ºÉnºªÉÉå EòÉä ÊxÉnä¶ÉEò ¨ÉÆb±É EòÒ Ê®{ÉÉä]Ç

+{ÉxÉä ÊxÉnä¶ÉEòÉå EòÉä 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ Ê´ÉkÉÒªÉ ´É¹ÉÇ Eäò ʱÉB 113 ´ÉÓ ´ÉÉ̹ÉEò Ê®{ÉÉä]Ç +Éè® JÉÉiÉÉå EòÒ ±ÉäJÉÉ {ÉÊ®ÊIÉiÉ Ê´É´É®hÉ |ɺiÉÖiÉ Eò®xÉä ¨Éå
JÉÖ¶ÉÒ ½Éä ®½Ò ½è*
Ê´ÉkÉÒªÉ {ÉÊ®hÉɨÉ
31 ¨ÉÉSÉÇ, 2020 iÉEò Eäò ºÉÆÊIÉ{iÉ Ê´ÉkÉÒªÉ {ÉÊ®hÉɨÉ
(` Eò®Éäc ¨Éå)
+ÊMxÉ ¨É®ÒxÉ Ê´ÉÊ´ÉvÉ EÖò±É
ºÉEò±É |ÉiªÉIÉ |ÉÒÊ¨ÉªÉ¨É +ÉªÉ - ¦ÉÉ®iÉ ¨Éå SÉÉ.´É¹ÉÇ 1026.36 235.35 14000.50 15262.21
Ê{É.´É¹ÉÇ 867.99 209.41 14051.50 15128.90
(% ´ÉÞÊr) SÉÉ.´É¹ÉÇ 18.25 12.39 -0.36 0.88
Ê{É.´É¹ÉÇ -3.76 0.75 -6.84 -6.57
ºÉEò±É |ÉiªÉIÉ |ÉÒÊ¨ÉªÉ¨É +ÉªÉ - ¦ÉÉ®iÉ Eäò ¤Éɽ® SÉÉ.´É¹ÉÇ 17.67 6.74 26.26 50.67
Ê{É.´É¹ÉÇ 15.46 7.34 28.23 51.03
(% ´ÉÞÊr) SÉÉ.´É¹ÉÇ 14.29 -8.17 -6.98 -0.71
Ê{É.´É¹ÉÇ 3.34 13.10 -1.53 1.82
ºÉEò±É |ÉiªÉIÉ |ÉÒÊ¨ÉªÉ¨É +ÉªÉ - EÖò±É SÉÉ.´É¹ÉÇ 1044.03 242.09 14026.76 15312.88
Ê{É.´É¹ÉÇ 883.46 216.75 14079.73 15179.93
(% ´ÉÞÊr) SÉÉ.´É¹ÉÇ 18.18 11.69 -0.38 0.88
Ê{É.´É¹ÉÇ -3.63 1.11 -6.83 -6.55
º´ÉÒEÞòiÉ {ÉÖxɤÉÔ¨ÉÉ |ÉÒÊ¨ÉªÉ¨É - ¦ÉÉ®iÉ ¨Éå SÉÉ.´É¹ÉÇ 137.75 14.93 104.42 257.10
Ê{É.´É¹ÉÇ 136.01 17.85 94.37 248.23
¦ÉÉ®iÉ Eäò ¤Éɽ® SÉÉ.´É¹ÉÇ 1.27 0.00 1.58 2.85
Ê{É.´É¹ÉÇ 1.38 0.00 1.02 2.40
EÖò±É SÉÉ.´É¹ÉÇ 139.02 14.93 106.00 259.95
Ê{É.´É¹É 137.39 17.85 95.39 250.63
+Ì{ÉiÉ {ÉÖxɤÉÔ¨ÉÉ |ÉÒÊ¨ÉªÉ¨É - ¦ÉÉ®iÉ ¨Éå SÉÉ.´É¹ÉÇ 456.07 118.38 5523.15 6097.60
Ê{É.´É¹ÉÇ 421.08 75.37 5249.98 5746.43
¦ÉÉ®iÉ Eäò ¤Éɽ® SÉÉ.´É¹ÉÇ 9.91 0.92 14.26 25.09
Ê{É.´É¹ÉÇ 12.20 2.24 19.09 33.53
EÖò±É SÉÉ.´É¹ÉÇ 465.98 119.30 5537.41 6122.69
Ê{É.´É¹É 433.28 77.61 5269.07 5779.96
¶ÉÖr |ÉÒÊ¨ÉªÉ¨É - ¦ÉÉ®iÉ ¨Éå SÉÉ.´É¹ÉÇ 708.04 131.90 8581.77 9421.71
Ê{É.´É¹ÉÇ 582.92 151.89 8895.89 9630.70
(% ´ÉÞÊr) SÉÉ.´É¹ÉÇ 21.46 -13.16 -3.53 -2.17
Ê{É.´É¹ÉÇ -14.14 4.57 -16.08 -15.71
(ºÉEò±É |ÉÒÊ¨ÉªÉ¨É EòÉ %) SÉÉ.´É¹ÉÇ 68.99 56.04 61.30 61.73
Ê{É.´É¹É 67.16 72.53 63.31 63.66

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 28

REPORT OF THE BOARD OF DIRECTORS TO THE MEMBERS

Your Directors takes immense pleasure in submitting their 113th Annual Report and the Audited Statement
of Accounts for the financial year ended 31st March 2020.

FINANCIAL RESULTS

SUMMARISED FINANCIAL RESULTS AS ON 31ST MARCH 2020

(` in crore)
Fire Marine Misc. Total
Gross Direct Premium Income - India CY 1026.36 235.35 14000.50 15262.21
PY 867.99 209.41 14051.50 15128.90
(% Growth) CY 18.25 12.39 -0.36 0.88
PY -3.76 0.75 -6.84 -6.57
Gross Direct Premium Income - Outside India CY 17.67 6.74 26.26 50.67
PY 15.46 7.34 28.23 51.03
(% Growth) CY 14.29 -8.17 -6.98 -0.71
PY 3.34 13.10 -1.53 1.82
Gross Direct Premium Income - Total CY 1044.03 242.09 14026.76 15312.88
PY 883.46 216.75 14079.73 15179.93
(% Growth) CY 18.18 11.69 -0.38 0.88
PY -3.63 1.11 -6.83 -6.55
Reinsurance Premium Accepted India CY 137.75 14.93 104.42 257.10
PY 136.01 17.85 94.37 248.23
Outside India CY 1.27 0.00 1.58 2.85
PY 1.38 0.00 1.02 2.40
Total CY 139.02 14.93 106.00 259.95
PY 137.39 17.85 95.39 250.63
Reinsurance Premium Ceded India CY 456.07 118.38 5523.15 6097.60
PY 421.08 75.37 5249.98 5746.43
Outside India CY 9.91 0.92 14.26 25.09
PY 12.20 2.24 19.09 33.53
Total CY 465.98 119.30 5537.41 6122.69
PY 433.28 77.61 5269.07 5779.96
Net Premium India CY 708.04 131.90 8581.77 9421.71
PY 582.92 151.89 8895.89 9630.70
(% Growth) CY 21.46 -13.16 -3.53 -2.17
PY -14.14 4.57 -16.08 -15.71
(% to Gross Premium) CY 68.99 56.04 61.30 61.73
PY 67.16 72.53 63.31 63.66

29 ANNUAL REPORT 2019-20

 (` Eò®Éäc ¨Éå)
¶ÉÖr |ÉÒÊ¨ÉªÉ¨É ¦ÉÉ®iÉ Eäò ¤Éɽ® SÉÉ.´É¹ÉÇ 9.03 5.82 13.58 28.43
Ê{É.´É¹ÉÇ 4.64 5.10 10.16 19.90
(% ´ÉÞÊr) SÉÉ.´É¹ÉÇ 94.61 14.12 33.66 42.86
Ê{É.´É¹ÉÇ -61.44 -14.72 -53.33 -50.06
(ºÉEò±É |ÉÒÊ¨ÉªÉ¨É EòÉ %) SÉÉ.´É¹ÉÇ 51.10 86.35 51.71 56.11
Ê{É.´É¹É 30.01 69.48 35.99 39.00
EÖò±É ¶ÉÖr |ÉÒÊ¨ÉªÉ¨É SÉÉ.´É¹ÉÇ 717.07 137.72 8595.35 9450.14
Ê{É.´É¹ÉÇ 587.56 156.99 8906.05 9650.60
(% ´ÉÞÊr) SÉÉ.´É¹ÉÇ 22.04 -12.27 -3.49 -2.08
Ê{É.´É¹ÉÇ -14.98 3.81 -16.16 -15.83
(ºÉEò±É |ÉÒÊ¨ÉªÉ¨É EòÉ %) SÉÉ.´É¹ÉÇ 68.68 56.89 61.28 61.71
Ê{É.´É¹É 66.51 72.43 63.25 63.57
+ºÉ¨ÉÉ{iÉ VÉÉäÊJÉ¨É Ê®VÉ´ÉÇ B´ÉÆ {ÉÒbÒ+É® ¨Éå ´ÉÞÊr/Eò¨ÉÒ SÉÉ.´É¹ÉÇ 64.75 -15.54 -281.79 -232.58
Ê{É.´É¹ÉÇ -109.75 13.10 - 652.97 -749.62
(¶ÉÖr |ÉÒÊ¨ÉªÉ¨É EòÉ %) SÉÉ.´É¹ÉÇ 9.03 -11.28 -3.28 -2.46
Ê{É.´É¹ÉÇ -18.68 8.34 -7.33 -7.77
+ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É SÉÉ.´É¹ÉÇ 652.32 153.26 8877.14 9682.72
Ê{É.´É¹É 697.31 143.89 9559.00 10400.20
¶ÉÖr ={ÉMÉiÉ nÉ´Éä SÉÉ.´É¹ÉÇ 503.01 77.29 9669.65 10249.95
Ê{É.´É¹ÉÇ 389.86 129.42 10914.74 11434.02
(+ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É EòÉ %) SÉÉ.´É¹ÉÇ 77.11 50.43 108.93 105.86
Ê{É.´É¹ÉÇ 55.91 89.94 114.18 109.94
¶ÉÖr Eò¨ÉÒ¶ÉxÉ SÉÉ.´É¹ÉÇ 91.14 8.65 704.37 804.16
Ê{É.´É¹ÉÇ 69.73 15.98 731.51 817.22
(+ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É EòÉ %) SÉÉ.´É¹ÉÇ 13.97 5.64 7.93 8.31
Ê{É.´É¹ÉÇ 10.00 11.11 7.65 7.86
|ɤÉÆvÉxÉ ´ªÉªÉ SÉÉ.´É¹ÉÇ 332.70 47.32 4007.99 4388.01
Ê{É.´É¹ÉÇ 159.45 32.13 2413.81 2605.39
(+ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É EòÉ %) SÉÉ.´É¹ÉÇ 51.00 30.88 45.15 45.32
Ê{É.´É¹ÉÇ 22.87 22.33 25.25 25.05
+xªÉ +ÉªÉ (-)/´ªÉªÉ(+) SÉÉ.´É¹ÉÇ -107.33 -6.16 -1148.15 -1261.64
[`1261.64 Eò®Éäc ¶ÉÉÊ¨É±É (`6.48 Eò®Éäc) Ê{É.´É¹ÉÇ 0.00 -6.48 21.63 15.15
º´ÉÒEòɪÉÇ ºÉÒ¨ÉÉ ºÉä +Ò]¤ÉÒVÉVÉ +ÊiÉÊ®Hò JÉSÉÇ]
¤ÉÒ¨ÉɱÉäJÉxÉ {ÉÊ®hÉÉ¨É SÉÉ.´É¹ÉÇ -167.20 26.16 -4356.72 -4497.76
Ê{É.´É¹ÉÇ 78.27 -27.16 -4522.69 -4471.58
(+ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É EòÉ %) SÉÉ.´É¹ÉÇ -25.63 17.07 -49.08 -46.45
Ê{É.´É¹ÉÇ 11.22 -18.88 -47.31 -42.99

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 30

 (` in crore)
Net Premium Outside India CY 9.03 5.82 13.58 28.43
PY 4.64 5.10 10.16 19.90
(% Growth) CY 94.61 14.12 33.66 42.86
PY -61.44 -14.72 -53.33 -50.06
(% to Gross Premium) CY 51.10 86.35 51.71 56.11
PY 30.01 69.48 35.99 39.00
Total Net Premium CY 717.07 137.72 8595.35 9450.14
PY 587.56 156.99 8906.05 9650.60
(% Growth) CY 22.04 -12.27 -3.49 -2.08
PY -14.98 3.81 -16.16 -15.83
(% to Gross Premium) CY 68.68 56.89 61.28 61.71
PY 66.51 72.43 63.25 63.57
Addition/Reduction in Un-expired Risk CY 64.75 -15.54 -281.79 -232.58
Reserve & PDR
PY -109.75 13.10 - 652.97 -749.62
(% to Net Premium) CY 9.03 -11.28 -3.28 -2.46
PY -18.68 8.34 -7.33 -7.77
Earned Premium CY 652.32 153.26 8877.14 9682.72
PY 697.31 143.89 9559.00 10400.20
Incurred Claims Net CY 503.01 77.29 9669.65 10249.95
PY 389.86 129.42 10914.74 11434.02
(% to Earned Premium) CY 77.11 50.43 108.93 105.86
PY 55.91 89.94 114.18 109.94
Commission Net CY 91.14 8.65 704.37 804.16
PY 69.73 15.98 731.51 817.22
(% to Earned Premium) CY 13.97 5.64 7.93 8.31
PY 10.00 11.11 7.65 7.86
Expenses of Management CY 332.70 47.32 4007.99 4388.01
PY 159.45 32.13 2413.81 2605.39
(% to Earned Premium) CY 51.00 30.88 45.15 45.32
PY 22.87 22.33 25.25 25.05
Other Income(-)/Outgo(+) CY -107.33 -6.16 -1148.15 -1261.64
[Includes `1261.64 crore (`6.48 crore) PY 0.00 -6.48 21.63 15.15
excess expenses over allowable limits]
Underwriting Results CY -167.20 26.16 -4356.72 -4497.76
PY 78.27 -27.16 -4522.69 -4471.58
(% to Earned Premium) CY -25.63 17.07 -49.08 -46.45
PY 11.22 -18.88 -47.31 -42.99

31 ANNUAL REPORT 2019-20

 (` Eò®Éäc ¨Éå)
ÊxÉ´Éä¶É +ÉªÉ - ¤ÉÒ¨ÉÉvÉÉ®Eò SÉÉ.´É¹ÉÇ 171.65 26.77 1731.84 1930.26
Ê{É.´É¹ÉÇ 262.00 36.48 2384.66 2683.14
{ÉÊ®SÉɱÉxÉ {ÉÊ®hÉÉ¨É SÉÉ.´É¹ÉÇ 4.45 52.93 -2624.88 -2567.50
Ê{É.´É¹ÉÇ 340.27 9.32 -2138.01 -1788.42
ÊxÉ´Éä¶É +ÉªÉ - ¶ÉäªÉ®vÉÉ®Eò SÉÉ.´É¹ÉÇ 20.10
Ê{É.´É¹ÉÇ 251.79
EÖò±É ÊxÉ´Éä¶É +ÉªÉ SÉÉ.´É¹ÉÇ 1950.36
Ê{É.´É¹ÉÇ 2934.93
ºÉÆÊnMvÉ @  hÉ/®q ÊEòB MÉB ÊxÉ´Éä¶É/{ÉÊ®¶ÉÉävÉxÉ SÉÉ.´É¹ÉÇ 239.14
Eäò ʱÉB |ÉÉ´ÉvÉÉxÉ Ê{É.´É¹ÉÇ 145.47
+xªÉ +ÉªÉ ´ªÉªÉ ¨Éå Eò¨ÉÒ SÉÉ.´É¹ÉÇ -1321.80
[`1261.64 Eò®Éäc ¶ÉÉÊ¨É±É (`6.48 Eò®Éäc) Ê{É.´É¹ÉÇ -14.18
º´ÉÒEòɪÉÇ ºÉÒ¨ÉÉ ºÉä +Ò]¤ÉÒVÉVÉ +ÊiÉÊ®Hò JÉSÉÇ]
Eò® ºÉä {ÉÚ´ÉÇ ±ÉÉ¦É SÉÉ.´É¹ÉÇ - 4108.34
Ê{É.´É¹ÉÇ -1696.28
Eò® Eäò ʱÉB |ÉÉ´ÉvÉÉxÉ SÉÉ.´É¹ÉÇ 0.00
Ê{É.´É¹ÉÇ 0.00
Ê{ÉU±Éä ºÉɱÉÉå Eäò ʱÉB Eò® ºÉ¨ÉɪÉÉäVÉxÉ SÉÉ.´É¹ÉÇ 0.00
Ê{É.´É¹ÉÇ - 0.16
Eò® Eäò ¤ÉÉn ±ÉÉ¦É SÉÉ.´É¹ÉÇ - 4108.34
Ê{É.´É¹ÉÇ -1696.12
|ÉɺiÉÉÊ´ÉiÉ ±ÉɦÉÉÆ¶É SÉÉ.´É¹ÉÇ 0.00
Ê{É.´É¹ÉÇ 0.00
±ÉɦÉÉÆ¶É Ê´ÉiÉ®hÉ Eò® SÉÉ.´É¹ÉÇ 0.00
Ê{É.´É¹ÉÇ 0.00
ºÉÉvÉÉ®hÉ Ê®VÉ´ÉÇ, nÉ´ÉɮʽiÉ {ÉÉìʱɺÉÒvÉÉ®Eò EòÉä¹É +Éè® SÉÉ.´É¹ÉÇ - 4108.34
iÉÖ±ÉxÉ{ÉjÉ ¨Éå +OÉä¹ÉhÉ -1696.12
Ê{É.´É¹ÉÇ

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 32

 (` in crore)
Investment Income - Policy Holders CY 171.65 26.77 1731.84 1930.26
PY 262.00 36.48 2384.66 2683.14
Operating Results CY 4.45 52.93 -2624.88 -2567.50
PY 340.27 9.32 -2138.01 -1788.42
Investment Income - Share Holders CY 20.10
PY 251.79
Total Investment Income CY 1950.36
PY 2934.93
Provision for Doubtful Debts/Investment CY 239.14
Written off/Amortization PY 145.47
Other Income less Outgo CY -1321.80
PY -14.18
[Includes `1261.64 crore (`6.48 crore) excess
expenses over allowable limits]
Profit Before Tax CY - 4108.34
PY -1696.28
Provision for Tax CY 0.00
PY 0.00
Tax Adjustment for Earlier years CY 0.00
PY - 0.16
Profit After Tax CY - 4108.34
PY -1696.12
Proposed Dividend CY 0.00
PY 0.00
Dividend distribution Tax CY 0.00
PY 0.00
Transfer to General Reserves, Unclaimed CY - 4108.34
Policyholders’ Funds and carried forward to PY -1696.12
Balance Sheet

33 ANNUAL REPORT 2019-20

{ÉÚÆVÉÒ B´ÉÆ EòÉä¹É:
{ÉÉìʱɺÉÒvÉÉ®Eò EòÉä¹É:

®É榃 ®ÉʶÉ
Gò¨É Ê´É´É®hÉ (000' ½VÉÉ® ¨Éå) (000' ½VÉÉ® ¨Éå)
ºÉÆ.
31.03.2020 31.03.2019
1 ¤ÉEòÉB nÉ´ÉÉå Eäò ʱÉB +xÉÖ¨ÉÉÊxÉiÉ näªÉiÉÉ (+É<ǤÉÒBxÉ+É®/+É<ǤÉÒBxÉ<Ç+É® ºÉʽiÉ) 17,87,32,748 15,87,63,727
2 +ºÉ¨ÉÉ{iÉ VÉÉäÊJÉ¨É Ê®VÉ´ÉÇ 4,56,74,402 4,80,00,204
3 |ÉÒÊ¨ÉªÉ¨É EòÒ Eò¨ÉÒ, ªÉÊn EòÉä<Ç ½Éä - -
4 +É{ÉnÉ Ê®VÉ´ÉÇ 16,533 16,587
+xªÉ:
5 +ÊOÉ¨É |ÉÉ{iÉ |ÉÒÊ¨ÉªÉ¨É 1,16,21,319 57,18,254
6 ++ɤÉÆÊ]iÉ |ÉÒÊ¨ÉªÉ¨É 28,68,157 26,27,300
7 +xªÉ ¤ÉÒ¨ÉÉ Eò¨{ÉÊxɪÉÉå ({ÉÚ±É ºÉʽiÉ) Eäò EòÉ®hÉ ¶Éä¹É 3,29,40,248 2,23,96,813
8 iÉÞiÉÒªÉ {ÉIÉ {ÉÚ±É (+É<ÇB¨É]Ò{ÉÒ+É<Ç{ÉÒ) Eäò +xªÉ ºÉnºªÉÉå Eäò EòÉ®hÉ ¶Éä¹É - -
9 ÊxÉ´Éä¶É +ÉªÉ ºÉʽiÉ {ÉÉìʱɺÉÒvÉÉ®EòÉå EòÉ nÉ´ÉɮʽiÉ ®É榃 10,23,432 11,80,660
PÉ]ÉBÆ:
10 ¤ÉEòɪÉÉ |ÉÒÊ¨ÉªÉ¨É 16,289 6,130
11 +xªÉ ºÉƺlÉÉ+Éå Eäò EòÉ®hÉ ¤ÉEòɪÉÉ ({ÉÚ±É ºÉʽiÉ ¤ÉÒ¨ÉÉ Eò¨{ÉÊxɪÉÉÆ) 3,79,79,987 2,81,88,168
12 +ÉiÉÆEò´ÉÉn {ÉÚ±É Eäò ºÉÉlÉ ¶Éä¹É 1,02,32,502 93,51,469
13 ¨ÉÉä]® iÉÞiÉÒªÉ {ÉIÉ {ÉÚ±É Eäò ºÉÉlÉ ¶Éä¹ÉxÉ - -
14 ºÉÉ´ÉÊvÉ VɨÉÉ ÊxÉ´Éä¶É +ÉªÉ Eäò ºÉÉlÉ {ÉÉìʱɺÉÒvÉÉ®EòÉå Eäò nÉ´ÉɮʽiÉ ®É榃 10,23,432 11,80,660
EÖò±É 22,36,24,629 19,99,77,118

¶ÉäªÉ®vÉÉ®EòÉå Eäò EòÉä¹É/xÉä] ´ÉlÉÇ:

®É榃 ®ÉʶÉ
Gò¨É Ê´É´É®hÉ (000' ½VÉÉ® ¨Éå) (000' ½VÉÉ® ¨Éå)
ºÉÆ.
31.03.2020 31.03.2019
1 ¶ÉäªÉ® {ÉÚÆVÉÒ 2,50,00,000 10,00,000
2 ºÉÉvÉÉ®hÉ Ê®VÉ´ÉÇ - 5,65,503
3 PÉ]ÉBÆ: Ê´ÉÊ´ÉvÉ JÉSÉÇ (ÊVÉºÉ ºÉÒ¨ÉÉ iÉEò ʱÉJÉÉ xÉ½Ó MɪÉÉ ½è) 63,10,464 -
4. PÉ]ÉBÆ: ±ÉÉ¦É iÉlÉÉ ½ÉÊxÉ ±ÉäJÉÉ ¨Éå VɨÉÉ ¶Éä¹É 4,05,90,852 -
EÖò±É -2,19,01,316 15,65,503

Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 ¨Éå Eò¨{ÉxÉÒ EòÒ EÖò±É ºÉÆ{ÉÊkÉ `30890.59 Eò®Éäc EòÒ iÉÖ±ÉxÉÉ ¨Éå Ê{ÉU±Éä ´É¹ÉÇ `32434.08 Eò®Éäc lÉÒ*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 34

CAPITAL & FUNDS:
Policyholders’ Funds:

Amount Amount
Sl. Particulars (` in ‘000) (` in ‘000)
31.03.2020 31.03.2019
1 Estimated liability for outstanding claims (including IBNR/IBNER) 17,87,32,748 15,87,63,727
2 Unexpired Risk Reserve 4,56,74,402 4,80,00,204
3 Premium deficiency, if any - -
4 Catastrophe Reserve 16,533 16,587
Others:
5 Premium received in advance 1,16,21,319 57,18,254
6 Unallocated Premium 28,68,157 26,27,300
7 Balance due to other insurance companies (including pools) 3,29,40,248 2,23,96,813
8 Balance due to other Members of Third Party Pool (IMTPIP) - -
9 Unclaimed amount of Policy Holders including Investment 10,23,432 11,80,660
Income thereon
Less:
10 Outstanding Premium 16,289 6,130
11 Due from other entities (insurance companies including pools) 3,79,79,987 2,81,88,168
12 Balance with Terrorism Pool 1,02,32,502 93,51,469
13 Balance with Motor Third Party Pool - -
14 Fixed Deposit – Unclaimed Amount of Policyholders including 10,23,432 11,80,660
Investment income thereon
Total 22,36,24,629 19,99,77,118

Shareholders’ Funds/Net Worth:

Amount Amount
SL. Particulars (` in ‘000) (` in ‘000)
31.03.2020 31.03.2019
1 Share Capital 2,50,00,000 10,00,000
2 General Reserve - 5,65,503
3 Less: Miscellaneous Expenditure (to the extent not written off) 63,10,464 -
4. Less :Debit balance in Profit & Loss Account 4,05,90,852 -
Total -2,19,01,316 15,65,503

The total assets of the Company amounted to `30890.59 crore in the financial year 2019-20 as against
`32434.08 crore in the previous year.

35 ANNUAL REPORT 2019-20

¶ÉÖr ={ÉMÉiÉ nÉ´Éä:
Ê´ÉkÉ ´É¹ÉÇ 2019-20 ¨Éå ¶ÉÖr ={ÉMÉiÉ nÉ´ÉÉ 105.86% ½Éä MɪÉÉ ½è VÉÉä Ê{ÉU±Éä
´É¹ÉÇ 2018-19 ¨Éå ªÉ½ 109.94% lÉÉ VɤÉÊEò ¶ÉÖr Ê®]ä±É |ÉÒÊ¨ÉªÉ¨É ¨Éå Eò¨ÉÒ
Eäò ºÉÉlÉ VÉÒbÒ{ÉÒ+É<Ç Ê{ÉU±Éä Ê´ÉkÉ ´É¹ÉÇ ¨Éå 63.57% lÉÉ VÉÉä SÉɱÉÚ Ê´ÉkÉ
´É¹ÉÇ ¨Éå 61.71% ½Éä MɪÉÉ ½è*
|ɤÉÆvÉxÉ ´ªÉªÉ:
Ê´ÉkÉ ´É¹ÉÇ 2019-20 Eäò ʱÉB |ɤÉÆvÉxÉ EòÉ EÖò±É JÉSÉÇ ´É¹ÉÇ 2018-19
`2605.39 Eò®Éäc EòÒ iÉÖ±ÉxÉÉ ¨Éå `4388.01 Eò®Éäc lÉÉ*
vÉÉ®É 40MÉ EòÉ +xÉÖ{ÉɱÉxÉ:
Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 Eäò ʱÉB |ɤÉÆvÉxÉ JÉSÉÉäÈ EòÉä Eò¨{ÉxÉÒ Eäò ´ÉèvÉÉÊxÉEò
±ÉäJÉÉ {É®ÒIÉEòÉå uÉ®É ¦ÉÉ®iÉ Eäò ¤ÉÒ¨ÉÉ ÊxɪÉɨÉEò |ÉÉÊvÉEò®hÉ (ºÉÉvÉÉ®hÉ
ªÉÉ º´ÉɺlªÉ ¤ÉÒ¨ÉÉ ±ÉäxÉnäxÉ Eò®xÉä ´ÉɱÉä ¤ÉÒ¨ÉÉEòkÉÉÇ+Éå EòÉ |ɤÉÆvÉxÉ ´ªÉªÉ)
Ê´ÉÊxɪɨÉ, 2016 Eäò +xÉÖºÉÉ® MÉhÉxÉÉ B´ÉÆ |ɨÉÉÊhÉiÉ ÊEòªÉÉ MɪÉÉ ½è*

2019-20 2018-19
(` Eò®Éäc ¨Éå) (` Eò®Éäc ¨Éå)
Ê´É´É®hÉ VÉèºÉÉÊEò +É<Ç+É®bÒB+É<Ç (ºÉÉvÉÉ®hÉ ªÉÉ º´ÉɺlªÉ ¤ÉÒ¨ÉÉ
±ÉäxÉnäxÉ Eò®xÉä´ÉɱÉä ¤ÉÒ¨ÉÉEòkÉÉÇ+Éå EòÉ |ɤÉÆvÉxÉ ´ªÉªÉ)
Ê´ÉÊxɨɪÉ, 2016 Eäò iɽiÉ MÉhÉxÉÉ EòÒ MÉ<Ç ½è*
´ªÉªÉ EòÒ º´ÉÒEòɪÉÇ ºÉÒ¨ÉÉ 4,559.23 4,498.44
´ÉɺiÉÊ´ÉEò ´ªÉªÉ
({ÉÊ®SÉɱÉxÉ JÉSÉÇ B´ÉÆ |ÉiªÉIÉ ´ªÉ´ÉºÉÉªÉ {É® Eò¨ÉÒ¶ÉxÉ iÉlÉÉ {ÉÖxɤÉÔ¨ÉÉ º´ÉÒEÞòiÉ ºÉʽiÉ Eäò 5,441.05 3,681.09
+ÉvÉÉ® {É®)
+xiÉ® 881.82 (-) 817.35
ºÉƶÉÉäÊvÉiÉ ÊxɪɨÉÉå Eäò +xÉÖºÉÉ® ¶ÉäªÉ®vÉÉ®EòÉå Eäò JÉÉiÉä ºÉä +ÊiÉÊ®Hò ºÉäMɨÉå]±É ¶ÉÖ±Eò ({ÉÚhÉÇ 1,261.64 6.48
Ê´É´É®hÉ xÉÒSÉä ÊnB MÉB ½é)
={É®ÉäHò ÊxɪɨÉÉå Eäò Ê´ÉÊxÉªÉ¨É 13 Eäò +xÉÖºÉÉ® Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 B´ÉÆ 2018-19 Eäò ʱÉB ±ÉÉ¦É +Éè® ½ÉÊxÉ JÉÉiÉÉå Eäò ʱÉB ºÉäMɨÉå]±É ¶ÉÖ±Eò Ê´ÉSɱÉxÉ
ÊxɨxÉÉxÉÖºÉÉ® ½è:

Ê´É. ´É¹ÉÇ 2019-20 Ê´É. ´É¹ÉÇ 2018-19

ºÉäMɨÉå] ºÉä ºÉƤÉÆÊvÉiÉ Ê´É´É®hÉ
(` Eò®Éäc ¨Éå) (` Eò®Éäc ¨Éå)
+ÊMxÉ 107.33 Nil
¨É®ÒxÉ 6.16 6.48
Ê´ÉÊ´ÉvÉ 1,148.15 Nil
±ÉÉ¦É +Éè® ½ÉÊxÉ JÉÉiÉÉå Eäò EÖò±É ¶ÉÖ±Eò ®É榃 1,261.64 6.48

Eò¨{ÉxÉÒ xÉä SÉɱÉÚ ´É¹ÉÇ Eäò ʱÉB `4108.34 Eò®Éäc Eò® {ÉÚ´ÉÇ ½ÉÊxÉ nVÉÇ ÊEòªÉÉ ½è VɤÉÊEò Ê{ÉU±Éä ´É¹ÉÇ ¨Éå Eò® {ÉÚ´ÉÇ ½ÉÊxÉ `1696.28 Eò®Éäc lÉÒ*
±ÉɦÉÉƶÉ:
ÊxÉnä¶ÉEò ¨ÉÆb±É xÉä ´É¹ÉÇ 2019-20 Eäò ʱÉB ÊEòºÉÒ ¦ÉÒ ±ÉɦÉÉÆ¶É EòÒ +xÉÖ¶ÉƺÉÉ xÉ½Ó EòÒ ½è*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 36

NET INCURRED CLAIMS:
The overall Net Incurred Claim has come down
to 105.86% in 2019-20 from 109.94% in 2018-19
with a decrease in Net Retained Premium as % to
GDPI from 63.57% in the last fiscal to 61.71% in the
current fiscal.
EXPENSES OF MANAGEMENT:
Total expenses of management for the fiscal
2019-20 was `4388.01 crore as against `2605.39
crore in 2018-19.
COMPLIANCE WITH SECTION 40C:
The Limitation of Expenses of Management for the
FY 2019-20, was computed and certified by the
Statutory Auditors of the Company, in accordance
with the Insurance Regulatory and Development
Authority of India (Expenses of Management of
Insurers Transacting General or Health Insurance
Business) Regulations, 2016.

2019-20 2018-19
(` in crores) (` in crores)
PARTICULARS As computed under IRDAI
(Expenses of Management of Insurers
Transacting General or Health
Insurance Business) Regulations, 2016
ALLOWABLE LIMIT OF EXPENSES 4,559.23 4,498.44
ACTUAL EXPENSES
(inclusive of Operating Expenses & Commission on Direct 5,441.05 3,681.09
Business & on Re-insurance accepted)
DIFFERENCE 881.82 (-) 817.35
SEGMENTAL EXCESS CHARGED TO SHAREHOLDER’S 1,261.64 6.48
ACCOUNT IN ACCORDANCE WITH REVISED
REGULATIONS (DETAILS FURNISHED BELOW)

The segmental deviations, as charged to Profit and Loss Account for the FY 2019-20 & FY 2018-19 in
accordance with Regulation 13 of the aforesaid Regulations, have been stated as follows:

FY 2019-20 FY 2018-19
DEVIATION PERTAINING TO SEGMENT
` (in crores) ` (in crores)
FIRE 107.33 Nil
MARINE 6.16 6.48
MISCELLANEOUS 1,148.15 Nil
TOTAL AMOUNT CHARGED TO PROFIT & LOSS ACCOUNT 1,261.64 6.48

The Company has recorded a Net Loss Before Tax amounting to `4108.34 crore in the current year as
against Net Loss Before Tax of `1696.28 crore in the previous year.

DIVIDEND:

The Board of Directors has not recommended any dividend for the financial year 2019-20.

37 ANNUAL REPORT 2019-20

{ÉÊ®¶ÉÉävÉxÉ IɨÉiÉÉ +´É¶ªÉEòiÉÉ EòÉ +xÉÖ{ÉɱÉxÉ: ÊxÉ´Éä¶É:
Eò¨{ÉxÉÒ EòÉ {ÉÊ®¶ÉÉävÉxÉ IɨÉiÉÉ 31 ¨ÉÉSÉÇ, 2019 EòÉä 1.04* EòÒ iÉÖ±ÉxÉÉ ¨Éå 31 ¨ÉÉSÉÇ, 2019 EòÉä ¦ÉÉ®iÉ ¨Éå EÖò±É ÊxÉ´Éä¶É °  {ÉB 21085.25 Eò®Éäc Eäò
31 ¨ÉÉSÉÇ, 2020 EòÉä 0.02* lÉÉ*
¨ÉÖEòɤɱÉä 31 ¨ÉÉSÉÇ, 2020 EòÉä °  {ÉB 23709.34 Eò®Éäc ½Ö+É ½è* Ê{ÉU±Éä
(` Eò®Éäc ¨Éå) ´É¹ÉÇ EòÒ +ʦɴÉÞÊr (°  {ÉB -406.95) Eò®Éäc Eäò ¨ÉÖEòɤɱÉä ´É¹ÉÇ Eäò nÉè®ÉxÉ
+É<Ç+É®bÒB+É<Ç Ê´ÉÊxɪɨÉÉå Eäò +xÉÖºÉÉ® +ɴɶªÉEò 3918 Eò¨{ÉxÉÒ xÉä (°  {ÉB 2624.09 Eò®Éäc) EòÉ ªÉÉäMÉ ÊEòªÉÉ ½è*
{ÉÊ®¶ÉÉävÉxÉ IɨÉiÉÉ
={ɱɤvÉ {ÉÊ®¶ÉÉävÉxÉ IɨÉiÉÉ 83 ºÉɨÉÉÊVÉEò °  {É ºÉä =xxɨÉÖJÉ IÉäjÉ ÊVɺɨÉå Eäòxp ºÉ®EòÉ® +Éè® ®ÉVªÉ ºÉ®EòÉ®
Eäò |ÉÊiɦÉÚÊiÉ, ºÉ®EòÉ®Ò MÉ®ÉÆ]Ò ¤ÉÉìb, ¤ÉÖÊxɪÉÉnÒ fÉÆSÉÉ ¤ÉÉìb, ½ÖEòÉä EòÉä @  hÉ
*(+É<Ç+É®bÒB+É<Ç uÉ®É ÊnB MÉB {ÉÚ´ÉǦÉÉºÉ Eäò +xÉÖºÉÉ®)
+Éè® +ÊMxɶɨÉEò ={ÉEò®hÉÉå Eäò ʱÉB Ê´ÉʦÉxxÉ ºÉ®EòÉ®Éå ¨Éå 31 ¨ÉÉSÉÇ, 2019
ÊGòÊºÉ±É Ê±ÉʨÉ]äb uÉ®É ®äË]MÉ: iÉEò °  {ÉB 10,669.99 Eò®Éäc Eäò ¨ÉÖEòɤɱÉä 31 ¨ÉÉSÉÇ, 2020 EòÉä °  {ÉB
Eò¨{ÉxÉÒ uÉ®É VÉÉ®Ò +ºÉÖ®ÊIÉiÉ MÉè® {ÉÊ®´ÉiÉÇxÉÒªÉ Êb¤ÉåSÉ® °. 895 Eò®Éäc Eäò 10,163.26 Eò®Éäc ÊxÉ´Éä¶É ÊEòªÉÉ MɪÉÉ*
ºÉ¤ÉÆvÉ ¨Éå ÊGòÊºÉ±É Ê±ÉʨÉ]äb +{ÉxÉÒ ®äË]MÉ "ÊGòÊºÉ±É BB/xÉEòÉ®Éi¨ÉEò' Eäò
°  {É ¨Éå Ê¡ò® ºÉä {ÉÖʹ] EòÒ ½è* Ê{ÉU±Éä ´É¹ÉÇ Eäò °  {ÉB 7984.88 Eò®Éäc +ÉEòcä Eäò ¨ÉÖEòɤɱÉä 31 ¨ÉÉSÉÇ,
2020 EòÉä ¦ÉÉ®iÉ ¨Éå EÖò±É <ÊC´É]Ò ÊxÉ´Éä¶É ¤ÉÖEò EòÉ ¨ÉÖ±ªÉ °  {ÉB 8,059.51
+É<ǺÉÒ+É®B ʱÉʨÉ]äb uÉ®É ®äË]MÉ:
Eò®Éäc ½è* 31 ¨ÉÉSÉÇ, 2020 EòÉä <xÉ ÊxÉ´Éä¶ÉÉå EòÉ ¡äòªÉ® ´É豪ÉÖ ¨ÉÚ±ªÉ °  {ÉB
+ºÉÖ®ÊIÉiÉ MÉè®{ÉÊ®´ÉiÉÇxÉÒªÉ Êb¤ÉåSÉ® EòÒ +Éä®, +É<ǺÉÒ+É®B xÉä ®äË]MÉ EòÉä 6390.86 Eò®Éäc ½è*
"+É<ǺÉÒ+É®B BB-(xÉEòÉ®Éi¨ÉEò)' Eäò °  {É ¨Éå ºÉƶÉÉäÊvÉiÉ ÊEòªÉÉ ½è, VÉÉä
n¶ÉÉÇiÉÉ ½è ÊEò ªÉ½ Ê´ÉkÉÒªÉ nÉʪÉi´ÉÉå EòÒ ºÉÌ´É˺ÉMÉ Eäò ¨ÉɨɱÉä ¨Éå ¤É½ÖiÉ Eò¨É Ê{ÉU±Éä ´É¹ÉÇ Eäò ÊxÉ´Éä¶É Eäò +ÉEòcä °  {ÉB 1.76 Eò®Éäc Eäò ¨ÉÖEòɤɱÉä ´É¹ÉÇ Eäò
EäòÊb] VÉÉäÊJÉ¨É ´É½xÉ Eò®iÉÒ ½è* nÉè®ÉxÉ ®Ò]ä +Éì{É °  {ÉB 1.08 Eò®Éäc ®½É VÉÉä xÉÒSÉä lÉÉ*
Eèò{ÉÒ]±É <xÉ}ªÉÚVÉxÉ:
Eò¨{ÉxÉÒ xÉä ÊuiÉÒªÉEò ¤ÉÉVÉÉ® ¨Éå ºÉÊGòªÉ °  {É ºÉä EòɪÉÇ Eò®xÉÉ VÉÉ®Ò ®JÉÉ* ´É¹ÉÇ
¦ÉÉ®iÉ ºÉ®EòÉ® xÉä Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 Eäò nÉè®ÉxÉ ºÉ¨É¨ÉÚ±ªÉ {É® Eò¨{ÉxÉÒ Eäò nÉè®ÉxÉ {É3ÊiɦÉÚÊiɪÉÉå EòÒ Ê¤ÉGòÒ +Éè® |ÉÊiÉnÉxÉ {É® +ÌVÉiÉ ±ÉÉ¦É Ê{ÉU±Éä
xÉä <ÊC´É]Ò ¶ÉäªÉ® Eäò +É´ÉÆ]xÉ Eäò °{É ¨Éå ´ÉèvÉÉÊxÉEò {ÉÊ®¶ÉÉävÉxÉ IɨÉiÉÉ Eäò ´É¹ÉÇ Eäò °  {ÉB 1528.10 Eò®Éäc +ÉEòcä Eäò ¨ÉÖEòɤɱÉä °  {ÉB 595.78
+ɴɸªÉEòiÉÉ EòÉä {ÉÚ®É Eò®xÉä +Éè® ´ªÉÉ{ÉÉ® ´ÉÞÊr Eäò ʱÉB °  {ÉB 2400 Eò®Éäc Eò®Éäc ®½É* ´É¹ÉÇ Eäò nÉè®ÉxÉ EÖò±É ÊxÉ´ÉäºÉ +ÉªÉ (ʤÉGòÒ/¨ÉÉäSÉxÉ {É® ±ÉÉ¦É EòÉ
EòÒ {ÉÚÆVÉÒ ±ÉMÉÉ<Ç ½è*
ºÉ¨ÉÉ´Éä¶É) °  {ÉB 2837.43 Eò®Éäc Eäò ¨ÉÖEòɤɱÉä °  {ÉB 1950.35 Eò®Éäc
ºÉÖvÉÉ® ºÉä VÉÖcä {ÉÚÆVÉÒEò®hÉ BVÉåbä Eäò BEò ¦ÉÉMÉ Eäò °{É ¨Éå , ¦ÉÉ®iÉ ºÉ®EòÉ® ®½É* 2019-20 Eäò ʱÉB ±ÉÉ¦É Eäò ʤÉxÉÉ ÊxÉ´Éä¶É |ÉÉÊ{iÉ Ê{ÉU±Éä ´É¹ÉÇ Eäò
xÉä Ê´ÉkÉÒªÉ ´É¹ÉÇ 2020-21 Eäò ʱÉB VÉÖ±ÉÉ<Ç, 2020 Eäò ¨É½ÒxÉä ¨Éå |ÉlÉ¨É 6.08% EòÒ iÉÖ±ÉxÉÉ ¨Éå 5.61% lÉÉ, VɤÉÊEò 2019-20 Eäò ʱÉB ±ÉÉ¦É Eäò
]ÅÆSÉ Eäò °  {É ¨Éå °. 1675 Eò®Éäc EòÉ ÊxÉ´Éä¶É ÊEòªÉÉ* <ºÉEäò +±ÉÉ´ÉÉ Eò¨{ÉxÉÒ ºÉÉlÉ ÊxÉ´Éä¶É |ÉÉÊ{iÉ Ê{ÉU±Éä ´É¹ÉÇ Eäò 13.17% Eäò ¨ÉÖEòɤɱÉä 8.24% ®½É*
+ÊvÉEÞòiÉ ¶ÉäªÉ® {ÉÚÆVÉÒ EòÉä ¤ÉgÉEò® °. 7500 Eò®Éäc Eò® ÊnªÉÉ ½è*
Ê´Énä¶ÉÒ ¨ÉÖpÉ +ÉªÉ +Éè® ´ªÉªÉ: Eò¨{ÉxÉÒ xÉä +É<Ç+É®bÒB uÉ®É ÊxÉvÉÉÇÊ®iÉ @  hÉ +Éè® Êb¤ÉåSÉ® Eäò ´ÉMÉÔEò®hÉ
iÉlÉÉ +xÉÖ{ÉÉäVªÉ +ÉʺiɪÉÉ (BxÉ{ÉÒB) Eäò |ÉÉ´ÉvÉÉxÉ ºÉä ºÉƤÉÆÊvÉiÉ ¨ÉÉxÉnÆbÉå EòÉ
´É¹ÉÇ 2019-20 Eäò ʱÉB Ê´Énä¶ÉÒ ¨ÉÖpÉ ¨Éå Eò¨{ÉxÉÒ EòÉ +ÉªÉ +Éè® ´ªÉªÉ
{ÉɱÉxÉ ÊEòªÉÉ ½è* Ê{ÉU±Éä ´É¹ÉÇ EòÉ EÖò±É ÊxÉ´Éä¶É EòÉ ºÉEò±É BxÉ{ÉÒB EòÉ
ÊxɨxÉʱÉÊJÉiÉ ½è-
|ÉÊiɶÉiÉ 1.36 EòÒ iÉÖ±ÉxÉÉ ¨Éå 31 ¨ÉÉSÉÇ, 2020 EòÉä 1.23% ®½É*
+ÉªÉ `1,73,44,87,644
´ªÉªÉ ` 89,25,62,160

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 38

COMPLIANCE OF SOLVENCY
REQUIREMENTS:
The solvency ratio of the Company as at 31 March
2020 is 0.02* as against 1.04* as at 31st March 2019.
(` in crore)
Required Solvency Margin as per
IRDAI Regulations
Available Solvency Margin
*(In accordance with the forbearances given by the IRDAI)
RATING FROM CRISIL LIMITED:
In respect of unsecured non-convertible debentures
issued by the Company to the tune of `895 crore,
CRISIL Limited has reaffirmed its rating as ‘CRISIL
AA/Negative’.
RATING FROM ICRA LIMITED:
Towards the aforesaid unsecured non-convertible
debentures, ICRA has revised the rating as ‘ICRA
AA- (Negative)’ which reflects that it carries very
low credit risk in terms of servicing of financial
obligations.
CAPITAL INFUSION:
The Government of India infused capital of `2400
crore to meet the statutory solvency margin
requirement and for business growth in the form
of allotment of equity share of the Company at par
during the financial year 2019-20.
As a part of reform linked capitalization agenda,
the Government of India infused of `1675 crore
as 1st Tranche of capital infusion in the month of
July 2020 for the financial year 2020-21. Further,
the Company has increased the Authorised Share
Capital to `7500 crore.
FOREIGN EXCHANGE EARNINGS AND OUTGO:
The earnings and outgo of the Company in foreign
exchange for the year 2019-20 is given below-
Earnings `1,73,44,87,644
Outgo ` 89,25,62,160
MARGIN INVESTMENT:
The total Investments in India as on 31st March 2020
st
was `23709.34 crore as against `21085.25 crore as
on 31st March 2019. During the year the Company
added `2624.09 crore as against accretion of
`(-)406.95 crore in the previous year.
3918
Investments in Socially-oriented Sectors which
include Central and State Government Securities,
83
Government Guaranteed Bonds, Infrastructure
Bonds, Loans to HUDCO and various State
Governments for Housing and Fire Fighting
Equipments amounted to `10,163.26 crore as on
31st March 2020 as against `10,669.99 crore as on
31st March 2019.
The aggregate book value of Equity Investments in
India as on 31st March 2020 amounted to ` 8,059.51
crore as against the last year’s figure of `7,984.88
crore. The fair value of these investments as on 31st
March, 2020 was `6390.86 crore.
Investment written off / down during the year was
`1.08 crore as against the last year’s figure of ` 1.76
crore.
The Company continued to operate actively in the
Secondary Market. The profit earned on sale and
redemption of securities during the year was `595.78
crore as against last year’s figure of `1528.10 crore.
The total investment Income (inclusive of profit on
sale / redemption) during the year was `1950.35
crore as against `2837.43 crore in the previous
year. The yield on investment without profit for
2019-20 was 5.61% as against 6.08% in the
previous year whereas the yield on investment with
profit for 2019-20 was 8.24% as against 13.17% in
the previous year.
The Company has followed the norms prescribed
by IRDA relating to classification of Loans and
Debentures and provision for Non Performing
Assets (NPA). The gross NPA percentage to total
investment as on 31st March, 2020 is 1.23% as
against 1.36% in the previous year.
39 ANNUAL REPORT 2019-20
{ÉÖxɤÉÔ¨ÉÉ
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Eäò {ÉÚ®ä ´É¹ÉÇ ¨Éå 70 USD Billion ºÉä +ÊvÉEò Eäò lÉä* ªÉtÊ{É 2018 ¨Éå
+ÊvÉEòÉÆ¶É xÉÖEòºÉÉxÉ +¨ÉäÊ®EòÒ ½®ÒEäòxÉ, VÉÉ{ÉÉxÉÒ ½´ÉÉBÆ, ¤ÉÉg B´ÉÆ ¦ÉÚEÆò{É
VÉèºÉä VÉÉxÉä¨ÉÉxÉä VÉÉäÊJɨÉÉå Eäò EòÉ®hÉ ½ÖB, VÉÆMÉ±É Eäò +ÉMÉ Eäò ÊuiÉÒªÉEò
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MÉè®|ÉÉEÞòÊiÉEò VÉÉäÊJɨÉÉå ºÉä ½ÉäxÉä´ÉɱÉÒ ¤ÉcÒ ½ÉÊxɪÉÉå EòÒ ¤ÉgÉäiÉ®Ò xÉä {ÉÖxɤÉÔ¨ÉÉ
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BʶɪÉÉ ¨Éå {ɽ±ÉÒ VÉxÉ´É®Ò, 2019 Eäò xÉ´ÉÒEò®hÉ ¨ÉÉèºÉ¨É ¨Éå VÉÉäÊJÉ¨É ¨ÉÖHò
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´É¹ÉÇ 2017-18 Eäò xÉè] Eèò] ½ÉÊxÉ ºÉä +UÚiÉä ®½xÉä Eäò ¤ÉÉn, 2018-19 ¨Éå
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´É¹ÉÇ Eäò nÉè®ÉxÉ, ¨É<Ç 2019 ¨Éå ¦ÉÉ®iÉÒªÉ ¤ÉÉVÉÉ® xÉä ¡òxÉÒ xÉɨÉEò SÉGò´ÉÉiÉ
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Eäò xÉ´ÉÒEò®hÉ EòÒ ¶ÉiÉÇå EÆò{ÉxÉÒ Eäò ʱÉB +xÉÖEÚò±É xÉ½Ó ½ÉäxÉä B´ÉÆ {ɽ±Éä EòÒ
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Eäò °{É ¨Éå ¤Én±É ÊnªÉÉ VÉÉB* n®Éå ¨Éå ¤Éä½iÉ® ºÉƶÉÉävÉxÉ EòÉ EòɪÉÉÇxɴɪÉxÉ, =SSÉ
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MÉ |ÉlÉÉ ´É |ÉhÉÉʱɪÉÉå xÉä BäºÉä xÉÉìxÉ |ÉÉä{ÉÉä¶ÉÇxÉ±É ´ªÉ´ÉºlÉÉ xÉä <ºÉ ¤Én±ÉÉ´É EòÉä
BEò iÉÉÌEòEò Ê´ÉEò±{É ÊnªÉÉ*
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B´ÉÆ ÊxɪÉʨÉiÉ Eèò] ½ÉÊxÉ EòÒ ±ÉMÉÉiÉÉ® ¤ÉgiÉÒ ½ÉÊxÉ EòÉ =±±ÉäJÉ Eò®iÉä ½ÖB
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<ºÉEòÉ Ê´ÉºiÉÉ® ÊEòªÉÉ*
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ºÉ´ÉÉäÇiEÞò¹] n®Éå {É® ={ɪÉÖHò {ÉÖxɤÉÔ¨ÉÉ ºÉÖ®IÉÉ EòÒ ´ªÉ´ÉºlÉÉ Eò®xÉä Eäò
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63.57% Eäò ¨ÉÖEòɤɱÉä 2019-20 ¨Éå 61.71% PÉ] MɪÉÉ ½è*
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EòÉ¡òÒ EòÊ`xÉÉ<Ç EòÉ ºÉ¨ÉªÉ lÉÉ* ʴɶ´É Eäò Eò<Ç Ê½ººÉÉå ¨Éå Eò<Ç {ÉÖxɤÉÔ¨ÉÉ
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ÊnªÉÉ* ½¨ÉÉ®Ò ¦ÉÉ®iÉÒªÉ ¤ÉÒ¨ÉÉ {ÉÖxɤÉÔ¨ÉÉ EÆò{ÉÊxɪÉÉÆ ¦ÉÒ <ºÉºÉä EòÉ¡òÒ |ɦÉÉÊ´ÉiÉ
½Ö<È* ¨ÉÚ±ªÉ ºÉÖvÉÉ® Eäò ʱÉB {ÉÖxɤÉÔ¨ÉÉ EÆò{ÉÊxɪÉÉå {É® ¤ÉgiÉä n¤ÉÉ´É EòÉ |ɦÉÉ´É
ÊnºÉƤɮ 2018 ¨Éå xÉè] Eèò] n®Éå ¨Éå ¤ÉgÉäkÉ®Ò B´ÉÆ PÉÉ]É ¤ÉgÉxÉä ´ÉɱÉä ´ªÉ´ÉºÉɪÉÉå
40
REINSURANCE:
Globally, the first half of 2018 produced a modest
level of natural catastrophe losses estimated at
USD 20 Billion, which was well below the 10-year
average. Unfortunately, the second half has seen
losses exceed the 10-year average with insured
catastrophe losses for the full year 2018 well in
excess of USD 70 Billion. While most of the 2018
losses have emanated from well-known perils
such as U.S. Hurricane, Japan Wind, Flood and
Earthquake, the secondary peril of Wildfire has
again generated substantial losses. Further, the
2017 ‘loss creep’, notably from Hurricanes Irma
and Maria and an increase in large losses from
non-catastrophe risks has further impacted the
reinsurance industry’s results.
The 1st January 2019 renewal season in Asia saw
pricing competition remaining robust with Loss-
free programs seeing risk adjusted downward
pricing with no shortage of excess of loss capacity.
Proportional pricing was firmer across the region.
Following a NAT CAT loss free 2017-18, the Indian
Market in 2018-19 was affected by the Kerala Floods
in August 2018 with market-loss estimated at INR
2000 crore. Our Company’s share of the gross loss
was INR 174 crore across all lines of business.
During the year the Indian Market witnessed
Cyclone FANI in May 2019 and severe monsoon
rains which led to extensive flooding in several
states. The Insured losses were considerably less
than the economic loss in view of the ‘protection
gap’. The loss from Cyclone FANI did not affect the
CAT XL programme.
The renewal terms for the Property (Fire) Surplus
Treaty being not favourable to our Company as
the Loss Participation Clause (LPC) and flat low
Reinsurance Commission continued as before,
coupled with the higher premium quoted for the Risk
and CAT XL’s, made continuance of the Property
(Fire) Surplus Treaty unviable, it was decided
therefore to convert the Property (Fire) Surplus
Treaty into a Gross Account Excess of Loss Treaty.
41
The implementation of upward revision in rates,
imposition of higher deductibles, hiving off of loss
making accounts and better underwriting practices
and systems made the conversion to such a non-
proportional arrangement the logical choice.
Citing the increased frequency of risk losses and
regular CAT losses impacting the Property Treaties
in the Indian Market, the National Reinsurer
continued with and expanded the minimum rates for
all occupancies, minimum Probable Maximum Loss
(PML), minimum NAT CAT rates in the Property
Surplus Treaty, Risk XOL & CAT XOL treaties.
Based on the modeling reports, increased limits
were bought in our excess of loss protection which
reflected our Company’s business growth and
exposure levels.
During the year to maintain the Solvency position,
the Company renewed the Motor Quota Share and
Health Quota Share treaties.
The Company continued its participation in the
Pradhan Mantri Fasal Bima Yojana (PMFBY) putting
in place suitable and appropriate reinsurance
protection in the form of Quota Share Treaty and
Stop Loss Treaty for net protection arranged at
optimum terms.
Consequent to arranging suitable reinsurance
protection at optimum rates, our net retained
premium within the company has gone down from
63.57% in 2018-19 to 61.71% in 2019-20.
Fire and Engineering:
The financial year 2018-19 was one of the worst year
for reinsurance market for property and engineering
LOB. The books of major reinsurers were bleeding
due large of catastrophe and big losses. Many
reinsurers eventually closed the property business
in many parts of the world. Our Indian reinsurers
were also affected by the same. With pressure
mounting for reinsurers for price correction, the
effect could be seen from the increase in NATCAT
rates in December 2018 and then fixing up of
rates for loss making occupancies. The same was
ANNUAL REPORT 2019-20
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¤ÉÉVÉÉ® ¨Éå ºÉÖvÉÉ® ¶ÉÖ° ½Éä MɪÉÉ ½è +Éè® ¨ÉÚ±ªÉ ÊxÉvÉÉÇ®hÉ Eäò ¯ ZÉÉxÉ ÊºlÉ® ½Éä
MÉB ½é VɽÉÆ Eò<Ç ´Éèʶ´ÉEò ¤ÉÒ¨ÉÉEòiÉÉÇ PÉÉ]ä Eäò EòÉ®hÉ <ºÉºÉä +ÉÆʶÉEò ªÉÉ
{ÉÚ®Ò iÉ®½ ºÉä ½] MÉB ½é +Éè® +xªÉ +{ÉxÉÒ ®äË]MÉ EòÉä ºÉÖvÉÉ® ®½ä ½é, ¦ÉÉ®iÉÒªÉ
¤ÉÉVÉÉ® VªÉÉnÉiÉ® ºÉ{ÉÉ] ¤ÉxÉÉ ½Ö+É ½è*
ʶÉ{ÉʤÉ˱bMÉ VÉÉäÊJɨÉÉå Eäò ºÉƤÉÆvÉ ¨Éå, Eò¨É ¨ÉÉÆMÉ +Éè® +xªÉ |ÉÊiɺ{ÉvÉÔ
¤ÉÉVÉÉ®Éå (=nɽ®hÉ Eäò ʱÉB ÊnIÉhÉ EòÉäÊ®ªÉÉ) Eäò EòÉ®hÉ ¤É½ÖiÉ ºÉä ±ÉÉäMÉ +¤É
xÉ½Ó +É ®½ä ½é* ½É±ÉÉÄÊEò, {ÉÉä]Ç {ÉèEäòVÉ |ÉÒÊ¨ÉªÉ¨É ¨Éå ´ÉÞÊr ½Ö<Ç ½è, ÊVɺɨÉå
42
reflected in premium growth for almost entire year in
fire LOB. The main challenge before the department
was high loss ratio and huge no. of declined risk
in the books. The efforts started to decline the loss
making business and charging the correct pricing
based on the risk. We also marked up the minimum
deductible in case of hazardous business. We
developed in-house engineers to physically inspect
the risk under declined risk. Accepting authority for
declined risk was centralized at Head Office. We
also conducted RO wise meets to sensitize key
persons on the latest changes in the property LOB.
Second challenge which Fire & Engineering
department faced in the year 2019-20 was
discontinuation of proportional treaty in fire due to
above challenges by reinsurers, so it became a
responsibility for prudent underwriting for protection
of our absolute net. Wherever necessary we have
placed reinsurance on facultative basis to protect our
absolute net through techno marketing department.
Our co-share was also restricted in hazardous risk,
or in difficult terrain.
Based on the above measures we improved our
combined ratio and ICR for Fire & Engineering.
New projects were otherwise sluggish in almost
all sectors including infrastructure, energy, etc. for
2019-20. Keeping the possibility of major infra
projects getting implemented during the financial
year 2020-21, we have prepared ourselves with
underwriting capacity and good rapport from
domestic and international reinsurance market.
We are also maintaining direct relationship with
the major clients so that we tap the potential in the
profitable property portfolio by adapting various
tactical measures including conducting road
shows, seminars, risk inspection etc. We have
also developed a strong data base for various
risks throughout the country. Fire & Engineering
department has retained all the major operational
renewal during the financial year 2019-20.
43
MARINE INSURANCE (MARINE CARGO, HULL,
OIL & ENERGY):
Non-life insurance traces its origin to Marine
Insurance, the oldest form of Insurance; it is
governed by International laws and practices.
Marine insurance is a specific kind of insurance that
is designed to cover the damage or loss of ships,
boats, fishing vessels, terminals or any cargo in
transit from a source destination to the concluding
destination. Marine insurance in India also comprises
of Offshore and Onshore exposed property, (ports,
container terminals, pipelines, oil platforms), Marine
Casualty, Hull, and Marine Liability etc. Generally the
goods in transport is covered under Marine Cargo
section and water borne assets are mostly covered
under Marine Hull section of the Department.
Marine insurance is mandatory for all ship, Barge
or vessel owners to obtain, especially where the
vessel is to be used for commercial or transportation
purposes and where it will be carrying passengers,
workers, or cargo across inland water system and or
international waters. Marine assets are exposed to
vagaries of weather condition and are also subject to
concentration of risks at one location. Re-insurance
is a mechanism which is effectively utilized by the
Company to limit its exposure in such cases.
The tariff rating in Marine cargo was decontrolled
in the year 1994 and Hull business was de-tariffed
in the year 2005. Since then stiff market condition
led to reduction in premium rates over the years.
This portfolio being globally loss making, market
correction has commenced and pricing trends
have become stable - where many global Insurer
has partially or completely withdrawn from this line
due to losses and others are tightening their rating,
Indian Market remains mostly flat.
With regards to Shipbuilding risks, not many are
coming up now due to low demand and other
competitive markets (eg. South Korea). However,
there has been a growth in Port Package Premium
with many minor ports taking up Port Package
ANNUAL REPORT 2019-20
Eò<Ç UÉä]ä {ÉÉä]Ç {ÉÉä]Ç {ÉèEäòVÉ <ƶªÉÉä®åºÉ ±Éä ®½ä ½é* ¦ÉÉ®iÉ ¨Éå VÉÉ®Ò {ÉÉä]Ç {ÉèEäòVÉ
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`75.55 Eò®Éäc °{ÉB |ÉÒÊ¨ÉªÉ¨É EòÉ ªÉÉäMÉnÉxÉ ÊnªÉÉ*
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YÉÉxÉ EòÉ +ÉvÉÉ® ¤ÉgÉxÉä Eäò ʱÉB, ½¨ÉxÉä ʴɶÉä¹É °  {É ºÉä IÉäjÉÒªÉ/VÉÉìxɱÉ
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l º]ÅҨɱÉÉ<ËxÉMÉ ½éb˱ÉMÉ |ÉÉäºÉäºÉ ªÉÉÊxÉ ]Ò{ÉÒ C±Éä¨É {ÉÆVÉÒEò®hÉ, ¦ÉÉèÊiÉEò
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l ʴɶÉä¹É °  {É ºÉä ±ÉÉäEò +nɱÉiÉÉå Eäò ¨ÉÉvªÉ¨É ºÉä ºÉ¨ÉZÉÉèiÉÉ Eò®xÉÉ, +Éè®
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EòÉ MÉ`xÉ Ê´ÉkÉÒªÉ ´É¹ÉÇ Eäò nÉè®ÉxÉ 18 ½¤É JÉÉä±Éä MÉB lÉä, <ºÉʱÉB EÖò±É
]Ò{ÉÒ ½¤É EòÒ ºÉÆJªÉÉ 39 ½è*
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Eäò ʱÉB BxɺÉÒ+É<ÇB±É, xÉ®åp{ÉÖ® ¨Éå 3 ÊnxÉÉå EòÉ +Éì±É <ÆÊbªÉÉ <Æ]® ®ÒVÉxÉ
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Ê´ÉkÉ ¨ÉÆjÉɱɪÉ, ¦ÉÉ®iÉ ºÉ®EòÉ® EòÒ {ɽ±É +Éè® |Éä®hÉÉ Eäò ºÉÉlÉ ÊEòªÉÉ MɪÉÉ lÉÉ
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lÉÉ* Ê´ÉkÉ ´É¹ÉÇ 2020-21 Eäò ʱÉB ½¨ÉÉ®Ò EÆò{ÉxÉÒ EòÒ iÉèªÉÉ®Ò +Éè® |ÉÊiɤÉriÉÉ
<ºÉºÉä º{ɹ] ½è*
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+ÉiÉÉ ½è +Éè® ªÉ½ EÆò{ÉxÉÒ EòÉ nÚºÉ®É ºÉ¤ÉºÉä ¤ÉcÉ {ÉÉä]Ç¡òÉäʱɪÉÉä ½è*
2019-20 ¨Éå ½¨ÉÉ®É ¡òÉäEòºÉ JÉÖn®É º´ÉɺlªÉ ºÉäM¨Éå] EòÒ |ÉÒÊ¨ÉªÉ¨É ´ÉÞÊr {É®
lÉÉ* Ê´É{ÉhÉxÉ B´ÉÆ BVÉåºÉÒ ¡òÉäºÉÇ EòÉä JÉÖn®É =i{ÉÉnÉå EòÉä +ÉMÉä ¤ÉgÉxÉä B´ÉÆ
|ÉSÉÉÊ®iÉ Eò®xÉä Eäò ʱÉB |ÉäÊ®iÉ ÊEòªÉÉ MɪÉÉ* ´É¹ÉÇ 2019-20 ¨Éå xÉä¶ÉxÉ±É xÉä
44
Insurance. We have our fair share in the port
package policies issued in India.
The Upstream Energy Market was performing
well, however, fluctuation of Crude Oil Pricing has
decelerated the Exploration & Offshore Construction
policies to some extent.
As far as your Company is concerned even in
today’s decontrolled and competitive market, it
has retained the glory of being insurer to some
prestigious international clients, which has helped
us carve our footprints in global market.
During the year 2019-20, Marine department
contributed `235.35 crore of premium with Incurred
Claim Ratio 45% producing `75.55 crore of
operating surplus.
This line of business demands specialized knowledge
and experience. To augment the knowledge base
of officials working in the Company’s Marine
department nationwide, we have taken up the
task of knowledge building and information sharing
through workshops and seminars, specifically
designed to cater to the Regional / Zonal business
units. This will be an ongoing process in up-skilling
the employees and remain competitive in the
market.
MOTOR TP CLAIMS:
The activities of Motor TP Department are
strategized through an Annual Action Plan for a
uniform approach and maintaining timelines. The
action plans has specified the parameters and the
targets sought to be achieved by the department.
The message of the corporate management was
communicated and also reinforced through visits to
Regional Offices and Motor TP Hubs. The Motor TP
Action Plan primarily focused on following aspects :
l Streamlining Claims handling Process i.e.
TP Claims registration, physical verification,
reconciliation, cleansing of data etc.,
l Compromise settlements, especially through Lok
Adalats , and
45
l Formation of centralized TP Hubs for focussed
handling of Motor TP Claims -Additional 18 Hubs
were opened during the financial year so, the
number of the total TP Hubs is 39.
This approach has given us definite results during
the Financial Year and resulted in institutionalizing
standard procedures .
To achieve the desired objectives, 3 days’ ‘All India
Inter Region Reconciliation Meet-cum-Workshop’
was also organised at NCIL, Narendrapur to
reconcile the cases of Motor TP Department and
imparting training to the participants.
During the Financial Year , Four National Mega Lok
Adalats were held under the aegis of National Legal
Service Authority (NALSA) with the initiative and
inspiration from Department of Financial Services,
Ministry of Finance, Government of India and it was
held in all Tribunals/High Courts and Supreme Court
of India. Additionally, cases were also settled in the
Lok Adalats that were conducted on a monthly/
weekly basis at State/District Level. As a result, the
overall settlement of Motor TP Cases through Lok
Adalats/Conciliation Proceedings came to 17478
amounting to a sum of `682.27 crore.
Major enabling decision for increasing compromise
settlements through Lok Adalats was also taken
by adopting revised guidelines on compromise
settlement and enhancement of financial authorities
across all cadres. The preparedness and
commitment of our Company for the financial year
2020-21 is evident from this.
HEALTH INSURANCE MANAGEMENT:
The Company has garnered a Premium of `5280
crore in the fiscal 2019-20.
Health Insurance Premium constitutes 34.61% of
the Overall Premium Income and is the second
largest portfolio of the Company.
Focus in 2019-20 was on Premium Growth in Retail
Health Segment. Marketing and Agency Force were
motivated to promote and publicize Retail Products.
National launched the new “Senior Citizen Mediclaim
ANNUAL REPORT 2019-20
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Ê´Énä¶ÉÒ ºÉÆSÉɱÉxÉ:
EÆò{ÉxÉÒ EòÉ ºÉÆSÉɱÉxÉ Eäò´É±É xÉä{ÉÉ±É ¨Éå ½è*
xÉä{ÉɱÉ:
½¨ÉÉ®É xÉä{ÉÉ±É ºÉÆSÉɱÉxÉ ÊxɪÉÆjÉhÉ EòɪÉÉÇ±ÉªÉ Eäò ¨ÉÉvªÉ¨É ºÉä ÊEòªÉÉ VÉÉiÉÉ ½è
+Éè® 2 ¶ÉÉJÉÉ EòɪÉÉÇ±ÉªÉ +lÉÉÇiÉ EòÉ`¨ÉÉÆbÚ ¶ÉÉJÉÉ +Éè® EòÉ`¨ÉÉÆbÚ ¶ÉÉJÉÉ
EòÉ`¨ÉÉÆbÚ ¨Éå ʺlÉiÉ ½é, +xªÉ 4 ¤ÉÒ®MÉÆVÉ, Ê´É®É]xÉMÉ®, xÉä{ÉɱÉMÉÆVÉ +Éè®
{ÉÉäJÉ®É ¨Éå ʺlÉiÉ ½é* ={É ¶ÉÉJÉÉ EòɪÉÉÇ±ÉªÉ VÉxÉEò{ÉÖ®, ½ä]ÖbÉ, xÉË®MÉPÉÉ] +Éè®
¤ÉÖ]´É±É ¨Éå +´ÉʺlÉiÉ ½é* {ɽ±Éä Eäò ´É¹ÉÉäÈ EòÒ iÉ®½, xÉä{ÉÉ±É EòɪÉÉÇ±ÉªÉ xÉä
Ê{ÉU±Éä Ê´ÉkÉ ´É¹ÉÇ ¨Éå ºÉÆiÉÉä¹ÉVÉxÉEò |Én¶ÉÇxÉ ÊEòªÉÉ ½è*
½ÉìMÉEòÉìMÉ:
18 ¡ò®´É®Ò, 2002 ºÉä ½ÉÆMÉEòÉÆMÉ ¶ÉÉJÉÉ xÉä xÉB ´ªÉ´ÉºÉÉªÉ EòÉä º´ÉÒEòÉ® Eò®xÉÉ
¤ÉÆn Eò® ÊnªÉÉ* ®xÉ+Éì¡ò +Éì{É®ä¶ÉxÉ EòÉ ºÉÆSÉɱÉxÉ xªÉÚ <ÆÊbªÉÉ uÉ®É ÊEòªÉÉ
VÉÉ ®½É ½è VÉÉä ¨ÉÉèVÉÚnÉ {ÉÉìʱÉʺɪÉÉå +Éè® nÉ´ÉÉå ½äiÉÖ ºÉä´ÉÉ VÉÉ®Ò ®JÉä ½ÖB ½è*
´É¹ÉÇ 2019-20 Eäò ʱÉB Ê´Énä¶ÉÒ {ÉÊ®SÉɱÉxÉÉå EòÉ EòɪÉÇ {ÉÊ®hÉÉ¨É ÊxɨxÉÉxÉÖºÉÉ®
½è:
46
Policy” and the new modified “National Super Top-
up Policy” in the year 2019-20. The Company is in
the process of ensuring compliance of all our Health
products with the IRDA 2019 Regulations. This also
includes withdrawal of some of our consistently loss
making policies and revision of terms in others.
National continues to be the sole Insurer for the
prestigious Ayushman Bharat Scheme in the State
of Jharkhand, for the year 2019-20 covering almost
90% of Jharkhand population. The Scheme is
running with a reasonably good ICR.
Swasthya Sathi Health Insurance Scheme of West
Bengal covering a section of State Government
employees brought in a Premium of `240 crore in
2019-20.
National adopted a cautious and conservative
approach in Group Health Segment with greater
emphasis on sustainability. Company endeavored
to make conscientious efforts towards Price
corrections and Cover corrections in Group policies.
Focused efforts were made towards Claims control.
Portfolio Analysis was carried out for Corporate
Accounts and regular monitoring of performance
was adopted. Concerted efforts were made in
bringing down the Incurred Claims ratio.
TPA management carried out effectively by the
Company with special attention towards Monthly
Structured meetings that were held at Regional
Offices.
Health Insurance Amendment Regulations 2019
were issued by Regulator. Company initiated quick
steps for introduction of Standard Health Insurance
Product by the close of the fiscal as advised by
IRDAI and also adhered to Regulatory Compliance
in all aspects.
CROP INSURANCE:
The Company has successfully implemented
47
PMFBY/BSB Crop Insurance scheme since Rabi
2016-17 in 9 States and 2 Union Territories in Kharif
& Rabi seasons. As an implementing Agency the
Company, in these 4 years, has underwritten
`3039 crore premium and Paid claims to 21.6 lakh
farmers amounting to `2044 crore.
In the Underwriting Year of 2019-20, the Company
has participated in Uttar Pradesh (Kharif & Rabi),
West Bengal (Rabi), Manipur (Kharif), Andaman &
Nicobar Islands (Kharif & Rabi), Puduchery (Rabi).
The Total Premium underwritten in these States
amounted to `580 crore with an incurred claim of
`316 crore.
In the financial year 2019-20, after adjustments
of the inward and Outward coinsurance share the
Company underwritten a total premium of `1968
crores and Booked Paid Claims of `1170 crore.
FOREIGN OPERATIONS:
The Company has operations in Nepal only.
Nepal:
Our Nepal operation is conducted through the
controlling office and 2 Branch offices are located
in Kathmandu i.e Kathmandu Branch I and
Kathmandu Branch II-the other 4 are located in
Birganj, Biratnagar, Nepalganj and Pokhra. Sub
Branch offices are located at Janakpur, Hetauda,
Narainghat and Butwal. As in the earlier years,
Nepal Office has shown satisfactory performance in
the past fiscal.
Hong Kong:
Hong Kong Branch stopped accepting new business
since 18th February, 2002. The run-off operations
are being handled by New India who continues to
service existing policies and claims.
The working result of the foreign operations for the
year 2019-20 is as follows:
ANNUAL REPORT 2019-20
PæF¼WèFU èFF&FF =+F ÑFPÞµFFÛF
(à. =+ÞX°s ÛFWk)
PæFæFÞµF ÎFWÑFFáF ùFg;F=+Fc;F =]+áF
2019-20 2018-19 2019-20 2018-19 2019-20 2018-19
õF=+áF Ò¶ÜF‡F ÒUPÛFÜFÛF 50.67 51.04 0.00 0.00 50.67 51.04
èF]Ê ÒUPÛFÜFÛF 28.42 19.91 0.00 0.00 28.42 19.91
èF]Ê HÑF;F¶F ¼FæFW 24.62 36.49 0.50 0.15 25.12 36.63
èF]Ê =+ÛFUèFÎF -0.91 -3.95 0.00 0.00 -0.91 -3.95
ÒÙFkÍFÎF &F˜Fa 6.84 5.78 0.45 0.43 7.29 6.21
EÎFÑFWP‡F¶F ¡FXP&FÛF =W+ PáFJ PÞ¡FæFa ÛFWk 13.39 -9.96 0.00 0.00 13.39 -9.96
=+ÛFU(-)/æF_PÊ(+)
PÎFæFWèF JæFk EÎÜF EFÜF 10.01 9.97 0.73 0.57 10.74 10.54
PæF¼WèFU PæFPÎFÛFÜF áFFÚF/ùFPÎF* 0.00 0.00 3.97 -21.63 3.97 -21.63
èF]Ê áFFÚF (+)/ùFPÎF (-) -5.51 1.52 3.75 -21.64 -1.76 -20.12

* ÎFWÑFFáF èFF&FF =W+ PáFJ PæFPÎFÛFÜF ùFPÎF à. 1.48 =+ÞX°s (Ê{É.¤É. PæFPÎFÛFÜF ±ÉF¦É `15.16 =+ÞX°s) ùY P¡FõFW ICAI ÂFÞF ¡FFÞF AS-11 =+U EFæFèÜF=+¶FFEXk =W+
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BVÉåºÉÒ SÉèxÉ±É ºÉä ´ªÉ´ÉºÉÉªÉ Ê´ÉEòɺÉ:
BxÉ+É<ǺÉÒ uÉ®É +ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É ¨Éå ´ÉèªÉÊHòEò BVÉå] EòÉ ¤É½ÖiÉ ¤ÉcÉ
ªÉÉäMÉnÉxÉ ½è* ´ÉiÉǨÉÉxÉ ¨Éå, Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-2020 ¨Éå EÆò{ÉxÉÒ uÉ®É +ÌVÉiÉ
|ÉÒÊ¨ÉªÉ¨É EòÉ Eò®Ò¤É 40% ´ÉèªÉÊHòEò BVÉåºÉÒ SÉèxÉ±É Eäò ¨ÉÉvªÉ¨É ºÉä Eò¨ÉɪÉÉ
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2016 Eäò +xÉÖºÉÉ®, EÆò{ÉxÉÒ +xÉÖ¤ÉÆvÉ Eäò +ÉvÉÉ® {É® ªÉÉäMªÉ ºÉä´ÉÉÊxÉ´ÉÞkÉ Ê´ÉEòɺÉ
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ʤÉVÉxÉäºÉ BºÉÉäʺÉB]弃 uÉ®É +ÌVÉiÉ ÊEòB MÉB |ÉÒÊ¨ÉªÉ¨É ±ÉMɦÉMÉ ¯ {ɪÉä
297 Eò®Éäc ®½É*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 48

Foreign branch Results
(` in crore)
Particulars Nepal Hong Kong Total
2019-20 2018-19 2019-20 2018-19 2019-20 2018-19
Gross Direct Premium 50.67 51.04 0.00 0.00 50.67 51.04
Net Premium 28.42 19.91 0.00 0.00 28.42 19.91
Net Incurred Claims 24.62 36.49 0.50 0.15 25.12 36.63
Net Commission -0.91 -3.95 0.00 0.00 -0.91 -3.95
Expenses of Management 6.84 5.78 0.45 0.43 7.29 6.21
Decrease(-)/Increase(+) in 13.39 -9.96 0.00 0.00 13.39 -9.96
Reserve for Unexpired Risk
Investment and other Income 10.01 9.97 0.73 0.57 10.74 10.54
Foreign Exchange Gain/Loss * 0.00 0.00 3.97 -21.63 3.97 -21.63
Net Profit (+)/Loss (-) -5.51 1.52 3.75 -21.64 -1.76 -20.12
* Exchange Loss for Nepal Branch is `1.48 crores (P.Y. Exchange gain `15.16 crores), which has been transferred to
Foreign Exchange Translation Reserve as per the requirements of AS-11 issued by ICAI.

MARKETING: through this channel NIC had launched reward

Business Development from Agency Channel:
Individual Agents contributes the majority of
Premium gained by NIC. Presently, about 40% of
the total premium gained by the Company in the
financial year 2019-20 has been procured through
the Individual Agency channel & the current strength
of individual agents in NIC stands at about 69,986.
NIC at the very start of financial year 2019-20 had
adopted and implemented NICL (Appointment of
Insurance Agents) Policy, 2019 based on the IRDAI
regulations for the same. The Policy has ensured
that the individual agency force is maintained in a
structured and organized manner in accordance
with IRDAI regulations.
The Company has recruited 5,103 agents during
the financial year 2019-20 and had also carried out
a special drive for appointment of agents. Besides
as per practice the Company had also recognised
and conducted felicitation of Star performing agents
with a view to encourage the agency force and to
appreciate their efforts.
To ensure steady business retention & an increase of
the premium especially in the retail sector procured
schemes on Motor, Health & Non-Motor Non-
Health portfolios in accordance with the regulatory
& Company guidelines. Steps were taken to further
improve the existing Agents Business Portals
especially the Unified Business Portal to make it
more user-friendly. Fire (Dwelling only) and Health
policies were introduced in Unified Business Portal
(UBP) to empower the agents and provide them with
more underwriting opportunities. The efforts have
provided us positive results, the premium procured
through UBP alone for the financial year 2019-20
stands at `400.43 crore. and 14,143 agents have
used the portal in the financial year 2019-20. A
total of 15,50,916 policies were issued through this
portal.
Business Associates:
In accordance with the NICL (Contractual
Appointment of Business Associates) Scheme,
2016, the Company appoints on contract basis
eligible retired development officers as Business
Associates & till date NIC has appointed 132
such retired Development Officers as Business
Associates and premium procured by the Business
Associates during the financial year 2019-20 stands
at about `297 crore.

49 ANNUAL REPORT 2019-20

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ÊxɪÉÖÊHò) ªÉÉäVÉxÉÉ, 2019 EòÒ ¶ÉÖ°+ÉiÉ EòÒ ½è* ªÉ½ |ɶÉɺÉÊxÉEò +ÊvÉEòÉ®Ò
(bÒ)/ ºÉ½ÉªÉEò |ɤÉÆvÉEò (bÒ) EòÒ ÊxɪÉÖÊHò EòÒ ºÉÖÊ´ÉvÉÉ |ÉnÉxÉ Eò®äMÉÉ VÉÉä
31 ¨ÉÉSÉÇ 2020 Eäò ¤ÉÉn ʤÉVÉxÉäºÉ BºÉÉäʺÉB]弃 Eäò °  {É ¨Éå ¦ÉÒ ºÉä´ÉÉ ºÉä
ÊxÉ´ÉÞkÉ ½ÉåMÉä* <ºÉ ªÉÉäVÉxÉÉ ºÉä ÊxÉʶSÉiÉ °  {É ºÉä Ê´ÉkÉ ´É¹ÉÇ 2020-21 ºÉä
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Eäò ʱÉB +ÉìxɱÉÉ<xÉ {ÉÉä]Ç±É Ê´ÉEòʺÉiÉ ÊEòªÉÉ ½è* ¥ÉÉäEò® {ÉÉä]Ç±É ¨Éå Ê´ÉʦÉxxÉ
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Eò®xÉä Eäò ʱÉB ¦ÉÒ ´ªÉ´ÉºÉÉªÉ Eò®xÉÉ SÉɽiÉä ½é*
EòÉì{ÉÉäÇ®ä] BVÉå]:
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½é* EÆò{ÉxÉÒ Ê¤ÉSÉÉèʱɪÉÉå Eäò ʱÉB {ÉÒ+ÉäBºÉ {ÉÉä]Ç±É Ê´ÉEòʺÉiÉ Eò® ®½Ò ½è
´É¹ÉÇ 2019-20 ¨Éå OÉɨÉÒhÉ +Éè® ºÉɨÉÉÊVÉEò IÉäjÉ Eäò nÉʪÉi´ÉÉå +Éè® ={ɱÉʤvɪÉÉå EòÉ Ê´É´É®hÉ
iÉÉʱÉEòÉ ºÉÆJªÉÉ.1 - OÉɨÉÒhÉ IÉäjÉ
Ê´ÉkÉ ´É¹ÉÇ Eäò ʱÉB ºÉEò±É OÉɨÉÒhÉ IÉäjÉ ¨Éå |ÉÉ{iÉ EòÒ EòÉì±É¨É (1) Eäò ʱÉB
|ÉÒʨɪɨÉ, ÊVɺÉEäò ʱÉB MÉ<Ç |ÉÒÊ¨ÉªÉ¨É ®É榃 OÉɨÉÒhÉ IÉäjÉ EòÉ %
+ÉÆEòcä ¤ÉiÉÉB MÉB ½é (`) (`) |ÉÒʨɪɨÉ
(1) (2) (3)
152622158147 23535983932 15.42%
iÉÉÊEò ʤÉSÉÉèʱɪÉÉå Eäò {ÉÒ+ÉäBºÉ =Hò JÉÆb ºÉä EòÉ®Éä¤ÉÉ® EòÉä ¤ÉgÉ´ÉÉ näxÉä ´ÉɱÉä
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½è* VÉ¤É ¦ÉÒ +É<Ç+É®bÒB+É<Ç uÉ®É +É<ÇB¨ÉB¡ò EòÒ ºÉÚSÉÒ |ÉEòÉʶÉiÉ EòÒ
VÉÉiÉÒ ½è iÉÉä <ºÉä IÉäjÉÒªÉ EòɪÉÉDZɪÉÉå EòÉä +É<ÇB¨ÉB¡ò Eäò ºÉÉlÉ ]É<Ç+{É EòÒ
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EòÉä +ÉìxɱÉÉ<xÉ {ÉÉä]Ç±É ÊnªÉÉ VÉÉ ®½É ½è +Éè® =Hò {ÉÉä]Ç±É Eäò ¨ÉÉvªÉ¨É ºÉä
{ÉÉìʱÉʺɪÉÉÆ VÉÉ®Ò EòÒ VÉÉ ®½Ò ½é* OÉɨÉÒhÉ IÉäjÉÉå ¨Éå ´ªÉ´ÉºÉÉªÉ EòÉä {ɽÖÆSÉÉxÉä ¨Éå
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Ê´ÉGòªÉ Eäòxp ´ªÉÊHò:
xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ xÉä 31 ¨ÉÉSÉÇ, 2020 iÉEò 1516 {´ÉÉ<Æ] +Éì¡ò ºÉ䱺É
{ɺÉÇxºÉ ({ÉÒ+ÉäBºÉ{ÉÒ) ÊxɪÉÖHò ÊEòB ½é* {´ÉÉ<Æ]+Éì¡ò ºÉä±ºÉ {ɺÉÇxºÉ uÉ®É
¨ÉÉä]® ¤ÉÒ¨ÉÉ, +É´ÉÉºÉ Eäò ʱÉB +ÊMxÉ ¤ÉÒ¨ÉÉ, º´ÉɺlªÉ, ªÉÉjÉÉ, ´ªÉÊHòMÉiÉ
nÖPÉÇ]xÉÉ, MÉÞ½ ¤ÉÒ¨ÉÉ, ÊGòÊ]Eò±É EäòªÉ® ¤ÉÒ¨ÉÉ +Éè® OÉɨÉÒhÉ ¤ÉÒ¨ÉÉ VÉèºÉä |ÉÒ
+Æb®Ê®]äxÉ ºÉÉvÉÉ®hÉ =i{ÉÉnÉå EòÉä ¤ÉäSÉÉ VÉÉ ºÉEòiÉÉ ½è* EÆò{ÉxÉÒ xÉä =x½å {ÉÉä]DZÉ
Eäò ¨ÉÉvªÉ¨É ºÉä {ÉÉìʱɺÉÒ VÉÉ®Ò Eò®xÉä ¨Éå ºÉIÉ¨É ¤ÉxÉÉxÉä Eäò ʱÉB {ÉÒ+ÉäBºÉ{ÉÒ
Eäò +xÉxªÉ ={ɪÉÉäMÉ ½äiÉÖ +ÉìxɱÉÉ<xÉ {ÉÉä]Ç±É Ê´ÉEòʺÉiÉ ÊEòªÉÉ ½è* xÉä¶ÉxɱÉ
<ƶªÉÉä®åºÉ ¨ÉvªÉºlÉÉå Eäò {ÉÒ+ÉäBºÉ{ÉÒªÉÉå Eäò ʱÉB ¦ÉÒ {ÉÉä]Ç±É Ê´ÉEòʺÉiÉ Eò® ®½É
½è CªÉÉåÊEò <ºÉ SÉèxÉ±É ºÉä ´ªÉ´ÉºÉÉªÉ EòÒ ¤É½ÖiÉ MÉÖÆVÉÉ<¶É ½è*
={É®ÉäHò Ê´ÉÊxɪɨÉÉå Eäò ={É®ÉäHò Ê´ÉÊxɪɨÉÉå EòÉ
+xÉÖºÉÉ® +ɴɶªÉEò +xÉÖ{ÉɱÉxÉ
(½ÉÄ/ xɽÒ)
(4) (5)
7% ½ÉÄ

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 50

The Company has also launched the NICL
(Contractual Appointment of Administrative Officer
(D) and/or Assistant Manager (D) as Business
Associates) Scheme, 2019. This will facilitate
engagement of AO(D)/AM(D)s who retires after
31st March 2020 as Business Associates as well.
This scheme will definitely benefit in retention of
premium brought by these Marketing Officers from
the financial year 2020-21 onwards.
Insurance Brokers:
There are 457 brokers registered with IRDAI as
on 31st March, 2020. Most of the said brokers
are having business relationship with National
Insurance. National Insurance has developed
online portal for brokers to issue of retail policies.
Various reports are also made available in the
broker portal including the details of brokerage and
reward statements payable as well as paid. More
brokers are interested to do business through the
portal and also for integrating their system with the
core system of National Insurance.
Corporate Agents:
National Insurance is having tie-up arrangement
with 34 Corporate Agents. Out of the same 13
are Corporate Agent-Banks and 21 are Corporate
Agent - other than Banks. Company is developing
POS portal for intermediaries so that POS of
Rural & Social Sector obligations and achievements with details in the year 2019-20:
Table No.1 - Rural Sector
Gross premium for the Amount of premium
Financial Year 2019-20 procured in Rural
for which figures are Sector
reported
(`) (`)
(1) (2)
152622158147 23535983932
intermediaries can do the business through the
online portal boosting the business from the said
segment.
Insurance Marketing Firm (IMF):
The number of Insurance Marketing Firms (IMF)
registered with IRDAI is 280 as on 31st March,
2020. National Insurance is associated with 41
IMFs. Whenever list of IMF is published by IRDAI,
the same is shared with the Regional Offices to
explore the possibility of tie-up with IMFs. Online
portal is being given to the IMFs and policies are
issued through the said portal. The role of IMF in
helping penetration of business in rural areas is
very important.
Point of Sales Persons:
National Insurance has appointed 1516 Point of
Sales Persons (POSP) as on 31st March, 2020.
Pre-underwritten simple products such as Motor
Insurance, Fire Insurance for dwellings, Health,
Travel, Personal Accident, Home Insurance, Critical
Care Insurance and rural insurance can be sold by
Point of Sales Persons. Company has developed
online Portal for the exclusive use of POSP to
enable them to issue policies through the portal.
National Insurance is also developing portal for the
POSPs of intermediaries as there is tremendous
scope of business from this channel.
Rural sector Required % as Compliance
premium as % per the above with the above
to column (1) Regulations Regulations
(Yes/No)
(3) (4) (5)
15.42% 7% Yes
51 ANNUAL REPORT 2019-20
 iÉÉʱÉEòÉ ºÉÆJªÉÉ. 2 - ºÉɨÉÉÊVÉEò IÉäjÉ
(` ½VÉÉ® ¨Éå)
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1 34 376 567 545 1523

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MÉÊiÉÊ´ÉÊvɪÉÉÆ
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|ÉÒÊ¨ÉªÉ¨É °  . 1892 Eò®Éäc ½è VÉÉä <ºÉ Ê´ÉkÉÒªÉ ´É¹ÉÇ ¨Éå EÆò{ÉxÉÒ Eäò EÖò±É
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31 ¨ÉÉSÉÇ, 2020 iÉEò ÊxÉVÉÒ EòÉ®Éå ´É nÉä{ÉʽªÉÉ ´ÉɽxÉÉå Eäò nÒPÉÇEòÉʱÉEò
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ʴɦÉÉMÉ uÉ®É Ê±ÉB MÉB |ɨÉÖJÉ {ɽ±É xÉÒSÉä ÊnB VÉÉiÉä ½é:
1. 4 +ÊJÉ±É ¦ÉÉ®iÉÒªÉ ]É<Ç +{ºÉ ºÉä ºÉƤÉÆÊvÉiÉ nÉäxÉÉå ºÉÚ] ´É xÉÉìxÉ ºÉÚ]
nÉ´ÉÉ ºÉÚSÉxÉÉ ´É ÊxÉ{É]ÉxÉ ½äiÉÖ +ÉìxɱÉÉ<xÉ nÉ´ÉÉ ¨ÉÉìbªÉÚ±É EòÉä {ÉÚ®Ò
iÉ®½ EòɪÉÉÇi¨ÉEò ¤ÉxÉɪÉÉ MɪÉÉ*
2. ¨ÉÉä]® ]Ò {ÉÒ nÉ´ÉÉå Eäò ʱÉB SÉäEò uÉ®É ¦ÉÖMÉiÉÉxÉ EòÒ ºÉÖÊ´ÉvÉÉ Eäò
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3. ¦ÉÖMÉiÉÉxÉ ÊEòB MÉB nÉ´ÉÉå ºÉä ºÉƤÉÆÊvÉiÉ GST Ê´É´É®hÉÉå EòÉä EòɤÉÚ
¨Éå Eò®xÉä ½äiÉÖ OCM EòÉä EòɪÉÉÇi¨ÉEò ¤ÉxÉɪÉÉ MɪÉÉ iÉÉÊEò ]èCºÉ
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VÉÉ ºÉEäò*
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Eäò uÉ®É IÉäjÉÒªÉ EòɪÉÉDZɪÉÉå B´ÉÆ +xªÉ EòɪÉÉDZɪÉÉå Eäò ºÉÉlÉ ÊxɪÉʨÉiÉ
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¨Éå ½è*
8. |ÉiªÉIÉ MISP EòÒ iÉÖ®iÉ ¨ÉÆVÉÚ®Ò* 31 ¨ÉÉSÉÇ, 2020 iÉEò BäºÉä
MISP EòÒ EÖò±É ºÉÆJªÉÉ 611 lÉÒ*
|ÉSÉÉ® MÉÊiÉÊ´ÉÊvÉ:
´É¹ÉÇ 2019-20 ¨Éå |ÉSÉÉ® MÉÊiÉÊ´ÉÊvÉ EòÉä xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ Eäò ¥ÉÉÆb ʤÉ˱bMÉ
{É® EåòÊpiÉ ÊEòªÉÉ MɪÉÉ ½è* |ÉSÉÉ® MÉÊiÉÊ´ÉÊvɪÉÉå Eäò ºÉÉlɺÉÉlÉ ¨ÉÒÊbªÉÉ
ªÉÉäVÉxÉÉ EòÉä <ºÉ =qä¶ªÉ ºÉä ºÉÆSÉÉʱÉiÉ ÊEòªÉÉ MɪÉÉ ½è* ½É±ÉÉÆÊEò EÆò{ÉxÉÒ uÉ®É
+{ÉxÉÉ<Ç MÉ<Ç +Éìº]äÊ®]Ò bÅÉ<´É Eäò EòÉ®hÉ, ¤ÉVÉ] ¨Éå Eò]ÉèiÉÒ EòÒ MÉ<Ç lÉÒ,

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 52

 Table No.2 - Social Sector
(` in thousand)
Total business* in the Number of lives Social sector Required % as Compliance
preceding Financial covered under Social lives as % to the per the above with the above
Year Sector in the FY column (1) Regulations Regulations
2019-20 2019-20 (Yes/No)
`
(1) (2) (3) (4) (5)
17647364 1347662 7.64% 5% Yes
Organisational Set Up:
Total number of ROs, DOs, BOs and Business Centres as on 31st March 2020:

Head Office Regional Offices Divisional Offices Branches Business Centres Total
1 34 376 567 545 1523

ACTIVITIES OF THE STRATEGIC ALLIANCE
DEPARTMENT:
The total premium from the Pan India tie ups during
2019-20 is `1892 crore, which is 12.4% of the
total GDPI for the Company for this financial year.
Number of policies issued through the four tie up
business in the corresponding year is 39,70,583.
The non-suit claim settlement ratio of the tie up
business is 92.61% settling a total no. of 6,70,130
claims. Total number of our touch points are 7508
(6897 outlets of Motor Insurance Service Providers
under Intermediaries and 611 outlets of direct Motor
Insurance Service Providers appointed by our
Company) in addition to our network of offices.
There is an advance premium of `924 crore from the
tie ups in respect of Long Term Policies of Private
Cars and Two Wheelers as on 31st March, 2020.
The major initiatives undertaken by the department
are given below:
1. Online Claim Module was made fully
functional for both Suit and Non suit claim
intimation and settlement for the 4 Pan India
tie ups.
2. NEFT payment option for Motor TP claims in
addition to cheque payment facility.
3. OCM made functional to capture GST details
in respect of claims paid to avail the facility of
Input Tax Credit from the Tax authorities.
4. Various electronic payment options were being
implemented for the benefit of customers in
all the Pan India tie ups for the speedy and
effective premium remittance. This helped
our customers very much particularly during
the lockdown period due to Covid-19.
5. Monitored the performance of the tie up,
interacted with ROs and other offices regularly
through Video Conference and implemented
various claim management measures to
control the Incurred Claim Ratio of the tie
ups.
6. Automatic and timely appointment of
Surveyors in the Online Claim Module of the
tie ups.
7. Work is in progress for implementation of
paperless claims settlement in Maruti tie up
and the process is in final stages.
8. Prompt approval of direct MISPs. The total
number of such MISP as on 31st March, 2020
is 611.
PUBLICITY ACTIVITIES:
Publicity activities in 2019-20 focussed on a brand
building of National Insurance.The media plan as
well as the publicity activities have been driven by
this objective. And although due to the Austerity
Drive adopted by the Company, the Budget was
curtailed, HO Publicity launched a cost effective and

53 ANNUAL REPORT 2019-20

|ÉvÉÉxÉ EòɪÉÉÇ±ÉªÉ EòÉ {Éʤ±ÉʺÉ]Ò xÉä BEò ±ÉÉMÉiÉ |ɦÉÉ´ÉÒ +Éè® |ɦÉÉ´ÉÒ |ÉÉäM]
+ʦɪÉÉxÉ ¶ÉÖ° ÊEòªÉÉ VɽÉÆ ÊxɨxÉʱÉÊJÉiÉ ¨ÉÖJªÉ ¨ÉÒÊbªÉÉ ´ÉɽxÉ lÉä:
¨ÉÒÊbªÉÉ ´ÉɽxÉ:
1. <±ÉäC]ÅÉìÊxÉEò (]Ò ´ÉÒ, ®äÊbªÉÉä +Éè® ÊºÉxÉä¨ÉÉ)
2. Ë|É] (ºÉ¨ÉÉSÉÉ® {ÉjÉ +Éè® {ÉÊjÉEòÉBÆ)
3. +Éä+ÉäBSÉ (PÉ® ºÉä ¤Éɽ®)
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2019, BxÉ+É<ÇB 15 <ƶªÉÉä®åºÉ ºÉʨÉ], <ÆÊbªÉÉ ]Öbä OÉÖ{É <Ǻ] EòÉìxC±Éä´É
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54
impactful Advtg Campaign where the main media
vehicles were:
Media Vehicles:
1. Electronic (T.V, Radio and Cinema)
2. Print (Newspaper and Magazines)
3. OOH (Out of Home)
4. Digital Media (Internet and Social Media sites)
5. Publicity Program through Agents (PATP)
6. Event Sponsorships, Banner Displays and
Annuals (Diary, Calendar)
Electronic (T.V and Radio):
Publicity activities of the Company in this segment
have been mainly driven by TV and radio. The
campaigns in TV are specifically designed to
reach out a large number of people which helps in
enhancing the brand image of NIC. The selection
of the channels is done through Industry accepted
BARC rating which helps in short listing the TV
channels based on viewership and NCCS profiling of
the audience. We have conducted Foundation Day
Campaign in the following news channels- Republic
TV, Times Now SD, NDTV 24 x 7 and NDTV India.
Radio Channels have been able to reach a mass
number of people in urban, semi urban as well as
rural belts and give the best opportunity to reach
out in the majorly uninsured belts in India and helps
us in brand building at the very ground level. We
have conducted a historic pink ball match campaign
which was executed in following radio channels-
Friends FM, Red FM, Big FM and Radio Mirchi.
Print:
Though the exponential growth of electronic media
has impeded the growth of print media, this medium
is still very effective considering the reach and
diversification it brings and the different sections of
the society it caters to. The newspaper are selected
on the basis of their reach and readership which
is decided based on the ABC (Audit Bureau of
Circulations) and IRS (Indian Readership Survey)
figures. Parameters of circulation, readership,
geographical spread and demographics, DAVP rate
is also taken into consideration.
55
Cinema:
The multiplexes have brought about a revolution in
cinematic experience for the people in India as it
has reached beyond traditional 4-5 daily shows. We
have conducted branding campaign in Mukti World
Multiplex and received major mileage.
OOH Media:
Out of Home Media (OOH) has transformed from
the earlier traditional modes of Hoardings and
Bill Boards to new age digital and unconventional
modes. OOH media targets to the moving as well
as the static customer segment thus increasing the
number of audiences for this media. Branding at
strategic locations in the city helps in enhancing our
brand and brand building and it targets to all the
sections of the society contrary to the other media.
The strategic locations for these media are Airports
which offers us clutter free high visibility. The main
OOH projects taken were branding at Kolkata
Airport, Branding of Traffic Pedestals, Branding at
Sealdah Station and branding through pole kiosks
in Kolkata. LED glow-sign with NIC logo was placed
at premium location at Park Street in Kolkata which
is non-conventional OOH media.
Event Sponsorships:
Brand association with niche and well known events
helps in establishing the brand image and repute
among the masses. This year NIC associated with
various events of National and Regional level to
derive as much publicity mileage as possible. The
events varied from high profile corporate events
targeting the corporate customers to events with
high popularity and Cultural appeal targeted at
larger mileage and OTS. The major events in which
NIC participated were Express Well Being-Health
Seminar, MCCI General Insurance Forum, NIA-
Swiss Re International Seminar, CII-Asia Health
2019, Asia Insurance Post- Risk Summit 2019,
NIA-15 Insurance Summit, India Today Group- East
Conclave 2019, Sanmarg Sanjeevani Health Fair
2020, Assocham-Health Insurance- Rethinking
Business Models, CII-Global Slowdown and its
impact on India’s Leadership Journey etc.
ANNUAL REPORT 2019-20
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iÉ®ÒEòÉ ½ÉäMÉÉ; ªÉ½ ºÉÖÊxÉʶSÉiÉ Eò®xÉä Eäò ʱÉB BEò ºÉÊGòªÉ ={ÉÉªÉ Eäò °  {É
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nä®Ò Eäò |ɺÉÉÊ®iÉ EòÒ VÉÉBMÉÒ; BºÉB¨É´ÉÒ]Ò ]Ò¨É EòÉä +É<Ç]Ò, Ê´É{ÉhÉxÉ +Éè®
EòĘ́ÉEò ʴɦÉÉMÉ Eäò +ÊvÉEòÉÊ®ªÉÉå Eäò ºÉÉlÉ BEò ´É½Ö ʴɦÉÉMÉÒªÉ ]Ò¨É EòÉä
¶ÉÉÊ¨É±É Eò®xÉä Eäò ʱÉB ʴɺiÉÉÊ®iÉ ÊEòªÉÉ MɪÉÉ*
<xɨÉå ºÉä EÖòU +ʦɪÉÉxÉ ÊEòB MÉB ½é
1. BxÉ+É<ǺÉÒ {É® VÉÉMÉ°EòiÉÉ +ʦɪÉÉxÉ B´ÉÆ VÉÉxÉEòÉ®Ò
BxÉbÒB¨ÉB, bÒB¡òBºÉ, {ÉÒB¨É+Éä +Éè® Ê´ÉkÉ ¨ÉÆjÉɱɪÉ, ¨ÉÉlÉÇ, ¨ÉÉ=,
b¤±ªÉÚBSÉ+Éä +ÉÊn Ê´ÉʦÉxxÉ EòɪÉÉDZɪÉÉå uÉ®É ´ÉiÉǨÉÉxÉ ÊºlÉÊiÉ Eäò ¤ÉÉ®ä ¨Éå
CªÉÉ Eò®xÉÉ ½è +Éè® xÉ½Ó Eò®xÉÉ ½è ÊEò ºÉÚSÉÒ ÊnªÉÉ ½è B´ÉÆ ºÉÉZÉÉ ÊEòªÉÉ
MɪÉÉ ½è ÊVɺÉEòÒ VÉÉxÉEòÉ®Ò ½¨ÉÉ®ä BºÉB¨É´ÉÒ]Ò SÉèxÉä±É Eäò ºÉÉlÉ ´Éä¤ÉºÉÉ<]
+ÉÊn {É® nÒ MÉ<Ç ½è*
2. |ÉÒÊ¨ÉªÉ¨É Eäò +ÉìxɱÉÉ<xÉ ¦ÉÖMÉiÉÉxÉ Eäò ={ɪÉÉäMÉ {É® VÉÉxÉEòÉ®Ò:
EòÉäÊ´Éb-19 ¨É½É¨ÉÉ®Ò xÉä ®ÉäVɨɮÉÇ EòÒ MÉÊiÉÊ´ÉÊvÉ EòÉä ºÉÆSÉɱÉxÉ Eäò ʱÉB
ÊbÊVÉ]±É {±Éä]¡òɨÉÉäÈ EòÒ +ɴɶªÉEòiÉÉ+Éå EòÉä EòÒ MÉÖxÉÉ ¤ÉgÉ ÊnªÉÉ ½è*
ºÉ +ɴɶªÉEòiÉÉ EòÉä vªÉÉxÉ ¨Éå ®JÉiÉä ½ÖB, BxÉ+É<ǺÉÒ +{ÉxÉä n¶ÉÇEòÉå B´ÉÆ
ʱÉIÉiÉ n¶ÉÇEòÉå, OÉɽEòÉå +Éè® ¦ÉÉ´ÉÒ OÉɽEòÉå EòÉä Eò¨{ÉxÉÒ EòÒ +ÉìxɱÉÉ<xÉ
ºÉÖÊ´ÉvÉÉ+Éå EòÉ ={ɪÉÉäMÉªÉ Eò®xÉä iÉlÉÉ xÉ´ÉÒEò®hÉ, JÉ®Òn +Éè® ¦ÉÖMÉiÉÉxÉ
Eäò ʱÉB ªÉÚ{ÉÒ+É<Ç <Æ]®¡äòºÉ EòÉ ={ɪÉÉäMÉ Eò®xÉä Eäò ʱÉB |ÉäÊ®iÉ Eò® ®½É
½è*
3. Ê´ÉʦÉxxÉ =i{ÉÉnÉå EòÉ +ÊbªÉÉä Ê´ÉVÉÖ+±É iÉèªÉÉ® Eò® +ʦɪÉÉxÉ
SɱÉÉxÉÉ
4. ʶÉEòɪÉiÉ ÊxÉ´ÉÉ®hÉ
BºÉB¨É´ÉÒ]Ò SÉèxɱÉÉå Eäò ¨ÉÉvªÉ¨É ºÉä +ÉxÉä´ÉɱÉä ʶÉEòɪÉiÉÉå +Éè® =xÉEäò
ʺlÉÊiÉ EòÉä EÖò¶É±ÉiÉÉ {ÉÚ´ÉÇEò ÊxÉ´ÉÉ®hÉ ÊEòªÉÉ MɪÉÉ*
56
Special Initiatives:
Association with Bengal Club:
National Insurance associated with Bengal Club
one of the oldest and prestigious clubs of the city
for a period of one year, sponsoring various popular
and well attended Calendar events which extended
Brand mileage to the decision makers and influential
personalities of Kolkata metropolitan city.
Observed Foundation Day of National Insurance
with Former President- 113th Anniversary
National Insurance’s 113th Anniversary was presided
over by Hon’ble Former President of India, Bharat
Ratna, Late Shri Pranab Mukherjee. This prestigious
ceremony took place on 12th of December, 2019
with our Honourable Former President Shri Pranab
Mukherjee addressing an august gathering of our
Directors, Corporate Management, Top Officials
as well as Corporate Guests & Officials from Pan
India. On this occasion the Honourable Guest also
unveiled a plaque commemorating the event.
Regional Offices:
Major initiatives had been taken by our Regional
Offices pan India to build brand image of our
company. Some of them are as follows:-
i. Serendipity Art Festival
ii. 25th Fenesta Open National Tennis Championship
iii. Branding at Tirupati Airport
iv. Symhealth 2019
v. General Insurance Summit 2020
vi. All India Central Revenue Cultural Meet 2020 etc.
On account of the Austerity measures adopted by
the Company, publicity activities were very limited
in Head Office as well as in Regional Offices in the
Financial Year 2019-20 in comparison to the last
year.
NIC’s Social Media Channels
Our Company has been actively communicating
with Customers, Policy holder and the Prospective
customers through our 3 Official Social Media
channels
57
1. Twitter - NICLofficial;
2. Face Book - nationalinsuranceindia - A public
page on Facebook
a. NIC Official (FB Group for all serving NICians)
b. Proud NICian (for Serving &Retired employees
and stake holders)
3. YouTube Channel - NICL
This was all the more effective when the Pandemic
lockdown started in the 3rd week of March 2020.
Foreseeing that Digital platform would be the only
way to communicate with our Customers, Marketing
Force, Employees and Stake holders in the evolving
situation; as a proactive measure to ensure that vital
and voluminous information would be efficiently
communicated and disseminated without delay,
the SMVT Team was expanded to include a Multi
Department Team with Officers of IT, Marketing and
Personnel departments.
Some of these campaigns have been
1. Awareness Campaigns and Information on NIC
Regular updates regarding the current situation,
the dos and dont’s list as shared by the various
concerned offices such as NDMA, DFS, PMO
and Ministries of Finance, MoRTH, MoHW,
WHO etc were posted and shared by our SMVT
channels including information on our website
address etc.
2. Information on Use of Online payments of
Premium:
Covid-19 Pandemic has increased manifold the
need for Digital Platforms for conduct of everyday
activity. Keeping with this requirement, NIC has
been exhorting its viewers and Target Audience,
Customers and prospective customers to use the
Company’s Online facilities and UPI interfaces
for Renewals, Purchase and payments.
3.
Creating Audio Visual Campaigns and
promotions of various products
4. Grievance Redressal
Grievances and their status coming through the
SMVT channels were redressed efficiently.
ANNUAL REPORT 2019-20
|ɦÉÉ´ÉÒ {ÉÊ®hÉɨÉ:
ºÉ¦ÉÒ |ɦÉÉ´ÉÒ ºÉ¨Éx´ÉªÉ Eäò EòÉ®hÉ ½¨ÉÉ®ä +ÉìxɱÉÉ<xÉ SÉèxɱÉÉå Eäò +xɪÉÉʪɪÉÉå
+Éè® n¶ÉÇEòÉå ¨Éå ±ÉMÉÉiÉÉ® ´ÉÞÊr ½Ö<Ç ½è +Éè® =xÉEòÒ ºÉÆJªÉÉ ¤Ég ®½Ò ½è*
OÉɽEò ºÉƤÉÆvÉ |ɤÉÆvÉxÉ Ê´É¦ÉÉMÉ:
OÉɽEòÉå Eäò ºÉÉlÉ ¤Éä½iÉ® ºÉƤÉÆvÉ ¤ÉxÉÉxÉä B´ÉÆ Ê¶ÉEòɪÉiÉÉå {É® iÉÖ®iÉ ={ÉSÉÉ®Éi¨ÉEò
EòɮǴÉÉ<Ç Eò®iÉä ½ÖB ¨ÉÉèVÉÚnÉ OÉɽEòÉå EòÉä +{ÉxÉä ºÉÉlÉ ¤ÉxÉÉB ®JÉxÉä Eäò ʱÉB
OÉɽEò ºÉƤÉÆvÉ |ɤÉÆvÉxÉ ºÉ¤ÉºÉä ¨ÉVɤÉÚiÉ ºÉÉvÉxÉ ½è*
ʶÉEòɪÉiÉå OÉɽEòÉå Eäò +ºÉÆiÉÉä¹É EòÒ +ʦɴªÉÊHò ½ÉäiÉÒ ½è ÊVÉxÉEòÉ ºÉ¨ÉªÉ
{É® ÊxÉ´ÉÉ®hÉ ÊEòB VÉÉxÉä EòÒ VÉ°  ®iÉ ½ÉäiÉÒ ½è* ÊEòºÉÒ Ê¶ÉEòɪÉiÉ {É® vªÉÉxÉ
xÉ½Ó ÊnB VÉÉxÉä {É® EÆò{ÉxÉÒ EòÒ |ÉÊiɹ`É B´ÉÆ ´ªÉ´ÉºÉÉªÉ EòÉä MÉƦÉÒ® xÉÖEòºÉÉxÉ
½ÉäiÉÉ ½è*
ʶÉEòɪÉiÉÉå Eäò ÊxÉ´ÉÉ®hÉ ½äiÉÖ ½¨ÉÉ®ä {ÉÉºÉ BEò ºÉ¨ÉÌ{ÉiÉ ]Ò¨É ½è VÉÉä |ÉÉ{iÉ
½ÉäxÉä´ÉɱÉÒ Ê¶ÉEòɪÉiÉÉå EòÒ ±ÉMÉÉiÉÉ® ÊxÉMÉ®ÉxÉÒ Eò®iÉÒ ½è +Éè® <xÉEäò i´ÉÊ®iÉ
ÊxÉ{É]É®ä EòÉä ºÉÖÊxÉʶSÉiÉ Eò®iÉÒ ½è iÉÉÊEò OÉɽEòÉå Eäò ºÉÉlÉ ¤Éä½iÉ® ºÉƤÉÆvÉ
¤ÉxÉÉEò® ®JÉÉ VÉÉ ºÉEäò* OÉɽEòÉå EòÒ ºÉÖÊ´ÉvÉÉ ½äiÉÖ Ê¶ÉEòɪÉiÉ ÊxÉ´ÉÉ®hÉ
+ÊvÉEòÉÊ®ªÉÉå EòÒ BEò +tiÉxÉ ºÉÚSÉÒ =xÉEäò ºÉÆ{ÉEÇò EòÒ VÉÉxÉEòÉ®Ò Eäò ºÉÉlÉ
½¨ÉÉ®ä ´Éä¤ÉºÉÉ<] {É® ={ɱɤvÉ ½è*
BEò ºÉ¨ÉÌ{ÉiÉ ]Éì±É £òÒ xÉƤɮ 1800-345-4033 B´ÉÆ BEò ¨Éä±É +É<Ç bÒ
customer.relations@nic.co.in OÉɽEòÉå EòÉä =xÉEòÒ Ê¶ÉEòɪÉiÉå
nVÉÇ Eò®xÉä ½äiÉÖ ºÉÆ{ÉEÇò Eäò BEò±É Eåòp (SPOC) Eäò °  {É ¨Éå ={ɱɤvÉ
½è* <ºÉEäò ºÉÉlÉ ½Ò, OÉɽEò ʶÉEòɪÉiÉ |ɤÉÆvÉxÉ ÊºÉº]¨É (CGMS) xÉɨÉEò
ʶÉEòɪÉiÉ {ÉÉä]Ç±É EÆò{ÉxÉÒ Eäò ´Éä¤ÉºÉÉ<] https://nationalinsurance.
nic.co.in ={ɱɤvÉ ½è VÉÉä (IRDAI), Eäò BEòÒEÞòiÉ Ê¶ÉEòɪÉiÉ |ɤÉÆvÉxÉ
´É¹ÉÇ 2019-20 ½äiÉÖ ºÉÒ{ÉÒOÉɨºÉ ºÉ¨ÉäiÉ +ÉìxɱÉÉ<xÉ Ê¶ÉEòɪÉiÉÉå EòÉ ÊxÉ´ÉÉ®hÉ
01/04/2019 EòÉä 2019-20 Eäò nÉè®ÉxÉ 2019-20 Eäò nÉè®ÉxÉ
ʶÉEòɪÉiÉÉå EòÒ ºÉÆJªÉÉ ºÉÚÊSÉiÉ Ê¶ÉEòɪÉiÉÉå ÊxÉ´ÉÉ®hÉ EòÒ MÉ<Ç
EòÒ ºÉÆJªÉÉ Ê¶ÉEòɪÉiÉÉå EòÒ ºÉÆJªÉÉ
23 5722 5739
´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20
ʺɺ]¨É (IGMS) Eäò ºÉÉlÉ VÉÖcÉ ½Ö+É ½è VɽÉÆ OÉɽEò ºÉÒvÉä +{ÉxÉÒ Ê¶ÉEòɪÉiÉ
nVÉÇ Eò® ºÉEòiÉä ½é*
EòÉäÊ´Éb-19 ¨É½É¨ÉÉ®Ò ºÉä ºÉƤÉÆÊvÉiÉ +É{ÉÉiÉEòɱÉÒxÉ Ê´É´ÉÉnÉå ºÉ¨ÉÉvÉÉxÉ ½äiÉÖ
|ÉvÉÉxÉ EòɪÉÉÇ±ÉªÉ ¨Éå BEò ʴɶÉä¹É ºÉä±É EòÉ MÉ`xÉ ÊEòªÉÉ MɪÉÉ +Éè® BEò ´É®ÒªÉ
+ÊvÉEòÉ®Ò EòÉä EòÉäÊ´Éb-19 ºÉä ºÉƤÉÆÊvÉiÉ ¨ÉɨɱÉÉå Eäò ʱÉB xÉÉäb±É +ÊvÉEòÉ®Ò
Eäò °  {É ¨Éå xÉÉʨÉiÉ ÊEòªÉÉ MɪÉÉ* ]Ò¨É xÉä ʨɶÉxÉ ¨ÉÉäb EòÒ iÉ®½ EòɪÉÇ Eò®iÉä
½ÖB ºÉ¦ÉÒ Ê¶ÉEòɪÉiÉÉå EòÉ 3 ÊnxÉÉå Eäò ]è] (TAT) +´ÉÊvÉ ¨Éå ºÉ¡ò±ÉiÉÉ{ÉÚ´ÉÇEò
½±É ÊEòªÉÉ*
+ÉìxɱÉÉ<xÉ Ê¶ÉEòɪÉiÉÉå Eäò ®ÊVɺ]Åä¶ÉxÉ Eäò +±ÉÉ´ÉÉ ½¨É <ǨÉä±É, bÉEò,
]äʱɡòÉäxÉ B´ÉÆ OÉɽEòÉå uÉ®É º´ÉªÉÆ EòɪÉÉÇ±ÉªÉ +ÉEò® nVÉÇ EòÒ MÉ<Ç Ê¶ÉEòɪÉiÉå ¦ÉÒ
|ÉÉ{iÉ Eò®iÉä ½é* ªÉä ʶÉEòɪÉiÉå {ÉÉä]Ç±É ¨Éå ¦ÉÒ nVÉÇ ½ÉäiÉÒ ½é* ʶÉEòɪÉiÉEòiÉÉÇ+Éå
Eäò ¨ÉÉä¤ÉÉ<±É xÉƤɮ {É® GRI xÉƤɮ Eäò ºÉÉlÉ BEò +Éì]Éä VÉäxÉ®ä]äb BºÉB¨ÉBºÉ
¦ÉÒ ¦ÉäVÉÉ VÉÉiÉÉ ½è* ʶÉEòɪÉiÉ ÊxÉ´ÉÉ®hÉ EòÉä MÉÊiÉ näxÉä ½äiÉÖ ¨Éä±É ªÉÉ bÉEò
uÉ®É Ê¶ÉEòɪÉiÉEòiÉÉÇ Eäò {ÉÉºÉ ´É®ÒªÉ ºiÉ® {É® BºEäò±Éä¶ÉxÉ ¨ÉèÊ]ÅCºÉ Eäò ºÉÉlÉ
{ÉÉ´ÉiÉÒ ¦ÉÒ ¦ÉäVÉÒ VÉÉiÉÒ ½è*
EÆò{ÉxÉÒ EòÉ CRM ʴɦÉÉMÉ EåòpÒªÉEÞòiÉ ±ÉÉäEò ʶÉEòɪÉiÉ ÊxÉ´ÉÉ®hÉ B´ÉÆ
ÊxÉMÉ®ÉxÉÒ ÊºÉº]¨É (CPGRAMS) {É® nVÉÇ EòÒ MÉ<Ç Ê¶ÉEòɪÉiÉÉå EòÒ ¦ÉÒ
näJÉ®äJÉ Eò®iÉÉ ½è, ÊVɺÉEòÒ ÊxÉMÉ®ÉxÉÒ ºÉÒvÉä |ɶÉɺÉÊxÉEò ºÉÖvÉÉ® ´É ±ÉÉäEò
ʶÉEòɪÉiÉå ʴɦÉÉMÉ, ¦ÉÉ®iÉ ºÉ®EòÉ® (GOI) uÉ®É EòÒ VÉÉiÉÒ ½è +Éè® xÉä¶ÉxɱÉ
={ɦÉÉäHòÉ ½ä±{ɱÉÉ<xÉ Eäò {ÉÉºÉ nVÉÇ EòÒ MÉ<Ç Ê¶ÉEòɪÉiÉÉå EòÒ ÊxÉMÉ®ÉxÉÒ ºÉÒvÉä
={ɦÉÉäHòÉ ¨ÉɨɱÉä, ¦ÉÉ®iÉ ºÉ®EòÉ® (GOI) uÉ®É EòÒ VÉÉiÉÒ ½è* Ê´ÉkÉÒªÉ ´É¹ÉÇ
2019-20 ¨Éå ½¨ÉxÉä OÉɽEòÉå EòÒ {ÉÚ®Ò ºÉÆiÉÖʹ] Eäò ºÉÉlÉ CPGRAMS Eäò
{ÉÉºÉ nVÉÇ 834 ʶÉEòɪÉiÉÉå B´ÉÆ ¶É¦É EòÒ 612 ʶÉEòɪÉiÉÉå EòÉ ºÉ¨ÉÉvÉÉxÉ
ÊEòªÉÉ ½è*
31/03/2020 EòÉä 2019-20 Eäò 2018-19 Eäò
¤ÉEòɪÉÉ Ê¶ÉEòɪÉiÉÉå nÉè®ÉxÉ Ê¶ÉEòɪÉiÉÉå nÉè®ÉxÉ Ê¶ÉEòɪÉiÉÉå
EòÒ ºÉÆJªÉÉ Eäò ºÉ¨ÉÉvÉÉxÉ EòÉ Eäò ºÉ¨ÉÉvÉÉxÉ EòÉ
+xÉÖ{ÉÉiÉ (%) +xÉÖ{ÉÉiÉ (%)
6 99.78 99.63
58
Effective Results:
Due to the effective coordination of all there has been
a steady increase in followers and viewership of our
online channels and the numbers are increasing.
CUSTOMER RELATIONSHIP MANAGEMENT:
Customer Relationship Management is the strongest
tool for building up good relations with the customer,
retaining the existing customers through prompt
remedial action on grievances.
Grievance is a dissatisfaction expressed by the
customer which needs to be redressed timely. A
Complaint if went unnoticed, can cause a serious
damage to the reputation and business of the
Company.
To maintain better relations with the customers,
a dedicated team for grievance redressal is
continuously monitoring the grievance received and
ensuring its speedy disposal. An updated list of
Grievance Officer with their contact information is
available on our website for the convenience of the
customer.
A dedicated toll free number 1800-345-4033 and
a mail id - customer.relations@nic.co.in as Single
Point of Contact (SPOC) available for Customers
to lodge their complaints. Also, grievance portal
called Customer Grievance Management System
(CGMS) available on the Company’s website:
https://nationalinsurance.nic.co.in inter-linked with
ON-LINE GRIEVANCE REDRESSAL INCLUDING CPGRAMS FOR THE YEAR 2019-20
Number of Number of Number of
Grievances Grievances Grievances
outstanding reported redressed
as on during during
01/04/2019 2019-20 2019-20
23 5722 5739
59
Integrated Grievance Management System of
IRDAI, where customers can directly register their
grievances.
In order to address emergency issues relating to
COVID-19 pandemic, a special cell was opened
at H.O. and a senior officer was designated as
Nodal officer for COVID-19 related cases. The
team worked on mission mode and addressed all
grievances within the TAT period of 3 days quite
successfully.
Besides online registration of grievances, we also
receive grievance through e-mail, post, telephone
and walk in customers. These grievances are also
lodged in the portal. An auto generated SMS is sent
to the complainants’ mobile number conveying his/
her GRI No. An acknowledgement via mail or post
is sent to the complainant with escalation matrix at
senior level for expediting redressal of grievances.
The CRM department of the Company also
handle grievances registered at Centralized Public
Grievance Redressing and Monitoring System
(CPGRAMS) which is directly monitored by the
Department of Administrative Reforms & Public
Grievances, Government of India (GOI) and
grievance registered via National Consumer Helpline
which is directly monitored by the Department of
Consumer Affairs, Government of India (GOI). In
the financial year 2019-20, we have redressed 834
grievances at CPGRAMS and 612 grievances at
NCH with utmost satisfaction of the complainant.
Number of Grievance Grievance
Grievances Resolution Resolution
outstanding ratio during ratio during
as on 2019-20 2018-19
31/03/2020 (%) (%)
6 99.78 99.63
ANNUAL REPORT 2019-20
 Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 Eäò ʱÉB ʴɦÉÉMÉ B´ÉÆ EòÉ®hÉ ´ÉÉ® ʶÉEòɪÉiÉÉå EòÉ Ê´É¶±Éä¹ÉhÉ
¨ÉɨɱÉÉå EòÒ ºÉÆJªÉÉ
Gò.ºÉÆ. ʶÉEòɪÉiÉ EòÉ EòÉ®hÉ º´ÉɺlªÉ ¨ÉÉä]® ºÉÆ{ÉÊkÉ ¤ÉÒ¨ÉÉ +xªÉ EÖò±É
1 Ê´É´ÉÉÊniÉ ®É榃 548 98 28 93 767
2 nÉ´Éä Eäò ÊxÉ{É]É®ä ¨Éä nä®Ò 1457 505 186 202 2350
3 ¦ÉÖMÉiÉÉxÉ EòÉ VÉÉ®Ò xÉ½Ó ÊEòªÉÉ VÉÉxÉÉ 270 127 10 43 450
4 xÉɨÉÆVÉÚ® ÊEòB MÉB nÉ´Éä 395 87 37 71 590
5 {ÉÉìʱɺÉÒ/½ä±lÉ EòÉbÇ EòÉ VÉÉ®Ò xÉ½Ó 345 121 20 19 505
ÊEòªÉÉ VÉÉxÉÉ
6 {ÉÉìʱɺÉÒ Eäò xÉ´ÉÒEò®hÉ ºÉä ºÉƤÉÆÊvÉiÉ 154 103 15 26 298
7 +ÊvÉEò |ÉÒÊ¨ÉªÉ¨É ±ÉäxÉÉ/ ´ÉèEòʱ{ÉEò 74 42 13 1 130
=i{ÉÉn ºÉä ºÉÆiÉÖ¹] xÉ½Ó ½ÉäxÉÉ
8 +xªÉ 274 204 62 92 632
EÖò±É 3517 1287 371 547 5722

={ɪÉÖÇHò bä]É º{ɹ] °  {É ºÉä ªÉ½ ÊnJÉÉiÉä ½é ÊEò OÉɽEò ºÉƤÉÆvÉ |ɤÉÆvÉxÉ Ê´É¦ÉÉMÉ Eäò ºÉiÉiÉ |ɪÉÉºÉ ºÉä OÉɽEòÉå EòÒ Ê¶ÉEòɪÉiÉÉå EòÉä |ɦÉÉ´ÉÒ B´ÉÆ i´ÉÊ®iÉ MÉÊiÉ ºÉä
ÊxÉ´ÉÉ®hÉ ºÉÖÊxÉʶSÉiÉ ÊEòªÉÉ VÉÉiÉÉ ½è*
P¼ÎFFk=+ ¶F=+ 2019-20 =W+ 2019-20 =W+ P¼ÎFFk=+ 2019-20 =W+ 2019-20 =W+
õF[P˜F¶F áFkPÙF¶F ¼ZÞFÎF õF[P˜F¶F ¼ZÞFÎF ¡FFÞU P=+J 31/03/2020 ¶F=+ ¼ZÞFÎF ¼ZÞFÎF
¼õ¶FFæFW¡FXk =+U ¼õ¶FFæFW¡FXk =+U ;FJ ¼õ¶FFæFW¡FXk áFPÙFk¶F ¼õ¶FFæFW¡FXk ÒáFW&FÎF EÎF]ÑFF¶F ÒáFW&FÎF EÎF]ÑFF¶F
õFk&ÜFF õFk&ÜFF =+U õFk&ÜFF =+U õFk&ÜFF (%) (%)
01/04/2019
èF[ÎÜF 1,45,44,499 1,45,44,499 èF[ÎÜF 100 100

¨ÉÉxÉ´É ºÉƺÉÉvÉxÉ

1. 31 ¨ÉÉSÉÇ, 2020 EòÉä EòĘ́ÉEòÉå EòÒ ¸ÉähÉÒ´ÉÉ® ºÉÆJªÉÉ

EòĘ́ÉEòÉå EòÒ ºÉÆJªÉÉ
I 5798
II
(Ê´É{ÉhÉxÉ) 398
(|ɶÉɺÉxÉ)
III 4536
IV 894
EÖò±É 11626

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 60

 DEPARTMENT & CAUSE WISE ANALYSIS OF GRIEVANCE FOR THE FINANCIAL YEAR 2019-20
Number of Cases

PROPERTY
Sl. No. Cause of Complaint HEALTH MOTOR OTHERS TOTAL
INSURANCE
1 Amount in Dispute 548 98 28 93 767
2 Delay in Claim Settlement 1457 505 186 202 2350
3 Non release of Payment 270 127 10 43 450
4 Claim Repudiated 395 87 37 71 590
5 Non Issuance of Policy/ 345 121 20 19 505
Health Card
6 Policy Renewal related 154 103 15 26 298
7 Premium Overcharged/not 74 42 13 1 130
satisfied with alternate product
8 Others 274 204 62 92 632
Total 3517 1287 371 547 5722

The above data is clearly indicating the constant effort of the Customer Relationship Management (CRM)
department to ensure effective and speedy redressal of grievances of the customers.
Issuance of Documents:

Number of Number of Number of Number of Documentation Documentation

documents documents documents documents ratio during ratio during
reported incepted during issued during pending as on 2019-20 2019-20
pending as on 2019-20 2019-20 31/03/2020 (%) (%)
01/04/2019
Nil 1,45,44,499 1,45,44,499 Nil 100 100

HUMAN RESOURCES:

1. Class wise employees’ strength as on 31st March 2020:

Class No. of employees

I 5798
II
(Marketing) 398
(Administration)
III 4536
IV 894
Total 11626

61 ANNUAL REPORT 2019-20

2. 31 ¨ÉÉSÉÇ, 2020 EòÉä EÆò{ÉxÉÒ Eäò ¨ÉÉxÉ´É ºÉƺÉÉvÉxÉ EòÉ ¤ªÉÉè®É:
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I 5798 1295 495 954 3051 115 36
II 398 50 14 50 284 5
III 4536 1110 406 847 2173 162 93
IV 894 433 79 107 275 15 1
EÖò±É 11626 2888 994 1958 5783 297 130
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+ÊvÉEòÉÊ®ªÉÉå B´ÉÆ Eò¨ÉÇSÉÉÊ®ªÉÉå EòÉä xÉä¶ÉxÉ±É <x¶ªÉÉä®äxºÉ BäEäòb¨ÉÒ (BxÉ+É<ÇB), 1. ¤ÉéEòɶªÉÉä®äxºÉ SÉèxÉ±É ¨ÉèxÉäVɨÉå] {É® EòɪÉǶÉɱÉÉ,
{ÉÖhÉä B´ÉÆ EòÉì±ÉäVÉ +Éì¡ò <x¶ªÉÉä®äxºÉ,¨ÉÖƤÉ<Ç ¦ÉäVÉÉ MɪÉÉ lÉÉ ÊVɺɨÉå BºÉºÉÒ/ 2. ¨ÉèxÉäVɨÉå] +Éì¡ò ¨ÉÉä]® +Æb®®É<Ë]MÉ BÆb C±Éä¨ºÉ (+ÉäbÒ),
BºÉ]Ò/+Éä¤ÉÒºÉÒ IÉähÉÒ Eäò EòĘ́ÉEòÉå EòÒ ¦ÉÉMÉänÉ®Ò {ɪÉÉÇ{iÉ lÉÒ* 3. ºÉ䱡ò ¨ÉèxÉäVɨÉå] BÆb ]ÅÉƺɡòÉì¨Éæ¶ÉxÉ {É® EòɪÉǶÉɱÉÉ,
¨ÉÉxÉ´É ºÉƺÉÉvÉxÉ Ê´ÉEòɺÉ: 4. |ÉÉäOÉÉ¨É +ÉìxÉ <x¶ªÉÉä®äxºÉ £òÉìb弃 ¨ÉèxÉäVɨÉå],
5. |ÉÉäOÉÉ¨É +ÉìxÉ BCVÉäCªÉÚÊ]´É bä´Éä±É{ɨÉå] |ÉÉäOÉɨÉ,
¨ÉÉxÉ´É ºÉƺÉÉvÉxÉ Eäò oʹ]EòÉähÉ ºÉä Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 BEò ¨É½i´É{ÉÚhÉÇ 6. |ÉÉìÊ¡ò]ä¤É±É ¨ÉèxÉäVɨÉå] +Éì¡ò ½ä±lÉ {ÉÉä]Ç¡òÉäʱɪÉÉä ,
´É¹ÉÇ ®½É ½è* ªÉ½ ´É½ ´É¹ÉÇ lÉÉ VÉ¤É ºÉ¦ÉÒ EÆò{ÉÊxɪÉÉå EòÉä ¤ÉÉVÉÉ® ¨Éå Eò<Ç iÉ®½ 7. ´ÉEÇò¶ÉÉì{É +ÉìxÉ ¨ÉÉä]® lÉbÇ {ÉÉ]Ô C±É䨺É,
EòÒ SÉÖxÉÉèÊiɪÉÉå EòÉ ºÉɨÉxÉÉ Eò®xÉÉ {ÉcÉ +Éè® BäºÉÒ {ÉÞ¹`¦ÉÚ欃 ¨Éå ½¨ÉÉ®Ò EÆò{ÉxÉÒ 8. |ÉÉäOÉÉ¨É +ÉìxÉ <x¶ªÉÉä®äxºÉ +EòÉ=Æ]弃 BCVÉäCªÉÚÊ]´É,
xÉä ºÉä´ÉÉ |ÉnÉxÉ Eò®xÉä +Éè® =i{ÉÉnÉå Eäò Eòº]¨ÉÉ<VÉä¶ÉxÉ nÉäxÉÉå ½Ò IÉäjÉÉå ¨Éå 9. |ÉÉäOÉÉ¨É +ÉìxÉ bÒ˱ÉMÉ Ê´ÉlÉ Eòº]¨É®(EÆò{ÉxÉÒ º{ÉäʶÉÊ¡òEò |ÉÉäOÉÉ¨É ¡òÉì®
OÉɽEò ºÉä´ÉÉ Eäò IÉäjÉ ¨Éå ¤É½ÖiÉ ºÉÉ®ä {ɽ±É ÊEòB* Ê´É´ÉäEò{ÉÚhÉÇ +Æb®®É<Ë]MÉ B´ÉÆ BxÉ+É<ǺÉÒ +ÉìÊ¡òʶɪɱºÉ +Éäx±ÉÒ),
¤Éä½iÉ® nÉ´ÉÉ |ɤÉÆvÉxÉ uÉ®É ±ÉÉ¦É +ÌVÉiÉ Eò®xÉÉ ½¨ÉÉ®É ¨ÉÖJªÉ ¡òÉäEòºÉ lÉÉ* 10. Bb´ÉÉÆºÉ C±Éä¨ºÉ ¨ÉèxÉäVɨÉå] |ÉÉäOÉɨÉ,
¨ÉÉxÉ´É ºÉƺÉÉvÉxÉ Ê´ÉEòÉºÉ Eäò oʹ]EòÉähÉ ºÉä ªÉ½ +ɴɶªÉEò lÉÉ ÊEò ½¨É +{ÉxÉä 11. |ÉÉäOÉÉ¨É +ÉìxÉ Ê®]ä±É <x¸ªÉÉä®äxºÉ,
EòɪÉÇ¤É±É EòÉä <ºÉ iÉ®½ |ÉäÊ®iÉ Eò®å iÉÉÊEò ´Éä ={É®ÉäHò nÉäxÉÉå =q䶪ÉÉå EòÒ {ÉÚÌiÉ 12. |ÉÉäOÉ¨É ¡òÉì® ´ÉÒ¨ÉäxÉ ¨ÉèxÉäVɺÉÇ,
+Éè® ¤Éä½iÉ® fÆMÉ ºÉä Eò® ºÉEåò* EòÉè¶É±É ºÉ¨ÉÚ½Éå Eäò Ê´ÉEòÉºÉ B´ÉÆ EÆò{ÉxÉÒ Eäò 13. ´ÉEÇò¶ÉÉì{É +ÉìxÉ BVÉåºÉÒ ¨ÉèxÉäVɨÉå],
¨ÉÉxÉ´É {ÉÊ®ºÉÆ{ÉÊkÉ ¨Éå =SSÉ |Éä®hÉÉ ºiÉ® EòÉä EòÉªÉ¨É ®JÉxÉä ¨Éå ¨ÉÉxÉ´É ºÉƺÉÉvÉxÉ 14. |ÉÉäOÉÉ¨É +ÉìxÉ ÊbVÉÒ]±É ]ÅÉƺɡòÉ쮨Éä¶ÉxÉ <xÉ <x¸ªÉÉä®äxºÉ <Æbº]ÅÒ,
Ê´ÉEòÉºÉ xÉä BEò ¨É½i´É{ÉÚhÉÇ ¦ÉÚʨÉEòÉ ÊxɦÉÉ<Ç ÊVɺÉEäò ¤Én±Éä ¨Éå =x½å ºÉÆMÉ`xÉ 15. |ÉÉäOÉÉ¨É +ÉìxÉ £òÉìb BxÉÉʱÉÊ]CºÉ <xÉ ½ä±lÉ <x¸ªÉÉä®äxºÉ,
Eäò =q䶪ÉÉå EòÉä |ÉÉ{iÉ Eò®xÉä ¨Éå +{ÉxÉÉ ºÉ´ÉÉäÇkÉ¨É ªÉÉäMÉnÉxÉ näxÉä ¨Éå ¤É½ÖiÉ ¨Énn 16. |ÉÉäOÉÉ¨É +ÉìxÉ Êbº]ÅÒ¤ªÉÚ¶ÉxÉ SÉèxɱºÉ ¨ÉèxÉäVɨÉå],
ʨɱÉÒ* ½¨ÉÉ®Ò EÆò{ÉxÉÒ xÉä OÉɽEò ºÉä´ÉÉ +Éè® =i{ÉÉnÉå EòÉä +xÉÖEÚò±É ¤ÉxÉÉxÉä 17. ¨ÉèxÉäVɨÉå] +Éì¡ò ±ÉɪÉʤÉʱÉ]Ò <x¸ªÉÉä®äxºÉ,
Eäò IÉäjÉ ¨Éå Eò<Ç iÉ®½ Eäò {ɽ±É ÊEòB ½é* Ê´É´ÉäEò{ÉÚhÉÇ +Æb®®É<Ë]MÉ B´ÉÆ nÉ´ÉÉ 18. |ÉÉäOÉÉ¨É +ÉìxÉ £òÉìb BxÉÉʱÉÊ]CºÉ <xÉ ¨ÉÉä]® <x¸ªÉÉä®äxºÉ,
|ɤÉÆvÉxÉ Eäò ¨ÉÉvªÉ¨É ºÉä ±ÉɦÉÉäi{ÉÉnEòiÉÉ ½¨ÉÉ®ä ¨ÉÖJªÉ ¡òÉäEòºÉ lÉä* BSÉ+É®bÒ 19. ´ÉEÇò¶ÉÉì{É +ÉìxÉ Ê´ÉVÉÒ±ÉåºÉ,
Eäò oʹ]EòÉähÉ ºÉä ªÉ½ +ɴɶªÉEò lÉÉ ÊEò ={É®ÉäHò ´ÉÌhÉiÉ =xÉ nÉäxÉÉå =q䶪ÉÉå 20. |ÉÉäOÉÉ¨É +ÉìxÉ Eòº]¨É® ºÉÌ´ÉºÉ BÆb BCºÉä±ÉåºÉ,
EòÉä {ÉÚ®É Eò®xÉä ½äiÉÖ BEò =xxÉiÉ ºiÉ® {É® EòɪÉÇ¤É±É EòÉä |ÉäÊ®iÉ ÊEòªÉÉ VÉÉ 21. ¨ÉèxÉäVɨÉå] +Éì¡ò ¨É®ÒxÉ <x¸ªÉÉä®äxºÉ( EòÉMÉÉäÇ),
ºÉEäò* BSÉ+É®bÒ xÉä EÆò{ÉxÉÒ EòÒ ¨ÉÉxÉ´É {ÉÊ®ºÉÆ{ÉÊkɪÉÉå Eäò EòÉè¶É±É ºÉ¨ÉÚ½Éå 22. |ÉÉäOÉÉ¨É +ÉìxÉ <x¸ªÉÉä®äxºÉ £òÉìb弃 ¨ÉèxÉäVɨÉå],

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 62

2. Details of Human Resources of the Company as on 31st March 2020:

Out of which
Class Total SC ST OBC GEN PWD EX-SERV
I 5798 1295 495 954 3051 115 36
II 398 50 14 50 284 5 -
III 4536 1110 406 847 2173 162 93
IV 894 433 79 107 275 15 1
Total 11626 2888 994 1958 5783 297 130

Welfare of SC/ST/OBC/PWD/ex-Servicemen to undergo specialized training programmes in

The guidelines on reservation of posts, relaxation
and concession for SC/ST/OBC/Ex-Servicemen
in recruitment are being followed. There are also
reservation/relaxation in some promotional posts for
SC/ST/PWD. Pre-promotion training programmes
are being conducted for SC/ST /OBC employees/
officers. Pre-recruitment training programmes are
also being conducted for SC/ST/OBC Candidates.
The officers and employees have been sent for
training at National Insurance Academy (NIA),
Pune and College of Insurance at Mumbai in which
the participation of employees from SC/ST/OBC
categories was adequate.
HUMAN RESOURCES DEVELOPMENT:
The financial year 2019-20 has been an important
year from the HR perspective. It was a year in
which every company faced several challenges
in the market and in this back drop our Company
took several initiatives in the area of customer
service, both in terms of service delivery, as well as
product customization. Profitability through Prudent
Underwriting and Claims Management were the
focus areas. From HRD perspective, it was important
to motivate the workforce to deliver at an enhanced
level to meet the twin objectives as described above.
HRD played a key role in developing the skill sets
and maintaining high motivation levels of the human
assets of the company which in turn helped them
to contribute their best in achieving organizational
objectives.
As part of our regular activities, we continued to
nominate our officers from all over the country
insurance, management and IT based domains
at NIA, Pune. Over 564 officers were nominated
for training at NIA during the year. The nominated
courses were namely:
1. Workshop on Bancassurance Channel Management,
2. Management of Motor U/w & Claims (OD),
3. Workshop on Self Management & Transformation,
4. Programme on Insurance Frauds Management,
5. Executive Development Programme,
6. Profitable Management of Health Portfolio,
7. Workshop on Motor Third Party Claims,
8. Programme for Insurance Accounts Executive,
9. Programme on “Dealing with Customer”
(Company specific programme for NIC officials
only),
10. Advance Claims Management Programme,
11. Programme on Retail Insurance,
12. Programme for Women Managers,
13. Workshop on agency management,
14. Programme on Digital Transformation in
Insurance Industry,
15. Programme on Fraud Analytics in Health Insurance,
16. Programme on Distribution Channels Management,
17. Management of Liability Insurance,
18. Programme on Fraud Analytics in Motor Insurance,
19. Workshop on Vigilance,
20. Programme on Customer Service and Excellence,
21. Management of Marine Insurance ( Cargo),
22. Programme on Insurance Frauds Management,

63 ANNUAL REPORT 2019-20

23. VÉäxÉä®±É ¨ÉèxÉäVɨÉå] |ÉÉäOÉÉ¨É ¡òÉì® ¤ÉÒB¨ºÉ/ bÒB¨ºÉ, nä¶É¦É® ¨Éå Ê´ÉʦÉxxÉ ºlÉÉxÉÉå {É® {ÉnÉäxxÉÊiÉ {ÉÚ´ÉÇ |ÉʶÉIÉhÉ ÊEòB MÉB* EÖò±É
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´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 64

23. General Management Programme for BMs / DMs,
24. Management of Engineering Insurance, as well
as a specialized Reengineering Workshop with
Munich Re among others.
At NCIL Training Centre, Narendrapur, the training
activities continued as per previous years. Our
officers were trained in various domain related and
functional areas during the year 2019-20. Separate
Training programmes were held at RO level in RTC’s
/ ATC’s for employees and Agents respectively.
During the year, the number of employees trained
at NCIL and RTC was 1255 and 1845 respectively.
Pre-promotional training was held for SC/ST officers
at venues around the country before the promotional
exercise 2010. A total of 383 officers received this
training.
Our officers were also nominated for specialized
training, seminars and workshops by reputed
external institutes and organizations namely College
of Insurance (Insurance Institute of India) – Mumbai
and Kolkata Campus among others.
Training Statistics 2019-20:
As part of the regular activities, officers from all
over the country were nominated to various training
programmes held at NIA Pune, College of Insurance,
Mumbai and other places.

National Insurance Academy (NIA), Pune Class – I Officers 564

College of Insurance, Mumbai Class – I Officers 18
Training at NCIL/RTC’s l Class – I Officers at NCIL 1255
l At RTCs – Class-I 857
Class-II 54
Class-III 872
Class-IV 62
Total 1845
Pre-promotional Training at RTCs Pre-Promotional Training Class I:
Promotional Exercise 2020-21
Scale OBC SC ST Total
Scale-I 97 69 38 264
Scale-II 59 32 16 107
Scale-III 25 20 5 50
Scale-IV 2 17 3 22
Total 183 138 62 383
Pre-promotional Training at NCIL Class – I Officers 17

External Training
As per the mandate received from IRDAI, the
Company had nominated Shri Sivaraman
Mahadevan & Shri Sudhakar Pahi, Independent
Directors of the Company to attend two days
“Orientation Programme for Independent Directors
of Insurance Companies” at National Insurance
Academy, Pune.
Shri Sivaraman Mahadevan attended the said
programme from 5th March to 6th March 2020 and
Shri Sudhakar Pahi attended the said programme
from 13th February to 14th February 2020.
NICEGRF (NATIONAL INSURANCE COMPANY
EMPLOYEES’ GRIEVANCE REDRESSAL FORUM):
Internal Grievances of all sections of employees
were redressed through this forum. No cases were
escalated to NICEGRF Stage 3 from the ROs in
2019-20.

65 ANNUAL REPORT 2019-20

´É¹ÉÇ 2019-20 Eäò ʱÉB +É® ]Ò +É<Ç Ê´É¦ÉÉMÉ EòÒ ´ÉÉ̹ÉEò Ê®{ÉÉä]Ç: BEò +É® ]Ò +É<Ç ºÉä±É ½è* {ÉÉ®Æ{ÉÊ®Eò ¨ÉÉvªÉ¨ÉÉå ºÉä nɪɮ +É´ÉänxÉÉå/+{ÉÒ±ÉÉå
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{É® |ÉÊiÉÊGòªÉÉ EòÉä +ÊxÉ´ÉɪÉÇ ¤ÉxÉÉiÉÉ ½è* ºÉÚSÉxÉÉ EòÉ +ÊvÉEòÉ® ºÉÚSÉxÉÉ ½äiÉÖ {É® ÊxɪÉʨÉiÉ <Æ]®BäÊC]´É ºÉjÉ ¦ÉÒ ¶ÉÉÊ¨É±É ÊEòB VÉÉiÉä ½é*
xÉÉMÉÊ®EòÉå Eäò +ÉOɽ EòÉä ºÉ¨ÉªÉÉäÊSÉiÉ |ÉÊiÉÊGòªÉÉ EòÉ +Énä¶É näiÉÉ ½è* EòÉxÉÚxÉ EòÒ ¦ÉÉ´ÉxÉÉ Eäò +xÉÖ°  {É xÉÉMÉÊ®EòÉå EòÉä ºÉÚSÉxÉÉ |ÉnÉxÉ Eò®xÉä Eäò ½¨ÉÉ®ä
+É® ]Ò +É<Ç +ÊvÉÊxɪɨÉ, 2005 Eäò iɽiÉ +É´ÉänxÉÉå B´ÉÆ +{ÉÒ±ÉÉå EòÒ näJÉ®äJÉ ÊxÉ®ÆiÉ® |ɪÉɺÉÉå Eäò iɽiÉ,+É® ]Ò +É<Ç ¨ÉɨɱÉÉå EòÒ näJÉ®äJÉ Eò®xÉä´ÉɱÉä
½äiÉÖ ½¨ÉxÉä ºÉ¦ÉÒ ¶ÉÉJÉÉ EòɪÉÉDZɪÉÉå ¨Éå CAPIO, ºÉ¦ÉÒ ¨ÉÆb±É EòɪÉÉDZɪÉÉå, +ÊvÉEòÉÊ®ªÉÉå EòÉä ºÉÒ +É<Ç ºÉÒ, =SSÉ xªÉɪɱɪÉÉå B´ÉÆ =SSÉiÉ¨É xªÉɪɱɪÉ
IÉäjÉÒªÉ EòɪÉÉDZɪÉÉå B´ÉÆ |ÉvÉÉxÉ EòɪÉÉDZɪÉÉå ¨Éå CPIO EòÉä ¨ÉxÉÉäxÉÒiÉ ÊEòªÉÉ Eäò xÉ´ÉÒxÉiÉ¨É ÊxÉhÉǪÉÉå B´ÉÆ xªÉɪÉÉå ºÉä ±ÉMÉÉiÉÉ® +tiÉxÉ ®JÉÉ VÉÉ ®½É ½è*
½è* |ÉvÉÉxÉ EòɪÉÉÇ±ÉªÉ ¨Éå CPIO Eäò °  {É ¨Éå BEò ´É®ÒªÉ +ÊvÉEòÉ®Ò Eäò ºÉÉlÉ
´É¹ÉÇ 2019-20 Eäò +ÉÆEòcä ´É¹ÉÇ 2018-19 Eäò iÉÖ±ÉxÉÉi¨ÉEò +ÉÆEòcÉå Eäò ºÉÉlÉ ªÉ½ÉÆ ÊnB VÉÉiÉä ½é:-
Gò.ºÉÆ +É´ÉänxÉ 2019-20 2018-19
1. |ÉÉ{iÉ +É´ÉänxÉÉå EòÒ ºÉÆJªÉÉ 1511 1831
2. ´ÉèºÉä ¨ÉɨɱÉÉå EòÒ ºÉÆJªÉÉ ÊVÉxɨÉå ºÉÚSÉxÉÉBÆ |ÉnÉxÉ EòÒ 1443 1660
3. ´ÉèºÉä ¨ÉɨɱÉÉå EòÒ ºÉÆJªÉÉ ÊVÉxɨÉå ºÉÚSÉxÉÉBÆ näxÉä ºÉä ¨ÉxÉÉ ÊEòªÉÉ MɪÉÉ 95 108
4. Ê´ÉkÉÒªÉ ´É¹ÉÇ EòÒ ºÉ¨ÉÉÊ{iÉ {É® ¶Éä¹É ¨ÉɨɱÉä 36 63
{ɽ±ÉÒ +{ÉÒ±É
1. |ÉÉ{iÉ +{ÉÒ±ÉÉå EòÒ ºÉÆJªÉÉ 204 282
2. º´ÉÒEòÉ® ÊEòB MÉB +{ÉÒ±ÉÉå EòÒ ºÉÆJªÉÉ 204 278
3. ´ÉèºÉä ¨ÉɨɱÉÉå EòÒ ºÉÆJªÉÉ ÊVÉxɨÉå +{ÉÒ±É `ÖEò®É ÊnB MÉB 0 4
4. Ê´ÉkÉÒªÉ ´É¹ÉÇ EòÒ ºÉ¨ÉÉÊ{iÉ {É® ±ÉÆʤÉiÉ +{ÉÒ±É 0 0
ºÉÒ+É<ǺÉÒ ¨ÉɨɱÉä
1. +{ÉÒ±ÉÉå/ʶÉEòɪÉiÉÉå EòÒ ºÉÆJªÉÉ 47 43
2. CPIO Eäò Ê´É´ÉÉn ºÉä ºÉƤÉÆÊvÉiÉ VÉÉ®Ò ®JÉä MÉB ÊxÉhÉÇªÉ 37 34

EòɪÉǺlÉ±É {É® ¨Éʽ±ÉÉ+Éå Eäò =i{ÉÒcxÉ (®ÉäEòlÉɨÉ, ÊxɹÉävÉ +Éè® ÊxÉ´ÉÉ®hÉ)
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{ÉÉÊ®¦ÉÉʹÉiÉ ÊEòªÉÉ MɪÉÉ ½è*
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Eäò 03 ´É¹ÉÇ {ÉÚ®É Eò® ±ÉäxÉä Eäò {ÉÊ®hÉɨɺ´É°  {É +ÊvÉÊxÉªÉ¨É Eäò +xÉÖ{ÉɱÉxÉ Eäò
iɽiÉ 25 VÉxÉ´É®Ò, 2020 {ÉÖxÉMÉÇ`xÉ ÊEòªÉÉ MɪÉÉ*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 66

RIGHT TO INFORMATION:
The Indian Constitution guarantees the Right to
Freedom of speech and expression to all its citizens
under Article 19(A). The Right to Information Act,
2005 is recognized under this Article. Its basic
objective is to provide a practical regime of right to
information for empowering its citizens, promote
transparency and accountability in the working of
Government. Right to Information Act mandates
timely response to the citizen’s request for
information.
We have designated CAPIOs at each branch office,
CPIOs at all divisional offices, Regional offices and
Head Office to deal with the applications and appeals
under RTI Act, 2005. There is full-fledged RTI Cell
with a senior officer as CPIO at the Head Office.
In addition to the RTI Applications/Appeals filed
The statistics for the year 2019-20 along with comparative figures for the year 2018-19 are given hereunder-:
through conventional modes, there is an increase in
the number of online applications/appeals for which
the nodal officer is the single contact point in our
Company who then forwards them to concerned
CPIOs/FAA.
The day to day problems faced by different CPIOs/
FAA were also addressed individually thereby
making best efforts to resolve their issues related
to RTI matters. Regular interactive sessions on RTI
related matters are incorporated in various training
programmes conducted at our training centre at
Narendrapur.
In our constant endeavour to provide information
to citizens in line with the spirit of the law, the
officials dealing with RTI matters are being updated
constantly with the latest decisions and judgments
of the CIC, High Courts and the Supreme Court.

Sl. APPLICATIONS 2019-20 2018-19

1. No. of requests received 1511 1831
2. No. of cases where information was provided 1443 1660
3. No. of cases where information was denied 95 108
4. Outstanding at the end of financial year 36 63
FIRST APPEALS
1. No. of appeals received 204 282
2. No. of appeals accepted 204 278
3. No. of cases where appeal was rejected 0 4
4. Appeals pending at the close of fiscal 0 0
CIC CASES
1. No. of Appeals/complaints 47 43
2. Decisions upholding the contention of CPIO 37 34

THE SEXUAL HARASSMENT OF WOMEN AT The Company has reconstituted the “Internal
WORKPLACE (PREVENTION, PROHIBITION Complaints Committee” in compliance with the
AND REDRESSAL) ACT, 2013: Sexual Harassment of Women at Workplace
(Prevention, prohibition and Redressal ) Act,2013”
National Insurance is committed to the aim of
on September 2019 and thereafter, consequent to
creating better and safe working environment for the
completion of 3 year term of members in compliance
women employees. The Company strictly complies
of the Act, on 25th January 2020.
with all the requirements as mandated by the Act
which is defined as the duty of the employer.

67 ANNUAL REPORT 2019-20

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´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 68

At present, the Internal Complaints Committee (ICC comprises of the following members):

l Smt Anita Das , Chief Manager, Head Office Presiding Officer

l Shri Raj Sharma, Manager, Head Office Member
l Smt K Mamta Lepcha, Manager, Head Office Member ( till January 2020)
l Smt Rupa Maria Prasad , Manager, Head Office Member ( from January 2020 onwards)
l Smt Paramita Chaudhury External Member (Third Party Representative)

Internal Complaints Committee at RO level have
also been constituted in all Regional Centers across
the country and the constitution of each ICC at RO
level is strictly as per the Act.
The working of the ICC both at Head Office and
Regional Office level is under the overall supervision
of Smt. Sophia Singh, General Manager.
In various training programmers at the Company’s
Training Centre at Narendrapur, continuous efforts
are on for sensitizing the employees- both men and
women the various aspects of the Act and as to what
constitutes harassment, how the complete structure
works and steps to be taken in case a case is
reported including the vital aspect of confidentiality
which is critical in such cases.
The number of complaints received, pending and
disposed off as on the 31st March 2020 is detailed
herein below –

Period No of cases No of cases No of pending

registered disposed off cases
11.04.2014 to 31.12.2014 03 03 00
01.01.2015 to 31.12.2015 05 05 00
01.01.2016 to 31.12.2016 04 04 00
01.01.2017 to 31.12.2017 03 03 00
01.01.2018 to 31.12.2018 01 01 00
01.01.2019 to 31.12.2019 06 04 02
01.01.2020 to 31.03.2020 0 02 0
Total 22 22 0

ENTERPRISE RISK MANAGEMENT (ERM): institutionalizing risk management across the

The significance of implementing Enterprise
Risk Management (ERM) in the Company was
recognized early in this decade, when a business
risk assessment was carried out with the assistance
of BSI in the year 2010. After brainstorming,
screening and clubbing similar business risks
and prioritization, the group, consisting of Top
executives, identified major risks keeping in view
its probability of occurrence, its impact on business
and control functions in existence.
As a measure of enterprise wise level of risk
identification, creation of risk register, fixing
of tolerance limits, creation of awareness and
organization, the Company had selected M/s.
Price Waterhouse Coopers as Risk Management
Consultant. The consultant had submitted a
Draft ERM Policy, along-with risk registers which
thereafter received the approval of the Board.
Understanding the importance of ERM activities
in dealing with the risks identified earlier in our
organization and in continuation to the work done
by ERM Dept in FY 2018-19, the Department has
recognized the need for reviewing the risks and
thereby amending the risk registers prepared by M/s.
Pricewaterhouse Coopers, the Risk Management
Consultant appointed by the Company earlier, as

69 ANNUAL REPORT 2019-20

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70
per the current risk scenario. The risk registers
of Miscellaneous, Marine, Motor Third Party, and
Motor SAM-D Departments have been reviewed
for identifying the risks afresh, and setting out the
control measures that are put in place. Also, the
risk registers for Health and Motor OD Departments
have been freshly compiled, keeping in view the
major premium contribution from these portfolios.
As a part of the Risk Management process, and
to comply with the IRDAI guidelines, the “Anti-
Fraud Policy” of the Company is reviewed from
time to time to address all the issues related to the
dealing of fraud in the organization. For more clarity
on fraud mitigation process, the Fraud Analytics
Dept under the ERM framework has finalized has
Standard Operating Procedure Manual on ‘Fraud
Monitoring and Control’ and circulated to all offices
this year. Nodal officers appointed at RO level are
sending monthly reports on fraud. Quarterly reports
are compiled on the basis of data received from
offices and investigation of suspected fraudulent
complaints received on company dedicated mail
ID for fraud - faf@nic.co.in and the Board is kept
informed.
During the course of the year, the “Whistle Blower
Policy” of the Company was also reviewed and the
amended version adopted by the Risk Management
Committee and the Board. An online module has
also been added in the Whistle Blower Policy for
lodging complaints online through a portal that has
been developed.
As part of Information-sharing on Frauds initiated
by GI Council, the Company has been uploading
data relating to Policyholders, service providers on
a regular basis on Fraud Risk Mitigation Portal. The
Department has also started doing some analysis
on suspected fraudulent Motor OD cases sent by
IIB and corrective actions are taken with assistance
of HO Motor Department. The ERM team has also
been working on reviewing the outstanding claims
and claims pending due to expenses only, under the
loss minimization and claims control vertical.
ESTATE & ESTABLISHMENT:
Estate and Establishment Dept. is responsible
71
for overall management of all Company owned
properties and also upkeep and maintenance
of leasehold premises. The department deals
with repair-maintenance of office properties,
residential flats, fixation of rents, execution of
lease agreements, AMC’s for various office related
services and arrangements for many associated
services such as security, office upkeep, drivers etc.
for smooth running of offices. The department also
handles litigation cases on estate matters.
At the end of the financial year 2019-20, we had
33 Regional offices, 376 Divisional offices, 567
Branches including Direct Agents Branches and
545 Business Centers. Out of these 8 ROs, 23
Divisions, 8 Branches are functioning from our own
premises, rest are operating from rented premises.
We have also one man offices, BCs situated in
various parts of the Country. At the end of March,
2020 our Company is in possession of 25 office
premises, 581 flats and 3 leasehold plot of lands at
locations pan India.
Rental outgo on leasehold premises during the last
two years are:-
Financial Year, 2018-19: `88.29 crore
Financial Year, 2019-20: `76.71 crore
In order to reduce rental outgo and in some cases
to avoid litigation issues we have undertaken
space optimization and premise shifting exercise of
3(Three) ROs and 7(Seven) Division and Branches
during the year. In the month of September, 2019
our Jaipur Regional office has been shifted to
the Company owned premises at NBCC Centre,
Sahakar Marg, Jaipur thereby effecting saving
in annual rental outgo to the tune of `86,76,720.
Similarly, during the year, Delhi Regional Office-III
and Claims Hub under Delhi Regional Office-II have
also been shifted to Company owned premises
at Scope Minar, Laxminagar, New Delhi thereby
effectively saving in annual rental outgo to the tune
of `2,23,51,632 and `19,05,000 respectively. During
the year in an exercise of shifting of office premises
from high rental locations to low rental locations,
we could save an amount of `7,60,33,752 per year
by shifting our Delhi Regional Office-I from Jeevan
ANNUAL REPORT 2019-20
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72
Bharati Building, Connaught Circle, New Delhi to
Konnectus Tower, Ajmeri Gate, New Delhi.
During the year approval was given for opening of
new Ranchi Regional Office at 2nd Floor, Marketing
Complex, Ranchi Zila Parishad Premises,
Ranchi-834001.
An exercise for valuation of Company owned
commercial properties was undertaken and as per
valuation as on 31st December 2019, the total assets
of the land and building property of the Company
stands at `2460.21 crore. In the year under
reporting the Company has undertaken an exercise
of Legal Audit of Title Deeds and incorporation of
the name of Company in all inherited or transferred
properties. In this exercise one flat at Kolkata has
been transferred in the name of the Company from
IRDAI relating to erstwhile TAC. As on year ending
31st March 2020, title documents pertaining to 430
properties are in custody of Head Office.
COVID-19 pandemic lockdown was a challenging
situation before the Company. To handle emergency
issues during COVID-19 pandemic situation,
dedicated team of officers were engaged at Head
office and in all Regional centres. The team worked
in mission mode and took care health issues of
its employees, customers and agents as well.
During the period, the department arranged deep
cleaning and sanitization of offices, transportation
of employees, implementation of personal health
hygiene guidelines. During the lock-down period,
the Department provided all other support services
in order to keep the offices functioning for customer
convenience. Social distancing, use of mask at
work places, hand sanitization are made a norm for
all to follow.
RESEARCH & DEVELOPMENT ACTIVITIES:
Research and Development Department has
continued with its efforts to develop new products
and revision of existing products keeping in view
the emerging market realities, past experience and
regulatory requirements.
In the financial year 2019-20, the following products
have been filed by R&D department and UIN allotted
by IRDAI-
73
a. New Health Product – Arogya Sanjeevani Policy
- National (standard indemnity health product)
b. Revision Health Product – National Mediclaim
Policy
c. Modular Revision Health Product – National
Senior Citizen Mediclaim Policy, National Hero
Accident Suraksha Policy
d. Motor Stand Alone OD Policy and Add-ons –
Policy for Two Wheeler and Private Car (2 nos)
and 11 numbers related Add-ons.
In addition to the above, in financial year 2019-20
the following have been filed in BAP portal of IRDAI
and approval is awaited -
a. New Motor Add-on – Lock & Key Protect (PC)
R&D department has set a target of completion of
the following products in FY 2020-21:
a. Revision of all existing indemnity Health
products by 30th September 2020 to comply
with the Guidelines on Standardization in Health
Insurance Contract
b. Modification of package policies, as advised by
Misc. Dept.
c. Development of a new package policy for MSME
sector
d. Filing of new Motor and Health customer centric
products.
OFFICIAL LANGUAGE IMPLEMENTATION:
National Insurance Company Limited has remained
committed towards promotion of official language. As
per Official Language Implementation Programme
of Government of India, Home Ministry, Rajbhasha
Vibhag. Annual Programme devised as per the
directions received from Government of India for
the year 2019-20, was sent to all Regional Offices
for effectively implementing of official language.
Many Regional Offices also did a good job towards
its effective implementation.
Official Language Implementation Committee
compulsorily constituted in Head Office, Regional
Offices, Divisional and Branch Offices, organized its
quarterly meetings to review the progress in each
quarter.
ANNUAL REPORT 2019-20
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74
House magazines are required to be published at
Head Office and Regional Offices level to increase
awareness and publicity of official language among
the employees. Beema Varta, the Head Office
house magazine has been digitalised as e-edition
from this year onward. ROs too published their
house magazines and a few of RO’s magazines
have also been recognized/awarded at various
levels of government as for instance at TOLIC level:
1) 1st prize to Kochhi RO for best OL implementation
and best prize to SURABHI, RO’s house
magazine by TOLIC.
2) Regional Official Language prize to Jodhpur
RO by North Region Implementation Office,
Rajbhasha Shield/1st Prize to Sri Ganganagar
DO by Ganganagar TOLIC .
3) 3rd prize for Excellent official language
implementation to Chandigarh RO and 3rd prize
to their House Magazine, CHETNA by TOLIC.
4) Best House Magazine award to DRO-I’s house
magazine NATIONAL BHARTI by TOLIC.
5) 3rd prize for Excellent official language
implementation to Dehradun RO by TOLIC.
6) 4th prize to LRO’s House Magazine,
MAYURPANKH by TOILC
Head Office and all Regional Offices in A & B region
and some Regional Offices in C region are regularly
conducting Hindi workshops to increase the uses
of OL in their regular official works. At HO level 04
nos. of Hindi workshops, one at RTC and 03 at
Narendrapur, NCIL, were conducted wherein total
81 officers/staffs were trained. These workshops
also encouraged the participants to use of Hindi
Unicode for writing Hindi mails and bilingual working
through their computers.
The Parliamentary Committee on OL inspected 05
nos. of our offices during the year 2018-19 but no
office was inspected during the year 2019-20. The
Departmental of Financial Services, Government
of India organized a meeting for reviewing the
progress of Hindi as Rajbhasha at Nagpur on 13th
November 2019 which was attended by our Deputy
General Manager, Shri A.K.Jha and Manager, Dr.
75
Birbal Sharma. The working of the Company for the
promotion of Official Language and its performance
in inspections of our various offices during this
financial year was rated good by DFS.
Regular bilingual pop ups for the promotion of
Hindi by using Unicode are being encouraged at
Chairman-cum-Managing Director level.Bilingual
appeals are being issued by General Manager/
Dy. General Manager level to increase the mail
correspondence in Hindi.
Hindi Day/Week was celebrated from 14-20th
September, 2019 wherein various competitions
were organized in all the offices to increase
Hindi awareness for the maximum benefit of the
employees of the organization.
Hindi Books/ magazines/newspapers are being
purchased in all our offices on regular basis.
The increased awareness of Unicode for Hindi
uses in Computers is benefitting the organization
by enhancing required Hindi correspondences,
especially in e-mails.
The direction has also been issued to mark every
Monday of the month as Hindi Working Day to
encourage writing of mails in Hindi and also to
promote Hindi by issuing and signing documents in
Hindi.
IT INITIATIVES TO IMPROVE BUSINESS PROCESS:
Many IT initiatives have been taken throughout
the year to ensure continuous IT support for all
the evolving business requirements, and to further
improve customer/ user experience. Many new
products such as National Senior Citizen, National
Super Top-up, National Critical Illness, Stand alone
OD and CPA etc. were implemented.
We have improved upon our existing IT Infrastructure
and Portal outreach as part of our goal to constantly
improve our status as a technologically advanced
Non-Life Insurer. Many existing portals were
restructured, and new portals (such as for TPAs)
were introduced. The Corporate Website was
redesigned and launched.
Our IT Framework has been further strengthened
ANNUAL REPORT 2019-20
ºÉÖÊxɸÊSÉiÉ Eò®xÉä Eäò ʱÉB 2019-20 Eäò nÉè®ÉxÉ ½¨ÉÉ®ä +É<Ç]Ò fÉÆSÉä EòÉä +Éè®
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76
during 2019-20 to ensure enhanced network and
data security with Cyber Recovery capabilities.
CONTACT CENTRE
 Email integration rollout has been completed for
Contact Centre. Secondary Contact Centre at
Hyderabad has started functioning.
 Kannada, Telugu, Tamil, Malayalam, Marathi,
Gujarati, and Assamese languages were also
introduced for better Local Language outreach.
 Other facilities such as providing soft copy of
policy documents to Customers, update of
customer records etc. have been rolled out at
Contact Centre.
VIDEO CONFERENCE
 4K Video Conferencing Solution has been rolled
out to HO & all ROs. Video Conferencing on
Any Device to Anyone.(VC Endpoint, Video IP
Phone, IP Phone, Laptop & Mobile) and Video
Conferencing with Any Third Party Video Setup
have been introduced, enhancing the capability
of this facility manifold.
 Integration with Webex facility has
introduced.
DIGITAL MARKETING
 535 POS, 6 IMF, 13595 Agents, 6 Brokers are
now integrated through portals.
 Send Payment Link made available in external
and employee portals.
 Renewal Notices are being sent to all customers
from Centralized location. Renewal alerts are
also going through email and SMS.
IT INFRASTRUCTURE AND NETWORK SECURITY
 Work From home enabled at a short notice,
including provisioning of VPN, VC, Webex,
Change Request and Incident Management etc.
 IT department successfully took up of migrating
the Windows 7 based desktops to Windows
10. More than 5000 desktops were migrated to
Windows 10 without any additional cost. The
Windows 10 endpoints were brought under the
regime of regular preventive maintenance so as
to streamline the process of patching of desktops
with latest security updates.
 During this period the e-waste disposal was
coordinated along with our regional offices and
the vendor duly following the E-Waste Disposal
guidelines
 Various other IT Security and Data Integrity
measures were taken during the year to harden
our Application and Data Security including
deployment of Advanced Threat Defense
Solution at End-Point, E-Mail Gateway and
Network Layer.
 Privileged Identity Management Solution has
been deployed for security, auditing and forensic
purposes.
 Network Behaviour Analysis solution is deployed
for real-time threat detection and post incident
investigations.
VIGILANCE:
Our Vigilance Department comprises of the HO
Team, including the Chief Vigilance Officer and
been
PAN India team of Vigilance Officers posted in the
Regional Vigilance Cells. In year 2019-20, With 26
Vigilance Cells for 33 Regional offices, Vigilance
Department has given equal priority for Surveillance,
Preventive and Punitive Vigilance activities.
Preventive Vigilance was the focus area for
2019-20:
This year, two of our Preventive Vigilance initiatives,
were selected for publication by the Central Vigilance
Commission, New Delhi, in the Special booklet
released on the occasion of Vigilance Awareness
Week 2019. These initiatives were chosen for
publication and duly acknowledged as impactful by
the CVC from amongst various measures reported
by the different PSUs to the Commission for the
year 2019-20.
These are:
a. Online portal for Whistle Blowers, to empower
the Vigilant Employees. The Employees shall be
able to submit complaint through online mode.
77 ANNUAL REPORT 2019-20
JÉ) ʺɺ]¨É SÉÉʱÉiÉ ÊbºEòÉ=Æ] SÉäCºÉ ´É +±É]ºÉÇ BEò +Éì]Éä ¨Éä±É
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EåòpÉå, ¶ÉÉJÉÉ EòɪÉÉDZɪÉÉå, ¨ÉÆb±É EòɪÉÉDZɪÉÉå, IÉäjÉÒªÉ EòɪÉÉDZɪÉÉå B´ÉÆ ]Ò{ÉÒB
78
 Portal is so designed to protect and maintain the
secrecy of identity of the complainant.
b. System Driven Discount Checks & Alerts: An
auto mail system, Tailor-made Group Policies
(TGMP) has been put in place with the objective
that alerts are received in Health Department
of Headquarters in case of any deviation from
approved terms or policy underwritten without
approval. Further, system driven discounting
pattern has been introduced for Motor policies.
Other major Preventive Vigilance measures
taken were:
a. Periodic inspection of Regional Offices (ROs):
Six ROs were inspected in FY 2019-20.
b. Surprise inspection of Branch & Divisional
Offices: Total 140 offices were inspected in FY
2019-20.
c. Special drive undertaken for Surprise Inspection
of all the 522 business Centres (Offices operating
with single Manpower)
N. B. Through above inspections, necessary actions
were taken to improve the system flaws.
As a part of efforts to combat corruption and to
promote public awareness as directed by the CVC,
Company observed Vigilance Awareness Week
(VAW) from 28/10/2019 to 02/11/2019. With 13800
pledges, various in-house events / competitions,
Awareness Campaign through SMS to Customers
/ Staff, Guest lectures by renowned persons and
many such activities in PAN India offices. To mark the
occasion, Company released a Special Booklet for
Business Centers for the benefit of staff members.
For spreading awareness among general public
& as an outreach activity of VAW various Nukkad
Natak, Gram Sabha, Cycle Rally, Grievance
camps, various activities at School / Colleges have
been done. Events were covered by AIR and other
electronic media. All efforts were taken to spread
awareness of CVC’s theme “Integrity – A way of
life”.
Some focused initiatives for system improvement
were taken, like Bimonthly meeting between
Vigilance/Audit/Pers. department, Restriction on
79
back date scrolling, Scrutiny of Audit Reports,
Workshop / Sessions for preventive vigilance in BM/
DMs meet along with other staff members.
Efforts and works of Vigilance Officers were
analyzed. Based on the review of performance,
11 Vigilance Officers were identified under various
parameters and felicitated in the presence of
corporate management as a part of VAW 2019
Celebration.
Punitive Vigilance
More frequent periodic review of investigation and
RDA has resulted into lowering the turnaround time
of cases & lowering the pendency.
Vigilance Department examined more than 60
complaints and disposed them promptly. As for
Disciplinary Proceedings 15 cases (33 Persons)
were disposed within timeline. As on 31st March
2020, 24 cases involving 55 numbers of employees
were pending, out of which 4 cases are pending for
more than 1 year.
INTERNAL AUDIT AND INSPECTION ACTIVITIES:
We have an independent Internal Audit System in our
organization which is an important and integral part
of the corporate governance and risk management
of the company. The Internal Audit system is robust
and commensurate with the size and nature of the
business. It is a Managerial control tool designed to
carry out inspection of the operating offices so as to
achieve the following broad objectives.
a. To check the effectiveness of system
established by the management and suggest
for improving and strengthening the corporate
governance process.
b. To monitor compliance of laws, regulations,
internal policies, circulars, instructions and
report on its violations thereof for corrective
measures.
c. To assist management in developing and
establishing adequate Internal Control
measures.
In pursuance of the same, Internal Audit department
conducted various types of audit and inspections
ANNUAL REPORT 2019-20
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270 33
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VÉÉiÉÉ ½è* Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 Eäò nÉè®ÉxÉ =`ÉB, ÊxÉ{É]ÉB B´ÉÆ ¶Éä¹É |ɶxÉÉå
EòÒ ÊºlÉÊiÉ <ºÉ |ÉEòÉ® ½è:
31.03.2020 EòÉä ¶Éä¹É |ɶxÉ
3968 2594
EòÒ MÉ<Ç EòɮǴÉÉ<Ç {É® xÉÉä] (ATN) |ɺiÉÖiÉ ÊEòB MÉB iÉÉÊEò <xÉEäò ÊxÉ{É]É®ä
EòÉä ¤ÉgɪÉÉ VÉÉ ºÉEäò* ´É¹ÉÇ 2019-20 Eäò nÉè®ÉxÉ ¤ÉÆn ÊEòB MÉB IR {Éè®É EòÉ
Ê´É´É®hÉ xÉÒSÉä ÊnªÉÉ MɪÉÉ ½è:
¶ÉÉÊ¨É±É ®É榃 (°  . ±ÉÉJÉÉå ¨Éå)
1 6506
EÆò{ÉxÉÒ Eäò ´Éä¤ÉºÉÉ<] {É® {ÉÚ®Ò VÉÉÆSÉ B´ÉÆ ¤ÉÉ®ÒEò {ÉciÉÉ±É Eäò ¤ÉÉn xÉÉìxÉ
±ÉÉ<¡ò ±ÉÉäEò |ÉEò]ÒEò®hÉ Eäò +É´ÉänxÉÉå EòÉä +{ɱÉÉäb Eò®iÉä ºÉ¨ÉªÉ +ÊiÉÊ®Hò
ºÉiÉEÇòiÉÉ B´ÉÆ ºÉÉ´ÉvÉÉxÉÒ ¤É®iÉÒ VÉÉiÉÒ ½è*
+É<Ç+É®bÒB+É<Ç Eäò Ê´ÉÊ´ÉvÉ +ɴɸªÉEòiÉÉ+Éå Eäò ºÉ¨ÉªÉ {É® +xÉÖ{ÉɱÉxÉ
½äiÉÖ ½¨É Ê´ÉʦÉxxÉ Ê´É¦ÉÉMÉÉå B´ÉÆ IÉäjÉÒªÉ EòɪÉÉDZɪÉÉå Eäò ºÉÉlÉ ÊxÉ®ÆiÉ® ºÉÆ{ÉEÇò
¤ÉxÉÉB ®JÉiÉä ½é*
+É<Ç+É®bÒB+É<Ç ÊxÉ®ÒIÉhÉ:
+xÉÖ{ÉɱÉxÉ Ê´É¦ÉÉMÉ uÉ®É ºÉƦÉɱÉÉ MɪÉÉ BEò |ɨÉÖJÉ EòɪÉǦÉÉ® 20 VÉxÉ´É®Ò
ºÉä 24 VÉxÉ´É®Ò 2020 iÉEò +É<Ç+É®bÒB+É<Ç uÉ®É +ɪÉÉäÊVÉiÉ ""EòÉì{ÉÉäÇ®ä]
|ɶÉɺÉxÉ, ºÉƤÉÆÊvÉiÉ {ÉÉ]Ô ±ÉäxÉnäxÉ +Éè® +É=]ºÉÉäͺÉMÉ MÉÊiÉÊ´ÉÊvɪÉÉå {É®
ʴɹɪÉMÉiÉ ÊxÉ®ÒIÉhÉ'' ½è* ÊxÉ®ÒIÉhÉ n±É uÉ®É nÒ MÉ<Ç ÊxÉ®ÒIÉhÉ Ê]{{ÉÊhɪÉÉå EòÉ
iÉÖ®ÆiÉ =kÉ® ÊnªÉÉ MɪÉÉ*
80
in Business Centers, Branch offices, Divisional
offices, Regional offices and departments of Head
office, including TPA Audits, Special Audits and
pre-incentive Audit of performance of Development
The following numbers of Audits were performed during the fiscal year 2019-20:
Regular Audit Technical Audit TPA (unit) Audit
777 449 57
Improvements in systems and day to day operations
are carried out on regular basis with respect to Internal
Audit findings. Timely compliance of Audit queries is
an integral part of overall control mechanism in the
Company. The outstanding queries are periodically
Outstanding queries Raised/Identified
as on 31.03.2019 during the year
3453 3109
Timely actions were also initiated for compliance
of the Inspection Report (IR) issued by CAG and a
good number of IR paras were disposed off during
the fiscal year 2019-20. Simultaneously, Action
taken Notes (ATN) in respect of CAG paras were
Part-II (Paras) Part-II (Sub-paras)
25
IRDAI COMPLIANCE DEPARTMENT:
The Compliance department in Head Office is
the single point of contact between IRDAI and
the Company. We comply with the Authority’s
regulations/circulars/guidelines and submit various
IRDAI requirements of monthly, quarterly, half
yearly and annual returns and other information as
and when required by IRDAI. The reports include
periodical as well as ad-hoc requirements. Other
assignments include timely response to various
Onsite inspection reports & Personal Hearing of
IRDAI pertaining to multiple departments.
IRDAI’s Circulars/Guidelines/Regulations are
circulated among the departments regularly.
Exposure drafts are studied and our responses
and suggestions are given to IRDAI as per their
timelines.
officers during the year under review. The major
findings and financial queries with its recovery status
are placed before the Audit Committee periodically
for their review and directives.
Incentive Audit Special Audit
270 33
monitored at various stages of compliance level and
emphasized for early resolution.
During the fiscal year 2019-20, the status of queries
raised, resolved and outstanding is as under:-
Resolved/Dropped Outstanding queries
during the year as on 31.03.2020
3968 2594
also submitted through the Department of Financial
Services (DFS) to accelerate disposal of the same.
IR paras dropped during the fiscal year 2019-20 are
as follows:-
Amount involved
(` in lakhs)
1 6506
Extra caution and care is taken while uploading
Non-life Public disclosure forms in the website of the
Company after thorough examination and vetting.
We constantly liaison with various departments and
regional offices for timely compliance of multifarious
requirements of IRDAI.
IRDAI Inspection:
One major assignment handled by the Compliance
department is the “Thematic Onsite Inspection on
Corporate Governance, Related Party Transactions
and Outsourcing activities” conducted by IRDAI
from 20th January to 24th January 2020. Inspection
observations given by the inspection team was
replied suitably immediately.
81 ANNUAL REPORT 2019-20
Ê´½º]±É ¤±ÉÉä+® {ÉÉìʱɺÉÒ: Eò¨{ÉxÉÒ Eäò +ÆiÉMÉÇiÉ EòĘ́ÉEòÉå EòÉ Ê´É´É®hÉ (ÊxɪÉÖÊHò +Éè® {ÉÉÊ®¸ÉʨÉEò)
ÊEòºÉÒ MÉƦÉÒ® +ÊxɪÉʨÉiÉiÉÉ ªÉÉ +xÉÖÊSÉiÉ ´ªÉ´É½É® ªÉÉ EònÉSÉÉ® ªÉÉ +´ÉèvÉ ÊxɪɨÉ, 2014:
MÉÊiÉÊ´ÉÊvÉ Eäò Ê®{ÉÉäÍ]MÉ Eäò =qä¶ªÉ ºÉä EÆò{ÉxÉÒ ¨Éå ¤Éä½iÉ® {ÉÉ®n̶ÉiÉÉ +Éè® EÆò{ÉxÉÒ (ÊxɪÉÖHò B´ÉÆ {ÉÉÊ®¸ÉʨÉEò) ÊxɪɨÉ, 2014 Eäò ÊxÉªÉ¨É 5(2) B´ÉÆ
|ɶÉɺÉxÉ Eäò ʱÉB EòÉì{ÉÉäÇ®ä] MɴɨÉÇåºÉ {É® +É<Ç+É®bÒB+É<Ç Ên¶ÉÉ-ÊxÉnæ¶ÉÉå ÊxÉªÉ¨É 5(3) Eäò iɽiÉ ÊxÉvÉÉÇÊ®iÉ 10 ¶ÉÒ¹ÉÇ Eò¨ÉÇSÉÉÊ®ªÉÉå Eäò ÊnxÉÉÆEò 31 ¨ÉÉSÉÇ,
Eäò +xÉÖ{ÉɱÉxÉ ½äiÉÖ ¤ÉÉäbÇ uÉ®É +xÉÖ¨ÉÉäÊniÉ Ê´½º]±É ¤±ÉÉä+® {ÉÉìʱɺÉÒ iÉèªÉÉ® 2020 EòÉä +xªÉ Ê´É´É®hÉÉå ºÉ¨ÉäiÉ {ÉÉÊ®¸ÉʨÉEò ÊxɨxÉʱÉÊJÉiÉ ½è-
ÊEòªÉÉ MɪÉÉ ½è* EÆò{ÉxÉÒ Eäò ´Éä¤ÉºÉÉ<] {É® Ê´½º]±É ¤±ÉÉä+® {ÉÉìʱɺÉÒ EòÉä ¦ÉÒ
|Én̶ÉiÉ ÊEòªÉÉ MɪÉÉ ½è*
Gò. Eò¨ÉÇSÉÉ®Ò EòÉ xÉÉ¨É {ÉnxÉÉ¨É EÖò±É {ÉÉÊ®¸ÉʨÉEò
ºÉÆ. (`)
1. ¸ÉÒ +¶ÉÉäEò EÖò¨ÉÉ® ±ÉɽÉäiÉÒ ÊxɪÉÖHò BCSÉÖ+®Ò 66,26,450.80
2. ¸ÉÒ ºÉÆVÉªÉ ºÉÉä¨ÉÉxÉÒ Ê´ÉEòÉºÉ +ÊvÉEòÉ®Ò, OÉäb-I, Ê´É{ÉhÉxÉ 59,02,268.90
3. ¸ÉÒ |ÉnÒ{É SÉÉäJÉÉxÉÒ Ê´ÉEòÉºÉ +ÊvÉEòÉ®Ò, OÉäb-I, Ê´É{ÉhÉxÉ 46,54,283.40
4. ¸ÉÒ +ÊSÉxiɪÉÉ SÉ]VÉÔ Ê´ÉEòÉºÉ +ÊvÉEòÉ®Ò, OÉäb-I, Ê´É{ÉhÉxÉ 40,28,278.00
5. ¸ÉÒ Ê¶Éʶɮ ʤɺÉäxÉ Ê´ÉEòÉºÉ +ÊvÉEòÉ®Ò, OÉäb-I, Ê´É{ÉhÉxÉ 40,27,569.70
6. ¸ÉÒ ¸ªÉɨÉɱÉäxnÖ |ɨÉÉÊxÉEò Ê´ÉEòÉºÉ +ÊvÉEòÉ®Ò, OÉäb-I, Ê´É{ÉhÉxÉ 38,34,305.00
7. ¸ÉÒ ÊnxÉÒ¶É ¨ÉiÉÉ<Ç Ê´ÉEòÉºÉ +ÊvÉEòÉ®Ò, OÉäb-I, Ê´É{ÉhÉxÉ 34,26,945.70
8. ¸ÉÒ +ʨÉiÉ ¤ÉÉ^É Ê´ÉEòÉºÉ +ÊvÉEòÉ®Ò, OÉäb-I, Ê´É{ÉhÉxÉ 31,81,231.70
9. ¸ÉÒ +°  hÉ nä¤Éä Ê´ÉEòÉºÉ +ÊvÉEòÉ®Ò, OÉäb-I, Ê´É{ÉhÉxÉ 30,49,884.00
10. ¸ÉÒ º´É{ÉxÉ ºÉ®EòÉ® Ê´ÉEòÉºÉ +ÊvÉEòÉ®Ò, OÉäb-I, Ê´É{ÉhÉxÉ 30,44,257.30

EÆò{ÉxÉÒ +ÊvÉÊxɪɨÉ, 2013 Eäò +xÉÖSUän 186 Eäò iɽiÉ @hÉÉå, MÉÉ®ÉÆ]Ò
ªÉÉ ÊxÉ´Éä¶ÉÉå EòÉ Ê´É´É®hÉ:
EÆò{ÉxÉÒ +ÊvÉÊxɪɨÉ, 2013 Eäò +xÉÖSÉäUän 186 Eäò iɽiÉ EÆò{ÉxÉÒ xÉä EòÉä<Ç
@  hÉ, MÉÉ®Æ]Ò ªÉÉ ÊxÉ´Éä¶É xÉ½Ó ÊEòªÉÉ ½è*
ºÉƤÉÆÊvÉiÉ {ÉÉ]Ô ±ÉäxÉnäxÉ:
EÆò{ÉxÉÒ +ÊvÉÊxɪɨÉ, 2013 Eäò +xÉÖSUän 188 Eäò |ÉÉ´ÉvÉÉxÉÉå Eäò +xÉÖ{ÉɱÉxÉ
Eäò iɽiÉ Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 Eäò nÉè®ÉxÉ, EÆò{ÉxÉÒ xÉä "½ä±lÉ <ƶªÉÉä®åºÉ
]Ò{ÉÒB +Éì¡ò "<ÆÊbªÉÉ Ê±ÉʨÉ]äb' B´ÉÆ <ÆÊbªÉÉ <Æ]®xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ {ÉÒ]Ò<Ç,
˺ÉMÉÉ{ÉÖ®' Eäò ºÉÉlÉ BEò ºÉƤÉÆÊvÉiÉ {ÉIÉ ±ÉäxÉnäxÉ ¨Éå |É´Éä¶É ÊEòªÉÉ ½è* <ºÉEäò
ʴɺiÉÞiÉ Ê´É´É®hÉ EòÉ JÉÖ±ÉɺÉÉ |É{ÉjÉ B+ÉäºÉÒ-2 ¨Éå ÊEòªÉÉ MɪÉÉ ½è ÊVɺÉä <ºÉ
Ê®{ÉÉä]Ç Eäò +xÉÖ¤ÉÆvÉ-MÉ ¨Éå ºÉƱÉMxÉ ÊEòªÉÉ MɪÉÉ ½è*
+ÉÆiÉÊ®Eò Ê´ÉkÉÒªÉ EÆò]ÅÉä±É (+É<ÇB¡òºÉÒ):
EÆò{ÉÊxɪÉÉå (±ÉäJÉÉ) ÊxÉªÉ¨É 2014 Eäò ÊxÉªÉ¨É 8(5) ({Éèè) ¨Éå ÊxÉʽiÉ |ÉÉ´ÉvÉÉxÉ
ÊxÉvÉÉÇÊ®iÉ Eò®iÉä ½é ÊEò, ÊxÉnä¶ÉEò ¨ÉÆb±É EòÒ Ê®{ÉÉä]Ç ¨Éå Ê´ÉkÉÒªÉ Ê´É´É®hÉÉå Eäò
ºÉÆn¦ÉÇ ¨Éå +ÉÆiÉÊ®Eò Ê´ÉkÉÒªÉ ÊxɪÉÆjÉhÉÉå EòÒ {ɪÉÉÇ{iÉiÉÉ Eäò ºÉƤÉÆvÉ ¨Éå Ê´É´É®hÉ
¶ÉÉÊ¨É±É ½ÉäxÉÉ SÉÉʽB* <ºÉEäò +ÊiÉÊ®Hò, EÆò{ÉxÉÒ +ÊvÉÊxÉªÉ¨É 2013 EòÒ
vÉÉ®É 143 (3) (i) ¨Éå ÊxÉʽiÉ |ÉÉ´ÉvÉÉxÉÉå Eäò +xÉÖºÉÉ®, [CªÉÉ EÆò{ÉxÉÒ Eäò {ÉɺÉ
{ɪÉÉÇ{iÉ +ÉÆiÉÊ®Eò Ê´ÉkÉÒªÉ ÊxɪÉÆjÉhÉ |ÉhÉɱÉÒ +Éè® <ºÉ iÉ®½ Eäò ÊxɪÉÆjÉhÉ EòÒ
{ÉÊ®SÉɱÉxÉ |ɦÉɴɶÉÒ±ÉiÉÉ ½è] Eäò °  {É ¨Éå BEò ®ÉªÉ ´ªÉHò Eò®xÉä Eäò ʱÉB
EÆò{ÉxÉÒ Eäò ´ÉèvÉÉÊxÉEò ±ÉäJÉÉ {É®ÒIÉEòÉå EòÒ +ɴɶªÉEòiÉÉ ½ÉäiÉÒ ½è*
+ÉÆiÉÊ®Eò Ê´ÉkÉÒªÉ ÊxɪÉÆjÉhÉ (+É<ÇB¡òºÉÒ) £äò¨É´ÉEÇò EòÉä Ê´ÉkÉÒªÉ ´É¹ÉÇ 2018-
19 ¨Éå ±ÉÉMÉÚ ÊEòªÉÉ MɪÉÉ lÉÉ* ¨ÉäºÉºÉÇ bä±ÉÉä<] ]ÚSÉä ]Éä¨Éɺ]Ú <ÆÊbªÉÉ B±ÉB±É{ÉÒ
EòÉä ºÉ±ÉɽEòÉ® Eäò °  {É ¨Éå ÊxɪÉÖHò ÊEòªÉÉ MɪÉÉ lÉÉ, ÊVɺÉxÉä +ÉÆiÉÊ®Eò Ê´ÉkÉÒªÉ
ÊxɪÉÆjÉhÉ (+É<ÇB¡òºÉÒ) fÉÆSÉä EòÒ ºÉ¨ÉÒIÉÉ +Éè® EòɪÉÉÇx´ÉªÉxÉ ÊEòªÉÉ lÉÉ*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 82

WHISTLE BLOWER POLICY: PARTICULARS OF EMPLOYEES UNDER
COMPANIES (APPOINTMENT AND
The Company has put in place a Board approved
REMUNERATION) RULES, 2014:
‘Whistle Blower Policy’ in compliance with the IRDAI
Guidelines on Corporate Governance with the The name of top 10 employees in terms of
objective of reporting of any serious irregularities remuneration drawn along with other particulars
or unfair practice or misconduct or illegal activity as prescribed under Rule 5(2) & Rule 5(3) of the
occurring in the Company for better transparency Companies (Appointment and Remuneration)
and governance. The Whistle Blower Policy is also Rules, 2014) as on 31st March, 2020 is mentioned
displayed on the website of the Company. below-

Sl. Name of the employee Designation Total Remuneration

(`)
1. Shri Ashok Kumar Lahoty Appointed Actuary 66,26,450.80
2. Shri Sanjay Somani Development Officer, Grade-I, Marketing 59,02,268.90
3. Shri Pradeep Chokhani Development Officer, Grade-I, Marketing 46,54,283.40
4. Shri Achintya Chatterjee Development Officer, Grade-I, Marketing 40,28,278.00
5. Shri Shishir Bisen Development Officer, Grade-I, Marketing 40,27,569.70
6. Shri Shyamalendu Pramanik Development Officer, Grade-I, Marketing 38,34,305.00
7. Shri Dineesh Matai Development Officer, Grade-I, Marketing 34,26,945.70
8. Shri Amit Batta Development Officer, Grade-I, Marketing 31,81,231.70
9. Shri Arun Debey Development Officer, Grade-I, Marketing 30,49,884.00
10. Shri Swapan Sarkar Development Officer, Grade-I, Marketing 30,44,257.30

PARTICULARS OF LOANS, GUARANTEES OR INTERNAL FINANCIAL CONTROL (IFC) :

INVESTMENTS UNDER SECTION 186 OF THE
COMPANIES ACT, 2013:
The Company has not made any loans, guarantees
or investments pursuant to the provisions of Section
186 of the Companies Act, 2013.
RELATED PARTY TRANSACTIONS:
During the financial year 2019-20, the Company
has entered into a Related Party Transaction with
‘Health Insurance TPA of India Limited’ & ‘India
International Insurance Pte. Ltd. Singapore’ being
Associate Company on arm’s length basis in
compliance with the provisions of Section 188 of
the Companies Act, 2013. The details are disclosed
in Form AOC-2 appended as Annexure-C to this
Report.
The provisions contained in Rule 8(5) (viii) of
Companies (Accounts) Rules 2014 stipulate that,
the Board of Director’s Report should include the
details in respect of adequacy of internal financial
controls with reference to the financial statements.
Additionally, pursuant to the provisions contained
in Section 143(3)(i) of Companies Act 2013, the
statutory auditors of the Company are required to
express an opinion as to “ Whether the company has
adequate internal financial controls system in place
and the operating effectiveness of such controls”.
The term of Internal Financial has been defined
under Section 143(3)(i) of Companies Act,2013.
Internal Financial Controls (IFC) Framework was
implemented in the financial year 2018-19. M/s
Deloitte Touche Tohmastu India LLP was appointed
as the consultant, which had reviewed and
implemented the Internal Financial Controls (IFC)
Framework.

83 ANNUAL REPORT 2019-20

ÊxÉnä¶ÉEòÉå Eäò nÉʪÉi´É EòÉ Ê´É´É®hÉ: EòÒ ºÉÖ®IÉÉ Eäò ʱÉB +Éè® vÉÉäJÉÉ-vÉcÒ B´ÉÆ +xªÉ +ÊxɪÉʨÉiÉiÉÉ+Éå
EÆò{ÉxÉÒ +ÊvÉÊxɪɨÉ, 2013 Eäò +xÉÖSUän 134(5) Eäò +ÆiÉMÉÇiÉ ÊxÉnä¶ÉEò <ºÉ EòÉ {ÉiÉÉ ±ÉMÉÉxÉä B´ÉÆ =x½å ®ÉäEòxÉä Eäò ʱÉB =x½ÉåxÉä =ÊSÉiÉ B´ÉÆ
¤ÉÉiÉ EòÒ {ÉÖʹ] Eò®iÉä ½é ÊEò- {ɪÉÉÇ{iÉ ºÉÉ´ÉvÉÉxÉÒ ¤É®iÉxÉÒ ½è*
iv)
=x½ÉåxÉä ´ÉÉ̹ÉEò Ê®{ÉÉä]Ç EòÉä BEò ËSÉiÉÉVÉxÉEò +ÉvÉÉ® {É® iÉèªÉÉ®
i) ÊnxÉÉÆEò 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ Ê´ÉkÉÒªÉ ´É¹ÉÇ Eäò ´ÉÉ̹ÉEò
ÊEòªÉÉ lÉÉ, +Éè®
Ê®{ÉÉä]Ç EòÉä iÉèªÉÉ® Eò®xÉä ¨Éå, ¦ÉÉèÊiÉEò Ê´ÉSɱÉxÉ, ªÉÊn EòÉä<Ç ½Éä,
v) =x½ÉåxÉä ±ÉÉMÉÚ ºÉ¦ÉÒ EòÉxÉÚxÉÉå Eäò |ÉÉ´ÉvÉÉxÉÉå EòÉ +xÉÖ{ÉɱÉxÉ ºÉÖÊxÉʶSÉiÉ
ºÉä ºÉƤÉÆÊvÉiÉ {ɪÉÉÇ{iÉ º{ɹ]ÒEò®hÉ ºÉ¨ÉäiÉ ±ÉÉMÉÚ ±ÉäJÉÉ ¨ÉÉxÉEòÉå EòÉ
+xÉֺɮhÉ ÊEòªÉÉ MɪÉÉ lÉÉ* Eò®xÉä Eäò ʱÉB ºÉ]ÒEò |ÉhÉɱÉÒ iÉèªÉÉ® EòÒ lÉÒ +Éè® ªÉ½ |ÉhÉɱÉÒ
{ɪÉÉÇ{iÉ +Éè® |ɦÉÉ´ÉÒ iÉ®ÒEäò ºÉä EòɪÉÇ Eò® ®½Ò lÉÒ*
ii) =x½ÉåxÉä BäºÉÒ ±ÉäJÉÉ {ÉÉìʱÉʺɪÉÉå EòÉ SÉÖxÉÉ´É ÊEòªÉÉ lÉÉ +Éè® ÊxÉhÉǪÉ
ʱɪÉÉ lÉÉ B´ÉÆ +xÉÖ¨ÉÉxÉ ÊEòªÉÉ lÉÉ VÉÉä =ÊSÉiÉ B´ÉÆ Ê´É´ÉäEò{ÉÚhÉÇ ½è MÉÉèhÉ EòVÉÇ:
iÉÉÊEò ´Éä Ê´ÉkÉÒªÉ ´É¹ÉÇ Eäò ºÉ¨ÉÉÊ{iÉ Eäò ºÉ¨ÉªÉ EÆò{ÉxÉÒ Eäò ¨ÉɨɱÉÉå ÊnxÉÉÆEò 27 ¨ÉÉSÉÇ, 2017 EòÉä EÆò{ÉxÉÒ xÉä 8950 EòÒ ºÉÆJªÉÉ ¨Éå °. 895 Eò®Éäc
EòÒ ºÉSSÉÒ +Éè® Êxɹ{ÉIÉ oʹ]EòÉåhÉ +Éè® =ºÉ +´ÉÊvÉ ¨Éå EÆò{ÉxÉÒ EòÒ ®É榃 Eäò MÉè® {ÉÊ®´ÉiÉÇxÉÒªÉ Êb¤ÉÉåSɺÉÇ VÉÉ®Ò ÊEòªÉä lÉä +Éè® +É´ÉÆÊ]iÉ ÊEòªÉä
EòÉä ½Ö<Ç ½ÉÊxÉ EòÉä |ɺiÉÖiÉ Eò® ºÉEäò* lÉä ÊVɺÉä ¤ÉÉn ¨Éå ¤ÉÒBºÉ<Ç +Éè® BxÉBºÉ<Ç ¨Éå ºÉÚSÉÒ¤Ér ÊEòªÉÉ MɪÉÉ lÉÉ* Ê®EòÉìbÇ
iii) EÆò{ÉxÉÒ +ÊvÉÊxɪɨÉ, 2013 Eäò |ÉÉ´ÉvÉÉxÉÉå Eäò +xÉÖºÉÉ® {ɪÉÉÇ{iÉ ±ÉäJÉÉ Eò®xÉä EòÒ iÉÉ®ÒJÉ iÉEò ÊVÉxÉEäò xÉÉ¨É BxÉBºÉbÒB±É +Éè® ºÉÒbÒBºÉB±É Eäò
+ʦɱÉäJÉÉå EòÉ `ÒEò ºÉä ®JÉ®JÉÉ´É Eò®xÉä B´ÉÆ EÆò{ÉxÉÒ EòÒ ºÉÆ{ÉÊkɪÉÉå ¤ÉÒ<ÇBxÉ{ÉÒ+ÉäBºÉ ¨Éå +ÉB lÉä =xÉ Êb¤ÉäSɺÉÇvÉÉ®EòÉå EòÉä ¤ªÉÉVÉ EòÉ ¦ÉÖMÉiÉÉxÉ
ÊEòªÉÉ MɪÉÉ lÉÉ*
Êb¤ÉåSÉ®vÉÉ®EòÉå EòÉä ÊEòB MÉB ¤ªÉÉVÉ Eäò ¦ÉÖMÉiÉÉxÉ (°. 895 Eò®Éäc {É® 8.38 EòÒ n® ºÉä) EòÉ Ê´É´É®hÉ ÊxɨxÉʱÉÊJÉiÉ ½è-
´É¹ÉÇ Ê®EòÉìbÇ ÊiÉÊlÉ Êb¤ÉåSÉ®vÉÉ®EòÉå EòÒ ºÉÆJªÉÉ ¦ÉÖMÉiÉÉxÉ ÊiÉÊlÉ ¤ªÉÉVÉ EòÒ ®ÉʶÉ
(`)
2017-18 12 ¨ÉÉSÉÇ 2018 139 27 ¨ÉÉSÉÇ 2018 74,73,25,000/-
2018-19 12 ¨ÉÉSÉÇ 2019 139 27 ¨ÉÉSÉÇ 2019* 74,73,25,000/-
2019-20 12 ¨ÉÉSÉÇ 2020 141 27 ¨ÉÉSÉÇ 2020 74,73,25,000/-

(*29 ¨ÉÉSÉÇ, 2020 EòÉä ʺɡÇò BEò Êb¤ÉåSÉ®vÉÉ®Eò EòÉä ¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ lÉÉ*)
BºÉ¤ÉÒ+É<ÇEèò{É ]ź]Ò Eò¨{ÉxÉÒ Ê±ÉʨÉ]äb MÉè® {ÉÊ®´ÉiÉÇxÉÒªÉ Êb¤ÉåSɺÉÇ Eäò ʱÉB Êb¤ÉåSɺÉÇ ]ź]Ò ½è +Éè® Ê´É´É®hÉ ÊxɨxÉÉxÉÖºÉÉ® ½è-

ºÉÆ{ÉEÇò ´ªÉÊHò ºÉÖ¸ÉÒ +xÉÖ{ɨÉÉ xÉɪÉbÖ

{ÉnxÉÉ¨É EÆò{ÉxÉÒ ºÉÊSÉ´É +Éè® +xÉÖ{ÉɱÉxÉ +ÊvÉEòÉ®Ò
EòɪÉÉÇ±ÉªÉ EòÉ {ÉiÉÉ Ê¨ÉºjÉÒ ¦É´ÉxÉ, SÉÉèlÉÒ ¨ÉÆÊVɱÉ,
122, ÊnxɶÉÉì ´ÉUÉ ®Éäb, SÉSÉÇMÉä],
¨ÉÖƤÉ<Ç 400 020.
]ä±ÉÒ¡òÉäxÉ (022) 43025500, 43025566
¡èòCºÉ (022) 22040465
<ǨÉä±É corporate@sbicaptrustee.com
´Éä¤ÉºÉÉ<] www.sbicaptrustee.com

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 84

DIRECTORS’ RESPONSIBILITY STATEMENT:
Pursuant to Section 134(5) of the Companies Act,
2013, the Directors hereby confirm that –
i) in the preparation of the Annual Accounts for
the financial year ended 31st March 2020,
the applicable accounting standards had
been followed along with proper explanation
relating to material departures, if any,
ii) they have selected such accounting policies
and applied them consistently and made
judgements 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 loss of the
Company for that period,
iii) they had taken proper and sufficient care
for the maintenance of adequate accounting
records in accordance with the provisions of
the Companies Act, 2013 for safeguarding
the assets of the Company and for preventing
and detecting fraud and other irregularities,
iv) they have prepared the Annual Accounts on a
going concern basis; and
v) they had devised proper systems to ensure
compliance with the provisions of all
applicable laws and that such systems were
adequate and operating effectively.
SUBORDINATED DEBT:
The Company had issued and allotted 8950 nos.
of Non-convertible Debentures to the tune of `895
crore on 27th March 2017, which was subsequently
listed with BSE & NSE. The interest was paid to the
debenture holders whose names appeared in the
BENPOS of NSDL & CDSL as on the record date.

The details of the interest payment (@8.35% p.a. on `895 crores) to the debenture holders are as follows-

Year Record Date No. of debenture holders Date of Payment Amount of Interest
(`)
2017-18 12th March 2018 139 27th March 2018 74,73,25,000/-
2018-19 12th March 2019 139 27th March 2019* 74,73,25,000/-
2019-20 12th March 2020 141 27th March 2020 74,73,25,000/-
(*only one debenture holder was paid on 29th March 2019)
SBICAP Trustee Company Limited is the Debenture Trustee for non-convertible debentures and the
details are as follows-

Contact person Ms. Anupama Naidu

Designation Company Secretary & Compliance Officer
Official Address Mistry Bhavan, 4th Floor,
122, Dinshaw Vachha Road, Churchgate,
Mumbai – 400 020.
Telephone (022) 4302-5500, 4302-5566
Fax (022) 2204-0465
E-mail corporate@sbicaptrustee.com
Website www.sbicaptrustee.com

85 ANNUAL REPORT 2019-20

+É®ºÉÒB¨ÉºÉÒ ¶ÉäªÉ® ®ÊVɺ]ÅÒ |ÉÉ<´Éä] ʱÉʨÉ]äb: Eò¨{ÉxÉÒ uÉ®É MÉè® {ÉÊ®´ÉiÉÇxÉÒªÉ Êb¤ÉåSɺÉÇ Eäò ʱÉB ®ÊVɺ]ÅÉ® B´ÉÆ ]ÅÉƺɡò® (+É®]ÒB) VÉÉ®Ò ÊEòB VÉÉiÉä ½é*
Ê´É´É®hÉ ÊxɨxÉʱÉÊJÉiÉ ½é-
ºÉÆ{ÉEÇò ´ªÉÊHò ¸ÉÒ ®´ÉÒxp nÖ+É
{ÉnxÉÉ¨É ¨É½É|ɤÉÆvÉEò (ʺɺ]¨ºÉ)
EòɪÉÉÇ±ÉªÉ {ÉiÉÉ ¤ÉÒ25/1, +ÉäEäòBSÉB±ÉB +ÉètÉÊäMÉEò IÉäjÉ ¡äòVÉ, xÉ<Ç Ên±±ÉÒ-110020
]ä±ÉÒ¡òÉäxÉ (011) 26387320, 26387321
¡èòCºÉ (011) 26387322
<ǨÉä±É rdua@rcmcdelhi.com
´Éä¤ÉºÉÉ<] www.rcmcdelhi.com

ºGòÒ{É EòÉäb:
¤ÉÒBºÉ<Ç : 956092
BxÉBºÉ<Ç : NICL27
+É<ÇBºÉ+É<ÇBxÉà : INE168X08014
ºÉ¨ÉäÊiÉEò Ê´ÉkÉÒªÉ Ê´É´É®hÉ:
EÆò{ÉxÉÒ (±ÉäJÉÉ) +ÊvÉÊxɪɨÉ, 2014 Eäò ÊxÉªÉ¨É 5 Eäò +xÉÖSUän 129 EòÒ
+ɴɶªÉEòiÉÉ+Éå B´ÉÆ ±ÉÉMÉÚ ±ÉäJÉÉ ¨ÉÉxÉEòÉå Eäò +xÉÖºÉÉ® +É{ÉEòÒ EÆò{ÉxÉÒ
Eäò ÊxÉnä¶ÉEò ¨ÉÆb±É ºÉ½ªÉÉäMÉÒ EÆò{ÉÊxɪÉÉå ºÉ¨ÉäiÉ EÆò{ÉxÉÒ Eäò ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ
Ê´É´É®hÉ EòÉä iÉèªÉÉ® Eò®xÉä Eäò ʱÉB =kÉ®nɪÉÒ ½è* ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ Ê´É´É®hÉ
ºÉƱÉMxÉ ½è +Éè® <ºÉ Ê®{ÉÉä]Ç EòÉ BEò +½¨É ʽººÉÉ ½è*
ºÉÆ{ÉÊkɪÉÉå EòÒ ºÉÖ®IÉÉ B´ÉÆ vÉÉäJÉÉ-vÉcÒ iÉlÉÉ +xªÉ +ÊxɪÉʨÉiÉiÉÉ+Éå EòÉä
®ÉäEòxÉä B´ÉÆ =xÉEòÉ {ÉiÉÉ ±ÉMÉÉxÉä ½äiÉÖ +ÊvÉÊxÉªÉ¨É Eäò |ÉÉ´ÉvÉÉxÉÉå Eäò +xÉÖºÉÉ®
EÆò{ÉxÉÒ Eäò ÊxÉnä¶ÉEò ¨ÉÆb±É ºÉ½ªÉÉäMÉÒ {ɪÉÉÇ{iÉ °{É ºÉä ±ÉäJÉÉ ¨ÉÉxÉEòÉå Eäò =ÊSÉiÉ
®JÉ-®JÉÉ´É Eäò ʱÉB ÊVɨ¨ÉänÉ® ½è; =ÊSÉiÉ ±ÉäJÉÉ {ÉÉìʱÉʺɪÉÉå EòÉ SÉÖxÉÉ´É
Eò®xÉÉ B´ÉÆ =x½å ±ÉÉMÉÚ Eò®xÉÉ; BäºÉä ÊxÉhÉÇªÉ näxÉÉ B´ÉÆ +ÉEò±ÉxÉ Eò®xÉÉ VÉÉä
=ÊSÉiÉ B´ÉÆ Ê´É´ÉäEò{ÉÚhÉÇ ½è; B´ÉÆ {ɪÉÉÇ{iÉ +ÉÆiÉÊ®Eò Ê´ÉkÉÒªÉ ÊxɪÉÆjÉhÉ EòÒ
°  {É®äJÉÉ, EòɪÉÇx´ÉªÉxÉ B´ÉÆ ®JÉ-®JÉÉ´É Eò®xÉÉ VÉÉä ±ÉäJÉÉ +ʦɱÉäJÉÉå EòÒ ºÉ]
ÒEòiÉÉ B´ÉÆ {ÉÚhÉÇiÉÉ ºÉÖÊxÉʶSÉiÉ Eò®xÉä Eäò ʱÉB +Éè® Ê´ÉkÉÒªÉ Ê´É´É®hÉÉå EòÒ
iÉèªÉÉ®Ò +Éè® |ɺiÉÖiÉÒEò®hÉ Eäò ʱÉB |ÉɺÉÆÊMÉEò ½è +Éè® BEò ºÉ½Ò iÉlÉÉ Êxɹ{ÉIÉ
oʹ]EòÉähÉ ®JÉiÉä ½é* ´Éä ¦ÉÉèÊiÉEò MɱÉiÉ¡ò½Ê¨ÉªÉÉå ºÉä ¨ÉÖHò ®½iÉä ½é SÉÉ½ä ´É½
vÉÉäJÉÉ-vÉcÒ ªÉÉ ¦ÉÚ±É Eäò EòÉ®hÉ ½Éä +Éè® ÊVɺÉEòÉ ={ɪÉÉäMÉ ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ
Ê´É´É®hÉÉå EòÒ iÉèªÉÉ®Ò Eäò =qä¶ªÉ ºÉä ÊEòªÉÉ MɪÉÉ ½Éä*
EòÉì®{ÉÉä®ä] MÉ´ÉxÉæºÉ:
¦ÉÉ®iÉÒªÉ ¤ÉÒ¨ÉÉ ÊxɪÉɨÉEò B´ÉÆ Ê´ÉEòÉºÉ |ÉÉÊvÉEò®hÉ {ÉÊ®{ÉjÉ ºÉÆn¦ÉÇ ºÉÆJªÉÉ
+É<Ç+É®bÒB/B¡òBhbB/VÉÒbÒB±É/ºÉÒVÉÒ/100/05/2016 ÊnxÉÉÆÊEòiÉ 18
¨É<Ç, 2016 Eäò uÉ®É EÆò{ÉxÉÒ +ÊvÉÊxɪɨÉ, 2013 uÉ®É ±ÉɪÉä MɪÉä ¤Én±ÉÉ´ÉÉå Eäò
+xÉÖ°{É ¦ÉÉ®iÉÒªÉ ¤ÉÒ¨ÉÉ EÆò{ÉÊxɪÉÉå Eäò ʱÉB EòÉì®{ÉÉä®ä] MÉ´ÉxÉÇåºÉ Eäò Ên¶ÉÉÊxÉnæ¶É
¨Éå ºÉƶÉÉävÉxÉ ÊEòªÉÉ ½è* ªÉ½ EòÉì{ÉÉäÇ®ä] MÉ´ÉxÉÇåºÉ EòÒ {É®Æ{É®É+Éå, |ɤÉÆvÉ
ÊxÉnä¶ÉEò/¨ÉÖJªÉ EòɪÉÇEòÉ®Ò +ÊvÉEòÉ®Ò/{ÉÚhÉÇEòÉʱÉEò ÊxÉnä¶ÉEò B´ÉÆ |ɤÉÆvÉxÉ Eäò
+xªÉ |ɨÉÖJÉ ´ªÉÊHòªÉÉå EòÒ ÊxɪÉÖHò Eäò ºÉÉlɺÉÉlÉ ¤ÉÒ¨ÉÉEòiÉÉÇ+Éå Eäò ´ÉèvÉÉÊxÉEò
±ÉäJÉÉ {É®ÒIÉEòÉå EòÒ ÊxɪÉÖÊHò Eäò ºÉƤÉÆvÉ ¨Éå ´ªÉ´ÉºlÉÉ+Éå EòÉä VÉÉäciÉÉ ½è*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 86

RCMC Share Registry Private Limited: The Registrar & Transfer Agent (RTA) for non-convertible
debentures issued by the Company. The details are as follows-

Contact person Shri Ravinder Dua

Designation General Manager (Systems)
Official Address B-25/1, OKHLA Industrial Area Phase II, New Delhi- 110020
Telephone (011) 2638-7320, 2638-7321
Fax (011) 2638-7322
E-mail rdua@rcmcdelhi.com
Website www.rcmcdelhi.com

Scrip Code: and estimates that are reasonable and prudent;

BSE : 956092
NSE : NICL27
ISIN : INE168X08014
CONSOLIDATED FINANCIAL STATEMENTS:
Your Company’s Board of Directors is responsible
for the preparation of the consolidated financial
statement of the Company including its Associate
Companies in terms of the requirement of Section
129 read with Rule 5 of the Companies (Accounts)
Rules, 2014 and in accordance with the applicable
Accounting Standards. The consolidated financial
statements are appended and forms part of this
Report.
The respective Board of Directors of the Company
and of its Associates is responsible for maintenance
of adequate accounting records in accordance
with the provisions of the Act for safeguarding the
assets and for preventing and detecting frauds and
other irregularities; the selection and application of
appropriate accounting policies; making judgments
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, which have been used for the purpose of
preparation of the consolidated financial statements.
CORPORATE GOVERNANCE:
Insurance Regulatory and Development Authority
of India vide circular ref. no. IRDA/F&A/GDL/
CG/100/05/2016 dated 18th May 2016 has amended
the Corporate Governance Guidelines for insurers
in India in line with the changes brought about by
the Companies Act, 2013. It also combines the
stipulations regarding the Corporate Governance
practices, appointment of Managing Director/Chief
Executive Officer/Whole-time Director and other
Key Management Persons well as the appointment
of statutory auditors of insurers.

