revised clause 41 of the Listing Agreement. As per the Listing Agreement
such committee shall consist of not less than one third of the directors, which shall include atleast one Independent Director.
As per the documented charter, duly approved by the Board of Directors of the Company, the Finance Committee is responsible for the
following:
a) To approve the following Audited and/or unaudited financial results of the Company
- 0uarterly linancial results,
Year to date financial results;
b) To arove the Limited Review Reort ol the Auditors on the 0uarterly and Year to Bate Financial Results.
c) Place the approved Financials and Limited Review Report before the Board.
III.1.A. Composition
The composition of Finance Committee as on 31
st
Mr. Gian P. Gupta Member, Non-Executive & Independent Director
Ms. Tarjani Vakil Member, Non-Executive & Independent Director
Table 07
III.1.B. Meetings and attendance
During the year under review, the audited/unaudited accounts were directly placed before the Board and hence no meeting of Finance
Committee was convened.
III.2. SHARE ALLOTMENT COMMITTEE
To keep pace with the rapid growth of the Company and to smoothen and fasten the process of regular infusion of share capital, the Board of
the Company, at its meeting held on 25
th
April, 2005 had constituted a committee called the Share Allotment Committee. The Share Allotment
Committee has been delegated the authority to allot the shares and issue the share certificates.
The documented charter, duly approved by the Board of Directors, the Share Allotment Committee is responsible, inter-alia, for the following:
a) Offer unsubscribed portion of the capital to the other shareholders
b) Allot the shares to the shareholders of the Company
c) To authorise the issue of share certificates and shares in dematerialized form to the shareholders of the Company
d) To engage in other acts, deeds and things as may be necessary in connection therewith and incidental thereto as the Committee in its
absolute discretion deem fit.
The composition of Share Allotment Committee as on 31
st
Mr. Suresh N. Talwar Member, Non-Executive & Independent Director
Table 08
47
No meeting of Share Allotment Committee was conducted as there was no capital infusion during the entire financial year.
III.3. RISK MANAGEMENT COMMITTEE
In view of the growing scale of the Company and the regulations becoming more stringent, the Board of the Company at its meeting held on
May 24, 2008 constituted the Risk Management Committee (erstwhile Risk Review Meeting) as a sub-committee of the Board, to oversee the
risk management and compliance activities of the Company.
The documented charter, duly approved by the Board of Directors, holds the Risk Management Committee responsible, inter-alia, for the
following:
a) Reviewing and assessing the integrity and adequacy of the risk management function;
b) Overseeing the establishment and implementation of the risk management framework;
c) Ensuring that major business risks are identified and managed appropriately;
d) Reviewing and approving the annual Risk Management Plan; and
e) Reviewing the operations of the risk management function and advising the risk management function in terms of critical projects to be
undertaken.
The composition of the Risk Management Committee as on 31
st
Mr. Jayant Dua* Member & Managing Director
Ms. Tarjani Vakil** Member, Non-Executive & Independent Director
Table 09
* Appointed as a member w.e.f. July 1, 2010
** Appointed as a member w.e.f. October 21, 2010
During FY 2010-11, the Risk Management Committee members met three times viz:
i) June 16, 2010;
ii) October 1, 2010; and
iii) January 19, 2011.
The attendance of the Risk Management Committee members at the Risk Management Committee meetings during FY 2010-11 is given in
Table 10:
Name of the Committee Member No. of Risk Management Committee
meetings held during FY 2010-11
Held Attended
Mr. Gian P. Gupta 03 02
Mr. Jayant Dua 02 02
Ms. Tarjani Vakil 01 01
Table 10
III.4. INVESTMENT COMMITTEE
Pursuant to Section 292 of the Companies Act 1956, the Board has the power to invest the Funds of the Company and delegate the same to
any Committee or to any officials of the Company on any such conditions as may be prescribed by the Board.
The role of Investment Committee is to set policy framework for Investment and ensuring to safeguard the interest of Shareholders and Policy-
holders Funds. Investment committee ensures that all investment activities are conducted as per the framework defined by IRDA and Board.
48
The documented charter, duly approved by the Board of Directors, holds the Investment Committee responsible, inter-alia, for the following:
a) Providing and reviewing the requisite policy and operating guidelines /framework for making investments;
b) Ensuring requisite regulatory compliance and reporting system apart from Internal / Concurrent Audit mechanisms;
c) Review portfolio performance and investment decisions with an objective to safeguard interest of the Policyholders and Shareholders
Funds;
d) Focus on prudential Asset Liability Management (ALM) supported by robust internal control systems;
e) To be fully conversant with the various responsibilities cast on members of Investment Committee by the IRDA (Investment) Regulations
2000 as amended from time to time as well as the guidelines issued on the system of risk management; and
f) To report to the Board on the performance of Investments atleast on a quarterly basis and provide analysis of its Investment portfolio
and on the future outlook to enable the Board to look at possible policy changes and strategies.
The composition of the Investment Committee as on 31
st
Mr. Fabien Jeudy Member & Chief Actuarial Officer & Appointed Actuary
Ms. Keerti Gupta Member & Head - Investment Risk Management & Operations
Mr. Mayank Bathwal Member & Chief Financial Officer & Head - Institutional Sales
Dr. Rakesh Jain** Member & Non-Executive Director
Mr. Vikram Kotak Member & Chief Investment Officer
Table 11
** Appointed as a member w.e.f. November 3, 2010
During FY 2010-11, the Investment Committee members met four times viz:
i) May 6, 2010;
ii) August 31, 2010;
iii) November 3, 2010; and
iv) January 28, 2011.
The attendance of the Investment Committee members at the Investment Committee meetings during FY 2010-11 is given in Table 12:
Name of the Committee Member No. of Investment Committee
Held Attended
Mr. Bishwanath N. Puranmalka* 02 00
Mr. Fabien Jeudy 04 04
Mr. Jayant Dua** 03 03
Ms. Keerti Gupta 04 04
Mr. Mayank Bathwal 04 04
Dr. Rakesh Jain*** 02 01
Mr. Vikram Kotak 04 04
Table 12
* Ceased to be a member w.e.f. November 3, 2010
** Appointed as a member w.e.f. July 1, 2010
*** Appointed as a member w.e.f. November 3, 2010
49
III.5. ASSET LIABILITY MANAGEMENT COMMITTEE
Pursuant to the nature of products sold by the Company it is crucial to have an Asset Liability Committee to manage the various risk arising on
account of product guarantees, interest rates movements, duration mismatches, cash flow mismatch, capital market, market liquidity etc.
As per IRDA CG Guidelines constitution of Asset Liability Management Committee is mandatory for life insurance companies. In view of the
foregoing provision, BSLIs Board had constituted an Asset Liability Management Committee at its meeting held on November 10, 2009.
Asset Liability Management Committee will set policy framework and operating guidelines for asset liability matching to safeguard the interest
of Shareholders and Policyholders. This Committee will insure that the assets are created in line with the liabilities. The Committee will
monitor, review and evaluate all possible variant that can have an impact on the ALM and will insure requisite measures are placed to manage
risk arising out of these variants.
The documented charter, duly approved by the Board of Directors, holds the Investment Committee responsible, inter-alia, for the following:
a) Setting the insurers risk/reward objectives and assess policyholder expectations;
b) 0uantilyinq the level ol risk exosure and assessinq the exected rewards and costs associated with the risk exosure,
c) Formulating and implementing optimal ALM framework, policies, guidelines, strategies (both at product level and enterprise level) and
meeting risk/reward objectives;
d) Laying down the risk tolerance limits;
e) Monitor, assess and simulate various scenario on interest rates, capital markets, liquidity scenarios etc. that can have impact on capital
requirements;
f) Monitoring risk exposures at periodic intervals and revising ALM strategies where required;
g) Placing the ALM information before the Board at periodic intervals; and
h) Carrying out any other functions as is mentioned in the terms of reference of the Asset Liability Management Committee and as may be
specified by the IRDA by way of notifications or necessary amendments in applicable statutes and/or guidelines, from time to time.
III.5.A Composition
The composition of the Asset Liability Management Committee as on 31
st
Mr. Fabien Jeudy Member & Chief Actuarial Officer & Appointed Actuary
Ms. Keerti Gupta Member & Head - Investment Risk Management & Operations
Mr. Mayank Bathwal Member & Chief Financial Officer & Head - Institutional Sales
Dr. Rakesh Jain** Member & Non-Executive Director
Mr. Vikram Kotak Member & Chief Investment Officer
Table 13
** Appointed as a member w.e.f. November 3, 2010
During FY 2010-11, the Asset Liability Management Committee members met four times viz:
i) May 6, 2010;
ii) August 31, 2010;
iii) November 3, 2010; and
iv) January 28, 2011.
50
The attendance of the Asset Liability Management Committee members at the Asset Liability Management Committee meetings during
FY 2010-11 is given in Table 14:
Name of the Committee Member No. of Asset Liability Management Committee
Held Attended
Mr. Bishwanath N. Puranmalka* 02 00
Ms. Keerti Gupta 04 04
Dr. Rakesh Jain*** 02 01
Mr. Vikram Kotak 04 04
Table 14
* Ceased to be a member w.e.f. November 3, 2010
*** Appointed as a member w.e.f. November 3, 2010
III.6. POLICYHOLDERS PROTECTION COMMITTEE
IRDA places significant emphasis on the protection of policyholders interests and on the adoption of sound and healthy market conduct
practices by insurers. IRDA regulations and guidelines are in place with respect to protection of policyholders interests, advertisement and
disclosures, advertisement and promotion & publicity.
As per IRDA CG Guidelines constitution of Policyholders Protection Committee is mandatory for life insurance companies. In view of the
foregoing provision, BSLIs Board had constituted the Policyholders Protection Committee at its meeting held on November 10, 2009 to
address various compliance issues relating to protection of the interests of policyholders, as also relating to keeping the policyholders well
informed of and educated about insurance products as well as complaint-handling procedures and shall directly report to the Board.
A documented charter, duly approved by the Board of Directors, holds the Policyholders Protection Committee responsible, inter-alia, for the
following:
a) To address complaints and grievances of policyholders including misselling by intermediaries;
b) Ensure compliance with the statutory requirements as laid down in the regulatory framework;
c) Review of the mechanism at periodic intervals;
d) Ensure adequacy of disclosure of material information to the policyholders;
e) Review the status of complaints at periodic intervals to the policyholders;
f) Provide the details of grievances at periodic intervals in such formats as may be prescribed by the IRDA;
g) Provide details of insurance ombudsmen to the policyholders;
h) Evaluate the merit of the investigated complaint cases that are presented at the meeting by any function(s) of BSLI;
i) Decide upon exceptional cases presented before the Policyholders Protection Committee from time-to-time which includes, but not
limited to, the following viz. Misselling / Misrepresentation, issues arising due to any deviations from BSLI processes, out of Free Look
& Fraud cases etc.; and
j) Carrying out any other functions as is mentioned in the terms of reference of the Policyholders Protection Committee and as may be
specified by the IRDA by way of notifications or necessary amendments in applicable statutes and/or guidelines, from time to time.
51
The composition of the Policyholders Protection Committee as on 31
st
Mr. N. N. Jambusaria Member & Chairman
Mr. Amitabh Verma Member & Chief Operating Officer
Mr. Fabien Jeudy Member & Chief Actuarial Officer
Mr. Mayank Bathwal Member & Chief Financial Officer & Head Institutional Sales
Mr. Lalit Vermani Member & Senior VP Compliance, Risk Management,
Internal Audit, Legal & Secretarial
Mr. Puneet Bansall Member & Head Legal & Company Secretary
Mr. Vikas Seth** Member & Head - Sales - DSF
Table 15
** Appointed as a member w.e.f. October 21, 2010
During FY 2010-11, the Policyholders Protection Committee members met three times viz:
i) June 16, 2010;
ii) October 1, 2010; and
iii) January 19, 2011
The attendance of the Policyholders Protection Committee members at the Policyholders Protection Committee meetings during FY 2010-11
is given in Table 16:
Name of the Committee Members No. of Policyholders Protection Committee
Held Attended
Mr. N. N. Jambusaria 03 03
Mr. Ajay Srinivasan*** 02 01
Mr. Amitabh Verma 03 03
Mr. Chander Chellani* 01 00
Mr. Lalit Vermani 03 03
Ms. Yamini Kurup*** 02 01
Mr. Puneet Bansall 03 03
Mr. Vikas Seth**** 01 01
Table 16
* Ceased to be a member w.e.f. August 31, 2010
*** Ceased to be a member w.e.f. October 1, 2010
****Appointed as a member w.e.f. October 1, 2010
IV. SUBSIDIARY COMPANIES
The Company does not have any subsidiary company of its own. However, the Company is a material non listed Indian subsidiary company
of Aditya Birla Nuvo Limited (ABNL), which is holding 74% of the Companys share capital. Mr. Gian P. Gupta and Ms. Tarjani Vakil, both
independent directors on the Board of ABNL, are also independent directors on the Board of the Company. The Company regularly reports
the corporate governance requirements, as applicable to a material non listed Indian subsidiary company, to ABNL, including forwarding of
minutes, financial statements, statement of significant transactions and arrangements entered into by the Company.
52
V. DISCLOSURES
V.A. Related Party Transactions
All the related party transactions are strictly done on arms length basis. The related party transactions of the Company are periodically
placed and reviewed by the Audit Committee of the Company and necessary briefing is given to the Board as well. Particulars of related party
transactions are listed out in Annexure 2 of Schedule 16 of the Balance Sheet forming part of the Annual Report.
V.B. Risk Management System
Besides a Board level Committee, the Company has constituted a management level Risk Management Committee with an objective to assist
the management of the Company in fulfilling its corporate governance responsibilities of risk management systems and assessment of the
effectiveness of such systems.
Composition of this Committee is detailed above in this Corporate Governance Report.
The compliance with the Risk Management policies of the Company are periodically reviewed by the Risk Management Committee (erstwhile
Risk Review Committee) of the Board. The minutes of the Board level Risk Management Committee meetings are also placed before the Board
Meeting for its information. A detailed Risk Management Report forms part of the Annual Report being sent to the stakeholders (including)
shareholders of the Company.
V.C. Remuneration of Directors
The detailed note on the remuneration of Directors has already been incorporated in this Report earlier. Apart from the details mentioned
therein, no other remuneration is paid to any of the Directors.
Only one Director, Mr. Bishwanath N. Puranmalka holds one equity share of ` 10/- jointly with Aditya Birla Nuvo Limited in the share capital
of the Company. None of the other Directors of the Company have any holding in the share capital of the Company.
V.D. 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.
The Company ensures confidentiality and protection against victimization. No adverse action is taken against an employee or business
associate in knowing retaliation who makes any good-faith disclosure of suspect or wrongful conduct to the BSLI Grievances and disciplinary
committee.
V.E. Management
A detailed Management Discussion and Analysis Report forms part of the Annual Report being sent to the stakeholders (including) shareholders
of the Company.
V.F. Shareholders & General information
i.) Brief profile of Directors to be re-appointed in the 11
th
Annual General Meeting of the Company
Details of Directors to be re-appointed are annexed to this Report.
ii.) General Body Meetings
The particulars of the last three Annual General Meetings (AGMs) of the Company are provided in Table 17:
AGM Financial Year Date of the AGM Time Venue
8
th
2007-2008 May 24, 2008 06.30 p.m. Aditya Birla Centre, Board Room, B Wing, 5
th
Floor,
S. K. Ahire Marg, Worli, Mumbai 400 030.
9
th
2008-2009 May 11, 2009 10.00 a.m. Aditya Birla Centre, Board Room, B Wing, 5
th
Floor,
S. K. Ahire Marg, Worli, Mumbai 400 030.
10
th
2009-2010 June 16, 2010 10.30 a.m. Board Room, 16
th
Floor, One Indiabulls Centre,
Tower 1, Jupiter Mill Compound, 841, S. B. Marg,
Elphinstone Road, Mumbai 400 013.
Table 17
There were no Extraordinary General Meetings (EGMs) of the Company held during FY 2010-11.
53
The special resolutions passed by the Company during the last three financial years are provided in Table 18:
Meeting Details of the Special Resolution
EGM held on 05
th
November, 2007 Alteration to the Articles of Association for increase in the Authorised Share
Capital from ` 1,000 crores to ` 3,750 crores
Table 18
iii.) General Shareholder Information
Date, Time and Venue of the 11
th
Annual General Meeting June 16, 2011, 10.30 a.m., Board Room, 16
th
Floor, One Indiabulls Centre,
Tower 1, Jupiter Mill Compound, 841, S. B. Marg, Elphinstone Road,
Mumbai 400 013.
Financial Year 2010-11
Registrar and Transfer Agents MCS Limited
Registration no. of the Company as per Companies Act
with the Registrar of Companies
11-128110
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, 15
th
& 16
th
Floor, Jupiter Mill Compound,
841, S. B. Marg, Elphinstone Road, Mumbai 400 013
Table 19
iv.) Distribution of Shareholding
The Shareholding pattern of the Company as on 31
st
March, 2011 is provided in Table 20:
Sr.
No.
Name of Shareholders No. of Equity
Shares Held
Paid up Share
Capital (` )
Holding in equity
share capital (%)
1. Manoj Kedia jointly with Aditya Birla Nuvo Limited 01 10 0.000000061
2. B. N. Puranmalka# jointly with Aditya Birla Nuvo Limited 01 10 0.000000061
3. Sushil Agarwal jointly with Aditya Birla Nuvo Limited 01 10 0.000000061
4. Anil Rastogi jointly with Aditya Birla Nuvo Limited 01 10 0.000000061
5. Devendra Bhandari jointly with Aditya Birla Nuvo Limited 01 10 0.000000061
6. Aditya Birla Nuvo Ltd. 1,45,74,29,995 14,57,42,99,950 73.999999695
7. Sun Life Financial (India) Insurance Investments Inc. 51,20,70,000 5,12,07,00,000 26
Total 1,96,95,00,000 19,69,50,00,000 100
Table 20
# Mr. B.N. Puranmalka is a non-executive director on the Board of the Company.
v.) Dematerialisation of shares
Particulars % of share capital
CDSL 74%
Physical 26%
Total 100%
Table 21
54
vi.) Share Capital History
The history of infusion of capital of the Company since inception is given in Table 22:
Financial Year No. of Equity Shares Allotted Amount (In Rupees)
2000-2001 12,00,00,000 1,20,00,00,000
2001-2002 Nil Nil
2002-2003 6,00,00,000 60,00,00,000
2003-2004 7,00,00,000 70,00,00,000
2004-2005 10,00,00,000 100,00,00,000
2005-2006 11,00,00,000 110,00,00,000
2006-2007 21,15,00,000 211,50,00,000
2007-2008 60,30,00,000 603,00,00,000
2008-2009 60,50,00,000 605,00,00,000
2009-2010 9,00,00,000 90,00,00,000
2010-2011 Nil Nil
Total 1,96,95,00,000 19,69,50,00,000*
Table 22
*excluding Share Premium
vii.) 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 newspaper publication and host the same on their websites within stipulated
timelines.
Accordingly, the disclosures are hosted on BSLIs website (www.biralsunlife.com) and adequate steps have been taken to ensure publication
of requisite disclosure in newspapers.
SECTION B.
REPORTING UNDER IRDA CORPORATE GOVERNANCE GUIDELINES (IRDA CG GUIDELINES)
A detailed para wise report on compliance of Guidelines on Corporate Governance for the Insurance Sector (IRDA CG Guidelines) vide its
circular no. IRDA/F&A/CIR/025/2009-10 dated August 05, 2009 amended vide its circular no. IRDA/F&I/CIR/F&A/014/01/2010 dated January
29, 2010 is annexed to this Report.
SECTION C
REPORTING UNDER MCA GUIDELINES (MCA GUIDELINES)
The Ministry of Corporate Affairs has issued a set of Voluntary Guidelines on Corporate Governance and Corporate Social Responsibility in
December, 2009. These guidelines are expected to serve as a benchmark for the Corporate Sector and also help them in achieving the highest
standard of corporate governance.
Some of the provisions of these guidelines are already in place as reported elsewhere in this Report. The other provisions of these guidelines
are being evaluated and your Company will strive to adopt the same in a phased manner.
55
Details of Directors Seeking Reappointment / Appointment at the 11
th
Annual General Meeting
A. Directors seeking Re-appointment :
Particulars Mr. Kumar Mangalam Birla Mr. Donald Stewart Mr. Ajay Srinivasan
Date of Birth June 14, 1967 November 6, 1946 November 2, 1963
Date of First Appointment August 4, 2000 December 24, 2000 August 1, 2007
Date of Last Appointment May 24, 2008 November 10, 2009 March 24, 2010
Qualifications Chartered Accountant and MBA
(London Business School)
Fellow of Institute of Actuaries
and Degree in Natural Philosophy
(University of Glasgow)
B.A. with Honours in Economics
and MBA (Indian Institute of
Management, Ahmedabad)
Nature of expertise Industrialist Life Insurance, Mutual Fund,
Information Technology, Trust
Services and Actuarial
Has rich experience of almost two
decades in Financial Services
Directorship (excluding
alternate directorship) held
in other Public Companies
(excluding foreign and private
Companies)
10 1 3
Membership/Chairmanships
of Committees of other Public
Companies (includes only Audit
Committee and Shareholders/
Investors Grievance
Committee)
Nil Nil Nil
Number of shares held in the
Company
Nil Nil Nil
56
Compliance under IRDA Corporate Governance Guidelines for FY 2010-11
Birla Sun Life Insurance Company Limited (BSLI/Company/We) has done a gap analysis between existing corporate governance
practices at BSLI and those covered under IRDA CG Guidelines. Post analysis it was observed that BSLI have been adhering to most
of the norms as laid by IRDA under CGG.
Below table provide a short summary of contents / requirements of IRDA CG Guidelines and compliance status of the said guidelines
at BSLI:
Para Guidelines Compliance status in BSLI
3 Role of Board - Significant ownership, controlling shareholders and
conflict of Interest

3.1 Minimum lock-in period of 5 years from the date of certificate of
business commencement for promoters of an Insurance Company
Adhered
3.2 FDI capping at present @ 26% and in future, as notified by GOI Adhered
3.3

Prior approval of IRDA for issuance exceeding 1% and transfer
exceeding 5% of paid-up capital of the Company
No issuance or transfer exceeding prescribed limits
took place during the FY 2010-11
Board shall ensure registration in accordance with Act and circular no.
022/IRDA/F&A/Aug-05 dt. 25th Aug.,05 for
(i) issue of shares (other than equity)
(ii) transfer of shares
Adhered
3.4

In case of any conflict of interest, Board shall act in the interest of its
Policyholders (including prospective ones)
No conflicting situation was reported.
In addition, it is always ensured at BSLI that
Policyholders interests are safeguarded and taken
on priority.
Adequate system, policies and procedures shall be in place to address
conflict of interest and proper compliance of AS-18
Adequate systems are in place.
3.5 Auditors, Actuaries, Directors and Senior Managers (Leadership team
and those one level below them) shall not simultaneously hold 2
positions in the Company which could be conflicting in nature
Adhered / Ensured
3.6 Ongoing compliance of statutory compliance while consideration of
capital augmentation
Adhered / Ensured
4 Governance Structure
4.1 CG requirement of clause 49 of listing agreement of stock exchanges to
be observed and gaps to be identified, which needs to be filled-in during
transition from unlisted company to listed entity
A detailed report in consonance with clause 49
of listing agreement forms part of the Corporate
Governance Report of the Company.
4.2 Irrespective of Board structure, good Corporate Governance practices
to be followed
Good corporate governance practices are always
followed and forms part of Companys key initiatives
to keep improvising on corporate governance
practices.
4.3 Governance structure of the Company can be aligned with that of the
Group
Companys Governance structure is aligned with that
of its holding Company (ABNL).
5 Board of Directors
5.1

As per Insurance Act, the Company should be a Public Limited
Company and Board should be properly constituted
Adhered
Cometent and 0ualilied Birectors should be laced on the Board Companys Board comprises of qualified professional
and with vast, varied and rich experience in managing
and guiding company affairs.
57

Size of the Board should be as per legal provisions and Board should
dedicate sufficient time with independence in their governance
Company have requisite number of Directors as
prescribed under Companies Act, 1956 read with
Articles of Association & Shareholders Agreement.
Board members meet at regular intervals and ensure
fair and independent approach while dealing with
company affairs.
Board and Senior Managers should be conversant with Companys
Organizational structure and its Line of Business & Products
Board and Senior Managers are well versed with
Companys organizational structure, its business
model and products (both existing & future).
Board of large group, should have understanding of material risk which
could affect group entities
Board is conversant with material risk which could
impact the Company.
To deal with risk related matters Board has constituted
Risk Management Committee which frames policies
for risk mitigation and such matters are discussed at
Board meetings at regular intervals.
For getting listed, Board should have Independent Directors, as
mentioned in listing agreement and where, Chairman is non-executive
1/3rd of Board strength should be independent and otherwise (executive
chairman) 50% of the Board shall comprise of Independent Directors
Since the Company is an unlisted entity this para is
not applicable.
However, existing Board composition consists of 3
Independent Directors having varied experience in
finance, legal and business matters.
As long as unlisted, 2 Independent Directors should be there on the
Board of the Company
As on March 31, 2011, there are 3 Independent
Directors on Companys Board.
Where Chairman is non-executive, CEO should be WTD At present, consequent to approval from IRDA,
Company is being managed by its Managing Director
who takes care of day-to-day business affairs of the
Company.
Not more than one member of family or close relative (as per section 6
of Companies Act, 1956) or associate (partner, directors, etc.) should
be on Board of the Company as Independent Director
Adhered
5.2

Board should be responsible for activities as enlisted in Annexure 1
of CGG
Yes
Policies and standards to be framed by the Board, which can be
delegated to Board level committees
Requisite policies and procedures are in place.
To deal with certain matters of high importance,
Board has constituted certain committees, formulated
charters and delegated requisite power to these
committees.
Company have following committees in place:
a) Audit Committee;
b) Finance Committee;
c) Risk Management Committee;
d) Asset Liability Management Committee;
e) Investment Committee;
f) Policyholders Protection Committee; and
g) Share Allotment Committee
58

