Annual Report 2018 19 - PDF

Ashutosh and Vrushali Vaidya
Entrepreneurs
At Aditya Birla Sun Life Insurance Company Limited Serving our customers better, consistently, is
(ABSLI), we strive to help individuals protect one of our top priorities and also propels us to
what they value most. We believe that to be truly achieve healthy growth. In fact, our performance
useful, we must start by walking in our customers’ so far has been a strong testimony to this belief.
shoes, analysing their journeys and understanding The powerful combination of growth and value
their needs. has helped us create sustainable, long-term value
Having long been a promise for the future, life for our stakeholders and charted a path for us to
insurance has now become increasingly instant, progress responsibly.
affordable and accessible. Life insurance solutions During the year gone by, we continued to grow
empower consumers at every stage by enabling from strength to strength by keeping our
them to save a part of their income in their active customers at the core of our activities. As we
working years, providing for them after they retire look to the future, we are confident of providing
and protecting their loved ones after they are gone. innovative protection solutions along customer
To ensure that our customers understand the journeys by striking a fine balance between growth
benefits of life insurance and make well-informed and value.
decisions to safeguard their future, we are going
the extra mile. With our complete range of bespoke
protection solutions, we put our customers first
and cater to their ever-evolving insurance needs
and preferences.
AT A GLANCE
425 Branches
97% Net
Retention Ratio
1.66 mn Customer Base
300+ Cities
10,922 Employees
` 7,511cr Revenue
06 New Products
Contents
CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
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About Us 02 Management Discussion Standalone Accounts 69
Footprint 03 & Analysis 20 Consolidated Accounts 235
Diversified Product Portfolio 04 Board’s Report 28
MD & CEO’s Message 06 Corporate Governance Report 39
Awards and Recognitions 08 Risk Management Framework 54
Board of Directors 10
Senior Management Team 16
DIGITAL FIRST
Visit our online Annual Report to see
how we have performed and how
our strategy will help us achieve our
vision of being the most trusted
insurance company
www.adityabirlasunlifeinsurance.com
ANNUAL REPORT 2018-19
About us
Aditya Birla Sun Life Insurance Company Limited (ABSLI), a subsidiary
of Aditya Birla Capital Limited (ABCL), is a leading private sector life
insurance company in India. ABSLI was incorporated on August 4, 2000,
and commenced operations on January 17, 2001. ABSLI is a 51:49
joint venture between Aditya Birla Group (ABG) and Sun Life Financial Inc,
a prominent international financial service company based in Canada.
Formerly known as Birla Sun Life Insurance and savings with protection solutions to help
Company Limited, ABSLI offers a range of them stay financially secure with small disciplined
products which addresses a wide spectrum of savings at regular intervals. ABSLI puts people’s
customer needs, from children’s future plans, needs first and aims to protect what is dear
wealth protection plans, retirement and pension to them, with assurance. While life insurance
solutions, health plans and traditional term plans cannot eliminaterisk, it can certainly compensate
to Unit Linked Insurance Plans (ULIPs). financial losses arising from the risk.
ABSLI has nationwide distribution presence
through 425 branches, 9 bancassurance
partners, 6 distribution channels, over 81,500
empanelled advisors and 150+ partnerships with
corporate agents and banks. The Company has
10,895 employees and more than 16.6 Lakh
active customers. The Company offers a complete
range of protection solutions to help secure
the future of its customers and their families.
The Company provides financial support for their
child’s education; provides health, wellness and
retirement solutions and secures their wealth
Vision and Mission Values

To be a leader and role Integrity, Commitment, Passion,
model in a broad-based Seamlessness and Speed
and integrated financial
services business
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Corporate Overview Statutory Reports Financial Statements
Footprint
13
11
23 5
29
10
7 25
24 30 3 21
4 20
18
28
12 19
9 17 31
22
16
27
1
8
1. Andhra Pradesh 17. Madhya Pradesh
14
2. Arunachal Pradesh 18. Manipur
3. Assam 19. Mizoram
4. Bihar 20. Meghalaya
5. Chandigarh 21. Nagaland
6. Chhattisgarh 22. Odisha
7. Delhi 23. Punjab
26
8. Goa 24. Rajasthan
9. Gujarat 25. Sikkim
15 10. Haryana 26. Tamil Nadu
11. Himachal Pradesh 27. Telangana
12. Jharkhand 28. Tripura
13. Jammu & Kashmir 29. Uttarakhand
14. Karnataka 30. Uttar Pradesh
15. Kerala 31. West Bengal
16. Maharashtra
Diversified Product Portfolio

Our expansive portfolio, which includes plans and solutions, helps
customers and their family members live a carefree yet protected life,
always. We have designed our portfolio to meet unique life challenges,
securing their present and future.
PROTECTION CHILDREN’S FUTURE

• ABSLI Income Shield Plan • ABSLI Vision Star Plan
• ABSLI DigiShield Plan
• ABSLI Life Shield Plan
• ABSLI Ultima Term
HEALTH AND WELLNESS RETIREMENT

• ABSLI Hospital Plus Plan • ABSLI Immediate Annuity Plan
• ABSLI Cancer Shield Plan • ABSLI Empower Pension Plan
• ABSLI CritiShield Plan • ABSLI Empower Pension SP Plan
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WEALTH WITH PROTECTION SAVINGS WITH PROTECTION

• ABSLI Wealth Max Plan • ABSLI Vision MoneyBack Plus Plan
• ABSLI Wealth Secure Plan • ABSLI Vision LifeIncome Plan
• ABSLI Wealth Assure Plus • ABSLI Savings Plan
• ABSLI Fortune Elite Plan • ABSLI Vision LifeSecure Plan
• ABSLI Wealth Aspire Plan • ABSLI Income Assured Plan
• ABSLI Vision Endowment Plus Plan
• ABSLI Guaranteed Milestone Plan
• ABSLI SecurePlus Plan
• ABSLI POS – Jeevan Bachat Plan
• ABSLI Monthly Income Plan
INDIVIDUAL RIDERS GROUP

• ABSLI Waiver of Premium Rider • ABSLI Group Unit Linked Plan
• ABSLI Surgical Care Rider • ABSLI Group Value Plus Plan
• ABSLI Hospital Care Rider • ABSLI Group Superannuation
• ABSLI Accidental Death and Disability Rider • ABSLI Group CapSecure Pension Plan
• ABSLI Critical Illness Rider • ABSLI Group CapSecure Plan
• ABSLI Accidental Death Benefit Rider Plus • ABSLI Pradhan Mantri Jeevan Jyoti Bima Yojna
• ABSLI Group Protection Solution
• ABSLI Group Asset Assure Plan
• ABSLI Group Assured Pension Plan
• ABSLI Group Income Replacement Plan
GROUP RIDERS RURAL

• ABSLI Critical Illness Rider • ABSLI Bima Suraksha Super
• ABSLI Accidental Death and Dismemberment Rider • ABSLI Bima Dhan Sanchay
• ABSLI Term Rider • ABSLI Grameen Jeevan Raksha
• ABSLI Accidental Death Rider
• ABSLI Critical Illness Plus Rider
• ABSLI Total and Permanent Disability Rider
• ABSLI group Critical Illness Premier Rider
• ABSLI Group Accelerated Terminal Illness Rider
• ABSLI Group Accelerated Critical Illness Premier Rider
Aditya Birla Sun Life Insurance Company Limited

(formerly known as Birla Sun Life Insurance Company Limited) 05
MD & CEO's Message
Dear Shareholders, ANOTHER GOOD YEAR FOR THE

LIFE INSURANCE SECTOR
I am delighted to share with you that we are on course to First year premium or FYP of the Indian life insurance
meet our strategic targets and deliver sustainable value for companies grew 13%, while that of private life insurers
our customers and shareholders alike. Clocking in another grew 21% in the year*. Private insurers continued to gain
year of all-round, profitable growth for the Company, market share and benefited from several factors such
FY 2018-19 was a year of remarkable growth for ABSLI as introduction of simple, innovative and need-based
where we successfully achieved operational excellence, solutions, growing reach, emphasis on enriching customer
financial growth and fortified our market positioning. experience and rising awareness about the benefits of life
insurance products. Favourable macro-economic trends
SECTOR AMIDST such as a young, aspirational and growing population,
CUSTOMER‑LED TRANSFORMATION rising disposable income enabled higher penetration of life
India remained the fastest growing economy in the world in insurance products in the country.
FY 2019. Uptick in private sector investment, strong gross
capital formation and improved exports were the factors STRONG PERFORMANCE BY ABSLI
fueling this momentum. Improved private consumption and ABSLI continued to be in a strong, competitive position.
steady construction activity also aided economic growth in Our focus and discipline delivered value-driven growth,
the year. Consumer confidence turned for the better inching with improved underwriting, expanded premium base
up for two straight quarters ending 31 December 2018 while creating immense opportunities for FY 2019-20 and
and 31 March 2019. It augured well for the Life Insurance beyond. ABSLI’s individual FYP grew by 60% racing past
sector as well, which was in a midst of a revolution affecting the sector growth of 9% and private players’ growth of
every aspect of the industry - new players entering the 12%. Group FYP posted 40% growth*. Consequently, our
market, digital technology reshaping how companies Individual Business Market Share witnessed a 125-basis
do business, and technological advancements holding point expansion to 4.2% in the private life insurance sector.
potential for innovative new service offerings. The focus Higher volume growth, balanced channel mix and doubling
driving the change in the industry was diverse, but were all of the share of protection products acted as a catalyst
customer-led revolution, making customer the key. for our net VNB margin. This metric more than doubled to
9.5% in FY 2019 from 4.3% in FY 2018. Our assets under
management (AUM) grew 10% to ` 40,442 Crore owing to
robust performance of both new business premiums and
ABSLI’s individual FYP grew renewal premiums. Our Profit Before Tax (PBT) stood at
` 149.7 Crore during the year, while our persistency ratios
by 60% racing past the improved across different tenure buckets. With higher focus
on growing individual protection products, this segment
sector growth of 9% and formed 6.4% of our First Year Premium, up from 4.5% in
FY 2018 and 3.0% in FY 2017.
private players’ growth of Our continuous initiatives to engage closely with consumers
and develop deep-rooted understanding of their needs and
12%. Group FYP posted 40% preferences lent further strength to our product portfolio
and we added six new products during the year.
growth*. Consequently, our (* Individual Business at 10% and Group Business at 100%)
Individual Business Market ABSLI: GETTING THE BALANCING ACT RIGHT
Share witnessed a 125-basis Underlying our confident outlook are our clear strengths:
a unique business mix balanced across products and
point expansion to 4.2% in the geographies, a talent base with a legacy of innovative
customer focus, a strong balance sheet and a highly
private life insurance sector. regarded brand. We have symmetrically built on our
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core capabilities by expanding our service offerings,

distribution reach and customer engagement platforms.
With growing service offerings, we are also looking for
ways to reach customers across different channels,
which is why we continue to expand our distribution
arrangements with banks, retailers and other sectors.
Our advanced digital platform is set to create greater
customer value across the entire process chain of
acquisition, servicing, and will allow us to impact
more lives digitally. We plan to ride on the capacity,
productivity and sustainability model along with robust
digital platform to achieve disproportionate growth.
CARING FOR OUR PEOPLE AND COMMUNITIES

Our people are the driving force behind our strategies,
and we are committed to nurturing them and facilitating
their development. An organisation can only succeed
if it has a committed workforce. I am grateful to all our
employees for their contributions, ideas and hard work.
We also work closely with the communities around us
and follow the principle of ‘giving back to the society’
with complete dedication and zeal.
WE ARE FUTURE READY, TODAY

A stable regulatory framework, and the rising penetration
of insurance products in India are some enablers for
the life insurance sector, which is likely to show healthy
momentum over the next few years. Our industry has
the potential to grow 2-2.5 times by 2020. Based on
our performance in FY 2018-19, we can look ahead
with great confidence that we have the right approach,
mindset and culture to compete and succeed in this
exciting, customer-centric world.
To conclude, I would like to extend my sincere gratitude
to our shareholders, employees, customers, partners and
associates for their continued support and we seek your
constant blessings to emerge as a bigger, better and
efficient organisation.
Best regards,
Best regards,
PANKAJ RAZDAN
MD & CEO, Aditya Birla Sun Life Insurance
Awards and Recognitions
1 2
INSURANCE INDIA SUMMIT & AWARDS THE SABRE AWARDS

In the 3rd edition of Insurance India Summit & Awards ABSLI won the Certificate of Excellence at
2018, ABSLI bagged the Best Fraud Intelligence The Sabre Awards 2018 – South Asia under
Company of the Year award for its best-in-class fraud the Corporate Image category.
control practices.
3 4
CREATIVE ABBY AWARDS CUSTOMER EXPERIENCE & LOYALTY AWARDS

ABSLI bagged Silver at the Creative Abby Awards at Salahkar—an ABSLI Revenue Assurance team service
the Goafest 2018 under the Public Relations (Internal initiative—was conferred the Best Customer Service
Communications) category. Initiative title by Kamikaze Customer Experience &
Loyalty Awards.
5 6
BAJAJ NATIONAL QUALITY AWARDS DL SHAH QUALITY AWARDS

‘Salahkar – Advisory Services’ also bagged ‘Best Practice’ The Quality Council of India bestowed the Silver
Winner in the Service Excellence category by IMC Category Award—‘DL Shah Quality Awards’—for
Ramkrishna Bajaj National Quality Awards. reduction of leakages.
7
8
PROJECT EVALUATION AND RECOGNITION
PROGRAM (PERP) INDIA ECONOMIC & LAW SUMMIT 2018
‘Building Quality our DNA’ by ABSLI Quality & Business Excellence in In -house Technological innovation
Excellence team, under the category Quality Enterprise Legal Team of the Year at the India Economic & Law
Leadership, was announced as the winner in the Frost & Summit 2018.
Sullivan 5th edition of ‘Project Evaluation and Recognition
Program (PERP). ABSLI competed against other large
players to win this award.
9
QUALITY CIRCLE FORUM OF INDIA
Silver Award at Quality Circle Forum of India - Mumbai
Chapter (CCQC 2018) for innovation in Contract
Management process through quality concepts.
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Prashant Vadhyar
Musician & Entrepreneur
Sonal Divekar Saloni Doshi

Travel Start-up Owner Art Collector

Board of Directors
MR. KUMAR MANGALAM BIRLA
Chairman
Mr. Kumar Mangalam Birla is the (2012) for Taking India Abroad, and
Chairman of the Aditya Birla Group the CNN-IBN Indian of the Year
(ABG). He took over as Chairman of the 2010 – Business for being the most
Group in 1995 and has successfully outstanding businessperson, among
accelerated growth, built meritocracy many others. He was chosen by the
and enhanced stakeholder value over World Economic Forum as one of the
the years. From a turnover of $ 2 Billion Young Global Leaders and was named
in 1995, the Group’s revenues are a ‘Young Super Performer in the CEO
now at $ 40 Billion, with operations Category’ by Business Today.
spreading from eight to 36 countries
A keen educationist, Mr. Birla is the
today. He has made 31 acquisitions
Chancellor of the renowned Birla
in over two decades, both in India
Institute of Technology & Science
and global markets, the highest by an
(BITS), with campuses in Pilani
Indian multinational.
(Rajasthan), Hyderabad and Dubai.
An iconic figure, Mr. Birla has held and He is the Director of the GD Birla
continues to hold several key positions Medical Research & Education
on various regulatory and professional Foundation.
boards. He was an erstwhile Director
A Commerce graduate from Mumbai
of the Central Board of Directors of
University, Mr. Birla is also a
the Reserve Bank of India, Chairman
Chartered Accountant. He earned
of the Advisory Committee constituted
an MBA from London Business
by the Ministry of Company Affairs
School, where he is also an Honorary
and was also a part of the Prime
Fellow and serves on the Asia Pacific
Minister of India’s Advisory Council
Advisory Board.
on Trade and Industry. Further, as
the Convener of the Prime Minister’s
Task Force on Administrative and
Legal Simplifications, the extensive
recommendations made by him
in his report were implemented
in totality. Mr. Birla also served as
Chairman of SEBI’s committee on
Insider Trading, which formulated
corporate governance principles for
Indian corporates.
He is on the National Council of the
Confederation of Indian Industry and
the Apex Advisory Council of the
Associated Chambers of Commerce
and Industry of India.
Mr. Birla has received wide recognition
for his exemplary contribution to
leadership processes and institutions/
systems building. He received the
Economic Times’ Business Leader
of the Year Award in 2003 and in
2012-13. He was awarded the flagship
Entrepreneur of the Year, 2012 at
the Forbes India Leadership Awards.
Mr. Birla also won NASSCOM’s Global
Business Leader Award (2012), CNBC
TV 18’s India Business Leader Award
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Mr. Srinivasan has been the Non-executive Corporation Asia’s Board of Directors, he also
Director, Financial Services at the ABG oversaw the development of Prudential’s
since July 2007. He sets the vision and retirement business in Asia.
provides strategic direction and leadership
Mr. Srinivasan joined Prudential in 1998
for the Group’s Financial Services business,
as Managing Director of Prudential ICICI
which covers several verticals such as Life
Asset Management Company, Prudential’s
Insurance, Fund Management, Private Equity,
Indian fund management joint venture with
Wealth Management, Retail Broking, Capital
ICICI Bank. Within two years of operation,
Markets Based Lending, Corporate Financing,
Prudential ICICI AMC had grown to become
Infrastructure Finance and General Insurance
the largest private sector asset management
Broking. Under his leadership, the financial
company in India. With over two decades
services business has grown rapidly with
MR. AJAY SRINIVASAN a turnover of $ 1.3 Billion, serving over
of experience, he has a proven track record
Non-executive Director 5.6 Million customers and training a
of building successful businesses in the
financial services industry. He has been
workforce of over 17,500 people.
engaged with several bodies, including the
Prior to joining the ABG, Mr. Srinivasan Financial Planning Standards Board, the CII
was Chief Executive, Fund Management at Committee on Financial Sector Reforms, the
Prudential Corporation Asia based in Hong CII Committee on Financial Inclusion, the CII
Kong. Under his leadership, Prudential’s Fund Committee on Insurance and Pensions and
Management operations in Asia grew rapidly, the FICCI Committee on Insurance.
both organically and through acquisition.
Mr. Srinivasan holds a BA degree with
He managed a business that spanned ten
Honours in Economics from St. Stephen's
markets, including Japan, with total funds
College, University of Delhi and has done
of about $ 70 Billion, which made it, at
his MBA from the Indian Institute of
the time, the second largest retail fund
Management, Ahmedabad.
manager in Asia. As a member of Prudential
Mr. Puranmalka, Non-executive Director Mr. Puranmalka has been looking a¶er Birla
of ABG’s Financial Services Companies, Global Finance Co. Ltd., a Non-banking
has over 45 years of experience. He has Financial Company (NBFC), now known as
been associated with the ABG in various Aditya Birla Finance Ltd., since June 1994.
capacities since the beginning of his career He has been a Director on the Board and a
and has experience in the implementation Member of Audit Committees of financial
and running of several manufacturing, services such as Life Insurance Company,
training and service industry businesses and Distribution Company and a trustee
and setting up greenfield manufacturing of Birla Sun Life Asset Management
operations. He also has wide experience in Company Ltd.
the setup, operation and maintenance of
captive power plants of the ABG.
MR. BISHWANATH
MANGILAL PURANMALKA
Non-executive Director

Board of Directors
Mrs. Mehta is a qualified Chartered portfolios and made major contributions in
Accountant with over 27 years of diverse the areas of Taxation, MIS, Accounts, Legal
experience. She joined the ABG in 1991 and Secretarial. She has been an active
to become the first woman officer in the player in the areas of Demergers, Mergers
Group. She served as a key member of the and Acquisitions.
Finance team at Aditya Birla Nuvo Limited
for about two decades and handled many
MRS. PINKY ATUL MEHTA

Mr. Khaitan is a partner of Khaitan & Co.’s steel, so¶ware and information technology,
Mumbai Office and also heads the firm’s and retail.
Mergers and Acquisitions (M&A) practice.
He has been recommended by the Chambers
He started his career in litigation and moved
& Partners, Legal 500, IFLR 1000 as one
on to specialise in M&A and private equity
of the leading lawyers in India and is on the
transactions, project finance transactions,
Board of various listed companies such as
and financing transactions. He has been
Ambuja Cements Limited, Ceta Limited,
involved in some of the most high-profile
Harrisons Malayam Limited, Inox Leisure
and complex deals in India.
Limited, Jindal Steel & Power Limited,
Mr. Khaitan has rich experience in all Torrent Pharmaceuticals Limited and Xpro
aspects of M&A – due diligence, structuring, India Limited and Karan Chand Thapar &
documentation involving listed companies, Bros (Coal Sales) Limited, among others.
MR. HAIGREVE KHAITAN
cross-border transactions and medium Mr. Khaitan is a Law Graduate from South
Independent Director
and small business, etc. He has experience Kolkata Law College and is involved in
in advice and documentation involving Professional Affiliations with the Bar Council
creditors restructuring, sick companies, of West Bengal, Incorporated Law Society
demergers, spin-offs, sale of assets, etc. – Kolkata, International Bar Association
and in foreign investment, joint ventures and – London, The Indian Law Institute,
foreign collaborations. He advises a range of The Bar Association of India, and Young
large Indian conglomerates and multinational Presidents’ Organisation.
clients in various business sectors, including
infrastructure, power, telecom, automobiles,
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Mr. Accum joined Sun Life Financial Sun Life’s demutualisation process, which
Asia in 1983 and is now the President was completed in 2000.
of the Company. He has keen interest
Mr. Accum holds a Bachelor of Science
in augmenting Sun Life’s Asia business,
degree in Actuarial Science from the
including identifying opportunities for
University of Toronto. He is a Fellow of the
growth in the region and managing the
Canadian Institute of Actuaries and the
company’s relation with partners. He is also
Society of Actuaries.
a member of the company’s executive team.
Mr. Accum has held various senior leadership
positions at Sun Life, including Individual
Insurance, Group Insurance and Investments,
Mr. CLAUDE ACCUM and served as Chief Risk Officer and Chief
Non-executive Director Actuary for the company’s US business. He
was also a member of the taskforce that led
Mr. Freyne has over 35 years of experience in Mr. Freyne is also on the Boards of MFS
corporate finance planning, taxation, capital Investment Management, Sun Life Global
and investor relations. Mr. Freyne joined Sun Investment Inc. and Sun Life of Canada (US)
Life in 2003 and currently is the Executive Financial Services Holdings Inc.
Vice President and Chief Financial Officer of
Sun Life Financial Inc.
MR. COLEM FREYNE


Board of Directors
Mr. Razdan is the Managing Director & CEO profitability. As ABSLI gears up for its next
of ABSLI. He has extensive experience in phase of growth, the Company will benefit
financial services business across functions from his experience and expertise in growing
and has been with the Aditya Birla Capital businesses, developing new business
Group [formerly known as Aditya Birla models, and building distribution efficiency
Financial Services Group (ABFSG)] since and customer management.
2007, as a co-owner of the ABFSG Vision
Mr. Razdan’s professional experience spans
and the Deputy Chief Executive – Financial
organisations including the Karvy Group
Services, a position he continues to hold.
and ICICI Prudential Asset Management
At ABFSG, Mr. Razdan has steered some
Company. He has been a recipient
of the key financial services verticals
of several personal and professional
successfully during challenging times.
MR. PANKAJ RAZDAN He has successfully guided Birla Sun Life
recognitions, including ‘India’s Hottest
Managing Director & CEO Asset Management Company to an industry
Young Executives’ by Business Today.
He holds a degree in Electronic Engineering
leadership position. He has also driven many
and has attended multiple management
key projects across ABFSG to help set a
development programmes from illustrious
foundation for our leadership in the Indian
institutes, including the Indian Institute of
financial services industry.
Management, Ahmedabad.
In his role at ABSLI, Mr. Razdan offers
strategic direction and leads the insurance
team towards achieving rapid growth and
Mr. Asthana is the India Country Head of He joined Zurich Financial Services in 2000
Sun Life Financial, a leading international and headed the life insurance planning team.
provider of protection and wealth In 2003, Mr. Asthana joined RGA, a leading
accumulation products, headquartered US-based life and health reinsurer, and
in Canada. In his role, Sandeep manages built up their business to make it a leading
Sun Life Financial’s interest in its two reinsurance player in India. Prior to joining
joint ventures in India – Birla Sun Life Sun Life, Mr. Asthana was Managing Director
Insurance Co. Ltd. and Birla Sun Life Asset of RGA Services India Pvt. Ltd.
Management Co. Ltd.
A Chemical Engineer from IIT Mumbai and
an MBA from IIM Lucknow, Mr Asthana
started his career with Unit Trust of India in
MR. SANDEEP ASTHANA
1993 and was closely involved with its plans
for entry into life insurance and pensions.
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Mr. Adhikari is an Independent Director at the Indian Society of Advertisers and the
ABSLI. He is a Senior Advisor at McKinsey Advertising Standards Council of India. In
& Company, India, where he advises clients 2006, he was appointed as Chairman of
from across sectors on marketing and sales Unilever Japan KK. Three years later, in
strategy. Prior to this, he was with Hindustan 2009, Mr. Adhikari was appointed as Senior
Unilever Limited (HUL), where he held several Vice-President for Unilever Laundry Category
senior positions across sales, marketing and across Asia and Africa and was responsible
general management departments. for the development of category and brand
strategy, brand portfolio decisions, supply
Mr. Adhikari joined HUL in 1977 and worked chain strategy, pricing strategy, product
in the personal care and home segments in innovation and advertising development.
the Company before becoming a member
MR. ARUN ADHIKARI of the Board. As a Member of the Board He retired in 2014 and since then, has
Independent Director of Directors, he was involved in external been an Independent Director on the
relationships with the Government and Boards of UltraTech Cement Ltd., Aditya
media, managing investor relations, risk Birla Retail Ltd., Viacom 18 Media Pvt.
management and corporate governance. Ltd., and Voltas Ltd. Mr. Adhikari received a
From 2000 to 2006, he was also a member Bachelor of Technology degree in Chemical
of the executive and governing bodies of Engineering from the Indian Institute of
several industry, trade and professional Technology, Kanpur, post which he studied
associations in India, including the Market Management from the Indian Institute of
Research Society of India, the Indian Soaps Management, Calcutta.
and Toiletries Manufacturers Association,
Mr. Thakore is a Solicitor of High Court, Advocates & Solicitors for more than
Mumbai and Supreme Courts of England 30 Years. From April 1, 2014, he became
and Wales. a partner of AZB & Partners, Advocates
& Solicitors. From January 01, 2007,
Mr. Thakore has been an advisor to several
he, along with Mr. Suresh Talwar (ex-partner
leading Indian companies on corporate law
of Crowford Bayley & Company), founded
matters and securities-related legislations.
Talwar Thakore & Associates and is currently
He has also acted on behalf of leading
a Senior Consultant at the firm.
investment banks and issuers for Indian IPO
offerings and several international equities Mr. Thakore is a Director in Alkyl Amines
and equity-linked debt issuances by Indian Chemicals Limited, Bharat Forge Ltd.,
corporates. He has also been an advisor to Carborundum Universal Ltd., Morarjee
various India-dedicated equity funds and Textiles Ltd., Prism Cements Ltd., Reliance
MR. SHOBHAN THAKORE
domestic mutual funds. Being a solicitor Jio Media Pvt. Ltd., Raheja QBE General
Independent Director
for over 40 years, he has advised leading Insurance Company Ltd., Sharda Cropchem
Indian Counsel before various courts and Ltd., Uni Deritend Ltd. and Carraro PNH
forums, including High Courts across India Components (India) Private Limited. He is
as well as the Supreme Court of India in also a member of the Advisory Board of DSP
various matters involving indirect tax, and Merrill Lynch Fund Managers Ltd. Mr. Thakore
commercial and corporate law. He was a completed his BA (Politics) and Bachelor of
partner of Bhaishanker Kanga & Girdharlal, Law from Mumbai University.

Senior Management Team
MR. AMIT JAIN MR. ANILKUMAR SINGH MR. ASHOK SUVARNA

Chief Financial Officer Chief Actuarial Officer Chief Operating Officer
Mr. Jain is the Chief Financial Officer Mr. Singh is the Chief Actuarial Officer Mr. Suvarna is the Executive Vice
(CFO) at ABSLI, overseeing the and Appointed Actuary at ABSLI and is President & COO at ABSLI and is
Finance, Accounts and Taxation responsible for all Actuarial functions responsible for providing leadership to
functions. He holds a Master’s degree within the Company. He is a Fellow the Underwriting, Revenue Assurance,
in Business Administration from of the Institute of Actuaries of India, Customer Service and Operations
the Faculty of Management Studies 2002 and holds a Master’s degree in teams. He is involved in rolling out
(FMS), Delhi and a Bachelor’s degree Statistics from Lucknow University. growth strategies for the Company.
in Mechanical Engineering from Mr. Suvarna has over 20 years of
Before joining ABSLI, Mr. Singh was the
Delhi University. experience in the financial services
Chief Actuary and Appointed Actuary at
industry with a strong track record
Mr. Jain brings over two decades of Bajaj Allianz Life Insurance Company.
in setting up and managing teams
experience in finance, planning and He has vast experience of close to
across functional areas including
strategy and has been with ABSLI 20 years in the life insurance industry
Technology, Operations, Projects and
for over 10 years. He has a sharp in India, in Actuarial roles covering
Quality Assurance.
business acumen, which has helped Valuation, Asset Liability Management,
him successfully plan and spearhead Product Development and Pricing Prior to joining ABSLI, Mr. Suvarna
finance functions. with organisations such as LIC, and was with Birla Sun Asset Management
Aviva Life Insurance and was also a Company Ltd. as its EVP & COO and
His professional experience spans
part of the ABSLI Actuarial team during was responsible for the Operations,
organisations including IDBI, Federal
its inception in 2000-01. Technology, Service and Marketing
Life Insurance, Max India Ltd., and
teams. He also worked at ICICI
CARE Ratings, among others.
Prudential Asset Management
Company Ltd. as Senior Vice President
& Head – Operations and SBI Funds
Management Pvt. Ltd. He has been
associated with many industry
firsts in the Mutual Funds industry,
including the launch of mutual
funds transactions on the Stock
Exchange platform.
Mr. Suvarna has won several
awards, including the Aditya Birla
Chairman’s award.
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MR. ASHIM CHATTERJEE MR. DEVEN SANGOI

Head – Marketing & Digital Chief Investment Officer – Equity
Mr. Chatterjee brings over 20 years Mr. Sangoi has been associated with
of experience from the Marketing & ABSLI since 2009. He is an MBA from
Digital industry and has cross-category New Port University and an Electronic
experience in building large brands. At Engineer. He has a very rich background
ABSLI, he drives the marketing strategy in Indian equity markets and has
to help establish ABSLI as a preferred over two decades of experience in
customer choice and reach out to various streams of Indian onshore
newer segments. He is responsible for markets. Prior to joining ABSLI, he
product marketing, customer insights, was Head - Equity at Prudential ICICI
customer and channel engagement, Mutual Fund and a senior fund manager
PR & corporate communications and at Birla Sun Life Mutual Fund.
building the Digital Direct to Customer
online sales business.
Mr. Chatterjee has worked with
various brands across industries
in his career including the ABG’s
fashion e-commerce venture abof.
com as its CMO. He has received
numerous awards for innovation-led
marketing strategy and is the recipient
of the ‘50 Most Talented CMOs of
India’ award, presented by World
Brand Congress.

Senior Management Team
MR. DEVENDRA SINGHVI MR. PARAG RAJA MR. AJAY VERNEKAR

Chief Investment Officer Chief Distribution Officer Chief Technology and
– Debt Digital Officer
Mr. Singhvi has been associated with Mr. Raja is the CDO at ABSLI and is Mr. Vernekar has 23 years of work
ABSLI since May 2006. He has over responsible for the Group Business, experience in technology with credible
20 years of experience in capital Direct Marketing Channel and stints in Enterprise IT applications
markets such as Fixed Income, Equity, Third-party Distribution Channels. management, Digital Automation, RPA,
Treasury, Forex and Derivatives, Prior His role includes building alternative AI and Machine Learning, End to End
to joining ABSLI, he was with Reliance business channels and bringing parties IT Infrastructure and Cloud. He was
ADA Group Treasury, Prebon Yamane such as aggregators/e-commerce instrumental in successfully scaling up
and Hindalco Industries Ltd. He is a companies, payment banks, small the IT Infrastructure for Sify IDC, ICICI
graduate in Mathematics and holds banks and telecom companies together One Source, Fullerton India credit and
an MBA degree in Finance along on one platform. He also looks at Reuters India effectively.
with a PhD. the variable agency model to explore
He has over a decade of experience
growth opportunities for ABSLI.
in the BFSI industry while leading
Mr. Raja brings over 17 years of and being part of many large and
experience in Sales and Distribution. complex transformational initiatives
Prior to joining ABSLI, he was with Max across various functions. Prior to this
Life Insurance for 15 years and worked assignment, he worked as part of the
across its agency and Banca channels. IT leadership team with HDFC Standard
He managed the Axis Bank relationship Life Insurance Ltd. for 6 years.
for five years and also worked with
Mr. Vernekar has a Bachelor’s
ICICI Bank and ANZ Grindlays Bank.
engineering degree from Mumbai
Mr. Raja graduated in Commerce from University and MBA post graduate
HR College, Mumbai. He did his MCom degree from Welingkar Institute of
from Sydenham College, followed by Management, Mumbai.
Master’s in Marketing Management
from JBIMS. Mr. Raja is an avid
writer and enjoys contributing to
various publications.
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MR. SHAILENDRA KOTHAVALE Ms. Shobha Ratna

Chief Compliance & Risk Officer Head – Human Resource
& Training
Mr. Kothavale heads the Compliance Ms. Ratna is the Executive Vice President
and Risk functions for the Company. & Head – Human Resource & Training
He has 17 years of experience at ABSLI. In this role, she drives the
across Compliance, Internal Audit, Human Resource strategy, including
Enterprise Risk, Operational Risk, talent management, talent development,
Information Security, Business compensation and culture creation.
Continuity, Investment Risk, and
Ms. Ratna has an extensive experience
SOX implementation. Prior to
of about 18 years in the functional
this assignment, he was with
areas of talent, leadership and learning.
ICICI Prudential Life Insurance Co. Ltd.
Prior to this role at ABSLI, she managed
for 11 years and was handling the
talent and leadership development at
compliance function.
the ABG for six years. At the ABG, she
Mr. Kothavale has a Bachelor’s contributed significantly to institutionalise
degree from Mumbai University and the leadership development and talent
is a Chartered Accountant from ICAI, management processes across the
New Delhi. He is also a Certified Group through a series of new initiatives
Information Systems Auditor (CISA) aimed at building the talent pipeline. Her
from ISACA, US. professional experience also includes a
stint of 12 years at Hindustan Unilever
Ltd. (HUL), including a year spent in
Unilever London.
Ms. Ratna holds a Bachelor’s degree
in Civil Engineering from the National
Institute of Technology (NIT), Calicut
and a Master’s degree in Personnel
Management & Industrial Relations
(PMIR) from the Tata Institute of Social
Sciences (TISS).

Management Discussion and Analysis
Fastest growing franchise at 60%

y-o-y growth in individual FYP
OVERVIEW OF GLOBAL ECONOMY forecast FY 2018-19 growth rate at 7.0% compared to 7.2%
Aer strong growth that lasted almost two years, the global y-o-y growth in FY 2017-18. While industrial growth picked up
economy started to lose momentum from the second half of in the year led by strong growth in construction, agricultural and
2018. Aer peaking at about 4% in 2017 and remaining strong services sector moderated. The slowdown could be attributed
at 3.8% in the first half of 2018, growth dropped to 3.2% in the to global weakness, tight financial conditions, elevated real
second half. The reasons for the downturn were a combination interest rates, stress in NBFCs, informal sector and credit
of trade tensions, tightness in financial conditions, as well as markets, a general slowdown in consumption.
idiosyncratic factors impacting large economies. The growth
decline in China was a combination of tightening of credit Rural consumption appeared to have had slowed compared
and rise in US-China trade tensions; the Eurozone economy to urban consumption, probably due to low agricultural prices
lost momentum due to weakening of consumer and business and liquidity pressures, and rural wage growth also remained
confidence, emission standards impacting the auto industry and muted. Reports of stress in rural India already elicited policy
decline in external demand. response in the FY 2019-20 interim budget which should help
to ameliorate the stress in FY 2019-20. Private investment is
Trade tensions remained in the headlines for much of the year showing initial signs of pick-up, albeit still at a nascent stage,
and increasingly took a Billion global trade, financial markets, aer a long hiatus. Capacity utlisation is approaching levels
business confidence and investment. The US Federal Reserve where we should expect a more broad-based pick-up in private
raised rates four times in the face of strong US growth. Financial capital formation if demand conditions do not deteriorate. India
markets’ conditions worsened in the second half of 2018 and witnessed strong FII outflows in the beginning of the fiscal in
flows to EMs as well as EM currencies were impacted as US sync with the broad EM sell-off, which recovered towards the
yields surged, before reversing from November. Crude prices end of year with net outflow of $2 bn. Net FDI flows were decent
remained volatile, peaking in October (Brent crude at $86/ at $34.6 Billion. There were healthy inflows into MFs with asset
barrel) and bottoming in December ($50/barrel). under management rising by 11.4% y-o-y.
The Indian economy started FY 2018-19 on a high with a strong Inflation remained well contained with average inflation in
8.0% y-o-y growth in Q1. However, the economy entered a FY 2018-19 at 3.4%, below the RBI’s target of 4%. Lower
period of slower growth thereaer, in. CSO Advance Estimates inflation was mainly caused by sharp decline in food inflation
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which remained in the negative zone for 5 months and averaged believe that growth may remain so for some more time before
a low 0.7% in the year. While core inflation was elevated, it moving up. Moreover, recovery will be contingent on policy
also started moderating towards the end of the year. The priorities of the new government, quick easing of liquidity and
RBI increased rates twice, in June and August 2018, before credit stress faced by certain sections of the economy and a
reversing its tightening. Bond yields rose in the first half of the benign global environment.
fiscal, peaking in September and declining thereaer.
INDUSTRY OVERVIEW
India’s external account remained under pressure with a balance Post demonetisation, the Indian insurance industry has grown
of payments deficit in the first three quarters, due to a rise in at a CAGR of 14% and it is expected to deliver double-digit
crude prices as well as FII outflows. The Indian rupee remained growth in the next 3 years.
under pressure from the beginning of the fiscal and declined
The sector today is in a good position to capitalise on the
through H1, bottoming out in October before retracing some
existing opportunities in the form of a stable regulatory
of its decline.
environment, increasingly aware digital customers,
technological enablers, increasing focus on financial savings
The Indian economy is currently going through a so patch
in a savings dominated mindset and focus of the government
though the RBI forecasts FY 2019-20 growth at 7.2%. We
on shiing towards a cashless economy.
Individual Annual Premium Equivalent (APE) (` in Billion)
2% 14%
692
635
532
479 470
291
454 441
278
408
245
LIC
214
304
292
282
208
401
357
287
PVT
227
175
178
172
200
FY 12
FY 13
FY 14
FY 15
FY 16
FY 17
FY 18
FY 19
*Single Premium at 10%
INDUSTRY PERFORMANCE The Individual Life segment witnessed a growth of 9%

During FY 2018-19, the life insurance industry collected with the private insurance players witnessing a growth
total new business premium (New Business Premium – of 12% and LIC registering a growth of 5%.
Individual FYP @ 10%, Group FYP @ 100%) of ₹ 1,86,172
The Group Life segment witnessed a growth of 15%,
Crore against ₹ 1,65,227 Crore in FY 2017-18, a growth
with the private insurance players growing by 36% and
of 13%.
LIC growing by 10%.
Market share of private insurance players in Individual Life stood at 58.00% and in Group Life it stood at 22.06%.
Individual Life Group Life Total
Market Share
FY18 FY19 FY18 FY19 FY18 FY19
Private Insurance 56.20% 58.00% 18.60% 22.06% 33.06% 35.42%
Players
LIC 43.80% 42.00% 81.40% 77.94% 66.94% 64.58%
Source: Life council

Product Mix Industry (%)

The product portfolio of LIC predominantly consists of
traditional products and hence the industry product portfolio FY 16 8 24 68
is skewed towards traditional products. However, the private
FY 17 8 23 69
insurance players show a balanced product portfolio. In recent
years, there has been an increasing focus on need-based FY 18 9 25 66
selling and a thrust on protection products.
9M FY 19 11 27 63
Product Mix – Private Players (%)
Agency Banca Others
37
FY 13
63
FY 14
33 Private (%)
67
FY 16 16 52 32
43
FY 15
57 FY 17 16 54 30
48
FY 16 FY 18 18 54 28
52
51 9M FY 19 21 54 25
FY 17
49
54
FY 18 Agency Banca Others
46
52
9M FY 19 Quality of Business
48
Since growth without quality is not sustainable, there has been
Unit Linked Traditional a conscious effort by all insurance companies to improve on
quality parameters which helps to drive long-term value for
Note: 1. Product Mix is based on New Business Premium (Regular Premium at all stakeholders. Most companies have taken various quality
100%, Single Premium at 10%) measures around customer retention which reflects in the
2. Source: Public Disclosure of LI companies, IRDAI Annual Report, Internal strong persistency trends across all cohorts. There has also
Analysis
been increased use of technology to enhance customer service
experience.
Distribution Mix
There is a clear trend of bancassurance accounting for an OUTLOOK FOR THE LIFE INSURANCE SECTOR
increasing share of distribution and private players using this The Life Insurance industry has seen both highs and lows given
medium to strengthen their position in the market. For the multiple factors involving regulatory changes, global slowdown
private players, Bancassurance is now the primary distribution and changing customer behaviour. Having successfully
channel with more than 50% share in their distribution mix. navigated through these changes, the industry is now poised
for a sustainable long-term growth trajectory.
Earlier top private insurance companies had been growing
market share through exclusive tie-ups with their captive
A few factors which reiterate the healthy growth positioning for
bank partners. However, with open architecture, banks now
the industry in the next 3-5 years are:
can forge tie-ups with upto 3 life insurance companies.
For LIC, agency continues to be the predominant channel. In the Demographic Advantage
private sector, its share reduced from 32% in FY16 to 25% in the India is projected to be the world's most populous country by
first three quarters of FY 2018-19. Companies now are focusing 2024, surpassing China.
on creating operating leverage in this channel by increased
With increasing life expectancy, demand for retirement
productivity, reduced attrition and better expense management.
policies is expected to increase.
Companies continue to focus on digital and direct channel
The number of individuals in the target group of 25-49 years
given the tremendous growth potential. There has been an
is increasing which is the target population of the industry.
increase in the number of web aggregators in recent years
A large working population coupled with rising affluence is
and many insurance companies have been showing interest
expected to propel Indian life insurance sector growth.
to get their products listed on aggregator portals.
India remains vastly under-insured both in terms of
penetration and density. There is an absence or inadequacy
of protection coverage for a large part of the population. The
widespread Protection gap in India presents a significant
opportunity to grow multifold within the protection segment.
Net VNB Margin at 9.5% Policy Support and Increasing Investment in the sector
with 3 times growth Expected continuation of tax incentives makes insurance
a lucrative proposition compared to other financial
products.
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There has been an increasing focus on financial inclusion Channel Contribution (%)
from the Union government. The schemes launched under
these inclusion programmes have the potential to improve FY 18 76 24
insurance penetration.
FY 19 48 52
Insurance industry has seen multiple listings of private
players in the last couple of years which has garnered a Partnerships Proprietary
lot of investor attention in this sector.
Lower return in physical assets Channel FYP
Stable inflationary trends and positive real interest rates
diminish the attractiveness of physical savings such as Partnerships Channel (%)
investments in gold and real estate. Thus the share of
FY 18 252 3.5x
financial savings as a proportion of household savings is
expected to increase which will support growth trends for FY 19 874
the insurance sector, given that it constitutes 25-30% of
financial savings.
Growth in New Distribution Channels Proprietary Channel (%)
With the spread of internet and mobile technology, new
channels for distribution have come to the fore. Increased FY 18 807
distribution penetration is expected to take place through FY 19 819
higher adoption of digital and e-commerce channels.
The Company is well positioned to tap into the opportunities Note: Single Premium at 10%
of the life insurance industry. The Company is expected to
Focus on value accretive product mix
emerge stronger on the back of its wide distribution franchise,
Product mix is one of the important levers to drive customer
successful multi-channel strategy, long history of product
penetration and profitability. The Company has maintained a
innovations and operational efficiency.
balanced product mix with continued focus on improvement
SUMMARY OF OPERATIONS of protection share for higher margins. During the year, the
Fast growing Franchise with balanced sourcing strategy Company increased its protection share with a corresponding
During the year, Individual new business premium (single decrease in the ULIP mix.
premium at 10%) grew by 60%, significantly outperforming (%)
the private industry growth of 12%. Overall Industry including
LIC grew by 9%. FY 17 31 29 37 3.0
Group Business grew by 40%, continues to be profitable and FY 18 39 24 32 4.5
has maintained its leadership position in the industry.
FY 19 37 24 33 6.4
In FY 2018-19, the Company's market share in Individual
new business improved by 125 bps to 4.2%. The Company ULIP Par Non-Par Protection
also improved its rank by two spots to number 7. In group
business, we retained the fourth spot among private players.
Significant Value Creation
As on March 31, 2019, the Company continued its journey of Factors contributing to sharp improvement in Net Value of new
balanced channel strategy with business (VNB) are:
81,000+ empanelled agent base with a nationwide presence Growth in protection business
in 425 Branches
Higher volume and productivity
Multiple Corporate agents and Broker tie-ups
Balanced channel mix
9 Key Bank partners
Improved customer retention
500+ Direct selling employees
Enhanced cost efficiency
The Company expanded its operations in retail space of
In FY 2018-19, the Company achieved a gross margin of
HDFC Bank and has successfully utilised the branch base
34.6% (FY 2017-18: 32.9%).
of the bank. The Company ended FY 2018-19 with the
2nd highest share* in the bank’s insurance business. New business margins grew 57% to ₹ 607.4 Crore in
FY 2018-19 from ₹ 387.7 Crore in FY 2017-18.
*Source - Market intelligence
In FY 2018-19, the Company was able to achieve a Net
There has been a continuous increase in contribution from
VNB of 9.5% (FY 2017-18: 4.3%) which grew 3 times over
partnership channels in line with the balanced channel
FY 2017-18.
strategy of the Company.
Embedded Value increased to ₹ 4,900.4 Crore in FY 2018-19
from ₹ 4,280.9 Crore in FY 2017-18.

13th month persistency at

78% versus 75% in FY18
GROSS VNB (` in Crore) NET VNB (` in Crore)
(5.5)% 4.3% 9.5%

28.9% 32.9% 34.6%
2x
168
50
388
608
281
FY 17
FY 18
FY 19
FY 17
FY 18
FY 19
-51
(Gross VNB – Present Value of future profit of a policy for the entire term of the policy as on the date of the sale.
Net VNB – Gross VNB net of expense gap)
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Focus on Quality Metrics

During the year under review, the Company showed progress across all quality parameters:
13th and 25th Month Persistency grew to 78% (FY 2017-18 75%) and 66% (FY 2017-18 64%) respectively.
Individual renewal premium grew by 10%
Individual Sum assured grew to ₹ 54,483 Crore in FY 2018-19 from ₹ 35,334 Crore in FY 2017-18, up by 54%
Surrender as percentage of Policyholders AUM reduced to 9.2% in FY 2018-19 from 13.7% in FY 2017-18
The claim settlement ratio was at 97.17% in FY 2018-19 as against 96.38% in FY 2017-18.
PERSISTENCY UPDATE (%)
7% 6% 6%
78
75
66
58
64
71
60
52
55
13th Month 25th Month 37th Month
FY 17 FY 18 FY 19
Key summary of financial indicators

Following is the summary of the Company’s financial performance for FY 2018-19
(` in Crore)
Current Year Previous Year
Particulars Change (%)
FY19 FY18
Income
Gross premium income 7,511 5,903 27%
Reinsurance (net) (226) (182) 24%
Total premium income (net) 7,286 5,721 27%
Income from investments
Policyholders 3,108 3,010 3%
Shareholders 214 162 33%
Investment Income 3,323 3,172 5%
Other Income 43 35 24%
Total Income(Including Shareholders Income) 10,652 8,928 19%
Less:
Commission 418 269 55%
Expenses (Including Depreciation & Service tax) 1,355 1,086 25%
Benefits paid (net) 5,252 5,058 4%
Provisions for actuarial liability (net) 3,478 2,348 48%
Other Provisions 0 1 100%
Provision for Tax 24 0 100%
Profit for the Current Year 126 167 -25%
Share Capital 1,901 1,901 0%
Reserve & Surplus 271 310 -13%
Less: Debit Balance in Profit and Loss Account 72 198 -63%
Net Worth 2,100 2,013 4%

Protection mix at 6.4%

versus 4.5% in FY18
Investment income
The Company’s AUM grew by 9.7% in FY 2018-19 to ₹ 40,442 Fund Performance (%)
Crore. The Debt/Equity Mix of the AUM moved towards debt
on account of increasing proportion of Participating and Non 6
1 Yr
(Debt Fund)
Participating Traditional Products. 8

Assure
7
5 Yr
The Company continued its superior investment performance 8
for its policyholders. For unit-linked funds, the Company
delivered superior fund performance consistently beating its 7
(Balanced Fund)
benchmarks. 96.2% of the funds outperformed their respective 1 Yr

7
Enhancer
benchmarks over the long-term (over 3 years.)

8
5 Yr
10
AUM (` in Crores)
10
(Equity Fund)
Maximiser
FY 17 1 Yr
34,523 10
FY 18 10
36,867 5 Yr
13
FY 19 40,442 Internal Benchmark Fund
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FINANCIAL RATIOS
The key financial ratios for the business have been provided in the below table:
Particulars FY19 FY18
Opex to Premium
- Including Commission 21.3% 20.1%
- Excluding Commission 15.7% 15.6%
Commission to Premium (Individual)
- FYC to FYP 16.9% 14.9%
- RC to RP 3.0% 3.0%
- Total 7.9% 6.2%
Investment Return-Annualised Yield (%)
- Non linked Fund Non PAR 8.7% 9.1%
- Non linked Fund PAR 7.8% 8.3%
- Policy Holders Linked Fund 9.1% 9.5%
Share Capital, Dividend and Solvency position

The Company is capitalised at ₹ 2,169 Crore (including share
Gain market share and grow higher than industry average
premium and capital redemption reserves). Given the robust
financial performance, there has been no capital infusion for Balanced channel strategy with continued focus on
the last four years. The net-worth of the Company increased proprietary channels and partnerships
by 4% to ₹ 2,100 Crore in FY 2018-19 from ₹ 2,013 Crore in
Capitalising on new engines of growth by activating and
FY 2017-18.
building scale
Solvency refers to the minimum surplus that an Insurance
Scale up the digital channel
Company needs to keep aside in the form of additional capital
to meet any unprecedented increase in claims and to meet any Focus on value creation by improving product mix,
adverse losses. As solvency needs to be maintained over very productivity across channels and quality metrics such as
long periods for which policies are written, it is necessary to persistency and claims
ensure that the assets exceed liabilities and are invested in
Leveraging technology to build a robust operating platform
risk-free assets.
that provides best-in-class services to distributor and
Our solvency margin in FY 2018-19 was at 1.98 which was customers.
above the regulatory requirement of 1.5. It also ensures that the
Company’s stakeholders and customers can have confidence in
the Company’s long-term financial strength. By order of the Board of Directors
for Aditya Birla Sun Life Insurance Company Limited
OUTLOOK FOR THE COMPANY (formerly known as Birla Sun Life Insurance Company Limited)
The growth outlook of the Company continues to be stable and
favorable. The improvement in macro-economic environment Ajay Srinivasan Pankaj Razdan
coupled with more stability in regulations augurs well for Mumbai, Director Managing Director & CEO
growth of the Company. The Company continues to focus April 26, 2019 (DIN No. 00121181) (DIN No. 00061240)
on the following key areas to strengthen its competitive and
financial position:
DISCLAIMER
Certain statements in this “Management Discussion and Analysis” may not be based on historical information or facts and may be “forward looking
statements” within the meaning of applicable securities laws and regulations, including, but not limited to, those relating to general business
plans and strategy of the Company, its future outlook and growth prospects, future developments in its businesses, its competitive and regulatory
environment and management’s current views and assumptions which may not remain constant due to risks and uncertainties. Actual results
could differ materially from those expressed or implied. Important factors that could make a difference to the Company’s operations include global
and Indian economic conditions, changes in Government regulations, tax regimes, competitors actions, economic developments within India and
such other factors such as within with the Company operates. The Company assumes no responsibility to publicly amend, modify or revise any
statement, on the basis of any subsequent development, information or events, or otherwise.

Board’s Report
Dear Shareholders,
The Board of Directors of Aditya Birla Sun Life Insurance Company Limited (formerly known as Birla Sun Life Insurance Company
Limited) (“your Company” or “the Company” or “ABSLI”) are pleased to present the Nineteenth Annual Report and the Audited
Financial Statements (Consolidated and Standalone) of your Company for the financial year ended March 31, 2019 (“financial year”).
FINANCIAL SUMMARY AND HIGHLIGHTS

The highlights of the Consolidated and Standalone Financial Results are as under:
(` in Crore)
Consolidated Standalone
Particulars
2018-19 2017-18 Inc. (%) 2018-19 2017-18 Inc. (%)
Business Performance
New Business Premium 3,917 2,663 47% 3,917 2,663 47%
Renewal Premium 3,594 3,240 11% 3,594 3,240 11%
Total Premium 7,511 5,903 27% 7,511 5,903 27%
Financial Performance
Income
Gross premium income 7,511 5,903 27% 7,511 5,903 27%
Reinsurance (net) (226) (182) 24% (226) (182) 24%
Total premium income (net) 7,286 5,721 27% 7,286 5,721 27%
Policyholders 3,108 3,010 3% 3,108 3,010 3%
Shareholders 217 164 32% 214 162 33%
Investment Income 3,325 3,174 5% 3,323 3,172 5%
Other Income 43 35 24% 43 35 24%
Total Income 10,654 8,931 19% 10,652 8,928 19%
Less:
Commission 418 269 55% 418 269 55%
Expenses (Including Depreciation & Service tax) 1,361 1,089 25% 1,355 1,086 25%
Benefits paid (net) 5,252 5,058 4% 5,252 5,058 4%
Provisions for actuarial liability (net) 3,478 2,348 48% 3,478 2,348 48%
Other Provisions - 1 100% - 1 100%
Profit Before Tax 146 166 -12% 150 167 -10%
Provision for Tax 24 - 100% 24 - 100%
Profit aer tax for the Current Year 122 166 -26% 126 167 -25%
Share Capital 1,901 1,901 0% 1,901 1,901 0%
Reserve & Surplus 271 310 -13% 271 310 -13%
Less:
Debit Balance in Profit and Loss Account 77 199 -61% 72 198 -63%
Net Worth 2,095 2,012 4% 2,100 2,013 4%
The above figures are extracted from the Consolidated and Standalone Financial Statements prepared in accordance with accounting
principles generally accepted in India including the Accounting Standards specified under Section 129 (3) of the Companies Act,
2013 (“the Act”) read with the Companies (Accounts) Rules, 2014 and other relevant provisions of the Act.
In accordance with the Companies Act, 2013 and Accounting Standard (AS) – 21 on Consolidated Financial Statements, the
audited consolidated financial statement forms part of this Annual Report.
The detailed Financial Statements as stated above are available on the Company’s website at www.adityabirlasunlifeinsurance.com
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ACCOUNTING METHOD Group Business grew by 40% with first year premium of
Implementation of Indian Accounting Standards (IND-AS) ₹ 2,119 Crore in FY 2018-19. AUM of Group business grew
converged with International Financial Reporting by 13% to ₹ 10,138 Crore in FY 2018-19 from ₹ 8,961 Crore
Standards IFRS in FY 2017-18. This came from improvement in product lines
The Company has prepared the financial statements as per across risk and fund based products, better fund performance,
I-GAAP (Indian Generally Accepted Accounting Principles) and controlled surrenders and increased penetration across
IRDAI (Preparation of Financial Statements and Auditor’s Report geographies and customer segments. This line of business
of Insurance Companies) Regulations, 2000. The Insurance continues to be profitable for the Company.
Regulatory and Development Authority of India (“IRDAI”) vide
The Company’s AUM grew by 9.7% to ₹ 40,442 Crore in
its circular dated June 28, 2017 has deferred implementation
FY 2018-19. For unit-linked funds, the Company delivered
of Ind-AS in the Insurance Sector for a period of two years and
superior fund performance consistently beating its benchmarks.
the same shall be implemented effectively from FY 2020-21.
96.2% of the funds outperformed their respective benchmarks
However, your Company continues to submit the Proforma Ind-AS
over the long-term (over 3 years).
financial statements to IRDAI on a quarterly basis as directed
under IRDAI circular no. IRDA/F&A/CIR/ACTS/262/12/2016 The Company has improved its profitability through a change
dated December 30, 2016. in product mix by reducing ULIP share and improving the
share of protection products. The Company is committed to
Since the Accounts of the Company are consolidated with further improving the profitability by driving a healthy product
Aditya Birla Capital Limited, the Holding Company to which mix, building the in-force book, managing Opex and driving
Ind-AS applies, the Company has also prepared and submitted productivity led distribution.
to Aditya Birla Capital Limited, the financial statements in
Proactive measures were undertaken to strengthen compliance
Ind-AS format for FY 2018-19.
and risk management functions to maintain robust internal
controls, mitigate risks and improve sales conduct.
KEY HIGHLIGHTS
The key performance highlights of the Company during the
The outlook for FY 2019-20 in terms of new business growth
financial year under review are as follows:
continues to be positive with the expectation of a normal
New business premium was at ₹ 3,917 Crore in FY 2018-19 monsoon and good flows into capital markets. A positive
as compared to ₹ 2,663 Crore in FY 2017-18, recording a regulatory regime coupled with encouragement by Government
growth of 47%. Individual business grew by 56% to ₹ 1,798 of India towards financial savings will also help the Industry to
Crore in FY 2018-19 from ₹ 1,152 Crore in FY 2017-18. move to a higher growth trajectory. Your Company through its
customer focused approach is well positioned to capitalise on
Renewal premium was at ₹ 3,594 Crore in FY 2018-19 as
the opportunities the sector will offer. The Company continues
compared to ₹ 3,240 Crore in FY 2017-18, recording a growth
to drive its multi-channel distribution strategy supported
of 11%. Total Premium increased by 27% to ₹ 7,511 Crore in
by a well defined Product and Customer Service Strategy.
FY 2018-19 from ₹ 5,903 Crore in FY 2017-18.
More details on Industry outlook and opportunities are provided
13th month premium persistency has improved to 78% in in the Management Discussion and Analysis report, which forms
FY 2018-19 from 75% in FY 2017-18. part of this Annual Report.
In spite of increase in Individual new business sales by 56%,
CLAIMS MISSION FOR ITS POLICYHOLDERS
due to various measures, Opex to premium ratio remained flat
The Company’s claim settlement ratio improved to 97.17% in
at 15.7% in FY 2018-19 (FY 2017-18 – 15.6%)
FY 2018-19 from 96.38% in FY 2017-18 and repudiation ratio
Solvency margin was 1.98 in FY 2018-19 against the reduced to 2.38% in FY 2018-19 from 2.80% in FY 2017-18.
regulatory requirement of 1.50. 90% of the claims were settled within 5 working days from the
date of intimation and receipt of all requirements. The average
Within the Third Party Channel, your Company has witnessed
claim settlement turn-around-time for non-investigation cases
strong growth across all existing banking counters and
improved to 8 days in FY 2018-19 from 10 days in FY 2017-18.
has successfully kicked started operations in HDFC Bank
Branch Banking.
MATERIAL EVENTS DURING THE YEAR
For the last 3 years, the Company has been focusing on During the financial year under review, there were no material
implementing a new distribution model built around customer events in the Company.
discovery, customer engagement and solution fulfillment.
Significant benefits of the same have been realised in the
Agency Channel; this has led to higher Front Line Sales
productivity and better product mix.

HOLDING COMPANIES/ SUBSIDIARIES/ JOINT VENTURES/ FOREIGN EXCHANGE EARNINGS AND OUTGO
ASSOCIATES COMPANIES There were no foreign exchange earnings during the financial
Holding Company year under review as well as during the previous financial year.
During the financial year under review, Grasim Industries Limited However, the foreign exchange outgo during the financial year
remained the ultimate Holding Company of your Company under review was ` 6.88 Crore as compared to ` 8.41 Crore,
and Aditya Birla Capital Limited continues to be the Holding during the previous financial year.
Company of your Company. Grasim Industries Limited and
Aditya Birla Capital Limited are listed on the Bombay Stock MATERIAL CHANGES AND COMMITMENTS AFFECTING
Exchange and National Stock Exchange. As per clause 16(c) of FINANCIAL POSITION OF THE COMPANY
the Securities and Exchange Board of India (Listing Obligations There were no material changes and commitments affecting the
and Disclosure Requirements) Regulations, 2015, your Company financial position of the Company from end of the financial year
is considered as a Material Subsidiary Company of Aditya Birla up to the date of this Report.
Capital Limited.
CHANGE IN NATURE OF BUSINESS
Subsidiary Company During the financial year under review, there has been no change
Aditya Birla Sun Life Pension Management Limited (formerly in the nature of business of the Company.
known as Birla Sun Life Pension Management Limited)
(ABSLPML) (‘Pension Company’) continues to be a wholly-owned EMPLOYEE STOCK OPTION PLAN
subsidiary of the Company. Employee Stock Options have been recognised as an effective
instrument to attract talent and align the interest of employees
Joint Ventures/Associates Company with that of the Company, thereby providing an opportunity
The Company does not have any Joint Venture/Associate to the employees to share in the growth of the Company, to
Company during the financial year under review. create long-term wealth in the hands of employees and act as
a retention tool.
TRANSFER TO RESERVES
In view of carried forward losses, the Company has not In view of the above, Aditya Birla Capital Limited had formulated
transferred any amount to the General Reserve. “Aditya Birla Capital Limited Employee Stock Option Scheme
2017” (“Scheme 2017”) for the employees of the Company and
DIVIDEND its Subsidiaries.
Your Directors do not recommend any dividend for the financial
year under review. The shareholders of Aditya Birla Capital Limited had also
extended the benefits and coverage of the Scheme 2017 to
SHARE CAPITAL the employees of Subsidiary Companies of Aditya Birla Capital
The Company’s paid up Equity Share Capital as on March 31, Limited.
2019 was ₹ 1,901 Crore.
MANAGEMENT DISCUSSION AND ANALYSIS
DEPOSITORY SYSTEM The Management Discussion and Analysis Report for the
As on March 31, 2019, out of the Company’s total equity paid-up financial year under review, is presented as a separate section
share capital comprising of 190,12,08,000 Equity Shares, forming part of this Annual Report.
140,68,93,915 Equity Shares were held in dematerialised
mode. CORPORATE GOVERNANCE REPORT
A separate report on Corporate Governance is attached as
PUBLIC DEPOSITS Annexure II, which forms part of this Report.
The Company being an Insurance Company has not accepted
any deposits from the public during the financial year under In compliance with “Guidelines on Corporate Governance
review in accordance with Section 73 of the Act read with the for the Insurance Sector (“CG Guidelines”) issued by IRDAI, a
rules framed thereunder. Compliance Certificate issued by the Compliance Officer forms
part of the Corporate Governance Report.
PARTICULARS OF LOANS GIVEN, INVESTMENT MADE,
GUARANTEES GIVEN OR SECURITY PROVIDED STATEMENT CONTAINING SALIENT FEATURES OF THE
The particulars of loans, guarantees and investments under the FINANCIAL STATEMENTS OF SUBSIDIARY
provisions of Section 186 of the Act read with the Companies Aditya Birla Sun Life Pension Management Limited (ABSLPML)
(Meetings of Board and its Powers) Rules, 2014 are not is a wholly-owned subsidiary of the Company.
applicable to the Company.
During the financial year under review, ABSLPML has mobilised
CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION ₹ 113.22 Crore of Assets under Management. The total income
The particulars with respect to the conservation of energy and of ABSLPML was ₹ 2.06 Crore and total loss a°er tax was
technology absorption as required to be disclosed pursuant to ₹ 3.99 Crore. ABSLPML funds had been in top two quartiles for
provision of Section 134(3)(m) of the Act read with Rule 8(3) of E and C scheme during the financial year under review.
the Companies (Accounts) Rules, 2014 is attached as Annexure
I to this report.
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A report on the performance and financial position of the Rule 8 of Companies (Accounts of Companies) Rules, 2014, is
Company’s Subsidiary as per the Section 129(3) of the Act and not applicable.
the rules made thereunder in the prescribed Form AOC-1 is
attached as Annexure III of this Report. All related party transactions have been approved by the Audit
Committee of your Company and are reviewed on a periodic
The Financial Statements of the Subsidiary Company and basis in accordance with the Related Party Transaction Policy.
all other documents required to be attached
thereto are available on the Company’s website at: The details of contracts and arrangements with related parties
www.adityabirlasunlifeinsurance.com. of your Company for the financial year under review, are given in
note 29 to the Standalone Financial Statements, forming part
RISK MANAGEMENT of this Annual Report. The Policy on Related Party Transactions,
Risk Management is an essential function at Aditya Birla Sun Life as approved by the Board, is available on your Company’s
Insurance Company Limited. The Company has an Enterprise website at: www.adityabirlasunlifeinsurance.com
Risk Management (ERM) framework covering procedures
to identify, assess and mitigate the key business risks. INTERNAL FINANCIAL CONTROLS
Aligned with the business planning process, the ERM framework The Board of Directors confirms that the Company has laid
covers all business risks including strategic risk, operational down standards, processes and structure which enables it to
risks, investment risks and insurance risks. The key business implement Internal Financial controls across the organisation
risks identified by the Board’s Risk Management Committee with reference to Financial Statements and that such controls
are monitored by the Risk Management team and therea°er are adequate and are operating effectively. During the financial
reported separately to its Risk Management Committee. year under review, no material or serious observation has been
observed for inefficiency or inadequacy of such controls.
ABSLI has in place an Operational Risk Management framework
to manage risk that may arise from inadequate or failed internal Assurance on the effectiveness of internal financial controls is
processes, people, systems, or external events. To manage and obtained through management reviews, control self-assessment,
control operational risk, we use various tools, including Self continuous monitoring by functional experts as well as testing
Assessments, operational risk event management and key risk of the internal financial control systems by the internal auditors
indicator monitoring. during the course of their audits.
ABSLI recognises that information is a critical business asset, INTERNAL AUDIT

and accordingly, ABSLI has an information security and cyber The Company has in place an adequate internal audit framework
security framework that ensures all information assets are to monitor the efficacy of internal controls with the objective of
safeguarded by establishing comprehensive management providing to the Audit Committee and the Board of Directors,
processes throughout the organisation. an independent and reasonable assurance on the adequacy
and effectiveness of the organisation's risk management,
ABSLI Investments Function is reviewed by the Investment internal control and governance processes. The framework is
Committee and the Asset Liability Management Committee commensurate with the nature of the business, size, scale and
appointed by the Board of Directors. Investment Policy and complexity of its operations.
Operating Guidelines laid down by the Board provide the
framework for management and mitigation of the risks The purpose, authority and responsibility of the internal audit
associated with investments. Asset Liability Policy and various function are formally defined in the internal audit charter which
ALM strategies are adopted to ensure adequate Asset Liability is periodically reviewed and any key amendments are presented
Management. to the Board for approval. To provide for the independence of
the internal audit function, the Head Internal Audit, functionally
ABSLI has a robust Business Continuity framework to ensure reports to the Audit Committee.
resumption of time sensitive activities within a defined
timeframe. The Company’s Business Continuity Management The internal audit plan is developed based on the risk profile of
System is certified against the global standard ISO 22301. business activities of the organisation. The audit plan covers
process audits at the head office and across various branches of
A synopsis of key Risk policies and framework is attached as the organisation. The audits are carried out by an independent
Annexure IV to this report. external firm, the in-house internal audit team and by audit
teams of the two promoters of the Company. The audit plan is
CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES approved by the Audit Committee, which regularly reviews the
During the financial year under review, all contracts / compliance to the plan.
arrangements / transactions entered into by the Company with
related parties were in the ordinary course of business and on an DIRECTORS’ RESPONSIBILITY STATEMENT
arm’s length basis and were not considered material as per the Pursuant to Section 134(5) of the Act and to the best of
provision of Section 188 of the Act read with the Companies their knowledge and belief and according to the information
(Meetings of Board and its Powers) Rules, 2014 and Related and explanations obtained from the operating management,
Party Transaction Policy of the Company. Hence, disclosure in Directors of your Company state that:-
form AOC-2 under Section 134(3)(h) of the Act, read with the

i) in the preparation of the Annual Accounts for the financial Declaration by Independent Directors
year ended March 31, 2019, the applicable accounting Pursuant to Section 149(7) of the Act read with the
standards have been followed and there were no material Companies (Appointment and Qualifications of Directors)
departures from the same; Rules, 2014, the Company has received declarations from all
the Independent Directors of the Company confirming that
ii) the Directors had selected such accounting policies and
they meet the ‘criteria of Independence’ as prescribed under
applied them consistently and made judgments and
Section 149 (6) of the Act and have submitted their respective
estimates that are reasonable and prudent so as to give a
declarations as required under Section 149 (7) of the Act.
true and fair view of the state of affairs of the Company as
at March 31, 2019 and of the profit of the Company for
Key Managerial Personnel
financial year ended on that date;
In terms of the provisions of Sections 2 (51) and 203
iii) the Directors have taken proper and sufficient care for the of the Companies Act, 2013 read with the Companies
maintenance of adequate accounting records in accordance (Appointment and Remuneration of Managerial Personnel)
with the provisions of the Act for safeguarding the assets Rules, 2014, the following employees were holding the position
of the Company and for preventing and detecting fraud of Key Managerial Personnel (‘KMP’) of the Company:
and other irregularities;
Mr. Pankaj Razdan (Managing Director &
iv) the Directors had prepared the Annual Accounts on a Chief Executive Officer)
‘going concern basis’;
Mr. Amit Jain (Chief Financial Officer)
v) the Directors had laid down Internal Financial Controls and
Mr. Amber Gupta (Head - Legal & Company Secretary)
that such Internal Financial Controls were adequate and
were operating effectively; and
In terms of the provisions of CG Guidelines issued by IRDAI,
vi) the Directors had devised proper systems to ensure the following employees were holding the position of Key
compliance with the provisions of all applicable laws and Management Persons of the Company as on March 31, 2019:
that such systems are adequate and operating effectively.
DIRECTORS AND KEY MANAGERIAL PERSONNEL Chief Executive Officer)
Appointment/Resignation of Directors
As on March 31, 2019, the Board of Directors of your Company
(“the Board”) comprised of 11 (Eleven) Directors, wherein Mr. Anilkumar Singh (Chief Actuarial Officer)
there are 7 (Seven) Non-Executive Directors including 1
Mr. Ashok Suvarna (Chief Operations Officer)
(One) Woman Director, 3 (Three) Independent Directors and 1
(One) Managing Director & CEO. Your Directors on the Board Mr. Amber Gupta (Head – Legal & Company Secretary)
possess the requisite experience and competency and are
Mr. Ashim Chatterjee (Head – Marketing & Digital)
renowned in their respective fields. All Directors are liable to
retire by rotation except Independent Directors, whose term of Mr. Ajay Vernekar (Chief Technology Officer)
office is of 5 consecutive years. The Managing Director & CEO
Mr. Deven Sangoi (Chief Investment Officer – Equity)
of the Company had been re-appointed for a further period of 2
years with effect from December 30, 2018. Mr. Devendra Singhvi (Chief Investment Officer – Debt)
Mr. Parag Raja (Chief Distribution Officer)
At the 18th Annual General Meeting of the Company held
on July 3, 2018, the Members of the Company appointed Mr. Shailendra Kothavale (Chief Compliance & Risk Officer)
Mr. Claude Accum (DIN: 07882135) as Non-Executive Director
Ms. Shobha Ratna (Head – HR & Training)
and Mr. Arun Adhikari (DIN: 00591057) as an Independent
Director on the Board of the Company.
ANNUAL PERFORMANCE EVALUATION
The evaluation framework for assessing the performance of the
No Director has resigned from the Board during the financial
Directors of your Company comprises of contributions at the
year under review.
Meeting(s) and strategic perspective or inputs regarding the
growth and performance of your Company, amongst others.
Retirement by Rotation
As per the provisions of the Companies Act, 2013,
Pursuant to the provisions of the Act and in terms of the
Mr. Ajay Srinivasan (DIN: 0012118) and Mr. Bishwanath
Framework of the Board Performance Evaluation, the Nomination
Puranmalka (DIN: 00007432) retire from the Board by rotation
and Remuneration Committee and the Board of Directors had
this year and being eligible, offer themselves for re-appointment
carried out an annual performance evaluation of the performance
at the 19th Annual General Meeting of the Company.
of various Committees of the Board, individual Directors and the
Chairman. The manner in which the evaluation had been carried
A detailed profile of the Directors seeking re-appointment is
out has been set out in the Corporate Governance Report, which
provided in the Notice of the 19th Annual General Meeting of
forms part of this Annual Report.
the Company.
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MEETINGS OF THE BOARD AND ITS COMMITTEES BOARD EXTRACT OF ANNUAL RETURN
The Board meets at regular intervals to discuss and decide on Pursuant to the provisions of Section 134(3)(a) of the Act
the Company’s performance and strategies. During the financial as amended by the Companies (Amendment) Act, 2017,
year under review, the Board met 5 (five) times. The meetings of the extract of annual return for the financial year ended
the Board were held on April 8, 2018, April 27, 2018, July 26, March 31, 2019 in Form MGT-9 under the provisions
2018, October 25, 2018 and January 22, 2019. Further details of 92(3) of the Act has been attached to this report as
on the Board Meetings are provided in the Corporate Governance Annexure VI and uploaded on the website of the Company at
Report, which forms part of this Annual Report. www.adityabirlasunlifeinsurance.com.
AUDIT COMMITTEE AUDITORS

Your Company has constituted an Audit Committee with its STATUTORY AUDITORS, THEIR REPORT AND NOTES TO
composition, quorum, powers, roles and scope in line with the FINANCIAL STATEMENTS
applicable provisions of the Act read with CG Guidelines issued M/s. Khimji Kunverji & Co., Chartered Accountants (Firm
by IRDAI. Registration No. 105146W), were appointed as the Joint
Statutory Auditors of the Company to hold office from the
During the financial year under review, the Audit Committee conclusion of 18th (Eighteenth) Annual General Meeting
reviewed the internal controls put in place to ensure that the (‘AGM’) until the conclusion of the ensuing 19th (Nineteenth)
accounts of your Company are properly maintained and that the AGM of the Company and their tenure of appointment will be
accounting transactions are in accordance with prevailing laws completed in this ensuing 19th Annual General Meeting.
and regulations. In conducting such reviews, the Committee
found no material discrepancy or weakness in the internal The Audit Committee and Board of Directors had recommended
control system of your Company. to the shareholders of the Company the appointment of
M/s. Haribhakti & Co. LLP, Chartered Accountants (Registration
During the financial year under review, all recommendations No. 103523W) in place of M/s. Khimji Kunverji & Co. (who had
made by the Audit Committee were accepted by the Board. completed their second term in FY 2018-19) as Joint Statutory
Auditors of the Company to hold office from the conclusion of
Further details on the Audit Committee are provided in the ensuing 19th Annual General Meeting until the conclusion of
the Corporate Governance Report, forming part of this 24th AGM of the Company.
Annual Report.
M/s. S. B. Billimoria & Co., Chartered Accountants (Firm
NOMINATION AND REMUNERATION COMMITTEE Registration No. 101496W) were appointed as Joint Statutory
Your Company has a duly constituted Nomination and Auditors of the Company to hold office from the conclusion of
Remuneration Committee with its composition, quorum, 15th (Fi°eenth) AGM until the conclusion of the 20th (Twentieth)
powers, roles and scope in line with the applicable provisions AGM of the Company, subject to ratification by the Members at
of the Act. every Annual General Meeting. Pursuant to the amendments to
Section 139 of the Companies Act, 2013 by the Companies
Further details on the Nomination and Remuneration Committee (Amendment) Act, 2017 effective from May 7, 2018, the
are provided in the Corporate Governance Report, forming part requirement of seeking ratification by the Members for the
of this Annual Report. appointment of the Statutory Auditors has been withdrawn
from the Act. In view of the same, ratification by the Members
The Nomination and Remuneration Committee has formulated for appointment of M/s. S. B. Billimoria & Co., as Joint
a policy on remuneration under the provisions of Section 178(3) Statutory Auditors of the Company for FY 2019-20 at this
of the Act and the same is attached as Annexure V to this report. ensuing 19th Annual General Meeting is not being sought.
OTHER COMMITTEES Accordingly, M/s. S. B. Billimoria & Co., Chartered

The Board of Directors has also constituted the following Accountants shall continue to be the Joint Statutory Auditors
Committees under the relevant provisions of the Companies Act, of the Company for FY 2019-20.
2013 read with CG Guidelines issued by IRDAI:
The Company has received the certificates from the aforesaid
Corporate Social Responsibility Committee
auditors confirming their eligibility and willingness for
Asset Liability Management Committee appointment pursuant to Section 139 (1) of the Companies Act,
2013 and as per the requirement stipulated under CG Guidelines
Investment Committee
issued by IRDAI.
Policyholders’ Protection Committee
The observation(s) made in the Auditor’s Report are
Risk Management Committee
self-explanatory and therefore, do not call for any further
With Profits Committee comments under Section 134(3)(f) of the Act.
Details of the Committees of the Board are provided in The Auditor’s Report does not contain any qualifications,
the Corporate Governance Report, which forms part of this reservations, adverse remarks or disclaimer. Under Section
Annual Report. 143(12) of the Act, the Statutory Auditors have not reported to

the Audit Committee/Board of Directors any incidents of fraud are covered under this policy. During the financial year under
during the financial year under review. review, there was 4 (Four) case reported under this policy and
disposed of.
SECRETARIAL AUDITORS
Pursuant to the requirements of Section 204 (1) HUMAN RESOURCES
of the Companies Act, 2013 read with Rule 9 of Companies During the financial year under review, your Company continued
(Appointment and Remuneration of Managerial Personnel) its journey of developing the human resources of the firm
Rules, 2014, the Company has appointed M/s. N. L. Bhatia & towards the goal of increasing employee productivity and
Associates, Company Secretaries to conduct the secretarial engagement with the firm. Over the last one year, the Human
audit for the financial year under review. The Secretarial Audit Resource team has contributed significantly in reducing attrition
Report in Form MR-3 for the financial year under review as and improving productivity and supporting the business in
received from M/s. N. L. Bhatia & Associates, Company identifying and grooming leaders across all business units
Secretaries is attached as Annexure VII to this report. of the Company. With an unswerving focus on nurturing and
retaining talent, your Company provides avenues for learning
The Secretarial Audit Report does not contain any qualifications, and development through functional, behavioural and leadership
reservations or adverse remarks. training programmes as well as on the job training to enable
employees to constantly upgrade their skills. The Human
COST AUDITORS Resources function over the last one year also has travelled
The provisions of Cost Audit as prescribed under Section 148 a significant distance in digitisation of all employee facing
of the Companies Act, 2013 are not applicable to the Company. processes and now all human resource processes are available
to employees on their handphones. This has ensured significant
CORPORATE SOCIAL RESPONSIBILITY ease of access for the individual employee as well as helped
In accordance with Section 135 of the Act, your Company has the Human Resource function to deliver its services to the
a Corporate Social Responsibility (CSR) Committee. The CSR employees in a faster and more efficient manner.
Committee has formulated and recommended to the Board, a
Corporate Social Responsibility Policy (“CSR Policy”) indicating The Company’s total workforce stood at 10,922 as at March 31,
the activities to be undertaken by the Company, which has 2019 against 8,132 as at March 31, 2018.
been approved by the Board. The CSR Policy is available on the
Company’s website at www.adityabirlasunlifeinsurance.com. SECRETARIAL STANDARDS OF ICSI
Your Company is in compliance with the Secretarial Standards
As a part of its initiatives under CSR, the Company has specified by the Institute of Company Secretaries of India
undertaken projects in the areas of Health, Education, Livelihood (“ICSI”) on Meetings of the Board of Directors (SS-1) and
and Rural Development. These projects are also in line with the General Meetings (SS-2) to the extent applicable.
statutory requirements under the Companies Act, 2013 and it’s
CSR Policy. AWARDS AND CERTIFICATIONS
During the financial year under review, your Company has
The required disclosure as per Rule 9 of Companies (Corporate been felicitated with awards and recognitions across various
Social Responsibility Policy) Rules 2014 is attached as Annexure functional areas. Some of these were:
VIII to this report.
In the 3rd edition of Insurance India Summit & Awards
2018, ABSLI bagged the Best Fraud Intelligence Company
Further details on the CSR Committee are provided in
of the Year award for its best-in-class fraud control
the Corporate Governance Report, forming part of this
practices.
Annual Report.
ABSLI won the Certificate of Excellence at The Sabre
WHISTLE‑BLOWER POLIC ( IGIL MECHANISM) Awards 2018 – South Asia under the Corporate Image
In compliance with the provisions of Section 177(9) of the category.
Act read with Rule 7 of the Companies (Meetings of Board
ABSLI bagged Silver at the Creative Abby Awards at
and its Powers) Rules, 2014, the Company has formulated
Goafest 2018 under the Public Relations (Internal
a vigil mechanism for Directors and Employees to report
Communications) category.
concerns, details of which are covered in the Corporate
Governance Report which forms part of the Annual Report. Salahkar - an ABSLI Revenue Assurance team service
Whistle-Blower Policy is available on the Company’s website at: initiative—was conferred with the Best Customer Service
www.adityabirlasunlifeinsurance.com. Initiative title by Kamikaze Customer Experience & Loyalty
Awards.
POLICY ON PREVENTION OF SEXUAL HARASSMENT OF
Salahkar - Advisory Services’ also bagged ‘Best Practice’
WOMEN AT WORKPLACE
Winner in the Service Excellence category by IMC
Your Company has in place an appropriate policy which is in
Ramkrishna Bajaj National Quality Awards.
line with the requirements of the Sexual Harassment of Women
at Workplace (Prevention, Prohibition & Redressal) Act, 2013. The Quality Council of India bestowed the Silver Category
An Internal Complaints Committee has been set up to redress Award—‘DL Shah Quality Awards’—for reduction of
complaints, if any, received regarding sexual harassment. leakages.
All employees (permanent, contractual, temporary, trainees)
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‘Building Quality our DNA’ by ABSLI Quality & Business The Company has a Grievance Redressal Committee (‘GRC’),
Excellence team, under the category Quality Enterprise which is headed by an independent Chairman Mr. N. N.
Leadership, was announced as the winner in the Frost & Jambusaria (ex-Chairman, LIC). GRC meets periodically and
Sullivan 5th edition of ‘Project Evaluation and Recognition decides on complaints and claims representations from
Programme (PERP). policyholders. The Chief Operations Officer, Chief Risk &
Compliance Officer, Head – Legal, Head- Customer Service/
Excellence in In -house Technological innovation
Central Operation and Head - Underwriting & Claims are
Legal Team of the Year at the India Economic & Law
the members of the Committee. Representatives from the
Summit 2018
concerned sales channels are invited to attend these meetings
Silver Award at Quality Circle Forum of India - Mumbai to provide clarifications and answer any queries the Committee
Chapter (CCQC 2018) for innovation in Contract may raise.
Management process through quality concepts.
Adequate steps are undertaken to provide awareness among
OTHER DISCLOSURES
customers about Grievance Redressal and the escalation matrix.
In terms of applicable provisions of the Act, your Company
discloses that during the financial year under review that:
Grievances received by the Company are reported on ‘Integrated
i. there was no issue of shares (including sweat equity Grievance Redressal Management System’ (IRDAI - IGMS) online
shares) to employees of the Company under any scheme and a reverse feed also gets downloaded for complaints registered
save and except under Employee Stock Option Schemes by customers on IGMS against the Company. Grievance Redressal
referred to in this Report. team has been empowered to take decisions for ensuring
effective resolution of customer complaints.
ii. there was no Scheme for provision of money for the
purchase of its own shares by employees or by trustees for
MANAGERIAL REMUNERATION
the benefit of employees.
Remuneration (sitting fees) paid to Independent Directors and
iii. there was no Issue of shares with differential rights. elements of remuneration package (including incentives) of
MD & CEO and Key Management Persons as per CG Guidelines
iv. there was no transfer of shares of the Company.
and the disclosures pursuant to guidelines on remuneration of
v. there was no transfer of un-paid or unclaimed amount to Non-Executive Directors and Managing Director/Chief Executive
Investor Education and Protection Fund (IEPF). Officer/Whole-Time Directors of Insurance Companies issued
by IRDAI are disclosed in the Corporate Governance Report,
vi. there were no significant or material orders passed by the
which forms part of this Annual Report.
Regulators or Hon’ble Courts or Tribunals which impact the
going concern status and Company’s operations in future.
OTHER STATUTORY INFORMATION
Management Report
Excellence in In -house Technological innovation Legal Team of
Pursuant to the provisions of Regulation 3 of the Insurance
the Year at the India Economic & Law Summit 2018.
Regulatory and Development Authority (Preparation of Financial
Statements and Auditors’ Report of Insurance Companies)
Silver Award at Quality Circle Forum of India - Mumbai Chapter
Regulations, 2000, the Management Report forms part of this
(CCQC 2018) for innovation in Contract Management process
Annual Report.
through quality concepts
Appointed Actuary s Certificate
TRANSFER OF UNCLAIMED AMOUNT OF POLICYHOLDERS TO
The certificate of the Appointed Actuary is attached to the
NATIONAL SENIOR CITIZEN WELFARE FUND
Financial Statements.
Pursuant to IRDAI circular no. IRDA/F&A/CIR/
MISC/105/07/2018 dated July 11, 2018, an unclaimed
Certificate from Compliance Officer under CG Guidelines
amount (exceeding more than 10 years) of ₹ 1,69,85,484.43
issued by IRDAI)
has been transferred to National Senior Citizen Welfare Fund.
In compliance with CG Guidelines issued by IRDAI, a Compliance
The age-wise analysis of unclaimed amounts is disclosed in the
Certificate issued by the Company Secretary, designated as the
Note no. 25 to the Standalone Financial Statements forming
Compliance Officer under CG Guidelines, is attached to the
part of this Annual Report.
Corporate Governance Report, which forms part of this Annual
Report.
CUSTOMER GRIEVANCE REDRESSAL
The Grievance Redressal Guidelines issued by IRDAI has
Solvency Margin
established uniformity in the insurance industry in terms
The Directors are pleased to report that the assets
of definitions, timeframes for complaint resolution and
of the Company are higher than its liabilities with a solvency
classifications of complaints. In accordance with the Grievance
margin of 1.98 in FY 2018-19, which is above the minimum
Redressal Guidelines, the revised policy has been laid down in
solvency margin level of 1.50, as specified in Section 64VA of
October, 2017.
the Insurance Act, 1938 read with the IRDAI (Assets, Liabilities,
and Solvency Margin of Insurers) Regulations, 2000.