87 ANNUAL REPORT 2019-20

ÊxÉnä¶ÉEò ¨ÉÆb±É:
31 ¨ÉÉSÉÇ, 2020 iÉEò ÊxÉnä¶ÉEò ¨ÉÆb±É EòÉ Ê´É´É®hÉ ÊxɨxÉÉxÉÖºÉÉ® ½è:

Gò.ºÉÆ. ÊxÉnä¶ÉEò EòÉ xÉÉ¨É ÊxɪÉÖÊHò ÊiÉÊlÉ {ÉnxÉÉ¨É ´ÉMÉÇ ªÉÉäMªÉiÉÉ Ê´É¶Éä¹ÉYÉiÉÉ EòÉ ÊxÉnä¶ÉEò ¤ÉxÉä ®½xÉä EòÒ
IÉäjÉ ÊºlÉÊiÉ
1 ¸ÉÒ¨ÉiÉÒ iÉÊVÉxn® ¨ÉÖJÉVÉÔ 14/09/2018 +vªÉIɺɽ|ɤÉÆvÉ EòɪÉÇEòÉ®Ò ¤ÉÒ. EòÉì¨É, ¡äò±ÉÉäʶÉ{É MÉè® VÉÒ´ÉxÉ ¤ÉÒ¨ÉÉ 1) BOÉÒEò±SÉ®
ÊxÉnä¶ÉEò ÊxÉnä¶ÉEò EÆò{ÉxÉÒ <ƶªÉÉä®åºÉ EÆò{ÉxÉÒ
+Éì¡ò <ÆÊbªÉÉ
ʱÉʨÉ]äb
2) ½ä±lÉ <ƶªÉÉä®åºÉ
]Ò{ÉÒB +Éì¡ò
<ÆÊbªÉÉ Ê±ÉʨÉ]äb
3) VÉÒ+É<ǺÉÒ
½É=˺ÉMÉ ¡òÉ<xÉåºÉ
ʱÉʨÉ]äb
4) <ÆÊbªÉÉ <Æ]®xÉä¶ÉxÉ
<ƶªÉÉä®åºÉ {ÉÒ]Ò<Ç
ʱÉʨÉ]äb, ˺ÉMÉÉ{ÉÖ®
2 ¸ÉÒ ÊºÉrÉlÉÇ |ÉvÉÉxÉ 09/08/2018 {ÉÚhÉÇEòÉʱÉEò EòɪÉÇEòÉ®Ò B¨É.B, ¡äò±ÉÉäʶÉ{É MÉè® VÉÒ´ÉxÉ ¤ÉÒ¨ÉÉ -
ÊxÉnä¶ÉEò ÊxÉnä¶ÉEò
3 ¸ÉÒ ºÉÉè®¦É Ê¨É¸ÉÉ 28/11/2019 ºÉ®EòÉ® uÉ®É MÉè® EòɪÉÇEòÉ®Ò ¤ÉÒ.BºÉÒ., B¨É¤ÉÒB, ¤ÉéËEòMÉ, Ê´ÉkÉÒªÉ ºÉå]Å±É ®ÊVɺ]ÅÉ®,
xÉÉʨÉiÉ ÊxÉnä¶ÉEò ÊxÉnä¶ÉEò {ÉÒVÉÒbÒºÉÒ]ÒB, ºÉä´ÉÉBÄ +Éè® ¤ÉÒ¨ÉÉ B¨ÉbÒ +Éè® ºÉÒ<Ç+Éä,
¡äò±ÉÉäʶÉ{É, ¡äò±ÉÉäʶÉ{É, ºÉÒ<Ç+É®BºÉB+É<Ç
ºÉiªÉÉÊ{ÉiÉ ¤±ÉÉìEòSÉèxÉ
ʴɶÉä¹ÉYÉ
4 ºÉÖ¸ÉÒ ¦ÉÚʨÉEòÉ ´É¨ÉÉÇ 22/07/2016 ºÉ®EòÉ® xÉÉʨÉiÉ MÉè® EòɪÉÇEòÉ®Ò +lÉǶÉɺjÉ ¨Éå B¨É.B +lÉǶÉɺjÉ -
ÊxÉnä¶ÉEò ÊxÉnä¶ÉEò
5 ¸ÉÒ +¶ÉÉäEò EÖò¨ÉÉ® |ÉvÉÉxÉ 20/08/2019 ÊxÉnä¶ÉEò MÉè® EòɪÉÇEòÉ®Ò B¨É.EòÉì¨É, ¤ÉéËEòMÉ B¨ÉbÒ +Éè® ºÉÒ<Ç+Éä,
ÊxÉnä¶ÉEò ºÉÒB+É<Ç+É<ǤÉÒ ªÉÚxÉÉ<Ç]äb ¤ÉéEò +Éì¡ò
<ÆÊbªÉÉ
6 ¸ÉÒ Ê¶É´É®É¨ÉxÉ ¨É½Énä´ÉxÉ 29/09/2017 +ƶÉEòÉʱÉEò MÉè® EòɪÉÇEòÉ®Ò ¤ÉÒ.BºÉÒ, B¡òºÉÒB, SÉÉ]ÇbÇ BEòÉ=Æ]å] ¨ÉäºÉºÉÇ ´ÉäÊ®]ɺÉ
MÉè®+ÉÊvÉEòÉÊ®Eò ÊxÉnä¶ÉEò BºÉÒBºÉ, ¡äò±ÉÉäʶÉ{É EòÉ +¦ªÉÉºÉ Eò®xÉÉ ¡òÉ<xÉåºÉ |ÉÉ<´Éä]
ÊxÉnä¶ÉEò ʱÉʨÉ]äb, SÉäxxÉ<Ç
7 ¸ÉÒ ºÉÖvÉÉEò® {ÉÉ½Ò 29/09/2017 +ƶÉEòÉʱÉEò MÉè® EòɪÉÇEòÉ®Ò ¤ÉÒ. EòÉì¨É (+ÉìxɺÉÇ), SÉÉ]ÇbÇ BEòÉ=Æ]å]
MÉè®+ÉÊvÉEòÉÊ®Eò ÊxÉnä¶ÉEò B¡òºÉÒB EòÉ +¦ªÉÉºÉ Eò®xÉÉ -
ÊxÉnä¶ÉEò

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 88

Board of Directors:

The details of Board of Directors as on 31st March 2020:

Sr. Name of the Date of Designation Category Qualification Field of Status of

Director Appointment specialization directorship
held
1 Smt. Tajinder 14/09/2018 Chairman- Executive B.Com, FIII Non-life 1) Agriculture
Mukherjee cum-Managing Director Insurance Insurance
Director Company of
India Limited
2) Health
Insurance
TPA of India
Limited
3) GIC Housing
Finance Ltd.
4) India
International
Insurance
Pte. Ltd.,
Singapore
2 Shri Sidharth 09/08/2018 Whole-time Executive M.A., FIII Non-life
-
Pradhan Director Director Insurance
3 Shri Saurabh 28/11/2019 Government Non- B.Sc., MBA, Banking, Central
Mishra Nominee Executive PGDCTA, Financial Registrar,
Director Director FII, Certified Services and MD & CEO in
Blockchain Insurance CERSAI
Expert
4 Ms. Bhumika 22/07/2016 Government Non- MA in Economics
Verma Nominee Executive Economics -
Director Director
5 Shri Ashok 20/08/2019 Director Non- M.Com, Banking MD & CEO of
Kumar Executive CAIIB United Bank of
Pradhan Director India
6 Shri Sivaraman 29/09/2017 Part-time Non- Non- B.Sc., FCA, Practicing M/s. Veritas
Mahadevan official Director Executive ACS, FIII Chartered Finance
Director Accountant Pvt. Limited,
Chennai
7 Shri Sudhakar 29/09/2017 Part-time Non- Non- B.Com (H), Practicing
Pahi official Director Executive FCA Chartered -
Director Accountant

89 ANNUAL REPORT 2019-20

Eò¨{ÉxÉÒ Eäò ÊxÉnä¶ÉEòÉå ¨Éå ÊxɨxÉʱÉÊJÉiÉ ¡äò®¤Én±É ½ÖB ½é-

Gò.ºÉÆ. ÊxÉnä¶ÉEò EòÉ xÉÉ¨É {ÉnxÉÉ¨É EòɪÉÇEòɱÉ

1. ¸ÉÒ ºÉÉè®¦É Ê¨É¸ÉÉ, ºÉ®EòÉ® xÉÉʨÉiÉ ÊxÉnä¶ÉEò 28.11.2019 ºÉä +¤É iÉEò
ºÉƪÉÖHò ºÉÊSÉ´É,
Ê´ÉkÉ ¨ÉÆjÉɱɪÉ, Ê´ÉkÉÒªÉ ºÉä´ÉÉ Ê´É¦ÉÉMÉ
2. ¸ÉÒ ÊºÉrÉlÉÇ |ÉvÉÉxÉ, EòɪÉÇEòÉ®Ò ÊxÉnä¶ÉEò 09.08.2018 ºÉä 30.06.2020
{ÉÚhÉÇEòÉʱÉEò ÊxÉnä¶ÉEò
3. ¸ÉÒ +¶ÉÉäEò EÖò¨ÉÉ® |ÉvÉÉxÉ, MÉè®EòɪÉÇEòÉ®Ò ÊxÉnä¶ÉEò 20.08.2019 ºÉä 31.05.2020
B¨ÉbÒ +Éè® ºÉÒ<Ç+Éä, ªÉÚ¤ÉÒ+É<Ç
4. ºÉÖ¸ÉÒ ¦ÉÚʨÉEòÉ ´É¨ÉÉÇ, ºÉ®Eò®É xÉÉʨÉiÉ ÊxÉnä¶ÉEò 22.07.2016 ºÉä 13.05.2020
ºÉƪÉÖHò ÊxÉnä¶ÉEò,
Ê´ÉkÉ ¨ÉÆjÉɱɪÉ, Ê´ÉkÉÒªÉ ºÉä´ÉÉ Ê´É¦ÉÉMÉ
5. ¸ÉÒ ºÉÖÊSÉxp ʨɸÉÉ, ºÉ®Eò®É xÉÉʨÉiÉ ÊxÉnä¶ÉEò 08.05.2019 ºÉä 28.11.2019
ºÉƪÉÖHò ºÉÊSÉ´É,
Ê´ÉkÉ ¨ÉÆjÉɱɪÉ, Ê´ÉkÉÒªÉ ºÉä´ÉÉ Ê´É¦ÉÉMÉ
6. ¸ÉÒ ±ÉʱÉiÉ EÖò¨ÉÉ® SÉÆnä±É, ºÉ®Eò®É xÉÉʨÉiÉ ÊxÉnä¶ÉEò 17.10.2018 ºÉä 08.05.2019
+ÉÌlÉEò ºÉ±ÉɽEòÉ®, Ê´ÉkÉ ¨ÉÆjÉɱɪÉ,
Ê´ÉkÉÒªÉ ºÉä´ÉÉ Ê´É¦ÉÉMÉ
7. ¸ÉÒ VÉÉìxÉ {ÉÖʱÉxlÉxɨÉ, EòɪÉÇEòÉ®Ò ÊxÉnä¶ÉEò 20.06.2017 ºÉä 31.08.2019
{ÉÚhÉÇEòÉʱÉEò ÊxÉnä¶ÉEò

¤ÉÉäbÇ xÉä ÊxÉ´ÉiÉǨÉÉxÉ ºÉnºªÉÉå uÉ®É EÆò{ÉxÉÒ ¨Éå ÊxÉnä¶ÉEò Eäò °{É ¨Éå =xÉEäò EòɪÉÇEòÉ±É Eäò nÉè®ÉxÉ =xÉEäò uÉ®É ÊEòB MÉB ¤É½Ö¨ÉÚ±ªÉ ªÉÉäMÉnÉxÉ ½äiÉÖ =xÉEòÒ EòÉ¡òÒ
ºÉ®É½xÉÉ EòÒ*
EÆò{ÉxÉÒ +ÊvÉÊxɪɨÉ, 2013 Eäò +xÉÖºÉÉ® |ɤÉÆvÉxÉ Eäò |ɨÉÖJÉ ´ªÉÊHòªÉÉå ¨Éå ¡äò®-¤Én±É:

Gò.ºÉÆ. ÊxÉnä¶ÉEò EòÉ xÉÉ¨É ÊxɪÉÖÊHò EòÒ ÊiÉÊlÉ B´ÉÆ {ÉnxÉÉ¨É ºÉ¨ÉÉ{iÉ ½ÉäxÉä EòÉ ÊiÉÊlÉ
1. ¸ÉÒ VÉÉìxÉ {ÉÖʱÉxlÉxɨÉ, 20.06.2017 EòÉä {ÉÚhÉÇEòÉʱÉEò ÊxÉnä¶ÉEò Eäò 31.08.2019 EòÉä ºÉä´ÉÉÊxÉ´ÉÞkÉ
¨É½É|ɤÉÆvÉEò °  {É ¨Éå ÊxɪÉÖHò
2. ¸ÉÒ ÊºÉrÉlÉÇ |ÉvÉÉxÉ, 09.08.2018 EòÉä {ÉÚhÉÇEòÉʱÉEò ÊxÉnä¶ÉEò Eäò 30.06.2020 EòÉä ºÉä´ÉÉÊxÉ´ÉÞkÉ
¨É½É|ɤÉÆvÉEò °  {É ¨Éå ÊxɪÉÖHò

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 90

The changes in directorship of the Company is as follows-

Sl. Name of the Director Designation Tenor

1. Shri Saurabh Mishra, Government Nominee 28.11.2019 to present
Joint Secretary, Director
Ministry of Finance, Department of
Financial Services
2. Shri Sidharth Pradhan, Executive Director 09.08.2018 to 30.06.2020
Whole-time Director
3. Shri Ashok Kumar Pradhan, Non-Executive Director 20.08.2019 to 31.05.2020
MD & CEO of UBI
4. Ms. Bhumika Verma, Government Nominee 22.07.2016 to 13.05.2020
Joint Director, Director
Ministry of Finance, Department of
Financial Services
5. Shri Suchindra Misra, Government Nominee 08.05.2019 to 28.11.2019
Joint Secretary, Director
Ministry of Finance, Department of
Financial Services
6. Shri Lalit Kumar Chandel, Government Nominee 17.10.2018 to 08.05.2019
Economic Adviser, Director
Ministry of Finance, Department of
Financial Services
7. Shri John Pulinthanam, Executive Director 20.06.2017 to 31.08.2019
Whole-time Director

The Board conveyed their sincere appreciation for the valuable contributions made by the outgoing
members during their tenure as Directors of the Company.
Changes in Key Managerial Personnel as per Companies Act, 2013:

Sl. Name of the Director Date of Appointment & Designation Date of Cessation
1. Shri John Pulinthanam, Appointed as Whole-time Director on Retired on 31.08.2019
General Manager 20.06.2017
2. Shri Sidharth Pradhan, Appointed as Whole-time Director on Retired on 30.06.2020
General Manager 09.08.2018

91 ANNUAL REPORT 2019-20

+É<Ç+É®bÒB+É<Ç Eäò Ên¶ÉÉÊxÉnæ¶ÉÉå Eäò +xÉÖºÉÉ® |ɤÉÆvÉxÉ Eäò |ɨÉÖJÉ ´ªÉÊHòªÉÉå ¨Éå ¡äò®:
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{ÉnxÉɨÉ
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¨É½É|ɤÉÆvÉEò ¨Éå ÊxɪÉÖÊHò
(28.09.2018 ºÉä 07.01.2020 iÉEò EòÒ
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°{É ¨Éå BOÉÒEò±SÉ® <ƸªÉÉå®åºÉ EÆò{ÉxÉÒ Ê±ÉʨÉ]äb ¨Éå
30.06.2020 EòÉä ºÉä´ÉÉÊxÉ´ÉÞkÉ
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01.02.2020 EòÉä ¨ÉÖJªÉ VÉÉäÊJÉ¨É +ÊvÉEòÉ®Ò Eäò
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4. ¸ÉÒ VÉä. ºÉäxÉMÉÖ{iÉÉ, 22.09.2016 EòÉä ¨ÉÖJªÉ VÉÉäÊJÉ¨É +ÊvÉEòÉ®Ò
31.01.2020 EòÉä ºÉä´ÉÉÊxÉ´ÉÞkÉ
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5. ¸ÉÒ {ÉÒ]® ÊSÉkÉ®ÆVÉxÉ, 27.07.2020 EòÉä ¨É½É|ɤÉÆvÉEò Eäò °  {É ¨Éå
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11.08.2020 EòÉä ¨ÉÖJªÉ VÉÉäÊJÉ¨É +ÊvÉEòÉ®Ò Eäò
°  {É ¨Éå ÊxɪÉÖHò
Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 Eäò nÉè®ÉxÉ +ɪÉÉäÊVÉiÉ ¤ÉÉäbÇ B´ÉÆ ºÉʨÉÊiÉ EòÒ ¤Éè`EòÉå EòÒ ºÉÆJªÉÉ:
Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 Eäò nÉè®ÉxÉ +ɪÉÉäÊVÉiÉ ¤ÉÉäbÇ B´ÉÆ ºÉʨÉÊiÉ EòÒ ¤Éè`EòÉå EòÒ ºÉÆJªÉÉ EòÉä n¶ÉÉÇxÉä ´ÉɱÉä Ê´É´É®hÉ +xÉÖ±ÉMxÉEò-PÉ Eäò °  {É ¨Éå <ºÉ
Ê®{ÉÉä]Ç Eäò ºÉÉlÉ ºÉƱÉMxÉ ½è*
ÊxÉnä¶ÉEò ¨ÉÆb±É EòÉ MÉ`xÉ:
EÆò{ÉxÉÒ Eäò ¤ÉÉäbÇ ¨Éå EòɪÉÇEòÉ®Ò +Éè® MÉè® EòɪÉÇEòÉ®Ò ºÉnºªÉ ¶ÉÉÊ¨É±É ®½iÉä ½é* EÆò{ÉxÉÒ Eäò ¤ÉÉäbÇ EòÒ ºÉÆ®SÉxÉÉ <ºÉ Ê®{ÉÉä]Ç EòÉä º´ÉÒEòÉ® ÊEòªÉä VÉÉxÉä EòÒ iÉÉ®ÒJÉ
{É® ÊxɨxÉʱÉÊJÉiÉ °  {É ¨Éå ½è:
´ÉMÉÇ ÊxÉnä¶ÉEòÉå EòÒ ºÉÆJªÉÉ
EòɪÉÇEòÉ®Ò ÊxÉnä¶ÉEò 1
MÉè®EòɪÉÇEòÉ®Ò ÊxÉnä¶ÉEò
l ºÉ®EòÉ® xÉÉʨÉiÉ ÊxÉnä¶ÉEò
1
2
l º´ÉiÉÆjÉ ÊxÉnä¶ÉEò

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 92

Changes in Key Management Persons as per IRDAI Guidelines:

Sl. Name of KMP Date of Appointment & Date of Cessation

Designation
1. Shri S.K. Samantaray, Appointed as General Manager
General Manager on 09.07.2018
(Transferred to Agriculture
Insurance Company Limited as
General Manager on deputation
for the period from 28.09.2018 to Retired on 30.06.2020
07.01.2020).
Re-joined as General Manager
effective 09.01.2020
Appointed as Chief Risk Officer
on 01.02.2020
2. Shri Malay Kumar Poddar, Joined as General Manager Transferred to Agriculture
General Manager (on deputation from AICL) on Insurance Company of India
01.10.2018 Limited as CMD on 18.12.2019
3. Shri Ashok Kumar Lahoty, Appointed as Actuary on
up to 06.01.2020
General Manager 10.04.2019
Joined as Appointed Actuary on
Till date
07.01.2020
4. Shri J. Sengupta, Appointed as Chief Risk Officer
Retired on 31.01.2020
Deputy General Manager on 22.09.2016
5. Shri Peter Chittaranjan, Joined as General Manager on
General Manager 27.07.2020
Till date
Appointed as Chief Risk Officer
on 11.08.2020

NUMBER OF BOARD & COMMITTEE MEETINGS CONDUCTED DURING THE FINANCIAL YEAR
2019-20:
Statement showing number of Board & Committee meetings held during the financial year 2019-20 is
appended as Annexure-D to this Report.
COMPOSITION OF THE BOARD:
The Board of the Company comprises of Executive and Non-Executive Directors. The composition of the
Board on the date of adoption of this Report is as follows:

Category Number of Directors

Executive Director 1
Non-Executive Director
l Government Nominee Director 1
l Independent Director 2

93 ANNUAL REPORT 2019-20

ÊxÉnä¶ÉEòÉå B´ÉÆ |ɤÉÆvÉxÉ Eäò |ɨÉÖJÉ ´ªÉÊHòªÉÉå Eäò {ÉÉÊ®¸ÉʨÉEò (EäòB¨É{ÉÒ+Éå):
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EòɪÉÇEòÉ®Ò ÊxÉnä¶ÉEò +Éè® EäòB¨É{ÉÒ+Éå ±ÉäiÉä ½é*
MÉè®EòɪÉÇEòÉ®Ò ÊxÉnä¶ÉEò ºÉ®EòÉ®Ò ÊxɪɨÉÉå Eäò +xÉÖºÉÉ® ʺÉË]MÉ ¡òÒºÉ EòÉ ¦ÉÖMÉiÉÉxÉ ¤ÉÉäbÇ B´ÉÆ ºÉ¤ÉEòʨÉÊ]ªÉÉå EòÒ ¤Éè`EòÉå ¨Éå ¦ÉÉMÉ ±ÉäxÉä
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VÉÉiÉÉ ½è* ½É±ÉÉÆÊEò ºÉ®EòÉ® uÉ®É xÉÉʨÉiÉ ÊxÉnä¶ÉEò B´ÉÆ ¤ÉéEò Eäò |ÉÊiÉÊxÉÊvÉ Eäò °{É ¨Éå º´ÉiÉÆjÉ ÊxÉnä¶ÉEò EòÉä
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½É±ÉÉÆÊEò ¸ÉÒ Ê¶É´É®É¨ÉxÉ ¨É½Énä´ÉxÉ EòÉä Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 ¨Éå 11 ¤ÉÉäbÇ B´ÉÆ 26 ºÉʨÉÊiÉ EòÒ ¤Éè`EòÉå
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{ÉÉìʱɺÉÒvÉÉ®EòÉå Eäò ºÉÖ®IÉÉ ºÉʨÉÊiÉ Eäò ºÉnºªÉ ({ÉÒBSÉ{ÉÒºÉÒ) ¦ÉÒ ½é* =xÉEòÒ Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 Eäò nÉè®ÉxÉ, =x½å {ÉÒBSÉ{ÉÒºÉÒ EòÒ 03 (iÉÒxÉ) ¤Éè`EòÉå
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ÊEòªÉÉ MɪÉÉ ½è*
ÊxÉnä¶ÉEòÉå B´ÉÆ |ɤÉÆvÉxÉ Eäò |ɨÉÖJÉ ´ªÉÊHòªÉÉå Eäò {ÉÉÊ®¸ÉʨÉEò Ê´É´É®hÉ:

31 ¨ÉÉSÉÇ 2020 EòÉä EòÉì{ÉÉäÇ®ä] |ɶÉɺÉxÉ {É® +É<Ç+É®bÒB+É<Ç Eäò +xÉÖºÉÉ® {ÉÉÊ®¸ÉʨÉEò Ê´É´É®hÉ-

Gò.ºÉÆ. ÊxÉnä¶ÉEò/EäòB¨É{ÉÒ EòÉ xÉÉ¨É {ÉnxÉÉ¨É EÖò±É {ÉÉÊ®¸ÉʨÉEò (`)

1. ¸ÉÒ¨ÉiÉÒ iÉËVÉn® ¨ÉÖJÉVÉÔ +vªÉIÉ-ºÉ½-|ɤÉÆvÉ ÊxÉnä¶ÉEò 30,20,352
2. ¸ÉÒ ÊºÉrÉlÉÇ |ÉvÉÉxÉ {ÉÚhÉÇEòÉʱÉEò ÊxÉnä¶ÉEò 27,01,109
¸ÉÒ VÉÉìxÉ {ÉÖʱÉxlÉxÉ¨É 11,04,785
3. {ÉÚhÉÇEòÉʱÉEò ÊxÉnä¶ÉEò
(31 +MɺiÉ 2019 iÉEò)
4.
¸ÉÒ BºÉ Eäò ºÉɨÉÆiÉ®ÉªÉ ¨É½É|ɤÉÆvÉEò ´É 6,46,494
(9 VÉxÉ´É®Ò 2020 ºÉä) ¨ÉÖJªÉ VÉÉäÊJÉ¨É +ÊvÉEòÉ®Ò
¨É½É|ɤÉÆvÉEò ´É 26,32,579
5. ¸ÉÒ {ÉÒ Ê´ÉVÉªÉ EÖò¨ÉÉ®
¨ÉÖJªÉ Ê´ÉkÉÒªÉ +ÊvÉEòÉ®Ò
¨É½É|ɤÉÆvÉEò ´É 27,35,279
6. ¸ÉÒ¨ÉiÉÒ ºÉÖxÉÒiÉÉ iÉÖ±ÉÒ xÉÉMÉ{ÉɱÉ
¨ÉÖJªÉ ÊxÉ´Éä¶É +ÊvÉEòÉ®Ò
7.
¸ÉÒ +¶ÉÉäEò EÖò¨ÉÉ® ±ÉɽÉä]Ò ¨É½É|ɤÉÆvÉEò ´É 66,26,450
(10 +|Éè±É 2019 ºÉä |ɦÉÉ´ÉÒ) ÊxɪÉÖHò BCSÉÖ+®Ò
¸ÉÒ VÉä ºÉäxÉMÉÖ{iÉÉ 22,72,792
8. ¨ÉÖJªÉ VÉÉäÊJÉ¨É +ÊvÉEòÉ®Ò
(31 VÉxÉ´É®Ò 2020 iÉEò)
9. ¸ÉÒ nä´ÉµÉiÉ Eò® ¨ÉÖJªÉ +xÉÖ{ÉɱÉxÉ +ÊvÉEòÉ®Ò 20,55,637
10. ¸ÉÒ¨ÉiÉÒ ®ÒxÉÉ ¨ÉÊbªÉÉ EÆò{ÉxÉÒ ºÉÊSÉ´É 16,66,128

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 94

REMUNERATION TO DIRECTORS & KEY MANAGEMENT PERSONS (KMPS) :

Chairman-cum-Managing CMD & Government Nominee Directors draw their remuneration as

Director
Executive Directors & KMPs
Non-executive Directors
per the Central Govt. norms. Executive Director & KMP also draw their
remuneration as per the norms of the Company.
Sitting fees is paid for attending the meeting of Board & sub- committees
of the Board as per Government norms i.e., `20,000/- per Board
Meeting & `10,000/- per Committee Meeting. However, no sitting fee
is paid to the government nominee director and non-executive director
representing bank.
However, an amount of `4,80,000/- (excluding TDS) has been paid
to Shri Sivaraman Mahadevan for attending 11 Board Meetings & 26
Committee meetings held during the financial year 2019-20.
Further, an amount of `4,20,000/- (excluding TDS) has been paid to
Shri Sudhakar Pahi for attending 11 Board Meetings & 20 Committee
meetings held during the financial year 2019-20.

Shri Udayan Mukhopadhyay is an expert/ sitting fees for attending the Committee meeting.
representative of customers and also a member of During the financial year 2019-20, he has been paid
Policyholder Protection Committee (PHPC). As per sitting fees amounting to `30,000/- for attending 3
the terms of his appointment, `10.000/- is paid as (three) meetings of the PHPC.
REMUNERATION DETAILS TO THE DIRECTORS & KEY MANAGEMENT PERSONS:
Remuneration details as per IRDAI on Corporate Governance as on 31st March 2020-

Sl. Name of the Directors/KMPs Designation Total Remuneration (`)

1. Smt. Tajinder Mukherjee Chairman-cum-Managing Director 30,20,352
2. Shri Sidharth Pradhan Whole-time Director 27,01,109
Shri John Pulinthanam
3. Whole-time Director 11,04,785
(upto 31st August 2019)
Shri S.K. Samantaray General Manager &
4. 6,46,494
(from 9th January 2020) Chief Risk Officer
General Manager &
5. Shri P. Vijaya Kumar 26,32,579
Chief Financial Officer
General Manager &
6. Smt. Sunita Tuli Nagpal 27,35,279
Chief Investment Officer
Shri Ashok Kumar Lahoty General Manager &
7. 66,26,450
(w.e.f. 10th April 2019) Appointed Actuary
Shri J. Sengupta
8. Chief Risk Officer 22,72,792
(upto 31st January 2020)
9 Shri Debabrata Kar Chief Compliance Officer 20,55,637
10. Smt. Rina Madia Company Secretary 16,66,128

95 ANNUAL REPORT 2019-20

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´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 96

COMMITTEES OF THE BOARD:
AUDIT COMMITTEE (Mandatory):
The Audit Committee has been re-constituted by
the Board and comprises of the following members
as on the date of adoption of this Report-
l Shri Sivaraman Mahadevan (Chairman)
l Shri Saurabh Mishra
l Shri Sudhakar Pahi
INVESTMENT COMMITTEE (Mandatory):
The Investment Committee has been re-constituted
by the Board and comprises of the following
members as on the date of adoption of this Report-
l Smt. Tajinder Mukherjee (Chairperson)
l Shri Saurabh Mishra
l Shri Sivaraman Mahadevan
l Shri P. Vijaya Kumar (Chief Financial Officer)
l Smt. Sunita Tuli Nagpal (Chief Investment Officer)
l Shri Peter Chittaranjan (Chief Risk Officer)
l Shri Ashok Kumar Lahoty (Appointed Actuary)
RISK MANAGEMENT COMMITTEE (Mandatory):
The Risk Management Committee has been re-
constituted by the Board and comprises of the
following members as on the date of adoption of
this Report-
l Smt. Tajinder Mukherjee (Chairperson)
l Shri Saurabh Mishra
l Shri Sudhakar Pahi
l Shri Peter Chittaranjan, Chief Risk Officer
POLICYHOLDER PROTECTION COMMITTEE
(Mandatory):
The Policyholder Protection Committee has been
re-constituted by the Board and comprises of the
following members as on the date of adoption of this
Report-
l Shri Sivaraman Mahadevan (Chairman)
l Smt. Tajinder Mukherjee
97
l Shri Saurabh Mishra
l Shri Udayan Mukhopadhyay (Invitee)
CORPORATE SOCIAL RESPONSIBILITY
committee (Mandatory):
The Corporate Social Responsibility Committee has
been re-constituted by the Board and comprises of
the following members as on the date of adoption of
this Report-
l Shri Tajinder Mukherjee (Chairperson)
l Shri Sivaraman Mahadevan
l Shri Sudhakar Pahi
The Company has been taking keen initiative
in implementing its CSR activities in line with the
provision of Section 135 of the Companies Act, 2013
and Rules made thereunder. The Annual Report
detailing the CSR activities during the financial year
2019-20 is appended as Annexure-E to this Report.
HR COMMITTEE:
The HR Committee has been re-constituted by the
Board and comprises of the following members as
on the date of adoption of this Report-
l Smt. Tajinder Mukherjee (Chairperson)
l Shri Sivaraman Mahadevan
l Shri Sudhakar Pahi
IT COMMITTEE:
The IT Committee has been re-constituted by the
Board and comprises of the following members as
on the date of adoption of this Report-
l Smt. Tajinder Mukherjee (Chairperson)
l Shri Saurabh Mishra
l Shri Sivaraman Mahadevan
l Shri Sudhakar Pahi
PROPERTY REVIEW COMMITTEE:
The Property Review Committee has been re-
constituted by the Board and comprises of the
following members as on the date of adoption of
this Report-
ANNUAL REPORT 2019-20
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´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 98

 l Smt. Tajinder Mukherjee (Chairperson)
l Shri Saurabh Mishra
l Shri Sudhakar Pahi
REMUNERATION COMMITTEE:
Remuneration Committee was constituted by the
Company in the year 2008 for determining the
Performance Linked Incentive of Chairman-cum-
Managing Director which is based on the Ministry’s
Performance Evaluation Matrix.
During the year, the Remuneration Committee has
been re-constituted by the Board and the Committee
on the date of adoption of this Report comprises of
the following members-
l Shri Saurabh Mishra (Chairman)
l Shri Sivaraman Mahadevan
l Shri Sudhakar Pahi
NOMINATION AND REMUNERATION COMMITTEE
(Mandatory):
The Nomination and Remuneration Committee has
been re-constituted by the Board and comprises of
the following members as on the date of adoption of
this Report-
l Shri Sivaraman Mahadevan (Chairman)
l Shri Saurabh Mishra
l Shri Sudhakar Pahi
ASSET LIABILITY MANAGEMENT COMMITTEE:
In line with the provision of IRDAI Guidelines on
Corporate Governance dated 18th May 2016, which
lays down that where an insurer does not constitute
the ALM Committee, the functions of ALM shall
form part of the Risk Management Committee. In
view of this, the Board constituted an ‘Asset Liability
Management Committee’ at its meeting held on 2nd
March 2020 which shall specifically look after the
functions of the ALM Committee.
This Committee was re-constituted by the Board on
18th September 2020 and it consists of the following
members on the date of adoption of the Report-
l Smt Tajinder Mukherjee, CMD (Chairperson)
99
l Shri Sivaraman Mahadevan
l Shri Sudhakar Pahi
l Shri P. Vijaya Kumar, Chief Financial Officer
l Smt Sunita Tuli Nagpal, Chief Investment Officer
l Shri Peter Chittaranjan, Chief Risk Officer
l Shri Ashok Kumar Lahoty, Appointed Actuary
STAKEHOLDERS RELATIONSHIP COMMITTEE:
In line with the provisions of Regulation 20(1)
of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and Rules made
there under, the Board constituted ‘Stakeholders
Relationship Committee’ at its meeting held on 13th
February 2018 which requires that a listed entity
shall constitute such Committee to specifically look
into the mechanism of redressal of grievances of
shareholders, debenture holders and other security
holders. Later, this Committee was discontinued
by the Board at its meeting held on 14th December
2019 and therefore this Committee has not met in
the year 2019-20.
CODE OF CONDUCT:
The Company has formulated a Code of Conduct
for Board of Directors and Senior Management,
in compliance with Regulation 17(5) of SEBI
(Listing Obligations and Disclosure Requirements)
Regulations, 2015 as a measure towards good
corporate governance. The Code of Conduct is also
displayed on our website.
ANNUAL DECLARATION MADE BY INDEPENDENT
DIRECTORS:
During the financial year 2019-20, the Company has
received annual declarations from Shri Sivaraman
Mahadevan and Shri Sudhakar Pahi, Independent
Directors of the Company in terms of the provision
of Section 149(7) of the Companies Act, 2013.
SEBI GUIDELINES:
As the Company has listed its Non-convertible
Debentures on BSE Limited & National Stock
Exchange of India Limited, we need to comply
with the provisions of Securities and Exchange
Board of India (Listing Obligations and Disclosure
ANNUAL REPORT 2019-20
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Requirements) Regulations, 2015 as contained in
Chapter III & V. We are also complying with some
of the provisions as contained in Chapter IV of the
SEBI Regulations, 2015 as a measure towards good
corporate governance and for better transparency
to the stakeholders of the Company.
STATUTORY AUDITORS:
M/s. De & Bose, Chartered Accountants, was re-
appointed and M/s. Guha Nandi & Co., Chartered
Accountants, was newly appointed as Statutory
Auditors of the Company in place of M/s. Saha
Ganguli & Associates, Chartered Accountants for
the financial year 2019-20 by the Comptroller &
Auditor General of India in terms of Section 139
of the Companies Act, 2013. Further, appointed/
EXPLANATION ON THE COMMENTS MADE BY THE SECRETARIAL AUDITOR IN THEIR REPORT
DATED 7TH SEPTEMBER 2020:
Sl. Comments made by Secretarial Auditor
1. Half-yearly Financial Results for half
year ended 30th September 2019 were
not submitted to stock exchanges within
the prescribed time of 45 days from the
end of the half year as required under
Regulation 52 of LODR.
re-appointed of Auditors is made for the various
Regional offices, Operating offices and foreign
branches. The Board of Directors conveys their
sincere appreciation to the Auditors for their valuable
guidance and support.
SECRETARIAL AUDITOR:
In terms of the provision of Section 204 of
the Companies Act, 2013, M/s S.M. Gupta &
Co., Practicing Company Secretaries, Kolkata
(Membership No.FCS-896; COP No.2053) has
been appointed as the Secretarial Auditor to conduct
Secretarial Audit of the Company for the financial
year ended 31st March 2020. The Secretarial Audit
Report in Form MR-3 for the financial year 2019-20
is appended as Annexure-F to this Report.
Management’s Reply
The Half-yearly financial results of the Company for half
year ended 30th September 2019 could not be adopted
within the time period owing to concurrent running of
two IT system in the Company and data obtained for
arriving at IBNR provisions was found to be erroneous.
The Company decided to re-do the process of data
extraction and correction of logics which resulted
in delay in sending the data to the Actuaries for their
valuation. Further, the Accounts are finalized only after
the receipt of the final IBNR/IBNER provisions from the
Actuaries.
The above fact for the delay in adoption of the Half-
yearly Accounts for the period ended 30.09.2019 was
informed by the Company to the Exchange vide letter
dated 3rd January 2020 with a request for condoning the
delay.
It is submitted that the Board has adopted the half-yearly
financial results for the half year ended 30th September
2019 at its Board Meeting held on 21st March 2020.
101 ANNUAL REPORT 2019-20
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102
2. Annual/Half-year Financial Results,
Limited Review and Annual Audited
Accounts etc. for the financial year ended
31.03.2020 were not submitted to stock
exchanges within the extended time upto
31.07.2020 and consequential filings
and other compliances related thereto
as required under Regulation 52 and
Regulation 57 of LODR.
3. No Debenture Redemption Reserve
(DRR) has been created by the Company
as required under Section 71(4) of the
Companies Act, 2013 and the Rules
made there under.
4. IRDAI had conducted an on-site inspection
of the Company from 20.01.2020 to
24.01.2020 and had observed non-
compliances of certain IRDAI Guidelines,
Rules and Regulations. Thereafter,
IRDAI had issued a letter and mail dated
04.06.2020 and the Company replied to
the same vide its mail dated 03.07.2020.
The present status of the matter is not
known to us.
5. The Internal Audit and Internal Control
Systems of the Company are required to
be strengthened.
In addition to the reasons cited in point no.1 above,
nation-wide lockdown owing to Covid-19 Pandemic has
resulted in the delay in completion of the audit process.
Further, we are also losing on working days due to
lockdown in the month of July, August & September
2020 in the State of West Bengal which has affected the
finalization of Accounts. (Regulation 52).
The Company has paid interest to the debenture holders
on its due date i.e., 27th March 2020. [Regulation 57(1)].
In this regard, the Company has intimated to the stock
exchange on 13th April 2020. This delay was due to
nationwide lockdown owing to Covid-19.
In terms of Regulation 57(2) of SEBI (LODR) Regulations,
2015, we will be submitting an undertaking to the stock
exchange on annual basis that all documents and
intimations were provided to the Debenture Trustee (i.e.,
SBICAP Trustee Co. Ltd.) after the adoption of Annual
Accounts for the financial year ended 31st March 2020.
No DRR was created as the Company has issued and
allotted Non-convertible Debentures to the tune of `895
crores on 27th March 2017. Further, for the financial
years 2017-18 & 2018-19, the Company did not make
any profit.
Steps have already been taken to comply with the
observations made by IRDAI in their report.
Agendas in compliance thereof have been placed in
various sub-Committees of the Board i.e., Policyholder
Protection Committee, Asset Liability Management
Committee & Risk Management Committee on 29th
June 2020. We will ensure full compliance of the IRDAI’s
advisories as contained therein and the same shall be
reported to the Board.
The management of the Company has taken note of
this suggestion.
103 ANNUAL REPORT 2019-20
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¨ÉÉvªÉ¨É ºÉä VÉ´ÉÉ¤É ÊnªÉÉ MɪÉÉ ½è*
<ºÉ ¨ÉɨɱÉä ¨Éå +ÆÊiÉ¨É ºÉÖxÉ´ÉÉ<Ç 6 ¨ÉÉSÉÇ 2017 EòÉä +ɪÉÉäÊVÉiÉ EòÒ MÉ<Ç lÉÒ +Éè®
+ÆÊiÉ¨É ¤ÉÉ® 10 +MɺiÉ 2017 EòÉä ºÉÚSÉÒ¤Ér EòÒ MÉ<Ç lÉÒ* EÆò{ÉxÉÒ uÉ®É EòÉ=Æ]®
nɪɮ ÊEòªÉÉ MɪÉÉ ½è* ªÉ½ ÊxɪÉiÉ ºÉ¨ÉªÉ ¨Éå +ÆÊiÉ¨É ºÉÖxÉ´ÉÉ<Ç Eäò ʱÉB +ÉBMÉÉ*
EÆò{ÉxÉÒ Eäò EÖò±É ´ªÉªÉ, ÊVɺɨÉå |ɤÉÆvÉxÉ +Éè® +ɪÉÉäMÉ Eäò ´ªÉªÉ ¶ÉÉÊ¨É±É ½é (ºÉEò±É
+Éè® {ÉÖxɤÉÔ¨ÉÉ º´ÉÒEÞòÊiÉ ´ªÉ´ÉºÉÉªÉ {É®), ¯. 5,441.05 Eò®Éäc ¯{ɪÉä EòÒ ®ÉʶÉ
|ɤÉÆvÉxÉ Eäò JÉSÉÇ EòÒ EÖò±É ºÉÒ¨ÉÉ 4,559.23 Eò®Éäc ¯{ÉB ºÉä +ÊvÉEò ½è VÉÉä
+É<Ç+É®bÒB+É<Ç (<¶ªÉÉä®åºÉ +Éì¡ò ¨ÉèxÉäVɨÉå] +Éì¡ò ]ÅÉƺÉVÉåbºÉÇ ]ÅÉÆVÉèC¶ÉxÉ VÉxÉ®±É
ªÉÉ ½ä±lÉ <ƶªÉÉä®åºÉ ʤÉVÉxÉäºÉ) ®äMÉÖ±Éä¶ÉƺÉ, 2016 Eäò iɽiÉ MÉhÉxÉÉ ÊEòB MÉB*
EÆò{ÉxÉÒ xÉä ºÉäMɨÉå]±É ÊbÊ´ÉB¶ÉÆºÉ EòÉä Gò¨É¶É: 1,261.64 Eò®Éäc ¯ {ɪÉä +Éè® Ê´ÉkÉ
´É¹ÉÇ 2019-20 Eäò ʱÉB ºÉäMɨÉå]±É +±ÉÉ=ÆºÉ Ê±ÉʨÉ] Eäò >  {É® 6.43 Eò®Éäc ¯{ɪÉä
+Éè® Ê´ÉkÉ ´É¹ÉÇ 2018-19 Eäò ʱÉB Gò¨É¶É: ÊxɨxÉʱÉÊJÉiÉ ºÉäMɨÉå] ¨Éå Ê®{ÉÉä]Ç ÊEòªÉÉ*
ºÉƤÉÆÊvÉiÉ ´É¹ÉÉäÈ Eäò ʱÉB =Hò ®É榃 EòÉä ±ÉÉ¦É +Éè® ½ÉÊxÉ JÉÉiÉä ¨Éå ±ÉMÉɪÉÉ MɪÉÉ ½è:
104
6. IRDAI has issued a Show Cause Notice
to the Company on 13.01.2020 under
Section 14(2)(e) of the IRDA Act, 1999
and the Regulations made thereunder
on Reserves booked as at 31.12.2018
seeking its reply to the Show Cause
Notice within 21 days from the receipt
of the said notice. The Company replied
to the Show Cause on 31.01.2020.
Subsequently, an order has been passed
by the IRDAI on 12.08.2020 inter alia
giving certain directions to the company
in the matter.
7. IRDAI has also sent letters to the
Company on 29.11.2019 containing an
Order for deviations on Information and
cyber security systems, 06.12.2019
about Re-insurance Programme and
13.01.2020 on Return of Expenses of
Management and pointing out deviations
of these Regulations and also for their
rectification. The Company is required
to comply with the Rules, Regulations
and Guidelines of IRDAI by improving
its composite corporate compliance
mechanism.
8. The matter of appeal filed by The
Competition Commission of India before
the Hon’ble Supreme Court of India is still
sub-judice.
9. The Company has spent a sum of
`1261.64 crores in excess of the Cap on
administrative expenses of the Company
prescribed by IRDAI during the F.Y. 2019-
20 and the corresponding figures for the
F.Y 2018-19 was `6.43 crores.
The management vide their letter dated 31st January
2020 has responded to the show cause notice issued
by IRDAI on 13th January 2020.
IRDAIs Order dated 12th August 2020 was placed
before the Board at its meeting held on 10th September
2020 which cautioned the management that correct
procedure be followed for the calculation of reserves
including IBNR Claims Reserves.
The show cause notice of IRDAI dated 06.12.2019 &
13.01.2020 has been responded by the management
on 30.04.2020 & 05.02.2020 respectively. As regards,
the show cause notice dated 29.11.2019 the compliance
status with the various directives as contained therein
has been responded by the management through series
of mails.
The last hearing in this matter was held on 6th March
2017 and was last listed on 10th August 2017. Counter
has been filed by the Company. It will come up for final
hearing in due course.
The total expenses of the Company, comprising of
Expenses of Management and Commission (on Gross
& Reinsurance Acceptance business), amounting to
`5,441.05 Crores has exceeded the overall limits of
Expenses of Management amounting to `4,559.23
Crores, as computed under IRDAI (Expenses of
Management of Insurers Transacting General or Health
Insurance Business) Regulations, 2016.
The Company reported Segmental Deviations to the
tune of `1,261.64 Crores and `6.43 Crores above
the Segmental Allowable Limit for FY 2019-20 & FY
2018-19, respectively, in the following segments. The
said amounts have been charged to the Profit & Loss
Account for the respective years:
105 ANNUAL REPORT 2019-20
 EòɪÉÇIÉäjÉ |ɤÉÆvÉxÉ´ªÉªÉ º´ÉÒEòɪÉÇ ºÉÒ¨ÉÉ
ºÉä +ÊvÉEò
(` Eò®Éäc ¨Éå)
Ê´É.´É. Ê´É.´É.
2019-20 2018-19
+ÊMxÉ 107.33 -
¨É®ÒxÉ 6.16 6.43
½ä±lÉ (JÉÖn®É) 37.50 -
º´ÉɺlªÉ (ºÉ¨ÉÚ½/EòÉì{ÉÉäÇ®ä]) 387.30 -
Ê´ÉÊ´ÉvÉ (JÉÖn®É) 11.50 -
¨ÉÉä]® 711.85 -
EÖò±É 1261.64 6.43
10. +É<Ç+É®bÒB+É<Ç Ê´ÉÊxɪɨÉÉå EòÒ +ɴɶªÉEòiÉÉ Eäò +xÉÖºÉÉ® ´ÉiÉǨÉÉxÉ ¨Éå, EÆò{ÉxÉÒ Eäò nÉä º´ÉiÉÆjÉ ÊxÉnä¶ÉEò ½é*
BEò +Éè® º´ÉiÉÆjÉ ÊxÉnä¶ÉEò EòÒ ÊxɪÉÖÊHò EòÒ +ɴɶªÉEòiÉÉ ½è* EòÉì{ÉÉäÇ®ä] MÉ´ÉxÉÇåºÉ {É® +É<Ç+É®bÒB+É<Ç Ên¶ÉÉ-ÊxÉnæ¶ÉÉå Eäò +xÉÖºÉÉ® EÆò{ÉxÉÒ Eäò ¤ÉÉäbÇ
¨Éå iÉÒxÉ º´ÉiÉÆjÉ ÊxÉnä¶ÉEòÉå EòÒ +ɴɶªÉEòiÉÉ EòÉä |ɶÉɺÉÊxÉEò ¨ÉÆjÉÉ±ÉªÉ EòÉä ºÉÆn̦ÉiÉ
ÊEòªÉÉ MɪÉÉ ½è*
11. EÆò{ÉxÉÒ EòÒ ±ÉäJÉÉ {É®ÒIÉÉ ºÉʨÉÊiÉ Eäò {ÉÉºÉ EÆò{ÉxÉÒ +ÊvÉÊxɪɨÉ, VÉèºÉÉ ÊEò ¨Én ºÉÆJªÉÉ 10 ¨Éå Eò½É MɪÉÉ ½è*
2013 EòÒ vÉÉ®É 177 Eäò iɽiÉ +ɴɶªÉEò º´ÉiÉÆjÉ ÊxÉnä¶ÉEòÉå
EòÉ ¤É½Ö¨ÉiÉ xÉ½Ó ½è*
+ÉÆiÉÊ®Eò ±ÉäJÉÉ{É®ÒIÉEò: ´ÉÉ̹ÉEò Ê®]xÉÇºÉ EòÉ ÊxɹEò¹ÉÇ:
¸ÉÒ ®ÉVÉÒ´É MÉÖ{iÉÉ, ¨ÉÖJªÉ |ɤÉÆvÉEò, B¡òºÉÒB, (IA +Éè® ID) EòÉä 23 EÆò{ÉxÉÒ +ÊvÉÊxɪɨÉ, 2013 Eäò +xÉÖSUän 134(3)(B) Eäò +xÉÖºÉÉ®, Ê´ÉkÉÒªÉ
+|Éè±É 2018 EòÉä EÆò{ÉxÉÒ +ÊvÉÊxɪɨÉ, 2013 Eäò ÊxɪɨÉÉå EòÒ vÉÉ®É 138 ´É¹ÉÇ 2019-20 Eäò ´ÉÉ̹ÉEò Ê®]xÉÇºÉ EòÉ BEò ÊxɹEò¹ÉÇ |É{ÉjÉ B¨ÉVÉÒ]Ò-9 Eäò
Eäò |ÉÉ´ÉvÉÉxÉ Eäò +xÉÖ{ÉɱÉxÉ ¨Éå +ÉÆiÉÊ®Eò ±ÉäJÉÉ {É®ÒIÉEò Eäò °  {É ¨Éå ÊxɪÉÖHò °  {É ¨Éå <ºÉ Ê®{ÉÉä]Ç Eäò +xÉÖ¤ÉÆvÉB-VÉ Eäò ºÉÉlÉ ºÉƱÉMxÉ ½è*
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¸ÉÒ ®ÉVÉÒ´É MÉÖ{iÉÉ, ¨ÉÖJªÉ |ɤÉÆvÉEò EòÉä ±ÉJÉxÉ> IÉäjÉÒªÉ EòɪÉÉÇ±ÉªÉ ¨Éå IÉäjÉÒªÉ ÊxÉnä¶ÉEò ¨ÉÆb±É ¦ÉÉ®iÉ Eäò ÊxɪÉÆjÉEò B´ÉÆ ¨É½É±ÉäJÉÉ {É®ÒIÉEò, ±ÉäJÉÉ {É®ÒIÉÉ
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{É®ÒIÉÉ +Éè® ÊxÉ®ÒIÉhÉ Ê´É¦ÉÉMÉ ¨Éå iÉèxÉÉiÉ ½é, EòÉä ={É®ÉäHò |ÉÉ´ÉvÉÉxÉ Eäò ºÉ½ªÉÉäMÉ ½äiÉÖ ½ÉÌnEò vÉxªÉ´ÉÉn näiÉÉ ½è B´ÉÆ |ÉEò] Eò®iÉÉ ½è*
+xÉÖ{ÉɱÉxÉ ¨Éå 10 ʺÉiÉƤɮ, 2020 EòÉä EÆò{ÉxÉÒ Eäò +ÉÆiÉÊ®Eò ±ÉäJÉÉ {É®ÒIÉEò
Eäò °{É ¨Éå ÊxɪÉÖHò ÊEòªÉÉ MɪÉÉ ½è* ºÉƺÉn Eäò ºÉ¨ÉIÉ ´ÉÉ̹ÉEò Ê®{ÉÉä]Ç EòÉä ®JÉÉ VÉÉxÉÉ
´ªÉÊHò{É®Eò ¤ÉÒ¨ÉÉ Eäò |Én¶ÉÇxÉ EòÉ Ê´É´É®hÉ: EÆò{ÉxÉÒ +ÊvÉÊxɪɨÉ, 2013 Eäò +xÉÖSUän 394 Eäò iɽiÉ EÆò{ÉxÉÒ Eäò ´ÉÉ̹ÉEò
Ê®{ÉÉä]Ç B´ÉÆ ±ÉäJÉÉ EòÉä ºÉƺÉn Eäò nÉäxÉÉå ºÉnxÉÉå ¨Éå ®JÉÉ VÉÉBMÉÉ* Ê´ÉkÉÒªÉ ´É¹ÉÇ
´ªÉÊHò{É®Eò ¤ÉÒ¨ÉÉ Eäò |Én¶ÉÇxÉ EòÉ Ê´ÉºiÉÞiÉ Ê´É´É®hÉ <ºÉ Ê®{ÉÉä]Ç Eäò +xÉÖ¤ÉÆvÉ-U 2018-19 EòÒ ½¨ÉÉ®Ò EÆò{ÉxÉÒ EòÒ ´ÉÉ̹ÉEò Ê®{ÉÉä]Ç B´ÉÆ ÊxÉnä¶ÉEòÉå EòÒ Ê®{ÉÉä]Ç
¨Éå n¶ÉÉǪÉÉ MɪÉÉ ½è* EòÉä ®ÉVªÉ ºÉ¦ÉÉ B´ÉÆ ±ÉÉäEò ºÉ¦ÉÉ ¨Éå ÊxɨxÉÉxÉÖºÉÉ® ®JÉÉ MɪÉÉ ½è:

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 106

 Line of Business Expenses of
Management in
excess of Allowable
Limits
(` in crore)
FY FY
2019-20 2018-19
Fire 107.33 -
Marine 6.16 6.43
Health (Retail) 37.50 -
Health (Group/Corporate) 387.30 -
Miscellaneous (Retail) 11.50 -
Motor 711.85 -
Total 1261.64 6.43
10. As per the requirement of IRDAI At present, the Company has two Independent Directors.
Regulations one more Independent
The requirement to have three Independent Directors
Director is required to be appointed.
on the Company’s Board as per IRDAI Guidelines
on Corporate Governance has been referred to the
Administrative Ministry.
11. The Audit Committee of the Company Same as stated in point no.10 above.
does not have majority of Independent
Directors as required under Section 177
of the Companies Act, 2013.

INTERNAL AUDITOR: EXTRACT OF ANNUAL RETURN:

Shri Rajeev Gupta, Chief Manager, FCA, (IA & ID)
was appointed as an Internal Auditor on 23rd April
2018 in Compliance with the provision of Section
138 of the Companies Act, 2013 & Rules made
thereunder.
Consequent to the transfer of Shri Rajeev Gupta,
Chief Manager to Lucknow Regional Office as
Regional Manager, Shri T. Maheswar Rao, Chief
Manager, ACA, presently posted at Internal Audit
and Inspection department at Head Office has been
appointed as an Internal Auditor of the Company on
10th September, 2020 in compliance with the above
provision.
DETAILS OF PERFORMANCE OF PERSONAL
LINES INSURANCE:
The performance of Personal Lines Insurance is
detailed and shown in Annexure-G to this Report.
In accordance with Section 134(3)(a) of the
Companies Act, 2013, an extract of the Annual
Return in Form MGT-9 for the financial year 2019-
20 is appended as Annexure-H to this Report.
AUDIT BY COMPTROLLER AND AUDITOR-
GENERAL OF INDIA
The Board of Directors conveys their sincere thanks
to the Comptroller and Auditor-General of India,
the Chairman of the Audit Board, Principal Director
of Commercial Audit and ex-officio Member, Audit
Board-II, Kolkata for their valuable guidance and
co-operation.
PLACEMENT OF ANNUAL REPORT BEFORE
THE PARLIAMENT
The Annual Report & Accounts of the Company will
be placed before both the Houses of the Parliament
under Section 394 of the Companies Act, 2013. The

107 ANNUAL REPORT 2019-20

 ®ÉVªÉ ºÉ¦ÉÉ 3 ÊnºÉ¨¤É® 2019
±ÉÉäEò ºÉ¦ÉÉ 2 ÊnºÉ¨¤É® 2019
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(ÊVÉ{ºÉÉ), ºÉÉvÉÉ®hÉ ¤ÉÒ¨ÉÉ EòÉ=ÆÊºÉ±É +Éì¡ò <ÆÊbªÉÉ, ʺÉCªÉÖÊ®]Ò BCºÉSÉåVÉ
¤ÉÉäbÇ +Éì¡ò <ÆÊbªÉÉ (ºÉä¤ÉÒ), º]ÉìEò BCºÉSÉåVÉ, Êb{ÉÉìÊVÉ]®ÒVÉ, EäòÊb] ®äË]
MÉ BVÉåºÉÒVÉ, Êb¤ÉåSÉ® ]ź]ÒVÉ B´ÉÆ <x¶ªÉÉä®äxºÉ ®äMÉÖ±Éä]®Ò BÆb bä´Éä±É{ɨÉå]
+ÉìlÉÊ®]Ò +Éì¡ò <ÆÊbªÉÉ EòÉä =xÉEäò ºÉ½ªÉÉäMÉ +Éè® ¨ÉÉMÉÇn¶ÉÇxÉ näxÉä Eäò ʱÉB
EÞòiÉYÉ ½é +Éè® +ɦÉÉ® |ÉEò] Eò®iÉä ½é*

EÞòiÉä ÊxÉnä¶ÉEò ¨ÉÆb±É

(iÉÊVÉxn® ¨ÉÖJÉVÉÔ)
+vªÉIÉ-ºÉ½-|ɤÉÆvÉ ÊxÉnä¶ÉEò
(DIN: 08227563)

EòÉä±ÉEòÉiÉÉ
26 ʺÉiɨ¤É® 2020

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 108

Annual Report of our Company for the financial year
2018-19 along with the Directors’ Report has been
laid in the Rajya Sabha and Lok Sabha as under:
Rajya Sabha 3rd December 2019
Lok Sabha 2nd December 2019
ACKNOWLEDGEMENT
The Board of Directors wishes to place on record their
appreciation for the commendable work done by the
officers and other classes of employees comprising
of development officers and staff at all levels in
rendering efficient services to the policyholders
thereby contributing to the performance of the
Company. The directors also deeply appreciate
the confidence reposed in the Company by a wide
spectrum of its existing as well as the new client
base. The Directors acknowledge the excellent
support extended by overseas Reinsurers and the
General Insurance Corporation of India (GIC Re) as
the National Reinsurer in placement of Company’s
Reinsurance business. The Directors also thank to
the Debenture holders.
The Directors would also like to place on record
their gratitude and deep appreciation of the support
and guidance received from the senior officials
of the Insurance Division, Ministry of Finance,
Department of Financial Services, Government
of India and General Insurers’ (Public Sector)
Association of India (GIPSA), General Insurance
Council of India, Security Exchange Board of India
(SEBI), Stock Exchanges, Depositories, Credit
Rating Agencies, Debenture Trustees and from the
Insurance Regulatory and Development Authority of
India (IRDAI) in the management of the affairs of the
Company.

For and on behalf of the Board of Directors

(Tajinder Mukherjee)
Chairman-cum-Managing Director
(DIN: 08227563)
Kolkata
26th September 2020

109 ANNUAL REPORT 2019-20

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(+É<Ç+É®bÒB+É<Ç Eäò {ÉÊ®{ÉjÉ ÊnxÉÉÆEò 28 VÉxÉ´É®Ò, 2010 Eäò +xÉÖ{ÉɱÉxÉ Eäò +ɱÉÉäEò ¨Éå)

¨Éé ®ÒxÉÉ ¨ÉÉÊbªÉÉ, BiÉuÉ®É |ɨÉÉÊhÉiÉ Eò®iÉÒ ½ÚÆ ÊEò xÉä¶ÉxÉ±É <x¶ªÉÉä®äxºÉ Eò¨{ÉxÉÒ Ê±ÉʨÉ]äb xÉä ºÉ¨ÉªÉ-ºÉ¨ÉªÉ {É® ºÉƶÉÉäÊvÉiÉ ¤ÉÒ¨ÉÉ Eò¨{ÉÊxɪÉÉå ½äiÉÖ EòÉì®{ÉÉä®ä]
MÉ´É®xÉåºÉ EòÉ +xÉÖ{ÉɱÉxÉ ÊEòªÉÉ ½è +Éè® ÊEòºÉÒ ¦ÉÒ ºÉÚSÉxÉÉ ÊU{ÉɪÉÉ ªÉÉ n¤ÉɪÉÉ xÉ½Ó ½è*

(®ÒxÉÉ ¨ÉÉÊbªÉÉ)
Eò¨{ÉxÉÒ ºÉÊSÉ´É

ÊnxÉÉÆEò: 26 ʺÉiɨ¤É®, 2020

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 110

 ANNEXURE – A

CEO & CFO CERTIFICATION

(In compliance of the IRDAI circular dated 28th January, 2010)

We do hereby certify that to the best of our knowledge & belief the financial results for the year ended 31st
March 2020 as placed before the Board of Directors of the Company do not contain any false or misleading
statement or figures. Further, to the best of our knowledge & information the said financial statements do
not omit any material fact which may make the statement(s) or figures contained therein misleading.

(P. Vijaya Kumar) (Tajinder Mukherjee)

Chief Financial Officer Chief Executive Officer

Date: 26th September 2020

ANNEXURE – B

CERTIFICATION FOR COMPLIANCE OF THE CORPORATE GOVERNANCE GUIDELINES

(In compliance of the IRDAI circular dated 29th January, 2010)

I, Rina Madia, hereby certify that National Insurance Company Limited has complied with the corporate
governance guidelines for Insurance Companies, as amended from time to time, and nothing has been
concealed or suppressed.

(Rina Madia)
Company Secretary

Date: 26th September 2020

111 ANNUAL REPORT 2019-20

 +xÉÖ±ÉMxÉEò - MÉ
¡òɨÉÇ ºÉÆ. B+ÉäºÉÒ-2
(Eò¨{ÉxÉÒ (±ÉäJÉÉ) ÊxɪɨÉÉå, 2014 Eäò ÊxÉªÉ¨É 8(2) B´ÉÆ +ÊvÉÊxÉªÉ¨É 134 Eäò ºÉ´É ºÉäC¶ÉxÉ (3) Eäò C±ÉÉìVÉ (BSÉ) Eäò Gò¨É ¨Éå)
ºÉƤÉÆÊvÉiÉ {ÉIÉÉå Eäò ºÉÉlÉ Eò®É®Éå/´ªÉ´ÉºlÉÉ+Éå ¨Éå Eò¨{ÉxÉÒ uÉ®É |É´Éä¶É Eò®xÉä ºÉƤÉÆvÉÒ Ê´É´É®hÉÉå EòÉä |ÉEò] Eò®xÉä ºÉä ºÉƤÉÆÊvÉiÉ ¡òÉì¨ÉÇ VÉÉä Eò¨{ÉxÉÒ +ÊvÉÊxɪɨÉ, 2013
Eäò +xÉÖSUän 188 Eäò ºÉ´É ºÉäC¶ÉxÉ (1) ¨Éå ºÉÆn̦ÉiÉ ½è ÊVɺɨÉå Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 Eäò iÉÞiÉÒªÉ ÊxÉªÉ¨É Eäò +ÆiÉMÉÇiÉ ÊxÉʶSÉiÉ º´ÉiÉÆjÉ ±ÉäxÉnäxÉ EòÒ MÉ<Ç ½è*
1. Êxɹ{ÉIÉ +ÉvÉÉ® {É® Eò®É® ªÉÉ ´ªÉ´ÉºlÉÉ+Éå ªÉÉ ±ÉäxÉnäxÉ EòÉ Ê´É´É®hÉ:
Gò¨É Ê´É´É®hÉ ´ªÉÉè®É
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JÉ) Eò®É®/ ´ªÉ´ÉºlÉÉBÆ/ ±ÉäxÉnäxÉ EòÉ º´É°{É ¶ÉÚxªÉ
MÉ) Eò®É®/ ´ªÉ´ÉºlÉÉBÆ/ ±ÉäxÉnäxÉ EòÒ +´ÉÊvÉ ¶ÉÚxªÉ
PÉ) Eò®É® EòÒ ¨ÉÖJªÉ ʴɶÉä¹ÉiÉÉBÆ ªÉÉ ´ªÉ´ÉºlÉÉBÆ ªÉÉ ¨ÉÚ±ªÉ ºÉ¨ÉäiÉ ±ÉäxÉnäxÉ, ªÉÊn EòÉä<Ç ½Éä iÉÉä, ¶ÉÚxªÉ
R) BäºÉä Eò®É® ªÉÉ ´ªÉ´ÉºlÉÉ+Éå ªÉÉ ±ÉäxÉnäxÉ ¨Éä ¶ÉÉÊ¨É±É ½ÉäxÉä EòÉ IÉäjÉÉÊvÉEòÉ® ¶ÉÚxªÉ
SÉ) ¤ÉÉäbÇ uÉ®É nÒ MÉ<Ç ¨ÉÆVÉÚ®Ò EòÒ iÉÉ®ÒJÉ ¶ÉÚxªÉ
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VÉ) ´É½ iÉÉ®ÒJÉ ÊVÉºÉ {É® ºÉÉvÉÉ®hÉ ¤Éè`Eò ¨Éå ʴɶÉä¹É |ɺiÉÉ´É {ÉÉÊ®iÉ ÊEòªÉÉ MɪÉÉ VÉÉä vÉÉ®É 188 Eäò +ÆiÉMÉÇiÉ |ÉlÉ¨É |ÉÉ´ÉvÉÉxÉ Eäò °  {É ¶ÉÚxªÉ
¨Éå +ɴɶªÉEò lÉÉ*
2. Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 Eäò Eò®É® ªÉÉ ´ªÉ´ÉºlÉÉBÆ ªÉÉ ±ÉäxÉnäxÉ EòÉ Ê´É´É®hÉ:
ºÉƤÉÆÊvÉiÉ {ÉIÉ Eäò ºÉƤÉÆvÉ EòÉ Eò®É®/´ªÉ´ÉºlÉÉBÆ/ Eò®É®/´ªÉ´ÉºlÉÉBÆ/ Eò®É® EòÒ ¨ÉÖJªÉ ¤ÉÉäbÇ uÉ®É nÒ MÉ<Ç +ÊOÉ¨É Eäò °  {É ¨Éå
xÉÉ¨É º´É°  {É ±ÉäxÉnäxÉ EòÉ º´É°  {É ±ÉäxÉnäxÉ EòÒ +´ÉÊvÉ Ê´É¶Éä¹ÉiÉÉBÆ ªÉÉ ¨ÉÆVÉÚ®Ò EòÒ iÉÉ®ÒJÉ ¦ÉÖMÉiÉÉxÉ EòÒ MÉ<Ç
´ªÉ´ÉºlÉÉBÆ ªÉÉ ¨ÉÚ±ªÉ ®ÉʶÉ, ªÉÊn EòÉä<Ç
ºÉ¨ÉäiÉ ±ÉäxÉnäxÉ, ªÉÊn ½Éä iÉÉä
EòÉä<Ç ½Éä iÉÉä
½ä±lÉ <x¶ªÉÉä®äxºÉ ºÉ½ÉªÉEò Eò¨{ÉxÉÒ {ɽ±ÉÒ ¨ÉÆÊVÉ±É xÉä¶ÉxÉ±É |ÉiªÉäEò 5 ´É¹ÉÇ Eäò ¤ÉÉn {É^ä Eò®É® EòÉä Êxɹ{ÉÉÊniÉ +ÉìÊb] Eò¨Éä]Ò xÉä 3 ¨É½ÒxÉä EòÉ ¨ÉÚ±É
]Ò{ÉÒB +Éì¡ò <x¶ªÉÉä®äxºÉ ʤÉ˱bMÉ {É^ä ÊEò®ÉªÉÉ ¨Éå 25% +Éè® {ÉÆVÉÒEÞòiÉ ÊEòªÉÉ 20 ¨É<Ç, 2019 EòÉä ÊEò®ÉªÉÉ @ °. 105
<ÆÊbªÉÉ Ê±ÉʨÉ]äb (°  ¤ÉÒ ½É=ºÉ), 8, EòÉ ´ÉÞÊr (5+5+5) MɪÉÉ ½è* {É^ävÉÉ®Eò +ɪÉÉäÊVÉiÉ +{ÉxÉÒ |ÉÊiÉ ´ÉMÉÇ ¡Öò] EòÒ n®
(BSÉ+É<Ç]Ò{ÉÒB) <ÆÊbªÉÉ BC¶ÉSÉäxVÉ {±ÉäºÉ, 15 ´É¹ÉÇ* (HITPA) xÉä ¨ÉÚ±É +Éè® ¤Éè`Eò ¨Éå =Hò ºÉä °. 4,72,500/
EòÉä±ÉEòÉiÉÉ 700001 bÖÊ{±ÉEäò] {É^ä {É® º]é{É EòɪÉÉÇ±ÉªÉ {ÉÊ®ºÉ® ºÉÖ®IÉÉ VɨÉÉ +ÊOɨÉ
{ÉÊ®ºÉ® ¨Éå {É^ä {É® 1500 bªÉÚ]Ò EòÉ 50% EòÉ Eäò {É^ä EòÉä ¨ÉÆVÉÚ®Ò Eäò °  {É näªÉ ½ÉäMÉÉ,
´ÉMÉÇ ¡Öò] EòɪÉÉÇ±ÉªÉ Eäò ¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ ½è* nÒ ½è* VÉÉä {É^ä Eäò ºÉ¨ÉÉÊ{iÉ
ʱÉB ºlÉÉxÉ* ¨ÉÉʺÉEò ÊEò®ÉªÉÉ °. {É® ÊEòºÉÒ ¤ªÉÉVÉ Eäò
1,57,500/ Eäò ºÉÉlÉ Ê¤ÉxÉÉ ´ÉÉ{ɺÉÒ ªÉÉäMªÉ
1500 ´ÉMÉÇ ¡Öò] Eäò ½ÉäMÉÉ*
IÉäjÉ Eäò ʱÉB EäòB¨ÉºÉÒ
EòÉ +xÉÖ{ÉÉÊiÉEò Eò®
+ÊvɦÉÉ® Eäò °  {É ¨Éå
½è* ´ÉɺiÉÊ´ÉEò ʤÉVɱÉÒ
JÉ{ÉiÉ +Éè® ºÉä´ÉÉ ¶ÉÖ±Eò

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 112

 ANNEXURE – C

FORM NO. AOC -2

(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies
(Accounts) Rules, 2014.
Form for Disclosure of particulars of contracts/arrangements entered into by the Company with related
parties referred to in sub-section (1) of Section 188 of the Companies Act, 2013 including certain arms
length transaction under third proviso thereto for the financial year 2019-20.
1. Details of contracts or arrangements or transactions not at Arm’s length basis:
SL. Particulars Details
No.
a) Name (s) of the related party & nature of relationship Nil
b) Nature of contracts/arrangements/transaction Nil
c) Duration of the contracts/arrangements/ transaction Nil
d) Salient terms of the contracts or arrangements or transaction including the value, if any Nil
e) Justification for entering into such contracts or arrangements or transactions’ Nil
f) Date of approval by the Board Nil
g) Amount paid as advances, if any Nil
h) Date on which the special resolution was passed in General meeting as required under Nil
first proviso to section 188
2. Details of contracts or arrangements or transactions at Arm’s length basis for the financial year 2019-20:
Name(s) of Nature of Nature of Duration of Salient terms of Date of Amount paid
the related relationship contracts/ the contracts/ the contracts or approval by as advances,
party arrangements/ arrangements arrangements the Board, if if any
transaction transaction or transaction any
including the
value, if any.
Health Associate Leasing of office 15 years (5+5+5) Lease agreement The Audit 3 months
Insurance Company premises of 1500 years with 25% has been executed Committee basic rent
TPA of sq.ft. of office increase in lease and registered. The has approved (@ Rs.105
India space of the 1st rent at the end of Lessee (HITPA) the leasing per sq.ft per
Limited floor of National every 5 years. has paid 50% of of said office month) total
(HITPA) Insurance Building the stamp duty premises at `4,72,500/-
(Ruby House), 8, on the original its meeting will be
India Exchange and duplicate held on 20th payable in
Place, Kolkata - lease. The May 2019. advance
700 001 monthly rent is as security
`1,57,500/- plus deposit
KMC tax and which will be
surcharge for an refundable
area of 1500 sq ft without any
on proportionate interest on
basis. Electricity termination of
charges as per the lease.

113 ANNUAL REPORT 2019-20

 Eäò ºÉÉlÉ {ÉÉ®ä¹ÉhÉ ½ÉÊxÉ B´ÉÆ ®JÉ-
®JÉÉ´É Eäò ʱÉB 15 näxÉÉ ½ÉäMÉÉ*
°  . 10/ |ÉÊiÉ ´ÉMÉÇ ¡Öò] ¶ÉÖ±Eò
BºÉÒ {ɪÉÉÇ´É®hÉ Eäò ʱÉB näªÉ
½ÉäMÉÉ VÉÉä ºÉÒ<ÇBºÉÒ ]èÊ®¡ò Eäò
ºÉƶÉÉävÉxÉ Eäò +vÉÒxÉ ½ÉäMÉÉ*
½ä±lÉ <x¶ªÉÉä®äxºÉ ºÉ½ÉªÉEò Eò¨{ÉxÉÒ EòÉä<Ç ¦ÉÒ ºÉä´ÉÉ |ÉnÉxÉ Ê´ÉkÉÒªÉ ´É¹ÉÇ 1 +|Éè±É, Eò¨{ÉxÉÒ xÉä ºÉä´ÉÉ®iÉ/ºÉä´ÉÉÊxÉ´ÉÞiÉ +ÉìÊb] Eò¨Éä]Ò xÉä 20 ¨É<Ç, ¶ÉÚxªÉ
]Ò{ÉÒB +Éì¡ò Eò®xÉä Eäò ʱÉB ={ɱɤvÉ 2019 ºÉä 31 ¨ÉÉSÉÇ, 2020 Eò¨ÉÇSÉÉÊ®ªÉÉå Eäò º]É¡ò OÉÖ{É 2019 EòÉä ½Ò ¤Éè`Eò ¨Éå
<ÆÊbªÉÉ Ê±ÉʨÉ]äb Eäò ʱÉB ¨ÉäÊbC±Éä¨É {ÉÉìʱɺÉÒ Eäò ʱÉB HITPA uÉ®É º]É¡ò OÉÖ{É
(BSÉ+É<Ç]Ò{ÉÒB) ´É¹ÉÇ 2019-20 Eäò nÉè®ÉxÉ ¨ÉäÊbC±Éä¨É {ÉÉìʱɺÉÒ Eäò iɽiÉ
TPA Eäò ºÉä´ÉÉ+Éå EòÉ ±ÉɦÉ
º´ÉɺlªÉ ºÉä´ÉÉ+Éå EòÒ ¨ÉÆVÉÚ®Ò
=`ɪÉÉ lÉÉ* nä nÒ ½è*
°. 1,77,02,926/-
½ä±lÉ <x¶ªÉÉä®äxºÉ ºÉ½ÉªÉEò Eò¨{ÉxÉÒ EòÉä<Ç ¦ÉÒ ºÉä´ÉÉ |ÉnÉxÉ Ê´ÉkÉÒªÉ ´É¹ÉÇ 1 +|Éè±É, Eò¨{ÉxÉÒ +{ÉxÉä Ê´ÉʦÉxxÉ º´ÉɺlªÉ +ÉìÊb] Eò¨Éä]Ò xÉä 20 ¨É<Ç, ¶ÉÚxªÉ
]Ò{ÉÒB +Éì¡ò Eò®xÉä Eäò ʱÉB ={ɱɤvÉ 2019 ºÉä 31 ¨ÉÉSÉÇ, 2020 {ÉÉìʱÉʺɪÉÉå Eäò iɽiÉ º´ÉɺlªÉ 2019 EòÉä ½Ò ¤Éè`Eò ¨Éå
<ÆÊbªÉÉ Ê±ÉʨÉ]äb Eäò ʱÉB nÉ´ÉÉå Eäò |ɶÉɺÉxÉ Eäò ʱÉB HITPA uÉ®É º]É¡ò OÉÖ{É
(BSÉ+É<Ç]Ò{ÉÒB) TPA EòÉ ={ɪÉÉäMÉ Eò® ®½Ò ½è*
¨ÉäÊbC±Éä¨É {ÉÉìʱɺÉÒ Eäò iɽiÉ
º´ÉɺlªÉ ºÉä´ÉÉ+Éå EòÒ ¨ÉÆVÉÚ®Ò
°..12,33,89,359/- nä nÒ ½è*
<ÆÊbªÉÉ ºÉ½ÉªÉEò Eò¨{ÉxÉÒ EòÉä<Ç ¦ÉÒ ºÉä´ÉÉ |ÉnÉxÉ Ê´ÉkÉÒªÉ ´É¹ÉÇ 1 +|Éè±É, IIIPL EòÒ Ê´Énä¶ÉÒ {ÉÖxɤÉÔ¨ÉÉ +ÉìÊb] ºÉʨÉÊiÉ xÉä 20 ¨É<Ç, ¶ÉÚxªÉ
<x]®xÉä¶ÉxÉ±É Eò®xÉä Eäò ʱÉB ={ɱɤvÉ 2019 ºÉä 31 ¨ÉÉSÉÇ, 2020 ºÉÆÊvÉ ´ªÉ´ÉºÉÉªÉ ¨Éå Eò¨{ÉxÉÒ EòÒ 2019 EòÉä +ɪÉÉäÊVÉiÉ +{ÉxÉÒ
<x¶ªÉÉä®xä ºÉ {ÉÒ]Ò<Ç Eäò ʱÉB ¦ÉÉMÉÒnÉ®Ò ¤Éè`Eò ¨Éå IIIPL {ÉÖxɤÉÔ¨ÉÉ
ʱÉʨÉ., ˺ÉMÉÉ{ÉÖ® °. 4,53,22,451/- ºÉÆÊvɪÉÉå ¨Éå ¦ÉÉMÉÒnÉ®Ò EòÒ
(+É<Ç+É<Ç ¨ÉÆVÉÚ®Ò nä nÒ ½è*
+É<Ç{ÉÒB±É) (a) IIIPL Eäò ºÉÉlÉ £òÉËx]MÉ
EòÒ ´ªÉ´ÉºlÉÉ. BÊ´ÉB¶ÉxÉ
¡äòEò <xÉ´ÉbÇ Ê´ÉʦÉxxÉ
°.. 20,02,647/-
(b) ºÉÉvÉÉ®hɤÉÒ¨ÉÉ ÊxÉMɨÉ
ʱɨÉ. ¤ÉÆMɱÉÉnä¶É Eäò ºÉÉlÉ
Ê´ÉʦÉxxÉ ºÉÆ{ÉÊkÉ ºÉÆÊvɪÉÉ
BDT 9,03,411/-
xÉÉä]: ={É®ÉäHò Eäò ʱÉB ¤ÉÉäbÇ EòÒ +xÉÖ¨ÉÉänxÉ EòÒ +ɴɶªÉEòiÉÉ xÉ½Ó lÉÒ, CªÉÉåÊEò =Hò ±ÉäxÉnäxÉ +ɨºÉÇ ±ÉäxlÉ Eäò +ÉvÉÉ® {É® lÉä*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 114

 actual consumption plus
service charges@15%
towards trans-mission
loss and maintenance.
AC Environment
charges `10/- per sqft,
subject to revision of
CESC Tariff.
Health Associate Availing or For the financial The Company had The Audit Committee Nil
Insurance Company rendering any year 1st April availed the services has approved the
TPA of India services. 2019 to 31st of HITPA during the servicing of health
Limited March 2020. financial year 2019- claims under Staff
(HITPA) 20 for Staff Group Group Mediclaim
Mediclaim Policy Policies by HITPA at
for serving / retired its meeting held on
employees of the 20th May 2019.
Company.
Total TPA charges
paid to HITPA:
`1,77,02,926/-
Health Associate Availing or For the financial The Company has The Audit Committee Nil
Insurance Company rendering any year 1st April 2019 been utilizing HITPA has approved the
TPA of India services. to 31st March for administration of servicing of various
Limited 2020. health claims under health claims by
(HITPA) various Health policies HITPA at its meeting
of the Company. held on 20th May
2019.
Total TPA charges
paid to HITPA:
`12,33,89,359/-
India Associate Availing or For the financial Company’s The Audit Committee Nil
International Company rendering any year 1st April participation in the has approved
Insurance services. 2019 to 31st foreign reinsurance participation in the
Pte. Ltd., March 2020. treaty business of IIIPL. reinsurance treaties
Singapore of IIIPL at its meeting
`4,53,22,451/-
(IIIPL) held on 20th May
Fronting 2019.
arrangement with IIIPL.-
(a) Aviation Fac
Inward – various
`20,02,647/-
(b) Property Treaties-
various of
Sadharan Bima
Corporation Ltd.,
Bangaldesh
BDT 9,03,411/-
Note: The approval from the Board was not required as the above transactions were on arm’s length basis.

115 ANNUAL REPORT 2019-20

 +xÉÖ±ÉMxÉEò - PÉ
Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 ¨Éå +ɪÉÉäÊVÉiÉ ¤ÉÉäbÇ/ºÉʨÉÊiÉ EòÒ ¤Éè`EòÉå EòÉ Ê´É´É®hÉ +Éè® =xɨÉå ÊxÉnä¶ÉEòÉå B´ÉÆ ºÉnºªÉÉå EòÒ ={ÉʺlÉÊiÉ

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(08/05/2019 EòÉä ºÉ¨ÉÉ{iÉ)
¸ÉÒ ºÉÖSÉÒxp ʨɸÉÉ,
ºÉ®EòÉ® uÉ®É xÉÉʨÉiÉ ÊxÉnä¶ÉEò - ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ +xÉÖ{ÉʺlÉiÉ - - - - - -
(28/11/2019 EòÉä ºÉ¨ÉÉ{iÉ)
(*  ´ÉÒÊbªÉÉå EòÉìxÉ£ò˺ÉMÉ uÉ®É ¤Éè`Eò ¨Éå ¶ÉÉÊ¨É±É ½ÖB)
 ANNEXURE – D
STATEMENT SHOWING THE NUMBER OF BOARD/COMMITTEE MEETINGS HELD DURING THE FINANCIAL YEAR
2019-20 AND ATTENDANCE OF THE DIRECTORS/MEMBERS THEREAT
1. BOARD MEETING
No. of meetings held: 11

Date of Meetings
Name of the Directors
29/04/2019 20/05/2019 29/07/2019 30/08/2019 05/011/2019 14/12/2019 20/01/2020 02/03/2020 06/03/2020 07/03/2020 21/03/2020
Smt.Tajinder Mukherjee,CMD Present Present Present Present Present Present Present Present Present Present Present
Shri Saurabh Mishra,
Government Nominee Director - - - - - Present Present* Present* Present* Absent Present*
(appointed on 28/11/2019)
Shri Sidharth Pradhan, WTD Present Present Present Present Present Present Present Present Present Present Present
Shri Sivaraman Mahadevan,
Present* Present Present Present* Present Present Present Present Present* Present* Present*
Independent Director
Shri Sudhakar Pahi,
Present* Present* Present Present Present Present Present Present Present Present Present*
Independent Director
Shri Ashok Kumar Pradhan,

117
- - - Absent Present Absent Absent Absent Present Present* Absent
Director (w.e.f. 20/08/2019)
Ms. Bhumika Verma,
Present* Absent Absent Absent Absent Absent Absent Absent Absent Absent Absent
Government Nominee Director
Shri John Pulinthanam, WTD
Present Present Present Present - - - - - - -
(retired on 31/08/2019)
Shri Lalit Kumar Chandel,
Government Nominee Director Present* - - - - - - - - - -
(ceased on 08/05/2019)
Shri Suchindra Misra,
Government Nominee Director - Present Present Present Absent - - - - - -
(ceased on 28/11/2019)

(*Attended through video conference)

ANNUAL REPORT 2019-20

2. ±ÉäJÉÉ {É®ÒIÉÉ ºÉʨÉÊiÉ (+ÊxÉ´ÉɪÉÇ)
+ɪÉÉäÊVÉiÉ ¤Éè`EòÉå EòÒ ºÉÆJªÉÉ: 7
¤Éè`Eò EòÒ iÉÉ®ÒJÉ
ºÉnºªÉÉå Eäò xÉɨÉ
20/05/2019 29/07/2019 30/08/2019 05/11/2019 14/12/2019 02/03/2020 21/03/2020
¸ÉÒ Ê¶É´É®¨ÉhÉ ¨É½Énä´ÉxÉ
={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ* ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ*
(+vªÉIÉ)
¸ÉÒ ºÉÉè®¦É Ê¨É¸ÉÉ - - - - ={ÉʺlÉiÉ ={ÉʺlÉiÉ* ={ÉʺlÉiÉ*
(06/12/2019 ºÉä)
¸ÉÒ +¶ÉÉäEò EÖò¨ÉÉ® |ÉvÉÉxÉ - - +xÉÖ{ÉʺlÉiÉ ={ÉʺlÉiÉ +xÉÖ{ÉʺlÉiÉ +xÉÖ{ÉʺlÉiÉ +xÉÖ{ÉʺlÉiÉ
(27/08/2019 ºÉä)
¸ÉÒ ºÉÖvÉÉEò® {ÉÉ½Ò ={ÉʺlÉiÉ* ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ*
¸ÉÒ ºÉÖSÉÒxp ʨɸÉÉ - - -
={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ +xÉÖ{ÉʺlÉiÉ
(28/11/2019 ºÉä {Én EòÒ ºÉ¨ÉÉÊ{iÉ)
ºÉÖ¸ÉÒ ¦ÉÚʨÉEòÉ ´É¨ÉÉÇ - - -
+xÉÖ{ÉʺlÉiÉ +xÉÖ{ÉʺlÉiÉ +xÉÖ{ÉʺlÉiÉ +xÉÖ{ÉʺlÉiÉ
(06/12/2019 ºÉä {Én EòÒ ºÉ¨ÉÉÊ{iÉ)
(*  ´ÉÒÊbªÉÉå EòÉìxÉ£ò˺ÉMÉ uÉ®É ¤Éè`Eò ¨Éå ¶ÉÉÊ¨É±É ½ÖB)

3. ÊxÉ´Éä¶É ºÉʨÉÊiÉ (+ÊxÉ´ÉɪÉÇ)

+ɪÉÉäÊVÉiÉ ¤Éè`EòÉå EòÒ ºÉÆJªÉÉ: 4
¤Éè`Eò EòÒ iÉÉ®ÒJÉ
ºÉnºªÉÉå Eäò xÉɨÉ
20/05/2019 29/07/2019 05/11/2019 02/03/2020
¸ÉÒ¨ÉiÉÒ iÉÊVÉxn® ¨ÉÖJÉVÉÔ (+vªÉIÉ) ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ
¸ÉÒ ÊºÉrÉlÉÇ |ÉvÉÉxÉ (17/10/2019 ºÉä) - - ={ÉʺlÉiÉ ={ÉʺlÉiÉ
¸ÉÒ ºÉÉè®¦É Ê¨É¸ÉÉ (06/12/2019 ºÉä) - - - ={ÉʺlÉiÉ*
¸ÉÒ +¶ÉÉäEò EÖò¨ÉÉ® |ÉvÉÉxÉ (27/08/2019 ºÉä) - - ={ÉʺlÉiÉ +xÉÖ{ÉʺlÉiÉ
¸ÉÒ Ê¶É´É®¨ÉhÉ ¨É½Énä´ÉxÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ
¸ÉÒ VÉÉìxÉ {ÉÖʱÉxÉlÉxÉ¨É (31/08/2019 EòÉä ºÉä´ÉÉÊxÉ´ÉÞiÉ) ={ÉʺlÉiÉ ={ÉʺlÉiÉ - -

ºÉÖ¸ÉÒ ¦ÉÚʨÉEòÉ ´É¨ÉÉÇ (06/12/2019 ºÉä {Én EòÒ ºÉ¨ÉÉÊ{iÉ) +xÉÖ{ÉʺlÉiÉ +xÉÖ{ÉʺlÉiÉ +xÉÖ{ÉʺlÉiÉ -

¸ÉÒ BºÉ Eäò ºÉɨÉÉxiÉ®ä (¨ÉÖJªÉ VÉÉäÊJÉ¨É +ÊvÉEòÉ®Ò 01/02/2020 ºÉä) - - - +xÉÖ{ÉʺlÉiÉ
¸ÉÒ {ÉÒ Ê´ÉVÉªÉ EÖò¨ÉÉ® (¨ÉÖJªÉ Ê´ÉkÉÒªÉ +ÊvÉEòÉ®Ò) ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ
¸ÉÒ¨ÉiÉÒ ºÉÖxÉÒiÉÉ iÉÖ±ÉÒ xÉÉMÉ{ÉÉ±É (¨ÉÖJªÉ ÊxÉ´Éä¶É +ÊvÉEòÉ®Ò) ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ
¸ÉÒ VÉä ºÉäxÉMÉÖ{iÉÉ (¨ÉÖJªÉ VÉÉäÊJÉ¨É +ÊvÉEòÉ®Ò 31/01/2020 EòÉä ºÉä´ÉÉÊxÉ´ÉÞiÉ) ={ÉʺlÉiÉ ={ÉʺlÉiÉ +xÉÖ{ÉʺlÉiÉ -

¸ÉÒ +¶ÉÉäEò EÖò¨ÉÉ® ±ÉɽÉä]Ò (ÊxɪÉÖHò BCSÉÖ®Ò) - - - ={ÉʺlÉiÉ

(*  ´ÉÒÊbªÉÉå EòÉìxÉ£ò˺ÉMÉ uÉ®É ¤Éè`Eò ¨Éå ¶ÉÉÊ¨É±É ½ÖB)

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 118

2. AUDIT COMMITTEE (Mandatory)
No. of meetings held: 7

Date of Meetings
Name of the Members
20/05/2019 29/07/2019 30/08/2019 05/11/2019 14/12/2019 02/03/2020 21/03/2020
Shri Sivaraman Mahadevan
Present Present Present* Present Present Present Present*
(Chairman)
Shri Saurabh Mishra
- - - - Present Present* Present*
(w.e.f. 06/12/2019)
Shri Ashok Kumar Pradhan
- - Absent Present Absent Absent Absent
(w.e.f. 27/08/2019)
Shri Sudhakar Pahi Present* Present Present Present Present Present Present*
Shri Suchindra Misra
Present Present Present Absent - - -
(ceased on 28/11/2019)
Ms. Bhumika Verma
Absent Absent Absent Absent - - -
(ceased on 06/12/2019)
(*Attended through Video Conference)

3. INVESTMENT COMMITTEE (Mandatory)

No. of meetings held: 4

Date of Meetings
Name of the Members
20/05/2019 29/07/2019 05/11/2019 02/03/2020
Smt. Tajinder Mukherjee (Chairperson) Present Present Present Present
Shri Sidharth Pradhan (w.e.f. 17/10/2019) - - Present Present
Shri Saurabh Mishra (w.e.f. 06/12/2019) - - - Present*
Shri Ashok Kumar Pradhan (w.e.f. 27/08/2019) - - Present Absent
Shri Sivaraman Mahadevan Present Present Present Present
Shri John Pulinthanam (retired on 31/08/2019) Present Present - -
Ms. Bhumika Verma (ceased on 06/12/2019) Absent Absent Absent -
Shri S. K. Samanataray (Chief Risk Officer – w.e.f. 01/02/2020) - - - Absent
Shri P. Vijaya Kumar (Chief Financial Officer) Present Present Present Present
Smt. Sunita Tuli Nagpal (Chief Investment Officer) Present Present Present Present
Shri J. Sengupta (Chief Risk Officer-retired on 31/01/2020) Present Present Absent -
Shri Ashok Kumar Lahoty (Appointed Actuary) - - - Present

(*Attended through Video Conference)

119 ANNUAL REPORT 2019-20

4. VÉÉäÊJÉ¨É |ɤÉÆvÉxÉ ºÉʨÉÊiÉ (+ÊxÉ´ÉɪÉÇ)
+ɪÉÉäÊVÉiÉ ¤Éè`EòÉå EòÒ ºÉÆJªÉÉ: 3
ºÉnºªÉÉå Eäò xÉÉ¨É ¤Éè`Eò EòÒ iÉÉ®ÒJÉ
20/05/2019 30/08/2019 14/12/2019
¸ÉÒ¨ÉiÉÒ iÉÊVÉxn® ¨ÉÖJÉVÉÔ (+vªÉIÉ) ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ
¸ÉÒ +¶ÉÉäEò EÖò¨ÉÉ® |ÉvÉÉxÉ (27/08/2019 ºÉä) - +xÉÖ{ÉʺlÉiÉ +xÉÖ{ÉʺlÉiÉ
¸ÉÒ ºÉÉè®¦É Ê¨É¸ÉÉ (06/12/2019 ºÉä) - - ={ÉʺlÉiÉ
¸ÉÒ ÊºÉrÉlÉÇ |ÉvÉÉxÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ
¸ÉÒ ºÉÖvÉÉEò® {ÉÉ½Ò ={ÉʺlÉiÉ* ={ÉʺlÉiÉ ={ÉʺlÉiÉ
ºÉÖ¸ÉÒ ¦ÉÚʨÉEòÉ ´É¨ÉÉÇ (06/12/2019 ºÉä {Én EòÒ ºÉ¨ÉÉÊ{iÉ) +xÉÖ{ÉʺlÉiÉ +xÉÖ{ÉʺlÉiÉ -

¸ÉÒ BºÉ Eäò ºÉɨÉÉxiÉ®ä (¨ÉÖJªÉ VÉÉäÊJÉ¨É +ÊvÉEòÉ®Ò 01/02/2020 ºÉä) - - -

¸ÉÒ VÉä ºÉäxÉMÉÖ{iÉÉ (¨ÉÖJªÉ VÉÉäÊJÉ¨É +ÊvÉEòÉ®Ò 31/01/2020 EòÉä ºÉä´ÉÉÊxÉ´ÉÞiÉ) ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ
(*  ´ÉÒÊbªÉÉå EòÉìxÉ£ò˺ÉMÉ uÉ®É ¤Éè`Eò ¨Éå ¶ÉÉÊ¨É±É ½ÖB)
5. {ÉÉìʱɺÉÒvÉÉ®EòÉå ½äiÉÖ ºÉÖ®IÉÉ ºÉʨÉÊiÉ (+ÊxÉ´ÉɪÉÇ)
+ɪÉÉäÊVÉiÉ ¤Éè`EòÉå EòÒ ºÉÆJªÉÉ: 3
¤Éè`Eò EòÒ iÉÉ®ÒJÉ
ºÉnºªÉÉå Eäò xÉɨÉ
25/06/2019 25/10/2019 14/12/2019
¸ÉÒ¨ÉiÉÒ iÉÊVÉxn® ¨ÉÖJÉVÉÔ ={ÉʺlÉiÉ ={ÉʺlÉiÉ* ={ÉʺlÉiÉ
¸ÉÒ ÊºÉrÉlÉÇ |ÉvÉÉxÉ (17/10/2019 ºÉä) - ={ÉʺlÉiÉ ={ÉʺlÉiÉ
¸ÉÒ +¶ÉÉäEò EÖò¨ÉÉ® |ÉvÉÉxÉ (+vªÉIÉ 27/08/2019 ºÉä) - ={ÉʺlÉiÉ +xÉÖ{ÉʺlÉiÉ
¸ÉÒ Ê¶É´É®¨ÉhÉ ¨É½Énä´ÉxÉ ={ÉʺlÉiÉ* +xÉÖ{ÉʺlÉiÉ ={ÉʺlÉiÉ
¸ÉÒ ºÉÉè®¦É Ê¨É¸ÉÉ (06/12/2019 ºÉä) - - ={ÉʺlÉiÉ
ºÉÖ¸ÉÒ ¦ÉÚʨÉEòÉ ´É¨ÉÉÇ ({ÉÚ´ÉÇ+vªÉIÉ 06/12/2019 ºÉä {Én EòÒ ºÉ¨ÉÉÊ{iÉ) ={ÉʺlÉiÉ* +xÉÖ{ÉʺlÉiÉ -

¸ÉÒ VÉÉìxÉ {ÉÖʱÉxÉlÉxÉ¨É (31/08/2019 EòÉä ºÉä´ÉÉÊxÉ´ÉÞiÉ) +xÉÖ{ÉʺlÉiÉ - -

¸ÉÒ =nªÉxÉ ¨ÉÖJÉÉä{ÉÉvªÉÉªÉ (OÉɽEò |ÉÊiÉÊxÉÊvÉ) ={ÉʺlÉiÉ* ={ÉʺlÉiÉ ={ÉʺlÉiÉ*

(*  ´ÉÒÊbªÉÉå EòÉìxÉ£ò˺ÉMÉ uÉ®É ¤Éè`Eò ¨Éå ¶ÉÉÊ¨É±É ½ÖB)
6. xÉɨÉÉÆEòxÉ B´ÉÆ {ÉÉÊ®¸ÉʨÉEò ºÉʨÉÊiÉ (+ÊxÉ´ÉɪÉÇ)
+ɪÉÉäÊVÉiÉ ¤Éè`EòÉå EòÒ ºÉÆJªÉÉ: 2
¤Éè`Eò EòÒ iÉÉ®ÒJÉ
ºÉnºªÉÉå Eäò xÉɨÉ
05/11/2019 02/03/2020
¸ÉÒ Ê¶É´É®¨ÉhÉ ¨É½Énä´ÉxÉ (+vªÉIÉ) ={ÉʺlÉiÉ ={ÉʺlÉiÉ
¸ÉÒ ºÉÖvÉÉEò® {ÉÉ½Ò ={ÉʺlÉiÉ ={ÉʺlÉiÉ
¸ÉÒ +¶ÉÉäEò EÖò¨ÉÉ® |ÉvÉÉxÉ (27/08/2019 ºÉä) ={ÉʺlÉiÉ +xÉÖ{ÉʺlÉiÉ
ºÉÖ¸ÉÒ ¦ÉÚʨÉEòÉ ´É¨ÉÉÇ (06/12/2019 ºÉä {Én EòÒ ºÉ¨ÉÉÊ{iÉ) +xÉÖ{ÉʺlÉiÉ -

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 120

4. RISK MANAGEMENT COMMITTEE (Mandatory)
No. of meetings held: 3

Name of the Members Date of Meetings

20/05/2019 30/08/2019 14/12/2019
Smt. Tajinder Mukherjee (Chairperson) Present Present Present
Shri Ashok Kumar Pradhan (w.e.f. 27/08/2019) - Absent Absent
Shri Saurabh Mishra (w.e.f 06/12/2019) - - Present
Shri Sidharth Pradhan Present Present Present
Shri Sudhakar Pahi Present* Present Present
Ms. Bhumika Verma (ceased on 06/12/2019) Absent Absent -
Shri S. K. Samanataray (Chief Risk Officer – w.e.f. 01/02/2020) - - -
Shri J. Sengupta (Chief Risk Officer-retired on 31/01/2020) Present Present Present
*(Attended through Video Conference)

5. POLICYHOLDER PROTECTION COMMITTEE (Mandatory)

No. of meetings held: 3

Date of Meetings
Name of the Members
25/06/2019 25/10/2019 14/12/2019
Smt. Tajinder Mukherjee Present Present* Present
Shri Sidharth Pradhan (w.e.f. 17/10/2019) - Present Present
Shri Ashok Kumar Pradhan (Chairman- w.e.f 27/08/2019) - Present Absent
Shri Sivaraman Mahadevan Present* Absent Present
Shri Saurabh Mishra (w.e.f. 06/12/2019) - - Present
Ms. Bhumika Verma (ex-Chairperson- ceased on 06/12/2019) Present* Absent -
Shri John Pulinthanam (retired on 31/08/2019) Absent - -
Shri Udayan Mukhopadhyay (Customer Representative) Present* Present Present*
*(Attended through Video Conference)
6. NOMINATION AND REMUNERATION COMMITTEE (Mandatory)
No. of meetings held: 2

Date of Meetings
Name of the Members
05/11/2019 02/03/2020
Shri Sivaraman Mahadevan (Chairman) Present Present
Shri Sudhakar Pahi Present Present
Shri Ashok Kumar Pradhan (w.e.f 27/08/2019) Present Absent
Ms. Bhumika Verma (ceased on 06/12/2019) Absent -

121 ANNUAL REPORT 2019-20

7. EòÉì®{ÉÉä®ä] ºÉɨÉÉÊVÉEò nÉʪÉi´É ºÉʨÉÊiÉ (+ÊxÉ´ÉɪÉÇ)
+ɪÉÉäÊVÉiÉ ¤Éè`EòÉå EòÒ ºÉÆJªÉÉ: 4
¤Éè`Eò EòÒ iÉÉ®ÒJÉ
ºÉnºªÉÉå Eäò xÉɨÉ
20/05/2019 29/07/2019 14/12/2019 02/03/2020
¸ÉÒ¨ÉiÉÒ iÉÊVÉxn® ¨ÉÖJÉVÉÔ (+vªÉIÉ) ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ
¸ÉÒ ÊºÉrÉlÉÇ |ÉvÉÉxÉ (17/10/2019 ºÉä) - - ={ÉʺlÉiÉ ={ÉʺlÉiÉ
¸ÉÒ Ê¶É´É®¨ÉhÉ ¨É½Énä´ÉxÉ (17/05/2019 ºÉä) ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ
¸ÉÒ ºÉÖvÉÉEò® {ÉɽÒè ={ÉʺlÉiÉ* ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ
ºÉÖ¸ÉÒ ¦ÉÚʨÉEòÉ ´É¨ÉÉÇ (06/12/2019 ºÉä {Én EòÒ ºÉ¨ÉÉÊ{iÉ) +xÉÖ{ÉʺlÉiÉ +xÉÖ{ÉʺlÉiÉ - -

¸ÉÒ VÉÉìxÉ {ÉÖʱÉxÉlÉxÉ¨É (31/08/2019 EòÉä ºÉä´ÉÉÊxÉ´ÉÞiÉ) ={ÉʺlÉiÉ ={ÉʺlÉiÉ - -

(*  ´ÉÒÊbªÉÉå EòÉìxÉ£ò˺ÉMÉ uÉ®É ¤Éè`Eò ¨Éå ¶ÉÉÊ¨É±É ½ÖB)

8. ¨ÉÉxÉ´É ºÉƺÉÉvÉxÉ ºÉʨÉÊiÉ
+ɪÉÉäÊVÉiÉ ¤Éè`EòÉå EòÒ ºÉÆJªÉÉ: 3
¤Éè`Eò EòÒ iÉÉ®ÒJÉ
ºÉnºªÉÉå Eäò xÉɨÉ
29/07/2019 30/08/2019 14/12/2019
¸ÉÒ¨ÉiÉÒ iÉÊVÉxn® ¨ÉÖJÉVÉÔ (+vªÉIÉ) ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ
¸ÉÒ ÊºÉrÉlÉÇ |ÉvÉÉxÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ
¸ÉÒ +¶ÉÉäEò EÖò¨ÉÉ® |ÉvÉÉxÉ (27/08/2019 ºÉä) - +xÉÖ{ÉʺlÉiÉ +xÉÖ{ÉʺlÉiÉ
¸ÉÒ Ê¶É´É®¨ÉhÉ ¨É½Énä´ÉxÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ* ={ÉʺlÉiÉ
ºÉÖ¸ÉÒ ¦ÉÚʨÉEòÉ ´É¨ÉÉÇ (06/12/2019 ºÉä {Én EòÒ ºÉ¨ÉÉÊ{iÉ) +xÉÖ{ÉʺlÉiÉ +xÉÖ{ÉʺlÉiÉ -

(*  ´ÉÒÊbªÉÉå EòÉìxÉ£ò˺ÉMÉ uÉ®É ¤Éè`Eò ¨Éå ¶ÉÉÊ¨É±É ½ÖB)

9. +É<Ç]Ò ºÉʨÉÊiÉ
+ɪÉÉäÊVÉiÉ ¤Éè`EòÉå EòÒ ºÉÆJªÉÉ: 4
¤Éè`Eò EòÒ iÉÉ®ÒJÉ
ºÉnºªÉÉå Eäò xÉɨÉ
20/05/2019 05/11/2019 14/12/2019 02/03/2020
¸ÉÒ¨ÉiÉÒ iÉÊVÉxn® ¨ÉÖJÉVÉÔ (+vªÉIÉ) ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ
¸ÉÒ ÊºÉrÉlÉÇ |ÉvÉÉxÉ (17/10/2019 ºÉä) - ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ
¸ÉÒ ºÉÉè®¦É Ê¨É¸ÉÉ (06/12/2019 ºÉä) - - ={ÉʺlÉiÉ ={ÉʺlÉiÉ*
¸ÉÒ +¶ÉÉäEò EÖò¨ÉÉ® |ÉvÉÉxÉ (27/08/2019 ºÉä) - ={ÉʺlÉiÉ +xÉÖ{ÉʺlÉiÉ +xÉÖ{ÉʺlÉiÉ
¸ÉÒ Ê¶É´É®¨ÉhÉ ¨É½Énä´ÉxÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ
¸ÉÒ ºÉÖvÉÉEò® {ÉÉ½Ò ={ÉʺlÉiÉ* ={ÉʺlÉiÉ ={ÉʺlÉiÉ ={ÉʺlÉiÉ
¸ÉÒ VÉÉìxÉ {ÉÖʱÉxÉlÉxÉ¨É (31/08/2019 EòÉä ºÉä´ÉÉÊxÉ´ÉÞiÉ) ={ÉʺlÉiÉ - - -

(*  ´ÉÒÊbªÉÉå EòÉìxÉ£ò˺ÉMÉ uÉ®É ¤Éè`Eò ¨Éå ¶ÉÉÊ¨É±É ½ÖB)

10. ʽiÉvÉÉ®Eò ºÉƤÉÆvÉÒ ºÉʨÉÊiÉ, ºÉÆ{ÉnÉ ºÉ¨ÉÒIÉÉ ºÉʨÉÊiÉ, {ÉÉÊ®¸ÉʨÉEò ºÉʨÉÊiÉ +Éè® ºÉÆ{ÉnÉ nÉʪÉi´É |ɤÉÆvÉxÉ ºÉʨÉÊiÉ EòÒ EòÉä<Ç ¤Éè`Eò ´É¹ÉÇ 2019-20
Eäò nÉè®ÉxÉ xÉ½Ó ½Ö<Ç*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 122

7. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE (Mandatory)
No. of meetings held: 4
Date of Meetings
Name of the Members
20/05/2019 29/07/2019 14/12/2019 02/03/2020
Smt. Tajinder Mukherjee (Chairperson) Present Present Present Present
Shri Sidharth Pradhan (w.e.f. 17/10/2019) - - Present Present
Shri Sivaraman Mahadevan (w.e.f. 17/05/2019) Present Present Present Present
Shri Sudhakar Pahi Present* Present Present Present
Ms. Bhumika Verma (ceased on 06/12/2019) Absent Absent - -
Shri John Pulinthanam (retired on 31/08/2019) Present Present - -
(*Attended through Video Conference)
8. HR COMMITTEE
No. of meetings held: 3

Date of Meetings
Name of the Members
29/07/2019 30/08/2019 14/12/2019
Smt. Tajinder Mukherjee (Chairperson) Present Present Present
Shri Sidharth Pradhan Present Present Present
Shri Ashok Kumar Pradhan (w.e.f 27/08/2019) - Absent Absent
Shri Sivaraman Mahadevan Present Present* Present
Ms. Bhumika Verma (ceased on 06/12/2019) Absent Absent -
(*Attended through Video Conference)
9. IT COMMITTEE
No. of meetings held: 4
Date of Meetings
Name of the Members
20/05/2019 05/11/2019 14/12/2019 02/03/2020
Smt. Tajinder Mukherjee (Chairperson) Present Present Present Present
Shri Sidharth Pradhan (w.e.f 17/10/2019) - Present Present Present
Shri Saurabh Mishra (w.e.f. 06/12/2019) - - Present Present*
Shri Ashok Kumar Pradhan (w.e.f. 27/08/2019) - Present Absent Absent
Shri Sivaraman Mahadevan Present Present Present Present
Shri Sudhakar Pahi Present* Present Present Present
Shri John Pulinthanam (retired on 31/08/2019) Present - - -
(*Attended through Video Conference)

10. No meetings of Stakeholders Relationship Committee, Property Review Committee, Remuneration

Committee and Asset Liability Management Committee took place during the year 2019-20.

123 ANNUAL REPORT 2019-20

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´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 124

 ANNEXURE - E
Annual Report on Corporate Social Responsibility Activities
1. As a responsible Corporate, National Insurance believes in contributing to the community at large
through initiatives which have positive Social, Economic and Environmental impact. Accordingly, our
Board approved CSR policy incorporates activities enlisted in Schedule VII of the Company’s Act 2013.
u Education/Literacy Enhancement &Vocational training.
u Sanitation & drinking water projects including rain water harvesting.
u Healthcare/Medical Facility.
u Welfare & Rehabilitation of underprivileged & differently abled persons.
u Environment Protection.
u Relief to victims of natural calamities/disasters.
u Any other area of contemporary importance.
The CSR policy and projects undertaken by the Company are displayed on the website of the Company
at- https://nationalinsurance.nic.co.in.
Overview of the projects or programs approved for financial year 2019-20:
a. Nirman Foundation- Menstrual Hygiene Management:
Nirman Foundation, (registration no. IV-160100948/2015) registered under the West Bengal Registration
Rules, headquartered at Kolkata, and is working in the field of Menstrual Hygiene Management
programme. The overall aim of Nirman Foundation is to support adolescent girls by providing basic
factual information about menstruation and its hygiene management to clarify some of the myths and
taboos centered on this issue creating an environment that supports & enables Schools to become
MHM friendly. Company Board has approved funding of Training for teachers and students, in Menstrual
Hygiene Management programme, in 30 schools(4500 students & 180 teachers & non-teaching staff)
along with the of Installation of Sanitary Napkin Vending Machine and incinerators in each of the 30
schools. The feasibility and post-sanction inspection report has been conducted.
b. Digamberpur Angikar – Skill Development for 40 traffic Victim adolescent Girls(Reg. no S/24043):
Digambarpur Angikar is a Govt. registered welfare organization established in the year 2000 with a
view to strengthen the vulnerable women and children towards accessing basic rights and available
services for quality life and livelihood. This organization is presently involved in child protection, women
empowerment, livelihood development etc and is running two shelter homes with around 200 destitutes,
traffic victims and orphan girl children.Company Board has approved fundingof a tailoring unit to be set
up inside their shelter homefor Skill development& livelihood training for 40 adolescent girls who are
trafficked victims to help make them economically self-sustainable.The feasibility and post-sanction
inspection report has been conducted.
c. Voice of World- Blind School infrastructure (Regn. No – S/72408):
Voice of World is a Social Welfare Organization registered under Registration of Societies of West
Bengal Actand provides shelter, food, education, rehabilitation to the underprivileged beneficiaries.
Today the society has around 300 underprivileged residential beneficiaries under Voice of World’s care
at different centers like Satighat. The overall aim is to provide adequate education/ training to the
specially-abled children for developing life skills so that they can get a place in the main stream of the
Society. Company Board has sanctioned their approval for a project to build toilets, underground water

125 ANNUAL REPORT 2019-20

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h. ®É¨ÉEÞò¹hÉ Ê¨É¶ÉxÉ Ê´ÉtÉ{ÉÒ`, {ÉְʱɪÉÉ:
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{ÉÚ®Ò iÉ®½ ºÉä +ɴɺÉÒªÉ =SSÉiÉ® ¨ÉÉvªÉʨÉEò Ê´ÉtÉ±ÉªÉ ½è* <ºÉ +ɴɺÉÒªÉ Ê´ÉtÉ±ÉªÉ ¨Éå ±ÉMɦÉMÉ Ê´ÉʦÉxxÉ ®ÉVªÉÉå Eäò 800 (±ÉcEäò) ®½iÉä ½é VÉÉä =xÉEäò
ºÉ´ÉÉÈMÉÒhÉ Ê´ÉEòÉºÉ {É® EòÉ¨É Eò®iÉä ½é* ®É¨ÉEÞò¹hÉ Ê¨É¶ÉxÉ Ê´ÉtÉ{ÉÒ` uÉ®É nÚ®ºlÉ IÉäjÉÉå ¨Éå ÊSÉÊEòiºÉÉ Ê¶ÉÊ´É® Eäò ºÉÉlɺÉÉlÉ +ɺÉ{ÉÉºÉ Eäò MÉÉÆ´ÉÉå ºÉä +É<Ç
UÉjÉÉ+Éå Eäò ʱÉB ¨ÉÖ}iÉ EòÉäËSÉMÉ EòIÉÉBÆ, OÉɨÉÒhÉ ªÉÖ´ÉEòÉå Eäò ʱÉB ´ªÉ´ÉºÉÉʪÉEò |ÉʶÉIÉhÉ ºÉÆSÉÉʱÉiÉ EòÒ VÉÉ ®½Ò ½è*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 126

 reservoir as also purchase of some items under furniture, fixture &fittings etc The feasibility and post-
sanction inspection report has been conducted.
d. Kendriya Sainik Board- Modified Scooter for disabled ESM(Ex-Servicemen):
Kendriya Sainik Board, is an apex body of the Government of India, ensures implementation of
Government policies and welfare of ESM and their families. It manages Armed Forces Flag Day Fund
which is used to utilize to run welfare schemes for ex-servicemen, martyrs widows as well as their
dependents.
Company Board has approved funding of 44 modified scooters for Ex-Servicemen which will help in
their rehabilitation in leading a normal life.
e. Lions North Calcutta Hospital & Medical Centre (Regn. No.: SO009736 of 2005-06):
Lions North Calcutta Hospital & medical center is one of the three major service projects of Lions Club
of North Calcutta and registered under The West Bengal Societies Registration Act, 1961. The hospital
since its inception is rendering services through different out-patient departments & carrying out free
eye operation camps along with orthopedic setup. Company Board has approved funding purchase of
one ND YAG- laser machine for advanced cataract surgery.
f. Ramakrishna Mission Ashrama, Kanpur:
Ramakrishna Mission Ashrama, Kanpur is a branch of the Ramakrishna Math and Ramakrishna Mission,
Belur Math (Regn. No. 01917/003 under West Bengal Societies Registration Act 1961), Howrah, West
Bengal, established by Swami Vivekananda. This 90 years old Ashrama runs a secondary school, with
free coaching for students of poorer sections of society, has a library cum reading room and conducts
other philanthropic activities.
Company Board has approved the funding of the construction of a large classroom hall, GAP (Gadadhar
Abhyudaya Prakalpa) area hall and 3 toilets on a part of ashrama land which will be used for imparting
holistic education to children hailing from economically challenged background, helping them in their
overall development
g. Ramakrishna Mission Ashrama, Taki:
Ramakrishna Mission Ashrama, Taki is a branch Centre of the Ramakrishna Mission, Belur Math (Regn.
No. 01917/003 under West Bengal Societies Registration Act 1961), is located in a remote part of North
24 Parganas district of West Bengal, in proximity to the border area of Bangladesh Sundarban. This
centre has been rendering services to the poor people of Sundarban especially in the field of health and
education.
Company Board has sanctioned financial assistance to buy a four wheeler (Bolero Plus AC/ PS (ABS)
(AB) (BS IV)) which will be used to reach health & education services in the remote areas of the
Sundarban and also help to extend the activities of the ashrama.
h. Ramakrishna Mission Vidyapith, Purulia :
The Ramakrishna Mission Vidyapith, Purulia is a branch centre of Ramakrishna Mission Belur Math and
is a completely residential higher secondary school for boys who belong to backward communities. About
800 students (boys) from different states are residing here in this residential school which works on their
all-round development. Free coaching classes for girl students from surrounding villages, vocational
training for rural youths along with medical camps in the remote areas are also being conducted by
Ramakrishna Mission Vidyapith.

127 ANNUAL REPORT 2019-20

 EÆò{ÉxÉÒ Eäò ¤ÉÉäbÇ xÉä BEò ºEÚò±É ¤ÉºÉ (32 ºÉÒ]®) EòÒ JÉ®Òn EòÒ ¨ÉÆVÉÚ®Ò nÒ ½è ÊVɺÉEòÉ ={ɪÉÉäMÉ UÉjÉÉå Ê´ÉYÉÉxÉ +Éè® ¶ÉèÊIÉEò ¨Éä±ÉÉå, ´ÉÉ̹ÉEò ºÉɨÉÉÊVÉEò
ºÉä´ÉÉ Ê¶ÉÊ´É® Eäò ºÉÉlÉ ¶ÉèÊIÉEò {ɪÉÇ]xÉ B´ÉÆ §É¨ÉhÉ {É® ±Éä VÉÉxÉä Eäò ʱÉB ÊEòªÉÉ VÉÉBMÉÉ* {ÉְʱɪÉÉ ÊVɱÉä Eäò nÚ®ºlÉ IÉäjÉÉå ¨Éå <ºÉ ºEÚò±É ¤ÉºÉ EòÉ ={ɪÉÉäMÉ
Eò® ÊSÉÊEòiºÉÉ ºÉä´ÉÉ ºÉÆSÉÉʱÉiÉ EòÒ VÉÉBMÉÒ*
ªÉ½ xÉÉä] ÊEòªÉÉ VÉÉ ºÉEòiÉÉ ½è ÊEò ´Éè¸Ê´ÉEò ¨É½É¨ÉÉ®Ò EòÉäÊ´Éb-19 BÆ´É ´ÉiÉǨÉÉxÉ ±ÉÉìEòbÉ=xÉ Eäò EòÉ®hÉ, ={É®ÉäHò {ÉÊ®ªÉÉäVÉxÉÉ Eäò EòɪÉÉÇx´ÉªÉxÉ ¨Éå =¨¨ÉÒn ºÉä
VªÉÉnÉ ºÉ¨ÉªÉ ±ÉMÉ ®½É ½è* ½É±ÉÉÆÊEò {ÉÊ®ªÉÉäVÉxÉÉBÆ Vɱn ºÉä Vɱn +É®Æ¦É Eò®xÉä Eäò ʱÉB |ɪÉÉºÉ VÉÉ®Ò ½è*
2. ºÉÒBºÉ+É® ºÉʨÉÊiÉ Eäò ¤ÉÉäbÇ EòÒ ºÉÆ®SÉxÉÉ:
(31 ¨ÉÉSÉÇ, 2020 iÉEò) ºÉÒBºÉ+É® ºÉʨÉÊiÉ Eäò ¤ÉÉäbÇ ¨Éå ÊxɨxÉʱÉÊJÉiÉ ºÉnºªÉ ¶ÉÉÊ¨É±É ½è-
 ¸ÉÒ¨ÉiÉÒ iÉÊVÉxn® ¨ÉÖJÉVÉÔ (+vªÉIÉ)
 ¸ÉÒ ÊºÉrÉlÉÇ |ÉvÉÉxÉ (EòɪÉÇEòÉ®Ò ÊxÉnä¶ÉEò, b¤±ªÉÚ]ÒbÒ)
 ¸ÉÒ Ê¶É´É®¨ÉhÉ ¨É½Énä´ÉxÉ (º´ÉiÉÆjÉ ÊxÉnä¶ÉEò)
 ¸ÉÒ ºÉÖvÉÉEò® {ÉÉ½Ò (º´ÉiÉÆjÉ ÊxÉnä¶ÉEò)
3. Ê{ÉU±Éä iÉÒxÉ Ê´ÉkÉÒªÉ ´É¹ÉÉäÈ ¨Éå EÆò{ÉxÉÒ EòÉ +ÉèºÉiÉ ¶ÉÖr ±ÉɦÉ:
EÆò{ÉxÉÒ +ÊvÉÊxɪɨÉ, 2013 EòÒ vÉÉ®É 135 Eäò +xÉÖºÉÉ® ¶ÉÖr ±ÉɦÉ, 2013-
 Ê´ÉkÉÒªÉ ´É¹ÉÇ 2018-19: (-) °. 1906.18 Eò®Éäc (r/off)
 Ê´ÉkÉÒªÉ ´É¹ÉÇ 2017-18: (-) °. 2422.42 Eò®Éäc (r/off)
 Ê´ÉkÉÒªÉ ´É¹ÉÇ 2016-17: (-) °. 214.50 Eò®Éäc (r/off)
Ê{ÉU±Éä iÉÒxÉ ´É¹ÉÉäÈ Eäò EÖò±É ±ÉɦÉ: (-) °  . 4543.01 Eò®Éäc (r/off)
+ÉèºÉiÉ ¶ÉÖr ±ÉɦÉ: (-) °  . 1514.36 Eò®Éäc (r/off)
4. ÊxÉvÉÉÇÊ®iÉ ºÉÒBºÉ+É® ´´ÉªÉ (={É®ÉäHò ¨Én 3 Eäò ®É榃 EòÉ nÉä |ÉÊiɶÉiÉ):
+ÉèºÉiÉ ¶ÉÖr ±ÉÉ¦É EòÉ 2%: ¶ÉÚxªÉ
5. Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 Eäò nÉè®ÉxÉ ºÉÒBºÉ+É® {É® ÊEòB MÉB JÉSÉÇ EòÉ Ê´É´É®hÉ:
(a) Ê´ÉkÉÒªÉ ´É¹ÉÇ (¤ÉVÉ]) Eäò ʱÉB JÉSÉÇ EòÒ VÉÉxÉä´ÉɱÉÒ EÖò±É ®ÉʶÉ: °  . 11,08,54,974/- (+OÉäʹÉiÉ)
(b) +xÉɤÉÆÊ]iÉ ®ÉʶÉ, ªÉÊn EòÉä<Ç ½Éä: °  . 9,55,58,897/-

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 128

 Company Board has approved of the purchase of a School Bus (32 seater) which will be used for taking
students on educational tours & excursions along with science and educational fairs, annual social
service camp. Medical services will be conducted using this school bus in the remote areas of Purulia
district.
It may be noted that due to the current lockdown on account of Global Pandemic COVID 19, implementation
of the above projects is taking longer than expected. However endeavours are on for kick starting the
Projects at the earliest.
2. The Composition of the CSR Committee:
The CSR Committee comprises of the following Members (as on 31st March, 2020) -
 Smt Tajinder Mukherjee (Chairperson)
 Shri Sidharth Pradhan (Executive Director , WTD)
 Shri Sivaraman Mahadevan (Independent Director)
 Shri Sudhakar Pahi (Independent Director)
3. Average Net Profit of the Company for last three financial years:
Net Profit as per Section 135 of the Companies Act, 2013-
 Financial Year 2018-19: (-) `1906.18 crore (r/off)
 Financial Year 2017-18: (-) `2422.42 crore (r/off)
 Financial Year 2016-17: (-) `214.50 crore (r/off)
Total Net Profit of the immediately preceding three financial years: (-) `4543.01 crore (r/off)
Average Net Profit: (-) `1514.36 crore (r/off)
4. Prescribed CSR Expenditure (two percent of the amount as in item 3 above):
2% of the Average Net Profit: Nil
5. Details of CSR spent during the financial year 2019-20:
(a) Total amount to be spent for the financial year (Budget): `11,08,54,974/- (brought forward)
(b) Amount unallocated, if any: `9,55,58,897/-

129 ANNUAL REPORT 2019-20

 (c) Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 Eäò nÉè®ÉxÉ JÉSÉÇ ®ÉʶɪÉÉå EòÉ {ÉÚhÉÇ Ê´É´É®hÉ ÊxɨxÉʱÉÊJÉiÉ |ÉÉ°  {É ¨Éä ÊnªÉÉ MɪÉÉ ½è-

(1) (2) (3) (4) (5) (6) (7) (8)

Gò¨É {ɽSÉÉxÉ EòÒ MÉ<Ç ´Éä IÉäjÉ ÊVɺɨÉå {ÉÊ®ªÉÉäVÉxÉÉ ªÉÉ {ÉÊ®´ªÉªÉ {ÉÊ®ªÉÉäVÉxÉÉ/ Ê®{ÉÉäÍ]MÉ +´ÉÊvÉ |ÉiªÉIÉ ªÉÉ
ºÉÆ. ºÉÒBºÉ+É® {ÉÊ®ªÉÉäVÉxÉÉ {ÉÊ®ªÉÉäVÉxÉÉ EòɪÉÇGò¨É ®É榃 (¤ÉVÉ]) EòɪÉÇGò¨É {É® JÉSÉÇ iÉEò ºÉÆSɪÉÒ ´ªÉªÉ EòɪÉÉÇx´ÉªÉxÉEòÉ®Ò
ªÉÉ MÉÊiÉÊ´ÉÊvÉ +É´ÉÊ®iÉ EòÒ (1) ºlÉÉxÉÒªÉ IÉäjÉ {ÉÊ®ªÉÉäVÉxÉÉ ªÉÉ EòÒ MÉ<Ç ®É榃 (31.03.2020) BVÉåºÉÒ Eäò ¨ÉÉvªÉ¨É ºÉä
MÉ<Ç ½è ªÉÉ +xªÉ EòɪÉÇGò¨É Eäò ={ɶÉÒ¹ÉÇ: JɪÉÇ EòÒ MÉ<Ç ®ÉʶÉ
(2) =ºÉ ®ÉVªÉ +Éè® +xÉÖºÉÉ® (1) {ÉÊ®ªÉÉäVÉxÉÉ ªÉÉ
ÊVɱÉä EòÉ xÉÉ¨É VɽÉÆ EòɪÉÇGò¨É {É® ½Ö+É
{ÉÊ®ªÉÉäVÉxÉÉ/EòɪÉÇGò¨É |ÉiªÉIÉ ´ªÉªÉ
SɱÉɪÉÉ MɪÉÉ (2) ={É®Ò JÉSÉÇ
(°  {ÉB ¨Éå) (°  {ÉB ¨Éå) (°  {ÉB ¨Éå)
Eò. VÉÉ®Ò {ÉÊ®ªÉÉäVÉxÉÉBÆ [ Ê´ÉkÉÒªÉ ´É¹ÉÇ 2016-17 ¨Éå +xÉÖ¨ÉÉäÊniÉ ]:
1. +±ÉMÉ-+±ÉMÉ +ºÉ½ÉªÉ ÊxÉ´ÉÉ®Eò º´ÉɺlªÉ +ºÉ¨É, ÊjÉ{ÉÖ®É, 2,50,00,000 0 1,25,00,000 +É®]ÒÊ¡òʺɪɱÉ
´ªÉÊHòªÉÉå Eäò ʱÉB EÞòÊjÉ¨É ºÉʽiÉ º´ÉɺlªÉ +ÉäÊb¶ÉÉ, ʺÉÊCEò¨É, Ë±É¤É ¨ÉxªÉÖ¡òä CSÉË®MÉ
+ÆMÉ, ºÉ½ÉªÉEò iÉlÉÉ näJɦÉÉ±É {ÉʶSÉ¨É ¤ÉÆMÉɱÉ, EòÉì®{ÉÉ䮺ä ÉxÉ +Éì¡ò
={ÉEò®hÉÉå Eäò Ê´ÉiÉ®hÉ ZÉÉ®JÉÆb +Éè® ¨ÉäPÉÉ±ÉªÉ <ÆÊbªÉÃÉ (ALIMCO),
EòÉ |ÉɪÉÉäVÉxÉ ®ÉVªÉÉå ¨Éå EòÉxÉ{ÉÖ® EòɪÉÉÇx´ÉªÉxÉ
BVÉåºÉÒ Eäò ¨ÉÉvªÉ¨É ºÉä*
={É-EÖò±É (Eò) 2,50,00,000 0 1,25,00,000

JÉ. {ÉÚ®Ò EòÒ MÉ<Ç {ÉÊ®ªÉÉäVÉxÉÉBÆ [ Ê´ÉkÉÒªÉ ´É¹ÉÇ 2017-18 ¨Éå +xÉÖ¨ÉÉäÊniÉ ]:
2. Eòɨ{ªÉÚ]bä ®äÊbªÉÉäOÉÉ¡òÒ º´ÉɺlªÉ näJɦÉÉ±É SÉä®É{ÉÚVÆ ÉÒ ¨Éå 10,50,000 336000 11,76,000 ®É¨ÉEÞò¹hÉ Ê¨É¶ÉxÉ
ʺɺ]¨É (±ÉMÉÚ Eò® Eäò (Eò® Eäò ºÉÉlÉ) (Eò® Eäò ºÉÉlÉ) +ɸɨÉ, SÉä®É{ÉÚVÆ ÉÒ
ºÉÉlÉ) EòɪÉÉÇx´ÉªÉxÉ BVÉäxºÉÒ Eäò
¨ÉÉvªÉ¨É ºÉä
={É-EÖò±É (JÉ) 10,50,000 336000 11,76,000
(±ÉMÉÚ Eò® Eäò (Eò® Eäò ºÉÉlÉ) (Eò® Eäò ºÉÉlÉ)
ºÉÉlÉ)

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 130

(c) Manner in which the amount spent during the financial year 2019-20 is detailed below-

(1) (2) (3) (4) (5) (6) (7) (8)

Sl CSR Sector in Projects or Amount Amount spent Cumula -tive Amount spent
No. Project or activity which the programs of outlay on the projects expenditure Direct or through
identified project is (1) Local area (budget) or programs upto to the implementing
covered or other project or Sub-heads: reporting agency
(2) Specify programs (1) Direct period (i.e.
the State and wise expenditure 31.03.2020)
district where on projects or
projects or programs
programs was (2) Overheads
undertaken (in `) (in `) (in `)

A. Ongoing Projects [approved in the F.Y. 2016-17]:

1. Sponsored the Promoting In the states of 2,50,00,000 0 1,25,00,000 Through

distribution of Health Care Assam, Tripura, Implementing
artificial limbs, aid including Nagaland, Agency,
& appliances to preventive Manipur, Artificial Limbs
differently abled health care Odisha, Sikkim, Manufacturing
persons. West Bengal, Corporation of
Jharkhand and India (ALIMCO),
Meghalaya Kanpur.
Sub-total (A) 2,50,00,000 0 1,25,00,000

B. Projects completed [approved in the F.Y. 2017-18]:

2. Computed Health care In Cherrapunji 10,50,000 336000 11,76,000 Through

Radiography (Plus (Inclusive of (inclusive of Implementing
System applicable taxes) taxes) Agency,
taxes) Ramakrishna
Mission Ashrama,
Cherrapunji
Sub-total (B) 10,50,000 336000 11,76,000
(plus (Inclusive of (Inclusive of
applicable taxes) taxes)
taxes)

131 ANNUAL REPORT 2019-20

 MÉ. VÉÉ®Ò {ÉÊ®ªÉÉäVÉxÉÉBÆ [ Ê´ÉkÉÒªÉ ´É¹ÉÇ 2017-18 ¨Éå +xÉÖ¨ÉÉäÊniÉ ]:
3. 2 ÊbÊVÉ]±É Eò¨{ªÉÚ]® OÉɨÉÒhÉ/+ÉÊn´ÉɺÉÒ {ÉʶSÉ¨É ¤ÉÆMÉɱÉ, 46,24,000 0 22,75,682 n £äòhbºÉ +Éì¡ò
(Eò) ´ÉèxÉ EòÉ |ÉɪÉÉäVÉxÉ IÉäjÉÉå ¨Éå ÊbÊVÉ]±É ZÉÉ®JÉÆb, +ÉäÊb¶ÉÉ ]ÅÉ<¤É±É ºÉÉäºÉÉ<]Ò,
ºÉÉIÉ®iÉÉ EòÉä +Éè® Ê¤É½É® ®ÉVªÉÉå ¨Éå EòÉä±ÉEòÉiÉÉ EòɪÉÉÇx´ÉªÉxÉ
¤ÉgÉ´ÉÉ BVÉäxºÉÒ Eäò ¨ÉÉvªÉ¨É
(JÉ) +ÉÊn´ÉɺÉÒ +Éè® OÉɨÉÒhÉ Ê¶ÉIÉÉ EòÉä ¤ÉgÉ´ÉÉ {ÉʶSÉ¨É ¤ÉÆMÉɱÉ, 50,00,000 0 37,50,000
¤ÉSSÉÉå EòÉä |ÉÉlÉʨÉEò näxÉÉ ZÉÉ®JÉÆb, +ÉäÊb¶ÉÉ
ʶÉIÉÉ |ÉnÉxÉ Eò®xÉä Eäò +Éè® Ê¤É½É® ®ÉVªÉÉå ¨Éå
ʱÉB 250 +Éä]ÒBºÉ EòÉ
|ÉɪÉÉäVÉxÉ
4. ºÉÖ®ÊIÉiÉ {ÉäªÉ VÉ±É Eäò º´ÉɺlªÉ näJɦÉɱÉ, nÊIÉhÉ 24 {É®MÉxÉÉ, 9,30,000 0 7,00,000 ®Éä]®Ò Eò±¤É +Éì¡ò
ʱÉB Mɽ®ä xɱÉEÚò{ÉÉå Eäò º´ÉSUiÉÉ +Éè® {ÉʶSÉ¨É ¤ÉÆMÉÉ±É Eäò Eò±ÉEòiÉÉ, ºÉÉ=lÉ
ºlÉÉ{ÉxÉÉ EòÉ |ÉɪÉÉäVÉxÉ ºÉÖ®ÊIÉiÉ {ÉäªÉ VÉ±É ¨ÉÉäMɮɽÉ] ¤±ÉÉìEò Eäò ºÉäx]űÉ, Eò±ÉEòiÉÉ
5 OÉɨÉÉå ¨Éå EòɪÉÉÇx´ÉªÉxÉ BVÉäxºÉÒ Eäò
¨ÉÉvªÉ¨É ºÉä
={É-EÖò±É (MÉ) 1,05,54,000 0 67,25,682

PÉ. {ÉÚ®Ò EòÒ MÉ<Ç {ÉÊ®ªÉÉäVÉxÉÉBÆ [ Ê´ÉkÉÒªÉ ´É¹ÉÇ 2018-19 ¨Éå +xÉÖ¨ÉÉäÊniÉ ]:
5. =SSÉiÉ® ¨ÉÉvªÉʨÉEò º´ÉɺlªÉ +Éè® iÉʨɱÉxÉÉbÖ Eäò 16,14,900 8,14,900 16,14,900 ºÉä´ÉÉ Eäò ʱÉB
ºEÚò±É ¨Éå UÉjÉÉ+Éå º´ÉSSÉiÉÉ ÊiÉ°  ´ÉÉ° ÊVɱÉÉ B+É<ÇB¨É EòɪÉÉÇx´ÉªÉxÉ
Eäò ʱÉB ¶ÉÉèSÉÉ±ÉªÉ BVÉäxºÉÒ Eäò ¨ÉÉvªÉ¨É ºÉä
¤±ÉÉìEò Eäò ÊxɨÉÉÇhÉ EòÉä
|ÉɪÉÉäÊVÉiÉ Eò®xÉÉ
6. ºÉ¨É®ºÉä´É±É {ɨ{É Eäò º´ÉɺlªÉ näJɦÉɱÉ, Eò±ÉÊ{ÉiÉÉ OÉɨÉ, 4,40,000 2,20,000 4,40,000 n ®Éä]®Ò Eò±¤É,
ºÉÉlÉ Mɽ®ä ¤ÉÉ䮤Éä±É º´ÉSUiÉÉ +Éè® ¦ÉÖ´ÉxÉ䶴ɮ ¦ÉÖ´ÉxÉ䶴ɮ EòɪÉÉÇx´ÉªÉxÉ
ÊxɨÉÉÇhÉ Eäò ʱÉB ºÉÖ®ÊIÉiÉ {ÉäªÉ VÉ±É BVÉäxºÉÒ Eäò ¨ÉÉvªÉ¨É ºÉä
|ÉɪÉÉäÊVÉiÉ Eò®xÉÉ
7. ʴɶÉä¹ÉÉÊvÉEòÉ® |ÉÉ{iÉ Ê¶ÉIÉÉ +Éè® ZÉÉ®JÉÆb, EòxÉÉÇ]Eò, 99,90,000 74,92,500 99,90,000 ®É¨ÉEÞò¹hÉ Ê¨É¶ÉxÉ, ¤Éä±ÉÖ®
¤ÉSSÉÉå Eäò ʱÉB º´ÉɺlªÉ näJɦÉÉ±É Eäò®±É, =kÉ® |Énä¶É ¨É`, ÊVɱÉɽɴÉcÉ,
®É¨ÉEÞò¹hÉ Ê¨É¶ÉxÉ ¨Éå 15 +Éè® {ÉʶSÉ¨É ¤ÉÆMÉÉ±É {ÉʶSÉ¨É ¤ÉÆMÉɱÉ
VÉÒB{ÉÒ <ÇEòÉ<+Éå EòÉ ®ÉVªÉÉå ¨Éå EòɪÉÉÇx´ÉªÉxÉ BVÉäxºÉÒ Eäò
|ÉɪÉÉäVÉxÉ ¨ÉÉvªÉ¨É ºÉä
={É-EÖò±É (PÉ) 1,20,44,900 85,27,400 1,20,44,900

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 132

C. Ongoing Projects [approved in the F.Y. 2017-18]:

3. Sponsored 2 Promoting In the states of 46,24,000 0 22,75,682 Through

(a) Digital Computer digital literacy West Bengal, Implementing
Vans in rural/tribal Jharkhand, Agency, The
areas Odisha and Friends of Tribal
Bihar Society, Kolkata
(b) Sponsored 250 Promoting In the states of 50,00,000 0 37,50,000
OTS for providing Education West Bengal,
primary education Jharkhand,
to the tribal and Odisha and
rural children. Bihar
4. Sponsored Healthcare, 5 villages in 9,30,000 0 7,00,000 Through
installation of sanitation Block Mogrhat, Implementing
deep tube wells and safe District South Agency, The
for safe drinking drinking 24 Parganas, Rotary Club of
water water West Bengal Calcutta South
Central, Kolkata
Sub-total (C) 1,05,54,000 0 67,25,682

D. Projects completed [approved in the F.Y. 2018-19]:

5. Sponsored Health and Tiruvaru district 16,14,900 8,14,900 16,14,900 Through

construction of sanitation of Tamilnadu Implementing
toilet block for Agency, AIM for
girls in higher Sewa
secondary school
6. Sponsored Healthcare, Village Kalapita, 4,40,000 2,20,000 4,40,000 Through
construction of sanitation Bhubaneswar Implementing
deep bore well and safe Agency, The
system including drinking Rotary Club of
submersible water Bhubaneswar
pumps
7. Sponsored 15 Promoting In the states 99,90,000 74,92,500 99,90,000 Through
GAP Units of Education & of Jharkhand, Implementing
Ramakrishna Health Care Karnataka, Agency,
Mission for holistic Kerala, Uttar Ramakrishna
development of Pradesh, & Mission, Belur
under privileged West Bengal Math, District
children. Howrah, West
Bengal.
Sub-total (D) 1,20,44,900 85,27,400 1,20,44,900

133 ANNUAL REPORT 2019-20

 R . VÉÉ®Ò {ÉÊ®ªÉÉäVÉxÉÉBÆ [ Ê´ÉkÉÒªÉ ´É¹ÉÇ 2018-19 ¨Éå +xÉÖ¨ÉÉäÊniÉ ]:
8. +ÉÊn´ÉɺÉÒ +Éè® OÉɨÉÒhÉ
¤ÉSSÉÉå EòÉä |ÉÉlÉʨÉEò
ʶÉIÉÉ |ÉnÉxÉ Eò®xÉä Eäò
ʱÉB 250 +Éä]ÒBºÉ EòÉ
|ÉɪÉÉäVÉxÉ
9. ºxÉÉxÉ Eäò ºÉÖÊ´ÉvÉÉ+Éå Eäò
ºÉÉlÉ 10 ºÉɨÉÖnÉʪÉEò
¶ÉÉèSÉÉ±ÉªÉ {ÉÊ®ºÉ® EòÉ
ÊxɨÉÉÇhÉ
10. +ÉEòÉÆIÉÒ ÊVɱÉÉå Eäò
ºÉ®EòÉ®Ò EòxªÉÉ =SSÉ
Ê´ÉvÉɱɪÉÉå ¨Éå ¶ÉÉèSÉɱɪÉ
¤±ÉÉìEòÉå Eäò ÊxɨÉÉÇhÉ EòÉä
|ÉɪÉÉäÊVÉiÉ Eò®xÉÉ VɱÉ
11. ºEÚò±ÉÉå ¨Éå ºÉÖ®ÊIÉiÉ {ÉäªÉ
VÉ±É Eäò ʱÉB +É®+Éä
|ɪÉÉäÊVÉiÉ Eò®xÉÉ
12. 50 VɱɶÉÉävÉEò
<EòÉ<ǪÉÉå EòÉä |ÉɪÉÉäÊVÉiÉ
Eò®xÉÉ
={É-EÖò±É (R)
SÉ. VÉÉ®Ò {ÉÊ®ªÉÉäVÉxÉÉBÆ [ Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 ¨Éå +xÉÖ¨ÉÉäÊniÉ ]:
13. ÊEò¶ÉÉä® ±ÉcÊEòªÉÉå Eäò
ʱÉB ¨ÉÉʺÉEò vɨÉÇ
º´ÉSUiÉÉ |ɤÉÆvÉxÉ
14. EòÉè¶É±É Ê´ÉEòÉºÉ Eäò
ʱÉB ʺɱÉÉ<Ç <ÇEòÉ<Ç EòÉ
|ÉɪÉÉäVÉxÉ
´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20
ʶÉIÉÉ EòÉä ¤ÉgÉ´ÉÉ {ÉʶSÉ¨É ¤ÉÆMÉɱÉ, 50,00,000 0 0 +ÉÊn´ÉɺÉÒ +Éè®
näxÉÉ ZÉÉ®JÉÆb, +ÉäÊb¶ÉÉ, OÉɨÉÒhÉ ¤ÉSSÉÉå EòÉä
ʤɽɮ B´ÉÆ Eäò®±É |ÉÉlÉʨÉEò ʶÉIÉÉ |ÉnÉxÉ
®ÉVªÉÉå ¨Éå Eò®xÉä Eäò ʱÉB 250
+Éä]ÒBºÉ EòÉ |ÉɪÉÉäVÉxÉ
º´ÉɺlªÉ +Éè® nä¶É Eäò Ê´ÉʦÉxxÉ 1,99,68,530 0 99,84,265 ºÉÖ±É¦É <Æ]®xÉä¶ÉxɱÉ
º´ÉSSÉiÉÉ ºlÉÉxÉÉå {É® ºÉÉä¶É±É +ÉìMÉÇxÉÉ<VÉä¶ÉxÉ
EòɪÉÉÇx´ÉªÉxÉ BVÉäxºÉÒ Eäò
¨ÉÉvªÉ¨É ºÉä
º´ÉɺlªÉ +Éè® +ÉEòÉÆ7 ÊVɱÉÉå Eäò 87,75,000 0 21,93,750 º´ÉºlÉ {ÉÊ®´ÉÉ® BEò
º´ÉSSÉiÉÉ Ê´ÉʦÉxxÉ ºEÚò±ÉÉå ¨Éå |ɪÉÉºÉ EòɪÉÉÇx´ÉªÉxÉ
BVÉäxºÉÒ Eäò ¨ÉÉvªÉ¨É ºÉä
º´ÉɺlªÉ näJɦÉɱÉ, ÊVɱÉÉ ¨ÉÉäÊiÉ½É®Ò Eäò 1,75,000 0 0 {É]xÉÉ IÉäjÉÒªÉ EòɪÉÉDZɪÉ
º´ÉSUiÉÉ +Éè® 4 ºEÚò±ÉÉå ¨Éå uÉ®É EòɪÉÉÇx´ÉªÉxÉ
ºÉÖ®ÊIÉiÉ {ÉäªÉ VɱÉ
º´ÉɺlªÉ näJɦÉɱÉ, ÊVɱÉÉ+½¨Én xÉMÉ® 1,01,48,000 0 0 EòɪÉÉÇx´ÉªÉxÉ BVÉäxºÉÒ
º´ÉSUiÉÉ +Éè® Eäò 50 MÉÉÆ´ÉÉå ¨Éå Eò±ÉäC]® ÊVɱÉÉ {ÉÊ®¹Én,
ºÉÖ®ÊIÉiÉ {ÉäªÉ VÉ±É +½¨ÉnxÉMÉ® ÊVɱÉÉ,
®ÉVªÉ ºiÉ® BVÉäxºÉÒ
4,40,66,530 0 1,21,78,015
º´ÉɺlªÉ +Éè® {ÉʶSÉ¨É ¤ÉÆMÉÉ±É Eäò 39,15,439 0 0 EòɪÉÇx´ÉªÉxÉ BVÉäxºÉÒ
º´ÉSUiÉÉ 30 ºEÚò±ÉÉå ¨Éå ÊxɨÉÉÇhÉ ¡òÉ=Æbä¶ÉxÉ
Eò±ªÉÉhÉ +Éè® EòÉä±ÉEòÉiÉÉ ¨Éå |ÉÊiÉ 3,39,900 0 0 EòɪÉÇx´ÉªÉxÉ BVÉäxºÉÒ
{ÉÖxÉ´ÉÉÇºÉ ´É¹ÉÇ iɺEò®Ò EòÒ ÊnMɨ¤É® +ÆMÉÒEòÉ®
ʶÉEòÉ® 40 ÊEò¶ÉÉä®
±ÉcEòÒ
134
E. Ongoing Projects [approved in the F.Y. 2018-19]:

8. Sponsored 250 Promoting In the states of 50,00,000 0 0 Through

OTS for providing Education West Bengal, Implementing
primary education Jharkhand, Agency, The
to the tribal and Odisha, Bihar Friends of Tribal
rural children. and Kerala Society
9. Construction of 10 Health and Various across 1,99,68,530 0 99,84,265 Through
Community Toilet sanitation the country Implementing
Complex with Agency, Sulabh
Bath Facilities International
Social Service
Organisation
10. Sponsored Health and Various schools 87,75,000 0 21,93,750 Through
construction of sanitation in aspiring Implementing
toilet blocks in districts Agency, Swasth
Government Girls Parivaar Ek
High Schools in Prayaas
aspiring districts
11. Sponsored RO Healthcare, 4 schools in 1,75,000 0 0 Implemention
for safe drinking sanitation Motihari district, through Patna
water in schools and safe Bihar Regional Office
drinking
water
12. Sponsored 50 Healthcare, 50 villages in 1,01,48,000 0 0 Implementing
water purifier units sanitation Ahmednagar Agency- Collector
and safe District of Zilla Parishad
drinking Maharashtra Ahmednagar
water district, State
Level Agency
Sub-total (E) 4,40,66,530 0 1,21,78,015

F. Ongoing Projects [approved in the F.Y. 2019-20]:

13. Menstrual Health and 30 schools of 39,15,439 0 0 Implementing

Hygiene sanitation West Bengal Agency-Nirman
Management for Foundation
Adolescent Girls
14. Sponsored Welfare & 40 trafficking 3,39,900 0 0 Implementing
Tailoring Unit for Rehabilitation Victim Agency-
skill development adolescent Digamberpur
Girl per year in Angikar
Kolkata

135 ANNUAL REPORT 2019-20

 15. ¤±ÉÉ<Æb ºEÚò±É Eäò Eò±ªÉÉhÉ +Éè® ºÉ±ÉÎiÉPÉÉ] n: 24 23,50,000 0 0 EòɪÉÇx´ÉªÉxÉ BVÉäxºÉÒ
¤ÉÖÊxɪÉÉnÒ gÉSÉä Eäò {ÉÖxÉ´ÉÉÇºÉ {É®MÉxÉÉ {É. ¤É. ´ÉÉªÉºÉ +Éì¡ò ´ÉbÇ
ÊxɨÉÉÇhÉ Eäò ʱÉB ¨Éå ¤±ÉÉ<Æb ºEÚò±É
|ÉɪÉÉäVÉxÉ ÊxÉ´ÉɺÉÒ B´ÉÆ Ê´ÉÊ´ÉvÉ
°  {É ºÉä ºÉ¨ÉlÉÇ UÉjÉ
16. ¦ÉÚiÉ{ÉÚ´ÉÇ ºÉèÊxÉEòÉå Eäò Eò±ªÉÉhÉ +Éè® {ÉèxÉ <ÆÊbªÉÉ 25,08,000 0 0 EòɪÉÇx´ÉªÉxÉ BVÉäxºÉÒ
ʱÉB 44 ¨ÉÉäÊb¡òÉ<Ç {ÉÖxÉ´ÉÉÇºÉ +ɴɶªÉEòiÉÉ EäòxpÒªÉ ºÉèÊxÉEò ¤ÉÉäbÇ
ºEÚò]® EòÉ |ÉɪÉÉäVÉxÉ Eäò+xÉÖºÉÉ®
17. BxÉbÒ´ÉÉ<ÇBVÉÒ ±ÉäVÉ® º´ÉɺlªÉ näJɦÉÉ±É EòÉä±ÉEòÉiÉÉ ¨Éå 9,00,000 0 0 EòɪÉÇx´ÉªÉxÉ BVÉäxºÉÒ
¨É¶ÉÒxÉ EòÒ ºlÉÉ{ÉxÉÉ ±ÉɪÉÆºÉ xÉÉlÉÇ Eò±ÉEòiÉÉ
½Éʺ{É]±É Bhb
¨ÉäÊbEò±É ºÉäx]®
18. ´ÉÆÊSÉiÉ UÉjÉÉå Eäò ʱÉB ʶÉIÉÉ EòÉä ¤ÉgÉ´ÉÉ EòÉxÉ{ÉÖ® Eäò ®É¨ÉEÞò¹hÉ 22,45,976 0 0 EòɪÉÇx´ÉªÉxÉ BVÉäxºÉÒ
EòIÉÉBÆ ºÉÆSÉɱÉxÉ Eò®xÉä näxÉÉ Ê¨É¶ÉxÉ Eäòxp ®É¨ÉEÞò¹hÉ Ê¨É¶ÉxÉ
Eäò ʱÉB ¤ÉÖÊxɪÉÉnÒ gÉSÉÉ +ɸɨÉ, EòÉxÉ{ÉÖ®
EòÉ Ê´ÉEòɺÉ
19. SÉÉ®{ÉʽªÉÉ (¤ÉÉä±Éä®Éä ʶÉIÉÉ +Éè® ºÉÖÆn®´ÉxÉ +Éè® 10,19,154 0 0 EòɪÉÇx´ÉªÉxÉ BVÉäxºÉÒ
{±ÉºÉ BºÉÒ (¤ÉÒBºÉ¡)) º´ÉɺlªÉ näJɦÉÉ±É ®É¨ÉEÞò¹hÉ Ê¨É¶ÉxÉ ®É¨ÉEÞò¹hÉ Ê¨É¶ÉxÉ
EòÉ |ÉɪÉÉäVÉxÉ EòÉä ¤ÉgÉ´ÉÉ Eäòxp, ]ÉìEòÒ +ɸɨÉ, ]ÉìEòÒ
20. ºEÚò±É ¤ÉºÉ EòÉ Ê¶ÉIÉÉ EòÉä ¤ÉgÉ´ÉÉ {ÉÖ°  ʱɪÉÉ, {ÉʶSÉ¨É 20,17,617 0 0 EòɪÉÇx´ÉªÉxÉ BVÉäxºÉÒ
|ÉɪÉÉäVÉxÉ ¤ÉÆMÉÉ±É ®É¨ÉEÞò¹hÉ Ê¨É¶ÉxÉ
Ê´ÉvÉÉ{ÉÒ`, {ÉÖ°  ʱɪÉÉ
={ÉEÖò±É (SÉ) 1,52,96,077 0 0
EÖò±É ªÉÉäMÉ (Eò+JÉ+MÉ+PÉ+b.+SÉ) 10,80,11,507 88,63,400 4,46,24,597

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 136

15. Sponsored to Welfare & Blind school 23,50,000 0 0 Implementing
build Blind School Rehabilitation resident Agency-Voice of
infrastructure differentially World
abled students
at Saltighat,
24 Parganas
(South), W.B.
16. Sponsored 44 Welfare & Pan India as per 25,08,000 0 0 Implementing
modified scooters Rehabilitation requirement agency- Kendriya
for Ex servicemen Sainik Board
17. Installation of Healthcare At Kolkata 9,00,000 0 0 Implementing
ND-YAG Laser agency- Lions
Machine North Calcutta
Hospital And
Medical Centre
18. Infrastructure Promoting At Kanpur 22,45,976 0 0 Implementing
development Education Centre of Agnecy-
for conducting Rammakrishna Ramakrishna
Classes for Mission Mission Ashrama,
underprivileged Kanpur
students
19. Sponsored a four Promoting At sundarbans 10,19,154 0 0 Implementing
wheeler (Bolero Education & &Taki Centre of Agnecy-
plus AC (BS IV)) Health care Ramakrishna Ramakrishna
Mission, WB Mission Ashrama,
Taki, WB
20. Sponsored a Promoting Purulia, West 20,17,617 0 0 Implementing
school bus Education Bengal Agnecy-
Ramakrishna
Mission
Vidyapith, Purulia
Sub-total (F) 1,52,96,077 0 0
GRAND TOTAL (A+B+C+D+E+F) 10,80,11,507 88,63,400 4,46,24,597

137 ANNUAL REPORT 2019-20

U. Ê{ÉU±Éä iÉÒxÉ Ê´ÉkÉÒªÉ ´É¹ÉÉäÇ Eäò +OÉäʹÉiÉ ®ÉʶÉ:
Ê´ÉkÉÒªÉ ´É¹ÉÇ 2015-16, 2016-17, 2017-18 +Éè® 2019-20 Eäò nÉè®ÉxÉ ºÉÒBºÉ+É® ¤ÉVÉ], Ê´ÉÊxɪÉÉäVÉxÉ B´ÉÆ JÉSÉÇ EòÒ MÉ<Ç ®É榃 EòÉ Ê´É´É®hÉ
ÊxɨxÉʱÉÊJÉiÉ ½è -
Ê´ÉkÉÒªÉ ´É¹ÉÇ 2015-16 ¨Éå +xÉÖ¨ÉÉäÊniÉ {ÉÊ®ªÉÉäVÉxÉÉBÆ
Gò. ºÉÆ. Ê´É´É®hÉ ®É榃 (°  .)
(Eò) Ê´ÉkÉÒªÉ ´É¹ÉÇ 2015-16 Eäò ʱÉB ºÉÒBºÉ+É® ¤ÉVÉ] 16,20,07,000
Ê{ÉU±Éä ´É¹ÉÇ Eäò ¤ÉÒ/B¡ò ®É榃 5,20,00,000
EÖò±É ¤ÉVÉ] 21,40,07,000
(JÉ) ´É¹ÉÇ Eäò nÉè®ÉxÉ {ÉÊ®ªÉÉäVÉxÉÉ+Éå {É® +ɤÉÆÊ]iÉ/ +xÉÖ¨ÉÉäÊniÉ EÖò±É ®É榃 13,87,20,343
(MÉ) EÖò±É +ɤÉÆÊ]iÉ ®É榃 ¨Éå ºÉä JÉSÉÇ °. 13,87,20,343/-
 Ê´ÉkÉÒªÉ ´É¹ÉÇ 2015-16 ¨Éå JÉSÉÇ EòÒ MÉ<Ç ®É榃 2,43,09,173
 Ê´ÉkÉÒªÉ ´É¹ÉÇ 2016-17 ¨Éå JÉSÉÇ EòÒ MÉ<Ç ®É榃 5,39,23,806
 Ê´ÉkÉÒªÉ ´É¹ÉÇ 2017-18 ¨Éå JÉSÉÇ EòÒ MÉ<Ç ®É榃 29,69,884
 Ê´ÉkÉÒªÉ ´É¹ÉÇ 2018-19 ¨Éå JÉSÉÇ EòÒ MÉ<Ç ®É榃 70,00,000
31.03.2019 iÉEò JÉSÉÇ EòÒ MÉ<Ç EÖò±É ®É榃 8,82,02,863
(PÉ) Ê´ÉkÉÒªÉ ´É¹ÉÇ 2018-19 iÉEò JÉSÉÇ xÉ½Ó EòÒ MÉ<Ç ¶Éä¹É ®É榃 [JÉ-MÉ] 5,05,17,480#
(R) +MɱÉä ´É¹ÉÇ ºÉÒ/B¡ò MÉè® +ɤÉÆÊ]iÉ ®É榃 [Eò-JÉ] 7,52,86,657
#°  .5,05,17,480/- = °  .21,86,160/-(+ÆiÉ® ®É榃 2018-19 Eäò ¤ÉVÉ] ¨Éå VÉÉäcÒ MÉ<Ç)* + °  .4,83,31,320/- (+ÆiÉ® ®É榃 2019-20 Eäò ¤ÉVÉ] ¨Éå VÉÉäcÒ
MÉ<Ç)**
Ê´ÉkÉÒªÉ ´É¹ÉÇ 2016-17 ¨Éå +xÉÖ¨ÉÉäÊniÉ {ÉÊ®ªÉÉäVÉxÉÉBÆ
Gò. ºÉÆ. Ê´É´É®hÉ ®É榃 (°  .)
(Eò) Ê´ÉkÉÒªÉ ´É¹ÉÇ 2016-17 Eäò ʱÉB ºÉÒBºÉ+É® ¤ÉVÉ] 11,78,49,180
Ê{ÉU±Éä ´É¹ÉÇ Eäò ¤ÉÒ/B¡ò ®É榃 7,52,86,657
EÖò±É ¤ÉVÉ] 19,31,35,837
(JÉ) ´É¹ÉÇ Eäò nÉè®ÉxÉ {ÉÊ®ªÉÉäVÉxÉÉ+Éå {É® +ɤÉÆÊ]iÉ/ +xÉÖ¨ÉÉäÊniÉ EÖò±É ®É榃 6,58,99,871
(MÉ) EÖò±É +ɤÉÆÊ]iÉ ®É榃 ¨Éå ºÉä JÉSÉÇ °. 6,58,99,871/-:
 Ê´ÉkÉÒªÉ ´É¹ÉÇ 2016-17 ¨Éå JÉSÉÇ EòÒ MÉ<Ç ®É榃 2,96,02,821
 Ê´ÉkÉÒªÉ ´É¹ÉÇ 2017-18 ¨Éå JÉSÉÇ EòÒ MÉ<Ç ®É榃 2,33,82,500
31.03.2018 iÉEò JÉSÉÇ EòÒ MÉ<Ç EÖò±É ®É榃 5,29,85,321
(PÉ) Ê´ÉkÉÒªÉ ´É¹ÉÇ 2017-18 iÉEò JÉSÉÇ xÉ½Ó EòÒ MÉ<Ç ¶Éä¹É ®É榃 [JÉ-MÉ] 1,29,14,550#
(R) +MɱÉä ´É¹ÉÇ ºÉÒ/B¡ò MÉè® +ɤÉÆÊ]iÉ ®É榃 [Eò-JÉ] 12,72,35,966

# °  .1,29,14,550= °  .1,25,00,000 (ALIMCO Eäò ʱÉB VÉÉ®Ò {ÉÊ®ªÉÉäVÉxÉÉ) + °  . 4,14,550/- (+ÆiÉ® ®É榃 EòÒ MÉhÉxÉÉ 2018-19 Eäò ¤ÉVÉ] Eäò ʱÉB ÊEòªÉÉ
MɪÉÉ)*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 138

6. Amounts carried forward in the last three financial years:
CSR budget, allocation and amount spent during FY 2015-16, 2016-17, 2017-18 , 2018-19 and 2019-
20 is shown herein below –
Projects approved in Financial Year 2015-16

Sl. Particulars Amount (`)

(a) CSR Budget for F.Y. 2015-16 16,20,07,000
Amount b/f from the previous year 5,20,00,000
Total budget 21,40,07,000
(b) Total amount allocated/approved on projects during the year 13,87,20,343
(c) Out of the total allocated amount of `13,87,20,343/-
 Amount spent in F.Y. 2015-16 2,43,09,173
 Amount spent in F.Y. 2016-17 5,39,23,806
 Amount spent in F.Y. 2017-18 29,69,884
 Amount spent in F.Y. 2018-19 70,00,000
Total amount spent as on 31.03.2019 8,82,02,863
(d) Amount remaining unspent upto F.Y. 2018-19 [b-c] 5,05,17,480#
(e) Unallocated amount c/f to next year [a-b] 7,52,86,657

#`5,05,17,480/- = `21,86,160/-(Differential amount added to 2018-19 budget)* + `4,83,31,320/-(differential amount

added to 2019-20 Budget)**

Projects approved in Financial Year 2016-17

Sl. Particulars Amount (`)

(a) CSR Budget for F.Y. 2016-17 11,78,49,180
Amount b/f from the previous year 7,52,86,657
Total budget 19,31,35,837
(b) Total amount allocated/approved on projects during the year 6,58,99,871
(c) Out of the total allocated amount of `6,58,99,871/-:
 Amount spent in F.Y. 2016-17 2,96,02,821
 Amount spent in F.Y. 2017-18 2,33,82,500
Total amount spent as on 31.03.2018 5,29,85,321
(d) Amount remaining unspent upto F.Y. 2017-18 [b-c] 1,29,14,550#
(e) Unallocated amount c/f to next year [a-b] 12,72,35,966

# `1,29,14,550= `1,25,00,000(For ongoing project of ALIMCO) + `4,14,550/- (differential amount calculated for
budget of 2018-19)*

139 ANNUAL REPORT 2019-20

 Ê´ÉkÉÒªÉ ´É¹ÉÇ 2017-18 ¨Éå +xÉÖ¨ÉÉäÊniÉ {ÉÊ®ªÉÉäVÉxÉÉBÆ
Gò. ºÉÆ. Ê´É´É®hÉ ®É榃 (°  .)
(Eò) Ê´ÉkÉÒªÉ ´É¹ÉÇ 2017-18 Eäò ʱÉB ºÉÒBºÉ+É® ¤ÉVÉ] 5,05,43,600
Ê{ÉU±Éä ´É¹ÉÇ Eäò ¤ÉÒ/B¡ò ®É榃 12,72,35,966
EÖò±É ¤ÉVÉ] 17,77,79,566
(JÉ) ´É¹ÉÇ Eäò nÉè®ÉxÉ {ÉÊ®ªÉÉäVÉxÉÉ+Éå {É® +ɤÉÆÊ]iÉ/ +xÉÖ¨ÉÉäÊniÉ EÖò±É ®É榃 5,77,64,471
(MÉ) EÖò±É +ɤÉÆÊ]iÉ ®É榃 ºÉä JÉSÉÇ ÊEòB MÉB °. 5,77,64,471/-
 Ê´ÉkÉÒªÉ ´É¹ÉÇ 2017-18 ¨Éå JÉSÉÇ EòÒ MÉ<Ç ®É榃 3,20,88,921
 Ê´ÉkÉÒªÉ ´É¹ÉÇ 2018-19 ¨Éå JÉSÉÇ EòÒ MÉ<Ç ®É榃 1,55,92,753
 Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 ¨Éå JÉSÉÇ EòÒ MÉ<Ç ®É榃 2,10,000
31.03.2020 iÉEò JÉSÉÇ EòÒ MÉ<Ç EÖò±É ®É榃 4,78,91,674
(PÉ) Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 ¨Éå JÉSÉÇ xÉ½Ó EòÒ MÉ<Ç ®É榃 [JÉ-MÉ] 98,72,797#
(R) +MɱÉä ´É¹ÉÇ ºÉÒ/B¡ò MÉè® +ɤÉÆÊ]iÉ ®É榃 [Eò-JÉ] 12,00,15,095

#°  .98,72,797/- = °  .38,28,318/- (VÉÉ®Ò {ÉÊ®ªÉÉäVÉxÉÉBÆ) + °  .2,34,137/- /(+ÆiÉ® ®É榃 2018-19 Eäò ¤ÉVÉ] ¨Éå VÉÉäcÉ MɪÉÉ) °. 58,10,342/- (+ÆiÉ® ®ÉʶÉ
2019-20 Eäò ¤ÉVÉ] ¨Éå VÉÉäcÉ MɪÉÉ)
Ê´ÉkÉÒªÉ ´É¹ÉÇ 2018-19 ¨Éå +xÉÖ¨ÉÉäÊniÉ {ÉÊ®ªÉÉäVÉxÉÉBÆ
Gò. ºÉÆ. Ê´É´É®hÉ ®É榃 (°  .)
(Eò) Ê´ÉkÉÒªÉ ´É¹ÉÇ 2018-19 Eäò ʱÉB ºÉÒBºÉ+É® ¤ÉVÉ] 0
Ê{ÉU±Éä ´É¹ÉÇ Eäò ¤ÉÒ/B¡ò ®É榃 12,00,15,095
{ÉÚ®ä ½ÖB {ÉÊ®ªÉÉäVÉxÉÉ+Éå Eäò JÉSÉÇ xÉ½Ó ÊEòB MÉB ®É榃 EòÉ +ÆiÉ® 28,34,847*
EÖò±É ¤ÉVÉ] 12,28,49,942
(JÉ) ´É¹ÉÇ Eäò nÉè®ÉxÉ {ÉÊ®ªÉÉäVÉxÉÉ+Éå {É® +ɤÉÆÊ]iÉ/+xÉÖ¨ÉÉäÊniÉ EÖò±É ®É榃 6,61,36,630
(MÉ) EÖò±É +ɤÉÆÊ]iÉ ®É榃 °. 6,61,36,630/- ¨Éå JÉSÉÇ EòÒ MÉ<Ç ®ÉʶÉ
 Ê´ÉkÉÒªÉ ´É¹ÉÇ 2018-19 ¨Éå JÉSÉÇ EòÒ MÉ<Ç ®É榃 2,57,20,715
 Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 ¨Éå JÉSÉÇ EòÒ MÉ<Ç ®É榃 85,27,400
31.03.2020 iÉEò JÉSÉÇ EòÒ MÉ<Ç EÖò±É ®É榃 3,42,48,115
(PÉ) Ê´ÉkÉÒªÉ ´É¹ÉÇ 2018-19 ¨Éå JÉSÉÇ xÉ½Ó EòÒ MÉ<Ç ®É榃 [JÉ-MÉ] 3,18,88,515
(R) +MɱÉä ´É¹ÉÇ ºÉÒ/B¡ò MÉè® +ɤÉÆÊ]iÉ ®É榃 [Eò-JÉ] 5,67,13,312

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 140

 Projects approved in Financial Year 2017-18

Sl. Particulars Amount (`)

(a) CSR Budget for F.Y. 2017-18 5,05,43,600
Amount b/f from the previous year 12,72,35,966
Total budget 17,77,79,566
(b) Total amount allocated/approved on projects during the year 5,77,64,471
(c) Amount spent out of the total allocated amount of `5,77,64,471/-
 Amount spent in F.Y. 2017-18 3,20,88,921
 Amount spent in F.Y. 2018-19 1,55,92,753
 Amount spent in F.Y. 2019-20 2,10,000
Total amount spent as on 31.03.2020 4,78,91,674
(d) Amount remaining unspent upto F.Y. 2019-20 [b-c] 98,72,797#
(e) Unallocated amount c/f to next year [a-b] 12,00,15,095

# `98,72,797/- = `38,28,318/-(ongoing projects)+ `2,34,137/-(differential amount added to 2018-19 budget)*+

` 58,10,342/-(Differential amount added to 2019-20 budget)**

Projects approved in Financial Year 2018-19

Sl. Particulars Amount (`)

(a) CSR Budget for F.Y. 2018-19 0
Amount b/f from the previous year 12,00,15,095
Differential unspent amount from completed projects 28,34,847*
Total budget 12,28,49,942
(b) Total amount allocated/approved on projects during the year 6,61,36,630
(c) Amount spent out of the total allocated amount of `6,61,36,630/-
 Amount spent in F.Y. 2018-19 2,57,20,715
 Amount spent in F.Y. 2019-20 85,27,400
Total amount spent as on 31.03.2020 3,42,48,115
(d) Amount remaining unspent upto F.Y. 2018-19 [b-c] 3,18,88,515
(e) Unallocated amount c/f to next year [a-b] 5,67,13,312

141 ANNUAL REPORT 2019-20

 Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 ¨Éå +xÉÖ¨ÉÉäÊniÉ {ÉÊ®ªÉÉäVÉxÉÉBÆ
Gò. ºÉÆ. Ê´É´É®hÉ ®É榃 (°  .)
(Eò) Ê´ÉkÉÒªÉ ´É¹ÉÇ 2018-19 Eäò ʱÉB ºÉÒBºÉ+É® ¤ÉVÉ] 0
Ê{ÉU±Éä ´É¹ÉÇ Eäò ¤ÉÒ/B¡ò ®É榃 5,67,13,312
{ÉÚ®ä +Éè® =`É Ê±ÉB MÉB {ÉÊ®ªÉÉäVÉxÉÉ+Éå Eäò JÉSÉÇ xÉ½Ó ÊEòB MÉB ®É榃 EòÉ +ÆiÉ® 5,41,41,662*
EÖò±É ¤ÉVÉ] 11,08,54,974
(JÉ) ´É¹ÉÇ Eäò nÉè®ÉxÉ {ÉÊ®ªÉÉäVÉxÉÉ+Éå {É® +ɤÉÆÊ]iÉ/+xÉÖ¨ÉÉäÊniÉ EÖò±É ®É榃 1,52,96,077
(MÉ) °. 1,52,96,077/- +ɤÉÆÊ]iÉ ®É榃 ¨Éå ºÉä JÉSÉÇ EòÒ MÉ<Ç ®ÉʶÉ
 Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 ¨Éå JÉSÉÇ EòÒ MÉ<Ç ®É榃 0
31.03.2020 iÉEò JÉSÉÇ EòÒ MÉ<Ç EÖò±É ®É榃 0
(PÉ) Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 ¨Éå +¤ÉiÉEò JÉSÉÇ xÉ½Ó EòÒ MÉ<Ç ®É榃 [JÉ-MÉ] 1,52,96,077
(R) +MɱÉä ´É¹ÉÇ ºÉÒ/B¡ò MÉè® +ɤÉÆÊ]iÉ ®É榃 [Eò-JÉ] 9,55,58,897

l Eò¨{ÉxÉÒ +ÊvÉÊxɪɨÉ, 2013 EòÒ vÉÉ®É 135 Eäò +xÉÖºÉÉ® MÉhÉxÉÉ EòÒ MÉ<Ç iÉÒxÉ {ÉÚ´ÉÇ´ÉiÉÔ ´É¹ÉÉäÈ Eäò nÉè®ÉxÉ ¶ÉÖr ±ÉÉ¦É ÊxɨxÉxÉÉxÉÖºÉÉ® ½è –
 Ê´ÉkÉÒªÉ ´É¹ÉÇ 2016-17: (-) °. 214.50 Eò®Éäc (r/off)
 Ê´ÉkÉÒªÉ ´É¹ÉÇ 2017-18: (-) °. 2422.42 Eò®Éäc (r/off)
 Ê´ÉkÉÒªÉ ´É¹ÉÇ 2018-19: (-) °. 1906.18 Eò®Éäc (r/off)

l `ÒEò iÉÒxÉ ´É¹ÉÇ {ɽ±Éä +ÉèºÉiÉ 2% ¶ÉÖr ±ÉÉ¦É ¶ÉÚxªÉ ½è +Éè® ´É¹ÉÇ 2020-21 EòÉ ºÉÒBºÉ+É® ¤ÉVÉ] Eäò´É±É °. 12,94,55,730/- ½ÉäMÉÉ*

¨Éé <ºÉ |ÉEòÉ® PÉÉä¹ÉhÉÉ Eò®iÉÒ ½ÚÆ ÊEò ºÉÒBºÉ+É® {ÉÉìʱɺÉÒ EòÉ EòɪÉÉÇx´ÉªÉxÉ +Éè® ÊxÉMÉ®ÉxÉÒ ºÉÒBºÉ+É® =q个ÉÉå +Éè® Eò¨{ÉxÉÒ EòÒ {ÉÉìʱÉʺɪÉÉå Eäò
+xÉÖ{ÉɱÉxÉ ¨Éå ½è*

(iÉÊVÉxn® ¨ÉÖJÉVÉÔ)
+vªÉIÉ-+Éè®-|ɤÉÆvÉ-ÊxÉnä¶ÉEò
EòÉä±ÉEòÉiÉÉ, 26 ʺÉiɨ¤É®, 2020

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 142

 Projects approved in Financial Year 2019-20

Sl. Particulars Amount (`)

(a) CSR Budget for F.Y. 2018-19 0
Amount b/f from the previous year 5,67,13,312
Differential unspent amount from completed & withdrawn projects 5,41,41,662*
Total budget 11,08,54,974
(b) Total amount allocated/approved on projects during the year 1,52,96,077
(c) Amount spent out of the total allocated amount of `1,52,96,077/-
 Amount spent in F.Y. 2019-20 0
Total amount spent as on 31.03.2020 0
(d) Amount remaining unspent upto F.Y. 2019-20 [b-c] 1,52,96,077
(e) Unallocated amount c/f to next year [a-b] 9,55,58,897

l The Net profit during the three immediately preceding years calculated as per Section 135 of the
Companies Act, 2013 is as follow –
 Financial Year 2016-17: (-) `214.50 crore (r/off)
 Financial Year 2017-18: (-) `2422.42 crore (r/off)
 Financial Year 2018-19: (-) `1906.18 crore (r/off)
l The 2% of average Net Profit of the immediately preceding three years ‘Nil’ and the CSR Budget for the
Fiscal 2020-21 will be `12,94,55,730/- only.
I hereby declare that the implementation and monitoring of the CSR Policy is in compliance with CSR
objectives and Policy of the Company.

(Tajinder Mukherjee)
Chairman & Managing Director

Kolkata, 26th September 2020

143 ANNUAL REPORT 2019-20

 +xÉÖ±ÉMxÉEò - BSÉ
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03322361385, 22367135
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31.03.2020 EòÉä ºÉ¨ÉÉ{iÉ Ê´ÉkÉÒªÉ ´É¹ÉÇ Eäò ʱÉB
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2014 Eäò ÊxÉªÉ¨É 9 Eäò +xÉÖºÉÉ®]

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º{ɹ]ÒEò®hÉÉå Eäò +xÉÖºÉÉ®, EÆò{ÉxÉÒ Eäò {ÉÉºÉ Ê´ÉkÉÒªÉ ´É¹ÉÇ EòÉä Eò´É® Eò®xÉä ´ÉɱÉÒ +ÉìÊb] +´ÉÊvÉ Eäò nÉè®ÉxÉ 31.03.2020 EòÉä ºÉ¨ÉÉ{iÉ ½Éä MɪÉÉ, VÉÉä +ɨÉ
iÉÉè® {É® ±ÉÉMÉÚ ´ÉèvÉÉÊxÉEò Eäò +xÉÖ°  {É ½è* ªÉ½ÉÆ ºÉÚSÉÒ¤Ér ÊEòB MÉB |ÉÉ´ÉvÉÉxÉ +Éè® ªÉ½ ¦ÉÒ ÊEò EÆò{ÉxÉÒ Eäò {ÉÉºÉ =ÊSÉiÉ ¤ÉÉäbÇ|ÉÊGòªÉÉBÆ +Éè® +xÉÖ{ÉɱÉxÉ iÉÆjÉ ½è,
VÉÉä <ºÉ iÉ®ÒEäò ºÉä +Éè® =ºÉEäò ¤ÉÉn Ê®{ÉÉäÍ]MÉ Eäò +vÉÒxÉ ½è:-

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 144

 ANNEXURE - F

S.M. GUPTA & CO. P-15, Bentinck Street

Company Secretaries Kolkata -700 001
033-2236-1385, 2236-7135
Fax:033-2236-7135
Mob-9830057568
E-mail: smguptaandco@yahoo.com
smguptaandco@gmail.com
Website: www.smguptaco.com

FORM NO. MR-3

SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED ON 31ST MARCH, 2020
[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]
To
The Members,
National Insurance Company Limited
3, Middleton Street,
Kolkata-700071.
We have conducted the secretarial audit of the compliance of applicable statutory provisions
and the adherence to good corporate practices by National Insurance Company Limited
(CIN: U10200WB1906GOI001713) (hereinafter called the Company). Secretarial Audit was conducted in
accordance with the Guidance Note issued by the Institute of Company Secretaries of India (A statutory
body constituted under the Company Secretaries Act, 1980) and in a manner that provided us a reasonable
basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.
The Company’s Management is responsible for preparation and maintenance of secretarial records and
for devising proper systems to ensure compliance with the provisions of applicable laws and regulations.
Our responsibility is to express an opinion on the secretarial records, standards and procedures followed
by the Company with respect to secretarial compliances.
We believe that audit evidence and information obtained from the Company’s management is adequate
and appropriate for us to provide a basis for our opinion.
Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other
records maintained by the Company and read with the Statutory Auditors’ Report on Financial Statements
and Compliance of Guidelines for Corporate Governance and also the information provided by the Company,
its officers; agents and authorized representatives during the conduct of secretarial audit including by way
of remote audit, we hereby report that in our opinion and to the best of our information, knowledge and
belief and according to the explanations given to us, the Company has, during the audit period covering
the financial year ended on 31.03.2020 generally 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:-

145 ANNUAL REPORT 2019-20

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1. EÆò{ÉxÉÒ +ÊvÉÊxɪɨÉ, 2013 (+ÊvÉÊxɪɨÉ) +Éè® <ºÉEäò +vÉÒxÉ ¤ÉxÉÉB MÉB ÊxÉªÉ¨É Eäò ºÉÉlÉ ºÉ¨ÉªÉ-ºÉ¨ÉªÉ {É® =Hò +ÊvÉÊxÉªÉ¨É EòÒ vÉÉ®É 462 Eäò iɽiÉ
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2. |ÉÊiɦÉÚÊiÉ ºÉÆÊ´ÉnÉ (Ê´ÉÊxɪɨÉ) +ÊvÉÊxɪɨÉ, 1956 (BºÉºÉÒ+É®B) iÉlÉÉ <ºÉEäò +vÉÒxÉ ¤ÉxÉÉB MÉB ÊxɪɨÉ;
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4. Ê´Énä¶ÉÒ ¨ÉÖpÉ |ɤÉÆvÉxÉ +ÊvÉÊxɪɨÉ, 1999 iÉlÉÉ <ºÉEäò +vÉÒxÉ ¤ÉxÉÉB MÉB ÊxÉªÉ¨É ´É Ê´ÉÊxɪɨÉ, Ê´Énä¶ÉÒ |ÉiªÉIÉ ÊxÉ´Éä¶É, Ê´Énä¶ÉÒ |ÉiªÉIÉ ÊxÉ´Éä¶É +Éè® ¤Éɽ®Ò
´ÉÉÊhÉÊVªÉEò =vÉÉ® EòÒ ºÉÒ¨ÉÉ EòÉä EÆò{ÉxÉÒ Eäò ʱÉB ±ÉÉMÉÚ ºÉÒ¨ÉÉ iÉEò Eò® ÊnªÉÉ: VÉèºÉÉ ÊEò ½¨Éå ¤ÉiÉɪÉÉ MɪÉÉ ½è, ºÉ¨ÉÒIÉÉvÉÒxÉ ´É¹ÉÇ Eäò nÉè®ÉxÉ EÆò{ÉxÉÒ ¨Éå
EòÉä<Ç B¡òbÒ+É<Ç, BEòÊn´ÉºÉÒªÉ ±ÉäxÉnäxÉ +Éè® <ǺÉÒ¤ÉÒ ±ÉäxÉnäxÉ xÉ½Ó lÉä*
5. ¦ÉÉ®iÉÒªÉ |ÉÊiɦÉÚÊiÉ +Éè® Ê´ÉÊxÉ¨ÉªÉ ¤ÉÉäbÇ +ÊvÉÊxɪɨÉ, 1992 (ºÉä¤ÉÒ +ÊvÉÊxɪɨÉ) Eäò iɽiÉ ÊxɨxÉʱÉÊJÉiÉ Ê´ÉÊxÉªÉ¨É +Éè® Ên¶ÉÉ-ÊxÉnæ¶É EÆò{ÉxÉÒ Eäò ʱÉB
±ÉÉMÉÚ ºÉÒ¨ÉÉ iÉEò:
a) ¦ÉÉ®iÉÒªÉ |ÉÊiɦÉÚÊiÉ +Éè® Ê´ÉÊxÉªÉ¨É ¤ÉÉäbÇ (¶ÉäªÉ®Éå B´ÉÆ ]äEò+Éä´É® Eäò ºÉ¤Éº]åÊ¶ÉªÉ±É +ÊvÉOɽhÉ) Ê´ÉÊxɪɨÉ, 2011; ±ÉÉMÉÚ xɽÓ
b) ¦ÉÉ®iÉÒªÉ |ÉÊiɦÉÚÊiÉ +Éè® Ê´ÉÊxÉªÉ¨É ¤ÉÉäbÇ (+Æn°xÉÒ ´ªÉÉ{ÉÉ® EòÉ ÊxɹÉävÉ) Ê´ÉÊxɪɨÉ, 2015; ±ÉÉMÉÚ xɽÓ
c) ¦ÉÉ®iÉÒªÉ |ÉÊiɦÉÚÊiÉ +Éè® Ê´ÉÊxÉªÉ¨É ¤ÉÉäbÇ ({ÉÚÆVÉÒ +Éè® |ÉEò]ÒEò®hÉ +ɴɸªÉEòiÉÉBÆ VÉÉ®Ò Eò®xÉÉ) Ê´ÉÊxɪɨÉ, 2009: ±ÉÉMÉÚ xɽÓ
d) ºÉä¤ÉÒ (¶ÉäªÉ® +ÉvÉÉÊ®iÉ Eò¨ÉÇSÉÉ®Ò ±ÉɦÉ) Ê´ÉÊxɪɨÉ, 2014 uÉ®É |ÉÊiɺlÉÉÊ{ÉiÉ ¦ÉÉ®iÉÒªÉ |ÉÊiɦÉÚÊiÉ +Éè® Ê´ÉÊxÉ¨ÉªÉ ¤ÉÉäbÇ (Eò¨ÉÇSÉÉ®Ò º]ÉìEò Ê´ÉEò±{É
ªÉÉäVÉxÉÉ +Éè® Eò¨ÉÇSÉÉ®Ò º]ÉìEò JÉ®Òn ªÉÉäVÉxÉÉ) Ên¶ÉÉÊxÉnæ¶É, 1999; ±ÉÉMÉÚ xɽÓ
e) ¦ÉÉ®iÉÒªÉ |ÉÊiɦÉÚÊiÉ +Éè® Ê´ÉÊxÉ¨ÉªÉ ¤ÉÉäbÇ (@  hÉ |ÉÊiɦÉÚÊiɪÉÉå EòÉ ¨ÉÖqÉ +Éè® ºÉÚSÉÒEò®hÉ) Ê´ÉÊxɪɨÉ, 2008;
f) ¦ÉÉ®iÉÒªÉ |ÉÊiɦÉÚÊiÉ +Éè® Ê´ÉÊxÉ¨ÉªÉ ¤ÉÉäbÇ (ÊxÉMÉÇ¨É +Éè® ¶ÉäªÉ® ½ºiÉÉÆiÉ®hÉ BVÉå]Éå Eäò ®ÊVɺ]ÅÉ®) Ê´ÉÊxɪɨÉ, 1993 EÆò{ÉxÉÒ +ÊvÉÊxÉªÉ¨É iÉlÉÉ OÉɽEò Eäò

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 146

a) The Company is a Union Government Company wholly-owned by the Government of India as all its
equity shares are 100% held in the name of the President of India.
b) The Company has listed only its Non-Convertible Debentures with NSE and BSE and none of its equity
shares have been listed.
c) The Company is a Financial Sector entity regulated by Insurance Regulatory and Development Authority
of India (“IRDAI”).
d) Since the Equity shares of the Company are not listed on any stock exchange, none of the Rules and
Regulations issued by SEBI relating to entities which have listed their equity shares are applicable to
this Company.
e) The following Rules/Regulations are only applicable to this Company:
i. SEBI (Issue and Listing of Debt Securities) Regulations, 2008; and
ii. Chapter III, Chapter V and Part B of Schedule III of SEBI (Listing Obligation and Disclosure
Requirements) Regulations, 2015 (“LODR”);
We have examined the books, papers, minute books, forms and returns filed and other records maintained
by National Insurance Company Limited “the Company” for the financial year ended on 31.03.2020
according to the applicable provisions of:
1. The Companies Act, 2013 (the Act) and the Rules made thereunder read with the exemptions granted
to Government Companies by issue of notifications under Section 462 of the said Act from time to time;
2. The Securities Contracts (Regulation) Act, 1956 (`SCRA’) and the Rules made thereunder;
3. The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
4. Foreign Exchange Management Act; 1999 and the Rules and Regulations made thereunder to the
extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings
to the extent applicable to the Company: As reported to us, there were no FDI, ODI transactions and
ECB transactions in the Company during the year under review.
5. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India
Act, 1992 (SEBI Act) to the extent applicable to the Company:
a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers)
Regulations, 2011; Not applicable
b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
Not applicable
c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2009: Not applicable
d) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock
Purchase Scheme) Guidelines, 1999, as replaced by the SEBI (Share Based Employee Benefits)
Regulations, 2014; Not applicable
e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations,
2008;
f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents)
Regulations, 1993 regarding the Companies Act and dealing with client - The Company has duly

147 ANNUAL REPORT 2019-20

 ºÉÉlÉ ´ªÉ´É½É® Eäò ¤ÉÉ®ä ¨Éå EÆò{ÉxÉÒ xÉä EòÉxÉÚxÉ Eäò iɽiÉ +ɴɶªÉEòiÉÉxÉÖºÉÉ® ºÉä¤ÉÒ +ÊvÉEÞòiÉ ¸ÉähÉÒ ®ÊVɺ]ÅÉ® +Éè® ¶ÉäªÉ® ]ÅÉƺɡò® BVÉå] EòÉä ÊxɪÉÖHò
ÊEòªÉÉ ½è*
g) ¦ÉÉ®iÉÒªÉ |ÉÊiɦÉÚÊiÉ +Éè® Ê´ÉÊxÉ¨ÉªÉ ¤ÉÉäbÇ (<ÊC´É]Ò ¶ÉäªÉ®Éå EòÉä ºÉÚSÉÒ ºÉä ¤Éɽ® Eò®xÉÉ) Ê´ÉÊxɪɨÉ, 2009; ±ÉÉMÉÚ xɽÓ
h) ¦ÉÉ®iÉÒªÉ |ÉÊiɦÉÚÊiÉ +Éè® Ê´ÉÊxÉ¨ÉªÉ ¤ÉÉäbÇ (Ê|ÉiɦÉÚÊiɪÉÉå EòÉ ¤ÉɪɤÉèEò) Ê´ÉÊxɪɨÉ, 1998. ±ÉÉMÉÚ xɽÓ
½¨ÉxÉä ÊxɨxÉʱÉÊJÉiÉ Eäò ±ÉÉMÉÚ JÉÆbÉå Eäò +xÉÖ{ÉɱÉxÉ EòÒ ¦ÉÒ VÉÉÆSÉ EòÒ ½è:
i) ¦ÉÉ®iÉ Eäò EÆò{ÉxÉÒ ºÉÊSÉ´ÉÉå uÉ®É VÉÉ®Ò ÊEòB MÉB ºÉÊSÉ´ÉÒªÉ ¨ÉÉxÉEò;
ii) ºÉä¤ÉÒ (ºÉÚSÉÒ ÊxÉvÉÉÇ®hÉ +Éè® |ÉEò]ÒEò®hÉ +ɴɶªÉEòiÉÉBÄ) Ê´ÉÊxɪɨÉ, 2015 ¨Éå ºÉƶÉÉävÉxÉ Eäò °{É ¨Éå; EÆò{ÉxÉÒ Eäò ʱÉB ±ÉÉMÉÚ ºÉÒ¨ÉÉ iÉEò +Éè® EÆò{ÉxÉÒ uÉ®É
+xÉÖ{ÉɱÉxÉ EòÒ ºÉÒ¨ÉÉ iÉEò*
ºÉ¨ÉÒIÉÉvÉÒxÉ +´ÉÊvÉ Eäò nÉè®ÉxÉ, EÆò{ÉxÉÒ xÉä +É¨É iÉÉè® {É® +ÊvÉÊxɪɨÉ, ÊxɪɨÉÉå, Ê´ÉÊxɪɨÉÉå, Ên¶ÉÉ-ÊxÉnæ¶ÉÉå, ¨ÉÉxÉEòÉå +ÉÊn Eäò |ÉÉ´ÉvÉÉxÉÉå EòÉ +xÉÖ{ÉɱÉxÉ ÊEòªÉÉ
½è, VÉÉä ={É®ÉäHò ºÉÒ¨ÉÉ iÉEò =ʱ±ÉÊJÉiÉ ½é ÊVÉxɨÉå ={ɱɤvÉ +tiÉxÉ Eäò ºÉÉlÉ ÊxɨxÉʱÉÊJÉiÉ +´É±ÉÉäEòxÉ ¶ÉÉÊ¨É±É ½é:
1. BSÉ.´ÉÉ<Ç.<Ç 30.09.2019 Eäò ʱÉB +vÉÇ´ÉÉ̹ÉEò Ê´ÉkÉÒªÉ {ÉÊ®hÉÉ¨É EòÉä B±É+ÉäbÒ+É® Eäò Ê´ÉÊxɪɨÉxÉ 52 Eäò iɽiÉ +ɴɸªÉEò U¨ÉÉ½Ò Eäò +ÆiÉ ºÉä 45
ÊnxÉÉå Eäò ÊxÉvÉÉÇÊ®iÉ ºÉ¨ÉªÉ Eäò ¦ÉÒiÉ® º]ÉìEò BCºÉSÉåVÉÉå EòÉä |ɺiÉÖiÉ xÉ½Ó ÊEòªÉÉ MɪÉÉ lÉÉ*
2. Ê´ÉÊxɪɨÉxÉ 52 +Éè® B±É+ÉäbÒ+É® Eäò Ê´ÉÊxɪɨÉxÉ 57 Eäò iɽiÉ +ɴɶªÉEò ´ÉÉ̹ÉEò/+vÉÇ´ÉÉ̹ÉEò Ê´ÉkÉÒªÉ {ÉÊ®hÉɨÉ, B¡ò.´ÉÉ<Ç.<Ç 31.03.2020 Eäò ʱÉB
ºÉÒʨÉiÉ ºÉ¨ÉÒIÉÉ +Éè® ´ÉÉ̹ÉEò ±ÉäJÉÉ {É®ÒÊIÉiÉ JÉÉiÉä <iªÉÉÊn, {ÉÊ®hÉɨÉÒ nÉÊJÉ±É B´ÉÆ +xªÉ ºÉƤÉÆÊvÉiÉ +xÉÖ{ÉɱÉxÉ, 31.07.2020 iÉEò ʴɺiÉÉÊ®iÉ ºÉ¨ÉªÉ
Eäò ¦ÉÒiÉ® º]ÉìEò BCºÉSÉåVÉÉå EòÉä |ɺiÉÖiÉ xÉ½Ó ÊEòªÉÉ MɪÉÉ *
3. EÆò{ÉxÉÒ +ÊvÉÊxɪɨÉ, 2013 EòÒ vÉÉ®É 71 (4) +Éè® <ºÉEäò +ÆiÉMÉÇiÉ ¤ÉxÉÉB MÉB ÊxÉªÉ¨É Eäò iɽiÉ EÆò{ÉxÉÒ uÉ®É EòÉä<Ç Êb¤ÉåSÉ® Ê®bä¨{ɶÉxÉ Ê®VÉ´ÉÇ xÉ½Ó ¤ÉxÉɪÉÉ
MɪÉÉ ½è*
4. +É<Ç+É®bÒB xÉä 20.01.2020 ºÉä 24.01.2020 iÉEò EÆò{ÉxÉÒ EòÉ +ÉìxɺÉÉ<] ÊxÉ®ÒIÉhÉ ÊEòªÉÉ lÉÉ +Éè® EÖòU +É<Ç+É®bÒB Ên¶ÉÉÊxÉnæ¶ÉÉå, ÊxɪɨÉÉå +Éè®
Ê´ÉÊxɪɨÉÉå EòÉ +xÉÖ{ÉɱÉxÉ xÉ½Ó ÊEòªÉÉ lÉÉ* <ºÉEäò ¤ÉÉn +É<Ç+É®bÒB+É<Ç xÉä ÊnxÉÉÆEò 04.06.2020 EòÉä BEò {ÉjÉ +Éè® ¨Éä±É VÉÉ®Ò ÊEòªÉÉ lÉÉ +Éè® EÆò{ÉxÉÒ
xÉä =ºÉÒ ¨Éä±É EòÉ VÉ´ÉÉ¤É ÊnªÉÉ ÊVɺÉEòÉ ÊnxÉÉÆEò 03.07.2020 lÉÉ* ¨ÉɨɱÉä EòÒ ´ÉiÉǨÉÉxÉ ÊºlÉÊiÉ ½¨Éå YÉÉiÉ xÉ½Ó ½è*
5. EÆò{ÉxÉÒ Eäò +ÉÆiÉÊ®Eò ±ÉäJÉÉ {É®ÒIÉÉ +Éè® +ÉÆiÉÊ®Eò ÊxɪÉÆjÉhÉ |ÉhÉɱÉÒ EòÉä ¨ÉVɤÉÚiÉ Eò®xÉä EòÒ +ɴɶªÉEòiÉÉ ½è*
6. +É<Ç+É®bÒB+É<Ç xÉä +É<Ç+É®bÒB +ÊvÉÊxɪɨÉ, 1999 EòÒ vÉÉ®É 14 (2)(<Ç) Eäò iɽiÉ ÊnxÉÉÆEò 13.01.2020 EòÉä EÆò{ÉxÉÒ EòÉä BEò EòÉ®hÉ ¤ÉiÉÉ+Éä xÉÉäÊ]
ºÉ VÉÉ®Ò ÊEòªÉÉ ½è +Éè® =Hò xÉÉäÊ]ºÉ EòÒ |ÉÉÊ{iÉ ºÉä 21 ÊnxÉÉå Eäò ¦ÉÒiÉ® ¶ÉÉä EòÉìVÉ xÉÉäÊ]ºÉ EòÉ VÉ´ÉÉ¤É ¨ÉÉÆMÉxÉä Eäò ʱÉB 31.12.2018 EòÉä ¤ÉÖEò ÊEòB MÉB
+É®IÉhÉ {É® Ê´ÉÊxÉªÉ¨É ¤ÉxÉÉB MÉB* EÆò{ÉxÉÒ xÉä 31.01.2020 EòÉä ¶ÉÉä EòÉìVÉ EòÉ VÉ´ÉÉ¤É ÊnªÉÉ* <ºÉEäò ¤ÉÉn, +É<Ç+É®bÒB+É<Ç uÉ®É EÆò{ÉxÉÒ EòÉä EÖòU
Ên¶ÉÉ-ÊxÉnæ¶É näiÉä ½ÖB ÊnxÉÉÆEò 12.08.2020 EòÉä BEò +Énä¶É {ÉÉÊ®iÉ ÊEòªÉÉ MɪÉÉ*
7. +É<Ç+É®bÒB+É<Ç xÉä EÆò{ÉxÉÒ EòÉä ÊnxÉÉÆEò 29.11.2019 EòÉä ºÉÚSÉxÉÉ +Éè® ºÉÉ<¤É® ºÉÖ®IÉÉ |ÉhÉÉʱɪÉÉå {É® Ê´ÉSɱÉxÉ, 06.12.2019 EòÉä {ÉÖxɤÉÔ¨ÉÉ EòɪÉÇGò¨É
Eäò ¤ÉÉ®ä ¨Éå +Éè® 13.01.2020 |ɤÉÆvÉxÉ Eäò Ê®]xÉÇ {É® +Éè® <xÉ Ê´ÉÊxɪɨÉÉå Eäò Ê´ÉSɱÉxÉ EòÉä <ÆÊMÉiÉ Eò®iÉä ½ÖB +Éè® =xÉEäò ºÉÖvÉÉ® Eäò ʱÉB ¦ÉÒ {ÉjÉ ¦ÉÒ
¦ÉäVÉä ½é* EÆò{ÉxÉÒ EòÉä +{ÉxÉä ºÉ¨ÉOÉ EòÉì{ÉÉäÇ®ä] +xÉÖ{ÉɱÉxÉ iÉÆjÉ ¨Éå ºÉÖvÉÉ® Eò®Eäò +É<Ç+É®bÒB+É<Ç Eäò ÊxɪɨÉÉå, Ê´ÉÊxɪɨÉÉå +Éè® Ên¶ÉÉÊxÉnæ¶ÉÉå EòÉ {ÉɱÉxÉ
Eò®xÉÉ +ɴɶªÉEò ½è*
8. ¦ÉÉ®iÉ Eäò ¨ÉÉxÉxÉÒªÉ ºÉ´ÉÉäÇSSÉ xªÉɪÉÉ±ÉªÉ Eäò ºÉ¨ÉIÉ ¦ÉÉ®iÉÒªÉ |ÉÊiɺ{ÉvÉÉÇ +ɪÉÉäMÉ uÉ®É nɪɮ +{ÉÒ±É EòÉ ¨ÉɨɱÉÉ +¦ÉÒ ¦ÉÒ ={ÉxªÉÉʪÉEò ½è*
9. EÆò{ÉxÉÒ xÉä Ê´ÉkÉ ´É¹ÉÇ 2019-20 Eäò nÉè®ÉxÉ <PÉU uÉ®É ÊxÉvÉÉÇÊ®iÉ EÆò{ÉxÉÒ Eäò |ɶÉɺÉÊxÉEò ´ªÉªÉ {É® Eèò{É Eäò +ÊiÉÊ®Hò 1,261.64 Eò®Éäc ¯ {ɪÉä EòÒ ®ÉʶÉ
JÉSÉÇ EòÒ ½è +Éè® Ê´ÉkÉ ´É¹ÉÇ 2018-19 Eäò ʱÉB <ºÉÒ +ÉÆEòcä 6.43 Eò®Éäc ¯  {ɪÉä lÉä*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 148

 appointed a SEBI authorized Category- I Registrar and Share Transfer Agent as required
under Law.
g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009;
Not applicable
h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998. Not applicable
We have also examined compliance with the applicable clauses of the following:
i. Secretarial Standards issued by the Institute of Company Secretaries of India;
ii. SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended; to the extent
applicable to the Company and to the extent complied with by the Company.
During the period under review the Company has generally complied with the provisions of the Act, Rules,
Regulations, Guidelines, Standards, etc. mentioned above to the extent applicable to it including the
following observations with available updates:
1. Half Yearly Financial Results for H.Y.E. 30.09.2019 were not submitted to stock exchanges within the
prescribed time of 45 days from the end of the half year as required under Regulation 52 of LODR.
2. Annual / Half-Year Financial Results, Limited Review and Annual Audited Accounts etc. for the F.Y.E.
31.03.2020 were not submitted to stock exchanges within the extended time upto 31.07.2020 and
consequential filings and other compliances related thereto as required under Regulation 52 and
Regulation 57 of LODR.
3. No Debenture Redemption Reserve has been created by the Company as required under Section 71
(4) of the Companies Act, 2013 and the Rules made thereunder.
4. IRDAI had conducted an on-site inspection of the Company from 20.01.2020 to 24.01.2020 and had
observed non-compliances of certain IRDA Guidelines, Rules and Regulations. Thereafter IRDAI had
issued a letter and mail dated 04.06.2020 and the Company replied to the same vide its mail dated
03.07.2020. The present status of the matter is not known to us.
5. The Internal Audit and Internal Control Systems of the Company are required to be strengthened.
6. IRDAI has issued a Show Cause Notice to the Company on 13.01.2020 under Section 14(2)(e) of the
IRDA Act, 1999 and the Regulations made thereunder on Reserves booked as at 31.12.2018 seeking
its reply to the Show Cause Notice within 21 days from the receipt of the said notice. The Company
replied to the Show Cause on 31.01.2020. Subsequently, an order has been passed by the IRDAI on
12.08.2020 inter-alia giving certain directions to the Company in the matter.
7. IRDAI has also sent letters to the Company on 29.11.2019 containing an Order for deviations on
Information and cyber security systems, 06.12.2019 about Re-insurance Programme and 13.01.2020
on Return of Expenses of Management and pointing out deviations of these Regulations and also for
their rectification. The Company is required to comply with the Rules, Regulations and Guidelines of
IRDAI by improving its composite corporate compliance mechanism.
8. The matter of appeal filed by The Competition Commission of India before The Hon’ble Supreme Court
of India is still sub-judice.
9. The Company has spent a sum of `1,261.64 crore in excess of the Cap on administrative expenses
of the Company prescribed by IRDAI during the FY 2019-20 and the corresponding figures for the FY
2018-19 was `6.43 crore.

149 ANNUAL REPORT 2019-20

10. +É<Ç+É®bÒB+É<Ç Ê´ÉÊxɪɨÉÉå EòÒ +ɴɶªÉEòiÉÉ Eäò +xÉÖºÉÉ® BEò +Éè® º´ÉiÉÆjÉ ÊxÉnä¶ÉEò EòÒ ÊxɪÉÖÊHò EòÒ +ɴɶªÉEòiÉÉ ½è*
11. EÆò{ÉxÉÒ EòÒ ±ÉäJÉÉ{É®ÒIÉÉ ºÉʨÉÊiÉ Eäò {ÉÉºÉ EÆò{ÉxÉÒ +ÊvÉÊxɪɨÉ, 2013 EòÒ vÉÉ®É 177 Eäò iɽiÉ +ɴɶªÉEò º´ÉiÉÆjÉ ÊxÉnä¶ÉEòÉå EòÉ ¤É½Ö¨ÉiÉ xÉ½Ó ½è*
½¨É +ÉMÉä Ê®{ÉÉä]Ç Eò®iÉä ½é ÊEò VɽÉÆ iÉEò ½¨É {ÉiÉÉ ±ÉMÉÉ {ÉÉB ½é:
1. EÆò{ÉxÉÒ Eäò ÊxÉnä¶ÉEò ¨ÉÆb±É EòÉ Ê´ÉÊvÉ´ÉiÉ MÉ`xÉ EòɪÉÇEòÉ®Ò ÊxÉnä¶ÉEòÉå, MÉè® EòɪÉÇEòÉ®Ò ÊxÉnä¶ÉEòÉå +Éè® º´ÉiÉÆjÉ ÊxÉnä¶ÉEòÉå Eäò ºÉ¨ÉÖÊSÉiÉ ºÉÆiÉÖ±ÉxÉ Eäò ºÉÉlÉ
ÊEòªÉÉ VÉÉiÉÉ ½è* ºÉ¨ÉÒIÉÉvÉÒxÉ +´ÉÊvÉ Eäò nÉè®ÉxÉ ÊxÉnä¶ÉEò ¨ÉÆb±É EòÒ ºÉÆ®SÉxÉÉ ¨Éå, ªÉÊn EòÉä<Ç ½Éä, {ÉÊ®´ÉiÉÇxÉ, +ÊvÉÊxÉªÉ¨É Eäò |ÉÉ´ÉvÉÉxÉÉå Eäò +xÉÖ{ÉɱÉxÉ ¨Éå
ÊEòB MÉB lÉä, VÉèºÉÉ ÊEò >  {É® =±±ÉäJÉ ÊEòªÉÉ MɪÉÉ ½è*
2. ¤ÉÉäbÇ ¨ÉÒË]MÉ, BVÉåbÉ +Éè® BVÉåbÉ {É® ʴɺiÉÞiÉ xÉÉä] VÉÉ®Ò Eò®xÉä Eäò ʱÉB ºÉ¦ÉÒ ÊxÉnä¶ÉEòÉå EòÉä {ɪÉÉÇ{iÉ xÉÉäÊ]ºÉ ÊnªÉÉ VÉÉiÉÉ ½è, +É¨É iÉÉè® {É® Eò¨É ºÉä Eò¨É
ºÉÉiÉ ÊnxÉ {ɽ±Éä ¦ÉäVÉä VÉÉiÉä lÉä, +Éè® ¤Éè`Eò ºÉä {ɽ±Éä +Éè® ¤Éè`Eò ¨Éå ºÉÉlÉÇEò ¦ÉÉMÉÒnÉ®Ò ½äiÉÖ BVÉåbÉ +É<]¨É {É® +ÊvÉEò VÉÉxÉEòÉ®Ò +Éè® º{ɹ]ÒEò®hÉ
|ÉÉ{iÉ Eò®xÉä Eäò ʱÉB BEò |ÉhÉɱÉÒ ¨ÉÉèVÉÚn ½è*
3. ¤É½Ö¨ÉiÉ Eäò ÊxÉhÉÇªÉ EòÉä ºÉ¨ÉlÉÇxÉ ÊnªÉÉ VÉÉiÉÉ ½è VɤÉÊEò +ºÉ½¨ÉiÉ ºÉnºªÉÉå Eäò Ê´ÉSÉÉ®Éå, ªÉÊn EòÉä<Ç ½Éä, EòÉä ºÉÆYÉÉxÉ ¨Éå ʱɪÉÉ VÉÉiÉÉ ½è B´ÉÆ =x½å EòɪÉÇ´ÉÞkÉ
¨Éå nVÉÇ ÊEòªÉÉ VÉÉiÉÉ ½è*
4. EÆò{ÉxÉÒ uÉ®É ºlÉÉÊ{ÉiÉ +xÉÖ{ÉɱÉxÉ iÉÆjÉ Eäò +ÉvÉÉ® {É® +Éè® ¤ÉÉäbÇ Eäò ºÉ¨ÉIÉ ®JÉä MÉB |ɨÉÉhÉ{ÉjÉÉå Eäò +ÉvÉÉ® {É® +Éè® ÊxÉnä¶ÉEòÉå uÉ®É =xÉEòÒ ¤Éè`EòÉå ¨Éå
Ê®EòÉìbÇ {É® ±ÉäxÉä Eäò +ÉvÉÉ® {É®, ½¨ÉÉ®É Ê´ÉSÉÉ® ½è ÊEò EÆò{ÉxÉÒ Eäò {ÉÉºÉ {ɪÉÉÇ{iÉ |ÉhÉɱÉÒ +Éè® |ÉÊGòªÉÉBÆ ½é VÉÉä =ºÉEäò +ÉEòÉ® +Éè® ºÉÆSÉɱÉxÉ Eäò +xÉÖ°{É
½é* ±ÉÉMÉÚ EòÉxÉÚxÉÉå, ÊxɪɨÉÉå, Ê´ÉÊxɪɨÉÉå +Éè® Ên¶ÉÉ-ÊxÉnæ¶ÉÉå Eäò +xÉÖ{ÉɱÉxÉ EòÒ ÊxÉMÉ®ÉxÉÒ +Éè® ºÉÖÊxɸÊSÉiÉ Eò®xÉä Eäò ʱÉB +Éè® EÆò{ÉxÉÒ xÉä ÊxɨxÉʱÉÊJÉiÉ
EòÉxÉÚxÉÉå EòÉ +xÉÖ{ÉɱÉxÉ ÊEòªÉÉ ½è VÉÉä ʴɶÉä¹É °{É ºÉä <ºÉEäò ʱÉB ±ÉÉMÉÚ ½è, VÉèºÉÉ ÊEò ½¨Éå ºÉÚÊSÉiÉ ÊEòªÉÉ MɪÉÉ ½è:
i. ¤ÉÒ¨ÉÉ +ÊvÉÊxɪɨÉ, 1938; EÆò{ÉxÉÒ uÉ®É +xÉÖ{ÉɱÉxÉ EòÒ ½n iÉEò
ii. ¤ÉÒ¨ÉÉ Ê´ÉÊxɪÉɨÉEò +Éè® Ê´ÉEòÉºÉ |ÉÉÊvÉEò®hÉ +ÊvÉÊxɪɨÉ, 1999; EÆò{ÉxÉÒ uÉ®É +xÉÖ{ÉɱÉxÉ EòÒ ½n iÉEò
iii. Eò¨ÉÇSÉÉ®Ò ¦ÉʴɹªÉ ÊxÉÊvÉ +Éè® Ê´ÉÊ´ÉvÉ |ÉÉ´ÉvÉÉxÉ +ÊvÉÊxɪɨÉ, 1952
½¨É +ÉMÉä Ê®{ÉÉä]Ç Eò®iÉä ½é ÊEò VÉèºÉÉ ÊEò ½¨Éå ºÉÚÊSÉiÉ ÊEòªÉÉ MɪÉÉ lÉÉ, +ÉìÊb] +´ÉÊvÉ Eäò nÉè®ÉxÉ, EÆò{ÉxÉÒ EòÒ ÊxɨxÉʱÉÊJÉiÉ Ê´Éʶɹ] PÉ]xÉÉBÆ ½Ö<Ç ½é:
1. Eåòp ºÉ®EòÉ® uÉ®É xÉä 21.03.2020 Eäò +ÉvÉÉ® {É® +ÊvÉEòÉ®Éå Eäò +ÉvÉÉ® {É® £äò¶É EèòÊ{É]±É <x}ªÉÚVÉxÉ Eäò ¨ÉÉvªÉ¨É ºÉä ¦ÉÉ®iÉ Eäò ®É¹]ÊÅ{ÉiÉ EòÉä |ÉiªÉäEò
10 ¯ {ɪÉä Eäò ¡äòºÉ ´É豪ÉÚ Eäò 2400 Eò®Éäc ¯ {ɪÉä Eäò 240 Eò®Éäc <ÊC´É]Ò ¶ÉäªÉ®Éå EòÉ ÊxÉMÉÇ¨É +Éè® +É´ÉÆ]xÉ*
2. |ÉÉÊvÉEÞòiÉ ¶ÉäªÉ® {ÉÚÆVÉÒ EòÒ ´ÉÞÊr 200 Eò®Éäc ¯ {ɪÉä ºÉä 2600 Eò®Éäc ¯ {ɪÉä iÉEò*
3. ¨Éä¨ÉÉä®åb¨É +Éì¡ò BºÉÉäʺÉB¶ÉxÉ +Éè® BºÉÉäʺÉB¶ÉxÉ +Éì¡ò BºÉÉäʺÉB¶ÉxÉ Eäò EèòÊ{É]±É C±ÉÉìVÉ EòÉ {ÉÊ®´ÉiÉÇxÉ*
<ºÉ |ɨÉÉhÉ {ÉjÉ ¨Éå, ½¨ÉxÉä =xÉ PÉ]xÉÉ+Éå {É® vªÉÉxÉ xÉ½Ó ÊnªÉÉ ½è VÉÉä {ɽ±Éä ºÉä ½Ò ºÉÉ´ÉÇVÉÊxÉEò bÉä¨ÉäxÉ ¨Éå ½é +Éè® =xÉ PÉ]xÉÉ+Éå EòÉä ¦ÉÒ xÉ½Ó VÉÉä <ºÉ +ÉìÊb]
EòÉ ºÉÆSÉɱÉxÉ Eò®iÉä ºÉ¨ÉªÉ ½¨ÉÉ®ä YÉÉxÉ ¨Éå xÉ½Ó +ÉB ½é*
ªÉ½ |ɨÉÉhÉ{ÉjÉ ½¨Éå ={ɱɤvÉ ºÉÒʨÉiÉ ºÉƺÉÉvÉxÉÉå Eäò ºÉÉlÉ EòÉäÊ´Éb-19 Eäò EòÉ®hÉ ±ÉÉìEòbÉ=xÉ EòÒ ¶ÉiÉÉäÈ Eäò iɽiÉ VÉÉ®Ò ÊEòªÉÉ MɪÉÉ ½è*
ªÉ½ Eò½É MɪÉÉ ½è ÊEò EÆò{ÉxÉÒ +ÊvÉÊxɪɨÉ, 2013 +Éè® +xªÉ EòÉxÉÚxÉÉå Eäò ºÉ¦ÉÒ ±ÉÉMÉÚ |ÉÉ´ÉvÉÉxÉÉå EòÉ +xÉÖ{ÉɱÉxÉ |ɤÉÆvÉxÉ EòÒ ÊVɨ¨ÉänÉ®Ò ½è* ½¨É ±ÉÉMÉÚ EòÉxÉÚxÉÉå
Eäò iɽiÉ +xÉÖ{ÉɱÉxÉ Eäò ʱÉB EÆò{ÉxÉÒ uÉ®É ÊxÉvÉÉÇÊ®iÉ |ÉhÉɱÉÒ +Éè® iÉÆjÉ Eäò ʱÉB EÆò{ÉxÉÒ +Éè® =ºÉEäò +ÊvÉEòÉÊ®ªÉÉå uÉ®É ÊEòB MÉB |ÉÊiÉÊxÉÊvÉi´É {É® ÊxɦÉÇ®
½é* ½¨ÉÉ®Ò {É®ÒIÉÉ, {É®ÒIÉhÉVÉÉÆSÉ Eäò +ÉvÉÉ® {É®, EÆò{ÉxÉÒ uÉ®É +{ÉxÉÉ<Ç MÉ<Ç |ÉÊGòªÉÉ+Éå iÉEò ºÉÒʨÉiÉ lÉÒ, VÉÉä =Hò |ÉÉ´ÉvÉÉxÉÉå EòÉ +xÉÖ{ÉɱÉxÉ ºÉÖÊxÉʶSÉiÉ
Eò®xÉä Eäò ʱÉB lÉÒ* ½¨É Eò½iÉä ½é ÊEò <ºÉ iÉ®½ Eäò +xÉÖ{ÉɱÉxÉ xÉ iÉÉä EÆò{ÉxÉÒ EòÒ ¦ÉʴɹªÉ EòÒ ´ªÉ´É½ÉªÉÇiÉÉ Eäò ʱÉB BEò +ɶ´ÉɺÉxÉ ½è +Éè® xÉ ½Ò nIÉiÉÉ
ªÉÉ |ɦÉɴɶÉÒ±ÉiÉÉ ÊVɺÉEäò ºÉÉlÉ |ɤÉÆvÉxÉ xÉä +{ÉxÉä ¨ÉɨɱÉÉå EòÉ ºÉÆSÉɱÉxÉ ÊEòªÉÉ ½è* ½¨É +ÉMÉä Eò½iÉä ½é ÊEò ªÉ½ xÉ iÉÉä EÆò{ÉxÉÒ EòÒ Ê´ÉkÉÒªÉ MÉÊiÉÊ´ÉÊvɪÉÉå/

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 150

10. As per the requirement of IRDAI Regulations one more Independent Director is required to be appointed.
11. The Audit Committee of the Company does not have majority of Independent Directors as required
under Section 177 of the Companies Act, 2013.
We further report that as far as we have been able to ascertain:
1. The Board of Directors of the Company is duly constituted with proper balance of Executive Directors,
Non-Executive Directors and Independent Directors and the changes, if any, in the composition of
Board of Directors that took place during the period under review were carried out in compliance with
the provisions of the Act, except as mentioned above.
2. Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes
on agenda were generally sent at least seven days in advance, and a system exists for seeking
and obtaining further information and clarifications on the agenda items before the meeting and for
meaningful participation at the meeting.
3. Majority decision is carried through while the dissenting members’ views, if any, are captured and
recorded as part of the minutes.
4. Based on the compliance mechanism established by the Company and on the basis of the certificates
placed before the Board and taken on record by the Directors at their meetings, we are of the opinion
that the Company has adequate systems and processes commensurate with its size and operations to
monitor and ensure compliance with applicable laws, rules, regulations and guidelines and the Company
has complied with the following laws specifically applicable to it, as reported to us:-
(i) Insurance Act, 1938; to the extent complied with by the Company.
(ii) Insurance Regulatory and Development Authority Act, 1999; to the extent complied with by the
Company
(iii) The Employees Provident Fund and Miscellaneous Provisions Act, 1952.
We further report that as informed to us, during the audit period, the Company has had the following
specific events:
1. Issue and allotment of 240 crore Equity Shares of the Face Value of `10 each to the ‘President of India’
on Rights basis on 21.03.2020 aggregating to `2400 crore by way of Fresh Capital Infusion by the
Central Government.
2. Increase of Authorised Share Capital from `200 crore to `2600 crore.
3. Alteration of Capital Clause of Memorandum of Association and Articles of Association.
In this Certificate, we have not taken into consideration the events which are already in public domain and
also not those events which have not come to our knowledge while conducting this audit.
This certificate has been issued under the conditions of lockdown due to COVID-19 with the limited
resources available to us.
It is stated that the compliance of all the applicable provisions of the Companies Act, 2013 and other laws is
the responsibility of the management. We have relied on the representation made by the Company and its
officers for systems and mechanism set-up by the Company for compliances under applicable Laws. Our
examination, on a test-check basis, was limited to procedures followed by the Company for ensuring the
compliance with the said provisions. We state that such compliance is neither an assurance as to the future
viability of the Company nor the efficiency or effectiveness with which the management has conducted its
affairs.

151 ANNUAL REPORT 2019-20

¤ÉªÉÉxÉÉå {É® BEò +ÉìÊb] ½è +Éè® xÉ ½Ò BEò ®ÉªÉ ½è* <ºÉEäò +±ÉÉ´ÉÉ, ¦ÉÉ®iÉ ºÉÆPÉ Eäò {ÉÚ´ÉÇ´ÉiÉÔ EòÉì{ÉÉäÇ®ä] EòÉxÉÚxÉÉå Eäò UÉäcEò®, ½¨ÉxÉä ÊEòºÉÒ ¦ÉÒ +xªÉ EòÉxÉÚxÉ
ºÉä ºÉƤÉÆÊvÉiÉ ÊEòºÉÒ ¦ÉÒ ¨ÉɨɱÉä EòÉä Eò´É® xÉ½Ó ÊEòªÉÉ ½è VÉÉä ÊEò EÆò{ÉxÉÒ Eäò ʱÉB ±ÉÉMÉÚ ½Éä ºÉEòiÉÉ ½è*

BºÉ. B¨É. MÉÖ{iÉÉ
¦ÉÉMÉÒnÉ®
BºÉ. B¨É. MÉÖ{iÉÉ BÆb EÆò{ÉxÉÒ
EÆò{ÉxÉÒ ºÉÊSÉ´É
¡ò¨ÉÇ {ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ: P1993WB046600
ºÉnºªÉiÉÉ ºÉÆJªÉÉ: B¡òºÉÒBºÉ 896
ºÉÒ{ÉÒ ºÉÆJªÉÉ: 2053
{ÉҪɮ Ê®´ªÉÚ ºÉÆJªÉÉ: 718/2020
ªÉÚbÒ+É<ÇBxÉ: F000896B000678155

ºlÉÉxÉ: EòÉä±ÉEòÉiÉÉ
ÊnxÉÉÆEò: 7 ʺÉiɨ¤É®, 2020
ºÉƱÉMxÉ: +xÉÖ±ÉMxÉEò-B <ºÉ Ê®{ÉÉä]Ç EòÉ BEò +ʦÉxxÉ +ÆMÉ ½è

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 152

We further state that this is neither an audit nor an expression of opinion on the financial activities /
statements of the Company. Moreover, we have not covered any matter related to any other law which may
be applicable to the Company except the aforementioned corporate laws of the Union of India.

