Bajaj Allianz Life Insurance PDF

BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED
18th ANNUAL REPORT 2018-19

CONTENTS
Corporate Overview
Corporate Information..........................................................................02
Management Team............................................................................. 04
Message from the
Managing Director and CEO................................................................ 06
Statutory Reports
Management
Discussion and Analysis...................................................................... 09
Directors' Report....................................................................................43
Annexures to Directors' Report............................................................54
Management Report............................................................................79
Financial Statements
Independent Auditors' Report............................................................. 96
Revenue Account................................................................................106
Profit and Loss Account...................................................................... 110
Balance Sheet..................................................................................... 112
Receipts and Payments Account....................................................... 114
Schedules............................................................................................ 116
Annexures............................................................................................199
CORPORATE
INFORMATION
Board of Directors Audit Committee Investment Committee
Sanjiv Bajaj Lila Poonawalla Sanjiv Bajaj

Chairman Chairperson Chairman
(Designated as Chairperson (Designated as Chairman
Solmaz Altin w.e.f. 8 March 2019) w.e.f. 29 June 2018)
(from 12 September 2018)
Ritu Arora Ritu Arora
Ritu Arora (from 29 June 2018) (from 29 June 2018)
(from 29 June 2018)
Sanjay Asher Heinz Dollberg
Sanjay Asher (Chairman and member
Sanjiv Bajaj up to 22 June 2018)
Niraj Bajaj
Heinz Dollberg Ranjit Gupta
Rahul Bajaj (up to 22 June 2018)
Sergio Balbinot Tarun Chugh
Ranjit Gupta
Heinz Dollberg Saisrinivas Dhulipala
Suraj Mehta (up to 31 January 2019)
(up to 22 June 2018)
Nanoo Pamnani Venkatakrishna Narayana
Ranjit Gupta (Ceased to be Chairman
Suraj Mehta w.e.f. 8 March 2019) Sampath Reddy
Nanoo Pamnani Ramandeep Singh Sahni
Lila Poonawalla
Corporate Social
Responsibility Committee Nomination and
Hicham Raissi
(up to 6 September 2018) Remuneration Committee
Sanjiv Bajaj
Avais Karmali Chairman
Alternate Director for Nanoo Pamnani
Sergio Balbinot Ritu Arora Chairman
(from 18 July 2018) (from 29 June 2018)
Ritu Arora
Tarun Chugh Heinz Dollberg (from 29 June 2018)
Managing Director and (up to 22 June 2018)
Chief Executive Officer Sanjay Asher
Ranjit Gupta
Sanjiv Bajaj
Nanoo Pamnani
Heinz Dollberg
Tarun Chugh (up to 22 June 2018)
Ranjit Gupta
Lila Poonawalla
Policyholders' Protection With Profits Committee Joint Statutory Auditors
Committee
Lila Poonawalla S R Batliboi & Co. LLP
Chairperson Chartered Accountants
Sanjiv Bajaj
Chairman Tarun Chugh Kirtane & Pandit LLP
Chartered Accountants
Ritu Arora Saisrinivas Dhulipala
(from 29 June 2018) (up to 31 January 2019)
Heinz Dollberg Anuradha Lal Secretarial Auditor
(up to 22 June 2018) (from 16 January 2019)
Ranjit Gupta Padmaja R Shyamprasad D Limaye
(up to 16 January 2019) Practising Company Secretary
Tarun Chugh
isk Management
R Chief Financial Officer Registered Office and
Committee Head Office
Ramandeep Singh Sahni
Bajaj Allianz House, Airport Road,
Sanjiv Bajaj Yerawada, Pune 411006
Chairman Company Secretary
(Designated as Chairman www.bajajallianzlife.com
w.e.f. 29 June 2018)

Rajesh Shanoy
Ritu Arora
(from 29 June 2018) CIN: U66010PN2001PLC015959
Heinz Dollberg
(Chairman and Member
up to 22 June 2018)
Ranjit Gupta
Tarun Chugh
Sanjiv Bajaj
Chairman
MANAGEMENT
TEAM
Front Row Left to Right: Back Row Left to Right:
Yogesh Gupta Kayzad Hiramanek

Chief – Financial Inclusion Chief – Operations and
Customer Service
Amit Dave
Chief – Large and Commercial Banks Ruben Selvadoray
Chief Human Resources Officer
Sampath Reddy
Chief Investment Officer Anil PM
Chief Legal and Compliance Officer
Tarun Chugh
Managing Director and Dheeraj Sehgal
Chief Executive Officer Chief Distribution Officer – Institutional
Sameer Joshi Ramandeep Singh Sahni

Chief – Agency Sales Chief Financial Officer
Manish Sangal Goutam Datta

Chief Distribution Officer – Retail Chief Information and Digital Officer
Amit Jaiswal Chandramohan Mehra

Chief – Proprietary Sales Force Chief Marketing Officer
Tarun Chugh
Managing Director and
Chief Executive Officer
MESSAGE FROM THE

MANAGING DIRECTOR
AND CEO
Dear Shareholders,
FY2019 milestones, including a few new trends that Bajaj Allianz Life set within the Indian life
insurance industry, have truly augmented our journey towards establishing ourselves as leaders
within the industry. I’m happy see how the year was also marked with innovation, collaboration
and a more focused and passionate team, which enabled us to have a good FY2019. We are now
more agile and engaged on ensuring quality, and looking beyond our targets to deliver on our
promise of becoming life goals enablers of India.
The key achievements in the fiscal year has been our new business growth rate, where we
clocked far better than the overall industry. This is backed by our innovative product portfolio,
6 BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED

consistent fund performance, customer outreach through our multi-pronged distribution network,
and our digitisation drive across our stakeholders groups. Further, our marketing interventions
through the year helped us to keep our customers well engaged with the brand. This collective
approach enabled Bajaj Allianz Life bring in significantly better quality of business, increase our
persistency ratios and be recognised as one of India’s top brands within the private life
insurance segment.
Gaining from Strategic Interventions

In FY2019 we reaped a few benefits from our reorientation journey that commenced a couple
of years ago. Our focus on new-age customers’ and their needs brought us favourable business
outcomes. The most significant being the positive New Business Margin that stood at 6.9% as we
closed the year.
We continued to strengthen our presence amongst the mass affluent customers, and sustain our
leadership amongst the mass and middle income customers, and this strategic move enabled
us prime our growth. Bajaj Allianz Life beat industry growth rates in the Individual Rated New
Business parameter. We ended the financial year with a 24.7% growth rate as compared to
9.0% of the overall industry and 12.5% of the private life insurance industry. Our Gross Written
Premium also showed a healthy growth at 16.9%.
FY2019 was a year where Bajaj Allianz Life made strategic leaps in our quality parameters.
Mindful product pitching, enhancing our internal processes and laser sharp focus on retaining
customers brought in quality business. These initiatives resulted in our renewal premiums
growing by 19.7% from H 3,287 crore in FY2018 to H 3,934 crore in FY2019. Our persistency
ratios, across all buckets, showed meaningful improvements. Other noteworthy indications of
our improving quality are the reduced number of complaints, as much as 33% reduction to last
financial year, and reduced grievance ratio, where grievances per 10,000 new policies issued
reduced from 108 in FY2018 to 72 in FY2019. Even our Surrender ratios reduced, and saw a decline
of 44% in retail linked surrenders (including withdrawals).
With more customers investing with us towards their life goals our Assets Under Management
increased as well. It grew by 8.9% in FY2019, and closed at H 56,620 crore.
As we move ahead in our growth journey, we continue to maintain high levels of solvency.
This helps in ensuring the security of the investments our customers have made with us. IRDAI
requires every private life insurance company to maintain a solvency margin of 150%, Bajaj
Allianz Life’s Solvency Ratio stood at 804% as on 31 March 2019.
Growth Led by Innovation

Our re-engineered product offerings played a key role as we moved ahead in our journey
towards becoming life goals enablers. Now, our products are value-packed, simple to understand
and respond to the needs of the customers, better. One of the significant results of this re-
engineering process is our leadership in the online ULIPs category in FY2019. The category’s
contribution towards our growth has been strong as the new business premium collected from
online sales in FY2019 grew a massive 173% vis-à-vis FY2018. We will continue our focus on this
category, and ensure we are available where new age customers want us to be.
In FY2019 we introduced products in the retirement and critical illness segments, along with an
over the counter product offering guaranteed returns. Bajaj Allianz Life’s Life Long Goal, Health
Care Goal and Goal Suraksha (our PoS product) have been designed to help customers with their
respective key life goals.
Our multi-pronged distribution network strengthened our presence across the country and has
made Bajaj Allianz Life available for all our customers, both online and offline. In FY2019, our
Proprietary Sales Force or PSF, scaled up by upselling to and capitalising on our existing customer
base. And our Institutional teams signed up diverse banks including Bandhan Bank, ESAF Small
18th ANNUAL REPORT 2018-19 7

Message from the Managing Director and CEO
Finance Bank, Jana Small Finance Bank, Ujjivan Small Finance Bank, India Post Payments Bank
amongst others.
These strategic decisions got us significant business results. In FY2019, our Agency’s top line
(individual rated new business) grew by 9%, its product mix improved bringing in 42% traditional
business and it’s average ticket size increased by 19% to over H 74,000. The Institutional Business
team continues to focus on sustaining its growth rate, which increased by 87% (individual rated
new business) in the year, and the PSF channel gained momentum in the year and closed with
82% growth.
For my team and I FY2019 was about sharper focus on our customers’ needs. In addition to our
end customers, by definition, customers also included our Insurance Consultants, our partners,
and our own employees. We strengthened our technology backbone and introduced power-
packed digital assets for each of our stakeholder group to make their interaction with us easy as
well as effective. I’m happy to see how our assets like i-Recurit, INSTAB, iManage, BOING, etc.
have been adopted by our stakeholders. We are continuously working with them to ensure digital
empowerment as we move ahead with our customers in their life goals journey.
We leveraged new age Marketing initiatives to strengthen our customer connect. We saw some
very interesting user generated content for our #36PlankChallenge. The event that culminated in
a Plakathon, which got us a Guinness World Record. Furthermore, Bajaj Allianz Life was featured
amongst the Top 75 Most Valuable Indian Brands 2018 as per WPP Plc and Kantar Millward
Brown’s report, and we also ranked #3 amongst the most trusted private life insurer brands,
as per Neilsen and ET Brand Equity’s Most Trusted Brands survey in FY2019.
Towards FY 2020
We set ourselves with a target to enhance customers’ experience with us in FY2019. While
several milestones were crossed and celebrated, we will continue to ensure that the delight
quotient of customers’ experience only increases with every engagement they have with us.
Towards this, Bajaj Allianz Life, as one team, is collaborating and working with innovative
solutions in each aspect of the business – from product offerings to services, tech enhancements,
visibility amongst stakeholders, etc. Our sales force and partners have started to see this change.
Their engagement with our customers has moved towards the discussion of Life Goals. We are
writing better quality business, with a long-term focus, and are doing everything to ensure our
customers’ investments with us only increases for them to get their Life Goals. DONE.
India’s growth opportunities are strong, and our customers are more prepared to leverage this to
their advantage. They are looking for simple and value-packed investment products, to ensure
their life goals investments bear fruit when they need it the most. In FY2019, Bajaj Allianz Life
made significant interventions to align itself to the new age Indian customers’ needs, as well as
be available for all who have reposed their trust in us over the last 18 years. As we march ahead
into the new financial year, I’m confident on our alignment and our agility to deliver on the
promise of being India’s life goals enablers.
Warm regards
Tarun Chugh
Managing Director and Chief Executive Officer

MANAGEMENT
DISCUSSION AND
ANALYSIS
Management Discussion and Analysis
A. Economic and industry overview

(a) Indian economy and the life insurance industry
Indian economy, emerged as a one of the fastest growing large economies in FY2019. India’s
GDP witnessed a healthy growth of around 8.0% in Q1 FY2019 and eased to sub 7% levels in
subsequent quarters and forecasted to end at around 7% as per RBI. The slower growth in the
last three quarters is attributable to Domestic economic activity decelerating due to a slowdown
in consumption, both public and private.
FIIs have been net sellers in equities FY2019 but countered by strong buying by DIIs. Due to global
risk-reversion, emerging asian markets (including India) had registered large FII outflows to the
tune of $39 billion in CY2018, compared to a net inflow of $22 billion in CY2017. However, with
the dovish stance of major global central banks, flows into emerging markets picked up in 2019.
India has received one of the highest FII equity inflow between January to March 2019, within the
peer emerging market asian region.
The RBI has turned dovish and cut rates twice in 2019 (February and April). Bond yields have
softened since October 2018, due to softer crude oil prices, lower inflation, RBI turning dovish
and cutting its inflation forecasts, recovery in rupee, and liquidity infusion by RBI. Consumer Price
Index (CPI) inflation stood at 2.86% in March 2019.
Domestically it was a narrow equity market over the past year, with bulk of the Nifty returns
being contributed by a handful of stocks. 77% of the Nifty return for FY2019 was contributed by
5 stocks. IT, banking, and FMCG were the top performing sectors; large-caps outperformed the
broader markets. (Source: Morningstar Direct, Bloomberg)
GDP growth, going forward, is however expected to be favourable on the back of three pillars:
pre-election fiscal stimulus in the first half of FY2020, infrastructural stimulus in the second half
of FY2020 and a favourable monetary policy. IMF forecasts India’s GDP growth for FY2020 at
7.3%, continuing to make India the fastest growing major economy. (Source: IMF World Economic
Outlook, April 2019)
The insurance industry of India consists of 57 insurance companies of which 24 are in life
insurance business and 33 are non-life insurers. Government's policy of insuring the uninsured
has gradually pushed insurance penetration in the country and proliferation of insurance schemes.
New business premiums written in India grew at 11% in FY2019 and reached H 2.14 lac crores.
Overall life insurance penetration (premiums as % of GDP) in India was at 2.8% in FY2018.
(Source: Life Council, IRDAI)

(b) Insurance industry overview

i. New business trends and relative performance of insurers
Chart 1: New Business Growth (based on total new business premium)
New business premium growth (in %)
40%
27%
30% 25%
26%
22%
23%
24% 17%
20% 18%
18% 11% 11%
10%
8%
6%
0%
(6%)
-10%
(14%)
-20%
FY2015 FY2016 FY2017 FY2018 FY2019
Private LIC Total Industry
Chart 2: New Business Growth (based on total new business premium)

Individual rated new business premium growth (in %)
40%
26%
24%
24%
14% 21% 19%
16% 12%
8% 15% 9%
8% 13%
3% 5%
-8% (11%)
-24%
(27%)
-40%
FY2015 FY2016 FY2017 FY2018 FY2019
Private LIC Total Industry
Based on total new business premium and Individual Rated NB.

Source: IRDAI and Life Insurance Council statistics
Note: Rated NB = 100% of First year premium & 10% of single premium
As seen above:
l Over the period of FY2015 to FY2019, the new business premium for the industry registered a
growth of 17% (CAGR), for private insurers the growth was 20% (CAGR),
l On new business premium, the industry grew by 10.7% in FY2019 v/s 11.0% growth in
FY2018. LIC’s growth was muted at 5.7% in FY2019 as against the private market
growth of 22.2%,
l On Individual rated new business premium basis, the industry grew by 9.0% in FY2019 v/s
19.3% growth in FY2018. LIC’s growth was at 4.5% in FY2019 as against the private market
growth of 12.5%.

Chart 3: Growth for Individual Rated New Business premium (in %)

New business (NB) market share (in %)
80%
69% 71% 71% 70%
70% 66%
60%
50%
40%
30%
22%
18% 18% 19% 20%
20%
10% 13% 12%

11% 10% 10%
0%
FY2015 FY2016 FY2017 FY2018 FY2019
LIC Bank Promoted Others
Chart 3: Growth for Individual Rated New Business premium (in %)
Individual rated (NB) market share (in %)
70%
60% 51%
48%
50% 46% 44%
42%
40%
37% 39% 38%
30% 35%
32%
20%
20%
17% 16% 17% 17%
10%
0%
FY2015 FY2016 FY2017 FY2018 FY2019
LIC Bank Promoted Others
Based on total new business & Individual rated new business premium.
Source: IRDAI and Life Insurance Council statistics
As seen above:
l Declining trend in LIC’s market share continued, as it further lost share and moved down to
66% share in FY2019 from 70% in FY2018 on new business premium basis and from 44% in
FY2019 to 42% in FY2018 on individual rated new business premium basis,
l Private players with a critical Bancassurance mass and the major bank promoted companies
(i.e. ICICI Prudential Life, HDFC Life, SBI Life, Max Life and Kotak Life) have been gaining
market share,
l Market share of other private players was also a little higher in FY2019.

ii. Shift in business mix

Individual business vis-à-vis group
New business mix FY2015 FY2016 FY2017 FY2018 FY2019
Individual 49% 42% 44% 48% 46%

Group 51% 58% 56% 52% 54%
New business growth FY2015 FY2016 FY2017 FY2018 FY2019
Individual (9%) 5% 33% 19% 6%

Group (2%) 39% 21% 4% 15%
Total industry (6%) 23% 26% 11% 11%
Based on total new business premium. Source: IRDAI and Life Insurance Council statistics
As seen above:
l The proportion of group business has been on a rise over the last few years,
l The growth in the industry in FY2019 was largely drive by group business. Against the
total industry growth of 11% in FY2019, individual business grew 6% while group business
grew at 15%.
Individual NB Regular premium business vis-à-vis Single premium:
Individual
business mix FY2015 FY2016 FY2017 FY2018 FY2019
Regular 71% 73% 65% 65% 68%

Single 29% 27% 35% 35% 32%
Individual
business growth FY2015 FY2016 FY2017 FY2018 FY2019
Regular (11%) 9% 19% 19% 10%

Single (4%) (3%) 72% 17% 0%
Total industry (9%) 5% 33% 19% 6%
Based on total individual new business premium. Source: IRDAI and Life Insurance Council statistics
As seen above, the share of Individual regular premium mix has slightly improved compared with
previous year, a shift from 65% to 68% mix from FY2018 to FY2019.

iii. Shift in product mix

Chart 5: New business Product Mix for Private Players
New business product mix for private players
100%
80%
60%
62% 57% 58% 46% 48%
40%
38% 43% 42% 54% 52%

20%
0%
FY2015 FY2016 FY2017 FY2018 9M FY2019
Linked Non-Linked
Based on total rated new business premium. Source: IRDAI Annual report and
Life Insurance Council statistics
In the past few years, after the global economic slowdown which led to equity market volatility,
the private industry had seen a shift of product mix towards traditional non-linked products but
with a buoyant capital market and the most customer friendly new generation ULIPs, the share of
ULIP business is at 52% for 9MFY2019 from its lows of 38% in FY2015.
iv. Distribution mix Chart 6: Distribution Channel Mix

New business distribution channel mix
100%
9% 10% 10% 12% 14%
80%
3% 4% 3% 5% 3% 3% 3% 3% 3% 3%
47% 52% 54% 54% 54%

60%
40%
20% 36% 32% 30% 28% 26%
0%
FY2015 FY2016 FY2017 FY2018 9M FY2019
Individual Agents Corporate Agents-Banks Corporate Agents-Others
Brokers Direct Selling
Based on Individual new business premium for private Industry. Source: Public disclosures

As can be seen above, traditionally the Agency channel has been the primary channel in the
Indian Insurance distribution network. But in the last couple of years, this channel’s share has
seen a drop in share from 36% of new business premiums in FY2015 to 26% in 9M FY2019,
especially driven by the private players, as agency commissions have shrunk which moved part
time agents away from the industry. The number of agents engaged by the industry has however
increased in FY2019 to 21.9 lakh from 20.8 lakh in FY2018. There is an increasing contribution
from the Bancassurance channel in recent years up from 47% in FY2015 to 54% in 9M FY2019,
especially driven by the private players.
v. Regulatory changes and implications thereof

Some of the key regulatory initiatives taken by IRDAI during the year are summarised below:
l Amounts lying under the Unclaimed Account as at 31 March 2018 for purchasing
immediate annuity
Through this circular, the Authority has now permitted Life Insurers to pay as a lump sum,
the unclaimed amounts under deferred pension policies in case the accumulated amounts
are either not sufficient to buy minimum annuity amount stipulated in the Regulations or
less than the minimum purchase price of the immediate annuity product available with the
concerned Life Insurer.
l Assignment and transfer of Life Insurance Policies under section 38 of Insurance Act, 1938
Through this circular, the decision to decline to act upon any assignment can be taken only
where the Life Insurer has sufficient reason to believe that such transfer or assignment is
not bona fide or is not in the interest of the policyholder or is for the purpose of trading
of insurance policy after sufficiently examining the unique circumstances of every case
separately and on fulfilment of the conditions mentioned in Section 38(2) which is required
to be done at senior level of hierarchy of the Insurer. The reasons for such refusal have to be
recorded in writing and the same have to be communicated to the policyholder within 30
days from receipt of notice of assignment.
l Appointment of Common/Nominee Director(s) on the Board of insurance company

This circular required Insurers to seek approval for new appointment and/or continuation of
appointment of Common/Nominee Directors on the Board, representing insurance agents
or intermediaries. The Proposed director shall not work in the capacity of Chief Insurance
Executive/Specified Person or any other Officer responsible for soliciting insurance business.
No remuneration to be paid to non-executive directors without prior approval of the
Authority. Insurers are however permitted to pay sitting fees as per the applicable norms.
l The HIV and AIDS (Prevention and Control) Act 2017

Through circular (j) of the HIV and AIDS (Prevention and Control) Act, 2017, the Authority has
directed all Insurance Companies to abstain from discriminating against protected persons,
on any grounds including denial of, or unfair treatment in, the provision of insurance.
However, such discrimination shall be valid only if supported by actuarial studies.
l Discontinuation of Aadhaar based authentication

Through these guidelines, the UIDAI has directed body corporates to discontinue use
of Aadhaar based authentication services and to submit an action plan for exiting the
Aadhaar ecosystem.
l Outsourcing of activities undertaken by Insurance Web Aggregators and

remuneration payable
Through this circular, Authority has clarified that Web Aggregators can only be engaged to
provide outsourcing services for the policies procured by them and that such services shall
be post sale services and not related to solicitation.

l Submission of Quarterly Statements on mis-selling complaints

Through these guidelines, for addressing mis-selling and unfair business practices complaints,
the Authority has directed Life Insurers to submit quarterly statements of mis-selling
complaints in addition to the monthly reports.
l Remuneration to insurance intermediaries for Direct Insurance

Business – New and Renewal
Through this circular, the Authority has advised insurers not to book new/renew business
directly received from customer/insured in the name of the insurance intermediaries.
Insurers are also refrained from remunerating the intermediaries for such direct new/renewal
business. Further, no insurance intermediaries shall receive remuneration from insurers on
insurance business directly received by the insurer from the customer/insured.
l Allowing Aadhaar Card as one of the acceptable documents

for KYC - under certain conditions:
These guidelines, laid down conditions basis which Aadhaar card may be accepted by
Insurers for KYC purpose. It further directed to not mandatorily seek Aadhaar and PAN/Form
60 from the policyholder for completing the KYC process.
vi. Industry outlook

The future for the insurance industry looks promising as changes in regulatory framework
will help to change the way industry functions its business and engages with customers.
The overall insurance industry is expected to grow much faster than the nominal GDP
growth. Factors that will help insurance industry grow include:
l Very low insurance penetration at 2.8% v/s other developed/developing countries
l Growing middle class/affluent population as exhibited through growth in per capita GDP
l Growing population and within that higher share of young insurable population
l Growing awareness for the need of protection and retirement planning
l High savings rate in India and within that growing proportion of financial savings and
insurance.
vii. Opportunities
Economic stimulus: The Indian economy is likely to sustain the rebound in FY2019 – growth
is projected to be in the 7.2% to 7.5% range and is estimated to remain upward of 7% for the
years ahead. The Indian Economy remains one of the fastest growing and possibly the least
affected by global turmoil.
Poverty to empowerment-Acceptable living standards for all: The income levels are
rising resulting in demand for better living habitat, water, sanitation, education, healthcare
and need for insurance and retirement planning.
Demographic advantage and low insurance penetration and mortality gap:

Demographic factors such as large and growing population, growing middle class,
high mix of working population and young insurable population and growing awareness
of the need for protection and retirement planning will support the growth of Indian life
insurance. Further, high protection gap and low sum assured (to GDP) indicates significant
opportunities for the life insurance sector to expand their protection business. India’s life
insurance sector is one of the biggest in the world and is expected to increase at a CAGR
of 12-15% over the next five years. India currently accounts for less than 1.5% of the world’s
total insurance premiums and about 2% of the world’s life insurance premiums despite being
the second most populous nation. (Source: India Brand Equity Foundation (IBEF),
The Associated Chambers of Commerce of India (ASSOCHAM) and The Hindu).

High household savings rate and within that insurance gaining share: Gross savings
rate in India (Gross domestic savings as a % of Nominal GDP) continued to be high at 30%
for FY2018, as compared to other economies. Gross financial savings as a % of household
savings grew to 64% in FY2018 from the lows of 45% in FY2012. Within financial savings,
insurance has been gaining popularity and contributes to about 23% of the total financial
savings. High savings rate will lead to increased possibility of people wanting to invest more
across all savings instruments including insurance.
viii. Risks and threats

Low awareness and penetration: Insurance industry still faces challenge of low awareness
and the need for insurance resulting in low insurance penetration.
Elections and related market volatility: An unexpected outcome of the ongoing 2019 Lok
Sabha elections could have a significant impact on sentiments and could lead to significant
market volatility thereby impacting the sales of savings products.
High surrenders and maturities: With stable capital markets and with contracts completing
their lock in period, we expect that customers may feel inclined to book gains and hence
cause stress on the Assets under Management (AUM) of Insurers. High surrenders in the unit
linked portfolio could impose severe strain on the insurers given that the surrender charges
insurers can levy under the new ULIP guidelines have been capped at amounts which will
not be able to recover the acquisition cost of such sale. Similarly, having completed almost
two decades of operations, a significant part of the life insurer’s portfolio is expected to
mature in the coming years causing additional stress on the AUM of the Company.
Disruption of business models by technology, analytics and data driven companies:

World over, large scale distribution models (such as insurance) are facing disruption from
entities that are able to maximize the use of data. Data backed by analytics and use of
technology is expected to change the distribution landscape in the years to come. With
the traditional business models being used by most insurers in India, it is likely that the
competitive landscape will change significantly thus warranting Companies to strategize in
such a way that they can provide the best value proposition to the largest set of customers
in the most convenient manner.
B. Business overview
i. Company strategy
(a) Shift focus from Death to Living benefits
Traditionally, the Life Insurance industry has been known for meeting the expectations of
the customer and his/her family when an insured event (normally death) occurs hence
insurance played on the customers fears, anxieties, insecurities and guilt. We have seen
that this dimension of insurance has not been able to really justify the need for insurance as
is reflected in the very low insurance penetration levels in India. With one of the youngest
population in the world, we believe that our customers, want the most out of life, they
want to live life to the fullest. We have accordingly, realigned our focus to address the living
benefits of the customer. Helping our customers achieve these life goals is now our focus
and we remain committed to this through the products and services we offer. With this as
our mind set, we will combine right products, services and customer oriented technology
and innovation, to help pave the customer’s way for achieving his future goals.
(b) Benchmark in Mass Market and Insurer of choice in Mass affluent

In our endeavour to be the brand of choice for higher income customer segments, we have
aligned ourselves towards gaining mind share of mass affluent and above category of
customers while continuing to maintain strength in the mass market. While we continue to

be a prominent player in Mass and Middle-income category of customers with a share of

around 50%, we have been able to improve our share of Mass affluent and above category
of customers from 37% in FY2017 to 49% in FY2019. Our strategic orientation has thus started
showing positive results, and we continue to maintain laser focus, to achieve higher share of
mass affluent and above category in the years to come.
(c) Sustained and quality growth in Agency

We embarked on a journey to grow agency profitably. Our strategy of geographical
segmentation, move from mass to mass affluent and above customer segments and to
improve quality of business continued in FY2019. In FY2019, Agency grew top line (individual
rated new business) by 9% to H 1,204 crore Renewal premium grew by 23%. Our product
mix improved from 28% traditional to 42% traditional. Our focus on customer segment and
various initiatives to improve quality of business resulted in increase in Average Ticket Size
by 19% to over H 74 thousand, reduction in surrenders by 47%, reduction in grievances by
36% and improvement in 13th month persistency to 82%.
Our focus on offering Digital experiences to our stakeholders continued to show high
adoption and good experience. InsTab based policy issuance increased from 12% to 48%,
iRecruit now manages 65% of agent recruitment, iManage is adopted by 93% of Sales
Managers and iSmart is used now by 41,106 Insurance Consultants including 87% of
club members. In coming years, our focus now is to scale up profitably with a balanced
product mix as well as improve productivity by focusing on building quality distribution and
enhancement of productivity leveraging analytics.
Agency rated new business Agency average ticket size

premium (J In Crore) (J In Thousand)
+9% +19%
1,204
1,200 100
1,106
696
1,000 800
80
58%
800
72% 60
600
80 40
400
32
42% 20
200
28% 62 74
275 427
0 0
FY2018 FY2019 FY2018 FY2019
Agency Rated NB
Participating Non Participating
Unit Linked
% indicates business mix
(d) Invest in new retail engines of growth and

shift group relations to sell retail
Traditionally, the Company has been an agency dominated Company with limited retail
business contribution from non-agency channels. We embarked on a journey to scale up the
alternate channels by focusing on (a) creating a robust Proprietary Sales force (PSF) to invest
in upselling and cross selling opportunities on the existing customer base, (b) strengthen our
group relations in Institutional Business (IB) with various corporate distributors to focus on
selling retail and (c) tie up with additional partners to scale up our retail business. We have
accordingly, tied up with several partners as Corporate Agents in the recent past – these

Individual rated new business

partners include Bandhan Bank, Jana
premium (J In Crore)
SFB, Ujjivan SFB, ESAF SFB, Dena Bank
and India Post Payments Bank. Our
alternate retail channels (non-Agency) +87%
now comprise PSF and the Institutional 400
business channels which contribute to 356
about 30% of the retail new business
premium of the Company, both having 300
grown above 80% during the year. We +82%
will continue to capitalize on these
200 191 182
channels to propel future growth.
100
100
0
IB PSF
FY2018 FY2019
(e) Leadership in online ULIP sales

We have been focusing on use of digital media such as corporate website, social media, web
aggregator websites, blogs etc. to help educate customer on Life Goals and use media to
brand our ULIP products to become the enabler of these Life Goals. One such offering is Life
Goal Assure, a life goal based investment plan (ULIP) that gives an opportunity to plan once
in a lifetime experiences with zero worries. We are in a continuous process of innovating
and building new business models in online and ecommerce space so as to come up with
new offerings for our valued customers. There is an increasing contribution from the online
channel in company’s overall business. Total new business premium achieved by online is
H 157 crore in FY2019 as compared to H 60 crore in FY2018 registering a growth of 163%.
Given that most of this business was on monthly mode, on annualized new business basis
the premium grew from H 100 crore in FY2018 to H 263 W in FY2019.
Websales Individual Rated NB Websales Annualised Premium

Premium (J In Crore) (J In Crore)
+173% +163%
200 300
263
175
157 250
150
200
125
100 150
75 100
57 100
50
50
25
0 0
FY2018 FY2019 FY2018 FY2019

(f) Enhance quality of business which includes improvement in persistency

and reduced surrenders, early claims and customer grievances
There has been a significant focus to build a sustainable and good quality AUM. The key
initiatives taken on this front include:
l Hiring the right quality of people, including insurance consultants, to focus on the right
quality of customer
l Significant improvement in persistency by linking 13th and 25th month persistency rates
with the sales KPIs
l Driving Auto-payment registrations by rolling out various digital enablement this year to
work towards premium assurance
l Effective communication act as key in Projects undertaken to customize and orient
communication towards customers’ life goals
l Use of predictive analytics to identify high risk policies
l Conducted Live verification on suspicious cases post issuance
l Conducted Police training sessions, collaborated with industry peers to take corrective
action and created repositories for negative diagnostic centers
l Surrender Retention Tool used by all branch ops users to facilitate tailored pitches for
customer retention
l Dedicated Customer Retention Managers to retain customers
l Using Loan Against Insurance Policies as an alternate to fulfill temporary financial needs
of customers
l Training to branch teams on ill effects of surrenders. Continuously dissuading customers
from surrendering policies.

The results of our efforts can be seen in the improvement we have seen in our persistency,
growth in renewals, and reduction in grievances and de-growth in retail surrenders.
(g) Digital by default

We seek to employ latest technologies with a view to improve presence in digital space
by enhancing Mobility Solutions, Analytics, Cloud and other Technological Innovations
towards automation of processes in order to provide a competitive edge and impetus
to our intermediaries, employees and partners to ensure faster services and better
customer experience and more importantly positioning company for future readiness.
We are focusing more towards paperless journey as an initiative towards conservation
of energy by adopting digital initiatives. Various initiatives towards customer experience
enhancements felicitating straight through process and faster issuance of policies have also
been institutionalised. We have started the CRM implementation journey which will provide
single window to customer’s life cycle management. The journey of transformation to new
Policy Administration System has begun which will provide us robust platform to serve the
customer in a better manner and precisely will enable us to handle the increasing volume of
data, more effectively. Our endeavour is to use technology to drive business by maximizing
our reach on one side and while maintaining ease of doing business for distributors and
customers on the other.
(h) Enhanced product portfolio and customer value

While focusing on Life Goals, we will continue to invest in products to address the varying
‘living benefits’ needs of our customers. However, our endeavour will continue to be to
maintain a balanced mix which provides maximum value to our three key stakeholders i.e.
Customer, Distributor and the Shareholders. Our endeavour is to have our products in the
top three in terms of customer returns across all product segments. We also continuously
benchmark our investment returns with relevant market benchmarks and peers to deliver
superior returns while maintaining quality of assets.

(ii) Performance overview: FY2019

(a) New business growth and market ranking
In terms of individual rated new business premium, the Company’s growth was at 24.7% as
against the market growth of 9.0% and private industry growth of 12.5%. The Company moved
up the rank to 6th rank during FY2019. In terms of new business premiums, the Company
registered a new business growth of 14.7% in FY2019 as against the market growth of 10.7% and
private industry growth of 22.2%. In terms of new business premium, the Company was ranked
at 5th position.
Individual Rated new business Group protection premium

(J In Crore) (J In Crore)
+25% +49%
1,800 1,742 1,600
1,450
1,600 1,400
1,397
1,400 1,200
1,200 975
1,000
1,000
800
800
600
600
400 400
200 200
0 0
FY2018 FY2019 FY2018 FY2019
The new business premium growth was muted at 14.7% on account of de-growth in group
employee benefit schemes. Group protection business however grew at a healthy pace of 49%.
(b) Renewal business Renewal premium

(J In Crore)
Renewal premium for the Company for
FY2019 was H 3,934 crore as compared to +20%
H 3,287 crore in FY2018; a growth of 20%. 3,934
4,000
3,500 3,287
3,000
2,500
2,000
1,500
1,000
500
0
FY2018 FY2019

(c) Persistency
We have also seen an improvement in persistency across all the buckets over the past two years
which is indicative of satisfied customers and the continued effort to improve our sales practices.
We however continue to work on persistency to achieve higher than industry average numbers
in the years to come.
Persistency
100%
90%
77.20% 79.00%
80%
68.20% 67.60%
70% 62.90%
58.20%
60% 50.90% 51.10% 52.80%
48.50%
50% 42.00% 43.90%
46.70%
40% 38.20%
42.30%
37.00%
30% 33.40% 37.20%
31.60%
20%
15.60%
10%
0%
FY2016 FY2017 FY2018 FY2019
13th month 25th month 37th month
49th month 61st month
(d) Continual efforts in reducing number of complaints

In succession to previous year company has
successfully reduced number of complaints, Number of complaints
by 33% from 3,318 registered in FY2018 to
2,236 in FY2019. In addition to this, grievance
ratio (grievances per 10,000 new policies -33%
issued) reduced from 108 in FY2018 to 4,000
72 in FY2019.
3,500 3,318
3,000
2,500
2,236
2,000
1,500
1,000
500
0
FY2018 FY2019

(e) Surrenders
Retail surrenders
With the focus to retain customers, (J In Crore)
we also saw decline of 44% in retail linked
surrenders (including withdrawals) from -44%
2,253 crore in FY2018 to 1,268 crore 2,500
in FY2019. 2,253
2,000
1,500
1,268
1,000
500
FY2018 FY2019
(f) Profitability – Profit after Tax and New Business Value/Margin
The Company earned a profit after tax of H 502 crore during FY2019 as compared to the
profit of H 716 crore for the previous year. The segmental performance for the Company is
summarised below:
Surplus/(Deficit) Participating Non-participating Shareholder PAT
FY2018 56 136 524 716

FY2019 52 52 398 502
Lower profit after tax is attributable to the impact of expected strain from high growth
experienced in FY2019 and lower investment income. Lower investment income included lower
realised gains and the impact of impairment of some investments.
The new business value/margin, which is the net present value of future profits for the
Shareholders’ from the new business generated during the year, is also reported by the Company
annually. New business value/margin reflects the management’s view of the profitability of a
product over its life measured at the point of sale. The gross new business value (unaudited and
based on methodology prescribed under Actuarial Practice Standard 10 issued by the Actuarial
Society of India) was H 348 crore for FY2019 compared to H 222 crore for FY2018, growth of
57%. The implied new business margin was 15.6% in FY2019 compared to 12.5% in FY2018. Post
overruns, the Company achieved positive net new business value for the 1st time in four years at
H 154 crore in FY2019 as against a negative value of H 18 crore for FY2018.
(g) Embedded value

The Company has also been disclosing the Embedded Value of the Company which is a measure
of the present value of Shareholders’ interests in the earnings distributable from the assets
allocated to the business after sufficient allowance for the aggregate risks in the business.
Embedded Value reflects the value of in-force business alongwith the Shareholders’ net-
worth. Embedded value is not a reflection of the market value of Company. Embedded Value is
computed on market consistent basis in line with the Actuarial Practice Standard 10 issued by the
Institute of Actuaries of India. The Embedded value of the Company at FY2019 stood at
H 12,989 Crore up from H 11,858 Crore at FY2018.

(h) Strong Assets Under Management (AUM) and Solvency

The Company remains well capitalised and maintained very high levels of solvency throughout
the year. The solvency ratio as at 31 March 2019 stood at 804% (31 March 2018: 592%) which is
well in excess of the required solvency margin of 150%.
The AUM for the Company (including unclaimed funds) grew by 8.9% in FY2019 to end at
H 56,620 crore at 31 March 2019 up from H 51,970 crore at 31 March 2018.
AUM (J In Crore) Solvency (%)
+8.9%
60,000 900
804%
56,620 800
56,000 700
600 592%
52,000 51,970
500
400
48,000
300
44,000 200
100
40,000 0
FY2018 FY2019 FY2018 FY2019
(i) Brand performance -Brand Transition: Life Goals. Done.

l Bajaj Allianz Life was featured amongst the Top-75 Most Valuable Indian Brands 2018 as
per WPP Plc and Kantar Millward Brown’s report and amongst the Top 10 Riser Brands 2018
l The Company also ranked #3 amongst the most trusted private life insurer brands, as
per Neilsen and ET Brand Equity’s Most Trusted Brands survey
l The Company initiated ‘#36SecPlankChallenge’, a digital engagement campaign
promoting good health and contributing for a noble cause. The campaign garnered
1.28 Lakh+ participants, 5 Lakh+ Likes, Shares, Comments and 1.1 Crore+ digital video
views. ‘#36SecPlankChallenge’ culminated to an on-ground initiative – Bajaj Allianz Life
Plankathon, where the Company set a new Guinness World Records for ‘most people
holding the abdominal plank position’ for 1 minute with 2,353 participants
l Anchoring brand promise of good health enabler, Bajaj Allianz Pune Half Marathon was
conducted in the month of December 2018. It turned out to be India’s largest inaugural
edition for any marathon with 16,000+ participants across categories
l Digital-led activities throughout the year led to an increase in our website traffic to over
24 lakh users, witnessing a 27% growth
l The brand also saw an increase in its social media followers across all social media
platforms over the year. As on March 2019, we
- Crossed 25 lakh followers on Facebook, growth of 115%
- Crossed 159 thousand followers on Twitter, growth of 71%
- Crossed 130 thousand followers on LinkedIn, growth of 89%
- Crossed 15 thousand followers on Instagram, growth of 102%
l Bajaj Allianz Life ranked #1 amongst all life insurers in PR Share of Voice in FY2019.
This ranking is done by Eikona TAM Media, an independent ranking agency for PR

(j) Internal control and its adequacy

The company has in place adequate systems of internal control commensurate with its size and
nature of business. This Internal Control architecture has been summarized below:
Board oversight on organisation structure,

policies and procedures
Internal and Risk Internal

Audit Statutory Control
Concurrent Management Financial
Committee Audit Committee
Audit Committee Controls (IFC)
Board oversees the internal control governance structure. Head of departments (HOD) ensure
control activities are performed at all levels within their functions, at various stages within
business processes, and over the technology environment.
Observations of statutory, internal and concurrent auditors are presented before the audit
committee for corrective and preventive actions. A pre audit committee is in place to go through,
in great detail, each aspect impacting the control environment. The Audit Committee deliberates
upon auditors’ views on the adequacy of internal control systems and monitors the progress of
open items through action taken report. The risk management process identifies risks surrounding
the Company’s activities. Risk management is integrated into the Company’s culture by way of an
effective policy and a program led by the most senior management.
Departmental policies and procedures are an effective way to maintain a strong system of
internal controls. All the departments have documented policies and procedures of critical
processes in their respective functions and ensure operating level controls through clear
delegation of authority and segregation of duties.
Further, financial reporting control framework reasonably assures that the Company’s financial
statements are reliable and prepared in compliance with the accounting standards as prescribed
in the Companies Act, 2013, in accordance with the provisions of the Insurance Act, 1938 and the
practices prevailing in the insurance industry in India.
As required under the Companies Act 2013, Company has implemented Internal Financial Control
(IFC) considering the essential components of internal control stated in the Guidance Note on
Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered
Accountants of India.
Various other policies and committees support a robust internal control structure which include
the Whistle Blower policy, Ethics Committee and Claims Review Committee.
(k) Material developments in human resources

Human Resource function continues to be a strategic business partner and change catalyst. It
plays a pivotal role in change management and creates triggers for unlocking human potential
which results in organization transformation and success.
With change and transformation characterized by ambiguity and complexity, we in BALIC have
a two pronged approach -successfully leveraging the experiential wisdom of our tenured
employees as well as infusing high quality talent who bring in multiplicity of experience/

exposure and encouraged to challenge status-quo. HR plays a pivotal in this in terms of systems,
practices and policies encouraging talent attraction and talent retention. The collaborative
deliberations and decisions of the organization leadership, supported by the stakeholders
and enabled by the people managers, have resulted in various new initiatives having been
implemented towards enabling change and transformation as well as enhancing a positive
performance and learning culture.
The following are key game changing practices, process and digital enablement which have
been effected in the year 2018-19 which we believe would lay a strong foundation towards
“re-imagining the employee value proposition and experience” and augment our journey to
becoming a “Best Employer/Great Place to Work”.
1) Roll-out of level specific focused and condensed Leadership Competencies and its integration
with Performance Feedback, Performance Assessment, Talent Assessment, Promotion
Assessment and Learning and Development processes.
2) A detailed and comprehensive Talent Management Process has been rolled-out for Senior
and Middle Managers and the outs have been systemically used to integrate with Talent
processes of Segmentation, Reward, Succession Planning, Rewards, Career Discussion/
Planning and Development/Growth.
3) Compensation Audit and Philosophy exercise undertaken to calibrate and align with Market
and internal Strategic requirements and launch of a New Long Term Incentive Plan for
High Potential and Critical talent at L3 and Above levels has been completed to enhance
attraction, engagement and retention of Talent.
4) HRMS implementation of Performance Management, Learning Management, Recruitment

Management and JAM have gone-live and remaining 5 modules are in various stages of
implementation. Two custom and futuristic digital assets have been created in the Learning
and Social Collaboration domain leveraging the JAM platform.
a. One of the digital assets is OSS – One-Stop-Shop which is a learning platform which
brings alive personalized, anytime/anyplace and at one’s convenience learning at the
employees’ fingertip and provides for Just-In-Time ( JIT) Performance Support.
b. The other digital asset is BSocial – A Social Collaboration Platform for Knowledge/Best
Practice Sharing and Peer Learning which is architected around the various factors of a
Great Place to Work Study/Assessment ranging from Leader Teach Forums to Voice of
Forums including Departmental Forums, Project Forums, Learning Forums, and Interest
Forums etc. This platform would help digital engagement, dialogue, alignment and
sharing across all locations and levels which would be cost efficient and effective.
We continue to build on the employee engagement practices established last year viz Town
halls, Regional Business Councils, listening to employees’ queries and suggestions through the
‘Speak up’ sessions and ‘Decongest’ channel. The integrated Reward and Recognition framework
enabled though the E-Recognition Platform “WOW” as well as the real time employee query
management solution HR Boing have seen high levels of adoption and usage and continue to be
core part of the Digital Transformation of HR.
The foundations of a Great Place to Work/Best Employer have been mostly build and the journey
continues in 2019-20 and they are guided by the culture coordinates of Empowered, Flexible/
Agile, Transparent, On-Demand, Collaborative and Progressive.

C. Financial Statements
The new business premium for the Company grew at 15% from H 4,291 crore in FY2018 to
H 4,923 crore in FY2019. As the Company continues to shift its focus from single premium and group
to retail regular premium we saw retail rated new business premium grow at 25% in FY2019 upto
H 1,742 crore as compared to H 1,397 crore in the previous year. Group protection business has also
grown by 49% in FY2019 upto H 1,450 crore compared to H 975 crore in previous year.
With strong focus on improving persistency, the renewal premium grew by 20% to H 3,934 crore
in FY2019 as compared to H 3,287 crore in previous year. The total gross written premium for
FY2019 ended at H 8,857 crore as compared to H 7,578 crore in FY2018; a growth of 17%.
Investment income for FY2019 on the Policyholders’ investments (excluding unit linked fund) is
H 2,021 crore (including income on unclaimed fund) as compared to H 1,874 crore in the previous
year; growth of 8%. The increase in investment income is largely on account of the increase in
average Policyholders’ (non-linked) AUM.
Shareholders’ investment income remains flat and is H 658 crore as compared to H 665 crore
in the previous year. The decrease in income was primarily on account of lower realised gains
which were at H 45 crore in FY2019 as compared to H 85 crore in FY2018. Interest, amortisation
and other income has increased from H 580 crore in FY2018 to H 614 crore in FY2019 primarily on
account of increase in average Shareholders’ AUM.
In accordance with the impairment policy of the Company, diminution in the value of investments
has been evaluated on the Balance Sheet date. Accordingly, total impairment loss of H 201 crore
recognised during the year.
The total expenses (including commission but excluding GST/service tax on linked charges) of the
Company were at H 1,909 crore for FY2019 compared to H 1,464 crore for FY2018. Total expenses
have grown at a pace faster than the business due to certain investments mainly on account of
higher retail new business growth and such increase in expenses is in line with the Company
strategy to invest in people, technology and re-branding for the future.
Benefits paid decreased from H 8,102 crore in FY2018 to H 5,423 crore in FY2019 on account of
reduction in surrender, withdrawal and foreclosure and improved mortality experience.
The Company ended FY2019 with a profit after tax of H 502 crore as against H 716 crore for
FY2018. The Board of Directors recommended dividend of H 7 (Previous year: H 7) per equity share
of face value of H 10 (70% of face value) for FY2019. The proposed dividend amounts to H 105
crore (Previous year: H 105 crore). Dividend distribution tax on the same amounts to H 22 crore
(Previous year: H 22 crore)
The net-worth of the Company as at 31 March 2019 was H 9,654 crore as compared to
H 9,218 crore as at 31 March 2018. The accumulated profits of the Company stood at
H 8,339 crore as at 31 March 2019 as compared to H 7,965 crore as at 31 March 2018.
The Company has maintained one of the highest solvency margins in the industry at 804% up
from 592% in the previous year, as against the regulatory mandated minimum level of 150%.
The Assets under Management for the Company as at 31 March 2019 were H 56,620 crore as
compared to H 51,970 crore at 31 March 2018.

a. Results from operations: Analysis of Profit and Loss and

Revenue Account
The statement below summarises the Company’s Revenue and Profit and Loss accounts:
(H In Crore)
Particulars FY2019 FY2018
Net premium income 8,804 7,517

Income from investments (net) 4,566 4,773
Other income 90 79
Total income 13,460 12,369
Commissions (net) 304 203
Operating expenses (including service tax/GST on linked charges) 1,722 1,375
Total expenses 2,206 1,578
Provision for diminution in the value of investments 201 -
Benefits paid 5,423 8,102
Change in valuation of liability in respect of life policies 4,682 1,753
Taxes 160 106
Amount transferred to Funds for Future Appropriation (undistributed
PAR surplus) 466 114
Profit after tax 502 716
The Company’s results from operations have been analysed below:
i. Premium income
(H In Crore)
FY2019 FY2018 Growth
Particulars Retail Group Total Retail Group Total Retail Group Total
New business premium 1,801 3,122 4,923 1,456 2,835 4,291 24% 10% 15%
Renewal premium 3,892 43 3,934 3,194 93 3,287 22% (54%) 20%
Total gross premium 5,693 3,165 8,857 4,650 2,928 7,578 22% 8% 17%
Reinsurance premium 19 34 53 24 37 61 (21%) (8%) (13%)
Net total premium 5,674 3,131 8,804 4,626 2,891 7,517 23% 8% 17%
Total new business premium for FY2019 is H 4,923 crore as compared to H 4,291 crore in the
previous year; growth of 15%. Retail rated new business premium is H 1,742 crore as compared to
H 1,397 crore in the previous year; growth of 25%. Growth in group business was muted due to
lower funds business.
Renewal premiums grew by 20% backed by improvement in persistency across all cohorts.

ii. Investment income

Details of income from investments are given in the table below:
(H In Crore)
FY2019 FY2018
Particulars Unit Non unit Total Unit Non unit Total
Interest, dividend and rent* 804 2,328 3,132 696 2,067 2,763
Profit/(loss) on sale of
investments (net) 1,066 308 1,374 2,148 436 2,584
Unrealised gain/(loss) 61 - 61 (574) - (574)
Total income/(loss) on
investments 1,931 2,635 4,566 2,270 2,501 4,773
* includes accretion of discount/amortisation of premium
As per the requirement of the IRDAI Regulations on preparation of financial statements, income
earned from the investments of both unit linked and non-unit linked businesses are required to
be disclosed under the income from investments in the Revenue Account even though the unit
investment income is neutral to the net results of the segment as the income earned on unit linked
investments is correspondingly adjusted with the unit linked fund liabilities in the Revenue Account.
The total income on investments (including the unit linked business) is analysed as follows:
Interest dividend and rent
During FY2019, interest income, dividend and rent increased by 13% from H 2,763 crore in FY2018
to H 3,132 crore in FY2019. Of this, the split is as follows:
(H In Crore)
Interest (including accretion of discount/amortisation of premium) 2,899 2,567

Dividend 228 192
Rent 5 4
Total 3,132 2,763
As can be seen above, interest income increased by 13% up from H 2,567 crore in FY2018 to
H 2,898 crore in FY2019 due to increase in average debt assets under management partly offset
by lower yields during the year. The table below indicates average debt investments and average
yield earned in the respective years.
(H In Crore)
Average interest earning assets 40,585 32,926

Average yield 7.3% 7.9%
Profit and loss on sale on investments
Profits and losses on sale of investments represents the amount by which the proceeds from
the sale of investments exceeds the carrying amount of the investments that were sold.
Profits and losses are booked considering the overall market condition and available
investment opportunities.

Unrealised gain/loss
Unrealised gain represents the net change in unrealised gains on underlying investments pertaining
to the Unit Linked portfolio which is reflected under the head “Transfer/Gain on revaluation/change
in fair value” in the Revenue Account with the contra effect in the head “Fund Reserve” in the
Revenue Account. Unrealised gains/(losses) in the linked portfolio are in line with the movements
in market’s performance year on year, as evidenced from below indicators:
(H In Crore)
Particulars FY2019 FY2018 FY2017
Nifty 50 Index 14.9% 10.3% 18.6%

CRISIL Composite Bond Fund Index (COMPBEX)* 6.7% 5.1% 11.1%
CRISIL Liquid Fund Index (LIQUIFEX)^ 7.6% 6.8% 7.1%
* CRISIL COMPBEX is a benchmark for debt portfolio
^ CRISL LIQUIFEX is a benchmark for money market and liquid portfolio
iii. Other income (including fees and charges)

Other income includes interest on policy reinstatement, income from stale cheques (other
than customer dues and statutory payouts), income on unclaimed amount of policyholders,
fund management charges earned on unclaimed fund within the permitted limits and interest
earned on loans given to policyholders. The increase in other income is largely attributable to
the growing book and resulting increase in interest earned on loans given to policyholders and
interest on reinstatement of policies recovered from policyholders.
iv. Expenses (including commission)

(H In Crore)
Commission 304 203

Operating expenses 1,722 1,375
Total expenses 2,206 1,578
The total expenses are further analysed below:
Commission expenses
(H In Crore)
New business 230 137

Renewal business 74 67
Reinsurance commission - (1)
Total 304 203
The increase in New Business commission by 68% for FY2019 is broadly in line with the change
in product mix from ULIP to traditional products where commissions are much higher, increase
in retail new business by 24%, sales of longer premium paying terms which have higher
commissions and commissions now being paid on group protection products with partners
moving from Master Policyholder to Corporate Agency model.

Operating expenses
The total operating expenses of the Company are analysed as follows:
(H In Crore)
Employee's remuneration and welfare benefits 926 695

Printing, Stationary and Communication expenses 103 85
Office running expenses 69 76
Advertisement and publicity 113 66
Information technology cost 64 64
Marketing expenses and business development expenses 73 78
Training expenses 36 17
Policy stamps and Medical costs 39 41
Travel, conveyance and vehicle running expenses 31 26
Depreciation 29 23
CSR expenses 19 21
Legal and professional charges and Audit fees 45 13
Interest and Bank charges 7 7
Others 51 45
Total 1,605 1,258
Notes :
Does not include GST/service tax charge on linked charges of H 117 crore (previous year H 114 crore) which though routed through Revenue
Account has no impact on the surplus as this is set off against a contra entry in fund reserves in the Revenue Account and provision on
policy loans in cases where the surrender value of the policy became lower than the outstanding loan amount inclusive
of interest.
Also includes provisions for doubtful debts and bad debts written off
The total operating expenses of the company were at H 1,605 crore for FY2019 as compared to
H 1,258 crore for FY2018. The expense growth is mainly on account of higher retail new business
growth and such increase in expenses is in line with the Company strategy to invest in people,
technology and re-branding for the future.
The Company is in the process of scaling up its technology infrastructure to meet its digital
aspirations and hence the increase in technology related CAPEX and depreciation. The scale up in
manpower cost is on account of higher business growth with existing businesses, several new
Corporate Agency tie ups and scale up of newer channels like the Proprietary Sales Force (PSF)
which required scale up of manpower. The Company is also undergoing a brand refresh to meet
its aspirations of being an insurer of choice in the affluent markets.
v. Benefits paid
A summary of benefits paid is provided below:
(H In Crore)
Surrenders, withdrawals and foreclosures 2,386 4,402

Mortality (Death) claims 1,045 1,118
Maturity and annuity claims 1,597 2,213
Survival and other benefits 313 358
Interim and terminal bonus 92 48
Interest on unclaimed amount 40 18
Amount recovered from reinsurer (49) (55)
Total claims 5,424 8,102

Benefits paid represent amounts paid to Policyholders or their legal heirs, on occurrence of an
insured event as per the contractual terms of insurance contract.
Group and retail surrenders decreased by 54% and 41% respectively in FY2019. Surrenders in unit
linked individual assurance portfolio decreased from H 2,353 crore to H 1,326 crore is attributable
to several retention initiatives taken by the Company.
There is also a reduction in the mortality claims despite the high amount of group protection
business the Company has been selling in the past few years. There is an overall improvement in
the mortality experience both in the retail and group products.
Maturities in the unit linked individual assurance portfolio decreased from H 1,447 crore in FY2018
to H 747 crore in FY2019. Maturities are as per contractual cash flows agreed with customers in
each contract sold in the past.
Interest on unclaimed amount represents the additional amount paid to the policyholder from
unclaimed fund which was earned by the fund and credited to the amount due to policyholders
as per the IRDAI Regulations.
vi. Change in valuation of liability is respect of life policies

(H In Crore)
Change in non-unit reserves

-Participating 1,248 1,609
-Non participating (Non-par) 1,569 184
-Linked (non-unit) 7 3
-Appreciation in unclaimed balances 4 18
Change in unit reserves 1,854 -61
Total 4,682 1,753
Change in valuation of liability represents the change in actuarial liability set up in respect of
policies in force and for policies in respect of which premium has been discontinued but a liability
still exists. Change in reserves charged to the Revenue Account is the difference between policy
liabilities as on two Balance Sheet dates.
Reserves on both participating and non-participating policies are calculated using the gross
premium method, using assumptions for interest, mortality, expense, inflation and, in the case
of participating policies, future bonuses together with allowance for taxation and allocation of
profits to shareholders. These assumptions are derived from analysis of actual experience, with
allowance for prudent margins for adverse deviation.
Reduction in non-unit reserves on the Participating portfolio is as a result of the introduction

of lapse and surrender assumptions starting from FY2019. Increase in non-unit reserves on the
Non-par portfolio is on account of the introduction of the new non-par retail product during the
year and the significant increase in the Non-par group protection business in FY2019. Retail non-
par mix moved up from 5% of the total retail new business mix in FY2018 to 10% in FY2019 and
group credit protection grew at 49% during the year.
Change in unit reserve in respect of linked business pertains to net amount contributed/
withdrawn to/from the fund by the policyholder on payment of premium or when policy
becomes out of force and the change in value of the units standing to the credit of policyholders’
basis the movement in the Net Asset Value (NAV) over the period.

b. Financial condition
The following table sets forth, on the dates indicated, the summarised Balance Sheet.
(H In Crore)
As at 31 March
Particulars 2019 2018
Sources of funds
Equity capital and reserves (Shareholders' funds) 9,654 9,218
Policyholders' funds 47,297 42,515
Funds for future appropriations 902 436
Current liabilities and provisions 2,006 2,435
Total 59,859 54,604
Application of funds
Investments
-Shareholders' 9,099 8,490
-Policyholders' 24,460 22,091
Asset held to cover linked liabilities 22,632 20,778
Fixed assets 250 237
Current assets, loans and advances 3,418 3,008
Total 59,859 54,604
Sources of funds
i. Equity capital and reserves (Shareholders’ funds)
Equity capital
Shareholding pattern and transfer of shares
The shareholding pattern of the Company is as follows:
As at 31 March 2019 As at 31 March 2018

Percentage Percentage
Particulars No. of shares of holding No. of shares of holding
Bajaj Finserv Ltd. 111,524,660 74% 111,524,660 74%

Allianz SE 39,184,340 26% 39,184,340 26%
Total 150,709,000 100% 150,709,000 100%
There has been no transfer of shares during the year and the shareholding pattern is in
accordance with the statutory and regulatory requirements. The share capital stood at H 151 crore.
The Company is required to maintain minimum solvency margin (i.e. excess of value of assets
over value of insurance liabilities) at 150% as prescribed by IRDAI. The solvency margin was
804% at 31 March 2019 as against 592% at 31 March 2018.

Reserves and surplus
A summary of reserves and surplus is provided in the table below:
(H In Crore)
As at 31 March
Share premium 1,060 1,060

Revaluation reserve 40 32
Balance of profit in Profit and Loss account 8,339 7,965
Total 9,440 9,057
The increase in revaluation reserve is attributable to the revaluation of investment properties

during the year in accordance with the IRDAI (Preparation of Financial Statements and Auditors’
Report of Insurance Companies) Regulations, 2002. The value of investment property is required
to be disclosed at the revalued amount in the Balance Sheet and the change in carrying amount
is classified under revaluation reserve. The value of the property is based on valuation performed
by an independent valuer.
The increase in Profit and Loss Account balance represents the profit generated during the year.
The Shareholders’ fund includes fair value changes of H 63 crore at FY2019 as compared to H 11
crore for FY2018. Fair value change account represents unrealised gain (net) as on the Balance
Sheet date on equity and mutual fund securities pertaining to Shareholders’ investments. Such
mark to market treatment of equity and mutual fund securities as on the reporting date is in line
with requirements of IRDAI (Preparation of Financial Statements and Auditor’s report of Insurance
Companies) Regulations, 2002 which require equity and mutual fund assets to be reflected at
their current fair value in the Balance Sheet and the mark to market adjustment being reflected
under “Fair value change account” on the liability side of the Balance Sheet. Movement in fair
value change account is a function of performance of the equity markets and the mix of equity
and mutual funds in the portfolio.
The net-worth of the Company grew by 5% to H 9,654 crore at 31 March 2019 up from
H 9,218 crore at 31 March 2018.
ii. Policyholders’ funds

A summary of Policyholders’ funds is provided in the table below::
(H In Crore)
As at 31 March
Fair value change account 897 793

Policy liabilities 23,768 20,945
Provision for linked liabilities 21,814 20,282
Funds for discontinued polices 818 495
Total 47,297 42,515
Fair value change account represents unrealised gain (net) as on the Balance Sheet date on
equity and mutual fund securities pertaining to Policyholders’ non-linked investments. Such mark
to market treatment of equity and mutual fund securities as on the reporting date is in line with

requirements of IRDAI (Preparation of Financial Statements and Auditor’s report of Insurance

Companies) Regulations, 2002 which require equity and mutual fund assets to be reflected at
their current fair value in the Balance Sheet and the mark to market adjustment being reflected
under “Fair value change account” on the liability side of the Balance Sheet. Movement in fair
value change account is a function of performance of the equity markets and the mix of equity
and mutual funds in the portfolio.
The movement in policy liabilities is a consequence of various factors such as receipt of premium
(both new business and renewal), surrenders and other claims, various actuarial assumptions
and other factors varying on a product to product basis. The reserves on traditional policies are
estimated by using prospective gross premium valuation method. Mathematical reserves are
calculated based on future assumptions having regard to current and future experience e.g.
interest rates, mortality, morbidity and expense. For movement in policy liabilities and provisions
for linked liabilities refer the explanation furnished under point a. vi above on “Change in
valuation of liability is respect of life policies”.
Funds for discontinued polices represent funds pertaining to lapsed or surrendered linked policies
which have not completed the minimum lock in period and hence parked in a separate fund as
per the guidelines issued by IRDAI in this respect.
iii. Funds for future appropriations (FFA)

FFA for the Participating segment indicates the amount of unappropriated profits held in the
Balance Sheet based on the recommendation of the Panel Actuary. During the year, a sum of
H 466 crore has been transferred to FFA on account of release in mathematical reserves due
change in actuarial methodology for calculation of mathematical reserves by allowing lapses and
surrender assumptions based on long-term actual experience of the Company.
iv. Current liabilities and Provisions

Current liabilities
A summary of current liabilities is provided in the table below:
(H In Crore)
As at 31 March
Amount pertaining to Policyholders'

-Unclaimed amount of Policyholders' 429 612
-Policyholders' claims payable 55 86
-Unallocated premium 88 135
-Premium received in advance 22 27
-Payable to Policyholders 67 241
Sundry creditors and payables for expenses 256 277
Pending unitisation 233 159
Payables for unsettled investment contracts 242 171
Payable to agents (Agents balances) 89 66
Taxes payable 9 9
Other liabilities (including GST payable) 64 178
Total 1,554 1,961

(a) The unclaimed amount to policyholder is H 429 crore as at 31 March 2019 as compared to
H 612 crore as at 31 March 2018. These break-up of the said amount is summarised below:
l Claims settled but not paid due to reasons other than litigation: H 18 crore was
outstanding at 31 March 2019. Of this H 15 crore is pending due to unclear title which is
in dispute between the nominees
l Sums due to the insured/policyholders on maturity or otherwise: H 30 crore was

outstanding at 31 March 2019. Of this H 26 crore is pending from customer to submit
annuity option on vesting of a pension contract and from existing annuitants to submit
annuities certificate of existence.
l Cheques issued but not encashed by the policyholder/insured: H 330 crore was
outstanding at 31 March 2019 – these pertain to cases where cheques have been sent to
customer but are lying uncashed
l Appreciation in unclaimed balances: H 51 crore represents the increase in value of

the unclaimed balances basis the income earned by the segregated fund formed for
unclaimed balances starting FY2017 as per IRDAI circular reference IRDA/F&A/CIR/
CPM/134/07/2015 dated 24 July 2015
The Company has been advised by IRDAI to make further attempt to refund/pay, where
the unclaimed amount is more than H 1,000, by way of electronic payment mode or by
cheque. The Company has re-dispatched cheques for over thirteen thousand individual
cases amounting to over H 175 crore which has resulted in reduction in unclaimed amount
due to Policyholders as at 31 March 2019. Given the past efforts made by the Company, the
possibility of a significant sum of these instruments being realised may not be material.
(b) Policyholders’ claims payable represent amounts payable to the policyholders that are
intimated to the Company and are outstanding as a part of the normal claims process or
pending due to incomplete documentation from the policyholders or pending investigations
or may be under litigation.
(c) Unallocated premium mainly includes amount received toward proposed insurance contract
that will be recognised as premium post underwriting or fulfilment of requirements by the
customer. This also includes monies kept with the Company by Group policyholders to take
care of ongoing additions to the Group policy.
(d) Premium received in advance is held in accordance with the IRDAI guidelines and as per file
and use and will be recognised as premium income on the due date of the policy.
(e) Payable to policyholders indicates amount due to the policyholder which is under regular
process of being disbursed.
(f) Sundry creditors and payables for expenses represent amounts payable to various service
providers towards goods and services availed by the Company alongwith the provision for
the services availed/goods received but bills not received.
(g) Pending unitization represents sums received towards unit linked contracts on the last day
which are transferred to the unit fund subsequently and hence held as a current liability on
date of the Balance Sheet.
(h) Payable for unsettled investment contracts represents amount outstanding towards
investment trades of last few days that are not due for settlement.
(i) Agents’ balances represent amount payable to agents towards commission as on the Balance
Sheet date. This also includes commission on new business though accrued in the books will
be paid only subject to the prescribed persistency criteria being met.

(j) Taxes payable represent tax deducted and payable under various tax rules and regulations,
such taxes will be paid in due course within their due dates.
(k) Other liabilities primarily include bank overdraft as per the books of accounts of H 17 crore
(31 March 2018: H 104 crore); this overdraft is merely a book overdraft backed by
sufficient bank balance and the balance amount includes GST payable of H 15 crore
(31 March 2018: H 47 crore) which was not due for payment to the government as on the
date of the Balance Sheet.
Provisions
A summary of provisions is provided in the table below:
(H In Crore)
As at 31 March
Income tax 411 432

Provision for leave encashment, long-term incentive plan and gratuity 41 42
Total 452 474
Company’s liability towards leave encashment, long-term incentive plan and gratuity is
actuarially valued and is as per the requirements of revised Accounting Standard 15 (Revised)
on Employee Benefits.
i. Investments
A statement of total investments made by the Company is given below:
(H In Crore)
As at 31 March
Investments
-Shareholders' 9,099 8,490
-Policyholders' 24,460 22,091
Asset held to cover linked liabilities 22,632 20,778
Total 56,191 51,359
Total investments grew by 9% from H 51,359 crore as at 31 March 2018 to H 56,191 crore as at
31 March 2019. The Shareholders’ investments grew by 7% from H 8,490 crore as at
31 March 2018 to H 9,099 crore as at 31 March 2019. The Policyholders’ non-linked funds grew
by 11% from H 22,091 crore as at 31 March 2018 to H 24,460 crore as at 31 March 2019 which is
largely attributable to net inflows into the fund. Increase in Linked funds was attributable to lower
surrenders attributable to several retention initiatives taken by the company and on account of
new policies sold and appreciation in the value of underlying investments.

ii. Fixed Assets

A statement of movement of fixed assets is given below
(H In Crore)
As at 31 March
Gross block 427 441

Less: Accumulated depreciation 188 212
Net block 239 229
Add: Capital work in progress 11 8
Net fixed assets 250 237
There has been a focus on updating information technology equipment, through refresh of the
data center and replacement of desktops/laptops in use by the employees and several other
technology investments in line with the Company’s digital ambition, this resulted in increase in
the net block of fixed assets. However, there is net reduction in gross block on account disposal
of various assets.
iii. Current assets, loans and advances

A summary of current assets, loans and advances is provided in the table below:
(H In Crore)
As at 31 March
Income accrued on investments 1,107 1,013

Assets held to cover unclaimed funds 429 612
Cash and bank balances 742 502
Policyholders' loans 318 236
Outstanding premium 196 207
Pending unitisation 72 169
Unsettled investment contract receivable 381 134
GST/Service tax unutilized credit 69 35
Deposits 54 51
Prepayments 9 9
Other advances and receivables 41 40
Total 3,418 3,008
(a) Income accrued on investments represents interest income accrued but not due as at
31 March 2019. This largely pertains to interest on fixed deposits, Government securities and
debentures. The increase is attributable to the increase in the debt investments of the Company.

(b) Assets held to cover unclaimed funds are assets segregated for unclaimed policyholders and
invested in money market instruments in line with the IRDAI regulations.
(c) Cash and bank balances represent amounts collected during last few days of the financial year
and includes cheques on hand and cheques deposited but not cleared. The amounts were higher
as at 31 March 2019 owing to large amounts of proposals received in the last few days of FY2019.

(d) Policyholders’ loan represents the loans to policyholders’ as per the terms of the insurance
contract. The amount outstanding includes the principal and accumulated interest thereon. The
amount has primarily increased on account of additional disbursals during the financial year.
(e) Outstanding premium represents premium income (primarily renewal) accrued on traditional
products which are due within the grace period.
(f) Pending unitization represents amount of unit receivable from the linked fund for de-unitisation of
the last day which became recoverable from the unit fund on the date of the Balance Sheet and
hence held as a current asset.
(g) Unsettled investment contract receivable represents amount receivable from counter-parties for
investment trades done on the last few days of the year where settlement is not due.
(h) GST/Service tax unutilized credits represent the credit of GST/service tax available with the
Company which can be used to offset the GST/service tax liability of the Company.
(i) Deposits represent deposits placed for premises taken on lease as well as for leased
accommodations for employees. It also includes deposits to service providers for electricity,
telephone and other utilities services and paid to the Service Tax Authorities with respect to
appeals filed with Central Excise and Service Tax Tribunal (CESTAT).
(j) Prepayments includes amounts paid in advance as per contractual terms with vendors for services
to be utilised in the future.
(k) Other advances and receivables primarily include advances made in the ordinary course of
business for services to be availed in the future and recoverable from reinsurers.

DIRECTORS’
REPORT
Directors' Report
Your Directors have pleasure in presenting their Eighteenth Annual Report and audited financial
statements for the financial year ended on 31 March 2019 (FY2019).
Industry update
The past few years have been very encouraging for the life insurance industry in India. On new
business premium basis, the industry grew at a CAGR of 17% over the last five years (FY2015
to FY2019). However, FY2019 was challenging thanks to several uncertainties in the external
environment, such as:
l Uncertainties caused by the impending general elections meant that investors adopted
a ‘wait and watch’ attitude. This slowdown was more visible in H2 FY2019.
l Interest rates were volatile causing investors to wait lest they lock in investments
at lower yields.
l The default by a systemically important NBFC resulted in a widening of credit spreads.
Given the long-term profitability of regular premium individual (retail) contracts, individual rated
new business premium is the most important measure of long-term health of a Life Insurance
Company. On this basis, the industry recorded a lower growth of 9% in FY2019. Within the
industry, the private sector growth was higher at 12.5%. The rates of growth in premium in India
of the industry and for your Company have been depicted below:
New business performance

(H In Crore)
Individual rated new

business New business (NB)
Particulars FY2019 FY2018 FY2019 FY2018
BALIC 1,742 1,397 4,923 4,291

Private sector 40,125 35,668 72,481 59,314
LIC 29,058 27,802 142,192 1,34,552
Industry 69,183 63,470 214,673 1,93,865
Growth rates
BALIC 24.7% 38.3% 14.7% 28.5%
Private sector 12.5% 24.3% 22.2% 17.1%
LIC 4.5% 13.4% 5.7% 8.2%
Industry 9.0% 19.3% 10.7% 10.7%
Market share
Private industry 58.0% 56.2% 33.8% 30.6%
LIC 42.0% 43.8% 66.2% 69.4%
Source Life Council statistics
Note: Individual rated NB = 100% of First year premium and 10% of single premium
Group premium contributes to more than half the business for the industry. These accounted for
54% of the overall new business premium in FY2019 for the industry as a whole, versus 52% in
FY2018. Of the total growth experienced by the industry, the individual new business grew by 6%
and group new business by 15% in FY2019.
The average ticket size of retail policies grew by 7.1% in FY2019 to over H 24,214 as against H 22,602
in FY2018. The number of retail policies sold grew by 2.2% over FY2018 to 2.73 crore policies.

Directors' Report
Business update
Your Company continued its journey of transformation, which included (i) growing agency with a
focus on profitability, (ii) product innovations to stay ahead of the market, (iii) investing in new
channels of distribution such as online, proprietary and seeking new bank tie ups, (iv) focus on
quality of distribution and hence business quality, (v) customer/geographic segmentation, and
(vi) superior technology and adoption. Almost all the channels, including the proprietary channels,
recorded excellent growth in FY2019 and improved on almost all quality parameters.
The results of the steps towards transformation have been visible through growth of new
business at pace faster than market, customer retention as evidenced through growth in
renewals, improvement in persistency and significant reduction in surrenders, a revamped
product portfolio, several technological advancements in serving the customers and distributors
and brand enrichment.
The Company believes that the India’s young population prefers to not think of his/her
insecurities or death benefits but prefers to get the most out of life and wants to live better.
The Company hence wants to focus on this need of the customer to Live Better. Accordingly,
your Company’s strategy for the next few years is to focus on the Living Benefits that fulfil
the Life Goals of customers. Your Company accordingly continued to channelize the sales and
support orientation towards goal-based sales for the customer. These include - Life Goals media
campaign, where the Company emphasised on its promise “Samjho ho gaya”, revamped website
to facilitate need based selling to fulfil the Life Goals of the customers, product innovation to
address the varying customer needs and several technology initiatives.
In FY2019, your Company was able to drive a balanced and sustainable product mix, with a view
of de-risking its business from volatile market movements. As a result, the proportion of Unit-
Linked Insurance Plans (ULIPs) — which are volatile in the product mix — was brought down from
72% in FY2018 to 61% in FY2019.
In terms of rated individual new business premium, BALIC registered a solid growth of 24.7%,
which was significantly higher than the industry growth rate of 9.0%. The growth of your
Company is evident in the below chart (CAGR for five years at 22.4%).
Individual rated new business premium

1,800 (J In Crore) 1,742
1,600
1,397
1,400
1,200
1,010
1,000
800 775
717
600
400
200
0
FY2015 FY2016 FY2017 FY2018 FY2019
Note: Individual rated new business premium = 100% of First year premium & 10% of single premium
Your Company’s average ticket size of retail regular premium policies grew by 23% in FY2019
to over H 56,128 versus H 45,448 in FY2018. The number of retail policies sold were 3.1 lakh with
total lives covered at 3.5 crore in FY2019.
Your Company saw its market share increasing from 2.2% in FY2018 to 2.5% in FY2019 on
individual rated premium basis moving a rank up in the order. Within the private market (ex-LIC),
your Company’s market share grew from 3.9% in FY2018 to 4.3% in FY2019.

Directors' Report
During FY2019, your Company was amongst the top three fastest growing companies amongst
the top ten private players (on individual rated premium basis).
Financial performance
The key financial performance parameters of your Company are as follows:
(H In Crore)
Particulars FY2019 FY2018 Growth
Gross written premium (GWP) 8,857 7,578 16.9%

New business premium 4,923 4,291 14.7%
-Individual rated new business premium 1,742 1,397 24.7%
-Group protection new business premium 1,450 975 48.7%
Renewal premium 3,934 3,287 19.7%
Policyholders’ surplus 104 192 (45.8%)
Shareholders’ profit after tax 502 716 (29.9%)
Assets under management 56,620 51,970 8.9%
Your Company registered a 14.7% growth in new business premium and 19.7% growth on
renewals which led to a 16.9% growth in GWP. With the focus on individual business, individual
rated business saw a much higher growth of 24.7%. The group protection new business grew at a
much faster pace at 48.7%.
Surplus in Policyholders’ account transferred to the Shareholders’ account was lower due to expected
strain from high growth experienced in FY2019 and lower investment income. Profit after tax
accordingly trailed at H 502 crore in FY2019 as compared to the profit of H 716 crore in FY2018. Lower
profits included the impact of impairment of some investments. The accumulated profits of your
Company included under Reserves and Surplus stood at H 8,339 crore at 31 March 2019.
Dividend
Your Directors recommend for consideration at the ensuing Annual General Meeting (AGM)
payment of dividend of H 7/– (Previous year: H 7/-) per equity share of face value of H 10/–
(70% of face value, Previous year: 70% of face value) for FY2019. The amount of dividend
and tax thereon aggregate to H 127.18 crore (Previous year: H 127.18 crore).
Investments
Equity markets delivered good returns in FY2019 with the large cap Nifty index up by 14.9%, which was
led by strong appreciation in a few select stocks. Banking and IT sectors have moved up by 25% while
the Auto Sector has been down by 22%. India has been one of the top performing market in FY2019
among the emerging markets. The US Federal Reserve raised policy rates on 3 occasions (by 0.25%
each) during the year complemented by a pick-up in growth and a stable labour market. However, most
of the other global central banks turned dovish in Q4 FY2019 on possibility of a global growth slowdown.
The Reserve Bank of India hiked the repo rate twice (by 0.25% each) during H1 FY2019 with CPI
inflation trending higher. But, with a global slowdown and benign inflation in the latter half of the
year, the central bank reduced repo rate by 0.25% in February 2019. The 10 year G-Sec has ended the
year at 7.35%, which remains the same as at the start of the year. However, during the year, interest
rates went up to as high as 8.2% in September-October (10 year G-Sec) due to the tight monetary
policy followed by RBI, liquidity constraints and the credit crisis. Corporate bond spreads in the year
have also widened due to the tight liquidity and risk aversion in the credit markets. The CRISIL Bond
Index has delivered returns of 6.72% over the year.

Directors' Report
Your Company remains optimistic on the prospects of the Indian economy. An uptick in corporate
earnings which was subdued in last few years, is expected to pick up in FY2020.
The total funds under management as on 31 March 2019 were H 56,620 crore which included
shareholders’ investments of H 9,099 crore, traditional policyholders’ investments of H 24,460 crore
and unit-linked investments of H 23,061 crore (including unclaimed funds). The total investments under
management of your Company grew by 8.9% during FY2019.
Capital and Net-worth

The total funds infused by the shareholders in your Company remain at H 1,211 crore.
The net worth of your Company at 31 March 2019 was H 9,654 crore as against H 9,218 crore
at 31 March 2018. Your Company had no accumulated losses as at 31 March 2019.
Your Company maintained high levels of solvency throughout the year, which provides
policyholders with a high degree of comfort when dealing with your Company. The solvency
ratio as at 31 March 2019 stands at 804% which is well in excess of the required solvency
margin of 150%.
Products and product mix

As at 31 March 2019, the Company had 29 individual plans and 12 group plans in its product
basket apart from 13 riders.
Within individual business, unit linked premium contributed 61% of the new business premium
for FY2019 as compared to 72% for FY2018. Within group business, the protection business
contributed to 46% of the new business premium for FY2019 as compared to 35% for FY2018.
Customer service
In FY2019, your Company undertook several transformational steps to serve its customers and
distributors in a far more digitized and seamless fashion. These initiatives primarily focused on
making the experiences intuitive across platforms and processes. A large part of the effort was
also primarily towards providing the empowerment of transaction and resolution on mobile
devices to create an experience of having an ‘office/service touch point on the go’. These
activities included launch of mobile applications facilitating faster customer service delivery,
managing portfolio of insurance consultants (ICs) and recruitment of ICs.
Several initiatives such as Family Day, Service On Wheels as well as Health Camps were
conducted across several states for providing care and service at the branches and at the
doorstep of the customer. One of these service camps post the Kerala floods was greatly
appreciated by the local population as a proactive service gesture by your Company.
Total death claims intimated, disposed of and pending in FY2019 were as follows:
(H In Crore)
FY2019 FY2018
No. of No. of
Particulars Policies Amount Policies Amount
Claims intimated/booked + opening 184,100 1,133 212,535 1,159

Claims settled 182,970 1,079 210,678 1,085
Claims repudiated 955 52 1,159 37

Directors' Report
Digital transformation
During the year, the Company has taken several digital initiatives to improve the customer
experience and build relationships to drive retention and additional revenues. Your Company’s
branches are now equipped with a mobile app which facilitates visiting identified customer
clusters known as ‘Household IDs’ to service customers at the convenience at their homes. In
addition, the promotion of the use of the Company’s chat bot ‘BOING’ and secure customer portal
‘Life Assist’ has helped in reducing the branch walk-ins and inbound calls at the Company’s call
centre by a large volume. Your Company has also provided simple methods to pay renewal
premium online through the launch of the ‘eMandate’ as well as credit card standing instructions
which has resulted in a substantial increase in renewal payments.
Recognition and Awards

Your Company has been recognised with various awards and accolades from time to time.
During the year, Sanjiv Bajaj, Chairman was conferred the prestigious ‘Economic Times - Business
Leader of the Year Award’ for 2018.
Here is a brief highlight of some of the major awards your Company won during the year.
l 'Best ULIP of the Year' award for Bajaj Allianz Life Goal Assure at the Business Today-Money
Today Financial Awards 2019
l Set a new Guinness World Record for ‘Most people holding the abdominal plank
position’ together for one minute. The new world record was set as 2,353 people held
the abdominal plank together at Pune
l Ranked amongst the Top-75 Most Valuable Indian Brands 2018 as per WPP and Kantar
Millward Brown’s report and amongst the Top 10 Riser Brands 2018
l IDC Digital Transformation Award 2018 for ‘BOING’ under the Digital Transformer category, and
for ‘Single View of the Customer’ under the DX Leader category
l ‘Best Digital Marketer of the Year – Insurance 2018’ award at IAMAI Digital Marketers’ Award
l Customer Service Excellence Award for ‘Best Use of Technology’ under the Enterprise category
at NASSCOM BPM Strategy Summit 2018
l ‘Silver’ for #36SecPlankChallenge under the ‘Best User-Generated Content Marketing’

category, at the IAMAI 9th India Digital Awards 2019
IRDAI registration
Your Company has paid to the Insurance Regulatory and Development Authority of India (‘IRDAI’)
annual fees for FY2020 as specified by the IRDA (Registration of Indian Insurance Companies)
Regulations, 2000, as amended.
Directors’ responsibility statement

In accordance with section 134(3)(c) of the Companies Act, 2013 (‘the Act’), the Directors state that:
(a) in the preparation of the annual accounts, the applicable accounting standards have been
followed along with proper explanation relating to material departures;

Directors' Report
(b) the Directors have selected such accounting policies and applied them consistently and
made judgments and estimates that are reasonable and prudent so as to give a true and
fair view of the state of affairs of the Company as at 31 March 2019 and of the profits of the
Company for the financial year ended on that date;
(c) the Directors have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the assets
of the Company and for preventing and detecting fraud and other irregularities;
(d) the annual accounts have been prepared on a going concern basis;
(e) the Directors have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems are adequate and operating effectively.
Extract of the Annual Return

The extract of Annual Return, as provided under section 92(3) of the Act, in the prescribed Form
MGT-9 is annexed to this report.
Number of meetings of the Board

The Board of Directors met five times during the year. Detailed information about dates of
meetings and attendance of Directors thereat is given in the Corporate Governance Report
annexed to this report.
Remuneration policy
Policy on remuneration of Directors, key managerial personnel and other employees, including
criteria for determining qualifications, positive attributes, independence of a Director and other
matters provided under section 178(3) of the Act, is placed on the Company’s website
https://www.bajajallianzlife.com/why-us/life-insurance-company.jsp
The policy is directed towards a compensation philosophy and structure that will reward and
retain talent and provides for a balance between fixed and incentive pay reflecting short and
long-term performance objectives appropriate to the working of the Company and its goals.
Related party transactions

As per section 177 of the Act, the Audit Committee of the Board of Directors approves the estimated
related party transactions of the Company at the beginning of every financial year. Related party
transactions are placed before the Audit Committee for noting on a quarterly basis. Related party
transactions entered during the year under review were in the ordinary course of business and on
an arm’s length basis, thus not requiring prior approval of the Board or the shareholders. During
the year, there were no material contracts or arrangements or transactions at arm’s length basis
that needed to be disclosed in Form AOC-2 as required under the Act. As per Accounting Standard
(AS) 18 on ‘Related Party Disclosures’, the details of related party transactions entered into by the
Company are also included in the notes to the financial statements.
Material changes and commitments

There have been no material changes or commitments affecting the financial position of the
Company, which have occurred between the end of financial year of the Company and the
date of this report.

Directors' Report
Conservation of energy and technology absorption

The Company has taken the following measures to reduce energy consumption:
l Replacement of conventional lighting systems to LED lights at all new and renovated offices
l Replaced old air-conditioners with 3/5 star rated machines
Your Company strives to employ latest technologies with a view to improve presence in digital
space. Your Company is increasingly deploying mobility solutions, analytics, cloud and other
technological innovations towards automation of processes to provide a competitive edge and
impetus to its intermediaries, employees and partners. This would also ensure faster services and
better customer experience and, more importantly, position the Company for future readiness.
Your Company is focusing more towards paperless journey as an initiative towards conservation
of energy by adopting digital initiatives. Your Company has started the Customer Relationship
Management implementation journey which will provide single window to customer’s life cycle
management. Your Company also implemented various security systems/tools to have enhanced
information technology and cyber security posture and arrest the leakages of organisational
sensitive data/information.
Foreign exchange earnings and expenditure

Earnings in foreign currency : Nil
Expenditure in foreign currency : H 6.64 crore
Risk management policy

A statement indicating development and implementation of risk management policy for the
Company including identification therein of elements of risk, if any, which in the opinion of the
Board may threaten the existence of the Company has been given in the Corporate Governance
Report annexed to this report.
Corporate social responsibility (CSR)

During FY2019, your Company has spent the amount as required by section 135 of the Act on CSR
activities/projects in accordance with the CSR policy of the Company. Report on Corporate Social
Responsibility Policy developed and implemented by the Company on CSR initiatives taken during
the year pursuant to section 134 and section 135 of the Act is given in annexure to this report.
Performance evaluation of the Board, its Committees

and Directors
In accordance with section 134(3)(p) of the Act, formal annual performance evaluation of the Board,
its Committees and the Directors individually has been carried out in the following manner:
(a) Rating sheets were filled by each of the Directors with regard to evaluation of performance of the
Board, its Committees and individual Directors (except for the Director being evaluated) for the
year under review.
(b) A consolidated summary of the ratings given by each of the Directors was then prepared, based
on which a report of performance evaluation was prepared by the Chairman in respect of the
performance of the Board, its Committees and Directors individually.
(c) The report of performance evaluation so arrived at was then discussed in the meeting of the
Board of Directors.
(d) The Nomination and Remuneration Committee reviewed the implementation and compliance of
the process of performance evaluation.