ACKNOWLEDGEMENTS insurance intermediaries, who have always supported and

Your Board places on record its heartfelt appreciation of the helped the Company to achieve its objectives.
dedicated efforts put in by employees of the Company at all
levels. The results of the year are testimony to their hard work Your Board would like to thank the Aditya Birla Group and Sun
and commitment. Life Financial Inc., for their constant support, guidance and
co-operation.
Your Board takes this opportunity to express sincere thanks to
its valued customers for their continued patronage. Your Board would also like to express its gratitude for the
valuable advice, guidance, and support received from time to
Your Board also acknowledges the contribution of insurance time from the Insurance Regulatory and Development Authority
advisors, banks, corporate brokers/agents and intermediaries, of India, the Auditors and the other statutory authorities and
training institutes and business and technology partners, the look forward to their continued support in future.
Registrars, Depositories, reinsurers, underwriters and other
By order of the Board of Directors

For Aditya Birla Sun Life Insurance Company Limited
(formerly known as Birla Sun Life Insurance Company Limited)
Ajay Srinivasan Pankaj Razdan

Director Managing Director & CEO
Mumbai, April 26, 2019 (DIN No. 00121181) (DIN No. 00061240)
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ANNEXURE I
Particulars pursuant to the provisions of Section 134 (3) (m) of the Act, read with the Rule 8 (A) & (B) of the Companies
(Accounts) Rules, 2014, are furnished hereunder:
A. CONSERVATION OF ENERGY
(i) the steps taken or impact on None
conservation of energy;
(ii) the steps taken by the None
Company for utilising
alternate sources of energy;
(iii) the capital investment None
on energy conservation
equipments;
B. TECHNOLOGY ABSORPTION
(i) The efforts made towards Strengthening Digital Platforms
technology absorption E-App
o E-App is the application for digital on-boarding and it can be accessed on Android tablet,
I-Pad, and website. E-App has empowered our sales force to login a policy anywhere,
anytime, thanks to the online & offline functionality built into it. E-App offers certain
revolutionary features – for ex., a user can fill-up the application form on website and
access the same in E-App & vice versa. The complete customer on-boarding can be done
entirely through E-App in 10-15 minutes. It is platform agnostic and its sleek user interface
provides delightful user experience. Ever since launch of E-App, its adoption has steadily
increased.
o The major benefits of E-App are: (a) Instant upload of documents resulting into need for
limited documentation, (b) Auto-population of existing customer data thereby eliminating
the need to fill-in data all over again, (c) Multiple payment facilities providing flexibility
to pay through preferred mode, (d) Document upload even through mobile phone, and (e)
Application tracker to view and fulfill pending requirements.
o For the FY 18-19, adoption of E-App is 70% +.
D2C
o The D2C ecosystem of ABSLI serves as a one-stop shop that enables users to purchase
life insurance online. The USP of this channel is the total empowerment of the customer by
eliminating agent intervention, while simultaneously catering to a wider audience through a
larger digital footprint.
o Furthermore, the entire journey being digital, is paperless, thereby further reducing costs.
o As it stands, we currently offer six products on our online D2C eco system which include
Ultima Term Plan, Digishield Term Plan, Cancer Shield, Wealth Assure Plus, Vision Star and
Secure Plus. All these products have been meticulously devised to achieve milestones under
the various categories like Protection, Children’s Future, Health, Retirements and Savings.
(ii) The benefits derived as a Reduced time-to-Market for new Product Launches
result of the above efforts ABSLI IT with the help of partner IBM has streamlined product development process and
(e.g. Product improvements, automated certain repetitive processes, which had a direct impact on product launch timelines.
cost reduction, product From earlier system readiness timelines of 99 days, there has been 66% reduction in product
development, import launch timelines to 33 days now. The newly devised framework led to reduced cost of product
substitution, etc.) launch with minor modifications by 50%. With this, ABSLI is able to ensure that there are no
violations of IRDAI launch timelines in last 4 years.
Enhanced Systems Availability & Improved user Experience
Pathfinder upgrade
o Due to the complex architecture and large number of system integration, system uptime
of Ingenium had been a constant challenge impacting productivity as well as TAT to
customers. A°er detailed investigation, it was decided to upgrade PathFinder interface
which helped to significantly improve Ingenium system availability & TAT to 99.9%,
enhancing system life by more than 7 years and imparting better end user experience
pan India.

Robust Platform & High Uptime

o IT Applications & Infrastructure Monitoring: Monitoring of critical applications & infra
is aimed at improving user experience by enabling IT to take timely and corrective action
using appropriate end-to-end monitoring tools and reduce downtimes based on the alerts
and reports generated by the tools. Application monitoring tools have been implemented for
many critical applications
o like Receipt Writer (RWS), D2C, E-App, Content Manager, Enterprise Service Bus (ESB),
Pre-Insurance Verification Calling (PIVC), and Lead Management System.
o The main benefit that has been achieved with implementation of these tools is reduced
MTTR (Mean time to resolution).
o Citrix VDI implementation: All ABSLI branches were linked via MPLS and DSL links in the
earlier setup. During peak times, simultaneous usage of multiple critical applications led to
bandwidth congestion, thereby resulting in application slowness, latency and poor end-
user experience. With the aim to centralise its distributed IT infrastructure, ABSLI IT chose
to adopt a digital technology that can address capital expenditure incurred on hardware
refresh and enhance user-productivity simultaneously – Cloud hosted infrastructure was the
obvious choice.
o ABSLI IT proposed an end-to-end End-User Computing transformation through, Azure
(Microso° Cloud). Citrix has been implemented on Azure cloud for 100 branches
covering 1400 users having access to 20 business applications (both legacy and digital
applications). Key benefits include enhanced mobility and end-user experience, reduction in
capital expenditure of hardware and so°ware, elevated security, robust disaster recovery and
business continuity.
Ability to Quickly Integrate with Business Partners
With the intricate IT Landscape at hand, the ability to provide single point of connect to the
Business partners was critical. The advantage of having ESB- Service oriented architecture
(SOA) across the landscape has helped ABSLI to add agility, flexibility and velocity to its
repertoire. With the power of this API suite, we have been able to simplify & reduce time to
market, thereby increasing sales, achieving better Lead conversion and providing advanced
digital self-servicing for the customers. This expertise has also aided Business Partner
integration initiatives for various channel partners, which has provided ABSLI a cutting edge in
the open architecture model.
(iii) Particulars of imported
technology in the last
three years (reckoned from
beginning of the financial
year)
a) Details of technology None
imported
b) Year of import None
c) Has technology been None
fully absorbed
d) if not fully absorbed, None
areas where absorption
has not taken place, and
the reasons thereof
(iv) the expenditure incurred on None
Research and Development.


Director Managing Director & CEO
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Corporate Governance Report ANNEXURE II
PHILOSOPHY OF CORPORATE GOVERNANCE REPORTING UNDER CORPORATE GOVERNANCE GUIDELINES

Corporate Governance involves a set of relationships between a The Company is an unlisted Public Company and consequently
Company’s Management, its Board, its Shareholders and other the provisions relating to Corporate Governance as mentioned
Stakeholders with an objective of ‘enhancement of long-term in Securities and Exchange Board of India (Listing Obligations
shareholder value, while at the same time protecting the and Disclosure Requirements) Regulations, 2015 (‘LODR
interest of all stakeholders (investors, customers, employees, Regulations’) are not applicable. However, the Company makes
vendors, government and society at large) and ensuring the following reporting / disclosures to the extent applicable
adherence to the applicable laws. and as specified under Guidelines for Corporate Governance
for Insurers In India (“CG Guidelines”) issued by Insurance
Good Corporate Governance consists of a system of structuring,
Regulatory and Development Authority of India (“IRDAI”) on
operating and controlling a Company such as to achieve the
May 18, 2016.
following:
a culture based on a foundation of sound business ethics I. Board of Directors (“Board”)
The Company’s Board comprises of adequate mix of
fulfilling the long-term strategic goal of the owners
Independent Directors, Non-Executive Directors and
while taking into account the expectations of all the key
Executive Director.
stakeholders, and in particular:
consider and care for the interests of employees, The Board takes the responsibility to set strategic
past, present and future objectives for the Management and to ensure that
the long-term interests of all stakeholders are served
work to maintain excellent relations with both
by adhering to and enforcing the principles of sound
customers and suppliers
Corporate Governance.
take account of the needs of the environment and
the local community The Company’s Board members have diverse areas of
knowledge and expertise, which is necessary in providing
maintaining proper compliance with all the applicable legal
an independent and objective view on business issues and
and regulatory requirements under which the Company is
assessing them from the stand-point of the stakeholders
carrying out its activities.
of the Company.
The philosophy and objective of Corporate Governance at Aditya
COMPOSITION OF BOARD:
Birla Sun Life Insurance Company Limited (formerly known as
The Board of Directors of the Company comprised of 11
Birla Sun Life Insurance Company Limited) (“Company”) is "about
(Eleven) Directors, wherein there are 7 (Seven) Non-Executive
working ethically and finding a balance between economic and
Directors including 1 (one) Woman Director, 3 (Three)
social goals including the ability to function profitably while
Independent Directors and 1 (one) Managing Director & CEO.
complying with the applicable laws, rules and regulations."
The current Chairman of the Board, Mr. Kumar Mangalam Birla,
is a Non-Executive Director.
The Company is committed to uphold the core values
of transparency, integrity, honesty and accountability.
COMPOSITION OF BOARD AND DETAILS OF DIRECTORSHIPS /
This commitment lays the foundation for further development
COMMITTEE MEMBERSHIP
of superior governance practices, which are vital for growing
The composition of Board, their Directorships / Committee
a successful business, creating sustainable long-term
Memberships and Chairmanships (excluding the Company) as
shareholder value and balancing it with the interests of other
on March 31, 2019 were as under:
stakeholders in the Company. It is not a discipline necessarily
imposed by a regulator rather a culture that guides the Board,
the Management and employees to function towards the best
interest of the various stakeholders.

No. of other No. of Committees**

Sr. Designation
Name of Director Directorship(s) in other As Chairman/
No. / Category As Member
Public Companies* Chairperson
1 Mr. Kumar Mangalam Birla Non-Executive Director (Chairman) 8 - -
2 Mr. Ajay Srinivasan Non-Executive Director 6 5 1
3 Mr. Bishwanath Puranmalka Non-Executive Director 1 - -
4 Mrs. Pinky Mehta Non-Executive Director 4 - -
5 Mr. Sandeep Asthana Non-Executive Director 2 1 -
6 Mr. Colm Freyne Non-Executive Director 1 - -
7 Mr. Claude Accum Non-Executive Director 1 - -
8 Mr. Shobhan Thakore Non-Executive Director (Independent) 8 7 2
9 Mr. Haigreve Khaitan Non-Executive Director (Independent) 8 5 3
10 Mr. Arun Adhikari Non-Executive Director (Independent) 4 1 -
11 Mr. Pankaj Razdan Managing Director & CEO 2 1 -
* Excluding alternate directorships and directorships in foreign companies and companies under Section 8 of the Companies Act, 2013.
** Only Audit Committee and Stakeholders Relationship Committee of all public limited companies (whether listed or not) have been considered for the purpose
of the Committee positions (membership and chairmanship).
BRIEF PROFILE OF DIRECTORS

Sr. No. Name of Director Qualification Field of Specialisation
1 Mr. Kumar Mangalam Chartered Accountant and MBA from the London Business School, Industrialist
Birla London
2 Mr. Ajay Srinivasan BA with Honours in Economics from St. Stephens College, University of Banking & Financial Services
Delhi and MBA from the Indian Institute of Management, Ahmedabad
3 Mr. Bishwanath Chartered Accountant, Company Secretary and Bachelor of Law and Banking, Financial Services &
Puranmalka Bachelor of Commerce Corporate Laws
4 Mrs. Pinky Mehta Bachelor of Commerce and Chartered Accountant Banking & Financial Services
5 Mr. Sandeep Asthana Chemical Engineer from IIT Mumbai and PGDM from IIM Lucknow Banking & Financial Services
6 Mr. Colm Freyne B.Com (Honours) from University College Dublin. Fellow of the Chartered Banking & Financial Services
Professional Accountant (FCPA) from Canadian Institute of Chartered
Accountants (CICA)
7 Mr. Claude Accum Bachelor of Science degree in Actuarial Science from the University of Actuarial Services
Toronto and Fellow of both the Canadian Institute of Actuaries and the
Society of Actuaries.
8 Mr. Shobhan Thakore BA (Politics), Bachelor of Law from Bombay University Corporate Affairs, Law and Insurance
9 Mr. Haigreve Khaitan Bachelor of Law from South Kolkata Law College Corporate Affairs, Law and Insurance
10 Mr. Arun Adhikari Chemical Engineer from IIT Kanpur and MBA from IIM Calcutta Marketing & Sales Strategy
11 Mr. Pankaj Razdan Electronics engineering graduate from Mumbai University and has Banking & Financial Services
undergone management development programmes from IIM Ahmedabad
and leadership training from Centre of Leadership, USA.
NON‑E ECUTI E DIRECTORS COMPENSATION AND DISCLOSURES

No remuneration is paid to the Non-Executive Directors, except the payment of sitting fees to the Independent Directors, as
detailed hereunder.
The details of sitting fees paid to the Independent Directors for FY 2018-19 are as under:
Total Sitting Fees Paid

Name of Directors
(Amount in `)
Mr. Haigreve Khaitan 75,000
Mr. Arun Adhikari 5,10,000
Mr. Shobhan Thakore 4,00,000
Grand Total 9,85,000
BOARD MEETINGS
The meetings of the Board of Directors are usually held at Mumbai; the Board meets at least once in every quarter to inter-alia
review the Company’s quarterly performance and financial results. The meetings are scheduled in such a manner that not more
than one hundred and twenty days intervenes between two consecutive meetings. The Company Secretary receives the details
on matters which require the approval of the Board / Board Committees, from various departments of the Company, so that
they can be included in the Board / Board Committee agenda(s). All material information is incorporated, in detail, in the agenda
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papers for facilitating meaningful and focused discussions at Review of various Policies
the meetings. The Company also complies with and follows Disclosure and Declarations received from the Directors
the secretarial standards for Board and Committee Meetings.
As a part of information and agenda papers, following minimum BOARD MEETINGS AND ATTENDANCE OF DIRECTORS
information is provided to the Directors for each meeting: During FY 2018-19, the Board of Directors met five times, as
follows:
Quarterly Performance and Financial results;
Business review, plans and updates; April 8, 2018
Regulatory updates and compliances April 27, 2018
Minutes of the previous Board and Committee meetings; July 26, 2018
Any material default, show cause, demand and penalty October 25, 2018
notices forming part of compliance report; January 22, 2019
The attendance of the Directors at the above Board meetings was as under:
Attendance in the last AGM
Number of Meetings
Sr. dated July 3, 2019
Name of the Directors Held: 5 Held: 1
No.
Attended Attended
1 Mr. Kumar Mangalam Birla 1 -
2 Mr. Ajay Srinivasan 5 -
3 Mr. Bishwanath Puranmalka 5 1
4 Mrs. Pinky Mehta 5 1
5 Mr. Sandeep Asthana 2 1
6 Mr. Colm Freyne 4 -
7 Mr. Claude Accum 3 -
8 Mr. Shobhan Thakore 4 1
9 Mr. Haigreve Khaitan 1 -
10 Mr. Arun Adhikari 5 1
11 Mr. Pankaj Razdan 5 1
INDEPENDENT DIRECTORS’ MEETING A. Terms of Reference:

In accordance with the provisions of Schedule IV The broad terms of reference of the Committee inter-alia
of the Companies Act, 2013, a meeting of the Independent include the following:
Directors of your Company was held on March 19, 2019
without the presence of the Non-Independent Directors and the formulating and implementing ALM strategies at product
members of the management. and enterprise level;
reviewing the Company’s overall risk appetite and
CODE OF CONDUCT monitoring risk exposure at periodic interval;
The Company has designed and implemented a Code of quantifying the level of risk exposure and laying down the
Conduct. The code is applicable to the executive officers and risk tolerance limits;
all employees of the Company. The code is available on the to managing capital requirements using the regulatory
website, www.adityabirlasunlifeinsurance.com. All have affirmed solvency requirements;
to the Code as on March 31, 2019. regular review and monitoring of mismatch between
assets and liabilities and the acceptable tolerance limits
II. BOARD COMMITTEES for mismatch;
The Company has constituted certain Board Committees. to investigate any activity within its terms of reference;
Each Board Committee is constituted by Board and each ensure that management and valuation of all assets and
Committee has been endowed with a definite scope of liabilities comply with standards, prevailing legislation and
functions and responsibilities. Detailed descriptions of the internal and external reporting requirements;
all the Committees of the Board are as under: review key methodologies and assumptions including
actuarial assumptions.
1. Asset Liability Management Committee
The Board has constituted an Asset Liability Management B. Composition, Meetings and Attendance:
Committee (ALM Committee) in compliance with During FY 2018-19, the Asset Liability Management
the requirements of CG Guidelines issued by IRDAI. Committee, met four times as follows:
ALM Committee is constituted so as to formulate,
implement, monitor and revise strategies related to April 24, 2018;
assets and liabilities to achieve an organisation’s financial July 23, 2018;
objectives. The Committee ensures that insurer shall October 22, 2018;
invest in a manner, which would enable it to meet its cash January 18, 2019.
flow needs and capital requirements at a future date to
mitigate liquidity risk and solvency stipulations.

The Composition of Asset Liability Management Committee and the attendance of Members at the meetings during
FY 2018-19 were as under:
Sr. No. of Meetings

Name of the Committee Members Designation / Category
No. Attended
1 Mr. Ajay Srinivasan Non-Executive Director 4
2 Mr. Amit Jain Chief Financial Officer 4
3 Mr. Anil Kumar Singh Chief Actuarial Officer & Appointed Actuary 3
4 Mr. Pankaj Razdan Managing Director and CEO 3
5 Mr. Sandeep Asthana Non-Executive Director 3
6 Mr. Devendra Singhvi Chief Investment Officer - Debt 4
7 Mr. Deven Sangoi Chief Investment Officer - Equity 4
8 Mr. Shailendra Kothavale Chief Compliance & Risk Officer 4
The members of the Committee elect the Chairman at to review and approve related party transactions /
each meeting of the Committee. related party policy;
to review internal financial control;
The Company Secretary acts as the Secretary to the to review the performance of statutory auditors,
Committee. internal auditors and concurrent auditors;
to ensure compliance with the internal control
2. Audit Committee systems and its adequacy;
The Company has a qualified and independent Audit to review the adequacy of internal audit function,
Committee and its composition is in line with the applicable including the structure of the internal audit
provisions of Section 177 of the Companies Act, 2013 department, staffing and seniority of the official
read with CG Guidelines issued by IRDAI. heading the department, reporting structure coverage
and frequency of internal audit and review of reports
A. Terms of References submitted by internal audit department;
The broad terms of reference of the Committee inter-alia to act as a compliance Committee to discuss the
include the following: level of compliance in the Company;
to review the functioning of the Whistle-Blower
to review the Company’s financial statements, mechanism/Vigil Mechanism.
financial reporting, statement of cash flow and
disclosure processes, both on an annual and quarterly B. Composition, Meetings and Attendance:
basis and to ensure that the financial statements are During FY 2018-19, the Audit Committee met four times
correct, sufficient and credible; as follows:
to recommend to the Board, the appointment,
re-appointment and, if required, the replacement April 27, 2018;
or removal of the statutory auditor(s) / internal July 26, 2018;
auditor(s) and concurrent auditor(s). October 25, 2018;
January 22, 2019.
The Composition of the Audit Committee and the attendance of Members at the meetings during FY 2018-19 were as under:
Sr. No. of Meetings

No. Attended
1 Mr. Haigreve Khaitan Independent Director (Chairman) 1
2 Mr. Arun Adhikari Independent Director 4
6 Mr. Shobhan Thakore Independent Director 4
The Company Secretary acts as the Secretary to the The Chief Executive Officer, Chief Financial Officer,
Committee. Appointed Actuary, Chief Risk and Compliance Officer,
All members of the Audit Committee are financially literate Statutory Auditors and the Internal Auditors attend each
and have the necessary accounting and related financial Audit Committee Meeting as invitees.
management expertise. The Audit Committee is chaired by 3. Investment Committee
an Independent Director. The Investment Committee is set up in line with the
provisions of the IRDAI (Investments) Regulations, 2016
and CG Guidelines issued by IRDAI.
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A. Terms of Reference: to seek from the investment function any specific

The broad terms of reference of the Committee inter-alia details / information about the functional activities;
includes the following: to direct the investment function to implement any
specific strategy over & above the existing policy
to formulate investment policy and establish a for safeguarding the interest of the Policyholder and
framework for its investment operations with Shareholder.
adequate controls;
to review Investment policy and operation framework B. Composition, Meetings and Attendance:
for the investment operations of the Company; During FY 2018-19, the Investment Committee, met four
to put in place an effective reporting system to ensure times as follows:
compliance with Investment Policy and monitor
investment performance against the applicable April 24, 2018;
benchmarks; July 23, 2018;
to review asset mix of conventional portfolios, fund October 22, 2018;
performance and rating exposures management of all January 18, 2019.
investment, market risks and asset liability mismatch.
The Composition of the Investment Committee and the attendance of Members at the meetings during FY 2018-19 were as
under:
Sr. No. of Meetings

No. Attended
2 Mr. Amit Jain Chief Financial Officer 4
4 Mr. Pankaj Razdan Managing Director & CEO 3
6 Mr. Shailendra Kothavale Chief Compliance & Risk Officer 4
7 Mr. Deven Sangoi Chief Investment Officer – Equity 4
8 Mr. Devendra Singhvi Chief Investment Officer – Debt 4
The members of the Committee elect the Chairman of the to ensure adequacy of disclosure of “material
Committee at each meeting of the Committee. information” to the policyholders;
to review the status of complaints at periodic intervals
The Company Secretary acts as the Secretary to the to the policyholders;
Committee. to provide details of grievances at periodic intervals
to IRDAI;
4. Policyholders’ Protection Committee to provide details of insurance ombudsmen to the
In accordance with the provisions of CG Guidelines policyholders;
issued by IRDAI, the Board has constituted the to evaluate the merit of the investigated complaint
“Policyholders’ Protection Committee” to address various cases;
compliance issues relating to protection of the interests of to review the unclaimed amounts of Policyholders.
policyholders.
B. Composition, Meetings and Attendance:
A. Terms of Reference During FY 2018-19, the Policyholders’ Protection
The broad terms of reference of the Committee inter-alia Committee, met four times as follows:
include the following:
April 25, 2018;
to put in place proper procedures and an effective July 24, 2018;
mechanism to address complaints and grievances of October 22, 2018;
policyholders including mis-selling by intermediaries; January 28, 2019.
to ensure compliance with the statutory requirements
as laid down in the regulatory framework;

The Composition of the Policyholders’ Protection Committee and the attendance of Members at the meetings during
Sr. No. of Meetings

No. Attended
1 Mr. N. N. Jambusaria Expert/Representative of Customers 4
The members of the Committee elect the Chairman at of risk to reputation, management of outsourcing
each meeting of the Committee. arrangements and changes to the foregoing as
appropriate;
The Company Secretary acts as the Secretary to the
to review annually and approve changes to policies
Committee.
or programmes that provide for the monitoring of
compliance with legal and regulatory requirements
5. Risk Management Committee
including legislative compliance management
In line with the requirements under CG Guidelines issued
systems;
by IRDAI, the Board has constituted the Risk Management
to review status of compliance with codes of conduct
Committee to oversee the risk management strategy and
to review market conduct practices;
compliance activities of the Company. The Committee
to review procedures for dealing with customer
is responsible for putting in place an oversight of the
complaints, and monitors and reviews the
Company’s Risk Management Strategy
effectiveness of and compliance with procedures;
to review procedures for complying with anti-money
A. Terms of References
laundering and suppression of terrorism laws and
The broad terms of reference of the Committee inter-alia
regulations worldwide and monitor its effectiveness.
to identify and review with the Management the
During FY 2018-19, the Risk Management Committee
major areas of risk facing the business activities
met four times, as follows:
of the Company and strategies to manage risks;
to review annually, the adequacy of and compliance
April 23, 2018;
with the policies implemented for the management
July 20, 2018;
and control of risk, including investment policies,
October 23, 2018;
asset-liability risk, operational risk, management
January 18, 2019.
The Composition of the Risk Management Committee and the attendance of Members at the meetings during FY 2018-19
were as under:
Sr. No. of Meetings

No. Attended
2 Mr. Haigreve Khaitan Independent Director -
5 Mr. Arun Adhikari Independent Director 4
The members of the Committee elect the Chairman of the A. Terms of Reference:
Committee at each meeting of the Committee. The broad terms of reference of the Committee inter-alia
includes the following:
Committee. to ensure that assets share are maintained at policy
level and only the portion of expenses representing
With Profits Committee this business shall be allocated to and interest rate
The Board has constituted With Profits Committee in line credits to these asset shares shall represent the
with the Insurance Regulatory and Development Authority underlying assets of these funds;
of India (Non-linked Insurance Products) Regulation, 2013. to approve the detailed working of the asset share,
the expenses allowed for the investment income
earned on the fund etc which are represented in the
asset share.
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B. Composition, Meeting and Attendance:

During FY 2018-19, the With Profits Committee met once on March 19, 2019.
The Composition of the With Profits Committee and the attendance of Members at the meeting during FY 2018-19 were as
under:
Sr. No. of Meetings

No. Attended
3 Ms. Hema Malini Independent Actuary 1
The members of the Committee elect the Chairman at to formulate and recommend to the Board, a Corporate
each meeting of the Committee. Social Responsibility Policy which shall indicate
the activities to be undertaken by the Company as
The Company Secretary acts as the Secretary to the specified in Schedule VII of the Act;
Committee. to recommend the amount of expenditure to be
incurred on the activities referred to in Schedule VII
7. Corporate Social Responsibility Committee of the Act; and
The Board has constituted Corporate Social Responsibility to monitor the Corporate Social Responsibility Policy
Committee (‘CSR Committee’) in line with the provisions of the Company from time to time.
of Section 135 of the Companies Act, 2013 (‘Act’) read
with the Companies (Corporate Social Responsibility B. Composition, Meeting and Attendance:
Policy) Rules, 2014. During FY 2018-19, the Corporate Social Responsibility
Committee met twice, as follows:
A. Terms of Reference:
The broad terms of reference of the Committee inter-alia September 17, 2018;
includes the following: March 26, 2019.
The Composition of Corporate Social Responsibility Committee and attendance of Members at the meeting during FY 2018-19
were as under:
Sr. No. of Meetings

No. Attended
3 Mr. Arun Adhikari Independent Director (Chairman) 2
The Company Secretary acts as the Secretary to the to carry out evaluation of every director’s performance
Committee. in accordance with the criteria laid down by the Board;
to formulate the criteria for determining qualifications,
8. Nomination and Remuneration Committee (NRC) positive attributes and independence of a director;
The Board has constituted Nomination and Remuneration to recommend to the Board a policy, relating to
Committee (NRC) in line with the provisions of Section the remuneration for the directors, key managerial
178 of the Companies Act, 2013 read with the Companies personnel, senior management personnel and other
(Meetings of Board and its Powers) Rules, 2014 made employees.
thereunder.
A. Terms of Reference During FY 2018-19, the Nomination and Remuneration
The broad terms of reference of the Committee inter-alia Committee members met three times as follows
includes the following:
April 27, 2018
to identify persons who are qualified to become July 26, 2018
directors and who may be appointed in senior October 25, 2018
management;
to recommend to the Board the appointment/removal
of directors and senior management in accordance
with the criteria laid down by the Board;

The Composition of Nomination and Remuneration Committee and attendance of Members at the meetings during
Sr. No. of Meetings

No. Attended
3 Mr. Claude Accum Non-Executive Director 3
4 Mr. Arun Adhikari Independent Director (Chairman) 3
Pursuant to Nomination and Remuneration Committee V. Secretarial Audit

(NRC) Charter adopted at the Board meeting held on Pursuant to the requirements of Section 204 (1) of
July 25, 2017, the Chairman of the NRC Committee the Act read with Rule 9 of Companies (Appointment
shall be an Independent Director and such Independent and Remuneration of Managerial Personnel) Rules,
Director of the Committee will alternate as Chairman of 2014, the Company had appointed M/s. N. L. Bhatia &
the Committee by rotation in each fiscal year. Associates, Practicing Company Secretaries to conduct
the secretarial audit for FY 2018-19. The Secretarial Audit
Accordingly, Mr. Arun Adhikari presided as the Chairman of Report in Form MR-3 for FY 2018-19 issued by M/s. N. L.
the NRC Committee for the fiscal year 2018-19. Bhatia & Associates, Practicing Company Secretaries form
part of this Annual report.
Committee.
VI. Disclosures
Disclosures required under CG Guidelines issued
III. Subsidiary Company
by IRDAI
Aditya Birla Sun Life Pension Management Limited
(formerly known as Birla Sun Life Pension Management
The following disclosures required in line with the
Limited) (ABSLPML) (‘Pension Company’) continues to be
CG Guidelines issued by IRDAI are annexed to this
a wholly-owned subsidiary of the Company.
Corporate Governance report:
ABSLPML commenced its business operation on May 9,
2017. In FY 2018-19, ABSLPML has mobilised ₹ 113.22 Quantitative and qualitative information on the
Crore of Assets. In FY 2018-19, the total income of Company‘s financial and operating ratios namely
ABSLPML was ₹ 2.06 Crore and total loss a°er tax was incurred claim, Commission and expenses ratios;
₹ 3.99 Crore. ABSLPML had been in top two quartiles for E
Actual solvency margin details vis-à-vis the
and C scheme in FY 2018-19.
required margin;
IV. Key Managerial Personnel (‘KMP’) Policy Lapse ratio;
Pursuant to Section 203 of the Companies Act, 2013 and
Financial performance including growth rate and
CG Guidelines issued by IRDAI, the following employees
current financial position;
were holding the position of Key Managerial Personnel
(‘KMP’) of the Company as on March 31, 2019: Description of the risk management architecture;
Details of number of claims intimated, disposed
of and pending with details of duration;
Chief Executive Officer)
All pecuniary relationships or transactions of the
Non-Executive Directors vis-à-vis the insurance
Mr. Anilkumar Singh (Chief Actuarial Officer) Company;
Mr. Ashok Suvarna (Chief Operations Officer) Elements of remuneration package (including
incentives) of MD & CEO and all other directors
Mr. Amber Gupta (Head – Legal & Company Secretary)
and Key Management Persons;
Mr. Ashim Chatterjee (Head – Marketing & Digital)
Payments made to group entities from the
Mr. Ajay Vernekar (Chief Technology Officer) Policyholders Funds;
Mr. Deven Sangoi (Chief Investment Officer – Equity) Any other matters which have material impact
on the financial position.
Mr. Devendra Singhvi (Chief Investment Officer
– Debt)
Related Party Transactions
Mr. Parag Raja (Chief Distribution Officer) All the related party transactions were in ordinary course
of business and on arm’s length basis undertaken in
Mr. Shailendra Kothavale (Chief Compliance & Risk
accordance with the approved Related Party Transactions
Officer)
Policy. The related party transactions of the Company are
Ms. Shobha Ratna (Head – HR & Training) placed and reviewed by the Audit Committee on a quarterly
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basis and necessary briefing is also given to the Board. The remuneration programme for MD & CEO is intended
Details of related party transactions entered into to:
by the Company are included in the Notes to the Accounts
in the financial statements. 1. Provide for monetary and non-monetary remuneration
elements on a holistic basis
Remuneration of Directors
The Company is currently paying sitting fees to 2. Emphasise “Pay for Performance” by aligning
the Independent Directors and Remuneration to incentives with business strategies to reward the MD
Mr. Pankaj Razdan, Managing Director and CEO. & CEO on exceeding Group, business and individual
The remuneration payable to the Managing Director and goals.
CEO is approved by IRDAI in terms of the provisions of
Section 34A of the Insurance Act, 1938. Other than Remuneration Guidelines for Managing Director/Whole Time Director/
this, the Company is not paying any kind of remuneration/ Chief Executive Officer
Commission to Directors. Remuneration shall be reasonable, taking into account
relevant factors including the industry practice,
The details of sitting fees paid to the Independent competency, competition and grade. It will be mix of Fixed
Directors have been provided in this Annual Report. Salary, valued and Non-Valued Perquisites / Benefits,
The details of remuneration paid to Managing Director Retirals, Annual Bonus, Long-Term Deferred Cash Plans
and CEO have been provided in form MGT – 9, which and ESOP’s with risk alignment.
has been uploaded on the website of the Company at
www.adityabirlasunlifeinsurance.com Remuneration shall be adjusted for all types of risk such
as credit, market and liquidity risk, Further, Remuneration
Only one Director, Ms. Pinky Mehta holds one equity share payout are sensitive to the time horizon of the risk
of ₹ 10/- as a nominee of Aditya Birla Capital Limited remuneration outcomes shall be symmetric with risk
in the share capital of the Company. None of the other outcomes.
Directors of the Company have any holding in the share
capital of the Company. The Annual Bonus and Long-Term Deferred Cash plans
would be linked to comprehensive business performance,
DISCLOSURES PURSUANT TO GUIDELINES ON REMUNERATION OF both quantitative and qualitative, over a short term and
NON‑E ECUTI E DIRECTORS AND MANAGING DIRECTORS CHIEF long-term period. Benefits are defined as Total Cost to
E ECUTI E OFFICER WHOLE‑TIME DIRECTORS OF INSURANCE Company i.e. Salary, Retirals and other Benefits and will
COMPANIES ISSUED BY IRDAI. include imputed value of benefits like Housing and Car.
Qualitative: The vesting condition of long-term deferred bonus will be
Information relating to the design and structure of remuneration subject to business performance and have an element of
processes and the key featured and objective of remuneration claw back in case of unfavorable business performance.
policy
The Company has adopted the Aditya Birla Group Executive The MD/ CEO/ WTD remuneration is designed / modified
Remuneration Philosophy/policy. basis the achievement of the goal sheet parameters that
have both qualitative and quantitative elements of risk
At the Aditya Birla Group, the Company expects our adjustments. The goal sheet achievement against each
executive team to foster a culture of growth and parameter is reviewed by the highest authority on a yearly
entrepreneurial risk-taking. The Company Executive basis.
Remuneration Philosophy/Policy supports the design
of programmes that align executive rewards – including Remuneration practice would be governed by IRDAI and
incentive programmes, retirement benefit programmes, related guidelines as applicable from time to time.
and promotion and advancement opportunities – with the
long-term success of stakeholders. Description of the ways in which current and future risks are
taken into account in the remuneration processes.
Aditya Birla Group is a conglomerate and organised in Other Remuneration Elements for Managing Director/
a manner such that there is sharing of resources and Whole Time Director/ Chief Executive Officer
infrastructure. This results in uniformity of business
processes and systems thereby promoting synergies and The Managing Director/ Whole Time Director/ Chief
exemplary customer experiences. Executive Officer are subject to an employment agreement.
Each such agreement generally provides for a total
Objective of the remuneration for Managing Director/Whole Time remuneration package for him/ her including continuity of
Director/ Chief Executive Officer service across the Group Companies. The Company limits
Managing Director/Whole Time Director/ Chief other remuneration elements, for e.g. Change in Control
Executive Officer Remuneration is designed to ensure (CIC) agreements, severance agreements, instances of
effective governance of compensation and alignment of compelling business need or competitive rationale and
compensation with performance and prudent risk taking. generally do not provide for any tax gross ups.

Risk and Compliance to him / her as per restatement of financial statements,

The Company aims to ensure that the Group’s remuneration pertaining to the relevant performance year.
programmes do not encourage excessive risk taking.
The Company reviews the remuneration programmes for Implementation
factors such as remuneration mix overly weighted towards The Group and Business Centre of Expertise teams will
annual incentives, uncapped pay-outs, unreasonable assist the Nomination and Remuneration Committee in
goals or thresholds and steep pay-out cliffs at certain adopting, interpreting and implementing the Executive
performance levels that may encourage short-term Remuneration Philosophy/Policy. These services will be
decisions to meet pay-out thresholds. established through “arm’s length” agreements entered
into as needs arise in the normal course of business.
Variable Pay
As per the business strategies and industry practices, a Description of the ways in which the insurer seeks to link
Variable Pay (consisting of annual performance pay and performance during a performance measurement period with
part of the deferred performance pay payable for the year) levels of remuneration.
exceeding 60% of the Total Pay will be considered as Performance Goal Setting
‘Substantial’ Pay and in such case an appropriate portion The Company aims to ensure that both annual incentive
of the plans and long-term incentive plans, the target
performance goals shall be achievable and realistic.
Variable Pay will be deferred over a minimum of 3 years Threshold performance (the point at which incentive
from the date of pay-out of the initial tranche. plans are paid out at their minimum, but non-zero,
level) shall reflect a base-line level of performance,
Claw back Clause: reflecting an estimated 90% probability of achievement.
In an incident of restatement of financial statements, Target performance is the expected level of performance
due to fraud or non-compliance with any requirement at the beginning of the performance cycle, taking into
of the Companies Act, 2013 and the rules made account all known relevant facts likely to impact measured
thereunder, the Company shall recover from the Managing performance. Maximum performance (the point at which
Director/ Whole Time Director/ Chief Executive Officer, the the maximum plan payout is made) shall be based on an
remuneration received in excess, of what would be payable exceptional level of achievement, reflecting no more than
an estimated 10% probability of achievement.
Quantitative disclosure:
Particulars As at FY 2018-19
Number of MD/ CEO/ WTDs having received a variable remuneration award during the financial year 1
Number and total amount of sign on awards made during the financial year NIL
Details of guaranteed bonus, if any, paid as joining/signing bonus NIL
Total amount of outstanding deferred remuneration (₹ in thousands)
Cash 31,084
Shares and Shares linked Instruments NIL
Other Forms NIL
Total amount of deferred remuneration paid out in the financial year NIL
Breakup of amount of remuneration awarded for the financial year (₹ in thousands)
Fixed Pay 37,676
Variable Pay
Deferred 46,096
Non-Deferred 28,264
Share - Linked instruments (in numbers)
Employee Stock Option’s 14,17,509
Restricted Stock Units (RSU’s) 1,71,596
Note:
i) The remuneration paid/payable to MD & CEO is governed by the provisions of Section 34A of the Insurance Act, 1938.
Ii) Stock options and Restricted Stock Units of Aditya Birla Capital Limited are granted under Aditya Birla Capital Limited Employee Stock Option Scheme, 2017.
VII. Whistle-Blower Policy / agency/ contracts. Summary of cases as and when

The Company has a Whistle-Blower Policy to escalate any reported, alongwith status is placed before the Audit
issues on integrity/ business issues/ people issues and Committee for their review.
gender issues. The Company’s Grievances and Disciplinary
Committee constituted under the Whistle-Blower III LCMP Certification
Policy conduct a proper and unbiased investigation and The Company has an Internal Legal and Compliance
ascertain the correctness and trueness of the complaint Management Portal, which is a repository for all regulatory
and recommend necessary corrective measures, including notifications, legal & compliance query desk, which has
punitive actions such as termination of employment been designed for better governance of Compliance.
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This is accessible to all employees and anyone can raise The quarterly compliance certificate is taken from relevant
any legal, regulatory & risk query. function heads based on which the joint certification is
submitted by Chief Compliance and Risk Officer, Chief
Pursuant to applicable laws, the relevant Compliance Financial Officer, Chief Actuarial Officer and Managing
Checklists, the necessary certificate/s is/are installed Director and CEO and consolidated Compliance Certificate
in the System, which is called as Legal & Compliance is placed before Audit Committee and Board.
Management Portal (“LCMP”). This is system automated
tool subject to timely regulatory updation made by the IX. Management
concerned functions. A detailed Management Discussion and Analysis Report
which form part of this Annual Report.
SHAREHOLDERS & GENERAL INFORMATION:

i) General Body Meetings
Details of Annual General Meetings and Extraordinary General Meeting:
Location and time, where Annual General Meetings (AGMs) and Extra Ordinary General Meetings (EOGMs) in the last three
years were held:
Financial Year AGM / EGM Date & Time Venue

2016 - 2017 EGM May 13, 2016 at 11.00 a.m. 16th Floor, One Indiabulls Centre, Tower 1, Jupiter Mill Compound, 841,
S. B. Marg, Prabhadevi (West), Mumbai – 400 013
2016 - 2017 AGM August 5, 2016 at 11.00 a.m. A - 4, Aditya Birla Centre, S.K. Ahire Marg, Worli, Mumbai – 400 030
2016 - 2017 EGM March 23, 2017 at 2.30 p.m. A - 4, Aditya Birla Centre, S.K. Ahire Marg, Worli, Mumbai – 400 030
2017 - 2018 AGM June 15, 2017 at 11.00 a.m. A - 4, Aditya Birla Centre, S.K. Ahire Marg, Worli, Mumbai – 400 030
2017 - 2018 EGM July 19, 2017 at 12.00 noon 16th Floor, One Indiabulls Centre, Tower 1, Jupiter Mill Compound, 841,
S. B. Marg, Prabhadevi (West), Mumbai – 400 013
2017 - 2018 EGM August 10, 2017 at 10.00 a.m. A - 4, Aditya Birla Centre, S.K. Ahire Marg, Worli, Mumbai – 400 030
2018 - 2019 AGM July 3, 2018 at 11.00 a.m. 16th Floor, One Indiabulls Centre, Tower 1, Jupiter Mill Compound, 841,
Senapati Bapat Marg, Prabhadevi (West), Mumbai – 400 013
ii) Shareholder Information

Date, Time and Venue of the 19th Annual General Meeting July 4, 2019 at 10:00 a.m.
16th Floor, Tower 1, One Indiabulls centre, Jupiter Mills Compound, 841,
Senapati Bapat Marg, Prabhadevi (West), Mumbai- 400 013
Financial Year 2018-19
Registrar and Transfer Agents MCS Share Transfer Agent Limited
Registration no. of the Company as per Companies Act 11 - 128110
with the Registrar of Companies
Registration no. of the Company as per Insurance Act with 109
the Insurance Regulatory and Development Authority
ISIN INE951F01015
Corporate Identification Number (CIN) U99999MH2000PLC128110
Permanent Account Number (PAN) AABCB4623J
Registered office / address for correspondence One Indiabulls Centre, Tower 1, 16th Floor, Jupiter Mill Compound, 841,
Senapati Bapat Marg, Prabhadevi (West), Mumbai – 400 013
iii) Means of Communication

As per the IRDAI guidelines on public disclosures, the insurance companies are required to disclose their financials (Balance
Sheet, Profit & Loss Account, Revenue Account and Key Analytical Ratios) by news paper publication and host the same on
their websites within stipulated timelines.
Accordingly, the disclosures are hosted on the Company’s website (www.adityabirlasunlifeinsurance.com) and adequate steps
have been taken to ensure publication of requisite disclosure in news papers.

iv) Details of Directors seeking re-appointment at the 19th Annual General Meeting
Re–Appointment
Name of Directors
Mr. Ajay Srinivasan Mr. B N Puranmalka
Date of Birth November 2, 1963 November 2, 1935
Date of Appointment/Re-appointment June 15, 2017 June 15, 2017
Qualification BA with Honours in Economics from St B.Com, F.C.A, F.C.S. and LLB
Stephens College, University of Delhi and an
MBA from the IIM, Ahmedabad
Expertise in specific functional Area Financial Services - Life Insurance, Fund Manufacturing and Service Industry
Management, Private Equity, Wealth
Management, Retail Broking, Non Banking
Financial Companies
List of Public Ltd. Companies (in India) in Aditya Birla Housing Finance Limited Aditya Birla Finance Limited
which outside directorship held Aditya Birla Finance Limited
Aditya Birla Sun Life AMC Limited
Aditya Birla ARC Limited
Aditya Birla Health Insurance Company
Limited
Aditya Birla MyUniverse Limited
Membership/Chairmanships of Committees 5 0
of other Public Companies (includes only Audit
Committee and Stakeholders Relationship
Committee)
REPORTING UNDER CG GUIDELINES ISSUED BY IRDAI

A detailed report on status of Compliance with the CG Guidelines issued by IRDAI is filed on an annual basis with IRDAI.
“CERTIFICATION FOR COMPLIANCE OF THE CORPORATE GOVERNANCE GUIDELINES”
I, Amber Gupta, Head-Legal & Company Secretary hereby certify that to the best of my knowledge and information available with
me, the Company has complied with the Corporate Governance Guidelines for Insurance Companies as amended from time to time
and nothing has been concealed or suppressed.

Amber Gupta
Company Secretary
Place: Mumbai
Date: April 26, 2019
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DISCLOSURE REQUIREMENTS AS PRESCRIBED BY THE CORPORATE GOVERNANCE GUIDELINES ISSUED

BY IRDAI FOR INSURANCE SECTOR
1. DISCLOSURES REGARDING THE BOARD GOVERNANCE 5. POLICY LAPSE RATIO

STRUCTURE Policy lapsation is measured through the persistency ratio
These include: which is furnished as below:
Number of Board and Board Committee meetings Analytical Ratios for Life Companies
held in the financial year. Persistency Ratio FY19 FY18

For 13th month 78.38% 75.25%
Details of composition of the Board and the For 25th month 66.08% 64.44%
Committees mandated including the names of the For 37th month 57.77% 55.47%
Directors, their fields of specialisation, status of For 49th Month 52.79% 49.46%
directorship held, etc. For 61st month 45.27% 42.28%
Number of meetings held by the Directors and the

6. FINANCIAL PERFORMANCE INCLUDING GROWTH RATE
members of the Committee.
AND CURRENT FINANCIAL POSITION OF THE INSURER
Details of remuneration paid, if any, to all the Directors A detailed analysis of the financial performance
(including independent directors). of the Company including growth rate and current
financial position has been furnished in Management
The above data has been furnished as a part of Corporate Discussion and Analysis section of the Annual Report.
Governance Report forming part of the Annual Report.
7. DESCRIPTION OF THE RISK MANAGEMENT ARCHITECTURE
2. BASIS, METHODS AND ASSUMPTIONS ON WHICH THE The risk management architecture of the Company has
FINANCIAL INFORMATION IS PREPARED AND IMPACT OF been detailed under the Enterprise Risk Management
CHANGES, IF ANY section of the Annual Report.
The basis, methods and assumptions using which the
financial statements have been prepared have been 8. DETAILS OF NUMBER OF CLAIMS INTIMATED, DISPOSED
detailed in financial statements i.e. significant accounting OF AND PENDING WITH DETAILS OF DURATION
policies and notes forming part of the financial statements. The claims settlement experience for the Company for
FY 2018-19 have been as follows:
3. QUANTITATIVE AND QUALITATIVE INFORMATION ON THE
COMPANY‘S FINANCIAL AND OPERATING RATIOS NAMELY, No. of Policies
Particulars (as at
INCURRED CLAIM, COMMISSION AND EXPENSES RATIOS March 31, 2019)
Information, both quantitative and qualitative, on the No. of Claims Outstanding at the beginning 45
insurer’s financial and operating ratios has been submitted of the year
in the financial section of the Annual Report. No. of Claims Intimated /reported during 5,259
the year
ACTUAL SOL ENC MARGIN DETAILS IS‑ ‑ IS THE No. of Claims Settled during the year 5,154
REQUIRED MARGIN No. of Claims Repudiated during the year 126
The details of the solvency ratio are as below: No. of Claims Outstanding at the end of Year 24
No. of Policies
Particulars FY19 FY18 Details of duration of outstanding claims (as at
Actual Solvency Ratio 198% 214% March 31, 2019)
Required Solvency Ratio 150% 150% Less than 3 months 21
3 months and less than 6 months 3
6 months and less than 1 year 0
1 year and above 0
Total 24

9. ALL PECUNIARY RELATIONSHIPS OR TRANSACTIONS OF 11. PAYMENT MADE TO GROUP ENTITIES FROM THE
NON‑E ECUTI E DIRECTORS POLICYHOLDERS FUND
The Company’s non-executive and independent Directors The Payment made to group entities from the policyholders
do not have any pecuniary relationships or transactions fund has been provided under the financial section of the
with the Company, its Directors or its senior management Annual Report.
except to the extent and manner as disclosed in the Annual
Report. 12. ALL RELATED PARTY TRANSACTIONS
Details of related party transactions entered into
10. ELEMENTS OF REMUNERATION PACKAGE OF INDIVIDUAL by the Company are included in the ‘Details of related
DIRECTORS AND KMP’S parties and transactions with related parties’ section of
The details of remuneration paid to MD & CEO and KMP’s the Notes to the Accounts forming part of the financial
(as specified by IRDAI) are as below: statements.
(` in thousand) 13. DISCLOSURE REQUIREMENTS OF THE PARTICIPATING

Particulars MD & CEO KMP AND UNIT LINKED POLICYHOLDERS’
Basic 17,836 44,347 Disclosure requirements of the Participating and Unit
Bonus 28,264 38,145 Linked policyholders’ have been furnished as a part of the
Retrials 5,674 8,954 financial statements.
Allowance/ Perquisites 22,820 55,553
LTIP 46,096 30,906 14. ANY OTHER MATTERS WHICH HAVE MATERIAL IMPACT
Total 1,20,690 1,77,905 ON THE FINANCIAL POSITION
There are no matters which have material impact on the
In addition to the above, stock options of Aditya Birla financial position except those disclosed in the financial
Capital Limited are granted under Aditya Birla Capital statements.
Limited Employee Stock Option Scheme, 2017.
No remuneration has been paid to Non-Executive Directors,

except the payment of sitting fees to the Independent
Directors.
Place: Mumbai Ajay Srinivasan Pankaj Razdan

Date: April 26, 2019 Director Managing Director & CEO
DIN: 00121181 DIN: 00061240
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ANNEXURE III
FORM AOC‑1
(Pursuant to first proviso to sub-section (3) of Section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statement of subsidiaries/ associate companies/ joint ventures
PART “A”: SUBSIDIARIES

(Information in respect of each subsidiary to be presented with amounts in `)
Sr.
Particulars Details
No.
1 Name of the subsidiary Aditya Birla Sun life Pension Management Limited
(formerly known as Birla Sun Life Pension Management
Limited)
2 Reporting period for the subsidiary concerned, if different from the holding April 1, 2018 – March 31, 2019
Company’s reporting period
3 Reporting currency and Exchange rate as on the last date of the relevant INR
Financial year in the case of foreign subsidiaries
4 Share capital 320,000,000
5 Reserves & surplus (50,176,797)
6 Total assets 283,818,263
7 Total Liabilities 13,995,059
8 Investments 261,003,563
9 Turnover /Total Income 20,599,900
10 Profit before taxation (40,161,694)
11 Provision for taxation (incl. deferred tax) (192,119)
12 Tax adjustment for earlier year -
13 Profit a°er taxation (39,969,575)
14 Proposed Dividend -
15 % of shareholding 100%
Notes: The following information shall be furnished at the end of the statement:
1. Names of subsidiaries which are yet to commence operations.
2. Names of subsidiaries which have been liquidated or sold during the year.
PART “B”: ASSOCIATES AND JOINT VENTURES

Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures-
1. Names of associates or joint ventures which are yet to commence operations: Not Applicable
2. Names of associates or joint ventures which have been liquidated or sold during the year. Not Applicable
Ajay Srinivasan Pinky Mehta B. N. Puranmalka

Director Director Director
(DIN - 00121181) (DIN – 00020429) (DIN – 00007432)
Pankaj Razdan Amit Jain

Managing Director and CEO Chief Financial Officer
(DIN – 00061240)
Anil Kumar Singh Amber Gupta

Chief Actuarial Officer & Appointed Actuary Company Secretary
Mumbai, April 26, 2019

Risk Management Framework ANNEXURE IV
A. RISK MANAGEMENT COMMITTEE

The Company follows three levels of Risk Mitigation Structure:
Board of Directors
Risk Management Committee
Risk Management Team
Function Heads
The risk management structure comprises of the Risk Management Team and Functional Heads governed by Board level Risk
Management Committee.
B. RISK MITIGATION STRATEGIES:

The Company is exposed to several risks in the course of its business. The overall business risks and mitigation strategies are
described as below.
Strategic Risk Risk to future earnings or capital in terms of failure to achieve the Company’s strategic or long term business plans
Mitigation Strategy: Strategic risks are managed through the Enterprise Risk Management framework using the risk
identification and review process. The Risk Management Committee monitors these risks and the action plans for
mitigating these risks.
Investment Risk Risk to Investment Performance can be due to Systematic Risks like Markets, Interest Rates, Liquidity, etc. or
Unsystematic Risk like the Company specific or Industry Specific Risks. These risks can impact the Guarantees,
other than hampering the Investment performance on temporary / permanent basis.
Mitigation Strategy: A governance structure, in form of the Investment Committee, and well defined investment
policies & processes are in place to ensure that the risks involved in investments are identified and acceptable levels
are defined.. All Regulatory and Internal norms are built in the Investment system, which monitors the Investment
limits and exposure norms on real-time basis..
Asset Liability An asset-liability mismatch occurs when the financial terms of an institution’s assets and liabilities do not
Management (ALM) correspond. These can lead to non-payment/deferment of claims, expenses, etc.
Risk
Mitigation Strategy: A governance structure, in form of the ALM Committee, and well defined Asset Liability
Management framework is in place to monitor Asset-Liability position of the Company. ABSLI’s Asset Liability
Management Techniques aims to manage the volume, mix, maturity, rate sensitivity, quality and liquidity of assets
and liabilities as a whole so as to attain a predetermined acceptable risk/reward ratio.
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Operational Risk The uncertainty arising from more than expected losses or damage to finances or reputation resulting from
inadequate or failed internal processes, controls, people, systems or external events.
Mitigation Strategy: Operational risks are governed through Operational Risk Management policy. The Company
maintains an operational loss database to track and mitigate risks resulting in financial losses. To control operational
risk, operating and reporting processes are reviewed and updated regularly. The Company has a Business Continuity
Plan in place to manage any business interruption risk. The Company is one of the few Indian Insurance companies
to be ISO 22301 (certified. Fraud management is handled through an internal committee and is governed by the
Fraud Reporting and Investigation Policy.
Insurance Risk The uncertainty of product performance due to differences between the actual experience and expected assumptions
affecting amount of claims, benefits payments, expenses etc.
Mitigation Strategy: The Company through its risk management policies has set up systems to continuously
monitor its experience with regard to other parameters that affect the value of benefits offered in the products.
Such parameters include policy lapses, premium persistency, maintenance expenses and investment returns. A
strong underwriting team is in place to review all proposals from clients, supported by comprehensive processes
and procedures, and guided by international experts.
Further, the possible financial effect of adverse mortality and morbidity experience has been reduced by entering
into reinsurance agreements with various Reinsurers.. All reinsurers are specialist reinsurance companies with
excellent reputation and significant financial strength.
Information Security The risk arising from IT systems (Data Leakage, Application Vulnerabilities, Lack of Segregation of Duties and
and Cyber Security Access Control), Human error etc., can cause damage to finances or reputation. Mitigation Strategy: Information
Risk Security risks are governed through Information Security Management System aligned and certified against ISO
27001:2013 which is a global benchmark.
C. RISK POLICIES:
The following risk policies govern and implement effective risk management practices:
Product Design and Pricing Policy, Underwriting and Liability Management Policy, Reinsurance Ceded Policy, Capital
Management Policy, Investment Policies, Investment Code of Conduct, Dealing Room Policy, Broker Empanelment
Policy, Valuation Policy, Information Security Policies, Internet & email Usage Policy, Logical Access Security Policy,
External Access Security Policy, Physical Access Security Policy, Business Continuity Policy, Record Management Policy,
Operational Risk Management Policy, Fraud Reporting and Investigating Policy, Asset Liability Management policy,
Outsourcing policy and Anti Money Laundering policy.

ANNEXURE V
E ECUTI E REMUNERATION PHILOSOPH POLIC ( ERSION 0)
Aditya Birla Sun Life Insurance Company Limited, (“the Company’), The Committee while making appointments to the Board
an Aditya Birla Group Company adopts/shall adopt this Executive assess the approximate mix of diversity, skills, experience
Remuneration Philosophy/Policy as applicable across Group and expertise. The Committee shall consider the benefits of
Companies. This philosophy/ policy is detailed below. diversity in identifying and recommending persons to Board
membership and shall ensure no member is discriminated
ADITYA BIRLA GROUP: EXECUTIVE REMUNERATION on the grounds of religion, race, Origin, sexual orientation
PHILOSOPHY/POLICY or any other physical or personal attribute.
At the Aditya Birla Group, we expect our executive team to
foster a culture of growth and entrepreneurial risk-taking. III. Business and Talent Competitors
Our Executive Remuneration Philosophy/Policy supports the We benchmark our executive pay practices and levels
design of programmes that align executive rewards – including against peer companies in similar industries, geographies
incentive programmes, retirement benefit programmes, and and of similar size. In addition, we look at secondary
promotion and advancement opportunities – with the long-term reference (internal and external) benchmarks in order to
success of our stakeholders. ensure that pay policies and levels across the Group are
broadly equitable and support the Group’s global mobility
Our business and organisational model objectives for executive talent. Secondary reference points
Our Group is a conglomerate and organised in a manner such bring to the table, the executive pay practices and pay
that there is sharing of resources and infrastructure. This results levels in other markets and industries, to appreciate the
in uniformity of business processes and systems thereby differences in levels and medium of pay and build in as
promoting synergies and exemplary customer experiences. appropriate for decision making.
I. Objectives of the Executive Remuneration Program IV. Executive Pay Positioning

Our executive remuneration programme is designed to We aim to provide competitive remuneration opportunities
attract, retain, and reward talented executives who will to our executives by positioning target total remuneration
contribute to our long-term success and thereby build (including perks and benefits, annual incentive pay-outs,
value for our shareholders. long term incentive pay-outs at target performance) and
target total cash compensation (including annual incentive
Our executive remuneration programme is intended to:
pay-outs) at target performance directionally between
median and top quartile of the primary talent market.
1. Provide for monetary and non-monetary remuneration
We recognise the size and scope of the role and the
elements to our executives on a holistic basis
market standing, skills and experience of incumbents while
positioning our executives.
2. Emphasise “Pay for Performance” by aligning
incentives with business strategies to reward
We use secondary market data only as a reference point
executives who achieve or exceed Group, business
for determining the types and amount of remuneration
and individual goals.
while principally believing that target total remuneration
packages should reflect the typical cost of comparable
II. Covered Executives
executive talent available in the sector.
Our Executive Remuneration Philosophy/Policy applies to
the following:
V. Executive Pay-Mix
Our executive pay-mix aims to strike the appropriate
1. Directors of the Company
balance between key components: (i) Fixed Cash
compensation (Basic Salary + Allowances) (ii) Annual
2. Key Managerial Personnel: Chief Executive Officer
Incentive Plan (iii) Long-Term Incentives (iv) Perks and
and equivalent (e.g. Deputy Managing Director), Chief
Benefits
Financial Officer and Company Secretary.
Annual Incentive Plan:
3. Senior Management
We tie annual incentive plan pay-outs of our executives
to relevant financial and operational metrics achievement
Policy for appointment and remuneration
and their individual performance. We annually align the
Appointment Criteria and Qualifications
financial and operational metrics with priorities/ focus
The Nomination and Remuneration Committee (the
areas for the business.
“Committee”) shall appoint Directors and individuals in
Senior Management according to the process which enable
Long-Term Incentive:
the identification of individual who are qualified to become
Our Long-term incentive plans incentivise stretch
Directors and who may be appointed in senior management.
performance, link executive remuneration to sustained
long term growth and act as a retention and reward tool.
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We use stock options as the primary long-term incentive a total remuneration package for our executives including
vehicles for our executives as we believe that they best continuity of service across the Group Companies.
align executive incentives with stockholder interests.
We limit other remuneration elements, for e.g.
We grant restricted stock units as a secondary long term Change in Control (CIC) agreements, severance
incentive vehicles, to motivate and retain our executives. agreements, to instances of compelling business need or
competitive rationale and generally do not provide for any
VI. Performance Goal Setting tax gross-ups for our executives.
We aim to ensure that for both annual incentive plans and
long term incentive plans, the target performance goals Risk and Compliance
shall be achievable and realistic. We aim to ensure that the Group's remuneration
programmes do not encourage excessive risk taking.
Threshold performance (the point at which incentive plans We review our remuneration programmes for factors
are paid out at their minimum, but non-zero, level) shall such as,remuneration mix overly weighted towards annual
reflect a base-line level of performance, reflecting an incentives, uncapped pay-outs, unreasonable goals or
estimated 90% probability of achievement. thresholds, steep pay-out cliffs at certain performance
levels that may encourage short-term decisions to meet
Target performance is the expected level of performance pay-out thresholds.
at the beginning of the performance cycle, taking into
account all known relevant facts likely to impact measured Claw back Clause:
performance. In an incident of restatement of financial statements,
due to fraud or non-compliance with any requirement
Maximum performance (the point at which the maximum of the Companies Act, 2013 and the rules made therea°er,
plan payout is made) shall be based on an exceptional level we shall recover from our executives, the remuneration
of achievement, reflecting no more than an estimated 10% received in excess, of what would be payable to him / her
probability of achievement. as per restatement of financial statements,pertaining to
the relevant performance year.
II Executive Benefits and Perquisites
Our executives are eligible to participate in our broad-based Implementation
retirement, health and welfare, and other employee benefit The Group and Business Centre of Expertise teams will
plans. In addition to these broad-based plans, they are assist the Nomination & Remuneration Committee in
eligible for perquisites and benefits plans commensurate adopting, interpreting and implementing the Executive
with their roles. These benefits are designed to encourage Remuneration Philosophy/Policy. These services will be
long-term careers with the Group. established through “arm’s length”, agreements entered
into as needs arise in the normal course of business.
Other Remuneration Elements
Each of our executives is subject to an employment
agreement. Each such agreement generally provides for

APPENDIX I: MANAGING DIRECTOR/ WHOLE TIME DIRECTOR/ CHIEF EXECUTIVE OFFICE REMUNERATION
1.0 OBJECTIVE:
To ensure effective governance of Compensation and alignment of compensation with performance and prudent risk
taking
2.0 COVERAGE & APPLICABILITY

This Policy is applicable to Managing Director/ Whole Time Director and Chief Executive Office.
3.0 REMUNERATION GUIDELINES

Remuneration shall be reasonable, taking into account relevant factors including the industry practice, competency,
competition and grade. It will be a mix of Fixed Salary, Valued and Non-Valued Perquisites / Benefits, Retirals, Annual
Bonus, Long-Term Deferred Cash Plans and ESOP’s with risk alignment.
Remuneration shall be adjusted for all types of risk such as credit, market and liquidity risks, Further, Remuneration
payouts are sensitive to the time horizon of the risk and Remuneration outcomes shall be symmetric with risk outcomes.
The Annual Bonus and Long-Term Deferred cash plans would be linked to comprehensive business performance, both
quantitative and qualitative, over a short term and long terms period. Benefits are defined as Total Cost to Company i.e.
Salary, Retirals and other Benefits and will include imputed value of benefits like Housing and Car. The vesting condition
of long term deferred bonus will be subject to business performance and have an element of claw back in case of
unfavourable business performance.
The MD/ CEO/ WTD remuneration is designed/modified basis the achievement of the goal sheet parameters. The goal
sheet parameters have both qualitative and quantitative elements of risk adjustments. The goal sheet achievement
against each parameter is reviewed by the highest authority on a yearly basis.
As per the business strategies and industry practices, a Variable Pay (constituting of annual performance pay and part of
the deferred performance pay payable for the year) exceeding 60% of the Total Pay (as defined above) will be considered
as ‘Substantial’ Pay and in such case an appropriate portion of the Variable Pay will be deferred over minimum of 3 years
from the date of pay-out of the initial tranche.
Remuneration practise would be governed by IRDA and related guidelines as applicable from time to time.
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ANNEXURE VI
The Members,
Our report of even date is to be read along with this letter.
(1) Maintenance of Secretarial record is the responsibility of the management of the Company. Our responsibility is to
express an opinion on these secretarial records based on our audit.
(2) We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about
the correctness of the contents of the secretarial records. The verification was done on test basis to ensure that
correct facts are reflected in secretarial records. We believe that the processes and practices, we followed provide a
reasonable basis for our opinion.
(3) We have not verified the correctness and appropriateness of financial records and Books of Account of the Company.
(4) Wherever required we have obtained the Management representation about the compliance of Laws, Rules and
Regulations and happening of events etc.
(5) The compliance of the provisions of Corporate and Other Applicable Laws, Rules, Regulations, Standard is the
responsibility of Management. Our examination was limited to the verification of procedures on test basis.
(6) The Secretarial Audit report is neither an assurance as to the future viability of the Company nor the efficacy or
effectiveness with which the Management has conducted the affairs of the Company.
For M/s. N. L. Bhatia & Associates

Practising Company Secretaries
UIN: P1996MH055800
N. L. Bhatia
Managing Partner
FCS No: 1176
CP No.: 422
Place: Mumbai

FORM NO MR‑
SECRETARIAL AUDIT REPORT
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule
No. 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
For the Year ended March 31, 2019
The Members, d) The Securities and Exchange Board of India (Issue of

Capital and Disclosure Requirements) Regulations,
Aditya Birla Sun Life Insurance Company Limited, 2009;
e) The Securities and Exchange Board of India (Issue
We have conducted the Secretarial Audit for the year ended
and Listing of Debt Securities) Regulations, 2008;
March 31, 2019 of the compliance of applicable statutory
provisions and the adherence to good corporate practices by f) The Securities and Exchange Board of India (Registrars
Aditya Birla Sun Life Insurance Company Limited (hereina°er to an Issue and Share Transfer Agents) Regulations,
called “the Company”). Secretarial Audit was conducted in a 1993 regarding the Companies Act and dealing with
manner that provided us a reasonable basis for evaluating the client;
corporate conducts/statutory compliances and expressing our
g) The Securities and Exchange Board of India (Delisting
opinion thereon.
of Equity Shares) Regulations, 2009; and
Based on our verification of the Company’s books, papers, minute h) The Securities and Exchange Board of India (Buyback
books, forms and returns filed and other records maintained by of Securities) Regulations, 1998;
the Company and also the information provided by the Company,
its officers, agents and authorised representatives during the (vi) Insurance Act, 1938 (amended till date) and Insurance
conduct of Secretarial Audit, we hereby report that in our Rules, 1939;
opinion, the Company has, during the year ended 31st March,
2019, complied with the statutory provisions listed hereunder (vii) Insurance Regulatory and Development Authority Act,
and also that the Company has proper Board-processes and 1999 and Rules & Regulation, Circular etc issued by the
compliance-mechanism in place to the extent, in the manner IRDAI thereunder;
and subject to the reporting made hereina°er:
Other Laws applicable to the Company;
We have examined the books, papers, minute books, forms and 1. Anti Money Laundering Regulation issued by IRDAI/RBI
returns filed and other records maintained by the Company for and various circulars and guidelines thereunder;
the year ended 31st March, 2019 according to the provisions
of: 2. Tax Laws:
(i) The Companies Act, 2013 (“the Act”) and the Rules made Value Added Tax (VAT) Act. (upto June 30, 2017)
thereunder;
The Finance Act, 1994 (Service Tax) (upto June 30,
2017)
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’)
and the rules made thereunder – Not Applicable Profession Tax Act;
Central Goods and Service Tax (GST) Act, 2017;
(iii) The Depositories Act, 1996 and the Regulations and Bye-
laws framed thereunder; State Goods and Service Tax (GST) Act, 2017;
Integrated goods and service Tax Act, 2017
(iv) Foreign Exchange Management Act, 1999 (“FEMA”)
Foreign Exchange Management (Insurance) Regulations, The Union Territory Goods And Services Tax Act,
2000 and other Regulations issued by RBI, to the extent 2017
applicable;
Works Contract Tax Act;
(v) The following Regulations and Guidelines prescribed under Income Tax Act, 1961;
the Securities and Exchange Board of India Act, 1992
Finance Act, 1994.
(‘SEBI Act’):- Not Applicable
3. Employee Laws:
a) The Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirement) Regulations,
Payment of Gratuity Act, 1972 and Payment of
2015
Gratuity (Central) Rules, 1972;
b) The Securities and Exchange Board of India
The Payment of Bonus Act, 1965 and Payment of
(Substantial Acquisition of Shares and Takeovers)
Bonus Rules, 1975;
Regulations, 2011;
The Payment of Wages Act, 1936;
c) The Securities and Exchange Board of India
(Prohibition of Insider Trading) Regulations, 1992; The Minimum Wages Act, 1948;
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The Employees’ Provident Fund and Miscellaneous We hereby have also examined compliance with the applicable
Provisions Act, 1952, and Scheme framed thereunder; clauses of the following:
The Employees’ State Insurance Act, 1948;
(i) Secretarial Standards issued by the Institute of
The Maternity Benefit Act, 1961; Company Secretaries of India (ICSI);
The Contract Labour (Abolition and Regulation) Act,
During the period under review the Company has complied
1970 & Rules;
with the provisions of the Act, Rules, Regulations, Guidelines,
Equal Remuneration Act, 1976; Standards, etc. mentioned above.
Workmen’s Compensation Act, 1923;
We further report that; the Board of Directors of the Company
Employment Standing Orders Act, 1946; is duly constituted with proper balance of Executive Directors,
Non-Executive Directors and Independent Directors. The
Child Labour (Prohibition and Regulation) Act, 1986;
changes in the composition of the Board of Directors that
The Employment Exchange (Compulsory Notification took place during the period under review were carried out in
of vacancies) Act, 1959; compliance with the provisions of the Act.
The Apprentices Act, 1961 and Apprenticeship Rules,
Adequate notice is given to all directors to schedule the Board
1991 under the above Rules;
Meetings and Board Committee Meetings. Agenda and detailed
Labour Welfare Fund Act. notes on agenda were sent at least seven days in advance
and consent for shorter notice has been obtained wherever
4. Indian Stamp Act, 1899 and the State Stamp Acts; applicable.
5. Copyright Act, 1957; Consent given by all the Directors for the same was duly
recorded in the Minutes. A system exists for seeking and
6. The Labour Welfare Fund, Act, 1953; obtaining further information and clarifications on the agenda
items before the meeting and for meaningful participation at
7. Trademarks Act, 1999; the meeting.
8. Indian Contract Act, 1982; Majority decision is carried through while the dissenting
members’ views are captured and recorded as part of the
9. Negotiable Instruments Act, 1881; minutes. All the decisions have been taken unanimously in
Board Meetings.
10. Information Technology Act, 2000;
We further report that; there are adequate systems and
11. Whistle-Blowers Protection Act, 2011; processes in the Company commensurate with the size and
operations of the Company to monitor and ensure compliance
12. Registration Act, 1908; with applicable Laws, Rules, Regulations and Guidelines.
13. Limitation Act, 1963; We further report that; during the year under review Registrar
and share transfer agent of the Company was changed from
14. The States Shops and Establishment Act; M/s. MCS SHARE TRANSFER AGENT LTD to M/s. Karvy Stock
Broking Limited.
15. Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013. We further report that; during the year under review the
Company has appointed M/s. Haribhakti & co. LLP as joint
statutory auditor for Five years from FY 2019-20.
For M/s. N. L. Bhatia & Associates

Practising Company Secretaries
UIN: P1996MH055800
N. L. Bhatia
Managing Partner
FCS No.: 1176
CP No.: 422
Place: Mumbai

Report on ANNEXURE VII
Corporate Social Responsibility

1. A BRIEF OUTLINE OF THE COMPANY'S CSR POLICY, INCLUDING OVERVIEW OF PROJECTS OR PROGRAMMES PROPOSED
TO BE UNDERTAKEN AND A REFERENCE TO THE WEB‑LINK TO THE CSR POLIC AND PRO ECTS OR PROGRAMMES
For us in the Aditya Birla Group, reaching out to underserved communities is part of our DNA. The Company believes in the
trusteeship concept. This entails transcending business interests and grappling with the “quality of life” challenges that
underserved communities face, and working towards making a meaningful difference to them.
Our vision is - “to actively contribute to the social and economic development of the communities in which the Company
operates. In so doing build a better, sustainable way of life for the weaker and marginalised sections of society and raise the
country’s human development index”
Mrs. Rajashree Birla, Chairperson, Aditya Birla Centre for Community Initiatives and Rural Development.
Implementation process:
Identification of projects - All projects are identified in consultation with the community in a participatory manner, literally
sitting with them and gauging their basic needs. The Company re-courses to the participatory rural appraisal mapping
process. Subsequently, based on a consensus and in discussion with the village panchayats, and other stakeholders, projects
are prioritised.
Arising from this our focus areas that have emerged are Education, Health care, Sustainable livelihood, Infrastructure
development, and espousing social causes. All of our community projects/programmes are carried out under the aegis of
The Aditya Birla Centre for Community Initiatives and Rural Development. Our activities are in line with Schedule VII of the
companies Act, 2013.
Your Company has framed a CSR Policy in compliance with the provisions of the Companies Act, 2013, which is accessible
from our Company’s website at www.adityabirlasunlifeinsurance.com.
2. THE COMPOSITION OF THE CSR COMMITTEE

A) Members:
1. Mr. Arun Adhikari – Independent Director (Chairman)
2. Mr. Ajay Srinivasan – Non-Executive Director
3. Mr. Sandeep Asthana – Non-Executive Director

B) Permanent Invitee(s):
1. Mrs. Rajashree Birla, Chairperson, Aditya Birla Centre for Community Initiatives and Rural Development.
2. Dr. (Mrs.) Pragnya Ram – Group Executive President, Corporate Communications and CSR
3. Mr. Pankaj Razdan – Managing Director and CEO
A ERAGE NET PROFIT OF THE COMPAN FOR LAST THREE FINANCIAL EARS 1 2 1 8 ‑ (AMOUNT IN THOUSANDS)
PRESCRIBED CSR E PENDITURE (TWO PERCENT OF THE AMOUNT AS IN ITEM ABO E) 28 ‑ (AMOUNT IN
THOUSANDS)
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5. DETAILS OF CSR SPENT DURING THE FINANCIAL YEAR.

(a) Total amount to be spent for the financial year - ₹ 28,700/- (Amount in Thousands)
(b) Amount unspent, if any - NIL
(c) Manner in which the amount spent during the financial year is detailed below.
(Amount in Thousands)
Projects or Amount spent on the
programmes (1) Local Project
Sector in area or other (2) Specify Amount outlay or programmes Sub
Amount spent:
Which the the State (budget) Project heads Cumulative
CSR project or activity Direct or through implementing
Project or district where the or programmes- (1) Direct expenditure expenditure upto the
undertaken Agency
Is covered Projects or programmes wise on the projects or reporting period
was programmes
undertaken (2) Overheads
Healthcare NGO - Healthcare Orissa and Tamil 33,000 10,000 29,555 Through Non-Profit
Dhan Foundation Nadu organisation – Dhan
Foundation
Healthcare Healthcare Tribal regions of 5,000 5,000 5,000 Through Non-Profit
NGO - Nav Jharkhand organisation – Nav
Bharat Jagriti Bharat Jagriti Kendra
Kendra
Education Education Bangalore, 12,900 4,700 11,600 Through Non-Profit
NGO - Buzz India Karnataka organisation – Buzz India
Healthcare Healthcare Chhattisgarh 2,500 2,500 2,500 Through Non-Profit
NGO- Antara organisation – Antara
Foundation Foundation
Education NGO - Education Uttar Pradesh 5,100 5,100 5,100 Through Non-Profit
Smile Foundation organisation – Smile
Foundation
Project 1,400
Administration
Overhead
TOTAL 58,500 28,700 53,755
* Give details of implementing agency
6. IN CASE THE COMPANY HAS FAILED TO SPEND THE TWO PER CENT OF THE AVERAGE NET PROFIT OF THE LAST THREE
FINANCIAL YEARS OR ANY PART THEREOF, THE COMPANY SHALL PROVIDE THE REASONS FOR NOT SPENDING THE
AMOUNT IN ITS BOARD REPORT N A
7. A RESPONSIBILITY STATEMENT OF THE CSR COMMITTEE THAT THE IMPLEMENTATION AND MONITORING OF CSR POLICY
IS IN COMPLIANCE WITH CSR OBJECTIVES AND POLICY OF THE COMPANY.
The CSR Committee hereby declares that the implementation and monitoring of CSR Policy of the Company is in compliance
with CSR objectives and Policy of the Company.

Place: Mumbai Arun Adhikari Pankaj Razdan

Mumbai, April 26, 2019 Chairman (CSR Committee) Managing Director & CEO
(DIN No. 00591057) (DIN No. 00061240)

ANNEXURE VIII
FORM NO. MGT 9
EXTRACT OF ANNUAL RETURN
as on financial year ended on March 31, 2019
Pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12(1) of the Company
(Management & Administration) Rules, 2014
1 REGISTRATION & OTHER DETAILS:
CIN U99999MH2000PLC128110
Registration Date August 4, 2000
Name of the Company Aditya Birla Sun Life Insurance Company Limited
Category/Sub-category of the Company Company having Share Capital
Address of the Registered office & contact details One Indiabulls Centre, Tower-1, 16th floor, Jupiter Mill Compound,
841, Senapati Bapat Marg, Prabhadevi (West),
Mumbai 400 013
Telephone No. 022 67239100
Whether listed company No
Name, Address & contact details of the Registrar & Transfer Agent, MCS Share Transfer Agent Limited
if any. 002, Ground Floor, Kashiram Jamnadas Bldg. 5, P. D' Mello Road,
Near Ghadiyal Godi, Masjid (East), Mumbai - 400 009
Contact Person:
Name: Mr. Subodh Vichare
Contact Number: 022-28516020/023
Email Id: [email protected]
2 PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10% or more of the total turnover of the Company shall be stated
NIC Code of the % to total turnover
Name & Description of main products/services
Product /service of the Company
Life Insurance 65110 100%
3 PARTICULARS OF HOLDING, SUBSIDIARY & ASSOCIATE COMPANIES

Holding/ Subsidiary/ % Of Applicable
Name & Address of the Company CIN / GLN
Associate Shares Held Section
Aditya Birla Capital Limited L67120GJ2007PLC058890 Holding 51% 2(46)
Indian Rayon Compound, Veraval, Gujarat, 362266
Aditya Birla Sun Life Pension Mangement Limited U66000MH2015PLC260801 Subsidiary 100% 2 (87)
One Indiabulls Centre, Tower-1, 16th floor,
Jupiter Mill Compound, 841, Senapati Bapat Marg,
Prabhadevi (West),
Mumbai 400 013
64
SHAREHOLDING PATTERN (E UIT SHARE CAPITAL BREAK UP AS TO TOTAL E UIT )
% change during
No. of Shares held at the beginning of the year (April 1, 2018) No. of Shares held at the end of the year (March 31, 2019)
Category of Shareholders the year
Demat Physical Total % of Total Shares Demat Physical Total of Total Shares
A. PROMOTERS
(1) Indian
a) Individual*/HUF - 5 5 0% - 5 5 0% - -
b) Central Govt.or State Govt. - - - 0% - - - 0% - -
c) Bodies Corporates 969,616,075 - 969,616,075 51% 969,616,075 - 969,616,075 51% - -
d) Bank/FI - - - 0% - - - 0% - -
e) Any other - - - 0% - - - 0% - -
SUB-TOTAL (A) (1) 969,616,075 5 969,616,080 51% 969,616,075 5 969,616,080 51% - -
(2) Foreign
a) NRI- Individuals - - - 0% - - - 0% - -
b) Other Individuals - - - 0% - - - 0% - -
c) Bodies Corp. 437,277,840 494,314,080 931,591,920 49% 437,277,840 494,314,080 931,591,920 49% - -
d) Banks/FI - - - 0% - - - 0% - -
e) Any other… - - - 0% - - - 0% - -
SUB-TOTAL (A) (2) 437,277,840 494,314,080 931,591,920 49% 437,277,840 494,314,080 931,591,920 49% - -
Total Shareholding of Promoter (A)= (A) 1,406,893,915 494,314,085 1,901,208,000 100% 1,406,893,915 494,314,085 1,901,208,000 100% - -
(1)+(A)(2)
B. PUBLIC SHAREHOLDING
(1) Institutions
a) Mutual Funds - - - - - - - - - -
b) Banks/FI - - - - - - - - - -
c) Central Govt. - - - - - - - - - -
d) State Govt. - - - - - - - - - -
e) Venture Capital Fund - - - - - - - - - -
f) Insurance Companies - - - - - - - - - -
g) FIIS - - - - - - - - - -
h) Foreign Venture - - - - - - - - - -
Capital Funds
i) Others (specify) - - - - - - - - - -
SUB-TOTAL (B)(1) - - - - - - - - - -
(2) Non-Institutions
01-19
a) Bodies corporates - - - - - - - - - -
i) Indian - - - - - - - - - -
ii) Overseas - - - - - - - - - -
Corporate Overview
b) Individuals - - - - - - - - - -
i) Individual shareholders holding - - - - - - - - - -
nominal share capital upto `1 Lakhs
ii) Individuals shareholders holding - - - - - - - - - -
20-68
nominal share capital in excess of

` 1 Lakhs
c) Others (specify) - - - - - - - - - -
SUB-TOTAL (B)(2) - - - - - - - - - -
Statutory Reports
Total Public Shareholding - - - - - - - - - -

(B)= (B)(1)+(B)(2)
C. SHARES HELD BY CUSTODIAN FOR GDRS - - - - - - - - - -
00-00
69-288
& ADRS

Grand Total (A+B+C) 1,406,893,915 494,314,085 1,901,208,000 100% 1,406,893,915 494,314,085 1,901,208,000 100% - -
(*Shares held as a nominee of Aditya Birla Capital Limited)
Financial Statements
65
(ii) Share Holding of Promoters
66
Shareholding at the begginning of the year Shareholding at the end of the year
(April 1, 2018) (March 31, 2019) % change in
Sr. % of shares of total of shares share holding
Shareholders Name % of total Shareholders Name
No. pledged shares pledged during the
ANNUAL REPORT
No of shares shares No of shares

encumbered to of the encumbered to year
of the Company
total shares Company total shares
1 Aditya Birla Capital Ltd 969,616,075 51% - Aditya Birla Capital Ltd 969,616,075 51% - -
2 Sun Life Financial (India) Insurance 931,591,920 49% - Sun Life Financial (India) 931,591,920 49% - -
2018-19
Investments Inc. Insurance Investments Inc.

3 A. Dhananjaya as a nominee of Aditya 1 0% - A. Dhananjaya as a nominee of 1 0% - -
Birla Capital Limited Aditya Birla Capital Limited
4 Pinky Mehta as a nominee of Aditya Birla 1 0% - Pinky Mehta as a nominee of 1 0% - -
Capital Ltd Aditya Birla Capital Ltd
5 Subhro Bhaduri as a nominee of Aditya 1 0% - Subhro Bhaduri as a nominee of 1 0% - -
6 Ajay Kakar as a nominee of Aditya Birla 1 0% - Ajay Kakar as a nominee of Aditya 1 0% - -
Capital Limited Birla Capital Limited
7 Anjali Makhija as a nominee of Aditya 1 0% - Anjali Makhija as a nominee of 1 0% - -
Total 1,901,208,000 100% - 1,901,208,000 100% - -
(iii) Change in Promoters' Shareholding (Specify if there is no change)

Share holding at the beginning of the Cumulative Share holding during the
Year (April 1, 2018) year (March 31, 2019)
Sr.
Shareholders Name % of total of total
No.
No. of Shares shares of the No of shares shares of the
Company Company
At the beginning of the year No Change during the year
Date wise increase/ decrease in Promoters Share holding during the year specifying the reasons for increase/
No Change during the year
decrease (e.g. allotment/ transfer/ bonus/ sweat equity etc.)
At the end of the year No Change during the year
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(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters & Holders of GDRs & ADRs)
Sr.
No.
No.of shares shares of the No of shares shares of the
Company company
NIL
(v) Shareholding of Directors & Key Managerial Personnel

Sr.
No.
No. of Shares shares of the No of shares shares of the
Company Company
Ms.Pinky Mehta as a nominee of Aditya Birla Capital Limited,
1 - 1 -
Non-Executive Director
At the beginning of the year 1 - 1 -
At the end of the year 1 - 1 -
Note: None of the KMP hold shares in the Company
5 INDEBTEDNESS
NIL
6 REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Whole-Time Directors and/or Manager Manager:
Sr. Name of MD & CEO Total Amount

Particulars of Remuneration
No. Mr. Pankaj Razdan (INR)
1 Gross salary
(a) Salary as per provisions contained in Section 17(1) of the Income-tax Act, 1961 65,939,587 65,939,587
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961 2,980,118 2,980,118
(c) Profits in lieu of salary under Section 17(3) Income- tax Act, 1961 - -
2 Stock Option # - -
3 Sweat Equity - -
4 Commission
- as % of profit - -
- others, specify - -
5 Others, please specify * 46,095,907 46,095,907
Total (A) 115,015,612 115,015,612
Ceiling as per the Act ** - -
Notes:
# Stock options of Aditya Birla Capital Limited are granted under Aditya Birla Capital Limited Employee Stock Option Scheme, 2017.
* Long-Term Incentive Plan
** The Provisions/Ceiling relating to payment of Managerial Remuneration under the Companies Act, 2013 are not applicable to the Company since
the Company is an Insurance Company under the provisions of Insurance Act, 1938. The appointment of MD & CEO and the payment of remuneration
is in accordance with Section 34A of Insurance Act, 1938 of Insurance Regulatory and Development Authority of India (IRDAI).