S. M. Gupta
Partner

S. M. GUPTA & CO.

Company Secretaries
Firm Registration No.: P1993WB046600
Membership No: FCS – 896
CP No.: 2053
Peer Review No: 718/2020
UDIN: F000896B000678155

Place: Kolkata
Date: 7 September, 2020
th

Encl.: Annexure ‘A’ forming an integral part of this Report

153 ANNUAL REPORT 2019-20

 +xÉÖ±ÉMxÉEò "B'
ºÉä´ÉÉ ¨Éå,
ºÉnºªÉ,
xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ EÆò{ÉxÉÒ Ê±ÉʨÉ]äb
3, ʨÉb±É]xÉ º]ÅÒ],
EòÉä±ÉEòÉiÉÉ-700 071
<ºÉ {ÉjÉ Eäò ºÉÉlÉ <´ÉäxÉ ÊiÉÊlÉ Eäò ½¨ÉÉ®ä Ê®{ÉÉä]Ç EòÉä {ÉgÉ VÉÉxÉÉ ½è*
1. ºÉÊSÉ´ÉÒªÉ Ê®EòÉìbÇ EòÉ ®JÉ®JÉÉ´É EÆò{ÉxÉÒ Eäò |ɤÉÆvÉxÉ EòÒ ÊVɨ¨ÉänÉ®Ò ½è* ½¨ÉÉ®Ò ÊVɨ¨ÉänÉ®Ò ½è ÊEò ½¨É +{ÉxÉä +ÉÊb] Eäò +ÉvÉÉ® {É® BäºÉä ºÉÊSÉ´ÉÒªÉ Ê®EòÉìbÇ
{É® BEò ®ÉªÉ ´ªÉHò Eò®å*
2. ½¨ÉxÉä +ÉìÊb] |ÉlÉÉ+Éå +Éè® |ÉÊGòªÉÉ+Éå EòÉ {ÉɱÉxÉ ÊEòªÉÉ ½è CªÉÉåÊEò ½¨ÉxÉä ºÉÊSÉ´ÉÒªÉ Ê®EòÉìbÇ EòÒ ¶ÉÖriÉÉ +Éè® {ÉÚhÉÇiÉÉ {É® =ÊSÉiÉ +ɶ´ÉɺÉxÉ |ÉÉ{iÉ
Eò®xÉä Eäò ʱÉB ={ɪÉÖHò ¨ÉÉxÉÉ ½è* ½¨ÉÉ®É ºÉiªÉÉ{ÉxÉ {É®ÒIÉhÉ Eäò +ÉvÉÉ® {É® +ɪÉÉäÊVÉiÉ ÊEòªÉÉ MɪÉÉ lÉÉ iÉÉÊEò ªÉ½ ºÉÖÊxɸÊSÉiÉ ÊEòªÉÉ VÉÉ ºÉEäò ÊEò ºÉ¦ÉÒ
|ÉÊ´Éʹ]ªÉÉÄ ´ÉèvÉÉÊxÉEò +ɴɶªÉEòiÉÉ+Éå Eäò +xÉÖºÉÉ® ¤ÉxÉÉ<Ç MÉ<Ç ½é* ½¨É ¨ÉÉxÉiÉä ½é ÊEò ½¨ÉxÉä ÊVÉxÉ |ÉÊGòªÉÉ+Éå +Éè® |ÉlÉÉ+Éå EòÉ {ÉɱÉxÉ ÊEòªÉÉ ½è, ´Éä ½¨ÉÉ®Ò
®ÉªÉ Eäò ʱÉB BEò =ÊSÉiÉ +ÉvÉÉ® |ÉnÉxÉ Eò®iÉä ½é*
3. ½¨ÉxÉä EÆò{ÉxÉÒ Eäò Ê´ÉkÉÒªÉ Ê®EòÉìbÇ +Éè® ¤ÉÖCºÉ +Éì¡ò BEòÉ=h] EòÒ ¶ÉÖriÉÉ +Éè® ={ɪÉÖHòiÉÉ EòÉ ºÉiªÉÉ{ÉxÉ xÉ½Ó ÊEòªÉÉ ½è*
4. VɽÉÄ Eò½Ó ¦ÉÒ +ɴɸªÉEòiÉÉ ½ÉäiÉÒ ½è, ½¨ÉxÉä ´É¹ÉÇ Eäò nÉè®ÉxÉ EòÉxÉÚxÉÉå, ÊxɪɨÉÉå +Éè® Ê´ÉÊxɪɨÉÉå +Éè® ¨É½i´É{ÉÚhÉÇ PÉ]xÉÉ+Éå Eäò +xÉÖ{ÉɱÉxÉ Eäò ºÉƤÉÆvÉ ¨Éå
|ɤÉÆvÉxÉ |ÉÊiÉÊxÉÊvÉi´É |ÉÉ{iÉ ÊEòªÉÉ ½è*
5. EòÉì{ÉÉäÇ®ä] +Éè® +xªÉ ±ÉÉMÉÚ EòÉxÉÚxÉÉå, ÊxɪɨÉÉå, Ê´ÉÊxɪɨÉÉå Eäò |ÉÉ´ÉvÉÉxÉÉå EòÉ +xÉÖ{ÉɱÉxÉ |ɤÉÆvÉxÉ EòÒ ÊVɨ¨ÉänÉ®Ò ½è* ½¨ÉÉ®Ò {É®ÒIÉÉ EÆò{ÉxÉÒ Eäò ʱÉB ±ÉÉMÉÚ
ºÉÒ¨ÉÉ Eäò +ÉvÉÉ® {É® ºÉÊSÉ´ÉÒªÉ Ê®EòÉìbÇ Eäò ºÉiªÉÉ{ÉxÉ iÉEò ºÉÒʨÉiÉ lÉÒ*
6. ºÉÊSÉ´ÉÒªÉ +ÉìÊb] Ê®{ÉÉä]Ç xÉ iÉÉä EÆò{ÉxÉÒ EòÒ ¦ÉʴɹªÉ EòÒ ´ªÉ´É½ÉªÉÇiÉÉ Eäò ʱÉB BEò +ɶ´ÉɺÉxÉ ½è +Éè® xÉ ½Ò |ɦÉÉ´ÉEòÉÊ®iÉÉ ªÉÉ |ɦÉɴɶÉÒ±ÉiÉÉ Eäò ºÉÉlÉ,
ÊVɺÉEäò ʱÉB |ɤÉÆvÉxÉ xÉä EÆò{ÉxÉÒ Eäò ¨ÉɨɱÉÉå EòÉ ºÉÆSÉɱÉxÉ ÊEòªÉÉ ½è*
BºÉ. B¨É. MÉÖ{iÉÉ
¦ÉÉMÉÒnÉ®
BºÉ. B¨É. MÉÖ{iÉÉ BÆb EÆò{ÉxÉÒ
EÆò{ÉxÉÒ ºÉÊSÉ´É
¡ò¨ÉÇ {ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ: P1993WB046600
ºÉnºªÉiÉÉ ºÉÆJªÉÉ: B¡òºÉÒBºÉ 896
ºÉÒ{ÉÒ ºÉÆJªÉÉ: 2053
{ÉҪɮ Ê®´ªÉÚ ºÉÆJªÉÉ: 718/2020
ªÉÚbÒ+É<ÇBxÉ: F000896B000678155

ºlÉÉxÉ: EòÉä±ÉEòÉiÉÉ
ÊnxÉÉÆEò: 7 ʺÉiɨ¤É®, 2020

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 154

 Annexure – ‘A’

To,
The Members,
National Insurance Company Limited
3, Middleton Street,
Kolkata – 700 071

Our Report of even date is to be read along with this letter.

1. Maintenance of secretarial records is the responsibility of the management of the Company. Our
responsibility is to express an opinion on such secretarial records based on our audits.
2. We have followed the audit practices and processes as we considered appropriate to obtain reasonable
assurance on the correctness and completeness of the secretarial records. Our verification was
conducted on a test basis to ensure that all entries have been made as per statutory requirements. We
believe that the processes and practices we followed provide a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of the financial records and Books of Accounts
of the Company.
4. Wherever required, we have obtained Management representation with respect to compliance of laws,
rules and regulations and of significant events during the year.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations is the
responsibility of the management. Our examination was limited to the verification of secretarial records
on test basis to the extent applicable to the Company.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the
efficacy or effectiveness with which the management has conducted the affairs of the Company.

S. M. Gupta
Partner

S. M. GUPTA & CO.

Company Secretaries
Firm Registration No.: P1993WB046600
Membership No: FCS – 896
CP No.: 2053
Peer Review No: 718/2020
UDIN: F000896B000678155
Place: Kolkata
Date: 7th September, 2020

155 ANNUAL REPORT 2019-20

 EÎF]æFkÍF - ¡FU
æÜFPƒ¶F;F¶F áFFGÎF ÙFUÛFF =W+ =]+š PÎFðÑFF¼ÎFXk =+F PæFæFÞµF
¡FÎF¶FF æÜFPƒ¶F;F¶F ¼]fFa©ÎFF ÙFUÛFF: JPA
(àÑFJ ù¡FFÞ ÛFWk)
æFðFa ¡FFÞU =+U ;FGa EFæFPÞ¶F ÒFѶF õF[P˜F¶F ¼FæFXk PÎFÑF©FJ ;FJ Ò¼¸F ÞFPèF HÑF;F¶F ¼FæFXk
ÑFFgPáFPõFÜFXk æÜFPƒ¶FÜFXk =+U ÒUPÛFÜFÛF =+U õFk&ÜFF ¼FæFXk =+U =+F EÎF]ÑFF¶F
=+U õFk&ÜFF õFk&ÜFF (à. ÛFWk `) õFk&ÜFF (à. ÛFWk `) =+F (%)
2015-16 49736 176338 43575 1435 1037 136125 312.39
2016-17 36262 122550 45084 1076 722 106527 60.67
2017-18 29060 73739 38456 1031 640 89267 176.38
2018-19 25219 51996 40773 795 595 81360 137.93
2019-20 20619 36826 58334 1278 394 49666 6.20%

P=+õFFÎF =eW+P°© =+F°a ÍFFÞ=+Xk =W+ PáFJ æÜFPƒ¶F;F¶F ¼]fFa©ÎFF ÙFUÛFF: PAKCC
(àÑFJ ù¡FFÞ ÛFWk)
æFðFa ¡FFÞU =+U ;FGa EFæFPÞ¶F ÒFѶF õF[P˜F¶F ¼FæFXk PÎFÑF©FJ ;FJ Ò¼¸F ÞFPèF HÑF;F¶F ¼FæFXk
ÑFFgPáFPõFÜFXk =+U æÜFPƒ¶FÜFXk =+U ÒUPÛFÜFÛF =+U õFk&ÜFF ¼FæFXk =+U =+F EÎF]ÑFF¶F
õFk&ÜFF õFk&ÜFF (à. ÛFWk `) õFk&ÜFF (à. ÛFWk `) =+F (%)
2015-16 2866 - 15294 343 261 14620 76.58
2016-17 2089 - 10817 266 199 10228 83.90
2017-18 1426 523 8864 138 140 7585 60.04
2018-19 979 1068 7029 72 111 5041 70.06
2019-20 899 899 10005 152 146 6609 16.91

ÞF¡FÞF¡FWèæFÞU ÛFPùáFF =+áÜFFµF ÙFUÛFF ÜFX¡FÎFF: NMRRMK

(àÑFJ ù¡FFÞ ÛFWk)
æFðFa ¡FFÞU =+U ;FGa EFæFPÞ¶F ÒFѶF õF[P˜F¶F ¼FæFXk PÎFÑF©FJ ;FJ Ò¼¸F ÞFPèF HÑF;F¶F ¼FæFXk
ÑFFgPáFPõFÜFXk =+U æÜFPƒ¶FÜFXk =+U ÒUPÛFÜFÛF =+U õFk&ÜFF ¼FæFXk =+U =+F EÎF]ÑFF¶F
õFk&ÜFF õFk&ÜFF (à. ÛFWk `) õFk&ÜFF (à. ÛFWk `) =+F (%)
2015-16 34 33 8 - - - -
2016-17 170 169 11 - - - -
2017-18 34 33 7 0 0 0 0
2018-19 0 0 0 0 0 0 0
2019-20 9 9 0.553 0 0 0 0

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 156

 ANNEXURE - G

DETAILS OF PERFORMANCE OF SOME OF THE PERSONAL LINE INSURANCE

JANATA PERSONAL ACCIDENT POLICY: JPA

(` in thousand)
Year No. of No. of Premium No. of No. of Amount Incurred
policies persons received claims claims paid claim ratio
issued covered (in `) reported settled (in `) (%)
2015-16 49736 176338 43575 1435 1037 136125 312.39
2016-17 36262 122550 45084 1076 722 106527 60.67
2017-18 29060 73739 38456 1031 640 89267 176.38
2018-19 25219 51996 40773 795 595 81360 137.93
2019-20 20619 36826 58334 1278 394 49666 6.20%

PERSONAL ACCIDENT INSURANCE FOR KISSAN CREDIT CARD HOLDERS: PAKCC

(` in thousand)
Year No. of No. of Premium No. of No. of Amount Incurred
policies persons received claims claims paid claim ratio
issued covered (in `) reported settled (in `) (%)
2015-16 2866 - 15294 343 261 14620 76.58
2016-17 2089 - 10817 266 199 10228 83.90
2017-18 1426 523 8864 138 140 7585 60.04
2018-19 979 1068 7029 72 111 5041 70.06
2019-20 899 899 10005 152 146 6609 16.91

RAJRAJESHWARI MAHILA KALYAN BIMA YOJANA: NMRRMK

(` in thousand)
Year No. of No. of Premium No. of No. of Amount Incurred
policies persons received claims claims paid claim ratio
issued covered (in `) reported settled (in `) (%)
2015-16 34 33 8 - - - -
2016-17 170 169 11 - - - -
2017-18 34 33 7 0 0 0 0
2018-19 0 0 0 0 0 0 0
2019-20 9 9 0.553 0 0 0 0

157 ANNUAL REPORT 2019-20

ÚFF;ÜFêFU PèFèF] =+áÜFFµF ÙFUÛFF ÜFX¡FÎFF: BCW
(àÑFJ ù¡FFÞ ÛFWk)
æFðFa ¡FFÞU =+U ;FGa EFæFPÞ¶F ÒFѶF õF[P˜F¶F ¼FæFXk PÎFÑF©FJ ;FJ Ò¼¸F ÞFPèF HÑF;F¶F ¼FæFXk
ÑFFgPáFPõFÜFXk =+U æÜFPƒ¶FÜFXk =+U ÒUPÛFÜFÛF =+U õFk&ÜFF ¼FæFXk =+U =+F EÎF]ÑFF¶F
õFk&ÜFF õFk&ÜFF (à. ÛFWk `) õFk&ÜFF (à. ÛFWk `) =+F (%)
2015-16 73 91 2.10 - - - -
2016-17 49 49 0.735
2017-18 33 31 1.38 0 0 0 0
2018-19 10 10 0.915 0 0 0 0
2019-20 1 1 .015 0 0 0 0

õFFæFaÚFZPÛF=+ õæFFõ»ÜF ÙFUÛFF ÜFX¡FÎFF: UHIS

(àÑFJ ù¡FFÞ ÛFWk)
æFðFa ¡FFÞU =+U ;FGa EFæFPÞ¶F ÒFѶF õF[P˜F¶F ¼FæFXk PÎFÑF©FJ ;FJ Ò¼¸F ÞFPèF HÑF;F¶F ¼FæFXk
ÑFFgPáFPõFÜFXk =+U æÜFPƒ¶FÜFXk =+U ÒUPÛFÜFÛF =+U õFk&ÜFF ¼FæFXk =+U =+F EÎF]ÑFF¶F
õFk&ÜFF õFk&ÜFF (à. ÛFWk `) õFk&ÜFF (à. ÛFWk `) =+F (%)
2015-16 25550 80550 40933 7460 5269 49274 120.00
2016-17 21739 49807 37584 7484 4900 51862 132.38
2017-18 17129 34163 36166 6511 3588 45492 118.43
2018-19 14523 12666 46479 4582 4902 36217 75.54
2019-20 11630 66032 20818 4125 3836 31905 35.47

ÎFWèFÎFáF ÛFW°UƒáFWÛF ÑFFgPáFõFU: MC

(àÑFJ ù¡FFÞ ÛFWk)
æFðFa ¡FFÞU =+U ;FGa EFæFPÞ¶F ÒFѶF õF[P˜F¶F ¼FæFXk PÎFÑF©FJ ;FJ Ò¼¸F ÞFPèF HÑF;F¶F ¼FæFXk
ÑFFgPáFPõFÜFXk æÜFPƒ¶FÜFXk =+U ÒUPÛFÜFÛF =+U õFk&ÜFF ¼FæFXk =+U =+F EÎF]ÑFF¶F
=+U õFk&ÜFF õFk&ÜFF (à. ÛFWk `) õFk&ÜFF (à. ÛFWk `) =+F (%)
2015-16 1084553 3184273 9601287 252136 224131 8346350 86.92
2016-17 1060135 1687882 9909756 250002 198745 8090994 81.44
2017-18 1033972 1394395 10076170 258443 172224 8794048 85.61
2018-19 1037988 1088300 10625043 235117 206472 9063128 89.97
2019-20 1138729 2454839 11684305 296239 266734 10572686 26.01

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 158

BHAGYASHREE CHILD WELFARE BIMA YOJANA: BCW
(` in thousand)
Year No. of No. of Premium No. of No. of Amount Incurred
policies persons received claims claims paid claim ratio
issued covered (in `) reported settled (in `) (%)
2015-16 73 91 2.10 - - - -
2016-17 49 49 0.735
2017-18 33 31 1.38 0 0 0 0
2018-19 10 10 0.915 0 0 0 0
2019-20 1 1 .015 0 0 0 0

UNIVERSAL HEALTH INSURANCE SCHEME: UHIS

(` in thousand)
Year No. of No. of Premium No. of No. of Amount Incurred
policies persons received claims claims paid claim ratio
issued covered (in `) reported settled (in `) (%)
2015-16 25550 80550 40933 7460 5269 49274 120.00
2016-17 21739 49807 37584 7484 4900 51862 132.38
2017-18 17129 34163 36166 6511 3588 45492 118.43
2018-19 14523 12666 46479 4582 4902 36217 75.54
2019-20 11630 66032 20818 4125 3836 31905 35.47

NATIONAL MEDICLAIM POLICY: MC

(` in thousand)
Year No. of No. of Premium No. of No. of Amount paid Incurred
policies persons received claims claims (in `) claim ratio
issued covered (in `) reported settled (%)
2015-16 1084553 3184273 9601287 252136 224131 8346350 86.92
2016-17 1060135 1687882 9909756 250002 198745 8090994 81.44
2017-18 1033972 1394395 10076170 258443 172224 8794048 85.61
2018-19 1037988 1088300 10625043 235117 206472 9063128 89.97
2019-20 1138729 2454839 11684305 296239 266734 10572686 26.01

159 ANNUAL REPORT 2019-20

ÎFWèFÎFáF ÛFW°UƒáFWÛF ÑáFFõF ÑFFgPáFõFU: nmpp
(àÑFJ ù¡FFÞ ÛFWk)
æFðFa ¡FFÞU =+U ;FGa EFæFPÞ¶F ÒFѶF õF[P˜F¶F ¼FæFXk PÎFÑF©FJ ;FJ Ò¼¸F ÞFPèF HÑF;F¶F ¼FæFXk
ÑFFgPáFPõFÜFXk =+U æÜFPƒ¶FÜFXk =+U ÒUPÛFÜFÛF =+U õFk&ÜFF ¼FæFXk =+U =+F EÎF]ÑFF¶F
õFk&ÜFF õFk&ÜFF (à. ÛFWk `) õFk&ÜFF (à. ÛFWk `) =+F (%)
2015-16 5833 12488 187991 2601 794 54364 28.92
2016-17 7682 13445 255058 2722 1173 79972 31.35
2017-18 9350 10840 306239 3398 2462 125728 41.17
2018-19 10528 12007 345652 4191 4139 164803 53.11
2019-20 12879 17780 378346 5105 4656 199740 39.64
ÎFWèFÎFáF PæFÃF»FUa ÛFW°UƒáFWÛF ÑFFgPáFõFU: VIDM
(àÑFJ ù¡FFÞ ÛFWk)
æFðFa ¡FFÞU =+U ;FGa EFæFPÞ¶F ÒFѶF õF[P˜F¶F ¼FæFXk PÎFÑF©FJ ;FJ Ò¼¸F ÞFPèF HÑF;F¶F ¼FæFXk
ÑFFgPáFPõFÜFXk æÜFPƒ¶FÜFXk =+U ÒUPÛFÜFÛF =+U õFk&ÜFF ¼FæFXk =+U =+F EÎF]ÑFF¶F
=+U õFk&ÜFF õFk&ÜFF (à. ÛFWk `) õFk&ÜFF (à. ÛFWk `) =+F (%)
2015-16 4088 7826 32175 1432 509 16195 50.33
2016-17 3783 6253 35526 961 400 16405 43.16
2017-18 3609 6217 41557 798 413 17015 40.95
2018-19 3306 6480 52920 575 559 15906 31.19
2019-20 3402 73321 54265 789 672 18606 23.19
ÎFWèFÎFáF ÑFPÞæFFÞ ÛFW°UƒáFWÛF ÑFFgPáFõFU: PM
(àÑFJ ù¡FFÞ ÛFWk)
æFðFa ¡FFÞU =+U ;FGa EFæFPÞ¶F ÒFѶF õF[P˜F¶F ¼FæFXk PÎFÑF©FJ ;FJ Ò¼¸F ÞFPèF HÑF;F¶F ¼FæFXk
ÑFFgPáFPõFÜFXk æÜFPƒ¶FÜFXk =+U ÒUPÛFÜFÛF =+U õFk&ÜFF ¼FæFXk =+U =+F EÎF]ÑFF¶F
=+U õFk&ÜFF õFk&ÜFF (à. ÛFWk `) õFk&ÜFF (à. ÛFWk `) =+F (%)
2015-16 225785 831960 1866768 68162 52033 1896350 101.58
2016-17 152875 438537 1422356 51031 37562 1301687 86.61
2017-18 97488 213385 1211901 30128 24148 877358 67.01
2018-19 89868 70736 1523236 23835 17793 798760 58.08
2019-20 260186 746327 2294287 84012 76132 2588621 32.29
æFPÞñ ÛFW°UƒáFWÛF ÑFFgPáFõFU: VARM
(àÑFJ ù¡FFÞ ÛFWk)
æFðFa ¡FFÞU =+U ;FGa EFæFPÞ¶F ÒFѶF õF[P˜F¶F ¼FæFXk PÎFÑF©FJ ;FJ Ò¼¸F ÞFPèF HÑF;F¶F ¼FæFXk
ÑFFgPáFPõFÜFXk =+U æÜFPƒ¶FÜFXk =+U ÒUPÛFÜFÛF =+U õFk&ÜFF ¼FæFXk =+U =+F EÎF]ÑFF¶F
õFk&ÜFF õFk&ÜFF (à. ÛFWk `) õFk&ÜFF (à. ÛFWk `) =+F (%)
2015-16 31255 43295 270193 14169 8113 262691 97.22
2016-17 30864 36932 272281 11374 6685 233107 85.06
2017-18 30526 37152 269355 10445 5940 270134 99.71
2018-19 30195 20946 264795 8198 8852 272438 110.04
2019-20 30466 34470 261762 9428 8350 286449 30.95

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 160

NATIONAL MEDICLAIM PLUS POLICY: nmpp
(` in thousand)
Year No. of No. of Premium No. of No. of Amount Incurred
policies persons received claims claims paid claim ratio
issued covered (in `) reported settled (in `) (%)
2015-16 5833 12488 187991 2601 794 54364 28.92
2016-17 7682 13445 255058 2722 1173 79972 31.35
2017-18 9350 10840 306239 3398 2462 125728 41.17
2018-19 10528 12007 345652 4191 4139 164803 53.11
2019-20 12879 17780 378346 5105 4656 199740 39.64
NATIONAL VIDYARTHI MEDICLAIM POLICY: VIDM
(` in thousand)
Year No. of No. of Premium No. of No. of Amount Incurred
policies persons received claims claims paid claim ratio
issued covered (in `) reported settled (in `) (%)
2015-16 4088 7826 32175 1432 509 16195 50.33
2016-17 3783 6253 35526 961 400 16405 43.16
2017-18 3609 6217 41557 798 413 17015 40.95
2018-19 3306 6480 52920 575 559 15906 31.19
2019-20 3402 73321 54265 789 672 18606 23.19
NATIONAL PARIVAR MEDICLAIM POLICY: PM
(` in thousand)
Year No. of No. of Premium No. of No. of Amount paid Incurred
policies persons received claims claims (in `) claim ratio
issued covered (in `) reported settled (%)
2015-16 225785 831960 1866768 68162 52033 1896350 101.58
2016-17 152875 438537 1422356 51031 37562 1301687 86.61
2017-18 97488 213385 1211901 30128 24148 877358 67.01
2018-19 89868 70736 1523236 23835 17793 798760 58.08
2019-20 260186 746327 2294287 84012 76132 2588621 32.29
VARISTHA MEDICLAIM POLICY: VARM
(` in thousand)
Year No. of No. of Premium No. of No. of Amount Incurred
policies persons received claims claims paid claim ratio
issued covered (in `) reported settled (in `) (%)
2015-16 31255 43295 270193 14169 8113 262691 97.22
2016-17 30864 36932 272281 11374 6685 233107 85.06
2017-18 30526 37152 269355 10445 5940 270134 99.71
2018-19 30195 20946 264795 8198 8852 272438 110.04
2019-20 30466 34470 261762 9428 8350 286449 30.95

161 ANNUAL REPORT 2019-20

ÎFWèFÎFáF õF]ÑFFÞ ©ÑF EFÑF ÑFFgPáFõFU:
(àÑFJ ù¡FFÞ ÛFWk)
æFðFa ¡FFÞU =+U ;FGa EFæFPÞ¶F ÒFѶF õF[P˜F¶F ¼FæFXk PÎFÑF©FJ ;FJ Ò¼¸F ÞFPèF HÑF;F¶F ¼FæFXk
ÑFFgPáFPõFÜFXk =+U æÜFPƒ¶FÜFXk =+U ÒUPÛFÜFÛF =+U õFk&ÜFF ¼FæFXk =+U =+F EÎF]ÑFF¶F
õFk&ÜFF õFk&ÜFF (à. ÛFWk `) õFk&ÜFF (à. ÛFWk `) =+F (%)
2019-20 17090 18440 91232 24 16 197 0

ÒÍFFÎF ÛFk·FU õF]Þ‡FF ÙFUÛFF ÜFX¡FÎFF (ÑFUJÛFJõFÙFUæFFGa):

(àÑFJ ù¡FFÞ ÛFWk)
æFðFa ¡FFÞU =+U ;FGa EFæFPÞ¶F ÒFѶF õF[P˜F¶F ¼FæFXk PÎFÑF©FJ ;FJ Ò¼¸F ÞFPèF HÑF;F¶F ¼FæFXk
ÑFFgPáFPõFÜFXk =+U æÜFPƒ¶FÜFXk =+U ÒUPÛFÜFÛF =+U õFk&ÜFF ¼FæFXk =+U =+F EÎF]ÑFF¶F
õFk&ÜFF õFk&ÜFF (à. ÛFWk `) õFk&ÜFF (à. ÛFWk `) =+F (%)
2015-16 23 26566956 338506 2145 1569 310110 91.61
2016-17 11 27728521 338084 4263 2805 738952 215.52
2017-18 20 2078 305629 4120 444 783736 260.76
2018-19 193 339 321206 3813 3513 611419 195.23
2019-20 59023469 59023469 708282 5669 4690 913174 0.01%

ÑFèF] ÙFUÛFF ÑFFgPáFõFU:

(àÑFJ ù¡FFÞ ÛFWk)
æFðFa ¡FFÞU =+U ;FGa EFæFPÞ¶F ÒFѶF õF[P˜F¶F ¼FæFXk PÎFÑF©FJ ;FJ Ò¼¸F ÞFPèF HÑF;F¶F ¼FæFXk
ÑFFgPáFPõFÜFXk =+U æÜFPƒ¶FÜFXk =+U ÒUPÛFÜFÛF =+U õFk&ÜFF ¼FæFXk =+U =+F EÎF]ÑFF¶F
õFk&ÜFF õFk&ÜFF (à. ÛFWk `) õFk&ÜFF (à. ÛFWk `) =+F (%)
2015-16 60414 284682 423138 12397 10915 342555 80.95
2016-17 57061 279857 395426 10881 10529 335423 79.43
2017-18 61284 189782 422679 9886 8609 299059 71.35
2018-19 41902 64894 350741 8401 9704 356227 103.05
2019-20 31807 254456 281535 975 9526 349565 3.07

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 162

national super top up policy:
(` in thousand)
Year No. of No. of Premium No. of No. of Amount Incurred
policies persons received claims claims paid claim ratio
issued covered (in `) reported settled (in `) (%)
2019-20 17090 18440 91232 24 16 197 0

PRADHAN MANTRI SURAKSHA BIMA YOJANA (PMSBY):

(` in thousand)

Year No. of No. of Premium No. of No. of Amount Incurred

policies persons received claims claims paid claim ratio
issued covered (in `) reported settled (in `) (%)
2015-16 23 26566956 338506 2145 1569 310110 91.61
2016-17 11 27728521 338084 4263 2805 738952 215.52
2017-18 20 2078 305629 4120 444 783736 260.76
2018-19 193 339 321206 3813 3513 611419 195.23
2019-20 59023469 59023469 708282 5669 4690 913174 0.01%

CATTLE INSURANCE POLICY:

(` in thousand)

Year No. of No. of Premium No. of No. of Amount paid Incurred

policies persons received claims claims (in `) claim ratio
issued covered (in `) reported settled (%)
2015-16 60414 284682 423138 12397 10915 342555 80.95
2016-17 57061 279857 395426 10881 10529 335423 79.43
2017-18 61284 189782 422679 9886 8609 299059 71.35
2018-19 41902 64894 350741 8401 9704 356227 103.05
2019-20 31807 254456 281535 975 9526 349565 3.07

163 ANNUAL REPORT 2019-20

;FeFÛFUµF ÙFUÛFF:
(àÑFJ ù¡FFÞ ÛFWk)
æFðFa ¡FFÞU =+U ;FGa EFæFPÞ¶F ÒFѶF õF[P˜F¶F ¼FæFXk PÎFÑF©FJ ;FJ Ò¼¸F ÞFPèF HÑF;F¶F ¼FæFXk
ÑFFgPáFPõFÜFXk =+U æÜFPƒ¶FÜFXk =+U ÒUPÛFÜFÛF =+U õFk&ÜFF ¼FæFXk =+U =+F EÎF]ÑFF¶F
õFk&ÜFF õFk&ÜFF (à. ÛFWk `) õFk&ÜFF (à. ÛFWk `) =+F (%)
2015-16 55947 64876 181096 5435 4834 245794 135.73
2016-17 30846 55541 6194288 3877 3577 185342 2.41
2017-18 23689 53198 17929024 4268 3604 1538836 82.35
2018-19 22105 31484 939257 61408 62403 10801343 216
2019-20 12293 128 14 13449 13420 1734398 109

ÛFFG=e+X - ÙFUÛFF ÑFFgPáFõFU:

(=+) ;FeFÛFUµF õF]õæFFõ»ÜF ÛFFG=e+X ÙFUÛFF ÑFFgPáFõFU: GSUS
(àÑFJ ù¡FFÞ ÛFWk)
æFðFa ¡FFÞU =+U ;FGa EFæFPÞ¶F ÒFѶF õF[P˜F¶F ¼FæFXk PÎFÑF©FJ ;FJ Ò¼¸F ÞFPèF HÑF;F¶F ¼FæFXk
ÑFFgPáFPõFÜFXk =+U æÜFPƒ¶FÜFXk =+U ÒUPÛFÜFÛF =+U õFk&ÜFF ¼FæFXk =+U =+F EÎF]ÑFF¶F
õFk&ÜFF õFk&ÜFF (à. ÛFWk `) õFk&ÜFF (à. ÛFWk `) =+F (%)
2015-16 5585 19695 6262 1741 1119 16383 261.63
2016-17 4589 12524 3959 1670 1082 9810 243.94
2017-18 3147 6343 2150 913 535 4692 200.15
2018-19 0 0 0 1 1 3.31 0
2019-20 2603 3000 4041 264 258 2719 10.14

(&F) ;FeFÛFUµF õF]Þ‡FF ÛFFG=e+X ÙFUÛFF ÑFFgPáFõFU: GSURAK

(àÑFJ ù¡FFÞ ÛFWk)
æFðFa ¡FFÞU =+U ;FGa EFæFPÞ¶F ÒFѶF õF[P˜F¶F ¼FæFXk PÎFÑF©FJ ;FJ Ò¼¸F ÞFPèF HÑF;F¶F ¼FæFXk
ÑFFgPáFPõFÜFXk =+U æÜFPƒ¶FÜFXk =+U ÒUPÛFÜFÛF =+U õFk&ÜFF ¼FæFXk =+U =+F EÎF]ÑFF¶F
õFk&ÜFF õFk&ÜFF (à. ÛFWk `) õFk&ÜFF (à. ÛFWk `) =+F (%)
2015-16 301 1139 1481 587 481 4334 294.55
2016-17 227 643 1085 252 167 1266 108.51
2017-18 91 227 117 127 95 590 505.40
2018-19 0 0 0 0 0 0 0
2019-20 10 10 1.5 2 2 17 20.00

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 164

RURAL INSURANCE:
(` in thousand)

Year No. of No. of Premium No. of No. of Amount paid Incurred

policies persons received claims claims (in `) claim ratio
issued covered (in `) reported settled (%)
2015-16 55947 64876 181096 5435 4834 245794 135.73
2016-17 30846 55541 6194288 3877 3577 185342 2.41
2017-18 23689 53198 17929024 4268 3604 1538836 82.35
2018-19 22105 31484 939257 61408 62403 10801343 216
2019-20 12293 128 14 13449 13420 1734398 109

MICRO-INSURANCE POLICIES
(a) Gramin Suswasthya Micro Insurance Policy: GSUS
(` in thousand)
Year No. of No. of Premium No. of No. of Amount Incurred
policies persons received claims claims paid claim ratio
issued covered (in `) reported settled (in `) (%)
2015-16 5585 19695 6262 1741 1119 16383 261.63
2016-17 4589 12524 3959 1670 1082 9810 243.94
2017-18 3147 6343 2150 913 535 4692 200.15
2018-19 0 0 0 1 1 3.31 0
2019-20 2603 3000 4041 264 258 2719 10.14

(b) Gramin Suraksha Micro Insurance Policy: GSURAK

(` in thousand)
Year No. of No. of Premium No. of No. of Amount Incurred
policies persons received claims claims paid claim ratio
issued covered (in `) reported settled (in `) (%)
2015-16 301 1139 1481 587 481 4334 294.55
2016-17 227 643 1085 252 167 1266 108.51
2017-18 91 227 117 127 95 590 505.40
2018-19 0 0 0 0 0 0 0
2019-20 10 10 1.5 2 2 17 20.00

165 ANNUAL REPORT 2019-20

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´Éä¤ÉºÉÉ<]: (033) 2283-1717
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Gò¨É ºÉÆ. ¨ÉÖJªÉ =i{ÉÉn B´ÉÆ ºÉä´ÉÉ+Éå EòÉ Ê´É´É®hÉ =i{ÉÉn/ºÉä´ÉÉ+Éå EòÉ BxÉ+É<ǺÉÒ EòÉäb Eò¨{ÉxÉÒ Eäò EÖò±É EòÉ®Éä¤ÉÉ® EòÉ
(i) MÉè®VÉÒ´ÉxÉ ¤ÉÒ¨ÉÉ 6512 100%

III. ½Éä˱bMÉ, ºÉ½ÉªÉEò B´ÉÆ ºÉ½ªÉÉäMÉÒ Eò¨{ÉÊxɪÉÉå EòÉ Ê´É´É®hÉ

Gò¨É Eò¨{ÉxÉÒ EòÉ xÉÉ¨É +Éè® {ÉiÉÉ ºÉÒ+É<ÇBxÉ/VÉÒB±ÉBxÉ ½Éä˱bMÉ/ºÉ½ÉªÉEò/ºÉ½ªÉÉäMÉÒ ¶ÉäªÉ® EòÉ ±ÉÉMÉÚ ºÉäC¶ÉxÉ
ºÉÆ.
1 ½ä±lÉ <x¶ªÉÉä®äxºÉ ]Ò{ÉÒB +Éì¡ò <ÆÊbªÉÉ U85100DL2013PLC256581 ºÉ½ÉªÉEò 23.75% 2(6)
ʱÉʨÉ]äb,
BxɤÉÒºÉÒºÉÒ ºÉäx]®,
EòɪÉÉÇ±ÉªÉ ºÉÆ. 301, ¨ÉÉÆ +ÉxÉÆn¨ÉªÉÒ ¨ÉÉMÉÇ,
+ÉäJɱÉÉ ¡äòVÉ, xÉ<Ç Ên±±ÉÒ-110 020.
2 <ÆÊbªÉÉ <x]®xÉä¶ÉxÉ±É <x¶ªÉÉä®xä ºÉ {ÉÒ]Ò<Ç Ê±ÉʨÉ. ±ÉÉMÉÚ xÉ½Ó ºÉ½ÉªÉEò 20% 2(6)
64, ºÉäÊºÉ±É º]ÅÒ], +É<Ç+Éä¤ÉÒ Ê¤É˱bMÉ
#04/#05,
˺ÉMÉÉ{ÉÖ®-049711.

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 166

 ANNEXURE - H
FORM NO. MGT-9
EXTRACT OF ANNUAL RETURN
For the financial year ended 31st March 2020
[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) CIN U10200WB1906GOI001713
(ii) Registration Date 5th December 1906
(iii) Name of the Company National Insurance Company Limited
(iv) Category / Sub-Category of the Company Government Company
(v) Address of the Registered Office and contact 3, Middleton Street, Kolkata - 700 071.
details Telefax : (033) 2283-1717
Website: https://nationalinsurance.nic.co.in
(vi) Whether listed company Equity-unlisted, Debentures-listed on BSE & NSE
(vii) Name, Address and Contact details of Shri Ravinder Dua, General Manager (Systems)
Registrar and Transfer Agent, if any. RCMC Share Registry Private Limited
B-25/1, Okhla Industrial Area Phase-II,
New Delhi – 110 020
Tel.No.(011) 2638-7320, 2638-7321/7322
Website:www.rcmcdelhi.com
E-mail: rdua@rcmcdelhi.com
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
All the business activities contributing 10% or more of the total turnover of the company shall be stated:
Sl. No. Name and description of main NIC Code of the Product/ % to total turnover of the
products /services services company

(i) Non-life Insurance 6512 100%

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES
Sl. Name and address of the CIN/GLN Holding/ % of shares Applicable
No. Company Subsidiary/ held Section
Associate
1 Health Insurance TPA of U85100DL2013PLC256581 Associate 23.75% 2(6)
India Limited,
NBCC Centre,
Office No.301, Ma Anand
Mai Marg, Okhla Phase-I,
New Delhi – 110 020.
2 India International Not Applicable Associate 20% 2(6)
Insurance Pte. Ltd.
64, Cecil Street, IOB
Building #04/#05,
Singapore-049711.

167 ANNUAL REPORT 2019-20

IV. ¶ÉäªÉ®vÉÉ®Eò fÉÆSÉÉ (EÖò±É <ÊC´É]Ò ¶ÉäªÉ® Eäò |ÉÊiɶÉiÉ ¨Éå <ÊC´É]Ò ¶ÉäªÉ® {ÉÚÆVÉÒ EòÉ ¥ÉäEò +{É)-
(i) ¶ÉäªÉ® ½Éä˱bMÉ ¸ÉähÉÒ´ÉÉ®
¶ÉäªÉ® ½Éä±b®Éå EòÉ ¸ÉähÉÒ ´É¹ÉÇ Eäò +É®Æ¦É ¨Éå ¶ÉäªÉ®Éå EòÒ ºÉÆJªÉÉ ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ¶ÉäªÉ®Éå EòÒ ºÉÆJªÉÉ ´É¹ÉÇ Eäò nÉè®ÉxÉ
¨Éå ¤Én±ÉÉ´É
bÒ¨Éè] ¦ÉÉèÊiÉEò EÖò±É EÖò±É bÒ¨Éè] ¦ÉÉèÊiÉEò EÖò±É EÖò±É
¶ÉäªÉ®Éå EòÉ ¶ÉäªÉ®Éå EòÉ
A. |ɨÉÉä]®
(1) ¦ÉÉ®iÉÒªÉ
a) ´ªÉÊHòMÉiÉ/BSɪÉÚB¡ò - - - - - - - -
b) Eäòxp ºÉ®EòÉ® 10 Eò®Éäc 10 Eò®Éäc 100% 249,99,99,990 10 250 Eò®Éäc 100% -
c) ®ÉVªÉ ºÉ®EòÉ®å - - - - - - - -
d) ¤ÉÉäÊbVÉ EòÉ{ÉÉäÇ. - - - - - - - -
e) ¤ÉéEò/Ê´É. ºÉƺlÉÉ - - - - - - - -
f) EòÉä<Ç +xªÉ.... - - - - - - - -
={ÉEÖò±É (Eò) (1): 10 Eò®Éäc 10 Eò®Éäc 100% 249,99,99,990 10 250 Eò®Éäc 100% -
(2) Ê´Énä¶ÉÒ
a) BxÉ+É®+É<Ç –
- - - - - - - -
´ªÉÊHòMÉiÉ
b) +xªÉ –
- - - - - - - -
´ªÉÊHòMÉiÉ
c) ¤ÉÉäÊbVÉ EòÉ{ÉÉäÇ. - - - - - - - -
d) ¤ÉéEò/Ê´É. ºÉƺlÉÉ - - - - - - - -
e) EòÉä<Ç +xªÉ.... - - - - - - - -
={ÉEÖò±É (Eò) (2):- - - - - - - - -
EÖò±É |ɨÉÉä]®Éå EòÒ - 10 Eò®Éäc 10 Eò®Éäc 100% 249,99,99,990 10 250 Eò®Éäc 100% -
¶ÉäªÉ®vÉÉÊ®iÉÉ (Eò) =
(Eò)(1)+(Eò)(2)
B. ºÉÉ´ÉÇVÉÊxÉEò
- - - - - - - - -
¶ÉäªÉ®vÉÉÊ®iÉÉ
1. ºÉƺlÉÉxÉ
a) ¨ªÉÖSªÉÖ±É ¡òhb
b) ¤ÉéEò/Ê´É. ºÉƺlÉÉ
c) Eäòxp ºÉ®EòÉ®
d) ®ÉVªÉ ºÉ®EòÉ®å.
e) ´ÉåSÉ® EèòÊ{É]±É
¡òhb
f) ¤ÉÒ¨ÉÉ Eò¨{ÉÊxɪÉÉÆ
g) B¡ò+É<Ç+É<ÇBºÉ
h) Ê´Énä¶ÉÒ ´ÉåSÉ®
EèòÊ{É]±É ¡òhb
i) +xªÉ (=±±ÉäJÉ Eò®å)
={ÉEÖò±É (JÉ)(1):- - - - - - - - - -

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 168

IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)-
(i) Category-wise Share Holding

Category of No. of shares held at the beginning No. of shares held at the end of the year %
Shareholders of the year Change
during
the year
Demat Physical Total % of Demat Physical Total % of
Total Total
Shares Shares
A. Promoters
(1) Indian
a) Individual/HUF - - - - - - - -
b) Central Govt. 10 crore 10 crore 100% 249,99,99,990 10 250 crore 100% -
c) State Govt(s) - - - - - - - -
d) Bodies Corp. - - - - - - - -
e) Banks/FI - - - - - - - -
f) Any other.... - - - - - - - -
Sub-total (A) (1):- 10 crore 10 crore 100% 249,99,99,990 10 250 crore 100% -
(2) Foreign
a) NRIs –
- - - - - - - -
Individuals
b) Other –
- - - - - - - -
Individuals
c) Bodies Corp. - - - - - - - -
d) Banks/FI - - - - - - - -
e) Any Other.... - - - - - - - -
Sub-total (A) (2):- - - - - - - - -
Total shareholding - 10 crore 10 crore 100% 249,99,99,990 10 250 crore 100% -
of Promoter (A) =
(A)(1)+(A)(2)
B. Public
- - - - - - - - -
Shareholding
1. Institutions
a) Mutual Funds
b) Banks/FI
c) Central Govt.
d) State Govt(s).
e) Venture Capital
Funds
f) Insurance
Companies
g) FIIs
h) Foreign Venture
Capital Funds
i) Others (specify)
Sub-total (B)(1):- - - - - - - - - -

169 ANNUAL REPORT 2019-20

 bÒ¨Éè] ¦ÉÉèÊiÉEò EÖò±É EÖò±É bÒ¨Éè] ¦ÉÉèÊiÉEò EÖò±É EÖò±É
¶ÉäªÉ®Éå EòÉ ¶ÉäªÉ®Éå EòÉ
2. MÉè®-
ºÉƺlÉÉMÉiÉ - - - - - - - - -

a) ¤ÉÉìÊbVÉ EòÉ{ÉÉäÇ.
i) ¦ÉÉ®iÉÒªÉ
ii) Ê´Énä¶ÉÒ
b) ´ªÉÊHòMÉiÉ
i) BEò ±ÉÉJÉ
°  {ÉB iÉEò
¶ÉäªÉ® ®JÉxÉä´ÉɱÉä
UÉä]ä ¶ÉäªÉ®vÉÉ®Eò
ii) BEò ±ÉÉJÉ
°  {ÉB ºÉä
+ÊvÉEò ¶ÉäªÉ®
®JÉxÉä´ÉɱÉä UÉä]ä
¶ÉäªÉ®vÉÉ®Eò
c) +xªÉ
(=±±ÉäJÉ Eò®å)
={ÉEÖò±É (JÉ) (2):-
EÖò±É ºÉÉ´ÉÇVÉÊxÉEò - - - - - - - - -
¶ÉäªÉ®vÉÉÊ®iÉÉ
(JÉ) = (JÉ)(1)+(JÉ)(2)
C. Eòº]ÉäÊbªÉxÉ VÉÒbÒ - - - - - - - - -
+É® iÉlÉÉ BbÒ+É®
Eäò ʱÉB ®JÉä ¶ÉäªÉ®
ºÉEò±É EÖò±É - 10 Eò®Éäc 10 Eò®Éäc 100% 249,99,99,990 10 250 Eò®Éäc 100% -
(Eò+JÉ+MÉ)

(ii) |ɨÉÉä]®Éå EòÒ ¶ÉäªÉ®vÉÉÊ®iÉÉ

Gò¨É ºÉÆ. ¶ÉäªÉ®vÉÉ®Eò EòÉ xÉÉ¨É ´É¹ÉÇ Eäò +É®Æ¦É ¨Éå ¶ÉäªÉ®Éå EòÒ ºÉÆJªÉÉ ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ¶ÉäªÉ®Éå EòÒ ºÉÆJªÉÉ ´É¹ÉÇ Eäò
¶ÉäªÉ® EòÒ Eò¨{ÉxÉÒ Eäò EÖò±É ¶ÉäªÉ®Éå ¨Éå ¶ÉäªÉ® EòÒ Eò¨{ÉxÉÒ Eäò EÖò±É ¶ÉäªÉ®Éå ¨Éå nÉè®ÉxÉ
ºÉÆJªÉÉ EÖò±É ¦ÉÉÊ®iÉ/ÊMÉ®´ÉÒ ºÉÆJªÉÉ EÖò±É ¦ÉÉÊ®iÉ/ÊMÉ®´ÉÒ ¨Éå
¶ÉäªÉ®Éå EòÉ ¶ÉäªÉ®Éå EòÉ ¶ÉäªÉ®Éå EòÉ ¶ÉäªÉ®Éå EòÉ ¤Én±ÉÉ´É
1 ¦ÉÉ®iÉ Eäò ®É¹]Å{ÉÊiÉ 10 Eò®Éäc 100% - 250 Eò®Éäc 100% - -

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 170

 Demat Physical Total % of Demat Physical Total % of
Total Total
Shares Shares
2. Non-
Institutions - - - - - - - - -
a) Bodies Corp.
i) Indian
ii) Overseas
b) Individuals
i) Individual
shareholders
holding
nominal
share capital
upto `1 lakh
ii) Individual
shareholders
holding
nominal
share capital
excess of
`1 lakh
c) Others
(specify)

Sub-total (B) (2):-

Total Public - - - - - - - - -
shareholding
(B) = (B)(1)+(B)(2)
C. Shares held by - - - - - - - - -
Custodian for
GDRs & ADRs
Grand Total - 10 crore 10 crore 100% 249,99,99,990 10 250 crore 100% -
(A+B+C)

(ii) Shareholding of Promoters

Sl. Shareholder’s Shareholding at the beginning of the year Share holding at the end of the year
No. Name %
change
No. of % of % of shares No. of % of % of in
Shares total Pledged/ Shares total shares share
Shares encumbered Shares Pledged holding
of the to total of the encumbered the
company shares company to total year
shares
1 President of India 10 crore 100% - 250 crore 100% - -

171 ANNUAL REPORT 2019-20

(iii) |ɨÉÉä]®Éå Eäò ¶ÉäªÉ®vÉÉÊ®iÉÉ ¨Éå ¤Én±ÉÉ´É (EÞò{ɪÉÉ =±±ÉäJÉ Eò®å, +MÉ® EòÉä<Ç ¤Én±ÉÉ´É xÉ½Ó ½Éä)

Gò¨É. ´É¹ÉÇ Eäò +É®Æ¦É ¨Éå ¶ÉäªÉ®Éå EòÒ ºÉÆJªÉÉ ´É¹ÉÇ Eäò nÉè®ÉxÉ EÖò±É ¶ÉäªÉ® ¦ÉÉMÉÒnÉ®Ò
ºÉÆ.
¶ÉäªÉ®Éå EòÒ ºÉÆJªÉÉ Eò¨{ÉxÉÒ Eäò EÖò±É ¶ÉäªÉ®Éå EòÒ ºÉÆJªÉÉ Eò¨{ÉxÉÒ Eäò EÖò±É
¶ÉäªÉ®Éå EòÉ ¶ÉäªÉ®Éå EòÉ
1. ´É¹ÉÇ Eäò +É®Æ¦É ¨Éå 10 Eò®Éäc 100% 10 Eò®Éäc 100%
2* ÊiÉÊlÉ Eäò +xÉÖºÉÉ® |ɨÉÉä]®Éå Eäò ¶ÉäªÉ®vÉÉÊ®iÉÉ ¨Éå 240 Eò®Éäc 100% 240 Eò®Éäc 100%
Eò¨ÉÒ/´ÉÞÊr, <ºÉEòÉ EòÉ®hÉ º{ɹ] °{É ºÉä =±±ÉäÊJÉiÉ
Eò®iÉä ½ÖB (VÉèºÉÉÊEò +É´ÉÆ]xÉ, ½ºiÉÉÆiÉ®hÉ, ±ÉɦÉÉƶÉ/
º´Éä] <ÊC´É]Ò +ÉÊn)
´É¹ÉÇ Eäò +ÆiÉ ¨Éå 250 crore 100% 250 crore 100%

*xÉÉä]: 10 Eäò +ÆÊEòiÉ ¨ÉÚ±ªÉ Eäò 240 Eò®Éäc <ÊC´É]Ò ¶ÉäªÉ® 21 ¨ÉÉSÉÇ, 2020 EòÉä +ɪÉÉäÊVÉiÉ ¤ÉÉäbÇ ¨ÉÒË]MÉ ¨Éå ®É<ªÉºÉ Eäò ¨ÉÉvªÉ¨É ºÉä ¦ÉÉ®iÉ Eäò ®É¹]Å{ÉÊiÉ EòÉä +É´ÉÆÊ]iÉ ÊEòB MÉB ½é*
(iv) ºÉ´ÉÉäÇSSÉ 10 ¶ÉäªÉ®vÉÉ®EòÉå EòÉ ¶ÉäªÉ®vÉÉÊ®iÉÉ fÉÆSÉÉ (ÊxÉnä¶ÉEò, |ɨÉÉä]® +Éè® VÉÒbÒ+É® B´ÉÆ BbÒ+É® ®JÉxÉä ´ÉɱÉÉå Eäò +ÊiÉÊ®Hò)

Gò¨É ºÉÆ. ´É¹ÉÇ Eäò +É®Æ¦É ¨Éå ¶ÉäªÉ®Éå EòÒ ºÉÆJªÉÉ ´É¹ÉÇ Eäò nÉè®ÉxÉ EÖò±É ¶ÉäªÉ® ¦ÉÉMÉÒnÉ®Ò
10 ¶ÉäªÉ®vÉÉ®EòÉå ¨Éå ºÉä |ÉiªÉäEò ¶ÉäªÉ®Éå EòÒ ºÉÆJªÉÉ Eò¨{ÉxÉÒ Eäò EÖò±É ¶ÉäªÉ®Éå EòÒ ºÉÆJªÉÉ Eò¨{ÉxÉÒ Eäò EÖò±É
¶ÉäªÉ®Éå EòÉ ¶ÉäªÉ®Éå EòÉ
1. ´É¹ÉÇ +É®Æ¦É ¨Éå - - - -
2. ÊiÉÊlÉ Eäò +xÉÖºÉÉ® |ɨÉÉä]®Éå Eäò ¶ÉäªÉ®vÉÉÊ®iÉÉ ¨Éå Eò¨ÉÒ/´ÉÞÊr,
<ºÉEòÉ EòÉ®hÉ º{ɹ] °  {É ºÉä =±±ÉäÊJÉiÉ Eò®iÉä ½ÖB (VÉèºÉÉÊEò - - - -
+É´ÉÆ]xÉ, ½ºiÉÉÆiÉ®hÉ, ±ÉɦÉÉƶÉ/ º´Éä] <ÊC´É]Ò +ÉÊn)
3. ´É¹ÉÇ Eäò +ÆiÉ iÉEò (ªÉÉ +±ÉMÉ ½ÉäxÉä EòÒ ÊiÉÊlÉ, +MÉ® ´É¹ÉÇ Eäò - - - -
nÉè®ÉxÉ +±ÉMÉ ½ÖB ½Éä)
xÉÉä]: ¦ÉÉ®iÉ ºÉ®EòÉ® Eäò xÉÉʨÉiÉ ¶ÉäªÉ®vÉÉ®Eò ½ÉäxÉä Eäò EòÉ®hÉ ºÉ¦ÉÒ ÊxÉnä¶ÉEòÉå/¨É½É|ɤÉÆvÉEòÉå 10 ¶ÉäªÉ® ®½iÉä ½é (|ÉiªÉäEò Eäò {ÉÉºÉ BEò ¶ÉäªÉ®)

(v) ÊxÉnä¶ÉEòÉå B´ÉÆ |ɨÉÖJÉÉå |ɤÉÆvÉEòÉå Eǫ̀ɪÉÉå EòÒ ¶ÉäªÉ®vÉÉÊ®iÉÉ:

Gò¨É ºÉÆ. ´É¹ÉÇ Eäò +É®Æ¦É ¨Éå ¶ÉäªÉ®Éå EòÒ ºÉÆJªÉÉ ´É¹ÉÇ Eäò nÉè®ÉxÉ EÖò±É ¶ÉäªÉ® ¦ÉÉMÉÒnÉ®Ò
|ÉiªÉäEò ÊxÉnä¶ÉEò +Éè® |ɤÉÆvÉEòÒªÉ EòÉä ʱÉB ¶ÉäªÉ®Éå EòÒ ºÉÆJªÉÉ Eò¨{ÉxÉÒ Eäò EÖò±É ¶ÉäªÉ®Éå EòÒ ºÉÆJªÉÉ Eò¨{ÉxÉÒ Eäò EÖò±É
¶ÉäªÉ®Éå EòÉ ¶ÉäªÉ®Éå EòÉ
1. ´É¹ÉÇ +É®Æ¦É ¨Éå - - - -
2. ÊiÉÊlÉ Eäò +xÉÖºÉÉ® |ɨÉÉä]®Éå Eäò ¶ÉäªÉ®vÉÉÊ®iÉÉ ¨Éå Eò¨ÉÒ/´ÉÞÊr,
<ºÉEòÉ EòÉ®hÉ º{ɹ] °  {É ºÉä =±±ÉäÊJÉiÉ Eò®iÉä ½ÖB (VÉèºÉÉÊEò - - - -
+É´ÉÆ]xÉ, ½ºiÉÉÆiÉ®hÉ, ±ÉɦÉÉƶÉ/º´Éä] <ÊC´É]Ò +ÉÊn)
3. ´É¹ÉÇ Eäò +ÆiÉ ¨Éå - - - -

xÉÉä]: ¦ÉÉ®iÉ ºÉ®EòÉ® Eäò xÉÉʨÉiÉ ¶ÉäªÉ®vÉÉ®Eò ½ÉäxÉä Eäò EòÉ®hÉ ºÉ¦ÉÒ ÊxÉnä¶ÉEòÉå/¨É½É|ɤÉÆvÉEòÉå 10 ¶ÉäªÉ® ®½iÉä ½é (|ÉiªÉäEò Eäò {ÉÉºÉ BEò ¶ÉäªÉ®)

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 172

(iii) Change in Promoters’ Shareholding (please specify, if there is no change)
Sl. Shareholding at the beginning Cumulative Shareholding
No. of the year during the year
No. of shares % of total No. of shares % of total
shares of the shares of the
company company
1. At the beginning of the year 10 crore 100% 10 crore 100%
2* Date wise increase/decrease in 240 crore 100% 240 crore 100%
Promoters Shareholding during the year
specifying the reasons for increase/
decrease (e.g. allotment/transfer/ bonus/
sweat equity, etc.)
At the end of the year 250 crore 100% 250 crore 100%
*Note: 240 crores equity shares of face value of `10/- each has been allotted to “President of India” by way of Rights at the Board
Meeting held on 21st March 2020.
(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of
GDRs and ADRs)
Sl. Shareholding at the beginning Cumulative Shareholding
No. of the year during the year
For Each of the Top 10 Shareholders No. of shares % of total No. of shares % of total
shares of the shares of the
company company
1. At the beginning of the year - - - -
2. Date wise increase/decrease in
Promoters Shareholding during the year
specifying the reasons for increase/ - - - -
decrease (e.g. allotment/transfer/ bonus/
sweat equity, etc.)
3. At the end of the year (or on the date - - - -
of separation, if separated during the
year)
Note: 10 (Ten) Equity Shares are held by Directors/General Managers (one share each) as Nominee Shareholders on behalf of
the Government of India.
(v) Shareholding of Directors and Key Managerial Personnel:
Sl. Shareholding at the beginning Cumulative Shareholding
No. of the year during the year
For each of the Directors and KMP No. of shares % of total No. of shares % of total
shares of the shares of the
company company
1. At the beginning of the year - - - -
2. Date wise Increase/Decrease in Share
holding during the year specifying the
reasons for increase/decrease (e.g. - - - -
allotment/transfer/bonus/sweat equity
etc.)
3. At the end of the year - - - -
Note: 10 (Ten) Equity Shares are held by General Managers/Directors (one share each) as Nominee Shareholders on behalf of
Government of India.

173 ANNUAL REPORT 2019-20

(v) @  hÉOɺiÉiÉÉ
Eò¨{ÉxÉÒ EòÒ @  hÉOɺiÉiÉÉ ¤ªÉÉVÉ ºÉʽiÉ VÉÉ ÊEò +¦ÉÒ näªÉ xÉ½Ó ½Éä
VɨÉÉxÉiÉÒ @  hÉ VɨÉÉ MÉè® VɨÉÉxÉiÉÒ @  hÉ VɨÉÉ EÖò±É @  hÉOɺiÉiÉÉ
Eäò +ÊiÉÊ®Hò
(`) (`) (`) (`)

Ê´ÉkÉÒªÉ ´É¹ÉÇ Eäò |ÉÉ®Æ¦É ¨Éå @  hÉOɺiÉiÉÉ

i) ¨ÉÚ±É ®É榃 ¶ÉÚxªÉ 895,00,00,000 ¶ÉÚxªÉ 895,00,00,000

ii) näªÉ ¤ªÉÉVÉ, ±ÉäÊEòxÉ ¦ÉÖMÉiÉÉxÉ xÉ½Ó ÊEòªÉÉ MɪÉÉ - - - -

iii) ={ÉÉÌVÉiÉ ¤ªÉÉVÉ {É®xiÉÖ näªÉ 1,02,37,000 1,02,37,000

EÖò±É (i + ii + iii) ¶ÉÚxªÉ 896,02,37,000 Nil 896,02,37,000

Ê´ÉkÉÒªÉ ´É¹ÉÇ Eäò nÉè®ÉxÉ @  hÉOɺiÉiÉÉ ¨Éå ¶ÉÚxªÉ ¶ÉÚxªÉ ¶ÉÚxªÉ ¶ÉÚxªÉ
l VɨÉÉ

l Eò¨ÉÒ

¶ÉÖr ¤Én±ÉÉ´É ¶ÉÚxªÉ ¶ÉÚxªÉ ¶ÉÚxªÉ ¶ÉÚxªÉ

Ê´ÉkÉÒªÉ ´É¹ÉÇ Eäò +ÆiÉ ¨Éå @  hÉOɺiÉiÉÉ
i) ¨ÉÚ±É ®É榃 ¶ÉÚxªÉ 895,00,00,000 ¶ÉÚxªÉ 895,00,00,000

ii) näªÉ ¤ªÉÉVÉ, ±ÉäÊEòxÉ ¦ÉÖMÉiÉÉxÉ xÉ½Ó ÊEòªÉ MɪÉÉ - - - -

iii) ={ÉÉÌVÉiÉ ¤ªÉÉVÉ {É® näªÉ xÉ½Ó - 1,02,37,000 - 1,02,37,000

(27 ºÉä 31 ¨ÉÉSÉÇ, 2020 5 ÊnxÉÉå Eäò ʱÉB)
EÖò±É (i + ii + iii) ¶ÉÚxªÉ 896,02,37,000 ¶ÉÚxªÉ 896,02,37,000

xÉÉä]: Eò¨{ÉxÉÒ xÉä Ê´ÉkÉÒªÉ ´É¹ÉÇ 2016-17 ¨Éå |ÉÊiÉ ´É¹ÉÇ @ 8.35% EòÒ n® ºÉä +ºÉÖ®ÊIÉiÉ Êb¤ÉåiÉ®Éå EòÉä VÉÉ®Ò Eò®Eäò 895 Eò®Éäc °  {ÉB <EòaÉ ÊEòªÉÉ ½è*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 174

(v) INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment

Secured Loans Unsecured Deposits Total

excluding Loans Indebtedness
deposits (`) (`)
(`) (`)
Indebtedness at the beginning of the
financial year
i) Principal Amount Nil 895,00,00,000 Nil 895,00,00,000
ii) Interest due but - - - -
not paid
iii) Interest accrued 1,02,37,000 1,02,37,000
but not due
Total (i + ii + iii) Nil 896,02,37,000 Nil 896,02,37,000
Change in Indebtedness during the Nil Nil Nil Nil
financial year
l Addition
l Reduction
Net Change Nil Nil Nil Nil
Indebtedness at the end of the
financial year
i) Principal Amount Nil 895,00,00,000 Nil 895,00,00,000
ii) Interest due but not paid - - - -
iii) Interest accrued - 1,02,37,000 - 1,02,37,000
but not due
(for 5 days 27th to 31st March 2020)
Total (i + ii + iii) Nil 896,02,37,000 Nil 896,02,37,000

Note: The Company had raised `895 crore by issuing unsecured Non-convertible Debentures @ 8.35% per annum
in the financial year 2016-17.

175 ANNUAL REPORT 2019-20

(vi) ÊxÉnä¶ÉEòÉå B´ÉÆ ¨ÉÖJªÉ |ɤÉÆvÉEòÒªÉ EòĘ́ÉEòÉå EòÉ {ÉÉÊ®¸ÉʨÉEò
A. |ɤÉÆvÉ ÊxÉnä¶ÉEò, {ÉÚhÉÇEòÉʱÉEò ÊxÉnä¶ÉEò B´ÉÆ / ªÉÉ |ɤÉÆvÉEò EòÉ {ÉÉÊ®¸ÉʨÉEò:

Gò¨É.
{ÉÉÊ®¸ÉʨÉEò EòÉ Ê´É´É®hÉ |ɤÉÆvÉ ÊxÉnä¶ÉEò/{ÉÚhÉÇEòÉʱÉEò ÊxÉnä¶ÉEò/|ɤÉÆvÉEò Eäò xÉɨÉ
ºÉÆ.
¸ÉÒ¨ÉiÉÒ iÉÊVÉxn® ¸ÉÒ VÉÉìxÉ {ÉÖʱÉxÉlÉxɨÉ, ¸ÉÒ ÊºÉrÉlÉÇ |ÉvÉÉxÉ,
EÖò±É ®ÉʶÉ
¨ÉÖJÉVÉÔ, +vªÉIÉ- {ÉÚhÉÇEòÉʱÉEò ÊxÉnä¶ÉEò, {ÉÚhÉÇEòÉʱÉEò ÊxÉnä¶ÉEò
ºÉ½-|ɤÉÆvÉ ÊxÉnä¶ÉEò (ºÉä´ÉÉ ÊxÉ´ÉÞiÉ) (01.04.2019 ºÉä
(01.04.2019 ºÉä (01.04.2019 ºÉä 31.03.2020)
31.03.2020) 31.08.2019)
(`) (`) (`) (`)
1. ºÉEò±É ´ÉäiÉxÉ
(a) +ɪÉEò® +ÊvÉÊxÉªÉ¨É 1961 EòÒ
vÉÉ®É 17(1) Eäò |ÉÉ´ÉvÉÉxÉÉå Eäò 29,18,292 9,99,086 24,88,645 64,06,023
+xÉÖºÉÉ® ´ÉäiÉxÉ
(b) +ɪÉEò® +ÊvÉÊxÉªÉ¨É 1961 EòÒ
vÉÉ®É 17(2) Eäò |É´ÉvÉÉxÉÉå Eäò 1,02,060 1,05,699 2,12,464 4,20,223
+xÉÖºÉÉ® +xÉÖ±ÉɦÉ
(c) +ɪÉEò® +ÊvÉÊxÉªÉ¨É 1961 EòÒ
vÉÉ®É 17(3) Eäò |É´ÉvÉÉxÉÉå Eäò - - - -
+xÉÖºÉÉ® ±ÉɦÉ
2. {ÉÚÆVÉÒ Ê´ÉEò±{É - - - -
3. º´Éä] <ÊC´É]Ò - - - -
4. Eò¨ÉÒ¶ÉxÉ - ±ÉÉ¦É EòÉ +xªÉ, =±±ÉäJÉ Eò®å - - - -
5. +xªÉ, EÞò{ɪÉÉ =±±ÉäJÉ Eò®å - - - -
EÖò±É (A) 30,20,352 11,04,785 27,01,109 68,26,246
+ÊvÉÊxÉªÉ¨É Eäò +xÉÖºÉÉ® +ÊvÉEòiÉ¨É ºÉÒ¨ÉÉ - - - -

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 176

(vi) REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. Remuneration to Managing Director, Whole-time Directors and/or Manager:

Sl.
Particulars of Remuneration Name of MD/WTD/Manager
No.
Smt. Tajinder Shri John Shri Sidharth
Mukherjee Pulinthanam Pradhan, Whole- Total
Chairman-cum- Whole-time time Director Amount
Managing Director Director (Retired) (01.04.2019 to
(01.04.2019 to (01.04.2019 to to 31.03.2020)
31.03.2020) 31.08.2019)
(`) (`) (`) (`)
1. Gross Salary
(a) Salary as per provisions
contained in Section 17(1) 29,18,292 9,99,086 24,88,645 64,06,023
of the Income-tax Act, 1961.
(b) Value of perquisites u/s
1,02,060 1,05,699 2,12,464 4,20,223
17(2) Income-tax Act, 1961
(c) Profits in lieu of salary under
section 17(3) Income-tax - - - -
Act, 1961.
2. Stock Option - - - -
3. Sweat Equity - - - -
Commission as % of profit
4. - - - -
others specify
5. Others, please specify - - - -
Total (A) 30,20,352 11,04,785 27,01,109 68,26,246
Ceiling as per the Act - - - -

177 ANNUAL REPORT 2019-20

B. +xªÉ ÊxÉnä¶ÉEòÉå Eäò {ÉÉÊ®¸ÉʨÉEò:
Gò¨É. ºÉÆ. {ÉÉÊ®¸ÉʨÉEò EòÉ Ê´É´É®hÉ ÊxÉnä¶ÉEòÉå Eäò xÉÉ¨É EÖò±É ®ÉʶÉ
¸ÉÒ Ê¶É´É®¨ÉhÉ ¨É½Énä´ÉxÉ ¸ÉÒ ºÉÖvÉÉEò® {ÉɽÒè
(`) (`) (`)
1. º´ÉiÉÆjÉ ÊxÉnä¶ÉEò 4,80,000.00 4,20,000.00 9,00,000.00
l ¤ÉÉäbÇ/ºÉʨÉÊiÉ EòÒ ¤Éè`Eò ¨Éå - - -
¶ÉÉÊ¨É±É ½ÉäxÉä EòÉ ¡òÒºÉ
l Eò¨ÉÒ¶ÉxÉ - - -
l +xªÉ, EÞò{ɪÉÉ =±±ÉäJÉ Eò®å - - -
EÖò±É (1) 4,80,000.00 4,20,000.00 9,00,000.00
ºÉÖ¸ÉÒ ¦ÉÚʨÉEòÉ ´É¨ÉÉÇ ¸ÉÒ ±ÉʱÉiÉ EÖò¨ÉÉ® SÉxnä±É ¸ÉÒ +¶ÉÉäEò EÖò¨ÉÉ® |ÉvÉÉxÉ
(ºÉ®EòÉ® uÉ®É ¨ÉxÉÉäÊxÉiÉ) (ºÉ®EòÉ® uÉ®É ¨ÉxÉÉäÊxÉiÉ) (ªÉÚ¤ÉÒ+É<Ç Eäò B¨ÉbÒ B´ÉÆ ºÉÒ<Ç+Éä)
¸ÉÒ ºÉÖSÉÒxp ʨɸÉÉ ¸ÉÒ ºÉÉè®¦É Ê¨É¸ÉÉ -
(ºÉ®EòÉ® uÉ®É ¨ÉxÉÉäÊxÉiÉ) (ºÉ®EòÉ® uÉ®É ¨ÉxÉÉäÊxÉiÉ)
2. +xªÉ MÉè®EòɪÉÇEòÉ®Ò ÊxÉnä¶ÉEò
l ¤ÉÉäbÇ/ºÉʨÉÊiÉ EòÒ ¤Éè`Eò ¨Éå
¶ÉÉÊ¨É±É ½ÉäxÉä EòÉ ¡òÒºÉ ºÉ®EòÉ® uÉ®É ¨ÉxÉÉäÊxÉiÉ ÊxÉnä¶ÉEò +Éè® ¤ÉéEò Eäò |ÉÊiÉÊxÉÊvÉi´É Eò®xÉä´ÉɱÉä MÉè® EòɪÉÇEòÉ®Ò ÊxÉnä¶ÉEòÉä EòÉä
ºÉʨÉÊiÉ EòÒ ¤Éè`Eò EòÉ ¡òÒºÉ ¦ÉÖMÉiÉÉxÉ xÉ½Ó ÊEòªÉÉ VÉÉiÉÉ ½è*
l Eò¨ÉÒ¶ÉxÉ
l +xªÉ, EÞò{ɪÉÉ =±±ÉäJÉ Eò®å
EÖò±É (2) - - -
EÖò±É (JÉ)=(1+2) 4,80,000.00 4,20,000.00 9,00,000.00
EÖò±É |ɤÉÆvÉEòÒªÉ {ÉÉÊ®¸ÉʨÉEò
+ÊvÉÊxÉªÉ¨É Eäò +xÉÖºÉÉ® +ÊvÉEòiɨÉ
ºÉÒ¨ÉÉ
C. |ɤÉÆvÉ ÊxÉnä¶ÉEò/|ɤÉÆvÉEò/{ÉÚhÉÇEòÉʱÉEò ÊxÉnä¶ÉEò Eäò +±ÉÉ´ÉÉ ¨ÉÖJªÉ |ɤÉÆvÉEòÒªÉ EòĘ́ÉEòÉå EòÉ {ÉÉÊ®¸ÉʨÉEò:
Gò¨É ºÉÆ. {ÉÉÊ®¸ÉʨÉEò EòÉ Ê´É´É®hÉ ¨ÉÖJªÉ |ɤÉÆvÉEòÒªÉ EòĘ́ÉEò
¸ÉÒ¨ÉiÉÒ ®ÒxÉÉ ¨ÉÉÊbªÉÉ, ¸ÉÒ {ÉÒ Ê´ÉVÉªÉ EÖò¨ÉÉ®, EÖò±É
Eò¨{ÉxÉÒ ºÉÊSÉ´É ¨ÉÖJªÉ Ê´ÉkÉÒªÉ +ÊvÉEòÉ®Ò
(01.04.2019 ºÉä (01.04.2019 ºÉä
31.03.2020 iÉEò) 31.03.2020 iÉEò)
(`) (`) (`)
1. ºÉEò±É ´ÉäiÉxÉ
(a) +ɪÉEò® +ÊvÉÊxÉªÉ¨É 1961 EòÒ vÉÉ®É
16,66,128 24,05,572 40,71,700
17(1) Eäò |ÉÉ´ÉvÉÉxÉÉå Eäò +xÉÖºÉÉ® ´ÉäiÉxÉ
(b) +ɪÉEò® +ÊvÉÊxÉªÉ¨É 1961 EòÒ vÉÉ®É
- 2,27,007 2,27,007
17(2) Eäò |ÉÉ´ÉvÉÉxÉÉå Eäò +xÉÖºÉÉ® +xÉÖ±ÉɦÉ
(c) +ɪÉEò® +ÊvÉÊxÉªÉ¨É 1961 EòÒ vÉÉ®É
- - -
17(3) Eäò |ÉÉ´ÉvÉÉxÉÉå Eäò +xÉÖºÉÉ® ±ÉɦÉ

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 178

B. Remuneration to other directors:

Sl. Particulars of Remuneration Name of Directors Total

No. Amount
Shri Sivaraman Mahadevan Shri Sudhakar Pahi
(`) (`) (`)
1. Independent Directors 4,80,000.00 4,20,000.00 9,00,000.00
l Fee for attending board/ - - -
committee meetings
l Commission - - -
l Others, please specify - - -
Total (1) 4,80,000.00 4,20,000.00 9,00,000.00
Ms. Bhumika Verma Shri Lalit Kumar Chandel Shri Ashok Kumar Pradhan
(Govt. Nominee Director) (Govt. Nominee Director) (MD & CEO of UBI)
Shri Suchindra Misra Shri Saurabh Misra -
(Govt. Nominee Director) (Govt. Nominee Director)
2. Other Non-Executive Directors
l Fee for attending board/
committee meetings Sitting Fee is not paid to Government Nominee Directors and Non-Executive Director
representing bank.
l Commission
l Others, please specify
Total (2) - - -
Total (B)=(1+2) 4,80,000.00 4,20,000.00 9,00,000.00
Total Managerial Remuneration
Overall Ceiling as per the Act

C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD/MANAGER/WTD:

Sl. Particulars of Remuneration Key Managerial Personnel
No.
Smt. Rina Madia, Shri P. Vijaya Kumar, Total
Company Secretary Chief Financial Officer
(from 01.04.2019 (from 01.04.2019
to 31.03.2020) to 31.03.2020)
(`) (`) (`)
1. Gross Salary
(a) Salary as per provisions
contained in Section 17(1) of the 16,66,128 24,05,572 40,71,700
Income-tax Act, 1961
(b) Value of perquisites u/s 17(2)
- 2,27,007 2,27,007
Income-tax Act 1961
(c) Profits in lieu of salary under
- - -
Section 17(3) Income-tax Act 1961.

179 ANNUAL REPORT 2019-20

 2. {ÉÚÆVÉÒ Ê´ÉEò±{É - - -
3. º´Éä] <ÊC´É]Ò - - -
4. Eò¨ÉÒ¶ÉxÉ - - -

- ±ÉÉ¦É EòÉ
- +xªÉ, =±±ÉäJÉ Eò®å.... - - -
5. +xªÉ, EÞò{ɪÉÉ =±±ÉäJÉ Eò®å - - -

EÖò±É 16,66,128 26,32,579 42,98,707

(vii) +{É®ÉvÉÉå EòÉ ºÉ¨ÉZÉÉèiÉÉ/VÉÖ¨ÉÉÇxÉÉ/nÆb:

]É<{É Eò¨{ÉxÉÒ +ÊvÉÊxÉªÉ¨É ºÉÆÊIÉ{iÉ Ê´É´É®hÉ ±ÉMÉÉB MÉB +lÉÇ |ÉÉÊvÉEò®hÉ [+É®bÒ/ nɪɮ +{ÉÒ±É, ªÉÊn
Eäò ÊxÉªÉ¨É nÆb/VÉÖ¨ÉÉÇxÉä/ºÉ¨ÉZÉÉèiÉÉ BxɺÉÒB±É]Ò/EòÉä]Ç] EòÉä<Ç ½Éä (Ê´É´É®hÉ nå)
¡òÒºÉ EòÉ Ê´É´É®hÉ
A. Eò¨{ÉxÉÒ - - - -
VÉÖ¨ÉÉÇxÉÉ - - - - -
nÆb
ºÉ¨ÉZÉÉèiÉÉ - - - - -
B. ÊxÉnä¶ÉEò
VÉÖ¨ÉÉÇxÉÉ - - - - -
nÆb - - - - -
ºÉ¨ÉZÉÉèiÉÉ - - - - -
C. nÉä¹ÉÒ +xªÉ +ÊvÉEòÉ®Ò
VÉÖ¨ÉÉÇxÉÉ - - - - -
nÆb - - - - -
ºÉ¨ÉZÉÉèiÉÉ - - - - -

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 180

 2. Stock Option - - -
3. Sweat Equity - - -
4. Commission - - -
- as % of profit
- - others, specify.... - - -
5. Others, please specify
- - -

Total 16,66,128 26,32,579 42,98,707

(vii) PENALTIES/PUNISHMENT/COMPOUNDING OF OFFENCES:

Type Section of the Brief Description Details of Penalty/ Authority [RD/ Appeal made, if
Companies Act Punishment/ NCLT/ COURT] any (give details)
Compounding
fees imposed
A. COMPANY
Penalty - - - - -
Punishment - - - - -
Compounding - - - - -
B. DIRECTORS
Penalty - - - - -
Punishment - - - - -
Compounding - - - - -
C. OTHERS OFFICERS IN DEFAULT
Penalty - - - - -
Punishment - - - - -
Compounding - - - - -

181 ANNUAL REPORT 2019-20

 ¤ÉÒ¨ÉÉ Ê´ÉÊxɪÉɨÉEò +Éè® Ê´ÉEòÉºÉ |ÉÉÊvÉEò®hÉ EòÒ +xÉÖºÉÚSÉÒ "JÉ' Eäò ¦ÉÉMÉ-IV EòÉ +ɴɶªÉEò |ɤÉÆnxÉ Ê®{ÉÉä]Ç
(¤ÉÒ¨ÉÉ Eò¨{ÉxÉÒ Eäò Ê´ÉkÉÒªÉ Ê´É´É®hÉ B´ÉÆ +Êb]ºÉÇ Ê®{ÉÉä]Ç iÉèªÉÉ® ½äiÉÖ) Ê´ÉÊxɪɨÉxÉ, 2002
½¨É |ɨÉÉÊhÉiÉ Eò®iÉä ½è ÊEò:
1. ºÉÉvÉÉ®hÉ ¤ÉÒ¨ÉÉ ´ªÉ´ÉºÉÉªÉ Eò®ÉxÉä Eäò ʱÉB ½¨ÉÉ®Ò Eò¨{ÉxÉÒ xÉä +{ÉxÉÉ
{ÉÆVÉÒEò®hÉ xÉ´ÉÒxÉÒEÞòiÉ Eò®É ʱɪÉÉ ½è ({ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ-58,
xÉ´ÉÒxÉÒEÞòiÉ ÊiÉÊlÉ 28 VÉxÉ´É®Ò, 2020);
2. ´É¹ÉÇ Eäò nÉè®ÉxÉ ¦ÉÖMÉiÉÉxÉ ªÉÉäMªÉ ºÉ¦ÉÒ ÊxÉÌ´É´ÉÉn ¤ÉEòɪÉÉ ®É榃 EòÉ
¦ÉÖMÉiÉÉxÉ ´ÉèvÉÉÊxÉEò |ÉÉÊvÉEò®hÉ EòÉä Eò® ÊnªÉÉ MɪÉÉ ½è;
3. ¶ÉäªÉ®Éå EòÉ ¶ÉäªÉ® ½Éä˱bMÉ {Éè]xÉÇ B´ÉÆ ½ºiÉÉÆiÉ®hÉ ´É¹ÉÇ Eäò nÉè®ÉxÉ
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®½É;
4. ¦ÉÉ®iÉ ¨Éå VÉÉ®Ò EòÒ MÉ<Ç {ÉÉìʱÉʺɪÉÉå ºÉä |ÉÉ{iÉ ¤ÉÒ¨ÉÉvÉÉ®EòÉå Eäò
|ÉÒÊ¨ÉªÉ¨É vÉxÉ EòÉä |ÉiªÉIÉ ªÉÉ +|ÉiªÉIÉ ÊEòºÉÒ ¦ÉÒ °  {É ¨Éå nä¶É ºÉä
¤Éɽ® ÊxÉ´Éä¶É xÉ½Ó ÊEòªÉÉ MɪÉÉ ½è;
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uÉ®É Eò¨{ÉxÉÒ EòÉä nÒ MÉ<Ç ¨ÉxÉÉ½Ò Eäò +xÉÖºÉÉ® ÊnxÉÉÆEò 31 ¨ÉÉSÉÇ,
2020 EòÉä {ÉÊ®¶ÉÉävÉxÉ IɨÉiÉÉ 0.02 ½è;
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ʴɶÉä¹É °  {É ºÉä +É{ÉnÉVÉxÉEò PÉ]xÉÉ+Éå, ¤ÉÉVÉÉ® VÉÉäÊJɨÉ,
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EòÉä ¦ÉÒ ¶ÉÉÊ¨É±É ÊEòªÉÉ MɪÉÉ ½è =ºÉEòÉä ¦ÉÒ Eò¨É ÊEòªÉÉ VÉÉ
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½è B´ÉÆ =ºÉºÉä ºÉƤÉÆÊvÉiÉ =i{ÉxxÉ ½ÉäxÉä´ÉɱÉä VÉÉäÊJɨÉÉå Eäò ¨ÉɨɱÉÉå
EòÉä ¨ÉÖJªÉ °  {É ºÉä Eò¨{ÉxÉÒ Eäò {ÉÖxɤÉÔ¨ÉÉ |ÉÉäOÉÉ¨É uÉ®É ÊxÉ{É]ɪÉÉ
VÉÉiÉÉ ½è* ½ÉÆMÉEòÉÆMÉ ¶ÉÉJÉÉ Eäò ºÉƤÉÆvÉ ¨Éå xªÉÚ <ÆÊbªÉÉ B¶ªÉÉä®äxºÉ
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{ÉÚhÉÇiÉ: SÉÖEòÉB VÉÉxÉä Eäò ¤ÉÉn "®xÉ +Éì{É BCºÉ®ºÉÉ<VÉ' ºÉ¨ÉÉ{iÉ ½Éä
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EÖò±É ´ªÉ´ÉºÉÉªÉ {É® +ÉvÉÉÊ®iÉ) ÊxɨxÉ |ÉEòÉ® ºÉä ½è* Ê´É´ÉÉÊniÉ
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ʱɪÉÉ MɪÉÉ ½è*
182
 MANAGEMENT REPORT AS REQUIRED IN PART IV OF SCHEDULE `B’
OF INSURANCE REGULATORY & DEVELOPMENT AUTHORITY
(PREPARATION OF FINANCIAL STATEMENTS AND AUDITORS’
REPORT OF INSURANCE COMPANIES) REGULATIONS, 2002
We certify that:
1. Renewal of Registration for carrying out the
General Insurance Business of our Company has
been obtained from the Authority (Registration
No.58 renewed on 28th January, 2020);
2. All undisputed dues payable during the year to
the statutory authorities have been duly paid;
3. The shareholding pattern and transfer of shares
effected during the year are in accordance with
statutory/regulatory requirements;
4. The funds of the holders of policies issued in
India have not been directly or indirectly invested
outside India;
5. The Solvency Margin as at 31st March, 2020
is 0.02 as per IRDAI (Assets, Liabilities and
Solvency Margin of General Insurance Business)
Regulations, 2016, and in terms of forbearance
granted to the Company by IRDAI;
6. The value of all the Assets have been reviewed
on the date of the Balance Sheet and that in
our belief the Assets set forth in Balance Sheet
are shown in the aggregate at amounts not
exceeding their realizable or market value, under
the several headings – “Loans”, “Investments”,
“Agents’ Balances”, “Outstanding Premiums”,
“Interest, Dividends and Rents accruing but
not due”, “Amounts due from other Persons
or Bodies carrying on Insurance Business”,
“Sundry Debtors”, “Bills Receivable”, “Cash” and
items specified under “Other Accounts”;
7. The Company is exposed to various types of
risk such as adverse loss risk, especially due
to catastrophic events, market risk, liquidity
risk, operational risk, etc. The adverse loss
risk is mitigated by a reinsurance programme
183
consisting of both proportional and non-
proportional reinsurance arrangements. The
loss due to catastrophic events such as flood,
cyclone and earthquake is limited per event
by means of a Catastrophic Excess of Loss
treaty. As regards market risk, the mitigation
is by means of a balanced and diversified
investment portfolio consisting of both debt and
equity holdings and exposure limits per sector/
investee Company. Liquidity risk is managed
through an effective Asset Liability Management
policy. Internal control systems, internal audit
and business continuity plan are few of the
mechanisms in place to reduce the operational
risk.
8. Out of the offices in two foreign countries situated
in Nepal and in Hong Kong, the exposure in
Nepal is predominantly in property insurance
area and the assumption of risks of this kind
is mainly taken care of by the reinsurance
programme of the Company. In respect of Hong
Kong Branch, an agreement was entered into
with New India Assurance Co. Ltd. to transfer
the branch’s operation, Assets and Liabilities at
their carrying values. The approval for the same
was obtained from the Insurance Authority of
Hong Kong in accordance with Section 25D of
the Insurance Companies Ordinance (chapter
41). The present arrangement would continue as
a pure run-off operation and the run-off exercise
will be over once the entire outstanding liability
is fully paid-off.
9. Ageing of claims (on gross business in India)
during the preceding five years is given below.
Barring disputed cases, the claims are settled
within a reasonable period of time.
ANNUAL REPORT 2019-20
nÉ´ÉÉå Eäò +´ÉÊvÉ EòÉ Ê´É´É®hÉ (¦ÉÉ®iÉ ¨Éå EÖò±É ´ªÉ´ÉºÉÉªÉ {É® +ÉvÉÉÊ®iÉ) 2019-20
(` ½VÉÉ® ¨Éå)
30 ÊnxÉ ºÉä 6 ¨Éɽ ºÉä 1 ´É¹ÉÇ ºÉä 5 ´É¹ÉÇ ´É
ºÉäMɨÉäh] 30 ÊnxÉ iÉEò 6 ¨Éɽ 1 ´É¹ÉÇ 5 ´É¹ÉÇ =ºÉºÉä +ÊvÉEò EÖò±É
+ÊMxÉ 1451542 3282263 6505976 6623509 101973 17965263
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 230 611 738 449 93 2121
¨É®ÒxÉ EòÉMÉÉäÇ 112357 174897 263381 164647 48234 763516
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 288 662 467 165 23 1605
¨É®ÒxÉ ½±É 79540 53883 84523 360959 74258 653163
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 35 33 19 62 16 165
¨ÉÉä]® +ÉäbÒ 1250243 2110882 709492 279458 45384 4395459
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 42515 29576 5629 1322 332 79374
¨ÉÉä]® ]Ò{ÉÒ 3750937 13485199 11304497 26003054 8587677 63131364
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 7894 26678 21512 48641 25079 129804
<ÆVÉÒÊxɪÉË®MÉ 332723 776650 602332 1295816 1084 3008605
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 288 677 353 223 10 1551
=dªÉxÉ 0 785135 415523 574477 0 1775135
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 0 34 6 19 0 59
ºÉÉ´ÉÇVÉÊxÉEò näªÉiÉÉ 4765 301234 39080 140859 4678 490616
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 23 112 39 43 21 238
ÊxɪÉÉäHòÉ näªÉiÉÉ 16114 55420 42889 60667 11596 186686
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 55 220 171 200 38 684
´ªÉÊHòMÉiÉ nÖPÉÇ]xÉÉ 119474 436454 129035 283605 12340 980908
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 86 693 732 2342 35 3888
OÉɨÉÒhÉ B´ÉÆ ¡òºÉ±É 3889127 11316179 2102393 2465791 5246 19778736
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 48287 193150 84627 222803 33 548900
º´ÉɺlªÉ 6774704 1476990 111003 185057 2180 8549934
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 183775 64569 17269 5219 139 270971
+xªÉ 649217 1321279 715463 689169 25567 3400695
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 920 2560 906 451 116 4953
EÖò±É 18430743 35576465 23025587 39127068 8920217 125080080
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 284396 319575 132468 281939 25935 1044313

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 184

Ageing of Claims (on gross basis in India) 2019-20
(` in thousand)
30 Days to 6 Months 1 Year to 5 5 Years
Segment 30 Days TOTAL
6 Months to 1 Year Years and above
FIRE 1451542 3282263 6505976 6623509 101973 17965263
(No Of Cases) 230 611 738 449 93 2121
MARINE CARGO 112357 174897 263381 164647 48234 763516
(No Of Cases) 288 662 467 165 23 1605
MARINE HULL 79540 53883 84523 360959 74258 653163
(No Of Cases) 35 33 19 62 16 165
MOTOR OD 1250243 2110882 709492 279458 45384 4395459
(No Of Cases) 42515 29576 5629 1322 332 79374
MOTOR TP 3750937 13485199 11304497 26003054 8587677 63131364
(No Of Cases) 7894 26678 21512 48641 25079 129804
ENGINEERING 332723 776650 602332 1295816 1084 3008605
(No Of Cases) 288 677 353 223 10 1551
AVIATION 0 785135 415523 574477 0 1775135
(No Of Cases) 0 34 6 19 0 59
PUBLIC LIABILITY 4765 301234 39080 140859 4678 490616
(No Of Cases) 23 112 39 43 21 238
EMPLOYERS LIABILITY 16114 55420 42889 60667 11596 186686
(No Of Cases) 55 220 171 200 38 684
PERSONAL ACCIDENT 119474 436454 129035 283605 12340 980908
(No Of Cases) 86 693 732 2342 35 3888
RURAL & CROP 3889127 11316179 2102393 2465791 5246 19778736
(No Of Cases) 48287 193150 84627 222803 33 548900
HEALTH 6774704 1476990 111003 185057 2180 8549934
(No Of Cases) 183775 64569 17269 5219 139 270971
OTHERS 649217 1321279 715463 689169 25567 3400695
(No Of Cases) 920 2560 906 451 116 4953
TOTAL 18430743 35576465 23025587 39127068 8920217 125080080
(No Of Cases) 284396 319575 132468 281939 25935 1044313

185 ANNUAL REPORT 2019-20

nÉ´ÉÉå Eäò +´ÉÊvÉ EòÉ Ê´É´É®hÉ (¦ÉÉ®iÉ ¨Éå EÖò±É ´ªÉ´ÉºÉÉªÉ {É® +ÉvÉÉÊ®iÉ) 2018-19
(` ½VÉÉ® ¨Éå)
30 ÊnxÉ ºÉä 6 ¨Éɽ ºÉä 1 ´É¹ÉÇ ºÉä 5 ´É¹ÉÇ ´É
ºÉäMɨÉäh] 30 ÊnxÉ iÉEò 6 ¨Éɽ 1 ´É¹ÉÇ 5 ´É¹ÉÇ =ºÉºÉä +ÊvÉEò EÖò±É
+ÊMxÉ 85866 4562466 6648686 6962813 538079 18797910
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 121 590 1169 437 186 2503
¨É®ÒxÉ EòÉMÉÉäÇ 252498 199594 271816 149382 50241 923531
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 166 454 704 199 38 1561
¨É®ÒxÉ ½±É 37849 90382 315216 257035 35875 736358
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 15 37 40 61 15 168
¨ÉÉä]® +ÉäbÒ 1268549 1878223 1270286 521206 46226 4984489
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 55385 34595 15435 4344 400 110159
¨ÉÉä]® ]Ò{ÉÒ 1816170 10204309 10387765 17796127 9676205 49880576
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 2048 20300 21858 40719 38697 123622
<ÆVÉÒÊxɪÉË®MÉ 141934 606989 1277702 804289 131765 2962679
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 178 554 716 287 41 1776
=dªÉxÉ 509128 657238 170449 57766 5519 1400101
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 2 29 5 17 1 54
ºÉÉ´ÉÇVÉÊxÉEò näªÉiÉÉ 0 309 20 105912 191747 297987
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 0 1 1 9 10 21
ÊxɪÉÉäHòÉ näªÉiÉÉ 6524 32187 44494 51869 18925 153999
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 25 163 172 203 104 667
´ªÉÊHòMÉiÉ nÖPÉÇ]xÉÉ 42102 1206475 371409 161953 10047 1791987
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 348 889 1058 804 112 3211
OÉɨÉÒhÉ B´ÉÆ ¡òºÉ±É 1133549 810714 666073 596425 28586 3235347
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 29627 21455 18111 16293 558 86044
º´ÉɺlªÉ 3073737 3490798 182340 335571 0 7082446
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 73826 87328 1500 24971 0 187625
+xªÉ 367072 689661 369703 401578 142993 1971007
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 448 947 990 508 290 3183
EÖò±É 8734979 24429344 21975960 28201927 10876208 94218418
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 162189 167342 61759 88852 40452 520594

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 186

Ageing of Claims (on gross basis in India) 2018-19
(` in thousand)
30 Days to 6 Months 1 Year to 5 5 Years
Segment 30 Days TOTAL
6 Months to 1 Year Years and above
FIRE 85866 4562466 6648686 6962813 538079 18797910
(No Of Cases) 121 590 1169 437 186 2503
MARINE CARGO 252498 199594 271816 149382 50241 923531
(No Of Cases) 166 454 704 199 38 1561
MARINE HULL 37849 90382 315216 257035 35875 736358
(No Of Cases) 15 37 40 61 15 168
MOTOR OD 1268549 1878223 1270286 521206 46226 4984489
(No Of Cases) 55385 34595 15435 4344 400 110159
MOTOR TP 1816170 10204309 10387765 17796127 9676205 49880576
(No Of Cases) 2048 20300 21858 40719 38697 123622
ENGINEERING 141934 606989 1277702 804289 131765 2962679
(No Of Cases) 178 554 716 287 41 1776
AVIATION 509128 657238 170449 57766 5519 1400101
(No Of Cases) 2 29 5 17 1 54
PUBLIC LIABILITY 0 309 20 105912 191747 297987
(No Of Cases) 0 1 1 9 10 21
EMPLOYERS LIABILITY 6524 32187 44494 51869 18925 153999
(No Of Cases) 25 163 172 203 104 667
PERSONAL ACCIDENT 42102 1206475 371409 161953 10047 1791987
(No Of Cases) 348 889 1058 804 112 3211
RURAL & CROP 1133549 810714 666073 596425 28586 3235347
(No Of Cases) 29627 21455 18111 16293 558 86044
HEALTH 3073737 3490798 182340 335571 0 7082446
(No Of Cases) 73826 87328 1500 24971 0 187625
OTHERS 367072 689661 369703 401578 142993 1971007
(No Of Cases) 448 947 990 508 290 3183
TOTAL 8734979 24429344 21975960 28201927 10876208 94218418
(No Of Cases) 162189 167342 61759 88852 40452 520594

187 ANNUAL REPORT 2019-20

nÉ´ÉÉå Eäò +´ÉÊvÉ EòÉ Ê´É´É®hÉ (¦ÉÉ®iÉ ¨Éå EÖò±É ´ªÉ´ÉºÉÉªÉ {É® +ÉvÉÉÊ®iÉ) 2017-18
(` ½VÉÉ® ¨Éå)
30 ÊnxÉ ºÉä 6 ¨Éɽ ºÉä 1 ´É¹ÉÇ ºÉä 5 ´É¹ÉÇ´É
ºÉäMɨÉäh] 30 ÊnxÉ iÉEò 6 ¨Éɽ 1 ´É¹ÉÇ 5 ´É¹ÉÇ =ºÉºÉä +ÊvÉEò EÖò±É
+ÊMxÉ 195199 3601588 6470700 7278360 622129 18167976
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 319 511 690 695 208 2423
¨É®ÒxÉ EòÉMÉÉäÇ 235413 310501 96155 176459 48003 866531
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 402 410 296 176 49 1333
¨É®ÒxÉ ½±É 42821 146417 99837 293188 149324 731587
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 27 27 29 83 20 186
¨ÉÉä]® +ÉäbÒ 2039451 2247273 1022961 677319 48181 6035185
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 58787 52999 14490 5649 252 132177
¨ÉÉä]® ]Ò{ÉÒ 4905686 3710624 4114870 20862981 10492336 44086497
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 17008 8670 8004 52481 41582 127745
<ÆVÉÒÊxɪÉË®MÉ 240006 207341 1268053 1040759 214422 2970581
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 502 464 450 251 55 1722
=dªÉxÉ 137064 10185 73171 166017 5124 391561
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 9 3 12 20 1 45
ºÉÉ´ÉÇVÉÊxÉEò näªÉiÉÉ 59856 18972 8067 208465 21946 317306
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 14 32 22 34 5 107
ÊxɪÉÉäHòÉ näªÉiÉÉ 23572 23791 24678 89960 22738 184739
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 102 99 98 306 122 727
´ªÉÊHòMÉiÉ nÖPÉÇ]xÉÉ 1167291 197274 113995 67514 5053 1551127
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 612 783 501 335 50 2281
OÉɨÉÒhÉ B´ÉÆ ¡òºÉ±É 481809 13084010 -516326 151877 112911 13314281
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 515 3053 390 1497 232 5687
º´ÉɺlªÉ 5332203 756118 556999 35718 0 6681038
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 178671 26316 3153 6262 0 214402
+xªÉ 38886 921290 378551 675430 231250 2245407
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 685 1728 730 856 156 4155
EÖò±É 14899257 25235384 13711711 31724047 11973417 97543816
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 257653 95095 28865 68645 42732 492990

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 188

Ageing of Claims (on gross basis in India) 2017-18
(` in thousand)

30 Days to 6 Months 1 Year to 5 5 Years

Segment 30 Days TOTAL
6 Months to 1 Year Years and above
FIRE 195199 3601588 6470700 7278360 622129 18167976
(No. of Cases) 319 511 690 695 208 2423
MARINE CARGO 235413 310501 96155 176459 48003 866531
(No. of Cases) 402 410 296 176 49 1333
MARINE HULL 42821 146417 99837 293188 149324 731587
(No. of Cases) 27 27 29 83 20 186
MOTOR OD 2039451 2247273 1022961 677319 48181 6035185
(No. of Cases) 58787 52999 14490 5649 252 132177
MOTOR TP 4905686 3710624 4114870 20862981 10492336 44086497
(No. of Cases) 17008 8670 8004 52481 41582 127745
ENGINEERING 240006 207341 1268053 1040759 214422 2970581
(No. of Cases) 502 464 450 251 55 1722
AVIATION 137064 10185 73171 166017 5124 391561
(No. of Cases) 9 3 12 20 1 45
PUBLIC LIABILITY 59856 18972 8067 208465 21946 317306
(No. of Cases) 14 32 22 34 5 107
EMPLOYERS LIABILITY 23572 23791 24678 89960 22738 184739
(No. of Cases) 102 99 98 306 122 727
PERSONAL ACCIDENT 1167291 197274 113995 67514 5053 1551127
(No. of Cases) 612 783 501 335 50 2281
RURAL 481809 13084010 -516326 151877 112911 13314281
(No. of Cases) 515 3053 390 1497 232 5687
HEALTH 5332203 756118 556999 35718 0 6681038
(No. of Cases) 178671 26316 3153 6262 0 214402
OTHERS 38886 921290 378551 675430 231250 2245407
(No. of Cases) 685 1728 730 856 156 4155
TOTAL 14899257 25235384 13711711 31724047 11973417 97543816
(No. of Cases) 257653 95095 28865 68645 42732 492990

189 ANNUAL REPORT 2019-20

nÉ´ÉÉå Eäò +´ÉÊvÉ EòÉ Ê´É´É®hÉ (¦ÉÉ®iÉ ¨Éå EÖò±É ´ªÉ´ÉºÉÉªÉ {É® +ÉvÉÉÊ®iÉ) 2016-17
(` ½VÉÉ® ¨Éå)
30 ÊnxÉ ºÉä 6 ¨Éɽ ºÉä 1 ´É¹ÉÇ ºÉä 5 ´É¹ÉÇ ´É
ºÉäMɨÉäh] 30 ÊnxÉ iÉEò 6 ¨Éɽ 1 ´É¹ÉÇ 5 ´É¹ÉÇ =ºÉºÉä +ÊvÉEò EÖò±É
+ÊMxÉ 5562357 2079065 4750840 5046500 403062 17841823
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 243 477 520 606 181 2027
¨É®ÒxÉ EòÉMÉÉäÇ 403180 184144 58335 216866 57588 920113
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 148 324 191 155 30 848
¨É®ÒxÉ ½±É 244185 93977 48682 638397 17281 1042521
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 12 45 8 61 10 136
¨ÉÉä]® +ÉäbÒ 2144452 1516405 713378 539148 37770 4951152
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 20502 47217 9101 4062 470 81352
¨ÉÉä]® ]Ò{ÉÒ 6504718 2873707 3514051 16031830 9312926 38237232
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 1855 8609 10146 45649 44389 110648
1639 34550 26124 170033 114049 346395
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 39 253 170 839 1485 2786
<ÆVÉÒÊxɪÉË®MÉ 1380810 278026 340667 2015452 225326 4240280
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 214 594 303 226 60 1397
=dªÉxÉ 233690 12134 2835 210440 5440 464539
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 10 4 5 33 1 53
ºÉÉ´ÉÇVÉÊxÉEò näªÉiÉÉ -9197 13759 8182 232790 46182 291716
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 6 23 20 67 61 177
ÊxɪÉÉäHòÉ näªÉiÉÉ 50373 25388 24666 67087 13651 181164
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 40 176 114 212 95 637
´ªÉÊHòMÉiÉ nÖPÉÇ]xÉÉ 742555 316741 104373 48155 2943 1214766
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 737 1632 578 305 31 3283
OÉɨÉÒhÉ B´ÉÆ ¡òºÉ±É -50825 45070 47096 131248 98586 271175
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 257 670 412 739 696 2774
º´ÉɺlªÉ 5273139 637481 251613 71235 0 6233468
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 149601 48660 8167 2315 0 208743
+xªÉ 695486 361398 285268 803356 104184 2249693
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 951 1117 600 834 217 3719
EÖò±É 23176560 8471846 10176111 26222536 10438986 78486039
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 174615 109801 30335 56103 47726 418580

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 190

Ageing of Claims (on gross basis in India) 2016-17
(` in thousand)

30 Days to 6 Months 1 Year to 5 5 Years

Segment 30 Days TOTAL
6 Months to 1 Year Years and above
FIRE 5562357 2079065 4750840 5046500 403062 17841823
(No. of Cases) 243 477 520 606 181 2027
MARINE CARGO 403180 184144 58335 216866 57588 920113
(No. of Cases) 148 324 191 155 30 848
MARINE HULL 244185 93977 48682 638397 17281 1042521
(No. of Cases) 12 45 8 61 10 136
MOTOR OD 2144452 1516405 713378 539148 37770 4951152
(No. of Cases) 20502 47217 9101 4062 470 81352
MOTOR TP 6504718 2873707 3514051 16031830 9312926 38237232
(No. of Cases) 1855 8609 10146 45649 44389 110648
MOTOR ORPHAN 1639 34550 26124 170033 114049 346395
(No. of Cases) 39 253 170 839 1485 2786
ENGINEERING 1380810 278026 340667 2015452 225326 4240280
(No. of Cases) 214 594 303 226 60 1397
AVIATION 233690 12134 2835 210440 5440 464539
(No. of Cases) 10 4 5 33 1 53
PUBLIC LIABILITY -9197 13759 8182 232790 46182 291716
(No. of Cases) 6 23 20 67 61 177
EMPLOYERS LIABILITY 50373 25388 24666 67087 13651 181164
(No. of Cases) 40 176 114 212 95 637
PERSONAL ACCIDENT 742555 316741 104373 48155 2943 1214766
(No. of Cases) 737 1632 578 305 31 3283
RURAL -50825 45070 47096 131248 98586 271175
(No. of Cases) 257 670 412 739 696 2774
HEALTH 5273139 637481 251613 71235 0 6233468
(No. of Cases) 149601 48660 8167 2315 0 208743
OTHERS 695486 361398 285268 803356 104184 2249693
(No. of Cases) 951 1117 600 834 217 3719
TOTAL 23176560 8471846 10176111 26222536 10438986 78486039
(No. of Cases) 174615 109801 30335 56103 47726 418580

191 ANNUAL REPORT 2019-20

nÉ´ÉÉå Eäò +´ÉÊvÉ EòÉ Ê´É´É®hÉ (¦ÉÉ®iÉ ¨Éå EÖò±É ´ªÉ´ÉºÉÉªÉ {É® +ÉvÉÉÊ®iÉ) 2015-16
(` ½VÉÉ® ¨Éå)
30 ÊnxÉ ºÉä 6 ¨Éɽ ºÉä 1 ´É¹ÉÇ ºÉä 5 ´É¹ÉÇ´É
ºÉäMɨÉäh] 30 ÊnxÉ iÉEò 6 ¨Éɽ 1 ´É¹ÉÇ 5 ´É¹ÉÇ =ºÉºÉä +ÊvÉEò EÖò±É
+ÊMxÉ 3870558 3925996 2850149 4696617 502160 15845479
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 246 1012 758 606 206 2828
¨É®ÒxÉ EòÉMÉÉäÇ 333099 166420 227604 374976 207725 1309824
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 180 651 540 468 42 1881
¨É®ÒxÉ ½±É 71840 261399 92371 1383141 23228 1831978
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 3 23 20 102 16 164
¨ÉÉä]® +ÉäbÒ 2115376 1874265 698782 542935 30629 5261987
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 12329 20480 5608 3084 449 41950
¨ÉÉä]® ]Ò{ÉÒ 5818517 3134126 3480908 14622531 8870692 35926773
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 2012 8255 9169 44779 46343 110558
3308 33226 27709 154556 101993 320792
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 70 473 303 1113 1626 3585
<ÆVÉÒÊxɪÉË®MÉ 750721 310865 577100 3770148 331238 5740072
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 223 875 455 471 141 2165
=dªÉxÉ 6175 1627537 45955 71335 0 1751002
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 2 25 7 30 0 64
ºÉÉ´ÉÇVÉÊxÉEò näªÉiÉÉ 2400 8536 45805 319927 54407 431075
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 11 33 29 76 62 211
ÊxɪÉÉäHòÉ näªÉiÉÉ 26623 32364 27172 78322 15147 179627
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 89 204 146 265 97 801
´ªÉÊHòMÉiÉ nÖPÉÇ]xÉÉ 455025 167659 77562 53537 15860 769643
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 637 1153 482 351 37 2660
OÉɨÉÒhÉ B´ÉÆ ¡òºÉ±É -131071 83956 84081 168647 119411 325025
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 363 1621 678 1157 787 4606
º´ÉɺlªÉ 4548815 887173 184020 76144 28799 5724951
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 14400 13337 2590 966 98 31391
+xªÉ 131671 692072 948539 993959 50778 2817019
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 634 1968 1096 876 223 4797
EÖò±É 18003056 13205594 9367758 27306775 10352065 78235247
(nÉ´ÉÉå EòÒ ºÉÆJªÉÉ) 31199 50110 21881 54344 50127 207661

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 192

Ageing of Claims (on gross basis in India) 2015-16
(` in thousand)

30 Days to 6 Months 1 Year to 5 5 Years

Segment 30 Days TOTAL
6 Months to 1 Year Years and above
FIRE 3870558 3925996 2850149 4696617 502160 15845479
(No. of Cases) 246 1012 758 606 206 2828
MARINE CARGO 333099 166420 227604 374976 207725 1309824
(No. of Cases) 180 651 540 468 42 1881
MARINE HULL 71840 261399 92371 1383141 23228 1831978
(No. of Cases) 3 23 20 102 16 164
MOTOR OD 2115376 1874265 698782 542935 30629 5261987
(No. of Cases) 12329 20480 5608 3084 449 41950
MOTOR TP 5818517 3134126 3480908 14622531 8870692 35926773
(No. of Cases) 2012 8255 9169 44779 46343 110558
MOTOR ORPHAN 3308 33226 27709 154556 101993 320792
(No. of Cases) 70 473 303 1113 1626 3585
ENGINEERING 750721 310865 577100 3770148 331238 5740072
(No. of Cases) 223 875 455 471 141 2165
AVIATION 6175 1627537 45955 71335 0 1751002
(No. of Cases) 2 25 7 30 0 64
PUBLIC LIABILITY 2400 8536 45805 319927 54407 431075
(No. of Cases) 11 33 29 76 62 211
EMPLOYERS LIABILITY 26623 32364 27172 78322 15147 179627
(No. of Cases) 89 204 146 265 97 801
PERSONAL ACCIDENT 455025 167659 77562 53537 15860 769643
(No. of Cases) 637 1153 482 351 37 2660
RURAL -131071 83956 84081 168647 119411 325025
(No. of Cases) 363 1621 678 1157 787 4606
HEALTH 4548815 887173 184020 76144 28799 5724951
(No. of Cases) 14400 13337 2590 966 98 31391
OTHERS 131671 692072 948539 993959 50778 2817019
(No. of Cases) 634 1968 1096 876 223 4797
Total 18003056 13205594 9367758 27306775 10352065 78235247
(No. of Cases) 31199 50110 21881 54344 50127 207661

193 ANNUAL REPORT 2019-20

10. ¤Éé±ÉºÉ ºÉÒ] ¨Éå ÊnJÉÉB MÉB ºÉ¦ÉÒ ÊxÉ´Éä¶É +Éè® º]ÉìEò EòÉä ¨É½i´É{ÉÚhÉÇ ÊVÉxÉ
iii) ¶ÉäªÉ®Éå EòÉ EòÉ®Éä¤ÉÉ® Eò¨ÉVÉÉä® ½ÉäiÉÉ ½è =xÉEòÉ xªÉÚxÉiɨÉ
±ÉäJÉÉ {ÉÉìʱɺÉÒ (+xÉÖºÉÚSÉÒ-16) ¨Éå =±±ÉäÊJÉiÉ ÊEòªÉÉ MɪÉÉ ½è: ¨ÉÚ±ªÉ ªÉÉ ¥ÉäEò+{ɨÉÚ±ªÉ Eäò +ÉvÉÉ® {É® +ÉEò±ÉxÉ ÊEòªÉÉ VÉÉiÉÉ
½è*
<ÊC´É]Ò
i) ¶ÉäªÉ® +Éè® ¨ªÉÚSÉÖ+±É ¡òhb ªÉÚÊxÉ] Eäò +±ÉÉ´ÉÉ
iv) Ê´Énä¶ÉÒ ºÉ®EòÉ®Ò |ÉÊiɦÉÚÊiɪÉÉå Eäò ¨ÉÚ±ªÉ EòÉ ÊxÉvÉÉÇ®hÉ +ÊvÉOɽhÉ
ÊxÉ´Éä¶É ±ÉÉMÉiÉ {É® ¨ÉÚ±ªÉ EòÉ +ÉEò±ÉxÉ ÊEòªÉÉ VÉÉiÉÉ ½è iÉlÉÉ ±ÉÉMÉiÉ {É® ÊEòªÉÉ VÉÉiÉÉ ½è*
¶Éä¹É +´ÉÊvÉ Eäò ʱÉB |ÉÊiɦÉÚÊiɪÉÉå {É® ¦ÉÖMÉiÉÉxÉ |ÉÒÊ¨ÉªÉ¨É EòÉä v) @  hÉ +Éè® Êb¤ÉåSÉ®Éå Eäò |ÉÉ´ÉvÉÉxÉ Eäò ºÉƤÉÆvÉ ¨Éå +É<Ç+É®bÒB
+É´ÉÆÊ]iÉ ÊEòªÉÉ VÉÉiÉÉ ½è* uÉ®É ÊxÉvÉÉÇÊ®iÉ ÊEòB MÉB |ÉÉ´ÉvÉÉxÉÉå EòÉ Eò¨{ÉxÉÒ uÉ®É {ÉɱÉxÉ
<ÊC´É]Ò
ii) ¶ÉäªÉ®Éå ¨Éå ÊxÉ´Éä¶É ÊVɺɨÉå ¤ÉÉVÉÉ® ¨Éå ºÉÊGòªÉ °  {É ºÉä ÊEòªÉÉ VÉÉiÉÉ ½è*
EòÉ®Éä¤ÉÉ® ÊEòªÉÉ VÉÉ ®½É ½è +Éè® ¨ªÉÚSÉÖ+±É ¡òhb EòÉ =ÊSÉiÉ 11. ÊxÉ´Éä¶É {ÉÉä]Ç¡òÉäʱɪÉÉä Eäò Êxɹ{ÉÉnxÉ +Éè® ºÉÆ{ÉÊkÉ MÉÖhÉ´ÉiÉÉ EòÒ
¨ÉÚ±ªÉ Eäò +ÉvÉÉ® {É® +ÉEò±ÉxÉ ÊEòªÉÉ VÉÉiÉÉ ½è* ºÉ¨ÉÒIÉÉ:
(` ½VÉÉ® ¨Éå)
Ê´É´É®hÉ ¤É½Ò ¨ÉÚ±ªÉ ¤ÉÉVÉÉ® ¨ÉÚ±ªÉ +ɪÉ
<ÊC´É]Ò ¶ÉäªÉ® 80697448 64000490 7724594
<ÊC´É]Ò ¶ÉäªÉ®Éå Eäò +±ÉÉ´ÉÉ 156395968 156520761 11778950
EÖò±É: 237093416 220521251 19503544

ºÉ¦ÉÒ ÊxÉ´Éä¶ÉÉå EòÉä ºÉ¨ÉªÉºÉ¨ÉªÉ {É® ºÉ¨ÉÒIÉÉ EòÒ VÉÉiÉÒ ½è +Éè® ºÉÉlÉ iii) Eò¨{ÉxÉÒ xÉä ºÉÆ{ÉÊkÉ EòÒ ºÉÖ®IÉÉ Eäò ʱÉB ¤ÉÒ¨ÉÉ +ÊvÉÊxɪɨÉ,
½Ò ¤ÉÒ¨ÉÉ ÊxɪÉɨÉEò +Éè® Ê´ÉEòÉºÉ |ÉÉÊvÉEò®hÉ (+É<Ç+É®bÒB) uÉ®É 1938 (1938 EòÉ 4) Eò¨{ÉxÉÒ +ÊvÉÊxɪɨÉ, 2013 (2013
ÊxÉvÉÉÇÊ®iÉ Ê´É´ÉäEò{ÉÚhÉÇ ¨ÉÉxÉnÆb Eäò +ÉvÉÉ® {É® ºÉÆ{ÉÊkÉ EòÉä Êxɹ{ÉÉnxÉ EòÉ 18) iÉlÉÉ +xªÉ ±ÉÉMÉÚ |ÉÉ´ÉvÉÉxÉÉå Eäò +xÉÖºÉÉ® {ɪÉÉÇ{iÉ
+Éè® MÉè® Êxɹ{ÉÉnxÉ ¨Éå ´ÉMÉÔEÞòiÉ ÊEòªÉÉ VÉÉiÉÉ ½è* ±ÉäJÉÉÆEòxÉ +ʦɱÉäJÉ Eäò ®JÉ®JÉÉ´É Eäò ʱÉB =ÊSÉiÉ BÆ´É {ɪÉÉÇ{iÉ
12. ½¨É {ÉÖ¹] Eò®iÉä ½è ÊEò:
´ªÉ´ÉºlÉÉ EòÒ ½è iÉÉÊEò vÉÉäJÉÉvÉcÒ +Éè® +xªÉ +ÊxɪÉʨÉiÉiÉÉ+Éå
EòÉä ®ÉäEòÉ B´ÉÆ {ɽSÉÉxÉÉ VÉÉ ºÉEäò;
i) Ê´ÉkÉÒªÉ Ê´É´É®hÉ iÉèªÉÉ® Eò®xÉä ¨Éå ±ÉÉMÉÚ ±ÉäJÉÉÆEòxÉ ¨ÉÉxÉEòÉå,
ʺÉrÉxiÉÉå +Éè® {ÉÉìʱÉʺɪÉÉå EòÉ +xÉÖ{ÉɱÉxÉ ÊEòªÉÉ MɪÉÉ ½è +Éè® iv) |ɤÉÆvÉxÉ xÉä ºÉiÉiÉ Ê´É¹ÉªÉÉå {É® Ê´ÉkÉÒªÉ Ê´É´É®hÉ iÉèªÉÉ® ÊEòB ½é;
ºÉÉlÉ ½Ò +xªÉ ʴɹɪÉÉå ºÉä ºÉƤÉÆÊvÉiÉ =ÊSÉiÉ º{ɹ]ÒEò®hÉ ¦ÉÒ v) |ɤÉÆvÉxÉ xÉä ªÉ½ ºÉÖÊxÉʶSÉiÉ ÊEòªÉÉ ½è ÊEò ´ªÉÉ{ÉÉ® Eäò +ÉEòÉ®
ÊnªÉÉ MɪÉÉ ½è, ªÉÊn EòÉä<Ç ½Éä; +Éè® |ÉEÞòÊiÉ Eäò +xÉÖ°  {É VÉÉä ´ÉiÉǨÉÉxÉ ¨Éå |ɦÉÉ´ÉÒ fÆMÉ ºÉä EòɨÉ
ii) |ɤÉÆvÉxÉ xÉä ±ÉäJÉÉÆEòxÉ {ÉÉìʱÉʺɪÉÉå EòÉä +{ÉxÉɪÉÉ ½è iÉlÉÉ =x½å Eò® ®½É ½è, =ºÉEäò ʱÉB BEò +ÉÆiÉÊ®Eò ±ÉäJÉÉ {É®ÒIÉÉ EòÉ ¦ÉÒ
ÊxÉ®ÆiÉ® ±ÉÉMÉÚ ÊEòªÉÉ MɪÉÉ ½è, +Éè® <ºÉEäò ºÉÉlÉ ½Ò =ÊSÉiÉ B´ÉÆ Êxɹ{ÉÉnxÉ ÊEòªÉÉ MɪÉÉ ½è*
Ê´É´ÉäEò{ÉÚhÉÇ ÊxÉhÉÇªÉ ¦ÉÒ Ê±ÉB MÉB iÉÉÊEò Ê´ÉkÉÒªÉ ´É¹ÉÇ Eäò +ÆiÉ ½¨É ªÉ½ {ÉÖʹ] Eò®iÉä ½è ÊEò Eò¨{ÉxÉÒ Eäò ÊxÉnä¶ÉEò ÊVÉxɨÉå °  ÊSÉ ®JÉiÉä ½é
¨Éå {ÉÊ®SÉɱÉxÉ ±ÉÉ¦É +Éè® Eò¨{ÉxÉÒ Eäò ¨ÉɨɱÉÉå Eäò ¤ÉÉ®ä ¨Éå ºÉ½Ò =xÉ ´ªÉÊHòªÉÉå, ¡ò¨ÉÉäÈ, Eò¨{ÉÊxɪÉÉå iÉlÉÉ ºÉÆMÉ`xÉÉå EòÉä EòÉä<Ç ¦ÉÖMÉiÉÉxÉ xɽÓ
B´ÉÆ Êxɹ{ÉIÉ oʹ]EòÉähÉ |ɺiÉÖiÉ ÊEòªÉÉ VÉÉ ºÉEäò; ÊEòªÉÉ MɪÉÉ ½è*
EÞòkÉä xÉä¶ÉxÉ±É <x¶ªÉÉä®äxºÉ Eò¨É{ÉxÉÒ Ê±ÉʨÉ]äb
(iÉÊVÉxn® ¨ÉÖJÉVÉÔ)
bÒ+É<ÇBxÉ: 08227563
+vªÉIÉ-ºÉ½-|ɤÉÆvÉ ÊxÉnä¶ÉEò
EòÉä±ÉEòÉiÉÉ
26 ʺÉiɨ¤É®, 2020

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 194

10. All investments and stocks, as shown in the iii) Shares that are thinly traded are valued at
Balance Sheet, have been valued in the manner lower of Cost or break up value.
disclosed in Significant Accounting Policies
iv) Foreign Government securities are valued at
(Schedule 16), i.e.
the acquisition cost.
i) Investments other than Equity Shares and
v) In respect of loans and debentures,
units of Mutual Funds are stated at cost and
prudential norms as prescribed by IRDA
the premium paid on securities is amortised
regarding provisioning have been followed
over the remaining period.
by the Company.
ii) Investments in Equity Shares that are
11. Review of Assets quality and performance of
actively traded in the market and the units of
Investment Portfolio :
Mutual Funds are stated at fair value.
(` in thousand)
Particulars Book Value Market Value Income
Equity Shares 80697448 64000490 7724594
Other than Equity Shares 156395968 156520761 11778950
TOTAL: 237093416 220521251 19503544

All investments are reviewed periodically and iii) the management has taken proper and
assets are classified into performing and non- sufficient care for maintenance of adequate
performing based on Insurance Regulatory accounting records in accordance with the
and Development Authority (IRDA) Prudential applicable provisions of the Insurance Act,
norms. 1938 (4 of 1938)/Companies Act, 2013 (18
of 2013), for safeguarding the assets of the
12. We confirm that:
Company and for preventing and detecting
i) in the preparation of financial statements, the fraud and other irregularities;
applicable accounting standards, principles
iv) the management has prepared the financial
and policies have been followed along with
statements on a going concern basis;
proper explanations relating to material
departures, if any; v) the management has ensured that an
internal audit system commensurate with the
ii) the management has adopted accounting
size and nature of the business exists and is
policies and applied them consistently and
operating effectively.
made judgements and estimates that are
reasonable and prudent so as to give a true 13. We confirm that no payments have been made to
and fair view of the state of affairs of the individuals, firms, companies and organizations
Company as at the end of the financial year in which the Directors of the Company are
and of the operating loss of the Company for interested.
the year;
For and on behalf of National Insurance Company Limited
(Tajinder Mukherjee)
DIN:08227563
Chairman-cum-Managing Director
Kolkata
26th September, 2020

195 ANNUAL REPORT 2019-20

 õ©Yk°EáFXÎF PæF¸FUÜF PæFæFÞµF
2019-20

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 196

STANDALONE FINANCIAL
STATEMENTS
2019-20

197 ANNUAL REPORT 2019-20

 º´ÉiÉÆjÉ ±ÉäJÉÉ {É®ÒIÉEòÉå EòÒ Ê®{ÉÉä]Ç ±ÉäJÉÉÆEòxÉ ÊºÉrÉÆiÉÉå Eäò +xÉÖ°  {É BEò ºÉ½Ò +Éè® Êxɹ{ÉIÉ oʹ]EòÉähÉ näiÉä
xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ EÆò{ÉxÉÒ Ê±ÉʨÉ]äb Eäò ºÉnºªÉÉå Eäò ʱÉB ½é:
(a) 31 ¨ÉÉSÉÇ, 2020 iÉEò EÆò{ÉxÉÒ Eäò ¨ÉɨɱÉä EòÒ ÊºlÉÊiÉ Eäò
º]éb+±ÉÉäxÉ Ê´ÉkÉÒªÉ Ê´É´É®hÉ Eäò ±ÉäJÉÉ {É®ÒIÉÉ {É® +ÉvÉÉÊ®iÉ Ê®{ÉÉä]Ç
¤Éè±Éå¶É ¶ÉÒ] Eäò ¨ÉɨɱÉä ¨Éå;
Ê´ÉSÉÉ®
(b) =ºÉ ÊiÉÊlÉ EòÉä ºÉ¨ÉÉ{iÉ ´É¹ÉÇ ½äiÉÖ ºÉÆSÉɱÉxÉ ±ÉÉ¦É Eäò, ¨É®ÒxÉ
½¨ÉxÉä xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ EÆò{ÉxÉÒ Ê±ÉʨÉ]äb (BiÉq´ÉÉ®É ÊVɺÉä ""EÆò{ÉxÉÒ'' ®ÉVɺ´É JÉÉiÉä Eäò ¨ÉɨɱÉä ¨Éå +Éè® +Éì{É®äË]MÉ PÉÉ]ä Eäò, +ÊMxÉ
Eäò °  {É ¨Éå ºÉÆn̦ÉiÉ ÊEòªÉÉ VÉÉiÉÉ ½è) EòÉ º]éb+±ÉÉäxÉ Ê´ÉkÉÒªÉ Ê´É´É®hÉ +Éè® Ê´ÉÊ´ÉvÉ ®ÉVɺ´É JÉÉiÉÉå Eäò ¨ÉɨɱÉä ¨Éå;
ºÉʽiÉ ±ÉäJÉÉ {É®ÒIÉÉ ÊEòªÉÉ ÊVɺÉEòÒ ¤Éè±Éå¶É ¶ÉÒ] 31 ¨ÉÉSÉÇ, 2020
EòÉä |ɺiÉÖiÉ EòÒ MÉ<Ç lÉÒ ÊVɺÉEäò +ÆiÉMÉÇiÉ =ºÉ ÊiÉÊlÉ EòÉä ºÉ¨ÉÉ{iÉ (c) =ºÉ ÊiÉÊlÉ EòÉä ºÉ¨ÉÉ{iÉ ´É¹ÉÇ ½äiÉÖ PÉÉ]ä Eäò, ±ÉÉ¦É +Éè® ½ÉÊxÉ
¡òɪɮ, ¨É®ÒxÉ +Éè® Ê´ÉÊ´ÉvÉ ´ªÉÉ{ÉÉ® (ÊVɺÉä ºÉɨÉÚʽEò °  {É ºÉä ®ÉVɺ´É Eäò JÉÉiÉä Eäò ¨ÉɨɱÉä ¨Éå; +Éè®
+EòÉ=Æ] Eäò °  {É ¨Éå VÉÉxÉÉ VÉÉiÉÉ ½è) Eäò ®ÉVɺ´É JÉÉiÉä, ±ÉÉ¦É ½ÉÊxÉ (d) =ºÉ ÊiÉÊlÉ EòÉä ºÉ¨ÉÉ{iÉ ´É¹ÉÇ ½äiÉÖ |ÉÊGòªÉÉ +Éè® ¦ÉÖMÉiÉÉxÉ Eäò,
JÉÉiÉä, ®ºÉÒn B´ÉÆ ´É¹ÉÇ EòÒ ºÉ¨ÉÉÊ{iÉ EòÉ ¦ÉÖMÉiÉÉxÉ JÉÉiÉÉ, +Éè® ¨É½i´É{ÉÚhÉÇ |ÉÊGòªÉÉ +Éè® ¦ÉÖMÉiÉÉxÉ JÉÉiÉÉ Eäò ¨ÉɨɱÉä ¨Éå*
JÉÉiÉÉ {ÉÉìʱÉʺɪÉÉå iÉlÉÉ +xªÉ º{ɹ]ÒEò®hÉ ºÉÚSÉxÉÉ+Éå (BiÉq´ÉÉ®É ÊVɺÉä Ê´ÉSÉÉ® ½äiÉÖ +ÉvÉÉ®
""Ê´ÉkÉÒªÉ Ê´É´É®hÉ'' Eäò °  {É ¨Éå ºÉÆn̦ÉiÉ ÊEòªÉÉ VÉÉiÉÉ ½è) EòÉ BEò
ºÉÉ®ÉÆ¶É ÊVɺɨÉå ´É¹ÉÇ Eäò ʱÉB +ÉìÊb] ÊEòB MÉB 33 IÉäjÉÒªÉ EòɪÉÉDZɪÉÉå, (a) ¤ÉÒ¨ÉÉ/{ÉÖxɤÉÔ¨ÉÉ ´ªÉ´ÉºÉɪÉ, Ê´ÉÊ´ÉvÉ näxÉnÉ® +Éè® ±ÉäxÉnÉ®Éå {É® ±Éä
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´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 198

 INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF
NATIONAL INSURANCE COMPANY LIMITED
Report on the Audit of the Standalone Financial
Statements
Qualified Opinion
We have audited the accompanying standalone
financial statements of National Insurance Company
Limited (hereinafter referred to as “the Company”),
which comprise the Balance Sheet as at 31st
March, 2020, Revenue Accounts of Fire, Marine
and Miscellaneous Insurance Business (collectively
known as ‘Revenue Accounts’), Profit and Loss
Account and Receipts and Payments Account for
the year ended as on that date, and a summary of
significant accounting policies and other explanatory
information (hereinafter referred to as the “financial
statements”), in which are incorporated the audited
returns for the year then ended of 33 Regional
Offices, 383 Divisional Offices audited by statutory
branch auditors appointed by the Comptroller and
Auditor General of India (C&AG) and 2 Foreign
Branch Offices, audited by local auditors appointed
by C&AG on the recommendation of the Company.
These financial statements have been prepared in
accordance with the requirements of the Insurance
Act 1938 as amended by the Insurance Laws
(Amendment) Act 2015 (the “Insurance Act”), the
Insurance Regulatory and Development Act 1999
(the “IRDA Act”), the Companies Act 2013 (the “Act”)
and the Insurance Regulatory and Development
Authority (Preparation of Financial Statements
and Auditors’ Report of Insurance Companies)
Regulations 2002 (the “IRDA Financial Statements
Regulations”) notified by the Insurance Regulatory
and Development Authority of India (IRDAI), to the
extent applicable and in the manner so required.
In our opinion and to the best of our information and
according to the explanations given to us, except
for the effects of the matter described in the Basis
for Qualified Opinion section of our report, the
aforesaid standalone financial statements give the
information required by the aforementioned Acts
and Regulations in the manner so required and give
199
a true and fair view in conformity with the accounting
principles generally accepted in India, as applicable
to insurance companies:
(a) in the case of Balance Sheet, of the state
of affairs of the Company as at 31st March,
2020;
(b) in the case Marine Revenue Account, of the
operating profit and in the case of Fire and
Miscellaneous Revenue Accounts, of the
operating losses for the year ended on that
date;
(c) in the case of Profit and Loss Account, of the
loss for the year ended on that date; and
(d) in the case of Receipts and Payments
Account, of the receipts and payments for
the year ended on that date.
Basis for Qualified Opinion
(a) Balances due to/from persons or bodies
carrying on insurance/reinsurance business,
sundry debtors and creditors, are subject to
confirmations and/or reconciliations (Refer
Schedule 17  –  Note No.27). Consequential
impact of adjustments, if any, that may arise
upon their reconciliations and/or confirmations
on revenue accounts, profit and loss account,
reserves and surplus and assets and liabilities
as on 31-03-2020 is not ascertainable.
(b) Procedural and structural deficiency in collating
data and relevant documents of GST input
tax credit (ITC) has caused inability to claim
a portion thereof and consequently un-availed
ITC has been charged off as expenses,
quantum of which has not been ascertained
(Refer Schedule 17 – Note No.37).
We conducted our audit in accordance with the
Standards on Auditing (SAs) specified under
section 143(10) of the Act. Our responsibilities
under those Standards are further described in
the Auditor’s 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
ANNUAL REPORT 2019-20
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´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 200

ethical requirements that are relevant to our audit of
the financial statements under the provisions of the
Act and the Rules there under, and we have fulfilled
our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. We
have taken due consideration of ICAI accounting
and auditing advisory due to COVID-19 fall out
and obtained management assertion of correct,
complete and reliable information for web based
remote audit wherever necessary to obtain sufficient
and appropriate audit evidence. We believe that the
audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Emphasis of Matters
We draw attention to the following matters:
a) Impact of Covid-19:
The extent to which COVID-19 pandemic will
likely impact operations and financial results
of the Company is dependent on future
developments, which are highly uncertain.
Impact of adverse economic conditions on
operations and financial statements of the
Company has remained largely unascertained
as on the date of approval of these financial
statements (Refer Schedule 17 – Note No.51.1).
b) Fair Value Change Account:
Management has considered the diminution
in the value of certain investments as not
permanent in nature and accordingly, no
provision for diminution has been provided for
but carried as debit balance in the fair value
change account (Refer Schedule 17 – Note
No.10.2).
c) Recognition of Quota Share Reinsurance
Treaty Commission:
The Company analyzed ultimate loss ratios
of motor business of preceding years and
concluded that the ultimate loss ratio of this
business segment will not be more than 90%
in any of the underwriting years under Quota
Share Reinsurance Treaty and the ceding
commission receivable on the sliding scale will
not be less than 8.75% in each of the year and
201
further concluded that it will not be imprudent
to recognize the initial commission of 5% as
income at the time of ceding the premium
income. Accordingly, the Company continued to
recognize 5% initial ceding commission income
of ` 5,62,424 thousand (`6,26,886 thousand)
on Quota Share Reinsurance Treaty (Refer
Schedule 17 – Note No.26).
d) Deferment of Pension Liability:
The Company has incurred additional pension
liability of ` 1,43,85,566 thousand consequent
to implementation of General Insurance
(Employees’) Pension Amendment Scheme,
2019 notified by the Central Government.
Pursuant to approval granted by IRDAI,
the Company has amortized the actuarially
determined additional pension liability of
`78,88,080 thousand in respect of fresh pension
optees who are in service over a period of five
years with effect from FY 2019-20. Accordingly
`80,75,102 thousand is charged off in the current
year and `63,10,464 thousand is deferred for
amortization over the next four years. Owing to
such deferment, loss for the year is understated
by `63,10,464 thousand
(Refer Schedule 17 – Note No.32.4).
e) Change in Accounting of dearness allowance
component of future pension obligation:
The Company has during the year changed
its accounting practice to provide for dearness
allowance component of future pension
obligation which was hitherto provided on
cash basis. Pursuant to such change a sum of
`79,78,380 thousand is provided during the
year on the basis of actuarial valuation of the
said obligation. Had there been no such change,
loss for the year and current liability as on
31-03-2020 would have been lower by ` 79,78,380
thousand (Refer Schedule 17 – Note No.32.5).
f) Solvency Ratio:
Solvency Ratio of 0.02 as on 31st March, 2020
is computed after considering the forbearance
granted by IRDAI. (Refer Schedule 17 – Note
No.41).
ANNUAL REPORT 2019-20
g) EÆò{ªÉÚ]® ºÉÉì}]´ÉäªÉ® Eäò ={ɪÉÉäMÉÒ VÉÒ´ÉxÉ ¨Éå {ÉÊ®´ÉiÉÇxÉ:
EÆò{ÉxÉÒ xÉä ºÉÉì±´ÉåºÉÒ Eò¨{ªÉÚ]ä¶ÉxÉ Eäò ʱÉB +É<Ç+É®bÒB+É<Ç Eäò
ÊxÉnæ¶É Eäò +xÉÖºÉÉ® 5 ºÉÉ±É ºÉä 3 ºÉÉ±É iÉEò Eäò EÆò{ªÉÚ]®
ºÉÉì}]´ÉäªÉ® Eäò +xÉÖ¨ÉÉÊxÉiÉ ={ɪÉÉäMÉÒ VÉÒ´ÉxÉ EòÉä ¤Én±ÉEò® +{ÉxÉÒ
±ÉäJÉÉÆEòxÉ xÉÒÊiÉ EòÉä {ÉÊ®´ÉÌiÉiÉ Eò® ÊnªÉÉ ½è* ´É¹ÉÇ ½äiÉÖ ¨ÉÚ±ªÉ¿ÉºÉ
Eäò BäºÉä {ÉÊ®´ÉiÉÇxÉÉå Eäò EòÉ®hÉ +Éè® ½ÉÊxÉ ¨Éå `78,016 ½VÉÉ®
¯{ɪÉä EòÒ ´ÉÞÊr ½Ö<Ç ½è (ºÉÆn¦ÉÇ +xÉÖºÉÚSÉÒ 17 - xÉÉä] ºÉÆJªÉÉ 50)*
<ºÉ ¨ÉɨɱÉä ¨Éå ½¨ÉÉ®É Ê´ÉSÉÉ® {ÉÊ®¶ÉÉäÊvÉiÉ xÉ½Ó ½è*
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|ÉÒÊ¨ÉªÉ¨É +ÉªÉ EòÒ ¨ÉÉxªÉiÉÉ
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+ÉªÉ EòÒ ¨ÉÉxªÉiÉÉ Eäò ºÉƤÉÆvÉ ¨Éå EÆò{ÉxÉÒ EòÒ ¨É½i´É{ÉÚhÉÇ xÉÒÊiɪÉÉå ¨Éå
´ÉÌhÉiÉ EÆò{ÉxÉÒ EòÒ ±ÉäJÉÉ xÉÒÊiÉ Eäò +xÉÖºÉÉ® Ê´ÉkÉÒªÉ {ÉÊ®hÉɨÉÉå EòÉ ºÉ½Ò
ÊSÉjÉhÉ Ê´ÉSÉÉ® EòÉ |ɨÉÖJÉ IÉäjÉ ½è*
´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 202
¨ÉÖJªÉ ±ÉäJÉÉ {É®ÒIÉÉ ¨ÉɨɱÉÉ
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Ê´ÉÊ´ÉvÉ Eäò ¤ÉÒSÉ |ÉÒÊ¨ÉªÉ¨É EòÉ +±ÉMÉÉ´É;
(ii) EÆò{ÉxÉÒ EòÒ {ÉÖxɤÉÔ¨ÉÉ +Æb®®É<Ë]MÉ {ÉÉìʱɺÉÒ Eäò +xÉÖºÉÉ® |ÉÒʨɪɨÉ
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{ÉÉìʱÉʺɪÉÉå EòÉ +±ÉMÉÉ´É;
(iii) ºÉ®EòÉ®Ò |ÉɪÉÉäÊVÉiÉ ¤ÉÒ¨ÉÉ ªÉÉäVÉxÉÉ+Éå ºÉä |ÉÒÊ¨ÉªÉ¨É +ɪÉ;
(iv) ¨ÉÉä]® ¤ÉÒ¨ÉÉ ]É<Ç+{É ´ªÉ´ÉºÉÉªÉ ºÉä +ÌVÉiÉ |ÉÒʨɪɨÉ;
(v) ¶ÉÖr +ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É VÉÉxÉxÉä Eäò ʱÉB +ºÉ¨ÉÉ{iÉ VÉÉäÊJÉ¨É Ê®VÉ´ÉÇ
EòÉ ºÉ¨ÉɪÉÉäVÉxÉ ÊVɺɨÉå +xÉÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É Ê®VÉ´ÉÇ +Éè® |ÉÒʨɪɨÉ
bäÊ¡òʺÉBƺÉÒ Ê®VÉ´ÉÇ ¶ÉÉÊ¨É±É ½é; +Éè®
(vi) EòÉäÊ´Éb-19 ¨É½É¨ÉÉ®Ò Eäò EòÉ®hÉ ¨ÉÉä]® ´ÉɽxÉ iÉÞiÉÒªÉ {ÉIÉ
+Éè® º´ÉɺlªÉ ¤ÉÒ¨ÉÉ {ÉÉìʱÉʺɪÉÉå Eäò ºÉƤÉÆvÉ ¨Éå nä® ºÉä ʱɪÉÉ
MɪÉÉ xÉ´ÉÒEò®hÉ |ÉÒÊ¨ÉªÉ¨É º´ÉÒEòÉ® Eò®xÉä Eäò ʱÉB ºÉ®EòÉ®Ò
+ÊvɺÉÚSÉxÉÉ+Éå EòÉ +xÉÖ{ÉɱÉxÉ*
g) Change in the useful life of Computer
Software:
The Company has changed its accounting policy
by changing estimated useful life of computer
software from 5 years to 3 years in line with
IRDAI directive for Solvency computation. Due
to such change amount of depreciation and loss
for the year are increased by ` 78,016 thousand
(Refer Schedule 17 – Note No.50).
Our opinion is not modified in respect of these
matters.
Key Audit Matter
Recognition of Premium Income
Premium income is the main source of income
of the Company and one of the major areas of
concern for correct depiction of financial results as
per the Company’s accounting policy described in
the significant policies of the Company in respect of
recognition of premium income.
203
Key Audit Matters
Key audit matters are those matters that, in our
professional judgment, were of most significance in
our audit of the financial statements of the current
period. These matters were addressed in the
context of our audit of the financial statements as a
whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.
We have identified the matters described below to
be the key audit matters in the current year.
How our Audit addressed the Key Audit Matter
We obtained a detailed understanding and evaluated
the design and implementation of controls that the
Company has established in relation to recognising
premium income. We assessed the control over –
(i) segregation of premium amongst different
business segments broadly fire, marine and
miscellaneous;
(ii) segregation of policies between risk booked
and non-risk booked for the purpose of premium
cession as per reinsurance underwriting policy
of the Company;
(iii) premium income from Government sponsored
insurance schemes;
(iv) premium earned from motor insurance tie-up
business;
(v) adjustment of Unexpired Risk Reserve
comprising Unearned Premium Reserve and
Premium Deficiency Reserve to arrive at Net
Earned Premium; and
(vi) compliance of Government Notifications for
accepting belated renewal premium in respect
of motor vehicle third party and health insurance
policies due to fall out of COVID-19.
We are satisfied with the manner of recognizing
premium income by the Company.
ANNUAL REPORT 2019-20
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Assessment of Incurred and Outstanding Claims
The Company has significant outstanding claims Our audit approach is to understand the systems,
including claims relating to Incurred But Not procedures and control over the claims registered
Reported (IBNR) and Incurred But Not Enough at different operating offices and evaluate the
Reported (IBNER). Estimating outstanding claims implementation design of these essential elements.
and probable future claims is based on critical We focused on these areas because underlying
judgments and is a key source of estimation these methods are a number of explicit or implicit
uncertainty which is again the basis of estimating assumptions relating to the expected settlement
incurred claims during a given period. amount and settlement patterns of claims which are
subject to critical judgement. We further assessed
The methodologies and assumptions utilized to
the control over –
develop IBNR and IBNER involve a significant
degree of judgment. The liabilities are based on the (i) segregation of claims amongst different
best-estimate ultimate cost of all claims incurred but business segments broadly fire, marine and
not settled at a given date, whether reported or not, miscellaneous;
together with the related claims handling costs. There (ii) segregation of claims between risk booked
is generally less information available in relation to and non-risk booked for the purpose of claim
these claims, which can result in variability between cession as per reinsurance underwriting policy
initial estimates and final settlement. A range of of the Company;
methods are used to determine these provisions. (iii) acknowledgement of claims in respect of

Government sponsored insurance schemes
The claims estimation uses an actuarial modeling
and motor insurance tie-up business;
process which involves complex and subjective
(iv) recording revision of estimated claim amount;
actuarial methodologies, judgments and
and
assumptions about future events and developments,
(v) computation of incurred claims based on claims
both within and external to the Company, and
paid, outstanding registered claims and IBNR
for which small changes can have significant
and IBNER.
implications to the quantification.
We relied upon the management engaged
The estimation of claims at year end relies on the
independent actuarial expert’s report for determining
integrity of the underlying data, including claim
the value of IBNR and IBNER. We broadly
payments and individual estimates of unsettled
reviewed the work of actuarial report including
claims.
their independence, experience and objectivity.
The valuation of liabilities for outstanding claims
reserves contained in the financial statements of
the Company are based on the actuary’s certificate.
Valuation of Investments
The Company has made substantial investments in We conducted our audit of the investments with
various State and Central Government Securities, reference to IRDAI Regulations, Circulars, Directives
Bonds, Debentures, Shares and other approved etc. based upon understanding of internal controls
securities. The value of investments assumes a and substantive audit procedures in relation to
significant portion of the total assets of the Company. valuation, classification, identification of non-
performing investments, provision/depreciation/
Entire gamut of investment functions encompassing
write off and also assessment of fair value changes
purchase, disposal, recognition, measurement
in relation to investments.
and disclosure of investments is governed by the

205 ANNUAL REPORT 2019-20

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´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 206

Company’s Investment Policy duly approved by Our audit procedures was primarily concentrated
the Board of Directors on annual basis based on on –
Insurance Regulatory and Development Authority of i) Evaluation and understanding of Company’s
India (Investment) Regulations, 2016, Investments- internal control system, IT governance structure
Master Circular, 2017 and other Directions and vis-à-vis implementation of investment risk
Circulars issued by IRDAI on investments management systems and processes.
These regulations, directions and circulars cover ii) Substantive testing of transactions relating to
valuation of investments, identification of non- investments, verification of investment assets,
performing investments and corresponding non- identification of non-performing investments
recognition of income and provision there against. and provision made there against.
iii) Valuation and disclosure in the financial
statements in accordance with the investment
policy, regulations etc.
We agree with the value of investments as
determined by the management and carried in the
financial statements.
Valuation of employees’ defined benefit obligations
The Company has recognised long-term employee We examined the reports of external actuarial
benefit liabilities for pension and gratuity respectively specialist and reviewed the key actuarial
being defined benefit obligations (net of plan asset assumptions used, both financial and demographic,
against funded obligation) and unfunded leave and considered the methodology utilised to derive
liability also a defined benefit obligation. these assumptions including review of input data
provided for actuarial valuations of employees’
The actuarial valuations of employee benefit
defined benefit obligations. Furthermore, we
obligations is dependent on market conditions and
have examined the sensitivity analysis on the
assumptions made. The key audit matter specifically
key assumptions in valuing the defined benefit
relates to the following key assumptions: discount
obligations.
rate, inflation expectations and life expectancy
assumptions. The setting of these assumptions is We are satisfied that the basis, methodology and
complex and requires the exercise of significant assumptions applied in relation to determining the
management judgement with the support of third liabilities are acceptable.
party actuary.
Ascertainment, disclosure and provisioning in respect of contingent liabilities
The Company has material uncertain tax matters, Our audit procedure was to obtain from management
both direct and indirect, under dispute involving details of direct and indirect tax and penalty demands
considerable demand raised on the Company which are considered as contingent liabilities. We
which require significant judgment to determine the undertook following principal audit procedures:
possible outcome of these disputes. Assessment of the process and relevant controls
Additionally, the Company has other ongoing implemented to identify tax litigations and pending
legal matters relating to various claims by the administrative proceedings.
policyholders and other claims not acknowledged
- Assessment of assumptions used in the evaluation
as debts which require application of management
of potential tax risks performed by the tax
judgement in order to determine the likely outcome.
department of the Company considering the legal
precedence and other rulings in similar cases.

207 ANNUAL REPORT 2019-20


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EÆò{ÉxÉÒ Eäò ÊxÉnä¶ÉEò ¨ÉÆb±É +ÊvÉÊxÉªÉ¨É EòÒ vÉÉ®É 134(5) ¨Éå ¤ÉiÉÉB
MÉB, <xÉ º]éb+±ÉÉäxÉ Ê´ÉkÉÒªÉ Ê´É´É®hÉ EòÒ iÉèªÉÉ®Ò Eäò ºÉƤÉÆvÉ ¨Éå, ¨ÉɨɱÉÉå
Eäò ʱÉB ÊVɨ¨ÉänÉ®Ò ½è, VÉÉä ¤ÉÒ¨ÉÉ +ÊvÉÊxɪɨÉ, +É<Ç+É®bÒB +ÊvÉÊxɪɨÉ,
+É<Ç+É®bÒB+É<Ç Ê´ÉkÉÒªÉ Ê´É´É®hÉ Ê´ÉÊxɪɨÉ, +É<Ç+É®bÒB+É<Ç uÉ®É
208

Other Matters
We did not audit the financial statements of 33
Regional offices, 383 Divisional offices, and 2
Foreign offices, included in the standalone financial
statements of the Company whose financial
statements / financial information reflect total assets
of `5,21,77,002 thousand as at 31st March, 2020
and total revenues of `15,31,28,811 thousand for the
year ended on that date. The financial statements/
information of these offices have been audited by
other auditors whose reports have been furnished to
us by the management. We believe that the auditors
of these offices have taken due consideration of ICAI
accounting and auditing advisory due to COVID-19
fall out and obtained management assertion of
correct, complete and reliable information for web
based remote audit wherever necessary to obtain
sufficient and appropriate audit evidence. Our
opinion in so far as it relates to the amounts and
disclosures included in respect of these offices is
based solely on the reports of such auditors.
The actuarial valuation of liabilities in respect of
Claims Incurred But Not Reported (IBNR), Claims
209
- Discussion with the management regarding
the status of the most significant disputes and
inspection of the key relevant documentation.
- Analysis of opinion received from tax experts
where available.
- Review of the adequacy of the disclosures in
the notes to the financial statements.
In assessing the potential exposures of the
Company in respect of other contingent liabilities,
we have:
- assessed the design and implementation of
controls in relation to the monitoring of known
exposures;
- consulted with the Company’s official dealing
with the matters in understanding ongoing and
potential legal matters impacting the Company;
- reviewed available legal precedence; and
- reviewed the proposed accounting and
disclosure of actual and potential legal liabilities.
We concur that the accounting and disclosures in
relation to the ongoing legal matters are appropriate.
Incurred But Not Enough Reported (IBNER)
and Premium Deficiency Reserve (PDR) is the
responsibility of the Company’s appointed actuary.
The actuarial valuation of these liabilities as at March
31, 2020 has been duly certified by the appointed
actuary. The appointed actuary also certified that the
assumptions considered by him 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 the appointed actuary’s certificate in
this regard for forming our opinion on the financial
statements of the Company.
Our opinion is not modified in respect of these
matters.
Management’s Responsibility for the Standalone
Financial Statements
The Company’s Board of Directors is responsible
for the matters stated in Section 134(5) of the Act
with respect to the preparation of these standalone
financial statements that give a true and fair view
of the financial position, financial performance
and receipts and payments of the Company in
ANNUAL REPORT 2019-20
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ÊxÉhÉǪÉÉå EòÉä |ɦÉÉÊ´ÉiÉ Eò®xÉä EòÒ +{ÉäIÉÉ EòÒ VÉÉ ºÉEòiÉÒ ½è* ½è*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 210

accordance with the accounting principles generally
accepted in India, including the accounting
standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts)
Rules, 2014, the Insurance Act, the IRDA Act, the
IRDA Financial Statement Regulations, Orders/
Directions/Circulars and other relevant Regulations
issued/notified by IRDAI. This responsibility also
includes maintenance of adequate accounting
records in accordance with the provisions of the
Act for safeguarding the assets of the Company
and for preventing and detecting frauds and
other irregularities; selection and application of
appropriate accounting policies; making judgments
and estimates that are reasonable and prudent;
and design, implementation and maintenance
of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant
to the preparation and presentation of the financial
statements that give a true and fair view and are
free from material misstatement, whether due to
fraud or error.
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.
The 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 auditor’s 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 Standards of
Auditing will always detect a material misstatement
when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or
211
in the aggregate, that 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 auditor’s 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 auditor’s
report. However, future events or conditions may
cause the Company to cease to continue as a
going concern.
ANNUAL REPORT 2019-20
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Ê®{ÉÉä]Ç Eò®iÉä ½é ÊEò:
a) ½¨ÉxÉä, ªÉÉäMªÉ ®ÉªÉ {Éè®ÉOÉÉ¡ò Eäò ʱÉB +ÉvÉÉ® ¨Éå ´ÉÌhÉiÉ ¨ÉɨɱÉÉå
EòÉä UÉäcEò®, =xÉ ºÉ¦ÉÒ ºÉÚSÉxÉÉ+Éå +Éè® º{ɹ]ÒEò®hÉÉå EòÉä
|ÉÉ{iÉ ÊEòªÉÉ ½è VÉÉä ½¨ÉÉ®ä +ÉìÊb] Eäò =q䶪ÉÉå Eäò ʱÉB ½¨ÉÉ®ä
YÉÉxÉ +Éè® Ê´É¶´ÉÉºÉ Eäò ʱÉB +ɴɶªÉEò lÉä*
b) ½¨ÉÉ®Ò ®ÉªÉ ¨Éå, ªÉÉäMªÉ ®ÉªÉ {Éè®ÉOÉÉ¡ò Eäò ʱÉB +ÉvÉÉ® ¨Éå
´ÉÌhÉiÉ ¨ÉɨɱÉÉå EòÉä UÉäcEò®, EÆò{ÉxÉÒ uÉ®É Ê´ÉÊvÉEò °  {É ºÉä
+{ÉäÊIÉiÉ JÉÉiÉÉå EòÒ =ÊSÉiÉ ¤ÉÖCºÉ ®JÉÒ MÉ<Ç ½é, +¤É iÉEò ªÉ½
=xÉ {ÉÖºiÉEòÉå EòÒ ½¨ÉÉ®Ò {É®ÒIÉÉ ºÉä |ÉEò] ½ÉäiÉÉ ½è +Éè® ½¨ÉÉ®ä
+ÉìÊb] Eäò =q䶪ÉÉå Eäò ʱÉB {ɪÉÉÇ{iÉ Ê®]xÉÇ ½¨ÉÉ®ä uÉ®É xÉ +ÉxÉä
´ÉɱÉÒ ¶ÉÉJÉÉ+Éå ºÉä |ÉÉ{iÉ ÊEòªÉÉ MɪÉÉ ½è*
c) ¶ÉÉJÉÉ ±ÉäJÉÉ {É®ÒIÉEòÉå uÉ®É +ÊvÉÊxÉªÉ¨É EòÒ vÉÉ®É 143(8)
Eäò iɽiÉ 33 IÉäjÉÒªÉ ±ÉäJÉÉ {É®ÒIÉEòÉå EòÒ Ê®{ÉÉä]Ç xÉä 383
¨ÉÆb±É ±ÉäJÉÉ {É®ÒIÉEòÉå EòÒ Ê®{ÉÉä]Ç +Éè® 2 Ê´Énä¶ÉÒ ¶ÉÉJÉÉ+Éå
212
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.
From the matters communicated with those charged
with governance, we determine those matters that
were of most significance in the audit of the financial
statements of the current period and are therefore the
key audit matters. We describe these matters in our
auditor’s report unless law or regulation precludes
public disclosure about the matter or when, in
extremely rare circumstances, we determine that a
matter should not be communicated in our report
because the adverse consequences of doing so
would reasonably be expected to outweigh the
public interest benefits of such communication.
Other Information
The Company’s Board of Directors is responsible
for the other information. The other information
comprises the information contained in Directors’
Report including management discussion, analysis
and other information contained in the Annual
Report, but does not include the financial statements
and our report thereon. These reports are expected
to be made available to us after the date of this
auditors’ report.
Our opinion on the financial statements does not
cover the other information and we will 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 identified above when it becomes
available and, in doing so, consider whether the
213
other information is materially inconsistent with the
financial statements or our knowledge obtained
in the audit, or otherwise appears to be materially
misstated.
When we read the other information, if we conclude
that there is material misstatement therein, we are
required to communicate the matter to those charged
with governance to take appropriate actions under
applicable laws and regulations.
Report on Other Legal and Regulatory
Requirements
1. As required by Sub-Regulation 3 of Regulation
3 of the IRDA Financial Statements Regulations
read with Schedule–C thereof, we give in the
Annexure ‘A’ to this report a certificate on the
matters specified in paragraphs 3 and 4 of the
Schedule.
2. In compliance to directions including additional
directions of the Comptroller and Auditor
General of India u/s.143(5) of the Act, we give in
Annexure ‘B’ to this report a statement on the
matters specified therein.
3. As required by Section 143(3) of the Act read with
Schedule–C of the IRDA Financial Statements
Regulations, we report that:
a) We have sought and, except for the matters
described in the basis for qualified opinion
paragraph, 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, except for the matters
described in the basis for qualified opinion
paragraph, 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 and proper
returns adequate for the purposes of our
audit have been received from branches not
visited by us.
c) The reports of the 33 Regional Auditors
consolidating the 383 Divisional Auditors
reports and reports of 2 foreign branches
audited under section 143(8) of the Act by
the branch auditors have been sent to us
ANNUAL REPORT 2019-20
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´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 214

 and have been properly dealt with by us in
preparing this report.
d) The Balance Sheet, the Revenue Accounts,
the Profit & Loss Account and the Receipts
& Payments Account dealt with by this report
are in agreement with the books of account
and with the returns received from the
branches not visited by us.
e) In our opinion, accounting policies selected
by the Company are appropriate and the
aforesaid standalone financial statements
comply with the applicable Accounting
Standards specified under Section 133 of
the Act read with Rule 7 of the Companies
(Accounts) Rules, 2014 and with the
accounting principles, as prescribed in the
IRDA Financial Statements Regulations and
orders or directions issued by IRDAI in this
regard.
f) The provisions of Section 164(2) of the
Act with regard to disqualifications for
appointment of director are not applicable to
the Company in view of Notification No. GSR
463(E) dated 5th June, 2015 issued by the
Ministry of Corporate Affairs, Government of
India.
g) The provisions of Section 197(16) of the
Act regarding payment of managerial
remuneration to Company’s directors are not
applicable in view of Notification No. GSR
463(E) dated 5th June, 2015 issued by the
Ministry of Corporate Affairs, Government of
India.
h) With respect to the adequacy of the internal
financial controls over financial reporting of
the Company and the operating effectiveness
of such controls, refer to our separate report
in Annexure ‘C’ to this report.
i) With respect to the other matters to be
included in the Auditor’s Report in accordance
with Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, in our opinion and to
the best of our information and according to
the explanations given to us:
i) The Company has pending litigations,
the liabilities in respect of which is either
provided for or disclosed as contingent
liabilities – Refer Schedule 17 Note 1.
The impact of these pending litigations
on the financial position of the Company
is subject to their judicial outcome;
ii) The Company did not have any long term
contracts including derivatives contracts
for which there were any material
foreseeable losses – Refer Schedule 17
Note 52.
iii) There were no amounts which were
required to be transferred to the Investor
Education and Protection Fund by the
Company – Refer Schedule17 Note 53.
j) 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
and Orders/Directions/Circulars and other
relevant Regulations issued/notified by
IRDAI in this regard.

For Guha Nandi & Co For De & Bose

Chartered Accountants Chartered Accountants
FRN: 302039E FRN: 302175E
(CA.Dr. B. S. Kundu) (CA. Tarit Dasgupta)
Partner Partner
M. No – 051221 M. No - 053380
UDIN:20051221AAAAAI1657 UDIN: 20053380AAAAAD7398
Place: Kolkata
Date: 26th September, 2020

215 ANNUAL REPORT 2019-20

 +xÉÖ±ÉMxÉEò - "Eò'
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ºÉxÉnÒ ±ÉäJÉEòÉ® ºÉxÉnÒ ±ÉäJÉEòÉ®
{ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ: 302039<Ç {ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ: 302175<Ç
(ºÉÒB bÉì ¤ÉÒ. BºÉ. EÖòxbÖ) (ºÉÒB iÉÊciÉ nɺÉMÉÖ{iÉÉ)
¦ÉÉMÉÒnÉ® ¦ÉÉMÉÒnÉ®
ºÉnºªÉiÉÉ ºÉÆJªÉÉ: 051221 ºÉnºªÉiÉÉ ºÉÆJªÉÉ: 053380
ªÉÚbÒ+É<ÇBxÉ: 20051221AAAAAI1657 ªÉÚbÒ+É<ÇBxÉ: 20053380AAAAAD7398
ºlÉÉxÉ: EòÉä±ÉEòÉiÉÉ
ÊnxÉÉÆEò: 26 ʺÉiÉƤɮ, 2020

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 216

 Annexure – ‘A’
Annexure to the Independent Auditors’ Report
of even date on the Standalone Financial
Statements of National Insurance Company
Limited for the year ended 31st March,2020
(Referred to in paragraph 1 under ‘Report on Other
Legal and Regulatory Requirements’ section)
Certificate for the year ended 31st March,
2020 as required by Schedule–C of The
Insurance Regulatory & Development Authority
(Preparation of Financial Statements and
Auditor’s Report of Insurance Companies)
Regulations, 2002
On the basis of our examination of books and records
of the Company and according to the information
and explanation given to us and to the best of our
knowledge and belief, we certify that –
1. We have reviewed the Management Report
attached with the standalone financial
statements for the year ended 31st March,
2020 and conclude that there is no apparent
mistake or material inconsistencies with
the standalone financial statements except
that trends in average claim settlement time
during the preceding five years have not been
reported in the Management Report;
2. Based on management representations and
the compliance certificate submitted to the
Board by the officers of the Company charged
with compliance, nothing has come to our
attention which causes us to believe that the
Company has not complied with the terms
and conditions of registration stipulated by
the Insurance Regulatory and Development
Authority of India;
3. Cash balances at branches have been
verified by the branch auditors.We have
verified securities relating to the Company’s
loans and investments as at 31st March, 2020
(except loans given to employees) on the basis
of certificate/confirmations received from the
custodian / depository participants / CSGL
Account Holder as the case may be. However,
no significant variation between book records
and physically verifiable investment records is
noticed;
4. There is no investments and transactions
relating to any trusts undertaken by the
Company as trustee; and
5. No part of the assets of the policyholders’
funds has been directly or indirectly applied
in contravention of the provisions of the
Insurance Act, 1938 relating to the application
and investments of the policyholders’ funds.
However, due to temporary fall in the market
value of investments, policyholders’ fund is
not fully covered by investments as at the year
end.

For Guha Nandi & Co For De & Bose

Chartered Accountants Chartered Accountants
FRN: 302039E FRN: 302175E
(CA.Dr. B. S. Kundu) (CA. Tarit Dasgupta)
Partner Partner
M. No – 051221 M. No - 053380
UDIN:20051221AAAAAI1657 UDIN: 20053380AAAAAD7398
Place: Kolkata
Date: 26th September, 2020

217 ANNUAL REPORT 2019-20

 +xÉÖ±ÉMxÉEò - "JÉ'
31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ´É¹ÉÇ Eäò ʱÉB º´ÉiÉÆjÉ ±ÉäJÉÉ {É®ÒIÉEòÉå EòÒ iÉÒÊlÉ {É® xÉä¶ÉxÉ±É <x¶ªÉÉä®äxºÉ Eò¨{ÉxÉÒ EòÉ
º]ébä±ÉÉäxÉ Ê´ÉkÉÒªÉ Ê´É´É®hÉ
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Eò¨{ÉxÉÒ +ÊvÉÊxɪɨÉ, 2013 EòÒ vÉÉ®É 143(5) Eäò iɽiÉ ´ÉèvÉÉÊxÉEò ±ÉäJÉÉ {É®ÒIÉEòÉå uÉ®É Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 Eäò ʱÉB VÉÉ®Ò
ÊxÉnæ¶ÉÉå EòÉ =kÉ®

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Eò¨{ÉxÉÒ xÉä 27 ¨ÉÉSÉÇ, 2017 EòÉä +É<Ç+É®bÒB+É<Ç ({ÉÚÆVÉÒ Eäò +xªÉ
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xÉ½Ó Ê±ÉªÉÉ ½è* ´É¹ÉÇ EòÉä nÉè®ÉxÉ @  hÉ +Éè® ¤ªÉÉVÉ Eäò {ÉÖxÉMÉÇ`xÉ/UÚ]/®É<]
+{É xÉ½Ó ½è*
¦ÉÉ®iÉ ºÉ®EòÉ® ºÉä EèòÊ{É]±É <x}ªÉÚVÉxÉ Eäò °  {É ¨Éå Eò¨{ÉxÉÒ xÉä ´É¹ÉÇ Eäò
nÉè®ÉxÉ `240,00,000 ½VÉÉ® |ÉÉ{iÉ ÊEòªÉÉ ½è VÉÉä ÊxÉ´Éä¶É Eäò Ên¶ÉÉ ¨Éå
Eò¨{ÉxÉÒ EòÉ <ÊC´É]Ò ¶ÉäªÉ® Eäò °  {É ¨Éå ½ÉäMÉÉ* ´É¹ÉÇ Eäò nÉè®ÉxÉ EäòxpÒªÉ/
®ÉVªÉ BVÉäÊxºÉªÉÉå ºÉä ÊEòºÉÒ ¦ÉÒ Ê´Éʶɹ] ªÉÉäVÉxÉÉå Eäò ʱÉB vÉxÉ®É榃 |ÉÉ{iÉ
ªÉÉ |ÉÉ{ªÉ xÉ½Ó ½è*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 218

 Annexure – ‘B’
Annexure to the Independent Auditors’ Report of even date on the Standalone Financial
Statements of National Insurance Company Limited for the year ended 31st March, 2020
(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ section)
Replies to the Directions issued to Statutory Auditors under Section 143(5)
of the Companies Act, 2013 for the Financial Year 2019-20

Sl. No. Query Reply

1. Whether the Company has system in
place to process all the accounting
transaction through IT system? If no, the
implications of processing of accounting
transactions outside IT system on the
integrity of the accounts along with the
financial implications, if any, may be
stated
2. Whether there is any restructuring of an
existing loan or cases of waiver/write
off of debts/loans/interest etc. made
by a lender to the Company due to the
Company’s inability to repay the loan? If
yes, the financial impact may be stated.
3. Whether funds received/ receivable for
specific schemes from Central/State
agencies were properly accounted for /
utilized as per its term and conditions?
List the cases of deviation.
Company’s accounting transactions of different
departments and operating offices are processed
through different IT Systems and also by way of
passing manual JVs. All these are finally integrated
into the accounts. There is no financial implications
on the integrity of the accounts in respect of these
accounting transactions processed outside IT System
which are subjected to verification and validation
tests.
The Company has not taken any loan except issue of
debentures as subordinate debt on 27th March 2017
for a period of ten years in terms of IRDAI (Other
Forms of Capital) Regulations, 2015. There is no
restructuring/ waiver/ write off of the debt or interest
thereon during the year.
The Company has received ` 240,00,000 thousand
during the year as capital infusion from the
Government of India towards its Investment in the
form of equity shares of the Company. No fund is
received or receivable for any specific scheme from
Central/ State agencies during the year.

219 ANNUAL REPORT 2019-20

 Eò¨{ÉxÉÒ +ÊvÉÊxɪɨÉ, 2013 EòÒ vÉÉ®É 143(5) Eäò iɽiÉ ´ÉèvÉÉÊxÉEò ±ÉäJÉÉ {É®ÒIÉEòÉå uÉ®É VÉÉ®Ò +ÊiÉÊ®Hò ÊxÉnæ¶ÉÉå EòÉ Ê´ÉkÉÒªÉ ´É¹ÉÇ
2019-20 Eäò ʱÉB =kÉ®

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EÆò{ÉxÉÒ Eäò {ÉÖxɤÉÔ¨ÉÉ Ê´É¦ÉÉMÉ Eäò ¤ÉʽªÉÉå ¨Éå ÊnJÉÉ<Ç MÉ<Ç ¶Éä¹É ®É榃 Eäò
ºÉƤÉÆvÉ ¨Éå, +xªÉ {ÉÒBºÉªÉÚ ¤ÉÒ¨ÉÉEòkÉÉÇ+Éå ºÉä EòÉä<Ç ¶Éä¹É {ÉÖ¹]ÒEò®hÉ
={ɱɤvÉ xÉ½Ó ½è +Éè® xÉ EòÉä<Ç ºÉɨÉÆVɺªÉ ½Ö+É ½è*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 220

 Replies to the Additional Directions issued to Statutory Auditors under Section 143(5)
of the Companies Act, 2013 for the Financial Year 2019-20

Sl. No. Query Reply

1. Number of titles of ownership in respect
of CGS/SGS/Bonds/ Debentures etc.
available in physical/demat form and
out of these, number of cases which
are not in agreement with the respective
amounts shown in the Company’s
books of accounts may be verified and
discrepancy found may be suitably
reported.
We give in the Table below number as well as
corresponding book value of different class of
securities, where there is mismatch between
Company’s books of accounts and statements from
Custodian, Depository Participant or CSGL Account
Holder as the case may be.

Security Class Total Shortage Excess

Number of Book Value Number of Book Value Number of Book Value
Accounts (` in ‘000.) Accounts (` in ‘000.) Accounts (` in ‘000.)
CGS 51 489,71,720 NIL 0 NIL 0
SGS 128 295,73,942 NIL 0 NIL 0
BONDS & 254 438,17,944 24 30,144 2 200,000
DEBENTURES (FV)
EQUITY 605 806,97,448 45 2,426 10 136
SHARES
PREFERENCE 129 2,883 20 0.0001 2 12 (FV)
SHARES
MUTUAL FUND 22 177,20,798 NIL 0 NIL 0

2. Whether stop loss limits have been
prescribed in respect of the investments?
If yes, whether or not the limit was
adhered to. If no, details may be given.
3. Whether the Company has carried out
reconciliation exercise for inter-company
balances reflected in their financial
statements with other PSU insurers and
whether confirmation has been obtained
from other PSU insurers for balances
due from them?
No stop loss limit has been prescribed in respect of
investments.
Transactions with other PSU insurers are carried out
at operating offices. As informed to us confirmation
of inter-company balances with other PSU insurers
are generally obtained and periodical reconciliation
done by the respective operating offices audited by
branch auditors. However, in respect of balances
reflected in the books of reinsurance department of
the Company, no balance confirmations from other
PSU insurers are available and no reconciliations
done.

221 ANNUAL REPORT 2019-20

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´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 222

4. Whether the method of accounting of
premium and reported claims are as
per conditions of agreement / scheme
relating to –
(i) Pradhan Mantri Fasal Bima Yojana
(ii) Rashtriya Swasthya Bima Yojana
(iii) Prime Minister Jan Arogya Yojana.
5. Whether the Company has complied
with IRDAI CIRCULAR (No. IRDA/
F&A/CIR/MISC/052/03/2018 dated 27th
March, 2018) regarding exemption of
re-insurance schemes of specified
insurance schemes such as Pradhan
Mantri Fasal Bima Yojana, Pradhan
Mantri Suraksha Bima Yojana etc. from
the purview of GST and passed on to
the insured/Government the benefit of
reduction in premium?
6. Whether the Company has enhanced/
modified the provisions for compensation
for hit and run victims as per Section
161 of The Motor Vehicles (Amendment)
Act, 2019 applicable from 1 September
2019, and if so, whether it is adequate.
The Company has accounted the premium income
and the reported claims under (i) Pradhan Mantri
FasalBima Yojana; (ii) Rashtriya Swasthya Bima
Yojana; and (iii) Prime Minister Jan Arogya Yojana in
accordance with the Company’s accounting policies
and in compliance with the operational guidelines of
respective schemes.
As explained to us, in respect of Pradhan Mantri
Fasal Bima Yojana and other Government sponsored
insurance schemes, business is procured through
tendering process and the premium rates are
determined by way of actuarial estimation of ultimate
loss of the respective schemes. Exemption of GST on
re-insurance obligatory premium cession in respect
of these schemes has been taken into consideration
by the Company for the purpose of determination
of premium rates. In the case of Pradhan Mantri
Suraksha Bima Yojana, premium rate is determined
by the Govt. of India and business is procured through
designated bankers. The PMSBY scheme had
come into effect before implementation of GST and
premium rates continue to be the same even after
introduction of GST. Accordingly, the management is
of the opinion that benefits of GST exemption is not
accrued to the Company but deemed to have been
passed on to the beneficiaries.
In compliance to section 161 of The Motor Vehicles
Act, 1988 coupled with the recommendation of
General Insurance Council (the Council), the
Company since 2005-06 is providing 0.10% of ‘Motor
Third Party Gross Direct Premium income in India’
as contribution to the Solatium Fund for payment
of compensation to hit and run victims. New India
Assurance Co. Ltd., is entrusted by the Council to
administer the Fund. As per communication of the
Council dated July 26, 2010 no contribution to the
fund would be required beyond 2009-10 as the
administrator is holding sufficient balance in the fund
for payment of compensations. Contribution will be
collected when the fund balance goes below `10
crore. Neither the fund administrator nor the Council
has warranted any requirement of additional fund
owing to enhancement of compensation as provided
in The Motor Vehicles (Amendment) Act, 2019
applicable from 1st September 2019. Accordingly,
223 ANNUAL REPORT 2019-20
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´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 224

 in the absence of any direction from the Council
or Administrator of the fund, the Company has not
enhanced/ modified the basis of making provisions
towards compensation payable to hit and run victims.
The Company is carrying adequate provisional
liability in its books in this regard.
7. Whether entire input tax credit (ITC) Due to procedural and structural deficiency in
available on GST portal in respect of collating data and relevant records of GST input
the Company has been availed within tax credit (ITC), the Company has failed to avail a
prescribed time limits. portion of eligible ITC which has been charged off
as expenses. The Company has not yet undertaken
one to one matching of tax invoices with the auto
populated invoice details available in the GST portal.
Further, reconciliations of (a) ITC as per GST portal
(b) eligible ITC (c) ITC availed and (d) ITC utilized
in respect of FY 2017-18 and 2018-19 are pending,
Prescribed time limits of availing ITC of these years
have expired on 30th September 2018 and 2019
respectively. Due to above, we are unable to state
as to what extent ITC available on GST portal of the
Company has been availed within the prescribed
time limits.
8. Whether premium and claims in respect At present the Company has foreign operations in
of foreign operations, if any, have been Nepal only. Though the accounting year of Nepal
accounted for correctly and reconciled operations is different from that of the Company,
with actual figures of these operations the accounts of Nepal operations is prepared and
(wherein accounting year is different for audited for the same period as that of the Company
foreign operations) for the purpose of consolidation. The accounting for
premium and claims in respect of Nepal operations
is done correctly. The Company has also a branch
office in Hong Kong but it has stopped accepting
new business since February, 2002 and its run-off
operations are now handled by New India Assurance
Co. Ltd. The accounting period of Hong Kong branch
is same as that of the Company and claims in respect
thereof has been accounted for correctly.
For Guha Nandi & Co For De & Bose
Chartered Accountants Chartered Accountants
FRN: 302039E FRN: 302175E
(CA.Dr. B. S. Kundu) (CA. Tarit Dasgupta)
Partner Partner
M. No – 051221 M. No - 053380
UDIN:20051221AAAAAI1657 UDIN: 20053380AAAAAD7398
Place: Kolkata
Date: 26th September, 2020

225 ANNUAL REPORT 2019-20

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6. Ê´ÉkÉÒªÉ Ê®{ÉÉäÍ]MÉ {É® BEò EÆò{ÉxÉÒ EòÒ +ÉÆiÉÊ®Eò Ê´ÉkÉÒªÉ ÊxɪÉÆjÉhÉ,
BEò |ÉÊGòªÉÉ ½è ÊVɺÉEòÉä +ɨÉiÉÉè® {É® º´ÉÒEòÉ® ÊEòªÉä MɪÉä ±ÉäJÉÉÆEòxÉ
 Annexure – ‘C’
Annexure to the Independent Auditors’ Report
of even date on the Standalone Financial
Statements of National Insurance Company
Limited for the year ended 31st March, 2020
(Referred to in paragraph 3(h) under ‘Report on
Other Legal and Regulatory Requirements’ section)
Report on the Internal Financial Controls under
Clause (i) of Sub-section 3 of Section 143 of the
Companies Act, 2013 (“the Act”)
1. We have audited the internal financial controls
over financial reporting of National Insurance
Company Limited (“the Company”) as at 31st
March, 2020 in conjunction with our audit of the
standalone financial statements of the Company
for the year ended on that date.
Management’s Responsibility for Internal
Financial Controls
2. 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 (‘the
ICAI’). 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 (‘the Act’).
Auditors’ Responsibility
3. Our responsibility is to express an opinion on
227
the Company’s internal financial controls over
financial reporting based on our audit. We
conducted our audit in accordance with the
Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting and the
Standards on Auditing, issued by the Institute of
Chartered Accountants of India and deemed to
be prescribed under section 143(10) of the Act,
to the extent applicable to an audit of internal
financial controls over financial reporting. Those
standards and 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.
4. 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 auditors’ judgment, including the
assessment of the risks of material misstatement
of the financial statements, whether due to fraud
or error.
5. 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
6. 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
ANNUAL REPORT 2019-20
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228
 preparation of the 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 authorizations of management and directors
of the company; and (3) provide reasonable
assurance regarding prevention or timely
detection of unauthorized 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
7. 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.
Qualified Opinion
8. According to the information and explanations
given to us and based on our audit, the following
material weakness have been identified as at
31st March, 2020:
i) Use of multiple software for recording business
transactions and limited control over motor
229
tie-up business operations create control risk
of data integration.
ii) Unvalidated and belated reporting of risk
booked policies by operating offices for
preparation of bordereau gives rise to the risk
of errors or omissions of premium and claim
cessions as per reinsurance underwriting
programme.
iii) Deficiency in the system of obtaining
confirmations and reconciliation of debtors/
creditors, collating data and relevant
records for GST compliances causes risk of
misstatement.
9. In our opinion and to the best of our information
and according to the explanations given to
us, the Company has, in all material respects,
based on the internal control over financial
reporting criteria established by it 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,maintained adequate internal financial
controls over financial reporting as of 31st March,
2020, and except for the effects/possible effects
of the material weaknesses described above on
the achievement of the objectives of the control
criteria, such internal financial controls over
financial reporting were operating effectively as
of 31st March, 2020.
10. We have considered the material weaknesses
identified and reported above in determining
the nature, timing, and extent of audit tests
applied in our audit of the financial statements
of 31st March, 2020 of the Company, and these
material weaknesses do not affect our opinion
on the standalone financial statements of the
Company.
Other Matter
11. Our aforesaid report u/s 143(3)(i) of the Act
on the adequacy and operating effectiveness
ANNUAL REPORT 2019-20
+xªÉ ¨ÉɨɱÉä 143(3)(i) Eäò +ÆiÉMÉÇiÉ ½¨ÉÉ®Ò =Hò Ê®{ÉÉä]Ç ÊVɺɨÉå IÉäjÉÒªÉ ´É
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±ÉäJÉÉ {É®ÒIÉEòÉå ºÉä |ÉÉ{iÉ Ê®{ÉÉä]ÉäÈ {É® +ÉvÉÉÊ®iÉ ½è*

EÞòiÉä MÉÖ½É xÉxn B´ÉÆ EÆò EÞòiÉä bä Bhb ¤ÉÉäºÉ

ºÉxÉnÒ ±ÉäJÉEòÉ® ºÉxÉnÒ ±ÉäJÉEòÉ®
{ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ: 302039<Ç {ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ: 302175<Ç
(ºÉÒB bÉì ¤ÉÒ. BºÉ. EÖòxbÖ) (ºÉÒB iÉÊciÉ nɺÉMÉÖ{iÉÉ)
¦ÉÉMÉÒnÉ® ¦ÉÉMÉÒnÉ®
ºÉnºªÉiÉÉ ºÉÆJªÉÉ: 051221 ºÉnºªÉiÉÉ ºÉÆJªÉÉ: 053380
ªÉÚbÒ+É<ÇBxÉ: 20051221AAAAAI1657 ªÉÚbÒ+É<ÇBxÉ: 20053380AAAAAD7398
ºlÉÉxÉ: EòÉä±ÉEòÉiÉÉ
ÊnxÉÉÆEò: 26 ʺÉiÉƤɮ, 2020

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 230

 of the internal financial controls over financial u/s.143(3)(i) of the Act received from the Branch
reporting in so far as it relates to Regional offices Auditors of Regional/Divisional offices.
and Divisional offices is based on the report

For Guha Nandi & Co For De & Bose

Chartered Accountants Chartered Accountants
FRN: 302039E FRN: 302175E
(CA.Dr. B. S. Kundu) (CA. Tarit Dasgupta)
Partner Partner
M. No – 051221 M. No - 053380
UDIN:20051221AAAAAI1657 UDIN: 20053380AAAAAD7398
Place: Kolkata
Date: 26th September, 2020

231 ANNUAL REPORT 2019-20

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´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 232

COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 143(6)
(b) OF THE COMPANIES ACT, 2013 ON THE STANDALONE FINANCIAL STATEMENTS OF NATIONAL
INSURANCE COMPANY LIMITED FOR THE YEAR ENDED 31 MARCH 2020

The preparation of financial statements of National Insurance Company Limited (NICL) for the year
ended 31 March 2020 in accordance with the financial reporting framework prescribed under the Insurance
Act, 1938 read with the Insurance Regulatory and Development Authority (Preparation of Financial
Statements and Auditor’s Report of Insurance Companies) Regulation, 2002 and the Companies Act,
2013 is the responsibility of the management of the company. The statutory auditors appointed by the
Comptroller and Auditor General of India under section 139 (5) of the Act are responsible for expressing
opinion on the financial statements under section 143 of the Act, based on independent audit in accordance
with standards on auditing prescribed under section 143(10) of the Act. This is stated to have been done
by them vide their Audit Report dated 26 September, 2020.

I, on behalf of the Comptroller and Auditor General of India, have conducted a supplementary audit of
the financial statements of National Insurance Company Limited for the year ended 31 March 2020 under
section 143(6)(a) of the Act. This supplementary audit has been carried out independently without access
to the working papers of the statutory auditors and is limited primarily to inquiries of the statutory auditors
and company personnel and a selective examination of some of the accounting records.
,
Based on my supplementary audit, I would like to highlight the following significant matters under
section 143(6)(b) of the Act which have come to my attention and which in my view are necessary for
enabling a better understanding of the financial statements and the related audit report.

A. Comments on Profitability
A.l Profit & Loss Account for the year ended 31st March 2020
Loss after Tax - `4108.34 crore
The above is understated by `132,49 crore due to:

(i) NICL has the claim ratio of less than 80 per cent under Swasthya Sathi Scheme, Accordingly,
NICL was to refund premium of `194.43 crore to the Government of West Bengal as per the
terms of the scheme. While refunding the premium, NICL adjusted premium receivable under
another health scheme i.e. Rastriya Swastha Bima Yojana (RSBY) amounting to `22.93 crore
and refunded `171,50 crore to the Government of West Bengal, which was contested by State
Government.

Amount receivable under RSBY Scheme should not be adjusted against premium to be refunded
under Swasthya Sathi Scheme as these are two different schemes. Further, Premium receivable
against RSBY Scheme was already more than 5 years old and was not acknowledged/accepted
by the Government of West Bengal for which provision should have been created.

233 ANNUAL REPORT 2019-20

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MɪÉÉ* +É® Eèò{É uÉ®É ¨ÉÉSÉÇ 2020 ¨Éå näªÉ ¤ªÉÉVÉ EòÉ ¦ÉÖMÉiÉÉxÉ xÉ½Ó ÊEòªÉÉ MɪÉÉ ÊVɺɺÉä VÉÚxÉ 2020 ¨Éå ´É½ MÉè®EòɪÉÇEòÉ®Ò ºÉÆ{ÉÊkÉ (BxÉ.
{ÉÒ.B) Eäò °  {É ¨Éå ¤Én±É MÉ<Ç*
{ɪÉÉÇ{iÉ |ÉÉ´ÉvÉÉxÉÉå EòÒ ºÉ¨ÉÒIÉÉ ºÉä ªÉ½ näJÉÉ MɪÉÉ ÊEò BxÉ.+É<Ç.ºÉÒ.B±É.EòÉä ÊxɨxÉʱÉÊJÉiÉ ºÉä ºÉƤÉÆÊvÉiÉ {ÉÚhÉÇ ÊxÉ´Éä¶É Eäò ʱÉB 100%
|ÉÉ´ÉvÉÉxÉÉå EòÒ ´ªÉ´ÉºlÉÉ EòÒ VÉÉxÉÒ lÉÒ;
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Eèò{É xÉä Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 Eäò nÉè®ÉxÉ (°  . 5465 Eò®Éäc) EòÉ ¦ÉÉ®Ò xÉÖEòºÉÉxÉ ÊEòªÉÉ*
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EòÒ ½è, VÉÉä ÊEò BEò ËSÉiÉÉ EòÉ Ê´É¹ÉªÉ ½è*
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Ø +É® Eèò{É EòÒ EäòÊb] ®äË]MÉ EòÉä EäòªÉ® A+ (+|Éè±É 2019) ºÉä EäòªÉ® D Eäò ¤ÉÒSÉ bÉ=xÉOÉäb nVÉÇ ÊEòªÉÉ MɪÉÉ ½è ÊVɺɨÉå VÉÉ®ÒEòiÉÉÇ
xÉä (+|Éè±É 2020) EòÉä ºÉ¨¨ÉʱÉiÉ xÉ½Ó ÊEòªÉÉ ½è*
=Hò Ê´ÉkÉÒªÉ ´É¹ÉÇ Eäò ʱÉB ÊxÉ´Éä¶É Eäò ¨ÉÚ±ªÉ ¨Éå Eò¨ÉÒ Eäò |ÉÉ´ÉvÉÉxÉ ºÉä ºÉƤÉÆÊvÉiÉ MÉè®|ÉÉ´ÉvÉÉxÉ Eäò {ÉÊ®hÉɨɺ´É°  {É °  . 20 Eò®Éäc iÉEò EòÒ ½ÉÊxÉ ½Ö<Ç ½è*
(iii) ¨ÉèºÉºÉÇ Ê¦É±ÉÉäºÉÉ <Æbº]ÅÒVÉ |ÉÉ<´Éä] ʱÉʨÉ]äb xÉä BxÉ.+É<Ç.ºÉÒ.B±É ºÉä BEò ¨ÉäMÉÉ Ê®ºEò {ÉÉìʱɺÉÒ ±ÉÒ ½Ö<Ç lÉÒ, ÊVɺɨÉå =xÉEòÉ 37.50%
EòÉ ºÉ½¤ÉÒ¨ÉÉ lÉÉ* BxÉ.+É<Ç.ºÉÒ.B±É xÉä =Hò {ÉÉìʱɺÉÒ Eäò +ÆiÉMÉÇiÉ +{ÉxÉä VÉÉäÊJÉ¨É EòÉä Eò´É® Eò®xÉä Eäò ʱÉB 23.79% Eäò +{ÉxÉä ʽººÉä
{É® {ÉÖxɤÉÔ¨ÉÉ Ê±ÉªÉÉ lÉÉ* ¤ÉÒ¨ÉÉvÉÉ®Eò xÉä {ÉÉìʱɺÉÒ Eäò iɽiÉ (ÊnxÉÉÆEò 23.03.2020 EòÉä) °  . 125 Eò®Éäc EòÉ nÉ´ÉÉ ÊEòªÉÉ, ÊVÉºÉ {É®
BxÉ.+É<Ç.ºÉÒ.B±É xÉä {ÉÖxɤÉÔ¨ÉÉ EòÒ MÉhÉxÉÉ Eäò ={É®ÉÆiÉ °  . 10.59 Eò®Éäc EòÉ |ÉÉ´ÉvÉÉxÉ ÊEòªÉÉ* ºÉ´ÉæIÉEò xÉä +{ÉxÉÒ Ê®{ÉÉä]Ç ÊnxÉÉÆÊEòiÉ
20.05.2020 Eäò +ÉvÉÉ® {É® °  . 915 Eò®Éäc Eäò xÉÖEòºÉÉxÉ EòÉ +ÉEò±ÉxÉ ÊEòªÉÉ* iÉnxÉÖºÉÉ®, BxÉ.+É<Ç.ºÉÒ.B±É. EòÉä {ÉÖxɤÉÔ¨ÉÉ EòÒ
MÉhÉxÉÉ Eäò ¤ÉÉn +{ÉxÉä º´ÉªÉÆ Eäò ¶ÉäªÉ® ºÉä ºÉƤÉÆÊvÉiÉ °  . 81.63 Eò®Éäc1 Eäò |ÉÉ´ÉvÉÉxÉ EòÉä +tiÉxÉ/+{Ébä] Eò®xÉä EòÒ +ɴɶªÉEòiÉÉ
½è* ½É±ÉÉÆÊEò, MÉ论ÉƶÉÉävÉxÉ Eäò {ÉÊ®hÉɨɺ´É°  {É °  . 71.04 Eò®Éäc (`81.63 Eò®Éäc - `10.59 Eò®Éäc) EòÉ |ÉÉ´ÉvÉÉxÉ ÊEòªÉÉ MɪÉÉ*
<ºÉÒ iÉ®½, ¨ÉèºÉºÉÇ B±É BÆb ]Ò ½É<bÅÉäEòɤÉÇxÉ <ÆVÉÒÊxɪÉË®MÉ xÉä xªÉÚ <ÆÊbªÉÉ B¶ªÉÉä®åºÉ EÆò{ÉxÉÒ Ê±ÉʨÉ]äb (BxÉ.+É<Ç.B.ºÉÒ.B±É.)ºÉä BEò
{ÉÉìʱɺÉÒ ±ÉÒ ½Ö<Ç ½è ÊVɺɨÉå BxÉ.+É<Ç.ºÉÒ.B±É. EòÉ 30% EòÉ ºÉ½¤ÉÒ¨ÉÉ ½è* =Hò {ÉÉìʱɺÉÒ Eäò iɽiÉ +{ÉxÉä VÉÉäÊJÉ¨É EòÉä Eò´É® Eò®xÉä
Eäò ʱÉB BxÉ.+É<Ç.ºÉÒ.B±É. xÉä 27.13% Eäò +{ÉxÉä ʽººÉä EòÉ {ÉÖxɤÉÔ¨ÉÉ Ê±ÉªÉÉ lÉÉ* ¤ÉÒ¨ÉÉvÉÉ®Eò xÉä +É<Ç.+É®.+Éä. VÉèEäò] Eäò xÉÖEòºÉÉxÉ
ºÉä ºÉƤÉÆÊvÉiÉ BxÉ.+É<Ç.B.ºÉÒ.B±É. EòÉä ºÉÚÊSÉiÉ ÊEòªÉÉ +Éè® ÊVɺÉä ¤ÉÉn ¨Éå BxÉ.+É<Ç.B.ºÉÒ.B±É xÉä nÉ´ÉÉ |ÉÉ´ÉvÉÉxÉ Eäò ʱÉB BxÉ.+É<Ç.ºÉÒ.
B±É EòÉä ºÉÚÊSÉiÉ ÊEòªÉÉ* iÉnxÉÖºÉÉ®, BxÉ.+É<Ç.ºÉÒ.B±É xÉä °  . 0.03 Eò®Éäc EòÉ |ÉÉ´ÉvÉÉxÉ ÊEòªÉÉ* ºÉ´ÉæIÉEò xÉä ÊnxÉÉÆEò 26-04-2020
EòÒ +{ÉxÉÒ Ê®{ÉÉä]Ç ¨Éå °  . 228 Eò®Éäc EòÒ ½ÉÊxÉ EòÉ +ÉEò±ÉxÉ ÊEòªÉÉ* ÊnxÉÉÆEò 27-05-2020 EòÉä BxÉ.+É<Ç.B.ºÉÒ.B±É xÉä BxÉ.+É<Ç.
ºÉÒ.B±É EòÉä =ºÉEäò nÉ´Éä |ÉÉ´ÉvÉÉxÉÉå EòÉä +tiÉxÉ/+{Ébä] Eò®xÉä Eäò ʱÉB ºÉÚÊSÉiÉ ÊEòªÉÉ* iÉnxÉÖºÉÉ® BxÉ.+É<Ç.ºÉÒ.B±É EòÉä {ÉÖxɤÉÔ¨ÉÉ
{É® Ê´ÉSÉÉ® Eò®xÉä Eäò ={É®ÉÆiÉ +{ÉxÉä º´ÉªÉÆ Eäò ¶ÉäªÉ® ºÉä ºÉƤÉÆÊvÉiÉ °  . 18.55 Eò®Éäc2 Eäò |ÉÉ´ÉvÉÉxÉ EòÉä +tiÉxÉ/+{Ébä] Eò®xÉä EòÒ
+ɴɶªÉEòiÉÉ ½è* ½É±ÉÉÆÊEò, MÉ论ÉƶÉÉävÉxÉ Eäò {ÉÊ®hÉɨɺ´É°  {É °  . 18.52 Eò®Éäc (`18.55 Eò®Éäc - `0.03 Eò®Éäc) EòÉ |ÉÉ´ÉvÉÉxÉ ½è*
1
`915 crore x 37.50 per cent x 23.79 per cent

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 234

Due to the above, amount payable under Swasthya Sathi Scheme, Premium Receivable under RSBY,
Provisions for Doubtful Debts for RSBY and Loss for the year were understated by `22.93 crore.

The issue was also commented on the financial statement for the year 2018-19 but no corrective action
was taken by the Company during the year.

(ii) NICL invested `20 crore in Non-Convertible Debentures (NCDs) of Reliance Capital Ltd (R Cap).
R Cap defaulted in interest payment due in March 2020 and became Non-performing Assets
(NPA) in June 2020.

Review of adequacy of provisions revealed that NICL should have created 100 per cent provision
on the entire investment in view of the following:

Ø R Cap has incurred heavy losses (`5465 crore) during the year 2019-20.
Ø Statutory Auditors of R Cap have expressed material uncertainty regarding the ability of R Cap to
continue as a going concern.
Ø Debenture Trustee has initiated proceedings against the company before the Debt Recovery
Tribunal, Mumbai.
Ø Credit Rating of R Cap has been downgraded CARE A+ (April 2019) to CARE D: Issuer Not
Co- operating (April 2020).

Non-provisioning has resulted in understatement of Provision for diminution in the value of investment with
corresponding understatement of Loss for the year by `20 crore.

(iii) M/s Bhilosa Industries Private Limited had Mega Risk Policy from NICL having his co-insurance
share of 37.50 per cent. NICL to cover its risk under the policy, had taken reinsurance on his share
with retention of 23.79 per cent. Insured lodged (23.03.2020) a claim amounting to `125 crore
under the policy on which NICL created a provision of `10.59 crore after considering reinsurance
recoverable from reinsured. The surveyor vide his report dated 20.05.2020 assessed the loss
for an amount of `915 crore. Accordingly, NICL should have update their own share provision to
`81.631 crore after considering reinsurance. However, non-revision resulted in under provisioning
of `71.04 crore (`81.63 crore - `10.59 crore).

Similarly, there is a policy taken by M/s L&T Hydrocarbon Engg. Ltd from New India Assurance
Co. Ltd. (NIACL) where the NICL is co-insurer having its share of 30 per cent. NICL to cover its
risk under the policy, had taken reinsurance on his share under the policy with retention of 27.13
per cent. Insured intimated NIACL for loss of IRO Jacket and subsequently, NIACL intimated the
NICL for claim provisioning. NICL accordingly created a provision of `0.03 crore. Surveyor in its
report dated 26.04.2020 assessed the loss of `228 crore. NIACL intimated NICL (27.05.2020) for
updating its claim provision. Accordingly, NICL should have update their own share provision to
`18.55 crore2 after considering reinsurance. However, non-revision resulted in under provisioning
of `18.52 crore (`18.55 crore - `0.03 crore).
1
`915 crore x 37.50 per cent x 23.79 per cent

235 ANNUAL REPORT 2019-20

<ºÉ |ÉEòÉ®, ºÉ´ÉæIÉEò Eäò +ÉEò±ÉxÉ Eäò +xÉÖºÉÉ® nÉ´ÉÉå Eäò |ÉÉ´ÉvÉÉxÉ EòÉä MÉ论ÉƶÉÉävÉxÉ Eäò {ÉÊ®hÉɨɺ´É°  {É xÉä] nÉ´ÉÉå EòÉä ±ÉMɦÉMÉ °. 89.56 Eò®Éäc
(`71.04 + `18.52 Eò®Éäc) EòÒ ½ÉÊxÉ Eäò °  {É ¨Éå ¨ÉÉxÉÉ MɪÉÉ ½è*

Eäò ʱÉB B´ÉÆEòÒ +Éä® ºÉä

¦ÉÉ®iÉ Eäò ÊxɪÉÆjÉEò B´ÉÆ ¨É½É±ÉäJÉÉ {É®ÒIÉEò

(¨ÉÉèºÉÖ¨ÉÒ ®ä ¦É^ÉSÉɪÉÇ)
¨É½ÉÊxÉnä¶ÉEò ±ÉäJÉÉ {É®ÒIÉÉ (EòÉäªÉ±ÉÉ)
EòÉä±ÉEòÉiÉÉ
ºlÉÉxÉ: EòÉä±ÉEòÉiÉÉ
ÊnxÉÉÆÊEòiÉ: 27 xɴɨ¤É®, 2020

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 236

Thus, non-revision of claims provision in accordance with the surveyor’s assessment resulted in
understatement of net Claims Outstanding with corresponding understatement of Loss by `89.56 crore
(`71.04 crore + `18.52 crore).

For and on behalf of the

Comptroller & Auditor General of India

(Mausumi Ray Bhattacharyya)

Director General of Audit (Coal)
Kolkata

Place: Kolkata
Dated: 27 November, 2020

237 ANNUAL REPORT 2019-20

31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ´É¹ÉÇ Eäò ʱÉB xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ EÆò{ÉxÉÒ Ê±ÉʨÉ]äb Eäò º]éb+±ÉÉäxÉ Ê´ÉkÉÒªÉ Ê´É´É®hÉ {É® EÆò{ÉxÉÒ +ÊvÉÊxɪɨÉ,
2013 EòÒ vÉÉ®É 143(6)(JÉ) Eäò ºÉÉlÉ {ÉÉÊ`iÉ vÉÉ®É 129(4) Eäò iɽiÉ ¦ÉÉ®iÉ Eäò ÊxɪÉÆjÉhÉ B´ÉÆ ¨É½É±ÉäJÉÉ {É®ÒIÉEò EòÒ Ê]{{ÉhÉÒ

EèòMÉ EòÒ Ê]{{ÉhÉÒ |ɤÉÆvÉxÉ EòÉ VÉ´ÉɤÉ

Eò.1. 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ´É¹ÉÇ Eäò ʱÉB ±ÉÉ¦É B´ÉÆ EÆò{ÉxÉÒ EòÉä {ÉÚhÉÇ Ê´É¶´ÉÉºÉ ½è ÊEò {ÉʸSÉ¨É ¤ÉÆMÉÉ±É ºÉ®EòÉ® EòÉä =ºÉEäò
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½ÉÊxÉ(Eò® Eäò ¤ÉÉn): °  . 4108.34 Eò®Éäc ´ÉºÉÚ±ÉÒ MÉ<Ç ´É½=ÊSÉiÉ ½è B´ÉÆ =Hò ®É榃 ´ÉÉ{ɺÉÒ ªÉÉäMªÉ xÉ½Ó ½è,
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(i) BxÉ.+É<Ç.ºÉÒ.B±É. Eäò {ÉÉºÉ º´ÉɺlªÉ ºÉÉlÉÒ ªÉÉäVÉxÉÉ Eäò iɽiÉ 80 @  hÉÉå EòÒ {ÉÊ®ºÉÆ{ÉÊkÉ Eäò ʱÉB ÊEòºÉÒ |ÉÉ´ÉvÉÉxÉ EòÒ +ɴɶªÉEòiÉÉ ½è*
|ÉÊiɶÉiÉ ºÉä Eò¨É EòÉ nÉ´ÉÉ +xÉÖ{ÉÉiÉ ½è* iÉnxÉÖºÉÉ®, BxÉ.+É<Ç. EÆò{ÉxÉÒ Eäò +xÉÖºÉÉ®, º´ÉɺlªÉ ºÉÉlÉÒ ªÉÉäVÉxÉÉ Eäò +ÆiÉMÉÇiÉ {ÉʶSɨÉ
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ºÉ®EòÉ® EòÉä °  . 194.43 Eò®Éäc EòÉ |ÉÒÊ¨ÉªÉ¨É ´ÉÉ{ÉºÉ Eò®xÉÉ lÉÉ* Eäò ®É¹]ÅÒªÉ º´ÉɺlªÉ ¤ÉÒ¨ÉÉ ªÉÉäVÉxÉÉ Eäò iɽiÉ +ÉxÉä ´ÉɱÉä nÉ´Éä Eäò ʱÉB
|ÉÒÊ¨ÉªÉ¨É ´ÉÉ{ÉºÉ Eò®iÉä ºÉ¨ÉªÉ, BxÉ.+É<Ç.ºÉÒ.B±É. xÉä BEò +xªÉ ºÉƤÉÆÊvÉiÉ ®ÉVªÉ ºÉ®EòÉ® xÉä EÆò{ÉxÉÒ Eäò ÊJɱÉÉ¡ò EòÉxÉÚxÉÒ EòɪÉÇ´ÉɽÒ
º´ÉɺlªÉ ªÉÉäVÉxÉÉ ªÉÉÊxÉ ®É¹]ÅÒªÉ º´ÉɺlªÉ ¤ÉÒ¨ÉÉ ªÉÉäVÉxÉÉ (+É®. ¶ÉÖ° Eò® nÒ ½è +Éè® ÊxÉhÉÇªÉ EÆò{ÉxÉÒ Eäò Ê´É°  r ʱɪÉÉ VÉÉxÉä ´ÉɱÉÉ ½è*
BºÉ.¤ÉÒ.´ÉÉ<Ç) Eäò iɽiÉ °  . 22.93 Eò®Éäc EòÒ |ÉÉ{ªÉ |ÉÒÊ¨ÉªÉ¨É <xÉ ={ɪÉÖÇHò +ÉEòʺ¨ÉEòiÉÉ+Éå Eäò EòÉ®hÉ, °  . 22.93 Eò®Éäc EòÒ
EòÉä ºÉ¨ÉɪÉÉäÊVÉiÉ ÊEòªÉÉ ½è +Éè® {ÉʶSÉ¨É ¤ÉÆMÉÉ±É ºÉ®EòÉ® EòÉä ºÉ¨ÉɪÉÉäÊVÉiÉ ®É榃 EòÉä Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 ¨Éå +ÉEòʺ¨ÉEò näªÉiÉÉ
171.50 Eò®Éäc °  {ɪÉä ´ÉÉ{ÉºÉ ÊEòªÉä MɪÉä, ÊVɺÉä ®ÉVªÉ ºÉ®EòÉ® Eäò °  {É ¨Éå =ʱ±ÉÊJÉiÉ EòÒ MÉ<Ç ½è*
uÉ®É SÉÖxÉÉèiÉÒ nÒ MÉ<Ç lÉÒ*
+É®.BºÉ.¤ÉÒ.+É<Ç. ªÉÉäVÉxÉÉ Eäò iɽiÉ |ÉÉ{ªÉ ®É榃 EòÉä º´ÉɺlªÉ
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Eäò |ÉÊiÉ ºÉ¨ÉɪÉÉäÊVÉiÉ xÉ½Ó ÊEòªÉÉ VÉÉxÉÉ SÉÉʽB CªÉÉåÊEò ªÉä nÉä
+±ÉMÉ-+±ÉMÉ ªÉÉäVÉxÉɪÉå ½é* <ºÉEäò +±ÉÉ´ÉÉ, +É®.BºÉ.¤ÉÒ.´ÉÉ<Ç
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lÉä*
={ɪÉÖÇHò Eäò EòÉ®hÉ ºÉä º´ÉɺlªÉ ºÉÉlÉÒ ªÉÉäVÉxÉÉ Eäò iɽiÉ näªÉ
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Ê´ÉkÉ ´É¹ÉÇ ¨Éå °  . 22.93 Eò®Éäc iÉEò EòÒ ½ÉÊxÉ näJÉÒ MÉ<Ç*
=Hò Ê´É¹ÉªÉ ºÉä ºÉƤÉÆÊvÉiÉ Ê´ÉkÉÒªÉ Ê´É´É®hÉ ´É¹ÉÇ 2018-19 ¨Éå ¦ÉÒ
Ê]{{ÉhÉÒ EòÒ MÉ<Ç lÉÒ {É®ÆiÉÖ EÆò{ÉxÉÒ uÉ®É EòÉä<Ç ¦ÉÒ ºÉÖvÉÉ®Éi¨ÉEò
EòɮǴÉÉ<Ç xÉ½Ó EòÒ MÉ<Ç*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 238

COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION
143(6)(b) READ WITH SECTION 129(4) OF THE COMPANIES ACT, 2013 ON THE STANDALONE
FINANCIAL STATEMENTS OF NATIONAL INSURANCE COMPANY LIMITED FOR THE YEAR ENDED
31ST MARCH, 2020

COMMENTS OF THE C&AG MANAGEMENT’S REPLY

A.1 Profit & Loss Account for the year ended The Company is confident that the amount rightfully
31st March 2020 recovered from the Govt. of West Bengal by way
Loss after Tax – `4108.34 crore of adjustment against amount payable to the same
Government is not refundable and hence, there is
The above is understated by `132.49 crore due to:
no question of restoring both the settled assets
(i) NICL has the claim ratio of less than 80 per cent and liabilities and making a provision for bad and
under Swasthya Sathi Scheme. Accordingly, doubtful debts against the assets.
NICL was to refund premium of `194.43 crore
According to the Company, liability to pay to the
to the Government of West Bengal as per
Government of West Bengal under Swasthya Sathi
the terms of the scheme. While refunding the
Scheme, forgoing its claim arising in Rastriya
premium, NICL adjusted premium receivable
Swastha Bima Yojana of the same Government,
under another health scheme i.e. Rastriya
is contingent upon the State Govt. initiating
Swastha Bima Yojana (RSBY) amounting to
legal proceedings against the Company and the
`22.93 crore and refunded `171.50 crore to
judgement going against the Company
the Government of West Bengal, which was
contested by State Government. Due to these above stated contingencies, the
adjusted amount of `22.93 crore is disclosed as
Amount receivable under RSBY Scheme
Contingent Liability in the accounts of 2019-20.
should not be adjusted against premium to
be refunded under Swasthya Sathi Scheme
as these are two different schemes. Further,
Premium receivable against RSBY Scheme
was already more than 5 years old and was not
acknowledged/accepted by the Government of
West Bengal for which provision should have
been created.
Due to the above, amount payable under
Swasthya Sathi Scheme, Premium Receivable
under RSBY, Provisions for Doubtful Debts for
RSBY and Loss for the year were understated
by `22.93 crore.
The issue was also commented on the
financial statement for the year 2018-19 but no
corrective action was taken by the Company
during the the year.