Directors' Report
Directors and key managerial personnel

Heinz Dollberg, Director (DIN 00168797) and Hicham Raissi (DIN 07564333) resigned as Directors
with effect from 22 June 2018 and 6 September 2018 respectively. Ritu Arora (DIN 07019164)
and Solmaz Altin (DIN 08206960) were appointed as Additional Directors with effect from 29
June 2018 and 12 September 2018 respectively. At the Annual General Meeting (AGM) of the
Company held on 18 July 2018, Ritu Arora was appointed as Director liable to retire by rotation.
Avais Karmali (DIN 07565946) ceased to be Alternate Director for Heinz Dollberg with effect from
14 May 2018 and was appointed as an Alternate Director for Sergio Balbinot (DIN 01629245)
with effect from 18 July 2018. During FY2019, on arrival of Sergio Balbinot in India, Avais Karmali
ceased to be Alternate Director for Sergio Balbinot and subsequently re-appointed as such after
his departure from India. Last such appointment was made with effect from 18 January 2019.
The Independent Directors have submitted declarations stating that they meet the criteria of
independence as provided in section 149(6) of the Act.
Pursuant to the provisions of the Act, Sergio Balbinot (DIN 01629245) and Tarun Chugh (DIN
02578909), Directors, retire by rotation and, being eligible, have offered themselves for re-
appointment as Directors at the ensuing 18th AGM. Solmaz Altin will hold office as Additional
Director up to the date of the ensuing AGM. The Company has received notice under section 160
of the Companies Act, 2013 proposing candidature of Solmaz Altin as Director liable to retire by
rotation at the ensuing AGM. Solmaz Altin, being eligible, has offered himself for
such appointment.
Significant and material orders passed

by the Regulators or Courts
There were no significant and material orders passed by the Regulators or Courts or Tribunals
during the year under review impacting the going concern status of your Company and its
operations in future.
Adequacy of internal financial controls

Your Company has established an Internal Financial Control Framework as per the requirements of
the Companies Act 2013. The Company has documented its internal financial controls considering
the essential components of various critical processes, physical and operational. This includes
its design, implementation and maintenance alongwith periodical internal review of operational
effectiveness and sustenance, which are commensurate with the nature of its business and the
size and complexity of its operations. This ensures orderly and efficient conduct of its business,
including adherence to the Company’s policies, safeguarding of its assets, prevention of errors,
accuracy and completeness of the accounting records and the timely preparation of reliable
financial information.
The key components of the internal financial control framework include Entity Level Controls
(ELC), Process Level Controls and Review Controls. The Company undergoes review of internal
controls by specialised third party professional consultants across functions.
During the year under review, the internal financial controls with reference to the financial
statements were adequate and operating effectively.
There is no qualification, reservation, adverse remark or disclaimer made by the joint statutory
auditors in their report on Internal Financial Controls.

Directors' Report
Particulars of employees
As required by the provisions of Rule 5(2) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, the names and other particulars of the employees are set out
in the Annexure to this report.
Disclosure under the Sexual Harassment of Women

at Workplace (Prevention, Prohibition and Redressal)
Act, 2013
Your Company has complied with provisions relating to the constitution of Internal Complaints
Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013. During the year under review, nine cases were filed pursuant to the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. Out of
these nine cases, six cases have been closed and in three cases enquiry was underway as at
31 March 2019.
Corporate governance
A report on Corporate Governance as required under the Corporate Governance Guidelines for
insurance companies issued by IRDAI (Corporate Governance Report) is annexed to this report
alongwith a certificate from the Company Secretary.
Composition of Committees
These details are provided in the Corporate Governance Report annexed to this report.
Establishment of vigil mechanism

The Company has established a vigil mechanism in the form of Whistle Blowing (Ethics
Committee for the employees to raise concerns internally about possible irregularities,
governance weaknesses, financial reporting issues or other such matters of irregularities. The said
vigil mechanism provides adequate measures to safeguard the persons who take recourse to such
vigil mechanism and in appropriate cases, the concerned person may approach the Chairperson of
the Audit Committee. The Audit Committee oversees the vigil mechanism of the Company.
Implementation of Indian Accounting Standards (Ind AS)

IRDAI vide its Circular No. IRDA/F&A/CIR/ACTS/146/06/2017 dated 28 June 2017 deferred
implementation of Ind AS for insurance companies by a period of two years to be effective from
FY2021. The said Circular, however, requires submission of proforma Ind AS financial statements
on quarterly basis, which have been submitted to the Authority in FY2019.
The new standard on insurance contract Ind AS 117 (equivalent to IFRS 17) is expected to have
significant impact on the financial reporting and actuarial functions as well as operational aspects
such as data, systems and processes of the insurance companies. The Company is in the process
of performing an impact analysis of the same.
Disclosures under the Companies Act, 2013/rules

thereunder
l The Company is not required to maintain cost records pursuant to section 148 of the
Companies Act, 2013 read with rules thereunder.

Directors' Report
l Section 186 of the Companies Act, 2013 relating to loans, guarantees and investments,
requiring, inter alia, disclosure thereof in the financial statements does not apply
to the Company.
l The Company does not have any subsidiary, joint venture or associate company.
l The Company has not accepted any deposits during the year under review.
Secretarial Standards of ICSI

The Company has complied with the applicable Secretarial Standards issued by the Institute of
Company Secretaries of India from time to time.
Statutory auditors
S R Batliboi and Co. LLP, Chartered Accountants (FRN: 301003E/E300005), the joint statutory
auditors of the Company, hold office up to the conclusion of the 22nd annual general meeting
(AGM) of the Company and Kirtane and Pandit LLP, Chartered Accountants (FRN: 105215W/
W100057), the joint statutory auditors of the Company, hold office up to the conclusion of the 21st
AGM of the Company.
The Audit Report from the joint statutory auditors does not contain any qualification, reservation
or adverse remark or disclaimer.
During the year under review, there was no fraud reported by the joint statutory auditors to the
Audit Committee under section 143(12) of the Companies Act, 2013.
Secretarial auditor
Pursuant to section 204 of the Act, the Board has re-appointed Shyamprasad Limaye,
Company Secretary in Practice (FCS No. 1587, CP No. 572) to undertake the Secretarial Audit of
the Company for FY2019.
A report from the secretarial auditor in the prescribed Form MR-3 is annexed to this report. The
same does not contain any qualification, reservation or adverse remark or disclaimer.
Appreciation and Acknowledgement

The Board is grateful to the IRDAI and other regulatory authorities for their continued support.
Your Company’s performance during the year would not have been possible without the
commitment and hard work of the employees.
Your Directors take this opportunity to thank the promoters, Bajaj Finserv Ltd. and Allianz SE,
for providing strategic direction to and guidance in the working of the Company. The Board of
Directors, is thankful to your Company’s policyholders, agents, intermediaries and reinsurers for
reposing their unstinted faith in your Company.
For and on behalf of the Board of Directors of

Bajaj Allianz Life Insurance Company Ltd.
Sanjiv Bajaj
Chairman
(DIN 00014615)
Pune: 8 May 2019

Annexure to Directors' Report
Extract of Annual Return (Form MGT-9)

As on the financial year ended on 31 March 2019
[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12 (1) of the Companies
(Management and Administration) Rules, 2014]
I. Registration and other details

i. Corporate Identification Number (CIN) U66010PN2001PLC015959
ii. Registration Date 12 March 2001
iii. Name of the Company Bajaj Allianz Life Insurance Company Ltd.
iv. Category/sub-Category of the Company Public Company, Limited by shares
Bajaj Allianz House, Airport Road,
v. Address of the Registered office and
Yerawada, Pune – 411 006.
contact details
Tel: 020 6602 6777
vi. Whether listed company No
Karvy Fintech Private Limited
Karvy Selenium Tower B, Plot Nos. 31 & 32,
vii. Name, Address and contact details of
Financial District Nanakramguda, Hyderabad - 500032
Registrar and Transfer Agent, if any.
Tel No.:- 040 6716 2222 Toll Free No.:- 1800 345 4001
Website:- www.karvyfintech.com
II. Principal Business Activities of the Company
All the business activities contributing 10% or more of the total turnover of the company
Sr. Name and Description of main NIC Code of the % to total turnover
No. products/service product/service of the Company
1 Life Insurance 65110 100%
III. Particulars of Holding, Subsidiary and Associate Companies
Holding/ % of
Sr. Name and Address of Subsidiary/ shares Applicable
No. the Company CIN/GLN Associate held section
1 Bajaj Finserv Ltd. CIN:L65923PN2007PLC130075 Holding 74% 2(46)

Bajaj Auto Ltd. Complex, Company
Mumbai-Pune Road,
Pune – 411 035

IV. Share holding pattern

(Equity share capital breakup as percentage of total equity)
i. Category-wise share holding
No. of shares held at the beginning of the year No. of shares held at the end of the year
% change
% of total % of total during the
Categories of Shareholders Demat Physical Total shares Demat Physical Total shares year
A. Promoters
(1) Indian
a) Bodies Corporate Nil 111,524,660 111,524,660 74 Nil 111,524,660 111,524,660 74 Nil
sub-total (A) (1):– Nil 111,524,660 111,524,660 74 Nil 111,524,660 111,524,660 74 Nil
(2) Foreign
b) Bodies Corporate Nil 39,184,340 39,184,340 26 Nil 39,184,340 39,184,340 26 Nil
sub-total (A) (2):– Nil 39,184,340 39,184,340 26 Nil 39,184,340 39,184,340 26 Nil
Total shareholding of Promoter
Nil 150,709,000 150,709,000 100 Nil 150,709,000 150,709,000 100 Nil
(A) = (A)(1)+(A)(2)
B. Public Shareholding Nil Nil Nil Nil Nil Nil Nil Nil Nil
1. Institutions Nil Nil Nil Nil Nil Nil Nil Nil Nil
sub-total (B)(1):– Nil Nil Nil Nil Nil Nil Nil Nil Nil
2. Non-Institutions Nil Nil Nil Nil Nil Nil Nil Nil Nil
sub-total (B)(2):– Nil Nil Nil Nil Nil Nil Nil Nil Nil
Total Public Shareholding
Nil Nil Nil Nil Nil Nil Nil Nil Nil
(B)=(B)(1)+(B)(2)
C. Shares held by Custodian for
Nil Nil Nil Nil Nil Nil Nil Nil Nil
GDRs and ADRs
Grand Total (A+B+C) Nil 150,709,000 150,709,000 100 Nil 150,709,000 150,709,000 100 Nil
ii. Shareholding of Promoters
Shareholding at the beginning Shareholding at the end

of the year of the year
% of total % of shares % of total % of shares % change in
shares pledged/ shares pledged/ shareholding
No. of of the encumbered No. of of the encumbered during the
Sr. No. Shareholder’s name shares Company to total shares shares Company to total shares year
1 Bajaj Finserv Ltd. 111,524,060 73.9994 Nil 111,524,060 73.9994 Nil Nil
2 Allianz SE 39,184,340 26 Nil 39,184,340 26 Nil Nil
Bajaj Finserv Ltd. jointly with
3 100 0.0001 Nil 100 0.0001 Nil Nil
Rahul Bajaj
4 100 0.0001 Nil 100 0.0001 Nil Nil
Niraj Bajaj
5 100 0.0001 Nil 100 0.0001 Nil Nil
Sanjiv Bajaj
6 100 0.0001 Nil 100 0.0001 Nil Nil
Ranjit Gupta
7 100 0.0001 Nil 100 0.0001 Nil Nil
Kevin D’Sa
8 100 0.0001 Nil 100 0.0001 Nil Nil
J Sridhar
Total 150,709,000 100.00 Nil 150,709,000 100.00 Nil Nil

iii. Change in Promoters’ Shareholding – No Change
iv. Shareholding Pattern of top ten Shareholders (other than Directors, Promoters
and Holders of GDRs and ADRs) - All shares are held by promoters as mentioned in (ii)
Shareholding of Promoters above.
v. Shareholding of Directors and Key Managerial Personnel: Apart from the joint
shareholding of the Directors mentioned in point IV (ii) above, no other Director or Key
Managerial Personnel holds any shares in the Company.
V. Indebtedness
Indebtedness of the Company including interest outstanding/accrued but not due for payment: Nil
VI. Remuneration of Directors and Key Managerial Personnel
A. Remuneration to Managing Director, Whole-time Directors and/or Manager:
(H In Thousand)
Name of MD/WTD/Manager
Tarun Chugh
Managing Director
and
Sr. Chief Executive Officer
No. Particulars of Remuneration (DIN 02578909) Total Amount
1 Gross salary
(a) Salary as per provisions contained in
section 17(1) of the Income Tax Act, 1961 63,709 63,709
(b) Value of perquisites u/s 17(2)
Income Tax Act, 1961 40 40
(c) Profits in lieu of salary under
section 17(3) Income Tax Act, 1961 Nil Nil
2 Stock Option Nil Nil
3 Sweat Equity Nil Nil
4 Commission Nil Nil
– as % of profit
– others, specify. Nil Nil
5 Others, please specify Nil Nil
Total (A) 63,749 63,749

B. Remuneration to other directors:
(H In Thousand)
Name of Directors
Sr. Sanjay Asher Suraj Mehta Nanoo Pamnani Lila Poonawalla Total
No. Particulars of Remuneration (DIN 00008221) (DIN 00164791) (DIN 00053673) (DIN 00074392) Amount
1 Independent Directors
l Fee for attending Board/
900 900 1,300 1,900 5,000
committee meetings
l Commission Nil Nil Nil Nil Nil
l Others, please specify Nil Nil Nil Nil Nil
Total (1) 900 900 1,300 1,900 5,000
2 Other Non-Executive Directors Nil Nil Nil Nil Nil
Total (2) Nil Nil Nil Nil Nil
Total (B)=(1+2) 900 900 1,300 1,900 5,000
Total Managerial Remuneration (A+B) 68,749
Not
Overall Ceiling as per the Act
applicable
C. Remuneration to key managerial personnel other than MD/Manager/WTD:
(H In Thousand)
Name of Key Managerial Personnel

Ramandeep
Singh Sahni
Sr. Chief Financial Rajesh Shanoy Total
No. Particulars of Remuneration Officer Company Secretary Amount
1 Gross salary
(a) Salary as per provisions
contained in section 17(1) of the
Income Tax Act, 1961 29,284 4,477 33,761
(b) Value of perquisites u/s
17(2) Income Tax Act, 1961 937 Nil 937
(c) Profits in lieu of salary under
section 17(3) Income Tax Act, 1961 Nil Nil Nil
2 Stock Option Nil Nil Nil
3 Sweat Equity Nil Nil Nil
4 Commission
- as % of profit Nil Nil Nil
- others, specify… Nil Nil Nil
5 Others, please specify Nil Nil Nil
Total 30,221 4,477 34,698
D. Penalties/Punishment/Compounding of Offences (Under the Companies Act, 2013): Nil

CSR at Bajaj Allianz Life Insurance
and Bajaj Finserv Group Companies
Introduction
‘Society must profit from profit itself’. That’s what our group’s founding father was committed to. That is what we
are committed to today. That’s what we will continue to do in the future. Our Group’s CSR activities are guided
by the vision and philosophy of our founding father, Shri Jamnalal Bajaj, who embodied this value in our business
and laid the foundation for finding numerous ways to give back to the ecosystem we are a part of.
‘Social empowerment’ is at the heart of all our CSR activities. We work with various partners to make good
quality services, be it healthcare or education or training for employability, accessible and affordable to all
sections of society. We believe this helps individuals to unlock and activate their true potential.
Our focus areas

Healthcare Protection
Number of lives impacted: 1,30,000 Number of lives impacted: 7,000 children
Good quality healthcare services are available to only a Thousands of children in street situations battle hardships like
privileged few. Over the last 4 years, we have partnered dysfunctional families, impoverishment, malnutrition, illness,
with various organizations to make healthcare services and illiteracy. If these roadblocks can be removed, these
accessible and affordable to all strata of society. Our children can lead an independent and dignified life and
financial support for medicines and treatment and our contribute to the country as productive citizens. We support
grants for hospital equipment, especially in remote various partners that provide shelter, education, as well as
geographies, ensure that people can access and afford care for street children, abandoned children, and children in
good quality healthcare. Children being our focus area, we vulnerable communities. We hope to create an inclusive
support treatment of congenital heart disease, cleft, and environment that channelizes the energies of these children
palate reconstruction surgeries, treatment for childhood towards productive purposes.
cancers, epilepsy, Type II diabetes, vision care, etc. for
children.
Employability Education
Number of lives impacted: 2,000 graduates Number of lives impacted: 7,500 children
Less than one-third of the country's graduates are found We work with several partners to support projects like
employable by the corporate sector. The problem is more schools for children with special needs, municipal schools,
pronounced for first-generation graduates and graduates night schools, and open schools for children who could not
from smaller towns. The vast potential of India’s educated continue with their education. Through these initiatives, we
youth is under-utilized as they are unable to find hope to provide an equal opportunity for all children to access
employment opportunities appropriate to their academic education and shape a better future for themselves.
qualification and have to settle for lower quality jobs. Our
Certificate Programme in Banking, Finance, and Insurance
(CPBFI) is designed to build capabilities (knowledge, skills,
and attitude) and provide opportunities to graduates. Bajaj
Finserv partners with various colleges across locations to
conduct CPBFI for their students and alumni.
Annual Report on Corporate Social

Responsibility Activities
1. Brief outline of Company’s CSR Policy, including overview of projects or programs
proposed to be undertaken and a reference to the web-link to the CSR Policy and
projects or programs:
The Company has in place its Corporate Social Responsibility (CSR) Policy in line with the
requirements of Companies Act, 2013. The Policy has been approved by the Board of
Directors and the same is placed on the Company’s website (https://www.bajajallianzlife.
com/why-us/life-insurance-company.jsp).
The Company’s CSR Policy outlines the Company’s responsibility as a corporate citizen
and lays down the guidelines and mechanism for undertaking activities for welfare and
sustainable development of the community at large including health-care, education,
environment etc. The CSR Policy of the Company outlines the scope of CSR activities,
modalities of execution of projects/programs, implementation through CSR Cell/other
vehicles of CSR implementation and monitoring assessment of CSR projects/programs.
The process for implementation of CSR programs involves identification of programs based
on proposals received through various channels, assessment of the project in terms of
funding required, implementation area and overall scope, due diligence of implementation
agency and recommendation to the CSR Committee. If found appropriate, the CSR Committee
approves the proposal and amount of expenditure to be incurred on the same within the
overall limit approved by the Board.
2. Composition of the CSR Committee:
The CSR Committee of the Company comprises of the following Directors:
1) Sanjiv Bajaj, Chairman

2) Ritu Arora, Director
3) Nanoo Pamnani, Independent Director
4) Ranjit Gupta, Director
5) Tarun Chugh, Managing Director and Chief Executive Officer
Notes:
a) Heinz Dollberg ceased to be member with effect from 22 June 2018.

b) Ritu Arora was appointed as member with effect from 29 June 2018.
3. Average net profit of the Company for last three financial years: H 952 crore
4. Prescribed CSR Expenditure (2% of amount as in Item No. 3 above): H 19.05 crore
5. Details of CSR spent during FY2019:
a. Total amount to be spent for the financial year: H 19.05 crore

b. Amount unspent: Nil
c. Manner in which the amount spent during the financial year is detailed below:

(H In Crore)
Projects or
programs Amount spent
(1) Local area on the projects
or other or programs
(2) Specify sub heads:
the state and (1) Direct
district where Amount outlay Expenditure Cumulative
CSR Project Sector in which projects or (budget) on projects or expenditure up
Name and details of or activities the project is programs was project or programs to the reporting
Sr. No. Implementing Agency identified covered undertaken programs wise (2) Overheads period
1 Bharatiya Samaj Seva Kendra, Funding support Promoting health Pune, 0.95 0.48 0.95
Pune for medical care including Aurangabad,
needs of preventive Sangli and
children and health care Chiplun Districts
birth mothers in in Maharashtra
the orphanages
2 Dr. Anjali Morris Education and Funding support Promoting Khed Taluka, 0.50 0.25 0.25
Health Foundation for bridging education Pune,
over Learning Maharashtra
Disabilities
3 Hirabai Cowasji Jehangir Medical Funding support Promoting Pune, 3.00 0.80 0.80
Research Institute, Pune for holistic care healthcare Maharashtra
of children with including
diabetes preventive
health care
4 Hrudaya Cure A Little Heart Funding support Promoting Selected centres 1.00 1.00 1.00
Foundation for 120 surgeries healthcare in Telangana,
of children including Andhra Pradesh
diagnosed with preventive and rest of India
Congenital Heart healthcare
Disease
5 Jankidevi Bajaj Gram Vikas Funding support Socio-economic Kerala 1.00 1.00 1.00
Sanstha to flood affected development
communities in and disaster
Kerala relief
6 MAHER Funding support Promoting Pune, 0.80 0.65 0.65
for building education and Maharashtra
construction setting up
for MAHER’s homes and
Administrative hostels for
Office and women and
running cost orphans
of Swagat
Children’s Home-
Wadgaonsheri,
Pune
7 MAMTA Health Institute for Funding support Promoting Khed Taluka, 0.50 0.25 0.25
Mother and Child for Revised healthcare Pune,
National including Maharashtra
Tuberculosis preventive
Control Program healthcare
(RNTCP) in
prevention,
early detection,
notification and
management of
pediatric TB
8 Paragon Charitable Trust, Funding support Eradication of Mumbai, 2.00 1.30 1.30
Mumbai for operating poverty and Maharashtra
expenses of Promotion of
Muktangan education
School Project
(Globe Mills
Passage
Secondary
School) for
children from
low income
community

(H In Crore)
Projects or
programs Amount spent
(1) Local area on the projects
or other or programs
(2) Specify sub heads:
the state and (1) Direct Cumulative
district where Amount outlay Expenditure expenditure
CSR Project Sector in which projects or (budget) on projects or upto the
Name and details of or activities the project is programs was project or programs reporting
Sr. No. Implementing Agency identified covered undertaken programs wise (2) Overheads period
9 Rainbow Foundation India Funding support Setting up Pune, 9.75 2.21 2.21
for operating homes and Maharashtra
costs of 4 hostels for
comprehensive women and
care homes for orphans
children and
project office
10 Shri Narsimha Saraswati Medical Funding support Promoting health Pune, 6.00 4.25 4.25
Foundation to set up Linear care including Maharashtra
Accelerator preventive
Radiotherapy health care
Unit
11 Smile Train India, New Delhi Funding support Promoting health Selected centres 21.00 7.00 14.00
for cleft care including in India
reconstructive preventive
surgeries and health care
rehabilitation of
cleft patients by
speech therapy
and orthodontic
treatment
Total 19.19
Notes:
a) All amounts mentioned above as spent are spent through implementing agency.
b) There is no expenditure on overheads in the above list.
6. In case the Company fails to spend the 2% of the Average Net Profit of the last
3 financial years, the reasons for not spending the amount shall be stated in the
Board report: Not applicable
CSR Committee’s Responsibility Statement

The CSR Committee hereby confirms that the implementation and monitoring of CSR Policy is in
compliance with CSR objectives and Policy of the Company.
Sanjiv Bajaj Tarun Chugh

(DIN 00014615) (DIN 02578909)
Chairman of Managing Director and
CSR Committee Chief Executive Officer
Date: 8 May 2019

Intentionally Left Blank

Report on Corporate Governance

The Corporate Governance Guidelines dated 18 May 2016 (the Guidelines) for the insurance
companies issued by Insurance Regulatory and Development Authority of India (IRDAI) outline the
framework of corporate governance policies and practices followed by the Company.
Board of Directors
The Board of Directors consists of 13 Directors which include 4 Independent Directors. The CEO of
the Company, as the Managing Director, is executive member of the Board of Directors. All other
Directors, including the Chairman, are non-executive Directors.
A brief profile of the Directors is as follows:
1. Sanjiv Bajaj, Chairman, has obtained a Bachelor’s degree in Engineering (Mechanical) with
distinction from the University of Pune, a Master’s degree in Science (Manufacturing Systems
Engineering) with distinction from the University of Warwick, U.K. and a Master’s degree in
Business Administration from Harvard Business School, U.S.A. He is currently the Managing
Director of Bajaj Finserv Ltd. He has vast experience in variety of areas in business strategy,
marketing, finance, investment, audit, legal and IT related functions in automotive and
financial services sectors.
2. Solmaz Altin, Director, has a Graduate degree in Business Administration and Economics
from Gerhard-Mercator-University in Duisburg, Germany. He is currently the Regional Chief
Executive Officer, Asia Pacific and Board Member of the Allianz Asia Regional Executive
Board at Allianz SE. He was Chief Risk Officer and subsequently CEO of Allianz Turkey.
He was also the Chief Digital Officer of Allianz SE. He has vast experience in variety of areas
including risk management, digital transformation, venture capital investment and financial
institution advisory.
3. Ritu Arora, Director, is the CEO and CIO (Asia) and a member of global Allianz Investment
Management (AIM) Board. AIM is responsible for investments of Allianz insurance companies
worldwide. AIM Asia hub, oversees investments of 20 entities in 11 countries across asset
classes: debt, corporates, equities and alternatives. She represents Allianz on the steering
committee of G7 Investor Leadership Network. She has over 23 years of leadership
experience and been the founding member of two very successful life insurance ventures
in India. She was awarded World Women Leadership Achievement Award by World Women
Leadership Congress in 2016 and “Woman Leader of Choice” Award by WILL in 2013. A
Post Graduate in Management from S. P. Jain Institute of Management and Research, she
completed ICWAI (Institute of Cost and Works Accountants) and is a Gold medalist from
Osmania University in Bachelor of Commerce (Hons).
4. Sanjay Asher, Independent Director, has a Bachelor’s degree in Commerce and a Bachelor’s
Degree in Law from the University of Bombay. He is also a qualified Chartered Accountant
and a Solicitor. He has over twenty nine years of experience in the field of law and corporate
matters. He is presently a senior Partner at M/s Crawford Bayley and Co., and deals with
corporate laws, mergers and acquisitions and capital market transactions.
5. Niraj Bajaj, Director, has a Bachelor’s degree in Commerce from Sydenham College of
Commerce and Economics, Mumbai and a Master’s degree in Business Administration from
Harvard Business School, U.S.A. He has been Chairman of Mukand Ltd. since 14 July 2007 and
serves as its Managing Director. He is one of the Promoters of the Bajaj Group.
6. Rahul Bajaj, Director, is an Honours Graduate in Economics and holds a Bachelor’s degree in
Law and a Master’s degree in Business Administration from Harvard Business School, U.S.A.
He is considered as one of the most successful business leaders of India and heads the Bajaj

Group of Companies. He was awarded the 'Padma Bhushan' by the President of India in
March 2001. He has immense experience, among others, in the auto and financial
services sectors.
7. Sergio Balbinot, Director, has a degree in Economics and Business Administration from
University of Bologna. He is currently a Member of the Board of Management of Allianz SE
and responsible for the insurance business in the countries of Southern and Western Europe
and Asia at Allianz SE.
8. Ranjit Gupta, Director, who is currently working as President – Insurance, at Bajaj Finserv
Ltd., is a Fellow of the Institution of Engineering and Technology, London. He has rich
experience in the automotive and financial services sectors.
9. Suraj Mehta, Independent Director, is an Honours Graduate in Economics. He has held

key management positions in India and abroad with ANZ Grindlays Bank till the year 1994.
Thereafter, he was the Chief Executive Officer of Dresdner Bank AG in India and was the
Geographic Head for the group's four businesses which included Investment Banking,
Securities Broking and Software Development. He was also the Chief Executive Officer of
NABIL Bank Ltd., the largest private sector bank in Nepal.
10. Nanoo Pamnani, Independent Director, has a Bachelor’s degree in Arts (Honours) from
Bombay University (stood first in the University in Economic Major) and a Bachelor’s degree
in Science (Economics) from the London School of Economics (Majored in Economics and
Econometrics). He was associated with Citi Bank India (‘Citi’) for more than 35 years and was
the CEO India and Regional Head, Sri Lanka, Bangladesh and Nepal before taking charge as
non-executive chairman of Citi. He has rich experience in the banking, auto and financial
services sectors.
11. Lila Poonawalla, Independent Director, is the Chairperson of Lila Poonawalla Foundation
and also former Chairperson and Managing Director of Alfa Laval-Tetra Pak India. She has a
Bachelor’s Degree in Mechanical Engineering from COEP, Pune. She has done a Marketing
management course at Harvard University, a Senior executive program at Stanford University
and a General management program at IMDR Management Institute, Lausanne, besides
a Tier III program at IIM Ahmadabad. She was the Chairperson of the Board of Governors
of Indian Institute of Technology, Ropar. She has been presented the “Padmashree” award
in 1989, Royal order of the Polar star from the King of Sweden alongwith numerous other
national and international awards.
12. Avais Karmali, Alternate Director, has done Master of Science in Actuarial Science from HEC
Lausanne Switzerland. He is currently working at the Allianz SE Board Office responsible for
Southern and Western Europe and Asia.
13. Tarun Chugh, Managing Director and Chief Executive Officer, is Engineer from IIT Delhi and
MBA from IIM Lucknow. He has more than 24 years of experience in finance and insurance
sector. Prior to joining the Company, he has held several senior positions with a few of the
largest life insurers in India.

Changes in the Board of Directors and

committees thereof
a) Heinz Dollberg resigned as Director with effect from 22 June 2018. He was Chairman
of Investment Committee and Risk Management Committee. Sanjiv Bajaj, Chairman of
the Board of Directors, being member of Investment Committee and Risk Management
Committee, was designated as Chairman thereof with effect from 29 June 2018.
b) Ritu Arora was appointed as Additional Director with effect from 29 June 2018 and was
inducted as member of all the committees of the Board, except the With Profits Committee,
with effect from the aforesaid date. At the Annual General Meeting of the Company held on
18 July 2018, Ritu Arora was appointed as Director liable to retire by rotation.
c) Avais Karmali ceased to be Alternate Director for Heinz Dollberg with effect from
14 May 2018. He was appointed as Alternate Director for Sergio Balbinot with effect from
18 July 2018.
d) Hicham Raissi resigned as Director with effect from 6 September 2018.
e) Solmaz Altin was appointed as Additional Director with effect from 12 September 2018.
f) Anuradha Lal, Independent Actuary, was inducted as member of the With Profits Committee
with effect from 16 January 2019 in place of Padmaja R who has since resigned as member
of the Committee.
g) Saisrinivas Dhulipala, Appointed Actuary ceased to be member of Investment Committee and

With Profits Committee upon resignation from services of the Company with effect from 31
January 2019.
h) Lila Poonawalla, member of Audit Committee, was designated as Chairperson thereof

with effect from 8 March 2019 in place of Nanoo Pamnani, who has continued as member
of the Committee.
Board Meetings
The Board meets at least once in every quarter, with a gap of not more than 120 days between
two meetings, to, inter alia, review the Company’s quarterly and annual financial results, business
strategies and their implementation, solvency margin, etc.
In case of any matter requiring urgent approval of the Board, the approval is taken by passing
resolution by circulation.
The Board is provided, on a timely basis, detailed agenda papers in advance of the meetings.
The agenda items include, inter alia, minutes of previous meetings of the Board and Committees,
business reviews, plans and budget, quarterly/annual financial results, financial condition
report, bonus to policyholders, investment performance, approval/reviews of company policies,
formation/reconstitution of Board Committees, etc.

Board Meetings held during FY2019

The Board of Directors met five times during FY2019 on 15 May 2018, 18 July 2018,
17 October 2018, 16 January 2019 and 8 March 2019. Following table sets out the details
of attendance of Directors at the aforesaid Board meetings.
No. of meetings
Name of Director attended
Sanjiv Bajaj 5/5

Solmaz Altin (w.e.f. 12 September 2018) 3/3
Ritu Arora (w.e.f. 29 June 2018) 3/4
Sanjay Asher 4/5
Niraj Bajaj 5/5
Rahul Bajaj 3/5
Sergio Balbinot 2/5
Heinz Dollberg (up to 22 June 2018) 1/1
Ranjit Gupta 5/5
Suraj Mehta 5/5
Nanoo Pamnani 5/5
Lila Poonawalla 5/5
Hicham Raissi (up to 6 September 2018) 0/2
Avais Karmali 0/1
Tarun Chugh 5/5
Committees of the Board of Directors:

Constitution and Composition
Audit Committee, Investment Committee, Risk Management Committee, Policyholders’ Protection
Committee, Nomination and Remuneration Committee and With Profits Committee, which
are mandatorily required under the Corporate Governance Guidelines, have been constituted
in accordance with the requirements set out therein. Further, the Company has also formed
Corporate Social Responsibility Committee of the Board of Directors as required pursuant to
section 135 of the Companies Act, 2013.
Audit Committee
The Audit Committee of the Board of Directors oversees the periodic financial reporting before
submission to the Board, disclosure processes, legal compliances, functioning of the internal
financial control framework and the internal audit department, reviews internal audit plans and
reports on a quarterly basis and approves and reviews the related party transactions. The Audit
Committee is directly responsible for the recommendation of the appointment, remuneration,
performance and oversight of the work of the internal, statutory, concurrent and Investment
Risk Management Systems and Process (IRMS) auditors. The senior management personnel
are invited to the meetings of the Audit Committee, alongwith the Head of Internal Audit, who
presents his report to the Committee at every meeting thereof.
Lila Poonawalla, Independent Director, is the Chairperson of the Audit Committee with Sanjay
Asher, Suraj Mehta and Nanoo Pamnani, Independent Directors and Ritu Arora, Sanjiv Bajaj
and Ranjit Gupta, Directors, being the other members thereof. All the members of the Audit
Committee are non-executive Directors, with majority of them being Independent Directors.

The Audit Committee met four times during FY2019 on 15 May 2018, 17 July 2018, 16 October 2018
and 15 January 2019. Following table sets out the particulars of attendance of members of the
Committee at the aforesaid meetings:
No. of meetings
Name of Member attended
Lila Poonawalla 4/4

Sanjay Asher 2/4
Sanjiv Bajaj 4/4
Ranjit Gupta 4/4
Suraj Mehta 4/4
Nanoo Pamnani 4/4
Investment Committee
The Investment Committee establishes the investment policy and operational framework
for the investment operations of the Company. It periodically reviews the investment
performance and the market conditions and recommends the investment policy for approval
of the Board of Directors.
Sanjiv Bajaj is the Chairman of the Investment Committee with Ritu Arora and Ranjit Gupta,
Directors and Tarun Chugh, MD and CEO, Venkatakrishna Narayana, Chief Risk Officer, Sampath
Reddy, Chief Investment Officer and Ramandeep Singh Sahni, Chief Financial Officer being the
other members thereof.
The Committee met four times during FY2019 on 14 May 2018, 17 July 2018, 16 October 2018
No. of meetings
Sanjiv Bajaj 4/4

Ranjit Gupta 4/4
Tarun Chugh 3/4
Saisrinivas Dhulipala (up to 31 January 2019) 4/4
Venkatakrishna Narayana 4/4
Sampath Reddy 4/4
Ramandeep Singh Sahni 3/4

Policyholders’ Protection Committee

The Policyholders’ Protection Committee of the Board of Directors has the responsibility to put
in place proper procedures and effective mechanism to address complaints and grievances
of policyholders including those arising out of mis-selling by intermediaries and to ensure
compliance with the statutory requirements relating to servicing of policyholders. It reviews the
Grievance Redressal Mechanism and the status of complaints at periodic intervals.
Sanjiv Bajaj is the Chairman of the Policyholders’ Protection Committee with Ritu Arora, Ranjit
Gupta, Directors and Tarun Chugh, MD and CEO, being the other members thereof. The Appointed
Actuary, Chief Financial Officer and Executive Vice President – Operations and Lila Poonawalla
(Customer Representative) are also invited to meetings of the Committee.
The Committee met four times during FY2019 on 14 May 2018, 17 July 2018, 16 October 2018
No. of meetings
Sanjiv Bajaj 4/4

Ranjit Gupta 4/4
Tarun Chugh 3/4
With Profits Committee

As required by the IRDA (Non-linked Insurance Products) Regulations, 2013, the Company has
formed a With Profits Committee of the Board of Directors, with responsibility to ensure that the
asset share is maintained at policy level and that only the portion of expenses representing the
relevant business should be allocated and interest credits to such asset shares should represent
the underlying assets of these funds.
Lila Poonawalla, Independent Director, is the Chairperson of the With Profits Committee
with Tarun Chugh, MD and CEO and Anuradha Lal, Independent Actuary being the other
members thereof.
The Committee met twice during FY2019 on 26 April 2018 and 26 March 2019. Following table
sets out the particulars of attendance of members of the Committee at the aforesaid meetings:
No. of meetings
Lila Poonawalla 2/2

Tarun Chugh 2/2
Saisrinivas Dhulipala (up to 31 January 2019) 1/1
Anuradha Lal (w.e.f. 16 January 2019) 1/1
Padmaja R (up to 16 January 2019) 1/1

Nomination and Remuneration Committee

Pursuant to section 178 of the Companies Act, 2013, the Company has formed the Nomination
and Remuneration Committee, with responsibility to identify persons who are qualified to
become Directors and who may be appointed in senior management in accordance with the
criteria laid down, to formulate the criteria for determining qualifications, positive attributes and
independence of a Director, to specify the manner for effective evaluation of performance of the
Board, its committees and individual directors and review its implementation and compliance,
recommendation of remuneration policy for Directors, key managerial personnel and other
employees, etc.
Nanoo Pamnani, Independent Director, is the Chairman of the Committee with Sanjay Asher and
Lila Poonawalla, Independent Directors, Sanjiv Bajaj, Ritu Arora and Ranjit Gupta, Directors being
the other members thereof.
The Committee met four times during FY2019 on 15 May 2018, 18 July 2018, 16 January 2019 and
8 March 2019. Following table sets out the particulars of attendance of members of the
No. of meetings
Nanoo Pamnani 4/4

Sanjay Asher 3/4
Sanjiv Bajaj 4/4
Ranjit Gupta 4/4
Lila Poonawalla 4/4
Corporate Social Responsibility (CSR) Committee

Pursuant to section 135 of the Companies Act, 2013, the Company has formed the Corporate
Social Responsibility Committee, with responsibility to formulate and monitor CSR policy of the
Company, recommend the amount of expenditure to be incurred on CSR activities, approve the
projects for CSR activities, etc.
Sanjiv Bajaj is the Chairman of the Corporate Social Responsibility Committee with Ritu Arora,
Ranjit Gupta, Directors, Nanoo Pamnani, Independent Director and Tarun Chugh, MD and CEO
being the other members thereof.
The Committee met four times during FY2019 on 18 July 2018, 17 October 2018, 16 January 2019
and 8 March 2019. Following table sets out the particulars of attendance of members of the
No. of meetings
Sanjiv Bajaj 4/4

Ranjit Gupta 4/4
Nanoo Pamnani 4/4
Tarun Chugh 4/4

Disclosure on remuneration of Managing Director

(MD) and Key Management Persons
The Company has a Board approved policy on the remuneration structure of the Managing Director/
Chief Executive Officer/Whole-Time Director of the Company.
a) Objectives and Key Features of Company’s Remuneration Policy

The objective of the policy is that the remuneration structure and the quantum payable to
the MD besides being in compliance with the applicable regulatory requirements should
also be competitive in the Insurance industry. The said policy sets out all aspects of the
remuneration structure of the Managing Director/Chief Executive Officer/Whole-Time
Director of the Company including level and components of remuneration, risk adjustment,
remuneration in case of new appointment and revision of remuneration.
b) Design and Structure of the Remuneration Process

The Nomination and Remuneration Committee (NRC) considers the size and complexity of
the Company for comparison of salary levels prevailing amongst other insurance companies
and other comparable companies in financial services like NBFCs, Banks and Mutual Funds
etc. Benchmarking is undertaken periodically in order to arrive at an optimum compensation
to be recommended to the Board so as to attract and retain the best talent.
c) Risks adjustment to and linkage of performance with remuneration

The remuneration process considers the current and future risk factors in terms of setting
the targets and evaluation criteria as well. Performance criteria, aligned with the annual
operating plan, are set covering quantitative measures as well as relevant qualitative and
risk factors, based on priorities set by the Board each year.
d) Elements of Remuneration of MD, other Directors and Key Management Persons

Independent Directors are paid sitting fees of H 100,000 per meeting of the Board or
committee thereof, excluding Corporate Social Responsibility Committee, attended by them.
Other than the MD, no other Director of the Company is entitled to/paid any remuneration
(excluding sitting fees as aforesaid) during FY2019, as all other members of the Board are
non-executive.
Elements of remuneration package (including incentives) of MD and CEO and Key

Management Persons, alongwith the break-up of amount of remuneration awarded to MD
for FY2019 into fixed, variable, etc. is given in the Annexure to this report.
Enterprise Risk Management (ERM) framework

Risk objectives
Your Company operates in an environment that is continuously changing due to external
pressures to quickly adapt to new regulations and competition. Any business strategy entails risk.
In all types of undertaking, there is the potential for events and consequences that constitute
opportunities for benefit (upside) or threats to success (downside).
At your Company, ERM deals with risks and opportunities to create or preserve value. ERM as
a process is ongoing, effected by people (Board of Directors, Management and Employees),
applied in setting strategy and across the Company, designed to identify potential events (risks
and opportunities) and manage the risks within its risk appetite, to provide reasonable assurance
regarding the achievement of the Company’s objectives.
Your Company is committed towards managing risks in line with its stated risk appetite through
a systematic framework which identifies, evaluates, mitigates and monitors risks that could
potentially have a material impact on the value of the organisation or potentially hinder the
organisation in achieving its stated business objectives and goals.

The risk management practices are aimed to address one or more of these risk management
goals as given below:
l Determine the risk profile/appetite of the Company;
l Ensure integration of risk considerations into decision-making processes including promotion

of a strong risk management culture supported by a robust risk governance structure;
l Determine the relevant processes and strategies for risk management which include
identification of risks, ongoing measurement and monitoring of risk exposures and ensuring
relevant control or risk transfer;
l Develop and monitor mitigation plans for high risk items identified through the self-
assessment mechanism carried out by respective business functions, loss events and
internal/statutory audit findings;
l To ensure adherence to all regulatory mandates as laid down by different regulatory

authorities and all critical internal policies/limits;
l Proactive and reactive approach to manage fraud;
l Minimising reputational risk as identified and assessed as part of a regular assessment and
managed on a case-by-case basis.
Risk governance framework

Effective risk management is based on a common understanding of risks, clear organisational
structures and comprehensively defined risk management processes. The management
establishes and adheres to a risk strategy and associated risk appetite for the Company’s
business, which is derived from and consistent with the business strategy. There is a defined risk
governance framework in place to address the risk management objectives of the Company. The
risk governance structure of the Company consists of the Risk Management Committee (RMC) of
the Board and the Executive Risk Committee (ERC).
The risk strategy of the Company is to identify actual and potential threats to the Company
on a short and long-term basis internally and externally. The RMC oversees the functioning
of the overall risk management framework of the Company and implementation of the risk
management strategy. The RMC has also been vested with the responsibility to formulate,
implement, monitor and periodically revise the Asset Liability Management strategy of the
Company. The RMC comprises of Sanjiv Bajaj as the Chairman, with Ritu Arora, Ranjit Gupta,
Directors and Tarun Chugh, MD and CEO being the other members thereof. The Chief Risk Officer,
Chief Investment Officer, Chief Financial Officer and Appointed Actuary are permanent invitees to
all meetings of the RMC.
The RMC met four times during FY2019 on 14 May 2018, 17 July 2018, 16 October 2018 and
15 January 2019. Following table sets out the particulars and attendance of members of the
No. of meetings
Sanjiv Bajaj 4/4

Ranjit Gupta 4/4
Tarun Chugh 3/4

The supervisory level ERC, convened by the Chief Risk Officer, comprises of various Heads of
Departments, which have been identified as the owners of key risks within the Company. They
are responsible for implementation of risk management activities including risk mitigation plan
within their respective vertical/department. This executive level committee ensures centralized
risk monitoring and management. The quorum of the meeting is one third of the total number
of members of the committee. The ERC holds meetings on regular basis generally every quarter.
The committee may call for a meeting of the ERC if the needs arise and may invite any person
to the meeting.
Covering major categories of assessable risks, independent of the assessment methodology and
quantifiability, the risk management framework encompasses practices relating to identification,
assessment, monitoring and mitigation of these risks. The overall risks are divided into several
categories, which are further subdivided into major sub-categories. While the risk categories
remain clearly distinct from each other, at the time of assessment their interdependencies are
taken into account.
Key risks and their mitigation

1. Market risk and Asset Liability Management (ALM) risk arises from unexpected losses arising
due to changes in market prices or parameters influencing market prices, as well as the
resultant risk from financial options and guarantees that are embedded in contracts or from
changes to the net worth of assets and liabilities in related undertakings driven by market
parameters. The risk is mitigated by maintaining a desired mix between debt and equity
subjected to investment regulations by IRDAI, active asset management based on the ALM
output alongwith asset and liability duration matching which limits impact of interest rate
changes and actions taken to manage guarantee risk.
2. Credit risk or the risk of default of counter parties is sought to be mitigated by investing in
securities with minimum acceptable credit rating and reviewing changes in credit ratings.
The Company also seeks to deal with financially sound reinsurers.
3. Liquidity risk is monitored on a regular basis to ensure sufficient liquidity is maintained to

meet short-term obligations by timing the cash inflows and outflows through cash flow
matching and by maintaining a minimum mix of liquid assets.
4. Operational risk is mitigated by a system of internal audit and fraud prevention which flags
off areas where risks are identified.
5. Insurance/business risk is sought to be mitigated by executing business operating plan and

having a risk and reward plan for mortality, persistency, expenses, new business (mix and
volume) and monitor actuals.
6. The Company has a Disaster recovery (DR) site in a different seismic zone and a business
continuity plan to mitigate Business Continuity risk.

Intentionally Left Blank

Certification for compliance of the Corporate

Governance Guidelines
I, Rajesh Shanoy, Company Secretary hereby certify that the Company has complied with the
Corporate Governance Guidelines for Insurance Companies issued by Insurance Regulatory and
Development Authority of India (IRDAI), as amended from time to time, and nothing has been
concealed or suppressed.
For Bajaj Allianz Life Insurance Company Ltd.

Date: 8 May 2019 Rajesh Shanoy
Place: Pune Company Secretary

Secretarial Audit Report (Form No. MR-3)

[Pursuant to section 204(1) of the Companies Act, 2013 and rule no. 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
For the financial year ended on 31 March 2019
To,
The Members,
Bajaj Allianz Life Insurance Company Ltd.,
(CIN U66010PN2001PLC015959)
Bajaj Allianz House, Airport Road, Yerawada, Pune-411006.
I have conducted the Secretarial Audit of the compliance of applicable statutory provisions and
the adherence to good corporate practices by Bajaj Allianz Life Insurance Company Limited
(hereinafter called as “the Company”). Secretarial Audit was conducted in a manner that
provided me a reasonable basis for evaluating the corporate conducts/statutory compliances and
expressing my opinion thereon.
Based on my verification of the Company, books, registers, papers, minute books, forms and
returns filed and other records maintained by the Company and also the information provided by
the Company, its officers, agents and authorised representatives during the conduct of Secretarial
Audit, I hereby report that in my opinion, the Company has, during the audit period covering the
financial year ended on 31 March 2019, complied with the applicable statutory provisions listed
hereunder and also that the Company has proper Board-processes and compliance mechanism in
place to the extent, in the manner and subject to the reporting made hereinafter:
I have examined the books, registers, papers, minute books, forms and returns filed and other
records maintained by the Company for the financial year ended on 31 March 2019, according to
the provisions of:
1) The Companies Act, 2013 (the Act) and the rules made thereunder;
2) Foreign Exchange Management Act, 1999 and the rules and regulations made there under
regarding Foreign Direct Investment;
3) The Insurance Act, 1938, the Insurance Regulatory and Development Authority Act, 1999 and
rules and regulations made thereunder;
4) Rules, regulations, guidelines, circulars and notifications issued by the Insurance Regulatory
and Development Authority of India (IRDAI) as are applicable to a life insurance company.
The Company is a public company, and subsidiary of a listed company.
I have also examined compliance with the applicable clauses of the Secretarial Standards
pursuant to Section 118(10) of the Act, issued by the Institute of Company Secretaries of India.
During the period under review the Company has complied with the applicable provisions of the
Act, Rules, Regulations, Guidelines, Standards, etc. mentioned above.
I further report that the Board of Directors of the Company is duly constituted with proper balance
of Executive, Non-Executive Directors and Independent Directors including one Woman Director.
The changes in the composition of the Board of Directors that took place during the period under
review were carried out in compliance with the provisions of the Act.
Adequate notice was given to all Directors to schedule the Board Meetings, including committees
thereof, alongwith agenda and detailed notes on agenda at least seven days in advance, and
a system exists for seeking and obtaining further information and clarifications on the agenda

items before the meeting and for meaningful participation at the meeting by the directors. The
decisions are carried unanimously.
I further report that there are adequate systems and processes in the Company commensurate
with the size and operations of the Company to monitor and ensure compliance with applicable
laws, rules, regulations and guidelines.
I further report that during the audit period there was no event/action having major bearing
on the Company’s affairs in pursuance of the above referred laws, rules, regulations, guidelines
and standards.
.
Date: 8 May 2019 Shyamprasad D Limaye

Place: Pune FCS No. 1587 C P No. 572

MANAGEMENT
REPORT
FOR THE YEAR ENDED 31 MARCH 2019
Management report
In accordance with the Insurance Regulatory and Development Authority (‘IRDAI’) (Preparation
of Financial Statements and Auditors’ Report of Insurance Companies) Regulations, 2002, and
circulars/guidelines issued by IRDAI thereafter, the following Management Report is submitted for
the financial year ended 31 March 2019.
With respect to the operations of Bajaj Allianz Life Insurance Company Limited (‘the Company’)
for the financial year ended 31 March 2019 and the results thereof, the management of the
Company confirms that:
1. Certificate of registration
The registration certificate granted by Insurance Regulatory and Development Authority of India
(IRDAI) is in force as on the date of this report.
2. Statutory liabilities
All dues payable to the statutory authorities have been duly paid except those under dispute or
disclosed under contingent liabilities in the notes to the accounts forming part of financial statements.
3. Shareholding pattern and transfer of shares

There has been no transfer of shares during the year and the shareholding pattern is in
accordance with the statutory and regulatory requirements. There has been no fresh capital
infusion during the year.
The shareholding pattern of the Company is as follows:
As at At at
Particulars 31 March 2019 31 March 2018
Bajaj Finserv Ltd. 74% 74%

Allianz SE 26% 26%
Total 100% 100%
4. Investments outside India

No investments, directly or indirectly have been made outside India from the funds of the holders
of policies issued in India.
5. Solvency margin
We hereby confirm that the Company has maintained adequate assets to cover both its liabilities
and required solvency margin as prescribed under Section 64VA of the Insurance Act, 1938
(amended by the Insurance Laws (Amendment) Act, 2015) and the IRDAI (Assets, Liabilities and
Solvency Margin of Life Insurance Business) Regulations, 2016.
As at At at
Particulars 31 March 2019 31 March 2018
Actual solvency ratio 804% 592%

Required solvency ratio 150% 150%

Management report
6. Valuation of assets in the Balance Sheet

The values of all the assets have been reviewed on the date of Balance Sheet and in the
Management’s belief, the assets set forth under each of the headings in the Balance Sheet
are shown in the aggregate at amounts not exceeding their realisable or market value under
their related headings - “Loans”, “Investments”, “Agents balances”, “Outstanding Premiums”,
“Income accrued on investments”, “Amounts due from other entities carrying on insurance
business (including amounts due from reinsurers)”, “Cash” and the several items specified under
“Sundry Debtors”, “Advances” and “Other Accounts” except debt securities held in non-linked
Policyholders’ funds and Shareholders’ funds.
As prescribed by IRDAI (Preparation of Financial Statements and Auditor’s Report of Insurance

Companies) Regulations 2002, all debt securities held under the Shareholders’ fund and non-linked
Policyholders’ funds, including government securities, are considered as ‘held to maturity’ and
accordingly measured at historical cost, subject to amortisation of premium or accretion of discount
in the Revenue account or the Profit and Loss account over the period of maturity/holding.
At 31 March 2019 the market and book value of these investments were as follows:
(H In Thousand)
Value as per Balance Sheet

(Book value) Market value*
Particulars 31 March 2019 31 March 2018 31 March 2019 31 March 2018
Debt investments held in

Non-linked policyholders’ funds
and Shareholders’ funds 292,794,945 258,572,241 298,993,488 261,960,928
* Market value for government securities is the price obtained from CRISIL and for debt securities other than government securities is
determined using bond valuer from CRISIL, basis the yield of the security.
7. Application and Investments

of Life Insurance fund
We certify that, no part of the Life Insurance fund has been directly or indirectly applied
in contravention of the Insurance Act, 1938 (4 of 1938) (amended by the Insurance Laws
(Amendment) Act, 2015) relating to the application and investment of the Life Insurance fund.
8. Overall risk exposure and strategy adopted

to mitigate the same
The Company is committed towards managing risks in line with its stated risk appetite through
a systematic framework which identifies, evaluates, mitigates and monitors risks that could
potentially have a material impact on the value of the organisation or potentially hinder the
organisation in achieving its stated business objectives and goals.
Risk Organisation: Effective risk management is based on a common understanding of risks,

clear organisational structures and comprehensively defined risk management processes. There
is a defined risk governance framework in place to address the risk management objectives
of the Company. The risk governance structure of the Company consists of the Board, the
Board Risk Management Committee (RMC) and the Executive Risk Committee (ERC). There are
then the various lines of defenses which include the Heads of each department which act as
a self-defense mechanism through the Internal Financial Control and Compliance certification
framework. Internal Audit, Risk, Fraud and Compliance teams act as the next line of defense
finally followed by Statutory and Concurrent Auditors which act as the final line of defense.

Management report
How we manage our risks: We manage our risk through our business strategy, continuously
seeking to identify opportunities to maximise risk-adjusted returns. Our risk management
framework broadly revolves around the following four pillars:
l Risk management process
l Solvency assessment
l Capital in decision making
l Risk appetite framework
The Company has established, for all material quantified and non-quantified risks,
a comprehensive risk management process which entails:
l Risk identification
l Risk assessment
l Risk response and control activities
l Risk monitoring
l Risk reporting.
Key risks: Our business is about protecting our customers from the impact of any risk the
Company may be exposed to. We receive premiums which we invest to maximise risk-
adjusted returns, so that we can fulfil our promises to customers while providing a return to our
Shareholders’. In doing so, we accept the risks set out below:
Risks customers transfer to us Risks from our investments Risks from our operations
Life Insurance risk, which includes While investing in different Operational risk is the losses
mortality and morbidity risk, assets to meet our obligations arising from inadequate or failed
expense risk (cost to administer to our customers and return to internal processes, people and
policies) and persistency risk our Shareholders’, we face risk systems or external events
(customers lapsing their policies). of uncertain returns because of including regulatory changes.
credit risk (actual defaults and
Some of our life and saving policies expected defaults) and market Such failures may impact our
provide guaranteed investment risks (fluctuations in asset values customers directly, our reputation
return, thus we accept from them and not match with liability with our customers, distributors
the market risk and credit risk. movement). and regulators.
.
Liquidity risk is the inability to This includes business interruption
pay claims when due, on account and fraud risks.
of insufficient funds.

Management report
Overall risk exposure and strategy adopted to mitigate the same - the types of risk under each
category identified are described in detail in the table below:
Risk Type Risk preference Mitigation
(a) Market risks

l Price of all assets l We prefer to match our l Adherence to Regulatory minimum requirement in
l Property rates liability and minimise sovereign bonds
l Interest rates duration gap between l Maintaining a desired mix between debt and
asset and liability and equity subjected to investment regulations by IRDAI
also ensure cash flow l Risk appetite set to overall market risk under the
matching Strategic Asset Allocation
l Policyholders' risk l Active asset management based on
tolerance in case of the ALM output
risk sharing l Asset and liability duration matching limits impact
l We seek some market of interest rate changes and actions taken to
risks as part of our manage guarantee risk
investments. We believe l Holding adequate reserves for the
we have enough cost of guarantee
expertise and tools l Policyholders’ expectation on returns are
to manage it managed through an active portfolio management
strategy undertaken by our most experienced
Investments team
(b) Credit risk
l Credit default l We take on credit risk as l Setting limits on exposure to asset classes,
l Credit spread we believe we have the investee companies, investee company groups
l Reinsurance risk expertise to manage it and industries. Norms include those prescribed
l As an insurer, we benefit under the Investment Regulations and those set
from being able to invest as internal limits based on the risk appetite
for the long term due to of the Company
the relative stability and l Investment restrictions (minimum and maximum)
predictability of our on sovereign and corporate exposures

cash outflows l Dealings only with approved counter parties
l We retain/reinsure while l Limiting exposure to high rated debt instruments
effectively managing the l Use of financially sound reinsurers
risk and reward
(c) Liquidity risk

Liquidity Risk l The relatively illiquid l Asset liability matching methodology develops
nature of insurance optimal asset portfolio maturity structures in our
liabilities is a potential business to ensure cash flows are sufficient to
source of additional meet liabilities
investment return by l Contingency funding plan in significant
allowing us to invest in stressed scenarios

higher yielding assets l Timing the cash inflows and outflows through
l Less appetite for short
cash flow matching and by maintaining a
term needs minimum mix of liquid assets

Management report
(d) Life Insurance risks

l Mortality l We take measured l Risk appetites set to limit exposures to key life
l Longevity amounts of life and and health insurance risks
l Persistency health insurance risks l Robust anti-fraud framework
l Morbidity where we have the l Identification of high fraud density zones based on
l Expenses appropriate core skills in Company and Industry experience

l Underwriting and
underwriting l Cross sharing fraud information with industry
l We prefer longevity and
l Early claims incorporated as criteria in assessing
claims controls
l New business
mortality risks as they sales performance
diversify well (i.e. have l Risk selection and underwriting on acceptance of
volume and mix
little or no correlation) new business
against other risks we l Analytics driven risk assessment engine at
retain
policy underwriting stage to identify potential
fraud alerts
l Underwriting and claims policies and procedures
are in place to assess and manage the risks.

The Company conducts periodic reviews of
both underwriting and claims processes and
its effectiveness to ascertain the mortality and
morbidity risk experience
l Product design that ensures products and
propositions meet customer needs

l Product development cycle to analyse the
sensitivity of profit margins and of profit

emergence prior to launch of products and
on an ongoing basis
l Use of reinsurance to mitigate mortality/morbidity
risks, in addition the Company uses a mix of

surplus, quota share and catastrophe
reinsurances to manage the probable
fluctuation in mortality risk
l Product development, pricing allowing persistency
risk based on most recent experience

l Robust and most granular bottom up business
operating plan for persistency, expenses, new

business (mix and volume) and monitoring actuals
l Business quality parameters such as early claims,
surrenders, persistency, etc. and expenses

included as a key performance indicator for all
function/sales heads
l Balanced risk and reward plan for
persistency, expenses and new business

for senior management

Management report
(e) Operational risks

l Business conduct l We have very low l Application of enhanced business standards
and reputation appetite for business covering key processes
l Legal, regulatory conduct risks l Monitoring of controls through assurance activity
and compliance l Operational risk should and information on the operation of the control
l People generally be reduced environment from management, internal audit
l Process to as low a level as is and risk functions, supported by operational risk
l Data security commercially sensible, and audit registers and first line control logs
l Technology on the basis that taking l Scenario based approach to determine appropriate
l Outsourcing risk
operational risk will level of capital for operational risks
l Business continuity
rarely provide us with an l Conduct risk management framework
upside, and operational l Internal audit department performs regular

l External risk
failures may adversely audits and reports the findings to the senior
impact our reputation, management and Audit Committee on regular
impairing our ability to basis on deviations from norms
attract new business, l Compliance tracker is maintained with timelines
or lead to poor customer and actionable. All regulatory guidelines
outcomes and changes are apprised to the relevant
stakeholders and timely submission of the reports
due is ensured
l Ensuring adequacy of controls through the Internal
Financial Control framework with half yearly

independent assessment of the framework
l Processes of the Company are outsourced as
permitted under the regulatory guidelines. The

Company carries out required due-diligence for
any new activity or vendor empanelment
l The Company has a Disaster recovery (DR) site
in a different seismic zone and a documented

Business Continuity Plan (BCP) and a
Disaster Recovery Plan (DRP) which is tested
on a periodic basis
l Fraud prevention unit entrusted with responsibility
of investigating all fraud cases

l The PR team continuously monitors the
environment for any reputation risk
9. Operations outside of India

The Company does not have any operations in a country outside of India.
10. Claims
(a) The average time taken by the Company from the date of submission of the final
requirement by the claimant to dispatch of claim payment, in respect of mortality and
morbidity claims, was as follows:
Average claim settlement

Period time (in days)
FY2019 8
FY2018 12
FY2017 7
FY2016 8
FY2015 8
FY2014 7

Management report
(b) Ageing of mortality and morbidity claims registered but not settled:
Traditional business
(H In Thousand)
As at 31 March 2019 As at 31 March 2018 As at 31 March 2017 As at 31 March 2016 As at 31 March 2015
No. of No. of No. of No. of No. of
Period claims Amount claims Amount claims Amount claims Amount claims Amount
Less than 30 Days 38 4,022 266 103,388 58 49,945 292 212,312 492 215,906
30 days to 6 months 86 5,435 400 220,370 1 3,000 206 178,140 401 224,011
6 months to 1 year 49 1,615 4 2,090 - - - - - -
1 year to 5 years - - - - - - - - - -
5 years and above - - - - - - - - - -
Total 173 11,072 670 325,848 59 52,945 498 390,452 893 439,917
Linked business (H In Thousand)
As at 31 March 2019 As at 31 March 2018 As at 31 March 2017 As at 31 March 2016 As at 31 March 2015
No. of No. of No. of No. of No. of
Period claims Amount claims Amount claims Amount claims Amount claims Amount
Less than 30 Days - - 8 30,093 3 2,150 21 6,390 42 11,558

30 days to 6 months 2 1,274 20 13,541 1 200 3 6,828 12 3,762
6 months to 1 year - - - - - - - - - -
1 year to 5 years - - - - - - - - - -
5 years and above - - - - - - - - - -
Total 2 1,274 28 43,633 4 2,350 24 13,219 54 15,321
11. Valuation of Investments

(a) Shareholders’ investments and non-linked
policyholders’ investments
As required by IRDAI (Preparation of Financial Statements and Auditor’s Report of Insurance
Companies) Regulations 2002, all Non-Linked Policyholders’ and Shareholders’ investments are
valued as stated below:
l All debt securities, including government securities, are considered as ‘held to maturity’
and accordingly measured at historical cost, subject to amortisation of premium or
accretion of discount in the Revenue account or the Profit and Loss account over the period
of maturity/holding.
l Equities have been valued at fair value, which has been ascertained on the basis of the
last quoted closing price on the National Stock Exchange (NSE). In case the equity shares
are not listed on the NSE, then they are valued on the last quoted closing price on Bombay
Stock Exchange (BSE). Unlisted shares are stated at historical cost subject to provision for
diminution, if any, in the value of such investment.
l AT1 Bonds are valued at fair value, using applicable market yield published by Securities
Exchange Board of India (SEBI) registered rating agency Credit Rating Information Services of
India Ltd. (CRISIL), using bond valuer.

Management report
l Investments in mutual funds are valued at the Net Asset Value (NAV) of these mutual funds
as on the Balance Sheet date.
l Unrealised gains/losses arising due to changes in the fair value of listed equity shares,
mutual fund units and AT1 Bonds are taken to the “Fair Value Change Account” in the
Balance Sheet.
l Redeemable preference shares are valued at historical cost and is subject to amortisation of
premium or accretion of discount.
l Listed preference shares other than redeemable preference shares are valued at fair value,
being the last quoted closing price on NSE at the Balance Sheet date. In case the preference
shares are not listed on the NSE, then they are valued on the last quoted closing price on
BSE. If price is not available on Balance Sheet date, the quoted price on the earliest previous
day is used for valuation.
l In case of unlisted preference shares other than redeemable preference shares and listed
preference (other than redeemable preference) shares that are not regularly traded in active
markets and which are classified as ‘thinly traded’ as per the guidelines governing mutual
funds for valuation of thinly traded securities laid down by Securities Exchange Board of India
(SEBI) are valued at historical cost, subject to provision for diminution in the value, if any, of
such investments determined separately for each individual investment.
l Treasury bills, certificate of deposits, commercial papers, collateralised borrowing and lending
obligation (CBLO) and Tri-Party Repo - TREPs are valued at historical cost and adjusted for
amortisation of premium or accretion of discount, as may be the case, over the period of
maturity/holding on a straight-line basis.
l Investments in security receipts, alternative investment fund, fixed deposits, reverse repos
and loans are valued at cost.
l Investment property is valued at historical cost, subject to revaluation, at least once in every
three years and provision for impairment, if any. Gain/loss on revaluation, if any is taken to
Revaluation Reserve in the Balance Sheet.
(b) Linked fund investments

Investments under Unit linked funds have been valued on mark to market basis as stated below:
l Equities have been valued at market values, which have been ascertained on the basis of
the last quoted closing price on the NSE. In case the equity shares are not listed on the NSE,
then they are valued on the last quoted closing price on BSE.
l Listed preference shares are valued and stated at fair value, being the last quoted closing
price on NSE at the Balance Sheet date. In case the preference shares are not listed on the
NSE, then they are valued on the last quoted closing price on BSE.
l If preference shares are not traded either on the NSE or BSE on the Balance Sheet date,
then the price at which the preference shares are traded on the Primary or the Secondary
Exchange, as the case may be, on the earliest previous day is considered for valuation.
l Listed equity and preference shares that are not regularly traded in active markets and which
are classified as ‘thinly traded’ as per the guidelines governing mutual funds for valuation of
thinly traded securities laid down by SEBI, are valued at historical cost, subject to provision
for diminution in the value, if any, of such investment determined separately for each
individual investment.

Management report
l Mutual fund units have been valued at the last available Net Asset Value declared by the
respective mutual fund.
l Government securities are valued at prices obtained from CRISIL.
l Corporate bonds and debentures other than government securities with a residual maturity
over 182 days are valued on a yield to maturity basis, by using spreads over the benchmark
rate. It is based on the matrix released by the CRISIL on daily basis to arrive at the yield for
pricing the security. Corporate bonds and Debentures with a residual maturity upto 182 days
are valued at last valuation price plus the difference between the redemption value and last
valuation price, spread uniformly over the remaining maturity period of the instrument.
l Treasury bills, certificate of deposits, commercial papers, CBLO and Tri-Party Repo - TREPs
are valued at cost and adjusted for amortisation of premium or accretion of discount, as the
case, over the period of maturity/holding on a straight-line basis.
l Investments in fixed deposit, reverse repos and loans are valued at cost.
l Equity Exchange Traded Funds (ETF) are valued as equity shares. In case the ETF is not
traded either on NSE or BSE on any day, NAV as published by the Mutual Fund is considered
for valuation.
12. Review of asset quality and performance

of investments
All investments are made in accordance with the regulatory norms, the Investment Policy, fund
objectives of unit linked funds, asset liability management guidelines and risk profile of the
respective fund.
(a) Asset composition

The asset composition of investment assets (excluding unclaimed fund) of the company as at
31 March 2019 is as follows:
(H In Thousand)
Policyholders' - Non Linked Policyholders' - Linked Shareholders' Total investments

Asset Class Amount % Amount % Amount % Amount %
Government securities 126,709,497 51.8% 33,659,394 14.9% 46,958,101 51.6% 207,326,992 36.9%
Equities 29,268,079 12.0% 134,533,677 59.4% 6,740,751 7.4% 170,542,508 30.4%
Debenture and bonds
- AAA 53,811,089 22.0% 14,379,626 6.4% 26,478,367 29.1% 94,669,082 16.8%
- AA / AA+ 8,448,986 3.5% 2,112,196 0.9% 3,655,450 4.0% 14,216,632 2.5%
- AA - and Below 2,535,642 1.0% 716,427 0.3% 718,175 0.8% 3,970,244 0.7%
AT1 Bonds 4,884,630 2.0% - - 1,113,799 1.2% 5,998,428 1.1%
Money Market Instruments 14,650,222 6.0% 28,689,183 12.7% 4,012,445 4.4% 47,351,850 8.4%
Fixed Deposits 4,081,100 1.7% 2,615,700 1.2% 562,500 0.6% 7,259,300 1.3%
Equity ETF - - 3,663,713 1.6% - - 3,663,713 0.7%
Investment Property - - - - 747,392 0.8% 747,392 0.1%
Others1 210,806 0.1% 5,949,818 2.6% - - 6,160,623 1.1%
Total 244,600,050 100.0% 226,319,734 100.0% 90,986,980 100.0% 561,906,764 100.0%
1
Includes investment in Corporate Loans, Security receipts, Alternative Investment Funds (AIFs) and Net current assets in case of linked funds.
The Company has invested in well diversified investment portfolio. Substantial portion of the
investments are readily marketable thereby extending good liquidity support. Out of the total
investment assets of the Company 40.3% of the assets are attributable to linked funds (including

Management report
discontinued fund) and 59.7% to non-linked funds. 59.4% of the linked funds are invested in
equities. 87.3% of non-linked funds are invested in debt instruments. 70.2% of the total equity
portfolio is invested in Nifty 50 index stocks and 94.3% of the total equity portfolio is invested in
stocks forming part of Nifty 500 index.
The Company maintains a strong quality of fixed income portfolio at all point of time. 94.2% of
the fixed income portfolio is held in highest credit rated securities (Sovereign/AAA or equivalent).
98.2% of the Company’s investments in fixed income portfolio is rated AA or above.
The Company has during the year made an impairment provision of H 200.94 crore as per
Impairment Policy.
(b) Fund performance

Linked policyholders’ funds:
Fund performance of major linked funds covering over 99% of the AUM over a one, three and
five year period is as follows:
Fund returns
AUM1 3 Year 5 Year
Fund Name SFIN (L in Thousand) 1 Year (CAGR)* (CAGR)*
Equity Large Cap funds
Equity Growth Fund ULIF02924/07/06EQGROWFUND116 28,601,761 10.17% 14.68% 13.96%
Equity Growth Fund II ULIF05106/01/10EQTYGROW02116 19,803,099 10.56% 15.40% 14.86%
Equity Plus Fund ULIF00723/07/04EQPLUSFUND116 5,878,949 9.61% 15.00% 14.32%
Equity Gain Fund ULIF00523/07/04EQGAINFUND116 4,293,954 7.94% 13.28% 13.47%
Equity Growth Pension Fund ULIF03624/07/06EQTYGROPEN116 850,955 9.44% 15.27% 14.29%
Benchmark return 14.93% 14.52% 11.63%
Equity Mid Cap funds
Accelerator Mid Cap Fund II ULIF05206/01/10ACCMIDCA02116 20,863,882 (1.02%) 17.25% 19.80%
Accelerator Mid Cap Fund ULIF03124/07/06ACCEMIDCAP116 4,705,437 (2.91%) 16.07% 18.93%
Equity Midcap Plus Fund ULIF01809/03/05EQUMIDPLUS116 1,290,909 (2.04%) 15.60% 17.31%
Equity Midcap Fund ULIF01709/03/05EQUMIDFUND116 693,338 (3.43%) 14.19% 15.52%
Accelerator Midcap Pension Fund ULIF03324/07/06ACCEMIDPEN116 509,411 (1.44%) 16.22% 19.36%
Index funds
Equity Index Fund II ULIF03024/07/06EQTYINDX02116 21,738,254 11.63% 12.59% 10.17%
Blue Chip Equity Fund ULIF06026/10/10BLUECHIPEQ116 4,037,903 12.80% 13.16% 10.55%
Equity Fund ULIF00315/01/04EQUITYFUND116 1,748,602 11.24% 11.81% 9.34%
Equity Index Pension Fund II ULIF03724/07/06EQINDPEN02116 1,398,336 12.98% 13.27% 10.70%
Equity Index Fund ULIF00623/07/04EQINDEFUND116 876,537 12.86% 13.43% 10.91%
Group Equity Index Fund ULGF00822/02/10GREQTYINDX116 385,715 12.40% 12.62% 10.17%
Group Equity Fund ULGF01018/04/11GREQTYFUND116 384,202 10.27% 15.52% 15.10%
Premier Equity Index Fund ULIF03924/07/06PREREQINDX116 128,581 10.46% 11.05% 8.63%
Premier Equity Fund ULIF02117/12/05PRMREQFUND116 110,940 10.65% 11.56% 9.19%

Management report
Fund returns
AUM1 3 Year 5 Year
Balanced funds
Asset Allocation Fund ULIF04528/09/07ASSETALLOC116 10,554,645 8.53% 10.96% 11.83%
Asset Allocation Fund II ULIF07205/12/13ASSETALL02116 2,221,504 7.90% 10.98% 10.91%
Group Asset Allocation Fund ULGF00926/02/10GRASSALLOC116 1,348,410 9.07% 11.67% 12.28%
Asset Allocation Pension Fund ULIF04628/01/08ASALLOCPEN116 680,863 9.29% 11.52% 12.67%
Debt funds
Bond Fund ULIF02610/07/06BONDFUNDLI116 11,026,606 6.97% 7.48% 8.95%
Group Debt Fund II ULGF01924/06/13GRDEBTFU02116 9,087,376 6.75% 7.54% 8.99%
Group Debt Fund ULGF00426/03/08GRDEBTFUND116 1,458,762 6.68% 7.44% 9.04%
Group Debt Fund III ULGF02202/03/15GRDEBTFU03116 801,080 4.66% NA NA
Debt Plus Fund ULIF00923/07/04DEBTPLUSFU116 613,257 7.21% 7.12% 8.48%
Debt Fund ULIF00415/01/04DEBTFUNDLI116 468,628 4.95% 5.22% 6.80%
Bond Pension Fund ULIF03524/07/06BONDPENFUN116 391,762 6.66% 6.39% 8.13%
Cash funds
Liquid Fund ULIF02510/07/06LIQUIDFUND116 2,367,051 (2.81%) 3.14% 5.16%
Cash Plus Fund ULIF01023/07/04CASHPLUSFU116 560,288 6.88% 6.68% 7.40%
Cash Fund ULIF00215/01/04CASHFUNDLI116 354,753 4.88% 4.60% 5.35%
Group Liquid Fund ULGF00503/11/08GRLIQUFUND116 178,719 (2.83%) 3.37% 5.32%
Ethical funds
Pure Stock Fund ULIF02721/07/06PURESTKFUN116 14,428,252 6.02% 13.35% 16.66%
Pure Stock Fund II ULIF07709/01/17PURSTKFUN2116 6,674,322 6.24% NA NA
Pure Equity Fund ULIF02017/12/05PUREEQFUND116 401,038 5.19% 12.72% 16.11%
Pure Stock Pension Fund ULIF04717/04/08PURESTKPEN116 125,977 2.50% 11.31% 15.76%
Debt funds
Group Short Term Debt Fund III ULGF02024/06/13GRSHTRDE03116 636,164 5.73% 6.67% 7.95%
Group Short Term Debt Fund II ULGF01218/04/11GRSHTRDE02116 102,222 7.01% 7.73% 8.49%
Other funds
Secure Fund ULGF00215/10/04SECUREFUND116 14,362,503 9.10% 9.07% 10.11%
Discontinued Life Fund ULIF07026/03/13DISCONLIFE116 7,299,967 4.65% 5.60% NA
Max Gain Fund I ULIF05017/12/09MAXGAINF01116 6,732,316 6.07% 6.54% 7.51%
Pension Builder Fund ULIF06908/02/13PENSIONBUI116 2,806,730 5.85% 6.27% NA

Management report
Fund returns
AUM1 3 Year 5 Year
Stable Fund ULGF00115/09/04STABLEFUND116 2,374,450 8.51% 9.64% 10.85%
Guaranteed Bond Fund ULIF06322/09/11GTEBONDFND116 2,329,051 7.53% 7.79% 8.73%
Shield Plus Fund I ULIF05313/01/10SHIELDPL01116 1,252,220 6.90% 7.81% 8.96%
Max Gain Fund II ULIF05814/09/10MAXGAINF02116 1,207,410 6.85% 9.07% 8.69%
Discontinue Pension Fund ULIF07126/03/13DISCONPENS116 882,511 6.04% 5.87% NA
Shield Plus Fund III ULIF05711/08/10SHIELDPL03116 668,550 6.04% 7.26% 8.61%
Builder Bond Fund ULIF07313/05/15BLDRBNDFND116 567,171 6.79% 6.00% NA
Assured Return Fund ULIF06127/01/11ASSRDRETRN116 459,308 6.72% 6.95% 8.13%
Shield Plus Fund II ULIF05610/05/10SHIELDPL02116 354,328 7.18% 8.02% 9.11%
Group Growth Fund II ULGF01311/05/11GRGROWFU02116 309,016 6.90% 5.97% 6.78%
Balanced Equity Fund ULIF07413/05/15BALEQTYFND116 199,050 7.33% 7.57% NA
Benchmark return - - -
* CAGR- Compound annual growth rate

NA indicates that the fund was non-existent during the relevant period
1
AUM at 31 March of respective year.
Non-linked Policyholders’ and Shareholders’ funds:

Fund performance of non-linked policyholders’ and shareholders’ funds is as follows:
FY2019 FY2018
1 year return 1 year return
AUM1 Market Book AUM1 Market Book

Fund (L in Thousand) value* value# (L in Thousand) value* value#
Policyholders' fund
Participating 152,533,480 10.3% 8.3% 137,543,820 7.4% 9.0%
Non-participating 92,066,570 9.3% 7.6% 83,362,218 6.9% 9.2%
Shareholders' fund 90,986,980 7.3% 6.3% 84,902,399 5.1% 8.2%
Book yield and market yield excluding impairment provision made in the FY2019 is as follows:
1 year return
Fund Market value* Book value#
Policyholders' fund
Participating 10.4% 8.4%
Shareholders' fund 8.8% 7.9%
Note:
Linked fund returns computed based on point to point NAV movement and for other funds based on investment income/monthly average
investment.
*Market Value yields computed as investment income/monthly average investment
#Book value yields computed as investment income/daily average investment

Management report
13. Payments made to parties in which Directors

are interested
(H In Thousand)
Entity in which
Name of the Director Director is interested Interested as FY2019 FY2018
Sanjiv Bajaj Director and Member

Rahul Bajaj Director and Member
Bajaj Finserv Ltd. 829,203 –
Niraj Bajaj Member
Nanoo Pamnani Director
Rahul Bajaj Director and Member
Bajaj Auto Ltd. – 275
Niraj Bajaj Director and Member
Rahul Bajaj Bajaj Finance Ltd. Director and Member 520,136 90,202
Sanjiv Bajaj Director
Rahul Bajaj Director
Niraj Bajaj Director
Ranjit Gupta Director
Heinz Dollberg 1
Director
Sergio Balbinot Director
Hicham Raissi 2
Bajaj Allianz General Director
133,388 138,419
Nanoo Pamnani Insurance Company Ltd. Director
Sanjay Asher Director
Suraj Mehta Director
Lila Poonawalla Director
Ritu Arora3 Director
Avais Karmali Alternate Director
Solmaz Altin 4
Director
Rahul Bajaj Hind Musafir Member
149,676 119,386
Niraj Bajaj Agency Ltd. Member
Rahul Bajaj Bajaj Holdings and Director and Member
265 338
Niraj Bajaj Investment Ltd. Member
Sanjiv Bajaj Director
Bajaj Housing
Nanoo Pamnani Director 15,765 1,282
Finance Ltd.
Lila Poonawalla Director
Sanjiv Bajaj Jamnalal Sons Director
2,117 1,907
Niraj Bajaj Private Ltd. Director

Management report
(H In Thousand)
Entity in which
Name of the Director Director is interested Interested as FY2019 FY2018
Hicham Raissi5 Director

Bajaj Allianz Financial
Avais Karmali Director – 585
Distributors Ltd.
Ritu Arora6 Director
Hicham Raissi5 Director
Bajaj Allianz Staffing
Avais Karmali Director 99,021 115,004
Solutions Ltd.
Ritu Arora 7
Director
Sanjay Asher Crawford Bayley and Co. Partner 698 -
1 Ceased to be director w.e.f. 22 June 2018 2 Ceased to be director w.e.f. 6 September 2018
3 Appointed as director w.e.f. 29 June 2018 4 Appointed as director w.e.f. 12 September 2018
5 Ceased to be director w.e.f. 20 June 2018 6 Appointed as director w.e.f. 26 June 2018
7 Appointed as director w.e.f. 25 June 2018
14. Management responsibility statement

The Management confirms that:
(a) In the preparation of financial statements, the applicable accounting standards, principles and
policies are followed along with proper explanations relating to material departures, if any;
(b) The management has adopted accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view of
the state of affairs of the Company at the end of the financial year and of the operating profit and
of the profit of the Company for the year;
(c) The management has taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the applicable provisions of the Insurance Act, 1938
(amended by the Insurance Laws (Amendment) Act, 2015) and the Companies Act, 2013, for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities;
(d) The management has prepared the financial statements on a going concern basis;
(e) The management has ensured that an internal audit system commensurate with the size and
nature of the business exists and is operating effectively.
For and on behalf of the Board of Directors
Sanjiv Bajaj Avais Karmali Lila Poonawalla

Chairman Alternate Director Chairperson of Audit Committee
DIN 00014615 DIN 07565946 DIN 00074392
Tarun Chugh Ramandeep Singh Sahni Vivek Jalan Rajesh Shanoy

Managing Director & Chief Financial Officer Panel Actuary Company Secretary
Chief Executive Officer
DIN 02578909
Date: 8 May 2019

Place: Pune

FINANCIAL
STATEMENTS
Auditors' Report & Certificate
Independent Auditors' Report

TO THE MEMBERS OF
Report on the Audit of the Financial Statements

Opinion
We have audited the accompanying financial statements of Bajaj Allianz Life Insurance Company
Ltd. (“the Company”), which comprise the Balance sheet as at 31 March 2019, the Revenue
Account (also called the “Policyholders’ Account” or the “Technical Account”), the Profit and Loss
Account (also called the “Shareholders’ Account” or “Non-Technical Account”) and the Receipts
and Payments Account for the year then ended, and notes to the financial statements, including
a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us,
the aforesaid financial statements give the information required by provisions of the Insurance
Act, 1938 as amended by the Insurance Laws (Amendment) Act, 2015 (the “Insurance Act”),
the Insurance Regulatory and Development Authority Act, 1999 (the “IRDA Act”), the Insurance
Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report
of Insurance Companies) Regulations, 2002 (the “IRDA Financial Statements Regulations”), orders/
directions issued by the Insurance Regulatory and Development Authority of India (the “IRDAI”) in
this regard and the Companies Act, 2013, as amended (the “Act”) 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, of the state of affairs of the Company as at 31 March 2019,
its net surplus, its profit, its receipts and payments for the year ended on that date.
Basis for Opinion
We conducted our audit of the financial statements in accordance with the Standards on Auditing
(SAs), as specified under section 143(10) of the Act. Our responsibilities under those Standards
are further described in the ‘Auditors' Responsibilities for the Audit of the Financial Statements’
section of our report. We are independent of the Company in accordance with the ‘Code of Ethics’
issued by the Institute of Chartered Accountants of India together with the ethical requirements
that are relevant to our audit of the financial statements under the provisions of the Act and the
Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
Other Information
The Company’s Board of Directors is responsible for the other information. The other information
comprises the information included in the Directors’ Report and Management Discussion &
Analysis but does not include the financial statements and our auditors' report thereon.
Our opinion on the financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether such other information is materially inconsistent
with the financial statements or our knowledge obtained in the audit or otherwise appears to
be materially misstated. If, based on the work we have performed, we conclude that there is
a material misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.