B. Remuneration to other directors:

Name of Directors
Sr. Total Amount
Particulars of Remuneration Mr. Haigreve Mr. Shobhan
No. Mr. Arun Adhikari (INR)
Khaitan Thakore
Independent Directors
1 Fee for attending Board and Committee meetings 75,000 510,000 400,000 985,000
2 Commission - - - -
3 Others, please specify - - - -
Total (1) 75,000 510,000 400,000 985,000
Other Non-Executive Directors
1 Fee for attending board committee meetings - - - -
2 Commission - - - -
3 Others, please specify - - - -
Total (2) - - - -
Total (B)=(1+2) 75,000 510,000 400,000 985,000
Total Managerial Remuneration - - - -
Overall Ceiling as per the Act - - - -
C Remuneration to Key Managerial Personnel other than MD/Manager/WTD

Key Managerial Personnel
Sr. Total Amount
Particulars of Remuneration Chief Financial Officer Company Secretary
No. (INR)
Mr. Amit Jain Mr. Amber Gupta
1 Gross salary
(a) Salary as per provisions contained in Section 17(1) of the 14,024,205 7,045,575 21,069,780
Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961 32,400 108,720 141,120
(c) Profits in lieu of salary under Section 17(3) Income-tax Act, - - -
1961
2 Stock Option # - - -
3 Sweat Equity - - -
4 Commission
- as % of profit - - -
- others, specify… - - -
5 Others, please specify 1,838,483 755,638 2,594,121
Total 15,895,088 7,909,933 23,805,021
# Stock options of Aditya Birla Capital Limited are granted under Aditya Birla Capital Limited Employee Stock Option Scheme, 2017.
7. PENALTIES/PUNISHMENT/COMPOUNDING OF OFFENCES
There were no penalties/punishment/compounding of offences under the Companies Act, 2013.
for Aditya Birla Sun Life Insurance Company Limited

(Formerly known as Birla Sun Life Insurance Company Limited)

Director Managing Director and CEO
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Independent Auditor’s Report

To the Members of ii. in the case of the Revenue Account, of the net surplus
Aditya Birla Sun Life Insurance Company Limited for the year ended March 31, 2019;
iii. in the case of the Profit and Loss Account, of the
REPORT ON THE STANDALONE FINANCIAL STATEMENTS profit for the year ended March 31, 2019; and
OPINION
iv. in the case of the Receipts and Payments Account,
1. We have audited the accompanying standalone financial
of the receipts and payments for the year ended
statements of Aditya Birla Sun Life Insurance Company
March 31, 2019.
Limited (formerly known as Birla Sun Life Insurance
Company Limited) (the “Company”), which comprise the BASIS FOR OPINION
Balance Sheet as at March 31, 2019, the related Revenue 3. We conducted our audit of the standalone financial
Account (also called the “Policyholders’ Account” or the statements in accordance with the Standards on Auditing
“Technical Account”), the Profit and Loss Account (also (SAs) specified under section 143(10) of the Act.
called the “shareholders’ Account” or “Non-Technical Our responsibilities under those Standards are further
Account”) and Receipts and Payments Account for the described in the Auditor’s Responsibility for the Audit of
year then ended, and a summary of significant accounting the standalone financial statements section of our report.
policies and other explanatory information. We are independent of the Company in accordance with
the Code of Ethics issued by the Institute of Chartered
2. In our opinion and to the best of our information and
Accountants of India (“ICAI”) together with the ethical
according to the explanations given to us, the aforesaid
requirements that are relevant to our audit of the
standalone financial statements give the information
standalone financial statements under the provisions of the
required by the Companies Act, 2013 (the “Act”) to the
Act and the Rules made thereunder, and we have fulfilled
extent applicable in the manner so required and give a true
our other ethical responsibilities in accordance with these
and fair view in conformity with the Accounting Standards
requirements and the ICAI Code of Ethics. We believe
prescribed under section 133 of the Act read with the
that the audit evidence obtained by us is sufficient and
Companies (Accounting Standards) Rules, 2006, as
appropriate to provide a basis for our audit opinion on the
amended (“Accounting Standards”) and other accounting
standalone financial statements.
principles generally accepted in India, including the
provisions of the Insurance Act, 1938 as amended by the KEY AUDIT MATTERS
Insurance Laws (Amendment) Act, 2015 (the “Insurance 4. Key audit matters are those matters that, in our
Act”), the Insurance Regulatory and Development Authority professional judgment, were of most significance in our
Act, 1999 (the “IRDA Act”), the Insurance Regulatory audit of the standalone financial statements of the current
and Development Authority (Preparation of Financial year. These matters were addressed in the context of our
Statements and Auditor’s Report of Insurance audit of the standalone financial statements as a whole,
Companies) Regulations, 2002 (the “IRDA Financial and in forming our opinion thereon, and we do not provide
Statements Regulations”) and circulars/orders/directions a separate opinion on these matters. We have determined
issued by the Insurance Regulatory and Development the matters described below to be the key audit matters to
Authority of India (the “IRDAI”) to the extent applicable: be communicated in our report.
i. in the case of the Balance Sheet, of the state of
affairs of the Company as at March, 31 2019;


Description of Key Audit Matters:
Key Audit Matters How the matter was addressed in our audit
POLICY LIABILITIES:
Provisions against life insurance contracts mainly comprise We have reconciled the underlying data used by the Company’s
the provision for future policy benefits and the provision for Appointed Actuary (the “Appointed Actuary”) with the trial balance
outstanding claims. and the data obtained by us from the policy administration system to
ensure completeness.
Valuation of the provision for future policy benefits is necessarily
dependent on a number of assumptions. Refer in particular to We have understood from the Appointed Actuary the assumptions
discount rates, mortality and morbidity assumptions, acquisition used and the basis for the same to evaluate these assumptions with
and administration expenses, and calculated lapse rates. In the available peer details.
accordance with applicable accounting regulations, these
We have assessed the Company’s methodology for calculating the
assumptions are determined at the start of a contract and are only
policy liabilities against recognized actuarial practices.
adjusted if there is a significant deterioration or due to experience
adjustments. We obtained and reconciled the provision amount with the Appointed
Actuary's certificate in this regard.
Apart from the above, the actuarial valuation of liabilities for life
policies in force and for policies in respect of which premium has
been discontinued but liability exists as at March 31, 2019 is the
responsibility of the Appointed Actuary. The actuarial valuation of
these liabilities for life policies in force and for policies in respect of
which premium has been discontinued but liability exists as at March
31, 2019 has been duly certified by the Appointed Actuary and in
his opinion, the assumptions for such valuation are in accordance
with the guidelines and norms issued by the IRDAI and the Institute
of Actuaries of India in concurrence with the IRDAI. We have relied
upon Appointed Actuary’s certificate in this regard for forming our
opinion on the valuation of liabilities for life policies in force and
for policies in respect of which premium has been discontinued but
liability exists in standalone financial statements of the Company
Considering this matter has been treated as Key Audit Matter here,
the same is not reported under Other Matter paragraph below.
INFORMATION TECHNOLOGY SYSTEMS:
The Company is highly dependent on its information technology (IT) We involved our IT specialists to obtain an understanding of the
systems for carrying out its operations and owing to the significant entity’s IT related control environment. Furthermore, we conducted
number of transactions that are processed on daily basis as part a risk assessment and identified IT applications, databases and
of its operations, which impacts key financial accounting and operating systems that are relevant to our audit.
reporting items such as premium income, claims, commission
For the key IT systems relevant to financial reporting financial
expense and Investments among others.
information, our areas of audit focus included Access Security
The controls implemented by the entity in its IT environment (including controls over privileged access), Program Change controls
determine the integrity, accuracy, completeness and validity of the and Network Operations. In particular:
data that is processed by the applications and is ultimately used
we obtained an understanding of the entity’s IT environment and key
for financial reporting. These controls contribute to mitigating risk
changes if any during the audit period that may be relevant to the
of potential misstatements caused by fraud or error.
audit;
Accordingly, our audit was focussed on key IT systems and controls
we tested the design, implementation and operating effectiveness
due to the pervasive impact on the financial statements.
of the General IT controls over the key IT systems that are critical
to financial reporting. This included evaluation of entity’s controls
to ensure segregation of duties and access rights being provisioned
/ modified based on duly approved requests, access for exit cases
being revoked in a timely manner and access of all users being
re-certified during the period of audit. Further, controls related
to program change were evaluated to verify whether the changes
were approved, tested in an environment that was segregated from
production and moved to production by appropriate users;
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we also tested automated business cycle controls relevant to the
audit;
we tested the controls over network segmentation, restriction
of remote access to the entity’s network, controls over firewall
configurations and mechanisms implemented by the entity to
prevent, detect and respond to network security incidents; and
we tested compensating controls or performed alternate procedures
to assess whether there were any unaddressed IT risks that would
impact the controls or completeness and accuracy of data.”
INFORMATION OTHER THAN THE FINANCIAL STATEMENTS This responsibility also includes maintenance of adequate
AND AUDITOR’S REPORT THEREON accounting records in accordance with the provisions of
5. The Company’s Board of Directors is responsible for the the Act for safeguarding of the assets of the Company and
preparation of the other information, comprising of the for preventing and detecting frauds and other irregularities;
information included in the Management Discussion selection and application of appropriate accounting policies;
and Analysis, Board’s Report including Annexures to making judgments and estimates that are reasonable and
Board’s Report, Corporate Governance and such other prudent; and design, implementation and maintenance of
disclosures related Information, excluding the standalone adequate internal financial controls, that were operating
financial statements and auditor’s report thereon (‘Other effectively for ensuring the accuracy and completeness of
Information’). Our opinion on the standalone financial the accounting records, relevant to the preparation and
statements does not cover the other information and we presentation of the standalone financial statement that give
do not express any form of assurance conclusion thereon. a true and fair view and are free from material misstatement,
whether due to fraud or error.
In connection with our audit of the standalone financial
statements, our responsibility is to read the other In preparing the standalone financial statements,
information when it becomes available and, in doing management is responsible for assessing the Company’s
so, consider whether the other information is materially ability to continue as a going concern, disclosing, as
inconsistent with the standalone financial statements or applicable, matters related to going concern and using the
our knowledge obtained during the course of our audit or going concern basis of accounting unless management
otherwise appears to be materially misstated. either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
If, based on the work we have performed, we conclude
that there is a material misstatement therein, we are The Board of Directors is also responsible for overseeing
required to communicate the matter to those charges the Company’s financial reporting process.
with governance as required under SA 720 'The Auditor's
AUDITOR’S RESPONSIBILITY FOR THE AUDIT OF THE
responsibilities Relating to other Information'. We have
STANDALONE FINANCIAL STATEMENTS
nothing to report in this regard.
7. Our objectives are to obtain reasonable assurance about
MANAGEMENT’S RESPONSIBILITY FOR THE STANDALONE whether the standalone financial statements as a whole
FINANCIAL STATEMENTS are free from material misstatement, whether due to fraud
6. The Company’s Board of Directors is responsible for the or error, and to issue an auditor’s report that includes
matters stated in section 134(5) of the Act with respect to our opinion. Reasonable assurance is a high level of
the preparation of these standalone financial statements assurance, but is not a guarantee that an audit conducted
that give a true and fair view of the Balance Sheet, the in accordance with SAs will always detect a material
related Revenue Account, the Profit and Loss Account misstatement when it exists. Misstatements can arise from
and Receipts and Payments Account of the Company fraud or error and are considered material if, individually or
in accordance with the Accounting Standards and other in the aggregate, they could reasonably be expected to
accounting principles generally accepted in India, including influence the economic decisions of users taken on the
the provisions of the Insurance Act, the IRDA Act, the IRDA basis of these standalone financial statements.
Financial Statements Regulations and circulars/orders/
8. As part of our audit in accordance with SAs we exercise
directions issued by the IRDAI to the extent applicable, in
professional judgement and maintain professional
this regard.
scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of We also provide those charged with governance with a
the financial statements, whether due to fraud or error, statement that we have complied with relevant ethical
to design and perform audit procedures responsive to requirements regarding independence, and to communicate
those risks, and obtain audit evidence that is sufficient with them all relationships and other matters that may
and appropriate to provide a basis for our opinion. The risk reasonably be thought to bear on our independence, and
of not detecting a material misstatement resulting from where applicable, related safeguards.
fraud is higher than for one resulting from error, as fraud
From the matters communicated with those charged with
may involve collusion, forgery, intentional omissions,
governance, we determine those matters that were of
misrepresentations, or the override of internal control.
most significance in the audit of the standalone financial
Obtain an understanding of internal control relevant to statements of the current period and are therefore the key
the audit in order to design audit procedures that are audit matters. We describe these matters in our auditor’s
appropriate in the circumstances. Under section 143(3) report unless law or regulation precludes public disclosure
(i) of the Act, we are also responsible for expressing our about the matter or when, in extremely rare circumstances,
opinion on whether the Company has adequate internal we determine that a matter should not be communicated
financial controls system in place and the operating in our report because the adverse consequences of doing
effectiveness of such controls. so would reasonably be expected to outweigh the public
interest benefits of such communication.
Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
related disclosures made by management. 1. As required by the IRDA Financial Statements Regulations,
we have issued a separate certificate dated April 26, 2019
Conclude on the appropriateness of management’s use
certifying the matters specified in paragraphs 3 and 4 of
of the going concern basis of accounting and, based
Schedule C to the IRDA Financial Statements Regulations.
on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that 2. As required by IRDA Financial Statements Regulations,
may cast significant doubt on the Company’s ability to read with Section 143(3) of the Act based on our audit, we
continue as a going concern. If we conclude that a material report that:
uncertainty exists, we are required to draw attention in our
a) We have sought and obtained all the information and
auditor’s report to the related disclosures in the financial
explanations which to the best of our knowledge and
statements or, if such disclosures are inadequate, to
belief were necessary for the purposes of our audit
modify our opinion. Our conclusions are based on the
and have found them to be satisfactory.
audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause the b) In our opinion, proper books of account as required
Company to cease to continue as a going concern. by law have been kept by the Company, so far as it
appears from our examination of those books.
Evaluate the overall presentation, structure and content
of the financial statements, including the disclosures, and c) The Balance Sheet, the Revenue Account, the Profit
whether the financial statements represent the underlying and Loss Account and the Receipts and Payments
transactions and events in a manner that achieves fair Account dealt with by this report are in agreement
presentation. with the books of account.
9. Materiality is the magnitude of misstatements in the d) As the Company’s financial accounting system is
standalone financial statements that, individually or in centralized, no returns for the purposes of our audit
aggregate, makes it probable that the economic decisions are prepared at the branches of the Company.
of a reasonably knowledgeable user of the standalone
e) In our opinion, the aforesaid standalone financial
financial statements may be influenced. We consider
statements comply with the Accounting Standards
quantitative materiality and qualitative factors in (i)
specified under Section 133 of the Act, to the extent
planning the scope of our audit work and in evaluating
not inconsistent with the accounting principles
the results of our work; and (ii) to evaluate the effect of
prescribed in the IRDA Financial Statements
any identified misstatements in the standalone financial
Regulations, the Insurance Act, the IRDA Act and
statements.
orders/directions issued by the IRDAI in this regard.
We communicate with those charged with governance
f) In our opinion and to the best of our information
regarding, among other matters, the planned scope and
and according to the explanations given to us,
timing of the audit and significant audit findings, including
investments have been valued in accordance with the
any significant deficiencies in internal control that we
provisions of the Insurance Act, the IRDA Financial
identify during our audit.
Statements Regulations and/or orders/directions/
circulars issued by IRDAI in this regard.
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g) In our opinion, the accounting policies selected by i. The Company has disclosed the impact of
the Company are appropriate and are in compliance pending litigations on its financial position in its
with the applicable Accounting Standards specified standalone financial statements.
under section 133 of the Act and with the accounting
ii. The liability for insurance contracts, is
principles prescribed in IRDA Financial Statements
determined by the Company’s Appointed Actuary
Regulations and orders/directions/circulars issued
as per Schedule 16 Note 11, and is covered by
by the IRDAI in this regard.
the Appointed Actuary’s certificate, referred to
h) On the basis of the written representations received in Key Audit Matters paragraph above, on which
from the directors of the Company as on March 31, we have placed reliance; and the Company did
2019 taken on record by the Board of Directors, not have any long-term contracts including
none of the directors is disqualified as on March 31, derivative contracts for which there were any
2019 from being appointed as a director in terms of material foreseeable losses.
Section 164 (2) of the Act.
iii. There were no amounts which were required to
i) With respect to the adequacy of the internal financial be transferred to the Investor Education and
controls over financial reporting of the Company and Protection Fund by the Company.
the operating effectiveness of such controls, refer
For S. B. Billimoria & Co. For Khimji Kunverji & Co.
to our separate Report in “Annexure A”. Our report
Chartered Accountants Chartered Accountants
expresses an unmodified opinion on the adequacy
Firm Registration No. 101496W Firm Registration No. 105146W
and operating effectiveness of the Company’s internal
financial controls over financial reporting. Sanjiv V. Pilgaonkar Hasmukh B. Dedhia
j) With respect to the other matters to be included Partner Partner
in the Auditor’s Report in accordance with the Membership No: 039826 Membership No: 033494
requirements of section 197(16) of the Act, as
Mumbai,
amended, In our opinion and to the best of our
April 26, 2019
information and according to the explanations given
to us, the remuneration paid by the Company to its
directors during the year is in accordance with the
provisions of section 197 of the Act read with section
34A of the Insurance Act.
k) 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,
as amended, in our opinion and to the best of our
information and according to the explanations given
to us:

Annexure A to the Independent Auditor s Report

(Referred to in paragraph 2 (i) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
REPORT ON THE INTERNAL FINANCIAL CONTROLS OVER AUDITOR’S RESPONSIBILITY

FINANCIAL REPORTING UNDER CLAUSE (I) OF SUB‑SECTION Our responsibility is to express an opinion on the Company's
OF SECTION 1 OF THE COMPANIES ACT 201 (THE ACT ) internal financial controls over financial reporting based on our
We have audited the internal financial controls over financial audit. We conducted our audit in accordance with the Guidance
reporting of ADITYA BIRLA SUN LIFE INSURNACE COMPANY Note issued by the ICAI and the Standards on Auditing prescribed
LIMITED (formerly known as “Birla Sun Life Insurance Company under Section 143(10) of the Act, to the extent applicable to
Limited”) (the “Company”) as of March 31, 2019 in conjunction an audit of internal financial controls. Those Standards and the
with our audit of the standalone financial statements of the Guidance Note require that we comply with ethical requirements
Company for the year ended on that date. and plan and perform the audit to obtain reasonable assurance
about whether adequate internal financial controls over financial
The actuarial valuation of liabilities for life policies in force and
reporting was established and maintained and if such controls
policies where premium is discontinued is required to be certified
operated effectively in all material respects.
by the Appointed Actuary as per the Insurance Regulatory and
Development Authority (Preparation of Financial Statements Our audit involves performing procedures to obtain audit
and Auditor’s Report of Insurance Companies) Regulations, evidence about the adequacy of the internal financial controls
2002 (the “IRDA Financial Statements Regulations”) and has system over financial reporting and their operating effectiveness.
been relied upon by us, as mentioned in “Key Audit Matters” Our audit of internal financial controls over financial reporting
para of our audit report on the standalone financial statements included obtaining an understanding of internal financial
of the Company as at and for the year ended March 31, 2019. controls over financial reporting, assessing the risk that a
Accordingly, we have not audited the internal financial controls material weakness exists, and testing and evaluating the design
over financial reporting in respect of the valuation and accuracy and operating effectiveness of internal control based on the
of the aforesaid actuarial valuation. assessed risk. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material
Our opinion is not modified in respect of this matter.
misstatement of the standalone financial statements, whether
MANAGEMENT’S RESPONSIBILITY FOR INTERNAL FINANCIAL due to fraud or error.
CONTROLS
We believe that the audit evidence we have obtained is sufficient
The Company’s management is responsible for establishing
and appropriate to provide a basis for our audit opinion on the
and maintaining internal financial controls based on the internal
Company’s internal financial controls system over financial
control over financial reporting criteria established by the
reporting.
Company considering the essential components of internal
control stated in the Guidance Note on Audit of Internal MEANING OF INTERNAL FINANCIAL CONTROLS OVER
Financial Controls Over Financial Reporting (the “Guidance FINANCIAL REPORTING
Note”) issued by the Institute of Chartered Accountants of A company's internal financial control over financial reporting is
India (the “ICAI”). These responsibilities include the design, a process designed to provide reasonable assurance regarding
implementation and maintenance of adequate internal financial the reliability of financial reporting and the preparation of
controls that were operating effectively for ensuring the orderly financial statements for external purposes in accordance with
and efficient conduct of its business, including adherence generally accepted accounting principles. A company's internal
to company’s policies, the safeguarding of its assets, the financial control over financial reporting includes those policies
prevention and detection of frauds and errors, the accuracy and procedures that (1) pertain to the maintenance of records
and completeness of the accounting records, and the timely that, in reasonable detail, accurately and fairly reflect the
preparation of reliable financial information, as required under transactions and dispositions of the assets of the company;
the Companies Act, 2013 (the “Act”) including the provisions (2) provide reasonable assurance that transactions are recorded
of the Insurance Act, 1938 (the “Insurance Act”) as amended as necessary to permit preparation of financial statements in
by the Insurance Laws (Amendment) Act, 2015, the Insurance accordance with generally accepted accounting principles, and
Regulatory and Development Authority Act, 1999 (the “IRDA that receipts and expenditures of the company are being made
Act”), the IRDA Financial Statements Regulations and orders/ only in accordance with authorisations of management and
directions/circulars issued by the Insurance Regulatory and directors of the company; and (3) provide reasonable assurance
Development Authority of India (the “IRDAI”) in this regard to regarding prevention or timely detection of unauthorised
the extent applicable.
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Annexure A to the Independent Auditor s Report

(Referred to in paragraph 2 (i) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
acquisition, use, or disposition of the company's assets that respects, an adequate internal financial controls system over
could have a material effect on the financial statements. financial reporting and such internal financial controls over
financial reporting were operating effectively as at March 31,
INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS
2019, based on the internal control over financial reporting
OVER FINANCIAL REPORTING
criteria established by the Company considering the essential
Because of the inherent limitations of internal financial controls
components of internal control stated in the Guidance Note
over financial reporting, including the possibility of collusion
issued by the ICAI.
or improper management override of controls, material
misstatements due to error or fraud may occur and not be For S. B. Billimoria & Co. For Khimji Kunverji & Co.
detected. Also, projections of any evaluation of the internal Chartered Accountants Chartered Accountants
financial controls over financial reporting to future periods Firm Registration No. 101496W Firm Registration No. 105146W
are subject to the risk that the internal financial control over
financial reporting may become inadequate because of changes Sanjiv V. Pilgaonkar Hasmukh B. Dedhia
in conditions, or that the degree of compliance with the policies Partner Partner
or procedures may deteriorate. Membership No: 039826 Membership No: 033494
OPINION Mumbai,
In our opinion, to the best of our information and according to April 26, 2019
the explanations given to us, the Company has, in all material

Revenue Account Form A- RA
for year ended 31st March, 2019

Registration Number: 109 dated 31st January, 2001
Policyholders Account Technical Account
(Amounts in thousands of Indian Rupees)
Audited ear ended Audited Year ended
Particulars Schedule
1st March 201 31st March, 2018
PREMIUMS EARNED ‑ NET
(a) Premium 1 75,112,612 59,030,033
(b) Reinsurance ceded (2,256,358) (1,815,501)
(c) Reinsurance accepted - -
Sub-Total 72,856,254 57,214,532
INCOME FROM INVESTMENTS
(a) Interest, Dividends & Rent - Gross 21,344,018 19,066,382
(b) Profit on sale / redemption of investments 14,560,595 20,495,554
(c) (Loss on sale / redemption of investments) (8,402,697) (2,892,201)
(d) Transfer/Gain (Loss) on revaluation / change in fair value* 3,581,288 (6,566,183)
Sub-Total 31,083,204 30,103,552
OTHER INCOME
(a) Contribution from the Shareholders' Account (Refer Schedule 16 Note 5) 1,392,155 1,066,492
(b) Others (profit on sale of liquid funds, interest etc.) 433,357 349,536
Sub-Total 1,825,512 1,416,028
Total (A) 105,764,970 88,734,112
Commission 2 4,177,498 2,688,174
Operating Expenses related to Insurance Business 3 11,003,413 8,173,649
Service Tax on Charges** 1,122,091 1,111,891
Provision for doubtful debts 2,652 7,848
Bad debts written off - -
Provision for Tax (Refer Schedule 16 Note 48) 240,365 -
Provision (other than taxation)
(a) For diminution in the value of investments (Net) - -
(b) Others - Provision for standard and non standard assets (Refer Schedule 16 Note 47) (163) 1,278
Total (B) 16,545,856 11,982,840
Benefits Paid (Net) 4 52,485,104 50,553,103
Interim Bonuses Paid 31,374 23,143
Change in valuation of liability in respect of life policies
(a) Gross*** 30,273,503 21,182,699
(b) Fund Reserve 4,439,526 (614,700)
(c) Premium Discontinuance Fund - Linked (78,681) (983,412)
(d) (Amount ceded in Re-insurance) 116,002 3,916,797
(e) Amount accepted in Re-insurance - -
Total (C) 87,266,828 74,077,630
Surplus (D) = (A) - (B) - (C) 1,952,286 2,673,642
APPROPRIATIONS
Transfer to Shareholders' Account (Refer Schedule 16 Note 5) 1,924,912 2,690,066
Transfer to Other Reserves - -
Balance being Funds for Future Appropriations 27,374 (16,424)
Total (D) 1,952,286 2,673,642
The total surplus as mentioned below:
(a) Interim Bonuses Paid 30,200 22,407
(b) Terminal Bonus Paid 1,174 736
(c) Allocation of Bonus to policyholders 2,034,300 1,566,303
(d) Surplus shown in the Revenue Account 1,952,286 2,673,642
Total Surplus [(a)+(b)+(c)+(d)] 4,017,960 4,263,088
Significant Accounting Policies and Disclosures 16
The Schedules and accompanying notes are integral part of this Revenue account.
*Represents the deemed realised gain as per norms specified by the Authority.
**GST on charges with effect from 1st July, 2017
***Represents Mathematical Reserves a°er allocation of bonus.
In accordance with IRDAI notification dated 9th May, 2016 bearing reference no. IRDAI/Reg/14/126/2016, the Company has worked out Expense of Management
by considering allowance at 100% in current year (Previous Year: 110%) on segment basis to ascertain the excess thereof which has been borne by the shareholders.
Accordingly, amount aggregating ` 8,20,100 (Previous Year: `1,018,874) has been deducted from schedule 3 and added to schedule 3A.
In terms of our report attached
For S. B. Billimoria & Co. For Khimji Kunverji & Co. For and on behalf of the Board of Directors
ICAI Firm Registration No. 101496W ICAI Firm Registration No. 105146W
Sanjiv V. Pilgaonkar Hasmukh Dedhia Ajay Srinivasan B. N. Puranmalka Pinky Mehta
Partner Partner Chairman Director Director
Membership No. 039826 Membership No. 033494 (DIN - 00121181) (DIN - 0007432) (DIN - 00020429)
Managing Director & Chief Financial Officer
CEO (DIN - 00061240)
Chief Actuarial Officer & Company Secretary
Mumbai, 26th April, 2019 Appointed Actuary
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Statement of Profit and Loss Account Form A- PL

Shareholders Account Non-technical Account
Amounts transferred from Policyholders' Account (Technical Account) 1,924,912 2,690,066
(Refer Schedule 16 Note 5)
(b) Profit on sale / redemption of investments 537,130 176,479
(c) (Loss on sale / redemption of investments) (792) (2)
OTHER INCOME - -
Total (A) 4,068,841 4,306,894
Expense other than those directly related to the insurance business 3A 1,391,803 1,540,622
Corporate social responsibility expenses (Refer Schedule 16 Note 40) 28,700 24,964
Contribution to the Policyholders' Account (Refer Schedule 16 Note 5) 1,392,155 1,066,492
(a) For diminution in the value of investments (net) - 6,499
(b) Provision for doubtful debts - -
(c) Others - -
Total (B) 2,812,658 2,638,577
Profit before tax 1,256,183 1,668,317
Less: Provision for Taxation - -
Profit a°er tax 1,256,183 1,668,317
APPROPRIATIONS
(a) Balance at the beginning of the year (2,385,817) (4,054,134)
(b) Interim dividends paid during the year - -
(c) Proposed final dividend - -
(d) Dividend distribution on tax - -
(e) Transfer to reserves / other accounts - -
LOSS CARRIED FORWARD TO THE BALANCE SHEET (1,129,634) (2,385,817)
Earning Per Share (Basic and Diluted), Face Value of ` 10 (in `) 0.66 0.88
The schedules and accompanying notes are an integral part of this Profit and Loss Account
In accordance with IRDAI notification dated 9th May, 2016 bearing reference no. IRDAI/Reg/14/126/2016, the Company has worked out
Expense of Management by considering allowance at 100% in current year (Previous Year: 110%) on segment basis to ascertain the excess
thereof which has been borne by the shareholders. Accordingly, amount aggregating ` 8,20,100 (Previous Year: `1,018,874) has been deducted
from schedule 3 and added to schedule 3A.

CEO (DIN - 00061240)

Balance Sheet Form A-BS
as at 31st March, 2019

Audited As at Audited As at
SOURCES OF FUNDS
Shareholders' Funds:
Share Capital 5 19,012,080 19,012,080
Reserves and Surplus 6 2,682,948 2,682,948
Credit/ (Debit)/ Fair Value Change Account 26,338 414,652
Sub-Total 21,721,366 22,109,680
Borrowings 7 - -
Policyholders' Funds:
Credit/(Debit) Fair Value Change Account 615,619 516,242
Policy Liabilities 140,091,625 109,702,120
Insurance Reserves
Provision for Linked Liabilities 227,589,640 209,001,049
Funds for discontinued policies
(i) Discontinued on account of non-payment of premium 5,317,417 5,396,098
(ii) Others - -
Credit/(Debit) Fair Value Change Account (Linked) 18,732,892 32,881,956
Total Linked Liabilities 251,639,949 247,279,103
Sub-Total 392,347,193 357,497,465
Funds for Future Appropriations
- Linked Liabilities 79,663 52,289
Total 414,148,222 379,659,434
APPLICATION OF FUNDS
Investments
Shareholders' 8 20,817,297 18,548,763
Policyholders' 8A 131,966,998 102,838,774
Assets Held to Cover Linked Liabilities 8B 251,639,949 247,279,103
Loans 9 1,140,600 742,998
Fixed Assets 10 907,367 740,066
Current Assets
Cash and Bank Balances 11 6,440,596 6,084,417
Advances and Other Assets 12 10,900,855 10,335,325
Sub-Total (A) 17,341,451 16,419,742
Current Liabilities 13 9,728,194 8,304,533
Provisions 14 660,757 585,171
Sub-Total (B) 10,388,951 8,889,704
Net Current Assets (C) = (A-B) 6,952,500 7,530,038
Miscellaneous Expenditure (To The Extent Not Written Off or Adjusted) 15 - -
Debit Balance In Profit and Loss Account (Shareholders' Account) 723,511 1,979,692
Total 414,148,222 379,659,434
The Schedules and accompanying notes are an integral part of this Balance Sheet.
CEO (DIN - 00061240)
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Receipts and Payments account Cash Flow Statement

for the year ended 31st March, 2019
(Amount in thousands of Indian Rupees)

Particulars
CASH FLOWS FROM OPERATING ACTI ITIES (A)
Premium received from policyholders, including advance receipts 74,730,666 58,631,731
Payments to the re-insurers, net of commissions and claims (526,555) (318,195)
Application money deposit & due to Policy holders 615,988 (79,823)
Payments of commission and brokerage (3,887,298) (2,575,157)
Payments of other operating expenses (12,729,345) (8,773,962)
Payments of claims (53,980,643) (52,061,228)
Deposits & others 126,461 (19,456)
Other receipts 523,462 424,359
Income taxes paid (Net) (234,096) (2,853)
Goods and Service taxes paid (1,061,569) (1,668,221)
Cash flows before extraordinary items 3,577,071 (6,442,805)
Cash flow from extraordinary operations - -
Net cash Inflow / (outflow) from operating activities (A) 3,577,071 (6,442,805)
CASH FLOWS FROM IN ESTING ACTI ITIES (B)
Purchase of fixed assets (463,921) (340,631)
Proceeds from sale of fixed assets 12,272 3,079
Loan against Policies (307,480) (144,126)
Purchase of investment (5,420,852,637) (3,873,453,319)
Proceeds from sale of investment 5,397,165,429 3,863,304,058
Expenses related to investments (19,002) (13,973)
Interest received (net of tax deducted at source) 19,823,787 16,657,296
Dividend received 1,418,160 1,524,290
Net cash Inflow / (Outflow) from investing activities (B) (3,223,392) 7,536,674
CASH FLOWS FROM FINANCING ACTI ITIES (C) - -
Net cash used in financing activities C - -
Net Decrease Increase in cash and cash equivalents D A B C 353,679 1,093,869
Cash and cash equivalents at beginning of the year 6,084,417 4,990,548
Cash and cash equivalents as at end of the year 6,438,096 6,084,417
Notes:
1. Cash and cash equivalents at end of the year includes:
Cash and Bank Balances as per Balance Sheet 6,440,596 6,084,417
Less: Bank deposits having maturity period of more than 3 months considered in operating activities 2,500 -
(Refer Schedule 16 Note 14 vi)
Cash and cash equivalents as at the end of the year 6,438,096 6,084,417
For Cash and cash equivalents - refer schedule 16 note 2 (r)

The above Receipts and Payments account has been prepared as prescribed by Insurance Regulatory and Development Authority (Preparation of
financial statements and auditor’s report of insurance companies) Regulations, 2002 under the “Direct method” in accordance with Accounting
Standard 3 Cash Flow Statements.
Amount spent during the year by Company for Corporate Social Responsibility expenses on:
(i) Construction / acquisition of any asset
In Cash 28,700 24,964
Yet to be paid in cash - -
Total 28,700 24,964
(ii) On purposes other than (i) above
In Cash - -
Yet to be paid in cash - -
Total - -

CEO (DIN -00061240)

Schedule
for the year ended March 31, 2019
SCHEDULE 1- PREMIUM*
Audited year ended Audited year ended

Particulars
1 First year premiums 18,038,644 12,571,914
2 Renewal Premiums 35,941,914 32,402,003
3 Single Premiums 21,132,054 14,056,116
Total Premiums 75,112,612 59,030,033
Premium Income from Business written:
In India 75,112,612 59,030,033
Outside India - -
Total Premiums 75,112,612 59,030,033
Note: Refer Schedule 16 Note 2(c)(i)
* Net of Goods and Service Tax / Service Tax
SCHEDULE 2 ‑ COMMISSION E PENSES


Particulars
Commission paid
Direct - First year premiums 3,058,610 1,715,260
Renewal premiums 1,070,690 942,220
Single premiums 48,198 30,694
Sub-total 4,177,498 2,688,174
Add: Commission on Re-insurance Accepted - -
Less: Commission on Re-insurance Ceded - -
Net Commission 4,177,498 2,688,174
Breakup of Commission
Particulars
Individual Agents 2,069,969 1,826,809
Brokers 265,759 191,095
Corporate Agents 1,841,770 670,270
Referral - -
Total 4,177,498 2,688,174
Note: Refer Schedule 16 Note 2 (e)
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Schedule
SCHEDULE ‑ OPERATING E PENSES RELATED TO INSURANCE BUSINESS


Particulars
1 Employees' remuneration and welfare benefits (Refer Schedule 16 Note 8, 27 and 44) 6,413,516 5,137,457
2 Travel, conveyance and vehicle running expenses 251,442 229,471
3 Training expenses 214,626 69,354
4 Rents, rates and taxes 539,075 487,364
5 Repairs 256,707 272,297
6 Printing and stationery 69,527 61,783
7 Communication expenses 113,585 103,377
8 Legal and professional charges 124,368 127,406
9 Medical fees 124,041 78,164
10 Auditor's fees, expenses etc.
(a) i) as auditor 7,800 7,800
ii) out of pocket expenses 363 642
(b) as adviser or in any other capacity, in respect of -
i) Taxation matters 200 150
ii) Management services 973 514
(c) in any other capacity - -
11 Advertisement and publicity 1,372,193 467,439
12 Interest and Bank Charges 90,800 58,338
13 Others: a) Distribution expenses 355,551 296,582
b) Agents recruitment, seminar and other expenses (5,631) 19,487
c) Recruitment and seminar expenses 171,149 94,541
d) IT expenses (including maintenance) 663,927 595,544
e) Policy stamps 330,585 214,876
f) (Profit)/Loss on sale of assets (1,483) (1,555)
g) Electricity expenses 138,562 138,382
h) Miscellaneous expenses 53,006 66,191
i) Outsourcing expenses 306,773 235,530
14 Depreciation 231,858 431,389
Total 11,823,513 9,192,523
Excess of EOM transferred to shareholders Account (Refer Schedule 16 Note 43) (820,100) (1,018,874)
Total 11,003,413 8,173,649
SCHEDULE A ‑ OPERATING E PENSES OTHER THAN THOSE DIRECTL RELATED TO INSURANCE BUSINESS

Particulars
1 Employees' remuneration and welfare benefits (Refer Schedule 16 Note 8, 27 and 44) 403,777 358,237
3 Auditors Fees (Reporting Pack) 2,000 2,000
4 Interest and bank charges 8,335 7,088
5 Others: Miscellaneous expenses 123,987 135,762
Total 571,703 521,748
Excess of EOM transferred to shareholders Account (Refer Schedule 16 Note 43) 820,100 1,018,874
Total 1,391,803 1,540,622

Schedule
SCHEDULE ‑ BENEFITS PAID (NET)


Particulars
1 Insurance Claims
(a) Claims by Death 4,699,095 4,393,886
(b) Claims by Maturity 8,001,336 2,792,610
(c) Annuities / Pension payment 71,898 57,369
(d) Other benefits
(i) Surrender 40,774,331 44,108,580
(ii) Riders 93,286 65,917
(iii) Health 2,804 10,937
(iv) Survival and Others 626,935 640,380
2 Amount ceded in reinsurance
(a) Claims by Death (1,779,178) (1,510,817)
(b) Claims by Maturity - -
(c) Annuities / Pension payment - -
(d) Other benefits (Health) (5,403) (5,759)
3 Amount accepted in reinsurance
(a) Claims by Death - -
(c) Annuities / Pension Payment - -
(d) Other benefits - -
Total 52,485,104 50,553,103
Benefits paid to Claimants
1. In India 52,485,104 50,553,103
2. Outside India - -
Total 52,485,104 50,553,103
Note:
1 Claims include specific claims settlement costs, wherever applicable.
2 Legal, other fees and expenses also form part of the claims cost, wherever applicable.
Refer Schedule 16 Note 2 (d)
SCHEDULE ‑ SHARE CAPITAL


Particulars
1 Authorised Capital
3,75,00,00,000 Equity Shares of `10/- each 37,500,000 37,500,000
2 Issued Capital
1,90,12,08,000 Equity Shares 19,012,080 19,012,080
(Previous Year: 1,90,12,08,000 Equity Shares) of ` 10/- each fully paid up
3 Subscribed Capital
1,90,12,08,000 Equity Shares 19,012,080 19,012,080
(Previous Year: 1,90,12,08,000 Equity Shares) of ` 10/- each fully paid up
4 Called-up Capital
Equity Shares of ` 10/- Each 19,012,080 19,012,080
Less: Calls unpaid - -
Add: Shares forfeited (Amount originally paid up) - -
Less: Par value of Equity Shares bought back - -
Less: Preliminary Expenses
(Expenses including commission or brokerage on underwriting or subscription on shares)
Total 19,012,080 19,012,080
Out of the total equity share capital, 96,96,16,080 equity shares (31st March, 2018 - 96,96,16,080 equity shares) of `10 each are held by the holding company,
Aditya Birla Capital Limited.
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Schedule
SCHEDULE A ‑ PATTERN OF SHAREHOLDING (AS CERTIFIED B THE MANAGEMENT)

Audited year ended 1st March 201 Audited year ended 31st March, 2018
Shareholder
Number of Shares of Holding Number of Shares % of Holding
Promoters:
Indian 969,616,080 51% 969,616,080 51%
Foreign 931,591,920 49% 931,591,920 49%
Others - - - -
Total 1,901,208,000 100% 1,901,208,000 100%
SCHEDULE ‑ RESER ES AND SURPLUS

Audited As at Audited As at Audited As at Audited As at
Particulars
1st March 201 1st March 201 31st March, 2018 31st March, 2018
1 Capital Reserve - -
2 Capital Redemption Reserve 682,920 682,920
3 Share Premium 2,000,028 2,000,028
4 Revaluation Reserve - -
5 General reserves -
Opening balance 406,127 406,127 -
Add: Additions during the year - -
Less: Debit balance in Profit and Loss Account 406,127 406,127
Less: Amount utilised for Buy - back - - - -
6 Catastrophe Reserve - -
7 Balance of profit in Profit and Loss Account - -
Total 2,682,948 2,682,948
SCHEDULE ‑ BORROWINGS

Particulars
1 Debentures/Bonds - -
2 Banks - -
3 Financial Institutions - -
4 Others - -
Total - -
SCHEDULE 8 ‑ IN ESTMENTS ‑ SHAREHOLDERS

Particulars
Long-Term Investments
1 Government securities and Government
guaranteed bonds including Treasury Bills (Refer Note 6 & 7 below) 6,257,395 7,017,074
2 Other Approved Securities 264,801 266,449
3 Other Investments
(a) Shares - -
(aa) Equity (Refer Note 5 below) 1,026,425 1,343,101
(bb) Preference - -

Schedule
SCHEDULE 8 ‑ IN ESTMENTS ‑ SHAREHOLDERS (CONTD )

Particulars
(b) Mutual Funds - -
(c) Derivative Instruments - -
(d) Debentures / Bonds 4,638,145 3,733,998
(e) Other Securities (Fixed Deposits) 99,000 99,000
(f) Subsidiaries (Refer Note 2 below) 320,000 270,000
Investment Properties - Real Estate - -
4 Investments in Infrastructure and Social Sector 5,153,162 3,313,058
5 Other than Approved Investments 2,146,277 1,145,644
Total (A) 19,905,205 17,188,324
Short-Term Investments
1 Government securities and Government
guaranteed bonds including Treasury Bills (Refer Note 6 & 7 below) 5,978 -
2 Other Approved Securities - -
3 Other Investments
(a) Shares
(aa) Equity - -
(bb) Preference - -
(b) Mutual Funds (Refer Note 5 below) 55,199 40,437
(d) Debentures / Bonds 300,000 197,248
(e) Other Securities
- Fixed Deposits (Refer Note 8 below) 250,000 550,000
- Others - 9,435
(f) Subsidiaries - -
Investment Properties-Real Estate - -
4 Investments in Infrastructure and Social Sector 70,917 563,319
5 Other than Approved Investments 229,998 -
Total (B) 912,092 1,360,439
TOTAL (A) + (B) 20,817,297 18,548,763
Notes:
1 Aggregate amount of Company's investments (other than listed equity securities, mutual fund and derivative instruments) and the market value thereof
As at As at
Particulars
Aggregate amount of Company's investments other than Listed Equity securities, Mutual Fund, 18,355,435 16,635,469
Exchange Traded Funds, Additional Tier I Bonds and Derivative Instruments
Market value of above Investments 18,747,723 16,995,594
2 Investments in subsidiary companies at cost is `320,000 (Previous Year: `270,000)
3 Investments made out of Catastrophe reserve is ` Nil (Previous Year: ` Nil)
4 Debt Securities are held to maturity and reduction in market values represent market conditions and not a permanent diminution in value of investments,
if any.
5 Historical cost of Mutual Fund & Equity included above is, for Mutual Fund `55,150 (Previous Year: ` 40,385) and for equity `5,34,233 (Previous year:
`150,000) and Additional Tier I Bonds `1,846,139 (Previous Year: `1,308,528)
6 Government securities amounting to `357,693 (Previous Year: `299,681) have been deposited with Clearing Corporation of India Ltd. (CCIL) towards
Settlement Guarantee Fund (SGF) deposit for trades in Security & CBLO through CCIL. These are part of the Government securities disclosed in Long-Term
Investments.
7 Government securities amounting to `25,109 (Previous Year: `8,566) have been deposited with Clearing Corporation of India Ltd. (CCIL) towards Settlement
Guarantee Fund (SGF) deposit for trades in Security & CBLO through CCIL for default fund. These are part of the Government securities disclosed in Long-
Term Investments.
8 Fixed Deposit amounting to `200,000 (Previous Year: `200,000) and `50,000 (Previous Year: `50,000) have been placed with National Securities Clearing
Corporation Ltd. (NSCCL) and Indian Clearing Corporation Ltd. (ICCL) respectively towards margin requirement for Equity trade settlement. These are part of
the Fixed deposits disclosed in Short-Term investments.
9 Refer Schedule 16 Note 2 (f) and 49
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Schedule
SCHEDULE 8A ‑ IN ESTMENTS ‑ POLIC HOLDERS

Particulars
1 Government securities and Government guaranteed bonds including Treasury Bills 66,351,664 52,064,533
3 (a) Shares
(bb) Preference 1,199 2,069
(g) Investment Properties-Real Estate - -
4 Investment in Infrastructure and Social Sector 26,836,784 15,949,509
Total (A) 124,532,253 92,790,118
1 Government securities and Government guaranteed bonds including Treasury Bills 67,633 555,445
3 (a) Shares - -
(aa) Equity 4,560,636 4,293,210
(bb) Preference - -
(b) Mutual funds (Refer Note 5 below) 585,000 712,383
(d) Debentures / Bonds - 655,100
(e) Other Securities 2,093,480 2,547,693
- Fixed Deposits
- Others
4 Investment in Infrastructure and Social Sector 127,996 1,284,825
5 Other than Approved Investments - -
Total (B) 7,434,745 10,048,656
TOTAL (A) + (B) 131,966,998 102,838,774
Notes:
1 Aggregate amount of Company's investments (other than listed equity securities, mutual fund and derivative instruments) and the market value thereof.
As at As at
Particulars
2 Investments in holding companies at cost is `12,957 (Previous Year: ` 33,508)
if any.
5 Historical cost of Mutual Fund, Listed Equity securities, Additional Tier I and Infrastructure Investment Trusts included above is, for Mutual Fund `4,563,685
(Previous Year: `4,294,775), Equity securities `3,044,709 (Previous Year: `4,823,527), Additional Tier I `20,91,677 (Previous Year: `2,484,493) and
Infrastructure Investment Trusts `1,151,175 (Previous Year: `721,778)
6 Refer Schedule 16 Note 2(f), 47 and 49

Schedule
SCHEDULE 8B ‑ ASSETS HELD TO CO ER LINKED LIABILITIES

Particulars
3 (a) Shares
(d) Debentures/Bonds 24,849,009 28,822,852
Total (A) 199,036,898 207,317,817
3 (a) Shares - -
(aa) Equity - -
(bb) Preference - -
(b) Mutual Funds (Refer Note 4 below) 9,730,576 10,222,028
(e) Other Securities - -
- Fixed Deposits 1,158,900 671,105
- Others 7,825,617 5,380,227
(f) Investment Properties-Real Estate - -
5 Other than Approved Investments 1,660,177 -
Total (B) 46,222,055 34,170,447
Other Assets
1 Bank Balances 17,976 10,699
2 Interest Accrued and Dividend Receivable 4,687,866 5,020,942
3 Fund Charges - -
4 Outstanding Contracts (Net) 1,675,154 759,198
Total (C) 6,380,996 5,790,839
TOTAL (A) + (B) + (C) 251,639,949 247,279,103
Notes:
1 Investments in holding companies at cost is ` 9,51,089 (Face value ` 507,167) (Previous Year: `1,308,803 Face Value `512,256).
if any.
4 Historical cost of Mutual Fund, Listed Equity securities and Preference stocks included above is, for Mutual Fund `12,413,816 (Previous Year: `10,959,598),
Equity securities `75,412,159 (Previous Year: `80,981,145) and Preference stocks `5,828 (Previous Year: `2,264).
5 Refer Schedule 16 Note 2(f) and 49.
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Schedule
SCHEDULE ‑ LOANS
Particulars
1 Security-Wise Classification
Secured
(a) On mortgage of property
(aa) In India - -
(bb) Outside India - -
(b) On Shares, Bonds, Govt. Securities, etc. - -
(c) Loans against policies 1,140,600 742,998
(d) Others - -
Unsecured - -
Total 1,140,600 742,998
2 Borrower-Wise Classification
(a) Central and State Governments - -
(b) Banks and Financial Institutions - -
(c) Subsidiaries - -
(d) Companies - -
(e) Loans against policies 1,140,600 742,998
(f) Others - -
Total 1,140,600 742,998
3 Performance-Wise Classification
(a) Loans classified as standard
(aa) In India 1,140,600 742,998
(b) Non-standard loans less provisions
(aa) In India - -
Total 1,140,600 742,998
4 Maturity-Wise Classification
(a) Short-Term 1,268 810
(b) Long-Term 1,139,332 742,188
Total 1,140,600 742,998
Note:
1 Short-term loans include those which are repayable within 12 months from the date of Balance Sheet. Long-term loans are the loans other than short-term
loans.
2 Loans considered doubtful and the amount of provision created against such loans is `Nil (Previous Year: `Nil).
3 Refer Schedule 16 Note 2 (h).

SCHEDULE 10 ‑ FI ED ASSETS
88
Cost/ Gross Block Depreciation/Amortisation Net Block
Particulars As on On Sales/ As on 31st As on On Sales/ As on 31st As on 31st As on 31st
Additions For the year
ANNUAL REPORT
1st April, 2018 Adjustments March 201 1st April, 2018 Adjustments March 201 March 201 March, 2018
Goodwill - - - - - - - - - -
Intangibles (So°ware) 1,860,111 213,820 13,420 2,060,511 1,467,482 124,454 12,818 1,579,118 481,393 392,629
2018-19
Land - Freehold - - - - - - - - - -
Schedule
Leasehold property - - - - - - - - -
Buildings - - - - - - - - - -
Furniture & Fittings 153,806 30,596 6,534 177,868 122,747 13,090 6,388 129,449 48,419 31,059
Information Technology Equipment 862,583 57,272 81,955 837,900 738,185 36,054 81,765 692,474 145,426 124,398
Vehicles 59,801 35,766 16,893 78,674 16,754 16,921 7,547 26,128 52,546 43,047
Office Equipment 217,417 10,040 11,918 215,539 172,572 15,570 11,661 176,481 39,058 44,845
Others (Leasehold improvements) 368,603 24,153 18,124 374,632 308,493 25,769 17,877 316,385 58,247 60,110
TOTAL 3,522,321 371,647 148,844 3,745,124 2,826,233 231,858 138,056 2,920,035 825,089 696,088
Work-in-Progress including 82,278 43,978
capital advances
GRAND TOTAL 3,522,321 371,647 148,844 3,745,124 2,826,233 231,858 138,056 2,920,035 907,367 740,066
Previous Year/Period 3,125,174 460,326 63,179 3,522,321 2,456,497 431,389 61,653 2,826,233 740,066 809,500
Notes:
1. Refer Schedule 16 Note 2 (i).
2. Sale / Adjustments as appearing in gross block includes closure of branches and assets written off thereon.
3. All so°ware are other than those generated internally.
Particulars As on On Sales/ As on 31st As on 1st On Sales/ As on 31st As on 31st As on 31st
Additions For the year
1st April,2017 Adjustments March, 2018 April, 2017 Adjustments March, 2018 March, 2018 March, 2017
Goodwill - - - - - - - - - -
Intangibles (So°ware) 1,576,039 284,072 - 1,860,111 1,229,570 237,912 - 1,467,482 392,629 346,469
Land - Freehold - - - - - - - - - -
Schedule
Leasehold property - - - - - - - - - -
Buildings - - - - - - - - - -
Vehicles 26,215 35,140 1,554 59,801 6,356 10,965 567 16,754 43,047 19,859
Others (Leasehold Improvements) 348,250 24,933 4,580 368,603 286,171 26,884 4,562 308,493 60,110 62,079
TOTAL 3,125,174 460,326 63,179 3,522,321 2,456,497 431,389 61,653 2,826,233 696,088 668,677
Ingenium Work In Progress - -
Capital Work-in-Progress (Including 43,978 140,823
Capital Advances)
GRAND TOTAL 3,125,174 460,326 63,179 3,522,321 2,456,497 431,389 61,653 2,826,233 740,066 809,500
Previous Year 2,772,194 482,411 129,431 3,125,174 2,219,252 353,742 116,497 2,456,497 809,500 646,172
Notes:
2. Sale / Adjustments as appearing in gross block includes closure of branches and assets written off thereon
3. All so°ware are other than those generated internally.
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SCHEDULE 11 ‑ CASH AND BANK BALANCES

Particulars
1 Cash (including cheques, dra°s and stamps) 1,227,402 1,033,185
2 Bank Balances
(a) Deposit Accounts
(aa) Short-term (due within 12 months of the date of Balance Sheet) 17,293 4,670,716
(ab) Others (Refer Note 1 below) 2,500 -
(b) Current Accounts 5,193,401 380,516
(c) Others - -
3 Money at Call and Short Notice
(a) With Banks - -
(b) With other Institutions - -
4 Others - -
Total 6,440,596 6,084,417
Balances with non-scheduled banks included in 2 above - -
Cash and Bank Balances
1. In India 6,440,596 6,084,417
Total 6,440,596 6,084,417
Note:
1 Deposited with ICICI Bank in the form of fixed deposits, which is earmarked and in lien against the Bank guarantee given by ICICI Bank on behalf of the
Company to Unique Identification Authority of India (UIDAI).
SCHEDULE 12 ‑ AD ANCES AND OTHER ASSETS


Particulars
1st March 201 1st March 201 31st March, 2018 31st March, 2018
Advances
1 Reserve deposits with ceding companies - -
2 Application money for investments - -
3 Prepayments 166,128 176,811
4 Advances to Directors / Officers - -
5 Advance tax paid and taxes deducted at source (Net of 71,139 47,567
provision for Tax of `240,365 (Previous Year: ` Nil).
6 Others:
a) Advance to Suppliers/Contractors 107,476 100,429
b) Gratuity and Advances to Employees 365,590 342,413
Total (A) 710,333 667,220
Other Assets
1 Income accrued on investments 3,998,829 3,643,962
2 Outstanding Premiums 2,065,197 1,668,216
3 Agents' Balances (gross) 145,277 151,254
Less: Provision for doubtful debts (139,392) 5,885 (138,371) 12,883
(Refer Schedule 16 Note 2 (u))
4 Foreign Agencies Balances - -
5 Due from other entities carrying on insurance business 289,454 235,179
(including reinsures)
6 Due from Subsidiary company 3,869 5,410
7 Deposit with Reserve Bank of India - -
[pursuant to Section 7 of Insurance Act, 1938]
8 Goods and Service tax unutilised credits 1,924 487,849
Less: Provision for Goods and Service Tax unutilised credits - 1,924 - 487,849
9 Others:
a) Deposits 552,458 668,518
b) Outstanding Trades 69,000 191
c) Insurance Policies (Leave Encashment) 313,219 288,482
d) Unclaimed Fund 2,631,883 2,346,262
Income accrued on unclaimed fund 195,984 2,827,867 237,933 2,584,195
e) Derivative Margin receivable 62,820 73,220
Total (B) 10,190,522 9,668,105
Total (A+B) 10,900,855 10,335,325
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SCHEDULE 1 ‑ CURRENT LIABILITIES

Particulars
1 Agents' Balance 1,003,702 731,748

2 Balances due to other insurance companies 10,869 11,372
3 Deposits held on re-insurance ceded - -
4 Premiums received in advance 143,912 118,280
5 Unallocated premiums 322,394 381,136
6 Sundry creditors (Refer Schedule 16 Note 46) 2,446,158 2,186,540
7 Due to Subsidiaries/ holding company - -
8 Claims outstanding 78,440 89,033
9 Annuities Due - -
10 Due to Officers/Directors - -
11 Others:
(a) Policy Application and other Deposits 602,068 609,033
(b) Due to Policyholders 1,980,230 992,942
(c) Taxes Payable 268,906 568,578
(d) Unclaimed amounts of policyholders 2,631,883 2,346,262
(e) Derivative Liability 43,648 31,676
Total 9,728,194 8,304,533
SCHEDULE 1 ‑ PRO ISIONS
Particulars
1 For taxation - -
2 For proposed dividends - -
3 For dividend distribution tax - -
4 Others
a) Provision for long-term Incentive plan [Refer Schedule 16, Note 26] 156,652 140,676
b) Provision for gratuity [Refer Schedule 16, Note 27(a)(i)] 369,248 333,931
c) Provision for Compensated absences [Refer Schedule 16, Note 27(a)(ii)] 134,857 110,564
Total 660,757 585,171
SCHEDULE 1 ‑ MISCELLANEOUS E PENDITURE

(To the extent not written off or adjusted)
Particulars
1 Discount Allowed in issue of shares/debentures - -

2 Others - -
Total - -

Schedule
forming part of the Financial Statements for the year ended March 31, 2019
SCHEDULE 16 NOTES TO THE FINANCIAL STATEMENTS India. The accounting policies have been consistently
1 Corporate Information applied by the Company except where differential
Aditya Birla Sun Life Insurance Company Limited (‘the treatment is required as per new pronouncements
Company’ or 'ABSLI'), headquartered at Mumbai, had made by the regulatory authorities.
commenced operations on 19th March, 2001, a°er
The management evaluates all recently issued or
receiving the licence to transact life insurance business
revised accounting pronouncements on an on-going
in India from the Insurance Regulatory and Development
basis.
Authority (‘IRDA’) on 31st January, 2001. It was
incorporated on 4th August, 2000 as a Company under b) Use of Estimates
the Companies Act, 1956 ('the Act'). The Company is a The preparation of the financial statements in
subsidiary of Aditya Birla Capital Limited (formerly known conformity with Generally Accepted Accounting
as Aditya Birla Financial Services Limited) which holds principles (‘GAAP’) requires that the Company’s
51 percent of paid up share capital. Further, Sun Life management make estimates and assumptions that
Financials (India) Insurance Investments Inc., subsidiary of affect the reported amounts of income and expenses
Sun Life Assurance Company of Canada holds 49 percent for the year, reported balances of assets and liabilities
of paid up share capital. The Insurance Regulatory and and disclosures relating to contingent liabilities as of
Development Authority of India (IRDAI) vide its circular the date of the financial statements. The estimates
dated 7th April, 2015 bearing reference number IRDA/F&A/ and assumptions used in the financial statements are
CIR/GLD/062/04/2015 has pursuant to amendment in based upon management’s evaluation of the relevant
Insurance Laws (Amendment) Act, 2015 to Section 3A of facts and circumstances as on date of the financial
the Insurance Act, 1938, discontinued the requirement statement. Any revision to accounting estimates is
to apply for Renewal Certificate of Registration (IRDA/ recognised prospectively. Examples of such estimates
R6) on an annual basis. Accordingly, upon payment of the include valuation of policy liabilities, provision for
annual fees for the financial year 2018-19, the certificate linked liabilities, funds for future appropriations,
of registration which was valid for financial year ended provision for doubtful debts, valuation of unlisted
31st March, 2017 shall continue to be valid for financial securities, if any, valuation of debt securities, future
year ended 31st March, 2019 and the same is in force as obligations under employee retirement benefits plans
on the date of this report. and the useful lives of fixed assets, etc. Actual results
could differ from those estimates.
The business of the Company span across individual and
group products and covers participating, non-participating c) Revenue Recognition
and unit linked lines of businesses. Riders covering i) Premium Income
additional benefits are offered under these products. Premium for non linked policies is recognised as
These products are distributed through individual agents, income when due from policyholders.
corporate agents, banks, brokers, Company's online portal
For unit linked business, premium income is
and other intermediaries across the country.
recognised when the associated units are created.
2 Significant Accounting Policies
Premium on lapsed policies is recognised as income
a) Basis of Preparation
when such policies are reinstated.
The accompanying financial statements have been
prepared and presented under the historical cost In case of linked business, top up premium paid
convention, unless otherwise stated, and on accrual by policyholders are considered as single premium
basis of accounting, in accordance with accounting and are unitised as prescribed by IRDA Financial
principles generally accepted in India, including the Statements Regulations. This premium is recognised
provisions of the Insurance Act, 1938 as amended when the associated units are created.
by the Insurance Laws (Amendment) Act, 2015
ii) Income from Investments
(the “Insurance Act”), the Insurance Regulatory and
Interest income on investments is recognised on
Development Authority (Preparation of Financial
accrual basis. Amortisation of discount/ premium
Statements and Auditor’s Report of Insurance
relating to the debt securities (in case of non link
Companies) Regulations, 2002 (the “IRDA Financial
policy holders) and money market securities is
Statements Regulations”), orders/circulars/
recognised over the remaining maturity period on a
directions issued by the Insurance Regulatory and
straight-line basis.
Development Authority of India (the “IRDAI”) in this
regard, the Accounting Standards specified under Dividend income is recognised on ex-date.
Section 133 of the Companies Act, 2013 to the
The realised profit/loss on debt/money market
extent applicable and various circulars issued by IRDAI
securities for other than linked business is the
and practices prevailing in the insurance industry in
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difference between the net sale consideration and the paid, if any, in future is accounted in the year in which
amortised cost. it is recovered.
The realised profit/loss on debt securities held f) Investments
for linked business is difference between net sale Investments are made in accordance with the
consideration and weighted average cost and for Insurance Act, the IRDAI (Investment) Regulations,
money market securities it is the difference between 2016, and various other circulars/notifications and
the net sale consideration and the amortised cost. amendments issued by the IRDAI in this context from
time to time.
The realised profit/loss on sale of equity shares and
equity related instruments/mutual fund units is the Investments are recorded at cost on the date of
difference between the net sale consideration and purchase, which includes brokerage and stamp duty,
weighted average cost. taxes, setup cost, transaction charges or any other
charges included in broker note.
iii) Reinsurance premium ceded
Reinsurance premium ceded is accounted for at the time i. Classification
of recognition of the premium income in accordance Investments maturing within twelve months from
with the terms and conditions of the relevant treaties the balance sheet date are classified as short-term
with the reinsurers. Impact on account of subsequent investments.
revisions to or cancellations of premium is recognised
Investments other than short-term investments are
in the year in which they occur. Profit commission on
classified as long-term investments.
reinsurance ceded is netted off against premium ceded
on reinsurance. ii. Valuation
a) Debt securities
iv) Income from linked policies
Policyholders’ non-linked funds and
Income from linked policies, which include asset
shareholders’ investments:
management fees, policy administration charges,
mortality charges and other charges, if any, are All debt and money market securities, including
recovered from the linked funds in accordance Central and State government securities
with the terms and conditions of the policies and (Government securities), are considered as
recognised when due. ‘held to maturity’ and stated at amortised cost.
The discount or premium which is the difference
v) Fees and Charges
between the purchase price and the redemption
Interest income on loans is recognised on an accrual
amount of fixed income securities is amortised
basis and disclosed under other income.
and recognised in the revenue account, on a
d) Benefits Paid (Including Claims) straight-line basis over the remaining period
Benefits paid comprise of policy benefits and claim to maturity of these securities. Additional Tier
settlement costs, if any. Death and other claims are I (BASEL III) bonds are valued through CRISIL
accounted for, when intimated. Survival and maturity Bond Valuer.
benefits are accounted when due.
Policyholders’ linked funds:
Surrenders / Withdrawals under linked policies
G-sec and SDL are valued at the CRISIL Gilt
are accounted in the respective schemes
prices and SDL prices. All other debt securities
when the associated units are cancelled.
are valued through CRISIL Bond Valuer.
Reinsurance recoverable thereon, if any, is accounted
Money market instruments (including T Bills) are
for in the same period as the related claim.
valued at historical cost, subject to amortisation
Repudiated claims disputed before judicial authorities
of premium or discount which is the difference
are provided for based on management prudence
considering the facts and evidences available in
amount on a straight-line basis over the
respect of such claims.
remaining period to maturity of these securities.
e) Acquisition Costs
b) i) Equity shares/Non-redeemable Preference
Acquisition costs are costs that vary with and are
shares and Exchange traded funds:
primarily related to acquisition of new and renewal
Listed equity/preference shares, Exchange traded
insurance contracts. Acquisition costs mainly
funds are valued and stated at fair value, using the last
consists of commission, medical costs, policy printing
quoted closing prices on the National Stock Exchange
expenses, stamp duty and other related expenses.
(NSE), at the balance sheet date. If the equity shares
These costs are expensed in the year in which they
are not traded on the NSE, then closing prices of the
are incurred. Claw back of the first year commission
Bombay Stock Exchange (BSE) is considered.

Schedule
Equity/preference, Exchange traded funds shares interest and maturity from investment made out of
acquired through primary markets and awaiting listing premiums received.
are valued as per the valuation policy of the Company
i. A Forward Rate Agreement ('FRA') transaction is
duly approved by the Valuation Committee.
that whereby Company agrees to buy underlying
Unlisted equity/preference shares are valued as per security at fixed yield at future date. Company has
the valuation policy of the Company duly approved by entered in FRA to hedge interest rate risk on
the Valuation Committee. forecasted premium receivable at future date.
As on the date of entering into the FRA, the
b) ii) Redeemable Preference shares:
Company fixes the yield on the investment in a
Policyholders’ non-linked funds and shareholders’
sovereign bond that would take place at a future
investments:
date.
Redeemable Preference Shares are valued at historical
cost, subject to amortisation of premium or discount For Cash Flow Hedges, hedge effectiveness
which is the difference between the purchase price is ascertained at the time of inception of the
and the redemption amount on a straight-line basis hedge and periodically therea°er. The portion
over the remaining period to maturity of these of fair value gain / loss on the Interest Rate
securities. Derivative that is determined to be an effective
hedge is recognised directly in appropriate
Policyholders’ linked funds:
equity account i.e. ‘Hedge Fluctuation Reserve’.
Listed redeemable preference shares are valued and
The ineffective portion of the change in fair
stated at fair value, using the last quoted closing
value of such instruments is recognised in the
prices on the National Stock Exchange (NSE), at the
Revenue Account in the period in which they
balance sheet date. If the equity shares are not traded
arise. If the hedging relationship ceases to
on the NSE, then closing prices of the Bombay Stock
be effective or it becomes probable that the
Exchange (BSE) is considered.
expected forecast transaction will no longer
c) Mutual Funds occur, hedge accounting is discontinued
Mutual Funds are valued on previous day’s net asset and accumulated gains or losses that were
value published by the respective mutual funds. recognised directly in the Hedge Fluctuation
Reserve are reclassified into Revenue Account.
d) Gain / loss on equity, preference shares and
All derivatives are initially recognised in the
mutual funds
Balance sheet at their fair value, which usually
Unrealised gains / losses are recognised in the
represents their cost. They are subsequently
respective fund’s revenue account as fair value
re-measured at their fair value, with the
change in case of linked funds.
method of recognising movements in this value
Unrealised gain / loss due to changes in fair value of depending on whether they are designated as
listed equity/preference shares and mutual funds are hedging instruments and, if so, the nature of the
taken to the Fair Value Change account for other than item being hedged. All derivatives are carried as
linked business and are carried to the Balance Sheet. assets when the fair values are positive and as
liabilities when the fair values are negative.
e) Diminution in the value of Investments
Diminution in the value of investments as at IRDAI master circular for Investment
the balance sheet date, other than temporary, is Regulations, 2016 allows insurers to deal in
recognised as an expense in the Revenue / Profit & rupee denominated interest rate derivatives.
Loss account. The Company has well defined Board approved
Derivative Policy and Process document covering
f) Social Venture Fund/ Venture Capital Funds
various aspects related to functioning of the
Social Venture Fund/ Venture Capital Funds are
derivative transactions which are undertaken
valued at last available NAV per unit published by
to mitigate interest rate risk as per the hedge
independent valuation agency. If such NAV is not
strategy, thereby managing the volatility of
available, Social Venture Fund / Venture Capital Fund
returns from future fixed income investments,
will be valued at cost.
due to variations in market interest rates.
g) Valuation of Derivative Instrument:-
Mark to market valuation is done independently
ABSLI has Guaranteed products where the returns
by both the parties. In case of variation in
to the policy holders are fixed and the Company is
valuation, the counter party (bank) valuation
exposed to interest rate risk on account of investment
prevails as the counter party (bank) is the
from receipt of subsequent premiums and sum of
valuation agent as per agreement. However same
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can be disputed by ABSLI if valuation difference use. Subsequent expenditure incurred on fixed
is not agreeable. assets is expensed out in the year of expense
except where such expenditure increases the
ii. Derivatives are undertaken by Company solely
future economic benefits from the existing
for the purpose of hedging interest rate risks on
assets.
account of following:
Advances paid towards the acquisition of fixed
a) Reinvestment of maturity proceeds of
assets outstanding at each balance sheet date
existing fixed income investments;
and the cost of fixed assets not ready for its
b) Investment of interest income receivable; intended use before such date are disclosed
and under capital work-in-progress.
c) Expected policy premium income receivable Assets costing up to ` 5000 are fully depreciated
on insurance contracts which are already in the year of acquisition. Depreciation on
underwritten. fixed assets is provided using the straight-line
method based on the economic useful life of
iii. Investment transfer
assets as estimated by the management is as
Transfers of Investments from Shareholders’
below;
funds to the Policyholders’ funds are affected
at the lower of amortised cost or market value Sr. No. Assets Type Estimated Useful life (Years)
in respect of all debt securities including 1 Leasehold 5 years or the maximum
money market instruments and at the cost or Improvements and renewable period of
market value whichever is lower in case of other Furniture and fittings at the respective leases,
securities. leased premises whichever is lower
2 Furniture & fittings 10
Inter-fund transfer of debt securities relating to
(other than (1) above)
Linked Policyholders’ Funds is effected at last
3 Information Technology 6
available market value as per the methodology
Equipment – Server
specified in the Inter Fund transfer policy
Information Technology 2
approved by the Investment committee.
Equipment – Tablet *
Inter fund transfer of equity are done during
Information Technology 5
market hours at the prevailing market price
Equipment – Others *
iv. Impairment on Investment 4 Vehicles 4/5
The carrying amounts of investments are 5 Office Equipment 5
reviewed at each balance sheet date, if there is 6 Mobile Phones (included 2
any indicator of impairment based on internal in office equipment
/external factors. An impairment loss is under schedule 10)
recognised as an expense in Revenue/Profit or
Loss account, to the extent of difference between * For these class of assets, based on internal and/or
the re-measured fair value and the acquisition external assessment/ technical evaluation carried out by
the management, the management believes that the useful
cost as reduced by any previous impairment lives as mentioned above best represent the useful life of
loss recognised as expense in Revenue/Profit these respective assets, however these are higher than as
and Loss Account. Any reversal of impairment prescribed under Part C of Schedule II of the Companies Act,
loss, earlier recognised in profit and loss account 2013.
shall be recognised in Revenue/Profit and Loss Any additions to the original fixed assets are
account. depreciated over the remaining useful life of the
original asset.
h) Loans Against Policies
Loans against policies are valued at the aggregate ii. Intangibles
of book values (net of repayments) plus capitalised Intangible assets comprise of so°ware licences
interest and are subject to impairment, if any. which are stated at cost less amortisation.
So°ware expenses exceeding `1,000 incurred
i) Fixed Assets, Capital work-in-progress and
on customisation of so°ware (other than
impairment.
for maintenance of existing so°ware) are
i. Fixed assets and depreciation
capitalised. So°ware licences are amortised
Fixed assets are stated at cost less accumulated
using Straight Line Method over a period of 5
depreciation. Cost includes the purchase price
years from the date of being ready for use.
and any cost directly attributable to bringing the
asset to its working condition for its intended

Schedule
iii. Capital work-in-progress future gratuity benefits based on independent

Assets not ready for their intended use and other actuarial valuation under revised Accounting
capital work-in-progress are carried at cost, Standard 15 (AS 15) on ‘Employee Benefits’.
comprising direct cost and related incidental
During the year, the Company has transferred
expenses.
its Provident fund to fund administered
iv. Impairment of Assets by Government of India and therefore all
At each balance sheet date, management subsequent contribution are done to aforesaid
assesses whether there is any indication, based fund. Further the balance lying with the trust
on internal / external factors, that an asset administered by the Company as on the date of
may be impaired. Impairment occurs where transfer is also funded to fund administered by
the carrying value exceeds the present value Government of India.
of future cash flows expected to arise from the
The Company also has deferred compensation
continuing use of the asset and its eventual
plans with the objective of employee retention.
disposal. The impairment loss to be expensed is
determined as the excess of the carrying amount iii. Other Long-Term Employee Benefits
over the higher of the asset’s net sales price or Compensated absences are entitled to be
present value as determined above. If at the carried forward for future encashment or
balance sheet date there is an indication that a availment, at the option of the employee
previously assessed impairment loss no longer during the tenure of the employment, subject
exists, the recoverable amount is reassessed to the rules framed by the Company in this
and the asset is reflected at the recoverable regard. Accumulated compensated absences
amount, subject to maximum of depreciable entitlements outstanding at the close of the year
historical cost. are accounted on the basis of an independent
actuarial valuation. Accumulated entitlements
j) Operating Leases
at the time of separation are entitled to be
The Company classifies leases, where the lessor
encashed.
effectively retains substantially all the risks and
benefits of ownership over the lease term, as l) Foreign Currency Transactions
Operating Leases. Operating lease rentals are Transactions in foreign currency are recorded at
recognised as an expense on a straight-line basis the rate of exchange prevailing at the date of the
over the lease period. transaction. Monetary assets and liabilities in foreign
currency are translated at the rates existing as at
k) Employee Benefits
the balance sheet date. The resulting exchange gain
i. Short-Term Employee Benefits
or loss for revenue transactions is reflected, in the
All employee benefits payable within twelve
revenue account or the profit and loss account, as the
months of rendering the service are classified
case may be.
as short-term employee benefits. Benefits such
as salaries and bonuses are recognised in the m) Segment Reporting
period in which the employee renders the related AAs per Accounting Standard 17 (AS 17) on
service. ‘Segment Reporting’ read with the “Preparation
of Financial Statements, Auditor’s Report of
ii. Long-Term Employment Benefits
Insurance Companies, Regulations 2002” read
The Company has both defined contribution and
with the Insurance Laws (Amendment) Act, 2015,
defined benefit plans. These plans are financed
the Company is required to report segment results
by the Company.
separately for linked, non-linked, health and pension
Defined Contribution Plans: businesses. The business is broadly classified as
Participating non-linked, Non-Participating Unit
The Company defined contribution schemes
Linked and Non-Linked businesses, which are further
for superannuation and provident fund to
segmented into Individual Life, Group Life, Group Life
provide retirement benefits to its employees.
Variable, Individual Pension, Annuity Individual, Group
Contributions to the superannuation schemes
Pension, Group Pension Variable and Individual Health
are made on a monthly basis and charged to
businesses. Accordingly, the Company has prepared
revenue account when due.
the revenue account and balance sheet for these
Defined Benefit Plans: primary business segments separately. Since the
business operation of the Company is in India only,
Gratuity liability is defined benefit obligation and
the same is considered as one geographical segment.
is funded. The Company accounts for liability for
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Allocation Methodology: certainty backed by convincing evidence

that such deferred assets can be realised.
The following basis has been used for allocation
Deferred tax assets are reviewed as at each
of revenues, expenses, assets and liabilities to the
balance sheet date and written down or written
business segments:
up to reflect the amount that is reasonably
Revenues, other Income, expenses, assets and or virtually certain, as the case may be, to be
liabilities directly attributable and identifiable realised.
to business segments, are allocated on actual
ii. Indirect Taxes
basis; and
The Company claims credit of Goods and Service
Revenues, other income, other expenses, assets tax for input services, which is set off against
and liabilities which are not directly identifiable tax on output services. The unutilised credits,
though attributable to a business segment, are if any are carried forward to the future period
allocated on the following basis, as considered for set off where there is reasonable certainty of
appropriate by the management: utilisation.
Gross premium; o) Provisions and Contingencies
A provision is recognised when the Company has a
First year commission;
present legal obligation as a result of past event/s
Sum assured; and it is probable that an outflow of resources will be
required to settle the obligation, in respect of which
Policy liability;
reliable estimate can be made. These are reviewed
Asset under management; at each balance sheet date and adjusted to reflect
current best estimates. A disclosure for contingent
New Business Policy Count;
liability is made when there is a possible obligation
Enforce policy count or present obligations that may, but probably will not,
require an outflow of resources or it cannot be reliably
The method of allocation and apportionment
estimated. When there is a possible obligation or a
has been decided based on the nature of
present obligation in respect of which the likelihood
the expense and its logical co-relation with
of outflow of resources is remote, no provision or
various business segments. The allocation and
disclosure is made. A contingent asset is neither
apportionment of expenses amongst various
recognised nor disclosed.
business segments is in accordance with Board
Approved Policy. p) Funds for Future Appropriation
The balance in the funds for future appropriations
n) Taxation
account represents funds, the allocation of
i. Direct Taxes
which, either to participating Policyholders or to
The Income-Tax Act, 1961 prescribes that
Shareholders, has not been determined at the
profits and gains of life insurance Companies
Balance Sheet date. Transfers to and from the
will be the surplus or deficit disclosed by the
fund reflect the excess or deficit of income over
actuarial valuation made in accordance with the
expenses and appropriations in each accounting
Insurance Act.
period arising in the Company’s Policyholders’ fund.
Deferred income tax is recognised for future tax In respect of Participating policies any allocation to
consequences attributable to timing differences the policyholder would also give rise to a shareholder
between income as determined by the financial transfer in the required proportion.
statements and the recognition for income tax
Amounts estimated by the Appointed Actuary as
purposes. The effect on deferred tax assets and
Funds for Future Appropriation (FFA) in respect
liabilities of a change in tax rates is recognised
of lapsed Unit Linked Policies are set-aside in the
using the tax rates and tax laws that have been
balance sheet and are not available for distribution to
enacted or substantively enacted by the balance
shareholders until expiry of the revival period.
sheet date.
q) Earnings Per Share
Deferred tax assets are recognised only to the
Basic earnings per share are calculated by dividing
extent there is reasonable certainty that the
the net profit or loss for the year attributable to
assets can be realised in future. However, where
equity shareholders by the weighted average number
there is unabsorbed depreciation or carried
of equity shares outstanding during the year. For the
forward loss under taxation law, deferred tax
purpose of calculating diluted earnings per share, the
assets are recognised only if there is virtual
net profit or loss for the year attributable to equity

Schedule
shareholders and the weighted average number of Insurance Business dated 11th December, 2013
shares outstanding during the year are adjusted for issued by the IRDAI.
the effects of all dilutive potential equity shares.
t) Actuarial Liability Valuation
r) Cash and Cash Equivalents The actuarial Liabilities are calculated in accordance
Cash and cash equivalents for the purposes of with accepted actuarial practice, requirements of
Receipts and Payments account include cash and Insurance Act, regulations notified by the Insurance
cheques in hand; bank balances, liquid mutual funds Regulatory and Development Authority of India and
and other investments with original maturity of three Actuarial Practice Standards of the Institute of
months or less which are subject to insignificant risk Actuaries of India.
of changes in value.
u) Provision for Doubtful Debts
s) Receipts and Payments Account The Company regularly evaluates the probability of
Receipts and Payments Account is prepared and recovery and provides for doubtful advances and
reported using the Direct Method, in conformity with other receivables.
Para 1.1 (i) of the Master Circular on Preparation
v) Valuation of Loan to Body Corporate
of Financial Statements and Filing Returns of Life
Corporate Loans are valued at cost less provision.
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Schedule
Contingent Liabilities
Sr. No. Particulars Current ear Previous Year
1 Partly paid-up investments 5,648,549 1,579,713
2 Claims, other than against policies, not acknowledged as debts by the Company 22,149 20,612
3 Underwriting commitments outstanding Nil Nil
4 Guarantees given by or on behalf of the Company 2,500 Nil
5 Statutory demands / liabilities in dispute, not provided for Refer Note Below Refer Note Below
6 Reinsurance obligations to the extent not provided for in the accounts Nil Nil
7 Others* 237,926 238,763
* Represents potential liability to the Company (net of reinsurance) in respect of cases filed against the Company’s decision of repudiation of death claims
and customer complaints.
Notes: -
1. The Company has received Show Cause-Cum-Demand notices for earlier period relating to Service Tax demands of
` 398,203 as at 31st March, 2019 (as at 31st March, 2018 ` 398,203) plus applicable interest and penalty. Basis legal
opinion obtained, management is of the opinion that these show-cause cum demand notices are not legally tenable and
decided to contest at appellate authority.
Percentage of Business Sector-wise
Disclosure in Line with Para no 2.7 of Master Circular on preparation of Financial Statements and Filing Returns of Life
Insurance Business vide circular no. IRDA/F&A/Cir/232/12/2013 dated 11.12.2013
Number of Individual life Number of Individual Number of Group Number of Group lives First year and single
Particulars
policies lives covered Schemes issued covered premium
Total Business 284,857 299,909 1,037 3,046,743 39,170,698

247,810 259,864 941 2,862,143 26,628,030
Rural Sector 73,191 76,581 - - 1,976,367
74,586 75,237 - - 1,246,435
As a of Total Business 25.69% 25.53% - - -
30.10% 28.95% - - -
Social Sector 14,827 14,827 144 602,612 172,852
26,622 23,427 121 203,075 49,260
As a of Total Business 5.21% 4.94% - - -
10.74% 9.02% - - -
# Previous Year: amounts are in italics

Schedule
Contribution from Shareholders Policyholders Account

The net surplus of `532,686 (Previous year: `1,623,574) based on the actuarial valuation made in accordance with the
Insurance Act, and as certified by the appointed actuary is being transferred from policyholders’ account to shareholders’
account. The details are tabulated below:
Surplus / (Deficit) of Business Segments Current ear Previous Year
Non-Par Linked 1,245,002 2,390,870
Individual (75,615) 77,793
Group 178,897 122,096
Individual Pensions 165,464 (7,770)
Group Pensions 12,849 40,931
Health
Non-Par Non-Linked (1,125,387) (503,438)
Individual 42,697 (36,615)
Group 74,956 3,752
Group Life Variable (15,546) 6,781
Individual Pensions 157,747 27,756
Annuity Individual 7,601 (18,089)
Group Pensions 39,699 (12,943)
Group Pension Variable (16,906) 20,087
Health
Par Non-Linked (158,701) (487,637)
Individual 1,392,155 1,066,492
Contribution from Shareholders 1,924,912 2,690,066
Transfer to shareholders 532,757 1,623,574
Net Surplus for Policyholders
Contribution from Shareholders Policyholders Account

In accordance with Accounting Standard 19 (AS 19) on ‘Leases’, the details of leasing arrangements entered into by the
Company are as under:
The Company has entered into agreements in the nature of cancellable and non-cancellable lease / leave and licence
agreements with different lessor / licencers for the purpose of establishment of office premises, leasehold improvements,
furniture and fixtures, information technology and office equipments. These are generally in the nature of operating leases/
leave and licences.
The operating lease rentals charged during the year and maximum obligations on operating lease payable at the balance sheet
date, as per the rentals stated in the agreements are as follows:
Particulars Current ear Previous Year
Total lease rentals charged to Revenue Account 481,169 455,829
Lease obligations for operating leases - -
- Within one year of the balance sheet date 436,413 489,462
- Due in a period between one year and five years 1,012,798 1,198,498
- Due a°er five years 123,113 166,562
Foreign Exchange Gain Loss

The Company has recorded foreign exchange loss of ` 132 in the Revenue Account and the same is included under “Interest
and Bank Charges” in Schedule 3 (Previous Year: Loss `446)
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Schedule
8 Managerial Remuneration
The appointment of managerial personnel is in accordance with the requirements of Section 34A of the Insurance Act, 1938
is approved by the IRDAI
Salary 17,836 16,826
Other allowances 110,651 134,618
Contribution to:
- Provident fund 2,140 2,019
- Superannuation fund 2,675 2,413
Perquisites 13,298 9,475
Total* 146,601 165,351
*Of the above, amount of `131,601 (Previous Year: ` 150,351) has been borne by shareholders’. The remuneration stated above excludes gratuity and leave
encashment, accrued based on actuarial valuation for the Company’s overall liability.
9 As required by circular no.067/IRDA/F&A/CIR/MAR-08 dated 28th March 2008 break up of Operating expenses incurred
under the following heads have been detailed herein below:
Outsourcing Expenses 306,773 235,530
Business Development Expenses 521,069 410,609
Market Support and Advertisement Expenses 1,372,193 467,439
10 Earnings Per Share

Profit as per profit and loss account 1,256,183 1,668,317
Weighted average number of equity shares (Nos of shares in 000) 1,901,208 1,901,208
Earnings per share (Basic and Diluted) in ` 0.66 0.88
Face Value per share * 10 10
* Amount in absolute Indian Rupees
11 Actuarial Assumptions
The actuarial liabilities are calculated in accordance with accepted actuarial practice, requirements of Insurance Act,
Regulations notified by Insurance Regulatory and Development Authority of India and Practice Standards prescribed by the
Institute of Actuaries of India.
Unit Reserves
Unit reserves are computed by multiplying the number of units with the unit price as on the valuation date.
Non Unit Reserves
Prospective gross premium cash flow method is used to compute the non unit liabilities in respect of the policies in force as
at 31st March, 2019. The cash flows are projected based on assumptions that reflect the expected future experience and have
an appropriate allowance for margins for adverse deviations. The major assumptions relate to mortality, interest, expenses,
policy persistency and premium persistency.
Additionally, for traditional par policies current year bonus rate, future bonus rates and terminal bonuses (wherever applicable)
consistent with the valuation interest rate, transfer to shareholders and tax on the surplus are also taken into account while
calculating the policy liability.

