Chairman’s Letter 06
Transcript of Chairman’s Letter 06
A year of fulfilled promises
Annual Repor t 2018-2019
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Corporate Information 02
Corporate Profile 03
Board of Directors 04
Chairman’s Letter 06
CEO’s Letter 08
Executive Committee 10
Awards & Recognition 12
Key Performance Indicators 16
Customers Speak 19
CSR Initiatives 21
Marketing Initiatives 26
Risk Management Framework 29
Directors’ Report 32
Annual Report on CSR Activities 51
Secretarial Audit Report 58
Corporate Governance Report 62
Auditors’ Report 98
C&AG Report 109
Management Report 112
Financials 120
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Corporate
Information
Mr R A Sankara NarayananMr Mukesh Kumar JainMr Debashish MukherjeeMr Balakrishna Alse SMs A ManimekhalaiMr Alistair ChamberlainMr K V ShajiMr Ranjan BhattacharyaMr R KrishnamurthyMr B A PrabhakarDr T T Ram MohanMr Thomas Mathew TMr Anuj Mathur
STATUTORY AUDITORS FOR FY 2018-19M/s Batra Deepak & AssociatesM/s M Anandam & Co.
BANKERSCanara BankThe Hongkong and Shanghai Banking Corporation LimitedOriental Bank of CommerceDeutsche BankHDFC Bank LimitedKerala Gramin BankKarnataka Gramin BankDhanlaxmi Bank
COMPANY SECRETARYMs Vatsala Sameer
REGISTERED OFFICEUnit No. 208, 2nd Floor, Kanchenjunga Building, 18, Barakhamba Road, New Delhi – 110 001, India
CORPORATE OFFICE2nd Floor, Orchid Business Park, Sector – 48, Sohna Road, Gurugram – 122 018, Haryana, India
* as on 14th August, 2019
BOARD OF DIRECTORS *
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Corporate
Information
Canara HSBC Oriental Bank of Commerce Life Insurance, a customer centric organization, strongly believes in providing protection and creating value for the customers at every stage of their life cycle. A joint venture between Canara Bank (51%), Oriental Bank of Commerce (OBC) (23%) and HSBC Insurance (Asia Pacific) Holdings Limited (26%), the Company has access to around 115 million customers with a pan-India network of over 10,000 branches of its partner banks/corporate agents.
The Company has been following a bancassurance led model since inception and it has been successful in growing the bancassurance business with active support from its partner banks. In recent times, the Company has also enhanced its focus on growing its digital business and business through direct sales channel.
During the year, the Company had launched many new products in line with the needs of its target customers. Its first health product ‘Health First Plan’ marks the Company’s foray into health space. The Company also launched ‘Invest 4G’, a highly cost-efficient online unit-linked plan with zero allocation and administration charges. Apart from this, Guaranteed Income Plan and Guaranteed Savings Plan were introduced to offer long term benefits with regular guaranteed income on the traditional platform. Further, the Company has aligned its distribution strategy to focus on the higher penetration through mass market products like POS Easy Bima and POS Easy Bachat (Point of Sale product).
The Company has introduced series of digitally enabled services to meet customers servicing needs in real time and ensure convenience at all stages. Servicing avenues introduced for customers are Chatbot, Video Calling and enhancement of IVR Self Servicing options. The Company has also improved its online mobile responsive customer portal for servicing on the go.
The Company continues to embrace newer technologies to drive efficiency and productivity in its processes, enabling process simplification and continued enhancement to customer experience and delight. One key initiative in this direction was the launch of webassurance. This is a significant step towards providing the bank’s customers a one-stop, convenient online solution empowering customers to address their financial needs through a completely digital and paperless process on the Insurance Self Network Platform (ISNP).
For the financial year 2018-19, the Company reported a net profit of ` 165 crores and successfully wiped off its accumulated losses. The Company’s new business premium income grew by 19% while the gross written premium increased by 26%. The Company’s overall (Individual plus group) claim settlement ratio is at 98% while Assets Under Management (AUM) stood at ` 14,854 crores as on March 31, 2019.
The bancassurance business model has enabled the Company to reach out to the financially vulnerable population spread across the various parts of the country. The Company has strong tie-ups with regional rural banks to increase penetration and make its products available to rural customers. For FY 2018-19, the Company has got over 25 lakh lives covered under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). Through the distribution of its our partner banks, the Company is able to reach out to the customers in tier 2 & 3 and continues to expand business growth in these cities.
Corporate Profile
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R A Sankara Narayanan Managing Director &Chief Executive OfficerCanara Bank
Mukesh Kumar JainManaging Director &Chief Executive OfficerOriental Bank of Commerce
Alistair ChamberlainGlobal HeadProduct & Actuarial, HSBC
Debashish MukherjeeExecutive Director Canara Bank
Balakrishna Alse SExecutive DirectorOriental Bank of Commerce
A ManimekhalaiExecutive Director Canara Bank
Ranjan BhattacharyaHead - Strategy & Planning HSBC, India
R KrishnamurthyIndependent Director
B A PrabhakarIndependent Director
Thomas Mathew TIndependent Director
T T Ram MohanIndependent Director
Anuj MathurManaging Director &Chief Executive Officer
K V ShajiGeneral ManagerCanara Bank
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R A Sankara Narayanan
Chairman’sLetter
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Dear Shareholders,
The Indian economy remains one of the fastest and consistent growing economy and possibly the least affected by global factors, on account of a stable political environment, strong consumption story and strong macroeconomic fundamentals. The financial and insurance sector is also expected to be a key beneficiary, especially when we still have lot of headroom, because of under penetration of life insurance in India. We, in India, have a natural demographic advantage and the rising disposable income of the population is an added incentive. This will assure continuous demand for both protection and saving products.
Our Government policies and initiatives are also a huge support in the direction of increasing insurance penetration. Your company has been for the past two years actively participating in the Prime Minister’s call to provide safety net to vast under covered population of our country through PMJJBY and have extended the benefits to more than 25 lakh customers, in the last financial year.
We have always and are continuously working towards understanding customer needs and delivering products and services as per the needs and convenience of our customers. We are focused on leveraging technology to deliver our products and services in an efficient manner. The customer centricity of all our processes, strong distribution channels and our ability to provide competitive and innovative products are the key strengths of our Company. Recognizing how the Company has leveraged emerging and progressive technology for excellence in customer experience and enabling various sales and service solutions, the Financial Insights Innovation Awards 2019 has also recently conferred the ‘Best Insurer in Asia’ award on the Company. The year 2018-19 has been a year of sustained growth and the Company is going from strength to strength in all business parameters. We continue to outperform the industry in terms of our new business premium growth and the overall persistency of our business has also improved significantly. I am proud of the fact that your Company has achieved a big milestone in the last financial year, of achieving a cumulative break even. We’ve together built an organization to feel proud of and we’ll work together to take it to greater heights.
We have always believed in giving back to the society and this guiding principle drives our continuous effort and sustained CSR initiatives. Our CSR programmes cover vast range of positive initiatives in areas of environment management, cleanliness and hygiene, child education, women empowerment and skill development. Our citizen partnerships and social programmes have transformed the lives of many, and have impacted their quality of life positively. I am sure we will continue to make a difference to a larger number of people in future. I feel proud for having received accolades for our CSR initiatives, in the form of 8th Asia’s Best CSR Practice Award.
It’s also an opportunity for me to extend my gratitude to all the stakeholders. First and foremost I would like to thank all our customers who are at the centre of all our business decisions and my gratitude for the faith reposed in the Company’s ability to meet their expectations. I assure each of the policyholders of our continuous endeavour of adding value to their financial goals and be a partner in fulfilling them through our innovative solutions. I would like to thank all the shareholders for your confidence which has led us to deliver successful business performance year after year.
It’s imperative for me to extend our sincere gratitude to the honorable members of the Board, Statutory Authorities and Auditors for their support and valuable guidance which has helped us in scaling new heights. I would also like to compliment the leadership team and all our employees as well as channel partners for delivering a sustained business performance. I am sure that your Company will achieve greater heights from here onwards, and also exceed expectations of all our customers and stakeholders.
Best wishes,
R A Sankara Narayanan Chairman
R A Sankara Narayanan
Chairman’sLetter
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Anuj Mathur
CEO’s Letter
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Dear Shareholders,
Your Company has delivered yet another successful year, where the individual new business Weighted Premium Income (WPI) grew by 12 per cent over the previous year and superior performance was observed across key financial metrics.
The Company has grown at a CAGR of 27 per cent since FY 2015-16 and was ranked at 10th position as at 31st March, 2019, with a market share of 2.3 per cent, amongst 23 private life insurers on Individual Weight Premium Income (WPI). The business has only grown stronger over these years and is well poised for a promising future.
The last financial year was also a significant milestone for the Company, as we wiped off all our accumulated losses and are ready to pay dividends from this year onwards. The Company’s solvency ratio is at 393 per cent reflecting a sound financial position of the Company.
I am also delighted to share that we have attained newer heights with respect to retaining our customers, with 13-month persistency at 81 per cent, a significant improvement over last year. This reflects the level of trust and confidence that the policyholders repose in our Company and also the strong quality of sales.
Your Company has always believed in providing a best-in-class customer experience and all its decisions and processes are guided by customer centricity. The Company has focused on use of technology and process improvements – with the objective of bringing in more customer delight. Besides doing well on various business and operational parameters, your Company also took various strategic initiatives to further penetrate in its bancassurance business model through further integration with distributor banks for point-of-sale product and webassurance (based on Insurance Self Network Platform). The Company has also focused on growing digital business and also created a direct selling model through its staff.
Throughout the last year, your Company made its presence felt through various brand campaigns on television, with a specific focus on its brand essence - ‘promise’. These brand campaigns were launched through various mediums, including television, digital and social media and the radio. Your Company also introduced a social cause based marketing initiative for the first time “#Meformycity” and won an award for the same in experiential marketing category.
Asides, there were 14 accolades won last year, including ‘Best Insurer in Asia’ award at the Financial Insights Innovation Awards 2019, ‘Best Training Program for Customer Service’ at the TISS-Leapvault CLO Awards 2018, ‘Smart Insurer in the Life Insurance - Compact Category’ award at the Economic Times Insurance 5th Annual Summit 2018, to name a few.
We also believe in the principle of ‘giving back to the society’. Last year, we contributed towards holistic well-being of the community around us, through various CSR projects covering objectives including environment protection, education, financial literacy, sanitation, senior citizen care and healthcare.
I sincerely thank the shareholders and members of the Board, for their overwhelming support. I value their ongoing trust in the Company and we will continue to strive to better the Company’s performance each year. I express my gratitude to our policyholders for giving us the opportunity to protect their families and making all of our efforts worth it.
I am also grateful to our regulator, IRDAI, for their timely approvals and support in business.
I would also like to thank employees of the Company, for their hard work and commitment. The employees have demonstrated the Company’s core value behaviours of customer centricity, agility, collaboration, accountability, empowerment and respect, which has resulted in fostering right culture, good governance and customer-first approach.
I look forward to continued support of our shareholders, as we further embark on our growth journey and customer delight.
Yours sincerely,
Anuj MathurManaging Director & Chief Executive Officer
Anuj Mathur
CEO’s Letter
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Tarannum Hasib Chief Distribution Officer
Tarun RustagiChief Financial Officer
Sachin DuttaChief Operating Officer
Kiran YadavChief People Officer
Siddharth KaushikChief Risk Officer
Vikas AnandChief Compliance Officer
Anurag JainChief Investments Officer
Vatsala SameerCompany Secretary
Akshay DhandAppointed Actuary
Rishi MathurChief Digital & Strategy Officer
Ritesh RathodHead - Business PerformanceManagement
Anuj MathurManaging Director &Chief Executive Officer
Exec
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Tarannum Hasib Chief Distribution Officer
Tarun RustagiChief Financial Officer
Sachin DuttaChief Operating Officer
Kiran YadavChief People Officer
Siddharth KaushikChief Risk Officer
Vikas AnandChief Compliance Officer
Anurag JainChief Investments Officer
Vatsala SameerCompany Secretary
Akshay DhandAppointed Actuary
Rishi MathurChief Digital & Strategy Officer
Ritesh RathodHead - Business PerformanceManagement
Anuj MathurManaging Director &Chief Executive Officer
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TISS-Leapvault CLO Awards 2018 The Company won the 'Best Customer
Service Training Program' award
8th Asia Best CSR Practices Awards 2018 The Company won the award for
the Community Development category
Masters of Modern Marketing Awards 2018(mCube Awards) The Company has won the awardunder the category 'Best Marketing campaignthrough TVC's'
13th Employer Branding Awards The Company won the North IndiaBest Employer Brand Awards 2018
Stars of the Industry Awards(For Excellence in Branding and Marketing) meformycity Initiative won the awardfor Experiential & Brand Experience
Awards & Recognition
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TISS-Leapvault CLO Awards 2018 The Company won the 'Best Customer
Service Training Program' award
8th Asia Best CSR Practices Awards 2018 The Company won the award for
the Community Development category
Masters of Modern Marketing Awards 2018(mCube Awards) The Company has won the awardunder the category 'Best Marketing campaignthrough TVC's'
13th Employer Branding Awards The Company won the North IndiaBest Employer Brand Awards 2018
Stars of the Industry Awards(For Excellence in Branding and Marketing) meformycity Initiative won the awardfor Experiential & Brand Experience
Awards & Recognition
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The Economic Times Insurance5th Annual Summit 2018
The Company won the ‘Smart Insurerin the Life Insurance - Compact category’ award
The Economic Times: Most PromisingBusiness Leaders of Asia
Recognizes Anuj Mathur, MD & CEOas one of the ' Most Promising Business Leaders of Asia'
for his exemplary leadership qualities
2nd Edition CRO Leadership Summitand Awards 2019 Risk function wins ‘Risk ManagementTeam of the Year’ award
Financial Insights Innovation Awards 2019 The Company has been honoured with'Best Insurer in Asia' award
DivHERsity Awards The Company has been recognised forits Diversity Initiatives among two categories: • Top 20 Most Innovative Practices in Women L&D Programmes • Top 20 Most Innovative Practices in Women Leadership Development
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The Economic Times Insurance5th Annual Summit 2018
The Company won the ‘Smart Insurerin the Life Insurance - Compact category’ award
The Economic Times: Most PromisingBusiness Leaders of Asia
Recognizes Anuj Mathur, MD & CEOas one of the ' Most Promising Business Leaders of Asia'
for his exemplary leadership qualities
2nd Edition CRO Leadership Summitand Awards 2019 Risk function wins ‘Risk ManagementTeam of the Year’ award
Financial Insights Innovation Awards 2019 The Company has been honoured with'Best Insurer in Asia' award
DivHERsity Awards The Company has been recognised forits Diversity Initiatives among two categories: • Top 20 Most Innovative Practices in Women L&D Programmes • Top 20 Most Innovative Practices in Women Leadership Development
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FY17
FY18
FY19
1,947
2,213
2,575
Indian EmbeddedValue (in cr)
F Y 18 167.8111111111111F Y 17 111.311111111
F Y 19 165.2
Profits Profits (in cr)
Traditional60%
ULIPs40%
Traditional52%
ULIPs48%
Traditional23%
ULIPs77%
FY 17 FY 18 FY 19
Product Mix %Solvency
14,854
FY17 FY19FY18
12,68811,284
Assets under Management (in cr)
FY 18382%
FY 19393%
FY 17401%
New Business PremiumIndividual(WPI) (in cr)
F Y 17
F Y 18
F Y 19
915818
613
Gross Written Premium (in cr)
FY17 2,295
2,781
3,491
FY18
FY19
Key Performance
Indicators
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FY17
FY18
FY19
1,947
2,213
2,575
Indian EmbeddedValue (in cr)
F Y 18 167.8111111111111F Y 17 111.311111111
F Y 19 165.2
Profits Profits (in cr)
Traditional60%
ULIPs40%
Traditional52%
ULIPs48%
Traditional23%
ULIPs77%
FY 17 FY 18 FY 19
Product Mix %Solvency
14,854
FY17 FY19FY18
12,68811,284
Assets under Management (in cr)
FY 18382%
FY 19393%
FY 17401%
New Business PremiumIndividual(WPI) (in cr)
F Y 17
F Y 18
F Y 19
915818
613
Gross Written Premium (in cr)
FY17 2,295
2,781
3,491
FY18
FY19
Key Performance
Indicators
18
FY19
FY18
11.8
13.3
FY17 13.8
Operating Expenses %
2,586,299
F Y19
1,364,905
F Y18
PMJJBY Lives
Persistency Ratio
FY 17 FY 18 FY 19
78.1%
42.2%
77.9%
43.3%
80.9%
46%
13th Month61st Month
104,873
129,068
91,111
NOP (in cr) FY 18
FY 19
FY 17
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Customers Speak
“With positive returns,Canara HSBC Oriental
Bank of Commerce Life Insurance has ensured a safety
net for me and my family.”
- Mohmad Husairam
“Promise is all about faith.My family has faith in me. Similarly,
I have faith that Canara HSBC Oriental Bank of Commerce Life Insurance will
help me protect my familyeven in my absence.”
- Mr. Piyush Kant
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“With Canara HSBC Oriental Bank of Commerce Life Insurance, I will not only meet the financial requirements for my daughter’s wedding but also for various
other life goals.”
-Mr. Shushanta Kumar Sengupta
“When this year I had a monetary problem in the family I
had to withdraw part payment, the customer service team told me it will
take 7 days but it only took 3 days. This made me really happy that I took
this policy.”
- Mrs. Renuka Shetty
“The customer service staff always gives a quick response.
Usually, we get a personal message within 5-10 minutes of the query.
Also, Canara HSBC Oriental Bank of Commerce Life Insurance has done
systematic management of investments, which helps
our money to grow.”
- Mr. Kataria
“A promise has to be fulfilled. We had promised our son to send him abroad for education. We sent him there and fulfilled
our promise. He also returned to India after completing his education as he had promised. Canara HSBC Oriental Bank of Commerce Life Insurance helped us fulfill
our promise with Child Future Plan.”
- Mr. & Mrs. Surve
“A promise is a thing of faith. With Canara
HSBC Oriental Bank of Commerce Life Insurance, we are confident that we will be able to keep our promises to
each other.”
- Mr. & Mrs. Manna
“Keeping my promises is a priority for
me. Canara HSBC Oriental Bank of Commerce Life
Insurance has ensured that my second innings will be as
beautiful as my first.”
- Mr. CY Ajgaonkar
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As a responsible organization, Canara HSBC Oriental Bank of Commerce Life Insurance Company conducted itself in a socially, environmentally and ethically prudent manner with an endeavour to make positive contributions towards the betterment of the society. 'Giving back' to the society is a core belief which each employee believes in and has been the guiding principle since the Company has been in existence. The Company takes a long term approach with respect to community/social investments for a better impact and sustainability of the initiatives. It follows a shared value approach and all projects are need based with focus on government’s priority areas as mentioned in the Schedule VII of the Companies Act, 2013 and are also guided by UN’s Sustainable Development Goals.
The Company has in place a very comprehensive and structured CSR programme. Last year, the CSR efforts were channelized in five broad areas of education, environment, sanitation, health and care for the aged.
To pursue its CSR objectives, Canara HSBC Oriental Bank of Commerce Life Insurance Company identified sixteen projects as per Schedule VII of the Companies Act, 2013 and partnered with like-minded trusts, societies and companies and also implemented programmes directly to generate value by adopting a long-term sustainability approach.
Through the various education related initiatives covering around 2,200 beneficiaries, the Company was able to support children from underserved communities, helping them integrate into mainstream education and as well as develop life skills. Efforts were also directed to ensure community education & adult literacy programme, as well as vocational employability training.
Corporate Social
Responsibility
FY 2018-19
Inclusionvia Education
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The Company also conducted various awareness workshops and sessions on career guidance, health and nutrition, sanitation and social issues for 4,000+ beneficiaries of the CSR projects as well as other community members.
Skilling forSelf Reliance
SwachhtaWorkshops
BeneficiaryConvocation
CreatingEntrepreneurs
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Greeningthe Planet
Conserving theEnvironment
With respect to environment related initiatives, rainwater-harvesting,
reducing man-animal conflict, agro-forestry, sustainable
management of forest resources, agricultural interventions,
integration of renewable energy etc along with livelihoods were some of
the interventions undertaken as part of the CSR projects that
impacted over 14,000 beneficiaries.
Under the 'Green Cover' programme, around 8,000 trees were planted at multiple locations on the occasion of World Environment Day through ‘Adopt a Tree’ initiative.
Greeningthe Planet
Conserving theEnvironment
With respect to environment related initiatives, rainwater-harvesting,
reducing man-animal conflict, agro-forestry, sustainable
management of forest resources, agricultural interventions,
integration of renewable energy etc along with livelihoods were some of
the interventions undertaken as part of the CSR projects that
impacted over 14,000 beneficiaries.
Under the 'Green Cover' programme, around 8,000 trees were planted at multiple locations on the occasion of World Environment Day through ‘Adopt a Tree’ initiative.
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Caring forElderlyAround 100 elderly persons living in slum clusters recieved care and material support.
Caring forElderlyAround 100 elderly persons living in slum clusters recieved care and material support.
Making IndiaFinancially Savvy
PromotingHealthcare
Around 2,000 man-hours of CSR employee volunteering were clocked in financial year 2018-19 with 75% employees participating in at least two initiatives.
Further details of the projects undertaken are included as part of the annual report on the CSR activities for the financial year 2018-19, annexed herewith as Annexure A.
Three Cancer Support units were set up in3 hospitals in Punjab where 32 children from rural
and underserved communities suffering from cancer received diagnostic support, medicine
support & intensive care treatment.
Around 5.3 lakh people were covered under the financial literacy programme
via community radio initiative in multiple locations, camps and face-to-face
workshops conducted by employees with a special focus on the underserved
and rural communities.
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Our CSR Partn
ers
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Brand Campaign 2018Promise Kiya! Ab Plan Karo.
The Company's brand campaign for the year ‘Promise Kiya! Ab Plan Karo’ was launched in later
half of the fiscal. The concept was a simple take on everyday promises that we make to our loved
ones and the importance of fulfilling them. The campaign, which was a 3 film series commercial
with humorous undertones & same characters, was aired on leading entertainment, movies,
regional and infotainment channels.
“I promise TO MAKE YOU ANASTRONAUT when YOU GROW UP.”
PROMISE KIYA! AB PLAN KARO.
“I promise TO MAKE YOU ANASTRONAUT when YOU GROW UP.”
PROMISE KIYA! AB PLAN KARO.
“I promise YOU A WORLD TOUReven after RETIREMENT.”
PROMISE KIYA! AB PLAN KARO.
“I promise I WILL BETHERE FOR YOU. Always.”
PROMISE KIYA! AB PLAN KARO.
Marketing Initiatives
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#meformycity Initiative
#meformycity is a cause marketing initiative, which takes inspiration from clean India movement and the Company's brand essence of fulfilling promises and giving back to the society. The program aims to create a PAN India platform, wherein society at large would participate to make our cities clean and beautify it's walls through graffiti art.
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iNVEST4G Campaign
Canara HSBC Oriental Bank of Commerce Life Insurance
A U N I T - L I N K E D N O N - P A R T I C I P A T I N G L I F E I N S U R A N C E P L A N
Aligned with the launch of the Company's flagship online unit linked offering, a television campaign was launched to advertise the product. The campaign was aired on leading entertainment, movies and regional channels. It was amplified via presence on social media and popular digital platforms. The concept was derived from the brand essence "promise" where key product features were integrated to result in effective messaging.
iSelect Digital Series
A digital campaign, iSelect Digital Series consisted of 3 digital films depicting the importance of term plans in our financial planning. An unique concept which asked the question "if we always want better things for our loved ones, then why avoid a term insurance plan costing as low as Rs. 365/- per annum?". The concept which focussed on life insurance awareness along with advertising the flagship online term plan by the Company, was advertised on key digital video platformsin the country.
THE WAR AGAINSTFINANCIAL WORRIES BEGINS
Canara HSBC Oriental Bank of Commerce Life Insurance
A U N I T - L I N K E D N O N - P A R T I C I P A T I N G L I F E I N S U R A N C E P L A N
Canara HSBC Oriental Bank of Commerce Life Insurance
A U N I T - L I N K E D N O N - P A R T I C I P A T I N G L I F E I N S U R A N C E P L A N
The Zero Worry Plan
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Risk
Man
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Fram
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Canara HSBC OBC Life Insurance (“the Company”) is in the business of providing Life Insurance with prime focus on financial protection to its policyholders. Hence, it is imperative for the company’s success to have a robust risk management framework. As an organization, the Company firmly recognizes Risk Management as an integral building block to proactively manage risks and maximize opportunities related to achievement of its strategic objectives. The Risk Management framework within the Company acts as a feedback mechanism system to various stakeholders including Management and the Board of Directors. The Company has implemented a framework which has evolved over the period of time, which not only facilitates strong governance for overall functioning of the organization but also enables the functions through distributed controllership. Hence driving Risk Management is the responsibility of each employee in their day -to-day operating environment.
The Company’s overall approach to Risk Management is based on the belief that all types of risks must be considered, measured, understood and managed adequately in order to generate value for each of the stakeholders involved including customers. The Management has therefore, put in place processes aiming to ensure that the risks associated with significant decisions are understood and adequately measured in order that the risk exposure is appropriate for the returns anticipated, and is consistent with Company’s risk appetite, long-term goals and obligations to its stakeholders.
The key objectives of Risk Management are:
• Ensure protection of the interests of our policyholders, shareholders, joint-venture partners, employees, all relevant stakeholders and adherence to internally devised value framework
• Ensure complete adherence to applicable regulatory guidelines mandated by regulatory authorities are met unequivocally and maintaining an ethical & strong corporate governance culture
• Ensure proactive identification, assessment, measuring, monitoring, management and reporting of risks with unambiguous objective of minimizing risk and maximizing opportunities
• Provide a systematic, structured, clear, comprehensive and dynamic mechanism for taking informed decision making whilst addressing risk & uncertainty pragmatically
Under the overall ambit of corporate governance, the Company has established a Risk Management framework which is supported by a “Three lines of Defense” approach (depicted below) that helps in appropriately safeguarding the interests of Company’s customers as well as its shareholders.
Independent reportingto Risk Management Committee
Guide & Report Assist
01 - First line of Defense
Independent reportingto Audit Committee
02 - Second Line of Defense 03 - Third Line of Defense
• Risk Owner are accountable for setting risk appetite and identifying, owning and managing risks commensurate with the appetite
• Control Owner are accountable for controls, assessment and management of controls on a day to day basis
• Business Risk & Control Manager (BRCM) are accountable for execution of risk management activities within the department
• SME- define the taxonomy, formulate risk policies, define risk appetite and tolerance limits, and assess the adequacy of risk management activities in the 1st
line of defense
• Provide independent risk oversight and own the Risk Management Framework for the Company. Provide holistic risk reporting on exposure and appetite to support decision making by the senior management
• Internal Audit- Third Line of Defense and is responsible for independent audit review. Provides assurance on the effectiveness of internal controls
Collaborate to embedrisk management in day-to-day activities and accountable for
managing risks within the business
Collaborate to drive effective enterprise wide risk management and provide oversight, advice and
risk insightsInternal Audit
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The Company has in place a Risk Management team, which helps identify, take measures and mitigate risks. The team is guided by the Company’s Risk Management policy and risk appetite statement to develop and implement risk assurance practices at an organizational level.
The Company has implemented a Risk Management Framework which supports timely identification, assessment, monitoring and reporting of key risks to which the Company is exposed and this includes existing as well as emerging risks. Some of the tools used in the assessment and monitoring of risks are summarized below:
• Company Risk Profile: This includes the assessment of risks that the Company is exposed to which is reviewed by RMC on a quarterly basis. It helps the Company’s senior management as well as the Board to understand and evaluate key risks and the associated action plans to mitigate these risks.
• Loss and Incident Register: All significant incidents and losses (as per the defined criteria) are reported to the Risk Management Function. A formal root cause analysis is undertaken for all such issues reported and action plans agreed with the Management to fix any control gaps or control failures identified.
• Risk Appetite Statement (RAS): The Company has put in place, a Board approved RAS, which defines the amount of risk (volatility of expected results) which the Company is willing to accept basis its core values, long term financial objectives and risk management competencies in pursuit of desired financial performance and its business priorities. As part of the RAS, a set of measures and metrics have been identified that are monitored periodically and form basis of setting up the relevant risk appetite and tolerance limits.
• Risk & Control Assessments: As a part of the first line of activity, Business Risk Control Managers (BRCMs) are identified who are responsible for carrying out Risk & Control Self Assessments and testing of key controls as per the agreed plan. This self-assessment activity undertaken by the first line of defense is used to provide an assurance to Management on working of internal controls within the organization. The Risk Management Function maintains an oversight on this risk and control self-assessment carried out by the first line.
• Stress Testing: This is undertaken periodically with the objective of monitoring any potential impact on the profitability, liquidity and solvency position of the Company under a range of plausible and adverse scenarios. Corrective actions are considered by the Management based on the outcome of this testing.
STATEMENT IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS
Your Company has in place adequate internal financial controls with reference to financial statements. During the year, your Company had engaged an external firm to review adequacy and working effectiveness of internal financial controls within your Company, based on the requirements of the Companies Act, 2013 and the guidance note issued in this regard by the Institute of Chartered Accountants of India.
As per the review conducted by the external firm, the internal financial controls in existence within your Company are adequate and commensurate with the size of business of your Company and such controls are operating effectively. The results of the review were also placed before the Audit Committee and the Board in their meetings held in May 2019.
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Dear members,
Your directors have pleasure in presenting the Twelfth Annual Report of Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited (the ‘Company’), together with the audited financial statements and the auditors’ report thereon for the year ended 31st March, 2019.
Financial Performance (In ̀ crores)
Particulars FY 2018-19 FY 2017-18Financial parametersPremium income 3,491 2,781- New business premium 1,460 1,228
Individual business 967 831Group business 493 397
- Renewal premium 2,030 1,553Profit after tax 165 168Sum assured (new business) 72,617 42,779Assets under management 14,854 12,688Net worth 1,083 916
Key Performance IndicatorsOperating expense ratio (As a percentage of premium income) 11.8% 13.3%Commission ratio (As a percentage of premium income) 5.3% 4.5%Solvency ratio 393% 382%Persistency ratio - 13th month (premium terms) 81% 78%Number of policies sold (in numbers) 129,068 104,873
Business Review and Outlook
Industry OutlookThe Indian economy is likely to continue on its growth path and the benefits of economic growth will provide a positive traction to the growth of household savings and protection in the country. The decisive mandate in the recent national elections and resulting continuity of strong political mandate is likely to lead to continuity of policies and thrust for economic reform measures. These will help in implementation of key growth initiatives for the country and is likely to provide conducive business environment. The new Government’s focus on reducing rural distress and RBI’s relatively benign stance on interest rates may fuel consumption in the economy.
The life insurance industry is expected to benefit from the increasing preference of household savings towards financial assets in the Indian economy and the positive customer outlook towards financial protection, savings and investment. Recent surveys from industry analysts* indicate that proportion of financial savings allocated to life insurance is second only to bank deposits and is increasing.
Life insurance industry growth over FY 2014–19 has been strong, premiums from new business of private life insurance companies in India have witnessed a compound annual growth of 12 per cent to reach ` 844 billion from ` 536 billion. In FY 2018-19, premium from new life insurance business increased 11 per cent year-on-year.
The key factors which indicate a significant growth potential for life insurance in India are:• Indian economy is growing at a faster rate as compared to other developing countries;
GDP expected to grow at 7 per cent in FY 2019-20.• Insurance reach is still low in India; overall insurance penetration (premiums as percentage
of GDP) in India was 2.76 per cent in 2017+, providing a huge underserved market.• Steady movement of savings from physical assets to financial assets. This has been further
aided by drive towards digitization and lower use of cash in the economy.
+ As per Swiss Re sigma3_2018 report* As per UBS report on India Life Insurance, June 2019
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• Growing awareness about insurance among a larger population, innovative and simplified products and new distribution channels, aiding growth.
• Strong growth potential for insurance penetration, especially in smaller towns and rural areas.• Government’s active initiatives to create awareness for life insurance, especially among the
mass market bank customers through schemes like PMJJBY, etc.
Company PerformanceThe key milestones for your Company in the last year has been the achievement of cumulative break-even. Your Company started operations in 2008 and achieved its discrete break-even in FY 2012-13 and since then has been consistently posting profits. In FY 2018-19 it wiped off all its accumulated losses and is ranked 3rd in bancassurance companies to achieve break-even in the 11th year of operations.
Your Company delivered a 12 per cent growth in individual new business Weighted Premium Income (WPI) in FY 2018-19 vis-à-vis previous financial year. It maintained its 10th rank amongst private life insurance companies on individual new business WPI and secured a market share of 2.3 per cent. Your Company was not only profitable but also cost efficient – the ratio of operating expenses to premium is 11.8 per cent, which is among top quartile of private life insurance companies. The continuing faith of customers in the Company is reflected in the healthy levels of 13th month persistency.
During the last financial year, your Company continued to deliver new initiatives to strengthen its position, including:
• Strengthened sales support structure: Your Company hired additional sales support staff during the year, to extend support to more number of branches of its distributor banks, thereby providing an impetus to further penetration of insurance.
• New addition to product suite: Your Company has forayed for the first time in health products with the launch of ‘Health First Plan’. In addition to Health First Plan, 6 new products were also introduced, including Point of Sale (POS) product, to cater to different life stages and segments of customers.
• Brand visibility: Your Company made its presence felt through various brand campaigns on television focusing on its brand essence of ‘Promise’. Digital and social outreach was also achieved through various initiatives. Your Company initiated a social cause based marketing initiative for the first time - #Meformycity and has won an award for this initiative in the experiential marketing category.
• Digitization: Your Company took various initiatives for process improvement and enhanced customer experience. Chatbot ‘MIA’ (My Insurance Agent) was launched to enable self-servicing for digitally oriented customers. Digital sales enablement on Integrated Self Network Platform (‘ISNP’) through distributor banks’ websites was launched. The ISNP initiative would help bank customers to have a seamless customer journey starting from the banks’ website and purchase a policy using your Company’s ISNP.
Your Company was awarded several industry recognitions during the year -- ‘Best Insurer in Asia’, ‘Most Promising Business Leaders of Asia’, ‘Best CSR Practices’, ‘Masters of Modern Marketing’ and ‘Award for Experimental & Brand Experience’.
Regulatory LandscapeDuring the FY 2018-19, the Ministry of Finance and IRDAI issued various circulars / regulations
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/ guidelines to further aid the growth of industry and encourage the cause of financial inclusion. Some of the key notifications include the following:
IRDAI has proposed to adopt ‘Risk Based Supervisory Framework’ (RBS), so that each regulated entity can be assessed basis its risk profile and the overall risk it carries. This will be a shift from the present method of supervising, which is primarily focused on compliance based approach. Post implementation, the RBS Framework shall facilitate in assessment of various risks that an insurer poses at an individual level and financial system at large. The risk profile of each entity shall facilitate in determining the supervisory action plan encompassing offsite monitoring, onsite inspections and regular meeting with the insurers in conjunction with a specific supervisory action plan. (IRDA/INSP/CIR/RBSF/166/10/2018, IRDAI)
IRDAI had issued an exposure draft on revised Product Regulations, in October 2018. Based on industry level discussions and suggestions, the final draft of the revised regulations is ready and expected to be released soon. The expected key themes of the new regulations include:
• Greater flexibility in product design and in particular, enhancement of pension products framework.
• Simplification of the regulatory framework for products.• Surrender value for traditional products introduced from Year 2 onwards.• Revival period increased from 2 to 3 years for linked products and 5 years for
non-linked products. • Higher flexibility to insurer on designing charging structure and changes in
discontinuance charges.
IRDAI notified Re-insurance Regulations, 2018, which provides relaxation on the placement criteria on reinsurance. However, it prescribes that insurers should endeavor to utilize the Indian domestic reinsurers before offering business to the cross border reinsurers. (IRDAI/Reg/4/151/2018, IRDAI)
To encourage eligible and potential account holders to join the Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY) scheme at a later stage, i.e., enrolment post 31st August of any year, the Government issued notification allowing pro-rata payment of premium for PMJJBY enrollment. (F.No.H-12011/2/2015-Ins.II, Ministry of Finance, Department of Financial Services)
Financial Strength RatingDuring the year CARE has reaffirmed the rating of ‘CARE AAA (In)’ [Triple A] for your Company’s claim paying ability / financial strength. This is the 6th year in continuation, when your Company has maintained this rating. This signifies that your Company continues to have the highest financial strength to meet its policyholders’ obligations and impact of any adverse business and economic factors on the claim paying ability is minimal.
Rural And Social Sector ObligationsYour Company successfully met its rural and social sector obligations, as stipulated in the IRDAI (Obligations of Insurer to Rural or Social Sectors) Regulations, 2015. During the year, your Company covered 3,37,686 lives in the social sector which is 22.5 per cent against the target of 5 per cent of total lives insured in preceding financial year.
It also issued 37,172 policies (28.8 per cent) in the rural sector against the requirement of 25,814 policies, i.e. 20 per cent of total number of policies issued in FY 2018-19.