Agenda Notes should be well-documented and proper system should
be in place to monitor implementation process
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.
An action taken report on the implementation of
decisions taken in last Board / Committee meetings,
inter alia, forms part of Agenda.
Board shall ensure avoidance of conflict in Interest, frame strategies
which defines ethical individual and corporate behavior and these
strategies should be adhered properly
All Board members, senior management including
other employees are governed by Code of Conduct
which deals with ethical and corporate behavior at
organizational level.
Moreover, several in-house, training sessions
and lecturers were conducted during FY 2010-11
to nurture / cement our corporate values in new /
existing employees of the Company.
Our Values comprises of the following:
t *OUFHSJUZ
t $PNNJUNFOU
t 1BTTJPO
t 4FBNMFTTOFTT
t 4QFFE
5.3

Directors of the Company shall not be convicted or be noticed adversely
under any law involving moral turpitude or any professional body
None of the Board members are convicted or noticed
adversely under any law involving moral turpitude.
Due-diligence enquiry to be conducted at the time of appointment /
re-appointment of a Director
Necessary due-diligence was conducted before
appointment of Managing Director, Mr. Jayant Dua
during the F.Y. 2010-11.
Declaration, in format of Annexure 2, to be obtained before appointment
/ re-appointment
Obtained at the time of appointment of aforesaid
additional directors.
Annual Declaration from Directors to the effect that information
provided at the time of appointment / re-appointment has not changed
subsequently and changes, if any, are apprised to the Board
Annual Declaration to said effect obtained from all
the directors along with other declarations under
Companies Act, 1956 & IRDA regulations.
Directors to enter into a Deed of Covenant (as per Annexure 3) which
should be approved by the Board
Deed of Covenant was approved by the Board of
Directors at their meeting and the Directors have
entered into the same with the Company.
5.4 Company Secretary should be responsible for proper conduct of Board
Meetings with adequate time to deliberate on pertinent matters, in
detail
Company Secretary is responsible for convening and
conducting Board Meetings.
Adequate time is given for discussion of Agenda items
and any item of special importance is discussed at
length. In addition, a time-sheet is also circulated to
all the Board members to ensure adequate time for
discussion is given to all the agenda items.
59

Minutes to be recorded as soon as possible and be circulated Company has pre-defined TATs for preparation,
circulation and approval of Minutes, post every
Board Meeting.
Minutes of previous meeting is signed and kept in
safe custody as per the provisions of Companies Act,
1956.
New Directors should be apprised of Companies governance polices
and duties and responsibilities of Directors
Adhered
Briefings on changes in financial sectors (in general) and Insurance
sector (in particular) vide formal and informal programmers
Directors are in constant touch (vide person meetings,
telephonic conversations, electronic mails and other
means of communication) with each other and senior
management which allows them to keep abreast
of recent update in Financial as well as Insurance
sector.
Annual Disclosure in Annual Report:
humber ol meetinqs ol board and committee meetinqs mandated
under the CG Guidelines, in the financial year
Meeting details are captured in Corporate Governance
Report under clause 49 reporting.
Betails ol the Comosition ol the Board ol Birectors and
Committees mandated, setting out name, qualification, field of
specialization, status of directorship held.
Composition details of Board and mandated
Committees are captured in Corporate Governance
Report under clause 49 reporting.
humber ol the meetinqs attended by the Birectors and the
members of the Committee
Attendance details are captured in Corporate
Governance Report under clause 49 reporting.
Betail ol the remuneration aid, il any, to the indeendent
director.
Sitting fee paid to Independent Directors is captured
in Corporate Governance Report under clause 49
reporting.
6 Control Functions

Board should lay down policy for:
Risk (identilication, assessment, control, mitiqation and
monitoring)
Adhered
Comliance with Comany Folicies and alicable laws and
regulations
Adhered
nternal Control Adhered
nternal Audit Adhered
ndeendence ol control lunctions, includinq risk manaqement
and proper reporting arrangement
Separate Committees, viz. Audit & Risk Management
Committees, independently deals with internal
control/ audit & risk management related matters.
A detailed note on aforesaid committees and their
composition is captured in Corporate Governance
Report under Reporting in Clause 49 of Listing
Agreement.
6.1 Responsibility of control functions to be entrusted to Directors Discussion and decision of all committee meetings
constituted by the Board are captured in the minutes
of these Committees and placed before the Board for
their perusal and future plan of action, if any.
60
6.2

Risk control systems should be in place
(at group and individual level)
Adhered
Board should lay down requisite policy for risk control Adhered
7

Delegation of Functions
Committee Charter should define its following role and functions:
Constitution Adhered
0bjectives
Resonsibilities
Frequency and quorum ol meetinq
Aointment and removal ol members
Reortinq to the Board
Role and responsibilities of the Committees:
7.1

Audit Committee (Mandatory) Pursuant to provisions of Companies Act, 1956,
Company already had constituted an Audit Committee
and had well documented charter.
To align with the IRDA CG Guidelines the existing
charter is altered.
Audit Committee should oversee financial statements, reporting on
annual and quarterly basis and setting-up of process for checks and
control mechanism
Adhered
Chairman should be an Independent Director Audit Committee is chaired by Mr. Gian P. Gupta,
Non-Executive & Independent Director
Association of CEO should be limited to eliciting any specific information
relating to audit findings
Adhered
Oversee functioning of internal audit department and review its reports Adhered
Responsible for appointment, remuneration, performance and oversight
of work of auditors (internal/statutory/concurrent)
Ensured
Independence of Statutory Auditors should be ensured (though
appointment and other activities is undertaken by shareholders at their
general meetings)
Ensured
Oversight on process and procedures on issues relating to maintenance
of books, etc.
Adhered
Pre-audit discussion with statutory auditors over nature and scope of
audit and post-audit discussion on areas of concern
Adhered
Additional work other than statutory / internal audit handled by the
auditor or any of its associated person or companies shall be approved
specifically by the Board with view of independence and integrity of
audits.
Ensured
All additional audit works entrusted to the auditors or its associates or
companies have been specifically disclosed in the Notes to Accounts,
forming part of Companys annual accounts
Sufficient disclosure are made
61
7.2 Investment Committee (IC) - Mandatory Investment Committee details are captured in
Corporate Governance Report under clause 49
reporting
Composition: 2 Non-Executive Directors, CEO, CFO, CIO, Appointed
Actuary
Adhered
One meeting in a quarter to overview investment operations and proper
monitoring of the same.
Ensured
Constitution of IC and any new appointment or removal to be approved
by the Board and be communicated to IRDA within 30 days
IC shall lay down investment policy and operational framework. Policy
shall focus on ALM with robust internal control.
Investment Policy shall encompass aspects such as liquidity,
compliance with prudential norms, risk management / mitigation
strategies, protection of policyholders
IC shall be responsible for periodic review of Investment policy
Members of IC shall be conversant with responsibilities cast by IRDA
(Investment) Regulations 2000 along with guidelines on system of risk
management
All the Investment Committee Members are
conversant with their responsibilities.
IC shall independently review its investment decisions with proper
support of due diligence process undertaken by Investment team
Ensured
Effective reporting system should be in place to ensure compliance of
its policies (in addition to internal/concurrent audit)
IC to report to the Board on investment performance on a quarterly
basis and provide analysis of its investment portfolio and future outlook
so as to enable Board to foresee any policy change and its strategies
7.3 Risk Management Committee (RMC) - Mandatory Risk Management Committee details are captured
reporting
RM function should enable to monitor all risk across the various lines
of business of the Company.
Ensured
RMC shall:
Assist Board in oeratinq risk manaqement system by seciali/ed
analysis and review
Ensured
Reort to Board on risk exosures and actions to manaqe such
exposures
Advise Board on risk manaqement decisions relatinq to strateqies
and operational matters (corporate strategy, mergers and
acquisitions and related matters)
7.4 Asset Liability Management Committee (ALMC) - Mandatory Asset Liability Management Committee details are
captured in Corporate Governance Report under
clause 49 reporting
ALMC lays down framework to ensure Company invest in a manner
which enable it to meet cash flow needs and capital requirements, at
a future date.
Ensured
62
Responsibilities of ALMC are:
Settinq the insurer's risk/reward objectives Ensured
0uantilyinq the level ol risk exosure and assessinq the exected
rewards and cost
Formulatinq and imlementinq otimal ALM strateqies (roduct
and enterprise level)
Layinq down the risk tolerance limits
Monitorinq risk exosures (at eriodic intervals) and revisinq
ALM strategies
Flacement ol ALM inlormation belore Board at reqular intervals
7.5 Policyholders Protection Committee (PPC) - Mandatory Policyholders Protection Committee details are
captured in Corporate Governance Report under
clause 49 reporting
PPC shall report directly to the Board and shall ensure that Policyholders
have access to redressal mechanisms and shall draft policies and
procedure for dealing with customers and quick resolution of disputes
Ensured
Responsibilities of PPC are:
Formation ol olicies lor addressinq comlaints and qrievances ol
policyholders
Ensured

Comliance ol statutory requirements
Feriodic review ol mechanism
Adequate disclosure ol "material inlormation" to the
policyholders.
Feriodic review ol status ol comlaints
Frovide details ol qrievances at eriodic intervals in such lormat
as prescribed by IRDA
Frovide details ol insurance ombudsmen to the olicyholders
7.6 Other Committees
7.6.1 Remuneration Committee (Nonmandatory) The Board resolved that the prescribed responsibilities
of this Committee could continue to be directly
undertaken by the Board.
7.6.2 Nomination Committee (Non mandatory) The Board resolved that the prescribed responsibilities
of this Committee could continue to be directly
undertaken by the Board.
7.6.3 Ethics Committee (Nonmandatory) The Board resolved that the prescribed responsibilities
be carried out by the Policyholders Protection
Committee of the Board.
7.7 All mandatory Committees should meet at least 4 times in a year
and not more than four months shall elapse between two successive
meetings. The quorum shall be either two members or one third of
the members of the Committee whichever is greater, but in case an
independent director is mandated to be in the Committee, he/she should
be necessarily present to form quorum.
Ensured
63
8 Senior Management
8.1 CEO & Other Senior Functionaries
Prior approval of IRDA is required before appointment, re-appointment
or termination of the CEO and WTD
Adhered
Board should take proactive steps to decide on the continuance of CEO
before expiry of his tenure or to identify new incumbent
Ensured
Company should forward proposal (with Board approval) to IRDA, at
least a month before the completion of the tenure of the incumbent.
Compliance of said requirement will be ensured in
future.
Board should have practices for succession planning for the key senior
functionaries
Ensured
8.2 Role of Appointed Actuaries
Board should ensure that requirements of IRDA (Appointed Actuary)
Regulations, 2000, are complied with
Ensured
Appointed Actuary shall provide professional advice or certification to
the Board with respect to:
estimation ol technical rovisions in accordance with the valuation
framework set up by the insurer
Quarterly certification provided w.e.f. April 01, 2010.
identilication and estimation ol material risks and aroriate
management of the risks
linancial condition testinq
solvency marqin requirements
aroriateness ol remiums (and surrender value)
allocation ol bonuses to withrolit insurance contracts
manaqement ol articiatinq lunds (includinq analysis ol material
effects caused by strategies and policies)
roduct desiqn, risk mitiqation (includinq reinsurance) and other
related risk management roles.
Note: Appointed Actuary in discharge of his responsibilities shall at all times
be provided access to the information as required.
Ensured
8.3 External Audit - Appointment of Statutory Auditors
8.3.1 Appointment
Audit Committee are required to recommend Statutory Auditors who
are appointed at general meeting of the shareholders
Adhered
64
8.3.2 Eligibility Conditions/Qualifications Ensured
Joint audit of each insurance company to be conducted by two statutory
Auditors.
An audit firm to be eligible to be appointed as statutory auditors the
following conditions must be complied with:
Continuous ractice lor a eriod ol lilteen years
At least one artner/emloyee should have CSA/SA or equivalent
qualification
Joint auditors may have a term ol 5 / 4 years, in the lirst instance.
Thereafter, the maximum duration is 5 years
A 2 year coolinqoll eriod should be adhered by the Comany on
completion of 4/5 year tenure, as the case may be
ho Audit Firm shall carry out more than two statutory audits ol
Insurance Companies (Life/Non-Life/Reinsurance).
8.3.3 Access to Board and Audit Committee Adhered
AC should have discussions with the statutory auditors on internal
control system, scope of audit (including observations) and
review financial statements (quarterly/half yearly/yearly) before
submission before Board and ensure compliance of internal
control systems
Ensured
Note: Statutory auditors should also have access to the Board of Directors
through the Audit Committee.
Ensured
9 Disclosure Requirements

Board shall ensure that the information on the following, including the
basis, methods and assumptions on which the information is prepared
and the impact of any changes therein are also disclosed in the annual
accounts:-
0uantitative and qualitative inlormation on the insurer's linancial
and operating ratios, namely, incurred claim, commission and
expenses ratios
Adequate Disclosures are being made in the Annual
Report
Actual solvency marqin details visavis the required marqin.
Lile insurers shall disclose olicy lase ratio.
Financial erlormance includinq qrowth rate and current linancial
position of the insurer
A descrition ol the risk manaqement architecture
Betails ol number ol claims intimated, disosed ol and endinq
with details of duration
All ecuniary relationshis or transactions ol the honExecutive
Birectors visavis the insurer shall be disclosed in the Annual
Report.
Any other matters, which have material imact on the insurer's
financial position.
65
10 Outsourcing
10.1 The Company shall not outsource any of the Companys substantive
functions other than those that have been explicitly permitted
Ensured
Each proposal to outsource any function of the insurer, as permitted
by the IRDA, shall be reported to IRDA before entering into the
arrangement.
Ensured
All outsourcing arrangements of the Company shall have the approval
of the Board.
Any arrangement to be carried with effect from April
01, 2010 are placed before the Risk Management
Committee of the Board
Every outsourcing contract shall contain explicit safeguards regarding :
conlidentiality ol data,
all oututs lrom the data,
continuinq ownershi ol the data ol the Comany and
orderly handinq over ol the data and all related soltware
programmes on termination of the outsourcing arrangement.
Ensured
The arrangement shall not be for more than 3 years and should have
provision for premature cancellation without attracting penalties
10.2 The Company shall monitor and review the performance of agencies
to whom operations have been outsourced at least annually and report
findings to the Board
Will be ensured for all outsourcing contracts /
arrangements effective from July 2011.
10.3 IRDA reserves the right to access the operations of the outsourced
entity to the extent of relevance with insurance company and for
protection of policyholder.
N.A.
11 Relationship with Stakeholders
11.1 A stakeholder is any person, group or organization that has a direct
or indirect stake in an insurer. The key stakeholders can include
shareholders, employees, policyholders and supervisors. Other
stakeholders could include creditors, service providers, unions, rating
agencies, equity analysts and the community at large.
--
11.3 The Company shall ensure complete transparency in operations and
make periodic disclosures
Ensured
Disclosures shall touch the following :
accurate and lair linancial statements, and
sound business lundamentals with lonq term viability
12.4 Reporting to IRDA --
12.4.1 Full compliance with the guidelines from the financial year 2010-2011. Ensured
12.4.2. Each company should designate a compliance Officer who will monitor
continuing compliance with these CGG.
Compliance Certificate is being issued by the
Company Secretary as the Compliance Officer as per
IRDA CG Guidelines. A copy of the same is enclosed
at the end of this Table.
12.4.3. Certification by Compliance Officer (in prescribed format) The certificate from the Compliance Officer is attached
to and forms part of the Corporate Governance Report
which is an Annexure to this Report.
66
13 Whistle Blowing Policy A brief on Whistle Blower Policy details is captured
reporting
13.1

Company shall have whistle blowing policy, where a mechanisms
exists for employees to raise concerns internally about possible
irregularities, governance weaknesses, financial reporting issues or
other such matters
Ensured
Above reporting could include employee reporting in confidence directly
to the Chairman of the Board or of a Committee of the Board or to the
external auditor.
Reporting under BSLI Whistle Blower Policy is made
to BSLI Policyholders Protection Committee
Policy illustratively covers the following aspects:
Employee awareness that such channels (whistle blowing) are available,
how to use them and how their report will be handled
Ensured
Handling of the reports received confidentially, for independent
assessment, investigation and where necessary for taking appropriate
follow-up actions
Ensured
A robust anti-retaliation policy to protect employees who make reports
in good faith
Ensured
13.2 The appointed actuary and the statutory/internal auditors have the duty
to whistle blow, i.e., to report in a timely manner to the IRDA if they are
aware that the company has failed to take appropriate steps to rectify a
matter which has a material adverse effect on its financial condition.
Will be ensured as and when situation arises
Certification by Compliance Officer
Certification for compliance of the Corporate Governance Guidelines
I, Puneet M. Bansall, hereby certify that to the best of my knowledge and information available with me, the Company has complied with
the Guidelines on Corporate Governance for the Insurance Sector issued by IRDA vide its circular no. IRDA/F&A/CIR/025/2009-10 dated
August 05, 2009 as amended vide circular no. IRDA/F&I/CIR/F&A/014/01/2010 dated January 29, 2010 and nothing has been concealed or
suppressed.

Puneet M. Bansall
Head Legal & Company Secretary
Place: Mumbai
Date: April 27, 2011
67
Risk Management
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 Boards
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.
The Companys 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 1
st
Insurance Company in India to be certified against the BS25999 standard (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.
The ERM framework encompasses the following areas:
Governed by Risk Policies and Operating Guidelines approved by
Board Committee / Sub Committee of the board
Risk Assessment Risk Identification
Risk monitoring,
communication and
reporting
Enterprise Risk Management
Framework in BSLI
Risk Response and Risk
Management strategy
Enterprise Risk Management Report
68
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 Policy, Valuation Policy, Information Security Policy, Business Continuity Policy, Operational Risk Management
Policy, Fraud Reporting and Investigation Policy, Asset Liability Management Policy and 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 Companys 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 ERM 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 institutions assets and liabilities do
not correspond. These can lead to non-payment/deferment of claims, expenses, etc.
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.
Companys 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.
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: 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 the first
Indian Insurance Company to be BS25999 (British Standard 25999) certified. Fraud management is
handled through an internal committee and is governed by the Fraud Reporting and Investigation
Policy.
69
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 minimize 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 with RGA and Swiss Re for individual life business, RGA and
Generali for group business and Swiss Re for Health 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 group business.
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 minimizing 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 and regulatory requirements.
Business Continuity Management Framework:
Governance through Board Level Risk
Management Committee & BS25999 Framework
Planning
through
Business
Impact
Analysis
&
Risk
Assessment
Implementation
througth
Business
Continuity/
Crisis
Management
Plan/Alternate
Site & DR Plan
Exercising through
Disaster
Recovery/Alternate
Site, Call Tree
Testing,
Evacuation Drills &
Facility Walkthrough
Review through
Internal/BS 25999
Continual
Assessment &
Management
Review Meeting
with BCMS Steering
Committee
Embedding Business Continuity in the Culture through Risk Awareness Week,
Workshops, Screensavers & Mailers
70
B. RISK MANAGEMENT COMMITTEE
Governance structure:

Composition, meeting, attendance and other details of Risk Management Committee is detailed in Corporate Governance Report attached
to and forming part of this Annual Report.
The risk management structure comprises of the Risk Management Team and Functional Heads governed by a Board level Risk
Management Committee. The Roles and Responsibilities of the Committee in brief are summarised below:
Scope & Term of
Reference
Risk Management Committee
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.
Other
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.
Board of Directors
Risk Management Committee
Risk Management Team
Function Heads
71
To the Members of Birla Sun Life Insurance Company Limited
1. We have audited the attached balance sheet of Birla Sun Life Insurance Company Limited (the Company) as at March 31, 2011 and
also the revenue account, profit and loss account, and receipts and payments account for the year ended on that date annexed thereto.
These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance as to whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis for our opinion.
3. In accordance with the provisions of Section 11 of the Insurance Act, 1938 (the Insurance Act) read with the Insurance Regulatory
and Development Authority, (Preparation of Financial Statements and Auditors Report of Insurance Companies) Regulations, 2002
(the IRDA Financial Statements Regulations), and the provisions of sub-sections (1), (2) and (5) of Section 211 and sub-section (5) of
Section 227 of the Companies Act, 1956 (the Companies Act), the balance sheet, revenue account and profit and loss account are not
required to be, and are not, drawn up in accordance with Schedule VI of the Companies Act. The balance sheet, revenue account and
profit and loss account are drawn up in conformity with the IRDA Financial Statements Regulations.
4. We report that:
(a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the
purposes of our audit and have found them to be satisfactory.
(b) In our opinion and to the best of our information and according to the explanations given, proper books of account as required by
law have been maintained by the Company so far as appears from our examination of those books.
(c) The financial accounting systems of the Company are centralized and therefore accounting returns are not required to be submitted
by branches and other offices.
(d) The balance sheet, revenue account, profit and loss account and receipts and payments account referred to in this report are in
agreement with the books of account.
(e) The actuarial valuation of liabilities for policies in force is the responsibility of the Companys appointed actuary (the appointed
actuary). The actuarial valuation of liabilities for policies in force has been duly certified by the appointed actuary. The appointed
actuary has certified to the Company that the assumptions for such valuation are in accordance with the guidelines and norms
issued by the Insurance Regulatory and Development Authority (IRDA) and the Actuarial Society of India in concurrence with
IRDA. We have relied on the appointed actuarys certificate in this regard.
(f) On the basis of the written representations received from the directors, and taken on record by the board of directors, none of the
directors is disqualified as on March 31, 2011 from being appointed as a director in terms of Section 274(1)(g) of the Companies
Act, 1956.
5. In our opinion and to the best of our knowledge and belief and according to the information and explanations given:
(a) The accounting policies selected by the Company are appropriate and in compliance with the applicable accounting standards
referred to in Section 211(3C) of the Companies Act, 1956 and the accounting principles prescribed in the IRDA Financial Statements
Regulations and orders or directions issued by IRDA in this behalf. The balance sheet, revenue account, profit and loss account
and receipts and payments account referred to in this report are in compliance with the accounting standards referred to in Section
211(3C) of the Companies Act, 1956.
(b) Investments of the Company have been valued in accordance with the provisions of the Insurance Act, 1938 and the regulations/
directions issued by IRDA in this behalf.
(c) The said financial statements are prepared in accordance with the requirements of the Insurance Act, 1938, the Insurance
Regulatory and Development Authority Act, 1999, the IRDA Financial Statements Regulations and the Companies Act, 1956, 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:
i. in the case of the balance sheet, of the state of affairs as at March 31, 2011;
ii. in the case of the revenue account, of the surplus (before contribution from the shareholders account) for the year ended
March 31, 2011;
Auditors Report
72
iii. in the case of the profit and loss account, of the profit for the year ended March 31, 2011; and
iv. in the case of the receipts and payments account, of the receipts and payments for the year ended March 31, 2011.
6. Further, according to the information and explanations given and to the best of our knowledge and belief, we certify that:
(a) We have reviewed the management report attached to the financial statements for the year ended March 31, 2011 and there is no
apparent mistake or material inconsistency with the financial statements.
(b) Based on the information and explanations received during the normal course of audit, managements representations made to
us and the compliance certificate submitted to the Board by the officers of the Company charged with compliance and the same
being noted by the Board, nothing has come to our attention which causes us to believe that the Company has not complied with
the terms and conditions of registration as per sub-section 4 of Section 3 of the Insurance Act, 1938.
(c) We have verified the cash balances, to the extent considered necessary and securities relating to Companys loans and investments
by actual inspection or on the basis of certificates/confirmations received from the custodians and/or Depository Participants
appointed by the Company, as the case may be. At March 31, 2011, the Company had no reversions and life interests.
(d) The Company is not a trustee of any trust.
(e) No part of the assets of the policyholders funds has been directly or indirectly applied in contravention of the provisions of the
Insurance Act, 1938 relating to the application and investments of the policyholders funds.
For S. R. Batliboi & Associates For Fraser & Ross
Chartered Accountants Chartered Accountants
Registration No. 101049W Registration No. 000829S
per Amit Majmudar S. Ganesh
Partner Partner
Mumbai, 27th April, 2011 Membership No. 36656 Membership No. 204108
Auditors Report
73
BIRLA SUN LIFE INSURANCE COMPANY LIMITED Form A - RA
Registration Number: 109 dated 31st January 2001
Policyholders Account (Technical Account)
(Amounts in thousands of Indian Rupees)
Particulars Schedule
Year ended
31st March 2011
Year ended
31st March 2010
Premiums earned - Net
(a) Premium 1 56,770,665 55,056,579
(b) Reinsurance ceded (825,041) (802,949)
(c) Reinsurance accepted
Sub - Total 55,945,624 54,253,630
(a) Interest, Dividend & Rent - Gross 7,715,638 5,215,712
(b) Profit on Sale/Redemption of Investments 15,996,532 24,129,090
(c) (Loss) on Sale/Redemption of Investments (3,894,870) (3,410,918)
(d) Transfer/Gain (Loss) on revaluation / Change in Fair value (4,778,515) 14,140,238
(e) Gain / (Loss) on Amortisation (119,398) (42,599)
Sub - Total 14,919,387 40,031,523
Other Income
(a) Contribution from the Shareholders Account (Refer Schedule 16 Note 7) 619,836 4,797,493
(b) Others (Interest etc.) 236,803 143,486
Sub - Total 856,639 4,940,979
Total (A) 71,721,650 99,226,132
Commission 2 3,805,795 5,161,974
Operating Expenses related to Insurance Business 3 12,034,778 13,267,526
Provision for doubtful debts
Bad Debts written off
Provision for Tax (including earlier years) (5,875)
Provision (other than taxation)
(a) For diminution in value of investments (net)
(b) Others
Total (B) 15,834,698 18,429,500
Benefits paid (Net) 4 19,343,749 11,387,815
Interim Bonuses Paid
Change in valuation of liability in respect of life policies
(a) Gross 2,779,908 4,621,359
(b) Fund Reserve 28,912,827 63,703,604
(c) Premium Discontinuance Fund - Linked 6,401
(d) (Amount ceded in Re-insurance) (32,122) (759,928)
(e) Amount accepted in Re-insurance
Total (C) 51,010,763 78,952,850
Surplus/(Deficit) (D) = (A) - (B) - (C) 4,876,189 1,843,782
Appropriations
Transfer to Shareholders Account (Refer Schedule 16 Note 7) 3,290,689 149,123
Transfer to Other Reserve
Balance being Funds for Future Appropriation 1,585,500 1,694,659
Total (D) 4,876,189 1,843,782
The total surplus as mentioned below :
(a) Interim Bonuses Paid
(b) Allocation of Bonus to Policyholders
(c) Surplus/(Deficit) shown in the Revenue Account 4,876,189 1,843,782
Total Surplus [(a)+(b)+(c)] 4,876,189 1,843,782
Significant Accounting Policies and Disclosures 16
The schedules and accompanying notes are an integral part of this Revenue account
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.
For S. R. Batliboi & Associates For Fraser & Ross For and on behalf of the Board of Directors
Firm Registration No.101049W Firm Registration No. 000829S
per Amit Majmudar S. Ganesh Donald A. Stewart Gian P. Gupta
Partner Partner Chairman Director
Membership No. 36656 Membership No. 204108
Jayant Dua Mayank Bathwal
Managing Director Chief Financial Officer
Fabien Jeudy Puneet M. Bansall
Mumbai, 27th April, 2011 Appointed Actuary Company Secretary
Revenue Account
74
BIRLA SUN LIFE INSURANCE COMPANY LIMITED Form A - PL
Shareholders Account (Non-Technical Account)
Year ended
31st March 2011
Year ended
31st March 2010
Amounts transferred from Policyholders Account (Technical Account) 3,290,689 149,123
(Refer Schedule 16 Note 7)
Income from Investments
(a) Interest, Dividend & Rent - Gross 366,344 303,934
(b) Profit on sale/redemption of investments 33,366 17,717
(c) (Loss) on sale/redemption of investments (254)
(d) Gain/(Loss) on Amortisation (15,598) (20,262)
Other Income
Total (A) 3,674,547 450,512
Expense other than those directly related to the insurance business 4,753 7,984
Bad debts written off
Provision (other than taxation)
(a) For diminution in the value of investment (net)
(b) Provision for doubtful debts
(c) Others
(d) Contribution to the Policyholders Account 619,836 4,797,493
Total (B) 624,589 4,805,477
Profit/(Loss) before tax 3,049,958 (4,354,965)
Provision for taxation
Profit/(Loss) after tax 3,049,958 (4,354,965)
Appropriations
(a) Balance at the beginning of the year (20,275,040) (15,920,075)
(b) Interim dividends paid during the year
(c) Proposed final dividend
(d) Dividend distribution tax
(e) Transfer to reserves/other accounts
Loss carried forward to Balance Sheet (17,225,082) (20,275,040)
Earning Per Share (Basic and Diluted), Face Value of ` 10 (in ` ) 1.55 (2.28)
Significant Accounting Policies and Disclosures
The schedules and accompanying notes are an integral part of this Profit and Loss Account
Firm Registration No. 101049W Firm Registration No. 000829S
Prot and Loss Account
75
BIRLA SUN LIFE INSURANCE COMPANY LIMITED Form A - BS
Balance Sheet
As at
31st March 2011
As at
31st March 2010
Sources of Funds
Shareholders funds:
Share Capital 5 19,695,000 19,695,000
Reserves and Surplus 6 4,800,000 4,800,000
Credit/(Debit)/Fair Value Change Account 1 305
Sub - Total 24,495,001 24,495,305
Borrowings 7
Policyholders Funds:
Credit/(Debit) Fair Value Change Account 69 653
Policy Liabilities 10,608,571 7,860,785
Insurance Reserves
Provision for Linked Liabilities 170,233,983 136,542,641
Funds for discontinued policies
(i) Discontinued on account of non-payment of premium 6,401
(ii) Others
Credit/(Debit) Fair Value Change Account (Linked) 4,351,817 9,130,333
Total Linked Liabilities 174,592,201 145,672,974
Sub - Total 185,200,841 153,534,412
Funds for Future Appropriation
- Linked Liabilities 4,569,742 2,984,243
Total 214,265,584 181,013,960
Application of Funds
Investments
Shareholders 8 6,972,707 5,043,972
Policyholders 8A 16,033,543 10,581,669
Assets Held to Cover Linked Liabilities 8B 174,592,201 145,672,974
Loans 9 263,070 265,468
Fixed Assets 10 399,823 698,167
Current Assets
Cash and Bank Balances 11 5,885,242 5,697,972
Advances and Other Assets 12 1,371,709 1,215,350
Sub - Total (A) 7,256,951 6,913,322
Current Liabilities 13 8,008,286 8,113,511
Provisions 14 469,507 323,141
Sub - Total (B) 8,477,793 8,436,652
Net Current Assets (C) = (A-B) (1,220,842) (1,523,330)
Miscellaneous Expenditure
(To the extent not written off or Adjusted) 15
Debit Balance in Profit and Loss Account (Shareholders Account) 17,225,082 20,275,040
Total 214,265,584 181,013,960
Significant Accounting Policies and Disclosures 16
The schedules and accompanying notes are an integral part of this Balance Sheet
Firm Registration No. 101049W Firm Registration No. 000829S
Balance Sheet
76
Schedule 1
Premium
Particulars
Year ended
31st March 2011
Year ended
31st March 2010
1 First Year Premium 20,292,655 29,172,635
2 Renewal Premium 35,967,640 25,456,469
3 Single Premium 510,370 427,475
Total Gross Premium 56,770,665 55,056,579
Premium Income from Business written:
In India 56,770,665 55,056,579
Outside India
Total Premium 56,770,665 55,056,579
Note: Refer Schedule 16 Note 2 (c) (i)
Schedule 2
Commission expenses
Particulars
Year ended
31st March 2011
Year ended
31st March 2010
Commision Paid
Direct - First Year Premium 2,451,080 4,173,582
Renewal Premium 1,344,985 981,747
Single Premium 9,730 6,645
Sub-Total 3,805,795 5,161,974
Add: Commission on Re-insurance Accepted
Less: Commission on Re-insurance Ceded
Net Commission 3,805,795 5,161,974
Breakup of Commission
Particulars
Individual Agents 2,267,663 2,939,803
Brokers 305,981 348,027
Corporate Agents 1,231,930 1,838,800
Referral 221 35,344
Total 3,805,795 5,161,974
Note: Refer Schedule 16 Note 2 (e)
Schedules
77
Schedule 3
Operating Expenses Related to Insurance Business
Particulars
Year ended
31st March 2011
Year ended
31st March 2010
1 Employees remuneration, welfare benefits and other manpower costs 5,238,451 5,688,400
2 Travel, conveyance and vehicle running expenses 203,273 166,969
3 Training expenses 136,511 222,672
4 Rents, rates and taxes 942,727 823,709
5 Repairs & maintenance 291,734 246,268
6 Printing and stationery 226,292 324,446
7 Communication expenses 295,254 385,742
8 Legal and professional charges 253,949 70,592
9 Medical fees 67,583 109,889
10 Auditors fees, expenses, etc.
(a) i) as auditor 4,100 2,650
ii) out of pocket expenses 317 205
(b) as advisor or in any other capacity, in respect of
i) Taxation services/matters
ii) Management services 900 1,445
11 Advertisement and publicity 1,000,435 1,463,915
12 Interest and bank charges 97,392 108,882
13 Others: 1) Distribution expenses 1,041,375 1,179,723
2) Agents recruitment, seminar and other expenses 9,946 10,987
3) Recruitment and seminar expenses 121,020 107,874
4) IT expenses (including maintenance) 315,233 252,917
5) Policy stamps 125,923 115,591
6) (Profit)/Loss on sale of assets 13,991 5,884
7) Service Tax expenditure including provision for unutilised credit* (42,808) (338,852)
8) Electricity expenses 173,290 185,513
9) Miscellaneous expenses 11,008 12,338
10) Outsourcing expenses 298,597 330,690
14 Depreciation 374,110 462,271
15 Service tax on premium 834,175 1,326,806
Total 12,034,778 13,267,526
* Includes reversal of impairment relating to unutilised input credit of service tax for earlier years.
Schedules
78
Schedule 4
Benefits Paid (Net)
Particulars Year ended
31st March 2011
Year ended
31st March 2010
1 Insurance Claims
(a) Claims by Death 1,928,459 1,149,259
(b) Claims by Maturity 61,800 127,302
(c) Annuities/Pension payment 944 131
(d) Other benefits (Surrender/Withdrawals/Health) 17,989,920 10,506,017
2 (Amount ceded in reinsurance):
(a) Claims by Death (633,591) (391,647)
(b) Claims by Maturity
(c) Annuities/Pension Payment
(d) Other benefits (Health) (3,783) (3,247)
3 Amount accepted in reinsurance:
(a) Claims by Death
(b) Claims by Maturity
(c) Annuities/Pension Payment
(d) Other benefits
Total 19,343,749 11,387,815
Benefits paid to Claimants
1. In India 19,343,749 11,387,815
2. Outside India
Total 19,343,749 11,387,815
Note: Refer Schedule 16 Note 2 (d)
Schedule 5
Share Capital
Particulars As at
31st March 2011
As at
31st March 2010
1 Authorised Capital
3,750,000,000 Equity Shares of ` 10/- each 37,500,000 37,500,000
2 Issued, Subscribed & Paid-up Capital
1,969,500,000 Equity Shares (Previous Year: 19,695,000 19,695,000
1,969,500,000 Equity Shares) of ` 10/- each fully paid-up
Less:Preliminary Expenses
Total 19,695,000 19,695,000
Note: Of the above,1,457,430,000 Equity Shares (Previous Year: 1,457,430,000 equity shares) of ` 10/- each are held by Aditya Birla Nuvo
Limited, the holding Company.
Schedules
79
Schedule 5A
Pattern of shareholding (As certified by the Management)
Shareholder As at 31st March 2011 As at 31st March 2010
Number of Shares % of Holding Number of Shares % of Holding
Promoters:
Indian 1,457,430,000 74% 1,457,430,000 74%
Foreign 512,070,000 26% 512,070,000 26%
Others
Total 1,969,500,000 100% 1,969,500,000 100%
Schedule 6
Reserves and Surplus
Particulars As at
31st March 2011
As at
31st March 2011
As at
31st March 2010
As at
31st March 2010
1 Capital Reserve
2 Capital Redemption Reserve
3 Share Premium
Opening balance 4,800,000 1,200,000
Add: Additions during the year 3,600,000
Less: Utilised during the year 4,800,000 4,800,000
4 Revaluation Reserve
5 General Reserve
6 Catastrophe Reserve
7 Balance of profit in
Profit and Loss Account

Total 4,800,000 4,800,000
Schedule 7
Borrowings
Particulars As at
31st March 2011
As at
31st March 2010
1 Debentures/Bonds
2 Banks
3 Financial Institutions
4 Others
Total
Schedules
80
Schedule 8
Investments - Shareholders
Particulars As at
31st March 2011
As at
31st March 2010
LONG-TERM INVESTMENTS
1 Government securities and Government guaranteed bonds including Treasury Bills
(Refer Schedule 16, note 18 (iii)) 3,439,859 1,921,826
2 Other Approved Securities
3 Other Investments
(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual Funds
(c) Derivative Instruments
(d) Debentures/Bonds 513,599 283,056
(e) Other Securities 99,000
(f) Subsidiaries
(g) Investment Properties - Real Estate
4 Investments in Infrastructure and Social Sector 1,514,004 777,271
5 Other than Approved Investments 25,000 25,000
Total (A) 5,591,462 3,007,153
SHORT-TERM INVESTMENTS
1 Government securities and Government guaranteed bonds including Treasury Bills 351,430 682,021
Fixed Deposits
Others 480,106 700,252
3 Other Investments
(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual Funds 464,300 408,502
(d) Debentures/Bonds 34,404 69,373
(e) Other Securities
(f) Subsidiaries
4 Investments in Infrastructure and Social Sector 50,000 89,171
5 Outstanding trades
6 Other than Approved Investments 1,005 87,500
Total (B) 1,381,245 2,036,819
Total (A) + (B) 6,972,707 5,043,972
Notes:
1 Aggregate amount of Companys investments (other than listed equity securities, mutual fund and derivative instruments) and the
market value thereof
Particulars As at
31st March 2011
As at
31st March 2010
Aggregate amount of Companys investments other than listed equity securities,
mutual fund and derivative instruments
6,507,402 4,635,470
Market value of above Investments 6,450,486 4,654,015
2 Investments in subsidiary/holding companies, joint ventures and associates at cost is ` Nil (Previous year ` Nil)
3 Investments made out of Catastrophe reserve is ` Nil
4 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.
5 Historical cost of Mutual Fund included above is ` 465,304 (Previous Year: ` 408,197)
6 Refer Schedule 16 Note 2 (f)
Schedules
81
Schedule 8A
Investments - Policyholders
Particulars As at
31st March 2011
As at
31st March 2010
1 Government securities and Government guaranteed bonds including Treasury Bills 7,368,333 4,196,006
3 Other Investments
(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual Funds
(d) Debentures/Bonds 1,732,951 1,544,040
(f) Subsidiaries
4 Investment in Infrastructure and Social Sector 2,094,562 1,581,307
5 Other than Approved Investments
Total (A) 11,196,846 7,321,353
1 Government securities and Government guaranteed bonds including Treasury Bills 739,477 1,263,716
Fixed Deposits 1,000
Others 2,282,824 762,786
3 Other Investments
(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual fund 219,388 196,047
(d) Debentures/Bonds 1,049,708 176,791
(f) Subsidiaries
4 Investment in Infrastructure and Social Sector 543,724 860,976
5 Other than Approved Investments 576
Total (B) 4,836,697 3,260,316
Total (A) + (B) 16,033,543 10,581,669
Notes:
1 Aggregate amount of companys investments (other than listed equity securities, mutual fund and derivative instruments) and the market
value thereof
Particulars As at
31st March 2011
As at
31st March 2010
Aggregate amount of companys investments other than listed equity securities,
mutual fund and derivative instruments
15,813,579 10,385,622
Market value of above Investments 15,650,371 10,437,016
2 Investments in subsidiary/holding companies, joint ventures and associates at cost is ` Nil (Previous year ` Nil)
3 Investments made out of Catastrophe reserve is ` Nil
4 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.
5 Historical cost of Mutual Fund included above is ` 219,895 (Previous Year: ` 195,394)
6 Refer Schedule 16 Note 2 (f)
Schedules
82
Schedule 8B
Assets held to cover linked liabilities
Particulars As at
31st March 2011
As at
31st March 2010
1 Government securities and Government guaranteed bonds including Treasury Bills 17,589,769 11,955,168
2 Other Approved Securities 38,431
3 Other Investments
(a) Shares
(aa) Equity 74,733,719 50,423,430
(bb) Preference
(b) Mutual Funds
(d) Debentures/Bonds* 16,323,463 17,588,365
(f) Subsidiaries
4 Investments in Infrastructure and Social Sector 22,360,128 25,640,549
5 Other than Approved Investments 9,882,995 9,537,977
Total (A) 141,486,074 115,183,920
1 Government securities and Government guaranteed bonds including Treasury Bills 597,780 48,782
Fixed Deposits 975,000
Others 15,459,298 6,962,637
3 Other Investments
(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual Funds 3,279,184 6,427,245
(d) Debentures/Bonds* 6,184,912 3,831,141
(f) Application Money 82,447
(g) Subsidiaries
(h) Investment Properties - Real Estate
4 Investments in Infrastructure and Social Sector 1,571,312 1,733,682
5 Other than Approved Investments 799,838 4,618,147
Total (B) 28,949,771 23,621,634
OTHER ASSETS
1 Bank Balances 1,039,976 3,763,074
2 Interest Accrued on Investments 1,860,608 1,594,143
3 Fund Charges 0
4 Outstanding Contracts (Net) 1,255,772 1,510,203
Total (C) 4,156,356 6,867,420
Total (A) + (B) + ( C) 174,592,201 145,672,974
Notes:
1 Particulars
As at
31st March 2011
As at
31st March 2010
* Investment in Aditya Birla Nuvo Limited (Holding Company) 895,699 647,075
Schedules
83
Schedule 9
Loans
Particulars As at
31st March 2011
As at
31st March 2010
1 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 263,070 265,468
(d) Others
Unsecured
Total 263,070 265,468
2 Borrower-wise classification
(a) Central and State Governments
(b) Banks and Financial Institutions
(c) Subsidiaries
(d) Companies
(e) Loans against Policies 263,070 265,468
(f) Others
Total 263,070 265,468
3 Performance-wise classification
(a) Loans classified as standard:
(aa) In India 263,070 265,468
(bb) Outside India
(b) Non-standard loans less provisions
(aa) In India
(bb) Outside India
Total 263,070 265,468
4 Maturity-wise classification
(a) Short-Term
(b) Long-Term 263,070 265,468
Total 263,070 265,468
Note: Refer Schedule 16 Note 2 (g)
Schedules
84
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Schedules
85
Schedule 11
Cash and Bank Balances
Particulars As at
31st March 2011
As at
31st March 2010
1 Cash (including cheques on hand ` 1,129,792, Previous year: ` 1,072,892) 1,313,508 1,361,050
(Stamps on hand ` 6,403, Previous year: ` 13,058)
2 Bank Balances
(a) Deposit Accounts
(aa) Short-term (due within 12 months) 3,991,000 3,619,278
(bb) Others
(b) Current Accounts 580,734 717,644
(c) Others
3 Money at Call and Short Notice
(a) With Banks
(b) With other Institutions
4 Others
Total 5,885,242 5,697,972
Balances with non-scheduled banks included in 2 above
Cash and Bank Balances
1. In India 5,885,242 5,697,972
2. Outside India
Total 5,885,242 5,697,972
Schedules
86
Schedule 12
Advances and Other Assets
Particulars As at
31st March 2011
As at
31st March 2010
ADVANCES
1 Reserve deposits with ceding companies
2 Application money for investments
3 Prepayments 157,146 187,778
4 Advances to Directors/Officers
5 Advance tax paid and taxes deducted at source 10,440 6,926
6 Other advances
a) Advance to Suppliers/Contractors 106,574 84,233
b) Others 41,390 39,170
Total (A) 315,550 318,107
OTHER ASSETS
1 Income accrued on Investments 553,829 345,060
2 Outstanding Premiums 61,138 23,982
3 Agents Balances (gross) 20,963 56,487
Less: Provision for doubtful debts 20,963 (244) 56,243
4 Foreign Agencies Balances
5 Due from other Entities carrying on
insurance business
70 6,344
6 Due from holding company
7 Deposit with Reserve Bank of India
8 Service Tax unutilised credits 181,234 224,044
Less: Provision for Service Tax
unutilised credits (181,234) (224,044)
9 Others-
(a) Deposits & Others 420,159 465,614
(b) Outstanding Trades
Total (B) 1,056,159 897,243
Total (A+B) 1,371,709 1,215,350
Schedules
87
Schedule 13
Current Liabilities
Particulars As at
31st March 2011
As at
31st March 2010
1 Agents Balance 403,591 556,773
2 Balances due to other insurance companies 65,910 126,654
3 Deposits held on re-insurance ceded
4 Premiums received in advance 1,498,709 425,826
5 Unallocated premiums 8,198 1,111
6 Sundry Creditors* 3,320,427 3,279,234
7 Due to holding company
8 Claims outstanding 16,395 6,139
9 Annuities Due
10 Due to Officers/Directors
11 Others
(a) Policy Application and other Deposits 657,332 558,028
(b) Due to Policyholders 88,357 84,469
(c) Taxes Payable 97,746 115,543
(d) Temporary Overdraft (as per books only) 689,279 1,921,183
(e) Unclaimed amounts of policyholders 1,162,342 1,038,551
Total 8,008,286 8,113,511
* There 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 2011. 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.
Schedules
88
Schedule 14
Provisions
Particulars As at
31st March 2011
As at
31st March 2010
1 For taxation
a) Provision for wealth tax 593 857
b) Provision for fringe benefit tax
2 For proposed dividends
3 For dividend distribution tax
4 Others
a) Provision for long-term bonus plan
[Refer Schedule 16, Note 26(a) & (b)]
250,392 52,270
b) Provision for retention bonus
[Refer Schedule 16, Note 26(b)]