Schedule
Additional provisions are made towards: - 3 Expenses

The per policy maintenance expenses assumed
I. Investment guarantees for unit linked business
for the valuation of liabilities are set looking at our
II. Substandard lives recent experience and expected per policy expenses
in future as per our business plan. The per policy
III. Unearned premium/mortality charges (in
maintenance expense is upto ` 658 depending on
accordance with IRDA Circular 50/IRDA/ACTL/CIR/
the product.Commission scales have been allowed in
GEN/050/03/2010)
accordance with the product filing with IRDA.
IV. Reserves for free look option given to the
4 Policy Termination Rates
policyholders
The policy termination rates used for the valuation
Analysis of recent experience has indicated that about of liabilities ranges from 0% per annum to 32% per
0.5% of the individual policyholders tend to exercise annum for the first three policy years therea°er in the
the option. Accordingly, with appropriate prudence, range of 0.6% per annum to 15% per annum.
0.625% of the total charges collected (from the 11th
5 Bonus Rates
to the end of that month) for new policies/coverages
Regular and Terminal bonus rates, where applicable,
issued during a given month is being set aside as
are consistent with the valuation discount rate.
the reserve. For traditional products, modal premiums
This takes in to account the Policyholders Reasonable
received (from the 11th to the end of that month) for
Expectations (PREs)
new policies / coverage issued during the month is
being set aside as reserve. 6 Policyholder’s Reasonable Expectations
For unit linked products Policyholders know that the
V. Lapse policies eligible for revivals (in accordance with
returns on such plans are market linked and hence
IRDA Circular 41/IRDA/ACTL/Mar-2006).
ultimate benefit payout would depend upon the
VI. New Business Closure Reserve mark to market performance of the underlying funds.
Each ULIP proposal form is accompanied by a signed
VII. Cash Surrender Value Deficiency Reserve
sales illustration illustrating values using gross return
VIII. Premium Waiver Claim Provision of 4% and 8% pa. For par products the bonus rates
are declared consistent with the performance of the
IX. Incurred But Not Reported Reserve
par fund and the illustrated rate of bonuses in the
For yearly renewable group term business, unearned sales illustration provided at the time of selling the
premium method is used to compute the reserves. policy.
In addition to the unearned premium reserve, provision is
7 Taxation and Shareholder Transfers
also made for incurred but not reported claims for group
Future transfers to shareholders as 1/9th of Cost
business as well.
of Bonus and tax on the future surpluses to be
For the valuation as on 31st March, 2019, ABSLI has used distributed between policyholders and shareholders
following valuation assumptions. All these assumptions are considered in calculation of policy liability for par
include margin for adverse deviations. products.
1 Interest 8 Basis of provisions for incurred but not reported
The interest rates used are in the range 5.50% per (IBNR)
annum to 8.05% per annum. IBNR for individual life business and group credit life
business is determined using chain ladder method
2 Mortality Rates
taking into account the claim reporting pattern from
The mortality rates used for the valuation of assurance
past claim experience.
benefits under each segment of business are based
on the published IALM (2006-08) Ultimate Mortality 9. For one year renewable group term business, this
Table modified to covert it from nearest birthday to reserve equals to two months’ expected claim.
last birthday mortality rates. Further to reflect the For schemes commencing from 1st April, 2018, it
expected experience for own portfolio, BSLI has taken is determined using chain ladder method taking into
multiple of the modified IALM (2006-08) mortality account the claim reporting pattern from past claim
rates. Such mortality multiples are in the range of experience.
20.25% to 264.52% for non- rural products and
range from 216.56% to 433.13% for rural products.
The mortality rates used for valuation of annuities are
based on the 100% of the L.I.C (1996-98) Annuitant
Mortality Rates.
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Schedule
12 Disclosure of discontinued linked policies

As required by Para no 2.9.6 of Master circular no. IRDA/F&A/Cir/232/12/2013 dated 11th December 2013 relating to
treatment of discontinued linked insurance policies, the disclosures are as under:-
Current ear Previous Year
Particulars
Sub-total Total Sub-total Total
a) Fund for Discontinues Policies
Opening Balance of Funds for Discontinued Policies 5,396,098 6,379,515
Add: Fund of policies discontinued during the year 2,309,989 2,060,646
Less: Fund of policies revived during the year 185,981 241,876
Add: Net Income / Gains on investment of the Fund 384,338 401,480
Less: Fund Management Charges levied 33,832 32,535
Less: Amount refunded to policyholders during the year 2,553,195 3,171,132
Closing Balance of Fund for Discontinued Policies 5,317,417 5,396,098
Other disclosures
b) No. of policies discontinued during the year 15,049 13,137
c) Percentage of discontinued policies to total policies
(product-wise) during the year
ABSLI Fortune Elite 0.02% 0.07%
ABSLI Wealth Secure Plan 0.43% 0.61%
ABSLI Wealth Assure 0.03% 0.05%
ABSLI Empower Pension Product 1.59% 2.57%
ABSLI Empower Pension Plan 0.00% 0.00%
ABSLI Platinum Advantage Plan 0.00% 0.00%
Birla Wealth Secure 0.00% 0.00%
ABSLI Classic Child Plan - 2010 0.00% 0.00%
Classic Endowment Plan 0.00% 0.00%
ABSLI Classic Life 0.00% 0.00%
ABSLI Dream Child Plan - 2010 0.00% 0.00%
Dream Endowment Plan 0.00% 0.00%
ABSLI Dream Life 0.00% 0.00%
BSLI Wealth Aspire Plan II 0.67% 0.71%
ABSLI Wealth Assure Plan 0.00% 0.00%
ABSLI Wealth Aspire Plan 0.00% 0.00%
No. of policies revived during the year 1,231 1,651
Percentage of policies revived (to discontinued 8% 13%
policies) during the year
d) Charges imposed on account of discontinued policies 53,505 46,736
e) Charges readjusted on account of revival of policies 19,809 19,564
1 Percentage of Risk-Retained and Risk-Reinsured

Particulars
Sum Assured % Sum Assured %
Individual Business
Risk-retained 706,132,166 37.76% 596,948,275 37.87%
Risk-reinsured 1,164,118,081 62.24% 979,474,264 62.13%
Total Individual Risk 1,870,250,247 100.00% 1,576,422,539 100%
Group Business
Risk-retained 1,580,397,571 52.48% 1,285,845,033 54.74%
Risk-reinsured 1,431,138,881 47.52% 1,063,163,835 45.26%
Total Group Risk 3,011,536,452 100% 2,349,008,868 100.00%

Schedule
1 Encumbrances v. Assets encumbered with Clearing Corporation of

The assets of the Company are free from all encumbrances India Limited (CCIL) towards margin requirement
except to the extent assets or monies are required to be for settlement of trades in Securities for
deposited as margin contributions for investment trade default fund:
obligations of the Company or as mandated by the court,
as detailed below: Particulars Current ear Previous Year
Government Security of face 8,400 2,700
i. Assets deposited with National Securities value
Clearing Corporation Limited (NSCCL) and Indian Cash 100 NIL
Clearing Corporation Limited (ICCL) towards
margin requirement for equity trade settlement:-
Nature of pledge: Physical custody of the securities
Particulars Current ear Previous Year is maintained with the CCIL, however interest accrued
Fixed deposit with NSCCL 200,000 200,000 on these securities is received by the Company.
Fixed deposit with ICCL 50,000 50,000 These deposits, both securities and cash, can
be invoked by CCIL in case of any default by the
Company in settlement of trades in Securities and
Nature of pledge: Physical custody of the fixed
TREP segment.
deposits are with respective clearing houses, however,
the income accrued on these deposits shall be passed vi. Assets encumbered with ICICI Bank towards the
on to the Company on the maturity of the deposits. Bank Guarantee given on behalf of the Company
These deposits can be invoked by the clearing houses given by it.
in case of settlement default of equity transactions
at the exchange. Particulars Current ear Previous Year
Fixed Deposits 2500 -
ii. Assets encumbered with Clearing Corporation of
India Limited (CCIL) towards margin requirement
1 Commitments Made and Outstanding on Fixed Assets
for settlement of trades in TREPS:
The commitments made and outstanding for fixed assets
Particulars Current ear Previous Year by the Company are bifurcated as below:
value
i. Tangible 27,498 10,871
Cash 100 100
ii. Intangible 97,304 102,131
Total 124,802 113,002
iii. Assets encumbered with Clearing Corporation of
India Limited (CCIL) towards margin requirement
16 Investments
for settlement of trades in Securities:
i Value of Contract Outstanding
Purchase where payment is 706,077 873,051
value
not made and deliveries are
Cash 25,100 25,100
pending
Purchase where payments NIL NIL
iv. Assets encumbered with Clearing Corporation of are made and deliveries are
India Limited (CCIL) towards margin requirement pending
for settlement of trades in TREPS for default Sales where receivables are 346,103 333,024
fund: pending

Government Security of face 17,300 5,900 ii. Historical costs
value
Cash 2,300 2,200
Aggregate historical cost 225,816,072 225,504,071
of Linked investments
Aggregate market value 245,258,949 241,488,265
of Linked investments
iii. All investments are performing assets.
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Schedule
1 Allocation of Investments and Income

The funds of the shareholders and the policyholders are kept separate and records are maintained accordingly. Investments made
out of the shareholders’ and policyholders’ funds are tracked from their inception and the income thereon is also tracked
separately. Since the actual funds, investments and income thereon are tracked and reported separately, the allocation of
investments and income is not required.
18 Policyholders Liabilities Adequately Backed by Assets
Policyholders' liabilities (Included funds for future appropriation)* (140,171,288) (109,754,409)
Investments (As per schedule 8A)* 131,966,998 102,480,415
Loans to policyholders (As per schedule 9) 1,140,600 742,998
Fixed deposits, bank balances and cheques on hand (As per schedule 11) 4,472,434 4,042,682
Other receivables under schedule 12 representing "Advances and other assets" 3,276,053 2,735,696
*Excludes prepayment fund, (Liability numbers are presented in brackets)
1 Assets in the Internal Funds

The Company has presented the financial statements of each internal fund to which the policyholders can link their policy in
Annexure 3. Also additional disclosures as required by IRDAI (Presentation of Financial Statements and Auditor's report of
Insurance Companies) Regulation, 2002 read with master circular on "Preparation of Financial Statements and filing returns
of Life Insurance business" are given in Annexure 3A.
The classification for industry wise disclosures given in Appendix 3 of Annexure 3A has been made in accordance with IRDA
(Investment) Regulations, 2016.
20 Assets Restructured During the ear
Assets restructured during the year NIL NIL
NPA NIL NIL
21 Disclosure for ULIP business

Investment Management
a) Activities Outsourced: Nil
b) Fees Paid for various activities charged to policyholders account for the period ended 31st March, 2019: ` Nil (Previous
Year: ` Nil)
22 1 Nature and Term of Outstanding Derivative Contract
a) Forward rate Agreement
i) Total notional principal amount of forward rate agreement undertaken during the year
(instrument-wise)
7.73% Gsec 19-12-2034 - 2,000,000
8.30% Gsec 31-12-2042 - 869,810
8.32% Gsec 02-08-2032 - 1,523,690
7.40% Gsec 09-09-2035 1,000,000 -
ii) Total notional principal amount of forward rate agreement outstanding as on end of the
year (instrument-wise)
7.73% Gsec 19-12-2034 1,522,530 2,000,000
8.30% Gsec 31-12-2042 694,210 869,810
8.32% Gsec 02-08-2032 838,230 1,523,690
7.40% Gsec 09-09-2035 871,233 -
iii) Notional principal amount of forward rate agreement outstanding and not ‘highly effective’ - -
as at Balance Sheet date
iv) Mark-to-market value of forward rate agreement outstanding and not ‘highly effective’ as - -
at Balance Sheet date
v) Loss which would be incurred if counter party failed to fulfil their obligation under - -
agreements

Schedule
b) The fair value mark to market (MTM) gains or losses in respect of Forward Rate Agreement outstanding as at the
Balance Sheet date is stated below:

Sr. No. Hedging Instrument Current ear Previous Year
i) 7.73% Gsec 19-12-2034 (11,773) 7,271
ii) 8.30% Gsec 31-12-2042 (30,199) (23,817)
iii) 8.32% Gsec 02-08-2032 (8,114) (15,130)
iv) 7.40% Gsec 09-09-2035 6,439 -
c) Movement in Hedge Reserve

Sr. No. Hedge Reserve Account
Realised Unrealised Total Realised Unrealised Total
i) Balance at the beginning of the year - (52,805) (52,805) - - -
ii) Add: Changes in the fair value during the Year - 7,156 7,156 - (52,805) (52,805)
iii) Less: Amounts reclassified to Revenue (283) - (283) - - -
/Profit & Loss Account
d) Counter Party wise Details

i) Name of the Counter Party J.P.Morgan / J.P.Morgan
CITI Bank
ii) Hedge Designation Cash flow hedge Cash flow hedge
iii) Likely impact of one percentage change in interest rate (100*PV01)
a) Underlying being hedged Sovereign Bonds Sovereign Bonds
b) Derivative Forward Rate Forward Rate
Agreement Agreement
iv) Credit Exposure
2 Claims
The claims settled and remaining unpaid for a period of more than six months as at the balance sheet date amount to ` 8,896
(Previous Year: `79,245). Reinsurance recoverable is netted off against claim expenses incurred.
2 Foreign Currency Exposure
The year-end foreign currency payments that have not been hedged by a derivative instrument or otherwise are given below:-

Foreign currency Amount in Foreign Amount in
INR INR
currency Foreign currency
CAD 24,816 476 33,259 643
SGD - - 4,673 100
DIRHAM 226 17 17,785 1,012
USD 42,980 702 28,041 404
POUND - - 188 2
GBP 806 9 186 2
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Schedule
2 Disclosure for Unclaimed Amount of Policyholders

Age-Wise Analysis
i Particulars Total Amount Up To One 13-18 19– 24 25 – 30 31 – 36 Beyond 36
1-6 months 7-12 months
month months months months months Months
Claims settled but not paid to
the policyholders/insured's 140,645 4,459 71,898 15,392 11,414 21,181 7,546 1,951 6,804
due to any reasons except
under litigation from the
insured/policyholders (91,897) (275) (6,801) (19,561) (51,970) (1,828) - (2,146) (9,316)
Sum due to the insured/ 276,891 - 61,946 106,031 38,388 13,357 17,423 15,898 23,848
policyholders on maturity or
otherwise (343,335) (4,033) (86,065) (22,427) (23,957) (36,077) (16,305) (5,290) (149,181)
Any excess collection of the
premium/tax or any other
- - - - - - - - -
charges which is refundable
to the policyholders either as
terms of conditions of the
policy or as per law or as may
- - - - - - - - -
be directed by the Authority
but not refunded so far
Cheques issued but not 3,092,335 597,114 251,026 227,123 146,981 164,247 161,419 227,423 1,317,002
encashed by the policyholder/
insured (2,686,438) (544,455) (95,597) (240,827) (205,949) (272,104) (183,717) (55,194) (1,088,595)
Total 3,509,871 601,573 384,870 348,546 196,783 198,785 186,388 245,272 1,347,654
(3,121,670) (548,763) (188,463) 282,815) (281,876) (310,009) (200,022) (62,630) (1,247,092)
Amount transferred to 16,985 - - - - - - - -
Senior Citizen Fund - - - - - - - - -
# Previous Year: amounts are in brackets.
The cheques issued but not encashed by policyholder/insured category includes `6,98,990 pertaining to cheques which are
within the validity period but not yet encashed by policyholders as on 31st March, 2019 (Previous Year: `537,475). This amount
forms a part of bank reconciliation statement and consequently not considered in unclaimed amount of policyholders under
Schedule 13 – Current Liabilities.
ii Details of Unclaimed amounts and investment income thereon as required by Para no 7 of master circular no. IRDA/F&I/
CIR/CLD/114/05/2015 on unclaimed amount of policyholders dated 28th May 2015 further amended by IRDA/F&A/CIR/
Misc/173/07/2017.
Particulars Current Financial ear Previous Financial Year

Opening Balance (A) 2,584,195 2,362,495
Add: Amount Transferred to Unclaimed Amount (B) 2,094,197 1,156,313
Add: Cheques issued out of the unclaimed amount but not encashed by the policy holders (To be 2,026 5,092
included only when the cheques are stale) (C)
Add: Investment Income (D) 195,984 151,392
Less: Amount paid during the month (E) 2,048,535 1,091,097
Less: Amount transferred to Senior Citizens Welfare Fund ("SCWF") - (F) 16,985 -
Closing balance (G=A+B+C+D-E-F) 2,810,882 2,584,195
Add: Amount Transferred to SCWF considered as unclaimed Liability (H) 16,985 -
Gross Closing balance (G+H) 2,827,867 -

Schedule
26 Provisions
Long-Term Incentive Plan
The cost estimate is determined by Actuary a°er the factoring in assumptions in respect of criteria identified in the Plan which
1. Employee Attrition Rate
2. Performance Condition
3. Discount Rate

Particulars
Opening balance 140,676 116,871
Additional provision made 148,081 117,864
Incurred and charged (101,622) (59,453)
Unused amount reversed* (30,483) (34,606)
Closing balance 156,652 140,676
Nature of obligation Long-Term Long-Term
Incentive Incentive
Expected timing Up to 3 Years Up to 3 Years
*The unused amount of Long-Term Bonus Plan has been credited to “Employees" remuneration, welfare benefit and other manpower costs Schedule 3.
2 Employee benefits
a) Defined Benefit Plans
(i) Gratuity
The Company provides for gratuity, a defined benefit retirement plan covering all employees as at balance sheet date
using projected unit credit method. The plan provides a lump sum payment to vested employees at retirement or
termination of employment based on the respective employee’s salary and the years of employment with the Company.
The gratuity benefit payable is greater of the provisions of the Payment of Gratuity Act, 1972 and the Company’s
Gratuity Scheme as mentioned below:

Change in Defined benefit obligations Current ear Previous Year
Present value of Defined benefit obligations as at beginning of the year 333,931 295,999
Service cost 47,883 36,177
Interest cost 22,618 19,486
Liability assumed on acquisition / Settled on divestiture - (6,117)
Benefits paid (30,748) (31,254)
Past service cost - -
Actuarial loss due to curtailment - -
Actuarial loss on obligations (4,436) 19,640
Present value of Defined benefit obligations as at end of the year 369,248 333,931
Reconciliation of present value of the obligation and the fair value of the plan assets
Opening Fair Value of Plan assets 336,566 285,738
Contributions by the employer for the year 24,741 65,373
Benefits paid (30,747) (31,253)
Expected Return on Plan Assets 26,685 25,738
Actuarial Gain / (Loss) 1,501 (2,913)
Closing Fair Value of Plan assets 358,746 336,566
Net asset/ (liability) as at end of the year (10,502) 2,635
Cost recognised for the year - -
Current service cost 47,882 36,177
Expected return on plan assets (26,685) (25,738)
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Schedule
2 Employee benefits contd

Change in Defined benefit obligations Current ear Previous Year
Actuarial (gain) / loss due to curtailment - -
Cost of Gratuity for FFS not part of Valuation - -
Actuarial (gain) / loss (5,937) 22,553
Net gratuity cost 37,878 52,478
Transitional Liability expended in Revenue Account - -
Investment in Category of Assets (% Allocation) - -
Insurer Managed Funds* 100.00% 100.00%
Group Stable Fund 0.00% 0.00%
Group Short-Term Debt Fund 0.00% 0.00%
Actuarial assumptions used
Discount rate 6.75% 7.05%
Rate of return on plan 7.65% 8.00%
Salary escalation rate 6.00% 6.00%
*The amount is invested in Group Secure Fund Plan 1 of Aditya Birla Sun Life Insurance Limited, Gratuity and Group Unit Linked Product (GULP)
scheme. Below is the asset allocation of fund.
Asset allocation Current ear Previous Year

Debt securities 100.00% 100.00%
Equity and money market 0.00% 0.00%
Total 100.00% 100.00%

Particulars 2018-1 2017-18 2016-17 2015-16 2014-15
Defined Benefit Obligation 369,248 333,931 295,999 273,944 250,057
Plan Assets 358,746 336,566 285,738 265,445 293,429
(Surplus) /Deficit (10,502) (2,635) 10,261 8,498 (43,372)
Experience adjustment on Plan Liabilities (9,629) 28,544 10,384 13,034 5,070
Experience adjustment on Plan Assets 1,501 (2,913) 12,169 (14,353) 23,581
The contributions expected to be paid to the plan during the annual period beginning a°er the balance sheet date is
` 65,961 (Previous Year: ` 53,246)
(ii) Accumulated Compensated Absences
The liability for accumulated compensated absences as at balance sheet date has been calculated by using projected
unit credit method. This method takes into account the pattern of availment of leave while in service and qualifying
salary on the date of availment of leave.
Present value of obligation for accumulated compensated absences as determined by the Actuary is given below:

Present value of obligations as at end of the year 134,857 110,564
Fair value of plan assets - -
Cost recognised during the year 41,548 4,599

Schedule
(iii) Defined contribution plans

The Company has recognised the following amounts as expense in the Revenue account;
Contribution to superannuation fund 6,688 7,030
Contribution to Employee State Insurance Corporation 40,035 35,852
Contribution to National Pension Scheme 5,036 4,571
Contribution to Employees Provident Fund 115,313 95,554
28 Segment reporting
As per Accounting Standard 17 on ‘Segment Reporting’ read with the “Preparation of Financial Statements and Auditor’s Report
of Insurance Companies, Regulations 2002”,the Company is required to report segment results separately as Participating
non-linked, Non-Participating Unit Linked and Non-Linked businesses, which are further segmented into Individual Life,
Group Life, Group Life Variable, Annuity Individual, Individual Pension, Group Pension, Group Pension Variable and Individual
Health businesses. The same is disclosed in Annexure 1.
2 Related Party Disclosure
During the year ended 31st March, 2019, the Company has had transactions with related parties as defined in Accounting
Standard 18 on ”Related Party Disclosures”. Related Parties have been identified by the management on the basis of the
information available with the Company. Details of related parties with whom, the Company had transactions, nature of the
relationship, transactions with them and balances at year-end, are detailed in Annexure 2.
0 Summary of financial statements
A summary of the financial statements as per the formats prescribed by the IRDA in its circular number IRDA/F&A/
Cir/232/12/2013 dated 11.12.2013 is provided in Annexure 4.
1 Accounting Ratios
Accounting ratios prescribed by the IRDA in line with Para No 1.3 of Master Circular on Preparation of Financial Statements
and Filing Returns of Life Insurance Business vide circular no IRDA/F&A/Cir/232/12/2013 dated 11.12.2013 are provided
in Annexure 5.
Statement containing names descriptions occupations of and directorships held by the persons in charge of
management of the business under Section 11 2 of Insurance Act 1 8 and the Insurance Laws Amendment Act
2015:
Name : Mr. Pankaj Razdan
Designation : Managing Director & CEO
Occupation : Service
Directorships Held during the year
Director in : Aditya Birla Sun Life AMC Limited – Appointed w.e.f. 21/10/2009
: Aditya Birla Sun Life Insurance Company Limited – Re-appointed w.e.f. 30/12/2018
: Aditya Birla Sun Life Pension Management Limited - Appointed w.e.f. 9/1/2015
: Razdan Holding LLP - Designated Partner (27/06/2017)
: I-Student Accommodations LLP - Body Corporate DP Nominee (22/02/2018)
110
01-19 20-68 69-288
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Schedule
Penalty
As required by Para 2.9.5 ‘Information on Penal Action taken on an Insurer under IRDAI Circular reference: IRDA/F&A/
CIR/232/12/2013 dated 11th December 2013 Master Circular on Preparation of Financial Statements and Filing Returns
of Life Insurance Business, the details of various penal actions taken by various Government Authorities for the financial year
2018-19 are mentioned below:-
Amount in `
Non-Compliance / Penalty Waived /
Sr. No. Authority Penalty Awarded Penalty Paid
Violation Reduced
1 Insurance Regulatory and Development Authority
2 GST/Service Tax Authorities
3 Income Tax Authorities
4 Any other Tax Authorities
5 Enforcement Directorate/Adjudicating Authority/
Tribunal or any Authority under FEMA
6 Registrar of Companies/ NCLT/ CLB / Department
of Corporate Affairs or any Authority under `Nil
Companies Act, 2013 (`Nil)
7 Penalty awarded by any Court/ tribunal for any
matter including claim settlement but excluding
compensation
8 Securities and Exchange Board of India
9 Competition Commission of India
10 Any other Central/ State/ Local Government/
Statutory Authority
# Previous Year: amounts if applicable for any category have been mentioned in brackets.
Disclosures relating to controlled Fund

As required by circular no. IRDA/F&I/CIR/F&A/045/03/2010 dated 17th March, 2010, the details of controlled fund for the
financial year 2018-2019 and 2017-2018 are mentioned below:-
a) Statement Showing Controlled Fund

Computation of Controlled fund as per the Balance Sheet
Policyholders' Fund (Life Fund)
Participating
Individual Assurance 24,481,222 16,096,567
Individual Pension - -
Any other - -
Non-participating
Group Assurance 19,163,361 15,268,262
Group Life Variable 7,502,431 9,034,741
Individual Pension 472,382 466,777
Individual Annuity 1,523,578 874,585
Group Pension 13,519,694 11,011,739
Group Pension Variable 8,005,282 6,860,927
Health 151,075 124,700
Others - -
Linked - -
Group Assurance 48,005,292 40,737,384
Individual Pension 8,203,579 9,157,706
Group Superannuation 8,330,806 8,247,591
Group Gratuity - -
Health 557,014 527,974
Funds for Future Appropriations 79,663 52,289
Total (A) 391,811,237 357,033,512

Schedule
a) Statement Showing Controlled Fund (Contd.)

Shareholders' Fund
Paid up Capital 19,012,080 19,012,080
Reserves & Surpluses 2,682,948 2,682,948
Fair Value Change 26,338 414,652
Total (B) 21,721,366 22,109,680
Misc. expenses not written off - -
(Debit) from P&L A/c. (723,511) (1,979,692)
Total (C) (723,511) (1,979,692)
Total shareholders' funds (B+C) 20,997,855 20,129,988
Controlled Fund (Total (A+B-C)) 412,809,092 377,163,500
b) Reconciliation of the Controlled Fund from Revenue and Profit & Loss Account

Opening Balance of Controlled Fund 377,163,505 351,595,135
Add: Inflow -
Income
Premium Income 75,112,612 59,030,033
Less: Reinsurance ceded (2,256,358) (1,815,501)
Net Premium 72,856,254 57,214,532
Investment Income 31,083,204 30,103,552
Other Income 433,357 349,536
Funds transferred from Shareholders' Accounts 1,392,226 1,066,492
Total Income 105,765,041 88,734,112
Less: Outgo
(i) Benefits paid (Net) 52,485,104 50,553,103
(ii) Interim Bonus Paid 31,374 23,143
(iii) Change in Valuation of Liability 34,750,350 23,501,384
(iv) Commission 4,177,498 2,688,174
(v) Operating Expenses 12,128,227 9,285,540
(vi) Provision for Taxation 240,365 -
(a) FBT - -
(b) I.T. - -
Other Provisions (163) 9,126
Total Outgo 103,812,755 86,060,470
Surplus of the Policyholders' Fund 1,952,286 2,673,642
Less: Transferred to Shareholders' Account 1,924,912 2,690,066
Net Flow in Policyholders' account 27,374 (16,424)
Add: Net income in Shareholders' Fund 1,256,183 1,668,317
Less: Interim Dividend & Dividend distribution tax thereon - -
Net In Flow / Outflow 1,283,557 1,651,893
Add: change in valuation Liabilities 34,750,350 23,501,384
Add: Increase in Paid up Capital - -
Add: Increase in Securities Premium - -
Add: Credit/(Debit) / Fair Value Change Account (388,320) 415,093
Closing Balance of Controlled Fund 412,809,092 377,163,505
As Per Balance Sheet 412,809,092 377,163,505
Difference, if any - -
112
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Schedule
c) Reconciliation with Shareholders' and Policyholders' Fund

Policyholders' Funds
Policyholders' Funds - Traditional-PAR and NON-PAR
Opening Balance of the Policyholders' Fund 109,702,121 84,602,625
Add: Surplus of the Revenue Account -
Add: change in valuation Liabilities 30,389,504 25,099,496
Total 140,091,625 109,702,121
As per Balance Sheet 140,091,625 109,702,121
Policyholders' Funds - Linked
Opening Balance of the Policyholders' Fund 247,331,396 248,945,933
Add: Surplus of the Revenue Account 27,374 (16,424)
Add: change in valuation Liabilities 4,360,842 (1,598,113)
Total 251,719,612 247,331,396
Shareholders' Funds
Opening Balance of Shareholders' Fund 20,129,990 18,046,580
Add: net income of Shareholders' account (P&L) 1,256,183 1,668,317
Add: Infusion of Capital - -
Add: Credit/(Debit) / Fair Value Change Account (388,318) 415,093
Less: Interim Dividend/Proposed and final & Dividend distribution tax thereon - -
Closing Balance of the Shareholders' fund 20,997,855 20,129,990
Includes Funds for Future Appropriations
Debit balance in Profit & Loss account is irreversible in nature and will not be recouped to the
In accordance with IRDA (preparation of Financial shareholder at any point of time in future.
Statements and Auditors' Reports of Insurance Companies)
Shareholders’ contribution of ` 10,66,492/- to the
Regulation 2002 and the Insurance Laws (Amendment)
Policyholders’ account for the Previous Year has been
Act, 2015, debit balance in Profit and Loss account
approved by shareholders at the Annual General Meeting
carried to the Balance Sheet has been shown as deduction
held on 3rd July, 2018
from General reserve to the extent of ` 406,127 as at
31st March, 2019 (as at 31st March, 2018 ` 406,127) 38 Long-term Contracts
and the balance of `723,511 at 31st March, 2019 (as at
The Company has a process whereby periodically all
31st March, 2018 `1,979,692) is shown in Balance Sheet
long-term contracts are assessed for material foreseeable
under application of funds.
losses. At the year end, the Company has reviewed and
Bonus paid to participating Policyholders ensured that adequate provision as required under any law
The Bonus to participating policyholders, for current year / accounting standards for material foreseeable losses on
as recommended by Appointed Actuary has been included such long-term contracts has been made in the books of
in change in valuation against policies in force. account.
Transfer to and from Revenue account Policyholder s For insurance contracts reliance has been placed on the
account Appointed Actuary for actuarial valuation of liabilities for
Disclosure in line with Para No 2.6 of Master Circular on policies in force. The Appointed Actuary has confirmed that
preparation of Financial Statements and filing Returns the assumptions used in valuation of liabilities for policies
of Life Insurance Business vide Circular No IRDA /F&A/ in force are in accordance with the guidelines and norms
Cir/232/12/2013 dated 11.12.2013 issued by the Insurance Regulatory and Development
Authority of India ("IRDA") and the Institute of Actuaries of
The Board of Director of the Company has noted that
India in concurrence with the IRDA.
contribution from shareholder account to policyholder is
`13,92,155 (Previous Year: `1,066,492) and the same Pending Litigations
has been charged to shareholders’ account. The board The Company’s pending litigations comprise of claims
has recommended that the same would be subjected against the Company primarily by the customers and
to approval of the shareholders of the Company at the proceedings pending with Income Tax authorities.
ensuing annual general meeting. The transfer amount The Company has reviewed all its pending litigations

Schedule
and proceedings and has adequately provided for where financial results. Refer Note 3 for details on contingent
provisions are required and disclosed the contingent liabilities. In respect of litigations, where the management
liabilities where applicable, in its financial statements. assessment of a financial outflow is probable, the Company
The Company does not expect the outcome of these has made a provision of ` 102,680 as at 31st March,
proceedings to have a materially adverse effect on its 2019. (Previous Year: `130,435).
0 Amount spent on Corporate Social Responsibility
Expenditure related to Corporate Social Responsibility as per Section 135 of the Companies Act, 2013 read with Schedule
VII thereof:
In Cash Yet to be paid in Cash Total

Particulars
2018-1 2017-18 2018-1 2017-18 2018-1 2017-18
a) Gross Amount Required to be spent 28,700 36,548 - - 28,700 36,548
b) Amount Spent During the year on:
i Construction/acquisition of any assets - - - - - -
ii Purpose other than i above 28,700 24,964 - - 28,700 24,964
1 Payments made to statutory auditors for additional work other than statutory audit
Nature of work Current ear Previous Year
Towards Group reporting pack (Sch 3A) 2,000 2,000
Certification fees (Sch 3) 973 514
Tax Audit 200 150
2 Payment of sitting fees to independent directors impairment loss recognised for year ended 31st March,
Sitting Fees paid to independent directors in the current 2019 is `Nil (Previous Year: ` 6,499)
year is ` 985 (Previous Year: ` 1,105).
46 The Micro Small and Medium Enterprises Development
Limits on Expense of Management Section 0B of the MSMED Act 200
Insurance Law Amendment Act 201 According to the information available with the
In accordance with IRDAI notification dated 9th May, management, on the basis of the intimation received from
2016 bearing reference no. IRDAI/Reg/14/126/2016, the suppliers, regarding their status under the Micro, Small
the Company has worked out Expense of Management and Medium Enterprises Development Act, 2006 (MSMED
by considering allowance at 100% (Previous Year: 110%) Act), the Company has no amounts due to Micro and Small
on segment basis to ascertain the excess thereof which Enterprises under the said Act, as at 31st March, 2019.
has been borne by the shareholders. Accordingly, amount (Previous Year: ` Nil)
aggregating ` 8,20,100 (Previous Year: `1,018,874) has
Provision for Standard and Non Standard Assets
been deducted from schedule 3 and added to schedule 3A.
Provision for standard assets is made In line with the
Employee Stock Option Plan ‘Guidelines on Prudential norms for income recognition,
Pursuant to ESOP Plan being established by the holding Asset classification, Provisioning and other related matters
company (i.e. Aditya Birla Capital Limited), stock options in respect of Standard Assets as specified by IRDAI vide
were granted to the employees of the Company during the the Master Circular dated 3rd May, 2017. During the year,
financial year. Total cost incurred by the holding company there is a provision reversal on standard assets recognised
till date is being recovered from the Company over the in Revenue Account amounting to `163 (Previous Year:
period of vesting. Accordingly, a sum of `222,432 creation of provision of `1,278) and oustanding balance
(Previous Year: ` 1,10,924) has been recovered from of provision as on 31st March,2019 is of `1,115 (Previous
the Company during the year, which has been charged Year: `1,278) as required under IRDAI (Investment)
to the Statement of Profit and Loss. The balance sum of Regulations 2016.
`109,345 (Previous Year: ` 2,34,156) will be recovered in
8 Provision for tax
future periods.
During the year, the Company has made provision for tax
Diminution in the value of Investments (net) amounting to ` 240,365 thousands (Previous Year:
In accordance with impairment policy of the Company, ` Nil) charged to the Revenue Account in accordance with
diminution in value of investments has been recognised the Income Tax Act, 1961 and Rules and Regulations there
under the head "provision for diminution in the value of under as applicable to the Company.
investments (Net)" in the profit and Loss account. The total
114
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Schedule
Previous ear comparatives

Previous Year: amounts have been reclassified, wherever necessary and to the extent possible, to conform to current year’s
classification.
Sr. No Regrouped from Amount Regrouped to Reason

1 Sch 8 -Long-Term - Other 1,696,568 Sch 8-Long-term - As per the preparation of financial statement
Approved Securities Government securities and and auditor's report, 2002, government
Government guaranteed bonds guaranteed bonds are required to be presented
including Treasury Bills under 'Government Securities and Government
Guaranteed Bonds including TBs'. Hence the
classification.
2 Sch 8 - Short-Term- Other 559,435 Sch 8- Short-Term-Other As per Annexure II of Master Circular of
Approved Securities Securities Investments, only CAT Code with SGOA are
categorised as 'Other Approved Securities'.
Hence the classification.
3 Sch 8A -Long-Term - Other 4,118,470 Sch 8A-Long-term - As per the preparation of financial statement
classification.
4 Sch 8A - Short-Term- Other 3,202,793 Sch 8A- Short-Term-Other As per Annexure II of Master Circular of
5 Sch 8B -Long-Term - Other 1,943,781 Sch 8B - Long-term - As per the preparation of financial statement
classification.
6 Sch 8B - Short-Term- Other 6,051,332 Sch 8B - Short-Term-Other As per Annexure II of Master Circular of
7 Sch 12 - Others Gratuity and 333,931 Sch 14 - Provision for gratuity Grossing up of Liability and Asset of gratuity
Advances to Employees
For and on behalf of the Board of Directors
Ajay Srinivasan B. N. Puranmalka Pinky Mehta

Chairman Director Director
(DIN - 00121181) (DIN - 0007432) (DIN - 00020429)
Pankaj Razdan Amber Gupta Amit Jain

Managing Director & CEO (DIN - 00061240) Company Secretary Chief Financial Officer
Anil Kumar Singh

Chief Actuarial Officer & Appointed Actuary
Mumbai, 26th April, 2019

Form A - RA Annexure - 1
for year ended, 31st March, 2019
116
Policyholders' Account (Technical Account)

ANNUAL REPORT
Linked Business Non-Linked Par Non-

Group Linked
Particulars Individual Pension Group Health Individual Group Life Pension Annuity Group Health Total
Group Life Group Life Pension Individual
Life Individual Pension Individual Life Variable Individual Individual Pension Individual
Variable Life
2018-19
Premium earned-net
(a) Premium 19,398,853 8,442,666 740,116 566,033 57,804 18,800,885 7,927,219 1,400,410 20,391 812,297 3,403,238 1,555,724 92,798 11,894,178 75,112,612
(b) Reinsurance ceded (606,279) (570) (208) - (3,132) (645,979) (959,399) - - - - - (25,790) (15,001) (2,256,358)
(c) Reinsurance accepted - - - - - - - - - - - - - - -
Sub-Total 18,792,574 8,442,096 739,908 566,033 54,672 18,154,906 6,967,820 1,400,410 20,391 812,297 3,403,238 1,555,724 67,008 11,879,177 72,856,254
Income from Investments

(a) Interest, Dividend & 9,009,989 2,723,438 461,530 506,854 26,941 3,854,451 1,246,350 581,517 23,976 87,172 945,009 556,848 239 1,319,704 21,344,018
Rent - Gross
(b) Profit on sale / redemption 11,934,903 872,574 424,940 273,324 40,922 270,864 184,061 86,307 1,222 1,994 144,184 77,435 13 247,852 14,560,595
of investments
(c) (Loss) on sale / (7,117,772) (462,997) (258,736) (156,028) (24,568) (81,034) (59,197) (41,353) (366) - (51,886) (35,888) (2) (112,870) (8,402,697)
redemption of investments
(d) Transfer /Gain (Loss) on 2,470,723 676,998 190,185 252,027 20,304 (28,949) - - - - - - - - 3,581,288
revaluation / change in
Fair value*
Sub-Total 16,297,843 3,810,013 817,919 876,177 63,599 4,015,332 1,371,214 626,471 24,832 89,166 1,037,307 598,395 250 1,454,686 31,083,204
Other Income
Annexures to Schedule 16
(a) Contribution from the - 75,615 - - - 1,125,387 - - 15,546 - - - 16,906 158,701 1,392,155
Shareholders' Account
(b) Others (Interest etc) 100,805 26,345 2,319 1,773 186 150,648 24,704 4,369 74 2,506 10,612 4,853 485 103,678 433,357
Sub-Total 100,805 101,960 2,319 1,773 186 1,276,035 24,704 4,369 15,620 2,506 10,612 4,853 17,391 262,379 1,825,512
TOTAL (A) 35,191,222 12,354,069 1,560,146 1,443,983 118,457 23,446,273 8,363,738 2,031,250 60,843 903,969 4,451,157 2,158,972 84,649 13,596,242 105,764,970
Commission 843,960 672 9,882 39 1,671 1,778,550 95,502 - 322 12,968 - 1,834 12,271 1,419,827 4,177,498
Operating Expenses related 2,450,339 136,076 20,927 12,192 4,152 5,015,896 348,752 22,821 458 3,053 53,227 33,325 27,393 2,874,802 11,003,413
to Insurance Business
Service Tax on Charges** 992,674 76,046 31,335 14,917 7,119 - - - - - - - - - 1,122,091
Provision for doubtful debts 537 - 6 - 1 1,129 61 - - 8 - 1 8 901 2,652
Bad Debts written off - - - - - - - - - - - - - - -
Provision for Tax - - - - - - - - - - - - - 240,365 240,365
Provision (other than - - - - - - - - - - - - - - -
taxation)
(a) For diminution in the - - - - - - - - - - - - - - -
value of investment
(Net)
(b) Others - Provision - - - - - (163) - - - - - - - - (163)
for standard and non
standard assets
TOTAL (B) 4,287,510 212,794 62,150 27,148 12,943 6,795,412 444,315 22,821 780 16,029 53,227 35,160 39,672 4,535,895 16,545,856
for year ended, 31st March, 2019 (Contd.)

Group Linked
Variable Life
Benefits paid (Net) 31,482,494 4,860,879 2,305,758 1,168,528 38,683 1,550,801 3,994,114 3,465,783 27,244 81,200 1,882,001 939,758 43,543 644,318 52,485,104
Interim Bonuses Paid - - - - - - - - - - - - - 31,374 31,374
Change in valuation of
liability against life policies
in force
(a) Gross*** (22,404) 12,350 (29,570) (372) 26,989 14,933,027 4,135,207 (1,532,310) 32,819 648,993 2,508,328 1,144,355 32,060 8,384,031 30,273,503
(b) Fund Reserve (2,249,044) 7,267,909 (691,594) 83,215 29,040 - - - - - - - - - 4,439,526

(c) Fund Reserve - PDF 183,852 - (262,533) - - - - - - - - - - - (78,681)
(d) (Amount ceded in 231,119 137 2,357 - (2,047) 167,033 (252,595) - - - - - (30,626) 624 116,002
Re-insurance)
(e) Amount accepted in - - - - - - - - - - - - - - -
Re-insurance
TOTAL (C) 29,626,017 12,141,275 1,324,418 1,251,371 92,665 16,650,861 7,876,726 1,933,473 60,063 730,193 4,390,329 2,084,113 44,977 9,060,347 87,266,828
Surplus/ (Deficit) (D) 1,277,695 - 173,578 165,464 12,849 - 42,697 74,956 - 157,747 7,601 39,699 - - 1,952,286
= (A) - (B) - (C)
Appropriations
Transfer to Shareholders 1,245,002 - 178,897 165,464 12,849 - 42,697 74,956 - 157,747 7,601 39,699 - - 1,924,912
Account
Transfer to Other Reserves - - - - - - - - - - - - - - -
Balance being Funds for 32,693 - (5,319) - - - - - - - - - 27,374
Future Appropriations
TOTAL (D) 1,277,695 - 173,578 165,464 12,849 - 42,697 74,956 - 157,747 7,601 39,699 - - 1,952,286
The total surplus as
01-19
mentioned below:
(a) Interim Bonuses Paid - - - - - - - - - - - - - 30,200 30,200
(b) Terminal Bonus Paid - - - - - - - - - - - - - 1,174 1,174
Corporate Overview
(c) Allocation of Bonus to - - - - - - - - - - - - - 2,034,300 2,034,300

policyholders
20-68
(d) Surplus/(Deficit) shown 1,277,695 - 173,578 165,464 12,849 - 42,697 74,956 - 157,747 7,601 39,699 - - 1,952,286
in the Revenue Account
(e) Total Surplus: {a+b+c} 1,277,695 - 173,578 165,464 12,849 - 42,697 74,956 - 157,747 7,601 39,699 - 2,065,674 4,017,960
Statutory Reports
**GST on charges w.e.f. 1st July, 2017
***represents Mathematical Reserves a°er allocation of bonus.
00-00
69-288

117
118
Group Linked
ANNUAL REPORT
Variable Life
Premium earned-net
2018-19
(a) Premium 17,921,296 6,532,842 964,523 647,697 68,304 13,942,955 4,152,139 1,668,092 16,783 216,125 1,724,561 1,968,797 116,009 9,089,910 59,030,033
Sub-Total 17,383,240 6,532,363 963,792 647,697 65,692 13,444,454 3,418,686 1,668,092 16,783 216,125 1,724,561 1,968,797 84,209 9,080,041 57,214,532
(a) Interest, Dividend & 9,303,509 2,446,173 364,236 449,695 22,939 2,982,234 983,431 523,821 23,951 58,882 665,497 470,635 333 771,046 19,066,382
Rent - Gross
(b) Profit on sale / redemption 17,241,414 1,272,208 510,071 418,841 42,504 90,273 251,399 169,461 290 655 221,073 147,805 7 129,553 20,495,554
of investments
(c) (Loss) on sale / (2,325,549) (264,505) (107,655) (75,229) (10,791) (6,926) (29,548) (16,251) - - (37,588) (18,115) - (44) (2,892,201)
(d) Transfer /Gain (Loss) on (5,879,032) (536,916) 76,122 (157,348) 15,471 (84,480) - - - - - - - - (6,566,183)
Fair value*
Sub-Total 18,340,342 2,916,960 842,774 635,959 70,123 2,981,101 1,205,282 677,031 24,241 59,537 848,982 600,325 340 900,555 30,103,552
Other Income
(a) Contribution from the - - - 7,770 - 503,438 36,615 - - - 18,089 12,943 - 487,637 1,066,492
(b) Others (Interest etc) 115,447 25,953 3,832 2,573 271 97,858 16,395 6,632 113 7,822 859 6,851 510 64,420 349,536
Sub-Total 115,447 25,953 3,832 10,343 271 601,296 53,010 6,632 113 7,822 18,948 19,794 510 552,057 1,416,028
TOTAL (A) 35,839,029 9,475,276 1,810,398 1,293,999 136,086 17,026,851 4,676,978 2,351,755 41,137 283,484 2,592,491 2,588,916 85,059 10,532,653 88,734,112
Commission 588,749 857 16,575 4,329 2,130 1,068,022 54,247 - 190 3,835 - 817 19,138 929,285 2,688,174
Operating Expenses related 1,808,027 136,213 28,570 15,039 4,130 3,412,295 286,046 34,060 424 911 36,050 39,927 32,516 2,339,441 8,173,649
Provision for doubtful debts 1,719 3 48 13 6 3,118 158 - 1 11 - 2 56 2,713 7,848
Provision for Tax - - - - - - - - - - - - - - -
taxation)
value of investment
(Net)
(b) Others - - - - - 1,278 - - - - - - - - 1,278
TOTAL (B) 3,386,915 214,042 81,481 22,552 13,309 4,484,713 340,451 34,060 615 4,757 36,050 40,746 51,710 3,271,439 11,982,840

Group Linked
Variable Life
Benefits paid (Net) 36,899,048 4,068,849 1,910,732 648,073 35,647 1,553,185 1,918,509 166,231 10,910 58,222 237,485 2,584,659 14,556 446,997 50,553,103
in force
(a) Gross*** (153,492) 6,199 8,709 254 10,204 7,358,268 2,517,113 2,147,712 22,831 192,749 2,318,956 (36,489) 2,012 6,787,673 21,182,699
(b) Fund Reserve (5,902,920) 5,108,474 (482,214) 623,120 38,840 - - - - - - - - - (614,700)

(c) Fund Reserve - PDF (1,155,466) - 172,054 - - - - - - - - - - - (983,412)
(d) (Amount ceded in 385,913 (81) 135 - (855) 3,630,685 (99,095) - - - - - (3,306) 3,401 3,916,797
Re-insurance)
Re-insurance
TOTAL (C) 30,073,083 9,183,441 1,609,416 1,271,447 83,836 12,542,138 4,336,527 2,313,943 33,741 250,971 2,556,441 2,548,170 13,262 7,261,214 74,077,630
Surplus/ (Deficit) (D) 2,379,031 77,793 119,501 - 38,941 - - 3,752 6,781 27,756 - - 20,087 - 2,673,642
= (A) - (B) - (C)
Appropriations
Transfer to Shareholders 2,390,870 77,793 122,096 - 40,931 - - 3,752 6,781 27,756 - - 20,087 - 2,690,066
Account

Balance being Funds for (11,839) - (2,595) - (1,990) - - - - - - - (16,424)
TOTAL (D) 2,379,031 77,793 119,501 - 38,941 - - 3,752 6,781 27,756 - - 20,087 - 2,673,642
01-19
mentioned below:
(b) Terminal Bonus Paid - - - - - - - - - - - - - 736 736
Corporate Overview

policyholders
(d) Surplus/(Deficit) shown 2,379,031 77,793 119,501 - 38,941 - - 3,752 6,781 27,756 - - 20,087 - 2,673,642
20-68

(e) Total Surplus: {a+b+c} 2,379,031 77,793 119,501 - 38,941 - - 3,752 6,781 27,756 - - 20,087 1,589,446 4,263,088
Statutory Reports
***represents Mathematical Reserves a°er allocation of bonus.
Refer Schedule 16 note 29
00-00
69-288

119
Form A-BS Annexure - 1
Balance Sheet as at 31st March, 2019
120
Linked Business Non-Linked
Par
ANNUAL REPORT
Particulars Group Non-Linked Shareholders Total

Pension Group Health Individual Group Life Pension Annuity Group Health
Individual Life Group Life Group Life Pension Individual Life Fund
Individual Pension Individual Life Variable Individual Individual Pension Individual
Variable
Sources of Funds
2018-19
Share Capital - - - - - - - - - - - - - - 19,012,080 19,012,080
Reserves and Surplus - - - - - - - - - - - - - - 2,682,948 2,682,948
Credit/ (Debit)/ Fair - - - - - - - - - - - - - - 26,338 26,338
Value Change Account
Sub-Total - - - - - - - - - - - - - - 21,721,366 21,721,366

Borrowings - - - - - - - - - - - - -
Credit/(Debit) Fair Value - - - - - 854,643 (49,536) (73,091) 5,085 1 (64,986) (59,247) (13) 2,762 - 615,619
Change Account
Policy Liabilities 3,256,800 67,224 99,174 14,651 145,956 62,015,800 19,096,137 7,502,431 373,208 1,523,578 13,505,043 8,005,282 5,119 24,481,222 - 140,091,625
Insurance Reserves - - - - - - - - - - -
Provision for Linked 166,068,380 47,645,792 7,220,854 6,611,316 43,298 - - - - - - - - - - 227,589,640
Liabilities
Funds for discontinued
policies
(i) Discontinued on 4,399,748 - 917,669 - - - - - - - - - - - - 5,317,417
account of non-
payment of premium
(ii) Others
Credit/(Debit) Fair Value 16,075,130 359,500 65,056 1,719,490 513,716 - - - - - - - - - - 18,732,892
Change Account (Linked)
Total Linked Liabilities 186,543,258 48,005,292 8,203,579 8,330,806 557,014 - - - - - - - - - - 251,639,949
Sub-Total 189,800,058 48,072,516 8,302,753 8,345,457 702,970 62,870,443 19,046,601 7,429,340 378,293 1,523,579 13,440,057 7,946,035 5,106 24,483,984 - 392,347,193
Funds for Future
Appropriation
- Linked Liabilities 77,469 - 2,194 - - - - - - - - - 79,663
Total 189,877,527 48,072,516 8,304,947 8,345,457 702,970 62,870,443 19,046,601 7,429,340 378,293 1,523,579 13,440,057 7,946,035 5,106 24,483,984 21,721,366 414,148,222
Form A-BS Contd Annexure - 1
Balance Sheet as at 31st March, 2019 (Contd.)

Par
Particulars Group Non-Linked Shareholders Total
Pension Group Health Individual Group Life Pension Annuity Group Health
Individual Life Group Life Group Life Pension Individual Life Fund
Individual Pension Individual Life Variable Individual Individual Pension Individual
Variable
Application of Funds
Investments
Shareholders' - - - - - - - - - - - - - - 20,817,297 20,817,297
Policyholders' 2,869,563 55,089 80,224 12,765 126,386 57,770,772 17,994,206 7,322,754 315,756 1,379,208 13,421,655 7,874,107 5,958 22,738,555 - 131,966,998
Assets Held to Cover 186,543,258 48,005,292 8,203,579 8,330,806 557,014 - - - - - - - - - - 251,639,949
Linked Liabilities
Loans 372,465 - - - - 629,328 - - - - - - - 138,807 - 1,140,600

Fixed Assets 234,339 101,988 8,941 6,838 698 227,117 95,762 16,917 246 9,813 41,111 18,793 1,121 143,683 - 907,367
Current Assets
Cash and Bank Balances 1,958,422 852,334 74,719 57,144 5,836 1,898,054 800,297 141,379 2,059 82,006 343,576 157,059 9,368 57,930 413 6,440,596
Advances and Other (489,795) 442,678 7,784 30,325 11,117 4,351,994 2,409,203 254,127 9,314 78,644 508,951 275,173 (12,437) 2,173,946 849,831 10,900,855
Assets*
Sub-Total (A) 1,468,627 1,295,012 82,503 87,469 16,953 6,250,048 3,209,500 395,506 11,373 160,650 852,527 432,232 (3,069) 2,231,876 850,244 17,341,451
Current Liabilities (134,734) 1,023,801 408,391 68,627 35,690 2,834,064 3,015,903 169,767 2,372 89,018 412,562 189,035 (38,216) 1,651,800 114 9,728,194
Provisions 170,650 74,269 6,511 4,979 508 165,389 69,735 12,319 179 7,146 29,938 13,686 816 104,632 - 660,757
Sub-Total (B) 35,916 1,098,070 414,902 73,606 36,198 2,999,453 3,085,638 182,086 2,551 96,164 442,500 202,721 (37,400) 1,756,432 114 10,388,951
Net Current Assets 1,432,711 196,942 (332,399) 13,863 (19,245) 3,250,595 123,862 213,420 8,822 64,486 410,027 229,511 34,331 475,444 850,130 6,952,500
(C) = (A-B)
Miscellaneous - - - - - - - - - - - - - - - -
Expenditure
(To the extent not written
off or Adjusted)
Debit Balance in Profit - - - - - - - - - - - - - - 723,511 723,511
01-19
and Loss Account

(Shareholders' Account)
Total 191,452,336 48,359,311 7,960,345 8,364,272 664,853 61,877,812 18,213,830 7,553,091 324,824 1,453,507 13,872,793 8,122,411 41,410 23,496,489 22,390,938 414,148,222
Corporate Overview
Note: Advances and other assets allocated to shareholders' include tax assets.
20-68
Statutory Reports
00-00
69-288

121
122
Linked Business Non-Linked Par
Non-Linked Shareholders Total
ANNUAL REPORT
Particulars Pension Group Health Individual Group Life Pension Annuity Group Group Pension Health
Individual Life Group Life Group Life Individual Life Fund
Individual Pension Individual Life Variable Individual Individual Pension Variable Individual
Sources of Funds
2018-19
Share Capital - - - - - - - - - - - - - - 19,012,080 19,012,080

Credit/(Debit) / Fair - - - - - - - - - - - - - - 414,652 414,652
Sub-Total - - - - - - - - - - - - - - 22,109,680 22,109,680
Borrowings - - - - - - - - - - - - -
Credit/(Debit) Fair Value - - - - - 804,537 (84,456) - - 9 (256,147) - - 52,299 - 516,242
Change Account
Policy Liabilities 3,048,082 54,737 126,387 15,024 121,014 46,915,740 15,213,525 9,034,741 340,390 874,585 10,996,715 6,860,927 3,686 16,096,567 - 109,702,120
Liabilities
policies
(i) Discontinued on 4,215,896 - 1,180,202 - - - - - - - - - - - - 5,396,098
account of non-
payment of premium
(ii) Others
Credit/(Debit) Fair Value 30,237,154 2,375,704 269,098 - - - - - - - - - - 32,881,956
Sub-Total 191,656,530 40,792,121 9,284,093 8,262,615 648,988 47,720,277 15,129,069 9,034,741 340,390 874,594 10,740,568 6,860,927 3,686 16,148,866 - 357,497,465
Funds for Future
Appropriation
Total 191,701,306 40,792,121 9,291,606 8,262,615 648,988 47,720,277 15,129,069 9,034,741 340,390 874,594 10,740,568 6,860,927 3,686 16,148,866 22,109,680 379,659,434
Form A-BS Contd Annexure - 1
Particulars Pension Group Health Individual Group Life Pension Annuity Group Group Pension Health Non-Linked Shareholders Total
Investments
Shareholders' - - - - - - - - - - - - - - 18,548,763 18,548,763
Policyholders' 2,964,073 52,458 128,324 14,398 115,975 44,962,200 14,580,044 8,658,540 326,216 753,297 10,538,819 6,575,243 3,533 13,165,654 - 102,838,774
Linked Liabilities
Loans 401,220 - - - - 289,028 - - - - - - - 52,750 - 742,998
Fixed Assets 224,683 81,903 12,092 8,120 856 174,804 52,056 20,913 210 2,710 21,621 24,683 1,454 113,961 - 740,066
Current Assets
Cash and Bank Balances 2,109,917 769,127 113,556 76,255 8,042 1,641,537 488,841 196,388 1,976 25,445 203,037 231,791 13,658 204,724 123 6,084,417
Advances and Other 2,938,665 913,187 (225,269) 91,047 9,602 3,525,239 164,113 234,525 2,595 30,384 242,471 276,785 19,937 2,051,662 60,382 10,335,325
Assets*
Sub-Total (A) 5,048,582 1,682,314 (111,713) 167,302 17,644 5,166,776 652,954 430,913 4,571 55,829 445,508 408,576 33,595 2,256,386 60,505 16,419,742
Current Liabilities 2,430,615 987,813 117,312 99,092 31,955 1,813,499 682,370 252,168 1,978 25,850 260,704 297,848 (22,232) 1,325,561 - 8,304,533
Provisions 177,656 64,761 9,561 6,421 677 138,218 41,161 16,536 166 2,142 17,096 19,517 1,150 90,109 - 585,171
Sub-Total (B) 2,608,271 1,052,574 126,873 105,513 32,632 1,951,717 723,531 268,704 2,144 27,992 277,800 317,365 (21,082) 1,415,670 - 8,889,704
Net Current Assets 2,440,311 629,740 (238,586) 61,789 (14,988) 3,215,059 (70,577) 162,209 2,427 27,837 167,708 191,211 54,677 840,716 60,505 7,530,038
(C) = (A-B)
Miscellaneous - - - - - - - - - - - - - - - -
Expenditure
(To the extent not written

off or Adjusted)
Debit Balance in Profit - - - - - - - - - - - - - - 1,979,692 1,979,692
and Loss Account
01-19
Total 194,638,735 41,501,485 9,059,536 8,331,898 629,817 48,641,091 14,561,523 8,841,662 328,853 783,844 10,728,148 6,791,137 59,664 14,173,081 20,588,960 379,659,434
Corporate Overview
20-68
Statutory Reports
00-00
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123
Schedule 1 Annexure - 1
Premium for the period ended 31st March, 2019*
124
ANNUAL REPORT
Par Non-
Particulars Group Linked Total
Individual Pension Group Health Individual Group Life Pension Annuity Group Health
Group Life Group Life Pension Individual Life
Variable
1. First year premiums 6,085,392 - 80,795 78,457 (247) 6,535,602 868,398 - (9) - - 261,690 49,478 4,079,088 18,038,644
2018-19
2. Renewal Premiums 13,024,862 - 620,834 476,196 58,000 12,252,959 1,459,499 - 20,400 - 13,238 157,509 43,320 7,815,097 35,941,914
3. Single Premiums 288,599 8,442,666 38,487 11,380 51 12,324 5,599,322 1,400,410 - 812,297 3,390,000 1,136,525 - (7) 21,132,054
Total Premiums 19,398,853 8,442,666 740,116 566,033 57,804 18,800,885 7,927,219 1,400,410 20,391 812,297 3,403,238 1,555,724 92,798 11,894,178 75,112,612
* Net of GST/Service Tax

Par Non-
Variable
1. First year premiums 3,843,484 - 225,813 194,751 (156) 3,793,023 836,561 - (831) - 139 1,055,490 83,139 2,540,501 12,571,914
3. Single Premiums 794,188 6,532,842 17,315 48,378 - 9,623 2,222,399 1,668,092 - 216,125 1,710,000 837,154 - - 14,056,116
Total Premiums 17,921,296 6,532,842 964,523 647,697 68,304 13,942,955 4,152,139 1,668,092 16,783 216,125 1,724,561 1,968,797 116,009 9,089,910 59,030,033

Commission expenses for the year ended 31st March, 2018

Par Non-
Group
Particulars Individual Pension Group Health Individual Group Life Pension Annuity Group Health Linked Total
Group Life Group Life Pension
Life Individual Pension Individual Life Variable Individual Individual Pension Individual Individual Life
Variable
Commission paid
Direct - First year 544,730 158 3,561 - (112) 1,402,260 29,056 - - (64) - 666 11,048 1,067,307 3,058,610
premiums
Renewal premiums 294,067 230 5,596 39 1,783 376,103 38,458 - 322 (2) - 344 1,223 352,527 1,070,690
Single premiums 5,163 284 725 - - 187 27,988 - - 13,034 - 824 - (7) 48,198
Sub-Total 843,960 672 9,882 39 1,671 1,778,550 95,502 - 322 12,968 - 1,834 12,271 1,419,827 4,177,498
Add: Commission on - - - - - - - - - - - - - - -
Re-insurance Accepted
Less: Commission on - - - - - - - - - - - - - - -
Re-insurance Ceded
Net Commission 843,960 672 9,882 39 1,671 1,778,550 95,502 - 322 12,968 - 1,834 12,271 1,419,827 4,177,498
Schedule 2

Par Non-
Group
Variable
01-19
Commission paid
Direct - First year 225,462 635 9,664 106 (74) 806,485 17,939 - (60) (180) - 478 18,059 636,746 1,715,260
premiums
Corporate Overview
Renewal premiums 347,667 214 6,632 4,223 2,204 261,382 25,747 - 250 (10) - 293 1,079 292,539 942,220
Single premiums 15,620 8 279 - - 155 10,561 - - 4,025 - 46 - - 30,694
Sub-Total 588,749 857 16,575 4,329 2,130 1,068,022 54,247 - 190 3,835 - 817 19,138 929,285 2,688,174
20-68
Add:Commission on - - - - - - - - - - - - - - -
Less:Commission on - - - - - - - - - - - - - - -
Statutory Reports
Re-insurance Ceded
Net Commission 588,749 857 16,575 4,329 2,130 1,068,022 54,247 - 190 3,835 - 817 19,138 929,285 2,688,174

00-00
69-288

125
Schedule Annexure - 1
Operating expenses related to insurance business for the period ended 31st March, 2019
126
Linked Business Non-Linked PAR Non-
ANNUAL REPORT
Group Linked
Life Individual Pension Individual Life Variable Individual Individual Pension Individual Life
Variable
Employees' remuneration and welfare 1,359,218 95,230 10,903 8,137 2,151 2,879,667 81,048 16,001 269 1,629 36,437 17,232 7,870 1,897,724 6,413,516
2018-19
benefits
Travel,conveyance and vehicle running 51,513 5,877 356 418 85 110,757 5,407 978 8 59 2,343 1,079 266 72,296 251,442
expenses
Training expenses 45,167 1,740 258 117 68 99,304 1,634 289 6 45 701 321 211 64,765 214,626
Rents, rates and taxes 113,766 3,719 643 249 169 250,334 3,493 617 14 113 1,499 685 526 163,248 539,075
Repairs 59,868 2,172 763 146 202 114,735 2,040 360 17 126 876 400 590 74,412 256,707
Printing and stationery 17,455 1,057 346 71 89 29,150 992 175 7 54 426 195 288 19,222 69,527
Communication expenses 28,817 2,203 584 149 153 46,925 2,062 366 13 93 887 406 458 30,469 113,585
Legal and professional charges 32,458 2,351 726 237 160 50,661 1,826 399 17 106 859 419 519 33,630 124,368
Medical fees 31,603 6 - - 4 47,816 31,932 3 - 13 - - 4,280 8,384 124,041
Auditor's fees,expenses,etc.
(a) i) as auditor 2,120 141 50 9 13 3,158 133 23 1 8 57 26 38 2,023 7,800
ii) out of pocket expenses 99 7 2 - 1 147 6 1 - - 3 1 2 94 363
(b) as adviser or in any other
capacity,in respect of
i) Taxation & Matters 58 - 1 - - 85 - - - - - - 1 55 200
ii) Management services 264 18 6 1 2 394 17 3 - 1 7 3 5 252 973
(c) in any other capacity - - - - - - - - - - - - - - -
Advertisement and publicity 256,976 2,860 1,862 192 101 631,991 2,686 474 12 66 1,153 527 4,530 468,763 1,372,193
Interest and bank charges 26,166 - 611 - 163 39,017 - - 14 98 - - 463 24,268 90,800
Others: 1) Distribution expenses 63,406 919 236 62 (39) 165,668 863 152 (2) (21) 370 169 984 122,784 355,551
2) Agents recruitment,seminar (2,370) (263) (89) (18) (26) (1,680) (247) (44) (2) (16) (106) (48) (49) (673) (5,631)
and other expenses
3) Recruitment and seminar 36,183 1,107 208 84 51 79,532 991 185 5 35 435 202 164 51,967 171,149
expenses
4) IT expenses (including 133,854 5,649 338 436 68 310,859 5,029 944 9 63 2,213 1,031 248 203,186 663,927
maintenance)
5) Policy stamps 16,309 23 139 1,003 - 76,803 214,070 11 - 112 688 8,628 3,812 8,987 330,585
6) (Profit)/Loss on sale of (355) (15) (5) (1) (1) (653) (14) (2) - (1) (6) (3) (4) (423) (1,483)
assets
7) Electricity expenses 30,512 720 254 48 67 63,901 676 119 6 43 290 133 200 41,593 138,562
8) Miscellaneous expenses 15,934 2,247 460 294 76 18,892 1,424 389 14 64 746 388 177 11,901 53,006
9) Outsourcing expenses 75,953 3,929 1,384 264 358 130,961 3,689 652 30 218 1,584 724 1,131 85,896 306,773
Depreciation 55,365 4,379 891 294 237 98,656 4,111 726 20 145 1,765 807 683 63,779 231,858
Excess of EOM transferred to - - - - - (231,184) (15,116) - - - - - - (573,800) (820,100)
shareholders Account
(Refer Schedule 16 note 43)
Total 2,450,339 136,076 20,927 12,192 4,152 5,015,896 348,752 22,821 458 3,053 53,227 33,325 27,393 2,874,802 11,003,413

Operating expenses related to insurance business for the period ended 31st March, 2018

Group PAR Non-Linked
Variable
Employees' remuneration and 1,025,916 93,113 13,650 10,426 1,994 1,903,128 56,054 23,161 244 521 24,386 26,644 10,885 1,947,335 5,137,457
welfare benefits
Travel,conveyance and vehicle running 45,163 6,059 475 621 94 81,893 3,797 1,537 10 22 1,596 1,802 327 86,075 229,471
expenses
Rents, rates and taxes 106,736 5,747 1,541 570 347 179,082 3,651 1,467 31 66 1,517 1,731 1,086 183,792 487,364
Repairs 55,376 1,162 477 115 103 103,344 738 297 10 21 307 350 353 109,644 272,297
Printing and stationery 14,190 884 382 88 69 23,437 561 226 6 11 233 266 358 21,072 61,783
Communication expenses 23,084 1,546 449 155 91 38,122 978 394 8 16 408 464 363 37,299 103,377
Legal and professional charges 33,097 2,874 1,041 375 172 45,606 1,591 687 20 41 744 759 749 39,650 127,406
Medical fees 11,163 - - - 1 12,379 50,641 23 - 4 - - 1,485 2,468 78,164
(a) i) as auditor 2,193 153 62 15 14 2,680 97 39 1 3 40 46 42 2,415 7,800
ii) out of pocket expenses 181 13 5 1 1 221 8 3 - - 3 4 3 199 642
ii) Management services 144 10 4 1 1 177 6 3 - - 3 3 3 159 514

Advertisement and publicity 61,573 1,092 2,637 108 (23) 221,012 694 279 (17) (50) 288 329 4,943 174,574 467,439
Others: 1) Distribution expenses 43,075 365 1,419 36 4 135,321 232 93 (7) (22) 96 110 2,578 113,282 296,582
2) Agents recruitment,seminar 3,300 87 110 9 7 8,547 55 22 - - 23 26 165 7,136 19,487
and other expenses
01-19
3) Recruitment and seminar 17,795 853 159 90 19 36,395 527 215 2 4 224 250 172 37,836 94,541
expenses
4) IT expenses (including 111,599 5,356 518 531 89 225,842 3,404 1,368 9 21 1,414 1,614 480 243,299 595,544
Corporate Overview
maintenance)
5) Policy stamps 10,868 39 334 130 - 38,325 152,579 - - 30 342 576 4,846 6,807 214,876
6) (Profit)/Loss on sale of (384) (20) (8) (2) (2) (559) (13) (5) - - (5) (6) (6) (545) (1,555)
20-68
assets
Statutory Reports
9) Outsourcing expenses 60,280 3,751 1,632 377 345 85,079 2,371 955 30 61 989 1,125 1,264 77,271 235,530
Depreciation 103,087 8,748 2,115 864 487 152,356 5,540 2,226 43 90 2,301 2,627 1,453 149,452 431,389
Excess of EOM transferred to - - - - - - - - - - - - - (1,018,874) (1,018,874)
shareholders Account
00-00
69-288

Total 1,808,027 136,213 28,570 15,039 4,130 3,412,295 286,046 34,060 424 911 36,050 39,927 32,516 2,339,441 8,173,649

127
Benefits Paid (Net) for the year ended 31st March, 2019
128
Linked Business Non-Linked Business
ANNUAL REPORT
Par Non-Linked
Particulars Individual Pension Health Individual Group Life Pension Annuity Group Pension Health Individual Life Total
Group Life Group Pension Group Life Group Pension
Life Individual Individual Life Variable Individual Individual Variable Individual
2018-19
1 Insurance Claims
(a) Claims by Death 1,126,494 - 42,287 4,559 514 1,038,372 2,039,625 - 2,917 8,568 1,274 440 5,940 428,105 4,699,095
(b) Claims by Maturity 7,378,285 - 545,034 - - 78,017 - - - - - - - - 8,001,336
(c) Annuties / Pension 29 - - - - - - - - 71,873 - - - (4) 71,898
Payment
(d) Other benefits - - -
(i) Surrender 23,198,594 4,860,879 1,694,497 1,163,969 36,940 731,914 2,670,886 3,465,783 13,136 (144) 1,880,593 939,318 472 117,494 40,774,331
(ii) Riders 15,761 - - - 70 11,329 18,849 - - - - - 38,987 8,290 93,286
(iii) Health 4 - - - 2,030 8 - - - - - - 761 1 2,804
(iv) Survival and 166,565 - 23,940 - 48 330,502 - - 11,191 903 134 - 1,867 91,785 626,935
Others
2 Amount ceded in
reinsurance
(a) Claims by Death (403,238) - - - - (639,341) (735,246) - - - - - - (1,353) (1,779,178)
(b) Claims by Maturity - - - - - - - - - - - - - - -
(c) Annuties / Pension - - - - - - - - - - - - - - -
payment
(d) Other benefits (Health) - - - - (919) - - - - - - - (4,484) - (5,403)

Amount accepted in
reinsurance
(a) Claims by Death -
(b) Claims by Maturity - - - - - - - - - - - - - -
(c) Annuties / Pension - - - - - - - - - - - - - -
Payment
(d) Other benefits - - - - - - - - - - - - - -
TOTAL 31,482,494 4,860,879 2,305,758 1,168,528 38,683 1,550,801 3,994,114 3,465,783 27,244 81,200 1,882,001 939,758 43,543 644,318 52,485,104


Linked Business Non-Linked Business Par Linked
Par Non-Linked
Group
Particulars Individual Pension Group Health Individual Group Life Pension Annuity Group Health Individual Life Individual Group Total
Life Individual Pension Individual Life Variable Individual Individual Pension Individual Life Life
Variable
1 Insurance Claims
(a) Claims by Death 1,169,162 - 64,129 5,401 1,607 759,664 2,006,425 - 1,318 789 311 - 1,686 383,394 - - - 4,393,886
(b) Claims by Maturity 2,538,039 - 193,302 - - 61,159 - - - - - - - 110 - - - 2,792,610
(c) Annuties / Pension 84 - - - - - - - - 57,285 - - - - - - - 57,369
Payment

(i) Surrender 33,368,254 4,068,952 1,648,258 642,672 32,677 650,085 649,509 166,231 6,367 - 237,174 2,584,659 781 52,961 - - - 44,108,580
(ii) Riders 20,270 - 550 - 70 17,349 13,680 - - - - - 8,722 5,276 - - - 65,917
(iii) Health 298 - - - 2,492 209 - - - - - - 7,874 64 - - - 10,937
(iv) Survival and Others 195,358 - 5,160 - 31 426,314 1,076 - 3,225 148 - - 22 9,046 - - - 640,380
2 Amount ceded in
reinsurance
(a) Claims by Death (392,417) (103) (667) - - (361,595) (752,181) - - - - - - (3,854) - - - (1,510,817)
(b) Claims by Maturity - - - - - - - - - - - - - - - - - -
(c) Annuties / Pension - - - - - - - - - - - - - - - - - -
payment
(d) Other benefits - - - - (1,230) - - - - - - - (4,529) - - - - (5,759)
(Health)
Amount accepted in
reinsurance
(a) Claims by Death - - - - - - - - - - - - - - - - -
(b) Claims by Maturity - - - - - - - - - - - - - - - - -
(c) Annuties / Pension - - - - - - - - - - - - - - - - -
01-19
Payment
(d) Other benefits - - - - - - - - - - - - - - - - -

TOTAL 36,899,048 4,068,849 1,910,732 648,073 35,647 1,553,185 1,918,509 166,231 10,910 58,222 237,485 2,584,659 14,556 446,997 - - - 50,553,103
Corporate Overview

20-68
Statutory Reports
00-00
69-288

129
DISCLOSURES IN RESPECT OF TRANSACTIONS WITH RELATED PARTIES AND OUTSTANDING FOR THE YEAR ENDED MARCH 31, 2018 Annexure - 2
A Enterprises where control exists
130
Ultimate Holding company Grasim Industries Limited with effect from July 1, 2017
Holding Company Aditya Birla Capital Ltd. (Formerly known as "Aditya Birla Financial Services Limited")
Foreign Partner Sun Life Financial (India) Insurance Investments Inc.
ANNUAL REPORT
(B) Key Management Personnel Mr. Pankaj Razdan

C Disclosures of transaction between the Company and related parties and outstanding balances for the year ended
2018-19
Name of the related party with Audited Transactions Audited Outstanding balance
Sr. Description of relationship during the year ended recoverable / (payable) as on
whom the transaction has Nature of Transaction
No. with the party
been made 1st March 201 31st March, 2018 1st March 201 31st March, 2018
1 2 3 4 5 6 7 8
1 Grasim Industries Limited Ultimate Holding a) Interest income on Non-Convertible Debentures (NCD) 43,400 43,400 6,659 6,896
Company b) Outstanding NCD - - 500,000 500,000
c) Retirement Benefit liability of transferred employees 86 196 - -
2 Aditya Birla Capital Ltd. Holding Company a) Reimbursement of expenses 392,835 391,592 (13,847) (27,233)
b) Director Nomination Fees received - 100 - -
c) Director Nomination Fees paid - 100 - -
d) Recovery of expenses 9,903 6,419 - -
e) Employee Stock Options 222,196 111,398 - -
3 Aditya Birla Finance Limited Fellow Subsidiary a) Recovery of expenses 35,055 37,888 2,972 739
b) Security Deposit - - (8,830) (8,830)
c) Purchase of NCD / Outstanding NCD 1,500,000 250,000 3,100,000 1,600,000
d) Interest income on NCD 215,482 143,026 145,989 108,403

e) Redemption of NCD - 150,000 - -
f) Payment of Housing loan of employee 3,202 3,202 - -
g) Transfer of Fixed Assets 2,217 128 - -
h) Retirement Benefit liability of transferred employees 27 5,028 - -
i) Reimbursement of expenses 147 - - -
4 Aditya Birla Money Insurance Fellow Subsidiary a) Commission expenses 8,397 11,764 (2,006) (2,328)
Advisory Services Limited
5 Aditya Birla Money Limited Fellow Subsidiary a) Brokerage expenses 4,788 6,256 - -
b) Reimbursement of expenses 1,485 - (13) -
c) Transfer of Fixed Assets - 1,271 - -
d) Recovery of expenses 18 2,159 - 257
e) Retirement Benefit liability of transferred employees 77 1,642 - -
f) Purchase / Sale of NCD 51,208 - - -
6 Aditya Birla Financial Shared Fellow Subsidiary a) Advance given for expenses/ Prepaid 87,442 78,566 5,950 6,015
Services Limited b) Reimbursement of expenses 362,246 220,747 (67,964) (30,244)
c) Retirement Benefit liability of transferred employees 381 1,856 - -
e) Transfer of Fixed Assets - 55 - -
DISCLOSURES IN RESPECT OF TRANSACTIONS WITH RELATED PARTIES AND OUTSTANDING FOR THE EAR ENDED MARCH 1 2018 Contd
Name of the related party with Audited Transactions Audited Outstanding balance
Sr. Description of relationship during the year ended recoverable / (payable) as on
whom the transaction has Nature of Transaction
No. with the party
been made 1st March 201 31st March, 2018 1st March 201 31st March, 2018
7 Aditya Birla Insurance Brokers Fellow Subsidiary a) Recovery of expenses 844 805 192 203
Limited b) Brokerage expenses 3,606 - (242) -
c) Retired benefit liability of transferred employees 1,281 2,467 - -
d) Reinsurance payment on behalf of reinsurer 3,497 - - -
8 Aditya Birla MyUniverse Fellow Subsidiary a) Recovery of expenses - 86 - -
Limited b) Receipts towards transfer of employee 21 1,679 21 259
9 Aditya Birla Sun Life Asset Fellow Subsidiary a) Recovery of expenses 715 20,968 - 493
Management Company b) Retirement Benefit liability of transferred employees 922 3,294 - -

Limited c) Reimbursement of expenses 105 25 (23) -
10 Aditya Birla Housing Finance Fellow Subsidiary a) Transfer of Fixed Assets - 61 - -
Limited b) Retirement Benefit liability of transferred employees - 1,773 - -
c) Interest income on NCD 12,975 11,904 7,551 7,551
d) Purchase of NCD / Outstanding NCD - 100,000 150,000 150,000
11 Aditya Birla Sun Life Pension Subsidiary a) Recovery of expenses 46,705 37,607 3,869 5,409
Management Company
b) Share Capital Investment - - - -
Limited
12 Aditya Birla Health Insurance Fellow Subsidiary a) Recovery of expenses 12,011 8,287 1,816 (1,163)
Limited b) Retirement Benefit liability of transferred employees 1,190 3,374 - -
c) Group mediclaim premium 167,596 174,204 - -

d) Reimbursement of Expenses 2,431 2,681 - -
e) Deposit against Group mediclaim 4,963 - - -
13 Sunlife Assurance company of Holding of Foreign a) Secondment Expenses 27,274 30,931 (8,496) (15,664)
Canada Promoter b) Recovery of expenses 1,648 5,859 - 5,704
14 Sun Life Financial (India) Foreign Promoter a) Director nomination deposit paid - 100 - -
01-19
Insurance Investments Inc. b) Director nomination deposit received - 100 - -

15 Mr. Pankaj Razdan - Managing Key Management a) Managerial remuneration 73,743 72,357 - -
Director Personnel b) Long-Term Incentive payment 18,296 65,600 - 27,850
Corporate Overview
Note 1: Premium received (excluding Goods and Service Tax) from the related parties against life insurance products sold at market rates for the year ended 31st March, 2019 is ` 533,134 respectively
(for the year ended 31st March,2018 is `92,133).
Note 2: There are no provisions for doubtful debts, amounts written off or amounts written back pertaining to the above transactions.
20-68
Note 3: Related party relationship have been identified by the management and relied upon by the auditors.
Note 4: Related party transactions disclosed above denote the transactions entered during the existence of related party relationship.
Note 5: All the above transactions are reported inclusive of Goods and Service Tax, wherever applicable.
Statutory Reports
Note 6: The outstanding amount related to group insurance by the holding company as on 31st March, 2019 is ` 8,967 (As of 31st March, 2018 is ` Nil). The interest expenses in relation to the Group
Pension scheme of the holding company for the year ended 31st March, 2019 is ` Nil respectively (and for the year ended 31st March,2018 is `159).
00-00
69-288

131
Form A-RA UL Annexure - 3
Fund Revenue Account for the period ended 31st March, 2019
132
Ind. Assure Ind. Income Advantage Ind. Protector Ind. Builder Ind. Balancer
Particulars Sch
ANNUAL REPORT
Current ear Previous Year Current ear Previous Year Current ear Previous Year Current ear Previous Year Current ear Previous Year
SFIN ULIF01008/07/05BSLIASSURE109 ULIF01507/08/08BSLIINCADV109 ULIF00313/03/01BSLPROTECT109 ULIF00113/03/01BSLBUILDER109 ULIF00931/05/05BSLBALANCE109
Interest income 147,378 135,462 507,011 499,170 239,723 267,575 168,667 177,773 16,712 17,376
2018-19
Dividend income - - - - 3,345 4,103 5,264 6,283 744 802

Profit / Loss on sale of investment 1,454 3,052 (35,914) (3,539) 2,890 68,480 18,797 85,181 4,814 12,722
Profit / Loss on inter fund 765 6,312 6,342 12,388 117 1,500 112 4,319 562 197
transfer/ sale of investment
Miscellaneous Income / (Expenses) - - - - - - - 1 - 34
Unrealised Gain/loss* 11,671 (16,662) 96,882 (101,874) 53,314 (79,947) 51,618 (67,543) 7,209 (5,213)
Total (A) 161,268 128,164 574,321 406,145 299,389 261,711 244,458 206,014 30,041 25,918
Fund management expenses 18,459 17,238 65,498 66,451 34,584 39,184 26,601 28,645 3,667 3,948
Fund administration expenses - - - - - - - - - -
Other charges F-5 24,299 13,803 55,948 67,454 47,313 60,192 25,967 31,510 3,507 4,318
GST# 7,697 5,348 21,861 23,056 14,741 17,105 9,462 10,361 1,291 1,424
Total (B) 50,455 36,389 143,307 156,961 96,638 116,481 62,030 70,516 8,465 9,690
Net Income for the year (A-B) 110,813 91,775 431,014 249,184 202,751 145,230 182,428 135,498 21,576 16,228
Add: Fund revenue account at 783,757 691,982 1,923,220 1,674,036 2,471,989 2,326,759 2,257,988 2,122,490 122,729 106,501
the beginning of the year
Fund revenue account at the 894,570 783,757 2,354,234 1,923,220 2,674,740 2,471,989 2,440,416 2,257,988 144,305 122,729
end of the year

Ind. Enhancer Ind. Creator Ind. Magnifier Ind. Maximiser Ind. Multiplier
Particulars Sch
SFIN ULIF00213/03/01BSLENHANCE109 ULIF00704/02/04BSLCREATOR109 ULIF00826/06/04BSLIIMAGNI109 ULIF01101/06/07BSLIINMAXI109 ULIF01217/10/07BSLINMULTI109
Interest income 3,346,118 3,408,696 182,073 183,534 100,241 64,610 3,711 6,824 29,526 9,369
Dividend income 229,485 291,456 23,541 23,333 98,284 119,138 201,100 228,168 56,641 54,664
Profit / Loss on sale of investment 666,459 3,535,775 112,672 316,212 379,745 1,370,574 929,521 2,757,652 62,564 1,397,992
Profit / Loss on inter fund 2,006 24,880 1,060 16,416 13,198 73,920 (42,611) 74,285 (22,204) 123,174
Miscellaneous Income / (Expenses) - 7 - - - 1 - - - -
Unrealised Gain/loss* 1,275,371 (1,876,316) 181,705 (102,631) 388,518 (198,802) 919,555 (519,745) (53,593) (262,861)
Total (A) 5,519,439 5,384,498 501,051 436,864 979,986 1,429,441 2,011,276 2,547,184 72,934 1,322,338
Other charges F-5 1,142,757 1,432,674 33,370 47,771 87,334 97,290 145,874 174,875 93,000 64,257
GST# 350,750 394,390 16,526 18,721 41,291 42,116 70,962 73,913 35,876 27,078
Total (B) 2,299,365 2,685,580 108,337 126,860 270,689 286,247 465,198 503,155 235,188 183,403
Net Income for the year (A-B) 3,220,074 2,698,918 392,714 310,004 709,297 1,143,194 1,546,078 2,044,029 (162,254) 1,138,935
Add: Fund revenue account at 18,470,116 15,771,198 3,733,778 3,423,774 9,229,595 8,086,401 10,260,076 8,216,047 3,887,300 2,748,365
Fund revenue account at the 21,690,190 18,470,116 4,126,492 3,733,778 9,938,892 9,229,595 11,806,154 10,260,076 3,725,046 3,887,300
end of the year
Ind. Super 20 Ind. Platinum Plus- 1 Ind. Platinum Plus- 2 Ind. Platinum Plus- 3 Ind. Platinum Plus- 4
Particulars Sch
SFIN ULIF01723/06/09BSLSUPER20109 ULIF01325/02/08BSLIIPLAT1109 ULIF01425/02/08BSLIIPLAT2109 ULIF01628/04/09BSLIIPLAT3109 ULIF01816/09/09BSLIIPLAT4109
Interest income 1,354 4,620 14,579 107,036 167,444 204,722 262,140 231,892 194,348 182,570
Dividend income 110,629 116,226 3,254 12,067 15,819 24,014 19,090 27,800 15,250 20,572
Profit / Loss on sale of investment 651,183 796,084 206,190 100,454 374,122 242,430 451,535 293,979 353,210 210,188
Profit / Loss on inter fund - 67,465 (1,743) 1,656 (31,988) 590 7,735 2,847 15,198 2,406
Miscellaneous Income / (Expenses) - - 2 - - 104 - - - -
Unrealised Gain/loss* 823,563 (81,303) (161,236) (15,376) (323,701) (93,283) (423,014) (117,755) (314,424) (89,441)
Total (A) 1,586,729 903,092 61,046 205,837 201,696 378,577 317,486 438,763 263,582 326,295
Other charges F-5 54,704 64,593 1,939 21,835 13,520 22,169 13,999 18,750 11,701 15,430
GST# 32,791 32,014 1,354 9,923 11,612 15,473 15,352 16,756 11,745 12,752
Total (B) 214,964 217,661 8,874 67,593 76,122 105,398 100,638 114,092 76,996 86,822
Net Income for the year (A-B) 1,371,765 685,431 52,172 138,244 125,574 273,179 216,848 324,671 186,586 239,473
Add: Fund revenue account at 2,888,102 2,202,671 1,630,975 1,492,731 4,957,388 4,684,209 3,528,567 3,203,896 2,445,923 2,206,450
Fund revenue account at the 4,259,867 2,888,102 1,683,147 1,630,975 5,082,962 4,957,388 3,745,415 3,528,567 2,632,509 2,445,923
end of the year

Ind. Platinum Advantage Ind. Platinum Premier Ind. Foresight- 5 Pay Ind. Foresight- Single Pay Ind. Titanium- 1
Particulars Sch
SFIN ULIF02408/09/10BSLPLATADV109 ULIF02203/02/10BSLPLATPR1109 ULIF02510/02/11BSLFSIT5P1109 ULIF02610/02/11BSLFSITSP1109 ULIF01911/12/09BSLITITAN1109
01-19
Interest income 361,988 369,715 224,112 243,778 1,147,207 1,189,241 35,719 33,499 9,508 9,167
Dividend income 24,372 37,674 19,161 25,006 83,798 122,692 2,723 4,326 1,366 1,791
Profit / Loss on sale of investment 172,744 781,523 301,330 340,280 449,015 1,925,141 29,456 95,143 19,334 14,223
Profit / Loss on inter fund 2,272 7,295 2,892 4,046 540 47,071 (569) 539 (26) 455
Corporate Overview

Miscellaneous Income / (Expenses) - - - 1 - - - - - -
Unrealised Gain/loss* 11,019 (507,347) (217,811) (182,619) 258,441 (1,166,449) (4,609) (62,087) (9,814) (3,065)
20-68
Total (A) 572,395 688,860 329,684 430,492 1,939,001 2,117,696 62,720 71,420 20,368 22,571
Statutory Reports
Other charges F-5 13,329 19,056 11,532 15,960 3 79 - - 607 820

GST# 20,137 23,743 13,953 16,044 66,033 74,712 1,918 2,148 746 813
Total (B) 132,011 161,882 91,470 109,335 432,880 508,283 12,574 14,618 4,890 5,533
00-00
Net Income for the year (A-B) 440,384 526,978 238,214 321,157 1,506,121 1,609,413 50,146 56,802 15,478 17,038
69-288
Add: Fund revenue account at 4,894,782 4,367,804 3,482,816 3,161,659 9,191,072 7,581,659 502,762 445,960 205,889 188,851

Fund revenue account at the 5,335,166 4,894,782 3,721,030 3,482,816 10,697,193 9,191,072 552,908 502,762 221,367 205,889
end of the year
133
134
Ind. Titanium- 2 Ind. Titanium- 3 Ind. Pure Equity Ind. Value Momentum Ind. Liquid Plus
Particulars Sch
ANNUAL REPORT
SFIN ULIF02011/12/09BSLITITAN2109 ULIF02111/12/09BSLITITAN3109 ULIF02707/10/11BSLIPUREEQ109 ULIF02907/10/11BSLIVALUEM109 ULIF02807/10/11BSLLIQPLUS109
Interest income 2,209 2,213 968 961 15,071 7,796 14,627 7,241 161,812 85,231
2018-19
Dividend income 412 513 228 274 25,243 12,818 129,045 92,523 - -
Profit / Loss on sale of investment 9,978 4,085 1,118 2,027 9,336 48,644 (252,345) 217,721 (284) 1,010
Profit / Loss on inter fund (443) 255 1 185 (7,421) 1,339 971 54,998 1,658 (1,047)
Miscellaneous Income / (Expenses) - 12 - - - - - - - -
Unrealised Gain/loss* (6,573) (1,028) 805 (197) 94,020 97,779 (125,282) (269,313) 9,353 (4,578)
Total (A) 5,583 6,050 3,120 3,250 136,249 168,376 (232,984) 103,170 172,539 80,616
Fund management expenses 936 1,059 472 525 32,501 18,410 42,449 33,204 21,130 11,013
Other charges F-5 164 221 82 119 49,554 31,828 55,063 45,365 39,930 26,006
GST# 197 220 100 110 14,770 8,738 17,552 13,644 10,990 6,383
Total (B) 1,297 1,500 654 754 96,825 58,976 115,064 92,213 72,050 43,402
Net Income for the year (A-B) 4,286 4,550 2,466 2,496 39,424 109,400 (348,048) 10,957 100,489 37,214
Add: Fund revenue account 57,965 53,415 24,706 22,210 254,014 144,614 434,415 423,458 106,242 69,028
at the beginning of the year
Fund revenue account at the 62,251 57,965 27,172 24,706 293,438 254,014 86,367 434,415 206,731 106,242
end of the year

Ind. Pension Growth Ind. Pension Enrich Ind. Pension Nourish Ind. Income Advantage Guaranteed Ind. Maximiser Guaranteed
Particulars Sch
SFIN ULIF00504/03/03BSLIGROWTH109 ULIF00404/03/03BSLIENRICH109 ULIF00604/03/03BSLNOURISH109 ULIF03127/08/13BSLIINADGT109 ULIF03027/08/13BSLIMAXGT109
Interest income 15,596 15,983 71,057 74,982 6,712 6,946 118,399 98,938 174 212
Dividend income 554 551 4,955 5,630 93 104 - - 840 734
Profit / Loss on sale of investment 1,231 10,434 30,887 64,007 646 1,867 10,120 4,081 2,527 2,166
Profit / Loss on inter fund 421 459 650 5,444 331 428 (1,052) 41 166 12
Miscellaneous Income / (Expenses) - - - - - - - - - -
Unrealised Gain/loss* 5,580 (4,332) 21,450 (30,279) 250 (2,689) 15,518 (22,665) 4,140 4,869
Total (A) 23,382 23,095 128,999 119,784 8,032 6,656 142,985 80,395 7,847 7,993
Fund management expenses 2,500 2,726 16,773 18,177 913 994 19,834 16,667 1,151 1,108
Other charges F-5 2,836 3,583 14,501 18,122 1,094 1,356 1,379 1,634 50 70
GST# 961 1,087 5,629 6,257 361 404 3,818 3,168 216 204
Total (B) 6,297 7,396 36,903 42,556 2,368 2,754 25,031 21,469 1,417 1,382
Add: Fund revenue account 320,766 305,067 1,641,834 1,564,606 102,297 98,395 209,426 150,500 16,057 9,446
at the beginning of the year
Fund revenue account at the 337,851 320,766 1,733,930 1,641,834 107,961 102,297 327,380 209,426 22,487 16,057
end of the year
Gr. Fixed Interest Gr. Gilt Gr. Bond Gr. Money Market Gr. Short-Term Debt
Particulars Sch
SFIN ULGF00416/07/02BSLGFIXINT109 ULGF00630/05/03BSLIGRGILT109 ULGF00530/05/03BSLIGRBOND109 ULGF00824/08/04BSLIGRMMKT109 ULGF01322/09/08BSLGSHTDBT109
Interest income 846,422 867,906 17,569 16,871 277,391 254,583 161,782 84,268 22,169 19,775
Dividend income - - - - - - - - - -
Profit / Loss on sale of investment 22,505 7,543 926 587 11,907 4,049 3,672 1,591 624 518
Profit / Loss on inter fund (3,582) 6,484 - 309 195 (5,722) (360) (3,341) 134 205
Miscellaneous Income / (Expenses) - - - - - 1 - - - -
Unrealised Gain/loss* 67,121 (185,818) 1,625 (5,364) (14,251) (36,847) 7,366 (4,282) 2,351 (1,649)
Total (A) 932,466 696,115 20,120 12,403 275,242 216,064 172,460 78,236 25,278 18,849
Other charges F-5 - 74 - - - 2 - 3 - 4
GST# 19,026 19,237 431 402 6,342 5,619 3,749 1,898 504 432
Total (B) 124,727 130,790 2,827 2,728 41,575 38,047 24,576 12,840 3,306 2,935
Add: Fund revenue account at 3,688,683 3,123,358 51,878 42,203 1,975,118 1,797,101 867,829 802,433 332,728 316,814
Fund revenue account at the 4,496,422 3,688,683 69,171 51,878 2,208,785 1,975,118 1,015,713 867,829 354,700 332,728
end of the year

Gr. Growth Advantage Gr. Income Advantage Gr. Secure Gr. Stable Gr. Growth
Particulars Sch
SFIN ULGF01026/11/07BSLIGGRADV109 ULGF01425/02/10BSLGINCADV109 ULGF00212/06/01BSLGSECURE109 ULGF00312/06/01BSLGSTABLE109 ULGF00112/06/01BSLGGROWTH109
01-19
Interest income 21,627 17,613 30,186 33,313 1,261,334 1,072,107 244,863 193,067 202,527 193,417
Dividend income 5,013 4,776 - - 45,147 44,205 18,891 18,208 29,768 32,312
Profit / Loss on sale of investment 14,284 46,943 (1,595) 1,379 276,999 571,706 78,326 224,709 125,130 408,542
Profit / Loss on inter fund (1,127) 3,254 5,213 (907) (5,280) 21,671 (5,624) 9,550 (1,809) 29,218
Corporate Overview

Miscellaneous Income / (Expenses) - 107 - - - - - - - -
Unrealised Gain/loss* 41,351 659 (164) (8,003) 377,772 (294,293) 217,339 (65,857) 212,572 (90,732)
20-68
Total (A) 81,148 73,352 33,640 25,782 1,955,972 1,415,396 553,795 379,677 568,188 572,757
Statutory Reports
Other charges F-5 - - - - - 67 - 138 - 54

GST# 1,428 1,186 702 763 38,365 32,380 9,494 7,453 9,992 9,242
Total (B) 9,362 8,028 4,604 5,189 251,502 219,355 62,241 50,613 65,502 62,791
00-00
Net Income for the year (A-B) 71,786 65,324 29,036 20,593 1,704,470 1,196,041 491,554 329,064 502,686 509,966
69-288
Add: Fund revenue account at 281,952 216,628 291,988 271,395 7,496,966 6,300,925 4,026,026 3,696,962 2,987,448 2,477,482

Fund revenue account at the 353,738 281,952 321,024 291,988 9,201,436 7,496,966 4,517,580 4,026,026 3,490,134 2,987,448
end of the year
135
136
Gr. Fixed Interest II Gr. Money Market II Gr. Short-Term Debt II Gr. Stable II Gr. Growth II
Particulars Sch
ANNUAL REPORT
SFIN ULGF01728/11/11BSLGFXINT2109 ULGF01928/11/11BSLGRMMKT2109 ULGF02128/11/11BSLGSHTDB2109 ULGF02228/11/11BSLGSTABL2109 ULGF01828/11/11BSLGROWTH2109

Interest income 2,553 2,706 170 171 20,661 19,794 1,203 1,165 13,710 12,564
2018-19
Dividend income - - - - - - 94 103 2,027 2,188

Profit / Loss on sale of investment 27 10 18 4 32 196 376 1,124 5,765 21,156
Profit / Loss on inter fund 83 113 - - - 16 (47) (6) (103) 372
Miscellaneous Income / (Expenses) - - - - - - - 3 - -
Unrealised Gain/loss* 385 (976) 2 (2) 559 (1,846) 719 (243) 14,278 989
Total (A) 3,048 1,853 190 173 21,252 18,160 2,345 2,146 35,677 37,269
Fund management expenses - - - - - - - - - -
Other charges F-5 - 48 - 4 - 283 - 31 - 381
GST# - 7 - 1 - 42 - 5 - 57
Total (B) - 55 - 5 - 325 - 36 - 438
Net Income for the year (A-B) 3,048 1,798 190 168 21,252 17,835 2,345 2,110 35,677 36,831
Add: Fund revenue account at 22,237 20,439 3,036 2,868 165,647 147,812 10,657 8,547 147,090 110,259
Fund revenue account at the 25,285 22,237 3,226 3,036 186,899 165,647 13,002 10,657 182,767 147,090
end of the year

Pension Discontinued Life Discontinued Discontinued Policy Ind. Asset Allocation Ind. Capped Nifty Index
Particulars Sch
SFIN ULIF03305/07/13BSLIPNDIS109 ULIF03205/07/13BSLILDIS109 ULIF02301/07/10BSLIDISCPF109 ULIF03430/10/14BSLIASTALC109 ULIF03530/10/14BSLICNFIDX109
Interest income 61,781 37,169 249,162 114,280 47,393 231,263 61,746 32,768 1,282 1,399
Dividend income - - - - - - 1,974 2,695 9,394 5,449
Profit / Loss on sale of investment 5,190 1,622 16,937 6,665 3,876 9,054 4,618 69,069 16,535 5,428
Profit / Loss on inter fund - 297 - 1,127 - 1 (67) 24 - -
Miscellaneous Income / (Expenses) - (1) - (1) - 1 - - - -
Unrealised Gain/loss* (27) 94 (96) 273 (85) 85 34,061 (27,980) 55,546 22,643
Total (A) 66,944 39,181 266,003 122,344 51,184 240,404 102,332 76,576 82,757 34,919
Other charges F-5 3,374 4,330 26,660 26,034 80 432 11,670 12,266 6,191 6,356
GST# 1,519 1,289 8,338 6,133 723 3,414 4,473 3,653 2,501 1,974
Total (B) 9,961 8,771 54,659 42,004 4,744 23,392 29,323 24,742 16,400 13,377
Add: Fund revenue account at 57,372 26,962 115,597 35,257 2,171,250 1,954,238 96,562 44,728 49,103 27,561
Fund revenue account at the 114,355 57,372 326,941 115,597 2,217,690 2,171,250 169,571 96,562 115,460 49,103
end of the year
01-19 20-68 69-288
00-00
Annexure - 3
Form A-RA UL

MNC Total
Particulars Sch
Current ear Previous Year Current ear Previous Year
SFIN ULIF03722/06/18ABSLIMUMNC109
Interest income 167 - 11,111,882 10,853,331
Dividend income 28 - 1,187,572 1,343,198
Profit / Loss on sale of investment 5 - 5,550,492 16,081,483
Profit / Loss on inter fund transfer/ sale of - - (63,434) 596,540
investment
Miscellaneous Income / (Expenses) - - 2 270
Unrealised Gain/loss* 1,939 - 3,610,288 (6,481,901)
Total (A) 2,139 - 21,396,802 22,392,921
Fund management expenses 93 - 3,052,789 3,180,423
Fund administration expenses - - - -
Other charges F-5 817 - 1,994,148 2,351,647
GST# 164 - 908,443 953,292
Total (B) 1,074 - 5,955,380 6,485,362
Net Income for the year (A-B) 1,065 - 15,441,422 15,907,559
Add: Fund revenue account at the beginning of - - 114,875,713 98,968,154
the year
Fund revenue account at the end of the year 1,065 - 130,317,135 114,875,713
* Net change in mark to market value of investments
# GST includes Goods and Service Tax on FMC & Other Charges. GST is levied with effect from 1st July, 2017.
There is no unit balance as of 31st March, 2017 and neither there was any movement in Gr. Capital Protection, Gr. Floating Rate, Gr. Growth Maximsier, Gr. Secure- II
& Gr. Bond II for the period starting from 1st April, 2014 till 31st March, 2019.