The Company has insured over 25 lakh lives under the PMJJBY scheme.
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Solvency Margin and Capital Structure
Your Company has maintained a healthy solvency margin on a continuous basis with solvency ratio of 393.5 per cent as at the end of the FY 2018-19. The available solvency margin was ` 1,261.3 crores against the required solvency margin of ` 320.5 crores as at 31st March, 2019.
The capital structure as at 31st March, 2019 stood as follows:
No. of shares issued 95 crores
Face value ` 10/- per share
Paid up capital ` 950 crores
As at 31st March 2019, your Company’s shares were held by the following shareholders:
Name of shareholders Percentage of holding (%)
Canara Bank* 51
HSBC Insurance (Asia-Pacific) Holdings Ltd. 26
Oriental Bank of Commerce 23
* Includes 1 share each held by 5 individuals jointly with Canara Bank, beneficial interest of which lies with Canara Bank.
Dematerialization of Shares
During the last financial year, the equity shares of your Company were admitted on the depository system and can now be held in dematerialized form. Your Company has signed a tripartite agreement with National Securities Depository Limited (NSDL) and Karvy Fintech Private Limited (Karvy) and has received International Securities Identification Number (ISIN) - INE01TY01017. Karvy has been appointed as the Registrar & Transfer Agent of the Company.
ISO 9001:2015 Certification
During the period under review, your Company has successfully cleared the surveillance audit of the ISO 9001:2015 certification. This further establishes your Company’s vision of keeping customer interest at its core with a constant endeavour to enhance the quality management system in its product design and development, customer service and operations.
Product Portfolio
Your Company is focused on offering products aligned to specific propositions, which are relevant to its target customer segments in the distributor banks, emerging channels and online customers. Product design and positioning is rooted in our understanding of the customers’ needs through close engagement with distributor banks, research / market intelligence and analytical insight. As a philosophy, your Company is committed to the principle of providing life insurance products with good value for money to customers which are benchmarked for their competitiveness.
Your Company added seven new products to its product portfolio in FY 2018-19, in line with its overall strategy of providing a comprehensive bouquet of solutions to its targeted customer segments.
The traditional product portfolio was enhanced with the launch of Guaranteed Savings Plan and Guaranteed Income Plan which are traditional non-participating savings plans offering guaranteed returns to customers in the form of lump sum maturity benefits, money back payments as well as regular income payments. Two new unit linked products, namely Titanium Plus Plan and Invest
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4G were launched with the former enhancing the Company’s suite of high income unit-linked plans and the latter marking the Company’s entry into the highly competitive online unit-linked products space.
Your Company also launched its first health insurance product, namely Health First Plan which is a comprehensive health plan providing a variety of benefits to choose from, such as specific illnesses covers as well as a multi illnesses option.
As part of your Company’s mass market strategy in order to offer simple products to address the needs of this segment, a retail low ticket simple endowment plan was also introduced during the year to compliment the existing term plan with return of premium being offered to this segment. The product portfolio now consists of 35 products - 13 unit-linked products, 13 traditional products and 1 health product offered on the individual platform, in addition to 8 products on group platform.
Distribution
The Company primarily follows successful bancassurance sales model, with a large proportion of business emanating from its distributor banks. In line with your Company’s strategy for growth and diversification, the key focus has been on increasing insurance penetration with across bank branches in all geographies, focus on mass market segment, tapping bank’s alternate channels, growing digital business, improving customer experiences and continued focus on persistency.
Your Company has deployed various technology enabled solutions to maximize reach to the customers and cater to their insurance needs as per their convenience and requirements, including focused integration with the distributor banks and to make the insurance purchase journey for the customer a pleasant one, thereby converting customer satisfaction into customer delight.
During the year, a number of training and coaching interventions were carried out to support and equip the frontline sales support staff with all the nuances necessary for guiding and helping the customers in fulfilling their requirements for protection and financial planning. The quality of the sales and the transparency of the processes deployed can be ascertained from the fact that your Company has achieved first year persistency of 81 per cent, a jump of 3 per cent from previous year.
Enhancements were also done in the sales process to improve on the online sales journey for the customer, thus making the entire sales process a transparent and enriching experience for the customer.
Marketing
In the FY 2018-19, your Company continued its focus on strengthening the brand recall in open market and for the customers of the distributor banks. With an imperative on increasing aided and unaided awareness, flagship initiatives comprising of television and digital campaigns and cause marketing were pursued.
Initiatives For Increasing Brand VisibilityAdvertising campaigns were pursued in strategic mass media platforms garnering reach and recall for the brand. Later half of the year saw a successful brand campaign ‘Promise Kiya! Ab Plan Karo’. A unique concept consisting of three film series integrated the brand with financial needs for key life stage propositions; protection, planning for the child’s future and for retirement. With a humour undertone, the messaging resulted in a strong call to action emanating out of our ‘promises’ to our loved ones. The FY 2018-19 also saw a television campaign for our flagship online unit linked offering Invest 4G. The campaigns were aired across leading television networks in the country in Hindi, English & regional languages and received much appreciation from the target audience.
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While the mass media campaigns addressed mindshare and recall for the brand, marketing initiatives comprising of point of sale branding in the branches and ATMs of distributor banks were too pursued. Tools in the form of conversational selling starters, customer contact programmes & customer meets were also implemented for enhancing customer engagement at the branches.
Digital marketing initiativesYour Company made rapid progress in using the digital and social media platforms as a key influencer for product purchase, customer engagement and making the brand reach the target audience. All marketing initiatives were amplified through social media, digital branding and use of various digital assets along with external associations. While promoting the flagship online term offering by the Company, an innovative digital series was launched in key video marketing platforms in digital and social media platforms. The series not only focused on highlighting the advantages of the product offering but also worked as an awareness campaign on highlighting the importance of buying term insurance. The campaign resulted in 50+ million impressions and with 6+ million views.
Cause Marketing Initiative, #meformycityYour Company strongly believes in communicating on consumer’s interest areas and implementing marketing initiatives to improve the world around us. This belief is the cornerstone of our brand essence ‘promise’. Taking a step towards realizing this essence, your Company launched #meformycity - a cause based marketing initiative. An intellectual property, the initiative aims at giving back to the cities we live in, through cleaning relevant surroundings and beautifying prominent walls in the city through graffiti art depicting the great Indian spirit. The initiative was launched across 10 key cities in the country. Your Company partnered with a leading radio channel for reaching out to the audience at large, which along with digital and social media platforms, helped us reach 17+ million people.
Consumer Awareness Initiatives Your Company pursued various marketing initiatives to impart awareness on financial planning and life insurance solutions through the year. Video marketing campaigns were executed to generate awareness and communicate the benefits to the customers of a continued life cover and the key benefits of staying invested in a life insurance policy.
Risk Management Framework
In line with the section 134(3)(n) of the Companies Act 2013, your Company has included a description of the Risk Management Framework in the notes to accounts forming part of the financial statement for the FY 2018-19, which forms part of the Annual Report.
Investments
Your Company’s Assets under Management (AUM) stood at `14,853 crores as on 31st March, 2019, recorded a growth of 17 per cent over last year. Your Company continues to offer customers a wide range of traditional and unit linked products with fund options depending on their risk appetite with varied asset allocation of equity, debt and money market investments. The traditional portfolios are managed in accordance with matching assets and liabilities, regulatory asset allocation requirements and earning market competitive returns. Your Company, through its prudent investment strategy, continues with well diversified and balanced portfoliosacross funds, which are well positioned for long term sustainable performance that would help achieving expectations and objectives of the policyholders. Unit linked fixed income funds and non-unit linked fixed income funds, both have done well this year, outperforming their respective benchmarks and peers.
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FY 2018-19 has been an eventful and volatile year for Indian financial markets. Equities generated a 14.9 per cent return (Nifty) in the year and Debt markets generated a 6.7 per cent return (CRISIL Composite Bond fund index). Broader markets, however, significantly underperformed large cap benchmarks and even in large cap benchmarks the entire return was delivered by select few stocks. Crude oil and currency caused lot of volatility in the financial markets globally, though ending the year on a positive note.
FY 2018-19 will be characterized as a year of huge volatility in which India’s macroeconomic situation went from strong to weak to strong again, within a span of one year.
Your Company remains committed to enhancement of policyholder wealth and security through consistent and steady long term performance of funds and prudence in investing and shall continue to focus on in depth research based investing and choosing investments which create wealth in short term as well as in the long run.
Policyholder Bonus
The Risk Management Committee and the Board of directors of your Company approved the following recommendations for distribution of policyholder bonus for participating policies, made by With-Profits Committee of the Company:
• Regular bonuses declared in line with those declared last year for all existing participating products.
• Interim bonus rate for in-force policyholder exits due to deaths over the coming year has been set to be the same as the regular bonus rate declared for FY 2018-19.
• Terminal bonuses on exits of policies participating in the surplus / losses of the with-profits fund such that the final payouts are aligned to their asset shares.
The total cost of regular bonus payable is estimated to be ` 51 crores, which represents an increase of ` 21 crore from last year. In addition, a payment of ` 53 lakhs was made towards interim and terminal bonus during FY 2018-19.
Policyholders’ Claim Payouts
In line with the TCF (Treating Customer Fairly) philosophy, your Company firmly believes that it is its responsibility to offer the best support in every possible manner at claims stage. Your Company’s sincere promise to all its policyholders is that the Company will support their family / dependents in their hour of need. A dedicated team of expert claim assessors works sincerely towards keeping this promise. The processes too are designed to provide customers with a hassle-free claims experience. During the FY 2018-19, 1,004 individual death claims were intimated; 946 death claims were settled and paid and 59 death claims were repudiated on grounds of material misrepresentation / fraud. The paid percentage for individual death claims as at 31st March, 2019 is 94.04 per cent. At an overall level, i.e. individual as well as group claims, 3,488 claims were intimated, of which 3,410 death claims were settled and paid, 77 death claims were repudiated on grounds of material misrepresentation / fraud and 1 death claim was rejected on grounds of terms and conditions not met. The overall claim paid percentage stood at 97.71 per cent. The average time taken for settlement of claims from date of last document received, for individual claims was around 9 days and cumulatively for individual as well as group claims was also 9 days.
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Following are the details of the number of benefit payouts received and paid during the year, and those remaining outstanding as at the end of the year:
Death Maturity Annuities / Pension
Survival Benefit
Surrenders -Retail and
Group
Others *Retail and
GroupClaims outstanding at the beginning of the period 2 5 134 - 129 487
Claims reported during the period 3,488 416 992 9,229 10,949 27,370
Claims settled during the period 3,410 248 953 9,229 10,789 27,149
Claims repudiated during the period 77 - - - - -
Claims rejected during the period 1 - - - - -
Claims transferred to unclaimed amount 0 7 - - - 2
Claims outstanding at end of the period 2 164 173 0 289 708
*Others include auto termination payouts and partial withdrawal cases.(Aside the above, 1 non-admissible claim was outstanding in the beginning of the period, 48 non-admissible claims were reported during the period, 47 were settled and 2 are outstanding at the end of the period.)
Customer Experience Initiatives
Pursuant to the Company’s core value of ‘Customer Centricity’ and its commitment to offer a delightful service experience to its customers across the life cycle of the policy, your Company undertook the following customer experience initiatives during FY 2018-19:
• Chatbot ‘MIA’: Today’s customer is inclined towards technology and prefers instant digital servicing avenues compared to conventional ways like telephone or emails. To leverage this, your Company launched a Chatbot ‘MIA’ with guided messaging options, with an intent to enhance customer convenience and provide 24x7 access to its customers for clarifications or queries regarding their policy and related services. Your Company will continue to further evolve on this new age technology platform to further enhance customer delight.
• Credit based underwriting and income segmentation: In its continued focus to simplify processes and build positive customer experience, credit rating based underwriting has been introduced by your Company to reduce physical documentation thereby offering a simple and seamless on-boarding experience to its customers.
• Enhanced tele servicing options: To provide a hassle free experience of servicing on calls to customers especially at an on-boarding stage, the existing tele-servicing option was further enhanced to offer new option of tele-underwriting and collection of information, where the customer can go through a medical enquiry on the call itself with a qualified medical practitioner.
• Customer awareness programmes: Your Company strongly believes in the famous philosophy that ‘A satisfied customer is the best business strategy of all’. Awareness is an important ingredient of customer satisfaction. In its continued endeavour towards customer awareness, your Company ran various initiatives like Benefits of staying insured, financial planning and campaigns on servicing avenues.
• Customer engagement campaigns: With an objective to create strong and lasting bonds with its customers by ensuring that they are heard, valued and privileged; your Company initiated various engagement campaigns through telephone and service camps at bank branches.
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• Digital payment options: As part of its commitment to enhance servicing and payment avenues, your Company undertook efforts to offer newer premium payment avenues in the digital space for its customers and successfully added payment wallets for renewal premium payment during the year. With substantial increase in usage of online services and customers preferring such options, this would go a long way in providing hassle free, speedy and always available payment alternative.
• Jet claims processing: Your Company introduced a ‘Jet’ claims process to ensure faster processing of claims that is in less than 5 days for specific segmented portfolio – non-early, non-investigated cases with sum assured less than ` 10 lakhs.
Your Company will continue to stay connected with its customers, in order to evolving itself basis the ever changing dynamics of customer requirements and needs. The Company is currently working on a robust digital servicing platform for the customers including a customer communication management system to further enhance the overall customer experience. We will continue to operate on the ‘Customer First’ principles, to ensure that customer interest is at the center of all initiatives undertaken.
Corporate Social Responsibility (CSR) and Sustainability
As a responsible organization, your Company conducted itself in a socially, environmentally and ethically prudent manner with an endeavour to make positive contributions towards the betterment of the society. ‘Giving back’ to the society is a core belief which each employee believes in and has been the guiding principle since the Company has been in existence. Your Company takes a long term approach with respect to community / social investments for a better impact and sustainability of the initiative. It follows a shared value approach and all projects are need based with focus on Government’s priority areas as mentioned in the Schedule VII of the Companies Act, 2013 and are also guided by UN’s Sustainable Development Goals.
The Company has in place a very comprehensive and structured CSR programme. Last year, the CSR efforts were channelized in five broad areas of education, environment, sanitation, health and care for the aged.
To pursue its CSR objectives, your Company identified sixteen projects as per Schedule VII of the Companies Act, 2013 and partnered with like-minded trusts, societies and companies and also implemented programmes directly to generate value by adopting a long-term sustainability approach.
Through the various education related initiatives covering around 2,200 beneficiaries, the Company was able to support children from underserved communities, helping them integrate into mainstream education and as well as develop life skills. Efforts were also directed to ensure community education and adult literacy programme, as well as vocational / employability training.
With respect to environment related initiatives, rainwater-harvesting, reducing man-animal conflict, agro-forestry, sustainable management of forest resources, agricultural interventions, integration of renewable energy etc. along with livelihoods were some of the interventions undertaken as part of the CSR projects that impacted over 14,000 beneficiaries. Under the ‘Green Cover’ programme, around 8,000 trees were planted at multiple locations on the occasion of World Environment Day through ‘Adopt a Tree’ initiative.
Around 5.3 lakh people were covered under the financial literacy programme via community radio initiative in multiple location, camps and face-to-face workshops conducted by employees with a special focus on the underserved and rural communities.
Three cancer support units were set up where children from rural and underserved communities suffering from cancer received diagnostic support, medicine support & intensive care treatment. Around 100 elderly persons living in slum clusters received care and material support.
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Your Company also conducted various awareness workshops and sessions on career guidance, health and nutrition, sanitation and social issues for 4,000+ beneficiaries of the CSR projects as well as other community members.
Around 2,000 man-hours of CSR employee volunteering were clocked in FY 2018-19 with 75 per cent employees participating in at least two initiatives.
Further details of the projects undertaken are included as part of the annual report on the CSR activities for the FY 2018-19, annexed herewith as Annexure A.
Human Resource And People Development
People are the cardinal element of any company in driving revenue and growth. Investing in people and human resource strategies impact employee connect to the vision, values and business strategy which enhances overall success of the Company.
To create your Company as a valuable abode for people to work, five key levers have been employed that form the pillars of people strategy:
EMPLOYEEBENEFITS &REWARDS
VALUEBEHAVIOURS
HIRINGTHE RIGHT TALENT
TALENTDEVELOPMENT
DIVERSITY &INCLUSION
Value BehavioursYour Company is growing rapidly and with changing environment and priorities, its Value Behaviors (Agility, Accountability, Empowerment & Respect, Collaboration and Customer Centricity) serve as foundation for all business and people initiatives.
Hiring The Right TalentHiring talented people and retaining them is fundamental to a company’s success. With a structured hiring process in place, your Company aims at hiring competitive people who can culturally fit to its environment and echo the value behaviours. As hiring and retention of talent in this competitive market is very intense, your Company has a set of robust people practices like career progression, internal job postings, engagement platforms, reward structure, recognition programmes etc. to ensure a unique advantage and edge in market.
Talent DevelopmentTalent management in your Company is committed to create an open, transparent, meritocracy based performance driven culture. This belief is reflected in people policies and demonstrated through practices like succession planning, investment in people, leadership development and in-house talent sourcing model. Your Company conducted various structured learning interventions to provide development opportunities to its employees.
Diversity & InclusionYour Company strongly believes that diverse employees bring a breadth of creativity, productivity, perspectives, and innovative solutions to everything it does. The Company has been recognized
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for its diversity initiatives at DivHERsity Awards among two categories – ‘Top 20 Most Innovative Practices in Women L&D Programmes’ and ‘Top 20 Most Innovative Practices in Women Leadership Development’.
Employee Benefits People are the most important asset of your Company. We believe in investing in employee benefits to attract and retain talent. For promoting healthier and fuller life, your Company has various policies and programmes which support employees to better integrate their work and family responsibilities.
Auditors
Auditors’ reportYour directors have examined the statutory auditors’ report on financial statements for FY 2018-19. The auditors’ report is self explanatory and does not call for any comments under section 134(3)(f) of the Companies Act, 2013 as the report carries no qualification/ adverse remarks/ reservations / disclaimer.
During the year, the Comptroller and Auditor General of India (C&AG) entrusted the supplementary audit of the annual accounts of your Company for the FY 2018-19 to the Principal Director of Commercial Audit & Ex-officio Member Audit Board – II, New Delhi (Principal Director, New Delhi). The Principal Director, New Delhi, conducted a supplementary audit of the annual accounts during the month of June 2019.
The report of the Principle Director, New Delhi, along with explanation to the comments therein is placed elsewhere in the Annual Report.
Appointment of Statutory AuditorsThe joint statutory auditors, M/s Batra Deepak & Associates and M/s M Anandam & Co., Chartered Accountants retire at the Twelfth Annual General Meeting (AGM).
The Comptroller and Auditor General of India (C&AG) has appointed M/s Batra Deepak & Associates and M/s M Anandam & Co., Chartered Accountants, as the joint statutory auditors of the Company for the FY 2019-20.
M/s Batra Deepak & Associates and M/s M Anandam & Co. shall hold office up to the conclusion of the thirteenth AGM.
Secretarial AuditorThe Board appointed M/s Chandrasekaran Associates, Company Secretaries in practice to undertake the secretarial audit of your Company for the FY 2018-19. The secretarial audit report is hereby annexed as Annexure B and forms part of this report. There are no qualifications / adverse remarks / reservations / disclaimer in the report.
Cost Records and Cost AuditMaintenance of cost records and requirement of cost audit as prescribed under the provisions of the Section 148(1) of the Companies Act, 2013 are not applicable on the business activities carried out by the Company.
Corporate Governance
The corporate governance philosophy of your Company is a reflection of core value system
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encompassing our culture, policies and relationships with all stakeholders. Integrity and transparency are key to our corporate governance practices to ensure that we gain and retain the trust of our stakeholders at all times.
Your Company has a Board approved Corporate Governance Policy which is in accordance with the IRDAI Corporate Governance Guidelines (CG Guidelines) and the requirements of the Companies Act, 2013, as well as the Shareholders’ Agreement.
The Corporate Governance Report containing disclosures required to be made under the Companies Act, 2013 as well as the CG Guidelines is hereby annexed as Annexure C and forms part of this report. A certificate from the Company Secretary, who is the Compliance Officer under the CG Guidelines certifying compliance with the guidelines is hereby annexed as Annexure D and forms part of this report.
Key Managerial Personnel
During the year, your Company had appointed Mr Tarun Rustagi as Chief Financial Officer with effect from 15th March, 2019 in place of Mr Gaurav Seth who had resigned with effect from 7th December, 2018.
Brief profile of Mr Tarun Rustagi is placed on Company’s website.
As required under the provisions of the Companies Act 2013, following are the Key Managerial Personnel of your Company as on 31st March, 2019:
• Mr Anuj Mathur - Managing Director & Chief Executive Officer• Mr Tarun Rustagi - Chief Financial Officer• Ms Vatsala Sameer - Company Secretary
Directors
As per the Articles of Association of the Company, the Company’s Board comprises of 13 directors, including 4 independent directors, 8 non-executive directors and 1 executive director. The Chairman of the Board holds a non-executive position and the Managing Director & Chief Executive Officer is the only executive director.
The details of the Board and Committee meetings and the attendance of directors thereat, form part of the Corporate Governance Report which is annexed as Annexure C.
Changes in DirectorshipsSince the last Annual General Meeting (AGM), the following additional directors were appointed on the Board of your Company, as additional directors:
Name Director Identification Number (DIN) Date of appointmentMr Alistair Chamberlain 08184995 24th July, 2018Mr Debashish Mukherjee 08193978 9th October, 2018
Dr S T Ramachandra 08337530 6th February, 2019Ms A Manimekhalai 08411575 24th April, 2019Mr Balakrishna Alse S 08438552 8th May, 2019Mr R A Sankara Narayanan 05230407 13th May, 2019Mr K V Shaji 07691350 10th August, 2019
All the above appointments were recommended by the Nomination and Remuneration Committee and approved by the Board.
These additional directors hold office up to the date of the twelfth AGM and being eligible, offer themselves for appointment as directors.
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In accordance with the provisions of Companies Act, 2013 and the Articles of Association, Mr Ranjan Bhattacharya (DIN – 07835117) retires by rotation at the twelfth AGM, and being eligible offers himself for re-appointment.
The Board of Directors feels that the appointment/ re-appointment of the above mentioned directors would be in the best interest of your Company. The Board recommends their appointment / re-appointment as directors of your Company.
Your Company has received requisite disclosures and undertakings from all the directors in compliance with the provisions of the Companies Act, 2013 and the IRDAI Corporate Governance Guidelines.
Since the last AGM, the following directors resigned from the Board of your Company:
Name Director Identification Number (DIN) Effective date of resignationMr Ravi Menon 00016302 24th July, 2018Mr Rakesh Sharma 06846594 31st July, 2018Mr S S Mishra 07911945 1st September, 2018Mr Himanshu Joshi 07214254 1st November, 2018Ms P V Bharathi 06519925 31st January, 2019Mr M V Rao 06930826 30th April, 2019Dr S T Ramachandra 08337530 1st July, 2019
The Board would like to place on record its sincere appreciation for the guidance and support provided by these directors during their tenure.
Independent DirectorsThe Company has four independent directors i.e. Mr R Krishnamurthy, Mr B A Prabhakar, Mr Thomas Mathew T and Dr T T Ram Mohan.
The independent directors met separately two times during the FY 2018-19 i.e. on 17th May, 2018 and 15th November, 2018.
The independent directors of your Company have given the confirmation that they meet the criteria of independence as provided under section 149(6) of the Companies Act, 2013 and said declaration was noted by the Board of Directors at its meeting held on 15th May, 2019.
Details of attendance by each independent director are given in Corporate Governance Report which is annexed as Annexure C.
Evaluation of Performance of the BoardUnder the Companies Act, 2013, the performance of the Board and its Committees as well as of individual directors is required to be evaluated annually. Accordingly, your Company has in place a Board and Directors’ Evaluation Policy, which was approved by the Board on the recommendation of the Nomination and Remuneration Committee (NRC). The Policy lays down a mix of self and peer evaluation criteria through a rated questionnaire, which addresses various facets of performance of the Board, its Committees and the individual directors, including the Chairman.
The questionnaire was circulated to all directors and based on the responses submitted by the directors, results of the evaluation exercise were presented in the meetings of the NRC and Board held in May 2019.
The independent directors also discussed the results of the evaluation in their separate meeting held on 14th May, 2019.
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Directors’ and KMP PolicyIn terms of the requirements under the Companies Act, 2013, your Company has in place a Directors’ and KMP Policy.
The Policy has been formulated keeping in mind the requirements of the Companies Act, 2013, IRDAI Corporate Governance guidelines and the functional environment of your Company.
The purpose of this Policy is to:
a) describe the procedure and criteria on the basis of which Nomination & Remuneration Committee (NRC) will identify persons eligible to be appointed as directors, assess independence of directors;
b) lay down provisions with respect to term of appointment, criteria for re-appointment and remuneration of directors;
c) lay down provisions with respect to remuneration payable to the employees of the Company, including key management persons;
d) lay down the performance evaluation framework of directors, including independent directors;e) outline any other requirements with respect to appointment of directors, including independent
directors.
The aforesaid policy is placed on the Company’s website; the web link is as under:
https://www.canarahsbclife.com/lifeinsurance/PA_CHOPortal/DownloadPDF?f=/appdata/website/PublicDisclosures/Directors-and-KMP-Policy.pdf&t=0
Public DepositsDuring the year, your Company has not accepted any deposits under section 73 of the Companies Act, 2013.
DividendDuring the year, your Company has wiped off all its accumulated losses and is now eligible from FY 2019-20 to pay dividend to its shareholders, on the recommendation of the Board of Directors.
ReservesYour Company has made a profit of `165.2 crores during the FY 2018-19 and has wiped off all its accumulated losses. The accumulated profits (included under Reserves and Surplus) as on 31st March, 2019 stood at ` 5.4 crores.
Statement on Prevention, Prohibition and Redresssal of Sexual Harassment of Women at the WorkplaceThe Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 provides protection against sexual harassment of women at the workplace and for the prevention and redressal of complaints of sexual harassment.
Your Company has formulated the Policy on Prevention of Sexual Harassment at Workplace. The objective of the policy is to ensure a safe and comfortable working environment which is free from sexual harassment and where all female employees are treated with dignity, courtesy and respect.
With a view to protecting women employees from sexual harassment at their work place and for prevention and redressal of complaints related to sexual harassment, the Company constituted Internal Complaints Committee (ICC) for all offices across country.
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Your Company ensures that the policy details are communicated to all employees through online training module.
One case of sexual harassment was reported during the FY 2018-19, which was resolved by ICC.
Particulars of Loans, Guarantees or Investments under Section 186 of the Companies Act 2013
In accordance with section 186(11)(a) of the Companies Act, 2013, read with clarification issued by the Ministry of Corporate Affairs on 13th February, 2015, Section 186 does not apply to insurance companies.
Material Changes and Commitment
There are no matters which have material impact on the financial position except those disclosed in the annual report.
Change in the Nature of Business, during the Last Financial Year
There was no change in the nature of business during the last financial year.
Holding Company and Names of Companies which have Become or Ceased to be the Company’s Subsidiaries, Joint Ventures or Associate Companies during the Year
Canara Bank holds 51 per cent equity shares of your Company and is accordingly, the holding company of the Company. Your Company does not have any subsidiary and joint venture and during the year, Company has not incorporated any subsidiary or entered into any joint venture.
Compliance of Secretarial Standards
During the year, your Company has duly complied with the provisions of applicable Secretarial Standards issued by Institute of Companies Secretaries of India.
Legal Update
During the FY 2018-19, no significant and material orders were passed by the Regulators, Courts or Tribunals that impacted the going concern status of the Company, or which can potentially impact the Company’s future operations.
Statement in Respect of Adequacy of Internal Financial Controls with Reference to the Financial Statements
Your Company has in place adequate internal financial controls with reference to financial statements. During the year, your Company had engaged an independent external firm to review adequacy and working effectiveness of internal financial controls within your Company, based on the requirements of the Companies Act, 2013 and the guidance note issued in this regard by the Institute of Chartered Accountants of India.
As per the review conducted, the internal financial controls in existence within your Company are adequate and commensurate with the size of business of your Company and such controls are operating effectively. The results of the review were also placed before the Audit Committee and the Board in their meetings held in May 2019.
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Extract of Annual Return
Pursuant to section 92(3) of the Companies Act, 2013 and Rule 12(1) of Companies (Management and Administration) Rules, 2014, extract of annual return (in the prescribed Form MGT- 9) is hereby annexed as Annexure E.
Related Party Transactions
All contracts / arrangements / transactions entered by your Company during the financial year 2018-19 with related parties were in the ordinary course of business and on an arm’s length basis. New related party transactions entered into during the FY 2018- 19 year were approved by the Audit Committee. The Audit Committee granted omnibus approval for transactions that were repetitive in nature.
A disclosure of the material related party transactions has been made in Form AOC-2, hereby annexed as Annexure F and forms part of this report.
The Company has in place a Related Party Transactions Policy and the same is reviewed annually by the Audit Committee and the Board.
Update on Status for Implementation of Indian Accounting Standards (IndAs)
The Ministry of Corporate Affairs (MCA) had earlier outlined the roadmap for implementation of Ind-AS for the insurance sector and issued a press release in January 2016 requiring insurance companies to prepare Ind-AS based standalone and consolidated financial statements for the FY 2018-19 and onwards with one year comparative.
International Accounting Standard Board (IASB) issued the new standard IFRS 17- Insurance Contracts in May 2017, effective from 1st January, 2021. Consequently, Insurance Regulatory and Development Authority of India (IRDAI) reviewed the Ind-AS implementation and noted that Ind-AS in its current form is likely to lead to a mismatch in assets & liabilities along with creating volatility in financial statements of insurance companies and hence deferred the implementation of Ind-AS by two years, with applicability for accounting periods beginning from 1st April, 2020.
During FY 2017-18, the IRDAI constituted a working group on new standard on Insurance contracts to review the new standard and to identify relevant areas/aspects which require suitable adoption in the Indian context and to identify changes arising out of new standard to be carried out in regulations / guidelines.
IASB has proposed a deferral of IFRS 17, Insurance Contracts on 14th November, 2018 to annual periods beginning on or after 1st January, 2022 considering the concerns and implementation challenges received from various stakeholders. Consequently, to review the manner of implementation of Ind-AS in insurance sector, IRDAI gathered inputs from insurance companies on the level of preparedness of Ind-AS. However, further direction from the Authority is awaited.
The Company has also prepared an internal roadmap for the Ind-AS implementation. The Audit Committee oversees the progress of the Ind-AS implementation process and quarterly reports to the Board.
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Particulars of Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo
Information as required under section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is as under:
a. Conservation of EnergyDuring the year, a number of initiatives were undertaken and implemented involving adoption of technology leading to conservation of resources, higher efficiencies and a positive customer experience. In its continued focus on technology adoption, numerous initiatives were undertaken for creating a technology driven environment for various processes across the Company, thereby substantially reducing use of paper and leading to environment conservation.
During the year, your Company continues to leverage on the IPM+ technology (Intelligent Power Management) for fine-grained, non-intrusive power management across all hardware. This technology senses ‘applications’ and optimizes power according to needs of each application by intelligently managing power in components. It continues to be helpful in ensuring that power is automatically managed and saved without user intervention. This has reinforced your Company’s commitment about conservation of energy with sustainability through Green IT and helps in conservations of energy even when workstations are in use.
b. Technology AbsorptionDuring the period under review, technology function continued to enable efficient processes to run the business without disruption and enhanced user experience while enabling high degree of security posture.
Your Company also won an award in the ‘Best Insurer in Asia’ category at the Financial Insights Innovation Awards 2019. This award recognizes how the Company leveraged emerging and progressive technology for providing excellence in customer experience and enabling various sales and service solutions which helped in increasing operational efficiency at every stage of the customer life cycle.
The key initiatives undertaken by the Company during last year were:
• Enabled first of its kind, bank integration initiative by launching ISNP and POS products with one of its bancassurance partner.
• For efficiently running the business and increasing efficiency, technology team enhanced window of operations by optimizing runtime window, optimization of user interface for underwriter to improve their efficiencies, automation of sales confidential report to reduce cycle time reduction and various automation of processes and reducing technology run cost with the principle of ‘Do more for less’.
• Improved customer experience by higher system availability for buy online process, introduction of ChatBot ‘MIA’ as signature class client experience with ‘anytime, anywhere availability’, enhanced customer service portal, mobile responsive website.
• Various innovative technology initiatives like Robotic Process Automation, Image Enhancement Technology, WhatsApp based messaging, Cloud Enabled Services, Customer Relationship Management, Customer Communication Management; which would help provide a necessary impetus in your Company’s continued focus on customer experience enhancement and sustainable growth.
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c. Details of Foreign Exchange Earnings and Outgo:(` In Crores)
Particulars FY 2018-19 FY 2017-18
Foreign exchange earnings and outgo- Earnings - Outgo
Nil6.9
Nil8.0
Directors’ Responsibility Statement
The directors confirm that:
a. In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;
b. The directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of your Company at the end of the financial year and of the profit of your Company for that period;
c. The directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of your Company and for preventing and detecting fraud and other irregularities;
d. The directors have prepared the annual accounts on a going concern basis; ande. The directors have devised proper systems to ensure compliance with the provisions of
all applicable laws and that such systems were adequate and operating effectively.
Acknowledgement
The Board of Directors would like to thank the policyholders, distributors and business associates for reposing their trust in the Company. The directors take this opportunity to thank all employees for their continuous hard work, dedication and commitment.
The Board of Directors is also grateful to the shareholders viz. Canara Bank, HSBC Insurance (Asia-Pacific) Holdings Limited and Oriental Bank of Commerce for their contribution in supporting your Company’s strategies and business operations.
The Board of Directors thank the Insurance Regulatory and Development Authority of India, other Regulators & governmental authorities for their support, guidance and direction provided from time to time. On behalf of the Board of Directors
For CANARA HSBC ORIENTAL BANK OF COMMERCE LIFE INSURANCE COMPANY LIMITED
R A Sankara Narayanan Anuj MathurChairman Managing Director & Chief Executive OfficerDIN: 05230407 DIN: 00584057
Date: 14th August 2019 Date: 14th August 2019Place: New Delhi Place: New Delhi
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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 policy and projects or programmes.
Life insurance, our business is all about social security and protection aimed at the well-being of the society. The Company is committed to ‘giving back’ to the society and has a comprehensive structured CSR programme. As per the approach and philosophy of the CSR Policy, CSR efforts of the Company were channelized in five areas – (mentioned in Schedule VII of the Companies Act, 2013): Environment, Inclusive Growth through Education, Sanitation, Healthcare and Care for Senior Citizens. To pursue these objectives, the Company partnered with like-minded trusts, societies and companies. The Company delivered sixteen projects in the financial year 2018-19.
Web-link for the CSR Policy is stated herein below:
https://www.canarahsbclife.com/pdf/CSR_Policy_FY_2018_19.pdf
2. The Composition of the CSR Committee (as at 31st March, 2019)
Dr T T Ram Mohan – Chairman (Independent Director) Mr Mukesh Kumar Jain – Member (Non-executive Director) Mr Debashish Mukherjee – Member (Non-executive Director) Mr Alistair Chamberlain – Member (Non-executive Director) Mr B A Prabhakar – Member (Independent Director) Mr Anuj Mathur – Member (Managing Director & Chief Executive Officer)
3. Average net profit of the company for last three financial years ` 1,36,90,38,557 /-*
4. Prescribed CSR Expenditure (two per cent of the amount as in item 3 above) ` 2,73,80,771 /-*
* The calculation made at the start of the FY 2018-19, is as per Section 135 of the Companies Act, 2013, which refers to Section 198 for calculation of net profits, prior to the amendment in September 2018.