239 ANNUAL REPORT 2019-20

 (ii) BxÉ.+É<Ç.ºÉÒ.B±É. uÉ®É Ê®±ÉÉ<ÆºÉ Eèò{ÉÒ]±É (+Éè® Eèò{É) Eäò
MÉè®{ÉÊ®´ÉiÉÇxÉÒªÉ Êb¤ÉåSÉ®Éå(BxɺÉÒbÒ) ¨Éå °  . 20 Eò®Éäc EòÉ ÊxÉ´Éä¶É
ÊEòªÉÉ MɪÉÉ* +É® Eèò{É uÉ®É ¨ÉÉSÉÇ 2020 ¨Éå näªÉ ¤ªÉÉVÉ EòÉ
¦ÉÖMÉiÉÉxÉ xÉ½Ó ÊEòªÉÉ MɪÉÉ ÊVɺɺÉä VÉÚxÉ 2020 ¨Éå ´É½ MÉè®EòɪÉÇEòÉ®Ò
ºÉÆ{ÉÊkÉ (BxÉ.{ÉÒ.B) Eäò °  {É ¨Éå ¤Én±É MÉ<Ç*
{ɪÉÉÇ{iÉ |ÉÉ´ÉvÉÉxÉÉå EòÒ ºÉ¨ÉÒIÉÉ ºÉä ªÉ½ näJÉÉ MɪÉÉ ÊEò BxÉ.+É<Ç.
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100 |ÉÉ´ÉvÉÉxÉÉå EòÒ ´ªÉ´ÉºlÉÉ EòÒ VÉÉxÉÒ lÉÒ;
a. +É®Eèò{É xÉä Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 Eäò nÉè®ÉxÉ (°  . 5465
Eò®Éäc) EòÉ ¦ÉÉ®Ò xÉÖEòºÉÉxÉ ÊEòªÉÉ*
b. +É® Eèò{É Eäò ºÉÉÆÊ´ÉÊvÉEò ±ÉäJÉÉ {É®ÒIÉEò xÉä +É® Eèò{É
Eäò ´ªÉ´ÉºÉÉªÉ EòÉä VÉÉ®Ò ®JÉxÉä EòÒ IɨÉiÉÉ ºÉä ºÉƤÉÆÊvÉiÉ
+ÊxÉʶSÉiÉiÉÉ |ÉEò] EòÒ ½è, VÉÉä ÊEò BEò ËSÉiÉÉ EòÉ Ê´É¹ÉªÉ ½è*
c. Êb¤ÉåSÉ® ]ź]Ò xÉä @  hÉ ´ÉºÉÚ±ÉÒ xªÉɪÉÉÊvÉEò®hÉ, ¨ÉÖƤÉ<Ç ¨Éå
EÆò{ÉxÉÒ Eäò ÊJɱÉÉ¡ò ªÉÉÊSÉEòÉ nɪɮ EòÒ ½Ö<Ç ½è*
d. +É® Eèò{É EòÒ EäòÊb] ®äË]MÉ EòÉä EäòªÉ® A+ (+|Éè±É 2019)
ºÉä EäòªÉ® D Eäò ¤ÉÒSÉ bÉ=xÉOÉäb nVÉÇ ÊEòªÉÉ MɪÉÉ ½èÊVɺɨÉå
VÉÉ®ÒEòiÉÉÇ xÉä (+|Éè±É 2020) EòÉä ºÉ¨¨ÉʱÉiÉ xÉ½Ó ÊEòªÉÉ ½è*
=Hò Ê´ÉkÉÒªÉ ´É¹ÉÇ Eäò ʱÉB ÊxÉ´Éä¶É Eäò ¨ÉÚ±ªÉ ¨Éå Eò¨ÉÒ Eäò
|ÉÉ´ÉvÉÉxÉ ºÉä ºÉƤÉÆÊvÉiÉ MÉè®|ÉÉ´ÉvÉÉxÉ Eäò {ÉÊ®hÉɨɺ´É°  {É °  . 20
Eò®Éäc iÉEò EòÒ ½ÉÊxÉ ½Ö<Ç ½è*
(iii) ¨ÉèºÉºÉÇ Ê¦É±ÉÉäºÉÉ <Æbº]ÅÒVÉ |ÉÉ<´Éä] ʱÉʨÉ]äb xÉä BxÉ.+É<Ç.ºÉÒ.
B±É ºÉä BEò ¨ÉäMÉÉ Ê®ºEò {ÉÉìʱɺÉÒ ±ÉÒ ½Ö<Ç lÉÒ, ÊVɺɨÉå =xÉEòÉ
37.50% EòÉ ºÉ½¤ÉÒ¨ÉÉ lÉÉ* BxÉ.+É<Ç.ºÉÒ.B±É xÉä =Hò {ÉÉìʱɺÉÒ
Eäò +ÆiÉMÉÇiÉ +{ÉxÉä VÉÉäÊJÉ¨É EòÉä Eò´É® Eò®xÉä Eäò ʱÉB 23.79%
Eäò +{ÉxÉä ʽººÉä {É® {ÉÖxɤÉÔ¨ÉÉ Ê±ÉªÉÉ lÉÉ* ¤ÉÒ¨ÉÉvÉÉ®Eò xÉä {ÉÉìʱɺÉÒ
Eäò iɽiÉ (ÊnxÉÉÆEò 23.03.2020 EòÉä) °  .125 Eò®Éäc EòÉ nÉ´ÉÉ
ÊEòªÉÉ, ÊVÉºÉ {É® BxÉ.+É<Ç.ºÉÒ.B±É xÉä {ÉÖxɤÉÔ¨ÉÉ EòÒ MÉhÉxÉÉ
Eäò ={É®ÉÆiÉ °  .10.59 Eò®Éäc EòÉ |ÉÉ´ÉvÉÉxÉ ÊEòªÉÉ* ºÉ´ÉæIÉEò
xÉä +{ÉxÉÒ Ê®{ÉÉä]Ç ÊnxÉÉÆÊEòiÉ 20.05.2020 Eäò +ÉvÉÉ® {É®
°  . 915 Eò®Éäc Eäò xÉÖEòºÉÉxÉ EòÉ +ÉEò±ÉxÉ ÊEòªÉÉ* iÉnxÉÖºÉÉ®,
BxÉ.+É<Ç.ºÉÒ.B±É. EòÉä {ÉÖxɤÉÔ¨ÉÉ EòÒ MÉhÉxÉÉ Eäò ¤ÉÉn +{ÉxÉä
º´ÉªÉÆ Eäò ¶ÉäªÉ® ºÉä ºÉƤÉÆÊvÉiÉ °  . 81.63 Eò®Éäc Eäò |ÉÉ´ÉvÉÉxÉ
EòÉä +tiÉxÉ/+{Ébä] Eò®xÉä EòÒ +ɴɸªÉEòiÉÉ ½è* ½É±ÉÉÆÊEò,
MÉ论ÉƶÉÉävÉxÉ Eäò {ÉÊ®hÉɨɺ´É°{É °. 71.04 Eò®Éäc (`81.63
Eò®Éäc - `10.59 Eò®Éäc) EòÉ |ÉÉ´ÉvÉÉxÉ ÊEòªÉÉ MɪÉÉ*
´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20
EÆò{ÉxÉÒ xÉä +É<Ç.+É®.bÒ.B.+É<Ç Eäò {ÉÊ®{ÉjÉ ÊnxÉÉÆÊEòiÉ 24.01.2007
EòÉ +xÉÖ{ÉɱÉxÉ ÊEòªÉÉ MɪÉÉ VÉÉä ÊEò +ÉªÉ EòÒ {ɽSÉÉxÉ, ºÉÆ{ÉÊkÉ
´ÉMÉÔEò®hÉ, |ÉÉ´ÉvÉÉxÉ B´ÉÆ +xªÉ ºÉƤÉÆÊvÉiÉ ¨ÉɨɱÉÉå Eäò ʱÉB Ê´É´ÉäEò{ÉÚhÉÇ
¨ÉÉxÉnÆbÉåºÉä ºÉƤÉÆÊvÉiÉ lÉÉ iÉlÉÉ JÉÉiÉä EòÉä =ºÉ ʺlÉÊiÉ ¨Éå BxÉ.{ÉÒ.B. Eäò
°{É ¨Éå ´ÉMÉÔEÞòiÉ ÊEòªÉÉ VÉ¤É ÊEòºiÉ/¤ªÉÉVÉ 90 ÊnxÉÉå ºÉä +ÊvÉEò Eäò
ʱÉB näªÉ lÉÉ* Ê®±ÉÉ<ÆºÉ Eèò{ÉÒ]±É ʱÉʨÉ]äb (+É® Eèò{É) Eäò ¨ÉɨɱÉä
¨Éå 18 ¨ÉÉSÉÇ, 2020 EòÉä ¤ªÉÉVÉ ¦ÉÖMÉiÉÉxÉ ¨Éå SÉÚEò ½Ö<Ç lÉÒ ÊVɺÉEäò
iÉnxÉÖºÉÉ®, <ºÉ JÉÉiÉä EòÉä 17 VÉÚxÉ 2020 EòÉä BxÉ.{ÉÒ.B. Eäò °  {É
¨Éå ´ÉMÉÔEÞòiÉ Eò® ÊnªÉÉ MɪÉÉ lÉÉ* SÉÚÆÊEò +É® Eèò{É ¨Éå ½¨ÉÉ®ä ÊxÉ´Éä¶É
EòÉä 31 ¨ÉÉSÉÇ, 2020 ºÉä {ɽ±Éä BxÉ.{ÉÒ.B. Eäò °{É ¨Éå ´ÉMÉÔEÞòiÉ xɽÓ
ÊEòªÉÉ MɪÉÉ lÉÉ <ºÉʱÉB =Hò ºÉä ºÉƤÉÆÊvÉiÉ ÊxɪÉɨÉEò +ɴɶªÉEòiÉÉ
Eäò +xÉÖºÉÉ® EòÉä<Ç |ÉÉ´ÉvÉÉxÉ ÊEòªÉä VÉÉxÉä EòÒ +ɴɸªÉEòiÉÉ xÉ½Ó lÉÒ*
½É±ÉÉÆÊEò, EèòMÉ +ÉìÊb] Eäò ºÉÖZÉÉ´É Eäò +xÉÖºÉÉ® EÆò{ÉxÉÒ xÉä Ê´ÉkÉÒªÉ
´É¹ÉÇ 2020-21 EòÒ {ɽ±ÉÒ ÊiɨÉÉ½Ò ¨Éå 20 Eò®Éäc °  {ɪÉä EòÉ {ÉÚhÉÇ
|ÉÉ´ÉvÉÉxÉ ÊEòªÉÉ ½è*
EòÉäÊ´Éb-19 ¨É½É¨ÉÉ®Ò Eäò |ÉEòÉä{É Eäò ¡èò±ÉxÉä iÉlÉÉ 25 ¨ÉÉSÉÇ, 2020
ºÉä +ÊJÉ±É ¦ÉÉ®iÉÒªÉ ºiÉ® {É® ±ÉÉìEòbÉ=xÉ ±ÉMÉɪÉä VÉÉxÉä Eäò EòÉ®hÉ
EÆò{ÉxÉÒ Eäò ºÉÆ{ÉÚhÉÇ ¦ÉÉ®iÉ ¨Éå ºÉÆSÉÉʱÉiÉ ºÉ¦ÉÒ EòɪÉÉDZɪÉÉå ¨Éå ºÉɨÉÉxªÉ
MÉÊiÉÊ´ÉÊvɪÉÉÄ ªÉÉ EòɨÉEòÉVÉ Eäò ºÉÖSÉɱÉxÉ {É® ¤ÉÖ®É |ɦÉÉ´É {ÉcÉ*
<ºÉ +ºÉɨÉÉxªÉ ʺlÉÊiÉ ºÉä ÊxÉ{É]xÉä Eäò ʱÉB EÆò{ÉxÉÒ xÉä BEò ʴɶÉä¹É
+ʦɪÉÉxÉ SɱÉɪÉÉ ÊVɺɨÉå 31 ¨ÉÉSÉÇ, 2020 iÉEò ½ÉäxÉä ´ÉɱÉä ¤Écä
nÉ´ÉÉå ºÉä ºÉƤÉÆÊvÉiÉ ºÉ¦ÉÒ ¤ÉÖËEòMÉ EòÉä GòÉìºÉSÉäEò ÊEòªÉÉ, SÉÉ½ä ¦É±Éä ½Ò
=ºÉEòÉä 31 ¨ÉÉSÉÇ, 2020 ¤ÉÉn ¨Éå Eò]+Éì¡ò EòÒ ÊiÉÊlÉ 31 ¨É<Ç, 2020
iÉEò nVÉÇ ÊEòªÉÉ MɪÉÉ ½Éä, {É®ÆiÉÖ ºÉÆn̦ÉiÉ ¨ÉɨɱÉÉå Eäò ºÉƶÉÉäÊvÉiÉ nÉ´ÉÉå
EòÉä ÊVÉx½å 31 ¨É<Ç, 2020 Eäò ¤ÉÉn nVÉÇ ÊEòªÉÉ MɪÉÉ lÉÉ, =x½ånÉ´ÉÉå
EòÉä GòÉìºÉSÉäËEòMÉ B´ÉÆ Ê´É¸±Éä¹ÉhÉ Eäò ʱÉB |ÉÉ{iÉ EåòpÒEÞòiÉ +ÉÆEòcä ¨Éå
¶ÉÉÊ¨É±É xÉ½Ó ÊEòªÉÉ VÉÉ ºÉEòÉ, +iÉ: =Hò nÉ´ÉÉå Eäò ʱÉB |ÉÉ´ÉvÉÉxÉ
xÉ½Ó ÊEòªÉä VÉÉ ºÉEäò*
240
(ii) NICL invested `20 crore in Non-Convertible
Debentures (NCDs) of Reliance Capital Ltd (R
Cap). R Cap defaulted in interest payment due
in March 2020 and became Non-performing
Assets (NPA) in June 2020.
Review of adequacy of provisions revealed
that NICL should have created 100 per cent
provision on the entire investment in view of
the following:
a. R Cap has incurred heavy losses (`5465 crore)
during the year 2019-20.
b. Statutory Auditors of R Cap have expressed
material uncertainty regarding the ability of
R Cap to continue as a going concern.
c. Debenture Trustee has initiated proceedings
against the company before the Debt
Recovery Tribunal, Mumbai.
d. Credit Rating of R Cap has been downgraded
CARE A+ (April 2019) to CARE D: Issuer
Not Co- operating (April 2020).
Non-provisioning has resulted in
understatement of Provision for diminution in
the value of investment with corresponding
understatement of Loss for the year by `20
crore.
(iii) M/s Bhilosa Industries Private Limited had
Mega Risk Policy from NICL having his co-
insurance share of 37.50 per cent. NICL to
cover its risk under the policy, had taken
reinsurance on his share with retention of 23.79
per cent. Insured lodged (23.03.2020) a claim
amounting to `125 crore under the policy on
which NICL created a provision of `10.59 crore
after considering reinsurance recoverable from
reinsured. The surveyor vide his report dated
20.05.2020 assessed the loss for an amount
of `915 crore. Accordingly, NICL should have
update their own share provision to `81.63
crore after considering reinsurance. However,
non-revision resulted in under provisioning of
`71.04 crore (`81.63 crore - `10.59 crore).
241
The Company followed IRDAI circular dated 24-01-
2007 on “Prudential norms for Income Recognition,
assets classification and provisioning and other
related matters”, and classified the account as
NPA when Installment / Interest was overdue for
more than 90 days. In the case of Reliance Capital
Ltd. (R Cap), default in interest payment occurred
on 18th March, 2020.
Accordingly the account was classified as NPA as
on 17th June 2020. Since our investments in R
Cap was not classified as NPA before 31st March,
2020, no provision was required to be made in
accordance with the regulatory requirement
However, as suggested by the C&AG Audit, the
Company has made full provision of `20 crores in
the first quarter of FY 2020-21.
Due to Covid-19 fallout and pan India lockdown
for a prolonged period commencing from 25th
March-2020, there was total disruption in
the normal activities or functioning at all the
offices of the Company spread all over India.
To cope up with this unusual situation, the
Company took a special drive and cross-
checked all the bookings of large claims having
loss date within 31st March, 2020 but registered
after 31st March,2020 till the cut-off date 31st
May, 2020. As the revised claims of the referred
cases were registered after 31st May, 2020,
these claims did not appear in the centralised
data obtained for cross checking and analysis
and hence, claim provisions could not be made.
ANNUAL REPORT 2019-20
 <ºÉÒ iÉ®½, ¨ÉèºÉºÉÇ B±É BÆb ]Ò ½É<bÅÉäEòɤÉÇxÉ <ÆVÉÒÊxɪÉË®MÉ xÉä =Hò nÉäxÉÉå ¨ÉɨɱÉÉå Eäò ʱÉB EèòMÉ +ÉìÊb] Eäò ºÉÖZÉÉ´É Eäò +xÉÖºÉÉ®
xªÉÚ <ÆÊbªÉÉ B¶ªÉÉä®åºÉ EÆò{ÉxÉÒ Ê±ÉʨÉ]äb (BxÉ.+É<Ç.B.ºÉÒ.B±É.) EÆò{ÉxÉÒ xÉä <xÉ +ɴɶªÉEò nÉ´ÉÉå Eäò ʱÉBÊ´ÉkÉ ´É¹ÉÇ 2020-21 EòÒ
ºÉä BEò {ÉÉìʱɺÉÒ ±ÉÒ ½Ö<Ç ½èÊVɺɨÉå BxÉ.+É<Ç.ºÉÒ.B±É. EòÉ 30 {ɽ±ÉÒ ÊiɨÉÉ½Ò ¨Éå |ÉÉ´ÉvÉÉxÉ ÊEòªÉä ½é*
EòÉ ºÉ½¤ÉÒ¨ÉÉ ½è* =Hò {ÉÉìʱɺÉÒ Eäò iɽiÉ +{ÉxÉä VÉÉäÊJÉ¨É EòÉä
Eò´É® Eò®xÉä Eäò ʱÉB BxÉ.+É<Ç.ºÉÒ.B±É. xÉä 27.13% Eäò +{ÉxÉä
ʽººÉä EòÉ {ÉÖxɤÉÔ¨ÉÉ Ê±ÉªÉÉ lÉÉ* ¤ÉÒ¨ÉÉvÉÉ®Eò xÉä +É<Ç.+É®.+Éä.
VÉèEäò] Eäò xÉÖEòºÉÉxÉ ºÉä ºÉƤÉÆÊvÉiÉ BxÉ.+É<Ç.B.ºÉÒ.B±É. EòÉä
ºÉÚÊSÉiÉ ÊEòªÉÉ +Éè® ÊVɺÉä ¤ÉÉn ¨Éå BxÉ.+É<Ç.B.ºÉÒ.B±É xÉä
nÉ´ÉÉ |ÉÉ´ÉvÉÉxÉ Eäò ʱÉB BxÉ.+É<Ç.ºÉÒ.B±É EòÉä ºÉÚÊSÉiÉ ÊEòªÉÉ*
iÉnxÉÖºÉÉ®,BxÉ.+É<Ç.ºÉÒ.B±É xÉä °  . 0.03 Eò®Éäc EòÉ |ÉÉ´ÉvÉÉxÉ
ÊEòªÉÉ* ºÉ´ÉæIÉEò xÉä ÊnxÉÉÆEò 26.04.2020 EòÒ +{ÉxÉÒ Ê®{ÉÉä]
Ç ¨Éå °  . 228 Eò®Éäc EòÒ ½ÉÊxÉ EòÉ +ÉEò±ÉxÉ ÊEòªÉÉ* ÊnxÉÉÆEò
27.05.2020 EòÉä BxÉ.+É<Ç.B.ºÉÒ.B±ÉxÉä BxÉ.+É<Ç.ºÉÒ.B±É EòÉä
=ºÉEäò nÉ´Éä |ÉÉ´ÉvÉÉxÉÉå EòÉä +tiÉxÉ/+{Ébä] Eò®xÉä Eäò ʱÉB
ºÉÚÊSÉiÉ ÊEòªÉÉ* iÉnxÉÖºÉÉ® BxÉ.+É<Ç.ºÉÒ.B±É EòÉä {ÉÖxɤÉÔ¨ÉÉ {É®
Ê´ÉSÉÉ® Eò®xÉä Eäò ={É®ÉÆiÉ +{ÉxÉä º´ÉªÉÆ Eäò ¶ÉäªÉ® ºÉä ºÉƤÉÆÊvÉiÉ
°  . 18.55 Eò®Éäc Eäò |ÉÉ´ÉvÉÉxÉ EòÉä +tiÉxÉ/+{Ébä] Eò®xÉä
EòÒ +ɴɶªÉEòiÉÉ ½è* ½É±ÉÉÆÊEò, MÉ论ÉƶÉÉävÉxÉ Eäò {ÉÊ®hÉɨɺ´É°  {É
°  . 18.52 Eò®Éäc (`18.55 Eò®Éäc - `0.03 Eò®Éäc) EòÉ
|ÉÉ´ÉvÉÉxÉ ½è*
<ºÉ |ÉEòÉ®, ºÉ´ÉæIÉEò Eäò +ÉEò±ÉxÉ Eäò +xÉÖºÉÉ® nÉ´ÉÉå Eäò |ÉÉ´ÉvÉÉxÉ
EòÉä MÉ论ÉƶÉÉävÉxÉ Eäò {ÉÊ®hÉɨɺ´É°{É xÉä] nÉ´ÉÉå EòÉä ±ÉMɦÉMÉ
°  . 89.56 Eò®Éäc (`71.04 Eò®Éäc + `18.52 Eò®Éäc) EòÒ
½ÉÊxÉ Eäò °  {É ¨Éå ¨ÉÉxÉÉ MɪÉÉ ½è*

Eäò ʱÉB B´ÉÆ EòÒ +Éä® ºÉä ÊxÉnä¶ÉEò ¨ÉÆc±É

¦ÉÉ®iÉ Eäò ÊxɪÉÆjÉEò B´ÉÆ ¨É½É±ÉäJÉÉ {É®ÒIÉEò Eäò ʱÉB B´ÉÆ EòÒ +Éä® ºÉä
½ºiÉÉ/-
(¨ÉÉèºÉÖ¨ÉÒ ®ä ¦É^ÉSÉɪÉÇ) ½ºiÉÉ/-
¨É½ÉÊxÉnä¶ÉEò ±ÉäJÉÉ {É®ÒIÉÉ (EòÉäªÉ±ÉÉ) (iÉËVÉn® ¨ÉÖJÉVÉÔ)
EòÉä±ÉEòÉiÉÉ +vªÉIÉ +Éè® ºÉ½|ɤÉÆvÉxÉ ÊxÉnä¶ÉEò

EòÉä±ÉEòÉiÉÉ, EòÉä±ÉEòÉiÉÉ,
27 xɴɨ¤É®, 2020 27 xɴɨ¤É®, 2020

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 242

 Similarly, there is a policy taken by M/s L&T Necessary claim provisions as suggested by the
Hydrocarbon Engg. Ltd. from New India C&AG Audit for these two cases mentioned, have
Assurance Co. Ltd. (NIACL) where the NICL been taken in the 1st quarter accounts of the FY
is co-insurer having its share of 30 per cent. 2020-21.
NICL to cover its risk under the policy, had
taken reinsurance on his share under the
policy with retention of 27.13 per cent. Insured
intimated NIACL for loss of IRO Jacket and
subsequently, NIACL intimated the NICL for
claim provisioning. NICL accordingly created a
provision of `0.03 crore. Surveyor in its report
dated 26.04.2020 assessed the loss of `228
crore. NIACL intimated NICL (27.05.2020) for
updating its claim provision. Accordingly, NICL
should have update their own share provision
to `18.55 crore after considering reinsurance.
However, non-revision resulted in under
provisioning of `18.52 crore (`18.55 crore -
`0.03 crore).

Thus, non-revision of claims provision

in accordance with the surveyor’s
assessment resulted in understatement of
net Claims Outstanding with corresponding
understatement of Loss by `89.56 crore
(`71.04 crore +`18.52 crore).

For and on behalf of the For and on behalf of the Board of Directors
Comptroller & Auditor General of India

Sd/- Sd/-
(Mausumi Ray Bhattacharyya) (Tajinder Mukherjee)
Director General of Audit (Coal) Chairman-cum-Managing Director
Kolkata

Kolkata, Kolkata,
27th November, 2020 27th November, 2020

243 ANNUAL REPORT 2019-20

 |É{ÉjÉ B-RA
ÊnxÉÉÆEò 28 VÉxÉ´É®Ò, 2020 EòÉä xÉ´ÉÒEÞòiÉ ½Ö<Ç IRDA {ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ 58
ºÉÒ+É<ÇBxÉ: U10200WB1906GOI001713
31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB ´É¹ÉÇ EòÉ +ÊMxÉ ®ÉVɺ´É ±ÉäJÉÉ
2019-20 2018-19
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ {É®ÒÊIÉiÉ {É®ÒÊIÉiÉ
(` ‘000) (` ‘000)
1. +ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É (ÊxɴɱÉ) 1A 6,523,146 6,973,112
2. ±ÉɦÉ/ʤÉGòÒ {É® ½ÉÊxÉ/ÊxÉ´Éä¶É {É® UÖ] 525,683 1,366,617
3. +xªÉ: - -
Ê´ÉÊxÉ¨ÉªÉ ±ÉÉ¦É - -
+ÊiÉÊ®Hò <Ç+ÉäB¨É EòÒ +Éä® ¶ÉäªÉ®vÉÉ®EòÉä EòÒ ÊxÉÊvÉ ºÉä +ƶÉnÉxÉ 1,073,329 -
4. ¤ªÉÉVÉ, ±ÉɦÉÉÆ¶É +Éè® ÊEò®ÉªÉÉ - ºÉEò±É 1,190,799 1,253,402
EÖò±É (A) 9,312,957 9,593,131
1. ={ÉMÉiÉ ½ÖB nÉ´Éå (ÊxɴɱÉ) 2A 5,030,116 3,898,636
2. Eò¨ÉÒ¶ÉxÉ 3A 911,411 697,323
3. ¤ÉÒ¨ÉÉ ´ªÉ´ÉºÉÉªÉ ºÉä ºÉƤÉÆÊvÉiÉ {ÉÊ®SÉɱÉxÉ ´ªÉªÉ 4 3,327,002 1,594,487
4. +xªÉ:
Ê´ÉÊxÉ¨ÉªÉ ½ÉÊxÉ - -
ÊxÉ´Éä¶É Eäò ¨ÉÚ±ªÉ ¨Éå +´ÉxÉÊiÉ EòÉ |ÉÉ´ÉvÉÉxÉ, ÊxÉ´Éä¶É {É® |ÉÒÊ¨ÉªÉ¨É EòÉ {ÉÊ®¶ÉÉävÉxÉ, iÉlÉÉ 195,545 43,103
¨ÉÚ±ªÉ¿ÉºÉ ÊxÉ´Éä¶É Eäò ºÉƤÉÆvÉ ¨Éå ʱÉJÉÒ MÉ<Ç ®ÉʶÉ
EÖò±É (B) 9,464,074 6,233,549
{ÉÊ®SÉɱÉxÉ ±ÉɦÉ/+ÊMxÉ ´ªÉ´ÉºÉÉªÉ ºÉä ½Ö<Ç ½ÉÊxÉ
C = (A - B) -151,117 3,359,582
Ê´ÉÊxɪÉÉäMÉ:
¶ÉäªÉ®vÉÉ®EòÉå Eäò JÉÉiÉä EòÉä ºlÉÉxÉÉÆiÉ®hÉ -151,117 3,359,582
+É{ÉnÉ +É®ÊIÉiÉ EòÉä ºlÉÉxÉÉÆiÉ®hÉ - -
+xªÉ +É®ÊIÉiÉ EòÉä ºlÉÉxÉÉÆiÉ®hÉ - -
EÖò±É (C) -151,117 3,359,582
¨É½i´É{ÉÚhÉÇ ±ÉäJÉÉ {ÉÉʱÉʺɪÉÉÆ 16
JÉÉiÉÉå Eäò ʱÉB xÉÉä]弃 17
=ʱ±ÉÊJÉiÉ +xÉÖºÉÚÊSɪÉÉÆ Ê´ÉkÉÒªÉ Ê´É´É®hÉÉå EòÉ BEò +ʦÉxxÉ +ÆMÉ ½è
ªÉ½ 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ´É¹ÉÇ Eäò ʱÉB +ÊMxÉ ¤ÉÒ¨ÉÉ ®ÉVɺ´É JÉÉiÉÉ ½è, VÉÉä ÊEò
¤É®É¤É® iÉÉ®ÒJÉ EòÒ ½¨ÉÉ®Ò Ê®{ÉÉä]Ç ¨Éå ÊnªÉÉ MɪÉÉ ½è*
ÊxÉnä¶ÉEò ¨ÉÆb±É Eäò ʱÉB +Éè® =ºÉEòÒ iÉ®¡ò ºÉä
MÉÖ½É xÉÆnÒ B´ÉÆ EÆò{ÉxÉÒ Eäò ʱÉB bÒ B´ÉÆ ¤ÉÉäºÉ Eäò ʱÉB iÉËVÉn® ¨ÉÖJÉVÉÔ
ºÉxÉnÒ ±ÉäJÉÉEòÉ® ºÉxÉnÒ ±ÉäJÉÉEòÉ® +vªÉIÉ-ºÉ½-|ɤÉÆvÉ ÊxÉnä¶ÉEò
FRN: 302039E FRN: 302175E DIN: 08227563
(ºÉÒB bÉì ¤ÉÒ BºÉ EÖÆòbÖ) (ºÉÒB iÉÊciÉ MÉÖ{iÉÉ) ʶɴɮ¨ÉhÉ ¨É½Énä´ÉxÉ
ºÉÉZÉänÉ® ºÉÉZÉänÉ® ÊxÉnä¶ÉEò
M. No - 051221 M. No - 053380 DIN: 02045100
ºlÉÉxÉ: EòÉä±ÉEòÉiÉÉ Ê{É. Ê´ÉVÉªÉ EÖò¨ÉÉ® ®ÒxÉÉ ¨ÉÉÊbªÉÉ
ÊnxÉÉÆEò: 26 ʺÉiɨ¤É®, 2020 ¨ÉÖJªÉ Ê´ÉkÉÒªÉ +ÊvÉEòÉ®Ò EÆò{ÉxÉÒ ºÉÊSÉ´É

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 244

 FORM B-RA
IRDA Registration No. 58 renewed on 28th January, 2020
CIN: U10200WB1906GOI001713
Fire Revenue Account For the year ended 31St March, 2020
2019-20 2018-19
Particulars Schedule Audited Audited
(` ‘000) (` ‘000)
1. Premiums earned (Net) 1A 6,523,146 6,973,112
2. Profit/Loss on sale/redemption of Investments 525,683 1,366,617
3. Others: - -
Exchange Gain - -
Contribution from Shareholders Funds towards excess EoM 1,073,329 -
4. Interest, Dividend & Rent - Gross 1,190,799 1,253,402
Total (A) 9,312,957 9,593,131
1. Claims Incurred (Net) 2A 5,030,116 3,898,636
2. Commission 3A 911,411 697,323
3. Operating Expenses related to Insurance Business 4 3,327,002 1,594,487
4. Others:
Exchange loss - -
Provision for diminution in the value of Investments, 195,545 43,103
amortisation of Premium on investments, and amount written
off in respect of depreciated investments
Total (B) 9,464,074 6,233,549
Operating Profit/-Loss from Fire Business
C = (A - B) -151,117 3,359,582
Appropriations:
Transfer to Shareholders’ Account -151,117 3,359,582
Transfer to Catastrophe Reserve - -
Transfer to Other Reserves - -
Total (C) -151,117 3,359,582
Significant Accounting Policies 16
Notes to Accounts 17
The schedules referred to above form an integral part of
the Financial Statements
This is the Fire Insurance Revenue Account for the year ended 31st
March, 2020 referred to in our report of even date
For and on behalf of the Board of Directors
For Guha Nandi & Co. For De & Bose Tajinder Mukherjee
Chartered Accountants Chartered Accountants Chairman-cum-Managing Director
FRN: 302039E FRN: 302175E DIN: 08227563
(CA. Dr. B.S Kundu) (CA.Tarit Dasgupta) Sivaraman Mahadevan
Partner Partner Director
M. No - 051221 M. No - 053380 DIN: 02045100
Place: Kolkata P. Vijaya Kumar Rina Madia
Date: 26th September, 2020 Chief Financial Officer Company Secretary

245 ANNUAL REPORT 2019-20

 |É{ÉjÉ B-RA
ÊnxÉÉÆEò 28 VÉxÉ´É®Ò, 2020 EòÉä xÉ´ÉÒEÞòiÉ ½Ö<Ç IRDA {ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ 58
ºÉÒ+É<ÇBxÉ: U10200WB1906GOI001713
31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB ´É¹ÉÇ EòÉ ¨É®ÒxÉ ®ÉVɺ´É ±ÉäJÉÉ
2019-20 2018-19
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ {É®ÒÊIÉiÉ {É®ÒÊIÉiÉ
(` ‘000) (` ‘000)
1. +ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É (ÊxɴɱÉ) 1B 1,532,595 1,438,919
2. ±ÉɦÉ/ʤÉGòÒ {É® ½ÉÊxÉ/ÊxÉ´Éä¶É {É® UÖ] 81,973 190,291
3. +xªÉ:
Ê´ÉÊxÉ¨ÉªÉ ±ÉÉ¦É - -
+ÊiÉÊ®Hò <Ç+ÉäB¨É EòÒ +Éä® ¶ÉäªÉ®vÉÉ®EòÉä EòÒ ÊxÉÊvÉ ºÉä +ƶÉnÉxÉ 61,587 64,827
4. ¤ªÉÉVÉ, ±ÉɦÉÉÆ¶É +Éè® ÊEò®ÉªÉÉ - ºÉEò±É 185,689 174,527
EÖò±É (A) 1,861,844 1,868,564
1. ={ÉMÉiÉ ½ÖB nÉ´Éå (ÊxɴɱÉ) 2B 772,856 1,294,226
2. Eò¨ÉÒ¶ÉxÉ 3B 86,538 159,846
3. ¤ÉÒ¨ÉÉ ´ªÉ´ÉºÉÉªÉ ºÉä ºÉƤÉÆÊvÉiÉ {ÉÊ®SÉɱÉxÉ ´ªÉªÉ 4 473,196 321,307
4. +xªÉ:
Ê´ÉÊxÉ¨ÉªÉ ½ÉÊxÉ - -
ÊxÉ´Éä¶É Eäò ¨ÉÚ±ªÉ ¨Éå +´ÉxÉÊiÉ EòÉ |ÉÉ´ÉvÉÉxÉ, ÊxÉ´Éä¶É {É® |ÉÒÊ¨ÉªÉ¨É EòÉ {ÉÊ®¶ÉÉävÉxÉ, iÉlÉÉ 30,493 6,002
¨ÉÚ±ªÉ¿ÉºÉ ÊxÉ´Éä¶É Eäò ºÉƤÉÆvÉ ¨Éå ʱÉJÉÒ MÉ<Ç ®ÉʶÉ
EÖò±É (B) 1,363,083 1,781,381
{ÉÊ®SÉɱÉxÉ ±ÉɦÉ/¨É®ÒxÉ ´ªÉ´ÉºÉÉªÉ ºÉä ½Ö<Ç ½ÉÊxÉ
C = (A - B) 498,761 87,183
Ê´ÉÊxɪÉÉäMÉ:
¶ÉäªÉ®vÉÉ®EòÉå Eäò JÉÉiÉä EòÉä ºlÉÉxÉÉÆiÉ®hÉ 498,761 87,183
+É{ÉnÉ +É®ÊIÉiÉ EòÉä ºlÉÉxÉÉÆiÉ®hÉ - -
+xªÉ +É®ÊIÉiÉ EòÉä ºlÉÉxÉÉÆiÉ®hÉ - -
EÖò±É (C) 498,761 87,183
¨É½i´É{ÉÚhÉÇ ±ÉäJÉÉ {ÉÉʱÉʺɪÉÉÆ 16
JÉÉiÉÉå Eäò ʱÉB xÉÉä]弃 17
=ʱ±ÉÊJÉiÉ +xÉÖºÉÚÊSɪÉÉÆ Ê´ÉkÉÒªÉ Ê´É´É®hÉÉå EòÉ BEò +ʦÉxxÉ +ÆMÉ ½è
ªÉ½ 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ´É¹ÉÇ Eäò ʱÉB ¨É®ÒxÉ ¤ÉÒ¨ÉÉ ®ÉVɺ´É JÉÉiÉÉ ½è, VÉÉä ÊEò
¤É®É¤É® iÉÉ®ÒJÉ EòÒ ½¨ÉÉ®Ò Ê®{ÉÉä]Ç ¨Éå ÊnªÉÉ MɪÉÉ ½è*
ÊxÉnä¶ÉEò ¨ÉÆb±É Eäò ʱÉB +Éè® =ºÉEòÒ iÉ®¡ò ºÉä
MÉÖ½É xÉÆnÒ B´ÉÆ EÆò{ÉxÉÒ Eäò ʱÉB bÒ B´ÉÆ ¤ÉÉäºÉ Eäò ʱÉB iÉËVÉn® ¨ÉÖJÉVÉÔ
ºÉxÉnÒ ±ÉäJÉÉEòÉ® ºÉxÉnÒ ±ÉäJÉÉEòÉ® +vªÉIÉ-ºÉ½-|ɤÉÆvÉ ÊxÉnä¶ÉEò
FRN: 302039E FRN: 302175E DIN: 08227563
(ºÉÒB bÉì ¤ÉÒ BºÉ EÖÆòbÖ) (ºÉÒB iÉÊciÉ MÉÖ{iÉÉ) ʶɴɮ¨ÉhÉ ¨É½Énä´ÉxÉ
ºÉÉZÉänÉ® ºÉÉZÉänÉ® ÊxÉnä¶ÉEò
M. No - 051221 M. No - 053380 DIN: 02045100
ºlÉÉxÉ: EòÉä±ÉEòÉiÉÉ Ê{É. Ê´ÉVÉªÉ EÖò¨ÉÉ® ®ÒxÉÉ ¨ÉÉÊbªÉÉ
ÊnxÉÉÆEò: 26 ʺÉiɨ¤É®, 2020 ¨ÉÖJªÉ Ê´ÉkÉÒªÉ +ÊvÉEòÉ®Ò EÆò{ÉxÉÒ ºÉÊSÉ´É

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 246

 FORM B-RA
IRDA Registration No. 58 renewed on 28th January, 2020
CIN: U10200WB1906GOI001713
Marine Revenue Account for the year ended 31 March, 2020
St

2019-20 2018-19
Particulars Schedule Audited Audited
(` ‘000) (` ‘000)
1. Premiums earned (Net) 1B 1,532,595 1,438,919
2. Profit/Loss on sale/redemption of Investments 81,973 190,291
3. Others:
Exchange Gain - -
Contribution from Shareholders Funds towards excess EoM 61,587 64,827
4. Interest, Dividend & Rent - Gross 185,689 174,527
Total (A) 1,861,844 1,868,564
1. Claims Incurred (Net) 2B 772,856 1,294,226
2. Commission 3B 86,538 159,846
3. Operating Expenses related to Insurance Business 4 473,196 321,307
4. Others:
Exchange Loss - -
Provision for diminution in the value of Investments, 30,493 6,002
amortisation of Premium on investments, and amount written
off in respect of depreciated investments
Total (B) 1,363,083 1,781,381
Operating Profit/ - Loss from Marine Business
C = (A - B) 498,761 87,183
Appropriations:
Transfer to Shareholders’ Account 498,761 87,183
Transfer to Catastrophe Reserve - -
Transfer to Other Reserves - -
Total (C) 498,761 87,183
Significant Accounting Policies 16
Notes to Accounts 17
The schedules referred to above form an integral part of
the Financial Statements
This is the Marine Insurance Revenue Account for the year ended 31st
March, 2020 referred to in our report of even date
For and on behalf of the Board of Directors
For Guha Nandi & Co. For De & Bose Tajinder Mukherjee
Chartered Accountants Chartered Accountants Chairman-cum-Managing Director
FRN: 302039E FRN: 302175E DIN: 08227563
(CA. Dr. B.S Kundu) (CA.Tarit Dasgupta) Sivaraman Mahadevan
Partner Partner Director
M. No - 051221 M. No - 053380 DIN: 02045100
P. Vijaya Kumar Rina Madia
Place: Kolkata
Chief Financial Officer Company Secretary
Date: 26th September, 2020

247 ANNUAL REPORT 2019-20

 |É{ÉjÉ B-RA
ÊnxÉÉÆEò 28 VÉxÉ´É®Ò, 2020 EòÉä xÉ´ÉÒEÞòiÉ ½Ö<Ç IRDA {ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ 58
ºÉÒ+É<ÇBxÉ: U10200WB1906GOI001713
31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB ´É¹ÉÇ EòÉ Ê´ÉÊ´ÉvÉ ®ÉVɺ´É ±ÉäJÉÉ
2019-20 2018-19
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ {É®ÒÊIÉiÉ {É®ÒÊIÉiÉ
(` ‘000) (` ‘000)
1. +ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É (ÊxɴɱÉ) 1C 88,771,408 95,590,227
2. ±ÉɦÉ/ʤÉGòÒ {É® ½ÉÊxÉ/ÊxÉ´Éä¶É {É® UÖ] 5,303,874 12,438,518
3. +xªÉ: -
Ê´ÉÊxÉ¨ÉªÉ ±ÉÉ¦É - -
+ÊiÉÊ®Hò <Ç+ÉäB¨É EòÒ +Éä® ¶ÉäªÉ®vÉÉ®EòÉä EòÒ ÊxÉÊvÉ ºÉä +ƶÉnÉxÉ 11,481,461 -
4. ¤ªÉÉVÉ, ±ÉɦÉÉÆ¶É +Éè® ÊEò®ÉªÉÉ - ºÉEò±É 12,014,547 11,408,068
EÖò±É (A) 117,571,290 119,436,813
1. ={ÉMÉiÉ ½ÖB nÉ´Éå (ÊxɴɱÉ) 2C 96,696,503 109,147,398
2. Eò¨ÉÒ¶ÉxÉ 3C 7,043,690 7,315,137
3. ¤ÉÒ¨ÉÉ ´ªÉ´ÉºÉÉªÉ ºÉä ºÉƤÉÆÊvÉiÉ {ÉÊ®SÉɱÉxÉ ´ªÉªÉ 4 40,079,923 24,138,090
4. +xªÉ:
Ê´ÉÊxÉ¨ÉªÉ ½ÉÊxÉ - 216,331
ÊxÉ´Éä¶É Eäò ¨ÉÚ±ªÉ ¨Éå +´ÉxÉÊiÉ EòÉ |ÉÉ´ÉvÉÉxÉ, ÊxÉ´Éä¶É {É® |ÉÒÊ¨ÉªÉ¨É EòÉ {ÉÊ®¶ÉÉävÉxÉ, iÉlÉÉ
¨ÉÚ±ªÉ¿ÉºÉ ÊxÉ´Éä¶É Eäò ºÉƤÉÆvÉ ¨Éå ʱÉJÉÒ MÉ<Ç ®É榃 1,972,950 392,310

EÖò±É (B) 145,793,066 141,209,266

{ÉÊ®SÉɱÉxÉ ±ÉɦÉ/Ê´ÉÊ´ÉvÉ ®ÉVɺ´É ´ªÉ´ÉºÉÉªÉ ºÉä ½Ö<Ç ½ÉÊxÉ
C = (A - B) -28,221,776 -21,772,453
Ê´ÉÊxɪÉÉäMÉ:
¶ÉäªÉ®vÉÉ®EòÉå Eäò JÉÉiÉä EòÉä ºlÉÉxÉÉÆiÉ®hÉ -28,221,776 -21,772,453
+É{ÉnÉ +É®ÊIÉiÉ EòÉä ºlÉÉxÉÉÆiÉ®hÉ - -
+xªÉ +É®ÊIÉiÉ EòÉä ºlÉÉxÉÉÆiÉ®hÉ - -
EÖò±É (C) -28,221,776 -21,772,453
¨É½i´É{ÉÚhÉÇ ±ÉäJÉÉ {ÉÉʱÉʺɪÉÉÆ 16
JÉÉiÉÉå Eäò ʱÉB xÉÉä]弃 17
=ʱ±ÉÊJÉiÉ +xÉÖºÉÚÊSɪÉÉÆ Ê´ÉkÉÒªÉ Ê´É´É®hÉÉå EòÉ BEò +ʦÉxxÉ +ÆMÉ ½è
ªÉ½ 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ´É¹ÉÇ Eäò ʱÉB Ê´ÉÊ´ÉvÉ ¤ÉÒ¨ÉÉ ®ÉVɺ´É JÉÉiÉÉ ½è, VÉÉä ÊEò
¤É®É¤É® iÉÉ®ÒJÉ EòÒ ½¨ÉÉ®Ò Ê®{ÉÉä]Ç ¨Éå ÊnªÉÉ MɪÉÉ ½è*
ÊxÉnä¶ÉEò ¨ÉÆb±É Eäò ʱÉB +Éè® =ºÉEòÒ iÉ®¡ò ºÉä
MÉÖ½É xÉÆnÒ B´ÉÆ EÆò{ÉxÉÒ Eäò ʱÉB bÒ B´ÉÆ ¤ÉÉäºÉ Eäò ʱÉB iÉËVÉn® ¨ÉÖJÉVÉÔ
ºÉxÉnÒ ±ÉäJÉÉEòÉ® ºÉxÉnÒ ±ÉäJÉÉEòÉ® +vªÉIÉ-ºÉ½-|ɤÉÆvÉ ÊxÉnä¶ÉEò
FRN: 302039E FRN: 302175E DIN: 08227563
(ºÉÒB bÉì ¤ÉÒ BºÉ EÖÆòbÖ) (ºÉÒB iÉÊciÉ MÉÖ{iÉÉ) ʶɴɮ¨ÉhÉ ¨É½Énä´ÉxÉ
ºÉÉZÉänÉ® ºÉÉZÉänÉ® ÊxÉnä¶ÉEò
M. No - 051221 M. No - 053380 DIN: 02045100
ºlÉÉxÉ: EòÉä±ÉEòÉiÉÉ Ê{É. Ê´ÉVÉªÉ EÖò¨ÉÉ® ®ÒxÉÉ ¨ÉÉÊbªÉÉ
ÊnxÉÉÆEò: 26 ʺÉiɨ¤É®, 2020 ¨ÉÖJªÉ Ê´ÉkÉÒªÉ +ÊvÉEòÉ®Ò EÆò{ÉxÉÒ ºÉÊSÉ´É

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 248

 FORM B-RA
IRDA Registration No. 58 renewed on 28th January, 2020
CIN: U10200WB1906GOI001713
Miscellaneous Revenue Account For the year ended 31St March, 2020
2019-20 2018-19
Particulars Schedule Audited Audited
(` ‘000) (` ‘000)
1. Premiums earned (Net) 1C 88,771,408 95,590,227
2. Profit/Loss on sale/redemption of Investments 5,303,874 12,438,518
3. Others: -
Exchange Gain - -
Contribution from Shareholders Funds towards excess EoM 11,481,461 -
4. Interest, Dividend & Rent - Gross 12,014,547 11,408,068
Total (A) 117,571,290 119,436,813
1. Claims Incurred (Net) 2C 96,696,503 109,147,398
2. Commission 3C 7,043,690 7,315,137
3. Operating Expenses related to Insurance Business 4 40,079,923 24,138,090
4. Others:
Exchange Loss - 216,331
Provision for diminution in the value of Investments,
amortisation of Premium on investments, and amount 1,972,950 392,310
written off in respect of depreciated investments
Total (B) 145,793,066 141,209,266
Operating Profit/ - Loss from Miscellaneous Business
C = (A - B) -28,221,776 -21,772,453
Appropriations:
Transfer to Shareholders’ Account -28,221,776 -21,772,453
Transfer to Catastrophe Reserve - -
Transfer to Other Reserves - -
Total (C) -28,221,776 -21,772,453
Significant Accounting Policies 16
Notes to Accounts 17
The schedules referred to above form an integral part
of the Financial Statements
This is the Miscellaneous Insurance Revenue Account for the year ended
31st March, 2020 referred to in our report of even date
For and on behalf of the Board of Directors
For Guha Nandi & Co. For De & Bose Tajinder Mukherjee
Chartered Accountants Chartered Accountants Chairman-cum-Managing Director
FRN: 302039E FRN: 302175E DIN: 08227563
(CA. Dr. B.S Kundu) (CA.Tarit Dasgupta) Sivaraman Mahadevan
Partner Partner Director
M. No - 051221 M. No - 053380 DIN: 02045100
P. Vijaya Kumar Rina Madia
Place: Kolkata
Chief Financial Officer Company Secretary
Date: 26th September, 2020

249 ANNUAL REPORT 2019-20

 |É{ÉjÉ B-PL
ÊnxÉÉÆEò 28 VÉxÉ´É®Ò, 2020 EòÉä xÉ´ÉÒEÞòiÉ ½Ö<Ç IRDA {ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ 58
ºÉÒ+É<ÇBxÉ: U10200WB1906GOI001713
31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB ´É¹ÉÇ EòÉ ±ÉÉ¦É +Éè® ½ÉÊxÉ ±ÉäJÉÉ
2019-20 2018-19
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ {É®ÒÊIÉiÉ {É®ÒÊIÉiÉ
(` ‘000) (` ‘000)
1. ºÉÆSÉɱÉxÉ ±ÉɦÉ/½ÉÊxÉ -27,874,132 -18,325,688
(a) +ÊMxÉ ¤ÉÒ¨ÉÉ -151,117 3,359,582
(b) ¨É®ÒxÉ ¤ÉÒ¨ÉÉ 498,761 87,183
(c) Ê´ÉÊ´ÉvÉ ¤ÉÒ¨ÉÉ -28,221,776 -21,772,453
2. ÊxÉ´Éä¶É ºÉä +ÉªÉ 200,979 2,517,895
(a) ¤ªÉÉVÉ, ±ÉɦÉÉÆ¶É +Éè® ÊEò®ÉªÉÉ - ºÉEò±É 154,701 1,232,332
(b) ÊxÉ´Éä¶É EòÒ Ê¤ÉGòÒ {É® ±ÉÉ¦É 46,278 1,285,563
PÉ]ÉEò®: ÊxÉ´Éä¶É EòÒ Ê¤ÉGòÒ {É® ½ÉÊxÉ - -
3. +xªÉ +ÉªÉ 156,021 746,365
(a) +xªÉ {ÉÊ®ºÉÆ{ÉÊkɪÉÉå EòÒ Ê¤ÉGòÒ {É® ±ÉÉ¦É 2,602 -
(b) Ê´ÉÊ´ÉvÉ +ÉªÉ 89,733 741,970
(c) Ê´ÉÊxÉ¨ÉªÉ ±ÉÉ¦É 63,686 4,395
(d) +xªÉ - -
EÖò±É (A) -27,517,132 -15,061,428
4. |ÉÉ´ÉvÉÉxÉ (Eò®ÉvÉÉxÉ Eäò +±ÉÉ´ÉÉ) 190,893 996,820
(a) ÊxÉ´Éä¶É Eäò ¨ÉÚ±ªÉ ¨Éå ¿ÉºÉ Eäò ʱÉB 15,665 24,114
(b) ºÉÆÊnMvÉ @  hÉ Eäò ʱÉB 175,228 702,335
(c) +xªÉ - 270,371
5. +xªÉ JÉSÉæ 13,375,334 904,607
(a) ¤ÉÒ¨ÉÉ ´ªÉ´ÉºÉÉªÉ ºÉä ºÉƤÉÆÊvÉiÉ Eäò +±ÉÉ´ÉÉ JÉSÉæ 9,894 11,184
(b) ʱÉÊJÉiÉ +xÉÖ{ɪÉÖHò EòVÉÇ - -
(c) +xªÉ:
ÊxÉ´Éä¶É {É® |ÉÒÊ¨ÉªÉ¨É EòÉ {ÉÊ®¶ÉÉävÉxÉ 1,466 14,951
¨ÉÚ±ªÉ¿ÉºÉ ÊxÉ´Éä¶É Eäò ºÉƤÉÆvÉ ¨Éå ʱÉJÉÒ MÉ<Ç ®É榃 84 1,482
Ê´ÉÊxÉ¨ÉªÉ ½ÉÊxÉ - -
ʱÉJÉÒ ½Ö<Ç {ÉÊ®ºÉÆ{ÉÊkÉ 16 -
{ÉÊ®ºÉÆ{ÉÊkÉ EòÒ Ê¤ÉGòÒ {É® xÉÖEòºÉÉxÉ 3 828
Êb¤ÉåSÉ® {É® ¤ªÉÉVÉ 747,325 747,325
Êb¤ÉåSÉ® ºÉƤÉÆÊvÉiÉ ´ªÉªÉ 169 1,654
+ÊiÉÊ®Hò <Ç+ÉäB¨É EòÒ +Éä® ¶ÉäªÉ®vÉÉ®EòÉä EòÒ ÊxÉÊvÉ ºÉä +ƶÉnÉxÉ 12,616,377 64,827
EòÉì{ÉÉäÇ®ä] ºÉɨÉÉÊVÉEò nÉʪÉi´É ´ªÉªÉ - 62,285
+xªÉ Ê´ÉÊ´ÉvÉ ´ªÉªÉ - 71
EÖò±É (B) 13,566,227 1,901,427

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 250

 FORM B-PL
IRDA Registration No. 58 renewed on 28th January, 2020
CIN: U10200WB1906GOI001713
Profit And Loss Account For the year ended 31St March, 2020
2019-20 2018-19
Particulars Schedule Audited Audited
(` ‘000) (` ‘000)
1. OPERATING PROFIT/LOSS -27,874,132 -18,325,688
(a) Fire Insurance -151,117 3,359,582
(b) Marine Insurance 498,761 87,183
(c) Miscellaneous Insurance -28,221,776 -21,772,453
2. INCOME FROM INVESTMENTS 200,979 2,517,895
(a) Interest, Dividend & Rent - Gross 154,701 1,232,332
(b) Profit on sale of investments 46,278 1,285,563
Less: Loss on sale of Investments - -
3. OTHER INCOME 156,021 746,365
(a) Profit on sale of other asset 2,602 -
(b) Miscellaneous Income 89,733 741,970
(c) Exchange Gain 63,686 4,395
(d) Others - -
Total (A) -27,517,132 -15,061,428
4. PROVISIONS (Other than taxation) 190,893 996,820
(a) For diminution in the value of Investments 15,665 24,114
(b) For doubtful debts 175,228 702,335
(c) Others - 270,371
5. OTHER EXPENSES 13,375,334 904,607
(a) Expenses other than those related to 9,894 11,184
Insurance Business
(b) Bad debts written off - -
(c) Others:
Amortisation of Premium on Investments 1,466 14,951
Amount written off in respect of depreciated Investments 84 1,482
Exchange Loss - -
Assets written off 16 -
Loss on Sale on Asset 3 828
Interest on Debentures 747,325 747,325
Debenture Related Expenses 169 1,654
Contribution to Policyholders funds towards excess EoM 12,616,377 64,827
Corporate Social Responsibility Expenses - 62,285
Other Misc Expenses - 71
Total (B) 13,566,227 1,901,427

251 ANNUAL REPORT 2019-20

 |É{ÉjÉ B-PL
ÊnxÉÉÆEò 28 VÉxÉ´É®Ò, 2020 EòÉä xÉ´ÉÒEÞòiÉ ½Ö<Ç IRDA {ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ 58
ºÉÒ+É<ÇBxÉ: U10200WB1906GOI001713
31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB ´É¹ÉÇ EòÉ ±ÉÉ¦É +Éè® ½ÉÊxÉ ±ÉäJÉÉ
2019-20 2018-19
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ {É®ÒÊIÉiÉ {É®ÒÊIÉiÉ
(` ‘000) (` ‘000)
±ÉɦÉ/ -Eò® ºÉä {ɽ±Éä ½ÉÊxÉ -41,083,359 -16,962,855
Eò®ÉvÉÉxÉ Eäò ʱÉB |ÉÉ´ÉvÉÉxÉ - -
{ɽ±Éä ´É¹ÉÇ Eäò ʱÉB Eò®ÉvÉÉxÉ EòÉ ºÉ¨ÉɪÉÉäVÉxÉ - -1,631
±ÉɦÉ/ -Eò® Eäò ¤ÉÉn ½ÉÊxÉ -41,083,359 -16,961,224
Ê´ÉÊxɪÉÉäMÉ: -492,507 -16,961,224
(a) ´É¹ÉÇ Eäò nÉè®ÉxÉ +ÆiÉÊ®¨É ±ÉɦÉÉÆ¶É EòÉ ÊEòªÉÉ MɪÉÉ ¦ÉÖMÉiÉÉxÉ - -
(b) |ɺiÉÉÊ´ÉiÉ +ÆÊiÉ¨É ±ÉɦÉÉÆ¶É - -
(c) ±ÉɦÉÉÆ¶É Ê´ÉiÉ®hÉ Eò® - -
(d) ºÉɨÉÉxªÉ ºÉÆSÉªÉ ºÉä/Eäò ʱÉB ºlÉÉxÉÉÆiÉ®hÉ (ºÉƤÉÆÊvÉiÉ EÆò{ÉÊxɪÉÉå ºÉä ¶ÉÉÊ¨É±É ±ÉÉ¦É -565,503 -17,040,741
ªÉÉ ½ÉÊxÉ)
(e) ±ÉÉ´ÉÉÊ®ºÉ {ÉÉìʱɺÉÒvÉÉ®EòÉå Eäò ÊxÉÊvÉ ¨Éå ºlÉÉxÉÉÆiÉ®hÉ 72,996 79,517
±ÉÉ¦É ¶Éä¹É/Ê{ÉU±Éä ºÉÉ±É ºÉä +ÉMÉä ±ÉɪÉÒ MÉ<Ç ½ÉÊxÉ - -
iÉÖ±ÉxÉ{ÉjÉ {É® ±ÉɪÉÒ MÉ<Ç ¤ÉEòɪÉÉ ®É榃 -40,590,852 -
¨É½i´É{ÉÚhÉÇ ±ÉäJÉÉ {ÉÉʱÉʺɪÉÉÆ 16
JÉÉiÉÉå Eäò ʱÉB xÉÉä]弃 17
=ʱ±ÉÊJÉiÉ +xÉÖºÉÚÊSɪÉÉÆ Ê´ÉkÉÒªÉ Ê´É´É®hÉÉå EòÉ BEò +ʦÉxxÉ +ÆMÉ ½è
¨ÉÚ±É ={ÉÉVÉÇxÉ `10 +ÆÊEòiÉ ¨ÉÚ±ªÉ EòÉ |ÉÊiÉ ¶ÉäªÉ® -238.67 -169.61
iÉÖxÉÚEÞòiÉ ={ÉÉVÉÇxÉ `10 +ÆÊEòiÉ ¨ÉÚ±ªÉ EòÉ |ÉÊiÉ ¶ÉäªÉ® -238.67 -169.61

ªÉ½ 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ´É¹ÉÇ Eäò ʱÉB ±ÉÉ¦É +Éè® ½ÉÊxÉ ±ÉäJÉÉ ½è, VÉÉä ÊEò ¤É®É¤É®
iÉÉ®ÒJÉ EòÒ ½¨ÉÉ®Ò Ê®{ÉÉä]Ç ¨Éå ÊnªÉÉ MɪÉÉ ½è*
ÊxÉnä¶ÉEò ¨ÉÆb±É Eäò ʱÉB +Éè® =ºÉEòÒ iÉ®¡ò ºÉä
MÉÖ½É xÉÆnÒ B´ÉÆ EÆò{ÉxÉÒ Eäò ʱÉB bÒ B´ÉÆ ¤ÉÉäºÉ Eäò ʱÉB iÉËVÉn® ¨ÉÖJÉVÉÔ
ºÉxÉnÒ ±ÉäJÉÉEòÉ® ºÉxÉnÒ ±ÉäJÉÉEòÉ® +vªÉIÉ-ºÉ½-|ɤÉÆvÉ ÊxÉnä¶ÉEò
FRN: 302039E FRN: 302175E DIN: 08227563
(ºÉÒB bÉì ¤ÉÒ BºÉ EÖÆòbÖ) (ºÉÒB iÉÊciÉ MÉÖ{iÉÉ) ʶɴɮ¨ÉhÉ ¨É½Énä´ÉxÉ
ºÉÉZÉänÉ® ºÉÉZÉänÉ® ÊxÉnä¶ÉEò
M. No - 051221 M. No - 053380 DIN: 02045100
ºlÉÉxÉ: EòÉä±ÉEòÉiÉÉ Ê{É. Ê´ÉVÉªÉ EÖò¨ÉÉ® ®ÒxÉÉ ¨ÉÉÊbªÉÉ
ÊnxÉÉÆEò: 26 ʺÉiɨ¤É®, 2020 ¨ÉÖJªÉ Ê´ÉkÉÒªÉ +ÊvÉEòÉ®Ò EÆò{ÉxÉÒ ºÉÊSÉ´É

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 252

 FORM B-PL
IRDA Registration No. 58 renewed on 28th January, 2020
CIN: U10200WB1906GOI001713
Profit And Loss Account For the year ended 31 March, 2020
St

2019-20 2018-19
Particulars Schedule Audited Audited
(` ‘000) (` ‘000)
Profit/ - Loss before tax -41,083,359 -16,962,855
Provision for Taxation - -
Adjustment of taxation for Earlier Years - -1,631
Profit/ - Loss after Tax -41,083,359 -16,961,224
Appropriations: -492,507 -16,961,224
(a) Interim dividends paid during the year - -
(b) Proposed Final Dividend - -
(c) Dividend Distribution tax - -
(d) Transfer to/from General Reserve -565,503 -17,040,741
(e) Transfer to Unclaimed Policyholders Funds 72,996 79,517
Balance of profit/ - loss brought forward from last year - -
Balance carried forward to Balance Sheet -40,590,852 -
Significant Accounting Policies 16
Notes to Accounts 17
The schedules referred to above form an integral part
of the Financial Statements
Basic earnings per share of ` 10 face value -238.67 -169.61
Diluted earnings per share of ` 10 face value -238.67 -169.61
This is the Profit and Loss Account for the year ended
31st March, 2020 referred to in our report of even date

For and on behalf of the Board of Directors

For Guha Nandi & Co. For De & Bose Tajinder Mukherjee
Chartered Accountants Chartered Accountants Chairman-cum-Managing Director
FRN: 302039E FRN: 302175E DIN: 08227563
(CA. Dr. B.S Kundu) (CA.Tarit Dasgupta) Sivaraman Mahadevan
Partner Partner Director
M. No - 051221 M. No - 053380 DIN: 02045100

P. Vijaya Kumar Rina Madia

Place: Kolkata Chief Financial Officer Company Secretary
Date: 26th September, 2020

253 ANNUAL REPORT 2019-20

 |É{ÉjÉ B-BS
ÊnxÉÉÆEò 28 VÉxÉ´É®Ò, 2020 EòÉä xÉ´ÉÒEÞòiÉ ½Ö<Ç IRDA {ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ 58
ºÉÒ+É<ÇBxÉ: U10200WB1906GOI001713
31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB ´É¹ÉÇ EòÉ iÉÖ±ÉxÉ{ÉjÉ
31.03.2020 31.03.2019
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ iÉEò iÉEò
{É®ÒÊIÉiÉ {É®ÒÊIÉiÉ
(` ‘000) (` ‘000)
ÊxÉÊvɪÉÉå (¡Æòb) Eäò ¸ÉÉäiÉ
+Æ¶É {ÉÚÆVÉÒ 5 25,000,000 1,000,000
ºÉÆSÉªÉ iÉlÉÉ +ÊvɶÉä¹É 6 146,569 752,511
=ÊSÉiÉ ¨ÉÚ±ªÉ {ÉÊ®´ÉiÉÇxÉ JÉÉiÉÉ - ¶ÉäªÉ®vÉÉÊ®ªÉÉå Eäò JÉÉiÉä - 202,497
=ÊSÉiÉ ¨ÉÚ±ªÉ {ÉÊ®´ÉiÉÇxÉ JÉÉiÉÉ - {ÉÉìʱɺÉÒvÉÉÊ®ªÉÉå Eäò JÉÉiÉä -16,572,165 25,866,905
=vÉÉ® ®ÉʶɪÉÉÆ 7 8,950,000 8,950,000
EÖò±É 17,524,404 36,771,913
ÊxÉÊvɪÉÉå EòÉ +xÉÖ|ɪÉÉäMÉ
ÊxÉ´Éä¶É - ¶ÉäªÉ®vÉÉÊ®ªÉÉå EòÒ ÊxÉÊvÉ 8 - 1,840,514
ÊxÉ´Éä¶É - {ÉÉìʱɺÉÒvÉÉÊ®ªÉÉå EòÒ ÊxÉÊvÉ 8A 220,598,047 235,081,590
@  hÉ 9 368,593 391,396
+SÉ±É {ÉÊ®ºÉÆ{ÉÊkɪÉÉÆ 10 3,720,619 3,742,204
SÉɱÉÚ {ÉÊ®ºÉÆ{ÉÊkɪÉÉÆ
xÉEòn +Éè® ¤ÉéEò ¶Éä¹É 11 6,984,621 13,083,277
+ÊOÉ¨É +Éè® +xªÉ {ÉÊ®ºÉÆ{ÉÊkÉ 12 77,310,819 70,202,017
={É-EÖò±É (A) 84,295,440 83,285,294
SÉɱÉÚ näxÉnÉÊ®ªÉÉÆ 13 287,319,407 236,506,117
|ÉÉ´ÉvÉÉxÉ 14 50,963,408 51,088,349
={É-EÖò±É (B) 338,282,815 287,594,466
ÊxÉ´É±É SÉɱÉÚ näxÉnÉÊ®ªÉÉÆ (C) = (A-B) -253,987,375 -204,309,172
Ê´ÉÊ´ÉvÉ ´ªÉªÉ UÉäc xÉ näxÉä ªÉÉ ºÉ¨ÉɪÉÉäÊVÉiÉ Eò®xÉä EòÒ ½n iÉEò) 15 6,310,464 -
xÉɨÉä ¶Éä¹É ¨Éä ±ÉÉ¦É iÉlÉÉ ½ÉÊxÉ JÉÉiÉÉ 40,514,056 -
EÖò±É 17,524,404 36,771,913
ºÉ¨ÉäEòxÉ +Éè® ¨É½i´É{ÉÚhÉÇ ±ÉäJÉÉ {ÉÉʱÉʺɪÉÉå Eäò ʺÉrÉÆiÉ 16
JÉÉiÉÉå Eäò ʱÉB xÉÉä]弃 17
=ʱ±ÉÊJÉiÉ +xÉÖºÉÚÊSɪÉÉÆ Ê´ÉkÉÒªÉ Ê´É´É®hÉÉå EòÉ BEò +ʦÉxxÉ +ÆMÉ ½è

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 254

 FORM B-BS
IRDA Registration No. 58 renewed on 28th January, 2020
CIN: U10200WB1906GOI001713
Balance Sheet as at 31St March, 2020

Particulars Schedule As at As at
31.03.2020 31.03.2019
Audited Audited
(` ‘000) (` ‘000)
SOURCES OF FUNDS
SHARE CAPITAL 5 25,000,000 1,000,000
RESERVES AND SURPLUS 6 146,569 752,511
FAIR VALUE CHANGE ACCOUNT - SHAREHOLDERS FUNDS - 202,497
FAIR VALUE CHANGE ACCOUNT - POLICYHOLDERS FUNDS -16,572,165 25,866,905
BORROWINGS 7 8,950,000 8,950,000
TOTAL 17,524,404 36,771,913
APPLICATION OF FUNDS
INVESTMENTS - SHAREHOLDERS FUNDS 8 - 1,840,514
INVESTMENTS - POLICYHOLDERS FUNDS 8A 220,598,047 235,106,971
LOANS 9 368,593 391,396
FIXED ASSETS 10 3,720,619 3,742,204
CURRENT ASSETS
Cash and Bank Balances 11 6,984,621 13,083,277
Advances and Other Assets 12 77,310,819 70,202,017
Sub-Total (A) 84,295,440 83,285,294
CURRENT LIABILITIES 13 287,319,407 236,506,117
PROVISIONS 14 50,963,408 51,088,349
Sub-Total (B) 338,282,815 287,594,466
NET CURRENT LIABILITIES (C) = (A-B)
-253,987,375 -204,309,172
MISCELLANEOUS EXPENDITURE (to the extent not written 15 6,310,464 -
off or adjusted)
DEBIT BALANCE IN PROFIT AND LOSS ACCOUNT 40,514,056 -

TOTAL 17,524,404 36,771,913

Significant Accounting Policies 16
Notes to Accounts 17
The schedules referred to above form an integral part of
the Financial Statements

255 ANNUAL REPORT 2019-20

 |É{ÉjÉ B-BS
ÊnxÉÉÆEò 28 VÉxÉ´É®Ò, 2020 EòÉä xÉ´ÉÒEÞòiÉ ½Ö<Ç IRDA {ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ 58
ºÉÒ+É<ÇBxÉ: U10200WB1906GOI001713
+ÉEòʺ¨ÉEò näxÉnÉÊ®ªÉÉÆ
31.03.2020 31.03.2019
Ê´É´É®hÉ iÉEò iÉEò
(` ‘000) (` ‘000)
1. +ÉÆʶÉEò °  {É ºÉä ¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ ÊxÉ´Éä¶É 4,181 4,181
2. nÉ´Éå, {ÉÉìʱÉʺɪÉÉå {É® {ÉÉxÉä ´ÉɱÉä Eäò +±ÉÉ´ÉÉ, VÉÉä Eò¨{ÉxÉÒ uÉ®É @  hÉ Eäò °  {É ¨Éå º´ÉÒEÞòiÉ xÉ½Ó ÊEòB 578,023 546,240
VÉÉiÉä
3. ½É¨ÉÒnÉ®Ò |ÉÊiɤÉriÉÉ ¤ÉEòɪÉÉ (¶ÉäªÉ®Éå +Éè® |ÉÊiɦÉÚÊiɪÉÉå Eäò ºÉƤÉÆvÉ ¨Éå) - -
4. EÆò{ÉxÉÒ EòÒ +Éä® ºÉä nÒ MÉ<Ç MÉÉ®Æ]Ò 72,661 11,942
5. ºÉÉÆÊ´ÉÊvÉEò ¨ÉÉÆMÉ/Ê´É´ÉÉn ¨Éå näªÉiÉÉBÆ, Eäò ʱÉB VÉÉä |ÉnÉxÉ xÉ½Ó EòÒ MÉ<Ç 12,054,023 6,552,760
6. JÉÉiÉÉå Eäò ʱÉB |ÉnÉxÉ xÉ½Ó EòÒ MÉ<Ç ½n iÉEò {ÉÖxɤÉÔ¨ÉÉ nÉʪÉi´É - -
7. +xªÉ - {ÉÉìʱɺÉÒvÉÉ®Eò EòÒ ±ÉÉ´ÉÉÊ®ºÉ ®É榃 EòÉä ´ÉÊ®¹` xÉÉMÉÊ®Eò Eò±ªÉÉhÉ EòÉä¹É ¨Éä ½ºiÉÉÆiÉ®hÉ 82,407 57,261
8. +xªÉ - {ÉÉìʱÉʺɪÉÉå Eäò iɽiÉ ÊVÉxÉ nÉ´ÉÉä EòÉä @  hÉ Eäò °  {É ¨Éå º´ÉÒEòÉ® xÉ½Ó ÊEòªÉÉ VÉÉiÉÉ ½è - 64,988

EÖò±É 12,791,295 7,237,372

ªÉ½ 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ´É¹ÉÇ Eäò ʱÉB iÉÖ±ÉxÉ{ÉjÉ ½è, VÉÉä ÊEò ¤É®É¤É® iÉÉ®ÒJÉ EòÒ ½¨ÉÉ®Ò
Ê®{ÉÉä]Ç ¨Éå ÊnªÉÉ MɪÉÉ ½è*

ÊxÉnä¶ÉEò ¨ÉÆb±É Eäò ʱÉB +Éè® =ºÉEòÒ iÉ®¡ò ºÉä

MÉÖ½É xÉÆnÒ B´ÉÆ EÆò{ÉxÉÒ Eäò ʱÉB bÒ B´ÉÆ ¤ÉÉäºÉ Eäò ʱÉB iÉËVÉn® ¨ÉÖJÉVÉÔ
ºÉxÉnÒ ±ÉäJÉÉEòÉ® ºÉxÉnÒ ±ÉäJÉÉEòÉ® +vªÉIÉ-ºÉ½-|ɤÉÆvÉ ÊxÉnä¶ÉEò
FRN: 302039E FRN: 302175E DIN: 08227563
(ºÉÒB bÉì ¤ÉÒ BºÉ EÖÆòbÖ) (ºÉÒB iÉÊciÉ MÉÖ{iÉÉ) ʶɴɮ¨ÉhÉ ¨É½Énä´ÉxÉ
ºÉÉZÉänÉ® ºÉÉZÉänÉ® ÊxÉnä¶ÉEò
M. No - 051221 M. No - 053380 DIN: 02045100
ºlÉÉxÉ: EòÉä±ÉEòÉiÉÉ Ê{É. Ê´ÉVÉªÉ EÖò¨ÉÉ® ®ÒxÉÉ ¨ÉÉÊbªÉÉ
ÊnxÉÉÆEò: 26 ʺÉiɨ¤É®, 2020 ¨ÉÖJªÉ Ê´ÉkÉÒªÉ +ÊvÉEòÉ®Ò EÆò{ÉxÉÒ ºÉÊSÉ´É

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 256

 FORM B-BS
IRDA Registration No. 58 renewed on 28th January, 2020
CIN: U10200WB1906GOI001713
CONTINGENT LIABILITIES

As at As at
Particulars 31.03.2020 31.03.2019
(` ‘000) (` ‘000)
1. Partly paid-up Investments 4,181 4,181
2. Claims, other than against policies, not acknowledged as debts by 578,023 546,240
the Company
3. Underwriting commitments outstanding (in respect of shares and - -
securities)
4. Guarantees given by or on behalf of the Company 72,661 11,942
5. Statutory demands/liabilities in dispute, not provided for 12,054,023 6,552,760
6. Reinsurance obligations to the extent not provided for in Accounts - -
7. Others - Policyholders unclaimed amount transferred to Senior 82,407 57,261
Citizen Welfare Fund
8. Others - Claims, under policies, not acknowledged as debts - 64,988
TOTAL 12,791,295 7,237,372

This is the Balance Sheet as at 31st March, 2020 referred to

in our report of even date

For and on behalf of the Board of Directors

For Guha Nandi & Co. For De & Bose Tajinder Mukherjee
Chartered Accountants Chartered Accountants Chairman-cum-Managing Director
FRN: 302039E FRN: 302175E DIN: 08227563

(CA. Dr. B.S Kundu) (CA.Tarit Dasgupta) Sivaraman Mahadevan

Partner Partner Director
M. No - 051221 M. No - 053380 DIN: 02045100

P. Vijaya Kumar Rina Madia

Place: Kolkata Chief Financial Officer Company Secretary
Date: 26th September, 2020

257 ANNUAL REPORT 2019-20

 ÊnxÉÉÆEò 28 VÉxÉ´É®Ò, 2020 EòÉä xÉ´ÉÒEÞòiÉ ½Ö<Ç IRDA {ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ 58
ºÉÒ+É<ÇBxÉ: U10200WB1906GOI001713
31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB ´É¹ÉÇ Eäò ®ºÉÒnÉå +Éè® ¦ÉÖMÉiÉÉxÉÉå EòÉ ±ÉäJÉÉ
` ‘000
2019-20 2018-19
Ê´É´É®hÉ
{É®ÒÊIÉiÉ {É®ÒÊIÉiÉ
(` ‘000) (` ‘000)
A. ºÉÆSÉɱÉxÉÒªÉ MÉÊiÉÊ´ÉÊvɪÉÉå ºÉä xÉEòn |É´Éɽ:
1 {ÉÉìʱɺÉÒvÉÉ®EòÉå ºÉä |ÉÉ{iÉ |ÉÒʨɪɨÉ, (+ÊOÉ¨É ®ÊºÉnÉå ºÉʽiÉ) 155,169,082 144,427,767
2 +xªÉ ®ºÉÒnå 7,577,463 6,524,325
3 ®ºÉÒnå, {ÉÖxÉ: ¤ÉÒ¨ÉÉEòiÉÉÇ+Éå EòÉä/ºÉä ¦ÉÖMÉiÉÉxÉ, Eò¨ÉÒ¶ÉxÉÉå +Éè® nÉ´ÉÉå EòÉ ÊxÉ´É±É -13,423,267 -11,767,257
4 ®ºÉÒnå, {ÉÖxÉ: ¤ÉÒ¨ÉÉEòiÉÉÇ+Éå EòÉä/ºÉä ¦ÉÖMÉiÉÉxÉ, nÉ´ÉÉ ´ÉºÉÚ±ÉÒ EòÉ ÊxÉ´É±É -306,363 -358,778
5 nÉ´ÉÉå EòÉ ¦ÉÖMÉiÉÉxÉ -121,063,494 -117,395,031
6 Eò¨ÉÒ¶ÉxÉ +Éè® n±ÉɱÉÒ EòÉ ¦ÉÖMÉiÉÉxÉ -10,092,856 -9,585,684
7 +xªÉ ºÉÆSÉɱÉxÉ ´ªÉªÉ EòÉ ¦ÉÖMÉiÉÉxÉ -23,093,652 -22,155,482
8 |ÉÉ®ÆʦÉEò +Éè® {ÉÚ´ÉǺÉÆSÉɱÉxÉ ´ªÉªÉ - -
9 VɨÉÉ, +ÊOÉ¨É +Éè® º]É¡ò @  hÉ (MÉÞ½ ÊxɨÉÉÇhÉ @  hÉ ºÉʽiÉ) -187,268 -285,014
10 +ɪÉEò® EòÉ ¦ÉÖMÉiÉÉxÉ (ÊxɴɱÉ) (ºÉ¨{ÉÊkÉ Eò® ºÉʽiÉ) - -103,768
11 ¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ ºÉä´ÉÉ Eò®/VÉÒBºÉ]Ò -11,760,458 -14,892,613
12 +xªÉ ¦ÉÖMÉiÉÉxÉ -4,301,898 -3,637,334
13 +ºÉÉvÉÉ®hÉ ´ÉºiÉÖ+Éå ºÉä xÉEòn |É´Éɽ -21,482,711 -29,228,869
14 +ºÉÉvÉÉ®hÉ ºÉÆSÉɱÉxÉÉå ºÉä xÉEòn |É´Éɽ - -
15 {ÉÊ®SÉɱÉxÉ MÉÊiÉÊ´ÉÊvɪÉÉå ºÉä ÊxÉ´É±É xÉEònÒ |É´Éɽ (A) -21,482,711 -29,228,869

B. ÊxÉ´Éä¶É MÉÊiÉÊ´ÉÊvɪÉÉå ºÉä xÉEònÒ |É´Éɽ:

1 +SÉ±É {ÉÊ®ºÉÆ{ÉÊkɪÉÉå EòÒ JÉ®Òn -37,541 -725,060
2 +SÉ±É {ÉÊ®ºÉÆ{ÉÊkɪÉÉå EòÒ Ê¤ÉGòÒ ºÉä +ÉªÉ 7,861 38,765
3 ÊxÉ´Éä¶É EòÒ JÉ®Òn (¨ÉxÉÒ ¨ÉÉEæò] <ƺ]ܨÉå]弃 +Éè® Ê±ÉÊC´Éb ¨ªÉÚSÉÖ+±É ¡Æòb Eäò +±ÉÉ´ÉÉ) -77,401,494 -64,320,776
4 Ê´ÉiÉÊ®iÉ ÊEòªÉÉ MɪÉÉ @  hÉ - -93,016
5 ÊxÉ´Éä¶É EòÒ Ê¤ÉGòÒ 286,154,849 280,608,590
6 |ÉÉ{iÉ ½Ö+É {ÉÖxɦÉÖÇMÉiÉÉxÉ 13,157 15,887
7 |ÉÉ{iÉ ÊEòªÉÉ MɪÉÉ ÊEò®ÉªÉÉ/¤ªÉÉVÉ/±ÉɦÉÉÆ¶É 13,188,879 13,442,518
8 ¨ÉxÉÒ ¨ÉÉEæò] <ƺ]ܨÉå]弃 +Éè® Ê±ÉÊC´Éb ¨ªÉÚSÉÖ+±É ¡Æòb弃 ¨Éå ÊxÉ´Éä¶É -229,810,100 -195,213,665
9 ÊxÉ´Éä¶É ºÉä ºÉƤÉÆÊvÉiÉ JÉSÉÇ -25 -214
10 {ÉÊ®SÉɱÉxÉ MÉÊiÉÊ´ÉÊvɪÉÉå ºÉä ÊxÉ´É±É xÉEònÒ |É´Éɽ (B) -7,884,414 33,753,029

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 258

 IRDA Registration No. 58 renewed on 28th January, 2020
CIN: U10200WB1906GOI001713
RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2020

2019-20 2018-19
Particulars
Audited Audited
(` ‘000) (` ‘000)
A. Cash flows from Operating Activities:
1 Premium received from policyholders, (including advance receipts) 155,169,082 144,427,767
2 Other receipts 7,577,463 6,524,325
3 Receipts/Payments from/to the re-insurers, net of commissions -13,423,267 -11,767,257
and claims
4 Receipts/Payments from/to co-insurers, net of claims recovery -306,363 -358,778
5 Payments of claims -121,063,494 -117,395,031
6 Payments of commission and brokerage -10,092,856 -9,585,684
7 Payments of other operating expenses -23,093,652 -22,155,482
8 Preliminary and pre-operative expenses - -
9 Deposits, advances and staff loans (including House building Loan) -187,268 -285,014
10 Income taxes paid (Net) (Including Wealth Tax) - -103,768
11 Service tax/GST paid -11,760,458 -14,892,613
12 Other payments -4,301,898 -3,637,334
13 Cash flows before extraordinary items -21,482,711 -29,228,869
14 Cash flow from extraordinary operations - -
15 Net cash flow from operating activities (A) -21,482,711 -29,228,869

B. Cash flows from Investing Activities:

1 Purchase of fixed assets -37,541 -725,060
2 Proceeds from sale of fixed assets 7,861 38,765
3 Purchases of investments (Other than money market -77,401,494 -64,320,776
instruments & liquid mutual funds)
4 Loans disbursed - -93,016
5 Sales of investments 286,154,849 280,608,590
6 Repayments received 13,157 15,887
7 Rents/Interests/Dividends received 13,188,879 13,442,518
8 Investments in money market instruments and in liquid mutual
funds -229,810,100 -195,213,665
9 Expenses related to investments -25 -214
10 Net cash flow from investing activities (B) -7,884,414 33,753,029

259 ANNUAL REPORT 2019-20

 ÊnxÉÉÆEò 28 VÉxÉ´É®Ò, 2020 EòÉä xÉ´ÉÒEÞòiÉ ½Ö<Ç IRDA {ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ 58
ºÉÒ+É<ÇBxÉ: U10200WB1906GOI001713
31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB ´É¹ÉÇ Eäò ®ºÉÒnÉå +Éè® ¦ÉÖMÉiÉÉxÉÉå EòÉ ±ÉäJÉÉ
` ‘000

Ê´É´É®hÉ 2019-20 2018-19

{É®ÒÊIÉiÉ {É®ÒÊIÉiÉ
C. ÊxÉ´Éä¶É MÉÊiÉÊ´ÉÊvɪÉÉå ºÉä xÉEònÒ |É´Éɽ:
1 ¶ÉäªÉ® {ÉÚÆVÉÒ VÉÉ®Ò Eò®xÉä ºÉä |ÉÉ{iÉ +ÉªÉ 24,000,000 -
2 =vÉÉ®Ò ºÉä |ÉÉ{iÉ +ÉªÉ - -
3 =vÉÉ®Ò EòÒ ´ÉÉ{ɺÉÒ +nɪÉMÉÒ - -
4 ¤ªÉÉVÉ/±ÉɦÉÉÆ¶É (±ÉɦÉÉÆ¶É Ê´ÉiÉ®hÉ Eò® ºÉʽiÉ) EòÉ ÊEòªÉÉ ¦ÉÖMÉiÉÉxÉ -747,325 -747,325
5 Ê´ÉkÉÒªÉxÉ MÉÊiÉÊ´ÉÊvɪÉÉå ºÉä ÊxÉ´É±É xÉEònÒ |É´Éɽ (C) 23,252,675 -747,325
D. xÉEòn +Éè® xÉEòn ºÉ¨ÉEòIÉÉå {É® Ê´Énä¶ÉÒ Ê´ÉÊxÉ¨ÉªÉ n®Éå EòÉ |ɦÉÉ´É, ÊxÉ´É±É (ºÉÆ{ÉÊkÉ +Éè® 15,794 -66
näxÉnÉÊ®ªÉÉå Eäò °  {ÉÉÆiÉ®hÉ EòÉä ¤ÉEòɪÉÉ)
E. xÉEòn +Éè® xÉEòn ºÉ¨ÉEòIÉÉå ¨Éå ÊxÉ´É±É ´ÉÞÊr: (A+B+C+D) -6,098,656 3,776,769
1 ´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå xÉEòn +Éè® xÉEòn ºÉ¨ÉEòIÉ 13,083,277 9,306,508
a. xÉEòn (SÉäEò, bÅÉ}] +Éè® Ê]Eò] ºÉʽiÉ) 1,569,338 141,331
b. ¤ÉéEò ¶Éä¹É (+±{ÉÉ´ÉÊvÉ VɨÉÉ ºÉʽiÉ) 11,512,059 9,138,284
c. {ÉÉ®MɨÉxÉ ¨Éå |Éä¹ÉhÉ 1,880 26,893
2 ´É¹ÉÇ Eäò +ÆiÉ ¨Éå xÉEòn +Éè® xÉEòn ºÉ¨ÉEòIÉ 6,984,621 13,083,277
a. xÉEòn (SÉäEò, bÅÉ}] +Éè® Ê]Eò] ºÉʽiÉ) 57,929 1,569,338
b. ¤ÉéEò ¶Éä¹É (+±{ÉÉ´ÉÊvÉ VɨÉÉ ºÉʽiÉ) 6,851,189 11,512,059
c. {ÉÉ®MɨÉxÉ ¨Éå |Éä¹ÉhÉ 75,503 1,880

ªÉ½ 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ´É¹ÉÇ Eäò ʱÉB ®ºÉÒnÉå +Éè® ¦ÉÖMÉiÉÉxÉÉå EòÉ ±ÉäJÉÉ ½è,
VÉÉä ÊEò ¤É®É¤É® iÉÉ®ÒJÉ EòÒ ½¨ÉÉ®Ò Ê®{ÉÉä]Ç ¨Éå ÊnªÉÉ MɪÉÉ ½è*
ÊxÉnä¶ÉEò ¨ÉÆb±É Eäò ʱÉB +Éè® =ºÉEòÒ iÉ®¡ò ºÉä
MÉÖ½É xÉÆnÒ B´ÉÆ EÆò{ÉxÉÒ Eäò ʱÉB bÒ B´ÉÆ ¤ÉÉäºÉ Eäò ʱÉB iÉËVÉn® ¨ÉÖJÉVÉÔ
ºÉxÉnÒ ±ÉäJÉÉEòÉ® ºÉxÉnÒ ±ÉäJÉÉEòÉ® +vªÉIÉ-ºÉ½-|ɤÉÆvÉ ÊxÉnä¶ÉEò
FRN: 302039E FRN: 302175E DIN: 08227563
(ºÉÒB bÉì ¤ÉÒ BºÉ EÖÆòbÖ) (ºÉÒB iÉÊciÉ MÉÖ{iÉÉ) ʶɴɮ¨ÉhÉ ¨É½Énä´ÉxÉ
ºÉÉZÉänÉ® ºÉÉZÉänÉ® ÊxÉnä¶ÉEò
M. No - 051221 M. No - 053380 DIN: 02045100
ºlÉÉxÉ: EòÉä±ÉEòÉiÉÉ Ê{É. Ê´ÉVÉªÉ EÖò¨ÉÉ® ®ÒxÉÉ ¨ÉÉÊbªÉÉ
ÊnxÉÉÆEò: 26 ʺÉiɨ¤É®, 2020 ¨ÉÖJªÉ Ê´ÉkÉÒªÉ +ÊvÉEòÉ®Ò EÆò{ÉxÉÒ ºÉÊSÉ´É

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 260

 IRDA Registration No. 58 renewed on 28th January, 2020
CIN: U10200WB1906GOI001713
RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2020

Particulars 2019-20 2018-19

Audited Audited
(` ‘000) (` ‘000)
C. Cash flows from Financing Activities:
1 Proceeds from issuance of share capital 24,000,000 -
2 Proceeds from borrowing - -
3 Repayments of borrowing - -
4 Interest / dividends (including dividend distribution tax) paid -747,325 -747,325
5 Net cash flow from financing activities (C) 23,252,675 -747,325
D. Effect of Foreign Exchange rates on Cash & Cash 15,794 -66
Equivalents, net (due to translation of assets and liabilities)
E. Net increase in Cash & Cash Equivalents: (A+B+C+D) -6,098,656 3,776,769
1 Cash and cash equivalents at the beginning of the year 13,083,277 9,306,508
a. Cash (including cheques, drafts and stamps) 1,569,338 141,331
b. Bank balances (including short term deposits) 11,512,059 9,138,284
c. Remittances in transit 1,880 26,893
2 Cash and cash equivalents at the end of the year 6,984,621 13,083,277
a. Cash (including cheques, drafts and stamps) 57,929 1,569,338
b. Bank balances (including short term deposits) 6,851,189 11,512,059
c. Remittances in transit 75,503 1,880

This is the Receipts and Payments A/c for the year ended
31st March, 2020 referred to in our report of even date.
For and on behalf of the Board of Directors
For Guha Nandi & Co. For De & Bose Tajinder Mukherjee
Chartered Accountants Chartered Accountants Chairman-Cum-Managing Director
FRN: 302039E FRN: 302175E DIN: 08227563

(CA. Dr. B.S Kundu) (CA.Tarit Dasgupta) Sivaraman Mahadevan

Partner Partner Director
M. No - 051221 M. No - 053380 DIN: 02045100

P. Vijaya Kumar Rina Madia

Place: Kolkata Chief Financial Officer Company Secretary
Date: 26th September, 2020

261 ANNUAL REPORT 2019-20

Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
+xÉÖºÉÚSÉÒ - 1A +ÊMxÉ
|ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ)
2019-20 2018-19
Ê´É´É®hÉ (`’000) (`’000)
ʱÉÊJÉiÉ |ÉiªÉIÉ ´ªÉÉ{ÉÉ® ºÉä |ÉÒÊ¨ÉªÉ¨É 10,440,303 8,834,485
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É º´ÉÒEÞòiÉ 1,390,155 1,373,964
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® +Ì{ÉiÉ |ÉÒÊ¨ÉªÉ¨É 4,659,793 4,332,822
ÊxÉ´É±É |ÉÒÊ¨ÉªÉ¨É 7,170,665 5,875,627
+xÉ{ÉäÊIÉiÉ VÉÉäÊJɨÉÉå Eäò ʱÉB ºÉÆSÉªÉ ¨Éå ¤Én±ÉÉ´É Eäò ʱÉB ºÉ¨ÉɪÉÉäVÉxÉ* -647,519 1,097,485
EÖò±É |ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ) 6,523,146 6,973,112

*¯ {ɪÉä ¶ÉÚxªÉ (°  ¶ÉÚxªÉ) Eäò ʱÉB |ÉÒÊ¨ÉªÉ¨É jÉÖÊ] Eäò ʱÉB ¶ÉÉÊ¨É±É Ê®VÉ´ÉÇ

+xÉÖºÉÚSÉÒ - 2A +ÊMxÉ
´ªÉªÉ ÊEòB MÉB nÉ´Éå (ÊxɴɱÉ)
2019-20 2018-19
Ê´É´É®hÉ (`’000) (`’000)
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB nÉ´Éå
|ÉiªÉIÉ 8,729,211 5,484,391
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ º´ÉÒEÞòiÉ 951,020 802,344
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ +Ì{ÉiÉ 1,582,900 2,944,418
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB ÊxÉ´É±É nÉ´Éå 8,097,331 3,342,317
VÉÉäcå: ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 12,381,475 15,448,690
PÉ]ÉBÆ: ´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 15,448,690 14,892,371
ÊEòB MÉB EÖò±É nÉ´Éå 5,030,116 3,898,636

+xÉÖºÉÚSÉÒ - 3A +ÊMxÉ
Eò¨ÉÒ¶ÉxÉ
2019-20 2018-19
Ê´É´É®hÉ (`’000) (`’000)
¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ Eò¨ÉÒ¶ÉxÉ
|ÉiªÉIÉ EÖò±É (A) * 877,518 697,058
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® º´ÉÒEÞòiÉ Eò¨ÉÒ¶ÉxÉ 276,551 226,783
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® +Ì{ÉiÉ Eò¨ÉÒ¶ÉxÉ 242,658 226,518
ÊxÉ´É±É Eò¨ÉÒ¶ÉxÉ 911,411 697,323

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 262

SCHEDULES FORMING PART OF FINANCIAL STATEMENTS
SCHEDULE – 1A FIRE
PREMIUM EARNED [NET]
2019-20 2018-19
Particulars
(`’000) (`’000)
Premium from direct business written 10,440,303 8,834,485
Add: Premium on reinsurance accepted 1,390,155 1,373,964
Less : Premium on reinsurance ceded 4,659,793 4,332,822
Net Premium 7,170,665 5,875,627
Adjustment for change in reserve for unexpired risks* -647,519 1,097,485
Total Premium Earned (Net) 6,523,146 6,973,112
* includes Reserve for Premium deficiency for ` Nil (` Nil)

SCHEDULE – 2A FIRE
claims incurred [NET]
2019-20 2018-19
Particulars
(`’000) (`’000)
Claims paid
Direct 8,729,211 5,484,391
Add : Re-insurance accepted 951,020 802,344
Less : Re-insurance ceded 1,582,900 2,944,418
Net Claims paid 8,097,331 3,342,317
Add : Claims Outstanding at the end of the year 12,381,475 15,448,690
Less : Claims Outstanding at the beginning of the year 15,448,690 14,892,371
Total Claims Incurred 5,030,116 3,898,636

SCHEDULE – 3A FIRE
commission
2019-20 2018-19
Particulars
(`’000) (`’000)
Commission paid
Direct - Total (A) * 877,518 697,058
Add: Commission on Re-insurance accepted 276,551 226,783
Less: Commission on Re-insurance ceded 242,658 226,518
Net Commission 911,411 697,323

263 ANNUAL REPORT 2019-20

 2019-20 2018-19
´ªÉ´ÉºÉÉªÉ EòÒ JÉ®Òn Eäò ʱÉB ÊEòB MÉB JÉSÉÉäÈ EòÉ +±ÉMÉ-+±ÉMÉ +ÉÆEòcä (ºÉEò±É): (`’000) (`’000)
+ʦÉEòiÉÉÇ 547,222 447,275
n±ÉÉ±É 316,563 191,955
EòÉì{ÉÉäÇ®ä] BVÉåºÉÒ (ºÉƺlÉÉ) 13,733 57,827
+xªÉ:
{ɮɨɶÉÇ uÉ®É - -
Ê´ÉÊ´ÉvÉ +xªÉ - 1
EÖò±É (B) 877,518 697,058

* ʤÉSÉÉèʱɪÉÉå (¨ÉvªÉ´ÉiÉÔ ºÉƺlÉÉ+Éå) EòÉä ÊnB VÉÉxÉä ´ÉɱÉä ¶ÉÉÊ¨É±É |ÉÉäiºÉɽxÉ/<xÉɨÉ*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 264

 2019-20 2018-19
Break-up of the expenses (Gross) incurred to procure business:
(`’000) (`’000)
Agents 547,222 447,275
Brokers 316,563 191,955
Corporate Agency 13,733 57,827
Others:
Referral - -
Misc. Others - 1
TOTAL (B) 877,518 697,058

* Includes incentive/reward paid to intermediaries

265 ANNUAL REPORT 2019-20

 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB Ê´ÉkÉÒªÉ ´É¹ÉÇ EòÒ JÉhb Ê®{ÉÉä]Ç +xÉÖºÉÚSÉÒ
(` ½VÉÉ® ¨Éå)
+ÊMxÉ
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ 2019-20 2018-19
¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É ¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É
+ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É (ÊxɴɱÉ) 1A

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20

ʱÉÊJÉiÉ |ÉiªÉIÉ ´ªÉÉ{ÉÉ® ºÉä |ÉÒÊ¨ÉªÉ¨É 10,263,628 176,675 10,440,303 8,679,872 154,613 8,834,485
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É º´ÉÒEÞòiÉ 1,377,494 12,661 1,390,155 1,360,128 13,836 1,373,964
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É +Ì{ÉiÉ 4,560,669 99,124 4,659,793 4,210,782 122,040 4,332,822
ÊxÉ´É±É |ÉÒÊ¨ÉªÉ¨É 7,080,453 90,212 7,170,665 5,829,218 46,409 5,875,627
+xÉ{ÉäÊIÉiÉ VÉÉäÊJɨÉÉå Eäò ʱÉB ºÉÆSÉªÉ ¨Éå ¤Én±ÉÉ´É Eäò ʱÉB ºÉ¨ÉɪÉÉäVÉxÉ -625,618 -21,901 -647,519 1,060,168 37,317 1,097,485
EÖò±É |ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ) 6,454,835 68,311 6,523,146 6,889,386 83,726 6,973,112
=`ÉB ½ÖB nÉ´Éå (ÊxɴɱÉ) 2A
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB nÉ´Éå - |ÉiªÉIÉ 8,570,914 158,297 8,729,211 5,200,272 284,119 5,484,391
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ º´ÉÒEÞòiÉ 951,020 - 951,020 802,333 11 802,344
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ +Ì{ÉiÉ 1,460,860 122,040 1,582,900 2,819,179 125,239 2,944,418

266
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB ÊxÉ´É±É nÉ´Éå 8,061,074 36,257 8,097,331 3,183,426 158,891 3,342,317
VÉÉäcå: ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 12,309,499 71,976 12,381,475 15,351,430 97,260 15,448,690
PÉ]ÉBÆ: ´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 15,351,430 97,260 15,448,690 14,746,989 145,382 14,892,371
ÊEòB MÉB EÖò±É nÉ´Éå 5,019,143 10,973 5,030,116 3,787,867 110,769 3,898,636
Eò¨ÉÒ¶ÉxÉ 3A
¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ Eò¨ÉÒ¶ÉxÉ - |ÉiªÉIÉ * 876,914 604 877,518 696,518 540 697,058
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® º´ÉÒEÞòiÉ Eò¨ÉÒ¶ÉxÉ 274,342 2,209 276,551 223,830 2,953 226,783
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® +Ì{ÉiÉ Eò¨ÉÒ¶ÉxÉ 235,379 7,279 242,658 206,379 20,139 226,518
ÊxÉ´É±É Eò¨ÉÒ¶ÉxÉ 915,877 -4,466 911,411 713,969 -16,646 697,323
{ÉÊ®SÉɱÉxÉ ´ªÉªÉ 4 3,302,624 24,378 3,327,002 1,579,008 15,479 1,594,487
Ê´ÉÊxÉ¨ÉªÉ ±ÉÉ¦É (+)/½ÉÊxÉ (-) - - - - - -
+ÊiÉÊ®Hò <Ç+ÉäB¨É EòÒ +Éä® ¶ÉäªÉ®vÉÉ®EòÉä EòÒ ÊxÉÊvÉ ºÉä +ƶÉnÉxÉ 1,073,329 - 1,073,329 - - -
¤ÉÒ¨ÉÉÆEòxÉ {ÉÊ®hÉÉ¨É -1,709,480 37,426 -1,672,054 808,542 -25,876 782,666
ÊxÉ´Éä¶É +ÉªÉ (¤ªÉÉVÉ, ±ÉɦÉÉÆ¶É +Éè® ÊEò®ÉB ºÉʽiÉ ÊxÉ´Éä¶É EòÒ Ê¤ÉGòÒ {É® ±ÉɦÉ) 1,705,236 11,246 1,716,482 2,591,795 28,224 2,620,019
ÊxÉ´Éä¶É EòÉ |ÉÉ´ÉvÉÉxÉ, |ÉÒÊ¨ÉªÉ¨É +Éè® ®É<] +Éì¡ò EòÉ {ÉÊ®¶ÉÉävÉxÉ (@  hɨÉÖÊHò) 194,264 1,281 195,545 42,639 464 43,103
{ÉÊ®SÉɱÉxÉ {ÉÊ®hÉÉ¨É -198,508 47,391 -151,117 3,357,698 1,884 3,359,582
*ʤÉSÉÉèʱɪÉÉå (¨ÉvªÉ´ÉiÉÔ ºÉƺlÉÉ+Éå) EòÉä ÊnB VÉÉxÉä ´ÉɱÉä ¶ÉÉÊ¨É±É |ÉÉäiºÉɽxÉ/<xÉɨÉ*
 SEGMENT REPORT SCHEDULE FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2020
` In thousands
FIRE
PARTICULARS SCHEDULE 2019-20 2018-19
IN INDIA OUTSIDE INDIA TOTAL IN INDIA OUTSIDE INDIA TOTAL
PREMIUM EARNED (NET) 1A
PREMIUM FROM DIRECT BUSINESS WRITTEN 10,263,628 176,675 10,440,303 8,679,872 154,613 8,834,485
ADD: PREMIUM ON REINSURANCE ACCEPTANCE 1,377,494 12,661 1,390,155 1,360,128 13,836 1,373,964
LESS : PREMIUM ON REINSURANCE CEDED 4,560,669 99,124 4,659,793 4,210,782 122,040 4,332,822
NET PREMIUM 7,080,453 90,212 7,170,665 5,829,218 46,409 5,875,627
ADJUSTMENT FOR CHANGE IN RESERVE FOR UNEXPIRED RISK -625,618 -21,901 -647,519 1,060,168 37,317 1,097,485
TOTAL PREMIUM EARNED (NET) 6,454,835 68,311 6,523,146 6,889,386 83,726 6,973,112
CLAIMS INCURRED (NET) 2A
CLAIMS PAID – DIRECT 8,570,914 158,297 8,729,211 5,200,272 284,119 5,484,391
ADD : REINSURANCE ACCEPTANCE 951,020 - 951,020 802,333 11 802,344
LESS : REINSURANCE CEDED 1,460,860 122,040 1,582,900 2,819,179 125,239 2,944,418
NET CLAIMS PAID 8,061,074 36,257 8,097,331 3,183,426 158,891 3,342,317
ADD: CLAIMS OUTSTANDING AT THE END OF YEAR 12,309,499 71,976 12,381,475 15,351,430 97,260 15,448,690

267
LESS: CLAIMS OUTSTANDING AT THE BEGINNING OF THE YEAR 15,351,430 97,260 15,448,690 14,746,989 145,382 14,892,371
TOTAL CLAIMS INCURRED 5,019,143 10,973 5,030,116 3,787,867 110,769 3,898,636
COMMISSION 3A
COMMISSION PAID – DIRECT * 876,914 604 877,518 696,518 540 697,058
ADD: REINSURANCE ACCEPTANCE 274,342 2,209 276,551 223,830 2,953 226,783
LESS: REINSURANCE CEDED 235,379 7,279 242,658 206,379 20,139 226,518
NET COMMISSION 915,877 -4,466 911,411 713,969 -16,646 697,323
OPERATING EXPENSES 4 3,302,624 24,378 3,327,002 1,579,008 15,479 1,594,487
EXCHANGE GAIN (+) /LOSS (-) - - - - - -
CONTRIBUTION FROM SHAREHOLDER’S FUNDS TOWARDS
1,073,329 - 1,073,329 - - -
EXCESS EoM
UNDERWRITING RESULT -1,709,480 37,426 -1,672,054 808,542 -25,876 782,666
INVESTMENT INCOME (INTEREST, DIVIDEND & RENT PLUS
1,705,236 11,246 1,716,482 2,591,795 28,224 2,620,019
PROFIT ON SALE OF INVESTMENTS)
INVESTMENT PROVISION, AMORTIZATION OF PREMIUM AND
194,264 1,281 195,545 42,639 464 43,103
WRITE OFF
OPERATING RESULT -198,508 47,391 -151,117 3,357,698 1,884 3,359,582

ANNUAL REPORT 2019-20

* Includes incentive / reward paid to intermediaries
Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
+xÉÖºÉÚSÉÒ - 1B ¨É®ÒxÉ
|ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ)
2019-20 2018-19
Ê´É´É®hÉ (`’000) (`’000)
ʱÉÊJÉiÉ |ÉiªÉIÉ ´ªÉÉ{ÉÉ® ºÉä |ÉÒÊ¨ÉªÉ¨É 2,420,935 2,167,536
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É º´ÉÒEÞòiÉ 149,267 178,534
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É +Ì{ÉiÉ 1,192,987 776,140
ÊxÉ´É±É |ÉÒÊ¨ÉªÉ¨É 1,377,215 1,569,930
+xÉ{ÉäÊIÉiÉ VÉÉäÊJɨÉÉå Eäò ʱÉB ºÉÆSÉªÉ ¨Éå ¤Én±ÉÉ´É Eäò ʱÉB ºÉ¨ÉɪÉÉäVÉxÉ* 155,380 -131,011
EÖò±É |ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ) 1,532,595 1,438,919
*¯ {ɪÉä ¶ÉÚxªÉ (°  ¶ÉÚxªÉ) Eäò ʱÉB |ÉÒÊ¨ÉªÉ¨É jÉÖÊ] Eäò ʱÉB ¶ÉÉÊ¨É±É Ê®VÉ´ÉÇ

+xÉÖºÉÚSÉÒ - 2B ¨É®ÒxÉ
´ªÉªÉ ÊEòB MÉB nÉ´Éå (ÊxɴɱÉ)
2019-20 2018-19
Ê´É´É®hÉ (`’000) (`’000)
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB nÉ´Éå
|ÉiªÉIÉ 1,214,189 1,021,786
VÉÉäcå: {ÉÖxÉ: ¤ÉÒ¨ÉÉ º´ÉÒEÞòiÉ 105,636 509,120
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ +Ì{ÉiÉ 525,767 337,255
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB ÊxÉ´É±É nÉ´Éå 794,058 1,193,651
VÉÉäcå: ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 1,907,749 1,928,951
PÉ]ÉBÆ: ´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 1,928,951 1,828,376
ÊEòB MÉB EÖò±É nÉ´Éå 772,856 1,294,226

+xÉÖºÉÚSÉÒ - 3B ¨É®ÒxÉ
Eò¨ÉÒ¶ÉxÉ
2019-20 2018-19
Ê´É´É®hÉ (`’000) (`’000)
¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ Eò¨ÉÒ¶ÉxÉ
|ÉiªÉIÉ EÖò±É (A) * 220,243 223,089
VÉÉäcå: {ÉÖxÉ: ¤ÉÒ¨ÉÉ {É® º´ÉÒEÞòiÉ Eò¨ÉÒ¶ÉxÉ 6,695 29,730
PÉ]ÉBÆ: {ÉÖxÉ: ¤ÉÒ¨ÉÉ {É® +Ì{ÉiÉ Eò¨ÉÒ¶ÉxÉ 140,400 92,973
ÊxÉ´É±É Eò¨ÉÒ¶ÉxÉ 86,538 159,846

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 268

SCHEDULES FORMING PART OF FINANCIAL STATEMENTS
SCHEDULE – 1B marine
PREMIUM EARNED [NET]

2019-20 2018-19
Particulars
(`’000) (`’000)
Premium from direct business written 2,420,935 2,167,536
Add: Premium on reinsurance accepted 149,267 178,534
Less : Premium on reinsurance ceded 1,192,987 776,140
Net Premium 1,377,215 1,569,930
Adjustment for change in reserve for unexpired risks* 155,380 -131,011
Total Premium Earned (Net) 1,532,595 1,438,919
* includes Reserve for Premium deficiency for ` Nil (` Nil)

SCHEDULE – 2B marine
claims incurred [NET]
2019-20 2018-19
Particulars
(`’000) (`’000)
Claims paid
Direct 1,214,189 1,021,786
Add: Re-insurance accepted 105,636 509,120
Less :Re-insurance ceded 525,767 337,255
Net Claims paid 794,058 1,193,651
Add Claims Outstanding at the end of the year 1,907,749 1,928,951
Less Claims Outstanding at the beginning of the year 1,928,951 1,828,376
Total Claims Incurred 772,856 1,294,226

SCHEDULE – 3B marine
commission

2019-20 2018-19
Particulars
(`’000) (`’000)
Commission paid
Direct - Total (A)* 220,243 223,089
Add: Commission on Re-insurance accepted 6,695 29,730
Less: Commission on Re-insurance ceded 140,400 92,973
Net Commission 86,538 159,846

269 ANNUAL REPORT 2019-20

 2019-20 2018-19
´ªÉ´ÉºÉÉªÉ EòÒ JÉ®Òn Eäò ʱÉB ÊEòB MÉB JÉSÉÉäÈ EòÉ +±ÉMÉ-+±ÉMÉ +ÉÆEòcä (ºÉEò±É): (`’000) (`’000)
+ʦÉEòiÉÉÇ 162,801 171,538
n±ÉÉ±É 57,283 51,278
EòÉì{ÉÉäÇ®ä] BVÉåºÉÒ (ºÉƺlÉÉ) 159 273
+xªÉ:
{ɮɨɶÉÇ uÉ®É - -
Ê´ÉÊ´ÉvÉ +xªÉ - -
EÖò±É (B) 220,243 223,089

* ʤÉSÉÉèʱɪÉÉå (¨ÉvªÉ´ÉiÉÔ ºÉƺlÉÉ+Éå) EòÉä ÊnB VÉÉxÉä ´ÉɱÉä ¶ÉÉÊ¨É±É |ÉÉäiºÉɽxÉ/<xÉɨÉ*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 270

Break-up of the expenses (Gross) incurred to procure business: 2019-20 2018-19
(`’000) (`’000)
Agents 162,801 171,538
Brokers 57,283 51,278
Corporate Agency 159 273
Others:
Referral - -
Misc. Others - -
TOTAL (B) 220,243 223,089

* Includes incentive/reward paid to intermediaries

271 ANNUAL REPORT 2019-20

 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB Ê´ÉkÉÒªÉ ´É¹ÉÇ EòÒ JÉhb Ê®{ÉÉä]Ç +xÉÖºÉÚSÉÒ
(` ½VÉÉ® ¨Éå)
¨É®ÒxÉ EòÉMÉÉäÇ
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ 2019-20 2018-19
¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É ¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É
+ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É (ÊxɴɱÉ) 1B

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20

ʱÉÊJÉiÉ |ÉiªÉIÉ ´ªÉÉ{ÉÉ® ºÉä |ÉÒÊ¨ÉªÉ¨É 1,319,334 67,424 1,386,758 1,418,400 73,436 1,491,836
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É º´ÉÒEÞòiÉ 12,336 - 12,336 9,009 - 9,009
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É +Ì{ÉiÉ 201,083 9,169 210,252 214,927 22,405 237,332
ÊxÉ´É±É |ÉÒÊ¨ÉªÉ¨É 1,130,587 58,255 1,188,842 1,212,482 51,031 1,263,513
+xÉ{ÉäÊIÉiÉ VÉÉäÊJɨÉÉå Eäò ʱÉB ºÉÆSÉªÉ ¨Éå ¤Én±ÉÉ´É Eäò ʱÉB ºÉ¨ÉɪÉÉäVÉxÉ 40,947 -3,611 37,336 68,905 4,409 73,314
EÖò±É |ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ) 1,171,534 54,644 1,226,178 1,281,387 55,440 1,336,827
=`ÉB ½ÖB nÉ´Éå (ÊxɴɱÉ) 2B
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB nÉ´Éå - |ÉiªÉIÉ 801,926 43,144 845,070 691,134 59,804 750,938
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ º´ÉÒEÞòiÉ 37,145 - 37,145 6,373 - 6,373
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ +Ì{ÉiÉ 131,625 7,058 138,683 89,685 9,909 99,594

272
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB ÊxÉ´É±É nÉ´Éå 707,446 36,086 743,532 607,822 49,895 657,717
VÉÉäcå: ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 939,193 19,338 958,531 1,057,045 14,879 1,071,924
PÉ]ÉBÆ: ´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 1,057,045 14,879 1,071,924 986,064 20,957 1,007,021
ÊEòB MÉB EÖò±É nÉ´Éå 589,594 40,545 630,139 678,803 43,817 722,620
Eò¨ÉÒ¶ÉxÉ 3B
¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ Eò¨ÉÒ¶ÉxÉ - |ÉiªÉIÉ* 187,191 347 187,538 195,639 248 195,887
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® º´ÉÒEÞòiÉ Eò¨ÉÒ¶ÉxÉ 1,850 - 1,850 2,662 - 2,662
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® +Ì{ÉiÉ Eò¨ÉÒ¶ÉxÉ 30,547 1,868 32,415 33,372 3,765 37,137
ÊxÉ´É±É Eò¨ÉÒ¶ÉxÉ 158,494 -1,521 156,973 164,929 -3,517 161,412
{ÉÊ®SÉɱÉxÉ ´ªÉªÉ 4 395,495 11,806 407,301 181,470 12,766 194,236
Ê´ÉÊxÉ¨ÉªÉ ±ÉÉ¦É (+)/½ÉÊxÉ (-) - - - - - -
¤ÉÒ¨ÉÉÆEòxÉ {ÉÊ®hÉÉ¨É 27,951 3,814 31,765 256,185 2,374 258,559
ÊxÉ´Éä¶É +ÉªÉ (¤ªÉÉVÉ, ±ÉɦÉÉÆ¶É +Éè® ÊEò®ÉB ºÉʽiÉ ÊxÉ´Éä¶É EòÒ Ê¤ÉGòÒ {É® ±ÉɦÉ) 155,277 3,771 159,048 230,697 6,295 236,992
ÊxÉ´Éä¶É EòÉ |ÉÉ´ÉvÉÉxÉ, |ÉÒÊ¨ÉªÉ¨É +Éè® ®É<] +Éì¡ò EòÉ {ÉÊ®¶ÉÉävÉxÉ (@  hɨÉÖÊHò) 17,689 430 18,119 3,795 104 3,899
{ÉÊ®SÉɱÉxÉ {ÉÊ®hÉÉ¨É 165,539 7,155 172,694 483,087 8,565 491,652
*ʤÉSÉÉèʱɪÉÉå (¨ÉvªÉ´ÉiÉÔ ºÉƺlÉÉ+Éå) EòÉä ÊnB VÉÉxÉä ´ÉɱÉä ¶ÉÉÊ¨É±É |ÉÉäiºÉɽxÉ/<xÉɨÉ*
 SEGMENT REPORT SCHEDULE FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2020
` In thousands
marine cargo
PARTICULARS SCHEDULE 2019-20 2018-19
IN INDIA OUTSIDE INDIA TOTAL IN INDIA OUTSIDE INDIA TOTAL
PREMIUM EARNED (NET) 1B
PREMIUM FROM DIRECT BUSINESS WRITTEN 1,319,334 67,424 1,386,758 1,418,400 73,436 1,491,836
ADD: PREMIUM ON REINSURANCE ACCEPTANCE 12,336 - 12,336 9,009 - 9,009
LESS : PREMIUM ON REINSURANCE CEDED 201,083 9,169 210,252 214,927 22,405 237,332
NET PREMIUM 1,130,587 58,255 1,188,842 1,212,482 51,031 1,263,513
ADJUSTMENT FOR CHANGE IN RESERVE FOR UNEXPIRED RISK 40,947 -3,611 37,336 68,905 4,409 73,314
TOTAL PREMIUM EARNED (NET) 1,171,534 54,644 1,226,178 1,281,387 55,440 1,336,827
CLAIMS INCURRED (NET) 2B
CLAIMS PAID – DIRECT 801,926 43,144 845,070 691,134 59,804 750,938
ADD : REINSURANCE ACCEPTANCE 37,145 - 37,145 6,373 - 6,373
LESS : REINSURANCE CEDED 131,625 7,058 138,683 89,685 9,909 99,594
NET CLAIMS PAID 707,446 36,086 743,532 607,822 49,895 657,717

273
ADD: CLAIMS OUTSTANDING AT THE END OF YEAR 939,193 19,338 958,531 1,057,045 14,879 1,071,924
LESS: CLAIMS OUTSTANDING AT THE BEGINNING OF THE YEAR 1,057,045 14,879 1,071,924 986,064 20,957 1,007,021
TOTAL CLAIMS INCURRED 589,594 40,545 630,139 678,803 43,817 722,620
COMMISSION 3B
COMMISSION PAID – DIRECT * 187,191 347 187,538 195,639 248 195,887
ADD: REINSURANCE ACCEPTANCE 1,850 - 1,850 2,662 - 2,662
LESS: REINSURANCE CEDED 30,547 1,868 32,415 33,372 3,765 37,137
NET COMMISSION 158,494 -1,521 156,973 164,929 -3,517 161,412
OPERATING EXPENSES 4 395,495 11,806 407,301 181,470 12,766 194,236
EXCHANGE GAIN (+) /LOSS (-) - - - - - -
UNDERWRITING RESULT 27,951 3,814 31,765 256,185 2,374 258,559
INVESTMENT INCOME (INTEREST, DIVIDEND & RENT PLUS
155,277 3,771 159,048 230,697 6,295 236,992
PROFIT ON SALE OF INVESTMENTS)
INVESTMENT PROVISION, AMORTIZATION OF PREMIUM
17,689 430 18,119 3,795 104 3,899
AND WRITE OFF
OPERATING RESULT 165,539 7,155 172,694 483,087 8,565 491,652
* Includes incentive / reward paid to intermediaries

ANNUAL REPORT 2019-20

 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB Ê´ÉkÉÒªÉ ´É¹ÉÇ EòÒ JÉhb Ê®{ÉÉä]Ç +xÉÖºÉÚSÉÒ
(` ½VÉÉ® ¨Éå)
¨É®ÒxÉ ½±É
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ 2019-20 2018-19
¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É ¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É
+ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É (ÊxɴɱÉ) 1B

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20

ʱÉÊJÉiÉ |ÉiªÉIÉ ´ªÉÉ{ÉÉ® ºÉä |ÉÒÊ¨ÉªÉ¨É 1,034,177 - 1,034,177 675,700 - 675,700
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É º´ÉÒEÞòiÉ 136,931 - 136,931 169,525 - 169,525
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É +Ì{ÉiÉ 982,735 - 982,735 538,808 - 538,808
ÊxÉ´É±É |ÉÒÊ¨ÉªÉ¨É 188,373 - 188,373 306,417 - 306,417
+xÉ{ÉäÊIÉiÉ VÉÉäÊJɨÉÉå Eäò ʱÉB ºÉÆSÉªÉ ¨Éå ¤Én±ÉÉ´É Eäò ʱÉB ºÉ¨ÉɪÉÉäVÉxÉ 118,044 - 118,044 -204,325 - -204,325
EÖò±É |ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ) 306,417 - 306,417 102,092 - 102,092
=`ÉB ½ÖB nÉ´Éå (ÊxɴɱÉ) 2B
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB nÉ´Éå - |ÉiªÉIÉ 369,119 - 369,119 270,848 - 270,848
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ º´ÉÒEÞòiÉ 68,491 - 68,491 502,748 - 502,748
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ +Ì{ÉiÉ 387,083 - 387,083 237,662 - 237,662

274
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB ÊxÉ´É±É nÉ´Éå 50,527 - 50,527 535,934 - 535,934
VÉÉäcå: ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 949,218 - 949,218 857,028 - 857,028
PÉ]ÉBÆ: ´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 857,028 - 857,028 821,356 - 821,356
ÊEòB MÉB EÖò±É nÉ´Éå 142,717 - 142,717 571,606 - 571,606
Eò¨ÉÒ¶ÉxÉ 3B
¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ Eò¨ÉÒ¶ÉxÉ - |ÉiªÉIÉ* 32,705 - 32,705 27,202 - 27,202
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® º´ÉÒEÞòiÉ Eò¨ÉÒ¶ÉxÉ 4,845 - 4,845 27,068 - 27,068
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® +Ì{ÉiÉ Eò¨ÉÒ¶ÉxÉ 107,985 - 107,985 55,836 - 55,836
ÊxÉ´É±É Eò¨ÉÒ¶ÉxÉ -70,435 - -70,435 -1,566 - -1,566
{ÉÊ®SÉɱÉxÉ ´ªÉªÉ 4 65,895 - 65,895 62,244 - 62,244
Ê´ÉÊxÉ¨ÉªÉ ±ÉÉ¦É (+)/½ÉÊxÉ (-) - - - - - -
¤ÉÒ¨ÉÉÆEòxÉ {ÉÊ®hÉÉ¨É 168,240 - 168,240 -530,192 - -530,192
ÊxÉ´Éä¶É +ÉªÉ (¤ªÉÉVÉ, ±ÉɦÉÉÆ¶É +Éè® ÊEò®ÉB ºÉʽiÉ ÊxÉ´Éä¶É EòÒ Ê¤ÉGòÒ {É® ±ÉɦÉ) 108,614 - 108,614 127,826 - 127,826
ÊxÉ´Éä¶É EòÉ |ÉÉ´ÉvÉÉxÉ, |ÉÒÊ¨ÉªÉ¨É +Éè® ®É<] +Éì¡ò EòÉ {ÉÊ®¶ÉÉävÉxÉ (@  hɨÉÖÊHò) 12,374 - 12,374 2,103 - 2,103
{ÉÊ®SÉɱÉxÉ {ÉÊ®hÉÉ¨É 264,480 - 264,480 -404,469 - -404,469
*ʤÉSÉÉèʱɪÉÉå (¨ÉvªÉ´ÉiÉÔ ºÉƺlÉÉ+Éå) EòÉä ÊnB VÉÉxÉä ´ÉɱÉä ¶ÉÉÊ¨É±É |ÉÉäiºÉɽxÉ/<xÉɨÉ*
 SEGMENT REPORT SCHEDULE FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2020
` In thousands
marine Hull
PARTICULARS SCHEDULE 2019-20 2018-19
IN INDIA OUTSIDE INDIA TOTAL IN INDIA OUTSIDE INDIA TOTAL
PREMIUM EARNED (NET) 1B
PREMIUM FROM DIRECT BUSINESS WRITTEN 1,034,177 - 1,034,177 675,700 - 675,700
ADD: PREMIUM ON REINSURANCE ACCEPTANCE 136,931 - 136,931 169,525 - 169,525
LESS : PREMIUM ON REINSURANCE CEDED 982,735 - 982,735 538,808 - 538,808
NET PREMIUM 188,373 - 188,373 306,417 - 306,417
ADJUSTMENT FOR CHANGE IN RESERVE FOR UNEXPIRED RISK 118,044 - 118,044 -204,325 - -204,325
TOTAL PREMIUM EARNED (NET) 306,417 - 306,417 102,092 - 102,092
CLAIMS INCURRED (NET) 2B
CLAIMS PAID – DIRECT 369,119 - 369,119 270,848 - 270,848
ADD : REINSURANCE ACCEPTANCE 68,491 - 68,491 502,748 - 502,748
LESS : REINSURANCE CEDED 387,083 - 387,083 237,662 - 237,662
NET CLAIMS PAID 50,527 - 50,527 535,934 - 535,934

275
ADD: CLAIMS OUTSTANDING AT THE END OF YEAR 949,218 - 949,218 857,028 - 857,028
LESS: CLAIMS OUTSTANDING AT THE BEGINNING OF THE YEAR 857,028 - 857,028 821,356 - 821,356
TOTAL CLAIMS INCURRED 142,717 - 142,717 571,606 - 571,606
COMMISSION 3B
COMMISSION PAID – DIRECT * 32,705 - 32,705 27,202 - 27,202
ADD: REINSURANCE ACCEPTANCE 4,845 - 4,845 27,068 - 27,068
LESS: REINSURANCE CEDED 107,985 - 107,985 55,836 - 55,836
NET COMMISSION -70,435 - -70,435 -1,566 - -1,566
OPERATING EXPENSES 4 65,895 - 65,895 62,244 - 62,244
EXCHANGE GAIN (+) /LOSS (-) - - - - - -
UNDERWRITING RESULT 168,240 - 168,240 -530,192 - -530,192
INVESTMENT INCOME (INTEREST, DIVIDEND & RENT PLUS
108,614 - 108,614 127,826 - 127,826
PROFIT ON SALE OF INVESTMENTS)
INVESTMENT PROVISION, AMORTIZATION OF PREMIUM
12,374 - 12,374 2,103 - 2,103
AND WRITE OFF
OPERATING RESULT 264,480 - 264,480 -404,469 - -404,469
* Includes incentive / reward paid to intermediaries

ANNUAL REPORT 2019-20

 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB Ê´ÉkÉÒªÉ ´É¹ÉÇ EòÒ JÉhb Ê®{ÉÉä]Ç +xÉÖºÉÚSÉÒ
(` ½VÉÉ® ¨Éå)
¨É®ÒxÉ EÖò±É
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ 2019-20 2018-19
¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É ¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É
+ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É (ÊxɴɱÉ) 1B

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20

ʱÉÊJÉiÉ |ÉiªÉIÉ ´ªÉÉ{ÉÉ® ºÉä |ÉÒÊ¨ÉªÉ¨É 2,353,511 67,424 2,420,935 2,094,100 73,436 2,167,536
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É º´ÉÒEÞòiÉ 149,267 - 149,267 178,534 - 178,534
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É +Ì{ÉiÉ 1,183,818 9,169 1,192,987 753,735 22,405 776,140
ÊxÉ´É±É |ÉÒÊ¨ÉªÉ¨É 1,318,960 58,255 1,377,215 1,518,899 51,031 1,569,930
+xÉ{ÉäÊIÉiÉ VÉÉäÊJɨÉÉå Eäò ʱÉB ºÉÆSÉªÉ ¨Éå ¤Én±ÉÉ´É Eäò ʱÉB ºÉ¨ÉɪÉÉäVÉxÉ 158,991 -3,611 155,380 -135,420 4,409 -131,011
EÖò±É |ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ) 1,477,951 54,644 1,532,595 1,383,479 55,440 1,438,919
=`ÉB ½ÖB nÉ´Éå (ÊxɴɱÉ) 2B
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB nÉ´Éå - |ÉiªÉIÉ 1,171,045 43,144 1,214,189 961,982 59,804 1,021,786
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ º´ÉÒEÞòiÉ 105,636 - 105,636 509,121 - 509,121
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ +Ì{ÉiÉ 518,708 7,058 525,766 327,347 9,909 337,256

276
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB ÊxÉ´É±É nÉ´Éå 757,973 36,086 794,059 1,143,756 49,895 1,193,651
VÉÉäcå: ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 1,888,411 19,338 1,907,749 1,914,073 14,879 1,928,952
PÉ]ÉBÆ: ´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 1,914,073 14,879 1,928,952 1,807,420 20,957 1,828,377
ÊEòB MÉB EÖò±É nÉ´Éå 732,311 40,545 772,856 1,250,409 43,817 1,294,226
Eò¨ÉÒ¶ÉxÉ 3B
¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ Eò¨ÉÒ¶ÉxÉ - |ÉiªÉIÉ* 219,896 347 220,243 222,839 248 223,087
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® º´ÉÒEÞòiÉ Eò¨ÉÒ¶ÉxÉ 6,695 - 6,695 29,730 - 29,730
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® +Ì{ÉiÉ Eò¨ÉÒ¶ÉxÉ 138,532 1,868 140,400 89,208 3,765 92,973
ÊxÉ´É±É Eò¨ÉÒ¶ÉxÉ 88,059 -1,521 86,538 163,361 -3,517 159,844
{ÉÊ®SÉɱÉxÉ ´ªÉªÉ 4 461,390 11,806 473,196 308,541 12,766 321,307
Ê´ÉÊxÉ¨ÉªÉ ±ÉÉ¦É (+)/½ÉÊxÉ (-) - - - - - -
+ÊiÉÊ®Hò <Ç+ÉäB¨É EòÒ +Éä® ¶ÉäªÉ®vÉÉ®EòÉä EòÒ ÊxÉÊvÉ ºÉä +ƶÉnÉxÉ 61,587 - 61,587 64,827 - 64,827
¤ÉÒ¨ÉÉÆEòxÉ {ÉÊ®hÉÉ¨É 257,778 3,814 261,592 -274,007 2,374 -271,633
ÊxÉ´Éä¶É +ÉªÉ (¤ªÉÉVÉ, ±ÉɦÉÉÆ¶É +Éè® ÊEò®ÉB ºÉʽiÉ ÊxÉ´Éä¶É EòÒ Ê¤ÉGòÒ {É® ±ÉɦÉ) 263,891 3,771 267,662 358,523 6,295 364,818
ÊxÉ´Éä¶É EòÉ |ÉÉ´ÉvÉÉxÉ, |ÉÒÊ¨ÉªÉ¨É +Éè® ®É<] +Éì¡ò EòÉ {ÉÊ®¶ÉÉävÉxÉ (@  hɨÉÖÊHò) 30,063 430 30,493 5,898 104 6,002
{ÉÊ®SÉɱÉxÉ {ÉÊ®hÉÉ¨É 491,606 7,155 498,761 78,618 8,565 87,183
*ʤÉSÉÉèʱɪÉÉå (¨ÉvªÉ´ÉiÉÔ ºÉƺlÉÉ+Éå) EòÉä ÊnB VÉÉxÉä ´ÉɱÉä ¶ÉÉÊ¨É±É |ÉÉäiºÉɽxÉ/<xÉɨÉ*
 SEGMENT REPORT SCHEDULE FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2020
` In thousands
marine total
PARTICULARS SCHEDULE 2019-20 2018-19
IN INDIA OUTSIDE INDIA TOTAL IN INDIA OUTSIDE INDIA TOTAL
PREMIUM EARNED (NET) 1B
PREMIUM FROM DIRECT BUSINESS WRITTEN 2,353,511 67,424 2,420,935 2,094,100 73,436 2,167,536
ADD: PREMIUM ON REINSURANCE ACCEPTANCE 149,267 - 149,267 178,534 - 178,534
LESS : PREMIUM ON REINSURANCE CEDED 1,183,818 9,169 1,192,987 753,735 22,405 776,140
NET PREMIUM 1,318,960 58,255 1,377,215 1,518,899 51,031 1,569,930
ADJUSTMENT FOR CHANGE IN RESERVE FOR UNEXPIRED RISK 158,991 -3,611 155,380 -135,420 4,409 -131,011
TOTAL PREMIUM EARNED (NET) 1,477,951 54,644 1,532,595 1,383,479 55,440 1,438,919
CLAIMS INCURRED (NET) 2B
CLAIMS PAID – DIRECT 1,171,045 43,144 1,214,189 961,982 59,804 1,021,786
ADD : REINSURANCE ACCEPTANCE 105,636 - 105,636 509,121 - 509,121
LESS : REINSURANCE CEDED 518,708 7,058 525,766 327,347 9,909 337,256
NET CLAIMS PAID 757,973 36,086 794,059 1,143,756 49,895 1,193,651
ADD: CLAIMS OUTSTANDING AT THE END OF YEAR 1,888,411 19,338 1,907,749 1,914,073 14,879 1,928,952

277
LESS: CLAIMS OUTSTANDING AT THE BEGINNING OF THE YEAR 1,914,073 14,879 1,928,952 1,807,420 20,957 1,828,377
TOTAL CLAIMS INCURRED 732,311 40,545 772,856 1,250,409 43,817 1,294,226
COMMISSION 3B
COMMISSION PAID – DIRECT * 219,896 347 220,243 222,839 248 223,087
ADD: REINSURANCE ACCEPTANCE 6,695 - 6,695 29,730 - 29,730
LESS: REINSURANCE CEDED 138,532 1,868 140,400 89,208 3,765 92,973
NET COMMISSION 88,059 -1,521 86,538 163,361 -3,517 159,844
OPERATING EXPENSES 4 461,390 11,806 473,196 308,541 12,766 321,307
EXCHANGE GAIN (+) /LOSS (-) - - - - - -
CONTRIBUTION FROM SHAREHOLDER'S FUNDS TOWARDS
61,587 - 61,587 64,827 - 64,827
EXCESS EoM
UNDERWRITING RESULT 257,778 3,814 261,592 -274,007 2,374 -271,633
INVESTMENT INCOME (INTEREST, DIVIDEND & RENT PLUS
263,891 3,771 267,662 358,523 6,295 364,818
PROFIT ON SALE OF INVESTMENTS)
INVESTMENT PROVISION, AMORTIZATION OF PREMIUM AND
30,063 430 30,493 5,898 104 6,002
WRITE OFF
OPERATING RESULT 491,606 7,155 498,761 78,618 8,565 87,183

ANNUAL REPORT 2019-20

* Includes incentive / reward paid to intermediaries
Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
+xÉÖºÉÚSÉÒ - 1C Ê´ÉÊ´ÉvÉ
|ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ)
2019-20 2018-19
Ê´É´É®hÉ (`’000) (`’000)
ʱÉÊJÉiÉ |ÉiªÉIÉ ´ªÉÉ{ÉÉ® ºÉä |ÉÒÊ¨ÉªÉ¨É 140,267,573 140,797,357
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É º´ÉÒEÞòiÉ 1,060,033 953,902
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É +Ì{ÉiÉ 55,374,139 52,690,689
ÊxÉ´É±É |ÉÒÊ¨ÉªÉ¨É 85,953,467 89,060,570
+xÉ{ÉäÊIÉiÉ VÉÉäÊJɨÉÉå Eäò ʱÉB ºÉÆSÉªÉ ¨Éå ¤Én±ÉÉ´É Eäò ʱÉB ºÉ¨ÉɪÉÉäVÉxÉ* 2,817,941 6,529,657
EÖò±É |ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ) 88,771,408 95,590,227
*¯ {ɪÉä ¶ÉÚxªÉ (°  ¶ÉÚxªÉ) Eäò ʱÉB |ÉÒÊ¨ÉªÉ¨É jÉÖÊ] Eäò ʱÉB ¶ÉÉÊ¨É±É Ê®VÉ´ÉÇ

+xÉÖºÉÚSÉÒ - 2C Ê´ÉÊ´ÉvÉ
´ªÉªÉ ÊEòB MÉB nÉ´Éå (ÊxɴɱÉ)
2019-20 2018-19
Ê´É´É®hÉ (`’000) (`’000)
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB nÉ´Éå
|ÉiªÉIÉ 122,598,468 129,893,847
VÉÉäcå: {ÉÖxÉ: ¤ÉÒ¨ÉÉ º´ÉÒEÞòiÉ 396,203 820,351
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ +Ì{ÉiÉ 49,355,605 41,333,136
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB ÊxÉ´É±É nÉ´Éå 73,639,066 89,381,062
VÉÉäcå: ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 164,443,524 141,386,087
PÉ]ÉBÆ: ´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 141,386,087 121,619,751
ÊEòB MÉB EÖò±É nÉ´Éå 96,696,503 109,147,398

+xÉÖºÉÚSÉÒ - 3C Ê´ÉÊ´ÉvÉ
Eò¨ÉÒ¶ÉxÉ
2019-20 2018-19
Ê´É´É®hÉ (`’000) (`’000)
¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ Eò¨ÉÒ¶ÉxÉ
|ÉiªÉIÉ EÖò±É (A) * 9,057,336 9,490,535
VÉÉäcå: {ÉÖxÉ: ¤ÉÒ¨ÉÉ {É® º´ÉÒEÞòiÉ Eò¨ÉÒ¶ÉxÉ 92,068 100,387
PÉ]ÉBÆ: {ÉÖxÉ: ¤ÉÒ¨ÉÉ {É® +Ì{ÉiÉ Eò¨ÉÒ¶ÉxÉ 2,105,714 2,275,785
ÊxÉ´É±É Eò¨ÉÒ¶ÉxÉ 7,043,690 7,315,137

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 278

SCHEDULES FORMING PART OF FINANCIAL STATEMENTS
SCHEDULE – 1C MISCELLANEOUS
PREMIUM EARNED [NET]

2019-20 2018-19
Particulars
(`’000) (`’000)
Premium from direct business written 140,267,573 140,797,357
Add: Premium on reinsurance accepted 1,060,033 953,902
Less : Premium on reinsurance ceded 55,374,139 52,690,689
Net Premium 85,953,467 89,060,570
Adjustment for change in reserve for unexpired risks* 2,817,941 6,529,657
Total Premium Earned (Net) 88,771,408 95,590,227
* includes Reserve for Premium deficiency for ` Nil (` Nil)

SCHEDULE – 2C MISCELLANEOUS
claims inCurred [NET]

2019-20 2018-19
Particulars
(`’000) (`’000)
Claims paid
Direct 122,598,468 129,893,847
Add :Re-insurance accepted 396,203 820,351
Less :Re-insurance ceded 49,355,605 41,333,136
Net Claims paid 73,639,066 89,381,062
Add Claims Outstanding at the end of the year 164,443,524 141,386,087
Less Claims Outstanding at the beginning of the year 141,386,087 121,619,751
Total Claims Incurred 96,696,503 109,147,398
SCHEDULE – 3C MISCELLANEOUS
commission

2019-20 2018-19
Particulars
(`’000) (`’000)
Commission paid
Direct - Total (A)* 9,057,336 9,490,535
Add: Commission on Re-insurance accepted 92,068 100,387
Less: Commission on Re-insurance ceded 2,105,714 2,275,785
Net Commission 7,043,690 7,315,137

279 ANNUAL REPORT 2019-20

 2019-20 2018-19
´ªÉ´ÉºÉÉªÉ EòÒ JÉ®Òn Eäò ʱÉB ÊEòB MÉB JÉSÉÉäÈ EòÉ +±ÉMÉ-+±ÉMÉ +ÉÆEòcä (ºÉEò±É): (`’000) (`’000)
+ʦÉEòiÉÉÇ 6,041,542 5,490,376
n±ÉÉ±É 2,933,781 3,522,468
EòÉì{ÉÉäÇ®ä] BVÉåºÉÒ (ºÉƺlÉÉ) 24,339 223,866
+xªÉ: - -
{ɮɨɶÉÇ uÉ®É - -
Ê´ÉÊ´ÉvÉ +xªÉ 57,674 253,825
EÖò±É (B) 9,057,336 9,490,535

* ʤÉSÉÉèʱɪÉÉå (¨ÉvªÉ´ÉiÉÔ ºÉƺlÉÉ+Éå) EòÉä ÊnB VÉÉxÉä ´ÉɱÉä ¶ÉÉÊ¨É±É |ÉÉäiºÉɽxÉ/<xÉɨÉ*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 280

Break-up of the expenses (Gross) incurred to procure business: 2019-20 2018-19
(`’000) (`’000)
Agents 6,041,542 5,490,376
Brokers 2,933,781 3,522,468
Corporate Agency 24,339 223,866
Others: - -
Referral - -
Misc. Others (Including MISP Distribution fees) 57,674 253,825
TOTAL (B) 9,057,336 9,490,535

* Includes incentive/reward paid to intermediaries

281 ANNUAL REPORT 2019-20

 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB Ê´ÉkÉÒªÉ ´É¹ÉÇ EòÒ JÉhb Ê®{ÉÉä]Ç +xÉÖºÉÚSÉÒ
(` ½VÉÉ® ¨Éå)
¨ÉÉä]® +ÉäbÒ
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ 2019-20 2018-19
¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É ¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É
+ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É (ÊxɴɱÉ) 1C

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20

ʱÉÊJÉiÉ |ÉiªÉIÉ ´ªÉÉ{ÉÉ® ºÉä |ÉÒÊ¨ÉªÉ¨É 18,896,723 58,413 18,955,136 22,845,807 114,494 22,960,301
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É º´ÉÒEÞòiÉ 477 - 477 381 - 381
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É +Ì{ÉiÉ 4,754,972 34,009 4,788,981 5,723,290 75,372 5,798,662
ÊxÉ´É±É |ÉÒÊ¨ÉªÉ¨É 14,142,228 24,404 14,166,632 17,122,898 39,122 17,162,020
+xÉ{ÉäÊIÉiÉ VÉÉäÊJɨÉÉå Eäò ʱÉB ºÉÆSÉªÉ ¨Éå ¤Én±ÉÉ´É Eäò ʱÉB ºÉ¨ÉɪÉÉäVÉxÉ 1,490,335 7,359 1,497,694 1,978,643 16,961 1,995,604
EÖò±É |ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ) 15,632,563 31,763 15,664,326 19,101,541 56,083 19,157,624
=`ÉB ½ÖB nÉ´Éå (ÊxɴɱÉ) 2C
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB nÉ´Éå - |ÉiªÉIÉ 19,996,228 72,260 20,068,488 23,357,873 132,120 23,489,993
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ º´ÉÒEÞòiÉ 12,804 - 12,804 1,102 - 1,102
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ +Ì{ÉiÉ 4,232,622 15,063 4,247,685 5,597,731 41,673 5,639,404

282
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB ÊxÉ´É±É nÉ´Éå 15,776,410 57,197 15,833,607 17,761,244 90,447 17,851,691
VÉÉäcå: ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 4,844,526 23,996 4,868,522 5,028,470 40,273 5,068,743
PÉ]ÉBÆ: ´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 5,028,470 40,273 5,068,743 5,306,517 65,641 5,372,158
ÊEòB MÉB EÖò±É nÉ´Éå 15,592,466 40,920 15,633,386 17,483,197 65,079 17,548,276
Eò¨ÉÒ¶ÉxÉ 3C
¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ Eò¨ÉÒ¶ÉxÉ - |ÉiªÉIÉ* 4,560,862 1,295 4,562,157 5,243,801 2,125 5,245,926
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® º´ÉÒEÞòiÉ Eò¨ÉÒ¶ÉxÉ -56 - -56 - - -
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® +Ì{ÉiÉ Eò¨ÉÒ¶ÉxÉ 483,971 2,680 486,651 398,287 16,821 415,108
ÊxÉ´É±É Eò¨ÉÒ¶ÉxÉ 4,076,835 -1,385 4,075,450 4,845,514 -14,696 4,830,818
{ÉÊ®SÉɱÉxÉ ´ªÉªÉ 4 6,600,776 6,595 6,607,371 4,640,967 13,049 4,654,016
Ê´ÉÊxÉ¨ÉªÉ ±ÉÉ¦É (+)/½ÉÊxÉ (-) - - - - - -
¤ÉÒ¨ÉÉÆEòxÉ {ÉÊ®hÉÉ¨É -10,637,514 -14,367 -10,651,881 -7,868,137 -7,349 -7,875,486
ÊxÉ´Éä¶É +ÉªÉ (¤ªÉÉVÉ, ±ÉɦÉÉÆ¶É +Éè® ÊEò®ÉB ºÉʽiÉ ÊxÉ´Éä¶É EòÒ Ê¤ÉGòÒ {É® ±ÉɦÉ) 1,268,695 5,585 1,274,280 2,193,988 13,685 2,207,673
ÊxÉ´Éä¶É EòÉ |ÉÉ´ÉvÉÉxÉ, |ÉÒÊ¨ÉªÉ¨É +Éè® ®É<] +Éì¡ò EòÉ {ÉÊ®¶ÉÉävÉxÉ (@  hɨÉÖÊHò) 144,532 637 145,169 36,094 225 36,319
{ÉÊ®SÉɱÉxÉ {ÉÊ®hÉÉ¨É -9,513,351 -9,419 -9,522,770 -5,710,243 6,111 -5,704,132

*ʤÉSÉÉèʱɪÉÉå (¨ÉvªÉ´ÉiÉÔ ºÉƺlÉÉ+Éå) EòÉä ÊnB VÉÉxÉä ´ÉɱÉä ¶ÉÉÊ¨É±É |ÉÉäiºÉɽxÉ/<xÉɨÉ*

 SEGMENT REPORT SCHEDULE FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2020
` In thousands
motor od
PARTICULARS SCHEDULE 2019-20 2018-19
IN INDIA OUTSIDE INDIA TOTAL IN INDIA OUTSIDE INDIA TOTAL
PREMIUM EARNED (NET) 1C
PREMIUM FROM DIRECT BUSINESS WRITTEN 18,896,723 58,413 18,955,136 22,845,807 114,494 22,960,301
ADD: PREMIUM ON REINSURANCE ACCEPTANCE 477 - 477 381 - 381
LESS : PREMIUM ON REINSURANCE CEDED 4,754,972 34,009 4,788,981 5,723,290 75,372 5,798,662
NET PREMIUM 14,142,228 24,404 14,166,632 17,122,898 39,122 17,162,020
ADJUSTMENT FOR CHANGE IN RESERVE FOR UNEXPIRED RISK 1,490,335 7,359 1,497,694 1,978,643 16,961 1,995,604
TOTAL PREMIUM EARNED (NET) 15,632,563 31,763 15,664,326 19,101,541 56,083 19,157,624
CLAIMS INCURRED (NET) 2C
CLAIMS PAID – DIRECT 19,996,228 72,260 20,068,488 23,357,873 132,120 23,489,993
ADD : REINSURANCE ACCEPTANCE 12,804 - 12,804 1,102 - 1,102
LESS : REINSURANCE CEDED 4,232,622 15,063 4,247,685 5,597,731 41,673 5,639,404
NET CLAIMS PAID 15,776,410 57,197 15,833,607 17,761,244 90,447 17,851,691

283
ADD: CLAIMS OUTSTANDING AT THE END OF YEAR 4,844,526 23,996 4,868,522 5,028,470 40,273 5,068,743
LESS: CLAIMS OUTSTANDING AT THE BEGINNING OF THE YEAR 5,028,470 40,273 5,068,743 5,306,517 65,641 5,372,158
TOTAL CLAIMS INCURRED 15,592,466 40,920 15,633,386 17,483,197 65,079 17,548,276
COMMISSION 3C
COMMISSION PAID – DIRECT * 4,560,862 1,295 4,562,157 5,243,801 2,125 5,245,926
ADD: REINSURANCE ACCEPTANCE -56 - -56 - - -
LESS: REINSURANCE CEDED 483,971 2,680 486,651 398,287 16,821 415,108
NET COMMISSION 4,076,835 -1,385 4,075,450 4,845,514 -14,696 4,830,818
OPERATING EXPENSES 4 6,600,776 6,595 6,607,371 4,640,967 13,049 4,654,016
EXCHANGE GAIN (+) /LOSS (-) - - - - - -
UNDERWRITING RESULT -10,637,514 -14,367 -10,651,881 -7,868,137 -7,349 -7,875,486
INVESTMENT INCOME (INTEREST, DIVIDEND & RENT PLUS
1,268,695 5,585 1,274,280 2,193,988 13,685 2,207,673
PROFIT ON SALE OF INVESTMENTS)
INVESTMENT PROVISION, AMORTIZATION OF PREMIUM
144,532 637 145,169 36,094 225 36,319
AND WRITE OFF
OPERATING RESULT -9,513,351 -9,419 -9,522,770 -5,710,243 6,111 -5,704,132
* Includes incentive / reward paid to intermediaries

ANNUAL REPORT 2019-20

 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB Ê´ÉkÉÒªÉ ´É¹ÉÇ EòÒ JÉhb Ê®{ÉÉä]Ç +xÉÖºÉÚSÉÒ
(` ½VÉÉ® ¨Éå)
¨ÉÉä]® ]Ò{ÉÒ (iÉÞiÉÒªÉ {ÉIÉ)
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ 2019-20 2018-19
¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É ¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É
+ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É (ÊxɴɱÉ) 1C

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20

ʱÉÊJÉiÉ |ÉiªÉIÉ ´ªÉÉ{ÉÉ® ºÉä |ÉÒÊ¨ÉªÉ¨É 38,535,557 17,477 38,553,034 38,796,978 8,397 38,805,375
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É º´ÉÒEÞòiÉ 346 - 346 798 - 798
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É +Ì{ÉiÉ 9,633,618 - 9,633,618 9,685,140 - 9,685,140
ÊxÉ´É±É |ÉÒÊ¨ÉªÉ¨É 28,902,285 17,477 28,919,762 29,112,636 8,397 29,121,033
+xÉ{ÉäÊIÉiÉ VÉÉäÊJɨÉÉå Eäò ʱÉB ºÉÆSÉªÉ ¨Éå ¤Én±ÉÉ´É Eäò ʱÉB ºÉ¨ÉɪÉÉäVÉxÉ 105,175 -4,540 100,635 1,250,667 9,299 1,259,966
EÖò±É |ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ) 29,007,460 12,937 29,020,397 30,363,303 17,696 30,380,999
=`ÉB ½ÖB nÉ´Éå (ÊxɴɱÉ) 2C
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB nÉ´Éå - |ÉiªÉIÉ 27,199,831 29,776 27,229,607 24,042,985 35,449 24,078,434
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ º´ÉÒEÞòiÉ 369 - 369 662 - 662
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ +Ì{ÉiÉ 9,627,192 - 9,627,192 2,941,732 - 2,941,732

284
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB ÊxÉ´É±É nÉ´Éå 17,573,008 29,776 17,602,784 21,101,915 35,449 21,137,364
VÉÉäcå: ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 134,326,153 10,284 134,336,437 115,542,297 - 115,542,297
PÉ]ÉBÆ: ´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 115,542,297 - 115,542,297 91,032,914 32,000 91,064,914
ÊEòB MÉB EÖò±É nÉ´Éå 36,356,864 40,060 36,396,924 45,611,298 3,449 45,614,747
Eò¨ÉÒ¶ÉxÉ 3C
¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ Eò¨ÉÒ¶ÉxÉ - |ÉiªÉIÉ* 138,770 - 138,770 104,838 - 104,838
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® º´ÉÒEÞòiÉ Eò¨ÉÒ¶ÉxÉ 6 - 6 40 - 40
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® +Ì{ÉiÉ Eò¨ÉÒ¶ÉxÉ 195,200 - 195,200 484,257 - 484,257
ÊxÉ´É±É Eò¨ÉÒ¶ÉxÉ -56,424 - -56,424 -379,379 - -379,379
{ÉÊ®SÉɱÉxÉ ´ªÉªÉ 4 13,480,530 4,723 13,485,253 7,885,054 2,801 7,887,855
Ê´ÉÊxÉ¨ÉªÉ ±ÉÉ¦É (+)/½ÉÊxÉ (-) - - - - - -
¤ÉÒ¨ÉÉÆEòxÉ {ÉÊ®hÉÉ¨É -20,773,510 -31,846 -20,805,356 -22,753,670 11,446 -22,742,224
ÊxÉ´Éä¶É +ÉªÉ (¤ªÉÉVÉ, ±ÉɦÉÉÆ¶É +Éè® ÊEò®ÉB ºÉʽiÉ ÊxÉ´Éä¶É EòÒ Ê¤ÉGòÒ {É® ±ÉɦÉ) 12,145,431 392 12,145,823 14,793,500 1,869 14,795,369
ÊxÉ´Éä¶É EòÉ |ÉÉ´ÉvÉÉxÉ, |ÉÒÊ¨ÉªÉ¨É +Éè® ®É<] +Éì¡ò EòÉ {ÉÊ®¶ÉÉävÉxÉ (@  hɨÉÖÊHò) 1,383,632 45 1,383,677 243,374 31 243,405
{ÉÊ®SÉɱÉxÉ {ÉÊ®hÉÉ¨É -10,011,711 -31,499 -10,043,210 -8,203,544 13,284 -8,190,260
*ʤÉSÉÉèʱɪÉÉå (¨ÉvªÉ´ÉiÉÔ ºÉƺlÉÉ+Éå) EòÉä ÊnB VÉÉxÉä ´ÉɱÉä ¶ÉÉÊ¨É±É |ÉÉäiºÉɽxÉ/<xÉɨÉ*
 SEGMENT REPORT SCHEDULE FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2020
` In thousands
motor tp
PARTICULARS SCHEDULE 2019-20 2018-19
IN INDIA OUTSIDE INDIA TOTAL IN INDIA OUTSIDE INDIA TOTAL
PREMIUM EARNED (NET) 1C
PREMIUM FROM DIRECT BUSINESS WRITTEN 38,535,557 17,477 38,553,034 38,796,978 8,397 38,805,375
ADD: PREMIUM ON REINSURANCE ACCEPTANCE 346 - 346 798 - 798
LESS : PREMIUM ON REINSURANCE CEDED 9,633,618 - 9,633,618 9,685,140 - 9,685,140
NET PREMIUM 28,902,285 17,477 28,919,762 29,112,636 8,397 29,121,033
ADJUSTMENT FOR CHANGE IN RESERVE FOR UNEXPIRED RISK 105,175 -4,540 100,635 1,250,667 9,299 1,259,966
TOTAL PREMIUM EARNED (NET) 29,007,460 12,937 29,020,397 30,363,303 17,696 30,380,999
CLAIMS INCURRED (NET) 2C
CLAIMS PAID – DIRECT 27,199,831 29,776 27,229,607 24,042,985 35,449 24,078,434
ADD : REINSURANCE ACCEPTANCE 369 - 369 662 - 662
LESS : REINSURANCE CEDED 9,627,192 - 9,627,192 2,941,732 - 2,941,732
NET CLAIMS PAID 17,573,008 29,776 17,602,784 21,101,915 35,449 21,137,364

285
ADD: CLAIMS OUTSTANDING AT THE END OF YEAR 134,326,153 10,284 134,336,437 115,542,297 - 115,542,297
LESS: CLAIMS OUTSTANDING AT THE BEGINNING OF THE YEAR 115,542,297 - 115,542,297 91,032,914 32,000 91,064,914
TOTAL CLAIMS INCURRED 36,356,864 40,060 36,396,924 45,611,298 3,449 45,614,747
COMMISSION 3C
COMMISSION PAID – DIRECT * 138,770 - 138,770 104,838 - 104,838
ADD: REINSURANCE ACCEPTANCE 6 - 6 40 - 40
LESS: REINSURANCE CEDED 195,200 - 195,200 484,257 - 484,257
NET COMMISSION -56,424 - -56,424 -379,379 - -379,379
OPERATING EXPENSES 4 13,480,530 4,723 13,485,253 7,885,054 2,801 7,887,855
EXCHANGE GAIN (+) /LOSS (-) - - - - - -
UNDERWRITING RESULT -20,773,510 -31,846 -20,805,356 -22,753,670 11,446 -22,742,224
INVESTMENT INCOME (INTEREST, DIVIDEND & RENT PLUS
12,145,431 392 12,145,823 14,793,500 1,869 14,795,369
PROFIT ON SALE OF INVESTMENTS)
INVESTMENT PROVISION, AMORTIZATION OF PREMIUM
1,383,632 45 1,383,677 243,374 31 243,405
AND WRITE OFF
OPERATING RESULT -10,011,711 -31,499 -10,043,210 -8,203,544 13,284 -8,190,260
* Includes incentive / reward paid to intermediaries

ANNUAL REPORT 2019-20

 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB Ê´ÉkÉÒªÉ ´É¹ÉÇ EòÒ JÉhb Ê®{ÉÉä]Ç +xÉÖºÉÚSÉÒ
(` ½VÉÉ® ¨Éå)
¨ÉÉä]® EÖò±É
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ 2019-20 2018-19
¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É ¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É
+ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É (ÊxɴɱÉ) 1C

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20

ʱÉÊJÉiÉ |ÉiªÉIÉ ´ªÉÉ{ÉÉ® ºÉä |ÉÒÊ¨ÉªÉ¨É 57,432,280 75,890 57,508,170 61,642,785 122,891 61,765,676
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É º´ÉÒEÞòiÉ 823 - 823 1,179 - 1,179
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É +Ì{ÉiÉ 14,388,590 34,009 14,422,599 15,408,430 75,372 15,483,802
ÊxÉ´É±É |ÉÒÊ¨ÉªÉ¨É 43,044,513 41,881 43,086,394 46,235,534 47,519 46,283,053
+xÉ{ÉäÊIÉiÉ VÉÉäÊJɨÉÉå Eäò ʱÉB ºÉÆSÉªÉ ¨Éå ¤Én±ÉÉ´É Eäò ʱÉB ºÉ¨ÉɪÉÉäVÉxÉ 1,595,510 2,819 1,598,329 3,229,310 26,260 3,255,570
EÖò±É |ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ) 44,640,023 44,700 44,684,723 49,464,844 73,779 49,538,623
=`ÉB ½ÖB nÉ´Éå (ÊxɴɱÉ) 2C
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB nÉ´Éå - |ÉiªÉIÉ 47,196,059 102,036 47,298,095 47,400,858 167,569 47,568,427
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ º´ÉÒEÞòiÉ 13,173 - 13,173 1,764 - 1,764
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ +Ì{ÉiÉ 13,859,814 15,063 13,874,877 8,539,463 41,673 8,581,136

286
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB ÊxÉ´É±É nÉ´Éå 33,349,418 86,973 33,436,391 38,863,159 125,896 38,989,055
VÉÉäcå: ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 139,170,679 34,280 139,204,959 120,570,767 40,273 120,611,040
PÉ]ÉBÆ: ´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 120,570,767 40,273 120,611,040 96,339,431 97,641 96,437,072
ÊEòB MÉB EÖò±É nÉ´Éå 51,949,330 80,980 52,030,310 63,094,495 68,528 63,163,023
Eò¨ÉÒ¶ÉxÉ 3C
¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ Eò¨ÉÒ¶ÉxÉ - |ÉiªÉIÉ* 4,699,632 1,295 4,700,927 5,348,639 2,125 5,350,764
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® º´ÉÒEÞòiÉ Eò¨ÉÒ¶ÉxÉ -50 - -50 40 - 40
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® +Ì{ÉiÉ Eò¨ÉÒ¶ÉxÉ 679,171 2,680 681,851 882,544 16,821 899,365
ÊxÉ´É±É Eò¨ÉÒ¶ÉxÉ 4,020,411 -1,385 4,019,026 4,466,135 -14,696 4,451,439
{ÉÊ®SÉɱÉxÉ ´ªÉªÉ 4 20,081,306 11,318 20,092,624 12,526,021 15,850 12,541,871
Ê´ÉÊxÉ¨ÉªÉ ±ÉÉ¦É (+)/½ÉÊxÉ (-) - - - - - -
+ÊiÉÊ®Hò <Ç+ÉäB¨É EòÒ +Éä® ¶ÉäªÉ®vÉÉ®EòÉä EòÒ ÊxÉÊvÉ ºÉä +ƶÉnÉxÉ 7,118,481 - 7,118,481 - - -
¤ÉÒ¨ÉÉÆEòxÉ {ÉÊ®hÉÉ¨É -24,292,543 -46,213 -24,338,756 -30,621,807 4,097 -30,617,710
ÊxÉ´Éä¶É +ÉªÉ (¤ªÉÉVÉ, ±ÉɦÉÉÆ¶É +Éè® ÊEò®ÉB ºÉʽiÉ ÊxÉ´Éä¶É EòÒ Ê¤ÉGòÒ {É® ±ÉɦÉ) 13,414,126 5,977 13,420,103 16,987,488 15,554 17,003,042
ÊxÉ´Éä¶É EòÉ |ÉÉ´ÉvÉÉxÉ, |ÉÒÊ¨ÉªÉ¨É +Éè® ®É<] +Éì¡ò EòÉ {ÉÊ®¶ÉÉävÉxÉ (@  hɨÉÖÊHò) 1,528,164 682 1,528,846 279,468 256 279,724
{ÉÊ®SÉɱÉxÉ {ÉÊ®hÉÉ¨É -12,406,581 -40,918 -12,447,499 -13,913,787 19,395 -13,894,392
*ʤÉSÉÉèʱɪÉÉå (¨ÉvªÉ´ÉiÉÔ ºÉƺlÉÉ+Éå) EòÉä ÊnB VÉÉxÉä ´ÉɱÉä ¶ÉÉÊ¨É±É |ÉÉäiºÉɽxÉ/<xÉɨÉ*
 SEGMENT REPORT SCHEDULE FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2020
` In thousands
motor total
PARTICULARS SCHEDULE 2019-20 2018-19
IN INDIA OUTSIDE INDIA TOTAL IN INDIA OUTSIDE INDIA TOTAL
PREMIUM EARNED (NET) 1C
PREMIUM FROM DIRECT BUSINESS WRITTEN 57,432,280 75,890 57,508,170 61,642,785 122,891 61,765,676
ADD: PREMIUM ON REINSURANCE ACCEPTANCE 823 - 823 1,179 - 1,179
LESS : PREMIUM ON REINSURANCE CEDED 14,388,590 34,009 14,422,599 15,408,430 75,372 15,483,802
NET PREMIUM 43,044,513 41,881 43,086,394 46,235,534 47,519 46,283,053
ADJUSTMENT FOR CHANGE IN RESERVE FOR UNEXPIRED RISK 1,595,510 2,819 1,598,329 3,229,310 26,260 3,255,570
TOTAL PREMIUM EARNED (NET) 44,640,023 44,700 44,684,723 49,464,844 73,779 49,538,623
CLAIMS INCURRED (NET) 2C
CLAIMS PAID – DIRECT 47,196,059 102,036 47,298,095 47,400,858 167,569 47,568,427
ADD : REINSURANCE ACCEPTANCE 13,173 - 13,173 1,764 - 1,764
LESS : REINSURANCE CEDED 13,859,814 15,063 13,874,877 8,539,463 41,673 8,581,136
NET CLAIMS PAID 33,349,418 86,973 33,436,391 38,863,159 125,896 38,989,055
ADD: CLAIMS OUTSTANDING AT THE END OF YEAR
34,280 139,204,959 40,273 120,611,040
139,170,679 120,570,767

287
LESS: CLAIMS OUTSTANDING AT THE BEGINNING OF THE YEAR
40,273 120,611,040 96,339,431 97,641 96,437,072
120,570,767
TOTAL CLAIMS INCURRED 51,949,330 80,980 52,030,310 63,094,495 68,528 63,163,023
COMMISSION 3C
COMMISSION PAID – DIRECT * 4,699,632 1,295 4,700,927 5,348,639 2,125 5,350,764
ADD: REINSURANCE ACCEPTANCE -50 - -50 40 - 40
LESS: REINSURANCE CEDED 679,171 2,680 681,851 882,544 16,821 899,365
NET COMMISSION 4,020,411 -1,385 4,019,026 4,466,135 -14,696 4,451,439
OPERATING EXPENSES 4 20,081,306 11,318 20,092,624 12,526,021 15,850 12,541,871
EXCHANGE GAIN (+) /LOSS (-) - - - - - -
CONTRIBUTION FROM SHAREHOLDER’S FUNDS TOWARDS EXCESS
7,118,481 - 7,118,481 - - -
EoM
UNDERWRITING RESULT -24,292,543 -46,213 -24,338,756 -30,621,807 4,097 -30,617,710
INVESTMENT INCOME (INTEREST, DIVIDEND & RENT PLUS PROFIT
13,414,126 5,977 13,420,103 16,987,488 15,554 17,003,042
ON SALE OF INVESTMENTS)
INVESTMENT PROVISION, AMORTIZATION OF PREMIUM AND WRITE
1,528,164 682 1,528,846 279,468 256 279,724
OFF
OPERATING RESULT -12,406,581 -40,918 -12,447,499 -13,913,787 19,395 -13,894,392

ANNUAL REPORT 2019-20

* Includes incentive / reward paid to intermediaries
 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB Ê´ÉkÉÒªÉ ´É¹ÉÇ EòÒ JÉhb Ê®{ÉÉä]Ç +xÉÖºÉÚSÉÒ
(` ½VÉÉ® ¨Éå)
ÊxɪÉÉäHòÉ nÉʪÉi´É (b¤±ÉÚºÉÒ) EòɨÉMÉÉ® IÉÊiÉ{ÉÚÌiÉ
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ 2019-20 2018-19
¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É ¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É
+ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É (ÊxɴɱÉ) 1C

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20

ʱÉÊJÉiÉ |ÉiªÉIÉ ´ªÉÉ{ÉÉ® ºÉä |ÉÒÊ¨ÉªÉ¨É 421,238 2,876 424,114 441,665 2,958 444,623
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É º´ÉÒEÞòiÉ - - - - - -
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É +Ì{ÉiÉ 21,062 575 21,637 22,084 414 22,498
ÊxÉ´É±É |ÉÒÊ¨ÉªÉ¨É 400,176 2,301 402,477 419,581 2,544 422,125
+xÉ{ÉäÊIÉiÉ VÉÉäÊJɨÉÉå Eäò ʱÉB ºÉÆSÉªÉ ¨Éå ¤Én±ÉÉ´É Eäò ʱÉB ºÉ¨ÉɪÉÉäVÉxÉ 9,702 122 9,824 15,858 292 16,150
EÖò±É |ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ) 409,878 2,423 412,301 435,439 2,836 438,275
=`ÉB ½ÖB nÉ´Éå (ÊxɴɱÉ) 2C
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB nÉ´Éå - |ÉiªÉIÉ 158,258 500 158,758 138,325 1,234 139,559
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ º´ÉÒEÞòiÉ - - - - - -
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ +Ì{ÉiÉ 7,913 55 7,968 6,916 507 7,423

288
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB ÊxÉ´É±É nÉ´Éå 150,345 445 150,790 131,409 727 132,136
VÉÉäcå: ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 464,561 52,375 516,936 472,800 47,487 520,287
PÉ]ÉBÆ: ´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 472,800 47,487 520,287 444,402 46,903 491,305
ÊEòB MÉB EÖò±É nÉ´Éå 142,106 5,333 147,439 159,807 1,311 161,118
Eò¨ÉÒ¶ÉxÉ 3C
¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ Eò¨ÉÒ¶ÉxÉ - |ÉiªÉIÉ* 62,342 - 62,342 61,373 119 61,492
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® º´ÉÒEÞòiÉ Eò¨ÉÒ¶ÉxÉ - - - - - -
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® +Ì{ÉiÉ Eò¨ÉÒ¶ÉxÉ - 173 173 - 104 104
ÊxÉ´É±É Eò¨ÉÒ¶ÉxÉ 62,342 -173 62,169 61,373 15 61,388
{ÉÊ®SÉɱÉxÉ ´ªÉªÉ 4 186,872 622 187,494 113,875 849 114,724
Ê´ÉÊxÉ¨ÉªÉ ±ÉÉ¦É (+)/½ÉÊxÉ (-) - - - - - -
¤ÉÒ¨ÉÉÆEòxÉ {ÉÊ®hÉÉ¨É 18,558 -3,359 15,199 100,384 661 101,045
ÊxÉ´Éä¶É +ÉªÉ (¤ªÉÉVÉ, ±ÉɦÉÉÆ¶É +Éè® ÊEò®ÉB ºÉʽiÉ ÊxÉ´Éä¶É EòÒ Ê¤ÉGòÒ {É® ±ÉɦÉ) 63,724 4,552 68,276 92,806 6,653 99,459
ÊxÉ´Éä¶É EòÉ |ÉÉ´ÉvÉÉxÉ, |ÉÒÊ¨ÉªÉ¨É +Éè® ®É<] +Éì¡ò EòÉ {ÉÊ®¶ÉÉävÉxÉ (@  hɨÉÖÊHò) 7,260 518 7,778 1,527 109 1,636
{ÉÊ®SÉɱÉxÉ {ÉÊ®hÉÉ¨É 75,022 675 75,697 191,663 7,205 198,868
*ʤÉSÉÉèʱɪÉÉå (¨ÉvªÉ´ÉiÉÔ ºÉƺlÉÉ+Éå) EòÉä ÊnB VÉÉxÉä ´ÉɱÉä ¶ÉÉÊ¨É±É |ÉÉäiºÉɽxÉ/<xÉɨÉ*
 SEGMENT REPORT SCHEDULE FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2020
` In thousands
EMPLOYERS’ LIABILITY (WC)
PARTICULARS SCHEDULE 2019-20 2018-19
IN INDIA OUTSIDE INDIA TOTAL IN INDIA OUTSIDE INDIA TOTAL
PREMIUM EARNED (NET) 1C
PREMIUM FROM DIRECT BUSINESS WRITTEN 421,238 2,876 424,114 441,665 2,958 444,623
ADD: PREMIUM ON REINSURANCE ACCEPTANCE - - - - - -
LESS : PREMIUM ON REINSURANCE CEDED 21,062 575 21,637 22,084 414 22,498
NET PREMIUM 400,176 2,301 402,477 419,581 2,544 422,125
ADJUSTMENT FOR CHANGE IN RESERVE FOR UNEXPIRED RISK 9,702 122 9,824 15,858 292 16,150
TOTAL PREMIUM EARNED (NET) 409,878 2,423 412,301 435,439 2,836 438,275
CLAIMS INCURRED (NET) 2C
CLAIMS PAID – DIRECT 158,258 500 158,758 138,325 1,234 139,559
ADD : REINSURANCE ACCEPTANCE - - - - - -
LESS : REINSURANCE CEDED 7,913 55 7,968 6,916 507 7,423
NET CLAIMS PAID 150,345 445 150,790 131,409 727 132,136

289
ADD: CLAIMS OUTSTANDING AT THE END OF YEAR 464,561 52,375 516,936 472,800 47,487 520,287
LESS: CLAIMS OUTSTANDING AT THE BEGINNING OF THE YEAR 472,800 47,487 520,287 444,402 46,903 491,305
TOTAL CLAIMS INCURRED 142,106 5,333 147,439 159,807 1,311 161,118
COMMISSION 3C
COMMISSION PAID – DIRECT * 62,342 - 62,342 61,373 119 61,492
ADD: REINSURANCE ACCEPTANCE - - - - - -
LESS: REINSURANCE CEDED - 173 173 - 104 104
NET COMMISSION 62,342 -173 62,169 61,373 15 61,388
OPERATING EXPENSES 4 186,872 622 187,494 113,875 849 114,724
EXCHANGE GAIN (+) /LOSS (-) - - - - - -
UNDERWRITING RESULT 18,558 -3,359 15,199 100,384 661 101,045
INVESTMENT INCOME (INTEREST, DIVIDEND & RENT PLUS PROFIT
63,724 4,552 68,276 92,806 6,653 99,459
ON SALE OF INVESTMENTS)
INVESTMENT PROVISION, AMORTIZATION OF PREMIUM AND WRITE
7,260 518 7,778 1,527 109 1,636
OFF
OPERATING RESULT 75,022 675 75,697 191,663 7,205 198,868

ANNUAL REPORT 2019-20

* Includes incentive / reward paid to intermediaries
 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB Ê´ÉkÉÒªÉ ´É¹ÉÇ EòÒ JÉhb Ê®{ÉÉä]Ç +xÉÖºÉÚSÉÒ
(` ½VÉÉ® ¨Éå)
ºÉÉ´ÉÇVÉÉÊxÉEò näªÉiÉÉ ¤ÉÒ¨ÉÉ
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ 2019-20 2018-19
¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É ¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É
+ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É (ÊxɴɱÉ) 1C

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20

ʱÉÊJÉiÉ |ÉiªÉIÉ ´ªÉÉ{ÉÉ® ºÉä |ÉÒÊ¨ÉªÉ¨É 618,259 138 618,397 522,517 80 522,597
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É º´ÉÒEÞòiÉ 67,763 - 67,763 66,778 - 66,778
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É +Ì{ÉiÉ 30,913 28 30,941 26,126 11 26,137
ÊxÉ´É±É |ÉÒÊ¨ÉªÉ¨É 655,109 110 655,219 563,169 69 563,238
+xÉ{ÉäÊIÉiÉ VÉÉäÊJɨÉÉå Eäò ʱÉB ºÉÆSÉªÉ ¨Éå ¤Én±ÉÉ´É Eäò ʱÉB ºÉ¨ÉɪÉÉäVÉxÉ -45,970 -21 -45,991 -40,743 51 -40,692
EÖò±É |ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ) 609,139 89 609,228 522,426 120 522,546
=`ÉB ½ÖB nÉ´Éå (ÊxɴɱÉ) 2C
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB nÉ´Éå - |ÉiªÉIÉ 45,410 138 45,548 31,587 - 31,587
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ º´ÉÒEÞòiÉ - - - - - -
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ +Ì{ÉiÉ 2,271 28 2,299 1,579 - 1,579

290
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB ÊxÉ´É±É nÉ´Éå 43,139 110 43,249 30,008 - 30,008
VÉÉäcå: ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 538,586 - 538,586 325,793 - 325,793
PÉ]ÉBÆ: ´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 325,793 - 325,793 398,541 - 398,541
ÊEòB MÉB EÖò±É nÉ´Éå 255,932 110 256,042 -42,740 - -42,740
Eò¨ÉÒ¶ÉxÉ 3C
¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ Eò¨ÉÒ¶ÉxÉ - |ÉiªÉIÉ* 66,684 - 66,684 52,757 2 52,759
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® º´ÉÒEÞòiÉ Eò¨ÉÒ¶ÉxÉ - - - - - -
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® +Ì{ÉiÉ Eò¨ÉÒ¶ÉxÉ - - - - 3 3
ÊxÉ´É±É Eò¨ÉÒ¶ÉxÉ 66,684 - 66,684 52,757 -1 52,756
{ÉÊ®SÉɱÉxÉ ´ªÉªÉ 4 305,576 30 305,606 152,554 23 152,577
Ê´ÉÊxÉ¨ÉªÉ ±ÉÉ¦É (+)/½ÉÊxÉ (-) - - - - - -
¤ÉÒ¨ÉÉÆEòxÉ {ÉÊ®hÉÉ¨É -19,053 -51 -19,104 359,855 98 359,953
ÊxÉ´Éä¶É +ÉªÉ (¤ªÉÉVÉ, ±ÉɦÉÉÆ¶É +Éè® ÊEò®ÉB ºÉʽiÉ ÊxÉ´Éä¶É EòÒ Ê¤ÉGòÒ {É® ±ÉɦÉ) 56,702 3 56,705 88,505 12 88,517
ÊxÉ´Éä¶É EòÉ |ÉÉ´ÉvÉÉxÉ, |ÉÒÊ¨ÉªÉ¨É +Éè® ®É<] +Éì¡ò EòÉ {ÉÊ®¶ÉÉävÉxÉ (@  hɨÉÖÊHò) 6,460 - 6,460 1,456 - 1,456
{ÉÊ®SÉɱÉxÉ {ÉÊ®hÉÉ¨É 31,189 -48 31,141 446,904 110 447,014
*ʤÉSÉÉèʱɪÉÉå (¨ÉvªÉ´ÉiÉÔ ºÉƺlÉÉ+Éå) EòÉä ÊnB VÉÉxÉä ´ÉɱÉä ¶ÉÉÊ¨É±É |ÉÉäiºÉɽxÉ/<xÉɨÉ*
 SEGMENT REPORT SCHEDULE FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2020
` In thousands
PUBLIC LIABILITY
PARTICULARS SCHEDULE 2019-20 2018-19
IN INDIA OUTSIDE INDIA TOTAL IN INDIA OUTSIDE INDIA TOTAL
PREMIUM EARNED (NET) 1C
PREMIUM FROM DIRECT BUSINESS WRITTEN 618,259 138 618,397 522,517 80 522,597
ADD: PREMIUM ON REINSURANCE ACCEPTANCE 67,763 - 67,763 66,778 - 66,778
LESS : PREMIUM ON REINSURANCE CEDED 30,913 28 30,941 26,126 11 26,137
NET PREMIUM 655,109 110 655,219 563,169 69 563,238
ADJUSTMENT FOR CHANGE IN RESERVE FOR UNEXPIRED RISK -45,970 -21 -45,991 -40,743 51 -40,692
TOTAL PREMIUM EARNED (NET) 609,139 89 609,228 522,426 120 522,546
CLAIMS INCURRED (NET) 2C
CLAIMS PAID – DIRECT 45,410 138 45,548 31,587 - 31,587
ADD : REINSURANCE ACCEPTANCE - - - - - -
LESS : REINSURANCE CEDED 2,271 28 2,299 1,579 - 1,579
NET CLAIMS PAID 43,139 110 43,249 30,008 - 30,008

291
ADD: CLAIMS OUTSTANDING AT THE END OF YEAR 538,586 - 538,586 325,793 - 325,793
LESS: CLAIMS OUTSTANDING AT THE BEGINNING OF THE YEAR 325,793 - 325,793 398,541 - 398,541
TOTAL CLAIMS INCURRED 255,932 110 256,042 -42,740 - -42,740
COMMISSION 3C
COMMISSION PAID – DIRECT * 66,684 - 66,684 52,757 2 52,759
ADD: REINSURANCE ACCEPTANCE - - - - - -
LESS: REINSURANCE CEDED - - - - 3 3
NET COMMISSION 66,684 - 66,684 52,757 -1 52,756
OPERATING EXPENSES 4 305,576 30 305,606 152,554 23 152,577
EXCHANGE GAIN (+) /LOSS (-) - - - - - -
UNDERWRITING RESULT -19,053 -51 -19,104 359,855 98 359,953
INVESTMENT INCOME (INTEREST, DIVIDEND & RENT PLUS PROFIT
56,702 3 56,705 88,505 12 88,517
ON SALE OF INVESTMENTS)
INVESTMENT PROVISION, AMORTIZATION OF PREMIUM AND WRITE
6,460 - 6,460 1,456 - 1,456
OFF
OPERATING RESULT 31,189 -48 31,141 446,904 110 447,014

ANNUAL REPORT 2019-20

* Includes incentive / reward paid to intermediaries
 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB Ê´ÉkÉÒªÉ ´É¹ÉÇ EòÒ JÉhb Ê®{ÉÉä]Ç +xÉÖºÉÚSÉÒ
(` ½VÉÉ® ¨Éå)
<ÆVÉÒxÉÒªÉË®MÉ (+ʦɪÉÉÆÊjÉEòÒ)
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ 2019-20 2018-19
¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É ¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É
+ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É (ÊxɴɱÉ) 1C

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20

ʱÉÊJÉiÉ |ÉiªÉIÉ ´ªÉÉ{ÉÉ® ºÉä |ÉÒÊ¨ÉªÉ¨É 2,498,301 67,774 2,566,075 2,181,874 61,507 2,243,381
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É º´ÉÒEÞòiÉ 309,626 15,487 325,113 157,881 5,745 163,626
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É +Ì{ÉiÉ 699,747 30,808 730,555 497,858 47,614 545,472
ÊxÉ´É±É |ÉÒÊ¨ÉªÉ¨É 2,108,180 52,453 2,160,633 1,841,897 19,638 1,861,535
+xÉ{ÉäÊIÉiÉ VÉÉäÊJɨÉÉå Eäò ʱÉB ºÉÆSÉªÉ ¨Éå ¤Én±ÉÉ´É Eäò ʱÉB ºÉ¨ÉɪÉÉäVÉxÉ -133,141 -16,407 -149,548 145,658 18,435 164,093
EÖò±É |ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ) 1,975,039 36,046 2,011,085 1,987,555 38,073 2,025,628
=`ÉB ½ÖB nÉ´Éå (ÊxɴɱÉ) 2C
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB nÉ´Éå - |ÉiªÉIÉ 997,036 64,698 1,061,734 755,078 122,187 877,265
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ º´ÉÒEÞòiÉ 135,072 - 135,072 144,336 - 144,336
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ +Ì{ÉiÉ 229,227 8,981 238,208 189,387 40,298 229,685

292
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB ÊxÉ´É±É nÉ´Éå 902,881 55,717 958,598 710,027 81,889 791,916
VÉÉäcå: ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 3,052,310 41,419 3,093,729 2,819,965 67,617 2,887,582
PÉ]ÉBÆ: ´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 2,819,965 67,617 2,887,582 3,225,097 69,317 3,294,414
ÊEòB MÉB EÖò±É nÉ´Éå 1,135,226 29,519 1,164,745 304,895 80,189 385,084
Eò¨ÉÒ¶ÉxÉ 3C
¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ Eò¨ÉÒ¶ÉxÉ - |ÉiªÉIÉ* 240,800 1,329 242,129 182,673 1,239 183,912
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® º´ÉÒEÞòiÉ Eò¨ÉÒ¶ÉxÉ 70,205 2,200 72,405 64,656 804 65,460
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® +Ì{ÉiÉ Eò¨ÉÒ¶ÉxÉ 79,185 2,509 81,694 55,879 3,510 59,389
ÊxÉ´É±É Eò¨ÉÒ¶ÉxÉ 231,820 1,020 232,840 191,450 -1,467 189,983
{ÉÊ®SÉɱÉxÉ ´ªÉªÉ 4 983,304 14,174 997,478 498,883 6,550 505,433
Ê´ÉÊxÉ¨ÉªÉ ±ÉÉ¦É (+)/½ÉÊxÉ (-) - - - - - -
¤ÉÒ¨ÉÉÆEòxÉ {ÉÊ®hÉÉ¨É -375,311 -8,667 -383,978 992,327 -47,199 945,128
ÊxÉ´Éä¶É +ÉªÉ (¤ªÉÉVÉ, ±ÉɦÉÉÆ¶É +Éè® ÊEò®ÉB ºÉʽiÉ ÊxÉ´Éä¶É EòÒ Ê¤ÉGòÒ {É® ±ÉɦÉ) 351,681 4,783 356,464 594,305 13,270 607,575
ÊxÉ´Éä¶É EòÉ |ÉÉ´ÉvÉÉxÉ, |ÉÒÊ¨ÉªÉ¨É +Éè® ®É<] +Éì¡ò EòÉ {ÉÊ®¶ÉÉävÉxÉ (@  hɨÉÖÊHò) 40,064 545 40,609 9,777 218 9,995
{ÉÊ®SÉɱÉxÉ {ÉÊ®hÉÉ¨É -63,694 -4,429 -68,123 1,576,855 -34,147 1,542,708
*ʤÉSÉÉèʱɪÉÉå (¨ÉvªÉ´ÉiÉÔ ºÉƺlÉÉ+Éå) EòÉä ÊnB VÉÉxÉä ´ÉɱÉä ¶ÉÉÊ¨É±É |ÉÉäiºÉɽxÉ/<xÉɨÉ*
 SEGMENT REPORT SCHEDULE FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2020
` In thousands
engineering
PARTICULARS SCHEDULE 2019-20 2018-19
IN INDIA OUTSIDE INDIA TOTAL IN INDIA OUTSIDE INDIA TOTAL
PREMIUM EARNED (NET) 1C
PREMIUM FROM DIRECT BUSINESS WRITTEN 2,498,301 67,774 2,566,075 2,181,874 61,507 2,243,381
ADD: PREMIUM ON REINSURANCE ACCEPTANCE 309,626 15,487 325,113 157,881 5,745 163,626
LESS : PREMIUM ON REINSURANCE CEDED 699,747 30,808 730,555 497,858 47,614 545,472
NET PREMIUM 2,108,180 52,453 2,160,633 1,841,897 19,638 1,861,535
ADJUSTMENT FOR CHANGE IN RESERVE FOR UNEXPIRED RISK -133,141 -16,407 -149,548 145,658 18,435 164,093
TOTAL PREMIUM EARNED (NET) 1,975,039 36,046 2,011,085 1,987,555 38,073 2,025,628
CLAIMS INCURRED (NET) 2C
CLAIMS PAID – DIRECT 997,036 64,698 1,061,734 755,078 122,187 877,265
ADD : REINSURANCE ACCEPTANCE 135,072 - 135,072 144,336 - 144,336
LESS : REINSURANCE CEDED 229,227 8,981 238,208 189,387 40,298 229,685
NET CLAIMS PAID 902,881 55,717 958,598 710,027 81,889 791,916

293
ADD: CLAIMS OUTSTANDING AT THE END OF YEAR 3,052,310 41,419 3,093,729 2,819,965 67,617 2,887,582
LESS: CLAIMS OUTSTANDING AT THE BEGINNING OF THE YEAR 2,819,965 67,617 2,887,582 3,225,097 69,317 3,294,414
TOTAL CLAIMS INCURRED 1,135,226 29,519 1,164,745 304,895 80,189 385,084
COMMISSION 3C
COMMISSION PAID – DIRECT * 240,800 1,329 242,129 182,673 1,239 183,912
ADD: REINSURANCE ACCEPTANCE 70,205 2,200 72,405 64,656 804 65,460
LESS: REINSURANCE CEDED 79,185 2,509 81,694 55,879 3,510 59,389
NET COMMISSION 231,820 1,020 232,840 191,450 -1,467 189,983
OPERATING EXPENSES 4 983,304 14,174 997,478 498,883 6,550 505,433
EXCHANGE GAIN (+) /LOSS (-) - - - - - -
UNDERWRITING RESULT -375,311 -8,667 -383,978 992,327 -47,199 945,128
INVESTMENT INCOME (INTEREST, DIVIDEND & RENT PLUS PROFIT
351,681 4,783 356,464 594,305 13,270 607,575
ON SALE OF INVESTMENTS)
INVESTMENT PROVISION, AMORTIZATION OF PREMIUM AND WRITE
40,064 545 40,609 9,777 218 9,995
OFF
OPERATING RESULT -63,694 -4,429 -68,123 1,576,855 -34,147 1,542,708

ANNUAL REPORT 2019-20

* Includes incentive / reward paid to intermediaries
 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB Ê´ÉkÉÒªÉ ´É¹ÉÇ EòÒ JÉhb Ê®{ÉÉä]Ç +xÉÖºÉÚSÉÒ
(` ½VÉÉ® ¨Éå)
B´ÉÒB¶ÉxÉ (ʴɨÉÉxÉxÉ)
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ 2019-20 2018-19
¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É ¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É
+ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É (ÊxɴɱÉ) 1C

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20

ʱÉÊJÉiÉ |ÉiªÉIÉ ´ªÉÉ{ÉÉ® ºÉä |ÉÒÊ¨ÉªÉ¨É 1,092,316 60,469 1,152,785 783,574 36,983 820,557
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É º´ÉÒEÞòiÉ 621,740 - 621,740 602,125 - 602,125
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É +Ì{ÉiÉ 1,059,212 51,658 1,110,870 742,628 36,137 778,765
ÊxÉ´É±É |ÉÒÊ¨ÉªÉ¨É 654,844 8,811 663,655 643,071 846 643,917
+xÉ{ÉäÊIÉiÉ VÉÉäÊJɨÉÉå Eäò ʱÉB ºÉÆSÉªÉ ¨Éå ¤Én±ÉÉ´É Eäò ʱÉB ºÉ¨ÉɪÉÉäVÉxÉ -5,886 -3,983 -9,869 -234,157 -249 -234,406
EÖò±É |ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ) 648,958 4,828 653,786 408,914 597 409,511
=`ÉB ½ÖB nÉ´Éå (ÊxɴɱÉ) 2C
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB nÉ´Éå - |ÉiªÉIÉ 775,167 - 775,167 198,323 - 198,323
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ º´ÉÒEÞòiÉ 141,565 - 141,565 393,697 - 393,697
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ +Ì{ÉiÉ 772,715 - 772,715 162,723 - 162,723

294
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB ÊxÉ´É±É nÉ´Éå 144,017 - 144,017 429,297 - 429,297
VÉÉäcå: ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 1,174,912 37 1,174,949 535,080 37 535,117
PÉ]ÉBÆ: ´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 535,080 37 535,117 140,777 4,737 145,514
ÊEòB MÉB EÖò±É nÉ´Éå 783,849 -0 783,849 823,600 -4,700 818,900
Eò¨ÉÒ¶ÉxÉ 3C
¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ Eò¨ÉÒ¶ÉxÉ - |ÉiªÉIÉ* 9,248 - 9,248 1,968 - 1,968
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® º´ÉÒEÞòiÉ Eò¨ÉÒ¶ÉxÉ 5,691 - 5,691 507 - 507
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® +Ì{ÉiÉ Eò¨ÉÒ¶ÉxÉ 24,666 755 25,421 49,072 181 49,253
ÊxÉ´É±É Eò¨ÉÒ¶ÉxÉ -9,727 -755 -10,482 -46,597 -181 -46,778
{ÉÊ®SÉɱÉxÉ ´ªÉªÉ 4 305,431 2,381 307,812 174,174 282 174,456
Ê´ÉÊxÉ¨ÉªÉ ±ÉÉ¦É (+)/½ÉÊxÉ (-) - - - - - -
¤ÉÒ¨ÉÉÆEòxÉ {ÉÊ®hÉÉ¨É -430,595 3,202 -427,393 -542,263 5,196 -537,067
ÊxÉ´Éä¶É +ÉªÉ (¤ªÉÉVÉ, ±ÉɦÉÉÆ¶É +Éè® ÊEò®ÉB ºÉʽiÉ ÊxÉ´Éä¶É EòÒ Ê¤ÉGòÒ {É® ±ÉɦÉ) 79,970 43 80,013 32,233 29 32,262
ÊxÉ´Éä¶É EòÉ |ÉÉ´ÉvÉÉxÉ, |ÉÒÊ¨ÉªÉ¨É +Éè® ®É<] +Éì¡ò EòÉ {ÉÊ®¶ÉÉävÉxÉ (@  hɨÉÖÊHò) 9,110 5 9,115 530 1 531
{ÉÊ®SÉɱÉxÉ {ÉÊ®hÉÉ¨É -359,735 3,240 -356,495 -510,560 5,224 -505,336
*ʤÉSÉÉèʱɪÉÉå (¨ÉvªÉ´ÉiÉÔ ºÉƺlÉÉ+Éå) EòÉä ÊnB VÉÉxÉä ´ÉɱÉä ¶ÉÉÊ¨É±É |ÉÉäiºÉɽxÉ/<xÉɨÉ*
 SEGMENT REPORT SCHEDULE FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2020
` In thousands
aviation
PARTICULARS SCHEDULE 2019-20 2018-19
IN INDIA OUTSIDE INDIA TOTAL IN INDIA OUTSIDE INDIA TOTAL
PREMIUM EARNED (NET) 1C
PREMIUM FROM DIRECT BUSINESS WRITTEN 1,092,316 60,469 1,152,785 783,574 36,983 820,557
ADD: PREMIUM ON REINSURANCE ACCEPTANCE 621,740 - 621,740 602,125 - 602,125
LESS : PREMIUM ON REINSURANCE CEDED 1,059,212 51,658 1,110,870 742,628 36,137 778,765
NET PREMIUM 654,844 8,811 663,655 643,071 846 643,917
ADJUSTMENT FOR CHANGE IN RESERVE FOR UNEXPIRED RISK -5,886 -3,983 -9,869 -234,157 -249 -234,406
TOTAL PREMIUM EARNED (NET) 648,958 4,828 653,786 408,914 597 409,511
CLAIMS INCURRED (NET) 2C
CLAIMS PAID – DIRECT 775,167 - 775,167 198,323 - 198,323
ADD : REINSURANCE ACCEPTANCE 141,565 - 141,565 393,697 - 393,697
LESS : REINSURANCE CEDED 772,715 - 772,715 162,723 - 162,723
NET CLAIMS PAID 144,017 - 144,017 429,297 - 429,297

295
ADD: CLAIMS OUTSTANDING AT THE END OF YEAR 1,174,912 37 1,174,949 535,080 37 535,117
LESS: CLAIMS OUTSTANDING AT THE BEGINNING OF THE YEAR 535,080 37 535,117 140,777 4,737 145,514
TOTAL CLAIMS INCURRED 783,849 -0 783,849 823,600 -4,700 818,900
COMMISSION 3C
COMMISSION PAID – DIRECT * 9,248 - 9,248 1,968 - 1,968
ADD: REINSURANCE ACCEPTANCE 5,691 - 5,691 507 - 507
LESS: REINSURANCE CEDED 24,666 755 25,421 49,072 181 49,253
NET COMMISSION -9,727 -755 -10,482 -46,597 -181 -46,778
OPERATING EXPENSES 4 305,431 2,381 307,812 174,174 282 174,456
EXCHANGE GAIN (+) /LOSS (-) - - - - - -
UNDERWRITING RESULT -430,595 3,202 -427,393 -542,263 5,196 -537,067
INVESTMENT INCOME (INTEREST, DIVIDEND & RENT PLUS PROFIT
79,970 43 80,013 32,233 29 32,262
ON SALE OF INVESTMENTS)
INVESTMENT PROVISION, AMORTIZATION OF PREMIUM AND WRITE
9,110 5 9,115 530 1 531
OFF
OPERATING RESULT -359,735 3,240 -356,495 -510,560 5,224 -505,336

ANNUAL REPORT 2019-20

* Includes incentive / reward paid to intermediaries
 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB Ê´ÉkÉÒªÉ ´É¹ÉÇ EòÒ JÉhb Ê®{ÉÉä]Ç +xÉÖºÉÚSÉÒ
(` ½VÉÉ® ¨Éå)
ÊxÉVÉÒ nÖPÉÇ]xÉÉ
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ 2019-20 2018-19
¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É ¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É
+ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É (ÊxɴɱÉ) 1C

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20

ʱÉÊJÉiÉ |ÉiªÉIÉ ´ªÉÉ{ÉÉ® ºÉä |ÉÒÊ¨ÉªÉ¨É 1,913,946 - 1,913,946 1,660,893 - 1,660,893
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É º´ÉÒEÞòiÉ - - - - - -
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É +Ì{ÉiÉ 95,697 - 95,697 83,045 - 83,045
ÊxÉ´É±É |ÉÒÊ¨ÉªÉ¨É 1,818,249 - 1,818,249 1,577,848 - 1,577,848
+xÉ{ÉäÊIÉiÉ VÉÉäÊJɨÉÉå Eäò ʱÉB ºÉÆSÉªÉ ¨Éå ¤Én±ÉÉ´É Eäò ʱÉB ºÉ¨ÉɪÉÉäVÉxÉ -120,200 - -120,200 695,112 - 695,112
EÖò±É |ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ) 1,698,049 - 1,698,049 2,272,960 - 2,272,960
=`ÉB ½ÖB nÉ´Éå (ÊxɴɱÉ) 2C
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB nÉ´Éå - |ÉiªÉIÉ 2,295,033 - 2,295,033 3,189,412 - 3,189,412
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ º´ÉÒEÞòiÉ - - - - - -
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ +Ì{ÉiÉ 114,752 - 114,752 165,164 - 165,164

296
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB ÊxÉ´É±É nÉ´Éå 2,180,281 - 2,180,281 3,024,248 - 3,024,248
VÉÉäcå: ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 1,950,662 - 1,950,662 2,409,136 - 2,409,136
PÉ]ÉBÆ: ´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 2,409,136 - 2,409,136 1,780,184 - 1,780,184
ÊEòB MÉB EÖò±É nÉ´Éå 1,721,807 - 1,721,807 3,653,200 - 3,653,200
Eò¨ÉÒ¶ÉxÉ 3C
¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ Eò¨ÉÒ¶ÉxÉ - |ÉiªÉIÉ* 84,556 - 84,556 63,717 - 63,717
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® º´ÉÒEÞòiÉ Eò¨ÉÒ¶ÉxÉ - - - - - -
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® +Ì{ÉiÉ Eò¨ÉÒ¶ÉxÉ - - - - - -
ÊxÉ´É±É Eò¨ÉÒ¶ÉxÉ 84,556 - 84,556 63,717 - 63,717
{ÉÊ®SÉɱÉxÉ ´ªÉªÉ 4 858,316 - 858,316 437,526 - 437,526
Ê´ÉÊxÉ¨ÉªÉ ±ÉÉ¦É (+)/½ÉÊxÉ (-) - - - - - -
¤ÉÒ¨ÉÉÆEòxÉ {ÉÊ®hÉÉ¨É -966,630 - -966,630 -1,881,483 - -1,881,483
ÊxÉ´Éä¶É +ÉªÉ (¤ªÉÉVÉ, ±ÉɦÉÉÆ¶É +Éè® ÊEò®ÉB ºÉʽiÉ ÊxÉ´Éä¶É EòÒ Ê¤ÉGòÒ {É® ±ÉɦÉ) 298,557 - 298,557 451,842 - 451,842
ÊxÉ´Éä¶É EòÉ |ÉÉ´ÉvÉÉxÉ, |ÉÒÊ¨ÉªÉ¨É +Éè® ®É<] +Éì¡ò EòÉ {ÉÊ®¶ÉÉävÉxÉ (@  hɨÉÖÊHò) 34,012 - 34,012 7,433 - 7,433
{ÉÊ®SÉɱÉxÉ {ÉÊ®hÉÉ¨É -702,085 - -702,085 -1,437,074 - -1,437,074
*ʤÉSÉÉèʱɪÉÉå (¨ÉvªÉ´ÉiÉÔ ºÉƺlÉÉ+Éå) EòÉä ÊnB VÉÉxÉä ´ÉɱÉä ¶ÉÉÊ¨É±É |ÉÉäiºÉɽxÉ/<xÉɨÉ*
 SEGMENT REPORT SCHEDULE FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2020
` In thousands
PERSONAL ACCIDENT
PARTICULARS SCHEDULE 2019-20 2018-19
IN INDIA OUTSIDE INDIA TOTAL IN INDIA OUTSIDE INDIA TOTAL
PREMIUM EARNED (NET) 1C
PREMIUM FROM DIRECT BUSINESS WRITTEN 1,913,946 - 1,913,946 1,660,893 - 1,660,893
ADD: PREMIUM ON REINSURANCE ACCEPTANCE - - - - - -
LESS : PREMIUM ON REINSURANCE CEDED 95,697 - 95,697 83,045 - 83,045
NET PREMIUM 1,818,249 - 1,818,249 1,577,848 - 1,577,848
ADJUSTMENT FOR CHANGE IN RESERVE FOR UNEXPIRED RISK -120,200 - -120,200 695,112 - 695,112
TOTAL PREMIUM EARNED (NET) 1,698,049 - 1,698,049 2,272,960 - 2,272,960
CLAIMS INCURRED (NET) 2C
CLAIMS PAID – DIRECT 2,295,033 - 2,295,033 3,189,412 - 3,189,412
ADD : REINSURANCE ACCEPTANCE - - - - - -
LESS : REINSURANCE CEDED 114,752 - 114,752 165,164 - 165,164
NET CLAIMS PAID 2,180,281 - 2,180,281 3,024,248 - 3,024,248

297
ADD: CLAIMS OUTSTANDING AT THE END OF YEAR 1,950,662 - 1,950,662 2,409,136 - 2,409,136
LESS: CLAIMS OUTSTANDING AT THE BEGINNING OF THE YEAR 2,409,136 - 2,409,136 1,780,184 - 1,780,184
TOTAL CLAIMS INCURRED 1,721,807 - 1,721,807 3,653,200 - 3,653,200
COMMISSION 3C
COMMISSION PAID – DIRECT * 84,556 - 84,556 63,717 - 63,717
ADD: REINSURANCE ACCEPTANCE - - - - - -
LESS: REINSURANCE CEDED - - - - - -
NET COMMISSION 84,556 - 84,556 63,717 - 63,717
OPERATING EXPENSES 4 858,316 - 858,316 437,526 - 437,526
EXCHANGE GAIN (+) /LOSS (-) - - - - - -
UNDERWRITING RESULT -966,630 - -966,630 -1,881,483 - -1,881,483
INVESTMENT INCOME (INTEREST, DIVIDEND & RENT PLUS PROFIT
298,557 - 298,557 451,842 - 451,842
ON SALE OF INVESTMENTS)
INVESTMENT PROVISION, AMORTIZATION OF PREMIUM AND WRITE
34,012 - 34,012 7,433 - 7,433
OFF
OPERATING RESULT -702,085 - -702,085 -1,437,074 - -1,437,074

ANNUAL REPORT 2019-20

* Includes incentive / reward paid to intermediaries
 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB Ê´ÉkÉÒªÉ ´É¹ÉÇ EòÒ JÉhb Ê®{ÉÉä]Ç +xÉÖºÉÚSÉÒ
(` ½VÉÉ® ¨Éå)
º´ÉɺlªÉ
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ 2019-20 2018-19
¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É ¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É
+ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É (ÊxɴɱÉ) 1C

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20

ʱÉÊJÉiÉ |ÉiªÉIÉ ´ªÉÉ{ÉÉ® ºÉä |ÉÒÊ¨ÉªÉ¨É 52,815,365 28,726 52,844,091 58,943,387 27,264 58,970,651
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É º´ÉÒEÞòiÉ - - - - - -
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É +Ì{ÉiÉ 22,931,712 5,719 22,937,431 27,455,771 3,817 27,459,588
ÊxÉ´É±É |ÉÒÊ¨ÉªÉ¨É 29,883,653 23,007 29,906,660 31,487,616 23,447 31,511,063
+xÉ{ÉäÊIÉiÉ VÉÉäÊJɨÉÉå Eäò ʱÉB ºÉÆSÉªÉ ¨Éå ¤Én±ÉÉ´É Eäò ʱÉB ºÉ¨ÉɪÉÉäVÉxÉ 801,981 220 802,201 2,431,557 1,761 2,433,318
EÖò±É |ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ) 30,685,634 23,227 30,708,861 33,919,173 25,208 33,944,381
=`ÉB ½ÖB nÉ´Éå (ÊxɴɱÉ) 2C
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB nÉ´Éå - |ÉiªÉIÉ 57,112,478 39,626 57,152,104 56,613,304 27,025 56,640,329
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ º´ÉÒEÞòiÉ - - - - - -
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ +Ì{ÉiÉ 26,236,976 7,665 26,244,641 17,944,506 1,264 17,945,770
30,875,502 31,961 30,907,463 38,668,798 25,761 38,694,559

298
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB ÊxÉ´É±É nÉ´Éå
VÉÉäcå: ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 7,184,477 - 7,184,477 6,336,905 1,425 6,338,330
PÉ]ÉBÆ: ´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 6,336,905 1,425 6,338,330 9,694,867 5,045 9,699,912
ÊEòB MÉB EÖò±É nÉ´Éå 31,723,074 30,536 31,753,610 35,310,836 22,141 35,332,977
Eò¨ÉÒ¶ÉxÉ 3C
¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ Eò¨ÉÒ¶ÉxÉ - |ÉiªÉIÉ* 3,451,754 286 3,452,040 3,181,803 159 3,181,962
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® º´ÉÒEÞòiÉ Eò¨ÉÒ¶ÉxÉ - - - - - -
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® +Ì{ÉiÉ Eò¨ÉÒ¶ÉxÉ 696,918 1,723 698,641 923,266 954 924,220
ÊxÉ´É±É Eò¨ÉÒ¶ÉxÉ 2,754,836 -1,437 2,753,399 2,258,537 -795 2,257,742
{ÉÊ®SÉɱÉxÉ ´ªÉªÉ 4 13,938,965 6,217 13,945,182 8,529,119 7,821 8,536,940
Ê´ÉÊxÉ¨ÉªÉ ±ÉÉ¦É (+)/½ÉÊxÉ (-) - - - - - -
+ÊiÉÊ®Hò <Ç+ÉäB¨É EòÒ +Éä® ¶ÉäªÉ®vÉÉ®EòÉä EòÒ ÊxÉÊvÉ ºÉä +ƶÉnÉxÉ 4,247,964 - 4,247,964 - - -
¤ÉÒ¨ÉÉÆEòxÉ {ÉÊ®hÉÉ¨É -13,483,277 -12,089 -13,495,366 -12,179,319 -3,959 -12,183,278
ÊxÉ´Éä¶É +ÉªÉ (¤ªÉÉVÉ, ±ÉɦÉÉÆ¶É +Éè® ÊEò®ÉB ºÉʽiÉ ÊxÉ´Éä¶É EòÒ Ê¤ÉGòÒ {É® ±ÉɦÉ) 2,061,358 1,227 2,062,585 3,858,109 2,330 3,860,439
ÊxÉ´Éä¶É EòÉ |ÉÉ´ÉvÉÉxÉ, |ÉÒÊ¨ÉªÉ¨É +Éè® ®É<] +Éì¡ò EòÉ {ÉÊ®¶ÉÉävÉxÉ (@  hɨÉÖÊHò) 234,834 140 234,974 63,471 38 63,509
{ÉÊ®SÉɱÉxÉ {ÉÊ®hÉÉ¨É -11,656,753 -11,002 -11,667,755 -8,384,681 -1,667 -8,386,348

*ʤÉSÉÉèʱɪÉÉå (¨ÉvªÉ´ÉiÉÔ ºÉƺlÉÉ+Éå) EòÉä ÊnB VÉÉxÉä ´ÉɱÉä ¶ÉÉÊ¨É±É |ÉÉäiºÉɽxÉ/<xÉɨÉ*

 SEGMENT REPORT SCHEDULE FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2020
` In thousands
health
PARTICULARS SCHEDULE 2019-20 2018-19
IN INDIA OUTSIDE INDIA TOTAL IN INDIA OUTSIDE INDIA TOTAL
PREMIUM EARNED (NET) 1C
PREMIUM FROM DIRECT BUSINESS WRITTEN 52,815,365 28,726 52,844,091 58,943,387 27,264 58,970,651
ADD: PREMIUM ON REINSURANCE ACCEPTANCE - - - - - -
LESS : PREMIUM ON REINSURANCE CEDED 22,931,712 5,719 22,937,431 27,455,771 3,817 27,459,588
NET PREMIUM 29,883,653 23,007 29,906,660 31,487,616 23,447 31,511,063
ADJUSTMENT FOR CHANGE IN RESERVE FOR UNEXPIRED RISK 801,981 220 802,201 2,431,557 1,761 2,433,318
TOTAL PREMIUM EARNED (NET) 30,685,634 23,227 30,708,861 33,919,173 25,208 33,944,381
CLAIMS INCURRED (NET) 2C
CLAIMS PAID – DIRECT 57,112,478 39,626 57,152,104 56,613,304 27,025 56,640,329
ADD : REINSURANCE ACCEPTANCE - - - - - -
LESS : REINSURANCE CEDED 26,236,976 7,665 26,244,641 17,944,506 1,264 17,945,770
NET CLAIMS PAID 30,875,502 31,961 30,907,463 38,668,798 25,761 38,694,559
ADD: CLAIMS OUTSTANDING AT THE END OF YEAR 7,184,477 - 7,184,477 6,336,905 1,425 6,338,330

299
LESS: CLAIMS OUTSTANDING AT THE BEGINNING OF THE YEAR 6,336,905 1,425 6,338,330 9,694,867 5,045 9,699,912
TOTAL CLAIMS INCURRED 31,723,074 30,536 31,753,610 35,310,836 22,141 35,332,977
COMMISSION 3C
COMMISSION PAID – DIRECT * 3,451,754 286 3,452,040 3,181,803 159 3,181,962
ADD: REINSURANCE ACCEPTANCE - - - - - -
LESS: REINSURANCE CEDED 696,918 1,723 698,641 923,266 954 924,220
NET COMMISSION 2,754,836 -1,437 2,753,399 2,258,537 -795 2,257,742
OPERATING EXPENSES 4 13,938,965 6,217 13,945,182 8,529,119 7,821 8,536,940
EXCHANGE GAIN (+) /LOSS (-) - - - - - -
CONTRIBUTION FROM SHAREHOLDER’S FUNDS TOWARDS
4,247,964 - 4,247,964 - - -
EXCESS EOM
UNDERWRITING RESULT -13,483,277 -12,089 -13,495,366 -12,179,319 -3,959 -12,183,278
INVESTMENT INCOME (INTEREST, DIVIDEND & RENT PLUS
2,061,358 1,227 2,062,585 3,858,109 2,330 3,860,439
PROFIT ON SALE OF INVESTMENTS)
INVESTMENT PROVISION, AMORTIZATION OF PREMIUM AND
234,834 140 234,974 63,471 38 63,509
WRITE OFF
OPERATING RESULT -11,656,753 -11,002 -11,667,755 -8,384,681 -1,667 -8,386,348
* Includes incentive / reward paid to intermediaries

ANNUAL REPORT 2019-20

 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB Ê´ÉkÉÒªÉ ´É¹ÉÇ EòÒ JÉhb Ê®{ÉÉä]Ç +xÉÖºÉÚSÉÒ
(` ½VÉÉ® ¨Éå)
+É®BxÉ]Ò¤ÉÒ (OÉɨÉÒhÉ MÉè® {ÉÉ®Æ{ÉÊ®Eò ´ªÉ´ÉºÉɪÉ)
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ 2019-20 2018-19
¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É ¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É
+ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É (ÊxɴɱÉ) 1C

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20

ʱÉÊJÉiÉ |ÉiªÉIÉ ´ªÉÉ{ÉÉ® ºÉä |ÉÒÊ¨ÉªÉ¨É 433,691 - 433,691 946,702 - 946,702
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É º´ÉÒEÞòiÉ - - - - - -
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É +Ì{ÉiÉ 21,685 - 21,685 47,335 - 47,335
ÊxÉ´É±É |ÉÒÊ¨ÉªÉ¨É 412,006 - 412,006 899,367 - 899,367
+xÉ{ÉäÊIÉiÉ VÉÉäÊJɨÉÉå Eäò ʱÉB ºÉÆSÉªÉ ¨Éå ¤Én±ÉÉ´É Eäò ʱÉB ºÉ¨ÉɪÉÉäVÉxÉ 243,681 - 243,681 48,545 - 48,545
EÖò±É |ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ) 655,687 - 655,687 947,912 - 947,912
=`ÉB ½ÖB nÉ´Éå (ÊxɴɱÉ) 2C
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB nÉ´Éå - |ÉiªÉIÉ 591,185 - 591,185 779,388 - 779,388
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ º´ÉÒEÞòiÉ - - - - - -
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ +Ì{ÉiÉ 29,559 - 29,559 38,969 - 38,969

300
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB ÊxÉ´É±É nÉ´Éå 561,626 - 561,626 740,419 - 740,419
VÉÉäcå: ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 374,551 - 374,551 629,930 - 629,930
PÉ]ÉBÆ: ´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 629,930 - 629,930 584,632 - 584,632
ÊEòB MÉB EÖò±É nÉ´Éå 306,247 - 306,247 785,717 - 785,717
Eò¨ÉÒ¶ÉxÉ 3C
¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ Eò¨ÉÒ¶ÉxÉ - |ÉiªÉIÉ* 47,089 - 47,089 76,057 - 76,057
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® º´ÉÒEÞòiÉ Eò¨ÉÒ¶ÉxÉ - - - - - -
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® +Ì{ÉiÉ Eò¨ÉÒ¶ÉxÉ - - - - - -
ÊxÉ´É±É Eò¨ÉÒ¶ÉxÉ 47,089 - 47,089 76,057 - 76,057
{ÉÊ®SÉɱÉxÉ ´ªÉªÉ 4 192,341 - 192,341 243,626 - 243,626
Ê´ÉÊxÉ¨ÉªÉ ±ÉÉ¦É (+)/½ÉÊxÉ (-) - - - - - -
¤ÉÒ¨ÉÉÆEòxÉ {ÉÊ®hÉÉ¨É 110,010 - 110,010 -157,488 - -157,488
ÊxÉ´Éä¶É +ÉªÉ (¤ªÉÉVÉ, ±ÉɦÉÉÆ¶É +Éè® ÊEò®ÉB ºÉʽiÉ ÊxÉ´Éä¶É EòÒ Ê¤ÉGòÒ {É® ±ÉɦÉ) 100,788 - 100,788 149,893 - 149,893
ÊxÉ´Éä¶É EòÉ |ÉÉ´ÉvÉÉxÉ, |ÉÒÊ¨ÉªÉ¨É +Éè® ®É<] +Éì¡ò EòÉ {ÉÊ®¶ÉÉävÉxÉ (@  hɨÉÖÊHò) 11,482 - 11,482 2,466 - 2,466
{ÉÊ®SÉɱÉxÉ {ÉÊ®hÉÉ¨É 199,316 - 199,316 -10,061 - -10,061
*ʤÉSÉÉèʱɪÉÉå (¨ÉvªÉ´ÉiÉÔ ºÉƺlÉÉ+Éå) EòÉä ÊnB VÉÉxÉä ´ÉɱÉä ¶ÉÉÊ¨É±É |ÉÉäiºÉɽxÉ/<xÉɨÉ*
 SEGMENT REPORT SCHEDULE FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2020
` In thousands
RNTB
PARTICULARS SCHEDULE 2019-20 2018-19
IN INDIA OUTSIDE INDIA TOTAL IN INDIA OUTSIDE INDIA TOTAL
PREMIUM EARNED (NET) 1C
PREMIUM FROM DIRECT BUSINESS WRITTEN 433,691 - 433,691 946,702 - 946,702
ADD: PREMIUM ON REINSURANCE ACCEPTANCE - - - - - -
LESS : PREMIUM ON REINSURANCE CEDED 21,685 - 21,685 47,335 - 47,335
NET PREMIUM 412,006 - 412,006 899,367 - 899,367
ADJUSTMENT FOR CHANGE IN RESERVE FOR UNEXPIRED RISK 243,681 - 243,681 48,545 - 48,545
TOTAL PREMIUM EARNED (NET) 655,687 - 655,687 947,912 - 947,912
CLAIMS INCURRED (NET) 2C
CLAIMS PAID – DIRECT 591,185 - 591,185 779,388 - 779,388
ADD : REINSURANCE ACCEPTANCE - - - - - -
LESS : REINSURANCE CEDED 29,559 - 29,559 38,969 - 38,969
NET CLAIMS PAID 561,626 - 561,626 740,419 - 740,419

301
ADD: CLAIMS OUTSTANDING AT THE END OF YEAR 374,551 - 374,551 629,930 - 629,930
LESS: CLAIMS OUTSTANDING AT THE BEGINNING OF THE YEAR 629,930 - 629,930 584,632 - 584,632
TOTAL CLAIMS INCURRED 306,247 - 306,247 785,717 - 785,717
COMMISSION 3C
COMMISSION PAID – DIRECT * 47,089 - 47,089 76,057 - 76,057
ADD: REINSURANCE ACCEPTANCE - - - - - -
LESS: REINSURANCE CEDED - - - - - -
NET COMMISSION 47,089 - 47,089 76,057 - 76,057
OPERATING EXPENSES 4 192,341 - 192,341 243,626 - 243,626
EXCHANGE GAIN (+) /LOSS (-) - - - - - -
UNDERWRITING RESULT 110,010 - 110,010 -157,488 - -157,488
INVESTMENT INCOME (INTEREST, DIVIDEND & RENT PLUS PROFIT
100,788 - 100,788 149,893 - 149,893
ON SALE OF INVESTMENTS)
INVESTMENT PROVISION, AMORTIZATION OF PREMIUM AND WRITE
11,482 - 11,482 2,466 - 2,466
OFF
OPERATING RESULT 199,316 - 199,316 -10,061 - -10,061

ANNUAL REPORT 2019-20

* Includes incentive / reward paid to intermediaries
 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB Ê´ÉkÉÒªÉ ´É¹ÉÇ EòÒ JÉhb Ê®{ÉÉä]Ç +xÉÖºÉÚSÉÒ
(` ½VÉÉ® ¨Éå)
¢òºÉ±É
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ 2019-20 2018-19
¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É ¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É
+ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É (ÊxɴɱÉ) 1C

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20

ʱÉÊJÉiÉ |ÉiªÉIÉ ´ªÉÉ{ÉÉ® ºÉä |ÉÒÊ¨ÉªÉ¨É 20,159,675 - 20,159,675 9,183,942 - 9,183,942
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É º´ÉÒEÞòiÉ - - - - - -
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É +Ì{ÉiÉ 15,130,771 - 15,130,771 7,540,311 - 7,540,311
ÊxÉ´É±É |ÉÒÊ¨ÉªÉ¨É 5,028,904 - 5,028,904 1,643,631 - 1,643,631
+xÉ{ÉäÊIÉiÉ VÉÉäÊJɨÉÉå Eäò ʱÉB ºÉÆSÉªÉ ¨Éå ¤Én±ÉÉ´É Eäò ʱÉB ºÉ¨ÉɪÉÉäVÉxÉ -428,246 - -428,246 -245,400 - -245,400
EÖò±É |ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ) 4,600,658 - 4,600,658 1,398,231 - 1,398,231
=`ÉB ½ÖB nÉ´Éå (ÊxɴɱÉ) 2C
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB nÉ´Éå - |ÉiªÉIÉ 11,718,779 - 11,718,779 17,219,420 - 17,219,420
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ º´ÉÒEÞòiÉ - - - - - -
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ +Ì{ÉiÉ 7,924,899 - 7,924,899 12,566,121 - 12,566,121

302
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB ÊxÉ´É±É nÉ´Éå 3,793,880 - 3,793,880 4,653,299 - 4,653,299
VÉÉäcå: ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 5,857,571 - 5,857,571 3,482,346 - 3,482,346
PÉ]ÉBÆ: ´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 3,482,346 - 3,482,346 5,904,267 - 5,904,267
ÊEòB MÉB EÖò±É nÉ´Éå 6,169,105 - 6,169,105 2,231,378 - 2,231,378
Eò¨ÉÒ¶ÉxÉ 3C
¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ Eò¨ÉÒ¶ÉxÉ - |ÉiªÉIÉ* 37,034 - 37,034 - - -
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® º´ÉÒEÞòiÉ Eò¨ÉÒ¶ÉxÉ - - - - - -
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® +Ì{ÉiÉ Eò¨ÉÒ¶ÉxÉ 532,777 - 532,777 158,661 - 158,661
ÊxÉ´É±É Eò¨ÉÒ¶ÉxÉ -495,743 - -495,743 -158,661 - -158,661
{ÉÊ®SÉɱÉxÉ ´ªÉªÉ 4 2,345,568 - 2,345,568 445,172 - 445,172
Ê´ÉÊxÉ¨ÉªÉ ±ÉÉ¦É (+)/½ÉÊxÉ (-) - - - - - -
¤ÉÒ¨ÉÉÆEòxÉ {ÉÊ®hÉÉ¨É -3,418,272 - -3,418,272 -1,119,658 - -1,119,658
ÊxÉ´Éä¶É +ÉªÉ (¤ªÉÉVÉ, ±ÉɦÉÉÆ¶É +Éè® ÊEò®ÉB ºÉʽiÉ ÊxÉ´Éä¶É EòÒ Ê¤ÉGòÒ {É® ±ÉɦÉ) 363,909 - 363,909 840,865 - 840,865
ÊxÉ´Éä¶É EòÉ |ÉÉ´ÉvÉÉxÉ, |ÉÒÊ¨ÉªÉ¨É +Éè® ®É<] +Éì¡ò EòÉ {ÉÊ®¶ÉÉävÉxÉ (@  hɨÉÖÊHò) 41,457 - 41,457 13,833 - 13,833
{ÉÊ®SÉɱÉxÉ {ÉÊ®hÉÉ¨É -3,095,820 - -3,095,820 -292,626 - -292,626
*ʤÉSÉÉèʱɪÉÉå (¨ÉvªÉ´ÉiÉÔ ºÉƺlÉÉ+Éå) EòÉä ÊnB VÉÉxÉä ´ÉɱÉä ¶ÉÉÊ¨É±É |ÉÉäiºÉɽxÉ/<xÉɨÉ*
 SEGMENT REPORT SCHEDULE FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2020
` In thousands
CROP
PARTICULARS SCHEDULE 2019-20 2018-19
IN INDIA OUTSIDE INDIA TOTAL IN INDIA OUTSIDE INDIA TOTAL
PREMIUM EARNED (NET) 1C
PREMIUM FROM DIRECT BUSINESS WRITTEN 20,159,675 - 20,159,675 9,183,942 - 9,183,942
ADD: PREMIUM ON REINSURANCE ACCEPTANCE - - - - - -
LESS : PREMIUM ON REINSURANCE CEDED 15,130,771 - 15,130,771 7,540,311 - 7,540,311
NET PREMIUM 5,028,904 - 5,028,904 1,643,631 - 1,643,631
ADJUSTMENT FOR CHANGE IN RESERVE FOR UNEXPIRED RISK -428,246 - -428,246 -245,400 - -245,400
TOTAL PREMIUM EARNED (NET) 4,600,658 - 4,600,658 1,398,231 - 1,398,231
CLAIMS INCURRED (NET) 2C
CLAIMS PAID – DIRECT 11,718,779 - 11,718,779 17,219,420 - 17,219,420
ADD : REINSURANCE ACCEPTANCE - - - - - -
LESS : REINSURANCE CEDED 7,924,899 - 7,924,899 12,566,121 - 12,566,121
NET CLAIMS PAID 3,793,880 - 3,793,880 4,653,299 - 4,653,299

303
ADD: CLAIMS OUTSTANDING AT THE END OF YEAR 5,857,571 - 5,857,571 3,482,346 - 3,482,346
LESS: CLAIMS OUTSTANDING AT THE BEGINNING OF THE YEAR 3,482,346 - 3,482,346 5,904,267 - 5,904,267
TOTAL CLAIMS INCURRED 6,169,105 - 6,169,105 2,231,378 - 2,231,378
COMMISSION 3C
COMMISSION PAID – DIRECT * 37,034 - 37,034 - - -
ADD: REINSURANCE ACCEPTANCE - - - - - -
LESS: REINSURANCE CEDED 532,777 - 532,777 158,661 - 158,661
NET COMMISSION -495,743 - -495,743 -158,661 - -158,661
OPERATING EXPENSES 4 2,345,568 - 2,345,568 445,172 - 445,172
EXCHANGE GAIN (+) /LOSS (-) - - - - - -
UNDERWRITING RESULT -3,418,272 - -3,418,272 -1,119,658 - -1,119,658
INVESTMENT INCOME (INTEREST, DIVIDEND & RENT PLUS PROFIT
363,909 - 363,909 840,865 - 840,865
ON SALE OF INVESTMENTS)
INVESTMENT PROVISION, AMORTIZATION OF PREMIUM AND WRITE
41,457 - 41,457 13,833 - 13,833
OFF
OPERATING RESULT -3,095,820 - -3,095,820 -292,626 - -292,626

ANNUAL REPORT 2019-20

* Includes incentive / reward paid to intermediaries
 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB Ê´ÉkÉÒªÉ ´É¹ÉÇ EòÒ JÉhb Ê®{ÉÉä]Ç +xÉÖºÉÚSÉÒ
(` ½VÉÉ® ¨Éå)
Ê´ÉÊ´ÉvÉ +xªÉ
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ 2019-20 2018-19
¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É ¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É
+ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É (ÊxɴɱÉ) 1C

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20

ʱÉÊJÉiÉ |ÉiªÉIÉ ´ªÉÉ{ÉÉ® ºÉä |ÉÒÊ¨ÉªÉ¨É 2,619,947 26,682 2,646,629 4,207,704 30,631 4,238,335
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É º´ÉÒEÞòiÉ 44,236 358 44,594 115,741 4,453 120,194
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É +Ì{ÉiÉ 852,116 19,837 871,953 676,231 27,505 703,736
ÊxÉ´É±É |ÉÒÊ¨ÉªÉ¨É 1,812,067 7,203 1,819,270 3,647,214 7,579 3,654,793
+xÉ{ÉäÊIÉiÉ VÉÉäÊJɨÉÉå Eäò ʱÉB ºÉÆSÉªÉ ¨Éå ¤Én±ÉÉ´É Eäò ʱÉB ºÉ¨ÉɪÉÉäVÉxÉ 917,572 188 917,760 425,874 11,493 437,367
EÖò±É |ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ) 2,729,639 7,391 2,737,030 4,073,088 19,072 4,092,160
=`ÉB ½ÖB nÉ´Éå (ÊxɴɱÉ) 2C
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB nÉ´Éå - |ÉiªÉIÉ 1,477,385 24,680 1,502,065 3,207,327 42,810 3,250,137
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ º´ÉÒEÞòiÉ 106,393 - 106,393 280,554 - 280,554
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ +Ì{ÉiÉ 136,625 9,062 145,687 1,624,331 10,235 1,634,566
1,447,153 15,618 1,462,771 1,863,550 32,575 1,896,125

304
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB ÊxÉ´É±É nÉ´Éå
VÉÉäcå: ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 4,544,704 2,400 4,547,104 3,640,799 5,727 3,646,526
PÉ]ÉBÆ: ´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 3,640,799 5,727 3,646,526 2,864,176 19,734 2,883,910
ÊEòB MÉB EÖò±É nÉ´Éå 2,351,058 12,291 2,363,349 2,640,173 18,568 2,658,741
Eò¨ÉÒ¶ÉxÉ 3C
¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ Eò¨ÉÒ¶ÉxÉ - |ÉiªÉIÉ* 353,828 1,459 355,287 515,967 1,937 517,904
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® º´ÉÒEÞòiÉ Eò¨ÉÒ¶ÉxÉ 13,988 34 14,022 33,938 442 34,380
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® +Ì{ÉiÉ Eò¨ÉÒ¶ÉxÉ 83,310 1,847 85,157 180,204 4,586 184,790
ÊxÉ´É±É Eò¨ÉÒ¶ÉxÉ 284,506 -354 284,152 369,701 -2,207 367,494
{ÉÊ®SÉɱÉxÉ ´ªÉªÉ 4 845,556 1,946 847,502 983,237 2,528 985,765
Ê´ÉÊxÉ¨ÉªÉ ±ÉÉ¦É (+)/½ÉÊxÉ (-) - - - - -216,331 -216,331
+ÊiÉÊ®Hò <Ç+ÉäB¨É EòÒ +Éä® ¶ÉäªÉ®vÉÉ®EòÉä EòÒ ÊxÉÊvÉ ºÉä +ƶÉnÉxÉ 115,016 - 115,016 - - -
¤ÉÒ¨ÉÉÆEòxÉ {ÉÊ®hÉÉ¨É -636,465 -6,492 -642,957 79,977 -216,148 -136,171
ÊxÉ´Éä¶É +ÉªÉ (¤ªÉÉVÉ, ±ÉɦÉÉÆ¶É +Éè® ÊEò®ÉB ºÉʽiÉ ÊxÉ´Éä¶É EòÒ Ê¤ÉGòÒ {É® ±ÉɦÉ) 510,133 888 511,021 707,943 4,749 712,692
ÊxÉ´Éä¶É EòÉ |ÉÉ´ÉvÉÉxÉ, |ÉÒÊ¨ÉªÉ¨É +Éè® ®É<] +Éì¡ò EòÉ {ÉÊ®¶ÉÉävÉxÉ (@  hɨÉÖÊHò) 58,115 102 58,217 11,647 80 11,727
{ÉÊ®SÉɱÉxÉ {ÉÊ®hÉÉ¨É -184,447 -5,706 -190,153 776,273 -211,479 564,794

*ʤÉSÉÉèʱɪÉÉå (¨ÉvªÉ´ÉiÉÔ ºÉƺlÉÉ+Éå) EòÉä ÊnB VÉÉxÉä ´ÉɱÉä ¶ÉÉÊ¨É±É |ÉÉäiºÉɽxÉ/<xÉɨÉ*

 SEGMENT REPORT SCHEDULE FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2020
` In thousands
MISCELLANEOUS OTHERS
PARTICULARS SCHEDULE 2019-20 2018-19
IN INDIA OUTSIDE INDIA TOTAL IN INDIA OUTSIDE INDIA TOTAL
PREMIUM EARNED (NET) 1C
PREMIUM FROM DIRECT BUSINESS WRITTEN 2,619,947 26,682 2,646,629 4,207,704 30,631 4,238,335
ADD: PREMIUM ON REINSURANCE ACCEPTANCE 44,236 358 44,594 115,741 4,453 120,194
LESS : PREMIUM ON REINSURANCE CEDED 852,116 19,837 871,953 676,231 27,505 703,736
NET PREMIUM 1,812,067 7,203 1,819,270 3,647,214 7,579 3,654,793
ADJUSTMENT FOR CHANGE IN RESERVE FOR UNEXPIRED RISK 917,572 188 917,760 425,874 11,493 437,367
TOTAL PREMIUM EARNED (NET) 2,729,639 7,391 2,737,030 4,073,088 19,072 4,092,160
CLAIMS INCURRED (NET) 2C
CLAIMS PAID – DIRECT 1,477,385 24,680 1,502,065 3,207,327 42,810 3,250,137
ADD : REINSURANCE ACCEPTANCE 106,393 - 106,393 280,554 - 280,554
LESS : REINSURANCE CEDED 136,625 9,062 145,687 1,624,331 10,235 1,634,566
NET CLAIMS PAID 1,447,153 15,618 1,462,771 1,863,550 32,575 1,896,125
ADD: CLAIMS OUTSTANDING AT THE END OF YEAR 4,544,704 2,400 4,547,104 3,640,799 5,727 3,646,526

305
LESS: CLAIMS OUTSTANDING AT THE BEGINNING OF THE YEAR 3,640,799 5,727 3,646,526 2,864,176 19,734 2,883,910
TOTAL CLAIMS INCURRED 2,351,058 12,291 2,363,349 2,640,173 18,568 2,658,741
COMMISSION 3C
COMMISSION PAID – DIRECT * 353,828 1,459 355,287 515,967 1,937 517,904
ADD: REINSURANCE ACCEPTANCE 13,988 34 14,022 33,938 442 34,380
LESS: REINSURANCE CEDED 83,310 1,847 85,157 180,204 4,586 184,790
NET COMMISSION 284,506 -354 284,152 369,701 -2,207 367,494
OPERATING EXPENSES 4 845,556 1,946 847,502 983,237 2,528 985,765
EXCHANGE GAIN (+) /LOSS (-) - - - - -216,331 -216,331
CONTRIBUTION FROM SHAREHOLDER’S FUNDS TOWARDS
115,016 - 115,016 - - -
EXCESS EoM
UNDERWRITING RESULT -636,465 -6,492 -642,957 79,977 -216,148 -136,171
INVESTMENT INCOME (INTEREST, DIVIDEND & RENT PLUS
510,133 888 511,021 707,943 4,749 712,692
PROFIT ON SALE OF INVESTMENTS)
INVESTMENT PROVISION, AMORTIZATION OF PREMIUM AND
58,115 102 58,217 11,647 80 11,727
WRITE OFF
OPERATING RESULT -184,447 -5,706 -190,153 776,273 -211,479 564,794