Form A-BS UL Annexure - 3
Fund Balance Sheet as at 31st March, 2019
138
Particulars Sch
ANNUAL REPORT
Sources of Funds
Policyholders Funds
2018-19
Policyholder contribution F-1 992,636 1,056,582 4,365,097 5,054,393 777,540 1,119,564 275,188 458,306 160,293 171,809
Revenue Account 894,570 783,757 2,354,234 1,923,220 2,674,740 2,471,989 2,440,416 2,257,988 144,305 122,729
Total 1,887,206 1,840,339 6,719,331 6,977,613 3,452,280 3,591,553 2,715,604 2,716,294 304,598 294,538
Investments F-2 1,879,188 1,585,208 6,401,894 6,429,864 3,376,097 3,536,355 2,642,643 2,667,686 298,437 290,923
Current Assets F-3 112,101 267,589 363,218 601,659 80,327 102,066 76,350 77,370 6,246 6,225
Less: Current Liabilities and F-4 104,083 12,458 45,781 53,910 4,144 46,868 3,389 28,762 85 2,610
Provisions
Net current assets 8,018 255,131 317,437 547,749 76,183 55,198 72,961 48,608 6,161 3,615
(a) Total 1,887,206 1,840,339 6,719,331 6,977,613 3,452,280 3,591,553 2,715,604 2,716,294 304,598 294,538
b Number of Units outstanding 60,252 63,359 251,057 281,515 79,762 89,432 47,611 51,600 8,310 8,763
in thousands
NAV per Unit (a)/(b) (`) 31.32 29.05 26.76 24.79 43.28 40.16 57.04 52.64 36.66 33.61

Particulars Sch
Sources of Funds
Policyholders Funds
Policyholder contribution F-1 43,373,346 47,668,931 686,837 893,263 843,754 1,392,350 7,613,213 8,191,219 6,080,673 3,600,957
Revenue Account 21,690,190 18,470,116 4,126,492 3,733,778 9,938,892 9,229,595 11,806,154 10,260,076 3,725,046 3,887,300
Total 65,063,536 66,139,047 4,813,329 4,627,041 10,782,646 10,621,945 19,419,367 18,451,295 9,805,719 7,488,257
Investments F-2 63,872,157 64,633,832 4,738,562 4,526,650 10,702,336 10,482,774 19,205,292 18,363,881 9,591,203 7,443,947
Current Assets F-3 1,452,474 1,767,633 106,901 108,178 146,989 177,957 262,169 376,726 337,291 266,046
Less: Current Liabilities and F-4 261,095 262,418 32,134 7,787 66,679 38,786 48,094 289,312 122,775 221,736
Provisions
Net current assets 1,191,379 1,505,215 74,767 100,391 80,310 139,171 214,075 87,414 214,516 44,310
(a) Total 65,063,536 66,139,047 4,813,329 4,627,041 10,782,646 10,621,945 19,419,367 18,451,295 9,805,719 7,488,257
b Number of Units outstanding 1,004,641 1,096,232 87,176 91,857 183,418 194,959 646,621 673,292 273,568 204,578
in thousands
NAV per Unit (a)/(b) (`) 64.76 60.33 55.21 50.37 58.79 54.48 30.03 27.40 35.84 36.60
Particulars Sch
Sources of Funds
Policyholders Funds F-1 5,976,938 6,004,653 (1,683,147) 107,847 (5,038,116) (847,528) 792,989 1,310,128 810,825 1,188,427
Revenue Account 4,259,867 2,888,102 1,683,147 1,630,975 5,082,962 4,957,388 3,745,415 3,528,567 2,632,509 2,445,923
Total 10,236,805 8,892,755 - 1,738,822 44,846 4,109,860 4,538,404 4,838,695 3,443,334 3,634,350
Investments F-2 10,296,552 8,882,244 - 2,038,408 24,996 4,024,801 4,120,757 4,724,438 3,333,201 3,532,652
Current Assets F-3 143,149 160,735 3 56,193 19,896 93,631 435,268 124,012 113,905 106,739
Less: Current Liabilities and F-4 202,896 150,224 3 355,779 46 8,572 17,621 9,755 3,772 5,041
Provisions
Net current assets (59,747) 10,511 - (299,586) 19,850 85,059 417,647 114,257 110,133 101,698
(a) Total 10,236,805 8,892,755 - 1,738,822 44,846 4,109,860 4,538,404 4,838,695 3,443,334 3,634,350
b Number of Units outstanding 343,090 346,757 - 88,017 1,524 145,400 198,620 222,199 167,708 187,118
in thousands
NAV per Unit (a)/(b) (`) 29.84 25.65 - 19.76 29.42 28.27 22.85 21.78 20.53 19.42

Particulars Sch
Sources of Funds
Policyholders Funds
Policyholder contribution F-1 893,178 2,105,399 492,716 1,144,636 8,944,934 13,587,239 96,875 195,681 8,434 31,167
Revenue Account 5,335,166 4,894,782 3,721,030 3,482,816 10,697,193 9,191,072 552,908 502,762 221,367 205,889
01-19
Total 6,228,344 7,000,181 4,213,746 4,627,452 19,642,127 22,778,311 649,783 698,443 229,801 237,056
Investments F-2 6,113,537 6,887,953 4,063,523 4,486,513 19,072,083 22,227,342 629,612 693,799 226,671 234,805
Corporate Overview
Current Assets F-3 152,832 149,184 155,975 150,090 700,967 636,579 20,172 15,998 3,608 2,509
Less: Current Liabilities and F-4 38,025 36,956 5,752 9,151 130,923 85,610 1 11,354 478 258
Provisions
20-68
(a) Total 6,228,344 7,000,181 4,213,746 4,627,452 19,642,127 22,778,311 649,783 698,443 229,801 237,056
b Number of Units outstanding 339,615 409,082 206,911 240,292 1,095,125 1,365,500 33,017 38,268 10,863 11,997
Statutory Reports
in thousands
NAV per Unit (a)/(b) (`) 18.34 17.11 20.37 19.26 17.94 16.68 19.68 18.25 21.15 19.76
00-00
69-288

139
140
Particulars Sch
ANNUAL REPORT
Sources of Funds
2018-19
Policyholder contribution F-1 (3,239) 6,438 4,431 6,869 2,997,399 1,758,493 3,549,934 2,653,866 2,877,005 1,474,644
Revenue Account 62,251 57,965 27,172 24,706 293,438 254,014 86,367 434,415 206,731 106,242
Total 59,012 64,403 31,603 31,575 3,290,837 2,012,507 3,636,301 3,088,281 3,083,736 1,580,886
Investments F-2 57,911 63,709 31,105 31,210 3,195,023 1,975,721 3,540,051 2,960,587 2,665,175 1,280,594
Current Assets F-3 1,101 747 500 396 208,253 144,293 101,961 172,316 425,531 304,202
Less: Current Liabilities and F-4 - 53 2 31 112,439 107,507 5,711 44,622 6,970 3,910
Provisions
Net current assets 1,101 694 498 365 95,814 36,786 96,250 127,694 418,561 300,292
(a) Total 59,012 64,403 31,603 31,575 3,290,837 2,012,507 3,636,301 3,088,281 3,083,736 1,580,886
in thousands
NAV per Unit (a)/(b) (`) 20.60 19.21 18.86 17.39 28.92 28.03 21.61 23.74 16.67 15.57

Particulars Sch
Sources of Funds
Policyholders Funds
Policyholder contribution F-1 (100,451) (66,253) (396,903) (275,292) (19,057) (8,512) 1,258,506 1,352,258 44,623 57,244
Revenue Account 337,851 320,766 1,733,930 1,641,834 107,961 102,297 327,380 209,426 22,487 16,057
Total 237,400 254,513 1,337,027 1,366,542 88,904 93,785 1,585,886 1,561,684 67,110 73,301
Investments F-2 222,837 238,614 1,315,519 1,342,575 86,567 93,692 1,563,993 1,447,878 68,315 70,897
Current Assets F-3 19,086 18,860 26,786 34,367 3,122 3,258 85,415 115,507 1,046 3,370
Less: Current Liabilities and F-4 4,523 2,961 5,278 10,400 785 3,165 63,522 1,701 2,251 966
Provisions
Net current assets 14,563 15,899 21,508 23,967 2,337 93 21,893 113,806 (1,205) 2,404
(a) Total 237,400 254,513 1,337,027 1,366,542 88,904 93,785 1,585,886 1,561,684 67,110 73,301
in thousands
NAV per Unit (a)/(b) (`) 47.00 43.29 56.42 52.00 36.13 33.46 15.33 14.25 18.27 16.68
Particulars Sch
Sources of Funds
Policyholders Funds
Policyholder contribution F-1 6,386,500 7,183,590 224,606 194,659 1,052,532 1,450,979 2,034,628 406,407 (57,760) (68,831)
Revenue Account 4,496,422 3,688,683 69,171 51,878 2,208,785 1,975,118 1,015,713 867,829 354,700 332,728
Total 10,882,922 10,872,273 293,777 246,537 3,261,317 3,426,097 3,050,341 1,274,236 296,940 263,897
Investments F-2 10,422,276 10,452,530 262,216 241,797 3,045,365 3,272,635 2,975,978 1,159,299 267,405 236,285
Current Assets F-3 463,866 519,858 31,565 4,741 216,876 192,549 131,557 114,957 29,536 27,612
Less: Current Liabilities and F-4 3,220 100,115 4 1 924 39,087 57,194 20 1 -
Provisions
(a) Total 10,882,922 10,872,273 293,777 246,537 3,261,317 3,426,097 3,050,341 1,274,236 296,940 263,897
in thousands
NAV per Unit (a)/(b) (`) 38.94 36.07 28.19 26.17 32.86 30.77 32.68 30.47 23.09 21.37

Particulars Sch
Sources of Funds
Policyholders Funds
Policyholder contribution F-1 539,205 460,922 85,275 104,226 14,256,560 13,485,661 2,431,497 641,943 2,600,118 2,422,135
Revenue Account 353,738 281,952 321,024 291,988 9,201,436 7,496,966 4,517,580 4,026,026 3,490,134 2,987,448
01-19
Total 892,943 742,874 406,299 396,214 23,457,996 20,982,627 6,949,077 4,667,969 6,090,252 5,409,583
Investments F-2 881,686 734,901 396,610 430,848 22,388,244 19,920,778 6,702,366 4,488,357 5,991,630 5,350,524
Corporate Overview
Current Assets F-3 11,319 7,975 9,692 12,752 1,071,457 1,207,769 252,713 245,798 98,629 77,904
Less: Current Liabilities and F-4 62 2 3 47,386 1,705 145,920 6,002 66,186 7 18,845
Provisions
20-68
Net current assets 11,257 7,973 9,689 (34,634) 1,069,752 1,061,849 246,711 179,612 98,622 59,059
(a) Total 892,943 742,874 406,299 396,214 23,457,996 20,982,627 6,949,077 4,667,969 6,090,252 5,409,583
Statutory Reports
in thousands
NAV per Unit (a)/(b) (`) 35.60 32.59 21.50 19.97 57.41 53.09 79.76 73.26 98.63 90.36
00-00
69-288

141
142
Particulars Sch
ANNUAL REPORT
Sources of Funds
Policyholders Funds
2018-19
Policyholder contribution F-1 8,308 11,421 (105) (83) 100,023 102,953 13,122 14,375 221,707 225,333
Revenue Account 25,285 22,237 3,226 3,036 186,899 165,647 13,002 10,657 182,767 147,090
Total 33,593 33,658 3,121 2,953 286,922 268,600 26,124 25,032 404,474 372,423
Investments F-2 33,469 33,582 3,049 2,917 267,284 250,539 25,554 24,561 400,731 366,953
Current Assets F-3 124 76 72 36 19,639 18,061 570 471 3,746 5,470
Less: Current Liabilities and F-4 - - - - 1 - - - 3 -
Provisions
Net current assets 124 76 72 36 19,638 18,061 570 471 3,743 5,470
(a) Total 33,593 33,658 3,121 2,953 286,922 268,600 26,124 25,032 404,474 372,423
b Number of Units outstanding 1,616 1,776 178 179 14,865 15,024 1,183 1,244 16,789 16,949
in thousands
NAV per Unit (a)/(b) (`) 20.79 18.95 17.58 16.52 19.30 17.88 22.09 20.12 24.09 21.97

Particulars Sch
Sources of Funds
Policyholders Funds
Policyholder contribution F-1 801,923 743,791 4,059,833 2,601,413 (2,203,325) (293,324) 1,123,451 853,497 610,282 467,545
Revenue Account 114,355 57,372 326,941 115,597 2,217,690 2,171,250 169,571 96,562 115,460 49,103
Total 916,278 801,163 4,386,774 2,717,010 14,365 1,877,926 1,293,022 950,059 725,742 516,648
Investments F-2 1,015,297 813,251 4,679,074 2,748,838 14,497 2,370,136 1,243,531 892,827 705,120 497,159
Current Assets F-3 5,467 1,208 16,323 9,327 123 1,313 55,972 59,219 20,907 19,982
Less: Current Liabilities and F-4 104,486 13,296 308,623 41,155 255 493,523 6,481 1,987 285 493
Provisions
Net current assets (99,019) (12,088) (292,300) (31,828) (132) (492,210) 49,491 57,232 20,622 19,489
(a) Total 916,278 801,163 4,386,774 2,717,010 14,365 1,877,926 1,293,022 950,059 725,742 516,648
b Number of Units outstanding 66,837 62,052 319,227 210,246 793 109,959 88,340 70,094 50,541 40,553
in thousands
NAV per Unit (a)/(b) (`) 13.71 12.91 13.74 12.92 18.11 17.08 14.64 13.55 14.36 12.74
01-19 20-68 69-288
00-00
Annexure - 3
Form A-BS UL

MNC Total
Particulars Sch
Sources of Funds
Policyholders Funds
Policyholder contribution F-1 357,979 - 121,322,810 132,403,390
Revenue Account 1,065 - 130,317,135 114,875,713
Total 359,044 - 251,639,945 247,279,103
Investments F-2 202,332 - 245,258,951 241,488,269
Current Assets F-3 187,506 - 8,190,301 8,571,513
Less: Current Liabilities and Provisions F-4 30,794 - 1,809,307 2,780,679
Net current assets 156,712 - 6,380,994 5,790,834
(a) Total 359,044 - 251,639,945 247,279,103
(b) Number of Units outstanding in thousands 35,172 -
NAV per Unit (a)/(b) (`) 10.21 -

Schedules to Fund Balance Sheet Annexure - 3
Schedule F-1
144
Policyholders' Contribution
ANNUAL REPORT
Particulars
2018-19
Opening balance 1,056,582 1,036,442 5,054,393 4,754,341 1,119,564 1,804,359 458,306 767,993 171,809 211,774
Add: Additions during the year* ** 1,105,534 404,882 1,958,655 1,439,263 416,225 161,330 251,853 130,480 23,490 25,872
Less: Deductions during the year 1,169,480 384,742 2,647,951 1,139,211 758,249 846,125 434,971 440,167 35,006 65,837
Closing balance 992,636 1,056,582 4,365,097 5,054,393 777,540 1,119,564 275,188 458,306 160,293 171,809

Particulars
Opening balance 47,668,931 53,570,974 893,263 1,291,106 1,392,350 2,541,219 8,191,219 10,158,360 3,600,957 3,299,986
Add: Additions during the year* ** 5,234,122 4,783,026 680,507 452,687 1,211,336 699,476 3,414,507 2,364,479 4,375,398 1,387,347
Less: Deductions during the year 9,529,707 10,685,069 886,933 850,530 1,759,932 1,848,345 3,992,513 4,331,620 1,895,682 1,086,376
Closing balance 43,373,346 47,668,931 686,837 893,263 843,754 1,392,350 7,613,213 8,191,219 6,080,673 3,600,957

Particulars
Opening balance 6,004,653 6,249,797 107,847 1,036,376 (847,528) 105,495 1,310,128 2,251,843 1,188,427 1,864,430
Add: Additions during the year* ** 2,432,353 1,147,631 12,522 8,989 49,292 15,806 36,227 26,825 28,134 8,222
Less: Deductions during the year 2,460,068 1,392,775 1,803,516 937,518 4,239,880 968,829 553,366 968,540 405,736 684,225
Closing balance 5,976,938 6,004,653 (1,683,147) 107,847 (5,038,116) (847,528) 792,989 1,310,128 810,825 1,188,427

Particulars
Opening balance 2,105,399 4,394,681 1,144,636 2,408,620 13,587,239 18,293,274 195,681 366,603 31,167 85,186
Add: Additions during the year* ** 72,387 38,550 62,532 16,372 452,569 1,015,925 15,972 5,684 1,706 919
Less: Deductions during the year 1,284,608 2,327,832 714,452 1,280,356 5,094,874 5,721,960 114,778 176,606 24,439 54,938
Closing balance 893,178 2,105,399 492,716 1,144,636 8,944,934 13,587,239 96,875 195,681 8,434 31,167
Schedule F-1
Particulars
Opening balance 6,438 20,214 6,869 14,652 1,758,493 836,923 2,653,866 1,448,787 1,474,644 1,063,709
Add: Additions during the year* ** 774 715 1,764 679 1,948,612 888,209 1,843,127 1,034,600 3,709,055 2,083,820
Less: Deductions during the year 10,451 14,491 4,202 8,462 709,706 (33,361) 947,059 (170,479) 2,306,694 1,672,885
Closing balance (3,239) 6,438 4,431 6,869 2,997,399 1,758,493 3,549,934 2,653,866 2,877,005 1,474,644

Particulars
Opening balance (66,253) (29,836) (275,292) (106,417) (8,512) 4,548 1,352,258 1,033,892 57,244 48,265
Add: Additions during the year* ** 8,279 8,922 40,761 41,174 4,626 3,659 793,890 647,445 34,139 30,138
Less: Deductions during the year 42,477 45,339 162,372 210,049 15,171 16,719 887,642 329,079 46,760 21,159
Closing balance (100,451) (66,253) (396,903) (275,292) (19,057) (8,512) 1,258,506 1,352,258 44,623 57,244

Particulars
Opening balance 7,183,590 8,027,352 194,659 182,554 1,450,979 1,068,042 406,407 181,232 (68,831) (62,711)
Add: Additions during the year* ** 897,767 829,158 60,554 25,130 479,161 478,852 5,907,670 1,618,669 70,326 16,002
Less: Deductions during the year 1,694,857 1,672,920 30,607 13,025 877,608 95,915 4,279,449 1,393,494 59,255 22,122
01-19
Closing balance 6,386,500 7,183,590 224,606 194,659 1,052,532 1,450,979 2,034,628 406,407 (57,760) (68,831)
Corporate Overview

Particulars
20-68

Opening balance 460,922 367,812 104,226 198,238 13,485,661 10,433,929 641,943 422,211 2,422,135 2,734,416
Add: Additions during the year* ** 89,574 87,333 1,172 1,185 2,757,276 3,508,096 2,235,169 754,768 680,860 258,981
Statutory Reports
Less: Deductions during the year 11,291 (5,777) 20,123 95,197 1,986,377 456,364 445,615 535,036 502,877 571,262
Closing balance 539,205 460,922 85,275 104,226 14,256,560 13,485,661 2,431,497 641,943 2,600,118 2,422,135
00-00
69-288

145
Schedule F-1
146
ANNUAL REPORT
Particulars
2018-19
Opening balance 11,421 16,717 (83) (69) 102,953 106,344 14,375 12,762 225,333 229,326
Add: Additions during the year* ** 194 - (1) - 83 - 748 5,900 86 -
Less: Deductions during the year 3,307 5,296 21 14 3,013 3,391 2,001 4,287 3,712 3,993
Closing balance 8,308 11,421 (105) (83) 100,023 102,953 13,122 14,375 221,707 225,333

Particulars
Opening balance 743,791 472,156 2,601,413 1,182,504 (293,324) 2,708,394 853,497 507,753 467,545 292,501
Add: Additions during the year* ** 677,491 32,410 4,879,503 203,272 376,890 246,496 604,737 418,114 342,160 208,644
Less: Deductions during the year 619,359 (239,225) 3,421,083 (1,215,637) 2,286,891 3,248,214 334,783 72,370 199,423 33,600
Closing balance 801,923 743,791 4,059,833 2,601,413 (2,203,325) (293,324) 1,123,451 853,497 610,282 467,545

MNC Total
Particulars
Opening balance - - 132,403,390 149,909,059
Add: Additions during the year* ** 366,054 - 50,647,822 27,566,136
Less: Deductions during the year 8,075 - 61,728,402 45,071,805
Closing balance 357,979 - 121,322,810 132,403,390
* Additions represents units creation & deductions represent unit cancellations
** Includes Last Day Collections
Since there is no actual movement in Gr. Capital Protection, Gr. Floating Rate, Gr. Growth Maximsier, Gr. Secure- II & Gr. Bond II, it is not forming part of the current financial discloures.
Schedule F-2
Investments
Particulars
Approved Investments
Government Bonds 31,738 - 2,239,223 1,868,468 1,359,494 1,422,080 904,595 896,537 168,588 175,018
Corporate Bonds 566,014 530,804 2,169,830 1,922,251 822,524 724,622 544,914 351,913 - 13,170
Infrastructure Bonds 626,591 680,823 1,112,521 1,786,929 801,726 955,761 574,034 852,704 35,374 28,540
Equity - - - - 294,694 300,587 454,769 434,691 66,288 58,999
Money Market 299,949 165,718 213,698 281,522 - 124 - 142 - 736
Fixed Deposits 74,700 49,500 69,300 139,300 - - - - - -
Mutual Funds 80,593 46,230 54,883 58,263 48,866 95,929 59,391 12,931 16,745 276
Preferance Shares - - - - 266 365 644 2,004 51 70

Total 1,679,585 1,473,075 5,859,455 6,056,733 3,327,570 3,499,468 2,538,347 2,550,922 287,046 276,809
Other Investments
Corporate Bonds 148,703 60,595 439,157 269,653 - - 30,986 41,005 3,998 5,000
Infrastructure Bonds 50,900 51,538 103,282 103,478 - - - - - -
Equity - - - - 48,527 36,887 73,310 75,759 7,393 9,114
Money Market - - - - - - - - - -
Fixed Deposits - - - - - - - - - -
Mutual Funds - - - - - - - - - -
Total 199,603 112,133 542,439 373,131 48,527 36,887 104,296 116,764 11,391 14,114
GRAND TOTAL 1,879,188 1,585,208 6,401,894 6,429,864 3,376,097 3,536,355 2,642,643 2,667,686 298,437 290,923
% of Approved Investments to Total 89% 93% 92% 94% 99% 99% 96% 96% 96% 95%
% of Other Investments to Total 11% 7% 8% 6% 1% 1% 4% 4% 4% 5%

Particulars
01-19
Government Bonds 17,922,844 18,700,542 975,816 878,152 200,420 6,996 - - - -

Corporate Bonds 9,510,535 10,403,828 518,661 473,264 152,069 249,806 - - - -
Infrastructure Bonds 11,076,724 11,594,956 678,799 779,493 113,624 78,596 - - - -
Equity 17,665,466 18,084,675 2,143,087 1,984,685 7,426,042 7,569,835 16,923,044 16,210,724 7,155,885 4,846,649
Corporate Overview
Money Market 684,339 631,594 - 23,757 1,267,839 645,300 - 2,266 508,510 821,193
Fixed Deposits - 169,400 60,000 - - - - - - -
Mutual Funds 3,267,198 3,159,619 51,824 100,926 352,907 977,196 168,078 177,240 444,200 100,129
20-68
Preferance Shares 18,594 17,755 904 1,238 5,596 7,663 12,583 17,230 - -
Total 60,145,700 62,762,369 4,429,091 4,241,515 9,518,497 9,535,392 17,103,705 16,407,460 8,108,595 5,767,971
Other Investments
Corporate Bonds 543,788 205,248 44,976 45,000 2,005 2,009 - - - -
Statutory Reports
Infrastructure Bonds 99,199 - - - - - - - - -

Equity 2,325,031 1,259,997 264,495 240,135 683,431 760,728 846,293 1,587,131 1,482,608 1,675,976
Money Market - - - - - - - - - -
Fixed Deposits - - - - - - - - - -
00-00
69-288
Mutual Funds 758,439 406,218 - - 498,403 184,645 1,255,294 369,290 - -

Total 3,726,457 1,871,463 309,471 285,135 1,183,839 947,382 2,101,587 1,956,421 1,482,608 1,675,976
GRAND TOTAL 63,872,157 64,633,832 4,738,562 4,526,650 10,702,336 10,482,774 19,205,292 18,363,881 9,591,203 7,443,947
147
Schedule F-2
148
Investments
ANNUAL REPORT
Particulars
2018-19
Government Bonds - - - 120,115 - 60,765 168,401 35,782 50,675 57,944

Corporate Bonds - - - 391,272 - 871,686 538,640 1,091,793 448,806 392,942
Infrastructure Bonds - - - 409,640 - 1,139,178 706,311 1,243,965 1,296,828 1,321,153
Equity 9,305,465 8,574,008 - 835,733 - 1,620,351 - 1,900,840 2,365 1,393,537
Money Market 98,483 1,167 - 121,875 24,996 409 2,606,905 47,205 1,471,431 330
Fixed Deposits - - - - - 161,600 100,500 110,400 60,100 109,900
Mutual Funds 265,731 114,496 - 138,382 - 130,894 - 246,105 - 221,028
Preferance Shares - - - 1,266 - 2,475 - 5,231 2,996 4,102

Total 9,669,679 8,689,671 - 2,018,283 24,996 3,987,358 4,120,757 4,681,321 3,333,201 3,500,936
Other Investments
Corporate Bonds - - - - - - - - - -
Infrastructure Bonds - - - - - - - - - -
Equity - 192,573 - 20,125 - 37,443 - 43,117 - 31,716
Money Market - - - - - - - - - -
Fixed Deposits - - - - - - - - - -
Mutual Funds 626,873 - - - - - - - - -
Total 626,873 192,573 - 20,125 - 37,443 - 43,117 - 31,716
GRAND TOTAL 10,296,552 8,882,244 - 2,038,408 24,996 4,024,801 4,120,757 4,724,438 3,333,201 3,532,652
% of Approved Investments to Total 94% 98% - 99% 100% 99% 100% 99% 100% 99%
% of Other Investments to Total 6% 2% - 1% 0% 1% 0% 1% 0% 1%

Particulars
Government Bonds 1,303,755 1,461,584 525,277 299,469 4,068,654 4,037,936 59,247 94,802 50,376 10,435
Corporate Bonds 1,177,503 1,257,206 711,261 880,976 3,393,832 3,521,919 71,420 31,590 10,050 23,522
Infrastructure Bonds 2,005,953 1,754,198 967,950 1,322,681 6,453,526 7,236,838 336,446 279,646 65,600 45,974
Equity 1,255,648 2,016,098 488,502 1,636,144 4,272,652 6,473,297 116,327 213,345 40,163 120,152
Money Market - 497 1,001,943 403 - 1,664 - 81 56,234 10,566
Fixed Deposits - - 150,000 150,000 161,600 302,200 - - - -
Mutual Funds 253,733 346,672 160,226 153,183 314,879 497,927 35,925 68,694 - 21,011
Preferance Shares 3,367 4,610 5,211 7,135 5,886 8,060 494 676 290 396
Total 5,999,959 6,840,865 4,010,370 4,449,991 18,671,029 22,079,841 619,859 688,834 222,713 232,056
Other Investments
Equity 113,578 47,088 53,153 36,522 401,054 147,501 9,753 4,965 3,958 2,749
Money Market - - - - - - - - - -
Fixed Deposits - - - - - - - - - -
Mutual Funds - - - - - - - - - -
Total 113,578 47,088 53,153 36,522 401,054 147,501 9,753 4,965 3,958 2,749
GRAND TOTAL 6,113,537 6,887,953 4,063,523 4,486,513 19,072,083 22,227,342 629,612 693,799 226,671 234,805
Schedule F-2
Investments
Particulars
Government Bonds 20,337 12,318 8,587 3,547 - - - - - -
Corporate Bonds - - 2,034 3,089 - - - - 541,968 239,164
Infrastructure Bonds 9,098 9,170 2,017 2,033 - - - - 1,258,893 426,807
Equity 97 34,382 12,451 18,850 2,772,867 1,536,193 2,650,894 2,246,275 - -
Money Market 28,295 4,675 4,999 1,239 158,372 228,578 443,322 304,768 490,019 474,353
Fixed Deposits - - - - - - - - 125,000 19,800
Mutual Funds - 2,268 - 1,970 78,069 - 83,350 204,972 4,374 35,470
Preferance Shares 84 115 34 46 - - - - - -

Total 57,911 62,928 30,122 30,774 3,009,308 1,764,771 3,177,566 2,756,015 2,420,254 1,195,594
Other Investments
Corporate Bonds - - - - - - - - 244,921 85,000
Equity - 781 983 436 185,715 210,950 362,485 204,572 - -
Money Market - - - - - - - - - -
Fixed Deposits - - - - - - - - - -
Mutual Funds - - - - - - - - - -
Total - 781 983 436 185,715 210,950 362,485 204,572 244,921 85,000
GRAND TOTAL 57,911 63,709 31,105 31,210 3,195,023 1,975,721 3,540,051 2,960,587 2,665,175 1,280,594

Particulars
01-19
Government Bonds 64,717 55,837 331,254 368,083 32,566 36,992 605,843 382,384 - -
Corporate Bonds 33,314 38,417 132,192 199,366 3,095 4,248 485,279 481,495 - -
Infrastructure Bonds 44,649 56,850 255,331 264,814 37,947 37,347 389,577 392,477 - -
Equity 45,700 44,591 420,002 406,936 7,995 7,166 - - 61,638 62,015
Corporate Overview
Money Market - 9,487 25,296 116 - 23 29,541 62,153 3,399 3,397

Fixed Deposits 9,900 9,900 - - - - - - - -
Mutual Funds 1,871 2,598 75,645 22,938 1,031 3,771 - 108,893 - -
20-68
Preferance Shares 48 65 307 1,533 8 11 - - - -

Total 200,199 217,745 1,240,027 1,263,786 82,642 89,558 1,510,240 1,427,402 65,037 65,412
Other Investments
Corporate Bonds 19,989 20,000 29,984 30,000 2,998 3,000 53,753 20,476 - -
Statutory Reports
Equity 2,649 869 45,508 48,789 927 1,134 - - 3,278 5,485
Money Market - - - - - - - - - -
Fixed Deposits - - - - - - - - - -
00-00
69-288
Mutual Funds - - - - - - - - - -

Total 22,638 20,869 75,492 78,789 3,925 4,134 53,753 20,476 3,278 5,485
GRAND TOTAL 222,837 238,614 1,315,519 1,342,575 86,567 93,692 1,563,993 1,447,878 68,315 70,897
149
Schedule F-2
150
Investments
ANNUAL REPORT
Particulars
2018-19
Government Bonds 3,950,148 4,197,223 196,846 195,199 - - - - - -

Corporate Bonds 3,541,553 3,781,852 - - 1,201,797 1,512,611 259,695 281,324 102,762 70,001
Infrastructure Bonds 2,218,329 1,782,497 - - 1,528,904 1,452,818 995,482 387,270 108,833 107,174
Equity - - - - - - - - - -
Money Market - 293,873 61,489 26,787 29,640 1,846 1,250,783 323,897 18,997 19,099
Fixed Deposits 89,100 169,200 - - 49,800 19,800 99,800 29,905 9,900 9,900
Mutual Funds 234,304 105,028 3,881 19,811 113,974 153,648 250,282 44,903 21,916 5,659
Preferance Shares - - - - - - - - - -
Total 10,033,434 10,329,673 262,216 241,797 2,924,115 3,140,723 2,856,042 1,067,299 262,408 211,833
Other Investments
Corporate Bonds 388,842 122,857 - - 96,054 106,393 119,936 92,000 4,997 24,452
Infrastructure Bonds - - - - 25,196 25,519 - - - -
Equity - - - - - - - - - -
Money Market - - - - - - - - - -
Fixed Deposits - - - - - - - - - -
Mutual Funds - - - - - - - - - -
Total 388,842 122,857 - - 121,250 131,912 119,936 92,000 4,997 24,452
GRAND TOTAL 10,422,276 10,452,530 262,216 241,797 3,045,365 3,272,635 2,975,978 1,159,299 267,405 236,285

Particulars
Government Bonds 135,451 141,174 186,386 170,291 7,771,429 7,642,020 1,693,292 1,701,974 1,659,084 1,638,642
Corporate Bonds 18,750 1,027 88,208 100,118 4,806,066 4,457,447 870,865 332,392 491,119 341,935
Infrastructure Bonds 56,422 57,109 90,342 102,983 2,492,403 1,907,069 519,184 265,021 551,382 434,673
Equity 487,276 388,187 - - 4,144,221 3,526,874 2,166,844 1,397,238 2,783,423 2,408,472
Money Market 89,084 39,427 14,770 56,154 530,985 129,852 547,104 178,202 - 430
Fixed Deposits 25,000 - - - 179,900 9,900 134,400 59,400 - -
Mutual Funds 32,733 67,066 16,904 1,302 2,001,816 1,699,502 590,094 401,847 250,934 254,409
Preferance Shares 73 100 - - 952 1,304 530 725 758 1,038
Total 844,789 694,090 396,610 430,848 21,927,772 19,373,968 6,522,313 4,336,799 5,736,700 5,079,599
Other Investments
Corporate Bonds - - - - 151,343 151,536 19,989 - 27,018 -
Equity 36,897 40,811 - - 309,129 395,274 160,064 151,558 227,912 270,925
Money Market - - - - - - - - - -
Fixed Deposits - - - - - - - - - -
Mutual Funds - - - - - - - - - -
Total 36,897 40,811 - - 460,472 546,810 180,053 151,558 254,930 270,925
GRAND TOTAL 881,686 734,901 396,610 430,848 22,388,244 19,920,778 6,702,366 4,488,357 5,991,630 5,350,524
Schedule F-2
Investments
Particulars
Government Bonds 31,519 32,090 - 1,023 - - 14,507 13,428 83,191 52,861
Corporate Bonds - - - - 121,019 135,893 - - 30,175 33,525
Infrastructure Bonds - - - - 87,683 79,253 1,115 1,128 35,122 65,846
Equity - - - - - - 8,404 7,636 187,346 169,029
Money Market 1,950 691 3,049 1,823 34,094 19,035 300 14 53,441 37
Fixed Deposits - - - - 9,900 9,900 - - - -
Mutual Funds - 801 - 71 14,588 6,458 704 1,523 - 29,290
Preferance Shares - - - - - - - - 15 20
Total 33,469 33,582 3,049 2,917 267,284 250,539 25,030 23,729 389,290 350,608
Other Investments
Equity - - - - - - 524 832 11,441 16,345
Money Market - - - - - - - - - -
Fixed Deposits - - - - - - - - - -
Mutual Funds - - - - - - - - - -
Total - - - - - - 524 832 11,441 16,345
GRAND TOTAL 33,469 33,582 3,049 2,917 267,284 250,539 25,554 24,561 400,731 366,953

Particulars
01-19
Government Bonds - - - - - - 529,419 408,034 - -

Corporate Bonds - - - - - - 199,681 181,023 - -
Infrastructure Bonds - - - - - - 180,932 80,164 - -
Equity - - - - - - 222,026 143,624 658,724 448,297
Corporate Overview
Money Market 934,224 740,332 4,466,990 2,527,693 14,497 2,303,648 - 55,262 15,197 41,006
Fixed Deposits - - - - - - - - - -
Mutual Funds 81,073 72,919 212,084 221,145 - 66,488 85,772 20,148 - -
20-68
Preferance Shares - - - - - - - - - -
Total 1,015,297 813,251 4,679,074 2,748,838 14,497 2,370,136 1,217,830 888,255 673,921 489,303
Other Investments
Statutory Reports
Equity - - - - - - 25,701 4,572 31,199 7,856
Money Market - - - - - - - - - -
Fixed Deposits - - - - - - - - - -
00-00
69-288
Mutual Funds - - - - - - - - - -

Total - - - - - - 25,701 4,572 31,199 7,856
GRAND TOTAL 1,015,297 813,251 4,679,074 2,748,838 14,497 2,370,136 1,243,531 892,827 705,120 497,159
151

Schedule F-2
Investments
MNC Total
Particulars
Government Bonds - - 47,343,679 47,179,745
Corporate Bonds - - 33,565,631 35,327,491
Infrastructure Bonds - - 37,715,652 39,423,578
Equity 142,131 - 84,382,436 87,120,115
Money Market 40,593 - 17,524,757 10,604,446
Fixed Deposits - - 1,408,900 1,530,005
Mutual Funds - - 9,730,578 10,222,029
Preferance Shares - - 59,691 85,233
Total 182,724 - 231,731,324 231,492,642
Other Investments
Corporate Bonds - - 2,373,437 1,284,224
Infrastructure Bonds - - 278,577 180,535
Equity 19,608 - 7,736,604 7,570,715
Money Market - - - -
Fixed Deposits - - - -
Mutual Funds - - 3,139,009 960,153
Total 19,608 - 13,527,627 9,995,627
GRAND TOTAL 202,332 - 245,258,951 241,488,269
% of Approved Investments to Total 90% - 94% 96%
% of Other Investments to Total 10% - 6% 4%
152
Schedule F -
Current Assets
Particulars
Accrued Interest 96,111 102,815 235,870 293,112 75,210 83,818 49,045 62,493 5,494 5,367
Cash & Bank Balance 125 43 306 80 214 91 244 79 49 31
Dividend Receivable - - - - 17 23 42 134 14 4
Receivable for Sale of - 349 - 130 452 5,998 - 8,373 391 -
Investments
Receivable from policy holder 15,298 164,382 127,034 308,311 4,432 12,130 27,016 6,284 298 823
Margin Money - - - - - - - - - -
Share Application Money - - - - - - - - - -

Other Current Assets 567 - 8 26 2 6 3 7 - -
(for Investments)
Total 112,101 267,589 363,218 601,659 80,327 102,066 76,350 77,370 6,246 6,225

Particulars
Accrued Interest 1,227,290 1,432,193 58,951 63,185 20,606 54,980 - - - -
Cash & Bank Balance 3,728 879 308 83 1,050 169 1,023 272 867 126
Dividend Receivable 5,300 1,121 232 78 2,056 484 4,024 1,736 1,852 -
Receivable for Sale of 44,236 52,178 23,324 10,167 52,820 52,405 37,086 90,410 82,599 22,850
Investments
Receivable from policy holder 169,869 281,001 24,033 34,644 70,287 69,811 219,646 284,117 251,255 242,905
Margin Money - - - - - - - - - -
Other Current Assets 2,051 261 53 21 170 108 390 191 718 165
01-19
(for Investments)
Total 1,452,474 1,767,633 106,901 108,178 146,989 177,957 262,169 376,726 337,291 266,046

Corporate Overview
Particulars
20-68

Accrued Interest - - - 55,893 10 93,377 113,071 123,570 113,108 106,393
Statutory Reports
Dividend Receivable 2,531 - - 80 - 156 - 330 287 259

Receivable for Sale of 49,953 65,455 - 25 19,420 - 321,700 - - -
Investments
Receivable from policy holder 89,523 95,065 - - (1) - - - - -
00-00
69-288
Margin Money - - - - - - - - - -

Other Current Assets 475 88 - 17 1 26 1 29 85 22
(for Investments)
153
Total 143,149 160,735 3 56,193 19,896 93,631 435,268 124,012 113,905 106,739
Schedule F -
154
Current Assets
ANNUAL REPORT
Particulars
2018-19
Cash & Bank Balance 428 115 286 80 1,559 419 85 41 38 15

Dividend Receivable 562 291 473 451 1,961 509 78 43 30 25
Receivable for Sale of - - - - 120,900 - - - - -
Investments
Receivable from policy holder 418 1,429 669 134 - 14,260 (1) - - -
Margin Money - - - - - - - - - -

Other Current Assets 5 40 4 30 271 153 8 4 - 2
(for Investments)
Total 152,832 149,184 155,975 150,090 700,967 636,579 20,172 15,998 3,608 2,509

Particulars
Accrued Interest 984 726 476 363 - - - - 155,631 64,138
Cash & Bank Balance 104 12 17 13 340 30 488 6,312 133 24
Dividend Receivable 10 7 6 3 300 166 7,532 3,990 - -
Receivable for Sale of - - - - 46,339 5,646 - 18,621 - 4

Investments
Receivable from policy holder - - 1 17 161,161 138,433 93,809 143,363 269,333 240,035
Margin Money - - - - - - - - - -
Other Current Assets 3 2 - - 113 18 132 30 434 1
(for Investments)
Total 1,101 747 500 396 208,253 144,293 101,961 172,316 425,531 304,202

Particulars
Accrued Interest 17,590 17,475 21,762 30,758 2,810 2,790 40,489 46,186 - -
Dividend Receivable 19 12 55 104 2 1 - - 17 -
Receivable for Sale of 1,139 - 3,685 - 142 - - - 135 -
Investments
Receivable from policy holder 277 1,340 1,087 3,426 120 439 44,822 69,292 812 3,358
Margin Money - - - - - - - - - -
Other Current Assets 1 - 10 7 - - - - 1 -
(for Investments)
Total 19,086 18,860 26,786 34,367 3,122 3,258 85,415 115,507 1,046 3,370
Schedule F -
Current Assets
Particulars
Dividend Receivable - - - - - - - - - -
Receivable for Sale of - 149 - - 2 58 5 - - -
Investments
Receivable from policy holder 83,759 78,616 26,787 15 80,691 61,282 7,771 52,399 8,016 8,012
Margin Money - - - - - - - - - -

Other Current Assets 1,894 3 - - - 2 - 1 - -
(for Investments)
Total 463,866 519,858 31,565 4,741 216,876 192,549 131,557 114,957 29,536 27,612

Particulars
Dividend Receivable 90 21 - - 811 213 459 97 533 157
Receivable for Sale of 986 - - - 8,745 - 3,880 - 5,562 -

Investments
Receivable from policy holder 4,062 2,090 (1) 881 506,288 689,279 92,982 123,119 13,053 10,676
Margin Money - - - - - - - - - -
Other Current Assets 11 5 - - 110 53 53 19 63 29
01-19
(for Investments)
Total 11,319 7,975 9,692 12,752 1,071,457 1,207,769 252,713 245,798 98,629 77,904

Corporate Overview
Particulars
20-68

Accrued Interest 48 49 - 9 19,576 18,034 463 467 3,157 4,510
Statutory Reports
Dividend Receivable - - - - - - 2 - 34 8
Receivable for Sale of - - - - - - 18 - 393 923
Investments
Receivable from policy holder (1) - 1 - - - - - (1) -
00-00
69-288
Margin Money - - - - - - - - - -

Other Current Assets - - - - - - - - 4 2
(for Investments)
155
Total 124 76 72 36 19,639 18,061 570 471 3,746 5,470
Schedule F -
156
Current Assets
ANNUAL REPORT
Particulars
Accrued Interest - - - - - - 22,595 17,956 - -
2018-19

Dividend Receivable - - - - - - 24 19 142 -
Receivable for Sale of - - - - - - 2,010 - - -
Investments
Receivable from policy holder 5,328 1,191 16,182 9,297 1 1,128 31,256 41,219 20,657 19,964
Margin Money - - - - - - - - - -

Other Current Assets - 1 4 4 - 3 8 2 1 -
(for Investments)
Total 5,467 1,208 16,323 9,327 123 1,313 55,972 59,219 20,907 19,982

MNC Total
Particulars
Accrued Interest - - 4,653,803 5,001,006
Cash & Bank Balance 84 - 17,976 10,699
Dividend Receivable 25 - 29,520 10,522
Receivable for Sale of Investments 2,300 - 828,222 333,741

Receivable from policy holder 185,078 - 2,653,107 3,214,167
Margin Money - - - -
Share Application Money - - - -
Other Current Assets (for Investments) 19 - 7,673 1,378
Total 187,506 - 8,190,301 8,571,513
There is no unit balance as of 31st March, 2019 and neither there was any movement in Gr. Capital Protection, Gr. Floating Rate, Gr. Growth Maximsier, Gr. Secure- II & Gr. Bond II for the period starting
from 1st April, 2014 till 31st March, 2019.
Schedule F -
Current Liabilities
Particulars
Payable for Purchase of Investments 48,579 - 236 45 2 6,818 3 11,719 - -
Other Current Liabilities - - - - - - - - - -
Payable to Policy holder 55,504 12,458 45,545 53,865 4,142 40,050 3,386 17,043 85 2,610
Total 104,083 12,458 45,781 53,910 4,144 46,868 3,389 28,762 85 2,610

Particulars
Payable for Purchase of Investments 161,402 2,909 24,640 4 48,983 1 3 158,650 94,530 183,302
Payable to Policy holder 99,693 259,509 7,494 7,783 17,696 38,785 48,092 130,662 28,246 38,434
Total 261,095 262,418 32,134 7,787 66,679 38,786 48,095 289,312 122,776 221,736

Particulars
Payable for Purchase of Investments 175,999 130,694 3 1 46 - 35 1 20 1
Payable to Policy holder 26,897 19,530 - 355,778 - 8,572 17,586 9,754 3,752 5,040
01-19
Total 202,896 150,224 3 355,779 46 8,572 17,621 9,755 3,772 5,041

Corporate Overview
Particulars
20-68
Payable for Purchase of Investments 16 5 22 3 60 12 1 - 3 -

Statutory Reports
Payable to Policy holder 38,009 36,951 5,730 9,148 130,863 85,598 - 11,354 475 258
Total 38,025 36,956 5,752 9,151 130,923 85,610 1 11,354 478 258
00-00
69-288

157
Schedule F -
158
Current Liabilities
ANNUAL REPORT
Particulars
2018-19
Payable for Purchase of Investments - - - - 106,502 103,553 17 37,941 1 -

Payable to Policy holder - 53 2 31 5,936 3,954 5,693 6,681 6,969 3,910
Total - 53 2 31 112,438 107,507 5,710 44,622 6,970 3,910

Particulars
Payable for Purchase of Investments 2 - 4,804 - - - 18 - - -
Payable to Policy holder 4,521 2,961 474 10,400 785 3,165 63,504 1,701 2,251 966
Total 4,523 2,961 5,278 10,400 785 3,165 63,522 1,701 2,251 966

Particulars
Payable for Purchase of Investments 29 17 4 1 3 - 11 1 1 -
Payable to Policy holder 3,191 100,098 - - 921 39,087 57,183 19 - -
Total 3,220 100,115 4 1 924 39,087 57,194 20 1 -

Particulars
Payable for Purchase of Investments 6 2 3 - 34 74,854 5,754 59,427 6 2
Payable to Policy holder 55 - - 47,386 1,670 71,066 248 6,759 1 18,843
Total 61 2 3 47,386 1,704 145,920 6,002 66,186 7 18,845
Schedule F -
Current Liabilities
Particulars
Payable for Purchase of Investments - - - - 1 - - - 3 -
Payable to Policy holder - - - - - - - - - -
Total - - - - 1 - - - 3 -

Particulars
Payable for Purchase of Investments 43 7 131 23 36 16 5,151 6 5 2
Payable to Policy holder 104,443 13,289 308,492 41,132 219 493,507 1,330 1,981 281 491
Total 104,486 13,296 308,623 41,155 255 493,523 6,481 1,987 286 493

MNC Total
Particulars
Payable for Purchase of Investments 30,251 - 707,399 770,017
Other Current Liabilities - - - -
Payable to Policy holder 544 - 1,101,908 2,010,662
01-19
Total 30,795 - 1,809,307 2,780,679

Corporate Overview
20-68
Statutory Reports
00-00
69-288

159
Schedules to Fund Revenue Account Annexure - 3
Schedule F -
160
Other Expenses*
ANNUAL REPORT
Particulars
A Other charges
2018-19
Policy Administration charge 2,431 3,580 11,764 15,501 15,941 21,374 11,036 14,055 1,941 2,484
Surrender charge - - - - - - - - - -
Switching charge 11,859 48 (413) 41 14 17 4 28 - -
Mortality charge 10,008 10,169 44,591 51,862 31,358 38,799 14,927 17,426 1,566 1,834
Discontinuance charge - - - - - - - - - -
Miscellaneous charge** 1 6 6 50 - 2 - 1 - -
Total 24,299 13,803 55,948 67,454 47,313 60,192 25,967 31,510 3,507 4,318
B GST
***GST on charges 4,374 2,375 10,071 11,581 8,516 10,357 4,674 5,421 631 743
Total 4,374 2,375 10,071 11,581 8,516 10,357 4,674 5,421 631 743
Total (A+B) 28,673 16,178 66,019 79,035 55,829 70,549 30,641 36,931 4,138 5,061

Particulars
A Other charges
Policy Administration charge 451,372 601,680 6,743 8,370 19,997 24,915 49,320 64,119 28,656 24,927
Surrender charge 1 16 - - (1) - - - (28) -
Switching charge 6,081 355 1,193 10,133 4,445 1,954 3,498 3,234 (16,564) (4,870)
Miscellaneous charge** 13 115 2 18 1 16 4 50 1 14
Total 1,142,757 1,432,674 33,370 47,771 87,334 97,290 145,874 174,875 93,000 64,257
B GST
***GST on charges 205,696 246,297 6,007 8,297 15,720 16,754 26,257 29,978 16,740 11,115
Total 205,696 246,297 6,007 8,297 15,720 16,754 26,257 29,978 16,740 11,115
Total (A+B) 1,348,453 1,678,971 39,377 56,068 103,054 114,044 172,131 204,853 109,740 75,372

Particulars
A Other charges
Policy Administration charge 15,756 19,513 3 2,506 2,239 3,797 7,734 10,092 6,216 8,079
Switching charge (4,271) (5,415) - - - - - - - -
Miscellaneous charge** 5 56 - - - - - - - -
Total 54,704 64,593 1,939 21,835 13,520 22,169 13,999 18,750 11,701 15,430
B GST
***GST on charges 9,847 11,080 349 3,753 2,434 3,808 2,520 3,216 2,106 2,649
Total 9,847 11,080 349 3,753 2,434 3,808 2,520 3,216 2,106 2,649
Total (A+B) 64,551 75,673 2,288 25,588 15,954 25,977 16,519 21,966 13,807 18,079
Schedule F -
Other Expenses*
Particulars
A Other charges
Policy Administration charge 7,894 10,457 7,275 10,123 - - - - 367 541
Switching charge - - - - - - - - - -
Mortality charge 5,433 8,516 4,257 5,837 - - - - 240 279
Miscellaneous charge** 2 83 - - 3 79 - - - -
Total 13,329 19,056 11,532 15,960 3 79 - - 607 820
B GST
***GST on charges 2,399 3,258 2,076 2,736 1 13 - - 109 141
Total 2,399 3,258 2,076 2,736 1 13 - - 109 141
Total (A+B) 15,728 22,314 13,608 18,696 4 92 - - 716 961

Particulars
A Other charges
Policy Administration charge 118 170 62 87 6,987 4,455 8,251 7,322 6,054 3,959
Surrender charge - - - - - - (25) - - -
Switching charge - - - - (2,156) 263 (3,409) (5,349) (4) 7
Mortality charge 46 51 20 32 44,722 27,105 50,245 43,378 33,879 22,036

Miscellaneous charge** - - - - 1 5 1 14 1 4
Total 164 221 82 119 49,554 31,828 55,063 45,365 39,930 26,006
B GST
***GST on charges 29 38 15 20 8,920 5,530 9,911 7,866 7,187 4,482
01-19
Total 29 38 15 20 8,920 5,530 9,911 7,866 7,187 4,482

Total (A+B) 193 259 97 139 58,474 37,358 64,974 53,231 47,117 30,488

Corporate Overview
Particulars
20-68
A Other charges
Policy Administration charge 2,768 3,507 13,971 17,498 1,050 1,300 1,386 1,665 50 71
Statutory Reports
Mortality charge 68 76 530 624 44 56 (7) (31) - (1)
Miscellaneous charge** - - - - - - - - - -
00-00
Total 2,836 3,583 14,501 18,122 1,094 1,356 1,379 1,634 50 70

69-288
B GST

***GST on charges 511 617 2,610 3,121 197 233 248 282 9 12
Total 511 617 2,610 3,121 197 233 248 282 9 12
Total (A+B) 3,347 4,200 17,111 21,243 1,291 1,589 1,627 1,916 59 82
161
Schedule F -
162
Other Expenses*
ANNUAL REPORT
Particulars
A Other charges
2018-19
Policy Administration charge - 74 - - - 2 - 3 - 4

Mortality charge - - - - - - - - - -
Total - 74 - - - 2 - 3 - 4
B GST
***GST on charges - 11 - - - - - - - 1
Total - 11 - - - - - - - 1
Total (A+B) - 85 - - - 2 - 3 - 5

Particulars
A Other charges
Policy Administration charge - - - - - 67 - 138 - 54
Total - - - - - 67 - 138 - 54
B GST
***GST on charges - - - - - 10 - 21 - 8
Total - - - - - 10 - 21 - 8
Total (A+B) - - - - - 77 - 159 - 62

Particulars
A Other charges
Policy Administration charge - 48 - 4 - 283 - 31 - 381
Total - 48 - 4 - 283 - 31 - 381
B GST
***GST on charges - 7 - 1 - 42 - 5 - 57
Total - 7 - 1 - 42 - 5 - 57
Total (A+B) - 55 - 5 - 325 - 36 - 438
Schedule F -
Other Expenses*
Particulars
A Other charges
Policy Administration charge 43 49 879 695 92 467 3,387 3,827 1,855 1,849
Surrender charge - - - - - 2 - - - -
Switching charge - - - - - - 2 (97) 3 2
Mortality charge - - 451 394 95 580 8,281 8,536 4,333 4,505
Discontinuance charge 3,331 4,281 25,330 24,945 (107) (618) - - - -
Miscellaneous charge** - - - - - 1 - - - -
Total 3,374 4,330 26,660 26,034 80 432 11,670 12,266 6,191 6,356
B GST
***GST on charges 607 741 4,799 4,414 14 71 2,101 2,119 1,114 1,097
Total 607 741 4,799 4,414 14 71 2,101 2,119 1,114 1,097
Total (A+B) 3,981 5,071 31,459 30,448 94 503 13,771 14,385 7,305 7,453

MNC Total
Particulars
A Other charges
Policy Administration charge 207 - 693,845 894,123
Surrender charge - - (53) 18
Switching charge 1 - 283 351
Mortality charge 609 - 1,271,478 1,428,033

Discontinuance charge - - 28,554 28,608
Miscellaneous charge** - - 41 514
Total 817 - 1,994,148 2,351,647
B GST
***GST on charges 147 - 358,946 404,378
01-19
Total 147 - 358,946 404,378

Total (A+B) 964 - 2,353,094 2,756,025
*Any expense which is 1% of the total expenses incurred should be disclosed as a separate line item.
**Miscellaneous charge includes Reinstatement charge & Late Payment charge.
Corporate Overview
*** Goods and Service Tax is levied with effect from 1st July, 2017.
20-68
Statutory Reports
00-00
69-288

163
Annexure to Revenue Account-Break Up of Unit Linked Business Ul Annexure - 3
Revenue Account for the year ended 1st March 201
164
Policyholders’ Account (Technical Account)

ANNUAL REPORT
Individual Life Pension Individual Group Life Group Pension Health Individual Total Unit
Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total Linked
Particulars
(9)= (7) (12)= (10) + (15)= (13) + (16)=(3)+
(1) (2) (3)=(1) + (2) (4) (5) (6)=(4) + (5) (7) (8) (10) (11) (12) (13)
2018-19
+ (8) (11) (14) (6)+(9)+(14)

Premiums earned – net
(a) Premium 893,392 18,505,461 19,398,853 34,750 705,366 740,116 (249,406) 8,692,072 8,442,666 (34,667) 600,700 566,033 (16) 57,820 57,804 29,205,472
(b) Reinsurance ceded (606,279) - (606,279) (208) - (208) (570) - (570) - - - (3,132) - (3,132) (610,189)
(a) Interest, Dividend & Rent 224,454 8,785,535 9,009,989 7,347 454,183 461,530 4,144 2,719,294 2,723,438 1,041 505,813 506,854 8,800 18,141 26,941 12,728,752
- Gross
(b) Profit on sale/redemption 27,236 11,907,667 11,934,903 836 424,104 424,940 216 872,358 872,574 53 273,271 273,324 469 40,453 40,922 13,546,663
of investments
(c) Loss on sale/redemption (3,386) (7,114,386) (7,117,772) (114) (258,622) (258,736) (68) (462,929) (462,997) (16) (156,012) (156,028) (135) (24,433) (24,568) (8,020,101)
of investments
(d) Unrealised gain/(loss) - 2,470,723 2,470,723 - 190,185 190,185 - 676,998 676,998 - 252,027 252,027 - 20,304 20,304 3,610,237
(e) Gain Loss on Amortisation - - - - - - - - - - - - - - - -
Other income
(a) Linked Income 5,642,829 (5,642,829) - 165,501 (165,501) - 493,262 (493,262) - 102,333 (102,333) - 46,674 (46,674) - -
(b) Contribution from the - - - - - - 75,615 - 75,615 - - - - - - 75,615
Shareholders' a/c
(C) Other Income 100,805 - 100,805 2,319 - 2,319 26,345 - 26,345 1,773 - 1,773 186 - 186 131,428
TOTAL (A) 6,279,051 28,912,171 35,191,222 210,431 1,349,715 1,560,146 349,538 12,004,531 12,354,069 70,517 1,373,466 1,443,983 52,846 65,611 118,457 50,667,877
Commission 843,960 - 843,960 9,882 - 9,882 672 - 672 39 - 39 1,671 - 1,671 856,224
Operating Expenses related to 2,450,339 - 2,450,339 20,927 - 20,927 136,076 - 136,076 12,192 - 12,192 4,152 - 4,152 2,623,686
Insurance Business
Service Tax on Charge* 992,674 - 992,674 31,335 - 31,335 76,046 - 76,046 14,917 - 14,917 7,119 - 7,119 1,122,091
Provision for doubtful debts 537 - 537 6 - 6 - - - - - - 1 - 1 544
TOTAL (B) 4,287,510 - 4,287,510 62,150 - 62,150 212,794 - 212,794 27,148 - 27,148 12,943 - 12,943 4,602,545
Benefits Paid (Net) 505,131 30,977,363 31,482,494 1,916 2,303,842 2,305,758 124,257 4,736,622 4,860,879 (121,723) 1,290,251 1,168,528 2,112 36,571 38,683 39,856,342
Interim Bonus Paid - - - - - - - - - - - - - - - -
Change in valuation of liability in
respect of life policies
Change in Valuation Liability 208,715 (2,065,192) (1,856,477) (27,213) (954,127) (981,340) 12,487 7,267,909 7,280,396 (372) 83,215 82,843 24,942 29,040 53,982 4,579,404
TOTAL (C) 713,846 28,912,171 29,626,017 (25,297) 1,349,715 1,324,418 136,744 12,004,531 12,141,275 (122,095) 1,373,466 1,251,371 27,054 65,611 92,665 44,435,746
SURPLUS/ (DEFICIT) (D) =(A)- 1,277,695 - 1,277,695 173,578 - 173,578 - - - 165,464 - 165,464 12,849 - 12,849 1,629,586
(B)-(C)
APPROPRIATIONS
Insurance reserve at the - - - - - - - - - - - - - - - -
beginning of the year
Transfer to Shareholders' a/c 1,245,002 - 1,245,002 178,897 - 178,897 - - - 165,464 - 165,464 12,849 - 12,849 1,602,212
Funds available for future 32,693 - 32,693 (5,319) - (5,319) - - - - - - - - - 27,374
appropriations
Total (D) 1,277,695 - 1,277,695 173,578 - 173,578 - - - 165,464 - 165,464 12,849 - 12,849 1,629,586
*GST on charges w.e.f. 1st July, 2017

Annexure to Revenue Account-Break Up of Unit Linked Business Ul Annexure - 3
Revenue Account for the year ended 1st March 2018
Policyholders’ Account (Technical Account)

Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total Linked
Particulars
(9)= (7) (12)= (10) + (15)= (13) + (16)=(3)+
(1) (2) (3)=(1) + (2) (4) (5) (6)=(4) + (5) (7) (8) (10) (11) (12) (13)
+ (8) (11) (14) (6)+(9)+(14)
Premiums earned – net
(a) Premium 812,538 17,108,758 17,921,296 45,682 918,841 964,523 (171,023) 6,703,865 6,532,842 (28,060) 675,757 647,697 13 68,291 68,304 26,134,662
(b) Reinsurance ceded (538,056) - (538,056) (731) - (731) (479) - (479) - - - (2,612) - (2,612) (541,878)
(a) Interest, Dividend & Rent 227,258 9,076,251 9,303,509 7,686 356,550 364,236 3,729 2,442,444 2,446,173 1,040 448,655 449,695 8,524 14,415 22,939 12,586,552
- Gross
(b) Profit on sale/redemption 13,518 17,227,896 17,241,414 798 509,273 510,071 46 1,272,162 1,272,208 13 418,828 418,841 263 42,241 42,504 19,485,038
of investments
(c) Loss on sale/redemption 565 (2,326,114) (2,325,549) - (107,655) (107,655) - (264,505) (264,505) - (75,229) (75,229) - (10,791) (10,791) (2,783,729)
of investments
(d) Unrealised gain/(loss) (115) (5,878,917) (5,879,032) - 76,122 76,122 - (536,916) (536,916) - (157,348) (157,348) - 15,471 15,471 (6,481,703)
(e) Gain Loss on Amortisation - - - - - - - - - - - - - - - -
Other income
(a) Linked Income 5,805,063 (5,805,063) - 170,200 (170,200) - 446,373 (446,373) - 92,290 (92,290) - 47,484 (47,484) - -
(b) Contribution from the - - - - - - - - - 7,770 - 7,770 - - - 7,770
Shareholders' a/c
(C) Other Income 115,447 - 115,447 3,832 - 3,832 25,953 - 25,953 2,573 - 2,573 271 - 271 148,076
TOTAL (A) 6,436,218 29,402,811 35,839,029 227,468 1,582,930 1,810,398 304,599 9,170,677 9,475,276 75,626 1,218,373 1,293,999 53,943 82,143 136,086 48,554,788
Commission 588,749 - 588,749 16,575 - 16,575 857 - 857 4,329 - 4,329 2,130 - 2,130 612,640
Operating Expenses related to 1,808,027 - 1,808,027 28,570 - 28,570 136,213 - 136,213 15,039 - 15,039 4,130 - 4,130 1,991,979
Insurance Business
Service Tax on Charge* 988,420 - 988,420 36,288 - 36,288 76,969 - 76,969 3,171 - 3,171 7,043 - 7,043 1,111,891
Provision for doubtful debts 1,719 - 1,719 48 - 48 3 - 3 13 - 13 6 - 6 1,789
01-19
TOTAL (B) 3,386,915 - 3,386,915 81,481 - 81,481 214,042 - 214,042 22,552 - 22,552 13,309 - 13,309 3,718,299
Benefits Paid (Net) 437,851 36,461,197 36,899,048 17,642 1,893,090 1,910,732 6,646 4,062,203 4,068,849 52,820 595,253 648,073 (7,656) 43,303 35,647 43,562,349
Interim Bonus Paid - - - - - - - - - - - - - - - -
Change in valuation of liability in
Corporate Overview
respect of life policies

Change in Valuation Liability 232,421 (7,058,386) (6,825,965) 8,844 (310,160) (301,316) 6,118 5,108,474 5,114,592 254 623,120 623,374 9,349 38,840 48,189 (1,341,126)
TOTAL (C) 670,272 29,402,811 30,073,083 26,486 1,582,930 1,609,416 12,764 9,170,677 9,183,441 53,074 1,218,373 1,271,447 1,693 82,143 83,836 42,221,223
20-68
SURPLUS/ (DEFICIT) (D) =(A)- 2,379,031 - 2,379,031 119,501 - 119,501 77,793 - 77,793 - - - 38,941 - 38,941 2,615,266
(B)-(C)
APPROPRIATIONS
Statutory Reports
Insurance reserve at the - - - - - - - - - - - - - - - -

beginning of the year
Transfer to Shareholders' a/c 2,390,870 - 2,390,870 122,096 - 122,096 77,793 - 77,793 - - - 40,931 - 40,931 2,631,690
00-00
Funds available for future (11,839) - (11,839) (2,595) - (2,595) - - - - - - (1,990) - (1,990) (16,424)
69-288
appropriations

Total (D) 2,379,031 - 2,379,031 119,501 - 119,501 77,793 - 77,793 - - - 38,941 - 38,941 2,615,266
*GST on charges w.e.f. 1st July, 2017

165
Schedules to Annexure to Revenue Account Ul Forming Part of Financial Statements Annexure - 3
Schedule-UL1
166
Linked Income (Recovered from linked funds)* for the period ended 31st March, 2019

ANNUAL REPORT
Particulars Individal Life Pension Individual Group Life Group Pension Health Individual Total
Fund Administration charges NA NA NA NA NA NA
Fund Management charge 2,892,726 118,418 492,440 97,782 7,702 3,609,068
2018-19
Policy Administration charge 921,524 42,515 822 4,551 2,568 971,980

Surrender charge 62,233 (9) - - - 62,224
Switching charge 317 - - - - 317
Mortality charge /Rider Premium Charge 1,736,889 763 - - 36,404 1,774,056
Miscellaneous charge 47 2 - - - 49
Discontinuance charges 29,093 3,812 - - - 32,905
TOTAL (UL-1) 5,642,829 165,501 493,262 102,333 46,674 6,450,599

Charges are inclusive of Service tax
Schedules to Annexure to Revenue Account Ul Forming Part of Financial Statements

Schedule-UL1
Linked Income (Recovered from linked funds)* for the period ended 31st March, 2018
Particulars Individal Life Pension Individual Group Life Group Pension Health Individual Total
Fund Administration charges NA NA NA NA NA NA
Fund Management charge 3,078,930 115,722 445,343 87,571 7,400 3,734,966

Policy Administration charge 1,020,955 48,616 1,030 4,719 3,078 1,078,398
Surrender charge 19 - - - - 19
Switching charge 413 - - - - 413
Mortality charge /Rider Premium Charge 1,675,883 887 - - 37,006 1,713,776
Miscellaneous charge 577 20 - - 0 597
Discontinuance charges 28,286 4,955 - - - 33,241
TOTAL (UL-1) 5,805,063 170,200 446,373 92,290 47,484 6,561,410
Charges are inclusive of Service tax
Schedule-UL2
Benefits Paid [Net] for the year ended 31st March, 2019

Sr. Non Unit Unit Linked Life Non-Unit Unit Linked Pension Non-Unit Unit Linked Group Non-Unit Unit Linked Group Non-Unit Unit Linked Health Linked
Particulars
No.. (16)=(3)+(6)
(1) (2) (3)=(1)+(2) (4) (5) (6)=(4)+(5) (7) (8) (9)=(7)+(8) (10) (11) (12)=(10)+(11) (13) (14) (15)=(13)+(14)
+(9)+(12)+(15)
Insurance Claims
(a) Claims by Death 920,778 205,716 1,126,494 6,209 36,078 42,287 - - - 4,559 - 4,559 - 514 514 1,173,854
(b) Claims by Maturity - 7,378,285 7,378,285 - 545,034 545,034 - - - - - - - - - 7,923,319
(c) Annuities / - 29 29 - - - - - - - - - 29
Pension payment
(d) Other benefits -

1
(i) Surrender (612) 23,199,206 23,198,594 (4,221) 1,698,718 1,694,497 124,257 4,736,622 4,860,879 (126,282) 1,290,251 1,163,969 1,001 35,939 36,940 30,954,879
(ii) Riders - 15,761 15,761 - - - - - - - - - - 70 70 15,831
(iii) Health 4 - 4 - - - - - - - - - 2,030 - 2,030 2,034
iv Survival - 11,882 11,882 - - - - - - - - - - - - 11,882
(v) Others (11,800) 166,483 154,683 (72) 24,012 23,940 - - - - - - - 48 48 178,671
Sub-Total (A) 908,370 30,977,362 31,885,732 1,916 2,303,842 2,305,758 124,257 4,736,622 4,860,879 (121,723) 1,290,251 1,168,528 3,031 36,571 39,602 40,260,499
Amount Ceded in
reinsurance
(a) Claims by Death 403,238 - 403,238 - - - - - - - - - - - - 403,238
(b) Claims by Maturity - - - - - - - - - - - - - - - -
2
(c) Annuities / - - - - - - - - - - - - - - - -
Pension payment
(d) Other benefits- - - - - - - - - - - - - 919 - 919 919
Health
Sub-Total (B) 403,238 - 403,238 - - - - - - - - - 919 - 919 404,157
01-19
TOTAL (A) - (B) 505,132 30,977,362 31,482,494 1,916 2,303,842 2,305,758 124,257 4,736,622 4,860,879 (121,723) 1,290,251 1,168,528 2,112 36,571 38,683 39,856,342
Benefits paid to
claimants:
Corporate Overview
In India 505,132 30,977,362 31,482,494 1,916 2,303,842 2,305,758 124,257 4,736,622 4,860,879 (121,723) 1,290,251 1,168,528 2,112 36,571 38,683 39,856,342
Outside India
TOTAL (UL2) 505,132 30,977,362 31,482,494 1,916 2,303,842 2,305,758 124,257 4,736,622 4,860,879 (121,723) 1,290,251 1,168,528 2,112 36,571 38,683 39,856,342
20-68
Statutory Reports
00-00
69-288

167
Schedule-UL2
168
Benefits Paid [Net] for the year ended 31st March, 2018
ANNUAL REPORT
Sr. Non Unit Unit Linked Life Non-Unit Unit Linked Pension Non-Unit Unit Linked Group Non-Unit Unit Linked Group Non-Unit Unit Linked Health Linked
Particulars
No.. (16)=(3)+(6)
(1) (2) (3)=(1)+(2) (4) (5) (6)=(4)+(5) (7) (8) (9)=(7)+(8) (10) (11) (12)=(10)+(11) (13) (14) (15)=(13)+(14)
+(9)+(12)+(15)
2018-19
Insurance Claims
(a) Claims by Death 801,650 367,512 1,169,162 (3,705) 67,834 64,129 - - - 52,820 (47,419) 5,401 466 1,141 1,607 1,240,299
(b) Claims by Maturity - 2,538,039 2,538,039 - 193,302 193,302 - - - - - - - - - 2,731,341
(c) Annuities / 84 - 84 - - - - - - - - - 84
Pension payment
(d) Other benefits -

1
(i) Surrender 929 33,367,325 33,368,254 19,997 1,628,261 1,648,258 6,749 4,062,203 4,068,952 40,352 602,320 642,672 (9,454) 42,131 32,677 39,760,813
(ii) Riders 20,270 - 20,270 550 - 550 - - - (40,352) 40,352 - 70 - 70 20,890
(iii) Health 298 - 298 - - - - - - - - - 2,492 - 2,492 2,790
iv Survival - 41,882 41,882 - - - - - - - - - - - - 41,882
(v) Others 7,037 146,439 153,476 2,134 3,026 5,160 - - - - - - - 31 31 158,667
Sub-Total (A) 830,268 36,461,197 37,291,465 18,976 1,892,423 1,911,399 6,749 4,062,203 4,068,952 52,820 595,253 648,073 (6,426) 43,303 36,877 43,956,766
Amount Ceded in
reinsurance
(a) Claims by Death 392,417 - 392,417 1,334 (667) 667 103 - 103 - - - - - - 393,187
(b) Claims by Maturity - - - - - - - - - - - - - - - -
2
(c) Annuities / - - - - - - - - - - - - - - - -
Pension payment
(d) Other benefits- - - - - - - - - - - - - 1,230 - 1,230 1,230
Health
Sub-Total (B) 392,417 - 392,417 1,334 (667) 667 103 - 103 - - - 1,230 - 1,230 394,417
TOTAL (A) - (B) 437,851 36,461,197 36,899,048 17,642 1,893,090 1,910,732 6,646 4,062,203 4,068,849 52,820 595,253 648,073 (7,656) 43,303 35,647 43,562,349
Benefits paid to
claimants:
In India 437,851 36,461,197 36,899,048 17,642 1,893,090 1,910,732 6,646 4,062,203 4,068,849 52,820 595,253 648,073 (7,656) 43,303 35,647 43,562,349
Outside India
TOTAL (UL2) 437,851 36,461,197 36,899,048 17,642 1,893,090 1,910,732 6,646 4,062,203 4,068,849 52,820 595,253 648,073 (7,656) 43,303 35,647 43,562,349
01-19 20-68 69-288
00-00
Appendix 1 to Annexure 3A
Performance of ULIPs Absolute Growth -
Returns as on 31st March, 2019
Individual Life
Fund Name Year of Inception F 2018-1 FY 2017-18 FY 2016-17 Since Inception
Ind. Assure Fund 12-Sep-05 7.83% 6.45% 8.04% 213.23%
Ind. Income Adv Fund 22-Aug-08 7.98% 5.10% 10.20% 167.64%
Ind. Protector 22-Mar-01 7.78% 5.49% 11.66% 332.82%
Ind. Builder 22-Mar-01 8.35% 6.14% 14.06% 470.38%
Ind. Balancer 18-Jul-05 9.06% 6.84% 12.95% 266.56%
Ind. Enhancer 22-Mar-01 7.34% 6.48% 13.92% 547.63%
Ind. Creator 23-Feb-04 9.61% 7.81% 18.47% 452.14%
Ind. Magnifier 12-Aug-04 7.90% 12.20% 22.20% 487.87%
Ind. Maximiser 12-Jun-07 9.59% 12.59% 24.23% 200.32%
Ind. Multiplier 30-Oct-07 -2.07% 20.57% 39.17% 258.44%
Super 20 6-Jul-09 16.34% 8.97% 20.45% 198.37%
Ind. Platinum Plus 1 % 17-Mar-08 4.37% 6.83% 10.64% 106.18%
Ind. Platinum Plus 2 8-Sep-08 4.09% 6.54% 11.19% 194.23%
Ind. Platinum Plus 3 15-May-09 4.93% 6.61% 11.63% 128.50%
Ind. Platinum Plus 4 15-Sep-09 5.71% 6.59% 11.97% 105.32%
Ind. Platinum Premier 15-Feb-10 5.75% 6.47% 12.07% 103.65%
Ind. Platinum Advantage 20-Sep-10 7.17% 6.73% 12.58% 83.39%
Ind. Foresight FP 25-Feb-11 7.52% 6.48% 12.73% 79.36%
Ind. Foresight SP 25-Feb-11 7.83% 7.33% 14.23% 96.80%
Titanium 1 16-Dec-09 7.06% 6.79% 12.47% 111.55%
Titanium 2 16-Mar-10 7.23% 6.67% 12.70% 105.97%
Titanium 3 16-Jun-10 8.42% 7.38% 13.51% 88.57%
Ind. Liquid Plus 9-Mar-12 7.11% 6.31% 7.32% 66.75%
Ind. Pure Equity 9-Mar-12 3.18% 13.67% 26.72% 189.18%
Ind. Value Momentum 9-Mar-12 -8.99% 4.33% 45.91% 116.06%
IPP - Nourish 12-Mar-03 7.98% 5.58% 11.33% 261.29%
IPP - Growth 18-Mar-03 8.55% 7.50% 14.14% 369.95%
IPP - Enrich 12-Mar-03 8.50% 6.89% 17.15% 464.18%
Discontinued Policy Fund 24-Jan-11 6.07% 5.71% 6.96% 81.14%
Income Advantage Guaranteed Fund 1-Jan-14 7.62% 4.75% 9.36% 53.32%
Maximiser Guaranteed Fund 1-Jan-14 9.57% 10.95% 19.51% 82.72%
Linked Discontinued Policy Fund 1-Jan-14 6.34% 5.79% 6.42% 37.42%
Pension Discontinued Policy Fund 1-Jan-14 6.18% 5.79% 6.42% 37.09%
Asset Allocation Fund 24-Sep-15 7.99% 10.40% 20.57% 46.37%
Capped Ni°y Index Fund 24-Sep-15 12.71% 9.47% 18.43% 43.60%
Unclaim Fund 1-Apr-16 6.73% 6.23% - 21.34%
MNC Fund## 15-Feb-18 - - - 2.08%
Group Life
Fund Name Year Of Inception F 2018-1 FY 2017-18 FY 2016-17 Since Inception
Gr. Fixed Interest Plan I 18-Nov-02 7.95% 5.18% 10.29% 289.35%
Gr. Gilt Plan I 28-Apr-04 7.73% 4.08% 11.61% 181.94%
Gr. Bond Plan I 28-Apr-04 6.78% 5.90% 9.42% 213.51%
Gr. Money Market Plan I 31-Mar-05 7.25% 6.16% 7.60% 226.76%
Gr. Short-Term Debt Plan I 10-Dec-08 8.05% 6.53% 8.10% 130.88%
Gr. Capital Protection Plan I** 31-Mar-06 NA NA NA NA
Gr. Floating Rate Plan I*** 28-Apr-04 NA NA NA NA
Gr. Secure Plan I 19-Jun-01 8.15% 6.86% 13.31% 474.14%
Gr. Stable Plan I 31-Aug-01 8.87% 8.07% 15.34% 697.58%
Gr. Growth Plan I 31-Aug-01 9.15% 10.01% 18.49% 886.27%
Gr. Growth Advantage 18-Feb-08 9.23% 10.51% 19.95% 256.02%
Gr. Income Advantage 23-Mar-10 7.68% 4.79% 10.30% 115.05%
Gr. Growth Maximiser**** 23-Mar-10 NA NA NA NA
Gr. Bond 2 ^ 28-Nov-11 NA NA NA NA
Gr. Fixed Interest 2 28-Nov-11 9.69% 5.16% 11.50% 107.88%
Gr. Growth 2 28-Nov-11 9.64% 11.01% 19.64% 140.91%
Gr. Money Market 2 28-Nov-11 6.44% 6.24% 7.11% 75.79%
Gr. Secure 2 ^^ 28-Nov-11 NA NA NA NA
Gr. Short-Term Debt 2 28-Nov-11 7.96% 7.19% 8.82% 93.02%
Gr. Stable 2 28-Nov-11 9.78% 8.79% 16.66% 120.88%
**The Group Capital Protection Fund became a dormat fund on 12th August, 2008 on account of no units.
***The Group Floating Fund became a dormat fund on 12th October, 2009 on account of no units.
**** These funds do not have any units since their inception.
^The Group Bond 2 Fund became a dormat fund on 31st March, 2012 on account of no units
^^ Secure 2 fund became a dormant fund on 23rd May, 2014 on account of no units.
% Platinum Plus I fund has matured on 29th September, 2018. Fund performance is given as on 29th September, 2018.
## MNC fund has not completed 1 year as on 31st March, 2019

Appendix 1A to Annexure 3A
Related Party: Aditya Birla Money Limited
Service: Brokerage for purchase / sale of securities
Basis of Payment: As per agreed % of trade value

Fund Name SFIN Current ear Previous Year
Ind. Protector ULIF00313/03/01BSLPROTECT109 12 30
Ind. Builder ULIF00113/03/01BSLBUILDER109 7 43
Ind. Balancer ULIF00931/05/05BSLBALANCE109 - -
Ind. Enhancer ULIF00213/03/01BSLENHANCE109 870 1,044
Ind. Creator ULIF00704/02/04BSLCREATOR109 69 171
Ind. Magnifier ULIF00826/06/04BSLIIMAGNI109 407 318
Ind. Maximiser ULIF01101/06/07BSLIINMAXI109 640 1,304
Ind. Multiplier ULIF01217/10/07BSLINMULTI109 666 602
Ind. Super 20 ULIF01723/06/09BSLSUPER20109 892 559
Ind. Platinum Plus - 1 ULIF01325/02/08BSLIIPLAT1109 - 39
Ind. Platinum Plus - 2 ULIF01425/02/08BSLIIPLAT2109 - 72
Ind. Platinum Plus - 3 ULIF01628/04/09BSLIIPLAT3109 35 81
Ind. Platinum Plus - 4 ULIF01816/09/09BSLIIPLAT4109 25 61
Ind. Platinum Advantage ULIF02408/09/10BSLPLATADV109 27 236
Ind. Platinum Premier ULIF02203/02/10BSLPLATPR1109 19 139
Ind. Foresight - 5 Pay ULIF02510/02/11BSLFSIT5P1109 52 710
Ind. Foresight - Single Pay ULIF02610/02/11BSLFSITSP1109 1 30
Ind. Titanium - 1 ULIF01911/12/09BSLITITAN1109 1 6
Ind. Titanium - 2 ULIF02011/12/09BSLITITAN2109 - 2
Ind. Titanium - 3 ULIF02111/12/09BSLITITAN3109 - 1
Ind. Pure Equity ULIF02707/10/11BSLIPUREEQ109 96 8
Ind. Value Momentum ULIF02907/10/11BSLIVALUEM109 171 20
Ind. Pension Growth ULIF00504/03/03BSLIGROWTH109 - -
Ind. Pension Enrich ULIF00404/03/03BSLIENRICH109 11 32
Gr. Growth Advantage ULGF01026/11/07BSLIGGRADV109 20 23
Gr. Secure ULGF00212/06/01BSLGSECURE109 233 232
Gr. Stable ULGF00312/06/01BSLGSTABLE109 88 93
Gr. Growth ULGF00112/06/01BSLGGROWTH109 131 160
Gr. Growth II ULGF01828/11/11BSLGROWTH2109 9 12
Ind. Asset Allocation ULIF03430/10/14BSLIASTALC109 2 1
Total 4,484 6,029
170
Related Party: Aditya Birla Finance Ltd.