5. Details of CSR budget spent during the financial year
(a) Total amount to be spent for the financial year: The Board approved an amount of ` 2,74,29,919 /- for CSR projects during the financial year 2018-19
(b) Amount unspent, if any: Nil
Annexure A
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Manner in which the amount spent during the financial year is detailed below:
(1) (2) (3) (4) (5) (6) (7) (8)
S. No. CSR project or activity identified
Sector in which the project is covered
Projects or programs 1. Local areas or other2. Specify the state and district where project or programme was undertaken
Amount outlay (budget) project or programme wise(` lakhs)
Amount spent on the projects or programmes (` lakhs)
Sub-heads:1. Direct expenditure on projects or programmes2. Overheads
Cumulative expenditure up to the reporting period (` lakhs)
Amount spent: Direct or through implementing agency*(` lakhs)
1
Project Madhuvan–Focused on reducing man-animal conflict basis study, trainings & workshops and securing livelihood for traditional honey collectors along with establishment of standard operating manuals, formation of cooperatives and market linkages; the project benefitted around 2,000 people living in the remote villages of the Sundarbans
Environment Sustainability
Other than local area
West Bengal – 24 Parganas - North & South
(Sundarbans)
15.27
15.27
1 - 15.00
2 - 0.27
15.27 15.27
2
Project Saakaar– Provided employability training to 150 under-privileged youth to lead them towards self-reliance via placements
Vocational Skills
Local Area
Odisha - Ganjam
14.74
14.74
1 – 14.19
2 – 0.55
14.74 14.74
3
Project Ujjwal Bhawishya– Provided non-formal education to 140 children & women and vocational training to over 160 youth to ensure inclusion and self-reliance among the community via self employment and wage employment; Over 20 self-employed groups were formed and provided financial training & exposure to entrepreneurship opportunities
Education and Vocational Skills
Local Area
Delhi - East Delhi 16.68
16.70
1 - 16.00
2 - 0.70
16.70 16.70
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4
Project Unnati– Provided vocational training (stitching & tailoring) to 114 women from rural background/ economically weaker sections of the society for self-employment and also entrepreneurship support including launch of an e-commerce website which is being managed by the beneficiaries
Vocational Skills
Local Area
Haryana – Gurugram
14.55
14.56
1 – 14.00
2 - 0.56
14.56 14.56
5
Project Pragati–Supported vocational training of 275 beneficiaries from rural areas/ economically weaker sections of the society to ensure inclusion and self-reliance via self-employment and wage employment
Vocational Skills
Local Area
Karnataka – Chikkaballapur
Karnataka –Bangaluru
Karnataka – Udupi
Karnataka – Harohally
Karnataka –Sonnahallipura
Kerala – Allepey
Kerala – Trivandrum
34.06
34.16
1 - 32.65
2 - 1.51
34.16 34.16
6
Project Shakti–Supportedskill training in beauty parlour management and dress designing for 250 girls/ women in rural areas/ economically weaker sections of the society to ensure inclusion and self-reliance via self-employment and wage employment
Vocational Skills
Local Area
Rajasthan– Jaipur (Chomu-Balekhan)
Punjab – Firozepur (Ratol Bet)
33.79
33.87
1 - 33.00
2 - 0.87
33.87 33.87
7
Project Jal Jeevan Aarohan– Focused on environment preservation and livelihoods with renewable energy/ solar installations and trainings to encourage entrepreneurship and livelihood enhancement, impacting over 3,000 beneficiaries in 8 villages
Environment Sustainability
Local Area
Rajasthan – Jaipur (Phagi Tehsil)
18.34
18.35
1 - 18.00
2 - 0.35
18.35 18.35
55
8
Project Asha– Focused on educating & empowering over 530 vulnerable children from urban slums through education support and life skills training via mobile schools
Education
Local Area
Delhi – South & North
10.12
10.12
1 – 9.70
2 - 0.42
10.12 10.12
9
Project Samarth Vitya Vani– Conducted consumer/ financial education programme for over 5 lakh rural/ undeserved population via community radio and face- to- face interactions
Consumer Education
Local Area Haryana –Nuh
Uttar Pradesh – Gautam Budhh Nagar
Rajasthan –Alwar
7.04
7.04
1 - 6.74
2 – 0.30
7.04 7.04
10
Project Jal Dhara Se Jeevan Dhara– Focus on providing education on water conservation, promotion of dry land horticulture, provision of drinking water units, establishment of jaggery/food processing/ pickle units , impacting 4,000 individuals in the rural hinterland directly
Environment Sustainability
Local Area
Maharashtra – Solapur
17.81
17.82
1 - 17.00 2 - 0.82
17.82 17.82
11
Project Sanskriti– Provided skill and vocational training in traditional arts of Odisha to 30 youth/ women from the village to help them become self reliant by starting their own sale units
Vocational Skills
Local Area
Odisha – Puri
13.76
13.76
1 – 13.19
2- 0.57
13.76 13.76
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12
Project Utthan–Focused on environment and livelihood improvement of poor, small & marginal farmers via agro-forestry, agricultural interventions and linkages impacting around 4,000 villagers
Environment Sustainability
Local Area
Madhya Pradesh –Chattarpur
15.56
15.57
1 - 15.00
2 - 0.5715.57 15.57
13
Project Sapney– Provided vocational training to 70 deaf individuals of domains suitable to their education level, interest and aspiration
Vocational Skills
Local Area
Delhi – South West Delhi
11.27
11.27
1 – 11.20
2- 0.07
11.27 11.27
14
Project Jalashay– Focused on conservation of water, low water cropping, community development and income generation for over 2,500 salt-pan workers and farmers in a rural, arid areas
Environment Sustainability
Local Area
Gujarat –Patan (Santalpur) 19.79
19.80
1-19.00
2 - 0.80
19.80 19.80
15
Project Samman–Provided support equipment and care for over 700 neglected senior citizens in the urban slums along with awareness on old age issues and its care and management
Old Age Care
Local Area
Uttar Pradesh– Gautam Budhh Nagar
15.09
15.09
1-15.00
2 - 0.09
15.09 15.09
16
Project Umeed–Setting up 3 of medical support centres for around 50 children with cancer from rural/ economically backward communities to provide diagnostic help, treatment & care, reintegration with the society and support to the family
Promoting Healthcare
Punjab – Ludhiana
Punjab –Chandigarh
15.71
15.74
1-15.00
2 - 0.74
15.74 15.74
17 Capacity building – – 0.42 0.43 0.43 0.43
TOTAL 274.00 274.29 274.29 274.29
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Details of implementing agency:S. No. Project Implementing agency1 Madhuvan WWF India2 Saakaar Aide Et Action3 Ujjwal Bhawishya Amba Foundation4 Unnati Navjyoti India Foundation5 Pragati Canara Bank Centenary Rural Development Trust6 Shakti Oriental Bank of Commerce Rural Development Trust7 Jal Jeevan - Aarohan Advit Foundation8 Asha Butterflies9 Samarth Vitya Vani S M Sehgal Foundation10 Jal Dhara Se Jeevan Dhara Nehru Foundation for Development – Centre for Environment Education11 Sanskriti Parampara12 Utthan Haritika13 Sapney Centum Foundation14 Jalashay Ashray Social Welfare Foundation15 Samman Agewell Foundation16 Umeed CanKids…KidsCan
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.
Not applicable
7. A responsibility statement of the CSR Committee
The implementation and monitoring of the CSR Policy is in compliance with the CSR objectives and Policy of the Company.
Anuj Mathur Dr T T Ram MohanManaging Director & Chief Executive Officer Chairman, CSR CommitteeDIN: 00584057 DIN: 00008651
Date: 14th August, 2019 Date: 14th August, 2019Place: New Delhi Place: New Delhi
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Annexure B
FOR THE FINANCIAL YEAR ENDED MARCH 31, 2019
The MembersCanara HSBC Oriental Bank of Commerce Life Insurance Company LimitedUnit No. 208, 2nd Floor, Kanchenjunga Building, 18, Barakhamba Road, New Delhi- 110001
We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited (hereinafter called the company). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts / statutory compliances and expressing our opinion thereon.
Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained by the Company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, We hereby report that in our opinion, the Company has, during the audit period covering the financial year ended March 31, 2019 complied with the statutory provisions listed hereunder and also that the Company has proper Board - processes and compliance mechanism in place to the extent, in the manner and subject to the reporting made hereinafter.
We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on March 31, 2019 according to the provisions of:
(i) The Companies Act, 2013 (the Act) and the rules made thereunder; (ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder; Not
Applicable(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder; (iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to
the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’): Not Applicable
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009;
(d) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014;
(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;
(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client;
(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; and
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(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998;
(vi) The other laws, as informed and certified by the management of the Company which are specifically applicable to the Company based on their sector / industry are:
1. Insurance Regulatory and Development Authority of India Act, 1999, 2. Insurance Act, 1938 and various Rules, Regulations & Guidelines issued thereunder,
including circulars issued from time to time
We have also examined compliance with the applicable clauses of the following:
(i) Secretarial Standards issued by the Institute of Company Secretaries of India and notified by Ministry of Corporate Affairs.
(ii) SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: Not Applicable
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. as mentioned above.
We further report that, the Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act.
Adequate notice is given to all directors for the Board meetings, agenda and detailed notes on agenda were sent in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.
All decisions at Board meetings and Committee meetings are carried out unanimously as recorded in the minutes of the meetings of the Board of Directors or Committee of the Board, as the case may be.
We further report that there are adequate systems and processes in the Company commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
We further report that during the audit period the Company has no specific events / actions having major bearing on the Company’s affairs in pursuance of the above referred laws, rules, regulations, guidelines, standards, etc.
For Chandrasekaran AssociatesCompany Secretaries
Rupesh AgarwalManaging Partner Membership No. A16302Certificate of Practice No. 5673
Date: 06.05.2019Place: New Delhi
Note: This report is to be read with our letter of even date which is annexed as Annexure A and forms an integral part of this report.
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Annexure A
The Members Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedUnit No. 208, 2nd Floor, Kanchenjunga Building, 18, Barakhamba Road, New Delhi- 110001
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 the random test basis to ensure that correct facts are reflected in secretarial records. We believe that the processes and practices, we followed provide a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. 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, standards is the responsibility of management. Our examination was limited to the verification of procedures on random test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which the management has conducted the affairs of the Company.
For Chandrasekaran AssociatesCompany Secretaries
Rupesh AgarwalManaging Partner Membership No. A16302Certificate of Practice No. 5673
Date: 06.05.2019Place: New Delhi
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Annexure C
Corporate Governance Philosophy
As a good corporate citizen, the Company is committed to sound corporate practices based on conscience, openness, fairness, transparency, professionalism, truthfulness and accountability in building confidence of its various stakeholders, thereby paving the way for long term success.
The Company defines Corporate Governance as a set of systems, processes and principles which ensure that a company is governed in the best interest of all its stakeholders, internal as well as external.
The Company’s corporate governance philosophy is based on the following key principles:
An efficient corporate governance framework ensures the following:
• Higher degree of trust and confidence from customers and shareholders
• Better performance levels- both operational and business
• Efficient and effective internal procedures and decision making
• Corporate success and economic growth
• Helps in brand formation and development
CORPORATE GOVERNANCE
Maintaining transparency and a
high degree of disclosure levels
Complying with regulatory and
legal requirements in true spirit
Effective manage-ment of conflicts
of interest
Tone at the top
Safeguarding the shareholders’
capitalFairness and accountability
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The Company has put in place a Corporate Governance Policy (Policy) in line with IRDAI Corporate Governance Guidelines (CG Guidelines) and requirements under the Companies Act, 2013. The Policy ensures that the Board of Directors and the senior management of the Company fully recognize the expectations of all stakeholders, including policyholders, the Regulators.
The report on Corporate Governance, as required under the CG Guidelines and the Companies Act, 2013 is as follows:
I. BOARD OF DIRECTORS
As per the Articles of Association of the Company, the Company’s Board comprises 13 directors, including 4 independent directors, 8 non-executive directors and 1 executive director. The Chairman of the Board holds a non-executive position and the Managing Director & Chief Executive Officer is the only executive director.
The directors on the Board come from diverse backgrounds and possess a wide range of relevant experience and skills. None of the directors of the Company are related to each other.
Further details on the Board of Directors of the Company and its functioning are as follows:
a. Composition of Board as on 31st March, 2019
Name and position on the Board Qualifications, field of specialization and experience
No. of directorships in other companies ^
Mr Mukesh Kumar Jain
Non- Executive Director
DIN: 03275253
Qualifications :M.A. (Economics) from Delhi School of Economics, Chartered Accountant
Experience:Mr Jain is the Managing Director & CEO of Oriental Bank of Commerce.
He has more than 31 years of banking experience. His expertise lies in all facets of banking, both at operational and administrative levels and efficient business leadership.
Field of specialization:Banking
2
Mr M V Rao*
Non-Executive Director
DIN: 06930826
Qualifications :M.Sc. (Agri.)
Experience:Mr Rao is an Executive Director of Canara Bank.
He has more than 31 years of banking experience. His expertise lies in all facets of banking, including retail banking, credit monitoring etc.
Field of specialization:Banking
Nil
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Mr Debashish Mukherjee
Non-Executive Director
DIN : 08193978
Qualifications :MBA (Finance) from University of Kolkata
Experience:Mr Mukherjee is an Executive Director of Canara Bank.
He has more than 25 years of banking experience. He has vast experience in Corporate Credit, Credit Monitoring and Recovery.
Field of specialization:Banking
5
Mr Alistair Chamberlain
Non-Executive Director
DIN: 08184995
Qualifications:MA (Hons) Economics, Fellow Institute & Faculty of Actuaries (UK), Fellow Singapore Actuarial Society, Fellow Actuarial Society of Hong Kong
Experience:
Mr Chamberlain is the Global Head of Product and Actuarial with HSBC.
He has around 20 years of experience in actuarial and life insurance management. Prior to joining HSBC, Mr Chamberlain has handled various insurance roles at AIA, Aviva and Standard Life in UK, Europe and Asia.
Field of specialization:Actuarial and life insurance business management
NIL
Dr S T Ramachandra**
Non-Executive Director
DIN: 08337530
Qualification:Graduate in Business Management and Ph.D holder in arts, also a certified member of the Indian Institute of Bankers and Indian Institute of Banking & Finance.
Experience:Mr Ramachandra was the General Manager with the Marketing Wing at Head Office of Canara Bank.
He has more than 34 years of banking experience. His area of expertise includes strategic planning, staff training departments.
Field of specialization:Banking
1
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Mr Ranjan Bhattacharya
Non-Executive Director
DIN: 07835117
Qualifications:PGDM (Finance), B.Com (Hons.)
Experience:
Mr Bhattacharya heads Strategy & Planning for HSBC India, and is a member of the HSBC India Executive Committee.
He has more than 18 years of banking experience. His area of expertise includes business strategy, corporate banking, transaction banking, product management, relationship management and business management.
Field of specialization:Strategy and banking
NIL
Mr B A Prabhakar
Independent Director
DIN : 02101808
Qualifications:Chartered Accountant
Experience:Mr Prabhakar is the former Chairman and Managing Director of Andhra Bank.
He retired with more than 35 years of experience in all facets of banking with specialisation in credit and investment functions. He serves as independent director on the Boards of few financial services companies.
Field of specialization:Banking and investments
4
Mr R Krishnamurthy
Independent Director
DIN : 00032894
Qualifications:M.Com, MBA, CAIIB, Diploma in Industrial Finance
Experience:
Mr Krishnamurthy is the former Managing Director and CEO of SBI Life Insurance Company and former Deputy Managing Director, State Bank of India.
He retired with more than 35 years of experience. He has extensive experience in retail and commercial banking as well as life insurance business in India and overseas. He was also closely involved in policymaking at Department of Economic Affairs, Ministry of Finance. Field of specialization:Business strategy, Product design and bancassurance distribution
NIL
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Mr Thomas Mathew T
Independent Director
DIN : 00130282
Qualifications:M.A.(Economics), LL.B. (Hons.), P.G.D.M, A.I.I.I.
Experience:Mr Mathew has in the past held several leadership positions like Managing Director & Interim Chairman of LIC of India & Managing Director and CEO of RGA for India, Bangladesh and Sri Lanka.
He has more than 40 years of experience. His core expertise lies in strategic leadership and he has rich experience in life insurance and reinsurance industries.
Field of specialization:Insurance and Banking
4
Dr T T Ram Mohan
Independent Director
DIN : 00008651
Qualification:B.Tech (IIT Bombay), PGDM (IIM Calcutta), Ph.D. (Stern School, New York)
Experience:Dr Ram Mohan is a professor for Finance & Economics at Indian Institute of Management, Ahmedabad.
He has more than 32 years of experience and has held various strategic positions in Standard Chartered Bank, Bear Stearns Asia etc. before embarking on his academic career.
Field of specialization:Banking, investments, management consulting and academics.
3
Mr Anuj Mathur
Managing Director & Chief Executive Officer
DIN : 00584057
Qualifications:FCA, FCS, AICWA and B.Com
Experience:Mr Mathur is currently the Managing Director & Chief Executive Officer of the Company.
He has more than 25 years of experience. His expertise lies in strategic business management, finance, governance, risk and compliance. He has an intricate knowledge of the life insurance business with an insight into the working of the Board and its committees.
Field of specialization:Strategic management, financial management, and risk management spread across Insurance and automobile sectors.
NIL
^For the purpose of calculation of number of directorships, the directorships in section 8 companies, foreign companies and alternate directorships have been excluded.
* Ceased to be a director of the Company with effect from 30th April, 2019 ** Ceased to be a director of the Company with effect from 1st July, 2019
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b. Duties and responsibilities of the Board of DirectorsThe Company is a Board governed Company and the Board is the highest authority, under whose supervision, the management is responsible for the day-to-day operations.
The Board provides the necessary guidance and direction for the functioning of the operations of the Company, with a view to protect the best interest of all stakeholders. The Board regularly reviews the progress of various aspects of the business of the Company and studies the impact of changing regulatory and economic environment in order to provide the necessary advice and strategic path. The Board is also responsible for reviewing the risk strategy of the Company and evaluating the risks and related mitigants in place.
In line with the provisions of Companies Act, 2013 and IRDAI Corporate Governance Guidelines, the broad duties of Board of Directors include:
• acting in good faith and in the best interest of all stakeholders;• exercising duties with due care and diligence and apply independent judgment;• avoiding conflict of interest and not assign office;• acquiring proper understanding of the business of the insurance company;• direction, control and governance of the Company;• setting clear and transparent policy framework strategy;• ensuring sharing of information with and disclosures to various stakeholders; and• developing a corporate culture that recognizes and rewards adherence to ethical
standards.
c. Board MeetingsDuring FY 2018-19, Board meetings were held in accordance with the provisions of the Companies Act, 2013, CG Guidelines and Articles of Association of the Company. Four meetings were held, with an interval of not more than one hundred and twenty days, between two consecutive meetings.
The Board is provided with requisite information and detailed agenda papers for every meeting, together with necessary supporting papers, as required. The Board papers along with detailed agenda notes are circulated to the directors well in advance. As part of the information and agenda papers, following minimum information is provided to directors for each meeting:
• Minutes of the previous Board and Committee meetings• Financial performance review• Business performance against plan and strategic initiatives update• Regulatory updates / disclosures and compliance status
The Board regularly invites various officials of the Company to present updates on the different aspects of the business and operations. The Board also seeks advice and consultancy from external expert advisors.
Details of Board meetings
During the financial year 2018-19, the Board meetings were held on 18th May, 2018, 23rd July, 2018, 16th November, 2018 and 13th February, 2019.
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The details of attendance of the directors at the Board meetings held during the financial year 2018-19 are as follows:
Name of the Director
No. of meetings
Held during tenure Board meetings attended
Mr Mukesh Kumar Jain^ 4 4
Mr M V Rao 4 2
Mr Ranjan Bhattacharya 4 4
Mr R Krishnamurthy 4 4
Mr B A Prabhakar 4 4
Mr Thomas Mathew T 4 4
Dr T T Ram Mohan 4 4
Mr Anuj Mathur 4 4
Mr Ravi Menon(up to 24th July, 2018) 2 1
Mr Rakesh Sharma*(up to 31st July, 2018) 2 2
Mr S S Mishra(up to 1st September, 2018) 2 2
Mr Himanshu Joshi(up to 1st November, 2018) 2 0
Ms P V Bharathi(up to 31st January, 2019) 3 3
Mr Alistair Chamberlain(from 24th July, 2018) 2 2
Mr Debashish Mukherjee(from 9th October, 2018) 2 2
Dr S T Ramachandra(from 6th February, 2019) 1 1
* Mr Rakesh Sharma was the Chairman of the Board upto 31st July, 2018^ Mr Mukesh Kumar Jain chaired meetings held on 16th November, 2018 and 13th February, 2019 II. BOARD COMMITTEES
The Board has constituted the following committees to delegate various functions and has approved the roles and responsibilities of each of these Committees, with an objective to enable better and more focused attention on the affairs of the business.
a. Audit Committee
Composition
The Committee comprises majority of independent directors with the Chairman being an independent director as per the Companies Act, 2013 and CG Guidelines. The Chairman of the Audit Committee is a Chartered Accountant.
As on 31st March, 2019, the Audit Committee comprised the following members:
S. No. Name Position
1 Mr B A Prabhakar Chairman
2 Mr Mukesh Kumar Jain Member
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3 Mr M V Rao Member
4 Mr Alistair Chamberlain Member
5 Mr R Krishnamurthy Member
6 Mr Thomas Mathew T Member
7 Dr T T Ram Mohan Member
Key Terms of Reference
• Responsible for reviewing and examining the Company’s interim and annual financial statements to ensure that these are drawn in accordance with the principles of correctness and transparency;
• Review auditors’ independence, effectiveness of audit process, internal financial controls, risk management systems and various audit reports;
• Approve related party transactions;• Oversee financial reporting and disclosure process, procedures regarding maintenance of
books of accounts and other matters having bearing on the financial position of the Company;• Review Annual Report of appointed Actuary including review of valuation assumptions;• Review various compliance and finance related policies of the Company; and• Review the compliance framework of the Company and report significant compliance
breaches to the Board.
Meetings
The Committee meets at least four times a year with a gap of not more than one hundred and twenty days between two consecutive meetings.
During the year under review, the Committee met on four occasions on 18th May, 2018, 23rd July, 2018, 15th November, 2018 and 12th February, 2019. The details of the membership of the Committee along with the attendance of the members in these meetings are given below:
Name Position heldNo. of meetings
Held during tenure Attended
Mr B A Prabhakar Chairman 4 4
Mr M V Rao Member 4 1
Mr R Krishnamurthy Member 4 4
Dr T T Ram Mohan Member 4 4
Mr Thomas Mathew T Member 4 4
Mr Ravi Menon (up to 24th July, 2018)
Member 2 1
Mr Himanshu Joshi (up to 1st November, 2018)
Member 2 0
Mr Alistair Chamberlain (from 24th July, 2018)
Member 2 2
Mr Mukesh Kumar Jain (from 13th November, 2018)
Member 2 2
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Mr Ranjan Bhattacharya Member in place of Mr Ravi Menon for the Audit Committee meeting held on 18th May, 2018
1 1
Mr Mukesh Kumar Jain Member in place of Mr Himanshu Joshi for the Audit Committee meeting held on 18th May, 2018 and 23rd July, 2018
2 2
Mr S S Mishra
(up to 1st September 2018)
Member in place of Mr M V Rao for the Audit Committee meeting held on 23rd July, 2018
1 1
Mr Debashish Mukherjee Member in place of Mr M V Rao for the Audit Committee meeting held on 15th November, 2018
1 1
Dr S T Ramachandra Member in place of Mr M V Rao for the Audit Committee meeting held on 12th February, 2019
1 1
b. Risk Management Committee
Composition
The Committee comprises of seven members, including three independent directors and one ofthe independent directors is also the Chairman of the Committee.
As on 31st March, 2019, the Risk Management Committee comprised the following members:
S. No. Name Position1 Mr Thomas Mathew T Chairman2 Mr Mukesh Kumar Jain Member3 Mr M V Rao Member4 Mr Alistair Chamberlain Member5 Mr R Krishnamurthy Member6 Mr B A Prabhakar Member7 Mr Anuj Mathur Member
Key Terms of Reference
• Review the risk framework across the Company;• Lay down the Risk Management Framework and the risk and reward objectives in line with
shareholder and policyholder expectations;• Report details of risk exposure and mitigation actions taken thereon to Board and advise the
Board on the risk management decisions in relation to strategic matters;• Maintain a group-wide and aggregated view on the risk profile of the Company in addition to
the individual risk profile;• Review annually, various risk policies;• Regularly discuss various initiatives taken in the development of Company’s life insurance
products;• Reviewing the Asset Liability Management (ALM) strategy, monitoring of asset liability
mismatch and acceptable tolerance limits; and• Review the solvency position of the Company on a regular basis.
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Meetings
During the period under review, the Committee met on four occasions on 18th May, 2018, 23rd July, 2018, 15th November, 2018 and 12th February, 2019. The details of the membership of the Committee along with the attendance of the members in these meetings are given below:
Name Position held
No. of meetings
Held during tenure Attended
Mr Thomas Mathew T Chairman 4 4
Mr Mukesh Kumar Jain(from 13th November, 2018)
Member 2 2
Mr Alistair Chamberlain(from 24rd July, 2018) Member 2 2
Mr M V Rao Member 4 1
Mr B A Prabhakar Member 4 4
Mr R Krishnamurthy Member 4 4
Mr Anuj Mathur Member 4 4
Mr Ravi Menon(up to 24th July, 2018)
Member 2 1
Mr Himanshu Joshi(up to 1st November, 2018) Member 2 0
Mr Ranjan Bhattacharya
Member in place of Mr Ravi Menon for the Risk Management Committee meeting held on 18th May, 2018
1 1
Mr Mukesh Kumar Jain
Member in place of Mr Himanshu Joshi for the Risk Management Committee meeting held on 18th May, 2018 and 23rd July, 2018
2 2
Mr S S Mishra(up to 1st September, 2018)
Member in place of Mr M V Rao for the Risk Management Committee meeting held on 23rd July, 2018
1 1
Mr Debashish MukherjeeMember in place of Mr M V Rao for the Risk Management Committee meeting held on 15th November, 2018
1 1
Dr S T RamachandraMember in place of Mr M V Rao for the Risk Management Committee meeting held on 12th February, 2019
1 1
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c. Investment Committee
Composition
The Investment Committee has been constituted in compliance with the IRDAI Investment Regulations and comprises of two Independent directors, three non-executive directors, Chief Executive Officer, Chief Investment Officer, Chief Financial Officer, Appointed Actuary and Chief Risk Officer. The Investment Committee is chaired by an Independent Director.
As on 31st March, 2019, the Investment Committee comprised of the following members:
S. No. Name Position
1 Mr R Krishnamurthy Chairman
2 Mr Mukesh Kumar Jain Member
3 Mr M V Rao Member
4 Mr Alistair Chamberlain Member
5 Mr B A Prabhakar Member
6 Mr Anuj Mathur Member
7 Mr Tarun Rustagi Member
8 Mr Anurag Jain Member
9 Mr Akshay Dhand Member
10 Mr Siddharth Kaushik Member
Key Terms of Reference
• Responsible for establishing a robust investment compliance and risk management framework to ensure that the returns are in line with the risk appetite of the funds offered by the Company;
• Review the implementation of the Investment Policy, Stewardship Policy and the Standard of Operating Procedures for the investment function; and
• Monitor the performance of various funds in line with benchmarks and industry performance.
Meetings
During the period under review, the Committee met on four occasions on 18th May, 2018, 23rd July, 2018, 15th November, 2018 and 12th February, 2019. The details of the membership of the Committee along with the attendance of the members in these meetings are given below:
Name Position held
No. of meetings
Held during tenure Attended
Mr R Krishnamurthy Chairman 4 4
Mr Mukesh Kumar Jain(from 13th November, 2018)
Member 2 2
Mr M V Rao Member 4 1
Mr B A Prabhakar Member 4 4
Mr Alistair Chamberlain(from 24th July, 2018) Member 2 2
Mr Anuj Mathur Member 4 4
Mr Anurag Jain Member 4 4
Mr Akshay Dhand Member 4 4
Mr Siddharth Kaushik Member 4 4
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Mr Ravi Menon(up to 24th July, 2018) Member 2 1
Mr Himanshu Joshi(up to 1st November, 2018) Member 2 0
Mr Gaurav Seth(up to 7th December, 2018) Member 3 3
Mr Mukesh Kumar Jain
Member in place of Mr Himanshu Joshi for the Investment Committee meeting held on 18th May, 2018 and 23rd July, 2018
2 2
Mr Ranjan Bhattacharya
Member in place of Mr Ravi Menon for the Investment Committee meeting held on 18th May, 2018
1 1
Mr S S Mishra(up to 1st September, 2018)
Member in place of Mr M V Rao for the Investment Committee meeting held on 23rd July, 2018
1 1
Mr Debashish Mukherjee
Member in place of Mr M V Rao for the Investment Committee meeting held on 15th November, 2018
1 1
Dr S T Ramachandra
Member in place of Mr M V Rao for the Investment Committee meeting held on 12th February, 2019
1 1
d. Policyholder Protection Committee
Composition
The Policyholder Protection Committee comprises six members, including two independentdirectors. The Committee is also chaired by an Independent Director.
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As on 31st March, 2019, the Policyholder Protection Committee comprised of the followingmembers:
S. No. Name Position
1 Mr Thomas Mathew T Chairman
2 Mr Mukesh Kumar Jain Member
3 Mr Debashish Mukherjee Member
4 Mr Alistair Chamberlain Member
5 Dr T T Ram Mohan Member
6 Mr Anuj Mathur Member
Key Terms of Reference
• Responsible for making recommendations on the approach, policies, processes and mechanisms in place for upholding policyholder interests;
• Protect the interests of policyholders by following the philosophy of ‘Treating Customers Fairly’;• Review the policies and processes related to policyholder interests;• Ensure proper mechanisms in place for grievance redressal of policyholders’ complaints;• Ensure compliance with the statutory requirements as laid down in the regulatory framework;• Ensure adequacy of disclosure of ‘material information’ to the policyholders; and• Review the status of various policyholder litigation cases in various forums.
Meetings
During the period under review, the Committee met on four occasions on 18th May, 2018, 23rd July, 2018, 15th November, 2018 and 12th February, 2019. The details of the membership of the Committee along with the attendance of the members in these meetings are given below:
Name Position held
No. of meetings
Held during tenure Attended
Mr Thomas Mathew T Chairman 4 4Dr T T Ram Mohan Member 4 4Mr Anuj Mathur Member 4 4Mr Ravi Menon(up to 24th July, 2018)
Member 2 1
Mr S S Mishra(up to 1st September, 2018)
Member 2 2
Mr Himanshu Joshi(up to 1st November, 2018)
Member 2 2
Mr Alistair Chamberlain(from 24th July, 2018)
Member 2 2
Mr Debashish Mukherjee(from 9th October, 2018)
Member 2 1
Mr Mukesh Kumar Jain(from 13th November, 2018)
Member 2 2
Mr Ranjan Bhattacharya Member in place of Mr Ravi Menon for the Policyholder Protection Committee meeting held on 18th May, 2018
1 1
Mr Mukesh Kumar Jain Member in place of Mr Himanshu Joshi for the Policyholder Protection Committee meeting held on 18th May, 2018 and 23rd July, 2018
2 2
Dr S T Ramachandra(from 6th February, 2019)
Member in place of Mr Debashish Mukherjee for the Policyholder Protection Committee meeting held on 12th February, 2019
1 1
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e. Nomination and Remuneration Committee
Composition
The Committee comprises of majority of independent directors, in line with the requirements of the CG Guidelines and Companies Act, 2013. The Committee is also chaired by an Independent Director.
As on 31st March, 2019, the Nomination and Remuneration Committee comprised of the following members:
S. No. Name Position
1 Mr B A Prabhakar Chairman
2 Mr Mukesh Kumar Jain Member
3 Mr M V Rao Member
4 Mr Alistair Chamberlain Member
5 Mr R Krishnamurthy Member
6 Mr Thomas Mathew T Member
7 Dr T T Ram Mohan Member
Key Terms of Reference
• Responsible for reviewing and recommending to the Board, HR policies on talent, performance and rewards, incentive schemes and recommendation of CEO’s remuneration;
• Identify persons who are qualified to become directors, recommend their appointments or removal to the Board;
• Evaluate performance of the Board, its Committees and the individual directors;• Formulate criteria for determining qualifications, positive attributes and independence of a
director;• Identify persons who may be appointed in senior management and recommend their
appointments and removal to the Board; and• Review and approve broad HR policies on talent management, performance management
and rewards, from time to time, including remuneration to the Key Managerial Personnel, directors and other employees of the Company.
Meetings
During the period under review, the Committee met on four occasions on 18th May, 2018, 23rd July, 2018, 16th November, 2018 and 12th February, 2019. The details of the membership of the Committee along with the attendance of the members in these meetings are given below:
Name Position held
No. of meetingsHeld during
tenureAttended
Mr B A Prabhakar Chairman 4 4
Mr M V Rao Member 4 1
Mr R Krishnamurthy Member 4 4
Dr T T Ram Mohan Member 4 4
Mr Thomas Mathew T Member 4 4
Mr Ravi Menon (up to 24th July, 2018)
Member 2 1
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Mr Himanshu Joshi(up to 1st November, 2018)
Member 2 0
Mr Mukesh Kumar Jain(from 13th November, 2018)
Member 2 2
Mr Ranjan Bhattacharya Member in place of Mr Ravi Menon for the Nomination and Remuneration Committee meeting held on 18th May, 2018
1 1
Mr Mukesh Kumar Jain Member in place of Mr Himanshu Joshi for the Nomination and Remuneration Committee meeting held on 18th May, 2018 and 23rd July, 2018
2 2
Mr S S Mishra(up to 1st September, 2018)
Member in place of Mr M V Rao for the Nomination and Remuneration Committee meeting held on 23rd July, 2018
1 1
Mr Debashish Mukherjee Member in place of Mr M V Rao for the Nomination and Remuneration Committee meeting held on 16th November, 2018
1 1
Dr S T Ramachandra Member in place of Mr M V Rao for the Nomination and Remuneration Committee meeting held on 12th February, 2019
1 1
Mr Alistair Chamberlain (from 24th July, 2018)
Member 2 2
f. Corporate Social Responsibility Committee
Composition
The Committee comprises of six directors, including two independent directors and the Committee is also chaired by an independent director.
As on 31st March, 2019, the Corporate Social Responsibility (CSR) Committee comprised of the following members:
S. No. Name Position
1 Dr T T Ram Mohan Chairman
2 Mr Mukesh Kumar Jain Member
3 Mr Debashish Mukherjee Member
4 Mr Alistair Chamberlain Member
5 Mr B A Prabhakar Member
6 Mr Anuj Mathur Member
Key Terms of Reference
• Formulate and recommend to the Board, a Corporate Social Responsibility Policy which shall indicate the CSR activities to be undertaken by the Company as specified in schedule VII of the Companies Act, 2013, with execution schedule and plans;
• Recommend the amount of expenditure to be incurred on CSR activities;• Institute a transparent monitoring process for implementation of the CSR activities or
programmes or projects;• Monitor and review the Corporate Social Responsibility Policy from time to time; and• Ensure compliance with various regulatory and legal requirements with respect to CSR
activities.
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Meetings
During the period under review, the Committee met on four occasions on 18th May, 2018, 23rd July, 2018, 15th November, 2018 and 12th February, 2019. The details of the membership of the Committee along with the attendance of the members in these meetings are given below:
Name Position heldNo. of meetings
Held during tenure AttendedDr T T Ram Mohan Chairman 4 4
Mr Mukesh Kumar Jain (from 13th November, 2018)
Member 2 2
Mr B A Prabhakar Member 4 4
Mr Alistair Chamberlain(from 24th July, 2018)
Member 2 2
Mr Debashish Mukherjee(from 9th October, 2018)
Member 1 1
Mr Anuj Mathur Member 4 4
Mr Ravi Menon(up to 24th July, 2018)
Member 2 1
Mr Himanshu Joshi(up to 1st November, 2018)
Member 2 0
Mr S S Mishra(up to 1st September, 2018)
Member 2 2
Mr Ranjan Bhattacharya Member in place of Mr Ravi Menon for the Corporate Social Responsibility Committee meeting held on 18th May 2018
1 1
Mr Mukesh Kumar Jain Member in place of Mr Himanshu Joshi for the Corporate Social Responsibility Committee meeting held on 18th May, 2018 and 23rd July, 2018
2 2
Dr S T Ramachandra Member in place of Mr Debashish Mukherjee for the Corporate Social Responsibility Committee meeting held on 12th February, 2019
1 1
g. With-Profits Committee
The Committee was constituted in terms of IRDA (Non‐linked Insurance Products) Regulations, 2013 and comprises of one independent actuary, one independent director and the Appointed Actuary and Chief Executive Officer of the Company. The Committee is also chaired by the independent director.
Composition
As on 31st March, 2019, the With-Profits Committee comprised of the following members:
S. No. Name Position
1 Mr R Krishnamurthy Chairman
2 Mr Anuj Mathur Member
3 Dr Rajesh Dalmia Member
4 Mr Akshay Dhand Member
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Key Terms of Reference
• Approve the methodology for calculation of asset share for the with-profits business of the Company and subsequent changes to the same;
• Approve the bonus philosophy for the with-profits business of the Company and subsequent changes to the same;
• Approve detailed working of the asset share calculations at the financial year end prior to the declaration of the annual bonuses;
• Approve the bonus rates to be declared on with-profits policies for the financial year and recommend the same for approval of the Board;
• Review the appropriateness of the reinsurance arrangements for the with-profits business; and• Review the overall financial management and governance of the with-profits business of
the Company.
Meetings
During the period under review, the Committee met on 17th May, 2018 and 15th November, 2018. The details of the membership of the Committee along with the attendance of the members in the meeting are given below:
Name Position heldNo. of meetings
Held during tenure Attended
Mr R Krishnamurthy Chairman 2 2
Mr Anuj Mathur Member 2 2
Dr Rajesh Dalmia Member 2 2
Mr Akshay Dhand Member 2 2
III. MEETING OF INDEPENDENT DIRECTORS
The independent directors meet separately twice a year, without the presence of the management or other non-executive directors, to discuss the following:
• Review the performance of non-independent directors and the Board as a whole;• Review the performance of the Chairperson of the Company, taking into account the views of
executive directors and non-executive directors; and• Assess the quality, quantity and timeliness of flow of information between the Company
management and the Board that is necessary for the Board to effectively and reasonably perform their duties.