ANNUAL REPORT 2019-20

* Includes incentive / reward paid to intermediaries
 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB Ê´ÉkÉÒªÉ ´É¹ÉÇ EòÒ JÉhb Ê®{ÉÉä]Ç +xÉÖºÉÚSÉÒ
(` ½VÉÉ® ¨Éå)
Ê´ÉÊ´ÉvÉ EÖò±É (¨ÉÉä]® ºÉʽiÉ)
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ 2019-20 2018-19
¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É ¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É
+ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É (ÊxɴɱÉ) 1C

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20

ʱÉÊJÉiÉ |ÉiªÉIÉ ´ªÉÉ{ÉÉ® ºÉä |ÉÒÊ¨ÉªÉ¨É 140,005,018 262,555 140,267,573 140,515,043 282,314 140,797,357
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É º´ÉÒEÞòiÉ 1,044,188 15,845 1,060,033 943,704 10,198 953,902
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É +Ì{ÉiÉ 55,231,505 142,634 55,374,139 52,499,819 190,870 52,690,689
ÊxÉ´É±É |ÉÒÊ¨ÉªÉ¨É 85,817,701 135,766 85,953,467 88,958,928 101,642 89,060,570
+xÉ{ÉäÊIÉiÉ VÉÉäÊJɨÉÉå Eäò ʱÉB ºÉÆSÉªÉ ¨Éå ¤Én±ÉÉ´É Eäò ʱÉB ºÉ¨ÉɪÉÉäVÉxÉ 2,835,003 -17,062 2,817,941 6,471,614 58,043 6,529,657
EÖò±É |ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ) 88,652,704 118,704 88,771,408 95,430,542 159,685 95,590,227
=`ÉB ½ÖB nÉ´Éå (ÊxɴɱÉ) 2C
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB nÉ´Éå - |ÉiªÉIÉ 122,366,790 231,678 122,598,468 129,533,022 360,825 129,893,847
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ º´ÉÒEÞòiÉ 396,203 - 396,203 820,351 - 820,351
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ +Ì{ÉiÉ 49,314,751 40,854 49,355,605 41,239,159 93,977 41,333,136
73,448,242 190,824 73,639,066 89,114,214 266,848 89,381,062

306
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB ÊxÉ´É±É nÉ´Éå
VÉÉäcå: ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 164,313,013 130,511 164,443,524 141,223,521 162,566 141,386,087
PÉ]ÉBÆ: ´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 141,223,521 162,566 141,386,087 121,376,374 243,377 121,619,751
ÊEòB MÉB EÖò±É nÉ´Éå 96,537,734 158,769 96,696,503 108,961,361 186,037 109,147,398
Eò¨ÉÒ¶ÉxÉ 3C
¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ Eò¨ÉÒ¶ÉxÉ - |ÉiªÉIÉ* 9,052,967 4,369 9,057,336 9,484,954 5,581 9,490,535
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® º´ÉÒEÞòiÉ Eò¨ÉÒ¶ÉxÉ 89,834 2,234 92,068 99,141 1,246 100,387
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® +Ì{ÉiÉ Eò¨ÉÒ¶ÉxÉ 2,096,027 9,687 2,105,714 2,249,626 26,159 2,275,785
ÊxÉ´É±É Eò¨ÉÒ¶ÉxÉ 7,046,774 -3,084 7,043,690 7,334,469 -19,332 7,315,137
{ÉÊ®SÉɱÉxÉ ´ªÉªÉ 4 40,043,235 36,688 40,079,923 24,104,187 33,903 24,138,090
Ê´ÉÊxÉ¨ÉªÉ ±ÉÉ¦É (+)/½ÉÊxÉ (-) - - - - -216,331 -216,331
+ÊiÉÊ®Hò <Ç+ÉäB¨É EòÒ +Éä® ¶ÉäªÉ®vÉÉ®EòÉä EòÒ ÊxÉÊvÉ ºÉä +ƶÉnÉxÉ 11,481,461 - 11,481,461 - - -
¤ÉÒ¨ÉÉÆEòxÉ {ÉÊ®hÉÉ¨É -43,493,578 -73,669 -43,567,247 -44,969,475 -257,254 -45,226,729
ÊxÉ´Éä¶É +ÉªÉ (¤ªÉÉVÉ, ±ÉɦÉÉÆ¶É +Éè® ÊEò®ÉB ºÉʽiÉ ÊxÉ´Éä¶É EòÒ Ê¤ÉGòÒ {É® ±ÉɦÉ) 17,300,948 17,473 17,318,421 23,803,989 42,597 23,846,586
ÊxÉ´Éä¶É EòÉ |ÉÉ´ÉvÉÉxÉ, |ÉÒÊ¨ÉªÉ¨É +Éè® ®É<] +Éì¡ò EòÉ {ÉÊ®¶ÉÉävÉxÉ (@  hɨÉÖÊHò) 1,970,958 1,992 1,972,950 391,608 702 392,310
{ÉÊ®SÉɱÉxÉ {ÉÊ®hÉÉ¨É -28,163,588 -58,188 -28,221,776 -21,557,094 -215,359 -21,772,453

*ʤÉSÉÉèʱɪÉÉå (¨ÉvªÉ´ÉiÉÔ ºÉƺlÉÉ+Éå) EòÉä ÊnB VÉÉxÉä ´ÉɱÉä ¶ÉÉÊ¨É±É |ÉÉäiºÉɽxÉ/<xÉɨÉ*

 SEGMENT REPORT SCHEDULE FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2020
` In thousands
MISC TOTAL (INCLUDING MOTOR)
PARTICULARS SCHEDULE 2019-20 2018-19
IN INDIA OUTSIDE INDIA TOTAL IN INDIA OUTSIDE INDIA TOTAL
PREMIUM EARNED (NET) 1C
PREMIUM FROM DIRECT BUSINESS WRITTEN 140,005,018 262,555 140,267,573 140,515,043 282,314 140,797,357
ADD: PREMIUM ON REINSURANCE ACCEPTANCE 1,044,188 15,845 1,060,033 943,704 10,198 953,902
LESS : PREMIUM ON REINSURANCE CEDED 55,231,505 142,634 55,374,139 52,499,819 190,870 52,690,689
NET PREMIUM 85,817,701 135,766 85,953,467 88,958,928 101,642 89,060,570
ADJUSTMENT FOR CHANGE IN RESERVE FOR UNEXPIRED RISK 2,835,003 -17,062 2,817,941 6,471,614 58,043 6,529,657
TOTAL PREMIUM EARNED (NET) 88,652,704 118,704 88,771,408 95,430,542 159,685 95,590,227
CLAIMS INCURRED (NET) 2C
CLAIMS PAID – DIRECT 122,366,790 231,678 122,598,468 129,533,022 360,825 129,893,847
ADD : REINSURANCE ACCEPTANCE 396,203 - 396,203 820,351 - 820,351
LESS : REINSURANCE CEDED 49,314,751 40,854 49,355,605 41,239,159 93,977 41,333,136
NET CLAIMS PAID 73,448,242 190,824 73,639,066 89,114,214 266,848 89,381,062
ADD: CLAIMS OUTSTANDING AT THE END OF YEAR 164,313,013 130,511 164,443,524 141,223,521 162,566 141,386,087

307
LESS: CLAIMS OUTSTANDING AT THE BEGINNING OF THE YEAR 141,223,521 162,566 141,386,087 121,376,374 243,377 121,619,751
TOTAL CLAIMS INCURRED 96,537,734 158,769 96,696,503 108,961,361 186,037 109,147,398
COMMISSION 3C
COMMISSION PAID – DIRECT * 9,052,967 4,369 9,057,336 9,484,954 5,581 9,490,535
ADD: REINSURANCE ACCEPTANCE 89,834 2,234 92,068 99,141 1,246 100,387
LESS: REINSURANCE CEDED 2,096,027 9,687 2,105,714 2,249,626 26,159 2,275,785
NET COMMISSION 7,046,774 -3,084 7,043,690 7,334,469 -19,332 7,315,137
OPERATING EXPENSES 4 40,043,235 36,688 40,079,923 24,104,187 33,903 24,138,090
EXCHANGE GAIN (+) /LOSS (-) - - - - -216,331 -216,331
CONTRIBUTION FROM SHAREHOLDER’S FUNDS TOWARDS
11,481,461 - 11,481,461 - - -
EXCESS EOM
UNDERWRITING RESULT -43,493,578 -73,669 -43,567,247 -44,969,475 -257,254 -45,226,729
INVESTMENT INCOME (INTEREST, DIVIDEND & RENT PLUS
17,300,948 17,473 17,318,421 23,803,989 42,597 23,846,586
PROFIT ON SALE OF INVESTMENTS)
INVESTMENT PROVISION, AMORTIZATION OF PREMIUM
1,970,958 1,992 1,972,950 391,608 702 392,310
AND WRITE OFF
OPERATING RESULT -28,163,588 -58,188 -28,221,776 -21,557,094 -215,359 -21,772,453
* Includes incentive / reward paid to intermediaries

ANNUAL REPORT 2019-20

 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB Ê´ÉkÉÒªÉ ´É¹ÉÇ EòÒ JÉhb Ê®{ÉÉä]Ç +xÉÖºÉÚSÉÒ
(` ½VÉÉ® ¨Éå)
ºÉ¦ÉÒ Ê´É¦ÉÉMÉ
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ 2019-20 2018-19
¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É ¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É
+ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É (ÊxɴɱÉ) 1C

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20

ʱÉÊJÉiÉ |ÉiªÉIÉ ´ªÉÉ{ÉÉ® ºÉä |ÉÒÊ¨ÉªÉ¨É 152,622,157 506,654 153,128,811 151,289,015 510,363 151,799,378
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É º´ÉÒEÞòiÉ 2,570,949 28,506 2,599,455 2,482,366 24,034 2,506,400
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É +Ì{ÉiÉ 60,975,992 250,927 61,226,919 57,464,336 335,315 57,799,651
ÊxÉ´É±É |ÉÒÊ¨ÉªÉ¨É 94,217,114 284,233 94,501,347 96,307,045 199,082 96,506,127
+xÉ{ÉäÊIÉiÉ VÉÉäÊJɨÉÉå Eäò ʱÉB ºÉÆSÉªÉ ¨Éå ¤Én±ÉÉ´É Eäò ʱÉB ºÉ¨ÉɪÉÉäVÉxÉ 2,368,376 -42,574 2,325,802 7,396,362 99,769 7,496,131
EÖò±É |ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ) 96,585,490 241,659 96,827,149 103,703,407 298,851 104,002,258
=`ÉB ½ÖB nÉ´Éå (ÊxɴɱÉ) 2C
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB nÉ´Éå - |ÉiªÉIÉ 132,108,749 433,119 132,541,868 135,695,276 704,748 136,400,024
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ º´ÉÒEÞòiÉ 1,452,859 - 1,452,859 2,131,805 11 2,131,816
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ +Ì{ÉiÉ 51,294,319 169,952 51,464,271 44,385,685 229,125 44,614,810

308
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB ÊxÉ´É±É nÉ´Éå 82,267,289 263,167 82,530,456 93,441,396 475,634 93,917,030
VÉÉäcå: ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 178,510,923 221,825 178,732,748 158,489,024 274,705 158,763,729
PÉ]ÉBÆ: ´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 158,489,024 274,705 158,763,729 137,930,783 409,716 138,340,499
ÊEòB MÉB EÖò±É nÉ´Éå 102,289,188 210,287 102,499,475 113,999,637 340,623 114,340,260
Eò¨ÉÒ¶ÉxÉ 3C
¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ Eò¨ÉÒ¶ÉxÉ - |ÉiªÉIÉ* 10,149,777 5,320 10,155,097 10,404,311 6,369 10,410,680
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® º´ÉÒEÞòiÉ Eò¨ÉÒ¶ÉxÉ 370,871 4,443 375,314 352,701 4,199 356,900
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® +Ì{ÉiÉ Eò¨ÉÒ¶ÉxÉ 2,469,938 18,834 2,488,772 2,545,213 50,063 2,595,276
ÊxÉ´É±É Eò¨ÉÒ¶ÉxÉ 8,050,710 -9,071 8,041,639 8,211,799 -39,495 8,172,304
{ÉÊ®SÉɱÉxÉ ´ªÉªÉ 4 43,807,249 72,872 43,880,121 25,991,736 62,148 26,053,884
Ê´ÉÊxÉ¨ÉªÉ ±ÉÉ¦É (+)/½ÉÊxÉ (-) - - - - -216,331 -216,331
+ÊiÉÊ®Hò <Ç+ÉäB¨É EòÒ +Éä® ¶ÉäªÉ®vÉÉ®EòÉä EòÒ ÊxÉÊvÉ ºÉä +ƶÉnÉxÉ 12,616,377 - 12,616,377 64,827 - 64,827
¤ÉÒ¨ÉÉÆEòxÉ {ÉÊ®hÉÉ¨É -44,945,280 -32,429 -44,977,709 -44,434,940 -280,756 -44,715,696
ÊxÉ´Éä¶É +ÉªÉ (¤ªÉÉVÉ, ±ÉɦÉÉÆ¶É +Éè® ÊEò®ÉB ºÉʽiÉ ÊxÉ´Éä¶É EòÒ Ê¤ÉGòÒ {É® ±ÉɦÉ) 19,270,075 32,490 19,302,565 26,754,307 77,116 26,831,423
ÊxÉ´Éä¶É EòÉ |ÉÉ´ÉvÉÉxÉ, |ÉÒÊ¨ÉªÉ¨É +Éè® ®É<] +Éì¡ò EòÉ {ÉÊ®¶ÉÉävÉxÉ (@  hɨÉÖÊHò) 2,195,285 3,703 2,198,988 440,145 1,270 441,415
{ÉÊ®SÉɱÉxÉ {ÉÊ®hÉÉ¨É -27,870,490 -3,642 -27,874,132 -18,120,778 -204,910 -18,325,688
*ʤÉSÉÉèʱɪÉÉå (¨ÉvªÉ´ÉiÉÔ ºÉƺlÉÉ+Éå) EòÉä ÊnB VÉÉxÉä ´ÉɱÉä ¶ÉÉÊ¨É±É |ÉÉäiºÉɽxÉ/<xÉɨÉ*
 SEGMENT REPORT SCHEDULE FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2020
` In thousands
ALL DEPARTMENTS
PARTICULARS SCHEDULE 2019-20 2018-19
IN INDIA OUTSIDE INDIA TOTAL IN INDIA OUTSIDE INDIA TOTAL
PREMIUM EARNED (NET)
PREMIUM FROM DIRECT BUSINESS WRITTEN 152,622,157 506,654 153,128,811 151,289,015 510,363 151,799,378
ADD: PREMIUM ON REINSURANCE ACCEPTANCE 2,570,949 28,506 2,599,455 2,482,366 24,034 2,506,400
LESS : PREMIUM ON REINSURANCE CEDED 60,975,992 250,927 61,226,919 57,464,336 335,315 57,799,651
NET PREMIUM 94,217,114 284,233 94,501,347 96,307,045 199,082 96,506,127
ADJUSTMENT FOR CHANGE IN RESERVE FOR UNEXPIRED RISK 2,368,376 -42,574 2,325,802 7,396,362 99,769 7,496,131
TOTAL PREMIUM EARNED (NET) 1 96,585,490 241,659 96,827,149 103,703,407 298,851 104,002,258
CLAIMS INCURRED (NET)
CLAIMS PAID – DIRECT 132,108,749 433,119 132,541,868 135,695,276 704,748 136,400,024
ADD : REINSURANCE ACCEPTANCE 1,452,859 - 1,452,859 2,131,805 11 2,131,816
LESS : REINSURANCE CEDED 51,294,319 169,952 51,464,271 44,385,685 229,125 44,614,810
NET CLAIMS PAID 82,267,289 263,167 82,530,456 93,441,396 475,634 93,917,030
ADD: CLAIMS OUTSTANDING AT THE END OF YEAR 178,510,923 221,825 178,732,748 158,489,024 274,705 158,763,729

309
LESS: CLAIMS OUTSTANDING AT THE BEGINNING OF THE YEAR 158,489,024 274,705 158,763,729 137,930,783 409,716 138,340,499
TOTAL CLAIMS INCURRED 2 102,289,188 210,287 102,499,475 113,999,637 340,623 114,340,260
COMMISSION
COMMISSION PAID – DIRECT * 10,149,777 5,320 10,155,097 10,404,311 6,369 10,410,680
ADD: REINSURANCE ACCEPTANCE 370,871 4,443 375,314 352,701 4,199 356,900
LESS: REINSURANCE CEDED 2,469,938 18,834 2,488,772 2,545,213 50,063 2,595,276
NET COMMISSION 3 8,050,710 -9,071 8,041,639 8,211,799 -39,495 8,172,304
OPERATING EXPENSES 4 43,807,249 72,872 43,880,121 25,991,736 62,148 26,053,884
EXCHANGE GAIN (+) /LOSS (-) - - - - -216,331 -216,331
CONTRIBUTION FROM SHAREHOLDER’S FUNDS TOWARDS
12,616,377 - 12,616,377 64,827 - 64,827
EXCESS EOM
UNDERWRITING RESULT -44,945,280 -32,429 -44,977,709 -44,434,940 -280,756 -44,715,696
INVESTMENT INCOME (INTEREST, DIVIDEND & RENT PLUS PROFIT
19,270,075 32,490 19,302,565 26,754,307 77,116 26,831,423
ON SALE OF INVESTMENTS)
INVESTMENT PROVISION, AMORTIZATION OF PREMIUM AND WRITE
2,195,285 3,703 2,198,988 440,145 1,270 441,415
OFF
OPERATING RESULT -27,870,490 -3,642 -27,874,132 -18,120,778 -204,910 -18,325,688

ANNUAL REPORT 2019-20

* Includes incentive / reward paid to intermediaries
Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
+xÉÖºÉÚSÉÒ - 4
¤ÉÒ¨ÉÉ ´ªÉ´ÉºÉÉªÉ ºÉä ºÉƤÉÆÊvÉiÉ ºÉÆSÉɱÉxÉÒªÉ ´ªÉªÉ
2019-20 2018-19
Ê´É´É®hÉ (`’000) (`’000)
1. Eò¨ÉÇSÉÉÊ®ªÉÉå EòÉ {ÉÉÊ®¸ÉʨÉEò +Éè® Eò±ªÉÉhÉ ±ÉÉ¦É 35,436,153 18,644,560
2. ªÉÉjÉÉ, ´ÉɽxÉ +Éè® ´ÉɽxÉ SɱÉÉxÉä EòÉ JÉSÉÇ 440,631 539,265
3. |ÉʶÉIÉhÉ EòÉ JÉSÉÇ 48,093 86,088
4. ÊEò®ÉB, n®å +Éè® Eò® 984,630 919,299
5. ¨É®¨¨ÉiÉ 68,037 63,624
6. U{ÉÉ<Ç +Éè® º]ä¶ÉxÉ®Ò 276,669 274,147
7. ºÉÆSÉÉ® 321,173 381,590
8. EòÉxÉÚxÉÒ +Éè® {Éä¶Éä´É® ¶ÉÖ±Eò 201,201 252,211
9. ±ÉäJÉÉ {É®ÒIÉEòÉå EòÒ ¡òÒºÉ, JÉSÉÇ +ÉÊn - -
(a) ±ÉäJÉÉ {É®ÒIÉEò Eäò °  {É ¨Éå 47,420 45,500
(b) ºÉ±ÉɽEòÉ® Eäò °  {É ¨Éå ªÉÉ ÊEòºÉÒ +xªÉ IɨÉiÉÉ ¨Éå, ÊxɨxÉʱÉÊJÉiÉ Eäò ºÉƤÉÆvÉ ¨Éå - -
(i) Eò®ÉvÉÉxÉ Ê´É¹ÉªÉ - -
(ii) ¤ÉÒ¨ÉÉ Ê´É¹ÉªÉ - -
(iii) |ɤÉÆvÉxÉ ºÉä´ÉÉBÆ; iÉlÉÉ - -
(c) ÊEòºÉÒ +xªÉ IɨÉiÉÉ ¨Éå - -
10. Ê´ÉYÉÉ{ÉxÉ +Éè® |ÉSÉÉ® 224,650 203,436
11. ¤ªÉÉVÉ +Éè® ¤ÉéEò ¶ÉÖ±Eò 212,835 132,418
12. +xªÉ: - -
ºÉÚSÉxÉÉ |ÉÉètÉäÊMÉEòÒ ´ªÉªÉ 2,150,902 1,297,509
{ÉÉìʱɺÉÒ Ê]Eò]å 16,541 10,164
Ê´ÉÊ´ÉvÉ JÉSÉÇå 1,642,471 1,519,656
13. ¨ÉÚ±ªÉ ¿ÉºÉ (PÉ]É´É) 779,519 860,664
14. ºÉä´ÉÉ Eò® JÉÉiÉÉ/VÉÒBºÉ]Ò ´ªÉªÉ 1,029,196 823,753
EÖò±É 43,880,121 26,053,884
ÊxɨxÉʱÉÊJÉiÉ EòÉä +É´ÉÆÊ]iÉ:
+ÊMxÉ ®ÉVɺ´É JÉÉiÉÉ 3,327,002 1,594,487
¨É®ÒxÉ ®ÉVɺ´É JÉÉiÉÉ 473,196 321,307
Ê´ÉÊ´ÉvÉ ®ÉVɺ´É JÉÉiÉÉ 40,079,923 24,138,090
EÖò±É 43,880,121 26,053,884

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 310

SCHEDULES FORMING PART OF FINANCIAL STATEMENTS
SCHEDULE – 4
OPERATING EXPENSES RELATED TO INSURANCE BUSINESS

2019-20 2018-19
Particulars
(`’000) (`’000)
1. Employees’ remuneration & welfare benefits 35,436,153 18,644,560
2. Travel, conveyance and vehicle running expenses 440,631 539,265
3. Training expenses 48,093 86,088
4. Rents, rates & taxes 984,630 919,299
5. Repairs 68,037 63,624
6. Printing & stationery 276,669 274,147
7. Communication 321,173 381,590
8. Legal & professional charges 201,201 252,211
9. Auditors’ fees, expenses etc - -
(a) as auditor 47,420 45,500
(b) as adviser or in any other capacity, in respect of - -
(i) Taxation matters - -
(ii) Insurance matters - -
(iii) Management services; and - -
(c) in any other capacity - -
10. Advertisement and publicity 224,650 203,436
11. Interest & Bank Charges 212,835 132,418
12. Others: - -
IT expenses 2,150,902 1,297,509
Policy Stamps 16,541 10,164
Misc expenses 1,642,471 1,519,656
13. Depreciation 779,519 860,664
14. Service Tax Account/ GST Expenses 1,029,196 823,753
TOTAL 43,880,121 26,053,884
Allocated to:
Fire Revenue Account 3,327,002 1,594,487
Marine Revenue Account 473,196 321,307
Miscellaneous Revenue Account 40,079,923 24,138,090
TOTAL 43,880,121 26,053,884

311 ANNUAL REPORT 2019-20

Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
+xÉÖºÉÚSÉÒ - 5
¶ÉäªÉ® {ÉÚÆVÉÒ
31.03.2020 31.03.2019
Ê´É´É®hÉ iÉEò iÉEò
(`’000) (`’000)
1. +ÊvÉEÞòiÉ {ÉÚÆVÉÒ 26,000,000 2,000,000
|ÉiªÉäEò `10 EòÉ 260,00,00,000 <ÊC´É]Ò ¶ÉäªÉºÉÇ - -
2. VÉÉ®Ò EòÒ MÉ< {ÉÚÄVÉÒ* 25,000,000 1,000,000
|ÉiªÉäEò `10 EòÉ 250,00,00,000 <ÊC´É]Ò ¶ÉäªÉºÉÇ - -
3. +ʦÉnkÉ {ÉÚÆVÉÒ* 25,000,000 1,000,000
|ÉiªÉäEò `10 EòÉ 250,00,00,000 <ÊC´É]Ò ¶ÉäªÉºÉÇ - -
4. ªÉÉÊSÉEòÉ {ÉÚÄVÉÒ* 25,000,000 1,000,000
|ÉiªÉäEò `10 EòÉ 250,00,00,000 <ÊC´É]Ò ¶ÉäªÉºÉÇ - -
PÉ]ÉBä: +´ÉèiÉÊxÉEò Eò½É VÉÉxÉä ´ÉɱÉÉ - -
VÉÉäc: <ÊC´É]Ò ¶ÉäªÉ® VɤiÉ (¨ÉÚ±É °  {É ºÉä ¦ÉÖMÉiÉÉxÉ EòÒ MÉ<Ç ®ÉʶÉ) - -
PÉ]É´É: ´ÉÉ{ÉºÉ JÉ®ÒnÒ MÉ<Ç <ÊC´É]Ò ¶ÉäªÉ®Éå Eäò ¤É®É¤É® ¨ÉÚ±ªÉ - -
PÉ]É´É: |ÉÉlÉʨÉEò ´ªÉªÉ - -
´ªÉªÉ ÊVɺɨÉÆä ¤ÉÒ¨ÉÉÆEòxÉ ªÉÉ ¶ÉäªÉ®Éå EòÒ ºÉnºªÉiÉÉ {É® Eò¨ÉÒ¶ÉxÉ ªÉÉ ¥ÉÉäEò®äVÉ ¶ÉÉÊ¨É±É ½Éä
EÖò±É 25,000,000 1,000,000
*(ºÉɨÉÉxªÉ Ê®VÉ´ÉÇ +Éè® ¶ÉäªÉ® |ÉÒÊ¨ÉªÉ¨É Eäò {ÉÚÆVÉÒEò®hÉ uÉ®É {ÉÚ®Ò iÉ®½ ºÉä ¦ÉÖMÉiÉÉxÉ ÊEòB MÉB ¤ÉÉäxÉºÉ ¶ÉäªÉ®Éå Eäò °  {É ¨Éå ¶ÉÉÊ¨É±É `10 Eäò 9,70,96,955
<ÊC´É]Ò ¶ÉäªÉ®)

+xÉÖºÉÚSÉÒ - 5A
¶ÉäªÉ® {ÉÚÆVÉÒ
¶ÉäªÉ®vÉÉÊ®iÉÉ EòÉ iÉ®ÒEòÉ
(|ɤÉÆvÉxÉ uÉ®É |ɨÉÉÊhÉiÉ)
31.03.2020 iÉEò 31.03.2019 iÉEò
¶ÉäªÉ®vÉÉ®Eò
¶ÉäªÉ®Éå EòÒ ºÉÆJªÉÉ VɨÉÉ {ÉÚÆVÉÒ EòÉ % ¶ÉäªÉ®Éå EòÒ ºÉÆJªÉÉ VɨÉÉ {ÉÚÆVÉÒ EòÉ %
|ÉÉäiºÉɽEò
·   ¦ÉÉ®iÉ 2,500,000,000 100% 100,000,000 100%
·   Ê´Énä¶ÉÒ - - - -
+xªÉ - - - -
EÖò±É 2,500,000,000 100% 100,000,000 100%

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 312

SCHEDULES FORMING PART OF FINANCIAL STATEMENTS
SCHEDULE – 5
share capital As at As at
Particulars 31.03.2020 31.03.2019
(`’000) (`’000)
1. Authorised Capital 26,000,000 2,000,000
260,00,00,000 Equity shares of ` 10/- each - -
- -
2. Issued Capital * 25,000,000 1,000,000
250,00,00,000 Equity shares of ` 10/- each - -
- -
3. Subscribed Capital * 25,000,000 1,000,000
250,00,00,000 Equity shares of ` 10/- each - -
- -
4. Called-up Capital * 25,000,000 1,000,000
250,00,00,000 Equity shares of ` 10/- each - -
Less: Calls unpaid - -
Add: Equity 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 25,000,000 1,000,000
*(includes 9,70,96,955 Equity shares of ` 10/- each as fully paid-up Bonus shares by capitalisation of
General Reserve and Share premium)
SCHEDULE – 5A
share capital
PATTERN OF SHAREHOLDING
(As certified by the Management)
As at 31.03.2020 As at 31.03.2019
Shareholder Number of % of Holding Number of % of Holding
Shares Shares
Promoters
·   India 2,500,000,000 100% 100,000,000 100%
·   Foreign - - - -
Others - - - -
TOTAL 2,500,000,000 100% 100,000,000 100%

313 ANNUAL REPORT 2019-20

Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
+xÉÖºÉÚSÉÒ - 6
+É®ÊIÉiÉ iÉlÉÉ +ÊvɶÉä¹É
31.03.2020 iÉEò 31.03.2019 iÉEò
Ê´É´É®hÉ (`’000) (`’000)
1. ºÉÆ{ÉÊkÉ EòÉä¹É - -
2. {ÉÚÆVÉÒ |ÉÊiÉnÉxÉ EòÉä¹É - -
3. ¶ÉäªÉ® |ÉÒÊ¨ÉªÉ¨É - -
4. ºÉɨÉÉxªÉ EòÉä¹É 565,503 16,606,244
VÉÉäcä: ¦ÉÚ欃 +Éè® ¦É´ÉxÉ Eäò ʱÉB +ÉEòʺ¨ÉEò EòÉä¹É ºÉä ºlÉÉxÉÉÆiÉ®hÉ - 1,000,000
PÉ]ÉBä: ±ÉÉ¦É +Éè® ½ÉÊxÉ JÉÉiÉä ¨Éå ºlÉÉxÉÉÆiÉ®hÉ 565,503 17,040,741
PÉ]É´É: {ÉÖxÉÇ JÉ®Òn (¤ÉɪɤÉèEò) Eäò ʱÉB ={ɪÉÉäMÉ EòÒ MÉ<Ç ®É榃 - - - -
- 563,503
5. +É{ÉnÉ EòÉä¹É 16,533 - 16,587
6. +xªÉ EòÉä¹É: - - -
a) Ê´Énä¶ÉÒ ¨ÉÖpÉ °  {ÉÉÆiÉ®hÉ EòÉä¹É 115,609 - 130,415
b) ÊxÉ´Éä¶É EòÉä¹É 9,610 - 9,610
c) Ê´ÉÊxÉ¨ÉªÉ EòÉä¹É 4,817 - 4,817
d) ¦ÉÚ欃 +Éè® ¦É´ÉxÉ Eäò ʱÉB +ÉEòʺ¨ÉEò EòÉä¹É - 1,000,000 -
PÉ]ÉBä: ºÉɨÉÉxªÉ EòÉä¹É ¨Éå ºlÉÉxÉÉÆiÉ®hÉ - 1,000,000 -
7. ±ÉÉ¦É +Éè® ½ÉÊxÉ JÉÉiÉä ¨Éå ±ÉÉ¦É ¶Éä¹É - - -
EÖò±É 146,569 726,932

BBºÉ-11 Eäò iɽiÉ |ÉEò]ÒEò®hÉ {Éè®É 40(b) 31.03.2020 iÉEò 31.03.2019 iÉEò
Ê´Énä¶ÉÒ ¨ÉÖpÉ °  {ÉÉÆiÉ®hÉ EòÉä¹É (`’000) (`’000)
+ÉÊnEòÉä¹É 130,415 -21,153
VÉÉäcä: ´É¹ÉÇ Eäò nÉè®ÉxÉ °  {ÉÉÆiÉ®hÉ EòÉ |ɦÉÉ´É -14,806 151,568
¶Éä¹ÉEòÉä¹É 115,609 130,415

+xÉÖºÉÚSÉÒ - 7
=vÉÉ® ®ÉʶɪÉÉÆ
31.03.2020 iÉEò 31.03.2019 iÉEò
Ê´É´É®hÉ (`’000) (`’000)
1. Êb¤ÉåSÉ®/¤ÉÉìxb 8,950,000 8,950,000
2. ¤ÉéEò - -
3. Ê´ÉkÉÒªÉ ºÉƺlÉÉB - -
4. +xªÉ - -
EÖò±É 8,950,000 8,950,000

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 314

SCHEDULES FORMING PART OF FINANCIAL STATEMENTS
SCHEDULE – 6
RESERVES AND SURPLUS
Particulars As at 31.03.2020 As at 31.03.2019
(`’000) (`’000)
1. Capital Reserve - -
2. Capital Redemption Reserve - -
3. Share Premium - -
4. General Reserves 565,503 16,606,244
Add: Transfer from Contingency Reserve for Land & - 1,000,000
Building
Less: Transfer to Profit and Loss Account 565,503 17,040,741
Less: Amount utilized for Buy-Back - - - -
- 563,503
5. Catastrophe Reserve 16,533 - 16,587
6. Other Reserves: - - -
a) Foreign Exchange Translation Reserve 115,609 - 130,415
b) Investment Reserve 9,610 - 9,610
c) Exchange Reserve 4,817 - 4,817
d) Contingency Reserve for Land & Building - 1,000,000 -
Less: Transfer to General Reserve - 1,000,000 -
7. Balance of profit in Profit & Loss Account - - -
TOTAL 146,569 726,932

Disclosure under AS-11, para 40(b) As at 31.03.2020 As at 31.03.2019

FOREIGN EXCHANGE TRANSLATION RESERVE (`’000) (`’000)

Opening Reserve 130,415 -21,153

Add: Effect of translation during the year -14,806 151,568
Closing Reserve 115,609 130,415

SCHEDULE – 7
borrowings
As at 31.03.2020 As at 31.03.2019
Particulars
(`’000) (`’000)
1. Debentures/ Bonds 8,950,000 8,950,000
2. Banks - -
3. Financial Institutions - -
4. Others - -
TOTAL 8,950,000 8,950,000

315 ANNUAL REPORT 2019-20

Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
+xÉÖºÉÚSÉÒ - 8
ÊxÉ´Éä¶É - ¶ÉäªÉ®vÉÉ®Eò
31.03.2020 31.03.2019
Ê´É´É®hÉ iÉEò iÉEò
(`’000) (`’000)
±ÉƤÉÒ +´ÉÊvÉ Eäò ÊxÉ´Éä¶É
1. EòÉä¹ÉÉMÉÉ® Ê¤É±É ºÉʽiÉ ºÉ®EòÉ®Ò |ÉÊiɦÉÚÊiɪÉÉÆ +Éè® ºÉ®EòÉ® uÉ®É MÉÉ®Æ]ÒªÉÖHò ¤ÉÉìxb - 578,133
2. +xªÉ º´ÉÒEÞòiÉ |ÉÊiɦÉÚÊiÉ - 2,162
3. +xªÉ ÊxÉ´Éä¶É - -
(a) ¶ÉäªÉ® - -
(aa)  <ÊC´É]Ò [xÉÒSÉä xÉÉä] (1) näJÉå] - 821,767
(bb) |ÉÉlÉʨÉEòiÉÉ - 3
(b) ¨ªÉÚSÉÖ+±É ¡Æòb弃 - 3,880
(c) ´ªÉÖi{ÉxxÉ ºÉÉvÉxÉ - -
(d)  Êb¤ÉåSÉ®/¤ÉÉìxb [xÉÒSÉä xÉÉä] (3a) näJÉå] - 193,763
(e) +xªÉ |ÉÊiɦÉÚÊiɪÉÉÆ: - -
+Éì]Éä +xÉÖ¹ÉÆMÉÒ +Éè® ´ÉåSÉ® {ÉÚÆVÉÒ - 1,476
(f) +xÉÖ¹ÉÆMÉÒ - -
(g) ÊxÉ´Éä¶É ºÉÆ{ÉÊkɪÉÉÆ ºlÉÉ´É® ºÉÆ{ÉnÉ (Ê®ªÉ±É Bº]ä]) - 2,714
4. fÉÆSÉÉMÉiÉ iÉlÉÉ ºÉɨÉÉÊVÉEò IÉäjÉ ¨Éå ÊxÉ´Éä¶É - 124,954
5. º´ÉÒEÞòiÉ ÊxÉ´Éä¶É Eäò +±ÉÉ´ÉÉ +xªÉ - -
EÖò±É - 1,728,852
+±{É +´ÉÊvÉ Eäò ÊxÉ´Éä¶É
1. EòÉä¹ÉÉMÉÉ® Ê¤É±É ºÉʽiÉ ºÉ®EòÉ®Ò |ÉÊiɦÉÚÊiɪÉÉÆ +Éè® ºÉ®EòÉ® uÉ®É MÉÉ®Æ]ÒªÉÖHò ¤ÉÉìxb - 10,775
2. +xªÉ º´ÉÒEÞòiÉ |ÉÊiɦÉÚÊiÉ - -
3. +xªÉ ÊxÉ´Éä¶É - -
(a) ¶ÉäªÉ® - -
(aa)  <ÊC´É]Ò - -
(bb) |ÉÉlÉʨÉEòiÉÉ - 34
(b) ¨ªÉÚSÉÖ+±É ¡Æòb弃 - 4,822
(c) ´ªÉÖi{ÉxxÉ ºÉÉvÉxÉ - -
(d) Êb¤ÉåSÉ®/¤ÉÉìxb - 20,246
(e) +xªÉ |ÉÊiɦÉÚÊiɪÉÉÆ (xÉÒSÉä ÊnB MÉB xÉÉä] näJÉå) - 59,068
(f) +xÉÖ¹ÉÆMÉÒ - -
(g) ÊxÉ´Éä¶É ºÉÆ{ÉÊkɪÉÉÆ ºlÉÉ´É® ºÉÆ{ÉnÉ (Ê®ªÉ±É Bº]ä]) - -
4. fÉÆSÉÉMÉiÉ iÉlÉÉ ºÉɨÉÉÊVÉEò IÉäjÉ ¨Éå ÊxÉ´Éä¶É - 16,519
EÖò±É - 111,464
EÖò±É ªÉÉäMÉ - 1,840,316

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 316

SCHEDULES FORMING PART OF FINANCIAL STATEMENTS
SCHEDULE – 8
investment shareholders
As at As at
Particulars 31.03.2020 31.03.2019

(`’000) (`’000)
LONG TERM INVESTMENTS
1. Government securities and Government guaranteed bonds including - 578,133
Treasury Bills
2. Other Approved Securities - 2,162
3. Other Investments - -
(a) Shares - -
(aa)  Equity [See note (1) below] - 821,767
(bb) Preference - 3
(b) Mutual Funds - 3,880
(c) Derivative Instruments - -
(d)  Debentures/ Bonds [See note (3a) below] - 193,763
(e) Other Securities: - -
Auto ancillary and Venture Capital - 1,476
(f) Subsidiaries - -
(g) Investment Properties-Real Estate - 2,714
4. Investments in Infrastructure and Social Sector - 124,954
TOTAL - 1,728,852
SHORT TERM INVESTMENTS
1. Government securities and Government guaranteed bonds including - 10,775
Treasury Bills
2. Other Approved Securities - -
3. Other Investments - -
(a) Shares - -
(aa)  Equity - -
(bb) Preference - 34
(b) Mutual Funds - 4,822
(c) Derivative Instruments - -
(d) Debentures/ Bonds - 20,246
(e)  Other securities (See note below) - 59,068
(f) Subsidiaries - -
(g) Investment Properties-Real Estate - -
4. Investments in Infrastructure and Social Sector - 16,519
TOTAL - 111,464
GRAND TOTAL - 1,840,316

317 ANNUAL REPORT 2019-20

Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
+xÉÖºÉÚSÉÒ - 8A
ÊxÉ´Éä¶É - {ÉÉìʱɺÉÒvÉÉ®E
31.03.2020 31.03.2019
Ê´É´É®hÉ iÉEò iÉEò
(`’000) (`’000)
±ÉƤÉÒ +´ÉÊvÉ Eäò ÊxÉ´Éä¶É
1. EòÉä¹ÉÉMÉÉ® Ê¤É±É ºÉʽiÉ ºÉ®EòÉ®Ò |ÉÊiɦÉÚÊiɪÉÉÆ +Éè® ºÉ®EòÉ® uÉ®É MÉÉ®Æ]ÒªÉÖHò ¤ÉÉìxb 76,050,671 74,197,267
2. +xªÉ º´ÉÒEÞòiÉ |ÉÊiɦÉÚÊiÉ 278,325 276,163
3. +xªÉ ÊxÉ´Éä¶É - -
(a) ¶ÉäªÉ® - -
(aa)  <ÊC´É]Ò [xÉÒSÉä xÉÉä] (1) näJÉå] 64,000,490 104,972,317
(bb) |ÉÉlÉʨÉEòiÉÉ 318 394
(b) ¨ªÉÚSÉÖ+±É ¡Æòb弃 402,564 495,685
(c) ´ªÉÖi{ÉxxÉ ºÉÉvÉxÉ - -
(d)  Êb¤ÉåSÉ®/¤ÉÉìxb [xÉÒSÉä xÉÉä] (3a) näJÉå] 19,875,681 24,751,268
(e) +xªÉ |ÉÊiɦÉÚÊiɪÉÉÆ: - -
+Éì]Éä +xÉÖ¹ÉÆMÉÒ +Éè® ´ÉåSÉ® {ÉÖÆVÉÒ - 188,587
(f) +xÉÖ¹ÉÆMÉÒ - -
(g) ÊxÉ´Éä¶É ºÉÆ{ÉÊkɪÉÉÆ ºlÉÉ´É® ºÉÆ{ÉnÉ (Ê®ªÉ±É Bº]ä]) 2,520 -
4. fÉÆSÉÉMÉiÉ iÉlÉÉ ºÉɨÉÉÊVÉEò IÉäjÉ ¨Éå ÊxÉ´Éä¶É 13,385,454 15,961,557
5. º´ÉÒEÞòiÉ ÊxÉ´Éä¶É Eäò +±ÉÉ´ÉÉ +xªÉ - -
EÖò±É 173,996,023 220,843,238
+±{É +´ÉÊvÉ Eäò ÊxÉ´Éä¶É
1. EòÉä¹ÉÉMÉÉ® Ê¤É±É ºÉʽiÉ ºÉ®EòÉ®Ò |ÉÊiɦÉÚÊiɪÉÉÆ +Éè® ºÉ®EòÉ® uÉ®É MÉÉ®Æ]ÒªÉÖHò ¤ÉÉìxb 2,168,958 1,376,332
2. +xªÉ º´ÉÒEÞòiÉ |ÉÊiɦÉÚÊiÉ - -
3. +xªÉ ÊxÉ´Éä¶É - -
(a) ¶ÉäªÉ® - -
(aa)  <ÊC´É]Ò - -
(bb) |ÉÉlÉʨÉEòiÉÉ 2,565 4,345
(b) ¨ªÉÚSÉÖ+±É ¡Æòb弃 17,443,026 615,912
(c) ´ªÉÖi{ÉxxÉ ºÉÉvÉxÉ - -
(d) Êb¤ÉåSÉ®/¤ÉÉìxb 7,489,695 2,586,251
(e) +xªÉ |ÉÊiɦÉÚÊiɪÉÉÆ (xÉÒSÉä ÊnB MÉB xÉÉä] näJÉå) 16,353,870 7,545,349
(f) +xÉÖ¹ÉÆMÉÒ - -
(g) ÊxÉ´Éä¶É ºÉÆ{ÉÊkɪÉÉÆ ºlÉÉ´É® ºÉÆ{ÉnÉ (Ê®ªÉ±É Bº]ä]) - -
4. fÉÆSÉÉMÉiÉ iÉlÉÉ ºÉɨÉÉÊVÉEò IÉäjÉ ¨Éå ÊxÉ´Éä¶É 3,067,114 2,110,163
EÖò±É 46,525,228 14,238,352
EÖò±É ªÉÉäMÉ 220,521,251 235,081,590

xÉÉä]ºÉ:
i) ºÉä¤ÉÒ {ÉÊ®{ÉjÉ ºÉÆJªÉÉ MRD/DoP/SE/Cir-07/2005 ÊnxÉÉÆEò 23 ¡ò®´É®Ò, 2005 Eäò +xÉÖºÉÉ® BxÉBºÉ<Ç/¤ÉÒBºÉ<Ç <ÊC´É]Ò ±ÉäxÉnäxÉ Eäò ʱÉB
¨ÉÉÌVÉxÉ ¨ÉxÉÒ Eäò °  {É ¨Éå ®JÉä MÉB ¶ÉÉÊ¨É±É ` 250000 ½VÉÉ® ({ÉÒ´ÉÉ<Ç ` 250000 ½VÉÉ®)

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 318

SCHEDULE – 8A
investment policyholders

As at As at
Particulars 31.03.2020 31.03.2019

(`’000) (`’000)
LONG TERM INVESTMENTS
1. Government securities and Government guaranteed bonds 76,050,671 74,197,267
including treasury bills
2. Other Approved Securities 278,325 276,163
3. Other Investments - -
(a) Shares - -
(aa)  Equity [See note (1) below] 64,000,490 104,972,317
(bb) Preference 318 394
(b) Mutual Funds 402,564 495,685
(c) Derivative Instruments - -
(d)   Debentures/ Bonds [See note (3a) below] 19,875,681 24,751,268
(e) Other Securities: - -
Auto ancillary and Venture Capital - 188,587
(f) Subsidiaries - -
(g) Investment Properties-Real Estate 2,520 -
4. Investments in Infrastructure and Social Sector 13,385,454 15,961,557
TOTAL 173,996,023 220,843,238
SHORT TERM INVESTMENTS
1. Government securities and Government guaranteed bonds 2,168,958 1,376,332
including treasury bills
2. Other Approved Securities - -
3. Other Investments - -
(a) Shares - -
(aa)  Equity - -
(bb) Preference 2,565 4,345
(b) Mutual Funds 17,443,026 615,912
(c) Derivative Instruments - -
(d) Debentures/ Bonds 7,489,695 2,586,251
(e)  Other securities (See note below) 16,353,870 7,545,349
(f) Subsidiaries - -
(g) Investment Properties-Real Estate - -
4. Investments in Infrastructure and Social Sector 3,067,114 2,110,163
TOTAL 46,525,228 14,238,352
GRAND TOTAL 220,521,251 235,081,590

Notes:
i) Includes ` 250000 thousand (PY ` 250000 thousand) kept as margin money for NSE/BSE equity
transactions as per SEBI Circular No. MRD/DoP/SE/Cir-07/2005 dated 23rd February, 2005

319 ANNUAL REPORT 2019-20

 31.03.2020 31.03.2019
8 +Éè® 8A +xÉÖºÉÚSÉÒ Eäò ʱÉB xÉÉä]弃 iÉEò iÉEò
(`’000) (`’000)
1. ºÉ½ªÉÉäÊMɪÉÉå ¨Éå ÊxÉ´Éä¶É (<ÊC´É]Ò ¶ÉäªÉ®Éå ¨Éå ¶ÉÉʨɱÉ) VÉÉä ÊxɨxÉʱÉÊJÉiÉ ½è:
a) <ÆÊbªÉÉ <Æ]®xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ {ÉÒ]Ò<Ç Ê±ÉʨÉ]äb, ˺ÉMÉÉ{ÉÖ® 28,576 28,576
b) ½ä±lÉ <ƶªÉÉä®åºÉ ]Ò{ÉÒB +É¡ò <ÆÊbªÉÉ Ê±ÉʨÉ]äb 200,679 200,679
2. ºÉÚSÉÒ¤Ér <ÊC´É]Ò |ÉÊiɦÉÚÊiɪÉÉÆ +Éè® ´ªÉÖi{ÉxxÉ ºÉÉvÉxÉ +Éè® <ºÉEäò +±ÉÉ´ÉÉ ¤ÉÉVÉÉ® ¨ÉÚ±ªÉ Eäò
+±ÉÉ´ÉÉ EÆò{ÉxÉÒ Eäò ÊxÉ´Éä¶É EòÒ EÖò±É ®ÉʶÉ:
¤É½Ò ¨ÉÚ±ªÉ 156,663,966 135,899,850
¤ÉÉVÉÉ® ¨ÉÚ±ªÉ 161,903,826 139,324,470
3. |ÉÉ´ÉvÉÉxÉ:
a) MÉè®Êxɹ{ÉÉÊniÉ Êb¤ÉåSÉ® Eäò ÊxÉʨÉkÉ |ÉÉ´ÉvÉÉxÉ (+xÉÖºÉÚSÉÒ 14 ¨Éå MÉè®Êxɹ{ÉÉÊniÉ ÊxÉ´Éä¶É Eäò ʱÉB 2,611,932 605,789
|ÉÉ´ÉvÉÉxÉ Eäò iɽiÉ ´ÉMÉÔEÞòiÉ)
b) Ê´É®±ÉÉ ´ªÉ´ÉºÉÉʪÉEò <ÊC´É]Ò ¶ÉäªÉ®Éå +Éè® <ÊC´É]Ò ¶ÉäªÉ®Éå EòÒ UÉä]Ò VɨÉÉ {ÉÖÆVÉÒ Eäò ÊxÉʨÉkÉ 4,966 4,821
|ÉÉ´ÉvÉxÉ (+xÉÖºÉÚSÉÒ 14 ¨Éå MÉè®Êxɹ{ÉÉÊniÉ ÊxÉ´Éä¶É Eäò ʱÉB |ÉÉ´ÉvÉÉxÉ Eäò iɽiÉ ´ÉMÉÔEÞòiÉ)
c) ´ÉåSÉ® {ÉÖÆVÉÒ Eäò ÊxÉʨÉkÉ |ÉÉ´ÉvÉÉxÉ (+xÉÖºÉÚSÉÒ 14 ¨Éå MÉè®Êxɹ{ÉÉÊniÉ ÊxÉ´Éä¶É Eäò ʱÉB |ÉÉ´ÉvÉÉxÉ 23,918 15,162
Eäò iɽiÉ ´ÉMÉÔEÞòiÉ)
d) ¨ÉÉxÉEò ÊxÉ´Éä¶É Eäò ÊxÉʨÉkÉ |ÉÉ´ÉvÉÉxÉ (+xÉÖºÉÚSÉÒ 14 ¨Éå ¨ÉÉxÉEò {ÉÊ®ºÉÆ{ÉÊkÉ Eäò ʱÉB |ÉÉ´ÉvÉÉxÉ 164,824 172,595
Eäò iɽiÉ ´ÉMÉÔEÞòiÉ)

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 320

 As at As at
Notes to Schedule 8 and 8A 31.03.2020 31.03.2019
(`’000) (`’000)
1. Investment in Associates (included in Equity Shares)
is as follows:
a) India International Insurance Pte. Ltd., Singapore 28,576 28,576
b) Health Insurance TPA of India Ltd. 200,679 200,679
2. Aggregate amount of Company’s Investments other than
listed Equity Securities and derivative instruments and also
the Market Value thereof:
Book value 156,663,966 135,899,850
Market Value 161,903,826 139,324,470

3. Provisions:
a) Provision against non-performing debentures (grouped under 2,611,932 605,789
Provision for Non-performing Investments in Schedule 14)

b) Provision against thinly traded Equity Shares and short holding 4,966 4,821
of Equity Shares (grouped under Provision for Non-performing
Investments in Schedule 14)

c) Provision against Venture Capital (grouped under Provision 23,918 15,162

for Non-performing Investments in Schedule 14)

d) Provision against Standard Investments (grouped under 164,824 172,595

Provision for Standard Assets in Schedule 14)

321 ANNUAL REPORT 2019-20

Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
+xÉÖºÉÚSÉÒ - 9
@  hÉ
31.03.2020 31.03.2019
Ê´É´É®hÉ iÉEò iÉEò
(`’000) (`’000)
1. ºÉÖ®IÉÉ´ÉÉ® ´ÉMÉÔEò®hÉ
ºÉÖ®ÊIÉiÉ 233,033 237,351
(a) ºÉʨ{ÉkÉ Eäò ÊMÉ®´ÉÒ ½ÉäxÉä {É®
(aa)  ¦ÉÉ®iÉ ¨Éå 233,033 237,351
(bb) ¦ÉÉ®iÉ Eäò ¤Éɽ® - -
(b) ¶ÉäªÉ®Éå, ¤ÉÉÆb, ºÉ®EòÉ®Ò |ÉÊiɦÉÚÊiÉ {É® - -
(c) +xªÉ - -
+ºÉÖ®ÊIÉiÉ 135,560 154,045
EÖò±É 368,593 391,396
2. =vÉÉ®EòiÉÉÇ´ÉÉ® ´ÉMÉÔEò®hÉ
(a) Eåòp +Éè® ®ÉVªÉ ºÉ®EòÉ®å 71,330 89,815
(b) ¤ÉéEò +Éè® Ê´ÉkÉÒªÉ ºÉƺlÉÉxÉ - -
(c) +xÉÖ¹ÉÆMÉÒ - -
(d) +ÉètÉäÊMÉEò ={ÉGò¨É 296,624 300,942
(e) +xªÉ 639 639
EÖò±É 368,593 391,396
|Én¶ÉÇxÉ´ÉÉ® ´ÉMÉÔEò®hÉ
(a) ¨ÉÉxÉEò Eäò °  {É ¨Éå ´ÉMÉÔEÞòiÉ @  hÉ*
(aa) ¦ÉÉ®iÉ ¨Éå 78,290 100,609
(bb) ¦ÉÉ®iÉ Eäò ¤Éɽ® - -
(b) MÉè®-|ÉSÉʱÉiÉ @  hÉ*
(aa) ¦ÉÉ®iÉ ¨Éå 290,303 290,787
(bb) ¦ÉÉ®iÉ Eäò ¤Éɽ® - -
EÖò±É 368,593 391,396
IɨÉiÉÉ´ÉÉ® ´ÉMÉÔEò®hÉ
(a) +±{É +´ÉÊvÉ 1,072 626
(b) nÒPÉÉÇ´ÉÊvÉ 367,521 390,770
EÖò±É 368,593 391,396

*xÉÉä]弃 31.03.2020 31.03.2019

iÉEò iÉEò
(`’000) (`’000)
MÉè®Êxɹ{ÉÉÊniÉ @  hÉ Eäò ÊxÉʨÉkÉ |ÉÉ´ÉvÉÉxÉ (+xÉÖºÉÚSÉÒ 14 ¨Éå +xªÉ Eäò iɽiÉ ´ÉMÉÔEÞòiÉ) 300,303 290,787
¨ÉÉxÉEò @  hÉ Eäò ÊxÉʨÉkÉ |ÉÉ´ÉvÉÉxÉ (+xÉÖºÉÚSÉÒ 14 ¨Éå ¨ÉÉxÉEò {ÉÊ®ºÉÆ{ÉÊkɪÉÉå Eäò |ÉÉ´ÉvÉÉxÉ Eäò iɽiÉ 313 402
´ÉMÉÔEÞòiÉ)

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 322

SCHEDULES FORMING PART OF FINANCIAL STATEMENTS
SCHEDULE – 9
loans
As at As at
Particulars 31.03.2020 31.03.2019
(`’000) (`’000)
1. SECURITY-WISE CLASSIFICATION
Secured 233,033 237,351
(a) On mortgage of property
(aa)  In India 233,033 237,351
(bb) Outside India - -
(b) On Shares, Bonds, Govt. Securities - -
(c) Others - -
Unsecured 135,560 154,045
TOTAL 368,593 391,396
2. BORROWER-WISE CLASSIFICATION
(a) Central and State Governments 71,330 89,815
(b) Banks and Financial Institutions - -
(c) Subsidiaries - -
(d) Industrial Undertakings 296,624 300,942
(e) Others 639 639
TOTAL 368,593 391,396
PERFORMANCE-WISE CLASSIFICATION
(a) Loans classified as standard*
(aa) In India 78,290 100,609
(bb) Outside India - -
(b) Non-performing loans*
(aa)  In India 290,303 290,787
(bb) Outside India - -
TOTAL 368,593 391,396
MATURITY-WISE CLASSIFICATION
(a) Short Term 1,072 626
(b) Long Term 367,521 390,770
TOTAL 368,593 391,396

*Notes As at As at
31.03.2020 31.03.2019
(`’000) (`’000)
Provision against non-performing loans (Grouped under Others in 300,303 290,787
Schedule 14)
Provision against Standard loans (Grouped under Provision for 313 402
Standard Assets in Schedule 14)

323 ANNUAL REPORT 2019-20

 Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
+xÉÖºÉÚSÉÒ - 10
ʺlÉ® {ÉÊ®ºÉ¨{ÉÊkÉ (`’000)

±ÉÉMÉiÉ/ºÉEò±É ¤±ÉÉìEò ¨ÉÚ±ªÉ¿ÉºÉ ÊxÉ´É±É ¤±ÉÉìEò

Ê´É´É®hÉ 01.04.2019 ʤÉGòÒ/
´É¹ÉÇ Eäò ´É¹ÉÇ Eäò ʱÉB 31.03.2020 31.03.2019 31.03.2020 31.03.2020 31.03.2019
¨Éå |ÉÉ®ÆʦÉEò ¨Éä ºÉ¨ÉÉÊ{iÉ

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20

nÉè®ÉxÉ Eò]ÉèiÉÒ iÉEò
´É¹ÉÇ Eäò ºÉ¨ÉɪÉÉä
ʱÉB VÉxÉ iÉEò iÉEò iÉEò
iÉEò {ÉÊ®´ÉvÉÇxÉ iÉEò {É®
ºÉn¦ÉÉ´ÉxÉÉ - - - - - - - - - -
+º{ÉÞ¶ªÉ (ºÉÉì}]´ÉäªÉ®) 458,771 25,575 - 484,346 319,292 132,408 - 451,700 32,646 139,479
¦ÉÚ欃 - {ÉÚhÉÇ º´ÉÉʨÉi´É (£òÒ½Éä±b) 6,452 - - 6,452 - - - - 6,452 6,452
{É]Â]ÉvÉÞiÉ ºÉʨ{ÉkÉ* 317,573 - - 317,573 21,833 3,208 - 25,041 292,532 295,740
<¨ÉÉ®iÉå - +É®ºÉÒºÉÒ** 1,236,457 - - 1,236,457 405,287 41,035 - 446,322 790,135 831,170
¡òxÉÔSÉ® +Éè® Ê¡òË]MÉ 536,913 22,553 15,305 544,161 423,169 29,046 -3,251 448,964 95,197 113,744
EÆò{ªÉÚ]® +Éè® +ÆÊiÉ¨É ={ɪÉÉäMÉ ={ÉEò®hÉ 2,949,785 93,759 115,164 2,928,380 2,781,595 57,042 -32,028 2,806,609 121,771 168,190
ºÉ®´É® +Éè® xÉä]´ÉEÇò 3,173,413 274,418 18,854 3,428,977 2,490,022 296,272 -7,278 2,779,016 649,961 683,391
¨ÉÉä]®EòÉ® 1,080,482 376,217 324,774 1,131,925 545,096 190,009 -122,100 613,005 518,920 535,386
EòɪÉÉÇ±ÉªÉ Eäò ={ÉEò®hÉ 218,359 11,365 6,552 223,172 203,265 5,733 -1,684 207,314 15,858 15,094

324
<±ÉäÊC]ÅEò ={ÉEò®hÉ 422,293 31,393 15,342 438,344 331,703 24,298 -2,505 353,496 84,848 90,590
ºÉƪÉÆjÉ +Éè® ¨É¶ÉÒxÉ®Ò (ºÉiÉiÉ |ÉÊGòªÉÉ ºÉƪÉÆjÉ 14,239 - - 14,239 11,472 468 - 11,940 2,299 2,767
Eäò +±ÉÉ´ÉÉ)***
EÖò±É 10,414,737 835,280 495,991 10,754,026 7,532,734 779,519 -168,846 8,143,407 2,610,619 2,882,003
|ÉMÉÊiÉ {É® {ÉÖÆVÉÒ EòɪÉÇ 860,201 249,799 - 1,110,000 - - - - 1,110,000 860,201
EÖò±É ªÉÉäMÉ 11,274,938 1,085,079 495,991 11,864,026 7,532,734 779,519 -168,846 8,143,407 3,720,619 3,742,204
Ê{ÉU±ÉÉ ´É¹ÉÇ 10,141,352 1,752,014 618,428 11,274,938 7,013,027 860,664 -340,957 7,532,734 3,742,204

* +½¨ÉnɤÉÉn Eäò BÊ±ÉºÉ Ê¥ÉVÉ ¨Éå BEò ºÉƪÉÖHò ±ÉÒVɽÉä±b ¦ÉÚ欃 (4316 ´ÉMÉÇ ¨ÉÒ]®) EòÉä UÉäcEò® EÆò{ÉxÉÒ Eäò {ÉÉºÉ £òÒ½Éä±b +Éè® ±ÉÒVɽÉä±b ¦ÉÚ欃 Eäò ʱÉB º{ɹ] ¶ÉÒ¹ÉÇEò/{É^ä Eäò EòɪÉÇ ½é, VÉÉä SÉÉ® {ÉÒBºÉªÉÚ ¤ÉÒ¨ÉÉ
EÆò{ÉÊxɪÉÉÄ EòÒ +Éä® ºÉä ÊnxÉÉÆEò 26.7.1989 EòÉä VÉxÉ®±É <ƶªÉÉä®åºÉ EòÉì®{ÉÉä®ä¶ÉxÉ +Éì¡ò <ÆÊbªÉÉ Eäò xÉÉ¨É ºÉä JÉ®ÒnÉ MɪÉÉ lÉÉ*
** <¨ÉÉ®iÉÉå ¨Éå {ÉÚ´ÉÇ´ÉiÉÔ <EòÉ<ªÉÉå Eäò ʱÉB ¦ÉÚ欃 EòÉ ¨ÉÚ±ªÉ ¶ÉÉÊ¨É±É ½è ÊVÉx½å +±ÉMÉ xÉ½Ó ÊEòªÉÉ VÉÉ ºÉEòiÉÉ ½è*
*** ÊVɺɨÉå ʱÉ}], ´ÉÉ]® ]ÅÒ]¨Éå] {±ÉÉÆ] +ÉÊn ¶ÉÉÊ¨É±É ½é*
 SCHEDULES FORMING PART OF FINANCIAL STATEMENTS
SCHEDULE – 10
fixed assets
(`’000)
Cost/ Gross Block Depreciation Net Block
Particulars Opening Additions Closing
Deductions Upto For the On Sales/ As on As at As at
as at during the as at
for the year 31.03.2019 year Adjustments 31.03.2020 31.03.2020 31.03.2019
01.04.2019 year 31.03.2020
Goodwill - - - - - - - - - -
Intangibles (software) 458,771 25,575 - 484,346 319,292 132,408 - 451,700 32,646 139,479
Land - Freehold 6,452 - - 6,452 - - - - 6,452 6,452
Leasehold Property* 317,573 - - 317,573 21,833 3,208 - 25,041 292,532 295,740
Buildings** 1,236,457 - - 1,236,457 405,287 41,035 - 446,322 790,135 831,170
Furniture & Fittings 536,913 22,553 15,305 544,161 423,169 29,046 -3,251 448,964 95,197 113,744
Computer and other end use
2,949,785 93,759 115,164 2,928,380 2,781,595 57,042 -32,028 2,806,609 121,771 168,190
devices
Servers & Network 3,173,413 274,418 18,854 3,428,977 2,490,022 296,272 -7,278 2,779,016 649,961 683,391

325
Motor Cars 1,080,482 376,217 324,774 1,131,925 545,096 190,009 -122,100 613,005 518,920 535,386
Office Equipment 218,359 11,365 6,552 223,172 203,265 5,733 -1,684 207,314 15,858 15,094
Electrical Equipments 422,293 31,393 15,342 438,344 331,703 24,298 -2,505 353,496 84,848 90,590
Plant & Machinery*** 14,239 - - 14,239 11,472 468 - 11,940 2,299 2,767
TOTAL 10,414,737 835,280 495,991 10,754,026 7,532,734 779,519 -168,846 8,143,407 2,610,619 2,882,003
Capital Work in progress 860,201 249,799 - 1,110,000 - - - - 1,110,000 860,201
Grand Total 11,274,938 1,085,079 495,991 11,864,026 7,532,734 779,519 -168,846 8,143,407 3,720,619 3,742,204
PREVIOUS YEAR 10,141,352 1,752,014 618,428 11,274,938 7,013,027 860,664 -340,957 7,532,734 3,742,204
* The Company has clear title/lease deeds for freehold and leasehold land except for one joint leasehold land (4316 sq. meter) at Ellis
Bridge, Ahmedabad which was purchased in the name of General Insurance Corporation of India on 26.7.1989 on behalf of four PSU
insurance companies.
** Buildings includes value of land for erstwhile units which cannot be segregated.
*** Includes lifts, water treatment plant, etc

ANNUAL REPORT 2019-20

Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
+xÉÖºÉÚSÉÒ - 11
xÉEòn +Éè® ¤ÉéEò ¨Éå VɨÉÉ ®ÉʶɪÉÉÆ
31.03.2020 31.03.2019
Ê´É´É®hÉ iÉEò iÉEò
(`’000) (`’000)
1. xÉEòn (SÉäEò, bÅÉ}] +Éè® Ê]Eò] ºÉʽiÉ) 57,929 1,569,338
2. ¤ÉéEò ¨Éå VɨÉÉ ®ÉʶɪÉÉÆ - -
(a) VɨÉÉJÉÉiÉÉ - -
(aa) +±{ÉEòÉʱÉEò (12 ¨É½ÒxÉä Eäò ¦ÉÒiÉ®) 2,967,787 1,289,784
(bb) +xªÉ - -
(b) SÉɱÉÚ JÉÉiÉÉ 3,883,402 10,222,275
(c) +xªÉ - -
3. EòÉì±É +Éè® +±{É ºÉÚSÉxÉÉ {É® {ÉèºÉÉ - -
(a) ¤ÉéEòÉå Eäò ºÉÉlÉ - -
(b) +xªÉ ºÉƺlÉÉxÉÉå Eäò ºÉÉlÉ - -
4. +xªÉ: - -
{ÉÉ®MɨÉxÉ ¨Éå |Éä¹ÉhÉ 75,503 1,880
EÖò±É 6,984,621 13,083,277
={ɪÉÖÇHò 2 +Éè® 3 ¨Éå ¶ÉÉÊ¨É±É MÉè®+xÉÖºÉÚÊSÉiÉ ¤ÉéEòÉå Eäò ºÉÉlÉ ¶Éä¹É 50,984 59,247

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 326

SCHEDULES FORMING PART OF FINANCIAL STATEMENTS
SCHEDULE – 11
CASH AND BANK BALANCES

As at As at
Particulars 31.03.2020 31.03.2019
(`’000) (`’000)
1. Cash (including cheques, drafts and stamps) 57,929 1,569,338
2. Bank Balances - -
(a) Deposit Accounts - -
(aa) Short-term (due within 12 months) 2,967,787 1,289,784
(bb) Others - -
(b) Current Accounts 3,883,402 10,222,275
(c) Others - -
3. Money at Call and Short Notice - -
(a) With Banks - -
(b) With other Institutions - -
4. Others: - -
Remittances in transit 75,503 1,880
TOTAL 6,984,621 13,083,277
Balances with Non-Scheduled banks included in 2 and 3 above 50,984 59,247

327 ANNUAL REPORT 2019-20

Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
+xÉÖºÉÚSÉÒ - 12
+ÊOÉ¨É +Éè® +xªÉ {ÉÊ®ºÉ¨{ÉÊkɪÉÉÆ
31.03.2020 31.03.2019
Ê´É´É®hÉ iÉEò iÉEò
(`’000) (`’000)
+ÊOɨÉ
1. ºÉÒËbMÉ EÆò{ÉÊxɪÉÉå Eäò {ÉÉºÉ EòÉä¹É VɨÉÉ (Ê®VÉ´ÉÇ Êb{ÉÉìÊVÉ]) - -
2. ÊxÉ´Éä¶É Eäò ʱÉB +É´ÉänxÉ EòÉ {ÉèºÉÉ - -
3. {ÉÚ´ÉǦÉÖMÉiÉÉxÉ - -
4. ÊxÉnä¶ÉEòÉå/+ÊvÉEòÉÊ®ªÉÉå EòÉä +ÊOÉ¨É - -
5. +ÊOÉ¨É Eò® EòÉ ÊEòªÉÉ MɪÉÉ ¦ÉÖMÉiÉÉxÉ +Éè® »ÉÉäiÉ {É® EòÉ]É MɪÉÉ Eò® 4,791,184 5,414,350
(Eò®ÉvÉÉxÉ Eäò ʱÉB |ÉÉ´ÉvÉÉxÉ EòÉ ÊxɴɱÉ)
6. +xªÉ: - -
+ÊOɨÉ, VɨÉÉ +Éè® {ÉÚ´ÉÇnkÉ ´ªÉªÉ 4,327,827 4,257,536
EÖò±É (A) 9,119,011 9,671,886
+xªÉ {ÉÊ®ºÉÆ{ÉÊkɪÉÉÆ
1. ÊxÉ´Éä¶É {É® +ÌVÉiÉ +ÉªÉ 3,423,872 3,703,592
2. ¤ÉEòɪÉÉ |ÉÒÊ¨ÉªÉ¨É 16,289 6,130
3. BVÉå]Éå EòÒ VɨÉÉ ®É榃 398,031 427,946
4. Ê´Énä¶ÉÒ BVÉåʺɪÉÉå EòÒ VɨÉÉ ®É榃 - -
5. ¤ÉÒ¨ÉÉ EòÉ®Éä¤ÉÉ® {É® +ÉvÉÉÊ®iÉ +xªÉ ºÉƺlÉÉ+Éå ({ÉÖxɤÉÔ¨ÉÉEòiÉÉÇ+Éå ºÉʽiÉ) ºÉä ¤ÉEòɪÉÉ) 48,212,489 37,539,637
6. +xÉÖ¹ÉÆMÉÒ/VɨÉÉ {ÉÖÆÊVɪÉÉå ºÉä ¤ÉEòɪÉÉ - -
7. ¦ÉÉ®iÉÒªÉ Ê®WÉ´ÉÇ ¤ÉéEò Eäò {ÉÉºÉ VɨÉÉ [¤ÉÒ¨ÉÉ +ÊvÉÊxɪɨÉ, 1938 EòÒ vÉÉ®É 7 Eäò +xÉÖºÉÉ®] - -
8. +xªÉ: - -
Ê´ÉÊ´ÉvÉ näxÉnÉ® 9,616,965 9,632,962
ºÉä´ÉÉ Eò® +|ɪÉÖHò =vÉÉ® (GäòÊb])/VÉÒBºÉ]Ò <xÉ{ÉÖ] =vÉÉ® (GäòÊb]) 4,879,947 6,606,841
+SÉ±É VɨÉÉ {ÉÉìʱɺÉÒvÉÉ®EòÉå EòÒ ±ÉÉ´ÉÉÊ®ºÉ ®É榃 870,397 1,100,621
±ÉÉ´ÉÉÊ®ºÉ {ÉÉìʱɺÉÒvÉÉ®EòÉå Eäò ÊxÉÊvÉ {É® +ÉªÉ 153,035 80,039
Ê´ÉÊ´ÉvÉ +xªÉ 620,783 1,432,363
EÖò±É (B) 68,191,808 60,530,131
EÖò±É (A+B) 77,310,819 70,202,017

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 328

SCHEDULES FORMING PART OF FINANCIAL STATEMENTS
SCHEDULE – 12
ADVANCES AND OTHER ASSETS
As at As at
Particulars 31.03.2020 31.03.2019
(`’000) (`’000)

ADVANCES
1. Reserve deposits with ceding companies - -
2. Application money for investments - -
3. Prepayments - -
4. Advances to Directors / Officers - -
5. Advance tax paid and taxes deducted at source 4,791,184 5,414,350
(Net of provision for taxation)
6. Others: - -
Advance, deposits and prepaid expenses 4,327,827 4,257,536
TOTAL (A) 9,119,011 9,671,886
OTHER ASSETS
1. Income accrued on investments 3,423,872 3,703,592
2. Outstanding Premiums 16,289 6,130
3. Agents’ Balances 398,031 427,946
4. Foreign agencies balances - -
5. Due from other entities carrying on insurance business 48,212,489 37,539,637
(including reinsurers)
6. Due from Subsidiaries / Holding - -
7. Deposit with Reserve Bank of India - -
[Pursuant to section 7 of Insurance Act,1938]
8. Others: - -
Sundry Debtors 9,616,965 9,632,962
Service tax unutilised credit/ GST Input Credit 4,879,947 6,606,841
Fixed Deposit - Unclaimed Amount of Policyholders 870,397 1,100,621
Income on Unclaimed Policyholders’ Funds 153,035 80,039
Misc others 620,783 1,432,363
TOTAL (B) 68,191,808 60,530,131
TOTAL (A+B) 77,310,819 70,202,017

329 ANNUAL REPORT 2019-20

Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
+xÉÖºÉÚSÉÒ - 13
´ÉiÉǨÉÉxÉ näxÉnÉÊ®ªÉÉÆ
31.03.2020 31.03.2019
Ê´É´É®hÉ iÉEò iÉEò
(`’000) (`’000)
1. BVÉå]Éå EòÒ VɨÉÉ ®ÉʶɪÉÉÆ 947,333 1,216,875
2. +xªÉ ¤ÉÒ¨ÉÉ EÆò{ÉÊxɪÉÉå EòÉä ¤ÉEòɪÉÉ 32,940,248 22,396,813
3. ¤ÉÒ¨ÉÉ +Ê{ÉÇiÉ {É® {É® VɨÉÉ ®É榃 22,102,189 23,526,322
4. +ÊOÉ¨É ¨Éå |ÉÉ{iÉ |ÉÒÊ¨ÉªÉ¨É 11,621,319 5,718,254
5. +É´ÉÆÊ]iÉ xÉ ÊEòB MÉB |ÉÒÊ¨ÉªÉ¨É 2,868,157 2,627,300
6. Ê´ÉÊ´ÉvÉ ±ÉäxÉnÉ® 34,390,254 18,916,740
7. +xÉÖ¹ÉÆÊMɪÉÉå/½Éä˱bMÉ EÆò{ÉxÉÒ EòÉä ¤ÉEòɪÉÉ - -
8. ¤ÉEòɪÉÉ nÉ´Éå (+É<ǤÉBxÉ+É®/+É<ǤÉÒBxÉ<Ç+É® ºÉʽiÉ) 178,732,748 158,763,727
9. +ÊvÉEòÉÊ®ªÉÉå/ÊxÉnä¶ÉEòÉå EòÉä ¤ÉEòɪÉÉ - -
10. +xªÉ: - -
ºÉä´ÉÉ Eò® näªÉiÉÉ/VÉÒBºÉ]Ò näªÉiÉÉ 2,693,435 2,159,134
{ÉÚ´ÉÇ ¶ÉäªÉ®vÉÉ®EòÉå EòÉä ¤ÉEòɪÉÉ 292 292
{ÉÉìʱɺÉÒvÉÉ®EòÉå EòÒ ±ÉÉ´ÉÉÊ®ºÉ ®É榃 870,397 1,100,621
±ÉÉ´ÉÉÊ®ºÉ {ÉÉìʱɺÉÒvÉÉ®EòÉå Eäò ÊxÉÊvÉ {É® ÊxÉ´Éä¶É +ÉªÉ 153,035 80,039
EÖò±É 287,319,407 236,506,117

+xÉÖºÉÚSÉÒ - 14
|ÉÉ´ÉvÉÉxÉ
31.03.2020 31.03.2019
Ê´É´É®hÉ iÉEò iÉEò
(`’000) (`’000)
1. +xÉÉ®ÊIÉiÉ |ÉÒÊ¨ÉªÉ¨É EòÉä¹É 45,674,402 48,000,204
2. |ÉÒÊ¨ÉªÉ¨É +¦ÉÉ´É EòÉä¹É - -
3. Eò®ÉvÉÉxÉ Eäò ʱÉB (Eò¨É +ÊOÉ¨É Eò® EòÉ ¦ÉÖMÉiÉÉxÉ +Éè® »ÉÉäiÉ {É® PÉ]ÉB MÉB Eò®) - -
4. |ɺiÉÉÊ´ÉiÉ ±ÉɦÉÉÆ¶É Eäò ʱÉB - -
5. ±ÉɦÉÉÆ¶É Ê´ÉiÉ®hÉ Eò® Eäò ʱÉB - -
6. +xªÉ: - -
ºÉÆÊnMvÉ @  hÉ Eäò ʱÉB 2,182,750 1,998,589
MÉè®-Êxɹ{ÉÉÊniÉ ÊxÉ´Éä¶É Eäò ʱÉB 2,640,816 625,772
MÉè®-Êxɹ{ÉÉÊniÉ @  hÉ Eäò ʱÉB 300,303 290,787
ºÉɨÉÉxªÉ {ÉÊ®ºÉ¨{ÉÊkÉ ÊxÉ´Éä¶É Eäò ʱÉB 164,824 172,595
ºÉɨÉÉxªÉ {ÉÊ®ºÉ¨{ÉÊkÉ @  hÉ Eäò ʱÉB 313 402
EÖò±É 50,963,408 51,088,349

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 330

SCHEDULES FORMING PART OF FINANCIAL STATEMENTS
SCHEDULE – 13
CURRENT LIABILITIES
As at As at
Particulars 31.03.2020 31.03.2019
(`’000) (`’000)
1. Agents’ Balances 947,333 1,216,875
2. Balances due to other insurance companies 32,940,248 22,396,813
3. Deposits held on re-insurance ceded 22,102,189 23,526,322
4. Premiums received in advance 11,621,319 5,718,254
5. Unallocated Premium 2,868,157 2,627,300
6. Sundry creditors 34,390,254 18,916,740
7. Due to Subsidiaries / holding Company - -
8. Claims Outstanding (including IBNR/IBNER) 178,732,748 158,763,727
9. Due to Officers / Directors - -
10. Others: - -
Service tax liability/ GST Liability 2,693,435 2,159,134
Due to former shareholders 292 292
Unclaimed Amount of Policyholders 870,397 1,100,621
Investment Income on Unclaimed Policyholders’ Fund 153,035 80,039
TOTAL 287,319,407 236,506,117

SCHEDULE – 14
provisions
As at As at
Particulars 31.03.2020 31.03.2019
(`’000) (`’000)
1. Unearned Premium Reserve 45,674,402 48,000,204
2. Premium Deficiency Reserve - -
3. For taxation (less Advance tax paid and Taxes deducted at source) - -
4. For proposed dividends - -
5. For dividend distribution tax - -
6. Others: - -
For doubtful debts 2,182,750 1,998,589
For Non-performing Investments 2,640,816 625,772
For Non-performing Loans 300,303 290,787
For Standard Assets - Investments 164,824 172,595
For Standard Assets - Loans 313 402
TOTAL 50,963,408 51,088,349

331 ANNUAL REPORT 2019-20

Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
+xÉÖºÉÚSÉÒ - 15
Ê´ÉÊ´ÉvÉ ´ªÉªÉ
(´ªÉªÉ UÉäc xÉ näxÉä ªÉÉ ºÉ¨ÉɪÉÉäÊVÉiÉ Eò®xÉä EòÒ ½n iÉEò)
31.03.2020 31.03.2019
Ê´É´É®hÉ iÉEò iÉEò
(`’000) (`’000)
1. ¶ÉäªÉ®/Êb¤ÉåSÉ® Eäò VÉÉ®Ò ½ÉäxÉä {É® nÒ MÉ<Ç UÚ] EòÒ +xÉÖ¨ÉÊiÉ - -
2. +xªÉ: - -

+ɺlÉÊMÉiÉ ®ÉVɺ´É ´ªÉªÉ - {Éå¶ÉxÉ 6,310,464 -

+ɺlÉÊMÉiÉ ®ÉVɺ´É ´ªÉªÉ - OÉäSªÉÖ]Ò - -

EÖò±É 6,310,464 -

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 332

SCHEDULES FORMING PART OF FINANCIAL STATEMENTS
SCHEDULE – 15
MISCELLANEOUS EXPENDITURE
(To the extent not written off or adjusted)

As at As at
Particulars 31.03.2020 31.03.2019
(`’000) (`’000)
1. Discount Allowed in issue of shares / debentures - -
2. Others: - -
Deferred Revenue expenditure - Pension 6,310,464 -
Deferred Revenue expenditure - Gratuity - -
TOTAL 6,310,464 -

333 ANNUAL REPORT 2019-20

+xÉÖºÉÚSÉÒ - 16
¨É½i´É{ÉÚhÉÇ ±ÉäJÉÉÆEòxÉ xÉÒÊiɪÉÉÆ
1. ±ÉäJÉÉÊ´ÉÊvÉ {É®Æ{É®É
{É®Æ{É®ÉMÉiÉ ±ÉÉMÉiÉ Eòx´Éè¶ÉxÉ Eäò +ÆiÉMÉÇiÉ B´ÉÆ ±ÉäJÉÉ Eäò ={ÉSÉªÉ +ÉvÉÉ® {É® ¦ÉÉ®iÉ ¨Éå +xÉÖºÉÉÊ®iÉ ºÉ¨ÉÉxªÉiÉ: º´ÉÒEÞòiÉ +EòÉÆ=Ë]MÉ ÊºÉ] Eäò
+xÉÖºÉÉ® B´ÉÆ ¤ÉÒ¨ÉÉ +ÊvÉÊxɪɨÉ, 1938 Eäò ºÉÉÆÊ´ÉÊvÉEò +ɴɶªÉEòiÉÉ+Éå, ¤ÉÒ¨ÉÉ Ê´ÉÊxɪÉɨÉEò +Éè® Ê´ÉEòÉºÉ |ÉÉÊvÉEò®hÉ +ÊvÉÊxɪɨÉ, 1999,
¤ÉÒ¨ÉÉ Ê´ÉÊxɪÉɨÉEò +Éè® Ê´ÉEòÉºÉ |ÉÉÊvÉEò®hÉ +É<Ç+É®bÒB (Ê´ÉkÉÒªÉ Ê´É´É®hÉÉå +Éè® ¤ÉÒ¨ÉÉ EÆò{ÉÊxɪÉÉå EòÒ ±ÉäJÉÉ {É®ÒIÉEòÉå EòÒ Ê®{ÉÉä]Ç iÉèªÉÉ®
Eò®xÉÉ) Ê´ÉÊxÉªÉ¨É 2002, +Éè® <ºÉ ºÉƤÉÆvÉ ¨Éå +É<Ç+É®bÒB uÉ®É VÉÉ®Ò ÊEòB MÉB +Énä¶É +Éè® ÊxÉnæ¶É* EÆò{ÉxÉÒ +ÊvÉÊxɪɨÉ, 2013 VÉÉä
´ÉiÉǨÉÉxÉ ¨Éå ±ÉÉMÉÚ ½è B´ÉÆ EÆò{ÉxÉÒ +ÊvÉÊxÉªÉ¨É EòÒ vÉÉ®É 133 Eäò iɽiÉ ÊxÉÌn¹] ±ÉäJÉÉÆEòxÉ ¨ÉÉxÉEòÉå Eäò +xÉÖ{ÉɱÉxÉ ¨Éå, ¤ÉÒ¨ÉÉ =tÉäMÉ ¨Éå |ÉSÉʱÉiÉ
±ÉÉMÉÚ +Éè® ´ÉiÉǨÉÉxÉ |ÉlÉÉ+Éå Eäò ʱÉB EÆò{ÉxÉÒ (±ÉäJÉÉ) ÊxɪɨÉ, 2014 Eäò ÊxÉªÉ¨É 7 Eäò ºÉÉlÉ {Égå Eäò +xÉÖºÉÉ® Ê´ÉkÉÒªÉ Ê´É´É®hÉ iÉèªÉÉ® +Éè®
|ɺiÉÖiÉ Eäò MÉB ½é**
2. +ÉEò±ÉxÉ EòÉ ={ɪÉÉäMÉ
+ɨÉiÉÉè® {É® º´ÉÒEòÉ® ÊEòB MÉB ±ÉäJÉÉÆEòxÉ ÊºÉrÉÆiÉÉå Eäò +xÉÖ°  {É Ê´ÉkÉÒªÉ Ê´É´É®hÉÉå EòÒ iÉèªÉÉ®Ò Eäò ʱÉB |ɤÉÆvÉxÉ EòÉä +ÉEò±ÉxÉ +Éè® +xÉÖ¨ÉÉxÉ
±ÉMÉÉxÉä EòÒ +ɴɶªÉEòiÉÉ ½ÉäiÉÒ ½è VÉÉä Ê®{ÉÉä]Ç EòÒ MÉ<Ç ºÉÆ{ÉÊkÉ, näxÉnÉÊ®ªÉÉå, ®ÉVɺ´É +Éè® JÉSÉÉäÈ EòÉä |ɦÉÉÊ´ÉiÉ Eò®iÉÒ ½è +Éè® Ê´ÉkÉÒªÉ Ê´É´É®hÉ
EòÒ iÉÉ®ÒJÉ {É® +ÉEòʺ¨ÉEò näxÉnÉÊ®ªÉÉå EòÉ JÉÖ±ÉɺÉÉ Eò®iÉÒ ½è* ´ÉɺiÉÊ´ÉEò {ÉÊ®hÉÉ¨É =xÉ +ÉEò±ÉxÉÉä +Éè® +xÉÖ¨ÉÉxÉÉä ºÉä ʦÉxxÉ ½Éä ºÉEòiÉä ½é*
Ê´ÉkÉÒªÉ Ê´É´É®hÉÉå Eäò ºÉÉlÉ ={ɪÉÉäMÉ ÊEòB VÉÉxÉä ´ÉɱÉä +ÉEò±ÉxÉ +Éè® +xÉÖ¨ÉÉxÉ Ê´ÉkÉÒªÉ Ê´É´É®hÉÉå EòÒ iÉÉ®ÒJÉ Eäò +xÉÖºÉÉ® |ÉɺÉÆÊMÉEò iÉlªÉÉå
+Éè® {ÉʮʺlÉÊiɪÉÉå Eäò |ɤÉÆvÉxÉ Eäò ¨ÉÚ±ªÉÉÆEòxÉ {É® +ÉvÉÉÊ®iÉ ½é* ±ÉäJÉÉÆEòxÉ +xÉÖ¨ÉÉxÉÉå ¨Éå EòÉä<Ç ¦ÉÒ ºÉƶÉÉävÉxÉ ´ÉiÉǨÉÉxÉ +Éè® ¦ÉʴɹªÉ EòÒ +´ÉÊvÉ
¨Éå ºÉƦÉÉÊ´ÉiÉ °  {É ºÉä ¨ÉÉxªÉiÉÉ |ÉÉ{iÉ ½è*
3. |ÉÒʨɪɨÉ
ºÉƤÉÆÊvÉiÉ +ÉªÉ JÉÉiÉä ¨Éå VÉÉäÊJÉ¨É EòÒ vÉÉ®hÉÉ Eäò +ÉvÉÉ® {É® |ÉÒÊ¨ÉªÉ¨É +ÉªÉ EòÉä {ÉÖxÉ: ¤ÉÒ¨ÉÉ Eäò ¶ÉÖr ¨ÉÉxªÉiÉÉ |ÉÉ{iÉ ½è* ÊEòºiÉÉå ¨Éå ¦ÉÖMÉiÉÉxÉ
|ÉÉ{iÉ Eò®xÉä ´ÉɱÉÒ {ÉÉìʱɺÉÒªÉÉå Eäò ¨ÉɨɱÉä ¨Éå, ÊEòºiÉ EòÒ |ÉÉÊ{iÉ Eäò ºÉ¨ÉªÉ ®ÉVɺ´É EòÉä ¨ÉÉxªÉiÉÉ nÒ VÉÉiÉÒ ½è*
ºÉ®EòÉ® uÉ®É |ÉɪÉÉäÊVÉiÉ ªÉÉäVÉxÉÉ+Éå Eäò iɽiÉ |ÉÒÊ¨ÉªÉ¨É Ê®¡Æòb EòÉä ºÉƤÉÆÊvÉiÉ +´ÉÊvÉ Eäò Ê®¡Æòb C±ÉÉìVÉ Eäò +xÉÖºÉÉ® {ÉÉìʱɺÉÒ +´ÉÊvÉ Eäò +ÆiÉ
¨Éå ¨ÉÉxªÉiÉÉ nÒ VÉÉiÉÒ ½è*
ʺÉiÉƤɮ, 2018 EòÉä ªÉÉ =ºÉEäò ¤ÉÉn ¤ÉäSÉÒ MÉ<Ç xÉ<Ç EòÉ®Éå +Éè® xÉB nÉä {ÉʽªÉÉ ´ÉɽxÉÉå Eäò ʱÉB nÒPÉÇEòÉʱÉEò ¨ÉÉä]® ¤ÉÒ¨ÉÉ {ÉÉìʱÉʺɪÉÉå Eäò
¨ÉɨɱÉä ¨Éå, iÉÞiÉÒªÉ {ÉIÉ näªÉiÉÉ Eò´É®äVÉ Eäò ʱÉB |ÉÉ{iÉ |ÉÒÊ¨ÉªÉ¨É EòÉä {ÉÉìʱɺÉÒ +´ÉÊvÉ ¨Éå 1 Eäò +ÉvÉÉ® {É® ºÉ¨ÉÉxÉ °  {É ºÉä ¨ÉÉxªÉiÉÉ |ÉÉ{iÉ ½è,
ªÉ½ÉÄ ‘n’ ´É¹ÉÉäÈ ¨Éå {ÉÉìʱɺÉÒ EòÒ +´ÉÊvÉ EòÉä n¶ÉÉÇiÉÉ ½è +Éè® º´ÉªÉÆ Eäò xÉÖEòºÉÉxÉ Eäò Eò´É®äVÉ Eäò ʱÉB |ÉÉ{iÉ |ÉÒÊ¨ÉªÉ¨É EòÉä ´É¹ÉÇ Eäò +ÉvÉÉ® {É®
+É<ÇbÒ´ÉÒ Eäò +xÉÖ{ÉÉiÉ ¨Éå ´É¹ÉÇn®´É¹ÉÇ Eäò +ÉvÉÉ® {É® ¨ÉÉxªÉiÉÉ nÒ VÉÉiÉÒ ½è*
3.1. +xÉÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É Ê®VÉ´ÉÇ
+xÉÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É Ê®WÉ´ÉÇ =ºÉ ®É榃 {É® ¤ÉxÉɪÉÉ MɪÉÉ ½è VÉÉä ¶ÉÖr |ÉÒÊ¨ÉªÉ¨É Eäò =ºÉ ʽººÉä EòÉä n¶ÉÉÇiÉÒ ½è, VÉÉä ÊEò näªÉ ½è, +Éè® ºÉ¡ò±É
±ÉäJÉÉ +´ÉÊvÉ Eäò ʱÉB +É´ÉÆÊ]iÉ ÊEòªÉÉ MɪÉÉ ½è, ÊVɺɨÉå 1 ʺÉiÉƤɮ, 2018 EòÉä ªÉÉ =ºÉEäò ¤ÉÉn xÉ<Ç EòÉ®Éå Eäò ʱÉB ±ÉƤÉÒ +´ÉÊvÉ
EòÒ ¨ÉÉä]® ¤ÉÒ¨ÉÉ {ÉÉìʱÉʺɪÉÉå {É® ¨ÉÉxªÉiÉÉ |ÉÉ{iÉ |ÉÒÊ¨ÉªÉ¨É +Éè® xÉB nÉä {ÉʽªÉÉ ´ÉɽxÉ ¶ÉÉÊ¨É±É ½é +Éè® ±ÉPÉÖ +´ÉÊvÉ EòÒ {ÉÉìʱÉʺɪÉÉå {É®
¦ÉÒ ¨É®ÒxÉ ½±É ´ªÉÉ{ÉÉ® Eäò ¨ÉɨɱÉä EòÉä UÉäcEò®, ¶ÉÖr |ÉÒÊ¨ÉªÉ¨É EòÉ 50%, VɽÉÆ ªÉ½ 100% ¶ÉÖr |ÉÒÊ¨ÉªÉ¨É {É® iÉèªÉÉ® ÊEòªÉÉ VÉÉiÉÉ
½è*
½É±ÉÉÄÊEò, ÊEòºÉÒ ¦ÉÒ +xÉÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É Ê®WÉ´ÉÇ EòÉä |ÉvÉÉxÉ ¨ÉÆjÉÒ +É´ÉÉºÉ ¤ÉÒ¨ÉÉ ªÉÉäVÉxÉÉ Jɮҡò ´ªÉ´ÉºÉÉªÉ Eäò ¨ÉɨɱÉä ¨Éå xÉ½Ó ¤ÉxÉɪÉÉ
MɪÉÉ ½è, CªÉÉåÊEò Ê´ÉkÉÒªÉ ´É¹ÉÇ Eäò ¦ÉÒiÉ® {ÉÚ®Ò VÉÉäÊJÉ¨É +´ÉÊvÉ ¶Éä¹É ½Éä VÉÉiÉÒ ½è*

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Schedule 16
SIGNIFICANT ACCOUNTING POLICIES
1. ACCOUNTING CONVENTION
The financial statements are prepared and presented in accordance with the Generally Accepted
Accounting Principles followed in India under the historical cost convention and accrual basis of
accounting and in accordance with the statutory requirements of the Insurance Act, 1938,the Insurance
Regulatory and Development Authority Act, 1999, the Insurance Regulatory and Development Authority
IRDA (Preparation of Financial Statements and Auditors’ Report of Insurance Companies) Regulations,
2002, and orders and directions issued by the IRDAI in this behalf, the Companies Act, 2013 to the
extent applicable and in compliance with the Accounting Standards specified under section 133 of the
Companies Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 to the extent applicable
and current practices prevailing in the Insurance industry.
2. USE OF ESTIMATES
The preparation of the financial statements in conformity with generally accepted accounting
principles requires management to make estimates and assumptions that affect the reported amount
of assets, liabilities, revenues and expenses and disclosure of contingent liabilities on the date of
financial statement. Actual results may differ from those estimates and assumptions. The estimates
and assumptions used in the accompanying financial statements are based upon management’s
evaluation of the relevant facts and circumstances as on the date of financial statements. Any revision
to the accounting estimates is recognized prospectively in current and future periods.
3. PREMIUM
Premium income is recognized net of re-insurance, based on assumption of risk in related revenue
account. In case of policies where payments are received in installment, the revenue is recognized at
the time of receipt of installment.
Premium refunds under Government sponsored schemes are recognized at the end of the policy
period in accordance with the refund clauses of respective agreements.
In case of long term motor insurance policies for new cars and new two wheelers sold on or after 1st
September, 2018, premium received for third party liability coverage is recognized equally over the
policy period on 1/n basis where ‘n’ denotes the term of the policy in years and premium received for
Own damage coverage is recognized on a year to year basis in proportion to the IDV as it moves from
year to year.
3.1 UNEARNED PREMIUM RESERVE
Unearned Premium Reserve is created on the amount representing that part of the net premium
written which is attributable to, and allocated to the succeeding accounting periods including on
the yearly premium recognized on long term motor insurance policies for new cars and new two
wheelers sold on or after 1st September, 2018 and also on the short term policies, at 50% of net
premium except in the case of Marine Hull business, where it is made at 100% of net premium.
However, no Unearned Premium Reserve is created in case of Pradhan Mantri Fasal Bima Yojana
– Kharif business, as the entire risk period falls within the Financial Year.

335 ANNUAL REPORT 2019-20

 3.2 |ÉÒÊ¨ÉªÉ¨É EòÒ Eò¨ÉÒ
|ÉÒÊ¨ÉªÉ¨É EòÒ Eò¨ÉÒ Eäò ʱÉB Ê®VÉ´ÉÇ EòÉä ¨ÉÉxªÉiÉÉ nÒ MÉ<Ç ½è +Éè® ªÉ½ JÉÖ±ÉɺÉÉ ÊEòªÉÉ MɪÉÉ ½è ÊEò +{ÉäÊIÉiÉ ¶ÉÖr nÉ´ÉÉå EòÒ ±ÉÉMÉiÉ,
ºÉƤÉÆÊvÉiÉ JÉSÉÉäÈ +Éè® ®JÉ®JÉÉ´É EòÒ ±ÉÉMÉiÉ ´ÉÉ̹ÉEò +ÉvÉÉ® {É® ºÉƤÉÆÊvÉiÉ ¶ÉÖr +xÉÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É ºÉä +ÊvÉEò ½è, VÉèºÉÉ ÊEò BCSÉÖ+®Ò
uÉ®É |ɨÉÉÊhÉiÉ ½è*
3.2 |ÉÉ{iÉ +ÊOÉ¨É |ÉÒʨɪɨÉ
|ÉÉ{iÉ +ÊOÉ¨É |ÉÒʨɪɨÉ, ´É¹ÉÇ Eäò nÉè®ÉxÉ VÉÉ®Ò EòÒ MÉ<Ç {ÉÉìʱÉʺɪÉÉå Eäò ºÉƤÉÆvÉ ¨Éå |ÉÉ{iÉ |ÉÒÊ¨ÉªÉ¨É EòÉ |ÉÊiÉÊxÉÊvÉi´É Eò®iÉÉ ½è, VɽÉÆ ¤Éè±ÉåºÉ
¶ÉÒ] EòÒ iÉÉ®ÒJÉ Eäò ¤ÉÉn VÉÉäÊJÉ¨É ¶ÉÖ° ½ÉäiÉÉ ½è*
½É±ÉÉÆÊEò, ±ÉƤÉÒ +´ÉÊvÉ EòÒ ¨ÉÉä]® ¤ÉÒ¨ÉÉ {ÉÉìʱÉʺɪÉÉå Eäò ¨ÉɨɱÉä ¨Éå, IRDAI {ÉÊ®{ÉjÉ Eäò +xÉÖºÉÉ®, ¤ÉÉn Eäò ´É¹ÉÉäÈ ¨Éå ¨ÉÉxªÉiÉÉ |ÉÉ{iÉ
|ÉÒÊ¨ÉªÉ¨É EòÉä +ÊOÉ¨É ¨Éå |ÉÉ{iÉ |ÉÒÊ¨ÉªÉ¨É Eäò °  {É ¨Éå ¨ÉÉxÉÉ VÉÉiÉÉ ½è*
4. +ÊvÉOɽhÉ ±ÉÉMÉiÉ
xÉB ¤ÉÒ¨ÉÉ +xÉÖ¤ÉÆvÉÉå ºÉä ºÉƤÉÆÊvÉiÉ +ÊvÉOɽhÉ ±ÉÉMÉiÉ, ÊVɺɨÉå nÒPÉÇEòÉʱÉEò ¨ÉÉä]® ¤ÉÒ¨ÉÉ +xÉÖ¤ÉÆvÉ ¶ÉÉÊ¨É±É ½é, =ºÉ ´É¹ÉÇ ¨Éå SÉÉVÉÇ ÊEòªÉÉ VÉÉiÉÉ
½è ÊVɺɨÉå |ÉÒÊ¨ÉªÉ¨É EòÉä ¨ÉÉxªÉiÉÉ nÒ VÉÉiÉÒ ½è*
5. nÉ´Éä
5.1 nÉ´ÉÉå EòÉä ÊxɨxÉʱÉÊJÉiÉ iÉ®ÒEäò ºÉä ¨ÉÉxÉÉ VÉÉiÉÉ ½è:
(a) ¦ÉÉ®iÉ ¨Éå |ÉiªÉIÉ ´ªÉÉ{ÉÉ® Eäò ºÉƤÉÆvÉ ¨Éå ´É¹ÉÇ Eäò +ÆiÉ iÉEò |ÉÉ{iÉ nÉ´ÉÉ ºÉÚSÉxÉÉ Eäò +ÉvÉÉ® {É®;
(b) ¤ÉÒ¨ÉÉ EÆò{ÉÊxɪÉÉå/BVÉå]Éå uÉ®É {ÉÖxɤÉÔ¨ÉÉ ´ªÉ´ÉºÉÉªÉ Eäò ºÉƤÉÆvÉ ¨Éå JÉÉiÉÉå EòÉä +ÆÊiÉ¨É °  {É näxÉä EòÒ Eò]+Éì¡ò iÉÉ®ÒJÉ iÉEò ½ÉäiÉÉ ½è*
nÉ´ÉÉå Eäò ¨ÉɨɱÉä ¨Éå VɽÉÆ ¦ÉÒ ºÉ¨ÉlÉÇxÉ ºÉƤÉÆvÉÒ VÉÉxÉEòÉ®Ò ={ɱɤvÉ ½è, BäºÉä VÉÉxÉEòÉ®Ò Eäò +ÉvÉÉ® {É® nÉ´ÉÉå Eäò ʱÉB näxÉnÉÊ®ªÉÉå
EòÉ +xÉÖ¨ÉÉxÉ ±ÉMÉɪÉÉ VÉÉiÉÉ ½è* VɽÉÆ ºÉ¨ÉlÉÇxÉ ={ɱɤvÉ xÉ½Ó ½è, ´É½ÉÆ |ÉÉ´ÉvÉÉxÉÉå EòÉ +xÉÖ¨ÉÉxÉ ¨ÉÉèVÉÚnÉ ¯ ZÉÉxÉÉå +Éè® Ê{ÉU±Éä
¤ÉÒ¨ÉɱÉäJÉxÉ Eäò +xÉÖ¦É´É Eäò +ÉvÉÉ® {É® ±ÉMÉɪÉÉ VÉÉiÉÉ ½è*
5.2 nÉ´ÉÉå Eäò ʱÉB |ÉÉ´ÉvÉÉxÉ +{ÉäÊIÉiÉ ±ÉäÊEòxÉ Ê®{ÉÉä]Ç xÉ½Ó ÊEòB MÉB (IBNR) +Éè® "ºÉÆ´ÉÌvÉiÉ ±ÉäÊEòxÉ {ɪÉÉÇ{iÉ Ê®{ÉÉä]Ç xÉ½Ó ÊEòB MÉB
(IBNER) BCSÉÖ+®Ò ´É豪ÉÚB¶ÉxÉ Eäò +ÉvÉÉ® {É® ÊEòB MÉB ½é*
5.3 ¨ÉÉä]® lÉbÇ {ÉÉ]Ô nÉ´ÉÉå Eäò ºÉƤÉÆvÉ ¨Éå, VɽÉÄ EÆò{ÉxÉÒ {É® {ɪÉÉÇ{iÉ {ÉÉìʱɺÉÒ Ê´É´É®hÉ Eäò ʤÉxÉÉ +nɱÉiÉ Eäò ºÉ¨¨ÉxÉ ÊnB MÉB ½é, BäºÉä +YÉÉiÉ
nÉ´ÉÉå Eäò +xÉÖ¨ÉÉÊxÉiÉ ¨ÉÚ±ªÉ Eäò 1/3 ¦ÉÉMÉ EòÒ ºÉÒ¨ÉÉ iÉEò |ÉÉ´ÉvÉÉxÉ ÊEòB MÉB ½é +Éè® nÉ´ÉÉå Eäò ʱÉB BEò ´É¹ÉÇ ºÉä +ÊvÉEò +YÉÉiÉ
®½ä ½é, {ÉÚhÉÇ |ÉÉ´ÉvÉÉxÉ ¨ÉÉèVÉÚnÉ |ÉlÉÉ Eäò +xÉÖºÉÉ®, ÊEòªÉÉ VÉÉiÉÉ ½è*
5.4 EÆò{ÉxÉÒ uÉ®É ÊEòB MÉB nÉ´ÉÉ ÊxÉ®ÉEò®hÉ Eäò ¨ÉɨɱÉÉå ¨Éå ±ÉäÊEòxÉ +nɱÉiÉÉå / ±ÉÉäEò{ÉÉ±É / ¨ÉvªÉºlÉiÉÉ +ÉÊn ¨Éå nÉ´ÉänÉ®Éå uÉ®É SÉÖxÉÉ´É
±ÉcxÉä Eäò |ÉÉ´ÉvÉÉxÉ ÊEòB MÉB ½é, VɽÉÆ |ɤÉÆvÉxÉ EòÒ ®ÉªÉ ½è ÊEò +ÆÊiÉ¨É ¡èòºÉ±ÉÉ EÆò{ÉxÉÒ Eäò ÊJɱÉÉ¡ò VÉÉxÉä EòÒ ºÉƦÉÉ´ÉxÉÉ ½ÉäiÉÒ ½è*
5.5 EÆò{ÉxÉÒ uÉ®É nɪɮ +{ÉÒ±É ¨Éå ¨ÉÉä]® nÖPÉÇ]xÉÉ nÉ´ÉÉ xªÉɪÉÉÊvÉEò®hÉ (MACT) Eäò +Énä¶ÉÉå Eäò +ÉvÉÉ® {É® +nɱÉiÉ ¨Éå VɨÉÉ Eäò °  {É
¨Éå ÊEòB MÉB ¦ÉÖMÉiÉÉxÉ ¤ÉEòɪÉÉ nÉ´ÉÉå ¨Éå Eò¨ÉÒ Eäò ºÉÉlÉ ¦ÉÖMÉiÉÉxÉ ÊEòB MÉB nÉ´ÉÉå Eäò ʱÉB ʱɪÉÉ VÉÉiÉÉ ½é* EäòºÉ EòÉä]Ç Êb{ÉÉìÊVÉ] Eäò
+ÆÊiÉ¨É ÊxÉ{É]ÉxÉ {É® nÉ´ÉänÉ® EòÉä ÊEòB MÉB ¦ÉÖMÉiÉÉxÉÉå Eäò ÊJɱÉÉ¡ò ºÉ¨ÉɪÉÉäÊVÉiÉ ÊEòªÉÉ VÉÉiÉÉ ½è, ªÉÊn EòÉä<Ç ½Éä* ªÉÊn EÆò{ÉxÉÒ uÉ®É
nÉ´ÉÉå EòÉ ¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ VÉÉiÉÉ ½è, iÉÉä ªÉ½ ¨ÉɨɱÉÉ =ºÉ ʺlÉÊiÉ ¨Éå iÉªÉ ÊEòªÉÉ VÉÉiÉÉ ½è, VÉ¤É iÉEò ÊEò VɨÉÉ ªÉÉ ÊEòºÉÒ ¦ÉÒ Ê½ººÉä EòÉä
EÆò{ÉxÉÒ EòÉä ´ÉÉ{ÉºÉ xÉ½Ó Eò® ÊnªÉÉ VÉÉiÉÉ ½è*
5.6 ÊxɺiÉÉ®hÉ EòÒ ´ÉºÉÚ±ÉÒ EòÉ nÉ´ÉÉ ´ÉºÉÚ±ÉÒ Eäò ʱÉB ÊEòªÉÉ VÉÉiÉÉ ½è +Éè® nÉ´ÉÉå Eäò JÉÉiÉä ¨Éå VɨÉÉ ÊEòªÉÉ VÉÉiÉÉ ½è*
6. {ÉÖxɤÉÔ¨ÉÉ
6.1 Ê´Énä¶ÉÒ ¤ÉÒ¨ÉÉ EÆò{ÉÊxɪÉÉå ºÉä {ÉÖxɤÉÔ¨ÉÉ º´ÉÒEÞòÊiÉ Eäò ¨ÉɨɱÉä ¨Éå, JÉÉiÉÉå EòÉä +ÆÊiÉ¨É °  {É näxÉä EòÒ iÉÉ®ÒJÉ iÉEò |ÉÉ{iÉ Ê®]xÉÇ +Éè® SÉɱÉÚ

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 336

 3.2 PREMIUM DEFICIENCY
Reserve for premium deficiency is recognized and disclosed where the sum of expected net claims
costs, related expenses and maintenance costs exceeds the related net unearned premium on an
annual basis as certified by the Actuary.
3.3 PREMIUM RECEIVED IN ADVANCE
Premium received in advance represents premium received in respect of policies issued during
the year, where the risk commences subsequent to the balance sheet date.
However, in accordance with the IRDAI Circular, in case of long term motor insurance policies, the
premium recognized in the subsequent years is treated as Premium received in advance.
4. ACQUISITION COST
The acquisition cost relating to new insurance contracts, including long term motor insurance contracts,
is charged in the year in which the premium is recognized.
5. CLAIMS
5.1 Claims are considered in the following manner:
(a) In respect of direct business in India on the basis of claim intimations received up to the year
end;
(b) In respect of re-insurance business as intimated by insurance companies/agents up to cut-off
date of finalization of accounts.
In case of claims reported wherever supporting information are available, liabilities for claims
are estimated on the basis of such information. Wherever supporting are not available,
provisions are estimated on current trends and past underwriting experience.
5.2 Provisions for claims ‘Incurred but Not Reported’ (IBNR) and “Incurred but not enough Reported
(IBNER) are made on the basis of actuarial valuation.
5.3 In respect of motor third party claims, where court summons have been served on the company
without adequate policy particulars, provisions are made to the extent of 1/3rd of the estimated
value of such unidentified claims and for claims remaining unidentified over one year, full provision
is made, in accordance with the existing practice.
5.4 In cases of claims repudiated by the Company but contested by the claimants in courts/
ombudsman/arbitration etc. provisions have been made where the management is of the opinion
that the final awards are likely to go against the company.
5.5 Payments made in the form of court deposits on the basis of Orders of Motor Accident Claims
Tribunal (MACT) in appeals filed by the Company are taken to claims paid with corresponding
reduction in outstanding claims. On final settlement of the case court deposit is adjusted against
payments made, if any, to the claimant. In the event the case is decided in favour of the Company
claims paid account is adjusted to the extent the deposit or any part thereof is refunded to the
Company.
5.6 Salvage recoveries are accounted for on realization and credited to claims account.
6. RE-INSURANCE
6.1 In case of reinsurance acceptances from foreign insurance companies, returns received upto the

337 ANNUAL REPORT 2019-20

 ´É¹ÉÇ EòÒ iÉÒºÉ®Ò ÊiɨÉÉ½Ò iÉEò |ÉÉ{iÉ ¦ÉÉ®iÉÒªÉ EÆò{ÉÊxɪÉÉå ºÉä Ê®]xÉÇ +Éè® Ê{ÉU±Éä ´É¹ÉÇ EòÒ SÉÉèlÉÒ ÊiɨÉÉ½Ò EòÉä JÉÉiÉÉå ¨Éå ¶ÉÉÊ¨É±É ÊEòªÉÉ
VÉÉiÉÉ ½è* VɽÉÄ ¦ÉÒ ¦ÉÉ®iÉÒªÉ EÆò{ÉÊxɪÉÉå ºÉä 4 ÊiɨÉÉ½Ò EòÉ Ê®]xÉÇ ¦ÉÒ ¨ÉÉxÉÉ VÉÉiÉÉ ½è*
6.2 {ÉÖxɤÉÔ¨ÉÉ ºÉjÉÉå Eäò ¨ÉɨɱÉä ¨Éå, VɽÉÆ {ÉÚhÉÇ Ê´É´É®hÉ ={ɱɤvÉ xÉ½Ó ½é, {ÉÖxÉÌ´ÉkÉ ¤ÉÒ¨ÉÉ Ê´É¦ÉÉMÉ Eäò {ÉÉºÉ ={ɱɤvÉ VÉÉxÉEòÉ®Ò Eäò +ÉvÉÉ®
{É® ÊEòªÉÉ VÉÉiÉÉ ½è +Éè® / ªÉÉ VɽÉÆ ¦ÉÒ ±ÉÉMÉÚ ½Éä, ºÉƦÉÉÊ´ÉiÉ +ÊvÉEòiÉ¨É xÉÖEòºÉÉxÉ Eäò =ÊSÉiÉ +xÉÖ¨ÉÉxÉ Eäò +ÉvÉÉ® {É® ½ÉäiÉÉ ½è*
6.3 ]ä®Ê®V¨É {ÉÚ±É ®ä]ÅÉä Eäò ºÉƤÉÆvÉ ¨Éå ÊxÉ´Éä¶É +ÉªÉ +Éè® ´ªÉªÉ EòÉä VÉÒ+É<ǺÉÒ ({ÉÚ±É |ɶÉɺÉEò) ºÉä |ÉÉ{iÉ Ê´É´É®hÉÉå Eäò +xÉÖºÉÉ® JÉÉiÉÉå Eäò
+ÆÊiÉ¨É °  {É ºÉä ʱɪÉÉ VÉÉiÉÉ ½è*
7. Ê´Énä¶ÉÒ ¨ÉÖpÉ Eäò ½ºiÉÉÆiÉ®hÉ/{ÉÊ®´ÉiÉÇxÉ:
7.1 {ÉÖxɤÉÔ¨ÉÉ ºÉÆSÉɱÉxÉ:
Ê´Énä¶ÉÒ ¨ÉÖpÉ+Éå ¨Éå {ÉÖxɤÉÔ¨ÉÉ Eäò ®ÉVɺ´É ±ÉäxÉnäxÉ EòÉä |ÉiªÉäEò ÊiɨÉÉ½Ò Eäò Ê´ÉÊxÉ¨ÉªÉ EòÒ +ÉèºÉiÉ n®Éå ¨Éå {ÉÊ®´ÉÌiÉiÉ ÊEòªÉÉ VÉÉiÉÉ ½è,
ÊVɺɨÉå =xÉEòÉ ±ÉäJÉÉVÉÉäJÉÉ ½ÉäiÉÉ ½è* Ê´Énä¶ÉÒ ¨ÉÖpÉ+Éå ¨Éå Ê´Énä¶ÉÒ {ÉÊ®ºÉÆ{ÉÊkɪÉÉå +Éè® {ÉÖxɤÉÔ¨ÉÉ EòÒ näxÉnÉÊ®ªÉÉå EòÉä ºÉ¨ÉÉ{ÉxÉ n® {É®
{ÉÊ®´ÉÌiÉiÉ ÊEòªÉÉ VÉÉiÉÉ ½è*
7.2 Ê´Énä¶ÉÒ ºÉÆSÉɱÉxÉ:
±ÉäJÉÉÆEòxÉ ¨ÉÉxÉEò BBºÉ-11 Eäò +xÉÖºÉÉ® Ê´Énä¶ÉÒ Ê´ÉÊxÉ¨ÉªÉ n®Éå ¨Éå {ÉÊ®´ÉiÉÇxÉ EòÉ |ɦÉÉ´É, Ê´Énä¶ÉÒ ¶ÉÉJÉÉ (xÉä{ÉÉ±É ¶ÉÉJÉÉ) EòÉä
MÉè®+ʦÉxxÉ Ê´Énä¶ÉÒ +Éì{É®ä¶ÉxÉ Eäò °  {É ¨Éå ´ÉMÉÔEÞòiÉ ÊEòªÉÉ MɪÉÉ ½è* ½ÉÆMÉEòÉÆMÉ EòÒ ¶ÉÉJÉÉ, ÊVɺÉEòÉ ºÉÆSÉɱÉxÉ ¤ÉÆn ÊEòªÉÉ VÉÉ ®½É ½è
EòÉä +ʦÉxxÉ Ê´Énä¶ÉÒ {ÉÊ®SÉɱÉxÉ Eäò °  {É ¨Éå ´ÉMÉÔEÞòiÉ ÊEòªÉÉ MɪÉÉ ½è*
¨ÉÉèÊpEò +Éè® MÉ讨ÉÉèÊpEò nÉäxÉÉå {ÉÊ®ºÉÆ{ÉÊkɪÉÉå +Éè® näxÉnÉÊ®ªÉÉå EòÉä ºÉ¨ÉÉ{ÉxÉ Ê´ÉÊxÉ¨ÉªÉ n® {É® +xÉÖ´ÉÉÊniÉ ÊEòªÉÉ VÉÉiÉÉ ½è +Éè® +ÉªÉ +Éè®
´ªÉªÉ ´É¹ÉÇ EòÒ +ÉèºÉiÉ Ê´ÉÊxÉ¨ÉªÉ n® {É® +xÉÖ´ÉÉÊniÉ ÊEòB VÉÉiÉä ½é*
7.3. MÉè®+ʦÉxxÉ Ê´Énä¶ÉÒ ¶ÉÉJÉÉ ¨Éå Ê´ÉÊxÉ¨ÉªÉ +ÆiÉ®:
BBºÉ-11 Eäò |ÉÉ´ÉvÉÉxÉ Eäò +xÉÖºÉÉ® Ê´Énä¶ÉÒ Ê´ÉÊxÉ¨ÉªÉ n®Éå ¨Éå {ÉÊ®´ÉiÉÇxÉ EòÉ |ɦÉÉ´É, Ê´Énä¶ÉÒ ¶ÉÉJÉÉ (MÉè® BEòÒEÞòiÉ xÉä{ÉÉ±É ¶ÉÉJÉÉ) ºÉä
ºÉƤÉÆÊvÉiÉ ¶Éä¹É ®É榃 Eäò ±ÉäxÉnäxÉ Eäò +ÉvÉÉ® {É® Ê´ÉÊxÉ¨ÉªÉ +ÆiÉ® Ê´Énä¶ÉÒ ¨ÉÖpÉ +xÉÖ´ÉÉn Ê®VÉ´ÉÇ ¨Éå ¤ÉÆn ½ÉäxÉä iÉEò VɨÉÉ ½ÉäiÉÉ ½è* =Hò
¶ÉÉJÉÉ ¨Éå ºÉÆSÉɱÉxÉ* {ÉÚ´ÉÉäÇHò Ê®VÉ´ÉÇ ¨Éå ¶Éä¹É ®É榃 EòÒ ºÉÆSɪÉÒ ®É榃 EòÉä +ÉªÉ Eäò °  {É ¨Éå ªÉÉ ¶ÉÉJÉÉ Eäò ¤ÉÆn ½ÉäxÉä Eäò ´É¹ÉÇ ¨Éå JÉSÉÇ Eäò
°  {É ¨Éå ¨ÉÉxªÉiÉÉ nÒ VÉÉBMÉÒ*
7.4 ½ÉÆMÉEòÉÆMÉ ¶ÉÉJÉÉ Eäò ±ÉäxÉnäxÉ Eäò EòÉ®hÉ Ê´ÉÊxÉ¨ÉªÉ +ÆiÉ® ±ÉÉ¦É +Éè® ½ÉÊxÉ JÉÉiÉä ºÉä ´ÉºÉÚ±ÉÉ VÉÉiÉÉ ½è*
7.5 VÉÒ+É<ǺÉÒ EòÒ ºÉ±Éɽ Eäò +xÉÖºÉÉ® Ê´Énä¶ÉÒ Ê´ÉÊxÉ¨ÉªÉ n®Éå {É® Ê´ÉSÉÉ® ÊEòªÉÉ MɪÉÉ ½è*
8. ÊxÉ´Éä¶É +Éè® @  hÉ
8.1 ÊxÉ´Éä¶É MÉÖhÉ Ê®ªÉ±É Bº]ä] BäÊiɽÉʺÉEò ±ÉÉMÉiÉ Eò¨É ºÉÆÊSÉiÉ ¨ÉÚ±ªÉ¿ÉºÉ +Éè® xªÉÚxÉiÉ¨É IÉÊiÉ {É® ¨É½i´É ÊnªÉÉ VÉÉiÉÉ ½è*
8.2 ÊxÉ´Éä¶ÉÉå EòÉ ¤ÉÖEò ´É豪ÉÚ +Éä{ÉËxÉMÉ ¤Éè±ÉåºÉ EòÒ ¦ÉÉÊ®iÉ +ÉèºÉiÉ ±ÉÉMÉiÉ EòÉ ªÉÉäMÉ ½è +Éè® =ºÉ +´ÉÊvÉ Eäò ʱÉB ʤÉGòÒ EòÒ ±ÉÉMÉiÉ ºÉä
Eò¨É +´ÉÊvÉ Eäò nÉè®ÉxÉ EòÒ MÉ<Ç JÉ®ÒnÉ®Ò ½è*
8.3 ÊxÉ´Éä¶ÉÉå EòÒ ±ÉÉMÉiÉ ¨Éå ¥ÉÉäEò®äVÉ, ¶ÉäªÉ® ½ºiÉÉÆiÉ®hÉ Ê]Eò], ¶ÉÖ±Eò, Eò® +ÉÊn |ÉÉ{iÉ ÊEòB MÉB |ÉÉäiºÉɽxÉ ±ÉÉMÉiÉ ºÉä EòÉ] ʱÉB VÉÉiÉä
½é*
8.4 +É<Ç+É®bÒB Ê´ÉÊxɪɨÉÉå Eäò +xÉÖºÉÉ® ÊxÉ´Éä¶É EòÉ ¨ÉÚ±ªÉ ÊxɨxÉÉxÉÖºÉÉ® ½è:
(a) @  hÉ |ÉÊiɦÉÚÊiÉ: ºÉ®EòÉ®Ò |ÉÊiɦÉÚÊiɪÉÉå +Éè® |ÉÊiÉnäªÉ ´É®ÒªÉiÉÉ ¶ÉäªÉ®Éå ºÉʽiÉ @hÉ |ÉÊiɦÉÚÊiɪÉÉå EòÉä "{ÉÊ®{ÉC´ÉiÉÉ Eäò ʱÉB' ¨ÉÉxÉÉ
VÉÉiÉÉ ½è +Éè® {ÉÊ®{ÉC´ÉiÉÉ Eäò +´Éʶɹ] +´ÉÊvÉ ¨Éå |ÉÒÊ¨ÉªÉ¨É Eäò {ÉÊ®¶ÉÉävÉxÉ Eäò +vÉÒxÉ BäÊiɽÉʺÉEò ±ÉÉMÉiÉ {É® ¨ÉÉ{ÉÉ VÉÉiÉÉ ½è*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 338

 date of finalization of accounts and returns from Indian companies received upto 3rd quarter of the
current year and the 4th quarter of the previous year are incorporated in the accounts. Returns of
4th quarter from Indian companies wherever received are also considered.
6.2 In case of reinsurance cessions where full particulars are not available, cessions are done on the
basis of information available with the re-insurance department and/or on the basis of reasonable
estimation of probable maximum loss wherever applicable.
6.3 Investment income and expenses in respect of Terrorism pool retro are accounted as per the
statements received from GIC (Pool Administrator) upto finalization of accounts.
7. TRANSLATION/CONVERSION OF FOREIGN CURRENCIES:
7.1 Reinsurance operations:
Revenue transactions of reinsurance in foreign currencies are converted at the average of rates
of exchange of each quarter in which they are accounted.
Monetary assets and liabilities of reinsurance in foreign currencies are converted at the closing
rate.
7.2 Foreign operations:
As per the Accounting Standard AS-11 -The effects of changes in foreign exchange rates, foreign
branch (Nepal Branch)is classified as ‘non-integral foreign operation’. The Hong Kong branch,
being run off operations, is classified as ‘integral foreign operation’.
The assets and liabilities, both monetary and non-monetary, are translated at the closing exchange
rate and the Income & expenses are translated at the average exchange rate of the year.
7.3. Exchange difference in non-integral foreign branch:
As per provision of AS-11 -The effect of changes in Foreign Exchange Rates, exchange difference
on account of transactions of the balances relating to foreign branch (non-integral-Nepal Branch)
is accumulated in Foreign Currency Translation Reserve until the closure of the operation in the
said branch. The cumulative amount of balance lying in aforesaid reserve would be recognized
as income or as expenses in the year of closure of the branch.
7.4 Exchange difference arising on account of transactions of Hong Kong branch is charged to Profit
& Loss Account.
7.5 The foreign exchange rates as advised by GIC, has been considered.
8. INVESTMENTS AND LOANS
8.1 Investment Properties–Real Estates are valued at historical cost less accumulated depreciation
and impairment loss.
8.2 The book value of the Investments is the sum of Weighted Average Cost of Opening balance and
purchases made during the period as reduced by the Cost of sales for that period.
8.3 Cost of investments includes brokerage, share transfer stamps, fees, taxes etc. Incentives
received are deducted from cost.
8.4 Investments have been valued as per IRDAI Regulations as follows:
Debt Securities: Debt securities including Government securities and redeemable
(a)
preference shares are considered as “held to maturity” and measured at historical cost
subject to amortization of premium over the residual period of maturity.

339 ANNUAL REPORT 2019-20

 ºÉÊGòªÉ
(b) ¤ÉÉVÉÉ®Éå ¨Éå EòÉ®Éä¤ÉÉ® ÊEòB MÉB <ÊC´É]Ò ÊºÉCªÉÉäÊ®]ÒVÉ: ºÉÚSÉÒ¤Ér <ÊC´É]Ò ¶ÉäªÉ® ÊVÉx½å ºÉÊGòªÉ ¤ÉÉVÉÉ®Éå ¨Éå EòÉ®Éä¤ÉÉ®
ÊEòªÉÉ VÉÉiÉÉ ½è, =x½å ¤Éè±ÉåºÉ ¶ÉÒ] ÊiÉÊlÉ Eäò +xÉÖºÉÉ® =ÊSÉiÉ ¨ÉÚ±ªÉ {É® ¨ÉÉ{ÉÉ VÉÉiÉÉ ½è* =ÊSÉiÉ ¨ÉÚ±ªÉ EòÒ MÉhÉxÉÉ Eäò =qä¶ªÉ ºÉä,
xÉä¶ÉxÉ±É º]ÉìEò BCºÉSÉåVÉ (NSE) ¨Éå +ÆÊiÉ¨É =rÞiÉ ¨ÉÚ±ªÉ EòÉ ¤ÉÉVÉÉ® ¨ÉÚ±ªÉ ªÉÉ +MÉ® (NSE) ¨Éå ¶ÉäªÉ® EòÉ EòÉ®Éä¤ÉÉ® xɽÓ
½ÉäiÉÉ ½è, iÉÉä ¤ÉÉ쨤Éä º]ÉìEò BCºÉSÉåVÉ (BSE) EòÉ +ÆÊiÉ¨É =rÞiÉ ¨ÉÚ±ªÉ ½è*
ºÉÚSÉÒ¤Ér <ÊC´É]Ò ¶ÉäªÉ®Éå Eäò =ÊSÉiÉ ¨ÉÚ±ªÉ {ÉÊ®´ÉiÉÇxÉ Eäò EòÉ®hÉ =kÉ{ÉxxÉ ½ÉäxÉä´ÉɱÉä +´ÉɺiÉÊ´ÉEò ±ÉɦÉ/½ÉÊxÉ EòÉä =ÊSÉiÉ ¨ÉÚ±ªÉ
{ÉÊ®´ÉiÉÇxÉ JÉÉiÉä Eäò iɽiÉ <ÊC´É]Ò ¨Éå ±Éä ʱɪÉÉ VÉÉiÉÉ ½è*
(c) +ºÉÚSÉÒ¤Ér +Éè® ºÉÊGòªÉ °  {É ºÉä EòÉ®Éä¤ÉÉ® ÊEòB MÉB <ÊC´É]Ò ¶ÉäªÉ®Éå Eäò +±ÉÉ´ÉÉ: ªÉä ½ÉÊxÉ Eäò +vÉÒxÉ BäÊiɽÉʺÉEò ±ÉÉMÉiÉ
{É® ¨ÉÉ{ÉÉ VÉÉiÉÉ ½è*
(d) ¶ÉÉì]Ç ]¨ÉÇ ¨ÉxÉÒ ¨ÉÉEæò] <ƺ]ܨÉå]ºÉ: ¶ÉÉì]Ç ]¨ÉÇ ¨ÉxÉÒ ¨ÉÉEæò] <ƺ]ܨÉå]弃 VÉèºÉä ºÉÌ]Ê¡òEäò] +Éì¡ò Êb{ÉÉìÊVÉ] +Éè® Eò¨ÉÌ¶ÉªÉ±É {Éä{ɺÉÇ,
VÉÉä ºÉ½¨ÉiÉ n® {É® +xÉÖ¤ÉÆvÉ Eäò ºÉ¨ÉªÉ UÚ] näiÉä ½é, =xÉEäò Ê®ªÉɪÉiÉÒ ¨ÉÚ±ªÉ Eäò ʱÉB ÊVɨ¨ÉänÉ® ½ÉäiÉä ½é*
(e) ´ÉåSÉ® EèòÊ{É]±É ¡Æòb (´ÉÒºÉÒB¡ò)/´ÉèEòʱ{ÉEò ÊxÉ´Éä¶É EòÉä¹É (B+É<ÇB¡ò): ´ÉåSÉ® EèòÊ{É]±É ¡Æòb (´ÉÒºÉÒB¡ò)/´ÉèEòʱ{ÉEò
ÊxÉ´Éä¶É EòÉä¹É (B+É<ÇB¡ò) ¨Éå ÊxÉ´Éä¶É Ê´ÉkÉÒªÉ ´É¹ÉÇ Eäò +ÆiÉ ºÉä {ɽ±Éä iÉÒxÉ ´É¹ÉÉäÈ Eäò ʱÉB ¨ÉÚ±ªÉ {É® ½ÉäiÉÉ ½è ÊVɺɨÉå |ÉÉ®ÆʦÉEò
ºÉÆÊ´ÉiÉ®hÉ ÊEòªÉÉ MɪÉÉ lÉÉ* iÉi{ɶSÉÉiÉ, ªÉÊn EòÉä<Ç ½è iÉÉä ÊxÉ´Éä¶É ½ÉÊxÉ Eäò +vÉÒxÉ ½è*
(f) ¨ªÉÚSÉÖ+±É ¡Æòb/BCºÉSÉåVÉ ]Åäbäb ¡Æòb: ¨ªÉÚSÉÖ+±É/BCºÉSÉåVÉ ]Åäbäb ¡Æòb EòÒ <EòÉ<ªÉÉå ¨Éå ÊxÉ´Éä¶É EòÉ ¨ÉÚ±ªÉÉÆEòxÉ xÉä]
BºÉä]弃 ´É豪ÉÚ (BxÉB´ÉÒ) Eäò +ÉvÉÉ® {É® ÊEòªÉÉ VÉÉiÉÉ ½è +Éè® +ºÉiªÉ ±ÉɦÉ/½ÉÊxÉ EòÉä ¡äòªÉ® ´É豪ÉÚ SÉåVÉ +EòÉ=Æ] ¨Éå ¨ÉÉxªÉiÉÉ
nÒ VÉÉiÉÒ ½è*
8.5 @  hÉ +Éè® ÊxÉ´Éä¶É EòÒ IÉÊiÉ
@  hÉ +Éè® ÊxÉ´Éä¶É Eäò ¨ÉÚ±ªÉ ¨Éå IÉÊiÉ EòÉ ¨ÉÚ±ªÉÉÆEòxÉ ¤Éè±ÉåºÉ ¶ÉÒ] EòÒ iÉÉ®ÒJÉ Eäò °  {É ¨Éå ÊEòªÉÉ VÉÉiÉÉ ½è +Éè® ÊVɺÉä ±ÉÉ¦É +Éè® ½ÉÊxÉ
JÉÉiÉä ¨Éå ¨ÉÉxªÉiÉÉ |ÉÉ{iÉ ½è*
(a) <ÊC´É]Ò ¶ÉäªÉ®: {ÉÚÆVÉÒ EòÉä ʤÉNÉbÉ ½Ö+É ¨ÉÉxÉÉ VÉÉiÉÉ ½è ªÉÊn ÊEòºÉÒ Ê´É¶Éä¹É <ÊC´É]Ò ¶ÉäªÉ® EòÉ ¥ÉäEò+{É ¨ÉÚ±ªÉ =ºÉEäò +ÆÊEòiÉ
¨ÉÚ±ªÉ ºÉä Eò¨É ½è ªÉÉ VɽÉÆ ´ÉiÉǨÉÉxÉ ¥ÉäEò+{É ¨ÉÚ±ªÉ ={ɱɤvÉ xÉ½Ó ½è +Éè® ±ÉMÉÉiÉÉ® xÉÖEòºÉÉxÉ EòÉ iÉÒxÉ ºÉÉ±É EòÉ <ÊiÉ½ÉºÉ ½è ªÉÉ
ªÉÊn |ÉEòÉʶÉiÉ ´ÉÉ̹ÉEò JÉÉiÉä Ê{ÉU±Éä iÉÒxÉ ´É¹ÉÉäÈ ºÉä ¨ÉÚ±ªÉÉÆEòxÉ EòÒ iÉÉ®ÒJÉ iÉEò ={ɱɤvÉ xÉ½Ó ½é*
<ºÉ |ɪÉÉäVÉxÉ Eäò ʱÉB, ¥ÉäEò+{É ¨ÉÚ±ªÉ xÉ´ÉÒxÉiÉ¨É ¤Éè±ÉåºÉ ¶ÉÒ] Eäò +xÉÖºÉÉ® +ÉiÉÉ ½è, VÉÉä ¨ÉÚ±ªÉÉÆEòxÉ EòÒ iÉÉ®ÒJÉ ºÉä 1 (BEò)
´É¹ÉÇ {ɽ±Éä ºÉä +ÊvÉEò xÉ½Ó ½ÉäxÉÉ SÉÉʽB*
VÉ¤É {ÉÚÆVÉÒ EòÒ IÉÊiÉ ½ÉäiÉÒ ½è, iÉÉä <ÊC´É]Ò ¶ÉäªÉ®Éå EòÉ ¨ÉÚ±ªÉÉÆEòxÉ ÊxɨxÉÉxÉÖºÉÉ® ½ÉäiÉÉ ½è:
(i) ºÉÊGòªÉ °  {É ºÉä EòÉ®Éä¤ÉÉ® ÊEòB MÉB <ÊC´É]Ò ¶ÉäªÉ®Éå EòÉä ±ÉÉMÉiÉ ªÉÉ ¤ÉÉVÉÉ® ¨ÉÚ±ªÉ ºÉä Eò¨É ʱÉJÉÉ VÉÉiÉÉ ½è;
(ii) +ºÉÚSÉÒ¤Ér +Éè® ºÉÊGòªÉ °  {É ºÉä EòÉ®Éä¤ÉÉ® ÊEòB MÉB <ÊC´É]Ò ¶ÉäªÉ®Éå Eäò +±ÉÉ´ÉÉ ±ÉÉMÉiÉ ªÉÉ ¥ÉäEò+{É ¨ÉÚ±ªÉ Eäò xÉÒSÉä
ʱÉJÉÉ VÉÉiÉÉ ½è +Éè® VɽÉÆ ¥ÉäEò+{É ¨ÉÚ±ªÉ ={ɱɤvÉ xÉ½Ó ½è ªÉÉ ªÉ½ xÉEòÉ®Éi¨ÉEò ½è, BäºÉä ¶ÉäªÉ®Éå EòÉä xÉÒSÉä ʱÉJÉÉ VÉÉiÉÉ
½è*
<ºÉEäò +±ÉÉ´ÉÉ, ºÉÊGòªÉ °  {É ºÉä EòÉ®Éä¤ÉÉ® ÊEòB MÉB <ÊC´É]Ò ¶ÉäªÉ®Éå Eäò +±ÉÉ´ÉÉ +xªÉ ¨ÉɨɱÉÉå ¨Éå VɽÉÆ ¥ÉäEò+{É ¨ÉÚ±ªÉ
+ÊvÉOɽhÉ ±ÉÉMÉiÉ ºÉä Eò¨É ½è (xÉ´ÉÒxÉiÉ¨É ¤Éè±ÉåºÉ ¶ÉÒ] Eäò +xÉÖºÉÉ® ¨ÉÚ±ªÉÉÆEòxÉ EòÒ iÉÉ®ÒJÉ ºÉä BEò ´É¹ÉÇ ºÉä +ÊvÉEò xɽÓ)
|ÉÉ´ÉvÉÉxÉ +ÊvÉOɽhÉ ±ÉÉMÉiÉ +Éè® ¶ÉäªÉ® EòÉ ¥ÉäEò+{É ¨ÉÚ±ªÉ ¨Éå +ÆiÉ® Eäò ¤É®É¤É® ÊEòªÉÉ VÉÉiÉÉ ½è*
VÉ¤É ¥ÉäEò+{É ¨ÉÚ±ªÉ xÉEòÉ®Éi¨ÉEò ªÉÉ +xÉÖ{ɱɤvÉ ½è, iÉÉä |ÉÊiÉ EÆò{ÉxÉÒ |ÉÉ´ÉvÉÉxÉ +ÊvÉOɽhÉ ±ÉÉMÉiÉ +Éè® ¨ÉɨÉÚ±ÉÒ ¨ÉÚ±ªÉ Eäò
¤ÉÒSÉ `1/- +ÆiÉ® ½ÉäMÉÉ*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 340

 Equity Securities traded in active markets: Listed equity shares which are traded in
(b)
active markets are measured at Fair Value as at the Balance Sheet date. For the purpose
of calculation of fair value, the market price of the last quoted closing price at the National
Stock Exchange (NSE) or if the scrip is not traded at NSE, the last quoted closing price of the
Bombay Stock Exchange (BSE) is taken into consideration.
Unrealized gain/loss arising due to changes in the fair value of listed equity shares are taken
to equity under the head “Fair Value Change Account”.
Unlisted and other than actively traded Equity Shares: These are measured at historical
(c)
cost subject to impairment.
Short term Money Market Instruments: Short term money market instruments such as
(d)
Certificates of Deposit and Commercial Papers, which are discounted at the time of contract
at the agreed rate, are accounted for at their discounted value.
(e) Venture Capital Fund (VCF)/Alternative Investment Fund (AIF): Investments in Venture
Capital Fund (VCF)/Alternative Investment Fund (AIF) are valued at cost for the first three
years from the end of the financial year in which the initial disbursement was made. Thereafter,
investments are subjected to impairment, if any.
(f) Mutual Fund/Exchange Traded Fund: Investment in units of Mutual/Exchange Traded fund
is valued on Net Assets Value (NAV) basis and unrealized gain/ loss is recognized in ‘Fair
Value Change Account’.
8.5 Impairment of Loans and Investments
Impairment in value of loans and investments is assessed as at the Balance Sheet date and
is recognized in the Profit and Loss Account.
Equity Share: Capital is considered to be impaired if the break-up value of a particular equity
(a)
share is less than its face value or where the current break-up value is not available and
there is a three years’ history of continuous loss or if the published annual accounts are not
available for the last three years as on the date of valuation.
For this purpose, the break-up value is arrived at as per the latest Balance Sheet, which
should not be more than 1 (one) year prior to the date of valuation.
When capital is impaired, equity shares are valued as under:
(i) Actively traded equity shares are written down to lower of cost or market value;
(ii) Unlisted and other than actively traded equity shares are written down to lower of the
cost or breakup value and where the breakup value is not available or it is negative,
such shares are written down to Re. 1.
Further, in cases of other than actively traded equity shares where break-up value is
less than acquisition cost (as per latest balance sheet not more than one year prior to
the date of valuation) provision is made equivalent to the difference in acquisition cost
and the break-up value of the share.
When the break-up value is negative or unavailable, provision shall be difference
between the acquisition cost and a nominal value of Re. 1/- per company.

341 ANNUAL REPORT 2019-20

 ´É®ÒªÉiÉÉ
(b) ¶ÉäªÉ®: {ÉÚÆVÉÒ EòÉä iÉ¤É IÉÒhÉ ¨ÉÉxÉÉ VÉÉiÉÉ ½è VÉ¤É {ÉÚÆVÉÒ EòÉ IÉªÉ ½Éä VÉÉiÉÉ ½è +Éè® EÆò{ÉÊxɪÉÉå EòÉä ±ÉMÉÉiÉÉ® xÉÖEòºÉÉxÉ Eäò
iÉÒxÉ ºÉÉ±É EòÉ <ÊiÉ½ÉºÉ ½Éä ªÉÉ VɽÉÆ iÉÒxÉ iÉÖ®ÆiÉ {ÉÚ´ÉÇ´ÉiÉÔ ´É¹ÉÉäÈ Eäò ´ÉÉ̹ÉEò JÉÉiÉä ¨ÉÚ±ªÉÉÆEòxÉ EòÒ iÉÉ®ÒJÉ {É® ={ɱɤvÉ xÉ½Ó ½é*
<ºÉ iÉ®½ Eäò |ÉÉlÉʨÉEòiÉÉ ´ÉɱÉä ¶ÉäªÉ®Éå EòÉä ÊxɨxÉÉxÉÖºÉÉ® ¨ÉÚ±ªÉÉÆÊEòiÉ ÊEòªÉÉ MɪÉÉ ½è:
i) ªÉÊn EÆò{ÉxÉÒ Eäò <ÊC´É]Ò ¶ÉäªÉ®Éå EòÉä ºÉÊGòªÉ °  {É ºÉä EòÉ®Éä¤ÉÉ® ÊEòªÉÉ VÉÉiÉÉ ½è, iÉÉä =ºÉEäò ´É®ÒªÉiÉÉ ¶ÉäªÉ®Éå EòÉä BEò ¨ÉÚ±ªÉ
Eäò ʱÉB ʱÉJÉÉ VÉÉiÉÉ ½è, VÉÉä =ºÉÒ +xÉÖ{ÉÉiÉ ¨Éå ½ÉäiÉÉ ½è ÊEò <ÊC´É]Ò ¶ÉäªÉ® EòÉ ¤ÉÉVÉÉ® ¨ÉÚ±ªÉ =ºÉEäò +ÆÊEòiÉ ¨ÉÚ±ªÉ {É®
½ÉäiÉÉ ½è*
ii) ªÉÊn EÆò{ÉxÉÒ Eäò <ÊC´É]Ò ¶ÉäªÉ®Éå EòÉä +ºÉÚSÉÒ¤Ér/{ÉiɱÉÉ EòÉ®Éä¤ÉÉ® ÊEòªÉÉ VÉÉiÉÉ ½è, iÉÉä =ºÉEäò ´É®ÒªÉiÉÉ ¶ÉäªÉ®Éå EòÉä BEò
¨ÉÚ±ªÉ Eäò ʱÉB ʱÉJÉÉ VÉÉiÉÉ ½è, VÉÉä =ºÉÒ +xÉÖ{ÉÉiÉ ¨Éå ½è ÊEò <ÊC´É]Ò ¶ÉäªÉ® EòÉ ¥ÉäEò+{É ¨ÉÚ±ªÉ =ºÉEäò +ÆÊEòiÉ ¨ÉÚ±ªÉ {É®
{ÉciÉÉ ½è* VɽÉÆ <ÊC´É]Ò ¶ÉäªÉ®Éå EòÉ ¥ÉäEò+{É ¨ÉÚ±ªÉ xÉEòÉ®Éi¨ÉEò ½è ªÉÉ VɽÉÆ xÉ´ÉÒxÉiÉ¨É |ÉEòÉʶÉiÉ ´ÉÉ̹ÉEò JÉÉiÉä ´É豪ÉÚB¶ÉxÉ
EòÒ iÉÉ®ÒJÉ ºÉä BEò ºÉÉ±É {ɽ±Éä ={ɱɤvÉ xÉ½Ó ½é, ´É½ÉÆ ´É®ÒªÉiÉÉ ¶ÉäªÉ® `1/- |ÉÊiÉ EÆò{ÉxÉÒ Eäò ¨ÉɨÉÚ±ÉÒ ¨ÉÚ±ªÉ {É® ʱÉJÉä
MÉB ½é*
(c) @  hÉ +Éè® Êb¤ÉåSÉ®: EÆò{ÉxÉÒ +É<Ç+É®bÒB+É<Ç/ºÉƤÉÆÊvÉiÉ +É®¤ÉÒ+É<Ç Ên¶ÉÉÊxÉnæ¶ÉÉå uÉ®É ÊxÉvÉÉÇÊ®iÉ Ê´É´ÉäEò{ÉÚhÉÇ ¨ÉÉxÉnÆbÉå EòÉ
{ÉɱÉxÉ Eò®iÉÒ ½è, VÉèºÉÉ ÊEò BºÉä] ´ÉMÉÔEò®hÉ, +ÉªÉ EòÒ ¨ÉÉxªÉiÉÉ +Éè® @  hÉ/+ÊOɨÉ/Êb¤ÉåSÉ® ºÉä ºÉƤÉÆÊvÉiÉ |ÉÉ´ÉvÉÉxÉ ½è*
(d) ´ÉåSÉ® EèòÊ{É]±É ¡Æòb (VCF)/+±]®xÉäÊ]´É <xÉ´Éäº]¨Éå] ¡Æòb (AIF): BäºÉä ÊxÉ´Éä¶ÉÉå Eäò ¨ÉÚ±ªÉ ¨Éå Eò¨ÉÒ Eäò ʱÉB |ÉÉ´ÉvÉÉxÉ
ÊEòªÉÉ VÉÉiÉÉ ½è, VɽÉÆ NAV Eäò °  {É ¨Éå ¤Éè±ÉåºÉ ¶ÉÒ] EòÒ iÉÉ®ÒJÉ ±ÉÉMÉiÉ ºÉä Eò¨É ½ÉäiÉÒ ½è* ªÉÊn BxÉB´ÉÒ +ÉÆEòcä ÊnJÉÉxÉä ´ÉɱÉÒ
+ÉìÊb]äb ¤Éè±ÉåºÉ ¶ÉÒ]/Ê´ÉkÉÒªÉ Ê´É´É®hÉ ¨ÉÚ±ªÉÉÆEòxÉ EòÒ iÉÉ®ÒJÉ Eäò +xÉÖºÉÉ® 18 ¨É½ÒxÉä ºÉä +ÊvÉEò ºÉ¨ÉªÉ iÉEò ±ÉMÉÉiÉÉ® ={ɱɤvÉ
xÉ½Ó ½é, iÉÉä ÊxÉ´Éä¶É EòÉ ¨ÉÚ±ªÉ |ÉÊiÉ ´ÉÒºÉÒB¡ò/B+É<ÇB¡ò `1/- ½è*
8.6 ½ÉÊxÉ EòÉ |ÉiªÉÉ´ÉiÉÇxÉ
ºÉÊGòªÉ °  {É ºÉä EòÉ®Éä¤ÉÉ® ÊEòB MÉB <ÊC´É]Ò ¶ÉäªÉ®Éå Eäò ¨ÉɨɱÉä ¨Éå, ±ÉÉ¦É +Éè® ½ÉÊxÉ JÉÉiÉä ¨Éå ¨ÉÉxªÉiÉÉ |ÉÉ{iÉ ½ÉÊxÉ {ɽ±Éä ½Ò {ÉÊ®´ÉÌiÉiÉ
½Éä VÉÉiÉÒ ½è:
l EÆò{ÉxÉÒ Eäò ºÉÆÊSÉiÉ PÉÉ]ä EòÉä {ÉÚ®Ò iÉ®½ ºÉä ʨÉ]É ÊnªÉÉ MɪÉÉ ½è +Éè®
EÆò{ÉxÉÒ xÉä Ê´ÉkÉÒªÉ ´É¹ÉÉäÈ ºÉä {ɽ±Éä iÉÒxÉ iÉÖ®ÆiÉ Eäò ʱÉB ¶ÉÖr ±ÉÉ¦É ÊnJÉɪÉÉ ½è
l ºÉÊGòªÉ °  {É ºÉä EòÉ®Éä¤ÉÉ® ÊEòB MÉB <ÊC´É]Ò ¶ÉäªÉ®Éå Eäò +±ÉÉ´ÉÉ +xªÉ ¨ÉɨɱÉÉå ¨Éå, ½ÉÊxÉ Eäò =±É] ±ÉÉ¦É +Éè® ½ÉÊxÉ JÉÉiÉä ¨Éå
´ÉºÉÚ±ÉÒ {É® ¨ÉÉxªÉiÉÉ nÒ VÉÉBMÉÒ*
8.7 BxÉ{ÉÒB JÉÉiÉä ¨Éå ´ÉºÉÚ±ÉÒ
BxÉ{ÉÒB JÉÉiÉä ¨Éå ´ÉºÉÚ±ÉÒ Eäò °  {É ¨Éå |ÉÉ{iÉ ®É榃 EòÉä ¨ÉÚ±É ¤ÉEòɪÉÉ +Éè® +ÊvɶÉä¹É EòÒ +Éä® Ê´ÉÊxɪÉÉäÊVÉiÉ ÊEòªÉÉ VÉÉiÉÉ ½è ªÉÊn EòÉä<Ç
¤ªÉÉVÉ Eäò ʱÉB ºÉ¨ÉɪÉÉäÊVÉiÉ ÊEòªÉÉ VÉÉiÉÉ ½è*
(a) ±ÉɦÉÉÆ¶É =ºÉ ´É¹ÉÇ Eäò ʱÉB ʱÉJÉÉ VÉÉiÉÉ ½è ÊVɺɨÉå |ÉÉ{iÉ Eò®xÉä EòÉ +ÊvÉEòÉ® ºlÉÉÊ{ÉiÉ ÊEòªÉÉ VÉÉiÉÉ ½è, ¤É¶ÉiÉæ ÊEò JÉÉiÉÉ ¤ÉÆn
Eò®xÉä EòÒ iÉÉ®ÒJÉ/{ÉÚ´ÉÇ iÉÉ®ÒJÉ ¦ÉÒ =ºÉÒ +´ÉÊvÉ Eäò ¦ÉÒiÉ® +ÉiÉÒ ½è*
(b) Ê´Énä¶ÉÒ <ÊC´É]Ò ¶ÉäªÉ®Éå Eäò ºÉƤÉÆvÉ ¨Éå ±ÉɦÉÉÆ¶É EòÉ Ê½ºÉÉ¤É =ºÉ ºÉ¨ÉªÉ ±ÉMÉɪÉÉ VÉÉiÉÉ ½è VÉ¤É EÆò{ÉxÉÒ ºÉä ±ÉɦÉÉÆ¶É ºÉ±Éɽ |ÉÉ{iÉ
EòÒ VÉÉiÉÒ ½è ªÉÉ ¤ÉéEò JÉÉiÉä ¨Éå GäòÊb] |ÉÉ{iÉ ½ÉäiÉÉ ½è VÉÉä ¦ÉÒ {ɽ±Éä ½Éä*
(c) Êb¨ÉVÉÇ® Eäò ¨ÉɨɱÉä ¨Éå, Êb¨ÉVÉÇ® EÆò{ÉxÉÒ Eäò ¶ÉäªÉ®Éå Eäò ¨ÉÖEòɤɱÉä ÊbÊ´Ébåb EÆò{ÉxÉÒ Eäò ¶ÉäªÉ®Éå EòÉ ±ÉɦÉÉÆ¶É iÉ¤É iÉEò ʱɪÉÉ VÉÉxÉÉ
SÉÉʽB, VÉ¤É iÉEò ÊEò Êb¨ÉVÉÇ® EòÒ ±ÉÉMÉiÉ +ÊvÉOɽhÉ +xÉÖ{ÉÉiÉ Eäò ºÉƤÉÆvÉ ¨Éå nºiÉÉ´ÉäVÉÒ ºÉÉIªÉ ={ɱɤvÉ xÉ ½Éå*
(d) VɽÉÄ ±ÉɦÉÉÆ¶É EÆò{ÉxÉÒ EòÒ ´ÉÉ̹ÉEò +É¨É ¤Éè`Eò ¨Éå PÉÉäʹÉiÉ ÊEòªÉÉ VÉÉiÉÉ ½è, ±ÉäÊEòxÉ ¤ÉÉn ¨Éå <ºÉ iÉ®½ Eäò ±ÉɦÉÉÆ¶É EòÒ |ÉÉÊ{iÉ
ºÉÆÊnMvÉ ½Éä VÉÉiÉÉ ½è, |ÉÉ´ÉvÉÉxÉ ÊºÉ® ºÉÆÊnMvÉ @  hÉ, ÊxÉ´Éä¶É +Éè® @  hÉ Eäò ʱÉB |ÉÉ´ÉvÉÉxÉ Eäò iɽiÉ =ÊSÉiÉ ®É榃 Eäò ʱÉB ÊEòªÉÉ
VÉÉiÉÉ ½è*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 342

 Preference share: Capital is considered to be impaired when the capital is eroded and
(b)
the companies are having three years’ history of continuous losses or where the annual
accounts for three immediately preceding years are not available on the date of valuation.
Such preference shares are valued as under:
i) If the equity shares of the company are actively traded, its preference shares are written
down to a value, which is in the same proportion that the market value of the equity
share bears to its face value.
ii) If the equity shares of the company are unlisted/thinly traded, its preference shares are
written down to a value, which is in the same proportion that the break-up value of equity
share bears to its face value. Where the break-up value of equity shares is negative or
where the latest published annual accounts is not available one year prior to the date
of valuation, the preference shares are written down to a nominal value of Re. 1/- per
company.
Loans and debentures: The Company follows the prudential norms prescribed by the IRDAI/
(c)
related RBI guidelines as regards Asset classification, recognition of income and provisioning
pertaining to Loans/Advances/Debentures.
Venture Capital Fund (VCF)/Alternative Investment Fund (AIF): Provision is made for
(d)
impairment in value of such investments where NAV as at the Balance Sheet date is lower
than the cost. If the audited Balance Sheet / Financial Statements showing NAV figures
are not available continuously for more than 18 months as on the date of valuation, the
investments are valued at Re. 1 per VCF / AIF.
8.6 Reversal of impairment
In case of actively traded equity shares, impairment loss earlier recognized in profit & loss account
is reversed only when:
l The accumulated losses of the Company are completely wiped out and
l Company has shown net profit for three immediately preceding financial years
In case of other than actively traded equity shares, reversal of impairment loss shall be recognized
in profit & loss account on realization.
8.7 Recovery in NPA Account
Amount received as recovery in NPA Account is appropriated towards principal outstanding and
surplus remaining, if any is adjusted towards interest.
(a) Dividend is accounted for in the year in which right to receive is established provided the
book closure date/ Ex Date also falls within the same period.
(b) Dividend in respect of foreign equity shares is accounted for when dividend advice is received
from the company or credit is received in the bank account whichever is earlier.
(c) In case of demerger, dividend in respect of resultant company is to be accounted for against
shares of demerged company till the documentary evidence in respect of cost acquisition
ratio of demerger is not available.
(d) Where dividend is declared at the Annual General Meeting of the company, but subsequently
the receipt of such dividend becomes doubtful, provision is made for the appropriate amount
under the head ‘Provision for Doubtful Loans, Investment and Debts’.

343 ANNUAL REPORT 2019-20

 =xÉ
(e) ¶ÉäªÉ®Éå {É® ±ÉɦÉÉÆ¶É VÉÉä EÆò{ÉxÉÒ Eäò xÉÉ¨É {É® ½ºiÉÉÆiÉÊ®iÉ xÉ½Ó ÊEòB VÉÉiÉä ½é, =x½å ´ÉºÉÚ±ÉÒ Eäò ʱÉB ÊVɨ¨ÉänÉ® ¨ÉÉxÉÉ VÉÉiÉÉ
½è*
8.8 VɽÉÆ ¶ÉäªÉ®Éå/Êb¤ÉåSÉ®Éå EòÒ JÉ®Òn Eäò +xÉÖ¤ÉÆvÉ ÊEòB VÉÉiÉä ½é, ±ÉäÊEòxÉ |ɨÉÉhÉ{ÉjÉÉå EòÉ Ê´ÉiÉ®hÉ/{ÉÆVÉÒEò®hÉ ±ÉÆʤÉiÉ ½è, =ºÉÒ Eäò °  {É ¨Éå
ÊxÉ´Éä¶É Eäò ʱÉB ʱÉJÉÉ VÉÉiÉÉ ½é* ªÉÊn JÉ®Òn Eäò iÉÖ®ÆiÉ ¤ÉÉn Ê´ÉiÉ®hÉ EòÒ {ÉåbåºÉÒ Eäò nÉè®ÉxÉ BäºÉä ¶ÉäªÉ®Éå {É® ±ÉɦÉÉÆ¶É PÉÉäʹÉiÉ ÊEòªÉÉ
VÉÉiÉÉ ½è, iÉÉä BäºÉä ±ÉɦÉÉÆ¶É EòÒ ®É榃 ºÉä ¶ÉäªÉ®Éå EòÒ ±ÉÉMÉiÉ Eò¨É ½Éä VÉÉiÉÒ ½è*
8.9 ¤ÉÉäxÉºÉ =ºÉ ´É¹ÉÇ Eäò ʱÉB ½ÉäiÉÉ ½è ÊVɺɨÉå |ÉÉ{iÉ Eò®xÉä EòÉ +ÊvÉEòÉ® ºlÉÉÊ{ÉiÉ ÊEòªÉÉ VÉÉiÉÉ ½è ¤É¶ÉiÉæ =ºÉÒ ´É¹ÉÇ Eäò ¦ÉÒiÉ® JÉÉiÉÉ ¤ÉÆn
Eò®xÉä EòÒ iÉÉ®ÒJÉ {Éc VÉÉB* VɽÉÆ ¤ÉÉäxÉºÉ ¶ÉäªÉ® |ÉÉ{iÉ ½ÉäiÉä ½é, EÖò±É ¤ÉÖEò ´É豪ÉÚ EòÉä |ɦÉÉÊ´ÉiÉ ÊEòB ʤÉxÉÉ ½Éä˱bMÉ ¶ÉäªÉ®Éå EòÒ ºÉÆJªÉÉ
¨Éå ´ÉÞÊr Eäò °  {É ¨Éå nVÉÇ ÊEòªÉÉ VÉÉiÉÉ ½è*
8.10 ÊxÉ´Éä¶É EòÒ ±ÉÉMÉiÉ Eäò °  {É ¨Éå ÊxÉ´Éä¶É EòÒ |ÉÉÊ{iÉ {É® ±ÉɦÉ/½ÉÊxÉ EòÒ MÉhÉxÉÉ ¦ÉÉÊ®iÉ +ÉèºÉiÉ ¤ÉÖEò ´É豪ÉÚ uÉ®É EòÒ VÉÉiÉÒ ½è*
8.11 ¤ªÉÉVÉ +ÉªÉ EòÉä ¤ÉEòɪÉÉ ®É榃 EòÉä vªÉÉxÉ ¨Éå ®JÉiÉä ½ÖB ºÉ¨ÉªÉ +xÉÖ{ÉÉiÉ Eäò +ÉvÉÉ® {É® ¨ÉÉxªÉiÉÉ |ÉÉ{iÉ ½è +Éè® MÉè®Êxɹ{ÉÉÊniÉ {ÉÊ®ºÉÆ{ÉÊkɪÉÉå
{É® ¤ªÉÉVÉ +ÉªÉ EòÉä UÉäcEò® +É<Ç+É®bÒB+É<Ç (ÊxÉ´Éä¶É) Ê´ÉÊxɪɨÉxÉ 2016 Eäò +xÉÖºÉÉ® ´ÉºÉÚ±ÉÒ {É® ¨ÉÉxªÉiÉÉ |ÉÉ{iÉ ½è*
8.12 ¤ªÉÉVÉ, ±ÉɦÉÉÆ¶É +Éè® ÊEò®ÉB EòÒ +ɪÉ, EÖò±É JÉSÉÉäÈ +Éè® ÊxÉ´Éä¶É EòÒ Ê¤ÉGòÒ/|ÉÉÊ{iÉ {É® ±ÉɦÉ/½ÉÊxÉ, ºÉƤÉÆÊvÉiÉ ®ÉVɺ´É JÉÉiÉÉå
({ÉÉìʱɺÉÒvÉÉ®EòÉå Eäò JÉÉiÉä) +Éè® ±ÉÉ¦É +Éè® ½ÉÊxÉ JÉÉiÉÉ (¶ÉäªÉ®vÉÉ®EòÉå Eäò JÉÉiÉä) Eäò ¤ÉÒSÉ {ÉÉìʱɺÉÒ½Éä±b® ¡Æòb +Éè® ¶ÉäªÉ®vÉÉ®EòÉå
EòÉä ´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå ¶Éä¹É ®ÉʶÉ*
8.13 |ÉÒÊ¨ÉªÉ¨É |ÉÊiɦÉÚÊiɪÉÉå {É® ¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ VÉÉiÉÉ ½è, VÉÉä {ÉÊ®{ÉC´ÉiÉÉ Eäò +{ÉxÉä ºÉƤÉÆÊvÉiÉ +´Éʶɹ] +´ÉÊvÉ ºÉä +ÊvÉEò ½ÉäiÉÉ ½è*
|ÉÊiɦÉÚÊiɪÉÉå EòÒ JÉ®Òn {É® UÚ] EòÉä {ÉÊ®{ÉC´ÉiÉÉ Eäò ºÉ¨ÉªÉ +ÉªÉ Eäò °  {É ¨Éå ¨ÉÉxªÉiÉÉ nÒ VÉÉiÉÒ ½è*
9. {ÉÉìʱɺÉÒvÉÉ®Eò +Éè® ¶ÉäªÉ®vÉÉ®Eò Eäò IÉäjÉ EòÉ Ê´É¦ÉÉVÉxÉ:
+É<Ç+É®bÒB Eäò ÊxÉnæ¶ÉÉå Eäò +ÉvÉÉ® {É® {ÉÉìʱɺÉÒvÉÉ®EòÉå Eäò +Éè® ¶ÉäªÉ®vÉÉ®EòÉå Eäò ¡ÆòbÉå EòÒ MÉhÉxÉÉ EòÒ VÉÉiÉÒ ½è* +É<Ç+É®bÒB Eäò
Ên¶ÉÉÊxÉnæ¶ÉÉå Eäò +xÉÖºÉÉ® ÊxÉ´Éä¶É EòÒ ºÉÆ{ÉÊkÉ +Éè® =ÊSÉiÉ ¨ÉÚ±ªÉ {ÉÊ®´ÉiÉÇxÉ JÉÉiÉÉ ¡Æòb ºiÉ® {É® ¶ÉäªÉ®vÉÉ®EòÉå +Éè® {ÉÉìʱɺÉÒvÉÉ®EòÉå Eäò ¤ÉÒSÉ
Ê´ÉSÉÉ®¨ÉÚ±ÉEò ºiÉ® {É® ʴɦÉÉÊVÉiÉ ÊEòªÉÉ VÉÉiÉÉ ½è*
10. |ɤÉÆvÉxÉ/{ÉÊ®SÉɱÉxÉ ´ªÉªÉ Eäò JÉSÉÇ
|ɤÉÆvÉxÉ Eäò º´ÉÒEòɪÉÇ ´ªÉªÉ EòÒ MÉhÉxÉÉ ¤ÉÒ¨ÉÉ ÊxɪÉɨÉEò +Éè® Ê´ÉEòÉºÉ |ÉÉÊvÉEò®hÉ +Éì¡ò <ÆÊbªÉÉ (ºÉɨÉÉxªÉ ªÉÉ º´ÉɺlªÉ ¤ÉÒ¨ÉÉ ´ªÉ´ÉºÉÉªÉ EòÉ
±ÉäxÉnäxÉ Eò®xÉä ´ÉɱÉä ¤ÉÒ¨ÉÉEòiÉÉÇ+Éå Eäò |ɤÉÆvÉxÉ Eäò ´ªÉªÉ) Ê´ÉÊxɪɨÉÉå, 2016 Eäò +ÉvÉÉ® {É® ®ÉVɺ´É JÉÉiÉÉå ¨Éå EòÒ VÉÉiÉÒ ½è +Éè® =x½å +É´ÉÆÊ]
iÉ EòÒ VÉÉiÉÒ ½è*
11. +SÉ±É ºÉÆ{ÉÊkɪÉÉå +Éè® +´É¨ÉÚ±ªÉxÉ
i) +SÉ±É ºÉÆ{ÉÊkɪÉÉÆ Eò¨É ºÉÆÊSÉiÉ ¨ÉÚ±ªÉ¿ÉºÉ {É® ±ÉÒ VÉÉiÉÒ ½é*
ii) +xÉÖºÉÚSÉÒ-II EÆò{ÉxÉÒ +ÊvÉÊxɪɨÉ, 2013 Eäò ¦ÉÉMÉ ºÉÒ ¨Éå ®JÉÒ MÉ<Ç {ÉÊ®ºÉÆ{ÉÊkɪÉÉå Eäò ={ɪÉÉäMÉÒ VÉÒ´ÉxÉ Eäò +ÉvÉÉ® {É® ¨ÉÚ±ªÉ¿ÉºÉ ʱÉÊJÉiÉ
Ê´ÉÊvÉ (b¤±ªÉÚbÒ´ÉÒ) Eäò +xÉÖºÉÉ® |ÉnÉxÉ ÊEòªÉÉ MɪÉÉ ½è* ºÉÆ{ÉÊkÉ Eäò ¨ÉÚ±ªÉ EòÉ 95% ¨ÉÚ±ªÉ¿ÉºÉ ªÉÉäMªÉ ¨ÉÉxÉÉ VÉÉiÉÉ ½è VɤÉÊEò ¶Éä¹É 5%
+´É¶Éä¹É ¨ÉÚ±ªÉ Eäò °  {É ¨Éå ¤ÉxÉÉB ®JÉÉ VÉÉiÉÉ ½è*
iii) ±ÉÒVɽÉä±b ºÉÆ{ÉÊkɪÉÉå EòÒ ±ÉÉMÉiÉ ±ÉÒVÉ EòÒ +´ÉÊvÉ ¨Éå ¤ÉgÉ<Ç VÉÉiÉÒ ½è*
iv) +xÉÖ¨ÉÉÊxÉiÉ ={ɪÉÉäMÉÒ VÉÒ´ÉxÉ 3 ´É¹ÉÇ ºÉä +ÊvÉEò xÉ½Ó ½ÉäxÉä {É® +¨ÉÚiÉÇ ºÉÆ{ÉÊkÉ (ºÉÉì}]´ÉäªÉ®) EòÉä {ÉÊ®¶ÉÉäÊvÉiÉ ÊEòªÉÉ VÉÉiÉÉ ½è*
12. ºÉÆ{ÉÊkÉ EòÒ ½ÉÊxÉ
½ÉÊxÉ EòÉ xÉÖEòºÉÉxÉ iÉ¤É {ɽSÉÉxÉÉ VÉÉiÉÉ ½è VÉ¤É {ÉÊ®ºÉÆ{ÉÊkɪÉÉå Eäò ¤±ÉÉìEò EòÒ ´ÉºÉÚ±ÉÒ ªÉÉäMªÉ EòÒ¨ÉiÉ Eäò ¤ÉÉ®ä ¨Éå EòÉä<Ç ºÉÆEäòiÉ <ºÉEòÒ ´É½xÉ
±ÉÉMÉiÉ ºÉä Eò¨É ¨ÉÉxÉÉ VÉÉiÉÉ ½è*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 344

 (e) Dividend, on shares which are not transferred in the company’s name, is accounted for on
realization.
8.8 Where contracts of purchase of shares/debentures are made but delivery/registration of certificates
is pending, the same are accounted for as investments. If dividend is declared on such shares
during the pendency of delivery immediately after purchase, the cost of shares is reduced by the
amount of such dividend.
8.9 Bonus is accounted for in the year in which right to receive is established provided the book
closure date falls within the same year. Where bonus shares are received, the number of bonus
shares is recorded as an increase in holding without affecting the total book value.
8.10 Profit/Loss on realization of investments is computed by taking weighted average book value as
cost of investments.
8.11 Interest Income is recognized on a time proportion basis taking into account the amount outstanding
and the rate applicable except that Interest Income on non-performing assets is recognized on
realization as per IRDAI (Investment) Regulation 2016.
8.12 Interest, dividend and rent income, net of expenses and profit/loss on sale/realization of investments,
are apportioned between respective Revenue Accounts (Policyholders’ Account) and Profit and
Loss Account (Shareholders’ account) in the ratio of policyholders’ fund and shareholders’ fund
balances at the beginning of the year.
8.13 Premium paid on debt securities are amortized over their respective residual period of maturity.
Discount on purchase of securities is recognized as income at the time of maturity.
9. SEGREGATION OF POLICYHOLDERS’ AND SHAREHOLDERS’ FUNDS:
Policyholders’ and Shareholders’ funds are computed based on IRDA directives. Investment assets
and fair value change account are bifurcated between shareholders and policyholders at ‘fund level’ on
notional basis as per IRDA guidelines.
10. EXPENSES OF MANAGEMENT/OPERATING EXPENSES
Allowable Expenses of Management is computed and allocated to Revenue Accounts on the basis
of Insurance Regulatory and Development Authority of India (Expenses of Management of Insurers
transacting General or Health Insurance business) Regulations, 2016.
11. FIXED ASSETS AND DEPRECIATION
i) Fixed assets are carried at cost less accumulated depreciation.
ii) Depreciation is provided as per written down value method (WDV) on the basis of useful life of
assets as laid out in Schedule II – Part C of the Companies Act, 2013. 95% of the value of asset is
considered depreciable whereas balance 5% is retained as residual value.
iii) Cost of Leasehold properties is amortized over the period of lease.
iv) Intangible assets (software) are amortized over the estimated useful life not exceeding 3 years.
12. IMPAIRMENT OF ASSETS
Impairment loss is recognized when any indication about realizable value of block of assets is observed
to be less than its carrying cost.

345 ANNUAL REPORT 2019-20

13. Eò¨ÉÇSÉÉÊ®ªÉÉå EòÉ ±ÉɦÉ
Eò¨ÉÇSÉÉ®Ò ±ÉÉ¦É ¨Éå {ÉÊ®¦ÉÉʹÉiÉ ªÉÉäMÉnÉxÉ +Éè® {ÉÊ®¦ÉÉʹÉiÉ ±ÉÉ¦É ªÉÉäVÉxÉÉ nÉäxÉÉå ¶ÉÉÊ¨É±É ½é*
(a) ¦ÉʴɹªÉ ÊxÉÊvÉ BEò {ÉÊ®¦ÉÉʹÉiÉ ªÉÉäMÉnÉxÉ ªÉÉäVÉxÉÉ ½è CªÉÉåÊEò EÆò{ÉxÉÒ EòÉ nÉʪÉi´É BEò +±ÉMÉ ]ź] EòÉä ÊxÉʶSÉiÉ ¨ÉÉʺÉEò ªÉÉäMÉnÉxÉ näxÉÉ
½è*
(b) xÉä¶ÉxÉ±É {Éå¶ÉxÉ ÊºÉº]¨É (BxÉ{ÉÒBºÉ) BEò {ÉÊ®¦ÉÉʹÉiÉ ªÉÉäMÉnÉxÉ ªÉÉäVÉxÉÉ ½è CªÉÉåÊEò EÆò{ÉxÉÒ EòÉ nÉʪÉi´É {Éå¶ÉxÉ ¡Æòb ÊxɪÉɨÉEò +Éè®
Ê´ÉEòÉºÉ |ÉÉÊvÉEò®hÉ ({ÉÒB¡ò+É®bÒB) Eäò iɽiÉ {ÉÆVÉÒEÞòiÉ {Éå¶ÉxÉ ¡Æòb |ɤÉÆvÉEòÉå EòÉä ÊxÉʶSÉiÉ ¨ÉÉʺÉEò ªÉÉäMÉnÉxÉ näxÉÉ ½è*
(c) {ÉÖ®ÉxÉÒ {Éå¶ÉxÉ ºEòÒ¨É, OÉäSªÉÖ]Ò +Éè® ±ÉÒ´É BxÉEèò¶É¨Éå] näxÉnÉÊ®ªÉÉå EòÉä {ÉÊ®¦ÉÉʹÉiÉ ±ÉÉ¦É nÉʪÉi´É ½é +Éè® ±ÉäJÉÉ ¨ÉÉxÉEò (BBºÉ) 15
Eò¨ÉÇSÉÉ®Ò ±ÉɦÉÉå Eäò +xÉÖºÉÉ® Ê´ÉkÉÒªÉ ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ÊEòB MÉB BEò ¤ÉÒ¨ÉÉÆÊEòEò ¨ÉÚ±ªÉÉÆEòxÉ Eäò +ÉvÉÉ® {É® |ÉnÉxÉ ÊEòB VÉÉiÉä ½é*
14. =vÉÉ® ±ÉÉMÉiÉ
=vÉÉ® ±ÉäxÉä EòÒ ±ÉÉMÉiÉ ¤ªÉÉVÉ +Éè® +xªÉ ±ÉÉMÉiÉå ½é VÉÉä vÉxÉ Eäò =vÉÉ® Eäò ºÉƤÉÆvÉ ¨Éå ½ÉäiÉÒ ½é +Éè® ÊEòºÉÒ ¦ÉÒ ªÉÉäMªÉiÉÉ ºÉÆ{ÉÊkÉ EòÒ +xÉÖ{ÉʺlÉÊiÉ
¨Éå ±ÉÉ¦É +Éè® ½ÉÊxÉ JÉÉiÉä (¶ÉäªÉ®vÉÉ®Eò Eäò JÉÉiÉä) ºÉä ´ÉºÉÚ±É EòÒ VÉÉiÉÒ ½é*
15. ºÉäMɨÉå] EòÒ Ê®{ÉÉä]Ç
¤ÉÒ¨ÉÉ Ê´ÉÊxɪÉɨÉEò +Éè® Ê´ÉEòÉºÉ |ÉÉÊvÉEò®hÉ (Ê´ÉkÉÒªÉ EÆò{ÉÊxɪÉÉå EòÒ iÉèªÉÉ®Ò +Éè® ±ÉäJÉÉ {É®ÒIÉEòÉå EòÒ ¤ÉÒ¨ÉÉ EÆò{ÉÊxɪÉÉå EòÒ Ê®{ÉÉä]Ç) Ê´ÉÊxɪɨÉ,
2002 +Éè® =ºÉEäò ¤ÉÉn Eäò {ÉÊ®{ÉjÉÉå ¨Éå ÊnB MÉB ÊxÉnæ¶ÉÉå Eäò +xÉÖºÉÉ® JÉÆbÉå EòÉä ´ÉMÉÔEÞòiÉ ÊEòªÉÉ MɪÉÉ ½è*
16. ºÉÆ{ÉEÇò ºÉƺlÉÉBÄ +Éè® ºÉ½ÉªÉEò ºÉÆ{ÉÊkÉ
Ê{ÉU±Éä PÉ]xÉÉ+Éå Eäò {ÉÊ®hÉɨɺ´É°  {É ´ÉiÉǨÉÉxÉ nÉʪÉi´É ½ÉäxÉä {É® +ÉEòʺ¨ÉEò näxÉnÉÊ®ªÉÉå Eäò ÊJɱÉÉ¡ò |ÉÉ´ÉvÉÉxÉ EòÉä ¨ÉÉxªÉiÉÉ nÒ MÉ<Ç ½è +Éè®
ªÉ½ ºÉÆ¦É´É ½è ÊEò nÉʪÉi´É Eäò ÊxÉ{É]ÉxÉ Eäò ʱÉB ºÉƺÉÉvÉxÉÉå Eäò ¤Éʽ´ÉÉǽ EòÒ +ɴɶªÉEòiÉÉ ½ÉäMÉÒ* +ÉEòʺ¨ÉEò ºÉÆ{ÉÊkÉ JÉÉiÉÉå ¨Éå ¨ÉÉxªÉiÉÉ |ÉÉ{iÉ
xÉ½Ó ½è*
17. Eò®ÉvÉÉxÉ
(a) +ɪÉEò® Eäò ʱÉB |ÉÉ´ÉvÉÉxÉ Eò® EòÉxÉÚxÉÉå Eäò +xÉÖºÉÉ® ÊEòªÉÉ VÉÉiÉÉ ½è* Eò® +ÊvÉEòÉÊ®ªÉÉå uÉ®É {ÉÉÊ®iÉ +Énä¶ÉÉå Eäò +ÉvÉÉ® {É® Eò®
´ÉÉ{ɺÉÒ {É® ¤ªÉÉVÉ EòÉ Ê½ºÉÉ¤É ±ÉMÉɪÉÉ VÉÉiÉÉ ½è*
(a) +ɺlÉÊMÉiÉ Eò® EòÉä ºÉ¨ÉªÉ Eäò +ÆiÉ® {É® {ɽSÉÉxÉÉ VÉÉiÉÉ ½è, Eò® ªÉÉäMªÉ +Éè® ±ÉäJÉÉÆEòxÉ +ɪÉ/´ªÉªÉ Eäò ¤ÉÒSÉ +ÆiÉ® ½ÉäiÉÉ ½è VÉÉä BEò
+´ÉÊvÉ ¨Éå =i{ÉxxÉ ½ÉäiÉÉ ½è +Éè® BEò ªÉÉ +ÊvÉEò ¤ÉÉn EòÒ +´ÉÊvÉ (+Éå) ¨Éå =±É] Eò®xÉä ¨Éå ºÉIÉ¨É ½ÉäiÉÉ ½è* VÉ¤É iÉEò +ɦÉɺÉÒ
ÊxÉʶSÉiÉiÉÉ xÉ½Ó ½ÉäMÉÒ iÉ¤É iÉEò +ɺlÉÊMÉiÉ Eò® {ÉÊ®ºÉÆ{ÉÊkÉ EòÉä ¨ÉÉxªÉiÉÉ xÉ½Ó nÒ VÉÉiÉÒ ½è, ¦ÉʴɹªÉ ¨Éå {ɪÉÉÇ{iÉ Eò® ªÉÉäMªÉ +ÉªÉ ={ɱɤvÉ
½ÉäMÉÒ, ÊVɺÉEäò ʴɯr BäºÉÒ +ɺlÉÊMÉiÉ Eò® {ÉÊ®ºÉÆ{ÉÊkɪÉÉå EòÉ B½ºÉÉºÉ ½ÉäMÉÉ*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 346

13. EMPLOYEES’ BENEFITS
Employee benefits comprise of both defined contributions and defined benefit plans.
(a) Provident fund is a defined contribution plan as the company’s obligation is to pay fixed monthly
contributions to a separate trust.
(b) National Pension System (NPS) is a defined contribution plan as the company’s obligation is
to pay fixed monthly contributions to Pension Fund managers registered under Pension Fund
Regulatory and Development Authority (PFRDA).
(c) Old Pension Scheme, Gratuity and Leave Encashment liabilities are defined benefits obligations
and are provided for on the basis of an actuarial valuation made at the end of the financial year in
accordance with Accounting Standard (AS) 15 Employee Benefits.
14. BORROWING COSTS
Borrowing costs are interest and other costs incurred in connection with the borrowing of funds and
are charged to the Profit and Loss Account (Shareholder’s Account) in the absence of any ‘Qualifying
asset’.
15. SEGMENT REPORTING
Segments have been classified as per directives given in The Insurance Regulatory and Development
Authority (Preparation of Financial Statements and Auditors’ Report of Insurance Companies)
Regulations, 2002 and subsequent circulars.
16. CONTINGENT LIABILITIES & CONTINGENT ASSETS
Provision against contingent liabilities is recognized when there is a present obligation as a result of
past events and it is probable that an outflow of resources will be required to settle the obligation.
Contingent assets are not recognized in the accounts.
17. TAXATION
(a) Provision for income tax is made in accordance with the tax laws. Interest on tax refunds is
accounted for on the basis of orders passed by the Tax authorities.
(b) Deferred tax is recognized on timing differences, being the differences between taxable and
accounting income / expenditure that originate in one period and are capable of reversal in
one or more subsequent period(s). Deferred tax asset is not recognized unless there is virtual
certainty that sufficient future taxable income will be available against which such deferred tax
assets will be realized.

347 ANNUAL REPORT 2019-20

+xÉÖºÉÚSÉÒ - 17
Ê]{{ÉÊhɪÉÉÆ VÉÉä ±ÉäJÉÉ Eäò BEò ʽººÉÉ ½è:
1. +ÉEòʺ¨ÉEò näªÉiÉÉBÆ:
¤Éè±ÉåºÉ ¶ÉÒ] Eäò xÉÒSÉä +ÉEòʺ¨ÉEò näªÉiÉɪÉÉå EòÉä º{ɹ] ÊEòªÉÉ MɪÉÉ ½è* <ºÉ¨Éå EÆò{ÉxÉÒ Eäò ºÉ¨¨ÉÖJÉ @  hÉ Eäò °  {É ¨Éå º´ÉÒEòÉ® xÉ½Ó ÊEòB MÉB
nÉ´Éä ¶ÉÉÊ¨É±É ½é, ÊVɺɨÉå +ɪÉEò®, ºÉä´ÉÉ Eò® +Éè® +xªÉ ºÉ®EòÉ®Ò ¶ÉÖ±Eò Eäò |ÉÊiÉ Ê´ÉʦÉxxÉ ´ÉèvÉÉÊxÉEò |ÉÉÊvÉEò®hÉÉå EòÒ ¨ÉÉÆMÉ ¶ÉÉÊ¨É±É ½è*
EÆò{ÉxÉÒ ºÉƤÉÆÊvÉiÉ +{ÉÒ±ÉÒªÉ |ÉÉÊvÉEòÉÊ®ªÉÉå Eäò ºÉ¨ÉIÉ Ê´É´ÉÉÊniÉ ¨ÉÉÆMÉÉå EòÉä ±ÉäEò® ±Éc ®½Ò ½è* ªÉ½ =¨¨ÉÒn EòÒ VÉÉiÉÒ ½è ÊEò <xÉ EòɪÉÇ´ÉÉʽªÉÉå
EòÉ +ÆÊiÉ¨É {ÉÊ®hÉÉ¨É EÆò{ÉxÉÒ Eäò {ÉIÉ ¨Éå ½ÉäMÉÉ +Éè® <ºÉºÉä EÆò{ÉxÉÒ EòÒ Ê´ÉkÉÒªÉ ÊºlÉÊiÉ +Éè® ºÉÆSÉɱÉxÉ Eäò {ÉÊ®hÉɨÉÉå {É® EòÉä<Ç ¦ÉÉèÊiÉEò |ÉÊiÉEÚò±É
|ɦÉÉ´É xÉ½Ó {ÉcäMÉÉ* EÆò{ÉxÉÒ uÉ®É <xÉ +ÉEòʺ¨ÉEò °  {É ºÉä ±ÉÆʤÉiÉ ¨ÉÖEòn¨Éä¤ÉÉVÉÒ Eäò ʱÉB näªÉiÉɪÉÉå EòÉä PÉÉäʹÉiÉ Eò®xÉä Eäò iÉ®ÒEòÉä EòÉ JÉÖ±ÉɺÉÉ
ÊEòªÉÉ MɪÉÉ ½è, EòÉä UÉäcEò®, VÉÉä {ɽ±Éä ºÉä ½Ò JÉÉiÉÉå ¨Éå =±±ÉäÊJÉiÉ ÊEòB MÉB ½é*
2. {ÉÊ®ºÉÆ{ÉÊkÉ EòÒ ÊºlÉÊiÉ:
(a) ¦ÉÉ®iÉ ¨Éå EÆò{ÉxÉÒ EòÒ {ÉÊ®ºÉÆ{ÉÊkɪÉÉå EòÉ @  hɦÉÉ® - ` ¶ÉÚxªÉ (` ¶ÉÚxªÉ)
(b) ¦ÉÉ®iÉ Eäò ¤Éɽ® EÆò{ÉxÉÒ EòÒ {ÉÊ®ºÉÆ{ÉÊkɪÉÉå EòÉ @  hɦÉÉ® - ` ¶ÉÚxªÉ (` ¶ÉÚxªÉ)
3. @  hÉ, ÊxÉ´Éä¶É +Éè® ÊxÉʶSÉiÉ {ÉÊ®ºÉÆ{ÉÊkɪÉÉå Eäò ʱÉB ºÉÖ{ÉÖnÇMÉÒ +Éè® ¤ÉEòɪÉÉ:
(` ½VÉÉ® ¨Éå)
Ê´É´É®hÉ 2019-20 2018-19
@  hÉ +Éè® ÊxÉ´Éä¶É 76,140 76,140
+SÉ±É ºÉʨ{ÉkÉ 27,54,816 22,12,013
+É<Ç]Ò xÉä bÉ]É ¨ÉÉ<OÉä¶ÉxÉ ºÉʽiÉ Ê¤ÉVÉxÉäºÉ |ÉÉäºÉäºÉ ®Ò<ÆVÉÒÊxɪÉË®MÉ (<ÇVÉÒ) EòÉä ºÉIÉ¨É 7,93,300 7,88,900
ÊEòªÉÉ
4. ¦ÉÉ®iÉ ¨Éå +Éè® ¤Éɽ® nÉ´ÉänÉ®Éå EòÉä nÉ´Éä, {ÉÖxɤÉÔ¨ÉÉ EòÉä PÉ]ÉEò® EòÉ ¦ÉÖMÉiÉÉxÉ:
(` ½VÉÉ® ¨Éå)
´ªÉ´ÉºÉÉªÉ ¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É
2019-20 2018-19 2019-20 2018-19 2019-20 2018-19
+ÊMxÉ 80,61,073 31,83,426 36,258 1,58,891 80,97,331 33,42,317
¨É®ÒxÉ 7,57,318 11,43,946 36,741 49,705 7,94,059 11,93,651
Ê´ÉÊ´ÉvÉ 7,34,68,071 8,90,92,943 1,70,995 2,88,119 7,36,39,066 8,93,81,062
EÖò±É 8,22,86,462 9,34,20,315 2,43,994 4,96,715 8,25,30,456 9,39,17,030

5. EÆò{ÉxÉÒ xÉä BäºÉÒ EòÉä<Ç {ÉÉìʱɺÉÒ VÉÉ®Ò xÉ½Ò EòÒ ½è VɽÉÆ nÉ´Éä Eäò ¦ÉÖMÉiÉÉxÉ EòÉ +´ÉÊvÉ 04 ´É¹ÉÉäÈ ºÉä +ÊvÉEò ½Ö+É ½Éä*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 348

Schedule 17
NOTES FORMING PART OF THE ACCOUNTS
1. Contingent Liabilities:
Contingent liabilities are disclosed below the Balance Sheet. Those include claims against the Company
not acknowledged as debt which in turn includes demand from various statutory authorities towards
income tax, service tax and other government levies. The Company is contesting the demands before
the respective appellate authorities. It is expected that the ultimate outcome of these proceedings will
be in favour of the Company and will not have any material adverse effect on the Company’s financial
position and results of operation. The impact is disclosed by the Company by way of declaring the
liabilities against these pending litigations as contingent, save otherwise, which have already been
provided for in the Accounts.
2. Status of Assets:
(a) Encumbrance to assets of the Company in India – ` Nil (` Nil)
(b) Encumbrance to assets of the Company outside India – ` Nil (` Nil)
3. Commitments made and outstanding for Loans, Investments and Fixed Assets:
(` in thousand)
Particulars 2019-20 2018-19
Loans and Investments 76,140 76,140
Fixed Assets 27,54,816 22,12,013
IT enabled Business Process Re-engineering (EASI) including 7,93,300 7,88,900
Data Migration

4. Claims, less reinsurance, paid to claimants within and outside India:

(` in thousand)

In India Outside India Total

Business
2019-20 2018-19 2019-20 2018-19 2019-20 2018-19
Fire 80,61,073 31,83,426 36,258 1,58,891 80,97,331 33,42,317
Marine 7,57,318 11,43,946 36,741 49,705 7,94,059 11,93,651
Miscellaneous 7,34,68,071 8,90,92,943 1,70,995 2,88,119 7,36,39,066 8,93,81,062
Total 8,22,86,462 9,34,20,315 2,43,994 4,96,715 8,25,30,456 9,39,17,030

5. The Company has not issued any policy where the claim payment period exceeds four years.

349 ANNUAL REPORT 2019-20

6. ¤ÉEòɪÉÉ nÉ´ÉÉå EòÒ ºÉ¨ÉªÉ ºÉÒ¨ÉÉ:
(` ½VÉÉ® ¨Éå)
¦ÉÉ®iÉ ¨Éå ´ªÉ´ÉºÉÉªÉ U ½ ¨É½ÒxÉä ºÉä Eò¨É U ½ ¨É½ÒxÉä ºÉä +ÊvÉEò EÖò±É
2019-20 2018-19 2019-20 2018-19 2019-20 2018-19
+ÊMxÉ 47,33,805 46,48,333 1,32,31,458 1,41,49,577 1,79,65,263 1,87,97,910
¨É®ÒxÉ 4,20,677 5,80,323 9,96,002 10,79,566 14,16,679 16,59,889
Ê´ÉÊ´ÉvÉ 4,88,52,725 2,79,35,667 5,68,45,413 4,58,24,952 10,56,98,138 7,37,60,619
EÖò±É 5,40,07,207 3,32,55,663 7,10,72,873 6,09,62,755 12,50,80,080 9,42,18,418

7. ¦ÉÉ®iÉ ¨Éå +Éè® ¤Éɽ® ºÉä +ÉB ´ªÉ´ÉºÉÉªÉ ºÉä ½ÖB {ÉÖxɤÉÔ¨ÉÉ EòÉä PÉ]ÉEò® |ÉÒʨɪɨÉ:
(` ½VÉÉ® ¨Éå)
´ªÉ´ÉºÉÉªÉ ¦ÉÉ®iÉ ¨Éå ¦ÉÉ®iÉ Eäò ¤Éɽ® EÖò±É
2019-20 2018-19 2019-20 2018-19 2019-20 2018-19
+ÊMxÉ 70,80,453 58,29,218 90,212 46,409 71,70,665 58,75,627
¨É®ÒxÉ 13,18,960 15,18,899 58,255 51,031 13,77,215 15,69,930
Ê´ÉÊ´ÉvÉ 8,58,17,701 8,89,58,928 1,35,766 1,01,642 8,59,53,467 8,90,60,570
EÖò±É 9,42,17,114 9,63,07,045 2,84,233 1,99,082 9,45,01,347 9,65,06,127

8. ºÉƤÉÆÊvÉiÉ ®ÉVɺ´É JÉÉiÉÉå ¨Éå VÉÉäÊJɨÉÉå EòÒ vÉÉ®hÉÉ Eäò +ÉvÉÉ® {É®, ´ÉɺiÉÊ´ÉEò {ÉÖxɤÉÔ¨ÉÉ, |ÉÒÊ¨ÉªÉ¨É EòÉä ¨ÉÉxªÉiÉÉ nÒ VÉÉiÉÒ ½è* +xÉÌVÉiÉ |ÉÒʨɪɨÉ
Ê®WÉ´ÉÇ ÊVɺɨÉå +ÊMxÉ, ¨É®ÒxÉ EòÉMÉÉäÇ +Éè® Ê´ÉÊ´ÉvÉ ´ªÉ´ÉºÉÉªÉ (±ÉÉìxMÉ ]¨ÉÇ ¨ÉÉä]® <ƶªÉÉä®åºÉ ºÉʽiÉ) EòÒ +´ÉºlÉÉ ¨Éå 50% +Éè® ¨É®ÒxÉ ½±É
´ªÉ´ÉºÉÉªÉ EòÒ +´ÉºlÉÉ ¨Éå 100 |ÉÊiɶÉiÉ {É® +ÉvÉÉÊ®iÉ ½è * ½É±ÉÉÆÊEò, |ÉvÉÉxɨÉÆjÉÒ ¡òºÉ±É ¤ÉÒ¨ÉÉ ªÉÉäVÉxÉÉ Eäò ´ªÉÉ{ÉÉ® Eäò ʱÉB `33,40,916
½VÉÉ® (`12,08,473 ½VÉÉ®) EòÉ ´ÉɺiÉÊ´ÉEò |ÉÒÊ¨ÉªÉ¨É VÉÉäÊJÉ¨É +´ÉÊvÉ Eäò °  {É ¨Éå =ºÉÒ Ê´ÉkÉÒªÉ ´É¹ÉÇ Eäò ¦ÉÒiÉ® {ÉÚ®Ò iÉ®½ ºÉä +ÌVÉiÉ
ÊEòªÉÉ MɪÉÉ ½è +Éè® {ÉÖxɤÉÔ¨ÉÉ +{ÉÇhÉ +ɺÉÉxÉÒ ºÉä º´ÉÒEòɪÉÇ ªÉÉäMªÉ ½è*
9. ÊxÉ´Éä¶É Eäò ºÉƤÉÆvÉ ¨Éå +xÉÖ¤ÉÆvÉ EòÉ ¨ÉÚ±ªÉ, EÞòiÉä:
(a) JÉ®Òn VɽÉÆ Êb±ÉÒ´É®Ò ±ÉÆʤÉiÉ ½é – `1,47,617 ½VÉÉ® (`5,54,475 ½VÉÉ®)
(b) ʤÉGòÒ VɽÉÆ ¦ÉÖMÉiÉÉxÉ näªÉ ½é – ` ¶ÉÚxªÉ (` ¶ÉÚxªÉ)
10.1 ¤ÉÉVÉÉ® ¨ÉÚ±ªÉ +Éè® BäÊiɽÉʺÉEò ±ÉÉMÉiÉ EòÉ ¥ÉäEò+{É ÊVɺÉä =ÊSÉiÉ ¨ÉÚ±ªÉ Eäò +ÉvÉÉ® {É® ÊxÉvÉÉÇÊ®iÉ ÊEòªÉÉ MɪÉÉ ½è, <ºÉ |ÉEòÉ® ½è:
(` ½VÉÉ® ¨Éå)
¤ÉÉVÉÉ® ¨ÉÚ±ªÉ BäÊiɽÉʺÉEò EòÒ¨ÉiÉ =ÊSÉiÉ ¨ÉÚ±ªÉ {ÉÊ®´ÉiÉÇxÉ ®ÉʶÉ
Ê´É´É®hÉ (+|ÉÉ{iÉ ±ÉɦÉ/½ÉÊxÉ)
2019-20 2018-19 2019-20 2018-19 2019-20 2018-19
{ÉÒBºÉªÉÚ Eäò <ÊC´É]Ò ¶ÉäªÉ® 1,15,29,579 2,33,19,576 2,47,71,055 2,75,87,176 (1,32,41,476) (42,67,600)
{ÉÒBºÉªÉÚ Eäò +±ÉÉ´ÉÉ +xªÉ ¦ÉÉ®iÉÒªÉ 5,17,41,572 8,24,32,778 5,51,97,053 5,22,61,577 (34,55,481) 3,01,71,201
EÆò{ÉÊxɪÉÉå Eäò <ÊC´É]Ò ¶ÉäªÉ®
¨ªÉÚSÉÖ+±É ¡Æòb 1,76,98,801 8,71,324 1,75,61,300 7,95,000 1,37,501 76,324
<ÊC´É]Ò <Ç]ÒB¡ò 1,46,789 2,48,975 1,59,498 1,59,498 (12,709) 89,477
EÖò±É 8,11,16,741 10,68,72,653 9,76,88,906 8,08,03,251 (1,65,72,165) 2,60,69,402

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 350

6. Ageing of outstanding claims:
(` in thousand)
Business in India Less than six months More than six months Total
2019-20 2018-19 2019-20 2018-19 2019-20 2018-19
Fire 47,33,805 46,48,333 1,32,31,458 1,41,49,577 1,79,65,263 1,87,97,910
Marine 4,20,677 5,80,323 9,96,002 10,79,566 14,16,679 16,59,889
Miscellaneous 4,88,52,725 2,79,35,667 5,68,45,413 4,58,24,952 10,56,98,138 7,37,60,619
Total 5,40,07,207 3,32,55,663 7,10,72,873 6,09,62,755 12,50,80,080 9,42,18,418
7. Premiums less reinsurance written from business in and outside India:
(` in thousand)
In India Outside India Total
Business
2019-20 2018-19 2019-20 2018-19 2019-20 2018-19
Fire 70,80,453 58,29,218 90,212 46,409 71,70,665 58,75,627
Marine 13,18,960 15,18,899 58,255 51,031 13,77,215 15,69,930
Miscellaneous 8,58,17,701 8,89,58,928 1,35,766 1,01,642 8,59,53,467 8,90,60,570
Total 9,42,17,114 9,63,07,045 2,84,233 1,99,082 9,45,01,347 9,65,06,127

8. Premiums are recognized, net of reinsurance, based on assumption of risks, in related Revenue
Accounts. Unearned Premium Reserve is based on a percentage thereof, being 50% in case of Fire,
Marine Cargo and Miscellaneous business (including long term motor insurance) and 100% in case of
Marine Hull business. However, the net premium of `33,40,916 thousand (`12,08,473 thousand) for
Pradhan Mantri Fasal Bima Yojana business is treated as fully earned as the risk period is within the
same Financial Year and the reinsurance cession is easily identifiable.
9. Value of contracts in relation to investments, for:
(a) Purchases where deliveries are pending – `1,47,617 thousand (`5,54,475 thousand)
(b) Sales where payments are due – ` Nil (` Nil)
10.1 Break-up of Market Value and Historical Cost which have been valued on fair value basis is as follows:
(` in thousand)
Particulars Market value Historical cost Fair value change amount
(Unrealized gain/loss)
2019-20 2018-19 2019-20 2018-19 2019-20 2018-19
Equity Shares of PSU 1,15,29,579 2,33,19,576 2,47,71,055 2,75,87,176 (1,32,41,476) (42,67,600)
Equity Shares of Indian 5,17,41,572 8,24,32,778 5,51,97,053 5,22,61,577 (34,55,481) 3,01,71,201
Companies other than PSUs
Mutual Fund 1,76,98,801 8,71,324 1,75,61,300 7,95,000 1,37,501 76,324
Equity ETF 1,46,789 2,48,975 1,59,498 1,59,498 (12,709) 89,477
Total 8,11,16,741 10,68,72,653 9,76,88,906 8,08,03,251 (1,65,72,165) 2,60,69,402

351 ANNUAL REPORT 2019-20

10.2 +É<Ç+É®bÒB uÉ®É ÊxÉvÉÉÇÊ®iÉ ±ÉäJÉÉÆEòxÉ Ê´ÉÊxɪɨÉÉå Eäò +xÉÖºÉÉ® ºÉÚSÉÒ¤Ér <ÊC´ÉÊ] ¶ÉäªÉ® B´ÉÆ ¨ªÉÚSÉÖ+±É ¡ÆòbÉå (¦ÉÉ®iÉ Eäò ¤Éɽ® º]ÉìEò
BCºÉSÉåVÉ ¨Éå =rÞiÉ <ÊC´É]Ò +Éè® Eò¨É EòÉ®Éä¤ÉÉ® ´ÉɱÉä <ÊC´É]Ò ¶ÉäªÉ®Éå EòÉä UÉäcEò®) Eäò =ÊSÉiÉ ¨ÉÚ±ªÉ ¨Éå {ÉÊ®´ÉiÉÇxÉÉå Eäò EòÉ®hÉ `(-
1,65,72,165) ½VÉÉ® [Ê{ÉU±Éä ´É¹ÉÇ `2,60,69,402 ½VÉÉ® EòÉ +|ÉÉ{iÉ ±ÉɦÉ] Eäò +|ÉÉ{iÉ xÉÖEòºÉÉxÉ (¤ÉÉVÉÉ® ¨ÉÚ±ªÉ {É® ¤ÉÖEò ¨ÉÚ±ªÉ ºÉä
+ÊvÉEò) ¯ {ɪÉä EòÒ ®É榃 EòÉä "¡äòªÉ® ´É豪ÉÚ SÉåVÉ +EòÉ=Æ]' Eäò ʱÉB ʱɪÉÉ VÉÉiÉÉ ½è* EÆò{ÉxÉÒ xÉä EòÉäÊ´Éb-19 ¨É½É¨ÉÉ®Ò +Éè® ºÉÉ®ä nä¶É ¨Éå
±ÉÉìEòbÉ>xÉ Eäò EòÉ®hÉ º]ÉìEò ¤ÉÉVÉÉ® ¨Éå |ÉÉEÞòÊiÉEò +É{ÉÉiÉEòɱÉÒxÉ +¶ÉÉÆÊiÉ EòÉä ¤ÉÉVÉÉ® ¨Éå +É<Ç Eò¨ÉÒ Eäò ʱÉB ¨ÉÉxÉÉ ½è* iÉnxÉÖºÉÉ®, <ºÉ
Eò¨ÉÒ Eäò ʱÉB EòÉä<Ç |ÉÉ´ÉvÉÉxÉ xÉ½Ò ÊEòªÉÉ MɪÉÉ ½è ±ÉäÊEòxÉ ¡äòªÉ® ´É豪ÉÚ SÉåVÉ +EòÉ=Æ] ¨Éå bäʤÉ] ¤Éè±ÉåºÉ Eäò °  {É ¨Éå ʱɪÉÉ MɪÉÉ ½è * =xÉ
ÊxÉ´Éä¶É EòÒ BäÊiɽÉʺÉEò ±ÉÉMÉiÉ `9,76,88,906 ½VÉÉ® (`8,08,03,251 ½VÉÉ®) ½è * ¡äòªÉ® ´É豪ÉÚ SÉåVÉ +EòÉ=Æ] Eäò VɨÉÉ ¨Éå ºÉä Eò¨ÉÒ
EòÒ ±ÉÉMÉiÉ {ÉÉìʱɺÉÒvÉÉ®EòÉå Eäò ¢Æòb ºÉä {ÉÚ®Ò iÉ®½ ºÉä +É´ÉÆÊ]iÉ EòÒ VÉÉiÉÒ ½è CªÉÉåÊEò ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ¶ÉäªÉ®vÉÉ®Eò Eäò ¡Æòb ¨Éå EòÉä<Ç ®ÉʶÉ
xÉ½Ó ½è*
11. |ɤÉÆvÉxÉ Eäò ´ªÉªÉ {É® ¤ÉÉäbÇ uÉ®É +xÉÖ¨ÉÉäÊniÉ {ÉÉìʱɺÉÒ Eäò ºÉÆn¦ÉÇ ¨Éå, {ÉÊ®SÉɱÉxÉ ´ªÉªÉ Eäò +±ÉÉ´ÉÉ +xªÉ ®ÉVɺ´É JÉÉiÉå ÊVɺÉEòÉ ºÉƤÉÆvÉ ºÉÒvÉä
±ÉMÉɪÉÉ VÉÉ ºÉEäò , ¨É®ÒxÉ ´ªÉÉ{ÉÉ® Eäò ʱÉB 75% +Éè® +ÊMxÉ ´ªÉ´ÉºÉÉªÉ Eäò ʱÉB 100% B´ÉÆ Ê´ÉÊ´ÉvÉ ´ªÉ´ÉºÉÉªÉ EòÉ ¦ÉÉ® näxÉä Eäò ¤ÉÉn
´ÉɺiÉÊ´ÉEò |ÉÒÊ¨ÉªÉ¨É Eäò +ÉvÉÉ® {É® ʴɦÉÉÊVÉiÉ ÊEòB VÉÉiÉä ½é*
12. +ÊvɺÉÚSÉxÉÉ ºÉÆJªÉÉ GSR463(<Ç) ÊnxÉÉÆEò 5 VÉÚxÉ, 2015 Eäò VÉÊ®B |ɤÉÆvÉEòÒªÉ {ÉÊ®¸ÉʨÉEò EòÒ ºÉ®EòÉ®Ò ºÉÆMÉhÉxÉÉ ±ÉÉMÉÚ xÉ½Ò ½è*
13. ´É¹ÉÇ Eäò nÉè®ÉxÉ ÊxÉ´Éä¶É {É® |ÉÒÊ¨ÉªÉ¨É EòÉ {ÉÊ®¶ÉÉävÉxÉ `1,88,688 ½VÉÉ® (`1,77,719 ½VÉÉ®) ½è*
14. º´ÉiÉÆjÉ +xÉÖ¨ÉÉäÊniÉ ¨ÉÚ±ªÉÉÆEòxÉEòiÉÉÇ EòÒ ={ɱɤvÉ ¨ÉÚ±ªÉÉÆEòxÉ Ê®{ÉÉä]Ç Eäò +xÉÖºÉÉ®, EÖò±É =ÊSÉiÉ ¨ÉÚ±ªÉ `1,35,82,750 ½VÉÉ® (`2,40,304
½VÉÉ®) ¨Éå ºÉä, ÊEò®ÉªÉänÉ®Éå uÉ®É Eò¤VÉÉ EòÒ MÉ<Ç +SÉ±É ºÉÆ{ÉÊkÉ EòÉ +ÉxÉÖ{ÉÉÊiÉEò =ÊSÉiÉ ¨ÉÚ±ªÉ `43,81,057 ½VÉÉ® (`1,19,973 ½VÉÉ®)
½è* BäºÉÒ +SÉ±É ºÉÆ{ÉÊkÉ EòÉä +ÉxÉÖ{ÉÉÊiÉEò ±ÉÉMÉiÉ ÊxÉ´Éä¶É ºÉÆ{ÉÊkɪÉÉå (+xÉÖºÉÚSÉÒ-8 +Éè® 8B) Eäò iɽiÉ ÊnJÉɪÉÉ VÉÉiÉÉ ½è*
15. ¤Éè±ÉåºÉ ¶ÉÒ] Eäò ¨ÉÖiÉÉʤÉEò 06 ¨Éɽ ºÉä +ÊvÉEò EòÒ +´ÉÊvÉ Eäò ʱÉB Êxɹ{ÉÉÊniÉ nÉ´Éä Eäò ʱÉB EòÉä<Ç ¦ÉÒ ¤ÉEòɪÉÉ ±ÉÆʤÉiÉ xÉ½Ò ½è *
16. +xÉÖºÉÚSÉÒ-3 Eäò iɽiÉ |ÉiªÉäEò JÉÆb Eäò ʱÉB ʤÉSÉÉèʱɪÉÉå EòÉä ÊnªÉÉ VÉÉxÉä ´ÉɱÉÉ |ÉÉäiºÉɽxÉ / {ÉÖ®ºEòÉ® ºÉEò±É Eò¨ÉÒ¶ÉxÉ Eäò +xÉÖ{ÉÉiÉ ¨Éå |ÉiªÉIÉ
Eò¨ÉÒ¶ÉxÉ EòÉä ʴɦÉÉÊVÉiÉ ÊEòªÉÉ VÉÉiÉÉ ½è*
17. EÆò{ÉxÉÒ Eäò {ÉÉºÉ `43,615 ½VÉÉ® (`43,615 ½VÉÉ®) EòÒ ¤ÉÚEò ´É豪ÉÚ ´ÉɱÉÒ Ê´Énä¶ÉÒ <ÊC´É]Ò ¶ÉäªÉ®Éå ¨Éå ÊxÉ´Éä¶É ½è * ={É®ÉäHò ¨Éå ºÉä, ¦ÉÉ®iÉ
Eäò ¤Éɽ® º]ÉìEò BCºÉSÉåVÉÉå ¨Éå ºÉÚSÉÒ¤Ér ¶ÉäªÉ®Éå EòÉ ¤ÉÖEò ´É豪ÉÚ `78 ½WÉÉ® (`78 ½WÉÉ®) ½è* <ºÉ¨Éå ®É¹]ÅÒªÉEò®hÉ Eäò nÉè®ÉxÉ EÆò{ÉxÉÒ Eäò
xÉÉ¨É {É® ½ºiÉÉÆiÉÊ®iÉ ÊEòB ½ÖB ¶ÉäªÉ® ¶ÉÉÊ¨É±É ½é* °  Êg´ÉÉn +Éè® {ÉÚ´ÉÇÊ´ÉSÉÉ®Éå Eäò ʺÉrÉÆiÉÉå Eäò ¤ÉÉn, ={É®ÉäHò ¶ÉäªÉ®Éå EòÉä ±ÉMÉÉiÉÉ® ±ÉÉMÉiÉ {É®
¨ÉÚ±ªÉ ÊnªÉÉ MɪÉÉ ½è* Ê´Énä¶ÉÉå ¨Éå ¶ÉäªÉ®Éå Eäò bÒ¨Éè]äÊ®ªÉ±ÉÉ<Vb ¡òÉì¨ÉÇ +Éè® bÒ{ÉÒ +Éè® ]ÅäËbMÉ +EòÉ=Æ] Eäò ʤÉxÉÉ <xÉEòÉä EÆò{ÉxÉÒ +ɺÉÉxÉÒ ºÉä
ÊxÉ{É]ÉxÉä EòÒ ÊºlÉÊiÉ ¨Éå xÉ½Ó ½è*
18. nÒPÉÇEòÉʱÉEò |ÉÊiɦÉÚÊiÉ @  hÉ (BEò ´É¹ÉÇ ºÉä +ÊvÉEò) Eäò ºÉ¦ÉÒ ¨ÉɨɱÉÉå ¨Éå |ÉÊiɦÉÚÊiɪÉÉå EòÒ |ÉEÞòÊiÉ (+xÉÖºÉÚSÉÒ 9 näJÉå) ½é:
(a) ´ÉiÉǨÉÉxÉ +Éè® ¦ÉʴɹªÉ nÉäxÉÉå ¨Éå, @  ÊhɪÉÉå EòÒ ºÉ¦ÉÒ +SÉ±É ºÉÆ{ÉÊkɪÉÉå EòÉ {ɽ±ÉÉ SÉÉVÉÇ +Éè®
(b) ¤ÉÖEò bè¤], ºÉ¦ÉÒ +SÉ±É +ÉÌ]Eò±É B´ÉÆ BäºÉä ºÉ¦ÉÒ +SÉ±É ºÉÆ{ÉÊiÉ ÊVɺÉä nںɮä @  hÉ näxÉä ´ÉɱÉÒ/Ê´ÉkÉÒªÉ ºÉƺlÉÉxÉ Eäò uÉ®É ºÉ½¨ÉÊiÉ nÒ
VÉÉ ºÉEòiÉÒ ½è, ºÉʽiÉ @  ÊhɪÉÉå EòÒ ºÉ¦ÉÒ +SÉ±É ºÉÆ{ÉÊkɪÉÉå Eäò ½É<{ÉÉäÊlÉEäò¶ÉxÉ uÉ®É {ɽ±ÉÉ SÉÉVÉÇ*
±ÉƤÉÒ +´ÉÊvÉ Eäò |ÉÊiɦÉÚÊiÉ @  hÉÉå ¨Éå ¶ÉÉÊ¨É±É ¨ÉÉxÉEò {ÉÊ®ºÉÆ{ÉÊkɪÉÉå Eäò ʱÉB VɨÉÉxÉiÉ EòÒ EòÒ¨ÉiÉ @  hÉÉå EòÒ Ê´ÉSÉÉ®vÉÒxÉ Eäò nÉè®ÉxÉ
ÊEòºÉÒ ¦ÉÒ ºÉ¨ÉªÉ ¤ÉEòɪÉÉ @hÉ ®É榃 EòÉ 1.25 MÉÖxÉÉ ºÉä Eò¨É xÉ½Ó ½è*
ÊMÉ®´ÉÒ B´ÉÆ iÉèªÉÉ® ÊEòB MÉB ¶ÉÖ±EòÉå ºÉʽiÉ ={É®ÉäHò ®éEòÉå Eäò ºÉ¨É°  {É |ɦÉÉ® ({ÉÉ®Ò {ɺÉÖ) ºÉä ºÉƤÉÊxvÉiÉ ÊMÉ®´ÉÒ B´ÉÆ ¶ÉÖ±Eò +Éè®/ªÉÉ
ºÉ¦ÉÒ @  hÉ näxÉÒ ´ÉɱÉÒ/ Ê´ÉkÉÒªÉ ºÉƺlÉÉxÉÉå Eäò {ÉIÉ ¨Éå ¤ÉxÉxÉä ´ÉɱÉä ½é*
¨ÉÚ±É |ÉÊiɦÉÚÊiÉ nºiÉÉ´ÉäVÉ +Éè® Eò´É®äVÉ EòÒ ºÉÒ¨ÉÉ ]¨ÉÇ ±ÉÉäxÉ EòÒ ÊºlÉÊiÉ ¨Éå ±ÉÒb <ƺ]Ò]ªÉÚ¶ÉxÉ ±Éä´É±É +Éè® Êb¤ÉåSÉ® EòÒ ÊºlÉÊiÉ ¨Éå
Êb¤ÉåSÉ® ]ź]Ò {É® ÊEòºÉÒ Ê´Éʶɹ] ÊnxÉ EòÉä ºÉÖÊxÉʶSÉiÉ ÊEòB VÉÉxÉä ªÉÉäMªÉ ½è*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 352

10.2 In accordance with the accounting regulations prescribed by the IRDA unrealized loss (excess of
book value over market value) amounting to `(-)1,65,72,165 thousand [previous year unrealized gain
`2,60,69,402 thousand] arising due to changes in the fair value of listed equity shares and mutual
funds (except equities quoted in stock exchanges outside India and thinly traded equity shares) is
taken to “Fair Value Change Account”. The Company has considered the diminution in the market
value as not permanent in nature due to temporary turbulence in the stock market as a result of
COVID-19 pandemic and lockdown all over the country. Accordingly, no provision for diminution has
been provided for but carried as debit balance in the fair value change account. The historical cost
of those investment amounted to `9,76,88,906 thousand (`8,08,03,251 thousand). The diminution
parked in the debit of fair value change account is allocated entirely to Policyholders’ Fund as there is
no amount in Shareholder’ Fund. as at the end of the year.
11. In terms of Board approved policy on Expenses of Management, operating expenses other than those
which are directly attributable to Revenue Accounts, are apportioned on the basis of net premium after
giving weightage of 75% for Marine business and 100% for Fire and Miscellaneous business.
12. Being a Government Company computation of managerial remuneration is not applicable vide
notification no. GSR463 (E) dated 5th June, 2015.
13. Amortization of premium on investment during the year is `1,88,688 thousand (`1,77,719 thousand).
14. As per available valuation report of independent approved valuer, out of aggregate fair value of
`1,35,82,750 thousand (`2,40,304 thousand), proportionate fair value of real estate occupied by
tenants is `43,81,057 thousand (`1,19,973 thousand). Proportionate cost of such real estate is shown
under Investment Properties (Schedule-8 and 8A).
15. There is no settled claim remaining unpaid for a period of more than six months as on balance sheet
date.
16. Incentive/reward paid to intermediaries is apportioned to Direct Commission under Schedule-3 in the
ratio of Gross Commission for each segment.
17. The Company has investments in Foreign equity shares having book value of `43,615 thousand
(`43,615 thousand). Out of the above, book value of shares listed in Stock exchanges outside India is
`78 thousand (`78 thousand). It includes shares, transferred in Company’s name during Nationalization.
Following the principles of conservatism and prudence, the aforesaid shares have been consistently
valued at cost. The Company is not in a position to dispose-off them readily due to absence of de-
materialized form of shares and a DP and Trading Account in the foreign countries.
18. Nature of securities (refer Schedule 9) in all cases of long term secured loans (more than one year)
are:
(a) a first charge of the borrowers’ all immovable properties both present and future, and
(b) a first charge by way of hypothecation of the borrowers’ all movables including book debts,
all movable articles and such other movables as may be agreed to by other lending/financial
institutions.
Value of Security for standard assets included in long term secured loans is not less than 1.25
times of the loan amount outstanding at any time during the pendency of the loans.
Mortgage and charge referred to above ranks pari-passu with the mortgages and charges created
and/ or to be created in favour of all Lending / Financial Institutions.
Original Security-documents and the extent of coverage on any particular day are ascertainable at
the Lead Institution level in case of Term Loan and Debenture Trustee level in case of Debentures.