c) Provision for renewal bonus
[Refer Schedule 16, Note 26(b)]
290 5,735
d) Provision for gratuity
[Refer Schedule 16, Note 27(a)(i)]
12,772 6,929
e) Provision for leave encashment
[Refer Schedule 16, Note 27(a)(ii)]
205,460 257,350
Total 469,507 323,141
Schedule 15
Miscellaneous Expenditure
(To the extent not written off or adjusted)
Particulars As at
31st March 2011
As at
31st March 2010
1 Discount Allowed in issue of shares/debentures
2 Others
Total
Schedules
89
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
Schedules forming part of the Financial Statements for the year ended 31st March 2011
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 2011.
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). The Company
offers non-participating linked and non-linked life insurance, health and pension products including riders for individual and group
businesses. 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 the accounting principles generally accepted in India, in compliance with the Accounting
Standards (AS) Rules, 2006, in terms of section 211(3C) of the Companies Act, 1956, to the extent applicable, and in accordance
with the provisions of the Insurance Act, 1938, the Insurance Regulatory and Development Authority (Preparation of Financial
Statements and Auditors Report of Insurance Companies) Regulations, 2002 (the regulations), the Insurance Regulatory and
Development Authority Act, 1999, 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
Companys 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 managements evaluation of the relevant facts and
circumstances as on date of the financial statements. 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 premiums 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. Accretion of discount and amortisation of 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 for other than linked business is the difference between the net sale consideration
and amortised cost.
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.
Schedules
90
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 are 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, etc., if any, but
excludes pre-acquisition interest i.e. (from the previous coupon date to the transaction settlement date), if any, on purchase.
i. Classification
Investments maturing within twelve months from the balance sheet date from the balance sheet date are classified as
short-term investments.
Investments other than short-term investments are classified as long-term investments.
ii. Debt securities
Folicyholders' nonlinked lunds and shareholders' investments.
All debt securities, including 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 or the profit and loss account, as the case may
be, on a straight line basis over the remaining period to maturity of these securities.
Folicyholders' linked lunds.
All debt securities, including government securities, are valued using CRISIL Bond Valuer/CRISIL Gilt Prices, as
applicable. The discount or premium on money market instruments (except treasury 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
Listed equity shares 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 shares acquired through primary markets and awaiting listing are valued at their issue
price. Unlisted equity 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.
Schedules
91
iv. Mutual Funds
Mutual fund units are valued at previous days Net Asset Value.
v. Gain/loss on equity and mutual funds
Unrealised gains/losses are recognised in the respective funds revenue account as fair value change in case of linked funds.
Unrealised gain/loss due to changes in fair value of listed equity 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 effected at market value as of the previous day
closing. Inter fund transfer of equity are done during market hours at the prevailing market price.
vii. 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 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 ` 5,000 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 XIV to the Companies Act, 1956. Depreciation on fixed assets
is provided using the straight-line method based on the economic useful life of assets as estimated by the management are
as below:
Sr. No. Asset Type Estimated useful life (In years)
1 Leasehold Improvements and Furniture and fittings at
leased premises
5 years or the maximum renewable period of
the respective leases, whichever is lower
2 Furniture & fittings (other than (1) above) 5
3 Information Technology Equipment 3
4 Vehicles 5
5 Office Equipment 5
6 Mobile Phones (included in office equipment under Schedule 10) 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.
Schedules
92
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 assets 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 over the 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.
ii. Long-Term Employment Benefits
The Company has both defined contribution and defined benefit plans. These plans are financed by the Company.
Belined Contribution Flans.
The Company has established defined contribution schemes for provident fund and superannuation to provide retirement
benefits to its employees. Contributions to the provident fund and the superannuation schemes are made on a monthly
basis and charged to revenue account when due.
Belined Benelit Flans.
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.
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 policys 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 on Segment Reporting read with the IRDA Financial Statements Regulations, the Company is
required to report segment results separately for linked, non-linked, health and pension businesses. The business is broadly classified
as Unit Linked and Non Linked businesses, which are further segmented into Individual Life, Group, Individual Pension and 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, exenses, assets and liabilities directly attributable and identiliable to business seqments, are allocated on actual
basis; and
Schedules
93
0ther exenses, assets and liabilities which are not directly identiliable thouqh attributable to a business seqment and other
indirect expenses, are allocated on the following bases, as considered appropriate by the management:
Cash premium;
Renewal premium;
First year commission;
Sum assured;
Policy liability;
Asset under management; and
Death claim
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.
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. A
provision is created against unutilised credit based on estimated realisation of such unutilised credit.
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 a present obligation 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
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 earning per share is 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 earning 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.
Schedules
94
3. Contingent liabilities
Sr.No. Particulars As at
31st March 2011
As at
31st March 2010
1 Partly paid-up investments 450,000 Nil
2 Claims, other than against policies, not acknowledged as debts by the Company 4,707 4,150
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* 118,935 70,107
* Represents potential liability to the Company (net of reinsurance) in respect of cases filed against the Companys decision of repudiation
of death claims and customer complaints.
Note:
The Company has received several Show Cause-Cum-Demand notices in earlier period relating to Service Tax demands related to excess
utilisation of CENVAT credit against liability on risk premium, applicability on fund management charges, payment of reimbursements
to agents and foreign payments aggregating to ` 443,025 (Previous Year: ` 443,025) plus applicable interest and penalty, which is
contested.
4. Percentage of Business Sector-wise
Particulars Current Year Previous Year
Number of
Individual life
policies
Number of
Group lives
covered
First year
and single
premium
Number of
Individual life
policies
Number of
Group lives
covered
First year
and single
premium
Total Business 1,004,093 745,652 20,803,024 1,770,721 584,519 29,584,478
Rural Sector 316,954 21,352 704,456 40,629
As a % of Total Business 31.57% 0.10% 39.78% 0.14%
Social Sector 144,750 5,674 253,759 8,971
As a % of Total Business 0.00% 19.41% 0.03% 43.41% 0.03%
5. Reinsurance premium includes credit relating to earlier years amounting to ` 204,200 (Previous Year: ` Nil). On account of this the
Surplus in Revenue account for current year is higher by ` 204,200.
6. Benefits paid includes charges in respect of discount allowed to the policyholders amounting to ` 43,681 (Previous year: ` 520) for
advance payment of future premiums subject to prepayment conditions.
7. Contribution from shareholders/policyholders account
The net surplus of ` 2,670,853 (Previous Year : ` (-) 4,648,370) based on the actuarial valuation made in accordance with the Insurance
Act, 1938 has been transferred from policyholders account to shareholders account. The details are tabulated below:
Surplus/(Deficit) of Non Par Business Segments Current Year Previous Year
Linked Individual 2,689,123 (4,459,682)
Linked Group 31,360 (49,336)
Linked Individual Pensions 536,040 (260,214)
Linked Health 408 (26,842)
Non Linked Individual (576,072) 37,084
Non Linked Group (43,764) 97,928
Non Linked Individual Pensions 17,310 (1,419)
Non Linked Health 16,448 14,111
Net Deficit for Non Par Policyholders 2,670,853 (4,648,370)
8. Operating lease commitments
In accordance with Accounting Standard 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.
Schedules
95
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:
Total lease rentals charged to Revenue Account 835,348 720,543
Lease obligations for noncancellable leases
Within one year of the balance sheet date 243,762 341,857
Due in a period between one year and five years 292,478 283,101
Due after five years NIL NIL
9. Foreign exchange gain/(loss)
The Company has recorded foreign exchange gain of ` 41 in the Revenue Account and the same is included under Interest and Bank
Charges in Schedule 3 (Previous Year gain: ` 460).
10. Managerial remuneration
The appointment of managerial personnel is in accordance with the requirements of Section 34A of the Insurance Act, 1938 and is
approved by the IRDA.
(i) Mr. Ajay Srinivasan was Managing Director till 30th June 2010, with ` Nil remuneration paid during the current year.
(ii) Mr. Jayant Dua has been appointed as Managing Director since 1st July 2010. Below is the tabular presentation of managerial
remuneration for current year and previous year:
Salary 3,900
Other allowances 3,545
Contribution to:
Provident fund 468
Superannuation fund 585
Perquisites 3,315
Total* 11,813 NIL
* Of the above, amount of ` 1,000 (Previous Year ` Nil) has been borne by shareholders. The remuneration stated above excludes
gratuity and leave encashment, accrued based on actuarial valuation for the Companys overall liability and performance/long-term
bonus estimated and payable based on overall company performance.
(iii) Sitting Fees paid to independent directors in the current year is ` 420 (Previous Year: ` 400).
11. Break up of Operating expenses incurred under the following head:
(Previous year figures are presented in brackets)
Particulars Business
Development
Outsourcing
Agents recruitment, seminar and other expenses 9,946
(10,987)
Distribution Expenses 1,041,375
(1,179,723)
Miscellaneous Expenses 1,669
(4,999)
Recruitment and Seminar Expenses 16,395
(29,147)
Outsourcing Expenses 298,597
(330,690)
Total
1,069,385 298,597
(1,224,856) (330,690)
Schedules
96
12. Earnings per Share
Profit/(loss) as per Profit and Loss Account 3,049,958 (4,354,965)
Weighted average number of equity shares 1,969,500,000 1,909,527,397
Earnings per share (Basic and Diluted) in ` 1.55 (2.28)
Face Value per share ` 10 ` 10
13. Actuarial assumptions
The actuarial liabilities are calculated in accordance with accepted actuarial practice, requirements of Insurance Act, 1938, Regulations
notified by Insurance Regulatory and Development Authority and Guidance Notes prescribed by the Institute of Actuaries of India.
nit eserves
Unit reserves are computed by multiplying the number of units with the unit price.
Non-unit eserves
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, 2011.
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.
Mortality rates are derived based on the Indian Assured Lives Mortality (1994-1996) table after making suitable adjustments depending
on the type of the product. Interest rates used to discount the future cash flows vary from 4.60% to 5.43%. 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 behaviour. 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 (in accordance with IRDA Circular 50/IRDA/ACTL/CIR/GEN/050/03/2010)
IV. Reserves for free look option given to the policyholders
V. Lapse policies eligible for revivals (in accordance with IRDA Circular 41/IRDA/ACTL/Mar-2006).
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.
Schedules
97
14. 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:-
Particulars Amount
Opening balance of funds for discontinued policies
Add: Fund of policies discountinued during the year
Less: Fund refunded to policyholders during the year
Add/(Less): Realised & Unrealised gain/loss
6,372
29
Closing balance of funds for discountinued policies 6,401
Other disclosures:
a) Number of policies discontinued during the year.
b) Percentage of discontinued to total policies (product wise)
during the year,
BSLI Platinum Advantage
BSLI Classic Endowment 2010 Plan
BSLI Dream Endowment 2010 Plan
c) Number and percentage of the policies revived during the year,
d) Charges imposed on account of discontined policies
1,249
1.22%
1.78%
1.60%
587
15. Percentage of risk-retained and risk-reinsured
Sum Assured % Sum Assured %
Individual Business
Risk-retained 559,191,377 45.62% 538,041,295 48.85%
Risk-reinsured 666,522,525 54.38% 563,445,288 51.15%
Total Individual Risk 1,225,713,902 100.00% 1,101,486,583 100.00%
Group Business
Risk-retained 109,325,450 24.88% 50,625,443 29.33%
Risk-reinsured 330,144,902 75.12% 121,968,929 70.67%
Total Group Risk 439,470,352 100.00% 172,594,372 100.00%
16. Encumbrances
As on 31st March 2011, there were no encumbrances (Previous Year: ` Nil) on the assets of the Company.
17. 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 2011 are ` 47,755 (Previous Year:
` 24,494) net of advances.
18. Investments
i. Value of contract outstanding
Value of contracts in relation to investments where purchases have been made and deliveries are pending is ` 1,199,120 (Previous
Year: ` 618,098) 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.
ii. Historical costs
As at 31st March 2011, the aggregate historical cost and market value of Linked investments, which are valued at fair value, is
` 165,603,919 and ` 170,353,399 respectively (Previous Year: ` 129,567,314 and ` 138,805,554 respectively).
Schedules
98
iii. Statutory deposits
As on 31st March 2011, the Company has securities with face value of ` 115,000 (Previous Year: ` 87,400) 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 2011
was ` 114,253 (Previous Year: ` 99,383).
As on 31st March 2011, the Company also has collateral deposit of Government Security with face value of ` 260,000 (Previous
Year: ` 260,000) and cash ` 25,200 (Previous Year: ` 25,200) with Clearing Corporation of India Limited.
19. 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.
20. Policyholders liabilities adequately backed by assets
(Liability figures are presented in brackets)
Policyholders liabilities (Including funds for future appropriation) (15,178,027) (10,845,028)
Investments (As per schedule 8A)* 14,810,445 10,581,669
Loans to policyholders (As per schedule 9) 263,070 265,468
Fixed deposits, bank balances and cheques on hand (As per schedule 11) 53,017 2,267
Other receivables under schedule 12 representing Advances and other assets 147,849 41,246
* Excludes prepayment fund
21. 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.
22. Assets restructured during the year
Total amount of loan assets subject to restructuring Nil Nil
Total amount of standard assets subject to restructuring Nil Nil
Total amount of sub-standard assets subject to restructuring Nil Nil
Total amount of doubtful assets subject to restructuring Nil Nil
23. Claims
The claims settled and remaining unpaid for a period of more than six months as at the balance sheet date amount to ` 15,156 (Previous
Year: ` Nil). Reinsurance recoverable is netted off against claim expenses incurred.
24. Foreign currency exposure
The year-end foreign currency exposures that have not been hedged by a derivative instrument or otherwise are given below:-
Amount ayable in loreiqn currency in resect ol imort ol services ` 4,952 (US$ 111 thousands) and Previous Year: ` 1,654
(US$ 37 thousands).
Schedules
99
25. 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:
Particulars
Total
Amount
AGE-WISE ANALYSIS
1-6
months*
7-12
months
13-18
months
19-24
months
25-30
months
31-36
months
Beyond
36
months
Claims settled but not paid to the
policyholders/insureds due to any
reasons except under litigation
from the insured/policyholders
545,702 530,546 7,767 514 2,711 711 744 2,708
Sum due to the insured/
policyholders on maturity or
otherwise
297,502 286,644 2,239 3,400 331 1,401 3,045 443
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 but not encashed
by the policyholder/insured
1,081,328 762,190 130,568 62,633 52,858 28,850 21,187 23,042
Total 1,924,532 1,579,380 140,574 66,547 55,900 30,962 24,976 26,193
*Includes amounts outstanding for a period of less than 1 month
The cheques issued but not encashed by policyholder/insured category includes ` 762,190 pertaining to cheques which are within the
validity period but not yet encashed by policyholders as on March 31, 2011. This amount forms a part of bank reconciliation statement
and consequently not considered in unclaimed amount of policyholders under Schedule 13 Current Liabilities.
26. Provisions
a) Employee Long-term Bonus Plan (the Plan)
The Company has estimated and recognised a liability of ` 257,131 (Previous Year: ` 52,270) in respect of employee benefits
arising out of the Employee Phantom Unit Plan (the Bonus Plan) announced by it. The cost estimate is determined after
factoring in assumptions in respect of criteria identified in the Bonus Plan which include the following:
a. Units granted to employees under different options under the plan
b. Maximum payout over vesting period per unit
c. Employee attrition rate
d. Performance condition
b) Additional information in respect of provision shown as Provision for retention bonus and Provision for Renewal Bonus in
Schedule 14:
Particulars Long-Term Bonus Plan Retention Bonus Renewal Bonus
Current Year Previous Year Current Year Previous Year Current Year Previous Year
Opening balance 52,270 NIL NIL 27,614 5,735 14,361
Additional provision made 214,304 52,270 NIL NIL (831) 5,445
Incurred and charged NIL NIL 232,001 25,404 1,972 14,071
Unused amounts reversed (9,443) NIL (42,774) (2,210) NIL NIL
Closing balance 257,131 52,270 NIL NIL 2,932 5,735
Nature of obligation Long-Term
Bonus
Long-Term
Bonus
Retention
Bonus
Retention
Bonus
Retention
Bonus
Retention
Bonus
Expected timing 4 Years 4 Years NA NA 2 years 2 years
Assumptions * Refer note
above
* Refer note
above
NA NA 100% 100%
Schedules
100
27. 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 employees 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 Companys Gratuity Scheme as mentioned below:
Change in Defined benefit obligations 2010-11 2009-10
Present value of Defined benefit obligations as at beginning of the year 110,026 87,582
Service cost 34,114 34,338
Interest cost 9,692 7,652
Benefits paid (4,941) (2,342)
Past service cost
Actuarial (gain)/loss due to curtailment (2,034)
Actuarial (gain)/loss obligations (4,126) (17,205)
Present value of Defined benefit obligations as at end of the year 142,731 110,025
Reconciliation of present value of the obligation and the fair value of the
plan assets
Opening Fair Value of Plan assets 103,097 84,709
Contributions by the employer for the year 20,000
Benefits paid (4,941) (2,342)
Expected Return on Plan Assets 7,838 6,055
Actuarial Gain/(Loss) 3,965 14,675
Closing Fair Value of Plan assets 129,959 103,097
Net asset/(liability) as at end of the year (12,772) (6,928)
Cost recognised for the year
Current service cost 34,114 34,338
Interest cost 9,692 7,652
Expected return on plan assets (7,838) (6,055)
Past service cost
Actuarial (gain)/loss (10,125) (31,879)
Net gratuity cost 25,843 4,056
Transitional Liability expended in Revenue Account NIL NIL
Investment in Category of Assets (% Allocation)
Insurer Managed Funds* 100% 100%
Group Stable Fund 0% 100%
Group Short-Term Debt Fund 100% 0%
Actuarial assumptions used
Discount rate 7.90% p.a. 7.15% p.a.
Rate of return on plan 7.50% p.a. 7.50% p.a.
6% p.a. 6% p.a.
Salary escalation rate thereafter thereafter
*The amount is invested in Stable fund and Short term debt fund of Birla Sun Life Insurance Limited, Gratuity and Group Unit
Linked Product (GULP) scheme. Below is the asset allocation of fund.
Asset allocation March 2011 March 2010
Debt instruments, market and cash 66% 58%
Equities and equity related securities 34% 42%
Total 100% 100%
Schedules
101
Experience Adjustments:
Particulars 2010-11 2009-10 2008-09 2007-08 2006-07
Defined Benefit Obligation 142,732 110,026 87,581 35,173 21,370
Plan Assets 129,960 103,097 84,708 35,859 29,741
Surplus/(Deficit) (12,772) (6,929) (2,873) 686 8,371
Experience adjustment on
Plan Liabilities
3,726 (12,707) 12,288 6,186 (2,807)
Experience adjustment on
Plan Assets
3,965 14,675 (2,195) 1,985 (618)
The contributions expected to be paid to the plan during the annual period beginning after the balance sheet date is ` 20,000
(Previous Year: ` 20,000).
(ii) Accumulated Compensated Absences
The Company provides for accumulated compensated absences as at balance sheet date 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.
Present value of obligation for accumulated compensated absences as determined by the Actuary is given below:
Present value of obligations as at end of the year 205,460 257,350
Fair value of plan assets
Actuarial assumptions used
Discount rate 7.90% 7.15%
Salary escalation rate 6.00% 6.00%
Cost recognised during the year 35,787 130,192
(b) Defined contribution plans
The Company has recognised the following amounts as expense in the Revenue account:
Contribution to Employees provident fund 174,301 168,273
Contribution to superannuation fund 14,114 13,598
Contribution to ESIC 12,525
28. Segment reporting
As per Accounting Standard 17 on Segment Reporting read with the IRDA Financial Statements Regulations, the Company is required
to report segment results separately for linked, non-linked, health and pension businesses. The same is disclosed at Annexure 1.
During the year, the Company has modified the basis of allocating common operating expenses, assets, liabilities amongst the business
segments for better representation of segment results and statement of affairs. Common expenses, assets and liabilities that were
being allocated based on the basis of annualised premium in the past are now being allocated on the basis of allocation as stated in
note no. 2 (m) above.
The gross transfer from shareholders funds to policyholders funds would be lower by ` 97,176 and gross transfer from policyholders
funds to shareholders funds would be higher with the same amount, if the same basis as used in the previous year. The resultant net
contribution would have been the same.
29. Related Party Disclosure
During the year ended 31st March 2011, 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 has had transactions, nature of the relationship, transactions with them
and balances at year-end, are detailed in Annexure 2.
Schedules
102
30. 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.
31. Accounting Ratios
Accounting ratios prescribed by the IRDA in its circular dated 29th April 2003 are provided in Annexure 5.
32. 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:
From April 1st, 2010 to June 30th, 2010
Name : Mr. Ajay Srinivasan
Designation : Managing Director
Occupation : Service
Directorships Held during the year/as on 30th June, 2010
Birla Sun Lile nsurance Comany Limited. (with ellect lrom 1st Auqust 2OO7.)
Birla Sun Lile Asset Manaqement Comany Limited. (with ellect lrom 2nd Auqust 2OO7.)
Aditya Birla Manaqement Cororation Frivate Limited (with ellect lrom 8Oth Auqust 2OO7.)
Aditya Birla Caital Advisors Frivate Limited. (with ellect lrom 21st hovember 2OO8.)
Aditya Birla Financial Shared Services Limited (with ellect lrom 1Gth June 2OO8.)
Aditya Birla Money Mart Limited (lormally Birla Sun Lile Bistribution Limited) (with ellect lrom 81st July 2OO7.)
Financial Flanninq Standards Board ndia (Section 25 Comany) (Chairman with ellect lrom 11th Setember 2OOO.)
From July 1st, 2010 to March 31st, 2011
Name : Mr. Jayant Dua
Designation : Managing Director (From 1st July, 2010)
Occupation : Service
Directorships Held during the year as on 31st March, 2011: NIL
33. 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 2009-10 are mentioned below:-
Sr.
No.
Authority
Non-Compliance/
Violation
Amount in `
Penalty
Awarded
Penalty Paid Penalty Waived/
Reduced
1 Insurance Regulatory and Development Authority NIL NIL NIL NIL
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, 1956
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
Schedules
103
34. 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
2010-11 and 2009-10 are mentioned below:-
a) Statement Showing Controlled Fund
Particulars 2010-11 2009-10
Computation of Controlled fund as per the Balance Sheet
Policyholders Fund (Life Fund)
Participating
Individual Assurance
Individual Pension
Any other (Pl. Specify)
Non-participating
Individual Assurance 8,075,375 5,968,791
Group Assurance 1,606,403 1,410,015
Individual Annuity 903,738 471,428
Health 23,056 10,551
Others
Linked
Individual Assurance 145,889,985 122,453,867
Group Assurance 18,749,827 15,732,910
Individual Pension 9,867,995 7,438,683
Group Superannuation
Group Gratuity
Health 84,394 47,514
Funds for Future Appropriations 4,569,742 2,984,243
Total (A) 189,770,515 156,518,002
Shareholders Fund
Paid-up Capital 19,695,000 19,695,000
Reserves & Surpluses 4,800,000 4,800,000
Fair Value Change 1 305
Total (B) 24,495,001 24,495,305
Misc. expenses not written off
Credit/(Debit) from P&L A/c. (17,225,082) (20,275,040)
Total (C) (17,225,082) (20,275,040)
Total shareholders funds (B+C) 7,269,919 4,220,264
Controlled Fund (Total (A+B-C)) 197,040,435 160,738,266
Schedules
104
b) Reconciliation of the Controlled Fund from Revenue and Profit & Loss Account
Opening Balance of Controlled Fund 160,738,266 91,333,436
Add : Inflow
Income
Premium income 56,770,665 55,056,579
Less : Reinsurance ceded (825,041) (802,949)
Net Premium 55,945,625 54,253,630
Investment Income 14,919,387 40,031,523
Other Income 236,803 143,486
Funds transferred from Shareholders Accounts 619,836 4,797,497
Total Income 71,721,650 99,226,136
Less : Outgo
(i) Benefits paid (Net) 19,343,749 11,387,815
(ii) Interim Bonus Paid
(iii) Change in Valuation of Liability 31,667,013 67,565,036
(iv) Commission 3,805,795 5,161,974
(v) Operating Expenses 12,034,778 13,267,526
(vi) Provision for Taxation (5,875)
(a) FBT
(b) I.T.
Total Outgo 66,845,460 97,382,351
Surplus of the Policyholders Fund 4,876,189 1,843,785
Less: transferred to Shareholders Account 3,290,689 149,127
Net Flow in Policyholders account 1,585,500 1,694,659
Add : Net income in Shareholders Fund 3,049,958 (4,354,965)
Net in Flow/Outflow 4,635,458 (2,660,307)
Add : change in valuation Liabilities 31,667,014 67,565,036
Add : Increase in Paid-up Capital (304) 4,500,100
Closing Balance of Controlled Fund 197,040,434 160,738,266
As per Balance Sheet 197,040,434 160,738,266
Difference, if any
Schedules
105
c) Reconciliation with Shareholders and Policyholders Fund
Policyholders Funds
Policyholders Funds - Traditional-PAR and NON-PAR
Opening Balance of the Policyholders Fund 7,860,785 3,998,799
Add: Surplus of the Revenue Account
Add: change in valuation Liabilities 2,747,786 3,861,986
Total 10,608,571 7,860,785
Difference, if any
Policyholders Funds - Linked
Opening Balance of the Policyholders Fund 148,657,217 83,258,953
Add: Surplus of the Revenue Account 1,585,500 1,694,659
Add: change in valuation Liabilities 28,919,228 63,703,604
Total 179,161,945 148,657,217
Difference, if any
Shareholders Funds
Opening Balance of Shareholders Fund 4,220,264 4,075,129
Add: net income of Shareholders account (P&L) 3,049,957 (4,354,965)
Add: Infusion of Capital (304) 4,500,100
Closing Balance of the Shareholders fund 7,269,919 4,220,264
Difference, if any
35. Previous year comparatives
Previous year amounts have been reclassified, wherever necessary and to the extent possible, to confirm to current years classification.
The details are as follows:
Sr.
No.
Regrouped from Amount (` ) Regrouped to Reason
1 Sundry Creditors
Claims Outstanding
Dues to Policyholders
Policy Application and
other Deposits (Sch. 13)
163,169
10,807
864,132
443

Unclaimed Amounts of policyholders
(Sch. 13)
Unclaimed amounts of Policyholders
regrouped to a separate line item
as per circular issued by Authority
(Refer schedule 16 note 25)
2 Change in Valuation of liability
in respect of life policies -
a) Gross (Revenue Account)
63,703,604 Change in Valuation of liability in
respect of life policies
d) Fund Reserve (Revenue account)
Represents Fund Reserve amount
earlier shown under Gross Liability
now shown separately in Revenue a/c
For S.R. Batliboi & Associates For Fraser & Ross For and on behalf of the Board of Directors
Firm Registration No.101049W Firm Registration No. 000829S
Schedules
106
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9
4
5
,
6
2
4

I
n
c
o
m
e

f
r
o
m

I
n
v
e
s
t
m
e
n
t
(
a
)

I
n
t
e
r
e
s
t
,

D
i
v
i
d
e
n
d

&

R
e
n
t

-

G
r
o
s
s

5
,
8
8
5
,
0
5
3

1
,
1
1
0
,
1
6
9

4
6
0
,
3
7
0

2
,
6
8
8

8
0
,
9
0
4

1
7
0
,
8
8
6

4
,
6
5
5

9
1
3

7
,
7
1
5
,
6
3
8

(
b
)

P
r
o
f
i
t

o
n

S
a
l
e

/

R
e
d
e
m
p
t
i
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n

o
f

I
n
v
e
s
t
m
e
n
t
s

1
4
,
0
7
3
,
7
9
2

8
8
6
,
4
8
4

1
,
0
2
2
,
0
9
0

9
,
9
6
3

1
,
3
2
1

2
,
7
9
1

7
6

1
5

1
5
,
9
9
6
,
5
3
2

(
c
)

(
L
o
s
s
)

o
n

S
a
l
e

/

R
e
d
e
m
p
t
i
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n

o
f

I
n
v
e
s
t
m
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n
t
s

(
3
,
3
6
8
,
0
0
6
)

(
2
6
1
,
6
2
6
)

(
2
6
2
,
4
7
6
)

(
2
,
7
0
9
)

(
1
7
)

(
3
5
)

(
1
)

(
3
,
8
9
4
,
8
7
0
)
(
d
)

T
r
a
n
s
f
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r

/

G
a
i
n

(
L
o
s
s
)

o
n

r
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v
a
l
u
a
t
i
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n

/

c
h
a
n
g
e

i
n

F
a
i
r

v
a
l
u
e

(
4
,
7
0
0
,
3
1
3
)

(
3
7
4
,
8
4
2
)

2
9
3
,
5
4
9

3
,
0
9
1

(
4
,
7
7
8
,
5
1
5
)
(
e
)

G
a
i
n

/

(
L
o
s
s
)

o
n

A
m
o
r
t
i
s
a
t
i
o
n

(
8
1
,
7
6
3
)

(
4
3
0
)

(
8
,
3
7
0
)

(
1
1
5
)

(
9
,
0
2
9
)

(
1
9
,
0
7
0
)

(
5
1
9
)

(
1
0
2
)

(
1
1
9
,
3
9
8
)
S
u
b
-
T
o
t
a
l
1
1
,
8
0
8
,
7
6
3

1
,
3
5
9
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7
5
5

1
,
5
0
5
,
1
6
3

1
2
,
9
1
8

7
3
,
1
7
9

1
5
4
,
5
7
2

4
,
2
1
1

8
2
6

1
4
,
9
1
9
,
3
8
7

O
t
h
e
r

I
n
c
o
m
e
(
a
)

C
o
n
t
r
i
b
u
t
i
o
n

f
r
o
m

t
h
e

S
h
a
r
e
h
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l
d
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r
s

A
c
c
o
u
n
t

5
7
6
,
0
7
2

4
3
,
7
6
4

6
1
9
,
8
3
6

(
b
)

O
t
h
e
r
s

(
I
n
t
e
r
e
s
t

e
t
c
.
)

6
0
,
8
5
0

2
,
4
8
2

2
,
0
8
1

5
6

1
7
0
,
9
0
3

2
8
6

8
4

6
1

2
3
6
,
8
0
3

T
o
t
a
l

(
A
)
5
6
,
4
8
3
,
4
2
2

5
,
7
2
6
,
0
2
7

4
,
9
5
0
,
0
0
4

1
0
4
,
3
0
0

3
,
8
2
5
,
2
7
0

4
5
2
,
4
5
7

1
3
9
,
8
8
4

4
0
,
2
8
6

7
1
,
7
2
1
,
6
5
0

C
o
m
m
i
s
s
i
o
n
2

2
,
8
3
1
,
3
1
4

7
8
5

1
4
4
,
5
3
1

1
9
,
6
0
3

7
8
8
,
4
4
8

6
,
0
6
7

9
,
2
9
1

5
,
7
5
6

3
,
8
0
5
,
7
9
5

O
p
e
r
a
t
i
n
g

E
x
p
e
n
s
e
s

r
e
l
a
t
e
d

t
o

I
n
s
u
r
a
n
c
e

B
u
s
i
n
e
s
s
3

8
,
4
9
8
,
6
7
2

9
9
,
9
1
1

5
8
0
,
2
5
4

1
4
,
3
3
1

2
,
6
0
2
,
6
1
0

1
9
6
,
5
7
4

3
6
,
6
4
0

5
,
7
8
6

1
2
,
0
3
4
,
7
7
8

P
r
o
v
i
s
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o
n
s

f
o
r

d
o
u
b
t
f
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l

d
e
b
t
s

B
a
d

d
e
b
t
s

w
r
i
t
t
e
n

o
f
f

P
r
o
v
i
s
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n

f
o
r

T
a
x

(
4
,
6
6
7
)

(
4
5
2
)

(
3
5
6
)

(
1
0
)

(
3
2
0
)

(
5
1
)

(
1
4
)

(
5
)

(
5
,
8
7
5
)
P
r
o
v
i
s
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o
n

(
o
t
h
e
r

t
h
a
n

t
a
x
a
t
i
o
n
)
(
a
)

F
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r

d
i
m
i
n
u
t
i
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n

i
n

t
h
e

v
a
l
u
e

o
f

i
n
v
e
s
t
m
e
n
t

(
n
e
t
)

(
b
)

O
t
h
e
r
s

(
t
o

b
e

s
p
e
c
i
f
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e
d
)