Responsibility of Management and the Board of Directors for the

Financial Statements
The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the
Act with respect to the preparation of these financial statements that give a true and fair view
of the Balance Sheet, the related Revenue Account, the Profit and Loss Account and the Receipts
and Payments Account of the Company in accordance with the accounting principles generally
accepted in India, including the provisions of the Insurance Act, the IRDA Act, the IRDA Financial
Statements Regulations, the orders/directions issued by the IRDAI and Companies (Accounting
Standards) Rules, 2006 (as amended) specified under section 133 of the Act, read with the
Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding of the assets
of the Company and for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and the design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the financial statements
that give a true and fair view and are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless management either intends to liquidate
the Company or to cease operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company’s
financial reporting process.
Auditors' Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as
a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but
is not a guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
l Identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
l Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act,
we are also responsible for expressing our opinion on whether the Company has adequate
internal financial controls system in place and the operating effectiveness of such controls.
l Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
l Conclude on the appropriateness of management’s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company’s ability
to continue as a going concern. If we conclude that a material uncertainty exists, we are

required to draw attention in our auditors' report to the related disclosures in the financial
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditors' report. However, future
events or conditions may cause the Company to cease to continue as a going concern.
l Evaluate the overall presentation, structure and content of the financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, related safeguards.
Other Matter
The actuarial valuation of liabilities for life policies in force and for policies in respect of which
premium has been discontinued but liability exists as at 31 March 2019 is the responsibility of the
Company’s Panel Actuary (the “Panel Actuary”). The actuarial valuation of these liabilities for life
policies in force and for policies in respect of which premium has been discontinued but liability
exists as at 31 March 2019 has been duly certified by the Panel Actuary and in his opinion, the
assumptions for such valuation are in accordance with the guidelines and norms issued by the
IRDAI and the Institute of Actuaries of India in concurrence with the IRDAI. We have relied upon
Panel Actuary’s certificate in this regard for forming our opinion on the valuation of liabilities
for life policies in force and for policies in respect of which premium has been discontinued but
liability exists in Financial Statements of the Company.
Report on Other Legal and Regulatory Requirements

1. As required by the IRDA Financial Statements Regulations, we have issued a separate
certificate dated 8 May 2019 certifying the matters specified in paragraphs 3 and 4 of
Schedule C to the IRDA Financial Statements Regulations.
2. As required by IRDA Financial Statements Regulations, read with Section 143 (3) of the Act,
we report that:
(a) We have sought and obtained all the information and explanations which to the best of
our knowledge and belief were necessary for the purposes of our audit;
(b) In our opinion and to the best of our information and according to the explanations
given to us, proper books of account as required by law have been kept by the Company
so far as it appears from our examination of those books;
(c) As the Company's financial accounting system is centralised, no returns for the purposes
of our audit are prepared at the branches of the Company;
(d) The Balance Sheet, the Revenue Account, the Profit and Loss Account and the
Receipts and Payments Account dealt with by this Report are in agreement with
the books of account;
(e) In our opinion, the aforesaid financial statements comply with the Companies
(Accounting Standards) Rules, 2006 (as amended) specified under section 133 of the
Act, read with the Companies (Accounts) Rules, 2014 to the extent not inconsistent with
the accounting principles prescribed in the IRDA Financial Statements Regulations and
orders/directions issued by the IRDAI in this regard;

(f) In our opinion and to the best of our information and according to the explanations
given to us, investments have been valued in accordance with the provisions of the
Insurance Act, the IRDA Financial Statements Regulations, the Insurance Act, the IRDA
Act and/or orders/directions issued by the IRDAI in this regard;
(g) In our opinion, the accounting policies selected by the Company are appropriate and
are in compliance with the applicable Accounting Standards specified under Section
133 of the Act and with the accounting principles as prescribed in the IRDA Financial
Statements Regulations and orders/directions issued by the IRDAI in this regard;
(h) On the basis of the written representations received from the directors as on
31 March 2019 taken on record by the Board of Directors, none of the directors is
disqualified as on 31 March 2019 from being appointed as a director in terms of
Section 164 (2) of the Act;
(i) With respect to the adequacy of the internal financial controls over financial reporting
of the Company with reference to these financial statements and the operating
effectiveness of such controls, refer to our separate Report in “Annexure A” to this report;
(j) In our opinion and to the best of our information and according to the explanations
given to us, the remuneration paid/provided by the Company to its directors during the
year is in accordance with the provisions of section 197 of the Act read with Section 34A
of the Insurance Act, 1938;
(k) With respect to the other matters to be included in the Auditors' Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and
to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial
position in its financial statements – Refer Note 3.35 of schedule 16 to the financial
statements;
ii. The liability for insurance contracts, is determined by the Company’s Panel Actuary
as per Schedule 16 Note 2(j) and Note 3.2, and is covered by the Panel Actuary’s
certificate, referred to in Other Matter paragraph above, on which we have
placed reliance; and the Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
For S. R. BATLIBOI & CO. LLP For KIRTANE & PANDIT LLP
Chartered Accountants Chartered Accountants
ICAI Firm Registration No: 301003E/E300005 ICAI Firm Registration No: 105215W/W100057
per Shrawan Jalan per Suhas Deshpande

Partner Partner
Membership No. 102102 Membership No. 031787
Date: 8 May 2019 Date: 8 May 2019
Place: Mumbai Place: Pune

Annexure 'A' to the Independent

Auditors' Report
(Referred to in paragraph 2 (i) under ‘Report on Other Legal and Regulatory Requirements’
of our report of even date)
Report on the Internal Financial Controls Over Financial Reporting under clause (i) of
sub-section 3 of section 143 of the Companies Act, 2013 (the “Act”)
We have audited the internal financial controls over financial reporting of Bajaj Allianz Life
Insurance Company Ltd. (the “Company”) as of 31 March 2019 in conjunction with our audit
of the financial statements of the Company for the year ended on that date.
Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal financial
controls based on the internal control over financial reporting criteria established by the Company
considering the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting (the “Guidance Note”) issued by the Institute
of Chartered Accountants of India. These responsibilities include the design, implementation and
maintenance of adequate internal financial controls that were operating effectively for ensuring
the orderly and efficient conduct of its business, including adherence to company’s policies,
the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy
and completeness of the accounting records, and the timely preparation of reliable financial
information, as required under the Companies Act, 2013 including the provisions of the Insurance
Act, 1938 as amended by the Insurance Laws (Amendment) Act, 2015 (the “Insurance Act”), the
Insurance Regulatory and Development Authority Act, 1999 (the “IRDA Act”), the IRDA Financial
Statements Regulations, orders/directions issued by the Insurance Regulatory and Development
Authority of India (the “IRDAI”) in this regard.
Auditors' Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls over
financial reporting based on our audit. We conducted our audit in accordance with the Guidance
Note issued by the Institute of Chartered Accountants of India and the Standards on Auditing
prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit
of internal financial controls. Those Standards and the Guidance Note require that we comply
with ethical requirements and plan and perform the audit to obtain reasonable assurance
about whether adequate internal financial controls over financial reporting was established and
maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the
internal financial controls system over financial reporting and their operating effectiveness. Our
audit of internal financial controls over financial reporting included obtaining an understanding
of internal financial controls over financial reporting, assessing the risk that a material weakness
exists, and testing and evaluating the design and operating effectiveness of internal control based
on the assessed risk. The procedures selected depend on the auditor’s judgement, including the
assessment of the risks of material misstatement of the financial statements, whether due to
fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our audit opinion on the Company’s internal financial controls system over
financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting
principles. A company's internal financial control over financial reporting includes those policies
and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting principles,
and that receipts and expenditures of the company are being made only in accordance with
authorisations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition
of the company's assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including
the possibility of collusion or improper management override of controls, material misstatements
due to error or fraud may occur and not be detected. Also, projections of any evaluation of the
internal financial controls over financial reporting to future periods are subject to the risk that the
internal financial control over financial reporting may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us,
the Company has, in all material respects, an adequate internal financial controls system over
financial reporting and such internal financial controls over financial reporting were operating
effectively as at 31 March 2019, based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated in
the Guidance Note issued by the Institute of Chartered Accountants of India.
Other Matter
The actuarial valuation of liabilities for life policies in force and policies where premium is
discontinued is required to be certified by the Panel Actuary as per the Insurance Regulatory and
Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance
Companies) Regulations, 2002 (the “IRDA Financial Statements Regulations”), and has been relied
upon by us, as mentioned in “Other Matter” para of our audit report on the financial statements
of the Company as at and for the year ended 31 March 2019. Accordingly the internal financial
controls over financial reporting in respect of the valuation and accuracy of the aforesaid actuarial
valuation is also certified by the Panel Actuary and has been relied upon by us.
For S. R. BATLIBOI & CO. LLP For KIRTANE & PANDIT LLP

Partner Partner

Independent Auditors’ Certificate

To,
The Board of Directors,
Bajaj Allianz House, Airport Road, Yerwada,
Pune-411006
Independent Auditors’ Certificate as referred to in paragraph 1 of our Report on

Other Legal and Regulatory Requirements forming part of the Independent
Auditors’ Report dated 8 May 2019
1. This certificate is issued to Bajaj Allianz Life Insurance Company Ltd. (the “Company”)
in accordance with the terms of engagement letter dated 18 July 2018.
2. This certificate is issued to comply with the provisions of paragraph 3 and 4 of Schedule
C of the Insurance Regulatory and Development Authority (Preparation of Financial
Statements and Auditor’s Report of Insurance Companies) Regulations 2002, (“the IRDA
Financial Statements Regulations”) read with Regulation 3 of the IRDA Financial Statements
Regulations.
Management’s Responsibility
3. The Company’s Management is responsible for complying with the provisions of The
Insurance Act, 1938 (the “Insurance Act”) as amended by the Insurance Laws (Amendment)
Act, 2015, the Insurance Regulatory and Development Authority Act, 1999 (the “IRDA Act”),
the IRDA Financial Statements Regulations, orders/directions issued by the Insurance
Regulatory and Development Authority of India (the “IRDAI”) which includes the preparation
of the Management Report. This includes collecting, collating and validating data and
designing, implementing and monitoring of internal controls suitable for ensuring
compliance as aforesaid.
Independent Auditors' Responsibility
4. Our responsibility for the purpose of this certificate, is to provide reasonable assurance on
the matters contained in paragraphs 3 and 4 of Schedule C of the IRDA Financial Statements
Regulations read with Regulation 3 of the IRDA Financial Statements Regulations.
5. We conducted our examination in accordance with the Guidance Note on Reports or

Certificates for Special Purposes (Revised 2016) issued by the Institute of Chartered
Accountants of India (ICAI) in so far as applicable for the purpose of this Certificate. This
Guidance Note requires that we comply with the ethical requirements of the Code of Ethics
issued by the ICAI.
6. We have complied with the relevant applicable requirements of the Standard on Quality
Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical
Financial Information, and Other Assurance and Related Services Engagements.
Opinion
7. In accordance with the information and explanations given to us and to the best of our
knowledge and belief and based on our examination of the books of account and other
records maintained by the Company for the year ended 31 March 2019, we certify that:

a) We have reviewed the Management Report attached to the financial statements for the
year ended 31 March 2019, and on the basis of our review, there is no apparent mistake
or material inconsistencies with the financial statements;
b) Based on information and explanations received during the normal course of our audit
management representations and compliance certificates submitted to the Board of
Directors by the officers of the Company charged with compliance and the same being
noted by the Board, we certify that the Company has complied with the terms and
conditions of registration stipulated by IRDAI;
c) We have verified the cash balances, to the extent considered necessary, and securities
relating to the Company’s loans and investments as at 31 March 2019, by actual
inspection or on the basis of certificates/confirmations received from the Custodian and/
or Depository Participants appointed by the Company, as the case may be. As at
31 March 2019, the Company does not have reversions and life interests;
d) The Company is not a trustee of any trust; and
e) No part of the assets of the Policyholders’ Funds has been directly or indirectly applied
in contravention to the provisions of the Insurance Act, relating to the application and
investments of the Policyholders’ Funds.
Restriction on Use
8. This certificate is issued at the request of the Company solely for use of the Company for
inclusion in the annual accounts in order to comply with the provisions of paragraph 3 and
4 of Schedule C of the IRDA Financial Statements Regulations read with Regulation 3 of the
IRDA Financial Statements Regulations and is not intended to be and should not be used
for any other purpose without our prior consent. Accordingly, we do not accept or assume
any liability or any duty of care for any other purpose or to any other person to whom this
Certificate is shown or into whose hands it may come without our prior consent in writing.
For S. R. BATLIBOI & Co. LLP For KIRTANE & PANDIT LLP

Partner Partner
UDIN: 19102102AAAACK5496 UDIN: 19031787AAAAAC1014


Independent Auditors’ Certificate

To,
The Board of Directors
Bajaj Allianz House, Airport Road, Yerwada,
Pune-411006
Independent Auditors’ Certificate in accordance with Schedule I(B)(11)(d) to Insurance

Regulatory and Development Authority of India (Investment) Regulations, 2016
(the “IRDAI Regulations”).
1. This Certificate is issued to Bajaj Allianz Life Insurance Company Ltd. (the “Company”) in
accordance with the terms of engagement letter dated 18 July 2018.
2. We, the Statutory Auditors of the Company have been requested by the Management of the
Company to issue a certificate regarding the declaration and application of the Net Asset
Value (“NAV”) of the schemes as at 31 March 2019 in terms of Schedule I(B)(11)(d) to the
IRDAI Regulations.
Management’s Responsibility
3. The Management of the Company is responsible for compliance with the IRDAI Regulations
for declaration and application of NAV of the schemes as at 31 March 2019, including
preparation and maintenance of all accounting and other relevant supporting records and
documents. This responsibility includes collecting, collating and validating data and the
design, implementation and maintenance of internal control relevant to declaration and
application of NAV of the schemes that is free from material misstatement, whether due to
fraud or error and applying an appropriate basis of preparation; and making estimates that
are reasonable in the circumstances.
Independent Auditors' Responsibility
4. Pursuant to the requirements of Schedule I(B)(11)(d) to the IRDAI Regulations, our

responsibility is to provide a reasonable assurance as to whether:
a) The Company has declared 31 March 2019 as a business day;

b) The Company has declared NAV for 31 March 2019;
c) The NAV of 31 March 2019 has been applied to applications received on Sunday,
31 March 2019 upto 3.00 p.m.; and
d) The NAV post 31 March 2019 has been applied to applications received on Sunday,
31 March 2019 after 3.00 p.m.
5. We conducted our examination in accordance with the Guidance Note on Reports or

Certificates for Special Purposes (Revised 2016) and Standards on Auditing issued by the
Institute of Chartered Accountants of India (ICAI) in so far as applicable for the purpose of this
Certificate. This Guidance Note requires that we comply with the ethical requirements of the
Code of Ethics issued by the ICAI.
6. We have complied with the relevant applicable requirements of the Standard on Quality
Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical
Financial Information, and Other Assurance and Related Services Engagements.

7. A reasonable assurance engagement involves performing procedures to obtain sufficient

appropriate evidence on reporting criteria mentioned in paragraph 4 above. The procedures
selected depend upon the auditors’ judgement, including the assessment of risk associated
with the reporting criteria .We have performed the following procedures:
a) Obtained representation from the management that the Company has declared
31 March 2019 as a business day for accepting application forms and that it has
declared NAV for 31 March 2019;
b) Obtained the list of New Business applications, Renewal applications and applications
for Surrender, Free-look Cancellation, Fund Switches, Partial Withdrawal and Top Ups
received in respect of Unit Linked Products on 31 March 2019 (collectively referred to as
“application forms”), from the Management;
c) Selected samples of application forms from listing mentioned in paragraph 5(b) above
and verified whether:
i) the applications received on Sunday, 31 March 2019, upto 3.00 p.m. have been
processed with NAV of 31 March 2019 for the selected samples; and
ii) the applications received on Sunday, 31 March 2019, after 3.00 p.m. have been
processed with NAV after 31 March 2019 for the selected samples.
Opinion
8. On the basis of procedures performed above as mentioned in paragraph 7 and the

information and explanations provided to us by the Company, in our opinion:
a) The Company has declared NAV for 31 March 2019 which was a business day for
accepting applications;
b) The applications received on Sunday, 31 March 2019 upto 3.00 p.m. have been processed
with NAV of 31 March 2019; and
c) The applications received on Sunday, 31 March 2019 after 3.00 p.m. have been
processed with NAV of any business day after 31 March 2019.
9. The concurrent auditors of the Company, Chokshi and Chokshi LLP, Chartered Accountants
have issued a certificate dated 16 April 2019 confirming the compliance with requirements of
Regulation 5 of Schedule 1(B) of the Regulations. We have read the certificate and found the
same to be in order.
Restriction on Use
10. This certificate is issued at the request of the Company solely for use of the Company for
inclusion in the annual accounts as per Schedule I(B)(11)(d) to the IRDAI Regulations and is
not intended to be and should not be used for any other purpose without our prior consent.
Accordingly, we do not accept or assume any liability or any duty of care for any other
purpose or to any other person to whom this certificate is shown or into whose hands it may
come without our prior consent in writing.
For S. R. BATLIBOI & Co. LLP For KIRTANE & PANDIT LLP

Partner Partner
UDIN: 19102102AAAACM7434 UDIN: 19031787AAAAAD6747


Revenue Account

Registration No. 116, Date of Registration – 3 August 2001
Revenue Account – Policyholders’ Account (Technical Account)

For the year ended 31 March 2019
Form A-RA
(H In Thousand)
Participating Non Participating Linked
Individual Individual Individual Individual Individual Individual Group Group Individual Individual
Particulars Schedule Assurance Pension Assurance Variable Health Annuity Assurance Variable Assurance Pension Group Total
Premiums earned (Net of GST)

(a) Premium (Refer note 2(c)(i) of
Schedule 16) 1 22,911,169 25,569 3,904,217 4,098 117,155 141,530 23,015,776 4,767,008 28,671,846 1,153,738 3,859,521 88,571,627
(b) Reinsurance ceded (Refer note 2(c)
(ii) of Schedule 16) (73,042) (362) (52,938) – (226) – (334,274) 2 (66,604) (164) (4,229) (531,837)
(c) Reinsurance accepted – – – – – – – – – – – –
Sub-Total 22,838,127 25,207 3,851,279 4,098 116,929 141,530 22,681,502 4,767,010 28,605,242 1,153,574 3,855,292 88,039,790
Income from investments (Refer note
2(c)(iii) of Schedule 16)
(a) Interest, dividend and rent-Gross 10,453,305 65,121 1,166,666 760 10,831 150,061 3,577,986 721,656 4,438,786 267,805 1,816,520 22,669,497
(b) Profit on sale/redemption of
investments 2,663,074 3,855 206,781 311 2,071 4,766 728,925 30,192 16,307,519 696,573 953,505 21,597,572
(c) (Loss) on sale/redemption of
investments (778,533) (1,565) (68,348) – (1,115) (977) (169,815) (52,089) (6,203,924) (171,932) (859,258) (8,307,556)
(d) Transfer/gain on revaluation/change
in fair value* – – – – – – – – 134,650 (180,059) 654,997 609,588
(e) Accretion of discount/(amortisation
of premium) (net) 149,328 (45) (16,114) 113 1,334 (252) 343,189 20,054 1,715,761 104,164 190,258 2,507,790
Sub-Total 12,487,174 67,366 1,288,985 1,184 13,121 153,598 4,480,285 719,813 16,392,792 716,551 2,756,022 39,076,892
Other income
Miscellaneous income (Refer note 2(c)
(iv) and 2(c)(v) of Schedule 16) 396,481 154 33,022 1 162 8 2,952 1,185 16,946 150 915 451,976
Income on unclaimed amount of Policy
holder (Refer note 3.5 of Schedule 16) – – – – – – – – 442,653 – – 442,653
Contribution from the Shareholders'
account (Refer note 3.26 of Schedule 16) – 993 256,325 1,736 10,962 1,169 2,043,447 74,561 1,258,511 116,155 – 3,763,859
Sub-Total 396,481 1,147 289,347 1,737 11,124 1,177 2,046,399 75,746 1,718,110 116,305 915 4,658,488
Total (A) 35,721,782 93,720 5,429,611 7,019 141,174 296,305 29,208,186 5,562,569 46,716,144 1,986,430 6,612,229 131,775,169
Commission (Refer note 2(d) of
Schedule 16) 2 1,716,882 225 317,968 179 14,112 40 431,852 1 520,208 27,399 231 3,029,097
Operating expenses related to insurance
business (Refer note 2(q) of Schedule 16) 3 4,127,406 1,940 1,138,997 2,358 31,057 9,134 3,588,346 49,077 6,426,923 149,818 57,841 15,582,897
Provision for doubtful debts (Refer note
2(g) of Schedule 16) 2,921 – 677 – 35 – 11 – (1,376) 9 – 2,277
Bad debts written off 528 – 135 – 4 – – – 1,098 17 – 1,782
Provisions (other than taxation)
(a) For diminution in the value of
investments (Net) (Refer note 2 (I)
(ii) of Schedule 16) 162,605 – – – – – – – 423,500 9,000 67,500 662,605
(b) Others (Refer note 2(h) of
Schedule 16) 2,018 – (5,194) – – – (1) – – – – (3,177)
GST on linked charges – – – – – – – – 1,066,954 35,001 70,085 1,172,040
Total (B) 6,012,360 2,165 1,452,583 2,537 45,208 9,174 4,020,208 49,078 8,437,307 221,244 195,657 20,447,521
Benefits paid (Net) (Refer note 2(i)
of Schedule 16) 4 10,410,011 101,081 953,814 505 67,880 135,656 13,100,737 860,121 22,436,710 1,210,666 4,044,296 53,321,477
Interim and terminal bonuses paid 903,499 14,335 – – – – – – – – – 917,834
Change in valuation of liability in
respect of life policies in force (Refer
note 3.2 and note 2(j) of Schedule 16)
(a) Gross (Policy liabilities (non-unit/
mathematical reserve))** 12,542,434 (61,987) 2,354,101 1,459 2,453 85,301 8,583,229 4,635,080 33,088 (10,925) 49,321 28,213,554
(b) Fund reserve – – – – – – – – 13,113,617 329 2,196,214 15,310,160
(c) Reserve for discontinued policies
(Refer note 3.14 of Schedule 16) – – – – – – – 124 2,805,676 427,482 – 3,233,282
(d) Appreciation in unclaimed balances – – – – – – – – 40,521 – – 40,521
(e) Amount ceded in re-insurance – – 19,812 – – – – – – – – 19,812
(f) Amount accepted in re-insurance – – – – – – – – – – – –
Total (C) 23,855,944 53,429 3,327,727 1,964 70,333 220,957 21,683,966 5,495,325 38,429,612 1,627,552 6,289,831 101,056,640
Surplus/(deficit) before tax
(D) = (A) – (B) – (C) 5,853,478 38,126 649,301 2,518 25,633 66,174 3,504,012 18,166 (150,775) 137,634 126,741 10,271,008

Revenue Account

Revenue Account – Policyholders’ Account (Technical Account) (Contd.)

Form A-RA
(H In Thousand)
Provision for taxation (Refer note 2(o)

of Schedule 16)
(a) Current tax credit/(charge) 709,728 – 50,425 98 2,331 8,604 180,326 (7,002) (150,775) – 16,399 810,134
(b) Deferred tax credit/(charge) – – – – – – – – – – – –
Surplus/(deficit) after tax 5,143,750 38,126 598,876 2,420 23,302 57,570 3,323,686 25,168 – 137,634 110,342 9,460,874
Appropriations
Transfer to Shareholders’ account
(Refer note 3.27 of Schedule 16) 518,701 3,277 598,876 2,420 23,302 57,570 3,323,686 25,168 – 137,634 110,342 4,800,976
Transfer to other reserves – – – – – – – – – – – –
Balance being funds for future
appropriations (Refer note 2(k) of
Schedule 16) 4,625,049 34,849 – – – – – – – – – 4,659,898
Total 5,143,750 38,126 598,876 2,420 23,302 57,570 3,323,686 25,168 – 137,634 110,342 9,460,874
Details of surplus
(a) Interim and terminal bonuses paid 903,499 14,335 – – – – – – – – – 917,834
(b) Allocation of bonus to policyholders 3,764,808 15,156 – – – – – – – – – 3,779,964
(c) Surplus shown in the
Revenue Account 5,143,750 38,126 598,876 2,420 23,302 57,570 3,323,686 25,168 – 137,634 110,342 9,460,874
Total Surplus 9,812,057 67,617 598,876 2,420 23,302 57,570 3,323,686 25,168 – 137,634 110,342 14,158,672
Funds for future appropriations
Opening balance as at 1 April 2018 4,180,525 174,721 – – – – – – – – – 4,355,246
Add: Current period appropriations 4,625,049 34,849 – – – – – – – – – 4,659,898
Balance carried forward to
Balance Sheet 8,805,574 209,570 – – – – – – – – – 9,015,144
Significant accounting policies and notes 16
* Represents the deemed realised gain as per norms specified by the Authority (Refer note 2(c)(iii) of Schedule 16)
** Represents Mathematical Reserves after allocation of bonus
As required by erstwhile Section 40-B(4) of the Insurance Act, 1938 as amended by Insurance Laws (Amendment) Act, 2015 read with Expenses of Management of Insurers transacting life insurance business Regulations, 2016, we
certify that allowable expenses of management in respect of life insurance business in India by the company have been debited to the Policyholders’ Revenue Account.
The accompanying notes and schedules form an integral part of the financial statements.
As per our report of even date attached For and on behalf of the Board of Directors
For S.R. Batliboi & Co. LLP For Kirtane & Pandit LLP Sanjiv Bajaj Avais Karmali
Chartered Accountants Chartered Accountants Chairman Alternate Director
ICAI Firm Registration ICAI Firm Registration DIN 00014615 DIN 07565946
No. 301003E/E300005 No. 105215W/W100057
Lila Poonawalla Tarun Chugh
per Shrawan Jalan per Suhas Deshpande Chairperson of Managing Director &
Partner Partner Audit Committee Chief Executive Officer
Membership No. 102102 Membership No. 031787 DIN 00074392 DIN 02578909
Ramandeep Singh Sahni Vivek Jalan

Chief Financial Officer Panel Actuary
Rajesh Shanoy
Company Secretary
Date: 8 May 2019 Date: 8 May 2019 Date: 8 May 2019

Place: Mumbai Place: Pune Place: Pune

Revenue Account

Revenue Account – Policyholders’ Account (Technical Account)

Form A-RA
(H In Thousand)
Premiums earned (Net of GST/

service tax)
(a) Premium (Refer note 2(c)(i)
of Schedule 16) 1 20,909,274 30,280 2,770,955 9,967 86,178 120,838 13,821,627 8,525,822 21,408,474 1,166,726 6,933,605 75,783,746
(b) Reinsurance ceded (Refer note 2(c)
(ii) of Schedule 16) (102,989) (484) (53,426) – 116 – (368,817) (80) (78,619) (418) (5,964) (610,681)
(c) Reinsurance accepted – – – – – – – – – – – –
Sub-Total 20,806,285 29,796 2,717,529 9,967 86,294 120,838 13,452,810 8,525,742 21,329,855 1,166,308 6,927,641 75,173,065
Income from investments (Refer note
2(c)(iii) of Schedule 16)
(a) Interest, dividend and rent-Gross 9,045,404 60,173 1,007,257 179 16,298 144,376 3,613,866 497,058 4,258,163 259,346 1,727,817 20,629,937
(b) Profit on sale/redemption of
investments 2,065,010 7,620 260,361 51 7,951 10,487 1,047,689 211,296 23,600,461 815,825 1,490,574 29,517,325
(c) (Loss) on sale/redemption of
investments (295,996) (100) (149,850) – (113) – (142,570) (7,597) (3,021,394) (129,773) (794,296) (4,541,689)
(d) Transfer/gain on revaluation/change
in fair value* – – – – – – – – (4,954,483) (172,248) (609,688) (5,736,419)
(e) Accretion of discount/(amortisation
of premium) (net) (6,707) (193) (27,203) 7 (897) (5,042) (12,743) (6,423) 1,078,138 45,973 134,412 1,199,322
Sub-Total 10,807,711 67,500 1,090,565 237 23,239 149,821 4,506,242 694,334 20,960,885 819,123 1,948,819 41,068,476
Other income
Miscellaneous income (Refer note 2(c)
(iv) and 2(c)(v) of Schedule 16) 365,539 152 26,661 2 122 19 1,953 1,407 15,245 287 1,625 413,012
Income on unclaimed amount of Policy
holder (Refer note 3.5 of Schedule 16) – – – – – – – – 376,600 – – 376,600
Contribution from the Shareholders'
account (Refer note 3.26 of Schedule 16) – 525 – 5,736 – 4,794 926,293 – 370,115 204,561 62,444 1,574,468
Sub-Total 365,539 677 26,661 5,738 122 4,813 928,246 1,407 761,960 204,848 64,069 2,364,080
Total (A) 31,979,535 97,973 3,834,755 15,942 109,655 275,472 18,887,298 9,221,483 43,052,700 2,190,279 8,940,529 118,605,621
Commission (Refer note 2(d) of
Schedule 16) 2 1,201,545 255 105,725 863 2,228 43 143,504 – 540,686 33,722 829 2,029,400
Operating expenses related to insurance
business (Refer note 2(q) of Schedule 16) 3 2,783,446 1,693 469,687 3,409 5,439 12,144 2,511,584 74,129 5,869,417 214,838 117,551 12,063,337
Provision for doubtful debts
(Refer note 2(g) of Schedule 16) 2,405 – 234 2 – – 21 – 3,512 145 – 6,319
Bad debts written off 187 – 16 – – – – – 447 17 – 667
(a) For diminution in the value of
investments (Net) (Refer note 2 (I)
(ii) of Schedule 16) – – – – – – – – – – – –
(b) Others (Refer note 2(h) of
Schedule 16) 25,657 – 5,197 – – – 1 – – – – 30,855
GST/Service tax on linked charges – – – – – – – – 1,039,756 35,727 64,354 1,139,837
Total (B) 4,013,240 1,948 580,859 4,274 7,667 12,187 2,655,110 74,129 7,453,818 284,449 182,734 15,270,415
Benefits paid (Net)
(Refer note 2(i) of Schedule 16) 4 9,545,866 37,251 1,154,160 1,086 96,351 126,486 16,522,223 7,002,212 39,372,267 1,596,603 5,080,955 80,535,460
Interim and terminal bonuses paid 476,417 3,026 – – – – – – – – – 479,443
Change in valuation of liability in
respect of life policies in force (Refer
note 3.2 and note 2(j) of Schedule 16)
(a) Gross (Policy liabilities
(non-unit/mathematical reserve))** 16,054,001 32,805 1,690,126 12,358 (52,194) 73,097 (1,842,975) 2,037,270 21,339 9,781 2,884 18,038,492
(b) Fund reserve – – – – – – – – (4,435,421) (172,790) 3,438,651 (1,169,560)
(Refer note 3.14 of Schedule 16) – – – – – – – 86 270,095 293,751 – 563,932
(d) Appreciation in unclaimed balances – – – – – – – – 176,224 – – 176,224
(e) Amount ceded in re-insurance – – (80,878) – – – – – – – – (80,878)
(f) Amount accepted in re-insurance – – – – – – – – – – – –
Total (C) 26,076,284 73,082 2,763,408 13,444 44,157 199,583 14,679,248 9,039,568 35,404,504 1,727,345 8,522,490 98,543,113
Surplus/(deficit) before tax
(D)=(A)-(B)-(C) 1,890,012 22,943 490,488 (1,776) 57,831 63,702 1,552,940 107,786 194,378 178,485 235,305 4,792,093

Revenue Account

Revenue Account – Policyholders’ Account (Technical Account) (Contd.)

Form A-RA
(H In Thousand)
Provision for taxation (Refer note 2(o)

of Schedule 16)
(a) Current tax credit/(charge) 210,423 – 61,490 (1,776) 6,604 6,795 34,141 13,904 (196,002) – 21,503 157,082
(b) Deferred tax credit/(charge) – – – – – – – – – – – –
Surplus/(deficit) after tax 1,679,589 22,943 428,998 – 51,227 56,907 1,518,799 93,882 390,380 178,485 213,802 4,635,011
Appropriations
Transfer to Shareholders’ account (Refer
note 3.27 of Schedule 16) 560,323 2,620 428,998 – 51,227 56,907 1,518,799 93,882 390,380 178,485 213,802 3,495,423
Transfer to other reserves – – – – – – – – – – – –
Balance being funds for future
appropriations (Refer note 2(k) of
Schedule 16) 1,119,266 20,323 – – – – – – – – – 1,139,589
Total 1,679,589 22,943 428,998 – 51,227 56,907 1,518,799 93,882 390,380 178,485 213,802 4,635,012
Details of surplus
(a) Interim and terminal bonuses paid 476,417 3,026 – – – – – – – – – 479,443
(b) Allocation of bonus to policyholders 4,566,492 20,566 – – – – – – – – – 4,587,058
(c) Surplus shown in the
–
Revenue Account 1,679,589 22,943 428,998 – 51,227 56,907 1,518,799 93,882 390,380 178,485 213,802 4,635,012
Total Surplus 6,722,498 46,535 428,998 – 51,227 56,907 1,518,799 93,882 390,380 178,485 213,802 9,701,513
Opening balance as at 1 April 2017 3,061,259 154,398 – – – – – – – – – 3,215,657
Add: Current period appropriations 1,119,266 20,323 – – – – – – – – – 1,139,589
Balance carried forward to
Balance Sheet 4,180,525 174,721 – – – – – – – – – 4,355,246
No. 301003E/E300005 No. 105215W/W100057

Rajesh Shanoy
Company Secretary


Statement of Profit and Loss

Profit and Loss Account – Shareholders' Account (Non Technical Account)

Form A-PL
(H In Thousand)
For the year ended 31 March

Particulars Schedule 2019 2018
Amounts transferred from the Policyholders' account (Technical Account)

(Refer note 3.27 of Schedule 16) 4,800,976 3,495,423
Income from investments (Refer note 2(c)(iii) of Schedule 16)
(a) Interest, dividends and rent – Gross 6,202,823 5,910,409
(b) Profit on sale/redemption of investments 1,009,556 1,311,500
(c) (Loss) on sale/redemption of investments (563,012) (461,526)
(d) Accretion of discount/(amortisation of premium) (net) (64,680) (112,132)
Other Income – –
Total (A) 11,385,663 10,143,674
Expenses other than those directly related to the insurance business

(Refer note 2(q) of Schedule 16) 3A 466,530 503,059
Bad debts written off – –
(a) For diminution in value of investment (Net) (Refer note 2(l) (ii) of Schedule 16) 1,346,782 –
(b) Provision for doubtful debts – –
Contribution to the Policyholders' account (Technical Account) (Refer note 3.26 of Schedule 16) 3,763,859 1,574,468
Total (B) 5,577,171 2,077,527
Profit/(loss) before tax (C) = (A) – (B) 5,808,492 8,066,147

Provision for taxation (Refer note 2(o) of Schedule 16)
(a) Current tax credit/(charge) 789,866 904,990
(b) Deferred tax credit/(charge) – –
Profit/(loss) after tax 5,018,626 7,161,157
Appropriations
(a) Balance at the beginning of the year 79,646,820 72,485,663
(b) Interim dividends paid during the year – –
(c) Final dividend paid during the year (Refer note 3.33 of Schedule 16) 1,054,963 –
(d) Dividend distribution tax (Refer note 3.33 of Schedule 16) 216,851 –
(e) Transfer to reserves/other accounts – –
Profit carried forward to the Balance Sheet 83,393,632 79,646,820

Statement of Profit and Loss

Profit and Loss Account – Shareholders' Account (Non Technical Account) (Contd.)
Form A-PL
(H In Thousand)

Earning per share (Basic and Diluted) (Refer note 3.12 and note 2(s) of Schedule 16)
Basic earning per equity share H 33.30 47.52
Diluted earning per equity share H 33.30 47.52
Nominal value per equity share H 10.00 10.00
No. 301003E/E300005 No. 105215W/W100057

Rajesh Shanoy
Company Secretary


Balance Sheet

Balance Sheet
Form A-BS
(H In Thousand)
As at 31 March
Sources of funds
Shareholders’ funds
Share capital 5 1,507,090 1,507,090
Reserves and surplus 6 94,396,808 90,566,318
Credit/(debit) fair value change account 634,068 108,911
Sub-total 96,537,966 92,182,319
Borrowings 7 – –
Policyholders’ funds
Credit/(debit) fair value change account 8,967,451 7,926,308
Policy liabilities (Refer note 2(j) and 3.2 of Schedule 16)
Non Unit Mathematical reserve 237,680,130 209,446,764
Provision for linked liabilities
(a) Provision for linked liabilities 193,514,059 178,813,487
(b) Credit/(debit) fair value change account (linked) 24,623,195 24,013,607
Provision for discontinuance fund
(Refer note 3.14 of Schedule 16)
(a) Discontinued on account of non-payment of premium 8,129,350 4,918,917
(b) Other discontinuance 53,569 30,720
(c) Credit/(debit) fair value change account – 464,000,303 – 417,223,495
Insurance reserves – –
Sub-Total 472,967,754 425,149,803
(Refer note 2(k) of Schedule 16) 9,015,144 4,355,246
Total 578,520,864 521,687,368

Balance Sheet

Balance Sheet (Contd.)

Form A-BS
(H In Thousand)
As at 31 March
Investments
Shareholders' 8 90,986,980 84,902,399
Policyholders' 8A 244,600,050 220,906,038
Assets held to cover linked liabilities 8B 226,319,734 207,776,418
Loans (Refer note 2(m) of Schedule 16) 9 3,184,129 2,356,237
Fixed assets-net block (Refer note 2(n) of Schedule 16) 10 2,503,322 2,372,746
Current assets
Cash and bank balances 11 7,417,203 5,019,695
Advances and other assets 12 23,566,994 22,702,757
Sub-total(A) 30,984,197 27,722,452
Current liabilities 13 15,536,312 19,609,356
Provisions 14 4,521,236 4,739,566
Sub-total(B) 20,057,548 24,348,922
Net current assets (C) = (A) – (B) 10,926,649 3,373,530
Miscellaneous expenditure
(To the extent not written off or adjusted ) 15 – –
Debit balance in profit and loss account
(Shareholders' account) – –
Total 578,520,864 521,687,368
Contingent liabilities –
(Refer note 2(p) and 3.1 of schedule 16)
No. 301003E/E300005 No. 105215W/W100057

Rajesh Shanoy
Company Secretary


Receipt and Payment account

Receipts and Payments Account

(H In Thousand)

A Cash Flow from operating activities:

1 Premium received from policyholders, including advance receipts 90,424,330 78,145,385
2 Other receipts 276,998 289,236
3 Payments to or receipts from the re-insurers, net of commissions and claims 34,062 (201,648)
4 Payment of claims (59,023,983) (80,033,015)
5 Payment of commission and brokerage (2,806,775) (1,946,921)
6 Payment of operating expenses* (17,476,696) (12,618,397)
7 Preliminary and pre-operative expenses – –
8 Deposits, advances and staff loans (41,268) (141,510)
9 Income taxes paid (Net) (1,811,592) (1,136,746)
10 GST/Service tax paid (2,562,771) (2,733,293)
11 Other payments – –
12 Cash flows before extraordinary items 7,012,305 (20,376,908)
13 Cash flow from extraordinary operations – –
Net cash from operating activities (A) 7,012,305 (20,376,908)
B Cash Flow from investing activities:

1 Purchase of fixed assets (857,231) (769,577)
2 Proceeds from sale of fixed assets 450,181 366,394
3 Purchase of investments (561,508,110) (755,677,339)
4 Loans against policies (649,737) (423,681)
5 Sale of investments 541,323,835 738,347,196
6 Repayment received 166,667 166,667
7 Rent, interest and dividend received 27,294,867 25,518,889
8 Investment in money market intruments and in liquid mutual funds (net) (3,140,774) 777,226
9 Expense related to investments (24,268) (31,827)
Net cash from investing activities (B) 3,055,430 8,273,948
C Cash Flow from financing activities:

1 Proceeds from Issuance of share capital – –
2 Proceeds from borrowing – –
3 Repayments of borrowing – –
4 Final dividend paid (1,054,963) –
5 Dividend distribution tax paid (216,851) –
Net cash from financing activities (C) (1,271,814) –

Receipt and Payment account

Receipts and Payments Account (Contd.)

(H In Thousand)
Effect of foreign exchange rates on cash and cash equivalents, net (D) – –
Net increase in cash and cash equivalents (E) = (A) + (B) + (C) + (D) 8,795,921 (12,102,960)
Add: Cash and cash equivalents at the beginning of the year 23,659,542 35,762,502
Cash and cash equivalents at the end of the period 32,455,463 23,659,542
Components of cash and cash equivalents at the end of the period
(a) Cash (including cheques in hand and stamps in hand) 2,089,353 1,281,886
(b) Bank balances and money at call and short notice 5,327,850 3,737,809
Bank balance in Unit linked business 1,815,170 229,076
Temporary overdraft as per the books of accounts (170,359) 6,972,661 (1,043,813) 2,923,072
(c) Other short term liquid Investment
Schedule-8: Investments-Shareholders' 404,842 4,386,205
Schedule-8A: Investments-Policyholders' 6,842,613 4,037,130
Schedule-8B: Assets Held to Cover Linked Liabilities 16,145,994 23,393,449 11,031,249 19,454,584
Cash and cash equivalents at the end of the period (a) + (b) + (c) 32,455,463 23,659,542
* Includes Cash paid towards Corporate Social Responsibility expenditure H 191,850 thousand (previous year H 209,750 thousand)
For Cash and cash equivalents – Refer note 2(t) of schedule 16
The above Receipts and Payments Account has been prepared as prescribed by Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s
Report of Insurance Companies) Regulations, 2002 under the 'Direct method' in accordance with Accounting Standard 3 on Cash Flow Statements notified under the Section 133 of
the Companies Act, 2013 read with paragraph 7 of the Companies (Accounts) Rules, 2016.
No. 301003E/E300005 No. 105215W/W100057

Rajesh Shanoy
Company Secretary


Schedules
Schedules forming part of financial statements

Schedule 1: Premium (Net of GST/service tax)
(H In Thousand)
Participating Non–Participating Linked
Particulars Assurance Pension Assurance Variable Health Annuity Assurance Variable Assurance Pension Group Total
First year premiums 5,210,105 – 1,631,152 136 44,848 – 14,677 – 10,250,217 218,420 – 17,369,555
Renewal premiums 17,701,064 25,569 2,273,065 3,962 72,307 – 403,308 85 17,911,952 930,186 21,818 39,343,316
Single premiums – – – – – 141,530 22,597,791 4,766,923 509,677 5,132 3,837,703 31,858,756
Total premium 22,911,169 25,569 3,904,217 4,098 117,155 141,530 23,015,776 4,767,008 28,671,846 1,153,738 3,859,521 88,571,627
Premium income from business

written:
In India 22,911,169 25,569 3,904,217 4,098 117,155 141,530 23,015,776 4,767,008 28,671,846 1,153,738 3,859,521 88,571,627
Outside India – – – – – – – – – – – –
Total premium 22,911,169 25,569 3,904,217 4,098 117,155 141,530 23,015,776 4,767,008 28,671,846 1,153,738 3,859,521 88,571,627
Note: Refer note 2(c)(i) of schedule 16 for accounting policy on premium income recognition.

(H In Thousand)
First year premiums 3,323,467 – 601,810 8,094 – – 55,597 – 9,607,523 367,468 (62) 13,963,897
Renewal premiums 17,585,807 30,280 2,169,145 1,873 86,178 – 897,773 92 11,274,393 794,491 32,327 32,872,359
Single premiums – – – – – 120,838 12,868,257 8,525,730 526,558 4,767 6,901,340 28,947,490
Total premium 20,909,274 30,280 2,770,955 9,967 86,178 120,838 13,821,627 8,525,822 21,408,474 1,166,726 6,933,605 75,783,746
Premium income from business

written:
In India 20,909,274 30,280 2,770,955 9,967 86,178 120,838 13,821,627 8,525,822 21,408,474 1,166,726 6,933,605 75,783,746
Outside India – – – – – – – – – – – –
Total premium 20,909,274 30,280 2,770,955 9,967 86,178 120,838 13,821,627 8,525,822 21,408,474 1,166,726 6,933,605 75,783,746
Note: Refer note 2(c)(i) of schedule 16 for accounting policy on premium income recognition

Schedules
Schedules forming part of financial statements (Contd.)

Schedule 2: Commission expenses
(H In Thousand)
Commission paid
Direct - First year premiums 1,193,107 – 285,125 21 12,412 – 3,013 – 359,992 14,431 – 1,868,101
- Renewal premiums 523,966 225 33,703 158 1,738 – 12,556 1 154,922 12,900 27 740,196
- Single premiums – – – – – 40 417,885 – 6,801 68 204 424,998
Total 1,717,073 225 318,828 179 14,150 40 433,454 1 521,715 27,399 231 3,033,295
Add: Commission on
reinsurance accepted – – – – – – – – – – – –
Less: Commission on
reinsurance ceded (191) – (860) – (38) – (1,602) – (1,507) – – (4,198)
Net commission 1,716,882 225 317,968 179 14,112 40 431,852 1 520,208 27,399 231 3,029,097
Break-up of commission expenses (Gross) incurred to procure business is furnished below:

Individual agents# 1,493,121 189 173,442 5 13,747 39 353 1 488,181 25,886 39 2,195,003
Brokers 102,101 – 11,141 – 228 – 6,434 – 6,054 – 172 126,130
Corporate agents 122,074 36 134,200 174 175 1 396,559 – 27,480 1,513 20 682,232
Micro Insurance agents (223) – 45 – – – 30,108 – – – – 29,930
Total 1,717,073 225 318,828 179 14,150 40 433,454 1 521,715 27,399 231 3,033,295
#
Includes POSP under Individual Agents
Note: Refer note 2(d) of schedule 16 for accounting policy on acquisition costs

(H In Thousand)
Commission paid
Direct – First year premiums 697,586 – 74,754 851 – – 11,313 – 437,508 23,842 (27) 1,245,827
– Renewal premiums 504,074 255 33,151 12 2,209 – 17,076 – 98,570 9,833 120 665,300
– Single premiums 10 – – – – 43 117,335 – 5,406 47 736 123,577
Total 1,201,670 255 107,905 863 2,209 43 145,724 – 541,484 33,722 829 2,034,704
Add: Commission on
reinsurance accepted – – – – – – – – – – – –
Less: Commission on
reinsurance ceded (125) – (2,180) – 19 – (2,220) – (798) – – (5,304)
Net commission 1,201,545 255 105,725 863 2,228 43 143,504 – 540,686 33,722 829 2,029,400
Break-up of commission expenses (Gross) incurred to procure business is furnished below:

Individual agents# 1,032,221 210 67,013 5 2,202 32 96 – 512,546 31,201 13 1,645,539
Brokers 56,784 – 14 – 3 – 3,713 – 3,264 3 713 64,494
Corporate agents 112,665 45 40,568 829 4 11 127,367 – 25,674 2,518 103 309,784
Referral – – – – – – – – – – – –
Micro Insurance agents – – 310 29 – – 14,548 – – – – 14,887
Total 1,201,670 255 107,905 863 2,209 43 145,724 – 541,484 33,722 829 2,034,704
#
Includes POSP under Individual Agents
Note: Refer note 2(d) of schedule 16 for accounting policy on acquisition costs

Schedules

Schedule 3: Operating expenses related to insurance business
(H In Thousand)
Employees' remuneration,
welfare benefits and other
manpower costs
(Refer note 2(e) of schedule 16)# 2,291,399 716 752,310 911 17,479 4,277 2,175,156 16,012 3,803,385 93,045 18,193 9,172,883
Travel, conveyance and vehicle
running expenses 88,209 29 29,433 40 623 169 57,529 1,273 125,675 3,550 2,235 308,765
Training expenses 113,801 98 33,262 122 907 251 85,841 656 120,457 2,218 1,317 358,930
Rents, rates and taxes
(a) GST/Service tax unutilised
credits provision/write back – – – – – – – – – – – –
(b) GST/Service tax expenses 78,196 119 13,644 146 395 348 54,517 6 64,336 1,335 503 213,545
(c) Rents, rates and taxes 87,340 (3) 17,865 (3) 773 43 6,902 401 133,712 3,956 602 251,588
Repairs 37,443 21 7,582 26 251 72 11,862 257 48,027 1,315 384 107,240
Printing and stationery 19,587 12 12,739 19 127 189 5,844 – 21,334 389 48 60,288
Communication expenses 128,785 124 38,016 93 709 463 379,436 56 415,321 4,598 361 967,962
Legal and professional charges 160,130 238 28,821 286 833 720 107,422 12 133,858 2,701 1,014 436,035
Medical fees 7,717 – 5,091 1 23 52 263 – 6,103 101 – 19,351
Auditors' fees, expenses,etc.
(a) as auditor 3,462 5 589 8 17 15 2,472 – 2,850 59 23 9,500
(b) as adviser or in any other
capacity, in respect of
(i) Taxation matters 148 – 25 – 1 1 100 – 121 3 1 400
(ii) Insurance matters – – – – – – – – – – – –
(iii) Management services; and – – – – – – – – – – – –
(c) in any other capacity 840 1 158 1 5 4 527 – 690 14 5 2,245
(d) out of pocket expenses 384 1 65 1 2 2 278 – 316 7 3 1,059
Advertisement and publicity 293,001 – 82,646 16 3,209 752 131,565 19,147 570,049 13,081 19,695 1,133,161
Interest and bank charges 17,373 20 2,983 2 84 117 16,366 4,235 22,378 1,009 3,544 68,111
Others
(a) Information technology
expenses 240,140 359 28,126 453 1,241 1,020 154,311 231 206,501 4,397 2,169 638,948
(b) Insurance, water
and electricity charges 42,567 11 7,889 15 333 44 8,484 99 58,222 1,735 219 119,618
(c) Policy stamps 13,407 1 10,125 1 335 29 323,663 330 25,737 294 1,648 375,570
(d) Security and housekeeping 71,574 39 15,793 52 615 136 25,880 206 92,862 2,536 494 210,187
(e) Marketing expenses
and business
development expenses 293,355 (18) 24,322 (5) 2,259 (92) (37,472) 5,434 428,591 9,680 3,144 729,198
(f) Miscellaneous expenses 38,061 81 5,544 64 169 236 26,421 395 32,993 871 1,397 106,232
Depreciation (Refer note 2(n)
of schedule 16) 100,487 86 21,969 109 667 286 50,979 327 113,405 2,924 842 292,081
Total 4,127,406 1,940 1,138,997 2,358 31,057 9,134 3,588,346 49,077 6,426,923 149,818 57,841 15,582,897
#
Includes outsourced employees cost H 2,480,675 thousand
Note: Refer note 2(q) of schedule 16 on segmental reporting

Schedules

Schedule 3: Operating expenses related to insurance business
(H In Thousand)
Employees' remuneration,
welfare benefits and other
manpower costs
(Refer note 2(e) of schedule 16)# 1,492,323 629 268,114 3,134 1,832 7,313 1,202,197 33,166 3,635,749 139,307 50,119 6,833,883
Travel, conveyance and vehicle
running expenses 53,436 19 16,952 380 62 583 52,087 2,081 123,526 5,343 4,309 258,778
Training expenses 64,538 11 5,272 100 38 (91) 49,181 29 54,278 1,203 57 174,616
Rents, rates and taxes
(a) Service tax unutilised credits
provision/write back 1,594 3 228 2 9 6 1,109 – 1,430 31 13 4,425
(b) Service tax expenses 31,998 51 5,285 58 159 131 25,758 3 26,493 578 217 90,731
(c) Rents, rates and taxes 64,691 11 8,646 55 39 329 11,673 540 167,153 6,580 849 260,566
Repairs 32,010 24 4,999 36 86 431 12,860 212 67,933 2,485 469 121,545
Printing and stationery 51,373 72 12,377 309 239 231 76,541 3 46,954 1,042 334 189,475
Communication expenses 110,825 161 18,175 328 588 373 291,309 117 237,966 3,283 677 663,802
Legal and professional charges 41,044 67 6,207 55 230 161 29,897 3 35,961 776 322 114,723
Medical fees 13,871 1 2,353 – – – 2 – 231 (6) – 16,452
Auditors' fees, expenses,etc.
(Refer note 3.15 of schedule 16)
(a) as auditor 3,409 6 503 4 20 13 2,416 – 3,036 65 28 9,500
(b) as adviser or in any other
capacity, in respect of
(i) Taxation matters 143 – 21 – 1 1 105 – 125 3 1 400
(ii) Insurance matters – – – – – – – – – – – –
(iii) Management services; and – – – – – – – – – – – –
(c) in any other capacity 170 – 26 – 1 1 125 – 148 3 1 475
(d) out of pocket expenses 451 1 67 1 3 2 324 – 398 9 4 1,260
Advertisement and publicity 133,134 – 22,199 319 – 643 52,233 24,152 367,443 13,193 42,964 656,280
Interest and bank charges 21,039 30 2,698 12 90 114 13,740 5,906 23,044 1,273 5,418 73,364
Others
(a) Information technology
expenses 224,419 354 33,656 301 1,227 898 157,427 82 210,075 4,887 1,684 635,010
(b) Insurance, water and
electricity charges 47,553 39 7,094 57 135 313 21,440 309 87,927 3,158 776 168,801
(c) Policy stamps 8,422 – 4,749 16 – 24 357,746 589 22,972 415 2,049 396,982
(d) Security and housekeeping 55,692 24 7,897 59 86 213 16,300 250 124,868 4,683 809 210,881
(e) Marketing expenses
and business
development expenses 209,562 9 21,451 (2,023) 32 (208) 52,898 5,677 461,201 20,987 3,131 772,717
(f) Miscellaneous expenses 54,184 114 9,664 88 327 320 45,437 660 64,114 1,704 2,498 179,110
Depreciation
(Refer note 2(n) of schedule 16) 67,565 67 11,054 118 235 343 38,779 350 106,392 3,836 822 229,561
Total 2,783,446 1,693 469,687 3,409 5,439 12,144 2,511,584 74,129 5,869,417 214,838 117,551 12,063,337
#
Includes outsourced employees cost H 1,026,840 thousand

Schedules

Schedule 3A: Expenses other than those directly related to insurance business
(H In Thousand)

Employees' remuneration, welfare benefits and other manpower costs (Refer note 2(e) of schedule 16) 94,602 119,553
Rents, rates and taxes 2,801 2,733
Legal and professional charges 781 472
Interest and bank charges – 338
Miscellaneous expenses 6,875 7,292
Information technology expenses 1,851 1,641
Insurance, water and electricity charges 119 134
Security and housekeeping 363 294
Directors Sitting Fees 5,000 4,000
Corporate social responsibility (Refer note 3.29 of schedule 16) 191,850 209,750
Other expenses 162,122 156,657
Total 466,530 503,059

Schedules

Schedule 4: Benefits paid (net)
(H In Thousand)
Insurance claims
(a) Claims by death* 1,421,498 3,136 503,358 505 (4,849) 19,928 7,171,268 2,192 1,165,474 80,611 84,721 10,447,842
(b) Claims by maturity 5,029,415 57,629 18,737 – – – 2,843,465 – 7,470,864 347,745 18,501 15,786,356
(c) Annuities/pensions payment – – – – – 114,768 71,162 – – – – 185,930
(d) Other benefits
(i) Surrender/withdrawal/
foreclosure** 1,303,303 39,797 563,382 – – – 3,113,117 857,929 13,264,219 772,814 3,949,969 23,864,530
(ii) Rider 101,012 519 2,177 – – – 46,820 – 54,781 – – 205,309
(iii) Health – – – – 72,729 – – – – – – 72,729
(iv) Periodic Benefits 2,624,952 – – – – – – – 546 – – 2,625,498
(v) Interest on unclaimed
amount of policyholder – – – – – – – – 399,112 – – 399,112
(vi) Others 7,926 – 10,265 – – 960 95,213 – 104,223 9,496 214 228,297
Sub-Total (A) 10,488,106 101,081 1,097,919 505 67,880 135,656 13,341,045 860,121 22,459,219 1,210,666 4,053,405 53,815,603
(Amount ceded in reinsurance)
(a) Claims by death (74,262) – (144,105) – – – (240,308) – (22,509) – (9,109) (490,293)
(b) Claims by maturity – – – – – – – – – – – –
(c) Annuities/pensions payment – – – – – – – – – – – –
(d) Other benefits
(i) Rider – – – – – – – – – – – –
(ii) Health – – – – – – – – – – – –
(iii) Others (3,833) – – – – – – – – – – (3,833)
Sub-Total (B) (78,095) – (144,105) – – – (240,308) – (22,509) – (9,109) (494,126)
Amount accepted in reinsurance
(a) Claims by death – – – – – – – – – – – –
(d) Other benefits – – – – – – – – – – – –
Sub-Total (C) – – – – – – – – – – – –
Total 10,410,011 101,081 953,814 505 67,880 135,656 13,100,737 860,121 22,436,710 1,210,666 4,044,296 53,321,477
Benefits paid to claimants:
In India 10,410,011 101,081 953,814 505 67,880 135,656 13,100,737 860,121 22,436,710 1,210,666 4,044,296 53,321,477
Outside India – – – – – – – – – – – –
Total 10,410,011 101,081 953,814 505 67,880 135,656 13,100,737 860,121 22,436,710 1,210,666 4,044,296 53,321,477
Notes:
1. * Includes Claim investigation expense amounting to H 55,037 thousand
2. ** Total surrenders are net of linked surrender charges of H 8,250 thousand
3. Legal, other fees and expenses also form part of the claim cost, wherever applicable
4. Refer note 2(i) of schedule 16 for accounting policy on benefits paid

Schedules

Schedule 4: Benefits paid (net)
(H In Thousand)
Insurance Claims
(a) Claims by death* 1,690,160 308 464,439 1,086 1,847 15,882 7,751,471 2,913 1,160,992 51,011 39,496 11,179,605
(b) Claims by maturity 3,286,829 15,553 10,567 – – – 3,782,860 – 14,465,614 362,062 27,287 21,950,772
(c) Annuities/pensions payment – – – – – 111,171 67,250 – – – – 178,421
(d) Other benefits
(i) Surrender/withdrawal/
foreclosure** 1,355,507 20,934 777,199 – – – 5,138,109 6,999,299 23,532,988 1,184,859 5,013,044 44,021,939
(ii) Rider 89,345 456 1,567 – – (567) 41,450 – (28,674) (3,287) (181) 100,109
(iii) Health – – – – 93,796 – – – – – – 93,796
(iv) Periodic Benefits 3,175,579 – – – – – – – 637 – – 3,176,216
(v) Interest on unclaimed
amount of policyholder – – – – – – – – 183,985 – – 183,985
(vi) Others 9 – 2,822 – – – 91,682 – 102,051 1,958 2,959 201,481
Sub-Total (A) 9,597,429 37,251 1,256,594 1,086 95,643 126,486 16,872,822 7,002,212 39,417,593 1,596,603 5,082,605 81,086,324
(Amount ceded in reinsurance)
(a) Claims by death (50,682) – (102,404) – – – (350,599) – (45,326) – (1,650) (550,661)
(d) Other benefits
(i) Rider (881) – (30) – – – – – – – – (911)
(ii) Health – – – – 708 – – – – – – 708
Sub-Total (B) (51,563) – (102,434) – 708 – (350,599) – (45,326) – (1,650) (550,864)
Amount accepted in reinsurance – – – – – – – – – – – –
(a) Claims by death – – – – – – – – – – – –
(d) Other benefits – – – – – – – – – – – –
Sub-Total (C) – – – – – – – – – – – –
Total 9,545,866 37,251 1,154,160 1,086 96,351 126,486 16,522,223 7,002,212 39,372,267 1,596,603 5,080,955 80,535,460
In India 9,545,866 37,251 1,154,160 1,086 96,351 126,486 16,522,223 7,002,212 39,372,267 1,596,603 5,080,955 80,535,460
Outside India – – – – – – – – – – – –
Total 9,545,866 37,251 1,154,160 1,086 96,351 126,486 16,522,223 7,002,212 39,372,267 1,596,603 5,080,955 80,535,460
Notes:
2. ** Total surrenders are net of linked surrender charges of H 55,609 thousand

Schedules

Schedule 5: Share capital
(H In Thousand)
As at 31 March
Authorised Capital
200,000,000 Equity shares of H 10 each (Previous year 200,000,000 Equity share of H 10 each) 2,000,000 2,000,000
Issued Capital
150,709,000 Equity Shares of H 10 each (Previous year 150,709,000 Equity share of H 10 each) 1,507,090 1,507,090
Subscribed Capital
Called-up Capital
Less: Calls unpaid – –
Add: Shares forfeited (Amount originally paid up) – –
Less: Par value of Equity Shares bought back – –
Less: Preliminary Expenses – –
Expenses including commission or brokerage on Underwriting or subscription of shares – –
Total 1,507,090 1,507,090
Out of the total share capital, 111,524,660 shares (Previous year: 31 March 2018 – 111,524,660) of H 10 each are held by the holding company, Bajaj Finserv Ltd.
Schedule 5A: Pattern of shareholding (As certified by the management)

Number of % of Number of % of
Shareholder shares Holding shares Holding
Promoters:
Indian (Bajaj Finserv Ltd.) 111,524,660 74 111,524,660 74
Foreign (Allianz SE) 39,184,340 26 39,184,340 26
Total 150,709,000 100 150,709,000 100

Schedules

Schedule 6: Reserves and Surplus
(H In Thousand)
As at 31 March
Capital reserve – –
Capital redemption reserve – –
Share premium 10,599,550 10,599,550
Revaluation reserve (Refer note 3.3.6 of schedule 16) 403,626 319,948
General reserve – –
Less: Debit balance in Profit and Loss Account, if any – –
Less: Amount utilised for Buy-back – –
Catastrophe reserve – –
Other reserve – –
Balance of profit in Profit and Loss Account 83,393,632 79,646,820
Total 94,396,808 90,566,318
Schedule 7: Borrowings
(H In Thousand)
As at 31 March
Debentures/bonds – –
Banks – –
Financial institutions – –
Others – –
Total – –

Schedules

Schedule 8: Investments – Shareholders’
(H In Thousand)
As at 31 March
LONG-TERM INVESTMENTS
Government securities 34,977,366 41,852,573
Other approved securities 11,980,735 8,152,687
Other approved investments
(a) Shares
(i) Equity 5,073,917 3,630,475
(ii) Preference – –
(b) Mutual funds – –
(c) Derivative instruments – –
(d) Debentures/bonds 5,306,245 4,732,086
(e) Other securities
(i) Fixed deposit with banks 62,500 62,500
(ii) Collateralised borrowing and lending obligation (CBLO) – –
(iii) Repurchase Agreement (Repo) – –
(iv) AT1 Bonds 308,721 1,076,711
(f) Subsidiaries – –
(g) Investment properties-real estate 747,392 657,183
Investments in infrastructure and social sector
(a) Approved investments
(i) Equity 318,033 16,907
(ii) Debentures/bonds 20,758,407 11,608,473
(b) Other investments
(i) Equity – 205,987
(ii) Debentures/bonds 702,006 –
Other investments
(i) Equity 1,348,802 800,410
(ii) Debentures/bonds – –
(iii) AT1 Bonds 805,077 –
SHORT-TERM INVESTMENTS
Government securities – –
Other approved securities – –
(a) Shares
(i) Equity – –
(ii) Preference – –
(b) Mutual funds – 4,386,205
(c) Derivative instruments – –
(d) Debentures/bonds 1,970,023 2,756,863

Schedules

Schedule 8: Investments – Shareholders'
(H In Thousand)
As at 31 March

(i) Fixed deposit with banks 500,000 600,000
(ii) Collateralised borrowing and lending obligation (CBLO) – –
(iii) Repurchase Agreement (Repo) 304,842 –
(iii) AT1 Bonds – –
(f) Subsidiaries – –
(g) Investment properties-real estate – –
Investments in infrastructure and social sector
(i) Equity – –
(ii) Debentures/bonds 5,316,359 4,363,339
(i) Equity – –
(ii) Debentures/bonds 506,555 –
Other investments
(i) Equity – –
(ii) Debentures/bonds – –
Total 90,986,980 84,902,399
Investments
In India 90,986,980 84,902,399
Outside India – –
Total 90,986,980 84,902,399
Notes:
(H In Thousand)
Sr. No. Particulars 31 March 2019 31 March 2018
1 Shareholder's Investments include Government securities that have been deposited with Clearing Corporation of India Limited (CCIL) as a deposit towards the
Settlement Guarantee Fund (SGF) deposit 1,414,859 1,148,921
Market value of above investments 1,382,365 1,138,497
2 Shareholder's Investments include Government securities that have been deposited with Clearing Corporation of India Limited (CCIL) as a deposit towards the
Default Fund (DF) margin 181,621 79,902
Market value of above investments 184,301 79,177
3 Shareholder's Investments include fixed deposit with HDFC Bank Ltd. towards margin requirement for equity trade settlement 400,000 400,000
4 Shareholder's Investments include fixed deposit with Axis Bank Ltd. towards bank guarantee requirement of Unique Identification Authority of India (UIDAI). 2,500 2,500
5 Aggregate amount of Company’s investments and the market value thereof:
Aggregate amount of Company’s investments other than equity, AT1 Bonds, preference shares, mutual fund, investment property and derivative instruments 82,385,038 74,128,522
Aggregate amount of Company’s investments in mutual fund, equity, AT1 Bond, preference shares and investment property (at historical cost) 7,564,248 10,345,018
6 Investments in subsidiary at cost NIL NIL
7 Investments in holding company and other related entities 1,274,797 274,871
8 Investments made out of Catastrophe reserve NIL NIL
9 Debt securities are held to maturity and reduction in market values represent market conditions and not a permanent diminution in value of investments, if any
10 Refer schedule 16 note 2(I) and 3.3 for accounting policy related to Investments and income on investments

Schedules

Schedule 8A: Investments – Policyholders'
As at 31 March 2019
(H In Thousand)
Participating Non–participating Linked
Government securities 73,261,228 496,234 2,173,413 2,469 – 1,567,248 13,428,839 1,878,839 2,910,780 196,399 – 95,915,449
Other approved securities 9,969,163 60,024 5,244,930 – 10,306 5,906 12,163,487 2,746,563 533,882 – – 30,734,261
(a) Shares
(i) Equity 21,476,875 – 1,177,720 – – – 2,838,937 62,361 918,900 – – 26,474,793
(ii) Preference – – – – – – – – – – – –
(iii) AT 1 Bond – – – – – – – – – – – –
(b) Mutual funds – – – – – – – – – – – –
(c) Derivative instruments – – – – – – – – – – – –
(d) Debentures/bonds 6,188,202 – 1,903,902 – – – 1,279,502 574,771 – – – 9,946,377
(i) Fixed Deposit with banks 3,563,100 89,700 239,100 – – 89,700 99,500 – – – – 4,081,100
(ii) AT1 Bonds 1,387,818 – 103,436 – – – 798,613 591,108 – – – 2,880,975
(f) Subsidiaries – – – – – – – – – – – –
(g) Investment properties-real estate – – – – – – – – – – – –
(h) Loans – – – – – – – – – – – –
Investments in infrastructure and
social sector
(i) Equity 1,001,186 – 25,282 – – – 232,780 – 18,441 – – 1,277,689
(ii) Debentures/bonds 26,240,863 20,000 2,182,103 – 50,663 30,000 9,221,295 3,730,051 561,802 – – 42,036,777
(iii) Loans – – – – – – – – – – – –
(i) Equity – – – – – – – – – – – –
(ii) Debentures/bonds 742,300 – 39,589 – – – 494,867 – – – – 1,276,756
(iii) Loans – – – – – – – – – – – –
Other investments
(i) Equity 1,496,367 – 12,086 – – – – – 7,145 – – 1,515,598
(ii) Debentures/bonds 957,560 – – – – – – – – – – 957,560
(iii) Loans – – – – – – – – – – – –
(iv) Venture capital fund 37,434 – – – – – – – – – – 37,434
(v) AT1 Bonds 1,952,433 – 51,221 – – – – – – – – 2,003,654
Government securities – – – 4,033 101,448 – 7,423,551 271,680 – 9,215 175,820 7,985,747
Other approved securities – – – – – – 59,786 – – – – 59,786
(a) Shares
(i) Equity – – – – – – – – – – – –
(ii) Preference – – – – – – – – – – – –
(b) Mutual funds – – – – – – – – – – – –
(d) Debentures/bonds 1,549,922 – 409,994 – – – 4,008,557 454,999 123,000 7,000 20,000 6,573,472
(e) Other securities – – – – – –
(i) Fixed deposit with banks – – – – – – – – – – – –
(ii) Collateralised borrowing
and lending obligation (CBLO) – – – – – – – – – – – –
(iii) Repurchase Agreement (Repo) 10,598 28,395 2,272,065 22,896 29,794 45,391 785,549 663,063 788,549 25,595 148,472 4,820,367
(f) Subsidiaries – – – – – – – – – – – –
(h) Loans – – – – – – – – – – – –

Schedules

As at 31 March 2019
(H In Thousand)
Participating Non–participating Linked
Investments in infrastructure
and social sector
(i) Equity – – – – – – – – – – – –
(ii) Debentures/bonds 829,883 – 150,132 – – – 2,420,866 – 699,000 19,968 – 4,119,849
(iii) Loans – – – – – – – – – – – –
(i) Equity – – – – – – – – – – – –
(ii) Debentures/bonds 1,007,530 – 99,854 – – – 377,392 250,963 – – – 1,735,739
(iii) Loans – – – – – – – – – – – –
Other investments
(i) Equity – – – – – – – – – – – –
(ii) Debentures/bonds – – – – – – – – – – – –
(iii) Loans 166,667 – – – – – – – – – – 166,667
(iv) Venture capital fund – – – – – – – – – – – –
Total 151,839,129 694,353 16,084,827 29,398 192,211 1,738,245 55,633,521 11,224,398 6,561,499 258,177 344,292 244,600,050
In India 151,839,129 694,353 16,084,827 29,398 192,211 1,738,245 55,633,521 11,224,398 6,561,499 258,177 344,292 244,600,050
Outside India – – – – – – – – – –
Total 151,839,129 694,353 16,084,827 29,398 192,211 1,738,245 55,633,521 11,224,398 6,561,499 258,177 344,292 244,600,050
Notes:
(H In Thousand)
1 Aggregate amount of Company’s investments and the market value thereof :

Aggregate amount of Company’s investments other than equity securities,preference share, mutual fund,AT1 Bonds,VCF and derivative instruments 210,409,907 184,443,719
Aggregate amount of Company’s investments in mutual fund, equity, AT1 Bond and preference shares and investment property (at historical cost) 25,222,692 28,536,011
2 Investments in subsidiary at cost NIL NIL
3 Investments in holding company and other related entities 4,555,406 350,121
4 Investments made out of Catastrophe reserve NIL NIL
5 Debt Securities are held to maturity and reduction in market values represent market conditions and not a permanent diminution in value of investments, if any
6 Refer schedule 16 note 2 (c)(iii) and 2(l) for accounting policy related to Investments and income on investments.

Schedules

As at 31 March 2018
(H In Thousand)
Government securities 66,014,954 411,034 6,512,593 2,463 – 1,481,338 13,235,140 1,386,661 3,441,370 – – 92,485,553
Other approved securities 10,710,276 59,925 2,147,925 – 10,370 5,897 6,544,994 893,213 917,107 – – 21,289,707
(a) Shares
(i) Equity 18,153,138 – 1,165,273 – – – 3,484,813 43,724 826,147 – – 23,673,096
(ii) Preference – – – – – – – – – – – –
(b) Mutual funds – – – – – – – – – – – –
(d) Debentures/bonds 5,668,311 30,000 793,790 – – 20,000 6,045,610 661,481 123,000 7,000 20,000 13,369,192
(i) Fixed deposit with banks 3,563,100 89,700 239,100 – – 89,700 99,500 – – – – 4,081,100
(ii) AT1 Bonds 2,565,636 – 155,325 – – – 1,107,675 1,107,160 – – – 4,935,797
(f) Subsidiaries – – – – – – – – – – – –
(h) Loans – – – – – – – – – – – –
social sector
(i) Equity 1,306,385 – 34,164 – – – 334,223 – 19,234 – – 1,694,007
(ii) Debentures/bonds 18,377,183 29,495 1,911,343 – 77,723 50,051 4,665,746 2,696,476 899,342 53,200 26,600 28,787,159
(iii) Loans – – – – – – – – – – – –
(i) Equity – – – – – – – – – – – –
(iii) Loans – – – – – – – – – – – –
Other investments
(i) Equity 2,073,227 – 26,088 – – – – – 17,405 – – 2,116,720
(ii) Debentures/bonds 206,427 – – – – – – – – – – 206,427
(iii) Loans 333,333 – – – – – – – – – – 333,333
(iv) Venture capital fund 5,569 – – – – – – – – – – 5,569
Government securities – – – – – – 1,475,636 15,071 – – – 1,490,707
Other approved securities – – – – – – 559,139 – – – – 559,140
(a) Shares
(i) Equity – – – – – – – – – – – –
(ii) Preference – – – – – – – – – – – –
(b) Mutual funds 435,638 90,135 1,062,196 6,109 44,069 36,155 1,037,008 621,452 379,886 152,320 172,161 4,037,130
(d) Debentures/bonds 1,504,258 – 440,187 – – – 2,339,794 493,182 100,008 – – 4,877,429
(i) Fixed deposit with banks – – – – – – – – – – – –
(ii) Collateralised borrowing
and lending obligation (CBLO) – – – – – – – – – – – –
(f) Subsidiaries – – – – – – – – – – – –
(h) Loans – – – – – – – – – – – –

Schedules

As at 31 March 2018
(H In Thousand)

social sector
(i) Equity – – – – – – – – – – – –
(ii) Debentures/bonds 5,856,094 10,000 731,617 – 50,279 – 9,231,425 443,226 491,173 20,021 30,136 16,863,972
(iii) Loans – – – – – – – – – – – –
(i) Equity – – – – – – – – – – – –
(iii) Loans – – – – – – – – – – – –
Other investments
(i) Equity – – – – – – – – – – – –
(ii) Debentures/bonds 50,000 – 50,000 – – – – – – – – 100,000
(iii) Loans – – – – – – – – – – – –
(iv) Venture capital fund – – – – – – – – – – – –
Total 136,823,529 720,289 15,269,601 8,572 182,441 1,683,141 50,160,703 8,361,646 7,214,672 232,541 248,897 220,906,038
In India 136,823,529 720,289 15,269,601 8,572 182,441 1,683,141 50,160,703 8,361,646 7,214,672 232,541 248,897 220,906,038
Outside India – – – – – – – – – – – –
Total 136,823,529 720,289 15,269,601 8,572 182,441 1,683,141 50,160,703 8,361,646 7,214,672 232,541 248,897 220,906,038

Schedules

Schedule 8B: Assets held to cover linked liabilities
(H In Thousand)
Linked Linked Linked
Particulars Life Pension Group Total
Government securities 8,896,090 2,038,727 8,225,977 19,160,794
Other approved securities 5,515,592 311,893 8,418,232 14,245,717
(a) Shares
(i) Equity 112,030,591 3,103,459 4,506,215 119,640,265
(ii) Preference – – – –
(b) Mutual Funds – – – –
(c) Derivative Instruments – – – –
(d) Debentures/Bonds 1,899,509 102,042 1,147,142 3,148,693
(e) Other Securities
(i) Fixed Deposit with Banks 898,888 55,506 543,806 1,498,200
(f) Subsidiaries – – – –
(g) Investment Properties – Real Estate – – – –
Investments in Infrastructure and Social Sector Bonds
(i) Equity 9,016,253 258,148 570,790 9,845,191
(ii) Debentures/Bonds 7,457,658 394,207 3,721,899 11,573,764
(i) Equity 1,347,523 29,095 1,144 1,377,762
(ii) Debentures/Bonds – – 252,896 252,896
Other Investments
(i) Equity 7,152,151 143,671 38,350 7,334,172
(ii) Debentures/Bonds 380,550 – – 380,550
Government securities 12,676,934 708,646 445,211 13,830,791
Other approved securities 213,413 – 39,470 252,883
(a) Shares
(i) Equity – – – –
(c) Derivative Instrument – – – –
(d) Debentures/Bonds 372,403 483 414,590 787,476
(i) Fixed Deposit with Banks 833,369 35,507 248,624 1,117,500
(ii) Collateralised Borrowing And Lending Obligation (CBLO) – – – –
(iii) Repurchase Agreement (Repo) 11,289,336 637,378 1,214,767 13,141,481

Schedules

(H In Thousand)

(i) Equity – – – –
(ii) Debentures/Bonds 453,240 134,815 225,208 813,263
(i) Equity – – – –
(ii) Debentures/Bonds 1,541,494 35,582 113,529 1,690,605
Other Investments
(i) Equity – – – –
Net Current Assets 4,212,048 212,324 1,525,447 5,949,819
Total 186,464,954 8,201,483 31,653,297 226,319,734

In India 186,464,954 8,201,483 31,653,297 226,319,734
Outside India – – – –
Total 186,464,954 8,201,483 31,653,297 226,319,734
Notes:
(H In Thousand)
1 Agrregate cost of Investment in Bajaj Finance Limited and Bajaj Finserv Limited (Holding company) Refer note 3.18 of schedule 16 1,687,019 1,120,740
2 Investment made out of catastrophe reserve at cost NIL NIL
3 Historical cost of above investments 195,746,721 183,762,810
4 Particulars of investment other than listed equity shares
Historical cost 81,735,519 74,010,648
Market value 82,172,526 73,964,934
5 Break-up of Net Current Asset – "Assets Held to Cover Linked Liabilities"
(a) Interest accrued and not due 4,074,289 3,877,162
(b) Cash and bank Balance 145,924 229,076
(c) Investment sold –pending for settlment 560,458 167,038
(d) Investment purchased –pending for settlment (475,108) (793,193)
(e) Other receivable/(payable) 1,644,256 (158,874)
(f) Application money of investment – –
Total Net Current Asset 5,949,819 3,321,209
6 Equity shares includes shares transferred under securities lending and borrowing scheme (SLB) where the Company retains all the associated risk and
rewards on these securities – Refer note 3.3.8 of schedule 16.
7 Refer schedule 16 note 2 (c)(iii) and 2(l) for accounting policy related to Investments and income on investments.

Schedules

As at 31 March 2018
(H In Thousand)
Government securities 10,259,458 1,315,199 11,407,969 22,982,626
Other approved securities 2,693,954 292,728 2,479,123 5,465,805
(a) Shares
(i) Equity 103,750,460 3,564,301 4,289,584 111,604,345
(c) Derivative Instruments – – – –
(i) Fixed Deposit with Banks 1,845,366 57,877 712,457 2,615,700
(i) Equity 6,993,273 335,414 399,441 7,728,128
(ii) Debentures/Bonds 7,689,141 519,970 2,925,674 11,134,785
(i) Equity 897,738 32,289 14,774 944,801
(ii) Debentures/Bonds – – – –
Other Investments
(i) Equity 9,586,783 295,973 330,246 10,213,002
Government securities 8,481,836 313,110 190,506 8,985,452
(a) Shares
(i) Equity – – – –
(c) Derivative Instrument – – – –
(i) Fixed Deposit with Banks 52,762 980 141,258 195,000
(ii) Collateralised Borrowing And Lending Obligation (CBLO) 8,884,078 583,902 1,563,269 11,031,249
(iii) Repurchase Agreement (Repo) – – – –

Schedules

As at 31 March 2018
(H In Thousand)
(i) Equity – – – –
(ii) Debentures/Bonds 1,805,683 42,376 666,513 2,514,572
(i) Equity – – – –
(ii) Debentures/Bonds – – – –
Other Investments
(i) Equity – – – –
Net Current Assets 2,020,499 128,831 1,171,879 3,321,209
Total 170,545,660 7,773,673 29,457,085 207,776,418
In India 170,545,660 7,773,673 29,457,085 207,776,418
Outside India – – – –
Total 170,545,660 7,773,673 29,457,085 207,776,418

Schedules

Schedule 9: Loans
(H In Thousand)
As at 31 March
Security wise classification

Secured
(a) On mortgage of property
(i) In India – –
(ii) Outside India – –
(b) On shares, bonds, govt. securities, etc. – –
(c) Loan against policies (Refer note 2(m) of Schedule 16) 3,184,129 2,356,237
(d) Others – –
Unsecured – –
Total 3,184,129 2,356,237
Borrower wise classification

(a) Central and state government – –
(b) Bank and financial institutions – –
(c) Subsidiaries – –
(d) Companies – –
(e) Loan against policies 3,184,129 2,356,237
(f) Others – –
Total 3,184,129 2,356,237
Performance wise classification

(a) Loans classified as standard:
(i) In India 3,184,129 2,356,237
(b) Non standard loans less provisions:
(i) In India – –
Total 3,184,129 2,356,237
Maturity wise classification

(a) Short term 146,579 151,154
(b) Long term 3,037,550 2,205,083
Total 3,184,129 2,356,237
Notes:
a. Short-term loans include those, which are repayable within 12 months from the date of Balance Sheet. Long term loans are the loans other than short-term loans.
b. Loans in the nature of investment of H 166,667 thousand (H 333,333 thousand as at 31 March 2018) are shown under Schedule 8A and standard provision against such loans
of H 667 thousand (H 1,333 thousand as at 31 March 2018) as mandated by the IRDA master circular Ref IRDA/F&A/Cir/232/12/2013 dated 11 December 2013 is disclosed under
schedule 14. (Refer note 2(l)(v) of Schedule 16)

Schedules

Schedule 10: Fixed assets
(H In Thousand)
Gross Block Depreciation Net Block
As at As at As at As at As at As at
1 April 31 March 1 April For the Deductions/ 31 March 31 March 31 March
Particulars 2018 Additions Deductions 2019 2018 year Adjustment 2019 2019 2018
Intangible assets
Goodwill – – – – – – – – –
Computer software 1
241,585 62,468 – 304,053 172,211 57,167 – 229,378 74,675 69,372
Tangible assets
Freehold land2 6,808 – – 6,808 – – – – 6,808 6,808
Leasehold improvements to leasehold property 350,174 104,951 12,721 442,404 264,037 26,635 12,139 278,533 163,871 86,137
Buildings2 1,941,247 7,998 21,231 1,928,014 266,407 33,065 6,704 292,768 1,635,246 1,674,839
Electrical fittings 28,153 138 1,398 26,893 19,531 2,782 892 21,421 5,472 8,622
Furniture and fittings 280,197 10,788 4,000 286,985 184,633 22,844 3,978 203,499 83,486 95,565
Information technology equipment (Others) 835,870 139,368 311,774 663,464 756,576 72,252 311,653 517,175 146,289 79,293
Information technology equipment (Servers) 271,524 21,010 31,544 260,990 84,239 38,210 31,397 91,052 169,938 187,285
Air conditioner 196,184 23,205 77,752 141,637 156,141 16,455 77,675 94,921 46,716 40,045
Vehicles 35,858 2,511 1,418 36,951 17,697 6,291 1,105 22,883 14,068 18,161
Office equipment 203,948 22,728 78,271 148,405 188,963 10,017 78,007 120,973 27,432 14,985
Mobile Phones and Tablets 14,424 18,968 12,009 21,383 6,974 7,907 8,774 6,107 15,276 7,450
Total 4,405,972 414,133 552,118 4,267,987 2,117,409 293,625 532,324 1,878,710 2,389,277 2,288,562
Capital work in progress including Capital advances3 84,184 436,772 406,911 114,045 – – – – 114,045 84,184
Grand total 4,490,156 850,905 959,029 4,382,032 2,117,409 293,625 532,324 1,878,710 2,503,322 2,372,746
As at 31 March 2018 4,758,292 771,640 1,039,776 4,490,156 2,493,271 231,103 606,964 2,117,410 2,372,746
Notes:
1. None of the softwares are internally generated.
2. Assets included in land, property and building above exclude Investment Properties
3. This includes advances to suppliers against fixed assets purchased.
4. Refer note 2(n) of Schedule 16

Schedules

Schedule 11: Cash and bank balances
(H In Thousand)
As at 31 March
Cash (including cheques, drafts and stamps) (Refer note 2(t) of Schedule 16) 2,089,353 1,281,886
Bank balances
(a) Deposit accounts
(i) Short-term (due within 12 months of the date of Balance Sheet) – –
(ii) Others – –
(b) Current accounts 5,327,850 3,737,809
(c) Others – –
Money at call and short notice
(a) With banks – –
(b) With other institutions – –
Others – –
Total 7,417,203 5,019,695
Balances with non-scheduled banks included above
Cash and bank balances
In India 7,417,203 5,019,695
Outside India – –
Total 7,417,203 5,019,695
Break-up of Cash (including cheques, drafts and stamps)

(H In Thousand)
As at 31 March
1. Cash in hand 405,098 310,542

2. Postal franking and revenue stamps 159,316 5,980
3. Cheques in hand 1,524,939 965,364
Total 2,089,353 1,281,886

Schedules

Schedule 12: Advances and other assets
(H In Thousand)
As at 31 March
Advances
Reserve deposits with ceding companies – –
Application money for investments – –
Prepayments 88,917 89,348
Advances to directors/officers – –
Advance tax paid and taxes deducted at source – –
Others
Advances to suppliers
Gross 81,468 73,708
Less: Provision for doubtful advances (Refer note 2(g) of Schedule 16) 12,293 16,653
Net balance 69,175 57,055
Other advances
Gross 2,144 1,447
Less: Provision for doubtful advances (Refer note 2(g) of Schedule 16) – –
Total (A) 160,236 147,850
Other assets
Income accrued on investments 11,071,955 10,125,395
Outstanding premiums 1,964,882 2,070,393
Agents' balances
Gross 33,606 24,908
Less: Provision for doubtful advances (Refer note 2(g) of Schedule 16) 22,634 16,072
Foreign agencies balance – –
Due from other entities carrying on insurance business
(Including amount due from re-insurers) 263,135 299,234
Due from subsidiaries/holding company – –
Deposit with reserve bank of India
(pursuant to section 7 of Insurance Act, 1938) – –
Deposits
Gross 535,850 507,324
Less: Provision for doubtful deposits (Refer note 2(g) of Schedule 16) 579 504
Net balance 535,271 506,820
Others
Unsettled investment contracts-receivable 3,805,786 1,339,139
GST/Service tax unutilised credit 692,427 349,576
Advance against service tax liability 1,581 –
Unit receivable 719,634 1,686,951
Assets held to cover unclaimed funds (Refer note 3.5 of Schedule 16) 3,783,593 5,592,060
Income on unclaimed fund (net of fund admin charges) 511,115 4,294,708 524,861 6,116,921
Others 46,407 51,642
Total (B) 23,406,758 22,554,907
Total = (A) + (B) 23,566,994 22,702,757

Schedules

Schedule 13: Current liabilities
(H In Thousand)
As at 31 March
Agents' balances 894,131 657,593

Balances due to other insurance companies 173,945 173,534
Deposits held on re-insurance ceded – –
Premium received in advance 218,252 272,994
Unallocated premium 881,352 1,348,616
Sundry creditors (Refer note 3.13 of Schedule 16) 167,729 248,248
Due to subsidiaries/holding company 23,090 –
Claims outstanding 554,724 864,605
Annuities due – –
Due to officers/directors of the company – –
Unclaimed amount of Policyholders (Refer note 3.5 of Schedule 16) 3,783,593 5,592,060
Income on unclaimed fund (net of fund admin charges) 511,115 4,294,708 524,861 6,116,921
Others
Payable unsettled investment contracts 2,421,163 1,713,563
Expenses payable 2,392,561 2,519,221
Taxes payable 87,476 92,245
Statutory dues payable 42,313 30,409
GST Liability 151,884 466,339
Employee payable 30,524 32,612
Deposits 31,641 31,030
Payable to Policyholders 665,568 2,409,698
Temporary overdraft as per the books of accounts 170,359 1,043,813
Unit payable 2,334,892 1,587,915
Total 15,536,312 19,609,356

Schedules

Schedule 14: Provisions
(H In Thousand)
As at 31 March
For taxation (less payments and taxes deducted at source)

Income tax (Refer note 2(o) of Schedule 16) 4,111,218 4,322,810
For proposed dividends – –
For dividend distribution tax – –
Others
For leave encashment (Refer note 3.7 of Schedule 16) 114,813 95,654
For long term incentive plan (Refer note 3.7 of Schedule 16) 285,918 319,769
For gratuity (Refer note 3.7 of Schedule 16) 8,620 –
For standard provisioning on loan (Refer note 2(l)(v) of Schedule 16) 667 1,333
Total 4,521,236 4,739,566
Schedule 15: Miscellaneous expenditure (To the extent not written–off or adjusted)
(H In Thousand)
As at 31 March
Discount allowed on issue of shares/debentures – –

Others – –
Total – –

Schedules
Annexure to Revenue Account–Break up of unit linked business

Revenue Account – Policyholders' Account (Technical Account)
(H In Thousand)
Linked Life Linked Pension Linked Group
Non–Unit Unit Total Non–Unit Unit Total Non–Unit Unit Total Total (j)=
Particulars Schedule (a) (b) (c)=(a)+(b) (d) (e) (f)=(d)+(e) (g) (h) (i)=(g)+(h) (c)+(f)+(i)
Premiums earned (Net of GST)

(a) Premium (Refer note 2(c)(i) of schedule 16) 733,019 27,938,827 28,671,846 70,037 1,083,701 1,153,738 (149,855) 4,009,376 3,859,521 33,685,105
(b) Reinsurance ceded (Refer note 2(c)(ii) of Schedule 16) (66,604) – (66,604) (164) – (164) (4,229) – (4,229) (70,997)
(c) Reinsurance accepted
Sub-Total 666,415 27,938,827 28,605,242 69,873 1,083,701 1,153,574 (154,084) 4,009,376 3,855,292 33,614,108
Income from investments
(Refer note 2(c)(iii) of Schedule 16)
(a) Interest, dividend and rent-Gross 471,497 3,967,288 4,438,786 17,127 250,678 267,805 9,611 1,806,909 1,816,520 6,523,111
(b) Profit on sale/redemption of investments 93,048 16,214,471 16,307,519 4,997 691,576 696,573 7,738 945,767 953,505 17,957,597
(c) (Loss) on sale/redemption of investments (32,900) (6,171,023) (6,203,924) (4,527) (167,405) (171,932) (3,008) (856,250) (859,258) (7,235,114)
(d) Transfer/gain on revaluation/change in fair value* – 134,650 134,650 – (180,059) (180,059) – 654,997 654,997 609,588
(e) Accretion of discount/(amortisation of premium) (net) (11,273) 1,727,034 1,715,761 948 103,216 104,164 5,054 185,204 190,258 2,010,183
Sub-Total 520,372 15,872,420 16,392,792 18,545 698,006 716,551 19,395 2,736,627 2,756,022 19,865,365
Other income
Linked income (Refer note 2(c)(iv)of schedule 16) UL1 5,171,875 (5,171,875) – 124,023 (124,023) – 386,327 (386,327) – –
Miscellaneous income (Refer note 2(c)(v)of Schedule 16) 16,946 – 16,946 150 – 150 915 – 915 18,011
Income on unclaimed amount of Policyholder (Refer
note 3.5 of Schedule 16) 442,653 – 442,653 – – – – – – 442,653
Contribution from the Shareholders' account
(Refer note 3.26 of Schedule 16) 1,258,511 – 1,258,511 116,154 – 116,154 – – – 1,374,665
Sub-Total 6,889,985 (5,171,875) 1,718,110 240,327 (124,023) 116,304 387,242 (386,327) 915 1,835,329
Total (A) 8,076,772 38,639,372 46,716,144 328,745 1,657,684 1,986,429 252,553 6,359,676 6,612,229 55,314,802
Commission (Refer note 2(d) of Schedule 16) 520,208 – 520,208 27,399 – 27,399 231 – 231 547,838
Operating expenses related to insurance business
(Refer note 2(q) of Schedule 16) 6,426,923 – 6,426,923 149,818 – 149,818 57,841 – 57,841 6,634,582
Provision for doubtful debts (Refer note 2(g) of
Schedule 16) (1,376) – (1,376) 9 – 9 – – – (1,367)
Bad debts written off 1,098 – 1,098 17 – 17 – – – 1,115
(a) For diminution in the value of investments (Net) – 423,500 423,500 – 9,000 9,000 – 67,500 67,500 500,000
(Refer note 2 (I) (ii) of Schedule 16) – – – – – – – – – –
(b) Others (Refer note 2(h) of Schedule 16) – – – – – – – – – –
GST charge on linked charges – 1,066,954 1,066,954 – 35,000 35,000 – 70,085 70,085 1,172,039
Total (B) 6,946,853 1,490,454 8,437,307 177,243 44,000 221,243 58,072 137,585 195,657 8,854,207
Benefits paid (Net) (Refer note 2(i) of Schedule 16) UL2 1,207,085 21,229,625 22,436,710 24,793 1,185,873 1,210,666 18,419 4,025,877 4,044,296 27,691,672
Interim bonus and Terminal Bonus Paid – – – – – – – – – –
Change in valuation of liability in respect of life policies
in force (Refer note 3.2 and note 2(j) of Schedule 16)
(non-unit/mathematical reserve))** 33,088 – 33,088 (10,925) – (10,925) 49,321 – 49,321 71,484
(b) Fund reserve – 13,113,617 13,113,617 – 329 329 – 2,196,214 2,196,214 15,310,160
(Refer note 3.14 of Schedule 16) – 2,805,676 2,805,676 – 427,482 427,482 – – – 3,233,158
(d) Provision for Unclaimed fund 40,521 – 40,521 – – – – – – 40,521
(e) Amount ceded in re-insurance – – – – – – – – – –
(f) Amount accepted in re-insurance – – – – – – – – – –
Total (C) 1,280,694 37,148,918 38,429,612 13,868 1,613,684 1,627,552 67,740 6,222,091 6,289,831 46,346,995
Surplus/(deficit) before tax (D)=(A)-(B)-(C) (150,775) – (150,775) 137,634 – 137,634 126,741 – 126,741 113,600
(a) Current tax credit/(charge) (150,775) – (150,775) – – – 16,399 – 16,399 (134,376)
(b) Deferred tax credit/(charge) – – – – – – – – – –
Surplus/(deficit) after tax – – – 137,634 – 137,634 110,342 – 110,342 247,976

Schedules
Annexure to Revenue Account–Break up of unit linked business (Contd.)