353 ANNUAL REPORT 2019-20

19. (a) EÆò{ÉxÉÒ EòÒ ½Éä˱bMÉ +Éè® º]ÉìEò ½Éä˱bMÉ EòÉì®{ÉÉä®ä¶ÉxÉ +Éì¡ò <ÆÊbªÉÉ (SHCIL) Eäò ºÉÌ]Ê¡òEäò] Eäò ¤ÉÒSÉ +ÆiÉ® ½è ÊVÉxÉEòÉ Ê¨É±ÉÉxÉ
xÉÒSÉä ÊnªÉÉ MɪÉÉ ½è* ÊVɺÉEòÒ Ê´ÉʦÉxxÉiÉÉ ÊxɨxÉÉxÉÖºÉÉ® ½é:
(` ½VÉÉ® ¨Éå)
2019-20 2018-19
Ê´É´É®hÉ Eò¨É +ÊvÉEò Eò¨É +ÊvÉEò
¤ÉÖEò ´É豪ÉÚ 2,426 136* 2,353 185*
<ÊC´É]Ò ¶ÉäªÉ® 79,721 19,485 79,771 19,985
¶ÉäªÉ®Éå EòÒ ºÉÆJªÉÉ
¤ÉÖEò ´É豪ÉÚ 0.02 12* 0.022 12*
´É®ÒªÉiÉÉ ¶ÉäªÉ® 13,07,227 300 10,90,096 300
¶ÉäªÉ®Éå EòÒ ºÉÆJªÉÉ
Êb¤ÉåSÉ® (BV) 30,144 (FV)2,00,000** (BV) 30,144 (FV)4,00,000
EÖò±É 32,570 2,00,148 32,497 4,00,197

* EÖòU ¶ÉäªÉ®Éå Eäò ¤ÉÖEò ´É豪ÉÚ EòÒ +xÉÖ{ɱɤvÉiÉÉ Eäò EòÉ®hÉ, <xÉ |ÉÊiɦÉÚÊiÉ Eäò ºÉƤÉÆvÉ ¨Éå +ÉÆEòcä BCºÉäºÉ ½èb Eäò iɽiÉ ¡äòºÉ ´É豪ÉÚ {É®
ÊnJÉÉB MÉB ½é*
** ¨ÉÉSÉÇ, 2020 ¨Éå {ÉÊ®{ÉC´ÉiÉÉ +´ÉÊvÉ {É® ®É榃 |ÉÉ{iÉ EòÒ VÉÉ SÉÖEòÒ ½è, ±ÉäÊEòxÉ Eòº]ÉäÊbªÉxÉ ºiÉ® {É® BxÉBºÉbÒB±É uÉ®É <ºÉEòÉ
ÊxÉ{É]ÉxÉ xÉ½Ó ÊEòªÉÉ MɪÉÉ ½è*
(b) Êb¤ÉåSÉ® ¨Éå ÊxÉ´Éä¶É `45,205 ½WÉÉ® (`45,714 ½WÉÉ®) ¶ÉÉÊ¨É±É ½é, ÊVɺÉEäò Eäò ʱÉB EÆò{ÉxÉÒ Eäò {ÉÉºÉ +ɤÉÆ]xÉ {ÉjÉ ½é, ±ÉäÊEòxÉ
|ɨÉÉhÉ{ÉjÉ ±ÉƤÉä ºÉ¨ÉªÉ ºÉä |ÉÉ{iÉ xÉ½Ó ½ÖB ½é*
(c) ¤ÉÉäbÇ EòÒ º´ÉÒEÞòÊiÉ Eäò +xÉÖºÉÉ® ʱÉJÉä MÉB ¶ÉäªÉ®Éå EòÒ ¤ÉÖEò ¨ÉÚ±ªÉ:
(` ½VÉÉ® ¨Éå)
Ê´É´É®hÉ 2019-20 2018-19
a) <ÊC´É]Ò ¶ÉäªÉ® 10815 16074
b) ´É®ÒªÉiÉÉ ¶ÉäªÉ® - -
EÖò±É 10815 16074

20. (a) {ÉÖxÉMÉÇ`xÉ Eäò +vÉÒxÉ @  hÉ/+xªÉ {ÉÊ®ºÉÆ{ÉÊkɪÉÉå EòÒ EÖò±É ®ÉʶÉ:
(` ½VÉÉ® ¨Éå)
Ê´É´É®hÉ 2019-20 2018-19
a) ¨ÉÉxÉEò {ÉÊ®ºÉÆ{ÉÊkÉ 10,403 14,721
b) PÉÊ]ªÉÉ {ÉÊ®ºÉÆ{ÉÊkÉ ¶ÉÖxªÉ ¶ÉÖxªÉ
c) ºÉÆÊnMvÉ {ÉÊ®ºÉÆ{ÉÊkÉ 3,47,000 3,47,000
EÖò±É 3,57,403 3,61,721

(b) @  hÉ, ´ªÉɴɺÉÉʪÉEò B´ÉÆ MÉè®´ªÉɴɺÉÉʪÉEò ¤ÉÉÆb +Éè® Êb´ÉåSÉ® {ÉÊ®ºÉÆ{ÉÊiɪÉÉå EòÉ Ê´É¦ÉÉVÉxÉ:
(` ½VÉÉ® ¨Éå)
Ê´É´É®hÉ 2019-20 2018-19
´ªÉɴɺÉÉʪÉEò (¨ÉÉxÉEò) @  hÉ +Éè® ¤ÉÉìxb B´ÉÆ Êb¤ÉåSÉ® 4,12,84,302 4,32,49,339
MÉè®´ªÉɴɺÉÉʪÉEò @  hÉ +Éè® ¤ÉÉìxb +Éè® Êb¤ÉåSÉ® 29,12,235 29,16,780
EÖò±É ¤ÉÖEò ´É豪ÉÚ 4,41,96,537 4,61,66,119
@  hÉ +Éè® ¤ÉÉìxb +Éè® Êb¤ÉåSÉ® {É® |ÉÉ´ÉvÉÉxÉ 29,12,235 8,96,576

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 354

19. (a) There is a difference between the Company’s holding and certificate of holding from Stock Holding
Corporation of India (SHCIL) which is under reconciliation. The differences are as under:
` in thousand
2019-20 2018-19
Particulars
Short Excess Short Excess
Book Value 2,426 136* 2,353 185*
Equity Share
No. of Shares 79,721 19,485 79,771 19,985
Book Value 0.02 12* 0.022 12*
Preference Share
No. of Shares 13,07,227 300 10,90,096 300
Debentures (BV) 30,144 (FV)2,00,000** (BV) 30,144 (FV) 4,00,000
Total 32,570 2,00,148 32,497 4,00,197
* Due to non-availability of book value of certain shares, the figures in respect to those Securities,
under the head EXCESS are shown at Face Value.
** The amount has been received on maturity in March 2020 but the same has not been settled by
NSDL at custodian level.
(b) Investment in Debentures includes `45,205 thousand (`45,714 thousand) against which though
the Company holds Allotment Letters, certificates have not been received since a long time.
(c) Book value of shares written off pursuant to Board’s approval:
` in thousand
Particulars 2019-20 2018-19
a) Equity Shares 10815 16074
b) Preference Shares - -
Total 10815 16074
20. (a) Total amount of Loan/ other Assets subjected to restructuring:
` in thousand
Particulars 2019-20 2018-19
a) Standard Assets 10,403 14,721
b) Substandard Assets Nil Nil
c) Doubtful Assets 3,47,000 3,47,000
Total 3,57,403 3,61,721
(b) Segregation of loans, bonds and debentures into performing and non-performing asset:
` in thousand
Particulars 2019-20 2018-19
Performing (Standard) Loans & Bonds & Debentures 4,12,84,302 4,32,49,339
Non Performing Loans & Bonds & Debenture 29,12,235 29,16,780
Total Book Value 4,41,96,537 4,61,66,119
Provision on loans and bonds & Debenture 29,12,235 8,96,576

355 ANNUAL REPORT 2019-20

 MÉè®-´ªÉɴɺÉÉʪÉEò
(c) {ÉÊ®ºÉÆ{ÉÊkÉ (BxÉ{ÉÒB) EòÉ Ê´É´É®hÉ:
(` ½VÉÉ® ¨Éå)
Gò¨É ºÉÆ Ê´É´É®hÉ 2019-20 2018-19
i
|ÉÉ®ÆʦÉEò VɨÉÉ 29,16,780 8,38,142
ii
´É¹ÉÇ Eäò nÉè®ÉxÉ ªÉÉäMÉ ¶ÉÖxªÉ 20,90,946
iii
´É¹ÉÇ Eäò nÉè®ÉxÉ Eò]ÉèiÉÒ 4,545 12,308
iv
VɨÉÉ ¶Éä¹É 29,12,235 29,16,780

BxÉ{ÉÒB (¨ÉÉxÉEò |ÉÉ´ÉvÉÉxÉ Eäò +±ÉÉ´ÉÉ) Eäò ʱÉB |ÉÉ´ÉvÉÉxÉÉå EòÉ Ê´É´É®hÉ:
(d)
(` ½VÉÉ® ¨Éå)
Gò¨É ºÉÆ Ê´É´É®hÉ 2019-20 2018-19
i |ÉÉ®ÆʦÉEò VɨÉÉ 8,96,576 5,95,242
ii ´É¹ÉÇ Eäò nÉè®ÉxÉ ´ÉÞÊr ºÉƤÉÆvÉÒ |ÉÉ´ÉvÉÉxÉ 20,15,659 3,01,334
iii VɨÉÉ ¶Éä¹É 29,12,235 8,96,576

(e) +É<Ç+É®bÒB Eäò Ên¶ÉÉÊxÉnæ¶ÉÉå Eäò +xÉÖºÉÉ® `1,65,137 ½VÉÉ® (`1,72,997 ½VÉÉ®) {É® 0.4% EòÉ ¨ÉÉxÉEò {ÉÊ®ºÉÆ{ÉÊkɪÉÉå Eäò ʱÉB
|ÉÉ´ÉvÉÉxÉ (i) ]¨ÉÇ ±ÉÉäxÉ, (ii) Êb¤ÉåSÉ®, (iii) +ÉvÉÉ®¦ÉÚiÉ ºÉÖÊ´ÉvÉɪÉÉå ½äiÉÖ ÊxÉ´Éä¶É, (iv) ¤ÉÉÆb/Êb¤ÉåSÉ®, +Éè® (v) ®ÉVªÉ ºÉ®EòÉ®Éå EòÉä
+É´ÉÉºÉ +Éè® +ÊMxɶɨÉxÉ @  hÉ {É® iÉèªÉÉ® ÊEòªÉÉ MɪÉÉ ½è*
21. ´É¹ÉÇ Eäò nÉè®ÉxÉ, EÆò{ÉxÉÒ xÉä ºÉ®EòÉ®Ò |ÉÊiɦÉÚÊiɪÉÉå +Éè® EòÉì{ÉÉäÇ®ä] @  hÉ |ÉÊiɦÉÚÊiɪÉÉå ¨Éå ÊEòºÉÒ ¦ÉÒ ®ä{ÉÉä +Éè® Ê®´ÉºÉÇ ®ä{ÉÉä ±ÉäxÉnäxÉ ¨Éå ¦ÉÉMÉ xɽÓ
ʱɪÉÉ ½è*
22. ¤Éè±ÉåºÉ ¶ÉÒ] EòÒ iÉÉ®ÒJÉ iÉEò MÉè®´ªÉɴɺÉÉʪÉEò {ÉÊ®ºÉÆ{ÉÊkÉ Eäò iɽiÉ @  hÉ/ÊxÉ´Éä¶É EòÉä nÒPÉÇEòÉʱÉEò ¸ÉähÉÒ Eäò iɽiÉ ´ÉMÉÔEÞòiÉ ÊEòªÉÉ MɪÉÉ ½è
CªÉÉåÊEò +MɱÉä ¤ÉÉ®½ ¨É½ÒxÉÉå Eäò ¦ÉÒiÉ® =xÉEòÒ |ÉÉÊ{iÉ ÊxÉʶSÉiÉ xÉ½Ó ½è*
23. +É<Ç+É®bÒB+É<Ç Eäò Ê´ÉÊxɪɨÉxÉ 6.1 (OÉɨÉÒhÉ +Éè® ºÉɨÉÉÊVÉEò IÉäjÉÉå Eäò ¤ÉÒ¨ÉÉEòiÉÉÇ+Éå EòÒ ¤ÉÉvªÉiÉÉ) Ê´ÉÊxɪɨÉ, 2015 Eäò iɽiÉ
+ɴɶªÉEò +xÉÖ{ÉɱÉxÉ Eäò ºiÉ® EòÒ Ê®{ÉÉäÍ]MÉ:
iÉÉʱÉEòÉ ºÉÆJªÉÉ 1– OÉɨÉÒhÉ IÉäjÉ
½VÉÉ® ¨Éå)
(`
Ê´ÉkÉ ´É¹ÉÇ 2019-20 Eäò OÉɨÉÒhÉ IÉäjÉ ¨Éå JÉ®Ònä |ÉÊiɶÉiÉ Eäò °  {É ={É®ÉäHò Ê´ÉÊxɪɨÉÉå Eäò ={É®ÉäHò Ê´ÉÊxɪɨÉÉå EòÉ
ʱÉB ¦ÉÉ®iÉ ¨Éå ºÉEò±É MÉB |ÉÒÊ¨ÉªÉ¨É EòÒ ®É榃 ¨Éå OÉɨÉÒhÉ IÉäjÉ Eäò % +xÉÖºÉÉ® +É{ÉäÊIÉiÉ +xÉÖ{ÉɱÉxÉ (½ÉÆ/xɽÓ)
|ÉÒÊ¨ÉªÉ¨É |ÉÒÊ¨ÉªÉ¨É EòÉì±É¨É (1)
(1) (2) (3) (4) (5)
15,26,22,157 2,35,35,984 15.42% 7% ½ÉÆ

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 356

 (c) Details of Non Performing Assets (NPA):
` in thousand
Sl No Particulars 2019-20 2018-19
i Opening balance 29,16,780 8,38,142
ii Additions during the year Nil 20,90,946
iii Reductions during the year 4,545 12,308
iv Closing Balance 29,12,235 29,16,780
(d) Details of provisions for NPA (other than Standard Provision):
` in thousand
Sl No Particulars 2019-20 2018-19
i Opening balance 8,96,576 5,95,242
ii Incremental Provision during the year 20,15,659 3,01,334
iii Closing Balance 29,12,235 8,96,576
(e) Provision for standard assets @ 0.4% amounting to `1,65,137 thousand (`1,72,997 thousand)
as per IRDAI guidelines has been made on (i) Term Loan, (ii) Debentures, (iii) Infrastructure
Investments, (iv) Bonds/Debentures, and (v) Housing and Firefighting Loans to State Governments.
21. During the year, the Company has not participated in any Repo and Reverse Repo transaction in
Government Securities and Corporate Debt Securities
22. Loans/Investments under non-performing asset as on the date of balance sheet have been classified
under long term category as their realisation within the next twelve months is not certain.
23. Reporting of the level of compliance achieved required under Regulation 6.1 of IRDAI (Obligations of
Insurers to Rural and Social Sectors) Regulations, 2015:
Table No. 1 – Rural Sector
` (in thousands)
Gross premium Amount of Rural Sector Required % as Compliance
in India for the FY premium premium as % to per the above with the above
2019-20 procured in Rural Column (1) Regulations Regulations
Sector (Yes/No)
(1) (2) (3) (4) (5)
15,26,22,157 2,35,35,984 15.42% 7% Yes

357 ANNUAL REPORT 2019-20

 iÉÉʱÉEòÉ ºÉÆJªÉÉ 2 – ºÉɨÉÉÊVÉEò IÉäjÉ
(` ½VÉÉ® ¨Éå)
MÉiÉ Ê´ÉkÉ ´É¹ÉÇ 2019-20 ¨Éå EÖò±É Ê´ÉkÉ ´É¹ÉÇ 2019-20 EòÉì±É¨É (1) Eäò ={É®ÉäHò Ê´ÉÊxɪɨÉÉå ={É®ÉäHò Ê´ÉÊxɪɨÉÉå
´ªÉ´ÉºÉɪÉ* ¨Éå ºÉɨÉÉÊVÉEò IÉäjÉ Eäò ʱÉB % Eäò °  {É ¨Éå % Eäò +xÉÖºÉÉ® EòÉ +xÉÖ{ÉɱÉxÉ
{Ê´ÉkÉ ´É¹ÉÇ 2019-20 Eäò nÉè®ÉxÉ +ÆiÉMÉÇiÉ +ÉxÉä ´ÉɱÉä ºÉɨÉÉÊVÉEò IÉäjÉ EòÉ +É{ÉäÊIÉiÉ (½Æ/xɽÓ)
EÆò{ÉxÉÒ uÉ®É Eò´É® ÊEòB MÉB VÉÒ´ÉxÉ VÉÒ´ÉxÉ (±ÉÉ<¡ò) EòÒ |ÉÒʨɪɨÉ
(±ÉÉ<¡ò) EòÒ EÖò±É ºÉÆJªÉÉ} ºÉÆJªÉÉ
(1) (2) (3) (4) (5)
1,76,47,364 13,47,662 7.64% 5% ½ÉÆ
24. +SÉ±É ºÉÆ{ÉÊkɪÉÉå (+xÉÖºÉÚSÉÒ-10) Eäò iɽiÉ ¦ÉÉ®iÉ ¨Éå ¦ÉÚ +Éè® MÉÞ½ ºÉÆ{ÉÊkÉ `1,94,412 ½VÉÉ® (`2,04,279 ½VÉÉ®) ¶ÉÉÊ¨É±É ½é, ÊVɺÉEäò
ʱÉB ʴɱÉäJÉÉå Eäò EòɪÉÇÊxɹ{ÉÉnxÉ Eäò ¨ÉɨɱÉä ±ÉÆʤÉiÉ ½é* ʴɱÉäJÉÉå Eäò EòɪÉÇÊxɹ{ÉÉnxÉ Eäò ´É¹ÉÇ ¨Éå º]é{É bªÉÚ]Ò +Éè® {ÉÆVÉÒEò®hÉ ±ÉÉMÉiÉ EòÉä vªÉÉxÉ
¨Éå ®JÉÉ VÉÉBMÉÉ*
25. 2019-20 ¨Éå GIC ({ÉÚ±É |ɶÉɺÉEò) ºÉä |ÉÉ{iÉ +ÉiÉÆEò´ÉÉn {ÉÚ±É Eäò ®ä]ÅÉä +ÉÆEòcä ¨Éå SÉɱÉÚ ´É¹ÉÇ Eäò iÉÒºÉ®Ò ÊiɨÉÉ½Ò +Éè® SÉÉèlÉÒ ÊiɨÉɽÒ
Eäò +xÉÆÊiÉ¨É +ÉÆEòcä ¶ÉÉÊ¨É±É ½é *
26. EÆò{ÉxÉÒ xÉä VÉxÉ®±É <ƶªÉÉä®åºÉ EÆò{ÉxÉÒ Eäò ºÉÉlÉ EòÉä]É ¶ÉäªÉ® {ÉÖxɤÉÔ¨ÉÉ ºÉÆÊvÉ {É® `5,62,424 ½VÉÉ® (`6,14,998 ½VÉÉ®) +Éè® EÖò±É ¨ÉÉä]®
´ªÉ´ÉºÉÉªÉ Eäò 20% EòÒ {ÉÖxɤÉÔ¨ÉÉ Eäò ʱÉB ½xÉÉä´É® ®Ò(+ɪɮ±Ééb) EòÒ Eò¨ÉÒ¶ÉxÉ +ÉªÉ EòÉä ¨ÉÉxªÉiÉÉ nÒ ½è * ºÉÆÊvÉ Eäò +xÉÖºÉÉ® EÆò{ÉxÉÒ
60% ªÉÉ =ºÉºÉä Eò¨É Eäò xÉÖEòºÉÉxÉ Eäò +xÉÖ{ÉÉiÉ Eäò ʱÉB +ÊvÉEòiÉ¨É 38.75% EòÒ ºÉÒËbMÉ EòÒ ½EònÉ® ½è* ºÉÒËbMÉ Eò¨ÉÒ¶ÉxÉ 90%
iÉEò PÉ]Eò® ½ÉÊxÉ +xÉÖ{ÉÉiÉ EòÉ BEò ºÉä BEò +ÉvÉÉ® 90% iÉEò PÉ] VÉÉiÉÉ ½è +Éè® xÉÖEòºÉÉxÉ EòÉ +xÉÖ{ÉÉiÉ 97% ½ÉäxÉä {É® 1.75% iÉEò
Eò¨É ½Éä VÉÉiÉÉ ½è* 98.75% ºÉä +ÊvÉEò ½ÉÊxÉ +xÉÖ{ÉÉiÉ Eäò ʱÉB ÊEòºÉÒ ¦ÉÒ ºÉÒËbMÉ Eò¨ÉÒ¶ÉxÉ EòÒ +xÉÖ¨ÉÊiÉ xÉ½Ó ½è* ºÉÆÊvÉ |ÉiªÉäEò
+Æb®®É<Ë]MÉ ´É¹ÉÇ Eäò ʱÉB BEò ÊxÉÌn¹] +´ÉÊvÉ Eäò ¤ÉÉn º´ÉSÉÉʱÉiÉ °  {É ºÉä EòʨÉ]äb ½Éä VÉÉiÉÒ ½è +Éè® BEò +Æb®®É<Ë]MÉ ´É¹ÉÇ Eäò ºÉƤÉÆvÉ ¨Éå
+ÆÊiÉ¨É ½ÉÊxÉ +xÉÖ{ÉÉiÉ =ºÉ +´ÉÊvÉ Eäò ºÉ¨ÉÒ{É +ÉxÉä {É® IBNR +Éè® IBNER ºÉʽiÉ =ºÉ +´ÉÊvÉ Eäò nÉè®ÉxÉ ÊEòB MÉB nÉ´ÉÉå {É® Ê´ÉSÉÉ®
Eò®xÉä Eäò ¤ÉÉn MÉhÉxÉÉ EòÒ VÉÉiÉÒ ½è* EÆò{ÉxÉÒ EòÉä C±ÉÒxÉ Eò] ºÉä]±É¨Éå] Eäò ºÉ¨ÉªÉ |ÉÉ{iÉ ºEäò˱ÉMÉ Eò¨ÉÒ¶ÉxÉ Eäò ʱÉB +xÉÆÊiÉ¨É +ÉvÉÉ® {É®
5% EòÒ |ÉÉ®ÆʦÉEò ºÉÒËbMÉ Eò¨ÉÒ¶ÉxÉ EòÉ ¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ VÉÉiÉÉ ½è* {ÉÚ´ÉÇ´ÉiÉÔ ´É¹ÉÉäÈ Eäò ¨ÉÉä]® ´ªÉ´ÉºÉÉªÉ Eäò +ÆÊiÉ¨É xÉÖEòºÉÉxÉ +xÉÖ{ÉÉiÉÉå EòÉ
ʴɶ±Éä¹ÉhÉ Eò®xÉä Eäò ¤ÉÉn EÆò{ÉxÉÒ xÉä ÊxɹEò¹ÉÇ ÊxÉEòɱÉÉ ÊEò ºÉÆÊvÉ Eäò iɽiÉ ÊEòºÉÒ ¦ÉÒ ¤ÉÒ¨ÉÉÆEòxÉ ´É¹ÉÉäÈ ¨Éå ¨ÉÉä]® ´ªÉ´ÉºÉÉªÉ EòÉ +ÆÊiÉ¨É xÉÖEòºÉÉxÉ
+xÉÖ{ÉÉiÉ 90% ºÉä +ÊvÉEò xÉ½Ó ½ÉäMÉÉ +Éè® |ÉÉ{iÉ ªÉÉäMªÉ +ʺlÉ® Eò¨ÉÒ¶ÉxÉ |ÉiªÉäEò ´É¹ÉÇ ¨Éå 8.75% ºÉä Eò¨É xÉ½Ó ½ÉäMÉÉ* iÉnxÉÖºÉÉ® |ÉÒʨɪɨÉ
+ÉªÉ EòÉä Eò¨É Eò®xÉä Eäò ºÉ¨ÉªÉ +ÉªÉ Eäò °  {É ¨Éå 5% Eäò |ÉÉ®ÆʦÉEò Eò¨ÉÒ¶ÉxÉ {ɽSÉÉxÉxÉä ªÉÉäMªÉ ½è *
27. ¤ÉÒ¨ÉÉ/{ÉÖxɤÉÔ¨ÉÉ ´ªÉ´ÉºÉÉªÉ ¨Éå ±Éä VÉÉxÉä ´ÉɱÉä ´ªÉÊHòªÉÉå / ÊxÉEòɪÉÉå Eäò EòÉ®hÉ, +ÆiÉ® EòɪÉÉÇ±ÉªÉ JÉÉiÉÉå, ÊxɪÉÆjÉhÉ JÉÉiÉÉå, Ê´ÉÊ´ÉvÉ näxÉnÉ®/±ÉäxÉnÉ®Éå,
+º{ɹ]ÒEÞòiÉ bäʤÉ] +Éè® GäòÊb] |ÉÊ´Éʹ]ªÉÉå Eäò ¤ÉéEò JÉÉiÉÉå ¨Éå näªÉ ½ÉäxÉä Eäò EòÉ®hÉ, {ÉÖʹ]Eò®hÉ +Éè®/ªÉÉ Ê¨É±ÉÉxÉ Eäò +vÉÒxÉ ½é* ʨɱÉÉxÉ
BEò ÊxÉ®ÆiÉ® +¦ªÉÉºÉ ½ÉäxÉä {É®, ºÉ¨ÉɪÉÉäVÉxÉ, ªÉÊn EòÉä<Ç ½Éä, <ºÉ iÉ®½ Eäò ʨɱÉÉxÉ ºÉä =i{ÉxxÉ ½ÉäxÉä ´ÉɱÉÒ {ɽSÉÉxÉ Eäò °  {É ¨Éå ʱɪÉÉ VÉÉiÉÉ
½è* ½É±ÉÉÆÊEò, |ÉSÉÖ® ¨ÉÉjÉÉ ¨Éå ºÉÉ´ÉvÉÉÊxɪÉÉå Eäò °  {É ¨Éå EÆò{ÉxÉÒ xÉä <ºÉ ºÉƤÉÆvÉ ¨Éå `21,82,750 ½VÉÉ® (`19,98,589 ½VÉÉ®) EòÉ |ÉÉ´ÉvÉÉxÉ
¤ÉxÉɪÉÉ ½è VÉÉä EÆò{ÉxÉÒ Eäò |ɤÉxvÉxÉ Eäò +xÉÖºÉÉ® {ɪÉÉÇ{iÉ ½è *
28. BEòÒEÞòiÉ EÆò{ÉxÉÒ Eäò Ê´ÉʦÉxxÉ ¨ÉÉèVÉÚnÉ ±ÉäJÉÉ ºÉÉì}]´Éä® uÉ®É EÆò{ÉxÉÒ EòÉä® <ƶªÉÉä®åºÉ ºÉÉä±ÉÖ¶ÉxÉ EòÉä ¶ÉÖ° Eò®xÉä EòÒ |ÉÊGòªÉÉ ¨Éå ½è xÉ ºÉ¨ÉÉxÉ
ºÉ¨ÉɪÉÉäVÉxÉ Eäò EòɪÉÉÇx´ÉªÉxÉ {É®, ªÉÊn EòÉä<Ç ½Éä, EÖòU {ÉÊ®ºÉÆ{ÉÊkɪÉÉå +Éè® näªÉiÉɪÉÉå Eäò ¨ÉÚ±ªÉ EòÉä EòɪÉÊÉÇx´ÉiÉ ÊEòªÉÉ VÉÉBMÉÉ* ½É±ÉÉÆÊEò, |ɤÉÆvÉxÉ
EòÒ ®ÉªÉ ¨Éå, <ºÉ iÉ®½ Eäò ºÉ¨ÉɪÉÉäVÉxÉ EòÉ EÆò{ÉxÉÒ Eäò Ê´ÉkÉÒªÉ {ÉÊ®hÉɨÉÉå {É® EòÉä<Ç |ɦÉÉ´É xÉ½Ó {ÉcäMÉÉ*
29. (a) EÆò{ÉxÉÒ EòÒ ½ÉÆMÉEòÉÆMÉ ¶ÉÉJÉÉ EòÉä 18.02.2002 ºÉä |ɦÉÉ´ÉÒ ®xÉ+Éì¡ò +Éì{É®ä¶ÉxÉ Eäò iɽiÉ ®JÉÉ MɪÉÉ lÉÉ* Ên.27.12.2006 EòÉä
xªÉÚ <ÆÊbªÉÉ B¶ªÉÉä®åºÉ EÆò{ÉxÉÒ Ê±ÉʨÉ]äb Eäò ºÉÉlÉ ºÉ¨ÉZÉÉèiÉä Eäò +xÉÖºÉÉ®, ½ÉÆMÉEòÉÆMÉ ¶ÉÉJÉÉ EòÒ ºÉÆ{ÉÊkÉ +Éè® näªÉiÉÉ =x½å ½ÉÆMÉEòÉÆMÉ Eäò
¤ÉÒ¨ÉÉ |ÉÉÊvÉEò®hÉ uÉ®É ¤É¶ÉÇiÉæ +xÉÖ¨ÉÉänxÉ |ÉÉ{iÉ ½Éä +Éè® ºÉ¦ÉÒ ¤ÉEòɪÉÉ nÉ´ÉÉå ¤É¶ÉÇiÉæ ÊxÉ{É]ÉxÉ ÊEòB ½Éä, EòÉä ½ºiÉÉÆiÉÊ®iÉ Eò® nÒ VÉÉBÆMÉÒ*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 358

 Table No. 2 – Social Sector
` (in thousands)
Total business* in the Number of lives Social Sector Required % as Compliance
preceding FY 2019-20 covered under premium as % per the above with the above
(Total number of lives Social Sector in to Column (1) Regulations Regulations
covered by the Company the FY 2019-20 (Yes/No)
during the FY 2019-20)
(1) (2) (3) (4) (5)
1,76,47,364 13,47,662 7.64% 5% Yes

24. Land and House property in India under fixed assets (Schedule – 10) includes `1,94,412 thousand
(`2,04,279 thousand) for which executions of deed of conveyance are pending. Stamp duty and
registration cost will be taken into account in the year of execution of Conveyance deeds.
25. Terrorism pool retro figures received from GIC (Pool administrator) accounted in 2019-20 includes
confirmed figures for the 3 quarters of the current year and provisional figure of the 4th quarter.
26. The Company has recognized commission income of `5,62,424 thousand (`6,14,998 thousand) on
Quota Share Reinsurance Treaty with General Insurance Company and Hanover Re (Ireland) for
reinsurance of 20% of total motor business. As per the treaty the Company is entitled to maximum
ceding commission of 38.75% for a loss ratio of 60% or below. The ceding commission slides down to
8.75% on a one to one basis of loss ratio going upto 90% and further reduces to 1.75% when loss ratio
is 97%. No ceding commission is allowed for loss ratio above 98.75%. The treaty stands automatically
commuted after a specified period against each underwriting year and ultimate loss ratio in respect
of an underwriting year is computed after considering claims incurred during that period including
IBNR & IBNER as at the close of that period. The Company is paid initial ceding commission of 5%
on provisional basis adjustable against sliding scale commission receivable at the time of clean cut
settlement. The Company after analyzing ultimate loss ratios of motor business of preceding years
concluded that the ultimate loss ratio of motor business will not be more than 90% in any of the
underwriting years under treaty and the sliding commission receivable will not be less than 8.75% in
each of the year and accordingly is well within the prudence to recognize the initial commission of 5%
as income at the time of ceding the premium income.
27. Balances due to/from persons/bodies carrying on Insurance/reinsurance business, balances of inter
office accounts, control accounts, sundry debtors/creditors, unexplained debits and credits entries in
bank accounts, are subject to confirmations and/or reconciliations. Reconciliation being a continuous
exercise, adjustments, if any, that arise out of such reconciliations is taken as and when identified.
However, as a matter of abundant precautions the Company has made a provision of `21,82,750
thousand (`19,98,589 thousand) in this regard which according to the management is adequate.
28. The Company is in the process of implementing a Core Insurance Solution by integrating Company’s
various existing accounting software. On implementation of the same adjustments, if any, requiring in
the value of some assets and liabilities shall be carried out. However, in the opinion of the Management,
such adjustment will not have any material impact on the financial results of the Company.
29. (a) Hong Kong branch of the Company was placed under run-off operation with effect from 18.02.2002.
As per agreement with New India Assurance Co. Ltd. dated 27.12.2006, the assets and liabilities
of Hong Kong branch will be transferred to them subject to approval by the Insurance Authority

359 ANNUAL REPORT 2019-20

 ={É®ÉäHò |ÉÉÊvÉEò®hÉ ºÉä +xÉÖ¨ÉÉänxÉ |ÉÉ{iÉ ÊEòªÉÉ VÉÉ SÉÖEòÉ ½è ±ÉäÊEòxÉ ºÉ¦ÉÒ nÉ´ÉÉå EòÉ ÊxÉ{É]ÉxÉ +¦ÉÒ ¦ÉÒ |ÉÊGòªÉÉ ¨Éå ½è* ÊnxÉÉÆEò
31.03.2020 EòÉä ¤ÉEòɪÉÉ näªÉiÉÉ `53,146 ½VÉÉ® (`48,179 ½VÉÉ®) ½è*
(b) ºÉÆ{ÉÊkÉ Eäò ÊxÉ{É]ÉxÉ {É® ±ÉɦÉ/½ÉÊxÉ ªÉÉ näªÉiÉÉ+Éå EòÒ ÊxÉ{É]ÉxÉ EòÒ ®Eò¨É ¯Eäò ½ÖB ºÉÆSÉɱÉxÉ Eäò EòÉ®hÉ ={ÉGò¨É Eäò ½ºiÉÉÆiÉ®hÉ Eäò
ʱÉB ÊVɨ¨ÉänÉ® ½ÉäMÉÉ*
30. ºÉƤÉÆÊvÉiÉ {ÉÉ]Ô Eäò JÉÖ±ÉɺÉä xÉÒSÉä ÊnB MÉB ½é:
(a) BºÉÉäʺÉB]ºÉ:

Gò.ºÉÆ. BºÉÉäʺÉB] EòÉ xÉÉ¨É Ê´ÉkÉÒªÉ ¶ÉäªÉ®Éä EòÒ % º´ÉÉʨÉi´É ¶ÉäªÉ®´ÉèEòÒ ± ªÉÚ
¤ÉÖEò |ÉÉ{iÉ ¦ÉÉVªÉ
´É¹ÉÇ ºÉÆJªÉÉ ` (½VÉÉ® ¨Éå)
` (½VÉÉ® ¨Éå)

<ÆÊbªÉÉ <Æ]®xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ 2019-20 1,00,00,000 20 28,576 25,063

1.
{ÉÒ]Ò<Ç Ê±ÉʨÉ]äb, ˺ÉMÉÉ{ÉÖ® 2018-19 1,00,00,000 20 28,576 26,399
½ä±lÉ <ƶªÉÉä®åºÉ ]Ò{ÉÒB +Éì¡ 2019-20 2,85,00,000 23.75 2,00,679 -
2.
<ÆÊbªÉÉ Ê±ÉʨÉ]äb 2018-19 2,85,00,000 23.75 2,00,679 -

(b) ¨ÉÖJªÉ |ɤÉÆvÉxÉ EòĘ́ÉEò:

Gò.ºÉÆ. |ɨÉÖJÉ |ɤÉÆvÉxÉ ´ªÉÊHò Eäò xÉɨÉ
1. ¸ÉÒ¨ÉiÉÒ iÉËVÉn® ¨ÉÖJÉVÉÔ, ºÉÒB¨ÉbÒ (14/09/2018 ºÉä)
2. ¸ÉÒ VÉÉìxÉ {ÉÖʱÉlÉÉxɨÉ, ¨É½É|ɤÉÆvÉEò B´ÉÆ ÊxÉnä¶ÉEò (01/04/2019 - 31/08/2019)
3. ¸ÉÒ ÊºÉrÉlÉÇ |ÉvÉÉxÉ, ¨É½É|ɤÉÆvÉEò B´ÉÆ ÊxÉnä¶ÉEò (09/08/2018 ºÉä)
4. ¸ÉÒ {ÉÒ Ê´ÉVÉªÉ EÖò¨ÉÉ®, ¨ÉÖJªÉ Ê´ÉkÉ +ÊvÉEòÉ®Ò
5. ¸ÉÒ¨ÉiÉÒ ®ÒxÉÉ ¨ÉÊbªÉÉ, EÆò{ÉxÉÒ ºÉÊSÉ´É
±ÉäxÉnäxÉ EòÒ |ÉEÞòÊiÉ:
i. ´ÉäiÉxÉ, ¦ÉkÉä +Éè® ªÉÉäMÉnÉxÉ `11,125 ½VÉÉ® (`10,296 ½WÉÉ®)
ii. @  hÉ +Éè® +ÊOÉ¨É ` ¶ÉÚxªÉ (`21 ½VÉÉ®)*
iii. ÊEò®ÉªÉÉ +ÉªÉ (HITPA) `1646 ½VÉÉ® (`948 ½VÉÉ®)
(c) ÊVÉxÉ ºÉƺlÉÉ+Éå {É® ÊxɪÉÆjÉhÉ ¨ÉÉèVÉÚn ½è:
1. xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ EÆò{ÉxÉÒ Ê±ÉʨÉ]äb EòÒ Eò¨ÉÇSÉÉ®Ò ¦ÉʴɹªÉ ÊxÉÊvÉ*
2. xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ EÆò{ÉxÉÒ EòÒ (Eò¨ÉÇSÉÉ®Ò) {Éå¶ÉxÉ ÊxÉÊvÉ *
3. xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ EÆò{ÉxÉÒ Ê±ÉʨÉ]äb EòÒ Eò¨ÉÇSÉÉ®Ò OÉäSªÉÖ]Ò ÊxÉÊvÉ *
(]ź]Ò Eäò °  {É ¨Éå EÆò{ÉxÉÒ uÉ®É EòÉä<Ç ÊxÉ´Éä¶É +Éè® ±ÉäxÉnäxÉ xÉ½Ó ÊEòªÉÉ MɪÉÉ ½è )*
31. |ÉÒÊ¨ÉªÉ¨É +¦ÉÉ´É Ê®VÉ´ÉÇ ({ÉÒbÒ+É®):
´ÉɺiÉÊ´ÉEò +xÉÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É Ê®WÉ´ÉÇ 1/24´ÉÓ {ÉrÊiÉ EòÉ ={ɪÉÉäMÉ Eò® +xÉÖ¨ÉÉÊxÉiÉ ÊEòªÉÉ VÉÉiÉÉ ½è, ÊVɺÉEòÒ iÉÖ±ÉxÉÉ +MɱÉä ´É¹ÉÇ ¨Éå +{ÉäÊIÉiÉ
´ÉɺiÉÊ´ÉEò JÉSÉÇ ÊEòB MÉB nÉ´ÉÉå (nÉ´ÉÉå ºÉä ºÉƤÉÆÊvÉiÉ ±ÉÉMÉiÉ ºÉʽiÉ) Eäò ºÉÉlÉ EòÒ VÉÉiÉÒ ½è +Éè® VÉ¤É +{ÉäÊIÉiÉ nÉ´ÉÉ ±ÉÉMÉiÉ ¶ÉÖr +xÉÌVÉiÉ
|ÉÒÊ¨ÉªÉ¨É ºÉä +ÊvÉEò ½Éä VÉÉiÉÒ ½è, iÉÉä |ÉÒÊ¨ÉªÉ¨É EòÒ Eò¨ÉÒ =i{ÉxxÉ ½ÉäiÉÒ ½è* |ÉiªÉäEò {ÉÉä]Ç¡òÉäʱɪÉÉä Eäò ʱÉB <ºÉEòÒ MÉhÉxÉÉ EòÒ VÉÉiÉÒ ½è +Éè®
¤ÉÖCºÉ ¨Éå iɦÉÒ º´ÉÒEÞòiÉ EòÒ VÉÉiÉÒ ½è VÉ¤É JÉÆbÒªÉ ®ÉVɺ´É JÉÉiÉä Eäò ºiÉ® {É® +¦ÉÉ´É ½ÉäiÉÉ ½è* VÉèºÉÉÊEò ÊEòºÉÒ +¦ÉÉ´É EòÒ +ɶÉÆEòÉ xɽÓ
½è, SÉɱÉÚ ´É¹ÉÇ Eäò Ê´ÉkÉÒªÉ Ê´É´É®hÉÉäÆ ¨Éå |ÉÒÊ¨ÉªÉ¨É +¦ÉÉ´É Ê®VÉ´ÉÇ ` ¶ÉÚxªÉ (` ¶ÉÚxªÉ) ½è *

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 360

 of Hong Kong and subject to settlement of all the outstanding claims. Though approval from
said Authority has since been obtained but settlement of all the claims are still in progress. The
outstanding liability as on 31.03.2020 is `53,146 thousand (`48,179 thousand).
(b) Amount of Gain/Loss on disposal of assets or settlement of liabilities attributable to the discontinuing
operation will be accounted for on transfer of undertaking.
30. Related party disclosures are given below:
(a) Associates:

NO. OF BOOK VALUE DIVIDEND

FINANCIAL % OF
SL.NO. NAME OF ASSOCIATE SHARES OF SHARE RECEIVED
YEAR HOLDING
HELD `(in thousand) `(in thousand)
India International 2019-20 1,00,00,000 20 28,576 25,063
1. Insurance Pte. Ltd.,
Singapore 2018-19 1,00,00,000 20 28,576 26,399

Health Insurance TPA of 2019-20 2,85,00,000 23.75 2,00,679 -

2.
India Ltd. 2018-19 2,85,00,000 23.75 2,00,679 -
(b) Key Management Personnel:

SL. NO. NAME OF KEY MANAGEMENT PERSONNEL

1. Smt. Tajinder Mukherjee, CMD (w.e.f. 14/09/2018)
2. Shri John Pulinthanam, General Manager & Director (Retired) (01/04/2019 – 31/08/2019)
3. Shri Sidharth Pradhan, General Manager & Director (w.e.f. 09/08/2018)
4. Shri P. Vijaya Kumar, Chief Financial Officer
5. Smt. Rina Madia, Company Secretary
Nature of transactions:
i. Salaries, allowances and contributions `11,125 thousand (`10,296 thousand)
ii. Loans and Advances ` Nil (`21 thousand).
iii. Rent Income (HITPA) `1646 thousand (`948 thousand)
(c) Entities over which control exist:
1. National Insurance Company Limited Employees’ Provident Fund.
2. National Insurance Company (Employees’) Pension Fund.
3. National Insurance Company Limited Employees’ Gratuity Fund.
(No investments and transactions have been undertaken by the Company as a trustee).
31. Premium Deficiency Reserve (PDR):
The net unearned premium reserve is estimated using the 1/24th method which is then compared with
expected net incurred claims in the next year (including claims related cost) and when the expected
claim cost exceeds the net unearned premium, premium deficiency arises. It is calculated for each
portfolio and is recognized in the books only when there is deficiency at segmental revenue account
level. As no deficiency is anticipated, Premium Deficiency Reserve recognized in the Financial
Statements of the current year is ` Nil (` Nil).

361 ANNUAL REPORT 2019-20

32.1. EÆò{ÉxÉÒ xÉä ÊxɨxÉʱÉÊJÉiÉ ±ÉɦÉÉå Eäò ºÉƤÉÆvÉ ¨Éå ±ÉäJÉÉ ¨ÉÉxÉEò (BBºÉ) 15 Eò¨ÉÇSÉÉ®Ò ±ÉÉ¦É EòÉä +{ÉxÉɪÉÉ ½è:
32.2. {ÉÊ®¦ÉÉʹÉiÉ ªÉÉäMÉnÉxÉ ªÉÉäVÉxÉÉBÆ:
a) ¦ÉʴɹªÉ ÊxÉÊvÉ: EÆò{ÉxÉÒ {ÉÚ´ÉÇÊxÉvÉÉÇÊ®iÉ n®Éå {É® Eò¨ÉÇSÉÉ®Ò ¦ÉʴɹªÉ ÊxÉÊvÉ ¨Éå BEò +±ÉMÉ ]ź] EòÉä ÊxÉʶSÉiÉ ªÉÉäMÉnÉxÉ näiÉÒ ½è, VÉÉä +xÉÖ¨ÉiÉ
|ÉÊiɦÉÚÊiɪÉÉå ¨Éå vÉxÉ EòÉ ÊxÉ´Éä¶É Eò®iÉÒ ½è* ªÉÉäMÉnÉxÉ Eò®xÉä {É®, ¦ÉÉ®iÉ EòÒ ºÉ®EòÉ® uÉ®É ÊxÉÌn¹] ºÉnºªÉÉå EòÉä xªÉÚxÉiÉ¨É ¤ªÉÉVÉ n® EòÉ
¦ÉÖMÉiÉÉxÉ Eò®xÉä Eäò ʱÉB ]ź] EòÒ +ɴɶªÉEòiÉÉ ½ÉäiÉÒ ½è* VÉ¤É ¦ÉÒ ¡Æòb Eäò ºÉnºªÉÉå EòÉä ¤ªÉÉVÉ Eäò ¦ÉÖMÉiÉÉxÉ Eäò ʱÉB ¡Æòb EòÒ +ÉªÉ ¨Éå
Eò¨ÉÒ ½ÉäiÉÒ ½è, iÉÉä EÆò{ÉxÉÒ Eò¨ÉÇSÉÉ®Ò ¦ÉʴɹªÉ ÊxÉÊvÉ ªÉÉäVÉxÉÉ 1952 Eäò +xÉÖ{ÉɱÉxÉ ¨Éå Eò¨ÉÒ EòÉä {ÉÚ®É Eò®xÉä Eäò ʱÉB ¡Æòb ¨Éå +ÊiÉÊ®Hò
ªÉÉäMÉnÉxÉ näiÉÒ ½è* ´É¹ÉÇ Eäò nÉè®ÉxÉ ¤ªÉÉVÉ EòÒ Eò¨ÉÒ Eäò ʱÉB IÉÊiÉ{ÉÚÌiÉ ºÉʽiÉ EÆò{ÉxÉÒ Eäò |ÉÉäÊ´Ébå] ¡Æòb EòÉ ªÉÉäMÉnÉxÉ `3,05,374
½VÉÉ® (`1,68,537 ½WÉÉ®) ½è*
b) xÉä¶ÉxÉ±É {Éå¶ÉxÉ ªÉÉäVÉxÉÉ: EÆò{ÉxÉÒ xÉä +{ÉxÉä Eò¨ÉÇSÉÉÊ®ªÉÉå EòÉä VÉÉä 1 +|Éè±É, 2010 EòÉä ªÉÉ =ºÉEäò ¤ÉÉn ºÉä´ÉÉ ¨Éå ÊxɪÉÖHò ½ÖB ½è Eäò
ʱÉB {Éå¶ÉxÉ ¡Æòb ÊxɪÉɨÉEò B´ÉÆ Ê´ÉEòÉºÉ |ÉÉÊvÉEò®hÉ uÉ®É |ÉÉÊvÉEÞòiÉ ]ź]Ò ¤ÉéEò EòÉä xÉä¶ÉxÉ±É {Éå¶ÉxÉ ºEòÒ¨É Eäò iɽiÉ iÉªÉ ªÉÉäMÉnÉxÉ
EòÉ ¦ÉÖMÉiÉÉxÉ Eò®iÉÒ ½è, ÊVɺÉEäò {ÉÊ®hÉɨɺ´É°  {É ºÉƤÉÊxvÉiÉ Eò¨ÉÇSÉÉ®Ò uÉ®É ÊxÉvÉÉÇÊ®iÉ {Éå¶ÉxÉ ¢Æòb ¨ÉäxÉäVÉ® Eäò ºÉÉlÉ {ÉèºÉÉä EòÉ ÊxÉ´Éä¶É
ÊEòªÉÉ VÉÉiÉÉ ½è xÉ EÆò{ÉxÉÒ EòÉ nÉʪÉi´É Eäò´É±É ÊxɸÊSÉiÉ ªÉÉäMÉnÉxÉ EòÒ ºÉÒ¨ÉÉ iÉEò ºÉÒʨÉiÉ ½è * <ºÉEòÒ ´ÉVɽ ºÉä `1,79,729 ½VÉÉ®
(`1,55,706 ½VÉÉ®) EòÒ ®É榃 ´É¹ÉÇ Eäò ʱÉB ´ªÉªÉ EòÒ MÉ<Ç ½è*
32.3 {ÉÊ®¦ÉÉʹÉiÉ ±ÉÉ¦É ªÉÉäVÉxÉÉBÆ:
{ÉÊ®¦ÉÉʹÉiÉ ±ÉÉ¦É ÊxɨxÉÉÆÊEòiÉ ½è:
(` ½VÉÉ® ¨Éå)

OÉäSªÉÖ]Ò {Éå¶ÉxÉ UÖÊ^ªÉÉå EòÉ

xÉEònÒEò®hÉ
(A) ´ÉiÉǨÉÉxÉ ¨ÉÚ±ªÉ EòÉ ¦ÉÉ®
ºÉÉ±É EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå 1,08,08,596 2,53,82,143 50,82,561
(1,01,62,704) (2,49,19,650) (45,76,064)
¤ªÉÉVÉ ±ÉÉMÉiÉ 6,56,469 12,32,909 3,01,787
(7,05,770) (15,98,652) (3,12,310)
´ÉiÉǨÉÉxÉ ºÉä´ÉÉ ±ÉÉMÉiÉ 4,87,449 13,09,186 6,58,853
(4,49,343) (9,50,886) (5,16,581)
Ê´ÉMÉiÉ ºÉä´ÉÉ ±ÉÉMÉiÉ - - -
(-) (-) (-)
BCSÉÖÊ®ªÉ±É (±ÉɦÉ)/½ÉÊxÉ (-)1,83,065 3,12,43,462 4,11,142
(8,18,343) (34,68,255) (4,22,999)
¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ ±ÉÉ¦É 15,72,343 1,11,84,554 9,50,238
(13,27,564) (55,55,300) (7,45,393)
ºÉÉ±É Eäò +ÆiÉ ¨Éå 1,01,97,106 4,79,83,145 55,04,107
(1,08,08,596) (2,53,82,143) (50,82,561)

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 362

32.1. The Company has adopted Accounting Standard (AS) 15 Employees Benefits in respect of following
benefits:
32.2. Defined Contribution Plans:
Provident fund: The Company pays fixed contribution to Employees’ Provident Fund at
a)
predetermined rates, to a separate trust, which invests the funds in permitted securities. On
contributions, the trust is required to pay a minimum rate of interest to the members as specified
by Govt. of India. Whenever there is shortfall of income of the fund for payment of interest to
the members of the fund, Company makes additional contribution to the fund to make up the
shortfall in compliance to The Employees’ Provident Fund Scheme 1952. Company’s contribution
to the Provident Fund including compensation for interest shortfall during the year is `3,05,374
thousand (`1,68,537 thousand).
b) National Pension System: The Company pays fixed contribution under National Pension System
for its employees who joined service on or after April 1, 2010 to the trustee bank designated
by Pension Fund Regulatory and Development Authority, which in turn invests the money with
the pension fund managers as specified by the employee concerned. The Company’s liability
is limited only to the extent of fixed contribution. An amount of `1,79,729 thousand (`1,53,706
thousand) is recognised as expense for the year on this account.
32.3 Defined Benefit Plans:
Status of the benefit plans are given below:
(` in thousand)
Gratuity Pension Leave
Encashment
(A) Present value of obligation
At the beginning of the year 1,08,08,596 2,53,82,143 50,82,561
(1,01,62,704) (2,49,19,650) (45,76,064)
Interest Cost 6,56,469 12,32,909 3,01,787
(7,05,770) (15,98,652) (3,12,310)
Current Service Cost 4,87,449 13,09,186 6,58,853
(4,49,343) (9,50,886) (5,16,581)
Past Service Cost - - -
(-) (-) (-)
Actuarial (Gain)/Loss (-)1,83,065 3,12,43,462 4,11,142
(8,18,343) (34,68,255) (4,22,999)
Benefits Paid 15,72,343 1,11,84,554 9,50,238
(13,27,564) (55,55,300) (7,45,393)
At the end of the year 1,01,97,106 4,79,83,145 55,04,107
(1,08,08,596) (2,53,82,143) (50,82,561)

363 ANNUAL REPORT 2019-20

 (` ½VÉÉ® ¨Éå)
(B) {±ÉÉxÉ BºÉä]弃 ¨Éå ¤Én±ÉÉ´É
´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå =ÊSÉiÉ ¨ÉÚ±ªÉ 1,07,67,824 2,38,57,200 -
(67,05,000) (2,18,77,200) (-)
+{ÉäÊIÉiÉ +ÉªÉ 8,61,426 19,08,576 -
(4,98,182) (17,50,176) (-)
ªÉÉäMÉnÉxÉ 40,772 20,15,168 -
(34,57,704) (35,93,050) (-)
BCSÉÖÊ®ªÉ±É (±ÉɦÉ)/½ÉÊxÉ (-)7,78,117 92,70,675 -
(14,34,502) (21,92,074) (-)
¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ ±ÉÉ¦É 15,72,343 1,11,84,554 -
(13,27,564) (55,55,300) (-)
´É¹ÉÇ Eäò +ÆiÉ ¨Éå =ÊSÉiÉ ¨ÉÚ±ªÉ 93,19,562 2,58,67,064 -
(1,07,67,824) (2,38,57,200) (-)
(C) =ÊSÉiÉ ¨ÉÚ±ªÉ EòÉ ¦ÉÉ® +Éè® ªÉÉäVÉxÉÉ +ÉʺiɪÉÉå Eäò ´ÉiÉǨÉÉxÉ ¨ÉÚ±ªÉ EòÉ Ê¨É±ÉÉxÉ
´É¹ÉÇ Eäò +ÆiÉ ¨Éå =ÊSÉiÉ ¨ÉÚ±ªÉ 93,19,562 2,58,67,064 -
(1,07,67,824) (2,38,57,200) (-)
´É¹ÉÇ Eäò +ÆiÉ ¨Éå ´ÉiÉǨÉÉxÉ ¨ÉÚ±ªÉ 1,01,97,106 4,79,83,145 55,04,107
(1,08,08,596) (2,53,82,143) (50,82,561)
¤Éè±ÉåºÉ ¶ÉÒ] ¨Éå xÉä] ±ÉɪÉʤÉʱÉ]Ò EòÉä º´ÉÒEÞòiÉ nÒ MÉ<Ç 8,77,544 2,21,16,080 55,04,107
(40,772) (15,24,943) (50,82,561)
(D) ±ÉɦÉ/½ÉÊxÉ Eäò Ê´É´É®hÉ ¨Éå º´ÉÒEÞòiÉ ´ªÉªÉ
´ÉiÉǨÉÉxÉ ºÉä´ÉÉ ±ÉÉMÉiÉ 4,87,449 13,09,186 6,58,853
(4,49,343) (9,50,886) (5,16,581)
Ê´ÉMÉiÉ ºÉä´ÉÉ ±ÉÉMÉiÉ - - -
(-) (-) (-)
¤ªÉÉVÉ ±ÉÉMÉiÉ 6,56,469 12,32,909 30,1787
(7,05,770) (15,98,652) (3,12,310)
ªÉÉäVÉxÉÉ {ÉÊ®ºÉÆ{ÉÊkÉ {É® +{ÉäÊIÉiÉ |ÉÊiɱÉÉ¦É 8,61,426 19,08,576 0
(4,98,182) (17,50,176) (0)
´É¹ÉÇ ¨Éå º´ÉÒEÞòiÉ ¤ÉÒ¨ÉÉÆÊEòEò ±ÉɦÉ/½ÉÊxÉ 5,95,052 2,19,72,787 4,11,142
(-6,16,159) (12,76,181) (4,22,999)
±ÉɦÉ/½ÉÊxÉ Eäò Ê´É´É®hÉ ¨Éå º´ÉÒEÞòiÉ ´ªÉªÉ 8,77,544 1,62,95,842 13,71,783
(40,772) (20,75,543) (12,51,890)
ʤÉxÉÉ JÉSÉÇ EòÒ MÉ<Ç ®É榃 - 63,10,464 -
(-) (-) (-)

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 364

 (` in thousand)
(B) Change in Plan Assets
Fair value at the beginning of the year 1,07,67,824 2,38,57,200 -
(67,05,000) (2,18,77,200) (-)
Expected Return 8,61,426 19,08,576 -
(4,98,182) (17,50,176) (-)
Contributions 40,772 20,15,168 -
(34,57,704) (35,93,050) (-)
Actuarial (Gain)/Loss (-)7,78,117 92,70,675 -
(14,34,502) (21,92,074) (-)
Benefits Paid 15,72,343 1,11,84,554 -
(13,27,564) (55,55,300) (-)
Fair Value at the end of the year 93,19,562 2,58,67,064 -
(1,07,67,824) (2,38,57,200) (-)
(C) Reconciliation of Fair Value of obligation and Present Value of Plan Assets
Fair Value at the year end 93,19,562 2,58,67,064 -
(1,07,67,824) (2,38,57,200) (-)
Present Value at the year end 1,01,97,106 4,79,83,145 55,04,107
(1,08,08,596) (2,53,82,143) (50,82,561)
Net Liability recognized in Balance Sheet 8,77,544 2,21,16,080 55,04,107
(40,772) (15,24,943) (50,82,561)
(D) Expenses recognized in Statement of Profit/Loss
Current Service Cost 4,87,449 13,09,186 6,58,853
(4,49,343) (9,50,886) (5,16,581)
Past Service Cost - - -
(-) (-) (-)
Interest Cost 6,56,469 12,32,909 30,1787
(7,05,770) (15,98,652) (3,12,310)
Expected return on Plan Asset 8,61,426 19,08,576 0
(4,98,182) (17,50,176) (0)
Actuarial gain/loss recognized in the year 5,95,052 2,19,72,787 4,11,142
(-6,16,159) (12,76,181) (4,22,999)
Expenses recognized in Statement of Profit/Loss 8,77,544 1,62,95,842 13,71,783
(40,772) (20,75,543) (12,51,890)
Unamortized expenses - 63,10,464 -
(-) (-) (-)

365 ANNUAL REPORT 2019-20

 (` ½VÉÉ® ¨Éå)
(E) ªÉÉäVÉxÉÉ {ÉÊ®ºÉÆ{ÉÊkɪÉÉå Eäò ÊxÉ´Éä¶É EòÒ |ɨÉÖJÉ ¸ÉähÉÒ
ÊxÉvÉÉÇÊ®iÉ +ɪÉ/@  hÉ |ÉÊiɦÉÚÊiÉ 100% 100% -
(100%) (100%) (-)
(F) +xÉÖ¨ÉÉxÉ
UÚ] EòÒ n® (%) 6.55 6.23 6.55
(7.43) (7.22) (7.43)
ªÉÉäVÉxÉÉ {ÉÊ®ºÉÆ{ÉÊkɪÉÉå {É® |ÉÊiɱÉÉ¦É (%) 8.00 8.00 -
(7.43) (8.00) -
¨ÉĽMÉÉ<Ç n® (%) 4.50 4.00 4.50
(4.50) (4.00) (4.50)
¤ÉEòɪÉÉ EòɨÉEòÉVÉ VÉÒ´ÉxÉ (´É¹ÉÇ) 10.00 6.00 10.00
(10.00) (7.00) (10.00)

EÆò{ÉxÉÒ xÉä {Éå¶ÉxÉ ¡Æòb Eäò ºÉnºªÉ ¤ÉxÉxÉä Eäò ʱÉB BEò ¤ÉÉ® +Éè® Ê´ÉEò±{É {Éå¶ÉxÉ (ǺÉÇì) Eò®xÉä Eäò iɽiÉ 23 +|Éè±É, 2019 ºÉä |ɦÉÉ´ÉÒ ªÉÉäMªÉ
32.4
Eò¨ÉÇSÉÉÊ®ªÉÉå ÊVÉx½ÉäxÉä 28 VÉÚxÉ, 1995 ºÉä {ÉÚ´ÉÇ EÆò{ÉxÉÒ ¨Éå EòɪÉǦÉÉ® OɽhÉ ÊEòªÉÉ ½è, SÉÉ½ä ´É½ ºÉÌ´ÉºÉ ¨Éå ½Éä ªÉÉ ºÉä´ÉÉÊxÉ´ÉÞiÉ ½Éä MÉB ½Éå,
Eäòxp ºÉ®EòÉ® uÉ®É VÉxÉ®±É <ƶªÉÉä®åºÉ (Eò¨ÉÇSÉÉ®Ò) {Éå¶ÉxÉ ºÉƶÉÉävÉxÉ ªÉÉäVÉxÉÉ, 2019 Eäò ±ÉÉMÉÚ ½ÉäxÉä {É®, {Éå¶ÉxÉ ¡Æòb EòÉ ºÉnºªÉ ¤ÉxÉxÉä Eäò
ʱÉB {Éå¶ÉxÉ Eäò ʱÉB BEò +Éè® Ê´ÉEò±{É (OMOP) EòÉ ={ɪÉÉäMÉ Eò® ºÉEòiÉä ½é* ´ÉiÉǨÉÉxÉ ´É¹ÉÇ ¨Éå ¨ÉÉxªÉiÉÉ |ÉÉ{iÉ ¤ÉÒ¨ÉÉÆÊEòEò ¨ÉÚ±ªÉÉÆEòxÉ
EòÒ |ÉÊGòªÉÉ Eäò ¨ÉÉvªÉ¨É ºÉä ÊxÉvÉÉÇÊ®iÉ ºÉ¨ÉOÉ OMOP ¨Éå ÊxɨxÉ ¶ÉÉÊ¨É±É ½é:
(a) EòɪÉÇ®iÉ Eò¨ÉÇSÉÉÊ®ªÉÉå Eäò ʱÉB OMOP {É® `78,88,080 ½VÉÉ®; iÉlÉÉ
(b) ºÉä´ÉÉÊxÉ´ÉÞiÉ Eò¨ÉÇSÉÉÊ®ªÉÉå Eäò ʱÉB OMOP {É® `64,97,486 ½VÉÉ®, ªÉÉäVÉxÉÉ Eäò +xÉÖºÉÉ® ´ÉɺiÉÊ´ÉEò =MÉÉ½Ò *

¤ÉÒ¨ÉÉ Ê´ÉÊxÉªÉ¨É +Éè® Ê´ÉEòÉºÉ |ÉÉÊvÉEò®hÉ (IRDAI) xÉä +{ÉxÉä {ÉjÉ Gò¨ÉÉÆEò 411 / F & A (NL) / Amort-EB-2019-20/122 ÊnxÉÉÆEò
07-07-2020 Eäò +xÉÖºÉÉ® ´É¹ÉÇ 2019-20 ºÉä {ÉÉÆSÉ ºÉÉ±É EòÒ +´ÉÊvÉ ºÉä VªÉÉnÉ EòɪÉÇ®kÉ Eò¨ÉÇSÉÉÊ®ªÉÉå EòÉä OMOP Eäò ʱÉB +ÊiÉÊ®Hò
{Éå¶ÉxÉ näªÉiÉÉ Eäò @hɨÉÖÊHò Eäò ʱÉB º´ÉÒEÞòÊiÉ |ÉnÉxÉ EòÒ* <ºÉ iÉ®½ EòÒ ¨ÉÆVÉÚ®Ò Eäò ¤ÉÉn, EÆò{ÉxÉÒ xÉä ¨ÉÉèVÉÚnÉ Eò¨ÉÇSÉÉÊ®ªÉÉå Eäò OMOP Eäò
ºÉƤÉÆvÉ ¨Éå {Éå¶ÉxÉ nÉʪÉi´É ¨Éå ´ÉÞÊr EòÒ, VÉÉä ´É¹ÉÇ Eäò JÉSÉÉäÈ Eäò °  {É ¨Éå `15,77,616 ½VÉÉ® ¯ {ÉB EòÒ ¨ÉÉxªÉiÉÉ näiÉÉ ½è* iÉnxÉÖºÉÉ®, ={ɪÉÖÇHò
+ÊiÉÊ®Hò näªÉiÉɪÉÉå ¨Éå ºÉä, SÉɱÉÚ ´É¹ÉÇ ¨Éå JÉSÉÉäÈ Eäò °  {É ¨Éå EÖò±É ʨɱÉÉEò® `80,75,102 ½VÉÉ® EòÉä ¨ÉÉxªÉiÉÉ nÒ MÉ<Ç ½è +Éè® +MɱÉä SÉÉ®
´É¹ÉÉäÈ ¨Éå `63,10,464 ½VÉÉ® EòÉä {ÉÊ®¶ÉÉävÉxÉ Eäò ʱÉB ºlÉÊMÉiÉ Eò® ÊnªÉÉ MɪÉÉ ½è* +MÉ® <ºÉ iÉ®½ EòÒ EòÉä<Ç SÉÚEò xÉ½Ó ½Ö<Ç ½ÉäiÉÒ, iÉÉä
ºÉÉ±É EòÉ xÉÖEòºÉÉxÉ `63,10,464 ½VÉÉ® iÉEò ¤Ég VÉÉiÉÉ*
32.5 EÆò{ÉxÉÒ +¦ÉÒ iÉEò ¨É½ÆMÉÉ<Ç ¦ÉkÉä Eäò PÉ]Eò EòÉä UÉäcEò® ¦ÉʴɹªÉ EòÒ {Éå¶ÉxÉ nÉʪÉi´É EòÉ ´ÉiÉǨÉÉxÉ ¨ÉÚ±ªÉ |ÉnÉxÉ Eò® ®½Ò lÉÒ* <ºÉ iÉ®½ Eäò
¦ÉkÉä EòÉ ¦ÉÖMÉiÉÉxÉ ºÉä´ÉÉÊxÉ´ÉÞkÉ Eò¨ÉÇSÉÉÊ®ªÉÉå EòÉä ¨ÉÉʺÉEò {Éå¶ÉxÉ +Éè® ®ÉVɺ´É |ɦÉÉÊ®iÉ Eäò ¦ÉÖMÉiÉÉxÉ Eäò ºÉÉlÉ ÊEòªÉÉ* ´É¹ÉÇ Eäò +ÆiÉ ¨Éå {Éå¶ÉxÉ
nÉʪÉi´É Eäò ¦ÉʴɹªÉ Eäò ¨É½ÆMÉÉ<Ç ¦ÉkÉÉ PÉ]Eò EòÉ ¤ÉÒ¨ÉÉÆÊEòEò ¨ÉÚ±ªÉ `79,78,380 ½VÉÉ® (`74,35,591 ½VÉÉ®) ½è* `36,12,231
½VÉÉ® (`15,82,000 ½VÉÉ®) EòÒ ®É榃 EòÉ ¦ÉÖMÉiÉÉxÉ ´É¹ÉÇ Eäò nÉè®ÉxÉ {Éå¶ÉxɦÉÉäÊMɪÉÉå Eäò ¨É½ÆMÉÉ<Ç ¦ÉkÉä B´ÉÆ º´ÉÒEÞòiÉ JÉSÉæ Eäò Eäò °  {É ¨Éå
ÊEòªÉÉ* SÉɱÉÚ ´É¹ÉÇ Eäò +±ÉÉ´ÉÉ EÆò{ÉxÉÒ xÉä {Éå¶ÉxÉ nÉʪÉi´É Eäò ¦ÉʴɹªÉ Eäò ¨É½ÆMÉÉ<Ç ¦ÉkÉä Eäò PÉ]Eò Eäò ºÉƤÉÆvÉ ¨Éå ±ÉäJÉÉÆEòxÉ EòÉ GòʨÉEò +ÉvÉÉ®
+{ÉxÉɪÉÉ +Éè® <ºÉ JÉÉiÉä {É® `79,78,380 ½VÉÉ® EòÒ ºÉÆ{ÉÚhÉÇ näªÉiÉÉ |ÉnÉxÉ EòÒ* <ºÉ iÉ®½ Eäò ¤Én±ÉÉ´É Eäò EòÉ®hÉ, 31-03-2020 EòÉä
´É¹ÉÇ Eäò ʱÉB xÉÖEòºÉÉxÉ +Éè® ´ÉiÉǨÉÉxÉ näªÉiÉÉ =Hò ®É榃 ¨Éå ºÉä ´ÉÞÊr nWÉÇ ½Ö<Ç ½è*
33. Eò¨{ÉxÉÒ Eäò Eò¨ÉÇSÉÉÊ®ªÉÉä EòÉ ´ÉäiÉxÉ ºÉƶÉÉävÉxÉ ÊnxÉÉÆEò 01 +MɺiÉ, 2017 ºÉä ¤ÉEòɪÉÉ ½è* Eò¨ÉÇSÉÊ®ªÉÉäÆ Eäò ʱÉB ÊEòºÉÒ ¦ÉÒ |ÉEòÉ® Eäò |ɺiÉÉ´É
EòÒ +xÉÖ{ÉʺlÉÊiÉ ¨Éå EòÉä<Ç ¦ÉÒ |ÉÉ´ÉvÉÉxÉ xÉ½Ò ¤ÉxÉÉ ½è*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 366

 (` in thousand)
(E) Major category of Investment of Plan Assets
Fixed Income/Debt Securities 100% 100% -
(100%) (100%) (-)
(F) Assumptions
Discount Rate(%) 6.55 6.23 6.55
(7.43) (7.22) (7.43)
Return on Plan Asset(%) 8.00 8.00 -
(7.43) (8.00) -
Inflation rate (%) 4.50 4.00 4.50
(4.50) (4.00) (4.50)
Residual Working life (years) 10.00 6.00 10.00
(10.00) (7.00) (10.00)
32.4 The Company has incurred additional liability consequent upon introduction of General Insurance
(Employees’) Pension Amendment Scheme, 2019 by the Central Government effective from 23rd
April, 2019 in respect of eligible employees, who have joined the Company before 28th June, 1995
whether continuing or retired, exercising One More Option for Pension (OMOP) to become member
of the Pension Fund. The aggregate OMOP liability determined through the process of actuarial
valuation recognized in the current year includes:
(a)
`78,88,080 thousand on account of OMOP of continuing employees; and
(b) `64,97,486 thousand on account of OMOP of retired employees, net of realization as per the
scheme.
The Insurance Regulatory and Development Authority of India (IRDAI) per their letter No.411/F&A(NL)/
Amort-EB-2019-20/122 dated 07-07-2020 granted approval for amortization of the additional pension
liability for OMOP of continuing employees over a period of five years from 2019-20. Pursuant to
such approval, the Company amortized pension liability in respect of OMOP of existing employees
recognizing `15,77,616 thousand as expenses of the year. Accordingly, out of above mentioned
additional liabilities, `80,75,102 thousand in aggregate is recognized as expenses in the current year
and `63,10,464 thousand is deferred for amortization over the next four years. Had there been no
such deferment, loss of the year would have been increased by `63,10,464 thousand.
32.5 The Company was hitherto providing present value of future pension obligation excluding dearness
allowance component. Such allowance is paid to retired employees along with payments of monthly
pension and charged to revenue. Actuarial value of future dearness allowance component of pension
obligation at the end of the year is `79,78,380 thousand (`74,35,591 thousand). During the year a
sum of `36,12,231 thousand (`15,82,000 thousand) is paid towards dearness allowance obligation of
pensioners and recognized as expenses. In addition in the current year the Company adopted accrual
basis of accounting in respect of the future dearness allowance component of pension obligation and
provided the entire liability of `79,78,380 thousand on this account. Due to such change, loss for the
year and current liability as on 31-03-2020 have been increased by the said amount.
33. Wage revision for the employees of the Company is due w.e.f. 1st August, 2017. In the absence of any
offer made to the employees, no provision for the same is made in the books.

367 ANNUAL REPORT 2019-20

34. ºÉÚI¨É, ±ÉPÉÖ +Éè® ¨ÉvªÉ¨É =t¨É Ê´ÉEòÉºÉ +ÊvÉÊxɪɨÉ, 2006 Eäò +xÉÖºÉÉ®, EÆò{ÉxÉÒ EòÉä +¦ÉÒ iÉEò ªÉÉäMªÉ B¨É BºÉ B¨É =t¨ÉÉå EòÒ {ɽSÉÉxÉ
Eò® ®½Ò ½è VÉÉä EÆò{ÉxÉÒ EòÉä ¨ÉÉ±É (ºÉɨÉÉxÉ) +Éè® ºÉä´ÉÉBÆ |ÉnÉxÉ Eò® ®½ä ½é* ½É±ÉÉÄÊEò, ºÉÚI¨É, ±ÉPÉÖ +Éè® ¨ÉvªÉ¨É =t¨ÉÉä uÉ®É ¨ÉÚ±É ®ÉʶÉ
´É ¤ªÉÉVÉ Eäò ¦ÉÖMÉiÉÉxÉ ¨Éå nä®Ò Eäò EòÉ®hÉ, EòÉä<Ç ÊEòºÉÒ ¦ÉÒ |ÉEòÉ® EòÉ EäòºÉ nVÉÇ xÉ½Ò ÊEòªÉÉ MɪÉÉ ½è* <ºÉÒ EòÉ®hÉ ¨ÉÉ<GòÉä, º¨ÉÉì±É BÆb
¨ÉÒÊbªÉ¨É BÆ]®|ÉÉ<VÉäVÉ bä´É±É{ɨÉå] BC], 2006 Eäò iɽiÉ +ɴɶªÉEò ¦ÉÖMÉiÉÉxÉ {É® ¤ªÉÉVÉ Eäò ¦ÉÖMÉiÉÉxÉ EòÉä ±ÉäEò® ÊEòºÉÒ ¦ÉÒ |ÉEòÉ® EòÒ
EòÉä<Ç +ɴɶªÉEò SÉSÉÉÇ xÉ½Ó ÊEò VÉÉ ®½Ò ½è*
35. (a) ¨ÉÉʺÉEò ÊEò®ÉªÉä Eäò +ÉvÉÉ® {É® ºÉÆ{ÉÊkÉ {É® Eò¤VÉÉ ÊEòªÉÉ ½Ö+É ½è, ´É +Éä{É®äË]MÉ ±ÉÒVÉ EòÉä +É{ɺÉÒ ºÉ¨ÉZÉÉäiÉä Eäò +ÉvÉÉ® {É® {ÉÖxÉ
ÊxÉÌ´ÉiÉ ½é * ±ÉÒWÉ EòÒ ¶ÉiÉÇå +±ÉMÉ-+±ÉMÉ ºÉ¨ÉZÉÉèiÉÉå {É® +ÉvÉÉÊ®iÉ ½ÉäiÉÒ ½é, VÉÉä {ÉÊ®ºÉ® ÊEò®ÉBnÉ®Ò +ÊvÉÊxÉªÉ¨É Eäò +ÉvÉÉ® {É®
+ÉvÉÉÊ®iÉ ½è*
(b) EÆò{ÉxÉÒ xÉä +xÉäEò ´ÉÉÊhÉÊVªÉEò {ÉÊ®ºÉ®Éå +Éè® +É´ÉɺÉÒªÉ }±Éè]Éå EòÉä ®q Eò®xÉä ªÉÉäMªÉ {ÉÊ®SÉɱÉxÉ {É^Éå Eäò iɽiÉ Ê±ÉªÉÉ ½è* ªÉä {É^ä ºÉ¨ÉZÉÉèiÉä
ºÉɨÉÉxªÉ °  {É ºÉä ºÉ¨ÉÉÊ{iÉ {É® xÉ´ÉÒxÉÒEÞòiÉ ÊEòB VÉÉiÉä ½é* ±ÉÒVÉ EòÒ ¶ÉiÉÇå ´ªÉÊHòMÉiÉ ºÉ¨ÉZÉÉèiÉÉå {É® +ÉvÉÉÊ®iÉ ½ÉäiÉÒ ½é* ®ÉVɺ´É JÉÉiÉä
¨Éå ±ÉMÉÉB MÉB {ÉÊ®SÉɱÉxÉ {É^Éå Eäò ºÉƤÉÆvÉ ¨Éå ±ÉÒVÉ ®å]±É JÉSÉÇ `9,57,152 ½VÉÉ® (`10,38,595 ½VÉÉ®) ½è*
36. |ɤÉÆvÉxÉ Eäò +xÉÖºÉÉ®, ±ÉäJÉÉ ¨ÉÉxÉEò (AS) 28 Eäò +ÆiÉMÉÇiÉ Eäò Bäº]ä] EòÉä ÊEòºÉÒ ¦ÉÒ |ÉEòÉ® EòÒ EòÉä<Ç ½ÉÊxÉ xÉ½Ò ½è *
37. VÉÒ BºÉ ]Ò EòɪÉÉÇx´ÉªÉxÉ EòɪÉÇGò¨É ¨Éå Eò¨ÉÒ Eäò EòÉ®hÉ VÉÒ BºÉ ]Ò <xÉ{ÉÖ] ]èCºÉ GäòÊb] (+É<Ç]ÒºÉÒ) Eäò bä]É +Éè® ºÉƤÉÆÊvÉiÉ nºiÉÉ´ÉäVÉÉå
EòÉä ºÉÆ|ÉäʹÉiÉ Eò®xÉä ¨Éå EÖòU Eò¨ÉÒ +É<Ç ½è* BäºÉä ¨Éå EÆò{ÉxÉÒ ªÉÉäMªÉ +É<Ç ]Ò ºÉÒ Eäò BEò ʽººÉä EòÉ ±ÉÉ¦É xÉ½Ó =`É ºÉEòiÉÒ ½è, VÉÉä JÉSÉÇ Eäò
°  {É ¨Éå ´ÉºÉÚ±ÉÉ MɪÉÉ ½è* VÉÒBºÉ]Ò {ÉÉä]Ç±É Eäò +xÉÖºÉÉ® +É<Ç]ÒºÉÒ EòÒ |ÉÉÊ{iɪÉÉÆ, {ÉÉjÉ +É<Ç]ÒºÉÒ, +É<Ç]ÒºÉÒ EòÉ ±ÉÉ¦É =`ɪÉÉ MɪÉÉ +Éè®
+É<Ç]ÒºÉÒ EòÉ ={ɪÉÉäMÉ |ÉMÉÊiÉ {É® ½è* {ÉÖºiÉEòÉå ¨Éå ÊEòB MÉB +É<Ç]ÒºÉÒ ¤Éè±ÉåºÉ Eäò ºÉƤÉÆvÉ ¨Éå, EÆò{ÉxÉÒ EòÉä ÊEòºÉÒ ¦ÉÒ xÉÖEòºÉÉxÉ EòÒ +ɶÉÆEòÉ
xÉ½Ó ½è CªÉÉåÊEò ªÉ½ {ÉÚ®Ò ®É榃 EòÉ ±ÉÉ¦É =`ÉxÉä +Éè® =ºÉEòÉ ={ɪÉÉäMÉ Eò®xÉä EòÒ =¨¨ÉÒn Eò®iÉÉ ½è*
38. ºÉÉä±ÉÉÊ]ªÉ¨É ¡Æòb ¨Éå ªÉÉäMÉnÉxÉ
IRDAI EòÒ +ɴɶªÉEòiÉÉ+Éå Eäò +xÉÖºÉÉ®, EÆò{ÉxÉÒ xÉä ºÉÉä±ÉäÊ]ªÉ¨É ¡Æòb ¨Éå ªÉÉäMÉnÉxÉ Eäò ʱÉB ¦ÉÉ®iÉ ¨Éå 0.10% ¨ÉÉä]® lÉbÇ {ÉÉ]Ô ºÉEò±É
|ÉiªÉIÉ |ÉÒÊ¨ÉªÉ¨É |ÉnÉxÉ ÊEòªÉÉ ½è* iÉnxÉÖºÉÉ®, Ê´ÉÊ´ÉvÉ ®ÉVɺ´É JÉÉiÉä ¨Éå ´É¹ÉÇ Eäò nÉè®ÉxÉ `38,535 ½WÉÉ® (`38,797 ½WÉÉ®)EòÒ ®ÉʶÉ
|ÉnÉxÉ EòÒ MÉ<Ç ½è +Éè® ´ÉiÉǨÉÉxÉ =vÉÉ® JÉÉiÉÉä iÉEò |ÉnÉxÉ ÊEòªÉÉ MɪÉÉ ½è*
39. +vÉÒxɺlÉ @  hÉ
EÆò{ÉxÉÒ xÉä ¦ÉÉ®iÉÒªÉ ¤ÉÒ¨ÉÉ ÊxɪÉɨÉEò +Éè® Ê´ÉEòÉºÉ |ÉÉÊvÉEò®hÉ (¦ÉÉ®iÉÒªÉ {ÉÚÆVÉÒ Eäò +xªÉ |ÉEòÉ®) Ê´ÉÊxɪɨÉ, 2015 +Éè® {ÉjÉ ºÉÆJªÉÉ 106/
B¡ò BÆb B/(BxÉB±É)/VÉÒBxÉ+É<Ç/+ÉäB¡òºÉÒ/01/2016-17/153 ÊnxÉÉÆEò 22 ¡ò®´É®Ò, 2017 uÉ®É +xÉÖ¨ÉÉänxÉ Eäò +xÉÖºÉÉ® ÊxÉVÉÒ
{±ÉäºÉ¨Éå] Eäò +vÉÒxÉ 8.35% EòÒ EÚò{ÉxÉ n® ºÉä `10 ±ÉÉJÉ |ÉÊiÉ Eäò ʽºÉÉ¤É ºÉä 8950 +ºÉÖ®ÊIÉiÉ, +vÉÒxɺlÉ, {ÉÚhÉÇ ¦ÉÖMÉiÉÉxÉ, ºÉÚSÉÒ¤Ér,
|ÉÊiÉnäªÉ +Éè® +{ÉÊ®´ÉiÉÇxÉÒªÉ @  hÉ{ÉjÉ VÉÉ®Ò Eò®Eäò `89,50,000 ½VÉÉ® MÉÉèc @  hÉ BEòjÉ ÊEòªÉÉ ½è*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 368

34. In accordance with the requirement of Micro, small and Medium Enterprises Development Act, 2006,
the Company is yet to identify the eligible MSM enterprises which are providing goods and services
to the Company. However, there has been no reported cases of delayed payments of the principal
amount or interest due thereon to Micro, Small & Medium Enterprises and hence disclosure as
required under the Micro, Small & Medium Enterprises Development Act, 2006 for payment of interest
on delayed payments to MSME does not arise.
35. (a) Properties occupied on monthly rental basis or given on monthly rent are in the nature of operating
leases renewable/cancellable at mutual consent. Lease terms are based on individual agreements
which fall under Premises Tenancy Act.
(b) The Company has taken various commercial premises and residential flats under cancelable
operating leases. These lease agreements are normally renewed on expiry. Lease terms are
based on individual agreements. Lease rental expense in respect of operating leases charged to
revenue account is `9,57,152 thousand (`10,38,595 thousand).
36. In the opinion of management, there is no impairment of assets of the Company in terms of Accounting
Standard (AS) 28.
37. Due to deficiency in the GST implementation programme there has been few lapses in collating data
and relevant documents of GST input tax credit (ITC).As such the Company could not avail a portion
of eligible ITC which has been charged off as expenses. Reconciliations of ITC as per GST portal,
eligible ITC, ITC availed and ITC utilized are in progress. In respect of ITC balance carried in the
books, the Company does not anticipate any loss as it expects to avail and utilize the whole amount
thereof.
38. Contribution to Solatium Fund
In accordance with the requirements of the IRDAI, the Company has provided 0.10% of Motor Third
Party Gross direct premium in India towards contribution to the Solatium Fund. Accordingly, an
amount of `38,535 thousand (`38,797 thousand) has been provided during the year in Miscellaneous
Revenue Account and taken to Current Liabilities.
39. Subordinated Debt
The Company had raised `89,50,000 thousand as Subordinated Debt by issuing 8950 nos. unsecured,
subordinated, fully paid up, listed, redeemable and non-convertible debentures of `10 lakhs each
at a coupon rate of 8.35% p.a. on private placement basis under the Insurance Regulatory and
Development Authority of India (Other Forms of Capital) Regulations, 2015 as approved by IRDA
vide their letter under Ref. No. 106/F&A/(NL)/GNI/OFC/01/2016-17/153 dated 22nd February, 2017.

369 ANNUAL REPORT 2019-20

 @  hÉ ±ÉäxÉä ÊEò +´ÉÊvÉ:
(A) VÉÉ®Ò Eò®xÉä EòÒ +´ÉvÉÒ EòÉ Ê´É´É®hÉ <ºÉ |ÉEòÉ® ½è:

VÉÉ®Ò ÊºÉ®ÒVÉ +É<Ç/BxÉ+É<ǺÉÒ/BxɺÉÒbÒ/2016-17

+ºÉÖ®ÊIÉiÉ, +vÉÒxɺlÉ,{ÉÚhÉÇ ¦ÉÚMÉiÉÉxÉ, ºÉÚSÉÒ¤Ér, Ê®bÒ¨É Eò®xÉä ªÉÉäMªÉ B´ÉÆ
|ÉEòÉ®, |ÉEÞòÊiÉ +Éè® ={ÉEò®hÉ EòÒ ¸Éä¹]iÉÉ
+{ÉÊ®´ÉiÉÇxÉÒªÉ Êb¤ÉåSɺÉÇ (BxɺÉÒbÒ)
¡äòºÉ ´É豪ÉÚ `10,00,000
VÉÉ®Ò ºÉÉ<ÇVÉ `8950000 ½VÉÉ®
VÉÉ®Ò Eò®xÉä EòÒ ÊnxÉÉÆEò/+É´ÉÆ]xÉ EòÒ ÊiÉÊlÉ 27 ¨ÉÉSÉÇ, 2017
Ê®b¨ºÉxÉ ÊiÉÊlÉ 27 ¨ÉÉSÉÇ, 2027
EòÉ±É +É{¶ÉxÉ ÊiÉÊlÉ 27 ¨ÉÉSÉÇ, 2022
EÖò{ÉxÉ ®ä] 8.35% |ÉÊiÉ ´É¹ÉÇ
CRISIL: AAA/xÉÉEòÉ®Éi¨ÉEò
GäòÊb] ®ä]
ICRA: AA+ ʺlɮ
NSE +Éè® BSE Eäò b¤±ªÉÚbÒB¨É ºÉäM¨Éå] ¨Éå 7 +|Éè±É, 2017 B´ÉÆ 10
ºÉÚSÉÒEò®hÉ
+|Éè±É, 2017 EòÉä Gò¨É¶É: ºÉÚSÉÒ¤Ér
¤ªÉÉVÉ ¦ÉÖMÉiÉÉxÉ EòÒ +É´ÉÞÊiÉ ´ÉÉ̹ÉEò
VÉÉ®Ò Eò®xÉä
(B) Eäò ÊiÉÊlÉ ºÉä ¨ÉèSªÉÉäÊ®]Ò {Éè]xÉÇ:
(` ½VÉÉ® ¨Éå)
¨ÉèSªÉÉäÊ®]Ò ¤ÉEäò]弃 =vÉÉ®Ò
1 ºÉä 5 ´É¹ÉÇ -
5 ´É¹ÉÇ ºÉä +ÊvÉEò 89,50,000
EÖò±É 89,50,000

EÆò{ÉxÉÒ Eäò {ÉÉºÉ BEò EòÉì±É Ê´ÉEò±{É ½è ÊVɺÉä +É´ÉÆ]xÉ EòÒ iÉÉ®ÒJÉ ºÉä 5 ºÉÉ±É Eäò +ÆiÉ ¨Éå |ɪÉÉäMÉ ÊEòªÉÉ VÉÉ ºÉEòiÉÉ ½è*
(C) Êb¤ÉåSÉ® Ê®bä¨{ɶÉxÉ Ê®WÉ´ÉÇ (DRR)
IRDAI {ÉÊ®{ÉjÉ ºÉÆJªÉÉ IRDA/F&A/OFC/01/2014-15/115 ÊnxÉÉÆEò 4 +MɺiÉ, 2017 Eäò +xÉÖºÉÉ® +Éè® EÆò{ÉxÉÒ (¶ÉäªÉ®
{ÉÚÆVÉÒ +Éè® @  hÉ) ÊxɪɨÉ, 2014 uÉ®É +ɴɶªÉEò ½è ÊEò EÆò{ÉxÉÒ EòÉä ¯ {ÉB EòÉ DRR ¤ÉxÉÉxÉä Eäò ʱÉB +ɴɶªÉEò ½è* EÆò{ÉxÉÒ Eäò
¨ÉÖxÉÉ¡äò ¨Éå ºÉä `22,37,500 ½VÉÉ®, ¤ÉEòɪÉÉ Êb¤ÉåSÉ® Eäò ¨ÉÚ±ªÉ EòÉ 25% ½è* ¨ÉÖxÉÉ¡äò Eäò +¦ÉÉ´É ¨Éå ´É¹ÉÇ Eäò nÉè®ÉxÉ bÒ+É®+É®
¨Éå EòÉä<Ç ®É榃 ½ºiÉÉÆiÉÊ®iÉ xÉ½Ó EòÒ VÉÉiÉÒ ½è*
(D) =vÉÉ® ±ÉäxÉä EòÒ ±ÉÉMÉiÉ:
l +vÉÒxɺlÉ @  hÉ {É® `7,47,325 ½WÉÉ® (`7,47,325 ½WÉÉ®) +Éè® ºÉƤÉÆÊvÉiÉ JÉSÉÇ `169 ½WÉÉ® (`1,654 ½WÉÉ®) {É® ±ÉɦÉ
+Éè® ½ÉÊxÉ JÉÉiÉä ¨Éå ±ÉMÉɪÉÉ MɪÉÉ ½è*
l ´É¹ÉÇ Eäò nÉè®ÉxÉ {ÉÚÆVÉÒMÉiÉ =vÉÉ® EòÒ ±ÉÉMÉiÉ ` ¶ÉÚxªÉ (` ¶ÉÚxªÉ)*
40. nÉ´Éä ÊEòB MÉB ±ÉäÊEòxÉ Ê®{ÉÉä]Ç xÉ½Ó ÊEòB MÉB/xÉ½Ó ÊEòB MÉB ±ÉäÊEòxÉ {ɪÉÉÇ{iÉ Ê®{ÉÉä]Ç xÉ½Ó ÊEòB MÉB (IBNR/IBNER)
IBNR/IBNER Eäò ʱÉB +xÉÖ¨ÉÉÊxÉiÉ näªÉiÉÉ EòÉ +ÉEò±ÉxÉ {ÉèxÉ±É BC]ªÉÚ®Ò uÉ®É IRDAI uÉ®É VÉÉ®Ò Ên¶ÉÉÊxÉnæ¶ÉÉå Eäò +xÉÖ{ÉɱÉxÉ ¨Éå
{ÉÊ®{ÉjÉ ºÉÆJªÉÉ No.11/IRDA/ACTL/IBNR/2005-06 Eäò +xÉÖºÉÉ® 8 VÉÚxÉ, 2005 +Éè® Ên¶ÉÉÊxÉnæ¶É xÉÉä] 21 Eäò ±ÉÉMÉÚ |ÉÉ´ÉvÉÉxÉÉå

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 370

 Terms of Borrowings:
(A) Gist of the terms of issue are as follows:

Issue Series I/NIC/NCD/2016-17

Unsecured, subordinated, fully paid-up, listed,
Type, Nature and Seniority of Instrument
redeemable and non-convertible debentures (NCD)
Face Value (per security) `10,00,000
Issue Size ` 8950000 thousand
Issue date/ date of allotment 27th March, 2017
Redemption date 27th March, 2027
Call option date 27th March, 2022
Coupon Rate 8.35% per annum
CRISIL: AAA/Negative
Credit Rating
ICRA: AA+ Stable outlook
Listed on WDM segment of NSE and BSE on 7th April,
Listing
2017 and 10th April, 2017 respectively
Frequency of the Interest payment Annual

(B) Maturity pattern from the date of issue

` In thousand
Maturity buckets Borrowings
1 to 5 years -
Above 5 years 89,50,000
Total 89,50,000
The Company has a call option which can be exercised at the end of 5 years from the date of
allotment.
(C) Debenture Redemption Reserve (DRR)
Pursuant to IRDAI Circular No. IRDA/F&A/OFC/01/2014-15/115 dated 4th August, 2017 and
as required by the Companies (Share Capital and Debentures) Rules, 2014, the Company is
required to create DRR of `22,37,500 thousand out of profits of the Company, being 25% of the
value of Outstanding debentures. In the absence of profits no amount is transferred to DRR
during the year.
(D) Borrowing Cost:
l Interest expense on subordinated debt `7,47,325 thousand (`7,47,325 thousand) and related
expenses `169 thousand (`1654 thousand) have been charged to the Profit and Loss Account.
l The amount of borrowing costs capitalized during the year is ` Nil (` Nil).
40. Claims Incurred But Not Reported/ Incurred But Not Enough Reported (IBNR/IBNER)
Estimated liability for IBNR/IBNER has been estimated by the Panel Actuary in compliance with the
guidelines issued by IRDAI in terms of Circular No.11/IRDA/ACTL/IBNR/2005-06 dated 8th June, 2005

371 ANNUAL REPORT 2019-20

 Eäò +xÉÖºÉÉ® <ƺ]Ò]ªÉÚ] +Éì¡ò BCSÉÖ+®ÒVÉ +Éì¡ò <ÆÊbªÉÉ uÉ®É VÉÉ®Ò ÊEòªÉÉ MɪÉÉ* {ÉèxÉ±É BC]ªÉÚ®Ò xÉä Ê{ÉU±Éä =i{ÉÉn EòÒ ={ɱɤvÉiÉÉ Eäò
ºÉÉlÉ-ºÉÉlÉ ´ªÉ´ÉºÉɪÉÉå EòÒ Ê´ÉʦÉxxÉ ±ÉÉ<xÉÉå Eäò ʱÉB +±ÉMÉ-+±ÉMÉ iÉ®ÒEòÉå EòÒ ={ɪÉÖHòiÉÉ Eäò +ÉvÉÉ® {É® |ÉiªÉäEò =i{ÉÉn ¸ÉähÉÒ Eäò ʱÉB
+ɨÉiÉÉè® {É® º´ÉÒEÞòiÉ BCSÉÖ+®Ò Ê´ÉÊvɪÉÉå EòÉ ={ɪÉÉäMÉ ÊEòªÉÉ ½è*
ºÉEò±É +É<ǤÉÒBxÉ+É®/+É<ǤÉÒBxÉ<Ç+É® EÆò{ÉxÉÒ uÉ®É 31 ¨ÉÉSÉÇ, 2020 iÉEò ´ªÉÉ{ÉÉ® EòÒ ºÉ¦ÉÒ ±ÉÉ<xÉÉå Eäò ʱÉB +´É¶ÉÉäʹÉiÉ ÊEòªÉÉ VÉÉiÉÉ
½è, VÉÉä `10,84,11,200 ½VÉÉ® (`10,69,68,800 ½VÉÉ®) +Éè® +É<ǤÉÒBxÉ+É®/+É<ǤÉÒBxÉ+É® {ÉÖxɤÉÔ¨ÉÉ EòÉ ¶ÉÖr `8,94,87,100
½VÉÉ® (`8,31,28,100 ½VÉÉ®) ½è*
41. {ÉÊ®¶ÉÉävÉxÉ +xÉÖ{ÉÉiÉ
+É<Ç®bÒB+É<Ç Eäò ={ɱɤvÉ {ÉÊ®¶ÉÉävÉxÉ IɨÉiÉÉ ºÉÆn¦ÉÇ ºÉÆ. FNA/GNI/COM/P2/2020-21/202 ÊnxÉÉÆEò 21 ʺÉiɨ¤É®, 2020 Eäò
+xÉÖ°  {É +É<Ç®bÒB+É<Ç (ºÉÉvÉÉ®hÉ ¤ÉÒ¨ÉÉ ´ªÉ´ÉºÉÉªÉ EòÒ {ÉÊ®ºÉÆ{ÉÊkɪÉÉÆ, näªÉiÉÉBÆ B´ÉÆ {ÉÊ®¶ÉÉävÉxÉ IɨÉiÉÉ) Ê´ÉÊxɪɨÉ, 2016 Eäò +xÉÖºÉÉ®
{ÉÊ®¶ÉÉävÉxÉ IɨÉiÉÉ EòÒ MÉhÉxÉÉ 31.03.2020 iÉEò 0.02 ½è iÉlÉÉ ÊxɨxÉ ¨ÉxÉÉ½Ò EòÒ MÉ<Ç
(a) 31.03.2020 EòÒ iÉÖ±ÉxÉÉ ¨Éå 28.02.2020 Eäò +xÉÖºÉÉ® =ÊSÉiÉ ¨ÉÚ±ªÉ {ÉÊ®´ÉiÉÇxÉ JÉÉiÉÉ ¶Éä¹É EòÉä +{ÉxÉÉxÉÉ;
(b) ¨ÉÉä]® lÉbÇ {ÉÉ]Ô <ƶªÉÉä®åºÉ Eäò ʱÉB IBNR EòÉä +É®ÊIÉiÉ Eò®xÉÉ @ 4% p.a.; iÉlÉÉ
(c) ºÉÆ{ÉÊkÉ Eäò °  {É ¨Éå |ÉvÉÉxÉ ¨ÉÆjÉÒ ¤ÉÒ¨ÉÉ ªÉÉäVÉxÉÉ Eäò ºÉƤÉÆvÉ ¨Éå 12 ¨É½ÒxÉä Eäò ¤ÉVÉÉªÉ 18 ¨É½ÒxÉä EòÒ +´ÉÊvÉ iÉEò |ÉÉ{ªÉ ºÉ®EòÉ® ºÉä
|ÉÉ{iÉ Eò®xÉÉ*
nÒ MÉ<Ç ¨ÉxÉÉ½Ò Eäò´É±É ºÉÉì±´ÉåºÉÒ ¨ÉÉÌVÉxÉ EòÒ MÉhÉxÉÉ Eäò ʱÉB ½è*
42. |ɤÉÆvÉxÉ Eäò ´ªÉªÉ
¦ÉÉ®iÉÒªÉ Ê´ÉÊxɪÉɨÉEò +Éè® Ê´ÉEòÉºÉ |ÉÉÊvÉEò®hÉ (ºÉɨÉÉxªÉ ªÉÉ º´ÉɺlªÉ ¤ÉÒ¨ÉÉ ´ªÉ´ÉºÉÉªÉ EòÉ ±ÉäxÉnäxÉ Eò®xÉä ´ÉɱÉä ¤ÉÒ¨ÉÉ EÆò{ÉÊxɪÉÉå Eäò |ɤÉÆvÉxÉ
´ªÉªÉ) Ê´ÉÊxɪɨÉ, 2016 Eäò ºÉÆn¦ÉÇ ¨Éå º´ÉÒEòɪÉÇ ºÉÒ¨ÉÉ ºÉä +ÊvÉEò |ɤÉÆvÉxÉ ´ªÉªÉ EòÒ MÉhÉxÉÉ ´ªÉ´ÉºÉÉªÉ EòÒ Ê´ÉʦÉxxÉ ±ÉÉ<xÉÉå Eäò ºÉƤÉÆvÉ ¨Éå
EòÒ MÉ<Ç ½è, |ɤÉÆvÉxÉ EòÉ JÉSÉÇ ´Éä JÉÆb VÉÉä º´ÉÒEòɪÉÇ ºÉÒ¨ÉÉ Eäò ¦ÉÒiÉ® ½é, =xɺÉä ®ÉVɺ´É JÉÉiÉÉå EòÉ ¶ÉÖ±Eò ʱɪÉÉ MɪÉÉ ½è* =xÉ JÉÆbÉå Eäò ʱÉB
|ɤÉÆvÉxÉ Eäò ´ªÉªÉ VÉÉä º´ÉÒEòɪÉÇ ºÉÒ¨ÉÉ ºÉä +ÊvÉEò ½Éä MÉB ½é, =x½å ±ÉÉ¦É +Éè® ½ÉÊxÉ JÉÉiÉÉ (¶ÉäªÉ®vÉÉ®EòÉå Eäò JÉÉiÉä) ºÉä `1,26,16,377
½VÉÉ® (`64,827 ½WÉÉ®) Eäò ʱÉB |ɦÉÉÊ®iÉ ÊEòªÉÉ MɪÉÉ ½è*
43. EÆò{ÉxÉÒ Eäò {ÉÉºÉ +ɪÉEò® PÉÉ]É, 1961 Eäò iɽiÉ Eò® PÉÉ]É +Éè® +PÉÉäʹÉiÉ ¨ÉÚ±ªÉ¿ÉºÉ ½è, ÊVɺÉxÉä Eò® EòÒ ºÉÆ{ÉÊkÉ ¨Éå Eò¨ÉÒ EòÉä VÉx¨É
ÊnªÉÉ* ½É±ÉÉÆÊEò, ¦ÉʴɹªÉ ¨Éå Eò® ªÉÉäMªÉ +ÉªÉ {É® +ÊxÉʶSÉiÉiÉÉ Eäò EòÉ®hÉ ±ÉäJÉÉÆEòxÉ ¨ÉÉxÉEò BBºÉ 22 (+ÉªÉ {É® Eò® EòÉ ±ÉäJÉÉ) EòÒ
+ɴɶªÉEòiÉÉ Eäò +xÉÖºÉÉ® Ê´ÉkÉÒªÉ Eò® Ê´É´É®hÉÉå ¨Éå +ɺlÉÊMÉiÉ Eò® ºÉÆ{ÉÊkÉ EòÒ {ɽSÉÉxÉ xÉ½Ó EòÒ MÉ<Ç ½è*
44. B BºÉ {É® +vÉÉÊ®iÉ Ê´É´É®hÉ (BºÉ 20):
(` ½VÉÉ® ¨Éå)
Ê´É´É®hÉ ´ÉiÉǨÉÉxÉ ´É¹ÉÇ Ê{ÉU±ÉÉ ´É¹ÉÇ
¶ÉäªÉ®vÉÉ®EòÉå EòÉä ¶ÉÖr ±ÉɦÉ/½ÉÊxÉ (-) 4,10,83,359 (-)1,69,61,224
¶ÉäªÉ®Éå EòÒ ¦ÉÉÊ®iÉ +ÉèºÉiÉ ºÉÆJªÉÉ 17,21,31,148 10,00,00,000
¨ÉÚ±É +Éè® {ÉiɱÉÉ +ÉªÉ |ÉÊiÉ ¶ÉäªÉ® `10 (-) 238.67 (-) 169.61

EÆò{ÉxÉÒ Eäò {ÉÉºÉ EòÉä<Ç ¦ÉÒ {ÉiɱÉÉ {ÉiɱÉÉ ºÉƦÉÉÊ´ÉiÉ <ÊC´É]Ò ¶ÉäªÉ® xÉ½Ó ½è* xÉiÉÒVÉiÉxÉ, EÆò{ÉxÉÒ EòÒ |ÉÊiÉ ¶ÉäªÉ® ¨ÉÚ±É +Éè® {ÉiɱÉÉ +ɪÉ
ºÉ¨ÉÉxÉ ®½iÉÒ ½è*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 372

 and applicable provisions of Guidance Note 21 issued by the Institute of Actuaries of India. The Panel
Actuary has used generally accepted actuarial methods for each product category as considered
appropriate depending upon availability of past data as well as appropriateness of different methods
for different lines of businesses.
Gross IBNR/IBNER absorbed by the Company for all lines of business till 31st March, 2020
is `10,84,11,200 thousand (`10,69,68,800 thousand) and IBNR/IBNER net of reinsurance is
`8,94,87,100 thousand (`8,31,28,100 thousand).
41. Solvency Ratio
Solvency Ratio of 0.02 as at 31-03-2020 has been computed in terms of the IRDAI (Assets, Liabilities
and Solvency Margin of General Insurance Business), Regulations, 2016 after taking into account the
following forbearance granted by IRDAI vide their letter No. FNA/GNI/COM/P2/2020-21/202 dated
21st September, 2020.
(a) Adopting Fair Value Change Account balance as of 28-02-2020 instead of the balance as on 31-
03-2020;
(b) Discounting IBNR reserves for Motor Third Party Insurance @ 4% p.a.; and
(c) Admitting receivable from Government upto a period of 18 months instead of 12 months in
respect of Pradhan Mantri Fasal Bima Yojana as asset.
The forbearance granted is only for computing Solvency Margin.
42. Expenses of Management
Excess of management expenses over allowable limits have been computed in respect of different
lines of business in terms of Insurance Regulatory and Development Authority of India (Expenses of
Management of Insurers transacting General or Health Insurance business) Regulations, 2016. The
expenses of management for the segments which are within the allowable limits have been charged
to the Revenue Accounts. Expenses of management for the segments which have exceeded the
allowable limits, have been charged to the Profit & Loss Account (Shareholders’ Account) to the tune
of `126,16,377 thousand (`64,827 thousand).
43. The Company has substantial carry forward losses and unabsorbed depreciation under the Income
Tax Act, 1961 giving rise to deferred tax asset. However, as a matter of prudence the deferred tax
asset has not been recognized in the financial statements as per the requirement of Accounting
Standard AS-22 (Accounting of Taxes on income) owing to uncertainty over future taxable income.
44. Disclosure as per Accounting Standard (AS 20) :
` In thousand
Particulars Current Year Previous Year
Net Profit/ Loss attributable to Shareholders (-) 4,10,83,359 (-)1,69,61,224
Weighted average number of Shares 17,21,31,148 10,00,00,000
Basic and diluted earnings per share of `10 each (-) 238.67 (-) -169.61

The Company does not have any outstanding diluted potential equity share. Consequently, the basic
and diluted earnings per share of the Company remain the same.

373 ANNUAL REPORT 2019-20

45.1 25 VÉÖ±ÉÉ<Ç, 2017 EòÉä IRDAI ¨Éɺ]® ºÉEÖòDZɮ xÉƤɮ IRDA/F&A/CIR/MISC/173/07/2017 Eäò +xÉÖºÉÉ®, ºÉ¨ÉªÉºÉ¨ÉªÉ {É®
ºÉƶÉÉäÊvÉiÉ, EÆò{ÉxÉÒ xÉä ±ÉÉ´ÉÉÊ®ºÉ {ÉÉìʱɺÉÒvÉÉ®EòÉå EòÉä `25,146 ½VÉÉ® ¯ {ÉB EòÒ ®É榃 ½ºiÉÉÆiÉÊ®iÉ EòÒ ½è* 30 ʺÉiÉƤɮ, 2019 EòÉä ´ÉÊ®¹`
xÉÉMÉÊ®Eò Eò±ªÉÉhÉ EòÉä¹É Eäò °  {É ¨Éå 10 ´É¹ÉÉäÈ ºÉä +ÊvÉEò EòÒ +´ÉÊvÉ Eäò ʱÉB (`34,,690 ½VÉÉ®) EòÉ ¤ÉEòɪÉÉ ½è*
45.2 {ÉÉìʱɺÉÒvÉÉ®EòÉå EòÒ ±ÉÉ´ÉÉÊ®ºÉ ®É榃 EòÉ +ɪÉÖ´ÉÉ® ʴɶ±Éä¹ÉhÉ:

(` ½VÉÉ® ¨Éå)
+ɪÉÚ Eäò +xÉÖºÉÉ® ´ÉMÉÔEÞòiÉ
Ê´É´É®hÉ 13 ºÉä 18 19 ºÉä 24 25 ºÉä 30 31 ºÉä 36 36 ¨Éɽ Eäò
EÖò±É ®É榃 1 ºÉä 6 ¨Éɽ 7 ºÉä 12 ¨Éɽ
¨Éɽ ¨Éɽ ¨Éɽ ¨Éɽ {ÉÉ®
¤ÉÒ¨ÉÉvÉÉ®Eò/{ÉÉìʱɺÉÒ vÉÉ®EòÉå ºÉä
¨ÉÖEòn¨Éä¤ÉÉVÉÒ EòÉä UÉäcEò® ÊEòx½Ó
a) EòÉ®hÉÉå ºÉä {ÉÉìʱɺÉÒ vÉÉ®EòÉå/¤ÉÒʨÉiÉÉå
EòÉä ¦ÉÖMÉiÉÉxÉ xÉ½Ó ÊEòªÉÉ MɪÉÉ, ±ÉäÊEòxÉ
nÉ´ÉÉå EòÉ ÊxÉ{É]ÉxÉ ÊEòªÉÉ MɪÉÉ
{ÉÊ®{ÉC´ÉiÉÉ ªÉÉ +xªÉlÉÉ {É® ¤ÉÒʨÉiÉ
b) ´ªÉÊHò/{ÉÉìʱɺÉÒ vÉÉ®EòÉå Eäò EòÉ®hÉ
ªÉÉäMÉ
|ÉÒʨɪɨÉ/Eò® ªÉÉ ÊEòºÉÒ ¦ÉÒ +xªÉ
¶ÉÖ±Eò EòÉ EòÉä<Ç +ÊiÉÊ®Hò ºÉÆOɽ VÉÉä 2,27,000 29,818 143 55 811 3,800 14,122 1,78,250
{ÉÉìʱɺÉÒvÉÉ®EòÉå EòÉä ªÉÉ iÉÉä {ÉÉìʱɺÉÒ
c) EòÒ ¶ÉiÉÉäÈ Eäò +xÉÖºÉÉ® ªÉÉ EòÉxÉÚxÉ
Eäò +xÉÖºÉÉ® ªÉÉ |ÉÉÊvÉEò®hÉ uÉ®É
ÊxÉnæʶÉiÉ ÊEòªÉÉ VÉÉ ºÉEòiÉÉ ½è ±ÉäÊEòxÉ (4,67,118) (1,37,751) (75,532) (1,06,098) (90,336) (14,987) (23,151) (19,263)
+¤É iÉEò ´ÉÉ{ÉºÉ xÉ½Ó ÊEòªÉÉ MɪÉÉ ½è*
VÉÉ®Ò ÊEòB MÉB SÉäEò, ±ÉäÊEòxÉ 6,43,397 60,672 35,011 54,430 41,981 19,929 43,868 3,87,504
d) {ÉÉìʱɺÉÒ vÉÉ®EòÉå/¤ÉÒʨÉiÉ ±ÉÉäMÉÉå uÉ®É (6,33,503) (1,20,399) (1,49,464) (1,23,911) (1,45,174) (41,710) (31,408) (21,437)
<xÉEèò¶É xÉ½Ó ÊEòB MÉB
8,70,397 90,490 35,154 54,485 42,792 23,729 57,990 5,65,754
EÖò±É (11,00,621) (2,58,150) (2,24,996) (2,30,009) (2,35,510) (56,697) (54,559) (40,700)

45.3 EÆò{ÉxÉÒ xÉä ¤ÉéEò Ê¡òCºb Êb{ÉÉìÊVÉ] ¨Éå `8,70,397 ½VÉÉ® (`11,00,621) EòÉ ÊxÉ´Éä¶É ÊEòªÉÉ ½è +Éè® <ºÉ iÉ®½ Eäò Ê¡òCºb Êb{ÉÉìÊVÉ]
{É® ºÉÉ±É Eäò ʱÉB `72,996 ½VÉÉ® (`79,517 ½VÉÉ®) EòÒ ¤ªÉÉVÉ +ÉªÉ ½Ö+É ÊVɺÉä ±ÉÉ´ÉÉÊ®ºÉ {ÉÉìʱɺÉÒvÉÉ®EòÉå Eäò ¡Æòb ¨Éå +É´ÉÆÊ]iÉ
ÊEòªÉÉ MɪÉÉ ½è *

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 374

45.1 In terms of the IRDAI Master Circular No. IRDA/F&A/CIR/MISC/173/07/2017 dated 25th July, 2017
and as amended from time to time, the Company has transferred unclaimed Policyholders’ amount
of `25,146 thousand (`34,690 thousand) outstanding for a period of more than 10 years as on
September 30, 2019, to the Senior Citizen Welfare Fund.
45.2 Age-wise analysis of the Unclaimed Amount of Policyholders:
(` in thousands)
Age-wise Analysis
Particulars Total 1 to 6 7 to 12 13 to 18 19 to 24 25 to 30 31 to 36 Beyond 36
Amount Months Months Months Months Months Months Months
Claims settled but not
paid to the Policy holders/
a) Insureds due to any reasons
except under litigation from
Insureds / Policy holders
Sum due to the Insureds /
b) Policy holders on maturity
or otherwise
Any excess collection of the
Premium / Tax or any other
charges which is refundable 2,27,000 29,818 143 55 811 3,800 14,122 1,78,250
to the Policyholders either
c) as terms of conditions of the
Policy or as per the law or
as may be directed by the (4,67,118) (1,37,751) (75,532) (1,06,098) (90,336) (14,987) (23,151) (19,263)
authority but not refunded
to so far.
Cheques issued but not 6,43,397 60,672 35,011 54,430 41,981 19,929 43,868 3,87,504
d) encashed by the Policy
holders / Insureds (6,33,503) (1,20,399) (1,49,464) (1,23,911) (1,45,174) (41,710) (31,408) (21,437)

8,70,397 90,490 35,154 54,485 42,792 23,729 57,990 5,65,754

Total
(11,00,621) (2,58,150) (2,24,996) (2,30,009) (2,35,510) (56,697) (54,559) (40,700)

45.3 The Company has invested `8,70,397 thousand (`11,00,621 thousands) in Bank Fixed Deposits and
the interest income of `72,996 thousands (`79,517 thousands) for the year on such Fixed Deposits
has been allocated to the Unclaimed Policyholders’ Fund.

375 ANNUAL REPORT 2019-20

45.4 +xÉC±Éä¨Éb JÉÉiÉä ´É ÊxÉ´Éä¶É EòÒ ®É榃 EòÉ Ê´É´É®hÉ:
(` ½VÉÉ® ¨Éå)
Ê´É´É®hÉ Ê´É. ´É. Ê´É. ´É.
2019-20 2018-19
+nÉ´ÉÒ ®É榃 ¡Æòb EòÉ |ÉÉ®ÆʦÉEò VɨÉÉ 11,80,660 8,40,626
VÉÉäcä: +nÉ´ÉÒ {ÉÉìʱɺÉÒvÉÉ®Eò ¡Æòb Eäò ®É榃 EòÉ ½ºiÉÉÆiÉ®hÉ 3,77,770 3,94,478
VÉÉäcä: +ÉnÉ´ÉÒ ®É榃 Eäò SÉäEò VÉÉ®Ò ÊEòB MÉB ±ÉäÊEòxÉ {ÉÉìʱɺÉÒvÉÉ®EòÉå uÉ®É <xÉEèò¶É xÉ½Ó - --
ÊEòB MÉB*
VÉÉäcä: +nÉ´ÉÒ ¡Æòb ºÉä ´É¹ÉÇ Eäò nÉè®ÉxÉ ½ÉäxÉä ´ÉɱÉÒ +ÉªÉ 72,996 79,517
PÉ]ÉBÆ: ´É¹ÉÇ Eäò nÉè®ÉxÉ ¦ÉÖMÉiÉÉxÉ EòÒ VÉÉxÉä ´ÉɱÉÒ nÉ´Éä EòÒ ®É榃 5,82,848 99,271
PÉ]ÉBÆ: BºÉºÉÒb¤±ªÉÚ EòÉä ½ºiÉÉÆiÉÊ®iÉ ®É榃 ({ɽ±Éä ½ºiÉÉÆiÉÊ®iÉ ®É榃 Eäò ºÉƤÉÆvÉ ¨Éå ¶ÉÖr nÉ´ÉÉ 25,146 34,690
¦ÉÖMÉiÉÉxÉ)
+nÉ´ÉÒ ®É榃 ¡Æòb EòÉ +ÊiɶÉä¹É 10,23,432 11,80,660

EÆò{ÉxÉÒ {ÉÉìʱɺÉÒvÉÉ®EòÉå EòÒ ±ÉÉ´ÉÉÊ®ºÉ ®É榃 EòÒ {ɽSÉÉxÉ Eò®xÉä EòÒ |ÉÊGòªÉÉ ¨Éå ½è, ªÉÊn EòÉä<Ç ½Éä, VÉÉä +xªÉ JÉÉiÉÉå ¨Éå {ÉcÉ ½è*
46. JÉSÉÉäÇ ¨Éå {ÉÚ´ÉÇ +´ÉÊvÉ Eäò ÊxɨxÉʱÉÊJÉiÉ ´ÉºiÉÖ+Éå EòÉä ¶ÉÉÊ¨É±É ÊEòªÉÉ MɪÉÉ ½è:
½VÉÉ® ¨Éå)
(`
±ÉäJÉÉ Ê´É¦ÉÉMÉ Eäò ¶ÉÒ¹ÉÇ 31.03.2020 ºÉä 31.03.2019 ºÉä
Eò¨ÉÇSÉÉ®Ò ¦ÉkÉÉ ´É Eò±ªÉÉhÉEòÉ®Ò ±ÉÉ¦É 410 26
ªÉÉjÉÉ, ªÉÉiÉɪÉÉiÉ B´ÉÆ ´ÉɽxÉ JÉSÉÇ 80 224
ÊEò®ÉªÉÉ, n® ´É Eò® 4,362 4,127
¨É®¨iÉ 25 252
¨ÉÖphÉ ´É ºÉɨÉOÉÒ 192 621
C¨ÉxªÉÚEäò¶ÉxÉ 17,292 1,381
|ÉSÉÉ®-|ɺÉÉ® 109 4,197
+xªÉ 3,096 4,466
ʤÉVɱÉÒ JÉSÉÇ 260 209
EòɪÉÉÇ±ÉªÉ Eäò näJÉ ®äJÉ ´É ®JÉ®JÉÉ´É 3,060 1,027
´´ÉºÉÉʪÉEò ´É `ÒEäònÉ®Éå EòÉä ¦ÉÖMÉiÉÉxÉ 324 324
29,211 16,854

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 376

45.4 Details of Unclaimed Amount and Investment Income
` (in thousands)
Particulars FY 2019-20 FY 2018-19
Opening Balance of Unclaimed Amount Fund 11,80,660 8,40,626
Add: Amount transferred to Unclaimed Policyholders’ Fund 3,77,770 3,94,478
Add: Cheques issued out of the Unclaimed Amount but not encashed
- --
by the Policyholders
Add: Investment Income for the year on Unclaimed Fund 72,996 79,517
Less: Amount of Claims paid during the year 5,82,848 99,271
Less: Amount transferred to SCWF (net of claims paid in respect of
25,146 34,690
amounts transferred earlier)
Closing balance of Unclaimed Amount Fund 10,23,432 11,80,660

The Company is in process of identifying the unclaimed amount of Policyholders, if any, lying in other
heads of account.
46. Expenditure includes following Prior Period Items:
` (in thousands)
Head of Accounts As on 31.03.2020 As on 31.03.2019
Employee Remuneration and Welfare benefits 410 26
Travel, Conveyance and vehicle running expenses 80 224
Rents, Rates and Taxes 4,362 4,127
Repairs 25 252
Printing & Stationery 192 621
Communication 17,292 1,381
Advertisement 109 4,197
Others 3,096 4,466
Electricity Charges 260 209
Office up-keep & Maintenance 3,060 1,027
Payment to Professionals & Contractors 324 324
29,211 16,854

377 ANNUAL REPORT 2019-20

47. ºÉ®EòÉ®Ò |ÉÉÊvÉEò®hÉ uÉ®É EòÒ MÉ<Ç {ÉäxÉ±É EòɪÉÇ´ÉÉ½Ò EòÉ {ÉÚhÉÇ Ê´É´É®hÉ:
(` ½VÉÉ® ¨Éå)
GÆò. xÉÉxÉ- {Éèxɱ]Ò EòÉ {Éèxɱ]Ò
ºÉÆ. |ÉÉÊvÉEò®hÉ Eò¨{ɱÉÉBƺÉ/ VÉÖ¨ÉÉÇxÉÉ ¦ÉÖMÉiÉÉxÉ UÉäcxÉÉ/
´ÉɪɱÉä¶ÉxÉ Eò¨É Eò®xÉÉ
1. ¤ÉÒ¨ÉÉ Ê´ÉÊxɪÉɨÉEò +Éè® Ê´ÉEòÉºÉ |ÉÉÊvÉEò®hÉ (-) (-) (-)
26,42,741
2. ºÉä´ÉÉ Eò®/VÉÒ BºÉ ]Ò |ÉÉÊvÉEò®hÉ xÉÉxÉ- Eò¨{ɱÉÉBÆºÉ - -
(4,525)
3. +ÉªÉ Eò® |ÉÊvÉEò®hÉ (-) (-) (-)
- - -
4. +xªÉ Eò® |ÉÉÊvÉEò®hÉ (xÉMÉ® ÊxÉMɨÉ) xÉÉxÉ- Eò¨{ɱÉÉBÆºÉ (71) (71) (-)
- - -
5. |É´ÉiÉÇxÉ ÊxÉnä¶ÉɱɪÉ/ BbVÉÖbÒEäòË]MÉ |ÉÉÊvÉEò®hÉ/
]ÅʤªÉÚxÉ±É ªÉÉ ¡èò¨ÉÉ ¨Éå ÊxÉʽiÉ +xªÉ |ÉÉÊvÉEò®hÉ* (-) (-) (-)
- - -
Eò¨{ÉxÉÒ ®ÊVɺ]ÅÉ®/BxÉ ºÉÒ B±É ]Ò/ºÉÒ B±É ¤ÉÒ/
6. Êb{ÉÉ]ǨÉäh] +É¡ò EòÉ®{ÉÉä®ä] +¡äòªÉ® ªÉÉ Eò¨{ÉxÉÒ (-) (-) (-)
+ÊvÉÊxɪɨÉ, 1956 Eäò iɽiÉ +xªÉ |ÉÉÊvÉEò®hÉ
- - -
7. ÊEòºÉÒ EòÉä]Ç/]ÅʤªÉÚxÉ±É uÉ®É nÉ´ÉÉ ºÉʽiÉ ÊEòºÉÒ
¨ÉɨɱÉÉ {É® VÉÖ¨ÉÉÇxÉÉ ±ÉäÊEòxÉ IÉÊiÉ{ÉÚÌiÉ EòÉä UÉäcEò® (-) (-) (-)
- - -
8. ʺÉCªÉÚ]Ô BÆb BCºÉSÉåVÉ ¤ÉÉäbÇ +É¡ò <ÆÊbªÉÉ (-) (-) (-)
- - -
9. Eò¨{É]Ò¶ÉxÉ Eò¨ÉÒ¶ÉxÉ +É¡ò <ÆÊbªÉÉ (-) (-) (-)
- - -
10. +xªÉ EòÉä<Ç ºÉé]űÉ/º]ä]/±ÉÉäEò±É ºÉ®EòÉ®/º]èSªÉÚ®Ò
|ÉÉÊvÉEò®hÉ (-) (-) (-)

48.1 EòÉ®{É®ä] ´É ºÉɨÉÉÊVÉEò ÊVɨ¨ÉänÉ®Ò (CSR):

(` ½VÉÉ® ¨Éå)
Ê´É´É®hÉ 2019-20 2018-19

´É¹ÉÇ Eäò nÉä®ÉxÉ +É´ÉÆÊ]iÉ ®É榃 - 62,285

VÉÉäc: +ÉOÉäʹÉiÉ EòÒ MÉ<Ç JÉSÉÇ xÉ½Ó EòÒ MÉ<Ç ®É榃 107244 95272

PÉ]É: ´É¹ÉÇ Eäò nÉä®ÉxÉ JÉSÉÇ EòÒ MÉ<Ç ®É榃 8863 50313

+ÉOÉäʹÉiÉ EòÒ MÉ<Ç JÉSÉÇ xÉ½Ó EòÒ MÉ<Ç ®É榃 98381 107244

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 378

47. Details of penal actions taken by various Government Authorities:
` (in thousands)
Non – Penalty
Sl. Penalty
Authority Compliance/ Penalty Paid Waived /
No. Awarded
Violation Reduced
Insurance Regulatory and - - -
1.
Development Authority of India (-) (-) (-)
Non- 26,42,741 - -
2. Service Tax/GST Authorities
Compliance (4,525) (-) (-)
3. Income Tax Authorities (-) (-) (-)
Any other Tax Authorities (Municipal Non- - - -
4.
Corporation) Compliance (71) (71) (-)
Enforcement Directorate/ - - -
5. Adjudicating Authority/ Tribunal or (-) (-) (-)
any Authority under FEMA
Registrar of Companies/ NCLT/ - - -
CLB/ Department of Corporate (-) (-) (-)
6.
affairs or any Authority under
Companies Act, 1956.
Penalty awarded by any Court/ - - -
Tribunal for any matter including (-) (-) (-)
7.
claim settlement but excluding
compensation.
Securities and Exchange Board of - - -
8.
India (-) (-) (-)
- - -
9. Competition Commission of India
(-) (-) (-)
Any other Central/State/Local - - -
10.
Government/ Statutory Authority. (-) (-) (-)

48.1 Corporate Social Responsibility:

` (in thousands)

Particulars 2019-20 2018-19

Amount allocated during the year - 62,285
Add: Unspent amount brought forward 107244 95272
Less: Amount spent during the year 8863 50313
Unspent amount carried forward 98381 107244

379 ANNUAL REPORT 2019-20

48.2 ´É¹ÉÇ Eäò nÉè®ÉxÉ JÉSÉÇ EòÒ MÉ<Ç ®ÉʶÉ:
(` ½VÉÉ® ¨Éå)
GÆò.ºÉÆ. Ê´É´É®hÉ Eèò¶É xÉMÉn ¨Éå ¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ EÖò±É
VÉÉxÉä´ÉɱÉÉ
0 0 0
(i) ÊEòºÉÒ ¦ÉÒ ºÉÆ{ÉÊkÉ EòÉ ÊxɨÉÉÇhÉ/+ÊvÉOɽhÉ (0) (0) (0)
8,863 98,381 1,07,244
(ii) ={É®ÉäHò =qä¶ªÉ (i) Eäò +±ÉÉ´ÉÉ (50,313) (1,07,244) (1,57,557)

49 Ê´ÉÊxɪÉɨÉEò +ɴɶªÉEòiÉÉ Eäò +xÉÖºÉÉ® ÊEòB MÉB ´ªÉ´ÉºÉÉªÉ +Éè® |ɶÉɺÉÊxÉEò JÉSÉÉäÈ EòÉ JÉÖ±ÉɺÉÉ ÊxɨxÉʱÉÊJÉiÉ ¶ÉÒ¹ÉÇ Eäò iɽiÉ ÊEòªÉÉ VÉÉiÉÉ
½è:
(` ½VÉÉ® ¨Éå)
Ê´É´É®hÉ 2019-20 2018-19
´ªÉ´ÉºÉÉʪÉEò Ê´ÉEòÉºÉ 2,86,046 2,46,392
¨ÉÉEæòË]MÉ ºÉ{ÉÉä]Ç 96,371 87,775
¤Éɽ®Ò ºÉƺÉÉvÉxÉÉä {É® ´ªÉªÉ 1,73,466 1,31,009

50. EÆò{ÉxÉÒ xÉä ºÉÉì±´ÉåºÉÒ Eò¨{ªÉÚ]ä¶ÉxÉ Eäò ʱÉB IRDA Eäò ÊxÉnæ¶É Eäò +xÉÖºÉÉ® 5 ºÉÉ±É Eäò EÆò{ªÉÚ]® ºÉÉì}]´ÉäªÉ® Eäò +xÉÖ¨ÉÉÊxÉiÉ ={ɪÉÉäMÉÒ VÉÒ´ÉxÉ
EòÉä ¤Én±ÉEò® 3 ºÉÉ±É Eò® +{ÉxÉä ±ÉäJÉÉÆEòxÉ xÉÒÊiÉ EòÉä ¤Én±É ÊnªÉÉ ½è* <ºÉ iÉ®½ EòÒ {ÉÊ®´ÉiÉÇxÉ ®É榃 Eäò EòÉ®hÉ ´É¹ÉÇ Eäò ʱÉB ¨ÉÚ±ªÉ¿ÉºÉ
+Éè® xÉÖEòºÉÉxÉ ¨Éå `78,016 ½VÉÉ® EòÒ ´ÉÞÊr ½Ö<Ç ½è*
51.1 ʴɶ´É º´ÉɺlªÉ ºÉÆMÉ`xÉ xÉä COVID-19 EòÉä 30 VÉxÉ´É®Ò, 2020 EòÉä º´ÉɺlªÉ +É{ÉÉiÉEòÉ±É +Éè® 11 ¨ÉÉSÉÇ, 2020 EòÉä ´Éèʶ´ÉEò
¨É½É¨ÉÉ®Ò PÉÉäʹÉiÉ ÊEòªÉÉ +Éè® BEò ªÉÖr ºiÉ® Eäò °  {É ¨Éå ¦ÉÉ®iÉ ºÉ®EòÉ® xÉä {ÉèxÉ <ÆÊbªÉÉ ±ÉÉìEòbÉ=xÉ EòÉä 25 ¨ÉÉSÉÇ, 2020 ºÉä ±ÉÉMÉÚ ÊEòªÉÉ*
¨É½É¨ÉÉ®Ò ºÉä |ɦÉÉÊ´ÉiÉ Ê´É¶´É +lÉÇ´ªÉ´ÉºlÉÉ Eäò ºÉÉlɺÉÉlÉ ¦ÉÉ®iÉÒªÉ Ê´ÉkÉÒªÉ ¤ÉÉVÉÉ® ¨Éå ÊxÉ®ÆiÉ® +ʺlÉ®iÉÉ {ÉènÉ Eò®xÉä ´ÉɱÉÒ +lÉÇ´ªÉ´ÉºlÉÉ
=iÉ{ÉxxÉ ½Ö<Ç* EÆò{ÉxÉÒ EòÉä =¨¨ÉÒn ½è ÊEò +lÉÇ´ªÉ´ÉºlÉÉ `ÒEò ½Éä VÉÉBMÉÒ +Éè® {ɪÉÉÇ{iÉ iÉ®±ÉiÉÉ ={ɱɤvÉ ½ÉäMÉÒ* <ºÉ +´ÉºÉ® {É® IRDAI
xÉä 4 ¨ÉÉSÉÇ, 2020 EòÉä ºÉEÖòDZɮ VÉÉ®Ò ÊEòªÉÉ ½è, ÊVɺɨÉå ºÉɨÉÉxªÉ +Éè® º´ÉɺlªÉ ¤ÉÒ¨ÉÉEòiÉÉÇ+Éå EòÉä COVID-19 ®ÉäMÉ Eäò ={ÉSÉÉ® EòÒ
±ÉÉMÉiÉÉå EòÉä Eò´É® Eò®xÉä Eäò ʱÉB +ɴɶªÉEò =i{ÉÉnÉå EòÉä ÊbVÉÉ<xÉ Eò®xÉä EòÒ ºÉ±Éɽ nÒ MÉ<Ç ½è +Éè® 23 VÉÚxÉ, 2020 EòÉä +±{ÉÉ´ÉÊvÉ
º´ÉɺlªÉ xÉÒÊiɪÉÉå EòÒ ¶ÉÖ°+ÉiÉ {É® Ên¶ÉÉÊxÉnæ¶É VÉÉ®Ò ÊEòB COVID-19 ®ÉäMÉ Eäò ʱÉB Eò´É®äVÉ |ÉnÉxÉ ÊEòªÉÉ ½è* iÉnxÉÖºÉÉ®, EÆò{ÉxÉÒ xÉä
+±{ÉEòÉʱÉEò º´ÉɺlªÉ ¤ÉÒ¨ÉÉ {ÉÉìʱɺÉÒ {Éä¶É EòÒ* COVID-19 ¨É½É¨ÉÉ®Ò Eäò EòÉ®hÉ +ÊxÉʶSÉiÉiÉÉ EòÉä näJÉiÉä ½ÖB, EÆò{ÉxÉÒ ±ÉMÉÉiÉÉ®
+ÉÌlÉEò ʺlÉÊiɪÉÉå ¨Éå ºÉɨÉOÉÒ {ÉÊ®´ÉiÉÇxÉ EòÒ ÊxÉMÉ®ÉxÉÒ Eò® ®½Ò ½è VÉÉä ¦ÉʴɹªÉ ¨Éå ½ÉäxÉä ´ÉɱÉä PÉ]xÉÉGò¨ÉÉå Eäò +ÉvÉÉ® {É® <ºÉEäò ºÉÆSÉɱÉxÉ
+Éè® <ºÉEäò Ê´ÉkÉÒªÉ {ÉÊ®hÉɨÉÉå EòÉä |ɦÉÉÊ´ÉiÉ Eò® ºÉEòiÉÒ ½è*
51.2 Ê´ÉkÉ ¨ÉÆjÉÉ±ÉªÉ Eäò +ÊvɺÉÚSÉxÉÉ ºÉÆ. 1258(<Ç) +Éè® 1259(<Ç) ÊnxÉÉÆEò 15 +|Éè±É, 2020 ¨Éå ºÉÚÊSÉiÉ ÊEòªÉÉ MɪÉÉ ½è ÊEò {ÉÉìʱɺÉÒ vÉÉ®Eò
ÊVÉxÉEòÒ ¨ÉÉä]® ´ÉɽxÉ lÉbÇ {ÉÉ]Ô ªÉÉ º´ÉɺlªÉ ¤ÉÒ¨ÉÉ {ÉÉìʱɺÉÒ 25 ¨ÉÉSÉÇ, 2020 ºÉä 3 ¨É<Ç, 2020 iÉEò EòÒ +´ÉÊvÉ Eäò nÉè®ÉxÉ xÉ´ÉÒxÉÒEò®hÉ
Eäò EòÉ®hÉ ÊxÉ®ºiÉ ½Éä MÉ<Ç ½é, B´ÉÆ VÉÉä EòÉä®ÉäxÉÉ ´ÉɪɮºÉ ®ÉäMÉ (COVID-19) Eäò {ÉÊ®hÉɨɺ´É°{É nä¶É ¨Éå ¨ÉÉèVÉÚnÉ ÊºlÉÊiÉ EòÉä näJÉiÉä ½ÖB
ºÉ¨ÉªÉ {É® +{ÉxÉä xÉ´ÉÒEò®hÉ |ÉÒÊ¨ÉªÉ¨É EòÉ ¦ÉÖMÉiÉÉxÉ Eò®xÉä ¨Éå +ºÉ¨ÉlÉÇ ½é, EòÉä +{ÉxÉä ¤ÉÒ¨ÉÉEòiÉÉÇ+Éå EòÉä ªÉÉ =ºÉºÉä {ɽ±Éä {ÉÉìʱÉʺɪÉÉå Eäò
xÉ´ÉÒEò®hÉ Eäò ʱÉB 15 ¨É<Ç, 2020 iÉEò EòÒ +xÉÖ¨ÉÊiÉ ½è, ´ÉèvÉÉÊxÉEò ¨ÉÉä]® ´ÉɽxÉ lÉbÇ {ÉÉ]Ô <ƶªÉÉä®åºÉ Eò´É® EòÒ ÊxÉ®ÆiÉ®iÉÉ ºÉÖÊxÉʶSÉiÉ
Eò®xÉä Eäò ʱÉB, ÊVÉºÉ iÉÉ®ÒJÉ ºÉä {ÉÉìʱɺÉÒ xÉ´ÉÒxÉÒEò®hÉ Eäò EòÉ®hÉ ÊxÉ®ºiÉ ½ÉäiÉÒ ½è, iÉÉÊEò +xÉÖOɽ +´ÉÊvÉ Eäò nÉè®ÉxÉ Ê]ÅMÉ® ÊEòB MÉB
ÊEòºÉÒ ¦ÉÒ ´ÉèvÉ nÉ´Éä EòÉ ¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ VÉÉ ºÉEäò*
IRDAI xÉä +{ÉxÉä {ÉÊ®{ÉjÉ ¨Éå º{ɹ] ÊEòªÉÉ ÊEò 25 ¨ÉÉSÉÇ ºÉä 31 ¨ÉÉSÉÇ, 2020 iÉEò Eäò xÉ´ÉÒEò®hÉ Eäò ʱÉB |ÉÒÊ¨ÉªÉ¨É EòÉä ¤ÉEòɪÉÉ |ÉÒʨɪɨÉ
EòÉä Eò¨É Eò®Eäò Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 Eäò nÉè®ÉxÉ +ÉªÉ Eäò °  {É ¨Éå ¨ÉÉxªÉiÉÉ nÒ VÉÉBMÉÒ* <ºÉEäò +±ÉÉ´ÉÉ, BäºÉä |ÉÒÊ¨ÉªÉ¨É VÉèºÉä ªÉÚ{ÉÒ+É®,
C±Éä¨É Eò®xÉä EòÉ |ÉÉ´ÉvÉÉxÉ +ÉÊn {É® ¦ÉÒ näªÉiÉÉBÆ Ê´ÉkÉ ´É¹ÉÇ 2019-20 Eäò ʱÉB |ÉnÉxÉ EòÒ VÉÉBÆMÉÒ* iÉnxÉÖºÉÉ®, EÆò{ÉxÉÒ xÉä Gò¨É¶É: ¨ÉÉä]®

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 380

48.2 Amount spent during the year:
` (in thousands)
Sl. No Particulars In cash Yet to be paid in cash Total
0 0 0
(i) Construction/acquisition of any asset
(0) (0) (0)
8,863 98,381 1,07,244
(ii) On purposes other than (i) above
(50,313) (1,07,244) (1,57,557)
49. The business and administrative expenses incurred are disclosed under the following heads as per
Regulatory requirement:
` (in thousands)
Particulars 2019-20 2018-19
Business Development 2,86,046 2,46,392
Marketing Support 96,371 87,775
Outsourcing expenses 1,73,466 1,31,009

50. The Company has changed its accounting policy by changing estimated useful life of computer
software from 5 years to 3 years in line with IRDA directive for solvency computation. Due to such
change amount of depreciation and loss for the year are increased by `78,016 thousand.
51.1 World health Organization declared COVID-19 outbreak a health emergency on 30th January 2020
and global pandemic on 11 March 2020 and as a combat measure Government of India enforced
pan India lockdown from 25th March, 2020. The pandemic affected world economy as well as Indian
economy creating continuous volatility in the financial market. The Company expects the economy
will recover and sufficient liquidity will be available. Rising to the occasion IRDAI has issued circular
on 4th March, 2020 advising the general and health insurers to design need based products covering
costs of treatment of COVID-19 disease and further issued guidelines on 23rd June, 2020 on
introduction of short term health insurance policies providing coverage for COVID-19 disease. The
Company, accordingly, introduced short term health insurance policy. Given the uncertainty because
of COVID-19 pandemic, the Company is continuously monitoring material changes in economic
conditions which may impact its operations and its financial results in future depending on the
developments.
51.2 Ministry of Finance in Notification No. S.O. 1258(E) & 1259(E) dated 15th April 2020 notified that the
policy holders whose motor vehicle third party or health insurance policies fall due for renewal during
the period on and from the 25th March, 2020 up to the 3rd May, 2020 and who are unable to make
payment of their renewal premium on time in view of the prevailing situation in the country as a result
of Corona Virus disease (COVID-19), are allowed to make such payment for renewal of policies to
their insurers on or before the 15th May, 2020 to ensure continuity of the statutory motor vehicle third
party insurance cover from the date on which the policy falls due for renewal, so that any valid claim
triggered during the grace period can be paid.
IRDAI in its circular clarified that premium for renewals that fell from 25th March to 31st March, 2020
shall be recognised as income during the FY 2019-20 by debiting Outstanding Premium. Further,
corresponding liabilities on such premium such as UPR, Claims provisioning etc. shall also be provided
for in FY 2019-20. Accordingly, the Company recognized `1,086 thousand and `9,007 thousand

381 ANNUAL REPORT 2019-20

 ]Ò{ÉÒ +Éè® º´ÉɺlªÉ ´ªÉ´ÉºÉÉªÉ Eäò ʱÉB ´É¹ÉÇ EòÒ |ÉÒÊ¨ÉªÉ¨É +ÉªÉ Eäò °  {É ¨Éå `1086 ½VÉÉ® +Éè® `9,007 ½VÉÉ® ¯{ɪÉä EòÒ ¨ÉÉxªÉiÉÉ nÒ,
½É±ÉÉÆÊEò ¤ÉÉn ¨Éå 31 ¨ÉÉSÉÇ, 2020 iÉEò ´É½ |ÉÉ{iÉ ½Éä MÉ<Ç*
52. |ɤÉÆvÉxÉ ±ÉƤÉÒ +´ÉÊvÉ Eäò +xÉÖ¤ÉÆvÉÉå ¨Éå nVÉÇ ÊEòB MÉB xÉÖEòºÉÉxÉ EòÒ =¨¨ÉÒn xÉ½Ó Eò® ®½É ½è* EÆò{ÉxÉÒ xÉä ÊEòºÉÒ ¦ÉÒ ´ªÉÖi{ÉxxÉ +xÉÖ¤ÉÆvÉ ¨Éå
|É´Éä¶É xÉ½Ó ÊEòªÉÉ ½è*
53. EÆò{ÉxÉÒ uÉ®É Ê¶ÉIÉÉ ÊxÉ´Éä¶É +Éè® ºÉÆ®IÉhÉ EòÉä¹É EòÉä EòÉä<Ç ®É榃 ½ºiÉÉÆiÉÊ®iÉ Eò®xÉä EòÒ +ɴɶªÉEòiÉÉ xÉ½Ó ½è*
54. EòÉä¹`Eò ¨Éå +ÉÆEòcä Ê{ÉU±Éä ´É¹ÉÇ Eäò ½é* +ƶÉvÉÉ®EòÉå Eäò +ƶÉnÉxÉEòÉä¹É EòÉä +ÊiÉÊ®Hò <Ç+ÉäB¨É Ê´É¹ÉªÉ ¨Éå SÉɱÉÚ ´É¹ÉÇ Eäò ®ÉVɺ´É JÉÉiÉÉå ¨Éå
|ɺiÉÖÊiÉ Eäò ʱÉB +É<Ç+É®bÒB+É<Ç Eäò {ÉÊ®{ÉjÉ ºÉÆJªÉÉ IRDA/F&A/CIR/MISC/081/05/2019 ÊnxÉÉÆÊEòiÉ 20-05-2019 Eäò
+xÉÖºÉÉ® +xÉÖ{ÉɱÉxÉ Eò®xÉä Eäò ʱÉB Ê{ÉU±Éä ´É¹ÉÇ Eäò +ÉÆEòcä EòÉä Ê¡ò® ºÉä ºÉÆMÉÊ`iÉ ªÉÉ {ÉÖxÉ´ªÉÇ´ÉʺlÉiÉ ÊEòªÉÉ MɪÉÉ ½è*
55. IRDAI uÉ®É ÊxÉvÉÉÇÊ®iÉ ±ÉäJÉÉÆEòxÉ +xÉÖ{ÉÉiÉ:
2019-20 2018-19
GÆò.ºÉÆ. |Én¶ÉÇxÉ +xÉÖ{ÉÉiÉ MÉhÉxÉÉ EòÉ iÉ®ÒEòÉ EÖò±É ¦ÉÉ®iÉ Ê´Énä¶É EÖò±É ¦ÉÉ®iÉ Ê´Énä¶É
1 ºÉEò±É ºÉÒvÉÉ |ÉÒÊ¨ÉªÉ¨É EòÉ 0.88% 0.88% -0.73% -6.55% -6.57% 1.81%
Ê´ÉEòÉºÉ n® (%)
a) +ÊMxÉ 18.18% 18.25% 14.27% -3.63% -3.75% 3.34%
b) ºÉ¨ÉÖÆpÒªÉ EòÉMÉÉäÇ -7.04% -6.98% -8.19% -8.00% -8.88% 13.08%
c) EòÉMÉÉäÇ EòÉä UÉäbEò® +xªÉ 53.05% 53.05% 29.46% 29.46%
ºÉ¨ÉÖÆpÒ ¤ÉÒ¨ÉÉ
d) ¨ÉÉä]® º´ÉªÉÆ ½ÉÊxÉ -17.44% -17.29% -48.98% -18.75% -18.88% 20.00%
e) ¨ÉÉä]® iÉÞiÉÒªÉ {ÉIÉ [GDPI (CY) - GDPI -0.65% -0.67% 108.12% -7.84% -7.80% -68.89%
f) <ÆÊVÉxÉÒªÉË®MÉ (PY)] / GDPI (PY) 14.38% 14.50% 10.19% -8.36% -8.58% 0.46%
g) Eò¨ÉÇSÉÉ®Ò IÉÊiÉ{ÉÚÌiÉ -4.61% -4.62% -2.78% -7.08% -7.03% -14.89%
h) ºÉÉ´ÉÇVÉÊxÉEò näªÉiÉÉ 18.33% 18.32% 72.50% 3.06% 3.05% 35.96%
i) ´ªÉÊHòMÉiÉ nÖPÉÇ]xÉÉ 15.24% 15.24% -46.84% -46.84%
j) º´ÉɺlªÉ ¤ÉÒ¨ÉÉ -10.39% -10.40% 5.36% 10.50% 10.51% -4.05%
k) ʴɨÉÉxÉxÉ 40.49% 39.40% 63.50% 49.08% 51.23% 14.51%
l) OÉɨÉÒhÉ B´ÉÆ ¡òºÉ±É 103.28% 103.28% -38.24% -38.24%
m) +xªÉ Ê´ÉʦÉxxÉ ¤ÉÒ¨ÉÉ -37.55% -37.73% -12.89% 9.10% 9.41% -21.19%

2 ºÉEò±É bɪɮäC] |ÉÒÊ¨ÉªÉ¨É ºÉä VÉÒ bÒ {ÉÒ +É<Ç/xÉä] -6.99 96.97

EÖò±É +ÉªÉ +xÉÖ{ÉÉiÉ(+´ÉvÉÒ) ´ÉÉlÉÇ
(xÉä] ´ÉÉlÉÇ ´ÉiÉǨÉÉxÉ ´É¹ÉÇ
3 EÖò±É +ÉªÉ EòÉ Ê´ÉEòÉºÉ n® (%) - Ê{ÉSɱÉä ´É¹ÉÇ EòÒ -1499.00% -91.11%
xÉä] ´ÉÉlÉÇ)/(xÉä] ´ÉÉlÉÇ
Ê{ÉSɱÉä ´É¹ÉÇ EòÒ)

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 382

 as premium income of the year for Motor TP and Health business respectively although received
subsequent to 31st March, 2020.
52. Management is not expecting any foreseeable losses on the long-term contracts entered into. The
Company has not entered into any derivative contracts.
53. No amount is required to be transferred to the Investor Education and Protection Fund by the
Company.
54. Figures in brackets are of the previous year. To conform to current year’s presentation in the Revenue
Accounts regarding ‘Contribution from Shareholders’ Funds towards Excess EoM to comply IRDAI
Circular No. IRDA/F&A/CIR/MISC/081/05/2019 dated 20-05-2019, previous year’s figures are
regrouped or rearranged.
55. Accounting Ratios prescribed by IRDAI:

SL. METHOD OF 2019-20 2018-19

PERFORMANCE RATIO
NO. CALCULATION TOTAL INDIA FOREIGN TOTAL INDIA FOREIGN
Gross Direct Premium
1 0.88% 0.88% -0.73% -6.55% -6.57% 1.81%
Growth Rate (%)
a) Fire 18.18% 18.25% 14.27% -3.63% -3.75% 3.34%
b) Marine Cargo -7.04% -6.98% -8.19% -8.00% -8.88% 13.08%
c) Marine other than cargo 53.05% 53.05% 29.46% 29.46%
d) Motor Own Damage -17.44% -17.29% -48.98% -18.75% -18.88% 20.00%
e) Motor Third Party -0.65% -0.67% 108.12% -7.84% -7.80% -68.89%
f) Engineering [GDPI (CY) - GDPI 14.38% 14.50% 10.19% -8.36% -8.58% 0.46%
g) Workmen’s (PY)] / GDPI (PY)
-4.61% -4.62% -2.78% -7.08% -7.03% -14.89%
Compensation
h) Public Liability 18.33% 18.32% 72.50% 3.06% 3.05% 35.96%
i) Personal Accident 15.24% 15.24% -46.84% -46.84%
j) Health Insurance -10.39% -10.40% 5.36% 10.50% 10.51% -4.05%
k) Aviation 40.49% 39.40% 63.50% 49.08% 51.23% 14.51%
l) Rural and Crop 103.28% 103.28% -38.24% -38.24%
m) Misc. Others -37.55% -37.73% -12.89% 9.10% 9.41% -21.19%
Gross Direct Premium to -6.99
2 GDPI / Net Worth 96.97
Net Worth Ratio (times)
(Net Worth of CY -
Growth Rate of Net
3 Net Worth of PY) / -1499.00% -91.11%
Worth (%)
(Net Worth of PY)

383 ANNUAL REPORT 2019-20

 4 xÉä] Ê®]å¶ÉxÉ +xÉÖ{ÉÉiÉ (%) 60.68% 60.71% 53.11% 62.54% 62.63% 37.25%
a) +ÊMxÉ 60.61% 60.82% 47.65% 57.56% 58.06% 27.55%
b) ºÉ¨ÉÖÆpÒªÉ EòÉMÉÉäÇ 84.97% 84.90% 86.40% 84.19% 84.94% 69.49%
c) EòÉMÉÉäÇ EòÉä UÉäbEò® +xªÉ 16.08% 16.08% 36.25% 36.25%
ºÉ¨ÉÖÆpÒ ¤ÉÒ¨ÉÉ
d) ¨ÉÉä]® º´ÉªÉÆ ½ÉÊxÉ 74.74% 74.84% 41.78% 74.75% 74.95% 34.17%
e) ¨ÉÉä]® iÉÞiÉÒªÉ {ÉIÉ ¶ÉÖr |ÉÒʨɪɨÉ/ 75.01% 75.00% 100.00% 75.04% 75.04% 100.00%
f) <ÆÊVÉxÉÒªÉË®MÉ (EÖò±É ºÉÒvÉÉ 74.73% 75.08% 63.00% 77.34% 78.72% 29.20%
|ÉÒÊ¨ÉªÉ¨É +ɪÉ + 94.90% 95.00% 80.00% 94.94% 95.00% 86.00%
g) Eò¨ÉÇSÉÉ®Ò IÉÊiÉ{ÉÚÌiÉ º´ÉÒEÞòiÉ {ÉÖxɤÉÔ¨ÉÉ)
h) ºÉÉ´ÉÇVÉÊxÉEò näªÉiÉÉ 95.49% 95.49% 80.00% 95.57% 95.57% 86.00%
i) ´ªÉÊHòMÉiÉ nÖPÉÇ]xÉÉ 95.00% 95.00% 95.00% 95.00%
j) º´ÉɺlªÉ ¤ÉÒ¨ÉÉ 56.59% 56.58% 80.09% 53.44% 53.42% 86.00%
k) ʴɨÉÉxÉxÉ 37.40% 38.20% 14.57% 45.26% 46.41% 2.29%
l) OÉɨÉÒhÉ B´ÉÆ ¡òºÉ±É 26.42% 26.42% 25.10% 25.10%
m) +xªÉ Ê´ÉÊ´ÉvÉ 67.60% 68.02% 26.64% 83.85% 84.36% 21.60%
5 EÖò±É Eò¨ÉÒ¶ÉxÉ +xÉÖ{ÉÉiÉ (%) 8.51% 8.54% -3.19% 8.47% 8.53% -19.84%
a) +ÊMxÉ 12.71% 12.94% -4.95% 11.87% 12.25% -35.87%
b) ºÉ¨ÉÖÆpÒªÉ EòÉMÉÉäÇ 13.20% 14.02% -2.61% 12.77% 13.60% -6.89%
c) EòÉMÉÉäÇ EòÉä UÉäbEò® +xªÉ -37.39% -37.39% -0.51% -0.51%
ºÉ¨ÉÖÆpÒ ¤ÉÒ¨ÉÉ
d) ¨ÉÉä]® º´ÉªÉÆ ½ÉÊxÉ 28.77% 28.83% -5.68% 28.15% 28.30% -37.56%
e) ¨ÉÉä]® iÉÞiÉÒªÉ {ÉIÉ -0.20% -0.20% 0.00% -1.30% -1.30% 0.00%
f) <ÆÊVÉxÉÒªÉË®MÉ ¶ÉÖr Eò¨ÉÒ¶ÉxÉ/¶ÉÖr 10.78% 11.00% 1.95% 10.21% 10.39% -7.47%
Ê®]xÉÇ |ÉÒʨɪɨÉ
g) Eò¨ÉÇSÉÉ®Ò IÉÊiÉ{ÉÚÌiÉ 15.45% 15.58% -7.50% 14.54% 14.63% 0.62%
h) ºÉÉ´ÉÇVÉÊxÉEò näªÉiÉÉ 10.18% 10.18% 0.00% 9.37% 9.37% -0.65%
i) ´ªÉÊHòMÉiÉ nÖPÉÇ]xÉÉ 4.65% 4.65% 4.04% 4.04%
j) º´ÉɺlªÉ ¤ÉÒ¨ÉÉ 9.21% 9.22% -6.25% 7.16% 7.17% -3.39%
k) ʴɨÉÉxÉxÉ -1.58% -1.49% -8.57% -7.26% -7.25% -21.35%
l) OÉɨÉÒhÉ B´ÉÆ ¡òºÉ±É -8.25% -8.25% -3.25% -3.25%
m) +xªÉ Ê´ÉÊ´ÉvÉ 15.62% 15.70% -4.91% 10.06% 10.14% -29.12%
(|ɤÉÆvÉxÉ ¨Éå ½ÖB ´ªÉªÉ
6
|ɤÉÆvÉxÉ ¨Éå ½ÖB ´ªÉªÉ EòÉ ºÉEò±É 35.29% 24.02%
+ |ÉiªÉIÉ Eò¨ÉÒ¶ÉxÉ)/
|ÉiªÉIÉ Ê|ÉÊ¨ÉªÉ¨É +xÉÖ{ÉÉiÉ (%)
VÉÒ bÒ {ÉÒ +É<Ç)

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 384

4 Net Retention Ratio (%) 60.68% 60.71% 53.11% 62.54% 62.63% 37.25%
a) Fire 60.61% 60.82% 47.65% 57.56% 58.06% 27.55%
b) Marine Cargo 84.97% 84.90% 86.40% 84.19% 84.94% 69.49%
c) Marine other than cargo 16.08% 16.08% 36.25% 36.25%
d) Motor Own Damage 74.74% 74.84% 41.78% 74.75% 74.95% 34.17%
e) Motor Third Party Net Premium / 75.01% 75.00% 100.00% 75.04% 75.04% 100.00%
f) Engineering (Gross Direct 74.73% 75.08% 63.00% 77.34% 78.72% 29.20%
g) Workmen’s Premium Income
+ Reinsurance 94.90% 95.00% 80.00% 94.94% 95.00% 86.00%
Compensation
h) Public Liability Accepted) 95.49% 95.49% 80.00% 95.57% 95.57% 86.00%
i) Personal Accident 95.00% 95.00% 95.00% 95.00%
j) Health Insurance 56.59% 56.58% 80.09% 53.44% 53.42% 86.00%
k) Aviation 37.40% 38.20% 14.57% 45.26% 46.41% 2.29%
l) Rural and Crop 26.42% 26.42% 25.10% 25.10%
m) Misc. Others 67.60% 68.02% 26.64% 83.85% 84.36% 21.60%
Net Commission Ratio
5 8.51% 8.54% -3.19% 8.47% 8.53% -19.84%
(%)
a) Fire 12.71% 12.94% -4.95% 11.87% 12.25% -35.87%
b) Marine Cargo 13.20% 14.02% -2.61% 12.77% 13.60% -6.89%
c) Marine other than cargo -37.39% -37.39% -0.51% -0.51%
d) Motor Own Damage 28.77% 28.83% -5.68% 28.15% 28.30% -37.56%
e) Motor Third Party -0.20% -0.20% 0.00% -1.30% -1.30% 0.00%
f) Engineering Net Commission 10.78% 11.00% 1.95% 10.21% 10.39% -7.47%
/ Net Written
g) Workmen’s Premium 15.45% 15.58% -7.50% 14.54% 14.63% 0.62%
Compensation
h) Public Liability 10.18% 10.18% 0.00% 9.37% 9.37% -0.65%
i) Personal Accident 4.65% 4.65% 4.04% 4.04%
j) Health Insurance 9.21% 9.22% -6.25% 7.16% 7.17% -3.39%
k) Aviation -1.58% -1.49% -8.57% -7.26% -7.25% -21.35%
l) Rural and Crop -8.25% -8.25% -3.25% -3.25%
m) Misc. Others 15.62% 15.70% -4.91% 10.06% 10.14% -29.12%
(Expenses of
Expenses of
Management
Management to Gross
6 + Direct 35.29% 24.02%
Direct Premium Ratio
Commission) /
(%)
GDPI

385 ANNUAL REPORT 2019-20

 (|ɤÉÆvÉxÉ ¨Éå ½ÖB ´ªÉªÉ
7
|ɤÉÆvÉxÉ ¨Éå ½ÖB ´ªÉªÉ EòÉ ºÉEò±É 57.18% 37.78%
+ |ÉiªÉIÉ Eò¨ÉÒ¶ÉxÉ) /
|ÉiªÉIÉ |ÉÒÊ¨ÉªÉ¨É +xÉÖ{ÉÉiÉ (%)
BxÉ b¤É±ÉªÉÚ {ÉÒ +É<Ç)

8
¶ÉÖr +ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É ºÉä ¶ÉÖr ={ÉMÉiÉ nÉ´ÉÉ/ 105.86% 109.94%
={ÉMÉiÉ nÉ´ÉÉ (%) ¶ÉÖr +ÌVÉiÉ |ÉÒʨɪɨÉ
[¶ÉÖr ={ÉMÉiÉ nÉ´ÉÉ
/¶ÉÖr +ÌVÉiÉ
9
|ÉÒʨɪɨÉ] + [(|ɤÉÆvÉxÉ 160.80% 160.90% 126.40% 145.41% 145.42% 133.96%
ºÉƪÉÖHò +xÉÖ{ÉÉiÉ (%)
{É® ´ªÉªÉ (¶ÉÖr
Eò¨ÉÒ¶ÉxÉ ºÉʽiÉ)/
xÉä] Ê®]äxÉ |ÉÒʨɪɨÉ]
(ªÉÚ +É® +É® +
|ÉÒÊ¨ÉªÉ¨É Eò¨ÉÒ ½äiÉÖ
Ê®VÉ´ÉÇ ¤ÉEòɪÉÉ nÉ´ÉÉ
10
¶ÉÖr |ÉÒÊ¨ÉªÉ¨É +xÉÖ{ÉÉiÉ ºÉä 2.37 2.14
Ê®VÉ´ÉÇ + +É<Ç ¤ÉÒ BxÉ
iÉEòxÉÒEòÒ Ê®VÉ´ÉÇ (+´ÉÊvÉ)
+É® B´ÉÆ +É<Ç ¤ÉÒ BxÉ
<Ç +É® ºÉʽiÉ)/¶ÉÖr
|ÉÒʨɪɨÉ
¤ÉÒ¨ÉɱÉäJÉxÉ ±ÉÉ¦É ´É
11 ¤ÉÒ¨ÉɱÉäJÉxÉ +ÊiɶÉä¹É +xÉÖ{ÉÉiÉ ½ÉÊxÉ/¶ÉÖr +ÌVÉiÉ -0.59 -0.43
|ÉÒʨɪɨÉ
(¤ÉÒ¨ÉɱÉäJÉxÉ ±ÉÉ¦É ªÉÉ
12 ºÉÆSÉɱÉxÉ ±ÉÉ¦É +xÉÖ{ÉÉiÉ (%) ½ÉÊxÉ + ÊxÉ´Éä¶É +ɪÉ) -39.55% -17.05%
¶ÉÖr +ÌVÉiÉ |ÉÒʨɪɨÉ

13
näªÉ +xÉÖ{ÉÉiÉ ºÉä iÉ®±É ºÉÆ{ÉÊkÉ iÉ®±É ºÉÆ{ÉÊkÉ/ 0.24 0.13
(]É<ƺÉ) {ÉÉìʱɺÉÒvÉÉ®Eò näªÉiÉÉ

14
Eò® {ɶSÉÉiÉ -43.47% -17.58%
¶ÉÖr +ÌVÉiÉ +xÉÖ{ÉÉiÉ (%)
±ÉɦÉ/¶ÉÖr |ÉÒʨɪɨÉ
15 ¶ÉÖr +ÉªÉ +xÉÖ{ÉÉiÉ {É® Ê®]xÉÇ Eò® {ɶSÉÉiÉ ±ÉɦÉ/ - -1083.44%
(%) xÉä] ´ÉÉlÉÇ

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 386

 (Expenses of
Expenses of
Management
Management to Net
7 + Direct 57.18% 37.78%
Written Premium Ratio
Commission) /
(%)
NWPI
Net Incurred
Net Incurred Claims to
8 Claims / Net 105.86% 109.94%
Net Earned Premium (%)
Earned Premium
[Net Incurred
Claim / Net
Earned Premium]
+ [(Expenses
9 Combined Ratio (%) of Management 160.80% 160.90% 126.40% 145.41% 145.42% 133.96%
(including Net
Commission)
/ Net Written
Premium]
(URR + Reserve
for Premium
Deficiency +
Technical Reserves
Reserve for
10 to Net Premium Ratio 2.37 2.14
Outstanding
(times)
Claims including
IBNR and IBNER)
/ Net Premium
Underwriting
Underwriting Balance profit or Loss
11 -0.59 -0.43
Ratio / Net earned
premium
(Underwriting
profit or Loss
Operating Profit Ratio
12 + Investment -39.55% -17.05%
(%)
Income) / Net
earned premium
Liquid Assets /
Liquid Assets to
13 Policyholders’ 0.24 0.13
Liabilities Ratio (Times)
Liabilities
Profit after tax /
14 Net Earnings Ratio (%) -43.47% -17.58%
Net Premium
15 Returns on Net Worth Profit after tax / - -1083.44%
Ratio (%) Net Worth

387 ANNUAL REPORT 2019-20

 16 +ɴɶªÉEò {ÉÊ®¶ÉÉävÉEò ¨ÉÉÌVÉxÉ B BºÉ B¨É/+É® BºÉ 0.02* 1.04*
(+É® BºÉ B¨É) ºÉä ={ɱɤvÉ B¨É
{ÉÊ®¶ÉÉävÉEò ¨ÉÉÌVÉxÉ (B BºÉ
B¨É) +xÉÖ{ÉÉiÉ (+´ÉÊvÉ)
17 BxÉ {ÉÒ B +xÉÖ{ÉÉiÉ (%)
ºÉEò±É BxÉ {ÉÒ B +xÉÖ{ÉÉiÉ 1.23% 1.36%
¶ÉÖr BxÉ {ÉÒ B +xÉÖ{ÉÉiÉ 0.00% 0.99%

* +É< +É® bÒ B uÉ® nÒ MÉ<Ç º´ÉÒEÞòÊiÉ.

56. +É<Ç+É®bÒB+É<Ç uÉ®É ÊxÉvÉÉÇÊ®iÉ Ê{ÉU±Éä 5 ´É¹ÉÉäÈ Eäò ʱÉB EòɪÉÇ {ÉÊ®hÉɨÉÉå EòÉ ºÉÉ®ÉƶÉ:
(` ±ÉÉJÉ ¨Éå)
GÆò. Ê´É´É®hÉ 2019-20 2018-19 2017-18 2016-17 2015-16
ºÉÆ.
ºÉÆSÉɱÉxÉ {ÉÊ®hÉɨÉ
1. ºÉEò±É |ÉiªÉIÉ |ÉÒÊ¨ÉªÉ¨É 1531288 1517994 1624368 1428236 1201898
2. xÉä] |ÉÒÊ¨ÉªÉ¨É # 945013 965061 1146501 1055561 1117315
3. ÊxÉ´Éä¶É {É® +ÉªÉ (xÉä] ) @ 171036 263900 276868 296210 291659
+xªÉ +ÉªÉ (+)/+É=] MÉÉä (-) (¶ÉäªÉ®½Éä±b® ¡Æòb
4. ¨Éå Eò¨ÉÇSÉÉ®Ò IÉÊiÉ{ÉÚÌiÉ ºÉʨ¨ÉʱÉiÉ ½ÉäxÉä {É® <Ç+ÉäB¨É ºÉä 126164 -1515 1643 35497 -916
+ÊvÉEò ¡Æòb)
5. EÖò±É +ÉªÉ (2+3+4) 1242213 1227446 1425011 1387268 1408058
6. Eò¨ÉÒ¶ÉxÉ (¶ÉÖr) (¥ÉÉäEò®äVÉ ºÉʽiÉ) 80416 81723 110037 96824 61986
7. ºÉÆSÉɱÉxÉ ´ªÉªÉ 438801 260539 291255 300855 351319
8. ¶ÉÖr ={ÉMÉiÉ nÉ´ÉÉ 1024995 1143403 1287068 1050668 1028240
9. +ºÉɨÉ{iÉ VÉÉäÊJÉ¨É Ê®VÉ´ÉÇ ¨Éå ¤Én±ÉÉ´É -23258 -74961 19845 -24801 38177
10. ºÉÆSÉɱÉxÉ ±ÉɦÉ/½ÉÊxÉ -278741 -183258 -283193 -36278 -71664
MÉè®-ºÉÆSÉɱÉxÉ {ÉÊ®hÉɨÉ
¶ÉäªÉ®vÉÉ®EòÉå Eäò JÉÉiÉä EòÒ EÖò±É +ɪÉ, JÉSÉÉäÈ EòÉ ¶ÉÖr
11. ±ÉäJÉÉ ({ÉÉìʱɺÉÒvÉÉ®EòÉå Eäò +ƶÉnÉxÉ ºÉʽiÉ +ÊiÉÊ®Hò -132092 13629 64942 41198 86296
<Ç+ÉäB¨É Eäò ʱÉB ÊxÉÊvɪÉÉå ºÉʽiÉ ªÉÉäMÉnÉxÉ)
12. Eò® ºÉä {ɽ±Éä (±ÉɦÉ/(½ÉÊxÉ) -410834 -169629 -218250 4920 15050
13. Eò® EòÉ |ÉÉ´ÉvÉÉxÉ 0 -16 -1174 336 127
14. Eò® Eäò ¤ÉÉn (±ÉɦÉ/(½ÉÊxÉ) -410834 -169612 -217077 4584 14923

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 388

 16 Available Solvency ASM / RSM 0.02* 1.04*
Margin (ASM) to
Required Solvency
Margin (RSM) ratio
(Times)
17 NPA Ratio (%)
Gross NPA Ratio 1.23% 1.36%
Net NPA Ratio 0.00% 0.99%

* As per forbearance given by IRDAI.

56. Summary of working results for the last 5 years as prescribed by IRDAI:
` In lakh

No. Particulars 2019-20 2018-19 2017-18 2016-17 2015-16

OPERATING RESULTS
1. Gross direct premiums 1531288 1517994 1624368 1428236 1201898
2. Net premium # 945013 965061 1146501 1055561 1117315
3. Income from investments (net) @ 171036 263900 276868 296210 291659
Other income (+)/Outgo(-) (Including
4. Contribution from Shareholders Funds 126164 -1515 1643 35497 -916
towards excess EoM)
5. Total income (2+3+4) 1242213 1227446 1425011 1387268 1408058
Commissions (Net) (Including
6. 80416 81723 110037 96824 61986
brokerage)
7. Operating Expenses 438801 260539 291255 300855 351319
8. Net Incurred Claims 1024995 1143403 1287068 1050668 1028240
9. Change in Unexpired Risk Reserve -23258 -74961 19845 -24801 38177
10. Operating profit/loss -278741 -183258 -283193 -36278 -71664
NON-OPERATING RESULT
Total income under shareholders’
account net of expenses (Including
11. -132092 13629 64942 41198 86296
Contribution to Policyholders funds
towards excess EoM)
12. Profit/ (loss) before tax -410834 -169629 -218250 4920 15050
13. Provision for tax 0 -16 -1174 336 127
14. Profit/ (loss) after tax -410834 -169612 -217077 4584 14923

389 ANNUAL REPORT 2019-20

 (` ±ÉÉJÉ ¨Éå)
Ê´ÉÊ´ÉvÉ
15. ¶ÉäªÉ®vÉÉ®Eò ±ÉäJÉÉ
EÖò±É ¡Æòb 2236246 1999771 1916719 1482262 1493613
EÖò±É ÊxÉ´Éä¶É 2370934 2092147 1712551 1530218 1150486
ÊxÉ´Éä¶É {É® ={ÉVÉ 13.17% 13.16% 16.58% 20.16% 22.39%
16. ¶ÉäªÉ®vÉÉ®Eò ±ÉäJÉÉ
EÖò±É ¡Æòb -219013 15655 176062 377924 358120
EÖò±É ÊxÉ´Éä¶É 0 16378 436688 394529 507241
ÊxÉ´Éä¶É {É® ={ÉVÉ 0.00% 13.16% 16.58% 20.16% 22.39%
17. |ÉnkÉ <ÊC´É]Ò {ÉÚÆVÉÒ 250000 10000 10000 10000 10000
18. xÉä] ´ÉÉlÉÇ -219013 15655 176062 377924 358120
19. EÖò±É ºÉÆ{ÉÊkÉ 3089059 3243408 3478260 3224516 2853973
20. EÖò±É ÊxÉ´Éä¶É {É® ={ÉVÉ 13.17% 13.16% 16.58% 20.16% 22.39%
21. |ÉÊiÉ ¶ÉäªÉ® {É® +VÉÇxÉ (`) -238.67 -169.61 -217.08 4.58 14.92
22. |ÉÊiÉ ¶ÉäªÉ® ¤ÉÖEò ´É豪ÉÖ (`) -8.76 15.66 176.06 377.92 358.12
23 EÖò±É ±ÉɦÉÉÆ¶É 0.00 0.00 0 0 4515
24. |ÉÊiÉ ¶ÉäªÉ® ±ÉɦÉÉÆ¶É (`) 0.00 0.00 0.00 0.00 4.51

# ¶ÉÖr {ÉÖxɤÉÔ¨ÉÉ
@ ¶ÉÖr ½ÉÊxÉ

ÊxÉnä¶ÉEò ¨ÉÆb±É Eäò ʱÉB +Éè® =ºÉEòÒ iÉ®¡ò ºÉä

MÉÖ½É xÉÆnÒ B´ÉÆ EÆò{ÉxÉÒ Eäò ʱÉB bÒ B´ÉÆ ¤ÉÉäºÉ Eäò ʱÉB iÉËVÉn® ¨ÉÖJÉVÉÔ
ºÉxÉnÒ ±ÉäJÉÉEòÉ® ºÉxÉnÒ ±ÉäJÉÉEòÉ® +vªÉIÉ-ºÉ½-|ɤÉÆvÉ ÊxÉnä¶ÉEò
FRN: 302039E FRN: 302175E DIN: 08227563
(ºÉÒB bÉì ¤ÉÒ BºÉ EÖÆòbÖ) (ºÉÒB iÉÊciÉ MÉÖ{iÉÉ) ʶɴɮ¨ÉxÉ ¨É½Énä´ÉxÉ
ºÉÉZÉänÉ® ºÉÉZÉänÉ® ÊxÉnä¶ÉEò
M. No - 051221 M. No - 053380 DIN: 02045100
ºlÉÉxÉ: EòÉä±ÉEòÉiÉÉ Ê{É. Ê´ÉVÉªÉ EÖò¨ÉÉ® ®ÒxÉÉ ¨ÉÉÊbªÉÉ
ÊnxÉÉÆEò: 26 ʺÉiɨ¤É®, 2020 ¨ÉÖJªÉ Ê´ÉkÉÒªÉ +ÊvÉEòÉ®Ò EÆò{ÉxÉÒ ºÉÊSÉ´É

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 390

 (` In lakh)
MISCELLANEOUS
15. Policy holders’ Account:
Total funds 2236246 1999771 1916719 1482262 1493613
Total investments 2370934 2092147 1712551 1530218 1150486
Yield on investments 13.17% 13.16% 16.58% 20.16% 22.39%
16. Shareholders’ Account:
Total funds -219013 15655 176062 377924 358120
Total investments 0 16378 436688 394529 507241
Yield on investments 0.00% 13.16% 16.58% 20.16% 22.39%
17. Paid up equity capital 250000 10000 10000 10000 10000
18. Net worth -219013 15655 176062 377924 358120
19. Total assets 3089059 3243408 3478260 3224516 2853973
20. Yield on total investments 13.17% 13.16% 16.58% 20.16% 22.39%
21. Earnings per share (Rs.) -238.67 -169.61 -217.08 4.58 14.92
22. Book value per share (Rs.) -8.76 15.66 176.06 377.92 358.12
23 Total dividend 0.00 0.00 0 0 4515
24. Dividend per share (Rs.) 0.00 0.00 0.00 0.00 4.51
# Net of reinsurance
@ Net of losses
For and on behalf of the Board of Directors

For Guha Nandi & Co. For De & Bose Tajinder Mukherjee
Chartered Accountants Chartered Accountants Chairman-Cum-Managing Director
FRN: 302039E FRN: 302175E DIN: 08227563

(CA. Dr. B.S Kundu) (CA.Tarit Dasgupta) Sivaraman Mahadevan

Partner Partner Director
M. No - 051221 M. No - 053380 DIN: 02045100
Place: Kolkata P. Vijaya Kumar Rina Madia
Date: 26th September, 2020 Chief Financial Officer Company Secretary

391 ANNUAL REPORT 2019-20

 õFÛFWP=+¶F PæF¸FUÜF PæFæFÞµF
2019-20

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 392

CONSOLIDATED FINANCIAL
STATEMENTS
2019-20

393 ANNUAL REPORT 2019-20

 º´ÉiÉÆjÉ ±ÉäJÉÉ {É®ÒIÉEòÉå EòÒ Ê®{ÉÉä]Ç ¨Éå {ÉÊ®SÉɱÉxÉ ±ÉÉ¦É +Éè® Ê´ÉÊ´ÉvÉ ´ªÉÉ{ÉÉ® ¨Éå {ÉÊ®SÉɱÉxÉ ½ÉÊxÉ
xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ EÆò{ÉxÉÒ Eäò ºÉnºªÉÉå Eäò ʱÉB Eäò ºÉ¨ÉäÊEòiÉ ®ÉVɺ´É JÉÉiÉä Eäò ¨ÉɨɱÉä ¨Éå;
ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ Ê´É´É®hÉÉå {É® +ÉvÉÉÊ®iÉ Ê®{ÉÉä]Ç: (MÉ) ={ɪÉÖÇHò ÊiÉÊlÉ EòÉä ºÉ¨ÉÉ{iÉ ´É¹ÉÇ Eäò ºÉ¨ÉäÊEòiÉ ±ÉÉ¦É B´ÉÆ ½ÉÊxÉ
JÉÉiÉä Eäò ¨ÉɨɱÉä ¨Éå;
Ê´ÉSÉÉ®:
(PÉ) ={ɪÉÖÇHò ÊiÉÊlÉ EòÉä ºÉ¨ÉÉ{iÉ ´É¹ÉÇ Eäò |ÉÉ{iÉ ´É ¦ÉÖMÉiÉÉxÉ Eäò
½¨ÉxÉä xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ EÆò{ÉxÉÒ Ê±ÉʨÉ]äb (BiÉn{ɶSÉÉiÉ EÆò{ÉxÉÒ) EòÉ ºÉ¨ÉäÊEòiÉ |ÉÉ{iÉ ´É ¦ÉÖMÉiÉÉxÉ JÉÉiÉä Eäò ¨ÉɨɱÉä ¨Éå*
ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ Ê´É´É®hÉÉå EòÉ +ÉìÊb]/±ÉäJÉÉ {É®ÒIÉÉ EòÒ ÊVɺɨÉå 31
¨ÉÉSÉÇ, 2020 iÉEò Eäò ºÉ¨ÉäÊEòiÉ ¤Éè±ÉåºÉ ¶ÉÒ], +ÊMxÉ, ºÉ¨ÉÖpÒ +Éè® Ê´ÉSÉÉ® Eäò +ÉvÉÉ®¦ÉÚiÉ iÉi´É:
Ê´ÉÊ´ÉvÉ ¤ÉÒ¨ÉÉ EòÉ®Éä¤ÉÉ® EòÉ +xÉÖ¨ÉÉÊxÉiÉ ºÉ¨ÉäÊEòiÉ ®ÉVɺ´É ±ÉäJÉÉ (ÊVɺÉä (Eò) ¤ÉÒ¨ÉÉ/ {ÉÖxɤÉÔ¨ÉÉ ´ªÉ´ÉºÉÉªÉ ºÉä ´ªÉÊHòªÉÉå/ÊxÉEòɪÉÉå {É® näªÉ ¤ÉEòɪÉÉ
ºÉɨÉÚʽEò °  {É ºÉä ®ÉVɺ´É Eäò °  {É ¨Éå VÉÉxÉÉ VÉÉiÉÉ ½è), ºÉ¨ÉÉ{iÉ ½ÖB ´É¹ÉÇ ®ÉʶÉ, ±ÉäxÉnÉ®Éå ´É näxÉnÉ®Éå +ÉÊn EòÒ {ÉÖʹ] +Éè®/ ªÉÉ ºÉ¨ÉɪÉÉäVÉxÉ
Eäò ºÉ¨ÉäÊEòiÉ ±ÉÉ¦É +Éè® ½ÉÊxÉ JÉÉiÉÉ B´ÉÆ ºÉ¨ÉäÊEòiÉ |ÉÉÊ{iÉ ´É ¦ÉÖMÉiÉÉxÉ (ºÉÆn¦ÉÇ: +xÉÖºÉÚSÉÒ 17 Eäò xÉÉä] ºÉÆ. 6 EòÉ ºÉÆn¦ÉÇ ±Éå) Eäò +ÆiÉMÉÇiÉ
JÉÉiÉÉ +Éè® ¨É½i´É{ÉÚhÉÇ ±ÉäJÉÉÆEòxÉ |ÉhÉÉʱɪÉÉå iÉlÉÉ +xªÉ ´ªÉÉJªÉÉi¨ÉEò ÊEòªÉÉ VÉɪÉäMÉÉ* ®ÉVɺ´É JÉÉiÉÉ, ±ÉÉ¦É B´ÉÆ ½ÉÊxÉ JÉÉiÉÉ, Ê®VÉ´ÉÇ B´ÉÆ
VÉÉxÉEòÉ®Ò (BiÉnÂ{ɶSÉÉiÉ <ºÉä ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ Ê´É´É®hÉ Eò½É VÉÉiÉÉ ºÉ®{±ÉºÉ +Éè® {ÉÊ®ºÉÆ{ÉÊkɪÉÉå ´É ÊVɨ¨ÉänÉÊ®ªÉÉå {É® ºÉ¨ÉɪÉÉäVÉxÉ Eäò
½è) EòÉ ºÉÉ®ÉÆ¶É ¶ÉÉÊ¨É±É ½è* =Hò ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ Ê´É´É®hÉ EòÉä ={É®ÉÆiÉ {ÉcxÉä ´ÉɱÉä ÊEòºÉÒ ¦ÉÒ |ɦÉÉ´É EòÉä ºÉÖÊxɸÊSÉiÉ xÉ½Ó ÊEòªÉÉ
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´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 394

 INDEPENDENT AUDITORS’ REPORT
To the Members of
National Insurance Company Limited
Report on the Audit of the Consolidated Financial
Statements
Qualified Opinion
We have audited the accompanying consolidated
financial statements of National Insurance
Company Limited (hereinafter referred to as “the
Company”), and its associates which comprise the
consolidated Balance Sheet as at 31st March, 2020,
consolidated Revenue Accounts of Fire, Marine
and Miscellaneous Insurance Business (collectively
known as ‘Revenue Accounts’), consolidated Profit
and Loss Account and consolidated Receipts and
Payments Account for the year ended as on that date,
and a summary of significant accounting policies and
other explanatory information (hereinafter referred
to as the “consolidated financial statement”). These
consolidated financial statements have been
prepared in accordance with the requirements of the
Insurance Act 1938 as amended by the Insurance
Laws (Amendment) Act 2015 (the “Insurance
Act”), the Insurance Regulatory and Development
Act 1999 (the “IRDA Act”), the Companies Act
2013 (the “Act”) and the Insurance Regulatory and
Development Authority (Preparation of Financial
Statements and Auditors’ Report of Insurance
Companies) Regulations 2002 (the “IRDA Financial
Statements Regulations”) notified by the Insurance
Regulatory and Development Authority of India
(IRDAI), to the extent applicable and in the manner
so required.
In our opinion and to the best of our information and
according to the explanations given to us, except
for the effects of the matter described in the Basis
for Qualified Opinion section of our report, the
aforesaid consolidated financial statements give
the information required by the aforementioned Acts
and Regulations 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:
395
(a) in the case of consolidated Balance Sheet,
of the state of affairs of the Company as at
31st March, 2020;
(b) in the case consolidated Marine Revenue
Account, of the operating profit and in the
case of Fire and Miscellaneous Revenue
Accounts, of the operating losses for the
year ended on that date;
(c) in the case of consolidated Profit and Loss
Account, of the loss for the year ended on
that date; and
(d) in the case of consolidated Receipts and
Payments Account, of the receipts and
payments for the year ended on that date.
Basis for Qualified Opinion
(a) Balances due to/from persons or bodies
carrying on insurance/reinsurance business,
sundry debtors and creditors, are subject to
confirmations and/or reconciliations (Refer
Schedule 17 – Note 6).Consequential impact
of adjustments, if any, that may arise upon their
reconciliations and/or confirmations on revenue
accounts, profit and loss account, reserves and
surplus and assets and liabilities as on 31-03-
2020 is not ascertainable.
(b) Procedural and structural deficiency in collating
data and relevant documents of GST input
tax credit (ITC)has caused inability to claim a
portion thereof and consequently un-availed ITC
has been charged off as expenses, quantum of
which has not been ascertained (Refer Schedule
17 – Note No.10).
We conducted our audit in accordance with the
Standards on Auditing (SAs) specified under section
143(10) of the Act. Our responsibilities under those
Standards are further described in the Auditor’s
Responsibilities for the Audit of the Consolidated
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 consolidated financial statements under the
ANNUAL REPORT 2019-20
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´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 396

provisions of the Act and the Rules there under, and
we have fulfilled our other ethical responsibilities in
accordance with these requirements and the Code
of Ethics. We have taken due consideration of ICAI
accounting and auditing advisory due to COVID-19
fall out and obtained management assertion of
correct, complete and reliable information for web
based remote audit wherever necessary to obtain
sufficient and appropriate audit evidence. We
believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our
opinion.
Emphasis of Matters
We draw attention to the following matters:
a) Impact of Covid-19:
The extent to which COVID-19 pandemic will
likely impact operations and financial results of
the Company and its associates is dependent on
future developments, which are highly uncertain.
Impact of adverse economic conditions on
operations and financial statements of the
Company and its associates have remained
largely unascertained as on the date of approval
of this consolidated financial statements (Refer
Schedule 17 – Note No.14).
b) Fair Value Change Account:
Management has considered the diminution in
the value of certain investments as not permanent
in nature and accordingly, no provision for
diminution has been provided for but carried as
debit balance in the fair value change account
(Refer Schedule 17 – Note No.4).
c) Recognition of Quota Share Reinsurance
Treaty Commission:
The Company analyzed ultimate loss ratios
of motor business of preceding years and
concluded that the ultimate loss ratio of this
business segment will not be more than 90%
in any of the underwriting years under Quota
Share Reinsurance Treaty and the ceding
commission receivable on the sliding scale will
not be less than 8.75% in each of the year and
further concluded that it will not be imprudent
397
to recognize the initial commission of 5% as
income at the time of ceding the premium
income. Accordingly, the Company continued to
recognize 5% initial ceding commission income
of `5,62,424 thousand (`6,26,886 thousand)
on Quota Share Reinsurance Treaty (Refer
Schedule 17 – Note No.5).
d) Deferment of Pension Liability:
The Company has incurred additional pension
liability of `1,43,85,566 thousand consequent
to implementation of General Insurance
(Employees’) Pension Amendment Scheme,
2019 notified by the Central Government.
Pursuant to approval granted by IRDAI,
the Company has amortized the actuarially
determined additional pension liability of
` 78,88,080 thousand in respect of fresh pension
optees who are in service over a period of five
years with effect from FY 2019-20. Accordingly
` 80,75,102 thousand is charged off in the current
year and ` 63,10,464 thousand is deferred for
amortization over the next four years. Owing to
such deferment, loss for the year is understated
by `63,10,464 thousand (Refer Schedule 17 –
Note No.8).
e) Change in Accounting of dearness allowance
component of future pension obligation:
The Company has during the year changed
its accounting practice to provide for dearness
allowance component of future pension
obligation which was hitherto provided on
cash basis. Pursuant to such change a sum
of `79,78,380 thousand is provided during
the year on the basis of actuarial valuation of
the said obligation. Had there been no such
change, loss for the year and current liability
as on 31-03-2020 would have been lower by
`79,78,380 thousand (Refer Schedule 17 – Note
No.9).
f) Solvency Ratio:
Solvency Ratio 0.02 as on 31st March, 2020 is
computed after considering the forbearances
granted by IRDAI.(Refer Schedule 17 – Note
No.11).
ANNUAL REPORT 2019-20
U) EÆò{ªÉÚ]® ºÉÉì}]´ÉäªÉ® Eäò ={ɪÉÉäMÉÒ ºÉ¨ÉªÉ +´ÉÊvÉ ¨Éå ¤Én±ÉÉ´É: ¨ÉÖJªÉ +ÉìÊb] ¨ÉɨɱÉä
ºÉÉì±É´ÉåºÉÒ EòÒ MÉhÉxÉÉ ½äiÉÖ +É<Ç.+É®.bÒ.B.+É<Ç. Eäò Ên¶ÉÉÊxÉnæ¶ÉÉå ´Éä ¨ÉɨɱÉä +ÉìÊb] EòÒ oʹ]EòÉähÉ ºÉä ¨É½i´É{ÉÚhÉÇ ½é ÊVÉx½å ´ÉiÉǨÉÉxÉ
EòÉ +xÉÖ{ÉɱÉxÉ Eò®iÉä ½ÖB EÆò{ÉxÉÒ xÉä +{ÉxÉä EÆò{ªÉÚ]®Éå Eäò ={ɪÉÉäMÉ Ê´ÉkÉÒªÉ Ê´É´É®hÉ Eäò +ÉìÊb] Eò®xÉä ¨Éå B´ÉÆ =ºÉEäò |ÉÊiÉ +{ÉxÉä {Éä¶É´É®
Eò®xÉä ªÉÉäMªÉ ´É¹ÉÉäÈ EòÒ ±ÉäJÉÉÆEòxÉ |ÉhÉɱÉÒ ¨Éå ¤Én±ÉÉ´É ÊEòªÉÉ ½è, ÊxÉhÉÇªÉ ±ÉäxÉä ¨Éå ={ɪÉÉäMÉÒ ÊºÉr ½ÖB ½é* <xÉ ¨ÉɨɱÉÉå EòÉ =±±ÉäJÉ Ê´ÉkÉÒªÉ
ÊVɺÉEäò iɽiÉ EÆò{ªÉÚ]® ºÉÉì}]´ÉäªÉ® Eäò ={ɪÉÉäMÉÒ ´É¹ÉÉäÈ EòÉ +xÉÖ¨ÉÉxÉ Ê´É´É®hÉ ¨Éå ÊEòªÉÉ MɪÉÉ ½è +Éè® +{ÉxÉÒ ®ÉªÉ näxÉä ¨Éå ¦ÉÒ <x½ÉåxÉä ´ªÉÉ{ÉEò
5 ´É¹ÉÉäÈ ºÉä PÉ]ÉEò® 3 ´É¹ÉÇ Eò® ÊnªÉÉ ½è* <ºÉ =Hò ¤Én±ÉÉ´É EòÒ °  {É ºÉä ªÉÉäMÉnÉxÉ ÊnªÉÉ ½è* =Hò ¨ÉɨɱÉÉå Eäò |ÉÊiÉ ½¨ÉÉ®Ò iÉ®¡ò ºÉä EòÉä<Ç
´ÉVɽ ºÉä <ºÉ ´É¹ÉÇ ¨Éå ¨ÉÚ±ªÉ¿ÉºÉ +Éè® ½ÉÊxÉ ®É榃 ¨Éå `78,016 +±ÉMÉ ºÉä ®ÉªÉ xÉ½Ó ½é* ½¨ÉxÉä ÊxɨxÉʱÉÊJÉiÉ ¨ÉɨɱÉÉå EòÉä ¨ÉÖJªÉ +ÉìÊb]
½VÉÉ® °  {ɪÉä EòÒ ´ÉÞÊr ½Ö<Ç ½è (ºÉÆn¦ÉÇ: +xÉÖºÉÚSÉÒ 17 Eäò xÉÉä] ºÉÆ. ¨ÉɨɱÉÉå Eäò °  {É ¨Éå SɪÉÊxÉiÉ ÊEòªÉÉ ½è ÊVÉxÉEòÉ =±±ÉäJÉ ½¨ÉxÉä +{ÉxÉÒ
13 EòÉ ºÉÆn¦ÉÇ ±Éå)* Ê®{ÉÉä]Ç ¨Éå ¦ÉÒ ÊEòªÉÉ ½è;
ÊxɨxÉʱÉÊJÉiÉ ¨ÉɨɱÉÉå ¨Éå ½¨ÉÉ®Ò ®ÉªÉ {ÉÊ®¶ÉÉäÊvÉiÉ xÉ½Ó ½è*
¨ÉÖJªÉ +ÉìÊb] ¨ÉɨɱÉä ½¨ÉÉ®É +ÉìÊb] EèòºÉä ¨ÉÖJªÉ +ÉìÊb] ¨ÉɨɱÉä EòÉä ºÉƤÉÉäÊvÉiÉ Eò®iÉÉ ½è
|ÉÒÊ¨ÉªÉ¨É +ÉªÉ EòÒ {ɽSÉÉxÉ
EÆò{ÉxÉÒ EòÒ +ÉªÉ EòÉ |ɨÉÖJÉ »ÉÉäiÉ |ÉÒÊ¨ÉªÉ¨É ®É榃 ½¨ÉxÉä |ÉÒÊ¨ÉªÉ¨É +ÉªÉ +ÌVÉiÉ Eò®xÉä ºÉä ºÉƤÉÆÊvÉiÉ EÆò{ÉxÉÒ uÉ®É +{ÉxÉÉ<Ç MÉ<Ç ±ÉÉMÉÚ ºÉÆ®SÉxÉÉ
½è VÉÉä ÊEò EÆò{ÉxÉÒ EòÒ Ê´ÉkÉÒªÉ {ÉÊ®hÉɨÉÉå EòÉä |ÉhÉɱÉÒ B´ÉÆ ´ªÉºlÉÉ EòÒ VÉÉxÉEòÉ®Ò |ÉÉ{iÉ EòÒ +Éè® =ºÉEòÉ ¨ÉÚ±ªÉÉÆEòxÉ ÊEòªÉÉ* ½¨ÉxÉä
|ɦÉÉÊ´ÉiÉ Eò®xÉä ´ÉɱÉä +ÉvÉÉ®¦ÉÚiÉ PÉ]EòÉå ¨Éå ºÉä ÊxɨxÉʱÉÊJÉiÉ Ë¤ÉnÖ+Éå EòÉ +ÉEò±ÉxÉ ÊEòªÉÉ;
BEò ¨É½i´É{ÉÚhÉÇ PÉ]Eò ½è ÊVɺÉEòÉ =±±ÉäJÉ EÆò{ÉxÉÒ (i) Ê´ÉʦÉxxÉ ´ªÉ´ÉºÉÉʪÉEò IÉäjÉÉå ºÉä |ɨÉÖJÉiÉ: +ÊMxÉ, ºÉ¨ÉÖpÒ +Éè® Ê´ÉÊ´ÉvÉ ´ªÉ´ÉºÉɪÉÉå ºÉä
EòÒ ±ÉäJÉÉÆEòxÉ |ÉhÉɱÉÒ Eäò +ÆiÉMÉÇiÉ |ÉÒÊ¨ÉªÉ¨É +ÉªÉ +ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É EòÉ +É´ÉÆ]xÉ;
EòÒ |ÉÉÊ{iÉ Eäò °  {É ¨Éå ÊEòªÉÉ MɪÉÉ ½è*
(ii) EÆò{ÉxÉÒ Eäò {ÉÖxɤÉÔ¨ÉÉ +Æb®®É<Ë]MÉ {ÉÉìʱɺÉÒ Eäò +xÉÖºÉÉ® VÉÉäÊJÉ¨É B´ÉÆ MÉè®VÉÉäÊJɨÉ
{ÉÉìʱɺÉÒ Eäò ¤ÉÒSÉ {ÉÉìʱÉʺɪÉÉå EòÉ +É´ÉÆ]xÉ;
(iii) ºÉ®EòÉ® uÉ®É SɱÉÉ<Ç VÉÉxÉä ´ÉɱÉÒ ¤ÉÒ¨ÉÉ ªÉÉäVÉxÉÉ+Éå ºÉä +ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É +ɪÉ;
(iv) ¨ÉÉä]® ¤ÉÒ¨ÉÉ ]É<+{É ´ªÉ´ÉºÉÉªÉ ºÉä +ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É +ɪÉ;
(v) xÉä] +ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É EòÒ MÉhÉxÉÉ ½äiÉÖ +xÉBCºÉ{ÉɪÉbÇ Ê®ºEò Ê®VÉ´ÉÇ EòÉä +xÉ+ÌVÉiÉ
|ÉÒÊ¨ÉªÉ¨É Ê®VÉ´ÉÇ +Éè® |ÉÒÊ¨ÉªÉ¨É ¿ÉºÉ Ê®VÉ´ÉÇ EòÉ ºÉ¨ÉɪÉÉäVÉxÉ ÊEòªÉÉ MɪÉÉ; +Éè®
(vi) EòÉäÊ´Éb-19 EòÒ ´ÉVɽ ºÉä ¨ÉÉä]® ´ÉɽxÉ lÉbÇ {ÉÉ]Ô B´ÉÆ º´ÉɺlªÉ ¤ÉÒ¨ÉÉ {ÉÉìʱÉʺɪÉÉå
Eäò xÉ´ÉÒEò®hÉ ¨Éå ½Ö<Ç nä®Ò {É® ¦ÉÒ =x½å º´ÉÒEòÉ® ÊEòªÉä VÉÉxÉä ºÉä ºÉƤÉÆÊvÉiÉ ºÉ®EòÉ®
Eäò Ê´ÉʦÉxxÉ +Énä¶ÉÉå ´É Ên¶ÉÉÊxÉnæ¶ÉÉå EòÉä VÉÉ®Ò ÊEòªÉÉ ÊVÉxÉEòÉ EÆò{ÉxÉÒ xÉä +xÉÖ{ÉɱÉxÉ
ÊEòªÉÉ*
+iÉ: ½¨É EÆò{ÉxÉÒ Eäò |ÉÒÊ¨ÉªÉ¨É +ÉªÉ +ÌVÉiÉ Eò®xÉä EòÒ |ÉhÉɱÉÒ ºÉä ºÉÆiÉÖ¹] ½é*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 398

g) Change in the useful life of Computer Software:
The Company has changed its accounting policy
by changing estimated useful life of computer
software from 5 years to 3 years in line with
IRDAI directive for Solvency computation. Due
to such change amount of depreciation and loss
for the year are increased by `78,016 thousand
(Refer Schedule 17 – Note No.13).
Our opinion is not modified in respect of these
matters.
Key Audit Matters
Key audit matters are those matters that, in our
professional judgment, were of most significance in
our audit of the consolidated financial statements of
the current period. These matters were addressed in
the context of our audit of the consolidated financial
statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion
on these matters. We have identified the matters
described below to be the key audit matters in the
current year.

Key Audit Matter
Recognition of Premium Income
Premium income is the main source
of income of the Company and one
of the major areas of concern for
correct depiction of financial results
as per the Company’s accounting
policy described in the significant
policies of the Company in respect
of recognition of premium income.
How our Audit addressed the Key Audit Matter
We obtained a detailed understanding and evaluated the design
and implementation of controls that the Company has established
in relation to recognising premium income. We assessed the
control over –
(i) segregation of premium amongst different business segments
broadly fire, marine and miscellaneous;
(ii) segregation of policies between risk booked and non-risk
booked for the purpose of premium cession as per reinsurance
underwriting policy of the Company;
(iii) premium income from Government sponsored insurance
schemes;
(iv) premium earned from motor insurance tie-up business;
(v) adjustment of Unexpired Risk Reserve comprising Unearned
Premium Reserve and Premium Deficiency Reserve to arrive
at Net Earned Premium; and
(vi) compliance of Government Notifications for accepting belated
renewal premium in respect of motor vehicle third party and
health insurance policies due to fall out of COVID-19.
We are satisfied with the manner of recognizing premium income
by the Company.

399 ANNUAL REPORT 2019-20

 ={ÉMÉiÉ B´ÉÆ ¤ÉEòɪÉÉ nÉ´ÉÉå EòÉ ¨ÉÚ±ªÉÉÆEòxÉ
EÆò{ÉxÉÒ {É® +¦ÉÒ ¤ÉEòɪÉÉ nÉ´Éä ¶Éä¹É ®½iÉä ½é, ½¨ÉxÉä +ÉìÊb] EòɪÉÇ Eäò nÉè®ÉxÉ EÆò{ÉxÉÒ Eäò Ê´ÉʦÉxxÉ EòɪÉÉDZɪÉÉå ¨Éå nÉ´ÉÉ {ÉÆVÉÒEò®hÉ ºÉä
ÊVÉxɨÉå ={ÉMÉiÉ nÉ´Éä ËEòiÉÖ Ê®{ÉÉä]Ç xÉ½Ó (+É<Ç.¤ÉÒ. ºÉƤÉÆÊvÉiÉ +{ÉxÉÉ<Ç MÉ<Ç |ÉhÉɱÉÒ, |ÉÊGòªÉÉ B´ÉÆ ºÉÆSÉɱÉxÉ EòÉä ºÉ¨ÉZÉÉ +Éè® =ºÉEäò ¨É½i´É{ÉÚhÉÇ
BxÉ.+É®) +Éè® ={ÉMÉiÉ nÉ´Éä ËEòiÉÖ {ɪÉÉÇ{iÉ PÉ]EòÉå EòÉ ¨ÉÚ±ªÉÉÆEòxÉ ÊEòªÉÉ* ½¨ÉxÉä +{ÉäÊIÉiÉ nÉ´ÉÉ ÊxÉ{É]ÉxÉ ®É榃 B´ÉÆ nÉ´ÉÉ ÊxÉ{É]ÉxÉ
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+xÉÖ¨ÉÉxÉ ±ÉMÉÉxÉÉ VÉÊ]±É ÊxÉhÉǪÉÉå {É® +ÉvÉÉÊ®iÉ +ÉEò±ÉxÉ ÊEòªÉÉ MɪÉÉ;
½è, ÊVɺÉEäò +xÉÖ¨ÉÉxÉ EòÉ |ɨÉÖJÉ »ÉÉäiÉ +ÊxÉʶSÉiÉ (i) Ê´ÉʦÉxxÉ ´ªÉ´ÉºÉÉʪÉEò IÉäjÉÉå |ɨÉÖJÉiÉ: +ÊMxÉ, ºÉ¨ÉÖp +Éè® Ê´ÉÊ´ÉvÉ Eäò ¤ÉÒSÉ nÉ´ÉÉå EòÉ
½è VÉÉä ÊEò =Hò ºÉ¨ÉªÉ +´ÉÊvÉ Eäò ʱÉB ={ÉMÉiÉ +É´ÉÆ]xÉ;
nÉ´ÉÉå Eäò +xÉÖ¨ÉÉxÉ Eäò ʱÉB {ÉÖxÉ: +ÉvÉÉ® ÊxĘ́ÉiÉ (ii) EÆò{ÉxÉÒ Eäò {ÉÖxɤÉÔ¨ÉÉ +Æb®®É<Ë]MÉ {ÉÉìʱɺÉÒ Eäò iɽiÉ VÉÉäÊJÉ¨É B´ÉÆ MÉè® VÉÉäÊJɨÉ
Eò®iÉä ½é* {ÉÉìʱÉʺɪÉÉå Eäò ¨ÉvªÉ nÉ´ÉÉå EòÉ +É´ÉÆ]xÉ;
={ÉMÉiÉ nÉ´Éä ËEòiÉÖ Ê®{ÉÉä]Ç xÉ½Ó (+É<Ç.¤ÉÒ. (iii) ºÉ®EòÉ® uÉ®É SɱÉÉ<Ç VÉÉxÉä ´ÉɱÉÒ ªÉÉäVÉxÉÉ+Éå B´ÉÆ ¨ÉÉä]® ¤ÉÒ¨ÉÉ ]É<+{É ´ªÉ´ÉºÉÉªÉ ¨Éå
BxÉ.+É®) +Éè® ={ÉMÉiÉ nÉ´Éä ËEòiÉÖ {ɪÉÉÇ{iÉ nVÉÇ ÊEòªÉä MɪÉä nÉ´Éä;
Ê®{ÉÉä]Ç xÉ½Ó (+É<Ç.¤ÉÒ.BxÉ.<Ç.+É®) EòÉä Ê´ÉEòʺÉiÉ (iv) +xÉÖ¨ÉÉÊxÉiÉ nÉ´ÉÉ ®É榃 ¨Éå ½ÖB ºÉƶÉÉävÉxÉ EòÉ =±±ÉäJÉ;
Eò®xÉä Eäò ʱÉB ={ɪÉÉäMÉ EòÒ VÉÉxÉä ´ÉɱÉÒ (v) ¦ÉÖMÉiÉÉxÉ ÊEòªÉä MɪÉä nÉ´Éä, ¤ÉEòɪÉÉ {ÉÆVÉÒEÞòiÉ nÉ´Éä +Éè® +É<Ç.¤ÉÒ.BxÉ.+É® B´ÉÆ +É<Ç.¤ÉÒ.
EòɪÉÇ|ÉhÉÉʱɪÉÉå +Éè® ¨ÉÉxªÉiÉÉ+Éå EòÉ ÊxÉvÉÉÇ®hÉ BxÉ.<Ç.+É® {É® +ÉvÉÉÊ®iÉ nÉ´ÉÉå EòÒ MÉhÉxÉÉ*
BEò ¨É½i´É{ÉÚhÉÇ ÊxÉhÉǪÉÉi¨ÉEò EòɪÉÇ ½è* ºÉƤÉÆÊvÉiÉ
nÉ´ÉÉå EòÉä ºÉƦÉɱÉxÉä EòÒ ±ÉÉMÉiÉ Eäò ʱÉB, SÉÉ½ä ½¨ÉxÉä +É<Ç.¤ÉÒ.BxÉ.+É® B´ÉÆ +É<Ç.¤ÉÒ.BxÉ.<Ç.+É® Eäò ¨ÉÚ±ªÉ ÊxÉvÉÉÇ®hÉ ¨Éå ±ÉMÉä ½ÖB |ɤÉÆvÉxÉ Eäò
Ê®{ÉÉä]Ç ÊEòªÉÉ MɪÉÉ ½Éä ªÉÉ xɽÓ, näªÉiÉÉBÆ ºÉ¦ÉÒ nÉ´ÉÉå º´ÉiÉÆjÉ BCSÉÖÊ®+±É ʴɶÉä¹ÉYÉÉå {É® ʴɶ´ÉÉºÉ ÊEòªÉÉ* ½¨ÉxÉä BäCSÉÖÊ®ªÉ±É Ê®{ÉÉä]Ç +Éè® =ºÉEòÒ
Eäò ºÉ´ÉÉäÇkɨÉ-+xÉÖ¨ÉÉÊxÉiÉ +ÆÊiÉ¨É ={ÉMÉiÉ ±ÉÉMÉiÉ º´ÉiÉÆjÉiÉÉ, +xÉÖ¦É´É +Éè® =q䶪ÉÉå ºÉʽiÉ ºÉ¦ÉÒ {ÉIÉÉä EòÒ ´ªÉÉ{ÉEò ºÉ¨ÉÒIÉÉ EòÒ* EÆò{ÉxÉÒ Eäò
{É® +ÉvÉÉÊ®iÉ ½ÉäiÉä ½é, ËEòiÉÖ =±±ÉäÊJÉiÉ ÊiÉÊlÉ iÉEò Ê´ÉkÉÒªÉ Ê´É´É®hÉ ¨Éå =±±ÉäÊJÉiÉ ¤ÉEòɪÉÉ nÉ´ÉÉ Ê®VÉ´ÉÇ ®É榃 EòÒ näªÉiÉÉ EòÉ ¨ÉÚ±ªÉÉÆEòxÉ BCSÉÖ®Ò
ÊxÉ{É]ÉxÉ xÉ½Ó ÊEòªÉÉ MɪÉÉ* <xÉ nÉ´ÉÉå Eäò ºÉƤÉÆvÉ ¨Éå Eäò |ɨÉÉhÉ {É® +ÉvÉÉÊ®iÉ ½é*
+É¨É iÉÉè® {É® Eò¨É VÉÉxÉEòÉ®Ò ={ɱɤvÉ ½è, ÊVɺÉEäò
{ÉÊ®hÉɨɺ´É°  {É |ÉÉ®ÆʦÉEò +xÉÖ¨ÉÉxÉÉå +Éè® +ÆÊiɨÉ
ÊxÉ{É]ÉxÉ Eäò ¤ÉÒSÉ Ê´ÉºÉÆMÉÊiÉ {ÉÉ<Ç VÉÉ ºÉEòiÉÒ ½è*
<xÉ |ÉÉ´ÉvÉÉxÉÉå EòÉä ÊxÉvÉÉÇÊ®iÉ Eò®xÉä Eäò ʱÉB Eò<Ç
iÉ®ÒEòÉå EòÉ <ºiÉä¨ÉÉ±É ÊEòªÉÉ VÉÉiÉÉ ½è*
nÉ´ÉÉå Eäò +ÉEò±ÉxÉ ¨Éå BEò BCSÉÖÊ®ªÉ±É ¨ÉÉìb˱ÉMÉ
|ÉÊGòªÉÉ EòÉ ={ɪÉÉäMÉ ÊEòªÉÉ VÉÉiÉÉ ½è ÊVɺɨÉå EÆò{ÉxÉÒ
Eäò ¦ÉÒiÉ® +Éè® ¤Éɽ® nÉäxÉÉå Eäò ʱÉB VÉÊ]±É +Éè®
´ªÉÊHò{É®Eò BCSÉÖÊ®ªÉ±É |ÉÊ´ÉÊvÉ, ÊxÉhÉÇªÉ +Éè®
¦ÉʴɹªÉ EòÒ PÉ]xÉÉå +Éè® ºÉƤÉÆÊvÉiÉ PÉ]xÉÉ+Éå Eäò
¤ÉÉ®ä ¨Éå {ÉÊ®Eò±{ÉxÉɪÉå ¶ÉÉÊ¨É±É ½é, ÊVÉxÉEäò UÉä]ä-
UÉä]ä ¤Én±ÉÉ´ÉÉå EòÉ ¦ÉÒ ´ªÉÉ{ÉEò |ɦÉÉ´É {Éc ºÉEòiÉÉ
½è*
´É¹ÉÇ Eäò +ÆiÉ ¨Éå nÉ´ÉÉå EòÉ +xÉÖ¨ÉÉxÉ +ÆiÉÌxÉʽiÉ
+ÉEòcÉå EòÒ +JÉÆbiÉÉ {É® ÊxɦÉÇ® Eò®iÉÉ ½è,
ÊVɺɨÉå nÉ´Éä Eäò ¦ÉÖMÉiÉÉxÉ +Éè® +xɺÉÖ±ÉZÉä nÉ´ÉÉå
Eäò ´ªÉÊHòMÉiÉ +xÉÖ¨ÉÉxÉ ¶ÉÉÊ¨É±É ½é*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 400

Assessment of Incurred and Outstanding Claims
The Company has significant Our audit approach is to understand the systems, procedures and
outstanding claims including claims control over the claims registered at different operating offices and
relating to Incurred But Not Reported evaluate the implementation design of these essential elements.
(IBNR) and Incurred But Not Enough We focused on these areas because underlying these methods
Reported (IBNER). Estimating are a number of explicit or implicit assumptions relating to the
outstanding claims and probable expected settlement amount and settlement patterns of claims
future claims is based on critical which are subject to critical judgement. We further assessed the
judgments and is a key source of control over –
estimation uncertainty which is again
(i) segregation of claims amongst different business segments
the basis of estimating incurred
broadly fire, marine and miscellaneous;
claims during a given period.
(ii) segregation of claims between risk booked and non-risk
The methodologies and assumptions booked for the purpose of claim cession as per reinsurance
utilized to develop IBNR and IBNER underwriting policy of the Company;
involve a significant degree of (iii) acknowledgement of claims in respect of Government
judgment. The liabilities are based sponsored insurance schemes and motor insurance tie-up
on the best-estimate ultimate cost business;
of all claims incurred but not settled (iv) recording revision of estimated claim amount; and
at a given date, whether reported or
computation of incurred claims based on claims paid, outstanding
not, together with the related claims
registered claims and IBNR and IBNER.
handling costs. There is generally
less information available in relation We relied upon the management engaged independent actuarial
to these claims, which can result in expert’s report for determining the value of IBNR and IBNER.
variability between initial estimates We broadly reviewed the work of actuarial report including their
and final settlement. A range of independence, experience and objectivity. The valuation of liabilities
methods are used to determine for outstanding claims reserves contained in the consolidated
these provisions. financial statements of the Company and its associates are based
on the actuary’s certificate.
The claims estimation uses an
actuarial modeling process which
involves complex and subjective
actuarial methodologies, judgments
and assumptions about future
events and developments, both
within and external to the Company,
and for which small changes can
have significant implications to the
quantification.
The estimation of claims at year
end relies on the integrity of the
underlying data, including claim
payments and individual estimates
of unsettled claims.

401 ANNUAL REPORT 2019-20

 ÊxÉ´Éä¶É ¨ÉÚ±ªÉ EòÉ +ÉEò±ÉxÉ
EÆò{ÉxÉÒ xÉä ®ÉVªÉ +Éè® Eäòxp ºÉ®EòÉ® EòÒ |ÉÊiɦÉÚÊiɪÉÉå ½¨ÉxÉä +É<Ç.+É®.bÒ.B.+É<. Eäò Ê´ÉÊxɪɨÉÉå, {ÉÊ®{ÉjÉÉå, Ên¶ÉÉÊxÉnæ¶ÉÉå +ÉÊn Eäò +xÉÖºÉÉ® EÆò{ÉxÉÒ
¤ÉÉìxb, Êb¤ÉåSÉ®, ¶ÉäªÉ® +Éè® +xªÉ +xÉÖ¨ÉÉäÊniÉ Eäò MÉè®Êxɹ{ÉÉÊniÉ ÊxÉ´Éä¶É Eäò ¨ÉÚ±ªÉÉÆEòxÉ, ´ÉMÉÔEò®hÉ B´ÉÆ {ɽSÉÉxÉ ºÉä ºÉƤÉÆÊvÉiÉ +ÉÆiÉÊ®Eò
|ÉÊiɦÉÚÊiɪÉÉå Eäò +ÆiÉMÉÇiÉ ¨É½i´É{ÉÚhÉÇ ÊxÉ´Éä¶É ÊEòªÉÉ ÊxɪÉÆjÉhÉ +Éè® ºÉÖof ±ÉäJÉÉ {É®ÒIÉÉ |ÉÊGòªÉÉ {É® +ÉvÉÉÊ®iÉ |ÉÉ´ÉvÉÉxÉÉå/¨ÉÚ±ªÉ¿ÉºÉ/¤É^É +Éè®
½è* EÆò{ÉxÉÒ EòÒ EÖò±É {ÉÊ®ºÉÆ{ÉÊkÉ EòÉ BEò ¨É½i´É{ÉÚhÉÇ ÊxÉ´Éä¶É Eäò ¡äòªÉ® ´É豪ÉÚ ¨Éå ½ÉäxÉä ´ÉɱÉä ¤Én±ÉÉ´É Eäò ¨ÉÚ±ªÉÉÆEòxÉ +ÉÊn EòÒ ¨Énn ºÉä EÆò{ÉxÉÒ
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Eò¨ÉÇSÉÉ®Ò ±ÉÉ¦É näªÉiÉÉ Eäò °  {É ¨Éå ¨ÉÉxÉÉ ½è ÊVɺɨÉå BCSÉÖÊ®+±É ʴɶÉä¹ÉYÉ EòÒ Ê®{ÉÉä]Ç EòÒ VÉÉÄSÉ EòÒ iÉlÉÉ =Hò ¨ÉÚ±ªÉÉÆEòxÉ Eäò ʱÉB +{ÉxÉÉ<Ç MÉ<Ç
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ºÉƤÉÆÊvÉiÉ xÉä] {±ÉÉxÉ ºÉÆ{ÉÊkÉ) +Éè® MÉè®Ê´ÉkÉ {ÉÉäʹÉiÉ <ºÉEäò ºÉÉlÉ-ºÉÉlÉ =Hò {ÉÊ®Eò±{ÉxÉÉ+Éå EòÉä +{ÉxÉÉxÉä EòÒ |ÉÊ´ÉÊvɪÉÉå EòÉ ¦ÉÒ +´É±ÉÉäEòxÉ
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EòÒ ¸ÉähÉÒ ¨Éå Gò¨É¶É: ¶ÉÉÊ¨É±É ÊEòªÉÉ MɪÉÉ ½è* ÊEòªÉÉ MɪÉÉ lÉÉ*
Eò¨ÉÇSÉÉ®Ò Eäò ±ÉÉ¦É nÉʪÉi´ÉÉå EòÉ BäCSÉÖÊ®ªÉ±É <ºÉEäò +ÊiÉÊ®Hò ½¨ÉxÉä ÊxÉvÉÉÇÊ®iÉ ±ÉÉ¦É nÉʪÉi´ÉÉå Eäò ¨ÉÚ±ªÉÉEÆòxÉ ¨Éå +{ÉxÉÉ<Ç MÉ<Ç |ɨÉÖJÉ
¨ÉÚ±ªÉÉÆEòxÉ ¤ÉÉVÉÉ® EòÒ ÊºlÉÊiÉ B´ÉÆ <ºÉºÉä ºÉƤÉÆÊvÉiÉ {ÉÊ®Eò±{ÉxÉÉ+Éå EòÒ ºÉÆ´ÉänxɶÉÒ±É Ê´É¶±Éä¹ÉhÉ EòÒ VÉÉÄSÉ EòÒ*
+{ÉxÉÉ<Ç MÉ<Ç {ÉÊ®Eò±{ÉxÉÉ+Éå {É® +ÉvÉÉÊ®iÉ ½è* ½¨É <ºÉ ¤ÉÉiÉ EòÒ {ÉÖʹ] Eò®iÉä ½é ÊEò nÉʪÉi´ÉÉå Eäò ÊxÉvÉÉÇ®hÉ ¨Éå |ɪÉÉäMÉ EòÒ MÉ<Ç VÉÉxÉEòÉ®Ò,
¨ÉÖJªÉ +ÉìÊb] ¨ÉɨɱÉä ʴɶÉä¹É °  {É ºÉä ÊxɨxÉʱÉÊJÉiÉ |ÉÊ´ÉÊvɪÉÉÄ +Éè® {ÉÊ®Eò±{ÉxÉɪÉå ºÉÆiÉÉä¹ÉVÉxÉEò B´ÉÆ º´ÉÒEòɪÉÇ ½é*
ˤÉnÖ+Éå ºÉä ºÉƤÉÆÊvÉiÉ ½è; UÚ] n®, ¨É½ÆMÉÉ<Ç EòÉ
+xÉÖ¨ÉÉxÉ +Éè® VÉÒ´ÉxÉ +´ÉÊvÉ EòÉ +xÉÖ¨ÉÉxÉ EòÉ

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 402

Valuation of Investments
The Company has made substantial We conducted our audit of the investments with reference to IRDAI
investments in various State and Regulations, Circulars, Directives etc. based upon understanding
Central Government Securities, of internal controls and substantive audit procedures in relation
Bonds, Debentures, Shares and to valuation, classification, identification of non-performing
other approved securities. The value investments, provision/depreciation/write off and also assessment
of investments assumes a significant of fair value changes in relation to investments.
portion of the total assets of the
Our audit procedures was primarily concentrated on –
Company.
i) Evaluation and understanding of Company’s internal control
Entire gamut of investment
system, IT governance structure vis-à-vis implementation of
functions encompassing purchase,
investment risk management systems and processes.
disposal, recognition, measurement
ii) Substantive testing of transactions relating to investments,
and disclosure of investments
verification of investment assets, identification of non-
is governed by the Company’s
performing investments and provision made there against.
Investment Policy duly approved by
iii) Valuation and disclosure in the consolidated financial
the Board of Directors on annual
statements in accordance with the investment policy,
basis based on Insurance Regulatory
regulations etc.
and Development Authority of India
(Investment) Regulations, 2016, We agree with the value of investments as determined by the
Investments-Master Circular, 2017 management and carried in the consolidated financial statements.
and other Directions and Circulars
issued by IRDAI on investments.
These regulations, directions
and circulars cover valuation
of investments, identification of
non-performing investments and
corresponding non-recognition of
income and provision there against.
Valuation of employees’ defined benefit obligations
The Company has recognised long- We examined the reports of external actuarial specialist and
term employee benefit liabilities for reviewed the key actuarial assumptions used, both financial and
pension and gratuity respectively demographic, and considered the methodology utilised to derive
being defined benefit obligations these assumptions including review of input data provided for
(net of plan asset against funded actuarial valuations of employees’ defined benefit obligations.
obligation) and unfunded leave Furthermore, we have examined the sensitivity analysis on the key
liability also a defined benefit assumptions in valuing the defined benefit obligations.
obligation.
We are satisfied that the basis, methodology and assumptions
The actuarial valuations of employee applied in relation to determining the liabilities are acceptable.
benefit obligations is dependent on
market conditions and assumptions
made. The key audit matter
specifically relates to the following
key assumptions: discount rate,

403 ANNUAL REPORT 2019-20

 ÊxÉvÉÉÇ®hÉ Eò®xÉÉ BEò VÉÊ]±É EòɪÉÇ ½è ÊVɺÉEäò ʱÉB
|ɤÉÆvÉxÉ +Éè® =Hò {ÉÊ®Eò±{ÉxÉÉ+Éå iÉlÉÉ lÉbÇ {ÉÉ]Ô
BäCSÉÖ®Ò ºÉä ¦ÉÒ ¨Énn ±ÉÒ VÉÉiÉÒ ½è*
+ÉEòʺ¨ÉEò nÉʪÉi´ÉÉå EòÒ {ɽSÉÉxÉ Eò®xÉä, =x½å |ÉEò] Eò®xÉä B´ÉÆ =xÉEäò ʱÉB |ÉÉ´ÉvÉÉxÉ Eò®xÉä ºÉä ºÉƤÉÆÊvÉiÉ:
EÆò{ÉxÉÒ {É® |ÉiªÉIÉ +Éè® +|ÉiªÉIÉ nÉäxÉÉå ½Ò |ÉEòÉ® ½¨ÉxÉä +ÉìÊb] |ÉÊEòªÉÉ Eäò nÉè®ÉxÉ |ɤÉÆvÉxÉ ºÉä |ÉiªÉIÉ B´ÉÆ +|ÉiªÉIÉ Eò® ®É榃 +Éè® +{ÉäÊIÉiÉ
Eäò +ÊxÉʶSÉiÉ Eò®Éå ºÉä ºÉƤÉÆÊvÉiÉ ¨É½i´É{ÉÚhÉÇ nÆb ®É榃 ÊVɺÉä +ÉEòʺ¨ÉEò nÉʪÉi´É Eäò °  {É ¨Éå ¶ÉÉÊ¨É±É ÊEòªÉÉ VÉÉiÉÉ ½è, =Hò ºÉä ºÉƤÉÆÊvÉiÉ
Ê´É´ÉÉÊniÉ ¨ÉɨɱÉä ±ÉÆʤÉiÉ ½é ÊVÉxÉ{É® +¦ÉÒ VÉÉxÉEòÉ®Ò |ÉÉ{iÉ EòÒ* ½¨ÉxÉä +ÉìÊb] |ÉÊGòªÉÉ ¨Éå ÊxɨxÉʱÉÊJÉiÉ Ë¤ÉnÖ+Éå {É® vªÉÉxÉ EäòÊxpiÉ
¨É½i´É{ÉÚhÉÇ ºÉƦÉÉÊ´ÉiÉ ÊxÉhÉÇªÉ Ê±ÉB VÉÉxÉä ½é* ÊEòªÉÉ;
<ºÉEäò +ÊiÉÊ®Hò EÆò{ÉxÉÒ {É® {ÉÉìʱɺÉÒ vÉÉ®EòÉå Eäò Eò® ¨ÉɨɱÉÉå +Éè® ±ÉÆʤÉiÉ |ɶÉɺÉÊxÉEò EòɮǴÉÉ<Ç EòÒ {ɽSÉÉxÉ Eò®xÉä Eäò ʱÉB ±ÉÉMÉÚ EòÒ MÉ<Ç
nÉ´ÉÉå ºÉä ºÉƤÉÆÊvÉiÉ EòÉxÉÚxÉÒ ¨ÉɨɱÉÉå EòÉä ±ÉäEò® |ÉhÉɱÉÒ B´ÉÆ =xɺÉä ºÉƤÉÆÊvÉiÉ ={ÉɪÉÉå EòÉ ¨ÉÚ±ªÉÉÆEòxÉ ÊEòªÉÉ MɪÉÉ*
Ê´É´ÉÉn SÉ±É ®½É ½è +Éè® EÖòU +xªÉ BäºÉä ¨ÉɨɱÉä - EÆò{ÉxÉÒ Eäò Eò® ʴɦÉÉMÉ uÉ®É ºÉƦÉÉÊ´ÉiÉ Eò® VÉÉäÊJÉ¨É Eäò ¨ÉÚ±ªÉÉÆEòxÉ Eäò ʱÉB +{ÉxÉÉ<Ç
¦ÉÒ ½é ÊVÉxÉEòÉ |ɤÉÆvÉxÉ uÉ®É @  hÉ Eäò °  {É ¨Éå MÉ<Ç Ê´ÉʦÉxxÉ {ÉÊ®Eò±{ÉxÉÉ+Éå B´ÉÆ +xªÉ {ÉÚ´ÉÇ´ÉiÉÔ ºÉ¨ÉiÉÖ±ªÉ ¨ÉɨɱÉÉå {É® nÒ MÉ<Ç EòÉxÉÚxÉÒ
º´ÉÒEòÉ® ÊEòªÉä VÉÉxÉä ºÉä ºÉƤÉÆÊvÉiÉ ÊxÉhÉÇªÉ Ê±ÉªÉä ®ÉªÉ {É® Ê´ÉSÉÉ® Eò®iÉä ½ÖB ¨ÉÚ±ªÉÉÆEòxÉ ÊEòªÉÉ MɪÉÉ*
VÉÉxÉä ¤ÉÉEòÒ ½é* - ¨É½i´É{ÉÚhÉÇ Ê´É´ÉÉnÉå EòÒ ÊºlÉÊiÉ +Éè® ºÉƤÉÆÊvÉiÉ |ɨÉÖJÉ nºiÉÉ´ÉäVÉÉå Eäò ÊxÉ®ÒIÉhÉ {É®
Ê´ÉSÉÉ® ʴɨɶÉÇ*
- ={ɱɤvÉ Eò® ®É榃 ºÉä ºÉƤÉÆÊvÉiÉ Ê´É¶Éä¹ÉYÉÉå ºÉä |ÉÉ{iÉ ®ÉªÉ EòÉ Ê´É¶±Éä¹ÉhÉ ÊEòªÉÉ*
- Ê´ÉkÉÒªÉ Ê´É´É®hÉ Eäò +ÆiÉMÉÇiÉ =ʱ±ÉÊJÉiÉ xÉÉä] EòÒ {ɪÉÉÇ{iÉ ºÉ¨ÉÒIÉÉ EòÒ MÉ<Ç*
+xªÉ +ÉEòʺ¨ÉEò nÉʪÉi´ÉÉå Eäò ºÉƤÉÆvÉ ¨Éå EÆò{ÉxÉÒ Eäò ºÉƦÉÉÊ´ÉiÉ VÉÉäÊJɨÉÉå EòÉ +ÉEò±ÉxÉ
ÊEòªÉÉ*
- YÉÉiÉ VÉÉäÊJɨÉÉå EòÒ ÊxÉMÉ®ÉxÉÒ Eäò ºÉƤÉÆvÉ ¨Éå ÊbVÉÉ<xÉ +Éè® EòɪÉÉÇx´ÉªÉxÉ EòÉ +ÉEò±ÉxÉ
ÊEòªÉÉ*
- EÆò{ÉxÉÒ EòÉä |ɦÉÉÊ´ÉiÉ Eò®xÉä ´ÉɱÉä SÉ±É ®½ä ºÉƦÉÉÊ´ÉiÉ EòÉxÉÚxÉÒ ¨ÉɨɱÉÉå EòÉä ºÉ¨ÉZÉÉ +Éè®
EÆò{ÉxÉÒ Eäò +ÊvÉEòÉ®Ò Eäò ºÉÉlÉ Ê´ÉSÉÉ® ʴɨɶÉÇ ÊEòªÉÉ;
- ={ɱɤvÉ {ÉÚ´ÉÇ EòÉxÉÚxÉÒ EòɮǴÉÉ<Ç EòÒ ºÉ¨ÉÒIÉÉ EòÒ MÉ<Ç; iÉlÉÉ
- ´ÉɺiÉÊ´ÉEò +Éè® ºÉƦÉÉÊ´ÉiÉ EòÉxÉÚxÉÒ nÉʪÉi´ÉÉå Eäò |ɺiÉÉÊ´ÉiÉ ±ÉäJÉÉÆEòxÉ +Éè®
|ÉEò]ÒEò®hÉ EòÒ ºÉ¨ÉÒIÉÉ EòÒ MÉ<Ç*
½¨É ªÉ½ ¨ÉÉxÉiÉä ½é ÊEò ´ÉiÉǨÉÉxÉ ¨Éå SÉ±É ®½ä EòÉxÉÚxÉÒ ¨ÉɨɱÉÉå ºÉä ºÉƤÉÆÊvÉiÉ =Hò ±ÉäJÉÉÆEòxÉ
+Éè® |ÉEò]ÒEò®hÉ =ÊSÉiÉ B´ÉÆ ={ɪÉÖHò ½é*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 404

inflation expectations and life
expectancy assumptions. The setting
of these assumptions is complex and
requires the exercise of significant
management judgement with the
support of third party actuary.
Ascertainment, disclosure and provisioning in respect of contingent liabilities
The Company has material uncertain Our audit procedure was to obtain from management details of
tax matters, both direct and indirect, direct and indirect tax and penalty demands which are considered
under dispute involving considerable as contingent liabilities. We undertook following principal audit
demand raised on the Company procedures:
which require significant judgment to Assessment of the process and relevant controls implemented to
determine the possible outcome of identify tax litigations and pending administrative proceedings.
these disputes.
- Assessment of assumptions used in the evaluation of potential
Additionally, the Company has other
tax risks performed by the tax department of the Company
ongoing legal matters relating to
considering the legal precedence and other rulings in similar
various claims by the policyholders
cases.
and other claims not acknowledged
- Discussion with the management regarding the status of the
as debts which require application of
most significant disputes and inspection of the key relevant
management judgement in order to
documentation.
determine the likely outcome.
- Analysis of opinion received from tax experts where available.
- Review of the adequacy of the disclosures in the notes to the
consolidated financial statements.
In assessing the potential exposures of the Company in respect of
other contingent liabilities, we have:
- assessed the design and implementation of controls in relation
to the monitoring of known exposures;
- consulted with the Company’s official dealing with the matters
in understanding ongoing and potential legal matters impacting
the Company;
- reviewed available legal precedence; and
- reviewed the proposed accounting and disclosure of actual
and potential legal liabilities.
We concur that the accounting and disclosures in relation to the
ongoing legal matters are appropriate.