T
o
t
a
l

(
B
)
1
1
,
3
2
5
,
3
1
9

1
0
0
,
2
4
4

7
2
4
,
4
2
9

3
3
,
9
2
4

3
,
3
9
0
,
7
3
8

2
0
2
,
5
9
0

4
5
,
9
1
7

1
1
,
5
3
7

1
5
,
8
3
4
,
6
9
8

B
e
n
e
f
i
t

P
a
i
d

(
N
e
t
)
4

1
5
,
7
8
2
,
9
0
4

2
,
5
7
3
,
5
5
0

8
0
1
,
5
1
7

1
2
,
9
4
7

1
0
6
,
1
8
8

5
7
,
4
3
6

8
6
3

8
,
3
4
4

1
9
,
3
4
3
,
7
4
9

I
n
t
e
r
i
m

B
o
n
u
s
e
s

P
a
i
d

C
h
a
n
g
e

i
n

v
a
l
u
a
t
i
o
n

o
f

l
i
a
b
i
l
i
t
y

a
g
a
i
n
s
t

l
i
f
e

p
o
l
i
c
i
e
s

i
n

f
o
r
c
e
(
a
)

G
r
o
s
s

1
,
7
0
1
,
5
9
0

3
,
9
5
5

3
5
6
,
4
9
7

6
,
9
6
0

3
5
9
,
4
4
9

2
7
1
,
0
5
3

7
5
,
7
9
4

4
,
6
1
0

2
,
7
7
9
,
9
0
8

(
b
)

F
u
n
d

R
e
s
e
r
v
e

2
3
,
4
2
9
,
7
1
7

3
,
0
1
6
,
9
1
7

2
,
4
2
9
,
3
1
3

3
6
,
8
8
0

2
8
,
9
1
2
,
8
2
7

(
c
)

P
r
e
m
i
u
m

D
i
s
c
o
n
t
i
n
u
a
n
c
e

F
u
n
d

-

L
i
n
k
e
d

6
,
4
0
1

6
,
4
0
1

(
d
)

(
A
m
o
u
n
t

c
e
d
e
d

i
n

R
e
-
i
n
s
u
r
a
n
c
e
)

7
6
,
6
5
2

1

1
8

1
,
5
8
7

(
3
1
,
1
0
5
)

(
7
8
,
6
2
2
)

(
6
5
3
)

(
3
2
,
1
2
2
)
(
e
)

A
m
o
u
n
t

a
c
c
e
p
t
e
d

i
n

R
e
-
i
n
s
u
r
a
n
c
e

T
o
t
a
l

(
C
)
4
0
,
9
9
7
,
2
6
4

5
,
5
9
4
,
4
2
3

3
,
5
8
7
,
3
4
5

5
8
,
3
7
4

4
3
4
,
5
3
2

2
4
9
,
8
6
7

7
6
,
6
5
7

1
2
,
3
0
1

5
1
,
0
1
0
,
7
6
3

S
u
r
p
l
u
s

/

(
D
e
f
i
c
i
t
)

(
D
)

=

(
A
)

-

(
B
)

-

(
C
)

4
,
1
6
0
,
8
3
9

3
1
,
3
6
0

6
3
8
,
2
3
0

1
2
,
0
0
2

1
7
,
3
1
0

1
6
,
4
4
8

4
,
8
7
6
,
1
8
9

A
P
P
R
O
P
R
I
A
T
I
O
N
S
T
r
a
n
s
f
e
r

t
o

S
h
a
r
e
h
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l
d
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r
s

A
c
c
o
u
n
t

2
,
6
8
9
,
1
2
3

3
1
,
3
6
0

5
3
6
,
0
4
0

4
0
8

1
7
,
3
1
0

1
6
,
4
4
8

3
,
2
9
0
,
6
8
9

T
r
a
n
s
f
e
r

t
o

O
t
h
e
r

R
e
s
e
r
v
e
s

B
a
l
a
n
c
e

b
e
i
n
g

F
u
n
d
s

f
o
r

F
u
t
u
r
e

A
p
p
r
o
p
r
i
a
t
i
o
n
s

1
,
4
7
1
,
7
1
6

1
0
2
,
1
9
0

1
1
,
5
9
4

1
,
5
8
5
,
5
0
0

T
o
t
a
l

4
,
1
6
0
,
8
3
9

3
1
,
3
6
0

6
3
8
,
2
3
0

1
2
,
0
0
2

1
7
,
3
1
0

1
6
,
4
4
8

4
,
8
7
6
,
1
8
9

F
o
r
m

A
-
R
A

A
n
n
e
x
u
r
e

1
R
e
v
e
n
u
e

A
c
c
o
u
n
t

f
o
r

t
h
e

y
e
a
r

e
n
d
e
d

3
1
s
t

M
a
r
c
h

2
0
1
1
(
A
m
o
u
n
t

i
n

t
h
o
u
s
a
n
d
s

o
f

I
n
d
i
a
n

R
u
p
e
e
s
)
Annexures to Schedule 16
107
P
a
r
t
i
c
u
l
a
r
s
S
C
H

L
i
n
k
e
d

B
u
s
i
n
e
s
s

N
o
n

L
i
n
k
e
d

B
u
s
i
n
e
s
s

T
o
t
a
l

I
n
d
i
v
i
d
u
a
l

L
i
f
e

G
r
o
u
p

P
e
n
s
i
o
n

I
n
d
i
v
i
d
u
a
l

H
e
a
l
t
h

I
n
d
i
v
i
d
u
a
l

I
n
d
i
v
i
d
u
a
l

L
i
f
e

G
r
o
u
p

P
e
n
s
i
o
n

I
n
d
i
v
i
d
u
a
l

H
e
a
l
t
h

I
n
d
i
v
i
d
u
a
l

P
r
e
m
i
u
m
s

e
a
r
n
e
d

-

N
e
t
(
a
)

P
r
e
m
i
u
m
1

4
4
,
6
5
9
,
1
3
6

7
,
0
2
5
,
2
1
1

2
,
6
8
5
,
0
6
6

6
2
,
4
2
7

3
5
7
,
8
4
6

2
0
6
,
9
4
8

2
,
7
8
1

5
7
,
1
6
4

5
5
,
0
5
6
,
5
7
9

(
b
)

R
e
i
n
s
u
r
a
n
c
e

c
e
d
e
d

(
6
1
2
,
3
0
7
)

(
2
9
7
)

(
5
9
,
5
7
3
)

(
1
2
1
,
7
8
3
)

(
8
,
9
8
9
)

(
8
0
2
,
9
4
9
)
(
c
)

R
e
i
n
s
u
r
a
n
c
e

a
c
c
e
p
t
e
d

S
u
b
-
T
o
t
a
l

4
4
,
0
4
6
,
8
2
9

7
,
0
2
5
,
2
1
1

2
,
6
8
4
,
7
6
9

6
2
,
4
2
7

2
9
8
,
2
7
3

8
5
,
1
6
5

2
,
7
8
1

4
8
,
1
7
5

5
4
,
2
5
3
,
6
3
0

I
n
c
o
m
e

f
r
o
m

I
n
v
e
s
t
m
e
n
t
(
a
)

I
n
t
e
r
e
s
t
,

D
i
v
i
d
e
n
d

&

R
e
n
t

-

G
r
o
s
s

4
,
0
6
6
,
2
1
2

6
9
5
,
2
7
9

2
9
2
,
4
9
3

2
7
5

3
9
,
7
4
2

1
2
1
,
3
4
3

1
0
0

2
6
8

5
,
2
1
5
,
7
1
2

(
b
)

P
r
o
f
i
t

o
n

S
a
l
e

/

R
e
d
e
m
p
t
i
o
n

o
f

I
n
v
e
s
t
m
e
n
t
s

2
1
,
6
8
4
,
1
9
0

1
,
2
4
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T
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(
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T
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t
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(
B
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9
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(
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1
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4
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8

T
o
t
a
l

(
A
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3
3
,
0
7
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7
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8
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m
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F
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a
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#

F
-
5

2
,
7
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,
9
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3
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6
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7
4
8
1
,
7
5
6
7
,
2
4
8
7
,
9
1
5

T
o
t
a
l

(
B
)

5
,
5
3
0
6
,
7
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1
7
1
5
9
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1
6
2
2
7
,
8
2
8
5
5
,
3
0
3
3
5
,
6
1
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2
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3
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5
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7
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%