Service: Purchase / sale of securities

Purchase of Investments Sale of Investments Interest Received
Particulars
Current ear Previous Year Current ear Previous Year Current ear Previous Year
Ind. Enhancer 320,000 - - - 20,213 8,750
Gr. Bond 30,000 - - - 1,075 -
Gr. Short-Term Debt - - - - - -

Gr. Secure 95,000 - - - 3,403 -
Discontinued Policy Fund - - - - - -
Gr. Growth - - - - 358 -
Ind. Assure - - - - - -
Gr. Stable 100,000 - - - 3,582 -
Ind. Asset Allocation 30,000 - - - 1,075 -
Ind. Builder 80,000 - - - 2,866 -
Ind. Creator 70,000 - - - 2,508 -
Ind. Income Advantage Guaranteed 50,000 - - - 1,791 -
Gr. Growth Advantage 15,000 - - - 537 -
Gr. Income Advantage 10,000 - - - - -
01-19
Corporate Overview
20-68
Statutory Reports
00-00
69-288

171
172
Related Party: GRASIM INDUSTRIES LIMITED
ANNUAL REPORT

2018-19
Purchase of Investments Sale of Investments Interest Received

Particulars
Gr. Growth II - 3,688 3,049 1,838 - -
Gr. Bond - - - 4,364 4,340
Gr. Fixed Interest - - - 4,364 4,340
Gr. Stable II - 174 144 71 - -

Ind. Asset Allocation - - - 1,994 - -
Ind. Capped Ni°y Index 7,043 - 6,145 3,612 - -
Ind. Pure Equity 37,547 15,904 42,688 10,623 - -
Ind. Foresight- 5 Pay 100,231 - 53,320 287,129 7,942 7,899
Ind. Foresight- Single Pay 3,020 - 1,944 13,496 - -
Gr. Growth Advantage - 8,672 7,159 3,397 - -
Gr. Growth - 59,210 45,011 28,391 - -
Gr. Secure - 77,741 64,330 35,769 - -
Gr. Stable - 30,766 25,498 15,401 - -
Ind. Balancer - - - - - -
Ind. Builder - - 3,719 - - -

Ind. Creator - 21,841 30,982 - - -
Ind. Enhancer 114,037 63,017 81,174 220,286 - -
Ind. Magnifier 55,304 24,100 35,435 89,463 - -
Ind. Maximiser - 345,632 271,591 269,153 - -
Ind. Maximiser Guaranteed - - 791 - - -
Ind. Multiplier - - - 50,235 - -
Ind. Pension Enrich - - 3,290 - - -
Ind. Pension Growth - 551 - 1,625 - -
Ind. Pension Nourish - - - - - -
Ind. Platinum Plus- 2 32,220 - 31,344 49,762 - -
Ind. Platinum Plus- 3 37,236 - 35,859 57,213 1,833 1,823
Ind. Platinum Plus- 4 27,420 - 26,430 43,374 10,735 10,676
Ind. Platinum Advantage 29,685 - 10,785 132,877 - -
Ind. Platinum Plus- 1 6,990 - 17,902 16,819 - -
Ind. Platinum Premier 30,472 - 19,030 71,446 14,400 14,322
Ind. Protector - - 3,019 - - -
Ind. Super 20 43,443 415,370 397,240 - - -
Ind. Titanium- 1 2,395 - 1,496 3,989 - -
Ind. Titanium- 2 669 - 656 1,206 - -
Ind. Titanium- 3 366 - 103 612 - -
01-19 20-68 69-288
00-00
Related Party: Aditya Birla Sun Life Mutual Fund


Purchase of Investments Sale of Investments
Particulars
Ind. Assure 806,363 1,761,504 802,620 1,755,935
Ind. Liquid Plus 7,390,476 3,498,749 7,402,014 3,509,048
Ind. Value Momentum 19,689,495 14,953,518 19,736,315 14,915,160
Ind. Capped Ni°y Index - - - -
Ind. Asset Allocation 3,008,337 3,511,280 3,016,694 3,496,291
Ind. Income Advantage 18,003,245 2,679,716 17,997,840 2,663,644
Ind. Income Advantage Guaranteed 4,109,529 4,526,655 4,124,077 4,530,720
Ind. Builder 2,608,295 8,423,758 2,622,018 8,487,902
Ind. Balancer 1,399,667 718,205 1,391,774 721,849
Ind. Enhancer 266,522,444 410,331,505 267,801,490 410,661,394
Ind. Creator 16,330,355 31,525,945 16,415,356 31,605,149
Ind. Magnifier 24,156,629 34,862,298 24,188,621 34,884,422
Ind. Maximiser 12,390,288 14,138,989 12,445,754 14,222,138
Ind. Maximiser Guaranteed - - - -
Ind. Multiplier 32,083,533 19,223,499 31,925,311 19,238,129
Ind. Super 20 1,845,834 12,260,190 1,895,419 12,214,531
Ind. Protector 3,718,233 7,260,130 3,769,397 7,295,567
Ind. Platinum Plus- 1 1,110,202 11,375,219 1,148,102 11,378,190
Ind. Platinum Plus- 2 653,016 4,232,116 669,821 4,232,065
Ind. Platinum Premier 402,167 2,442,872 422,338 2,423,507
Ind. Platinum Advantage 16,823,581 17,988,225 16,660,587 17,952,881
Ind. Pension Nourish 8,446 177,899 10,654 175,746
Ind. Pension Growth 48,058 807,863 50,672 805,485
Ind. Pension Enrich 1,864,427 1,477,685 1,858,280 1,469,204
Ind. Titanium- 1 843,641 532,610 850,263 526,388
Ind. Titanium- 2 140,706 105,447 141,761 104,463
Ind. Titanium- 3 91,658 78,102 92,405 77,404
Ind. Foresight- Single Pay 2,344,546 1,331,917 2,346,576 1,315,217
Ind. Foresight- 5 Pay 74,160,144 56,679,207 74,365,793 56,309,785
Gr. Gilt 838,163 491,901 838,079 490,135
Gr. Bond 2,696,364 13,518,527 2,717,184 13,555,164
Gr. Fixed Interest - 1,632,792 32,763 1,600,490
Gr. Money Market 6,226,718 2,858,899 6,238,653 2,870,205
Gr. Short-Term Debt 51,330 262,159 52,361 261,214
Gr. Secure 130,847,556 154,962,655 131,064,815 154,870,892
Gr. Stable 22,106,199 33,184,993 22,199,898 33,204,962
Gr. Growth 26,179,855 27,693,573 26,246,268 27,660,926
Gr. Growth Advantage 1,683,500 2,115,791 1,695,427 2,104,946
Gr. Income Advantage 382,876 2,105 382,996 2,106
Gr. Fixed Interest II - - - -
Gr. Money Market II 12,631 13,073 12,706 13,062
Gr. Growth II 460,719 774,835 464,201 774,821
Gr. Short-Term Debt II 441,955 543,105 440,253 542,072
Gr. Stable II 64,673 88,101 65,527 87,393
Pension Discontinued 4,407,811 3,026,879 4,429,248 3,016,333
Life Discontinued 20,772,428 12,464,091 20,774,399 12,422,368
Discontinued Policy 2,142,669 19,860,911 2,209,841 19,967,456

Related Party: Aditya Birla Capital Limited


Purchase of Investments Sale of Investments
Particulars
Ind. Assure - - - -
Ind. Liquid Plus - - - -
Ind. Value Momentum - - - -
Ind. Capped Ni°y Index - - - -
Ind. Asset Allocation - - - -
Ind. Income Advantage - - - -
Ind. Income Advantage Guaranteed - - - -
Ind. Builder - - 250 -
Ind. Balancer - - - -
Ind. Enhancer - - 15,858 -
Ind. Creator - - 903 -
Ind. Magnifier - - 5,929 -
Ind. Maximiser - - 11,418 -
Ind. Maximiser Guaranteed - - 68 -
Ind. Multiplier - - - -
Ind. Super 20 - - - -
Ind. Protector - - 203 -
Ind. Platinum Plus- 1 - - 784 -
Ind. Platinum Premier - - 669 -
Ind. Platinum Advantage - - 1,282 -
Ind. Pension Nourish - - - -
Ind. Pension Growth - - 34 -
Ind. Pension Enrich - - 232 -
Ind. Titanium- 1 - - 45 -
Ind. Foresight- Single Pay - - 136 -
Ind. Foresight- 5 Pay - - 3,736 -
Gr. Gilt - - - -
Gr. Bond - - - -
Gr. Fixed Interest - - - -
Gr. Money Market - - - -
Gr. Short-Term Debt - - - -
Gr. Secure - - 2,180 -
Gr. Stable - - 926 -
Gr. Growth - - 1,674 -
Gr. Growth Advantage - - 234 -
Gr. Income Advantage - - - -
Gr. Fixed Interest II - - - -
Gr. Money Market II - - - -
Gr. Growth II - - 108 -
Gr. Short-Term Debt II - - - -
Gr. Stable II - - 6 -
Pension Discontinued - - - -
Life Discontinued - - - -
Discontinued Policy - - - -
Note: Shares of Aditya Birla Capital were received as part of Demerger of GRASIM Industries Ltd. and there is no purchase from secondary market.
174
Investment in promoter group companies
As on 31st March 2019
Ind. Assure Ind. Income Adv Ind. Protector Ind. Builder Ind. Balancer BSLI Capped Ni¥y Index Fund
Name of the Company % to the % to the % to the % to the % to the % to the
Amount Amount Amount Amount Amount Amount
Fund Fund Fund Fund Fund Fund
Aditya Birla Capital Limited 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Aditya Birla Fashion & Retail Limited 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Aditya Birla Finance Ltd 0.00 0.00 0.00 0.00 0.00 0.00 83,839.20 3.11 0.00 0.00 0.00 0.00
Aditya Birla Sunlife Mutual Fund 10,028.00 0.53 27,521.27 0.41 0.00 0.00 0.00 0.00 8,591.44 2.82 0.00 0.00
Grasim Industries Ltd 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Hindalco Industries Ltd 10,400.88 0.55 0.00 0.00 103,644.70 3.00 0.00 0.00 0.00 0.00 6,048.07 0.86
Ultratech Cement Ltd 29,558.37 1.56 0.00 0.00 0.00 0.00 0.00 0.00 719.70 0.24 9,048.27 1.28
Total Investment in Promoter Group Companies 49,987.25 2.64 27,521.27 0.41 103,644.70 3.00 83,839.20 3.11 9,311.15 3.06 15,096.34 2.14
Asset held 1,895,101.14 6,635,478.78 3,453,703.86 2,691,859.39 304,451.45 706,717.82

Ind. Creator Ind. Magnifier Ind. Maximiser Ind. Multiplier Gr. Growth 2 Gr. Short Term Debt 2
Aditya Birla Finance Ltd 73,359.30 1.53 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Aditya Birla Sunlife Mutual Fund 0.00 0.00 85,717.97 0.80 33,279.46 0.17 267,837.06 2.78 0.00 0.00 3,014.84 1.05
Grasim Industries Ltd 0.00 0.00 83,608.94 0.78 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Hindalco Industries Ltd 24,460.67 0.51 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Ultratech Cement Ltd 0.00 0.00 0.00 0.00 192,840.42 1.00 0.00 0.00 2,558.94 0.63 7,882.23 2.75
Total Investment in Promoter Group 97,819.97 2.04 169,326.91 1.58 226,119.88 1.17 267,837.06 2.78 2,558.94 0.63 10,897.08 3.80
Companies
01-19
Asset held 4,798,039.71 10,734,936.43 19,252,684.67 9,636,234.21 404,473.72 286,922.01

Corporate Overview
Ind. Enhancer Ind. Platinum Plus 3 Ind. Platinum Plus 4 Ind. Platinum Advantage Ind. Platinum Premier Linked Discontinued Policy Fund
20-68
Aditya Birla Capital Limited 60,794.81 0.09 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Aditya Birla Fashion & Retail Limited 267,149.75 0.41 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Aditya Birla Finance Ltd 437,196.70 0.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Statutory Reports
Aditya Birla Sunlife Mutual Fund 604,917.36 0.93 0.00 0.00 0.00 0.00 208,042.55 3.32 0.00 0.00 85,028.76 1.83
Grasim Industries Ltd 197,609.05 0.30 21,204.37 0.47 124,197.04 3.60 28,055.82 0.45 177,573.81 4.21 0.00 0.00
Hindalco Industries Ltd 799,006.23 1.23 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
00-00
69-288
Ultratech Cement Ltd 97,582.74 0.15 149,794.05 3.30 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Total Investment in Promoter Group Companies 2,464,256.64 3.79 170,998.42 3.76 124,197.04 3.60 236,098.37 3.77 177,573.81 4.21 85,028.76 1.83
Asset held 64,995,447.12 4,542,433.99 3,445,641.17 6,260,762.75 4,217,273.77 4,651,967.82
175
176
As on 31st March 2019
Ind. Foresight FP Titanium 1 Ind. Maximiser Guaranteed Titanium 3 Gilt Fund Liquid Plus
ANNUAL REPORT

2018-19
Aditya Birla Finance Ltd 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Aditya Birla Sunlife Mutual Fund 314,878.70 1.59 0.00 0.00 0.00 0.00 0.00 0.00 3,881.12 1.45 0.00 0.00
Grasim Industries Ltd 159,614.76 0.81 875.97 0.38 0.00 0.00 277.12 0.88 0.00 0.00 0.00 0.00
Hindalco Industries Ltd 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Ultratech Cement Ltd 49,263.95 0.25 0.00 0.00 1,815.25 2.64 0.00 0.00 0.00 0.00 99,862.70 3.51
Total Investment in Promoter Group 523,757.41 2.65 875.97 0.38 1,815.25 2.64 277.12 0.88 3,881.12 1.45 99,862.70 3.51
Companies
Asset held 19,742,837.49 229,948.42 68,667.64 31,604.51 266,990.16 2,847,939.11

IPP - Growth IPP - Enrich IPP - Nourish Gr. Fixed Interest Gr. Stable 2 Gr. Bond
Aditya Birla Finance Ltd 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 31,439.70 0.99
Aditya Birla Sunlife Mutual Fund 0.00 0.00 15,591.81 1.17 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Grasim Industries Ltd 411.82 0.17 0.00 0.00 0.00 0.00 50,486.60 0.47 0.00 0.00 50,486.60 1.58
Hindalco Industries Ltd 0.00 0.00 35,863.07 2.68 0.00 0.00 337,159.00 3.11 0.00 0.00 62,186.82 1.95
Ultratech Cement Ltd 0.00 0.00 0.00 0.00 79.97 0.09 51,234.51 0.47 119.95 0.46 0.00 0.00
Total Investment in Promoter Group 411.82 0.17 51,454.88 3.85 79.97 0.09 438,880.10 4.05 119.95 0.46 144,113.12 4.52
Companies
Asset held 237,506.35 1,336,688.18 88,864.54 10,828,419.86 26,124.02 3,189,574.70

Income Advantage
Gr. Growth Advantage Gr. Secure Gr. Stable Gr. Growth Asset Allocation Fund
Guaranteed
Name of the Company
% to the % to the % to the % to the % to the % to the
Aditya Birla Finance Ltd 52,399.50 3.27 15,719.85 1.76 99,559.05 0.43 104,799.00 1.51 10,479.90 0.17 31,439.70 2.48
Aditya Birla Sunlife Mutual Fund 0.00 0.00 0.00 0.00 550,341.78 2.37 39,783.49 0.57 84,121.42 1.38 10,201.57 0.80
Grasim Industries Ltd 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Hindalco Industries Ltd 0.00 0.00 0.00 0.00 171,559.91 0.74 0.00 0.00 0.00 0.00 5,090.24 0.40
Ultratech Cement Ltd 0.00 0.00 6,197.44 0.70 94,488.90 0.41 22,710.63 0.33 29,227.94 0.48 0.00 0.00
Total Investment in Promoter Group 52,399.50 3.27 21,917.29 2.46 915,949.63 3.95 167,293.12 2.41 123,829.26 2.04 46,731.50 3.69
Companies
Asset held 1,604,270.39 890,942.92 23,177,066.86 6,940,277.81 6,077,450.10 1,267,986.12
01-19 20-68 69-288
00-00
As on 31st March 2019 (Amounts in thousands of Indian Rupees)
Ind. Foresight SP Gr. Short Term Debt Value Momentum Fund
Name of the Company % to the % to the % to the
Amount Amount Amount
Fund Fund Fund
Aditya Birla Capital Limited 0.00 0.00 0.00 0.00 0.00 0.00
Aditya Birla Fashion & Retail Limited 0.00 0.00 0.00 0.00 0.00 0.00
Aditya Birla Finance Ltd 0.00 0.00 0.00 0.00 0.00 0.00
Aditya Birla Sunlife Mutual Fund 15,761.87 2.43 0.00 0.00 37,585.40 1.06
Grasim Industries Ltd 1,958.70 0.30 0.00 0.00 0.00 0.00
Hindalco Industries Ltd 0.00 0.00 0.00 0.00 0.00 0.00
Ultratech Cement Ltd 0.00 0.00 9,852.79 3.41 0.00 0.00
Total Investment in Promoter Group Companies 17,720.57 2.73 9,852.79 3.41 37,585.40 1.06
Asset held 649,783.42 288,923.78 3,559,136.73

Appendix 3 To Annexure 3A
Disclosure of Investment - Industrywise
Ind. Assure Fund
Nature of Current ear Previous Year
Industry Security
security Market value holding Market value % holding
Financial and 333,714 17.61 250,728 14.84
Insurance Activities 7.63% PNB HOUSING FINANCE LIMITED Debt 29,942 1.58
NCD (MD 15/12/2020)
9.10%FULLERTON INDIA CREDIT CO. Debt 51,784 2.73
LIMITED NCD(15/12/2021)S-68OPT-II
HDB FINANCIAL SERVICES LIMITED SERIES Debt 54,375 2.87
124 ZCB MD 29/10/2021
8.50% UJJIVAN SMALL FINANCE BANK-FD Debt 20,000 1.06
(MD 11/09/2019)
SMALL INDUSTRIES DEVELOPMENT BANK Debt 69,160 3.65
OF INDIA CD(MD28/05/19)
9.75% STATE BANK OF BIKANER FD QTR Debt 9,900 0.52
COMP (MD 13/02/2020)
COMP (MD 12/09/2019)
COMP (MD 23/05/2019)
10.90% AU SMALL FINANCE BANK Debt 53,753 2.84
LIMITED NCD (MD 30/05/2025)
8.75% AU SMALL FINANCE BANK FD QTR Debt 25,000 1.32
COMP (MD 15/02/2020)
Infrastructure Finance 336,776 17.77 360,452 21.33
9.61% POWER FINANCE CORPORATION Debt 10,394 0.55
LIMITED (MD 29/06/2021)
9.70% POWER FINANCE CORPN. LIMITED Debt 10,404 0.55
NCD (MD 09/06/2021)
8.37% NABARD NCD (MD 22/06/2020) 16C Debt 30,260 1.60
8.37% RURAL ELECTRIFICATION CORPN. Debt 50,483 2.66
NABARD CD (MD 11/06/19) Debt 83,697 4.42
8.25% Indian Railway Fin Corp NCD (MD Debt 51,038 2.69
28/02/2024)
8.50% NABARD NCD SR 19F (MD Debt 40,946 2.16
31/01/2023)
Housing Finance 243,540 12.85 251,682 14.90
Services 9.00% LIC HOUSING FINANCE LIMITED Debt 20,404 1.08
NCD (MD 23/11/2020)
7.48% GRUH FINANCE LIMITED NCD (MD Debt 49,950 2.64
10/06/19) F-013
7.89% CAN FIN HOMES LIMITED NCD MD Debt 50,374 2.66
(18/05/2022) SERIES 6
HOUSING DEVELOPEMENT FINANCE CORP Debt 47,164 2.49
ZCB SR-Q 013(MD09/03/2020)
HDFC LIMITED ZCB (MD 10/05/2021) Debt 25,659 1.35
SERIES P-010
7.60% HDFC LIMITED NCD-Series R 014 Debt 49,989 2.64
(MD 26/06/2020)
Electricity Gas and 351,142 18.53 279,387 16.54
Steam Supply 8.40% POWER GRID CORPORATION NCD Debt 50,475 2.66
(MD 27/05/2020) [B]
8.50% NHPC LIMITED NCD SR-T STRRP A Debt 50,044 2.64
(MD 14/07/2019)
8.13% POWER GRID CORPORATION NCD Debt 50,367 2.66
(MD 25/04/2020) [A]
9.75% U.P.POWER CORP SERIES B (MD Debt 50,900 2.69
20/10/20)
8.30% GAIL (INDIA) LIMITED NCD Debt 50,867 2.68
2015-SERIES-1(A) (MD 23/02/20
NTPC LIMITED CP (MD 18/06/2019) Debt 98,489 5.20
Others Other than 549,589 29.00 547,352 26.21
G-Sec & incl NCA
G-Sec 80,340 4.24 57 0.00
AUM 1,895,101 100.00 1,689,659 100.00
178
01-19 20-68 69-288
00-00
Ind. Income Adv
Industry Security
Housing Finance Services 944,025 14.23 859,418 12.76
9.25% LIC HOUSING FINANCE LIMITED Debt 20,985 0.32
NCD (MD 12/11/2022)
8.55% LIC HOUSING FINANCE LIMITED Debt 50,730 0.76
NCD (MD 14/08/2025)
9.05 HDFC LIMITED NCD SERIES U-001 Debt 263,143 3.97
(MD 16/10/2028)
LIC HOUSING FINANCE LIMITED ZCB OPT-1 Debt 208,742 3.15
(MD 25/03/2021)
8.44% HDFC LIMITED NCD MD Debt 50,529 0.76
(01/06/2026)PUT 01/12/2017 SR P - 15
SERIES P-010
LIC HOUSING FINANCE LIMITED TR 363 Debt 157,450 2.37
ZCB (MD 25/02/2020)
Others Other than 3,238,533 48.81 4,006,038 59.49
G-Sec & incl NCA
G-Sec 2,452,921 36.97 1,868,571 27.75
AUM 6,635,479 100.00 6,734,028 100.00
Note:
The following Sectors were having exposure of more than 10% during Previous Year but less than 10% during the current year:
Sector Market value % holding

Electricity, Gas and Steam Supply 807,933 12.00
Financial and Insurance Activities 1,427,826 21.20

Ind. Protector
Industry Security
Infrastructure 462,251 13.38 579,639 16.11
Finance 8.65% RURAL ELECTRIFICATION CORPN. Debt 16,145 0.47
8.70% Power Finance Corporation Ltd. NCD Debt 15,193 0.44
(MD 14/05/2020)
9.57% IRFC NCD (MD 31/05/2021) Debt 104,164 3.02
LIMITED (MD 29/06/2021)
LIMITED (MD 17/09/2019)
8.51% INDIA INFRADEBT LIMITED NCD (MD Debt 71,398 2.07
10/05/2021) SR I
Financial and 555,775 16.09 499,888 13.90
Insurance Activities 8.88% EXPORT IMPORT BANK OF INDIA NCD Debt 51,887 1.50
(MD 18/10/2022)
AXIS BANK LIMITED Equity 8,907 0.26
HOUSING DEVELOPMENT FINANCE Equity 20,021 0.58
CORPORATION
KOTAK MAHINDRA BANK LIMITED Equity 7,742 0.22
STATE BANK OF INDIA Equity 7,367 0.21
8.85% AXIS BANK NCD (MD 05/12/2024) Debt 51,325 1.49
YES BANK LIMITED Equity 5,009 0.15
8.72% KOTAK MAHINDRA BANK LIMITED NCD Debt 20,534 0.59
(MD 14/01/2022)
7.60% AXIS BANK LIMITED NCD (MD Debt 44,717 1.29
20/10/2023)
8.50% REPCO HOME FINANCE LIMITED NCD Debt 30,067 0.87
(MD 04/10/2019)
8.042% BAJAJ FINANCE LIMITED NCD Debt 50,408 1.46
(OPTION I) (MD 10/05/2021)
SERIES 4 (MD 03/08/2020)
BAJAJ FINSERV LIMITED Equity 5,982 0.17
8.74% MAHINDRA RURAL HOUSING FINANCE Debt 30,031 0.87
NCD (MD 05/08/2019)
HDFC BANK LIMITED Equity 35,584 1.03
INDUSIND BANK LIMITED Equity 6,246 0.18
ICICI BANK LIMITED Equity 20,472 0.59
8.85% BAJAJ FINANCE LIMITED NCD (MD Debt 51,106 1.48
23/03/2021)(SERIES 159-
7.99% TATA MOTORS FIN LIMITED NCD. ZERO Debt 58,002 1.68
COUPON (7.99% XIRR) NCD
BAJAJ FINANCE LIMITED Equity 4,144 0.12
ICICI LOMBARD GENERAL INSURANCE Equity 4,133 0.12
COMPANY LIMITED
BANDHAN BANK LIMITED Equity 12,130 0.35
G-Sec & incl NCA
G-Sec 1,322,410 38.29 1,384,733 38.49
AUM 3,453,704 100.00 3,597,375 100.00
180
01-19 20-68 69-288
00-00
Ind. Builder
Industry Security
Financial and 573,988 21.32 407,800 14.96
Insurance Activities AXIS BANK LIMITED Equity 13,758 0.51

CORPORATION
8.72% KOTAK MAHINDRA BANK LIMITED Debt 20,534 0.76
NCD (MD 14/01/2022)
(MD 04/10/2019)
(OPTION I) (MD 10/05/2021)
8.74% MAHINDRA RURAL HOUSING Debt 20,021 0.74
FINANCE NCD (MD 05/08/2019)
9.475% ADITYA BIRLA FINANCE LIMITED Debt 83,839 3.11
NCD G-8 (MD 18/03/2022)
7.99% TATA MOTORS FIN LIMITED NCD. Debt 58,002 2.15
ZERO COUPON (7.99% XIRR) NCD
8.12% EXPORT IMPORT BANK OF INDIA NCD Debt 49,616 1.84
(MD 25/04/2031) SR-T02
COMPANY LIMITED
COMPANY LIMITED
G-Sec & incl NCA
G-Sec 904,595 33.60 896,679 32.90
AUM 2,691,859 100.00 2,725,654 100.00
Note:

INFRASTRUCTURE FINANCE 485,385 17.81

Ind. Balancer
Industry Security
G-Sec & incl NCA
G-Sec 168,588 55.37 175,754 59.72
AUM 304,451 100.00 294,296 100.00
Note:

Financial and Insurance Activities 32,812 11.15
Ind. Enhancer
Industry Security
Financial and 12,147,678 18.69 9,768,523 14.77
(MD 09/01/2023)
(MD 10/10/2022)
(MD 07/02/2022)
9.1% SBI Perpetual NCD (Call- 14/08/2019) Debt 122,675 0.19
Step Up Rate 9.6%
(MD 05/09/2022)
9.15% ICICI Bank Ltd. NCD (MD 31/12/2022) Debt 124,331 0.19
HOUSING DEVELOPMENT FINANCE Equity 1,445,477 2.22
CORPORATION
(MD 14/01/2022)
9.20% CHOLAMANDALAM INVT AND FIN CO Debt 52,159 0.08
7.60% AXIS BANK LIMITED NCD (MD 20/10/2023) Debt 248,431 0.38
(MD 04/10/2019)
SERIES 4 (MD 03/08/2020)
KARUR VYSYA BANK LIMITED Equity 99,515 0.15
10.50% AU SMALL FINANCE BANK LIMITED Debt 85,053 0.13
NCD (MD 19/04/2019)
8.45% BAJAJ FINANCE LIMITED SUB TIER II Debt 30,334 0.05
NCD (MD 29/09/2026)
NCD (MD 05/08/2019)
182
01-19 20-68 69-288
00-00
Ind. Enhancer (Contd.)
Industry Security
HDFC BANK LIMITED Equity 2,146,302 3.30
ICICI BANK LIMITED Equity 1,084,504 1.67
8.75% ADITYA BIRLA FINANCE LIMITED NCD Debt 101,840 0.16
(MD 24/06/2021) C4 FY2016
9.45% STATE BANK OF INDIA NCD (MD Debt 21,530 0.03
16/03/2026) CALL 16/03/202
16/03/2026) CALL 16/03/202
G-8 (MD 18/03/2022)
8.90% SBI 10 YEAR BASEL 3 COMPLIANT TIER Debt 521,118 0.80
2 SR 1(02/11/28)
(MD 25/04/2031) SR-T02
7.79% HDB FIN.SER.LIMITED NCD Debt 59,943 0.09
SR-A/1/104 OP 1 (MD 14/06/2019)
7.25% H D F C BANK LIMITED FD QTR (MD Debt - 0.00
02/11/2017) (F.V.5 CR)
9.13%CHOLAMANDALAM INVESTMENT AND Debt 50,024 0.08
FINANCE CO. LIMITED NCD (MD 3
9.15% SBI PERP NCD CALL 18/01/2020 Debt 162,013 0.25
STEPUP 9.65
Step Up Rate 9.55
8.85% TATA CAPITAL FINANCIAL SERVICES Debt 150,022 0.23
LIMITED NCD (MD 03/05/2019
8.63% HDB FINANCIAL SERVICES LIMITED Debt 50,010 0.08
NCD (MD 17/06/2019)
KOTAK MAHINDRA INVESTMENTS LIMITED 0% Debt 243,981 0.38
NCD (MD 26/07/2019)
9.10% SBI PERPETUAL NCD CALL/STEP-UP Debt 303,481 0.47
25/11/2019
9.05% SBI PERPETUAL CALL 20/09/20 STEP Debt 102,023 0.16
UP 50BPS
9.20% State Bank of Hyderabad NCD Perpetual Debt 50,781 0.08
(MD 24/02/2020)
9.15% Bank of Baroda Perpetual NCD Step up Debt 50,422 0.08
9.65% Reset 23/11
9.70% HDB FIN.SER.LIMITED NCD T-II Debt 54,028 0.08
S-2014I/1/7SUB(MD 20/06/2024)
ADITYA BIRLA CAPITAL LIMITED Equity 60,795 0.09
LAKSHMI VILAS BANK LIMITED Equity 307,643 0.47
UJJIVAN FINANCIAL SERVICES LIMITED Equity 350,775 0.54
8.33% HINDUJA LEYLAND FINANCE LIMITED Debt 70,075 0.11
(MD 27/09/2019)
9.00% Punjab National Bank NCD (Perpetual) Debt 88,426 0.14
Call/Step-Up 27/1
G-Sec & incl NCA
G-Sec 18,408,592 28.32 18,920,710 29
AUM 64,995,447 100.00 66,115,475 100.00

Ind. Creator
Industry Security
Financial and Insurance 1,199,109 24.99 920,156 20.00
Activities AXIS BANK LIMITED Equity 63,548 1.32
CORPORATION
8.72% KOTAK MAHINDRA BANK LIMITED Debt 51,335 1.07
NCD (MD 14/01/2022)
(MD 04/10/2019)
8.74% MAHINDRA RURAL HOUSING Debt 20,021 0.42
FINANCE NCD (MD 05/08/2019)
23/03/2021)(SERIES 159-
9.475% ADITYA BIRLA FINANCE LIMITED Debt 73,359 1.53
NCD G-8 (MD 18/03/2022)
(MD 25/04/2031) SR-T02
7.85% DCB BANK (MD 14/08/2020) Debt 60,000 1.25
COMPANY LIMITED
FEDRAL BANK LIMITED Equity 27,417 0.57
G-Sec & incl NCA
G-Sec 975,816 20.34 878,525 19.09
AUM 4,798,040 100.00 4,601,759 100.00
184
01-19 20-68 69-288
00-00
Ind. Magnifier
Industry Security
Financial and 2,677,944 24.95 1,976,989 18.67
CORPORATION
UJJIVAN FINANCIAL SERVICES LIMITED Equity 90,661 0.84
G-Sec & incl NCA
G-Sec 1,468,259 13.68 642,452 6.07
AUM 10,734,936 100.00 10,590,823 100.00
Ind. Maximiser
Industry Security
Financial and 4,791,813 24.89 4,039,014 22.11
HOUSING DEVELOPMENT FINANCE Equity 1,095,410 5.69
CORPORATION
HDFC BANK LIMITED Equity 1,695,114 8.80
MANUFACTURE OF 2,085,708 10.83 1,485,019 8.13
COKE,PETROLEUM RELIANCE INDUSTRIES LIMITED Equity 1,614,475 8.39
INDIAN OIL CORPORATION LIMITED Equity 198,399 1.03
HINDUSTAN PETROLEUM CORPORATION Equity 272,834 1.42
LIMITED FV10
COMPUTER 2,045,319 10.62 1,572,621 8.61
PROGRAMMING, INFOSYS LIMITED Equity 1,009,330 5.24
CONSULTANCY PERSISTENT SYSTEMS LIMITED Equity 109,241 0.57
TATA CONSULTANCY SERVICES LIMITED Equity 585,322 3.04
TECH MAHINDRA LIMITED Equity 191,601 1.00
MPHASIS LIMITED Equity 149,825 0.78
G-Sec & incl NCA
G-Sec NA NA 2,267 0.01
AUM 19,252,685 100.00 18,267,798 100.00

Ind. Multiplier
Industry Security
Financial and 2,228,316 23.12 1,180,002 16.20
Insurance Activities YES BANK LIMITED Equity 100,750 1.05
RBL BANK LIMITED Equity 193,255 2.01
AU SMALL FINANCE BANK LIMITED Equity 208,552 2.16
MAHINDRA N MAHINDRA FINANCIAL Equity 180,707 1.88
SERVICES LIMITED
CITY UNION BANK Equity 282,360 2.93
UNION BANK OF INDIA LIMITED Equity 152,960 1.59
GRUH FINANCE LIMITED Equity 95,705 0.99
MUTHOOT FINANCE LIMITED Equity 96,304 1.00
EDELWEISS FINANCIAL SERVICES LIMITED Equity 98,464 1.02
HDFC STANDARD LIFE INSURANCE Equity 141,715 1.47
COMPANY LIMITED
G-Sec & incl NCA
G-Sec 508,510 5.28 821,193 11.27
AUM 9,636,234 100.00 7,285,166 100.00
Super 20 Fund

Industry Security
Financial and 2,511,681 24.68 1,581,307 17.90
Insurance Activities HOUSING DEVELOPMENT FINANCE Equity 574,394 5.64
CORPORATION
Manufacture of 1,222,865 12.02 988,530 11.19
Coke Petroleum RELIANCE INDUSTRIES LIMITED Equity 915,507 9.00
LIMITED FV10
Computer 1,176,937 11.57 1,027,747 11.64
Programming INFOSYS LIMITED Equity 733,451 7.21
Consultancy TATA CONSULTANCY SERVICES LIMITED Equity 443,486 4.36
G-Sec & incl NCA
G-Sec 98,483 0.97 1,167 0.01
AUM 10,175,598 100.00 8,832,831 100.00
Note:

Manufacture of Vehicle and Trailers 1,004,996 11.38
186
01-19 20-68 69-288
00-00
Ind. Platinum Plus 2
Industry Security
Others Other than 19,850 44.26 4,055,452 98.51
G-Sec & incl NCA
G-Sec 24,996 55.74 61,172 1.49
AUM 44,846 100.00 4,116,623 100.00
Note:

INFRASTRUCTURE FINANCE 874,761 21.25
FINANCIAL AND INSURANCE ACTIVITIES 802,761 19.50
HOUSING FINANCE SERVICES 676,759 16.44

Industry Security
Financial and 681,056 14.99 967,294 19.97
Insurance Activities 9.45% STATE BANK OF INDIA NCD (MD Debt 1,033 0.02
16/03/2026) CALL 16/03/202
16/03/2026) CALL 16/03/202
FULLERTON INDIA CREDIT CO. LIMITED CP Debt 14,902 0.33
(MD 03/05/2019)
9.13%CHOLAMANDALAM INVESTMENT Debt 30,014 0.66
AND FINANCE CO. LIMITED NCD (MD 3
9.75% STATE BANK OF BIKANER FD QTR Debt 500 0.01
COMP (MD 17/09/2019)
9.20% CHOLAMANDALAM INVT AND FIN Debt 20,000 0.44
CO LIMITED NCD (MD 04/04/2019)
9.00% CORP BANK FD QTR COMP (MD Debt 100,000 2.20
15/05/2019) (F.V. 5CR)
SIDBI BANK CD (MD 18/06/2019) Debt 245,851 5.41
BANK OF BARODA CD (MD 14/05/2019) Debt 247,928 5.46
G-Sec & incl NCA
G-Sec 2,219,062 48.85 36,210 0.75
AUM 4,542,434 100.00 4,843,464 100.00
Note:

ELECTRICITY, GAS AND STEAM SUPPLY 585,509 12.09
INFRASTRUCTURE FINANCE 7,559,712 15.61


Industry Security
Infrastructure 591,653 17.17 859,059 23.62
Finance 8.70% Power Finance Corpn Ltd. NCD (MD Debt 10,091 0.29
15/01/2020)
LIMITED (MD 17/09/2019)
8.64% IRFC NCD (MD 17/05/2021) (SERIES Debt 18,413 0.53

52 B)
7.65% IRFC NCD (MD 30/07/2019) Debt 119,994 3.48
Steam Supply 8.50% Nuclear Power Corpn NCD (MD Debt 60,463 1.75
16/11/2019)
9.20% POWER GRID CORPN. OF INDIA Debt 20,320 0.59
NTPC LIMITED Equity 2,365 0.07
9.05% PETRONET LNG LIMITED NCD (MD Debt 191,325 5.55
28/10/2019)
8.49% NHPC LIMITED NCD (MD Debt 50,289 1.46
26/11/2019) (SR S1)
8.93% POWER GRID CORPORATION OF Debt 151,059 4.38
INDIA LIMITED NCD (MD 20/10/2019
15/09/2019) W1
9.30% Power Grid Corp (04/09/19) Debt 90,511 2.63
Housing Finance 455,300 13.21 357,597 9.83
Services 8.68% LIC HOUSING FINANCE LIMITED NCD Debt 91,083 2.64
(MD 30/03/2020)
9.40% HDFC LIMITED NCD (MD Debt 151,751 4.40
26/08/2019) PUT 26/08/2016 SERIES M -
Indiabulls Housing Finance Ltd. CP (MD Debt 9,828 0.29
14/06/2019)
30/09/20) F-010
CAN FIN HOMES LIMITED CP (MD Debt 142,690 4.14
31/10/2019)
8.26% HDFC LIMITED NCD (12/08/2019) Debt 9,990 0.29
Others Other than 505,816 14.68 1,901,840 52.29
G-Sec & incl NCA
G-Sec 1,226,900 35.61 58,274 1.60
AUM 3,445,641 100.00 3,636,908 100.00
Note:

188
01-19 20-68 69-288
00-00
Ind. Platinum Advantage

Industry Security
Electricity Gas And 939,043 15.00 982,437 14.00
Steam Supply 8.85% POWER GRID CORPN. OF INDIA Debt 266,925 4.26
GAIL (INDIA) LIMITED Equity 30,869 0.49
8.49% NHPC LIMITED NCD (MD 26/11/2020) Debt 131,647 2.10
(SR S1)
8.50% NHPC LIMITED NCD SR-T STRRP B Debt 50,500 0.81
(MD 14/07/2020)
8.18% NTPC LIMITED NCD (MD Debt 151,294 2.42
31/12/2020)-Series 58
8.49% NTPC LIMITED BONUS NCD PART Debt 8,779 0.14
REDEMPTION MD (25/03/2025) (FV
8.93% POWER GRID CORPORATION OF INDIA Debt 254,504 4.07
Infrastructure 869,490 13.89 608,919 8.68
Finance 8.50% IRFC NCD (MD 22/06/2020) Debt 7,084 0.11
NCD (MD 15/11/2020)
RURAL ELECTRIFICATION CORPN LIMITED Debt 239,591 3.83
ZCB (MD 15/12/2020)
NCD (MD 04/09/2020)
6.98% NABARD NCD (MD 30/09/2020) 18G Debt 247,848 3.96
8.80% RURAL ELECTRIFICATION Debt 101,633 1.62
CORPORATION LIMITED NCD (MD 25/1
Financial and 682,087 10.89 657,886 9.38
CORPORATION
7.63% PNB HOUSING FINANCE LIMITED NCD Debt 49,902 0.80
(MD 15/12/2020)
7.68% FULLERTON INDIA CREDIT CO. Debt 55,019 0.88
LIMITED NCD (MD 14/08/2020) SR
Housing Finance 901,935 14.41 1,167,290 16.64
Services 9.90 HDFC LIMITED NCD (MD 10/06/2021) Debt 7,310 0.12
8.35% LIC HOUSING FINANCE LIMITED NCD Debt 217,132 3.47
(MD 23/10/2020)
(MD 26/08/2020)
(MD 13/10/2020)
SERIES N-003
7.50% ICICI HOME FINANCE COMPANY Debt 199,728 3.19
G-Sec & incl NCA
G-Sec 1,303,755 20.82 1,462,081 20.84
AUM 6,260,762 100.00 7,016,815 100.00

Ind.Platinum Premier

Industry Security
Infrastructure 505,969 12.00 846,156 18.27
Finance RURAL ELECTRIFICATION CORPN LTD ZCB Debt 60,599 1.44
(MD 15/12/2020)
8.55% IRFC NCD (MD 03/02/2020) Debt 50,541 1.20
8.37% NABARD NCD (MD 22/06/2020) Debt 173,491 4.11
16C
Financial and 860,534 20.40 832,167 17.96
CORPORATION
10/04/2020)
EXPORT IMPORT BANK OF INDIA CD (MD Debt 85,612 2.03
18/11/2019)
12/02/2020) (F.V. 5CR)
FEDERAL BANK LTD CD (MD 06/03/2020) Debt 139,769 3.31
KOTAK MAHINDRA BANK CD (MD Debt 234,701 5.57
07/02/2020)
Housing Finance 493,643 11.71 572,909 12.37
Services 8.68% LIC HOUSING FINANCE LTD. NCD Debt 155,854 3.70
(MD 30/03/2020)
HDFC LTD. ZCB (MD 15/01/2020) SERIES Debt 287,548 6.82
N-003
8.50% INDIABULLS HOUSING FINANCE LTD Debt 40,413 0.96
NCD SR I-010 (MD 27/03/
Indiabulls Housing Finance Ltd CP Debt 9,828 0.23
(MD 14/06/2019)
G-Sec & incl NCA
G-Sec 1,057,310 25.07 299,871 6.47
AUM 4,217,274 100.00 4,632,351 100.00
190
01-19 20-68 69-288
00-00
Ind. Foresight FP

Industry Security
Financial and 3,151,226 15.96 3,500,703 15.33
(MD 18/10/2022)
(MD 07/02/2022)
(MD 21/09/2022)
(MD 05/09/2022)
(MD 18/03/2021)
(MD 30/03/2021)
CORPORATION
(MD 08/03/2021)
(MD 25/02/2021)
(MD 15/12/2020)
(MD 15/03/2021)
NCD (MD 05/08/2019)
(MD 30/04/2020)
16/03/2026) CALL 16/03/202
23/03/2021)(SERIES 159-
16/03/2026) CALL 16/03/202
15/05/2019) (FV 1.01 CRS)
7.79% HDB FIN.SER. LIMITED NCD Debt 54,948 0.28
SR-A/1/104 OP 1 (MD 14/06/2019)

Ind. Foresight FP (Contd.)

Industry Security
Electricity Gas and 2,449,701 12.41 3,170,838 13.89
Steam Supply 10.10% Power Grid Corporation Ltd. NCD (MD Debt 23,586 0.12
12/06/2021)
10.10% Power Grid Corporation NCD Debt 10,681 0.05
(12/06/2022)
7.93% POWER GRID CORPORATION NCD (MD Debt 50,428 0.26
20/05/2022) [F]
11/02/2020) (SR R2)
26/12/2019)
26/12/2021)
26/12/2022)
29/08/2020)
29/08/2021)
9.35% POWER GRID NCD MD (29/08/2019) Debt 20,095 0.10
31/05/2021)
26/11/2021) (SR S1)
26/11/2021) (SR S2)
26/11/2020) (SR S1)
27/05/2023) [E]
27/05/2021) [C]
8.50% NHPC LIMITED NCD SR-T STRRP D Debt 51,234 0.26
(MD 14/07/2022)
8.10% NTPC LIMITED NCD (MD 27/05/2021) Debt 151,382 0.77
SR 61 STRPP A
24/02/2021)-Series 59
192
01-19 20-68 69-288
00-00

Industry Security
Electricity Gas and 9.18% NUCLEAR POWER CORPORATION OF Debt 52,535 0.27
Steam Supply INDIA LIMITED (A) (MD 23/
8.49% NTPC LIMITED BONUS NCD PART Debt 8,088 0.04
REDEMPTION MD (25/03/2025) (FV)
Infrastructure 3,546,247 17.96 3,793,220 16.61
8.50% IRFC NCD (MD 22/06/2020) Debt 50,603 0.26
8.70% POWER FINANCE CORPN LTD. NCD Debt 19,173 0.10
(MD 15/01/2020)
8.70% POWER FINANCE CORPORATION LTD. Debt 22,283 0.11
NCD (MD 14/05/2020)
8.82% POWER FINANCE CORPORATION LTD. Debt 20,234 0.10
NCD (MD 20/02/2020)
9.18% POWER FINANCE CORPORATION Ltd. Debt 46,292 0.23
NCD (MD 15/04/2021)
9.27% IRFC NCD (MD 10/05/2021) Debt 46,567 0.24
NCD (MD 01/08/2021)
9.48% REC LIMITED NCD (MD 10/08/2021) Debt 5,192 0.03
9.57% IRFC NCD (MD 31/05/2021) Debt 893,730 4.53
LIMITED (MD 29/06/2021)
RURAL ELECTRIFICATION CORPN LIMITED Debt 220,821 1.12
ZCB (MD 15/12/2020)
LIMITED (MD 17/09/2019)
8.49% L AND T INFRA DEBT FUND LIMITED Debt 7,584 0.04
NCD (MD 28/01/2025)
NCD (MD 04/09/2020)
NCD (MD 07/11/2019)
08/01/2021) SERIES I
8.64% IRFC NCD (MD 17/05/2021) Debt 83,881 0.42
(SERIES 52 B)


Industry Security
9.30% L AND T INFRA DEBT FUND NCD Debt 106,407 0.54
OPT:2 (MD 26/06/2024)
NCD (SERIES: 150 OPTION: A)
NCD (09/12/2021) SERIES 124
SERIES 19D
6.70% IRFC NCD (MD 24/11/2021) Debt 29,360 0.15
G-Sec & incl NCA
G-Sec 4,015,678 20.34 3,986,071 17.46
AUM 19,742,837 100.00 22,835,572 100.00
Note:

HOUSING FINANCE SERVICES 2,483,587 10.88
194
01-19 20-68 69-288
00-00
Ind. Foresight SP
Industry Security
Infrastructure 216,563 33.33 178,738 25.18
Finance 9.36% POWER FINANCE CORPN. LIMITED Debt 51,782 7.97
NCD (MD 01/08/2021)
9.57% IRFC NCD (MD 31/05/2021) Debt 31,249 4.81
08/01/2021) SERIES I
SERIES 19D
6.70% IRFC NCD (MD 24/11/2021) Debt 19,574 3.01
Financial and 75,675 11.65 70,066 9.87
CORPORATION
9.15% EXPORT IMPORT BANK OF INDIA Debt 20,535 3.16
NCD (MD 08/03/2021)
Steam Supply GAIL (INDIA) LIMITED Equity 2,484 0.38
26/11/2021) (SR S2)
24/02/2021)-Series 59
8.93% POWER GRID CORPORATION OF Debt 46,307 7.13
INDIA LIMITED NCD (MD 20/10/2021
8.49% NTPC LIMITED BONUS NCD PART Debt 709 0.11
REDEMPTION MD (25/03/2025) (FV
G-Sec & incl NCA
G-Sec 59,245 9.12 94,883 13.37
AUM 649,783 100.00 709,797 100.00

Titanium 1
Industry Security
Financial and 28,527 12.41 42,194 17.79
Insurance Activities AXIS BANK LIMITED Equity 934 0.41
HOUSING DEVELOPMENT FINANCE
Equity 3,411 1.48
CORPORATION
BAJAJ FINANCE LIMITED Equity 726 0.32
EXPORT IMPORT BANK OF INDIA CD (MD
Debt 9,513 4.14
18/11/2019)
16/11/2019)
9.25% POWER GRID CORPORATION NCD Debt 20,241 8.80
(MD 26/12/2019)
GAIL (INDIA) LIMITED Equity 892 0.39
Infrastructure 25,205 10.96 25,442 10.73
Finance 8.70% Power Finance Corpn Ltd. NCD (MD Debt 11,100 4.83
15/01/2020)
8.37% NABARD NCD (MD 22/06/2020)
Debt 5,044 2.19
16C
8.76% POWER FINANCE CORPN. LIMITED
Debt 9,061 3.94
NCD (MD 07/11/2019)
G-Sec & incl NCA
G-Sec 97,098 42.23 21,002 8.85
AUM 229,948 100.00 237,194 100.00
Titanium 2
Industry Security
G-Sec & incl NCA
G-Sec 48,632 82.41 16,993 26.39
AUM 59,012 100.00 64,403 100.00
Note:

196
01-19 20-68 69-288
00-00
Titanium 3

Industry Security
Financial and 5,654 17.89 5,078 16.08
Insurance Activities AXIS BANK LIMITED Equity 295 0.93
CORPORATION
KOTAK MAHINDRA BANK LIMITED Equity 392 1.24
STATE BANK OF INDIA Equity 557 1.76
INDUSIND BANK LIMITED Equity 336 1.06
LAKSHMI VILAS BANK LIMITED Equity 131 0.42
G-Sec & incl NCA
G-Sec 13,586 42.99 4,786 15.16
AUM 31,605 100.00 31,577 100.00
Note:

Pure Equity
Industry Security
Manufacture of 462,684 14.71 271,875 14.43
Chemical Products HINDUSTAN UNILEVER LIMITED Equity 75,667 2.41
UPL LIMITED Equity 48,903 1.55
RALLIS INDIA LIMITED Equity 68,312 2.17
COLGATE PALMOLIVE INDIA LIMITED Equity 83,393 2.65
DABUR INDIA LIMITED Equity 44,363 1.41
ASIAN PAINTS LIMITED Equity 83,275 2.65
TATA CHEMICALS LIMITED Equity 27,881 0.89
BAJAJ CORP LIMITED Equity 30,890 0.98
Manufacture of 389,044 12.37 215,538 11.44
LIMITED FV10
G-Sec & incl NCA
G-Sec 158,372 5.03 228,578 12.13
AUM 3,145,828 100.00 1,884,612 100.00

Value Momentum
Industry Security
Financial and 685,146 19.25 138,883 4.69
Insurance Activities BSE LIMITED Equity 151,540 4.26
INDIABULLS HOUSING FINANCE LIMITED Equity 83,250 2.34
KARNATAKA BANK LIMITED Equity 167,412 4.70
RELIANCE NIPPON LIFE ASSETS Equity 157,423 4.42
MANAGEMENT LIMITED
SOUTH INDIAN BANK LIMITED Equity 78,458 2.20
GENERAL INSURANCE CORPORATION OF Equity 47,063 1.32
INDIA
Computer 428,432 12.04 272,986 9.22
Consultancy SONATA SOFTWARE LIMITED Equity 64,712 1.82
ORACLE FINANCIAL SERVICES SOFTWARE Equity 130,634 3.67
LIMITED
FIRSTSOURCE SOLUTIONS LIMITED Equity 95,808 2.69

G-Sec & incl NCA
G-Sec 443,322 12.46 304,768 10.29
AUM 3,559,137 100.00 2,960,727 100.00
Note:

MANUFACTURE OF COKE,PETROLEUM 329,071 11.11
198
01-19 20-68 69-288
00-00
Liquid Plus

Industry Security
Financial and 643,818 22.61 316,333 23.15
Insurance 10.50% AU SMALL FINANCE BANK LIMITED Debt 44,028 1.55
Activities NCD (MD 19/04/2019)
KOTAK MAHINDRA PRIME LIMITED CP (MD Debt 72,353 2.54
11/09/2019)
7.85% DCB BANK (MD 14/08/2020) Debt 20,000 0.70
COMP (MD 27/05/2019)
COMP (MD 21/05/2019)
15/05/2019) (FV 1.01 CRS)
8.75% BANK OF BARODA FD COMP (MD Debt 9,900 0.35
17/09/2019) FV (99 Lac)
(MD 11/09/2019)
SMALL INDUSTRIES DEVELOPMENT BANK OF Debt 19,760 0.69
INDIA CD(MD28/05/19)
HERO FINCORP LIMITED CP (MD 21/06/2019) Debt 49,125 1.72
AXIS BANK CD (MD 08/08/2019) Debt 38,891 1.37
SR-A/1/104 OP 1 (MD 14/06/2019)
(MD 03/05/2019)
FEDERAL BANK LIMITED CD (MD Debt 93,179 3.27
06/03/2020)
8.7110% HDB FINANCIAL SERVICES LIMITED Debt 101,857 3.58
NCD (MD 18/02/2021)
COMP (MD 15/02/2020) G
Infrastructure 721,085 25.32 201,893 14.78
Finance 8.18% NABARD NCD (MD 10/02/2020) Debt 30,183 1.06
7.72% IRFC NCD (MD 07/06/2019) SERIES Debt 94,909 3.33
128
NABARD CD (MD 10/12/19) Debt 75,736 2.66
7.65% IRFC NCD (MD 30/07/2019) Debt 129,993 4.56

Liquid Plus (contd.)
16/11/2019)
8.64% POWER GRID NCD MD (08/07/2019) Debt 15,013 0.53
(SR S2)
W1
9.30% Power Grid Corp (04/09/19) Debt 110,625 3.88
Housing Finance 357,514 12.55 164,903 12.07
(MD 24/07/2019)
Indiabulls Housing Finance Ltd. CP (MD Debt 19,656 0.69
14/06/2019)
7.85% HDFC LIMITED NCD (MD 21/06/2019) Debt 59,922 2.10
7.085%LIC HOUSING FINANCE LIMITED NCD Debt 19,980 0.70
TR-348OP-II(MD 23/04/2019)
(MD 18/10/2019)NCD TR 272
CAN FIN HOMES LIMITED CP (MD Debt 47,563 1.67
31/10/2019)
G-Sec & incl NCA
G-Sec 24,083 0.85 2,374 0.17
AUM 2,847,939 100.00 1,366,383 100.00
200
01-19 20-68 69-288
00-00
Ind. Pension Growth Fund

Industry Security
Housing Finance 29,318 12.34 41,575 16.37
(MD 30/09/2024)
7.89% CAN FIN HOMES LIMITED NCD MD Debt 6,045 2.55
(18/05/2022) SERIES 6
HDFC LIMITED ZCB (MD 10/05/2021)SERIES Debt 12,830 5.40
P-010
Infrastructure 30,767 12.95 33,147 13.05
Finance 9.37% POWER FINANCE CORPORATION Debt 15,919 6.70
9.70% L AND T INFRA DEBT FUND LIMITED Debt 2,702 1.14
NCD (MD 10/06/2024) OPTION
SERIES LTIF 3C
Financial and 31,825 13.40 30,272 11.92
Insurance AXIS BANK LIMITED Equity 1,648 0.69
Activities HOUSING DEVELOPMENT FINANCE Equity 4,015 1.69
CORPORATION
YES BANK LIMITED Equity 362 0.15
SR-A/1/104 OP 1 (MD 14/06/2019)
COMP (MD 24/05/2019)
G-Sec & incl NCA
G-Sec 64,717 27.25 55,891 22.01
AUM 237,506 100.00 253,928 100.00
Note:


Ind.Pension Enrich Fund

Industry Security
Financial and 268,416 20.08 281,119 20.56
Insurance 9.15% EXPORT IMPORT BANK OF INDIA NCD Debt 8,356 0.63
Activities (MD 05/09/2022)
CORPORATION

(MD 14/01/2022)
(MD 04/10/2019)
NCD (MD 05/08/2019)
(MD 25/04/2031) SR-T02
COMPANY LIMITED
Steam Supply 9.25% POWER GRID CORPORATION LIMITED Debt 105,757 7.91
NCD (MD 09/03/2027)
05/05/2026)-Series 60
G-Sec & incl NCA
G-Sec 324,764 24.30 336,081 24.58
AUM 1,336,688 100.00 1,367,252 100.00
202
01-19 20-68 69-288
00-00
Ind.Pension Nourish Fund

Industry Security
Infrastructure 17,720 19.94 18,923 20.20
9.36% POWER FINANCE CORPN. LIMITED NCD Debt 2,071 2.33
(MD 01/08/2021)
G-Sec & incl NCA
G-Sec 27,269 30.69 31,662 33.79
AUM 88,865 100.00 93,695 100.00
Note:

Ind. Income Advantage Guaranteed

Industry Security
Financial and 245,025 15.27 279,797 18.49
Insurance Activities 8.85% AXIS BANK NCD (MD 05/12/2024) Debt 10,265 0.64
8.72% KOTAK MAHINDRA BANK LIMITED NCD (MD Debt 30,801 1.92
14/01/2022)
7.60% AXIS BANK LIMITED NCD (MD 20/10/2023) Debt 4,968 0.31
8.74% MAHINDRA RURAL HOUSING FINANCE NCD (MD Debt 20,021 1.25
05/08/2019)
9.475% ADITYA BIRLA FINANCE LIMITED NCD G-8 (MD Debt 52,400 3.27
18/03/2022)
7.99% TATA MOTORS FIN LIMITED NCD. ZERO COUPON Debt 23,201 1.45
(7.99% XIRR) NCD
8.12% EXPORT IMPORT BANK OF INDIA NCD (MD Debt 49,616 3.09
25/04/2031) SR-T02
10.90% AU SMALL FINANCE BANK LIMITED NCD (MD Debt 53,753 3.35
30/05/2025)
G-Sec & incl NCA
G-Sec 635,384 39.61 444,538 29.38
AUM 1,604,271 100.00 1,512,922 100.00
Note:


Ind. Maximiser Guaranteed

Industry Security
Financial and 17,149 24.97 15,367 21.24
CORPORATION
Manufacture of 8,123 11.83 6,058 8.37
INDIAN OIL CORPORATION LIMITED Equity 675 0.98
HINDUSTAN PETROLEUM CORPORATION Equity 883 1.29
LIMITED FV10
Computer 6,884 10.03 5,062 7.00
G-Sec & incl NCA
G-Sec 3,399 4.95 3,398 4.70
AUM 68,668 100.00 72,353 100.00
Gr. Fixed Interest

Industry Security
Housing Finance 1,363,252 12.59 1,619,450 14.93
(MD 16/10/2024)
(MD 14/08/2025)
(MD 26/08/2020)
(MD 30/09/2024)
8.45% HDFC LIMITED NCD MD (18/05/2026) Debt 101,114 0.93
(SERIES P - 012)
30/10/28) F 016
9.05 HDFC LIMITED NCD SERIES U-001 (MD Debt 263,143 2.43
16/10/2028)
LIC HOUSING FINANCE LIMITED ZCB OPT-1 Debt 252,687 2.33
(MD 25/03/2021)
(SERIES P-002) (PUT OPT 14/0
7.60% HDFC LIMITED NCD-Series R 014 (MD Debt 29,994 0.28
26/06/2020)
204
01-19 20-68 69-288
00-00
Gr. Fixed Interest (Contd.)

Industry Security
Financial and 1,137,386 10.50 1,714,080 15.80
NCD (MD 19/04/2019)
8.44% HDFC BANK LIMITED INFRA BOND NCD Debt 101,373 0.94
(MD 28/12/2028)
16/03/2026) CALL 16/03/202
COMP (MD 10/02/2020)
COMP (MD 17/09/2019)
COMP (MD 10/09/2019)
COMP (MD 12/02/2020)
Step Up Rate 9.55
NCD (MD 30/05/2025)
9.68% EXIM BANK (MD 17/12/2020) Debt 8,252 0.08
COMP (MD 15/02/2020) D
COMP (MD 15/02/2020) E
G-Sec & incl NCA
G-Sec 3,950,148 36.48 4,197,431 38.69
AUM 10,828,420 100.00 10,850,172 100.00
Gr. Gilt

Industry Security
G-Sec & incl NCA
G-Sec 258,335 96.76 221,986 90.04
AUM 266,990 100.00 246,537 100.00

Gr. Bond

Industry Security
Financial and 725,396 22.74 714,007 21.19
(MD 05/09/2022)
(MD 14/08/2023)
SERIES 4 (MD 03/08/2020)
8.44% HDFC BANK LIMITED INFRA BOND NCD Debt 101,373 3.18
(MD 28/12/2028)
G-8 (MD 18/03/2022)
(MD 11/09/2019)
COMP (MD 24/09/2019)
7.68% FULLERTON INDIA CREDIT CO. LIMITED Debt 90,031 2.82
NCD (MD 14/08/2020) SR
COMP (MD 25/09/2019)
9.15% SBI PERP NCD CALL 18/01/2020 Debt 30,378 0.95
STEPUP 9.65
26/12/2020)
29/08/2020)
9.47% Power Grid Corporation Ltd. NCD (MD Debt 19,659 0.62
31/03/2022)
9.05% PETRONET LNG LIMITED NCD (MD Debt 115,802 3.63
28/10/2019)
27/05/2027) [I]
27/05/2024) [F]
8.64 % POWER GRID CORPORATION Debt 25,898 0.81
MD(08/07/24)
8.64 % POWER GRID CORPORATION Debt 20,376 0.64
MD(08/07/25)
28/06/2026) [K]
206
01-19 20-68 69-288
00-00
Gr. Bond (Contd.)

Industry Security
9.75% U.P.POWER CORP SERIES A (MD Debt 25,196 0.79
18/10/19)
8.40% NUCLEAR POWER CORP OF INDIA Debt 50,928 1.60
LIMITED (B) (MD 28/11/2026) Se
8.40% NUCLEAR POWER CORP OF INDIA Debt 50,835 1.59
LIMITED (A) (MD 28/11/2025) Se
8.54% NUCLEAR POWER CORPORATION OF Debt 103,129 3.23
INDIA LIMITED (MD 15/03/2
Infrastructure 622,287 19.51 628,940 18.67
8.70% Power Finance Corporation Ltd. NCD Debt 19,244 0.60
(MD 14/05/2020)
(MD 28/12/2024)
08/01/2021) SERIES I
8.83% IRFC NCD (MD 25/03/2023) Debt 51,886 1.63
(SERIES: 150 OPTION: B)
G-Sec & incl NCA
G-Sec NA NA 1,846 0.05
AUM 3,189,575 100.00 3,369,404 100.00
Note:


Gr. Money Market

Industry Security
Financial and 743,032 24.39 273,341 21.81
Insurance KOTAK MAHINDRA PRIME LIMITED CP (MD Debt 130,236 4.28
Activities 11/09/2019)
(MD 11/09/2019)
HERO FINCORP LIMITED CP (MD 21/06/2019) Debt 49,125 1.61
7.79% HDB FIN.SER.LIMITED NCD SR- Debt 69,934 2.30
A/1/104 OP 1 (MD 14/06/2019)
(MD 03/05/2019)
KOTAK MAHINDRA INVESTMENTS LIMITED CP Debt 97,269 3.19
(MD 06/08/2019)
17/09/2019) (F.V. 5CR)
9.11% CORP BANK FD QTR COMP (MD Debt - 0.00
22/12/2017) (FV 95 LACS)
9.11% CORP BANK FD QTR COMP (MD Debt - 0.00
26/12/2017) (FV 95 LACS)
COMP (MD 16/05/2019)
COMP (MD 17/05/2019)
INDUSIND BANK LIMITED CD(27/01/2020) Debt 234,952 7.71
31/05/19)
(SR S2)
W1
7.89% NTPC LIMITED NCD (MD 05/05/2019) Debt 50,019 1.64
Infrastructure 382,999 12.57 209,587 16.73
Finance 8.60% IRFC Ltd. NCD (MD 11/06/2019) Debt 50,052 1.64
7.72% IRFC NCD (MD 07/06/2019) SERIES 128 Debt 54,947 1.80
NABARD CD (MD 10/12/19) Debt 56,802 1.86
Others Other than 1,076,373 35.34 666,508 53.18
G-Sec & incl NCA
G-Sec 374,325 12.29 7,099 0.57
AUM 3,046,046 100.00 1,253,087 100.00
Note:
208
01-19 20-68 69-288
00-00
Gr. Short-Term Debt

Industry Security
Financial and 62,065 21.48 53,426 20.87
Insurance 8.44% HDFC BANK LIMITED INFRA BOND NCD Debt 10,137 3.51
9.10%FULLERTON INDIA CREDIT Debt 20,714 7.17
CO.LIMITEDNCD(15/12/2021)S-68OPT-II
HDB FINANCIAL SERVICES LIMITED SERIES Debt 16,312 5.65
124 ZCB MD 29/10/2021
7.68% FULLERTON INDIA CREDIT CO. LIMITED Debt 5,002 1.73
NCD (MD 14/08/2020) SR
COMP (MD 16/09/2019)
Infrastructure 47,932 16.59 48,536 18.96
Finance 8.70% Power Finance Corporation Ltd. NCD Debt 2,026 0.70
(MD 14/05/2020)
(MD 09/06/2021)
G-Sec & incl NCA
G-Sec 18,997 6.57 37 0.01
AUM 288,924 100.00 256,030 100.00
Note:


Gr. Growth Advantage Fund

Industry Security
Financial and 206,164 23.14 98,113 13.24
HOUSING DEVELOPMENT FINANCE CORPORATION Equity 34,608 3.88
9.475% ADITYA BIRLA FINANCE LIMITED NCD G-8 Debt 15,720 1.76
(MD 18/03/2022)
8.75% AU SMALL FINANCE BANK FD QTR COMP (MD Debt 25,000 2.81
15/02/2020) A
G-Sec & incl NCA
G-Sec 224,535 25.20 180,602 24.38
AUM 890,943 100.00 740,784 100.00
Gr. Inc. Advantage

Industry Security
Infrastructure 54,494 13.41 81,946 18.47
Finance 9.34% RURAL ELECTRIFICATION CORPN. LIMITED NCD (MD Debt 8,468 2.08
25/08/2024)
9.37% POWER FINANCE CORPORATION LIMITED NCD (MD Debt 21,226 5.22
19/08/2024)
8.30% RURAL ELECTRIFICATION CORPN. LIMITED NCD (MD Debt 10,030 2.47
10/04/2025)
NABARD CD (MD 11/06/19) Debt 14,770 3.64
Financial and 47,278 11.64 75,142 16.94
Insurance Activities 9.15% EXPORT IMPORT BANK OF INDIA NCD (MD Debt 20,890 5.14
05/09/2022)
8.44% HDFC BANK LIMITED INFRA BOND NCD (MD Debt 25,343 6.24
28/12/2028)
Housing Finance 51,192 12.60 53,038 11.96
Services 9.90 HDFC LIMITED NCD (MD 10/06/2021) Debt 5,222 1.29
9.51% LIC HOUSING FINANCE LIMITED NCD (MD Debt 3,011 0.74
24/07/2019)
8.68% LIC HOUSING FINANCE LIMITED NCD (MD Debt 1,012 0.25
30/03/2020)
HDFC LIMITED ZCB (MD 10/05/2021)SERIES P-010 Debt 25,659 6.32
LIC HOUSING FINANCE LIMITED TR 363 ZCB (MD Debt 16,288 4.01
25/02/2020)
Others Other 66,950 16.48 63,138 14.23
than G-Sec &
incl NCA
G-Sec 186,386 45.87 170,337 38.40
AUM 406,299 100.00 443,600 100.00
210
01-19 20-68 69-288
00-00
Gr. Secure

Industry Security
Financial and 3,179,613 13.72 2,221,372 10.89
Insurance 9.15% AXIS BANK NCD (MD 31/12/2022) Debt 52,240 0.23
Activities 9.15% EXPORT IMPORT BANK OF INDIA NCD Debt 16,712 0.07
(MD 05/09/2022)
CORPORATION
10/04/2020)
(MD 04/10/2019)
(OPTION I) (MD 10/05/2021)
NCD (MD 19/04/2019)
(MD 15/12/2020)
(MD 15/03/2021)
G-8 (MD 18/03/2022)
8.92% TATA CAPITAL FINANCIAL SERVICES Debt 155,430 0.67
LIMITED SUB DEBT NCD
7.85% DCB BANK (MD 14/08/2020) Debt 170,000 0.73
Step Up Rate 9.55
KOTAK MAHINDRA BANK CD (MD Debt 244,367 1.05
10/07/2019)
COMP (MD 11/02/2020)
G-Sec & incl NCA
G-Sec 7,741,982 33.40 7,613,084 37.33
AUM 23,177,067 100.00 20,396,652 100.00
Note:

HOUSING FINANCE SERVICES 2,292,433 11.24

Gr. Stable

Industry Security
Financial and 1,309,804 18.87 572,645 12.30
CORPORATION
10/04/2020)
(MD 15/03/2021)
G-8 (MD 18/03/2022)
COMP (MD 20/05/2019)
COMP (MD 23/09/2019)
COMP (MD 14/02/2020)
COMP (MD 19/09/2019)
COMP (MD 18/09/2019)
COMP (MD 20/09/2019)
ICICI BANK LIMITED CD (31/05/2019) Debt 247,094 3.56
COMP (MD 15/02/2020) C
COMP (MD 15/02/2020) B
COMP (MD 15/02/2020) F
G-Sec & incl NCA
G-Sec 1,754,981 25.29 1,702,240 36.57
AUM 6,940,278 100.00 4,654,266 100.00
212
01-19 20-68 69-288
00-00
Gr. Growth

Industry Security
Financial and 1,085,896 17.87 613,469 11.32
Activities HOUSING DEVELOPMENT FINANCE CORPORATION Equity 197,986 3.26
7.58% PNB HOUSING FINANCE LIMITED NCD (MD Debt 49,810 0.82
15/03/2021)
8.45% BAJAJ FINANCE LIMITED SUB TIER II NCD (MD Debt 24,267 0.40
29/09/2026)
9.10% FULLERTON INDIA CREDIT CO. Debt 10,357 0.17
LIMITEDNCD(15/12/2021)S-68OPT-II
9.475% ADITYA BIRLA FINANCE LIMITED NCD G-8 Debt 10,480 0.17
(MD 18/03/2022)
7.79% HDB FIN.SER.LIMITED NCD SR-A/1/104 OP 1 Debt 9,991 0.16
(MD 14/06/2019)
8.85% BAJAJ FINANCE LIMITED NCD - Series 172 Debt 11,355 0.19
(MD 15/07/2026)
8.33% HINDUJA LEYLAND FINANCE LIMITED Debt 20,021 0.33
(MD 27/09/2019)
G-Sec & incl NCA
G-Sec 1,590,374 26.17 1,569,502 28.96
AUM 6,077,450 100.00 5,420,220 100.00

Gr. Short-Term Debt 2

Industry Security
Financial and 47,096 16.41 56,376 20.99
Insurance 8.50% REPCO HOME FINANCE LIMITED NCD (MD Debt 8,018 2.79
Activities 04/10/2019)
7.95% HDFC Bank Ltd. NCD SERIES-1 2016/17 (MD Debt 9,841 3.43
21/09/2026)
8.44% HDFC BANK LIMITED INFRA BOND NCD (MD Debt 15,207 5.30
28/12/2028)
9.45% STATE BANK OF INDIA NCD (MD 16/03/2026) Debt 4,130 1.44
CALL 16/03/202
9.75% STATE BANK OF BIKANER FD QTR COMP (MD Debt 9,900 3.45
22/05/2019)
Housing Finance 35,062 12.22 35,053 13.05
Services 9.51% LIC HOUSING FINANCE LIMITED NCD (MD Debt 20,077 7.00
24/07/2019)
7.48% GRUH FINANCE LIMITED NCD (MD 10/06/19) Debt 14,985 5.22
F-013
Infrastructure 34,476 12.02 34,771 12.95
Finance 8.70% Power Finance Corporation Ltd. NCD (MD Debt 19,244 6.71
14/05/2020)
9.75% RURAL ELECTRIFICATION CORPN. LIMITED Debt 5,243 1.83
NCD (MD 11/11/2021)

G-Sec & incl NCA
G-Sec 34,094 11.88 26 0.01
AUM 286,922 100.00 268,600 100.00
Gr. Fixed Interest 2

Industry Security
Others Other than G-Sec & incl 125 0.37 878 2.61
NCA
G-Sec 33,468 99.63 32,781 97.39
AUM 33,593 100.00 33,659 100.00
214
01-19 20-68 69-288
00-00
Gr. Stable 2

Industry Security
Financial and 2,838 10.86 2,176 8.69
Insurance AXIS BANK LIMITED Equity 225 0.86
Activities HOUSING DEVELOPMENT FINANCE
Equity 585 2.24
CORPORATION
KOTAK MAHINDRA BANK LIMITED Equity 267 1.02
HDFC BANK LIMITED Equity 877 3.36
INDUSIND BANK LIMITED Equity 142 0.55
ICICI BANK LIMITED Equity 439 1.68
G-Sec & incl NCA
G-Sec 14,807 56.68 13,442 53.70
AUM 26,124 100.00 25,032 100.00
Gr. Growth 2

Industry Security
Financial and 64,377 15.92 47,524 12.76
Activities HOUSING DEVELOPMENT FINANCE
Equity 13,146 3.25
CORPORATION
G-Sec & incl NCA
G-Sec 136,631 33.78 52,899 14.20
AUM 404,474 100.00 372,422 100.00
Note:


Discuntinued Policy Fund

Industry Security
Others Other than G-Sec & incl 87 0.59 207,169 8.87
NCA
G-Sec 14,497 99.41 2,128,949 91.13
AUM 14,584 100.00 2,336,118 100.00
Group Money Market Fund -2

Industry Security
Others Other than G-Sec & incl 72 2.28 107 3.64
NCA
G-Sec 3,049 97.72 2,846 96.36
AUM 3,121 100.00 2,953 100.00
Linked Discontinued Policy Fund

Industry Security
Others Other than G-Sec & incl 386,671 8.31 514,087 18.75
NCA
G-Sec 4,265,297 91.69 2,227,759 81.25
Total AUM 4,651,968 100.00 2,741,845 100.00
Note:

Pension Discontinued Policy Fund

Industry Security
Others Other than G-Sec & incl 75,213 7.45 131,360 16.35
NCA
G-Sec 934,224 92.55 672,145 83.65
AUM 1,009,437 100.00 803,505 100.00
216
01-19 20-68 69-288
00-00
Asset Allocation Fund

Industry Security
Financial and 179,804 14.18 79,575 8.70
CORPORATION
SERIES 4 (MD 03/08/2020)
G-8 (MD 18/03/2022)
7.99% TATA MOTORS FIN LIMITED NCD. ZERO Debt 34,801 2.74
COUPON (7.99% XIRR) NCD
COMPANY LIMITED
G-Sec & incl NCA
G-Sec 529,419 41.75 463,296 50.64
AUM 1,267,986 100.00 914,869 100.00
Note:


BSLI Capped Ni²y Index Fund

Industry Security
Financial and 172,804 24.45 77,903 15.61
CORPORATION
INDIABULLS HOUSING FINANCE LIMITED Equity 2,806 0.40
Computer 89,099 12.61 70,207 14.07
TECH MAHINDRA LIMITED Equity 6,723 0.95
WIPRO LIMITED Equity 5,579 0.79
HCL TECHNOLOGIES LIMITED Equity 8,481 1.20
Manufacture of 82,602 11.69 52,980 10.62
INDIAN OIL CORPORATION LIMITED Equity 8,126 1.15
LIMITED FV10
BHARAT PETROLEUM CORPORATION LIMITED Equity 6,920 0.98
G-Sec & incl NCA
G-Sec 15,197 2.15 41,006 8.22
AUM 706,718 100.00 498,916 100.00
MNC Fund

Industry Security
Manufacture of 26,121 13.90 NA NA
Chemical Products HINDUSTAN UNILEVER LIMITED Equity 4,979 2.65
COLGATE PALMOLIVE INDIA LIMITED Equity 6,574 3.50
PROCTER AND GAMBLE HYGIENE AND Equity 4,312 2.30
HEALTH CARE LIMITED
KANSAI NEROLAC PAINTS LIMITED Equity 3,907 2.08
BAYER CROPSCIENCE LIMITED Equity 1,770 0.94
BASF INDIA LIMITED Equity 4,579 2.44
Others Other than 121,145 64.49 NA NA
G-Sec & incl NCA
G-Sec 40,593 21.61 NA NA
AUM 187,859 100.00 NA NA
218
01-19 20-68 69-288
00-00
NA Highest Lowest and Closing as on 1st March 201
Individual Life
Highest Lowest Closing

Fund Name
Ind. Assure 31.3217 29.0464 28.9851 27.2906 31.3217 29.0464
Ind. Income Advantage 26.7642 24.7859 24.3689 23.4575 26.7642 24.7859
Ind. Protector 43.2821 40.2496 39.7289 37.9329 43.2821 40.1595
Ind. Builder 57.0378 53.3247 52.4527 49.4441 57.0378 52.6417
Ind. Balancer 36.6561 34.1599 33.4132 31.3545 36.6561 33.6099
Ind. Enhancer 64.7629 62.0053 59.7574 56.5395 64.7629 60.3331
Ind. Creator 55.2140 52.7130 49.9902 46.7051 55.2140 50.3720
Ind. Magnifier 60.3068 59.1295 52.6005 48.6988 58.7874 54.4828
Ind. Maximiser 30.5063 29.9793 26.0639 24.4194 30.0321 27.4046
Ind. Multiplier 39.1112 40.5509 31.1991 29.9842 35.8439 36.6034
Super 20 30.1599 28.3147 25.6444 23.6412 29.8370 25.6455
Ind. Platinum Plus 1% 20.6180 20.5054 19.7575 18.5087 20.6180 19.7556
Ind. Platinum Plus 2 30.6119 29.3930 28.2671 26.5497 29.4227 28.2659
Ind. Platinum Premier 20.6133 19.9250 19.2589 18.0894 20.3650 19.2576
Ind. Platinum Advantage 18.3394 17.6127 17.1134 16.0294 18.3394 17.1119
Ind. Foresight FP 17.9360 17.1745 16.6567 15.6621 17.9360 16.6813
Ind. Foresight SP 19.6803 18.8312 18.2127 17.0124 19.6803 18.2514
Titanium Plus 1 21.6901 20.8336 19.7609 18.5010 21.1549 19.7601
Titanium Plus 2 21.1307 20.3464 19.2089 17.9929 20.5967 19.2081
Titanium Plus 3 19.3457 18.4971 17.3929 16.1856 18.8572 17.3925
Ind. Liquid Plus 16.6747 15.5684 15.5712 14.6527 16.6747 15.5684
Ind. Pure Equity 30.0017 30.1596 25.5515 24.4908 28.9183 28.0257
Ind. Value Momentum 24.5992 26.4757 19.4685 22.4311 21.6058 23.7403
IPP - Nourish 36.1292 33.5164 33.1172 31.5475 36.1292 33.4597
IPP - Growth 46.9951 43.6656 43.0402 40.1630 46.9951 43.2938
IPP - Enrich 56.4178 53.7584 51.7945 48.5344 56.4178 51.9999
Discontinued Policy Fund 18.1144 17.0784 17.0810 16.1649 18.1144 17.0784
Income Advantage Guaranteed Fund 15.3320 14.2464 14.0230 13.5395 15.3320 14.2464
Maximiser Guaranteed Fund 18.6852 18.3038 16.2465 15.1057 18.2717 16.6752
Linked Discontinued Policy Fund 13.7419 12.9230 12.9248 12.2213 13.7419 12.9230
Pension Discontinued Policy Fund 13.7091 12.9112 12.9131 12.2110 13.7091 12.9112
Asset Allocation Fund 14.6368 13.5917 13.4304 12.2560 14.6368 13.5542
Capped Ni°y Index Fund 14.7510 13.8736 12.6691 11.5598 14.3596 12.7401
Unclaim Fund 12.1369 11.3712 11.3730 10.7100 12.1369 11.3712
MNC Fund## 10.2310 NA 9.9996 NA 10.2083 NA

NA Highest Lowest and Closing as on 1st March 201
Group Life
Highest Lowest Closing

Fund Name
Gr. Fixed Interest Plan I 38.9352 36.0683 35.4065 34.0715 38.9352 36.0683
Gr. Gilt Plan I 28.2092 26.5458 25.5040 24.9135 28.1944 26.1725
Gr. Bond Plan I 32.8624 30.7746 30.3577 28.9844 32.8624 30.7746
Gr. Money Market Plan I 32.6760 30.4659 30.4713 28.7120 32.6760 30.4659
Gr. Short Term Debt Plan I 23.0884 21.3675 21.3127 20.0524 23.0884 21.3675
Gr. Capital Protection Plan I** 10.0000 10.0000 10.0000 10.0000 10.0000 10.0000
Gr. Floating Rate Plan I*** 10.0000 10.0000 10.0000 10.0000 10.0000 10.0000
Gr. Secure Plan I 57.4144 53.5644 52.6821 49.4779 57.4144 53.0863
Gr. Stable Plan I 79.7581 74.9281 72.9286 67.6013 79.7581 73.2601
Gr. Growth Plan I 98.6266 93.8432 88.9300 82.0003 98.6266 90.3595
Gr. Growth Advantage 35.6017 34.1350 32.0059 29.4446 35.6017 32.5948
Gr. Income Advantage 21.5045 20.0093 19.5380 18.9511 21.5045 19.9709
Gr. Growth Maximsier**** 10.0000 10.0000 10.0000 10.0000 10.0000 10.0000
Gr. Bond 2 ^ 10.0000 10.0000 10.0000 10.0000 10.0000 10.0000
Gr. Fixed Interest 2 20.7879 18.9508 18.6039 17.8444 20.7879 18.9508
Gr. Growth 2 24.0914 22.7113 21.7997 19.7951 24.0914 21.9737
Gr. Money Market 2 17.5790 16.5161 16.5188 15.5543 17.5790 16.5161
Gr. Secure 2 ^^ 10.0000 10.0000 10.0000 10.0000 10.0000 10.0000
Gr. Short Term Debt 2 19.3021 17.8782 17.8300 16.6786 19.3021 17.8782
Gr. Stable 2 22.0875 20.5582 20.1080 18.4557 22.0875 20.1195
**The Group Capital Protection Fund became a dormat fund on 12th August, 2008 on account of no units, hence valued at face value ` 10.
***The Group Floating Fund became a dormat fund on 12th October, 2009 on account of no units, hence valued at face value ` 10.
**** These funds do not have any units since their inception, hence valued at face value ` 10.
^The Group Bond 2 Fund became a dormat fund on 31st March, 2012 on account of no units, hence valued at face value ` 10.
^^ Secure 2 fund became a dormant fund on 23rd May, 2014 on account of no units, hence valued at face value ` 10.
% Platinum Plus I fund has matured on 29th September, 2018. Fund performance is given as on 29th September, 2018.
## MNC fund has not completed 1 year as on 31st March, 2019.
220
01-19 20-68 69-288
00-00
Annualised Expense Ratio to Average Daily Assets of the Fund
as on 31st March, 2019

Management Fees for the Period (inclusive of GST) 3,602,291 3,729,224
Average Daily AUM of the ULIP funds 245,048,099 251,770,309
Annualised Expense Ratio to Average daily AUM (%) 1.47% 1.48%
Statement showing Ratio of Gross Income (Including Unrealised Gain/Loss) to Average Daily Net Assets

A Income from Investment ULIP Assets Current ear Previous Year
1 Interest, Dividend & Rent - Gross 12,299,454 12,196,528
2 Profit on Sale/ Redemption of Investments 13,503,418 19,462,116
3 (Loss on Sale/ Redemption of Investments) (8,016,358) (2,784,079)
4 Other Income / (Expense) - -
Sub-Total 17,786,514 28,874,565
B Unrealised Gain Loss 3,610,287 (6,481,900)
C Total A B 21,396,801 22,392,665
D Average Daily AUM of the ULIP Funds 245,048,099 251,770,309
E Ratio of Gross Income to Average Daily Net Assets 8.73% 8.89%

Fund Wise Disclosure of Appreciation and or Depreciation in value of Investment segregated Class Wise
222
ANNUAL REPORT
Ind. Assure Ind. Income Advantage Ind. Protector Ind. Builder Ind. Balancer Ind. Enhancer Ind. Creator Ind. Magnifier Ind. Maximiser
Particulars Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Current Previous
Previous Year
ear Year ear Year ear Year ear Year ear Year ear Year ear Year ear ear Year
SFIN ULIF01008/07/ ULIF01507/08/ ULIF00313/03/ ULIF00113/03/ ULIF00931/05/ ULIF00213/03/ ULIF00704/02/ ULIF00826/06/ ULIF01101/06/
2018-19
05BSLIASSURE109 08BSLIINCADV109 01BSLPROTECT109 01BSLBUILDER109 05BSLBALANCE109 01BSLENHANCE109 04BSLCREATOR109 04BSLIIMAGNI109 07BSLIINMAXI109

Government Bonds 634 - 21,103 (52,975) 35,743 17,130 19,972 9,887 2,635 2,157 241,913 120,878 29,816 21,071 179 (68) - -
Corporate Bonds 7,241 512 56,482 31,814 69,242 58,808 7,351 4,808 - 167 373,602 239,288 5,495 5,403 602 (1,580) - -
Infrastructure Bonds 1,401 (406) 7,219 19,130 9,721 19,365 7,635 17,672 1,756 1,922 55,977 111,477 9,404 12,307 615 (830) - -
Equity Shares - - - - 86,769 58,077 129,337 82,697 20,966 15,817 4,181,602 3,241,036 481,404 322,297 1,722,337 1,455,000 2,832,946 2,037,919
Money Market - - - - - - - - - - - - - - - - - -
Mutual Funds 72 58 36 74 40 120 49 17 14 - 2,899 4,010 39 124 316 1,236 161 224
Preference Shares - - - - 266 365 644 876 51 70 12,784 17,755 904 1,238 5,596 7,663 12,583 17,230
Total 9,348 164 84,840 (1,957) 201,781 153,865 164,988 115,957 25,422 20,133 4,868,777 3,734,444 527,062 362,440 1,729,645 1,461,421 2,845,690 2,055,373
Other Investments
Corporate Bonds 3,722 595 11,444 1,163 - - 14 (8) (2) - (1,745) (441) (24) - (28) (23) - -
Infrastructure Bonds 900 1,538 3,282 3,478 - - - - - - (811) - - - - - - -
Equity Shares - - - - 7,584 2,186 11,002 8,437 1,358 (564) 102,717 19,799 40,797 23,689 113,437 43,956 114,625 51,546
Money Market - - - - - - - - - - - - - - - - - -
Mutual Funds - - - - - - - - - - 151,459 91,223 - - 92,247 41,430 143,157 76,997
Preference Shares - - - - - - - - - - - - - - - - - -
Total 4,622 2,133 14,726 4,641 7,584 2,186 11,016 8,429 1,356 (564) 251,620 110,581 40,773 23,689 205,656 85,363 257,782 128,543
GRAND TOTAL 13,970 2,297 99,566 2,684 209,365 156,051 176,004 124,386 26,778 19,569 5,120,397 3,845,025 567,835 386,129 1,935,301 1,546,784 3,103,472 2,183,916
Ind. Multiplier Ind. Super 20 Ind. Platinum Plus- 1 Ind. Platinum Plus- 2 Ind. Platinum Plus- 3 Ind. Platinum Plus- 4 Ind. Platinum Advantage Ind. Platinum Premier Ind. Foresight- 5 Pay
Particulars Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Current Previous
Previous Year
ear Year ear Year ear Year ear Year ear Year ear Year ear Year ear ear Year
07BSLINMULTI109 09BSLSUPER20109 08BSLIIPLAT1109 08BSLIIPLAT2109 09BSLIIPLAT3109 09BSLIIPLAT4109 10BSLPLATADV109 10BSLPLATPR1109 11BSLFSIT5P1109
Government Bonds - - - - - 585 - 2,203 859 2,549 (2,050) (1,689) (4,735) (4,644) 2,205 658 33,361 44,491
Corporate Bonds - - - - - 2,500 - (439) (4,435) 761 (767) 4,415 8,184 15,534 3,094 11,789 (1,424) 24,024
Infrastructure Bonds - - - - - (11,813) - (10,680) (1,784) 8,295 (8,159) 335 13,406 24,521 12,005 25,453 (4,867) 46,572
Equity Shares 453,067 497,421 1,899,611 1,191,738 - 172,924 - 338,594 - 410,233 (54) 306,073 480,112 458,233 182,408 371,618 1,480,518 1,138,213
Money Market - - - - - - - - - - - - - - - - - -
Mutual Funds 396 129 231 148 - 169 - 165 - 303 - 281 227 435 153 194 279 640
Preference Shares - - - - - 1,266 - 2,475 - 5,231 2,996 4,102 3,367 4,610 5,211 7,135 5,886 8,060
Total 453,463 497,550 1,899,842 1,191,886 - 165,631 - 332,318 (5,360) 427,372 (8,034) 313,517 500,561 498,689 205,076 416,847 1,513,753 1,262,000
Other Investments
Corporate Bonds - - - - - - - - - - - - - - - - - -
Infrastructure Bonds - - - - - - - - - - - - - - - - - -
Equity Shares 93,277 102,783 - (55,234) - (4,396) - (8,616) - (9,718) - (7,130) (1,165) (10,313) (14,395) (8,357) (26,752) (33,441)
Money Market - - - - - - - - - - - - - - - - - -
Mutual Funds - - 60,373 - - - - - - - - - - - - - - -
Total 93,277 102,783 60,373 (55,234) - (4,396) - (8,616) - (9,718) - (7,130) (1,165) (10,313) (14,395) (8,357) (26,752) (33,441)
GRAND TOTAL 546,740 600,333 1,960,215 1,136,652 - 161,235 - 323,702 (5,360) 417,654 (8,034) 306,387 499,396 488,376 190,681 408,490 1,487,001 1,228,559
Ind. Foresight- Single Pay Ind. Titanium- 1 Ind. Titanium- 2 Ind. Titanium- 3 Ind. Pure Equity Ind. Value Momentum Ind. Liquid Plus Ind. Pension Growth Ind. Pension Enrich
Particulars Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous
ear Year ear Year ear Year ear Year ear Year ear Year ear Year ear Year ear Year
11BSLFSITSP1109 09BSLITITAN1109 09BSLITITAN2109 09BSLITITAN3109 11BSLIPUREEQ109 11BSLIVALUEM109 11BSLLIQPLUS109 03BSLIGROWTH109 03BSLIENRICH109
Government Bonds 97 (424) 226 136 51 136 12 38 - - - - - - 661 (1,561) 21,875 18,987
Corporate Bonds (410) (240) (183) 193 - - 24 73 - - - - 3,149 (351) 184 583 282 2,417
Infrastructure Bonds 1,072 3,910 (295) 176 47 119 11 26 - - - - 1,773 (4,321) 1,053 1,259 2,673 4,965
Equity Shares 45,867 48,347 14,392 23,113 (2) 6,583 4,406 3,658 321,656 225,894 (164,853) (36,725) - - 15,345 12,089 104,517 80,944
Money Market - - - - - - - - - - - - - - - - - -
Mutual Funds 29 86 - 27 - 3 - 3 65 - 63 264 4 45 1 3 67 26
Preference Shares 494 676 290 396 84 115 34 46 - - - - - - 48 65 307 414
Total 47,149 52,355 14,430 24,041 180 6,956 4,487 3,844 321,721 225,894 (164,790) (36,461) 4,926 (4,627) 17,292 12,438 129,721 107,753
Other Investments
Corporate Bonds - - - - - - - - - - - - (199) - (11) - (98) (82)
Equity Shares (437) (1,035) (905) (703) - (204) 49 (113) 3,585 5,392 (3,916) (6,963) - - 608 (129) 5,776 6,276
Money Market - - - - - - - - - - - - - - - - - -
Mutual Funds - - - - - - - - - - - - - - - - - -
Total (437) (1,035) (905) (703) - (204) 49 (113) 3,585 5,392 (3,916) (6,963) (199) - 597 (129) 5,678 6,194
GRAND TOTAL 46,712 51,320 13,525 23,338 180 6,752 4,536 3,731 325,306 231,286 (168,706) (43,424) 4,727 (4,627) 17,889 12,309 135,399 113,947
Ind. Pension Ind. Income Advantage Ind. Maximiser Gr. Short-Term Gr. Growth
Gr. Fixed Interest Gr. Gilt Gr. Bond Gr. Money Market
Nourish Guaranteed Guaranteed Debt Advantage
Particulars
Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous
01-19
SFIN ULIF00604/03/ ULIF03127/08/ ULIF03027/08/ ULGF00416/07/ ULGF00630/05/ ULGF00530/05/ ULGF00824/08/ ULGF01322/09/ ULGF01026/11/
03BSLNOURISH109 13BSLIINADGT109 13BSLIMAXGT109 02BSLGFIXINT109 03BSLIGRGILT109 03BSLIGRBOND109 04BSLIGRMMKT109 08BSLGSHTDBT109 07BSLIGGRADV109
Government Bonds 986 1,128 4,455 (2,703) - - (20,092) (45,908) 3,621 1,975 - - - - - - (2,182) (2,706)
Corporate Bonds 56 209 11,584 3,301 - - 89,116 61,199 - - 24,441 29,692 1,399 (167) 1,651 41 792 (79)
Corporate Overview
Infrastructure Bonds 1,089 1,304 2,387 5,450 - - 27,601 30,254 - - 12,341 20,574 1,383 (4,299) (432) (1,087) (482) (22)
Equity Shares 2,270 1,715 - - 16,479 12,993 - - - - - - - - - - 84,667 47,780
Money Market - - - - - - - - - - - - - - - - - -
20-68
Mutual Funds 1 5 - 138 - - 179 122 3 25 95 199 224 56 17 7 27 85

Preference Shares 8 11 - - - - - - - - - - - - - - 73 100
Total 4,410 4,372 18,426 6,186 16,479 12,993 96,804 45,667 3,624 2,000 36,877 50,465 3,006 (4,410) 1,236 (1,039) 82,895 45,158
Statutory Reports
Other Investments
Corporate Bonds (2) - 3,753 476 - - 18,725 2,740 - - (260) 78 (51) - (3) (79) - -
Infrastructure Bonds - - - - - - - - - - 196 519 - - - - - -
Equity Shares 171 (42) - - 806 152 - - - - - - - - - - 5,512 1,898
00-00
69-288
Money Market - - - - - - - - - - - - - - - - - -

Mutual Funds - - - - - - - - - - - - - - - - - -
Total 169 (42) 3,753 476 806 152 18,725 2,740 - - (64) 597 (51) - (3) (79) 5,512 1,898
GRAND TOTAL 4,579 4,330 22,179 6,662 17,285 13,145 115,529 48,407 3,624 2,000 36,813 51,062 2,955 (4,410) 1,233 (1,118) 88,407 47,056
223
224
ANNUAL REPORT
Gr. Income Advantage Gr. Secure Gr. Stable Gr. Growth Gr. Fixed Interest II Gr. Money Market II Gr. Short-Term Debt II Gr. Stable II Gr. Growth II
Particulars Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous
SFIN ULGF01425/02/ ULGF00212/06/ ULGF00312/06/ ULGF00112/06/ ULGF01728/11/ ULGF01928/11/ ULGF02128/11/ ULGF02228/11/ ULGF01828/11/
2018-19
10BSLGINCADV109 01BSLGSECURE109 01BSLGSTABLE109 01BSLGGROWTH109 11BSLGFXINT2109 11BSLGRMMKT2109 11BSLGSHTDB2109 11BSLGSTABL2109 11BSLGROWTH2109

Government Bonds 10,669 9,790 97,209 33,901 52,355 37,961 40,469 29,298 2,818 2,432 - (2) - - 53 (66) 1,769 1,531
Corporate Bonds 2,072 1,417 43,792 32,192 21,659 2,185 9,006 2,302 - - - - 148 (379) - - (187) 163
Infrastructure Bonds 3,144 4,858 (19,096) (15,278) 40 2,555 4,869 6,767 - - - - (403) (431) 19 32 (692) (999)
Equity Shares - - 706,894 434,227 344,798 183,071 487,478 319,026 - - - - - - 1,487 922 34,646 21,254
Money Market - - - - - - - - - - - - - - - - - -
Mutual Funds 17 1 1,766 2,161 511 501 214 320 - 1 - - 13 9 1 2 - 39
Preference Shares - - 952 1,304 530 725 758 1,038 - - - - - - - - (3) 3
Total 15,902 16,066 831,517 488,507 419,893 226,998 542,794 358,751 2,818 2,433 - (2) (242) (801) 1,560 890 35,533 21,991
Other Investments
Corporate Bonds - - 985 1,177 (4) - 105 - - - - - - - - - - -
Equity Shares - - 57,722 22,769 31,411 6,963 42,865 14,440 - - - - - - 77 28 1,708 973
Money Market - - - - - - - - - - - - - - - - - -
Mutual Funds - - - - - - - - - - - - - - - - - -
Total - - 58,707 23,946 31,407 6,963 42,970 14,440 - - - - - - 77 28 1,708 973
GRAND TOTAL 15,902 16,066 890,224 512,453 451,300 233,961 585,764 373,191 2,818 2,433 - (2) (242) (801) 1,637 918 37,241 22,964
Pension Discontinued Life Discontinued Discontinued Policy Ind. Asset Allocation Ind. Capped Nifty Index MNC Total
Particulars
Current ear Previous Year Current ear Previous Year Current ear Previous Year Current ear Previous Year Current ear Previous Year Current ear Previous Year Current ear Previous Year
SFIN ULIF03305/07/13BSLIPNDIS109 ULIF03205/07/13BSLILDIS109 ULIF02301/07/10BSLIDISCPF109 ULIF03430/10/14BSLIASTALC109 ULIF03530/10/14BSLICNFIDX109 ULIF03722/06/18ABSLIMUMNC109

Government Bonds - - - - - - 1,707 (2,117) - - - - 598,394 244,060
Corporate Bonds - - - - - - 1,861 687 - - - - 735,103 533,243
Infrastructure Bonds - - - - - - 426 (341) - - - - 142,857 318,793
Equity Shares - - - - - - 29,906 6,483 112,681 59,549 1,727 - 16,115,384 13,548,812
Money Market - - - - - - - - - - - - - -
Mutual Funds 67 94 177 273 - 85 80 26 - - - - 8,533 12,933
Preference Shares - - - - - - - - - - - - 53,863 82,972
Total 67 94 177 273 - 85 33,980 4,738 112,681 59,549 1,727 - 17,654,134 14,740,813
Other Investments
Corporate Bonds - - - - - - - - - - - - 36,321 5,597
Infrastructure Bonds - - - - - - - - - - - - 3,567 5,535
Equity Shares - - - - - - 3,526 (1,293) 245 (2,169) 212 - 591,500 160,870
Money Market - - - - - - - - - - - - - -
Mutual Funds - - - - - - - - - - - - 447,236 209,650
Preference Shares - - - - - - - - - - - - - -
Total - - - - - - 3,526 (1,293) 245 (2,169) 212 - 1,078,624 381,652
GRAND TOTAL 67 94 177 273 - 85 37,506 3,445 112,926 57,380 1,939 - 18,732,758 15,122,465
01-19 20-68 69-288
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Summary of Financial Statements

Annexure - 4*

Sr. No. Particulars 2018-1 2017-18 2016-17 2015-16 2014-15
Policyholders A C
1 Gross Premium Income 75,112,612 59,030,033 57,239,551 55,797,125 52,332,246
2 Net Premium Income# 72,856,254 57,214,532 55,335,476 54,117,352 50,683,663
3 Income from investments(Net)@ 31,083,204 30,103,552 43,375,850 6,433,612 53,092,074
4 Other Income 433,357 349,536 332,166 347,376 336,157
5 Total Income 104,372,815 87,667,620 99,043,492 60,898,340 104,111,894
6 Commissions 4,177,498 2,688,174 2,550,599 2,180,609 2,333,736
7 Brokerage - - - - -
8 Operating Expenses related to insurance Business ** 12,128,064 9,294,666 8,690,764 10,044,715 9,727,014
9 Total Expenses 16,305,562 11,982,840 11,241,363 12,225,324 12,060,750
10 Payment to Policy holders 52,516,478 50,576,246 46,536,840 42,479,513 37,718,900
11 Increase in Actuarial Liability 34,777,724 23,484,960 39,545,399 5,949,297 52,520,053
12 Provision for Tax 240,365 - - - -
13 Surplus/(Deficit) from operations 532,686 1,623,574 1,719,890 244,206 1,812,191
SHAREHOLDERS A C
14 Total Income under Shareholders' Account 723,497 44,743 (491,697) 1,155,788 1,041,838
15 Profit/(loss) Before Tax 1,256,183 1,668,317 1,228,193 1,399,994 2,854,030
16 Profit/(loss) A°er Tax 1,256,183 1,668,317 1,228,193 1,399,994 2,854,030
17 Profit/(loss) carried to Balance Sheet (1,129,634) (2,385,817) (4,054,134) (5,282,327) (6,682,321)
18 (A) Policyholders' account:
Total funds (incl Funds for Future Appropriation) 392,426,856 357,549,754 333,798,588 293,748,019 288,389,587
Total Investments (including policy loans) 384,747,547 350,860,875 329,726,521 291,525,558 286,702,486
Yield on investments
- Linked Fund(%) $ 9.05% 9.47% 16.77% 0.91% 24.90%
- Non-Par Non-Linked Fund (%) 8.65% 9.05% 10.00% 7.84% 10.87%
- Par Non-Linked Fund(%) 7.84% 8.32% 9.47% 6.84% 7.45%
(B) Shareholders' account:
Total funds (including unrealised gain) 20,997,855 20,129,988 18,046,578 16,815,664 15,418,834
Total investments 20,817,297 18,548,763 16,039,133 17,066,285 15,523,423
Yield on investments (%) 9.34% 9.47% 9.44% 9.53% 9.26%
19 Yield on total investments 8.90% 9.48% 14.92% 2.43% 11.72%
20 Paid up equity capital 19,012,080 19,012,080 19,012,080 19,012,080 19,012,080
21 Net worth 20,997,855 20,129,988 18,046,578 16,815,664 15,418,834
22 Total Assets 413,424,711 377,679,742 351,845,166 310,563,683 303,808,421
23 Earnings per share (share of FV of `10 each) ` 0.66 0.88 0.65 0.74 1.50
24 Book value per share (share of FV of `10 each) ` 11.04 11 9.49 8.84 8.11
* Refer Schedule 16 note 30
** Inclusive Service tax charge/Goods and Service tax on charges,Provision for doubtful debts and provision for standard assets
# Net of Reinsurance
@ Net of Losses
$ Yield on Linked policyholders investments includes unrealised gains on investments.