405 ANNUAL REPORT 2019-20

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Other Matters
The actuarial valuation of liabilities in respect of
Claims Incurred But Not Reported (IBNR), Claims
Incurred But Not Enough Reported (IBNER)
and Premium Deficiency Reserve (PDR) is the
responsibility of the Company’s appointed actuary.
The actuarial valuation of these liabilities as at March
31, 2020 has been duly certified by the appointed
actuary. The appointed actuary also certified that the
assumptions considered by him 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 the appointed actuary’s certificate in this
regard for forming our opinion on the consolidated
financial statements of the Company.
The consolidated financial statements include
Company’s share of net profit of `1,10,417 thousand
for the year ended 31st March, 2020 in respect of 2
associate entities whose financial statements have
not been audited by us. These financial statements
have been audited by other auditors whose reports
have been furnished to us by the Management and
our opinion on the consolidated financial statements,
in so far as it relates to the amounts and disclosures
included in respect of these entities, and our report
in terms of sub-sections (3) and (11) of Section 143
of the Act, in so far as it relates to the aforesaid
associate entities, is based solely on the reports of
the other auditors.
Our opinion on the consolidated financial statements,
and our report on Other Legal and Regulatory
Requirements below, is not modified in respect of
the above matters with respect to our reliance on
the work done and the reports of other auditors.
Management’s Responsibility for the Consolidated
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 consolidated
financial statements that give a true and fair view
of the financial position, financial performance and
receipts and payments of the Company including
its associates in accordance with the accounting
407
principles generally accepted in India, including the
accounting standards specified under Section 133 of
the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014, the Insurance Act, the IRDA Act, the
IRDA Financial Statement Regulations, Orders/
Directions/Circulars and other relevant Regulations
issued/notified by IRDAI. The respective Board of
Directors of the Company and its associates are
responsible for maintenance of adequate accounting
records in accordance with the provisions of the
Act for safeguarding the assets of the respective
companies 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 design, implementation and maintenance
of adequate internal financial controls, that were
operating effectively for ensuring accuracy and
completeness of the accounting records, relevant to
the preparation and presentation of the consolidated
financial statements that give a true and fair view
and are free from material misstatement, whether
due to fraud or error.
In preparing the consolidated financial statements,
the respective management of the Company and
its associates are responsible for assessing their
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 of the Company or its associates
either intends to liquidate the Company or the
associate entity or to cease operations, or has no
realistic alternative but to do so.
The respective Board of Directors of the Company
and its associates are also responsible for
overseeing the financial reporting process of the
Company and of the associates.
Auditors’ Responsibilities for the Audit of the
Consolidated Financial Statements
Our objectives are to obtain reasonable assurance
about whether the consolidated financial statements
as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not
ANNUAL REPORT 2019-20
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Eäò +ÉìÊb] ¨Éå ºÉ¤ÉºÉä ¨É½i´É{ÉÚhÉÇ lÉä +Éè® <ºÉʱÉB |ɨÉÖJÉ ±ÉäJÉÉ {É®ÒIÉÉ
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¤ÉÉ®ä ¨Éå ºÉÉ´ÉÇVÉÊxÉEò |ÉEò]ÒEò®hÉ xÉ½Ó Eò®iÉÉ ½è ªÉÉ VÉ¤É +iªÉÆiÉ nÖ±ÉǦÉ
{ÉʮʺlÉÊiɪÉÉå ¨Éå, ½¨É ªÉ½ ÊxÉvÉÉÇÊ®iÉ Eò®iÉä ½é ÊEò ½¨ÉÉ®Ò Ê®{ÉÉä]Ç ¨Éå ÊEòºÉÒ
¨ÉɨɱÉä EòÉ ºÉÆSÉÉ® xÉ½Ó ÊEòªÉÉ VÉÉxÉÉ SÉÉʽB CªÉÉåÊEò BäºÉÉ Eò®xÉä Eäò
nÖ¹{ÉÊ®hÉÉ¨É <ºÉ iÉ®½ Eäò ºÉÆSÉÉ® Eäò ºÉÉ´ÉÇVÉÊxÉEò ʽiÉ ±ÉɦÉÉå EòÉä +ÉMÉä
¤ÉgÉxÉä Eäò ʱÉB =ÊSÉiÉ °  {É ºÉä +{ÉäIÉÉ EòÒ VÉÉBMÉÒ*
+xªÉ VÉÉxÉEòÉ®Ò:
+xªÉ VÉÉxÉEòÉ®Ò Eäò ʱÉB EÆò{ÉxÉÒ Eäò ÊxÉnä¶ÉEò ¨ÉÆb±É EòÒ ÊVɨ¨ÉänÉ®Ò
½è* +xªÉ ÊVɨ¨ÉänÉ®Ò Eäò +ÆiÉMÉÇiÉ EÆò{ÉxÉÒ Eäò ÊxÉnä¶ÉEò B´ÉÆ |ɤÉÆvÉEò
Ê®{ÉÉä]Ç, Ê´ÉSÉɮʴɨɶÉÇ, ʴɶ±Éä¹ÉhÉ B´ÉÆ ´ÉÉ̹ÉEò Ê®{ÉÉä]Ç ¨Éå =±±ÉäÊJÉiÉ
+xªÉ VÉÉxÉEòÉ®Ò ºÉ¨¨ÉʱÉiÉ ½è, ËEòiÉÖ <ºÉ¨Éå ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ Ê´É´É®hÉÉå
B´ÉÆ =xÉ {É® nÒ MÉ<Ç ½¨ÉÉ®Ò ®ÉªÉ EòÉä ºÉ¨¨ÉʱÉiÉ xÉ½Ó ÊEòªÉÉ MɪÉÉ ½è*
+ÉìÊb]® Ê®{ÉÉä]Ç EòÒ ÊiÉÊlÉ Eäò ={É®ÉÆiÉ <ºÉ =Hò Ê®{ÉÉä]Ç EòÉ ½¨Éå ={ɱɤvÉ
Eò®ÉªÉÉ VÉÉxÉÉ +{ÉäÊIÉiÉ ½è*
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, that could reasonably be
expected to influence the economic decisions of
users taken on the basis of these consolidated
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 consolidated 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 ability of the Company
or its associates to continue as a going concern.
If we conclude that a material uncertainty
409
exists, we are required to draw attention in
our auditor’s report to the related disclosures
in the consolidated 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 auditor’s
report. However, future events or conditions may
cause the Company or its associates to cease to
continue as a going concern.
l Evaluate the overall presentation, structure and
content of the consolidated financial statements,
including the disclosures, and whether the
consolidated financial statements represent the
underlying transactions and events in a manner
that achieves fair presentation.
l Obtain sufficient appropriate audit evidence
regarding the financial information of the
entities or business activities of the Company
and its associates to express an opinion on
the consolidated financial statements. We
are responsible for the direction, supervision
and performance of the audit of the financial
statements of such entities included in the
consolidated financial statements of which we
are the independent auditors. For the other
entities included in the financial statements,
which have been audited by other auditors,
such other auditors remain responsible for the
direction, supervision and performance of the
audits carried out by them. We remain solely
responsible for our audit opinion.
We communicate with those charged with
governance of the Company and of such other
entities included in the consolidated financial
statements 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.
ANNUAL REPORT 2019-20
ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ Ê´É´É®hÉ {É® nÒ MÉ<Ç ½¨ÉÉ®Ò ®ÉªÉ ¨Éå +xªÉ VÉÉxÉEòÉ®Ò
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410
From the matters communicated with those charged
with governance, we determine those matters
that were of most significance in the audit of the
consolidated financial statements of the current
period and are therefore the key audit matters. We
describe these matters in our auditor’s report unless
law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances,
we determine that a matter should not be
communicated in our report because the adverse
consequences of doing so would reasonably be
expected to outweigh the public interest benefits of
such communication.
Other Information
The Company’s Board of Directors is responsible
for the other information. The other information
comprises the information contained in Directors’
Report including management discussion, analysis,
and other information contained in the Annual
Report, but does not include the consolidated
financial statements and our report thereon. These
reports are expected to be made available to us
after the date of this auditors’ report.
Our opinion on the consolidated financial statements
does not cover the other information and we will not
express any form of assurance conclusion thereon.
In connection with our audit of the consolidated
financial statements, our responsibility is to read the
other information identified above when it becomes
available and, in doing so, consider whether the
other information is materially inconsistent with the
consolidated financial statements or our knowledge
obtained in the audit, or otherwise appears to be
materially misstated.
When we read the other information, if we conclude
that there is material misstatement therein, we are
required to communicate the matter to those charged
with governance to take appropriate actions under
applicable laws and regulations.
Report on Other Legal and Regulatory
Requirements
1. As required by Sub-Regulation 3 of Regulation
3 of the IRDA Financial Statements Regulations
411
read with Schedule–C thereof, we give in the
Annexure ‘A’ to this report a certificate on the
matters specified in paragraphs 3 and 4 of the
Schedule.
2. In compliance to directions including additional
directions of the Comptroller and Auditor
General of India u/s.143(5) of the Act, we give in
Annexure ‘B’ to this report a statement on the
matters specified therein.
3. As required by Section 143(3) of the Act read with
Schedule–C of the IRDA Financial Statements
Regulations, we report that:
a) We have sought and, except for the matters
described in the basis for qualified opinion
paragraph, 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, except for the matters described in
the basis for qualified opinion paragraph, proper
books of account as required by law relating
to preparation of the aforesaid consolidated
financial statements have been kept, so far as
it appears from our examination of those books
and the reports of the other auditors.
c)
The Consolidated Balance Sheet, the
Consolidated Revenue Accounts, the
Consolidated Profit & Loss Account and the
Consolidated Receipts & Payments Account
dealt with by this report are in agreement with
the books of account maintained for the purpose
of preparation of the consolidated financial
statements.
d) In our opinion, accounting policies selected by
the Company are appropriate and the aforesaid
consolidated financial statements comply with
the applicable Accounting Standards specified
under Section 133 of the Act read with Rule 7
of the Companies (Accounts) Rules, 2014 and
with the accounting principles, as prescribed
in the IRDA Financial Statements Regulations
and orders or directions issued by IRDAI in this
regard.
ANNUAL REPORT 2019-20
 Eò) EÆò{ÉxÉÒ xÉä +{ÉxÉä ¦ÉÉ®iÉÒªÉ ºÉ½ªÉÉäÊMɪÉÉå EòÉä ºÉ¨¨ÉʱÉiÉ Eò®iÉä ½ÖB B´ÉÆ ºÉÆ®IÉhÉ EòÉä¹É EòÉä ½ºiÉÉÆiÉÊ®iÉ Eò®xÉä Eäò ʱÉB EòÉä<Ç ¦ÉÒ
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ÊnxÉÉÆEò: 26 ʺÉiÉƤɮ, 2020

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 412

 e) The provisions of Section 164(2) of the Act with
regard to disqualifications for appointment of
director are not applicable to the Company in
view of Notification No. GSR 463(E) dated 5th
June, 2015 issued by the Ministry of Corporate
Affairs, Government of India.
f) The provisions of Section 197(16) of the Act
regarding payment of managerial remuneration
to Company’s directors are not applicable in
view of Notification No. GSR 463(E) dated 5th
June, 2015 issued by the Ministry of Corporate
Affairs, Government of India.
g) With respect to the adequacy of the internal
financial controls over financial reporting of the
Company and the associate entity, which are
companies incorporated in India, the operating
effectiveness of such controls, refer to our
separate report in Annexure ‘C’ to this report.
h) With respect to the other matters to be included
in the Auditor’s Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules,
2014, in our opinion and to the best of our
information and according to the explanations
given to us:
i) The Company and its associates incorporated
in India have disclosed contingent liabilities
which inter-alia includes pending litigations
unless provided for – Refer Schedule 17 Note
3. The impact of these pending litigations on
the consolidated financial position is subject
to their judicial outcome;
ii) The Company including its associates
incorporated in India did not have any
long term contracts including derivatives
contracts for which there were any material
foreseeable losses – Refer Schedule 17
Note 15.
iii) There were no amounts which were required
to be transferred to the Investor Education
and Protection Fund by the Company
including its associates incorporated in India
– Refer Schedule17 Note 16.
i) 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 and
Orders/Directions/Circulars and other relevant
Regulations issued/notified by IRDAI in this
regard.

For Guha Nandi & Co For De & Bose

Chartered Accountants Chartered Accountants
FRN: 302039E FRN: 302175E

(CA.Dr. B. S. Kundu) (CA. Tarit Dasgupta)

Partner Partner
M. No – 051221 M. No - 053380
UDIN:20051221AAAAAJ9104 UDIN: 20053380AAAAAE7223

Place: Kolkata
Date: 26th September, 2020

413 ANNUAL REPORT 2019-20

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ÊnxÉÉÆEò: 26 ʺÉiÉƤɮ, 2020

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 414

 Annexure – ‘A’
Annexure to the Independent Auditors’ Report
of even date on the Consolidated Financial
Statements of National Insurance Company
Limited for the year ended 31st March,2020
(Referred to in paragraph 1 under ‘Report on Other
Legal and Regulatory Requirements’ section)
Certificate for the year ended 31st March,
2020 as required by Schedule-C of The
Insurance Regulatory & Development Authority
(Preparation of Financial Statements and
Auditor’s Report of Insurance Companies)
Regulations, 2002
On the basis of our examination of books and records
of the Company and according to the information
and explanation given to us and to the best of our
knowledge and belief, we certify that –
1. We have reviewed the Management Report of
National Insurance Co. Ltd. for the year ended
31st March, 2020 and conclude that there is no
apparent mistake or material inconsistencies
with the consolidated financial statements
except that trends in average claim settlement
time during the preceding five years have not
been reported in the Management Report;
2. Based on management representations and
the compliance certificate submitted to the
Board by the officers of the Company charged
with compliance, nothing has come to our
attention which causes us to believe that the
Company has not complied with the terms
and conditions of registration stipulated by
the Insurance Regulatory and Development
Authority of India;
3. Cash balances at branches of the Company
have been verified by the branch auditors.
We have verified securities relating to the
Company’s loans and investments as at
31st March, 2020 (except loans given to
employees) on the basis of certificate/
confirmations received from the custodian/
depository participants/ CSGL Account Holder
as the case may be. However, no significant
variation between book records and physically
verifiable investment records is noticed;
4. There is no investments and transactions
relating to any trusts undertaken by the
Company as trustee; and
5. No part of the assets of the policyholders’
funds has been directly or indirectly applied
in contravention of the provisions of the
Insurance Act, 1938 relating to the application
and investments of the policyholders’ funds.
However, due to temporary fall in the market
value of investments, policyholders’ fund is
not fully covered by investments as at the
year end.
Our above certificate on the consolidated financial
statements of National Insurance Co. Ltd., in so
far as it relates to the associates of the Company
incorporated in India, is based on the corresponding
reports of the auditors of such associate entities
to which IRDAI Regulations are applicable.
The Company has two associates namely India
International Insurance PTE Ltd., Singapore, and
Health Insurance TPA of India Ltd. India International
Insurance PTE Ltd. is not incorporated in India and
Health Insurance TPA of India Ltd. is not engaged
in the core insurance/reinsurance business. Hence
IRDAI Regulations are not applicable to any of the
associates of the Company.

For Guha Nandi & Co. For De & Bose

Chartered Accountants Chartered Accountants
FRN: 302039E FRN: 302175E
(CA Dr. B. S. Kundu) (CA. Tarit Dasgupta)
Partner Partner
M. No – 051221 M. No - 053380
UDIN: 20051221AAAAAJ9104 UDIN: 20053380AAAAAE7223
Place: Kolkata
Date: 26th September, 2020

415 ANNUAL REPORT 2019-20

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¨Éå {ÉÊ®SÉÉʱÉiÉ xÉ½Ó ½è, +iÉ: <ºÉ {É® +ÊvÉÊxÉªÉ¨É EòÒ vÉÉ®É 143(5)
±ÉÉMÉÚ xÉ½Ó ½è* ½ä±lÉ <ƶªÉÉä®åºÉ ]Ò.{ÉÒ.B. +Éì¡ò <ÆÊbªÉÉ ¤ÉÒ¨ÉÉ/{ÉÖxɤÉÔ¨ÉÉ
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xÉ½Ó ½ÉäiÉä ½é*
VÉ´ÉɤÉ
EÆò{ÉxÉÒ Eäò Ê´ÉʦÉxxÉ Ê´É¦ÉÉMÉÉå +Éè® {ÉÊ®SÉɱÉxÉ EòɪÉÉDZɪÉÉå ¨Éå ±ÉäxÉnäxÉ
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JÉÉiÉÉå EòÉä BEòÒEÞòiÉ Eò® ÊnªÉä VÉÉiÉä ½é* =Hò º´ÉÒEÞòiÉ JÉÉiÉÉå {É® ÊVÉxÉEòÉ
±ÉäxÉnäxÉ +É<Ç.]Ò. |ÉhÉɱÉÒ Eäò ¤Éɽ® ½è +Éè® ÊVÉxÉEòÉ ºÉiªÉÉ{ÉxÉ B´ÉÆ ´ÉètiÉÉ
{É®ÒIÉhÉ +ɴɶªÉEò ½è, =xÉ {É® Ê´ÉkÉÒªÉ ÊxÉʽiÉÉlÉÇ ºÉä ºÉƤÉÆÊvÉiÉ EòÉä<Ç
|ɦÉÉ´É xÉ½Ó ½é* EÆò{ÉxÉÒ Eäò ¦ÉÉ®iÉ ¨Éå ÊxÉMÉʨÉiÉ ºÉ½ªÉÉäÊMɪÉÉå {ÉÉºÉ =Hò ºÉ¦ÉÒ
|ÉEòÉ® Eäò ±ÉäxÉ näxÉ Eò®xÉä ºÉä ºÉƤÉÆÊvÉiÉ +É<Ç.]Ò. |ÉhÉɱÉÒ ={ɱɤvÉ ½è*
EÆò{ÉxÉÒ xÉä EòÉä<Ç ¦ÉÒ @  hÉ xÉ½Ó Ê±ÉªÉÉ ½è* ½É±ÉÉÆÊEò, EÆò{ÉxÉÒ xÉä +É<Ç.+É®.
bÒ.B.+É<Ç. ({ÉÚÄVÉÒ Eäò +xªÉ º´É°  {É) Ê´ÉxɪɨÉxÉ, 2015 Eäò iɽiÉ
+vÉÒxɺlÉ ÊnxÉÉÆEò 27 ¨ÉÉSÉÇ, 2017 EòÉä nºÉ ´É¹ÉÉäÈ Eäò ʱÉB @  hÉ Eäò
°  {É ¨Éå Êb¤ÉåSÉ® VÉÉ®Ò ÊEòªÉä ½é* =Hò ´É¹ÉÉäÈ Eäò nÉè®ÉxÉ EòVÉÇ ®É榃 ªÉÉ ¤ªÉÉVÉ
®É榃 {É® EòÉä<Ç ¦ÉÒ {ÉÖxÉMÉÇ`xÉ/UÚ]/¤É^É ±ÉÉMÉÚ xÉ½Ó ½è* EÆò{ÉxÉÒ Eäò ¦ÉÉ®iÉÒªÉ
ºÉ½ªÉÉäÊMɪÉÉå {É® <ºÉ |ÉEòÉ® EòÉ EòÉä<Ç ¨ÉɨɱÉÉ xÉ½Ó ½è*
EÆò{ÉxÉÒ xÉä +{ÉxÉÒ {ÉÚÆVÉÒ EòÉä <ÊC´É]Ò ¶ÉäªÉ® ¨Éå ÊxÉ´Éä¶É Eò®xÉä Eäò ʱÉB
=Hò ´É¹ÉÇ Eäò nÉè®ÉxÉ Eèò{ÉÒ]±É <x¡ÚòVÉxÉ Eäò °  {É ¨Éå ¦ÉÉ®iÉ ºÉ®EòÉ® ºÉä
`240,00,000 ½VÉÉ® °  {ɪÉä |ÉÉ{iÉ ÊEòªÉä ½é* =Hò ´É¹ÉÇ Eäò nÉè®ÉxÉ
EÆò{ÉxÉÒ +Éè® EÆò{ÉxÉÒ Eäò ¦ÉÉ®iÉ ¨Éå ÊxÉMÉʨÉiÉ ºÉ½ªÉÉäÊMɪÉÉå EòÉä ÊEòºÉÒ ¦ÉÒ
Ê´Éʶɹ] ªÉÉäVÉxÉÉ Eäò iɽiÉ Eåòp/®ÉVªÉ ºÉ®EòÉ® EòÒ BVÉåʺɪÉÉå EòÒ +Éä®
ºÉä EòÉä<Ç ¦ÉÒ ¡Æòb ®É榃 xÉ½Ó Ê¨É±ÉÒ ½è +Éè® xÉ EòÉä<Ç Ê¨É±ÉxÉä ªÉÉäMªÉ ½è*
416
 Annexure – ‘B’
Annexure to the Independent Auditors’ Report
of even date on the Consolidated Financial
Statements of National Insurance Company
Limited for the year ended 31st March, 2020
(Referred to in paragraph 2 under ‘Report on Other
Legal and Regulatory Requirements’ section)
Our reports under Section 143(5) of the Act on
the consolidated financial statements of National
Insurance Co. Ltd., in so far as it relates to the
associate entities of the Company, incorporated in
Replies to the Directions issued to Statutory Auditors under Section 143(5)
of the Companies Act, 2013 for the Financial Year 2019-20
Sl. No. Query
1. Whether the Company has system in
place to process all the accounting
transaction through IT system? If no, the
implications of processing of accounting
transactions outside IT system on the
integrity of the accounts along with the
financial implications, if any, may be
stated
2. Whether there is any restructuring of an
existing loan or cases of waiver/write
off of debts/loans/interest etc. made
by a lender to the Company due to the
Company’s inability to repay the loan? If
yes, the financial impact may be stated.
3. Whether funds received/ receivable for
specific schemes from Central/State
agencies were properly accounted for /
utilized as per its term and conditions?
List the cases of deviation.
India to which Section 143(5) of the Act is applicable,
is based on the corresponding reports of the auditors
of such associate entities. The Company has two
associates namely India International Insurance
PTE Ltd., Singapore, and Health Insurance TPA
of India Ltd. India International Insurance PTE
Ltd. is not incorporated in India and hence Section
143(5) of the Act is not applicable to it. Health
Insurance TPA of India Ltd. is not engaged in the
core insurance/reinsurance business and hence
additional directions u/s. 143(5) is not applicable to
it.
Reply
Company’s accounting transactions of different
departments and operating offices are processed
through different IT Systems and also by way of
passing manual JVs. All these are finally integrated
into the accounts. There is no financial implications
on the integrity of the accounts in respect of these
accounting transactions processed outside IT
System which are subjected to verification and
validation tests. In respect of the associate company
incorporated in India, it has system in place to process
all the accounting transactions through IT.
The Company has not taken any loan except issue of
debentures as subordinate debt on 27th March 2017
for a period of ten years in terms of IRDAI (Other
Forms of Capital) Regulations, 2015. There is no
restructuring/ waiver/ write off of the debt or interest
thereon during the year. In respect of the associate
company incorporated in India, there is no such case.
The Company has received `240,00,000 thousand
during the year as capital infusion from the
Government of India towards its Investment in the
form of equity shares of the Company. In the case
of the Company and also in respect of the associate
company incorporated in India, no fund is received
or receivable for any specific scheme from Central/
State agencies during the year.
417 ANNUAL REPORT 2019-20
 Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 ½äiÉÖ xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ EÆò{ÉxÉÒ Ê±ÉʨÉ]äb Eäò ±ÉäJÉÉ {É®ÒIÉÉ Eäò ʱÉB EÆò{ÉxÉÒ +ÊvÉÊxÉªÉ¨É 2013 EòÒ vÉÉ®É
143(5) Eäò iɽiÉ ÊxɪÉÖHò ºÉÉÆÊ´ÉÊvÉEò ±ÉäJÉÉ {É®ÒIÉEòÉå Eäò ʱÉB +ÊiÉÊ®Hò ÊxÉnä¶ÉEòÉå Eäò VÉ´ÉɤÉ;

Gò¨É ºÉÆ. ºÉ´ÉÉ±É VÉ´ÉɤÉ

1. Ê¡òÊVÉEò±É/bÒ¨Éè] Eäò °  {É ¨Éå ={ɱɤvÉ ºÉÒVÉÉBºÉ/ ½¨ÉxÉä xÉÒSÉä |ɺiÉÖiÉ iÉÉʱÉEòÉ ¨Éå |ÉÊiɦÉÚÊiɪÉÉå Eäò Ê´ÉʦÉxxÉ ´ÉMÉÉäÈ EòÒ ºÉÆJªÉÉ
BºÉVÉÒBºÉ/¤ÉÉìxb/ Êb¤ÉåSÉ® +ÉÊn Eäò ºÉƤÉÆvÉ ¨Éå º´ÉÉʨÉi´É B´ÉÆ ºÉƤÉÆÊvÉiÉ ®É榃 EòÉ ´ÉhÉÇxÉ ÊEòªÉÉ ½è; VɽÉÄ EÆò{ÉxÉÒ EòÒ ±ÉäJÉÉ {ÉÖºiÉEò
Eäò ¶ÉÒ¹ÉÇEòÉå EòÒ ºÉÆJªÉÉ ÊVÉxÉEòÉ =±±ÉäJÉ EÆò{ÉxÉÒ EòÒ B´ÉÆ Eòº]ÉäÊbªÉxÉ ¤ÉÖEò Eäò Ê´É´É®hÉ Eäò ¤ÉÒSÉ Ê´ÉºÉÆMÉÊiÉ {ÉÉ<Ç VÉÉiÉÒ ½è iÉÉä
±ÉäJÉÉ {ÉÖºiÉEò ¨Éå ÊEòªÉÉ MɪÉÉ ½è iÉlÉÉ =xÉ ¨ÉɨɱÉÉå EòÒ =ºÉä Êb{ÉÉäÊVÉ]®Ò ¦ÉÉMÉÒnÉ®Ò +lÉ´ÉÉ ºÉÒ.BºÉ.VÉÒ.B±É. JÉÉiÉÉ vÉÉ®EòÉå Eäò
ºÉÆJªÉÉ VÉÉä EÆò{ÉxÉÒ Eäò JÉÉiÉÉå ¨Éå ÊnJÉɪÉä MɪÉä ºÉƤÉÆÊvÉiÉ ¨ÉɨɱÉÉå ¨Éå =Hò ʴɺÉMÉÆÊiÉ EòÉä näJÉÉ VÉÉ ºÉEòiÉÉ ½è*
®É榃 Eäò ºÉ¨ÉZÉÉèiÉä ¨Éå xÉ½Ó ½è, =xÉEòÉä ºÉiªÉÉÊ{ÉiÉ ÊEòªÉÉ
VÉɪÉä B´ÉÆ ªÉÊn EòÉä<Ç Ê´ÉºÉÆMÉiÉÒ {ÉÉ<Ç VÉÉiÉÒ ½è iÉÉä =ºÉEòÉ
=±±ÉäJÉ Eò®å*
EÖò±É Eò¨ÉÒ +ÊvÉEò
|ÉÊiɦÉÚÊiÉ ´ÉMÉÇ JÉÉiÉÉå EòÒ ¤ÉÖEò ´É豪ÉÖ JÉÉiÉÉå EòÒ ¤ÉÖEò ´É豪ÉÖ JÉÉiÉÉå EòÒ ¤ÉÖEò ´É豪ÉÖ
ºÉÆJªÉÉ (`000 ¨Éå) ºÉÆJªÉÉ (`000 ¨Éå) ºÉÆJªÉÉ (`000 ¨Éå)
ºÉÒVÉÒBºÉ 51 489,71,720 ¶ÉÚxªÉ 0 ¶ÉÚxªÉ 0

BºÉVÉÒBºÉ 128 295,73,942 ¶ÉÚxªÉ 0 ¶ÉÚxªÉ 0

¤ÉÉìhbºÉ B´ÉÆ Êb¤ÉåSÉ® 254 438,17,944 24 30,144 2 200,000

(B¡ò ´ÉÒ)
<ÊC´É]Ò ¶ÉäªÉ® 605 806,97,448 45 2,426 10 136
+ÊvɨÉÉxÉ ¶ÉäªÉ® 129 2,883 20 0.0001 2 12 (B¡ò ´ÉÒ)
¨ªÉÖSªÉÖ±É ¡òhb 22 177,20,798 ¶ÉÚxªÉ 0 ¶ÉÚxªÉ 0

2. CªÉÉ ÊxÉ´Éä¶É Eäò ºÉƤÉÆvÉ ¨Éå º]Éì{É ±ÉÉìºÉ ºÉÒ¨ÉÉ EòÉä
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Ê´É´É®hÉ nå*
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Eäò ºÉÉlÉ ¨Éå =xÉEäò Ê´ÉkÉÒªÉ Ê´É´É®hÉ ¨Éå =ʱ±ÉÊJÉiÉ
+ÆiÉ®EÆò{ÉxÉÒ ¤Éè±ÉåºÉ EòÒ ºÉ¨ÉɪÉÉäVÉxÉ |ÉÊGòªÉÉ EòÉä
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¤ÉÒ¨ÉÉ EÆò{ÉÊxɪÉÉå ºÉä =xɺÉä ¶Éä¹É näªÉ ®É榃 Eäò ʱÉB {ÉÖʹ]
EòÒ MÉ<Ç?
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ºÉƤÉÆÊvÉiÉ {ÉÊ®SÉɱÉxÉ EòɪÉÉÇ±ÉªÉ Eäò ¶ÉÉJÉÉ ±ÉäJÉÉ {É®ÒIÉEòÉå uÉ®É +ÉìÊb]
ÊEòªÉä VÉÉxÉä EòÒ {ÉÖʹ] ¦ÉÒ EòÒ MÉ<Ç ½è* ½É±ÉÉÆÊEò, EÆò{ÉxÉÒ Eäò {ÉÖxɤÉÔ¨ÉÉ
ʴɦÉÉMÉ EòÒ ±ÉäJÉÉÆEòxÉ {ÉÖºiÉEò ¨Éå VÉÉä ¤ÉEòɪÉÉ ®É榃 =ʱ±ÉÊJÉiÉ ½è =ºÉºÉä
ºÉƤÉÆÊvÉiÉ +xªÉ {ÉÒ.BºÉ.ªÉÚ. ¤ÉÒ¨ÉÉ EÆò{ÉÊxɪÉÉå EòÒ +Éä® ºÉä EòÉä<Ç º{ɹ] {ÉÖʹ]
|ÉÉ{iÉ xÉ½Ó ½Ö<Ç ½è +Éè® xÉ =xÉEäò ºÉɨÉÉVɺªÉ ÊEòªÉä VÉÉxÉä EòÉ EòÉä<Ç |ɨÉÉhÉ
={ɱɤvÉ Eò®ÉªÉä MɪÉä*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 418

 Replies to the Additional Directions issued to Statutory Auditors under Section 143(5)
of the Companies Act, 2013 for the Financial Year 2019-20

Sl. No. Query Reply

1. Number of titles of ownership in respect
of CGS/SGS/Bonds/ Debentures etc.
available in physical/demat form and
out of these, number of cases which
are not in agreement with the respective
amounts shown in the Company’s
books of accounts may be verified and
discrepancy found may be suitably
reported.
We give in the Table below number as well as
corresponding book value of different class of
securities, where there is mismatch between
Company’s books of accounts and statements from
Custodian, Depository Participant or CSGL Account
Holder as the case may be.

Total Shortage Excess

Security Class Number of Book Value Number of Book Value Number of Book Value
Accounts (` in ‘000.) Accounts (` in ‘000.) Accounts (` in ‘000.)
CGS 51 489,71,720 NIL 0 NIL 0
SGS 128 295,73,942 NIL 0 NIL 0
BONDS & 254 438,17,944 24 30,144 2 200,000
DEBENTURES (FV)
EQUITY 605 806,97,448 45 2,426 10 136
SHARES
PREFERENCE 129 2,883 20 0.0001 2 12 (FV)
SHARES
MUTUAL FUND 22 177,20,798 NIL 0 NIL 0

2. Whether stop loss limits have been
prescribed in respect of the investments?
If yes, whether or not the limit was
adhered to. If no, details may be given.
3. Whether the Company has carried out
reconciliation exercise for inter-company
balances reflected in their financial
statements with other PSU insurers and
whether confirmation has been obtained
from other PSU insurers for balances
due from them?
No stop loss limit has been prescribed in respect of
investments.
Transactions with other PSU insurers are carried out
at operating offices. As informed to us confirmation
of inter-company balances with other PSU insurers
are generally obtained and periodical reconciliation
done by the respective operating offices audited by
branch auditors. However, in respect of balances
reflected in the books of reinsurance department of
the Company, no balance confirmations from other
PSU insurers are available and no reconciliations
done.

419 ANNUAL REPORT 2019-20

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(iii) |ÉvÉÉxɨÉÆjÉÒ VÉxÉ +É®ÉäMªÉ ªÉÉäVÉxÉÉ Eäò ʱÉB EÆò{ÉxÉÒ EòÒ ±ÉäJÉÉ {ÉÉìʱɺÉÒ
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EòÉä nä ÊnªÉÉ VÉÉiÉÉ ½è*
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Eäò iɽiÉ Ê½] BÆb ®xÉ {ÉÒÊciÉÉå Eäò ʱÉB ¨ÉÖ+É´ÉVÉä Eäò Eò®iÉä ½ÖB EÆò{ÉxÉÒ 2005-06 ºÉä ½Ò Ê½] Bhb ®xÉ {ÉÒÊbiÉÉå Eäò ¨ÉÖ+É´ÉVÉä
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´ÉÞÊr/ºÉƶÉÉävÉxÉ ÊEòªÉÉ ½è? lÉbÇ {ÉÉ]Ô OÉÉäºÉ bɪɮäC] |ÉÒÊ¨ÉªÉ¨É +ÉªÉ EòÉ 0.10% ¦ÉÖMÉiÉÉxÉ Eò®iÉÒ ½è*
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1 ʺÉiɨ¤É®, 2019 ºÉä ±ÉÉMÉÚ ¨ÉÉä]® ´ÉɽxÉ (ºÉƶÉÉäÊvÉiÉ) +ÊvÉÊxɪɨÉ
2019 Eäò iɽiÉ VÉÉ®Ò Ên¶ÉÉÊxÉnæ¶ÉÉxÉÖºÉÉ® xÉ iÉÉä ¡Æòc |ɶÉɺÉEò EòÉä +Éè®
xÉ ½Ò =Hò ºÉʨÉÊiÉ EòÉä +ÊiÉÊ®Hò vÉxÉ ®É榃 ®JÉxÉä EòÒ +ɴɶªEòiÉÉ
½è* iÉnxÉÖºÉÉ®, +ÊiÉÊ®Hò vÉxÉ ®É榃 ®JÉxÉä EòÒ +ɴɶªÉEòiÉÉ ºÉä ºÉƤÉÆÊvÉiÉ
ºÉʨÉÊiÉ ªÉÉ ¡Æòb |ɶÉɺÉEò EòÒ +Éä® ºÉä EòÉä<Ç Ên¶ÉÉÊxÉnæ¶É xÉ ÊnªÉä VÉÉxÉä

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 420

4. Whether the method of accounting of
premium and reported claims are as
per conditions of agreement / scheme
relating to –
(i) Pradhan Mantri Fasal Bima Yojana
(ii) Rashtriya Swasthya Bima Yojana
(iii) Prime Minister Jan Arogya Yojana.
5. Whether the Company has complied
with IRDAI CIRCULAR (No. IRDA/
F&A/CIR/MISC/052/03/2018 dated 27th
March, 2018) regarding exemption of
re-insurance schemes of specified
insurance schemes such as Pradhan
Mantri Fasal Bima Yojana, Pradhan
Mantri Suraksha Bima Yojana etc. from
the purview of GST and passed on to
the insured/Government the benefit of
reduction in premium?
6. Whether the Company has enhanced/
modified the provisions for compensation
for hit and run victims as per Section
161 of The Motor Vehicles (Amendment)
Act, 2019 applicable from 1 September
2019, and if so, whether it is adequate.
The Company has accounted the premium income
and the reported claims under (i) Pradhan Mantri
Fasal Bima Yojana; (ii) Rashtriya Swasthya Bima
Yojana; and (iii) Prime Minister Jan Arogya Yojana in
accordance with the Company’s accounting policies
and in compliance with the operational guidelines of
respective schemes.
As explained to us, in respect of Pradhan Mantri
Fasal Bima Yojana and other Government sponsored
insurance schemes, business is procured through
tendering process and the premium rates are
determined by way of actuarial estimation of ultimate
loss of the respective schemes. Exemption of GST on
re-insurance obligatory premium cession in respect
of these schemes has been taken into consideration
by the Company for the purpose of determination
of premium rates. In the case of Pradhan Mantri
Suraksha Bima Yojana, premium rate is determined
by the Govt. of India and business is procured through
designated bankers. The PMSBY scheme had
come into effect before implementation of GST and
premium rates continue to be the same even after
introduction of GST. Accordingly, the management is
of the opinion that benefits of GST exemption is not
accrued to the Company but deemed to have been
passed on to the beneficiaries.
In compliance to section 161 of The Motor Vehicles
Act, 1988 coupled with the recommendation of
General Insurance Council (the Council), the
Company since 2005-06 is providing 0.10% of ‘Motor
Third Party Gross Direct Premium income in India’
as contribution to the Solatium Fund for payment
of compensation to hit and run victims. New India
Assurance Co. Ltd., is entrusted by the Council to
administer the Fund. As per communication of the
Council dated July 26, 2010 no contribution to the
fund would be required beyond 2009-10 as the
administrator is holding sufficient balance in the fund
for payment of compensations. Contribution will be
collected when the fund balance goes below `10
crore. Neither the fund administrator nor the Council
has warranted any requirement of additional fund
owing to enhancement of compensation as provided
in The Motor Vehicles (Amendment) Act, 2019
applicable from 1st September 2019. Accordingly,
421 ANNUAL REPORT 2019-20
 EòÒ ´ÉVɽ ºÉä EÆò{ÉxÉÒ xÉä ʽ] BÆb ®xÉ {ÉÒÊbiÉÉå Eäò ¨ÉÖ+É´ÉVÉä Eäò ¦ÉÖMÉiÉÉxÉ
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®ÒÊiÉ ºÉä ±ÉäJÉÉÆEòxÉ ÊEòªÉÉ MɪÉÉ ½è*
EÞòiÉä MÉÖ½É xÉÆnÒ B´ÉÆ EÆò EÞòiÉä bä Bhb ¤ÉÉäºÉ
ºÉxÉnÒ ±ÉäJÉEòÉ® ºÉxÉnÒ ±ÉäJÉEòÉ®
{ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ: 302039<Ç {ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ: 302175<Ç
(ºÉÒB bÉì ¤ÉÒ. BºÉ. EÖòxbÖ) (ºÉÒB iÉÊciÉ nɺÉMÉÖ{iÉÉ)
¦ÉÉMÉÒnÉ® ¦ÉÉMÉÒnÉ®
ºÉnºªÉiÉÉ ºÉÆJªÉÉ: 051221 ºÉnºªÉiÉÉ ºÉÆJªÉÉ: 053380
ªÉÚbÒ+É<ÇBxÉ: 20051221AAAAAJ9104 ªÉÚbÒ+É<ÇBxÉ: 20053380AAAAAE7223
ºlÉÉxÉ: EòÉä±ÉEòÉiÉÉ
ÊnxÉÉÆEò: 26 ʺÉiÉƤɮ, 2020

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 422

 in the absence of any direction from the Council
or Administrator of the fund, the Company has not
enhanced/ modified the basis of making provisions
towards compensation payable to hit and run victims.
The Company is carrying adequate provisional
liability in its books in this regard.
7. Whether entire input tax credit (ITC) Due to procedural and structural deficiency in
available on GST portal in respect of collating data and relevant records of GST input
the Company has been availed within tax credit (ITC), the Company has failed to avail a
prescribed time limits. portion of eligible ITC which has been charged off
as expenses. The Company has not yet undertaken
one to one matching of tax invoices with the auto
populated invoice details available in the GST portal.
Further, reconciliations of (a) ITC as per GST portal
(b) eligible ITC (c) ITC availed and (d) ITC utilized
in respect of FY 2017-18 and 2018-19 are pending,
Prescribed time limits of availing ITC of these years
have expired on 30th September 2018 and 2019
respectively. Due to above, we are unable to state
as to what extent ITC available on GST portal of the
Company has been availed within the prescribed
time limits.
8. Whether premium and claims in respect At present the Company has foreign operations in
of foreign operations, if any, have been Nepal only. Though the accounting year of Nepal
accounted for correctly and reconciled operations is different from that of the Company,
with actual figures of these operations the accounts of Nepal operations is prepared and
(wherein accounting year is different for audited for the same period as that of the Company
foreign operations) for the purpose of consolidation. The accounting for
premium and claims in respect of Nepal operations
is done correctly. The Company has also a branch
office in Hong Kong but it has stopped accepting
new business since February, 2002 and its run-off
operations are now handled by New India Assurance
Co. Ltd. The accounting period of Hong Kong branch
is same as that of the Company and claims in respect
thereof has been accounted for correctly.
For Guha Nandi & Co. For De & Bose
Chartered Accountants Chartered Accountants
FRN: 302039E FRN: 302175E
(CA Dr. B. S. Kundu) (CA. Tarit Dasgupta)
Partner Partner
M. No – 051221 M. No - 053380
UDIN: 20051221AAAAAJ9104 UDIN: 20053380AAAAAE7223
Place: Kolkata
Date: 26th September, 2020

423 ANNUAL REPORT 2019-20

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 Annexure – ‘C’
Annexure to the Independent Auditors’ Report
of even date on the Consolidated Financial
Statements of National Insurance Company
Limited for the year ended 31st March, 2020
(Referred to in paragraph 3(g) under ‘Report on
Other Legal and Regulatory Requirements’ section)
Report on the Internal Financial Controls under
Clause (i) of Sub-section 3 of Section 143 of the
Companies Act, 2013 (“the Act”)
1. In conjunction with our audit of the consolidated
financial statements of the Company as of and
for the year ended March 31, 2020, we have
audited the internal financial controls over
financial reporting of NATIONAL INSURANCE
COMPANY LIMITED (hereinafter referred to as
(“the Company”) and considered the auditors’
reports on Internal Financial Controls over
financial reporting of the associate company
which is incorporated in India, as of that date.
2. The financial statements of the associate
company have been audited by other auditors
whose reports have been furnished to us and our
opinion on the consolidated financial statements,
in so far as it relates to the amounts and
disclosures included in respect of the associate
company, and our report in terms of sub-sections
(3) and (11) of Section 143 of the Act, in so far
as it relates to the associate company, is based
solely on the reports of the other auditors.
Management’s Responsibility for Internal
Financial Controls
3. The respective Board of Directors of the
Company and the associate entity which are
companies incorporated in India, are 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 issued by the Institute
of Chartered Accountants of India. These
responsibilities include the design, implementation
425
and maintenance of adequate internal financial
controls that were operating effectively for
ensuring the orderly and efficient conduct of its
business, including adherence to the respective
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.
Auditors’ Responsibility
4. 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 on Audit of Internal Financial
Controls Over Financial Reporting and the
Standards on Auditing, issued by the Institute of
Chartered Accountants of India and deemed to
be prescribed under section 143(10) of the Act,
to the extent applicable to an audit of internal
financial controls over financial reporting. Those
standards and 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.
5. 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 auditors’ judgment, including the
assessment of the risks of material misstatement
of the consolidated financial statements, whether
due to fraud or error.
6. We believe that the audit evidence we have
ANNUAL REPORT 2019-20
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 obtained and the audit evidence obtained by the
other auditors in terms of their reports referred to
in the other matters paragraph below, 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
7. 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 the 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 authorizations of management and directors
of the company; and (3) provide reasonable
assurance regarding prevention or timely
detection of unauthorized 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
8. 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
427
the degree of compliance with the policies or
procedures may deteriorate.
Qualified Opinion
9. According to the information and explanations
given to us and based on our audit, the following
material weakness have been identified as at
31st March, 2020:
i) Use of multiple software for recording business
transactions and limited control over motor
tie-up business operations create control risk
of data integration.
ii) Unvalidated and belated reporting of risk
booked policies by operating offices for
preparation of bordereau gives rise to the risk
of errors or omissions of premium and claim
cessions as per reinsurance underwriting
programme.
iii) Deficiency in the system of obtaining
confirmations and reconciliation of debtors/
creditors, collating data and relevant
records for GST compliances causes risk of
misstatement.
10. In our opinion and to the best of our information
and according to the explanations given to
us, the Company and its associate which is
incorporated in India, have, in all material
respects, based on the internal control over
financial reporting criteria established by it and
its associate incorporated in India, 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, maintained adequate internal financial
controls over financial reporting as of 31st March,
2020, and except for the effects/possible effects
of the material weaknesses described above on
the achievement of the objectives of the control
criteria, such internal financial controls over
financial reporting were operating effectively as
of 31st March, 2020.
11. We have considered the material weaknesses
identified and reported above in determining
ANNUAL REPORT 2019-20
 iÉªÉ Eò®xÉä iÉlÉÉ ={É® ¤ÉiÉÉ<Ç MÉ<Ç ºÉɨÉOÉÒ Eäò Eò¨ÉVÉÉäÊ®ªÉÉå {É®
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Eò®iÉÒ ½è*
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12. ½¨ÉÉ®Ò ={É®ÉäHò Ê®{ÉÉä]Ç ªÉÚ/BºÉ 143(3)(i) +ÊvÉÊxÉªÉ¨É EòÒ
{ɪÉÉÇ{iÉiÉÉ +Éè® ºÉÆSÉɱÉxÉ {É® ¦ÉÉ®iÉ ¨Éå ¶ÉÉÊ¨É±É ºÉ½ªÉÉäMÉÒ EÆò{ÉxÉÒ
Eäò +ÉÆiÉÊ®Eò Ê´ÉkÉÒªÉ ÊxɪÉÆjÉhÉÉå EòÒ |ɦÉɴɶÉÒ±ÉiÉÉ Eäò Ê´ÉkÉÒªÉ
Ê®{ÉÉäÍ]MÉ ºÉä ºÉƤÉÆÊvÉiÉ ½è, +Éè® BäºÉÒ EÆò{ÉxÉÒ Eäò ±ÉäJÉÉ {É®ÒIÉEòÉå EòÉ
¦ÉÉ®iÉ ¨Éå ºÉÆMÉiÉ Ê®{ÉÉä]Ç {É® +ÉvÉÉÊ®iÉ ½è*

EÞòiÉä MÉÖ½É xÉÆnÒ B´ÉÆ EÆò EÞòiÉä bä Bhb ¤ÉÉäºÉ

ºÉxÉnÒ ±ÉäJÉEòÉ® ºÉxÉnÒ ±ÉäJÉEòÉ®
{ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ: 302039<Ç {ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ: 302175<Ç
(ºÉÒB bÉì ¤ÉÒ. BºÉ. EÖòxbÖ) (ºÉÒB iÉÊciÉ nɺÉMÉÖ{iÉÉ)
¦ÉÉMÉÒnÉ® ¦ÉÉMÉÒnÉ®
ºÉnºªÉiÉÉ ºÉÆJªÉÉ: 051221 ºÉnºªÉiÉÉ ºÉÆJªÉÉ: 053380
ªÉÚbÒ+É<ÇBxÉ: 20051221AAAAAJ9104 ªÉÚbÒ+É<ÇBxÉ: 20053380AAAAAE7223
ºlÉÉxÉ: EòÉä±ÉEòÉiÉÉ
ÊnxÉÉÆEò: 26 ʺÉiÉƤɮ, 2020

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 428

the nature, timing, and extent of audit tests Other Matter
applied in our audit of the consolidated financial
12. Our aforesaid report u/s 143(3)(i) of the Act
statements of 31st March, 2020 of the Company
on the adequacy and operating effectiveness
and its associate which is incorporated in India,
of the internal financial controls over financial
and these material weaknesses do not affect our
reporting in so far as it relates to the associate
opinion on the consolidated financial statements
company incorporated in India, is based on the
of the Company and its associate.
corresponding report of the auditors of such
company incorporated in India.

For Guha Nandi & Co. For De & Bose

Chartered Accountants Chartered Accountants
FRN: 302039E FRN: 302175E
(CA Dr. B. S. Kundu) (CA. Tarit Dasgupta)
Partner Partner
M. No – 051221 M. No - 053380
UDIN: 20051221AAAAAJ9104 UDIN: 20053380AAAAAE7223

Place: Kolkata
Date: 26th September, 2020

429 ANNUAL REPORT 2019-20

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´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 430

COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION
143(6)(b) READ WITH SECTION 129(4) OF THE COMPANIES ACT, 2013 ON THE CONSOLIDATED
FINANCIAL STATEMENTS OF NATIONAL INSURANCE COMPANY LIMITED FOR THE YEAR ENDED
31 MARCH 2020

The preparation of consolidated financial statements of National Insurance Company Limited (NICL)
for the year ended 31 March 2020 in accordance with the financial reporting framework prescribed under
the Insurance Act, 1938 read with the Insurance Regulatory and Development Authority (Preparation of
Financial Statements and Auditor’s Report of Insurance Companies) Regulation, 2002 and the Companies
Act, 2013 is the responsibility of the management of the company. The statutory auditors appointed by
the Comptroller and Auditor General of India under section 139 (5) read with section 129(4) of the Act are
responsible for expressing opinion on the financial statements under section 143 read with section 129(4)
of the Act based on independent audit in accordance with the standards on auditing prescribed under
section 143(10) of the Act. This is stated to have been done by them vide their Audit Report dated 26
September 2020.

I, on behalf of the Comptroller and Auditor General of India, have conducted a supplementary audit
of the consolidated financial statements of National Insurance Company Limited for the year ended
31 March 2020 under section 143(6)(a) read with section 129(4) of the Act. We conducted a supplementary
audit of the financial statements of National Insurance Company Limited and Health Insurance TPA of India
Limited (Associates) for the year ended on that date. Further, Section 139(5) and 143(6)(a) of the Act are
not applicable to India International Insurance Pte Limited, Singapore, being private entity incorporated in
foreign country under the respective laws for appointment of their Statutory Auditor nor for conduct of
supplementary audit. Accordingly, Comptroller and Auditor General of India has neither appointed the
Statutory Auditors nor conducted the supplementary audit of this company. This supplementary audit has
been carried out independently without access to the working papers of the statutory auditors and is limited
primarily to inquiries of the statutory auditors and company personnel and a selective examination of some
of the accounting records.

Based on my supplementary audit, I would like to highlight the following significant matters under
section 143(6)(b) read with section 129(4) of the Act which have come to my attention and which in my view
are necessary for enabling a better understanding of the financial statements and the related audit report.

A. Comments on Profitability
A.1 Profit & Loss Account for the year ended 31st March 2020
Loss after Tax - `4099.80 crore
The above is understated by `132.49 crore due to:
(i) NICL has the claim ratio of less than 80 per cent under Swasthya Sathi Scheme. Accordingly,
NICL was to refund premium of `194.43 crore to the Government of West Bengal as per the terms
of the scheme. While refunding the premium, NICL adjusted premium receivable under another
health scheme i.e. Rastriya Swastha Bima Yojana (RSBY) amounting to `22.93 crore and refunded
`171.50 crore to the Government of West Bengal, which was contested by State Government.

431 ANNUAL REPORT 2019-20

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Ø +É® Eèò{É EòÒ EäòÊb] ®äË]MÉ EòÉä EäòªÉ® A+ (+|Éè±É 2019) ºÉä EäòªÉ® PÉ Eäò ¤ÉÒSÉ bÉ=xÉOÉäb nVÉÇ ÊEòªÉÉ MɪÉÉ ½è ÊVɺɨÉå VÉÉ®ÒEòiÉÉÇ
xÉä (+|Éè±É 2020) EòÉä ºÉ¨¨ÉʱÉiÉ xÉ½Ó ÊEòªÉÉ ½è*
=Hò Ê´ÉkÉÒªÉ ´É¹ÉÇ Eäò ʱÉB ÊxÉ´Éä¶É Eäò ¨ÉÚ±ªÉ ¨Éå Eò¨ÉÒ Eäò |ÉÉ´ÉvÉÉxÉ ºÉä ºÉƤÉÆÊvÉiÉ MÉè® |ÉÉ´ÉvÉÉxÉ Eäò {ÉÊ®hÉÉ¨É º´É°  {É °  . 20 Eò®Éäc iÉEò EòÒ ½ÉÊxÉ
½Ö<Ç ½è*
(iii) ¨ÉèºÉºÉÇ Ê¦É±ÉÉäºÉÉ <Æbº]ÅÒVÉ |ÉÉ<´Éä] ʱÉʨÉ]äb xÉä BxÉ.+É<Ç.ºÉÒ.B±É ºÉä BEò ¨ÉäMÉÉ Ê®ºEò {ÉÉìʱɺÉÒ ±ÉÒ ½Ö<Ç lÉÒ, ÊVɺɨÉå =xÉEòÉ 37.50%
EòÉ ºÉ½¤ÉÒ¨ÉÉ lÉÉ* BxÉ.+É<Ç.ºÉÒ.B±É xÉä =Hò {ÉÉìʱɺÉÒ Eäò +ÆiÉMÉÇiÉ +{ÉxÉä VÉÉäÊJÉ¨É EòÉä Eò´É® Eò®xÉä Eäò ʱÉB 23.7% Eäò +{ÉxÉä ʽººÉä
{É® {ÉÖxɤÉÔ¨ÉÉ Ê±ÉªÉÉ lÉÉ* ¤ÉÒ¨ÉÉvÉÉ®Eò xÉä {ÉÉìʱɺÉÒ Eäò iɽiÉ (ÊnxÉÉÆEò 23.03.2020 EòÉä) °  . 125 Eò®Éäc EòÉ nÉ´ÉÉ ÊEòªÉÉ, ÊVÉºÉ {É®
BxÉ.+É<Ç.ºÉÒ.B±É xÉä {ÉÖxɤÉÔ¨ÉÉ EòÒ MÉhÉxÉÉ Eäò ={É®ÉÆiÉ °  . 10.59 Eò®Éäc EòÉ |ÉÉ´ÉvÉÉxÉ ÊEòªÉÉ* ºÉ´ÉæIÉEò xÉä +{ÉxÉÒ Ê®{ÉÉä]Ç ÊnxÉÉÆÊEòiÉ
20.05.2020 Eäò +ÉvÉÉ® {É® °  . 915 Eò®Éäc Eäò xÉÖEòºÉÉxÉ EòÉ +ÉEò±ÉxÉ ÊEòªÉÉ* iÉnxÉÖºÉÉ®, BxÉ.+É<Ç.ºÉÒ.B±É. EòÉä {ÉÖxɤÉÔ¨ÉÉ EòÒ
MÉhÉxÉÉ Eäò ¤ÉÉn +{ÉxÉä º´ÉªÉÆ Eäò ¶ÉäªÉ® ºÉä ºÉƤÉÆÊvÉiÉ °  . 81.63 Eò®Éäc Eäò |ÉÉ´ÉvÉÉxÉ EòÉä +tiÉxÉ/+{Ébä] Eò®xÉä EòÒ +ɴɶªÉEòiÉÉ ½è*
½É±ÉÉÆÊEò, MÉ论ÉƶÉÉävÉxÉ Eäò {ÉÊ®hÉɨɺ´É°  {É °  . 71.04 Eò®Éäc (`81.63 Eò®Éäc - `10.59 Eò®Éäc) EòÉ |ÉÉ´ÉvÉÉxÉ ÊEòªÉÉ MɪÉÉ*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 432

 Amount receivable under RSBY Scheme should not be adjusted against premium to be refunded
under Swasthya Sathi Scheme as these are two different schemes. Further, Premium receivable
against RSBY Scheme was already more than 5 years old and was not acknowledged/accepted by
the Government of West Bengal for which provision should have been created.

Due to the above, amount payable under Swasthya Sathi Scheme, Premium Receivable under
RSBY, Provisions for Doubtful Debts for RSBY and Loss for the year were understated by `22.93
crore.

The issue was also commented on the financial statement for the year 2018-19 but no corrective
action was taken by the Company during the year.

(ii) NICL invested `20 crore in Non-Convertible Debentures (NCDs) of Reliance Capital Ltd (R Cap).
R Cap defaulted in interest payment due in March 2020 and became Non-performing Assets (NPA)
in June 2020.

Review of adequacy of provisions revealed that NICL should have created 100 per cent provision on
the entire investment in view of the following:

Ø R Cap has incurred heavy losses (`5465 crore) during the year 2019-20.
Ø Statutory Auditors of R Cap have expressed material uncertainty regarding the ability of R Cap to
continue as a going concern.
Ø Debenture Trustee has initiated proceedings against the company before the Debt Recovery
Tribunal, Mumbai.
Ø Credit Rating of R Cap has been downgraded CARE A+ (April 2019) to CARE D: Issuer Not
Co- operating (April 2020).

Non-provisioning has resulted in understatement of Provision for diminution in the value of investment
with corresponding understatement of Loss for the year by `20 crore.

(iii) M/s Bhilosa Industries Private Limited had Mega Risk Policy from NICL having his co-insurance
share of 37.50 per cent. NICL to cover its risk under the policy, had taken reinsurance on his share
with retention of 23.79 per cent. Insured lodged (23.03.2020) a claim amounting to `125 crore
under the policy on which NICL created a provision of `10.59 crore after considering reinsurance
recoverable from reinsured. The surveyor vide his report dated 20.05.2020 assessed the loss for
an amount of `915 crore. Accordingly, NICL should have update their own share provision to `81.63
crore1 after considering reinsurance. However, non-revision resulted in under provisioning of `71.04
crore (`81.63 crore - `10.59 crore).

433 ANNUAL REPORT 2019-20

 <ºÉÒ iÉ®½, ¨ÉèºÉºÉÇ B±É BÆb ]Ò ½É<bÅÉäEòɤÉÇxÉ <ÆVÉÒÊxɪÉË®MÉ xÉä xªÉÚ <ÆÊbªÉÉ B¶ªÉÉä®åºÉ EÆò{ÉxÉÒ Ê±ÉʨÉ]äb (BxÉ.+É<Ç.B.ºÉÒ.B±É.)ºÉä BEò
{ÉÉìʱɺÉÒ ±ÉÒ ½Ö<Ç ½è ÊVɺɨÉå BxÉ.+É<Ç.ºÉÒ.B±É. EòÉ 30% EòÉ ºÉ½¤ÉÒ¨ÉÉ ½è* =Hò {ÉÉìʱɺÉÒ Eäò iɽiÉ +{ÉxÉä VÉÉäÊJÉ¨É EòÉä Eò´É® Eò®xÉä
Eäò ʱÉB BxÉ.+É<Ç.ºÉÒ.B±É. xÉä 27.13% Eäò +{ÉxÉä ʽººÉä EòÉ {ÉÖxɤÉÔ¨ÉÉ Ê±ÉªÉÉ lÉÉ* ¤ÉÒ¨ÉÉvÉÉ®Eò xÉä +É<Ç.+É®.+Éä. VÉèEäò] Eäò xÉÖEòºÉÉxÉ
ºÉä ºÉƤÉÆÊvÉiÉ BxÉ.+É<Ç.B.ºÉÒ.B±É. EòÉä ºÉÚÊSÉiÉ ÊEòªÉÉ +Éè® ÊVɺÉä ¤ÉÉn ¨Éå BxÉ.+É<Ç.B.ºÉÒ.B±É xÉä nÉ´ÉÉ |ÉÉ´ÉvÉÉxÉ Eäò ʱÉB BxÉ.+É<Ç.ºÉÒ.
B±É EòÉä ºÉÚÊSÉiÉ ÊEòªÉÉ* iÉnxÉÖºÉÉ®, BxÉ.+É<Ç.ºÉÒ.B±É xÉä °  . 0.03 Eò®Éäc EòÉ |ÉÉ´ÉvÉÉxÉ ÊEòªÉÉ* ºÉ´ÉæIÉEò xÉä ÊnxÉÉÆEò 26-04-2020
EòÒ +{ÉxÉÒ Ê®{ÉÉä]Ç ¨Éå °  . 228 Eò®Éäc EòÒ ½ÉÊxÉ EòÉ +ÉEò±ÉxÉ ÊEòªÉÉ* ÊnxÉÉÆEò 27-05-2020 EòÉä BxÉ.+É<Ç.B.ºÉÒ.B±É xÉä BxÉ.+É<Ç.
ºÉÒ.B±É EòÉä =ºÉEäò nÉ´Éä |ÉÉ´ÉvÉÉxÉÉå EòÉä +tiÉxÉ/+{Ébä] Eò®xÉä Eäò ʱÉB ºÉÚÊSÉiÉ ÊEòªÉÉ* iÉnxÉÖºÉÉ® BxÉ.+É<Ç.ºÉÒ.B±É EòÉä {ÉÖxɤÉÔ¨ÉÉ
{É® Ê´ÉSÉÉ® Eò®xÉä Eäò ={É®ÉÆiÉ +{ÉxÉä º´ÉªÉÆ Eäò ¶ÉäªÉ® ºÉä ºÉƤÉÆÊvÉiÉ °  . 18.55 Eò®Éäc Eäò |ÉÉ´ÉvÉÉxÉ EòÉä +tiÉxÉ/+{Ébä] Eò®xÉä EòÒ
+ɴɶªÉEòiÉÉ ½è* ½É±ÉÉÆÊEò, MÉ论ÉƶÉÉävÉxÉ Eäò {ÉÊ®hÉɨɺ´É°  {É °  . 18.52 Eò®Éäc (°  . 18.55 Eò®Éäc- ` 0.03 Eò®Éäc) EòÉ |ÉÉ´ÉvÉÉxÉ
½è*
<ºÉ |ÉEòÉ®, ºÉ´ÉæIÉEò Eäò +ÉEò±ÉxÉ Eäò +xÉÖºÉÉ® nÉ´ÉÉå Eäò |ÉÉ´ÉvÉÉxÉ EòÉä MÉ论ÉƶÉÉävÉxÉ Eäò {ÉÊ®hÉɨɺ´É°  {É xÉä] nÉ´ÉÉå EòÉä ±ÉMɦÉMÉ
°  . 89.56 Eò®Éäc (`71.04 Eò®Éäc + `18.52 Eò®Éäc) EòÒ ½ÉÊxÉ Eäò °  {É ¨Éå ¨ÉÉxÉÉ MɪÉÉ ½è*

ºlÉÉxÉ: EòÉä±ÉEòÉiÉÉ
ÊEòiÉ: 27 xɴɨ¤É®, 2020
ÊnxÉÉÆ Eäò ʱÉB B´ÉÆEòÒ +Éä® ºÉä
¦ÉÉ®iÉ Eäò ÊxɪÉÆjÉEò B´ÉÆ ¨É½É±ÉäJÉÉ {É®ÒIÉEò

(¨ÉÉèºÉÖ¨ÉÒ ®ä ¦É^ÉSÉɪÉÇ)
¨É½ÉÊxÉnä¶ÉEò ±ÉäJÉÉ {É®ÒIÉÉ (EòÉäªÉ±ÉÉ)
EòÉä±ÉEòÉiÉÉ

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 434

 Similarly, there is a policy taken by M/s L&T Hydrocarbon Engg. Ltd. from New India Assurance
Co. Ltd. (NIACL) where the NICL is co-insurer having its share of 30 per cent. NICL to cover its risk
under the policy, had taken reinsurance on his share under the policy with retention of 27.13 per
cent. Insured intimated NIACL for loss of IRO Jacket and subsequently, NIACL intimated the NICL
for claim provisioning. NICL accordingly created a provision of `0.03 crore. Surveyor in its report
dated 26.04.2020 assessed the loss of `228 crore. NIACL intimated NICL (27.05.2020) for updating
its claim provision. Accordingly, NICL should have update their own share provision to `18.55 crore2
after considering reinsurance. However, non-revision resulted in under provisioning of `18.52 crore
(`18.55 crore - `0.03 crore).

Thus, non-revision of claims provision in accordance with the surveyor’s assessment resulted in
understatement of net Claims Outstanding with corresponding understatement of Loss by `89.56
crore (`71.04 crore + `18.52 crore).

For and on behalf of the

Comptroller & Auditor General of India

(Mausumi Ray Bhattacharyya)

Director General of Audit (Coal)
Kolkata
Place: Kolkata
Dated: 27 November, 2020

435 ANNUAL REPORT 2019-20

31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ´É¹ÉÇ Eäò ʱÉB xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ EÆò{ÉxÉÒ Ê±ÉʨÉ]äb Eäò ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ Ê´É´É®hÉ {É® EÆò{ÉxÉÒ +ÊvÉÊxɪɨÉ,
2013 EòÒ vÉÉ®É 143(6)(JÉ) Eäò ºÉÉlÉ {ÉÉÊ`iÉ vÉÉ®É 129(4) Eäò iɽiÉ ¦ÉÉ®iÉ Eäò ÊxɪÉÆjÉhÉ B´ÉÆ ¨É½É±ÉäJÉÉ {É®ÒIÉEò EòÒ Ê]{{ÉhÉÒ

EèòMÉ EòÒ Ê]{{ÉhÉÒ |ɤÉÆvÉxÉ EòÉ VÉ´ÉɤÉ

Eò.1. 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ´É¹ÉÇ Eäò ʱÉB ±ÉÉ¦É B´ÉÆ EÆò{ÉxÉÒ EòÉä {ÉÚhÉÇ Ê´É¶´ÉÉºÉ ½è ÊEò {ÉʶSÉ¨É ¤ÉÆMÉÉ±É ºÉ®EòÉ® EòÉä =ºÉEäò
½ÉÊxÉ JÉÉiÉÉ; ¦ÉÖMÉiÉÉxÉ ªÉÉäMªÉ ®É榃 Eäò Bä´ÉVÉ ¨Éå ºÉ¨ÉɪÉÉäVÉxÉ Eäò ¨ÉÉvªÉ¨É ºÉä VÉÉä
½ÉÊxÉ (Eò® Eäò ¤ÉÉn): `4099.80 Eò®Éäc ´ÉºÉÚ±ÉÒ MÉ<Ç ´É½=ÊSÉiÉ ½è B´ÉÆ =Hò ®É榃 ´ÉÉ{ɺÉÒ ªÉÉäMªÉ xÉ½Ó ½è,
<ºÉʱÉB ÊxÉ{É]ÉxÉ EòÒ {ÉÊ®ºÉÆ{ÉÊkÉ B´ÉÆ näxÉnÉÊ®ªÉÉå nÉäxÉÉå ºÉä ºÉƤÉÆÊvÉiÉ
={É®ÉäCiÉ Eä ¯ {ɪÉä 132.49 Eò®Éäc ºÉä Eò¨É Eò® ¤ÉiɪÉÉ MɪÉÉ ½è: ¤É½É±ÉÒ EòÉ EòÉä<Ç |ɶxÉ ½Ò xÉ½Ó =`iÉÉ +Éè® xÉ JÉ®É¤É ´É ºÉÆÊnMvÉ
(i) BxÉ.+É<Ç.ºÉÒ.B±É. Eäò {ÉÉºÉ º´ÉɺlªÉ ºÉÉlÉÒ ªÉÉäVÉxÉÉ Eäò iɽiÉ 80 @  hÉÉå EòÒ {ÉÊ®ºÉÆ{ÉÊkÉ Eäò ʱÉB ÊEòºÉÒ |ÉÉ´ÉvÉÉxÉ EòÒ +ɴɶªÉEòiÉÉ ½è*
|ÉÊiɶÉiÉ ºÉä Eò¨É EòÉ nÉ´ÉÉ +xÉÖ{ÉÉiÉ ½è* iÉnxÉÖºÉÉ®, BxÉ.+É<Ç. EÆò{ÉxÉÒ Eäò +xÉÖºÉÉ®, º´ÉɺlªÉ ºÉÉlÉÒ ªÉÉäVÉxÉÉ Eäò +ÆiÉMÉÇiÉ {ÉʶSɨÉ
ºÉÒ.B±É. EòÉä ªÉÉäVÉxÉÉ EòÒ ¶ÉiÉÉäÈ Eäò +xÉÖºÉÉ®, {ÉʶSÉ¨É ¤ÉÆMÉÉ±É ¤ÉÆMÉÉ±É ºÉ®EòÉ® EòÉä ¦ÉÖMÉiÉÉxÉ Eò®xÉä ªÉÉäMªÉ näªÉiÉÉ B´ÉÆ =ºÉÒ ºÉ®EòÉ®
ºÉ®EòÉ® EòÉä °  . 194.43 Eò®Éäc EòÉ |ÉÒÊ¨ÉªÉ¨É ´ÉÉ{ÉºÉ Eò®xÉÉ lÉÉ* Eäò ®É¹]ÅÒªÉ º´ÉɺlªÉ ¤ÉÒ¨ÉÉ ªÉÉäVÉxÉÉ Eäò iɽiÉ +ÉxÉä ´ÉɱÉä nÉ´Éä Eäò ʱÉB
|ÉÒÊ¨ÉªÉ¨É ´ÉÉ{ÉºÉ Eò®iÉä ºÉ¨ÉªÉ, BxÉ.+É<Ç.ºÉÒ.B±É. xÉä BEò +xªÉ ºÉƤÉÆÊvÉiÉ ®ÉVªÉ ºÉ®EòÉ® xÉä EÆò{ÉxÉÒ Eäò ÊJɱÉÉ¡ò EòÉxÉÚxÉÒ EòɪÉÇ´ÉɽÒ
º´ÉɺlªÉ ªÉÉäVÉxÉÉ ªÉÉÊxÉ ®É¹]ÅÒªÉ º´ÉɺlªÉ ¤ÉÒ¨ÉÉ ªÉÉäVÉxÉÉ (+É®. ¶ÉÖ° Eò® nÒ ½è +Éè® ÊxÉhÉÇªÉ EÆò{ÉxÉÒ Eäò Ê´É°  r ʱɪÉÉ VÉÉxÉä ´ÉɱÉÉ ½è*
BºÉ.¤ÉÒ.´ÉÉ<Ç) Eäò iɽiÉ °  . 22.93 Eò®Éäc EòÒ |ÉÉ{ªÉ |ÉÒÊ¨ÉªÉ¨É <xÉ ={ɪÉÖÇHò +ÉEòʺ¨ÉEòiÉÉ+Éå Eäò EòÉ®hÉ, °  . 22.93 Eò®Éäc EòÒ
EòÉä ºÉ¨ÉɪÉÉäÊVÉiÉ ÊEòªÉÉ ½è +Éè® {ÉʶSÉ¨É ¤ÉÆMÉÉ±É ºÉ®EòÉ® EòÉä ºÉ¨ÉɪÉÉäÊVÉiÉ ®É榃 EòÉä Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 ¨Éå +ÉEòʺ¨ÉEò näªÉiÉÉ
171.50 Eò®Éäc °  {ɪÉä ´ÉÉ{ÉºÉ ÊEòªÉä MɪÉä, ÊVɺÉä ®ÉVªÉ ºÉ®EòÉ® Eäò °  {É ¨Éå =ʱ±ÉÊJÉiÉ EòÒ MÉ<Ç ½è*
uÉ®É SÉÖxÉÉèiÉÒ nÒ MÉ<Ç lÉÒ*
+É®.BºÉ.¤ÉÒ.+É<Ç. ªÉÉäVÉxÉÉ Eäò iɽiÉ |ÉÉ{ªÉ ®É榃 EòÉä º´ÉɺlªÉ
ºÉÉlÉÒ ªÉÉäVÉxÉÉ Eäò +ÆiÉMÉÇiÉ ´ÉÉ{ÉºÉ ÊEòªÉä VÉÉxÉä ´ÉɱÉä |ÉÒʨɪɨÉ
Eäò |ÉÊiÉ ºÉ¨ÉɪÉÉäÊVÉiÉ xÉ½Ó ÊEòªÉÉ VÉÉxÉÉ SÉÉʽB CªÉÉåÊEò ªÉä nÉä
+±ÉMÉ-+±ÉMÉ ªÉÉäVÉxÉɪÉå ½é* <ºÉEäò +±ÉÉ´ÉÉ, +É®.BºÉ.¤ÉÒ.´ÉÉ<Ç
ªÉÉäVÉxÉÉ Eäò |ÉÊiÉ |ÉÉ{ªÉ |ÉÒÊ¨ÉªÉ¨É {ɽ±Éä ºÉä ½Ò 5 ´É¹ÉÇ {ÉÖ®ÉxÉÉ ½é
B´ÉÆ {ÉʶSÉ¨É ¤ÉÆMÉÉ±É EòÒ ºÉ®EòÉ® uÉ®É +ʦɺ´ÉÒEÞòiÉ/º´ÉÒEÞòiÉ
xÉ½Ó ÊEòªÉÉ MɪÉÉ lÉÉ, ÊVɺÉEäò ʱÉB |ÉÉ´ÉvÉÉxÉ ÊEòªÉä VÉÉxÉä SÉÉʽB
lÉä*
={ɪÉÖÇHò Eäò EòÉ®hÉ ºÉä º´ÉɺlªÉ ºÉÉlÉÒ ªÉÉäVÉxÉÉ Eäò iɽiÉ näªÉ
®ÉʶÉ, +É®.BºÉ.¤ÉÒ.´ÉÉ<Ç Eäò +ÆiÉMÉÇiÉ |ÉÉ{ªÉ |ÉÒʨɪɨÉ, +É®.
BºÉ.¤ÉÒ.´ÉÉ<Ç Eäò ʱɪÉä ºÉÆÊnMvÉ @  hÉ Eäò |ÉÉ´ÉvÉÉxÉ ºÉä ºÉƤÉÆÊvÉiÉ
Ê´ÉkÉ ´É¹ÉÇ ¨Éå °  . 22.93 Eò®Éäc iÉEò EòÒ ½ÉÊxÉ näJÉÒ MÉ<Ç*
=Hò Ê´É¹ÉªÉ ºÉä ºÉƤÉÆÊvÉiÉ Ê´ÉkÉÒªÉ Ê´É´É®hÉ ´É¹ÉÇ 2018-19 ¨Éå ¦ÉÒ
Ê]{{ÉhÉÒ EòÒ MÉ<Ç lÉÒ {É®ÆiÉÖ EÆò{ÉxÉÒ uÉ®É EòÉä<Ç ¦ÉÒ ºÉÖvÉÉ®Éi¨ÉEò
EòɮǴÉÉ<Ç xÉ½Ó EòÒ MÉ<Ç*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 436

COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION
143(6)(b) READ WITH SECTION 129(4) OF THE COMPANIES ACT, 2013 ON THE CONSOLIDATED
FINANCIAL STATEMENTS OF NATIONAL INSURANCE COMPANY LIMITED FOR THE YEAR ENDED
31ST MARCH, 2020

COMMENTS OF THE C&AG MANAGEMENT’S REPLY

A.1 Profit & Loss Account for the year ended The Company is confident that the amount rightfully
31st March 2020 recovered from the Govt. of West Bengal by way
Loss after Tax – `4099.80 crore of adjustment against amount payable to the same
Government is not refundable and hence, there is
The above is understated by `132.49 crore due to:
no question of restoring both the settled assets
(i) NICL has the claim ratio of less than 80 per cent and liabilities and making a provision for bad and
under Swasthya Sathi Scheme. Accordingly, doubtful debts against the assets.
NICL was to refund premium of `194.43 crore
According to the Company, liability to pay to the
to the Government of West Bengal as per
Government of West Bengal under Swasthya Sathi
the terms of the scheme. While refunding the
Scheme, forgoing its claim arising in Rastriya
premium, NICL adjusted premium receivable
Swastha Bima Yojana of the same Government,
under another health scheme i.e. Rastriya
is contingent upon the State Govt. initiating
Swastha Bima Yojana (RSBY) amounting to
legal proceedings against the Company and the
`22.93 crore and refunded `171.50 crore to
judgement going against the Company
the Government of West Bengal, which was
contested by State Government. Due to these above stated contingencies, the
adjusted amount of `22.93 crore is disclosed as
Amount receivable under RSBY Scheme
Contingent Liability in the accounts of 2019-20.
should not be adjusted against premium to
be refunded under Swasthya Sathi Scheme
as these are two different schemes. Further,
Premium receivable against RSBY Scheme
was already more than 5 years old and was not
acknowledged/accepted by the Government of
West Bengal for which provision should have
been created.
Due to the above, amount payable under
Swasthya Sathi Scheme, Premium Receivable
under RSBY, Provisions for Doubtful Debts for
RSBY and Loss for the year were understated
by `22.93 crore.
The issue was also commented on the
financial statement for the year 2018-19 but no
corrective action was taken by the Company
during the the year.

437 ANNUAL REPORT 2019-20

 (ii) BxÉ.+É<Ç.ºÉÒ.B±É. uÉ®É Ê®±ÉÉ<ÆºÉ Eèò{ÉÒ]±É (+É® Eèò{É) Eäò
MÉè®{ÉÊ®´ÉiÉÇxÉÒªÉ Êb¤ÉåSÉ®Éå (BxɺÉÒbÒ) ¨Éå °  . 20 Eò®Éäc EòÉ
ÊxÉ´Éä¶É ÊEòªÉÉ MɪÉÉ* +É® Eèò{É uÉ®É ¨ÉÉSÉÇ 2020 ¨Éå näªÉ ¤ªÉÉVÉ
EòÉ ¦ÉÖMÉiÉÉxÉ xÉ½Ó ÊEòªÉÉ MɪÉÉ ÊVɺɺÉä VÉÚxÉ 2020 ¨Éå ´É½ MÉè®
EòɪÉÇEòÉ®Ò ºÉÆ{ÉÊkÉ (BxÉ.{ÉÒ.B) Eäò °  {É ¨Éå ¤Én±É MÉ<Ç*
{ɪÉÉÇ{iÉ |ÉÉ´ÉvÉÉxÉÉå EòÒ ºÉ¨ÉÒIÉÉ ºÉä ªÉ½ näJÉÉ MɪÉÉ ÊEò BxÉ.+É<Ç.
ºÉÒ.B±É.EòÉä ÊxɨxÉʱÉÊJÉiÉ ºÉä ºÉƤÉÆÊvÉiÉ {ÉÚhÉÇ ÊxÉ´Éä¶É Eäò ʱÉB
100% |ÉÉ´ÉvÉÉxÉÉå EòÒ ´ªÉ´ÉºlÉÉ EòÒ VÉÉxÉÒ lÉÒ;
a. +É®Eèò{É xÉä Ê´ÉkÉÒªÉ ´É¹ÉÇ 2019-20 Eäò nÉè®ÉxÉ (°  . 5465
Eò®Éäc) EòÉ ¦ÉÉ®Ò xÉÖEòºÉÉxÉ ÊEòªÉÉ*
b. +É® Eèò{É Eäò ºÉÉÆÊ´ÉÊvÉEò ±ÉäJÉÉ {É®ÒIÉEò xÉä +É® Eèò{É
Eäò ´ªÉ´ÉºÉÉªÉ EòÉä VÉÉ®Ò ®JÉxÉä EòÒ IɨÉiÉÉ ºÉä ºÉƤÉÆÊvÉiÉ
+ÊxÉʶSÉiÉiÉÉ |ÉEò] EòÒ ½è, VÉÉä ÊEò BEò ËSÉiÉÉ EòÉ Ê´É¹ÉªÉ ½è*
c. Êb¤ÉåSÉ® ]ź]Ò xÉä @  hÉ ´ÉºÉÚ±ÉÒ xªÉɪÉÉÊvÉEò®hÉ, ¨ÉÖƤÉ<Ç ¨Éå
EÆò{ÉxÉÒ Eäò ÊJɱÉÉ¡ò ªÉÉÊSÉEòÉ nɪɮ EòÒ ½Ö<Ç ½è*
d. +É® Eèò{É EòÒ EäòÊb] ®äË]MÉ EòÉä EäòªÉ® A+ (+|Éè±É 2019)
ºÉä EäòªÉ® PÉ Eäò ¤ÉÒSÉ bÉ=xÉOÉäb nVÉÇ ÊEòªÉÉ MɪÉÉ ½è ÊVɺɨÉå
VÉÉ®ÒEòiÉÉÇ xÉä (+|Éè±É 2020) EòÉä ºÉ¨¨ÉʱÉiÉ xÉ½Ó ÊEòªÉÉ ½è*
=Hò Ê´ÉkÉÒªÉ ´É¹ÉÇ Eäò ʱÉB ÊxÉ´Éä¶É Eäò ¨ÉÚ±ªÉ ¨Éå Eò¨ÉÒ Eäò
|ÉÉ´ÉvÉÉxÉ ºÉä ºÉƤÉÆÊvÉiÉ MÉè®|ÉÉ´ÉvÉÉxÉ Eäò {ÉÊ®hÉɨɺ´É°  {É °  . 20
Eò®Éäc iÉEò EòÒ ½ÉÊxÉ ½Ö<Ç ½è*
(iii) ¨ÉèºÉºÉÇ Ê¦É±ÉÉäºÉÉ <Æbº]ÅÒVÉ |ÉÉ<´Éä] ʱÉʨÉ]äb xÉä BxÉ.+É<Ç.ºÉÒ.
B±É ºÉä BEò ¨ÉäMÉÉ Ê®ºEò {ÉÉìʱɺÉÒ ±ÉÒ ½Ö<Ç lÉÒ, ÊVɺɨÉå =xÉEòÉ
37.50% EòÉ ºÉ½¤ÉÒ¨ÉÉ lÉÉ* BxÉ.+É<Ç.ºÉÒ.B±É xÉä =Hò {ÉÉìʱɺÉÒ
Eäò +ÆiÉMÉÇiÉ +{ÉxÉä VÉÉäÊJÉ¨É EòÉä Eò´É® Eò®xÉä Eäò ʱÉB 23.79%
Eäò +{ÉxÉä ʽººÉä {É® {ÉÖxɤÉÔ¨ÉÉ Ê±ÉªÉÉ lÉÉ* ¤ÉÒ¨ÉÉvÉÉ®Eò xÉä {ÉÉìʱɺÉÒ
Eäò iɽiÉ (ÊnxÉÉÆEò 23.03.2020 EòÉä) °  .125 Eò®Éäc EòÉ nÉ´ÉÉ
ÊEòªÉÉ, ÊVÉºÉ {É® BxÉ.+É<Ç.ºÉÒ.B±É xÉä {ÉÖxɤÉÔ¨ÉÉ EòÒ MÉhÉxÉÉ
Eäò ={É®ÉÆiÉ °  .10.59 Eò®Éäc EòÉ |ÉÉ´ÉvÉÉxÉ ÊEòªÉÉ* ºÉ´ÉæIÉEò
xÉä +{ÉxÉÒ Ê®{ÉÉä]Ç ÊnxÉÉÆÊEòiÉ 20.05.2020 Eäò +ÉvÉÉ® {É® °.
915 Eò®Éäc Eäò xÉÖEòºÉÉxÉ EòÉ +ÉEò±ÉxÉ ÊEòªÉÉ* iÉnxÉÖºÉÉ®,
BxÉ.+É<Ç.ºÉÒ.B±É. EòÉä {ÉÖxɤÉÔ¨ÉÉ EòÒ MÉhÉxÉÉ Eäò ¤ÉÉn +{ÉxÉä
º´ÉªÉÆ Eäò ¶ÉäªÉ® ºÉä ºÉƤÉÆÊvÉiÉ °  . 81.63 Eò®Éäc Eäò |ÉÉ´ÉvÉÉxÉ
EòÉä +tiÉxÉ/+{Ébä] Eò®xÉä EòÒ +ɴɶªÉEòiÉÉ ½è* ½É±ÉÉÆÊEò,
MÉ论ÉƶÉÉävÉxÉ Eäò {ÉÊ®hÉɨɺ´É°  {É °. 71.04 Eò®Éäc (`81.63
Eò®Éäc - `10.59 Eò®Éäc) EòÉ |ÉÉ´ÉvÉÉxÉ ÊEòªÉÉ MɪÉÉ*
´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20
EÆò{ÉxÉÒ xÉä +É<Ç.+É®.bÒ.B.+É<Ç Eäò {ÉÊ®{ÉjÉ ÊnxÉÉÆÊEòiÉ 24.01.2007
EòÉ +xÉÖ{ÉɱÉxÉ ÊEòªÉÉ MɪÉÉ VÉÉä ÊEò +ÉªÉ EòÒ {ɽSÉÉxÉ, ºÉÆ{ÉÊkÉ
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¨ÉÉxÉnÆbÉåºÉä ºÉƤÉÆÊvÉiÉ lÉÉ iÉlÉÉ JÉÉiÉä EòÉä =ºÉ ʺlÉÊiÉ ¨Éå BxÉ.{ÉÒ.B. Eäò
°{É ¨Éå ´ÉMÉÔEÞòiÉ ÊEòªÉÉ VÉ¤É ÊEòºiÉ/¤ªÉÉVÉ 90 ÊnxÉÉå ºÉä +ÊvÉEò Eäò
ʱÉB näªÉ lÉÉ* Ê®±ÉÉ<ÆºÉ Eèò{ÉÒ]±É ʱÉʨÉ]äb(+É® Eèò{É) Eäò ¨ÉɨɱÉä
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iÉnxÉÖºÉÉ®, <ºÉ JÉÉiÉä EòÉä 17 VÉÚxÉ 2020 EòÉä BxÉ.{ÉÒ.B. Eäò °  {É
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EòÉä 31 ¨ÉÉSÉÇ, 2020 ºÉä {ɽ±Éä BxÉ.{ÉÒ.B. Eäò °{É ¨Éå ´ÉMÉÔEÞòiÉ xɽÓ
ÊEòªÉÉ MɪÉÉ lÉÉ <ºÉʱÉB =Hò ºÉä ºÉƤÉÆÊvÉiÉ ÊxɪÉɨÉEò +ɴɶªÉEòiÉÉ
Eäò +xÉÖºÉÉ® EòÉä<Ç |ÉÉ´ÉvÉÉxÉ ÊEòªÉä VÉÉxÉä EòÒ +ɴɶªÉEòiÉÉ xÉ½Ó lÉÒ*
½É±ÉÉÆÊEò, EèòMÉ +ÉìÊb] Eäò ºÉÖZÉÉ´É Eäò +xÉÖºÉÉ® EÆò{ÉxÉÒ xÉä Ê´ÉkÉÒªÉ
´É¹ÉÇ 2020-21 EòÒ {ɽ±ÉÒ ÊiɨÉÉ½Ò ¨Éå 20 Eò®Éäc °  {ɪÉä EòÉ {ÉÚhÉÇ
|ÉÉ´ÉvÉÉxÉ ÊEòªÉÉ ½è*
EòÉäÊ´Éb-19 ¨É½É¨ÉÉ®Ò Eäò |ÉEòÉä{É Eäò ¡èò±ÉxÉä iÉlÉÉ 25 ¨ÉÉSÉÇ, 2020
ºÉä +ÊJÉ±É ¦ÉÉ®iÉÒªÉ ºiÉ® {É® ±ÉÉìEòbÉ=xÉ ±ÉMÉɪÉä VÉÉxÉä Eäò EòÉ®hÉ
EÆò{ÉxÉÒ Eäò ºÉÆ{ÉÚhÉÇ ¦ÉÉ®iÉ ¨Éå ºÉÆSÉÉʱÉiÉ ºÉ¦ÉÒ EòɪÉÉDZɪÉÉå ¨Éå ºÉɨÉÉxªÉ
MÉÊiÉÊ´ÉÊvɪÉÉÄ ªÉÉ EòɨÉEòÉVÉ Eäò ºÉÖSÉɱÉxÉ {É® ¤ÉÖ®É |ɦÉÉ´É {ÉcÉ*
<ºÉ +ºÉɨÉÉxªÉ ʺlÉÊiÉ ºÉä ÊxÉ{É]xÉä Eäò ʱÉB EÆò{ÉxÉÒ xÉä BEò ʴɶÉä¹É
+ʦɪÉÉxÉ SɱÉɪÉÉ ÊVɺɨÉå 31 ¨ÉÉSÉÇ, 2020 iÉEò ½ÉäxÉä ´ÉɱÉä ¤Écä
nÉ´ÉÉå ºÉä ºÉƤÉÆÊvÉiÉ ºÉ¦ÉÒ ¤ÉÖËEòMÉ EòÉä GòÉìºÉSÉäEò ÊEòªÉÉ, SÉÉ½ä ¦É±Éä ½Ò
=ºÉEòÉä 31 ¨ÉÉSÉÇ, 2020 ¤ÉÉn ¨Éå Eò]+Éì¡ò EòÒ ÊiÉÊlÉ 31 ¨É<Ç, 2020
iÉEò nVÉÇ ÊEòªÉÉ MɪÉÉ ½Éä, {É®ÆiÉÖ ºÉÆn̦ÉiÉ ¨ÉɨɱÉÉå Eäò ºÉƶÉÉäÊvÉiÉ nÉ´ÉÉå
EòÉä ÊVÉx½å 31 ¨É<Ç, 2020 Eäò ¤ÉÉn nVÉÇ ÊEòªÉÉ MɪÉÉ lÉÉ, =x½ånÉ´ÉÉå
EòÉä GòÉìºÉSÉäËEòMÉ B´ÉÆ Ê´É¸±Éä¹ÉhÉ Eäò ʱÉB |ÉÉ{iÉ EåòpÒEÞòiÉ +ÉÆEòcä ¨Éå
¶ÉÉÊ¨É±É xÉ½Ó ÊEòªÉÉ VÉÉ ºÉEòÉ, +iÉ: =Hò nÉ´ÉÉå Eäò ʱÉB |ÉÉ´ÉvÉÉxÉ
xÉ½Ó ÊEòªÉä VÉÉ ºÉEäò*
438
(ii) NICL invested `20 crore in Non-Convertible
Debentures (NCDs) of Reliance Capital Ltd (R
Cap). R Cap defaulted in interest payment due
in March 2020 and became Non-performing
Assets (NPA) in June 2020.
Review of adequacy of provisions revealed
that NICL should have created 100 per cent
provision on the entire investment in view of
the following:
a. R Cap has incurred heavy losses (`5465 crore)
during the year 2019-20.
b. Statutory Auditors of R Cap have expressed
material uncertainty regarding the ability of
R Cap to continue as a going concern.
c. Debenture Trustee has initiated proceedings
against the company before the Debt
Recovery Tribunal, Mumbai.
d. Credit Rating of R Cap has been downgraded
CARE A+ (April 2019) to CARE D: Issuer
Not Co- operating (April 2020).
Non-provisioning has resulted in
understatement of Provision for diminution in
the value of investment with corresponding
understatement of Loss for the year by `20
crore.
(iii) M/s Bhilosa Industries Private Limited had
Mega Risk Policy from NICL having his co-
insurance share of 37.50 per cent. NICL to
cover its risk under the policy, had taken
reinsurance on his share with retention of 23.79
per cent. Insured lodged (23.03.2020) a claim
amounting to `125 crore under the policy on
which NICL created a provision of `10.59 crore
after considering reinsurance recoverable from
reinsured. The surveyor vide his report dated
20.05.2020 assessed the loss for an amount
of `915 crore. Accordingly, NICL should have
update their own share provision to `81.63
crore after considering reinsurance. However,
non-revision resulted in under provisioning of
`71.04 crore (`81.63 crore - `10.59 crore).
439
The Company followed IRDAI circular dated 24-01-
2007 on “Prudential norms for Income Recognition,
assets classification and provisioning and other
related matters”, and classified the account as
NPA when Installment / Interest was overdue for
more than 90 days. In the case of Reliance Capital
Ltd. (R Cap), default in interest payment occurred
on 18th March, 2020.
Accordingly the account was classified as NPA as
on 17th June 2020. Since our investments in R
Cap was not classified as NPA before 31st March,
2020, no provision was required to be made in
accordance with the regulatory requirement.
However, as suggested by the C&AG Audit, the
Company has made full provision of `20 crores in
the first quarter of FY 2020-21.
Due to Covid-19 fallout and pan India lockdown
for a prolonged period commencing from 25th
March-2020, there was total disruption in
the normal activities or functioning at all the
offices of the Company spread all over India.
To cope up with this unusual situation, the
Company took a special drive and cross-
checked all the bookings of large claims having
loss date within 31st March, 2020 but registered
after 31st March,2020 till the cut-off date 31st
May, 2020. As the revised claims of the referred
cases were registered after 31st May, 2020,
these claims did not appear in the centralised
data obtained for cross checking and analysis
and hence, claim provisions could not be made.
ANNUAL REPORT 2019-20
 <ºÉÒ iÉ®½, ¨ÉèºÉºÉÇ B±É BÆb ]Ò ½É<bÅÉäEòɤÉÇxÉ <ÆVÉÒÊxɪÉË®MÉ xÉä =Hò nÉäxÉÉå ¨ÉɨɱÉÉå Eäò ʱÉB EèòMÉ +ÉìÊb] Eäò ºÉÖZÉÉ´É Eäò +xÉÖºÉÉ®
xªÉÚ <ÆÊbªÉÉ B¶ªÉÉä®åºÉ EÆò{ÉxÉÒ Ê±ÉʨÉ]äb (BxÉ.+É<Ç.B.ºÉÒ.B±É.) EÆò{ÉxÉÒ xÉä <xÉ +ɴɶªÉEò nÉ´ÉÉå Eäò ʱÉBÊ´ÉkÉ ´É¹ÉÇ 2020-21 EòÒ
ºÉä BEò {ÉÉìʱɺÉÒ ±ÉÒ ½Ö<Ç ½èÊVɺɨÉå BxÉ.+É<Ç.ºÉÒ.B±É. EòÉ {ɽ±ÉÒ ÊiɨÉÉ½Ò ¨Éå |ÉÉ´ÉvÉÉxÉ ÊEòªÉä ½é*
30% EòÉ ºÉ½¤ÉÒ¨ÉÉ ½è* =Hò {ÉÉìʱɺÉÒ Eäò iɽiÉ +{ÉxÉä VÉÉäÊJɨÉ
EòÉä Eò´É® Eò®xÉä Eäò ʱÉB BxÉ.+É<Ç.ºÉÒ.B±É. xÉä 27.13%
Eäò +{ÉxÉä ʽººÉä EòÉ {ÉÖxɤÉÔ¨ÉÉ Ê±ÉªÉÉ lÉÉ* ¤ÉÒ¨ÉÉvÉÉ®Eò xÉä
+É<Ç.+É®.+Éä. VÉèEäò] Eäò xÉÖEòºÉÉxÉ ºÉä ºÉƤÉÆÊvÉiÉ BxÉ.+É<Ç.B.ºÉÒ.
B±É. EòÉä ºÉÚÊSÉiÉ ÊEòªÉÉ +Éè® ÊVɺÉä ¤ÉÉn ¨Éå BxÉ.+É<Ç.B.ºÉÒ.
B±É xÉä nÉ´ÉÉ |ÉÉ´ÉvÉÉxÉ Eäò ʱÉB BxÉ.+É<Ç.ºÉÒ.B±É EòÉä ºÉÚÊSÉiÉ
ÊEòªÉÉ* iÉnxÉÖºÉÉ®,BxÉ.+É<Ç.ºÉÒ.B±É xÉä °  . 0.03 Eò®Éäc EòÉ
|ÉÉ´ÉvÉÉxÉ ÊEòªÉÉ* ºÉ´ÉæIÉEò xÉä ÊnxÉÉÆEò 26.04.2020 EòÒ +{ÉxÉÒ
Ê®{ÉÉä]Ç ¨Éå °  . 228 Eò®Éäc EòÒ ½ÉÊxÉ EòÉ +ÉEò±ÉxÉ ÊEòªÉÉ*
ÊnxÉÉÆEò 27.05.2020 EòÉä BxÉ.+É<Ç.B.ºÉÒ.B±ÉxÉä BxÉ.+É<Ç.ºÉÒ.
B±É EòÉä =ºÉEäò nÉ´Éä |ÉÉ´ÉvÉÉxÉÉå EòÉä +tiÉxÉ/+{Ébä] Eò®xÉä Eäò
ʱÉB ºÉÚÊSÉiÉ ÊEòªÉÉ* iÉnxÉÖºÉÉ® BxÉ.+É<Ç.ºÉÒ.B±É EòÉä {ÉÖxɤÉÔ¨ÉÉ
{É® Ê´ÉSÉÉ® Eò®xÉä Eäò ={É®ÉÆiÉ +{ÉxÉä º´ÉªÉÆ Eäò ¶ÉäªÉ® ºÉä ºÉƤÉÆÊvÉiÉ
°  . 18.55 Eò®Éäc Eäò |ÉÉ´ÉvÉÉxÉ EòÉä +tiÉxÉ/+{Ébä] Eò®xÉä
EòÒ +ɴɶªÉEòiÉÉ ½è* ½É±ÉÉÆÊEò, MÉ论ÉƶÉÉävÉxÉ Eäò {ÉÊ®hÉɨɺ´É°  {É
°  . 18.52 Eò®Éäc (°  .18.55 Eò®Éäc -°  .0.03 Eò®Éäc) EòÉ
|ÉÉ´ÉvÉÉxÉ ½è*
<ºÉ |ÉEòÉ®, ºÉ´ÉæIÉEò Eäò +ÉEò±ÉxÉ Eäò +xÉÖºÉÉ® nÉ´ÉÉå Eäò
|ÉÉ´ÉvÉÉxÉ EòÉä MÉ论ÉƶÉÉävÉxÉ Eäò {ÉÊ®hÉɨɺ´É°  {É xÉä] nÉ´ÉÉå EòÉä
±ÉMɦÉMÉ °  . 89.56 Eò®Éäc (°  . 71.04 Eò®Éäc + °  .18.52
Eò®Éäc) EòÒ ½ÉÊxÉ Eäò °  {É ¨Éå ¨ÉÉxÉÉ MɪÉÉ ½è*

Eäò ʱÉB B´ÉÆ EòÒ +Éä® ºÉä ÊxÉnä¶ÉEò ¨ÉÆc±É

¦ÉÉ®iÉ Eäò ÊxɪÉÆjÉEò B´ÉÆ ¨É½É±ÉäJÉÉ {É®ÒIÉEò Eäò ʱÉB B´ÉÆ EòÒ +Éä® ºÉä
½ºiÉÉ/- ½ºiÉÉ/-
(¨ÉÉèºÉÖ¨ÉÒ ®ä ¦É^ÉSÉɪÉÇ) (iÉËVÉn® ¨ÉÖJÉVÉÔ)
¨É½ÉÊxÉnä¶ÉEò ±ÉäJÉÉ {É®ÒIÉÉ (EòÉäªÉ±ÉÉ) +vªÉIÉ +Éè® ºÉ½|ɤÉÆvÉxÉ ÊxÉnä¶ÉEò
EòÉä±ÉEòÉiÉÉ

EòÉä±ÉEòÉiÉÉ, EòÉä±ÉEòÉiÉÉ,
27 xɴɨ¤É®, 2020 27 xɴɨ¤É®, 2020

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 440

 Similarly, there is a policy taken by M/s L&T Necessary claim provisions as suggested by the
Hydrocarbon Engg. Ltd. from New India C&AG Audit for these two cases mentioned, have
Assurance Co. Ltd. (NIACL) where the NICL been taken in the 1st quarter accounts of the FY
is co-insurer having its share of 30 per cent. 2020-21.
NICL to cover its risk under the policy, had
taken reinsurance on his share under the
policy with retention of 27.13 per cent. Insured
intimated NIACL for loss of IRO Jacket and
subsequently, NIACL intimated the NICL for
claim provisioning. NICL accordingly created a
provision of `0.03 crore. Surveyor in its report
dated 26.04.2020 assessed the loss of `228
crore. NIACL intimated NICL (27.05.2020) for
updating its claim provision. Accordingly, NICL
should have update their own share provision
to `18.55 crore after considering reinsurance.
However, non-revision resulted in under
provisioning of `18.52 crore (`18.55 crore -
`0.03 crore).

Thus, non-revision of claims provision

in accordance with the surveyor’s
assessment resulted in understatement of
net Claims Outstanding with corresponding
understatement of Loss by `89.56 crore
(`71.04 crore +`18.52 crore).

For and on behalf of the For and on behalf of the Board of Directors
Comptroller & Auditor General of India

Sd/- Sd/-
(Mausumi Ray Bhattacharyya) (Tajinder Mukherjee)
Director General of Audit (Coal) Chairman-cum-Managing Director
Kolkata

Kolkata, Kolkata,
27th November, 2020 27th November, 2020

441 ANNUAL REPORT 2019-20

 |É{ÉjÉ B-RA
ÊnxÉÉÆEò 28 VÉxÉ´É®Ò, 2020 EòÉä xÉ´ÉÒEÞòiÉ ½Ö<Ç IRDA {ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ 58
ºÉÒ+É<ÇBxÉ: U10200WB1906GOI001713
31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB ´É¹ÉÇ EòÉ ºÉ¨ÉäÊEòiÉ +ÊMxÉ ®ÉVɺ´É ±ÉäJÉÉ
2019-20 2018-19
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ {É®ÒÊIÉiÉ {É®ÒÊIÉiÉ
(` ‘000) (` ‘000)
1. +ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É (ÊxɴɱÉ) 1A 6,523,146 6,973,112
2. ±ÉɦÉ/ʤÉGòÒ {É® ½ÉÊxÉ/ÊxÉ´Éä¶É {É® UÖ] 525,683 1,366,617
3. +xªÉ: - -
Ê´ÉÊxÉ¨ÉªÉ ±ÉÉ¦É - -
+ÊiÉÊ®Hò <Ç+ÉäB¨É EòÒ +Éä® ¶ÉäªÉ®vÉÉ®EòÉä EòÒ ÊxÉÊvÉ ºÉä +ƶÉnÉxÉ 1,073,329 -
4. ¤ªÉÉVÉ, ±ÉɦÉÉÆ¶É +Éè® ÊEò®ÉªÉÉ - ºÉEò±É 1,188,588 1,253,402
EÖò±É (A) 9,310,746 9,593,131
1. =`ɪÉÉ ½ÖB nÉ´Éå (ÊxɴɱÉ) 2A 5,030,116 3,898,636
2. Eò¨ÉÒ¶ÉxÉ 3A 911,411 697,323
3. ¤ÉÒ¨ÉÉ ´ªÉ´ÉºÉÉªÉ ºÉä ºÉƤÉÆÊvÉiÉ {ÉÊ®SÉɱÉxÉ ´ªÉªÉ 4 3,327,002 1,594,487
4. +xªÉ:
Ê´ÉÊxÉ¨ÉªÉ ½ÉÊxÉ - -
ÊxÉ´Éä¶É Eäò ¨ÉÚ±ªÉ ¨Éå +´ÉxÉÊiÉ EòÉ |ÉÉ´ÉvÉÉxÉ, ÊxÉ´Éä¶É {É® |ÉÒÊ¨ÉªÉ¨É EòÉ {ÉÊ®¶ÉÉävÉxÉ, iÉlÉÉ 195,545 43,103
¨ÉÚ±ªÉ¿ÉºÉ ÊxÉ´Éä¶É Eäò ºÉƤÉÆvÉ ¨Éå ʱÉJÉÒ MÉ<Ç ®ÉʶÉ
EÖò±É (B) 9,464,074 6,233,549
{ÉÊ®SÉɱÉxÉ ±ÉɦÉ/¡òɪɮ ´ªÉ´ÉºÉÉªÉ ºÉä ½Ö<Ç ½ÉÊxÉ -153,328 3,359,582
C = (A - B)
Ê´ÉÊxɪÉÉäMÉ:
¶ÉäªÉ®vÉÉ®EòÉå Eäò JÉÉiÉä EòÉä ºlÉÉxÉÉÆiÉ®hÉ -153,328 3,359,582
+É{ÉnÉ +É®ÊIÉiÉ EòÉä ºlÉÉxÉÉÆiÉ®hÉ - -
+xªÉ +É®ÊIÉiÉ EòÉä ºlÉÉxÉÉÆiÉ®hÉ - -
EÖò±É (C) -153,328 3,359,582
ºÉ¨ÉäEòxÉ +Éè® ¨É½i´É{ÉÚhÉÇ ±ÉäJÉÉ {ÉÉʱÉʺɪÉÉå Eäò ʺÉrÉÆiÉ 16
JÉÉiÉÉå Eäò ʱÉB xÉÉä]弃 17
=ʱ±ÉÊJÉiÉ +xÉÖºÉÚÊSɪÉÉÆ Ê´ÉkÉÒªÉ Ê´É´É®hÉÉå EòÉ BEò +ʦÉxxÉ +ÆMÉ ½è
ªÉ½ 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ´É¹ÉÇ Eäò ʱÉB ºÉ¨ÉäÊEòiÉ +ÊMxÉ ¤ÉÒ¨ÉÉ ®ÉVɺ´É JÉÉiÉÉ ½è,
VÉÉä ÊEò ¤É®É¤É® iÉÉ®ÒJÉ EòÒ ½¨ÉÉ®Ò Ê®{ÉÉä]Ç ¨Éå ÊnªÉÉ MɪÉÉ ½è*
ÊxÉnä¶ÉEò ¨ÉÆb±É Eäò ʱÉB +Éè® =ºÉEòÒ iÉ®¡ò ºÉä
MÉÖ½É xÉÆnÒ B´ÉÆ EÆò{ÉxÉÒ Eäò ʱÉB bÒ B´ÉÆ ¤ÉÉäºÉ Eäò ʱÉB iÉËVÉn® ¨ÉÖJÉVÉÔ
ºÉxÉnÒ ±ÉäJÉÉEòÉ® ºÉxÉnÒ ±ÉäJÉÉEòÉ® +vªÉIÉ-ºÉ½-|ɤÉÆvÉ ÊxÉnä¶ÉEò
FRN: 302039E FRN: 302175E DIN: 08227563
(ºÉÒB bÉì ¤ÉÒ BºÉ EÖÆòbÖ) (ºÉÒB iÉÊciÉ MÉÖ{iÉÉ) ʶɴɮ¨ÉhÉ ¨É½Énä´ÉxÉ
ºÉÉZÉänÉ® ºÉÉZÉänÉ® ÊxÉnä¶ÉEò
M. No - 051221 M. No - 053380 DIN: 02045100
ºlÉÉxÉ: EòÉä±ÉEòÉiÉÉ Ê{É. Ê´ÉVÉªÉ EÖò¨ÉÉ® ®ÒxÉÉ ¨ÉÉÊbªÉÉ
ÊnxÉÉÆEò: 26 ʺÉiɨ¤É®, 2020 ¨ÉÖJªÉ Ê´ÉkÉÒªÉ +ÊvÉEòÉ®Ò EÆò{ÉxÉÒ ºÉÊSÉ´É

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 442

 FORM B-RA
IRDA Registration No. 58 renewed on 28th January, 2020
CIN: U10200WB1906GOI001713
Consolidated Fire Revenue Account For the year ended 31 March, 2020
St

2019-20 2018-19
Particulars Schedule Audited Audited
(` ‘000) (` ‘000)
1. Premiums earned (Net) 1A 6,523,146 6,973,112
2. Profit/Loss on sale/redemption of Investments 525,683 1,366,617
3. Others: - -
Exchange Gain - -
Contribution from Shareholders Funds towards excess EoM 1,073,329 -
4. Interest, Dividend & Rent - Gross 1,188,588 1,253,402
Total (A) 9,310,746 9,593,131
1. Claims Incurred (Net) 2A 5,030,116 3,898,636
2. Commission 3A 911,411 697,323
3. Operating Expenses related to Insurance Business 4 3,327,002 1,594,487
4. Others:
Exchange loss - -
Provision for diminution in the value of Investments, 195,545 43,103
amortisation of Premium on investments, and amount written
off in respect of depreciated investments
Total (B) 9,464,074 6,233,549
Operating Profit/-Loss from Fire Business -153,328 3,359,582
C = (A - B)
Appropriations:
Transfer to Shareholders’ Account -153,328 3,359,582
Transfer to Catastrophe Reserve - -
Transfer to Other Reserves - -
Total (C) -153,328 3,359,582
Principles of Consolidation and Significant Accounting Policies 16
Notes to Accounts 17
The schedules referred to above form an integral part of
the Financial Statements
This is the Consolidated Fire Insurance Revenue Account for the year
ended 31st March, 2020 referred to in our report of even date
For and on behalf of the Board of Directors
For Guha Nandi & Co. For De & Bose Tajinder Mukherjee
Chartered Accountants Chartered Accountants Chairman-cum-Managing Director
FRN: 302039E FRN: 302175E DIN: 08227563
(CA. Dr. B.S Kundu) (CA.Tarit Dasgupta) Sivaraman Mahadevan
Partner Partner Director
M. No - 051221 M. No - 053380 DIN: 02045100
P. Vijaya Kumar Rina Madia
Place: Kolkata
Chief Financial Officer Company Secretary
Date: 26th September, 2020

443 ANNUAL REPORT 2019-20

 |É{ÉjÉ B-RA
ÊnxÉÉÆEò 28 VÉxÉ´É®Ò, 2020 EòÉä xÉ´ÉÒEÞòiÉ ½Ö<Ç IRDA {ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ 58
ºÉÒ+É<ÇBxÉ: U10200WB1906GOI001713
31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB ´É¹ÉÇ EòÉ ºÉ¨ÉäÊEòiÉ ¨É®ÒxÉ ®ÉVɺ´É ±ÉäJÉÉ
2019-20 2018-19
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ {É®ÒÊIÉiÉ {É®ÒÊIÉiÉ
(` ‘000) (` ‘000)
1. +ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É (ÊxɴɱÉ) 1B 1,532,595 1,438,919
2. ±ÉɦÉ/ʤÉGòÒ {É® ½ÉÊxÉ/ÊxÉ´Éä¶É {É® UÖ] 81,973 190,291
3. +xªÉ:
Ê´ÉÊxÉ¨ÉªÉ ±ÉÉ¦É - -
+ÊiÉÊ®Hò <Ç+ÉäB¨É EòÒ +Éä® ¶ÉäªÉ®vÉÉ®EòÉä EòÒ ÊxÉÊvÉ ºÉä +ƶÉnÉxÉ 61,587 64,827
4. ¤ªÉÉVÉ, ±ÉɦÉÉÆ¶É +Éè® ÊEò®ÉªÉÉ - ºÉEò±É 185,344 174,527
EÖò±É (A) 1,861,499 1,868,564
1. ={ÉMÉiÉ nÉ´Éå (ÊxɴɱÉ) 2B 772,856 1,294,226
2. Eò¨ÉÒ¶ÉxÉ 3B 86,538 159,846
3. ¤ÉÒ¨ÉÉ ´ªÉ´ÉºÉÉªÉ ºÉä ºÉƤÉÆÊvÉiÉ {ÉÊ®SÉɱÉxÉ ´ªÉªÉ 4 473,196 321,307
4. +xªÉ:
Ê´ÉÊxÉ¨ÉªÉ ½ÉÊxÉ - -
ÊxÉ´Éä¶É Eäò ¨ÉÚ±ªÉ ¨Éå +´ÉxÉÊiÉ EòÉ |ÉÉ´ÉvÉÉxÉ, ÊxÉ´Éä¶É {É® |ÉÒÊ¨ÉªÉ¨É EòÉ {ÉÊ®¶ÉÉävÉxÉ, iÉlÉÉ 30,493 6,002
¨ÉÚ±ªÉ¿ÉºÉ ÊxÉ´Éä¶É Eäò ºÉƤÉÆvÉ ¨Éå ʱÉJÉÒ MÉ<Ç ®ÉʶÉ
EÖò±É (B) 1,363,083 1,781,381
{ÉÊ®SÉɱÉxÉ ±ÉɦÉ/¨É®ÒxÉ ´ªÉ´ÉºÉÉªÉ ºÉä ½Ö<Ç ½ÉÊxÉ 498,416 87,183
C = (A - B)”
Ê´ÉÊxɪÉÉäMÉ:
¶ÉäªÉ®vÉÉ®EòÉå Eäò JÉÉiÉä EòÉä ºlÉÉxÉÉÆiÉ®hÉ 498,416 87,183
+É{ÉnÉ +É®ÊIÉiÉ EòÉä ºlÉÉxÉÉÆiÉ®hÉ - -
+xªÉ +É®ÊIÉiÉ EòÉä ºlÉÉxÉÉÆiÉ®hÉ - -
EÖò±É (C) 498,416 87,183
ºÉ¨ÉäEòxÉ +Éè® ¨É½i´É{ÉÚhÉÇ ±ÉäJÉÉ {ÉÉʱÉʺɪÉÉå Eäò ʺÉrÉÆiÉ 16
JÉÉiÉÉå Eäò ʱÉB xÉÉä]弃 17
=ʱ±ÉÊJÉiÉ +xÉÖºÉÚÊSɪÉÉÆ Ê´ÉkÉÒªÉ Ê´É´É®hÉÉå EòÉ BEò +ʦÉxxÉ +ÆMÉ ½è
ªÉ½ 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ´É¹ÉÇ Eäò ʱÉB ºÉ¨ÉäÊEòiÉ ¨É®ÒxÉ ¤ÉÒ¨ÉÉ ®ÉVɺ´É JÉÉiÉÉ ½è,
VÉÉä ÊEò ¤É®É¤É® iÉÉ®ÒJÉ EòÒ ½¨ÉÉ®Ò Ê®{ÉÉä]Ç ¨Éå ÊnªÉÉ MɪÉÉ ½è*
ÊxÉnä¶ÉEò ¨ÉÆb±É Eäò ʱÉB +Éè® =ºÉEòÒ iÉ®¡ò ºÉä
MÉÖ½É xÉÆnÒ B´ÉÆ EÆò{ÉxÉÒ Eäò ʱÉB bÒ B´ÉÆ ¤ÉÉäºÉ Eäò ʱÉB iÉËVÉn® ¨ÉÖJÉVÉÔ
ºÉxÉnÒ ±ÉäJÉÉEòÉ® ºÉxÉnÒ ±ÉäJÉÉEòÉ® +vªÉIÉ-ºÉ½-|ɤÉÆvÉ ÊxÉnä¶ÉEò
FRN: 302039E FRN: 302175E DIN: 08227563
(ºÉÒB bÉì ¤ÉÒ BºÉ EÖÆòbÖ) (ºÉÒB iÉÊciÉ MÉÖ{iÉÉ) ʶɴɮ¨ÉhÉ ¨É½Énä´ÉxÉ
ºÉÉZÉänÉ® ºÉÉZÉänÉ® ÊxÉnä¶ÉEò
M. No - 051221 M. No - 053380 DIN: 02045100
ºlÉÉxÉ: EòÉä±ÉEòÉiÉÉ Ê{É. Ê´ÉVÉªÉ EÖò¨ÉÉ® ®ÒxÉÉ ¨ÉÉÊbªÉÉ
ÊnxÉÉÆEò: 26 ʺÉiɨ¤É®, 2020 ¨ÉÖJªÉ Ê´ÉkÉÒªÉ +ÊvÉEòÉ®Ò EÆò{ÉxÉÒ ºÉÊSÉ´É

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 444

 FORM B-RA
IRDA Registration No. 58 renewed on 28th January, 2020
CIN: U10200WB1906GOI001713
Consolidated Marine Revenue Account for the year ended 31 March, 2020
St

2019-20 2018-19
Particulars Schedule Audited Audited
(` ‘000) (` ‘000)
1. Premiums earned (Net) 1B 1,532,595 1,438,919
2. Profit/Loss on sale/redemption of Investments 81,973 190,291
3. Others:
Exchange Gain - -
Contribution from Shareholders Funds towards excess EoM 61,587 64,827
4. Interest, Dividend & Rent - Gross 185,344 174,527
Total (A) 1,861,499 1,868,564
1. Claims Incurred (Net) 2B 772,856 1,294,226
2. Commission 3B 86,538 159,846
3. Operating Expenses related to Insurance Business 4 473,196 321,307
4. Others:
Exchange Loss - -
Provision for diminution in the value of Investments, 30,493 6,002
amortisation of Premium on investments, and amount written
off in respect of depreciated investments
Total (B) 1,363,083 1,781,381
Operating Profit/ - Loss from Marine Business 498,416 87,183
C = (A - B)
Appropriations:
Transfer to Shareholders’ Account 498,416 87,183
Transfer to Catastrophe Reserve - -
Transfer to Other Reserves - -
Total (C) 498,416 87,183
Principles of Consolidation and Significant Accounting Policies 16
Notes to Accounts 17
The schedules referred to above form an integral part of the
Financial Statements
This is the Consolidated Marine Insurance Revenue Account for the year
ended 31st March, 2020 referred to in our report of even date
For and on behalf of the Board of Directors
For Guha Nandi & Co. For De & Bose Tajinder Mukherjee
Chartered Accountants Chartered Accountants Chairman-cum-Managing Director
FRN: 302039E FRN: 302175E DIN: 08227563
(CA. Dr. B.S Kundu) (CA.Tarit Dasgupta) Sivaraman Mahadevan
Partner Partner Director
M. No - 051221 M. No - 053380 DIN: 02045100
P. Vijaya Kumar Rina Madia
Place: Kolkata
Chief Financial Officer Company Secretary
Date: 26th September, 2020

445 ANNUAL REPORT 2019-20

 |É{ÉjÉ B-RA
ÊnxÉÉÆEò 28 VÉxÉ´É®Ò, 2020 EòÉä xÉ´ÉÒEÞòiÉ ½Ö<Ç IRDA {ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ 58
ºÉÒ+É<ÇBxÉ: U10200WB1906GOI001713
31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB ´É¹ÉÇ EòÉ ºÉ¨ÉäÊEòiÉ Ê´ÉÊ´ÉvÉ ®ÉVɺ´É ±ÉäJÉÉ
2019-20 2018-19
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ {É®ÒÊIÉiÉ {É®ÒÊIÉiÉ
(` ‘000) (` ‘000)
1. +ÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É (ÊxɴɱÉ) 1C 88,771,408 95,590,227
2. ±ÉɦÉ/ʤÉGòÒ {É® ½ÉÊxÉ/ÊxÉ´Éä¶É {É® UÖ] 5,303,874 12,438,518
3. +xªÉ:
Ê´ÉÊxÉ¨ÉªÉ ±ÉÉ¦É - -
+ÊiÉÊ®Hò <Ç+ÉäB¨É EòÒ +Éä® ¶ÉäªÉ®vÉÉ®EòÉä EòÒ ÊxÉÊvÉ ºÉä +ƶÉnÉxÉ 11,481,461 -
4. ¤ªÉÉVÉ, ±ÉɦÉÉÆ¶É +Éè® ÊEò®ÉªÉÉ - ºÉEò±É 11,992,235 11,408,068
EÖò±É (A) 117,548,978 119,436,813
1. ={ÉMÉiÉ nÉ´Éå (ÊxɴɱÉ) 2C 96,696,503 109,147,398
2. Eò¨ÉÒ¶ÉxÉ 3C 7,043,690 7,315,137
3. ¤ÉÒ¨ÉÉ ´ªÉ´ÉºÉÉªÉ ºÉä ºÉƤÉÆÊvÉiÉ {ÉÊ®SÉɱÉxÉ ´ªÉªÉ 4 40,079,923 24,138,090
4. +xªÉ:
Ê´ÉÊxÉ¨ÉªÉ ½ÉÊxÉ - 216,331
ÊxÉ´Éä¶É Eäò ¨ÉÚ±ªÉ ¨Éå +´ÉxÉÊiÉ EòÉ |ÉÉ´ÉvÉÉxÉ, ÊxÉ´Éä¶É {É® |ÉÒÊ¨ÉªÉ¨É EòÉ {ÉÊ®¶ÉÉävÉxÉ, iÉlÉÉ 1,972,950 392,310
¨ÉÚ±ªÉ¿ÉºÉ ÊxÉ´Éä¶É Eäò ºÉƤÉÆvÉ ¨Éå ʱÉJÉÒ MÉ<Ç ®ÉʶÉ
EÖò±É (B) 145,793,066 141,209,266
{ÉÊ®SÉɱÉxÉ ±ÉɦÉ/Ê´ÉÊ´ÉvÉ ®ÉVɺ´É ´ªÉ´ÉºÉÉªÉ ºÉä ½Ö<Ç ½ÉÊxÉ -28,244,088 -21,772,453
C = (A - B)”
Ê´ÉÊxɪÉÉäMÉ:
¶ÉäªÉ®vÉÉ®EòÉå Eäò JÉÉiÉä EòÉä ºlÉÉxÉÉÆiÉ®hÉ -28,244,088 -21,772,453
+É{ÉnÉ +É®ÊIÉiÉ EòÉä ºlÉÉxÉÉÆiÉ®hÉ - -
+xªÉ +É®ÊIÉiÉ EòÉä ºlÉÉxÉÉÆiÉ®hÉ - -
EÖò±É (C) -28,244,088 -21,772,453
ºÉ¨ÉäEòxÉ +Éè® ¨É½i´É{ÉÚhÉÇ ±ÉäJÉÉ {ÉÉʱÉʺɪÉÉå Eäò ʺÉrÉÆiÉ 16
JÉÉiÉÉå Eäò ʱÉB xÉÉä]弃 17
=ʱ±ÉÊJÉiÉ +xÉÖºÉÚÊSɪÉÉÆ Ê´ÉkÉÒªÉ Ê´É´É®hÉÉå EòÉ BEò +ʦÉxxÉ +ÆMÉ ½è
ªÉ½ 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ´É¹ÉÇ Eäò ʱÉB ºÉ¨ÉäÊEòiÉ Ê´ÉÊ´ÉvÉ ¤ÉÒ¨ÉÉ ®ÉVɺ´É JÉÉiÉÉ
½è, VÉÉä ÊEò ¤É®É¤É® iÉÉ®ÒJÉ EòÒ ½¨ÉÉ®Ò Ê®{ÉÉä]Ç ¨Éå ÊnªÉÉ MɪÉÉ ½è*
ÊxÉnä¶ÉEò ¨ÉÆb±É Eäò ʱÉB +Éè® =ºÉEòÒ iÉ®¡ò ºÉä
MÉÖ½É xÉÆnÒ B´ÉÆ EÆò{ÉxÉÒ Eäò ʱÉB bÒ B´ÉÆ ¤ÉÉäºÉ Eäò ʱÉB iÉËVÉn® ¨ÉÖJÉVÉÔ
ºÉxÉnÒ ±ÉäJÉÉEòÉ® ºÉxÉnÒ ±ÉäJÉÉEòÉ® +vªÉIÉ-ºÉ½-|ɤÉÆvÉ ÊxÉnä¶ÉEò
FRN: 302039E FRN: 302175E DIN: 08227563
(ºÉÒB bÉì ¤ÉÒ BºÉ EÖÆòbÖ) (ºÉÒB iÉÊciÉ MÉÖ{iÉÉ) ʶɴɮ¨ÉhÉ ¨É½Énä´ÉxÉ
ºÉÉZÉänÉ® ºÉÉZÉänÉ® ÊxÉnä¶ÉEò
M. No - 051221 M. No - 053380 DIN: 02045100
ºlÉÉxÉ: EòÉä±ÉEòÉiÉÉ Ê{É. Ê´ÉVÉªÉ EÖò¨ÉÉ® ®ÒxÉÉ ¨ÉÉÊbªÉÉ
ÊnxÉÉÆEò: 26 ʺÉiɨ¤É®, 2020 ¨ÉÖJªÉ Ê´ÉkÉÒªÉ +ÊvÉEòÉ®Ò EÆò{ÉxÉÒ ºÉÊSÉ´É

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 446

 FORM B-RA
IRDA Registration No. 58 renewed on 28th January, 2020
CIN: U10200WB1906GOI001713
Consolidated Miscellaneous Revenue Account For the year ended 31St March, 2020

2019-20 2018-19
Particulars Schedule Audited Audited
(` ‘000) (` ‘000)
1. Premiums earned (Net) 1C 88,771,408 95,590,227
2. Profit/Loss on sale/redemption of Investments 5,303,874 12,438,518
3. Others:
Exchange Gain - -
Contribution from Shareholders Funds towards excess EoM 11,481,461 -
4. Interest, Dividend & Rent - Gross 11,992,235 11,408,068
Total (A) 117,548,978 119,436,813
1. Claims Incurred (Net) 2C 96,696,503 109,147,398
2. Commission 3C 7,043,690 7,315,137
3. Operating Expenses related to Insurance Business 4 40,079,923 24,138,090
4. Others:
Exchange Loss - 216,331
“Provision for diminution in the value of Investments, 1,972,950 392,310
amortisation of Premium on investments, and amount
written off in respect of depreciated investments”
Total (B) 145,793,066 141,209,266
Operating Profit/ - Loss from Miscellaneous Business -28,244,088 -21,772,453
C = (A - B)
Appropriations:
Transfer to Shareholders’ Account -28,244,088 -21,772,453
Transfer to Catastrophe Reserve - -
Transfer to Other Reserves - -
Total (C) -28,244,088 -21,772,453
Principles of Consolidation and Significant Accounting Policies 16
Notes to Accounts 17
The schedules referred to above form an integral part of
the Financial Statements
This is the Consolidated Miscellaneous Insurance Revenue Account for
the year ended 31st March, 2020 referred to in our report of even date
For and on behalf of the Board of Directors
For Guha Nandi & Co. For De & Bose Tajinder Mukherjee
Chartered Accountants Chartered Accountants Chairman-cum-Managing Director
FRN: 302039E FRN: 302175E DIN: 08227563
(CA. Dr. B.S Kundu) (CA.Tarit Dasgupta) Sivaraman Mahadevan
Partner Partner Director
M. No - 051221 M. No - 053380 DIN: 02045100
P. Vijaya Kumar Rina Madia
Place: Kolkata
Chief Financial Officer Company Secretary
Date: 26th September, 2020

447 ANNUAL REPORT 2019-20

 |É{ÉjÉ B-PL
ÊnxÉÉÆEò 28 VÉxÉ´É®Ò, 2020 EòÉä xÉ´ÉÒEÞòiÉ ½Ö<Ç IRDA {ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ 58
ºÉÒ+É<ÇBxÉ: U10200WB1906GOI001713
31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB ´É¹ÉÇ EòÉ ºÉ¨ÉäÊEòiÉ ±ÉÉ¦É +Éè® ½ÉÊxÉ ±ÉäJÉÉ
2019-20 2018-19
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ {É®ÒÊIÉiÉ {É®ÒÊIÉiÉ
(` ‘000) (` ‘000)
1. ºÉÆSÉɱÉxÉ ±ÉɦÉ/½ÉÊxÉ -27,899,000 -18,325,688
(a) +ÊMxÉ ¤ÉÒ¨ÉÉ -153,328 3,359,582
(b) ¨É®ÒxÉ ¤ÉÒ¨ÉÉ 498,416 87,183
(c) Ê´ÉÊ´ÉvÉ ¤ÉÒ¨ÉÉ -28,244,088 -21,772,453
2. ÊxÉ´Éä¶É ºÉä +ÉªÉ 200,784 2,517,895
(a) ¤ªÉÉVÉ, ±ÉɦÉÉÆ¶É +Éè® ÊEò®ÉªÉÉ - ºÉEò±É 154,506 1,232,332
(b) ÊxÉ´Éä¶É EòÒ Ê¤ÉGòÒ {É® ±ÉÉ¦É 46,278 1,285,563
PÉ]ÉEò®: ÊxÉ´Éä¶É EòÒ Ê¤ÉGòÒ {É® ½ÉÊxÉ - -
3. +xªÉ +ÉªÉ 156,021 746,365
(a) +xªÉ {ÉÊ®ºÉÆ{ÉÊkɪÉÉå EòÒ Ê¤ÉGòÒ {É® ±ÉÉ¦É 2,602 -
(b) Ê´ÉÊ´ÉvÉ +ÉªÉ 89,733 741,970
(c) Ê´ÉÊxÉ¨ÉªÉ ±ÉÉ¦É 63,686 4,395
(d) +xªÉ - -
EÖò±É (A) -27,542,195 -15,061,428
4. |ÉÉ´ÉvÉÉxÉ (Eò®ÉvÉÉxÉ Eäò +±ÉÉ´ÉÉ) 190,893 996,820
(a) ÊxÉ´Éä¶É Eäò ¨ÉÚ±ªÉ ¨Éå ¿ÉºÉ Eäò ʱÉB 15,665 24,114
(b) ºÉÆÊnMvÉ @  hÉ Eäò ʱÉB 175,228 702,335
(c) +xªÉ - 270,371
5. +xªÉ JÉSÉæ 13,375,334 904,607
(a) ¤ÉÒ¨ÉÉ ´ªÉ´ÉºÉÉªÉ ºÉä ºÉƤÉÆÊvÉiÉ Eäò +±ÉÉ´ÉÉ JÉSÉæ 9,894 11,184
(b) ʱÉÊJÉiÉ +xÉÖ{ɪÉÖHò EòVÉÇ - -
(c) +xªÉ:
ÊxÉ´Éä¶É {É® |ÉÒÊ¨ÉªÉ¨É EòÉ {ÉÊ®¶ÉÉävÉxÉ 1,466 14,951
¨ÉÚ±ªÉ¿ÉºÉ ÊxÉ´Éä¶É Eäò ºÉƤÉÆvÉ ¨Éå ʱÉJÉÒ MÉ<Ç ®É榃 84 1,482
Ê´ÉÊxÉ¨ÉªÉ ½ÉÊxÉ - -
ʱÉJÉÒ ½Ö<Ç {ÉÊ®ºÉÆ{ÉÊkÉ 16 -
{ÉÊ®ºÉÆ{ÉÊkÉ EòÒ Ê¤ÉGòÒ {É® xÉÖEòºÉÉxÉ 3 828
Êb¤ÉåSÉ® {É® ¤ªÉÉVÉ 747,325 747,325
Êb¤ÉåSÉ® ºÉƤÉÆÊvÉiÉ ´ªÉªÉ 169 1,654
+ÊiÉÊ®Hò <Ç+ÉäB¨É EòÒ +Éä® ¶ÉäªÉ®vÉÉ®EòÉä EòÒ ÊxÉÊvÉ ºÉä +ƶÉnÉxÉ 12,616,377 64,827
EòÉì{ÉÉäÇ®ä] ºÉɨÉÉÊVÉEò nÉʪÉi´É ´ªÉªÉ - 62,285
+xªÉ Ê´ÉÊ´ÉvÉ ´ªÉªÉ - 71
EÖò±É (B) 13,566,227 1,901,427

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 448

 FORM B-PL
IRDA Registration No. 58 renewed on 28th January, 2020
CIN: U10200WB1906GOI001713
Consolidated Profit And Loss Account For the year ended 31St March, 2020
2019-20 2018-19
Particulars Schedule Audited Audited
(` ‘000) (` ‘000)
1. OPERATING PROFIT/LOSS -27,899,000 -18,325,688
(a) Fire Insurance -153,328 3,359,582
(b) Marine Insurance 498,416 87,183
(c) Miscellaneous Insurance -28,244,088 -21,772,453
2. INCOME FROM INVESTMENTS 200,784 2,517,895
(a) Interest, Dividend & Rent - Gross 154,506 1,232,332
(b) Profit on sale of investments 46,278 1,285,563
Less: Loss on sale of Investments - -
3. OTHER INCOME 156,021 746,365
(a) Profit on sale of other asset 2,602 -
(b) Miscellaneous Income 89,733 741,970
(c) Exchange Gain 63,686 4,395
(d) Others - -
Total (A) -27,542,195 -15,061,428
4. PROVISIONS (Other than taxation) 190,893 996,820
(a) For diminution in the value of Investments 15,665 24,114
(b) For doubtful debts 175,228 702,335
(c) Others - 270,371
5. OTHER EXPENSES 13,375,334 904,607
(a) Expenses other than those related to 9,894 11,184
Insurance Business
(b) Bad debts written off - -
(c) Others:
Amortisation of Premium on Investments 1,466 14,951
Amount written off in respect of depreciated Investments 84 1,482
Exchange Loss - -
Assets written off 16 -
Loss on Sale on Asset 3 828
Interest on Debentures 747,325 747,325
Debenture Related Expenses 169 1,654
Contribution to Policyholders funds towards excess EoM 12,616,377 64,827
Corporate Social Responsibility Expenses - 62,285
Other Misc Expenses - 71
Total (B) 13,566,227 1,901,427

449 ANNUAL REPORT 2019-20

 |É{ÉjÉ B-PL
ÊnxÉÉÆEò 28 VÉxÉ´É®Ò, 2020 EòÉä xÉ´ÉÒEÞòiÉ ½Ö<Ç IRDA {ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ 58
ºÉÒ+É<ÇBxÉ: U10200WB1906GOI001713
31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB ´É¹ÉÇ EòÉ ºÉ¨ÉäÊEòiÉ ±ÉÉ¦É +Éè® ½ÉÊxÉ ±ÉäJÉÉ
2019-20 2018-19
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ {É®ÒÊIÉiÉ {É®ÒÊIÉiÉ
(` ‘000) (` ‘000)
±ÉɦÉ/ -Eò® ºÉä {ɽ±Éä ½ÉÊxÉ -41,108,422 -16,962,855
Eò®ÉvÉÉxÉ Eäò ʱÉB |ÉÉ´ÉvÉÉxÉ - -
{ɽ±Éä ´É¹ÉÇ Eäò ʱÉB Eò®ÉvÉÉxÉ EòÉ ºÉ¨ÉɪÉÉäVÉxÉ - -1,631
±ÉɦÉ/ -Eò® Eäò ¤ÉÉn ½ÉÊxÉ -41,108,422 -16,961,224
VÉÉäc: ºÉ½ªÉÉäÊMɪÉÉå EòÉ ±ÉɦÉ/½ÉÊxÉ EòÉ Ê½ººÉÉ 110,417 25,579
±ÉɦÉ/Eò® Eäò ¤ÉÉn ½ÉÊxÉ +Éè® ±ÉÉ¦É EòÉ Ê½ººÉÉ/ºÉ½ªÉÉäÊMɪÉÉå EòÒ ½ÉÊxÉ -40,998,005 -16,935,645
Ê´ÉÊxɪÉÉäMÉ: -483,949 -16,935,645
(a) ´É¹ÉÇ Eäò nÉè®ÉxÉ +ÆiÉÊ®¨É ±ÉɦÉÉÆ¶É EòÉ ÊEòªÉÉ MɪÉÉ ¦ÉÖMÉiÉÉxÉ - -
(b) |ɺiÉÉÊ´ÉiÉ +ÆÊiÉ¨É ±ÉɦÉÉÆ¶É - -
(c) ±ÉɦÉÉÆ¶É Ê´ÉiÉ®hÉ Eò® - -
(d) ºÉɨÉÉxªÉ ºÉÆSÉªÉ ºÉä/Eäò ʱÉB ºlÉÉxÉÉÆiÉ®hÉ (ºÉƤÉÆÊvÉiÉ EÆò{ÉÊxɪÉÉå ºÉä ¶ÉÉÊ¨É±É ±ÉÉ¦É -556,945 -17,015,162
ªÉÉ ½ÉÊxÉ)
(e) ±ÉÉ´ÉÉÊ®ºÉ {ÉÉìʱɺÉÒvÉÉ®EòÉå Eäò ÊxÉÊvÉ ¨Éå ºlÉÉxÉÉÆiÉ®hÉ 72,996 79,517
±ÉÉ¦É ¶Éä¹É/Ê{ÉU±Éä ºÉÉ±É ºÉä +ÉMÉä ±ÉɪÉÒ MÉ<Ç ½ÉÊxÉ - -
iÉÖ±ÉxÉ{ÉjÉ {É® ±ÉɪÉÒ MÉ<Ç ¤ÉEòɪÉÉ ®É榃 -40,514,056 -
ºÉ¨ÉäEòxÉ +Éè® ¨É½i´É{ÉÚhÉÇ ±ÉäJÉÉ {ÉÉʱÉʺɪÉÉå Eäò ʺÉrÉÆiÉ 16
JÉÉiÉÉå Eäò ʱÉB xÉÉä]弃 17
=ʱ±ÉÊJÉiÉ +xÉÖºÉÚÊSɪÉÉÆ Ê´ÉkÉÒªÉ Ê´É´É®hÉÉå EòÉ BEò +ʦÉxxÉ +ÆMÉ ½è
¨ÉÚ±É ={ÉÉVÉÇxÉ `10 +ÆÊEòiÉ ¨ÉÚ±ªÉ EòÉ |ÉÊiÉ ¶ÉäªÉ® -238.18 -169.36
iÉÖxÉÚEÞòiÉ ={ÉÉVÉÇxÉ `10 +ÆÊEòiÉ ¨ÉÚ±ªÉ EòÉ |ÉÊiÉ ¶ÉäªÉ® -238.18 -169.36

ªÉ½ 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ´É¹ÉÇ Eäò ʱÉB ºÉ¨ÉäÊEòiÉ ±ÉÉ¦É +Éè® ½ÉÊxÉ ±ÉäJÉÉ ½è, VÉÉä ÊEò
¤É®É¤É® iÉÉ®ÒJÉ EòÒ ½¨ÉÉ®Ò Ê®{ÉÉä]Ç ¨Éå ÊnªÉÉ MɪÉÉ ½è*

ÊxÉnä¶ÉEò ¨ÉÆb±É Eäò ʱÉB +Éè® =ºÉEòÒ iÉ®¡ò ºÉä

MÉÖ½É xÉÆnÒ B´ÉÆ EÆò{ÉxÉÒ Eäò ʱÉB bÒ B´ÉÆ ¤ÉÉäºÉ Eäò ʱÉB iÉËVÉn® ¨ÉÖJÉVÉÔ
ºÉxÉnÒ ±ÉäJÉÉEòÉ® ºÉxÉnÒ ±ÉäJÉÉEòÉ® +vªÉIÉ-ºÉ½-|ɤÉÆvÉ ÊxÉnä¶ÉEò
FRN: 302039E FRN: 302175E DIN: 08227563
(ºÉÒB bÉì ¤ÉÒ BºÉ EÖÆòbÖ) (ºÉÒB iÉÊciÉ MÉÖ{iÉÉ) ʶɴɮ¨ÉhÉ ¨É½Énä´ÉxÉ
ºÉÉZÉänÉ® ºÉÉZÉänÉ® ÊxÉnä¶ÉEò
M. No - 051221 M. No - 053380 DIN: 02045100
ºlÉÉxÉ: EòÉä±ÉEòÉiÉÉ Ê{É. Ê´ÉVÉªÉ EÖò¨ÉÉ® ®ÒxÉÉ ¨ÉÉÊbªÉÉ
ÊnxÉÉÆEò: 26 ʺÉiɨ¤É®, 2020 ¨ÉÖJªÉ Ê´ÉkÉÒªÉ +ÊvÉEòÉ®Ò EÆò{ÉxÉÒ ºÉÊSÉ´É

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 450

 FORM B-PL
IRDA Registration No. 58 renewed on 28th January, 2020
CIN: U10200WB1906GOI001713
Consolidated Profit And Loss Account For the year ended 31 March, 2020
St

2019-20 2018-19
Particulars Schedule Audited Audited
(` ‘000) (` ‘000)
Profit/ - Loss before tax -41,108,422 -16,962,855
Provision for Taxation - -
Adjustment of taxation for Earlier Years - -1,631
Profit/ - Loss after Tax -41,108,422 -16,961,224
Add: Share of Profit/Loss of Associates 110,417 25,579
Profit/Loss after Tax and share of Profit/Loss of Associates -40,998,005 -16,935,645
Appropriations: -483,949 -16,935,645
(a) Interim dividends paid during the year - -
(b) Proposed Final Dividend - -
(c) Dividend Distribution tax - -
(d) Transfer to/from General Reserve -556,945 -17,015,162
(Includes Profit or Loss from associated companies)
(e) Transfer to Unclaimed Policyholders Funds 72,996 79,517
Balance of profit/ - loss brought forward from last year - -
Balance carried forward to Balance Sheet -40,514,056 -
Principles of Consolidation and Significant Accounting 16
Policies
Notes to Accounts 17

The schedules referred to above form an integral part

of the Financial Statements
Basic earnings per share of ` 10 face value -238.18 -169.36
Diluted earnings per share of ` 10 face value -238.18 -169.36
This is the Consolidated Profit and Loss Account for the year ended
31st March, 2020 referred to in our report of even date
For and on behalf of the Board of Directors
For Guha Nandi & Co. For De & Bose Tajinder Mukherjee
Chartered Accountants Chartered Accountants Chairman-cum-Managing Director
FRN: 302039E FRN: 302175E DIN: 08227563

(CA. Dr. B.S Kundu) (CA.Tarit Dasgupta) Sivaraman Mahadevan

Partner Partner Director
M. No - 051221 M. No - 053380 DIN: 02045100

P. Vijaya Kumar Rina Madia

Place: Kolkata Chief Financial Officer Company Secretary
Date: 26th September, 2020

451 ANNUAL REPORT 2019-20

 |É{ÉjÉ B-BS
ÊnxÉÉÆEò 28 VÉxÉ´É®Ò, 2020 EòÉä xÉ´ÉÒEÞòiÉ ½Ö<Ç IRDA {ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ 58
ºÉÒ+É<ÇBxÉ: U10200WB1906GOI001713
31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB ´É¹ÉÇ EòÉ ºÉ¨ÉäÊEòiÉ iÉÖ±ÉxÉ{ÉjÉ
31.03.2020 31.03.2019
Ê´É´É®hÉ +xÉÖºÉÚSÉÒ iÉEò iÉEò
{É®ÒÊIÉiÉ {É®ÒÊIÉiÉ
(` ‘000) (` ‘000)
ÊxÉÊvɪÉÉå (¡Æòb) Eäò ¸ÉÉäiÉ
+Æ¶É {ÉÚÆVÉÒ 5 25,000,000 1,000,000
ºÉÆSÉªÉ iÉlÉÉ +ÊvɶÉä¹É 6 146,569 752,511
=ÊSÉiÉ ¨ÉÚ±ªÉ {ÉÊ®´ÉiÉÇxÉ JÉÉiÉÉ - ¶ÉäªÉ®vÉÉÊ®ªÉÉå Eäò JÉÉiÉä - 202,497
=ÊSÉiÉ ¨ÉÚ±ªÉ {ÉÊ®´ÉiÉÇxÉ JÉÉiÉÉ - {ÉÉìʱɺÉÒvÉÉÊ®ªÉÉå Eäò JÉÉiÉä -16,572,165 25,866,905
=vÉÉ® ®ÉʶɪÉÉÆ 7 8,950,000 8,950,000
EÖò±É 17,524,404 36,771,913
ÊxÉÊvɪÉÉå EòÉ +xÉÖ|ɪÉÉäMÉ
ÊxÉ´Éä¶É - ¶ÉäªÉ®vÉÉÊ®ªÉÉå EòÒ ÊxÉÊvÉ 8 - 1,840,514
ÊxÉ´Éä¶É - {ÉÉìʱɺÉÒvÉÉÊ®ªÉÉå EòÒ ÊxÉÊvÉ 8A 220,598,047 235,106,971
@  hÉ 9 368,593 391,396
+SÉ±É {ÉÊ®ºÉÆ{ÉÊkɪÉÉÆ 10 3,720,619 3,742,204
SÉɱÉÚ {ÉÊ®ºÉÆ{ÉÊkɪÉÉÆ
xÉEòn +Éè® ¤ÉéEò ¶Éä¹É 11 6,984,621 13,083,277
+ÊOÉ¨É +Éè® +xªÉ {ÉÊ®ºÉÆ{ÉÊkÉ 12 77,310,819 70,202,017
={É-EÖò±É (A) 84,295,440 83,285,294
SÉɱÉÚ näxÉnÉÊ®ªÉÉÆ 13 287,319,407 236,506,117
|ÉÉ´ÉvÉÉxÉ 14 50,963,408 51,088,349
={É-EÖò±É (B) 338,282,815 287,594,466
ÊxÉ´É±É SÉɱÉÚ näxÉnÉÊ®ªÉÉÆ (C) = (A-B) -253,987,375 -204,309,172
Ê´ÉÊ´ÉvÉ ´ªÉªÉ UÉäc xÉ näxÉä ªÉÉ ºÉ¨ÉɪÉÉäÊVÉiÉ Eò®xÉä EòÒ ½n iÉEò) 15 6,310,464 -

xÉɨÉä ¶Éä¹É ¨Éä ±ÉÉ¦É iÉlÉÉ ½ÉÊxÉ JÉÉiÉÉ 40,514,056 -

EÖò±É 17,524,404 36,771,913
ºÉ¨ÉäEòxÉ +Éè® ¨É½i´É{ÉÚhÉÇ ±ÉäJÉÉ {ÉÉʱÉʺɪÉÉå Eäò ʺÉrÉÆiÉ 16
JÉÉiÉÉå Eäò ʱÉB xÉÉä]弃 17
=ʱ±ÉÊJÉiÉ +xÉÖºÉÚÊSɪÉÉÆ Ê´ÉkÉÒªÉ Ê´É´É®hÉÉå EòÉ BEò +ʦÉxxÉ +ÆMÉ ½è

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 452

 FORM B-BS
IRDA Registration No. 58 renewed on 28th January, 2020
CIN: U10200WB1906GOI001713
Consolidated Balance Sheet as at 31St March, 2020

Particulars Schedule As at As at
31.03.2020 31.03.2019
Audited Audited
(` ‘000) (` ‘000)
SOURCES OF FUNDS
SHARE CAPITAL 5 25,000,000 1,000,000
RESERVES AND SURPLUS 6 146,569 752,511
FAIR VALUE CHANGE ACCOUNT - SHAREHOLDERS FUNDS - 202,497
FAIR VALUE CHANGE ACCOUNT - POLICYHOLDERS FUNDS -16,572,165 25,866,905
BORROWINGS 7 8,950,000 8,950,000
TOTAL 17,524,404 36,771,913
APPLICATION OF FUNDS
INVESTMENTS - SHAREHOLDERS FUNDS 8 - 1,840,514
INVESTMENTS - POLICYHOLDERS FUNDS 8A 220,598,047 235,106,971
LOANS 9 368,593 391,396
FIXED ASSETS 10 3,720,619 3,742,204
CURRENT ASSETS
Cash and Bank Balances 11 6,984,621 13,083,277
Advances and Other Assets 12 77,310,819 70,202,017
Sub-Total (A) 84,295,440 83,285,294
CURRENT LIABILITIES 13 287,319,407 236,506,117
PROVISIONS 14 50,963,408 51,088,349
Sub-Total (B) 338,282,815 287,594,466
NET CURRENT LIABILITIES (C) = (A-B)
-253,987,375 -204,309,172
MISCELLANEOUS EXPENDITURE (to the extent not written 15 6,310,464 -
off or adjusted)
DEBIT BALANCE IN PROFIT AND LOSS ACCOUNT 40,514,056 -

TOTAL 17,524,404 36,771,913

Principles of Consolidation and Significant Accounting Policies 16
Notes to Accounts 17
The schedules referred to above form an integral part of
the Financial Statements

453 ANNUAL REPORT 2019-20

 |É{ÉjÉ B-BS
ÊnxÉÉÆEò 28 VÉxÉ´É®Ò, 2020 EòÉä xÉ´ÉÒEÞòiÉ ½Ö<Ç IRDA {ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ 58
ºÉÒ+É<ÇBxÉ: U10200WB1906GOI001713
+ÉEòʺ¨ÉEò näxÉnÉÊ®ªÉÉÆ
31.03.2020 31.03.2019
Ê´É´É®hÉ iÉEò iÉEò
(` ‘000) (` ‘000)
1. +ÉÆʶÉEò °  {É ºÉä ¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ ÊxÉ´Éä¶É 4,181 4,181
2. nÉ´Éå, {ÉÉìʱÉʺɪÉÉå {É® {ÉÉxÉä ´ÉɱÉä Eäò +±ÉÉ´ÉÉ, VÉÉä Eò¨{ÉxÉÒ uÉ®É @  hÉ Eäò °  {É ¨Éå º´ÉÒEÞòiÉ xÉ½Ó ÊEòB 578,023 546,240
VÉÉiÉä
3. ½É¨ÉÒnÉ®Ò |ÉÊiɤÉriÉÉ ¤ÉEòɪÉÉ (¶ÉäªÉ®Éå +Éè® |ÉÊiɦÉÚÊiɪÉÉå Eäò ºÉƤÉÆvÉ ¨Éå) - -
4. EÆò{ÉxÉÒ EòÒ +Éä® ºÉä nÒ MÉ<Ç MÉÉ®Æ]Ò 73,611 12,892
5. ºÉÉÆÊ´ÉÊvÉEò ¨ÉÉÆMÉ/Ê´É´ÉÉn ¨Éå näªÉiÉÉBÆ, Eäò ʱÉB VÉÉä |ÉnÉxÉ xÉ½Ó EòÒ MÉ<Ç 12,054,023 6,552,760
6. JÉÉiÉÉå Eäò ʱÉB |ÉnÉxÉ xÉ½Ó EòÒ MÉ<Ç ½n iÉEò {ÉÖxɤÉÔ¨ÉÉ nÉʪÉi´É - -
7. +xªÉ - {ÉÉìʱɺÉÒvÉÉ®Eò EòÒ ±ÉÉ´ÉÉÊ®ºÉ ®É榃 EòÉä ´ÉÊ®¹` xÉÉMÉÊ®Eò Eò±ªÉÉhÉ EòÉä¹É ¨Éä ½ºiÉÉÆiÉ®hÉ 82,407 57,261
8. +xªÉ - {ÉÉìʱÉʺɪÉÉå Eäò iɽiÉ ÊVÉxÉ nÉ´ÉÉä EòÉä @  hÉ Eäò °  {É ¨Éå º´ÉÒEòÉ® xÉ½Ó ÊEòªÉÉ VÉÉiÉÉ ½è - 64,988

EÖò±É 12,792,245 7,238,322

ªÉ½ 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ´É¹ÉÇ Eäò ʱÉB ºÉ¨ÉäÊEòiÉ iÉÖ±ÉxÉ{ÉjÉ ½è, VÉÉä ÊEò ¤É®É¤É® iÉÉ®ÒJÉ
EòÒ ½¨ÉÉ®Ò Ê®{ÉÉä]Ç ¨Éå ÊnªÉÉ MɪÉÉ ½è*

ÊxÉnä¶ÉEò ¨ÉÆb±É Eäò ʱÉB +Éè® =ºÉEòÒ iÉ®¡ò ºÉä

MÉÖ½É xÉÆnÒ B´ÉÆ EÆò{ÉxÉÒ Eäò ʱÉB bÒ B´ÉÆ ¤ÉÉäºÉ Eäò ʱÉB iÉËVÉn® ¨ÉÖJÉVÉÔ
ºÉxÉnÒ ±ÉäJÉÉEòÉ® ºÉxÉnÒ ±ÉäJÉÉEòÉ® +vªÉIÉ-ºÉ½-|ɤÉÆvÉ ÊxÉnä¶ÉEò
FRN: 302039E FRN: 302175E DIN: 08227563
(ºÉÒB bÉì ¤ÉÒ BºÉ EÖÆòbÖ) (ºÉÒB iÉÊciÉ MÉÖ{iÉÉ) ʶɴɮ¨ÉhÉ ¨É½Énä´ÉxÉ
ºÉÉZÉänÉ® ºÉÉZÉänÉ® ÊxÉnä¶ÉEò
M. No - 051221 M. No - 053380 DIN: 02045100
ºlÉÉxÉ: EòÉä±ÉEòÉiÉÉ Ê{É. Ê´ÉVÉªÉ EÖò¨ÉÉ® ®ÒxÉÉ ¨ÉÉÊbªÉÉ
ÊnxÉÉÆEò: 26 ʺÉiɨ¤É®, 2020 ¨ÉÖJªÉ Ê´ÉkÉÒªÉ +ÊvÉEòÉ®Ò EÆò{ÉxÉÒ ºÉÊSÉ´É

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 454

 FORM B-BS
NATIONAL INSURANCE COMPANY LIMITED
IRDA Registration No. 58 renewed on 28th January, 2020
CIN: U10200WB1906GOI001713
CONTINGENT LIABILITIES

As at As at
Particulars 31.03.2020 31.03.2019
(` ‘000) (` ‘000)
1. Partly paid-up Investments 4,181 4,181
2. Claims, other than against policies, not acknowledged as debts by 578,023 546,240
the Company
3. Underwriting commitments outstanding (in respect of shares and - -
securities)
4. Guarantees given by or on behalf of the Company 73,611 12,892
5. Statutory demands/liabilities in dispute, not provided for 12,054,023 6,552,760
6. Reinsurance obligations to the extent not provided for in Accounts - -
7. Others - Policyholders unclaimed amount transferred to Senior 82,407 57,261
Citizen Welfare Fund
8. Others - Claims, under policies, not acknowledged as debts - 64,988
TOTAL 12,792,245 7,238,322

This is the Consolidated Balance Sheet as at 31st March,

2020 referred to in our report of even date
For and on behalf of the Board of Directors
For Guha Nandi & Co. For De & Bose Tajinder Mukherjee
Chartered Accountants Chartered Accountants Chairman-cum-Managing Director
FRN: 302039E FRN: 302175E DIN: 08227563

(CA. Dr. B.S Kundu) (CA.Tarit Dasgupta) Sivaraman Mahadevan

Partner Partner Director
M. No - 051221 M. No - 053380 DIN: 02045100

P. Vijaya Kumar Rina Madia

Place: Kolkata Chief Financial Officer Company Secretary
Date: 26th September, 2020

455 ANNUAL REPORT 2019-20

 ÊnxÉÉÆEò 28 VÉxÉ´É®Ò, 2020 EòÉä xÉ´ÉÒEÞòiÉ ½Ö<Ç IRDA {ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ 58
ºÉÒ+É<ÇBxÉ: U10200WB1906GOI001713
31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB ´É¹ÉÇ Eäò ºÉ¨ÉäÊEòiÉ ®ºÉÒnÉå +Éè® ¦ÉÖMÉiÉÉxÉÉå EòÉ ±ÉäJÉÉ
2019-20 2018-19
Ê´É´É®hÉ
{É®ÒÊIÉiÉ {É®ÒÊIÉiÉ
(` ‘000) (` ‘000)
A. ºÉÆSÉɱÉxÉÒªÉ MÉÊiÉÊ´ÉÊvɪÉÉå ºÉä xÉEòn |É´Éɽ:
1 {ÉÉìʱɺÉÒvÉÉ®EòÉå ºÉä |ÉÉ{iÉ |ÉÒʨɪɨÉ, (+ÊOÉ¨É ®ÊºÉnÉå ºÉʽiÉ) 155,169,082 144,427,767
2 +xªÉ ®ºÉÒnå 7,577,463 6,524,325
3 ®ºÉÒnå, {ÉÖxÉ: ¤ÉÒ¨ÉÉEòiÉÉÇ+Éå EòÉä/ºÉä ¦ÉÖMÉiÉÉxÉ, Eò¨ÉÒ¶ÉxÉÉå +Éè® nÉ´ÉÉå EòÉ ÊxÉ´É±É -13,423,267 -11,767,257
4 ®ºÉÒnå, {ÉÖxÉ: ¤ÉÒ¨ÉÉEòiÉÉÇ+Éå EòÉä/ºÉä ¦ÉÖMÉiÉÉxÉ, nÉ´ÉÉ ´ÉºÉÚ±ÉÒ EòÉ ÊxÉ´É±É -306,363 -358,778
5 nÉ´ÉÉå EòÉ ¦ÉÖMÉiÉÉxÉ -121,063,494 -117,395,031
6 Eò¨ÉÒ¶ÉxÉ +Éè® n±ÉɱÉÒ EòÉ ¦ÉÖMÉiÉÉxÉ -10,092,856 -9,585,684
7 +xªÉ ºÉÆSÉɱÉxÉ ´ªÉªÉ EòÉ ¦ÉÖMÉiÉÉxÉ -23,093,652 -22,155,482
8 |ÉÉ®ÆʦÉEò +Éè® {ÉÚ´ÉǺÉÆSÉɱÉxÉ ´ªÉªÉ - -
9 VɨÉÉ, +ÊOÉ¨É +Éè® º]É¡ò @  hÉ (MÉÞ½ ÊxɨÉÉÇhÉ @  hÉ ºÉʽiÉ) -187,268 -285,014
10 +ɪÉEò® EòÉ ¦ÉÖMÉiÉÉxÉ (ÊxɴɱÉ) (ºÉ¨{ÉÊkÉ Eò® ºÉʽiÉ) - -103,768
11 ¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ ºÉä´ÉÉ Eò®/VÉÒBºÉ]Ò -11,760,458 -14,892,613
12 +xªÉ ¦ÉÖMÉiÉÉxÉ -4,301,898 -3,637,334
13 +ºÉÉvÉÉ®hÉ ´ÉºiÉÖ+Éå ºÉä xÉEòn |É´Éɽ -21,482,711 -29,228,869
14 +ºÉÉvÉÉ®hÉ ºÉÆSÉɱÉxÉÉå ºÉä xÉEòn |É´Éɽ - -
15 {ÉÊ®SÉɱÉxÉ MÉÊiÉÊ´ÉÊvɪÉÉå ºÉä ÊxÉ´É±É xÉEònÒ |É´Éɽ (A) -21,482,711 -29,228,869

B. ÊxÉ´Éä¶É MÉÊiÉÊ´ÉÊvɪÉÉå ºÉä xÉEònÒ |É´Éɽ:

1 +SÉ±É {ÉÊ®ºÉÆ{ÉÊkɪÉÉå EòÒ JÉ®Òn -37,541 -725,060
2 +SÉ±É {ÉÊ®ºÉÆ{ÉÊkɪÉÉå EòÒ Ê¤ÉGòÒ ºÉä +ÉªÉ 7,861 38,765
3 ÊxÉ´Éä¶É EòÒ JÉ®Òn (¨ÉxÉÒ ¨ÉÉEæò] <ƺ]ܨÉå]弃 +Éè® Ê±ÉÊC´Éb ¨ªÉÚSÉÖ+±É ¡Æòb Eäò +±ÉÉ´ÉÉ) -77,401,494 -64,320,776
4 Ê´ÉiÉÊ®iÉ ÊEòªÉÉ MɪÉÉ @  hÉ - -93,016
5 ÊxÉ´Éä¶É EòÒ Ê¤ÉGòÒ 286,154,849 280,608,590
6 |ÉÉ{iÉ ½Ö+É {ÉÖxɦÉÖÇMÉiÉÉxÉ 13,157 15,887
7 |ÉÉ{iÉ ÊEòªÉÉ MɪÉÉ ÊEò®ÉªÉÉ/¤ªÉÉVÉ/±ÉɦÉÉÆ¶É 13,163,816 13,416,119
8 ¨ÉxÉÒ ¨ÉÉEæò] <ƺ]ܨÉå]弃 +Éè® Ê±ÉÊC´Éb ¨ªÉÚSÉÖ+±É ¡Æòb弃 ¨Éå ÊxÉ´Éä¶É -229,810,100 -195,213,665
9 ÊxÉ´Éä¶É ºÉä ºÉƤÉÆÊvÉiÉ JÉSÉÇ -25 -214
10 {ÉÊ®SÉɱÉxÉ MÉÊiÉÊ´ÉÊvɪÉÉå ºÉä ÊxÉ´É±É xÉEònÒ |É´Éɽ (B) -7,909,477 33,726,630

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 456

 IRDA Registration No. 58 renewed on 28th January, 2020
CIN: U10200WB1906GOI001713
CONSOLIDATED RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2020

2019-20 2018-19
Particulars
Audited Audited
(` ‘000) (` ‘000)
A. Cash flows from Operating Activities:
1 Premium received from policyholders, (including advance 155,169,082 144,427,767
receipts)
2 Other receipts 7,577,463 6,524,325
3 Receipts/Payments from/to the re-insurers, net of commissions -13,423,267 -11,767,257
and claims
4 Receipts/Payments from/to co-insurers, net of claims recovery -306,363 -358,778
5 Payments of claims -121,063,494 -117,395,031
6 Payments of commission and brokerage -10,092,856 -9,585,684
7 Payments of other operating expenses -23,093,652 -22,155,482
8 Preliminary and pre-operative expenses - -
9 Deposits, advances and staff loans (including House building -187,268 -285,014
Loan)
10 Income taxes paid (Net) (Including Wealth Tax) - -103,768
11 Service tax/GST paid -11,760,458 -14,892,613
12 Other payments -4,301,898 -3,637,334
13 Cash flows before extraordinary items -21,482,711 -29,228,869
14 Cash flow from extraordinary operations - -
15 Net cash flow from operating activities (A) -21,482,711 -29,228,869

B. Cash flows from Investing Activities:

1 Purchase of fixed assets -37,541 -725,060
2 Proceeds from sale of fixed assets 7,861 38,765
3 Purchases of investments (Other than money market -77,401,494 -64,320,776
instruments & liquid mutual funds)
4 Loans disbursed - -93,016
5 Sales of investments 286,154,849 280,608,590
6 Repayments received 13,157 15,887
7 Rents/Interests/Dividends received 13,163,816 13,416,119
8 Investments in money market instruments and in liquid mutual
funds -229,810,100 -195,213,665
9 Expenses related to investments -25 -214
10 Net cash flow from investing activities (B) -7,909,477 33,726,630

457 ANNUAL REPORT 2019-20

 ÊnxÉÉÆEò 28 VÉxÉ´É®Ò, 2020 EòÉä xÉ´ÉÒEÞòiÉ ½Ö<Ç IRDA {ÉÆVÉÒEò®hÉ ºÉÆJªÉÉ 58
ºÉÒ+É<ÇBxÉ: U10200WB1906GOI001713
31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ½ÖB ´É¹ÉÇ Eäò ºÉ¨ÉäÊEòiÉ ®ºÉÒnÉå +Éè® ¦ÉÖMÉiÉÉxÉÉå EòÉ ±ÉäJÉÉ

Ê´É´É®hÉ 2019-20 2018-19

{É®ÒÊIÉiÉ {É®ÒÊIÉiÉ
(` ‘000) (` ‘000)
C. ÊxÉ´Éä¶É MÉÊiÉÊ´ÉÊvɪÉÉå ºÉä xÉEònÒ |É´Éɽ:
1 ¶ÉäªÉ® {ÉÚÆVÉÒ VÉÉ®Ò Eò®xÉä ºÉä |ÉÉ{iÉ +ÉªÉ 24,000,000 -
2 =vÉÉ®Ò ºÉä |ÉÉ{iÉ +ÉªÉ - -
3 =vÉÉ®Ò EòÒ ´ÉÉ{ɺÉÒ +nɪÉMÉÒ - -
4 ¤ªÉÉVÉ/±ÉɦÉÉÆ¶É (±ÉɦÉÉÆ¶É Ê´ÉiÉ®hÉ Eò® ºÉʽiÉ) EòÉ ÊEòªÉÉ ¦ÉÖMÉiÉÉxÉ -747,325 -747,325
5 ºÉ½ªÉÉäMÉÒ EÆò{ÉÊxɪÉÉå ºÉä ±ÉɦÉÉÆ¶É 25,063 26,399
6 Ê´ÉkÉÒªÉxÉ MÉÊiÉÊ´ÉÊvɪÉÉå ºÉä ÊxÉ´É±É xÉEònÒ |É´Éɽ (C) 23,277,738 -720,926
D. xÉEòn +Éè® xÉEòn ºÉ¨ÉEòIÉÉå {É® Ê´Énä¶ÉÒ Ê´ÉÊxÉ¨ÉªÉ n®Éå EòÉ |ɦÉÉ´É, ÊxÉ´É±É (ºÉÆ{ÉÊkÉ +Éè® 15,794 -66
näxÉnÉÊ®ªÉÉå Eäò °  {ÉÉÆiÉ®hÉ EòÉä ¤ÉEòɪÉÉ)
E. xÉEòn +Éè® xÉEòn ºÉ¨ÉEòIÉÉå ¨Éå ÊxÉ´É±É ´ÉÞÊr: (A+B+C+D) -6,098,656 3,776,769
1 ´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå xÉEòn +Éè® xÉEòn ºÉ¨ÉEòIÉ 13,083,277 9,306,508
a. xÉEòn (SÉäEò, bÅÉ}] +Éè® Ê]Eò] ºÉʽiÉ) 1,569,338 141,331
b. ¤ÉéEò ¶Éä¹É (+±{ÉÉ´ÉÊvÉ VɨÉÉ ºÉʽiÉ) 11,512,059 9,138,284
c. {ÉÉ®MɨÉxÉ ¨Éå |Éä¹ÉhÉ 1,880 26,893
2 ´É¹ÉÇ Eäò +ÆiÉ ¨Éå xÉEòn +Éè® xÉEòn ºÉ¨ÉEòIÉ 6,984,621 13,083,277
a. xÉEòn (SÉäEò, bÅÉ}] +Éè® Ê]Eò] ºÉʽiÉ) 57,929 1,569,338
b. ¤ÉéEò ¶Éä¹É (+±{ÉÉ´ÉÊvÉ VɨÉÉ ºÉʽiÉ) 6,851,189 11,512,059
c. {ÉÉ®MɨÉxÉ ¨Éå |Éä¹ÉhÉ 75,503 1,880
ªÉ½ 31 ¨ÉÉSÉÇ, 2020 EòÉä ºÉ¨ÉÉ{iÉ ´É¹ÉÇ Eäò ʱÉB ºÉ¨ÉäÊEòiÉ ®ºÉÒnÉå +Éè® ¦ÉÖMÉiÉÉxÉÉå EòÉ ±ÉäJÉÉ ½è, VÉÉä
ÊEò ¤É®É¤É® iÉÉ®ÒJÉ EòÒ ½¨ÉÉ®Ò Ê®{ÉÉä]Ç ¨Éå ÊnªÉÉ MɪÉÉ ½è*

ÊxÉnä¶ÉEò ¨ÉÆb±É Eäò ʱÉB +Éè® =ºÉEòÒ iÉ®¡ò ºÉä

MÉÖ½É xÉÆnÒ B´ÉÆ EÆò{ÉxÉÒ Eäò ʱÉB bÒ B´ÉÆ ¤ÉÉäºÉ Eäò ʱÉB iÉËVÉn® ¨ÉÖJÉVÉÔ
ºÉxÉnÒ ±ÉäJÉÉEòÉ® ºÉxÉnÒ ±ÉäJÉÉEòÉ® +vªÉIÉ-ºÉ½-|ɤÉÆvÉ ÊxÉnä¶ÉEò
FRN: 302039E FRN: 302175E DIN: 08227563
(ºÉÒB bÉì ¤ÉÒ BºÉ EÖÆòbÖ) (ºÉÒB iÉÊciÉ MÉÖ{iÉÉ) ʶɴɮ¨ÉhÉ ¨É½Énä´ÉxÉ
ºÉÉZÉänÉ® ºÉÉZÉänÉ® ÊxÉnä¶ÉEò
M. No - 051221 M. No - 053380 DIN: 02045100
ºlÉÉxÉ: EòÉä±ÉEòÉiÉÉ Ê{É. Ê´ÉVÉªÉ EÖò¨ÉÉ® ®ÒxÉÉ ¨ÉÉÊbªÉÉ
ÊnxÉÉÆEò: 26 ʺÉiɨ¤É®, 2020 ¨ÉÖJªÉ Ê´ÉkÉÒªÉ +ÊvÉEòÉ®Ò EÆò{ÉxÉÒ ºÉÊSÉ´É

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 458

 IRDA Registration No. 58 renewed on 28th January, 2020
CIN: U10200WB1906GOI001713
CONSOLIDATED RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2020

Particulars 2019-20 2018-19

Audited Audited
` ‘000 ` ‘000
C. Cash flows from Financing Activities:
1 Proceeds from issuance of share capital 24,000,000 -
2 Proceeds from borrowing - -
3 Repayments of borrowing - -
4 Interest / dividends (including dividend distribution tax) paid -747,325 -747,325
5 Dividends from Associate Companies 25,063 26,399
6 Net cash flow from financing activities (C) 23,277,738 -720,926
D. Effect of Foreign Exchange rates on Cash & Cash 15,794 -66
Equivalents, net (due to translation of assets and liabilities)
E. Net increase in Cash & Cash Equivalents: (A+B+C+D) -6,098,656 3,776,769
1 Cash and cash equivalents at the beginning of the year 13,083,277 9,306,508
a. Cash (including cheques, drafts and stamps) 1,569,338 141,331
b. Bank balances (including short term deposits) 11,512,059 9,138,284
c. Remittances in transit 1,880 26,893
2 Cash and cash equivalents at the end of the year 6,984,621 13,083,277
a. Cash (including cheques, drafts and stamps) 57,929 1,569,338
b. Bank balances (including short term deposits) 6,851,189 11,512,059
c. Remittances in transit 75,503 1,880

This is the Consolidated Receipts and Payments A/c for the year
ended 31st March, 2020 referred to in our report of even date.
For and on behalf of the Board of Directors
For Guha Nandi & Co. For De & Bose Tajinder Mukherjee
Chartered Accountants Chartered Accountants Chairman-cum-Managing Director
FRN: 302039E FRN: 302175E DIN: 08227563

(CA. Dr. B.S Kundu) (CA.Tarit Dasgupta) Sivaraman Mahadevan

Partner Partner Director
M. No - 051221 M. No - 053380 DIN: 02045100

P. Vijaya Kumar Rina Madia

Place: Kolkata Chief Financial Officer Company Secretary
Date: 26th September, 2020

459 ANNUAL REPORT 2019-20

ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
+xÉÖºÉÚSÉÒ - 1A +ÊMxÉ
|ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ)
2019-20 2018-19
Ê´É´É®hÉ (`’000) (`’000)
ʱÉÊJÉiÉ |ÉiªÉIÉ ´ªÉÉ{ÉÉ® ºÉä |ÉÒÊ¨ÉªÉ¨É 10,440,303 8,834,485
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É º´ÉÒEÞòiÉ 1,390,155 1,373,964
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É +Ì{ÉiÉ 4,659,793 4,332,822
ÊxÉ´É±É |ÉÒÊ¨ÉªÉ¨É 7,170,665 5,875,627
+xÉ{ÉäÊIÉiÉ VÉÉäÊJɨÉÉå Eäò ʱÉB ºÉÆSÉªÉ ¨Éå ¤Én±ÉÉ´É Eäò ʱÉB ºÉ¨ÉɪÉÉäVÉxÉ* -647,519 1,097,485
EÖò±É |ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ) 6,523,146 6,973,112
*¯ {ɪÉä ¶ÉÚxªÉ (°  ¶ÉÚxªÉ) Eäò ʱÉB |ÉÒÊ¨ÉªÉ¨É jÉÖÊ] Eäò ʱÉB ¶ÉÉÊ¨É±É Ê®VÉ´ÉÇ

+xÉÖºÉÚSÉÒ - 2A +ÊMxÉ
´ªÉªÉ ÊEòB MÉB nÉ´Éå (ÊxɴɱÉ)
2019-20 2018-19
Ê´É´É®hÉ (`’000) (`’000)
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB nÉ´Éå
|ÉiªÉIÉ 8,729,211 5,484,391
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ º´ÉÒEÞòiÉ 951,020 802,344
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ +Ì{ÉiÉ 1,582,900 2,944,418
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB ÊxÉ´É±É nÉ´Éå 8,097,331 3,342,317
VÉÉäcå: ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 12,381,475 15,448,690
PÉ]ÉBÆ: ´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 15,448,690 14,892,371
ÊEòB MÉB EÖò±É nÉ´Éå 5,030,116 3,898,636

+xÉÖºÉÚSÉÒ - 3A +ÊMxÉ
Eò¨ÉÒ¶ÉxÉ
2019-20 2018-19
Ê´É´É®hÉ (`’000) (`’000)
¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ Eò¨ÉÒ¶ÉxÉ
|ÉiªÉIÉ EÖò±É (A) * 877,518 697,058
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® º´ÉÒEÞòiÉ Eò¨ÉÒ¶ÉxÉ 276,551 226,783
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® ºÉkÉÉÊxiÉ®iÉ Eò¨ÉÒ¶ÉxÉ 242,658 226,518
ÊxÉ´É±É Eò¨ÉÒ¶ÉxÉ 911,411 697,323

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 460

SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS
SCHEDULE – 1A FIRE
PREMIUM EARNED [NET]
2019-20 2018-19
Particulars
(`’000) (`’000)
Premium from direct business written 10,440,303 8,834,485
Add: Premium on reinsurance accepted 1,390,155 1,373,964
Less : Premium on reinsurance ceded 4,659,793 4,332,822
Net Premium 7,170,665 5,875,627
Adjustment for change in reserve for unexpired risks* -647,519 1,097,485
Total Premium Earned (Net) 6,523,146 6,973,112
* includes Reserve for Premium deficiency for ` Nil (` Nil)

SCHEDULE – 2A FIRE
claims incurred [NET]
2019-20 2018-19
Particulars
(`’000) (`’000)
Claims paid
Direct 8,729,211 5,484,391
Add :Re-insurance accepted 951,020 802,344
Less :Re-insurance ceded 1,582,900 2,944,418
Net Claims paid 8,097,331 3,342,317
Add : Claims Outstanding at the end of the year 12,381,475 15,448,690
Less : Claims Outstanding at the beginning of the year 15,448,690 14,892,371
Total Claims Incurred 5,030,116 3,898,636

SCHEDULE – 3A FIRE
commission
2019-20 2018-19
Particulars
(`’000) (`’000)
Commission paid
Direct - Total (A) * 877,518 697,058
Add: Commission on Re-insurance accepted 276,551 226,783
Less: Commission on Re-insurance ceded 242,658 226,518
Net Commission 911,411 697,323

461 ANNUAL REPORT 2019-20

 2019-20 2018-19
´ªÉ´ÉºÉÉªÉ EòÒ JÉ®Òn Eäò ʱÉB ÊEòB MÉB JÉSÉÉäÈ EòÉ +±ÉMÉ-+±ÉMÉ +ÉÆEòcä (ºÉEò±É): (`’000) (`’000)
+ʦÉEòiÉÉÇ 547,222 447,275
n±ÉÉ±É 316,563 191,955
EòÉì{ÉÉäÇ®ä] BVÉåºÉÒ (ºÉƺlÉÉ) 13,733 57,827
+xªÉ:
{ɮɨɶÉÇ uÉ®É - -
Ê´ÉÊ´ÉvÉ +xªÉ - 1
EÖò±É (B) 877,518 697,058

* ʤÉSÉÉèʱɪÉÉå (¨ÉvªÉ´ÉiÉÔ ºÉƺlÉÉ+Éå) EòÉä ÊnB VÉÉxÉä ´ÉɱÉä ¶ÉÉÊ¨É±É |ÉÉäiºÉɽxÉ/<xÉɨÉ*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 462

 2019-20 2018-19
Break-up of the expenses (Gross) incurred to procure business:
(`’000) (`’000)
Agents 547,222 447,275
Brokers 316,563 191,955
Corporate Agency 13,733 57,827
Others:
Referral - -
Misc. Others - 1
TOTAL (B) 877,518 697,058

* Includes incentive/reward paid to intermediaries

463 ANNUAL REPORT 2019-20

ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
+xÉÖºÉÚSÉÒ - 1B ¨É®ÒxÉ
|ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ)
2019-20 2018-19
Ê´É´É®hÉ (`’000) (`’000)
ʱÉÊJÉiÉ |ÉiªÉIÉ ´ªÉÉ{ÉÉ® ºÉä |ÉÒÊ¨ÉªÉ¨É 2,420,935 2,167,536
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É º´ÉÒEÞòiÉ 149,267 178,534
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É +Ì{ÉiÉ 1,192,987 776,140
ÊxÉ´É±É |ÉÒÊ¨ÉªÉ¨É 1,377,215 1,569,930
+xÉ{ÉäÊIÉiÉ VÉÉäÊJɨÉÉå Eäò ʱÉB ºÉÆSÉªÉ ¨Éå ¤Én±ÉÉ´É Eäò ʱÉB ºÉ¨ÉɪÉÉäVÉxÉ* 155,380 -131,011
EÖò±É |ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ) 1,532,595 1,438,919
*¯ {ɪÉä ¶ÉÚxªÉ (°  ¶ÉÚxªÉ) Eäò ʱÉB |ÉÒÊ¨ÉªÉ¨É jÉÖÊ] Eäò ʱÉB ¶ÉÉÊ¨É±É Ê®VÉ´ÉÇ

+xÉÖºÉÚSÉÒ - 2B ¨É®ÒxÉ
´ªÉªÉ ÊEòB MÉB nÉ´Éå (ÊxɴɱÉ)
2019-20 2018-19
Ê´É´É®hÉ (`’000) (`’000)
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB nÉ´Éå
|ÉiªÉIÉ 1,214,189 1,021,786
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ º´ÉÒEÞòiÉ 105,636 509,120
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ +Ì{ÉiÉ 525,767 337,255
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB ÊxÉ´É±É nÉ´Éå 794,058 1,193,651
VÉÉäcå: ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 1,907,749 1,928,951
PÉ]ÉBÆ: ´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 1,928,951 1,828,376
ÊEòB MÉB EÖò±É nÉ´Éå 772,856 1,294,226

+xÉÖºÉÚSÉÒ - 3B ¨É®ÒxÉ
Eò¨ÉÒ¶ÉxÉ
2019-20 2018-19
Ê´É´É®hÉ (`’000) (`’000)
¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ Eò¨ÉÒ¶ÉxÉ
|ÉiªÉIÉ EÖò±É (A) * 220,243 223,089
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® º´ÉÒEÞòiÉ Eò¨ÉÒ¶ÉxÉ 6,695 29,730
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® +Ì{ÉiÉ Eò¨ÉÒ¶ÉxÉ 140,400 92,973
ÊxÉ´É±É Eò¨ÉÒ¶ÉxÉ 86,538 159,846

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 464

SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS
SCHEDULE – 1B marine
PREMIUM EARNED [NET]

2019-20 2018-19
Particulars
(`’000) (`’000)
Premium from direct business written 2,420,935 2,167,536
Add: Premium on reinsurance accepted 149,267 178,534
Less : Premium on reinsurance ceded 1,192,987 776,140
Net Premium 1,377,215 1,569,930
Adjustment for change in reserve for unexpired risks* 155,380 -131,011
Total Premium Earned (Net) 1,532,595 1,438,919
* includes Reserve for Premium deficiency for ` Nil (` Nil)

SCHEDULE – 2B marine
claims incurred [NET]
2019-20 2018-19
Particulars
(`’000) (`’000)
Claims paid
Direct 1,214,189 1,021,786
Add: Re-insurance accepted 105,636 509,120
Less :Re-insurance ceded 525,767 337,255
Net Claims paid 794,058 1,193,651
Add : Claims Outstanding at the end of the year 1,907,749 1,928,951
Less : Claims Outstanding at the beginning of the year 1,928,951 1,828,376
Total Claims Incurred 772,856 1,294,226

SCHEDULE – 3B marine
commission

2019-20 2018-19
Particulars
(`’000) (`’000)
Commission paid
Direct - Total (A)* 220,243 223,089
Add: Commission on Re-insurance accepted 6,695 29,730
Less: Commission on Re-insurance ceded 140,400 92,973
Net Commission 86,538 159,846

465 ANNUAL REPORT 2019-20

 2019-20 2018-19
´ªÉ´ÉºÉÉªÉ EòÒ JÉ®Òn Eäò ʱÉB ÊEòB MÉB JÉSÉÉäÈ EòÉ +±ÉMÉ-+±ÉMÉ +ÉÆEòcä (ºÉEò±É): (`’000) (`’000)
+ʦÉEòiÉÉÇ 162,801 171,538
n±ÉÉ±É 57,283 51,278
EòÉì{ÉÉäÇ®ä] BVÉåºÉÒ (ºÉƺlÉÉ) 159 273
+xªÉ:
{ɮɨɶÉÇ uÉ®É - -
Ê´ÉÊ´ÉvÉ +xªÉ - -
EÖò±É (B) 220,243 223,089

* ʤÉSÉÉèʱɪÉÉå (¨ÉvªÉ´ÉiÉÔ ºÉƺlÉÉ+Éå) EòÉä ÊnB VÉÉxÉä ´ÉɱÉä ¶ÉÉÊ¨É±É |ÉÉäiºÉɽxÉ/<xÉɨÉ*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 466

Break-up of the expenses (Gross) incurred to procure business: 2019-20 2018-19
(`’000) (`’000)
Agents 162,801 171,538
Brokers 57,283 51,278
Corporate Agency 159 273
Others:
Referral - -
Misc. Others - -
TOTAL (B) 220,243 223,089

* Includes incentive/reward paid to intermediaries

467 ANNUAL REPORT 2019-20

ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
+xÉÖºÉÚSÉÒ - 1C Ê´ÉÊ´ÉvÉ
|ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ)
2019-20 2018-19
Ê´É´É®hÉ (`’000) (`’000)
ʱÉÊJÉiÉ |ÉiªÉIÉ ´ªÉÉ{ÉÉ® ºÉä |ÉÒÊ¨ÉªÉ¨É 140,267,573 140,797,357
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É º´ÉÒEÞòiÉ 1,060,033 953,902
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® |ÉÒÊ¨ÉªÉ¨É +Ì{ÉiÉ 55,374,139 52,690,689
ÊxÉ´É±É |ÉÒÊ¨ÉªÉ¨É 85,953,467 89,060,570
+xÉ{ÉäÊIÉiÉ VÉÉäÊJɨÉÉå Eäò ʱÉB ºÉÆSÉªÉ ¨Éå ¤Én±ÉÉ´É Eäò ʱÉB ºÉ¨ÉɪÉÉäVÉxÉ* 2,817,941 6,529,657
EÖò±É |ÉÒÊ¨ÉªÉ¨É +ÌVÉiÉ (ÊxɴɱÉ) 88,771,408 95,590,227
*¯ {ɪÉä ¶ÉÚxªÉ (°  ¶ÉÚxªÉ) Eäò ʱÉB |ÉÒÊ¨ÉªÉ¨É jÉÖÊ] Eäò ʱÉB ¶ÉÉÊ¨É±É Ê®VÉ´ÉÇ

+xÉÖºÉÚSÉÒ - 2C Ê´ÉÊ´ÉvÉ
´ªÉªÉ ÊEòB MÉB nÉ´Éå (ÊxɴɱÉ)
2019-20 2018-19
Ê´É´É®hÉ (`’000) (`’000)
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB nÉ´Éå
|ÉiªÉIÉ 122,598,468 129,893,847
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ º´ÉÒEÞòiÉ 396,203 820,351
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ +Ì{ÉiÉ 49,355,605 41,333,136
¦ÉÖMÉiÉÉxÉ ÊEòB MÉB ÊxÉ´É±É nÉ´Éå 73,639,066 89,381,062
VÉÉäcå: ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 164,443,524 141,386,087
PÉ]ÉBÆ: ´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå ¤ÉEòɪÉÉ nÉ´ÉÉ 141,386,087 121,619,751
ÊEòB MÉB EÖò±É nÉ´Éå 96,696,503 109,147,398

+xÉÖºÉÚSÉÒ - 3C Ê´ÉÊ´ÉvÉ
Eò¨ÉÒ¶ÉxÉ
2019-20 2018-19
Ê´É´É®hÉ (`’000) (`’000)
¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ Eò¨ÉÒ¶ÉxÉ
|ÉiªÉIÉ EÖò±É (A) * 9,057,336 9,490,535
VÉÉäcå: {ÉÖxɤÉÔ¨ÉÉ {É® º´ÉÒEÞòiÉ Eò¨ÉÒ¶ÉxÉ 92,068 100,387
PÉ]ÉBÆ: {ÉÖxɤÉÔ¨ÉÉ {É® +Ì{ÉiÉ Eò¨ÉÒ¶ÉxÉ 2,105,714 2,275,785
ÊxÉ´É±É Eò¨ÉÒ¶ÉxÉ 7,043,690 7,315,137

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 468

SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS
SCHEDULE – 1C MISCELLANEOUS
PREMIUM EARNED [NET]

2019-20 2018-19
Particulars
(`’000) (`’000)
Premium from direct business written 140,267,573 140,797,357
Add: Premium on reinsurance accepted 1,060,033 953,902
Less : Premium on reinsurance ceded 55,374,139 52,690,689
Net Premium 85,953,467 89,060,570
Adjustment for change in reserve for unexpired risks* 2,817,941 6,529,657
Total Premium Earned (Net) 88,771,408 95,590,227
* includes Reserve for Premium deficiency for ` Nil (` Nil)

SCHEDULE – 2C MISCELLANEOUS
claims incurred [NET]

2019-20 2018-19
Particulars
(`’000) (`’000)
Claims paid
Direct 122,598,468 129,893,847
Add :Re-insurance accepted 396,203 820,351
Less :Re-insurance ceded 49,355,605 41,333,136
Net Claims paid 73,639,066 89,381,062
Add : Claims Outstanding at the end of the year 164,443,524 141,386,087
Less : Claims Outstanding at the beginning of the year 141,386,087 121,619,751
Total Claims Incurred 96,696,503 109,147,398
SCHEDULE – 3C MISCELLANEOUS
commission

2019-20 2018-19
Particulars
(`’000) (`’000)
Commission paid
Direct - Total (A)* 9,057,336 9,490,535
Add: Commission on Re-insurance accepted 92,068 100,387
Less: Commission on Re-insurance ceded 2,105,714 2,275,785
Net Commission 7,043,690 7,315,137

469 ANNUAL REPORT 2019-20

 2019-20 2018-19
´ªÉ´ÉºÉÉªÉ EòÒ JÉ®Òn Eäò ʱÉB ÊEòB MÉB JÉSÉÉäÈ EòÉ +±ÉMÉ-+±ÉMÉ +ÉÆEòcä (ºÉEò±É): (`’000) (`’000)
+ʦÉEòiÉÉÇ 6,041,542 5,490,376
n±ÉÉ±É 2,933,781 3,522,468
EòÉì{ÉÉäÇ®ä] BVÉåºÉÒ (ºÉƺlÉÉ) 24,339 223,866
+xªÉ: - -
{ɮɨɶÉÇ uÉ®É - -
Ê´ÉÊ´ÉvÉ +xªÉ 57,674 253,825
EÖò±É (B) 9,057,336 9,490,535

* ʤÉSÉÉèʱɪÉÉå (¨ÉvªÉ´ÉiÉÔ ºÉƺlÉÉ+Éå) EòÉä ÊnB VÉÉxÉä ´ÉɱÉä ¶ÉÉÊ¨É±É |ÉÉäiºÉɽxÉ/<xÉɨÉ*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 470

Break-up of the expenses (Gross) incurred to procure business: 2019-20 2018-19
(`’000) (`’000)
Agents 6,041,542 5,490,376
Brokers 2,933,781 3,522,468
Corporate Agency 24,339 223,866
Others: - -
Referral - -
Misc. Others (Including MISP Distribution fees) 57,674 253,825
TOTAL (B) 9,057,336 9,490,535

* Includes incentive/reward paid to intermediaries

471 ANNUAL REPORT 2019-20

ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
+xÉÖºÉÚSÉÒ - 4
¤ÉÒ¨ÉÉ ´ªÉ´ÉºÉÉªÉ ºÉä ºÉƤÉÆÊvÉiÉ ºÉÆSÉɱÉxÉÒªÉ ´ªÉªÉ
2019-20 2018-19
Ê´É´É®hÉ (`’000) (`’000)
1. Eò¨ÉÇSÉÉÊ®ªÉÉå EòÉ {ÉÉÊ®¸ÉʨÉEò +Éè® Eò±ªÉÉhÉ ±ÉÉ¦É 35,436,153 18,644,560
2. ªÉÉjÉÉ, ´ÉɽxÉ +Éè® ´ÉɽxÉ SɱÉÉxÉä EòÉ JÉSÉÇ 440,631 539,265
3. |ÉʶÉIÉhÉ EòÉ JÉSÉÇ 48,093 86,088
4. ÊEò®ÉB, n®å +Éè® Eò® 984,630 919,299
5. ¨É®¨¨ÉiÉ 68,037 63,624
6. U{ÉÉ<Ç +Éè® º]ä¶ÉxÉ®Ò 276,669 274,147
7. ºÉÆSÉÉ® 321,173 381,590
8. EòÉxÉÚxÉÒ +Éè® {Éä¶Éä´É® ¶ÉÖ±Eò 201,201 252,211
9. ±ÉäJÉÉ {É®ÒIÉEòÉå EòÒ ¡òÒºÉ, JÉSÉÇ +ÉÊn - -
(a) ±ÉäJÉÉ {É®ÒIÉEò Eäò °  {É ¨Éå 47,420 45,500
(b) ºÉ±ÉɽEòÉ® Eäò °  {É ¨Éå ªÉÉ ÊEòºÉÒ +xªÉ IɨÉiÉÉ ¨Éå, ÊxɨxÉʱÉÊJÉiÉ Eäò ºÉƤÉÆvÉ ¨Éå - -
(i) Eò®ÉvÉÉxÉ Ê´É¹ÉªÉ - -
(ii) ¤ÉÒ¨ÉÉ Ê´É¹ÉªÉ - -
(iii) |ɤÉÆvÉxÉ ºÉä´ÉÉBÆ; iÉlÉÉ - -
(c) ÊEòºÉÒ +xªÉ IɨÉiÉÉ ¨Éå - -
10. Ê´ÉYÉÉ{ÉxÉ +Éè® |ÉSÉÉ® 224,650 203,436
11. ¤ªÉÉVÉ +Éè® ¤ÉéEò ¶ÉÖ±Eò 212,835 132,418
12. +xªÉ: - -
ºÉÚSÉxÉÉ |ÉÉètÉäÊMÉEòÒ ´ªÉªÉ 2,150,902 1,297,509
{ÉÉìʱɺÉÒ Ê]Eò]å 16,541 10,164
Ê´ÉÊ´ÉvÉ JÉSÉÇå 1,642,471 1,519,656
13. ¨ÉÚ±ªÉ ¿ÉºÉ (PÉ]É´É) 779,519 860,664
14. ºÉä´ÉÉ Eò® JÉÉiÉÉ/VÉÒBºÉ]Ò ´ªÉªÉ 1,029,196 823,753
EÖò±É 43,880,121 26,053,884
ÊxɨxÉʱÉÊJÉiÉ EòÉä +É´ÉÆÊ]iÉ:
+ÊMxÉ ®ÉVɺ´É JÉÉiÉÉ 3,327,002 1,594,487
¨É®ÒxÉ ®ÉVɺ´É JÉÉiÉÉ 473,196 321,307
Ê´ÉÊ´ÉvÉ ®ÉVɺ´É JÉÉiÉÉ 40,079,923 24,138,090
EÖò±É 43,880,121 26,053,884

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 472

SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS
SCHEDULE – 4
OPERATING EXPENSES RELATED TO INSURANCE BUSINESS

2019-20 2018-19
Particulars
(`’000) (`’000)
1. Employees’ remuneration & welfare benefits 35,436,153 18,644,560
2. Travel, conveyance and vehicle running expenses 440,631 539,265
3. Training expenses 48,093 86,088
4. Rents, rates & taxes 984,630 919,299
5. Repairs 68,037 63,624
6. Printing & stationery 276,669 274,147
7. Communication 321,173 381,590
8. Legal & professional charges 201,201 252,211
9. Auditors’ fees, expenses etc - -
(a) as auditor 47,420 45,500
(b) as adviser or in any other capacity, in respect of - -
(i) Taxation matters - -
(ii) Insurance matters - -
(iii) Management services; and - -
(c) in any other capacity - -
10. Advertisement and publicity 224,650 203,436
11. Interest & Bank Charges 212,835 132,418
12. Others: - -
IT expenses 2,150,902 1,297,509
Policy Stamps 16,541 10,164
Misc expenses 1,642,471 1,519,656
13. Depreciation 779,519 860,664
14. Service Tax Account/ GST Expenses 1,029,196 823,753
TOTAL 43,880,121 26,053,884
Allocated to:
Fire Revenue Account 3,327,002 1,594,487
Marine Revenue Account 473,196 321,307
Miscellaneous Revenue Account 40,079,923 24,138,090
TOTAL 43,880,121 26,053,884

473 ANNUAL REPORT 2019-20

ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
+xÉÖºÉÚSÉÒ - 5
¶ÉäªÉ® {ÉÚÆVÉÒ
31.03.2020 31.03.2019
Ê´É´É®hÉ iÉEò iÉEò
(`’000) (`’000)
1. +ÊvÉEÞòiÉ {ÉÚÆVÉÒ 26,000,000 2,000,000
|ÉiªÉäEò `10 EòÉ 260,00,00,000 <ÊC´É]Ò ¶ÉäªÉºÉÇ - -
2. VÉÉ®Ò EòÒ MÉ< {ÉÚÄVÉÒ* 25,000,000 1,000,000
|ÉiªÉäEò `10 EòÉ 250,00,00,000 <ÊC´É]Ò ¶ÉäªÉºÉÇ - -
3. +ʦÉnkÉ {ÉÚÆVÉÒ* 25,000,000 1,000,000
|ÉiªÉäEò `10 EòÉ 250,00,00,000 <ÊC´É]Ò ¶ÉäªÉºÉÇ - -
4. ªÉÉÊSÉEòÉ {ÉÚÄVÉÒ* 25,000,000 1,000,000
|ÉiªÉäEò `10 EòÉ 250,00,00,000 <ÊC´É]Ò ¶ÉäªÉºÉÇ - -
PÉ]ÉBä: +´ÉèiÉÊxÉEò Eò½É VÉÉxÉä ´ÉɱÉÉ - -
VÉÉäcä: <ÊC´É]Ò ¶ÉäªÉ® VɤiÉ (¨ÉÚ±É °  {É ºÉä ¦ÉÖMÉiÉÉxÉ EòÒ MÉ<Ç ®ÉʶÉ) - -
PÉ]É´É: ´ÉÉ{ÉºÉ JÉ®ÒnÒ MÉ<Ç <ÊC´É]Ò ¶ÉäªÉ®Éå Eäò ¤É®É¤É® ¨ÉÚ±ªÉ - -
PÉ]É´É: |ÉÉlÉʨÉEò ´ªÉªÉ - -
´ªÉªÉ ÊVɺɨÉä ¤ÉÒ¨ÉÉÆEòxÉ ªÉÉ ¶ÉäªÉ®Éå EòÒ ºÉnºªÉiÉÉ {É® Eò¨ÉÒ¶ÉxÉ ªÉÉ ¥ÉÉäEò®äVÉ ¶ÉÉÊ¨É±É ½Éä
EÖò±É 25,000,000 1,000,000
*(ºÉɨÉÉxªÉ Ê®VÉ´ÉÇ +Éè® ¶ÉäªÉ® |ÉÒÊ¨ÉªÉ¨É Eäò {ÉÚÆVÉÒEò®hÉ uÉ®É {ÉÚ®Ò iÉ®½ ºÉä ¦ÉÖMÉiÉÉxÉ ÊEòB MÉB ¤ÉÉäxÉºÉ ¶ÉäªÉ®Éå Eäò °  {É ¨Éå ¶ÉÉÊ¨É±É `10 Eäò 9,70,96,955
<ÊC´É]Ò ¶ÉäªÉ®)

+xÉÖºÉÚSÉÒ - 5A
¶ÉäªÉ® {ÉÚÆVÉÒ
¶ÉäªÉ®vÉÉÊ®iÉÉ EòÉ iÉ®ÒEòÉ
(|ɤÉÆvÉxÉ uÉ®É |ɨÉÉÊhÉiÉ)
31.03.2020 iÉEò 31.03.2019 iÉEò
¶ÉäªÉ®vÉÉ®Eò
¶ÉäªÉ®Éå EòÒ ºÉÆJªÉÉ VɨÉÉ {ÉÚÆVÉÒ EòÉ % ¶ÉäªÉ®Éå EòÒ ºÉÆJªÉÉ VɨÉÉ {ÉÚÆVÉÒ EòÉ %
|ÉÉäiºÉɽEò
·   ¦ÉÉ®iÉ 2,500,000,000 100% 100,000,000 100%
·   Ê´Énä¶ÉÒ - - - -
+xªÉ - - - -
EÖò±É 2,500,000,000 100% 100,000,000 100%

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 474

SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS
SCHEDULE – 5
share capital
As at As at
Particulars 31.03.2020 31.03.2019
(`’000) (`’000)
1. Authorised Capital 26,000,000 2,000,000
260,00,00,000 Equity shares of ` 10/- each - -
2. Issued Capital * 25,000,000 1,000,000
250,00,00,000 Equity shares of ` 10/- each - -
3. Subscribed Capital * 25,000,000 1,000,000
250,00,00,000 Equity shares of ` 10/- each - -
4. Called-up Capital * 25,000,000 1,000,000
250,00,00,000 Equity shares of ` 10/- each - -
Less: Calls unpaid - -
Add: Equity 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 25,000,000 1,000,000
*(includes 9,70,96,955 Equity shares of ` 10/- each as fully paid-up Bonus shares by capitalisation of
General Reserve and Share premium)

SCHEDULE – 5A
share capital
PATTERN OF SHAREHOLDING
(As certified by the Management)
As at 31.03.2020 As at 31.03.2019
Shareholder Number of % of Holding Number of % of Holding
Shares Shares
Promoters
·   India 2,500,000,000 100% 100,000,000 100%
·   Foreign - - - -
Others - - - -
TOTAL 2,500,000,000 100% 100,000,000 100%

475 ANNUAL REPORT 2019-20

ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
+xÉÖºÉÚSÉÒ - 6
+É®ÊIÉiÉ iÉlÉÉ +ÊvɶÉä¹É
31.03.2020 iÉEò 31.03.2019 iÉEò
Ê´É´É®hÉ (`’000) (`’000)
1. ºÉÆ{ÉÊkÉ EòÉä¹É - -
2. {ÉÚÆVÉÒ |ÉÊiÉnÉxÉ EòÉä¹É - -
3. ¶ÉäªÉ® |ÉÒÊ¨ÉªÉ¨É - -
4. ºÉɨÉÉxªÉ EòÉä¹É 591,082 16,606,244
VÉÉäcä: ¦ÉÚ欃 +Éè® ¦É´ÉxÉ Eäò ʱÉB +ÉEòʺ¨ÉEò EòÉä¹É ºÉä ºlÉÉxÉÉÆiÉ®hÉ - 1,000,000
PÉ]ÉBä: ºÉ½ªÉÉäÊMɪÉÉå Eäò +ÊvÉOɽhÉ Eäò ¤ÉÉn Eäò xÉÖEòºÉÉxÉ EòÉ ºÉ¨ÉɪÉÉäVÉxÉ 34,137 -
PÉ]É´É: ±ÉÉ¦É +Éè® ½ÉÊxÉ JÉÉiÉä ¨Éå ºlÉÉxÉÉÆiÉ®hÉ 556,945 17,015,162
PÉ]É´É: {ÉÖxÉ: JÉ®Òn (¤ÉɪɤÉèEò) Eäò ʱÉB ={ɪÉÉäMÉ EòÒ MÉ<Ç ®É榃 - -
- 591,082
5. +É{ÉnÉ EòÉä¹É 16,533 - 16,587
6. +xªÉ EòÉä¹É: - - -
a) Ê´Énä¶ÉÒ ¨ÉÖpÉ °  {ÉÉÆiÉ®hÉ EòÉä¹É 115,609 - 130,415
b) ÊxÉ´Éä¶É EòÉä¹É 9,610 - 9,610
c) Ê´ÉÊxÉ¨ÉªÉ EòÉä¹É 4,817 - 4,817
d) ¦ÉÚ欃 +Éè® ¦É´ÉxÉ Eäò ʱÉB +ÉEòʺ¨ÉEò EòÉä¹É - 1,000,000 -
PÉ]ÉBä: ºÉɨÉÉxªÉ EòÉä¹É ¨Éå ºlÉÉxÉÉÆiÉ®hÉ - 1,000,000 -
7. ±ÉÉ¦É +Éè® ½ÉÊxÉ JÉÉiÉä ¨Éå ±ÉÉ¦É ¶Éä¹É - - -
EÖò±É 146,569 752,511

BBºÉ-11 Eäò iɽiÉ |ÉEò]ÒEò®hÉ {Éè®É 40(b) 31.03.2020 iÉEò 31.03.2019 iÉEò
Ê´Énä¶ÉÒ ¨ÉÖpÉ °  {ÉÉÆiÉ®hÉ EòÉä¹É (`’000) (`’000)
+ÉÊnEòÉä¹É 130,415 -21,153
VÉÉäcä: ´É¹ÉÇ Eäò nÉè®ÉxÉ °  {ÉÉÆiÉ®hÉ EòÉ |ɦÉÉ´É -14,806 151,568
+xiÉEòÉä¹É 115,609 130,415

+xÉÖºÉÚSÉÒ - 7
=vÉÉ® ®ÉʶɪÉÉÄ
31.03.2020 iÉEò 31.03.2019 iÉEò
Ê´É´É®hÉ (`’000) (`’000)
1. Êb¤ÉåSÉ®/¤ÉÉìxb 8,950,000 8,950,000
2. ¤ÉéEò - -
3. Ê´ÉkÉÒªÉ ºÉƺlÉÉB - -
4. +xªÉ - -
EÖò±É 8,950,000 8,950,000

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 476

SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS
SCHEDULE – 6
RESERVES AND SURPLUS
Particulars As at 31.03.2020 As at 31.03.2019
(`’000) (`’000)
1. Capital Reserve - -
2. Capital Redemption Reserve - -
3. Share Premium - -
4. General Reserves 591,082 16,606,244
Add: Transfer from Contingency Reserve for Land & - 1,000,000
Building
Less: Adjustment of post acquisition losses of 34,137 -
Associates
Less: Transfer to Profit and Loss Account 556,945 17,015,162
Less: Amount utilized for Buy-Back - -
- 591,082
5. Catastrophe Reserve 16,533 - 16,587
6. Other Reserves: - - -
a) Foreign Exchange Translation Reserve 115,609 - 130,415
b) Investment Reserve 9,610 - 9,610
c) Exchange Reserve 4,817 - 4,817
d) Contingency Reserve for Land & Building - 1,000,000 -
Less: Transfer to General Reserve - 1,000,000 -
7. Balance of profit in Profit & Loss Account - - -
TOTAL 146,569 752,511

Disclosure under AS-11, para 40(b) As at 31.03.2020 As at 31.03.2019

FOREIGN EXCHANGE TRANSLATION RESERVE (`’000) (`’000)

Opening Reserve 130,415 -21,153

Add: Effect of translation during the year -14,806 151,568
Closing Reserve 115,609 130,415
SCHEDULE – 7
borrowings As at 31.03.2020 As at 31.03.2019
Particulars
(`’000) (`’000)
1. Debentures/ Bonds 8,950,000 8,950,000
2. Banks - -
3. Financial Institutions - -
4. Others - -
TOTAL 8,950,000 8,950,000

477 ANNUAL REPORT 2019-20

ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
+xÉÖºÉÚSÉÒ - 8
ÊxÉ´Éä¶É - ¶ÉäªÉ®vÉÉ®Eò
31.03.2020 31.03.2019
Ê´É´É®hÉ iÉEò iÉEò
(`’000) (`’000)
±ÉƤÉÒ +´ÉÊvÉ Eäò ÊxÉ´Éä¶É
1. EòÉä¹ÉÉMÉÉ® Ê¤É±É ºÉʽiÉ ºÉ®EòÉ®Ò |ÉÊiɦÉÚÊiɪÉÉÆ +Éè® ºÉ®EòÉ® uÉ®É MÉÉ®Æ]ÒªÉÖHò ¤ÉÉìxb - 578,133
2. +xªÉ º´ÉÒEÞòiÉ |ÉÊiɦÉÚÊiÉ - 2,162
3. +xªÉ ÊxÉ´Éä¶É - -
(a) ¶ÉäªÉ® - -
(aa)  <ÊC´É]Ò [xÉÒSÉä xÉÉä] (1) näJÉå] - 820,251
(bb) |ÉÉlÉʨÉEòiÉÉ - 3
(b) ¨ªÉÚSÉÖ+±É ¡Æòb弃 - 3,880
(c) ´ªÉÖi{ÉxxÉ ºÉÉvÉxÉ - -
(d)  Êb¤ÉåSÉ®/¤ÉÉìxb [xÉÒSÉä xÉÉä] (3a) näJÉå] - 193,763
(e) +xªÉ |ÉÊiɦÉÚÊiɪÉÉÆ: - -
+Éì]Éä +xÉÖ¹ÉÆMÉÒ +Éè® ´ÉåSÉ® {ÉÚÆVÉÒ - 1,476
(f) +xÉÖ¹ÉÆMÉÒ - -
(g) ÊxÉ´Éä¶É ºÉÆ{ÉÊkɪÉÉÆ ºlÉÉ´É® ºÉÆ{ÉnÉ (Ê®ªÉ±É Bº]ä]) - 2,714
4. fÉÆSÉÉMÉiÉ iÉlÉÉ ºÉɨÉÉÊVÉEò IÉäjÉ ¨Éå ÊxÉ´Éä¶É - 124,954
5. ºÉ½ªÉÉäÊMɪÉÉå ¨Éå ÊxÉ´Éä¶É
a) ½ä±lÉ <ƶªÉÉä®åºÉ ]Ò{ÉÒB +Éì¡ò <ÆÊbªÉÉ Ê±ÉʨÉ]äb - 1,459
b) <ÆÊbªÉÉ <Æ]®xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ {ÉÒ]Ò<Ç Ê±ÉʨÉ]äb ˺ÉMÉÉ{ÉÖ® - 255
EÖò±É - 1,729,050
+±{É +´ÉÊvÉ Eäò ÊxÉ´Éä¶É
1. EòÉä¹ÉÉMÉÉ® Ê¤É±É ºÉʽiÉ ºÉ®EòÉ®Ò |ÉÊiɦÉÚÊiɪÉÉÆ +Éè® ºÉ®EòÉ® uÉ®É MÉÉ®Æ]ÒªÉÖHò ¤ÉÉìxb - 10,775
2. +xªÉ º´ÉÒEÞòiÉ |ÉÊiɦÉÚÊiÉ - -
3. +xªÉ ÊxÉ´Éä¶É - -
(a) ¶ÉäªÉ® - -
(aa)  <ÊC´É]Ò - -
(bb) |ÉÉlÉʨÉEòiÉÉ - 34
(b) ¨ªÉÚSÉÖ+±É ¡Æòb弃 - 4,822
(c) ´ªÉÖi{ÉxxÉ ºÉÉvÉxÉ - -
(d) Êb¤ÉåSÉ®/¤ÉÉìxb - 20,246
(e) +xªÉ |ÉÊiɦÉÚÊiɪÉÉÆ (xÉÒSÉä ÊnB MÉB xÉÉä] näJÉå) - 59,068
(f) +xÉÖ¹ÉÆMÉÒ - -
(g) ÊxÉ´Éä¶É ºÉÆ{ÉÊkɪÉÉÆ ºlÉÉ´É® ºÉÆ{ÉnÉ (Ê®ªÉ±É Bº]ä]) - -
4. fÉÆSÉÉMÉiÉ iÉlÉÉ ºÉɨÉÉÊVÉEò IÉäjÉ ¨Éå ÊxÉ´Éä¶É - 16,519
EÖò±É - 111,464
EÖò±É ªÉÉäMÉ - 1,840,515

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 478

SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS
SCHEDULE – 8
investment shareholders
As at As at
Particulars
31.03.2020 31.03.2019
(`’000) (`’000)
LONG TERM INVESTMENTS
1. Government securities and Government guaranteed bonds including - 578,133
Treasury Bills
2. Other Approved Securities - 2,162
3. Other Investments - -
(a) Shares - -
(aa)  Equity [See note (1) below] - 820,251
(bb) Preference - 3
(b) Mutual Funds - 3,880
(c) Derivative Instruments - -
(d)  Debentures/ Bonds [See note (3a) below] - 193,763
(e) Other Securities: - -
Auto ancillary and Venture Capital - 1,476
(f) Subsidiaries - -
(g) Investment Properties-Real Estate - 2,714
4. Investments in Infrastructure and Social Sector - 124,954
5. Investment in Associates
a) Health Insurance TPA of India Limited - 1,459
b) India International Insurance Pte Ltd. Singapore - 255
TOTAL - 1,729,050
SHORT TERM INVESTMENTS
1. Government securities and Government guaranteed bonds including - 10,775
Treasury Bills
2. Other Approved Securities - -
3. Other Investments - -
(a) Shares - -
(aa)  Equity - -
(bb) Preference - 34
(b) Mutual Funds - 4,822
(c) Derivative Instruments - -
(d) Debentures/ Bonds - 20,246
(e)  Other securities (See note below) - 59,068
(f) Subsidiaries - -
(g) Investment Properties-Real Estate - -
4. Investments in Infrastructure and Social Sector - 16,519
TOTAL - 111,464
GRAND TOTAL - 1,840,515

479 ANNUAL REPORT 2019-20

ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
+xÉÖºÉÚSÉÒ - 8A
ÊxÉ´Éä¶É - {ÉÉìʱɺÉÒvÉÉ®E
31.03.2020 31.03.2019
Ê´É´É®hÉ iÉEò iÉEò
(`’000) (`’000)
±ÉƤÉÒ +´ÉÊvÉ Eäò ÊxÉ´Éä¶É
1. EòÉä¹ÉÉMÉÉ® Ê¤É±É ºÉʽiÉ ºÉ®EòÉ®Ò |ÉÊiɦÉÚÊiɪÉÉÆ +Éè® ºÉ®EòÉ® uÉ®É MÉÉ®Æ]ÒªÉÖHò ¤ÉÉìxb 76,050,671 74,197,267
2. +xªÉ º´ÉÒEÞòiÉ |ÉÊiɦÉÚÊiÉ 278,325 276,163
3. +xªÉ ÊxÉ´Éä¶É - -
(a) ¶ÉäªÉ® - -
(aa)  <ÊC´É]Ò [xÉÒSÉä xÉÉä] (1) näJÉå] 63,771,235 104,778,715
(bb) |ÉÉlÉʨÉEòiÉÉ 318 394
(b) ¨ªÉÚSÉÖ+±É ¡Æòb弃 402,564 495,685
(c) ´ªÉÖi{ÉxxÉ ºÉÉvÉxÉ - -
(d)  Êb¤ÉåSÉ®/¤ÉÉìxb [xÉÒSÉä xÉÉä] (3a) näJÉå] 19,875,681 24,751,268
(e) +xªÉ |ÉÊiɦÉÚÊiɪÉÉÆ: - -
+Éì]Éä +xÉÖ¹ÉÆMÉÒ +Éè® ´ÉåSÉ® {ÉÖÆVÉÒ - 188,587
(f) +xÉÖ¹ÉÆMÉÒ - -
(g) ÊxÉ´Éä¶É ºÉÆ{ÉÊkɪÉÉÆ ºlÉÉ´É® ºÉÆ{ÉnÉ (Ê®ªÉ±É Bº]ä]) 2,520 -
4. fÉÆ SÉÉMÉiÉ iÉlÉÉ ºÉɨÉÉÊVÉEò IÉäjÉ ¨Éå ÊxÉ´Éä¶É 13,385,454 15,961,557
5. ºÉ½ªÉÉäÊMɪÉÉå ¨Éå ÊxÉ´Éä¶É
a) ½ä±lÉ <ƶªÉÉä®åºÉ ]Ò{ÉÒB +Éì¡ò <ÆÊbªÉÉ Ê±ÉʨÉ]äb 195,673 186,401
b) <ÆÊbªÉÉ <Æ]®xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ {ÉÒ]Ò<Ç Ê±ÉʨÉ]äb ˺ÉMÉÉ{ÉÖ® 110,378 32,582
EÖò±É 174,072,819 220,868,619
+±{É +´ÉÊvÉ Eäò ÊxÉ´Éä¶É
1. EòÉä¹ÉÉMÉÉ® Ê¤É±É ºÉʽiÉ ºÉ®EòÉ®Ò |ÉÊiɦÉÚÊiɪÉÉÆ +Éè® ºÉ®EòÉ® uÉ®É MÉÉ®Æ]ÒªÉÖHò ¤ÉÉìxb 2,168,958 1,376,332
2. +xªÉ º´ÉÒEÞòiÉ |ÉÊiɦÉÚÊiÉ - -
3. +xªÉ ÊxÉ´Éä¶É - -
(a) ¶ÉäªÉ® - -
(aa)  <ÊC´É]Ò - -
(bb) |ÉÉlÉʨÉEòiÉÉ 2,565 4,345
(b) ¨ªÉÚSÉÖ+±É ¡Æòb弃 17,443,026 615,912
(c) ´ªÉÖi{ÉxxÉ ºÉÉvÉxÉ - -
(d) Êb¤ÉåSÉ®/¤ÉÉìxb 7,489,695 2,586,251
(e) +xªÉ |ÉÊiɦÉÚÊiɪÉÉÆ (xÉÒSÉä ÊnB MÉB xÉÉä] näJÉå) 16,353,870 7,545,349
(f) +xÉÖ¹ÉÆMÉÒ - -
(g) ÊxÉ´Éä¶É ºÉÆ{ÉÊkɪÉÉÆ ºlÉÉ´É® ºÉÆ{ÉnÉ (Ê®ªÉ±É Bº]ä]) - -
4. fÉÆSÉÉMÉiÉ iÉlÉÉ ºÉɨÉÉÊVÉEò IÉäjÉ ¨Éå ÊxÉ´Éä¶É 3,067,114 2,110,163
EÖò±É 46,525,228 14,238,352
EÖò±É ªÉÉäMÉ 220,598,047 235,106,971
xÉÉä]ºÉ:
i) ºÉä¤ÉÒ {ÉÊ®{ÉjÉ ºÉÆJªÉÉ MRD/DoP/SE/Cir-07/2005 ÊnxÉÉÆEò 23 ¡ò®´É®Ò, 2005 Eäò +xÉÖºÉÉ® BxÉBºÉ<Ç/¤ÉÒBºÉ<Ç <ÊC´É]Ò ±ÉäxÉnäxÉ Eäò ʱÉB
¨ÉÉÌVÉxÉ ¨ÉxÉÒ Eäò °  {É ¨Éå ®JÉä MÉB ¶ÉÉÊ¨É±É ` 250000 ½VÉÉ® ({ÉÒ´ÉÉ<Ç ` 250000 ½VÉÉ®)