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8
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M
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M
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130
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142
Disclosure for ULIP Business
1. Performance of the Fund (Absolute Growth %) (Appendix 1)
2. Investment Management
Activities 0utsourced. hil
Fees Faid lor various activities charqed to Folicyholders account lor the Feriod ended 81st March 2O11. hil (Frevious Year. hil)
8. Related Party Transactions (Appendix 1A)
4. Comany wise details ol nvestments held in Fromoters rou alonq with its Fercentaqe to lunds under manaqement. This inlormation
is to be qiven lund wise and total lund under bLF. (Appendix 2)
5. ndustry wise disclosures ol nvestments (amount in thousands) (Appendix 3)
G. bnclaimed redemtion ol units. ` 428 thousands (Frevious Year. ` hil)
7. hAv. hiqhest, Lowest & Closinq at the end ol the Year (Appendix 4)
8. Exenses charqed to Fund (%) (Appendix 5)
O. Ratio ol ross ncome (includinq unrealised qains) to Averaqe Baily het Assets (Appendix 6)
1O. As at 81st March 2O11, there are no doubtlul debts on assets ol the resective lunds.
11. Fund wise disclosure ol areciation and/or dereciation in value ol nvestments (Appendix 7)
143
Appendix 1 to Annexure 3A
Performance of ULIP funds (Absolute Growth - %)
Returns as on 31st March 2011
INDIVIDUAL LIFE
Fund Name Year of Inception FY 2010-11 FY 2009-10 FY 2008-09 Since Inception
nd. Assure Fund 12SeO5 5.81% O.85% 1G.17% G8.G8%
nd. ncome Adv Fund 22AuqO8 7.1G% 1O.O7% 18.2O% 8O.52%
nd. Frotector 22MarO1 5.7O% 14.42% 8.8O% 12G.85%
nd. Builder 22MarO1 G.2G% 28.8O% 4.4G% 181.57%
nd. Balancer 18JulO5 G.4O% 25.44% G.8O% 8O.G7%
nd. Enhancer 22MarO1 G.78% 28.4O% 8.O7% 241.G4%
nd. Creator 28FebO4 7.17% 51.8O% 5.25% 1G8.O8%
nd. Maqnilier 12AuqO4 8.21% 74.8G% 82.G7% 18G.11%
nd. Maximiser 12JunO7 7.O8% O1.14% 82.24% 51.O4%
nd. Multilier 8O0ctO7 2.14% 18O.8O% 88.78% 18.27%
Suer 2O GJulOO 18.48% 28.14% hA 8O.74%
nd. Flatinum Flus 1 17MarO8 12.24% 55.OG% 2O.88% 22.75%
nd. Flatinum Flus 2 8SeO8 18.GG% 7O.51% O.O4% 74.58%
nd. Flatinum Flus 8 15MayOO 12.2O% 17.O8% hA 82.47%
nd. Flatinum Flus 4 15SeOO 14.55% 4.O5% hA 1O.1O%
nd. Flatinum Fremier 15Feb1O 12.12% 8.O8% hA 1G.58%
nd. Flatinum Advantaqe 2OSe1O 8.2O% hA hA 8.2O%
nd. Foresiqht FF 25Feb11 4.8O% hA hA 4.8O%
nd. Foresiqht SF 25Feb11 4.7O% hA hA 4.7O%
Titanium 1 1GBecOO 12.O8% 2.48% hA 14.8O%
Titanium 2 1GMar1O 1O.OO% O.2O% hA 11.81%
Titanium 8 1GJun1O 1.O1% hA hA 1.O1%
FF hourish 12MarO8 5.28% 14.O2% 11.G7% 8O.GG%
FF rowth 18MarO8 5.87% 28.O1% 11.O5% 182.88%
FF Enrich 12MarO8 G.58% 87.28% 1.GO% 175.52%
GROUP LIFE
Fund Name Year of Inception FY 2010-11 FY 2009-10 FY 2008-09 Since Inception
r. Fixed nterest Flan 18hovO2 7.88% 18.85% 2O.O8% O4.OO%
r. Fixed nterest Flan 2GBecO8 8.OG% 15.O2% 21.O5% 82.G1%
r. ilt Flan 28ArO4 4.8O% G.88% 22.OO% 58.G7%
r. ilt Flan 7hovO7 4.8O% G.88% 22.58% 88.5O%
r. Bond Flan 28ArO4 7.1O% 11.OO% 17.47% GO.5O%
r. Bond Flan 1G0ctOG 8.2O% 18.22% 18.G8% 7O.18%
r. Money Market Flan 81MarO5 7.71% 1O.8G% 15.OG% 78.84%
r. Money Market Flan 81MarO5 8.82% 11.57% 1G.4O% 7O.47%
r. Short Term Bebt Flan 1OBecO8 7.OG% 8.81% 8.8O% 1O.77%
r. Short Term Bebt Flan 1OBecO8 8.14% 1O.O7% 8.4O% 28.18%
r. Caital Frotection Flan `` 81MarOG hA hA 2.G8% hA
r. Caital Frotection Flan `` 81MarOG hA hA 2.G8% hA
r. Floatinq Rate Flan ``` 28ArO4 hA 2.4G% 7.81% hA
r. Floatinq Rate Flan ``` 81MarOG hA 8.O4% O.OO% hA
r. Secure Flan 1OJunO1 G.17% 2O.58% 7.42% 1O5.71%
r. Secure Flan 1OJunO1 7.2G% 21.O2% 8.GO% 1O5.1O%
r. Stable Flan 81AuqO1 G.78% 8O.O1% O.17% 2O8.O2%
r. Stable Flan 81AuqO1 7.84% 82.4O% O.O8% 184.8G%
r. rowth Flan 81AuqO1 7.G8% 44.88% 1.O4% 87G.41%
r. rowth Flan 81AuqO1 8.74% 4G.42% O.88% 218.OG%
r. rowth Advantaqe 18FebO8 8.85% 58.8G% 1.O1% G5.77%
r. ncome Advantaqe 28Mar1O G.7O% hA hA G.7O%
r. rowth ndex Flus```` 18FebO8 hA hA hA hA
r. rowth Multilier```` 18FebO8 hA hA hA hA
r. rowth Maximsier```` 28Mar1O hA hA hA hA
`` The rou Caital Frotection Fund became a dormat lund on 12th Auqust 2OO8 on account ol no units. Returns lor FY O8OO are as on
11th Auqust 2OO8.
``` The rou Floatinq Fund became a dormat lund on 12th 0ctober 2OOO on account ol no units. Returns lor FY O8OO are as on 11th 0ctober
2OOO.
```` These lunds do not have any units since their incetion.
144
Appendix 1A to Annexure 3A
Related Party Transactions
Related Party . Aditya Birla Money Limited
Service . Brokeraqe lor urchase/sale ol securities
Basis of Payment . As er aqreed % ol trade value
Fund Name Current Year Frevious Year
nd. Frotector 148 1OO
nd. Builder 166 184
nd. Balancer 37 84
nd. Enhancer 1,166 2,28O
nd. Creator 243 885
nd. Maqnilier 1,608 2,G27
nd. Maximiser 3,020 8,888
nd. Multilier 799 882
Suer 2O 127 29
nd. Flatinum Flus 1 441 1,OG5
nd. Flatinum Flus 2 686 1,2O7
nd. Flatinum Flus 8 604 48O
nd. Flatinum Flus 4 313 198
nd. Flatinum Fremier 424 78
nd. Flatinum Advantaqe 203
nd. Foresiqht FF 61
nd. Foresiqht SF 3
Titanium 1 135 11
Titanium 2 30
Titanium 8 1
FF hourish 5 85
FF rowth 25 1O
FF Enrich 211 2O1
r. Secure 156 1GO
r. Stable 238 84G
r. rowth 180 158
r. rowth Advantaqe 69 14
Total 11,099 14,402
145
Appendix 1A to Annexure 3A
Related Party Transactions
Related Party . Aditya Birla Finance Ltd.
Service . Furchase/sale ol securities
Particulars Purchase of Investments Sale of Investments Interest Received
Current Year Frevious Year Current Year Frevious Year Current Year Frevious Year
nd. Assure 88,O77.4O 5O,OOO.OO 148.97
nd. Enhancer 1OO,OOO.OO 1OO,OOO.OO 1O5,2GG.OO 297.95
nd. Creator 4,81O.OO
nd. Maqnilier 85,17O.OO
FF Enrich 8,4OG.OO
r. Fixed nterest 2O,288.O5
r. Money Market 2O,288.O5
r. Secure 5O,OOO.OO 5O,OOO.OO 148.97
r. Stable 1,24O.OO
Related Party . Aditya Birla huvo Ltd.
Service . Furchase/sale ol securities
Particulars Purchase of Investments Sale of Investments Interest Received
nd. Assure 5O,OOO.OO
nd. ncome Advantaqe GO,OOO.OO
nd. Frotector
nd. Builder 1,O55.84 1,O5O.OO
nd. Enhancer 2O,OOO.OO 71,O78.G5 71,777.OO
nd. Creator
nd. Maqnilier 18G,O8G.OO
nd. Maximiser
r. Fixed nterest 5O,OOO.OO
r. Bond GO,OOO.OO
r. Money Market O8,OG4.OO
r. Short Term Bebt 8O,OOO.OO
r. Secure
r. Stable
r. rowth Advantaqe 28.OG 28.OO
146
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149
Disclosure of Investment - Industrywise
Ind. Assure Fund
As on 31st March 2011
(Amount in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
OTHER FUND BASED FINANCIAL
SERVICES
249,230 15.82 241,034 15.58
1O.8O% EXF0RT & MF0RT BAhK LTB.
hCB (MB 22/O7/2O18)
BEBT G1,458 8.OO
G.77% hAT0hAL h0bSh BAhK hCB
(MB 11/O1/2O18) F/C 11/O1/12
BEBT 1O,581 1.24
8.5O% EXM BAhK MB 2GOO2O11 BEBT 24,85O 1.58
8.75% RFC hCB (MB O7/O1/2O18) BEBT 87,1G7 2.8G
O.2O% hABARB hCB (MB 1G/O8/2O12) BEBT 15,O1O 1.O1
O.7G% RFC hCB (MB O8/O7/2O12) BEBT 15,O8O O.OG
O.8O% hABARB hCB (MB 1O/OO/2O12) BEBT 75,17O 4.77
REFINERY 167,638 10.64 137,829 8.91
1O.1O% RELAhCE hBbSTRES LTB. hCB
(MB 12/12/2O11)
BEBT 1OO,228 G.8G
7.85% hhBbSTAh FETR0LEbM C0RF.
LTB. hCB (MB O4/12/2O12)
BEBT G7,41O 4.28
BANKING SERVICES 163,321 10.37 126,396 8.17
AhBhRA BAhK CB (MB 2G/O8/2O12) BEBT O,OO7 O.58
BAhK 0F hBA CB (MB 18/12/2O11) BEBT 28,488 1.49
CAhARA BAhK CB (MB 27/O8/2O12) BEBT 27,2G1 1.78
STATE BAhK 0F BKAhER AhB JAFbR CB
(MB 28/O1/2O12)
BEBT 4G,888 2.94
bhTEB BAhK 0F hBA CB
(MB O5/O8/2O12)
BEBT 45,7O5 2.OO
YES BAhK LTB. CB (MB 21/O8/2O12) BEBT 11,888 O.72
Others (Other than G-Sec) 893,360 56.71 707,712 45.75
The lollowinq Sectors were havinq exosure ol more than 1O% durinq revious year but less than 1O% durinq the current year.
Sector Market value % holding
INFRASTRUCTURE FINANCE SERVICES 252,256 16.31
HOUSING FINANCE SERVICES 226,205 14.62
150
Ind. Income Advantage Fund
security
1O.1O% C0RF0RAT0h BAhK FB 0TR
C0MF (MB 81/O8/2O12)
BEBT 7O,OOO 2.77
1O.2O% BAhK 0F BAR0BA FB 0bARTERLY
C0MF (MB 8O/O8/2O12)
BEBT 45,OOO 1.78
O.O5% STATE BAhK 0F hBA hCB
(MB 1G/O8/2O2G) CALL 1G/O8/2O21
BEBT 12O,8OG 4.76
AhBhRA BAhK CB (MB 2G/O8/2O12) BEBT 8G,888 1.44
AhBhRA BAhK CB (MB 2O/OO/2O11) BEBT 52,2O7 2.O7
BAhK 0F hBA CB (MB 18/12/2O11) BEBT 4G,O7G 1.86
BAhK 0F hBA CB (MB 28/O8/2O12) BEBT 45,5O1 1.8O
CAhARA BAhK CB (MB 27/O8/2O12) BEBT 7O,428 2.78
STATE BAhK 0F MYS0RE
CB (MB1G/OO/2O11)
BEBT 88,548 1.52
(MB O5/O8/2O12)
BEBT 45,7O5 1.81
YES BAhK LTB. CB (MB 21/O8/2O12) BEBT 8G,44O 1.44
HOUSING FINANCE SERVICES 301,206 11.91 15,651 0.88
7.O5% hBFC LTB. hCB (MB 8O/O4/14) BEBT 48,8G5 1.71
8.48% LC h0bSh FhAhCE LTB. hCB
(MB 27/OO/2O18)
BEBT 4G,545 1.84
O.45% hBFC LTB. hCB (MB 11/O1/2O18) BEBT 2O,O41 1.18
O.GO% LC h0bSh FhAhCE LTB.
hCB (MB O7/O8/2O21)
BEBT 85,O4G 1.42
O.75% hBFC LTB. hCB (MB O8/O8/2O1G) BEBT 5O,88G 2.O1
O.OO% hBFC LTB. hCB (MB 11/O8/2O14) BEBT 45,GO8 1.8O
LC h0bSh FhAhCE LTB. ZCB
(MB 8O/OG/2O11)
BEBT 48,O22 1.O8
INFRASTRUCTURE FINANCE SERVICES 2O1,OO8 11.41
151
Ind. Protector Fund
security
INFRASTRUCTURE FINANCE SERVICES 717,961 17.70 605,498 15.43
1O.85% RECL LTB. hCB (MB 14/O8/2O18) BEBT 88,O78 O.O4
1O.85% RECL LTB. hCB (MB 8O/OO/2O18) BEBT 11O,771 2.95
1O.OO% RECL LTB. hCB (MB 14/O8/2O18) BEBT 25,G7G O.G8
11.25% F0wER FhAhCE C0RF0RAT0h
LTB. hCB (MB 28/11/2O18)
BEBT 72,228 1.78
11.4O% F0wER FhAhCE C0RF0RAT0h
LTB. hCB (MB 28/11/2O18)
BEBT G2,71O 1.55
11.5O% RECL LTB. hCB (MB 2G/11/2O18) BEBT G2,848 1.55
11.75% RECL LTB. hCB (MB O8/11/2O11) BEBT 74,58O 1.84
8.GO% F0wER FhAhCE C0RF0RAT0h
LTB. hCB (MB O7/O8/2O14)
BEBT 127,185 8.14
O.22% F0wER FhAhCE C0RF0RAT0h
LTB. hCB (MB 28/12/2O12)
BEBT 54,GO4 1.85
O.45% RECL LTB. hCB (MB O4/O4/2O18) BEBT 72,O48 1.8O
hFRASTRbCTbRE BEvEL0FMEhT
FhAhCE C0MFAhY LTB.
E0bTY 2,O5G O.O5
F0wER FhAhCE C0RF0RAT0h LTB. E0bTY 2,1O7 O.O5
RbRAL ELECTRFCAT0h C0RF0RAT0h
LTB.
E0bTY 8,188 O.O8
BEBT 45,OOO 1.11
1O.25% FEBERAL BAhK LTB.
FB 0bARTERLY C0MF (MB 25/O8/12)
BEBT 5O,OOO 1.28
AXS BAhK LTB. E0bTY 8,O5O O.1O
BAhK 0F BAR0BA CB (MB 2O/OG/2O11) BEBT 4O,1G1 1.21
BAhK 0F hBA CB (MB 18/12/2O11) BEBT 4G,O7G 1.16
FEBRAL BAhK LTB. E0bTY 5,5G8 O.14
hBFC BAhK E0bTY 12,OO4 O.82
CC BAhK LTB. E0bTY 21,O21 O.54
hBAh 0vERSEAS BAhK E0bTY 4,814 O.11
h vYSYA BAhK LTB. E0bTY G,O11 O.15
STATE BAhK 0F hBA E0bTY 18,782 O.84
STATE BAhK 0F FATALA CB (MB
17/OG/2O11)
BEBT O8,G78 2.48
STATE BAhK 0F TRAvAhC0RE CB
(MB 11/O7/2O11)
BEBT 4O,O74 1.21
bh0h BAhK 0F hBA LTB. E0bTY 4,15O O.1O
bhTEB BAhK 0F hBA E0bTY 4,114 O.1O
YES BAhK LTB. CB (MB 21/O8/2O12) BEBT O,11O O.22
Others (Other than G-Sec) 1,688,610 41.62 2,345,285 59.77
152
Ind. Builder Fund
security
SERVICES
333,319 12.06 221,422 8.44
1O% hABARB hCB SR X (MB 14/O5/2O12) BEBT 5O,18G 1.82
8.4O% RFC hCB (MB 8O/O8/2O14) BEBT 1O,GG5 O.71
8.5O% RFC hCB (MB 22/OG/2O2O) BEBT 51,482 1.86
8.75% RFC hCB (MB O7/O1/2O18) BEBT 1OG,54G 8.85
O.4O% hABARB hCB SR X 0
(MB 8O/O8/2O14)
BEBT 8O,O87 1.OO
O.7G% RFC hCB (MB O8/O7/2O12) BEBT 75,4O2 2.78
LTB. hCB (MB 28/11/2O18)
BEBT 81,85O 1.18
11.5O% RECL LTB. hCB (MB 2G/11/2O18) BEBT 81,424 1.14
BEBT 78,2G7 2.88
8.G5% RECL LTB. hCB (MB 15/O1/2O1O) BEBT 1OG,OO1 8.87
LTB. hCB (MB 14/O5/2O2O)
BEBT 25,271 O.O1
LTB. hCB (MB 28/12/2O12)
BEBT 84,8O5 1.26
FhAhCE C0MFAhY LTB.
E0bTY 2,O22 O.11
F0wER FhAhCE C0RF0RAT0h LTB. E0bTY 2,8O7 O.1O
RbRAL ELECTRFCAT0h
C0RF0RAT0h LTB.
E0bTY 4,818 O.1G
BEBT 45,OOO 1.G8
8.85% STATE BAhK 0F hBA hCB
(MB O4/1O/2O21) CALL O4/1O/1G
STEFbF O.85
BEBT 1O,G58 O.71
BEBT 2O,OO8 O.7G
AXS BAhK LTB. E0bTY 5,884 O.1O
BAhK 0F hBA CB (MB 18/12/2O11) BEBT 28,488 O.85
CEhTRAL BAhK 0F hBA CB
(MB O7/1O/2O11)
BEBT 48,O41 1.74
FEBRAL BAhK LTB. E0bTY 7,O52 O.2O
hBFC BAhK E0bTY 1G,8GO O.5O
CC BAhK LTB. E0bTY 82,O15 1.16
hBAh 0vERSEAS BAhK E0bTY G,O4O O.22
h vYSYA BAhK LTB. E0bTY 8,15O O.2O
STATE BAhK 0F hBA E0bTY 17,O54 O.G2
bh0h BAhK 0F hBA LTB. E0bTY 5,787 O.21
bhTEB BAhK 0F hBA E0bTY 5,G84 O.2O
YES BAhK LTB. CB (MB 21/O8/2O12) BEBT 18,22O O.GG
153
Ind. Balancer Fund
security
1O.85% RECL LTB. hCB (MB 14/O8/2O18) BEBT 8,2G8 1.14
1O.OO% RECL LTB. hCB (MB 14/O8/2O18) BEBT 12,888 4.48
11% F0wER FhAhCE C0RF0ART0h LTB.
hCB (MB 15/OO/2O18)
BEBT 2,1O8 O.7G
LTB. hCB (MB 28/11/2O18)
BEBT 5,227 1.82
11.75% RECL LTB. hCB (MB O8/11/2O11) BEBT 5,O58 1.76
8.4O% F0wER FhAhCE C0RF OO/1O/2O11 BEBT G,5O1 2.27
BEBT 4,8O2 1.71
O.8O% F0wER FhAhCE C0RF0RAT0h
LTB. hCB SR XXXv (MB 2O/OO/2O12)
BEBT 5,O12 1.75
RbRAL ELECTRFCAT0h
C0RF0RAT0h LTB.
E0bTY 1,45O O.51
SERVICES
34,752 12.12 35,597 13.17
1O.O5% hABARB (MB 11/OG/2O14) BEBT 1O,17O 8.55
G.77% hAT0hAL h0bSh BAhK hCB
(MB 11/O1/2O18) F/C 11/O1/12
BEBT 1O,581 G.88
O.5O% hABARB hFS B0hBS SR X
(MB 15/1O/2O12)
BEBT 4,OO8 1.74
154
Ind. Enhancer Fund
security
BANKING SERVICES 12,120,426 19.93 6,514,757 12.32
1O.1% CC BAhK (CALL OO/O8/1G)
MB FERFETbAL
BEBT 52,215 O.OO
1O.25% CATh0LC SYRAh BAhK LTB. FB
(MB 15/OO/11)
BEBT 5O,OOO O.O8
1O.25% FEBERAL BAhK LTB. FB
0bARTERLY C0MF (MB 25/O8/12)
BEBT GO,OOO O.1O
1O.4O% FbhJAB hAT BAhK
(MATbRTYFERFETbAL) (CALL
2O/O7/2O17)
BEBT 52,878 O.OO
1O.7O% hBFC BAhK LTB. hCB
(MB 2G/12/2O18)
BEBT 1OG,G21 O.18
1O.85% FbhJAB hAT0hAL BAhK
(MB 2O/OO/2O28) CALL 2O/OO/2O18 STbF
11.85%
BEBT 2O8,O77 O.48
5.4O% ASAh BEvEL0F BAhK (27/O2/14) BEBT O8,8OO O.15
5.OO% ALLALAhABAB BAhK LTB. hCB
(MB 8O/OG/2O12).
BEBT 47,7GG O.O8
G.5O% bT BAhK (MB 15/1O/2O18) BEBT 78,G57 O.12
7.45% STATE BK 0F hBA O5O515 AAA BEBT O4O O.OO
8% CATh0LC SYRAh BAhK LTB. 0TRLY
C0MF FB (MB 8O/O4/2O11)
BEBT 75,OOO O.12
8.25% hBFC BAhK LTB. hCB
(MB 24/1O/2O15)
BEBT 48,152 O.O8
8.47% BB BAhK hCB (MB O5/O4/2O18)
FbT O5/O4/2O11
BEBT 8O,OO1 O.O5
8.8% ST BK hBA (O5OG21) RSETO5OG1G
(CALL OG/OG/2O1G)
BEBT 981 O.OO
8.8% STATE BAhK 0F hYBERABAB hCB
(MB 2O/O4/2O1G)
BEBT G7,71G O.11
8.85% STATE BAhK 0F hBA hCB
(MB O4/1O/2O21) CALL O4/1O/1G
STEF bF O.85
BEBT 2O,48O O.O5
O% CAhARA BAhK hCB (MB OO/O1/2O18) BEBT 85,72O O.OG
O.OO% FbhJAB hAT0hAL BAhK hCB
(FERFETbAL) CALL/STEF bF 27/11/2O1O
BEBT O8,O88 O.1G
O.O5% SB FERFETbAL hCB
(CALL 27/O1/2O2O) STEF bF RATE O.55%
BEBT 4G7,O8O O.77
O.O5% STATE BAhK 0F hYBERABAB
FERFETbAL CALL 2O/OO/2O STEF bF
5OBFS
BEBT OO,8O4 O.1G
O.1% AXS BAhK hCB (MB 28/OG/2O1G) BEBT 4O,GO2 O.O8
O.1% SB FERFETbAL hCB
(CALL 14/O8/2O1O) STEF bF RATE O.G%
BEBT 121,G87 O.2O
O.1O% STATE BAhK 0F MYS0RE
FERFETbAL hCB CALL/STEF bF
25/11/2O1O
BEBT 2OO,O8O O.4O
O.15% BAhK 0F BAR0BA FERFETbAL hCB
STEF bF O.G5% RESET 28/11/1O
BEBT 4O,O2G O.O8
O.15% STATE BAhK 0F FATALA FERF hCB
CALL 18/O1/2O2O STEF bF O.G5
BEBT 15O,8O5 O.2G
O.2O% STATE BAhK 0F hYBERABAB hCB
FERFETbAL (MB 24/O2/2O2O)
BEBT 5O,12G O.O8
155
security
O.25% BB 0Mh B0hBS hCB
(MB 2G/O8/2O14)
BEBT 248,17G O.41
O.8O% STATE BAhK 0F FATALA hCB
(MB 2O/12/2O22) CALL FR 2O/12/2O17
hT O.8O
BEBT 55,884 O.OO
O.85 FbhJAB hAT0hAL BAhK
(MB O5/O8/2O28) CALL O5/O8/2O18
STEF bF O.85
BEBT 4O,4O4 O.O7
O.85% STATE BAhK 0F hYBERABAB hCB
(MB 1O/O8/2O28) CALL 1O/O8/18
STEF bF O.85
BEBT 7O,78O O.12
O.5O% BEvEL0FMEhT CREBT BAhK FB
(MB 18/OG/2O11)
BEBT 1OO,OOO O.1G
O.75% FbhJAB hAT BAhK
(MATbRTYFERFETbAL) (CALL
11/12/2O17) STEF bF 1O.25
BEBT 1O2,87O O.17
O.78% STATE BAhK 0F BK & JA hCB
(MB15/1O/2O22)
(CALL15/1O/17STEFbF 1O.28
BEBT 8O,42G O.18
O.8% STATE BAhK 0F MYS0RE
FERFETbAL (8O/11/2O17) CALL 8O1117
STEF bF 1O.8O%
BEBT 1O8,248 O.17
O.8O% CC BAhK LTB. hCB
(MB 1O/O2/2O18)
BEBT 75,817 O.12
O.8O% STATE BAhK 0F hBA hCB
(MB 8O/OG/2O1G)
BEBT 8O,G41 O.O5
O.85% STATE BAhK 0F BK & JA hCB
(MB FERFETbAL) CALL 2O/O8/18
STEF bF 1O.85
BEBT O5,2G8 O.1G
O.85% STATE BAhK 0F hBA (28/OG/2O1G) BEBT O5,17O O.1G
O.O5% STATE BAhK 0F hYBERABAB
(MB FERFETbAL) CALL 28/O8/2O18
STEFbF 1O.45
BEBT 48,OOG O.O8
O.O5% STATE BAhK 0F TRAvAhC0RE hCB
(MB FERFETbAL) CALL 81/O8/18
STEFbF 1O.45
BEBT 4O,57G O.O7
O.O8% CC BAhK LTB. (MATbRTY
FERFETbAL)(CALL AhB STEbF bF
18/OO/1G)1O.O8%
BEBT 2O8,824 O.84
AhBhRA BAhK CB (MB 17/11/2O11) BEBT 75,O5O O.12
AhBhRA BAhK CB (MB 2O/OO/2O11) BEBT O2,428 O.15
BAhK 0F BAR0BA CB (MB 2O/OG/2O11) BEBT 2O4,OG7 O.4O
BAhK 0F hBA CB (MB 1O/12/2O11) BEBT 82,821 O.O5
BAhK 0F hBA CB (MB 28OO2O11) BEBT 577,7GO O.O5
CAhARA BAhK CB (MB 21/12/2O11) BEBT 2G7,148 O.44
(MB O7/1O/2O11)
BEBT G7,257 O.11
C0RF0RAT0h BAhK CB
(MB 2O/O8/2O11)
BEBT 48,588 O.O8
FEBERAL BAhK LTB. CB
(MB OO/12/2O11)
BEBT O4,1OG O.15
FEBRAL BAhK LTB. E0bTY 18O,8O8 O.8O
hBFC BAhK E0bTY 5O8,255 O.88
hBFC BAhK LTB. CB (MB 25/O4/2O11) BEBT 14O,428 O.25
Ind. Enhancer Fund
156
security
CC BAhK LTB. E0bTY OOO,7O5 1.64
BB BAhK LTB. E0bTY 147,74O O.24
BB BAhK LTB. CB (MB 1O/O5/2O11) BEBT 4O,G8G O.O8
hBAh BAhK CB (MB 2O/12/2O11) BEBT 142,O21 O.24
hBAh 0vERSEAS BAhK E0bTY O5,887 O.1G
hBAh 0vERSEAS BAhK CB
(MB 8O/O5/2O11)
BEBT 147,O17 O.24
h vYSYA BAhK LTB. E0bTY 24O,O55 O.8O
JAMMb AhB KAShMR BAhK CB
(MB 1O/O4/2O11)
BEBT 14O,828 O.25
0REhTAL BAhK 0F C0MMERCE E0bTY 2OG,1O7 O.84
0REhTAL BAhK 0F C0MMERCE CB
(MB 12/O8/2O11)
BEBT 248,58O O.4O
FbhJAB AhB ShBh BAhK CB
(MB 8O/O5/2O11)
BEBT 227,585 O.87
FbhJAB hAT0hAL BAhK CB
(MB OG/O1/2O12)
BEBT 14O,428 O.25
S0bTh hBAh BAhK CB (MB 2O/OO/2O11) BEBT OG,414 O.1G
S0bTh hBAh BAhK LTB. CB
(MB 81/1O/2O11)
BEBT 72,G78 O.12
(MB 28/O1/2O12)
BEBT 8O,14O O.O5
STATE BAhK 0F hYBERABAB CB
(MB 24/OG/2O11)
BEBT 2OG,742 O.84
STATE BAhK 0F hBA E0bTY 5O8,G7O O.O8
STATE BAhK 0F MYS0RE CB
(MB14/1O/2O11)
BEBT 184,28O O.22
(MB1G/OO/2O11)
BEBT 8G,788 O.14
STATE BAhK 0F FATALA CB
(MB O5/O8/2O11)
BEBT 248,OO8 O.4O
(MB 24/11/2O11)
BEBT 48,748 O.O8
(MB O2/OO/2O11)
BEBT 174,8O1 O.2O
(MB 1G/12/2O11)
BEBT O8,874 O.15
(MB OO/OG/2O11)
BEBT 188,4OO O.22
(MB 11/O7/2O11)
BEBT O8,147 O.1G
(MB 2O/OG/2O11)
BEBT 24G,171 O.4O
(MB 28/O8/2O11)
BEBT 48,577 O.O8
SYhBCATE BAhK LTB. E0bTY 45,8OO O.O7
bC0 BAhK E0bTY 1O1,G5O O.17
bC0 BAhK CB (MB 28/OG/2O11) BEBT 14G,7O5 O.24
bhTEB BAhK 0F hBA E0bTY 215,5G4 O.85
vJAYA BAhK CB ( MB 11/O7/2O11) BEBT 1G,575 O.O8
Ind. Enhancer Fund
157
Ind. Creator Fund
security
BEBT 45,OOO 1.44
G.5O% bT BAhK (MB 15/1O/2O18) BEBT 2O,144 O.G4
FEBRAL BAhK LTB. E0bTY 17,887 O.55
hBFC BAhK E0bTY 8O,272 1.25
CC BAhK LTB. E0bTY 78,G55 2.51
BB BAhK LTB. E0bTY 15,741 O.5O
hBAh 0vERSEAS BAhK E0bTY 1O,751 O.G8
h vYSYA BAhK LTB. E0bTY 1G,444 O.52
KARhATAKA BAhK LTB. E0bTY 17,278 O.55
0REhTAL BAhK 0F C0MMERCE E0bTY 1G,125 O.51
(MB 28/O1/2O12)
BEBT 51,O21 1.G8
STATE BAhK 0F hBA E0bTY 54,142 1.78
(MB 17/OG/2O11)
BEBT 4O,88G 1.57
bh0h BAhK 0F hBA LTB. E0bTY 12,O71 O.8O
bhTEB BAhK 0F hBA E0bTY 17,87G O.57
158
Ind. Magnifier Fund
security
BAhK 0F BAR0BA CB (MB 2O/OG/2O11) BEBT O8,822 O.7G
BAhK 0F hBA CB (MB OO/O1/2O12) BEBT 4G,GG8 O.8G
BAhK 0F hBA CB (MB 18/12/2O11) BEBT 4G,O7G O.8G
BAhK 0F hBA CB (MB 1O/12/2O11) BEBT G7,O85 O.52
BEhA BAhK CB (MB 27/1O/2O11) BEBT O5,515 O.74
FEBRAL BAhK LTB. E0bTY 127,885 O.O8
hBFC BAhK E0bTY 2O1,88O 2.24
CC BAhK LTB. E0bTY 585,782 4.51
BB BAhK LTB. E0bTY 114,OO8 O.8O
BB BAhK LTB. CB (MB 1O/O5/2O11) BEBT 1O8,74G 1.58
hBAh 0vERSEAS BAhK E0bTY 152,415 1.17
h vYSYA BAhK LTB. E0bTY 145,G74 1.12
JAMMb AhB KAShMR BAhK CB
(MB 1O/O4/2O11)
BEBT OO,552 O.77
KARhATAKA BAhK LTB. E0bTY 145,11G 1.12
0REhTAL BAhK 0F C0MMERCE E0bTY 122,44O O.O4
(MB OG/O1/2O12)
BEBT 18O,74O 1.O1
(MB 2O/1O/2O11)
BEBT O5,7OG O.74
(MB O4/O1/2O12)
BEBT 74,74G O.58
(MB 24/OG/2O11)
BEBT 88,G2O O.G8
STATE BAhK 0F hBA E0bTY 4O1,4O8 8.OO
(MB O2/OO/2O11)
BEBT 88,758 O.8O
bh0h BAhK 0F hBA LTB. E0bTY 82,5O8 O.G4
bhTEB BAhK 0F hBA E0bTY 187,O17 1.OG
vJAYA BAhK CB ( MB 11/O7/2O11) BEBT 1O2,878 O.7O
159
Ind. Maximiser Fund
security
C0MF (MB 81/O8/2O12)
BEBT 1OO,OOO O.85
1O.25% FEBERAL BAhK LTB.
FB 0bARTERLY C0MF (MB 25/O8/12)
BEBT OO,OOO O.81
BEhA BAhK E0bTY 155,G88 O.54
BhAhLAXM BAhK LTB. E0bTY 225,882 O.78
hBFC BAhK E0bTY 7O5,G51 2.76
hBFC BAhK LTB. CB (MB 25/O4/2O11) BEBT OO,G1O O.85
CC BAhK LTB. E0bTY 1,15O,G4G 4.OO
BB BAhK LTB. E0bTY 228,887 O.7O
hBAh BAhK CB (MB 12/O4/2O11) BEBT G5,8G5 O.28
hBAh 0vERSEAS BAhK E0bTY 2OG,2O7 O.72
h vYSYA BAhK LTB. E0bTY 81O,O8O 1.O8
KARhATAKA BAhK LTB. E0bTY 81O,78G 1.O8
K0TAK MAhhBRA BAhK CB
(MB 1G/OG/2O11)
BEBT 48,O8O O.17
0REhTAL BAhK 0F C0MMERCE E0bTY 284,8O7 O.OO
FbhJAB AhB ShBh BAhK CB
(MB 8O/O5/2O11)
BEBT 18,715 O.OG
(MB 24/OG/2O11)
BEBT 48,7O8 O.17
STATE BAhK 0F hBA E0bTY 72O,8O7 2.5O
(MB 1G/12/2O11)
BEBT 82,85G O.11
(MB 17/OG/2O11)
BEBT 48,848 O.17
(MB OO/OG/2O11)
BEBT 24,7O4 O.OO
(MB 11/O7/2O11)
BEBT 48,588 O.17
SYhBCATE BAhK CB (MB 12/12/2O11) BEBT O4,OO8 O.88
bC0 BAhK E0bTY 2O5,855 1.O8
bh0h BAhK 0F hBA LTB. E0bTY 28O,818 1.O1
vJAYA BAhK CB ( MB 11/O7/2O11) BEBT 5,85O O.O2
160
Ind. Multiplier Fund
security
BAhK 0F hBA CB (MB 1O/12/2O11) BEBT 188,G27 2.92
BhAhLAXM BAhK LTB. E0bTY 44,148 O.OG
FEBRAL BAhK LTB. E0bTY 44,785 O.O8
BB BAhK LTB. E0bTY 4G,2OG 1.O1
hBAh BAhK CB (MB 12/O4/2O11) BEBT 8O,8OO O.87
hBAh 0vERSEAS BAhK E0bTY 88,G1O 1.82
h vYSYA BAhK LTB. E0bTY 71,O15 1.57
0REhTAL BAhK 0F C0MMERCE E0bTY 81,4OO 1.78
SYhBCATE BAhK CB (MB 12/12/2O11) BEBT 47,O4G 1.O8
bC0 BAhK E0bTY 42,8OO O.O8
bh0h BAhK 0F hBA LTB. E0bTY 11O,8O1 2.61
bhTEB BAhK 0F hBA E0bTY 75,O8O 1.64
YES BAhK LTB. E0bTY 1O4,874 2.28
DRUGS & PHARMACEUTICALS 464,298 10.13 282,496 7.32
B0C0h LTB. E0bTY 44,G88 O.O7
CABLA hEALThCARE LTB. E0bTY 52,OG5 1.16
BShMAh FhARMA AhB ChEMCALS E0bTY 2G,GOG O.58
BvS LAB0RAT0RES LTB. E0bTY 5O,878 1.8O
LEhMARK FhARMACEbTCALS LTB. E0bTY 42,444 O.O8
FCA LAB0RAT0RES LTB. E0bTY 75,O8O 1.64
LbFh LTB. E0bTY 124,418 2.71
FRAMAL hEALThCARE LTB. E0bTY 88,788.G4 O.85
161
Ind. Platinum Plus Fund
security
BANKING SERVICES 1,288,178 23.12 799,383 19.07
O.75% STATE BAhK 0F BKAhER AhB
JAFbR FB 0bARTERLY C0MF
(MB 12/O8/2O18)
BEBT O,OOO O.18
(MB 18/O8/2O18)
BEBT O,OOO O.18
(MB 14/O8/2O18)
BEBT O,OOO O.18
(MB 15/O8/2O18)
BEBT O,OOO O.18
(MB 1G/O8/2O18)
BEBT O,OOO O.18
AXS BAhK LTB. E0bTY 85,445 1.58
BAhK 0F hBA CB (MB OO/O1/2O12) BEBT 88,GGO 1.59
CAhARA BAhK CB (MB 21/12/2O11) BEBT 5G,241 1.O1
FEBRAL BAhK LTB. E0bTY 74,O77 1.85
hBFC BAhK E0bTY 1GO,GOO 2.88
CC BAhK LTB. E0bTY 857,2O1 6.41
BB BAhK LTB. E0bTY 4O,858 O.OO
hBAh BAhK CB (MB 2O/12/2O11) BEBT 51,5G5 O.O8
STATE BAhK 0F hBA E0bTY 2OG,O78 8.7O
(MB 1G/12/2O11)
BEBT 1O7,O55 1.94
COMPUTER SOFTWARE 588,740 10.57 361,570 8.63
hF0SYS TEChh0L0ES LTB. E0bTY 88G,478 G.O4
TATA C0hSbLTAhCY SERvCES LTB. E0bTY 1G8,282 8.O2
wFR0 LTB. E0bTY 84,O85 1.51
162
Ind.Platinum Plus 2 Fund
security
(MB 1O/OO/2O18)
BEBT O,OOO O.12
(MB 11/OO/2O18)
BEBT O,OOO O.12
(MB 12/OO/2O18)
BEBT O,OOO O.12
(MB 18/OO/2O18)
BEBT O,OOO O.12
(MB 14/OO/2O18)
BEBT O,OOO O.12
CAhARA BAhK CB (MB 21/12/2O11) BEBT 187,4GO 2.84
CAhARA BAhK CB (MB 18/12/2O11) BEBT 4G,OO1 O.5O
FEBRAL BAhK LTB. E0bTY 84,2OO 1.O5
hBFC BAhK LTB. E0bTY 281,OO7 8.52
CC BAhK LTB. E0bTY 524,78O 6.56
BB BAhK LTB. E0bTY 111,O51 1.8O
(MB 2O/1O/2O11)
BEBT 47,858 O.GO
STATE BAhK 0F hBA E0bTY 818,OGO 8.OO
STATE BAhK 0F hBA CB (MB 27/OG/2O11) BEBT 5G,587 O.71
(MB O2/OO/2O11)
BEBT 2O,OG5 O.8G
bh0h BAhK 0F hBA LTB. E0bTY 78,144 O.O8
hF0SYS TEChh0L0ES LTB. E0bTY 5O8,OG1 G.85
TATA C0hSbLTAhCY SERvCES LTB. E0bTY 218,88G 2.67
wFR0 LTB. E0bTY 1O1,822 1.27
163
Ind. Platinum Plus 3 Fund
security
O.75% STATE BAhK 0F BKAhER & JAFbR
FB 0TR C0MF (MB OO/O5/2O1O)
BEBT O,OOO O.1G
FB 0TR C0MF (MB 1O/O5/2O1O)
BEBT O,OOO O.1G
FB 0TR C0MF (MB 18/O5/2O1O)
BEBT O,OOO O.1G
BEBT O,OOO O.1G
BEBT O,OOO O.1G
FB 0TR C0MF (MB 1G/O5/2O1O)
BEBT O,OOO O.1G
BEBT O,OOO O.1G
BEBT O,OOO O.1G
BEBT O,OOO O.1G
BEBT O,OOO O.1G
BEBT O,OOO O.1G
BEBT O,OOO O.1G
BEBT O,OOO O.1G
AhBhRA BAhK CB (MB 17/11/2O11) BEBT 87,O75 O.G8
CAhARA BAhK CB (MB 21/12/2O11) BEBT 1O2,15G 8.17
CAhARA BAhK CB (MB 18/12/2O11) BEBT 4G,OO1 O.78
(MB O7/1O/2O11)
BEBT 48,O41 O.7O
FEBRAL BAhK LTB. E0bTY G8,178 1.O4
hBFC BAhK E0bTY 218,OOO 8.52
CC BAhK LTB. E0bTY 8O8,G1O G.5O
BB BAhK LTB. E0bTY 84,788 1.4O
STATE BAhK 0F hBA E0bTY 28O,OO8 8.O5
STATE BAhK 0F hBA CB (MB 27/OG/2O11) BEBT 185,818 2.24
bh0h BAhK 0F hBA LTB. E0bTY G1,488 1.O1
hF0SYS TEChh0L0ES LTB. E0bTY 882,O88 G.81
TATA C0hSbLTAhCY SERvCES LTB. E0bTY 1G8,4GO 2.78
wFR0 LTB. E0bTY 7G,852 1.26
164
Ind.Platinum Plus 4 Fund
security
FB 0TR C0MF (MB 1O/OO/2O1O)
BEBT O,OOO O.28
FB 0TR C0MF (MB 11/OO/2O1O)
BEBT O,OOO O.28
BEBT O,OOO O.28
BEBT O,OOO O.28
FB 0TR C0MF (MB 1G/OO/2O1O)
BEBT O,OOO O.28
BEBT O,OOO O.28
BEBT O,OOO O.28
BEBT O,OOO O.28
BEBT O,OOO O.28
BEBT O,OOO O.28
BEBT O,OOO O.28
BEBT O,OOO O.28
BAhK 0F hBA CB (MB OO/O1/2O12) BEBT 51,82O 1.21
BAhK 0F MAhARAShTRA CB
(MB O7/O4/2O11)
BEBT OO,85O 2.8G
FEBRAL BAhK LTB. E0bTY 41,8GO O.OO
hBFC BAhK LTB. E0bTY 145,45O 8.44
CC BAhK LTB. E0bTY 275,147 G.5O
BB BAhK LTB. E0bTY 57,5G2 1.8G
STATE BAhK 0F hBA E0bTY 1G7,1O8 8.O5
STATE BAhK 0F hBA CB (MB 27/OG/2O11) BEBT 54,127 1.28
(MB14/1O/2O11)
BEBT 28,774 O.G8
(MB 24/11/2O11)
BEBT 2G,O75 O.G4
bh0h BAhK 0F hBA LTB. E0bTY 42,1GO 1.OO
hF0SYS TEChh0L0ES LTB. E0bTY 2G8,2OO G.84
TATA C0hSbLTAhCY SERvCES LTB. E0bTY 115,O75 2.72
wFR0 LTB. E0bTY 58,4O4 1.26
165
Ind. Platinum Premier Fund
security
BEBT O,OOO O.25
BEBT O,OOO O.25
BEBT O,OOO O.25
BEBT O,OOO O.25
BEBT O,OOO O.25
FEBRAL BAhK LTB. E0bTY 87,OO4 O.O2
hBFC BAhK LTB. E0bTY 142,G58 8.54
CC BAhK LTB. E0bTY 288,54G 5.91
BB BAhK LTB. E0bTY 4O,17G 1.22
hBAh BAhK CB (MB 12/O4/2O11) BEBT G4,821 1.61
hBAh BAhK CB (MB 2O/12/2O11) BEBT 18,751 O.4G
STATE BAhK 0F hBA E0bTY 15O,458 8.O5
vJAYA BAhK CB (MB 11/O7/2O11) BEBT G8,874 1.57
MUTUAL FUND 471,881 11.70 NA NA
BRLA Sbh LFE CASh FLbS
hSTTbT0hAL FREMbM FLAh
(R0wTh)
BEBT 75,858 1.88
BSF BLACKR0CK L0bBTY FbhB F
R0wTh
BEBT 5,G41 O.14
BSF BLACKR0CK L0bBTY FbhB F
R0wTh
BEBT 18O,7OO 8.24
K0TAK L0bBhSTTbT0hAL FREMbM
FLAh (R0wTh)
BEBT 15,OOO O.87
RELAhCE L0bB FbhBCASh FLAh
R0wTh
BEBT 244,G87 G.OG
hF0SYS TEChh0L0ES LTB. E0bTY 27G,847 6.85
TATA C0hSbLTAhCY SERvCES LTB. E0bTY 1OO,8O4 2.5O
wFR0 LTB. E0bTY 4O,7O7 1.28
Others (Other than G-Sec) 2,414,515 59.85 464,863 69.97
166
Disclosure of Investment Industrywise
Ind. Platinum Advantage
security
BANKING SERVICES 306,371 21.76 NA NA
AXS BAhK LTB. E0bTY 21,2OG 1.51
BAhK 0F hBA E0bTY 1O,458 O.74
FEBRAL BAhK LTB. E0bTY 14,724 1.O5
hBFC BAhK E0bTY 48,G52 8.1O
CC BAhK LTB. E0bTY 85,O25 G.O4
hBAh BAhK CB (MB 12/O4/2O11) BEBT 28,878 2.O5
0REhTAL BAhK 0F C0MMERCE E0bTY 1G,715 1.19
STATE BAhK 0F hBA E0bTY 44,G7O 8.17
vJAYA BAhK CB (MB 11/O7/2O11) BEBT 4O,O4O 2.91
Others (Other than G-Sec) 1,045,040 74.23 NA NA
Super 20 Fund
security
hBFC BAhK LTB. E0bTY 45,4O4 4.46
STATE BAhK 0F hBA E0bTY G1,224 G.O1
hF0SYS TEChh0L0ES LTB. Fv 5 E0bTY 88,O58 8.64
TATA C0hSbLTAhCY SERvCES LTB. E0bTY 42,54O 4.18
REFINERY 108,436 10.64 25,052 9.21
RELAhCE hBbSTRES LTB. E0bTY 1O8,48G 1O.G4
167
Titanium 1 Fund
security
BAhK 0F hBA LTB. E0bTY 2,G14 O.GO
FEBRAL BAhK LTB. E0bTY 2,G7O O.71
hBFC BAhK E0bTY 11,87O 8.14
CC BAhK LTB. E0bTY 1O,881 2.75
STATE BAhK 0F hBA E0bTY 12,5G8 8.88
bh0h BAhK 0F hBA LTB. E0bTY 8,88O O.88
SERVICES
40,716 10.78 10,505 4.85
1O.O5% hABARB (MB 11/OG/2O14) BEBT 4O,71G 1O.78
Titanium 2 Fund
security
BAhK 0F hBA E0bTY 8O8 O.55
FEBRAL BAhK LTB. E0bTY OOO O.G2
hBFC BAhK LTB. E0bTY 4,GO2 8.21
STATE BAhK 0F hBA E0bTY 4,8G7 8.88
bh0h BAhK 0F hBA LTB. E0bTY 1,24O O.85
Others (Other than G-Sec) 101,346 69.43 NA NA
168
Titanium 3 Fund
security
ELECTRICITY DISTRIBUTION 2,485 10.59 NA NA
8.G4% F0wER RB hCB MB (O8/O7/2O15) BEBT 1,75O 7.5O
F0wER RB C0RF0RAT0h 0F
hBA LTB.
E0bTY 726 8.OO
BAhK 0F hBA E0bTY 154 O.GG
hBFC BAhK LTB. E0bTY 7O4 8.OO
CC BAhK LTB. E0bTY G7O 2.85
STATE BAhK 0F hBA E0bTY 78O 8.11
bh0h BAhK 0F hBA LTB. E0bTY 17O O.72
Ind. Foresight FP Fund
security
AXS BAhK LTB. E0bTY 5,G88 1.42
hBFC BAhK LTB. E0bTY 17,OO7 4.24
CC BAhK LTB. E0bTY 24,12O G.O1
K0TAK MAhhBRA BAhK LTB. E0bTY 8,OG2 O.OO
STATE BAhK 0F hBA E0bTY 1G,487 4.1O
bh0h BAhK 0F hBA LTB. E0bTY 5,O4G 1.26
COMPUTER SOFTWARE 45,843 11.42 NA NA
hF0SYS TEChh0L0ES LTB. E0bTY 27,7G5 6.92
TATA C0hSbLTAhCY SERvCES LTB. E0bTY 12,81G 8.O7
wFR0 LTB. E0bTY 5,7G2 1.44
169
Foresight Fund SP
security
AXS BAhK LTB. E0bTY 424 1.8G
hBFC BAhK LTB. E0bTY 1,825 4.25
CC BAhK LTB. E0bTY 1,88O G.O2
K0TAK MAhhBRA BAhK LTB. E0bTY 296 O.O5
STATE BAhK 0F hBA E0bTY 1,28O 4.1O
bh0h BAhK 0F hBA LTB. E0bTY 8O8 1.26
COMPUTER SOFTWARE 3,567 11.43 NA NA
hF0SYS TEChh0L0ES LTB. E0bTY 2,1G2 G.O8
TATA C0hSbLTAhCY SERvCES LTB. E0bTY 959 8.O7
wFR0 LTB. E0bTY 446 1.48
Ind. Pension Nourish Fund
security
1O.85% RECL LTB. hCB (MB 14/O8/2O18) BEBT 2,17G 1.61
11.75% RECL LTB. hCB (MB O8/11/2O11) BEBT 5,O58 8.78
BEBT 2,44G 1.81
LTB. hCB (MB 25/O8/2O18)
BEBT 7,488 5.58
FhAhCE C0MFAhY LTB.
E0bTY 72 O.O5
F0wER FhAhCE C0RF0RAT0h LTB. E0bTY 7O O.O5
RbRAL ELECTRFCAT0h
C0RF0RAT0h LTB.
E0bTY 1O4 O.O8
170
Ind. Pension Growth Fund
security
7.75% RECL hCB (MB 17/11/2O12) BEBT 1O,4G8 5.28
BEBT 7,888 1.99
LTB. hCB SR XXXv (MB 2O/OO/2O12)
BEBT 1O,O24 2.72
FhAhCE C0MFAhY LTB.
E0bTY 871 O.1O
F0wER FhAhCE C0RF0RAT0h LTB. E0bTY 882 O.1O
RbRAL ELECTRFCAT0h
C0RF0RAT0h LTB.
E0bTY 5G8 O.15
171
Ind. Pension Enrich Fund
security
11.5O% RECL LTB. hCB (MB 2G/11/2O18) BEBT 41,8OO 2.88
BEBT 81,7OG 1.8O
LTB. hCB (MB 28/12/2O12)
BEBT 28,888 1.64
O.45% RECL LTB. hCB (MB O4/O4/2O18) BEBT OO,845 5.66
FhAhCE C0MFAhY LTB.
E0bTY 8,285 O.1O
F0wER FhAhCE C0RF0RAT0h LTB. E0bTY 8,2O2 O.1O
RbRAL ELECTRFCAT0h C0RF0RAT0h
LTB.
E0bTY 4,82O O.27
BANKING SERVICES 201,077 11.41 99,311.42 5.54
AXS BAhK LTB. E0bTY 5,O78 O.84
CEhTRAL BAhK 0F hBA CB (MB
O7/1O/2O11)
BEBT 28,825 1.G8
FEBRAL BAhK LTB. E0bTY O,585 O.54
hBFC BAhK LTB. E0bTY 1O,488 1.1O
CC BAhK LTB. E0bTY 8G,817 2.OG
hBAh 0vERSEAS BAhK E0bTY G,G87 O.88
h vYSYA BAhK LTB. E0bTY 8,O8O O.51
STATE BAhK 0F hBA E0bTY 1O,28O 1.OO
(MB OO/OG/2O11)
BEBT 2O,G44 1.68
bh0h BAhK 0F hBA LTB. E0bTY G,528 O.87
bhTEB BAhK 0F hBA E0bTY G,878.OO O.8G
Others (Other than G-Sec) 990,659 56.19 1,297,121 72.39
172
Gr. Fixed Interest Fund
security
SERVICES
143,526 11.42 262,318 22.16
7.G8% RFC (MB 2O/1O/2O18) BEBT 48,2O7 8.84
O.4O% hABARB hCB SR X 0
(MB 8O/O8/2O14)
BEBT 5O,OG2 8.O8
O.7G% RFC hCB (MB O8/O7/2O12) BEBT 2O,1O7 1.GO
O.8O% hABARB hCB (MB 1O/OO/2O12) BEBT 25,OGO 1.99
7.O5% CAhARA BAhK hCB
(MB 18/O5/2O14)
BEBT 21,G22 1.72
8.8% STATE BAhK 0F hYBERABAB hCB
(MB 2O/O4/2O1G)
BEBT O,814 O.78
BEBT 57,781 4.59
AhBhRA BAhK CB (MB 17/11/2O11) BEBT 28,481 2.27
HOUSING FINANCE SERVICES 121,812 1O.25
173
Gr. Bond Fund
security
C0MF (MB 81/O8/2O12)
BEBT 8O,OOO 5.8G
O.5O% CAhARA BAhK FB 0bARTERLY
C0MF (MB 1O/O2/2O1O)
BEBT 25,OOO 1.67
O.8O% STATE BAhK 0F hBA hCB
(MB 8O/OG/2O1G)
BEBT 2O,427 1.87
BEBT 88,O78 5.62
BAhK 0F hBA CB (MB 28/O8/2O12) BEBT 45,5O1 8.O5