Revenue account – Policyholders' Account (Technical Account)
(H In Thousand)
Appropriations
Transfer to Shareholders’ account (Refer note 3.27 of
Schedule 16) – – – 137,634 – 137,634 110,342 – 110,342 247,976
Transfer to other reserves – – – – – – – – – –
Balance being funds for future appropriations (Refer
note 2(k) of Schedule 16) – – – – – – – – – –
Total – – – 137,634 – 137,634 110,342 – 110,342 247,976
Details of surplus before tax
(a) Interim bonuses paid – – – – – – – – – –
(c) Allocation of bonus to policyholders – – – – – – – – – –
(d) Surplus shown in the Revenue Account – – – 137,634 – 137,634 110,342 – 110,342 247,976
Total Surplus – – – 137,634 – 137,634 110,342 – 110,342 247,976
Opening balance as at 1 April 2018 – – – – – – – – – –
Add: Current period appropriations – – – – – – – – – –
Balance carried forward to Balance Sheet – – – – – – – – – –

Schedules

Revenue Account – Policyholders‘ Account (Technical Account)
(H In Thousand)

Premiums earned (Net of GST/service tax)

(a) Premium (Refer note 2(c)(i) of schedule 16) 633,122 20,775,352 21,408,474 74,903 1,091,823 1,166,726 (137,240) 7,070,845 6,933,605 29,508,805
(b) Reinsurance ceded (Refer note 2(c)(ii) of
Schedule 16) (78,619) – (78,619) (418) – (418) (5,964) – (5,964) (85,002)
(c) Reinsurance accepted
Sub-total 554,503 20,775,352 21,329,855 74,485 1,091,823 1,166,308 (143,204) 7,070,845 6,927,641 29,423,803
Income from investments (Refer note 2(c)(iii) of
Schedule 16)
(a) Interest, dividend and rent-Gross 501,084 3,788,083 4,289,167 23,818 235,528 259,346 57,237 1,670,580 1,727,817 6,276,330
(b) Profit on sale/redemption of investments 477,805 23,122,841 23,600,646 12,494 803,331 815,825 48,437 1,442,137 1,490,574 25,907,045
(c) (Loss) on sale/redemption of investments (38,614) (2,982,780) (3,021,394) (1,202) (128,571) (129,773) (13,080) (781,216) (794,296) (3,945,463)
(d) Transfer/gain on revaluation/change in fair value – (4,954,482) (4,954,482) – (172,248) (172,248) – (609,688) (609,688) (5,736,418)
(e) Accretion of discount/(amortisation of
premium) (net) 339,357 1,084,191 1,423,548 (1,534) 47,507 45,973 (2,962) 137,373 134,412 1,603,933
Sub-total 1,279,632 20,057,853 21,337,485 33,576 785,547 819,123 89,632 1,859,186 1,948,819 24,105,427
Other income
Linked income (Refer note 2(c)(iv)of schedule 16) UL1 5,394,926 (5,394,926) – 129,908 (129,908) – 371,203 (371,203) – –
Miscellaneous income
(Refer note 2(c)(v)of Schedule 16) 15,246 – 15,246 287 – 287 1,625 – 1,625 17,158
Contribution from the Shareholders' account 370,115 – 370,115 204,561 – 204,561 62,445 – 62,445 637,121
Sub-total 5,780,287 (5,394,926) 385,361 334,756 (129,908) 204,848 435,273 (371,203) 64,070 654,279
Total (A) 7,614,422 35,438,279 43,052,701 442,817 1,747,462 2,190,279 381,701 8,558,828 8,940,530 54,183,509
Commission (Refer note 2(d) of Schedule 16) 541,483 – 541,483 33,766 – 33,766 829 – 829 576,078
Operating expenses related to insurance business
(Refer note 2(q) of Schedule 16) 5,869,418 – 5,869,418 214,838 – 214,838 117,551 – 117,551 6,201,807
Provision for policy loan
(Refer note 2(g) of Schedule 16) – – – – – – – – – –
Provision for doubtful debts 2,715 – 2,715 101 – 101 – – – 2,816
Bad debts written off 447 – 447 17 – 17 – – – 464
Provisions (other than taxation) – – – – – – – – – –
(a) For diminution in the value of investments (Net) – – – – – – – – – –
(Refer note 2(l)(iv) of Schedule 16) – – – – – – – – – –
(b) Others (Refer note 2(h) of Schedule 16) – – – – – – – – – –
GST/Service tax charge on linked charges – 1,039,756 1,039,756 – 35,727 35,727 – 64,354 64,354 1,139,837
Total (B) 6,414,063 1,039,756 7,453,819 248,722 35,727 284,449 118,380 64,354 182,734 7,921,002
Benefits paid (Net) (Refer note 2(i) of Schedule 16) UL2 808,418 38,563,849 39,372,267 5,829 1,590,774 1,596,603 25,132 5,055,823 5,080,955 46,049,825
Interim bonus and Terminal Bonus Paid – – – – – – – – – –
Change in valuation of liability in respect of life policies
in force (Refer note 3.2 and note 2(j) of Schedule 16)
(non-unit/mathematical reserve)) 21,339 – 21,339 9,781 – 9,781 2,884 – 2,884 34,004
(b) Fund reserve (Refer note 1(e) of Schedule 16) – (4,435,421) (4,435,421) – (172,790) (172,790) – 3,438,651 3,438,652 (1,169,559)
(Refer note 3.14 of Schedule 16) – 270,095 270,095 – 293,751 293,751 – – – 563,846
(d) Provision for Unclaimed fund 176,224 – 176,224 – – – – – – 176,224
(e) Amount ceded in re-insurance – – – – – – – – – –
(f) Amount accepted in re-insurance – – – – – – – – – –
Total (C) 1,005,981 34,398,523 35,404,504 15,610 1,711,735 1,727,345 28,016 8,494,474 8,522,491 45,654,340
Surplus/(deficit) before tax (D)=(A)-(B)-(C) 194,378 – 194,378 178,485 – 178,485 235,305 – 235,305 608,167
(a) Current tax credit/(charge) (196,002) – (196,002) – – – 21,503 – 21,503 (174,499)
(b) Deferred tax credit/(charge) – – – – – – – – – –
Surplus/(deficit) after tax 390,380 – 390,380 178,485 – 178,485 213,802 – 213,802 782,666

Schedules

Revenue account – Policyholders' Account (Technical Account)
(H In Thousand)
Appropriations
Transfer to Shareholders’ account (Refer note 3.27 of
Schedule 16) 390,380 – 390,380 178,485 – 178,485 213,802 – 213,802 782,666
Transfer to other reserves –
Balance being funds for future appropriations (Refer
note 2(k) of Schedule 16) – – – – – – – – – –
Total 390,380 – 390,380 178,485 – 178,485 213,802 – 213,802 782,666
Details of surplus before tax
(a) Interim bonuses paid – – – – – – – – – –
(c) Allocation of bonus to policyholders – – – – – – – – – –
(d) Surplus shown in the Revenue Account 390,380 – 390,380 178,485 – 178,485 213,802 – 213,802 782,666
Total Surplus 390,380 – 390,380 178,485 – 178,485 213,802 – 213,802 782,666
Opening balance as at 1 April 2017 – – – – – – – – – –
Add: Current period appropriations – – – – – – – – – –
Balance carried forward to Balance Sheet – – – – – – – – – –
Significant accounting policies 16

Schedules

Schedule–UL1: Linked income (recovered from linked funds) (net of GST/service tax)
(H In Thousand)

Particulars Life Unit Pension Unit Group Unit Total
Fund administration charge 119,257 – – 119,257

Fund management charge 2,360,837 94,773 332,060 2,787,670
Policy administration charge 1,129,077 18,812 3,303 1,151,192
Surrender charge – – – –
Switching charge 237 9 – 246
Mortality charge 1,432,511 10,075 50,756 1,493,342
Rider premium charge 129,956 354 208 130,518
Partial withdrawal charge – – – –
Miscellaneous charge – – – –
Total 5,171,875 124,023 386,327 5,682,225

(H In Thousand)

Particulars Life Unit Pension Unit Group Unit Total
Fund administration charge 124,261 – – 124,261

Fund management charge 2,395,976 96,585 313,393 2,805,954
Policy administration charge 1,340,045 23,318 3,149 1,366,512
Surrender charge – – – –
Switching charge 187 3 – 190
Mortality charge 1,391,694 9,586 54,417 1,455,697
Rider premium charge 142,763 416 244 143,423
Partial withdrawal charge – – – –
Miscellaneous charge – – – –
Total 5,394,926 129,908 371,203 5,896,037

Schedules

Schedule UL2: Benefits paid (net)
(H In Thousand)
Particulars (a) (b) (c)=(a)+(b) (d) (e) (f)=(d)+(e) (g) (h) (i)=(g)+(h) (c)+(f)+(i)
Insurance claims
(a) Claims by death* 691,175 474,299 1,165,474 14,751 65,860 80,611 27,153 57,568 84,721 1,330,806
(b) Claims by maturity (4,244) 7,475,108 7,470,864 2,755 344,990 347,745 1 18,500 18,501 7,837,110
(c) Annuities/pensions payment – – – – – – – – – –
(d) Other benefits
(i) Surrender/withdrawal/foreclosure* (15,999) 13,280,218 13,264,219 (2,209) 775,023 772,814 160 3,949,809 3,949,969 17,987,002
(ii) Rider 54,781 – 54,781 – – – – – – 54,781
(iii) Health – – – – – – – – – –
(iv) Periodic Benefits 546 – 546 – – – – – – 546
(v) Interest on unclaimed amount of policyholder 399,112 – 399,112 – – – – – – 399,112
(vi) Others 104,223 – 104,223 9,496 – 9,496 214 – 214 113,933
Sub-Total (A) 1,229,594 21,229,625 22,459,219 24,793 1,185,873 1,210,666 27,528 4,025,877 4,053,405 27,723,290
(Amount ceded in reinsurance):
(a) Claims by death (22,509) – (22,509) – – – (9,109) – (9,109) (31,618)
(b) Claims by maturity – – – – – – – – – –
(d) Other benefits
(i) Rider – – – – – – – – – –
(ii) Health – – – – – – – – – –
Sub-Total (B) (22,509) – (22,509) – – – (9,109) – (9,109) (31,618)
(a) Claims by death – – – – – – – – – –
(d) Other benefits – – – – – – – – – –
Sub-Total (C) – – – – – – – – – –
TOTAL (A)-(B)-(C) 1,207,085 21,229,625 22,436,710 24,793 1,185,873 1,210,666 18,419 4,025,877 4,044,296 27,691,672
In India 1,207,085 21,229,625 22,436,710 24,793 1,185,873 1,210,666 18,419 4,025,877 4,044,296 27,691,672
Outside India – – – – – – – – – –
Total 1,207,085 21,229,625 22,436,710 24,793 1,185,873 1,210,666 18,419 4,025,877 4,044,296 27,691,672
Note:
1. Total surrenders are net of linked surrender charges of H 8,250 thousand

Schedules

Schedule-UL2: Benefits paid (net)
(H In Thousand)
Particulars (a) (b) (c)=(a)+(b) (d) (e) (f)=(d)+(e) (g) (h) (i)=(g)+(h) (c)+(f)+(i)
Insurance claims
(a) Claims by death 685,466 475,528 1,160,994 7,885 43,127 51,011 24,287 15,210 39,496 1,251,501
(b) Claims by maturity (16,768) 14,482,381 14,465,613 1,849 360,213 362,062 (13) 27,300 27,287 14,854,962
(d) Other benefits
(i) Surrender/withdrawal/foreclosure* (72,953) 23,605,940 23,532,987 (2,576) 1,187,434 1,184,859 (270) 5,013,313 5,013,044 29,730,890
(ii) Rider (28,674) – (28,674) (3,287) – (3,287) (181) – (181) (32,142)
(iii) Health – – – – – – – – – –
(iv) Periodic Benefits 637 – 637 – – – – – – 637
(v) Interest on unclaimed amount of policyholder 183,985 – 183,985 – – – – – – 183,985
(vi) Others 102,051 – 102,051 1,958 – 1,958 2,959 – 2,959 106,968
Sub-total (A) 853,744 38,563,849 39,417,593 5,829 1,590,774 1,596,603 26,782 5,055,823 5,082,605 46,096,801
(Amount ceded in reinsurance):
(a) Claims by death (45,326) – (45,326) – – – (1,650) – (1,650) (46,976)
(d) Other benefits
(ii) Rider – – – – – – – – – –
(iii) Health – – – – – – – – – –
Sub-total (B) (45,326) – (45,326) – – – (1,650) – (1,650) (46,976)
(a) Claims by death – – – – – – – – – –
(d) Other benefits – – – – – – – – – –
Sub-total (C) – – – – – – – – – –
TOTAL (A)-(B)-(C) 808,418 38,563,849 39,372,267 5,829 1,590,774 1,596,603 25,132 5,055,823 5,080,955 46,049,825
In India 808,418 38,563,849 39,372,267 5,829 1,590,774 1,596,603 25,132 5,055,823 5,080,955 46,049,825
Outside India – – – – – – – – – –
Total 808,418 38,563,849 39,372,267 5,829 1,590,774 1,596,603 25,132 5,055,823 5,080,955 46,049,825
Note:
1. Total surrenders are net of linked surrender charges of H 55,609 thousand

Schedules
Schedule 16: Significant accounting policies and notes forming part of financial statements
1. Company information
Bajaj Allianz Life Insurance Company Ltd. (`the Company’), a joint venture between Bajaj Finserv Ltd. and Allianz SE, was
incorporated on 12 March 2001 as a Company under the erstwhile Companies Act, 1956 (`the Act’). The Company obtained
a license from the Insurance Regulatory and Development Authority of India ('IRDAI') for carrying on the business of life
insurance on 3 August 2001. The license has been renewed annually and is in force as at 31 March 2019.
The Company is in the business of providing life insurance, health insurance and pension across individual and group
customers. These products are offered across the traditional and unit-linked platforms. The product portfolio of the Company
varies across participating life, non-participating linked, non-linked life, health, variable insurance, annuity and pension
products including rider benefits that are offered under some of these products.
The Company distributes these products through individual agents, corporate agents, banks, brokers, online through the
Company website and web aggregators and through the Company’s direct sales channels across the country.
2. Summary of significant accounting policies
(a) Basis of preparation
The accompanying financial statements are prepared and presented under the historical cost convention, unless
otherwise stated, and on the accrual basis of accounting, in accordance with accounting principles generally accepted
in India (Indian GAAP). The Company has prepared the financial statements in compliance with the Accounting
Standards (`AS’) notified under the Section 133 of the Companies Act, 2013 read with Rule 7 of the Company (Accounts)
Rules, 2014, further amended by Companies (Accounting Standards) Amendment Rules, 2016 and in accordance with
the provisions of the Insurance Act, 1938 (as amended by the Insurance Laws (Amendment) Act, 2015), Insurance
Regulatory and Development Authority Act, 1999, the Insurance Regulatory and Development Authority (Preparation of
Financial Statements and Auditors’ Report of Insurance Companies) Regulations, 2002 (The Accounting Regulations), the
Master Circular on Preparation of Financial Statements and Filing of Returns of Life Insurance Business Ref No. IRDA/
F&A/Cir/232/12/2013 dated 11 December 2013 (‘the Master Circular’) and various circulars and notifications issued by the
IRDAI from time to time and the practices prevailing within the insurance industry in India.
The accounting policies have been consistently applied by the Company. The management evaluates all newly issued or
revised accounting pronouncements on an ongoing basis to ensure due compliance.
(b) Use of estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and
expenses and disclosure of contingent liabilities as on the date of financial statements. The estimates and assumptions
used in the accompanying financial statements are based upon management’s evaluation of the relevant facts and
circumstances as of the date of the financial statements. Actual results could differ from those estimates. Any revision
to accounting estimates is recognised prospectively in the current and future periods.
(c) Revenue recognition
i. Premium income
In case of traditional business, premium is recognised as income when due from policyholders. For unit linked
business, premium is recognised as income when the associated units are created. In case of variable insurance
products (VIPs), premium income is recognised on the date when the Policy Account Value is credited.
Premium on lapsed policies is recognised as income when such policies are reinstated. Top up premiums paid by
unit linked policyholders’ are considered as single premium and recognised as income when the associated units
are created.

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Schedule 16: Significant accounting policies and notes forming part of financial statements (Contd.)
ii. Reinsurance premium ceded and commission thereon
Reinsurance premium ceded is accounted in accordance with the terms and conditions of the relevant treaties with
the reinsurer.
Commission received on reinsurance ceded is recognised as income, and net off against commission paid, in the
period in which reinsurance premium is ceded. Profit commission on reinsurance ceded is recognised as income,
and net off against reinsurance premium, in accordance with the terms and conditions of the relevant treaties with
the reinsurers.
iii. Income from investments
l Interest income
Interest income is recognised on accrual basis.
l Amortised income/cost
Premium or discount on acquisition, as may be the case, in respect of debt securities, pertaining to non-
linked investments is amortised/accreted over the period of maturity/holding using the effective yield
methodology.
l Dividend
In case of listed equity and preference shares, dividend income is recognised on the ‘ex-dividend’ date.
In case of unlisted equity and preference shares, dividend income is recognised when the right to receive
dividend is established.
l Income from Securities Lending and Borrowing

Fee received on lending of equity shares under securities lending and borrowing scheme (SLB) is recognised
as income over the period of lending on straight line basis.
l Rent on Investment Property

Lease rental on investment property is recognised on accrual basis and does not include any notional rent
as prescribed by IRDA (Preparation of Financial Statements and Auditors’ Report of Insurance Companies)
Regulations 2002. Costs related to operating and maintenance of investment property are recognised as
expense in the Profit and Loss or the Revenue Account, as relevant.
l Profit/(Loss) on sale of Equity shares and Mutual Fund

Profit or loss on sale/redemption of equity shares/equity exchange traded funds (ETFs), preference shares
and mutual fund units is the difference between the net sale consideration and the weighted average cost
in the books of the Company.
Profit or loss on sale/redemption of such securities in other than linked investments is recognised on trade/
redemption date and includes effects of accumulated fair value changes, as applicable and previously
recognised.
l Realised Gain/(Loss) on Debt Securities for Non-Linked Business

Profit or loss on sale/redemption of debt securities held under other than linked business is the difference
between the net sale consideration and the amortised cost computed on weighted average basis as on the
date of sale.
l Realised Gain/(Loss) on Debt Securities for Linked Business

Profit or loss on sale/redemption on debt securities held for linked business is the difference between the
net sale consideration and the weighted average cost as on the date of sale.
l Unrealised Gain/(Loss) for Linked Business

Unrealised gains and losses for linked business are recognised in the Revenue Account of respective fund.

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l Income from loans

Interest income on loan is recognised on accrual basis.
iv. Other income from unit linked policies
Income from unit linked policies, which includes fund management charges, policy administration charges,
mortality charges and other charges, if any, are recovered from the unit linked funds in accordance with terms
and conditions of policies issued and are recognised when due. These charges are shown on the face of the Fund
Revenue Account though net off against unit fund reserves in the Policyholders’ Revenue Account in line with the
disclosure requirements prescribed by IRDAI in the Accounting Regulations.
v. Fees, charges and other income
Interest income on loans to policyholders is recognised as income on an accrual basis and disclosed under other income.
Interest on overdue premium is recognised as income on reinstatement of the policy.
(d) Acquisition cost
Acquisition costs are costs that vary with and are primarily related to acquisition of new insurance contracts. Acquisition
cost mainly consist of commission, medical costs, stamp duty and other related expenses. These costs are expensed out
in the year in which they are incurred.
Additional first year commission is accrued in the year of sale of the policy, but due and payable after receipt of second
year renewal premium. Claw back in future, if any, for the first year’s commission paid, is accounted for in the year in
which it is recovered.
(e) 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 and other non-monetary benefits are recognised in the
period in which the employee renders the related service. All short term employee benefits are accounted on
undiscounted basis.
ii. Long term employee benefits: Post-employment
The Company has both defined contribution and defined benefit plans.
Defined contribution plans
Superannuation: The Company has established a defined contribution scheme for superannuation to provide
retirement benefits to its employees. This superannuation scheme (Bajaj Auto Employee Superannuation Scheme)
has been established along with the Company’s promoter group. Contributions to this scheme are made by the
Company on an annual basis and charged to the Revenue Account and Profit and Loss Account, as applicable.
The expenses are booked on an undiscounted basis. The Company has no further obligation beyond the monthly
contribution.
Provident fund: Each eligible employee and the Company make contribution at a percentage of the basic salary
specified under the Employee Provident Funds and Miscellaneous Provisions Act, 1952. The Company recognises
contributions payable to the Provident fund scheme as an expenditure when the employees render the related
service. The Company has no further obligations under the plan beyond its periodic contributions.
National Pension Scheme contributions: For eligible employees, the Company makes contributions to National
Pension Scheme. The contributions are charged to the Revenue or Profit and Loss Account, as relevant, in the year
the contributions are made.

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Other contributions: The Company makes contributions to Employee Labour Welfare Fund, Employee’s State
Insurance Corporation and Employee Deposit Linked Insurance Schemes. The contributions are charged to the
Revenue Account in the year the contributions are made.

Defined benefit plans– Gratuity
The gratuity benefit payable to the employees of the Company is as per the provisions of the Payment of Gratuity
Act, 1972 or the Company’s gratuity plan, whichever is higher. The Company accounts for liability for future gratuity
benefits based on independent actuarial valuation under revised Accounting Standard 15 (AS 15) on ‘Employee
Benefits’. Contributions towards gratuity liability of the Company are made to the Bajaj Allianz Life Insurance
Company Ltd. Employees Group Gratuity cum Life Assurance Scheme Trust, which is administered by the Company.
The gratuity liability of the Company is actuarially determined at the Balance Sheet date using the `projected unit
credit method’.
The Company contributes towards net liabilities to the Bajaj Allianz Life Insurance Company Ltd. Employees Group
Gratuity cum Life Assurance Scheme. The Company recognises the net obligation of the Scheme in Balance Sheet
as an asset or liability, respectively in accordance with Accounting Standard (AS) 15 (revised 2005), ‘Employee
benefits’. The discount rate used for estimation of liability is based on Government securities yield. Gain or loss
arising from change in actuarial assumptions/experience adjustments is recognised in the Revenue Account and
Profit or Loss Account for the period in which they emerge. Expected long term rate of return on assets has been
determined based on historical experience and available market information.
iii. Other long term employee benefits
Other long term employee benefits includes accumulated compensated absences that are entitled to be carried
forward for future encashment or availment, at the option of the employee subject to the rules framed by the
Company which are expected to be availed or encashed beyond 12 months from the end of the year and long
term retention incentive payable to employees on fulfilment of criteria prescribed by the Company. The Company’s
liability towards accumulated compensated absences entitlement outstanding at the close of the year and long
term retention incentive are determined on the basis of an independent actuarial valuation and are recognised as
a liability at the present value of the obligation as at the Balance Sheet date. Accumulated entitlements related to
compensated absences, at the time of separation, are entitled to be encashed.
iv. Employee Stock Options Plans
The options are accounted for on an intrinsic value basis in accordance with the Guidance Note on Accounting for
Employee Share based Payments, issued by the Institute of Chartered Accountants of India (ICAI). Intrinsic value of
option, which is the difference between market price of the underlying stock and the exercise price on the grant
date is amortised over the vesting period. The intrinsic value is being measured at each reporting date and at the
date of settlement, with any changes in such value being recognised in Revenue Account/Profit and Loss Account.
Options that lapse are reversed by a credit to Revenue Account/Profit and Loss Account equal to the amortised
portion of the value of the lapsed options.
(f) Operating lease expenses
Leases where the lessor effectively retains substantially all the risks and rewards of ownership are classified as
operating leases. Payments made under operating lease are recognised as an expense, on a straight line basis, over the
lease term.
(g) Provision for doubtful debts
The Company regularly evaluates the probability of recovery and provides for doubtful recoverable in the Revenue
Account or Profit and Loss Account, as applicable.

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(h) Provision for impairment of policy loans
Provision for impairment of policy loans is made if surrender value of the policy falls below the outstanding loan
amount (inclusive of accrued interest). For the cases where the maturity is due within 180 days, the impairment is
created if maturity value of the policy falls below the outstanding loan amount (inclusive of accrued interest).
(i) Benefits paid
Benefits paid comprise of policy benefits and claim settlement costs.
Death and rider claims are accounted for on receipt of intimation. Survival, maturity and annuity benefits are accounted
when due as per the terms of the contract with the policyholder. Withdrawals and surrenders under non-linked policies
are accounted on the receipt of intimation. Withdrawals and surrenders under unit linked policies are accounted when
the associated units are cancelled. Surrender charges recovered, if any, are net off against the claim expense incurred.
Reinsurance recoveries are accounted for in the same period as the related claims and net off against the claim
expense incurred. Repudiated claims disputed before judicial authorities are provided for based on the best judgment of
the management considering the facts and evidence in respect of each such claim.
(j) Actuarial (Policy) liability
The actuarial liabilities are calculated in accordance with accepted actuarial practice, requirements of Insurance Act,
1938, as amended from time to time, regulations notified by the Insurance Regulatory and Development Authority of
India and Actuarial Practice Standards of the Institute of Actuaries of India.
The Company provides for liabilities in respect of all 'in force' policies and 'lapsed policies' that are likely to be revived
in future, based on actuarial valuation done by the Panel Actuary as per gross premium method in accordance with
accepted actuarial practices, requirements of IRDAI and the Institute of Actuaries of India.
Linked liabilities comprise unit liability representing the fund value of policies and non-unit liability for meeting
insurance claims and expenses, etc. This is determined based on an actuarial valuation carried out by the Panel Actuary.
(k) Funds for Future Appropriations (FFA)
Funds for Future Appropriation includes the amount of unappropriated profits held in the Balance Sheet based on the
recommendations of the Panel Actuary. Transfers to and from the fund reflect the excess or deficit of income over
expenses respectively and appropriations in each accounting period arising in the Company’s Policyholders’ Fund. Any
allocation of bonus to the participating policyholders would also give rise to a transfer to Shareholders’ Profit and Loss
Account in the required proportion.
(l) Investments
Investments are made and accounted for in accordance with the Insurance Act, 1938, as amended from time to time
including the amendment brought by the Insurance Laws (Amendment) Act, 2015, the Insurance Regulatory and
Development Authority of India (Investments) Regulations, 2016 as amended from time to time, Insurance Regulatory
and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies)
Regulations, 2002 and various other circulars/notifications issued by the IRDAI in this context from time to time.
Investments are recorded on trade date at cost, which includes brokerage, fees and related taxes, if any and excludes
pre-acquisition interest, if any. Broken period interest paid/received is debited/credited to interest accrued but not due
account. Bonus and rights entitlements are recognised as investments on ex-date basis.
i. Classification
Investments maturing within twelve months from the Balance Sheet date and investments made with the specific
intention to dispose within twelve months from Balance Sheet date are classified as short-term investments.
Investments other than short term investments are classified as long-term investments.
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ii. Valuation – Shareholders’ investments and non-linked policyholders’ investments
All debt securities are considered as ‘held to maturity’ and accordingly stated at historical cost adjusted for
amortisation of premium or accretion of discount, as may be the case, over the remaining period of maturity using
the effective yield basis.
AT1– Additional Tier 1 Basel III compliant perpetual bonds are valued at fair value as per the IRDAI Investment
Master Circular of May 2017. AT1 bonds with a residual maturity of over 182 days are valued on a yield to maturity
basis, by using spreads over the benchmark rate (based on the matrix released by the CRISIL on daily basis) to
arrive at the yield for pricing the security.
AT1– Additional Tier 1 Basel III compliant perpetual bonds with a residual maturity up to 182 days are valued at last
valuation price plus the difference between the redemption value and last valuation price, spread uniformly over
the remaining maturity period of the instrument.
Money market instruments (including treasury bills, certificate of deposits, commercial papers, collateralised
borrowing and lending obligation – CBLO and Tri-Party Repo– TREPs) are valued at historical cost and adjusted for
amortisation of premium or accretion of discount, as may be the case, over the period of maturity/holding on a
straight-line basis.
Listed equity shares are stated at fair value being the last quoted closing price on the National Stock Exchange of
India (NSE). In case the equity shares are not listed on the NSE, then they are valued on the last quoted closing
price on Bombay Stock Exchange Ltd. (BSE). Unlisted equity shares are stated at historical cost.
Equity shares lent under the Securities Lending and Borrowing scheme (SLB) continue to be recognised in the
Balance Sheet as the Company retains all the associated risks and rewards of these securities. These securities are
valued as stated above for equity shares.
Redeemable preference shares are considered as ‘held to maturity’ and accordingly valued at historical cost and is
subject to amortisation of premium or accretion of discount.
Listed preference shares other than redeemable preference shares are valued at fair value, being the last quoted
closing price on NSE at the Balance Sheet date. In case the preference shares are not listed on the NSE, then they
are valued on the last quoted closing price on BSE. If price is not available on Balance Sheet date, the quoted price
on the earliest previous day is used for valuation.
In case of unlisted preference shares (other than redeemable preference shares) and listed preference (other
than redeemable preference shares) that are not regularly traded in active markets and which are classified as
‘thinly traded’ as per the guidelines governing mutual funds for valuation of thinly traded securities laid down by
Securities Exchange Board of India (SEBI) are valued at historical cost, subject to provision for diminution in the
value, if any, of such investments determined separately for each individual investment.
Mutual fund units are stated at fair value being the net asset value per unit on the Balance Sheet date declared by
respective mutual fund.
Unrealised gains/losses on changes in fair values of listed equity shares, mutual funds and AT1– Additional Tier 1
Basel III compliant perpetual bonds are taken to the 'Fair Value Change Account' in the Balance Sheet. Investment
in alternative investment funds and security receipts are valued at cost. Investment in fixed deposits and reverse
repos are valued at cost.
Investment property is held to earn rental income or for capital appreciation and is not occupied by the Company.
Investment property is initially valued at cost including any directly attributable transaction costs. Investment
property is revalued at least once in every three years. The change in carrying amount of investment property is
taken to 'Revaluation reserve' in the Balance Sheet.

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Impairment of Investment
The Company assesses at each Balance Sheet date whether there is any evidence of impairment of any
investments. In case of impairment, the carrying value of such investment is reduced to its fair value and the
impairment loss is recognised in the Revenue Account or Profit and Loss Account after adjusting it with previously
recognised revaluation reserve/fair value change account. However, at the Balance Sheet date if there is any
indication that a previously recognised impairment loss no longer exists, then such loss is reversed and the
investment is restated to that extent.
iii. Valuation – linked business
Government securities are valued at prices obtained from Credit Rating Information Services of India Ltd. (CRISIL).
Debt securities other than government securities with a residual maturity of over 182 days are valued on a yield
to maturity basis, by using spreads over the benchmark rate (based on the matrix released by the CRISIL on daily
basis) to arrive at the yield for pricing the security.
Debt securities with a residual maturity upto 182 days are valued at last valuation price plus the difference between
the redemption value and last valuation price, spread uniformly over the remaining maturity period of the instrument.
Listed equity shares are valued at fair value, being the last quoted closing price on the NSE. In case the equity
shares are not listed on the NSE, then they are valued on the last quoted closing price on BSE.
Equity shares lent under Securities Lending and Borrowing scheme (SLB) are valued as equity shares as the Company
retains the risk and reward of the shares lent. The securities are valued as stated above for equity shares.
Listed preference shares are valued and stated at fair value, being the last quoted closing price on NSE at the
Balance Sheet date. In case the preference shares are not listed on the NSE, then they are valued on the last
quoted closing price on BSE.
If preference shares are not traded either on the NSE or BSE on the Balance Sheet date, then the price at which
the preference shares are traded on the Primary or the Secondary Exchange, as the case may be, on the earliest
previous day is considered for valuation.
Unrealised gains or losses arising on such valuations are accounted for in the Revenue Account.
Listed equity and preference shares that are not regularly traded in active markets and which are classified as
‘thinly traded’ as per the guidelines governing mutual funds for valuation of thinly traded securities laid down
by SEBI, are valued at historical cost, subject to provision for diminution in the value, if any, of such investment
determined separately for each individual investment.
Equity Exchange Traded Funds (ETFs) are valued as equity shares. In case the ETF is not traded either on NSE or BSE
on any day, Net Asset Value (NAV) as published by the mutual fund is considered for valuation.
Money market instruments (including treasury bills, certificate of deposits, commercial papers, collateralised
borrowing and lending obligation– CBLO and Tri-Party Repo– TREPs) are valued at cost and adjusted for amortisation
of premium or accretion of discount, as the case, over the period of maturity/holding on a straight-line basis.
Investments in fixed deposit and reverse repos are valued at cost.
Mutual fund units are valued at the last available net asset value per unit declared for the respective fund.
Unrealised gains and losses are recognised in the Revenue Account as prescribed by IRDAI (Preparation of Financial
Statements and Auditors’ Report of Insurance Companies) Regulations 2002.

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Securities with call option are valued at the lower of the value as obtained by valuing the security up to final
maturity date or the call option date. In case there are multiple call options, the security is valued at the lowest
value obtained by valuing the security at various call dates or up to the final maturity date.
Securities with put option are valued at the higher of the value as obtained by valuing the security up to final
maturity date or the put option date. In case there are multiple put options, the security is valued at the highest
value obtained by valuing the security at various put dates or up to the final maturity date.
The securities with both put and call option on the same day would be deemed to mature on the put/call date
and would be valued on a yield to maturity basis, by using spreads over the benchmark rate based on the matrix
released by CRISIL.
iv. Provision for Non-Performing Asset (NPA)
All asset where the interest and/or instalment of principal repayment remain overdue for more than 90 days at
the Balance Sheet date are classified as NPA and provided in the manner required by the IRDAI regulations on this
behalf. The Company may make higher provisions basis the impairment policy if the estimated recoverable value is
lower than the carrying value of the asset.
v. Provision for Standard Asset
In accordance with the IRDAI guidelines on ‘Prudential norms for income recognition, asset classification,
provisioning and other related matter in respect of debt portfolio’ vide the Master circular, adequate provisions are
made for estimated loss arising on account from/under recovery of loans and advances relating to investments
(other than loans granted against insurance policies issued by the insurer) outstanding at the Balance Sheet date in
respect of standard asset.
vi. Transfer of investments
Transfer of investments from Shareholders’ Account to the Policyholders’ Account to meet the deficit in the
Policyholders’ Account is done at cost price or market price, whichever is lower.
No transfer of securities is done between non-linked Policyholders’ funds.
Transfer of investments between unit linked funds is done at market price of the latest trade in case of equity,
preference shares, ETF and government securities. In case the trade has not taken place on the day of transfer and
for all other securities, previous day valuation price is considered.
(m) Loans
Loans are stated at historical cost plus accrued interest, net of provision for impairment, if any.
(n) Property, Plant and Equipment, Intangibles, Depreciation and impairment
i. Tangible assets and depreciation
Tangible assets are stated at acquisition cost less accumulated depreciation and impairment loss, if any. Cost
includes the purchase price net of trade discounts and rebates, if any, and any cost directly attributable to bringing
the asset to its working condition for its intended use and other incidental expenses incurred up to that date.
Subsequent expenditure incurred on tangible assets is expensed out except where such expenditure results in an
increase in future benefits from the existing assets beyond its previously assessed standard of performance.
In respect of liabilities incurred in acquisition of fixed assets in foreign exchange, the net gain or loss arising on
conversion/settlement is charged to Revenue Account or Profit and Loss Account. Asset costing up to H 5,000 are
charged off as revenue expenses.

Schedules
Gains or losses arising from de-recognition of fixed assets are measured as the difference between the net
disposal proceeds and the carrying amount of the asset and are recognised in the Revenue Account or Profit and
Loss Account when the asset is de-recognised.
The estimated useful life of assets determined is as follows:

Asset Class Useful life (in years)
Leasehold improvement Over the balance period of lease

Buildings 60
Electrical fittings 10
Furniture and fittings 10
Information technology equipment 3
Server and networks 6
Air conditioner 5
Vehicles (in common use) 8
Vehicles (in use by specified employees) 4
Office equipment 5
Mobile Phones/Tablets 2
Depreciation is charged using straight-line method (‘SLM’) on pro-rata basis from the month in which the assets is
ready to use and incase of assets sold, up to the previous month of sale, based on estimated useful life for each
class of asset.
As per Company policy, mobile phone/tablet is transferred to employee on completion of two years or written
down value (WDV) in case of separation of employee before two years. Accordingly, the Company has depreciated
the mobile phones/tables over two years.
As per Company policy, vehicle (in use by specified employee) is transferred to an employee on completion of four
years or written down value (WDV) in case of separation of employee before four years. Accordingly, the Company
has depreciated the Vehicles (in use by specified employee) over four years.
ii. Intangibles
Intangible assets comprising software are stated at cost less amortisation. Significant expenditure on
improvements to software are capitalised when it is probable that such expenditure will enable the asset
to generate future economic benefits in excess of its originally assessed standards of performance and such
expenditure can be measured and attributed to the asset reliably. Subsequent expenditures are amortised over the
remaining useful life of original software. Software expenses are amortised on straight line basis over a period of
three years from the date of being ready to use.
Gains or losses arising from de-recognition of intangible assets are measured as the difference between the net
disposal proceeds and the carrying amount of the asset and are recognised in the Revenue Account when the
asset is de-recognised.
iii. Capital work in progress
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.
iv. Impairment of assets
At each Balance Sheet date, management assesses whether there is any indication, based on internal/external
factors, that an asset may be impaired. Impairment occurs where the carrying value exceeds the present value of
future cash flows expected to arise from the continuing use of the asset and its eventual disposal. The impairment
loss to be expensed is determined as the excess of the carrying amount over the higher of the asset’s net sales
price or present value as determined above.
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An assessment is made at the Balance Sheet date to see if there is an indication that a previously assessed
impairment loss no longer exists or may have decreased. If such indication exists, the recoverable amount is
reassessed and the asset is reflected at the recoverable amount, subject to maximum of depreciable historical cost.
After impairment, depreciation is provided on the revised carrying amount of the asset over the remaining useful life.
(o) Taxation
i. Direct taxes
The Income-Tax Act, 1961 prescribes that profits and gains of life insurance companies will be the surplus or deficit
disclosed by the actuarial valuation made in accordance with the Insurance Act, 1938.
Income tax expense comprises of:
Current tax – which is the amount of tax for the year determined in accordance with the Income Tax Act, 1961
after taking credit for allowances and exemptions in accordance with the Income Tax Act, 1961.
Deferred tax – this could be a charge or credit reflecting the tax effects of timing differences between accounting
income and taxable income for the year. Deferred tax asset and liabilities are recognised using the tax rates that have
been enacted or substantively enacted by the Balance Sheet date. Deferred tax assets are recognised and carried
forward only to the extent there is reasonable certainty that sufficient future taxable income will be available against
which such deferred tax assets can be realised. However, deferred tax asset in respect of unabsorbed depreciation
or carried forward loss are recognised only if there is a virtual certainty of realisation of such assets. At each Balance
Sheet date the Company re-assesses unrecognised deferred tax assets. It recognises unrecognised deferred tax assets
to the extent that it has become reasonably certain or virtually certain, as the case may be that sufficient future
taxable income will be available against which such deferred tax assets can be realised.
The Company allocates tax to the respective lines of businesses in the Revenue Account in order to ensure that the
expenses pertaining to and identifiable with a particular line of business are represented as such to enable a more
appropriate presentation of the financial statements.
ii. Indirect taxes
Goods and Service Tax (GST) liability on premium and charges are set-off against available GST credits from
payments made for eligible input services. Unutilised GST credits, if any, are carried forward under 'Advances and
other Assets' for adjustments/set-off in subsequent periods and are deferred for recognition to extent there is
reasonable certainty that the credits will be utilised in future periods.
(p) Provisions and contingencies

The Company creates a provision when there is present legal obligation as a result of a past event/(s) that probably
requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. Provisions are
not discounted to their present value and are determined based on the best estimate to settle the obligation on the
reporting date. These estimates are reviewed at each Balance Sheet date and adjusted to reflect current best estimates.
A contingent liability is a possible obligation that arises from past event(s) whose existence will be confirmed by the
occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. It also
includes a present obligation that is not recognised as it is not probable that an outflow of resources will be required to
settle the obligation or a reliable estimate of the amount of the obligation cannot be made. Accordingly, the Company
does not recognise a contingent liability but discloses the existence of a contingent liability when there is a possible
obligation or a present obligation that may, but probably will not, require an outflow of resources. 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.
Contingent assets are neither recognised nor disclosed.

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(q) Segmental reporting
Based on the primary segments identified under IRDAI (Preparation of Financial Statements and Auditors’ Report of
Insurance Companies) Regulations 2002 (‘the Regulations’) read with AS 17 on 'Segmental Reporting' prescribed in the
Companies Act, 2013 and rules thereunder, the Company has classified and disclosed segmental information separately
for Shareholders’ and Policyholders’. Within Policyholders’, the businesses are further segmented into Participating
(Life and Pension), Non-Participating (Life, Variable, Annuity, Health, Group Assurance and Group Variable), Linked (Life,
Pension and Group). Since all business is written in India, there are no reportable geographical segments.
The allocation of revenue, expenses, assets and liabilities to specific segments is done in the following manner, which
is applied on a consistent basis:
l Revenue, expenses, assets and liabilities that are directly identifiable to the segment are allocated on actual basis;
l Other revenue, expenses (including depreciation and amortisation), assets and liabilities that are not directly
identifiable to a segment are allocated based on the relevant drivers which includes:
– New business premium;
– Renewal premium;
– Total premium;
– Number of policies inforce, lapsed and paid up;
– Number of new policies sold;
– Assets under management;
– Total operating expenses (for certain current assets and liabilities);
– Use of asset (for depreciation expense).
l Expenses attributable to shareholders are charged to the Shareholders’ Account.
(r) Foreign exchange transactions
In accordance with the requirements of Accounting Standard (AS) 11, 'The Effects of Changes in Foreign Exchange Rates',
transactions, foreign currency transactions are initially recognised in Indian Rupees, by applying the exchange rate
between the Indian Rupee and the foreign currency at the date of the transaction.

Subsequent conversion on reporting date of foreign currency monetary items are translated using the exchange rate
prevailing at the reporting date. Non-monetary items, which are measured in terms of historical cost denominated in a
foreign currency, are reported using the exchange rate at the date of the transaction. Non-monetary items, which are
measured at fair value or other similar valuation denominated in a foreign currency, are translated using the exchange
rate at the date when such value was determined.
Exchange differences are recognised as income or as expenses in the period in which they arise.
(s) Earnings per share
In accordance with the requirement of Accounting Standard (AS) 20, 'Earnings per Share', basic earnings per share is
calculated by dividing the net profit or loss for the year attributed to equity shareholders by the weighted average
number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity
shareholders and the equity weighted average number of shares outstanding during the year are adjusted for effects of
all dilutive equity shares, if any.
(t) Cash and cash equivalents
Cash and cash equivalents for the purpose of Cash Flow Statement (Statement of Receipts and Payments) include cash
and cheques in hand, bank balances, liquid mutual funds and other short term investments with original maturity of
three months or less which are subject to insignificant risk of changes in value.

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3. Notes to Accounts
3.1 Contingent liabilities

(H In Thousand)
As at 31 March
Partly–paid up investments (Refer note 1 below) – –

Underwriting commitments outstanding – –
Claims, other than those under policies, not acknowledged as debts
– Claims from employees relating to compensation/termination disputes – 450
Guarantees given by or on behalf of the Company – –
Statutory demands/liabilities in dispute, not provided for (Refer note 2 below) 204,726 775,232
Reinsurance obligations to the extent not provided for in accounts – –
Claims, under policies, not acknowledged as debts (Refer note 3 below)
– Death repudiation cases pending 436,016 415,126
– Cases pending against servicing failure 53,119 41,098
Total 693,861 1,231,906
1. The Company holds investments with commitments outstanding on partly–paid up investments as at 31 March 2019 of H 14,200,000 thousand
(At 31 March 2018: H 58,596 thousand).
2. H 204,726 thousand (At 31 March 2018: H 757,401 thousand) is attributable towards certain objections raised by Service Tax Authorities, Pune, and accordingly demands
raised. Basis the favorable orders passed by respective Customs Excise and Service Tax Appellate Tribunal (CESTAT) in similar cases recently, the Company has reassessed
the likelihood of any demand on surrender changes amounting to H 552,675 thousand as remote and has accordingly dropped the matter from being shown as contingent.
H Nil (At 31 March 2018: H 17,831 thousand) is attributable to an issue raised by J&K High Court in respect of Stamp Duty under the state of Jammu and Kashmir.
3. Pertains to litigations pending with various consumer forums/courts.
4. The requirement to disclose any amount transferred to Senior Citizen Welfare Fund (SCWF) has been withdrawn vide IRDAI circular no. IRDA/F&A/CIR/MISC/105/07/2018,
dated 11 July 2018.
3.2 Actuarial method and assumptions
Liabilities for life insurance policies (Reserves) are determined by the Panel Actuary in accordance with the IRDAI
Regulations and relevant practice standards and guidance notes issued by the Institute of Actuaries of India.
Non–linked business is reserved using the prospective gross premium method of valuation. The non–linked business is
predominantly participating and the reserves are established having regard to the assumptions as to future experience,
including the interest rate that will be earned on premiums not yet received, together with associated bonus rates.
Regular premium participating and non–participating business has been reserved using a best estimate interest rate
range from 6.25% per annum to 8.00% per annum (Previous year: 6.50% per annum to 7.50% per annum).
The policies under Invest Plus and Invest Plus Premier products in the non–linked non–par business have been reserved
using a best estimate interest rate 7.25% (Previous year: 7.00%) and the Guaranteed Investment Return (GIR) consistent
with the interest rate assumption.
Further, on above best estimate rates, margin for adverse deviations as per APS 7 issued by Institute of Actuaries of
India is considered while reserving.
Assumptions as to the future bonus rates are set to be consistent with the interest rate assumptions. Provision has been
made for bonus distribution in respect of business in force at the valuation date on a basis considered appropriate by
the Panel Actuary having taken into account the reasonable expectations of policyholders’.
Linked business has been reserved using the unit price of the respective unit funds prevailing at the valuation date plus
a non–unit reserve to allow for the cost of insurance and any expenses and commissions in excess of future charges.

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Best estimate mortality assumptions are based on the published ‘Indian Assured Lives Mortality (2006–2008) ultimate
mortality table’ with adjustments to reflect expected experience. Best estimate assumptions for morbidity and for the
incidence of accidental death are based on terms available from reinsurers and the standard morbidity rate table
‘CIBT 93 (Critical Illness Base Table for year 93)
Further, on above best estimate rates, margin for adverse deviation is allowed as per APS 7.
Reserves are sufficient to allow for any adverse lapse experience. Further, it has been ensured that for each policy, the
reserve is sufficient to pay the minimum guaranteed surrender value.
Commission has been allowed for at the Company’s table rates with an allowance for service tax/goods and service tax.
Maintenance expenses have been allowed for in the reserves in accordance with pricing assumptions (with inflation)
and allowance for adverse deviation as per APS 7 is allowed additionally. Further, adequate additional provisions are
held for lines of business wherever actual expense experience is more than pricing expense assumptions.
An additional reserve has been included to allow for the contingency of closure to new business as is required by
guidance notes (GN1) issued by the Institute of Actuaries of India.
Reserves for Group Term Business have been calculated having regard to the unearned gross premium and expenses
already incurred. The group non–linked non–par savings business has been valued having regard to the accrued account
value of the members of the group schemes.
As per the IRDA (Treatment of Discontinued Linked Insurance Policies) Regulations, 2010, a segregated fund called
'Discontinued Policy Fund' is maintained for the discontinued policies of the products which are launched on or after
1 September 2010. The fund value as at the date of discontinuance after deducting the discontinuance charges as
applicable by said regulations is credited to the discontinued fund. As an assured return is guaranteed on this fund,
reserve is held towards the shortfall in meeting the guarantee on the reporting date, if any.
Provisions have been made for the incurred but not reported death claims (IBNR) based on the Company's past
experience of delay in reporting the event of deaths.
Reserves are held for free look option given to the policyholders based on the free look cancellation rate which varies
between 0.86% and 3.01% (Previous year: 0.04% and 3.79%).
Where minimum surrender value is guaranteed, the minimum reserve under those policies has been set as the
guaranteed surrender value. In all other cases the minimum reserve has been set to zero.
Additional reserves are held for substandard lives and guaranteed insurability options available.
Provisions for future claims in payment are made as part of other contingency reserves.
The Panel Actuary is satisfied that the nature and extent of reinsurance arrangements require no additional reserve to
be set aside. All reserves have been calculated using gross exposure and gross office premiums.
For calculation of mathematical reserves as at 31 March 2019, lapses and surrender assumptions based on long term
actual experience of the Company has been allowed. Further, it has been ensured that for each policy, the reserve is
sufficient to pay the minimum guaranteed surrender value. Also, margin for adverse deviations as per APS 7 issued
by Institute of Actuaries of India is considered. The impact of lapses and surrenders being considered for reserving
on surplus after tax in Revenue Account for the period ended 31 March 2019 for Participating Business is H 4,863,069
thousand and Non–Participating Business is H 483,527 thousand. The surplus after tax attributable to Participating
Business has been transferred to Fund for Future Appropriation (FFA) and has no bearing on the current year’s Profit
after Tax of Shareholders’ Account.

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3.3 Investments
All investments are specifically procured for and held under the Policyholders’ and Shareholders’ funds respectively
and accordingly the income relating to these investments is recognised in the Revenue Account and Profit and Loss
Account respectively.
3.3.1 Encumbrance of assets
The assets of the Company are free from all encumbrances except to the extent assets or monies are required
to be deposited as margin contributions for investment trade obligations of the Company or as mandated by the
court, as detailed below:
a. Assets deposited with National Securities Clearing Corporation Ltd. (NSCCL) and Indian Clearing
Corporation Ltd. (ICCL)
Fixed deposit of H 350,000 thousand at 31 March 2019 (H 350,000 thousand at 31 March 2018) has been
deposited with NSCCL and H 50,000 thousand at 31 March 2019 (H 50,000 thousand at 31 March 2018) has
been deposited with ICCL towards margin requirement for equity trade settlement.
Nature of pledge: Physical custody of the fixed deposits are with respective clearing houses, however,
the income accrued on these deposits shall be passed on to the Company on the maturity of the deposits.
These deposits can be invoked by the clearing houses in case of settlement default of equity transactions
at the exchange.
b. Assets encumbered with Clearing Corporation of India Ltd. (CCIL)
The following assets have been placed with CCIL towards margin requirement/default fund for settlement of
trades in the securities and Tri–Party Repo segment:
(H In Thousand)

Market Amortised Market Amortised
Particulars Value Cost Value Cost
Security guaranteed fund

CCIL securities segment
Government Securities 912,475 951,803 983,247 992,250
Cash 80,000 80,000 80,000 80,000
CCIL Tri–party repo segment
Cash 100 100 100 100
Default fund
CCIL securities segment
Cash 5,000 5,000 Nil Nil
CCIL Tri–party repo segment
Cash 5,000 5,000 Nil Nil
Nature of pledge: Physical custody of the securities is maintained with CCIL, however interest accrued on
these securities is received by the Company. These deposits, both securities and cash, can be invoked by
CCIL in case of any default by the Company in settlement of trades in securities and Tri–Party Repo segment.
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c. Other Encumbrances
Fixed deposit with Axis Bank Ltd. towards bank guarantee requirement of Unique Identification Authority of
India (UIDAI) for availing AADHAR authentication services.
(H In Thousand)
As at 31 March
Fixed deposit with Axis Bank Ltd. 2,500 2,500
Nature of pledge: Against the deposit placed by the Company with Axis Bank above, the bank has issued
a bank guarantee to UIDAI (central agency responsible for validating AADHAR). Interest accruing on the said
deposit belongs to the Company and the bank guarantee can be invoked by UIDAI in case of any default by
the Company of the terms or obligations as per the contract.
3.3.2 Restructured assets
There are no assets subject to restructuring (31 March 2018: H Nil).
3.3.3 Non–performing investments
The Company has an exposure of H 1,759,400 thousand in debt securities of IL&FS Ltd. and IL&FS Financial
Services Ltd. the credit rating of which had been downgraded to 'D' (default rating) and has also defaulted in
repayment of maturity dues outstanding to the Company. The Company has classified the said exposure as Non
Performing Assets (NPA) as per the IRDAI investment classification requirement, has assessed the recoverability
of the said amounts and accordingly provided for the entire amount outstanding as the Balance Sheet date.
3.3.4 Commitments
The commitments made and outstanding for investments is H 813,868 thousand (31 March 2018: H Nil) (net of
amount already paid). Refer note 3.3.1 of Schedule 16 for outstanding commitments on partly–paid up investments.
Capital commitments outstanding towards other assets at 31 March 2019 were H 183,133 thousand
(31 March 2018: H 158,693 thousand).
3.3.5 Value of investment contracts where settlement or delivery is pending as at year end is as follows:
(H In Thousand)
Linked Business Non Linked Business Shareholders'

As at 31 March
Particulars 2019 2018 2019 2018 2019 2018
Purchases where deliveries are pending 475,108 793,193 2,138,737 812,257 282,413 901,306
Sales where receipts are due 560,458 167,037 3,611,432 – 194,354 1,339,139
There are no investment contracts where securities have been sold but payments are overdue at the Balance Sheet date.
3.3.6 Investment property
During the year the Company has reclassified portions of Land and Buildings from Fixed Assets to Investment

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Property. Historical cost of fixed assets reclassified during the year is H 14,526 thousand. Also, during the year
company has transferred portion of its Investment property back to fixed Asset amounting to H 20,117 thousand
(includes revaluation reserve of H 12,119 thousand). In accordance with the IRDAI (Preparation of Financial
Statements and Auditors’ Report of Insurance Companies) Regulations 2002, all the investment properties have
been revalued at 31 March 2019. The values of the properties are based on valuation performed by an independent
valuer at 31 March 2019. The opinions on market value by the independent valuer, are prepared in accordance with
the guidelines laid out in the Appraisal and Valuation Manual published by the Royal Institution of Chartered
Surveyors ('RICS') . Investment properties are valued at H 747,392 thousand as at 31 March 2019 (at 31 March 2018
H 657,183 thousand). Historical cost at 31 March 2019 H 343,766 thousand (at 31 March 2018 H 337,235 thousand).
The difference between the revalued amount and the historical cost has been disclosed as revaluation reserve
in the Balance Sheet (under Reserves and Surplus).
3.3.7 Impairment of investment assets
In accordance with the impairment policy of the Company, diminution in the value of investments has been
evaluated on the Balance Sheet date. Accordingly, total impairment loss of H 2,009,388 thousand recognised during
the year (Previous year: Nil).
3.3.8 Securities lending and borrowing scheme (SLB)
Equity shares transferred under SLB continue to be recognised in the Balance Sheet as the Company retains all the
associated risks and rewards of these securities. The value of equity shares lent by the Company under SLB and
outstanding as at 31 March 2019 is H 106,924 thousand (31 March 2018: H Nil).
3.3.9 Reverse repo transactions in Government securities/Corporate debt securities disclosure pursuant to IRDAI
Investment Master Circular May 2017.
(H In Thousand)
Minimum outstanding Maximum outstanding Daily average outstanding Outstanding
during the year during the year during the year as at 31 March
Particulars 2019 2018 2019 2018 2019 2018 2019 2018
Securities sold under repo

i. Government Securities – – – – – – – –
ii. Corporate debt securities – – – – – – – –
Securities purchased under reverse repo

i. Government Securities – – – – – – – –
ii. Corporate debt securities – – – – – – – –
3.3.10 Participation in Joint Lenders Forum (JLF) formed under RBI Guidelines.

The following disclosures are in line with the requirement of IRDAI Master Circular dated May 2017:
% of Comments
Exposure as exposure Date of of Board on
Date of on date of Additional in excess of approval by additional
Name of the Insurer entry insurer entry exposure as IRDAI(INV) the Insurers exposure
Nos. entity into JLF into JLF decided in JLF Regulations Board permitted
Nil
3.4 Claims settled and remaining unpaid
Claims settled and remaining unpaid for a period of more than six months as at 31 March 2019 is H 480,050 thousand

Schedules
(at 31 March 2018: H 431,715 thousand). This includes claims payable on death, maturity or otherwise.
3.5 Unclaimed amount of policyholders’
i. Disclosure as required under IRDAI Master Circular on unclaimed amount of policyholders' vide reference No. IRDA/
F&A/CIR/Misc/173/07/2017 dated 25 July 2017 is as follows:
Statement showing age–wise analysis of the unclaimed amount of the Policyholders’ at 31 March 2019:
(H In Thousand)
Any excess collection of the premium/
Claims settled but not paid to tax or any other charges which is
the policyholders/insured due Sum due to the refundable to the policyholders either
to any reasons except under insured/policyholders as terms of conditions of the policy or Cheques issued but
litigation from the insured/ on maturity as per law or as may be directed by not encashed by the
policyholder# or otherwise the Authority but not refunded so far policyholder/insured*## Total amount
Age–wise analysis (A) (B) (C) (D) (A+B+C+D)
0 – 30 Days 6,346 44,209 – 132,227 182,782

01 – 06 Months 43,606 52,517 – 527,440 623,564
07 – 12 Months 17,691 74,052 – 541,714 633,457
13 – 18 Months 7,446 14,500 – 223,095 245,041
19 – 24 Months 24,404 20,821 – 244,281 289,506
25 – 30 Months 12,128 23,892 – 164,835 200,854
31 – 36 Months 24,683 6,254 – 177,501 208,438
36 – 120 Months 42,666 64,837 – 1,284,309 1,391,811
>120 months – – – 8,141 8,141
Total^ 178,969 301,081 – 3,303,543 3,783,593
## The Company has been advised by IRDAI to make further attempt to refund/pay, where the unclaimed amount is more than H 1,000, by way of electronic payment mode or by cheque. The Company has
re-dispatched cheques for over thirteen thousand individual cases amounting to over H 175 crore which has resulted in reduction in unclaimed amount due to Policyholders as at 31 March 2019. Given the past efforts
made by the Company, the possibility of a significant sum of these instruments being realised may not be material.
Statement showing age–wise analysis of the unclaimed amount of the Policyholders’ at 31 March 2018:
(H In Thousand)
Any excess collection of the premium/
Claims settled but not paid to tax or any other charges which is
the policyholders/insured due Sum due to the refundable to the policyholders either
to any reasons except under insured/policyholders as terms of conditions of the policy or Cheques issued but
litigation from the insured/ on maturity or as per law or as may be directed by not encashed by the
policyholder # otherwise the Authority but not refunded so far policyholder/insured* Total amount
Age-wise analysis (A) (B) (C) (D) (A+B+C+D)
0 – 30 Days 7,866 98 – 378,865 386,829

01 – 06 Months 16,371 30,313 – 1,033,163 1,079,847
07 – 12 Months 35,212 41,479 – 1,127,194 1,203,885
13 – 18 Months 23,267 41,633 – 378,636 443,536
19 – 24 Months 37,869 11,715 – 327,063 376,647
25 – 30 Months 19,210 173,168 – 202,040 394,419
31 – 36 Months 12,128 156 – 249,217 261,501
36 – 120 Months 26,717 1,198 – 1,411,535 1,439,450
>120 months – – – 5,947 5,947
Total^ 178,640 299,760 – 5,113,660 5,592,060
# Includes all open title cases (Individual and Group)
^ Does not include interest earned on the unclaimed fund of H 511,115 thousand (Previous year: H 524,861 thousand)
* Represents cheques issued but not encashed that have exceeded their validity period. Cheques issued to the policyholders’ but not encashed which do not exceed their validity period amounting to H 4,213,747
thousand (Previous year: H 4,847,181 thousand) form part of the bank reconciliation statement and consequently have not been considered in unclaimed amount of policyholders’

Schedules
ii. Disclosure of unclaimed amounts of Policyholders’ as required vide IRDAI Circular No. IRDA/F&A/CIR/CLD/
114/05/2015 dated 28 May 2015 is as follows:
Details of unclaimed amounts and investment income thereon at 31 March 2019:

(H In Thousand)
As at 31 March
Opening Balance 6,116,921 5,557,608

Add: Amount transferred to unclaimed amount 4,879,544 9,879,120
Add: Cheques issued out of the unclaimed amount but not encashed by the policyholders
(to be included only when the cheques are stale) 481,132 56,451
Add: Investment income* 426,747 362,249
Less: Amount paid during the year 7,596,166 9,722,524
Less: Amount transferred to SCWF 13,471 15,984
Closing balance of unclaimed amount 4,294,708 6,116,921
* Net of fund management charges
3.6 Managerial remuneration
The remuneration paid to the Managing Director included in Employees’ remuneration, welfare benefits and other
manpower costs is as follows:
(H In Thousand)

Basic salary 20,125 17,500

Allowances and perquisites 14,909 12,466
Bonus and Long–term Incentive 45,670 84,660
Retirement benefits 4,427 3,850
Total 85,131 118,476
The managerial remuneration is in accordance with the approval accorded by IRDAI, Section 34A of the Insurance Act, 1938
(amended by the Insurance Laws (Amendment) Act, 2015) and the approval from the Board of Directors. Managerial remuneration
in excess of the limits prescribed by IRDAI has been charged to the Shareholders’ Account. Benefits such as gratuity and leave
encashment, which are valued by independent actuarial consultant are reported on paid basis.
3.7 Employee benefits as per Accounting Standard 15 (Revised):
i. Defined contribution plans
The Company has recognised following amounts in the Revenue and the Profit and Loss account for the year in
respect of contribution towards defined contribution plans:
(H In Thousand)
As at 31 March
Contribution to Employees Provident Fund* 188,579 147,928

Contribution to Superannuation Fund 2,951 2,742

Schedules
(H In Thousand)
As at 31 March
Contribution to National Pension Scheme (NPS) 12,351 8,739

Contribution to Labour Welfare Fund and Employee Deposit Linked Insurance (EDLI) 5,423 4,700
Contribution to Employees State Insurance Corporation (ESIC) 19,578 22,654
*Note: The Supreme Court has recently, delivered its ruling on the composition of basic wages for the purposes of deduction and contribution to the Employees
Provident and Pension funds. The company, in the interest of its employees, awaits clarity on the complexities revolving around the application of the said order,
the ambiguity reflected by the divergent views of legal experts and the response/direction from the authorities, including on representations made by an industry
association in this regard.
ii. Defined benefit plan – Gratuity

The Gratuity plan of the Company provides for a lump–sum payment to vested employees at retirement/
termination or on resignation from employment. Vesting of benefits happens immediately for employees who
have joined prior to 12 August 2008 and on completion of five years of continuous service with the Company for
employees having joined on or after 12 August 2008. However, in case of death of an employee during the course
of an active employment, the gratuity is paid even if the employee has not completed five years of continuous
service. The payment is based on employee’s last drawn salary and number of years of employment with the
Company. The actuarial valuation of gratuity liability of the Company is determined at each Balance Sheet date
using projected unit cost method.
(a) Reconciliation of opening and closing balances of the present value of the Defined Benefit Obligation:
(H In Thousand)
As at 31 March
Present value of Defined Benefit Obligation at the beginning of the year 264,082 290,363
Interest cost 21,897 21,833
Current service cost 40,329 40,134
Actuarial losses/(gains) 39,773 (27,975)
Past service cost – –
Benefits paid (57,246) (60,273)
Present value of Defined Benefit Obligation at the close of the year 308,835 264,082
(b) Reconciliation of the opening and closing balances of the fair value of plan assets:
(H In Thousand)
As at 31 March
Fair value of Plan Assets at the beginning of the year 267,444 284,125
Add: Expected return on Plan Assets 18,695 22,540
Add/(Less): Actuarial gains/(losses) (830) (9,169)
Add: Contributions 72,152 30,221
Less: Benefits paid (57,246) (60,273)
Fair value of Plan Assets at the close of the year 300,215 267,444
Actual return on Plan Assets 17,866 13,371
c) Net (assets)/liabilities recognised in the Balance Sheet:

Schedules
(H In Thousand)
As at 31 March
Present value of Defined Benefit Obligation 308,835 264,082

Less: Fair value of Plan Assets Present value of unfunded obligation 300,215 267,444
Net liability/(asset) recognised in the Balance Sheet 8,620 (3,362)
(d) Total expenses recognised in the Revenue Account:

(H In Thousand)
As at 31 March
Current service cost 40,329 40,134

Interest cost 21,897 21,833
Expected return on Plan Assets (18,695) (22,540)
Actuarial losses/(gains) 40,603 (18,806)
Past service costs – –
Effect of curtailment/settlement – –
Adjustments for earlier years – –
Recognised in the Revenue Account 84,134 20,621
These expenses have been included under the line item 'Employees’ remuneration, welfare benefits and
other manpower costs’ in Schedule 3 forming part of the Financial Statements.
(e) Major categories of plan assets as a percentage of total plan assets as at:
As at 31 March
Insurer managed funds 100% 100%

Asset allocation:
Government securities 56.5% 49.9%
Debentures and bonds 36.9% 44.6%
Fixed deposits 1.8% 0.9%
Money market instruments 0.0% 1.3%
Others 4.8% 3.3%
(f) Experience adjustments on gratuity provisioning:

(H In Thousand)
Particulars 2019 2018 2017 2016 2015
Defined benefit obligation 308,835 264,082 290,363 278,882 253,467

Plan assets 300,215 267,444 284,125 247,329 186,799
Surplus/(deficit) (8,620) 3,362 (6,238) (31,553) (66,669)
Experience adjustments
– on Plan Liabilities 28,594 822 (5,081) (9,390) (87)
– on Plan Assets (830) (9,169) 10,568 (1,916) 13,980
g) Actuarial assumptions:
Schedules
As at 31 March
Discount rate 7.10% 7.65%

Expected rate of return on Plan Assets* 7.50% 7.50%
Salary escalation rate** 5.00% 5.00%
Mortality table Indian Assured Lives Indian Assured Lives
Mortality (2012–14) Ultimate Mortality (2006–08) Ultimate
* expected rate of return on Plan Assets is on the basis of average long–term rate of return expected on investments of the fund during the
estimated term of obligation.
** future salary increases considered in actuarial valuation take into account inflation, seniority, promotion and other relevant factors, such as supply
and demand in the employment market.
Note: The Company expects to fund H 10,000 thousand (Previous year: Nil) towards the Company’s gratuity
plan in the subsequent financial year.
iii. Other long–term benefits
Compensated absence
Liability for compensated absence for employees is determined based on actuarial valuation which has been
carried out using the projected accrued benefit method which is same as the projected unit credit method in
respect of past service. The assumptions used for valuation are:
(H In Thousand)
As at 31 March
Defined Benefit Obligation 114,813 95,654

Expenses recognised in the Profit and Loss and Revenue Account
during the year 72,975 40,906
Actuarial assumptions used
Salary escalation rate* 5.00% 5.00%
Indian Assured Lives Indian Assured Lives
Mortality table Mortality (2012–14) Ultimate Mortality (2006–08) Ultimate
* Future salary increases considered in actuarial valuation take into account inflation, seniority, promotion and other relevant factors, such as supply and demand in
the employment market.
Long–term incentive plans

Liability for the scheme is determined based on actuarial valuation which has been carried out using the projected
accrued benefit method which is same as the projected unit credit method in respect of past service. The
assumptions used for valuation are:
(H In Thousand)
As at 31 March
Defined Benefit Obligation 285,919 319,769

Expense recognised in income statement during the year 76,203 207,124
Actuarial assumptions used
Attrition Rate 5.00% 5.00%
iv. Employee Stock Options Plans

Schedules
On 19 July 2018 the Company has granted options to eligible employees of the Company under the Employee Stock
Option Scheme 2018 (ESOP 2018). The grant has a graded vesting over three years and the vested options have
to be exercised by employees within five years from the date of vesting subject to the norms prescribed by the
Nomination and Remuneration Committee. The mode of settlement of the scheme is through equity shares of the
Bajaj Finserv Ltd. (holding company).
This scheme is administered by the Bajaj Finserv Employee Stock Option Trust. The Trust has acquired shares of the
holding company from the secondary market. The exercise price is based on the holding cost of the shares in the
books of the Trust.
The Company follows the intrinsic value method of accounting for stock options granted to employees. The intrinsic
value of the options issued under the schemes is ‘Nil’ as the exercise price of the option is the same as quoted
market price on the grant date and accordingly, no expenses are recognised in the books.
Had the Company followed the fair value method for valuing its options, the charge to the Revenue Account/
Profit & Loss Account for the year would have been higher by H 14,303 thousand (Previous year H Nil) and the profit
after tax would have been lower by H 9,365 thousand (Previous year H Nil). Consequently, Company’s basic and
diluted earnings per share would have been H 33.24 (Previous year: H 47.52).
Exercise price of outstanding options as at 31 March 2019 is H 6,365.70.

A summary of status of ESOP 2018 in terms of options granted, forfeited, exercised, outstanding and exercisable is
as given below:
Outstanding at the beginning of the year – –

Granted during the year 23,825 –
Forfeited/lapsed during the year 2,500 –
Exercised during the year – –
Outstanding at the end of the year 21,325 –
Exercisable at the end of the year – –
Graded Vesting Period:
1st Year 7,271 –
2nd Year 7,027 –
3rd Year 7,027 –
Methodology for computation of fair value of options:
The fair value of options has been calculated using the Black–Scholes model. The weighted average fair value of
option on grant date derived using the Black–Scholes model is H 1,931. The key assumptions used in Black–Scholes
model for calculating fair value of options as on the date of grant are as follows:
Risk–free interest rate 8.07% –

Expected life One year
after vesting –
Expected volatility 29.65% –
Expected dividend yield 0.03% –

Schedules
3.8 Operating lease payments
The Company has entered into agreements in the nature of lease/leave and license with different lessors/licensors
for the purpose of establishment of office premises. These are generally in the nature of operating leases/leave
and licenses and are of cancellable in nature. Lease payments on cancellable leases are charged to the Revenue
Account over the lease term on a straight–line basis. The total operating lease rentals charged in the current year
is H 260,089 thousand (Previous year: H 242,722 thousand). There are no transactions in the nature of sub–leases.
The period of agreement is generally for three years and renewable thereafter at the option of the lessee.
The Company has not entered into any non–cancellable leases.
3.9 Assets given on operating lease
The Company has entered into agreements in the nature of lease/leave and license with different lessees for leasing
out its investment property consisting of the Company’s surplus office space. These leases are cancellable operating
leases. The total lease rentals received in respect of such lease recognised in the Profit and Loss Account for the year
ended 31 March 2019 is H 51,771 thousand (for the year ended 31 March 2018: H 39,750 thousand).
3.10 Risk retained and reinsured
The extent of risk retained and reinsured is as follows:

(H In Thousand)

Particulars Sum at risk Percentage Sum at risk Percentage
Risk retained 3,530,372,784 83.8% 4,109,739,095 86.4%

Risk reinsured 684,875,021 16.2% 645,936,726 13.6%
3.11 Foreign exchange gain/loss
The net foreign exchange loss debited to Revenue Account for the year ended 31 March 2019 is H 5,115 thousand
(31 March 2018 exchange loss H 11 thousand).
3.12 Earnings per share
In accordance with Accounting Standard (AS 20) on Earnings per Share (EPS), the following table reconciles the
numerator and denominator used to calculate basic/diluted earnings per share.
(H In Thousand)
Net profit/(loss) after tax 5,018,626 7,161,157

Basic earnings before extra–ordinary items [A] 5,018,626 7,161,157
Basic earnings after extra–ordinary items [B] 5,018,626 7,161,157
Weighted average number of equity shares [C] 150,709,000 150,709,000
Basic earnings per equity share [A]/[C] 33.30 47.52
Basic earnings per equity share excluding extraordinary items [B]/[C] 33.30 47.52
Nominal value per equity share 10.00 10.00

There are no dilutive equity shares or potential equity shares issued by the Company.

Schedules
3.13 The Micro, Small and Medium Enterprises Development (MSMED) Act, 2006
According to information available with the management, on the basis of intimation received from suppliers, regarding
their status under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act), the Company has
amounts due to Micro and Small Enterprises under the said Act as follows:
(H In Thousand)

a) (i) Principal amount remaining unpaid to supplier under MSMED Act Nil Nil
(ii) Interest on (a) (i) above Nil Nil
b) (i) Amount of principal paid beyond the appointed date Nil Nil
(ii) Amount of interest paid beyond the appointed date (as per Section 16) Nil Nil
c) Amount of interest due and payable for the period of delay in making payment, but without
adding the interest specified under section 16 of the MSMED Act Nil Nil
d) Amount of interest accrued and due Nil Nil
e) Amount of further interest remaining due and payable even in succeeding years Nil Nil
3.14 Discontinued policy fund
Pursuant to IRDAI’s circular number IRDAI/F&A/CIR/MISC/232/12/2013 dated 11 December 2013, the following details are
disclosed with respect to the policies discontinued either on customer request or for non–payment of premium amount
within grace period:
a. Movement in funds for discontinued policies:

(H In Thousand)

Opening balance of funds for discontinued policies 4,949,637 4,385,705

Add: Amount transferred to fund on discontinuance of policies during the year 6,113,798 3,770,664
Less: Amount transferred out of fund on revival of policies during the year 2,508,884 1,678,423
Add: Net income/gains on investments of the fund 430,938 312,028
Less: Fund management charges levied 131,843 29,888
Less: Amount refunded to policyholders’ during the year 670,728 1,810,449
Closing balance of funds for discontinued policies 8,182,918 4,949,637
b. Count of policies discontinued during the year and percentage to total policies (product wise):
Count of policies Percentage Count of policies Percentage
discontinued to total discontinued to total
Particulars during the year policies issued during the year policies issued
Bajaj Allianz Future Gain 45,585 13.1% 34,733 11.9%

Bajaj Allianz Life Future Wealth Gain 7,136 7.6% 422 0.8%
Bajaj Allianz Life Goal Assure 3,047 8.7% – –
Bajaj Allianz Retire Rich 2,307 13.8% 1,880 12.9%

Schedules
Count of policies Percentage Count of policies Percentage
discontinued to total discontinued to total
Particulars during the year policies issued during the year policies issued
Bajaj Allianz Principal Gain 1,335 17.7% 1,294 17.6%

Bajaj Allianz Bima Sanchay Yojana 165 6.1% 15 0.6%
Bajaj Allianz Fortune Gain 60 0.2% 41 0.1%
Bajaj Allianz Life Assure Plan 35 0.6% 538 8.8%
Bajaj Allianz Niyamit Sanchay Suraksha 14 8.1% 13 7.5%
Bajaj Allianz Smart Insurance Plan III 13 0.1% 437 2.7%
Bajaj Allianz Max Advantage IP 8 0.0% 169 0.4%
Bajaj Allianz Money Secure Insurance Plan 7 0.0% 264 0.9%
Bajaj Allianz Assured Protection Plan 1 0.0% 86 0.7%
Bajaj Allianz iGain III Insurance Plan 1 0.1% 18 1.6%
Bajaj Allianz Life Goal Based Saving 1 2.0% – –
Total 59,715 39,910
c. Number and percentage of the policies revived during the year ended:
Number of policies revived 21,398 15,222

Percentage of policies revived 28.9% 17.5%
d. Charges imposed/readjusted on account of discontinued policies/revival of discontinued policies during the

year ended:
(H In Thousand)

Charges imposed on account of discontinued policies1 111,472 74,829

Charges readjusted on account of revival of discontinued policies (38,758) (26,832)
Total 2
72,714 47,997
1 Excluding service tax/GST on charges
2 Policies discontinued and revived during the same reporting year have been excluded
3.15 Disclosures on other work given to auditors
Pursuant to Corporate Governance guidelines issued by IRDAI dated May 18, 2016, the additional works (other than
statutory/internal audit) given to the auditors are detailed below:
(H In Thousand)
Amount paid for the year ended 31 March

Name of Audit firm Service rendered 2019 2018
Kirtane & Pandit LLP Tax audit and certification fees 1,645 475
S. R. Batliboi & Co. LLP Certification fees 1,000 400

Schedules
3.16 Additional disclosures on expenses
The additional disclosures on expenses pursuant to the IRDAI Circular 067/IRDA/F&A/CIR/MAR–08 dated 28 March 2008
have been detailed herein below:
(H In Thousand)
Marketing expenses and Business development expenses 729,198 772,718

Outsourcing expenses 3,480,330 1,802,360
3.17 Sector-wise percentage of business

Total business during the year

– Number of individual policies issued 310,872 308,372
– Number of total group lives insured 35,313,582 38,128,462
Rural obligation during the year

– Number of policies 80,751 72,913
– Percentage of total policies 26.0% 23.6%
– Premium underwritten (H in thousand) 2,866,106 2,147,948
Social obligation during the year

– Gross premium underwritten for new lives (H in thousand) 1,902,079 1,708,280
– Number of individual policies issued 25,900 70,168
– Number of new lives covered 6,564,279 6,259,932
– Social sector lives as % to total business in preceding financial year 17.1% 14.2%
– Social sector lives as a % of total lives 18.6% 16.4%
Note: IRDAI (Obligations of insurers to rural and social sectors) Regulations, 2015 mandates the Company to cover atleast 5% of
the total business procured in the preceding financial year (in terms of lives) from the social sector and 20% of the total number of
policies written in the year from the rural sector.
3.18 Details of related parties and transactions with related parties

Related parties and nature of relationship where transactions made during the year:
Nature of relationship Name of the related party
Holding Company Bajaj Finserv Ltd.

Co–promoter Allianz SE
Significant influence Allianz Cornhill Information Services Private Ltd.

and fellow subsidiaries Allianz Insurance Management Asia Pacific Pte. Ltd.
Allianz SE Reinsurance Branch Asia Pacific
Allianz Technology SE
AWP Assistance India Private Ltd.
Bajaj Allianz Financial Distributors Ltd.
Bajaj Allianz General Insurance Company Ltd.

Schedules
Nature of relationship Name of the related party
Significant influence Bajaj Allianz Life Insurance Co Ltd Employees Group Gratuity Cum Life Assurance Trust
and fellow subsidiaries Bajaj Allianz Staffing Solutions Ltd.
Bajaj Auto Ltd.
Bajaj Electricals Ltd.
Bajaj Finance Ltd.
Bajaj Holdings and Investment Ltd.
Bajaj Housing Finance Ltd.
Euler Hermes Services India Private Ltd.
Hind Lamps Ltd.
Hind Musafir Agency Ltd.