Meetings
During the FY 2018-19, the independent directors met on 17th May, 2018 and 15th November, 2018. The details of attendance of the members in the meeting are given below:
NameNo. of meetings
Held during tenure Attended
Mr R Krishnamurthy 2 2
Mr B A Prabhakar 2 2
Mr Thomas Mathew T 2 2
Dr T T Ram Mohan 2 2
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IV. DETAILS OF REMUNERATION PAID TO DIRECTORS
Of the 11 directors on the Board of the Company as at 31st March, 2019, only the Managing Director & Chief Executive Officer is an executive director.
The non-executive directors are not paid any remuneration and only the independent directors are paid sitting fee for attending the Board and Committee meetings.
The details of remuneration paid to the directors of the Company during the FY 2018-19 are as follows:
(in `)
Name of Directors Sitting fees Remuneration Others
Mr Mukesh Kumar Jain Nil Nil Nil
Mr M V Rao Nil Nil Nil
Mr Ranjan Bhattacharya Nil Nil Nil
Mr R Krishnamurthy 18,00,000 Nil Nil
Mr B A Prabhakar 19,50,000 Nil Nil
Mr Thomas Mathew T 16,50,000 Nil Nil
Dr T T Ram Mohan 16,50,000 Nil Nil
Mr Anuj Mathur Nil 3,10,08,561/- Nil
Mr Ravi Menon(up to 24th July, 2018)
Nil Nil Nil
Mr Rakesh Sharma(up to 31st July, 2018)
Nil Nil Nil
Mr S S Mishra(up to 1st September, 2018)
Nil Nil Nil
Mr Himanshu Joshi(up to 1st November, 2018)
Nil Nil Nil
Ms P V Bharathi(up to 31st January, 2019)
Nil Nil Nil
Mr Alistair Chamberlain(from 24th July, 2018)
Nil Nil Nil
Mr Debashish Mukherjee(from 9th October, 2018)
Nil Nil Nil
Dr S T Ramachandra(from 6th February, 2019)
Nil Nil Nil
The salary above includes an amount of ` 5,41,483/-, which was paid to the Managing Director & Chief Executive Officer, as deferred long term incentive pay for his previous role as the Chief Financial Officer of the Company. All the above amounts have been duly approved to be paid by the Nomination & Remuneration Committee, the Board, the shareholders and the Insurance Regulatory and Development Authority of India.
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V. ELEMENTS OF REMUNERATION PACKAGES OF MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER AND KEY MANAGEMENT PERSONS AS PER CLAUSE 9 OF THE IRDAI CORPORATE GOVERNANCE GUIDELINES
(in `)Salary, taxable allowances, perquisites (where applicable),
company contribution to provident fund, pension fund Variable Remuneration
Key Management Persons (Incl ManagingDirector and CEO)
` 11,76,47,031/- ` 3,98,76,251/-
Note:
• Remuneration details of the Managing Director & Chief Executive Officer are provided in detail elsewhere in annexures to the Directors’ Report.
• Key Management Persons are as defined under IRDAI Corporate Governance Guidelines, i.e. all function heads reporting to the Managing Director & Chief Executive Officer: (i) Chief People Officer, (ii) Company Secretary, (iii) Chief Financial Officer, (iv) Chief Compliance Officer, (v) Chief Distribution Officer, (vi) Chief Risk Officer, (vii) Appointed Actuary, (viii) Chief Investment Officer, (ix) Chief Operating Officer (x) Chief Digital & Strategy Officer, (xi) Head - Business Performance Management and (xii) Chief of Internal Audit.
VI. DISCLOSURES UNDER GUIDELINES ON REMUNERATION OF NON-EXECUTIVE DIRECTORS AND MANAGING DIRECTOR / CHIEF EXECUTIVE OFFICER / WHOLE-TIME DIRECTORS OF INSURERS ISSUED BY IRDAI
Following are the disclosures required to be made in terms of the captioned guidelines with respect to remuneration paid to directors. No remuneration is paid to non-executive directors, except sitting fee paid to the independent directors for attending Board and Committee meetings. The Managing Director & Chief Executive Officer (MD & CEO) is the only executive director on the Board of the Company and following are the disclosures with respect to his remuneration:
a. Qualitative Disclosures
Information relating to the design and structure of remuneration processes and the key features and objective of Directors’ remuneration policy
The Company has a Board approved policy for defining framework for remuneration of the Directors of the Company, in terms of the relevant applicable provisions of the Companies Act, 2013, Insurance Act, 1938 and the IRDAI Guidelines. The policy also contains the framework of performance management and the details of compensation structure for the MD & CEO. The Company strives to provide remuneration to the MD & CEO, based on market benchmarks and performance of the Company, which drives the desired behaviour and promotes successful results, while recognizing individual performance against defined objectives. Remuneration structure is aligned with and reinforces the short and long term strategies, objectives of the Company and serves to align performance with the business goals of the Company. The remuneration structure of the MD & CEO of the Company includes salary, HRA, other allowances, perquisites, variable pay and other components.
Description of the ways in which current and future risks are taken into account in the remuneration processes
A variety of risk parameters have been mentioned in the Directors’ Remuneration Policy, which are used to determine the CEO remuneration framework. These risk parameters, are also included in CEO’s performance management framework and are a part of his goals, which are reviewed for his performance evaluation and payment of remuneration. These
82
risk parameters include but are not restricted to new business performance, persistency of policies, solvency, grievance redressal, expenses of management, claim settlements, compliance with laws, overall financial position such as net worth, profits, embedded value and value of new business.
Description of the ways in which the insurer seeks to link performance during a performance measurement period with levels of remuneration
Remuneration structure for the CEO is on the basis of defined performance management framework which is approved by the Nomination & Remuneration Committee (NRC) and the Board at the beginning of a performance year. The achievement of the goals is reviewed by the NRC and the Board at the end of the performance year. Remuneration for CEO is a balanced pay mix of fixed salary and variable pay. The variable pay is a function of defined performance parameters for the Company and the payout grid. Any payment of fixed salary and / or variable pay to CEO is subjected to the relevant approvals from the NRC, the Board and the IRDAI.
b. Quantitative disclosures
S.No. Particulars Remarks
1. Number of MD / CEO / WTDs having received a variable remuneration award during the financial year
One
2. Number and total amount of sign on awards made during the financial year
Nil
3. Details of Guaranteed Bonus, if any, paid as joining bonus Nil
4. Total amount of outstanding deferred remuneration, split into cash, shares and share linked instruments and other forms
- `12,00,000/- (LTIP) was outstanding as on 31st March, 2019 and was paid in April, 2019
- `12,00,000/- (LTIP) is outstanding as on 31st March, 2019 and will be paid in April, 2020
5. Total amount of deferred remuneration paid out in the financial year
`17,41,483/- (LTIP) [this amount is included in the point no. 6(a) below]
6. Breakup of amount of remuneration awarded for the financial year to show fixed and variable, deferred and non-deferred
(a) Salary as per provisionscontained in section 17(1) of the Income-tax Act, 1961 : ` 3,05,62,666/-
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961 : ` 4,45,895/-
7. Others, please specify Nil
The salary above at point no. 6(a) includes an amount of ` 5,41,483/-, which was paid to the Managing Director & Chief Executive Officer, as deferred long term incentive pay for his previous role as the Chief Financial Officer of the Company. All the above amounts have been duly approved to be paid by the Nomination & Remuneration Committee, the Board, the shareholders and the Insurance Regulatory and Development Authority of India.
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VII. OTHER GOVERNANCE MATTERS
a. Code of Conduct for Directors and Senior Management
The business of life insurance involves a fiduciary relationship between the insurance company and the life assured. An insurer and its officials are expected to carry out the responsibilities towards policyholders and other concerned stakeholders with the highest levels of integrity, transparency and commitment. Compliance with applicable laws and regulations in the true spirit is seen as a minimum standard for achieving this objective.
To this effect, the Company has in place a Standard of Business Conduct, which has been approved by the Board and which lays down a set of standards and guidelines in line with the corporate values. The directors on the Board and the senior management certify compliance with the standards on an annual basis.
b. Performance Evaluation and Meeting of Independent Directors
The Company has put in place a Board and Directors’ Evaluation Policy including a questionnaire for evaluation of Board’s functioning, strategy, leadership strengths and weakness, governance, compliance, quality/timeliness of information flow to the Board and performance of Committee members and Directors, including the Chairman. The questionnaire is circulated to the directors at the end of every financial year and the responses received, are reviewed at the meeting of Independent directors, Nomination and Remuneration Committee and the Board.
c. Investment Code of Conduct
As a best practice, the Company had in place an investment code of conduct since 2008, which was approved by the Investment Committee and the Board. The IRDAI Investment Regulations, 2016 as amended from time to time mandates the investment code of conduct to be based on the lines of SEBI (Prohibition of Insider Trading) Regulations. Accordingly, the Company has in place Investment code of conduct that ensures covered persons do not misuse the information available with them through regular disclosures and approval processes.
d. Compliance Framework
In accordance with the compliance procedures at the Company, Audit Committee and the Board are regularly provided with the following:
i. Certificate confirming compliance with the requirements of Companies Act 2013, along with various Rules, Circulars and Guidelines issued thereunder, IRDAI Corporate Governance Guidelines and secretarial standards.
ii. Certificate confirming appropriate processes to ensure compliance with the provisions of applicable laws.
iii. Certificate confirming compliance with various laws, regulations and internal policies and procedures for every month.
Issues, if any, are highlighted and steps taken for correction notified.
e. Whistle Blower Mechanism
The Company has in place ‘Whistle Blower Policy’ which provides employees / third party / vendors of the Company a mechanism to report their genuine concerns of unethical, non-compliant or other improper act, omission or conduct taking place within the Company, without fear of reprisal or retribution of any kind and to provide for investigation and
84
further action on such reports received. The identity of the whistleblower, who makes the complaint in good faith, is protected and kept confidential.
f. Other Board Approved Policies
The Company has put in place the following key Board approved policies, which are reviewed on an annual basis by the Board / Committees:
• Anti-Fraud Policy• Compliance Policy• Corporate Social Responsibility Policy• Corporate Governance Policy• Insurance Awareness Policy• Directors’ and KMP Policy• Anti - Money Laundering Policy• Asset Liability Management Policy• Performance Management Policy• Investment Policy• Procurement Policy• Investment Code of Conduct• Information and Cyber Security Policy• Board and Directors’ Evaluation Policy• Policy on Payment of Remuneration of Insurance Intermediaries• Stewardship Policy• Operational Risk Management Policy• Protection of Policyholders’ Interest Policy • Dividend Distribution Policy
VIII. DISCLOSURES REQUIRED UNDER IRDAI CORPORATE GOVERNANCE GUIDELINES
The following disclosures required in line with the clause 9 of CG Guidelines are disclosed elsewhere as part of the Annual Report: a. Quantitative and qualitative information on the financial and operating ratios, viz.
incurred claim, commission and expenses ratiosb. Actual solvency margin details vis-à-vis the required marginc. Persistency ratiod. Financial performance including growth rate and current financial positione. Description of the risk management architecturef. Details of number of claims intimated, disposed off and pending with details of durationg. Payments made to group entities from the Policyholders’ Fundsh. Any other matters, which have material impact on the Company’s financial position
On behalf of the Board of Directors
For CANARA HSBC ORIENTAL BANK OF COMMERCE LIFE INSURANCE COMPANY LIMITED
R A Sankara Narayanan Anuj MathurChairman Managing Director & Chief Executive OfficerDIN: 05230407 DIN: 00584057
Date: 14th August, 2019 Date: 14th August, 2019Place: New Delhi Place: New Delhi
85
Annexure D
Certification for Compliance of the Corporate Governance Guidelines
I, Vatsala Sameer, hereby certify that during the financial year 2018-19, Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited has complied with the IRDAI Corporate Governance Guidelines for insurance companies as amended from time to time and nothing has been concealed or suppressed. For CANARA HSBC ORIENTAL BANK OF COMMERCE LIFE INSURANCE COMPANY LIMITED
Vatsala SameerCompany Secretary(Membership no. : A14813)
Date: 25th June, 2019
86
Annexure E
Form No. MGT-9EXTRACT OF ANNUAL RETURN
as on the financial year ended on 31st March, 2019[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies
(Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:
Particulars Details
CIN U66010DL2007PLC248825
Registration Date 25th September, 2007
Name of the Company Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited
Category / Sub-Category of the Company Public Company
Address of the Registered office and contact details Unit No. 208, 2nd Floor, Kanchenjunga Building,18 Barakhamba Road,New Delhi – 110 001
Tel: 011-49512300
Whether listed company Yes / No No
Name, Address and Contact details of Registrar and Transfer Agent, if any
Karvy Fintech Private Limited Karvy Selenium , Tower B, Plot No. 31-32 ,Gachibowli, Financial District, Nanakramguda, Serilingampally,Rangareddi,Hyderabad – 500 032 (Telangana)Ph: 040-67161520
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY:
All the business activities contributing 10% or more of the total turnover of the company shall be stated:-
Sl. No. Name and Description ofmain products / services
NIC Code of theProduct / service
% to total turnover of theCompany
1 Life Insurance business 65110 100
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES:
Sl. No.
NAME ANDADDRESS OFTHE COMPANY
CIN / GLN HOLDING/SUBSIDIARY/ASSOCIATE
% of sharesheld
Applicable Section
1. Canara Bank112, J C Road, Bengaluru – 560 002
NA Holding Company 51 Sec 2(46) of the Companies Act, 2013
87
IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as Percentage of Total Equity)
i) Category-Wise Share Holding
Category ofShareholders
No. of Shares held at thebeginning of the year No. of Shares held at the end of the year
% Change during the
year
Demat Physical Total% ofTotal
SharesDemat Physical Total
% ofTotal
Shares
A. Promoters(1) Indian
Individual/HUF - - - - - - - - -
Central GovtState Govt (s)
- - - - - - - - -
Bodies Corp. - - - - - - - - -
Banks / FI - 70,30,00,000 70,30,00,000 74 70,30,00,000 - 70,30,00,000 74 -
Any Other
Sub-total (A) (1):- - 70,30,00,000 70,30,00,000 74 70,30,00,000 - 70,30,00,000 74 -
(2) Foreign
NRI - Individuals - - - - - - - - -
Other –Individuals
- - - - - - - - -
Bodies Corp. - 24,70,00,000 24,70,00,000 26 - 24,70,00,000 24,70,00,000 26 -
Banks / FI - - - - - - - - -
Any Other - - - - - - - - -
Sub-total (A) (2):- - 24,70,00,000 24,70,00,000 26 - 24,70,00,000 24,70,00,000 26 -
Total shareholdingof Promoter (A) =(A)(1)+(A)(2)
- 95,00,00,000 95,00,00,000 100 70,30,00,000 24,70,00,000 95,00,00,000 100 -
B. PublicShareholding1. Institutions
Mutual Funds - - - - - - - - -
Banks / FI - - - - - - - - -
Central Govt - - - - - - - - -
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State Govt(s) - - - - - - - - -
Venture CapitalFunds
- - - - - - - - -
InsuranceCompanies
- - - - - - - - -
FIIs - - - - - - - - -
Foreign Venture Capital Funds
- - - - - - - - -
Others (specify) - - - - - - - - -
Sub-total (B)(1):- - - - - - - - - -
2. Non-Institutions - - - - - - - - -
Body Corp - - - - - - - - -
- Indian - - - - - - - - -
- Overseas - - - - - - - - -
Individuals - - - - - - - - -
(i) Individualshareholdersholding nominalshare capitalupto ` 1 lakh
- - - - - - - - -
(ii) Individualshareholdersholdingnominal sharecapital inexcess of` 1 lakh
- - - - - - - - -
(c) Others(specify)
- - - - - - - - -
Sub-total (B)(2):- - - - - - - - - -
Total PublicShareholding(B)=(B)(1)+(B)(2)
- - - - - - - - -
C. Shares held byCustodian forGDRs & ADRs
- - - - - - - - -
Grand Total(A+B+C)
- 95,00,00,000 95,00,00,000 100 70,30,00,000 24,70,00,000 95,00,00,000 100 -
89
(ii) Shareholding of Promoters
Sl. No.
Shareholder’sName
Shareholding at the beginning of the year Shareholding at the end of the year
No. ofshares
% oftotalsharesof thecompany
% of sharesPledged/encumberedto totalshares
No. ofshares
% oftotalsharesof thecompany
% of sharesPledged /encumberedto totalshares
%changeinshareholdingduringtheyear
1. Canara Bank* 48,45,00,000 51 - 48,45,00,000 51 - -
2. HSBC Insurance (Asia-Pacific) Holdings Limited
24,70,00,000 26 - 24,70,00,000 26 - -
3. Oriental Bank of Commerce
21,85,00,000 23 - 21,85,00,000 23 - -
Total 95,00,00,000 100 95,00,00,000 100
* Includes 1 share each held by 5 individuals jointly with Canara Bank, beneficial interest of which lies with Canara Bank.
(iii) Change in Promoters’ Shareholding: (Please Specify, if there is No Change)
There is no change in the promoters’ shareholding during the financial year 2018-19.
Sl.No.
Shareholding at the beginning of the year
Cumulative Shareholding during the year
No. of shares% of totalshares of thecompany
No. of shares% of total shares ofthe company
At thebeginning ofthe year
- - - -
Date wiseIncrease /decrease inpromotersshare holdingduring the yearspecifying thereasons forincrease /decrease (e.g. allotment /transfer /bonus / sweatequity etc):
- - - -
At the end ofthe year
- - - -
90
(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs)
Sl.No.
Shareholding at the beginning of the year
Cumulative Shareholding during the year
For each ofthe Top 10shareholders
No. of shares% of totalshares of thecompany
No. of shares % of total shares ofthe company
I At the beginning of the year
1. - - - - -
2. - - - - -
3. - - - - -
II Date wise Increase / decrease in share holding during the year specifying the reasons for increase /decrease (e.g. allotment / transfer / bonus / sweat equity etc.):
1. - - - - -
2. - - - - -
3. - - - - -
III At the end of the year (or on the date of separation, if separated during the year)
1. - - - - -
2. - - - - -
3. - - - - -
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(v) Shareholding of Directors and Key Managerial Personnel
None of the directors hold shares in their own name. As on 31st March, 2019, 1 director holds 1 share jointly with Canara Bank, beneficial interest of which lies with Canara Bank. None of the Key Managerial Personnel of the Company holds any shares in the Company.
Sl.No.
Shareholding at the beginning of the year Cumulative Shareholding during the year
For each ofthe Directorsand KMP
No. of shares % of totalshares of thecompany
No. of shares % of total shares ofthe company
At the beginning of the year : NIL
Date wise Increase / decrease in share holding during the year specifying the reasons for increase / decrease (e.g. allotment / transfer / bonus/ sweat equity etc.) : NIL
V. INDEBTEDNESS:
Indebtedness of the Company including interest outstanding/accrued but not due for payment
Secured Loansexcludingdeposits
UnsecuredLoans Deposits Total
Indebtedness
Indebtedness at the beginning ofthe financial yeari) Principal Amountii) Interest due but not paidiii) Interest accrued but not due
- - - -
Total (i+ii+iii) - - - -
Change in Indebtedness duringthe financial year• Addition• Reduction
- - - -
Net Change - - - -
Indebtedness at theend of the financial yeari) Principal Amountii) Interest due but not paidiii) Interest accrued but not due
- - - -
Total (i+ii+iii) - - - -
92
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:
A. Remuneration to Managing Director, Whole-time Directors and /or Manager: (in ̀ )
Sl.no.
Particulars of Remuneration Name of MD/ WTD/ Manager
TotalAmount
Mr Anuj Mathur(MD & CEO)
1. Gross salary(a) Salary as per provisions contained in section 17(1) of the Income-tax Act,1961
(b) Value of perquisites u/s 17(2) of the Income-tax Act, 1961
(c) Profits in lieu of salary under section 17(3) of the Income-tax Act, 1961
3,05,62,666/-
4,45,895/-
Nil
3,05,62,666/-
4,45,895/-
Nil
2. Stock Option Nil Nil
3. Sweat Equity Nil Nil
4. Commission- as % of profit- others, specify
Nil Nil
5. Others, please specify Nil Nil
Total (A) 3,10,08,561/- 3,10,08,561/-
Ceiling as per the Act The remuneration of Managing Director & Chief Executive Officer is governed by the provisions of the Insurance Act, 1938, and the same is in line with the approval of Insurance Regulatory and Development Authority of India (IRDAI) under the said Insurance Act.
The salary above includes an amount of ` 5,41,483/-, which was paid to the Managing Director & Chief Executive Officer, as deferred long term incentive pay for his previous role as the Chief Financial Officer of the Company. All the above amounts have been duly approved to be paid by the Nomination & Remuneration Committee, the Board, the shareholders and the Insurance Regulatory and Development Authority of India.
93
B. Remuneration to other directors: (in `)
Sl.no.
Particulars of Remuneration Name of Directors Total
Amount
Mr R Krishnamurthy
Mr B A Prabhakar
Mr Thomas Mathew T
Dr T T Ram Mohan
1.
Independent Directors• Fee for attending board / committeemeetings• Commission• Others, please specify
18,00,000
--
19,50,000
--
16,50,000
--
16,50,000
--
70,50,000
--
Total (1) 18,00,000 19,50,000 16,50,000 16,50,000 70,50,000
2.
Other Non-Executive Directors• Fee for attending board / committeemeetings• Commission• Others, please specify
- - - - -
Total (2) - - - - -
Total (B)=(1+2) 18,00,000 19,50,000 16,50,000 16,50,000 70,50,000
C. Remuneration to Key Managerial Personnel other than MD / Manager / WTD: (in `)
Sl.no.
Particulars ofRemuneration Key Managerial Personnel
Ms Vatsala Sameer,
CompanySecretary
Mr Gaurav Seth, Chief Financial
Officer
(up to 7th December, 2018)
Mr Tarun Rustagi,Chief
Financial Officer
(from 15th March, 2019)
Total
1. Gross salary(a) Salary as per provisionscontained in section 17(1) of the Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) of the Income-tax Act, 1961
(c) Profits in lieu of salary under section 17(3) of the Income tax Act, 1961
52,04,758/-
32,400/-
NIL
98,09,918/-
21,600/-
NIL
29,65,795/-
NIL
NIL
1,79,80,471/-
54,000/-
NIL
2. Stock Option NIL NIL NIL NIL
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3. Sweat Equity NIL NIL NIL NIL
4. Commission- as % of profit- others, specify
NIL NIL NIL NIL
5. Others, pleasespecify NIL NIL NIL NIL
Total 52,37,158/- 98,31,518/- 29,65,795/- 1,80,34,471/-
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES: Nil
Type
Section oftheCompaniesAct
BriefDescription
Details ofPenalty /Punishment/Compoundingfees imposed
Authority[RD /NCLT/COURT]
Appeal made, if any(give details)
Penalty - - - - -
Punishment - - - - -
Compounding - - - - -
OTHER OFFICERS IN DEFAULT
Penalty - - - - -
Punishment - - - - -
Compounding - - - - -
On behalf of the Board of Directors
For CANARA HSBC ORIENTAL BANK OF COMMERCE LIFE INSURANCE COMPANY LIMITED
R A Sankara Narayanan Anuj MathurChairman Managing Director & Chief Executive OfficerDIN : 05230407 DIN : 00584057
Date: 14th August, 2019 Date: 14th August, 2019Place: New Delhi Place: New Delhi
95
Annexure F
Form No. AOC-2
(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies(Accounts) Rules, 2014)
The details of material related party transactions at arms’ length principles for the year ended 31st March, 2019 on an aggregate basis is given below:
S.No.Nature of contracts/
transactions
Name of the related party
Nature of relationship
Duration of contracts
Salient term of contracts/transactions
(` ‘000)
1. Premium Income
Canara Bank Holding Company
As per the duration of the multiple policies issued
Premium income for group term policy for employees of the group company and for offering insurance to its customers. Premium income is as per the product features approved by IRDAI.
23,20,217
Oriental Bank of Commerce
Significant Shareholder 7,18,085
HSBC Software Development (India) Pvt. Ltd.
Significant Shareholder 4,30,953
2. Commission
Canara Bank Holding Company
16th June, 2018 to 15th June, 2023
Payment of commission under Corporate Agency agreement
9,51,153
Oriental Bank of Commerce
Significant Shareholder
15th June, 2018 to 15th June, 2023
6,62,403
3. Interest income
Canfin Homes Limited
Associate of Holding Company
Not applicable
Interest earned on Non-convertible debentures issued
3,945
4.Purchase of Mutual fund units
HSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited)
Entity managed by Associate
Continuing At market price
1,77,38,724
Canara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited)
Entity managed by Fellow Subsidiary
1,77,38,724
96
5. Sale of Mutual fund units
HSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited)
Entity managed by Associate
Continuing At market price
1,77,06,844
Canara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited)
Entity managed by Fellow Subsidiary
1,78,37,046
6. Purchase of Investments
Canara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited)
Entity managed by Fellow Subsidiary
Continuing At market price
50,901
HSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited)
Entity managed by Associate 1,00,090
7. Sale / Maturity of Investments
Canara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited)
Entity managed by Fellow Subsidiary
Continuing At market price
1,58,765
HSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited)
Entity managed by Associate 1,06,343
8. Benefits paid Canara Bank Holding Company
As per the duration of the multiple policies issued
Payment of benefits under group insurance policies issued to holding company
17,00,000
9.Rent and other expenses
Canara Bank Holding Company
Multiple and continuing
Payment of rent for two office premises and bank charges for day - to - day banking
23,890
Oriental Bank of Commerce
Significant Shareholder
Bank charges for day - to - day banking transactions
3,254
97
10. Brokerage services
Canara Bank Securities Limited
Fellow subsidiary
Continuing
Broker for purchase/ sale of equity shares
12,263
HSBC Securities and Capital Markets (India) Private Limited
Common director 8,590
On behalf of the Board of Directors
For CANARA HSBC ORIENTAL BANK OF COMMERCE LIFE INSURANCE COMPANY LIMITED
R A Sankara Narayanan Anuj MathurChairman Managing Director & Chief Executive OfficerDIN : 05230407 DIN : 00584057
Date: 14th August, 2019 Date: 14th August, 2019Place: New Delhi Place: New Delhi
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Independent Auditors’ Report
To
The Members of
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited
Report on the Audit of the Financial Statements
Opinion
1. We have audited the financial statements of Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited (“the Company”), which comprise the Balance Sheet as at March 31, 2019, the related Revenue Account (also called the “Policyholders’ Account or “Technical Account”), the Profit and Loss Account (also called the “Shareholders’ Account” or “Non-Technical Account”) and the Receipts and Payments Account (also called “Cash Flow Statement”) for the year ended on that date and Notes to Accounts including summary of Significant Accounting Policies and other explanatory information.
2. In our opinion and to the best of our information and according to the explanations given to us:
a) the aforesaid financial statements are prepared in accordance with the requirements of the Insurance Act, 1938, as amended by Insurance Laws (Amendment) Act, 2015 (the “Insurance Act”), read with Insurance Regulatory and Development Act, 1999 (the “IRDA Act”), Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditors’ Report Insurance Companies) Regulations, 2002 (“the Regulations”), orders/directions, circulars, guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI) in this regard and in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Companies Act, 2013 (“the Act”) read with Rule 7 of the Companies (Accounts) Rules, 2014 and Companies (Accounting Standards) Amendment Rules, 2016 to the extent applicable and in the manner so required, and give a true and fair view in conformity with the generally accepted accounting principles in India and the practices prevailing within the Insurance Industry in India:
i. In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2019;
ii. In the case of the Revenue Account, of the surplus for the year ended March 31, 2019;
iii. In the case of the Profit and Loss Account, of the profit for the year ended March 31, 2019; and
iv. In the case of the Receipts and Payments Account, of the receipts and payments for the year ended March 31, 2019.
M. Anandam & Co.Chartered Accountants7A, Surya Towers, Sardar Patel Road, Secunderabad - 500003
Batra Deepak & AssociatesChartered AccountantsS-517, II Floor, Shakarpur, Vikas Marg, Delhi - 110092
99
b) The Investments of the Company have been valued in accordance with the provisions of the Insurance Act, Insurance Regulatory and Development Authority of India (Investment) Regulations, 2016, Investments – Master Circular issued by IRDAI in May 2017, the Regulations, Investment policy of the Company and various circulars and notifications issued by the IRDAI as amended from time to time, in this behalf;
c) In our opinion and to the best of our information and according to the explanations given to us, the accounting policies selected by the Company are appropriate and are in compliance with the Accounting Standards referred under the section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 and Companies (Accounting Standards) Amendment Rules, 2016, to the extent they are not inconsistent with the accounting principles prescribed in the provisions of Insurance Act, the IRDA Act, the regulations, various circulars/guidelines issued by IRDAI and amendments to these Acts, Regulations and Standards, from time to time;
Basis for Opinion
3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other Information
4. The Company’s Board of Directors is responsible for the other information. The other information obtained at the date of this auditors’ report is management report but does not include the financial statements and our auditors’ report thereon.
5. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
6. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
7. If, based on the work we have performed on the other information obtained prior to the date of this auditors’ report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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Emphasis of Matter
8. We draw attention to Schedule 16 (c) - Note No.12 of the financial statements, where provision of ` 550,757 thousands was made on investments and current assets due to downgrading of the credit rating and defaults in payment of dues by “Infrastructure Leasing and Financial Services” and “IL & FS Financial Services Limited”. Our opinion is not modified in respect of this matter.
Management’s Responsibility for the Financial Statements
9. The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance, and cash flows of the Company in accordance with the Regulations, the provisions of Insurance Act, the IRDA Act, various circulars/guidelines issued by IRDAI and the accounting principles generally accepted in India, including the accounting standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014 to the extent applicable and in the manner so required. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the applicable laws for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and a fair view and are free from material misstatement, whether due to fraud or error.
10. In preparing the financial statements, the Board of Directors is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
11. The Board of Directors are also responsible for overseeing the Company’s financial reporting process.
Auditors’ Responsibilities for the Audit of the Financial Statements
12. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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13. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial control system in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures as required under the regulations, the provisions of Insurance Act, the IRDA Act, various circulars / guidelines issued by IRDAI and accounting standards referred to under the Act, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
14. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
15. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Other Matter
16. The actuarial valuation of liabilities for life policies in force is the responsibility of the Company’s Appointed Actuary (the Appointed Actuary). The actuarial valuation of these liabilities as at 31st March, 2019 for policies in force and policies in respect of which
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premium has been discontinued but liability exists as at that date has been duly certified by the Appointed Actuary. The Appointed Actuary has certified to the Company that the assumptions for such valuations are in accordance with the guidelines and norms issued by the Insurance Regulatory and Development Authority of India (IRDAI) and the Institute of Actuaries of India in concurrence with the IRDAI.
17. We have relied upon the Appointed Actuary’s certificate in this regard and our opinion in so far as it relates to the actuarial valuation is based solely on the certificate of the Appointed Actuary and is not modified in respect of this matter (Refer Note No. 7 of Schedule 16 (B) Significant Accounting Policies and Note 2 of Schedule 16 (C) Notes to Accounts).
Report on Other Legal and Regulatory Requirements
18. We have issued a separate Certificate, as required, certifying the matters specified in paragraph 3 and 4 of Schedule C (read with Regulation 3) of the regulations.
19. Further to our comments in the certificate referred to in para 18 above, and, as required by the IRDA Act, the regulations issued under Section 114A of the Insurance Act and read with section 143 (3) of “the Act” we report that: a) We have sought and obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the purpose of our audit and have found them to be satisfactory;
b) In our opinion, and to the best of our information and according to the explanations given to us, proper books of account as required by law have been maintained by the Company so far as it appears from our examination of those books;
c) The Company’s financial accounting system is centralized, accounting returns are not required to be submitted by the branches and other offices of the Company for the purposes of our audit;
d) The Balance Sheet, the Revenue Account, the Profit and Loss Account and the Receipts and Payments Account dealt in this report are in agreement with the books of account;
e) In our opinion and to the best of our information and according to the explanations given to us, the Balance Sheet, the Revenue Account, the Profit and Loss Account and the Receipts and Payments Account dealt with by this report comply with the Accounting Standards referred to in Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014 to the extent they are not inconsistent with the accounting principles prescribed in the regulations and orders/directions issued by IRDAI in this regard; and
f) On the basis of written representations received from directors as on March, 31, 2019 and taken on record by the Board of Directors, none of the directors is disqualified as on March, 31, 2019, from being appointed as a director in terms of section 164 (2) of the Act.
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g) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in “Annexure 1”.
h) With respect to the other matters to be included in the Auditors’ Report in accordance with the requirements of section 197(16) of the Act, as amended:
• In our opinion and to the best of our information and according to the explanations given to us, pursuant to Section 34A of the Insurance Act, 1938, the provisions for Section 197 of the Act are not applicable for the remuneration paid to the Managing Director of the Company.
• The Company has paid sitting fees to the independent directors which is in accordance with the provisions for section 197(5) of the Act. The Company has not paid any other remuneration to non-executive directors and independent directors.
i) With respect to other matters to be included in the Auditors’ Report in accordance with Rule 11 of the Companies (Audit and Auditors’) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements (Refer Note 1 of the Schedule 16 (C) Notes to Accounts);
ii. The Company is in the life insurance business where in long term contracts are entered into with the policyholders and the liability estimated by the Appointed Actuary for the same has been provided for by the Company (Refer Para 16 above).
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
j) We annex our report in terms of section 143(5) of “the Act”, on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us in Annexure-2 on the directions and sub-directions issued by the Comptroller and Auditor General of India.
For Batra Deepak & Associates For M. Anandam & Co. Chartered Accountants Chartered Accountants (Registration No. 005408C) (Registration No. 000125S)
(CA Kapil Kumar Bhagirath) (CA M.V.Ranganath) Partner Partner Membership Number: 095639 Membership Number: 028031
Place: New Delhi Date: 15th May, 2019
M. Anandam & Co.Chartered Accountants7A, Surya Towers, Sardar Patel Road, Secunderabad - 500003
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Annexure 1 to the Independent Auditors’ Report of even date
(Refer paragraph 19(g) under the heading “Report on Other Legal and Regulatory Requirements”)
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of “the Act”.
1. We have audited the internal financial controls over financial reporting in financial statements of Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited (“the Company”) as on March 31, 2019 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Management’s Responsibility for Internal Financial Controls
2. The Company’s Board of Directors and management are responsible for establishing and maintaining internal financial controls based on “the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India”. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable financial information, as required under “the Act”.
Auditors’ Responsibility
3. Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting in financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (“Guidance Note”) and the Standards on Auditing, issued by the Institute of Chartered Accountants of India and deemed to be prescribed under section 143(10) of “the Act”, to the extent applicable to an audit of internal financial controls with reference to financial statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls, over financial reporting in financial statements was established and maintained and if such controls operated effectively in all material respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls over financial reporting in financial statements and their operating effectiveness.
5. Our audit of internal financial controls over financial reporting in financial statements included obtaining an understanding of internal financial controls with reference to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors’ judgement, including the assessment of the risks of material mis statement of the financial statements, whether due to fraud or error.
6. We believe that the audit evidence, we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls over financial reporting in financial statements.
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Meaning of Internal Financial Controls over Financial Reporting
7. A Company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Company’s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorisations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
8. Because of the inherent limitations of internal financial controls over financial reporting in financial statements including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
9. In our opinion, the Company has, in all material respects, adequate internal financial controls over financial reporting in financial statements and such internal financial controls were operating effectively as on March 31, 2019, based on “the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India”.
Other Matter
10. We report that the actuarial valuation of liabilities for life policies in force and policies in respect of which premium has been discontinued but liability exists as on 31st March, 2019 has been duly certified by the Appointed Actuary as per the regulations, and has been relied upon by us as mentioned in Para 16 “Other Matter” of our Auditors’ Report on the financial statements for the year ended 31st March, 2019. Accordingly, our opinion on the internal financial controls over financial reporting does not include reporting on the operating effectiveness of the management’s internal controls over the valuation and accuracy of the aforesaid actuarial valuation. Our opinion is not modified in respect of above matter.
For Batra Deepak & Associates For M. Anandam & Co. Chartered Accountants Chartered Accountants (Registration No. 005408C) (Registration No. 000125S)
(CA Kapil Kumar Bhagirath) (CA M.V.Ranganath) Partner Partner Membership Number: 095639 Membership Number: 028031
Date: 15th May, 2019 Place: New Delhi
M. Anandam & Co.Chartered Accountants7A, Surya Towers, Sardar Patel Road, Secunderabad - 500003
Batra Deepak & AssociatesChartered AccountantsS-517, II Floor, Shakarpur, Vikas Marg, Delhi - 110092
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Annexure 2 to the Independent Auditors’ report of even date (Refer paragraph 19(j)):
S.No Directions / Sub-Directions Auditors Comments
Directions
1. Whether the Company has system in place to process all the accounting transactions through IT? If yes, the implications of processing of accounting transactions outside IT system on the integrity of the accounts along with the financial implication, if any, may be stated.
The Company has system in place to process all the accounting transactions through IT.