(MB 81/1O/2O11)
BEBT 4G,225 8.OO
(MB14/1O/2O11)
BEBT 47,O57 8.21
bh0h BAhK 0F hBA CB
(MB 1O/O8/2O12)
BEBT 45,585 8.O5
SERVICES
162,888 10.90 356,547 14.52
1O.8O% EXF0RT & MF0RT BAhK LTB.
hCB (MB 22/O7/2O18)
BEBT 28,557 1.58
8.4O% RFC hCB (MB 8O/O8/2O14) BEBT 1O,GG5 1.82
8.5O% RFC hCB (MB 22/OG/2O2O) BEBT 1O,427 1.8O
O.8O% hABARB hCB (MB 1O/OO/2O12) BEBT 1OO,28O 6.71
HOUSING FINANCE SERVICES 149,942 10.04 139,579 5.68
7.GO% h0bSh BEvEL0FMEhT FhAhCE
C0RFh. LTB. hCB (O8/12/2O17)
BEBT 27,OO8 1.87
O.45% hBFC LTB. hCB (MB 11/O1/2O18) BEBT 1O,OGO 1.84
O.GO% LC h0bSh FhAhCE LTB. hCB
(MB O7/O8/2O21)
BEBT 85,O4G 2.41
O.75% hBFC LTB. hCB (MB O8/O8/2O1G) BEBT 4O,7OO 2.78
O.OO% hBFC LTB. hCB (MB 11/O8/2O14) BEBT 25,885 1.7O
Others (Other than G-Sec) 750,134 50.21 1,570,413 63.94
174
Gr. Money Market Fund
security
AhBhRA BAhK CB (MB 2G/O8/2O12) BEBT 145,552 9.52
BAhK 0F BAR0BA CB (MB O2/O2/2O12) BEBT 4G,1O8 8.O2
BAhK 0F hBA CB (MB 28/O8/2O12) BEBT 18G,5O8 8.O8
CAhARA BAhK CB (MB 27/O8/2O12) BEBT 124,O44 8.17
(MB O2/O8/2O12)
BEBT 45,74O 2.99
hBAh BAhK CB (MB 2O/12/2O11) BEBT G7,828 4.44
h vYSYA BAhK CB (MB 27/O5/2O11) BEBT G8,O2O 4.51
KARbR vYSYA BAhK CB
(MB 24/O2/2O12)
BEBT 45,7O2 2.99
(MB 28/O1/2O12)
BEBT 81,1GO 5.81
bh0h BAhK 0F hBA CB
(MB 1O/O8/2O12)
BEBT O1,1GO 5.96
YES BAhK LTB. CB (MB 21/O8/2O12) BEBT G1,4O8 4.O2
175
Gr. Short Term Debt Fund
security
SERVICES
104,102 19.48 89,994 16.36
1O% hABARB hCB SR X (MB 14/O5/2O12) BEBT 14,554 2.72
G.85% SBB hCB (MB 2O/OG/18)
F/C 8O/OG/11
BEBT 24,848 4.65
8.5O% EXM BAhK MB 2GOO2O11 BEBT 44,78O 8.87
O.5O% hABARB hFS B0hBS SR X
(MB 15/1O/2O12)
BEBT 1O,O7O 8.74
REFINERY 73,841 13.82 NA NA
1O.1O% RELAhCE hBbSTRES LTB. hCB
(MB 12/12/2O11)
BEBT 8O,OG8 5.G8
7.85% hhBbSTAh FETR0LEbM C0RF.
LTB. hCB (MB O4/12/2O12)
BEBT 24,248 4.54
7.78% BFCL LTB. hCB (MB OO/1O/2O12) BEBT 1O,525 8.G5
BEBT 25,OOO 4.68
AhBhRA BAhK CB (MB 2G/O8/2O12) BEBT 85,O88 G.78
CAhARA BAhK CB (MB 27/O8/2O12) BEBT 4,548 O.85
The following Sectors were having exposure of more than 10% during previous year but less than 10% during the current year:
ELECTRCTY BSTRBbT0h OG,O22 17.45
hFRASTRbCTbRE FhAhCE SERvCES 181,1O5 28.85
176
Gr. Secure Fund
security
1O.22% CAhARA BAhK FB 0bARTERLY
C0MF (MB 22/O8/2O18)
BEBT 1OO,OOO 1.8O
5.OO% hBFC BAhK LTB. hCB
(MB O4/O5/2O14)
BEBT 54,G54 O.O8
BEBT 4O,G8O O.8O
O.15% STATE BAhK 0F FATALA FERF
hCB CALL 18/O1/2O2O STEFbF O.G5
BEBT 2O,OG4 O.54
C0MF (MB 11/O2/2O1O)
BEBT 5O,OOO O.OO
AhBhRA BAhK CB (MB 2O/OO/2O11) BEBT 48,28G O.87
BAhK 0F BAR0BA CB (MB 2O/OG/2O11) BEBT 48,G7O O.87
BAhK 0F hBA CB (MB OO/O1/2O12) BEBT 4G,1OG O.88
FEBRAL BAhK LTB. E0bTY 11,5G8 O.21
hBFC BAhK LTB. E0bTY 27,O48 O.4O
CC BAhK LTB. E0bTY 55,O14 1.OO
BB BAhK LTB. E0bTY 11,OO8 O.2O
hBAh 0vERSEAS BAhK E0bTY 11,O5O O.21
h vYSYA BAhK CB (MB 27/O5/2O11) BEBT 78,77G 1.41
h vYSYA BAhK LTB. E0bTY 11,2G7 O.2O
KARhATAKA BAhK LTB. E0bTY 11,G88 O.21
0REhTAL BAhK 0F C0MMERCE E0bTY 11,8GO O.21
FbhJAB hAT0hAL BAhK CB (MB
OG/O1/2O12)
BEBT O2,O25 1.67
(MB O4/O1/2O12)
BEBT G5,4O8 1.17
STATE BAhK 0F hBA E0bTY 88,G81 O.GO
(MB OO/OG/2O11)
BEBT 4O,4O7 O.8O
(MB 28/O8/2O11)
BEBT 48,577 O.87
bhTEB BAhK 0F hBA E0bTY 18,418 O.24
(MB O5/O8/2O12)
BEBT 45,248 O.81
vJAYA BAhK CB (MB 11/O7/2O11) BEBT 14,187 O.25
177
security
1O.OO% RECL LTB. hCB (MB 8O/OO/2O18) BEBT 1O5,128 1.89
LTB. hCB (MB 28/11/2O18)
BEBT 41,812 O.75
11.5O% RECL LTB. hCB (MB 2G/11/2O18) BEBT 78,5GO 1.41
7.75% RECL hCB (MB 17/11/2O12) BEBT 48,GGO O.87
8.4O% F0wER FhAhCE C0RF OO/1O/2O11 BEBT OO,85O 1.78
BEBT 58,8OO O.O7
BEBT 48,5O8 O.87
O.45% RECL LTB. hCB (MB O4/O4/2O18) BEBT 5G,O12 1.O2
FhAhCE C0MFAhY LTB.
E0bTY 11,28G O.2O
RbRAL ELECTRFCAT0h
C0RF0RAT0h LTB.
E0bTY 17,O78 O.81
Gr. Secure Fund
178
Gr. Stable Fund
security
1O.85% RECL LTB. hCB (MB 14/O8/2O18) BEBT 27,1O5 O.7O
LTB. hCB (MB 28/11/2O18)
BEBT 57,4O2 1.48
7.75% RECL hCB (MB 17/11/2O12) BEBT O,784 O.25
BEBT 8O,184 1.O1
8.G5% RECL LTB. hCB (MB 15/O1/2O1O) BEBT 184,4O4 8.47
8.7O% F0wER FhAhCE C0RFh LTB.
hCB (MB 15/O1/2O2O)
BEBT 58,844 1.51
BEBT 48,5O8 1.25
8.OO% F0wER FhAhCE LTB. hCB
(MB 1G/O2/2O14)
BEBT 4O,488 1.28
LTB. hCB (MB 25/O8/2O18)
BEBT 41,822 1.O8
O.45% RECL LTB. hCB (MB O4/O4/2O18) BEBT 85,781 2.21
FhAhCE C0MFAhY LTB.
E0bTY 18,7OO O.8G
RbRAL ELECTRFCAT0h
C0RF0RAT0h LTB.
E0bTY 1O,O5O O.51
1O.25% FEBERAL BAhK LTB. FB
0bARTERLY C0MF (MB 25/O8/12)
BEBT 5O,OOO 1.29
BAhK 0F hBA CB (MB 28OO2O11) BEBT 48,15O 1.24
(MB O7/1O/2O11)
BEBT 48,O41 1.24
FEBRAL BAhK LTB. E0bTY 15,O18 O.8O
hBFC BAhK LTB. E0bTY 82,OO4 O.85
CC BAhK LTB. E0bTY G8,488 1.77
BB BAhK LTB. E0bTY 18,288 O.84
hBAh 0vERSEAS BAhK E0bTY 15,852 O.41
h vYSYA BAhK LTB. E0bTY 14,748 O.88
KARhATAKA BAhK LTB. E0bTY 1G,85G O.48
0REhTAL BAhK 0F C0MMERCE E0bTY 18,G27 O.85
STATE BAhK 0F hBA E0bTY 47,2O1 1.22
(MB 17/OG/2O11)
BEBT 4O,88G 1.27
bh0h BAhK 0F hBA LTB. E0bTY 1O,88O O.28
bhTEB BAhK 0F hBA E0bTY 18,481 O.85
(MB O5/O8/2O12)
BEBT 45,7O4.85 1.18
179
Gr. Growth Fund
security
BEBT 45,OOO 1.51
5.OO% hBFC BAhK LTB. hCB
(MB O4/O5/2O14)
BEBT 8G,48G 1.22
BEBT 2O,814 1.OO
FEBRAL BAhK LTB. E0bTY 1G,712 O.5G
hBFC BAhK LTB. E0bTY 88,18O 1.28
CC BAhK LTB. E0bTY 75,O52 2.55
BB BAhK LTB. E0bTY 14,245 O.48
hBAh 0vERSEAS BAhK E0bTY 18,O82 O.G1
h vYSYA BAhK LTB. E0bTY 14,728 O.4O
KARhATAKA BAhK LTB. E0bTY 14,O51 O.5O
K0TAK MAhhBRA BAhK CB
(MB 1G/OG/2O11)
BEBT 48,O8O 1.64
0REhTAL BAhK 0F C0MMERCE E0bTY 14,5OG O.4O
(MB OG/O1/2O12)
BEBT 4G,7OO 1.57
(MB 81/1O/2O11)
BEBT 24,OGG O.81
(MB 28/O1/2O12)
BEBT 28,1O1 O.78
STATE BAhK 0F hBA E0bTY 52,5OO 1.76
(MB14/1O/2O11)
BEBT 28,774 O.OG
(MB1G/OO/2O11)
BEBT 1O,274 O.G5
bh0h BAhK 0F hBA LTB. E0bTY 1O,7GO O.8G
bhTEB BAhK 0F hBA E0bTY 17,28O O.58
(MB O5/O8/2O12)
BEBT 45,7O5 1.58
180
Gr. Inc. Advantage Fund
security
C0MF (MB 1O/O2/2O1O)
BEBT 25,OOO 2.82
BEBT G2,O7O 5.84
(MB O4/O1/2O12)
BEBT 4G,71G 4.88
(MB 24/11/2O11)
BEBT 18,O8O 1.76
HOUSING FINANCE SERVICES 130,516 12.11 NA NA
8.55% LC h0bSh FhAhCE
M2O/1O/2O11
BEBT 88,75O 8.GO
O.GO% LC h0bSh FhAhCE LTB. hCB
(MB O7/O8/2O21)
BEBT 8O,811 2.86
O.75% hBFC LTB. hCB (MB O8/O8/2O1G) BEBT 85,G2O 8.8O
O.OO% hBFC LTB. hCB (MB 11/O8/2O14) BEBT 25,885 2.85
181
Gr. Growth Advantage Fund
security
BAhKh SERvCES 1O,421 2O.8O
Discuntinued Policy Fund
security
BANKING SERVICES 4301 68.01 NA NA
AhBhRA BAhK CB ( MB 2G/O8/2O12) Bebt 454.85 7.19
BAhK 0F BAR0BA CB (MB 2O/OG/2O11) Bebt 491.61 7.77
BAhK 0F hBA CB (MB OO/O1/2O12) Bebt 4GG.G8 7.88
(MB OG/O1/2O12)
Bebt 466.96 7.88
(MB 24/OG/2O11)
Bebt 491.95 7.78
STATE BAhK 0F FATALA CB (MB
17/OG/2O11)
Bebt 4O8.8G 7.8O
(MB 11/O7/2O11)
Bebt 4OO.74 7.76
(MB O5/O8/2O12)
Bebt 457.O5 7.28
vJAYA BAhK CB (MB 11/O7/2O11) Bebt 487.49 7.71
Others (Other than G-Sec) NA NA NA NA
182
NAV Highest, Lowest and Closing
INDIVIDUAL LIFE
Fund Name Highest Lowest Closing
Ind. Assure 16.3625 15.4635 15.4659 14.1045 16.3625 15.4635
Ind. Income Advantage 13.9522 13.0194 13.0218 11.8690 13.9522 13.0194
Ind. Protector 22.6850 21.4614 21.4557 18.8387 22.6850 21.4614
Ind. Builder 28.3550 26.4990 26.5048 21.6101 28.1573 26.4990
Ind. Balancer 18.2366 16.9659 16.9171 13.6038 18.0668 16.9659
Ind. Enhancer 34.7232 32.0224 31.8211 25.0886 34.1638 32.0104
Ind. Creator 28.3503 25.1982 24.4109 16.7024 26.8978 25.0987
Ind. Magnier 31.9130 26.6386 24.6881 15.2552 28.6112 26.4405
Ind. Maximiser 17.0806 14.3078 13.0398 7.5029 15.1038 14.1114
Ind. Multiplier 14.4952 12.1147 10.9024 4.9265 11.8272 11.5791
Super 20 14.8103 12.4938 11.4062 9.9991 13.9740 12.3137
Ind. Platinum Plus 1 13.2278 11.1530 10.1894 7.0845 12.2754 10.9364
Ind. Platinum Premier 12.5487 10.4476 9.6694 10.0000 11.6582 10.3977
Ind. Platinum Advantage 10.2285 NA 8.8242 NA 9.6799 NA
Ind. Foresight FP 10.4799 NA 9.8323 NA 10.4799 NA
Ind. Foresight SP 10.4701 NA 9.8289 NA 10.4701 NA
Titanium 1 12.0162 10.2804 9.8101 10.0000 11.4798 10.2427
Titanium 2 11.7394 10.0321 10.0337 10.0000 11.1313 10.0290
Titanium 3 10.6258 NA 9.4458 NA 10.1014 NA
IPP - Nourish 18.9659 18.0153 18.0145 15.8735 18.9659 18.0153
IPP - Growth 23.4159 21.9487 21.9377 17.9446 23.2376 21.9487
IPP - Enrich 28.3456 25.8513 25.6236 19.0056 27.5521 25.8513
GROUP LIFE
Fund Name Highest Lowest Closing
Gr. Fixed Interest Plan I 19.4093 17.9915 17.9953 15.9338 19.4093 17.9915
Gr. Fixed Interest Pan II 21.0188 19.2897 19.2901 16.8356 21.0188 19.2897
Gr. Gilt Plan I 15.3671 14.7728 14.6714 13.8427 15.3671 14.7215
Gr. Gilt Plan II 15.3671 14.7728 14.6714 13.8427 15.3671 14.7215
Gr. Bond Plan I 16.8241 15.6959 15.6990 14.0805 16.8241 15.6959
Gr. Bond Plan II 17.8389 16.4732 16.4769 14.6180 17.8389 16.4732
Gr. Money Market Plan I 17.3836 16.1396 16.1416 14.6284 17.3836 16.1396
Gr. Money Market Plan II 18.3576 16.8696 16.8722 15.1247 18.3576 16.8696
Gr. Short Term Debt Plan I 11.9773 11.1875 11.1902 10.3369 11.9773 11.1875
Gr. Short Term Debt Plan II 12.3176 11.3907 11.3919 10.3566 12.3176 11.3907
Gr. Capital Protection Plan I** 10.0000 10.0000 10.0000 10.0000 10.0000 10.0000
Gr. Capital Protection Plan II** 10.0000 10.0000 10.0000 10.0000 10.0000 10.0000
Gr. Floating Rate Plan I*** 10.0000 13.4610 10.0000 10.0000 10.0000 10.0000
Gr. Floating Rate Plan II*** 10.0000 13.9552 10.0000 10.0000 10.0000 10.0000
Gr. Secure Plan I 29.7861 27.8526 27.8075 23.2044 29.5708 27.8526
Gr. Secure Plan II 31.9117 29.6498 29.6313 24.4307 31.8033 29.6498
Gr. Stable Plan I 41.0505 37.3777 36.8114 28.7105 39.8918 37.3777
Gr. Stable Plan II 43.5902 39.4424 38.9098 29.9576 42.5340 39.4424
Gr. Growth Plan I 50.1039 44.2686 43.0394 30.7341 47.6411 44.2452
Gr. Growth Plan II 53.7356 47.1749 45.9428 32.3995 51.2747 47.1529
Gr. Growth Advantage 17.4325 15.2471 14.8474 9.9590 16.5767 15.2296
Gr. Income Advantage 10.6788 10.0000 10.0016 10.0000 10.6788 10.0000
Gr. Growth Index Plus**** 10.0000 10.0000 10.0000 10.0000 10.0000 10.0000
Gr. Growth Multiplier**** 10.0000 10.0000 10.0000 10.0000 10.0000 10.0000
Gr. Growth Maximsier**** 10.0000 10.0000 10.0000 10.0000 10.0000 10.0000
`` The rou Caital Frotection Fund became a dormant lund on 12th Auqust 2OO8 on account ol no units.
``` The rou Floatinq Fund became a dormant lund on 12th 0ctober 2OOO on account ol no units.
```` These lunds do not have any units since their incetion.
183
Annualised Expense Ratio to Average Daily Assets of the Fund
Particulars Current Year Frevious Year
Manaqement lees lor the year (inclusive ol service tax) 2,237,080 1,GOO,O5O
Averaqe Baily AbM ol the bLF lunds 159,858,713 117,G5O,GO8
Annualised Exense Ratio to Averaqe daily AbM (%) 1.40% 1.8G%
Statement showing Ratio of Gross Income (Including Unrealised Gain/Loss) to Average Daily Net Assets
A Income from Investment ULIP Assets Current Year Frevious Year
1 nterest, Bividend & Rent ross 5,792,695 4,81G,181
2 Frolit on Sale / Redemtion ol nvestments 15,979,061 24,O78,818
8 (Loss on Sale / Redemtion ol nvestments) (3,894,647) (8,4OG,O81)
4 ain / (Loss) on Amortisation 853,037 877,O28
5 0ther ncome / (Exense) 1,468 (458)
Sub Total 18,731,614 25,8GG,878
B Unrealised Gain / (Loss) (4,778,515) 14,14O,288
C Total (A+B) 13,953,099 8O,5OG,G1G
D Average Daily AUM of the ULIP Funds 159,858,713 117,G5O,GO8
E Ratio of Gross Income to Average Daily Net Assets (%) 9% 84%
184
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192
Summary of Financial Statements
(Amounts in thousands of Indian Rupees) Annexure - 4
Sr.
No.
Particulars 2010-11 2009-10 2008-09 2007-08 2006-07
POLICYHOLDERS A/C
1 ross Fremium ncome 5G,77O,GG5 55,O5G,57O 45,718,O8O 82,571,881 17,GG1,GO5
2 het Fremium ncome
#
55,O45,G24 54,258,G8O 45,1GG,877 82,28O,718 17,851,GO8
8 ncome lrom investments(het)
@
14,O1O,887 4O,O81,528 (G,7OG,G4G) 4,872,O15 1,O4O,411
4 0ther ncome 28G,8O8 148,48G 17O,85O 1OO,15O 81,751
5 Total ncome 71,1O1,814 O4,428,G8O 88,G8O,582 87,2O8,778 1O,882,771
6 Commissions 8,4OO,814 4,818,O47 4,4G2,12O 8,178,8O8 1,OOG,712
7 Brokeraqe 8O5,O81 848,O27 855,751 177,28O 17,OG7
8 0eratinq Exenses related to
insurance Business 12,O84,778 18,2G7,52G 12,487,G24 G,7O7,828 8,758,7G7
9 Total Exenses 15,84O,578 18,42O,5OO 17,8O5,5O8 1O,OG2,8G1 5,772,54G
1O Fayment to Folicy holders 1O,848,74O 11,887,815 G,4G4,418 4,2OG,8OO 1,248,851
11 ncrease in Acturial Liability 88,252,514 GO,25O,GO5 22,152,OOG 27,48G,2O5 18,885,478
12 Frovision lor Tax (Frinqe Benelit Tax
and wealth Tax)
(5,875) G1,5OO 88,281 28,G5O
18 Surlus/(Belicit) lrom oerations 2,G7O,858 (4,G48,871) (7,858,741) (4,G8O,8GO) (1,547,255)
SHAREHOLDERS A/C
14 Total ncome under Shareholders'
Account
87O,1O5 2O8,4O5 882,888 227,G14 14O,87G
15 Frolit / (loss) Belore Tax 8,O4O,O58 (4,854,OG5) (7,O21,858) (4,452,755) (1,8O7,87O)
16 Frolit / (loss) Alter Tax 8,O4O,O58 (4,854,OG5) (7,O21,858) (4,452,755) (1,8O7,87O)
17 Frolit / (loss) carried to Balance Sheet (17,225,O82) (2O,275,O4O) (15,O2O,O75) (8,8O8,71O) (4,445,OG4)
18 (A) Folicyholders' account.
Total lunds (incl Funds lor Future
Aroriation)
18O,77O,588 15G,518,G55 87,258,4OG G5,1O5,551 87,G1O,8O8
Total nvestments
(includinq olicy loans)
1OO,888,814 15G,52O,111 87,287,O71 G4,854,552 87,587,75O
Yield on investments
Linked Fund (%) $ O.45% 44.77% O.82% 1O.G5% 14.2O%
honLinked Fund (%) 7.54% G.O5% 11.4O% 8.75% G.84%
(B) Shareholders' account.
Total lunds (includinq unrealised qain) 7,2GO,O1O 4,22O,2G5 4,O75,12O 8,84G,888 2,2GO,8GO
Total investments G,O72,7O7 5,O48,O72 4,G7O,115 4,222,7O1 2,744,848
Yield on investments (%) G.5O% G.41% 8.O1% G.88% 7.82%
19 Yield on total investments O.2O% 4O.14% 8.OO% 1O.84% 18.5G%
2O Faidu equity caital 1O,GO5,OOO 1O,GO5,OOO 18,7O5,OOO 12,745,OOO G,715,OOO
21 het worth 7,2GO,O1O 4,22O,2G4 4,O75,12O 8,84G,888 2,2GO,8GO
22 Total Assets 1O7,O4O,5O2 1GO,788,O2O O1,888,584 G8,O51,O84 8O,88O,1G8
28 Earninqs er share
(share ol Fv ol ` 1O each) `
1.55 (2.28) (4.44) (5.11) (2.58)
24 Book value er share
(share ol Fv ol ` 1O each) `
8.GO 2.14 2.17 8.O2 8.88
# het ol Reinsurance
@ het ol Losses
$ Yield on Linked olicyholders investments' includes unrealised qains on investments.
193
Analytical Ratio for the Financial Year : 2010-11 Annexure - 5
Sr. No. Ratios for Life Insurers 31st March 2011 31st March 2010
1 hew business remium income qrowth (seqmentwise)
(hew business remium lor Current Year divided by new business
remium income lor Frevious Year)
a) Linked Business 0.58 1.15
b) honLinked Business 11.86 O.28
c) Fension Business 0.89 O.G1
d) health Business 0.81 2.77
e) Total Business 0.70 1.O5
2 het Retention Ratio 0.99 O.OO
(het remium divided by qross remium)
8 Ratios ol Exenses ol Manaqement 0.28 O.88
(Exenses ol manaqement divided by the total qross direct remium)
hote. Exenses ol Manaqement = 0eratinq Exenses related to nsurance Business +
Commission Exenses
4 Commission Ratio 0.07 O.OO
(ross Commission aid to ross Fremium)
5 Ratio ol Folicyholders' Liabilities to Shareholders' Funds 26.10 87.OO
hote. a) Folicyholders' Liabilities = Folicy Liabilities + Funds lor Future
Aroriations + Frovision lor Linked Liabilities + Credit/(Bebit) lair value
chanqe account (Linked & honLinked)
b) Shareholders' Funds = Share Caital + Reserves & Surlus + Credit / (Bebit)
lair value Current Year account + Credit / (Bebit) balance in Frolit & Loss A/C
6 rowth Rate ol Shareholders' Funds 0.72 O.O4
7 Ratio ol Surlus / (Belicit) to Folicyholders' Liabilities 0.02 (O.O2)
8 Chanqe in het worth (` in 'OOO) 3,049,655 145,18G
9 Frolit alter Tax / Total ncome 0.04 (O.O5)
hote. Total ncome = Total ncome under Folicyholders' Account excludinq
shareholders' contribution + Total ncome under Shareholders' Account
excludinq olicyholders' contribution
1O (Total Real Estate + Loans) / Cash & nvested Assets 0.00 O.OO
11 Total nvestments / (Caital + Surlus) 27.18 88.22
hote. Total nvestments = Shareholders' nvestments + Folicyholders' nvestments +
Assets held to cover Linked Liabilities
12 Total Alliliated nvestments / (Caital + Surlus)` 0.30 O.8G
18 nvestment Yield
A. with Realised ains
Shareholders' Funds 8.21% 7.78%
Folicyholders' Funds .
Non-Linked Non-Participating 6.99% G.G2%
Linked Non-Participating 12.42% 28.12%
B. without Realised ains
Shareholders' Funds 6.59% 7.14%
Folicyholders' Funds .
Non-Linked Non-Participating 5.43% 5.81%
Linked Non-Participating 9.25% 48.7O%
14 Conservation Ratio
Total Conservation Ratio (without rou) 0.75 O.GO
Total Conservation Ratio (with rou) 0.66 O.5G
15 Fersistency Ratio
For 18th month 0.83 O.84
For 25th month 0.77 O.8O
For 87th month 0.72 O.77
For 4Oth month 0.64 O.71
For G1st month 0.55 O.G8
16 hFA Ratio
ross hFA Ratio Nil hil
het hFA Ratio Nil hil
` Ratio calculated above is without considerinq olicyholders' lunds amountinq to ` 1OO,G2G (Frevious Year. 14O,887 thousands)
The ratio alter considerinq the olicyholders' lunds lor the Current year is O.O1 (Frevious Year. O.O2)
194
Management Report
(Currency: In thousands of Indian Rupees unless otherwise stated)
n accordance with the nsurance Requlatory and Beveloment Authority (Frearation ol Financial Statements and Auditor's Reort ol
nsurance Comanies) Requlations, 2OO2, the lollowinq Manaqement Reort is submitted by the Board ol Birectors.
1. Certificate of Registration
The Certilicate ol Reqistration qranted by the nsurance Requlatory and Beveloment Authority (RBA) to enable the Comany to transact
lile insurance business was valid as on 81st March, 2O11 and is in lorce as on the date ol this Reort. RBA has renewed the Comany's
Certilicate ol Reqistration to sell lile insurance roducts in ndia lor the year 2O1112 vide its Certilicate ol Renewal ol Reqistration dated
28
th
February 2O11.
2. Statutory Dues
we hereby certily that all the material dues ayable, other than those which are beinq contested with the statutory authorities, have been
duly aid.
3. Shareholding Pattern
The Comany conlirms that the shareholdinq attern and any transler ol shares durinq the year are in accordance with the statutory and/
or requlatory requirements.
4. Investment of Funds
The Comany has not, directly or indirectly, invested outside ndia, the lunds ol the holders ol the olicies issued in ndia.
5. Solvency Margin
The Comany has maintained adequate assets to cover both its liabilities and the minimum solvency marqin, as stiulated in Section G4
vA ol the nsurance Act, 1O88.
6. Valuation of Assets
we hereby certily that all assets ol the Comany have been reviewed on the date ol the Balance Sheet and to the best ol our knowledqe
and beliel the assets set lorth in the Balance Sheet are shown in the aqqreqate at amounts not exceedinq their realisable or market
value under the several headinqs - "Loans", "nvestments" (other than as mentioned hereunder), "Aqents balances", "0utstandinq
Fremiums", "nterest, Bividends and Rents outstandinq", "nterest, Bividends and Rents accruinq but not due", "Amounts due lrom
other ersons or Bodies carryinq on insurance business", "Sundry Bebtors", "Bills Receivable", "Cash" and the several items secilied
under "0ther Accounts".
Market values ol lixed income investments made in shareholders' lunds and olicyholders nonlinked lunds which are valued at amortised
cost as er RBA requlations, is lower than their carryinq amounts by ` 22O,124 (revious year hiqher by ` GO,O8O), in aqqreqate as at
81st March, 2O11.
7. Investment Pattern
we hereby certily that the Lile nsurance lunds have been invested in line with the rovisions ol the nsurance Act, 1O88 and various
other circulars / notilications issued by the RBA in this context lrom time to time.
8. Risk Minimisation Strategies
The comany is exosed to several risks in the course ol its business. The risks on the liabilities side may arise due to more than
exected claims. 0n the assets side, the risks arise due to the ossibility ol lluctuations in their values. The comany is also subject to
the exense risk, since until new business volumes qrow siqnilicantly, the actual exenses ol the comany will exceed the exenses
loaded into the roduct ricinq. The comany has imlemented adequate salequards to mitiqate these risks, as are described below.
A stronq underwritinq team is in lace to review all roosals lrom clients, suorted by comrehensive rocesses and rocedures. The
objective ol the underwritinq team is to minimise the risks ol abnormal mortality and morbidity by acquirinq adequate inlormation, on
which to determine, whether to accet individual lives, and il so, the extra remium, to comensate lor any additional risk.
Further, the ossible linancial ellect ol adverse mortality and morbidity exerience has been reduced by enterinq into reinsurance
aqreements with RA and Swiss Re lor individual lile business and RA and enerali (international reinsurers) lor qrou business and
Swiss Re lor health business. All reinsurers are secialist international reinsurance comanies with excellent reutation and siqnilicant
linancial strenqth. The comany also has a searate aqreement with RA to cover the catastrohic risks under qrou business.
The comany has also set u systems to continuously monitor its exerience in reqard to other arameters that allect the value ol
benelits ollered in the roducts. Such arameters include olicy lases, remium ersistency, maintenance exenses and investment
returns. The oeratinq exenses are monitored very closely. Many roducts ollered by the comany also have an investment quarantee.
The comany has set aside additional reserves to cover this risk.
Management Report
195
The comany's investment team oerates under the close suervision ol the nvestment Committee aointed by the Board ol Birectors.
The investments are made in line with the investment olicy adoted by the comany.
The comany has a Business Continuity Flan in lace to manaqe any business interrution risk. The comany qot British standard
BS25OOO certilication durinq the current year lor BCF and Bisaster manaqement, makinq it the lirst Lile insurance comany to qet such
certilication.
To control oerational risk oeratinq and reortinq rocesses are reviewed and udated reqularly. 0nqoinq traininq throuqh internal and
external roqrams is desiqned to reare stall at all levels lor meetinq the demands ol their ositions.
9. Country Risk
The Comany is oeratinq in ndia only and hence has no exosure to any other country risk.
10. Ageing of Claims
The averaqe claims settlement time to date has been 4 days lrom the day all necessary documents are submitted to the Comany.
The aqeinq ol outstandinq claims as on 81st March 2O11 is qiven below.
Current Year
Period Unit Linked Non-Linked and Term
No. of claims Amount Involved No. of claims Amount Involved
8O days` 2 5GO O O
8O days to G months` 18 5,22O O O
G months to 1 year` 15 G,1G2 O O
1 year to 5 years` 18 8,G74 1 8OO
5 years and above` 8 4OO O O
Total 46 16,095 1 300
PreviousYear
Period Unit Linked Non-Linked and Term
No. of claims Amount Involved No. of claims Amount Involved
8O days` 4 1,OO8 O O
8O days to G months` 5 1,4O4 O O
G months to 1 year` 1 215 O O
1 year to 5 years` 1O 1,782 8 G5O
5 years and above` O O O O
Total 20 5,489 3 650
` The above includes rovision made (net ol reinsurance) lor 47 cases (revious year 28 cases) amountinq to ` 1G,8O5 (revious Year.
` G,18O) durinq the year where the Comany has lost in the lirst lorum ol litiqation and has aealed aqainst the same.
11. Valuation of Investments
we hereby certily that the lixed income investments made in the controlled lund (shareholders' lunds and olicyholders' nonlinked
lunds) have been valued on the basis ol the amortised value ol these assets and mutual lund investments have been valued at the
revious business day's net asset value ol the resective mutual lunds.
The investments ol linked lunds ol olicyholders are valued as under.
Fixed ncome Securities. These are valued on the basis ol the CRSL bond valuer / CRSL qilt rices. Bebt securities with a residual
maturity ol less than or equal to 182 days is amortised over the remaininq days to maturity throuqh CRSL Bond valuer.
Equities. These are valued on the last quoted closinq rice ol the security on the hational Stock Exchanqe ol ndia Limited (hSE).
n case the share is not listed on hSE, valuation is done on closinq rice at Bombay Stock Exchanqe (BSE).
Money Market nstruments. These are valued on amortised value. n case ol Tbill il the traded rice is available the same is
considered lor valuation.
Mutual Funds. These are valued on revious day's net asset value ublished by the resective mutual lunds.
Management Report
196
12. Review of Asset Quality
Shareholders Fund
The comany has invested arox GO% ol the Shareholder lunds in overnment securities, Treasury Bills and Collateralised Borrowinq
and lendinq obliqation (CBL0), which have a sovereiqn ratinq. Around 82% ol the lunds have been invested in AAA and AA+ rated
Securities (which includes nlrastructure & housinq bonds). Around 5% ol ortlolio is invested into Shortterm investment with F1+
ratinq. Aroximately 2.5O% ol the lund is invested in liquid Schemes ol mutual lunds to meet shortterm cash llow requirements.
Policyholders Fund
The olicyholders' lunds are invested as er the requlatory norms and the commitments made to the olicyholders. n lixed income
seqment, majority ol the investment is made in qovernment securities havinq sovereiqn ratinq & debt aer ol reuted cororate havinq
ratinq AAA/F1+. The equity selection is made alter aroriate research and analysis ol the investee comany as well as the industry to
which it belonqs. To meet the liquidity requirement a art is invested into liquid & shortterm schemes ol leadinq mutual lunds and other
money market instruments ol hiqh credit ratinq. The investments are also made keeinq in mind the assetliability requirement ol the
resective lunds.
13. Directors Responsibility Statement
The Board ol Birectors ol the Comany also state that.
The linancial statements have been reared in accordance with alicable accountinq standards, the requlations stiulated by the
RBA and the rovisions ol the nsurance Act, 1O88 and the Comanies Act, 1O5G and disclosures have been made, wherever the
same is required. There is no material dearture lrom the said standards, rinciles and olicies,
The Comany has adoted accountinq olices and alied them consistently and has made judqments and estimates that are
reasonable and rudent, so as to qive a true and lair view ol the state ol allairs ol the Comany as at 81st March, 2O1O, and, ol the
oeratinq loss ol the Comany lor the year ended on 81st March, 2O1O,
Froer and sullicient care has been taken to maintain adequate accountinq records in accordance with the alicable rovisions ol
the nsurance Act, 1O88, Comanies Act, 1O5G, lor salequardinq the assets ol the Comany and lor reventinq and detectinq lraud
and other irreqularities,
The linancial statements ol the Comany are reared on a qoinq concern basis, and
The Comany has aointed some audit lirms to conduct the internal audit ol the Comany. The scoe ol work ol the audit lirms'
is commensurate with the si/e and nature ol the Comany's business. The manaqement certilies that adequate internal control
systems and rocedures were in existence lor this linancial year.
14. Schedule of payments made to individuals, firms, companies and organisation in which Directors of the Company are interested:
The Comany has not made any ayments durinq the year to individuals, lirms, comanies and orqanisation in which Birectors ol the
Comany are interested.
For and on behalf of the Board of Directors of
Birla Sun Life Insurance Company Limited
Donald A. Stewart Gian P. Gupta Jayant Dua
Chairman Birector Manaqinq Birector
Mayank Bathwal Fabien Jeudy Puneet M. Bansall
Chiel Financial 0llicer Aointed Actuary Comany Secretary
Mumbai, 27th Aril, 2O11
Management Report
197
Receipts and Payments account (Cash Flow Statement)
lor the year ended 81st March, 2O11
Particulars Audited Year ended
31st March, 2011
Audited Year ended
81st March 2O1O
Cash flow from operating activities (A)
Fremium received 57,8OG,8O7 55,41O,25O
Reinsurance remium ceded (828,242) (727,2OO)
Alication money deosit & due to Folicy holders 284,OGO 881,4G1
Commission aid (8,O47,188) (5,G88,718)
Beosits taken lrom / (relunded to) aqents (1) (4,482)
Fayments made to emloyees and lor exenses (11,51G,125) (11,G27,588)
Claims aid (1O,88O,77O) (11,5O4,O71)
Beosits & others 45,455 118,OO1
Beosits with Reserve Bank ol ndia
0ther income 17O,GO8 (158,1G5)
Loan aqainst Folicies 85,5O7 (O,821)
Cash inflow / (outflow) from operating activities 22,665,705 26,253,667
Taxes Faid (Frinqe Benelit Tax & wealth Tax) 2,1OO (5,877)
Net cash flow from operating activities (A) 22,667,805 26,248,290
Cash flow from investing activities (B)
Furchase ol lixed assets (5O,78O) (881,O4G)
Sale ol lixed assets 4,51O 15,8O8
Becrease / (ncrease) in investments (82,52O,8G2) (84,1OO,4O8)
Cash held to cover linked liabilities 2,728,OO7 8OO,OO8
nterest received (net ol tax deducted at source) 7,481,G88 8,717,G45
Bividend received 1,181,1GG 788,518
Net cash used in investing activities (B) (21,248,631) (29,746,695)
Cash flow from financing activities (C)
Share caital issued OOO,OOO
Share remium 8,GOO,OOO
Net cash inflow from financing activities (C ) 4,500,000
Net increase / (decrease) in cash and cash equivalents (D = A+B+C) 1,41O,174 1,OO1,5O5
Cash and cash equivalents at beginning of the year 8,77G,78O 2,775,1O4
Cash and cash equivalents at end of the year 5,195,963 3,776,789
Notes:
1. Cash and cash equivalents at end ol the year includes.
Cash and Bank Balances 5,885,242 5,GO7,O72
Temorary 0verdralt (as er books only) G8O,27O) (1,O21,188)
Cash and cash equivalents 5,195,963 3,776,789
2. Bue to larqe volume ol investments transactions, cash llow is reorted on net basis in accordance with Accountinq Standard 8 issued by
the nstitute ol Chartered Accountants ol ndia.
Firm Reqistration ho. 1O1O4Ow Firm Reqistration ho. OOO82OS
Fartner Fartner Chairman Birector
Membershi ho. 8GG5G Membershi ho. 2O41O8
Manaqinq Birector Chiel Financial 0llicer
Fabien Jeudy Puneet M. Bansal
Mumbai, 27th Aril, 2O11 Aointed Actuary Comany Secretary
Cash Flow Statement
198
Balance Sheet Abstract and Companys General Business Profile
I Registration Details State Code
2 2
Reqistration ho.
1 2 8 1 1 O
Balance Sheet Bate
3 1 0 3 2 0 1 1
II Capital Raised during the Year (Amount in ` thousands)
Fublic ssue Riqht ssue