Jamnalal Sons Private Ltd.
Bajaj Finserv Direct Ltd.
Key managerial personnel (KMP) Tarun Chugh, Managing Director and Chief Executive Officer
Relatives of Key management personnel as per AS–18 disclosure – Tarun Chugh, Managing Director and Chief
Executive Officer
Nature of Relationship Relatives Name
Spouse Simran Chugh

Son Manan Chugh
Son Yuvan Chugh
The details of transactions with related parties is as follows:
(H In Thousand)
Sr.
No. Name of the related party Description FY 2019 FY 2018
1 Allianz Cornhill Information Services Expenditure

Private Ltd.
Benefits paid – 237
Income
Insurance premium – (458)
2 Allianz Insurance Management Outstanding Balance – Assets/(Liabilities)
Asia Pacific Pte. Ltd.
Advance to suppliers 111 111
3 Allianz SE Others
Dividend Paid 274,290 –
4 Allianz SE Reinsurance Expenditure
Branch Asia Pacific
Reinsurance premium 150,569 118,141
Income
Reinsurance profit commission (59,799) (10,587)
Reinsurance claims (97,611) (69,691)
Outstanding Balance – Assets/(Liabilities)
Balance due to other insurance companies 79,035 (18,097)

Schedules
(H In Thousand)
Sr.
5 Allianz Technology SE Expenditure

Information technology expenses 27,917 31,772
Benefits paid 147 78
Income
Outstanding Balance– Assets/(Liabilities)
Sundry Creditors (25,969) (51,720)
Unallocated premium – (573)
6 AWP Assistance India Private Ltd. Expenditure
Income
Insurance premium – (35,115)
7 Bajaj Allianz Financial Distributors Ltd. Expenditure

Insurance commission paid (455) 575
Income
Rents, rates and taxes (357) (357)
Reimbursement of expenses received
– Repairs (105) (107)
Agent's balances 346 (152)
8 Bajaj Allianz General Insurance Expenditure
Company Ltd.
Employees' remuneration, welfare benefits 122,377 117,812
and other manpower costs
Insurance, water and electricity charges 3,007 2,784
Reimbursement of expenses paid
– Insurance, water and electricity charges 5,684 10,544
– Rents, rates and taxes 724 265
– Information technology expenses – 1,911
– Repairs 399 440
– Employees' remuneration, welfare – 3,250
benefits and other manpower costs
– Legal and professional charges 54 10
Income
Insurance Premium (190,441) (8,022)
Interest, dividend and rent (29,482) (19,561)
(Rent received for property let out)
– Legal and professional charges (25) –

Schedules
(H In Thousand)
Sr.
8 Bajaj Allianz General Insurance – Information technology expenses (96,849) (31,913)

Company Ltd. – Insurance, water and electricity charges (1,397) (3,804)
– Repairs (2,337) (2,948)
– Rents, rates and taxes (1,394) (1,283)
Others
Claims received (loss of assets) (2,381) (136)
Recovery for asset transferred – (5,620)
Security Deposit paid (returned) 1,204 –
Security Deposit received (1,815) (7,953)
Capital Work in progress 3,007 2,848
Due from entities carrying on insurance business 66,479 35,414
Unallocated premium (147) (449)
Prepaid Expenses 28,771 27,329
Other liabilities (15,751) (15,140)
(security deposit against property let out)
9 Bajaj Allianz Life Insurance Company Income
Ltd. Employees Group Gratuity Cum Insurance premium (72,152) (30,221)
Life Assurance Trust
Expenditure
Benefits Paid 56,587 59,711
Fund reserve 19,666 14,700
Provision for linked liabilities (300,114) (267,349)
10 Bajaj Allianz Staffing Solutions Ltd. Expenditure
Employees' remuneration, welfare benefits and 99,011 115,003
other manpower costs
Benefits paid 10 1
Income
Insurance premium (37) (33)
Rents, rates and taxes (1,098) (1,098)
– Repairs (323) (313)
11 Bajaj Auto Ltd. Expenditure
Income
Insurance premium (9,713) (8,746)
Dividend income (7,500) (6,875)
Investments held (Schedule 8, 8A & 8B) 363,888 343,088

Schedules
(H In Thousand)
Sr.
12 Bajaj Electricals Ltd. Income

Insurance premium (3,192) (47)
13 Bajaj Finance Ltd. Expenditure
Insurance commission paid 140,732 38,139
– Repairs (Rent, Maintenance, Security 659 856
and Housekeeping expenses)
– Information technology expenses – 1,036
Income
Insurance premium (1,910,407) (2,070,255)
(interest income on investments held)
(Rent received for property let out)
– Repairs (Maintenance, Security and (2,578) (2,533)
Housekeeping expenses)
Others
Non–convertible debentures redemption (200,000) (300,000)
Outstanding premiums – 66,289
Sundry Debtors 2,649 4
Sundry Creditors (185) –
Unallocated premium (25,882) (47,738)
Agent's balances (13,199) (6,312)
Investments held (Schedule 8, 8A & 8B) 7,153,335 1,402,644
Interest accrued on investments 223,357 63,536
Other liabilities (6,026) (6,026)
(security deposit against property let out)
14 Bajaj Finserv Ltd. Expenditure
– Advertisement and publicity 5,899 –
– Legal Professional Fees 33,231 –
– Employees' remuneration, welfare benefits 9,400 –
and other manpower costs
Others
Dividend Paid 780,673 –
Sundry creditors (23,090) –
15 Bajaj Holdings and Investment Ltd. Expenditure
16 Bajaj Housing Finance Ltd. Expenditure

Schedules
(H In Thousand)
Sr.
16 Bajaj Housing Finance Ltd. Income

Insurance premium (2,223,967) (69,906)
Outstanding premiums 89,364 692
Unallocated premium (2,697) (27,677)
17 Euler Hermes Services India Expenditure
Private Ltd.
Benefits paid 10 18
18 Hind Lamps Ltd. Expenditure
Income
Insurance premium (1,519) (1,588)
19 Hind Musafir Agency Ltd. Expenditure
Travel, conveyance and vehicle running expenses 4,866 3,270
Travel, conveyance and vehicle running expenses – 144,810 116,116
Reimbursement for tickets and other bookings
20 Jamnalal Sons Private Ltd. Expenditure
Repairs – 377
Rents, rates and taxes 2,117 1,530
Deposits 1,020 1,020
21 Bajaj Finserv Direct Ltd. Expenditure
Paid towards Insurance Commission 10,153 –
Income
Insurance premium (1,496) –
Agent's Balances (1,529) –
Unallocated Premium (153) –
22 Tarun Chugh, Managing Director Expenditure
and Chief Executive Officer #
Employees' remuneration, welfare benefits and 82,943 116,317
other manpower costs
Miscellaneous expenses 1,544 1,544
Security and housekeeping 363 294
Income
Insurance premium (600) (50)
Notes:
#
Of the expenses included above, the following expenses are charged to Shareholders' account and the rest have been charged to the Policyholders' account:
– Employees' remuneration, welfare benefits and other manpower costs (CEO remuneration) H 67,943 thousand (Previous year: H 101,317 thousand).
– Insurance, water and electricity charges H 119 thousand; Miscellaneous expenses H 1,544 thousand; Security and housekeeping H 363 thousand; Travel,
conveyance and vehicle running expenses H 162 thousand
(Previous year: Insurance, water and electricity charges H 134 thousand; Miscellaneous expenses H 1,544 thousand; Security and housekeeping H 294 thousand;
Travel, conveyance and vehicle running expenses H 187 thousand)

3.19 Segmental reporting

(H In Thousand)
Participating Non– Participating Unit Linked
Individual Individual Individual Individual Individual Individual Group Group Individual Individual Share
Particulars Assurance Pension Assurance Variable Health Annuity Assurance Variable Assurance Pension Group holders’ Total
Segment revenue (excluding contribution from the Shareholders' Account

and transfers from Policyholders' Account) 35,721,782 92,727 5,173,286 5,283 130,212 295,136 27,164,739 5,488,008 45,457,633 1,870,275 6,612,229 6,584,687 134,595,997
Segment results– Surplus/(Deficit) (pre-tax)
(Net of contribution from Shareholders' Account) 5,853,478 37,133 392,976 782 14,671 65,005 1,460,565 (56,395) (1,409,286) 21,479 126,741 4,771,375 11,278,524
Depreciation/amortisation 100,487 86 21,969 109 667 286 50,979 327 113,405 2,924 842 9,400 301,481
Significant non-cash expenses* 12,708,488 (61,987) 2,374,725 1,459 2,492 85,301 8,583,240 4,635,204 16,416,124 425,912 2,313,035 1,346,782 48,830,775
* comprises of change in valuation of policy liabilities, provision for diminution in the value of investments (net), provision for doubtful debts and bad debts written off

(H In Thousand)
Segment revenue (excluding contribution from the Shareholders' Account and

transfers from Policyholders' Account) 31,979,535 97,448 3,834,755 10,206 109,655 270,678 17,961,005 9,221,483 42,682,585 1,985,718 8,878,085 6,648,251 123,679,404
Segment results– Surplus/(Deficit) (pre tax)
(Net of contribution from Shareholders' Account) 1,890,012 22,418 490,488 (7,512) 57,831 58,908 626,647 107,786 (175,737) (26,076) 172,861 6,145,192 9,362,818
Depreciation/Amortisation 67,565 67 11,054 118 235 343 38,779 350 106,392 3,836 822 1,543 231,104
Significant non cash expenses* 16,056,593 32,805 1,609,498 12,360 (52,194) 73,097 (1,842,954) 2,037,356 (3,963,804) 130,904 3,441,535 – 17,535,196
*comprises of change in valuation of policy liabilities, provision for diminution in the value of investments (net), provision for doubtful debts and bad debts written off

Schedules
179
3.20 Segmental Balance Sheet
Schedules
As at 31 March 2019
(H In Thousand)
Participating Non – Participating Unit Linked
Sources of funds
Shareholders’ funds – – – – – – – – – – – – –
Share capital – – – – – – – – – – – 1,507,090 1,507,090
Reserves and surplus – – – – – – – – – – – 94,396,808 94,396,808
Credit/(debit) fair value change account – – – – – – – – – – – 634,068 634,068
Sub Total (A) – – – – – – – – – – – 96,537,966 96,537,966

Borrowings – – – – – – – – – – – – –
Credit/(debit) fair value change account 7,205,140 – 412,609 – – – 931,057 20,949 397,696 – – – 8,967,451
Policy liabilities
Non Unit Mathemetical reserve 145,416,548 555,816 17,017,372 19,580 112,933 1,842,082 56,901,771 13,266,116 2,438,677 32,996 76,239 – 237,680,130
(a) Provision for linked liabilities – – – – – – – – 156,447,996 6,327,804 30,738,259 – 193,514,059
(b) Credit/(debit) fair value change account (linked) – – – – – – – – 22,716,988 991,167 915,040 – 24,623,195
(a) Discontinued on account of non–payment of premium – – – – – – – 440 7,255,267 873,643 – – 8,129,350
(b) Other discontinuance – – – – – – – – 44,701 8,868 – – 53,569
(c) Credit/(debit) fair value change account – – – – – – – – – – – – –
Insurance reserves – – – – – – – – – – – – –
Sub Total (B) 152,621,687 555,816 17,429,981 19,580 112,933 1,842,082 57,832,828 13,287,505 189,301,324 8,234,479 31,729,538 – 472,967,754
Funds for future appropriations 8,805,573 209,571 – – – – – – – – – – 9,015,144
Total (A)+(B) 161,427,260 765,387 17,429,981 19,580 112,933 1,842,082 57,832,828 13,287,505 189,301,324 8,234,479 31,729,538 96,537,966 578,520,864
As at 31 March 2019
(H In Thousand)
Participating Non – Participating Unit Linked
Investments
Shareholders' – – – – – – – – – – – 90,986,980 90,986,980
Policyholders' 151,839,129 694,352 16,084,826 29,398 192,211 1,738,245 55,633,524 11,224,398 6,561,499 258,177 344,291 – 244,600,050
Assets held to cover linked liabilities – – – – – – – – 186,464,953 8,201,483 31,653,299 – 226,319,734
Loans 2,949,288 – 233,100 – – – 1,719 – 22 – – – 3,184,129
#
Fixed assets–net block – – – – – – – – – – – 2,503,322 2,503,322
Sub Total (C) 154,788,416 694,352 16,317,926 29,398 192,211 1,738,245 55,635,243 11,224,398 193,026,473 8,459,660 31,997,590 93,490,302 567,594,215
Current assets
Cash and bank balances 558,148 (1,588) 229,889 155 (15) (1,612) 1,342,477 1,977,317 (1,195,006) (19,945) (183,917) 4,711,301 7,417,203
Advances and other assets 10,207,859 119,721 967,661 1,832 7,224 151,972 3,888,838 330,387 5,691,361 74,502 33,737 2,091,899 23,566,994
Sub Total (D) 10,766,007 118,133 1,197,550 1,987 7,209 150,359 5,231,316 2,307,705 4,496,355 54,557 (150,181) 6,803,200 30,984,197
Current liabilities 3,941,707 47,057 148 12,407 71,254 43,321 2,748,962 243,709 6,129,343 275,808 90,749 1,931,845 15,536,312
Provisions 185,456 41 85,346 (601) 15,235 3,201 284,768 888 2,092,161 3,930 27,122 1,823,688 4,521,236
Sub Total (E) 4,127,164 47,098 85,495 11,806 86,488 46,522 3,033,730 244,598 8,221,505 279,738 117,872 3,755,533 20,057,548
Net current assets (F)=(D)–(E) 6,638,844 71,035 1,112,055 (9,818) (79,279) 103,837 2,197,585 2,063,107 (3,725,149) (225,181) (268,052) 3,047,667 10,926,649
Miscellaneous expenditure (To the extent not written off or adjusted) – – – – – – – – – – – – –
Debit balance in profit & loss account (Shareholders' account) – – – – – – – – – – – – –
Sub–Total (G) – – – – – – – – – – – – –
Total (C)+(F)+(G) 161,427,260 765,387 17,429,981 19,580 112,933 1,842,082 57,832,828 13,287,505 189,301,324 8,234,479 31,729,538 96,537,968 578,520,864
Policy Liabilities and Funds for Future Appropriations are covered by Investments and Interest accrued on Investments.
#
Depreciation has been allocated based on assumptions that the use of assets is proportional to the basis referred to in note 2(q) of Schedule 16

Schedules
181
Schedules
As at 31 March 2018
(H In Thousand)
Sources of funds
Shareholders’ funds – – – – – – – – – – – – –
Share capital – – – – – – – – – – – 1,507,090 1,507,090
Reserves and surplus – – – – – – – – – – – 90,566,318 90,566,318
Credit/(debit) fair value change account – – – – – – – – – – – 108,911 108,911
Sub Total (A) – – – – – – – – – – – 92,182,319 92,182,319

Borrowings – – – – – – – – – – – – –
Credit/(debit) fair value change account 6,271,397 135 376,636 9 69 55 943,960 15,771 317,795 220 261 – 7,926,308
Policy liabilities
Non Unit Mathemetical reserve 132,874,113 617,803 14,643,459 18,121 110,479 1,756,781 48,318,543 8,631,036 2,405,589 43,921 26,918 – 209,446,764
(a) Provision for linked liabilities – – – – – – – – 143,469,029 6,147,417 29,197,041 – 178,813,487
(b) Credit/(debit) fair value change account (linked) – – – – – – – – 22,582,338 1,171,226 260,043 – 24,013,607
(a) Discontinued on account of non-payment of premium – – – – – – – 316 4,470,122 448,479 – – 4,918,917
(b) Other discontinuance – – – – – – – – 24,170 6,550 – – 30,720
(c) Credit/(debit) fair value change account – – – – – – – – – – – – –
Insurance reserves – – – – – – – – – – – – –
Sub Total (B) 139,145,510 617,939 15,020,096 18,130 110,548 1,756,836 49,262,502 8,647,123 173,269,043 7,817,814 29,484,264 – 425,149,803
Funds for future appropriations 4,180,524 174,722 – – – – – – – – – – 4,355,246
Total (A)+(B) 143,326,034 792,661 15,020,096 18,130 110,548 1,756,836 49,262,502 8,647,123 173,269,043 7,817,814 29,484,264 92,182,319 521,687,368
As at 31 March 2018
(H In Thousand)
Investments
Shareholders' – – – – – – – – – – – 84,902,399 84,902,399
Policyholders' 136,823,531 720,289 15,269,601 8,572 182,441 1,683,140 50,160,705 8,361,647 7,214,674 232,541 248,897 – 220,906,038
Assets held to cover linked liabilities – – – – – – – – 170,545,661 7,773,672 29,457,085 – 207,776,418
Loans 2,199,670 – 154,883 – – – 1,684 – – – – – 2,356,237
Fixed assets-net block # – – – – – – – – – – – 2,372,746 2,372,746
Sub Total (C) 139,023,201 720,289 15,424,484 8,572 182,441 1,683,140 50,162,389 8,361,647 177,760,335 8,006,214 29,705,982 87,275,145 518,313,838
Current assets
Cash and bank balances 453,888 3,642 103,996 11,500 5,325 2,954 929,035 396,178 226,220 10,204 (123,845) 3,000,597 5,019,695
Advances and other assets 7,713,485 104,725 914,346 640 7,513 134,581 1,703,122 245,488 8,630,824 235,024 498,151 2,514,860 22,702,757
Sub Total (D) 8,167,373 108,366 1,018,342 12,139 12,838 137,535 2,632,157 641,666 8,857,043 245,228 374,307 5,515,457 27,722,452
Current liabilities 3,585,453 35,953 1,343,939 3,125 69,805 59,202 3,230,264 355,067 11,253,658 426,233 563,974 (1,317,318) 19,609,355
Provisions 279,086 42 78,791 (544) 14,926 4,637 301,780 1,123 2,094,677 7,395 32,051 1,925,602 4,739,566
Sub Total (E) 3,864,540 35,995 1,422,730 2,581 84,731 63,840 3,532,044 356,190 13,348,335 433,627 596,024 608,284 24,348,922
Net current assets (F)=(D)-(E) 4,302,833 72,371 (404,388) 9,558 (71,893) 73,696 (899,887) 285,477 (4,491,292) (188,400) (221,718) 4,907,173 3,373,530
Miscellaneous expenditure (To the extent not written off or adjusted) – – – – – – – – – – – – –
Debit balance in profit & loss account (Shareholders' account) – – – – – – – – – – – – –
Sub-Total (G) – – – – – – – – – – – – –
Total (C)+(F)+(G) 143,326,034 792,661 15,020,096 18,130 110,548 1,756,836 49,262,502 8,647,123 173,269,043 7,817,814 29,484,264 92,182,318 521,687,368
Policy Liabilities and Funds for Future Appropriations are covered by Investments and Interest accrued on Investments.
# Depreciation has been allocated based on assumptions that the use of assets is proportional to the basis referred to in note 2(q) of Schedule 16

Schedules
183
Schedules
3.21 Fund Revenue Account for the year ended 31 March 2019
Fund Revenue Account for each segregated linked fund is attached herewith – refer Annexure 1
3.22 Fund Balance Sheet as at 31 March 2019
Fund Balance Sheet for each segregated linked fund is attached herewith – refer Annexure 1
3.23 Additional ULIP disclosures
Additional disclosure in respect of Unit linked portfolio as prescribed by IRDAI vide circulars 054/IRDA/F&A/FEB–07
dated 20 February 2007 and IRDA/F&A/001/APR–07 dated 16 April 2007 – refer Annexure 2

3.24 Disclosure on fines and penalties
(H In Thousand)
Non- Penalty waived/

compliance/ Penalty awarded2 Penalty paid reduced
Authority violation FY2019 FY2018 FY2019 FY2018 FY2019 FY2018
1. Insurance Regulatory and Development

Authority of India – – – – – – –
2. Service Tax/GST Authorities Refer note 1 – – – 14 – –
3. Income Tax Authorities – – – – – – –
4. Any other Tax Authorities – – – – – – –
5. Enforcement Directorate/Adjudicating
Authority/Tribunal or any Authority
under FEMA – – – – – – –
6. Registrar of Companies/National Company
Law Tribunal/Company Law Board/
Department of Corporate Affairs or any
Authority under Companies Act, 1956 or any
Authority under Companies Act, 2013 – – – – – – –
7. Penalty awarded by any Court/Tribunal for
any matter including claim settlement but
excluding compensation – – – – – – –
8. Competition Commission of India – – – – – – –
9. Any other Central/State/Local Government/
Statutory Authority – – – – – – –
Note:
1. Penalty towards non-compliance of certain provisions of Finance Act, 1994/The Central/State Goods and Services Tax Act, 2017 and CENVAT Credit Rules 2004 with
regard to input credit taken on service tax paid on services not linked to output service provided by the Company.
2. Does not include any penalties recorded under tax litigations which are currently under adjudication or where the Company has decided to file appeal within the
specified period against the order.
3.25 Statement containing names, descriptions, occupations of and directorships held by the persons in charge
of management of the business under section 11 (3) of Insurance Act, 1938 (amended by the Insurance Laws
(Amendment) Act, 2015)
Particulars From 1 April 2018 to 31 March 2019
Name of person in-charge Tarun Chugh

Designation of person in-charge Managing Director and Chief Executive Officer
Occupation of person in-charge Service
Directorships held by person in-charge 1. Member, Board of Governors of Indian Institute of Management,
Sambalpur (w.e.f. 24 December 2018)
2. Non Ex-Officio Member, Governing Council of Insurance
Information Bureau of India (w.e.f. 11 January 2019)
Schedules
3.26 Contribution from Shareholders’ Account to Policyholders’ Account
The Shareholders’ of the Company, in their Extra Ordinary General Meeting held on 7 May 2010 have authorised
the Board of Directors of the Company to decide on the transfer of amounts from the Shareholders’ account to the
Policyholders’ account to make good the deficit, if any, in the Policyholders’ funds in respect of any financial year, which
shall be subject to the approval of the Shareholders’ of the Company at the ensuing Annual General Meeting of the
respective years. Such contributions made by the Shareholders’ to the Policyholders’ account are irreversible in nature.
The IRDAI (Expenses of Management of Insurers transacting Life Insurance Business) Regulations, 2016, which were
notified on 9 May 2016, provided that the insurer shall be deemed to be compliant with these Regulations if for FY2019
the overall percentage of expense of management to allowable expenses is upto 100% subject to the excess expenses
of management, on segmental level, being borne by the Shareholders’. To comply with the Regulation, the Company
has during the year transferred H 2,182,211 thousand (previous year: H 1,103,451 thousand) from the Shareholders’
Account to the Policyholders’ Account.
3.27 Transfer of Surplus
During the year the Company has transferred the H 4,800,976 thousand (previous year H 3,495,423 thousand) from
Revenue account to Profit and loss account in accordance with the Insurance Act 1938 and the Insurance Law
(Amendment) Act 2015 read with IRDAI circular no. IRDA/F&A/CIR/FA/059/03/2015 dated 31 March 2015 and as certified
by the panel actuary.
3.28 Participating policyholders’ bonus
As recommended by the panel actuary, the bonus to participating policyholders’, for the current year, has been included
in change in valuation against the policies in force.
3.29 Corporate Social Responsibility
H 191,850 thousand (previous year H 209,750 thousand) pertains to corporate social responsibility (CSR) and debited to
the Shareholders’ Account.
Details of CSR spends are as follows:
a. Gross amount required to be spent by the Company during the year is H 190,485 thousand
(previous year H 208,544 thousand).
b. Amount spent during the year on:

(H In Thousand)
In Cash Yet to be paid in Cash Amount

Particulars 2019 2018 2019 2018 2019 2018
Construction/acquisition of any asset - - – – - -

On purpose other than (i) above 191,850 209,750 – – 191,850 209,750
Total 191,850 209,750 – – 191,850 209,750
c. Amounts of related party transactions pertaining to CSR related activities for the year ended 31 March 2019 was H
Nil (previous year ended 31 March 2018: H Nil)

Schedules
3.30 Summary of financial statements

(H in Lakh)

Particulars 2019 2018 2017 2016 2015
Policyholders' account
Gross premium income 885,716 757,837 618,332 589,731 601,730
Net premium income 1
880,398 751,731 612,210 583,172 594,803
Income from investments (Net) 2
384,143 410,685 537,282 74,793 745,899
Other income
Miscellaneous income 8,946 7,896 3,503 4,214 5,023
Contribution from Shareholders' A/c 37,639 15,745 14,187 4,357 11,625
Total income 1,311,126 1,186,057 1,167,182 666,536 1,357,350
Commissions (Net) 30,291 20,294 14,644 15,741 20,622

Brokerage – – – – –
Operating expenses related to insurance business3
167,558 132,410 115,083 120,568 122,123
Provisions for tax 8,101 1,571 6,059 4,614 8,653
Total expenses 205,950 154,275 135,786 140,923 151,398
Payment to Policyholders'4 542,393 810,149 619,982 501,253 823,790

Increase in actuarial liability5 315,072 186,978 238,496 234,043 303,601
Provision for linked liabilities 153,102 (11,696) 124,607 (249,125) 35,725
Surplus/deficit from operations 94,609 46,350 48,311 39,442 42,836
Shareholders’ account
Total income under Shareholders’ account6 65,847 66,483 77,283 75,585 65,197
Total expenses under Shareholders' account 7
18,133 5,031 5,452 4,087 1,693
Profit/(loss) before tax 58,085 80,662 94,537 98,285 100,669
Provisions for tax 7,899 9,050 10,911 10,388 13,047
Profit/(loss) after tax 50,186 71,612 83,626 87,897 87,621
Profit/(loss) carried to Balance Sheet 833,936 796,468 724,857 641,231 553,334

Schedules
(H in Lakh)

Particulars 2019 2018 2017 2016 2015
Miscellaneous
(A) Policyholders’ account:
Total funds (including unit linked funds) 4,819,829 4,295,050 4,092,423 3,672,760 3,686,683
Total investments (including unit linked investments)8 4,709,198 4,286,825 4,131,846 3,654,282 3,636,715
Yield on investments (%)
(excluding unit linked investments)9 & 10 8.05% 9.11% 9.00% 8.80% 9.82%
(B) Shareholders’ account
Total funds
(net of debit balance in Profit and Loss account) 965,380 921,823 847,558 763,149 674,900
Total investments 909,870 849,024 739,607 756,467 718,662
Yield on investments (%) 9 & 10
6.26% 8.20% 10.54% 10.05% 9.67%
Yield on total investments
(excluding unit linked investments) 9 & 10 7.59% 8.85% 9.45% 9.21% 9.77%
Paid up equity capital 15,071 15,071 15,071 15,071 15,071
Net worth 965,380 921,823 847,558 763,149 674,900
Total assets
(net of debit balance in Profit and Loss account) 5,785,209 5,216,874 4,939,981 4,435,909 4,361,583
Earning per share (H ) 33.30 47.52 55.49 58.32 58.14
Book value per share (H ) 640.56 611.66 562.38 506.37 447.81
1. Net of reinsurance
2. Net of losses and impairment provisions
3. Includes bad debts written off, provisions for doubtful debts and service tax/Goods and Service Tax on linked charges
4. Inclusive of interim and terminal bonuses paid, if any
5. Includes unclaimed fund
6. Excludes amount transferred from the Policyholders' Account (Technical Account)
7. Includes impairment on investment of H 13,468 lacs (Previous year: Nil)
8. Includes Assets held to cover linked liabilities
9. Yields computed as investment income/daily average investment
10. Yield on investments without considering impairment losses:
Particulars FY2019
Policyholders' account (excluding unit linked investments) 8.12%

Shareholders’ account 7.87%
Yield on total investments (excluding unit linked investments) 8.06%

Schedules
3.31 Accounting ratios
(a) New business premium income growth (segment wise)

(New business premium current year–New business premium previous year)/New business premium previous year
Participating
Individual assurance 56.8% 34.3%
Individual pension NA NA
Non-participating
Individual variable assurance (98.3%) 549.5%
Individual health NA NA
Individual annuity 17.1% 138.4%
Group assurance 75.0% (11.3%)
Group variable (44.1%) 317.4%
Unit linked
Individual pension (39.9%) (35.0%)
Group (44.4%) 13.0%
NA– Due to no premium in either of the years.
(b) Net retention ratio (Net premium divided by gross premium)

(H In Thousand)

Net premium 88,039,790 75,173,065

Gross premium 88,571,627 75,783,746
Ratio 99.4% 99.2%
(c) Ratio of expenses of management

(Expenses of management including commission divided by the total gross direct premium)
(H In Thousand)

Management expenses 18,617,074 14,135,882

Gross premium 88,571,627 75,783,746
Ratio 21.0% 18.7%

Schedules
(d) Commission ratio (Gross commission paid to gross premium)

(H In Thousand)
Gross commission (Before reinsurance commission) 3,033,295 2,034,704

Gross premium 88,571,627 75,783,746
Ratio 3.4% 2.7%
(e) Ratio of policyholders' liabilities to shareholders' funds

(H In Thousand)

Policyholders' liabilities 481,982,898 429,505,049

Shareholders' funds 96,537,966 92,182,319
Ratio 499.3% 465.9%
(f) Growth rate of shareholders' fund

(Shareholders' fund current year – Shareholders' fund previous year)/Shareholders' fund previous year
(H In Thousand)

Shareholders' fund at year end 96,537,966 92,182,319

Shareholders' fund at year beginning 92,182,319 84,755,750
Growth Rate 4.7% 8.8%
(g) Ratio of surplus/(Deficit) to policyholders' liability

Ratio of surplus/(Deficit) shown in revenue account divided by policyholders' liability
(H In Thousand)

Surplus/(Deficit) shown in Revenue Account 9,460,874 4,635,012

Policyholders' liability 481,982,898 429,505,049
Ratio 2.0% 1.1%
(h) Change in net–worth

(Shareholder's net worth current year–Shareholder's net worth previous year)
(H In Thousand)

Shareholder's net-worth at year end 96,537,966 92,182,319

Shareholder's net-worth at year beginning 92,182,319 84,755,750
Change in net-worth 4,355,647 7,426,569

Schedules
(i) Profit after tax/total income
(H In Thousand)

Profit after tax as shown in Profit and Loss Account 5,018,626 7,161,157
Total Income (Policyholders' plus Shareholders' income) 134,595,997 123,679,404
Ratio 3.7% 5.8%
(j) (Total real estate + loans)/Total of (cash and invested assets)

(H In Thousand)

Total real estate + loans net 5,573,575 4,695,067

Cash and invested assets 569,153,608 517,560,737
Ratio 1.0% 0.9%
(k) Total investments/Total of (capital + surplus)

(H In Thousand)

Total investment 565,090,893 515,941,092

Capital + surplus 95,903,898 92,073,408
Ratio 589.2% 560.4%
(l) Total affiliated investments/Total of (capital + surplus)

(H In Thousand)

Total affiliated investments 7,517,223 1,745,732

Capital + surplus 95,903,898 92,073,408
Ratio 7.8% 1.9%
(m) Investment yield (gross and net)*

A. with realised gains

Shareholders’ funds 6.0% 8.1%
Non linked
Non-participating 8.5% 9.3%
Linked

Schedules
B. with unrealised gains

Non linked
Linked
*The return calculated is based on Modified Dietz method as prescribed in Master circular
Investment yield without considering impairment loss (gross and net)*

A. with realised gains

Non linked
Linked
Non– participating 9.2% 14.4%
B. with unrealised gains
Non linked
Linked
*The return calculated is based on Modified Dietz method as prescribed in Master circular
(n) Conservation ratio

(Renewal premium of current year)/Total of (regular premium of previous year + renewal premium of previous year)
Participating
Individual pension 84.4% 94.9%
Non-participating
Variable Individual assurance 39.8% 75.9%
Individual health 83.9% 79.2%
Individual annuity NA NA
Group assurance 42.3% 58.1%
Group variable 92.4% 55.1%
Schedules
Unit linked
Individual pension 80.1% 75.8%
Group 67.6% 61.9%
NA– There was no regular premium business in this segment
(o) Persistency ratio#

Persistency rate based on premium

For 13th month 79.0% 77.2%
For 25th month 67.6% 58.2%
For 37th month 52.8% 48.5%
For 49th Month 46.7% 42.3%
For 61st month 37.2% 33.4%
Persistency rate based on policy count
For 13th month 63.6% 64.5%
For 25th month 50.9% 50.1%
For 37th month 48.1% 41.3%
For 49th Month 42.4% 34.1%
For 61st month 32.4% 27.1%
Renewal rate based on premium
For 13th month 79.0% 77.2%
For 25th month 82.3% 77.8%
For 37th month 80.4% 83.2%
For 49th Month 86.9% 85.6%
For 61st month 85.4% 83.3%
Renewal rate based on policy count
For 13th month 63.6% 64.5%
For 25th month 73.2% 76.4%
For 37th month 81.6% 79.6%
For 49th Month 85.6% 84.4%
For 61st month 85.9% 83.9%
#
The Persistency rates are computed in accordance with the methodology explained in IRDAI circular IRDA/ACT/CIR/MISC/35/01/2014 dated 23 January 2014.
(p) NPA ratio

Gross NPA ratio 0.3% 0.0%

Net NPA ratio 0.0% 0.0%

Schedules
(q) Solvency ratio

Solvency margin 803.7% 592.2%
3.32 Statement showing the Controlled fund

(H in Crore)
As at 31 March
Sr.
No. Particulars 2019 2018
1 Computation of Controlled Fund as per the Balance Sheet

Policyholders' Fund (Life Fund)
Participating
Individual assurance 15,262 13,915
Individual pension 56 62
Non-participating
Individual health 11 11
Individual annuity 184 176
Individual variable 2 2
Group assurance 5,783 4,926
Group variable 1,329 865
Linked
Individual pension 735 736
Group 3,173 2,948
Discontinued fund 818 495
Funds for future appropriations 902 436
Total (A) 48,198 42,951
Shareholders' Fund
Paid up capital 151 151
Reserves & surplus 9,440 9,057
Fair value change 63 11
Total (B) 9,654 9,218
Misc. expenses not written off – –
Credit/(Debit) from Profit and Loss Account – –
Total (C) – –
Total Shareholders' funds (B+C) 9,654 9,218
Controlled Fund Total (A+B+C) 57,852 52,169

Schedules
(H in Crore)
As at 31 March
Sr.
2 Reconciliation of the Controlled Fund from Revenue and Profit and Loss Account
Opening Balance of Controlled Fund (A) 52,169 49,400
Add: Inflow
Income
Premium income 8,857 7,578
Less: Reinsurance ceded (53) (61)
Net premium 8,804 7,517
Investment income 3,952 4,145
Other income 45 43
Funds transferred from Shareholders' accounts 376 157
Total income 13,178 11,862
Less: Outgo
(i) Benefits paid (Net) 5,332 8,054
(ii) Interim bonus paid 92 48
(iii) Change in valuation of liability 4,678 1,734
(iv) Change in unclaimed liability 4 18
(v) Commission 303 203
(vi) Operating expenses 1,558 1,208
(vii) Provision for doubtful debts – –
(viii) Provision others – 3
(ix) Service tax/Goods and service tax 117 114
(x) Provision for taxation 81 16
(xi) For diminution in the value of investments (Net) 66 -
Total outgo 12,231 11,398
Surplus of the Policyholders' fund 946 464
Less: transferred to Shareholders' account (480) (350)
Net flow in Policyholders' account 466 114
Add: Net income in Shareholders' fund 502 716
Net inflow/outflow (B) 968 830
Change in valuation liabilities 4,678 1,735
Change in fair value change account 157 188
Change in Revaluation reserve 8 16
Appropriations (127) –
Increase in paid up capital – –
Sub total (C) 4,716 1,939
Closing balance of controlled fund 57,852 52,169
As per Balance Sheet 57,852 52,169
Difference, if any – –

Schedules
As at 31 March
Sr.
3 Reconciliation with Shareholders' and Policyholders' Fund

3.1 Policyholders' Funds– Traditional PAR and Non PAR
Opening Balance of the Policyholders' Fund 21,893 19,805
Add: Surplus of the Revenue Account 921 385
Less: Surplus transfer to Shareholders' Account (455) (271)
Change in valuation liabilities 2,816 1,792
Change in fair value change account 96 183
Total 25,272 21,893
3.2 Policyholders' Funds – Linked
Opening Balance of the Policyholders' Fund 20,562 20,681
Add: Surplus of the Revenue Account 25 78
Less: Surplus transfer to Shareholders' Account (25) (78)
Change in valuation Liabilities 1,538 (114)
Change in fair value change account 8 (5)
Total 22,108 20,562
3.3 Policyholders' Funds– Discontinued Fund
Opening Balance of the Policyholders' Fund 495 439
Change in fund reserve 323 56
Closing Balance 818 495
As per Balance Sheet 818 495
3.4 Shareholders' Funds
Opening Balance of Shareholders' Fund 9,218 8,476
Add: Net income of Shareholders' account (P&L) 502 716
Change in Fair Value Change Account 53 10
Change in revaluation reserve 8 16
Appropriations– Depreciation adjustment (Refer note 2(l) of Schedule 16) – –
Appropriations– Dividend & dividend distribution tax (127) -
Closing balance of the shareholders' fund 9,654 9,218

Schedules
3.33 Dividend
The Board of Directors recommended dividend of H 7 (Previous year: H 7) per equity share of face value of H 10 (70%
of face value) for FY2019. The proposed dividend amounts to H 1,054,963 thousand (Previous year: H 1,054,963
thousand). Dividend distribution tax on the same amounts to H 216,851 thousand (Previous year: H 216,851 thousand).
The proposed dividend is subject to declaration by shareholders at the ensuing Annual General Meeting and has not
been recorded as a liability as at 31 March 2019 in accordance with AS 4 – 'Contingences and Events occurring after
Balance Sheet Date'.
3.34 Provision for Standard assets for debt portfolio
In accordance with the ‘Guidelines on Prudential norms for income recognition, Asset classification, Provisioning
and other related matters in respect of Debt portfolio’ as specified by IRDAI vide the Master Circular dated
11 December 2013, provision for standard assets at 0.40% of the value of the asset has been recognised as follows
3.35 Pending litigations
The Company’s pending litigations comprise of claims against the Company primarily by the customers, employees
who have left the organisation and proceedings pending with Tax authorities. The Company has reviewed all its
pending litigations and proceedings and has adequately provided for where provisions are required and disclosed
the contingent liabilities where applicable, in its financial statements. In respect of litigations, where the management
assessment of a financial outflow is probable, the Company has made a provision of H 527,513 thousand at
31 March 2019 (at 31 March 2018: H 530,598 thousand). The Company does not expect the outcome of these
proceedings to have a material adverse effect on its financial results at 31 March 2019. Refer note 3.1 for details on
contingent liabilities.
3.36 Long term contracts
The Company has a process whereby periodically all long term contracts are assessed for material foreseeable losses.
At the year end, the Company has reviewed and ensured that adequate provision as required under any law/accounting
standards for material foreseeable losses on such long term contracts has been made in the financial statements. For
insurance contracts, actuarial valuation of liabilities for policies in force is done by the Panel Actuary of the Company.
The assumptions used in valuation of liabilities for policies in force are in accordance with the guidelines and norms
issued by the IRDAI and the Institute of Actuaries of India in concurrence with the IRDAI.
3.37 Disclosures required under IRDAI Corporate Governance Guidelines
The following disclosures required in line with the IRDAI Corporate Governance Guidelines are disclosed elsewhere as
part of financial statements and Directors’ Report:
1. Quantitative and qualitative information on financial and operating ratios, namely, incurred claim,
commission and expenses ratios.
Refer note 3.30 of schedule 16 for summary of financial statements and note 3.31 of schedule 16 for accounting ratios.
2. Actual solvency margin details vis–à–vis the required margin.
Refer note 3.31 of Schedule 16 for accounting ratios.

3. Persistency ratio
Refer note 3.31 of Schedule 16 for accounting ratios.
4. Financial performance including growth rate and current financial position
Refer note 3.30 of schedule 16 for summary of financial statements and note 3.31 of schedule 16 for accounting ratios.

Schedules
5. Details of number of claims intimated, disposed of and pending with details of duration
As at 31 March
Claims outstanding at the beginning of the period 7,212 29,302

Add:
Claims reported during the period 864,413 1,056,136
Less:
Claims settled during the period 865,384 1,076,589
Claims repudiated during the period 1,530 1,627
Claims written back 1 10
Claims outstanding at end of the period 4,710 7,212
Details of duration of outstanding claims
Less than 3months 4,559 6,490
3 months to 6 months 97 611
6 months to 1 year 54 111
1 year and above – –
6. Payments made to group entities from the Policyholders Funds

Refer note 3.18 of Schedule on related party disclosure.
7. Any other matters, which have material impact on the Company’s financial position
Nil

Schedules
3.38 Previous year comparatives
Previous year figures have been re-grouped and reclassified wherever necessary to conform to current
period's presentations. (H In Thousand)
Sr. No. Re-grouped to Re-grouped from Amount Reasons for re-classification
1. Revenue Account Schedule 3 – Operating

Expenses related to
insurance business
(a) Other income– Miscellaneous Miscellaneous expenses – 12,343 The re-classification has been done to
income – Interest on overdue Interest waived on overdue ensure appropriate presentation
premium premium
2. Revenue Account Revenue Account
Income from investments– 31,004
Interest, dividend & rent-Gross
Income from investments– 185
Other Income – Income on Profit on sale/redemption of The re-classification has been done to
(a)
unclaimed amount of Policyholder investments ensure appropriate presentation
Income from investments– 345,410
Accretion of discount/
(amortisation of premium) (net)
3. Schedule 3 – Operating Expenses Schedule 3 – Operating
related to insurance business Expenses related to
insurance business
(a) Marketing expenses and business Training expenses 270,771 The re-classification has been done to
development expenses ensure appropriate presentation
4. Schedule 13 – Current liabilities Schedule 12 – Advances and
other assets
(a) GST Liability Service tax/GST unutilised 163,382 The re-classification has been done to
credit ensure appropriate presentation
5. Schedule 12 – Advances and Schedule 13 – Current
other assets liabilities
(a) Agents' balances (net) Agents' balances 8,836 The re-classification has been done to
ensure appropriate presentation
6. Revenue Account Schedule 2 – Commission
(a) Provision for doubtful debts Direct– First year premiums 2,275 The re-classification has been done to
ensure appropriate presentation
No. 301003E/E300005 No. 105215W/W100057

Rajesh Shanoy
Company Secretary


Annexures
Annexure 1: Refer schedule 16 Note 3.21 and 3.22

Fund Revenue account for the year ended 31 March 2019 Form A–RA (UL)
(H In Thousand)
Linked Life Funds
Accelerator Mid Accelerator Mid Asset Allocation Asset Allocation Assured Balanced
Cap Fund Cap Fund II Fund Fund II Return Fund Equity Fund
ULIF03124/07/06 ULIF05206/01/10 ULIF04528/09/07 ULIF07205/12/13 ULIF06127/01/11 ULIF07413/05/15
Particulars Schedule ACCEMIDCAP116 ACCMIDCA02116 ASSETALLOC116 ASSETALL02116 ASSRDRETRN116 BALEQTYFND116

Interest income 66 25,814 318,814 40,394 37,992 7,768
Dividend income 84,789 264,029 85,636 12,297 – 373
Miscellaneous income 31,430 125,896 102,845 25,173 4,199 2,725
Profit/(Loss) on sale of investment 138,835 122,088 760,317 35,146 (916) (1)
Profit/(Loss) on inter fund transfer/sale of investment 156,535 49,988 121,358 4,835 (561) (21)
Unrealised gain/(loss) (463,517) (398,951) (146,514) 54,603 (2,498) 5,287
Total Income (A) (51,862) 188,864 1,242,456 172,448 38,216 16,131
Expenses
Fund administration expenses – – – – – 453
Fund management expenses 88,042 227,117 150,281 23,478 6,251 2,265
Other charges F–5 101,786 354,496 314,281 28,880 12,738 6,119
Provision for diminution in the value of investments – 4,000 73,000 – – –
Total expenses (B) 189,828 585,613 537,562 52,358 18,989 8,837
Net income/(loss) for the year (A–B) (241,690) (396,749) 704,894 120,090 19,227 7,294
Add: Revenue account at the beginning of the year 7,773,743 5,401,490 11,300,887 203,160 139,595 (269)
Fund revenue account at the end of the year 7,532,053 5,004,741 12,005,781 323,250 158,822 7,025
Fund Balance Sheet as at 31 March 2019 Form A–BS (UL)

(H In Thousand)
Linked Life Funds
Accelerator Mid Accelerator Mid Asset Allocation Asset Allocation Assured Balanced
Cap Fund Cap Fund II Fund Fund II Return Fund Equity Fund
Sources of funds
Policyholders' funds:
Policyholders' contribution F–1 (2,826,617) 15,859,142 (1,451,136) 1,898,254 300,487 192,023
Revenue account 7,532,053 5,004,741 12,005,781 323,250 158,822 7,025
Total 4,705,436 20,863,883 10,554,645 2,221,504 459,309 199,048
Investments F–2 4,679,223 20,423,837 10,528,437 2,157,233 395,858 192,026
Current assets F–3 44,047 730,857 231,494 64,535 63,614 7,050
Less: Current liabilities and provisions F–4 17,834 290,811 205,286 264 163 28
Net current assets 26,213 440,046 26,208 64,271 63,451 7,022
Total 4,705,436 20,863,883 10,554,645 2,221,504 459,309 199,048
(a) Net assets as per Balance Sheet (total assets less

current liabilities and provisions) (H in thousands) 4,705,436 20,863,883 10,554,645 2,221,504 459,309 199,048
(b) Number of units outstanding (in thousands) 81,549 619,528 356,926 132,331 25,224 15,872
(c) Net asset value per unit (a)/(b) (H) 57.7007 33.6771 29.5710 16.7875 18.2093 12.5409

Annexures

(H In Thousand)
Linked Life Funds
Blue Chip Equity Capital Guarantee
Fund Bond Fund Builder Bond Fund Fund– 2017 Cash Fund Cash Plus Fund
Particulars Schedule BLUECHIPEQ116 BONDFUNDLI116 BLDRBNDFND116 CAPGTE2017116 CASHFUNDLI116 CASHPLUSFU116

Interest income 6,012 705,232 28,558 – – –
Dividend income 47,493 – – – – –
Miscellaneous income 11,065 67,988 4,779 – 46,475 49,373
Profit/(Loss) on sale of investment 671 (5,110) 749 – 1,860 2,795
Profit/(Loss) on inter fund transfer/sale of investment 112,891 (20,279) 7 – – –
Unrealised gain/(loss) 296,250 63,161 4,235 – – –
Total Income (A) 474,382 810,992 38,328 – 48,335 52,168
Expenses
Fund administration expenses – – 1,152 – 4,523 –
Fund management expenses 44,165 97,529 4,373 – 3,617 3,850
Other charges F–5 52,625 180,200 15,529 – 8,422 5,977
Provision for diminution in the value of investments – – – – 21,500 11,000
Total expenses (B) 96,790 277,729 21,054 – 38,062 20,827
Net income/(loss) for the year (A–B) 377,592 533,263 17,274 – 10,273 31,341
Add: Revenue account at the beginning of the year 1,252,671 3,750,359 (8,610) 15,078 419,741 960,566
Fund revenue account at the end of the year 1,630,263 4,283,622 8,664 15,078 430,014 991,907

(H In Thousand)
Linked Life Funds
Sources of funds
Policyholders' contribution F–1 2,407,638 6,742,983 558,505 (15,078) (75,262) (431,619)
Revenue account 1,630,263 4,283,622 8,664 15,078 430,014 991,907
Total 4,037,901 11,026,605 567,169 – 354,752 560,288
Investments F–2 3,949,777 10,437,030 529,402 – 354,666 559,962
Current assets F–3 88,608 590,583 37,832 – 21,664 11,364
Less: Current liabilities and provisions F–4 484 1,008 65 – 21,578 11,038
Net current assets 88,124 589,575 37,767 – 86 326
Total 4,037,901 11,026,605 567,169 – 354,752 560,288

current liabilities and provisions) (H in thousands) 4,037,901 11,026,605 567,169 – 354,752 560,288
(b) Number of units outstanding (in thousands) 208,453 379,985 47,090 – 14,808 18,313
(c) Net asset value per unit (a)/(b) (H) 19.3708 29.0186 12.0444 – 23.9574 30.5951

Annexures

(H In Thousand)
Linked Life Funds
Discontinued Life Equity Growth
Debt Fund Debt Plus Fund Policy Fund Equity Fund Equity Gain Fund Fund
Particulars Schedule DEBTFUNDLI116 DEBTPLUSFU116 DISCONLIFE116 EQUITYFUND116 EQGAINFUND116 EQGROWFUND116

Interest income 31,610 40,416 – – – 7,609
Dividend income – – – 24,757 47,089 327,547
Profit/(Loss) on sale of investment (4,097) (2,805) (27) 136,461 236,024 1,815,368
Profit/(Loss) on inter fund transfer/sale of investment (1,377) (129) – 77,584 156,939 822,601
Unrealised gain/(loss) 4,889 5,155 – (9,475) 3,425 309,640
Total Income (A) 34,768 47,685 388,185 232,626 473,009 3,475,187
Expenses
Fund administration expenses 5,846 – – 21,888 54,261 –
Other charges F–5 6,319 8,111 5,256 25,221 56,049 746,842
Provision for diminution in the value of investments – – 93,500 – – –
Total expenses (B) 16,842 12,374 127,956 64,616 175,386 1,263,350
Net income/(loss) for the year (A–B) 17,926 35,311 260,229 168,010 297,623 2,211,837
Add: Revenue account at the beginning of the year 580,220 937,605 462,359 3,477,295 7,505,426 42,212,262
Fund revenue account at the end of the year 598,146 972,916 722,588 3,645,305 7,803,049 44,424,099

(H In Thousand)
Linked Life Funds
Sources of funds
Policyholders' contribution F–1 (129,517) (359,657) 6,577,380 (1,896,703) (3,509,094) (15,822,340)
Revenue account 598,146 972,916 722,588 3,645,305 7,803,049 44,424,099
Total 468,629 613,259 7,299,968 1,748,602 4,293,955 28,601,759
Investments F–2 453,508 593,900 7,426,671 1,749,035 4,282,680 28,608,833
Current assets F–3 15,396 20,538 95,467 722 12,418 162,673
Less: Current liabilities and provisions F–4 275 1,179 222,170 1,155 1,143 169,747
Net current assets 15,121 19,359 (126,703) (433) 11,275 (7,074)
Total 468,629 613,259 7,299,968 1,748,602 4,293,955 28,601,759

current liabilities and provisions) (H in thousands) 468,629 613,259 7,299,968 1,748,602 4,293,955 28,601,759

Annexures

(H In Thousand)
Linked Life Funds
Equity Growth Equity Index Equity Midcap Equity Midcap Plus
Fund II Equity Index Fund Fund – II Fund Fund Equity Plus Fund
Particulars Schedule EQTYGROW02116 EQINDEFUND116 EQTYINDX02116 EQUMIDFUND116 EQUMIDPLUS116 EQPLUSFUND116

Interest income 133 – – 9 17 1,807
Dividend income 173,766 12,254 356,362 12,279 22,656 63,502
Profit/(Loss) on sale of investment 325,093 62,211 2,977,301 21,012 43,783 351,156
Profit/(Loss) on inter fund transfer/sale of investment 149,270 37,763 686,957 27,996 55,301 215,781
Unrealised gain/(loss) 1,196,600 2,080 (1,081,933) (68,147) (133,936) (21,225)
Total Income (A) 1,966,850 116,528 2,967,896 (2,236) (3,140) 647,816
Expenses
Fund administration expenses – – – 9,078 – –
Other charges F–5 265,803 13,702 773,679 9,221 13,575 68,491
Provision for diminution in the value of investments – – – – – –
Total expenses (B) 491,813 22,471 1,067,637 29,185 33,748 156,819
Net income/(loss) for the year (A–B) 1,475,037 94,057 1,900,259 (31,421) (36,888) 490,997
Add: Revenue account at the beginning of the year 6,151,926 1,664,318 17,973,962 1,437,814 3,078,506 11,676,829
Fund revenue account at the end of the year 7,626,963 1,758,375 19,874,221 1,406,393 3,041,618 12,167,826

(H In Thousand)
Linked Life Funds
Sources of funds
Policyholders' contribution F–1 12,176,134 (881,838) 1,864,036 (713,055) (1,750,710) (6,288,875)
Revenue account 7,626,963 1,758,375 19,874,221 1,406,393 3,041,618 12,167,826
Total 19,803,097 876,537 21,738,257 693,338 1,290,908 5,878,951
Investments F–2 19,391,021 877,218 21,855,239 686,861 1,278,529 5,872,799
Current assets F–3 459,516 459 62,832 6,765 12,567 15,856
Less: Current liabilities and provisions F–4 47,440 1,140 179,814 288 188 9,704
Net current assets 412,076 (681) (116,982) 6,477 12,379 6,152
Total 19,803,097 876,537 21,738,257 693,338 1,290,908 5,878,951

current liabilities and provisions) (H in thousands) 19,803,097 876,537 21,738,257 693,338 1,290,908 5,878,951

Annexures

(H In Thousand)
Linked Life Funds
Growth Plus Growth Plus Guaranteed Bond Life Long Gain
Growth Plus Fund I Fund II Fund III Fund Fund Liquid Fund
Particulars Schedule GROWPLUS01116 GROWPLUS02116 GROWPLUS03116 GTEBONDFND116 LIFELOGAIN116 LIQUIDFUND116

Interest income 6,434 42 – 190,520 11,976 –
Dividend income – 523 594 – – –
Miscellaneous income 78 74 74 8,367 1,510 167,635
Profit/(Loss) on sale of investment (281) 287 53 339 (326) 11,928
Profit/(Loss) on inter fund transfer/sale of investment (5) 2,846 1,699 (4,819) (2,000) –
Unrealised gain/(loss) (242) 1,543 3,494 (921) 3,329 –
Total Income (A) 5,984 5,315 5,914 193,486 14,489 179,563
Expenses
Fund administration expenses – – – – 2,221 –
Fund management expenses 1,028 515 575 22,879 1,776 22,275
Other charges F–5 1,362 574 405 15,825 740 55,217
Provision for diminution in the value of investments – – – – – 220,500
Total expenses (B) 2,390 1,089 980 38,704 4,737 297,992
Net income/(loss) for the year (A–B) 3,594 4,226 4,934 154,782 9,752 (118,429)
Add: Revenue account at the beginning of the year 63,450 18,113 53,891 964,328 133,795 461,948
Fund revenue account at the end of the year 67,044 22,339 58,825 1,119,110 143,547 343,519

(H In Thousand)
Linked Life Funds
Sources of funds
Policyholders' contribution F–1 9,141 15,215 (15,100) 1,209,944 36,171 2,023,532
Revenue account 67,044 22,339 58,825 1,119,110 143,547 343,519
Total 76,185 37,554 43,725 2,329,054 179,718 2,367,051
Investments F–2 62,039 37,941 43,744 1,876,259 173,810 2,231,183
Current assets F–3 14,156 265 146 453,795 5,959 356,573
Less: Current liabilities and provisions F–4 10 652 165 1,000 51 220,705
Net current assets 14,146 (387) (19) 452,795 5,908 135,868
Total 76,185 37,554 43,725 2,329,054 179,718 2,367,051

current liabilities and provisions) (H in thousands) 76,185 37,554 43,725 2,329,054 179,718 2,367,051

Annexures

(H In Thousand)
Linked Life Funds
Premier Bond Premier Equity Premier Equity
Max Gain Fund I Max Gain Fund II Fund Premier Debt Fund Fund Gain Fund
Particulars Schedule MAXGAINF01116 MAXGAINF02116 PREMIRBOND116 PRERDEBTFU116 PRMREQFUND116 PREREQGAIN116

Interest income 513,646 76,830 4,648 2,196 – –
Dividend income – 5 – – 1,635 2,906
Miscellaneous income 32,155 15,943 754 428 430 1,885
Profit/(Loss) on sale of investment (62,857) 69,828 (497) 70 11,750 14,404
Profit/(Loss) on inter fund transfer/sale of investment (19,389) (1,682) 204 (322) 5,781 10,988
Unrealised gain/(loss) 50,016 (59,242) (439) 381 (4,649) (737)
Total Income (A) 513,571 101,682 4,670 2,753 14,947 29,446
Expenses
Fund administration expenses 16,790 3,045 – – – –
Fund management expenses 83,941 15,221 2,002 799 2,656 6,096
Other charges F–5 102,473 26,410 721 355 1,116 1,822
Total expenses (B) 203,204 44,676 2,723 1,154 3,772 7,918
Net income/(loss) for the year (A–B) 310,367 57,006 1,947 1,599 11,175 21,528
Add: Revenue account at the beginning of the year 2,857,832 556,160 147,337 70,939 281,791 649,048
Fund revenue account at the end of the year 3,168,199 613,166 149,284 72,538 292,966 670,576

(H In Thousand)
Linked Life Funds
Sources of funds
Policyholders' contribution F–1 3,564,118 594,244 (109,888) (35,079) (182,027) (403,347)
Revenue account 3,168,199 613,166 149,284 72,538 292,966 670,576
Total 6,732,317 1,207,410 39,396 37,459 110,939 267,229
Investments F–2 6,017,908 1,120,028 47,159 36,287 111,122 267,038
Current assets F–3 719,371 87,905 2,179 1,421 212 249
Less: Current liabilities and provisions F–4 4,962 523 9,942 249 395 58
Net current assets 714,409 87,382 (7,763) 1,172 (183) 191
Total 6,732,317 1,207,410 39,396 37,459 110,939 267,229

current liabilities and provisions) (H in thousands) 6,732,317 1,207,410 39,396 37,459 110,939 267,229

Annexures

(H In Thousand)
Linked Life Funds
Premier Equity Premier Equity
Growth Fund Index Fund Pure Equity Fund Pure Stock Fund Pure Stock Fund II Shield Plus Fund I
Particulars Schedule PREMEQGROW116 PREREQINDX116 PUREEQFUND116 PURESTKFUN116 PURSTKFUN2116 SHIELDPL01116

Interest income – – – – – 93,777
Dividend income 2,569 2,316 4,885 132,059 46,131 303
Miscellaneous income 1,051 696 3,071 127,535 48,798 11,144
Profit/(Loss) on sale of investment 7,536 7,364 4,548 156,955 (46,290) 3,269
Profit/(Loss) on inter fund transfer/sale of investment 26,986 70,527 12,217 89,302 4,222 (356)
Unrealised gain/(loss) (10,626) (57,503) 4,243 354,155 239,446 (3,753)
Total Income (A) 27,516 23,400 28,964 860,006 292,307 104,384
Expenses
Fund administration expenses – – – – – –
Other charges F–5 2,097 1,880 15,997 262,465 156,759 22,912
Total expenses (B) 8,385 6,504 22,290 422,175 212,211 39,987
Add: Revenue account at the beginning of the year 1,074,915 385,489 603,126 3,726,801 (32,463) 1,020,485
Fund revenue account at the end of the year 1,094,046 402,385 609,800 4,164,632 47,633 1,084,882

(H In Thousand)
Linked Life Funds
Premier Equity Premier Equity Pure Equity Pure Stock Pure Stock Shield Plus
Growth Fund Index Fund Fund Fund Fund II Fund I
Sources of funds
Policyholders' contribution F–1 (911,665) (273,804) (208,761) 10,263,620 6,626,688 167,338
Revenue account 1,094,046 402,385 609,800 4,164,632 47,633 1,084,882
Total 182,381 128,581 401,039 14,428,252 6,674,321 1,252,220
Investments F–2 185,905 133,147 398,646 13,983,530 6,388,588 942,154
Current assets F–3 649 234 2,493 446,559 286,541 311,133
Less: Current liabilities and provisions F–4 4,173 4,800 100 1,837 808 1,067
Net current assets (3,524) (4,566) 2,393 444,722 285,733 310,066
Total 182,381 128,581 401,039 14,428,252 6,674,321 1,252,220

current liabilities and provisions) (H in thousands) 182,381 128,581 401,039 14,428,252 6,674,321 1,252,220

Annexures

(H In Thousand)
Linked Life Funds Linked Pension Funds
Accelerator Mid Asset Allocation
Shield Plus Fund II Shield Plus Fund III Shield Plus Fund IV Cap Pension Fund Pension Fund
ULIF05610/05/10 ULIF05711/08/10 ULIF06220/04/11 ULIF03324/07/06 ULIF04628/01/08
Total (A):
Particulars Schedule SHIELDPL02116 SHIELDPL03116 SHIELDPL04116 Linked life funds ACCEMIDPEN116 ASALLOCPEN116

Interest income 28,314 50,440 7,200 2,238,274 7 15,746
Dividend income 85 152 22 1,729,014 9,486 5,197
Miscellaneous income 2,756 4,310 270 1,727,034 3,299 9,993
Profit/(Loss) on sale of investment 670 (3,196) 632 7,194,100 18,011 42,710
Profit/(Loss) on inter fund transfer/sale of investment (160) (211) 81 2,849,348 30,279 3,727
Unrealised gain/(loss) (859) (1,324) (791) 134,650 (62,142) 1,747
Total Income (A) 30,806 50,171 7,414 15,872,420 (1,060) 79,120
Expenses
Fund management expenses 4,893 9,172 1,244 2,360,837 7,480 9,468
Other charges F–5 5,788 9,342 1,153 3,758,735 3,395 8,179
Provision for diminution in the value of investments – – – 423,500 – –
Total expenses (B) 10,681 18,514 2,397 6,662,329 10,875 17,647
Net income/(loss) for the year (A–B) 20,125 31,657 5,017 9,210,091 (11,935) 61,473

(H In Thousand)
Total (A):
Particulars Schedule SHIELDPL02116 SHIELDPL03116 SHIELDPL04116 Linked life funds ACCEMIDPEN116 ASALLOCPEN116
Sources of funds
Policyholders' contribution F–1 23,002 106,789 11,161 34,936,373 (586,424) (912,478)
Revenue account 331,325 561,763 78,283 151,528,581 1,095,836 1,593,340
Total 354,327 668,552 89,444 186,464,954 509,412 680,862
Investments F–2 225,069 600,835 86,769 182,252,906 504,283 683,453
Current assets F–3 129,305 67,849 2,687 5,646,538 5,248 8,724
Less: Current liabilities and provisions F–4 47 132 12 1,434,490 119 11,315
Net current assets 129,258 67,717 2,675 4,212,048 5,129 (2,591)
Total 354,327 668,552 89,444 186,464,954 509,412 680,862

current liabilities and provisions) (H in thousands) 354,327 668,552 89,444 509,412 680,862
(b) Number of units outstanding (in thousands) 17,223 34,134 4,787 8,098 23,598
(c) Net asset value per unit (a)/(b) (H) 20.5725 19.5862 18.6865 62.9083 28.8530

Annexures

(H In Thousand)
Linked Pension Funds
Bond Pension Cash Plus Pension Debt Plus Pension Discontinued Equity Growth Equity Index
Fund Fund Fund Pension Policy Fund Pension Fund Pension Fund
Particulars Schedule BONDPENFUN116 CASHPLUPEN116 DEBTPLUPEN116 DISCONPENS116 EQTYGROPEN116 EQINDEXPEN116

Interest income 29,350 – 3,312 – – –
Dividend income – – – – 10,105 863
Miscellaneous income 4,370 3,106 508 42,734 5,528 150
Profit/(Loss) on sale of investment (1,656) 53 (246) 4 59,256 4,327
Profit/(Loss) on inter fund transfer/sale of investment (590) – (217) – 73,571 2,602
Unrealised gain/(loss) 893 – 795 – (47,322) 256
Total Income (A) 32,367 3,159 4,152 42,738 101,138 8,198
Expenses
Fund management expenses 4,248 163 370 3,295 12,598 612
Other charges F–5 2,125 110 277 593 6,952 376
Provision for diminution in the value of investments – 1,500 – – – –
Total expenses (B) 6,373 1,773 647 3,888 19,550 988
Add: Revenue account at the beginning of the year 875,586 60,281 97,157 22,127 2,926,131 158,273
Fund revenue account at the end of the year 901,580 61,667 100,662 60,977 3,007,719 165,483

(H In Thousand)
Sources of funds
Policyholders' contribution F–1 (509,817) (41,338) (47,879) 821,533 (2,156,765) (105,260)
Revenue account 901,580 61,667 100,662 60,977 3,007,719 165,483
Total 391,763 20,329 52,783 882,510 850,954 60,223
Investments F–2 379,767 20,172 50,838 890,570 866,031 60,817
Current assets F–3 15,827 1,669 1,972 304 2,472 156
Less: Current liabilities and provisions F–4 3,831 1,512 27 8,364 17,549 750
Net current assets 11,996 157 1,945 (8,060) (15,077) (594)
Total 391,763 20,329 52,783 882,510 850,954 60,223

current liabilities and provisions) (H in thousands) 391,763 20,329 52,783 882,510 850,954 60,223
(b) Number of units outstanding (in thousands) 13,616 664 1,590 73,748 17,434 976

Annexures

(H In Thousand)
Equity Index Equity Midcap Plus Equity Plus Liquid Pension Pension Builder
Pension Fund – II Pension Fund Pension Fund Fund Fund
Particulars Schedule EQINDPEN02116 EQUMIDCPEN116 EQUPLUSPEN116 LIQPENFUND116 PENSIONBUI116

Interest income – 1 – – 147,229
Dividend income 21,584 858 3,525 – 1,319
Miscellaneous income 1,999 355 2,096 5,224 23,853
Profit/(Loss) on sale of investment 98,214 1,485 19,405 369 (9,147)
Profit/(Loss) on inter fund transfer/sale of investment 156,078 2,477 11,924 – (1,221)
Unrealised gain/(loss) (70,820) (5,372) (1,428) – 12,413
Total Income (A) 207,055 (196) 35,522 5,593 174,446
Expenses
Fund administration expenses – – – – –
Fund management expenses 18,777 767 4,935 699 29,502
Other charges F–5 14,720 255 1,797 409 24,292
Provision for diminution in the value of investments – – – 7,500 –
Total expenses (B) 33,497 1,022 6,732 8,608 53,794
Net income/(loss) for the year (A–B) 173,558 (1,218) 28,790 (3,015) 120,652
Add: Revenue account at the beginning of the year 2,945,271 199,742 1,013,513 116,947 120,019
Fund revenue account at the end of the year 3,118,829 198,524 1,042,303 113,932 240,671

(H In Thousand)
Sources of funds
Policyholders' contribution F–1 (1,720,494) (150,662) (730,773) (51,721) 2,566,061
Revenue account 3,118,829 198,524 1,042,303 113,932 240,671
Total 1,398,335 47,862 311,530 62,211 2,806,732
Investments F–2 1,401,277 47,576 313,036 62,046 2,590,857
Current assets F–3 4,146 594 169 7,671 216,207
Less: Current liabilities and provisions F–4 7,088 308 1,675 7,506 332
Net current assets (2,942) 286 (1,506) 165 215,875
Total 1,398,335 47,862 311,530 62,211 2,806,732

current liabilities and provisions) (H in thousands) 1,398,335 47,862 311,530 62,211 2,806,732
(b) Number of units outstanding (in thousands) 39,135 395 3,020 2,580 214,768

Annexures

(H In Thousand)
Linked Pension Funds Linked Group Funds
Pure Stock Accelerated Gain Group Asset Group Balanced Group Balanced
Pension Fund Fund Allocation Fund Gain Fund Gain Fund II
Total (B):
ULIF04717/04/08 ULGF00318/11/04 ULGF00926/02/10 ULGF01810/05/13 ULGF02402/03/15
Linked
Particulars Schedule PURESTKPEN116 Pension Funds ACCELEFUND116 GRASSALLOC116 GRBALCEDGA116 GRBALCGA02116

Interest income – 195,645 1,149 34,810 619 –
Dividend income 2,096 55,033 160 10,472 42 –
Miscellaneous income – 103,215 206 20,509 162 –
Profit/(Loss) on sale of investment 10,071 242,856 (491) 73,640 (20) –
Profit/(Loss) on inter fund transfer/sale of investment 2,685 281,315 – 7,685 – –
Unrealised gain/(loss) (9,079) (180,059) 565 7,195 67 –
Total Income (A) 5,773 698,005 1,589 154,311 870 –
Expenses
Fund management expenses 1,860 94,774 385 19,168 180 –
Other charges F–5 771 64,251 390 16,589 80 –
Provision for diminution in the value of investments – 9,000 – – – –
Total expenses (B) 2,631 168,025 775 35,757 260 –
Net income/(loss) for the year (A–B) 3,142 529,980 814 118,554 610 –
Add: Revenue account at the beginning of the year 226,300 11,400,985 51,329 1,579,511 2,654 (58)
Fund revenue account at the end of the year 229,442 11,930,965 52,143 1,698,065 3,264 (58)

(H In Thousand)
Total (B):
Linked
Sources of funds
Policyholders' contribution F–1 (103,465) (3,729,482) (18,983) (349,656) 11,561 58
Revenue account 229,442 11,930,965 52,143 1,698,065 3,264 (58)
Total 125,977 8,201,483 33,160 1,348,409 14,825 –
Investments F–2 118,436 7,989,159 31,883 1,337,206 14,334 –
Current assets F–3 8,490 273,649 1,456 17,576 492 –
Less: Current liabilities and provisions F–4 949 61,325 179 6,373 1 –
Net current assets 7,541 212,324 1,277 11,203 491 –
Total 125,977 8,201,483 33,160 1,348,409 14,825 –

current liabilities and provisions) (H in thousands) 125,977 33,160 1,348,409 14,825 –
(b) Number of units outstanding (in thousands) 2,706 657 49,598 990 –
(c) Net asset value per unit (a)/(b) (H) 46.5503 50.4454 27.1866 14.9791 –

Annexures

(H In Thousand)
Linked Group Funds
Group Blue Chip Group Debt Group Debt
Fund Group Debt Fund Group Debt Fund II Fund III Pension Fund Group Equity Fund
ULGF01118/04/11 ULGF00426/03/08 ULGF01924/06/13 ULGF02202/03/15 ULGF02518/08/16 ULGF01018/04/11
Particulars Schedule GRBLUECHIP116 GRDEBTFUND116 GRDEBTFU02116 GRDEBTFU03116 GRDBTPENFU116 GREQTYFUND116

Interest income – 113,306 481,974 51,209 643 –
Dividend income 1,145 – – – – 4,924
Miscellaneous income 134 13,189 48,006 6,348 95 2,289
Profit/(Loss) on sale of investment 1,629 (13,563) (5,932) (3,027) (1) 27,745
Profit/(Loss) on inter fund transfer/sale of investment 6,619 (11,789) (32,684) (7,772) (77) 24,050
Unrealised gain/(loss) 1,899 20,404 53,240 14,950 59 (10,340)
Total Income (A) 11,426 121,547 544,604 61,708 719 48,668
Expenses
Fund management expenses 977 16,699 71,285 7,804 92 5,379
Other charges F–5 802 9,847 30,498 1,685 18 3,278
Provision for diminution in the value of investments – – – 17,500 – –
Total expenses (B) 1,779 26,546 101,783 26,989 110 8,657
Net income/(loss) for the year (A–B) 9,647 95,001 442,821 34,719 609 40,011
Add: Revenue account at the beginning of the year 58,335 1,221,019 1,471,787 29,989 49 295,148
Fund revenue account at the end of the year 67,982 1,316,020 1,914,608 64,708 658 335,159

(H In Thousand)
Linked Group Funds
Sources of funds
Policyholders' contribution F–1 7,039 142,742 7,172,768 736,371 10,001 49,041
Revenue account 67,982 1,316,020 1,914,608 64,708 658 335,159
Total 75,021 1,458,762 9,087,376 801,079 10,659 384,200
Investments F–2 76,184 1,374,693 8,650,708 773,884 10,064 391,783
Current assets F–3 147 84,209 437,540 44,773 596 213
Less: Current liabilities and provisions F–4 1,310 140 872 17,578 1 7,796
Net current assets (1,163) 84,069 436,668 27,195 595 (7,583)
Total 75,021 1,458,762 9,087,376 801,079 10,659 384,200

current liabilities and provisions) (H in thousands) 75,021 1,458,762 9,087,376 801,079 10,659 384,200

Annexures

(H In Thousand)
Linked Group Funds
Group Equity Index Group Growth Group Liquid Group Return Group Short Term
Fund Fund II Group Liquid Fund Fund II Shield Fund Debt Fund
Particulars Schedule GREQTYINDX116 GRGROWFU02116 GRLIQUFUND116 GRLIQUFU02116 RETNSHIELD116 GRSHTRMDEB116

Interest income – 22,998 – – 3,776 207
Dividend income 6,097 – – – 14 –
Miscellaneous income 685 1,861 16,489 8,250 289 10
Profit/(Loss) on sale of investment 22,941 (2,956) 766 196 491 –
Profit/(Loss) on inter fund transfer/sale of investment 37,739 (3) – – 45 16
Unrealised gain/(loss) (9,495) 1,874 – – (799) (28)
Total Income (A) 57,967 23,774 17,255 8,446 3,816 205
Expenses
Fund management expenses 6,395 3,003 1,633 817 625 24
Other charges F–5 7,916 832 2,237 193 520 38
Provision for diminution in the value of investments – – 20,500 19,500 – –
Total expenses (B) 14,311 3,835 24,370 20,510 1,145 62
Net income/(loss) for the year (A–B) 43,656 19,939 (7,115) (12,064) 2,671 143
Fund revenue account at the end of the year 612,320 132,012 206,576 (3,290) 59,203 106,555

(H In Thousand)
Linked Group Funds
Sources of funds
Policyholders' contribution F–1 (226,606) 177,004 (27,857) 44,307 (11,871) (103,886)
Revenue account 612,320 132,012 206,576 (3,290) 59,203 106,555
Total 385,714 309,016 178,719 41,017 47,332 2,669
Investments F–2 390,228 251,344 179,749 40,845 40,725 2,292
Current assets F–3 3,567 57,702 20,687 19,674 6,613 377
Less: Current liabilities and provisions F–4 8,081 30 21,717 19,502 6 –
Net current assets (4,514) 57,672 (1,030) 172 6,607 377
Total 385,714 309,016 178,719 41,017 47,332 2,669

current liabilities and provisions) (H in thousands) 385,714 309,016 178,719 41,017 47,332 2,669
(b) Number of units outstanding (in thousands) 18,603 17,884 8,455 3,456 2,521 128

Annexures

(H In Thousand)
Linked Group Funds
Group Short Term Group Short Term Secure Gain Stable Gain
Debt Fund II Debt Fund III Fund Fund
Total (C):
ULGF01218/04/11 ULGF02024/06/13 ULGF00215/10/04 ULGF00115/09/04
Linked Grand Total
Particulars Schedule GRSHTRDE02116 GRSHTRDE03116 SECUREFUND116 STABLEFUND116 Group Funds (A+B+C)

Interest income 4,884 40,438 873,588 113,967 1,743,568 4,177,487
Dividend income – – 33,160 7,327 63,341 1,847,388
Miscellaneous income 698 2,324 51,708 11,952 185,204 2,015,453
Profit/(Loss) on sale of investment (95) (240) 16,961 (32,918) 85,126 7,522,082
Profit/(Loss) on inter fund transfer/sale of investment 229 (3,008) (18,350) 1,691 4,391 3,135,054
Unrealised gain/(loss) 880 7,664 454,252 112,610 654,997 609,588
Total Income (A) 6,596 47,178 1,411,319 214,629 2,736,627 19,307,052
Expenses
Fund administration expenses – – – – – 119,257
Fund management expenses 619 4,660 165,789 26,526 332,060 2,787,671
Other charges F–5 161 883 42,825 5,562 124,354 3,947,340
Provision for diminution in the value of investments – 10,000 – – 67,500 500,000
Total expenses (B) 780 15,543 208,614 32,088 523,914 7,354,268
Net income/(loss) for the year (A–B) 5,816 31,635 1,202,705 182,541 2,212,713 11,952,784
Add: Revenue account at the beginning of the year 4,214 38,709 2,575,121 1,208,253 9,602,206 163,321,681
Fund revenue account at the end of the year 10,030 70,344 3,777,826 1,390,794 11,814,919 175,274,465

(H In Thousand)
Linked Group Funds
Total (C):
Linked Grand Total
Sources of funds
Policyholders' contribution F–1 92,192 565,821 10,584,676 983,656 19,838,378 51,045,269
Revenue account 10,030 70,344 3,777,826 1,390,794 11,814,919 175,274,465
Total 102,222 636,165 14,362,502 2,374,450 31,653,297 226,319,734
Investments F–2 99,151 589,392 13,569,202 2,304,183 30,127,850 220,369,915
Current assets F–3 3,080 56,828 857,965 86,292 1,699,787 7,619,974
Less: Current liabilities and provisions F–4 9 10,055 64,665 16,025 174,340 1,670,155
Net current assets 3,071 46,773 793,300 70,267 1,525,447 5,949,819
Total 102,222 636,165 14,362,502 2,374,450 31,653,297 226,319,734

current liabilities and provisions) (H in thousands) 102,222 636,165 14,362,502 2,374,450
(b) Number of units outstanding (in thousands) 5,719 42,860 381,681 57,085
(c) Net asset value per unit (a)/(b) (H) 17.8752 14.8428 37.6296 41.5946

Annexures
Schedules to Fund Balance Sheet

Schedule F1: Policyholders’ contribution as at 31 March 2019
(H In Thousand)
Linked Life Funds
Accelerator Mid Accelerator Mid Asset Allocation Asset Allocation Assured Return Balanced Equity Blue Chip Equity
Cap Fund Cap Fund II Fund Fund II Fund Fund Fund
ULIF03124/07/06 ULIF05206/01/10 ULIF04528/09/07 ULIF07205/12/13 ULIF06127/01/11 ULIF07413/05/15 ULIF06026/10/10
Particulars ACCEMIDCAP116 ACCMIDCA02116 ASSETALLOC116 ASSETALL02116 ASSRDRETRN116 BALEQTYFND116 BLUECHIPEQ116
Opening balance as at 1 April 2018 (2,417,646) 9,524,650 1,763,672 1,476,827 429,117 168,073 1,922,237
Add: Addition during the year 279,818 10,379,650 326,286 798,942 11,401 251,820 1,883,596
Less: Deduction during the year 688,789 4,045,158 3,541,094 377,515 140,031 227,870 1,398,195
Closing balance as at 31 March 2019 (2,826,617) 15,859,142 (1,451,136) 1,898,254 300,487 192,023 2,407,638
(H In Thousand)
Linked Life Funds
Capital Guarantee
Bond Fund Builder Bond Fund Fund– 2017 Cash Fund Cash Plus Fund Debt Fund Debt Plus Fund
Particulars BONDFUNDLI116 BLDRBNDFND116 CAPGTE2017116 CASHFUNDLI116 CASHPLUSFU116 DEBTFUNDLI116 DEBTPLUSFU116
Opening balance as at 1 April 2018 6,699,651 411,096 (15,079) (53,435) (416,274) (95,479) (278,625)
Add: Addition during the year 4,580,257 708,867 1 9,876 26,961 19,700 70,202
Less: Deduction during the year 4,536,925 561,458 – 31,703 42,306 53,738 151,234
Closing balance as at 31 March 2019 6,742,983 558,505 (15,078) (75,262) (431,619) (129,517) (359,657)
(H In Thousand)
Linked Life Funds
Discontinued Life Equity Equity Growth Equity Growth Equity Index
Policy Fund Fund Equity Gain Fund Fund Fund II Equity Index Fund Fund – II
Particulars DISCONLIFE116 EQUITYFUND116 EQGAINFUND116 EQGROWFUND116 EQTYGROW02116 EQINDEFUND116 EQTYINDX02116
Opening balance as at 1 April 2018 4,031,933 (1,762,136) (3,185,334) (12,444,624) 8,727,588 (808,989) 6,924,374
Add: Addition during the year 5,590,287 25,641 337,698 615,038 7,553,118 15,778 630,040
Less: Deduction during the year 3,044,840 160,208 661,458 3,992,754 4,104,572 88,627 5,690,378
Closing balance as at 31 March 2019 6,577,380 (1,896,703) (3,509,094) (15,822,340) 12,176,134 (881,838) 1,864,036
(H In Thousand)
Linked Life Funds
Equity Midcap Equity Midcap Plus Equity Plus Growth Plus Growth Plus Guaranteed Bond
Fund Fund Fund Growth Plus Fund I Fund II Fund III Fund
Particulars EQUMIDFUND116 EQUMIDPLUS116 EQPLUSFUND116 GROWPLUS01116 GROWPLUS02116 GROWPLUS03116 GTEBONDFND116
Opening balance as at 1 April 2018 (667,396) (1,656,117) (5,847,238) 13,531 19,684 (13,036) 1,330,812
Add: Addition during the year 16,269 41,432 95,201 2 (1,338) 3,110 22
Less: Deduction during the year 61,928 136,025 536,838 4,392 3,131 5,174 120,890
Closing balance as at 31 March 2019 (713,055) (1,750,710) (6,288,875) 9,141 15,215 (15,100) 1,209,944

Annexures

(H In Thousand)
Linked Life Funds
Life Long Gain Premier Bond Premier Equity
Fund Liquid Fund Max Gain Fund I Max Gain Fund II Fund Premier Debt Fund Fund
Particulars LIFELOGAIN116 LIQUIDFUND116 MAXGAINF01116 MAXGAINF02116 PREMIRBOND116 PRERDEBTFU116 PRMREQFUND116
Opening balance as at 1 April 2018 44,208 1,843,234 3,967,541 700,948 (55,369) (37,089) (165,223)
Add: Addition during the year 7,570 2,802,321 4,264 485 5,511 12,668 867
Less: Deduction during the year 15,607 2,622,023 407,687 107,189 60,030 10,658 17,671
Closing balance as at 31 March 2019 36,171 2,023,532 3,564,118 594,244 (109,888) (35,079) (182,027)
(H In Thousand)
Linked Life Funds
Premier Equity Premier Equity Premier Equity
Gain Fund Growth Fund Index Fund Pure Equity Fund Pure Stock Fund Pure Stock Fund II Shield Plus Fund I
Particulars PREREQGAIN116 PREMEQGROW116 PREREQINDX116 PUREEQFUND116 PURESTKFUN116 PURSTKFUN2116 SHIELDPL01116
Opening balance as at 1 April 2018 (381,490) (804,679) (181,841) (178,257) 6,418,294 2,729,338 265,297
Add: Addition during the year 7,893 4,447 615 5,712 6,565,508 4,755,675 87
Less: Deduction during the year 29,750 111,433 92,578 36,216 2,720,182 858,325 98,046
Closing balance as at 31 March 2019 (403,347) (911,665) (273,804) (208,761) 10,263,620 6,626,688 167,338
(H In Thousand)
Accelerator Mid Asset Allocation Bond Pension
Shield Plus Fund II Shield Plus Fund III Shield Plus Fund IV Cap Pension Fund Pension Fund Fund
Total (A):
Linked
Particulars SHIELDPL02116 SHIELDPL03116 SHIELDPL04116 Life Funds ACCEMIDPEN116 ASALLOCPEN116 BONDPENFUN116
Opening balance as at 1 April 2018 64,325 192,682 23,414 28,227,170 (513,516) (720,274) (382,170)
Add: Addition during the year 1,024 – 52 48,444,374 46,678 21,413 58,835
Less: Deduction during the year 42,347 85,893 12,305 41,735,171 119,586 213,617 186,482
Closing balance as at 31 March 2019 23,002 106,789 11,161 34,936,373 (586,424) (912,478) (509,817)
(H In Thousand)
Discontinued
Cash Plus Pension Debt Plus Pension Pension Policy Equity Growth Equity Index Equity Index Equity Midcap Plus
Fund Fund Fund Pension Fund Pension Fund Pension Fund – II Pension Fund
Particulars CASHPLUPEN116 DEBTPLUPEN116 DISCONPENS116 EQTYGROPEN116 EQINDEXPEN116 EQINDPEN02116 EQUMIDCPEN116
Opening balance as at 1 April 2018 (36,841) (44,569) 432,903 (1,935,701) (97,631) (1,396,315) (146,463)
Add: Addition during the year 376 2,578 523,331 51,135 1,230 62,629 2,279
Closing balance as at 31 March 2019 (41,338) (47,879) 821,533 (2,156,765) (105,260) (1,720,494) (150,662)

Annexures

(H In Thousand)
Equity Plus Liquid Pension Pension Builder Pure Stock Accelerated Gain Group Asset
Pension Fund Fund Fund Pension Fund Fund Allocation Fund
Total (B):
ULIF01218/11/04 ULIF04124/07/06 ULIF06908/02/13 ULIF04717/04/08 ULGF00318/11/04 ULGF00926/02/10
Linked pension
Particulars EQUPLUSPEN116 LIQPENFUND116 PENSIONBUI116 PURESTKPEN116 funds ACCELEFUND116 GRASSALLOC116
Opening balance as at 1 April 2018 (689,664) (39,517) 2,018,776 (76,330) (3,627,312) (18,363) 42,078
Add: Addition during the year 4,011 30,446 1,154,066 25,026 1,984,033 1,947 14,356
Closing balance as at 31 March 2019 (730,773) (51,721) 2,566,061 (103,465) (3,729,482) (18,983) (349,656)
(H In Thousand)
Linked Group Funds
Group Balanced Group Balanced Group Blue Chip Group Debt Group Debt
Gain Fund Gain Fund II Fund Group Debt Fund Group Debt Fund II Fund III Pension Fund
ULGF01810/05/13 ULGF02402/03/15 ULGF01118/04/11 ULGF00426/03/08 ULGF01924/06/13 ULGF02202/03/15 ULGF02518/08/16
Particulars GRBALCEDGA116 GRBALCGA02116 GRBLUECHIP116 GRDEBTFUND116 GRDEBTFU02116 GRDEBTFU03116 GRDBTPENFU116
Opening balance as at 1 April 2018 12,758 58 23,115 649,235 5,837,676 780,681 9,999
Add: Addition during the year 25 – 140 42,104 2,312,145 32,350 2
Less: Deduction during the year 1,222 – 16,216 548,597 977,053 76,660 –
Closing balance as at 31 March 2019 11,561 58 7,039 142,742 7,172,768 736,371 10,001
(H In Thousand)
Linked Group Funds
Group Equity Fund Fund Fund II Group Liquid Fund Fund II Shield Fund Debt Fund
Particulars GREQTYFUND116 GREQTYINDX116 GRGROWFU02116 GRLIQUFUND116 GRLIQUFU02116 RETNSHIELD116 GRSHTRMDEB116
Opening balance as at 1 April 2018 156,848 (129,217) 181,283 49,385 47,688 (2,565) (102,615)
Add: Addition during the year 26,400 8,945 1,337 2,220 287,785 (2) 25
Closing balance as at 31 March 2019 49,041 (226,606) 177,004 (27,857) 44,307 (11,871) (103,886)
(H In Thousand)
Linked Group Funds
Group Short Term Group Short Term
Debt Fund II Debt Fund III Secure Gain Fund Stable Gain Fund
Total (C):
Linked Grand Total
Particulars GRSHTRDE02116 GRSHTRDE03116 SECUREFUND116 STABLEFUND116 Group Funds (A+B+C)
Opening balance as at 1 April 2018 (15) 385,377 11,075,947 855,526 19,854,879 44,454,737
Add: Addition during the year 188,091 256,389 1,118,002 182,668 4,474,929 54,903,336
Less: Deduction during the year 95,884 75,945 1,609,273 54,538 4,491,430 48,312,804
Closing balance as at 31 March 2019 92,192 565,821 10,584,676 983,656 19,838,378 51,045,269

Schedule F2: Investments as at 31 March 2019
(H In Thousand)
Annexures
Linked Life Funds

Accelerator Mid Accelerator Mid Asset Allocation Asset Allocation Assured Return Balanced Equity Blue Chip Equity Capital Guarantee
Cap Fund Cap Fund II Fund Fund II Fund Fund Fund Bond Fund Builder Bond Fund Fund– 2017
ULIF03124/07/06 ULIF05206/01/10 ULIF04528/09/07 ULIF07205/12/13 ULIF06127/01/11 ULIF07413/05/15 ULIF06026/10/10 ULIF02610/07/06 ULIF07313/05/15 ULIF04311/01/07
Particulars ACCEMIDCAP116 ACCMIDCA02116 ASSETALLOC116 ASSETALL02116 ASSRDRETRN116 BALEQTYFND116 BLUECHIPEQ116 BONDFUNDLI116 BLDRBNDFND116 CAPGTE2017116
Approved Investments
Government Bonds – 800,383 1,875,061 421,741 195,178 130,143 – 4,754,442 283,505 –
Corporate Bonds – – 1,364,323 222,944 32,098 6,098 – 3,702,469 103,749 –
Infrastructure Bonds – – 322,982 42,926 79,665 – – 1,573,457 56,835 –
Equity 3,200,304 14,981,287 6,355,578 1,175,645 – 29,547 3,471,500 – – –