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 480

SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS
SCHEDULE – 8A
investment policyholders
As at As at
Particulars
31.03.2020 31.03.2019
(`’000) (`’000)
LONG TERM INVESTMENTS
1. Government securities and Government guaranteed bonds 76,050,671 74,197,267
including Treasury Bills
2. Other Approved Securities 278,325 276,163
3. Other Investments - -
(a) Shares - -
(aa)  Equity [See note (1) below] 63,771,235 104,778,715
(bb) Preference 318 394
(b) Mutual Funds 402,564 495,685
(c) Derivative Instruments - -
(d)   Debentures/ Bonds [See note (3a) below] 19,875,681 24,751,268
(e) Other Securities: - -
Auto ancillary and Venture Capital - 188,587
(f) Subsidiaries - -
(g) Investment Properties-Real Estate 2,520 -
4. Investments in Infrastructure and Social Sector 13,385,454 15,961,557
5. Investment in Associates
a) Health Insurance TPA of India Limited 195,673 186,401
b) India International Insurance Pte Ltd. Singapore 110,378 32,582
TOTAL 174,072,819 220,868,619
SHORT TERM INVESTMENTS
1. Government securities and Government guaranteed bonds including 2,168,958 1,376,332
Treasury Bills
2. Other Approved Securities - -
3. Other Investments - -
(a) Shares - -
(aa)  Equity - -
(bb) Preference 2,565 4,345
(b) Mutual Funds 17,443,026 615,912
(c) Derivative Instruments - -
(d) Debentures/ Bonds 7,489,695 2,586,251
(e)  Other securities (See note below) 16,353,870 7,545,349
(f) Subsidiaries - -
(g) Investment Properties-Real Estate - -
4. Investments in Infrastructure and Social Sector 3,067,114 2,110,163
TOTAL 46,525,228 14,238,352
GRAND TOTAL 220,598,047 235,106,971
Notes:
i) Includes ` 250000 thousand (PY ` 250000 thousand) kept as margin money for NSE/BSE equity
transactions as per SEBI Circular No. MRD/DoP/SE/Cir-07/2005 dated 23rd February, 2005

481 ANNUAL REPORT 2019-20

ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
31.03.2020 31.03.2019
8 +Éè® 8A +xÉÖºÉÚSÉÒ Eäò ʱÉB xÉÉä]弃 iÉEò iÉEò
(`’000) (`’000)
1. ºÉÚSÉÒ¤Ér <ÊC´É]Ò |ÉÊiɦÉÚÊiɪÉÉÆ +Éè® ´ªÉÖi{ÉxxÉ ºÉÉvÉxÉ +Éè® <ºÉEäò +±ÉÉ´ÉÉ ¤ÉÉVÉÉ® ¨ÉÚ±ªÉ Eäò
+±ÉÉ´ÉÉ EÆò{ÉxÉÒ Eäò ÊxÉ´Éä¶É EòÒ EÖò±É ®ÉʶÉ:
¤É½Ò ¨ÉÚ±ªÉ 156,663,966 135,899,850
¤ÉÉVÉÉ® ¨ÉÚ±ªÉ 161,903,826 139,324,470
2. |ÉÉ´ÉvÉÉxÉ:
a) MÉè®Êxɹ{ÉÉÊniÉ Êb¤ÉåSÉ® Eäò ÊxÉʨÉkÉ |ÉÉ´ÉvÉÉxÉ (+xÉÖºÉÚSÉÒ 14 ¨Éå MÉè®Êxɹ{ÉÉÊniÉ ÊxÉ´Éä¶É Eäò ʱÉB 2,611,932 605,789
|ÉÉ´ÉvÉÉxÉ Eäò iɽiÉ ´ÉMÉÔEÞòiÉ)
b) Ê´É®±ÉÉ ´ªÉ´ÉºÉÉʪÉEò <ÊC´É]Ò ¶ÉäªÉ®Éå +Éè® <ÊC´É]Ò ¶ÉäªÉ®Éå EòÒ UÉä]Ò VɨÉÉ {ÉÖÆVÉÒ Eäò ÊxÉʨÉkÉ 4,966 4,821
|ÉÉ´ÉvÉxÉ (+xÉÖºÉÚSÉÒ 14 ¨Éå MÉè®Êxɹ{ÉÉÊniÉ ÊxÉ´Éä¶É Eäò ʱÉB |ÉÉ´ÉvÉÉxÉ Eäò iɽiÉ ´ÉMÉÔEÞòiÉ)
c) ´ÉåSÉ® {ÉÖÆVÉÒ Eäò ÊxÉʨÉkÉ |ÉÉ´ÉvÉÉxÉ (+xÉÖºÉÚSÉÒ 14 ¨Éå MÉè®Êxɹ{ÉÉÊniÉ ÊxÉ´Éä¶É Eäò ʱÉB |ÉÉ´ÉvÉÉxÉ 23,918 15,162
Eäò iɽiÉ ´ÉMÉÔEÞòiÉ)
d) ¨ÉÉxÉEò ÊxÉ´Éä¶É Eäò ÊxÉʨÉkÉ |ÉÉ´ÉvÉÉxÉ (+xÉÖºÉÚSÉÒ 14 ¨Éå ¨ÉÉxÉEò {ÉÊ®ºÉÆ{ÉÊkÉ Eäò ʱÉB |ÉÉ´ÉvÉÉxÉ 164,824 172,595
Eäò iɽiÉ ´ÉMÉÔEÞòiÉ)

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 482

SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS

As at As at
Notes to Schedule 8 and 8A 31.03.2020 31.03.2019
(`’000) (`’000)
1. Aggregate amount of Company’s Investments other than
listed Equity Securities and derivative instruments and also
the Market Value thereof:
Book value 156,663,966 135,899,850
Market Value 161,903,826 139,324,470
2. Provisions:
a) Provision against non-performing debentures (grouped under 2,611,932 605,789
Provision for Non-performing Investments in Schedule 14)
b) Provision against thinly traded Equity Shares and short holding 4,966 4,821
of Equity Shares (grouped under Provision for Non-performing
Investments in Schedule 14)
c) Provision against Venture Capital (grouped under Provision 23,918 15,162
for Non-performing Investments in Schedule 14)
d) Provision against Standard Investments (grouped under 164,824 172,595
Provision for Standard Assets in Schedule 14)

483 ANNUAL REPORT 2019-20

ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
+xÉÖºÉÚSÉÒ - 9
@  hÉ
31.03.2020 31.03.2019
Ê´É´É®hÉ iÉEò iÉEò
(`’000) (`’000)
1. ºÉÖ®IÉÉ´ÉÉ® ´ÉMÉÔEò®hÉ
ºÉÖ®ÊIÉiÉ 233,033 237,351
(a) ºÉʨ{ÉkÉ Eäò ÊMÉ®´ÉÒ ½ÉäxÉä {É®
(aa)  ¦ÉÉ®iÉ ¨Éå 233,033 237,351
(bb) ¦ÉÉ®iÉ Eäò ¤Éɽ® - -
(b) ¶ÉäªÉ®Éå, ¤ÉÉÆb, ºÉ®EòÉ®Ò |ÉÊiɦÉÚÊiÉ {É® - -
(c) +xªÉ - -
+ºÉÖ®ÊIÉiÉ 135,560 154,045
EÖò±É 368,593 391,396
2. =vÉÉ®EòiÉÉÇ´ÉÉ® ´ÉMÉÔEò®hÉ
(a) Eåòp +Éè® ®ÉVªÉ ºÉ®EòÉ®å 71,330 89,815
(b) ¤ÉéEò +Éè® Ê´ÉkÉÒªÉ ºÉƺlÉÉxÉ - -
(c) +xÉÖ¹ÉÆMÉÒ - -
(d) +ÉètÉäÊMÉEò ={ÉGò¨É 296,624 300,942
(e) +xªÉ 639 639
EÖò±É 368,593 391,396
|Én¶ÉÇxÉ´ÉÉ® ´ÉMÉÔEò®hÉ
(a) ¨ÉÉxÉEò Eäò °  {É ¨Éå ´ÉMÉÔEÞòiÉ @  hÉ*
(aa) ¦ÉÉ®iÉ ¨Éå 78,290 100,609
(bb) ¦ÉÉ®iÉ Eäò ¤Éɽ® - -
(b) MÉè®-|ÉSÉʱÉiÉ @  hÉ*
(aa) ¦ÉÉ®iÉ ¨Éå 290,303 290,787
(bb) ¦ÉÉ®iÉ Eäò ¤Éɽ® - -
EÖò±É 368,593 391,396
IɨÉiÉÉ´ÉÉ® ´ÉMÉÔEò®hÉ
(a) +±{É +´ÉÊvÉ 1,072 626
(b) nÒPÉÉÇ´ÉÊvÉ 367,521 390,770
EÖò±É 368,593 391,396

*xÉÉä]弃 31.03.2020 31.03.2019

iÉEò iÉEò
(`’000) (`’000)
MÉè®Êxɹ{ÉÉÊniÉ @  hÉ Eäò ÊxÉʨÉkÉ |ÉÉ´ÉvÉÉxÉ (+xÉÖºÉÚSÉÒ 14 ¨Éå +xªÉ Eäò iɽiÉ ´ÉMÉÔEÞòiÉ) 300,303 290,787
¨ÉÉxÉEò @  hÉ Eäò ÊxÉʨÉkÉ |ÉÉ´ÉvÉÉxÉ (+xÉÖºÉÚSÉÒ 14 ¨Éå ¨ÉÉxÉEò {ÉÊ®ºÉÆ{ÉÊkɪÉÉå Eäò |ÉÉ´ÉvÉÉxÉ Eäò 313 402
iɽiÉ ´ÉMÉÔEÞòiÉ)

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 484

SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS
SCHEDULE – 9
loans
As at As at
Particulars 31.03.2020 31.03.2019
(`’000) (`’000)
1. SECURITY-WISE CLASSIFICATION
Secured 233,033 237,351
(a) On mortgage of property
(aa)  In India 233,033 237,351
(bb) Outside India - -
(b) On Shares, Bonds, Govt. Securities - -
(c) Others - -
Unsecured 135,560 154,045
TOTAL 368,593 391,396
2. BORROWER-WISE CLASSIFICATION
(a) Central and State Governments 71,330 89,815
(b) Banks and Financial Institutions - -
(c) Subsidiaries - -
(d) Industrial Undertakings 296,624 300,942
(e) Others 639 639
TOTAL 368,593 391,396
PERFORMANCE-WISE CLASSIFICATION
(a) Loans classified as standard*
(aa) In India 78,290 100,609
(bb) Outside India - -
(b) Non-performing loans*
(aa)  In India 290,303 290,787
(bb) Outside India - -
TOTAL 368,593 391,396
MATURITY-WISE CLASSIFICATION
(a) Short Term 1,072 626
(b) Long Term 367,521 390,770
TOTAL 368,593 391,396

*Notes As at As at
31.03.2020 31.03.2019
(`’000) (`’000)
Provision against non-performing loans (Grouped under Others in 300,303 290,787
Schedule 14)
Provision against Standard loans (Grouped under Provision for 313 402
Standard Assets in Schedule 14)

485 ANNUAL REPORT 2019-20

 ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
+xÉÖºÉÚSÉÒ - 10
ʺlÉ® {ÉÊ®ºÉ¨{ÉÊkÉ (`’000)
±ÉÉMÉiÉ/ºÉEò±É ¤±ÉÉìEò ¨ÉÚ±ªÉ¿ÉºÉ ÊxÉ´É±É ¤±ÉÉìEò
Ê´É´É®hÉ 01.04.2019 ʤÉGòÒ/
´É¹ÉÇ Eäò ´É¹ÉÇ Eäò ʱÉB 31.03.2020 31.03.2019 31.03.2020 31.03.2020 31.03.2019
¨Éå |ÉÉ®ÆʦÉEò ¨Éä ºÉ¨ÉÉÊ{iÉ

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20

nÉè®ÉxÉ Eò]ÉèiÉÒ iÉEò
´É¹ÉÇ Eäò ºÉ¨ÉɪÉÉä
ʱÉB VÉxÉ iÉEò iÉEò iÉEò
iÉEò {ÉÊ®´ÉvÉÇxÉ iÉEò {É®
ºÉn¦ÉÉ´ÉxÉÉ - - - - - - - - - -
+º{ÉÞ¶ªÉ (ºÉÉì}]´ÉäªÉ®) 458,771 25,575 - 484,346 319,292 132,408 - 451,700 32,646 139,479
¦ÉÚ欃 - {ÉÚhÉÇ º´ÉÉʨÉi´É (£òÒ½Éä±b) 6,452 - - 6,452 - - - - 6,452 6,452
{É]Â]ÉvÉÞiÉ ºÉʨ{ÉkÉ* 317,573 - - 317,573 21,833 3,208 - 25,041 292,532 295,740
<¨ÉÉ®iÉå - +É®ºÉÒºÉÒ** 1,236,457 - - 1,236,457 405,287 41,035 - 446,322 790,135 831,170
¡òxÉÔSÉ® +Éè® Ê¡òË]MÉ 536,913 22,553 15,305 544,161 423,169 29,046 -3,251 448,964 95,197 113,744
EÆò{ªÉÚ]® +Éè® +ÆÊiÉ¨É ={ɪÉÉäMÉ ={ÉEò®hÉ 2,949,785 93,759 115,164 2,928,380 2,781,595 57,042 -32,028 2,806,609 121,771 168,190
ºÉ®´É® +Éè® xÉä]´ÉEÇò 3,173,413 274,418 18,854 3,428,977 2,490,022 296,272 -7,278 2,779,016 649,961 683,391
¨ÉÉä]®EòÉ® 1,080,482 376,217 324,774 1,131,925 545,096 190,009 -122,100 613,005 518,920 535,386
EòɪÉÉÇ±ÉªÉ Eäò ={ÉEò®hÉ 218,359 11,365 6,552 223,172 203,265 5,733 -1,684 207,314 15,858 15,094

486
<±ÉäÊC]ÅEò ={ÉEò®hÉ 422,293 31,393 15,342 438,344 331,703 24,298 -2,505 353,496 84,848 90,590
ºÉƪÉÆjÉ +Éè® ¨É¶ÉÒxÉ®Ò (ºÉiÉiÉ |ÉÊGòªÉÉ ºÉƪÉÆjÉ 14,239 - - 14,239 11,472 468 - 11,940 2,299 2,767
Eäò +±ÉÉ´ÉÉ)***
+É´ÉɺÉÒªÉ ºÉÆ{ÉÊkÉ Eäò ¨ÉÉvªÉ¨É ºÉä - - - - - - - - -
EòÉä+Éì{É®äÊ]´É ½É=˺ÉMÉ ºÉÉäºÉÉ<]Ò ¨Éå ¶ÉäªÉ®
EÖò±É 10,414,737 835,280 495,991 10,754,026 7,532,734 779,518 -168,846 8,143,407 2,610,619 2,882,003
|ÉMÉÊiÉ {É® {ÉÖÆVÉÒ EòɪÉÇ 860,201 249,799 - 1,110,000 - - - - 1,110,000 860,201
EÖò±É ªÉÉäMÉ 11,274,938 1,085,079 495,991 11,864,026 7,532,734 779,518 -168,846 8,143,407 3,720,619 3,742,204
Ê{ÉU±ÉÉ ´É¹ÉÇ 10,141,352 1,752,014 618,428 11,274,938 7,013,027 860,664 -340,957 7,532,734 3,742,204

* +½¨ÉnɤÉÉn Eäò BÊ±ÉºÉ Ê¥ÉVÉ ¨Éå BEò ºÉƪÉÖHò ±ÉÒVɽÉä±b ¦ÉÚ欃 (4316 ´ÉMÉÇ ¨ÉÒ]®) EòÉä UÉäcEò® EÆò{ÉxÉÒ Eäò {ÉÉºÉ £òÒ½Éä±b +Éè® ±ÉÒVɽÉä±b ¦ÉÚ欃 Eäò ʱÉB º{ɹ] ¶ÉÒ¹ÉÇEò/{É^ä Eäò EòɪÉÇ ½é, VÉÉä SÉÉ® {ÉÒBºÉªÉÚ ¤ÉÒ¨ÉÉ
EÆò{ÉÊxɪÉÉÄ EòÒ +Éä® ºÉä ÊnxÉÉÆEò 26.7.1989 EòÉä VÉxÉ®±É <ƶªÉÉä®åºÉ EòÉì®{ÉÉä®ä¶ÉxÉ +Éì¡ò <ÆÊbªÉÉ Eäò xÉÉ¨É ºÉä JÉ®ÒnÉ MɪÉÉ lÉÉ*
** <¨ÉÉ®iÉÉå ¨Éå {ÉÚ´ÉÇ´ÉiÉÔ <EòÉ<ªÉÉå Eäò ʱÉB ¦ÉÚ欃 EòÉ ¨ÉÚ±ªÉ ¶ÉÉÊ¨É±É ½è ÊVÉx½å +±ÉMÉ xÉ½Ó ÊEòªÉÉ VÉÉ ºÉEòiÉÉ ½è*
*** ÊVɺɨÉå ʱÉ}], ´ÉÉ]® ]ÅÒ]¨Éå] {±ÉÉÆ] +ÉÊn ¶ÉÉÊ¨É±É ½é*
 SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS
SCHEDULE – 10
fixed assets
(`’000)
Cost/ Gross Block Depreciation Net Block
Particulars Opening Additions Closing
Deductions Upto For the On Sales/ As on As at As at
as at during the as at
for the year 31.03.2019 year Adjustments 31.03.2020 31.03.2020 31.03.2019
01.04.2019 year 31.03.2020
Goodwill - - - - - - - - - -
Intangibles (software) 458,771 25,575 - 484,346 319,292 132,408 - 451,700 32,646 139,479
Land - Freehold 6,452 - - 6,452 - - - - 6,452 6,452
Leasehold Property* 317,573 - - 317,573 21,833 3,208 - 25,041 292,532 295,740
Buildings - RCC** 1,236,457 - - 1,236,457 405,287 41,035 - 446,322 790,135 831,170
Furniture & Fittings 536,913 22,553 15,305 544,161 423,169 29,046 -3,251 448,964 95,197 113,744
Computer and other end use
2,949,785 93,759 115,164 2,928,380 2,781,595 57,042 -32,028 2,806,609 121,771 168,190
devices
Servers & Network 3,173,413 274,418 18,854 3,428,977 2,490,022 296,272 -7,278 2,779,016 649,961 683,391
Motor Cars 1,080,482 376,217 324,774 1,131,925 545,096 190,009 -122,100 613,005 518,920 535,386

487
Office Equipment 218,359 11,365 6,552 223,172 203,265 5,733 -1,684 207,314 15,858 15,094
Electrical Equipments 422,293 31,393 15,342 438,344 331,703 24,298 -2,505 353,496 84,848 90,590
Plant & Machinery (Other than
14,239 - - 14,239 11,472 468 - 11,940 2,299 2,767
Continuous Process Plant)***
Residential Property held through
shares in Co-operative Housing - - - - - - - - - -
Society
TOTAL 10,414,737 835,280 495,991 10,754,026 7,532,734 779,518 -168,846 8,143,407 2,610,619 2,882,003
Capital Work in progress 860,201 249,799 - 1,110,000 - - - - 1,110,000 860,201
Grand Total 11,274,938 1,085,079 495,991 11,864,026 7,532,734 779,518 -168,846 8,143,407 3,720,619 3,742,204
PREVIOUS YEAR 10,141,352 1,752,014 618,428 11,274,938 7,013,027 860,664 -340,957 7,532,734 3,742,204
* The Company has clear title/lease deeds for freehold and leasehold land except for one joint leasehold land (4316 sq. meter) at Ellis
Bridge, Ahmedabad which was purchased in the name of General Insurance Corporation of India on 26.7.1989 on behalf of four PSU
insurance companies.
** Buildings includes value of land for erstwhile units which cannot be segregated.
*** Includes lifts, water treatment plant, etc

ANNUAL REPORT 2019-20

ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
+xÉÖºÉÚSÉÒ - 11
xÉEòn +Éè® ¤ÉéEò ¨Éå VɨÉÉ ®ÉʶɪÉÉÆ
31.03.2020 31.03.2019
Ê´É´É®hÉ iÉEò iÉEò
(`’000) (`’000)
1. xÉEòn (SÉäEò, bÅÉ}] +Éè® Ê]Eò] ºÉʽiÉ) 57,929 1,569,338
2. ¤ÉéEò ¨Éå VɨÉÉ ®ÉʶɪÉÉÆ - -
(a) VɨÉÉJÉÉiÉÉ - -
(aa) +±{ÉEòÉʱÉEò (12 ¨É½ÒxÉä Eäò ¦ÉÒiÉ®) 2,967,787 1,289,784
(bb) +xªÉ - -
(b) SÉɱÉÚ JÉÉiÉÉ 3,883,402 10,222,275
(c) +xªÉ - -
3. EòÉì±É +Éè® +±{É ºÉÚSÉxÉÉ {É® {ÉèºÉÉ - -
(a) ¤ÉéEòÉå Eäò ºÉÉlÉ - -
(b) +xªÉ ºÉƺlÉÉxÉÉå Eäò ºÉÉlÉ - -
4. +xªÉ: - -
{ÉÉ®MɨÉxÉ ¨Éå |Éä¹ÉhÉ 75,503 1,880
EÖò±É 6,984,621 13,083,277
={ɪÉÖÇHò 2 +Éè® 3 ¨Éå ¶ÉÉÊ¨É±É MÉè®+xÉÖºÉÚÊSÉiÉ ¤ÉéEòÉå Eäò ºÉÉlÉ ¶Éä¹É 50,984 59,247

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 488

SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS
SCHEDULE – 11
CASH AND BANK BALANCES

As at As at
Particulars 31.03.2020 31.03.2019
(`’000) (`’000)
1. Cash (including cheques, drafts and stamps) 57,929 1,569,338
2. Bank Balances - -
(a) Deposit Accounts - -
(aa) Short-term (due within 12 months) 2,967,787 1,289,784
(bb) Others - -
(b) Current Accounts 3,883,402 10,222,275
(c) Others - -
3. Money at Call and Short Notice - -
(a) With Banks - -
(b) With other Institutions - -
4. Others: - -
Remittances in transit 75,503 1,880
TOTAL 6,984,621 13,083,277
Balances with Non-Scheduled banks included in 2 and 3 above 50,984 59,247

489 ANNUAL REPORT 2019-20

ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
+xÉÖºÉÚSÉÒ - 12
+ÊOÉ¨É +Éè® +xªÉ {ÉÊ®ºÉ¨{ÉÊkɪÉÉÆ
31.03.2020 31.03.2019
Ê´É´É®hÉ iÉEò iÉEò
(`’000) (`’000)
+ÊOɨÉ
1. ºÉÒËbMÉ EÆò{ÉÊxɪÉÉå Eäò {ÉÉºÉ EòÉä¹É VɨÉÉ (Ê®VÉ´ÉÇ Êb{ÉÉìÊVÉ]) - -
2. ÊxÉ´Éä¶É Eäò ʱÉB +É´ÉänxÉ EòÉ {ÉèºÉÉ - -
3. {ÉÚ´ÉǦÉÖMÉiÉÉxÉ - -
4. ÊxÉnä¶ÉEòÉå/+ÊvÉEòÉÊ®ªÉÉå EòÉä +ÊOÉ¨É - -
5. +ÊOÉ¨É Eò® EòÉ ÊEòªÉÉ MɪÉÉ ¦ÉÖMÉiÉÉxÉ +Éè® »ÉÉäiÉ {É® EòÉ]É MɪÉÉ Eò® 4,791,184 5,414,350
(Eò®ÉvÉÉxÉ Eäò ʱÉB |ÉÉ´ÉvÉÉxÉ EòÉ ÊxɴɱÉ)
6. +xªÉ: - -
+ÊOɨÉ, VɨÉÉ +Éè® {ÉÚ´ÉÇnkÉ ´ªÉªÉ 4,327,827 4,257,536
EÖò±É (A) 9,119,011 9,671,886
+xªÉ {ÉÊ®ºÉÆ{ÉÊkɪÉÉÆ
1. ÊxÉ´Éä¶É {É® +ÌVÉiÉ +ÉªÉ 3,423,872 3,703,592
2. ¤ÉEòɪÉÉ |ÉÒÊ¨ÉªÉ¨É 16,289 6,130
3. BVÉå]Éå EòÒ VɨÉÉ ®É榃 398,031 427,946
4. Ê´Énä¶ÉÒ BVÉåʺɪÉÉå EòÒ VɨÉÉ ®É榃 - -
5. ¤ÉÒ¨ÉÉ EòÉ®Éä¤ÉÉ® {É® +ÉvÉÉÊ®iÉ +xªÉ ºÉƺlÉÉ+Éå ({ÉÖxɤÉÔ¨ÉÉEòiÉÉÇ+Éå ºÉʽiÉ) ºÉä ¤ÉEòɪÉÉ) 48,212,489 37,539,637
6. +xÉÖ¹ÉÆMÉÒ/VɨÉÉ {ÉÖÆÊVɪÉÉå ºÉä ¤ÉEòɪÉÉ - -
7. ¦ÉÉ®iÉÒªÉ Ê®WÉ´ÉÇ ¤ÉéEò Eäò {ÉÉºÉ VɨÉÉ [¤ÉÒ¨ÉÉ +ÊvÉÊxɪɨÉ, 1938 EòÒ vÉÉ®É 7 Eäò +xÉÖºÉÉ®] - -
8. +xªÉ: - -
Ê´ÉÊ´ÉvÉ näxÉnÉ® 9,616,965 9,632,962
ºÉä´ÉÉ Eò® +|ɪÉÖHò =vÉÉ® (GäòÊb])/VÉÒBºÉ]Ò <xÉ{ÉÖ] =vÉÉ® (GäòÊb]) 4,879,947 6,606,841
+SÉ±É VɨÉÉ {ÉÉìʱɺÉÒvÉÉ®EòÉå EòÒ ±ÉÉ´ÉÉÊ®ºÉ ®É榃 870,397 1,100,621
±ÉÉ´ÉÉÊ®ºÉ {ÉÉìʱɺÉÒvÉÉ®EòÉå Eäò ÊxÉÊvÉ {É® +ÉªÉ 153,035 80,039
Ê´ÉÊ´ÉvÉ +xªÉ 620,783 1,432,363
EÖò±É (B) 68,191,808 60,530,131
EÖò±É (A+B) 77,310,819 70,202,017

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 490

SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS
SCHEDULE – 12
ADVANCES AND OTHER ASSETS

As at As at
Particulars 31.03.2020 31.03.2019
(`’000) (`’000)

ADVANCES
1. Reserve deposits with ceding companies - -
2. Application money for investments - -
3. Prepayments - -
4. Advances to Directors / Officers - -
5. Advance tax paid and taxes deducted at source 4,791,184 5,414,350
(Net of provision for taxation)
6. Others: - -
Advance, deposits and prepaid expenses 4,327,827 4,257,536
TOTAL (A) 9,119,011 9,671,886
OTHER ASSETS
1. Income accrued on investments 3,423,872 3,703,592
2. Outstanding Premiums 16,289 6,130
3. Agents’ Balances 398,031 427,946
4. Foreign agencies balances - -
5. Due from other entities carrying on insurance business 48,212,489 37,539,637
(including reinsurers)
6. Due from Subsidiaries / Holding - -
7. Deposit with Reserve Bank of India - -
[Pursuant to section 7 of Insurance Act,1938]
8. Others: - -
Sundry Debtors 9,616,965 9,632,962
Service tax unutilised credit/ GST Input Credit 4,879,947 6,606,841
Fixed Deposit - Unclaimed Amount of Policyholders 870,397 1,100,621
Income on Unclaimed Policyholders’ Funds 153,035 80,039
Misc others 620,783 1,432,363
TOTAL (B) 68,191,808 60,530,131
TOTAL (A+B) 77,310,819 70,202,017

491 ANNUAL REPORT 2019-20

ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
+xÉÖºÉÚSÉÒ - 13
´ÉiÉǨÉÉxÉ näxÉnÉÊ®ªÉÉÆ
31.03.2020 31.03.2019
Ê´É´É®hÉ iÉEò iÉEò
(`’000) (`’000)
1. BVÉå]Éå EòÒ VɨÉÉ ®ÉʶɪÉÉÆ 947,333 1,216,875
2. +xªÉ ¤ÉÒ¨ÉÉ EÆò{ÉÊxɪÉÉå EòÉä ¤ÉEòɪÉÉ 32,940,248 22,396,813
3. ¤ÉÒ¨ÉÉ +Ê{ÉÇiÉ {É® {É® VɨÉÉ ®É榃 22,102,189 23,526,322
4. +ÊOÉ¨É ¨Éå |ÉÉ{iÉ |ÉÒÊ¨ÉªÉ¨É 11,621,319 5,718,254
5. +É´ÉÆÊ]iÉ xÉ ÊEòB MÉB |ÉÒÊ¨ÉªÉ¨É 2,868,157 2,627,300
6. Ê´ÉÊ´ÉvÉ ±ÉäxÉnÉ® 34,390,254 18,916,740
7. +xÉÖ¹ÉÆÊMɪÉÉå/½Éä˱bMÉ EÆò{ÉxÉÒ EòÉä ¤ÉEòɪÉÉ - -
8. ¤ÉEòɪÉÉ nÉ´Éå (+É<ǤÉBxÉ+É®/+É<ǤÉÒBxÉ<Ç+É® ºÉʽiÉ) 178,732,748 158,763,727
9. +ÊvÉEòÉÊ®ªÉÉå/ÊxÉnä¶ÉEòÉå EòÉä ¤ÉEòɪÉÉ - -
10. +xªÉ: - -
ºÉä´ÉÉ Eò® näªÉiÉÉ/VÉÒBºÉ]Ò näªÉiÉÉ 2,693,435 2,159,134
{ÉÚ´ÉÇ ¶ÉäªÉ®vÉÉ®EòÉå EòÉä ¤ÉEòɪÉÉ 292 292
{ÉÉìʱɺÉÒvÉÉ®EòÉå EòÒ ±ÉÉ´ÉÉÊ®ºÉ ®É榃 870,397 1,100,621
±ÉÉ´ÉÉÊ®ºÉ {ÉÉìʱɺÉÒvÉÉ®EòÉå Eäò ÊxÉÊvÉ {É® ÊxÉ´Éä¶É +ÉªÉ 153,035 80,039
EÖò±É 287,319,407 236,506,117

+xÉÖºÉÚSÉÒ - 14
|ÉÉ´ÉvÉÉxÉ
31.03.2020 31.03.2019
Ê´É´É®hÉ iÉEò iÉEò
(`’000) (`’000)
1. +xÉÉ®ÊIÉiÉ |ÉÒÊ¨ÉªÉ¨É EòÉä¹É 45,674,402 48,000,204
2. |ÉÒÊ¨ÉªÉ¨É +¦ÉÉ´É EòÉä¹É - -
3. Eò®ÉvÉÉxÉ Eäò ʱÉB (Eò¨É +ÊOÉ¨É Eò® EòÉ ¦ÉÖMÉiÉÉxÉ +Éè® »ÉÉäiÉ {É® PÉ]ÉB MÉB Eò®) - -
4. |ɺiÉÉÊ´ÉiÉ ±ÉɦÉÉÆ¶É Eäò ʱÉB - -
5. ±ÉɦÉÉÆ¶É Ê´ÉiÉ®hÉ Eò® Eäò ʱÉB - -
6. +xªÉ: - -
ºÉÆÊnMvÉ @  hÉ Eäò ʱÉB 2,182,750 1,998,589
MÉè®-Êxɹ{ÉÉÊniÉ ÊxÉ´Éä¶É Eäò ʱÉB 2,640,816 625,772
MÉè®-Êxɹ{ÉÉÊniÉ @  hÉ Eäò ʱÉB 300,303 290,787
ºÉɨÉÉxªÉ {ÉÊ®ºÉ¨{ÉÊkÉ ÊxÉ´Éä¶É Eäò ʱÉB 164,824 172,595
ºÉɨÉÉxªÉ {ÉÊ®ºÉ¨{ÉÊkÉ @  hÉ Eäò ʱÉB 313 402
EÖò±É 50,963,408 51,088,349

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 492

SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS
SCHEDULE – 13
CURRENT LIABILITIES
As at As at
Particulars 31.03.2020 31.03.2019
(`’000) (`’000)
1. Agents’ Balances 947,333 1,216,875
2. Balances due to other insurance companies 32,940,248 22,396,813
3. Deposits held on re-insurance ceded 22,102,189 23,526,322
4. Premiums received in advance 11,621,319 5,718,254
5. Unallocated Premium 2,868,157 2,627,300
6. Sundry creditors 34,390,254 18,916,740
7. Due to Subsidiaries / holding Company - -
8. Claims Outstanding (including IBNR/IBNER) 178,732,748 158,763,727
9. Due to Officers / Directors - -
10. Others: - -
Service tax liability/ GST Liability 2,693,435 2,159,134
Due to former shareholders 292 292
Unclaimed Amount of Policyholders 870,397 1,100,621
Investment Income on Unclaimed Policyholders’ Fund 153,035 80,039
TOTAL 287,319,407 236,506,117

SCHEDULE – 14
provisions
As at As at
Particulars 31.03.2020 31.03.2019
(`’000) (`’000)
1. Unearned Premium Reserve 45,674,402 48,000,204
2. Premium Deficiency Reserve - -
3. For taxation (less Advance tax paid and Taxes deducted at source) - -
4. For proposed dividends - -
5. For dividend distribution tax - -
6. Others: - -
For doubtful debts 2,182,750 1,998,589
For Non-performing Investments 2,640,816 625,772
For Non-performing Loans 300,303 290,787
For Standard Assets - Investments 164,824 172,595
For Standard Assets - Loans 313 402
TOTAL 50,963,408 51,088,349

493 ANNUAL REPORT 2019-20

ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ ´ÉhÉÇxÉ Eäò BEò ¦ÉÉMÉ EòÉä n¶ÉÉÇiÉÒ +xÉÖºÉÚSÉÒ
+xÉÖºÉÚSÉÒ - 15
Ê´ÉÊ´ÉvÉ ´ªÉªÉ
(´ªÉªÉ UÉäc xÉ näxÉä ªÉÉ ºÉ¨ÉɪÉÉäÊVÉiÉ Eò®xÉä EòÒ ½n iÉEò)
31.03.2020 31.03.2019
Ê´É´É®hÉ iÉEò iÉEò
(`’000) (`’000)
1. ¶ÉäªÉ®/Êb¤ÉåSÉ® Eäò VÉÉ®Ò ½ÉäxÉä {É® nÒ MÉ<Ç UÚ] EòÒ +xÉÖ¨ÉÊiÉ - -
2. +xªÉ: - -

+ɺlÉÊMÉiÉ ®ÉVɺ´É ´ªÉªÉ - {Éå¶ÉxÉ 6,310,464 -

+ɺlÉÊMÉiÉ ®ÉVɺ´É ´ªÉªÉ - OÉäSªÉÖ]Ò - -

EÖò±É 6,310,464 -

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 494

SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS

SCHEDULE – 15
MISCELLANEOUS EXPENDITURE
(To the extent not written off or adjusted)

As at As at
Particulars 31.03.2020 31.03.2019
(`’000) (`’000)
1. Discount Allowed in issue of shares / debentures - -
2. Others: - -
Deferred Revenue expenditure - Pension 6,310,464 -
Deferred Revenue expenditure - Gratuity - -
TOTAL 6,310,464 -

495 ANNUAL REPORT 2019-20

+xÉÖºÉÚSÉÒ - 16
ºÉ¨ÉäEòxÉ EòÉ ÊºÉrÉÆiÉ +Éè® ¨É½i´É{ÉÚhÉÇ ±ÉäJÉÉÆEòxÉ xÉÒÊiɪÉÉÆ
A. ºÉ¨ÉäEòxÉ EòÉ ÊºÉrÉÆiÉ
1. xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ EÆò{ÉxÉÒ Ê±ÉʨÉ]äb +Éè® nÉä ºÉ½ªÉÉäMÉÒ EÆò{ÉÊxɪÉÉå (i) ½ä±lÉ <ƶªÉÉä®åºÉ ]Ò{ÉÒB +Éì¡ò <ÆÊbªÉÉ Ê±ÉʨÉ]äb iÉlÉÉ (ii) <ÆÊbªÉÉ
<Æ]®xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ {ÉÒ]Ò<Ç Ê±ÉʨÉ]äb Eäò Ê´ÉkÉÒªÉ Ê´É´É®hÉÉå EòÉä vªÉÉxÉ ¨Éå ®JÉiÉä ½ÖB ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ Ê´É´É®hÉ iÉèªÉÉ® ÊEòB MÉB ½é* ºÉƤÉr
EÆò{ÉÊxɪÉÉå EòÉä ±ÉäJÉÉÆEòxÉ ¨ÉÉxÉEò-23 ""ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ Ê´É´É®hÉÉå ¨Éå BºÉÉäʺÉB]弃 ¨Éå ÊxÉ´Éä¶É Eäò ʱÉB ±ÉäJÉÉÆEò Eäò +xÉÖºÉÉ® <ÊC´É]Ò Ê´ÉÊvÉ''
Eäò iɽiÉ ºÉ½ªÉÉäÊMɪÉÉå ¨Éå ÊxÉ´Éä¶É EòÉ ={ɪÉÉäMÉ Eò® ºÉ¨ÉäÊEòiÉ ÊEòªÉÉ VÉÉiÉÉ ½è*
2. ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ Ê´É´É®hÉÉå ¨Éå ºÉ½ªÉÉäMÉÒ EÆò{ÉÊxɪÉÉå Eäò ±ÉɦÉ/½ÉÊxÉ EòÉ Ê½ººÉÉ ¶ÉÉÊ¨É±É ½è, ÊVɺÉEòÉ ±ÉäJÉÉ-VÉÉäJÉÉ ""<ÊC´É]Ò |ÉhÉɱÉÒ'' ºÉä ÊEòªÉÉ
MɪÉÉ ½è +Éè® <ºÉÒ iÉ®½, |ÉiªÉäEò ºÉ½ªÉÉäMÉÒ EÆò{ÉÊxɪÉÉå Eäò ±ÉɦÉ/½ÉÊxÉ EòÉ Ê½ººÉÉ (xÉÖEòºÉÉxÉ EòÉä ÊxÉ´Éä¶É EòÒ ±ÉÉMÉiÉ iÉEò ºÉÒʨÉiÉ ÊEòªÉÉ VÉÉ ®½É
½è) ÊxÉ´Éä¶É EòÒ ±ÉÉMÉiÉ ¨Éå VÉÉäcÉ/PÉ]ɪÉÉ VÉÉ ®½É ½è* ºÉ½ªÉÉäMÉÒ EÆò{ÉxÉÒ EòÒ ÊEòºÉÒ +xªÉ {ÉÊ®ºÉÆ{ÉÊkɪÉÉå +Éè® näxÉnÉÊ®ªÉÉå {É® ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ
Ê´É´É®hÉÉå ¨Éå Ê´ÉSÉÉ® xÉ½Ó ÊEòªÉÉ VÉÉiÉÉ ½è*
ªÉ½ÉÆ ºÉ½ªÉÉäMÉÒ EÆò{ÉxÉÒ BEò =t¨É ºÉÆMÉ`xÉ ½è, ÊVÉºÉ {É® ÊxÉ´Éä¶ÉEò EòÉ ¨É½i´É{ÉÚhÉÇ |ɦÉÉ´É ½ÉäiÉÉ ½è, ±ÉäÊEòxÉ ªÉ½ xÉ iÉÉä ÊxÉ´Éä¶ÉEò EòÒ +xÉÖ¹ÉÆMÉÒ
<EòÉ<Ç ½è +Éè® xÉ ½Ò ºÉƪÉÖHò =t¨É ½è*
3. <ÆÊbªÉÉ <Æ]®xÉä¶ÉxÉ±É {ÉÒ]Ò<Ç Ê±ÉʨÉ]äb, ˺ÉMÉÉ{ÉÖ® Eäò Ê{ÉU±Éä Ê´ÉkÉÒªÉ Ê´É´É®hÉÉå Eäò +ÉìÊb] +ÉÆEòcä, VÉÉä 01 VÉxÉ´É®Ò 2019 ºÉä 31 ÊnºÉƤɮ
2019 iÉEò Eäò ½é, ºÉ¨ÉäÊEòiÉ =q䶪ÉÉå Eäò ʱÉB ¶ÉÉÊ¨É±É ÊEòB MÉB*
4. <ÆÊbªÉÉ <Æ]®xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ {ÉÒ]Ò<Ç Ê±ÉʨÉ]äb, ˺ÉMÉÉ{ÉÖ® Eäò Ê´ÉkÉÒªÉ Ê´É´É®hÉÉå Eäò +ÉìÊb] ˺ÉMÉÉ{ÉÖ® EÆò{ÉxÉÒ BC] +Éè® ËºÉMÉÉ{ÉÖ® ¡òÉ<xÉåʶɪɱÉ
Ê®{ÉÉäÍ]MÉ º]ébbºÉÇ (B¡ò+É®BºÉ) Eäò |ÉÉ´ÉvÉÉxÉÉå Eäò +xÉÖºÉÉ® iÉèªÉÉ® ÊEòB MÉB ½é*

<EòÉ<Ç EòÉ xÉɨÉ

¨ÉÚ±É EÆò{ÉxÉÒ:
xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ EÆò{ÉxÉÒ Ê±ÉʨÉ]äb
+xÉÖ¹ÉÆMÉÒ/ºÉ½ªÉÉäMÉÒ:
¦ÉÉ®iÉÒªÉ
½ä±lÉ <ƶªÉÉä®åºÉ ]Ò{ÉÒB +Éì¡ò <ÆÊbªÉÉ Ê±ÉʨÉ]äb
Ê´Énä¶ÉÒ
<ÆÊbªÉÉ <Æ]®xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ {ÉÒ]Ò<Ç Ê±ÉʨÉ]äb, ˺ÉMÉÉ{ÉÖ®

B. ¨É½i´É{ÉÚhÉÇ ±ÉäJÉÉÆEòxÉ xÉÒÊiɪÉÉÆ

1. ±ÉäJÉÉ Eòx´Éå¶ÉxÉ
±ÉÉMÉiÉ +Éè® ={ÉÉVÉÇxÉ +ÉvÉÉÊ®iÉ {ÉrÊiÉ Eäò ¦ÉÉ®iÉ ¨Éå ºÉɨÉÉxªÉ °  {É ºÉä º´ÉÒEÞòiÉ ±ÉäJÉÉÆEòxÉ ÊºÉrÉÆiÉÉå +Éè® ¤ÉÒ¨ÉÉ +ÊvÉÊxÉªÉ¨É 1938, ¤ÉÒ¨ÉÉ
ÊxɪÉɨÉEò B´ÉÆ Ê´ÉEòÉºÉ |ÉÉÊvÉEò®hÉ +ÊvÉÊxÉªÉ¨É 1999, ¤ÉÒ¨ÉÉ ÊxɪÉɨÉEò B´ÉÆ Ê´ÉEòÉºÉ |ÉÉÊvÉEò®hÉ (Ê´ÉkÉÒªÉ Ê´É´É®hÉ +Éè® ¤ÉÒ¨ÉÉ EÆò{ÉÊxɪÉÉå EòÒ
±ÉäJÉÉ {É®ÒIÉEòÉå EòÒ Ê®{ÉÉä]Ç iÉèªÉÉ® Eò®xÉÉ) IRDA ®äMÉÖ±Éä¶ÉxÉ 2002, EòÒ ºÉÉÆÊ´ÉÊvÉEò +ɴɶªÉEòiÉÉ+Éå Eäò +xÉÖºÉÉ® Ê´ÉkÉÒªÉ Ê´É´É®hÉ iÉèªÉÉ®

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 496

Schedule 16
PRINCIPLE OF CONSOLIDATION & SIGNIFICANT ACCOUNTING POLICIES
A. PRINCIPLE OF CONSOLIDATION
1. The Consolidated Financial Statements have been prepared considering the Financial Statements
of National Insurance Company Limited (the Company) and two Associate Companies viz. (i) Health
Insurance TPA of India Limited and (ii) India International Insurance Pte Limited. Associate Companies
are consolidated by using the investments in associates under the equity method in accordance
with Accounting Standard – 23 “Accounting for Investments in Associates in Consolidated Financial
Statements.”
2. The consolidated financial statements include the share of profit/ loss of the associate companies
which has been accounted as per the “Equity Method”, and accordingly, the share of profit/loss of each
of the associate companies (the loss being restricted to the cost of investment) has been added to/
deducted from the cost of investments. No other assets and liabilities of the Associate Company are
considered in the Consolidated Financial Statements.
An associate is an enterprise in which the investor has significant influence and which is neither a
subsidiary nor a joint venture of the investor.
3. The figures of the last audited Financial Statements of India International Insurance Pte Limited,
Singapore incorporated for consolidation purposes, is for the period from 1st January, 2019 to 31st
December, 2019.
4. The audited Financial Statements of India International Insurance Pte Limited, Singapore has been
prepared in accordance with the provisions of the Singapore Companies Act and Singapore Financial
Reporting Standards (FRSs).

Name of the Entity

Parent:
National Insurance Company Limited
Associates:

Indian
Health Insurance TPA of India Limited
Foreign
India International Insurance PTE Ltd., Singapore

B. SIGNIFICANT ACCOUNTING POLICIES

1. ACCOUNTING CONVENTION
The financial statements are prepared and presented in accordance with the Generally Accepted
Accounting Principles followed in India under the historical cost convention and accrual basis of
accounting and in accordance with the statutory requirements of the Insurance Act, 1938, the Insurance
Regulatory and Development Authority Act, 1999, the Insurance Regulatory and Development Authority

497 ANNUAL REPORT 2019-20

 B´ÉÆ |ɺiÉÖiÉ ÊEòB VÉÉiÉä ½é* <ºÉ ºÉƤÉÆvÉ ¨Éå +É<Ç+É®bÒB+É<Ç uÉ®É VÉÉ®Ò ÊEòB MÉB +Énä¶É +Éè® ÊxÉnæ¶É, EÆò{ÉxÉÒ +ÊvÉÊxɪɨÉ, 2013 Eäò ±ÉÉMÉÚ
|ÉÉ´ÉvÉÉxÉ +Éè® EÆò{ÉxÉÒ +ÊvÉÊxÉªÉ¨É EòÒ vÉÉ®É 133 Eäò iɽiÉ ÊxÉÌn¹] ±ÉäJÉÉÆEòxÉ ¨ÉÉxÉEòÉå Eäò +xÉÖ{ÉɱÉxÉ Eäò Gò¨É ¨Éå EÆò{ÉxÉÒ (±ÉäJÉÉ) Ê´ÉÊxɪɨÉ,
2014 Eäò ÊxÉªÉ¨É 7 Eäò ºÉÉlÉ ¤ÉÒ¨ÉÉ =tÉäMÉ ¨Éå |ÉSÉʱÉiÉ ºÉÒ¨ÉÉ +Éè® ´ÉiÉǨÉÉxÉ EòɪÉÇ |ÉlÉÉ+Éå EòÉä ±ÉÉMÉÚ Eò®xÉÉ ½ÉäiÉÉ ½è*

2. +ÉEò±ÉxÉ EòÉ ={ɪÉÉäMÉ

+ɨÉiÉÉè® {É® º´ÉÒEÞòiÉ ±ÉäJÉÉ ÊºÉrÉÆiÉÉå Eäò +xÉÖ°  {É Ê´ÉkÉÒªÉ Ê´É´É®hÉÉå EòÒ iÉèªÉÉ®Ò Eäò ʱÉB |ɤÉÆvÉxÉ EòÉä +ÉEò±ÉxÉ Eò®xÉä +Éè® Ê´ÉkÉÒªÉ Ê´É´É®hÉ
EòÒ ÊiÉÊlÉ {É® {ÉÊ®ºÉÆ{ÉÊkɪÉÉå, näxÉnÉÊ®ªÉÉå, ®ÉVɺ´É ´É JÉSÉÉäÈ Eäò ºÉÉlÉ +ÉEòʺ¨ÉEò näxÉnÉÊ®ªÉÉå Eäò JÉÖ±ÉɺÉÉ EòÉ +xÉÖ¨ÉÉxÉ ±ÉMÉÉxÉä EòÒ +ɴɶªÉEòiÉÉ
½ÉäiÉÒ ½è* ´ÉɺiÉÊ´ÉEò {ÉÊ®hÉÉ¨É =xÉ +xÉÖ¨ÉÉxÉÉå +Éè® ¨ÉÉxªÉiÉÉ+Éå ºÉä ʦÉxxÉ ½Éä ºÉEòiÉä ½é* Ê´ÉkÉÒªÉ Ê´É´É®hÉÉå Eäò ºÉÉlÉ ={ɪÉÉäMÉ ÊEòB VÉÉxÉä ´ÉɱÉä
|ÉÉCEò±ÉxÉ +Éè® +xÉÖ¨ÉÉxÉ, Ê´ÉkÉÒªÉ Ê´É´É®hÉÉå EòÒ iÉÉ®ÒJÉ ¨Éå |ÉɺÉÆÊMÉEò iÉlªÉÉå +Éè® {ÉʮʺlÉÊiɪÉÉå Eäò |ɤÉÆvÉxÉEòÒªÉ ¨ÉÚ±ªÉÉÆEòxÉ {É® +ÉvÉÉÊ®iÉ
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3. |ÉÒʨɪɨÉ
®ÉVɺ´É JÉÉiÉä ¨Éå VÉÉäÊJÉ¨É EòÒ +´ÉvÉÉ®hÉÉ Eäò +ÉvÉÉ® {É® ®Ò-<ƶªÉÉä®åºÉ EòÒ ¶ÉÖr ±ÉÉMÉiÉ EòÉä |ÉÒÊ¨ÉªÉ¨É +ÉªÉ ¨ÉÉxÉiÉä ½é* VɽÉÆ {ÉÉìʱɺÉÒ EòÉ
¦ÉÖMÉiÉÉxÉ ÊEòºiÉÉå ¨Éå |ÉÉ{iÉ ½ÉäiÉÉ ½è, ´É½ÉÆ ÊEòºiÉ EòÒ ®É榃 |ÉÉÊ{iÉ Eäò ºÉ¨ÉªÉ ºÉä ®ÉVɺ´É EòÉä ¨ÉÉxÉÉ VÉÉiÉÉ ½è*
ºÉƤÉÆÊvÉiÉ +xÉÖ¤ÉÆvÉ EòÒ ´ÉÉ{ɺÉÒ JÉÆb Eäò +xÉÖºÉÉ® {ÉÉìʱɺÉÒ EòÒ +´ÉÊvÉ Eäò +ÆiÉ ¨Éå ºÉ®EòÉ® |ÉɪÉÉäÊVÉiÉ ªÉÉäVÉxÉÉ+Éå Eäò iɽiÉ |ÉÒÊ¨ÉªÉ¨É ´ÉÉ{ɺÉÒ
¨ÉÉxªÉ ½ÉäiÉÒ ½è*
1 ʺÉiÉƤɮ 2018 ªÉÉ <ºÉEäò ¤ÉÉn ʤÉEòÒ xÉ<Ç EòÉ® +Éè® nÉä{ÉʽªÉÉ EòÒ ±ÉƤÉÒ +´ÉÊvÉ EòÒ ¤ÉÒ¨ÉÉ {ÉÉìʱÉʺɪÉÉå ¨Éå lÉbÇ {ÉÉ]Ô näxÉnÉ®Ò Eò´É®äVÉ Eäò
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Eò®iÉÒ ½è* º´ÉªÉÆ EòÒ IÉÊiÉ Eò´É®äVÉ Eäò ʱÉB |ÉÉ{iÉ |ÉÒÊ¨ÉªÉ¨É EòÉä +É<ÇbÒ´ÉÒ Eäò +xÉÖ{ÉÉiÉ ¨Éå ´É¹ÉÇ´ÉÉ® ¨ÉÉxÉÉ VÉÉiÉÉ ½è CªÉÉåÊEò ªÉ½ ´É¹ÉÇ n® ´É¹ÉÇ
¤Én±ÉiÉÉ ®½iÉÉ ½è*
3.1 +xÉÌVÉiÉ |ÉÒÊ¨ÉªÉ¨É EòÉä¹É
1 ʺÉiÉƤɮ, 2018 ªÉÉ <ºÉEäò ¤ÉÉn ʤÉEòÒ xÉ<Ç EòÉ® +Éè® nÉä{ÉʽªÉÉ EòÒ ±ÉƤÉÒ +´ÉÊvÉ EòÒ ¤ÉÒ¨ÉÉ {ÉÉìʱÉʺɪÉÉå Eäò ´ÉÉ̹ÉEò |ÉÒÊ¨ÉªÉ¨É ¨Éå
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EòÒ {ÉÉìʱÉʺɪÉÉå Eäò ʱÉB ¦ÉÒ 50% BäºÉÉ EòÉä¹É ½è, ±ÉäÊEòxÉ ¨É®ÒxÉ ½±É {ÉÉìʱɺÉÒ Eäò ʱÉB ªÉ½ 100% ®JÉÉ VÉÉiÉÉ ½è* ½É±ÉÉÆÊEò,
|ÉvÉÉxɨÉÆjÉÒ ¡òºÉ±É ¤ÉÒ¨ÉÉ ªÉÉäVÉxÉÉ Jɮҡò ´ªÉ´ÉºÉɪÉ, ¨Éå Ê´ÉkÉÒªÉ ´É¹ÉÇ Eäò iɽiÉ ºÉÆ{ÉÚhÉÇ VÉÉäÊJÉ¨É +´ÉÊvÉ Eäò ʱÉB +xÉÌVÉiÉ |ÉÒʨɪɨÉ
EòÉä¹É xÉ½Ó ¤ÉxÉɪÉÉ VÉÉiÉÉ ½è*
3.2 |ÉÒʨɪɨɨÉå Eò¨ÉÒ
|ÉÒÊ¨ÉªÉ¨É ¨Éå Eò¨ÉÒ Eäò ʱÉB EòÉä¹É =ºÉ ʺlÉÊiÉ ¨Éå ¨ÉÉxªÉ ½ÉäMÉÉ +Éè® n¶ÉÉǪÉÉ VÉÉBMÉÉ, VÉ¤É BCSÉÖ®Ò Eäò |ɨÉÉÊhÉiÉ ´ÉÉ̹ÉEò xÉä] +xÉÌVÉiÉ
|ÉÒÊ¨ÉªÉ¨É xÉä] ¤ÉÒ¨ÉÉ nÉ´ÉÉ ±ÉÉMÉiÉ, ºÉƤÉÆÊvÉiÉ JÉSÉÇ +Éè® ¨Éå]äxÉåºÉ ±ÉÉMÉiÉ ºÉä +ÊvÉEò ½Éä*
3.3 +ÊOÉ¨É |ÉÉ{iÉ |ÉÒʨɪɨÉ
+ÊOÉ¨É ¨Éå |ÉÉ{iÉ |ÉÒʨɪɨÉ, ´É¹ÉÇ Eäò nÉè®ÉxÉ VÉÉ®Ò EòÒ MÉ<Ç {ÉÉìʱÉʺɪÉÉå Eäò ºÉƤÉÆvÉ ¨Éå |ÉÉ{iÉ |ÉÒÊ¨ÉªÉ¨É EòÉ |ÉÊiÉÊxÉÊvÉi´É Eò®iÉÉ ½è, VɽÉÆ
¤Éè±ÉåºÉ ¶ÉÒ] EòÒ iÉÉ®ÒJÉ Eäò ¤ÉÉn VÉÉäÊJÉ¨É ¶ÉÖ° ½ÉäiÉÉ ½è*
½É±ÉÉÆÊEò, +É<Ç+É®bÒB+É<Ç Eäò {ÉÊ®{ÉjÉ Eäò iɽiÉ ±ÉƤÉÒ +´ÉÊvÉ EòÒ ¨ÉÉä]® ¤ÉÒ¨ÉÉ {ÉÉìʱÉʺɪÉÉå Eäò ¨ÉɨɱÉä ¨Éå, +ÉMÉɨÉÒ ´É¹ÉÉäÈ ¨Éå ¨ÉÉxªÉ
|ÉÒÊ¨ÉªÉ¨É EòÉä +ÊOÉ¨É ¨Éå |ÉÉ{iÉ |ÉÒÊ¨ÉªÉ¨É Eäò °  {É ¨Éå ¨ÉÉxÉÉ VÉÉiÉÉ ½è*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 498

 IRDA (Preparation of Financial Statements and Auditors’ Report of Insurance Companies) Regulations,
2002, and orders and directions issued by the IRDAI in this behalf, the Companies Act, 2013 to the
extent applicable and in compliance with the Accounting Standards specified under section 133 of the
Companies Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 to the extent applicable
and current practices prevailing in the Insurance industry.
2. USE OF ESTIMATES
The preparation of the financial statements in conformity with generally accepted accounting principles
requires management to make estimates and assumptions that affect the reported amount of assets,
liabilities, revenues and expenses and disclosure of contingent liabilities on the date of financial
statement. Actual results may differ from those estimates and assumptions. The estimates and
assumptions used in the accompanying financial statements are based upon management’s evaluation
of the relevant facts and circumstances as on the date of financial statements. Any revision to the
accounting estimates is recognized prospectively in current and future periods.
3. PREMIUM
Premium income is recognized net of re-insurance, based on assumption of risk in related revenue
account. In case of policies where payments are received in installment, the revenue is recognized at
the time of receipt of installment.
Premium refunds under Government sponsored schemes are recognized at the end of the policy
period in accordance with the refund clauses of respective agreements.
In case of long term motor insurance policies for new cars and new two wheelers sold on or after1st
September, 2018, premium received for third party liability coverage is recognized equally over the
policy period on 1/n basis where ‘n’ denotes the term of the policy in years and premium received for
Own damage coverage is recognized on a year to year basis in proportion to the IDV as it moves from
year to year.
3.1 UNEARNED PREMIUM RESERVE
Unearned Premium Reserve is created on the amount representing that part of the net premium
written which is attributable to, and allocated to the succeeding accounting periods including on
the yearly premium recognized on long term motor insurance policies for new cars and new two
wheelers sold on or after 1st September, 2018 and also on the short term policies, at 50% of net
premium except in the case of Marine Hull business, where it is made at 100% of net premium.
However, no Unearned Premium Reserve is created in case of Pradhan Mantri Fasal Bima Yojana
– Kharif business, as the entire risk period falls within the Financial Year.
3.2 PREMIUM DEFICIENCY
Reserve for premium deficiency is recognized and disclosed where the sum of expected net claims
costs, related expenses and maintenance costs exceeds the related net unearned premium on an
annual basis as certified by the Actuary.
3.3 PREMIUM RECEIVED IN ADVANCE
Premium received in advance represents premium received in respect of policies issued during the
year, where the risk commences subsequent to the balance sheet date.
However, in accordance with the IRDAI Circular, in case of long term motor insurance policies, the
premium recognized in the subsequent years is treated as Premium received in advance.

499 ANNUAL REPORT 2019-20

4. +ÊvÉOɽhÉ ±ÉÉMÉiÉ
nÒPÉÇEòÉʱÉEò ¨ÉÉä]® ¤ÉÒ¨ÉÉ +xÉÖ¤ÉÆvÉ ºÉ¨ÉäiÉ xÉB ¤ÉÒ¨ÉÉ +xÉÖ¤ÉÆvÉÉå ºÉä ºÉƤÉÆÊvÉiÉ +ÊvÉOɽhÉ ±ÉÉMÉiÉ =ºÉ ´É¹ÉÇ ¨Éå ʱɪÉÉ VÉÉiÉÉ ½è, ÊVɺɨÉå |ÉÒʨɪɨÉ
¨ÉÉxªÉ ½Ö+É ½Éä*
5. nÉ´ÉÉ

5.1 nÉ´ÉÉå EòÉä ÊxɨxÉʱÉÊJÉiÉ iÉ®ÒEäò ºÉä Ê´ÉSÉÉ® ÊEòªÉÉ VÉÉiÉÉ ½è:

(a) ¦ÉÉ®iÉ ¨Éå |ÉiªÉIÉ ´ªÉÉ{ÉÉ® Eäò ºÉƤÉÆvÉ ¨Éå ´É¹ÉÇ Eäò +ÆiÉ iÉEò |ÉÉ{iÉ ÊEòB MÉB nÉ´Éä EòÒ ºÉÚSÉxÉÉ+Éå Eäò +ÉvÉÉ® {É®;
(b) ¤ÉÒ¨ÉÉ EÆò{ÉÊxɪÉÉå/BVÉå]Éå uÉ®É {ÉÖxɤÉÔ¨ÉÉ ´ªÉ´ÉºÉÉªÉ Eäò ºÉƤÉÆvÉ ¨Éå JÉÉiÉÉå Eäò +ÆÊiÉ¨É °  {É näxÉä EòÒ Eò]+Éì¡ò iÉÉ®ÒJÉ iÉEò*

¤ÉÒ¨ÉÉ nÉ´ÉÉ ÊEòB VÉÉxÉä {É® =ºÉEäò ºÉƤÉÆvÉ ºÉ¨ÉlÉÇxÉ ¨Éå ={ɱɤvÉ VÉÉxÉEòÉÊ®ªÉÉå Eäò +ÉvÉÉ® {É® näxÉnÉÊ®ªÉÉå EòÉ +xÉÖ¨ÉÉxÉ ±ÉMÉɪÉÉ VÉÉiÉÉ
½è* VɽÉÆ ºÉƤÉÆvÉ ºÉ¨ÉlÉÇxÉ ¨Éå EÖòU ={ɱɤvÉ xÉ½Ó ½Éä, ´É½ÉÆ ¨ÉÉèVÉÚnÉ |ÉSɱÉxÉ +Éè® Ê{ÉU±Éä ¤ÉÒ¨ÉÉ ±ÉäJÉxÉ Eäò +xÉÖ¦É´É Eäò +ÉvÉÉ® {É®
|ÉÉ´ÉvÉÉxÉÉå EòÉ +xÉÖ¨ÉÉxÉ ±ÉMÉɪÉÉ VÉÉiÉÉ ½è*
5.2 ={ÉMÉiÉ ±ÉäÊEòxÉ ºÉÚÊSÉiÉ xÉ½Ó (+É<ǤÉÒBxÉ+É®) +Éè® ={ÉMÉiÉ ÊEòxiÉÖ {ɪÉÉÇ{iÉ ºÉÚÊSÉiÉ xÉ½Ó (+É<ǤÉÒBxÉ<Ç+É®) EòÒ ÊºlÉÊiÉ ¨Éå ¤ÉÒ¨ÉÉ nÉ´ÉÉ
EòÉ |ÉÉ´ÉvÉÉxÉ BCSÉÖ®Ò ¨ÉÚ±ªÉÉÆEòxÉ Eäò +ÉvÉÉ® {É® ½ÉäiÉÉ ½è*
5.3 ¨ÉÉä]® Eäò lÉbÇ {ÉÉ]Ô nÉ´ÉÉå ¨Éå, VÉ¤É {ÉÉìʱɺÉÒ Eäò {ɪÉÉÇ{iÉ nºiÉÉ´ÉäVÉÉå Eäò ¤ÉMÉè® EÆò{ÉxÉÒ EòÉä +nɱÉiÉÒ ºÉ¨¨ÉxÉ ÊnB MÉB ½é, BäºÉä +YÉÉiÉ
nÉ´ÉÉå Eäò ʱÉB +xÉÖ¨ÉÉÊxÉiÉ ¨ÉÚ±ªÉ Eäò BEò ÊiɽÉ<Ç EòÒ ºÉÒ¨ÉÉ EòÉ ÊxÉvÉÉÇ®hÉ Eò®iÉä ½ÖB |ÉÉ´ÉvÉÉxÉ ÊnB MÉB ½é +Éè® BEò ºÉÉ±É ºÉä +ÊvÉEò
iÉEò +YÉÉiÉ ®½ä BäºÉä nÉ´ÉÉå Eäò ʱÉB ¨ÉÉèVÉÚnÉ |ÉSɱÉxÉ Eäò iɽiÉ {ÉÚhÉÇ |ÉÉ´ÉvÉÉxÉ ÊEòB MÉB ½é*
5.4 EÆò{ÉxÉÒ uÉ®É ÊxÉ®ºiÉ ÊEòB MÉB nÉ´ÉÉå Eäò ¨ÉɨɱÉÉå ¨Éå +MÉ® nÉ´ÉänÉ® +nɱÉiÉ/±ÉÉäEò{ÉɱÉ/¨ÉvªÉºlÉiÉÉ +ÉÊn Eäò VÉÊ®B ±Écä iÉÉä |ɤÉÆvÉxÉ
EòÉ BäºÉÒ ÊºlÉÊiÉ ¨Éå ¨ÉÉxÉxÉÉ ½è ÊEò +ÆÊiÉ¨É ÊxÉhÉÇªÉ EÆò{ÉxÉÒ Eäò ÊJɱÉÉ¡ò VÉÉxÉä EòÒ ºÉƦÉÉ´ÉxÉÉ ®½iÉÒ ½è*
5.5 EÆò{ÉxÉÒ uÉ®É nɪɮ +{ÉÒ±É ¨Éå ¨ÉÉä]® nÖPÉÇ]xÉÉ nÉ´ÉÉ xªÉɪÉÉÊvÉEò®hÉ (B¨ÉBºÉÒ]Ò) Eäò +Énä¶ÉÉå Eäò +ÉvÉÉ® {É® +nɱÉiÉ ¨Éå VɨÉÉ Eäò °  {É
¨Éå ÊEòB MÉB ¦ÉÖMÉiÉÉxÉ EòÉä ¤ÉEòɪÉÉ nÉ´ÉÉå ¨Éå ºÉä PÉ]ÉEò® ÊnªÉÉ VÉÉiÉÉ ½è* EäòºÉ Eäò +ÆÊiÉ¨É ÊxÉ{É]ÉxÉ {É® nÉ´ÉänÉ® EòÉä ¦ÉÖMÉiÉÉxÉ Eò®iÉä
ºÉ¨ÉªÉ ªÉÊn EòÉä<Ç EòÉä]Ç Êb{ÉÉìÊVÉ] ½Éä iÉÉä =ºÉä ºÉ¨ÉɪÉÉäÊVÉiÉ ÊEòªÉÉ VÉÉiÉÉ ½è* ¨ÉÖEòn¨Éä ¨Éå EÆò{ÉxÉÒ Eäò {ÉIÉ ¨Éå ÊxÉhÉÇªÉ +ÉxÉä EòÒ ÊºlÉÊiÉ
¨Éå, nÉ´ÉÉ ÊEòªÉÉ MɪÉÉ ¦ÉÖMÉiÉÉxÉ JÉÉiÉä EòÉä =ºÉ ºÉÒ¨ÉÉ iÉEò ºÉ¨ÉɪÉÉäÊVÉiÉ ÊEòªÉÉ VÉÉiÉÉ ½è ªÉÉ =ºÉEäò ÊEòºÉÒ ¦ÉÉMÉ EòÉä EÆò{ÉxÉÒ EòÉä ´ÉÉ{ɺÉ
Eò® ÊnªÉÉ VÉÉiÉÉ ½è*
5.6 ¤ÉSÉÒ ´ÉºÉÚ±ÉÒ EòÉä ½ÉÊºÉ±É Eò®xÉä EòÉ |ɪÉÉºÉ ÊEòªÉÉ VÉÉiÉÉ ½è +Éè® <ºÉä nÉ´ÉÉå Eäò JÉÉiÉä ¨Éå VɨÉÉ ÊEòªÉÉ VÉÉiÉÉ ½è*

6. {ÉÖxɤÉÔ¨ÉÉ
6.1 Ê´Énä¶ÉÒ ¤ÉÒ¨ÉÉ EÆò{ÉÊxɪÉÉå ºÉä {ÉÖxɤÉÔ¨ÉÉ º´ÉÒEÞòÊiÉ Eäò ¨ÉɨɱÉä ¨Éå, JÉÉiÉÉå Eäò +ÆÊiÉ¨É °  {É näxÉä EòÒ iÉÉ®ÒJÉ iÉEò |ÉÉ{iÉ Ê®]xÉÇ +Éè® SÉɱÉÚ ´É¹ÉÇ
EòÒ iÉÒºÉ®Ò ÊiɨÉÉ½Ò iÉEò |ÉÉ{iÉ ¦ÉÉ®iÉÒªÉ EÆò{ÉÊxɪÉÉå ºÉä Ê®]xÉÇ +Éè® Ê{ÉU±Éä ´É¹ÉÇ EòÒ SÉÉèlÉÒ ÊiɨÉÉ½Ò Eäò JÉÉiÉÉå ¨Éå ¶ÉÉÊ¨É±É ÊEòªÉÉ VÉÉiÉÉ
½è* VɽÉÆ ¦ÉÒ ¦ÉÉ®iÉÒªÉ EÆò{ÉÊxɪÉÉå ºÉä SÉÉèlÉÒ ÊiɨÉÉ½Ò EòÉ Ê®]xÉÇ +ÉB, =ºÉä ¦ÉÒ º´ÉÒEòÉ® ÊEòªÉÉ VÉÉiÉÉ ½è*
6.2 {ÉÖxɤÉÔ¨ÉÉ, VɽÉÆ {ÉÚhÉÇ Ê´É´É®hÉ ={ɱɤvÉ xÉ½Ó ½é, {ÉÖxɤÉÔ¨ÉÉ Ê´É¦ÉÉMÉ Eäò {ÉÉºÉ ={ɱɤvÉ VÉÉxÉEòÉ®Ò +Éè®/ªÉÉ ºÉƦÉÉÊ´ÉiÉ +ÊvÉEòiÉ¨É xÉÖEòºÉÉxÉ
Eäò =ÊSÉiÉ +xÉÖ¨ÉÉxÉ Eäò +ÉvÉÉ® {É® ½ÉäiÉÉ ½è*
6.3 ]ä®Ê®V¨É {ÉÚ±É ®ä]ÅÉä Eäò ºÉƤÉÆvÉ ¨Éå VÉÒ+É<ǺÉÒ ({ÉÚ±É |ɶÉɺÉEò) ºÉä |ÉÉ{iÉ Ê´É´É®hÉÉå Eäò +xÉÖºÉÉ® JÉÉiÉÉå Eäò ÊxÉ´Éä¶É +ÉªÉ +Éè® ´ªÉªÉ EòÉä
+ÆÊiÉ¨É °  {É ÊnªÉÉ VÉÉiÉÉ ½è*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 500

4. ACQUISITION COST
The acquisition cost relating to new insurance contracts, including long term motor insurance contracts,
is charged in the year in which the premium is recognized.
5. CLAIMS
5.1 Claims are considered in the following manner:
(a) In respect of direct business in India on the basis of claim intimations received upto the year
end;
(b) In respect of re-insurance business as intimated by insurance companies/agents upto cut-off
date of finalization of accounts.
In case of claims reported wherever supporting information are available, liabilities for claims are
estimated on the basis of such information. Wherever supporting are not available, provisions
are estimated on current trends and past underwriting experience.
5.2 Provisions for claims ‘Incurred but Not Reported’ (IBNR) and “Incurred but not enough Reported
(IBNER) are made on the basis of actuarial valuation.
5.3 In respect of motor third party claims, where court summons have been served on the company
without adequate policy particulars, provisions are made to the extent of 1/3rd of the estimated
value of such unidentified claims and for claims remaining unidentified over one year, full provision
is made, in accordance with the existing practice.
5.4 In cases of claims repudiated by the Company but contested by the claimants in courts/ombudsman/
arbitration etc. provisions have been made where the management is of the opinion that the final
awards are likely to go against the company.
5.5 Payments made in the form of court deposits on the basis of Orders of Motor Accident Claims
Tribunal (MACT) in appeals filed by the Company are taken to claims paid with corresponding
reduction in outstanding claims. On final settlement of the case court deposit is adjusted against
payments made, if any, to the claimant. In the event the case is decided in favour of the Company
claims paid account is adjusted to the extent the deposit or any part thereof is refunded to the
Company.
5.6 Salvage recoveries are accounted for on realization and credited to claims account.
6. RE-INSURANCE
6.1 In case of reinsurance acceptances from foreign insurance companies, returns received upto the
date of finalization of accounts and returns from Indian companies received upto 3rd quarter of the
current year and the 4th quarter of the previous year are incorporated in the accounts. Returns of
4th quarter from Indian companies wherever received are also considered.
6.2 In case of reinsurance cessions where full particulars are not available, cessions are done on the
basis of information available with the re-insurance department and/or on the basis of reasonable
estimation of probable maximum loss wherever applicable.
6.3 Investment income and expenses in respect of Terrorism pool retro are accounted as per the
statements received from GIC (Pool Administrator) upto finalization of accounts.

501 ANNUAL REPORT 2019-20

 Ê´Énä¶ÉÒ ¨ÉÖpÉ EòÉ °  {ÉÉÆiÉ®hÉ/+ÆiÉ®hÉ
7.
7.1 {ÉÖxɤÉÔ¨ÉÉ ºÉÆSÉɱÉxÉ
Ê´Énä¶ÉÒ ¨ÉÖpÉ+Éå ¨Éå {ÉÖxɤÉÔ¨ÉÉ Eäò ®ÉVɺ´É ±ÉäxÉnäxÉ EòÉä |ÉiªÉäEò ÊiɨÉÉ½Ò Eäò Ê´ÉÊxÉ¨ÉªÉ EòÒ n®Éå Eäò +ÉèºÉiÉ {É® {ÉÊ®´ÉÌiÉiÉ ÊEòªÉÉ VÉÉiÉÉ ½è,
ÊVɺɨÉå =xÉEòÉ Ê½ºÉÉ¤É ½Éä*
Ê´Énä¶ÉÒ ¨ÉÖpÉ ¨Éå {ÉÖxɤÉÔ¨ÉÉ EòÒ ¨ÉÉèÊpEò ºÉÆ{ÉÊkÉ +Éè® näxÉnÉÊ®ªÉÉå EòÉä +ÆÊiÉ¨É ÊiÉÊlÉ {É® {ÉÊ®´ÉÌiÉiÉ ÊEòªÉÉ VÉÉiÉÉ ½è*
7.2 Ê´Énä¶É ºÉÆSÉɱÉxÉ
Ê´Énä¶ÉÒ Ê´ÉÊxÉ¨ÉªÉ n®Éå ¨Éå {ÉÊ®´ÉiÉÇxÉ Eäò |ɦÉÉ´É ºÉä ºÉƤÉÆÊvÉiÉ ±ÉäJÉÉÆEòxÉ ¨ÉÉxÉEò BBºÉ-11 Eäò +xÉÖºÉÉ® Ê´Énä¶ÉÒ ¶ÉÉJÉÉ (xÉä{ÉÉ±É ¶ÉÉJÉÉ)
EòÉä MÉè®+ʦÉxxÉ Ê´Énä¶ÉÒ +Éì{É®ä¶ÉxÉ Eäò °  {É ¨Éå ´ÉMÉÔEÞòiÉ ÊEòªÉÉ MɪÉÉ ½è* ÊVÉºÉ ½ÉÆMÉEòÉÆMÉ ¶ÉÉJÉÉ EòÉ ºÉÆSÉɱÉxÉ ¤ÉÆn ÊEòªÉÉ VÉÉ ®½É ½è,
=ºÉä +ʦÉxxÉ Ê´Énä¶ÉÒ {ÉÊ®SÉɱÉxÉ Eäò °  {É ¨Éå ´ÉMÉÔEÞòiÉ ÊEòªÉÉ MɪÉÉ ½è*
ºÉÆ{ÉÊkÉ +Éè® näxÉnÉÊ®ªÉÉÆ, nÉäxÉÉå ¨ÉÉèÊpEò +Éè® MÉ讨ÉÉèÊpEò, ºÉ¨ÉÉ{ÉxÉ Ê´ÉÊxÉ¨ÉªÉ n® {É® °  {ÉÉÆiÉÊ®iÉ ½ÉäiÉÒ ½é +Éè® +ÉªÉ +Éè® ´ªÉªÉ ´É¹ÉÇ Eäò
+ÉèºÉiÉ Ê´ÉÊxÉ¨ÉªÉ n® {É® °  {ÉÉÆiÉÊ®iÉ ½ÉäiÉä ½é*
7.3 MÉè®-+ʦÉxxÉ Ê´Énä¶ÉÒ ¶ÉÉJÉÉ ¨Éå Ê´ÉÊxÉ¨ÉªÉ +ÆiÉ®:
BBºÉ-11 Eäò |ÉÉ´ÉvÉÉxÉ Eäò +xÉÖºÉÉ® Ê´Énä¶ÉÒ Ê´ÉÊxÉ¨ÉªÉ n®Éå ¨Éå {ÉÊ®´ÉiÉÇxÉ EòÉ |ɦÉÉ´É, Ê´Énä¶ÉÒ ¶ÉÉJÉÉ (MÉè® +ʦÉxxÉ xÉä{ÉÉ±É ¶ÉÉJÉÉ) ºÉä
ºÉƤÉÆÊvÉiÉ ¶Éä¹É ®É榃 Eäò ±ÉäxÉnäxÉ Eäò +ÉvÉÉ® {É® Ê´ÉÊxÉ¨ÉªÉ +ÆiÉ® Ê´Énä¶ÉÒ ¨ÉÖpÉ °  {ÉÉÆiÉ®hÉ EòÉä¹É ¨Éå =Hò ¶ÉÉJÉÉ EòÉ ºÉÆSÉɱÉxÉ ¤ÉÆn ½ÉäxÉä
iÉEò VɨÉÉ ½ÉäiÉÉ ½è* ={É®ÉäHò EòÉä¹É ¨Éå ºÉÆÊSÉiÉ ¶Éä¹É ®É榃 EòÉä ¶ÉÉJÉÉ Eäò ¤ÉÆn ½ÉäxÉä Eäò ´É¹ÉÇ ¨Éå +ÉªÉ ªÉÉ ´ªÉªÉ Eäò °  {É ¨Éå ¨ÉÉxÉÉ VÉÉiÉÉ
½è*
7.4 ½ÉÆMÉEòÉÆMÉ ¶ÉÉJÉÉ Eäò ±ÉäxÉnäxÉ Eäò EòÉ®hÉ ºÉɨÉxÉä +ɪÉÉ Ê´ÉÊxÉ¨ÉªÉ EòÉ +ÆiÉ® ±ÉÉ¦É +Éè® ½ÉÊxÉ JÉÉiÉä ºÉä ´ÉºÉÚ±ÉÉ VÉÉiÉÉ ½è*
7.5 VÉÒ+É<ǺÉÒ EòÒ ºÉ±Éɽ Eäò +xÉÖºÉÉ® Ê´Énä¶ÉÒ Ê´ÉÊxÉ¨ÉªÉ n®Éå {É® Ê´ÉSÉÉ® ÊEòªÉÉ VÉÉ ®½É ½è*

ÊxÉ´Éä¶É B´ÉÆ @  hÉ

8.
8.1 ÊxÉ´Éä¶É ºÉÆ{ÉÊkÉ {ÉÖ®ÉxÉä ºÉÆÊSÉiÉ ¨ÉÚ±ªÉ¿ÉºÉ +Éè® ½ÉÊxÉ Eäò +ÉvÉÉ® {É® Ê®ªÉ±É Bº]ä] EòÉ ¨É½i´É ÊxÉEò±ÉiÉÉ ½è*
8.2 ÊxÉ´Éä¶É EòÒ ¤É½Ò EòÒ¨ÉiÉ +´ÉÊvÉ Ê´É¶Éä¹É EòÒ ¦ÉÉÊ®iÉ +ÉèºÉiÉ ±ÉÉMÉiÉ +Éè® ¶ÉÖ¯+ÉiÉÒ ¶Éä¹É ®É榃 Eäò ªÉÉäMÉ ºÉä =ºÉ +´ÉÊvÉ EòÒ Ê¤ÉGòÒ
EòÒ¨ÉiÉ EòÉä PÉ]ÉEò® ÊxÉEò±ÉiÉÉ ½è*
8.3 ÊxÉ´Éä¶É EòÒ ±ÉÉMÉiÉ ¨Éå ¥ÉÉäEò®äVÉ, ¶ÉäªÉ® ½ºiÉÉÆiÉ®hÉ º]ÉÆ{É, ¶ÉÖ±Eò, Eò® +ÉÊn ¶ÉÉÊ¨É±É ½é* |ÉÉ{iÉ <ƺÉåÊ]´É EòÉä EòÒ¨ÉiÉ ºÉä PÉ]É ÊnªÉÉ
VÉÉiÉÉ ½è*
8.4 +É<Ç+É®bÒB+É<Ç Ê´ÉÊxÉªÉ¨É Eäò iɽiÉ ÊxÉ´Éä¶É EòÉä <ºÉ |ÉEòÉ® ºÉä +ÉÆEòÉ MɪÉÉ ½è:
(a) @  hÉ |ÉÊiɦÉÚÊiÉ: ºÉ®EòÉ®Ò |ÉÊiɦÉÚiÉ ºÉ¨ÉäiÉ @  hÉ |ÉÊiɦÉÚÊiɪÉÉå +Éè® |ÉÊiÉnäªÉ |ÉÉlÉʨÉEòiÉÉ ´ÉɱÉä ¶ÉäªÉ® {ÉÊ®{ÉC´ÉiÉÉ Eäò ʱÉB ®JÉä VÉÉiÉä
½é +Éè® {ÉÊ®{ÉC´ÉiÉÉ EòÒ ¤ÉSÉÒ +´ÉÊvÉ ¨Éå |ÉÒÊ¨ÉªÉ¨É Eäò {ÉÊ®¶ÉÉävÉxÉ Eäò ¨ÉÖiÉÉʤÉEò {ÉÖ®ÉxÉÒ ±ÉÉMÉiÉ ºÉä <xÉEòÉ ¨ÉÚ±ªÉÉÆEòxÉ ½ÉäiÉÉ ½è*
(b) ºÉÊGòªÉ ¤ÉÉVÉÉ® ¨Éå EòÉ®Éä¤ÉÉ® Eò®xÉä ´ÉɱÉä <ÊC´É]Ò |ÉÊiɦÉÚÊiÉ: ºÉÚSÉÒ¤Ér <ÊC´É]Ò ¶ÉäªÉ®, ÊVÉxÉEòÉ ºÉÊGòªÉ ¤ÉÉVÉÉ®Éå ¨Éå EòÉ®Éä¤ÉÉ®
ÊEòªÉÉ VÉÉiÉÉ ½è, =x½å ¤Éè±ÉåºÉ ¶ÉÒ] EòÒ iÉÉ®ÒJÉ ¨Éå =ÊSÉiÉ ¨ÉÚ±ªÉ {É® ¨ÉÉ{ÉÉ VÉÉiÉÉ ½è* xÉä¶ÉxÉ±É º]ÉìEò BCºÉSÉåVÉ (NSE) ¨Éå +ÆÊiɨÉ
=rÞiÉ ¨ÉÚ±ªÉ EòÉ ¤ÉÉVÉÉ® ¨ÉÚ±ªÉ ªÉÉ +MÉ® (NSE) ¨Éå ±ÉɦÉÉÆ¶É EòÉ EòÉ®Éä¤ÉÉ® xÉ½Ó ÊEòªÉÉ VÉÉiÉÉ ½è, iÉÉä ¤ÉÉ쨤Éä º]ÉìEò BCºÉSÉåVÉ
(BSE) EòÉ +ÆÊiÉ¨É =rÞiÉ ¨ÉÚ±ªÉ EòÉ =ÊSÉiÉ ¨ÉÚ±ªÉ EòÒ MÉhÉxÉÉ Eäò =qä¶ªÉ ºÉä Ê´ÉSÉÉ® ÊEòªÉÉ VÉÉiÉÉ ½è*
ºÉÚSÉÒ¤Ér <ÊC´É]Ò ¶ÉäªÉ®Éå Eäò =ÊSÉiÉ ¨ÉÚ±ªÉ ¨Éå {ÉÊ®´ÉiÉÇxÉ Eäò EòÉ®hÉ =i{ÉxxÉ ½ÉäxÉä ´ÉɱÉä +´ÉɺiÉÊ´ÉEò ±ÉɦÉ/½ÉÊxÉ EòÉä "¡äòªÉ® ´É豪ÉÚ
SÉåVÉ +EòÉ=Æ]' Eäò iɽiÉ <ÊC´É]Ò ¨Éå ±Éä ʱɪÉÉ VÉÉiÉÉ ½è*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 502

7. TRANSLATION/CONVERSION OF FOREIGN CURRENCIES:
7.1 Reinsurance operations:
Revenue transactions of reinsurance in foreign currencies are converted at the average of rates of
exchange of each quarter in which they are accounted.
Monetary assets and liabilities of reinsurance in foreign currencies are converted at the closing
rate.
7.2 Foreign operations:
As per the Accounting Standard AS-11 -The effects of changes in foreign exchange rates, foreign
branch (Nepal Branch) is classified as ‘non-integral foreign operation’. The Hong Kong branch,
being run off operations, is classified as ‘integral foreign operation’.
The assets and liabilities, both monetary and non-monetary, are translated at the closing exchange
rate and the Income & expenses are translated at the average exchange rate of the year.
7.3. Exchange difference in non-integral foreign branch:
As per provision of AS-11 -The effect of changes in Foreign Exchange Rates,exchange difference
on account of transactions of the balances relating to foreign branch (non-integral-Nepal Branch)
is accumulated in Foreign Currency Translation Reserve until the closure of the operation in the
said branch. The cumulative amount of balance lying in aforesaid reserve would be recognized as
income or as expenses in the year of closure of the branch.
7.4 Exchange difference arises on account of transactions of Hong Kong branch is charged to Profit &
Loss Account.
7.5 The foreign exchange rates as advised by GIC, has been considered.
8. INVESTMENTS AND LOANS
8.1 Investment Properties–Real Estates are valued at historical cost less accumulated depreciation
and impairment loss.
8.2 The book value of the Investments is the sum of Weighted Average Cost of Opening balance and
purchases made during the period as reduced by the Cost of sales for that period.
8.3 Cost of investments includes brokerage, share transfer stamps, fees, taxes etc. Incentives received
are deducted from cost.
8.4 Investments have been valued as per IRDAI Regulations as follows:
Debt Securities: Debt securities including Government securities and redeemable preference
(a)
shares are considered as “held to maturity” and measured at historical cost subject to
amortization of premium over the residual period of maturity.
(b) Equity Securities traded in active markets: Listed equity shares which are traded in active
markets are measured at Fair Value as at the Balance Sheet date. For the purpose of calculation
of fair value, the market price of the last quoted closing price at the National Stock Exchange
(NSE) or if the scrip is not traded at NSE, the last quoted closing price of the Bombay Stock
Exchange (BSE) is taken into consideration.
Unrealized gain/loss arising due to changes in the fair value of listed equity shares are taken to
equity under the head “Fair Value Change Account”.

503 ANNUAL REPORT 2019-20

 MÉè®-ºÉÚSÉÒ¤Ér
(c) +Éè® ºÉÊGòªÉ °  {É ºÉä EòÉ®Éä¤ÉÉ® ÊEòB MÉB <ÊC´É]Ò ¶ÉäªÉ®Éå ºÉä <iÉ®: ½ÉÊxÉ EòÒ ÊºlÉÊiÉ ¨Éå {ÉÖ®ÉxÉÒ ±ÉÉMÉiÉ ºÉä ªÉ½
¨ÉÉ{ÉÉ VÉÉiÉÉ ½è*
(d) {ÉÚÆVÉÒ ¤ÉÉVÉÉ® ¨Éå SɱÉxÉä ´ÉɱÉä UÉä]Ò +´ÉÊvÉ Eäò ºÉÉvÉxÉ: ºÉÌ]Ê¡òEäò] +Éè® EòÉì¨ÉÌ¶ÉªÉ±É {ÉÊ®{ÉjÉ VÉèºÉä {ÉÚÆVÉÒ ¤ÉÉVÉÉ® ¨Éå SÉɱÉÚ UÉä]Ò
+´ÉÊvÉ Eäò ºÉÉvÉxÉÉå, ÊVÉxɨÉå ºÉ½¨ÉiÉ n® {É® +xÉÖ¤ÉÆvÉ Eäò ºÉ¨ÉªÉ UÚ] nÒ VÉÉiÉÒ ½è, =xÉEäò Ê®ªÉɪÉiÉÒ ¨ÉÚ±ªÉ {É® ʽºÉÉ¤É ±ÉMÉɪÉÉ VÉÉiÉÉ
½è*
(e) ´ÉåSÉ® EèòÊ{É]±É ¡Æòb (´ÉÒºÉÒB¡ò)/+±]®xÉäÊ]´É <xÉ´Éäº]¨Éå] ¡Æòb (B+É<ÇB¡ò): Ê´ÉkÉ ´É¹ÉÇ Eäò +ÆiÉ ºÉä {ɽ±Éä iÉÒxÉ ´É¹ÉÉäÈ Eäò
ʱÉB, ÊVɺɨÉå |ÉÉ®ÆʦÉEò ºÉÆÊ´ÉiÉ®hÉ ÊEòªÉÉ MɪÉÉ lÉÉ, ´ÉåSÉ® EèòÊ{É]±É ¡Æòb (´ÉÒºÉÒB¡ò)/+±]®xÉäÊ]´É <xÉ´Éäº]¨Éå] ¡Æòb (B+É<ÇB¡ò)
¨Éå ÊxÉ´Éä¶É EòÉ ¨ÉÚ±ªÉ ÊxÉvÉÉÇÊ®iÉ ÊEòªÉÉ VÉÉiÉÉ ½è* <ºÉEäò ¤ÉÉn, ªÉÊn EòÉä<Ç ½è iÉÉä ÊxÉ´Éä¶É ½ÉÊxÉ Eäò +vÉÒxÉ ½è*
(f) ¨ªÉÖSÉÖ+±É ¡Æòb/|ÉÊiɦÉÚÊiÉ EòÉ®Éä¤ÉÉ® Eäò ¡Æòb: ¨ªÉÖSÉÖ+±É/BCºÉSÉåVÉ ]Åäbäb ¡Æòb EòÒ <EòÉ<ªÉÉå ¨Éå ÊxÉ´Éä¶É EòÉ ¨ÉÚ±ªÉÉÆEòxÉ xÉä]
BºÉä]弃 ´É豪ÉÚ (BxÉB´ÉÒ) Eäò +ÉvÉÉ® {É® ÊEòªÉÉ VÉÉiÉÉ ½è +Éè® +´ÉɺiÉÊ´ÉEò ±ÉɦÉ/½ÉÊxÉ EòÉä ¡äòªÉ® ´É豪ÉÚ SÉåVÉ +EòÉ=Æ] ¨Éå ¨ÉÉxÉÉ
VÉÉiÉÉ ½è*
8.5 @  hÉ +Éè® ÊxÉ´Éä¶É EòÒ ½ÉÊxÉ
@  hÉ +Éè® ÊxÉ´Éä¶É Eäò ¨ÉÚ±ªÉ ¨Éå Eò¨ÉÒ EòÉ ¨ÉÚ±ªÉÉÆEòxÉ ¤Éè±ÉåºÉ ¶ÉÒ] EòÒ iÉÉ®ÒJÉ Eäò °  {É ¨Éå ÊEòªÉÉ VÉÉiÉÉ ½è +Éè® ±ÉÉ¦É +Éè® ½ÉÊxÉ JÉÉiÉä
¨Éå ¨ÉÉxªÉ ½ÉäiÉÉ ½è*
(a) <ÊC´É]Ò ¶ÉäªÉ®: EèòÊ{É]±É EòÉä JÉ®É¤É ¨ÉÉxÉÉ VÉÉiÉÉ ½è +MÉ® ÊEòºÉÒ Ê´É¶Éä¹É <ÊC´É]Ò ¶ÉäªÉ® EòÉ ¥ÉäEò+{É ¨ÉÚ±ªÉ =ºÉEäò +ÆÊEòiÉ ¨ÉÚ±ªÉ
ºÉä Eò¨É ½è ªÉÉ VɽÉÆ ´ÉiÉǨÉÉxÉ ¥ÉäEò+{É ¨ÉÚ±ªÉ ={ɱɤvÉ xÉ½Ó ½è +Éè® iÉÒxÉ ºÉÉ±É EòÉ ±ÉMÉÉiÉÉ® xÉÖEòºÉÉxÉ EòÉ <ÊiÉ½ÉºÉ ½è ªÉÉ ªÉÊn
¨ÉÚ±ªÉÉÆEòxÉ EòÒ iÉÉ®ÒJÉ Eäò +xÉÖºÉÉ® Ê{ÉU±Éä iÉÒxÉ ´É¹ÉÉäÈ ºÉä |ÉEòÉʶÉiÉ ´ÉÉ̹ÉEò JÉÉiÉä ={ɱɤvÉ xÉ½Ó ½é*
<ºÉ |ɪÉÉäVÉxÉ Eäò ʱÉB, ¥ÉäEò+{É ¨ÉÚ±ªÉ xÉ´ÉÒxÉiÉ¨É ¤Éè±ÉåºÉ ¶ÉÒ] Eäò +xÉÖºÉÉ® +ÉiÉÉ ½è, VÉÉä ¨ÉÚ±ªÉÉÆEòxÉ EòÒ iÉÉ®ÒJÉ ºÉä {ɽ±Éä 1 (BEò)
´É¹ÉÇ ºÉä +ÊvÉEò xÉ½Ó ½ÉäxÉÉ SÉÉʽB*
VÉ¤É {ÉÚÆVÉÒ JÉÃ®É¤É ½ÉäiÉÒ ½è, iÉÉä <ÊC´É]Ò ¶ÉäªÉ®Éå EòÉ ¨ÉÚ±ªÉ ÊxɨxÉÉxÉÖºÉÉ® ½ÉäiÉÉ ½è:
(i) ºÉÊGòªÉ °  {É ºÉä EòÉ®Éä¤ÉÉ® ÊEòB MÉB <ÊC´É]Ò ¶ÉäªÉ®Éå EòÉä ±ÉÉMÉiÉ ªÉÉ ¤ÉÉVÉÉ® ¨ÉÚ±ªÉ ºÉä Eò¨É ʱÉJÉÉ VÉÉiÉÉ ½è;
(ii) MÉ论ÉÚSÉÒ¤Ér +Éè® +xªÉ ºÉÊGòªÉ °  {É ºÉä EòÉ®Éä¤ÉÉ® ÊEòB MÉB <ÊC´É]Ò ¶ÉäªÉ®Éå EòÒ ±ÉÉMÉiÉ ªÉÉ ¥ÉäEò+{É ¨ÉÚ±ªÉ Eäò xÉÒSÉä ®JÉÉ
VÉÉiÉÉ ½è +Éè® VɽÉÆ ¥ÉäEò+{É ¨ÉÚ±ªÉ ={ɱɤvÉ xÉ½Ó ½è ªÉÉ ªÉ½ xÉEòÉ®Éi¨ÉEò ½è, BäºÉä ¶ÉäªÉ®Éå EòÉä `1/- Eäò xÉÒSÉä ®JÉÉ VÉÉiÉÉ ½è*
+ÉMÉä, ºÉÊGòªÉ °  {É ºÉä EòÉ®Éä¤ÉÉ® ÊEòB MÉB <ÊC´É]Ò ¶ÉäªÉ®Éå Eäò +±ÉÉ´ÉÉ +xªÉ ¨ÉɨɱÉÉå ¨Éå VɽÉÆ ¥ÉäEò+{É ¨ÉÚ±ªÉ +ÊvÉOɽhÉ
±ÉÉMÉiÉ ºÉä Eò¨É ½è (xÉ´ÉÒxÉiÉ¨É ¤Éè±ÉåºÉ ¶ÉÒ] Eäò +xÉÖºÉÉ® ¨ÉÚ±ªÉÉÆEòxÉ EòÒ iÉÉ®ÒJÉ ºÉä BEò ´É¹ÉÇ ºÉä +ÊvÉEò xɽÓ), ´É½ÉÆ +ÊvÉOɽhÉ
±ÉÉMÉiÉ ¨Éå +ÆiÉ® +Éè® ¶ÉäªÉ® Eäò ¥ÉäEò+{É ¨ÉÚ±ªÉ Eäò ¤É®É¤É® |ÉÉ´ÉvÉÉxÉ ÊEòªÉÉ VÉÉiÉÉ ½è*
VÉ¤É ¥ÉäEò+{É ¨ÉÚ±ªÉ xÉEòÉ®Éi¨ÉEò ªÉÉ +xÉÖ{ɱɤvÉ ½è, iÉÉä +ÊvÉOɽhÉ ±ÉÉMÉiÉ +Éè® 1 ¯ {ÉB |ÉÊiÉ EÆò{ÉxÉÒ Eäò xÉɨɨÉÉjÉ ¨ÉÚ±ªÉ Eäò
¤ÉÒSÉ +ÆiÉ® EòÉ |ÉÉ´ÉvÉÉxÉ ±ÉÉMÉÚ ½ÉäMÉÉ*
(b) |ÉÉlÉʨÉEòiÉÉ ¶ÉäªÉ®: VÉ¤É {ÉÚÆVÉÒ JÉ®É¤É ½Éä VÉÉiÉÒ ½è, iÉÉä VÉ¤É {ÉÚÆVÉÒ ¨Éå Eò]ÉèiÉÒ ½Éä VÉÉB +Éè® EÆò{ÉÊxɪÉÉå EòÉ ±ÉMÉÉiÉÉ® PÉÉ]ä EòÉ iÉÒxÉ
ºÉÉ±É EòÉ <ÊiÉ½ÉºÉ ®½ä ªÉÉ VɽÉÆ Ê{ÉU±Éä iÉÒxÉ ´É¹ÉÉäÈ Eäò ´ÉÉ̹ÉEò JÉÉiÉä ¨ÉÚ±ªÉÉÆEòxÉ EòÒ iÉÉ®ÒJÉ {É® ={ɱɤvÉ xÉ½Ó ½é, ´É½ÉÆ {ÉÚÆVÉÒ EòÉä
JÉ®É¤É ½Ö+É ¨ÉÉxÉ Ê±ÉªÉÉ VÉÉiÉÉ ½è* BäºÉä |ÉÉlÉʨÉEòiÉÉ ´ÉɱÉä ¶ÉäªÉ®Éå EòÉä ÊxɨxÉ Eäò °  {É ºÉä +ÉÆEòÉ VÉÉiÉÉ ½è:
i) ªÉÊn EÆò{ÉxÉÒ Eäò <ÊC´É]Ò ¶ÉäªÉ®Éå EòÉä ºÉÊGòªÉ °  {É ºÉä EòÉ®Éä¤ÉÉ® ÊEòªÉÉ VÉÉiÉÉ ½è, iÉÉä =ºÉEäò ´É®ÒªÉiÉÉ ¶ÉäªÉ®Éå EòÉä BEò ¨ÉÚ±ªÉ Eäò
ʱÉB ʱÉJÉÉ VÉÉiÉÉ ½è, VÉÉä =ºÉÒ +xÉÖ{ÉÉiÉ ¨Éå ½ÉäiÉÉ ½è ÊEò <ÊC´É]Ò ¶ÉäªÉ® EòÉ ¤ÉÉVÉÉ® ¨ÉÚ±ªÉ =ºÉEäò +ÆÊEòiÉ ¨ÉÚ±ªÉ {É® ½ÉäiÉÉ ½è*
ii) ªÉÊn EÆò{ÉxÉÒ Eäò <ÊC´É]Ò ¶ÉäªÉ®Éå EòÉä +ºÉÚSÉÒ¤Ér/Eò¨ÉVÉÉä® EòÉ®Éä¤ÉÉ® ÊEòªÉÉ VÉÉiÉÉ ½è, iÉÉä <ºÉEäò ´É®ÒªÉiÉÉ ¶ÉäªÉ®Éå EòÉä BEò ¨ÉÚ±ªÉ

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 504

 Unlisted and other than actively traded Equity Shares: These are measured at historical
(c)
cost subject to impairment.
Short term Money Market Instruments: Short term money market instruments such as
(d)
Certificates of Deposit and Commercial Papers, which are discounted at the time of contract at
the agreed rate, are accounted for at their discounted value.
Venture Capital Fund (VCF)/Alternative Investment Fund (AIF): Investments in Venture
(e)
Capital Fund (VCF)/Alternative Investment Fund (AIF) are valued at cost for the first three
years from the end of the financial year in which the initial disbursement was made. Thereafter,
investments are subjected to impairment, if any.
(f) Mutual Fund/Exchange Traded Fund: Investment in units of Mutual/Exchange Traded fund is
valued on Net Assets Value (NAV) basis and unrealized gain/ loss is recognized in ‘Fair Value
Change Account’.
8.5 Impairment of Loans and Investments
Impairment in value of loans and investments is assessed as at the Balance Sheet date and is
recognized in the Profit and Loss Account.
Equity Share: Capital is considered to be impaired if the break-up value of a particular equity
(a)
share is less than its face value or where the current break-up value is not available and there
is a three years’ history of continuous loss or if the published annual accounts are not available
for the last three years as on the date of valuation.
For this purpose, the break-up value is arrived at as per the latest Balance Sheet, which should
not be more than 1 (one) year prior to the date of valuation.
When capital is impaired, equity shares are valued as under:
(i) Actively traded equity shares are written down to lower of cost or market value;
(ii) Unlisted and other than actively traded equity shares are written down to lower of the cost
or breakup value and where the breakup value is not available or it is negative, such shares
are written down to Re.1/-.
Further, in cases of other than actively traded equity shares where break-up value is less
than acquisition cost (as per latest balance sheet not more than one year prior to the date of
valuation) provision is made equivalent to the difference in acquisition cost and the break-
up value of the share.
When the break-up value is negative or unavailable, provision shall be difference between
the acquisition cost and a nominal value of Re.1/- per company.
(b) Preference share: Capital is considered to be impaired when the capital is eroded and the
companies are having three years’ history of continuous losses or where the annual accounts for
three immediately preceding years are not available on the date of valuation. Such preference
shares are valued as under:
i) If the equity shares of the company are actively traded, its preference shares are written
down to a value, which is in the same proportion that the market value of the equity share
bears to its face value.
ii) If the equity shares of the company are unlisted/thinly traded, its preference shares are

505 ANNUAL REPORT 2019-20

 Eäò ʱÉB ʱÉJÉÉ VÉÉiÉÉ ½è, VÉÉä =ºÉÒ +xÉÖ{ÉÉiÉ ¨Éå ½è ÊEò <ÊC´É]Ò ¶ÉäªÉ® EòÉ ¥ÉäEò+{É ¨ÉÚ±ªÉ <ºÉEäò +ÆÊEòiÉ ¨ÉÚ±ªÉ Eäò ºÉ¨ÉÉxÉ ½Éä*
+MÉ® <ÊC´É]Ò ¶ÉäªÉ® EòÉ ¥ÉäEò+{É ¨ÉÚ±ªÉ Eò¨É ½è ªÉÉ ªÉÊn ¨ÉÚ±ªÉÉÆEòxÉ EòÒ iÉÉ®ÒJÉ Eäò +xÉÖºÉÉ® Ê{ÉU±Éä BEò ºÉÉ±É EòÉ |ÉEòÉʶÉiÉ
´ÉÉ̹ÉEò JÉÉiÉÉ ={ɱɤvÉ xÉ½Ó ½é, ´É½ÉÆ ´É®ÒªÉiÉÉ EòÉ ¶ÉäªÉ® xÉɨɨÉÉjÉ EòÒ EòÒ¨ÉiÉ `1/- |ÉÊiÉ EÆò{ÉxÉÒ Eäò xÉÒSÉä ®JÉÉ VÉÉiÉÉ ½è*
(c) @  hÉ B´ÉÆ @  hÉ{ÉjÉEò: BºÉä] ´ÉMÉÔEò®hÉ, +ÉªÉ EòÒ ¨ÉÉxªÉiÉÉ +Éè® @  hÉ/+ÊOɨÉ/@  hÉ{ÉjÉEò ºÉä ºÉƤÉÆÊvÉiÉ |ÉÉ´ÉvÉÉxÉÉå ¨Éå EÆò{ÉxÉÒ
+É<Ç+É®bÒB+É<Ç/ºÉƤÉÆÊvÉiÉ +É®¤ÉÒ+É<Ç Ên¶ÉÉÊxÉnæ¶ÉÉå uÉ®É ÊxÉvÉÉÇÊ®iÉ Ê´É´ÉäEò{ÉÚhÉÇ ¨ÉÉxÉnÆbÉå EòÉ {ÉɱÉxÉ Eò®iÉÒ ½è*
(d) ´ÉåSÉ® EèòÊ{É]±É ¡Æòb (VCF)/+±]®xÉäÊ]´É <xÉ´Éäº]¨Éå] ¡Æòb (AIF): BäºÉä ÊxÉ´Éä¶ÉÉå Eäò ¨ÉÚ±ªÉ ¨Éå Eò¨ÉÒ Eäò ʱÉB |ÉÉ´ÉvÉÉxÉ
ÊEòªÉÉ VÉÉiÉÉ ½è, VɽÉÆ NAV Eäò °  {É ¨Éå ¤Éè±ÉåºÉ ¶ÉÒ] EòÒ iÉÉ®ÒJÉ ±ÉÉMÉiÉ ºÉä Eò¨É ½ÉäiÉÒ ½è* ªÉÊn BxÉB´ÉÒ +ÉÆEòcä ÊnJÉÉxÉä ´ÉɱÉÒ
+ÉìÊb]äb ¤Éè±ÉåºÉ ¶ÉÒ]/Ê´ÉkÉÒªÉ Ê´É´É®hÉ ¨ÉÚ±ªÉÉÆEòxÉ EòÒ iÉÉ®ÒJÉ Eäò +xÉÖºÉÉ® 18 ¨É½ÒxÉä ºÉä +ÊvÉEò ºÉ¨ÉªÉ iÉEò ±ÉMÉÉiÉÉ® ={ɱɤvÉ
xÉ½Ó ½é, iÉÉä ÊxÉ´Éä¶É EòÉ ¨ÉÚ±ªÉ |ÉÊiÉ ´ÉÒºÉÒB¡ò/B+É<ÇB¡ò `1/- ½è*
xÉÖEòºÉÉxÉ EòÒ ´ÉÉ{ɺÉÒ
8.6
ºÉÊGòªÉ °  {É ºÉä EòÉ®Éä¤ÉÉ® ÊEòB MÉB <ÊC´É]Ò ¶ÉäªÉ®Éå Eäò ¨ÉɨɱÉä ¨Éå, {ɽ±Éä ±ÉÉ¦É +Éè® ½ÉÊxÉ JÉÉiÉä ¨Éå ¨ÉÉxªÉiÉÉ |ÉÉ{iÉ ½ÉÊxÉ Eäò´É±É iɦÉÒ
´ÉÉ{ÉºÉ ½ÉäiÉÒ ½è, VɤÉ
l xÉ EÆò{ÉxÉÒ Eäò ºÉÆÊSÉiÉ PÉÉ]ä EòÉä {ÉÚ®Ò iÉ®½ ºÉä ʨÉ]É ÊnªÉÉ MɪÉÉ ½è, +Éè®
l xÉ EÆò{ÉxÉÒ xÉä {ɽ±Éä iÉÖ®ÆiÉ iÉÒxÉ Ê´ÉkÉÒªÉ ´É¹ÉÉäÈ Eäò ʱÉB ¶ÉÖr ±ÉÉ¦É ÊnJÉɪÉÉ ½Éä
ºÉÊGòªÉ °  {É ºÉä EòÉ®Éä¤ÉÉ® ÊEòB MÉB <ÊC´É]Ò ¶ÉäªÉ®Éå Eäò +±ÉÉ´ÉÉ +xªÉ ¨ÉɨɱÉÉå ¨Éå, ±ÉÉ¦É +Éè® ½ÉÊxÉ JÉÉiÉä ¨Éå xÉÖEòºÉÉxÉ EòÒ ´ÉÉ{ɺÉÒ
{É® ¨ÉÉxªÉ ¨ÉÉxÉÒ VÉÉBMÉÒ*
8.7 BxÉ{ÉÒB JÉÉiÉä ¨Éå ´ÉºÉÚ±ÉÒ
BxÉ{ÉÒB JÉÉiÉä ¨Éå ´ÉºÉÚ±ÉÒ Eäò °  {É ¨Éå |ÉÉ{iÉ ®É榃 EòÉä ¨ÉÚ±É ¤ÉEòɪÉÉ ¨Éå +Éè® ªÉÊn EòÉä<Ç +ÊvɶÉä¹É ¤ÉSÉiÉÉ ½è iÉÉä =ºÉä ¤ªÉÉVÉ ¨Éå ºÉ¨ÉɪÉÉäÊVÉiÉ
ÊEòªÉÉ VÉÉiÉÉ ½è*
(a) =ºÉ ´É¹ÉÇ Eäò ʱÉB ±ÉɦÉÉÆ¶É EòÉ Ê½ºÉÉ¤É ÊnªÉÉ VÉÉiÉÉ ½è, ÊVɺɨÉå |ÉÉ{iÉ Eò®xÉä EòÉ +ÊvÉEòÉ® ºlÉÉÊ{ÉiÉ ÊEòªÉÉ VÉÉB* ¤É½Ò ¤ÉÆnÒ EòÒ
iÉÉ®ÒJÉ/{ÉÚ´ÉÇ ÊiÉÊlÉ ¦ÉÒ =ºÉÒ +´ÉÊvÉ Eäò ¦ÉÒiÉ® +ÉiÉÒ ½è*
(b) Ê´Énä¶ÉÒ <ÊC´É]Ò ¶ÉäªÉ®Éå Eäò ºÉƤÉÆvÉ ¨Éå ±ÉɦÉÉÆ¶É EòÉ Ê½ºÉÉ¤É =ºÉ ºÉ¨ÉªÉ ±ÉMÉɪÉÉ VÉÉiÉÉ ½è, VÉ¤É EÆò{ÉxÉÒ ºÉä ±ÉɦÉÉÆ¶É ºÉ±Éɽ |ÉÉ{iÉ EòÒ
VÉÉiÉÒ ½è ªÉÉ ¤ÉéEò JÉÉiÉä ¨Éå GäòÊb] |ÉÉ{iÉ ½ÉäiÉÉ ½è VÉÉä ¦ÉÒ {ɽ±Éä ½Éä*
(c) Êb¨ÉVÉÇ® Eäò ¨ÉɨɱÉä ¨Éå, <ºÉºÉä ¤ÉxÉÒ EÆò{ÉxÉÒ ¨Éå ±ÉɦÉÉÆ¶É EòÉä +±ÉMÉ ½Ö<Ç EÆò{ÉxÉÒ Eäò ¶ÉäªÉ®Éå Eäò ʽºÉÉ¤É ºÉä VÉÉäcÉ VÉÉxÉÉ SÉÉʽB, VɤÉiÉEò
ÊEò Êb¨ÉVÉÇ® EòÒ ±ÉÉMÉiÉ +ÊvÉOɽhÉ +xÉÖ{ÉÉiÉ Eäò ºÉƤÉÆvÉ ¨Éå nºiÉÉ´ÉäVÉÒ ºÉÉIªÉ ={ɱɤvÉ xÉ½Ó ½Éä VÉÉiÉä ½é*
(d) VɽÉÆ EÆò{ÉxÉÒ EòÒ ´ÉÉ̹ÉEò +É¨É ¤Éè`Eò ¨Éå ±ÉɦÉÉÆ¶É PÉÉäʹÉiÉ ÊEòªÉÉ VÉÉiÉÉ ½è, ±ÉäÊEòxÉ ¤ÉÉn ¨Éå <ºÉ iÉ®½ Eäò ±ÉɦÉÉÆ¶É EòÒ |ÉÉÊ{iÉ ¨Éå
ºÉÆn½ä ½Éä iÉÉä "bÉ=]¡Öò±É @  hÉ, ÊxÉ´Éä¶É +Éè® @  hÉ Eäò ʱÉB |ÉÉ´ÉvÉÉxÉ' ¨Én Eäò iɽiÉ =ÊSÉiÉ ®É榃 Eäò ʱÉB |ÉÉ´ÉvÉÉxÉ ÊEòªÉÉ VÉÉiÉÉ ½è*
(e) ÊVÉxÉ ¶ÉäªÉ®Éå EòÉä EÆò{ÉxÉÒ Eäò xÉÉ¨É {É® ºlÉÉxÉÉÆiÉÊ®iÉ xÉ½Ó ÊEòªÉÉ VÉÉiÉÉ ½è, =xÉEòÉ ±ÉɦÉÉÆ¶É ´ÉºÉÚ±ÉÒ Eäò ¤ÉÉn ±ÉäJÉÉÆÊEòiÉ ½ÉäiÉÉ ½è*
8.8 VɽÉÆ ¶ÉäªÉ®Éå/Êb¤ÉåSÉ®Éå EòÒ JÉ®Òn Eäò +xÉÖ¤ÉÆvÉ ÊEòB VÉÉiÉä ½é, ±ÉäÊEòxÉ |ɨÉÉhÉ{ÉjÉÉå EòÉ Ê´ÉiÉ®hÉ/{ÉÆVÉÒEò®hÉ ±ÉÆʤÉiÉ ½è, =x½å ÊxÉ´Éä¶É Eäò
°  {É ¨Éå ±ÉäJÉÉÆÊEòiÉ ÊEòªÉÉ VÉÉiÉÉ ½è* ªÉÊn JÉ®Òn Eäò iÉÖ®ÆiÉ ¤ÉÉn Ê´ÉiÉ®hÉ ±ÉÆʤÉiÉ ®½xÉä Eäò nÉè®ÉxÉ BäºÉä ¶ÉäªÉ®Éå {É® ±ÉɦÉÉÆ¶É PÉÉäʹÉiÉ ÊEòªÉÉ
VÉÉiÉÉ ½è, iÉÉä BäºÉä ±ÉɦÉÉÆ¶É EòÒ ®É榃 ºÉä ¶ÉäªÉ®Éå EòÒ ±ÉÉMÉiÉ Eò¨É ½Éä VÉÉiÉÒ ½è*
8.9 ¤É½Ò ¤ÉÆn Eò®xÉä EòÒ iÉÉ®ÒJÉ ÊVÉºÉ ´É¹ÉÇ ®½ä, =ºÉ ´É¹ÉÇ Eäò ʱÉB ¤ÉÉäxÉºÉ EòÉ Ê½ºÉÉ¤É |ÉÉ{iÉ Eò®xÉä EòÉ +ÊvÉEòÉ® ½ÉäiÉÉ ½è* VɽÉÄ ¤ÉÉäxɺÉ
¶ÉäªÉ® |ÉÉ{iÉ ½ÉäiÉä ½é, ´É½ÉÆ EÖò±É ¤É½Ò ¨ÉÚ±ªÉ EòÉä |ɦÉÉÊ´ÉiÉ ÊEòB ʤÉxÉÉ ¤ÉÉäxÉºÉ ¶ÉäªÉ®Éå EòÒ ºÉÆJªÉÉ ¨Éå ´ÉÞÊr nVÉÇ EòÒ VÉÉiÉÒ ½è*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 506

 written down to a value, which is in the same proportion that the break-up value of equity
share bears to its face value. Where the break-up value of equity shares is negative or
where the latest published annual accounts is not available one year prior to the date of
valuation, the preference shares are written down to a nominal value of Re. 1/- per company.
Loans and debentures: The Company follows the prudential norms prescribed by the IRDAI/
(c)
related RBI guidelines as regards Asset classification, recognition of income and provisioning
pertaining to Loans/Advances/Debentures.
Venture Capital Fund (VCF)/Alternative Investment Fund (AIF): Provision is made for
(d)
impairment in value of such investments where NAV as at the Balance Sheet date is lower
than the cost. If the audited Balance Sheet / Financial Statements showing NAV figures are not
available continuously for more than 18 months as on the date of valuation, the investments are
valued at Re. 1 per VCF / AIF.
8.6 Reversal of impairment
In case of actively traded equity shares, impairment loss earlier recognized in profit & loss account
is reversed only when:
l The accumulated losses of the Company are completely wiped out and
l Company has shown net profit for three immediately preceding financial years
In case of other than actively traded equity shares, reversal of impairment loss shall be recognized
in profit & loss account on realization.
8.7 Recovery in NPA Account
Amount received as recovery in NPA Account is appropriated towards principal outstanding and
surplus remaining, if any is adjusted towards interest.
(a) Dividend is accounted for in the year in which right to receive is established provided the book
closure date/ Ex Date also falls within the same period.
(b) Dividend in respect of foreign equity shares is accounted for when dividend advice is received
from the company or credit is received in the bank account whichever is earlier.
(c) In case of demerger, dividend in respect of resultant company is to be accounted for against
shares of demerged company till the documentary evidence in respect of cost acquisition ratio
of demerger is not available.
(d) Where dividend is declared at the Annual General Meeting of the company, but subsequently
the receipt of such dividend becomes doubtful, provision is made for the appropriate amount
under the head ‘Provision for Doubtful Loans, Investment and Debts’.
(e) Dividend, on shares which are not transferred in the company’s name, is accounted for on
realization.
8.8 Where contracts of purchase of shares/debentures are made but delivery/registration of certificates
is pending, the same are accounted for as investments. If dividend is declared on such shares
during the pendency of delivery immediately after purchase, the cost of shares is reduced by the
amount of such dividend.
8.9 Bonus is accounted for in the year in which right to receive is established provided the book

507 ANNUAL REPORT 2019-20

 8.10 ÊxÉ´Éä¶É EòÒ |ÉÉÊ{iÉ {É® ±ÉɦÉ/½ÉÊxÉ EòÒ MÉhÉxÉÉ ÊxÉ´Éä¶É EòÒ ±ÉÉMÉiÉ Eäò °  {É ¨Éå ¦ÉÉÊ®iÉ +ÉèºÉiÉ ¤É½Ò ¨ÉÚ±ªÉ uÉ®É EòÒ VÉÉiÉÒ ½è*
8.11 ¤ÉEòɪÉÉ ®É榃 EòÉä vªÉÉxÉ ¨Éå ®JÉiÉä ½ÖB ¤ªÉÉVÉ +ÉªÉ EòÉä ºÉ¨ÉªÉ +xÉÖ{ÉÉiÉ Eäò +ÉvÉÉ® {É® ¨ÉÉxÉÉ VÉÉiÉÉ ½è* MÉè®-Êxɹ{ÉÉÊniÉ {ÉÊ®ºÉÆ{ÉÊkɪÉÉå
{É® ¤ªÉÉVÉ +ÉªÉ EòÉä UÉäcEò® +É<Ç+É®bÒB+É<Ç (ÊxÉ´Éä¶É) Ê´ÉÊxɪɨÉxÉ, 2016 Eäò +xÉÖºÉÉ® ´ÉºÉÚ±ÉÒ ¨ÉÉxªÉ ½è*
8.12 ´É¹ÉÇ EòÒ ¶ÉÖ¯+ÉiÉ ¨Éå ¤ªÉÉVÉ, ±ÉɦÉÉÆ¶É +Éè® ÊEò®ÉB EòÒ +ɪÉ, EÖò±É JÉSÉÇ +Éè® ÊxÉ´Éä¶É EòÒ Ê¤ÉGòÒ/´ÉºÉÚ±ÉÒ {É® ±ÉɦÉ/½ÉÊxÉ, ºÉƤÉÆÊvÉiÉ
®ÉVɺ´É JÉÉiÉÉå ({ÉÉìʱɺÉÒvÉÉ®EòÉå Eäò JÉÉiÉä) +Éè® ±ÉÉ¦É ´É ½ÉÊxÉ JÉÉiÉÉ (¶ÉäªÉ®vÉÉ®EòÉå Eäò JÉÉiÉä) Eäò ¤ÉÒSÉ {ÉÉìʱɺÉÒvÉÉ®EòÉå Eäò ¡Æòb +Éè®
¡Æòb Eäò +xÉÖ{ÉÉiÉ ¨Éå ¶ÉäªÉ®vÉÉ®EòÉå EòÒ ÊxÉÊvÉ ¨Éå ʴɦÉÉÊVÉiÉ ½ÉäiÉÒ ½è*
8.13 @  hÉ |ÉÊiɦÉÚÊiɪÉÉå {É® ¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ MɪÉÉ |ÉÒÊ¨ÉªÉ¨É {ÉÊ®{ÉC´ÉiÉÉ EòÒ +{ÉxÉä ºÉƤÉÆÊvÉiÉ ¤ÉSÉÒ +´ÉÊvÉ ºÉä +ÊvÉEò ½ÉäiÉÉ ½è* |ÉÊiɦÉÚÊiɪÉÉå
EòÒ JÉ®Òn {É® UÚ] EòÉä {ÉÊ®{ÉC´ÉiÉÉ Eäò ºÉ¨ÉªÉ +ÉªÉ Eäò °  {É ¨Éå ¨ÉÉxÉÉ VÉÉiÉÉ ½è*
9. {ÉÉìʱɺÉÒvÉÉ®Eò +Éè® ¶ÉäªÉ®vÉÉ®Eò Eäò ¡ÆòbºÉ EòÉ {ÉÞlÉCEò®hÉ:
{ÉÉìʱɺÉÒvÉÉ®EòÉå +Éè® ¶ÉäªÉ®vÉÉ®EòÉå Eäò ¡Æòb ¶ÉäªÉ® EòÒ MÉhÉxÉÉ +É<Ç+É®bÒB Eäò ÊxÉnæ¶ÉÉå Eäò +ÉvÉÉ® {É® ½ÉäiÉÒ ½è* +É<Ç+É®bÒB Eäò Ên¶ÉÉÊxÉnæ¶ÉÉå
Eäò +xÉÖºÉÉ® ®É¹]ÅÒªÉ ºiÉ® {É® ÊxÉ´Éä¶É EòÒ ºÉÆ{ÉÊkÉ +Éè® =ÊSÉiÉ ¨ÉÚ±ªÉ {ÉÊ®´ÉiÉÇxÉ JÉÉiÉÉ "¡Æòb ºiÉ®' {É® ¶ÉäªÉ®vÉÉ®EòÉå +Éè® {ÉÉìʱɺÉÒvÉÉ®EòÉå Eäò
¤ÉÒSÉ ¤É]iÉÉ ½è*
10. |ɤÉÆvÉxÉ EòÉ JÉSÉÇ/|ÉSÉɱÉxÉ JÉSÉÇ
¤ÉÒ¨ÉÉ ÊxɪÉɨÉEò +Éè® Ê´ÉEòÉºÉ |ÉÉÊvÉEò®hÉ +Éì¡ò <ÆÊbªÉÉ (ºÉɨÉÉxªÉ ªÉÉ º´ÉɺlªÉ ¤ÉÒ¨ÉÉ ´ªÉ´ÉºÉÉªÉ EòÉ ±ÉäxÉnäxÉ Eò®xÉä ´ÉɱÉä ¤ÉÒ¨ÉÉEòiÉÉÇ+Éå Eäò
|ɤÉÆvÉxÉ Eäò ´ªÉªÉ) Ê´ÉÊxɪɨÉÉå, 2016 Eäò +ÉvÉÉ® {É® |ɤÉÆvÉxÉ Eäò º´ÉÒEòɪÉÇ ´ªÉªÉ EòÒ MÉhÉxÉÉ ®ÉVɺ´É JÉÉiÉÉå ¨Éå EòÒ VÉÉiÉÒ ½è +Éè® =x½å +É´ÉÆÊ]
iÉ EòÒ VÉÉiÉÒ ½è*
11. +SɱÉ
ºÉÆ{ÉÊkɪÉÉÆ +Éè® +´É¨ÉÚ±ªÉxÉ
i) ºÉÆÊSÉiÉ +´É¨ÉÚ±ªÉxÉ {É® +SÉ±É ºÉÆ{ÉÊkɪÉÉÆ ®JÉÒ VÉÉiÉÒ ½é*
ii) EÆò{ÉxÉÒ +ÊvÉÊxɪɨÉ, 2013 Eäò +xÉÖºÉÚSÉÒ-II ¦ÉÉMÉ ºÉÒ ¨Éå ʱÉÊJÉiÉ Ê´ÉÊvÉ (b¤±ªÉÚbÒ´ÉÒ) Eäò +xÉÖºÉÉ® {ÉÊ®ºÉÆ{ÉÊkɪÉÉå Eäò ={ɪÉÉäMÉÒ VÉÒ´ÉxÉ
Eäò +ÉvÉÉ® {É® +´É¨ÉÚ±ªÉxÉ |ÉnÉxÉ ÊEòªÉÉ MɪÉÉ ½è* ºÉÆ{ÉÊkÉ Eäò ¨ÉÚ±ªÉ EòÉ 95% ¨ÉÚ±ªÉ¿ÉºÉ ªÉÉäMªÉ ¨ÉÉxÉÉ VÉÉiÉÉ ½è VɤÉÊEò ¶Éä¹É 5%
+´Éʶɹ] ¨ÉÚ±ªÉ Eäò °  {É ¨Éå ¤ÉxÉÉB ®JÉÉ VÉÉiÉÉ ½è*
±ÉÒVɽÉä±b EòÒ ºÉÆ{ÉÊkɪÉÉå EòÒ ±ÉÉMÉiÉ ±ÉÒVÉ EòÒ +´ÉÊvÉ ¨Éå ¤Ég VÉÉiÉÒ ½è*
iii)
iv) +|ÉiªÉIÉ ºÉÆ{ÉÊkÉ (ºÉÉì}]´ÉäªÉ®) Eäò +xÉÖ¨ÉÉÊxÉiÉ ={ɪÉÉäMÉÒ VÉÒ´ÉxÉ 3 ºÉÉ±É ºÉä +ÊvÉEò iÉEò @  hÉ ¶ÉÉävÉxÉ xÉ½Ó ÊEòªÉÉ VÉÉiÉÉ ½è*
12. {ÉÊ®ºÉÆ{ÉÊkɪÉÉå EòÒ xÉÖEòºÉÉxÉ:
{ÉÊ®ºÉÆ{ÉÊkɪÉÉå EòÒ ½ÉÊxÉ iÉ¤É ¨ÉÉxÉÒ VÉÉiÉÒ ½è, VÉ¤É ÊEòºÉÒ ºÉÆ{ÉÊkÉ Eäò ¤±ÉÉìEò EòÉ ´ÉɺiÉÊ´ÉEò ¨ÉÚ±ªÉ =ºÉä ºÉÖ®ÊIÉiÉ ¤ÉxÉÉB ®JÉxÉä Eäò JÉSÉÇ ºÉä ¦ÉÒ
Eò¨É ±ÉMÉä*
13. Eò¨ÉÇSÉÉÊ®ªÉÉå EòÉ ±ÉɦÉ
Eò¨ÉÇSÉÉ®Ò ±ÉÉ¦É ¨Éå {ÉÊ®¦ÉÉʹÉiÉ ªÉÉäMÉnÉxÉ +Éè® {ÉÊ®¦ÉÉʹÉiÉ ±ÉÉ¦É ªÉÉäVÉxÉÉ nÉäxÉÉå ¶ÉÉÊ¨É±É ½é*
(a) ¦ÉʴɹªÉ ÊxÉÊvÉ BEò {ÉÊ®¦ÉÉʹÉiÉ ªÉÉäMÉnÉxÉ ªÉÉäVÉxÉÉ ½è, CªÉÉåÊEò ªÉ½ÉÆ BEò +±ÉMÉ ]ź] EòÉä ÊxÉʶSÉiÉ ¨ÉÉʺÉEò ªÉÉäMÉnÉxÉ näxÉÉ EÆò{ÉxÉÒ EòÉ
nÉʪÉi´É ½è*
(b) ®É¹]ÅÒªÉ {Éå¶ÉxÉ |ÉhÉɱÉÒ (BxÉ{ÉÒBºÉ) BEò {ÉÊ®¦ÉÉʹÉiÉ ªÉÉäMÉnÉxÉ ªÉÉäVÉxÉÉ ½è, CªÉÉåÊEò {Éå¶ÉxÉ ¡Æòb ÊxɪÉɨÉEò +Éè® Ê´ÉEòÉºÉ |ÉÉÊvÉEò®hÉ
({ÉÒB¡ò+É®bÒB) Eäò iɽiÉ {ÉÆVÉÒEÞòiÉ {Éå¶ÉxÉ ¡Æòb |ɤÉÆvÉEòÉå EòÉä ÊxÉʶSÉiÉ ¨ÉÉʺÉEò ªÉÉäMÉnÉxÉ näxÉÉ EÆò{ÉxÉÒ EòÉ nÉʪÉi´É ½è*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 508

 closure date falls within the same year. Where bonus shares are received, the number of bonus
shares is recorded as an increase in holding without affecting the total book value.
8.10 Profit/Loss on realization of investments is computed by taking weighted average book value as
cost of investments.
8.11 Interest Income is recognized on a time proportion basis taking into account the amount outstanding
and the rate applicable except that Interest Income on non-performing assets is recognized on
realization as per IRDAI (Investment) Regulation 2016.
8.12 Interest, dividend and rent income, net of expenses and profit/loss on sale/realization of
investments, are apportioned between respective Revenue Accounts (Policyholders’ Account)
and Profit and Loss Account (Shareholders’ account) in the ratio of policyholders’ fund and
shareholders’ fund balances at the beginning of the year.
8.13 Premium paid on debt securities are amortized over their respective residual period of maturity.
Discount on purchase of securities is recognized as income at the time of maturity.
9. SEGREGATION OF POLICYHOLDERS’ AND SHAREHOLDERS’ FUNDS:
Policyholders’ and Shareholders’ funds are computed based on IRDA directives. Investment assets
and fair value change account are bifurcated between shareholders and policyholders at ‘fund level’ on
notional basis as per IRDA guidelines.
10. EXPENSES OF MANAGEMENT/OPERATING EXPENSES
Allowable Expenses of Management is computed and allocated to Revenue Accounts on the basis
of Insurance Regulatory and Development Authority of India (Expenses of Management of Insurers
transacting General or Health Insurance business) Regulations, 2016.
11. FIXED ASSETS AND DEPRECIATION
i) Fixed assets are carried at cost less accumulated depreciation.
ii) Depreciation is provided as per written down value method (WDV) on the basis of useful life of
assets as laid out in Schedule II – Part C of the Companies Act, 2013. 95% of the value of asset is
considered depreciable whereas balance 5% is retained as residual value.
iii) Cost of Leasehold properties is amortized over the period of lease.
iv) Intangible assets (software) are amortized over the estimated useful life not exceeding 3 years.
12. IMPAIRMENT OF ASSETS
Impairment loss is recognized when any indication about realizable value of block of assets is observed
to be less than its carrying cost.
13. EMPLOYEES’ BENEFITS
Employee benefits comprise of both defined contributions and defined benefit plans.
(a) Provident fund is a defined contribution plan as the company’s obligation is to pay fixed monthly
contributions to a separate trust.
(b) National Pension System (NPS) is a defined contribution plan as the company’s obligation is to pay
fixed monthly contributions to Pension Fund managers registered under Pension Fund Regulatory
and Development Authority (PFRDA).

509 ANNUAL REPORT 2019-20

 (c) +Éä±b {Éå¶ÉxÉ ºEòÒ¨É, OÉäSªÉÖ]Ò +Éè® ±ÉÒ´É BxÉEèò¶É¨Éå] näxÉnÉÊ®ªÉÉå EòÉä ±ÉÉ¦É Eäò nÉʪÉi´ÉÉå Eäò °  {É ¨Éå {ÉÊ®¦ÉÉʹÉiÉ ÊEòªÉÉ MɪÉÉ ½è +Éè®
±ÉäJÉÉ ¨ÉÉxÉEò (BBºÉ) 15 Eò¨ÉÇSÉÉ®Ò ±ÉÉ¦É Eäò +xÉÖºÉÉ® Ê´ÉkÉÒªÉ ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ÊEòB MÉB BEò ¤ÉÒ¨ÉÉÆÊEòEò ¨ÉÚ±ªÉÉÆEòxÉ Eäò +ÉvÉÉ® {É®
|ÉnÉxÉ ÊEòªÉÉ VÉÉiÉÉ ½è*
14. =vÉÉ® EòÒ¨ÉiÉå
¡ÆòbºÉ Eäò =vÉÉ® ½ÉÊºÉ±É Eò®xÉä ¨Éå ¤ªÉÉVÉ +Éè® +xªÉ JÉSÉÇ Eäò °  {É ¨Éå ¶ÉÉÊ¨É±É iÉlÉÉ C´ÉÉʱɡòÉ<ÆMÉ BºÉä]EòÒ +xÉÖ{ɱɤvÉiÉÉ ¨Éå ±ÉÉ¦É B´ÉÆ ½ÉÊxÉ
JÉÉiÉÉ (¶ÉäªÉ®vÉÉ®Eò EòÉ JÉÉiÉÉ) {É® ±ÉMÉÉ ¶ÉÖ±Eò =vÉÉ® EòÒ¨ÉiÉå, ªÉÉÊxÉ ¤ÉÉì®Ë´ÉMÉ EòÉìº]弃 ½é*
15. ºÉäMɨÉå] Ê®{ÉÉäÍ]MÉ
¤ÉÒ¨ÉÉ Ê´ÉÊxɪÉɨÉEò +Éè® Ê´ÉEòÉºÉ |ÉÉÊvÉEò®hÉ (Ê´ÉkÉÒªÉ ®ÉVªÉÉå EòÒ iÉèªÉÉ®Ò +Éè® ¤ÉÒ¨ÉÉ EÆò{ÉÊxɪÉÉå EòÒ ±ÉäJÉÉ {É®ÒIÉEòÉå EòÒ Ê®{ÉÉä]Ç) Ê´ÉÊxɪɨÉ,
2002 +Éè® =ºÉEäò ¤ÉÉn Eäò {ÉÊ®{ÉjÉÉå ¨Éå ÊnB MÉB ÊxÉnæ¶ÉÉå Eäò +xÉÖºÉÉ® ºÉäMɨÉå]弃 EòÉä ´ÉMÉÔEÞòiÉ ÊEòªÉÉ MɪÉÉ ½è*

16. +xÉÖ¹ÉÆMÉÒ näxÉnÉÊ®ªÉÉÆ +Éè® +xÉÖ¹ÉÆMÉÒ {ÉÊ®ºÉÆ{ÉÊkɪÉÉÆ

Ê{ÉU±ÉÒ PÉ]xÉÉ+Éå Eäò {ÉÊ®hÉɨɺ´É°  {É ´ÉiÉǨÉÉxÉ nÉʪÉi´É ½ÉäxÉä {É® +xÉÖ¹ÉÆMÉÒ näxÉnÉÊ®ªÉÉÆ Eäò ÊJɱÉÉ¡ò |ÉÉ´ÉvÉÉxÉ ¨ÉÉxÉÉ VÉÉiÉÉ ½è +Éè® ªÉ½ ºÉÆ¦É´É ½è
ÊEò nÉʪÉi´É Eäò ÊxÉ{É]ÉxÉ Eäò ʱÉB ºÉƺÉÉvÉxÉÉå EòÉ ={ɪÉÉäMÉ Eò®xÉä EòÒ +ɴɶªÉEòiÉÉ ½ÉäMÉÒ* +xÉÖ¹ÉÆMÉÒ {ÉÊ®ºÉÆ{ÉÊkɪÉÉå EòÉä ±ÉäJÉÉÆEòxÉ ¨Éå xÉ½Ó ¨ÉÉxÉÉ
VÉÉiÉÉ ½è*
17. Eò®ÊxÉvÉÉÇ®hÉ

(a) Eò®EòÉxÉÚxÉÉå Eäò iɽiÉ +ɪÉEò® Eäò ʱÉB |ÉÉ´ÉvÉÉxÉ ÊEòªÉÉ VÉÉiÉÉ ½è* Eò® ´ÉÉ{ɺÉÒ {É® ¤ªÉÉVÉ EòÉ Ê½ºÉÉ¤É |ÉÉÊvÉEòÉÊ®ªÉÉå uÉ®É {ÉÉÊ®iÉ +Énä¶ÉÉå
Eäò +ÉvÉÉ® {É® ±ÉMÉɪÉÉ VÉÉiÉÉ ½è*
(b) ºÉ¨ÉªÉ ¨Éå +ÆiÉ®, Eò® ªÉÉäMªÉ +Éè® ±ÉäJÉÉÆÊEòiÉ +ɪÉ/´ªÉªÉ, VÉÉä BEò +´ÉÊvÉ ¨Éå =i{ÉxxÉ +Éè® BäºÉÒ BEò ªÉÉ ¤ÉÉn EòÒ +ÊvÉEò +´ÉÊvÉ ¨Éå
´ÉÉ{ɺÉÒ ¨Éå ºÉIÉ¨É ½Éä, ºÉä +ɺlÉÊMÉiÉ Eò® EòÒ MÉhÉxÉÉ ½ÉäiÉÒ ½è* VÉ¤É iÉEò ¦ÉʴɹªÉ ¨Éå {ɪÉÉÇ{iÉ Eò® ªÉÉäMªÉ +ÉªÉ ={ɱɤvÉiÉÉ EòÒ +ɦÉɺÉÒ
ÊxɸÊSÉiÉiÉÉ xÉ½Ó ½ÉäMÉÒ, iÉ¤É iÉEò +ɺlÉÊMÉiÉ {ÉÊ®ºÉÆ{ÉÊkÉ EòÉä ¨ÉÉxªÉ xÉ½Ó ¨ÉÉxÉÉ VÉÉiÉÉ ½è*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 510

 (c) Old Pension Scheme, Gratuity and Leave Encashment liabilities are defined benefits obligations
and are provided for on the basis of an actuarial valuation made at the end of the financial year in
accordance with Accounting Standard (AS) 15 Employee Benefits.
14. BORROWING COSTS
Borrowing costs are interest and other costs incurred in connection with the borrowing of funds and
are charged to the Profit and Loss Account (Shareholder’s Account) in the absence of any ‘Qualifying
asset’.
15. SEGMENT REPORTING
Segments have been classified as per directives given in The Insurance Regulatory and Development
Authority (Preparation of Financial Statements and Auditors’ Report of Insurance Companies)
Regulations, 2002 and subsequent circulars.
16. CONTINGENT LIABILITIES & CONTINGENT ASSETS
Provision against contingent liabilities is recognized when there is a present obligation as a result of
past events and it is probable that an outflow of resources will be required to settle the obligation.
Contingent assets are not recognized in the accounts.
17. TAXATION
(a) Provision for income tax is made in accordance with the tax laws. Interest on tax refunds is accounted
for on the basis of orders passed by the Tax authorities.
(b) Deferred tax is recognized on timing differences, being the differences between taxable and
accounting income / expenditure that originate in one period and are capable of reversal in one
or more subsequent period(s). Deferred tax asset is not recognized unless there is virtual certainty
that sufficient future taxable income will be available against which such deferred tax assets will be
realized.

511 ANNUAL REPORT 2019-20

+xÉÖºÉÚSÉÒ - 17
xÉÉä]: ±ÉäJÉÉ EòÉ {ÉÚ´ÉÇ´ÉiÉÔ ¦ÉÉMÉ
1. EòÉì®{ÉÉä®ä] ¨ÉɨɱÉÉå EòÉ ¨ÉÆjÉɱɪÉ, ¦ÉÉ®iÉ ºÉ®EòÉ® uÉ®É VÉÉ®Ò {ÉÊ®{ÉjÉ ºÉÆJªÉÉ 39/2014 ÊnxÉÉÆEò 14 +C]ڤɮ, 2014 Eäò ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ
Ê´É´É®hÉÉå ºÉå ºÉƤÉÆÊvÉiÉ º{ɹ]ÒEò®hÉ Eäò Ê´ÉSÉÉ® ºÉå BEò±É Ê´ÉkÉÒªÉ Ê´É´É®hÉÉå ¨Éå |ÉEò] ÊEòB MÉB EòÉä nÉ佮ɪÉÉ xÉ½Ó VÉÉiÉÉ ½è* ºÉ¨ÉäÊEòiÉ Ê´ÉkÉÒªÉ
Ê´É´É®hÉÉå ºÉå ºÉƤÉÆÊvÉiÉ |ÉEò] ÊEòB MÉB EòÉä Eäò´É±É =ʱ±ÉÊJÉiÉ ÊEòªÉÉ VÉÉiÉÉ ½é*
2. ºÉ¨ÉäÊEòiÉ <EòÉ<ǪÉÉå EòÒ ºÉÚSÉÒ +Éè® =xɺÉå ºÉƤÉÆÊvÉiÉ ¶ÉÖr {ÉÊ®ºÉÆ{ÉÊkɪÉÉì +Éè® ±ÉÉ¦É ´É ½ÉÊxÉ:
2.1 ºÉ½ªÉÉäÊMɪÉÉå Eäò xÉɨÉ:

<EòÉ<Ç EòÉ xÉÉ¨É ¨ÉÉʱÉEòÉxÉÉ ½Eò (%) ºlÉÉ{ÉxÉÉ nä¶É ºÉ¨ÉÉ{ÉxÉ ´É¹ÉÇ
ºÉ½ªÉÉäMÉÒ
¦ÉÉ®iÉÒªÉ
½ä±lÉ <ƶªÉÉä®åºÉ ]Ò{ÉÒB +Éì¢ò <ÆÊbªÉÉ Ê±ÉʨÉ]äb 23.75% ¦ÉÉ®iÉ 31-03-2020

Ê´Énä¶ÉÒ
<ÆÊbªÉÉ <Æ]®xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ {ÉÒ.]Ò.<Ç Ê±ÉʨÉ]äb, ˺ÉMÉÉ{ÉÖ®* 20% ˺ÉMÉÉ{ÉÖ® 31-12-2019

2.2 ¶ÉÖr {ÉÊ®ºÉÆ{ÉÊkÉ Eäò ʽººÉå:

¶ÉÖr {ÉÊ®ºÉÆ{ÉÊkÉ +lÉÉÇiÉ EÖò±É ¶ÉÖr {ÉÊ®ºÉÆ{ÉÊkÉ +lÉÉÇiÉ EÖò±É
{ÉÊ®ºÉÆ{ÉÊkÉ (-) EÖò±É näªÉiÉÉ {ÉÊ®ºÉÆ{ÉÊkÉ (-) EÖò±É näªÉiÉÉ
<EòÉ<Ç EòÉ xÉɨÉ
ºÉ¨ÉäÊEòiÉ ¶ÉÖr EÖò±É ®É榃 ºÉ¨ÉäÊEòiÉ ¶ÉÖr EÖò±É ®ÉʶÉ
{ÉÊ®ºÉÆ{ÉÊkÉ EòÉ % (` ½VÉÉ®Éå ¨Éå) {ÉÊ®ºÉÆ{ÉÊkÉ EòÉ % (` ½VÉÉ®Éå ¨Éå)
2019-20 2018-19
VÉxÉEò
xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ EÆò{ÉxÉÒ Ê±ÉʨÉ]äb 128.09 (2,19,01,315) 25.55 15,65,503

ºÉ½ªÉÉäMÉÒ
¦ÉÉ®iÉÒªÉ
½ä±lÉ <ƶªÉÉä®åºÉ ]Ò{ÉÒB +Éì¢ò <ÆÊbªÉÉ Ê±ÉʨÉ]äb (1.35) 2,30,808 3.64 2,22,994

Ê´Énä¶ÉÒ
<ÆÊbªÉÉ <Æ]®xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ {ÉÒ.]Ò.<Ç Ê±ÉʨÉ]äb, (26.74) 45,72,249 70.81 43,37,593
˺ÉMÉÉ{ÉÖ®*
EÖò±É 100 (1,70,98,258) 100 61,26,090

*+É®ÊIÉiÉ =ÊSÉiÉ ¨ÉÚ±ªÉ `3,06,505 ½WÉÉ® EòÉä UÉäcEò® +ÊiÉÊ®Hò ¨ÉÚ±ªÉ (`1,57,864 ½WÉÉ®)

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 512

Schedule 17
NOTES FORMING PART OF THE ACCOUNTS
1. In view of the clarification on matters relating to consolidated financial statements vide General Circular
No. 39/2014 dated 14th October, 2014 issued by the Ministry of Corporate Affairs, Government of India,
disclosures made in standalone financial statements are not repeated. Disclosures which are relevant
for the Consolidated Financial Statements are only mentioned.
2. List of entities consolidated and their respective share of Net Assets and Profit/Loss:
2.1 Names of Associates:

Ownership (%) Country of Year Ending

Name of the Entity
Incorporation
Associates:

Indian
Health Insurance TPA of India Limited 23.75% India 31-03-2020
Foreign
India International Insurance PTE Ltd., Singapore* 20% Singapore 31-12-2019

2.2 Share of Net Assets:

Net Assets i.e., total assets Net Assets i.e., total assets
minus total liabilities minus total liabilities
Name of the Entity As % of Amount (` in As % of Amount (` in
consolidated thousands) consolidated thousands)
net assets net assets
2019-20 2018-19
Parent:
National Insurance Company Limited 128.09 (2,19,01,315) 25.55 15,65,503
Associates:
Indian
Health Insurance TPA of India Limited (1.35) 2,30,808 3.64 2,22,994
Foreign
India International Insurance PTE Ltd., (26.74) 45,72,249 70.81 43,37,593
Singapore*
Total 100 (1,70,98,258) 100 61,26,090

* Excluding Fair Value Reserve `3,06,505 thousand (`1,57,864 thousand)

513 ANNUAL REPORT 2019-20

2.3 ±ÉÉ¦É Eäò ¶ÉäªÉ®:
±ÉÉ¦É ªÉÉ ½ÉÊxÉ ¨Éå ʽººÉÉ ±ÉÉ¦É ªÉÉ ½ÉÊxÉ ¨Éå ʽººÉÉ
<EòÉ<Ç EòÉ xÉÉ¨É ºÉ¨ÉäÊEòiÉ ±ÉÉ¦É ªÉÉ EÖò±É ®É榃 ºÉ¨ÉäÊEòiÉ ±ÉÉ¦É ªÉÉ EÖò±É ®ÉʶÉ
½ÉÊxÉ EòÉ % (` ½VÉÉ®Éå ¨Éå) ½ÉÊxÉ EòÉ % (` ½VÉÉ®Éå ¨Éå)
2019-20 2018-19
VÉxÉEò
xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ EÆò{ÉxÉÒ Ê±ÉʨÉ]äb 100.27 (4,10,83,359) 100.30 (1,69,61,224)

ºÉ½ªÉÉäMÉÒ
¦ÉÉ®iÉÒªÉ
½ä±lÉ <ƶªÉÉä®åºÉ ]Ò{ÉÒB +Éì¢ò <ÆÊbªÉÉ Ê±ÉʨÉ]äb (0.02) 7,814 (0.02) 2,807

Ê´Énä¶ÉÒ
<ÆÊbªÉÉ <Æ]®xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ {ÉÒ.]Ò.<Ç Ê±ÉʨÉ]äb, (0.25) 1,02,604 (0.28) 47,982
˺ÉMÉÉ{ÉÖ®
EÖò±É 100 (4,09,72,941) 100 (1,69,10,435)

2.4 +xªÉ ´ªÉÉ{ÉEò +ÉªÉ Eäò ʽººÉÉ:

+xªÉ ´ªÉÉ{ÉEò +ÉªÉ ¨Éå ʽººÉÉ +xªÉ ´ªÉÉ{ÉEò +ÉªÉ ¨Éå ʽººÉÉ
<EòÉ<Ç EòÉ xÉÉ¨É ºÉ¨ÉäÊEòiÉ ±ÉÉ¦É ªÉÉ EÖò±É ®É榃 ºÉ¨ÉäÊEòiÉ ±ÉÉ¦É ªÉÉ EÖò±É ®ÉʶÉ
½ÉÊxÉ EòÉ % (` ½VÉÉ®Éå ¨Éå) ½ÉÊxÉ EòÉ % (` ½VÉÉ®Éå ¨Éå)
2019-20 2018-19
VÉxÉEò
xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ EÆò{ÉxÉÒ Ê±ÉʨÉ]äb - ¶ÉÖxªÉ - ¶ÉÖxªÉ
ºÉ½ªÉÉäMÉÒ
¦ÉÉ®iÉÒªÉ
½ä±lÉ <ƶªÉÉä®åºÉ ]Ò{ÉÒB +Éì¢ò <ÆÊbªÉÉ Ê±ÉʨÉ]äb - ¶ÉÖxªÉ - ¶ÉÖxªÉ
Ê´Énä¶ÉÒ
<ÆÊbªÉÉ <Æ]®xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ {ÉÒ.]Ò.<Ç Ê±ÉʨÉ]äb, 100 1,39,510 100 (1,07,237)
˺ÉMÉÉ{ÉÖ®*
EÖò±É 100 1,39,510 100 (1,07,237)

* +xªÉ ´ªÉÉ{ÉEò +ÉªÉ `1,39,510 ½WÉÉ® (½ÉÊxÉ `1,07,237 ½WÉÉ®) ºÉ¨ÉäÊEòiÉ ±ÉÉ¦É ªÉÉ ½ÉÊxÉ +xÉÖ¨ÉÉÊxÉiÉ xÉ ½ÉäxÉå {É® ºÉ¨ÉäÊEòiÉ ±ÉÉ¦É ªÉÉ ½ÉÊxÉ
±ÉäJÉÉ ¨Éå ¨ÉÉxªÉ xÉ½Ò ½ÉäMÉÒ*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 514

2.3 Share of Profit:

Share in profit or loss Share in profit or loss

Name of the Entity As % of Amount (` in As % of Amount (` in
consolidated thousands) consolidated thousands)
profit or loss profit or loss
2019-20 2018-19
Parent:
National Insurance Company Limited 100.27 (4,10,83,359) 100.30 (1,69,61,224)
Associates:
Indian
Health Insurance TPA of India Limited (0.02) 7,814 (0.02) 2,807
Foreign
India International Insurance PTE Ltd., (0.25) 1,02,604 (0.28) 47,982
Singapore
Total 100 (4,09,72,941) 100 (1,69,10,435)

2.4 Share of Other Comprehensive Income:

Share in other Share in other

comprehensive income comprehensive income
Name of the Entity As % of Amount (` in As % of Amount (` in
consolidated thousands) consolidated thousands)
profit or loss profit or loss
2019-20 2018-19
Parent:
National Insurance Company Limited - NIL - NIL
Associates:
Indian
Health Insurance TPA of India Limited - NIL - NIL
Foreign
India International Insurance PTE Ltd., 100 1,39,510 100 (1,07,237)
Singapore*
Total 100 1,39,510 100 (1,07,237)

* Other Comprehensive Income `1,39,510 thousand (Loss `1,07,237 thousand) being unrealized gain or
loss, not recognized in the consolidated Profit & Loss Account.

515 ANNUAL REPORT 2019-20

2.5 EÖò±É ´ªÉÉ{ÉEò +ÉªÉ EòÉ Ê½ººÉÉ:
EÖò±É ´ªÉÉ{ÉEò +ÉªÉ ¨Éå ʽººÉÉ EÖò±É ´ªÉÉ{ÉEò +ÉªÉ ¨Éå ʽººÉÉ
<EòÉ<Ç EòÉ xÉÉ¨É ºÉ¨ÉäÊEòiÉ ±ÉÉ¦É ªÉÉ EÖò±É ®É榃 ºÉ¨ÉäÊEòiÉ ±ÉÉ¦É ªÉÉ EÖò±É ®ÉʶÉ
½ÉÊxÉ EòÉ % (` ½VÉÉ®Éå ¨Éå) ½ÉÊxÉ EòÉ % (` ½VÉÉ®Éå ¨Éå)
2019-20 2018-19
VÉxÉEò
xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ EÆò{ÉxÉÒ Ê±ÉʨÉ]äb 100.61 (4,10,83,359) 99.67 (1,69,61,224)

ºÉ½ªÉÉäMÉÒ
¦ÉÉ®iÉÒªÉ
½ä±lÉ <ƶªÉÉä®åºÉ ]Ò{ÉÒB +Éì¢ò <ÆÊbªÉÉ Ê±ÉʨÉ]äb (0.02) 7,814 (0.02) 2,807

Ê´Énä¶ÉÒ
<ÆÊbªÉÉ <Æ]®xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ {ÉÒ.]Ò.<Ç Ê±ÉʨÉ]äb, (0.59) 2,42,114 0.35 (59,225)
˺ÉMÉÉ{ÉÖ®
EÖò±É 100 (4,08,33,431) 100 (1,70,17,672)

3. ºÉɨÉÉxªÉ näªÉiÉÉBÆ:
ºÉɨÉÉxªÉ näªÉiÉÉ+Éå EòÉ |ÉEò]ÒEò®hÉ xÉÒSÉä iÉÖ±ÉxÉ {ÉjÉ ¨Éå ÊEòªÉä ½è* EÆò{ÉxÉÒ Eäò ´Éä nÉ´Éä VÉÉä Ê´ÉʦÉxxÉ |ÉÉÊvÉEò®hÉÉå Eäò ¶ÉäªÉ®Éå Eäò °  {É ¨Éå ¶ÉÉʨɱÉ
½è =xÉEòÉä xÉ½Ò Ê±ÉªÉÉ MɪÉÉ ´É +ɪÉEò®, ºÉä´ÉÉEò® iÉlÉÉ +xªÉ ºÉ®EòÉ®Ò ®É榃 EòÉä ʱɪÉÉ MɪÉÉ ½è* EÆò{ÉxÉÒ ºÉƤÉÆÊvÉiÉ +{ÉÒ±ÉÒªÉ |ÉÉÊvÉEò®hÉÉå ºÉä
¨ÉÉÆMÉ Eò® ®½Ò ½è* ªÉ½ +ɶÉÉ ÊEò VÉÉiÉÒ ½è ÊEò <xÉ EòɮǴÉÉ<ǪÉÉå EòÉ +ÆÊiÉ¨É {ÉÊ®hÉÉ¨É EÆò{ÉxÉÒ Eäò ʽiÉ ¨Éå ½ÉäMÉÉ +Éè® <ºÉ¨Éå EÆò{ÉxÉÒ EòÒ Ê´ÉkÉÒªÉ
ʺlÉÊiÉ +Éè® ºÉÆSÉɱÉxÉ Eäò {ÉÊ®hÉɨÉÉå {É® EòÉä<Ç +ÉÌlÉEò |ÉÊiÉEÖò±É |ɦÉÉ´É xÉ½Ò ®½äMÉÉ* EÆò{ÉxÉÒ ´É ¦ÉÉ®iÉ ¨Éå =ºÉEäò ºÉ½ªÉÉäÊMɪÉÉå uÉ®É <xÉ ±ÉÆʤÉiÉ
|ÉEò®hÉÉå Eäò Ê´É° r näxÉnÉÊ®ªÉÉå EòÉå +ÉEòʺ¨ÉEò Eäò °  {É ¨Éå PÉÉäʹÉiÉ Eò®xÉä ½äiÉÖ |ÉEò] ÊEòªÉÉ ½è iÉlÉÉ <ºÉä ¤ÉSÉiÉ Eò®xÉä EòÉä Eò½É VÉÉä ÊEò ±ÉäJÉÉ
¨Éå {ɽ±Éä ºÉä ½Ò ÊxÉʽiÉ ½è*
4. ¤ÉÒ¨ÉÉ Ê´ÉÊxɪÉɨÉEò +Éè® Ê´ÉEòÉºÉ |ÉÊvÉEò®hÉ uÉ®É ÊxÉvÉÔÊ®iÉ ±ÉäJÉÉ Ê´ÉÊxɪɨÉÉå Eäò +xÉÖºÉÉ® Eòʱ{ÉiÉ ½ÉÊxÉ (¤ÉÉVÉÉ® ¨ÉÚ±ªÉ ºÉå EÖò±É ¨ÉÚ±ªÉ +ÊvÉEò
`(-)1,65,72,165 ½VÉÉ® ({ɽ±Éä ´É¹ÉÇ Eòʱ{ÉiÉ ±ÉÉ¦É `2,60,69,402 ½VÉÉ®) iÉEò {ɽÖÆSÉ MɪÉÉ ÊVɺÉEäò EòÉ®hÉ ºÉÚSÉÒ¤Ér <ÊC]´É ¶ÉäªÉ®Éå
¨Éå +Éè® ¨ªÉÚSÉÖ+±É ¡Æòb ¨Éå (¦ÉÉ®iÉ Eäò ¤Éɽ® ʺlÉiÉ º]ÉìEò BCºÉSÉèxVÉÉå ¨Éå =riÉ <ÊC]ªÉÉå ´É Eò¨ÉVÉÉä® <ÊC]´É ¶ÉäªÉ®Éå EòÉä UÉäcEò®) Eäò =ÊSÉiÉ
¨ÉÚ±ªÉ ¨Éå {ÉÊ®´ÉiÉÇxÉ Eò® =xÉEòÉå "=ÊSÉiÉ ¨ÉÚ±ªÉ {ÉÊ®´ÉiÉÇxÉ ±ÉäJÉÉ' ¨Éå ʱɪÉÉ ½è* EÆò{ÉxÉÒ xÉä {ÉÚ®ä nä¶É ¨Éå EòÉäÊ´Éb-19 ¨É½É¨ÉÉ®Ò Eäò ±ÉÉìEòbÉ=xÉ Eäò
EòÉ®hÉÉå ºÉä ¶ÉäªÉ® ¤ÉÉVÉÉ® ¨Éå =lɱÉ-{ÉÖlÉ±É Eäò SɱÉiÉä ¤ÉÉVÉÉ® ¨ÉÚ±ªÉ ¨Éå +ɪÉÒ Eò¨ÉÒ EòÉä ºlÉɪÉÒ xÉ½Ò ¨ÉÉxÉÉ ½è* iÉnxÉÖºÉÉ® =ÊSÉiÉ ¨ÉÚ±ªÉ {ÉÊ®´ÉiÉÇxÉ
±ÉäJÉÉ ¨Éå bäʤÉ] ¶ÉäªÉ® Eäò °  {É ¨Éå EÆò{ÉxÉÒ xÉå EòÉä<Ç |ÉÉ´ÉvÉÉxÉ ={ɱɤvÉ xÉ½Ó Eò®ÉªÉÉ ½è* =xÉ ÊxÉ´Éä¶ÉÉå EòÒ BäÊiɽÉʺÉEò ±ÉÉMÉiÉ `9,76,88,906
½VÉÉ® (`8,08,03,251 ½WÉÉ®) lÉÒ* =ÊSÉiÉ ¨ÉÚ±ªÉ {ÉÊ®´ÉiÉÇxÉ JÉÉiÉä Eäò bäʤÉ] ¨Éå {ÉÉ<Ç MÉ<Ç ¨ÉÆniÉÉ {ÉÚ®Ò iÉ®½ ºÉä {ÉÉìʱɺÉÒvÉÉ®EòÉå Eäò ¡Æòb ¨Éå
+É´ÉÆÊ]iÉ EòÒ VÉÉiÉÒ ½è CªÉÉåÊEò ´É¹ÉÇ Eäò +ÆiÉ ¨Éå ¶ÉäªÉ®vÉÉ®Eò Eäò ¡Æòb ¨Éå EòÉä<Ç ®É榃 xÉ½Ó ½ÉäiÉÒ ½è*
5. EÆò{ÉxÉÒ xÉä EÖò±É ¨ÉÉä]® ´ªÉ´ÉºÉÉªÉ Eäò 20% Eäò {ÉÖxɤÉÔ¨ÉÉ ½äiÉÖ VÉxÉ®±É <¶ªÉÉå®äxºÉ EÆò{ÉxÉÒ +Éè® ½¨ÉÉ®ä EÆò{ÉxÉÒ Eäò ºÉÉlÉ EòÉä]É ¶ÉäªÉ® {ÉÖxɤÉÔ¨ÉÉ
ºÉÆÊvÉ EòÒ Eò¨ÉÒ¶ÉxÉ +ÉªÉ `5,62,424 ½VÉÉ® (`6,14,998 ½VÉÉ®) EòÉä ¨ÉÉxªÉiÉÉ |ÉnÉxÉ EòÒ* <ºÉ ºÉÆÊvÉ Eäò +xÉÖºÉÉ® EÆò{ÉxÉÒ 60% ªÉÉ
=xɺÉå Eò¨É EòÉä ½ÉÊxÉ Eäò +xÉÖ{ÉÉiÉ Eäò ʱÉB +ÊvÉEòiÉ¨É 38.75% Eäò |ÉnkÉ Eò¨ÉÒ¶ÉxÉ EòÒ ½EònÉ® ½è * |ÉnkÉ Eò¨ÉÒ¶ÉxÉ Eäò BEò Eäò ¤ÉÉn
BEò Eäò +ÉvÉÉ® {É® ½ÉÊxÉ +xÉÖ{ÉÉiÉ 90% {ɽÖÆSÉxÉå {É® 8.75% iÉEò xÉÒSÉä ÊMÉ®É ½è +Éè® VÉ¤É ½ÉÊxÉ EòÉ +xÉÖ{ÉÉiÉ 97% ½ÉäiÉÉ ½è iÉÉä PÉ]Eò®
1.75% ½Éä VÉÉiÉÉ ½è* ½ÉÊxÉ EòÉ +xÉÖ{ÉÉiÉ 98.75% ½ÉäxÉä {É® |ÉnkÉ Eò¨ÉÒ¶ÉxÉ xÉ½Ó ÊnªÉÉ VÉÉiÉÉ xÉÉ ½Ò Eò¨ÉÒ¶ÉxÉ EòÉ +xÉÖ{ÉÉiÉ ®JÉÉ VÉÉiÉÉ

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 516

2.5 Share of Total Comprehensive Income:

Share in total Share in total

comprehensive income comprehensive income
Name of the Entity As % of Amount (` in As % of Amount (` in
consolidated thousands) consolidated thousands)
profit or loss profit or loss
2019-20 2018-19
Parent:
National Insurance Company Limited 100.61 (4,10,83,359) 99.67 (1,69,61,224)
Associates:
Indian
Health Insurance TPA of India Limited (0.02) 7,814 (0.02) 2,807
Foreign
India International Insurance PTE Ltd., (0.59) 2,42,114 0.35 (59,225)
Singapore
Total 100 (4,08,33,431) 100 (1,70,17,672)
3. Contingent Liabilities:
Contingent liabilities are disclosed below the Consolidated Balance Sheet. Those include claims
against the Company not acknowledged as debt which in turn includes demand from various statutory
authorities towards income tax, service tax and other government levies. The Company is contesting
the demands before the respective appellate authorities. It is expected that the ultimate outcome of
these proceedings will be in favour of the Company and will not have any material adverse effect on
the Company’s financial position and results of operation. The impact is disclosed by the Company and
its Associate incorporated in India by way of declaring the liabilities against these pending litigations as
contingent, save otherwise, which have already been provided for in the Accounts.
4. In accordance with the accounting regulations prescribed by the IRDA unrealized loss (excess of
book value over market value) amounting to `(-)1,65,72,165 thousand [previous year unrealized gain
`2,60,69,402 thousand] arising due to changes in the fair value of listed equity shares and mutual funds
(except equities quoted in stock exchanges outside India and thinly traded equity shares) is taken to
“Fair Value Change Account”. The Company has considered the diminution in the market value as not
permanent in nature due to temporary turbulence in the stock market as a result of COVID-19 pandemic
and lockdown all over the country. Accordingly, no provision for diminution has been provided for but
carried as debit balance in the fair value change account. The historical cost of those investment
amounted to `9,76,88,906 thousand (`8,08,03,251 thousand). The diminution parked in the debit of fair
value change account is allocated entirely to Policyholders’ Fund as there is no amount in Shareholder’
Fund as at the end of the year.
5. The Company has recognized commission income of `5,62,424 thousand (`6,14,998 thousand) on
Quota Share Reinsurance Treaty with General Insurance Company and Hanover Re (Ireland) for
reinsurance of 20% of total motor business. As per the treaty the Company is entitled to maximum
ceding commission of 38.75% for a loss ratio of 60% or below. The ceding commission slides down to
8.75% on a one to one basis of loss ratio going upto 90% and further reduces to 1.75% when loss ratio
is 97%. No ceding commission is allowed for loss ratio above 98.75%. The treaty stands automatically

517 ANNUAL REPORT 2019-20

 ½è* ªÉ½ ºÉÆÊvÉ |ÉiªÉäEò SÉɱÉÖ ´É¹ÉÇ Eäò ʱÉB BEò Ê´ÉÊxÉÌn¹] +´ÉÊvÉ Eäò ¤ÉÉn º´ÉiÉ {ÉÊ®´ÉiÉÇxÉ ±ÉÉMÉÚ ½Éä VÉÉiÉÉ ½è +Éè® BEò ´É¹ÉÇ ºÉƤÉÆÊvÉiÉ ´É¹ÉÇ Eäò
ʱÉB +ÆÊiÉ¨É ½ÉÊxÉ EòÒ +ÉÆEò±ÉxÉÉ EòÒ VÉÉiÉÒ ½è +Éè® =ºÉ +´ÉÊvÉ Eäò ºÉ¨ÉÉ{iÉ ½ÉäxÉä {É® +É<Ç ´ÉÒ BxÉ +É® ´É +É<Ç ¤ÉÒ BxÉ <Ç +É® ¨Éå =ºÉä
¶ÉÉÊ¨É±É Eò® ={ÉMÉiÉ nÉ´ÉÉå EòÉ +ÉEò±ÉxÉ Eò® MÉhÉxÉÉ EòÒ VÉÉiÉÒ ½è* EÆò{ÉxÉÒ EòÉä |ÉnkÉ Eò¨ÉÒ¶ÉxÉ +ÆÊiÉ¨É ºÉ¨ÉɪÉÉäVÉxÉ Eäò ºÉ¨ÉªÉ PÉ]iÉä ºiÉ®
{É® |ÉÉ{iÉ Eò¨ÉÒ¶ÉxÉ EòÉä |ÉÉäÊ´ÉVÉxÉ±É Eäò +ÉvÉÉ® {É® 5% Eò¨ÉÒ¶ÉxÉ ¦ÉÖMÉiÉÉxÉ ÊEòªÉÉ VÉÉiÉÉ ½è* {ɽ±Éä Eäò ´É¹ÉÉäÇ ¨Éå EÆò{ÉxÉÒ ¨ÉÉä]® ´ªÉ´ÉºÉÉªÉ Eäò
+ÆÊiÉ¨É +xÉÖ{ÉÉiÉÉå EòÉ Ê´É¶±Éä¹ÉhÉ Eò®xÉä Eäò ¤ÉÉn ½Ò <ºÉ ÊxɹEò¹ÉÇ {É® {ɽÖÆSÉiÉÒ lÉÒ* <ºÉ ºÉÆÊvÉ Eäò iɽiÉ +ÆÊiÉ¨É ¨ÉÉä]® ´ªÉ´ÉºÉÉªÉ +ÆÊiÉ¨É ½ÉÊxÉ
+xÉÖ{ÉÉiÉ 90% ºÉä +ÊvÉEò xÉ½Ò ½ÉäMÉÉ +Éè® |ÉÉ{iÉ Eò¨ÉÒ¶ÉxÉ |ÉiªÉäEò ´É¹ÉÇ ¨Éå 8.75% ºÉå Eò¨É xÉ½Ò ½ÉäxÉÉ SÉÉʽB +Éè® =ºÉÒ Eäò +xÉÖºÉÉ®
|ÉÒÊ¨ÉªÉ¨É +ÉªÉ PÉ]ÉiÉä ºÉ¨ÉªÉ |ÉɮʦÉEò +ÉªÉ EòÉ 5% EòÉä ½Ò ¨ÉÉxÉxÉÉ `ÒEò ½ÉäMÉÉ*
6. ¤ÉÒ¨ÉÉ ´É {ÉÖxɤÉÔ¨ÉÉ ´ªÉ´ÉºÉÉªÉ Eò®xÉä ´ÉɱÉä ´ªÉÊHò ´É ºÉƺlÉÉ+Éå, ÊxÉEòɪÉÉå {É® ¤ÉEòɪÉÉ ¶Éä¹É ´É +ÆiÉ® EòɪÉÉDZɪÉÉå Eäò iÉÖ±ÉxÉ ÊxɪÉÆjÉhÉ ±ÉäJÉÉ+Éå,
¡Öò]Eò® näxÉnÉ®Éå, ¤ÉèxÉ JÉÉiÉÉå ¨Éå bäʤÉ] ´É EäòÊb] EòÒ +º{ɹ] |ÉÊ´Éʹ`ªÉÉå +ÉÊn EòÒ ºÉ¨ÉɪÉÉäVÉxÉÉå Eäò ¶ÉiÉÉäÇ Eäò +xÉÖºÉÉ® ½Ò ½è* ºÉ¨ÉɪÉÉäVÉxÉ
BEò ÊxÉ®ÆiÉ® +¦ªÉÉºÉ ½ÉäxÉä ºÉä ºÉ¨ÉɪÉÉäVÉxÉ ºÉ½Ò ½ÉäiÉÉ ½è +Éè® <ºÉÒ Eäò ºÉÉlÉ +iªÉÉÊvÉEò ºÉÉ´ÉvÉÉxÉÒ ¤É®iÉiÉä ½ÖB EÆò{ÉxÉÒ xÉä <ºÉ ºÉƤÉÆvÉ ¨Éå
`21,82,750 ½VÉÉ® (`19,98,589 ½VÉÉ®) EòÉ |ÉÉ´ÉvÉÉxÉ |ɤÉÆvÉxÉ Eäò +xÉÖºÉÉ® ½Ò ÊEòªÉÉ MɪÉÉ ½è*

7. ºÉƤÉÆÊvÉiÉ {ÉÉ]Ô Eäò Ê´É´É®hÉ xÉÒSÉä ÊnB MÉB ½é:

(a) |ɨÉÖJÉ |ɤÉÆvÉxÉ Eò¨ÉÔ
(b)
Gò.ºÉÆ. |ɨÉÖJÉ |ɤÉÆvÉxÉ EòÉʨÉÇEò EòÉ xÉɨÉ
1. ¸ÉÒ¨ÉiÉÒ iÉËVÉn® ¨ÉÖJÉVÉÔ, ºÉÒ.B¨É.bÒ. (14/09/2018 ºÉä iÉèxÉÉiÉ)
2. ¸ÉÒ VÉÉìxÉ {ÉÖʱÉxlÉxɨÉ, ¨É½É|ɤÉÆvÉEò +Éè® ÊxÉnä¶ÉEò (01/04/2019/31/08/2019)
3. ¸ÉÒ.ʺÉrÉlÉÇ |ÉvÉÉxÉ, ¨É½É|ɤÉÆvÉEò +Éè® ÊxÉnä¶ÉEò (09/08/2018 ºÉä iÉèxÉÉiÉ)
4. ¸ÉÒ {ÉÒ. Ê´ÉVÉªÉ EÖò¨ÉÉ®, ¨ÉÖJªÉ Ê´ÉkÉÒªÉ +ÊvÉEòÉ®Ò
5. ¸ÉÒ¨ÉiÉÒ. ®ÒxÉÉ ¨ÉÉÊbªÉÉ, EÆò{ÉxÉÒ ºÉÊSÉ´É

±ÉäxÉnäxÉ EòÉ °  {É:

i. ´ÉäiÉxÉ, ¦ÉkÉä +Éè® +ƶÉnÉxÉ `11,125 ½VÉÉ® (`10,296 ½VÉÉ®)
ii. @  hÉ +Éè® +ÊOÉ¨É ®É榃 ` ¶ÉÖxªÉ (`21 ½VÉÉ®)

(c) ´ÉiÉǨÉÉxɨÉå ÊxɪÉÆÊjÉiÉ ºÉƺlÉÉB:

1. xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ EÆò{ÉxÉÒ Ê±ÉʨÉ]äb Eò¨ÉÇSÉÉ®Ò ¦ÉʴɹªÉ ÊxÉÊvÉ*
2. xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ EÆò{ÉxÉÒ (Eò¨ÉÇSÉÉ®Ò) {Éå¶ÉxÉ ¡Æòb*
3. xÉä¶ÉxÉ±É <ƶªÉÉä®åºÉ EÆò{ÉxÉÒ Ê±ÉʨÉ]äb Eò¨ÉÇSÉÉ®Ò OÉäSªÉÖ]Ò ¡Æòb*
(EÆò{ÉxÉÒ uÉ®É ]ź]Ò Eäò °  {É ¨Éå EòÉä<Ç ÊxÉ´Éä¶É +Éè® ±ÉäxÉnäxÉ xÉ½Ó ÊEòªÉÉ MɪÉÉ ½è)*
8. EÆò{ÉxÉÒ Eäò {ÉÉjÉ Eò¨ÉÇSÉÉ®Ò VÉÉä 28 VÉÚxÉ, 1995 ºÉä {ɽ±Éä EÆò{ÉxÉÒ ºÉå VÉÖbä ½ÖB ½è SÉÉ½ä ´É½ ºÉä´ÉÉ®iÉ ªÉÉ ºÉä´ÉÉÊxÉ´ÉÞkÉ CªÉÉä xÉ ½Éä =ºÉÒ ºÉƤÉÆvÉ
¨Éå Eåòp ºÉ®EòÉ® uÉ®É 23 +|Éè±É, 2019 ºÉä |ɦÉÉ´ÉÒ ºÉɨÉÉxªÉ ¤ÉÒ¨ÉÉ (Eò¨ÉÇSÉÉ®Ò) {Éå¶ÉxÉ ºÉƶÉÉävÉxÉ ªÉÉäVÉxÉÉ, 2019 EòÒ ¶ÉÖ°  +ÉiÉ Eäò
{ÉÊ®hÉɨɺ´É°  {É +ÊiÉÊ®Hò näªÉiÉÉ +ÌVÉiÉ EòÒ ½è, ´É xɪÉÒ {Éå¶ÉxÉ EòÉä¹É EòÉ ºÉnºªÉ ¤ÉxÉxÉä Eäò ʱÉB {Éå¶ÉxÉ (+ÉäB¨É+Éä{ÉÒ) Eäò ʱÉB BEò +Éè®
Ê´ÉEò±{É EòÉ |ɪÉÉäMÉ VÉÉ®Ò ®JÉÉ MɪÉÉ ½è* ´ÉiÉǨÉÉxÉ ´É¹ÉÇ ¨Éå ¨ÉÉxªÉiÉÉ |ÉÉ{iÉ ¤ÉÒ¨ÉÉÆÊEòEò ¨ÉÚ±ªÉÉÆEòxÉ EòÒ |ÉÊGòªÉÉ Eäò ¨ÉÉvªÉ¨É ºÉä ÊxÉvÉÉÇÊ®iÉ ºÉ¨ÉOÉ
¨Éå +Éä.B¨É.+Éä.{ÉÒ ¶ÉÉÊ¨É±É ½é:

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 518

 commuted after a specified period against each underwriting year and ultimate loss ratio in respect
of an underwriting year is computed after considering claims incurred during that period including
IBNR & IBNER as at the close of that period. The Company is paid initial ceding commission of 5%
on provisional basis adjustable against sliding scale commission receivable at the time of clean cut
settlement. The Company after analyzing ultimate loss ratios of motor business of preceding years
concluded that the ultimate loss ratio of motor business will not be more than 90% in any of the
underwriting years under treaty and the sliding commission receivable will not be less than 8.75% in
each of the year and accordingly is well within the prudence to recognize the initial commission of 5%
as income at the time of ceding the premium income.
6. Balances due to/from persons/bodies carrying on Insurance/reinsurance business, balances of inter
office accounts, control accounts, sundry debtors/creditors, unexplained debits and credits entries in
bank accounts, are subject to confirmations and/or reconciliations. Reconciliation being a continuous
exercise, adjustments, if any, that arise out of such reconciliations is taken as and when identified.
However, as a matter of abundant precautions the Company has made a provision of `21,82,750
thousand (`19,98,589 thousand) in this regard which according to the management is adequate.
7. Related party disclosures are given below:
(a) Key Management Personnel:
(b)

SL. NO. NAME OF KEY MANAGEMENT PERSONNEL

1. Smt. Tajinder Mukherjee, CMD (w.e.f. 14/09/2018)
2. Shri John Pulinthanam, General Manager & Director (retired) (01/04/2019 – 31/08/2019)
3. Shri Sidharth Pradhan, General Manager & Director (w.e.f. 09/08/2018)
4. Shri P. Vijaya Kumar, Chief Financial Officer
5. Smt. Rina Madia, Company Secretary

Nature of transactions:
i. Salaries, allowances and contributions `11,125 thousand (`10,296 thousand)
ii. Loans and Advances `Nil (`21 thousand).
(b) Entities over which control exist:
1. National Insurance Company Limited Employees’ Provident Fund.
2. National Insurance Company (Employees’) Pension Fund.
3. National Insurance Company Limited Employees’ Gratuity Fund.
(No investments and transactions have been undertaken by the Company as a trustee).
8. The Company has incurred additional liability consequent upon introduction of General Insurance
(Employees’) Pension Amendment Scheme, 2019 by the Central Government effective from 23rd April,
2019 in respect of eligible employees, who have joined the Company before 28th June, 1995 whether
continuing or retired, exercising One More Option for Pension (OMOP) to become member of the
Pension Fund. The aggregate OMOP liability determined through the process of actuarial valuation
recognized in the current year includes:

519 ANNUAL REPORT 2019-20

 ºÉä´ÉÉ®iÉ
(a) Eò¨ÉÇSÉÉÊ®ªÉÉå Eäò ½äiÉÖ +ÉäB¨É+Éä{ÉÒ `78,88,080 ½VÉÉ® iÉlÉÉ
(b) ºÉä´ÉÉÊxÉ´ÉÞkÉ Eò¨ÉÇSÉÉÊ®ªÉÉå Eäò ʱÉB +ÉäB¨É+Éä{ÉÒ `64,97,486 ½VÉÉ® ªÉÉäVÉxÉÉ Eäò +xÉÖºÉÉ® |ÉÉÊ{iÉ ÊxɴɱÉ*
¦ÉÉ®iÉÒªÉ ¤ÉÒ¨ÉÉ Ê´ÉÊxɪÉɨÉEò +Éè® Ê´ÉEòÉºÉ |ÉÉÊvÉEò®hÉ (+É<Ç+É®bÒB) xÉä +{ÉxÉä {ÉjÉ Gò¨ÉÉÆEò 411/B¡ò Bhb B (BxÉ.B±É)/+¨É®Éä]<ǤÉÒ-
2019-20/122 ÊnxÉÉÆEò 07-07-2020 Eäò uÉ®É ´É¹ÉÇ 2019-20 ºÉä {ÉÉìSÉ ´É¹ÉÉäÇ EòÒ +´ÉÊvÉ ºÉä ºÉä´ÉÉ®iÉ Eò¨ÉÇSÉÉÊ®ªÉÉå +ÉäB¨É+Éä{ÉÒ Eäò
ʱÉB +ÊiÉÊ®Hò {Éå¶ÉxÉ näªÉiÉÉ Eäò {ÉÊ®¶ÉÉävÉxÉ Eäò +xÉÖ¨ÉÉänxÉ |ÉnÉxÉ ÊEòªÉÉ ½è* <ºÉ +xÉÖ¨ÉÉänxÉ Eäò +xÉֺɮhÉ ¨Éå EÆò{ÉxÉÒ ¨Éå ¨ÉÉèVÉÚnÉ Eò¨ÉÇSÉÉÊ®ªÉÉå
Eäò +ÉäB¨É+Éä{ÉÒ Eäò ºÉƤÉÆvÉ ¨Éå {Éå¶ÉxÉ näªÉiÉÉ Eäò {ÉÊ®¶ÉÉävÉxÉ Eäò °  {É ¨Éå <ºÉ ´É¹ÉÇ Eäò ´ªÉªÉ Eäò °  {É ¨Éå `15,77,616 ½VÉÉ® EòÉä ¨ÉÉxªÉiÉÉ nÒ
MÉ<Ç ½è* ={É®ÉäHò +ÊiÉÊ®Hò näªÉiÉÉ+Éå ¨Éå +±ÉMÉ EÆò{ÉxÉÒ xÉä SÉɱÉÚ ´É¹ÉÇ ¨Éå ´ªÉªÉ Eäò °  {É ¨Éå +ÉèºÉiÉxÉ `80,75,102 ½VÉÉ® ¨ÉÉxªÉiÉÉ nÒ +Éè®
+MɱÉä SÉÉ® ´É¹ÉÉäÈ ¨Éå `63,10,464 ½VÉÉ® EòÉä {ÉÊ®¶ÉÉävÉxÉ Eäò ʱÉB ºlÉÊMÉiÉ Eò® ÊnªÉÉ MɪÉÉ ½è +Éè® <ºÉ iÉ®½ EòÒ EòÉä<Ç Ê´É±ÉƤÉxÉiÉÉ ½Ö<Ç ½Éä
iÉÉä ºÉÉ±É Eäò +ÆiÉ iÉEò `63,10,464 ½VÉÉ® iÉEò ¤Ég VÉÉBMÉÉ*
9. EÆò{ÉxÉÒ xÉä +¤É iÉEò ¦ÉʴɹªÉ ÊxÉÊvÉ Eäò {Éå¶ÉxÉ nÉʪÉi´É EòÉä ´ÉiÉǨÉÉxÉ ¨ÉÚ±ªÉ ¨É½ÆMÉÉ<Ç ¦ÉkÉä EòÉä PÉ]ÉEò® ={ɱɤvÉ Eò®É ®½Ò lÉÒ* <ºÉ iÉ®½ Eäò ¦ÉkÉä
EòÉ ¦ÉÖMÉiÉÉxÉ ºÉä´ÉÉÊxÉ´ÉÞkÉ Eò¨ÉÇSÉÉÊ®ªÉÉå Eäò ¨ÉÉʺÉEò {Éå¶ÉxÉ Eäò ¦ÉÖMÉiÉÉxÉ Eäò ºÉÉlÉ ½Ò Eò® ®½Ò ½è * ´É¹ÉÇ Eäò +ÆiÉ ¨Éå {Éå¶ÉxÉ nÉʪÉi´É Eäò ¦ÉʴɹªÉ
Eäò ¨É½ÆMÉÉ<Ç ¦ÉkÉÉ PÉ]ÉEò® ¤ÉÒ¨ÉÉÆÊEòiÉ ¨ÉÚ±ªÉ `79,78,380 ½VÉÉ® (`74,35,591 ½VÉÉ®) ½è* ´É¹ÉÇ Eäò nÉè®ÉxÉ {Éå¶ÉxÉvÉÉÊ®ªÉÉå EòÉä ¨É½ÆMÉÉ<Ç
¦ÉkÉä ´É ´ªÉªÉ Eäò °  {É ¨Éå `36,12,231 ½VÉÉ® (`15,82,000 ½WÉÉ®) EòÒ ®É榃 EòÉ ¦ÉÖMÉiÉÉxÉ EòÒ ¨ÉÉxªÉiÉÉ |ÉÉ{iÉ EòÒ ½è* SÉɱÉÚ ´É¹ÉÇ Eäò
+±ÉÉ´ÉÉ EÆò{ÉxÉÒ xÉä {Éå¶ÉxÉ nÉʪÉi´É Eäò ¦ÉʴɹªÉ ÊxÉÊvÉ Eäò ¨É½ÆMÉÉ<Ç ¦ÉkÉä Eäò PÉ]ÉxÉä Eäò ºÉƤÉÆvÉ ¨Éå ±ÉäJÉÉÆEòxÉ EòÉ GòʨÉEò +ÉvÉÉ® +{ÉxÉɪÉÉ ½è
+Éè® <ºÉ JÉÉiÉä {É® `79,78,380 ½VÉÉ® EòÒ ºÉÆ{ÉÚhÉÇ näªÉiÉÉ |ÉnÉxÉ Eò® nÒ ½è* <ºÉ iÉ®½ Eäò ¤Én±ÉÉ´É Eäò EòÉ®hÉ, ´É¹ÉÇ Eäò ʱÉB ½ÉÊxÉ +Éè®
´ÉiÉǨÉÉxÉ näªÉiÉÉ ÊnxÉÉÆEò 31-03-2020 Eäò +xÉÖºÉÉ® =Hò ®É榃 ¨Éå ´ÉÞÊr ½Ö<Ç ½è*
10. VÉÒBºÉ]Ò EòɪÉÉÇx´ÉªÉxÉ EòɪÉÇGò¨É ¨Éå Eò¨ÉÒ Eäò EòÉ®hÉ bä]É +Éè® |ÉɺÉÆÊMÉEò bÉìCªÉÚ¨Éå]弃 VÉÒBºÉ]Ò <xÉ{ÉÖ] ]èCºÉ EäòÊb] (+É<Ç]ÒºÉÒ) EòÉä Eò¨É
Eò®xÉä ¨Éå EÖòU Eò¨ÉÒ +É<Ç ½è* VÉèºÉä ÊEò EÆò{ÉxÉÒ {ÉÉjÉ +É<Ç]ÒºÉÒ Eäò BEò ʽººÉä EòÉ ±ÉÉ¦É xÉ½Ó =`É ºÉEòiÉÒ ½è ÊVɺÉä JÉSÉÇ Eäò °  {É ¨Éå ´ÉºÉÚ±ÉÉ
MɪÉÉ ½è* VÉÒBºÉ]Ò {ÉÉä]Ç±É Eäò +xÉÖºÉÉ® +É<Ç]ÒºÉÒ EòÒ |ÉÉÊ{iɪÉÉÆ, {ÉÉjÉ +É<Ç]ÒºÉÒ, +É<Ç]ÒºÉÒ EòÉ ±ÉÉ¦É =`ɪÉÉ MɪÉÉ +Éè® +É<Ç]ÒºÉÒ EòÉ ={ɪÉÉäMÉ
|ÉMÉÊiÉ {É® ½è* ¤Éʽ JÉÉiÉå ¨Éå ÊEòB MÉB +É<Ç]ÒºÉÒ ¶Éä¹É Eäò ºÉƤÉÆvÉ ¨Éå EÆò{ÉxÉÒ EòÉä ÊEòºÉÒ ¦ÉÒ xÉÖEòºÉÉxÉ EòÒ +ɶÉÆEòÉ xÉ½Ó ½è CªÉÉåÊEò ªÉ½ {ÉÚ®Ò
®É榃 EòÉ ±ÉÉ¦É =`ÉxÉä +Éè® =ºÉEòÉ ={ɪÉÉäMÉ Eò®xÉä EòÒ ºÉ¨ÉlÉÇ ½è*
11. ºÉÉì±´ÉåºÉÒ +xÉÖ{ÉÉiÉ
+É<Ç+É®bÒB Ê´ÉÊxÉªÉ¨É 2016 EòÒ MÉhÉxÉÉ +xÉÖºÉÉ® 31-03-2020 iÉEò ºÉÉì±´ÉåºÉÒ +xÉÖ{ÉÉiÉ 0.02 (BºÉä]ºÉ, ±ÉɪÉʤÉʱÉ]ÒVÉ +Éè® ºÉÉì±´ÉåºÉÒ
¨ÉÉÌVÉxÉ +Éì¡ò VÉxÉ®±É <ƶªÉÉä®åºÉ ʤÉVÉxÉäºÉ) EòÉä +É<Ç+É®bÒB Eäò {ÉjÉ ºÉÆJªÉÉ/VÉÒBxÉ+É<Ç/ºÉÒ+ÉäB¨É/{ÉÒ2/2020-21/202 ÊnxÉÉÆEò 21
ʺÉiÉƤɮ 2020 ¨Éå {ÉÊ®½É® IÉÊiÉ Eäò °  {É ¨Éå ʱɪÉÉ MɪÉÉ ½è*
(a) ¤ÉEòɪÉÉ ®É榃 EòÉä ÊnxÉÉÆEò 28-02-2020 Eäò ¤ÉVÉÉB ÊnxÉÉÆEò 31-03-2020-21 =ÊSÉiÉ ¨ÉÚ±ªÉ {ÉÊ®´ÉiÉÇxÉ JÉÉiÉÉ ¨Éå ¶Éä¹É Eäò °  {É ¨Éå
ʱɪÉÉ ½è*
(b) +É<ǤÉÒBxÉ+É® ¨Éå ¨ÉÉä]® iÉÞiÉÒªÉ {ÉIÉ <¶ªÉÉä®åºÉ @4% ´ÉÉ̹ÉEò Eäò ʱÉB +É®ÊIÉiÉ ÊEòªÉÉ iÉlÉÉ
(c) ºÉÆ{ÉÊkÉ Eäò °  {É ¨Éå |ÉvÉÉxɨÉÆjÉÒ +É´ÉÉºÉ ¤ÉÒ¨ÉÉ ªÉÉäVÉxÉÉ Eäò ºÉƤÉÆvÉ ¨Éå 12 ¨É½ÒxÉä Eäò ¤ÉVÉÉªÉ 18 ¨É½ÒxÉä EòÒ +´ÉÊvÉ iÉEò ºÉ®EòÉ® ºÉä
|ÉÉ{ªÉ º´ÉÒEòÉ® ÊEòªÉÉ MɪÉÉ*
ºÉÉì±´ÉåºÉÒ ¨ÉÉÌVÉxÉ EòÒ MÉhÉxÉÉ Eäò ʱÉB ½Ò {ÉÊ®½É® MÉhÉxÉÉ EòÒ MÉ<Ç ½è*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 520

 (a) `78,88,080 thousand on account of OMOP of continuing employees; and
(b) `64,97,486 thousand on account of OMOP of retired employees, net of realization as per the
scheme.
The Insurance Regularity and Development Authority of India (IRDAI) per their letter No.411/F&A(NL)/
Amort-EB-2019-20/122 dated 07-07-2020 granted approval for amortization of the additional pension
liability for OMOP of continuing employees over a period of five years from 2019-20. Pursuant to
such approval, the Company amortized pension liability in respect of OMOP of existing employees
recognizing `15,77,616 thousand as expenses of the year. Accordingly, out of above mentioned
additional liabilities, `80,75,102 thousand in aggregate is recognized as expenses in the current year
and `63,10,464 thousand is deferred for amortization over the next four years. Had there been no such
deferment, loss of the year would have been increased by `63,10,464 thousand.
9. The Company was hitherto providing present value of future pension obligation excluding dearness
allowance component. Such allowance is paid to retired employees along with payments of monthly
pension and charged to revenue. Actuarial value of future dearness allowance component of pension
obligation at the end of the year is `79,78,380 thousand (`74,35,591 thousand). During the year a
sum of `36,12,231 thousand (`15,82,000 thousand) is paid towards dearness allowance obligation of
pensioners and recognized as expenses. In addition in the current year the Company adopted accrual
basis of accounting in respect of the future dearness allowance component of pension obligation and
provided the entire liability of `79,78,380 thousand on this account. Due to such change, loss for the
year and current liability as on 31-03-2020 have been increased by the said amount.
10. Due to deficiency in the GST implementation programme there has been few lapses in collating data
and relevant documents of GST input tax credit (ITC). As such the Company could not avail a portion of
eligible ITC which has been charged off as expenses. Reconciliations of ITC as per GST portal, eligible
ITC, ITC availed and ITC utilized are in progress. In respect of ITC balance carried in the books, the
Company does not anticipate any loss as it expects to avail and utilize the whole amount thereof.
11. Solvency Ratio
Solvency Ratio of 0.02 as at 31-03-2020 has been computed in terms of the IRDAI (Assets, Liabilities
and Solvency Margin of General Insurance Business), Regulations, 2016 after taking into account the
following forbearance granted by IRDAI vide their letter No. FNA/GNI/COM/P2/2020-21/202 dated 21st
September, 2020.
(a) Adopting Fair Value Change Account balance as of 28-02-2020 instead of the balance as on 31-
03-2020;
(b) Discounting IBNR reserves for Motor Third Party Insurance @ 4% p.a.; and
(c) Admitting receivable from Government upto a period of 18 months instead of 12 months in respect
of Pradhan Manti Fasal Bima Yojana as asset.
The forbearance granted is only for computing Solvency Margin.

521 ANNUAL REPORT 2019-20

12. ±ÉäJÉÉÆEòxÉ ¨ÉÉxÉEò Eäò +xÉÖºÉÉ® Ê´É´É®hÉ (AS 20 Eäò °  {É ¨Éå)
(` ½VÉÉ® ¨Éå)
Ê´É´É®hÉ SÉɱÉÚ ´É¹ÉÇ MÉiÉ ´É¹ÉÇ
¶ÉäªÉ®vÉÉ®EòÉå EòÉä näªÉ ¶ÉÖr ±ÉɦÉ/½ÉÊxÉ (-) 4,09,98,004 (-)1,69,35,645
¶ÉäªÉ®Éå EòÒ ¦ÉÉÊ®iÉ +ÉèºÉiÉ ºÉÆJªÉÉ 17,21,31,148 10,00,00,000
`10 |ÉÊiÉ ¶ÉäªÉ® ¤ÉäºÉÒEò ´É Êb±ÉÉì<Ç] ½äiÉÖ (-) 238.18 -169.36

EÆò{ÉxÉÒ Eäò {ÉÉºÉ EòÉä<Ç ¦ÉÒ ºÉƦÉÉÊ´ÉiÉ IÉʨÉiÉ <ÊC´É]Ò ¶ÉäªÉ® ¤ÉEòɪÉÉ xÉ½Ó ½è, {ÉÊ®hÉɨɺ´É°  {É EÆò{ÉxÉÒ Eäò |ÉÊiÉ ¶ÉäªÉ® ¨ÉÚ±É ¤ÉäʺÉEò ´É ºÉƦÉÉÊ´ÉiÉ
Eò¨ÉÉ<Ç +{ÉÊ®´ÉÌiÉªÉ ½Ò ®½äMÉÒ*
13. +É<Ç+É®bÒB Eäò ±ÉäJÉÉÆEòxÉ ÊxÉnæ¶É Eäò +xÉÖºÉÉ® ºÉÉì±´ÉåºÉÒ +xÉÖ{ÉÉiÉ Eäò ʱÉB EÆò{ªÉÚ]® ºÉÉì}]´ÉäªÉ® EòÒ +xÉÖ¨ÉÉÊxÉiÉ ={ɪÉÉäÊMÉiÉÉ EòÉ±É EòÉä
¤Én±ÉEò® 5 ºÉÉ±É ºÉä 3 ºÉÉ±É iÉEò Eò® nÒ ½è* <ºÉ iÉ®½ Eäò {ÉÊ®´ÉiÉÇxÉ Eäò EòÉ®hÉ ´É¹ÉÇ Eäò ʱÉB ¨ÉÚ±ªÉ¿ÉºÉ +Éè® ½ÉÊxÉ EòÒ n® ¤ÉfEò®
`78,016 ½VÉÉ® EòÒ ½Éä MÉ<Ç ½è*
14. ʴɶ´É º´ÉɺlªÉ ºÉÆMÉ`xÉ xÉä 30 VÉxÉ´É®Ò 2020 EòÉä EòÉäÊ´Éb-19 EòÉä º´ÉɺlªÉ +É{ÉÉiÉEòÉ±É +Éè® 11 ¨ÉÉSÉÇ, 2020 EòÉä ´Éèʶ´ÉEò ¨É½É¨ÉÉ®Ò
PÉÉäʹÉiÉ ÊEòªÉÉ ´É ¦ÉÉ®iÉ ºÉ®EòÉ® xÉä ÊnxÉÉÆEò 25 ¨ÉÉSÉÇ, 2020 ºÉä ªÉÖr ={ÉÉªÉ Eäò °  {É ¨Éå 25 ¨ÉÉSÉÇ 2020 ºÉä {ÉèxÉ <ÆÊbªÉÉ ±ÉÉìEòbÉ=xÉ ±ÉÉMÉÚ
ÊEòªÉÉ MɪÉÉ* <ºÉ ¨É½É¨ÉÉ®Ò xÉä ʴɶ´É +lÉÇ´ªÉ´ÉºlÉÉ Eäò ºÉÉlÉ-ºÉÉlÉ ¦ÉÉ®iÉÒªÉ +lÉÇ´ªÉ´ÉºlÉÉ EòÉä |ɦÉÉÊ´ÉiÉ ÊEòªÉÉ ÊVɺɺÉå Ê´ÉkÉÒªÉ ¤ÉÉVÉÉ® ¨Éå
ÊxÉ®ÆiÉ® +ʺlÉ®iÉÉ {ÉènÉ ½Ö<Ç ½è* EÆò{ÉxÉÒ EòÉä =¨¨ÉÒn ½è ÊEò +lÉÇ´ªÉ´ÉºlÉÉ `ÒEò ½Éä VÉÉBMÉÒ +Éè® {ɪÉÉÇ{iÉ ÊºlÉ®iÉÉ ={ɱɤvÉ ½ÉäMÉÒ* <ºÉ ={ɱÉIªÉ
¨Éå +É<Ç+É®bÒB xÉä ÊnxÉÉÆEò 4 ¨ÉÉSÉÇ, 2020 EòÉä BEò {ÉÊ®{ÉjÉ VÉÉ®Ò ÊEòªÉÉ ½è, ÊVɺɨÉå ºÉɨÉÉxªÉ +Éè® º´ÉɺlªÉ ¤ÉÒ¨ÉÉEòiÉÉÇ+Éå EòÉä EòÉäÊ´Éb-19
®ÉäMÉ Eäò ={ÉSÉÉ® EòÒ ±ÉÉMÉiÉÉå EòÉä Eò´É® Eò®xÉä Eäò ʱÉB +ɴɶªÉEò =i{ÉÉnÉå EòÉä ¤ÉxÉÉxÉå EòÒ ºÉ±Éɽ nÒ MÉ<Ç ½è +Éè® EÆò{ÉxÉÒ xÉä EòÉäÊ´Éb-19
Eò´É®äVÉ ½äiÉÖ 23 VÉÚxÉ, 2020 EòÉä +ÊiÉ +±{ÉÉ´ÉÊvÉ ¨Éå º´ÉɺlªÉ ¤ÉÒ¨ÉÉ |ÉnÉxÉ Eò®xÉä Eäò ¤ÉÉ®ä ¨Éå Ên¶ÉÉÊxÉnæ¶É VÉÉ®Ò ÊEòB, iÉnxÉÖºÉÉ® EòÉäÊ´Éb-19
¨É½É¨ÉÉ®Ò EòÒ +ÊxÉʶSÉiÉiÉÉ EòÉä näJÉiÉä ½ÖB EÆò{ÉxÉÒ xÉä +±{ÉEòÉʱÉEò º´ÉɺlªÉ ¤ÉÒ¨ÉÉ {ÉÉìʱɺÉÒ {Éä¶É EòÒ* EÆò{ÉxÉÒ ±ÉMÉÉiÉÉ® +ÉÌlÉEò ¤Én±ÉÉ+Éå
¨Éå {ÉÊ®´ÉiÉÇxÉ EòÒ ÊxÉMÉ®ÉxÉÒ Eò® ®½Ò ½è VÉÉä ¦ÉʴɹªÉ ¨Éå ½ÉäxÉä ´ÉɱÉä PÉ]xÉÉGò¨ÉÉå Eäò +ÉvÉÉ® {É® <ºÉEäò ºÉÆSÉɱÉxÉ +Éè® <ºÉEäò Ê´ÉkÉÒªÉ {ÉÊ®hÉɨÉÉå
EòÉä |ɦÉÉÊ´ÉiÉ Eò® ºÉEòiÉÒ ½è*
15. |ɤÉÆvÉxÉ nÒPÉÇEòÉʱÉxÉ +xÉÖ¤ÉÆvÉÉå ¨Éå |Éʴɹ` ÊEòB MÉB xÉÖEòºÉÉxÉ EòÒ +ɶÉÉ xÉ½Ó Eò® ®½Ò ½è* EÆò{ÉxÉÒ ¦ÉÉ®iÉ ¨Éå ÊxÉMÉʨÉiÉ EÆò{ÉxÉÒ +Éè® =ºÉEäò
ºÉ½ªÉÉäMÉÒ ºÉå ÊEòºÉÒ ¦ÉÒ ´ªÉÖi{ÉxxÉ +xÉÖ¤ÉÆvÉ ¨Éå VÉÖcÒ xÉ½Ó ½è*
16. EÆò{ÉxÉÒ uÉ®É ÊxÉ´Éä¶ÉEò ʶÉIÉÉ +Éè® ºÉÆ®IÉhÉ EòÉä¹É ¨Éå ªÉÉ =ºÉEäò ºÉ½ªÉÉäMÉÒ EòÉä ¦ÉÉ®iÉ ¨Éå ¶ÉÉÊ¨É±É ÊEòB VÉÉxÉä Eäò ʱÉB ÊEòºÉÒ ¦ÉÒ ®É榃 EòÒ
+ɴɶªÉEòiÉÉ xÉ½Ó ½è*
17. EòÉä¹`Eò ¨Éå Ê{ÉU±Éä ´É¹ÉÇ Eäò +ÉÆEòcä ½é* ¶ÉäªÉ®vÉÉ®EòÉå ºÉä ´É +ÊiÉÊ®Hò <Ç+ÉäB¨É EòÒ +Éä® ºÉä +ƶÉnÉxÉ Eäò ºÉƤÉÆvÉ ¨Éå ®ÉVɺ´É JÉÉiÉÉå ¨Éå SÉɱÉÚ
´É¹ÉÇ EòÒ |ɺiÉÖÊiÉ EòÉä +É<Ç+É®bÒB Eäò {ÉÊ®{ÉjÉ ÊnxÉÉÆEò 20-05-2019 ºÉÆ +É<Ç+É®bÒB/B¡ò Bhb B/ºÉÒ+É<Ç+É®/B¨É+É<ÇBºÉʺÉ/
081/05/2019 EòÉ +xÉÖ{ÉɱÉxÉ Eò®Eäò Ê{ÉU±Éä ´É¹ÉÇ Eäò +ÉÆEòcä Ê¡ò® ºÉä ºÉÆMÉÊ`iÉ ªÉÉ {ÉÖxÉ´ªÉÇ´ÉʺlÉiÉ ÊEòªÉä VÉÉiÉä ½è*

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 522

12. Disclosure as per Accounting Standard (AS 20)
` In thousand
Particulars Current Year Previous Year
Net Profit/ Loss attributable to Shareholders (-) 4,09,98,004 (-)1,69,35,645
Weighted average number of Shares 17,21,31,148 10,00,00,000
Basic and diluted earnings per share of `10 each (-) 238.18 -169.36
The Company does not have any outstanding diluted potential equity share. Consequently,the basic
and diluted earnings per share of the Company remain the same.
13. The Company has changed its accounting policy by changing estimated useful life of computer software
from 5 years to 3 years in line with IRDA directive for solvency computation. Due to such change
amount of depreciation and loss for the year are increased by `78,016 thousand.
14. World health Organization declared COVID-19 outbreak a health emergency on 30th January 2020
and global pandemic on 11 March 2020 and as a combat measure Government of India enforced
pan India lockdown from 25th March, 2020. The pandemic affected world economy as well as Indian
economy creating continuous volatility in the financial market. The Company expects the economy will
recover and sufficient liquidity will be available. Rising to the occasion IRDAI has issued circular on 4th
March, 2020 advising the general and health insurers to design need based products covering costs of
treatment of COVID-19 disease and further issued guidelines on 23rd June 2020 on introduction of short
term health insurance policies providing coverage for COVID-19 disease. The Company, accordingly,
introduced short term health insurance policy. Given the uncertainty because of COVID-19 pandemic,
the Company is continuously monitoring material changes in economic conditions which may impact
its operations and its financial results in future depending on the developments.
15. Management is not expecting any foreseeable losses on the long-term contracts entered into. The
Company and its Associate incorporated in India have not entered into any derivative contracts.
16. No amount is required to be transferred to the Investor Education and Protection Fund by the Company,
or its Associate incorporated in India.
17. Figures in brackets are of the previous year. To conform to current year’s presentation in the Revenue
Accounts regarding ‘Contribution from Shareholders’ Funds towards Excess EoM’ to comply IRDAI
Circular No. IRDA/F&A/CIR/MISC/081/05/2019 dated 20-05-2019, previous year’s figures are
regrouped or rearranged.

523 ANNUAL REPORT 2019-20

 ¡òɨÉÇ B+ÉäºÉÒ – I
(vÉÉ®É 129 Eäò ={ÉvÉÉ®É (3) Eäò ʱÉB {ɽ±Éä +xÉÆÊiÉ¨É ÊxÉªÉ¨É 5 ÊxÉªÉ¨É (±ÉäJÉÉ) ÊxɪɨÉ, 2014 Eäò ºÉÉlÉ {Égå)
18. Ê´ÉkÉÒªÉ Ê´É´É®hÉ Eäò ¨ÉÖJªÉ Ê´É´É®hÉ ´ÉɱÉä Ê´É´É®hÉ ºÉ½ÉªÉEò/ºÉ½ªÉÉäMÉÒ EÆò{ÉÊxɪÉÉÄ/ºÉƪÉÖHò ={ÉGò¨É
¦ÉÉMÉ “A”: ºÉ½ÉªÉEò
(` ½VÉÉ® ¨Éå)
Gò¨É.ºÉÆ Ê´É´É®hÉ
1 ºÉ½ÉªÉEò EòÉ xÉÉ¨É EòÉä<Ç xɽÓ
2 ºÉ½ÉªÉEò EÆò{ÉxÉÒ Eäò ʱÉB Ê®{ÉÉäÍ]MÉ +´ÉÊvÉ, ªÉÊn ½Éä˱bMÉ EÆò{ÉxÉÒ EòÒ Ê®{ÉÉäÍ]MÉ +´ÉÊvÉ ºÉä ʦÉxxÉ ½Éä ±ÉÉMÉÚ xɽÓ
3 Ê´Énä¶ÉÒ ºÉ½ÉªÉEò EÆò{ÉÊxɪÉÉå Eäò ¨ÉɨɱÉä ¨Éå |ÉɺÉÆÊMÉEò Ê´ÉkÉÒªÉ ´É¹ÉÇ EòÒ +ÆÊiÉ¨É ÊiÉÊlÉ Eäò +xÉÖºÉÉ® ¨ÉÖpÉ +Éè® Ê´ÉÊxÉ¨ÉªÉ n® ±ÉÉMÉÚ xɽÓ
EòÒ Ê®{ÉÉä]Ç Eò®xÉÉ*
4 ¶ÉäªÉ® {ÉÚÆVÉÒ ±ÉÉMÉÚ xɽÓ
5 +É®ÊIÉiÉ ´É +ÊvɶÉä¹É ±ÉÉMÉÚ xɽÓ
6 EÖò±É ºÉÆ{ÉÊkÉ ±ÉÉMÉÚ xɽÓ
7 EÖò±É näªÉiÉÉBÆ ±ÉÉMÉÚ xɽÓ
8 ÊxÉ´Éä¶É ±ÉÉMÉÚ xɽÓ
9 EòÉ®Éä¤ÉÉ® ±ÉÉMÉÚ xɽÓ
10 Eò® näxÉä ºÉä {ÉÖ´ÉDZÉÉ¦É ±ÉÉMÉÚ xɽÓ
11 Eò® ½äiÉÖ |ÉÉ´ÉvÉÉxÉ ±ÉÉMÉÚ xɽÓ
12 Eò® näxÉä Eäò ={É®ÉxiÉ ±ÉÉ¦É ±ÉÉMÉÚ xɽÓ
13 |ɺiÉÉÊ´ÉiÉ ±ÉɦÉÉÆ¶É ±ÉÉMÉÚ xɽÓ
14 ¶ÉäªÉ®½Éä˱bMÉ EòÉ % ±ÉÉMÉÚ xɽÓ
xÉÉä]:
1 ºÉ½ÉªÉEò EÆò{ÉÊxɪÉÉå EòÉ xÉÉ¨É ÊVÉxÉEòÉ +¦ÉÒ iÉEò ºÉÆSÉɱÉxÉ ¶ÉÖ° xÉ½Ó ½Ö+É ½è EòÉä<Ç xɽÓ
2 =xÉ ºÉ½ÉªÉEò EÆò{ÉÊxɪÉÉå Eäò xÉÉ¨É ÊVɺÉä ´É¹ÉÇ Eäò nÉè®ÉxÉ {ÉÊ®ºÉ¨ÉÉ{iÉ ªÉÉ ¤ÉäSÉÉ MɪÉÉ ½Éä EòÉä<Ç xɽÓ

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 524

 FORM AOC – I
(Pursuant to first proviso to sub- section (3) of section 129 read with rule 5 of Companies
(Accounts) Rules, 2014)
18. Statement containing salient features of the financial statement of Subsidiaries / associate
companies/ joint ventures
Part “A”: Subsidiaries
Amount (` in ‘000)
Sl No. Particulars
1 Name of the subsidiary NIL
2 Reporting period for the subsidiary concerned, if different from the holding company’s NA
reporting period
3 Reporting currency and exchange rate as on the last date of the relevant Financial year NA
in the case of foreign subsidiaries.
4 Share Capital NA
5 Reserves & Surplus NA
6 Total Assets NA
7 Total Liabilities NA
8 Investments NA
9 Turnover NA
10 Profit before taxation NA
11 Provision for taxation NA
12 Profit after taxation NA
13 Proposed Dividend NA
14 % of shareholding NA
Notes:
1 Name of Subsidiaries which are yet to commence operations NIL
2 Name of Subsidiaries which have been liquidated or sold during the year NIL

525 ANNUAL REPORT 2019-20

 ¦ÉÉMÉ “B”: ºÉ½ªÉÉäMÉÒ
(` ½VÉÉ® ¨Éå)
ºÉ½ªÉÉäMÉÒ/ºÉƪÉÖHò ={ÉGò¨ÉÉå Eäò xÉÉ¨É ½ä±lÉ <ƶªÉÉä®åºÉ ]Ò{ÉÒB <ÆÊbªÉÉ <Æ]®xÉä¶ÉxɱÉ
+Éì¢ò <ÆÊbªÉÉ Ê±ÉʨÉ]äb <ƶªÉÉä®åºÉ {ÉÒ.]Ò.<Ç
ʱÉʨÉ]äb, ˺ÉMÉÉ{ÉÖ®
1. xÉ´ÉÒxÉiÉ¨É ±ÉäJÉÉ {É®ÒÊIÉiÉ ¤Éè±ÉåºÉ ¶ÉÒ] EòÒ ÊiÉÊlÉ 31.03.2020 31.12.2019
2. EÆò{ÉxÉÒ uÉ®É ´É¹ÉÇ Eäò +ÆiÉ ¨Éå +ɪÉÉäÊVÉiÉ ºÉ½ªÉÉäMÉÒ/VÉÉì<Æ] ´ÉåSɺÉÇ Eäò ¶ÉäªÉ®
¶ÉäªÉ®Éå EòÒ ºÉÆJªÉÉ 28,500,000 10,000,000
ºÉ½ªÉÉäMÉÒ/ºÉƪÉÖHò =t¨É ¨Éå ÊxÉ´Éä¶É EòÒ ®É榃 200,679 28,576
½Éä˱bMÉ EòÒ ºÉÒ¨ÉÉ % 23.75% 20.00%
3. EèòºÉä =xÉEòÉ ¨É½i´É{ÉÚhÉÇ ªÉÉäMÉnÉxÉ ´É Ê´É´É®hÉ ¶ÉäªÉ®vÉÉÊ®iÉÉ uÉ®É ¶ÉäªÉ®vÉÉÊ®iÉÉ uÉ®É
4. ºÉ½ªÉÉäMÉÒ/ºÉƪÉÖHò =t¨ÉÉå Eäò ºÉ¨ÉäÊEòiÉ xÉ ½ÉäxÉä Eäò EòÉ®hÉ ¨ÉÉxªÉ xÉ½Ó ¨ÉÉxªÉ xɽÓ
5. xÉ´ÉÒxÉiÉ¨É +ÉìÊb] EòÒ MÉ<Ç ¤Éè±ÉåºÉ ¶ÉÒ] Eäò +xÉÖºÉÉ® ¶ÉäªÉ®vÉÉÊ®iÉÉ Eäò ʱÉB 230,808 4,572,249 *
ÊxÉ´É±É ¨ÉÚ±ªÉ
6. ´É¹ÉÇ Eäò ʱÉB ±ÉɦÉ/½ÉÊxÉ
i) ºÉ¨ÉäEòxÉ ¨Éå ÊxÉʽiÉ 7,814 1,02,604
ii) ºÉ¨ÉäEòxÉ ¨Éå xÉ Ê±ÉªÉÉ MɪÉÉ ¨ÉÉxªÉ xÉ½Ó 1,39,510 **
xÉÉä]:
19. ºÉ½ªÉÉäMÉÒ/ºÉƪÉÖHò ´ÉåSɺÉÇ Eäò xÉÉ¨É ÊVÉxÉEòÉ +¦ÉÒ ºÉÆSÉɱÉxÉ Eò®xÉÉ ½è* EòÉä<Ç xÉ½Ò EòÉä<Ç xɽÒ
20. ºÉ½ªÉÉäMÉÒ/ºÉƪÉÖHò ´ÉåSɺÉÉäÇ Eäò xÉÉ¨É VÉÉä ´É¹ÉÇ Eäò nÉè®ÉxÉ Ê±ÉÊC´Ébä] ªÉÉ ¤ÉäSÉä EòÉä<Ç xÉ½Ò EòÉä<Ç xɽÒ
MÉB ½è
* =ÊSÉiÉ ¨ÉÚ±ªÉ Ê®WÉ´ÉÇ EòÉä UÉäcEò® `3,06,505 ½WÉÉ® ¨Éå
** +xªÉ ºÉ¨ÉOÉ +ÉªÉ `1,39,510 ½VÉÉ® +´ÉɺiÉÊ´ÉEò ±ÉɦÉ, ºÉ¨ÉäEòxÉ ¨Éå ¨ÉÉxªÉiÉÉ |ÉÉ{iÉ xÉ½Ó ½è*
ÊxÉnä¶ÉEò ¨ÉÆb±É Eäò ʱÉB +Éè® =ºÉEòÒ iÉ®¡ò ºÉä
MÉÖ½É xÉÆnÒ B´ÉÆ EÆò{ÉxÉÒ Eäò ʱÉB bÒ B´ÉÆ ¤ÉÉäºÉ Eäò ʱÉB iÉËVÉn® ¨ÉÖJÉVÉÔ
ºÉxÉnÒ ±ÉäJÉÉEòÉ® ºÉxÉnÒ ±ÉäJÉÉEòÉ® +vªÉIÉ-ºÉ½-|ɤÉÆvÉ ÊxÉnä¶ÉEò
FRN: 302039E FRN: 302175E DIN: 08227563
(ºÉÒB bÉì ¤ÉÒ BºÉ EÖÆòbÖ) (ºÉÒB iÉÊciÉ MÉÖ{iÉÉ) ʶɴɮ¨ÉhÉ ¨É½Énä´ÉxÉ
ºÉÉZÉänÉ® ºÉÉZÉänÉ® ÊxÉnä¶ÉEò
M. No - 051221 M. No - 053380 DIN: 02045100
ºlÉÉxÉ: EòÉä±ÉEòÉiÉÉ Ê{É. Ê´ÉVÉªÉ EÖò¨ÉÉ® ®ÒxÉÉ ¨ÉÉÊbªÉÉ
ÊnxÉÉÆEò: 26 ʺÉiɨ¤É®, 2020 ¨ÉÖJªÉ Ê´ÉkÉÒªÉ +ÊvÉEòÉ®Ò EÆò{ÉxÉÒ ºÉÊSÉ´É

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 526

 Part “B”: Associates

Amount (` in ‘000)
Name of Associates / Joint Ventures Health Insurance India International
TPA of India Limited Insurance PTE
Ltd, Singapore
1. Latest Audited Balance Sheet Date 31.03.2020 31.12.2019
2. Shares of Associate/Joint Ventures held by the
Company on the year end
No. of shares 28,500,000 10,000,000
Amount of Investment in Associates / Joint Venture 200,679 28,576
Extent of Holding % 23.75% 20.00%
3. Description of how there is significant influence By shareholding By shareholding
4. Reason why the associate / Joint venture is not Consolidated N.A N.A
5. Net worth attributable to Shareholding as per latest 230,808 4,572,249 *
Audited Balance Sheet
6. Profit / Loss for the year
i) Considered in Consolidation 7,814 1,02,604
ii) Not considered in Consolidation N.A 1,39,510 **
Notes:
19. Names of Associates / Joint Ventures which are yet to NIL NIL
commence operations
20. Names of Associates / Joint Ventures which have been NIL NIL
liquidated or sold during the year
* Excluding Fair Value Reserve ` 3,06,505 thousand.
** Other Comprehensive Income ` 1,39,510 thousand being unrealized gain, not recognized in consolidation.
For and on behalf of the Board of Directors
For Guha Nandi & Co. For De & Bose Tajinder Mukherjee
Chartered Accountants Chartered Accountants Chairman-Cum-Managing Director
FRN: 302039E FRN: 302175E DIN: 08227563

(CA. Dr. B.S Kundu) (CA.Tarit Dasgupta) Sivaraman Mahadevan

Partner Partner Director
M. No - 051221 M. No - 053380 DIN: 02045100

P. Vijaya Kumar Rina Madia

Place: Kolkata Chief Financial Officer Company Secretary
Date: 26th September, 2020

527 ANNUAL REPORT 2019-20

 NOTES

´ÉÉйÉEð |ÉÊiÉ´ÉänxÉ 2019-20 528