2. Whether there is any restructuring of an existing loan or cases of waiver/write off of debts / loans / interest etc. made by a lender to the company due to the company’s inability to repay the loan? If yes, the financial impact may be stated.
The Company has not borrowed any loans and therefore the question of waiver / write off of debts / loans / interest etc. made by a lender to the company due to the company’s inability to repay the loan does not arise.
3. Whether funds received / receivable for specific schemes from central/state agencies were properly accounted for / utilized as per its term and conditions? List the case of deviation.
The Company has not received any funds under any specific scheme from central/state government agencies.
Sub-Directions
1. Number of titles of ownership in respect of CGS/SGS/Bonds/Debentures etc. available in physical / demat form and out of these number of cases which are not in agreement with the respective amounts shown in the Company’s books of accounts may be verified and discrepancy found may be suitably reported.
Securities held in the CSGL / Demat account have been verified with the certificate/holding statement received from the Custodian. Investments in Liquid Mutual Funds have been verified with unit confirmations/statements received from the AMCs and the Fixed Deposit Holdings / Bank balances related to investment have been verified from the physical records/confirmations /statements received from the banks. The same in aggregate agree with the respective amounts shown in the company’s books of account. There are no discrepancies in the Holding as per Custody statement and as per books of account.
2. Whether stop loss limits have been prescribed in respect of the investments. If yes, whether or not the limit was adhered to. If no, details may be given.
Stop loss limits have been prescribed in the investment policy and it was adhered to and reviewed by appropriate authority as prescribed in investment policy in respect of stop loss limits.
3. Whether the Company has complied with IRDAI circular {No. IRDA/F&A/CIR/MISC/052/03/2018 dated 27 March 2018} regarding exemption of reinsurance schemes in respect of specified insurance schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojna (PMMJJBY), from the purview of GST and passed on to the insured / Government the benefit of reduction in premium?
The premium amount to be charged for Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY) is fixed by the Government and the Company has accordingly charged the same from the insured. The Company has not collected any GST on PMJJBY from customers.
For Batra Deepak & Associates For M. Anandam & Co. Chartered Accountants Chartered Accountants (Registration No. 005408C) (Registration No. 000125S)
(CA Kapil Kumar Bhagirath) (CA M.V.Ranganath) Partner Partner Membership Number: 095639 Membership Number: 028031 Place: New Delhi Date: 15th May, 2019
M. Anandam & Co.Chartered Accountants7A, Surya Towers, Sardar Patel Road, Secunderabad - 500003
Batra Deepak & AssociatesChartered AccountantsS-517, II Floor, Shakarpur, Vikas Marg, Delhi - 110092
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Independent Auditors’ Certificate
(Referred to in paragraph 18 of our Independent Auditors’ Report of even date)
1. This certificate is issued to comply with the provisions of the paragraph 3 and 4 of Schedule C (read with Regulation 3) of the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002 and may not be suitable for any other purpose.
2. The Board of Directors and Management of the Company are responsible for complying with the provisions of the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002 (“the Regulations”), the Insurance Act, 1938, as amended by the Insurance Laws (Amendment) Act, 2015, Insurance Regulatory and Development Authority Act, 1999, various circulars /guidelines / orders and directions issued by IRDAI and amendments to these Acts and Regulations from time to time. This includes collecting, collating and validating data and designing, implementing and monitoring of internal controls suitable for ensuring compliance as aforesaid.
3. Our responsibility, for the purpose of this certificate, is limited to certifying matters contained in paragraphs 3 and 4 of Schedule C of the Regulations. We conducted our examination in accordance with the Guidance Note on Audit Reports and Certificates for Special Purposes issued by the Institute of Chartered Accountants of India (the ‘ICAI’).
4. In accordance with the information and explanations given to us and to the best of our knowledge and belief and based on our examination of the books of account and other records maintained by Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited (‘the Company’) for the year ended March 31, 2019, we certify that:
a) We have reviewed the Management Report attached to the financial statements for the year ended 31st March, 2019 and have found no apparent mistake or material inconsistencies with the financial statements;
b) Based on the information and explanations received during the normal course of our audit and management representations and the compliance certificate submitted by the officers of the Company charged with the compliance and noted by the Risk Management Committee, Audit Committee and the Board of Directors, nothing has come to our attention that causes us to believe that the Company has not complied with the terms and conditions of the registration as per sub section 4 of section 3 of the Insurance Act, 1938 as amended from time to time;
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c) We have verified the securities relating to the Company’s investments as at March 31 2019, by actual inspection or on the basis of certificates / confirmations received from the Custodian / Depository Participants appointed by the Company, as the case may be. The Company does not have any cash balances as at March 31, 2019 and also the Company does not have securities relating to the insurer’s loans, reversions and life interests as at March 31, 2019;
d) The Company is not a trustee of any trust; and
e) No part of the assets of the Policyholders’ Funds has been directly or indirectly applied in contravention to the provisions of the Insurance Act, 1938 as amended from time to time, relating to the application and investments of the Policyholders’ funds.
For Batra Deepak & Associates For M. Anandam & Co.Chartered Accountants Chartered Accountants(Registration No. 005408C) (Registration No. 000125S)
(CA Kapil Kumar Bhagirath) (CA M.V.Ranganath)Partner PartnerMembership Number: 095639 Membership Number: 028031
Place: New Delhi Date: 15th May, 2019
M. Anandam & Co.Chartered Accountants7A, Surya Towers, Sardar Patel Road, Secunderabad - 500003
Batra Deepak & AssociatesChartered AccountantsS-517, II Floor, Shakarpur, Vikas Marg, Delhi - 110092
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COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 143 (6) (b) OF THE COMPANIES ACT, 2013 ON THE FINANCIAL STATEMENTS OF CANARA HSBC ORIENTAL BANK OF COMMERCE LIFE INSURANCE COMPANY LIMITED FOR THE YEAR ENDED 31 MARCH 2019.
The preparation of Financial Statements of Canara HSBC Oriental Bank of Commerce Life Insurance Limited for the year ended 31 March 2019 in accordance with the financial reporting framework prescribed under the Insurance Act, 1938 read with the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002 and the Companies Act, 2013 is the responsibility of the management of the company. The statutory auditors appointed by the Comptroller and Auditor General of India under section 139(5) of the Act are responsible for expressing opinion on the financial statements under section 143 of the Act based on independent audit in accordance with the standards on auditing prescribed under section 143(10) of the Act. This is stated to have been done by them vide their Audit report dated 15 May 2019.
I, on the behalf of the Comptroller and Auditor General of India, have conducted a supplementary audit of the Financial Statements of Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited for the year 31 March 2019 under section 143(6)(a) of the Act. This supplementary audit has been carried out independently without access to the working papers of the statutory auditors and is limited primarily to inquiries of the statutory auditors and company personnel and a selective examination of some of the accounting records.
Based on my supplementary audit, I would like to highlight the following significant matter under section 143(6)(b) of the Act which have come to my attention and which in my view is necessary for enabling a better understanding of the financial statements and the related Audit Report:
A. Comments on Profitability
A1. Balance Sheet Investments- Shareholders (Schedule 8) - `909.54 crore Investments- Assets held to cover linked liabilities (Schedule 8B) - `9272.60 crore Advance & Other Assets (Schedule 12) - `336.81 crore
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited (the Company) holds `125 crores in fixed income securities issued by IL&FS Limited and IL&FS Financial Services Limited, both in unit linked funds and non-unit linked funds with asset type as Non-Convertible Debenture (NCDs) and Commercial papers (CPs). IL&FS defaulted in payment of interest on NCDs in December 2018 and principal amount in respect of CPs in February and March 2019.
In view of the downgrading of the rating of IL&FS group and reconstitution of the Board by the Government of India in October 2018, the Investment Committee of the Company, decided (May 2019) to carry the investments at 50 per cent of the face value i.e. ` 62.50 crore after treating these investments as Non-Performing Assets (NPA).
However, as per proceeding before National Company Law Appellate Tribunal both these
C&AG Report
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companies of IL&FS group have been placed under the ‘Red’ category by the new Board of Directors appointed by the Union Government to manage the affairs of the IL&FS group of companies, which means that such entities cannot meet their payment obligations towards even senior secured financial creditors.
In view of above circumstances, Audit is of the view that full provision should have been made against diminution in value of the above investment in view of the fact that the investment rating has been downgraded to lowest level ‘D’ by ICRA and CARE which means that instruments with this rating are in default or are expected to be in default soon.
This has resulted in understatement of provision by `62.50 crore and consequent overstatement of Profit by the same extent.
For and on behalf of the Comptroller and Auditor General of India
(Prachi Pandey) Principal Director of Commercial Audit
& Ex-officio Member, Audit Board-II, New Delhi
Place: New Delhi Date: 14.08.2019
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Company’s response on the comment in the report of the Comptroller & Auditor General of India no. M.A.B. –II/Ins./Canara HSBC/A/Acs./38-14/19-20/49 dated 14th August 2019
We are of the view that the Company has made adequate provisions against the exposure in the IL&FS group, as at 31st March, 2019. We would like to state that as per IRDAI Master Circular on “IRDAI (Investment) Regulations, 2016”, Company classified these investments as sub-standard and was required to make a provision of only 25%, however, the Company on a prudence basis the circumstances in the subject case, has made a provision of 50%.
On behalf of the Board of Directors For CANARA HSBC ORIENTAL BANK OF COMMERCE LIFE INSURANCE COMPANY LIMITED
R A Sankara Narayanan Anuj MathurChairman Managing Director & Chief Executive OfficerDIN : 05230407 DIN : 00584057
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MANAGEMENT REPORT
In accordance with the Insurance Regulatory and Development Authority of India (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, the Board of Directors presents its Management Report for the financial year ended March 31, 2019 and hereby confirms, certifies and declares that:
1. Certificate of Registration
The Certificate of Registration granted by the Insurance Regulatory and Development Authority of India (‘IRDAI’) to enable the Company to transact life insurance business was valid as at March 31, 2019 and is in force as on the date of this report;
2. Statutory Liabilities / Dues
All the dues payable to the statutory authorities have been duly paid except those under dispute or disclosed under Contingent liabilities;
3. Shareholding Pattern
The shareholding pattern and transfer of shares during the year are in accordance with the statutory and regulatory requirements;
4. Investments outside India
The Company has not directly or indirectly invested outside India the funds of the holders of policies issued in India;
5. Solvency Margin The required solvency margins have been maintained during the year;
6. Valuation of assets in the Balance Sheet
The values of all the assets have been reviewed as on March 31, 2019 and that in the management’s belief the assets set forth in the Balance Sheet are shown in the aggregate at amounts not exceeding their realisable or market value under the several headings – “loans”, “investments” (excluding fixed income securities held in the shareholders’ account and non-linked policyholders’ account which are carried at amortised cost), “agents balances”, “outstanding premiums”, “interest, dividends and rents outstanding”, “interest, dividends and rents accruing but not due”, “amounts due from other persons or bodies carrying on insurance business”, “sundry debtors”, “bills receivable”, “cash” and several items specified under “other accounts”;
7. Application and Investments of Life Insurance Funds
No part of the life insurance fund has been directly or indirectly applied in contravention of the provisions of the Insurance Act, 1938 (4 of 1938), as amended from time to time, relating to the application and investment of the life insurance funds;
8. Overall Risk Exposure and Strategy adopted to mitigate the same
The Company’s risk management framework, as governed by the Board approved Risk Policy mandates that each of the risks must be assessed against an appetite that the organization has established towards managing that risk.
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The Company has a strong corporate governance framework, which includes independent directors on the Board, constitution of a Risk Management Committee and an Audit Committee chaired by an Independent Director. The Risk Management Committee advises the Board with regard to risk management decisions in relation to strategic and operational matters. The risk management framework is based on the concept of ‘three lines of defense’ where business / function owners are a part of the first line and are responsible for day-to-day management of risks and implementation of controls to manage risks with agreed appetite levels along with their routine business activities. The role of second line is played by Risk & Compliance functions, who collaborate with the first line to drive effective enterprise-wide risk management and provide oversight, advice and risk insights. The role of third line is played by Internal Audit, responsible for independent audit review to provide assurance on effectiveness of internal controls.
The mitigation strategy with respect to various risks as covered under the current Risk Management Framework is:
8.1. Market Risk, Credit Risk and Liquidity Risk
Investment Risk includes the risk emanating from volatility of market prices of investment assets, including the risk arising from any mismatch between assets and liabilities, due to external market and economic factors. Investment Risk also includes within its ambit Credit Risk i.e risk of loss if another party fails to perform its obligations under a contract or fails to perform them in a timely fashion. The key mitigation approaches for this risk are as follows:
a) All investments are made within the board approved Investment Policy, to ensure that risk undertaken is commensurate to meet policyholder reasonable expectations (PRE) principles & underlying fiduciary risks / obligations towards policyholders.
b) As part of Asset Liability Management (ALM), Company’s endeavor is to match asset cash flows with liability outgoes to the extent possible and in order to ensure that the reinvestment risk is to the least possible.
c) In addition to the above, the Company also has a liquidity contingency plan in place.
8.2. Insurance risk
Insurance risk refers to the inherent uncertainties as to the occurrence, amount and timing of insurance liabilities arising through insurance risks and includes risks pertaining to adverse mortality experience, adverse persistency, risk of anti-selection. These risks are mitigated through:
a) The Company operates within the ambit of Board approved Underwriting Policy, to assess and manage mortality, morbidity and longevity risks
b) The Company maintains appropriate reinsurance cover to support its business. The retention limits are reviewed based on underwriting / claims experience, reinsurer feedback, maturity of business and Reinsurance program as approved by the Board and notified to the regulator.
c) Non-medical underwriting limits are designed based upon claims experience, market dynamics and to keep the underwriting cost at reasonable levels and in a way where it does not attract the risk of anti-selection.
d) The Company engages with reinsurers on a risk premium basis and ensures that treaties are entered with Reinsures adhere to the prescribed regulations and the ratings are monitored on a regular basis.
e) Product design and approval process being followed by the Company ensures that all the material and non-material risks and mitigants thereto identified and addressed at pre regulatory filing stage and are approved by internal governance forum.
f) The Company conducts, post launch experience analysis to ensure that corrective actions can be initiated and that assumptions used in product pricing, reserving etc. are in line with experience.
114
8.3. Operational risk
Operational risk is the risk of loss arising through fraud, unauthorized activities, error, omission, inefficiency, systems failure, people risk, vendor/ outsourcing risk or from external events and also includes compliance risks including matters pertaining to financial crime compliance and anti-money laundering.Operational risk further covers conduct risk related matters pertaining to selling of insurance products, overall conduct of staff, culture within the organization and engagement with third party vendors
The Company uses the following approaches to manage the risk:
a) Risk assessment is under taken for all key projects, products and initiatives and risks identified are appropriately addressed
b) Automated controls are given priority and preference over the manual controls although this decision is a factor of the level of risk posed and the cost of controls that need to be deployed to mitigate the risk
c) Information risk controls are designed in a manner that it safeguards the personal and sensitive customer information in line with the board approved Information & Cyber Security Policy
d) The Company has put in place appropriate preventive & detective anti-fraud control mechanisms to protect the interest of its customers and shareholders and in line with regulatory requirements
e) The Company is guided by the principle of treating the customers fairly. Due consideration over conduct risk is given while designing products, establishing policies around distribution of products and monitoring of sales quality.
f) The Company has a governance structure in place that fosters a culture of ownership and accountability at all levels of management. It has adopted a set of values that ensure a culture where all employees understand the importance of these values and practice these values in their day to day working
g) Appropriate contingency and disaster recovery infrastructure has been established for systems and processes that are identified as critical to business;
9. Operations Abroad
The Company does not have any operations outside India;
10. Claims
Average claim settlement time for last five years along with ageing of outstanding claims as at balance sheet date is as follows:
Year Average claim settlement time* (in days) (Individual and group claims)------------------------------------------------------------------------------------------------------------------- 2014-15 12.15 days
2015-16 9.66 days
2016-17 7.55 days
2017-18 8.74 days
2018-19 9.10 days
-------------------------------------------------------------------------------------------------------------------
*Average claim settlement time taken by the Company from the date of submission of the final requirement by the claimant to despatch of the claim payment
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Ageing of claims registered and not settled:
Death Claims (Individual & Group)
Period
FY 2018-19 FY 2017-18
No. of claims Amount involved(` in lacs) No. of claims Amount involved
(` in lacs)
Linked Traditional/ Non-Linked Linked Traditional/
Non-Linked Linked Traditional/ Non-Linked Linked Traditional/
Non-Linked
Up to 30 days - 1 - 0.09 - 2 - 62.00
30 days to6 months - 3 - 127.00 1 - 0.21 -
6 months to 1 year - - - - - - - -
1 year to5 years - - - - - - - -
5 years and above - - - - - - - -
Total - 4 - 127.09 1 2 0.21 62.00
Note: Out of 4 pending claims for FY 2018-19, 2 claims are pending for pre - existing ailment information / records and 2 claims are outstanding on account of pending requirements
11. Valuation of Investments
a) Shareholders’ and non-linked policyholders’ investments: Fixed income securities are considered as ‘held to maturity’ and are accordingly stated at historical cost subject to amortisation. Listed equity shares are valued at market value based on the closing price of the primary stock exchange [National Stock Exchange (NSE)]. In case the equity shares are not listed / not traded on the primary stock exchange, closing price of the secondary stock exchange [Bombay Stock Exchange (BSE)] shall be used. Mutual fund units are valued at the previous day net asset value. Additional Tier 1 (Basel III compliant) Perpetual Bonds (AT1 bonds) are valued at prices arrived from CRISIL Bond Valuer on yield to first call basis. The difference between the purchase price and market value for equity shares, mutual funds and AT1 bonds is shown under the ‘Fair Value Change Account’.
In respect of discounted instruments, difference between the face value and book value is accreted over the life of assets, on a straight line basis and accordingly these instruments are valued at accreted cost. Fixed deposits and reverse repo are valued at cost till maturity.
The market value of such investments for comparison purpose has been ascertained by applying the valuation norms as applicable to the Unit Linked Investments (as mentioned in para 11.b).
b) Unit Linked investments: All securities are valued on a ‘mark-to-market’ basis. Listed equity shares and exchange traded funds (ETFs) are valued at market value based on the closing price on the primary stock exchange [National Stock Exchange (NSE)]. In case these are not listed / not traded on the primary stock exchange, closing price of the secondary stock exchange [Bombay Stock Exchange (BSE)] shall be used.
116
In case, the exchange traded funds are not traded, the real time NAV as published by the Asset Management Company is used. Mutual fund units are valued at the previous day net asset value. Additional Tier 1 (Basel III compliant) Perpetual Bonds (AT1 bonds) are valued at prices arrived from CRISIL Bond Valuer on yield to first call basis. Government securities are valued at prices obtained from CRISIL and other fixed income securities are valued at prices arrived from CRISIL Bond Valuer. In respect of discounted instruments, difference between the face value and book value is accreted over the life of assets, on a straight line basis and accordingly these instruments are valued at accreted cost. Fixed deposits and reverse repo are valued at cost till maturity. Equity shares lent under the Securities Lending and Borrowing scheme (SLB) continue to be recognized in the Balance Sheet as the Company retains all the associated risks and rewards of these securities.
The valuation basis is in accordance with the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditors’ Report of Insurance Companies) Regulations, 2002 and other applicable regulations;
12. Review of asset quality and performance of Investments
The Company invests its funds in accordance with the regulatory norms prescribed by IRDAI and the investment policy as approved by the investment committee along with strong investment risk management system and processes. The Company has a well diversified portfolio and the investments are made after detailed research as well as due diligence. The investments in unit linked funds are made keeping in mind the fund objectives of maximizing returns while keeping the risks at the minimum. In Fixed Income segment, 95% (including Central Government Securities, State Government Securities and Other Approved Securities) of the rated debt investments are in Sovereign /AAA and equivalent rated fixed income securities, which indicates the safe & reliable asset quality. Assets amounting to ` 8,758 Lacs in Shareholders’ Fund and ` 3,000 Lacs in Unit Linked Funds have been classified as Non Performing Assets (NPA) during the year and appropriate provisions have been made thereon. The assets held are ` 1,485,365 Lacs as on March 31, 2019 and is having the following bifurcation:
( ` In lacs)
*Includes investment in additional Tier 1 (AT1) Bonds rated AA+ amounting ` 4,232 Lacs in shareholders fund and ` 4,803 Lacs in Non Unit Linked policyholders’ Funds.
Investment Category Shareholder Fund
Policyholder Funds
Non-Unit linked funds Unit linked funds
Government Securities 35,113 242,270 125,252
Corporate Bonds:
- AAA 42,838 199,331 96,106
- AA/AA+ 3,547 8,445 9,612
- AA- & Below 500 - 3,637
Equity Shares* 4,232 7,726 606,160
Money Market Instruments and others 4,725 9,379 86,493
Total 90,954 467,151 927,260
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Returns generated by Unit Linked Funds during the year are given below: (` In lacs)
Fund Name AUM Fund Return (FY 2018-19)
Benchmark Return
(FY 2018-19)
Balanced Fund (ULIF00316/06/08BLNCEDFUND136) 28,860 6.09% 10.01%
Debt Fund (ULIF00409/07/08INDEBTFUND136) 23,271 7.48% 5.47%
Equity Fund (ULIF00116/06/08EQUITYFUND136) 69,332 9.24% 14.93%
Growth Fund (ULIF00216/06/08GROWTHFUND136) 14,715 5.86% 12.92%
Liquid Fund (ULIF00514/07/08LIQUIDFUND136) 23,204 1.80% 6.62%
Equity-II Fund (ULIF00607/01/10EQUTYIIFND136) 248,506 8.32% 14.93%
Growth-II Fund (ULIF00707/01/10GROWTIIFND136) 13,821 6.29% 12.99%
Balanced-II Fund (ULIF00807/01/10BLNCDIIFND136) 34,180 5.95% 10.14%
Balanced Plus Fund (ULIF01013/09/10BLNCDPLFND136) 213,384 5.78% 9.98%
Growth Plus Fund (ULIF00913/09/10GROWTPLFND136) 48,374 5.34% 12.95%
Debt Plus Fund (ULIF01115/09/10DEBTPLFUND136) 51,947 6.41% 5.03%
NAV Guarantee Fund (ULIF01215/04/11NAVGFUNDSI136) 16,628 5.75% NA
Discontinued Policy Fund (ULIF01319/09/11POLDISCFND136) 54,706 6.13% NA
Pension growth Fund (ULIF01405/11/15PENSGROFND136) 2,275 3.97% 8.81%
India Multi-Cap Equity Fund (ULIF01816/08/16IMCAPEQFND136) 79,183 3.97% 12.51%
Pension Discontinued Policy Fund (ULIF01705/11/15PENSDISFND136) 185 6.35% NA
Emerging Leaders Equity Fund (ULIF02020/12/17EMLEDEQFND136) 4,690 -3.66% 2.06%
The Company does not have real estate and loan in investment portfolio.
118
13. Management Responsibility Statement
The management hereby certifies that:
a) in the preparation of financial statements, the applicable accounting standards, principles and policies have been followed along with proper explanations relating to material departures, if any;
b) the management has adopted accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the operating profit and of the profit of the Company for the year;
c) the management has taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the applicable provisions of the Insurance Act, 1938 (4 of 1938) (amended by the Insurance Laws (Amendment) Act, 2015) / Companies Act, 2013 and Companies Act, 1956 to the extent applicable and as amended from time to time, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
d) the management has prepared the financial statements on a going concern basis;
e) the management has ensured that an internal audit system commensurate with the size and nature of the business exists and is operating effectively;
14. Payments Made to Parties in which Directors are Interested
A schedule of payments which have been made to individuals, firms, companies and organisations in which directors of the Company are interested is annexed herewith.
For Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited
R A Sankara NarayananChairman(DIN : 05230407)
Balakrishna Alse SDirector(DIN : 08438552)
Alistair ChamberlainDirector(DIN : 08184995)
Anuj Mathur Managing Director &Chief Executive Officer(DIN : 00584057)
Akshay Dhand Appointed ActuaryIAI : 244
Tarun RustagiChief Financial Officer ACA : 098275
Vatsala SameerCompany SecretaryACS : 14813
Place: GurugramDate: May 15, 2019
119
Annexure to Management Report
S. No. Name of the Director Entity in which Director is interested Interested as
Amount of payment during
the financial year (`in lacs)
1
Ms P V Bharathi
Canara Bank
Executive Director
26,767Mr M V Rao Executive Director
Mr Rakesh Sharma Managing Director & Chief Executive Officer
Mr Debashish Mukherjee Executive Director
2
Ms P V Bharathi
Canara Bank Securities Limited
Director & Vice Chairperson
123
Dr S T Ramachandra DirectorMr Debashish Mukherjee Director
Mr Rakesh Sharma Non-Executive Chairman & Director
Mr S S Mishra Director
3Mr Debashish Mukherjee Canara Robeco Asset
Management Company Limited
Director177,896
Mr Rakesh Sharma Non-Executive Chairman & Director
4 Mr Ravi Menon HSBC Asset Management (India) Private Limited CEO & WTD 178,388
5 Mr Mukesh Kumar Jain Oriental Bank of Commerce MD & CEO 6,657
Mr Ravi Menon ceased to be a director of the Company with effect from 24th July 2018Mr Rakesh Sharma ceased to be a director & Chairman of the Company with effect from 31st July 2018Mr Debashish Mukherjee appointed as a director of the Company with effect from 9th October 2018Ms P V Bharathi ceased to be a director of the Company with effect from 31st January 2019Dr S T Ramachandra appointed as a director of the Company with effect from 6th February 2019
120
REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2019
Policyholders’ Account (Technical Account)
Particulars Schedule For the year ended March 31, 2019
For the year ended March 31, 2018
( '000) ( '000)
Premiums earned – net(a) Premium 1 34,907,448 27,810,569 (b) Reinsurance ceded (403,806) (287,495)(c) Reinsurance accepted - - Sub Total 34,503,642 27,523,074 Income from Investments(a) Interest, Dividends and Rent – Gross 6,002,631 5,157,633 (b) Profit on sale/redemption of investments 8,933,819 6,646,285 (c) (Loss on sale/ redemption of investments) (2,648,597) (1,377,921)(d) Transfer/Gain on revaluation/change in fair value* (1,744,049) (488,915)Sub Total 10,543,804 9,937,082 Other Income(a) Contribution from the Shareholders' A/c (Refer Schedule 16C - Note 20 & Note 41) 68,631 42,191 (b) Miscellaneous Income 100,548 83,284 Total (A) 45,216,625 37,585,631
Commission 2 1,850,047 1,264,009
Operating Expenses related to Insurance Business 3 4,074,133 3,653,319 GST / Service tax recovered on ULIP charges 538,512 485,235 Provision for Doubtful debts 175 673 Bad debts written off - - Provision for Taxation - - Provisions (other than taxation)(a) For diminution in the value of investments (Net) - - (b) Provision for non-standard assets (Refer Schedule 16C - Note 12) 125,000 - Total (B) 6,587,867 5,403,236
Benefits Paid (Net) 4 16,069,256 17,857,419 Interim & terminal bonus paid 5,393 3,107 Change in valuation of liability in respect of life policies(a) Gross** 20,282,347 13,162,990 (b) (Amount ceded in Reinsurance) (465,750) (68,375)(c) Amount accepted in Reinsurance - - Total (C) 35,891,246 30,955,141
Total (B+C) 42,479,113 36,358,377
Surplus/Deficit (D)=(A)-(B)-(C) 2,737,512 1,227,254
Appropriations
Transfer to Shareholders’ Account (Refer Schedule 16C - Note 20 & Note 41) 1,441,146 1,177,982 Transfer to Other Reserves - - Balance being Funds for Future Appropriations 1,296,366 49,272 Total (D) 2,737,512 1,227,254
* Represents the deemed realised gain as per norms specified by the Authority.**Represents Mathematical Reserves after allocation of bonus
The break up of total surplus is as under:
(a) Interim & terminal Bonus Paid: 5,393 3,107 (b) Allocation of Bonus to policyholders: 510,832 304,352 (c) Surplus shown in the Revenue Account: 2,737,512 1,227,254 (d) Total Surplus: ((a)+(b)+(c)): 3,253,737 1,534,713
Significant Accounting Policies and Notes to the Accounts 16
Schedules referred to herein form an integral part of the Policyholders' Revenue Account
For Batra Deepak & Associates For M. Anandam & Co.Chartered Accountants Chartered Accountants(Registration No. 005408C) (Registration No. 000125S)
CA Kapil Kumar Bhagirath CA M. V. Ranganath R A Sankara Narayanan Balakrishna Alse S Alistair ChamberlainPartner Partner Chairman Director DirectorMembership no. : 095639 Membership no. : 028031 DIN : 05230407 DIN : 08438552 DIN : 08184995
Place : New Delhi Place : New Delhi Anuj MathurDate : May 15, 2019 Date : May 15, 2019 Managing Director & Chief Executive Officer
DIN : 00584057
Akshay Dhand Tarun Rustagi Vatsala Sameer Chief Financial Officer Company Secretary
ACA : 098275 ACS : 14813
Place : New DelhiDate : May 15, 2019
Appointed ActuaryIAI : 244
Form A-RACanara HSBC Oriental Bank of Commerce Life Insurance Company LimitedRegistration No. 136; Date of Registration : May 8, 2008
For and on behalf of the Board of Directors
121
Form A-PLCanara HSBC Oriental Bank of Commerce Life Insurance Company LimitedRegistration No. 136; Date of Registration : May 8, 2008
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2019
Shareholders’ Account (Non-technical Account)
Particulars Schedule For the year endedMarch 31, 2019
For the year endedMarch 31, 2018
( '000) ( '000)
Linked Non Participating - Life 702,724 814,201 Linked Non Participating - Pension 31,919 20,611 Non Linked Non Participating-Pension 8,151 10,024 Non Linked Non Participating-Life 627,156 273,307 Non Linked Variable -Life 4,000 1,255 Non Linked Variable -Pension 7,075 11,342 Non Linked Participating - Life 57,358 34,162 Non Linked Non Participating - Annuity - 13,080 Non Linked Non Participating - Health 2,763 -
Income From Investments(a) Interest, Dividends and Rent – Gross 673,901 561,888 (b) Profit on sale/redemption of investments 105,569 51,031 (c) (Loss on sale/ redemption of investments) - - Other Income - 756 TOTAL (A) 2,220,616 1,791,657
Expense other than those directly related to the insurance business 3A 87,163 67,557 Bad debts written off 2,128 251 Provisions (Other than taxation)(a) For diminution in the value of investments (net) - - (b) Provision for doubtful debts 168 3,210 (C) Provision for non-standard assets (Refer Schedule 16C - Note 12) 410,559 -
Linked Non Participating - Pension 25,863 42,191 Non Linked Non Participating - Annuity 29,428 - Non Linked Non Participating - Health 13,340 -
TOTAL (B) 568,649 113,209
Profit/ (Loss) before tax 1,651,967 1,678,448 Provision for Taxation - - Profit / (Loss) after tax 1,651,967 1,678,448
APPROPRIATIONS(a) Balance at the beginning of the year (1,597,759) (3,276,206)(b) Interim dividends paid during the year - - (c) Proposed final dividend - - (d) Dividend distribution tax - - (e) Transfer to reserves/ other accounts - - Profit/ (Loss) carried forward to the Balance Sheet 54,208 (1,597,758)
Earnings per equity shareWeighted average number of equity shares outstanding 950,000,000 950,000,000 Basic and diluted earnings per equity share (In absolute ) 1.74 1.77 Face value per equity share (In absolute ) 10.00 10.00
Significant Accounting Policies and Notes to the Accounts 16
Schedules referred to herein form an integral part of the shareholders' account
For Batra Deepak & Associates For M. Anandam & Co.Chartered Accountants Chartered Accountants(Registration No. 005408C) (Registration No. 000125S)
CA Kapil Kumar Bhagirath CA M. V. Ranganath R A Sankara Narayanan Balakrishna Alse S Alistair ChamberlainPartner Partner Chairman Director DirectorMembership no. : 095639 Membership no. : 028031 DIN : 05230407 DIN : 08438552 DIN : 08184995
Place : New Delhi Place : New Delhi Anuj MathurDate : May 15, 2019 Date : May 15, 2019 Managing Director & Chief Executive Officer
DIN : 00584057
Akshay Dhand Tarun Rustagi Vatsala SameerChief Financial Officer Company SecretaryACA : 098275 ACS : 14813
Place : New DelhiDate : May 15, 2019
Amount transferred from Policyholders Account (Technical Account) (Refer Schedule 16C - Note 20 & Note 41)
Contribution to the Policyholders Account (Technical Account) (Refer Schedule 16C - Note 20 & Note 41)
For and on behalf of the Board of Directors
Appointed ActuaryIAI : 244
122
FORM A-BSCanara HSBC Oriental Bank of Commerce Life Insurance Company LimitedRegistration No. 136; Date of Registration : May 8, 2008
BALANCE SHEET AS AT MARCH 31, 2019
Particulars Schedule As at March 31, 2019 As at March 31, 2018( '000) ( '000)
SOURCES OF FUNDS
Share Capital 5 9,500,000 9,500,000 Reserves and Surplus 6 1,304,208 1,250,000 Credit/(Debit) Fair Value Change Account (Net) 23,244 5,299 Sub-Total 10,827,452 10,755,299
Borrowings 7 - -
Policyholders’ Funds:Credit/(Debit) Fair Value Change Account (Net) 29,294 9,641 Policy Liabilities
Linked Non Participating - Life 888,672 793,872 Linked Non Participating - Pension 12,450 25,007 Non Linked Non Participating - Pension 3,503,490 4,513,609 Non Linked Non Participating - Life 24,350,252 19,598,242 Non Linked Variable - Life 871,985 962,233 Non Linked Variable - Pension 1,995,683 1,658,427 Non Linked Participating - Life 12,723,616 7,602,849 Non Linked Non Participating - Annuity 1,125,565 652,407 Non Linked Non Participating - Health 8,236 -
Sub-Total (Policy Liabilities) 45,479,949 35,806,646
Insurance Reserves - -
Provision for Linked LiabilitiesLinked Non Participating - Life 77,222,673 66,265,839 Linked Non Participating - Pension 995,430 979,182 Add: Credit/(Debit) Fair Value Change Account (net) 9,018,855 10,766,407 Add: Funds for Discontinued Polices
(i) Discontinued on account of non-payment of premium 5,428,836 4,423,772 (ii) Others 60,227 147,528
Sub-Total (Provision for Linked Liabilities) 92,726,021 82,582,728
Sub-Total 138,235,264 118,399,015
Funds for Future Appropriation 1,840,147 543,781 TOTAL 150,902,863 129,698,095
InvestmentsShareholders’ 8 9,095,395 7,636,467 Policyholders’ 8A 46,715,053 36,656,638
Assets held to cover linked liabilites 8B 92,726,021 82,582,728
Loans 9 4,350 1,109
Fixed Assets 10 144,519 90,086
Current AssetsCash and Bank Balances 11 2,681,199 2,105,936 Advances and Other Assets 12 3,368,083 2,281,668
Sub-Total (A) 6,049,282 4,387,604
Current Liabilities 13 3,754,377 3,191,150 Provisions 14 77,380 63,145 Sub-Total (B) 3,831,757 3,254,295
Net Current Assets (C) = (A – B) 2,217,525 1,133,309
Miscellaneous Expenditure (To The Extent Not Written Off Or Adjusted) 15 - - Debit Balance In Profit And Loss Account (Shareholders’ Account) - 1,597,758 TOTAL 150,902,863 129,698,095
16
As per our report of even date
For Batra Deepak & Associates For M. Anandam & Co.Chartered Accountants Chartered Accountants(Registration No. 005408C) (Registration No. 000125S)
CA Kapil Kumar Bhagirath CA M. V. Ranganath R A Sankara Narayanan Balakrishna Alse S Alistair ChamberlainPartner Partner Chairman Director DirectorMembership no. : 095639 Membership no. : 028031 DIN : 05230407 DIN : 08438552 DIN : 08184995
Place : New Delhi Place : New Delhi Anuj MathurDate : May 15, 2019 Date : May 15, 2019 Managing Director & Chief Executive Officer
DIN : 00584057
Akshay Dhand Tarun Rustagi Vatsala SameerChief Financial Officer Company SecretaryACA : 098275 ACS : 14813
Place : New DelhiDate : May 15, 2019
For and on behalf of the Board of Directors
Appointed ActuaryIAI : 244
Schedules referred to herein form an integral part of the Balance Sheet
APPLICATION OF FUNDS
Contingent Liabilities (Refer Schedule 16C - Note 1)Significant Accounting Policies and Notes to the Accounts
Shareholders’ Funds:
123
Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedSchedules forming part of the Financial Statements for the year ended March 31, 2019
SCHEDULE – 1
PREMIUM (NET OF GOODS AND SERVICES TAX / SERVICE TAX)
Particulars For the year endedMarch 31, 2019
For the year endedMarch 31, 2018
( '000) ( '000)
First year premiums 9,162,899 8,217,280 Renewal premiums 20,302,572 15,533,121 Single premiums 5,441,977 4,060,168 Total Premium 34,907,448 27,810,569
Premium Income from business written :
In India 34,907,448 27,810,569 Outside India - - Total Premium 34,907,448 27,810,569
124
Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedSchedules forming part of the Financial Statements for the year ended March 31, 2019
SCHEDULE- 2
COMMISSION EXPENSES
ParticularsFor the year ended
March 31, 2019For the year ended
March 31, 2018( '000) ( '000)
Commission paid Direct - First year premiums 1,400,069 1,066,603
- Renewal premiums 423,746 181,919 - Single premiums 26,232 15,487
Total (A) 1,850,047 1,264,009
Add : Commission on Re-insurance Accepted - - Less : Commission on Re-insurance Ceded - - Net Commission 1,850,047 1,264,009
Break Up of the expenses (Gross) incurred to procure business:
Agents - - Brokers 1,200 335 Corporate Agency 9,169 1,950 Bancassurance 1,839,634 1,261,724 Referral - - Web Aggregator 44 - Total (B) 1,850,047 1,264,009
125
Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedSchedules forming part of the Financial Statements for the year ended March 31, 2019
SCHEDULE – 3
OPERATING EXPENSES RELATED TO INSURANCE BUSINESS
Particulars For the year endedMarch 31, 2019
For the year endedMarch 31, 2018
( '000) ( '000)
Employees’ remuneration and welfare benefits 2,286,094 2,060,642 Travel, conveyance and vehicle running expenses 128,539 90,931 Training expenses 107,702 262,014 Rents, rates and taxes 224,546 206,541 Repairs 27,341 34,956 Printing and stationery 23,080 38,313 Communication expenses 170,400 110,923 Legal and professional charges 108,009 60,691 Medical fees 37,558 28,434 Auditors' fees, expenses etc
a) as auditor* 4,703 5,063 b) as adviser or in any other capacity, in respect of
(i) Taxation matters 306 325 (ii) Insurance matters - - (iii) Management services; and - -
c) in any other capacity 441 400 Advertisement and publicity 390,928 248,660 Interest and bank charges 46,748 39,574 Depreciation 66,120 57,681 Information technology and related expenses 287,405 268,014 Others 164,213 140,157 TOTAL 4,074,133 3,653,319
* Includes out of pocket reimbursements
126
Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedSchedules forming part of the Financial Statements for the year ended March 31, 2019
SCHEDULE – 3A
EXPENSE OTHER THAN THOSE DIRECTLY RELATED TO THE INSURANCE BUSINESS
Particulars For the year endedMarch 31, 2019
For the year endedMarch 31, 2018
( '000) ( '000)
Employees’ remuneration and welfare benefits 19,538 18,726 Travel, conveyance and vehicle running expenses 60 39 Training expenses - 1 Repairs - 6 Communication expenses 2 3 Legal and professional charges 43 76 Interest and bank charges 635 667 Corporate Social Responsibility expenses 27,430 22,979 Others 39,455 25,060 TOTAL 87,163 67,557
127
Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedSchedules forming part of the Financial Statements for the year ended March 31, 2019
SCHEDULE – 4
BENEFITS PAID [NET]
ParticularsFor the year ended
March 31, 2019For the year ended
March 31, 2018( '000) ( '000)
Insurance Claims(a) Claims by Death 1,363,533 727,643 (b) Claims by Maturity 122,843 3,126 (c) Annuities/Pensions payment 50,424 41,239 (d) Other benefits
(i) Surrenders & others 8,838,540 12,434,672 (ii) Withdrawals 5,719,980 4,658,303 (iii) Survival 337,139 160,099 (Amount ceded in reinsurance):
(a) Claims by Death (363,203) (167,663)(b) Claims by Maturity - - (c) Annuities/Pensions payment - - (d) Other benefits - -
Amount accepted in reinsurance:(a) Claims by Death - - (b) Claims by Maturity - - (c) Annuities/Pensions payment - - (d) Other benefits - -
TOTAL 16,069,256 17,857,419
Benefits paid to claimants: In India 16,069,256 17,857,419 Outside India - - Total Benefits paid (Net) 16,069,256 17,857,419
128
Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedSchedules forming part of the Financial Statements for the year ended March 31, 2019
SCHEDULE – 5
SHARE CAPITAL
Particulars As at March 31, 2019 As at March 31, 2018
( '000) ( '000)Authorised Capital
1,200,000,000 (Previous Year 1,200,000,000) Equity shares of 10 each 12,000,000 12,000,000
Issued Capital
950,000,000 (Previous Year 950,000,000) Equity shares of 10 each 9,500,000 9,500,000
Subscribed Capital
950,000,000 (Previous Year 950,000,000) Equity shares of 10 each 9,500,000 9,500,000
Called/Paid up Capital
950,000,000 (Previous Year 950,000,000) Equity shares of 10 each 9,500,000 9,500,000
Less: Calls unpaid - -
Add : Shares forfeited (Amount originally paid up) - -
Less: Par value of Equity Shares bought back - -
Less: Preliminary expenses
Expenses including commission or brokerage on Underwriting or subscription of shares - -
TOTAL 9,500,000 9,500,000 Note:
Of the above 484,500,000 equity shares (previous year 484,500,000 equity shares) of 10 each are held by Canara Bank and its nominees, being the holding Company.