Money Market – – – – – – – – – –
Mutual Fund – – – – – – – – – –
Reverse Repos – – – – – – – – – –
Bank Fixed Deposits – 1 – – 49,500 – 31,240 263,766 13,822 –
ETF 2,126 8,801 – – – – – – – –
TREPs 771,751 1,570,399 247,753 248,852 1,300 19,796 402,123 109,979 71,186 –
Total 3,974,181 17,360,871 10,165,697 2,112,108 357,741 185,584 3,904,863 10,404,113 529,097 –
Other Investments
Corporate Bonds – 196,154 287,445 14,839 38,117 6,108 – 32,917 305 –
Infrastructure Bonds – – – – – – – – – –
Equity 570,525 2,375,832 75,295 12,612 – 334 32,150 – – –
Money Market 35,839 21,110 – 17,674 – – 12,764 – – –
Mutual Fund – – – – – – – – – –
ETF 98,678 469,870 – – – – – – – –
Total 705,042 3,062,966 362,740 45,125 38,117 6,442 44,914 32,917 305 –
Grand Total 4,679,223 20,423,837 10,528,437 2,157,233 395,858 192,026 3,949,777 10,437,030 529,402 –
% of Approved to Total 84.93% 85.00% 96.55% 97.91% 90.37% 96.65% 98.86% 99.68% 99.94% –
% of Other than Approved to Total 15.07% 15.00% 3.45% 2.09% 9.63% 3.35% 1.14% 0.32% 0.06% –
(H In Thousand)
Linked Life Funds
Discontinued Life Equity Growth Equity Growth
Cash Fund Cash Plus Fund Debt Fund Debt Plus Fund Policy Fund Equity Fund Equity Gain Fund Fund Fund II Equity Index Fund
Particulars CASHFUNDLI116 CASHPLUSFU116 DEBTFUNDLI116 DEBTPLUSFU116 DISCONLIFE116 EQUITYFUND116 EQGAINFUND116 EQGROWFUND116 EQTYGROW02116 EQINDEFUND116
Government Bonds 338,541 510,173 255,459 360,225 4,748,747 78,094 – 1,624,314 – 54,735
Corporate Bonds – – 108,198 128,932 – – – – – –
Infrastructure Bonds – – 55,830 70,021 – – – – – –
Equity – – – – – 1,632,605 3,524,391 24,770,904 17,327,798 809,387
Money Market 7,727 2,898 – – 142,470 – – – – –
Mutual Fund – – – – – – – – – –
Reverse Repos – – – – – – – – – –
Bank Fixed Deposits – – 6,670 9,900 – – – – – –
ETF – – – – – – – – – –
TREPs 8,398 46,891 21,696 17,297 2,362,647 25,295 439,816 82,584 806,845 9,198
Total 354,666 559,962 447,853 586,375 7,253,864 1,735,994 3,964,207 26,477,802 18,134,643 873,320
Other Investments
Corporate Bonds – – 5,655 7,525 3,923 – – – – –
Equity – – – – – 8,132 73,859 363,629 142,150 3,898
Money Market – – – – 168,884 4,909 30,438 279,345 171,829 –
Mutual Fund – – – – – – – – – –
ETF – – – – – – 214,176 1,488,057 942,399 –
Total – – 5,655 7,525 172,807 13,041 318,473 2,131,031 1,256,378 3,898
Grand Total 354,666 559,962 453,508 593,900 7,426,671 1,749,035 4,282,680 28,608,833 19,391,021 877,218
% of Approved to Total 100.00% 100.00% 98.75% 98.73% 97.67% 99.25% 92.56% 92.55% 93.52% 99.56%
% of Other than Approved to Total – – 1.25% 1.27% 2.33% 0.75% 7.44% 7.45% 6.48% 0.44%

Annexures
217
(H In Thousand)
Annexures
Linked Life Funds

Equity Index Equity Midcap Equity Midcap Plus Equity Plus Growth Plus Growth Plus Growth Plus Guaranteed Bond Life Long Gain
Fund – II Fund Fund Fund Fund I Fund II Fund III Fund Fund Liquid Fund
Particulars EQTYINDX02116 EQUMIDFUND116 EQUMIDPLUS116 EQPLUSFUND116 GROWPLUS01116 GROWPLUS02116 GROWPLUS03116 GTEBONDFND116 LIFELOGAIN116 LIQUIDFUND116
Government Bonds 234,670 – – – – – – 699,937 97,543 2,030,635
Corporate Bonds – – – – 8,319 – – 265,108 36,943 –
Infrastructure Bonds – – – – 42,119 – – 299,948 21,313 –
Equity 20,566,019 501,029 908,781 4,791,134 – 36,697 41,557 – – –

Money Market – – – – – – – – – 77,272
Mutual Fund – – – – – – – – – –
Reverse Repos – – – – – – – – – –
Bank Fixed Deposits – – – – 10,701 – – 397,745 2,600 –
ETF – 312 582 – – – – – – –
TREPs 762,254 87,783 184,965 637,378 900 900 1,800 132,075 13,197 123,276
Total 21,562,943 589,124 1,094,328 5,428,512 62,039 37,597 43,357 1,794,813 171,596 2,231,183
Other Investments
Corporate Bonds – – – 40,212 – – – 81,446 2,214 –
Equity 135,686 89,871 164,653 96,864 – 344 387 – – –
Money Market 156,610 – 4,909 – – – – – – –
Mutual Fund – – – – – – – – – –
ETF – 7,866 14,639 307,211 – – – – – –
Total 292,296 97,737 184,201 444,287 – 344 387 81,446 2,214 –
Grand Total 21,855,239 686,861 1,278,529 5,872,799 62,039 37,941 43,744 1,876,259 173,810 2,231,183
% of Other than Approved to Total 1.34% 14.23% 14.41% 7.57% – 0.91% 0.88% 4.34% 1.27% –
(H In Thousand)
Linked Life Funds
Premier Bond Premier Equity Premier Equity Premier Equity Premier Equity
Max Gain Fund I Max Gain Fund II Fund Premier Debt Fund Fund Gain Fund Growth Fund Index Fund Pure Equity Fund Pure Stock Fund
Particulars MAXGAINF01116 MAXGAINF02116 PREMIRBOND116 PRERDEBTFU116 PRMREQFUND116 PREREQGAIN116 PREMEQGROW116 PREREQINDX116 PUREEQFUND116 PURESTKFUN116
Government Bonds 2,927,000 563,456 28,630 24,522 – – – – 28,877 2,227,764
Corporate Bonds 1,276,172 260,858 9,911 6,106 – – – – – –
Infrastructure Bonds 584,750 20,114 5,077 3,050 – – – – – –
Equity – – – – 100,285 222,283 161,771 127,491 351,142 11,201,567
Money Market – – – – – – – – – –
Mutual Fund – – – – – – – – – –
Reverse Repos – – – – – – – – – –
Bank Fixed Deposits 482,690 61,700 1,064 507 – – – – – –
ETF – – – – – – – – – –
TREPs 432,417 128,875 1,900 1,400 10,398 26,995 11,798 5,199 – –
Total 5,703,029 1,035,003 46,582 35,585 110,683 249,278 173,569 132,690 380,019 13,429,331
Other Investments
Corporate Bonds 275,604 74,224 577 702 – – – – – –
Equity – – – – 439 4,086 3,210 457 18,627 554,199
Money Market 39,275 10,801 – – – – – – – –
Mutual Fund – – – – – – – – – –
ETF – – – – – 13,674 9,126 – – –
Total 314,879 85,025 577 702 439 17,760 12,336 457 18,627 554,199
Grand Total 6,017,908 1,120,028 47,159 36,287 111,122 267,038 185,905 133,147 398,646 13,983,530
% of Other than Approved to Total 5.23% 7.59% 1.22% 1.93% 0.40% 6.65% 6.64% 0.34% 4.67% 3.96%

Annexures
219
(H In Thousand)
Annexures

Accelerator Mid Asset Allocation Bond Pension Cash Plus Pension
Pure Stock Fund II Shield Plus Fund I Shield Plus Fund II Shield Plus Fund III Shield Plus Fund IV Cap Pension Fund Pension Fund Fund Fund
ULIF07709/01/17 ULIF05313/01/10 ULIF05610/05/10 ULIF05711/08/10 ULIF06220/04/11 ULIF03324/07/06 ULIF04628/01/08 ULIF03524/07/06 ULIF01618/11/04
Total (A):
Particulars PURSTKFUN2116 SHIELDPL01116 SHIELDPL02116 SHIELDPL03116 SHIELDPL04116 Linked Life Funds ACCEMIDPEN116 ASALLOCPEN116 BONDPENFUN116 CASHPLUPEN116
Government Bonds – 300,076 26,155 268,446 61,066 25,949,518 – 125,890 211,209 18,889
Corporate Bonds – 168,995 54,289 236,921 15,575 8,008,008 – 78,093 104,849 –
Infrastructure Bonds – 67,607 5,038 38,421 7,792 3,296,945 – 14,316 44,636 –
Equity 4,746,322 – – – – 121,035,024 386,032 405,569 – –

Money Market – – – – – 230,367 – – – 483
Mutual Fund – – – – – – – – – –
Reverse Repos – – – – – – – – – –
Bank Fixed Deposits – 263,622 107,709 29,021 – 1,732,258 – – 7,466 –
ETF – – – – – 11,821 228 – – –
TREPs 1,435,525 24,995 200 1,000 300 11,289,336 42,692 45,091 7,599 800
Total 6,181,847 825,295 193,391 573,809 84,733 171,553,277 428,952 668,959 375,759 20,172
Other Investments
Corporate Bonds – 116,859 31,678 27,026 2,036 1,245,566 – 4,898 4,008 –
Equity 206,741 – – – – 4,933,980 69,602 4,687 – –
Money Market – – – – – 954,387 – 4,909 – –
Mutual Fund – – – – – – – – – –
ETF – – – – – 3,565,696 5,729 – – –
Total 206,741 116,859 31,678 27,026 2,036 10,699,629 75,331 14,494 4,008 –
Grand Total 6,388,588 942,154 225,069 600,835 86,769 182,252,906 504,283 683,453 379,767 20,172
% of Other than Approved to Total 3.24% 12.40% 14.07% 4.50% 2.35% 5.87% 14.94% 2.12% 1.06% –
(H In Thousand)
Debt Plus Pension Discontinued Equity Growth Equity Index Equity Index Equity Midcap Plus Equity Plus Liquid Pension Pension Builder Pure Stock
Fund Pension Policy Fund Pension Fund Pension Fund Pension Fund – II Pension Fund Pension Fund Fund Fund Pension Fund
Total (B):
Linked Pension
Particulars DEBTPLUPEN116 DISCONPENS116 EQTYGROPEN116 EQINDEXPEN116 EQINDPEN02116 EQUMIDCPEN116 EQUPLUSPEN116 LIQPENFUND116 PENSIONBUI116 PURESTKPEN116 Funds
Government Bonds 33,432 631,010 – – – – – 58,747 1,948,721 – 3,027,898
Corporate Bonds 7,130 – – – – – – – 408,331 – 598,403
Infrastructure Bonds 5,077 – – – – – – – – – 64,029
Equity – – 748,040 56,547 1,323,497 35,275 266,227 – 21,736 118,436 3,361,359
Money Market – – – – – – – – – – 483
Mutual Fund – – – – – – – – – – –
Reverse Repos – – – – – – – – – – –
Bank Fixed Deposits 890 – – – – – – – 82,657 – 91,013
ETF – – – – – 22 – – – – 250
TREPs 3,699 254,651 55,489 3,999 65,987 5,399 25,695 3,299 122,976 – 637,376
Total 50,228 885,661 803,529 60,546 1,389,484 40,696 291,922 62,046 2,584,421 118,436 7,780,811
Other Investments
Corporate Bonds 610 – 4,904 – – – – – 6,436 – 20,856
Infrastructure Bonds – – – – – – – – – – –
Equity – – 14,165 271 6,884 6,347 4,966 – – – 106,922
Money Market – 4,909 – – 4,909 – – – – – 14,727
Mutual Fund – – – – – – – – – – –
ETF – – 43,433 – – 533 16,148 – – – 65,843
Total 610 4,909 62,502 271 11,793 6,880 21,114 – 6,436 – 208,348
Grand Total 50,838 890,570 866,031 60,817 1,401,277 47,576 313,036 62,046 2,590,857 118,436 7,989,159
% of Approved to Total 98.80% 99.45% 92.78% 99.55% 99.16% 85.54% 93.26% 100.00% 99.75% 100.00% 97.39%
% of Other than Approved to Total 1.20% 0.55% 7.22% 0.45% 0.84% 14.46% 6.74% – 0.25% – 2.61%

Annexures
221
(H In Thousand)
Annexures
Linked Group Funds

Accelerated Gain Group Asset Group Balanced Group Balanced Group Blue Chip Group Debt Group Debt Group Debt Group Debt Group Equity Group Equity
Fund Allocation Fund Gain Fund Gain Fund II Fund Fund Fund II Fund III Pension Fund Fund Index Fund
ULGF00318/11/04 ULGF00926/02/10 ULGF01810/05/13 ULGF02402/03/15 ULGF01118/04/11 ULGF00426/03/08 ULGF01924/06/13 ULGF02202/03/15 ULGF02518/08/16 ULGF01018/04/11 ULGF00822/02/10
Particulars ACCELEFUND116 GRASSALLOC116 GRBALCEDGA116 GRBALCGA02116 GRBLUECHIP116 GRDEBTFUND116 GRDEBTFU02116 GRDEBTFU03116 GRDBTPENFU116 GREQTYFUND116 GREQTYINDX116
Government Bonds 9,916 245,680 9,033 – – 935,522 5,130,894 450,700 7,524 – –
Corporate Bonds 4,015 139,090 – – – 388,220 2,294,212 187,516 1,027 – –
Infrastructure Bonds – 54,443 – – – – 985,241 87,262 – – –
Equity 13,501 824,025 3,608 – 73,274 – – – – 356,201 376,432

Money Market – – – – – – – – – – –
Mutual Fund – – – – – – – – – – –
Reverse Repos – – – – – – – – – – –
Bank Fixed Deposits – – 216 – – 36,927 166,618 9,900 313 – –
ETF – – – – – – – – – – –
TREPs 4,199 41,792 1,400 – 2,200 2,000 200 34,493 1,200 8,498 11,998
Total 31,631 1,305,030 14,257 – 75,474 1,362,669 8,577,165 769,871 10,064 364,699 388,430
Other Investments
Corporate Bonds – 9,839 – – – 12,024 73,543 4,013 – – –
Equity 252 9,573 77 – 710 – – – – 6,983 1,798
Money Market – 12,764 – – – – – – – – –
Mutual Fund – – – – – – – – – – –
ETF – – – – – – – – – 20,101 –
Total 252 32,176 77 – 710 12,024 73,543 4,013 – 27,084 1,798
Grand Total 31,883 1,337,206 14,334 – 76,184 1,374,693 8,650,708 773,884 10,064 391,783 390,228
% of Approved to Total 99.21% 97.59% 99.46% – 99.07% 99.13% 99.15% 99.48% 100.00% 93.09% 99.54%
% of Other than Approved to Total 0.79% 2.41% 0.54% – 0.93% 0.87% 0.85% 0.52% – 6.91% 0.46%
(H In Thousand)
Linked Group Funds
Group Growth Group Liquid Group Return Group Short Term Group Short Term Group Short Term Secure Gain Stable Gain
Fund II Group Liquid Fund Fund II Shield Fund Debt Fund Debt Fund II Debt Fund III Fund Fund
ULGF01311/05/11 ULGF00503/11/08 ULGF02124/06/13 ULGF01421/06/11 ULGF00628/02/09 ULGF01218/04/11 ULGF02024/06/13 ULGF00215/10/04 ULGF00115/09/04
Total (C): Grand Total
Particulars GRGROWFU02116 GRLIQUFUND116 GRLIQUFU02116 RETNSHIELD116 GRSHTRMDEB116 GRSHTRDE02116 GRSHTRDE03116 SECUREFUND116 STABLEFUND116 Linked Group Funds (A+B+C)
Government Bonds 114,462 159,326 40,145 28,354 2,079 66,978 330,309 7,440,103 1,073,320 16,044,345 45,021,761
Corporate Bonds 21,540 – – 4,100 – 20,832 160,585 705,602 275,867 4,202,606 12,809,017
Infrastructure Bonds 17,451 – – 2,597 – 10,441 71,805 791,880 110,671 2,131,791 5,492,765
Equity – – – – – – – 2,671,613 758,350 5,077,004 129,473,387
Money Market – 10,625 – – – – – 237,930 10,431 258,986 489,836
Mutual Fund – – – – – – – – – – –
Reverse Repos – – – – – – – – – – –
Bank Fixed Deposits 48,600 – – 5,074 213 – 25,850 469,320 29,400 792,431 2,615,702
ETF – – – – – – – – – – 12,071
TREPs 49,291 9,798 700 600 – 900 500 1,029,203 15,797 1,214,769 13,141,481
Total 251,344 179,749 40,845 40,725 2,292 99,151 589,049 13,345,651 2,273,836 29,721,932 209,056,020
Other Investments
Corporate Bonds – – – – – – 343 223,551 30,347 353,660 1,620,082
Equity – – – – – – – – – 19,393 5,060,295
Money Market – – – – – – – – – 12,764 981,878
Mutual Fund – – – – – – – – – – –
ETF – – – – – – – – – 20,101 3,651,640
Total – – – – – – 343 223,551 30,347 405,918 11,313,895
Grand Total 251,344 179,749 40,845 40,725 2,292 99,151 589,392 13,569,202 2,304,183 30,127,850 220,369,915
% of Other than Approved to Total – – – – – – 0.06% 1.65% 1.32% 1.35% 5.13%

Annexures
223
Annexures

Schedule F3: Current assets as at 31 March 2019
(H In Thousand)
Linked Life Funds
Accured interest – – 93,767 14,657 63,423 2,281 35,847

Bank balance 2,232 7,571 11,758 4,302 191 118 1,340
Dividend receivable – – – – – – 266
Security lending receivable – – – – – – –
Receivables for sale of investments 41,815 77,927 52,969 – – – –
Unit collection account – 641,360 – 45,577 – 4,651 51,155
Other Current Assets (For Investments) – 4,000 73,000 – – – –
Application money – – – – – – –
Total 44,047 730,857 231,494 64,535 63,614 7,050 88,608
(H In Thousand)
Linked Life Funds
Capital Guarantee
Accured interest 499,440 23,446 – – – 14,319 18,572

Bank balance 10,812 566 – 120 136 1,077 1,966
Dividend receivable – – – – – – –
Receivables for sale of investments – – – – – – –
Unit collection account 80,331 13,820 – 44 228 – –
Other Current Assets (For Investments) – – – 21,500 11,000 – –
Total 590,583 37,832 – 21,664 11,364 15,396 20,538
(H In Thousand)
Linked Life Funds
Discontinued Life Equity Growth Equity Growth Equity Index
Policy Fund Equity Fund Equity Gain Fund Fund Fund II Equity Index Fund Fund – II
Accured interest – – – – – – –
Bank balance 1,967 630 931 3,254 2,058 414 7,432
Dividend receivable – 92 150 894 440 45 1,214
Receivables for sale of investments – – 10,499 158,525 81,229 – 54,186
Unit collection account – – 838 – 375,789 – –
Other Current Assets (For Investments) 93,500 – – – – – –
Total 95,467 722 12,418 162,673 459,516 459 62,832

Annexures

(H In Thousand)
Linked Life Funds
Equity Midcap Equity Midcap Plus Equity Growth Growth Plus Growth Plus Guaranteed Bond
Fund Fund Plus Fund Plus Fund I Fund II Fund III Fund
Accured interest – – – 13,482 – – 453,517

Bank balance 425 741 1,229 674 167 143 278
Dividend receivable – – 203 – 3 3 –
Receivables for sale of investments 6,340 11,618 14,424 – 95 – –
Unit collection account – 208 – – – – –
Other Current Assets (For Investments) – – – – – – –
Total 6,765 12,567 15,856 14,156 265 146 453,795
(H In Thousand)
Linked Life Funds
Life Long Gain Liquid Max Gain Max Gain Premier Bond Premier Equity
Fund Fund Fund I Fund II Fund Premier Debt Fund Fund
Accured interest 5,608 – 688,368 85,232 1,976 1,224 –

Bank balance 351 244 31,003 2,673 203 197 206
Unit collection account – 135,829 – – – – –
Other Current Assets (For Investments) – 220,500 – – – – –
Total 5,959 356,573 719,371 87,905 2,179 1,421 212
(H In Thousand)
Linked Life Funds
Premier Equity Premier Equity Premier Equity Pure Equity Pure Stock Pure Stock Shield Plus
Gain Fund Growth Fund Index Fund Fund Fund Fund II Fund I
Accured interest – – – – – – 310,617

Bank balance 188 181 229 1,799 3,338 1,806 516
Dividend receivable 9 8 5 5 144 48 –
Receivables for sale of investments – 460 – 689 18,940 6,332 –
Unit collection account 52 – – – 424,137 278,355 –
Other Current Assets (For Investments) – – – – – – –
Total 249 649 234 2,493 446,559 286,541 311,133

Annexures

(H In Thousand)
Total (A):
Linked
Accured interest 128,322 64,837 2,403 2,521,338 – 4,445 14,719

Bank balance 983 3,012 284 109,745 342 867 1,108
Dividend receivable – – – 3,533 – – –
Receivables for sale of investments – – – 536,048 4,906 3,412 –
Unit collection account – – – 2,052,374 – – –
Other Current Assets (For Investments) – – – 423,500 – – –
Total 129,305 67,849 2,687 5,646,538 5,248 8,724 15,827
(H In Thousand)
Cash Plus Pension Debt Plus Pension Discontinued Equity Growth Equity Index Equity Index Equity Midcap Plus
Fund Fund Pension Policy Fund Pension Fund Pension Fund Pension Fund – II Pension Fund
Accured interest – 1,817 – – – – –

Bank balance 169 155 304 307 153 593 160
Dividend receivable – – – 33 3 78 –
Receivables for sale of investments – – – 2,132 – 3,475 434
Unit collection account – – – – – – –
Other Current Assets (For Investments) 1,500 – – – – – –
Total 1,669 1,972 304 2,472 156 4,146 594
(H In Thousand)
Equity Plus Liquid Pension Pension Builder Pure Stock Accelerated Group Asset
Pension Fund Fund Fund Pension Fund Gain Fund Allocation Fund
Total (B):
Linked
Particulars EQUPLUSPEN116 LIQPENFUND116 PENSIONBUI116 PURESTKPEN116 Pension Funds ACCELEFUND116 GRASSALLOC116
Accured interest – – 136,522 – 157,503 1,255 9,230

Bank balance 158 164 6,043 8,490 19,013 201 1,578
Dividend receivable 11 – – – 125 – –
Receivables for sale of investments – – – – 14,359 – 6,768
Unit collection account – 7 73,642 – 73,649 – –
Other Current Assets (For Investments) – 7,500 – – 9,000 – –
Total 169 7,671 216,207 8,490 273,649 1,456 17,576

Annexures

(H In Thousand)
Linked Group Funds
Group Balanced Group Balanced Group Blue Chip Group Debt Group Debt Group Debt Group Debt
Gain Fund Gain Fund II Fund Fund Fund II Fund III Pension Fund
Accured interest 381 – – 70,653 340,829 23,322 495

Bank balance 111 – 141 1,419 5,949 749 101
Dividend receivable – – 6 – – – –
Unit collection account – – – 12,137 90,762 3,202 –
Other Current Assets (For Investments) – – – – – 17,500 –
Total 492 – 147 84,209 437,540 44,773 596
(H In Thousand)
Linked Group Funds
Group Equity Group Equity Index Group Growth Group Liquid Group Liquid Group Return Group Short Term
Fund Fund Fund II Fund Fund II Shield Fund Debt Fund
Accured interest – – 57,477 – – 6,465 284

Bank balance 197 263 225 187 136 148 93
Dividend receivable 16 21 – – – – –
Receivables for sale of investments – 3,283 – – – – –
Unit collection account – – – – 38 – –
Other Current Assets (For Investments) – – – 20,500 19,500 – –
Total 213 3,567 57,702 20,687 19,674 6,613 377
(H In Thousand)
Linked Group Funds
Total (C):
Linked Grand Total
Accured interest 2,851 43,210 768,315 70,681 1,395,448 4,074,289

Bank balance 229 3,618 1,664 157 17,166 145,924
Dividend receivable – – 520 190 753 4,411
Security lending receivable – – – – – –
Receivables for sale of investments – – – – 10,051 560,458
Unit collection account – – 87,466 15,264 208,869 2,334,892
Other Current Assets (For Investments) – 10,000 – – 67,500 500,000
Application money – – – – – –
Total 3,080 56,828 857,965 86,292 1,699,787 7,619,974

Annexures

Schedule F4: Current liabilities as at 31 March 2019
(H In Thousand)
Linked Life Funds
Payable for purchase of investments – 284,121 – – – – –

Other current liabilities:
Fund charges payable 678 2,246 1,093 224 47 24 410
Security lending received in advance – 40 – – – – –
Bank charges payable – – – – – – –
GST payable 122 404 197 40 8 4 74
Provisions – liability – 4,000 73,000 – – – –
Unit payable account 17,034 – 130,996 – 108 – –
Total 17,834 290,811 205,286 264 163 28 484
(H In Thousand)
Linked Life Funds
Capital Guarantee
Payable for purchase of investments – – – – – – –

Fund charges payable 854 55 – 66 32 87 35
Security lending received in advance – – – – – – –
GST payable 154 10 – 12 6 16 6
Provisions – liability – – – 21,500 11,000 – –
Unit payable account – – – – – 172 1,138
Total 1,008 65 – 21,578 11,038 275 1,179
(H In Thousand)
Linked Life Funds
Discontinued Life Equity Equity Gain Equity Growth Equity Growth Equity Index Equity Index
Policy Fund Fund Fund Fund Fund II Fund Fund – II
Payable for purchase of investments – – – 67,341 44,894 – –

Fund charges payable 305 324 969 4,117 2,154 72 2,245
Security lending received in advance – – – 5 4 – –
GST payable 55 58 174 742 388 13 404
Provisions – liability 93,500 – – – – – –
Unit payable account 128,310 773 – 97,542 – 1,055 177,165
Total 222,170 1,155 1,143 169,747 47,440 1,140 179,814

Annexures

(H In Thousand)
Linked Life Funds
Equity Midcap Equity Midcap Plus Growth Plus Growth Plus Guaranteed Bond
Fund Fund Equity Plus Fund Growth Plus Fund I Fund II Fund III Fund

Fund charges payable 157 159 724 8 4 5 191
GST payable 28 29 130 2 1 1 34
Provisions – liability – – – – – – –
Unit payable account 103 – 8,850 – 647 159 775
Total 288 188 9,704 10 652 165 1,000
(H In Thousand)
Linked Life Funds

GST payable 6 31 149 27 2 1 4
Provisions – liability – 220,500 – – – – –
Unit payable account 12 – 3,983 347 9,930 241 370
Total 51 220,705 4,962 523 9,942 249 395
(H In Thousand)
Linked Life Funds

Fund charges payable 49 42 30 49 1,557 685 139
GST payable 9 8 5 9 280 123 25
Provisions – liability – – – – – – –
Unit payable account – 4,123 4,765 42 – – 903
Total 58 4,173 4,800 100 1,837 808 1,067

Annexures

(H In Thousand)
Total (A):
Particulars SHIELDPL02116 SHIELDPL03116 SHIELDPL04116 Linked Life Funds ACCEMIDPEN116 ASALLOCPEN116 BONDPENFUN116
Payable for purchase of investments – – – 396,356 – – –

Other current liabilities: –
Fund charges payable 39 74 10 21,183 56 71 31
Security lending received in advance – – – 49 – – –
GST payable 7 13 2 3,813 10 13 6
Provisions – liability – – – 423,500 – – –
Unit payable account 1 45 – 589,589 53 11,231 3,794
Total 47 132 12 1,434,490 119 11,315 3,831
(H In Thousand)

GST payable – 1 7 17 1 26 1
Provisions – liability 1,500 – – – – – –
Unit payable account 11 23 8,320 17,436 744 6,918 301
Total 1,512 27 8,364 17,549 750 7,088 308
(H In Thousand)
Total (B):
Linked

GST payable 7 1 51 3 144 1 25
Provisions – liability – 7,500 – – 9,000 – –
Unit payable account 1,630 – – 932 51,393 175 6,209
Total 1,675 7,506 332 949 61,325 179 6,373

Annexures

(H In Thousand)
Linked Group Funds

Fund charges payable 1 – 8 119 739 66 1
GST payable – – 1 21 133 12 –
Provisions – liability – – – – – 17,500 –
Unit payable account – – 1,301 – – – –
Total 1 – 1,310 140 872 17,578 1
(H In Thousand)
Linked Group Funds

Fund charges payable 39 48 25 10 2 5 –
GST payable 7 9 5 2 – 1 –
Provisions – liability – – – 20,500 19,500 – –
Unit payable account 7,750 8,024 – 1,205 – – –
Total 7,796 8,081 30 21,717 19,502 6 –
(H In Thousand)
Linked Group Funds
Total (C):
Linked Group Grand Total
Particulars GRSHTRDE02116 GRSHTRDE03116 SECUREFUND116 STABLEFUND116 Funds (A+B+C)
Payable for purchase of investments – – 63,002 15,750 78,752 475,108

Other current liabilities: – –
Fund charges payable 8 47 1,409 233 2,902 24,873
Security lending received in advance – – – – – 49
Bank charges payable – – – – – –
GST payable 1 8 254 42 522 4,479
Provisions – liability – 10,000 – – 67,500 500,000
Unit payable account – – – – 24,664 665,646
Total 9 10,055 64,665 16,025 174,340 1,670,155

Annexures

Schedule F5: Other expenses as at 31 March 2019
(H In Thousand)
Linked Life Funds
Policy administration charge 36,456 41,798 131,040 3,765 1,714 – 10,952

Surrender charge – – – – – – –
Switching charge 18 – 2 – – – –
Mortality charge 30,631 188,852 97,698 14,681 7,847 4,054 22,266
Rider premium charge 5,208 3,823 14,126 156 257 – 1,939
Partial withdrawal charge – – – – – – –
GST charge 29,473 120,023 71,415 10,278 2,920 2,065 17,468
Miscellaneous charge – – – – – – –
Total 101,786 354,496 314,281 28,880 12,738 6,119 52,625
(H In Thousand)
Linked Life Funds
Capital Guarantee
Policy administration charge 42,912 – – – 1,389 – 1,857

Switching charge 18 – – 1 15 7 60
Mortality charge 82,251 10,426 – 4,579 2,813 3,178 3,872
Rider premium charge 6,122 – – 1,323 248 565 405
GST charge 48,897 5,103 – 2,519 1,512 2,569 1,917
Total 180,200 15,529 – 8,422 5,977 6,319 8,111
(H In Thousand)
Linked Life Funds
Policy administration charge – – – 292,299 45,784 3,945 325,005

Switching charge – 8 10 9 – 1 7
Mortality charge – 12,862 25,095 223,910 122,417 5,545 248,473
Rider premium charge – 2,502 4,212 35,124 3,524 746 35,941
GST charge 5,256 9,849 26,732 195,500 94,078 3,465 164,253
Total 5,256 25,221 56,049 746,842 265,803 13,702 773,679

Annexures

(H In Thousand)
Linked Life Funds
Policy administration charge – 2,855 15,205 667 337 172 9,903

Switching charge – 24 34 – – – –
Mortality charge 3,909 4,664 25,158 331 70 80 54
Rider premium charge 863 832 3,989 – – 3 –
GST charge 4,449 5,200 24,105 364 167 150 5,868
Total 9,221 13,575 68,491 1,362 574 405 15,825
(H In Thousand)
Linked Life Funds
Policy administration charge – 16,255 66,483 5,588 – – –

Switching charge – 14 – – 1 1 –
Mortality charge 5 23,609 4,848 14,040 305 179 543
Rider premium charge – 2,532 290 – – – –
GST charge 735 12,807 30,852 6,782 415 175 573
Total 740 55,217 102,473 26,410 721 355 1,116
(H In Thousand)
Linked Life Funds
Policy administration charge – – 1 8,188 45,281 1,227 10,779

Switching charge 1 1 – – 5 – –
Mortality charge 614 819 890 4,135 130,057 96,555 6,033
Rider premium charge – – – 262 3,803 1,080 –
GST charge 1,207 1,277 989 3,412 83,319 57,897 6,100
Total 1,822 2,097 1,880 15,997 262,465 156,759 22,912

Annexures

(H In Thousand)
Total (A):
Linked
Policy administration charge 3,031 3,735 454 1,129,077 1,184 3,909 811
Switching charge – – – 237 2 – 3
Mortality charge 1,129 2,717 317 1,432,511 502 1,467 322
Rider premium charge – 65 16 129,956 33 73 11
GST charge 1,628 2,825 366 1,066,954 1,674 2,730 978
Total 5,788 9,342 1,153 3,758,735 3,395 8,179 2,125
(H In Thousand)
Policy administration charge 49 113 – 3,244 147 7,532 71

Switching charge – – – 1 – – –
Mortality charge 17 51 – 675 53 1,940 21
Rider premium charge 2 12 – 25 21 108 5
GST charge 42 101 593 3,007 155 5,140 158
Total 110 277 593 6,952 376 14,720 255
(H In Thousand)
Total (B):
Linked
Policy administration charge 561 156 787 248 18,812 46 319

Switching charge – 2 – 1 9 – –
Mortality charge 155 80 4,686 106 10,075 227 10,654
Rider premium charge 52 1 – 11 354 – 35
GST charge 1,029 170 18,819 405 35,001 117 5,581
Total 1,797 409 24,292 771 64,251 390 16,589

Annexures

(H In Thousand)
Linked Group Funds
Policy administration charge – – – 130 – – –

Switching charge – – – – – – –
Mortality charge 39 – 529 5,635 14,938 236 –
Rider premium charge – – – 1 – – –
GST charge 41 – 273 4,081 15,560 1,449 18
Total 80 – 802 9,847 30,498 1,685 18
(H In Thousand)
Linked Group Funds
Policy administration charge – 399 47 29 – – 2

Mortality charge 1,945 5,079 198 1,606 39 344 26
Rider premium charge 1 171 – – – – –
GST charge 1,332 2,267 587 602 154 176 10
Total 3,278 7,916 832 2,237 193 520 38
(H In Thousand)
Linked Group Funds
Total (C):
Linked Grand Total
Policy administration charge – – 2,276 55 3,303 1,151,192

Surrender charge – – – – – –
Switching charge – – – – – 246
Mortality charge 41 37 8,573 610 50,756 1,493,342
Rider premium charge – – – – 208 130,518
Partial withdrawal charge – – – – – –
GST charge 120 846 31,976 4,897 70,087 1,172,042
Miscellaneous charge – – – – – –
Total 161 883 42,825 5,562 124,354 3,947,340

Annexures

(H In Thousand)
Linked Life Funds
Accelerator Mid Accelerator Mid Asset Allocation Asset Allocation Assured Return Balanced Equity
Cap Fund Cap Fund II Fund Fund II Fund Fund

Interest income 514 957 397,977 38,061 46,236 6,960
Dividend income 51,574 99,866 138,420 9,647 – 356
Profit/(Loss) on sale of investment 583,684 1,117,179 1,248,307 45,436 1,304 (1,886)
Profit/(Loss) on inter fund transfer/sale of investment 624,316 454,698 362,370 28,589 1,155 –
Unrealised gain/(loss) (297,099) 14,858 (466,070) 2,478 (13,177) 792
Total Income (A) 976,298 1,734,151 1,755,684 131,681 40,762 7,397
Expenses
Fund administration expenses – – – – – 369
Other charges F–5 109,770 243,374 415,144 28,035 15,109 7,468
Total expenses (B) 211,803 404,560 630,987 46,114 22,918 9,684
Net income/(loss) for the year (A–B) 764,495 1,329,591 1,124,697 85,567 17,844 (2,287)
Add: Revenue account at the beginning of the year 7,009,248 4,071,899 10,176,190 117,593 121,751 2,018
Fund revenue account at the end of the year 7,773,743 5,401,490 11,300,887 203,160 139,595 (269)

(H In Thousand)
Linked Life Funds
Accelerator Mid Accelerator Mid Asset Allocation Asset Allocation Assured Return Balanced Equity
Cap Fund Cap Fund II Fund Fund II Fund Fund
Sources of funds
Policyholders' contribution F–1 (2,417,646) 9,524,650 1,763,672 1,476,827 429,117 168,073
Revenue account 7,773,743 5,401,490 11,300,887 203,160 139,595 (269)
Total 5,356,097 14,926,140 13,064,559 1,679,987 568,712 167,804
Investments F–2 5,363,103 14,541,880 13,322,839 1,583,455 511,204 160,168
Current assets F–3 31,890 496,305 199,768 96,797 58,096 7,668
Less: Current liabilities and provisions F–4 38,896 112,045 458,048 265 588 32
Net current assets (7,006) 384,260 (258,280) 96,532 57,508 7,636
Total 5,356,097 14,926,140 13,064,559 1,679,987 568,712 167,804

current liabilities and provisions)(H in thousands) 5,356,097 14,926,140 13,064,559 1,679,987 568,712 167,804

Annexures

(H In Thousand)
Linked Life Funds

Interest income 89 697,049 18,581 63 – –
Dividend income 40,507 – – – – –
Miscellaneous income 4,275 73,393 2,688 7 24,029 35,359
Profit/(Loss) on sale of investment 55,387 (127,864) (4,092) 35 (7) 6
Profit/(Loss) on inter fund transfer/sale of investment 94,423 23,615 (1,088) 45 – –
Unrealised gain/(loss) 122,919 (81,089) (1,854) (91) – –
Total Income (A) 317,600 585,104 14,235 59 24,022 35,365
Expenses
Fund administration expenses – – 769 – 4,765 –
Other charges F–5 45,535 199,230 15,811 25 9,028 6,129
Total expenses (B) 84,723 299,057 19,501 38 17,605 10,026
Net income/(loss) for the year (A–B) 232,877 286,047 (5,266) 21 6,417 25,339
Add: Revenue account at the beginning of the year 1,019,794 3,464,312 (3,344) 15,058 413,323 935,227
Fund revenue account at the end of the year 1,252,671 3,750,359 (8,610) 15,079 419,740 960,566

(H In Thousand)
Linked Life Funds
Sources of funds
Policyholders' contribution F–1 1,922,237 6,699,651 411,096 (15,079) (53,435) (416,274)
Revenue account 1,252,671 3,750,359 (8,610) 15,079 419,740 960,566
Total 3,174,908 10,450,010 402,486 – 366,305 544,292
Investments F–2 3,113,683 9,996,862 351,902 – 366,348 544,065
Current assets F–3 61,734 454,425 50,642 – 211 277
Less: Current liabilities and provisions F–4 509 1,277 58 – 254 50
Net current assets 61,225 453,148 50,584 – (43) 227
Total 3,174,908 10,450,010 402,486 – 366,305 544,292

current liabilities and provisions)(H in thousands) 3,174,908 10,450,010 402,486 – 366,305 544,292
(b) Number of units outstanding (in thousands) 184,880 385,197 35,684 – 16,036 19,014
(c) Net asset value per unit (a)/(b) (H) 17.1728 27.1290 11.2791 – 22.8422 28.6252

Annexures

(H In Thousand)
Linked Life Funds

Interest income 35,236 53,803 – 6 1,104 6,380
Dividend income – – – 23,789 42,835 324,113
Profit/(Loss) on sale of investment 5,190 (5,537) (153) 103,704 190,312 3,440,607
Profit/(Loss) on inter fund transfer/sale of investment (4,449) (2,930) – 103,043 326,860 1,278,549
Unrealised gain/(loss) (13,310) (6,544) – (41,823) 38,498 (603,055)
Total Income (A) 25,425 40,824 294,057 190,716 612,053 4,533,556
Expenses
Fund administration expenses 6,317 – – 22,697 55,884 –
Other charges F–5 6,869 8,572 4,152 26,668 57,347 810,498
Total expenses (B) 18,240 13,581 28,151 67,522 179,952 1,378,312
Net income/(loss) for the year (A–B) 7,185 27,243 265,906 123,194 432,101 3,155,244

(H In Thousand)
Linked Life Funds
Sources of funds
Policyholders' contribution F–1 (95,479) (278,625) 4,031,933 (1,762,136) (3,185,334) (12,444,624)
Revenue account 580,220 937,605 462,359 3,477,295 7,505,426 42,212,262
Total 484,741 658,980 4,494,292 1,715,159 4,320,092 29,767,638
Investments F–2 462,110 624,264 4,737,702 1,714,487 4,304,569 29,933,986
Current assets F–3 22,771 35,484 540 1,171 17,055 84,030
Less: Current liabilities and provisions F–4 140 768 243,950 499 1,532 250,378
Net current assets 22,631 34,716 (243,410) 672 15,523 (166,348)
Total 484,741 658,980 4,494,292 1,715,159 4,320,092 29,767,638

current liabilities and provisions)(H in thousands) 484,741 658,980 4,494,292 1,715,159 4,320,092 29,767,638

Annexures

(H In Thousand)
Linked Life Funds

Interest income 1,580 25 184 30 53 2,585
Dividend income 133,469 11,744 396,597 6,724 12,025 59,400
Profit/(Loss) on sale of investment 1,399,595 44,187 4,146,038 78,935 136,324 299,010
Profit/(Loss) on inter fund transfer/sale of investment 666,957 60,544 1,329,475 53,005 71,980 412,025
Unrealised gain/(loss) (445,980) (23,750) (2,660,880) (10,894) (3,186) 13,561
Total Income (A) 1,796,981 93,816 3,252,700 130,505 221,956 803,368
Expenses
Other charges F–5 235,479 14,271 976,890 9,613 13,734 69,975
Total expenses (B) 415,413 23,257 1,355,508 31,085 34,726 159,310
Net income/(loss) for the year (A–B) 1,381,568 70,559 1,897,192 99,420 187,230 644,058
Add: Revenue account at the beginning of the year 4,770,358 1,593,759 16,076,770 1,338,394 2,891,276 11,032,771
Fund revenue account at the end of the year 6,151,926 1,664,318 17,973,962 1,437,814 3,078,506 11,676,829

(H In Thousand)
Linked Life Funds
Sources of funds
Policyholders' contribution F–1 8,727,588 (808,989) 6,924,374 (667,396) (1,656,117) (5,847,238)
Revenue account 6,151,926 1,664,318 17,973,962 1,437,814 3,078,506 11,676,829
Total 14,879,514 855,329 24,898,336 770,418 1,422,389 5,829,591
Investments F–2 14,805,658 854,831 25,437,882 763,617 1,413,167 5,797,957
Current assets F–3 266,604 609 16,343 7,074 9,497 32,760
Less: Current liabilities and provisions F–4 192,748 111 555,889 273 275 1,126
Net current assets 73,856 498 (539,546) 6,801 9,222 31,634
Total 14,879,514 855,329 24,898,336 770,418 1,422,389 5,829,591

current liabilities and provisions)(H in thousands) 14,879,514 855,329 24,898,336 770,418 1,422,389 5,829,591

Annexures

(H In Thousand)
Linked Life Funds

Interest income 6,751 – – 199,333 13,781 1,504
Dividend income – 544 588 – – –
Miscellaneous income 115 64 44 6,468 243 139,401
Profit/(Loss) on sale of investment (15) 214 32 8,949 1,625 27
Profit/(Loss) on inter fund transfer/sale of investment 470 3,983 2,391 887 (1,259) –
Unrealised gain/(loss) (1,644) (280) 1,673 (39,191) (5,705) –
Total Income (A) 5,677 4,525 4,728 176,446 8,685 140,932
Expenses
Fund administration expenses – – – – 2,271 –
Fund management expenses 1,100 571 612 23,804 1,817 21,156
Other charges F–5 1,382 649 425 16,743 727 57,960
Total expenses (B) 2,482 1,220 1,037 40,547 4,815 79,116
Fund revenue account at the end of the year 63,450 18,113 53,891 964,328 133,795 461,948

(H In Thousand)
Linked Life Funds
Sources of funds
Policyholders' contribution F–1 13,531 19,684 (13,036) 1,330,812 44,208 1,843,234
Revenue account 63,450 18,113 53,891 964,328 133,795 461,948
Total 76,981 37,797 40,855 2,295,140 178,003 2,305,182
Investments F–2 63,989 37,652 40,814 1,904,043 171,340 2,260,606
Current assets F–3 13,058 167 105 392,514 6,715 44,853
Less: Current liabilities and provisions F–4 66 22 64 1,417 52 277
Net current assets 12,992 145 41 391,097 6,663 44,576
Total 76,981 37,797 40,855 2,295,140 178,003 2,305,182

current liabilities and provisions)(H in thousands) 76,981 37,797 40,855 2,295,140 178,003 2,305,182

Annexures

(H In Thousand)
Linked Life Funds

Interest income 526,596 51,134 7,126 2,487 – 8
Dividend income – 7,870 – – 1,714 2,764
Miscellaneous income 40,636 6,937 897 257 159 959
Profit/(Loss) on sale of investment (61,379) 98,637 2,645 83 5,844 6,671
Profit/(Loss) on inter fund transfer/sale of investment (418) 2,495 (2,523) (683) 14,462 23,498
Unrealised gain/(loss) (89,020) (24,710) (2,475) (288) (8,193) 4,825
Total Income (A) 416,415 142,363 5,670 1,856 13,986 38,725
Expenses
Fund administration expenses 18,041 3,383 – – – –
Other charges F–5 110,296 28,407 1,022 350 1,186 1,860
Total expenses (B) 218,541 48,702 4,031 1,163 4,121 8,113
Net income/(loss) for the year (A–B) 197,874 93,661 1,639 693 9,865 30,612
Add: Revenue account at the beginning of the year 2,659,958 462,499 145,698 70,246 271,926 618,436
Fund revenue account at the end of the year 2,857,832 556,160 147,337 70,939 281,791 649,048

(H In Thousand)
Linked Life Funds
Sources of funds
Policyholders' contribution F–1 3,967,541 700,948 (55,369) (37,089) (165,223) (381,490)
Revenue account 2,857,832 556,160 147,337 70,939 281,791 649,048
Total 6,825,373 1,257,108 91,968 33,850 116,568 267,558
Investments F–2 6,301,986 1,166,726 89,853 32,863 116,770 268,822
Current assets F–3 737,605 91,715 3,117 1,048 188 650
Less: Current liabilities and provisions F–4 214,218 1,333 1,002 61 390 1,914
Net current assets 523,387 90,382 2,115 987 (202) (1,264)
Total 6,825,373 1,257,108 91,968 33,850 116,568 267,558

current liabilities and provisions)(H in thousands) 6,825,373 1,257,108 91,968 33,850 116,568 267,558

Annexures

(H In Thousand)
Linked Life Funds

Interest income 13 1 1 – 4 94,191
Dividend income 4,387 4,016 5,034 94,874 11,365 834
Miscellaneous income 829 280 2,231 57,246 9,871 12,778
Profit/(Loss) on sale of investment 9,774 16,394 37,627 620,738 16,660 18,002
Profit/(Loss) on inter fund transfer/sale of investment 77,846 51,224 52,216 448,937 564 8,943
Unrealised gain/(loss) (33,864) (36,224) (40,160) (133,921) 16,358 (36,968)
Total Income (A) 58,985 35,691 56,949 1,087,874 54,822 97,780
Expenses
Other charges F–5 3,536 3,375 16,966 228,003 71,812 23,378
Total expenses (B) 14,416 11,666 23,626 344,912 87,285 41,706
Net income/(loss) for the year (A–B) 44,569 24,025 33,323 742,962 (32,463) 56,074
Add: Revenue account at the beginning of the year 1,030,346 361,464 569,803 2,983,839 – 964,411
Fund revenue account at the end of the year 1,074,915 385,489 603,126 3,726,801 (32,463) 1,020,485

(H In Thousand)
Linked Life Funds
Sources of funds
Policyholders' contribution F–1 (804,679) (181,841) (178,257) 6,418,294 2,729,338 265,297
Revenue account 1,074,915 385,489 603,126 3,726,801 (32,463) 1,020,485
Total 270,236 203,648 424,869 10,145,095 2,696,875 1,285,782
Investments F–2 289,429 221,142 420,360 9,860,171 2,547,790 1,008,080
Current assets F–3 153 201 5,338 286,648 149,514 279,248
Less: Current liabilities and provisions F–4 19,346 17,695 829 1,724 429 1,546
Net current assets (19,193) (17,494) 4,509 284,924 149,085 277,702
Total 270,236 203,648 424,869 10,145,095 2,696,875 1,285,782

current liabilities and provisions)(H in thousands) 270,236 203,648 424,869 10,145,095 2,696,875 1,285,782

Annexures

(H In Thousand)
Total (A):
Particulars Schedule SHIELDPL02116 SHIELDPL03116 SHIELDPL04116 Linked Life Funds ACCEMIDPEN116 ASALLOCPEN116

Interest income 29,061 54,858 7,804 2,302,126 26 19,846
Dividend income 308 498 95 1,485,957 5,532 7,394
Miscellaneous income 3,278 4,455 454 1,084,191 1,955 5,773
Profit/(Loss) on sale of investment 5,973 17,446 2,741 13,564,389 70,465 72,638
Profit/(Loss) on inter fund transfer/sale of investment 2,817 5,729 911 6,575,672 43,028 16,904
Unrealised gain/(loss) (10,544) (33,771) (4,683) (4,954,481) (17,599) (28,807)
Total Income (A) 30,893 49,215 7,322 20,057,854 103,407 93,748
Expenses
Fund management expenses 5,420 10,582 1,466 2,395,976 8,780 11,796
Other charges F–5 6,265 10,084 1,292 3,914,444 3,910 10,422
Total expenses (B) 11,685 20,666 2,758 6,434,681 12,690 22,218
Net income/(loss) for the year (A–B) 19,208 28,549 4,564 13,623,173 90,717 71,530

(H In Thousand)
Total (A):
Linked
Particulars Schedule SHIELDPL02116 SHIELDPL03116 SHIELDPL04116 Life Funds ACCEMIDPEN116 ASALLOCPEN116
Sources of funds
Policyholders' contribution F–1 64,325 192,682 23,414 28,227,170 (513,516) (720,274)
Revenue account 311,200 530,106 73,266 142,318,490 1,107,771 1,531,867
Total 375,525 722,788 96,680 170,545,660 594,255 811,593
Investments F–2 266,593 657,213 93,180 168,525,161 592,881 815,154
Current assets F–3 109,204 66,406 3,625 4,143,823 3,669 12,989
Less: Current liabilities and provisions F–4 272 831 125 2,123,324 2,295 16,550
Net current assets 108,932 65,575 3,500 2,020,499 1,374 (3,561)
Total 375,525 722,788 96,680 170,545,660 594,255 811,593

current liabilities and provisions)(H in thousands) 375,525 722,788 96,680 594,255 811,593
(b) Number of units outstanding (in thousands) 19,564 39,132 5,523 9,310 30,740

Annexures

(H In Thousand)

Interest income 41,156 – 3,639 – 35 –
Dividend income – – – – 11,897 827
Miscellaneous income 2,436 1,527 275 17,968 2,651 73
Profit/(Loss) on sale of investment 3,327 – 66 – 33,114 2,982
Profit/(Loss) on inter fund transfer/sale of investment (6,660) – (708) – 150,718 3,202
Unrealised gain/(loss) (11,887) – (455) – (31,766) (429)
Total Income (A) 28,372 1,527 2,817 17,968 166,649 6,655
Expenses
Fund management expenses 5,329 171 373 1,478 15,574 639
Other charges F–5 2,584 117 281 258 8,603 398
Total expenses (B) 7,913 288 654 1,736 24,177 1,037
Add: Revenue account at the beginning of the year 855,127 59,042 94,994 5,895 2,783,659 152,655
Fund revenue account at the end of the year 875,586 60,281 97,157 22,127 2,926,131 158,273

(H In Thousand)
Sources of funds
Policyholders' contribution F–1 (382,170) (36,841) (44,569) 432,903 (1,935,701) (97,631)
Revenue account 875,586 60,281 97,157 22,127 2,926,131 158,273
Total 493,416 23,440 52,588 455,030 990,430 60,642
Investments F–2 480,344 24,559 50,102 431,560 1,017,058 60,500
Current assets F–3 14,304 201 2,622 23,498 303 164
Less: Current liabilities and provisions F–4 1,232 1,320 136 28 26,931 22
Net current assets 13,072 (1,119) 2,486 23,470 (26,628) 142
Total 493,416 23,440 52,588 455,030 990,430 60,642

current liabilities and provisions)(H in thousands) 493,416 23,440 52,588 455,030 990,430 60,642
(b) Number of units outstanding (in thousands) 18,292 815 1,700 40,320 22,206 1,109

Annexures

(H In Thousand)

Interest income 5 2 10 – 115,721
Dividend income 23,811 517 3,287 – 260
Miscellaneous income 1,555 136 1,274 4,423 7,461
Profit/(Loss) on sale of investment 94,604 5,367 8,188 9 (15,813)
Profit/(Loss) on inter fund transfer/sale of investment 155,132 3,683 27,310 – (4,290)
Unrealised gain/(loss) (78,571) (233) 5,966 – (19,376)
Total Income (A) 196,536 9,472 46,035 4,432 83,963
Expenses
Fund administration expenses – – – – –
Fund management expenses 22,485 873 4,995 674 21,321
Other charges F–5 18,028 284 1,841 431 21,062
Total expenses (B) 40,513 1,157 6,836 1,105 42,383
Net income/(loss) for the year (A–B) 156,023 8,315 39,199 3,327 41,580
Add: Revenue account at the beginning of the year 2,789,248 191,427 974,314 113,620 78,439
Fund revenue account at the end of the year 2,945,271 199,742 1,013,513 116,947 120,019

(H In Thousand)
Sources of funds
Policyholders' contribution F–1 (1,396,315) (146,463) (689,664) (39,517) 2,018,776
Revenue account 2,945,271 199,742 1,013,513 116,947 120,019
Total 1,548,956 53,279 323,849 77,430 2,138,795
Investments F–2 1,575,280 53,808 325,757 78,052 1,994,236
Current assets F–3 313 557 1,029 180 144,898
Less: Current liabilities and provisions F–4 26,637 1,086 2,937 802 339
Net current assets (26,324) (529) (1,908) (622) 144,559
Total 1,548,956 53,279 323,849 77,430 2,138,795

current liabilities and provisions)(H in thousands) 1,548,956 53,279 323,849 77,430 2,138,795
(b) Number of units outstanding (in thousands) 48,979 432 3,441 3,082 173,230

Annexures

(H In Thousand)
Total (B):
Linked

Interest income – 180,440 1,194 38,955 91 432
Dividend income 1,563 55,088 134 15,341 36 –
Miscellaneous income – 47,507 164 9,448 551 137
Profit/(Loss) on sale of investment 7,870 282,817 (181) 161,637 20 24
Profit/(Loss) on inter fund transfer/sale of investment 3,624 391,943 464 48,161 – (510)
Unrealised gain/(loss) 10,909 (172,248) 907 (74,559) 379 –
Total Income (A) 23,966 785,547 2,682 198,983 1,077 83
Expenses
Fund management expenses 2,097 96,585 392 23,646 174 100
Other charges F–5 831 69,050 68 20,988 67 41
Total expenses (B) 2,928 165,635 460 44,634 241 141
Net income/(loss) for the year (A–B) 21,038 619,912 2,222 154,349 836 (58)
Add: Revenue account at the beginning of the year 205,262 10,781,073 49,107 1,425,162 1,818 –
Fund revenue account at the end of the year 226,300 11,400,985 51,329 1,579,511 2,654 (58)

(H In Thousand)
Total (B):
Linked
Sources of funds
Policyholders' contribution F–1 (76,330) (3,627,312) (18,363) 42,078 12,758 58
Revenue account 226,300 11,400,985 51,329 1,579,511 2,654 (58)
Total 149,970 7,773,673 32,966 1,621,589 15,412 –
Investments F–2 145,551 7,644,842 32,313 1,579,957 14,994 –
Current assets F–3 4,663 209,390 658 49,240 420 –
Less: Current liabilities and provisions F–4 244 80,559 5 7,608 2 –
Net current assets 4,419 128,831 653 41,632 418 –
Total 149,970 7,773,673 32,966 1,621,589 15,412 –

current liabilities and provisions)(H in thousands) 149,970 32,966 1,621,589 15,412 –
(b) Number of units outstanding (in thousands) 3,302 676 65,059 1,075 –
(c) Net asset value per unit (a)/(b) (H) 45.4165 48.7541 24.9251 14.3404 –

Annexures

(H In Thousand)
Linked Group Funds

Interest income – 141,698 463,059 45,718 319 16
Dividend income 1,393 – – – – 5,118
Miscellaneous income 102 11,158 43,225 5,814 76 1,427
Profit/(Loss) on sale of investment 1,326 (18,676) (56,337) (7,628) (264) 12,015
Profit/(Loss) on inter fund transfer/sale of investment 16,368 7,494 58,360 1,358 (4) 55,231
Unrealised gain/(loss) (6,887) (27,413) (94,314) (8,485) (17) (1,784)
Total Income (A) 12,302 114,261 413,993 36,777 110 72,023
Expenses
Fund management expenses 1,289 20,478 70,143 7,129 52 6,199
Other charges F–5 971 12,120 22,881 1,545 9 3,798
Total expenses (B) 2,260 32,598 93,024 8,674 61 9,997
Net income/(loss) for the year (A–B) 10,042 81,663 320,969 28,103 49 62,026
Add: Revenue account at the beginning of the year 48,293 1,139,356 1,150,818 1,886 – 233,122
Fund revenue account at the end of the year 58,335 1,221,019 1,471,787 29,989 49 295,148

(H In Thousand)
Linked Group Funds
Sources of funds
Policyholders' contribution F–1 23,115 649,235 5,837,676 780,681 9,999 156,848
Revenue account 58,335 1,221,019 1,471,787 29,989 49 295,148
Total 81,450 1,870,254 7,309,463 810,670 10,048 451,996
Investments F–2 81,336 1,822,761 7,029,232 779,996 9,318 451,498
Current assets F–3 156 66,882 281,170 30,779 731 568
Less: Current liabilities and provisions F–4 42 19,389 939 105 1 70
Net current assets 114 47,493 280,231 30,674 730 498
Total 81,450 1,870,254 7,309,463 810,670 10,048 451,996

current liabilities and provisions)(H in thousands) 81,450 1,870,254 7,309,463 810,670 10,048 451,996

Annexures

(H In Thousand)
Linked Group Funds

Interest income 2 21,546 1,504 – 4,862 335
Dividend income 7,274 – – – 64 –
Miscellaneous income 607 1,792 18,244 3,071 177 3
Profit/(Loss) on sale of investment 18,513 (2,994) 9 – 1,312 –
Profit/(Loss) on inter fund transfer/sale of investment 77,529 (5) – – 838 19
Unrealised gain/(loss) (42,547) (689) – – (2,713) (83)
Total Income (A) 61,378 19,650 19,757 3,071 4,540 274
Expenses
Fund management expenses 8,300 2,900 2,138 343 812 40
Other charges F–5 11,244 781 1,957 101 664 125
Total expenses (B) 19,544 3,681 4,095 444 1,476 165
Net income/(loss) for the year (A–B) 41,834 15,969 15,662 2,627 3,064 109
Fund revenue account at the end of the year 568,664 112,073 213,691 8,774 56,532 106,412

(H In Thousand)
Linked Group Funds
Sources of funds
Policyholders' contribution F–1 (129,217) 181,283 49,385 47,688 (2,565) (102,615)
Revenue account 568,664 112,073 213,691 8,774 56,532 106,412
Total 439,447 293,356 263,076 56,462 53,967 3,797
Investments F–2 447,711 242,305 263,522 41,333 46,856 3,384
Current assets F–3 235 51,113 191 15,133 7,133 431
Less: Current liabilities and provisions F–4 8,499 62 637 4 22 18
Net current assets (8,264) 51,051 (446) 15,129 7,111 413
Total 439,447 293,356 263,076 56,462 53,967 3,797

current liabilities and provisions)(H in thousands) 439,447 293,356 263,076 56,462 53,967 3,797
(b) Number of units outstanding (in thousands) 23,823 18,149 12,094 4,240 3,061 194

Annexures

(H In Thousand)
Linked Group Funds
Total (C):
Linked Grand Total

Interest income 185 30,162 764,181 103,454 1,617,713 4,100,279
Dividend income – – 17,034 6,473 52,867 1,593,912
Miscellaneous income 195 2,496 31,164 7,523 137,374 1,269,072
Profit/(Loss) on sale of investment 104 (54) 92,236 55,791 256,853 14,104,059
Profit/(Loss) on inter fund transfer/sale of investment – 196 109,350 29,219 404,068 7,371,683
Unrealised gain/(loss) (156) (3,991) (267,722) (79,615) (609,689) (5,736,418)
Total Income (A) 328 28,809 746,243 122,845 1,859,186 22,702,587
Expenses
Fund administration expenses – – – – – 124,261
Fund management expenses 53 3,710 142,907 22,588 313,393 2,805,954
Other charges F–5 66 691 39,792 4,255 122,164 4,105,658
Total expenses (B) 119 4,401 182,699 26,843 435,557 7,035,873
Net income/(loss) for the year (A–B) 209 24,408 563,544 96,002 1,423,629 15,666,714
Add: Revenue account at the beginning of the year 4,005 14,301 2,011,577 1,112,251 8,178,577 147,654,967
Fund revenue account at the end of the year 4,214 38,709 2,575,121 1,208,253 9,602,206 163,321,681

(H In Thousand)
Linked Group Funds
Total (C):
Linked Grand Total
Sources of funds
Policyholders' contribution F–1 (15) 385,377 11,075,947 855,526 19,854,879 44,454,737
Revenue account 4,214 38,709 2,575,121 1,208,253 9,602,206 163,321,681
Total 4,199 424,086 13,651,068 2,063,779 29,457,085 207,776,418
Investments F–2 4,045 370,294 13,029,874 2,034,477 28,285,206 204,455,209
Current assets F–3 154 53,844 860,327 65,720 1,484,885 5,838,098
Less: Current liabilities and provisions F–4 – 52 239,133 36,418 313,006 2,516,889
Net current assets 154 53,792 621,194 29,302 1,171,879 3,321,209
Total 4,199 424,086 13,651,068 2,063,779 29,457,085 207,776,418

current liabilities and provisions)(H in thousands) 4,199 424,086 13,651,068 2,063,779
(b) Number of units outstanding (in thousands) 251 30,209 395,780 53,838
(c) Net asset value per unit (a)/(b) (H) 16.7036 14.0386 34.4915 38.3332

Annexures

(H In Thousand)
Linked Life Funds
Opening balance as at 1 April 2017 (1,218,985) 5,366,448 8,424,620 1,125,458 556,957 118,482 2,068,784
Add: Addition during the year 385,550 7,391,150 733,552 654,511 195,087 212,176 1,238,082
Less: Deduction during the year 1,584,211 3,232,948 7,394,500 303,142 322,927 162,585 1,384,629
Closing balance as at 31 March 2018 (2,417,646) 9,524,650 1,763,672 1,476,827 429,117 168,073 1,922,237
(H In Thousand)
Linked Life Funds
Capital Guarantee
Opening balance as at 1 April 2017 6,911,467 246,414 (11,379) (14,522) (352,462) (44,266) (149,558)
Add: Addition during the year 3,625,279 497,759 – 6,998 20,506 26,258 66,847
Less: Deduction during the year 3,837,095 333,077 3,700 45,911 84,318 77,471 195,914
Closing balance as at 31 March 2018 6,699,651 411,096 (15,079) (53,435) (416,274) (95,479) (278,625)
(H In Thousand)
Linked Life Funds
Opening balance as at 1 April 2017 4,027,744 (1,556,598) (2,663,851) (5,268,765) 7,189,717 (706,009) 15,558,755
Add: Addition during the year 3,413,393 27,062 188,834 832,186 5,102,196 20,749 1,466,494
Less: Deduction during the year 3,409,204 232,600 710,317 8,008,045 3,564,325 123,729 10,100,875
Closing balance as at 31 March 2018 4,031,933 (1,762,136) (3,185,334) (12,444,624) 8,727,588 (808,989) 6,924,374
(H In Thousand)
Linked Life Funds
Opening balance as at 1 April 2017 (585,671) (1,572,775) (5,146,034) 30,193 27,226 (2,258) 1,747,510
Add: Addition during the year 21,768 77,816 103,705 – – 920 –
Closing balance as at 31 March 2018 (667,396) (1,656,117) (5,847,238) 13,531 19,684 (13,036) 1,330,812

Annexures

(H In Thousand)
Linked Life Funds
Opening balance as at 1 April 2017 53,022 1,895,457 5,041,852 969,657 (23,399) (31,255) (140,458)
Add: Addition during the year 9,292 1,615,751 13,272 907,782 3,642 7,078 623
Less: Deduction during the year 18,106 1,667,974 1,087,583 1,176,491 35,612 12,912 25,388
Closing balance as at 31 March 2018 44,208 1,843,234 3,967,541 700,948 (55,369) (37,089) (165,223)
(H In Thousand)
Linked Life Funds
Opening balance as at 1 April 2017 (343,905) (571,909) (31,755) (132,394) 4,214,599 – 473,525
Add: Addition during the year 6,148 2,597 1,729 7,693 4,438,943 2,980,525 –
Closing balance as at 31 March 2018 (381,490) (804,679) (181,841) (178,257) 6,418,294 2,729,338 265,297
(H In Thousand)
ULIF05610/05/10 ULIF05711/08/10 ULIF06220/04/11 Total (A): ULIF03324/07/06 ULIF04628/01/08 ULIF03524/07/06

Linked
Particulars SHIELDPL02116 SHIELDPL03116 SHIELDPL04116 life funds ACCEMIDPEN116 ASALLOCPEN116 BONDPENFUN116
Opening balance as at 1 April 2017 135,548 340,446 59,996 46,015,669 (374,459) (474,355) (253,285)
Add: Addition during the year – 69 16 36,304,038 66,384 32,803 55,147
Less: Deduction during the year 71,223 147,833 36,598 54,092,537 205,441 278,722 184,032
Closing balance as at 31 March 2018 64,325 192,682 23,414 28,227,170 (513,516) (720,274) (382,170)
(H In Thousand)
Opening balance as at 1 April 2017 (32,929) (41,042) 155,384 (1,596,081) (91,244) (907,305) (135,153)
Add: Addition during the year 1,850 2,328 357,147 52,963 1,350 71,801 1,370
Closing balance as at 31 March 2018 (36,841) (44,569) 432,903 (1,935,701) (97,631) (1,396,315) (146,463)

Annexures

(H In Thousand)
ULIF01218/11/04 ULIF04124/07/06 ULIF06908/02/13 ULIF04717/04/08 Total (B): ULGF00318/11/04 ULGF00926/02/10

Linked
Opening balance as at 1 April 2017 (653,784) (38,910) 1,368,389 (53,589) (3,128,363) (19,223) 662,262
Add: Addition during the year 5,806 40,860 1,080,094 10,281 1,780,184 4,200 17,850
Closing balance as at 31 March 2018 (689,664) (39,517) 2,018,776 (76,330) (3,627,312) (18,363) 42,078
(H In Thousand)
Linked Group Funds
Opening balance as at 1 April 2017 11,868 – 74,103 1,086,934 6,173,366 505,669 –

Add: Addition during the year 1,423 19,403 348 58,058 725,934 290,950 10,000
Less: Deduction during the year 533 19,345 51,336 495,757 1,061,624 15,938 1
Closing balance as at 31 March 2018 12,758 58 23,115 649,235 5,837,676 780,681 9,999
(H In Thousand)
Linked Group Funds
Opening balance as at 1 April 2017 316,593 86,760 200,628 133,909 29,325 28,611 (101,819)
Add: Addition during the year 20,489 15,054 – 7,391 168,862 – 78
Less: Deduction during the year 180,234 231,031 19,345 91,915 150,499 31,176 874
Closing balance as at 31 March 2018 156,848 (129,217) 181,283 49,385 47,688 (2,565) (102,615)
(H In Thousand)
Linked Group Funds
ULGF01218/04/11 ULGF02024/06/13 ULGF00215/10/04 ULGF00115/09/04 Total (C):

Linked Grand Total
Opening balance as at 1 April 2017 3,019 385,720 7,818,982 443,149 17,839,856 60,727,162
Add: Addition during the year – 53,195 4,140,376 1,785,754 7,319,365 45,403,587
Less: Deduction during the year 3,034 53,538 883,411 1,373,377 5,304,342 61,676,012
Closing balance as at 31 March 2018 (15) 385,377 11,075,947 855,526 19,854,879 44,454,737

(H In Thousand)
Linked Life Funds

Accelerator Mid Accelerator Mid Asset Allocation Asset Allocation Assured Return Balanced Equity Blue Chip Equity Capital Guarantee
Cap Fund Cap Fund II Fund Fund II Fund Fund Fund Bond Fund Builder Bond Fund Fund– 2017
Particulars ACCEMIDCAP116 ACCMIDCA02116 ASSETALLOC116 ASSETALL02116 ASSRDRETRN116 BALEQTYFND116 BLUECHIPEQ116 BONDFUNDLI116 BLDRBNDFND116 CAPGTE2017116
Government Bonds – – 3,325,358 348,548 241,597 89,927 – 4,929,532 223,378 –

Corporate Bonds – – 1,341,264 43,203 61,023 19,413 – 3,780,557 57,122 –
Infrastructure Bonds – – 130,745 29,314 99,936 10,016 – 837,084 28,044 –
Equity 4,242,118 10,582,095 7,560,861 855,681 – 29,270 2,921,404 – – –
Money Market – – 152,889 60,758 – – – – 20,291 –
Mutual Fund – – – – – – – – – –
Reverse Repos – – – – – – – – – –
Bank Fixed Deposits – – 58,375 44,644 50,220 1,200 31,240 144,231 9,172 –
ETF – – – – – – – – – –
CBLO 482,936 2,245,438 200 150,949 1,499 9,497 93,368 168,943 13,895 –
Total 4,725,054 12,827,533 12,569,692 1,533,097 454,275 159,323 3,046,012 9,860,347 351,902 –
Other Investments
Corporate Bonds – – 300,449 – 56,929 – – 136,515 – –

Equity 638,049 1,714,347 452,698 50,358 – 845 67,671 – – –
Money Market – – – – – – – – – –
Mutual Fund – – – – – – – – – –
ETF – – – – – – – – – –
Total 638,049 1,714,347 753,147 50,358 56,929 845 67,671 136,515 – –
Grand Total 5,363,103 14,541,880 13,322,839 1,583,455 511,204 160,168 3,113,683 9,996,862 351,902 –
% of Approved to Total 88.10% 88.21% 94.35% 96.82% 88.86% 99.47% 97.83% 98.63% 100.00% –
% of Other than Approved to Total 11.90% 11.79% 5.65% 3.18% 11.14% 0.53% 2.17% 1.37% – –

Annexures
253
(H In Thousand)
Annexures
Linked Life Funds

Discontinued Life Equity Growth Equity Growth
Cash Fund Cash Plus Fund Debt Fund Debt Plus Fund Policy Fund Equity Fund Equity Gain Fund Fund Fund II Equity Index Fund
Particulars CASHFUNDLI116 CASHPLUSFU116 DEBTFUNDLI116 DEBTPLUSFU116 DISCONLIFE116 EQUITYFUND116 EQGAINFUND116 EQGROWFUND116 EQTYGROW02116 EQINDEFUND116
Government Bonds 197,659 315,585 292,504 430,232 3,664,785 – – 475,964 – –

Corporate Bonds – – 128,884 140,700 – – – (1) (1) –
Infrastructure Bonds 35,586 52,380 20,798 27,538 262,398 – – – – –

Equity – – – – – 1,600,122 3,509,632 24,692,682 11,895,120 792,047
Money Market 109,711 161,905 1,416 8,494 384,664 – – 225,726 – –
Mutual Fund – – – – – – – – – –
Reverse Repos – – – – – – – – – –
Bank Fixed Deposits – – 13,010 16,500 – – – 48,816 – –
ETF – – – – – – – – – –
CBLO 23,392 14,195 5,498 800 425,855 74,775 278,106 1,167,698 1,307,856 43,185
Total 366,348 544,065 462,110 624,264 4,737,702 1,674,897 3,787,738 26,610,885 13,202,975 835,232
Other Investments
Corporate Bonds – – – – – – – – – –
Equity – – – – – 39,590 205,627 1,029,199 704,125 19,599
Money Market – – – – – – – – – –
Mutual Fund – – – – – – – – – –
ETF – – – – – – 311,204 2,293,902 898,558 –
Total – – – – – 39,590 516,831 3,323,101 1,602,683 19,599
Grand Total 366,348 544,065 462,110 624,264 4,737,702 1,714,487 4,304,569 29,933,986 14,805,658 854,831
% of Other than Approved to Total – – – – – 2.31% 12.01% 11.10% 10.82% 2.29%

(H In Thousand)
Linked Life Funds

Equity Index Equity Midcap Equity Midcap Plus Growth Plus Growth Plus Guaranteed Bond Life Long Gain
Fund – II Fund Fund Equity Plus Fund Growth Plus Fund I Fund II Fund III Fund Fund Liquid Fund
Particulars EQTYINDX02116 EQUMIDFUND116 EQUMIDPLUS116 EQPLUSFUND116 GROWPLUS01116 GROWPLUS02116 GROWPLUS03116 GTEBONDFND116 LIFELOGAIN116 LIQUIDFUND116
Government Bonds – – – – – – – 483,708 139,676 1,148,293

Corporate Bonds (1) – – – 14,039 – – 358,868 15,366 –
Infrastructure Bonds – – – – 37,195 – – 428,686 14,663 205,888
Equity 24,457,156 561,944 1,024,249 4,717,385 – 35,597 39,124 – – –
Money Market – – – – – – – – – 644,914
Mutual Fund – – – – – – – – – –
Reverse Repos – – – – – – – – – –
Bank Fixed Deposits – – – 34,966 11,355 – – 403,775 1,635 –
ETF – – – – – – – – – –
CBLO 541,316 103,865 207,130 356,579 1,400 1,200 800 1,599 – 261,511
Total 24,998,471 665,809 1,231,379 5,108,930 63,989 36,797 39,924 1,676,636 171,340 2,260,606
Other Investments
Corporate Bonds – – – – – – – 227,407 – –

Equity 439,411 97,808 181,788 273,999 – 855 890 – – –
Money Market – – – – – – – – – –
Mutual Fund – – – – – – – – – –
ETF – – – 415,028 – – – – – –
Total 439,411 97,808 181,788 689,027 – 855 890 227,407 – –
Grand Total 25,437,882 763,617 1,413,167 5,797,957 63,989 37,652 40,814 1,904,043 171,340 2,260,606
% of Other than Approved to Total 1.73% 12.81% 12.86% 11.88% – 2.27% 2.18% 11.94% – –

Annexures
255
(H In Thousand)
Annexures
Linked Life Funds

Premier Bond Premier Equity Premier Equity Premier Equity Premier Equity
Max Gain Fund I Max Gain Fund II Fund Premier Debt Fund Fund Gain Fund Growth Fund Index Fund Pure Equity Fund Pure Stock Fund
Particulars MAXGAINF01116 MAXGAINF02116 PREMIRBOND116 PRERDEBTFU116 PRMREQFUND116 PREREQGAIN116 PREMEQGROW116 PREREQINDX116 PUREEQFUND116 PURESTKFUN116
Government Bonds 2,281,696 239,506 52,011 23,367 – – – – 68,124 1,707,547

Corporate Bonds 1,873,880 270,896 20,936 8,769 – – – – – –
Infrastructure Bonds 1,326,144 158,465 5,200 – – – – – – –

Equity – 311,230 – – 111,098 219,768 244,944 212,022 333,759 7,725,706
Money Market – – – – – – – – – –
Mutual Fund – – – – – – – – – –
Reverse Repos – – – – – – – – – –
Bank Fixed Deposits 528,190 79,450 610 127 – – – – – –
ETF – – – – – – – – – –
CBLO 281,804 104,864 11,096 600 2,899 16,994 1,999 3,499 – –
Total 6,291,714 1,164,411 89,853 32,863 113,997 236,762 246,943 215,521 401,883 9,433,253
Other Investments
Corporate Bonds 10,272 – – – – – – – – –

Equity – 2,315 – – 2,773 12,744 16,823 5,621 18,477 426,918
Money Market – – – – – – – – – –
Mutual Fund – – – – – – – – – –
ETF – – – – – 19,316 25,663 – – –
Total 10,272 2,315 – – 2,773 32,060 42,486 5,621 18,477 426,918
Grand Total 6,301,986 1,166,726 89,853 32,863 116,770 268,822 289,429 221,142 420,360 9,860,171
% of Other than Approved to Total 0.16% 0.20% – – 2.37% 11.93% 14.68% 2.54% 4.40% 4.33%
(H In Thousand)

Accelerator Mid Asset Allocation Bond Pension Cash Plus Pension
Pure Stock Fund II Shield Plus Fund I Shield Plus Fund II Shield Plus Fund III Shield Plus Fund IV Cap Pension Fund Pension Fund Fund Fund
ULIF07709/01/17 ULIF05313/01/10 ULIF05610/05/10 ULIF05711/08/10 ULIF06220/04/11 ULIF03324/07/06 ULIF04628/01/08 ULIF03524/07/06 ULIF01618/11/04

Total (A):
Particulars PURSTKFUN2116 SHIELDPL01116 SHIELDPL02116 SHIELDPL03116 SHIELDPL04116 Linked Life Funds ACCEMIDPEN116 ASALLOCPEN116 BONDPENFUN116 CASHPLUPEN116
Government Bonds – 171,642 25,647 161,701 32,027 21,070,014 – 170,040 297,922 13,133
Corporate Bonds – 213,911 75,365 259,610 31,403 8,715,206 – 44,618 130,995 –
Infrastructure Bonds – 157,457 7,158 159,395 24,025 4,058,115 – – 11,439 1,977
Equity 1,988,765 41,057 11,706 22,938 4,253 110,743,733 455,762 462,156 – –
Money Market – – – – – 1,770,768 – 32,716 – 6,750
Mutual Fund – – – – – – – – – –
Reverse Repos – – – – – – – – – –
Bank Fixed Deposits – 279,822 108,049 32,741 – 1,898,128 – 6,700 3,300 –
ETF – – – – – – – – – –
CBLO 449,247 12,296 400 13,695 1,200 8,884,078 53,182 71,876 36,688 2,699
Total 2,438,012 876,185 228,325 650,080 92,908 157,140,042 508,944 788,106 480,344 24,559
Other Investments
Corporate Bonds – 127,621 37,327 4,078 – 900,598 – – – –

Equity 109,778 4,274 941 3,055 272 6,520,850 83,937 27,048 – –
Money Market – – – – – – – – – –
Mutual Fund – – – – – – – – – –
ETF – – – – – 3,963,671 – – – –
Total 109,778 131,895 38,268 7,133 272 11,385,119 83,937 27,048 – –
Grand Total 2,547,790 1,008,080 266,593 657,213 93,180 168,525,161 592,881 815,154 480,344 24,559
% of Other than Approved to Total 4.31% 13.08% 14.35% 1.09% 0.29% 6.76% 14.16% 3.32% – –

Annexures
257
(H In Thousand)
Annexures
Linked Life Funds

Debt Plus Pension Discontinued Equity Growth Equity Index Equity Index Equity Midcap Plus Equity Plus Liquid Pension Pension Builder Pure Stock
Fund Pension Policy Fund Pension Fund Pension Fund Pension Fund – II Pension Fund Pension Fund Fund Fund Pension Fund
ULIF01518/11/04 ULIF07126/03/13 ULIF03624/07/06 ULIF01318/11/04 ULIF03724/07/06 ULIF01909/03/05 ULIF01218/11/04 ULIF04124/07/06 ULIF06908/02/13 ULIF04717/04/08 Total (B):
Linked Pension
Particulars DEBTPLUPEN116 DISCONPENS116 EQTYGROPEN116 EQINDEXPEN116 EQINDPEN02116 EQUMIDCPEN116 EQUPLUSPEN116 LIQPENFUND116 PENSIONBUI116 PURESTKPEN116 Funds
Government Bonds 41,032 260,418 – – – – – 39,559 1,098,933 – 1,921,037

Corporate Bonds 6,476 – – – – – – – 591,457 – 773,546
Infrastructure Bonds – – – – – – – 5,939 – – 19,355

Equity – – 821,846 56,116 1,507,428 42,355 263,723 – 144,778 145,551 3,899,715
Money Market 944 – – – – – – 19,758 – – 60,168
Mutual Fund – – – – – – – – – – –
Reverse Repos – – – – – – – – – – –
Bank Fixed Deposits 1,250 – – – – – – – 47,607 – 58,857
ETF – – – – – – – – – – –
CBLO 400 171,142 62,879 2,999 30,189 3,999 23,592 12,796 111,461 – 583,902
Total 50,102 431,560 884,725 59,115 1,537,617 46,354 287,315 78,052 1,994,236 145,551 7,316,580
Other Investments
Corporate Bonds – – – – – – – – – – –
Equity – – 49,822 1,385 37,663 7,454 15,318 – – – 222,627
Money Market – – – – – – – – – – –
Mutual Fund – – – – – – – – – – –
ETF – – 82,511 – – – 23,124 – – – 105,635
Total – – 132,333 1,385 37,663 7,454 38,442 – – – 328,262
Grand Total 50,102 431,560 1,017,058 60,500 1,575,280 53,808 325,757 78,052 1,994,236 145,551 7,644,842
% of Other than Approved to Total – – 13.01% 2.29% 2.39% 13.85% 11.80% – – – 4.29%
(H In Thousand)
Linked Group Funds

Accelerated Gain Group Asset Group Balanced Group Balanced Group Blue Chip Group Debt Group Debt Group Equity Index
Fund Allocation Fund Gain Fund Gain Fund II Fund Group Debt Fund Group Debt Fund II Fund III Pension Fund Group Equity Fund Fund
ULGF00318/11/04 ULGF00926/02/10 ULGF01810/05/13 ULGF02402/03/15 ULGF01118/04/11 ULGF00426/03/08 ULGF01924/06/13 ULGF02202/03/15 ULGF02518/08/16 ULGF01018/04/11 ULGF00822/02/10
Particulars ACCELEFUND116 GRASSALLOC116 GRBALCEDGA116 GRBALCGA02116 GRBLUECHIP116 GRDEBTFUND116 GRDEBTFU02116 GRDEBTFU03116 GRDBTPENFU116 GREQTYFUND116 GREQTYINDX116
Government Bonds 9,660 302,199 6,889 – – 960,417 3,629,118 564,769 8,292 – –

Corporate Bonds 4,050 87,880 – – – 772,109 2,727,817 140,910 510 – –
Infrastructure Bonds 1,020 29,033 – – – – 605,530 10,195 – – –
Equity 13,385 891,612 3,558 – 78,693 – – – – 382,679 432,542
Money Market – 60,758 – – – – – 53,322 – – –
Mutual Fund – – – – – – – – – – –
Reverse Repos – – – – – – – – – – –
Bank Fixed Deposits – 45,055 216 – – 12,362 63,869 9,900 416 – –
ETF – – – – – – – – – – –
CBLO 3,799 111,162 4,199 – 700 77,873 2,898 900 100 12,396 4,099
Total 31,914 1,527,699 14,862 – 79,393 1,822,761 7,029,232 779,996 9,318 395,075 436,641
Other Investments
Corporate Bonds – – – – – – – – – – –
Equity 399 52,258 132 – 1,943 – – – – 22,289 11,070
Money Market – – – – – – – – – – –
Mutual Fund – – – – – – – – – – –
ETF – – – – – – – – – 34,134 –
Total 399 52,258 132 – 1,943 – – – – 56,423 11,070
Grand Total 32,313 1,579,957 14,994 – 81,336 1,822,761 7,029,232 779,996 9,318 451,498 447,711
% of Approved to Total 98.77% 96.69% 99.12% – 97.61% 100.00% 100.00% 100.00% 100.00% 87.50% 97.53%
% of Other than Approved to Total 1.23% 3.31% 0.88% – 2.39% – – – – 12.50% 2.47%

Annexures
259
(H In Thousand)
Annexures
Linked Group Funds

Group Growth Group Liquid Group Return Group Short Term Group Short Term Group Short Term
Fund II Group Liquid Fund Fund II Shield Fund Debt Fund Debt Fund II Debt Fund III Secure Gain Fund Stable Gain Fund
ULGF01311/05/11 ULGF00503/11/08 ULGF02124/06/13 ULGF01421/06/11 ULGF00628/02/09 ULGF01218/04/11 ULGF02024/06/13 ULGF00215/10/04 ULGF00115/09/04 Total (C):
Linked Grand Total
Particulars GRGROWFU02116 GRLIQUFUND116 GRLIQUFU02116 RETNSHIELD116 GRSHTRMDEB116 GRSHTRDE02116 GRSHTRDE03116 SECUREFUND116 STABLEFUND116 Group Funds (A+B+C)
Government Bonds 115,694 177,947 12,559 14,934 2,971 2,951 179,418 7,097,955 845,147 13,930,920 36,921,971
Corporate Bonds 38,644 – – 13,691 – – 63,275 1,504,577 340,208 5,693,671 15,182,423
Infrastructure Bonds 32,869 – 2,481 7,930 – 394 69,563 238,624 24,644 1,022,283 5,099,753

Equity – – – 2,850 – – – 2,371,931 511,775 4,689,025 119,332,473
Money Market – 55,085 8,699 – – – 9,438 – – 187,302 2,018,238
Mutual Fund – – – – – – – – – – –
Reverse Repos – – – – – – – – – – –
Bank Fixed Deposits 48,600 – – 5,965 213 – 47,400 590,320 29,400 853,716 2,810,701
ETF – – – – – – – – – – –
CBLO 6,498 30,490 17,594 1,300 200 700 1,200 1,081,432 205,729 1,563,269 11,031,249
Total 242,305 263,522 41,333 46,670 3,384 4,045 370,294 12,884,839 1,956,903 27,940,186 192,396,808
Other Investments
Corporate Bonds – – – – – – – – – – 900,598