Analytical ratios
Annexure - 5
Audited year ended Audited year ended 31st

Sr. No Ratios for Life Insurers
1st March 201 March, 2018
1 New business premium income growth (segment-wise)

(New business premium for current year less new business premium for Previous Year divided by
new business premium for Previous Year)
a) Linked Life 37.44% 66.00%
b) Linked group Life 29.23% 9.00%
c) Linked Pension individual -50.94% -12.63%
d) Linked group Pension -63.05% -56.94%
e) Linked Health Individual 0.00% 0.00%
f) Non-Linked Life 72.19% 4.41%
e) Non-Linked group Life 111.44% 40.87%
h) Non Linked group Life variable -16.05% 63.02%
i) Non- Linked Pension Individual 0.00% 0.00%
j) Non-Linked Annuity Individual 275.85% 59.29%
k) Non-Linked group Pension 98.23% -34.05%
l) Non-Linked group Pension Variable -26.12% -45.81%
m) Non-Linked Health -40.49% 1.62%
n) Non-Linked Par Life 60.56% -5.27%
2 Net Retention Ratio 97.00% 96.92%
(Net premium divided by gross premium)
3 Expense of Management to gross Direct Premium Ratio 20.21% 18.40%
(Expenses of Management = Gross Commission + Operating Expenses related to Insurance
Business by total gross premium net of service tax / GST)
4 Commission Ratio 5.56% 4.55%
(gross Commission paid to gross Premium)
5 Ratio of Policyholders' Liabilities to Shareholders' Funds 1868.89% 1776.20%
(Policyholders' Liabilities = Policy Liabilities + Funds for Future Appropriations + Provision for
Linked Liabilities +Credit/(Debit) fair value change account (Linked & Non Linked)
(Shareholders' Funds = Share Capital + Reserves & Surplus + Credit / (Debit) fair value account
+ Credit / (Debit) balance in Profit & Loss account.)
6 Growth Rate of Shareholders' Funds 4.31% 11.54%
(Current year shareholders' funds less Previous Year shareholders' funds divided by Previous
Year shareholders' funds) X 100
7 Ratio of Surplus / (Deficit) to Policyholders Liabilities 0.50% 0.75%
(Surplus or deficit as per revenue account divided by policyholders' liability as described in ratio
5 above)
8 Change in Net Worth (`in '000) 867,867 2,083,406
(Current year shareholders' funds less Previous Year shareholders' funds as described in ratio 5
above)
9 Profit a°er Tax / Total Income 1.18% 1.87%
(Total Income = Total Income under Policyholders' account excluding shareholders' contribution
+ Total Income under Shareholders' Account excluding policyholders' contribution)
10 (Total Real Estate + Loans) / Cash & Invested Assets 0.28% 0.20%
Loan amount is as shown in Balance Sheet divided by Cash (cash and bank balance as shown
in the balance sheet) and Invested assets (investments of shareholders' funds + investments of
policyholders' funds + assets held to cover linked liabilities)
11 Total Investments / (Capital + Surplus) 1926.03% 1831.43%
Total Investments = Sum of investments of shareholders' funds (schedule 8), investments of
policyholders' funds (schedule 8A) and assets held to cover linked liabilities (schedule 8B).
12 Total Affiliated Investments / (Capital + Surplus)* 62.64% 49.86%
(Total Affiliated Investments is investments made to related parties divided by Capital and
reserves and surplus as shown in Balance Sheet)
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Analytical ratios Contd

Audited year ended Audited year ended 31st

Sr. No Ratios for Life Insurers
1st March 201 March, 2018
13 Investment Yield (gross and net)

A. With Unrealized gains
Shareholders’ Funds 9.22% 8.90%
Policyholders’ Funds:
Non- Linked Participating 9.90% 6.27%
Non- Linked Non-Participating 9.57% 6.70%
Linked Non-Participating 7.53% 7.86%
B. Without Unrealized gains
Shareholders’ Funds 11.52% 9.50%
Policyholders’ Funds:
Non- Linked Participating 8.08% 8.28%
Non- Linked Non-Participating 8.42% 8.46%
Linked Non-Participating 6.43% 11.65%
14 Conservation Ratio
(Renewal Premium for current year net of service tax / GST divided by first year premium +
single premium + renewal premium net of service tax / GST for Previous Year)
Non-Participating Linked - Individual Life 72.68% 70.25%
Non-Participating Linked - Group Life 0.00% 0.00%
Non-Participating Linked - Individual Pension 64.37% 70.82%
Non-Participating Linked - Group Pension 73.52% 44.75%
Non-Participating Linked - Individual Health 84.91% 84.70%
Non-Participating Non Linked - Individual Life 87.88% 86.54%
Non-Participating Non Linked - Group Life 35.15% 31.53%
Non-Participating Non Linked - Group Life Variable 0.00% 0.00%
Non-Participating Non Linked - Individual Pension* 100.00% 109.02%
Non-Participating Non Linked - Individual Annuity 0.00% 0.00%
Non-Participating Non Linked - Group Pension 0.77% 0.55%
Non-Participating Non Linked - Group Pension Variable 8.00% 2.15%
Non-Participating Non Linked - Individual Health 37.34% 35.70%
Participating Non Linked - Individual Life 85.98% 84.54%
15 Persistency Ratio#
Persistency rate based on premium
For 13th month 78.38% 75.25%
For 25th month 66.08% 64.44%
For 37th month 57.77% 55.47%
For 49th Month 52.79% 49.46%
For 61st month 45.27% 42.28%
Persistency rate based on count
For 13th month 64.86% 62.07%
For 25th month 54.85% 52.32%
For 37th month 46.32% 43.93%
For 49th Month 40.94% 34.99%
For 61st month 32.17% 28.46%
16 NPA Ratio
Gross NPA Ratio Nil Nil
Net NPA Ratio Nil Nil
17 Solvency Ratio 1.98 2.14
* The ratio a°er considering the policyholders' funds for the Current year is 0.03 (Previous Year: 0.03).
# As per the certificate received from the appointed actuary Last year ratios have been revised to reflect the calculation as per recent circular.

Management Report
For the period ended 31st March 2019
(Currency: In thousands of Indian Rupees unless otherwise stated)
In accordance with the Insurance Regulatory and Development Market values of fixed income investments made in
Authority of India (‘IRDAI’) (Preparation of Financial Statements the shareholders’ funds and non-linked policyholders
and Auditor’s Report of Insurance Companies) Regulations, 2002, funds which are valued at amortised cost as per the
read with circular no. IRDA/F&A/CIR/CPM/056/03/2016 IRDA regulations, is higher by their carrying amounts by
dated 4th April, 2016 the following Management Report is `3,608,389 (Previous Year higher by ` 2,047,492) in
submitted by the management on behalf of Board of Directors aggregate as at 31st March, 2019, details below:
for the financial year ended 31st March, 2019.
Particulars Current ear
1 CERTIFICATE OF REGISTRATION Market alue Amortised Cost Difference
The Certificate of Registration under Section 3 of the Shareholder's Fund 1,84,21,722 1,80,29,434 3,92,288
Insurance Act, 1938 was granted by Insurance Regulatory Non-Linked Fund 12,26,75,079 11,94,58,978 32,16,101
and Development Authority of India (IRDAI) on 31st January, Total 14,10,96,802 13,74,88,412 36,08,389
2001. We confirm that the Company has paid renewal fee
to IRDAI as required under section 3A of the Insurance Act,
Particulars Previous Year
1938. In terms of Insurance Laws (Amendment) Act, 2015
Market Value Amortised Cost Difference
and IRDAI circular dated 7th April, 2015, the requirement
Shareholder's Fund 1,67,19,593 1,63,59,468 3,60,125
of renewal certificate is done away.
Non-Linked Fund 9,08,81,891 8,91,94,524 16,87,367
2 STATUTOR DUES Total 10,76,01,484 10,55,53,992 20,47,492
We hereby certify that all the material dues payable, other
than those which are being contested with the statutory
authorities, have been duly paid.
We hereby confirm and certify that, no part of Life Insurance
SHAREHOLDING PATTERN Fund has been directly or indirectly applied in contravention
We confirm that the shareholding pattern and transfer of provisions of the Insurance Act, 1938 (4 of 1938)
of shares of the Company, effected during the year is (as amended by the Insurance Laws (Amendment) Act
in accordance with the requirements of the Insurance 2015), IRDA (Investment) Regulations, 2000 as amended
Act, 1938, Insurance Laws (Amendment) Act, 2015 and applicable circulars and guidelines relating to the
and the Insurance Regulatory and Development application and investment of the life insurance funds
Authority (Registration of Indian Insurance Companies)
We hereby confirm and certify that, no part of Life Insurance
Regulations, 2000.
Fund has been directly or indirectly applied in contravention
IN ESTMENT OF FUNDS of provisions of the Insurance Act, 1938 (4 of 1938) (as
The Company has not, directly or indirectly, invested amended by the Insurance Laws (Amendment) Act 2015),
policyholders fund outside India. IRDAI (Investment) Regulations, 2016 and applicable
Guideline/ Circulars/ Notices or Orders relating to the
SOL ENC MARGIN
application and investment of the life insurance funds.
The Company has maintained adequate assets to cover
both its liabilities and the minimum solvency margin, as 8 RISK MINIMISATION STRATEGIES
stipulated in Section 64 VA of the Insurance Act, 1938. The Company is exposed to several risks in the course of
(as amended by the Insurance Laws (Amendment) Act its business. The risks on the liabilities side may arise due
2015) and the IRDA (Assets, Liabilities and Solvency to more than expected claims. On the assets side, the risks
Margin of Insurers) Regulations, 2016. arise due to the possibility of fluctuations in their values.
The Company is also subject to the expense risk, since
ALUATION OF ASSETS
until new business volumes grow significantly, the actual
We hereby certify that all assets of the Company have
expenses of the Company will exceed the expenses loaded
been reviewed on the date of the Balance Sheet and to
into the product pricing. The Company has implemented
the best of our knowledge and belief the assets set forth
adequate safeguards to mitigate these risks, as are
in the Balance Sheet are shown in aggregate at amounts
described below:
not exceeding their realisable or market value under the
several headings – “Loans”, “Investments” (other than as A strong underwriting team is in place to review all
mentioned hereunder), “Agents balances”, “Outstanding proposals from clients, supported by comprehensive
Premiums”, “Interest, Dividends and Rents outstanding”, processes and procedures and guided by international
“Interest, Dividends and Rents accruing but not due”, experts. The objective of the underwriting team is to
“Amounts due from other persons or Bodies carrying on minimise the risks of abnormal mortality and morbidity by
insurance business”, “Sundry Debtors”, “Bills Receivable”, acquiring adequate information, on which to determine,
“Cash” and the several items specified under “Other
Accounts”.
228
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Management Report
whether to accept individual lives, and if so, the extra Information Security risks are governed through Information
premium, to compensate for any additional risk. Security Management System aligned and certified
against ISO 27001:2013 which is a global benchmark.
Further, the possible financial effect of adverse mortality
The Company has a comprehensive Information Security
and morbidity experience has been reduced by entering into
policy designed to comply with ISO 27001:2013, privacy
reinsurance agreements with RGA International, RGA India,
and/or data protection legislations as specified in Indian
Munich Re International, Munich Re India, GIC Re India and
Information Technology Act, 2008 and Notification dated
Swiss Re international for individual and group life business.
11th April, 2011 on protection of sensitive personal
All reinsurers are specialist reinsurance companies with
information and it provides direction to Information
excellent reputation and significant financial strength.
Security staff, Management and employees regarding their
The Company also has a separate agreement with Qatar Re
roles and responsibilities towards Information Security.
and GIC Re to cover the catastrophic risks under individual
and group business. COUNTR RISK
The Company is operating in India only and hence has no
The Company has also set up systems to continuously
exposure to any other country risk.
monitor its experience in regard to other parameters
that affect the value of benefits offered in the products. 10 AGEING OF CLAIMS
Such parameters include policy lapses, premium The average claims settlement time from the date of
persistency, maintenance expenses and investment receipt of complete requirements from the claimant to
returns. The operating expenses are monitored very dispatch of claim payment for the current year and previous
closely. Many products offered by the Company also have four financial years are given below.
an investment guarantee. The Company has set aside
additional reserves to cover this risk. Period
Average claim settlement
time (In days)
The Company’s investment team operates under the close 2018-19 3
supervision of the Investment Committee appointed by 2017-18 3
the Board of Directors. The investments are made in line 2016-17 5
with the investment policy adopted by the Company. 2015-16 6
The Company has a robust Business Continuity Plan 2014-15 4
and IT Disaster Recovery Plan in place to manage any
business/technology interruption risk. Business Continuity
Management System is certified against the global
standard ISO 22301.
Ageing of claims outstanding

For Non-Linked Business
Claims registered and not settled Claims registered and settled

Period Current Year Previous Year Current ear Previous Year
No of Claims Amount No. of Claims Amount No of Claims Amount No. of Claims Amount
Less than 30 Days 15 39,297 43 95,207 - - - -
30 days to 6 months 20 79,788 30 32,223 - - - -
6 months to 1 year 10 3,770 1 155 - - - -
1 year to 5 years 67 24,987 - - - - - -
5 years and above 11 4,780 - - - - - -
Total for the Period 123 152,622 74 127,585 - - - -

Management Report
For Linked Business
Claims registered and not settled Claims registered and settled

Period Current Year Previous Year Current ear Previous Year
No of Claims Amount No. of Claims Amount No of Claims Amount No. of Claims Amount
Less than 30 Days 4 10,156 4 6,660 - - - -
30 days to 6 months 6 8,681 2 3,257 - - - -
6 months to 1 year 6 2,024 - - - - - -
1 year to 5 years 42 17,741 - - - - - -
5 years and above 18 7,953 - - - - - -
Total for the Period 76 46,556 6 9,917 - - - -
The above includes provision made (net of reinsurance) 5. Social Venture Fund and Venture Capital Funds are
for 160 cases (Previous Year 214 cases) amounting to valued at cost initially and on the basis of latest
` 60,848/- (Previous Year ` 79,678 /-) during the year available valuation provided by an independent valuer
where the Company has lost in the first forum of litigation appointed by the Manager of the Fund. The same
and has appealed against the same. price will be continued till next valuation is provided.
However, if valuation as per independent valuer is
11 ALUATION OF IN ESTMENTS
not available then Valuation is carried out at either
The investments of Shareholders Funds and Non Linked
unaudited NAV or cost whichever is lower.
Policyholders Funds are valued as under:
6. Mutual Funds are valued on previous day’s NAV per
1. Debt Securities including government securities,
unit published by the respective mutual funds.
redeemable preference shares and money market
instruments are valued on the basis of the Straight The investments of linked funds of policyholders are
line amortised value of these assets. valued as under:
2. Additional Tier 1 (BASEL III) bonds are valued through 1. G-sec, SDL valued, at the fair valuation price provided
CRISIL Bond Valuer. in the CRISIL price file with effect from the trade date.
Debt Securities having residual maturity of more
3. The Investment in Units of REIT / InvITs are valued
than 182 days, would be valued effective trade date
at Market Value (last Quoted price should not be later
through CRISIL Bond Valuer.Additional Tier 1 (BASEL
than 30 days). Where Market Quote is not available
III) bonds are valued through CRISIL Bond Valuer.
for the last 30 days, the Units are valued as per the
Debt securities with a residual maturity of less than or
latest NAV (not more than 6 months old) of the Units
equal to 182 days are amortised over the remaining
published by the trust. However, if the latest NAV (not
days to maturity through CRISIL Bond Valuer.
more than 6 months old) is not available then it is
valued at Cost. 2. Securities with call option are valued at the lower
of the value as obtained by valuing the security up
4. Equities are valued on the last quoted closing price of
to final maturity date or the call option date. In case
the security on the National Stock Exchange of India
there are multiple call options, the security is valued
Limited (NSE). In case the shares are not traded on
at the lowest value obtained by valuing the security
NSE, valuation is done on closing price at Bombay
at various call dates or up to the final maturity date.
Stock Exchange (BSE).ETFs shall be valued at the Net
Securities with put option are valued at the higher
Asset Value (per Unit) as on the previous business day.
of the value as obtained by valuing the security up
If the NAV per unit for the previous business day is not
to final maturity date or the put option date. In case
available, value available as of the earliest previous
there are multiple put options, the security is valued
day shall be taken for pricing. Equity, Exchange traded
at the highest value obtained by valuing the security
funds shares acquired through primary markets and
at various put dates or up to the final maturity date.
awaiting listing are valued at Cost. Investment in
The securities with both put and call option on the
Unlisted equity shares would be valued at historical
same day would be deemed to mature on the put/call
Cost with provision for diminution in value of
date. All new purchases of Non-SLR Debt securities
securities. Redeemable Preference Shares are
shall be marked to market appropriately from the date
valued at historical cost, subject to amortization of
of purchase i.e. for securities with maturity more than
premium or discount which is the difference between
182 days to be valued thru CRISIL Bond Valuer (CBV)
the purchase price and the redemption amount on
at the market yield on the basis of the matrix provided
a straight line basis over the remaining period to
by CRISIL and for securities with residual maturity
maturity of these securities.
of less than or equal to 182 days by amortising the
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Management Report
difference between purchase price and redemption in the government securities having sovereign rating &
value over the remaining days to maturity through debt securities issued by reputed corporate having rating
CBV.The same will follow for Deemed maturity AAA/A1+. The equity selection is made a°er appropriate
securities. research and analysis of the investee company as well
as the industry to which it belongs. To meet the liquidity
3. Equities and Preference are valued on the last quoted
requirement a part is invested into the liquid mutual fund
closing price of the security on the National Stock
schemes and other money market instruments of high
Exchange of India Limited (NSE). In case the shares
credit rating. The investments are also made keeping in
are not traded on NSE, valuation is done on closing
mind the asset-liability requirement of the respective
price at Bombay Stock Exchange (BSE). ETFs shall
funds.
be valued at the Net Asset Value (per Unit) as on
the previous business day. If the NAV per unit for 13 DIRECTORS RESPONSIBILITY STATEMENT
the previous business day is not available, value The Board of Directors of the Company also state that:
available as of the earliest previous day shall be taken
The financial statements have been prepared in
for pricing. Equity, Exchange traded funds shares
accordance with applicable accounting standards, the
acquired through primary markets and awaiting
regulations stipulated by the IRDAI and the provisions
listing are valued at Cost. Investment in Unlisted
of the Insurance Act, 1938 and the Companies Act,
equity shares would be valued at historical Cost with
2013 and disclosures have been made, wherever the
provision for diminution in value of securities.
same is required. There is no material departure from
4. The Investment in Units of REIT / InvITs are valued the said standards, principles and policies;
at Market Value (last Quoted price should not be later
The Company has adopted accounting policies and
than 30 days). Where Market Quote is not available
applied them consistently and has made judgments
for the last 30 days, the Units are valued as per the
and estimates that are reasonable and prudent, so
latest NAV (not more than 6 months old) of the Units
as to give a true and fair view of the state of affairs
published by the trust. However, if the latest NAV (not
of the Company as at 31st March, 2019, and, of the
more than 6 months old) is not available then it is
operating profit of the Company for the year ended on
valued at Cost.
31st March, 2019;
5. Money Market Instruments (including T Bills) are
Proper and sufficient care has been taken to maintain
valued on the basis of the Straight line amortised
adequate accounting records in accordance with the
value of these assets.
applicable provisions of the Insurance Act, 1938
6. Mutual Funds are valued on previous day’s NAV per as amended by the Insurance Laws (Amendment)
unit published by the respective mutual funds. Act, 2015, Companies Act, 2013, for safeguarding
the assets of the Company and for preventing and
12 RE IEW OF ASSET UALIT AND PERFORMANCE OF
detecting fraud and other irregularities;
IN ESTMENTS
Shareholders Fund The financial statements of the Company are prepared
The Company has invested more than 30.09% of the on a going concern basis; and
Shareholder funds in sovereign rated instrument like
The Company has appointed internal auditor and
Government securities, Treasury Bills and Collateralized
the scope of work of auditor is commensurate with
Borrowing & lending obligation (CBLO). Around 45.67%
the size and nature of the Company’s business.
of the funds have been invested in AAA/AA+/A1+ rated
The management certifies that adequate internal
securities (which include Infrastructure & Housing bonds).
control systems and procedures were in existence for
Around 1.94% of the funds are invested in the Fixed
this financial year.
Deposits and liquid schemes mutual funds.
The directors had laid down internal financial controls
The Company has invested approx 1.57% of the
to be followed by the Company and that such internal
Shareholder funds in unlisted equity shares.
controls are adequate and were operating effectively.
Policyholders Fund
The directors had devised proper systems to ensure
The policyholders’ funds are invested in accordance with
compliance with the provisions of all applicable laws
regulatory norms, Investment policy, fund objective of
and that such systems were adequate and operating
unit linked funds and risk profile of the respective fund In
effectively.
fixed income segment, majority of the investment is made

Management Report
1 SCHEDULE OF PA MENTS MADE TO INDI IDUALS FIRMS COMPANIES AND ORGANISATION IN WHICH DIRECTORS OF THE
COMPANY ARE INTERESTED:
Amount Paid (In ` 000)
Sr.
Name of Director Entity in Which Director in interested Interested as Current ear March Previous Year March
No
201 2018
1 Mr. Kumar Mangalam Birla Aditya Birla Management Corporation Director 41,720 3,722
Private Limited
Aditya Birla Sun Life Asset Management Director 1,00,845 1,19,177
Company Limited
Grasim Industries Limited Director 1,94,283 1,62,150
UltraTech Cement Limited Director 39,204 24,124
Aditya Birla Capital Limited Additional Director 6,34,648 5,12,663
2 Mr. Ajay Srinivasan Aditya Birla Finance Limited Director 17,89,785 6,10,838
Aditya Birla Housing Finance Limited Director 2,27,809 3,18,455
Aditya Birla Capital Limited CEO and Member 6,34,648 5,12,663
Aditya Birla Management Corporation Director 41,720 3,722
Private Limited
Aditya Birla Sun Life Asset Management Director 1,00,845 1,19,177
Company Limited
Aditya Birla Health Insurance Limited Director 2,09,896 2,47,936
Aditya Birla MyUniverse Limited Director 46 1,839
Aditya Birla PE Advisors Private Limited Director 87 46
Aditya Birla Sun Life Pension Director 46,705 37,607
Management Limited
3 Mr. B. N. Puranmalka Aditya Birla Finance Limited Director 17,89,785 6,10,838
4 Ms. Pinky Mehta Aditya Birla Money Limited Director 58,524 11,880
Aditya Birla Capital Ltd CFO 6,34,648 5,12,663
5 Mr. Sandeep Asthana Aditya Birla Sun Life Asset Management Director 1,00,845 1,19,177
Company Limited
Management Limited
6 Mr. Claude Accum Aditya Birla Sun Life Asset Management Director 1,00,845 1,19,177
Company Limited
Sunlife Assurance Company of Canada President, SLF Asia 28,922 63,356
7 Mr. Arun Adhikari Aditya Birla Capital Ltd Director 6,34,648 5,12,663
UltraTech Cement Limited Director 39,204 24,124
8 Mr. Pankaj Razdan Aditya Birla Sun Life Asset Management Director 1,00,845 1,19,177
Company Limited
Management Limited
For and on behalf of the Board of Directors of Aditya Birla Sun Life Insurance Company Limited

(DIN - 00121181) (DIN - 0007432) (DIN - 00020429)

Managing Director & CEO (DIN - 00061240) Company Secretary Chief Financial Officer
Anil Kumar Singh

Mumbai, 26th April, 2019
232
01-19 20-68 69-288
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for the year ended 31st March, 2019
Balance Sheet Abstract and Company s General Business Profile
I Registration Details State Code 2 2
Registration No. 1 2 8 1 1 0
Balance Sheet Date 3 1 0 3 2 0 1 9

Date Month Year
II Capital Raised during the Year
Public Issue Right Issue
N I L N I L
Bonus Issue Private Placement (Including Premium)
N I L N I L
III Position of Mobilisation and Development of Fund

Total Liabilities Total Assets
4 1 4 1 4 8 2 2 2 4 1 4 1 4 8 2 2 2
Source of Funds
Paid-Up-Capital Reserve & Surplus
1 9 0 1 2 0 8 0 2 6 8 2 9 4 8
Secured Loans Unsecured Loans

N I L N I L
Net Fixed Assets Investments
9 0 7 3 6 7 4 0 4 4 2 4 2 4 4
Net Current Assets Misc. Expenditure

6 9 5 2 5 0 0 N I L
Accumulated losses
7 2 3 5 1 1
IV Performance of Company
Turnover Total Expenditure
1 0 6 2 7 6 3 7 9 1 0 5 0 2 0 1 9 6
Profit Before Tax Profit A°er Tax

1 2 5 6 1 8 3 1 2 5 6 1 8 3
Earning per share Dividend rate %

0 . 6 6 N I L
V Generic Names of Three Principal products / Services of Company (as per monetary terms)
Item Code No.(ITC Code) Product Description
N I L L I F E
I N S U R A N C E
For and on behalf of the Board of Directors of Aditya Birla Sun Life Insurance Company Limited
(DIN - 00121181) (DIN - 0007432) (DIN - 00020429)

Managing Director & CEO (DIN-00061240) Company Secretary Chief Financial Officer
Anil Kumar Singh


Appointed Actuary s Certificate

Appointed Actuary’s Certificate

I have valued the policy liabilities of Aditya Birla Sun Life Insurance Company Limited at March 31, 2019 in accordance with
accepted actuarial practice and in line with relevant professional guidance issued by the Institute of Actuaries of India, including
that covering the selection of appropriate assumptions.
In my opinion, the amount of policy liabilities (` 391,731,574 in thousands - net of reinsurance) makes appropriate provision for
all policyholders’ obligations, and the financial statements fairly present the result of the valuation.
Anil Kumar Singh

Mumbai, April 26, 2019
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To the Members of Development Authority of India (the “IRDAI”) to the extent
Aditya Birla Sun Life Insurance Company Limited applicable:
i. in the case of the Consolidated Balance Sheet, of the
REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL state of affairs of the Company as at March, 31 2019;
STATEMENTS
ii. in the case of the Consolidated Revenue Account, of
OPINION
the net surplus for the year ended March 31, 2019;
1) We have audited the accompanying consolidated financial
statements of ADITYA BIRLA SUN LIFE INSURANCE iii. in the case of the Consolidated Profit and Loss
COMPANY LIMITED (hereinaer referred to as the “Holding Account, of the profit for the year ended March 31,
Company”) and its subsidiary, Aditya Birla Sun Life 2019; and
Pension Management Limited (formerly known as Birla
iv. in the case of the Consolidated Receipts and
Sun Life Pension Management Limited) (the Holding
Payments Account, of the receipts and payments for
Company and its subsidiary together referred to as the
the year ended March 31, 2019.
"Group"), comprising of the Consolidated Balance Sheet
as at March 31, 2019, the related Consolidated Revenue BASIS FOR OPINION
Account (also called the “Policyholders’ Account” or the 3) We conducted our audit of the consolidated financial
“Technical Account”), the Consolidated Profit and Loss statements in accordance with the Standards on Auditing
Account (also called the “Shareholders’ Account” or (SAs) specified under section 143(10) of the Act.
“Non-Technical Account”) and the Consolidated Receipts Our responsibilities under those Standards are further
and Payments Account for the year then ended, and a described in the Auditor’s Responsibility for the Audit
summary of significant accounting policies and other of the consolidated financial statements section of our
explanatory information. report. We are independent of the Holding Company in
accordance with the Code of Ethics issued by the Institute
2) In our opinion and to the best of our information and
of Chartered Accountants of India (“ICAI”) together with
according to the explanations given to us and based on
the ethical requirements that are relevant to our audit of
the consideration of the reports of the other auditor on
the consolidated financial statements under the provisions
separate financial statements of the subsidiary referred to
of the Act and the Rules made thereunder, and we have
in paragraph no.12 of the Other Matters paragraph below,
fulfilled our other ethical responsibilities in accordance
the aforesaid consolidated financial statements give the
with these requirements and the ICAI Code of Ethics.
information required by the Companies Act, 2013 (the
We believe that the audit evidence obtained by us is
“Act”) to the extent applicable in the manner so required
sufficient and appropriate to provide a basis for our audit
and give a true and fair view in conformity with the
opinion on the consolidated financial statements.
Accounting Standards prescribed under section 133 of
the Act read with the Companies (Accounting Standards) KEY AUDIT MATTERS
Rules, 2006, as amended (“Accounting Standards”) and 4) Key audit matters are those matters that, in our professional
other accounting principles generally accepted in India, judgment, were of most significance in our audit of the
including the provisions of the Insurance Act, 1938 consolidated financial statements of the current year.
as amended by the Insurance Laws (Amendment) Act, These matters were addressed in the context of our audit
2015 (the “Insurance Act”), the Insurance Regulatory of the consolidated financial statements as a whole, and
and Development Authority Act, 1999 (the “IRDA Act”), in forming our opinion thereon, and we do not provide a
the Insurance Regulatory and Development Authority separate opinion on these matters. We have determined
(Preparation of Financial Statements and Auditor’s the matters described below to be the key audit matters
Report of Insurance Companies) Regulations, 2002 (the to be communicated in our report.
“IRDA Financial Statements Regulations”) and circulars/
orders/directions issued by the Insurance Regulatory and


Description of Key Audit Matters:
POLICY LIABILITIES:
Provisions against life insurance contracts mainly comprise We have reconciled the underlying data used by the Company’s
the provision for future policy benefits and the provision for Appointed Actuary (the “Appointed Actuary”) with the trial balance
outstanding claims. and the data obtained by us from the policy administration system to
ensure completeness.
Valuation of the provision for future policy benefits is necessarily
dependent on a number of assumptions. Refer in particular to We have understood from the Appointed Actuary the assumptions
discount rates, mortality and morbidity assumptions, acquisition used and the basis for the same to evaluate these assumptions with
and administration expenses, and calculated lapse rates. In the available peer details
accordance
We have assessed the Company’s methodology for calculating the
with applicable accounting regulations, these assumptions are policy liabilities against recognized actuarial practices.
determined at the start of a contract and are only adjusted if there
We obtained and reconciled the provision amount with the Appointed
is a significant deterioration or due to experience adjustments.
Actuary's certificate in this regard.
Apart from the above, the actuarial valuation of liabilities for life
policies in force and for policies in respect of which premium has
been discontinued but liability exists as at March 31, 2019 is the
responsibility of the Holding Company’s Appointed Actuary (the
“Appointed Actuary”). The actuarial valuation of these liabilities for
life policies in force and for policies in respect of which premium
has been discontinued but liability exists as at March 31, 2019 has
been duly certified by the Appointed Actuary and in his opinion, the
assumptions for such valuation are in accordance with the guidelines
and norms issued by the IRDAI and the Institute of Actuaries of India in
concurrence with the IRDAI. We have relied upon Appointed Actuary’s
certificate in this regard for forming our opinion on the valuation of
liabilities for life policies in force and for policies in respect of which
premium has been discontinued but liability exists in consolidated
financial statements of the Group.
Considering this matter has been treated as Key Audit Matter here,
the same is not reported under Other Matter paragraph below.
INFORMATION TECHNOLOGY SYSTEMS:
The Company is highly dependent on its information technology (IT) We involved our IT specialists to obtain an understanding of the
systems for carrying out its operations and owing to the significant entity’s IT related control environment. Furthermore, we conducted
number of transactions that are processed on daily basis as part a risk assessment and identified IT applications, databases and
of its operations, which impacts key financial accounting and operating systems that are relevant to our audit.
reporting items such as premium income, claims, commission
For the key IT systems relevant to financial reporting financial
expense and Investments among others.
information, our areas of audit focus included Access Security
The controls implemented by the entity in its IT environment (including controls over privileged access), Program Change controls
determine the integrity, accuracy, completeness and validity of the and Network Operations. In particular:
data that is processed by the applications and is ultimately used
we obtained an understanding of the entity’s IT environment and key
for financial reporting. These controls contribute to mitigating risk
changes if any during the audit period that may be relevant to the
of potential misstatements caused by fraud or error.
audit;
Accordingly, our audit was focused on key IT systems and controls
due to the pervasive impact on the financial statements.
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we tested the design, implementation and operating effectiveness
of the General IT controls over the key IT systems that are critical
to financial reporting. This included evaluation of entity’s controls
to ensure segregation of duties and access rights being provisioned
/ modified based on duly approved requests, access for exit cases
being revoked in a timely manner and access of all users being
re-certified during the period of audit. Further, controls related
to program change were evaluated to verify whether the changes
were approved, tested in an environment that was segregated from
production and moved to production by appropriate users;
we also tested automated business cycle controls relevant to the
audit;
we tested the controls over network segmentation, restriction
of remote access to the entity’s network, controls over firewall
configurations and mechanisms implemented by the entity to
prevent, detect and respond to network security incidents; and
we tested compensating controls or performed alternate procedures
to assess whether there were any unaddressed IT risks that would
impact the controls or completeness and accuracy of data.”
INFORMATION OTHER THAN THE FINANCIAL STATEMENTS Revenue Account, the Consolidated Profit and Loss
AND AUDITOR’S REPORT THEREON Account and Consolidated Receipts and Payments Account
5) The Holding Company’s Board of Directors is responsible of the group in accordance with the Accounting Standards
for the preparation of the other information, comprising of and other accounting principles generally accepted in
the information included in the Management Discussion India, including the provisions of the Insurance Act, the
and Analysis, Board’s Report including Annexures to IRDA Act, the IRDA Financial Statements Regulations and
Board’s Report, Corporate Governance and such other circulars/orders/directions issued by the IRDAI to the
disclosures related Information, excluding the consolidated extent applicable, in this regard.
financial statements and auditor’s report thereon (‘Other
This responsibility also includes maintenance of adequate
Information’). Our opinion on the consolidated financial
accounting records in accordance with the provisions of
statements does not cover the other information and we
the Act for safeguarding of the assets of the Group and for
do not express any form of assurance conclusion thereon.
preventing and detecting frauds and other irregularities;
In connection with our audit of the consolidated financial selection and application of appropriate accounting
statements, our responsibility is to read the other policies; making judgments and estimates that are
information when it becomes available and, in doing reasonable and prudent; and design, implementation and
so, consider whether the other information is materially maintenance of adequate internal financial controls, that
inconsistent with the consolidated financial statements or were operating effectively for ensuring the accuracy and
our knowledge obtained during the course of our audit or completeness of the accounting records, relevant to the
otherwise appears to be materially misstated. preparation and presentation of the consolidated financial
statement that give a true and fair view and are free from
If, based on the work we have performed, we conclude
material misstatement, whether due to fraud or error.
that there is a material misstatement therein, we are
required to communicate the matter to those charges
with governance as required under SA 720 'The Auditor's
In preparing the consolidated financial statements,
responsibilities Relating to other Information'. We have
management is responsible for assessing the Group’s
nothing to report in this regard.
ability to continue as a going concern, disclosing, as
MANAGEMENT’S RESPONSIBILITY FOR THE CONSOLIDATED applicable, matters related to going concern and using the
FINANCIAL STATEMENTS going concern basis of accounting unless management
6) The Holding Company’s Board of Directors is responsible either intends to liquidate the Group or to cease operations,
for the matters stated in section 134(5) of the Act or has no realistic alternative but to do so.
with respect to the preparation of these consolidated
The Holding Company’s Board of Directors is also
financial statements that give a true and fair view of the
responsible for overseeing the Holding Company’s financial
Consolidated Balance Sheet, the related Consolidated
reporting process.


AUDITOR’S RESPONSIBILITY FOR THE AUDIT OF THE Evaluate the overall presentation, structure and
CONSOLIDATED FINANCIAL STATEMENTS content of the consolidated financial statements,
7) Our objectives are to obtain reasonable assurance about including the disclosures, and whether the financial
whether the consolidated financial statements as a whole statements represent the underlying transactions and
are free from material misstatement, whether due to fraud events in a manner that achieves fair presentation.
or error, and to issue an auditor’s report that includes
Obtain sufficient appropriate audit evidence regarding
our opinion. Reasonable assurance is a high level of
the financial information of the entities within the
assurance, but is not a guarantee that an audit conducted
Group to express an opinion on the consolidated
in accordance with SAs will always detect a material
financial statements. We are responsible for the
misstatement when it exists. Misstatements can arise from
direction, supervision and performance of the
fraud or error and are considered material if, individually or
audit of the financial statements of such branches
in the aggregate, they could reasonably be expected to
or entities or business activities included in the
influence the economic decisions of users taken on the
consolidated financial statements of which we are
basis of these consolidated financial statements.
the independent auditors. For the other entities
8) As part of our audit in accordance with SAs we exercise included in the consolidated financial statements,
professional judgement and maintain professional which have been audited by the other auditors, such
scepticism throughout the audit. We also: other auditors remain responsible for the direction,
supervision and performance of the audits carried
Identify and assess the risks of material misstatement
out by them. We remain solely responsible for our
of the consolidated financial statements, whether
audit opinion.
due to fraud or error, to design and perform audit
procedures responsive to those risks, and obtain 9) Materiality is the magnitude of misstatements in the
audit evidence that is sufficient and appropriate consolidated financial statements that, individually or in
to provide a basis for our opinion. The risk of not aggregate, makes it probable that the economic decisions
detecting a material misstatement resulting from of a reasonably knowledgeable user of the consolidated
fraud is higher than for one resulting from error, financial statements may be influenced. We consider
as fraud may involve collusion, forgery, intentional quantitative materiality and qualitative factors in (i)
omissions, misrepresentations, or the override of planning the scope of our audit work and in evaluating
internal control. the results of our work; and (ii) to evaluate the effect of
any identified misstatements in the consolidated financial
Obtain an understanding of internal control relevant
statements.
to the audit in order to design audit procedures that
are appropriate in the circumstances. Under section We communicate with those charged with governance
143(3)(i) of the Act, we are also responsible for regarding, among other matters, the planned scope and
expressing our opinion on whether the Holding timing of the audit and significant audit findings, including
Company has adequate internal financial controls any significant deficiencies in internal control that we
system in place and the operating effectiveness of identify during our audit.
such controls.
We also provide those charged with governance with
Evaluate the appropriateness of accounting policies a statement that we have complied with relevant
used and the reasonableness of accounting estimates ethical requirements regarding independence, and to
and related disclosures made by management. communicate with them all relationships and other
matters that may reasonably be thought to bear on our
Conclude on the appropriateness of management’s
independence, and where applicable, related safeguards.
use of the going concern basis of accounting and,
based on the audit evidence obtained, whether From the matters communicated with those charged with
a material uncertainty exists related to events or governance, we determine those matters that were of
conditions that may cast significant doubt on the most significance in the audit of the consolidated financial
Group’s ability to continue as a going concern. If we statements of the current period and are therefore the key
conclude that a material uncertainty exists, we are audit matters. We describe these matters in our auditor’s
required to draw attention in our auditor’s report to report unless law or regulation precludes public disclosure
the related disclosures in the financial statements about the matter or when, in extremely rare circumstances,
or, if such disclosures are inadequate, to modify we determine that a matter should not be communicated
our opinion. Our conclusions are based on the audit in our report because the adverse consequences of doing
evidence obtained up to the date of our auditor’s so would reasonably be expected to outweigh the public
report. However, future events or conditions may interest benefits of such communication.
cause the Group to cease to continue as a going
concern.
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OTHER MATTER Directors of the Holding Company and the report of
10) We did not audit the financial statements of the the statutory auditor of its subsidiary company, none
subsidiary, whose financial statements reflect total assets of the directors of the Group company is disqualified
of Rs.283,483 thousand as at March 31, 2019, total as on March 31, 2019 from being appointed as a
revenues of Rs.22,174 thousand and net cash outflows director in terms of Section 164 (2) of the Act.
amounting to Rs.558 thousand for the year ended on
(h) With respect to the adequacy of the internal financial
that date, as considered in the consolidated financial
controls over financial reporting and the operating
statements. These financial statements have been audited
effectiveness of such controls; refer to our separate
by other auditor whose report have been furnished to us by
Report in “Annexure A”, which is based on the auditors’
the management and our opinion on consolidated financial
reports of the Holding company and Subsidiary
statements, in so far as it relates to the amounts and
company. Our report expresses an unmodified opinion
disclosures included in respect of the subsidiary, is based
on the adequacy and operating effectiveness of the
solely on the report of other auditor.
consolidation financials statements’ internal financial
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS controls over financial reporting.
11) As required by IRDA Financial Statements Regulations,
(i) With respect to the other matters to be included in the
read with Section 143(3) of the Act based on our audit,
Auditor’s Report in accordance with the requirements
we report that:
of section 197(16) of the Act, as amended, In our
(a) We have sought and obtained all the information and opinion and to the best of our information and
explanations which to the best of our knowledge and according to the explanations given to us and report
belief were necessary for the purposes of our audit of of the statutory auditor of its subsidiary company,
the aforesaid consolidated financial statements. the remuneration paid by the group to its director
during the year is in accordance with the provisions
(b) In our opinion and to the best of our information and
of section 197 of the Act read with section 34A
according to the explanations given to us, proper
of the Insurance Act.(j) With respect to the other
books of account as required by law relating to
matters to be included in the Auditors’ Report in
preparation of the aforesaid consolidated financial
accordance with Rule 11 of the Companies (Audit and
statements have been kept so far as it appears from
Auditor’s) Rules, 2014, as amended, in our opinion
our examination of those books and the report of the
and to the best of our information and according to
other auditor.
the explanations given to us:
(c) As the Holding Company's financial accounting system
(i) The Group has disclosed the impact of pending
is centralized, no returns for the purposes of our audit
litigations on its financial position in its
are prepared at the branches of the Holding Company;
consolidated financial statements.
(d) The Consolidated Balance Sheet, the Consolidated
(ii) The liability for insurance contracts, is
Revenue Account, the Consolidated Profit and Loss
determined by the Holding Company’s
Account and the Consolidated Receipts and Payments
Appointed Actuary and is covered by the
Account dealt with by this report are in agreement with
Appointed Actuary’s certificate, referred to in
the relevant books of account maintained for the purpose
Key Audit Matters paragraph above, on which we
of preparation of the consolidated financial statements.
have placed reliance; and the Group did not have
(e) In our opinion, the aforesaid consolidated financial any long-term contracts including derivative
statements comply with the Accounting Standards contracts for which there were any material
prescribed under Section 133 of the Act to the extent foreseeable losses.
not inconsistent with the accounting principles
(iii) There were no amounts which were required to
prescribed in the IRDA Financial Statements
be transferred to the Investor Education and
Regulations and orders/directions issued by the
Protection Fund by the Holding Company, and
IRDAI in this regard.
its subsidiary company incorporated in India.
(f) In our opinion and to the best of our information
For S. B. Billimoria & Co. For Khimji Kunverji & Co.
and according to the explanations given to us,
investments have been valued in accordance with the
Firm Registration No. 101496W Firm Registration No. 105146W
provisions of the Insurance Act, the IRDA Financial
Statements Regulations and/or orders/directions Sanjiv V. Pilgaonkar Hasmukh B. Dedhia
issued by the IRDAI in this regard. Partner Partner
Membership No: 039826 Membership No: 033494
(g) On the basis of the written representations received
from the directors of the Holding Company as on Mumbai,
March 31, 2019 taken on record by the Board of April 26, 2019

Annexure “A” to the Independent Auditors’ Report

(Referred to in paragraph 13 (h) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
REPORT ON THE INTERNAL FINANCIAL CONTROLS OVER AUDITORS’ RESPONSIBILITY

FINANCIAL REPORTING UNDER CLAUSE (I) OF SUB‑SECTION Our responsibility is to express an opinion on the Holding
OF SECTION 1 OF THE COMPANIES ACT 201 (THE ACT ) Company internal financial controls over financial reporting
In conjunction with our audit of the consolidated financial based on our audit. We conducted our audit in accordance
statements of the Company as of and for the year ended with the Guidance Note issued by the ICAI and the Standards
March 31, 2019, we have audited the internal financial on Auditing prescribed under Section 143(10) of the Act, to
controls over financial reporting of ADITYA BIRLA SUN LIFE the extent applicable to an audit of internal financial controls.
INSURNACE COMPANY LIMITED (formerly known as “Birla Those Standards and the Guidance Note require that we comply
Sun Life Insurance Company Limited”) (hereinaer referred to with ethical requirements and plan and perform the audit to
as “the Holding Company”), as of that date. obtain reasonable assurance about whether adequate internal
financial controls over financial reporting was established and
The actuarial valuation of liabilities for life policies in force and
maintained and if such controls operated effectively in all
policies where premium is discontinued is required to be certified
material respects.
by the Appointed Actuary as per the Insurance Regulatory and
Development Authority (Preparation of Financial Statements Our audit involves performing procedures to obtain audit evidence
and Auditor’s Report of Insurance Companies) Regulations, about the adequacy of the internal financial controls system over
2002 (the “IRDA Financial Statements Regulations”) and has financial reporting and their operating effectiveness. Our audit
been relied upon by us, as mentioned in paragraph 4 under Key of internal financial controls over financial reporting included
Audit Matters section of our audit report on the consolidated obtaining an understanding of internal financial controls over
financial statements of the Holding Company as at and for financial reporting, assessing the risk that a material weakness
the year ended March 31, 2019. Accordingly, we have not exists, and testing and evaluating the design and operating
audited the internal financial controls over financial reporting in effectiveness of internal control based on the assessed risk.
respect of the valuation and accuracy of the aforesaid actuarial The procedures selected depend on the auditor’s judgement,
valuation. including the assessment of the risks of material misstatement
of the consolidated financial statements, whether due to fraud
MANAGEMENT’S RESPONSIBILITY FOR INTERNAL FINANCIAL
or error.
CONTROLS
The respective Board of Directors of the Holding Company We believe that the audit evidence we have obtained and the
and its subsidiary company which is incorporated in India are audit evidence obtained by the other auditor of the subsidiary
responsible for establishing and maintaining internal financial company incorporated in India, in terms of their report
controls based on the internal control over financial reporting referred to in the Other matter paragraph below is sufficient
criteria established by the respective companies considering and appropriate to provide a basis for our audit opinion on
the essential components of internal control stated in the the Holding company and its subsidiary incorporated in India,
Guidance Note on Audit of Internal Financial Controls Over internal financial controls system over financial reporting.
Financial Reporting (the “Guidance Note”) issued by the
MEANING OF INTERNAL FINANCIAL CONTROLS OVER
Institute of Chartered Accountants of India (the “ICAI”).
FINANCIAL REPORTING
These responsibilities include the design, implementation
A Company's internal financial control over financial reporting is
and maintenance of adequate internal financial controls that
a process designed to provide reasonable assurance regarding
were operating effectively for ensuring the orderly and efficient
the reliability of financial reporting and the preparation of
conduct of its business, including adherence to respective
financial statements for external purposes in accordance with
company’s policies, the safeguarding of its assets, the
generally accepted accounting principles. A company's internal
prevention and detection of frauds and errors, the accuracy
financial control over financial reporting includes those policies
and completeness of the accounting records, and the timely
and procedures that (1) pertain to the maintenance of records
preparation of reliable financial information, as required under
that, in reasonable detail, accurately and fairly reflect the
the Companies Act, 2013 (the “Act”) including the provisions
transactions and dispositions of the assets of the company;
of the Insurance Act, 1938 (the “Insurance Act”) as amended
(2) provide reasonable assurance that transactions are recorded
by the Insurance Laws (Amendment) Act, 2015, the Insurance
as necessary to permit preparation of financial statements in
Regulatory and Development Authority Act, 1999 (the “IRDA
accordance with generally accepted accounting principles, and
Act”), the IRDA Financial Statements Regulations and orders/
that receipts and expenditures of the company are being made
directions/circulars issued by the Insurance Regulatory and
only in accordance with authorisations of management and
Development Authority of India (the “IRDAI”) in this regard to
directors of the company; and (3) provide reasonable assurance
the extent applicable.
regarding prevention or timely detection of unauthorised
acquisition, use, or disposition of the company's assets that
could have a material effect on the financial statements
240
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Annexure “A” to the Independent Auditors’ Report

(Referred to in paragraph 13 (h) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OTHER MATTER

OVER FINANCIAL REPORTING Our aforesaid report under Section 143(3)(i) of the Act on the
Because of the inherent limitations of internal financial controls adequacy and operating effectiveness of the internal financial
over financial reporting, including the possibility of collusion controls over financial reporting insofar as it relates to subsidiary
or improper management override of controls, material company incorporated in India is based on the corresponding
misstatements due to error or fraud may occur and not be reports of the auditor of subsidiary company.
detected. Also, projections of any evaluation of the internal
Our Opinion is not modified in respect of the above matters.
financial controls over financial reporting to future periods
are subject to the risk that the internal financial control over For S. B. Billimoria & Co. For Khimji Kunverji & Co.
financial reporting may become inadequate because of changes Chartered Accountants Chartered Accountants
in conditions, or that the degree of compliance with the policies Firm Registration No. 101496W Firm Registration No. 105146W
or procedures may deteriorate.
Sanjiv V. Pilgaonkar Hasmukh B. Dedhia
OPINION Partner Partner
In our opinion, to the best of our information and according Membership No: 039826 Membership No: 033494
to the explanations given to us, the Holding Company and its
subsidiary company incorporated in India have, in all material Mumbai,
respects, an adequate internal financial controls system over April 26, 2019
financial reporting and such internal financial controls over
financial reporting were operating effectively as at March 31,
2019, based on the internal control over financial reporting
criteria established by the Holding Company considering the
essential components of internal control stated in the Guidance
Note issued by the ICAI.

Consolidated Revenue Account Form A- RA

Audited Year ended Audited Year ended
31st March, 2019 31st March, 2018
PREMIUMS EARNED ‑ NET
(a) Premium 1 75,112,612 59,030,033
(b) Reinsurance ceded (2,256,358) (1,815,501)
(c) Reinsurance accepted - -
Sub-Total 72,856,254 57,214,532
(b) Profit on sale / redemption of investments 14,560,595 20,495,554
(c) (Loss on sale / redemption of investments) (8,402,697) (2,892,201)
(d) Transfer/Gain (Loss) on revaluation / change in fair value* 3,581,288 (6,566,183)
Sub-Total 31,083,204 30,103,552
OTHER INCOME
(a) Contribution from the Shareholders' Account 1,392,155 1,066,492
(b) Others (profit on sale of liquid funds, Interest etc.) 433,357 349,536
Sub-Total 1,825,512 1,416,028
Total (A) 105,764,970 88,734,112
Commission 2 4,177,498 2,688,174
Operating Expenses related to Insurance Business 3 11,003,413 8,173,649
Service Tax on Charges** 1,122,091 1,111,891
Provision for doubtful debts 2,652 7,848
Provision for Tax (Refer Schedule 16 Note 27) 240,365 -
(a) For diminution in the value of investments (Net) - -
(b) Others - Provision for standard and non standard assets (Refer Schedule 16 Note 26) (163) 1,278
Total (B) 16,545,856 11,982,840
Benefits Paid (Net) 4 52,485,104 50,553,103
Interim Bonuses Paid 31,374 23,143
Change in valuation of liability in respect of life policies -
(a) Gross*** 30,273,503 21,182,699
(b) Fund Reserve 4,439,526 (614,700)
(c) Premium Discontinuance Fund - Linked (78,681) (983,412)
(d) (Amount ceded in Re-insurance) 116,002 3,916,797
(e) Amount accepted in Re-insurance - -
Total (C) 87,266,828 74,077,630
Surplus (D) = (A) - (B) - (C) 1,952,286 2,673,642
APPROPRIATIONS
Transfer to Shareholders' Account 1,924,912 2,690,066
Transfer to Other Reserve - -
Balance being Funds for Future Appropriation 27,374 (16,424)
Total (D) 1,952,286 2,673,642
The total surplus as mentioned below:
(a) Interim Bonuses Paid 30,200 22,407
(b) Terminal Bonus Paid 1,174 736
(c) Allocation of Bonus to policyholders 2,034,300 1,566,303
(d) Surplus shown in the Revenue Account 1,952,286 2,673,642
Total Surplus [(a)+(b)+(c)+(d)] 4,017,960 4,263,088
The Schedules and accompanying notes are integral part of this Revenue Account.
**GST on charges with effect from 1st July, 2017
***Represents Mathematical Reserves aer allocation of bonus.
In accordance with IRDAI notification dated 9th May, 2016 bearing reference no. IRDAI/Reg/14/126/2016, the Company has worked out Expense of
Management by considering allowance at 100% in current year (Previous Year: 110%) on segment basis to ascertain the excess thereof which has been borne
by the shareholders. Accordingly, amount aggregating `8,20,100 (Previous Year: `1,018,874) has been deducted from schedule 3 and added to schedule 3A.

CEO (DIN - 00061240)
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Consolidated Statement of Profit and Loss Account Form A- PL

Shareholders' Account (Non-technical Account)

Amounts transferred from Policyholders' Account (Technical Account) 1,924,912 2,690,066
(b) Profit on sale / redemption of investments 538,510 180,508
(c) (Loss on sale / redemption of investments) (792) (2)
OTHER INCOME 66 32
Total (A) 4,091,016 4,331,354
Expense other than those directly related to the insurance business 3A 1,452,564 1,577,598
Corporate social responsibility expenses (Refer Schedule 16 Note 19) 28,700 24,964
Bad debts written off -
Contribution to the Policyholders' Account - -
Provision (other than taxation) 1,392,155 1,066,492
(a) For diminution in the value of investments (net) (Refer Schedule 16 Note 24) - 6,499
(b) Provision for doubtful debts - -
(c) Others - -
Total (B) 2,873,419 2,675,553
Profit before tax 1,217,597 1,655,801
Less: Provision for Taxation - 78
Profit aer tax 1,217,597 1,655,723
APPROPRIATIONS
(a) Balance at the beginning of the year (2,397,741) (4,053,464)
(b) Interim dividends paid during the year - -
(c) Proposed final dividend - -
(d) Dividend distribution on tax - -
(e) Transfer to reserves / other accounts - -
LOSS CARRIED FORWARD TO THE BALANCE SHEET (1,180,144) (2,397,741)
Earning Per Share (Basic and Diluted), Face Value of ` 10 (in `) (Refer Schedule 16 Note 6) 0.64 0.87
Significant Accounting Policies and Disclosures
The Schedules and accompanying notes are an integral part of this Profit and Loss Account. 16
In accordance with IRDAI notification dated 9th May, 2016 bearing reference no. IRDAI/Reg/14/126/2016, the Company has worked out
Expense of Management by considering allowance at 100% in current year (Previous Year: 110%) on segment basis to ascertain the excess
thereof which has been borne by the shareholders. Accordingly, amount aggregating ` 8,20,100 (Previous Year: `1,018,874) has been deducted
from schedule 3 and added to schedule 3A.

CEO (DIN - 00061240)

Consolidated Balance Sheet Form A-BS
as at 31st March, 2019

SOURCES OF FUNDS
Share Capital 5 19,012,080 19,012,080
Reserves and Surplus 6 2,682,948 2,682,948
Credit/ (Debit)/ Fair Value Change Account 26,338 414,652
Sub-Total 21,721,366 22,109,680
Borrowings 7 - -
Credit / (Debit) Fair Value Change Account 615,619 516,242
Policy Liabilities 140,091,625 109,702,120
Insurance Reserves -
Provision for Linked Liabilities 227,589,640 209,001,049
Funds for discontinued policies -
(i) Discontinued on account of non-payment of premium 5,317,417 5,396,098
(ii) Others - -
Credit/(Debit) Fair Value Change Account (Linked) 18,732,892 32,881,956
Total Linked Liabilities 251,639,949 247,279,103
Sub-Total 392,347,193 357,497,465
Funds for Future Appropriations
- Linked Liabilities 79,663 52,289
Total 414,148,222 379,659,434
Investments
Shareholders' 8 20,745,024 18,513,983
Policyholders' 8A 131,966,998 102,838,774
Assets Held to Cover Linked Liabilities 8B 251,639,949 247,279,103
Loans 9 1,140,600 742,998
Fixed Assets 10 911,929 745,533
Current Assets
Cash and Bank Balances 11 6,441,233 6,085,612
Advances and Other Assets 12 10,927,542 10,352,548
Sub-Total (A) 17,368,775 16,438,160
Current Liabilities 13 9,738,319 8,305,567
Provisions 14 660,757 585,171
Sub-Total (B) 10,399,076 8,890,738
Net Current Assets (C) = (A-B) 6,969,699 7,547,422
Miscellaneous Expenditure (To The Extent Not Written Off or Adjusted) 15 - -
Debit Balance In Profit and Loss Account (Shareholders' Account) 774,023 1,991,621
Total 414,148,222 379,659,434
The schedules and accompanying notes are an integral part of this Balance Sheet
CEO (DIN - 00061240)
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Consolidated Receipts and Payments account (Cash Flow Statement)


Particulars
CASH FLOWS FROM OPERATING ACTI ITIES (A)

Premium received from policyholders, including advance receipts 74,730,665 58,631,733
Payments to the re-insurers, net of commissions and claims (526,555) (318,195)
Application money deposit & due to Policy holders 615,988 (79,823)
Payments of commission and brokerage (3,887,298) (2,575,157)
Payments of other operating expenses (12,725,009) (8,784,763)
Payments of claims (53,980,643) (52,061,228)
Deposits & others 124,462 (20,456)
Other receipts 462,767 387,415
Income taxes paid (Net) (234,001) (2,781)
Goods and Service taxes paid (1,061,569) (1,668,221)
Cash flows before extraordinary items 3,518,807 (6,491,476)
Cash flow from extraordinary operations - -
Net cash Inflow / (outflow) from operating activities (A) 3,518,807 (6,491,476)
CASH FLOWS FROM IN ESTING ACTI ITIES (B)
Purchase of fixed assets (465,508) (344,323)
Proceeds from sale of fixed assets 12,272 3,079
Loan against Policies (307,480) (144,126)
Purchase of investment (5,420,930,650) (3,873,492,394)
Proceeds from sale of investment 5,397,232,314 3,863,374,788
Expenses related to investments (19,002) (13,973)
Interest received (net of tax deducted at source) 19,844,208 16,677,618
Dividend received 1,418,160 1,524,290
Net cash Inflow / (Outflow) from investing activities (B) (3,215,686) 7,584,959
CASH FLOWS FROM FINANCING ACTI ITIES (C)
Share capital issued / (Redemption) 50,000 -
Net cash used in financing activities (C) 50,000 -
Net (Decrease)/ Increase in cash and cash equivalents (D=A+B+C) 353,121 1,093,483
Cash and cash equivalents at beginning of the year 6,085,612 4,992,129
Cash and cash equivalents as at end of the year 6,438,733 6,085,612
Notes:
1. Cash and cash equivalents at end of the year includes:
Cash and Bank Balances as per Balance Sheet 6,441,233 6,085,612
Less: Bank deposits having maturity period of more than 3 months considered in operating activities 2,500 -
(Refer Schedule 16 Note 14 vi)
Cash and cash equivalents as at the end of the year 6,438,733 6,085,612
For Cash and cash equivalents - refer schedule 16 note 2 (r)

The above Receipts and Payments account has been prepared as prescribed by Insurance Regulatory and Development Authority
(Preparation of financial statements and auditor’s report of insurance companies) Regulations, 2002 under the “Direct method” in
accordance with Accounting Standard 3 Cash Flow Statements.
CEO (DIN - 00061240)

Schedule
SCHEDULE 1- PREMIUM*

Particulars
1 First year premiums 18,038,644 12,571,914
2 Renewal Premiums 35,941,914 32,402,003
3 Single Premiums 21,132,054 14,056,116
Total Premiums 75,112,612 59,030,033
Premium Income from Business written:
In India 75,112,612 59,030,033
Outside India - -
Total Premiums 75,112,612 59,030,033
Note: Refer Schedule 16 Note 2(c)(i)
* Net of Goods and Service Tax / Service Tax
SCHEDULE 2 ‑ COMMISSION E PENSES


Particulars
Commission paid
Direct - First year premiums 3,058,610 1,715,260
Renewal premiums 1,070,690 942,220
Single premiums 48,198 30,694
Sub-total 4,177,498 2,688,174
Add: Commission on Re-insurance Accepted - -
Less: Commission on Re-insurance Ceded - -
Net Commission 4,177,498 2,688,174
Breakup of Commission
Individual Agents 2,069,969 1,826,809
Brokers 265,759 191,095
Corporate Agents 1,841,770 670,270
Referral - -
Total 4,177,498 2,688,174
Note: Refer Schedule 16 Note 2 (e)
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Schedule
SCHEDULE ‑ OPERATING E PENSES RELATED TO INSURANCE BUSINESS


Particulars
1 Employees' remuneration and welfare benefits (Refer Schedule 16 Note 12 and 23) 6,413,516 5,137,457
2 Travel, conveyance and vehicle running expenses 251,442 229,471
3 Training expenses 214,626 69,354
4 Rents, rates and taxes 539,075 487,364
5 Repairs 256,707 272,297
6 Printing and stationery 69,527 61,783
7 Communication expenses 113,585 103,377
9 Medical fees 124,041 78,164
10 Auditor's fees, expenses etc. - -
(a) i) as auditor 7,800 7,800
ii) out of pocket expenses 363 642
(b) as adviser or in any other capacity, in respect of - -
i) Taxation matters 200 150
ii) Management services 973 514
(c) in any other capacity - -
11 Advertisement and publicity 1,372,193 467,439
12 Interest and Bank Charges 90,800 58,338
13 Others: a) Distribution expenses 355,551 296,582
b) Agents recruitment, seminar and other expenses (5,631) 19,487
c) Recruitment and seminar expenses 171,149 94,541
d) IT expenses (including maintenance) 663,927 595,544
e) Policy stamps 330,585 214,876
f) (Profit)/Loss on sale of assets (1,483) (1,555)
g) Electricity expenses 138,562 138,382
h) Miscellaneous expenses 53,006 66,191
i) Outsourcing expenses 306,773 235,530
14 Depreciation 231,858 431,389
Total 11,823,513 9,192,523
Excess of EOM transferred to shareholders Account (Refer Schedule 16 Note 22) (820,100) (1,018,874)
Total 11,003,413 8,173,649
SCHEDULE A ‑ OPERATING E PENSES OTHER THAN THOSE DIRECTL RELATED TO INSURANCE BUSINESS

Particulars
1 Employees' remuneration, welfare benefits and other manpower costs 450,612 385,813
(Refer Schedule 16 Note 12 and 23)
3 Auditors Fees (Reporting Pack) 2,386 2,145
4 Interest and bank charges 8,459 7,165
5 Others: Miscellaneous expenses 135,546 144,039
Total 632,464 558,724
Excess of EOM transferred to shareholders Account (Refer Schedule 16 Note 22) 820,100 1,018,874
Total 1,452,564 1,577,598

Schedule
SCHEDULE ‑ BENEFITS PAID (NET)


Particulars
1 Insurance Claims
(a) Claims by Death 4,699,095 4,393,886
(b) Claims by Maturity 8,001,336 2,792,610
(c) Annuities / Pension payment 71,898 57,369
(d) Other benefits
(i) Surrender 40,774,331 44,108,580
(ii) Riders 93,286 65,917
(iii) Health 2,804 10,937
(iv) Survival and Others 626,935 640,380
2 (Amount ceded in reinsurance):
(a) Claims by Death (1,779,178) (1,510,817)
(c) Annuities / Pension payment - -
(d) Other benefits (Health) (5,403) (5,759)
3 Amount accepted in reinsurance:
(a) Claims by Death - -
(c) Annuities / Pension Payment - -
(d) Other benefits - -
Total 52,485,104 50,553,103
Benefits paid to claimants
1. In India 52,485,104 50,553,103
Total 52,485,104 50,553,103
Notes: 1 Claims include specific claims settlement costs, wherever applicable.
2 Legal, other fees and expenses also form part of the claims cost, wherever applicable.
3 Refer Schedule 16 Note 2 (d)
SCHEDULE ‑ SHARE CAPITAL


Particulars
1 Authorised Capital
3,750,000,000 Equity Shares of `10/- each 37,500,000 37,500,000
2 Issued Capital
1,901,208,000 Equity Shares 19,012,080 19,012,080
(Previous Year: 1,901,208,000 Equity Shares) of ` 10/- each fully paid up
3 Subscribed Capital
1901208000 Equity Shares 19,012,080 19,012,080
(Previous Year: 1,901,208,000 Equity Shares) of ` 10/- each fully paid up
4 Called-up Capital
Equity Shares of ` 10/- Each 19,012,080 19,012,080
Less: Calls unpaid - -
Add: Shares forfeited (Amount originally paid up) - -
Less: Par value of Equity Shares bought back - -
Less: Preliminary Expenses - -
(Expenses including commission or brokerage on underwriting or subscription on shares)
Total 19,012,080 19,012,080
Out of the total equity share capital, 969,616,080 equity shares (31st March, 2018 - 969,616,080 equity shares) of `10 each are held by the holding company,
Aditya Birla Capital Limited.
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Schedule
SCHEDULE A ‑ PATTERN OF SHAREHOLDING (AS CERTIFIED B THE MANAGEMENT)

Audited As at 31st March, 2019 Audited As at 31st March, 2018
Shareholder
Number of Shares % of Holding Number of Shares % of Holding
Promoters:
Indian 969,616,080 51% 969,616,080 51%
Foreign 931,591,920 49% 931,591,920 49%
Others - - - -
Total 1,901,208,000 100% 1,901,208,000 100%
SCHEDULE ‑ RESER ES AND SURPLUS

Particulars
31st March, 2019 31st March, 2019 31st March, 2018 31st March, 2018
1 Capital Reserve - -
2 Capital Redemption Reserve 682,920 682,920
3 Share Premium 2,000,028 2,000,028
4 Revaluation Reserve - -
5 General reserves
Opening balance 406,127 406,127 -
Add: Additions during the year - -
Less: Debit balance in Profit and Loss Account 406,127 406,127
Less: Amount utilised for Buy - back - - - -
6 Catastrophe Reserve - -
7 Balance of profit in Profit and Loss Account - -
Total 2,682,948 2,682,948
SCHEDULE ‑ BORROWINGS

Particulars
1 Debentures/Bonds - -
2 Banks - -
3 Financial Institutions - -
4 Others - -
Total - -

Schedule
SCHEDULE 8 ‑ IN ESTMENTS ‑ SHAREHOLDERS

Particulars
1 Government securities and Government 6,257,395 7,017,074
guaranteed bonds including Treasury Bills (Refer Note 5 & 6 below)
3 Other Investments - -
(a) Shares - -
(bb) Preference - -
Total (A) 19,829,550 17,152,657
1 Government securities and Government 5,978 -
guaranteed bonds including Treasury Bills (Refer Note 5 & 6 below)
3 Other Investments -
(a) Shares -
(aa) Equity - -
(bb) Preference - -
(b) Mutual Funds (Refer Note 4 below) 58,581 41,324
(e) Other Securities
- Fixed Deposits (Refer 7 below) 250,000 550,000
- Others - 9,435
4 Investments in Infrastructure and Social Sector 70,917 563,319
5 Other than Approved Investments 229,998 -
Total (B) 915,474 1,361,326
Total (A) + (B) 20,745,024 18,513,983
Notes:
Particulars As at 31st March, 2019 As at 31st March, 2018
2 Investments made out of Catastrophe reserve is ` Nil (Previous Year: ` Nil).
3 Debt Securities are held to maturity and reduction in market values represent market conditions and not a permanent diminution in value of investments, if any.
4 Historical cost of Mutual Fund & Equity included above is, for Mutual Fund `58,532 (Previous Year: ` 41,272) and for equity `23,80,372 (Previous year:
`150,000).
5 Government securities amounting to `357,693 (Previous Year: `299,681) have been deposited with Clearing Corporation of India Ltd. (CCIL) towards
Settlement Guarantee Fund (SGF) deposit for trades in Security & CBLO through CCIL. These are part of the Government securities disclosed in Long-Term
Investments.
6 Government securities amounting to `25,109 (Previous Year: `8,566) have been deposited with Clearing Corporation of India Ltd. (CCIL) towards Settlement
Guarantee Fund (SGF) deposit for trades in Security & CBLO through CCIL for default fund. These are part of the Government securities disclosed in Long-
Term Investments.
7 Fixed Deposit amounting to `200,000 (Previous Year: `200,000) and `50,000 (Previous Year: `50,000) have been placed with National Securities Clearing
Corporation Ltd. (NSCCL) and Indian Clearing Corporation Ltd. (ICCL) respectively towards margin requirement for Equity trade settlement. These are part of
the Fixed deposits disclosed in Short-Term investments.
8 Refer Schedule 16 Note 2 (f).
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Schedule
SCHEDULE 8A ‑ IN ESTMENTS ‑ POLIC HOLDERS

Particulars
LONG‑TERM IN ESTMENTS
1 Government securities and Government guaranteed bonds including Treasury Bills (Refer Note 6 below) 66,351,664 52,064,533
3 (a) Shares -
4 Investment in Infrastructure and Social Sector 26,836,784 15,949,509
Total (A) 124,532,253 92,790,118
SHORT‑TERM IN ESTMENTS
1 Government securities and Government guaranteed bonds including Treasury Bills (Refer Note 6 below) 67,633 555,445
3 (a) Shares -
(aa) Equity - -
(bb) Preference - -
(b) Mutual funds (Refer Note 5 below) 4,560,636 4,293,210
- Fixed Deposits - 655,100
- Others 2,093,480 2,547,693
4 Investment in Infrastructure and Social Sector 127,996 1,284,825
5 Other than Approved Investments - -
Total (B) 7,434,745 10,048,656
Total (A) + (B) 131,966,998 102,838,774
Notes:
As at As at
Particulars
Exchange Traded Funds, Additional Tier I Bonds and Derivative Instruments.
Market value of above Investments. 123,740,769 91,740,024
2 Investments in holding companies at cost is `12,957 (Previous Year: ` 33,508).
5 Historical cost of Mutual Fund, Listed Equity securities, Additional Tier I and Infrastructure Investment Trusts included above is, for Mutual Fund `4,563,685
(Previous Year: `4,294,775), Equity securities `3,044,709 (Previous Year: `4,823,527), Additional Tier I `20,91,677 (Previous Year: `2,484,493) and
Infrastructure Investment Trusts `1,151,175 (Previous Year: `721,778)
6 Refer Schedule 16 Note 2(f)

Schedule
SCHEDULE 8B ‑ ASSETS HELD TO CO ER LINKED LIABILITIES

Particulars
3 (a) Shares -
Total (A) 199,036,898 207,317,817
3 (a) Shares - -
(aa) Equity - -
(bb) Preference - -
(b) Mutual Funds (Refer Note 4 below) 9,730,576 10,222,028
- Fixed Deposits 1,158,900 671,105
- Others 7,825,617 5,380,227
(f) Investment Properties-Real Estate - -
5 Other than Approved Investments 1,660,177 -
Total (B) 46,222,055 34,170,447
Other Assets
1 Bank Balances 17,976 10,699
2 Interest Accrued and Dividend Receivable 4,687,866 5,020,942
3 Fund Charges - -
4 Outstanding Contracts (Net) 1,675,154 759,198
Total (C) 6,380,996 5,790,839
TOTAL (A) + (B) + (C) 251,639,949 247,279,103
Notes:
1 Investments in holding companies at cost is ` 9,51,089 (Face value ` 507,167) (Previous Year: `1,308,803 Face Value `512,256).
4 Historical cost of Mutual Fund, Listed Equity securities and Preference stocks included above is, for Mutual Fund `12,413,816 (Previous Year: `10,959,598),
Equity securities `75,412,159 (Previous Year: `80,981,145) and Preference stocks `5,828 (Previous Year: `2,264).
5 Refer Schedule 16 Note 2(f)
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Schedule
SCHEDULE ‑ LOANS
Particulars
1 Security-Wise Classification
Secured
(a) On mortgage of property
(aa) In India - -
(b) On Shares, Bonds, Govt. Securities, etc - -
(c) Loans against policies 1,140,600 742,998
(d) Others - -
Unsecured - -
Total 1,140,600 742,998
2 Borrower-Wise Classification
(a) Central and State Governments - -
(b) Banks and Financial Institutions - -
(c) Subsidiaries - -
(d) Companies - -
(e) Loans against policies 1,140,600 742,998
(f) Others - -
Total 1,140,600 742,998
3 Performance-Wise Classification
(a) Loans classified as standard
(aa) In India 1,140,600 742,998
(b) Non-standard loans less provisions
(aa) In India - -
Total 1,140,600 742,998
4 Maturity-Wise Classification
(a) Short-Term 1,268 810
(b) Long-Term 1,139,332 742,188
Total 1,140,600 742,998
Notes:
1 Short-term loans include those which are repayable within 12 months from the date of Balance Sheet. Long-term loans are the loans other than short-term
loans.
2 Loans considered doubtful and the amount of provision created against such loans is ` Nil (Previous Year: ` Nil).
3 Refer Schedule 16 Note 2 (h)

254
Particulars As on As on 31st As on As on 31st As on 31st As on 31st
Additions Deductions For the year Deductions
ANNUAL REPORT
1st April, 2018 March, 2019 1st April, 2018 March, 2019 March, 2019 March, 2018
Goodwill - - - - - - - - - -
Intangibles (Soware) 1,863,009 213,838 13,420 2,063,427 1,468,358 125,426 12,818 1,580,966 482,461 394,651
Schedule
2018-19
Land - Freehold - - - - - - - - - -
Buildings - - - - - - - - - -
Vehicles 61,098 35,766 16,893 79,971 17,026 17,245 7,547 26,724 53,247 44,072
Others (Leasehold improvements) 368,603 24,153 18,124 374,632 308,493 25,769 17,877 316,385 58,247 60,110
Total 3,529,961 373,234 148,844 3,754,351 2,828,406 234,349 138,056 2,924,699 829,652 701,555
Work-in-Progress including - - - - - - - - 82,277 43,978
capital advances
Grand Total 3,529,961 373,234 148,844 3,754,351 2,828,406 234,349 138,056 2,924,699 911,929 745,533
Previous Year 3,125,174 467,966 63,179 3,529,961 2,456,497 433,563 61,653 2,828,406 745,533 813,448
1. Refer Schedule 16 Note 2 (i)
3. All soware are other than those generated internally.
Particulars As on As on 31st As on As on 31st As on 31st As on 31st
Additions Deductions For the year Deductions
1st April, 2017 March, 2018 1st April, 2017 March, 2018 March, 2018 March, 2017
Goodwill - - - - - - - - - -
Intangibles (Soware) 1,576,039 286,970 - 1,863,009 1,229,570 238,788 - 1,468,358 394,651 346,469
Schedule
Land - Freehold - - - - - - - - - -
Buildings - - - - - - - - - -
Vehicles 26,215 36,437 1,554 61,098 6,356 11,237 567 17,026 44,072 19,859
Others (Leasehold Improvements) 348,250 24,933 4,580 368,603 286,171 26,884 4,562 308,493 60,110 62,079
Total 3,125,174 467,966 63,179 3,529,961 2,456,497 433,562 61,653 2,828,406 701,555 668,678
Ingenium Work-in-Progress - -
Capital Work-in-Progress (Including 43,978 144,770
Capital Advances)
Grand Total 3,125,174 467,966 63,179 3,529,961 2,456,497 433,562 61,653 2,828,406 745,533 813,448
Previous Year 2,772,194 482,411 129,431 3,125,174 2,219,252 353,742 116,497 2,456,498 813,448 646,172
Notes:
3. All soware are other than those generated internally.
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SCHEDULE 11 ‑ CASH AND BANK BALANCES

Particulars
1 Cash (including cheques, dras and stamps) 1,227,402 1,033,185
2 Bank Balances
(a) Deposit Accounts
(aa) Short-term (due within 12 months of the date of Balance Sheet) 17,293 4,671,716
(ab) Others (Refer Note 1 below) 2,500 -
(b) Current Accounts 5,194,038 380,711
(c) Others - -
3 Money at Call and Short Notice
(a) With Banks - -
(b) With other Institutions - -
4 Others - -
Total 6,441,233 6,085,612
Balances with non-scheduled banks included in 2 above - -
Cash and Bank Balances
1. In India 6,441,233 6,085,612
Total 6,441,233 6,085,612
Note:
1 Deposited with ICICI Bank in the form of fixed deposits, which is earmarked and in lien against the Bank guarantee given by ICICI Bank on behalf of the Company
to Unique Identification Authority of India (UIDAI).
SCHEDULE 12 ‑ AD ANCES AND OTHER ASSETS


Particulars
31st March, 2019 31st March, 2019 31st March, 2018 31st March, 2018
Advances
1 Reserve deposits with ceding companies - -
2 Application money for investments - -
3 Prepayments 166,128 176,811
4 Advances to Directors / Officers - -
5 Advance tax paid and taxes deducted at source. 71,143 47,667
6 Others: -
a) Advance to Suppliers/Contractors 107,476 100,429
b) Gratuity and Advances to Employees 365,590 342,413
Total (A) 710,337 667,320
Other Assets
1 Income accrued on investments 4,012,122 3,656,947
2 Outstanding Premiums 2,065,197 1,668,216
3 Agents' Balances (gross) 145,277 151,254
Less: Provision for doubtful debts (139,392) 5,885 (138,371) 12,883
(Refer Schedule 16 Note 2 (u))
4 Foreign Agencies Balances - -
5 Due from other entities carrying on insurance business 289,454 235,179
(including reinsures)
6 Due from Subsidiary company - -
7 Deposit with Reserve Bank of India - -
[pursuant to Section 7 of Insurance Act,1938]
8 Goods and Service tax unutilised credits 16,156 496,391
Less: Provision for Goods and Service Tax unutilised credits - 16,156 - 496,391
9 Others:
a) Deposits (Refer Schedule 16 Note 7 vii) 555,458 669,518
b) Outstanding Trades 69,027 197
c) Insurance Policies (Leave Encashment) 313,219 288,482
d) Unclaimed Fund 2,631,883 2,346,262
e) Derivative Margin receivable 62,820 73,220
Total (B) 10,217,205 9,685,228
Total (A+B) 10,927,542 10,352,548
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SCHEDULE 1 ‑ CURRENT LIABILITIES

Particulars
1 Agents' Balance 1,003,702 731,752

2 Balances due to other insurance companies 10,869 11,372
3 Deposits held on re-insurance ceded - -
4 Premiums received in advance 143,912 118,280
5 Unallocated premiums 322,394 381,136
6 Sundry creditors (Refer Schedule 16 Note 25) 2,456,153 2,187,481
7 Due to Subsidiaries/ holding company - -
8 Claims outstanding 78,440 89,033
9 Annuities Due - -
10 Due to Officers/Directors - -
11 Others: -
(a) Policy Application and other Deposits 602,068 609,033
(b) Due to Policyholders 1,980,230 992,942
(c) Taxes Payable 269,036 568,667
(d) Unclaimed amounts of policyholders 2,631,883 2,346,262
(e) Derivative Liability 43,648 31,676
Total 9,738,319 8,305,567
SCHEDULE 1 ‑ PRO ISIONS
Particulars
1 For taxation (net of advance taxes and taxes deducted at source) - -

2 For proposed dividends - -
3 For dividend distribution tax - -
4 Others
a) Provision for long-term Incentive plan [Refer Schedule 16, Note 26] 156,652 140,676
b) Provision for gratuity [Refer Schedule 16, Note 27(a)(i)] 369,248 333,931
c) Provision for Compensated absences [Refer Schedule 16, Note 27(a)(ii)] 134,857 110,564
d) Provision for Bonus - -
Total 660,757 585,171
SCHEDULE 1 ‑ MISCELLANEOUS E PENDITURE (To the extent not written off or adjusted)
Particulars
1 Discount Allowed in issue of shares/debentures - -

2 Others - -
Total - -

Schedule
SCHEDULE 16 CONSOLIDATED NOTES TO THE FINANCIAL 2 Significant Accounting Policies

STATEMENTS a) Basis of Preparation
1 Corporate Information The accompanying financial statements have
Aditya Birla Sun Life Insurance Company Limited (‘the been prepared and presented under the historical
Company’ or 'ABSLI'), headquartered at Mumbai, had cost convention, unless otherwise stated, and on
commenced operations on 19th March, 2001, aer accrual basis of accounting, in accordance with
receiving the licence to transact life insurance business accounting principles generally accepted in India,
in India from the Insurance Regulatory and Development including the provisions of the Insurance Act, 1938
Authority (‘IRDA’) on 31st January, 2001. It was (the “Insurance Act”) as amended by the Insurance
incorporated on 4th August, 2000 as a Company under Laws (Amendment) Act, 2015, the Insurance
the Companies Act, 1956 ('the Act'). The Company is a Regulatory and Development Authority (Preparation
subsidiary of Aditya Birla Capital Limited (formerly known of Financial Statements and Auditor’s Report of
as Aditya Birla Financial Services Limited) which holds Insurance Companies) Regulations, 2002 (the “IRDA
51 percent of paid up share capital. Further, Sun Life Financial Statements Regulations”), orders/circulars/
Financials (India) Insurance Investments Inc., subsidiary directions issued by the Insurance Regulatory and
of Sun Life Assurance Company of Canada holds Development Authority of India (the “IRDAI”) in this
49 percent of paid up share capital. The Insurance regard, the Accounting Standards specified under
Regulatory and Development Authority of India (IRDAI) Section 133 of the Companies Act, 2013 to the
vide its circular dated 7th April, 2015 bearing reference extent applicable and various circulars issued by IRDAI
number IRDA/F&A/CIR/GLD/062/04/2015 has and practices prevailing in the insurance industry in
pursuant to amendment in Insurance Laws (Amendment) India. The accounting policies have been consistently
Act, 2015 to Section 3A of the Insurance Act, 1938, applied by the Company except where differential
discontinued the requirement to apply for Renewal treatment is required as per new pronouncements
Certificate of Registration (IRDA/R6) on an annual basis. made by the regulatory authorities.
Accordingly, upon payment of the annual fees for the
The management evaluates all recently issued or
financial year 2018-19, the certificate of registration
revised accounting pronouncements on an on-going
which was valid for financial year ended 31st March,
basis.
2017 shall continue to be valid for financial year ended
31st March, 2019 and the same is in force as on the date b) Use of Estimates
of this report. The preparation of the financial statements in
conformity with generally accepted accounting
The business of the Company span across individual and
principles (‘GAAP’) requires that the Company’s
group products and covers participating, non-participating
management make estimates and assumptions that
and unit linked lines of businesses. Riders covering
affect the reported amounts of income and expenses
additional benefits are offered under these products.
for the year, reported balances of assets and liabilities
These products are distributed through individual agents,
and disclosures relating to contingent liabilities as of
corporate agents, banks, brokers, Company's online portal
the date of the financial statements. The estimates
and other intermediaries across the country.
and assumptions used in the financial statements are
Aditya Birla Sun Life Pension Management Limited (“the based upon management’s evaluation of the relevant
Company) formerly known as Birla Sun Life Pension facts and circumstances as on date of the financial
Managment Limited is a wholly owned subsidiary of Birla statement. Any revision to accounting estimates is
Sun Life Insurance Company Limited. The Company is a recognised prospectively. Examples of such estimates
public limited company domiciled in India and incorporated include valuation of policy liabilities, provision for
under the provisions of the Companies Act, 2013. linked liabilities, funds for future appropriations,
The Company was incorporated on 9th January, 2015 provision for doubtful debts, valuation of unlisted
with Registration Number U66000MH2015PLC260801 securities, if any, valuation of debt securities, future
with specific purpose of managing pension fund business. obligations under employee retirement benefits plans
Pension Fund Regulatory and Development Authority and the useful lives of fixed assets, etc. Actual results
(“PFRDA”) has granted Certificate of Registration vide could differ from those estimates.
a letter dated 23rd February, 2016 (bearing registration
c) Revenue Recognition
No.: PFRDA/Birla PF/2016) to Birla Sun Life Pension
i) Premium Income
Management Limited to act as pension fund under National
Premium for non linked policies is recognised as
Pension System (NPS). The Company commenced its
income when due from policyholders.
operations from 5th May, 2017
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For unit linked business, premium income is vi) Investment management fees
recognised when the associated units are created. Investment management fees are recognized on an
accrual basis in accordance with the terms of the
Premium on lapsed policies is recognised as income
"Investment Management Agreement" (IMA) entered
when such policies are reinstated.
into with National Pension System (NPS) Trust.
In case of linked business, top up premium paid The Investment management fees are presented net
by policyholders are considered as single premium of Goods and Service Tax.
and are unitised as prescribed by IRDA Financial
d) Benefits Paid (Including Claims)
Statements Regulations. This premium is recognised
Benefits paid comprise of policy benefits and claim
when the associated units are created.
settlement costs, if any. Death and other claims are
ii) Income from Investments accounted for, when intimated. Survival and maturity
Interest income on investments is recognised on benefits are accounted when due.
accrual basis. Amortisation of discount/premium
Surrenders/Withdrawals under linked policies
relating to the debt securities (in case of non link
are accounted in the respective schemes
policy holders) and money market securities is
when the associated units are cancelled.
recognised over the remaining maturity period on a
Reinsurance recoverable thereon, if any, is accounted
straight-line basis.
for in the same period as the related claim.
Dividend income is recognised on ex-date. Repudiated claims disputed before judicial authorities
are provided for based on management prudence
The realised profit/loss on debt/money market
considering the facts and evidences available in
securities for other than linked business is the
respect of such claims.
difference between the net sale consideration and the
amortised cost. e) Acquisition Costs
Acquisition costs are costs that vary with and are
The realised profit/loss on debt securities held
primarily related to acquisition of new and renewal
for linked business is difference between net sale
insurance contracts. Acquisition costs mainly
consideration and weighted average cost and for
consists of commission, medical costs, policy printing
money market securities it is the difference between
expenses, stamp duty and other related expenses.
the net sale consideration and the amortised cost.
These costs are expensed in the year in which they
The realised profit/loss on sale of equity shares and are incurred. Claw back of the first year commission
equity related instruments/mutual fund units is the paid, if any, in future is accounted in the year in which
difference between the net sale consideration and it is recovered.
weighted average cost.
f) Investments
iii) Reinsurance premium ceded Investments are made in accordance with the
Reinsurance premium ceded is accounted for at Insurance Act, 1938, as amended by the Insurance
the time of recognition of the premium income Law (Amendment) Act, 2015, the IRDAI (Investment)
in accordance with the terms and conditions of Regulations, 2016, and various other circulars/
the relevant treaties with the reinsurers. Impact on notifications and amendments issued by the IRDAI in
account of subsequent revisions to or cancellations this context from time to time.
of premium is recognised in the year in which they
Investments are recorded at cost on the date of
occur. Profit commission on reinsurance ceded is
purchase, which includes brokerage and stamp duty,
netted off against premium ceded on reinsurance.
taxes, setup cost, transaction charges or any other
iv) Income from linked policies charges included in broker note.
Income from linked policies, which include asset
i) Classification
management fees, policy administration charges,
Investments maturing within twelve months from
mortality charges and other charges, if any, are
the balance sheet date are classified as short-term
recovered from the linked funds in accordance
investments.
with the terms and conditions of the policies and
recognised when due. Investments other than short-term investments are
classified as long-term investments.
v) Fees and Charges
Interest income on loans is recognised on an accrual
basis and disclosed under other income.