129
Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedSchedules forming part of the Financial Statements for the year ended March 31, 2019
SCHEDULE – 5A
PATTERN OF SHAREHOLDING [As certified by the Management]
ShareholderNumber of Shares % of Holding Number of Shares % of Holding
Promoters
- Indian 703,000,000 74% 703,000,000 74%
- Foreign 247,000,000 26% 247,000,000 26%
Others - - - -
TOTAL 950,000,000 100% 950,000,000 100%
As at March 31, 2019 As at March 31, 2018
130
Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedSchedules forming part of the Financial Statements for the year ended March 31, 2019
SCHEDULE – 6
RESERVES AND SURPLUS
Particulars As at March 31, 2019 As at March 31, 2018
( '000) ( '000)
Capital Reserve - -
Capital Redemption Reserve - -
Share Premium 1,250,000 1,250,000
Revaluation Reserve - -
General Reserves - -
Less: Debit balance in Profit and Loss Account, if any - -
Less: Amount utilized for Buy-back - -
Catastrophe Reserve - -
Other Reserves - -
Balance of profit in Profit and Loss Account 54,208 -
TOTAL 1,304,208 1,250,000
131
Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedSchedules forming part of the Financial Statements for the year ended March 31, 2019
SCHEDULE - 7
BORROWINGS
Particulars As at March 31, 2019 As at March 31, 2018( '000) ( '000)
Debentures/ Bonds - - Banks - - Financial Institutions - - Others - - TOTAL - -
132
SCHEDULE - 8
INVESTMENTS- SHAREHOLDERS'
Particulars As at March 31, 2019 As at March 31, 2018( '000) ( '000)
LONG TERM INVESTMENTS
1. Government Securities & Govt. Guaranteed Bonds including Treasury Bills 1,967,369 3,590,651
2. Other Approved Securities 1,543,897 1,111,300
3. Other Approved Investments (a) Shares
(aa) Equity (refer note 5) 423,175 155,137 (bb) Preference - -
(b) Mutual Funds - - (c) Derivative Instruments - - (d) Debentures/ Bonds 1,901,660 206,340 (e) Other Securities - - (f) Subsidiaries - - (g) Investment Properties-Real Estate - -
4. Investments in Infrastructure and Social Sector (a) Debentures/Bonds 2,586,686 1,387,449
5. Other Investments (a) Debentures/Bonds (refer note 3) 50,000 - Sub Total 8,472,787 6,450,877
SHORT TERM INVESTMENTS
1. Government Securities & Govt. Guaranteed Bonds including Treasury Bills - 41,850
2. Other Approved Securities - -
3. Other Approved Investments (a) Shares
(aa) Equity - - (bb) Preference - -
(b) Mutual Funds 76,730 140,845 (c) Derivative Instruments - - (d) Debentures / Bonds 50,000 - (e) Other Securities
(aa) Commercial Papers - 444,335 (bb) Fixed Deposits 70,000 68,900 (cc) Collateralized Borrowing and Lending Obligation (CBLO) - 159,344
(f) Subsidiaries - - (g) Investment Properties-Real Estate - -
4. Investments in Infrastructure and Social Sector (a) Debentures/ Bonds 100,121 50,023 (b) Commercial Papers - 280,293
5. Other Investments (a) Commercial Papers (refer note 3) 325,757 - Sub Total 622,608 1,185,590
Grand Total 9,095,395 7,636,467
Aggregate amount of Investments other than listed equity securities and derivative instruments 9,095,395 7,636,467 Aggregate market value of Investments other than listed equity securities and derivative instruments 9,266,101 7,747,080
Notes:Particulars As at March 31, 2019 As at March 31, 2018 1) Investments in Subsidiary, Holding Company, Joint Venture & Associates at cost
Investment in Units of Canara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited) 38,330 130,000
Investment in Units of HSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited) 38,330 -
2) Investments made out of Catastrophe reserve is Nil (Previous Year Nil)
4) For accounting policy on investments, refer Schedule 16B - Note 85) Includes Investment in additional Tier 1 (AT1) Bonds rated AA+ amounting 423,175 (in '000) (Previous Year 155,137 (in '000))
Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedSchedules forming part of the Financial Statements for the year ended March 31, 2019
3) Refer Schedule 16C - Note 12 for provision for non-standard assets
133
SCHEDULE - 8A
INVESTMENTS- POLICYHOLDERS'
Particulars As at March 31, 2019 As at March 31, 2018( '000) ( '000)
LONG TERM INVESTMENTS
1. Government Securities & Govt. Guaranteed Bonds including Treasury Bills 14,778,296 11,753,168
2. Other Approved Securities 9,448,701 6,011,896
3. Other Approved Investments (a) Shares
(aa) Equity (refer note 2) 772,598 265,179 (bb) Preference - -
(b) Mutual Funds - - (c) Derivative Instruments - - (d) Debentures/ Bonds 6,439,928 4,553,799 (e) Other Securities - - (f) Subsidiaries - - (g) Investment Properties-Real Estate - -
4. Investments in Infrastructure and Social Sector (a) Debentures/Bonds 13,887,135 11,741,569
5. Other Investments - - Sub Total 45,326,658 34,325,611
SHORT TERM INVESTMENTS
1. Government Securities & Govt. Guaranteed Bonds including Treasury Bills - 4,884
2. Other Approved Securities - -
3. Other Approved Investments (a) Shares
(aa) Equity - - (bb) Preference - -
(b) Mutual Funds 913,397 780,149 (c) Derivative Instruments - - (d) Debentures / Bonds 400,502 350,008 (e) Other Securities
(aa) Repo/Tri Party Repo Investments 24,496 - (bb) Collateralized Borrowing and Lending Obligation (CBLO) - 356,487
(f) Subsidiaries - - (g) Investment Properties-Real Estate - -
4. Investments in Infrastructure and Social Sector (a) Debentures/ Bonds 50,000 653,236 (b) Commercial Papers - 186,263
5. Other Investments - - Sub Total 1,388,395 2,331,027
Grand Total 46,715,053 36,656,638
Aggregate amount of Investments other than listed equity securities and derivative instruments 46,422,707 36,443,172 Aggregate market value of Investments other than listed equity securities and derivative instruments 47,158,825 37,015,441
Notes:1) Investments made out of Catastrophe reserve is Nil (Previous Year Nil)
3) For accounting policy on investments, refer Schedule 16B - Note 82) Includes Investment in additional Tier 1 (AT1) Bonds rated AA+ amounting 480,252 (in '000) (Previous Year 51,712 (in '000))
Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedSchedules forming part of the Financial Statements for the year ended March 31, 2019
134
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited
SCHEDULE - 8B
ASSETS HELD TO COVER LINKED LIABILITIES
Particulars As at March 31, 2019 As at March 31, 2018( '000) ( '000)
LONG TERM INVESTMENTS
1. Government Securities & Govt. Guaranteed Bonds including Treasury Bills 9,830,943 12,108,471
2. Other Approved Securities 1,643,396 488,394
3. Other Approved Investments (a) Shares
(aa) Equity 48,503,259 41,632,511 (bb) Preference - -
(b) Mutual Funds - - (c) Derivative Instruments - - (d) Debentures/ Bonds 2,774,126 2,410,579 (e) Other Securities - - (f) Subsidiaries - - (g) Investment Properties-Real Estate - -
4. Investments in Infrastructure and Social Sector (a) Equity 36,018 1,260,054 (b) Debentures/Bonds 7,147,178 6,647,667
5. Other Investments (a) Equity 7,763,385 6,838,103 (b) Passively Managed Equity ETF 4,313,293 3,217,033 (c) Debentures/ Bonds (refer note 4) 363,736 - Sub Total 82,375,334 74,602,812
SHORT TERM INVESTMENTS
1. Government Securities & Govt. Guaranteed Bonds including Treasury Bills 5,611,007 3,710,210
2. Other Approved Securities - -
3. Other Approved Investments (a) Shares
(aa) Equity - - (bb) Preference - -
(b) Mutual Funds 1,465,757 - (c) Derivative Instruments - - (d) Debentures / Bonds - 100,212 (e) Other Securities
(aa) Repo/Tri Party Repo Investments 423,699 - (bb) Commercial Papers 390,841 246,956 (cc) Fixed Deposits - 44,700 (dd) Collateralized Borrowing and Lending Obligation (CBLO) - 1,888,037 (ee) Other Net Current Assets (refer note 4) 1,771,348 1,399,866
(f) Subsidiaries - - (g) Investment Properties-Real Estate - -
4. Investments in Infrastructure and Social Sector (a) Debentures/ Bonds 650,535 351,464 (b) Commercial Papers - 238,471
5. Other Investments (a) Commercial Papers (refer note 4) 37,500 - Sub Total 10,350,687 7,979,916
Grand Total 92,726,021 82,582,728
Aggregate amount of Investments other than listed equity securities and derivative instruments 36,423,359 33,421,818Aggregate market value of Investments other than listed equity securities and derivative instruments 36,423,359 33,421,818
Notes:Particulars As at March 31, 2019 As at March 31, 2018 1) Investments in Subsidiary, Holding Company, Joint Venture & Associates at cost
Investment in Non Convertible debentures of Can Fin Homes Limited 50,000 50,000
2) Investments made out of Catastrophe reserve is Nil (Previous Year Nil)3) For accounting policy on investments, refer Schedule 16B - Note 8
Schedules forming part of the Financial Statements for the year ended March 31, 2019
4) Refer Schedule 16C - Note 12 for provision for non-standard assets
135
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited
SCHEDULE - 9
LOANS
Particulars As at March 31, 2019 As at March 31, 2018( '000) ( '000)
SECURITY-WISE CLASSIFICATIONSecured(a) On mortgage of property
(aa) In India - - (bb) Outside India - -
(b) On Shares, Bonds, Govt. Securities - - (c) Loans against policies 4,350 1,109 (d) Others - - Unsecured - - TOTAL 4,350 1,109 BORROWER-WISE CLASSIFICATION(a) Central and State Governments - - (b) Banks and Financial Institutions - - (c) Subsidiaries - - (d) Companies - - (e) Loans against policies 4,350 1,109 (f) Others - - TOTAL 4,350 1,109 PERFORMANCE-WISE CLASSIFICATION(a) Loans classified as standard
(aa) In India 4,350 1,109 (bb) Outside India - -
(b) Non-performing loans less provisions(aa) In India - - (bb) Outside India - -
TOTAL 4,350 1,109 MATURITY-WISE CLASSIFICATION(a) Short Term - - (b) Long Term 4,350 1,109 TOTAL 4,350 1,109
Short term loans include those which have residual maturity within 12 months from the date of Balance Sheet. Long term loans are the loans other than short term loans
Schedules forming part of the Financial Statements for the year ended March 31, 2019
136
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137
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited
SCHEDULE- 11
CASH AND BANK BALANCES
Particulars As at March 31, 2019 As at March 31, 2018( '000) ( '000)
Cash (including cheques,drafts and stamps) 1,998 11,888 Bank Balances
(a) Deposit Accounts(aa) Short-term (due within 12 month of the date of balance sheet) - - (bb) Others - -
(b) Current Accounts 2,679,201 2,094,048 (c) Others - -
Money at Call and Short Notice(a) With Banks - - (b) With other Institutions - -
Others - - TOTAL 2,681,199 2,105,936
Balances with non-scheduled banks are Nil
CASH AND BANK BALANCESIn India 2,681,199 2,105,936 Outside India - - TOTAL 2,681,199 2,105,936
Schedules forming part of the Financial Statements for the year ended March 31, 2019
138
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited
SCHEDULE – 12
ADVANCES AND OTHER ASSETS
Particulars( '000) ( '000) ( '000) ( '000)
ADVANCESReserve deposits with ceding companies - - Application money for investments - - Prepayments 62,673 49,302 Advances to Directors/Officers - - Advance tax paid and taxes deducted at source (Net of provision for taxation) 52 -
Others (includes vendor and travel advances) - Gross 59,238 42,375 Less: Provision for Doubtful Balances (4,451) (6,135)Net 54,787 36,240 TOTAL (A) 117,512 85,542
OTHER ASSETSIncome accrued on investments 1,394,016 1,137,115 Outstanding Premiums 617,252 488,687 Agents’ Balances - - Foreign Agencies’ Balances - - Due from other entities carrying on insurance business (including reinsurers) 153,493 85,906
Due from subsidiaries/ holding company - - Deposit with Reserve Bank of India - - Others
Refundable Security Deposits (Gross) 56,773 55,890 Less: Provision for Doubtful Balances (3,988) (1,960)Net 52,785 53,930 GST / Service Tax Unutilised Credit 217,304 266,052 Redemption Receivable against investments (refer note 1) 500,000 - Less : Provision for non-standard assets (250,000) - Net 250,000 - Trade Receivable 431,913 - Asset held for Unclaimed Liabilities 119,102 149,375 Income accrued on Unclaimed fund 8,535 7,783 Total Unclaimed Assets 127,637 157,158 Others misc. 6,171 7,278
TOTAL (B) 3,250,571 2,196,126
TOTAL (A+B) 3,368,083 2,281,668
Notes:1) Refer Schedule 16C - Note 12 for provision for non-standard assets
Schedules forming part of the Financial Statements for the year ended March 31, 2019
As at March 31, 2019 As at March 31, 2018
139
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited
SCHEDULE – 13
CURRENT LIABILITIES
Particulars( '000) ( '000) ( '000) ( '000)
Agents’ Balances 203,666 113,977 Balances due to other insurance companies 77,022 53,254 Deposits held on re-insurance ceded - - Premium received in advance 23,172 20,696 Unallocated premium 162,369 341,821 Sundry creditors 514 1,005 Due to subsidiaries/ holding company - - Claims Outstanding 799,383 770,522 Annuities Due - - Due to Directors/Officers - - Others:
Due to policyholders' funds 815,882 550,198 Premium/ proposal deposits to be refunded 183,026 90,163 Payable for Investments Purchased 8 704 Unclaimed Amount of the Policyholders 119,102 149,375 Income accrued on Unclaimed fund 8,535 7,783 Total Unclaimed Liability 127,637 157,158 Accrual for expenses 825,744 860,495 GST payable 246,217 195,091 Others (includes statutory dues payable and payables to employees) 113,980 36,066 Provision for non-standard assets (refer note 1) 175,757 -
TOTAL 3,754,377 3,191,150
Notes:1) Refer Schedule 16C - Note 12 for provision for non-standard assets
SCHEDULE – 14
PROVISIONS
Particulars( '000) ( '000)
For taxation (less payments and taxes deducted at source) - - For proposed dividends - - For dividend distribution tax - - Others:
Provision for Gratuity 25,188 13,375 Provision for leave encashment 52,192 49,770
TOTAL 77,380 63,145
Schedules forming part of the Financial Statements for the year ended March 31, 2019
As at March 31, 2019 As at March 31, 2018
As at March 31, 2019 As at March 31, 2018
140
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited
SCHEDULE – 15
MISCELLANEOUS EXPENDITURE (to the extent not written off or adjusted)
Particulars As at March 31, 2019 As at March 31, 2018( '000) ( '000)
Discount Allowed in issue of shares / debentures - - Others - - TOTAL - -
Schedules forming part of the Financial Statements for the year ended March 31, 2019
141
Schedule 16: Significant Accounting Policies
A. COMPANY INFORMATION
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited (‘the Company’), a joint venture between Canara Bank (51%), HSBC Insurance (Asia-Pacific) Holdings Limited (26%) and Oriental Bank of Commerce (23%) was incorporated on 25th September, 2007 as a Company under the Companies Act, 1956. The Company is licensed by the Insurance Regulatory and Development Authority of India (‘IRDAI’) for carrying on life insurance business in India. The Company commenced operations from 16th June 2008.
The Company carries on business in the areas of life insurance, pensions and health insurance. The business spans across individual and group platform, offering participating, non-participating, unit linked, annuity and variable insurance products.
The Company is covered under Sec 139 (5) of the Companies Act, 2013 (appointment of Statutory Auditors) since it is indirectly controlled by the Government of India through its shareholding in Canara Bank and Oriental Bank of Commerce.
B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1. Basis of preparation The accompanying financial statements have been prepared and presented under the historical cost convention unless otherwise stated, on the accrual basis of accounting, in accordance with the IRDA (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, the provisions of Insurance Act, 1938 and Insurance Regulatory and Development Authority (IRDA) Act, 1999 as amended by the Insurance Laws (Amendment) Act, 2015, various circulars/guidelines issued by IRDAI and accounting standards referred to under the Companies Act, 2013 (section 133 read with Rule 7 of the Companies (Accounts) Rules, 2014 and Companies (Accounting Standards) Amendment Rules, 2016) to the extent applicable, as amended from time to time and in the manner so required as per the generally accepted accounting principles in India (GAAP) and the practices prevailing within the insurance industry in India. The significant accounting policies followed are consistent with those followed in the previous year, unless otherwise stated.
2. Use of EstimatesThe preparation of the financial statements in conformity with generally accepted accounting principles in India requires Company’s management (‘management’) to make estimates and assumptions that affect the reported amounts of revenues and expenses for the year, reported balances of assets and liabilities and disclosure relating to contingent liabilities as on the balance sheet date. The estimates and assumptions used in the accompanying financial statements are based upon management’s evaluation of the relevant facts and circumstances up to and as on the date of the financial statements. Actual results could differ from the estimates. Any revision to accounting estimates is recognized prospectively.
3. Revenue recognition
a) Premium Income
Premium of non-linked business is recognised as income (net of service tax / Goods and Services Tax (“GST”)) when due from policyholders, where the grace period (as per the
Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedSchedules forming part of Financial Statements for the year ended March 31, 2019
142
product terms & conditions, as approved by IRDAI) has not expired. For unit linked business, premium is recognised as income when the associated units are created / allocated. In case of variable insurance products and other fund based group products, premium is recognised as income on the date of receipt of funds.
Premium on lapsed policies is recognised as income when such policies are reinstated.
Products having regular premium paying plans with limited premium payment term and / or pre-determined policy term are treated as regular business with due classification of premium into first year and renewal. Premium income on products other than aforesaid is classified as single premium.
Top-up premium paid by the unit linked policyholders’ is considered as single premium and recognized as income when the associated units are created / allocated.
b) Income from Linked Business
Fund management charges, administrative charges, mortality charges and other charges as per the product features are recovered from linked funds in accordance with the terms and conditions of policies and are recognised when due and recoverable. Allocation charges are recovered when associated units are created/allocated in accordance with the terms and conditions of policies.
GST / Service tax recovered on above Unit Linked charges are shown under “GST / Service tax recovered on ULIP charges” in the Revenue account as required by IRDAI guidelines.
c) Income from Investments
Interest income on investments is recognised on accrual basis. Dividend income is recognised on ‘ex-dividend’ date in case of listed equity shares and when the right to receive dividend is established in case of unlisted equity shares, if any.
Accretion of discount and amortisation of premium to the face value in respect of debt securities, for other than linked assets, is recognised over the holding / maturity period on a straight-line basis and is adjusted against interest income.
In case of discounted instruments, the difference between the face value and book value is accreted over the life of the instrument on a straight line basis and recognized as interest income.
The realised gain or loss on sale of linked assets is the difference between the sales consideration and weighted average book cost.
The realised gain or loss on sale of debt securities in case of non-linked assets is the difference between the sales consideration and the weighted average accreted / amortised cost.
Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedSchedules forming part of Financial Statements for the year ended March 31, 2019
143
The realised gain or loss on sale of equity shares or redemption of mutual funds in case of non-linked assets is the difference between sales consideration and weighted average book cost. In respect of non-linked assets, the profit or loss includes the accumulated changes in the fair value previously recognised under “Fair Value Change Account”.
Sales consideration for the purpose of realised gain or loss is net of brokerage and taxes, if any.
The unrealised gains and losses on linked assets are recognised in the respective funds’ revenue account.
Lending Fee, net of brokerage, on Equity shares lent under Security Lending and Borrowing (SLB) transactions is recognised on accrual basis under the straight line method on the entire tenure of the contract in the respective funds. In case if the securities are re-called prior to the end of the contract term or if the SLB position is closed out in the exchange due to a corporate action, the unamortized lending fee, net of the fees to be paid on recall, is transferred to the funds’ revenue account.
d) Others
Policy reinstatement fee is recognised on receipt basis, in accordance with the terms and conditions of policies.
Interest on loans against policies is recognised on an accrual basis.
4. Reinsurance Premium
Re-insurance premium ceded is accounted on due basis in accordance with the treaty or in-principle arrangement with the re-insurer.
5. Benefits paid (including claims)
Claims costs consist of the policy benefit amount and claim settlement costs, where applicable. Death claims and rider claims are accounted for on receipt of intimation up to the balance sheet date.
Survival benefit claims and maturity claims are accounted when these become due.
Surrenders and withdrawals (net of charges) under unit linked policies are accounted for when associated units are cancelled. Under non linked policies, these are accounted for when the intimation for the surrender is received and accepted up to the balance sheet date.
In case of surrender of linked policy within the lock-in period, i.e. 5 years from the date of issue of policy, the surrender value of such policies is invested in a designated fund called “UL Discontinued Policy Fund” and is paid to the policyholder on the expiry of the lock-in / revival period along with minimum guaranteed return or actual return, whichever is higher.
Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedSchedules forming part of Financial Statements for the year ended March 31, 2019
144
In case of Unit-Linked insurance products having the feature of waiver of the balance future premiums on the death of the life proposer, the entire future premiums waived are recognised as liability under the benefits paid on the occurrence of death of the life proposer. When the subsequent modal premium becomes due, the said premiums are funded by reducing the aforesaid liability and the premium income is recognized for the same.
Repudiated claims disputed before judicial authorities are provided for / disclosed as contingent liability, based on management prudence, considering the facts and evidences available in respect of such claims.
Re-insurance recoveries on claims are accounted for, in the same accounting period as the related claims.
6. Acquisition costs
Acquisition costs (such as commission, medical examination fees etc.) are costs which vary with and are primarily related to acquisition of insurance contracts and are expensed off in the period in which they are incurred. Recovery on account of clawback of the commission paid, if any, in future is accounted in the year in which its recovery is due.
7. a) Actuarial liability valuation
The value of liabilities, for policies in force and policies in respect of which premium has been discontinued but liability exists as on reporting date, is determined in accordance with Insurance Regulatory and Development Authority of India (Assets, Liabilities and Solvency Margin of Life Insurance Business) Regulations, 2016, Insurance Act, 1938 as amended by the Insurance Laws (Amendment) Act, 2015 and other relevant regulations issued by IRDAI, as amended from time to time, the Actuarial Practice Standards (APS 2 and APS 7) issued by the Institute of Actuaries of India and generally accepted actuarial principles in India.
A brief methodology for calculating the actuarial liability is given below:
• The policy liabilities are valued on policy by policy basis, i.e. each policy is valued separately.
• The linked portion on unit-linked policies is determined by multiplying the number of units in various unit-linked funds with the Net Asset Value per unit as at the valuation date.
• The non-unit liability of unit-linked policies and liability for non-linked policies (other than fund based group products and one year renewable group term assurance plans) is determined using the prospective gross premium valuation methodology.
• For one year renewable group term assurance plans, the liability is determined using the unearned premium method or prospective gross premium valuation methodology, whichever leads to a higher reserve.
• In case of fund based group products, the liability is determined on the basis of scheme account value allowing appropriately for the interest declared or guaranteed.
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• In case of variable group insurance products, the liability is calculated by projecting the account value of the relevant scheme till the end of the current quarter using the guaranteed interest rate declared at the beginning of the quarter and then discounting this value to the valuation date using the gross expected return after applying an appropriate margin for adverse deviation.
The Company also holds additional aggregate risk reserves (such as Incurred But Not Reported Reserves, Closure to New Business Reserves, Free-Look Reserve etc.) to allow for the risks that cannot be attributed to specific policies or lines of businesses. Significant assumptions relating to policyholders’ liability are disclosed in Note 2 of Part C of this schedule.
Change in actuarial liability is charged to the Revenue account.
b) Funds for future appropriations
The Funds for Future Appropriations represents the surplus which is yet to be appropriated to policyholders / shareholders, in the participating segment.
Transfers to and from the fund reflect the excess or deficit of income over expenses and appropriations in each accounting period arising in the participating policyholders’ fund. In respect of participating policies, any allocation to the policyholder would also give rise to a shareholder transfer in the required proportion.
8. Investments
Investments are made and accounted for in accordance with the Insurance Act, 1938, as amended by the Insurance Laws (Amendment) Act, 2015, Insurance Regulatory and Development Authority of India (Investment) Regulations, 2016, Investments - Master Circular issued by IRDAI in May 2017 , Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, Investment Policy of the Company and various circulars and notifications issued by the IRDAI in this context, as amended from time to time.
Investments are recorded on trade date at cost, which includes brokerage and related taxes, if any and excludes pre-acquisition interest accrued, if any.
Broken period interest paid / received is debited / credited to interest receivable account.
Bonus entitlements are recognized as investments on the ‘ex-bonus date’. Rights entitlements are recognized as investments on the ‘ex-rights date’.
a) Classification
Investments maturing within twelve months from the balance sheet date and investments made with the specific intention to dispose off within twelve months from the balance sheet date are classified as short-term investments. All other Investments are classified as long-term investments.
Investments are specifically made for policyholders and shareholders and held in separately maintained accounts. The income relating to these investments is recognised in the respective policyholder and shareholder account.
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b) Valuation – Linked Funds
Listed equity sharesThe Company has selected National Stock exchange (NSE) as the primary exchange and Bombay Stock exchange (BSE) as secondary exchange in line with the IRDAI guidelines for Equity valuation.
Listed equity shares are valued at market value based on the closing price of the primary stock exchange (National Stock Exchange, NSE). In case the equity shares are not listed / traded on the National Stock Exchange, they are valued on the closing price of the secondary stock exchange (Bombay Stock Exchange, BSE). Unrealised gains and losses are recognized in the respective funds’ revenue account.
Mutual fundsMutual Fund units are valued at the previous day net asset value. Unrealised gains and losses are recognized in the respective funds’ revenue account.
Additional Tier 1 (Basel III compliant) Perpetual Bonds (AT1 bonds)
AT-1 bonds are valued at prices arrived from the CRISIL Bond Valuer on yield to first call basis. Unrealised gains and losses are recognized in the respective funds’ revenue account.
Exchange Traded Funds (ETFs)Units of ETFs are valued in line with the equity shares and are valued at the closing NAV of the particular scheme on NSE. In case the scheme is not listed / traded on the National Stock Exchange, it is valued on the closing price of the secondary stock exchange (Bombay Stock Exchange, BSE). In case the ETF is not traded on any day, real time NAV as published by the Asset Management Company (AMC) is considered for valuation.
Debt securitiesCentral & State Government securities are valued as per CRISIL Gilt prices and other debt securities are valued at prices arrived from the CRISIL Bond Valuer. Unrealised gains and losses are recognized in the respective funds’ revenue account.
Discounted money market instruments (treasury bills, certificate of deposits, commercial paper, Collateral Borrowing and Lending Obligations-CBLO, etc) are valued at accreted cost. The difference between the face value and book value is accreted over the life of the asset, on a straight line basis.
Fixed deposits and Reverse repo are valued at cost till maturity.
c) Valuation – Non-Linked Policyholders’ Funds and Shareholders’ Fund
Equity shares
The Company has selected National Stock exchange (NSE) as the primary exchange and Bombay Stock exchange (BSE) as secondary exchange in line with the IRDAI guidelines for Equity valuation.
Listed equity shares are valued at market value based on the closing price at the primary stock exchange (National Stock Exchange, NSE). In case the equity shares are not listed / traded on the National Stock Exchange, they are valued on the closing price at the secondary stock exchange (Bombay Stock Exchange, BSE).
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Mutual FundsMutual Fund units are valued at previous day net asset values.
Additional Tier 1 (Basel III compliant) Perpetual Bonds (AT1 bonds)
AT-1 bonds are valued at prices arrived from the CRISIL Bond Valuer on yield to first call basis.
Unrealised gains and losses on equity shares, mutual funds and AT1 bonds are taken to the “fair value change account” and carried forward in the balance sheet.
Debt securitiesAll debt securities, including Government securities are considered as ‘held to maturity’ and accordingly stated at cost, subject to accretion / amortisation of the discount / premium on a straight line basis over the period of maturity / holding.
Discounted money market instruments (treasury bills, certificate of deposits, commercial paper, Collateral Borrowing and Lending Obligations-CBLO etc) are valued at accreted cost. The difference between the face value and book value is accreted over the life of the asset, on a straight line basis.
Fixed deposits and Reverse repo are valued at cost till maturity.
d) Loans against policies
Loans against policies, if any, are stated at historical cost.
e) Impairment of investments
The Company assesses on each Balance Sheet date, whether impairment other than temporary has occurred in its investments based on its investment policy.
An impairment loss shall be recognized as an expense in Revenue / Profit and Loss Account to the extent of the difference between the re-measured fair value of the investment and its acquisition cost as reduced by any previous impairment loss recognised as expense in Revenue / Profit and Loss Account. However, at the Balance Sheet date if there is any indication that a previously recognised impairment loss no longer exists, then such loss is reversed in Revenue / Profit and Loss Account and the investment is reinstated to that extent.
f) Provision for Non Performing Assets (NPA)
All assets where the interest and/or installment of principal repayment remains overdue for more than 90 days at the Balance Sheet date are classified as NPA in the manner required by the IRDAI regulations on this behalf and adequate provisions are made.
g) Transfer of investments
Transfer of debt securities from Shareholders’ to Non-Linked policyholders’ fund is transacted at the lower of net amortised cost or prevailing market value. Inter fund transfer of securities within the unit linked funds are carried at prevailing market value.
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9. Fixed assets, Intangibles and Impairmenta) Fixed assets and depreciation
Fixed Assets are stated at cost less accumulated depreciation and impairment loss, if any. Cost includes the purchase price and any cost directly attributable to bring the asset to its working condition for its intended use. Subsequent expenditure incurred on existing fixed assets is expensed out except where such expenditure increases the future economic benefits from the existing assets. Any additions to the original fixed assets are depreciated over the remaining useful life of the original asset.
Advances paid towards the acquisition of fixed assets outstanding at each balance sheet and the cost of fixed assets not ready for its intended use as on such date are disclosed under capital work-in-progress.
Depreciation is provided on straight-line method (SLM) basis, pro-rated from the date of being ready for its intended use. The Company uses depreciation rates higher than the rates prescribed under Schedule II of the Companies Act, 2013, based on management’s assessment of the estimated useful life for each class of asset as mentioned hereunder:
Nature of Assets Useful Life
Information Technology & Communication Equipment 3 Years
Furniture & Fittings 5 Years
Office Equipment 3 Years
Leasehold Improvements Over the period of lease of the premises subject to maximum of 5 Years
Vehicles 3 Years
Individual assets costing ` 5,000 or less are depreciated in full in the year of purchase.
b) Intangibles
Intangible assets are reported at acquisition cost with deductions for accumulated amortization and impairment losses, if any.
Cost relating to development of software are capitalised and amortised on a straight line basis over a period of three years or the period of the useful life, whichever is lower, from the date of being ready for its intended use. Significant improvements to software are capitalized and amortised over the remaining useful life of the original software if it is probable that such expenditure will enable the asset to generate future economic benefits in excess of its originally assessed standards of performance and such expenditure can be measured and attributed to the asset reliably.
c) Impairment of assets
The management assesses on an annual basis, whether there is any indication that an asset may be impaired. Impairment occurs where the carrying value exceeds the present value of future cash flows expected to arise from the continuing use of the asset and its eventual disposal. The impairment loss to be expensed is determined as the excess of the carrying amount over the higher of the asset’s net sales price or present value as determined above. If at the balance sheet date there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount, subject to a maximum of depreciable historical cost.
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10. Foreign exchange transactions
Transactions in foreign currencies are recorded at the exchange rates prevailing on the date of transaction. Monetary assets and liabilities in foreign currencies are translated at the year-end rates. Non-monetary items, which are measured in terms of historical cost denominated in a foreign currency, are reported using the exchange rate at the date of the transaction. Exchange gains or losses arising on settlement of transactions and on account of the year end translations are recognized either in the Revenue Account or Profit and loss account, as the case may be.