Equity – – – 186 – – – 145,035 77,574 310,886 7,054,363
Money Market – – – – – – – – – – –
Mutual Fund – – – – – – – – – – –
ETF – – – – – – – – – 34,134 4,103,440
Total – – – 186 – – – 145,035 77,574 345,020 12,058,401
Grand Total 242,305 263,522 41,333 46,856 3,384 4,045 370,294 13,029,874 2,034,477 28,285,206 204,455,209
% of Other than Approved to Total – – – 0.40% – – – 1.11% 3.81% 1.22% 5.90%

Annexures

(H In Thousand)
Linked Life Funds

Accrued interest – – 197,261 54,570 57,972 4,237 29,835

Bank balance 601 2,481 2,507 451 124 119 586
Receivables for sale of investments 31,112 51,242 – – – – –
Unit collection a/c – 442,174 – 41,776 – 3,312 31,313
Total 31,890 496,305 199,768 96,797 58,096 7,668 61,734
(H In Thousand)
Linked Life Funds

Capital Guarantee
Accrued interest 378,546 18,180 – – – 21,618 32,661

Bank balance 18,066 205 – 211 166 204 2,823
Unit collection a/c 57,813 32,257 – – 111 949 –
Total 454,425 50,642 – 211 277 22,771 35,484
(H In Thousand)
Linked Life Funds

Accrued interest – – – 40,027 – – –

Bank balance 540 336 770 16,970 2,459 297 16,343
Receivables for sale of investments – – 10,004 27,033 31,850 – –
Unit collection a/c – 835 6,281 – 232,295 312 –
Total 540 1,171 17,055 84,030 266,604 609 16,343

Annexures

(H In Thousand)
Linked Life Funds

Accrued interest – – 28,421 12,376 – – 392,406

Bank balance 289 349 931 682 167 105 108
Receivables for sale of investments 3,545 6,960 – – – – –
Unit collection a/c 3,216 2,143 3,408 – – – –
Total 7,074 9,497 32,760 13,058 167 105 392,514
(H In Thousand)
Linked Life Funds

Accrued interest 6,298 – 718,989 91,323 2,939 921 –

Bank balance 101 387 18,616 392 178 127 188
Unit collection a/c 316 44,466 – – – – –
Total 6,715 44,853 737,605 91,715 3,117 1,048 188
(H In Thousand)
Linked Life Funds

Accrued interest – – – – – – 278,755

Bank balance 162 153 201 5,150 5,372 580 493
Dividend receivable – – – 17 372 94 –
Receivables for sale of investments 488 – – 171 – – –
Unit collection a/c – – – – 280,904 148,840 –
Total 650 153 201 5,338 286,648 149,514 279,248

Annexures

(H In Thousand)


Total (A):
Accrued interest 108,229 63,311 3,409 2,542,284 – 12,690 13,427

Bank balance 975 3,095 216 105,276 215 299 877
Dividend receivable – – – 1,137 21 – –
Receivables for sale of investments – – – 162,405 3,433 – –
Unit collection a/c – – – 1,332,721 – – –
Total 109,204 66,406 3,625 4,143,823 3,669 12,989 14,304
(H In Thousand)

Accrued interest – 2,441 – – – – –

Bank balance 201 181 351 303 164 313 177
Receivables for sale of investments – – – – – – 378
Unit collection a/c – – 23,147 – – – –
Total 201 2,622 23,498 303 164 313 557
(H In Thousand)


Linked Pension
Particulars EQUPLUSPEN116 LIQPENFUND116 PENSIONBUI116 PURESTKPEN116 Funds ACCELEFUND116 GRASSALLOC116
Accrued interest – – 83,828 – 112,386 463 48,926

Bank balance 207 180 13,895 4,650 22,013 195 314
Dividend receivable – – 108 13 144 – –
Receivables for sale of investments 822 – – – 4,633 – –
Unit collection a/c – – 47,067 – 70,214 – –
Total 1,029 180 144,898 4,663 209,390 658 49,240

Annexures

(H In Thousand)
Linked Group Funds

Accrued interest 305 – – 59,442 213,673 25,823 595

Bank balance 115 – 156 7,440 23,809 1,743 136
Unit collection a/c – – – – 43,688 3,213 –
Total 420 – 156 66,882 281,170 30,779 731
(H In Thousand)
Linked Group Funds

Accrued interest – – 50,965 – – 6,969 271

Bank balance 221 235 148 191 133 164 160
Unit collection a/c 347 – – – 15,000 – –
Total 568 235 51,113 191 15,133 7,133 431
(H In Thousand)
Linked Group Funds


Linked Grand Total
Accrued interest 11 53,656 703,877 57,516 1,222,492 3,877,162

Bank balance 143 188 61,317 4,979 101,787 229,076
Dividend receivable – – 109 16 125 1,406
Security lending receivable – – – – – –
Receivables for sale of investments – – – – – 167,038
Unit collection a/c – – 95,024 3,209 160,481 1,563,416
Application money – – – – – –
Total 154 53,844 860,327 65,720 1,484,885 5,838,098

Annexures

(H In Thousand)
Linked Life Funds

Payable for purchase of investments – 109,513 – – – – –

Fund charges payable 1,033 2,146 1,836 225 78 27 431

Service tax payable 186 386 331 40 14 5 78
Unit payable a/c 37,677 – 455,881 – 496 – –
Total 38,896 112,045 458,048 265 588 32 509
(H In Thousand)
Linked Life Funds

Capital Guarantee

Fund charges payable 1,082 49 – 90 42 119 51

Service tax payable 195 9 – 16 8 21 9
Unit payable a/c – – – 148 – – 708
Total 1,277 58 – 254 50 140 768
(H In Thousand)
Linked Life Funds

Payable for purchase of investments – – – 11,699 190,197 – –

Fund charges payable 257 423 1,298 5,725 2,162 94 3,468

Service tax payable 46 76 234 1,030 389 17 624
Unit payable a/c 243,647 – – 231,924 – – 551,797
Total 243,950 499 1,532 250,378 192,748 111 555,889

Annexures

(H In Thousand)
Linked Life Funds



Unit payable a/c – – – 53 15 57 1,120
Total 273 275 1,126 66 22 64 1,417
(H In Thousand)
Linked Life Funds

Life Long Gain Max Max Premier Bond Premier Premier Equity
Fund Liquid Fund Gain Fund I Gain Fund II Fund Debt Fund Fund
Payable for purchase of investments – – 208,658 – – – –

Fund charges payable 44 235 1,122 207 28 8 29

Unit payable a/c – – 4,236 1,089 969 51 356
Total 52 277 214,218 1,333 1,002 61 390
(H In Thousand)
Linked Life Funds

Premier Equity Premier Equity Premier Equity Pure Pure Pure Shield Plus
Gain Fund Growth Fund Index Fund Equity Fund Stock Fund Stock Fund II Fund I


Unit payable a/c 1,836 19,245 17,618 746 – – 1,322
Total 1,914 19,346 17,695 829 1,724 429 1,546

Annexures

(H In Thousand)


Total (A):
Payable for purchase of investments – – – 520,067 – – –

Fund charges payable 56 107 14 26,481 88 113 51
Service tax payable 10 19 3 4,766 16 20 9
Unit payable a/c 206 705 108 1,572,010 2,191 16,417 1,172
Total 272 831 125 2,123,324 2,295 16,550 1,232
(H In Thousand)


Service tax payable – 1 4 27 1 39 2
Unit payable a/c 1,318 131 – 26,754 14 26,382 1,075
Total 1,320 136 28 26,931 22 26,637 1,086
(H In Thousand)

Linked Pension

Unit payable a/c 2,874 793 – 218 79,339 – 7,345
Total 2,937 802 339 244 80,559 5 7,608

Annexures

(H In Thousand)
Linked Group Funds
Group Balanced Group Balanced Group Blue Chip Group Debt Group Debt Group Debt Group Debt
Gain Fund Gain Fund II Fund Fund Fund II Fund III Pension Fund

Fund charges payable 2 – 11 207 796 89 1

Service tax payable – – 2 37 143 16 –
Unit payable a/c – – 29 19,145 – – –
Total 2 – 42 19,389 939 105 1
(H In Thousand)
Linked Group Funds
Group Equity Index Group Growth Group Group Liquid Group Return Group Short Term
Group Equity Fund Fund Fund II Liquid Fund Fund II Shield Fund Debt Fund

Fund charges payable 59 74 32 20 3 7 –

Service tax payable 11 13 6 4 1 1 –
Unit payable a/c – 8,412 24 613 – 14 18
Total 70 8,499 62 637 4 22 18
(H In Thousand)
Linked Group Funds
Group Short Term Group Short Term Secure Stable
Debt Fund II Debt Fund III Gain Fund Gain Fund

Linked Grand Total
Payable for purchase of investments – – 237,028 36,098 273,126 793,193

Other current liabilities: – –
Fund charges payable – 42 1,784 271 3,625 31,140
Security lending received in advance – – – – – –
Bank charges payable – – – – – –
Service tax payable – 8 321 49 653 5,605
Unit payable a/c – 2 – – 35,602 1,686,951
Total – 52 239,133 36,418 313,006 2,516,889

Annexures
Schedules to Fund Revenue account

(H In Thousand)
Linked Life Funds
Policy administration charge 41,180 35,773 182,097 3,706 1,448 – 10,738

Switching charge 29 – 1 – – – –
Mortality charge 31,189 122,351 122,643 15,339 9,588 5,181 18,975
Rider premium charge 5,693 2,529 16,818 103 292 – 1,207
Service tax expenses 31,679 82,721 93,585 8,887 3,781 2,287 14,615
Total 109,770 243,374 415,144 28,035 15,109 7,468 45,535
(H In Thousand)
Linked Life Funds
Capital Guarantee
Bond Fund Builder Bond Fund Fund- 2017 Cash Fund Cash Plus Fund Debt Fund Debt Plus Fund
Policy administration charge 54,379 – 11 – 1,426 – 1,983

Switching charge 25 – – – 17 1 9
Mortality charge 87,523 11,011 9 4,980 2,917 3,538 4,099
Rider premium charge 6,737 – – 1,471 282 653 461
Service tax expenses 50,566 4,800 5 2,577 1,487 2,677 2,020
Total 199,230 15,811 25 9,028 6,129 6,869 8,572
(H In Thousand)
Linked Life Funds
Policy administration charge – – – 321,521 46,477 4,187 427,359

Switching charge – 1 16 13 – 1 13
Mortality charge – 13,943 26,253 244,154 109,945 5,798 306,651
Rider premium charge – 2,807 4,624 39,387 2,543 825 42,388
Total 4,152 26,668 57,347 810,498 235,479 14,271 976,890

Annexures

(H In Thousand)
Linked Life Funds
Policy administration charge – 2,894 15,565 698 375 189 10,804

Switching charge 1 10 22 – – – –
Mortality charge 4,056 4,752 26,304 322 96 82 17
Rider premium charge 981 917 4,447 – – 3 –
Service tax expenses 4,575 5,161 23,637 362 178 151 5,922
Total 9,613 13,734 69,975 1,382 649 425 16,743
(H In Thousand)
Linked Life Funds
Policy administration charge – 19,414 73,263 6,313 – – –

Switching charge – 21 – – – 2 –
Mortality charge 4 22,988 4,784 14,978 430 177 581
Rider premium charge – 2,933 330 – – – –
Service tax expenses 723 12,604 31,919 7,116 592 171 605
Total 727 57,960 110,296 28,407 1,022 350 1,186
(H In Thousand)
Linked Life Funds
Policy administration charge – (3) – 8,725 49,962 14 11,339

Switching charge 1 1 – – 3 – –
Mortality charge 665 1,426 1,665 4,422 110,779 36,921 5,944
Rider premium charge – – – 333 3,432 478 –
Total 1,860 3,536 3,375 16,966 228,003 71,812 23,378

Annexures

(H In Thousand)


Total (A):
Particulars SHIELDPL02116 SHIELDPL03116 SHIELDPL04116 Linked life funds ACCEMIDPEN116 ASALLOCPEN116 BONDPENFUN116
Policy administration charge 3,334 4,328 545 1,340,044 1,370 5,123 1,010
Switching charge – – – 187 1 – 1
Mortality charge 1,219 2,668 327 1,391,694 608 1,842 381
Rider premium charge – 72 17 142,763 43 86 15
Service tax expenses 1,712 3,016 403 1,039,756 1,888 3,371 1,177
Total 6,265 10,084 1,292 3,914,444 3,910 10,422 2,584
(H In Thousand)
Policy administration charge 53 117 – 4,097 159 9,474 79

Switching charge – – – 1 – – –
Mortality charge 19 52 – 853 56 2,375 27
Rider premium charge 2 13 – 29 27 125 5
Service tax expenses 43 99 258 3,623 156 6,054 173
Total 117 281 258 8,603 398 18,028 284
(H In Thousand)

Linked Pension
Policy administration charge 604 188 775 269 23,318 – 537

Switching charge – – – – 3 – –
Mortality charge 164 77 3,016 116 9,586 – 13,810
Rider premium charge 58 1 1 11 416 – 44
Service tax expenses 1,015 165 17,270 435 35,727 68 6,597
Total 1,841 431 21,062 831 69,050 68 20,988

Annexures

(H In Thousand)
Linked Group Funds
Policy administration charge – – – 138 – – –

Mortality charge 32 7 643 7,211 9,194 258 –
Rider premium charge – – – 1 – – –
Service tax expenses 35 34 328 4,770 13,687 1,287 9
Total 67 41 971 12,120 22,881 1,545 9
(H In Thousand)
Linked Group Funds
Policy administration charge – 638 48 12 – – 3

Mortality charge 2,340 7,500 192 1,345 35 450 98
Rider premium charge 1 198 – – – – –
Service tax expenses 1,457 2,908 541 600 66 214 24
Total 3,798 11,244 781 1,957 101 664 125
(H In Thousand)
Linked Group Funds
Total (C): Grand Total
Particulars GRSHTRDE02116 GRSHTRDE03116 SECUREFUND116 STABLEFUND116 Linked Group Funds (A+B+C)
Policy administration charge – – 1,773 – 3,149

Surrender charge – – – – – 1,366,511
Switching charge – – – – – –
Mortality charge 49 41 10,921 291 54,417 190
Rider premium charge – – – – 244 1,455,697
Partial withdrawal charge – – – – – 143,423
Service tax expenses 17 650 27,098 3,964 64,354 –
Miscellaneous charge – – – – – 1,139,837
Total 66 691 39,792 4,255 122,164 4,105,658

Annexures
Disclosure for Unit Linked business as per unit linked disclosure norms
Annexure 2: Additional ULIP disclosures - Refer note 3.23 of Schedule 16
I. Performance of fund: Enclosure A.
II. Investment management
i) Activities outsourced: Nil (Previous year: Nil).

ii) Fess paid for various activities charged to Policyholders’ account: Nil (Previous year: Nil).
iii) Basis of payment of fees: Not applicable
III. Related party transactions
i) During the year details of payments and receipts made to/from related parties - Enclosure B.
ii) Company wise details of investments held in the promoter group - Enclosure C.
IV. Industry wise disclosure of investment: Enclosure D.
V. Unclaimed redemption of units: Nil (Previous year: Nil).
VI. Highest, Lowest and Closing NAV at the end of the year: Enclosure E.
VII. Annualized expense ratio to average daily assets of the fund: Enclosure F.
VIII. Ratio of Gross income to average daily net assets: Enclosure F.
IX. Provision for doubtful debts on assets of the respective fund: Nil (Previous year: Nil).
X. Disclosure of appreciation and/or depreciation in value of investments: Enclosure G.

Annexures
Enclosure A: Performance of funds (Absolute growth %)

Growth Percentage (%)
Date of Since
Fund name SFIN Inception 2019 2018 2017 Inception
Linked life funds

Accelerator Mid Cap Fund ULIF03124/07/06ACCEMIDCAP116 24-Jul-06 (2.91) 15.33 39.66 477.01
Accelerator Mid Cap Fund II ULIF05206/01/10ACCMIDCA02116 6-Jan-10 (1.02) 16.16 40.19 236.77
Asset Allocation Fund ULIF04528/09/07ASSETALLOC116 1-Oct-07 8.53 8.13 16.43 195.71
Asset Allocation Fund II ULIF07205/12/13ASSETALL02116 31-Mar-14 7.90 8.58 16.67 67.88
Assured Return Fund ULIF06127/01/11ASSRDRETRN116 28-Jan-11 6.72 5.13 9.04 82.09
Balanced Equity Fund ULIF07413/05/15BALEQTYFND116 8-Mar-16 7.33 3.57 11.98 25.41
Blue Chip Equity Fund ULIF06026/10/10BLUECHIPEQ116 1-Nov-10 12.80 9.21 17.64 93.71
Bond Fund ULIF02610/07/06BONDFUNDLI116 10-Jul-06 6.97 4.56 11.00 190.19
Builder Bond Fund ULIF07313/05/15BLDRBNDFND116 8-Mar-16 6.79 3.29 7.99 20.44
Capital Guarantee Fund- 2017 ULIF04311/01/07CAPGTE2017116 11-Jan-07 NA NA 7.87 NA
Cash Fund ULIF00215/01/04CASHFUNDLI116 15-Jan-04 4.88 3.73 5.19 139.57
Cash Plus Fund ULIF01023/07/04CASHPLUSFU116 23-Jul-04 6.88 5.69 7.47 205.95
Debt Fund ULIF00415/01/04DEBTFUNDLI116 15-Jan-04 4.95 2.39 8.41 143.40
Debt Plus Fund ULIF00923/07/04DEBTPLUSFU116 23-Jul-04 7.21 5.06 9.12 207.67
Discontinued Life Policy Fund ULIF07026/03/13DISCONLIFE116 28-Jan-15 4.65 5.70 6.45 25.14
Equity Fund ULIF00315/01/04EQUITYFUND116 15-Jan-04 11.24 7.97 16.37 371.22
Equity Gain Fund ULIF00523/07/04EQGAINFUND116 23-Jul-04 7.94 10.99 21.34 741.78
Equity Growth Fund ULIF02924/07/06EQGROWFUND116 24-Jul-06 10.17 12.19 22.02 327.27
Equity Growth Fund II ULIF05106/01/10EQTYGROW02116 6-Jan-10 10.56 13.29 22.68 237.81
Equity Index Fund ULIF00623/07/04EQINDEFUND116 23-Jul-04 12.86 9.56 18.04 593.91
Equity Index Fund - II ULIF03024/07/06EQTYINDX02116 24-Jul-06 11.63 8.69 17.64 249.73
Equity Midcap Fund ULIF01709/03/05EQUMIDFUND116 9-Mar-05 (3.43) 14.59 34.56 568.16
Equity Midcap Plus Fund ULIF01809/03/05EQUMIDPLUS116 9-Mar-05 (2.04) 15.52 36.51 857.32
Equity Plus Fund ULIF00723/07/04EQPLUSFUND116 23-Jul-04 9.61 12.38 23.49 870.47
Growth Plus Fund I ULIF05414/01/10GROWPLUS01116 12-Jan-10 6.48 5.51 8.47 90.00
Growth Plus Fund II ULIF05510/05/10GROWPLUS02116 7-May-10 13.21 8.93 17.96 93.81
Growth Plus Fund III ULIF05926/10/10GROWPLUS03116 1-Nov-10 13.32 8.68 18.38 209.45
Guaranteed Bond Fund ULIF06322/09/11GTEBONDFND116 5-Dec-11 7.53 6.41 9.45 81.16
Life Long Gain Fund ULIF01123/07/04LIFELOGAIN116 23-Jul-04 5.61 2.16 8.33 111.67
Liquid Fund ULIF02510/07/06LIQUIDFUND116 10-Jul-06 (2.81) 5.35 7.16 144.12
Max Gain Fund I ULIF05017/12/09MAXGAINF01116 15-Dec-09 6.07 4.06 9.56 95.89
Max Gain Fund II ULIF05814/09/10MAXGAINF02116 14-Sep-10 6.85 8.93 11.48 90.64
Premier Bond Fund ULIF02821/07/06PREMIRBOND116 21-Jul-06 4.45 1.99 7.45 121.30
Premier Debt Fund ULIF02317/12/05PRERDEBTFU116 17-Dec-05 5.05 2.50 8.33 147.53

Annexures
Enclosure A: Performance of funds (Absolute growth %) (Contd.)

Date of Since
Premier Equity Fund ULIF02117/12/05PRMREQFUND116 17-Dec-05 10.65 7.90 16.27 246.17

Premier Equity Gain Fund ULIF02217/12/05PREREQGAIN116 17-Dec-05 8.61 11.88 22.34 434.51
Premier Equity Growth Fund ULIF03824/07/06PREMEQGROW116 24-Jul-06 8.34 10.81 21.94 299.39
Premier Equity Index Fund ULIF03924/07/06PREREQINDX116 24-Jul-06 10.46 7.30 15.55 193.33
Pure Equity Fund ULIF02017/12/05PUREEQFUND116 17-Dec-05 5.19 11.63 21.97 536.54
Pure Stock Fund ULIF02721/07/06PURESTKFUN116 21-Jul-06 6.02 12.79 21.80 521.45
Pure Stock Fund II ULIF07709/01/17PURSTKFUN2116 5-Jun-17 6.24 6.91 NA 13.58
Shield Plus Fund I ULIF05313/01/10SHIELDPL01116 12-Jan-10 6.90 5.74 10.87 103.73
Shield Plus Fund II ULIF05610/05/10SHIELDPL02116 7-May-10 7.18 6.27 10.67 105.73
Shield Plus Fund III ULIF05711/08/10SHIELDPL03116 9-Aug-10 6.04 4.73 11.11 95.86
Shield Plus Fund IV ULIF06220/04/11SHIELDPL04116 18-Apr-11 6.74 5.15 10.51 86.87
Linked pension funds

Accelerator Mid Cap
Pension Fund ULIF03324/07/06ACCEMIDPEN116 24-Jul-06 (1.44) 15.06 38.43 529.08
Asset Allocation Pension Fund ULIF04628/01/08ASALLOCPEN116 27-Jan-08 9.29 8.45 17.01 188.53
Bond Pension Fund ULIF03524/07/06BONDPENFUN116 24-Jul-06 6.66 4.11 8.44 187.71
Cash Plus Pension Fund ULIF01618/11/04CASHPLUPEN116 18-Nov-04 6.49 5.60 7.38 206.21
Debt Plus Pension Fund ULIF01518/11/04DEBTPLUPEN116 18-Nov-04 7.31 4.59 12.54 232.01
Discontinued Pension
Policy Fund ULIF07126/03/13DISCONPENS116 9-Sep-15 6.04 5.63 5.96 19.67
Equity Growth Pension Fund ULIF03624/07/06EQTYGROPEN116 24-Jul-06 9.44 13.04 23.81 388.11
Equity Index Pension Fund ULIF01318/11/04EQINDEXPEN116 18-Nov-04 12.86 9.53 18.10 517.02
Equity Index Pension Fund - II ULIF03724/07/06EQINDPEN02116 24-Jul-06 12.98 9.21 17.76 257.31
Equity Midcap Plus Pension Fund ULIF01909/03/05EQUMIDCPEN116 9-Mar-05 (1.76) 15.22 35.98 1,111.35
Equity Plus Pension Fund ULIF01218/11/04EQUPLUSPEN116 18-Nov-04 9.60 12.78 23.22 931.58
Liquid Pension Fund ULIF04124/07/06LIQPENFUND116 24-Jul-06 (4.00) 5.27 6.98 141.15
Pension Builder Fund ULIF06908/02/13PENSIONBUI116 1-Dec-14 5.85 3.67 9.37 30.69
Pure Stock Pension Fund ULIF04717/04/08PURESTKPEN116 17-Apr-08 2.50 14.69 17.33 365.50

Annexures
Enclosure A: Performance of funds (Absolute growth %) (Contd.)

Date of Since
Linked group funds

Accelerated Gain Fund ULGF00318/11/04ACCELEFUND116 18-Nov-04 3.47 7.09 13.82 404.45
Group Asset Allocation Fund ULGF00926/02/10GRASSALLOC116 25-Feb-10 9.07 8.81 17.35 171.87
Group Balanced Gain Fund ULGF01810/05/13GRBALCEDGA116 25-Mar-14 4.45 6.17 15.57 49.79
Group Balanced Gain Fund II ULGF02402/03/15GRBALCGA02116 25-Apr-17 NA NA NA NA
Group Blue Chip Fund ULGF01118/04/11GRBLUECHIP116 21-Jun-11 13.37 9.28 17.58 109.44
Group Debt Fund ULGF00426/03/08GRDEBTFUND116 26-Mar-08 6.68 4.46 11.28 160.75
Group Debt Fund II ULGF01924/06/13GRDEBTFU02116 13-Sep-13 6.75 4.73 11.24 59.32
Group Debt Fund III ULGF02202/03/15GRDEBTFU03116 29-Sep-16 4.66 4.47 4.16 13.89
Group Debt Pension Fund ULGF02518/08/16GRDBTPENFU116 31-Aug-17 6.07 0.48 NA 6.59
Group Equity Fund ULGF01018/04/11GREQTYFUND116 21-Jun-11 10.27 13.42 23.26 165.35
Group Equity Index Fund ULGF00822/02/10GREQTYINDX116 19-Feb-10 12.40 8.43 17.20 107.34
Group Growth Fund II ULGF01311/05/11GRGROWFU02116 11-May-11 6.90 5.76 5.25 72.79
Group Liquid Fund ULGF00503/11/08GRLIQUFUND116 1-Nov-08 (2.83) 5.80 7.46 111.37
Group Liquid Fund II ULGF02124/06/13GRLIQUFU02116 13-Sep-13 (10.87) 5.65 7.36 18.68
Group Return Shield Fund ULGF01421/06/11RETNSHIELD116 21-Jun-11 6.51 5.49 10.64 87.75
Group Short Term Debt Fund ULGF00628/02/09GRSHTRMDEB116 11-Mar-09 6.62 5.33 7.80 108.25
Group Short Term Debt Fund II ULGF01218/04/11GRSHTRDE02116 21-Jun-11 7.01 4.56 11.74 78.75
Group Short Term Debt Fund III ULGF02024/06/13GRSHTRDE03116 13-Sep-13 5.73 6.15 8.15 48.43
Secure Gain Fund ULGF00215/10/04SECUREFUND116 15-Oct-04 9.10 5.41 12.83 276.30
Stable Gain Fund ULGF00115/09/04STABLEFUND116 31-Oct-04 8.51 5.60 15.02 315.95
Note:
Date of inception is first unitization date of each segregated fund
NA indicates that the fund was non-existent/closed during the relevant financial year

Annexures
Enclosure B: Details of payments and receipts made to/from related parties

Bajaj Auto Ltd.
(H In Thousand)
2019 2018
Investment Interest/ Investment Interest/
Fund name SFIN Purchase Dividend Purchase Dividend
Linked life funds

Accelerator Mid Cap Fund ULIF03124/07/06ACCEMIDCAP116 – – – –
Accelerator Mid Cap Fund II ULIF05206/01/10ACCMIDCA02116 – – – –
Asset Allocation Fund ULIF04528/09/07ASSETALLOC116 – – – –
Asset Allocation Fund II ULIF07205/12/13ASSETALL02116 – – – –
Assured Return Fund ULIF06127/01/11ASSRDRETRN116 – – – –
Balanced Equity Fund ULIF07413/05/15BALEQTYFND116 – – – –
Blue Chip Equity Fund ULIF06026/10/10BLUECHIPEQ116 – 581 – 496
Bond Fund ULIF02610/07/06BONDFUNDLI116 – – – –
Builder Bond Fund ULIF07313/05/15BLDRBNDFND116 – – – –
Capital Guarantee Fund- 2017 ULIF04311/01/07CAPGTE2017116 – – – –
Cash Fund ULIF00215/01/04CASHFUNDLI116 – – – –
Cash Plus Fund ULIF01023/07/04CASHPLUSFU116 – – – –
Debt Fund ULIF00415/01/04DEBTFUNDLI116 – – – –
Debt Plus Fund ULIF00923/07/04DEBTPLUSFU116 – – – –
Discontinued Life Policy Fund ULIF07026/03/13DISCONLIFE116 – – – –
Equity Fund ULIF00315/01/04EQUITYFUND116 – 339 – 294
Equity Gain Fund ULIF00523/07/04EQGAINFUND116 – – – –
Equity Growth Fund ULIF02924/07/06EQGROWFUND116 – – – –
Equity Growth Fund II ULIF05106/01/10EQTYGROW02116 – – – –
Equity Index Fund ULIF00623/07/04EQINDEFUND116 – 168 – 145
Equity Index Fund - II ULIF03024/07/06EQTYINDX02116 – 5,830 – 5,373
Equity Midcap Fund ULIF01709/03/05EQUMIDFUND116 – – – –
Equity Midcap Plus Fund ULIF01809/03/05EQUMIDPLUS116 – – – –
Equity Plus Fund ULIF00723/07/04EQPLUSFUND116 – – – –
Growth Plus Fund I ULIF05414/01/10GROWPLUS01116 – – – –
Growth Plus Fund II ULIF05510/05/10GROWPLUS02116 – 8 – 7
Growth Plus Fund III ULIF05926/10/10GROWPLUS03116 – 9 – 8
Guaranteed Bond Fund ULIF06322/09/11GTEBONDFND116 – – – –
Life Long Gain Fund ULIF01123/07/04LIFELOGAIN116 – – – –
Liquid Fund ULIF02510/07/06LIQUIDFUND116 – – – –
Max Gain Fund I ULIF05017/12/09MAXGAINF01116 – – – –
Max Gain Fund II ULIF05814/09/10MAXGAINF02116 – – – –
Premier Bond Fund ULIF02821/07/06PREMIRBOND116 – – – –
Premier Debt Fund ULIF02317/12/05PRERDEBTFU116 – – – –
Premier Equity Fund ULIF02117/12/05PRMREQFUND116 – 25 – 22
Premier Equity Gain Fund ULIF02217/12/05PREREQGAIN116 – – – –

Annexures
Enclosure B: Details of payments and receipts made to/from related parties (Contd.)
Bajaj Auto Ltd.
(H In Thousand)
2019 2018
Premier Equity Growth Fund ULIF03824/07/06PREMEQGROW116 – – – –

Premier Equity Index Fund ULIF03924/07/06PREREQINDX116 – 60 – 61
Pure Equity Fund ULIF02017/12/05PUREEQFUND116 – – – –
Pure Stock Fund ULIF02721/07/06PURESTKFUN116 – – – –
Pure Stock Fund II ULIF07709/01/17PURSTKFUN2116 – – – –
Shield Plus Fund I ULIF05313/01/10SHIELDPL01116 – – – –
Shield Plus Fund II ULIF05610/05/10SHIELDPL02116 – – – –
Shield Plus Fund III ULIF05711/08/10SHIELDPL03116 – – – –
Shield Plus Fund IV ULIF06220/04/11SHIELDPL04116 – – – –

Accelerator Mid Cap Pension Fund ULIF03324/07/06ACCEMIDPEN116 – – – –
Asset Allocation Pension Fund ULIF04628/01/08ASALLOCPEN116 – – – –
Bond Pension Fund ULIF03524/07/06BONDPENFUN116 – – – –
Cash Plus Pension Fund ULIF01618/11/04CASHPLUPEN116 – – – –
Debt Plus Pension Fund ULIF01518/11/04DEBTPLUPEN116 – – – –
Discontinued Pension Policy Fund ULIF07126/03/13DISCONPENS116 – – – –
Equity Growth Pension Fund ULIF03624/07/06EQTYGROPEN116 – – – –
Equity Index Pension Fund ULIF01318/11/04EQINDEXPEN116 – 12 – 10
Equity Index Pension Fund - II ULIF03724/07/06EQINDPEN02116 – 341 – 318
Equity Midcap Plus Pension Fund ULIF01909/03/05EQUMIDCPEN116 – – – –
Equity Plus Pension Fund ULIF01218/11/04EQUPLUSPEN116 – – – –
Liquid Pension Fund ULIF04124/07/06LIQPENFUND116 – – – –
Pension Builder Fund ULIF06908/02/13PENSIONBUI116 – – – –
Pure Stock Pension Fund ULIF04717/04/08PURESTKPEN116 – – – –

Annexures
Bajaj Auto Ltd.
(H In Thousand)
2019 2018
Linked group funds

Accelerated Gain Fund ULGF00318/11/04ACCELEFUND116 – – – –
Group Asset Allocation Fund ULGF00926/02/10GRASSALLOC116 – – – –
Group Balanced Gain Fund ULGF01810/05/13GRBALCEDGA116 – – – –
Group Balanced Gain Fund II ULGF02402/03/15GRBALCGA02116 – – – –
Group Blue Chip Fund ULGF01118/04/11GRBLUECHIP116 – 20 – 22
Group Debt Fund ULGF00426/03/08GRDEBTFUND116 – – – –
Group Debt Fund II ULGF01924/06/13GRDEBTFU02116 – – – –
Group Debt Fund III ULGF02202/03/15GRDEBTFU03116 – – – –
Group Debt Pension Fund ULGF02518/08/16GRDBTPENFU116 – – – –
Group Equity Fund ULGF01018/04/11GREQTYFUND116 – – – –
Group Equity Index Fund ULGF00822/02/10GREQTYINDX116 – 107 – 118
Group Growth Fund II ULGF01311/05/11GRGROWFU02116 – – – –
Group Liquid Fund ULGF00503/11/08GRLIQUFUND116 – – – –
Group Liquid Fund II ULGF02124/06/13GRLIQUFU02116 – – – –
Group Return Shield Fund ULGF01421/06/11RETNSHIELD116 – – – –
Group Short Term Debt Fund ULGF00628/02/09GRSHTRMDEB116 – – – –
Group Short Term Debt Fund II ULGF01218/04/11GRSHTRDE02116 – – – –
Group Short Term Debt Fund III ULGF02024/06/13GRSHTRDE03116 – – – –
Secure Gain Fund ULGF00215/10/04SECUREFUND116 – – – –
Stable Gain Fund ULGF00115/09/04STABLEFUND116 – – – –
Grand Total – 7,500 – 6,875

Annexures
Enclosure B: Details of payments and receipts made to/from related parties

Bajaj Finance Ltd.
(H In Thousand)

2019 2018
Linked life funds

Asset Allocation Fund ULIF04528/09/07ASSETALLOC116 – 4,557 – 13,123
Blue Chip Equity Fund ULIF06026/10/10BLUECHIPEQ116 – – – –
Bond Fund ULIF02610/07/06BONDFUNDLI116 – 29,259 – 34,898
Debt Plus Fund ULIF00923/07/04DEBTPLUSFU116 – 49 – 555
Equity Fund ULIF00315/01/04EQUITYFUND116 – – – –
Equity Gain Fund ULIF00523/07/04EQGAINFUND116 – – – –
Equity Growth Fund ULIF02924/07/06EQGROWFUND116 – – – –
Equity Growth Fund II ULIF05106/01/10EQTYGROW02116 – – – –
Equity Index Fund ULIF00623/07/04EQINDEFUND116 – – – –
Equity Index Fund - II ULIF03024/07/06EQTYINDX02116 – – – –
Equity Plus Fund ULIF00723/07/04EQPLUSFUND116 – – – –
Growth Plus Fund I ULIF05414/01/10GROWPLUS01116 – – – 138
Growth Plus Fund II ULIF05510/05/10GROWPLUS02116 – – – –
Growth Plus Fund III ULIF05926/10/10GROWPLUS03116 – – – –
Max Gain Fund I ULIF05017/12/09MAXGAINF01116 – 1,740 – 19,707
Max Gain Fund II ULIF05814/09/10MAXGAINF02116 – – – 1,388

Annexures
Bajaj Finance Ltd.
(H In Thousand)

2019 2018
Premier Bond Fund ULIF02821/07/06PREMIRBOND116 – 24 – 277

Premier Equity Fund ULIF02117/12/05PRMREQFUND116 – – – –
Premier Equity Gain Fund ULIF02217/12/05PREREQGAIN116 – – – –
Premier Equity Growth Fund ULIF03824/07/06PREMEQGROW116 – – – –
Premier Equity Index Fund ULIF03924/07/06PREREQINDX116 – – – –
Shield Plus Fund I ULIF05313/01/10SHIELDPL01116 – – – 2,803
Shield Plus Fund III ULIF05711/08/10SHIELDPL03116 – – – 1,041

Asset Allocation Pension Fund ULIF04628/01/08ASALLOCPEN116 – 73 – 832
Debt Plus Pension Fund ULIF01518/11/04DEBTPLUPEN116 – 16 – 185
Equity Growth Pension Fund ULIF03624/07/06EQTYGROPEN116 – – – –
Equity Index Pension Fund ULIF01318/11/04EQINDEXPEN116 – – – –
Equity Index Pension Fund - II ULIF03724/07/06EQINDPEN02116 – – – –
Equity Plus Pension Fund ULIF01218/11/04EQUPLUSPEN116 – – – –

Annexures
Bajaj Finance Ltd.
(H In Thousand)

2019 2018
Linked group funds

Group Blue Chip Fund ULGF01118/04/11GRBLUECHIP116 – – – –
Group Debt Fund ULGF00426/03/08GRDEBTFUND116 – 5,746 – 4,985
Group Debt Fund II ULGF01924/06/13GRDEBTFU02116 – 19,781 – 18,210
Group Debt Fund III ULGF02202/03/15GRDEBTFU03116 – 253 – 192
Group Equity Fund ULGF01018/04/11GREQTYFUND116 – – – –
Group Equity Index Fund ULGF00822/02/10GREQTYINDX116 – – – –
Group Growth Fund II ULGF01311/05/11GRGROWFU02116 – 8 – 92
Grand Total – 61,506 – 98,427

Annexures
Enclosure C: Company-wise details of investments held in promoter group companies

Bajaj Finance Ltd.
(H In Thousand)
2019 2018
% of fund % of fund
Fund name SFIN Amount AUM Amount AUM
Linked life funds

Asset Allocation Fund ULIF04528/09/07ASSETALLOC116 54,005 0.51% 54,683 0.42%
Blue Chip Equity Fund ULIF06026/10/10BLUECHIPEQ116 12,796 0.32% – –
Bond Fund ULIF02610/07/06BONDFUNDLI116 342,643 3.11% 347,225 3.32%
Debt Plus Fund ULIF00923/07/04DEBTPLUSFU116 – – 6,012 0.91%
Equity Fund ULIF00315/01/04EQUITYFUND116 5,869 0.34% – –
Equity Gain Fund ULIF00523/07/04EQGAINFUND116 25,640 0.60% – –
Equity Growth Fund ULIF02924/07/06EQGROWFUND116 173,768 0.61% – –
Equity Growth Fund II ULIF05106/01/10EQTYGROW02116 102,678 0.52% – –
Equity Index Fund ULIF00623/07/04EQINDEFUND116 2,955 0.34% – –
Equity Index Fund - II ULIF03024/07/06EQTYINDX02116 225,795 1.04% – –
Equity Plus Fund ULIF00723/07/04EQPLUSFUND116 34,905 0.59% – –
Growth Plus Fund I ULIF05414/01/10GROWPLUS01116 – – – –
Growth Plus Fund II ULIF05510/05/10GROWPLUS02116 130 0.35% – –
Growth Plus Fund III ULIF05926/10/10GROWPLUS03116 142 0.32% – –
Max Gain Fund I ULIF05017/12/09MAXGAINF01116 17,549 0.26% 46,846 0.69%
Max Gain Fund II ULIF05814/09/10MAXGAINF02116 – – – –
Premier Bond Fund ULIF02821/07/06PREMIRBOND116 – – 3,006 3.27%

Annexures
Enclosure C: Company-wise details of investments held in promoter group companies (Contd.)

Bajaj Finance Ltd.
(H In Thousand)
2019 2018
% of fund % of fund
Premier Equity Fund ULIF02117/12/05PRMREQFUND116 390 0.35% – –

Premier Equity Gain Fund ULIF02217/12/05PREREQGAIN116 1,597 0.60% – –
Premier Equity Growth Fund ULIF03824/07/06PREMEQGROW116 1,286 0.71% – –
Premier Equity Index Fund ULIF03924/07/06PREREQINDX116 466 0.36% – –
Shield Plus Fund I ULIF05313/01/10SHIELDPL01116 – – – –
Shield Plus Fund III ULIF05711/08/10SHIELDPL03116 – – – –

Asset Allocation Pension Fund ULIF04628/01/08ASALLOCPEN116 – – 9,018 1.11%
Debt Plus Pension Fund ULIF01518/11/04DEBTPLUPEN116 – – 2,004 3.81%
Equity Growth Pension Fund ULIF03624/07/06EQTYGROPEN116 5,394 0.63% – –
Equity Index Pension Fund ULIF01318/11/04EQINDEXPEN116 206 0.34% – –
Equity Index Pension Fund - II ULIF03724/07/06EQINDPEN02116 4,801 0.34% – –
Equity Plus Pension Fund ULIF01218/11/04EQUPLUSPEN116 1,936 0.62% – –

Annexures

Bajaj Finance Ltd.
(H In Thousand)
2019 2018
% of fund % of fund
Linked group funds

Group Blue Chip Fund ULGF01118/04/11GRBLUECHIP116 260 0.35% – –
Group Debt Fund ULGF00426/03/08GRDEBTFUND116 68,190 4.67% 69,039 3.69%
Group Debt Fund II ULGF01924/06/13GRDEBTFU02116 232,711 2.56% 235,750 3.23%
Group Debt Fund III ULGF02202/03/15GRDEBTFU03116 3,033 0.38% 3,069 0.38%
Group Equity Fund ULGF01018/04/11GREQTYFUND116 2,605 0.68% – –
Group Equity Index Fund ULGF00822/02/10GREQTYINDX116 1,382 0.36% – –
Group Growth Fund II ULGF01311/05/11GRGROWFU02116 – – 1,002 0.34%
Total 1,323,132 777,653
% of ULIP AUM 0.58% 0.37%

Annexures
Enclosure C: Company-wise details of investments held in promoter group companies

Bajaj Auto Ltd.
(H In Thousand)
2019 2018
% of fund % of fund
Linked life funds

Accelerator Mid Cap Fund ULIF03124/07/06ACCEMIDCAP116 - - - -
Accelerator Mid Cap Fund II ULIF05206/01/10ACCMIDCA02116 - - - -
Asset Allocation Fund ULIF04528/09/07ASSETALLOC116 - - - -
Asset Allocation Fund II ULIF07205/12/13ASSETALL02116 - - - -
Assured Return Fund ULIF06127/01/11ASSRDRETRN116 - - - -
Balanced Equity Fund ULIF07413/05/15BALEQTYFND116 - - - -
Blue Chip Equity Fund ULIF06026/10/10BLUECHIPEQ116 28,241 0.70% 26,626 0.84%
Bond Fund ULIF02610/07/06BONDFUNDLI116 - - - -
Builder Bond Fund ULIF07313/05/15BLDRBNDFND116 - - - -
Capital Guarantee Fund- 2017 ULIF04311/01/07CAPGTE2017116 - - - -
Cash Fund ULIF00215/01/04CASHFUNDLI116 - - - -
Cash Plus Fund ULIF01023/07/04CASHPLUSFU116 - - - -
Debt Fund ULIF00415/01/04DEBTFUNDLI116 - - - -
Debt Plus Fund ULIF00923/07/04DEBTPLUSFU116 - - - -
Discontinued Life Policy Fund ULIF07026/03/13DISCONLIFE116 - - - -
Equity Fund ULIF00315/01/04EQUITYFUND116 16,465 0.94% 15,524 0.91%
Equity Gain Fund ULIF00523/07/04EQGAINFUND116 - - - -
Equity Growth Fund ULIF02924/07/06EQGROWFUND116 - - - -
Equity Growth Fund II ULIF05106/01/10EQTYGROW02116 - - - -
Equity Index Fund ULIF00623/07/04EQINDEFUND116 8,151 0.93% 7,685 0.90%
Equity Index Fund - II ULIF03024/07/06EQTYINDX02116 282,886 1.30% 266,716 1.07%
Equity Midcap Fund ULIF01709/03/05EQUMIDFUND116 - - - -
Equity Midcap Plus Fund ULIF01809/03/05EQUMIDPLUS116 - - - -
Equity Plus Fund ULIF00723/07/04EQPLUSFUND116 - - - -
Growth Plus Fund I ULIF05414/01/10GROWPLUS01116 - - - -
Growth Plus Fund II ULIF05510/05/10GROWPLUS02116 399 1.06% 376 0.99%
Growth Plus Fund III ULIF05926/10/10GROWPLUS03116 416 0.95% 392 0.96%
Guaranteed Bond Fund ULIF06322/09/11GTEBONDFND116 - - - -
Life Long Gain Fund ULIF01123/07/04LIFELOGAIN116 - - - -
Liquid Fund ULIF02510/07/06LIQUIDFUND116 - - - -
Max Gain Fund I ULIF05017/12/09MAXGAINF01116 - - - -
Max Gain Fund II ULIF05814/09/10MAXGAINF02116 - - - -
Premier Bond Fund ULIF02821/07/06PREMIRBOND116 - - - -
Premier Debt Fund ULIF02317/12/05PRERDEBTFU116 - - - -

Annexures

Bajaj Auto Ltd.
(H In Thousand)
2019 2018
% of fund % of fund
Premier Equity Fund ULIF02117/12/05PRMREQFUND116 1,199 1.08% 1,131 0.97%

Premier Equity Gain Fund ULIF02217/12/05PREREQGAIN116 - - - -
Premier Equity Growth Fund ULIF03824/07/06PREMEQGROW116 - - - -
Premier Equity Index Fund ULIF03924/07/06PREREQINDX116 2,888 2.25% 2,723 1.34%
Pure Equity Fund ULIF02017/12/05PUREEQFUND116 - - - -
Pure Stock Fund ULIF02721/07/06PURESTKFUN116 - - - -
Pure Stock Fund II ULIF07709/01/17PURSTKFUN2116 - - - -
Shield Plus Fund I ULIF05313/01/10SHIELDPL01116 - - - -
Shield Plus Fund II ULIF05610/05/10SHIELDPL02116 - - - -
Shield Plus Fund III ULIF05711/08/10SHIELDPL03116 - - - -
Shield Plus Fund IV ULIF06220/04/11SHIELDPL04116 - - - -

Accelerator Mid Cap Pension Fund ULIF03324/07/06ACCEMIDPEN116 - - - -
Asset Allocation Pension Fund ULIF04628/01/08ASALLOCPEN116 - - - -
Bond Pension Fund ULIF03524/07/06BONDPENFUN116 - - - -
Cash Plus Pension Fund ULIF01618/11/04CASHPLUPEN116 - - - -
Debt Plus Pension Fund ULIF01518/11/04DEBTPLUPEN116 - - - -
Discontinued Pension Policy Fund ULIF07126/03/13DISCONPENS116 - - - -
Equity Growth Pension Fund ULIF03624/07/06EQTYGROPEN116 - - - -
Equity Index Pension Fund ULIF01318/11/04EQINDEXPEN116 579 0.96% 546 0.90%
Equity Index Pension Fund - II ULIF03724/07/06EQINDPEN02116 16,523 1.18% 15,579 1.01%
Equity Midcap Plus Pension Fund ULIF01909/03/05EQUMIDCPEN116 - - - -
Equity Plus Pension Fund ULIF01218/11/04EQUPLUSPEN116 - - - -
Liquid Pension Fund ULIF04124/07/06LIQPENFUND116 - - - -
Pension Builder Fund ULIF06908/02/13PENSIONBUI116 - - - -
Pure Stock Pension Fund ULIF04717/04/08PURESTKPEN116 - - - -

Annexures
Enclosure C: Company-wise details of investments held in promoter group companies(Contd.)

Bajaj Auto Ltd.
(H In Thousand)
2019 2018
% of fund % of fund
Linked group funds

Accelerated Gain Fund ULGF00318/11/04ACCELEFUND116 - - - -
Group Asset Allocation Fund ULGF00926/02/10GRASSALLOC116 - - - -
Group Balanced Gain Fund ULGF01810/05/13GRBALCEDGA116 - - - -
Group Balanced Gain Fund II ULGF02402/03/15GRBALCGA02116 - - - -
Group Blue Chip Fund ULGF01118/04/11GRBLUECHIP116 946 1.26% 892 1.10%
Group Debt Fund ULGF00426/03/08GRDEBTFUND116 - - - -
Group Debt Fund II ULGF01924/06/13GRDEBTFU02116 - - - -
Group Debt Fund III ULGF02202/03/15GRDEBTFU03116 - - - -
Group Debt Pension Fund ULGF02518/08/16GRDBTPENFU116 - - - -
Group Equity Fund ULGF01018/04/11GREQTYFUND116 - - - -
Group Equity Index Fund ULGF00822/02/10GREQTYINDX116 5,193 1.35% 4,897 1.11%
Group Growth Fund II ULGF01311/05/11GRGROWFU02116 - - - -
Group Liquid Fund ULGF00503/11/08GRLIQUFUND116 - - - -
Group Liquid Fund II ULGF02124/06/13GRLIQUFU02116 - - - -
Group Return Shield Fund ULGF01421/06/11RETNSHIELD116 - - - -
Group Short Term Debt Fund ULGF00628/02/09GRSHTRMDEB116 - - - -
Group Short Term Debt Fund II ULGF01218/04/11GRSHTRDE02116 - - - -
Group Short Term Debt Fund III ULGF02024/06/13GRSHTRDE03116 - - - -
Secure Gain Fund ULGF00215/10/04SECUREFUND116 - - - -
Stable Gain Fund ULGF00115/09/04STABLEFUND116 - - - -
Total 363,886 343,088
% of ULIP AUM 0.16% 0.16%

Annexures
Enclosure D: Industry wise disclosure of investments (with exposure of 10% and above)
Linked Life Funds
(H In Thousand)
31 March 2019 31 March 2018
Industry Security name Asset class Market Value % of AUM Market Value % of AUM
Accelerator Mid Cap Fund - ULIF03124/07/06ACCEMIDCAP116

Computer programming, consultancy and
related activities Cyient Ltd. EQU – – 33,383 0.62%
HCL Technologies Ltd. EQU 102,779 2.18% 224,930 4.20%
Infosys Ltd. EQU 12,515 0.27% 89,512 1.67%
Mphasis Ltd. EQU 176,279 3.75% 229,117 4.28%
Tech Mahindra Ltd. EQU 99,875 2.12% 94,655 1.77%
Wipro Ltd. EQU 12,873 0.27% – –
Computer programming, consultancy and related activities Total 404,321 8.59% 671,597 12.54%
Financial and Insurance activities Aavas Financiers Ltd. EQU 40,881 0.87% – –
Axis Bank Ltd. EQU 105,064 2.23% – –
DCB Bank Ltd. EQU 40,131 0.85% 55,103 1.03%
Dewan Housing Finance Corporation Ltd. CP (MD 20/06/2019) CP 35,839 0.76% – –
ICICI Bank Ltd. EQU 151,624 3.22% – –
ICICI Prudential Life Insurance Company Ltd. EQU – – 19,775 0.37%
IDFC First Bank Ltd. EQU 101,135 2.15% – –
Karur Vysya Bank Ltd. EQU 30,672 0.65% – –
Kotak Mahindra Bank Ltd. EQU 22,450 0.48% 101,626 1.90%
L&T Finance Holdings Ltd. EQU – – 161,045 3.01%
Punjab National Bank EQU 49,021 1.04% – –
RBL Bank Ltd. EQU 113,456 2.41% 32,397 0.60%
Yes Bank Ltd. EQU – – 268,014 5.00%
Financial and Insurance activities Total 690,273 14.67% 637,960 11.91%
Others 3,584,629 76.18% 4,053,545 75.68%
Net Current Assets 26,213 0.56% (7,005) (0.13%)
Grand Total 4,705,436 100.00% 5,356,097 100.00%
Accelerator Mid Cap Fund II - ULIF05206/01/10ACCMIDCA02116

Infosys Ltd. EQU 92,255 0.44% 394,057 2.64%
Mphasis Ltd. EQU 593,913 2.85% 554,979 3.72%
Wipro Ltd. EQU 56,567 0.27% – –
Computer programming, consultancy and related activities Total 1,394,098 6.68% 1,782,411 11.94%
Axis Bank Ltd. EQU 450,799 2.16% – –
DCB Bank Ltd. EQU 142,535 0.68% 126,785 0.85%
RBL Bank Ltd. EQU 499,614 2.39% 23,771 0.16%

289
Annexures
(H In Thousand)
31 March 2019 31 March 2018
Yes Bank Ltd. EQU – – 739,813 4.96%

Financial and Insurance activities Total 3,469,925 16.63% 1,588,285 10.64%
Others 15,559,814 74.58% 11,171,184 74.84%
Net Current Assets 440,046 2.11% 384,259 2.57%
Grand Total 20,863,883 100.00% 14,926,139 100.00%
Asset Allocation Fund - ULIF04528/09/07ASSETALLOC116

Computer programming, consultancy
and related activities HCL Technologies Ltd. EQU 321,177 3.04% 475,856 3.64%
Infosys Ltd. EQU 645,010 6.11% 642,223 4.92%
Mphasis Ltd. EQU 167,629 1.59% 323,551 2.48%
Wipro Ltd. EQU 88,332 0.84% 62,957 0.48%
Financial and Insurance activities
8.10% Shriram Transport Finance Co. Ltd. NCD (MD 29/05/2020) NCD 6,025 0.06% – –
8.45% Bajaj Finance Ltd. NCD (MD 29/09/2026) NCD 27,300 0.26% 27,625 0.21%
8.57% Indiabulls Housing Finance Ltd. NCD (MD 30/03/2022) NCD 51,463 0.49% 30,940 0.24%
8.5935% IDFC Bank Ltd. (Compounded Annually)
(MD 21/10/2021) NCD – – 70,359 0.54%
8.61% Sundaram Finance Ltd. (MD 12/04/2019) NCD – – 7,084 0.05%
8.6585% IDFC Bank Ltd. NCD (Compounded Annually)
(MD 24/12/2018) NCD – – 15,181 0.12%
8.72% IDFC Bank Ltd. (MD 29/09/2020) NCD – – 13,322 0.10%
8.75% State Bank of India FD (MD 16/03/2020) FD – – 1,200 0.01%
8.90% Indiabulls Housing Finance Ltd. NCD (MD 26/09/2021) NCD 58,579 0.56% – –
8.97% Tata Sons Ltd. (MD 15/07/2020) NCD – – 1,543 0.01%
9.00% Canara Bank FD (MD 09/03/2020) FD – – 3,965 0.03%
9.00% Canara Bank FD (MD 19/06/2020) FD – – 900 0.01%
9.10% Dewan Housing Finance Corporation Ltd. (MD 09/09/2019) NCD 140,177 1.33% – –
9.10% State Bank of Hydrabad FD (MD 01/03/2019) FD – – 5,334 0.04%
9.25% State Bank of India FD (MD 17/08/2021) FD – – 540 0.00%
9.30% State Bank of Bikaner & Jaipur FD (MD 31/01/2022) FD – – 9,900 0.08%
9.30% Sundaram BNP Paribas Home Finance Ltd.
(MD 08/05/2018) NCD – – 16,032 0.12%
9.38% EXIM Bank Ltd. (MD 29/09/2021) NCD – – 4,213 0.03%
9.50% IDBI Bank FD (MD 30/12/2021) FD – – 7,500 0.06%
9.75 % State Bank of Bikaner & Jaipur FD (MD 16/07/2021) FD – – 5,200 0.04%
9.75% IL&FS Ltd. (MD 11/08/2018) NCD – – 63,120 0.48%

Annexures
(H In Thousand)
31 March 2019 31 March 2018
10.00% Shriram Transport Finance Co. Ltd. NCD (MD 15/07/2019) NCD – – 14,923 0.11%
11.50% ICICI Bank Ltd. (MD 05/01/2019) NCD – – 11,343 0.09%
Axis Bank Ltd. EQU 74,604 0.71% – –
DCB Bank Ltd. EQU – – 219,058 1.68%
HDFC Bank Ltd. EQU 715,283 6.78% 889,692 6.81%
Housing Development Finance Corporation Ltd. EQU 180,540 1.71% 346,818 2.65%
ICICI Bank Ltd. EQU 330,036 3.13% 74,348 0.57%
IL & FS Financial Services Ltd. CP (MD 12/12/2018) CP – – 152,889 1.17%
IndusInd Bank Ltd. EQU – – 212,331 1.63%
NOVO X Trust - Locomotive Series Q (MD 15/04/2019) PTC – – 105,361 0.81%
NOVO X Trust - Locomotive Series R (MD 15/10/2019) PTC – – 29,600 0.23%
NOVO X Trust - Locomotive Series S (MD 15/04/2020) PTC – – 50,981 0.39%
NOVO X Trust - Locomotive Series T (MD 15/10/2020) PTC – – 76,618 0.59%
NOVO X Trust - Locomotive Series U (MD 15/04/2021) PTC – – 37,889 0.29%
Yes Bank Ltd. EQU 208,970 1.98% 415,270 3.18%
Others 6,569,857 62.25% 8,436,943 64.58%
Net Current Assets 26,208 0.25% (258,282) (1.98%)
Grand Total 10,554,645 100.00% 13,064,559 100.00%
Asset Allocation Fund II - ULIF07205/12/13ASSETALL02116

related activities HCL Technologies Ltd. EQU 59,274 2.67% 58,604 3.49%
Infosys Ltd. EQU 89,406 4.02% 72,091 4.29%
Mphasis Ltd. EQU 28,894 1.30% 36,166 2.15%
Wipro Ltd. EQU 11,438 0.51% 7,037 0.42%
Financial and Insurance activities 8.10% Shriram Transport Finance Co. Ltd. NCD (MD 29/05/2020) NCD 24,101 1.08% – –
9.10% Dewan Housing Finance Corporation Ltd.
(MD 09/09/2019) NCD 14,839 0.67% – –
9.10% State Bank of Hydrabad FD (MD 22/12/2020) FD – – 300 0.02%
9.15% ICICI Bank FD (MD 05/01/2021) FD – – 5,244 0.31%
(MD 08/05/2018) NCD – – 37,075 2.21%
DCB Bank Ltd. EQU – – 24,486 1.46%
HDFC Bank Ltd. EQU 130,420 5.87% 99,565 5.93%

Annexures
(H In Thousand)
31 March 2019 31 March 2018
Yes Bank Ltd. EQU 41,266 1.86% 46,575 2.77%

Others 1,432,561 64.49% 1,050,579 62.53%
Grand Total 2,221,504 100.00% 1,679,985 100.00%
Assured Return Fund - ULIF06127/01/11ASSRDRETRN116

8.5935% IDFC Bank Ltd. (Compounded Annually) (MD
Financial and Insurance activities 21/10/2021) NCD 16,434 3.58% 20,694 3.64%
9.15% ICICI Bank FD (MD 05/01/2021) FD – – 720 0.13%
9.25% Oriental Bank of Commerce FD (MD 05/01/2022) FD 9,900 2.16% 9,900 1.74%
9.30% State Bank of Bikaner & JaipurFD (MD 16/12/2021) FD 9,900 2.16% 9,900 1.74%
9.60% State Bank of Travancore FD (MD 02/02/2022) FD 29,700 6.47% 29,700 5.22%
NOVO X Trust - Locomotive Series Q (MD 15/04/2019) PTC 11,783 2.57% 26,340 4.63%
NOVO X Trust - Locomotive Series S (MD 15/04/2020) PTC 26,334 5.73% 30,588 5.38%
Financial and Insurance activities (Infra) 7.99% Power Finance Corporation Ltd. NCD (MD 20/12/2022) NCD 1,008 0.22% – –
9.29% Power Finance Corporation Ltd. NCD (MD 21/08/2022) NCD 10,207 2.22% 16,580 2.92%
9.35% RECL NCD (MD 15/06/2022) NCD 40,859 8.90% 42,145 7.41%
9.57% IRFC Ltd. (MD 31/05/2021) NCD – – 2,120 0.37%
9.61% Power Finance Corporation Ltd. NCD (MD 29/06/2021) NCD – – 5,282 0.93%
Financial and Insurance activities (Infra) Total 52,074 11.34% 66,127 11.63%
Others 239,733 52.19% 292,832 51.49%
Grand Total 459,309 100.00% 568,712 100.00%
Balanced Equity Fund - ULIF07413/05/15BALEQTYFND116

Financial and Insurance activities (Housing) 8.60% LIC Housing Finance Ltd. NCD (MD 28/12/2020) NCD 6,098 3.06% 6,152 3.67%
9.10% Dewan Housing Finance Corporation Ltd. (MD 09/09/2019) NCD – – 13,261 7.90%
Financial and Insurance activities (Housing) Total 6,098 3.06% 19,413 11.57%
Others 185,928 93.41% 140,755 83.88%
Grand Total 199,048 100.00% 167,803 100.00%
Blue Chip Equity Fund - ULIF06026/10/10BLUECHIPEQ116

Infosys Ltd. EQU 291,113 7.21% 187,254 5.90%
Tata Consultancy Services Ltd. EQU 86,037 2.13% 97,122 3.06%
Wipro Ltd. EQU 35,573 0.88% 42,612 1.34%
Financial and Insurance activities 9.50% State Bank of Bikaner & Jaipur FD (MD 03/02/2020) FD 31,240 0.77% 31,240 0.98%
Axis Bank Ltd. EQU 62,279 1.54% 44,792 1.41%
Bajaj Finance Ltd. EQU 12,796 0.32% – –
HDFC Bank Ltd. EQU 329,949 8.17% 263,377 8.30%
IndusInd Bank Ltd. EQU 12,378 0.31% 37,974 1.20%

Annexures
(H In Thousand)
31 March 2019 31 March 2018
State Bank of India EQU 46,532 1.15% 40,503 1.28%

Yes Bank Ltd. EQU 28,670 0.71% 17,470 0.55%
Manufacture of Coke and refined petroleum
products Bharat Petroleum Corporation Ltd. EQU 29,437 0.73% 47,127 1.48%
Hindustan Petroleum Corporation Ltd. EQU – – 13,358 0.42%
Indian Oil Corporation Ltd. EQU 26,667 0.66% 20,952 0.66%
Reliance Industries Ltd. EQU 321,998 7.97% 261,093 8.22%
Manufacture of Coke and refined petroleum products Total 378,102 9.36% 342,530 10.79%
Others 2,114,453 52.37% 1,598,846 50.36%
Grand Total 4,037,901 100.00% 3,174,908 100.00%
Bond Fund - ULIF02610/07/06BONDFUNDLI116

Electricity, Gas, Steam and Aircondition
Supply (Infra) 8.10% NTPC Ltd. NCD (MD 27/05/2021) NCD 25,230 0.23% 25,357 0.24%
8.24% Power Grid Corporation Ltd. NCD (MD 14/02/2029) NCD 858,058 7.78% – –
8.30% NTPC Ltd. NCD (MD 15/01/2029) NCD 500,347 4.54% – –
9.64% Power Grid Corporation Ltd. (MD 31/05/2020) NCD 12,786 0.12% 13,006 0.12%
Electricity, Gas, Steam and Aircondition Supply (Infra) Total 1,396,421 12.66% 38,363 0.37%
Financial and Insurance activities 7.38% Kotak Mahindra Prime Ltd. NCD (MD 18/10/2019) NCD 79,961 0.73% 79,789 0.76%
7.68% Fullerton India Credit Co. Ltd. S 56 NCD (MD 14/08/2020) NCD 150,052 1.36% 150,339 1.44%
7.7948% Kotak Mahindra Prime Ltd. NCD (MD 16/07/2020) NCD 11,026 0.10% – –
7.85% Cholamandalam Investment & Finance Co. Ltd. NCD
(MD08082019) NCD – – 149,122 1.43%
8.25% Tata Sons Ltd. NCD (MD 23/03/2022) NCD – – 263,940 2.53%
8.72% Shriram Transport Finance Co. Ltd. NCD (MD 27/03/2023) NCD 214,848 1.95% 214,394 2.05%
8.75% State Bank of India FD (MD 17/03/2020) FD 9,500 0.09% 9,500 0.09%
9.00% Canara Bank FD (MD 09/03/2020) FD 31,827 0.29% – –
9.00% Canara Bank FD (MD 19/06/2020) FD 1,300 0.01% 300 0.00%
9.10% State Bank of Hydrabad FD (MD 09/03/2020) FD 17,000 0.15% – –
9.15% Canara Bank FD (MD 19/03/2020) FD 36,523 0.33% 1,444 0.01%
9.15% ICICI Bank FD (MD 05/01/2021) FD – – 925 0.01%
9.15% ICICI Bank FD (MD 09/03/2020) FD 342 0.00% 342 0.00%
9.30% State Bank of Bikaner & Jaipur FD (MD 01/12/2021) FD 9,900 0.09% 9,900 0.09%
9.30% State Bank of Bikaner & JaipurFD (MD 13/12/2021) FD 9,900 0.09% – –

Annexures
(H In Thousand)
31 March 2019 31 March 2018
9.4554% Sundaram Finance Ltd. (MD 28/08/2019) NCD 10,074 0.09% 10,342 0.10%
9.50% State Bank of Bikaner & Jaipur FD (MD 01/12/2020) FD 5,000 0.05% – –
9.75% IL&FS Ltd. (MD 11/08/2018) NCD – – 3,020 0.03%
NOVO X Trust - Locomotive Series P (MD 15/10/2018) PTC – – 136,515 1.31%
NOVO X Trust - Locomotive Series S (MD 15/04/2020) PTC 32,917 0.30% – –
Others 7,357,083 66.72% 7,467,630 71.46%
Grand Total 11,026,605 100.00% 10,450,010 100.00%
Builder Bond Fund - ULIF07313/05/15BLDRBNDFND116

Supply (Infra) 8.24% Power Grid Corporation Ltd. NCD (MD 14/02/2029) NCD 35,415 6.24% – –
8.35% Petronet LNG NCD (14/06/2018) NCD – – 28,044 6.97%
Electricity, Gas, Steam and Aircondition Supply (Infra) Total 59,528 10.50% 28,044 6.97%
9.10% Dewan Housing Finance Corporation Ltd.
(MD 16/08/2019) NCD 305 0.05% – –
9.75 % State Bank of Bikaner & Jaipur FD (MD 16/07/2021) FD 8,422 1.48% 272 0.07%
Others 421,694 74.35% 267,244 66.40%
Grand Total 567,169 100.00% 402,487 100.00%
Cash Fund - ULIF00215/01/04CASHFUNDLI116

Financial and Insurance activities (Housing) Dewan Housing Finance Corporation Ltd. CP (MD 18/06/2018) CP – – 26,602 7.26%
HDFC Bank Ltd. CP (MD 07/06/2018) CP – – 25,153 6.87%
Financial and Insurance activities (Housing) Total – – 51,755 14.13%
Others 354,666 99.98% 314,593 85.88%
Net Current Assets 86 0.02% (43) (0.01%)
Grand Total 354,752 100.00% 366,305 100.00%
Cash Plus Fund - ULIF01023/07/04CASHPLUSFU116

Financial and Insurance a ctivities (Housing) Dewan Housing Finance Corporation Ltd. CP (MD 18/06/2018) CP – – 38,426 7.06%
Others 559,962 99.94% 467,171 85.83%
Net Current Assets 326 0.06% 227 0.04%
Grand Total 560,288 100.00% 544,293 100.00%
Debt Fund - ULIF00415/01/04DEBTFUNDLI116

Electricity, Gas, Steam and Aircondition 8.24% Power Grid Corporation Ltd. NCD
Supply (Infra) (MD 14/02/2029) NCD 33,391 7.13% – –
Electricity, Gas, Steam and Aircondition Supply (Infra) Total 56,499 12.06% – –

Annexures
(H In Thousand)
31 March 2019 31 March 2018

Financial and Insurance activities (MD 26/02/2019) NCD – – 6,003 1.24%
9.60% State Bank of Travancore FD (MD 06/12/2021) FD – – 9,900 2.04%
Financial and Insurance activities (Housing) 7.39% LIC Housing Finance Ltd. NCD (MD 30/08/2022) NCD 993 0.21% – –
8.58% LIC Housing Finance Ltd. NCD (MD 01/08/2025) NCD 3,048 0.65% 3,083 0.64%
8.75% HDFC Ltd. NCD (MD 13/01/2020) NCD 13,633 2.91% 26,504 5.47%
8.80% LIC Housing Finance Ltd. NCD (MD 25/01/2029) NCD 10,376 2.21% – –
9.39% LICHFL NCD (MD 23/08/2024) NCD – – 15,970 3.29%
Others 315,115 67.24% 324,141 66.87%
Grand Total 468,629 100.00% 484,741 100.00%
Debt Plus Fund - ULIF00923/07/04DEBTPLUSFU116

Financial and Insurance activities (MD 26/02/2019) NCD – – 9,005 1.37%
8.10% Shriram Transport Finance Co. Ltd. NCD
(MD 29/05/2020) NCD 16,067 2.62% 33,219 5.04%
8.57% Indiabulls Housing Finance Ltd. NCD
(MD 30/03/2022) NCD 13,380 2.18% 13,407 2.03%
8.6585% IDFC Bank Ltd. NCD (Compounded Annually) (MD
24/12/2018) NCD – – 5,060 0.77%
9.25% Bajaj Finance Ltd. (MD 03/05/2018) NCD – – 6,012 0.91%

Annexures
(H In Thousand)
31 March 2019 31 March 2018
Financial and Insurance activities (Housing) 7.49% Gruh Finance Ltd. NCD (MD 31/10/2022) NCD 13,491 2.20% – –
9.39% LICHFL NCD (MD 23/08/2024) NCD 2,123 0.35% 15,970 2.42%
Others 417,403 68.06% 458,570 69.59%
Grand Total 613,259 100.00% 658,980 100.00%
Discontinued Life Policy Fund - ULIF07026/03/13DISCONLIFE116

Others 7,426,671 101.74% 4,737,702 105.42%
Net Current Assets (126,703) –1.74% (243,410) (5.42%)
Grand Total 7,299,968 100.00% 4,494,292 100.00%
Equity Fund - ULIF00315/01/04EQUITYFUND116

Infosys Ltd. EQU 134,525 7.69% 108,317 6.32%
Wipro Ltd. EQU 18,170 1.04% 20,348 1.19%
Financial and Insurance activities Axis Bank Ltd. EQU 47,143 2.70% 26,042 1.52%
HDFC Bank Ltd. EQU 143,858 8.23% 152,446 8.89%
Yes Bank Ltd. EQU 11,238 0.64% 10,028 0.58%
Others 932,566 53.33% 950,225 55.40%
Net Current Assets (433) –0.02% 670 0.04%
Grand Total 1,748,602 100.00% 1,715,158 100.00%
Equity Gain Fund - ULIF00523/07/04EQGAINFUND116

Infosys Ltd. EQU 303,457 7.07% 320,193 7.41%
Mphasis Ltd. EQU 37,089 0.86% 91,001 2.11%
Wipro Ltd. EQU 54,373 1.27% – –

Annexures
(H In Thousand)
31 March 2019 31 March 2018
Financial and Insurance activities Axis Bank Ltd. EQU 211,855 4.93% – –
HDFC Bank Ltd. EQU 286,064 6.66% 340,177 7.87%
Syndicate Bank EQU – – 33,796 0.78%
Vijaya Bank EQU – – 17,879 0.41%
Yes Bank Ltd. EQU – – 204,653 4.74%
Others 2,698,524 62.84% 2,671,855 61.85%
Grand Total 4,293,955 100.00% 4,320,093 100.00%
Equity Growth Fund - ULIF02924/07/06EQGROWFUND116

related activities HCL Technologies Ltd. EQU 616,904 2.16% 1,020,292 3.43%
Infosys Ltd. EQU 2,115,757 7.40% 2,229,347 7.49%
Mphasis Ltd. EQU 308,644 1.08% 667,172 2.24%
Wipro Ltd. EQU 437,615 1.53% 168,261 0.57%
Financial and Insurance activities 9.10% State Bank of Hydrabad FD (MD 22/12/2020) FD – – 12,916 0.04%
9.30% State Bank of Bikaner & JaipurFD (MD 13/12/2021) FD – – 9,900 0.03%
Axis Bank Ltd. EQU 1,408,481 4.92% – –
Bandhan Bank Ltd. EQU – – 18,466 0.06%
HDFC Bank Ltd. EQU 2,304,762 8.06% 2,504,286 8.41%
Housing Development Finance Corporation Ltd. EQU 270,878 0.95% 1,058,832 3.56%
ICICI Bank Ltd. EQU 1,742,681 6.09% 187,274 0.63%
Kotak Mahindra Bank Ltd. EQU 849,048 2.97% 1,645,579 5.53%
Yes Bank Ltd. EQU – – 1,409,688 4.74%
Others 17,656,610 61.73% 18,470,261 62.05%
Net Current Assets (7,074) –0.02% (166,344) –0.56%
Grand Total 28,601,759 100.00% 29,767,642 100.00%
Equity Growth Fund II - ULIF05106/01/10EQTYGROW02116

Infosys Ltd. EQU 1,382,183 6.98% 979,124 6.58%
Mphasis Ltd. EQU 268,076 1.35% 227,004 1.53%
Wipro Ltd. EQU 246,868 1.25% 76,041 0.51%

Annexures
(H In Thousand)
31 March 2019 31 March 2018
Bandhan Bank Ltd. EQU – – 12,310 0.08%

HDFC Bank Ltd. EQU 1,507,698 7.61% 973,654 6.54%
ICICI Bank Ltd. EQU 1,131,048 5.71% 73,140 0.49%
Yes Bank Ltd. EQU – – 573,723 3.86%
Manufacture of Chemicals and Chemical products Akzo Nobel India Ltd. EQU 260,384 1.31% 298,273 2.00%
Asian Paints Ltd. EQU 265,657 1.34% 30,694 0.21%
BASF India Ltd. EQU 155,972 0.79% 327,245 2.20%
Bayer Cropscience Ltd. EQU 38,940 0.20% 45,231 0.30%
Clariant Chemicals (India) Ltd. EQU 205,032 1.04% – –
Colgate Palmolive (India) Ltd. EQU 205,686 1.04% – –
Coromandel International Ltd. EQU 3,553 0.02% – –
Dabur India Ltd. EQU – – 68,017 0.46%
Elantas Beck India Ltd. EQU 169,806 0.86% 119,063 0.80%
Godrej Consumer Products Ltd. EQU 114,280 0.58% 319,867 2.15%
Hindustan Unilever Ltd. EQU 223,205 1.13% 124,935 0.84%
Kansai Nerolac Paints Ltd. EQU – – 25,073 0.17%
Procter & Gamble Hygiene & Health Care Ltd. EQU 300,317 1.52% 136,743 0.92%
Manufacture of Chemicals and Chemical products Total 1,942,832 9.81% 1,495,141 10.05%
Others 10,084,559 50.92% 8,346,673 56.10%
Grand Total 19,803,097 100.00% 14,879,514 100.00%
Equity Index Fund - ULIF00623/07/04EQINDEFUND116

Infosys Ltd. EQU 71,656 8.17% 53,625 6.27%
Wipro Ltd. EQU 8,036 0.92% 10,064 1.18%
HDFC Bank Ltd. EQU 75,932 8.66% 75,470 8.82%
Yes Bank Ltd. EQU 5,388 0.61% 4,965 0.58%
Others 469,785 53.60% 476,606 55.72%

Annexures
(H In Thousand)
31 March 2019 31 March 2018
Net Current Assets (681) (0.08%) 499 0.06%

Grand Total 876,537 100.00% 855,330 100.00%
Equity Index Fund - II - ULIF03024/07/06EQTYINDX02116

Infosys Ltd. EQU 1,537,683 7.07% 1,862,383 7.48%
Wipro Ltd. EQU 342,373 1.57% 350,929 1.41%
HDFC Bank Ltd. EQU 2,061,509 9.48% 2,353,762 9.45%
Housing Development Finance Corporation Ltd. EQU 1,114,268 5.13% 1,080,562 4.34%
ICICI Bank Ltd. EQU 589,235 2.71% 1,145,949 4.60%
Yes Bank Ltd. EQU 92,907 0.43% 279,581 1.12%
Reliance Industries Ltd. EQU 1,681,690 7.74% 1,405,342 5.64%
Manufacture of Coke and refined petroleum products Total 2,226,767 10.24% 1,995,476 8.01%
Others 11,244,511 51.73% 14,082,151 56.56%
Net Current Assets (116,982) (0.54%) (539,545) (2.17%)
Grand Total 21,738,257 100.00% 24,898,337 100.00%
Equity Midcap Fund - ULIF01709/03/05EQUMIDFUND116

Computer programming, consultancy
and related activities Cyient Ltd. EQU – – 4,870 0.63%
Infosys Ltd. EQU 1,854 0.27% 3,847 0.50%
Mphasis Ltd. EQU 24,001 3.46% 33,327 4.33%
Wipro Ltd. EQU 1,906 0.27% – –
DCB Bank Ltd. EQU 6,278 0.91% 6,324 0.82%
RBL Bank Ltd. EQU 21,558 3.11% 4,811 0.62%

Annexures
(H In Thousand)
31 March 2019 31 March 2018
Yes Bank Ltd. EQU – – 36,159 4.69%

Others 523,149 75.45% 600,741 77.98%
Grand Total 693,338 100.00% 770,417 100.00%
Equity Midcap Plus Fund - ULIF01809/03/05EQUMIDPLUS116

Infosys Ltd. EQU 3,394 0.26% 7,865 0.55%
Mphasis Ltd. EQU 43,980 3.41% 61,623 4.33%
Wipro Ltd. EQU 3,490 0.27% – –
DCB Bank Ltd. EQU 11,492 0.89% 11,962 0.84%
RBL Bank Ltd. EQU 39,541 3.06% 9,192 0.65%
Yes Bank Ltd. EQU – – 68,002 4.78%
Others 980,169 75.93% 1,108,874 77.96%
Grand Total 1,290,908 100.00% 1,422,387 100.00%
Equity Plus Fund - ULIF00723/07/04EQPLUSFUND116

Infosys Ltd. EQU 408,713 6.95% 437,108 7.50%
Mphasis Ltd. EQU 50,002 0.85% 120,525 2.07%
Wipro Ltd. EQU 72,881 1.24% 27,376 0.47%
Financial and Insurance activities 9.15% ICICI Bank FD (MD 05/01/2021) FD – – 2,025 0.03%
Axis Bank Ltd. EQU 285,862 4.86% – –
HDFC Bank Ltd. EQU 409,931 6.97% 450,455 7.73%

Annexures
(H In Thousand)
31 March 2019 31 March 2018

Yes Bank Ltd. EQU – – 270,953 4.65%
Others 3,703,429 62.99% 3,617,098 62.05%

Grand Total 5,878,951 100.00% 5,829,591 100.00%
Growth Plus Fund I - ULIF05414/01/10GROWPLUS01116

Civil Engineering (Infra) 7.60% NHAI Taxable Bond Series - V - (MD 18/03/2022) NCD 5,000 6.56% 4,968 6.45%
8.40% Larsen & Toubro Ltd. (MD 24/09/2020) NCD 6,060 7.96% – –
Civil Engineering (Infra) Total 11,060 14.52% 4,968 6.45%
Financial and Insurance activities 8.97% Tata Sons Ltd. (MD 15/07/2020) NCD – – 5,658 7.35%
9.15% ICICI Bank FD (MD 09/03/2020) FD 6,155 8.08% 6,155 8.00%
Financial and Insurance activities (Housing) 8.95% HDFC Ltd. NCD (MD 19/10/2020) NCD 4,073 5.35% 4,122 5.35%
9.39% LICHFL NCD (MD 23/08/2024) NCD 4,246 5.57% 4,259 5.53%
Financial and Insurance activities (Infra) 0% Rural Electrification Corporation Ltd. (MD 15/12/2020) ZCB – – 410 0.53%
8.44% RECL NCD (MD 04/12/2021) NCD – – 5,138 6.67%
8.50% IRFC Ltd. (MD 22/06/2020) NCD 7,085 9.30% 7,158 9.30%
Others 18,787 24.66% 14,767 19.18%
Grand Total 76,185 100.00% 76,980 100.00%
Growth Plus Fund II - ULIF05510/05/10GROWPLUS02116

related activities HCL Technologies Ltd. EQU 324 0.86% 552 1.46%
Infosys Ltd. EQU 2,796 7.45% 2,241 5.93%
Tata Consultancy Services Ltd. EQU 925 2.46% 1,165 3.08%
Tech Mahindra Ltd. EQU 709 1.89% 587 1.55%
Wipro Ltd. EQU 379 1.01% 512 1.35%
Financial and Insurance activities Axis Bank Ltd. EQU 607 1.62% 563 1.49%
Bajaj Finance Ltd. EQU 130 0.35% – –
HDFC Bank Ltd. EQU 3,478 9.26% 3,174 8.40%
IndusInd Bank Ltd. EQU 134 0.36% 471 1.25%
Kotak Mahindra Bank Ltd. EQU 468 1.25% 403 1.07%
State Bank of India EQU 498 1.33% 487 1.29%
Yes Bank Ltd. EQU 307 0.82% 202 0.53%
Manufacture of Coke and refined
petroleum products Bharat Petroleum Corporation Ltd. EQU 314 0.84% 615 1.63%
Hindustan Petroleum Corporation Ltd. EQU – – 166 0.44%
Indian Oil Corporation Ltd. EQU 284 0.76% 241 0.64%

Annexures
(H In Thousand)
31 March 2019 31 March 2018
Others 19,376 51.59% 19,582 51.81%
Grand Total 37,554 100.00% 37,798 100.00%
Growth Plus Fund III - ULIF05926/10/10GROWPLUS03116

Infosys Ltd. EQU 3,288 7.52% 2,482 6.08%
Tata Consultancy Services Ltd. EQU 931 2.13% 1,311 3.21%
Tech Mahindra Ltd. EQU 798 1.83% 659 1.61%
Wipro Ltd. EQU 428 0.98% 568 1.39%
Financial and Insurance activities Axis Bank Ltd. EQU 683 1.56% 609 1.49%
HDFC Bank Ltd. EQU 3,917 8.96% 3,497 8.56%
Yes Bank Ltd. EQU 342 0.78% 225 0.55%
products Bharat Petroleum Corporation Ltd. EQU 350 0.80% 659 1.61%
Others 22,552 51.58% 20,939 51.25%
Net Current Assets (19) –0.04% 40 0.10%
Grand Total 43,725 100.00% 40,855 100.00%
Guaranteed Bond Fund - ULIF06322/09/11GTEBONDFND116

Financial and Insurance activities (MD 21/10/2021) NCD 86,281 3.70% 86,914 3.79%
9.25% EXIM NCD (MD 12/07/2022) NCD – – 52,539 2.29%
9.50% IDBI Bank FD (MD 01/02/2022) FD 9,900 0.43% 9,900 0.43%

Annexures
(H In Thousand)
31 March 2019 31 March 2018
9.50% IDBI Bank FD (MD 02/02/2022) FD 9,900 0.43% 9,900 0.43%

9.50% IDBI Bank FD (MD 04/01/2022) FD 9,900 0.43% 9,900 0.43%
9.50% IDBI Bank FD (MD 05/01/2022) FD 9,900 0.43% 9,900 0.43%
9.50% IDBI Bank FD (MD 07/04/2022) FD 9,900 0.43% 9,900 0.43%
9.50% IDBI Bank FD (MD 08/01/2022) FD 9,900 0.43% 9,900 0.43%
9.50% IDBI Bank FD (MD 08/04/2022) FD 9,900 0.43% 9,900 0.43%
9.50% IDBI Bank FD (MD 09/04/2022) FD 9,900 0.43% 9,900 0.43%
9.50% IDBI Bank FD (MD 13/01/2022) FD 9,900 0.43% 9,900 0.43%
9.50% IDBI Bank FD (MD 14/01/2022) FD 9,900 0.43% 9,900 0.43%
9.50% IDBI Bank FD (MD 16/12/2021) FD 9,900 0.43% 9,900 0.43%
9.50% IDBI Bank FD (MD 17/12/2021) FD 9,900 0.43% 9,900 0.43%
9.50% IDBI Bank FD (MD 20/12/2021) FD 9,900 0.43% 9,900 0.43%
9.50% IDBI Bank FD (MD 21/12/2021) FD 9,900 0.43% 9,900 0.43%
9.50% IDBI Bank FD (MD 22/12/2021) FD 9,900 0.43% 9,900 0.43%
9.50% IDBI Bank FD (MD 27/01/2022) FD 9,900 0.43% 9,900 0.43%
NOVO X Trust - Locomotive Series U (MD 15/04/2021) PTC 81,446 3.50% 75,779 3.30%
Financial and Insurance activities (Infra) 7.99% PFC Ltd. NCD (MD 20/12/2022) NCD 35,277 1.51% – –
9.27% IRFC Ltd. Series 76 (MD 10/05/2021) NCD 49,673 2.13% 50,429 2.20%
9.57% IRFC Ltd. (MD 31/05/2021) NCD – – 82,666 3.60%
Others 1,126,413 48.36% 977,792 42.60%
Grand Total 2,329,054 100.00% 2,295,138 100.00%
Life Long Gain Fund - ULIF01123/07/04LIFELOGAIN116

9.64% Power Grid Corporation Ltd. (MD 31/05/2020) NCD – – 6,503 3.65%
Others 148,578 82.67% 164,837 92.60%
Grand Total 179,718 100.00% 178,003 100.00%
Liquid Fund - ULIF02510/07/06LIQUIDFUND116


Annexures
(H In Thousand)
31 March 2019 31 March 2018
Others 2,231,183 94.26% 1,964,380 85.22%

Grand Total 2,367,051 100.00% 2,305,183 100.00%
Max Gain Fund I - ULIF05017/12/09MAXGAINF01116

7.9612% Cholamandalam Investment & Finance Co. Ltd.
Financial and Insurance activities NCD (MD 26/02/2019) NCD – – 2,001 0.03%
8.00% Shriram Transport Finance Co. Ltd.
NCD (MD 12/06/2020) NCD 80,214 1.19% 80,321 1.18%
CD (MD 25/10/2019) NCD – – 100,091 1.47%
8.10% Shriram Transport Finance Co. Ltd.
NCD (MD 29/05/2020) NCD 71,298 1.06% 40,265 0.59%
21/10/2021) NCD 76,009 1.13% 10,347 0.15%
8.6585% IDFC Bank Ltd. NCD (Compounded Annually) (MD
24/12/2018) NCD – – 30,362 0.44%
8.72% IDFC Bank Ltd. (MD 29/09/2020) NCD 33,392 0.50% 13,322 0.20%
8.75% State Bank of India FD (MD 16/03/2020) FD 800 0.01% 800 0.01%
9.10% State Bank of Hydrabad FD (19/06/2020) FD 27,500 0.41% 51,600 0.76%
9.10% State Bank of Hydrabad FD (MD 09/03/2020) FD 97,700 1.45% 114,700 1.68%
9.15% Canara Bank FD (MD 19/03/2020) FD 900 0.01% 900 0.01%
9.30% Sundaram BNP Paribas Home Finance Ltd. (MD
08/05/2018) NCD – – 24,049 0.35%
9.75% IL&FS Ltd. (MD 11/08/2018) NCD – – 63,724 0.93%