Schedule
ii) Valuation Policyholders’ linked funds:

a) Debt securities
Listed redeemable preference shares are valued and
Policyholders’ non-linked funds and
stated at fair value, using the last quoted closing
shareholders’ investments:
prices on the National Stock Exchange (NSE), at the
All debt and money market securities, including balance sheet date. If the equity shares are not traded
Central and State government securities on the NSE, then closing prices of the Bombay Stock
(Government securities), are considered as Exchange (BSE) is considered.
‘held to maturity’ and stated at amortised cost.
c) Mutual Funds
The discount or premium which is the difference
Mutual Funds are valued on previous day’s net asset
value published by the respective mutual funds.
amount of fixed income securities is amortised
and recognised in the revenue account, on a d) Gain / loss on equity, preference shares and mutual funds
straight-line basis over the remaining period Unrealised gains / losses are recognised in the
to maturity of these securities. Additional Tier I respective fund’s revenue account as fair value
(BASEL III) bonds are valued through CRISIL change in case of linked funds.
Bond Valuer.
Unrealised gain / loss due to changes in fair value of
Policyholders’ linked funds: listed equity/preference shares and mutual funds are
taken to the Fair Value Change account for other than
G-sec and SDL are valued at the CRISIL Gilt
linked business and are carried to the Balance Sheet.
prices and SDL prices. All other debt securities
are valued through CRISIL Bond Valuer. e) Diminution in the value of Investments
Money market instruments (including T Bills) are Diminution in the value of investments as at
valued at historical cost, subject to amortisation the balance sheet date, other than temporary, is
of premium or discount which is the difference recognised as an expense in the Revenue / Profit &
between the purchase price and the redemption Loss account.
amount on a straight line basis over the
f) Social Venture Fund/ Venture Capital Funds
remaining period to maturity of these securities.
Social Venture Fund/ Venture Capital Funds are
b) i) Equity shares/Non-redeemable Preference shares and valued at last available NAV per unit published by
Exchange traded funds: independent valuation agency. If such NAV is not
Listed equity/preference shares, Exchange traded available, Social Venture Fund / Venture Capital Fund
funds are valued and stated at fair value, using the last will be valued at cost.
quoted closing prices on the National Stock Exchange
g) Valuation of Derivative Instrument:-
(NSE), at the balance sheet date. If the equity shares
i) ABSLI has Guaranteed products where the returns
are not traded on the NSE, then closing prices of the
to the policy holders are fixed and the Company is
Bombay Stock Exchange (BSE) is considered.
exposed to interest rate risk on account of investment
Equity/preference, Exchange traded funds shares from receipt of subsequent premiums and sum of
acquired through primary markets and awaiting listing interest and maturity from investment made out of
are valued as per the valuation policy of the Company premiums received.
duly approved by the Valuation Committee.
A Forward Rate Agreement ('FRA') transaction is that
Unlisted equity/preference shares are valued as per whereby Company agrees to buy underlying security
the valuation policy of the Company duly approved by at fixed yield at future date. Company has entered
the Valuation Committee. in FRA to hedge interest rate risk on forecasted
premium receivable at future date. As on the date of
b) ii) Redeemable Preference shares:
entering into the FRA, the Company fixes the yield on
Policyholders’ non-linked funds and shareholders’
the investment in a sovereign bond that would take
investments:
place at a future date.
Redeemable Preference Shares are valued at historical
For Cash Flow Hedges, hedge effectiveness is
cost, subject to amortisation of premium or discount
ascertained at the time of inception of the hedge and
which is the difference between the purchase price
periodically thereaer. The portion of fair value gain /
and the redemption amount on a straight-line basis
loss on the Interest Rate Derivative that is determined
over the remaining period to maturity of these
to be an effective hedge is recognised directly in
securities.
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appropriate equity account i.e. ‘Hedge Fluctuation iii. Investment transfer

Reserve’. The ineffective portion of the change in Transfers of Investments from Shareholders’ funds to
fair value of such instruments is recognised in the the Policyholders’ funds are affected at the lower of
Revenue Account in the period in which they arise. amortised cost or market value in respect of all debt
If the hedging relationship ceases to be effective securities including money market instruments and
or it becomes probable that the expected forecast at the cost or market value whichever is lower in case
transaction will no longer occur, hedge accounting is of other securities.
discontinued and accumulated gains or losses that
Inter-fund transfer of debt securities relating to
were recognised directly in the Hedge Fluctuation
Linked Policyholders’ Funds is effected at last
Reserve are reclassified into Revenue Account.
available market value as per the methodology
All derivatives are initially recognised in the Balance
specified in the Inter Fund transfer policy approved
sheet at their fair value, which usually represents their
by the Investment committee. Inter fund transfer of
cost. They are subsequently re-measured at their fair
equity are done during market hours at the prevailing
value, with the method of recognising movements in
market price
this value depending on whether they are designated
as hedging instruments and, if so, the nature of iv) Impairment on Investment
the item being hedged. All derivatives are carried The carrying amounts of investments are reviewed
as assets when the fair values are positive and as at each balance sheet date, if there is any indicator
liabilities when the fair values are negative. of impairment based on internal / external factors.
An impairment loss is recognised as an expense in
IRDAI master circular for Investment Regulations,
Revenue/ Profit or Loss account, to the extent of
2016 allows insurers to deal in rupee denominated
difference between the re-measured fair value and
interest rate derivatives. The Company has well
the acquisition cost as reduced by any previous
defined Board approved Derivative Policy and Process
impairment loss recognised as expense in Revenue/
document covering various aspects related to
Profit and Loss Account. Any reversal of impairment
functioning of the derivative transactions which are
loss, earlier recognised in profit and loss account shall
undertaken to mitigate interest rate risk as per the
be recognised in Revenue/ Profit and Loss account.
hedge strategy, thereby managing the volatility of
returns from future fixed income investments, due to h) Loans Against Policies
variations in market interest rates. Loans against policies are valued at the aggregate
of book values (net of repayments) plus capitalised
Mark to market valuation is done independently by
interest and are subject to impairment, if any.
both the parties. In case of variation in valuation, the
counter party (bank) valuation prevails as the counter i) Fixed Assets, Capital work-in-progress and
party (bank) is the valuation agent as per agreement. impairment.
However same can be disputed by ABSLI if valuation i) Fixed assets and depreciation
difference is not agreeable. Fixed assets are stated at cost less accumulated
depreciation. Cost includes the purchase price
ii. Derivatives are undertaken by Company solely for the
and any cost directly attributable to bringing the
purpose of hedging interest rate risks on account of
asset to its working condition for its intended use.
following:
Subsequent expenditure incurred on fixed assets is
a) Reinvestment of maturity proceeds of existing
expensed out in the year of expense except where
fixed income investments;
such expenditure increases the future economic
b) Investment of interest income receivable; and benefits from the existing assets.
c) Expected policy premium income receivable Advances paid towards the acquisition of fixed assets
on insurance contracts which are already outstanding at each balance sheet date and the
underwritten. cost of fixed assets not ready for its intended use
before such date are disclosed under capital work-in-
progress.

Schedule
Assets costing up to `5000 are fully depreciated in the present value of future cash flows expected
the year of acquisition. Depreciation on fixed assets to arise from the continuing use of the asset and
is provided using the straight-line method based on its eventual disposal. The impairment loss to be
the economic useful life of assets as estimated by expensed is determined as the excess of the carrying
the management is as below; amount over the higher of the asset’s net sales
price or present value as determined above. If at
Sr. Estimated Useful the balance sheet date there is an indication that a
Assets Type
No. life (Years)
previously assessed impairment loss no longer exists,
1 Leasehold Improvements 5 years or the maximum
the recoverable amount is reassessed and the asset
and Furniture and fittings renewable period of
is reflected at the recoverable amount, subject to
at leased premises the respective leases,
maximum of depreciable historical cost.
whichever is lower
2 Furniture & fittings (other 10 j) Operating Leases
than (1) above) The Company classifies leases, where the lessor
3 Information Technology 6 effectively retains substantially all the risks and
Equipment – Server benefits of ownership over the lease term, as
Information Technology 2 Operating Leases. Operating lease rentals are
Equipment – Tablet * recognised as an expense on a straight-line basis
Information Technology 5/3 over the lease period.
Equipment – Others *
k) Employee Benefits
4 Vehicles 4/5
i) Short-Term Employee Benefits
5 Office Equipment 5
All employee benefits payable within twelve months
6 Mobile Phones (included 2
of rendering the service are classified as short-term
in office equipment under
employee benefits. Benefits such as salaries and
schedule 10)
bonuses are recognised in the period in which the
* For these class of assets, based on internal and/or external employee renders the related service.
assessment/technical evaluation carried out by the management,
the management believes that the useful lives as mentioned above ii) Long-Term Employment Benefits
best represent the useful life of these respective assets, however The Company has both defined contribution and
these are higher than as prescribed under Part C of Schedule II of defined benefit plans. These plans are financed by the
the Companies Act, 2013.
Company.
Defined Contribution Plans:
Any additions to the original fixed assets are
The Company defined contribution schemes
depreciated over the remaining useful life of the
for superannuation and provident fund to
original asset.
provide retirement benefits to its employees.
ii) Intangibles Contributions to the superannuation schemes
Intangible assets comprise of soware licences are made on a monthly basis and charged to
which are stated at cost less amortisation. revenue account when due.
Soware expenses exceeding `1,000 incurred
Defined Benefit Plans:
on customisation of soware (other than for
Gratuity liability is defined benefit obligation and
maintenance of existing soware) are capitalised.
is funded. The Company accounts for liability for
Soware licences are amortised using Straight-Line
future gratuity benefits based on independent
Method over a period of 5/3 years from the date of
actuarial valuation under revised Accounting
being ready for use.
Standard 15 (AS 15) on ‘Employee Benefits’.
iii) Capital work-in-progress
During the year, the Company has transferred
Assets not ready for their intended use and other
its Provident fund to fund administered
capital work-in-progress are carried at cost,
by Government of India and therefore all
comprising direct cost and related incidental
subsequent contribution are done to aforesaid
expenses.
fund. Further the balance lying with the trust
iv) Impairment of Assets administered by the Company as on the date of
At each balance sheet date, management assesses transfer is also funded to fund administered by
whether there is any indication, based on internal Government of India.
/ external factors, that an asset may be impaired.
The Company also has deferred compensation
Impairment occurs where the carrying value exceeds
plans with the objective of employee retention.
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iii) Other Long-Term Employee Benefits Revenues, other income, other expenses, assets
Compensated absences are entitled to be carried and liabilities which are not directly identifiable
forward for future encashment or availment, at the though attributable to a business segment, are
option of the employee during the tenure of the allocated on the following basis, as considered
employment, subject to the rules framed by the appropriate by the management:
Company in this regard. Accumulated compensated
Gross premium;
absences entitlements outstanding at the close of
the year are accounted on the basis of an independent First year commission;
actuarial valuation. Accumulated entitlements at the
Sum assured;
time of separation are entitled to be encashed.
Policy liability;
Renewal bonus is payable to the individual
insurance agents and a segment of the sales force. Asset under management;
This constitutes a part of the first year commission /
New Business Policy Count;
incentives against receipt of the first year premium
but due and payable at the end of the expiry of two Enforce policy count
years of the policy and is accrued for in the year of
The method of allocation and apportionment
sale of the policy, subject to the intermediaries’ and
has been decided based on the nature of
policy’s continued persistency.
the expense and its logical co-relation with
l) Foreign Currency Transactions various business segments. The allocation and
Transactions in foreign currency are recorded at apportionment of expenses amongst various
the rate of exchange prevailing at the date of the business segments is in accordance with Board
transaction. Monetary assets and liabilities in foreign Approved Policy.
currency are translated at the rates existing as at
n) Taxation
the balance sheet date. The resulting exchange gain
i) Direct Taxes
or loss for revenue transactions is reflected, in the
The Income-Tax Act, 1961 prescribes that profits and
revenue account or the profit and loss account, as the
gains of life insurance Companies will be the surplus
case may be.
or deficit disclosed by the actuarial valuation made in
m) Segment Reporting accordance with the Insurance Act, 1938 as amended
As per Accounting Standard 17 (AS 17) on by the Insurance Laws (Amendment) Act, 2015.
‘Segment Reporting’ read with the “Preparation
Deferred income tax is recognised for future tax
of Financial Statements, Auditor’s Report of
consequences attributable to timing differences
Insurance Companies, Regulations 2002” read
between income as determined by the financial
with the Insurance Laws (Amendment) Act, 2015,
statements and the recognition for income tax
the Company is required to report segment results
purposes. The effect on deferred tax assets and
separately for linked, non-linked, health and pension
liabilities of a change in tax rates is recognised using
businesses. The business is broadly classified as
the tax rates and tax laws that have been enacted or
Participating non-linked, Non-Participating Unit
substantively enacted by the balance sheet date.
Linked and Non-Linked businesses, which are further
segmented into Individual Life, Group Life, Group Life Deferred tax assets are recognised only to the extent
Variable, Individual Pension, Annuity Individual, Group there is reasonable certainty that the assets can be
Pension, Group Pension Variable and Individual Health realised in future. However, where there is unabsorbed
businesses. Accordingly, the Company has prepared depreciation or carried forward loss under taxation
the revenue account and balance sheet for these law, deferred tax assets are recognised only if there is
primary business segments separately. Since the virtual certainty backed by convincing evidence that
business operation of the Company is in India only, such deferred assets can be realised. Deferred tax
the same is considered as one geographical segment. assets are reviewed as at each balance sheet date
and written down or written up to reflect the amount
Allocation Methodology:
that is reasonably or virtually certain, as the case may
The following basis has been used for allocation
be, to be realised.
of revenues, expenses, assets and liabilities to the
business segments: ii) Indirect Taxes
The Company claims credit of Goods and Service
Revenues, other Income, expenses, assets and
tax for input services, which is set off against tax
liabilities directly attributable and identifiable
on output services. The unutilised credits, if any are
to business segments, are allocated on actual
basis; and

Schedule
carried forward to the future period for set off where equity shareholders by the weighted average number
there is reasonable certainty of utilisation. of equity shares outstanding during the year. For the
purpose of calculating diluted earnings per share, the
o) Provisions and Contingencies
net profit or loss for the year attributable to equity
A provision is recognised when the Company has a
shareholders and the weighted average number of
present legal obligation as a result of past event/s
shares outstanding during the year are adjusted for
and it is probable that an outflow of resources will be
the effects of all dilutive potential equity shares.
required to settle the obligation, in respect of which
reliable estimate can be made. These are reviewed r) Cash and Cash Equivalents
at each balance sheet date and adjusted to reflect Cash and cash equivalents for the purposes of
current best estimates. A disclosure for contingent Receipts and Payments account include cash and
liability is made when there is a possible obligation cheques in hand; bank balances, liquid mutual funds
or present obligations that may, but probably will not, and other investments with original maturity of three
require an outflow of resources or it cannot be reliably months or less which are subject to insignificant risk
estimated. When there is a possible obligation or a of changes in value.
present obligation in respect of which the likelihood
s) Receipts and Payments Account
of outflow of resources is remote, no provision or
Receipts and Payments Account is prepared and
disclosure is made. A contingent asset is neither
reported using the Direct Method, in conformity with
recognised nor disclosed.
Para 1.1 (i) of the Master Circular on Preparation
p) Funds for Future Appropriation of Financial Statements and Filing Returns of Life
Insurance Business dated 11th December, 2013
The balance in the funds for future appropriations
issued by the Insurance Regulatory and development
account represents funds, the allocation of
Authority of India.
which, either to participating Policyholders or to
Shareholders, has not been determined at the t) Actuarial Liability Valuation
Balance Sheet date. Transfers to and from the The actuarial Liabilities are calculated in accordance
fund reflect the excess or deficit of income over with accepted actuarial practice, requirements of
expenses and appropriations in each accounting Insurance Act,1938 (amended by the Insurance Laws
period arising in the Company’s Policyholders’ fund. (Amendment) Act, 2015), regulations notified by the
In respect of Participating policies any allocation to Insurance Regulatory and Development Authority of
the policyholder would also give rise to a shareholder India and Actuarial Practice Standards of the Institute
transfer in the required proportion. of Actuaries of India.
Amounts estimated by the Appointed Actuary as u) Provision for Doubtful Debts
Funds for Future Appropriation (FFA) in respect The Company regularly evaluates the probability of
of lapsed Unit Linked Policies are set-aside in the recovery and provides for doubtful advances and
balance sheet and are not available for distribution to other receivables.
shareholders until expiry of the revival period.
v) Valuation of Loan to Body Corporate
q) Earnings Per Share Corporate Loans are valued at cost less provision.
Basic earnings per share are calculated by dividing
the net profit or loss for the year attributable to
264
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Schedule
3 Contingent Liabilities
Sr. No. Particulars Current Year Previous Year
1 Partly paid-up investments 5,648,549 1,579,713
2 Claims, other than against policies, not acknowledged as debts by the Company 22,149 20,612
3 Underwriting commitments outstanding Nil Nil
4 Guarantees given by or on behalf of the Company 5,500 1,000
5 Statutory demands / liabilities in dispute, not provided for Refer Note Below Refer Note Below
6 Reinsurance obligations to the extent not provided for in the accounts Nil Nil
7 Others* 237,926 238,763
* Represents potential liability to the Company (net of reinsurance) in respect of cases filed against the Company’s decision of repudiation of death claims
and customer complaints.
Notes:
1. The Company has received Show Cause-Cum-Demand notices for earlier period relating to Service Tax demands of
` 398,203 as at 31st March, 2019 (as at 31st March, 2018 ` 398,203) plus applicable interest and penalty. Basis legal
opinion obtained, management is of the opinion that these show-cause cum demand notices are not legally tenable and
decided to contest at appellate authority.
4 Operating Lease Commitments
In accordance with Accounting Standard 19 (AS 19) on ‘Leases’, the details of leasing arrangements entered into by the
Company are as under:
The Company has entered into agreements in the nature of cancellable and non-cancellable lease / leave and licence
agreements with different lessor / licencers for the purpose of establishment of office premises, leasehold improvements,
furniture and fixtures, information technology and office equipments. These are generally in the nature of operating leases/
leave and licences.
The operating lease rentals charged during the year and maximum obligations on operating lease payable at the balance sheet
date, as per the rentals stated in the agreements are as follows:
Particulars Current Year Previous Year

Total lease rentals charged to Revenue Account 481,272 455,829
Lease obligations for operating leases - -
- Within one year of the balance sheet date 436,413 489,462
- Due in a period between one year and five years 1,012,798 1,198,498
- Due aer five years 123,113 166,562
5 Foreign Exchange Gain / (Loss)

The Company has recorded foreign exchange loss of ` 132 in the Revenue Account and the same is included under “Interest
and Bank Charges” in Schedule 3 (Previous Year: Loss `446).
6 Earnings Per Share
Profit as per profit and loss account 1,217,597 1,655,723
Weighted average number of equity shares (Nos of shares in '000) 1,901,208 1,901,208
Earnings per share (Basic and Diluted) in ` 0.64 0.87
Face Value per share * 10 10
* Amount in absolute Indian Rupees
7 Encumbrances
The assets of the Company are free from all encumbrances except to the extent assets or monies are required to be deposited
as margin contributions for investment trade obligations of the Company or as mandated by the court, as detailed below:

Schedule
i. Assets deposited with National Securities v. Assets encumbered with Clearing Corporation of
Clearing Corporation Limited (NSCCL) and Indian India Limited (CCIL) towards margin requirement
Clearing Corporation Limited (ICCL) towards for settlement of trades in Securities for default
margin requirement for equity trade settlement:- fund:
Particulars Current Year Previous Year Particulars Current Year Previous Year
Fixed deposit with NSCCL 200,000 200,000 Government Security of face 8,400 2,700
Fixed deposit with ICCL 50,000 50,000 value
Cash 100 NIL
Nature of pledge: Physical custody of the fixed
deposits are with respective clearing houses, however, Nature of pledge: Physical custody of the securities
the income accrued on these deposits shall be passed is maintained with the CCIL, however interest accrued
on to the Company on the maturity of the deposits. on these securities is received by the Company.
These deposits can be invoked by the clearing houses These deposits, both securities and cash, can
in case of settlement default of equity transactions be invoked by CCIL in case of any default by the
at the exchange. Company in settlement of trades in Securities and
TREP segment.
ii. Assets encumbered with Clearing Corporation of
India Limited (CCIL) towards margin requirement vi. Assets encumbered with ICICI Bank towards the
for settlement of trades in TREPS: Bank Guarantee given on behalf of the Company
given by it.
Government Security of face 128,400 80,000 Particulars Current Year Previous Year
value Fixed Deposits 2,500 -
Cash 100 100
vii. Bank Guarantee provided to Pension Fund
iii. Assets encumbered with Clearing Corporation of Regulatory Development Authority for being
India Limited (CCIL) towards margin requirement registered as a Pension Fund for managing the
for settlement of trades in Securities: funds under the National Pension System.
Particulars Current Year Previous Year Particulars Current Year Previous Year
Government Security of face 240,000 220,000 Fixed Deposits 3,000 1,000
value
Cash 25,100 25,100 8 Commitments Made and Outstanding on Fixed Assets
The commitments made and outstanding for fixed assets
by the Company are bifurcated as below:
iv. Assets encumbered with Clearing Corporation of
India Limited (CCIL) towards margin requirement for Particulars Current Year Previous Year
settlement of trades in TREPS for default fund: i. Tangible 27,498 10,871
ii. Intangible 97,304 102,131
Total 124,802 113,002
value
Cash 2,300 2,200
266
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Schedule
9 1. Nature and Term of Outstanding Derivative Contract

a) Forward rate Agreement

i) Total notional principal amount of forward rate agreement undertaken during the year
(instrument-wise)
7.73% Gsec 19-12-2034 - 2,000,000
8.30% Gsec 31-12-2042 - 869,810
8.32% Gsec 02-08-2032 - 1,523,690
7.40% Gsec 09-09-2035 1,000,000 -
ii) Total notional principal amount of forward rate agreement outstanding as on end of the
year (instrument-wise)
7.73% Gsec 19-12-2034 1,522,530 2,000,000
8.30% Gsec 31-12-2042 694,210 869,810
8.32% Gsec 02-08-2032 838,230 1,523,690
7.40% Gsec 09-09-2035 871,233 -
iii) Notional principal amount of forward rate agreement outstanding and not ‘highly effective’ - -
as at Balance Sheet date
iv) Mark-to-market value of forward rate agreement outstanding and not ‘highly effective’ as - -
at Balance Sheet date
v) Loss which would be incurred if counter party failed to fulfil their obligation under - -
agreements
b) The fair value mark to market (MTM) gains or losses in respect of Forward Rate Agreement outstanding as at the
Balance Sheet date is stated below:
Sr. No. Hedging Instrument Current Year Previous Year

i) 7.73% Gsec 19-12-2034 (11,773) 7,271
ii) 8.30% Gsec 31-12-2042 (30,199) (23,817)
iii) 8.32% Gsec 02-08-2032 (8,114) (15,130)
iv) 7.40% Gsec 09-09-2035 6,439 -
c) Movement in Hedge Reserve
Hedge Reserve Account Current Year Previous Year

Sr. No.
Realised Unrealised Total Realised Unrealised Total
i) Balance at the beginning of the year - (52,805) (52,805) - - -
ii) Add: Changes in the fair value during the Year - 7,156 7,156 - (52,805) (52,805)
iii) Less: Amounts reclassified to Revenue /Profit & (283) - (283) - - -
Loss Account
d) Counter Party wise Details

i) Name of the Counter Party J.P. Morgan / CITI Bank J.P. Morgan
ii) Hedge Designation Cash flow hedge Cash flow hedge
iii) Likely impact of one percentage change in interest rate (100*PV01)
a) Underlying being hedged Sovereign Bonds Sovereign Bonds
b) Derivative Forward Rate Agreement Forward Rate Agreement
iv) Credit Exposure

Schedule
10 Foreign Currency Exposure

The year-end foreign currency payments that have not been hedged by a derivative instrument or otherwise are given below:

Foreign currency Amount in Foreign Amount in Foreign
INR INR
currency currency
CAD 24,816 476 33,259 643
SGD - - 4,673 100
DIRHAM 226 17 17,785 1,012
USD 42,980 702 28,041 404
POUND - - 188 2
GBP 806 9 186 2
11 Provisions
The cost estimate determined aer the factoring in assumptions in respect of criteria identified in the Plan which include the
following
1. Employee Attrition Rate
2. Performance Condition
3. Discount Rate

Particulars
Opening balance 140,676 116,871
Additional provision made 148,081 117,864
Incurred and charged (101,622) (59,453)
Unused amount reversed * (30,483) (34,606)
Closing balance 156,652 140,676
Nature of obligation Long-Term Long-Term
Incentive Incentive
Expected timing Up to 3 Years Up to 3 Years
* The unused amount of Long-Term Bonus Plan has been credited to “Employees" remuneration, welfare benefit and other manpower costs Schedule 3.
12 Employee benefits
a) Defined Benefit Plans
(i) Gratuity
The Company provides for gratuity, a defined benefit retirement plan covering all employees as at balance sheet date
using projected unit credit method. The plan provides a lump sum payment to vested employees at retirement or
termination of employment based on the respective employee’s salary and the years of employment with the Company.
The gratuity benefit payable is greater of the provisions of the Payment of Gratuity Act, 1972 and the Company’s
Gratuity Scheme as mentioned below:
Change in Defined benefit obligations Current Year Previous Year

Present value of Defined benefit obligations as at beginning of the year 333,931 295,999
Service cost 47,883 36,177
Benefits paid (30,748) (31,254)
Actuarial loss due to curtailment - -
Actuarial loss on obligations (4,436) 19,640
Present value of Defined benefit obligations as at end of the year 369,248 333,931
Reconciliation of present value of the obligation and the fair value of the plan assets -
Opening Fair Value of Plan assets 336,566 285,738
Contributions by the employer for the year 24,741 65,373
268
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Schedule
Change in Defined benefit obligations Current Year Previous Year

Benefits paid (30,747) (31,253)
Expected Return on Plan Assets 26,685 25,738
Actuarial Gain / (Loss) 1,501 (2,913)
Closing Fair Value of Plan assets 358,746 336,566
Net asset/ (liability) as at end of the year (10,502) 2,635
Cost recognised for the year - -
Current service cost 47,882 36,177
Expected return on plan assets (26,685) (25,738)
Actuarial (gain) / loss due to curtailment - -
Cost of Gratuity for FFS not part of Valuation - -
Actuarial (gain) / loss (5,937) 22,553
Net gratuity cost 37,878 52,478
Transitional Liability expended in Revenue Account - -
Investment in Category of Assets (% Allocation) - -
Insurer Managed Funds* 100.00% 100.00%
Group Stable Fund 0.00% 0.00%
Group Short-Term Debt Fund 0.00% 0.00%
Rate of return on plan 7.65% 8.00%
*The amount is invested in Group Secure Fund Plan 1 of Aditya Birla Sun Life Insurance Limited, Gratuity and Group Unit Linked Product (GULP)
scheme. Below is the asset allocation of fund.
Asset allocation Current Year Previous Year

Debt securities 100.00% 100.00%
Equity and money market 0.00% 0.00%
Total 100.00% 100.00%

Particulars 2018-19 2017-18 2016-17 2015-16 2014-15
Defined Benefit Obligation 369,248 333,931 295,999 273,944 250,057
Plan Assets 358,746 336,566 285,738 265,445 293,429
(Surplus) /Deficit (10,502) (2,635) 10,261 8,498 (43,372)
Experience adjustment on Plan Liabilities (9,629) 28,544 10,384 13,034 5,070
Experience adjustment on Plan Assets 1,501 (2,913) 12,169 (14,353) 23,581
The contributions expected to be paid to the plan during the annual period beginning aer the balance sheet date is
` 65,961 (Previous Year: ` 53,246)
(ii) Accumulated Compensated Absences

The liability for accumulated compensated absences as at balance sheet date has been calculated by using projected
unit credit method. This method takes into account the pattern of availment of leave while in service and qualifying
salary on the date of availment of leave.

Schedule
Present value of obligation for accumulated compensated absences as determined by the Actuary is given below:
Present value of obligations as at end of the year 134,857 110,564
Fair value of plan assets - -
Actuarial assumptions used -
Cost recognised during the year 41,548 4,599
(iii) Defined contribution plans

The Company has recognised the following amounts as expense in the Revenue account;
Contribution to superannuation fund 6,688 7,030
Contribution to Employee State Insurance Corporation 40,035 35,852
Contribution to National Pension Scheme 6,379 4,571
Contribution to Employee Provident Fund 116,402 96,582
13 Segment reporting
As per Accounting Standard 17 on ‘Segment Reporting’ read with the “Preparation of Financial Statements and Auditor’s Report
of Insurance Companies, Regulations 2002”,the Company is required to report segment results separately as Participating
non-linked, Non-Participating Unit Linked and Non-Linked businesses, which are further segmented into Individual Life,
Group Life, Group Life Variable, Annuity Individual, Individual Pension, Group Pension, Group Pension Variable and Individual
Health businesses. The same is disclosed in Annexure 1.
14 Related Party Disclosure
During the year ended 31st March, 2019, the Company has had transactions with related parties as defined in Accounting
Standard 18 on ”Related Party Disclosures”. Related Parties have been identified by the management on the basis of the
information available with the Company. Details of related parties with whom, the Company had transactions, nature of the
relationship, transactions with them and balances at year-end, are detailed in Annexure 2.
15 Debit balance in Profit & Loss account
In accordance with IRDA (preparation of Financial Statements and Auditors' Reports of Insurance Companies) Regulation
2002 and the Insurance Laws (Amendment) Act, 2015, debit balance in Profit and Loss account carried to the Balance Sheet
has been shown as deduction from General reserve to the extent of ` 406,127 as at 31st March, 2019 (as at 31st March,
2018 ` 406,127) and the balance of ` 774,023 at 31st March, 2019 (as at 31st March, 2018 `1,991,621 is shown in
Balance Sheet under application of funds.
16 Transfer to and from Revenue account (Policyholder's account)
Disclosure in line with Para No 2.6 of Master Circular on preparation of Financial Statements and filing Returns of Life
Insurance Business vide Circular No IRDA /F&A/Cir/232/12/2013 dated 11.12.2013
The Board of Director of the Company has noted that contribution from shareholder account to policyholder is `13,92,226
(Previous Year: `1,066,492) and the same has been charged to shareholders’ account. The board has recommended that the
same would be subjected to approval of the shareholders of the Company at the ensuing annual general meeting. The transfer
amount is irreversible in nature and will not be recouped to the shareholder at any point of time in future.
Shareholders’ contribution of ` 10,66,492/- to the Policyholders’ account for the previous year has been approved by
shareholders at the Annual General Meeting held on 3rd July, 2018
17 Long-term Contracts
The Company has a process whereby periodically all long-term contracts are assessed for material foreseeable losses. At the
year end, the Company has reviewed and ensured that adequate provision as required under any law / accounting standards
for material foreseeable losses on such long-term contracts has been made in the books of account.
For insurance contracts reliance has been placed on the Appointed Actuary for actuarial valuation of liabilities for policies in
force. The Appointed Actuary has confirmed that the assumptions used in valuation of liabilities for policies in force are in
accordance with the guidelines and norms issued by the Insurance Regulatory and Development Authority of India ("IRDA")
and the Institute of Actuaries of India in concurrence with the IRDA.
270
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Schedule
18 Pending Litigations
The Company’s pending litigations comprise of claims against the Company primarily by the customers and proceedings
pending with Income Tax authorities. The Company has reviewed all its pending litigations and proceedings and has adequately
provided for where provisions are required and disclosed the contingent liabilities where applicable, in its financial statements.
The Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial results.
Refer Note 3 for details on contingent liabilities. In respect of litigations, where the management assessment of a financial
outflow is probable, the Company has made a provision of ` 102,680 as at 31st March 2019. (Previous year `130,435).
19 Amount spent on Corporate Social Responsibility
Expenditure related to Corporate Social Responsibility as per Section 135 of the Companies Act, 2013 read with Schedule
VII thereof:
In Cash Yet to be paid in Cash Total

Particulars
2018-19 2017-18 2018-19 2017-18 2018-19 2017-18
a. Gross Amount Required to be spent 28,700 36,548 - - 28,700 36,548
b. Amount Spent During the year on: - - - - - -
i Construction/acquisition of any assets - - - - - -
ii Purpose other than i above 28,700 24,964 - - 28,700 24,964
20 Payments made to statutory auditors for additional work other than statutory audit
Nature of work Current Year Previous Year
Towards Group reporting pack (Sch 3A) 2,000 2,000
Certification fees (Sch 3) 973 514
Tax Audit 200 150
21 Payment of sitting fees to independent directors impairment loss recognised for year ended 31st March,
Sitting Fees paid to independent directors in the current 2019 is Nil (Previous Year: ` 6,499)
year is ` 985 (Previous Year: ` 1,105).
25 The Micro, Small and Medium Enterprises Development
22 Limits on Expense of Management (Section. 40B of the (MSMED) Act, 2006
Insurance Law (Amendment) Act, 2015 According to the information available with the
In accordance with IRDAI notification dated 9th May, management, on the basis of the intimation received from
2016 bearing reference no.. IRDAI/Reg/14/126/2016, the suppliers, regarding their status under the Micro, Small
the Company has worked out Expense of Management and Medium Enterprises Development Act, 2006 (MSMED
by considering allowance at 100% (Previous Year: 110%) Act), the Company has no amounts due to Micro and Small
on segment basis to ascertain the excess thereof which Enterprises under the said Act, as at 31st March, 2019.
has been borne by the shareholders. Accordingly, amount (Previous Year: ` Nil)
aggregating ` 8,20,100 (Previous Year: `1,018,874) has
26 Provision for Standard and Non-Standard Assets
been deducted from schedule 3 and added to schedule 3A.
Provision for standard assets is made In line with the
23 Employee Stock Option Plan ‘Guidelines on Prudential norms for income recognition,
Pursuant to ESOP Plan being established by the holding Asset classification, Provisioning and other related matters
company (i.e. Aditya Birla Capital Limited), stock options in respect of Standard Assets as specified by IRDAI vide
were granted to the employees of the Company during the the Master Circular dated 3rd May, 2017. During the year,
financial year. Total cost incurred by the holding company there is a provision reversal on standard assets recognised
till date is being recovered from the Company over the in Revenue Account amounting to `163 (Previous Year:
period of vesting. Accordingly, a sum of `2,25,163 creation of provision of `1,278) and oustanding balance
(Previous Year: ` 1,11,715) has been recovered from the of provision as on 31st March,2019 is of `1,115 (Previous
Company during the year, which has been charged to Year: `1,278) as required under IRDAI (Investment)
the Statement of Profit and Loss. The balance sum of Regulations 2016.
`110,837 (Previous Year: ` 2,34,156) will be recovered
27 Provision for tax
in future periods.
During the year, the Company has made provision for tax
24 Diminution in the value of Investments. (net) amounting to `240,365 thousands (Previous Year:
In accordance with impairment policy of the Company, `Nil) charged to the Revenue Account in accordance with
diminution in value of investments has been recognised the Income Tax Act, 1961 and Rules and Regulations there
under the head "provision for diminution in the value of under as applicable to the Company.
investments (Net)" in the profit and Loss account. The total

Schedule
28 Previous Year: comparatives:

Previous Year: amounts have been reclassified, wherever necessary and to the extent possible, to conform to current year’s
classification.
Sr. No. Regrouped from Amount Regrouped to Reason

1 Sch 8 -Long-Term - Other 1,696,568 Sch 8-Long-term - As per the preparation of financial statement
classification.
2 Sch 8 - Short-Term- Other 559,435 Sch 8- Short-Term-Other As per Annexure II of Master Circular of
3 Sch 8A - Long-Term - Other 4,118,470 Sch 8A - Long-term - As per the preparation of financial statement
classification.
4 Sch 8A - Short-Term - Other 3,202,793 Sch 8A - Short-Term-Other As per Annexure II of Master Circular of
5 Sch 8B - Long-Term - Other 1,943,781 Sch 8B - Long-term - As per the preparation of financial statement
classification.
6 Sch 8B - Short-Term- Other 6,051,332 Sch 8B - Short-Term-Other As per Annexure II of Master Circular of
7 Sch 10 - Intangibles Soware 1,936 Information Technology Nature of the Asset pertains to Information
Equipment Technology Equipmen. Hence the
classification.
8 Sch 12 - Advance to Suppliers/ 8,542 Sch 12 - Goods and Service These Expenses pertains to Goods and
Contractors tax unutilised credits Service Tax Input Credit Receivable. Hence the
classification.
9 Sch3A Others: Miscellaneous 762 Sch 3A - Legal and These Expenses pertains to Legal and
expenses professional charges Professional fees. Hence the classification.
10 Sch 12 - Others Gratuity and 333,931 Sch 14 - Provision for gratuity Grossing up of Liability and Asset of gratuity
Advances to Employees

CEO (DIN - 00061240)
272

Group Linked
Variable Life
Schedule
Premium earned-net
(a) Premium 19,398,853 8,442,666 740,116 566,033 57,804 18,800,885 7,927,219 1,400,410 20,391 812,297 3,403,238 1,555,724 92,798 11,894,178 75,112,612
Sub-Total 18,792,574 8,442,096 739,908 566,033 54,672 18,154,906 6,967,820 1,400,410 20,391 812,297 3,403,238 1,555,724 67,008 11,879,177 72,856,254
(a) Interest, Dividend & 9,009,989 2,723,438 461,530 506,854 26,941 3,854,451 1,246,350 581,517 23,976 87,172 945,009 556,848 239 1,319,704 21,344,018
Rent - Gross
(b) Profit on Sale / 11,934,903 872,574 424,940 273,324 40,922 270,864 184,061 86,307 1,222 1,994 144,184 77,435 13 247,852 14,560,595
Redemption of Investments
(c) (Loss) on Sale / (7,117,772) (462,997) (258,736) (156,028) (24,568) (81,034) (59,197) (41,353) (366) - (51,886) (35,888) (2) (112,870) (8,402,697)
Redemption of Investments
(d) Transfer /Gain (Loss) on 2,470,723 676,998 190,185 252,027 20,304 (28,949) - - - - - - - - 3,581,288
Fair value*
Sub-Total 16,297,843 3,810,013 817,919 876,177 63,599 4,015,332 1,371,214 626,471 24,832 89,166 1,037,307 598,395 250 1,454,686 31,083,204
Other Income
(a) Contribution from the - 75,615 - - - 1,125,387 - - 15,546 - - - 16,906 158,701 1,392,155
(b) Others (Interest etc) 100,805 26,345 2,319 1,773 186 150,648 24,704 4,369 74 2,506 10,612 4,853 485 103,678 433,357
Sub-Total 100,805 101,960 2,319 1,773 186 1,276,035 24,704 4,369 15,620 2,506 10,612 4,853 17,391 262,379 1,825,512
Total (A) 35,191,222 12,354,069 1,560,146 1,443,983 118,457 23,446,273 8,363,738 2,031,250 60,843 903,969 4,451,157 2,158,972 84,649 13,596,242 105,764,970
Commission 843,960 672 9,882 39 1,671 1,778,550 95,502 - 322 12,968 - 1,834 12,271 1,419,827 4,177,498
01-19
Operating Expenses related 2,450,339 136,076 20,927 12,192 4,152 5,015,896 348,752 22,821 458 3,053 53,227 33,325 27,393 2,874,802 11,003,413
Corporate Overview
Provision for doubtful debts 537 - 6 - 1 1,129 61 - - 8 - 1 8 901 2,652

Provision for Tax - - - - - - - - - - - - - 240,365 240,365
20-68

taxation)
Statutory Reports
value of investment
(Net)
(b) Others - Provision - - - - - (163) - - - - - - - - (163)
00-00
for standard and non

69-288
standard assets

Total (B) 4,287,510 212,794 62,150 27,148 12,943 6,795,412 444,315 22,821 780 16,029 53,227 35,160 39,672 4,535,895 16,545,856
273
274

ANNUAL REPORT

Group Linked
Variable Life
Schedule
2018-19
Benefits paid (Net) 31,482,494 4,860,879 2,305,758 1,168,528 38,683 1,550,801 3,994,114 3,465,783 27,244 81,200 1,882,001 939,758 43,543 644,318 52,485,104
in force
(a) Gross *** (22,404) 12,350 (29,570) (372) 26,989 14,933,027 4,135,207 (1,532,310) 32,819 648,993 2,508,328 1,144,355 32,060 8,384,031 30,273,503
(b) Fund Reserve (2,249,044) 7,267,909 (691,594) 83,215 29,040 - - - - - - - - - 4,439,526
(c) Fund Reserve - PDF 183,852 - (262,533) - - - - - - - - - - - (78,681)
(d) (Amount ceded in 231,119 137 2,357 - (2,047) 167,033 (252,595) - - - - - (30,626) 624 116,002
Re-insurance)
Re-insurance
Total (C) 29,626,017 12,141,275 1,324,418 1,251,371 92,665 16,650,861 7,876,726 1,933,473 60,063 730,193 4,390,329 2,084,113 44,977 9,060,347 87,266,828
Surplus/ (Deficit) (D) 1,277,695 - 173,578 165,464 12,849 - 42,697 74,956 - 157,747 7,601 39,699 - - 1,952,286
= (A) - (B) - (C)
Appropriations
Transfer to Shareholders 1,245,002 - 178,897 165,464 12,849 - 42,697 74,956 - 157,747 7,601 39,699 - - 1,924,912
Account
Balance being Funds for 32,693 - (5,319) - - - - - - - - - 27,374
Total (D) 1,277,695 - 173,578 165,464 12,849 - 42,697 74,956 - 157,747 7,601 39,699 - - 1,952,286

mentioned below:
(b) Terminal Bonus Paid - - - - - - - - - - - - - 1,174 1,174

policyholders
(d) Surplus/(Deficit) shown 1,277,695 - 173,578 165,464 12,849 - 42,697 74,956 - 157,747 7,601 39,699 - - 1,952,286
(e) Total Surplus: {a+b+c} 1,277,695 - 173,578 165,464 12,849 - 42,697 74,956 - 157,747 7,601 39,699 - 2,065,674 4,017,960
***represents Mathematical Reserves aer allocation of bonus.

Group Linked
Variable Life
Schedule
Premium earned-net
(a) Premium 17,921,296 6,532,842 964,523 647,697 68,304 13,942,955 4,152,139 1,668,092 16,783 216,125 1,724,561 1,968,797 116,009 9,089,910 59,030,033
Sub-Total 17,383,240 6,532,363 963,792 647,697 65,692 13,444,454 3,418,686 1,668,092 16,783 216,125 1,724,561 1,968,797 84,209 9,080,041 57,214,532
(a) Interest, Dividend & 9,303,509 2,446,173 364,236 449,695 22,939 2,982,234 983,431 523,821 23,951 58,882 665,497 470,635 333 771,046 19,066,382
Rent - Gross
(b) Profit on sale / redemption 17,241,414 1,272,208 510,071 418,841 42,504 90,273 251,399 169,461 290 655 221,073 147,805 7 129,553 20,495,554
of investments
(c) (Loss) on sale / (2,325,549) (264,505) (107,655) (75,229) (10,791) (6,926) (29,548) (16,251) - - (37,588) (18,115) - (44) (2,892,201)
(d) Transfer /Gain (Loss) on (5,879,032) (536,916) 76,122 (157,348) 15,471 (84,480) - - - - - - - - (6,566,183)
Fair value*
Sub-Total 18,340,342 2,916,960 842,774 635,959 70,123 2,981,101 1,205,282 677,031 24,241 59,537 848,982 600,325 340 900,555 30,103,552
Other Income
(a) Contribution from the - - - 7,770 - 503,438 36,615 - - - 18,089 12,943 - 487,637 1,066,492
(b) Others (Interest etc.) 115,447 25,953 3,832 2,573 271 97,858 16,395 6,632 113 7,822 859 6,851 510 64,420 349,536
Sub-Total 115,447 25,953 3,832 10,343 271 601,296 53,010 6,632 113 7,822 18,948 19,794 510 552,057 1,416,028
Total (A) 35,839,029 9,475,276 1,810,398 1,293,999 136,086 17,026,851 4,676,978 2,351,755 41,137 283,484 2,592,491 2,588,916 85,059 10,532,653 88,734,112
Commission 588,749 857 16,575 4,329 2,130 1,068,022 54,247 - 190 3,835 - 817 19,138 929,285 2,688,174
01-19
Operating Expenses related 1,808,027 136,213 28,570 15,039 4,130 3,412,295 286,046 34,060 424 911 36,050 39,927 32,516 2,339,441 8,173,649
Corporate Overview
Provision for doubtful debts 1,719 3 48 13 6 3,118 158 - 1 11 - 2 56 2,713 7,848

Provision for Tax - - - - - - - - - - - - - - -
20-68

taxation)
Statutory Reports
value of investment
(Net)
(b) Others - - - - - 1,278 - - - - - - - - 1,278
00-00
69-288
Total (B) 3,386,915 214,042 81,481 22,552 13,309 4,484,713 340,451 34,060 615 4,757 36,050 40,746 51,710 3,271,439 11,982,840

275
276

ANNUAL REPORT

Group Linked
Variable Life
Schedule
2018-19
Benefits paid (Net) 36,899,048 4,068,849 1,910,732 648,073 35,647 1,553,185 1,918,509 166,231 10,910 58,222 237,485 2,584,659 14,556 446,997 50,553,103
in force
(a) Gross*** (153,492) 6,199 8,709 254 10,204 7,358,268 2,517,113 2,147,712 22,831 192,749 2,318,956 (36,489) 2,012 6,787,673 21,182,699
(b) Fund Reserve (5,902,920) 5,108,474 (482,214) 623,120 38,840 - - - - - - - - - (614,700)
(c) Fund Reserve - PDF (1,155,466) - 172,054 - - - - - - - - - - - (983,412)
(d) (Amount ceded in
385,913 (81) 135 - (855) 3,630,685 (99,095) - - - - - (3,306) 3,401 3,916,797
Re-insurance)
(e) Amount accepted in
- - - - - - - - - - - - - - -
Re-insurance
Total (C) 30,073,083 9,183,441 1,609,416 1,271,447 83,836 12,542,138 4,336,527 2,313,943 33,741 250,971 2,556,441 2,548,170 13,262 7,261,214 74,077,630
Surplus/ (Deficit) (D) 2,379,031 77,793 119,501 - 38,941 - - 3,752 6,781 27,756 - - 20,087 - 2,673,642
= (A) - (B) - (C)
Appropriations
Transfer to Shareholders
2,390,870 77,793 122,096 - 40,931 - - 3,752 6,781 27,756 - - 20,087 - 2,690,066
Account
Balance being Funds for
(11,839) - (2,595) - (1,990) - - - - - - - (16,424)
Total (D) 2,379,031 77,793 119,501 - 38,941 - - 3,752 6,781 27,756 - - 20,087 - 2,673,642

mentioned below:
(b) Allocation of Bonus to - - - - - - - - - - - - - 1,566,303 1,566,303
policyholders
(c) Surplus/(Deficit) shown
2,379,031 77,793 119,501 - 38,941 - - 3,752 6,781 27,756 - - 20,087 - 2,673,642
(d) Total Surplus: {a+b+c} 2,379,031 77,793 119,501 - 38,941 - - 3,752 6,781 27,756 - - 20,087 1,589,446 4,263,088
***represents Mathematical Reserves aer allocation of bonus.
Group Non-Linked
Particulars Pension Group Health Individual Group Life Pension Annuity Group Health Shareholders Total
Individual Life Group Life Group Life Pension Individual
Individual Pension Individual Life Variable Individual Individual Pension Individual Fund
Variable Life
Sources of Funds
Schedule
Share Capital - - - - - - - - - - - - - - 19,012,080 19,012,080
Sub-Total - - - - - - - - - - - - - - 21,721,366 21,721,366
Borrowings - - - - - - - - - - - - -
Credit/(Debit) Fair Value - - - - - 854,643 (49,536) (73,091) 5,085 1 (64,986) (59,247) (13) 2,762 - 615,619
Change Account
Policy Liabilities 3,256,800 67,224 99,174 14,651 145,956 62,015,800 19,096,137 7,502,431 373,208 1,523,578 13,505,043 8,005,282 5,119 24,481,222 - 140,091,625
Liabilities
policies
(i) Discontinued on 4,399,748 - 917,669 - - - - - - - - - - - - 5,317,417
account of non-
payment of premium
(ii) Others
Credit/(Debit) Fair Value 16,075,130 359,500 65,056 1,719,490 513,716 - - - - - - - - - - 18,732,892
01-19
Sub-Total 189,800,058 48,072,516 8,302,753 8,345,457 702,970 62,870,443 19,046,601 7,429,340 378,293 1,523,579 13,440,057 7,946,035 5,106 24,483,984 - 392,347,193
Funds for Future
Appropriation
Corporate Overview
Total 189,877,527 48,072,516 8,304,947 8,345,457 702,970 62,870,443 19,046,601 7,429,340 378,293 1,523,579 13,440,057 7,946,035 5,106 24,483,984 21,721,366 414,148,222
20-68
Statutory Reports
00-00
69-288

277
278
ANNUAL REPORT
Group Non-Linked
Particulars Pension Group Health Individual Group Life Pension Annuity Group Health Shareholders Total
Individual Life Group Life Group Life Pension Individual
Individual Pension Individual Life Variable Individual Individual Pension Individual Fund
Variable Life
Schedule
2018-19
Investments
Shareholders' - - - - - - - - - - - - - - 20,745,024 20,745,024
Policyholders' 2,869,563 55,089 80,224 12,765 126,386 57,770,772 17,994,206 7,322,754 315,756 1,379,208 13,421,655 7,874,107 5,958 22,738,555 - 131,966,998
Linked Liabilities
Loans 372,465 - - - - 629,328 - - - - - - - 138,807 - 1,140,600
Fixed Assets 234,339 101,988 8,941 6,838 698 227,117 95,762 16,917 246 9,813 41,111 18,793 1,121 143,683 4,562 911,929
Current Assets
Cash and Bank Balances 1,958,422 852,334 74,719 57,144 5,836 1,898,054 800,297 141,379 2,059 82,006 343,576 157,059 9,368 57,930 1,050 6,441,233
Advances and Other (489,795) 442,678 7,784 30,325 11,117 4,351,994 2,409,203 254,127 9,314 78,644 508,951 275,173 (12,437) 2,173,946 876,518 10,927,542
Assets*
Sub-Total (A) 1,468,627 1,295,012 82,503 87,469 16,953 6,250,048 3,209,500 395,506 11,373 160,650 852,527 432,232 (3,069) 2,231,876 877,568 17,368,775
Current Liabilities (134,734) 1,023,801 408,391 68,627 35,690 2,834,064 3,015,903 169,767 2,372 89,018 412,562 189,035 (38,216) 1,651,800 10,239 9,738,319
Provisions 170,650 74,269 6,511 4,979 508 165,389 69,735 12,319 179 7,146 29,938 13,686 816 104,632 - 660,757
Sub-Total (B) 35,916 1,098,070 414,902 73,606 36,198 2,999,453 3,085,638 182,086 2,551 96,164 442,500 202,721 (37,400) 1,756,432 10,239 10,399,076
Net Current Assets 1,432,711 196,942 (332,399) 13,863 (19,245) 3,250,595 123,862 213,420 8,822 64,486 410,027 229,511 34,331 475,444 867,329 6,969,699
(C) = (A-B)
Miscellaneous - - - - - - - - - - - - - - - -
Expenditure (To the
extent not written off or
Adjusted)
Debit Balance in Profit - - - - - - - - - - - - - - 774,023 774,023
and Loss Account
Total 191,452,336 48,359,311 7,960,345 8,364,272 664,853 61,877,812 18,213,830 7,553,091 324,824 1,453,507 13,872,793 8,122,411 41,410 23,496,489 22,390,938 414,148,222
Sources of Funds
Schedule
Share Capital - - - - - - - - - - - - - - 19,012,080 19,012,080
Sub-Total - - - - - - - - - - - - - - 22,109,680 22,109,680
Borrowings - - - - - - - - - - - - -
Credit/(Debit) Fair Value - - - - - 804,537 (84,456) - - 9 (256,147) - - 52,299 - 516,242
Change Account
Policy Liabilities 3,048,082 54,737 126,387 15,024 121,014 46,915,740 15,213,525 9,034,741 340,390 874,585 10,996,715 6,860,927 3,686 16,096,567 - 109,702,120
Liabilities
policies
(i) Discontinued on 4,215,896 - 1,180,202 - - - - - - - - - - - - 5,396,098
account of non-
payment of premium
(ii) Others
Credit/(Debit) Fair Value 30,237,154 2,375,704 269,098 - - - - - - - - - - 32,881,956
01-19
Sub-Total 191,656,530 40,792,121 9,284,093 8,262,615 648,988 47,720,277 15,129,069 9,034,741 340,390 874,594 10,740,568 6,860,927 3,686 16,148,866 - 357,497,465
Funds for Future
Appropriation
Corporate Overview
Total 191,701,306 40,792,121 9,291,606 8,262,615 648,988 47,720,277 15,129,069 9,034,741 340,390 874,594 10,740,568 6,860,927 3,686 16,148,866 22,109,680 379,659,434
20-68
Investments
Statutory Reports
00-00
69-288

279
280
ANNUAL REPORT

Shareholders' - - - - - - - - - - - - - - 18,513,983 18,513,983

Schedule
2018-19
Policyholders' 2,964,073 52,458 128,324 14,398 115,975 44,962,200 14,580,044 8,658,540 326,216 753,297 10,538,819 6,575,243 3,533 13,165,654 - 102,838,774
Linked Liabilities
Loans 401,220 - - - - 289,028 - - - - - - - 52,750 - 742,998
Fixed Assets 224,683 81,903 12,092 8,120 856 174,804 52,056 20,913 210 2,710 21,621 24,683 1,454 113,961 5,467 745,533
Current Assets
Cash and Bank Balances 2,109,917 769,127 113,556 76,255 8,042 1,641,537 488,841 196,388 1,976 25,445 203,037 231,791 13,658 204,724 1,318 6,085,612
Advances and Other 2,938,665 913,187 (225,269) 91,047 9,602 3,525,239 164,113 234,525 2,595 30,384 242,471 276,785 19,937 2,051,662 77,605 10,352,548
Assets*
Sub-Total (A) 5,048,582 1,682,314 (111,713) 167,302 17,644 5,166,776 652,954 430,913 4,571 55,829 445,508 508,576 33,595 2,256,386 78,923 16,438,160
Current Liabilities 2,430,615 987,813 117,312 99,092 31,955 1,813,499 682,370 252,168 1,978 25,850 260,704 297,848 (22,232) 1,325,561 1,034 8,305,567
Provisions 177,656 64,761 9,561 6,421 677 138,218 41,161 16,536 166 2,142 17,096 19,517 1,150 90,109 - 585,171
Sub-Total (B) 2,608,271 1,052,574 126,873 105,513 32,632 1,951,717 723,531 268,704 2,144 27,992 277,800 317,365 (21,082) 1,415,670 1,034 8,890,738
Net Current Assets 2,440,311 629,740 (238,586) 61,789 (14,988) 3,215,059 (70,577) 162,209 2,427 27,837 167,708 191,211 54,677 840,716 77,889 7,547,422
(C) = (A-B)
Miscellaneous - - - - - - - - - - - - - - - -
Expenditure (To the
extent not written off or
Adjusted)
Debit Balance in Profit - - - - - - - - - - - - - - 1,991,621 1,991,621
and Loss Account
Total 194,638,735 41,501,485 9,059,536 8,331,898 629,817 48,641,091 14,561,523 8,841,662 328,853 783,844 10,728,148 6,791,137 59,664 14,173,081 20,588,960 379,659,434

Par Non-
Variable
1. First year premiums 6,085,392 - 80,795 78,457 (247) 6,535,602 868,398 - (9) - - 261,690 49,478 4,079,088 18,038,644
3. Single Premiums 288,599 8,442,666 38,487 11,380 51 12,324 5,599,322 1,400,410 - 812,297 3,390,000 1,136,525 - (7) 21,132,054
Total Premiums 19,398,853 8,442,666 740,116 566,033 57,804 18,800,885 7,927,219 1,400,410 20,391 812,297 3,403,238 1,555,724 92,798 11,894,178 75,112,612


Par Non-

Variable
1. First year premiums 3,843,484 - 225,813 194,751 (156) 3,793,023 836,561 - (831) - 139 1,055,490 83,139 2,540,501 12,571,914
3. Single Premiums 794,188 6,532,842 17,315 48,378 - 9,623 2,222,399 1,668,092 - 216,125 1,710,000 837,154 - - 14,056,116
Total Premiums 17,921,296 6,532,842 964,523 647,697 68,304 13,942,955 4,152,139 1,668,092 16,783 216,125 1,724,561 1,968,797 116,009 9,089,910 59,030,033

01-19

Corporate Overview
20-68
Statutory Reports
00-00
69-288

281
282
ANNUAL REPORT
Par Non-
Group
Particulars Individual Pension Pension Health Individual Group Life Pension Annuity Group Health Linked Total
Life Individual Group Individual Life Variable Individual Individual Pension Individual Individual Life
Variable
2018-19
Commission paid
Direct - First year 544,730 158 3,561 - (112) 1,402,260 29,056 - - (64) - 666 11,048 1,067,307 3,058,610
premiums
Renewal premiums 294,067 230 5,596 39 1,783 376,103 38,458 - 322 (2) - 344 1,223 352,527 1,070,690
Single premiums 5,163 284 725 - - 187 27,988 - - 13,034 - 824 - (7) 48,198
Sub-Total 843,960 672 9,882 39 1,671 1,778,550 95,502 - 322 12,968 - 1,834 12,271 1,419,827 4,177,498
Re-insurance Ceded
Net Commission 843,960 672 9,882 39 1,671 1,778,550 95,502 - 322 12,968 - 1,834 12,271 1,419,827 4,177,498
Schedule 2
Commission expenses for the period ended March 31, 2018

Par Non-
Group
Variable
Commission paid
Direct - First year 225,462 635 9,664 106 (74) 806,485 17,939 - (60) (180) - 478 18,059 636,746 1,715,260
premiums
Renewal premiums 347,667 214 6,632 4,223 2,204 261,382 25,747 - 250 (10) - 293 1,079 292,539 942,220
Single premiums 15,620 8 279 - - 155 10,561 - - 4,025 - 46 - - 30,694
Sub-Total 588,749 857 16,575 4,329 2,130 1,068,022 54,247 - 190 3,835 - 817 19,138 929,285 2,688,174
Re-insurance Ceded
Net Commission 588,749 857 16,575 4,329 2,130 1,068,022 54,247 - 190 3,835 - 817 19,138 929,285 2,688,174

Operating expenses related to insurance business for the year ended 31st March, 2019

PAR
Particulars Group Non-Linked Total
Individual Group Pension Group Health Individual Group Life Pension Annuity Group Health
Group Life Pension
Life Life Individual Pension Individual Life Variable Individual Individual Pension Individual Individual Life
Variable
Employees' remuneration and
welfare benefits 1,359,218 95,230 10,903 8,137 2,151 2,879,667 81,048 16,001 269 1,629 36,437 17,232 7,870 1,897,724 6,413,516
Travel,conveyance and vehicle
51,513 5,877 356 418 85 110,757 5,407 978 8 59 2,343 1,079 266 72,296 251,442
running expenses
Rents, rates and taxes 113,766 3,719 643 249 169 250,334 3,493 617 14 113 1,499 685 526 163,248 539,075
Repairs 59,868 2,172 763 146 202 114,735 2,040 360 17 126 876 400 590 74,412 256,707
Printing and stationery 17,455 1,057 346 71 89 29,150 992 175 7 54 426 195 288 19,222 69,527
Communication expenses 28,817 2,203 584 149 153 46,925 2,062 366 13 93 887 406 458 30,469 113,585
Legal and professional charges 32,458 2,351 726 237 160 50,661 1,826 399 17 106 859 419 519 33,630 124,368
Medical fees 31,603 6 - - 4 47,816 31,932 3 - 13 - - 4,280 8,384 124,041
(a) i) as auditor 2,120 141 50 9 13 3,158 133 23 1 8 57 26 38 2,023 7,800
ii) out of pocket expenses 99 7 2 - 1 147 6 1 - - 3 1 2 94 363
(b) as advisor or in any other capacity,
in respect of
i) Taxation / matters 58 - 1 - - 85 - - - - - - 1 55 200

ii) Management services 264 18 6 1 2 394 17 3 - 1 7 3 5 252 973
Advertisement and publicity 256,976 2,860 1,862 192 101 631,991 2,686 474 12 66 1,153 527 4,530 468,763 1,372,193
Others: 1) Distribution expenses 63,406 919 236 62 (39) 165,668 863 152 (2) (21) 370 169 984 122,784 355,551
2) Agents recruitment, seminar
(2,370) (263) (89) (18) (26) (1,680) (247) (44) (2) (16) (106) (48) (49) (673) (5,631)
and other expenses
01-19
3) Recruitment and seminar

36,183 1,107 208 84 51 79,532 991 185 5 35 435 202 164 51,967 171,149
expenses
4) IT expenses (including
Corporate Overview
133,854 5,649 338 436 68 310,859 5,029 944 9 63 2,213 1,031 248 203,186 663,927
maintenance)
5) Policy stamps 16,309 23 139 1,003 - 76,803 214,070 11 - 112 688 8,628 3,812 8,987 330,585
6) (Profit)/Loss on sale of
20-68
(355) (15) (5) (1) (1) (653) (14) (2) - (1) (6) (3) (4) (423) (1,483)
assets
Statutory Reports
9) Outsourcing expenses 75,953 3,929 1,384 264 358 130,961 3,689 652 30 218 1,584 724 1,131 85,896 306,773
Depreciation 55,365 4,379 891 294 237 98,656 4,111 726 20 145 1,765 807 683 63,779 231,858
Excess of EOM transferred to shareholders
- - - - - (231,184) (15,116) - - - - - - (573,800) (820,100)
00-00
Account (Refer Schedule 16 note 43)

69-288

Total 2,450,339 136,076 20,927 12,192 4,152 5,015,896 348,752 22,821 458 3,053 53,227 33,325 27,393 2,874,802 11,003,413

283
Operating expenses related to insurance business for the period ended March 31, 2018
284
ANNUAL REPORT
Par Non-
Group
Variable
2018-19
Employees' remuneration and

1,025,916 93,113 13,650 10,426 1,994 1,903,128 56,054 23,161 244 521 24,386 26,644 10,885 1,947,335 5,137,457
welfare benefits
Travel,conveyance and vehicle
45,163 6,059 475 621 94 81,893 3,797 1,537 10 22 1,596 1,802 327 86,075 229,471
running expenses
Rents, rates and taxes 106,736 5,747 1,541 570 347 179,082 3,651 1,467 31 66 1,517 1,731 1,086 183,792 487,364
Repairs 55,376 1,162 477 115 103 103,344 738 297 10 21 307 350 353 109,644 272,297
Printing and stationery 14,190 884 382 88 69 23,437 561 226 6 11 233 266 358 21,072 61,783
Communication expenses 23,084 1,546 449 155 91 38,122 978 394 8 16 408 464 363 37,299 103,377
Legal and professional charges 33,097 2,874 1,041 375 172 45,606 1,591 687 20 41 744 759 749 39,650 127,406
Medical fees 11,163 - - - 1 12,379 50,641 23 - 4 - - 1,485 2,468 78,164
(a) i) as auditor 2,193 153 62 15 14 2,680 97 39 1 3 40 46 42 2,415 7,800
ii) out of pocket expenses 181 13 5 1 1 221 8 3 - - 3 4 3 199 642
ii) Management services 144 10 4 1 1 177 6 3 - - 3 3 3 159 514

Advertisement and publicity 61,573 1,092 2,637 108 (23) 221,012 694 279 (17) (50) 288 329 4,943 174,574 467,439
Others:1) Distribution expenses 43,075 365 1,419 36 4 135,321 232 93 (7) (22) 96 110 2,578 113,282 296,582
2) Agents recruitment,
seminar and other 3,300 87 110 9 7 8,547 55 22 - - 23 26 165 7,136 19,487
expenses
3) Recruitment and seminar
17,795 853 159 90 19 36,395 527 215 2 4 224 250 172 37,836 94,541
expenses
4) IT expenses (including
111,599 5,356 518 531 89 225,842 3,404 1,368 9 21 1,414 1,614 480 243,299 595,544
maintenance)
5) Policy stamps 10,868 39 334 130 - 38,325 152,579 - - 30 342 576 4,846 6,807 214,876
6) (Profit)/Loss on sale of
(384) (20) (8) (2) (2) (559) (13) (5) - - (5) (6) (6) (545) (1,555)
assets
9) Outsourcing expenses 60,280 3,751 1,632 377 345 85,079 2,371 955 30 61 989 1,125 1,264 77,271 235,530
Depreciation 103,087 8,748 2,115 864 487 152,356 5,540 2,226 43 90 2,301 2,627 1,453 149,452 431,389
Excess of EOM transferred to
shareholders Account - - - - - - - - - - - - - (1,018,874) (1,018,874)
Total 1,808,027 136,213 28,570 15,039 4,130 3,412,295 286,046 34,060 424 911 36,050 39,927 32,516 2,339,441 8,173,649


Linked Business Non-Linked Business Par Non-
Group Linked
Variable Life
1. Insurance Claims
(a) Claims by Death 1,126,494 - 42,287 4,559 514 1,038,372 2,039,625 - 2,917 8,568 1,274 440 5,940 428,105 4,699,095
(b) Claims by Maturity 7,378,285 - 545,034 - - 78,017 - - - - - - - - 8,001,336
(c) Annuties / 29 - - - - - - - - 71,873 - - - (4) 71,898
Pension Payment
(i) Surrender 23,198,594 4,860,879 1,694,497 1,163,969 36,940 731,914 2,670,886 3,465,783 13,136 (144) 1,880,593 939,318 472 117,494 40,774,331
(ii) Riders 15,761 - - - 70 11,329 18,849 - - - - - 38,987 8,290 93,286
(iii) Health 4 - - - 2,030 8 - - - - - - 761 1 2,804
(iv) Survival and Others 166,565 - 23,940 - 48 330,502 - - 11,191 903 134 - 1,867 91,785 626,935
2. (Amount ceded in
reinsurance)
(a) Claims by Death (403,238) - - - - (639,341) (735,246) - - - - - - (1,353) (1,779,178)
(b) Claims by Maturity - - - - - - - - - - - - - - -
(c) Annuties / Pension - - - - - - - - - - - - - - -
Payment
(d) Other benefits - - - - (919) - - - - - - - (4,484) - (5,403)
(Health)
3. Amount accepted in
reinsurance:
(a) Claims by Death - - - - - - - - - - - - - -
(b) Claims by Maturity - - - - - - - - - - - - - -
(c) Annuties / Pension - - - - - - - - - - - - - -
Payment
01-19
(d) Other benefits - - - - - - - - - - - - - -

TOTAL 31,482,494 4,860,879 2,305,758 1,168,528 38,683 1,550,801 3,994,114 3,465,783 27,244 81,200 1,882,001 939,758 43,543 644,318 52,485,104

Corporate Overview
20-68
Statutory Reports
00-00
69-288

285
Benefits Paid (Net) for the period ended March 31, 2018
286
Linked Business Non-Linked Business Par Linked
ANNUAL REPORT
Par Non-Linked
Group
Particulars Individual Pension Group Health Individual Group Life Pension Annuity Group Health Individual Life Individual Group Total
Life Individual Pension Individual Life Variable Individual Individual Pension Individual Life Life
Variable
2018-19
1. Insurance Claims
(a) Claims by Death 1,169,162 - 64,129 5,401 1,607 759,664 2,006,425 - 1,318 789 311 - 1,686 383,394 - - - 4,393,886
(b) Claims by Maturity 2,538,039 - 193,302 - - 61,159 - - - - - - - 110 - - - 2,792,610
(c) Annuties / Pension 84 - - - - - - - - 57,285 - - - - - - - 57,369
Payment

(i) Surrender 33,368,254 4,068,952 1,648,258 642,672 32,677 650,085 649,509 166,231 6,367 - 237,174 2,584,659 781 52,961 - - - 44,108,580
(ii) Riders 20,270 - 550 - 70 17,349 13,680 - - - - - 8,722 5,276 - - - 65,917
(iii) Health 298 - - - 2,492 209 - - - - - - 7,874 64 - - - 10,937
(iv) Survival and Others 195,358 - 5,160 - 31 426,314 1,076 - 3,225 148 - - 22 9,046 - - - 640,380
2. (Amount ceded in
reinsurance)
(a) Claims by Death (392,417) (103) (667) - - (361,595) (752,181) - - - - - - (3,854) - - - (1,510,817)
(b) Claims by Maturity - - - - - - - - - - - - - - - - - -
(c) Annuties / Pension - - - - - - - - - - - - - - - - - -
payment
(d) Other benefits - - - - (1,230) - - - - - - - (4,529) - - - - (5,759)

(Health)
3. Amount accepted in
reinsurance:
(a) Claims by Death - - - - - - - - - - - - - - - - -
(b) Claims by Maturity - - - - - - - - - - - - - - - - -
(c) Annuties / Pension - - - - - - - - - - - - - - - - -
Payment
(d) Other benefits - - - - - - - - - - - - - - - - -

TOTAL 36,899,048 4,068,849 1,910,732 648,073 35,647 1,553,185 1,918,509 166,231 10,910 58,222 237,485 2,584,659 14,556 446,997 - - - 50,553,103

DISCLOSURES IN RESPECT OF TRANSACTIONS WITH RELATED PARTIES AND OUTSTANDING FOR THE EAR ENDED 1ST MARCH 201 (CONSOLIDATED) Annexure - 2
(A) Enterprises where control exists
Ultimate Holding company Grasim Industries Limited with effect from July 1, 2017
Holding Company Aditya Birla Capital Ltd. (Formerly known as "Aditya Birla Financial Services Limited")
Foreign Partner Sun Life Financial (India) Insurance Investments Inc.
(B) Key Management Personnel Mr. Pankaj Razdan
(C) Disclosures of transaction between the Company and related parties and outstanding balances for the year ended:
Name of the related party with Audited Transactions during the year Audited outstanding balance
Sr. Description of relationship ended recoverable/(payable) as on
whom the transaction has been Nature of Transaction
No. with the party
made 31st March, 2019 31st March, 2018 31st March, 2019 31st March, 2018
1 2 3 4 5 6 7 8
1 Grasim Industries Limited Ultimate Holding a) Interest income on Non-Convertible Debentures (NCD) 43,400 43,400 6,659 6,896
company b) Outstanding NCD - - 500,000 500,000
c) Retirement Benefit liability of transferred employees 86 196 - -
2 Aditya Birla Capital Ltd. Holding Company a) Reimbursement of expenses 387,783 391,592 (7,391) (27,233)
b) Director Nomination Fees received - 100 - -
c) Director Nomination Fees paid - 100 - -
e) Employee Stock Options 223,480 112,108 - -
3 Aditya Birla Finance Limited Fellow Subsidiary a) Recovery of expenses 35,055 37,888 2,972 739
b) Security Deposit - - (8,830) (8,830)
c) Purchase of NCD / Outstanding NCD 1,500,000 250,000 3,100,000 1,600,000
d) Interest income on NCD 215,482 143,026 145,989 108,403
e) Redemption of NCD - 150,000 - -
f) Payment of Housing loan of employee 3,202 3,202 - -
01-19
g) Transfer of Fixed Assets 2,217 128 - -

h) Retirement Benefit liability of transferred employees 27 5,028 - -
i) Reimbursement of expenses 147 - - -
4 Aditya Birla Money Insurance Fellow Subsidiary a) Commission expenses 8,397 11,764 (2,006) (2,328)
Corporate Overview
Advisory Services Limited

5 Aditya Birla Money Limited Fellow Subsidiary a) Brokerage expenses 4,788 6,256 - -
20-68
b) Reimbursement of expenses 1,485 - (13) -

c) Transfer of Fixed Assets - 1,271 - -
d) Recovery of expenses 18 2,159 - 257
Statutory Reports
e) Retirement Benefit liability of transferred employees 77 1,642 - -

f) Purchase / Sale of NCD 51,208 - - -
6 Aditya Birla Financial Shared Fellow Subsidiary a) Advance given for expenses/ Prepaid 87,442 78,566 5,950 6,015
00-00
Services Limited b) Reimbursement of expenses 362,246 220,747 (67,964) (30,244)

69-288

c) Retirement Benefit liability of transferred employees 381 1,856 - -
e) Transfer of Fixed Assets - 55 - -
287
DISCLOSURES IN RESPECT OF TRANSACTIONS WITH RELATED PARTIES AND OUTSTANDING FOR THE YEAR ENDED MARCH 31, 2019 (Contd.)
288
Name of the related party with Audited Transactions during the year Audited outstanding balance
Sr. Description of relationship ended recoverable/(payable) as on
whom the transaction has been Nature of Transaction
ANNUAL REPORT
No. with the party

made 31st March, 2019 31st March, 2018 31st March, 2019 31st March, 2018
7 Aditya Birla Insurance Fellow Subsidiary a) Recovery of expenses 844 805 192 203
Brokers Limited b) Brokerage expenses 3,606 - (242) -
2018-19
c) Retired benefit liability of transferred employees 1,281 2,467 - -

d) Reinsurance payment on behalf of reinsurer 3,497 - - -
8 Aditya Birla MyUniverse Fellow Subsidiary a) Recovery of expenses - 86 - -
Limited b) Receipts towards transfer of employee 21 1,679 21 259
9 Aditya Birla Sun Life Asset Fellow Subsidiary a) Recovery of expenses 715 20,968 - 493
Management Company b) Retirement Benefit liability of transferred employees 922 3,294 - -
Limited c) Reimbursement of expenses 105 25 (23) -
10 Aditya Birla Housing Finance Fellow Subsidiary a) Transfer of Fixed Assets - 61 - -
Limited b) Retirement Benefit liability of transferred employees - 1,773 - -
c) Interest income on NCD 12,975 11,904 7,551 7,551
d) Purchase of NCD / Outstanding NCD - 100,000 150,000 150,000
11 Aditya Birla Health Insurance Fellow Subsidiary a) Recovery of expenses 12,011 8,287 1,816 (1,163)
Limited b) Retirement Benefit liability of transferred employees 1,190 3,374 - -
c) Group mediclaim premium 167,596 174,204 - -

d) Reimbursement of Expenses 2,431 2,681 - -
e) Deposit against Group mediclaim 4,000 - - -
12 Sunlife Assurance company of Holding of Foreign a) Secondment Expenses 27,274 30,931 (8,496) (15,664)
Canada Promoter b) Recovery of expenses 1,648 5,859 - 5,704
13 Sun Life Financial (India) Foreign Promoter a) Director nomination deposit paid - 100 - -
Insurance Investments Inc. b) Director nomination deposit received - 100 - -
14 Mr. Pankaj Razdan - Managing Key Management a) Managerial remuneration 73,743 72,357 - -
Director Personnel b) Long-Term Incentive payment 46,096 65,600 - 27,850
Note 1: Premium received (excluding Goods and Service Tax) from the related parties against life insurance products sold at market rates for the year ended 31st March, 2019 is ` 533,134 respectively
(for the year ended 31st March, 2018 is `92,133).
Note 2: There are no provisions for doubtful debts, amounts written off or amounts written back pertaining to the above transactions.
Note 3: Related party relationship have been identified by the management and relied upon by the auditors.
Note 4: Related party transactions disclosed above denote the transactions entered during the existence of related party relationship.
Note 5: All the above transactions are reported inclusive of Goods and Service Tax, wherever applicable.
Note 6: The outstanding amount related to group insurance by the holding company as on 31st March, 2019 is ` 8,967 (As of 31st March, 2018 is ` Nil). The interest expenses in relation to the Group
Pension scheme of the holding company for the year ended 31st March, 2019 is ` Nil respectively (and for the year ended 31st March, 2018 is `159).

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Ashutosh and Vrushali Vaidya

1.66 mn Customer Base

Vision and Mission Values

Diversified Product Portfolio

PROTECTION CHILDREN’S FUTURE

HEALTH AND WELLNESS RETIREMENT

WEALTH WITH PROTECTION SAVINGS WITH PROTECTION

INDIVIDUAL RIDERS GROUP

GROUP RIDERS RURAL

Aditya Birla Sun Life Insurance Company Limited

MD & CEO's Message

Dear Shareholders, ANOTHER GOOD YEAR FOR THE

core capabilities by expanding our service offerings,

CARING FOR OUR PEOPLE AND COMMUNITIES

WE ARE FUTURE READY, TODAY

Awards and Recognitions

INSURANCE INDIA SUMMIT & AWARDS THE SABRE AWARDS

CREATIVE ABBY AWARDS CUSTOMER EXPERIENCE & LOYALTY AWARDS

BAJAJ NATIONAL QUALITY AWARDS DL SHAH QUALITY AWARDS

Sonal Divekar Saloni Doshi

Aditya Birla Sun Life Insurance Company Limited

Aditya Birla Sun Life Insurance Company Limited

MRS. PINKY ATUL MEHTA

MR. COLEM FREYNE

Aditya Birla Sun Life Insurance Company Limited

Aditya Birla Sun Life Insurance Company Limited

Senior Management Team

MR. AMIT JAIN MR. ANILKUMAR SINGH MR. ASHOK SUVARNA

MR. ASHIM CHATTERJEE MR. DEVEN SANGOI

Aditya Birla Sun Life Insurance Company Limited

Senior Management Team

MR. DEVENDRA SINGHVI MR. PARAG RAJA MR. AJAY VERNEKAR

MR. SHAILENDRA KOTHAVALE Ms. Shobha Ratna

Aditya Birla Sun Life Insurance Company Limited

Management Discussion and Analysis

Fastest growing franchise at 60%

*Single Premium at 10%

INDUSTRY PERFORMANCE The Individual Life segment witnessed a growth of 9%

Aditya Birla Sun Life Insurance Company Limited

Product Mix Industry (%)

Aditya Birla Sun Life Insurance Company Limited

13th month persistency at

GROSS VNB (` in Crore) NET VNB (` in Crore)

(5.5)% 4.3% 9.5%

Focus on Quality Metrics

PERSISTENCY UPDATE (%)

Key summary of financial indicators

Aditya Birla Sun Life Insurance Company Limited

Protection mix at 6.4%

Participating Traditional Products. 8

benchmarks. 96.2% of the funds outperformed their respective 1 Yr

benchmarks over the long-term (over 3 years.)

Particulars FY19 FY18

Share Capital, Dividend and Solvency position

Aditya Birla Sun Life Insurance Company Limited

FINANCIAL SUMMARY AND HIGHLIGHTS

Aditya Birla Sun Life Insurance Company Limited

ABSLI recognises that information is a critical business asset, INTERNAL AUDIT

Aditya Birla Sun Life Insurance Company Limited