11. Taxation
a) Direct Taxes (Current tax and Deferred tax)Income tax expense comprises of current tax (i.e. amount of tax for the year determined in accordance with the Income Tax Act, 1961) and deferred tax charge or credit (reflecting the tax effects of timing differences between accounting income and taxable income for the year).
Provision for current income tax is made based on the estimated tax liability computed as per the method prescribed under the Income Tax Act, 1961 for life insurance companies and is based on the surplus or deficit disclosed by the actuarial valuation made in accordance with the Insurance Act, 1938.
The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognized using the tax rates that have been enacted or substantively enacted by the balance sheet date. The tax effect is calculated on the accumulated timing differences at the end of an accounting period based on prevailing enacted regulations.
A deferred tax asset is recognised only to the extent there is a reasonable certainty of realisation in future. However, where there is carried forward business loss under taxation laws, deferred tax assets are recognised only if there is virtual certainty of realisation of such assets. Deferred tax assets are reviewed at each balance sheet date and written up / down to reflect the amount that is reasonably/ virtually certain (as the case may be) to be realised.
b) Indirect Taxes (Service Tax / GST)
The Company claims input tax credit of service tax / GST on the input goods and services, which is set off against service tax / GST on the output services. Unutilised credit, if any, is carried forward for utilization in the future periods to the extent there is reasonable certainty that the assets can be realised in future.
12. Provisions, Contingent Liabilities and Contingent Assets
A provision is recognised when there is a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are determined based on the management’s estimate of the amount required to settle the obligation, at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current management estimates.
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Contingent liabilities are disclosed in respect of possible obligations that arise from past events, but their existence or otherwise would be confirmed by the occurrence or non occurrence of one or more uncertain future events not wholly within the control of the Company or present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.
Contingent assets are neither accounted nor disclosed.
13. Operating Leases
Leases where the lessor effectively retains substantially all the risks and rewards of ownership over the leased term are classified as operating leases. Operating lease rentals are recognised as an expense over the lease period.
14. Employee Benefits
a) Short Term Employee Benefits
All employee benefits payable within twelve months of rendering the service are classified as short-term employee benefits. Benefits such as salaries, performance bonus and incentives etc. are recognized in the period in which the employee renders the related service.
b) Post Employment Benefits
Defined Contribution Plan
Provident fund is a defined contribution scheme and the contributions as required by the statute to Government provident fund are charged off as an expense to Revenue account and Profit or Loss account when due.
Further the Company for certain employees contributes to National Pension Scheme which is managed and administered by pension fund management companies licensed by the Pension Funds Regulatory and Development Authority (’PFRDA’). Contribution made to National Pension Scheme is charged off as an expense to Revenue account and Profit or Loss account when due.
Defined Benefit Plan
Gratuity liability is a defined benefit scheme and is wholly funded. The Company accounts for the liability for future gratuity benefits based on an actuarial valuation using projected unit credit method. The Company makes contribution to a Gratuity Fund administered by trustees.
c) Other Employee BenefitsThe Company accrues the liability for compensated absences based on the actuarial valuation as at the balance sheet date conducted by an independent actuary using projected unit credit method.
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Long term incentive plans, deferred bonuses and long term association rewards are other long term employee benefits and are accounted for based on actuarial valuations at the year end conducted by an independent actuary using projected unit credit method.
Gain or loss arising from change in actuarial assumptions / experience adjustments is recognised in the Revenue account and Profit or Loss account for the period in which they emerge, for all employee benefits.
15. Segmental Reporting
In accordance with the IRDA (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002 as amended from time to time read with Accounting Standard 17 on ”Segmental Reporting” notified under section 133 of the Companies Act, 2013 and rules there under, the Company has classified and disclosed segmental information separately for Shareholders’ and Policyholders’. Within the Policyholders’, following primary business segments have been classified and disclosed:
• Linked Non Participating - Life• Linked Non Participating - Pension• Non Linked Non Participating - Pension• Non Linked Non Participating - Life• Non Linked Variable - Life• Non Linked Variable - Pension• Non Linked Participating – Life• Non Linked Non Participating – Annuity• Non Linked Non Participating - Health
The Company operates only in India, therefore the same is considered as one geographical segment.
The allocation of revenue, expenses, assets and liabilities to the business segments, for shareholders and policyholders’, is done on the following basis:
• Revenue and expenses, assets and liabilities, which are directly attributable and identifiable to the business segments, for shareholders and policyholders’, are allocated on actual basis.
• Assets and liabilities, which are not directly identifiable, are apportioned to the various business segments based on following main parameters:
Gross written premiumCommissionBenefits paidActuarial reserves
• Expenses, which are not directly identifiable, are apportioned to the various business segments, for shareholders and policyholders’, based on following methodology:
Identification of expenses at cost centre levelsSubsequent bifurcation of above expenses into individual and group businesses
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Individual and group business expenses are further bifurcated into acquisition, maintenance and investment related expenses
Acquisition, maintenance and investment related expenses are allocated amongst various segments based on following main parameters:
Weighted new business premium income Number of policies/lives in force Number of new policies/lives added Funds under management
16. Provision for doubtful debts
The need for provision is evaluated based on the recoverability of the dues. The Company regularly evaluates the probability of recovery against each class of asset and provides for doubtful deposits, advances and others receivables.
17. Earnings per share
Basic earnings per share is calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity share outstanding during the year. For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders is divided by the weighted average number of shares outstanding during the year adjusted for the effects of all dilutive potential equity shares.
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C. NOTES TO ACCOUNTS
1. Contingent Liabilities (` ‘000)
Note-1: Statutory demands / liabilities in dispute represents various service tax demands / show cause notices raised. The Company has appealed against a demand of ̀ 1,279,455 thousands (previous year ` 1,201,274 thousands) which includes interest and penalty.
Further, show cause notices have been raised for amounts aggregating to ` 77,069 thousands (previous year ` 77,069 thousands) for which demands are not yet raised and the cases are being pursued by the company.
The Company believes that these show cause notices / demand should get dropped in due course. Hence, the Company has disclosed the above as a contingent liability and has not created any provisions against the same.
Note -2: Represents claims made against insurance policies pending litigation.
2.(a) Actuarial Assumptions
Assumptions used in the valuation of the actuarial liabilities are determined as an estimate of the future based on past experience and judgment about their long term level at the date of valuation with margins for adverse deviations. A brief of the assumptions used in actuarial valuation is as below:
Interest Rate: The best estimate interest rate assumptions are based on a weighted average return of the actual locked in yields on the existing fund and the expected yields on the future net cash flows. The valuation rate of interest is subsequently derived by reducing these for margins for adverse deviations from 10% to 20% (previous year 15% to 23%).
Particulars As at March 31, 2019
As at March 31, 2018
1 Partly paid-up investments - -
2 Underwriting commitments outstanding - -
3 Claims, other than against policies, not acknowledged as debts by the company - -
4 Guarantees given by or on behalf of the Company 1,925 1,925
5 Statutory demands/ liabilities in dispute, not provided for (refer note 1) 1,356,524 1,278,343
6 Reinsurance obligation to the extent not provided for in accounts - -
7 Others
a) Claims against policies (refer note 2) 171,685 91,034
Total 1,530,134 1,371,302
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Mortality Rate: The mortality rates used for assurances are based on the published “Indian Assured Lives Mortality Table (2006-08) Ultimate” (IALM 2006-08) (previous year - IALM 2006-08). The best estimate rate for unit linked business ranges from 50% to 90% of IALM 2006-08 mortality tables (previous year - 70% to 175% of IALM 2006-08). For conventional business, it ranges from 17% to 125% of IALM 2006-08 (previous year - 17% to 180% of IALM 2006-08). The valuation mortality assumptions for life assurance products are based on increasing the best estimate rates by a margin for adverse deviation of 10% to 45% depending on the segment and product (previous year - 10% to 45%). The valuation mortality assumptions for health assurance products are based on decreasing the best estimate rates by a margin for adverse deviation of 20% (previous year - Not Applicable).
The mortality rates used for annuities are based on the published “Mortality for annuitants – LIC (a) (1996-98) ultimate” table (previous year - Mortality for annuitants – LIC (a) (1996-98) ultimate). The best estimate rates used for annuities are 70% of LIC (a) (1996-98) table (previous year – 70% of LIC (a) (1996-98) table). The valuation mortality assumptions for annuities are based on decreasing the best estimate rates by a margin for adverse deviation of 20% (previous year - 20%) in addition to applying some mortality improvement factors to the rates.
Morbidity Rates: The morbidity rates used for health assurance are based on the published CIBT93 “Critical Illness Basic Table 1993” (previous year – not applicable). The best estimate rates ranges from 3% to 100% of CIBT93 depending on age and cover chosen (previous year – not applicable). The valuation morbidity assumptions for health assurance products are based on increasing the best estimate rates by a margin for adverse deviation of 30% (previous year – not applicable).
Expenses: Best estimate maintenance expenses are derived at the levels such that when used for projecting expense recoveries based on the long term business plan, result in reasonable expense break-even year and minimize projected over-runs. The valuation expenses have been derived by increasing the best estimate assumptions by a margin for adverse deviation of 10% (previous year 10%).
The additional maintenance expenses expected to be incurred by the Company prior to reaching expense break-even have been reserved for explicitly as a “cost gap reserve” as part of the additional aggregate reserves.
Inflation: The valuation expense inflation assumption has been fixed at 5% (previous year 5%) for all the products.
Lapses/Paid-ups/Surrenders: The best estimate assumption for lapse / paid-up/surrenders ranges between 0% to 30% (previous year 0% to 30%) in first year; and from 0% to 45% in subsequent years (previous year 0% to 45%). The valuation lapse assumption has been further adjusted by a margin for adverse deviation which ranges between positive 30% to negative 100% (previous year positive 30% to negative 100%) depending on the product.
Revivals: The best estimate revival assumption ranges from 2.5% to 100% (previous year 1% to 100%), depending on the year in which the policy lapsed and the duration elapsed since the policy lapsed. The valuation revival assumption has been further adjusted by a margin for adverse deviation of positive 30% (previous year positive 30%).
(b) Freelook Reserves:
The Free look cancellation reserves are determined by multiplying the total new business premium corresponding to Unit Linked, Traditional as well as Group business (excluding
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the fund based products) received during the month corresponding to the reporting date by an appropriate free look percentage rate (based on a prudent value of the recent past experience).
The free look percentage rate used is 1.50% (previous year 1.15%) for individual business and 0.6% (previous year 0.5%) for Group business.
(c) Actuarial Liability Valuation:
The valuation of actuarial liabilities for policies in force and policies in respect of which premium has been discontinued but liability exists as on the reporting date has been duly certified by the Appointed Actuary.
For the current financial year, the amount ceded in reinsurance has been considered for all lines of businesses in the valuation of actuarial liabilities. In the previous year, the amount ceded in reinsurance was considered only for one product (PMJJBY) under Non-Linked Non-participating business.
(` ‘000)
Particulars As at March 31, 2019
As at March 31, 2018 Movement
Policy LiabilitiesLinked Non Participating – Life 888,672 793,872 94,800Linked Non Participating – Pension 12,450 25,007 (12,557)
Non Linked Non Participating – Pension 3,503,490 4,513,609 (1,010,119)
Non Linked Non Participating – Life 24,350,252 19,598,242 4,752,010
Non Linked Variable – Life 871,985 962,233 (90,248)Non Linked Variable – Pension 1,995,683 1,658,427 337,256Non Linked Participating – Life 12,723,616 7,602,849 5,120,767Non Linked Non Participating – Annuity 1,125,565 652,407 473,158
Non Linked Non Participating – Health 8,236 - 8,236
Total Policy Liabilities ( A ) 45,479,949 35,806,646 9,673,303
Provision for Linked LiabilitiesLinked Non Participating – Life 77,222,673 66,265,839 10,956,834Linked Non Participating – Pension 995,430 979,182 16,248
Add: Credit/(Debit) Fair Value Change Account (net) 9,018,855 10,766,407 (1,747,552)
Funds for Discontinued PolicesDiscontinued on account of non-payment of premium 5,428,836 4,423,772 1,005,064
Others 60,227 147,528 (87,301)Total Linked Liabilities ( B ) 92,726,021 82,582,728 10,143,293
Total ( A + B ) 138,205,970 118,389,374 19,816,596
The Bonus to participating policyholders, as recommended by the Appointed Actuary, has been included in the change in valuation of liabilities (Cost of Bonus for Current Year ` 510,832 thousands, Previous Year ` 304,352 thousands).
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(d) Funds for Future Appropriations (FFA):
Based on the recommendation of Appointed Actuary, un-appropriated profits are held in the Balance Sheet as Funds for Future Appropriations (FFA). The balance of FFA on participating business as at March 31, 2019 is ` 1,840,147 thousands, (March 31, 2018: ` 543,781 thousands).
3. Solvency Ratios
As at the end of March 31, 2019 the Company has a solvency ratio of 393% (previous year 382%) as against the required ratio of 150%.
4. Commitments made and outstanding for Loans, Investments and Fixed Assets
Estimated amount of capital commitments made and outstanding at year end for fixed assets (net of capital advances) to the extent not provided for amounts to ` 12,485 thousands (previous year ` 20,378 thousands).
Commitments made and outstanding for investments are ` 60,000 thousands (previous year ` 252,500 thousands) and for loans are ` Nil (previous year ` Nil).
5. Encumbrance of assets and assets deposited under Local Laws
The assets of the Company are free from all encumbrances except to the extent of assets or monies which are required to be deposited as margin contributions for investment trade obligations or as mandated by the courts of law. Details of such assets are given below:
a) Assets deposited with National Securities Clearing Corporation Limited (NSCCL) and Indian Clearing Corporation Limited (ICCL)
Fixed deposits amounting to ` 70,000 thousands (previous year ` 68,900 thousands) has been deposited with NSCCL and ICCL towards margin requirement for equity trade settlement.
b) Assets deposited with Clearing Corporation of India Limited (CCIL)
Details of amount / securities deposited under Tri-party Repo segment (TREPS) / Collateralized Borrowing and Lending Obligation segment (CBLO) are as below: (` ‘000)
Particulars
As atMarch 31, 2019
As atMarch 31, 2018
Market Value Amortised Cost
Market Value Amortised Cost
Cash 500 500 100 100
Government Securities 58,650 55,248 58,248 55,460
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c) Other Encumbrances
The Company has deposited ` 1,181 thousands (previous year ` 579 thousands) with various judicial forums/courts for 5 claim repudiation appeal cases (previous year 4 cases) which are subject to final decision of the judicial forums/courts.
There are no other assets required to be deposited under any local laws or otherwise encumbered in or outside India as at March 31, 2019.
6.Restructured Assets
There are no assets including loans subject to re-structuring (previous year- Nil).
7.Operating Lease Commitments
In accordance with the Accounting Standard 19 on Leases, the details of leasing arrangements entered into by the Company are mentioned below.
The Company has entered into agreements in the nature of lease or leave and licence with different lessors or licensors for office premises and motor vehicles. These are in the nature of operating lease. Some of these lease arrangements contain provisions for renewal and escalation. There are no restrictions imposed by lease arrangements nor are there any options given to the Company to purchase the properties and the rent is not determined based on any contingency.
The operating lease rentals charged to the Revenue Account during the year and future minimum lease payments under non – cancellable operating leases as at the Balance Sheet date are as follows:
(` ‘000)
Particulars For the year ended March 31, 2019
For the year ended March 31, 2018
Lease rental charged to Revenue Account 143,120 133,446
(` ‘000)
Particulars For the year ended March 31, 2019
For the year ended March 31, 2018
Lease obligation for:
- Not Later than one year 77,792 92,577
- Later than one year but not later than five years 22,499 42,119
- Later than five years - -
8.Claims
There is no claim which is settled and remaining unpaid for a period of more than six months as on March 31, 2019 (previous year Nil).
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9. Value of Unsettled Contracts Relating to Investments
Value of contracts in relation to investments, for: (a) Purchases where deliveries are pending – ` 101,214 thousands (previous year
` 254,190 thousands).
(b) Sales where payments are overdue – Nil (previous year Nil).
10. Managerial Remuneration
The appointment and remuneration of managerial personnel is in accordance with the requirements of Section 34A of the Insurance Act, 1938 (amended by the Insurance Laws (Amendment) Act, 2015) and has been approved by the IRDAI. The details of the managerial remuneration are as follows: (` ‘000)
ParticularsMr. Anuj Mathur
For the year ended March 31, 2019
For the year ended March 31, 2018
Salary and Other Allowances 29,736 29,342
Contribution to Provident and other funds 1,818 1,675
Value of Perquisites 606 357
Total 32,160 31,374
Expenses towards the gratuity and leave encashment provisions are determined on the basis of an actuarial valuation for the Company as a whole and accordingly have not been considered in the above information.
Managerial remuneration in excess of the limits prescribed by IRDAI (` 15,000 thousands) is charged to the Shareholders’ account.
11. Segment Reporting
As per the requirements of Accounting Standard 17 “Segmental Reporting” read in conjunction with the IRDA (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, the Company is required to prepare a segment wise financial statement. The same is detailed as Annexure 1.
12. Investments
All investments are made in accordance with the provisions of the Insurance Act, 1938 (as amended by the Insurance Laws (Amendment) Act, 2015), Insurance Regulatory and Development Authority of India (Investment) Regulations, 2016, Investments - Master Circular issued by IRDAI in May 2017 (as amended from time to time).
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The Company did not hold any non-performing Investments during the year except as mentioned below:
(` ‘000)
Issuer name / Asset type
As at March 31, 2019
Gross Amount (Refer note-1)
Shareholders’ funds Policyholders’ funds
Schedule 8(Refer note-2)
Current Assets(Refer note-3)
Total(Refer note-4)
Schedule 8B(Refer note-5)
Infrastructure Leasing and Financial Services
Commercial Papers 93,154 500,000 593,154 150,000
Non Convertible Debentures - - - 75,000
IL & FS Financial Services Ltd
Commercial Papers 232,603 - 232,603 37,500
Non Convertible Debentures 50,000 - 50,000 37,500
Total Gross amount ( A ) 375,757 500,000 875,757 300,000Face Value of above Securities ( B ) 400,000 500,000 900,000 350,000
Net book value of Securities Considered as 50% of face value ( C = B X 50%)
200,000 250,000 450,000 175,000
NPA Provision created ( D = A – C ) 175,757 250,000 425,757 125,000
Note-1: In view of the downgrading of the credit rating of the said securities below investment grade and default in payments of the dues, the Company has classified its entire exposure in IL&FS group as non-performing in line with its accounting policy and regulatory guidelines and has created adequate provisions as shown above, by considering the value of securities at 50% of its face value based on prudence.
Note-2: Investments are disclosed under Schedule-8 (Investments – Shareholders’) and corresponding NPA provisions are disclosed under Schedule-13 (Current Liabilities).
Note-3: Redemption receivable and corresponding NPA provision is disclosed under Schedule-12 (Advances and Other Assets).
Note-4: NPA provision of ` 425,757 thousands includes `15,198 thousands provided through reversal of Investment Income (towards accretion of book value to face value on maturity of Commercial papers) and the balance amount of ` 410,559 thousands is reflected under Provision for non-standard assets in the Profit and Loss Account.
Note-5: Investments, redemption receivable and corresponding NPA provisions are disclosed under Schedule 8-B (Assets held to cover Linked Liabilities).
(` ‘000)
Issuer name / Asset type
As at March 31, 2018
Gross Amount
Shareholders' funds Policyholders’ funds
Schedule 8 Current Assets Total Schedule 8B
Nil Nil Nil Nil Nil
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13. Taxation
The taxable profits of a life insurance company are required to be computed in accordance with the provisions of Section 44 read with the rules contained in the First Schedule of the Income Tax Act, 1961. The Company has brought forward business losses from previous years amounting to ` 3,209,574 thousands (Previous Year ` 4,903,878 thousands) for setting off against current year profit. Hence, there is no tax liability for the year and thus no provision for current year tax is required. In the absence of virtual certainty of availability of future profits to realise the deferred tax assets arising on the unabsorbed business losses, deferred tax asset has not been recognized during the year.
14. Percentage of Business Sector-wise
Sector wise break-up of policies issued during the year is as follows:
Rural Sector
Particulars
For the year ended March 31, 2019
For the year ended March 31, 2018
Number of Policies
New Business Premium(` ‘000)
Number of Policies
New Business Premium(` ‘000)
Total business 129,068 14,602,651 104,873 12,274,581
Rural sector 37,172 1,737,657 27,772 1,305,523
As % of total business 28.8% 11.9% 26.5% 10.6%
The Company has issued 28.8% of its total new policies sold during the year in the rural sector (previous year 26.5%) (against a minimum requirement of 20% (previous year 20%)) as per IRDAI (Obligations of Insurers to Rural and Social sectors) Regulations, 2015.
Social Sector
Particulars
For the year ended March 31, 2019
For the year ended March 31, 2018
Number of Policies
Number of group lives
New Business Premium(` ‘000)
Number of Policies
Number of group lives
New Business Premium(` ‘000)
Total business 129,068 2,629,979 14,602,651 1,04,873 1,395,341 12,274,581
Social sector 2* 337,686 64,426 7 12,681 3,488
As a % of totalbusiness 0.002% 12.8% 0.4% 0.01% 0.91% 0.03%
* Group Master Policy contains both social and non social lives
The Company has covered 22.5% lives (previous year 11.1%) (number of lives covered under social sector during the current financial year divided by sum of total number of policies issued in case of individual insurance and number of lives covered in case of Group Insurance during last financial year) in the social sector (against a minimum regulatory requirement of 5% (previous year 5%)).
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15. Allocation of investments and Income thereon between Policyholders’ Account and Shareholders’ Account
The Company maintains separate funds for the shareholders and policyholders and the relevant records are also maintained accordingly. Since the actual funds, investments and income thereon is tracked separately from inception, the allocation of investments and income is not required.
16. Percentage of risks retained and risk reinsured (` ‘000)
ParticularsFor the year ended
March 31, 2019For the year ended
March 31, 2018
Sum at Risk % Sum at Risk %
Individual Business
Sum at Risk Retained 272,378,795 56.80% 201,609,696 58.20%
Sum at Risk Reinsured 207,155,278 43.20% 144,783,651 41.80%
Total Individual Business 479,534,073 100.00% 346,393,347 100.00%
Group Business
Sum at Risk Retained 398,592,030 60.56% 226,968,993 59.55%
Sum at Risk Reinsured 259,571,222 39.44% 154,145,840 40.45%
Total Group Business 658,163,252 100.00% 381,114,833 100.00%
17. Auditors Details
The statutory auditors of the Company were engaged for providing few certifications that were required by various regulatory authorities and the Tax audit (under Income Tax Act, 1961). The Board of Directors of the Company have approved such engagements as required under ordinary course of business.
(` ‘000)
Name of Auditors Services renderedFor the year
ended March 31, 2019
For the year ended March 31, 2018
M/s K K Soni & Co.(Statutory Auditors for FY 2017-18)
Certifications 220 200
Tax Audit 278 127
M/s Rasool Singhal & Co.(Statutory Auditors for FY 2017-18)
Certifications 220 200
Tax Audit - 127
18. Accounting Ratios
Key performance and accounting ratios are detailed as Annexure 2.
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19. Summary of Financial Statements
A summary of the financial statements is detailed in Annexure 3.
20. Transfer from / to Revenue Account
During the current year, the net surplus of ` 1,372,515 thousands (Previous year ` 1,135,791 thousands) is being transferred from policyholders’ account to shareholders account. The segment wise details are tabulated below: (` ‘000)
Particulars For the year ended March 31, 2019
For the year ended March 31, 2018
Linked Non Participating Life 702,724 814,201
Linked Non Participating Pension 6,056 (21,580)
Non Linked Non Participating Pension 8,151 10,024
Non Linked Non Participating Life 627,156 273,307
Non Linked Variable Life 4,000 1,255
Non Linked Variable Pension 7,075 11,342
Non Linked Participating Life 57,358 34,162
Non Linked Non Participating Annuity (29,428) 13,080
Non Linked Non Participating Health (10,577) -
Total 1,372,515 1,135,791
Negative figures represent Contribution to Policyholders’ account The Bonus to participating policyholders for current year, as recommended by the
Appointed Actuary based on the Company’s Bonus philosophy, approved by the With-Profits Committee and the Board, has been included in the change in valuation for policies in force.
21. Related Party Disclosures
During the financial year the Company had transactions with related parties as defined in the Accounting Standard 18. Lists of such transactions are disclosed as a part of the “Related party disclosures” and detailed in Annexure 4.
22. Computation of Earnings Per Share
In accordance with Accounting Standard 20 – Earnings per share, calculations for earning per share are as under:
Particulars For the year ended March 31, 2019
For the year ended March 31, 2018
Net profit / (loss) available for equity shareholders (in ` thousands) 1,651,967 1,678,448
Weighted average number of equity shares outstanding during the year 950,000,000 950,000,000
Basic and diluted earnings per equity share (amount in `) 1.74 1.77
Face value per equity share (amount in `) 10 10
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23. Micro, Small and Medium Enterprises Development Act, 2006
According to information available with the management, on the basis of intimation received from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act), the details of amounts due to Micro and Small Enterprises under the said Act are as follows:
(` ‘000)
Particulars For the year ended March 31, 2019
For the year ended March 31, 2018
a) (i) Principal amount remaining unpaid to supplier under MSMED Act - -
(ii) Interest on (a) (i) above - -
b) (i) Amount of principal paid beyond the appointed date - -
(ii) Amount of interest paid beyond the appointed date (as per Section 16) - -
c)Amount of interest due and payable for the period of delay in making payment, but without adding the interest specified under section 16 of the MSMED Act
- -
d) Amount of interest accrued and due - -
e) Amount of further interest remaining due and payable even in succeeding years - -
24. Disclosure of Certain Expenses
As required by Master Circular on Preparation of Financial Statements and Filing Returns of Life Insurance Business dated December 11, 2013 issued by IRDAI, expenses incurred under the following heads are as follows:
(` ‘000)
Particulars For the year ended March 31, 2019
For the year ended March 31, 2018
Marketing Support 371,412 236,951
Business development - -
Outsourcing expenses 103,815 87,766
25. Employee Benefits
A) Defined benefit plan
i) Gratuity:
The Company provides for gratuity benefits based on an actuarial valuation using projected unit credit method. The rules of the gratuity scheme are similar to those provided in “The Payment of Gratuity Act, 1972”. The gratuity benefit is provided to the employees through a fund administered by Trustees. Vesting happens only on completion of 5 years of continuous service with the company. However, in case of death of an employee during the course of an active employment, the gratuity is paid even if the employee has not completed 5 years of continuous service. The related expenses have been recognized in Revenue and Profit & Loss account under “Employees’ remuneration and welfare benefits”.
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Reconciliation of the opening and closing balance of the present value of the defined benefit obligation for gratuity benefits is detailed in Annexure 5. This is based on an independent actuarial valuation as on March 31, 2019.
B) Defined contribution plan
i) Provident Fund:
The Company makes contribution towards employees’ provident fund scheme as well as employees’ pension scheme, a defined contribution plan. The Company’s contribution for the year amounts to ̀ 48,858 thousands (previous year ̀ 42,825 thousands) and ̀ 28,084 thousands (previous year ` 22,534 thousands) respectively. The related expenses have been recognized in Revenue and Profit & Loss account under “Employees’ remuneration and welfare benefits”.
ii) National Pension Scheme:
The Company makes contribution towards national pension scheme for the employees who had opted for the scheme. National pension scheme is a defined contribution plan which is managed and administered by pension fund management companies licensed by the Pension Funds Regulatory and Development Authority (’PFRDA’). The Company’s contribution for the year amounts to ̀ 5,442 thousands (previous year ̀ 4,774 thousands). The related expenses have been recognized in Revenue and Profit & Loss account under “Employees’ remuneration and welfare benefits”.
C) Other employee benefits
i) Leave Encashment:
The Company accrues the liability for leave encashment based on the actuarial valuation as at the balance sheet date conducted by an independent actuary. The related expenses have been recognized in Revenue and Profit & Loss account under “Employees’ remuneration and welfare benefits”. The assumptions used for valuation are:
Particulars As at March 31, 2019 As at March 31, 2018
Discount rate (per annum) 6.60% 7.50%
Salary growth rate (per annum) 6% p.a. for first 2 years, 7% p.a. thereafter
5% p.a. for first 3 years, 7% p.a. thereafter
ii) Long Term Incentive Plan / Deferred Bonus and long term association rewards:The Company accrues for the liability for the long term incentive plan, deferred bonuses and long term association rewards based on the actuarial valuation as at the balance sheet date conducted by an independent actuary. The related expenses have been recognized in Revenue and Profit & Loss account under “Employees’ remuneration and welfare benefits”. The assumptions used for valuation are:
Particulars As at March 31, 2019 As at March 31, 2018
Discount Rate (per annum) 6.60% 7.50%
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iii) Accumulated Compensated Absences:The Company accrues for the liability on account of accumulated compensated absences based on the actuarial valuation as at the balance sheet date conducted by an independent actuary. The related expenses have been recognized in Revenue and Profit & Loss account under “Employees’ remuneration and welfare benefits”.
Particulars As at March 31, 2019 As at March 31, 2018Discount rate (per annum) 6.60% 7.50%
Salary growth rate (per annum) 6% p.a. for first 2 years, 7% p.a. thereafter
5% p.a. for first 3 years, 7% p.a. thereafter
26. Foreign exchange gain / (loss)
The net foreign exchange loss debited to Revenue Account and Profit & Loss Account for the year ended March 31, 2019 is ` 48 thousands (previous year gains ` 327 thousands).
27. Foreign currency exposure
The year-end foreign currency exposures that have not been hedged by a derivative instrument or otherwise are Nil (previous year Nil).
28. Details for person in charge of management of the business under Section 11(3) of the Insurance Act, 1938 (amended by the Insurance Laws (Amendment) Act, 2015)
Name Description Directorship held Occupation
Anuj Mathur Managing Director & Chief Executive Officer
Canara HSBC Oriental Bank of Commerce Life Insurance
Company LimitedService
29. Historical Cost of Investment
The historical costs of those investments whose reported value is based on fair value are: ( ` ‘000)
ParticularsAs at March 31, 2019 As at March 31, 2018
Reported value Historical Value Reported value Historical ValueInvestments - Shareholders (Schedule 8)* 499,905 476,660 295,982 290,683
Investments - Policyholders (Schedule 8A)* 1,685,996 1,656,702 1,045,328 1,035,688
Assets held to cover Linked Liabilities (Schedule 8B) 90,954,673 81,759,577 81,182,862 70,332,322
* Representing Equity, Liquid Mutual Funds and additional Tier 1 Bonds (AT1)
30. Additional Disclosures as per requirements of IRDAI
Unit linked disclosures as required by Master Circular on Preparation of Financial Statements and Filing Returns of Life Insurance Business dated December 11, 2013 issued by IRDAI is detailed as Annexure 6.
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31. Penal Actions against the Company by various Government Agencies
As required by Master Circular on Preparation of Financial Statements and Filing Returns of Life Insurance Business dated December 11, 2013 issued by IRDAI, a report on penal actions has been detailed under Annexure 7.
32. Controlled Fund
As required by Master Circular on Preparation of Financial Statements and Filing Returns of Life Insurance Business dated December 11, 2013 issued by IRDAI, the reconciliation statement is detailed as Annexure 8.
33. Treatment of Unclaimed Amount of Policyholders
As required by Master Circular (Unclaimed Amount of Policyholders) dated July 25, 2017 issued by IRDAI, a statement showing age-wise analysis of the unclaimed amount of the policyholders is detailed as Annexure 9A.
A statement showing details of unclaimed amounts and investment income thereon is detailed as Annexure 9B.
34. Disclosures regarding Repo/Reverse Repo transactions
As required by circular No. IRDA/F&I/CIR/INV/250/12/2012 dated 4th Dec 2012 issued by IRDAI, details on participation of insurers in Reverse Repo transactions are detailed as Annexure 10.
35. Disclosures regarding discontinued policies
As required by Insurance Regulatory and Development Authority (Treatment of Discontinued Linked Insurance Policies) Regulations, 2010 relating to the treatment of discontinued linked insurance policies, the disclosures are detailed under Annexure 11.
36. Processing of Unit Linked Applications received on 31st March
The Company has complied with the guidelines under Point 5 of Schedule I to Insurance Regulatory and Development Authority of India (Investment) Regulations, 2016 governing the applicability of the NAV for the processing of the Unit Linked applications received on the last business day of the Financial Year.
37. Revaluation of Investment Property
The Company does not have any Investment in real estate property and hence no revaluation is required.
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38. Details of the Sale of Investment assets wherein the sale price was lower than the purchase value
In accordance with the Section 143(1)(c) of Companies Act, 2013, value of securities sold below the purchase cost is as under:
For the year ended March 31, 2019 (` ‘000)
Fund Group Purchase value / Amortised Cost Sale Value Loss on Sale
Shareholders - - -
Non-Linked Funds 970,801 947,212 (23,589)
Linked Funds 26,397,089 23,772,081 (2,625,008)Policyholders’ Unclaimed Monies Fund
49,211 49,131 (80)
Total 27,417,101 24,768,424 (2,648,677)
For the year ended March 31, 2018 (` ‘000)
Fund Group Purchase value / Amortised Cost Sale Value Loss on Sale
Shareholders - - -
Non-Linked Funds 53,591 49,895 (3,696)
Linked Funds 13,430,092 12,055,867 (1,374,225)
Policyholders’ Unclaimed Monies Fund
- - -
Total 13,483,683 12,105,762 (1,377,921)
39. Additional disclosure requirements as per Corporate Governance guidelines
A) Quantitative and qualitative information on the insurer’s financial and operating ratios, namely, incurred claim, commission and expenses ratios
Refer Key performance and accounting ratios (Annexure 2) and Summary of financial statements (Annexure 3).
B) Actual solvency margin details vis-á-vis the required solvency margin
Refer Schedule 16C – Note 3.
C) Persistency ratio
Refer Key performance and accounting ratios (Annexure 2).
D) Financial performance including growth rate and current financial position of the insurer
Refer Key performance and accounting ratios (Annexure 2) and Summary of financial statements (Annexure 3).
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E) Description of the risk management architecture
The Company relies on robust risk management practices and governance mechanism towards managing risks and recognizes that an effective risk management framework is fundamental to its success.
Management of risks, including its measurement, requires adopting a multi-faceted approach where each risk and its impact is analyzed from various aspects in order to build a holistic and forward looking view on that risk & assess its relevance for the Company & other relevant stakeholders. Management of risks is also integrated into business decision making both at a strategic and process level. A conducive Risk Management framework has been implemented to facilitate identification, assessment, mitigation and reporting of risks. This includes an assessment and periodic review of each category of risk.
Management oversight on relevant risks is ensured through separate executive risk management committees and internal governance forums; where all categories of risk including market, liquidity, credit, insurance, product & pricing, operational, information and cyber security, conduct risk including sales quality and business & strategic risks are reviewed. The Risk Management Group, comprising of Company’s Senior Management, performs the role of the overarching risk group to provide leadership and oversight to the functioning of other risk sub- groups within the organization. This ensures that the risk is managed within the stated appetite and the risk management activities adequately support Company’s objectives and long term strategies.
The risk governance structure further includes setting up of a Risk Management Committee (RMC) that has the ultimate responsibility of ensuring that an effective risk management framework, asset liability matching and internal control system are implemented. The RMC also reviews its effectiveness on an ongoing basis. The RMC assists the Board in effective operation of the Risk Management framework, advises the Board with regard to risk management decisions in relation to strategic and operational matters and also reports to the Board on the details of the risk exposures and the actions taken to manage the exposures. The RMC and Audit Committee are supported by Company’s risk management and the internal audit functions respectively and are responsible for assisting the Board in fulfilling these responsibilities and ensuring adequacy of the Company’s risk management and internal control structure.
F) Details of number of claims intimated, disposed off and pending with details of duration
Particulars As at March 31, 2019 As at March 31, 2018No. of claims outstanding at the beginning of the year 3 9Add: No. of claims reported during the year 3,536 1,830Less:
No. of claims settled during the year 3,457 1,788No. of claims repudiated during the year 77 46No. of claims rejected during the year 1 2No. of claims written back - -
No. of claims outstanding at the end of the year 4 3Details of duration of outstanding claims:
Less than 3 months 2 23 months to 6 months 2 16 months to 1 year 0 01 year and above 0 0
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G) Payments made to group entities from Policyholders’ Funds
Refer Related party transactions (Annexure 4).
40. Corporate Social Responsibility
i) As per section 135 of Companies Act, 2013, the amount required to be spent by the Company on Corporate Social Responsibility (CSR) during year ended March 31, 2019 is ` 27,381 thousands (March 31, 2018: ` 22,898 thousands).
During the year, Company has spent ` 27,430 thousands (previous year ` 22,979 thousands) on various CSR initiatives mentioned in Schedule VII of the Companies Act, 2013.