Annexures
(H In Thousand)
31 March 2019 31 March 2018

NOVO X Trust - Locomotive Series Q (MD 15/04/2019) PTC 89,551 1.33% – –
NOVO X Trust - Locomotive Series R (MD 15/10/2019) PTC 56,881 0.84% 6,343 0.09%
NOVO X Trust - Locomotive Series T (MD 15/10/2020) PTC 95,035 1.41% 3,929 0.06%
7.63% PNB Housing Finance Ltd. NCD (MD 14/07/2020) NCD – – 250,387 3.67%
8.35% HDFC Ltd. NCD (MD 13/05/2026) NCD – – 254,263 3.73%
8.68% LIC Housing Finance Ltd. (MD 30/03/2020) NCD 16,193 0.24% 51,039 0.75%
9.39% LICHFL NCD (MD 23/08/2024) NCD 41,394 0.61% 41,522 0.61%
Financial and Insurance activities (Infra) 0% Rural Electrification Corporation Ltd. (MD 15/12/2020) ZCB – – 1,330 0.02%
7.45% RECL Ltd. NCD (MD 30/11/2022) NCD – – 246,622 3.61%
8.44% RECL NCD (MD 04/12/2021) NCD – – 13,359 0.20%
8.50% IRFC Ltd. (MD 22/06/2020) NCD 87,040 1.29% 114,526 1.68%
8.53% PFC Ltd. NCD (MD 24/07/2020) NCD – – 20,399 0.30%
8.55% IRFC (MD 03/02/2020) NCD – – 67,314 0.99%
8.85% Axis Bank Ltd. (MD 05/12/2024) NCD 21,557 0.32% 21,838 0.32%
8.87% PFC (MD 18/03/2023) NCD 101,357 1.51% 102,372 1.50%
9.27% IRFC Ltd. Series 76 (MD 10/05/2021) NCD 12,418 0.18% 12,607 0.18%
9.35% RECL NCD (MD 15/06/2022) NCD 1,048 0.02% – –
9.57% IRFC Ltd. (MD 31/05/2021) NCD – – 8,479 0.12%
9.69% PFC Bond Series 113 (MD 02/03/2019) NCD – – 6,120 0.09%
Financial and Insurance activities (Infra) Total 494,196 7.34% 1,122,654 16.45%

Annexures
(H In Thousand)
31 March 2019 31 March 2018
Others 3,475,327 51.62% 2,831,562 41.49%

Grand Total 6,732,317 100.00% 6,825,372 100.00%
Max Gain Fund II - ULIF05814/09/10MAXGAINF02116

8.30% HDB Financial Services Ltd. NCD (MD 09/08/2019) NCD 2,002 0.17% 2,018 0.16%
21/10/2021) NCD 2,054 0.17% 2,069 0.16%
9.50% State Bank of Bikaner & Jaipur FD (MD 01/07/2020) FD 800 0.07% 800 0.06%
9.75 % State Bank of Bikaner & Jaipur FD (MD 16/07/2021) FD – – 8,150 0.65%
9.75% IL&FS Ltd. (MD 11/08/2018) NCD – – 3,020 0.24%
Axis Bank Ltd. EQU – – 7,395 0.59%
HDFC Bank Ltd. EQU – – 29,434 2.34%
Housing Development Finance Corporation Ltd. EQU – – 24,717 1.97%
ICICI Bank Ltd. EQU – – 7,578 0.60%
Kotak Mahindra Bank Ltd. EQU – – 4,643 0.37%
NOVO X Trust - Locomotive Series Q (MD 15/04/2019) PTC 40,062 3.32% – –
NOVO X Trust - Locomotive Series U (MD 15/04/2021) PTC 12,217 1.01% – –
State Bank of India EQU – – 3,548 0.28%
Others 847,405 70.18% 887,614 70.61%
Grand Total 1,207,410 100.00% 1,257,108 100.00%
Premier Bond Fund - ULIF02821/07/06PREMIRBOND116

Supply (Infra) 8.24% Power Grid Corporation Ltd. NCD (MD 14/02/2029) NCD 3,036 7.71% – –
Financial and Insurance activities 8.75% Indiabulls Housing Finance Ltd. NCD (MD 26/09/2021) NCD 2,274 5.77% 310 0.34%
9.10% Dewan Housing Finance Corporation Ltd. (MD 09/09/2019) NCD 577 1.47% – –
9.25% State Bank of India FD (MD 18/08/2021) FD 454 1.15% – –

Annexures
(H In Thousand)
31 March 2019 31 March 2018
Financial and Insurance activities (Housing) 7.49% Gruh Finance Ltd. NCD (MD 31/10/2022) NCD 999 2.54% – –
9.39% LICHFL NCD (MD 23/08/2024) NCD 1,061 2.69% 1,065 1.16%
Others 33,598 85.28% 73,649 80.08%
Net Current Assets (7,763) (19.71%) 2,115 2.30%
Grand Total 39,396 100.00% 91,968 100.00%
Premier Debt Fund - ULIF02317/12/05PRERDEBTFU116

Financial and Insurance activities 8.75% Indiabulls Housing Finance Ltd. NCD (MD 26/09/2021) NCD 1,547 4.13% – –
9.15% Canara Bank FD (MD 29/06/2020) FD 480 1.28% – –
9.75% IL&FS Ltd. (MD 11/08/2018) NCD – – 2,617 7.73%
Others 32,505 86.78% 27,025 79.84%
Net Current Assets 1,172 3.13% 987 2.91%
Grand Total 37,459 100.00% 33,849 100.00%
Premier Equity Fund - ULIF02117/12/05PRMREQFUND116

related activities HCL Technologies Ltd. EQU 1,269 1.14% 332 0.29%
Infosys Ltd. EQU 8,223 7.41% 7,498 6.43%
Wipro Ltd. EQU 1,096 0.99% 1,415 1.21%
HDFC Bank Ltd. EQU 9,366 8.44% 10,540 9.04%
Kotak Mahindra Bank Ltd. EQU 770 0.69% 1,343 1.15%
Yes Bank Ltd. EQU 627 0.57% 689 0.59%
products Bharat Petroleum Corporation Ltd. EQU 859 0.77% 1,964 1.68%
Others 60,902 54.90% 63,627 54.58%
Net Current Assets (183) –0.16% (202) (0.17%)
Grand Total 110,939 100.00% 116,569 100.00%

Annexures
(H In Thousand)
31 March 2019 31 March 2018
Premier Equity Gain Fund - ULIF02217/12/05PREREQGAIN116

Infosys Ltd. EQU 18,868 7.06% 18,440 6.89%
Mphasis Ltd. EQU 2,298 0.86% 5,610 2.10%
Wipro Ltd. EQU 3,279 1.23% 1,274 0.48%
HDFC Bank Ltd. EQU 21,552 8.06% 20,964 7.84%
Yes Bank Ltd. EQU – – 12,610 4.71%
Others 168,608 63.09% 168,681 63.04%
Net Current Assets 191 0.07% (1,264) –0.47%
Grand Total 267,229 100.00% 267,558 100.00%
Premier Equity Growth Fund - ULIF03824/07/06PREMEQGROW116

Infosys Ltd. EQU 11,289 6.19% 19,306 7.14%
Mphasis Ltd. EQU 1,779 0.98% 7,975 2.95%
Wipro Ltd. EQU 2,530 1.39% – –
HDFC Bank Ltd. EQU 12,782 7.01% 19,874 7.35%
Yes Bank Ltd. EQU – – 17,856 6.61%
Manufacture of Chemicals and Chemical
products Akzo Nobel India Ltd. EQU 1,404 0.77% 7,461 2.76%
Bayer Cropscience Ltd. EQU 788 0.43% 1,383 0.51%
Kansai Nerolac Paints Ltd. EQU – – 766 0.28%

Annexures
(H In Thousand)
31 March 2019 31 March 2018
Manufacture of Chemicals and Chemical products Total 13,495 7.40% 38,655 14.30%
Others 103,975 57.01% 143,221 53.00%
Grand Total 182,381 100.00% 270,237 100.00%
Premier Equity Index Fund - ULIF03924/07/06PREREQINDX116

related activities HCL Technologies Ltd. EQU 1,701 1.32% 468 0.23%
Infosys Ltd. EQU 9,521 7.40% 14,065 6.91%
Wipro Ltd. EQU 1,404 1.09% 2,581 1.27%
HDFC Bank Ltd. EQU 10,825 8.42% 20,843 10.23%
IndusInd Bank Ltd. EQU 513 0.40% 1,556 0.76%
Kotak Mahindra Bank Ltd. EQU 933 0.73% 2,614 1.28%
Yes Bank Ltd. EQU 959 0.75% 1,254 0.62%
Indian Oil Corporation Ltd. EQU 969 0.75% 1,443 0.71%
Others 72,504 56.39% 120,603 59.22%
Grand Total 128,581 100.00% 203,649 100.00%
Pure Equity Fund - ULIF02017/12/05PUREEQFUND116

Civil Engineering (Infra) Gayatri Projects Ltd. EQU 3,002 0.75% 4,674 1.10%
Kalpataru Power Transmission Ltd. EQU 2,635 0.66% – –
Larsen & Toubro Ltd. EQU 34,903 8.70% 13,561 3.19%
Civil Engineering (Infra) Total 40,540 10.11% 18,235 4.29%
Infosys Ltd. EQU 21,763 5.43% 21,851 5.14%
Mphasis Ltd. EQU 8,930 2.23% 12,217 2.88%
Wipro Ltd. EQU 5,950 1.48% – –
products Akzo Nobel India Ltd. EQU 2,008 0.50% 3,450 0.81%
Colgate Palmolive (India) Ltd. EQU 6,296 1.57% 2,153 0.51%
Dabur India Ltd. EQU 6,712 1.67% 2,546 0.60%

Annexures
(H In Thousand)
31 March 2019 31 March 2018
Galaxy Surfactants Ltd. EQU 3,810 0.95% 3,239 0.76%

Ineos Styrolution India Ltd. EQU 695 0.17% 1,424 0.34%
Procter & Gamble Hygiene & Health Care Ltd. EQU – – 162 0.04%
petroleum products Bharat Petroleum Corporation Ltd. EQU 2,462 0.61% 2,252 0.53%
Chennai Petroleum Corporation Ltd. EQU – – 2,377 0.56%
Hindustan Petroleum Corporation Ltd. EQU 6,532 1.63% 6,876 1.62%
Indian Oil Corporation Ltd. EQU 4,676 1.17% – –
Mangalore Refinery & Petrochemicals Ltd. EQU – – 2,193 0.52%
Manufacture of pharma, medicinal Chemical
and botanical products Aurobindo Pharma Ltd. EQU 7,710 1.92% 4,180 0.98%
Divis Laboratories Ltd. EQU 3,442 0.86% – –
Dr. Reddys Laboratories Ltd. EQU 6,058 1.51% 3,387 0.80%
Glenmark Pharmaceuticals Ltd. EQU 9,810 2.45% 2,805 0.66%
Lupin Ltd. EQU 2,027 0.51% – –
Natco Pharma Ltd. EQU 3,144 0.78% 4,962 1.17%
Pfizer Ltd. EQU 6,343 1.58% 6,527 1.54%
Sanofi India Ltd. EQU 1,526 0.38% 1,733 0.41%
Sun Pharmaceuticals Industries Ltd. EQU 1,133 0.28% 164 0.04%
Manufacture of pharma, medicinal Chemical and botanical products Total 41,193 10.27% 23,758 5.59%
Others 174,667 43.55% 230,717 54.30%
Grand Total 401,039 100.00% 424,869 100.00%
Pure Stock Fund - ULIF02721/07/06PURESTKFUN116

Infosys Ltd. EQU 742,845 5.15% 509,441 5.02%
Mphasis Ltd. EQU 261,941 1.82% 282,648 2.79%
Wipro Ltd. EQU 228,725 1.59% – –
Manufacture of Chemicals and
Chemical products Akzo Nobel India Ltd. EQU 55,760 0.39% 79,801 0.79%
Elantas Beck India Ltd. EQU 479 0.00% – –
Ineos Styrolution India Ltd. EQU 19,081 0.13% 32,947 0.32%
Manufacture of Chemicals and Chemical products Total 1,407,411 9.75% 1,050,775 10.36%

Annexures
(H In Thousand)
31 March 2019 31 March 2018
Chennai Petroleum Corporation Ltd. EQU – – 54,986 0.54%

Hindustan Petroleum Corporation Ltd. EQU 146,481 1.02% 159,082 1.57%
Indian Oil Corporation Ltd. EQU 126,944 0.88% – –
Mangalore Refinery & Petrochemicals Ltd. EQU – – 50,746 0.50%
Reliance Industries Ltd. EQU 1,180,275 8.18% 679,178 6.69%
Manufacture of Coke and refined petroleum products Total 1,547,028 10.72% 996,093 9.82%
Others 9,284,727 64.35% 6,440,534 63.48%
Grand Total 14,428,252 100.00% 10,145,094 100.00%
Pure Stock Fund II - ULIF07709/01/17PURSTKFUN2116

Infosys Ltd. EQU 286,851 4.30% 131,143 4.86%
Mphasis Ltd. EQU 96,958 1.45% 72,760 2.70%
Wipro Ltd. EQU 116,201 1.74% – –
Elantas Beck India Ltd. EQU 3,114 0.05% – –
Ineos Styrolution India Ltd. EQU 6,379 0.10% 8,481 0.31%
Procter & Gamble Hygiene & Health Care Ltd. EQU – – 946 0.04%
Others 5,017,170 75.17% 1,923,912 71.34%
Grand Total 6,674,321 100.00% 2,696,876 100.00%
Shield Plus Fund I - ULIF05313/01/10SHIELDPL01116

Financial and Insurance activities 8.60% Tata Sons Ltd. NCD (MD 22/01/2020) NCD – – 26,466 2.06%

Annexures
(H In Thousand)
31 March 2019 31 March 2018
9.75 % State Bank of Bikaner & Jaipur FD (MD 16/07/2021) FD 1,247 0.10% 1,247 0.10%
NOVO X Trust - Locomotive Series R (MD 15/10/2019) PTC 77,359 6.18% 90,915 7.07%
Others 403,274 32.20% 384,941 29.94%
Grand Total 1,252,220 100.00% 1,285,783 100.00%
Shield Plus Fund II - ULIF05610/05/10SHIELDPL02116

Financial and Insurance activities 8.5935% IDFC Bank Ltd. (Compounded Annually)
(MD 21/10/2021) NCD 19,516 5.51% 19,659 5.24%
Housing Development Finance Corporation Ltd. EQU – – 321 0.09%
NOVO X Trust - Locomotive Series T (MD 15/10/2020) PTC 31,678 8.94% 37,327 9.94%
Others 66,166 18.67% 80,674 21.48%
Grand Total 354,327 100.00% 375,525 100.00%
Shield Plus Fund III - ULIF05711/08/10SHIELDPL03116

Financial and Insurance activities 8.5935% IDFC Bank Ltd. (Compounded Annually)
(MD 21/10/2021) NCD 48,276 7.22% 48,630 6.73%
8.72% IDFC Bank Ltd. (MD 29/09/2020) NCD 13,154 1.97% 20,495 2.84%
NOVO X Trust - Locomotive Series R (MD 15/10/2019) PTC 2,275 0.34% – –

Annexures
(H In Thousand)
31 March 2019 31 March 2018

Others 371,382 55.55% 417,856 57.81%
Grand Total 668,552 100.00% 722,787 100.00%
Shield Plus Fund IV - ULIF06220/04/11SHIELDPL04116

Financial and Insurance activities 8.72% IDFC Bank Ltd. (MD 29/09/2020) NCD 4,048 4.53% 4,099 4.24%
Financial and Insurance activities (Infra) 8.50% IRFC Ltd. (MD 22/06/2020) NCD – – 1,023 1.06%
9.57% IRFC Ltd. (MD 31/05/2021) NCD – – 8,479 8.77%
Financial and Insurance activities (Infra) Total – – 14,784 15.29%
Others 80,685 90.21% 57,505 59.48%
Grand Total 89,444 100.00% 96,680 100.00%

Annexures
(H In Thousand)
31 March 2019 31 March 2018

Infosys Ltd. EQU 1,429 0.28% 3,661 0.62%
Mphasis Ltd. EQU 18,504 3.63% 28,344 4.77%
Wipro Ltd. EQU 1,469 0.29% – –
DCB Bank Ltd. EQU 4,837 0.95% 5,584 0.94%
RBL Bank Ltd. EQU 16,680 3.27% 4,346 0.73%
Yes Bank Ltd. EQU – – 31,068 5.23%
Others 378,161 74.23% 452,674 76.18%
Grand Total 509,412 100.00% 594,254 100.00%
Asset Allocation Pension Fund - ULIF04628/01/08ASALLOCPEN116

Infosys Ltd. EQU 31,671 4.65% 38,945 4.80%
Mphasis Ltd. EQU 10,847 1.59% 19,609 2.42%
Wipro Ltd. EQU 4,243 0.62% 3,815 0.47%
9.30% Sundaram BNP Paribas Home Finance Ltd. (MD
08/05/2018) NCD – – 20,041 2.47%
9.75% IL&FS Ltd. (MD 11/08/2018) NCD – – 13,490 1.66%
DCB Bank Ltd. EQU – – 13,276 1.64%
HDFC Bank Ltd. EQU 46,958 6.90% 53,929 6.64%

Annexures
(H In Thousand)
31 March 2019 31 March 2018

Yes Bank Ltd. EQU 15,257 2.24% 25,180 3.10%
Others 439,622 64.57% 520,177 64.09%
Grand Total 680,862 100.00% 811,593 100.00%
Bond Pension Fund - ULIF03524/07/06BONDPENFUN116

Electricity, Gas, Steam and Aircondition Supply 8.24% Power Grid Corporation Ltd. NCD
(Infra) (MD 14/02/2029) NCD 28,332 7.23% – –
Financial and Insurance activities 7.9612% Cholamandalam Investment & Finance Co. Ltd. NCD
(MD 26/02/2019) NCD – – 6,003 1.22%
9.25% State Bank of India FD (MD 18/08/2021) FD 1,046 0.27% – –
9.75% IL&FS Ltd. (MD 11/08/2018) NCD – – 2,013 0.41%
Financial and Insurance activities (Housing) 7.39% LIC Housing Finance Ltd. NCD (MD 30/08/2022) NCD 10,925 2.79% – –
7.49% Gruh Finance Ltd. NCD (MD 31/10/2022) NCD 8,994 2.30% – –
Others 252,776 64.52% 356,731 72.30%
Grand Total 391,763 100.00% 493,416 100.00%
Cash Plus Pension Fund - ULIF01618/11/04CASHPLUPEN116

Others 20,172 99.23% 21,602 92.16%
Net Current Assets 157 0.77% (1,120) (4.77%)
Grand Total 20,329 100.00% 23,440 100.00%
Debt Plus Pension Fund - ULIF01518/11/04DEBTPLUPEN116

Others 50,838 96.31% 50,102 95.27%
Grand Total 52,783 100.00% 52,588 100.00%
Discontinued Pension Policy Fund - ULIF07126/03/13DISCONPENS116

Others 890,570 100.91% 431,560 94.84%
Net Current Assets (8,060) (0.91%) 23,470 5.16%
Grand Total 882,510 100.00% 455,030 100.00%

Annexures
(H In Thousand)
31 March 2019 31 March 2018
Equity Growth Pension Fund - ULIF03624/07/06EQTYGROPEN116

Infosys Ltd. EQU 63,006 7.40% 37,882 3.82%
Mphasis Ltd. EQU 7,932 0.93% 22,227 2.24%
Wipro Ltd. EQU 11,307 1.33% 5,195 0.52%
HDFC Bank Ltd. EQU 67,533 7.94% 82,159 8.30%
ICICI Bank Ltd. EQU 43,136 5.07% 710 0.07%
Yes Bank Ltd. EQU – – 49,970 5.05%
Kansai Nerolac Paints Ltd. EQU – – 2,139 0.22%
Others 479,253 56.32% 568,906 57.44%
Grand Total 850,954 100.00% 990,430 100.00%
Equity Index Pension Fund - ULIF01318/11/04EQINDEXPEN116

Infosys Ltd. EQU 5,006 8.31% 3,805 6.27%
Tata Consultancy Services Ltd. EQU 1,311 2.18% 940 1.55%
Tech Mahindra Ltd. EQU 1,156 1.92% 776 1.28%
Wipro Ltd. EQU 558 0.93% 712 1.17%
Financial and Insurance activities Axis Bank Ltd. EQU 1,615 2.68% 920 1.52%
HDFC Bank Ltd. EQU 5,289 8.78% 5,351 8.82%

Annexures
(H In Thousand)
31 March 2019 31 March 2018
Yes Bank Ltd. EQU 373 0.62% 352 0.58%

products Bharat Petroleum Corporation Ltd. EQU 505 0.84% 969 1.60%
products Total 5,066 8.41% 6,999 11.54%
Others 32,332 53.68% 33,684 55.55%
Grand Total 60,223 100.00% 60,642 100.00%
Equity Index Pension Fund - II - ULIF03724/07/06EQINDPEN02116

Infosys Ltd. EQU 121,878 8.72% 100,909 6.51%
Wipro Ltd. EQU 15,178 1.09% 18,797 1.21%
HDFC Bank Ltd. EQU 130,072 9.30% 146,929 9.49%
Yes Bank Ltd. EQU 9,220 0.66% 9,587 0.62%
Others 733,320 52.44% 849,434 54.84%
Grand Total 1,398,335 100.00% 1,548,957 100.00%
Equity Midcap Plus Pension Fund - ULIF01909/03/05EQUMIDCPEN116

related activities Cyient Ltd. EQU – – 426 0.80%
Infosys Ltd. EQU 130 0.27% 324 0.61%
Mphasis Ltd. EQU 1,708 3.57% 2,474 4.64%
Tech Mahindra Ltd. EQU 1,112 2.32% 802 1.50%
Wipro Ltd. EQU 134 0.28% – –
Financial and Insurance activities Aavas Financiers Ltd. EQU 455 0.95% – –
Axis Bank Ltd. EQU 926 1.94% – –

Annexures
(H In Thousand)
31 March 2019 31 March 2018
DCB Bank Ltd. EQU 444 0.93% 501 0.94%

ICICI Prudential Life Insurance Company Ltd. EQU – – 97 0.18%
Karur Vysya Bank Ltd. EQU 314 0.66% – –
Punjab National Bank EQU 481 1.00% – –
RBL Bank Ltd. EQU 1,497 3.13% 414 0.78%
Yes Bank Ltd. EQU – – 2,785 5.23%
Others 36,374 76.00% 41,434 77.77%
Grand Total 47,862 100.00% 53,279 100.00%
Equity Plus Pension Fund - ULIF01218/11/04EQUPLUSPEN116

Infosys Ltd. EQU 22,965 7.37% 22,661 7.00%
Mphasis Ltd. EQU 2,789 0.90% 6,715 2.07%
Wipro Ltd. EQU 3,986 1.28% 1,525 0.47%
HDFC Bank Ltd. EQU 22,245 7.14% 25,098 7.75%
Yes Bank Ltd. EQU – – 15,097 4.66%
Others 197,419 63.37% 205,265 63.38%
Grand Total 311,530 100.00% 323,850 100.00%
Liquid Pension Fund - ULIF04124/07/06LIQPENFUND116

Others 62,046 99.73% 69,673 89.98%
Grand Total 62,211 100.00% 77,428 100.00%
Pension Builder Fund - ULIF06908/02/13PENSIONBUI116

Financial and Insurance activities 8.10% Shriram Transport Finance Co. Ltd. NCD (MD 29/05/2020) NCD 72,302 2.58% 169,114 7.91%
9.10% State Bank of Hydrabad FD (19/06/2020) FD 24,100 0.86% – –
9.15% ICICI Bank FD (MD 05/01/2021) FD 1,300 0.05% 250 0.01%
9.15% ICICI Bank FD (MD 09/03/2020) FD 512 0.02% 512 0.02%

Annexures
(H In Thousand)
31 March 2019 31 March 2018

9.60% State Bank of Travancore FD (MD 06/12/2021) FD 9,900 0.35% – –
Financial and Insurance activities (Housing) 7.83% LIC Housing Finance Ltd. NCD (MD 25/09/2026) NCD 66,204 2.36% – –
Others 2,093,434 74.59% 1,355,172 63.36%
Grand Total 2,806,732 100.00% 2,138,796 100.00%
Pure Stock Pension Fund - ULIF04717/04/08PURESTKPEN116

Supply (Infra) Gail (India) Ltd. EQU 1,159 0.92% 4,381 2.92%
Indraprastha Gas Ltd. EQU 11,347 9.01% 10,382 6.92%
Petronet LNG Ltd. EQU 2,516 2.00% 2,310 1.54%
products Bayer Cropscience Ltd. EQU 3,320 2.64% 3,189 2.13%
Elantas Beck India Ltd. EQU 1,971 1.56% 1,680 1.12%
Kansai Nerolac Paints Ltd. EQU 5,509 4.37% 6,077 4.05%
Manufacture of Food Products Marico Ltd. EQU 3,467 2.75% 3,261 2.17%
Nestle India Ltd. EQU 11,487 9.12% 10,238 6.83%
Manufacture of Food Products Total 14,954 11.87% 13,499 9.00%
Manufacture of machinery and equipment n.e.c. Esab India Ltd. EQU 4,811 3.82% 3,681 2.45%
Johnson Controls - Hitachi Air Conditioning India Ltd. EQU 5,891 4.68% 7,172 4.78%
KSB Ltd. EQU 6,598 5.24% – –
KSB Pumps Ltd. EQU – – 7,657 5.11%
Voltas Ltd. EQU – – 750 0.50%
Manufacture of machinery and equipment n.e.c. Total 17,300 13.73% 19,260 12.84%
Manufacture of motor vehicles, trailers and
semi-trailers Maruti Suzuki India Ltd. EQU – – 13,106 8.74%
Motherson Sumi Systems Ltd. EQU 4,210 3.34% 5,830 3.89%
Manufacture of motor vehicles, trailers and semi-trailers Total 4,210 3.34% 18,936 12.63%
and botanical products Aurobindo Pharma Ltd. EQU 5,882 4.67% 4,184 2.79%
Dr. Reddys Laboratories Ltd. EQU 2,780 2.21% 2,081 1.39%
Glenmark Pharmaceuticals Ltd. EQU 3,883 3.08% 3,158 2.11%
Natco Pharma Ltd. EQU 2,158 1.71% 2,837 1.89%
Sanofi India Ltd. EQU 3,246 2.58% 2,880 1.92%
and botanical products Total 17,949 14.25% 15,140 10.09%
Others 30,641 24.32% 43,773 29.19%
Grand Total 125,977 100.00% 149,969 100.00%

Annexures
Linked Group Funds
(H In Thousand)
31 March 2019 31 March 2018
Accelerated Gain Fund - ULGF00318/11/04ACCELEFUND116

Financial and Insurance activities 8.61% Sundaram Finance Ltd. (MD 12/04/2019) NCD – – 2,024 6.14%
9.4554% Sundaram Finance Ltd. (MD 28/08/2019) NCD 2,015 6.08% – –
HDFC Bank Ltd. EQU 1,507 4.55% 1,226 3.72%
Yes Bank Ltd. EQU 875 2.64% 969 2.94%
Others 25,211 76.03% 26,108 79.20%
Grand Total 33,160 100.00% 32,966 100.00%
Group Asset Allocation Fund - ULGF00926/02/10GRASSALLOC116

Infosys Ltd. EQU 63,578 4.72% 75,165 4.64%
Mphasis Ltd. EQU 22,003 1.63% 37,817 2.33%
Wipro Ltd. EQU 8,642 0.64% 7,358 0.45%
Financial and Insurance activities 8.60% Tata Sons Ltd. NCD (MD 22/01/2020) NCD – – 60,056 3.70%
DCB Bank Ltd. EQU – – 25,604 1.58%
HDFC Bank Ltd. EQU 94,950 7.04% 104,026 6.42%
Yes Bank Ltd. EQU 30,784 2.28% 48,590 3.00%
Others 853,058 63.26% 1,001,679 61.77%
Grand Total 1,348,409 100.00% 1,621,589 100.00%
Group Balanced Gain Fund - ULGF01810/05/13GRBALCEDGA116

Others 14,334 96.69% 14,994 97.29%
Grand Total 14,825 100.00% 15,411 100.00%

Annexures
(H In Thousand)
31 March 2019 31 March 2018
Group Blue Chip Fund - ULGF01118/04/11GRBLUECHIP116

related activities HCL Technologies Ltd. EQU 655 0.87% 1,225 1.50%
Infosys Ltd. EQU 5,597 7.46% 4,989 6.13%
Wipro Ltd. EQU 777 1.04% 1,150 1.41%
HDFC Bank Ltd. EQU 7,203 9.60% 7,080 8.69%
IndusInd Bank Ltd. EQU 279 0.37% 1,096 1.35%
Kotak Mahindra Bank Ltd. EQU – – 892 1.09%
Yes Bank Ltd. EQU 626 0.83% 436 0.54%
petroleum products Bharat Petroleum Corporation Ltd. EQU 625 0.83% 1,414 1.74%
Others 40,120 53.48% 41,726 51.23%
Net Current Assets (1,163) (1.55%) 114 0.14%
Grand Total 75,021 100.00% 81,451 100.00%
Group Debt Fund - ULGF00426/03/08GRDEBTFUND116

NCD (MD 26/02/2019) NCD – – 26,014 1.39%
8.75% Indiabulls Housing Finance Ltd. NCD (MD 26/09/2021) NCD 568 0.04% 99,617 5.33%
9.30% State Bank of Bikaner & Jaipur FD (02/02/2022) FD 9,900 0.68% – –

Annexures
(H In Thousand)
31 March 2019 31 March 2018
9.75 % State Bank of Bikaner & Jaipur FD (MD 16/07/2021) FD 5,200 0.36% – –
Others 1,119,930 76.77% 1,420,153 75.93%
Grand Total 1,458,762 100.00% 1,870,254 100.00%
Group Debt Fund II - ULGF01924/06/13GRDEBTFU02116

7.68% Fullerton India Credit Co. Ltd. S 56 NCD (MD 14/08/2020) NCD 100,035 1.10% 100,226 1.37%
7.7948% Kotak Mahindra Prime Ltd. NCD (MD 16/07/2020) NCD 55,130 0.61% – –
(MD08082019) NCD – – 99,415 1.36%
9.15% ICICI Bank FD (MD 05/01/2021) FD 16,805 0.18% 541 0.01%
9.15% ICICI Bank FD (MD 09/03/2020) FD 9,241 0.10% – –
9.30% State Bank of Bikaner & Jaipur FD (02/02/2022) FD – – 9,900 0.14%
9.30% State Bank of Bikaner & Jaipur FD (03/02/2022) FD 9,900 0.11% 9,900 0.14%
9.50% IDBI Bank FD (MD 30/12/2021) FD 7,500 0.08% – –
Financial and Insurance activities (Housing) 7.39% LIC Housing Finance Ltd. NCD (MD 30/08/2022) NCD 138,058 1.52% 192,045 2.63%
7.49% Gruh Finance Ltd. NCD (MD 31/10/2022) NCD 153,897 1.69% 541,791 7.41%

Annexures
(H In Thousand)
31 March 2019 31 March 2018
8.75% HDFC Ltd. NCD (MD 13/01/2020) NCD 27,771 0.31% – –
9.39% LICHFL NCD (MD 23/08/2024) NCD 13,798 0.15% – –
Others 6,774,318 74.55% 4,543,282 62.16%
Grand Total 9,087,376 100.00% 7,309,465 100.00%
Group Debt Fund III - ULGF02202/03/15GRDEBTFU03116

Electricity, Gas, Steam and Aircondition Supply 8.24% Power Grid Corporation Ltd. NCD
(Infra) (MD 14/02/2029) NCD 51,605 6.44% – –
Others 597,769 74.62% 631,992 77.96%
Grand Total 801,079 100.00% 810,671 100.00%
Group Debt Pension Fund - ULGF02518/08/16GRDBTPENFU116

Others 10,064 94.42% 9,318 92.74%
Grand Total 10,659 100.00% 10,048 100.00%
Group Equity Fund - ULGF01018/04/11GREQTYFUND116

Infosys Ltd. EQU 25,140 6.54% 33,181 7.34%
Mphasis Ltd. EQU 3,920 1.02% 9,913 2.19%
Wipro Ltd. EQU 5,572 1.45% 2,252 0.50%
HDFC Bank Ltd. EQU 27,509 7.16% 37,049 8.20%
Yes Bank Ltd. EQU – – 22,286 4.93%

Annexures
(H In Thousand)
31 March 2019 31 March 2018

Kansai Nerolac Paints Ltd. EQU – – 954 0.21%
Others 216,594 56.38% 233,500 51.66%
Net Current Assets (7,583) (1.97%) 497 0.11%
Grand Total 384,200 100.00% 451,996 100.00%
Group Equity Index Fund - ULGF00822/02/10GREQTYINDX116

Infosys Ltd. EQU 33,812 8.77% 28,850 6.56%
Wipro Ltd. EQU 4,142 1.07% 5,326 1.21%
HDFC Bank Ltd. EQU 33,429 8.67% 42,639 9.70%
Yes Bank Ltd. EQU 2,974 0.77% 2,560 0.58%
Others 204,849 53.11% 240,946 54.83%
Grand Total 385,714 100.00% 439,447 100.00%
Group Growth Fund II - ULGF01311/05/11GRGROWFU02116

Financial and Insurance activities 8.75% State Bank of India FD (MD 20/03/2020) FD 9,500 3.07% 9,500 3.24%
8.90% Indiabulls Housing Finance Ltd. NCD (MD 26/09/2021) NCD 514 0.17% – –

Annexures
(H In Thousand)
31 March 2019 31 March 2018

(MD 08/05/2018) NCD – – 3,006 1.02%
Others 202,230 65.44% 188,644 64.31%
Grand Total 309,016 100.00% 293,356 100.00%
Group Liquid Fund - ULGF00503/11/08GRLIQUFUND116

Others 179,749 100.58% 263,522 100.17%
Net Current Assets (1,030) (0.58%) (446) (0.17%)
Grand Total 178,719 100.00% 263,076 100.00%
Group Liquid Fund II - ULGF02124/06/13GRLIQUFU02116

Others 40,845 99.58% 41,333 73.21%
Net Current Assets 172 0.42% 15,128 26.79%
Grand Total 41,017 100.00% 56,461 100.00%
Group Return Shield Fund - ULGF01421/06/11RETNSHIELD116

Financial and Insurance activities 9.10% State Bank of Hydrabad FD (MD 01/03/2019) FD – – 100 0.19%
9.10% State Bank of Hydrabad FD (MD 22/12/2020) FD 450 0.95% 450 0.83%
Housing Development Finance Corporation Ltd. EQU – – 792 1.47%
Others 35,651 75.32% 30,562 56.63%
Grand Total 47,332 100.00% 53,964 100.00%
Group Short Term Debt Fund - ULGF00628/02/09GRSHTRMDEB116

Others 2,292 85.90% 3,384 89.12%
Grand Total 2,669 100.00% 3,797 100.00%
Group Short Term Debt Fund II - ULGF01218/04/11GRSHTRDE02116

8.88% LIC Housing Finance Ltd. (MD 13/10/2020) NCD 6,103 5.97% – –
Financial and Insurance activities (Housing) Total 14,195 13.89% – –
Others 84,956 83.11% 4,045 96.36%
Grand Total 102,222 100.00% 4,197 100.00%
Group Short Term Debt Fund III - ULGF02024/06/13GRSHTRDE03116

Supply (Infra) 8.35% Petronet LNG NCD (14/06/2018) NCD – – 30,047 7.09%
8.80% Power Grid Corporation Ltd. NCD (MD 29/09/2020) NCD 38,085 5.99% 38,494 9.08%
9.64% Power Grid Corporation Ltd. F (MD 31/05/2020) NCD 6,393 1.00% – –

Annexures
(H In Thousand)
31 March 2019 31 March 2018
Financial and Insurance activities 7.38% Kotak Mahindra Prime Ltd. NCD (MD 18/10/2019) NCD 4,498 0.71% – –
8.30% HDB Financial Services Ltd. NCD (MD 09/08/2019) NCD 7,005 1.10% 8,072 1.90%
(MD 21/10/2021) NCD 7,190 1.13% – –
9.50% IDBI Bank FD (MD 11/01/2022) FD 9,900 1.56% 9,900 2.33%
8.68% LIC Housing Finance Ltd. (MD 30/03/2020) NCD 34,410 5.41% – –
Others 358,136 56.30% 181,641 42.83%
Grand Total 636,165 100.00% 424,087 100.00%
Secure Gain Fund - ULGF00215/10/04SECUREFUND116

Financial and Insurance activities 0% IL & FS Financial Services Ltd. (MD 21/05/2018) ZCB – – 280,724 2.06%
7.40% Indiabulls Housing Finance Ltd. NCD (MD 24/08/2018) NCD – – 179,656 1.32%
(MD08082019) NCD – – 129,239 0.95%
8.30% RECL Ltd. GOI NCD (MD 25/03/2029) NCD 100,526 0.70% – –
9.13% Cholamandalam Investment & Finance Co. Ltd. NCD (MD
05/06/2018) NCD – – 220,557 1.62%

Annexures
(H In Thousand)
31 March 2019 31 March 2018

20/05/2019) NCD – – 435,575 3.19%
9.3219% Tata Capital Ltd. NCD (MD 18/12/2019) NCD 91,218 0.64% – –
9.50% IDBI Bank FD (MD 10/01/2022) FD 9,900 0.07% 9,900 0.07%
9.50% IDBI Bank FD (MD 12/01/2022) FD 9,900 0.07% 9,900 0.07%
Fullerton India Credit Co. Ltd. CP (MD 03/05/2019) CP 237,930 1.66% – –
HDFC Bank Ltd. EQU 370,368 2.58% 189,310 1.39%
IndusInd Bank Ltd. EQU 76,996 0.54% – –
Yes Bank Ltd. EQU – – 132,280 0.97%
Others 11,396,154 79.35% 10,506,523 76.96%
Grand Total 14,362,502 100.00% 13,651,070 100.00%
Stable Gain Fund - ULGF00115/09/04STABLEFUND116

Financial and Insurance activities 0% IL & FS Financial Services Ltd. (MD 21/05/2018) ZCB – – 38,281 1.85%
(MD08082019) NCD – – 19,883 0.96%
25/10/2019) NCD – – 30,027 1.45%
8.30% RECL Ltd. GOI NCD (MD 25/03/2029) NCD 150,790 6.35% – –
9.10% State Bank of Hydrabad FD (19/06/2020) FD 8,400 0.35% 8,400 0.41%
(MD 05/06/2018) NCD – – 30,076 1.46%
(MD 20/05/2019) NCD – – 70,908 3.44%
9.3219% Tata Capital Ltd. NCD (MD 18/12/2019) NCD 20,271 0.85% – –

Annexures
(H In Thousand)
31 March 2019 31 March 2018

Fullerton India Credit Co. Ltd. CP (MD 03/05/2019) CP 10,431 0.44% – –
HDFC Bank Ltd. EQU 86,124 3.63% 49,955 2.42%
IndusInd Bank Ltd. EQU 12,004 0.51% – –
Yes Bank Ltd. EQU – – 20,145 0.98%
Others 1,776,367 74.81% 1,580,614 76.59%
Grand Total 2,374,450 100.00% 2,063,778 100.00%
Abbreviation :-
CP Commercial Papers
EQU Equity
FD Fixed Deposits
NCD Non-Convertible Debentures
PTC Pass Through Certificates
ZCB Zero Coupon Bonds
Vide IRDAI Investment regulations 2016, Fixed deposits and Certificate of deposits are included in finance and insurance activities industry.
As clarified by IRDAI, insurance companies are allowed to hold the exposure exceeding 25% provided the same is made based on earlier Insurance Act, 1938 and IRDAI Investment Regulations

Annexures
Enclosure E: Highest,lowest and closing NAV

31 March 2019 31 March 2018
Fund name SFIN Highest Lowest Closing Highest Lowest Closing
Linked life funds

Accelerator Mid Cap Fund ULIF03124/07/06ACCEMIDCAP116 63.7528 51.7252 57.7007 65.5849 50.5623 59.4280
Accelerator Mid Cap Fund II ULIF05206/01/10ACCMIDCA02116 36.4048 30.0415 33.6771 37.4429 28.7931 34.0228
Asset Allocation Fund ULIF04528/09/07ASSETALLOC116 29.8531 27.3832 29.5710 28.6332 25.1208 27.2480
Asset Allocation Fund II ULIF07205/12/13ASSETALL02116 16.9774 15.5511 16.7875 16.2339 14.2685 15.5581
Assured Return Fund ULIF06127/01/11ASSRDRETRN116 18.2093 16.8755 18.2093 17.0623 16.1863 17.0623
Balanced Equity Fund ULIF07413/05/15BALEQTYFND116 12.5409 11.6634 12.5409 11.8473 11.2312 11.6841
Blue Chip Equity Fund ULIF06026/10/10BLUECHIPEQ116 19.8566 17.2011 19.3708 18.8387 15.5616 17.1728
Bond Fund ULIF02610/07/06BONDFUNDLI116 29.0186 26.6717 29.0186 27.1310 25.8067 27.1290
Builder Bond Fund ULIF07313/05/15BLDRBNDFND116 12.0444 11.1342 12.0444 11.2906 10.8438 11.2791
Capital Guarantee Fund– 2017 ULIF04311/01/07CAPGTE2017116 NA NA NA 21.9423 21.4753 NA
Cash Fund ULIF00215/01/04CASHFUNDLI116 23.9574 22.8470 23.9574 22.8422 22.0278 22.8422
Cash Plus Fund ULIF01023/07/04CASHPLUSFU116 30.5951 28.6342 30.5951 28.6252 27.0979 28.6252
Debt Fund ULIF00415/01/04DEBTFUNDLI116 24.3404 22.7843 24.3404 23.3054 22.4885 23.1931
Debt Plus Fund ULIF00923/07/04DEBTPLUSFU116 30.7667 28.2950 30.7667 28.7127 27.1674 28.6979
Discontinued Life Policy Fund ULIF07026/03/13DISCONLIFE116 12.5459 11.9620 12.5138 11.9580 11.3184 11.9580
Equity Fund ULIF00315/01/04EQUITYFUND116 48.6438 42.1235 47.1217 46.6026 38.8063 42.3606
Equity Gain Fund ULIF00523/07/04EQGAINFUND116 88.1058 76.3245 84.1784 85.0418 69.5723 77.9846
Equity Growth Fund ULIF02924/07/06EQGROWFUND116 44.2452 38.3446 42.7267 42.1254 34.2807 38.7812
Equity Growth Fund II ULIF05106/01/10EQTYGROW02116 34.7342 30.2117 33.7809 33.1395 26.7438 30.5547
Equity Index Fund ULIF00623/07/04EQINDEFUND116 71.0538 61.6074 69.3913 67.4364 55.5525 61.4855
Equity Index Fund – II ULIF03024/07/06EQTYINDX02116 35.8357 30.9033 34.9731 34.4209 28.5404 31.3303
Equity Midcap Fund ULIF01709/03/05EQUMIDFUND116 73.8290 59.9294 66.8162 76.3355 59.1394 69.1879
Equity Midcap Plus Fund ULIF01809/03/05EQUMIDPLUS116 104.9320 85.8945 95.7322 107.9055 83.0080 97.7234
Equity Plus Fund ULIF00723/07/04EQPLUSFUND116 100.7301 87.4376 97.0473 96.3203 78.0630 88.5419
Growth Plus Fund I ULIF05414/01/10GROWPLUS01116 18.9997 17.7095 18.9997 17.8436 16.9010 17.8436
Growth Plus Fund II ULIF05510/05/10GROWPLUS02116 19.7680 17.1492 19.3813 18.7637 15.5467 17.1196
Growth Plus Fund III ULIF05926/10/10GROWPLUS03116 31.6351 27.3534 30.9447 29.9807 24.8486 27.3082
Guaranteed Bond Fund ULIF06322/09/11GTEBONDFND116 18.1159 16.7374 18.1159 16.8478 15.8145 16.8478
Life Long Gain Fund ULIF01123/07/04LIFELOGAIN116 21.1667 19.7088 21.1667 20.2529 19.4369 20.0416
Liquid Fund ULIF02510/07/06LIQUIDFUND116 25.8262 24.4010 24.4124 25.1190 23.8537 25.1190
Max Gain Fund I ULIF05017/12/09MAXGAINF01116 19.5886 18.3228 19.5886 18.4683 17.7242 18.4683
Max Gain Fund II ULIF05814/09/10MAXGAINF02116 19.0640 17.7731 19.0640 18.3003 16.2684 17.8425
Premier Bond Fund ULIF02821/07/06PREMIRBOND116 22.1295 20.7858 22.1295 21.2869 20.5283 21.1870
Premier Debt Fund ULIF02317/12/05PRERDEBTFU116 24.7560 23.1918 24.7533 23.6295 22.7870 23.5628
Premier Equity Fund ULIF02117/12/05PRMREQFUND116 35.9641 31.1359 34.6166 34.4020 28.6796 31.2835
Premier Equity Gain Fund ULIF02217/12/05PREREQGAIN116 55.7538 48.2670 53.4513 53.5734 43.6042 49.2155
Premier Equity Growth Fund ULIF03824/07/06PREMEQGROW116 41.8432 36.0110 39.9389 40.2167 32.9717 36.8633
Premier Equity Index Fund ULIF03924/07/06PREREQINDX116 30.1363 26.3087 29.3331 29.2613 24.4723 26.5564
Pure Equity Fund ULIF02017/12/05PUREEQFUND116 68.0987 58.9644 63.6537 65.4468 54.0455 60.5109
Pure Stock Fund ULIF02721/07/06PURESTKFUN116 65.7221 57.4893 62.1449 63.0989 51.7674 58.6157
Pure Stock Fund II ULIF07709/01/17PURSTKFUN2116 11.9670 10.5453 11.3582 11.4749 10.0000 10.6913
Shield Plus Fund I ULIF05313/01/10SHIELDPL01116 20.3732 19.0362 20.3732 19.0583 18.0093 19.0583
Shield Plus Fund II ULIF05610/05/10SHIELDPL02116 20.5725 19.2026 20.5725 19.1950 18.0509 19.1950
Shield Plus Fund III ULIF05711/08/10SHIELDPL03116 19.5862 18.2377 19.5862 18.4706 17.6108 18.4706
Shield Plus Fund IV ULIF06220/04/11SHIELDPL04116 18.6865 17.2846 18.6865 17.5062 16.6152 17.5062

Annexures
Enclosure E: Highest,lowest and closing NAV (Contd.)
31 March 2019 31 March 2018

Fund name SFIN Highest Lowest Closing Highest Lowest Closing

Accelerator Mid Cap Pension Fund ULIF03324/07/06ACCEMIDPEN116 68.7235 55.9826 62.9083 70.6656 54.4063 63.8295
Asset Allocation Pension Fund ULIF04628/01/08ASALLOCPEN116 28.9277 26.5356 28.8530 27.6415 24.2813 26.4015
Bond Pension Fund ULIF03524/07/06BONDPENFUN116 28.7712 26.5918 28.7712 27.0022 25.7374 26.9751
Cash Plus Pension Fund ULIF01618/11/04CASHPLUPEN116 30.6213 28.7644 30.6213 28.7550 27.2415 28.7550
Debt Plus Pension Fund ULIF01518/11/04DEBTPLUPEN116 33.2009 30.5122 33.2009 30.9645 29.3914 30.9403
Discontinued Pension Policy Fund ULIF07126/03/13DISCONPENS116 11.9666 11.2887 11.9666 11.2854 10.6890 11.2854
Equity Growth Pension Fund ULIF03624/07/06EQTYGROPEN116 50.7678 43.8292 48.8105 48.7120 39.1339 44.6017
Equity Index Pension Fund ULIF01318/11/04EQINDEXPEN116 63.1941 54.7795 61.7017 59.9089 49.4057 54.6730
Equity Index Pension Fund – II ULIF03724/07/06EQINDPEN02116 36.6131 31.6890 35.7312 34.6995 28.6603 31.6250
Equity Midcap Plus Pension Fund ULIF01909/03/05EQUMIDCPEN116 132.4254 108.1428 121.1350 136.6149 104.8828 123.3044
Equity Plus Pension Fund ULIF01218/11/04EQUPLUSPEN116 107.0071 92.7971 103.1584 102.2119 82.7673 94.1199
Liquid Pension Fund ULIF04124/07/06LIQPENFUND116 25.8224 24.1039 24.1152 25.1209 23.8738 25.1209
Pension Builder Fund ULIF06908/02/13PENSIONBUI116 13.0726 12.2504 13.0687 12.3590 11.8417 12.3466
Pure Stock Pension Fund ULIF04717/04/08PURESTKPEN116 49.1646 42.6076 46.5503 48.9473 39.6274 45.4165
Linked group funds

Accelerated Gain Fund ULGF00318/11/04ACCELEFUND116 50.9520 47.4280 50.4454 49.9584 45.0461 48.7541
Group Asset Allocation Fund ULGF00926/02/10GRASSALLOC116 27.2860 25.0440 27.1866 26.1177 22.8225 24.9251
Group Balanced Gain Fund ULGF01810/05/13GRBALCEDGA116 14.9791 14.0827 14.9791 14.5228 13.4797 14.3404
Group Balanced gain Fund II ULGF02402/03/15GRBALCGA02116 NA NA NA 10.2840 9.9996 NA
Group Blue Chip Fund ULGF01118/04/11GRBLUECHIP116 21.3881 18.5035 20.9439 20.2862 16.7256 18.4746
Group Debt Fund ULGF00426/03/08GRDEBTFUND116 26.0767 24.0264 26.0751 24.4448 23.2762 24.4417
Group Debt Fund II ULGF01924/06/13GRDEBTFU02116 15.9315 14.6640 15.9315 14.9278 14.1738 14.9241
Group Debt Fund III ULGF02202/03/15GRDEBTFU03116 11.4416 10.7217 11.3890 10.8867 10.3143 10.8815
Group Debt Pension Fund ULGF02518/08/16GRDBTPENFU116 10.6615 9.9110 10.6585 10.0586 9.8689 10.0481
Group Equity Fund ULGF01018/04/11GREQTYFUND116 27.4316 23.7539 26.5353 26.1827 21.0406 24.0639
Group Equity Index Fund ULGF00822/02/10GREQTYINDX116 21.2660 18.4560 20.7339 20.2588 16.8360 18.4462
Group Growth Fund II ULGF01311/05/11GRGROWFU02116 17.2787 16.0504 17.2787 16.1640 15.2349 16.1640
Group Liquid Fund ULGF00503/11/08GRLIQUFUND116 22.3784 21.1267 21.1372 21.7531 20.5705 21.7531
Group Liquid Fund II ULGF02124/06/13GRLIQUFU02116 13.6884 11.8624 11.8682 13.3160 12.6100 13.3160
Group Return Shield Fund ULGF01421/06/11RETNSHIELD116 18.7746 17.4936 18.7746 17.6275 16.6717 17.6268
Group Short Term Debt Fund ULGF00628/02/09GRSHTRMDEB116 20.8251 19.4451 20.8251 19.5317 18.4977 19.5317
Group Short Term Debt Fund II ULGF01218/04/11GRSHTRDE02116 17.8752 16.6432 17.8752 16.7064 15.9817 16.7036
Group Short Term Debt Fund III ULGF02024/06/13GRSHTRDE03116 14.8905 14.0059 14.8428 14.0386 13.2125 14.0386
Secure Gain Fund ULGF00215/10/04SECUREFUND116 37.6296 34.4259 37.6296 34.8200 32.5622 34.4915
Stable Gain Fund ULGF00115/09/04STABLEFUND116 41.5946 37.9783 41.5946 39.2613 36.1270 38.3332
Note: NA indicates that the fund was non–existent/closed during the relevant financial year

Annexures
ENCLOSURE F: Annualised gross income ratio (including unrealised gains) to

average daily net assets of the fund
Income Ratio (%)
As at 31 March
Fund name SFIN 2019 2018
Linked life funds

Accelerator Mid Cap Fund ULIF03124/07/06ACCEMIDCAP116 (1.03) 16.71
Accelerator Mid Cap Fund II ULIF05206/01/10ACCMIDCA02116 1.10 14.50
Asset Allocation Fund ULIF04528/09/07ASSETALLOC116 9.72 10.16
Asset Allocation Fund II ULIF07205/12/13ASSETALL02116 9.18 9.10
Assured Return Fund ULIF06127/01/11ASSRDRETRN116 7.64 6.52
Balanced Equity Fund ULIF07413/05/15BALEQTYFND116 8.90 5.01
Blue Chip Equity Fund ULIF06026/10/10BLUECHIPEQ116 13.43 10.13
Bond Fund ULIF02610/07/06BONDFUNDLI116 7.89 5.57
Builder Bond Fund ULIF07313/05/15BLDRBNDFND116 8.32 4.63
Capital Guarantee Fund– 2017 ULIF04311/01/07CAPGTE2017116 NA 5.65
Cash Fund ULIF00215/01/04CASHFUNDLI116 7.42 6.30
Cash Plus Fund ULIF01023/07/04CASHPLUSFU116 7.48 6.35
Debt Fund ULIF00415/01/04DEBTFUNDLI116 7.43 5.03
Debt Plus Fund ULIF00923/07/04DEBTPLUSFU116 7.83 5.70
Discontinued Life Policy Fund ULIF07026/03/13DISCONLIFE116 5.05 6.13
Equity Fund ULIF00315/01/04EQUITYFUND116 13.29 10.50
Equity Gain Fund ULIF00523/07/04EQGAINFUND116 10.90 13.69
Equity Growth Fund ULIF02924/07/06EQGROWFUND116 11.76 13.90
Equity Growth Fund II ULIF05106/01/10EQTYGROW02116 11.74 13.39
Equity Index Fund ULIF00623/07/04EQINDEFUND116 13.28 10.44
Equity Index Fund – II ULIF03024/07/06EQTYINDX02116 12.62 10.74
Equity Midcap Fund ULIF01709/03/05EQUMIDFUND116 (0.31) 16.71
Equity Midcap Plus Fund ULIF01809/03/05EQUMIDPLUS116 (0.23) 15.84
Equity Plus Fund ULIF00723/07/04EQPLUSFUND116 10.99 13.43
Growth Plus Fund I ULIF05414/01/10GROWPLUS01116 7.87 6.97
Growth Plus Fund II ULIF05510/05/10GROWPLUS02116 13.91 10.71
Growth Plus Fund III ULIF05926/10/10GROWPLUS03116 13.94 10.42
Guaranteed Bond Fund ULIF06322/09/11GTEBONDFND116 8.46 7.41
Life Long Gain Fund ULIF01123/07/04LIFELOGAIN116 8.15 4.78
Liquid Fund ULIF02510/07/06LIQUIDFUND116 (1.75) 6.33
Max Gain Fund I ULIF05017/12/09MAXGAINF01116 7.65 5.77
Max Gain Fund II ULIF05814/09/10MAXGAINF02116 8.35 10.52
Premier Bond Fund ULIF02821/07/06PREMIRBOND116 6.42 5.18
Premier Debt Fund ULIF02317/12/05PRERDEBTFU116 7.79 5.14

Annexures

average daily net assets of the fund (Contd.)
Income Ratio (%)
As at 31 March
Premier Equity Fund ULIF02117/12/05PRMREQFUND116 12.67 10.72

Premier Equity Gain Fund ULIF02217/12/05PREREQGAIN116 10.86 13.89
Premier Equity Growth Fund ULIF03824/07/06PREMEQGROW116 12.03 14.86
Premier Equity Index Fund ULIF03924/07/06PREREQINDX116 13.92 11.84
Pure Equity Fund ULIF02017/12/05PUREEQFUND116 6.90 12.83
Pure Stock Fund ULIF02721/07/06PURESTKFUN116 7.27 12.56
Pure Stock Fund II ULIF07709/01/17PURSTKFUN2116 6.85 4.62
Shield Plus Fund I ULIF05313/01/10SHIELDPL01116 8.25 7.20
Shield Plus Fund II ULIF05610/05/10SHIELDPL02116 8.50 7.69
Shield Plus Fund III ULIF05711/08/10SHIELDPL03116 7.38 6.28
Shield Plus Fund IV ULIF06220/04/11SHIELDPL04116 8.04 6.74

Accelerator Mid Cap Pension Fund ULIF03324/07/06ACCEMIDPEN116 (0.19) 15.88
Asset Allocation Pension Fund ULIF04628/01/08ASALLOCPEN116 10.44 9.92
Bond Pension Fund ULIF03524/07/06BONDPENFUN116 7.24 5.06
Cash Plus Pension Fund ULIF01618/11/04CASHPLUPEN116 7.11 6.26
Debt Plus Pension Fund ULIF01518/11/04DEBTPLUPEN116 7.91 5.28
Discontinued Pension Policy Fund ULIF07126/03/13DISCONPENS116 6.48 6.08
Equity Growth Pension Fund ULIF03624/07/06EQTYGROPEN116 10.83 14.37
Equity Index Pension Fund ULIF01318/11/04EQINDEXPEN116 13.33 10.42
Equity Index Pension Fund – II ULIF03724/07/06EQINDPEN02116 13.78 10.93
Equity Midcap Plus Pension Fund ULIF01909/03/05EQUMIDCPEN116 (0.39) 16.26
Equity Plus Pension Fund ULIF01218/11/04EQUPLUSPEN116 10.79 13.76
Liquid Pension Fund ULIF04124/07/06LIQPENFUND116 (2.60) 6.25
Pension Builder Fund ULIF06908/02/13PENSIONBUI116 7.39 4.92
Pure Stock Pension Fund ULIF04717/04/08PURESTKPEN116 4.19 15.43

Annexures

average daily net assets of the fund (Contd.)
Income Ratio (%)
As at 31 March
Linked group funds

Accelerated Gain Fund ULGF00318/11/04ACCELEFUND116 4.93 8.21
Group Asset Allocation Fund ULGF00926/02/10GRASSALLOC116 10.06 10.51
Group Balanced Gain Fund ULGF01810/05/13GRBALCEDGA116 5.78 7.45
Group Balanced Gain Fund II ULGF02402/03/15GRBALCGA02116 NA 0.99
Group Blue Chip Fund ULGF01118/04/11GRBLUECHIP116 14.06 11.85
Group Debt Fund ULGF00426/03/08GRDEBTFUND116 7.28 5.58
Group Debt Fund II ULGF01924/06/13GRDEBTFU02116 7.64 5.90
Group Debt Fund III ULGF02202/03/15GRDEBTFU03116 5.66 5.16
Group Debt Pension Fund ULGF02518/08/16GRDBTPENFU116 7.03 1.90
Group Equity Fund ULGF01018/04/11GREQTYFUND116 10.85 14.32
Group Equity Index Fund ULGF00822/02/10GREQTYINDX116 13.59 11.09
Group Growth Fund II ULGF01311/05/11GRGROWFU02116 7.91 6.78
Group Liquid Fund ULGF00503/11/08GRLIQUFUND116 (1.39) 6.47
Group Liquid Fund II ULGF02124/06/13GRLIQUFU02116 (9.47) 6.27
Group Return Shield Fund ULGF01421/06/11RETNSHIELD116 7.66 6.99
Group Short Term Debt Fund ULGF00628/02/09GRSHTRMDEB116 7.14 6.22
Group Short Term Debt Fund II ULGF01218/04/11GRSHTRDE02116 9.63 5.51
Group Short Term Debt Fund III ULGF02024/06/13GRSHTRDE03116 7.18 6.99
Secure Gain Fund ULGF00215/10/04SECUREFUND116 10.22 6.27
Stable Gain Fund ULGF00115/09/04STABLEFUND116 9.71 6.53
Note:
Income includes unrealised gain & losses for the respective funds
NA indicates that the fund was non–existent/closed during the relevant financial year

Annexures
ENCLOSURE F: Annualised expense ratio to average daily net assets of the fund
Expense Ratio (%)
As at 31 March
Linked life funds

Accelerator Mid Cap Fund ULIF03124/07/06ACCEMIDCAP116 2.06 2.05
Accelerator Mid Cap Fund II ULIF05206/01/10ACCMIDCA02116 1.59 1.58
Asset Allocation Fund ULIF04528/09/07ASSETALLOC116 1.47 1.46
Asset Allocation Fund II ULIF07205/12/13ASSETALL02116 1.47 1.47
Assured Return Fund ULIF06127/01/11ASSRDRETRN116 1.48 1.47
Balanced Equity Fund ULIF07413/05/15BALEQTYFND116 1.77 1.76
Blue Chip Equity Fund ULIF06026/10/10BLUECHIPEQ116 1.48 1.47
Bond Fund ULIF02610/07/06BONDFUNDLI116 1.12 1.11
Builder Bond Fund ULIF07313/05/15BLDRBNDFND116 1.42 1.41
Capital Guarantee Fund– 2017 ULIF04311/01/07CAPGTE2017116 NA 1.46
Cash Fund ULIF00215/01/04CASHFUNDLI116 2.66 2.64
Cash Plus Fund ULIF01023/07/04CASHPLUSFU116 0.83 0.82
Debt Fund ULIF00415/01/04DEBTFUNDLI116 2.66 2.64
Debt Plus Fund ULIF00923/07/04DEBTPLUSFU116 0.83 0.82
Discontinued Life Policy Fund ULIF07026/03/13DISCONLIFE116 0.59 0.59
Equity Fund ULIF00315/01/04EQUITYFUND116 2.65 2.64
Equity Gain Fund ULIF00523/07/04EQGAINFUND116 3.24 3.22
Equity Growth Fund ULIF02924/07/06EQGROWFUND116 2.06 2.04
Equity Growth Fund II ULIF05106/01/10EQTYGROW02116 1.59 1.57
Equity Index Fund ULIF00623/07/04EQINDEFUND116 1.18 1.17
Equity Index Fund – II ULIF03024/07/06EQTYINDX02116 1.48 1.47
Equity Midcap Fund ULIF01709/03/05EQUMIDFUND116 3.24 3.22
Equity Midcap Plus Fund ULIF01809/03/05EQUMIDPLUS116 1.77 1.76
Equity Plus Fund ULIF00723/07/04EQPLUSFUND116 1.77 1.75
Growth Plus Fund I ULIF05414/01/10GROWPLUS01116 1.59 1.58
Growth Plus Fund II ULIF05510/05/10GROWPLUS02116 1.59 1.58
Growth Plus Fund III ULIF05926/10/10GROWPLUS03116 1.59 1.58
Guaranteed Bond Fund ULIF06322/09/11GTEBONDFND116 1.18 1.17
Life Long Gain Fund ULIF01123/07/04LIFELOGAIN116 2.66 2.64
Liquid Fund ULIF02510/07/06LIQUIDFUND116 1.12 1.11
Max Gain Fund I ULIF05017/12/09MAXGAINF01116 1.77 1.76
Max Gain Fund II ULIF05814/09/10MAXGAINF02116 1.77 1.76
Premier Bond Fund ULIF02821/07/06PREMIRBOND116 3.25 3.22
Premier Debt Fund ULIF02317/12/05PRERDEBTFU116 2.66 2.64
Premier Equity Fund ULIF02117/12/05PRMREQFUND116 2.66 2.64
Premier Equity Gain Fund ULIF02217/12/05PREREQGAIN116 2.65 2.63
Premier Equity Growth Fund ULIF03824/07/06PREMEQGROW116 3.24 3.21
Premier Equity Index Fund ULIF03924/07/06PREREQINDX116 3.25 3.22

Annexures
ENCLOSURE F: Annualised expense ratio to average daily net assets of the fund (Contd.)
Expense Ratio (%)
As at 31 March
Pure Equity Fund ULIF02017/12/05PUREEQFUND116 1.77 1.76

Pure Stock Fund ULIF02721/07/06PURESTKFUN116 1.59 1.58
Pure Stock Fund II ULIF07709/01/17PURSTKFUN2116 1.53 1.54
Shield Plus Fund I ULIF05313/01/10SHIELDPL01116 1.59 1.58
Shield Plus Fund II ULIF05610/05/10SHIELDPL02116 1.59 1.58
Shield Plus Fund III ULIF05711/08/10SHIELDPL03116 1.59 1.58
Shield Plus Fund IV ULIF06220/04/11SHIELDPL04116 1.59 1.58

Accelerator Mid Cap Pension Fund ULIF03324/07/06ACCEMIDPEN116 1.59 1.58
Asset Allocation Pension Fund ULIF04628/01/08ASALLOCPEN116 1.47 1.46
Bond Pension Fund ULIF03524/07/06BONDPENFUN116 1.12 1.11
Cash Plus Pension Fund ULIF01618/11/04CASHPLUPEN116 0.83 0.82
Debt Plus Pension Fund ULIF01518/11/04DEBTPLUPEN116 0.83 0.82
Discontinued Pension Policy Fund ULIF07126/03/13DISCONPENS116 0.59 0.59
Equity Growth Pension Fund ULIF03624/07/06EQTYGROPEN116 1.59 1.57
Equity Index Pension Fund ULIF01318/11/04EQINDEXPEN116 1.18 1.17
Equity Index Pension Fund – II ULIF03724/07/06EQINDPEN02116 1.48 1.47
Equity Midcap Plus Pension Fund ULIF01909/03/05EQUMIDCPEN116 1.77 1.76
Equity Plus Pension Fund ULIF01218/11/04EQUPLUSPEN116 1.77 1.75
Liquid Pension Fund ULIF04124/07/06LIQPENFUND116 1.12 1.11
Pension Builder Fund ULIF06908/02/13PENSIONBUI116 1.47 1.47
Pure Stock Pension Fund ULIF04717/04/08PURESTKPEN116 1.59 1.58

Annexures
ENCLOSURE F: Annualised expense ratio to average daily net assets of the fund (Contd.)
Expense Ratio (%)
As at 31 March
Linked group funds

Accelerated Gain Fund ULGF00318/11/04ACCELEFUND116 1.42 1.41
Group Asset Allocation Fund ULGF00926/02/10GRASSALLOC116 1.48 1.46
Group Balanced Gain Fund ULGF01810/05/13GRBALCEDGA116 1.42 1.41
Group Balanced Gain Fund II ULGF02402/03/15GRBALCGA02116 NA 1.41
Group Blue Chip Fund ULGF01118/04/11GRBLUECHIP116 1.42 1.45
Group Debt Fund ULGF00426/03/08GRDEBTFUND116 1.18 1.17
Group Debt Fund II ULGF01924/06/13GRDEBTFU02116 1.18 1.17
Group Debt Fund III ULGF02202/03/15GRDEBTFU03116 1.18 1.17
Group Debt Pension Fund ULGF02518/08/16GRDBTPENFU116 1.06 1.06
Group Equity Fund ULGF01018/04/11GREQTYFUND116 1.41 1.44
Group Equity Index Fund ULGF00822/02/10GREQTYINDX116 1.77 1.76
Group Growth Fund II ULGF01311/05/11GRGROWFU02116 1.18 1.17
Group Liquid Fund ULGF00503/11/08GRLIQUFUND116 0.83 0.82
Group Liquid Fund II ULGF02124/06/13GRLIQUFU02116 0.83 0.82
Group Return Shield Fund ULGF01421/06/11RETNSHIELD116 1.48 1.46
Group Short Term Debt Fund ULGF00628/02/09GRSHTRMDEB116 1.06 1.06
Group Short Term Debt Fund II ULGF01218/04/11GRSHTRDE02116 1.06 1.05
Group Short Term Debt Fund III ULGF02024/06/13GRSHTRDE03116 1.06 1.06
Secure Gain Fund ULGF00215/10/04SECUREFUND116 1.42 1.41
Stable Gain Fund ULGF00115/09/04STABLEFUND116 1.42 1.41
Note:
NA indicates that the fund was non–existent/closed during the relevant financial year

Annexures
Enclosure G: Fund–wise disclosure of appreciation and/or depreciation in value of the investments

segregated assets class wise for the year ended 31 March 2019
(H In Thousand)
Debentures
Government and other
Fund name SFIN Equity securities securities Total
Linked life funds

Accelerator Mid Cap Fund ULIF03124/07/06ACCEMIDCAP116 259,023 – – 259,023
Accelerator Mid Cap Fund II ULIF05206/01/10ACCMIDCA02116 1,022,768 – – 1,022,768
Asset Allocation Fund ULIF04528/09/07ASSETALLOC116 1,361,021 13,285 14,349 1,388,655
Asset Allocation Fund II ULIF07205/12/13ASSETALL02116 136,519 2,782 3,990 143,291
Assured Return Fund ULIF06127/01/11ASSRDRETRN116 – 1,252 948 2,200
Balanced Equity Fund ULIF07413/05/15BALEQTYFND116 9,868 109 (105) 9,872
Blue Chip Equity Fund ULIF06026/10/10BLUECHIPEQ116 1,208,486 – – 1,208,486
Bond Fund ULIF02610/07/06BONDFUNDLI116 – 35,208 53,653 88,861
Builder Bond Fund ULIF07313/05/15BLDRBNDFND116 – 1,935 2,463 4,398
Capital Guarantee Fund– 2017 ULIF04311/01/07CAPGTE2017116 – – – –
Debt Fund ULIF00415/01/04DEBTFUNDLI116 – 1,807 2,381 4,188
Debt Plus Fund ULIF00923/07/04DEBTPLUSFU116 – 2,528 3,149 5,677
Equity Fund ULIF00315/01/04EQUITYFUND116 808,222 – – 808,222
Equity Gain Fund ULIF00523/07/04EQGAINFUND116 640,844 – – 640,844
Equity Growth Fund ULIF02924/07/06EQGROWFUND116 4,555,324 – – 4,555,324
Equity Growth Fund II ULIF05106/01/10EQTYGROW02116 2,177,623 – – 2,177,623
Equity Index Fund ULIF00623/07/04EQINDEFUND116 379,479 – – 379,479
Equity Index Fund – II ULIF03024/07/06EQTYINDX02116 6,972,119 – – 6,972,119
Equity Midcap Fund ULIF01709/03/05EQUMIDFUND116 46,750 – – 46,750
Equity Midcap Plus Fund ULIF01809/03/05EQUMIDPLUS116 89,938 – – 89,938
Equity Plus Fund ULIF00723/07/04EQPLUSFUND116 970,652 – – 970,652
Growth Plus Fund I ULIF05414/01/10GROWPLUS01116 – – (120) (120)
Growth Plus Fund II ULIF05510/05/10GROWPLUS02116 13,112 – – 13,112
Growth Plus Fund III ULIF05926/10/10GROWPLUS03116 10,394 – – 10,394
Guaranteed Bond Fund ULIF06322/09/11GTEBONDFND116 – 11,005 12,784 23,789
Life Long Gain Fund ULIF01123/07/04LIFELOGAIN116 – 564 723 1,287

Annexures

segregated assets class wise for the year ended 31 March 2019 (Contd.)
(H In Thousand)
Debentures
Max Gain Fund I ULIF05017/12/09MAXGAINF01116 – 14,793 3,327 18,120

Max Gain Fund II ULIF05814/09/10MAXGAINF02116 – 9,526 (1,451) 8,075
Premier Bond Fund ULIF02821/07/06PREMIRBOND116 – 206 220 426
Premier Debt Fund ULIF02317/12/05PRERDEBTFU116 – 161 95 256
Premier Equity Fund ULIF02117/12/05PRMREQFUND116 45,393 – – 45,393
Premier Equity Gain Fund ULIF02217/12/05PREREQGAIN116 46,136 – – 46,136
Premier Equity Growth Fund ULIF03824/07/06PREMEQGROW116 26,835 – – 26,835
Premier Equity Index Fund ULIF03924/07/06PREREQINDX116 31,409 – – 31,409
Pure Equity Fund ULIF02017/12/05PUREEQFUND116 37,220 – – 37,220
Pure Stock Fund ULIF02721/07/06PURESTKFUN116 1,409,905 – – 1,409,905
Pure Stock Fund II ULIF07709/01/17PURSTKFUN2116 255,804 – – 255,804
Shield Plus Fund I ULIF05313/01/10SHIELDPL01116 – (11) 3,169 3,158
Shield Plus Fund II ULIF05610/05/10SHIELDPL02116 – (83) 339 256
Shield Plus Fund III ULIF05711/08/10SHIELDPL03116 – 3,297 2,390 5,687
Shield Plus Fund IV ULIF06220/04/11SHIELDPL04116 – 1,201 272 1,473

Accelerator Mid Cap Pension Fund ULIF03324/07/06ACCEMIDPEN116 34,588 – – 34,588
Asset Allocation Pension Fund ULIF04628/01/08ASALLOCPEN116 79,032 1,008 1,787 81,827
Bond Pension Fund ULIF03524/07/06BONDPENFUN116 – 1,600 2,550 4,150
Debt Plus Pension Fund ULIF01518/11/04DEBTPLUPEN116 – 224 181 405
Equity Growth Pension Fund ULIF03624/07/06EQTYGROPEN116 148,542 – – 148,542
Equity Index Pension Fund ULIF01318/11/04EQINDEXPEN116 25,769 – – 25,769
Equity Index Pension Fund – II ULIF03724/07/06EQINDPEN02116 589,667 – – 589,667
Equity Midcap Plus Pension Fund ULIF01909/03/05EQUMIDCPEN116 3,100 – – 3,100
Equity Plus Pension Fund ULIF01218/11/04EQUPLUSPEN116 54,695 – – 54,695
Pension Builder Fund ULIF06908/02/13PENSIONBUI116 3,494 5,401 378 9,273
Pure Stock Pension Fund ULIF04717/04/08PURESTKPEN116 39,152 – – 39,152

Annexures

(H In Thousand)
Debentures
Linked group funds

Accelerated Gain Fund ULGF00318/11/04ACCELEFUND116 3,304 330 (64) 3,570
Group Asset Allocation Fund ULGF00926/02/10GRASSALLOC116 165,061 1,979 3,747 170,787
Group Balanced Gain Fund ULGF01810/05/13GRBALCEDGA116 1,090 16 – 1,106
Group Balanced gain Fund II ULGF02402/03/15GRBALCGA02116 – – – –
Group Blue Chip Fund ULGF01118/04/11GRBLUECHIP116 23,739 – – 23,739
Group Debt Fund ULGF00426/03/08GRDEBTFUND116 – 6,597 6,434 13,031
Group Debt Fund II ULGF01924/06/13GRDEBTFU02116 – 22,287 30,687 52,974
Group Debt Fund III ULGF02202/03/15GRDEBTFU03116 – 3,285 3,663 6,948
Group Debt Pension Fund ULGF02518/08/16GRDBTPENFU116 – 41 – 41
Group Equity Fund ULGF01018/04/11GREQTYFUND116 70,928 – – 70,928
Group Equity Index Fund ULGF00822/02/10GREQTYINDX116 140,373 – – 140,373
Group Growth Fund II ULGF01311/05/11GRGROWFU02116 – (781) (818) (1,599)
Group Return Shield Fund ULGF01421/06/11RETNSHIELD116 – 274 142 416
Group Short Term Debt Fund ULGF00628/02/09GRSHTRMDEB116 – 37 – 37
Group Short Term Debt Fund II ULGF01218/04/11GRSHTRDE02116 – 608 235 843
Group Short Term Debt Fund III ULGF02024/06/13GRSHTRDE03116 – 1,170 1,587 2,757
Secure Gain Fund ULGF00215/10/04SECUREFUND116 227,251 104,892 19,084 351,227
Stable Gain Fund ULGF00115/09/04STABLEFUND116 61,560 13,733 2,571 77,864
Total 24,186,189 262,266 174,740 24,623,195
Note: The above appreciation/depreciation is the difference between market value and book cost as at 31 March 2019

Annexures

segregated assets class wise for the year ended 31 March 2018
(H In Thousand)
Debentures
Linked life funds

Accelerator Mid Cap Fund ULIF03124/07/06ACCEMIDCAP116 722,539 – – 722,539
Accelerator Mid Cap Fund II ULIF05206/01/10ACCMIDCA02116 1,421,719 – – 1,421,719
Asset Allocation Fund ULIF04528/09/07ASSETALLOC116 1,555,844 (9,377) (11,299) 1,535,168
Asset Allocation Fund II ULIF07205/12/13ASSETALL02116 94,056 (3,706) (1,661) 88,689
Assured Return Fund ULIF06127/01/11ASSRDRETRN116 – 2,117 2,581 4,698
Balanced Equity Fund ULIF07413/05/15BALEQTYFND116 5,620 (1,071) 36 4,585
Blue Chip Equity Fund ULIF06026/10/10BLUECHIPEQ116 912,236 – – 912,236
Bond Fund ULIF02610/07/06BONDFUNDLI116 – (21,048) 46,748 25,700
Builder Bond Fund ULIF07313/05/15BLDRBNDFND116 – (38) 201 163
Debt Fund ULIF00415/01/04DEBTFUNDLI116 – (3,477) 2,777 (700)
Debt Plus Fund ULIF00923/07/04DEBTPLUSFU116 – (2,604) 3,126 522
Equity Fund ULIF00315/01/04EQUITYFUND116 817,697 – – 817,697
Equity Gain Fund ULIF00523/07/04EQGAINFUND116 637,419 – – 637,419
Equity Growth Fund ULIF02924/07/06EQGROWFUND116 4,245,685 – – 4,245,685
Equity Growth Fund II ULIF05106/01/10EQTYGROW02116 981,023 – – 981,023
Equity Index Fund ULIF00623/07/04EQINDEFUND116 377,399 – – 377,399
Equity Index Fund - II ULIF03024/07/06EQTYINDX02116 8,054,052 – – 8,054,052
Equity Midcap Fund ULIF01709/03/05EQUMIDFUND116 114,898 – – 114,898
Equity Midcap Plus Fund ULIF01809/03/05EQUMIDPLUS116 223,874 – – 223,874
Equity Plus Fund ULIF00723/07/04EQPLUSFUND116 991,877 – – 991,877
Growth Plus Fund I ULIF05414/01/10GROWPLUS01116 – – 122 122
Growth Plus Fund II ULIF05510/05/10GROWPLUS02116 11,568 – – 11,568
Growth Plus Fund III ULIF05926/10/10GROWPLUS03116 6,900 – – 6,900
Guaranteed Bond Fund ULIF06322/09/11GTEBONDFND116 – 2,879 21,832 24,710
Life Long Gain Fund ULIF01123/07/04LIFELOGAIN116 – (1,171) (872) (2,042)
Max Gain Fund I ULIF05017/12/09MAXGAINF01116 – (8,953) (22,943) (31,896)
Max Gain Fund II ULIF05814/09/10MAXGAINF02116 72,142 (1,102) (3,724) 67,317
Premier Bond Fund ULIF02821/07/06PREMIRBOND116 – 188 677 865
Premier Debt Fund ULIF02317/12/05PRERDEBTFU116 – 88 (212) (124)
Premier Equity Fund ULIF02117/12/05PRMREQFUND116 50,042 – – 50,042
Premier Equity Gain Fund ULIF02217/12/05PREREQGAIN116 46,874 – – 46,874

Annexures

(H In Thousand)
Debentures
Premier Equity Growth Fund ULIF03824/07/06PREMEQGROW116 37,461 – – 37,461

Premier Equity Index Fund ULIF03924/07/06PREREQINDX116 88,912 – – 88,912
Pure Equity Fund ULIF02017/12/05PUREEQFUND116 32,978 – – 32,978
Pure Stock Fund ULIF02721/07/06PURESTKFUN116 1,055,750 – – 1,055,750
Pure Stock Fund II ULIF07709/01/2017PURSTKFUN2116 16,358 – – 16,358
Shield Plus Fund I ULIF05313/01/10SHIELDPL01116 3,233 (3,857) 7,534 6,910
Shield Plus Fund II ULIF05610/05/10SHIELDPL02116 108 (417) 1,425 1,115
Shield Plus Fund III ULIF05711/08/10SHIELDPL03116 1,948 (1,018) 6,081 7,010
Shield Plus Fund IV ULIF06220/04/11SHIELDPL04116 388 305 1,571 2,264

Accelerator Mid Cap Pension Fund ULIF03324/07/06ACCEMIDPEN116 96,730 – – 96,730
Asset Allocation Pension Fund ULIF04628/01/08ASALLOCPEN116 79,464 1,038 (422) 80,080
Bond Pension Fund ULIF03524/07/06BONDPENFUN116 – 1,158 2,099 3,257
Debt Plus Pension Fund ULIF01518/11/04DEBTPLUPEN116 – (443) 53 (391)
Equity Growth Pension Fund ULIF03624/07/06EQTYGROPEN116 195,864 – – 195,864
Equity Index Pension Fund ULIF01318/11/04EQINDEXPEN116 25,513 – – 25,513
Equity Index Pension Fund - II ULIF03724/07/06EQINDPEN02116 660,487 – – 660,487
Equity Midcap Plus Pension Fund ULIF01909/03/05EQUMIDCPEN116 8,473 – – 8,473
Equity Plus Pension Fund ULIF01218/11/04EQUPLUSPEN116 56,123 – – 56,123
Pension Builder Fund ULIF06908/02/13PENSIONBUI116 (891) (6,874) 4,625 (3,141)
Pure Stock Pension Fund ULIF04717/04/08PURESTKPEN116 48,231 – – 48,231

Annexures

(H In Thousand)
Debentures
Linked group funds

Accelerated Gain Fund ULGF00318/11/04ACCELEFUND116 3,221 (159) (56) 3,005
Group Asset Allocation Fund ULGF00926/02/10GRASSALLOC116 162,463 1,589 (460) 163,592
Group Balanced Gain Fund ULGF01810/05/13GRBALCEDGA116 1,078 (40) – 1,039
Group Balanced gain Fund II ULGF02402/03/15GRBALCGA02116 – – – –
Group Blue Chip Fund ULGF01118/04/11GRBLUECHIP116 21,840 – – 21,840
Group Debt Fund ULGF00426/03/08GRDEBTFUND116 – (16,662) 9,289 (7,373)
Group Debt Fund II ULGF01924/06/13GRDEBTFU02116 – (13,737) 13,470 (267)
Group Debt Fund III ULGF02202/03/15GRDEBTFU03116 – (8,137) 135 (8,002)
Group Debt Pension Fund ULGF02518/08/16GRDBTPENFU116 – (15) (2) (17)
Group Equity Fund ULGF01018/04/11GREQTYFUND116 81,268 – – 81,268
Group Equity Index Fund ULGF00822/02/10GREQTYINDX116 149,867 – – 149,867
Group Growth Fund II ULGF01311/05/11GRGROWFU02116 – (1,667) (1,806) (3,474)
Group Return Shield Fund ULGF01421/06/11RETNSHIELD116 267 100 848 1,215
Group Short Term Debt Fund ULGF00628/02/09GRSHTRMDEB116 – 66 – 66
Group Short Term Debt Fund II ULGF01218/04/11GRSHTRDE02116 – (37) (0) (37)
Group Short Term Debt Fund III ULGF02024/06/13GRSHTRDE03116 – (4,369) (538) (4,907)
Secure Gain Fund ULGF00215/10/04SECUREFUND116 (80,782) (15,076) (7,167) (103,025)
Stable Gain Fund ULGF00115/09/04STABLEFUND116 (30,492) (3,471) (783) (34,746)
Total 24,059,321 (119,000) 73,285 24,013,607

Annexures
Notes

Annexures
Notes

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BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED

18th ANNUAL REPORT 2018-19

Sanjiv Bajaj Lila Poonawalla Sanjiv Bajaj

Nanoo Pamnani Ramandeep Singh Sahni

Yogesh Gupta Kayzad Hiramanek

Sameer Joshi Ramandeep Singh Sahni

Manish Sangal Goutam Datta

Amit Jaiswal Chandramohan Mehra

MESSAGE FROM THE

6 BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED

Gaining from Strategic Interventions

Growth Led by Innovation

18th ANNUAL REPORT 2018-19 7

8 BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED

A. Economic and industry overview

10 BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED

(b) Insurance industry overview

Private LIC Total Industry

Chart 2: New Business Growth (based on total new business premium)

Private LIC Total Industry

Based on total new business premium and Individual Rated NB.

18th ANNUAL REPORT 2018-19 11

Chart 3: Growth for Individual Rated New Business premium (in %)

10% 13% 12%

LIC Bank Promoted Others

Chart 3: Growth for Individual Rated New Business premium (in %)

Individual rated (NB) market share (in %)

LIC Bank Promoted Others

12 BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED

ii. Shift in business mix

Individual 49% 42% 44% 48% 46%

New business growth FY2015 FY2016 FY2017 FY2018 FY2019

Individual (9%) 5% 33% 19% 6%

Individual NB Regular premium business vis-à-vis Single premium:

Regular 71% 73% 65% 65% 68%

Regular (11%) 9% 19% 19% 10%

18th ANNUAL REPORT 2018-19 13

iii. Shift in product mix

38% 43% 42% 54% 52%

iv. Distribution mix Chart 6: Distribution Channel Mix

47% 52% 54% 54% 54%

20% 36% 32% 30% 28% 26%

Individual Agents Corporate Agents-Banks Corporate Agents-Others

Brokers Direct Selling

14 BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED

v. Regulatory changes and implications thereof

l Appointment of Common/Nominee Director(s) on the Board of insurance company

l The HIV and AIDS (Prevention and Control) Act 2017

l Discontinuation of Aadhaar based authentication

l Outsourcing of activities undertaken by Insurance Web Aggregators and

16 BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED

l Submission of Quarterly Statements on mis-selling complaints

l Remuneration to insurance intermediaries for Direct Insurance

l Allowing Aadhaar Card as one of the acceptable documents

vi. Industry outlook

Demographic advantage and low insurance penetration and mortality gap:

18th ANNUAL REPORT 2018-19 17

viii. Risks and threats

Disruption of business models by technology, analytics and data driven companies:

(b) Benchmark in Mass Market and Insurer of choice in Mass affluent

18 BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED

be a prominent player in Mass and Middle-income category of customers with a share of