N I L

N I L
Bonus ssue Frivate Flacement (ncludinq Fremium)

N I L

N I L
III Position of Mobilisation and Development of Fund (Amount in ` Thousands)
Total Liabilities Total Assets

2 2 2 7 4 3 3 7 7

2 2 2 7 4 3 3 7 7
Source of Funds
FaidbCaital Reserve & Surlus`

1 9 6 9 5 0 0 0

1 2 4 2 5 0 8 1
Secured Loans bnsecured Loans

N I L

N I L
` Reserves & Surlus includes Folicy Liabilities, Linked Liabilities & Fair value Chanqe Account.
Application of Funds
het Fixed Assets nvestments`

3 9 9 8 2 3

1 9 7 5 9 8 4 5 1
het Current Assets Misc. Exenditure

() 1 2 2 0 8 4 2

N I L
Accumulated losses

1 7 2 2 5 0 8 2
` ncludes Loans
IV Performance of Company (Amount in ` Thousands)
Turnover Total Exenditure

7 1 4 8 5 6 7 3

6 8 4 3 5 7 1 5
Frolit Belore Tax Frolit Alter Tax

3 0 4 9 9 5 8

3 0 4 9 9 5 8
Earninq er share Bividend rate %

1 . 5 5

V Generic Names of Three Principal products / Services of Company (as per monetary terms)
tem Code ho. (TC Code) Froduct Bescrition

N I L

L I F E

I N S U R A N C E
For and on behalf of the Board of Directors
Donald A. Stewart Gian P. Gupta Jayant Dua
Chairman Birector Manaqinq Birector
Mayank Bathwal Fabien Jeudy Puneet M. Bansall
Chiel Financial 0llicer Aointed Actuary Comany Secretary
Bate Month Year
Balance Sheet Abstract
199
have valued the olicy liabilities ol Birla Sun Lile nsurance Comany Limited at 81st March 2O11, in accordance with acceted actuarial
ractice and in line with relevant rolessional quidance issued by the nstitute ol Actuaries ol ndia, includinq that coverinq the selection ol
aroriate assumtions.
n my oinion, the amount ol olicy liabilities ` 185,2OO,778 (net ol reinsurance) makes aroriate rovision lor all olicyholders' obliqations,
and the linancial statements lairly resent the result ol the valuation.
Fabien Jeudy
Fellow ol the nstitute ol Actuaries ol ndia
Fellow ol the Society ol Actuaries
Fellow ol the Canadian nstitute ol Actuaries
Appointed Actuarys Certicate
200
NOTES

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Annual Report 2010 - 11

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