(` ‘000)
Sector in which the project is covered For the year ended March 31, 2019
For the year ended March 31, 2018
Promoting education, including consumer education and special education and employment enhancing vocation skills especially among children, women, elderly and the differently-abled and livelihood enhancement projects
15,067 17,750
Ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agroforesty, conservation of natural resources and maintaining quality of soil, air and water
8,400 4,580
Eradicating hunger, poverty and malnutrition, promoting health care including preventive health care and sanitation and making available safe drinking water
1,500 -
Promoting gender equality, empowering women, setting up homes and hostels for women & orphans; setting up old age homes, day care centres and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups
1,500 -
Administrative expenditure 963 649
Total 27,430 22,979
ii) Amount spent during the year is as under: (` ‘000)
Particulars
Incurred and paid
For the year ended March 31, 2019
For the year ended March 31, 2018
Construction / Acquisition of any asset - -
On purposes other than above 27,430 22,979
Total 27,430 22,979
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iii) Amounts of related party transactions pertaining to CSR related activities for the year ended March 31, 2019 is ` Nil (March 31, 2018: ` Nil).
41. Expenses of Management
The actual expenses are within the allowable limits at the overall Company level as well as business segment levels, as specified under Insurance Regulatory and Development Authority of India (Expenses of Management of Insurers transacting life insurance business) Regulations, 2016 except in case of Unit Linked General Annuity and Pension segment, where there is an excess of ` 25,863 thousands (previous year ` 20,613) and Non-Linked Non-Participating health segment, where the excess is ` 2,764 thousands (previous year ` Nil). These excess amounts have been made good by a transfer to the respective segments in the Revenue Account from the Shareholders’ funds in accordance with clause 16 of the regulations.
42. Previous year figures
Previous year figures have been regrouped as and where required to confirm to the current year presentation. The explanations for the regroupings are as under:
(` ‘000)Previous year
scheduleAccount
HeadPrevious Year
Line ItemCurrent year
scheduleCurrent Year
Line Item Amount Explanation
Form A-RA
Change in valuation of
liability in respect of life
policies
(a) Gross Form A-RA(b) Amount
ceded in Rein-surance
(68,375)Reclassified in line with
current years’ presentation
For and on behalf of the Board of Directors
R A Sankara Narayanan
Chairman
(DIN : 05230407)
Balakrishna Alse S
Director
(DIN : 08438552)
Alistair Chamberlain
Director
(DIN : 08184995)
Anuj Mathur
Managing Director & Chief Executive Officer
(DIN : 00584057)
Akshay Dhand
Appointed Actuary
IAI : 244
Tarun Rustagi
Chief Financial Officer
ACA : 098275
Vatsala Sameer
Company Secretary
ACS : 14813
Place: New Delhi
Date: May 15, 2019
Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedSchedules forming part of Financial Statements for the year ended March 31, 2019
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-
-
871,
985
Non
Lin
ked
Varia
ble
- Pen
sion
-
-
-
-
-
1,99
5,68
3
-
-
-
-
1,
995,
683
Non
Lin
ked
Parti
cipa
ting
- Life
-
-
-
-
-
-
12,
723,
616
-
-
-
12,
723,
616
Non
Lin
ked
Non
Par
ticip
atin
g - A
nnui
ty
-
-
-
-
-
-
-
1
,125
,565
-
-
1,
125,
565
Non
Lin
ked
Non
Par
ticip
atin
g - H
ealth
-
-
-
-
-
-
-
-
8,2
36
-
8,2
36
Sub-
Tota
l (Po
licy
Liab
ilitie
s)
8
88,6
72
12,
450
3,5
03,4
90
24,
350,
252
871,
985
1,
995,
683
12,7
23,6
16
1,1
25,5
65
8
,236
-
45,
479,
949
Insu
ranc
e Re
serv
es
-
-
-
-
-
-
-
-
-
-
-
Prov
isio
n fo
r Lin
ked
Liab
ilitie
sLi
nked
Non
Par
ticip
atin
g - I
ndiv
idua
l Life
77,
222,
673
-
-
-
-
-
-
-
-
-
77,
222,
673
Link
ed N
on P
artic
ipat
ing
- Pen
sion
-
9
95,4
30
-
-
-
-
-
-
-
-
99
5,43
0 Ad
d: C
redi
t/(De
bit)
Fair
Valu
e C
hang
e Ac
coun
t (ne
t)
8,90
0,37
2
11
8,48
3
-
-
-
-
-
-
-
-
9,
018,
855
Add:
Fun
ds fo
r Dis
cont
inue
d Po
lices
(i) D
isco
ntin
ued
on a
ccou
nt o
f non
-pay
men
t of p
rem
ium
5,
413,
537
15,
299
-
-
-
-
-
-
-
-
5,42
8,83
6 (ii
) Oth
ers
57
,057
3,1
70
-
-
-
-
-
-
-
-
60,2
27
Sub-
Tota
l (Pr
ovis
ion
for L
inke
d Li
abili
ties)
91,
593,
639
1,1
32,3
82
-
-
-
-
-
-
-
-
9
2,72
6,02
1
Sub-
Tota
l
9
2,48
2,69
2
1
,144
,855
3
,511
,540
2
4,37
1,18
7
87
1,99
3
1,99
5,70
3
12
,723
,486
1
,125
,572
8,2
36
-
138
,235
,264
Fu
nds
for F
utur
e Ap
prop
riatio
n
-
-
-
-
-
-
1,8
40,1
47
-
-
-
1,
840,
147
TOTA
L
9
2,48
2,69
2
1
,144
,855
3
,511
,540
2
4,37
1,18
7
87
1,99
3
1,99
5,70
3
14
,563
,633
1
,125
,572
8,2
36
10,8
27,4
52
1
50,9
02,8
63
Inve
stm
ents
Shar
ehol
ders
’
-
-
-
-
-
-
-
-
-
9,0
95,3
95
9,
095,
395
Polic
yhol
ders
’
1,71
3,62
1
4
7,41
3
3
,293
,859
2
4,20
7,06
3
85
5,09
8
1,93
7,55
0
13
,572
,908
1
,081
,519
6,0
22
-
4
6,71
5,05
3
Asse
ts h
eld
to c
over
link
ed li
abili
tes
91,
593,
639
1,1
32,3
82
-
-
-
-
-
-
-
-
9
2,72
6,02
1 Lo
ans
-
-
-
-
-
-
4,35
0
-
-
-
4,3
50
Fixe
d As
sets
96,7
05
1
,197
3,6
64
25
,463
9
12
2
,087
1
3,30
5
1,1
77
9
-
14
4,51
9
Cur
rent
Ass
ets
Cas
h an
d Ba
nk B
alan
ces
1,
457,
850
32,
331
144,
815
376
,143
6
2,69
9
33,9
57
5
43,9
58
17,
669
2
,621
9,1
56
2,
681,
199
Adva
nces
and
Oth
er A
sset
s
2
11,2
13
4
,073
22
7,64
8
1,41
1,24
3
23,3
85
66,
754
874,
895
30,
101
3
5
51
8,73
6
3,36
8,08
3 Su
b-To
tal (
A)
1,66
9,06
3
3
6,40
4
37
2,46
3
1,78
7,38
6
86,0
84
100,
711
1,4
18,8
53
47,
770
2
,656
52
7,89
2
6,04
9,28
2
Cur
rent
Lia
bilit
ies
2,
559,
175
71,
895
158,
389
1,
628,
736
70
,070
4
4,60
6
42
0,68
7
4,5
64
420
(1
,204
,165
)
3,75
4,37
7 Pr
ovis
ions
31
,161
6
46
5
7
19,9
89
3
1
39
25,
096
330
31
-
77,3
80
Sub-
Tota
l (B)
2,
590,
336
72,
541
158,
446
1,
648,
725
70
,101
4
4,64
5
44
5,78
3
4,8
94
451
(1
,204
,165
)
3,83
1,75
7
Net
Cur
rent
Ass
ets
(C) =
(A –
B)
(
921,
273)
(36,
137)
214,
017
138
,661
1
5,98
3
56,0
66
9
73,0
70
42,
876
2
,205
1
,732
,057
2,21
7,52
5
Mis
cella
neou
s Ex
pend
iture
(To
The
Exte
nt N
ot W
ritte
n O
ff O
r Adj
uste
d)
-
-
-
-
-
-
-
-
-
-
-
Debi
t Bal
ance
In P
rofit
And
Los
s Ac
coun
t (Sh
areh
olde
rs’ A
ccou
nt)
-
-
-
-
-
-
-
-
-
-
-
TOTA
L
9
2,48
2,69
2
1
,144
,855
3
,511
,540
2
4,37
1,18
7
87
1,99
3
1,99
5,70
3
14
,563
,633
1
,125
,572
8,2
36
10,8
27,4
52
1
50,9
02,8
63
APPL
ICAT
ION
OF
FUN
DS
FOR
M A
-BS
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dR
egis
trat
ion
No.
136
; Dat
e of
Reg
istr
atio
n : M
ay 8
, 200
8An
nexu
res
to S
ched
ule
16 fo
r the
yea
r end
ed M
arch
31,
201
9
Shar
ehol
ders
’ Fun
ds:
172
Anne
xure
1SE
GM
ENTA
L BA
LAN
CE
SHEE
T AS
AT
MAR
CH
31,
201
8
Part
icul
ars
Lin
ked
Non
Pa
rtic
ipat
ing
- Life
Lin
ked
Non
Pa
rtic
ipat
ing
- Pe
nsio
n
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- Pe
nsio
n
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- Life
Non
Lin
ked
Varia
ble
- Life
Non
Lin
ked
Varia
ble
- Pen
sion
Non
Lin
ked
Part
icip
atin
g - L
i fe
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- An
nuity
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- H
ealth
Shar
ehol
der
Tot
al
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
SOU
RC
ES O
F FU
ND
S
Shar
ehol
ders
’ Fun
ds:
Shar
e C
apita
l
-
-
-
-
-
-
-
-
-
9
,500
,000
9,50
0,00
0 Re
serv
es a
nd S
urpl
us
-
-
-
-
-
-
-
-
-
1
,250
,000
1,25
0,00
0 C
redi
t/(De
bit)
Fair
Valu
e C
hang
e Ac
coun
t (N
et)
-
-
-
-
-
-
-
-
-
5,29
9
5,2
99
Sub-
Tota
l
-
-
-
-
-
-
-
-
-
10
,755
,299
10,7
55,2
99
Borro
win
gs
-
-
-
-
-
-
-
-
-
-
-
Polic
yhol
ders
’ Fun
ds:
Cre
dit/(
Debi
t) Fa
ir Va
lue
Cha
nge
Acco
unt (
Net
)
4
04
2
1
8
1
83
8
1
0
9,0
12
4
-
-
9,6
41
Polic
y Li
abili
ties
Link
ed N
on P
artic
ipat
ing
- Life
793,
872
-
-
-
-
-
-
-
-
-
7
93,8
72
Link
ed N
on P
artic
ipat
ing
- Pen
sion
-
25,0
07
-
-
-
-
-
-
-
-
25,
007
Non
Lin
ked
Non
Par
ticip
atin
g-Pe
nsio
n
-
-
4,
513,
609
-
-
-
-
-
-
-
4
,513
,609
N
on L
inke
d N
on P
artic
ipat
ing-
Life
-
-
-
19,
598,
242
-
-
-
-
-
-
19
,598
,242
N
on L
inke
d Va
riabl
e - L
ife
-
-
-
-
96
2,23
3
-
-
-
-
9
62,2
33
Non
Lin
ked
Varia
ble
- Pen
sion
-
-
-
-
-
1,6
58,4
27
-
-
-
-
1,
658,
427
Non
Lin
ked
Parti
cipa
ting
- Life
-
-
-
-
-
-
7,60
2,84
9
-
-
-
7,6
02,8
49
Non
Lin
ked
Non
Par
ticip
atin
g - A
nnui
ty
-
-
-
-
-
-
-
6
52,4
07
-
-
65
2,40
7 N
on L
inke
d N
on P
artic
ipat
ing
- Hea
lth
-
-
-
-
-
-
-
-
-
-
-
Sub-
Tota
l (Po
licy
Liab
ilitie
s)
79
3,87
2
25,0
07
4,
513,
609
19,
598,
242
962,
233
1,
658,
427
7,
602,
849
652,
407
-
-
35
,806
,646
Insu
ranc
e Re
serv
es
-
-
-
-
-
-
-
-
-
-
-
Prov
isio
n fo
r Lin
ked
Liab
ilitie
sLi
nked
Non
Par
ticip
atin
g - I
ndiv
idua
l Life
66,
265,
839
-
-
-
-
-
-
-
-
-
6
6,26
5,83
9 Li
nked
Non
Par
ticip
atin
g - P
ensi
on
-
979
,182
-
-
-
-
-
-
-
-
97
9,18
2 Ad
d: C
redi
t/(De
bit)
Fair
Valu
e C
hang
e Ac
coun
t (ne
t)
1
0,58
5,39
0
18
1,01
7
-
-
-
-
-
-
-
-
10
,766
,407
Add:
Fun
ds fo
r Dis
cont
inue
d Po
lices
(i) D
isco
ntin
ued
on a
ccou
nt o
f non
-pay
men
t of p
rem
ium
4,
422,
981
791
-
-
-
-
-
-
-
-
4,42
3,77
2 (ii
) Oth
ers
147,
528
-
-
-
-
-
-
-
-
-
1
47,5
28
Sub-
Tota
l (Pr
ovis
ion
for L
inke
d Li
abili
ties)
81,
421,
738
1,
160,
990
-
-
-
-
-
-
-
-
82,5
82,7
28
Sub-
Tota
l
8
2,21
6,01
4
1,18
5,99
9
4,51
3,62
7
1
9,59
8,42
5
96
2,24
1
1,65
8,43
7
7,61
1,86
1
65
2,41
1
-
-
1
18,3
99,0
15
Fund
s fo
r Fut
ure
Appr
opria
tion
-
-
-
-
-
-
54
3,78
1
-
-
-
5
43,7
81
TOTA
L
8
2,21
6,01
4
1,18
5,99
9
4,51
3,62
7
1
9,59
8,42
5
96
2,24
1
1,65
8,43
7
8,15
5,64
2
65
2,41
1
-
10,
755,
299
1
29,6
98,0
95
APPL
ICAT
ION
OF
FUN
DS
Inve
stm
ents
Shar
ehol
ders
’
-
-
-
-
-
-
-
-
-
7
,636
,467
7,63
6,46
7 Po
licyh
olde
rs’
1,
756,
894
31
,622
4,37
1,18
7
1
9,60
0,55
2
89
1,58
1
1,61
6,66
2
7,72
5,84
6
66
2,29
4
-
-
36,6
56,6
38
Asse
ts h
eld
to c
over
link
ed li
abili
tes
81,
421,
738
1,
160,
990
-
-
-
-
-
-
-
-
82,5
82,7
28
Loan
s
-
-
-
-
-
-
1
,109
-
-
-
1,
109
Fixe
d As
sets
*
62,5
60
902
3,4
35
14,
913
732
1,2
62
5
,786
4
96
-
-
9
0,08
6
Cur
rent
Ass
ets
Cas
h an
d Ba
nk B
alan
ces
1,
356,
481
23
,058
7
4,26
0
12
5,11
9
16,5
87
49,
953
457,
053
2
,898
-
52
7
2,10
5,93
6 Ad
vanc
es a
nd O
ther
Ass
ets
244,
006
3
,530
15
8,53
7
91
5,65
7
24,9
50
53,
479
681,
803
15
,528
-
184
,178
2,28
1,66
8 Su
b-To
tal (
A)
1,60
0,48
7
26,5
88
232,
797
1,
040,
776
41
,537
10
3,43
2
1,13
8,85
6
18,4
26
-
1
84,7
05
4,
387,
604
Cur
rent
Lia
bilit
ies
2,
595,
512
33
,644
9
3,68
0
1,05
2,84
0
(
28,4
24)
62
,877
68
8,59
7
28,7
93
-
(
1,33
6,36
9)
3,19
1,15
0 Pr
ovis
ions
30
,153
4
59
112
4,9
76
3
3
42
27
,358
12
-
-
6
3,14
5 Su
b-To
tal (
B)
2,62
5,66
5
34,1
03
93,
792
1,
057,
816
(28,
391)
62
,919
71
5,95
5
28,8
05
-
(1
,336
,369
)
3,25
4,29
5
Net
Cur
rent
Ass
ets
(C) =
(A –
B) *
(1,0
25,1
78)
(7
,515
)
13
9,00
5
(1
7,04
0)
69,9
28
40,
513
422,
901
(10,
379)
-
1,5
21,0
74
1,
133,
309
Mis
cella
neou
s Ex
pend
iture
(To
The
Exte
nt N
ot W
ritte
n O
ff O
r Adj
uste
d)
-
-
-
-
-
-
-
-
-
-
-
Debi
t Bal
ance
In P
rofit
And
Los
s Ac
coun
t (Sh
areh
olde
rs’ A
ccou
nt)
-
-
-
-
-
-
-
-
-
1,5
97,7
58
1,
597,
758
TOTA
L
8
2,21
6,01
4
1,18
5,99
9
4,51
3,62
7
1
9,59
8,42
5
96
2,24
1
1,65
8,43
7
8,15
5,64
2
65
2,41
1
-
10,
755,
299
1
29,6
98,0
95
* The
se b
alan
ces
have
bee
n re
clas
sifie
d in
line
with
Sch
edul
e 16
B - N
ote
15 (S
igni
fican
t Acc
ount
ing
Polic
ies)
FOR
M A
-BS
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dR
egis
trat
ion
No.
136
; Dat
e of
Reg
istr
atio
n : M
ay 8
, 200
8An
nexu
res
to S
ched
ule
16 fo
r the
yea
r end
ed M
arch
31,
201
9
173
SEG
MEN
TAL
REV
ENU
E AC
CO
UN
T FO
R T
HE
YEAR
EN
DED
MAR
CH
31,
201
9Po
licyh
olde
rs’ A
ccou
nt (
Tech
nica
l Acc
ount
)An
nexu
re 1
Part
icul
ars
Sche
dule
Lin
ked
Non
Pa
rtic
ipat
ing
- Life
Lin
ked
Non
Pa
rtic
ipat
ing
- Pe
nsio
n
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- Pe
nsio
n
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- Life
Non
Lin
ked
Varia
ble
- Life
Non
Lin
ked
Varia
ble
- Pen
sion
Non
Lin
ked
Part
icip
atin
g - L
ife
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- An
nuity
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- H
ealth
Tot
al
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00))
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
Prem
ium
s ea
rned
– n
et(a
) Pre
miu
m
17,
357,
620
210,
060
441,
500
7,
086,
295
511,
415
490,
070
8,
348,
692
455,
171
6
,625
34
,907
,448
(b
) Rei
nsur
ance
ced
ed
(
88,4
76)
-
(1
)
(30
9,85
3)
-
-
(5
,232
)
-
(24
4)
(40
3,80
6)(c
) Rei
nsur
ance
acc
epte
d
-
-
-
-
-
-
-
-
-
-
Sub
Tota
l17
,269
,144
210,
060
441,
499
6,77
6,44
2
511,
415
490,
070
8,34
3,46
0
455,
171
6,38
1
34
,503
,642
Inco
me
from
Inve
stm
ents
(a)I
nter
est,
Divi
dend
s an
d Re
nt –
Gro
ss
2,81
6,71
8
35,9
36
298,
143
1,
786,
204
65
,604
14
5,12
3
78
9,96
3
64,8
96
4
4
6,00
2,63
1 (b
)Pro
fit o
n sa
le/re
dem
ptio
n of
inve
stm
ents
8,
614,
441
138,
041
12
,806
8
9,41
5
5,9
24
11,
479
60
,563
1,1
03
4
7
8,93
3,81
9 (c
)(Lo
ss o
n sa
le/ r
edem
ptio
n of
inve
stm
ents
)
(
2,58
9,70
9)
(
37,5
92)
(2
,791
)
(
10,8
32)
(1
,037
)
(1,5
29)
(5
,107
)
-
-
(2,6
48,5
97)
(d) T
rans
fer/G
ain
on re
valu
atio
n/ch
ange
in fa
ir va
lue*
(1,
705,
417)
(38
,632
)
-
-
-
-
-
-
-
(
1,74
4,04
9)Su
b To
tal
7,
136,
033
97
,753
30
8,15
8
1,86
4,78
7
70,4
91
155,
073
845,
419
65
,999
91
10,
543,
804
Oth
er In
com
e(a
) Con
tribu
tion
from
the
Shar
ehol
ders
' A/c
(Ref
er S
ched
ule
16C
- N
ote
20 &
Not
e 41
)
-
2
5,86
3
-
-
-
-
-
2
9,42
8
13,3
40
68,
631
(b) M
isce
llane
ous
Inco
me
28
,051
5
01
2
,160
2
9,53
4
1,1
61
778
37,8
58
498
7
10
0,54
8 TO
TAL
(A)
24,
433,
228
334,
177
751,
817
8,
670,
763
583,
067
645,
921
9,
226,
737
551,
096
19
,819
45
,216
,625
Com
mis
sion
2-
A
40
1,00
3
7,1
11
-
5
03,2
75
515
-
927
,354
9,0
89
1
,700
1,85
0,04
7
Ope
ratin
g Ex
pens
es r
elat
ed to
Insu
ranc
e Bu
sine
ss3-
B
1,58
9,20
7
32,2
72
2
,336
1,13
3,73
6
1,3
00
1
,590
1,29
0,05
2
16,5
20
7
,120
4,07
4,13
3 G
ST /
Serv
ice
tax
reco
vere
d on
ULI
P ch
arge
s
53
3,51
6
4,9
96
-
-
-
-
-
-
-
538
,512
Pr
ovis
ion
for D
oubt
ful d
ebts
175
-
-
-
-
-
-
-
-
1
75
Bad
debt
s w
ritte
n of
f
-
-
-
-
-
-
-
-
-
-
Prov
isio
n fo
r Tax
atio
n
-
-
-
-
-
-
-
-
-
-
Prov
isio
ns (o
ther
than
taxa
tion)
(a) F
or d
imin
utio
n in
the
valu
e of
inve
stm
ents
(Net
)
-
-
-
-
-
-
-
-
-
-
(b) P
rovi
sion
for n
on-s
tand
ard
asse
ts (R
efer
Sch
edul
e 16
C -
Not
e 12
)
12
5,00
0
-
-
-
-
-
-
-
-
12
5,00
0
TOTA
L (B
)
2,64
8,90
1
44,3
79
2
,336
1,63
7,01
1
1,8
15
1
,590
2,21
7,40
6
25,6
09
8
,820
6,58
7,86
7
Bene
fits
Paid
(Net
)4-
A
1
0,81
4,90
3
29
9,04
3
1,75
1,45
0
1,65
4,58
5
66
7,49
9
30
0,00
0
52
9,44
7
52,3
29
-
1
6,06
9,25
6 In
terim
& te
rmin
al b
onus
pai
d
-
-
-
-
-
-
5
,393
-
-
5
,393
C
hang
e in
val
uatio
n of
liab
ility
in re
spec
t of l
ife p
olic
ies
(a) G
ross
**
1
0,26
6,73
1
(
41,1
64)
(1,0
10,1
20)
5,
192,
150
(90
,247
)
33
7,25
6
5,14
5,26
1
47
3,15
8
9,3
22
20,2
82,3
47
(b)(
Amou
nt c
eded
in R
eins
uran
ce)
(3
1)
-
-
(
440,
139)
-
-
(
24,4
94)
-
(1,
086)
(
465,
750)
(c)A
mou
nt a
ccep
ted
in R
eins
uran
ce
-
-
-
-
-
-
-
-
-
-
Tota
l (C
)
2
1,08
1,60
3
25
7,87
9
74
1,33
0
6,40
6,59
6
57
7,25
2
63
7,25
6
5,65
5,60
7
52
5,48
7
8,2
36
35,8
91,2
46
TOTA
L (B
+C)
23,
730,
504
302,
258
743,
666
8,
043,
607
579,
067
638,
846
7,
873,
013
551,
096
17
,056
42
,479
,113
Surp
lus/
Def
icit
(D)=
(A)-
(B)-
(C)
702,
724
31,9
19
8,15
1
62
7,15
6
4,
000
7,07
5
1,
353,
724
-
2,
763
2,73
7,51
2
Appr
opria
tions
Tran
sfer
to S
hare
hold
ers’
Acc
ount
(Ref
er S
ched
ule
16C
- N
ote
20
& N
ote
41)
702,
724
31
,919
8,1
51
627,
156
4
,000
7,0
75
57,
358
-
2
,763
1,44
1,14
6
Tran
sfer
to O
ther
Res
erve
s
-
-
-
-
-
-
-
-
-
-
Bala
nce
bein
g Fu
nds
for F
utur
e Ap
prop
riatio
ns
-
-
-
-
-
-
1,
296,
366
-
-
1,29
6,36
6 TO
TAL
(D)
702,
724
31,9
19
8,15
1
62
7,15
6
4,
000
7,07
5
1,
353,
724
-
2,
763
2,73
7,51
2
* Rep
rese
nts
the
deem
ed re
alis
ed g
ain
as p
er n
orm
s sp
ecifi
ed b
y th
e Au
thor
ity.
**Rep
rese
nts
Mat
hem
atic
al R
eser
ves
afte
r allo
catio
n of
bon
us
The
brea
k up
of t
otal
sur
plus
is a
s un
der:
(a)
Inte
rim &
term
inal
bon
us p
aid:
-
-
-
-
-
-
5
,393
-
-
5,39
3
(b
)Al
loca
tion
of B
onus
to p
olic
yhol
ders
:-
-
-
-
-
-
51
0,83
2
-
-
510,
832
(c)
Surp
lus
show
n in
the
Reve
nue
Acco
unt:
702,
724
31,9
19
8,15
1
62
7,15
6
4,
000
7,07
5
1,35
3,72
4
-
2,7
63
2,73
7,51
2
(d)
Tota
l Sur
plus
: ((a
)+(b
)+(c
)):70
2,72
4
31
,919
8,
151
627,
156
4,00
0
7,
075
1,86
9,94
9
-
2
,763
3,
253,
737
Form
A-R
AC
anar
a H
SBC
Orie
ntal
Ban
k of
Com
mer
ce L
ife In
sura
nce
Com
pany
Lim
ited
Reg
istr
atio
n N
o. 1
36; D
ate
of R
egis
trat
ion
: May
8, 2
008
Anne
xure
s to
Sch
edul
e 16
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
1-A
174
SEG
MEN
TAL
REV
ENU
E AC
CO
UN
T FO
R T
HE
YEAR
EN
DED
MAR
CH
31,
201
8Po
licyh
olde
rs’ A
ccou
nt (
Tech
nica
l Acc
ount
)An
nexu
re 1
Part
icul
ars
Sche
dule
Lin
ked
Non
Pa
rtic
ipat
ing
- Life
Lin
ked
Non
Pa
rtic
ipat
ing
- Pe
nsio
n
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- Pe
nsio
n
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- Life
Non
Lin
ked
Varia
ble
- Life
Non
Lin
ked
Varia
ble
- Pen
sion
Non
Lin
ked
Part
icip
atin
g - L
ife
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- An
nuity
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- H
ealth
Tot
al
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
Prem
ium
s ea
rned
– n
et(a
) Pre
miu
m
15,7
63,8
41
156,
381
1,
520,
000
3,
081,
146
528,
504
530,
072
6,
228,
034
2
,591
-
27,
810,
569
(b) R
eins
uran
ce c
eded
(88,
389)
-
-
(196
,225
)
-
-
(2
,881
)
-
-
(2
87,4
95)
(c) R
eins
uran
ce a
ccep
ted
-
-
-
-
-
-
-
-
-
-
Su
b To
tal
15,6
75,4
52
15
6,38
1
1,
520,
000
2,
884,
921
52
8,50
4
53
0,07
2
6,
225,
153
2,
591
-
27,5
23,0
74
In
com
e fr
om In
vest
men
ts(a
)Int
eres
t, Di
vide
nds
and
Rent
– G
ross
2,6
76,0
92
34
,294
32
2,89
1
1,48
5,97
3
50,7
81
107,
264
427,
932
52
,406
-
5
,157
,633
(b
)Pro
fit o
n sa
le/re
dem
ptio
n of
inve
stm
ents
6,3
93,7
71
127,
793
23
,897
5
7,46
4
8,0
72
13,
847
20
,470
9
71
-
6,6
46,2
85
(c)(
Loss
on
sale
/ red
empt
ion
of in
vest
men
ts)
(1,3
52,0
81)
(22
,144
)
-
-
-
-
(3,6
96)
-
-
(1
,377
,921
)(d
) Tra
nsfe
r/Gai
n on
reva
luat
ion/
chan
ge in
fair
valu
e*
(471
,495
)
(
17,4
20)
-
-
-
-
-
-
-
(
488,
915)
Sub
Tota
l
7
,246
,287
12
2,52
3
34
6,78
8
1,54
3,43
7
58,8
53
121,
111
444,
706
53
,377
-
9
,937
,082
O
ther
Inco
me
(a) C
ontri
butio
n fro
m th
e Sh
areh
olde
rs' A
/c (R
efer
Sch
edul
e 16
C -
Not
e 20
& N
ote
41)
-
42,1
91
-
-
-
-
-
-
-
42
,191
(b
) Mis
cella
neou
s In
com
e
2
8,71
3
4
35
2
,154
2
8,93
6
5
59
1
,211
2
1,23
8
38
-
83,2
84
TOTA
L (A
)
22
,950
,452
32
1,53
0
1,86
8,94
2
4,45
7,29
4
58
7,91
6
65
2,39
4
6,69
1,09
7
56,0
06
-
3
7,58
5,63
1
Com
mis
sion
2-
A
339
,519
5,1
62
-
33,7
46
234
-
885
,299
49
-
1,2
64,0
09
Ope
ratin
g Ex
pens
es r
elat
ed to
Insu
ranc
e Bu
sine
ss3-
B
1
,703
,013
25,5
80
5
,136
36
1,02
9
1,5
12
1
,936
1,55
4,51
5
5
98
-
3,6
53,3
19
GST
/ Se
rvic
e ta
x re
cove
red
on U
LIP
char
ges
4
81,2
02
4
,033
-
-
-
-
-
-
-
4
85,2
35
Prov
isio
n fo
r Dou
btfu
l deb
ts
6
44
-
-
29
-
-
-
-
-
673
Bad
debt
s w
ritte
n of
f
-
-
-
-
-
-
-
-
-
-
Prov
isio
n fo
r Tax
atio
n
-
-
-
-
-
-
-
-
-
-
Prov
isio
ns (o
ther
than
taxa
tion)
-
(a) F
or d
imin
utio
n in
the
valu
e of
inve
stm
ents
(Net
)
-
-
-
-
-
-
-
-
-
-
(b) P
rovi
sion
for n
on-s
tand
ard
asse
ts (R
efer
Sch
edul
e 16
C -
Not
e 12
)
-
-
-
-
-
-
-
-
-
-
TOTA
L (B
)
2
,524
,378
34,7
75
5
,136
39
4,80
4
1,7
46
1
,936
2,43
9,81
4
6
47
-
5,4
03,2
36
Bene
fits
Paid
(Net
)4-
A
14
,657
,991
30
6,77
3
77
3,50
0
98
8,42
3
67,0
37
760,
000
257,
165
46
,530
-
17,
857,
419
Inte
rim &
term
inal
bon
us p
aid
-
-
-
-
-
-
3,10
7
-
-
3
,107
C
hang
e in
val
uatio
n of
liab
ility
in re
spec
t of l
ife p
olic
ies
(a) G
ross
**
4
,953
,882
(4
0,62
9)
1,08
0,28
2
2,86
9,13
5
51
7,87
8
(12
0,88
4)
3,90
7,57
7
(4,2
51)
-
1
3,16
2,99
0 (b
)(Am
ount
ced
ed in
Rei
nsur
ance
)
-
-
-
(6
8,37
5)
-
-
-
-
-
(68,
375)
(c)A
mou
nt a
ccep
ted
in R
eins
uran
ce
-
-
-
-
-
-
-
-
-
-
Tota
l (C
)
19
,611
,873
26
6,14
4
1,85
3,78
2
3,78
9,18
3
58
4,91
5
63
9,11
6
4,16
7,84
9
42,2
79
-
3
0,95
5,14
1
TOTA
L (B
+C)
22,1
36,2
51
300,
919
1,
858,
918
4,
183,
987
586,
661
641,
052
6,
607,
663
42
,926
-
36,
358,
377
Surp
lus/
Def
icit
(D)=
(A)-
(B)-
(C)
814,
201
20,6
11
10,0
24
273,
307
1,25
5
11
,342
83
,434
13
,080
-
1,
227,
254
Appr
opria
tions
Tran
sfer
to S
hare
hold
ers’
Acc
ount
(Ref
er S
ched
ule
16C
- N
ote
20 &
N
ote
41)
8
14,2
01
20
,611
1
0,02
4
27
3,30
7
1,2
55
11,
342
34
,162
1
3,08
0
-
1
,177
,982
Tr
ansf
er to
Oth
er R
eser
ves
-
-
-
-
-
-
-
-
-
-
Ba
lanc
e be
ing
Fund
s fo
r Fut
ure
Appr
opria
tions
-
-
-
-
-
-
49
,272
-
-
49,
272
TOTA
L (D
)81
4,20
1
20
,611
10
,024
27
3,30
7
1,
255
11,3
42
83,4
34
13,0
80
-
1,22
7,25
4
* Rep
rese
nts
the
deem
ed re
alis
ed g
ain
as p
er n
orm
s sp
ecifi
ed b
y th
e Au
thor
ity.
**Rep
rese
nts
Mat
hem
atic
al R
eser
ves
afte
r allo
catio
n of
bon
us
The
brea
k up
of t
otal
sur
plus
is a
s un
der:
(a)
Inte
rim &
term
inal
bon
us p
aid:
-
-
-
-
-
-
3
,107
-
-
3,10
7
(b
)Al
loca
tion
of B
onus
to p
olic
yhol
ders
:-
-
-
-
-
-
30
4,35
2
-
-
304,
352
(c)
Surp
lus
show
n in
the
Reve
nue
Acco
unt:
814,
201
20,6
11
10,0
24
273,
307
1,25
5
11
,342
83,4
34
13,
080
-
1,22
7,25
4
(d)
Tota
l Sur
plus
: ((a
)+(b
)+(c
)):81
4,20
1
20
,611
10
,024
27
3,30
7
1,
255
11,3
42
390,
893
13,0
80
-
1,53
4,71
3
Form
A-R
AC
anar
a H
SBC
Orie
ntal
Ban
k of
Com
mer
ce L
ife In
sura
nce
Com
pany
Lim
ited
Reg
istr
atio
n N
o. 1
36; D
ate
of R
egis
trat
ion
: May
8, 2
008
Anne
xure
s to
Sch
edul
e 16
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
1-A
175
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dAn
nexu
re to
Sch
edul
e 16
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
Anne
xure
1Sc
hedu
les
form
ing
part
of S
egm
enta
l Rev
enue
Acc
ount
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
SCH
EDU
LE –
1-A
PREM
IUM
S (N
ET O
F G
ST /
SER
VIC
E TA
X)
Part
icul
ars
Link
ed N
on
Part
icip
atin
g - L
ife
Link
ed N
on
Part
icip
atin
g -
Pens
ion
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- Pe
nsio
n
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- Life
Non
Lin
ked
Varia
ble
- Life
Non
Lin
ked
Varia
ble
- Pen
sion
Non
Lin
ked
Part
icip
atin
g - L
ife
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- An
nuity
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- H
ealth
Tota
l
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
Firs
t yea
r pre
miu
ms
3,
761,
269
84
,585
-
2,
067,
695
-
-
3
,242
,725
-
6
,625
9
,162
,899
Re
new
al p
rem
ium
s
1
3,48
0,65
7
12
1,47
5
-
1,
594,
473
-
-
5
,105
,967
-
-
20,3
02,5
72
Sing
le p
rem
ium
s
11
5,69
4
4,0
00
441,
500
3,
424,
127
511,
415
490,
070
-
4
55,1
71
-
5,44
1,97
7 To
tal P
rem
ium
17,
357,
620
210,
060
441,
500
7,
086,
295
511,
415
490,
070
8,
348,
692
455,
171
6
,625
34
,907
,448
Prem
ium
Inco
me
from
bus
ines
s w
ritte
n :
In In
dia
17,
357,
620
210,
060
441,
500
7,
086,
295
511,
415
490,
070
8,
348,
692
455,
171
6
,625
34
,907
,448
O
utsi
de In
dia
-
-
-
-
-
-
-
-
-
-
To
tal P
rem
ium
17,
357,
620
210,
060
441,
500
7,
086,
295
511,
415
490,
070
8,
348,
692
455,
171
6
,625
34
,907
,448
Part
icul
ars
Link
ed N
on
Part
icip
atin
g - L
ife
Link
ed N
on
Part
icip
atin
g -
Pens
ion
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- Pe
nsio
n
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- Life
Non
Lin
ked
Varia
ble
- Life
Non
Lin
ked
Varia
ble
- Pen
sion
Non
Lin
ked
Part
icip
atin
g - L
ife
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- An
nuity
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- H
ealth
Tota
l
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
Firs
t yea
r pre
miu
ms
3,
963,
336
64
,326
-
127
,308
-
-
4,0
62,3
10
-
-
8
,217
,280
Re
new
al p
rem
ium
s
1
1,66
2,73
4
91,1
30
-
1,61
3,53
3
-
-
2,1
65,7
24
-
-
15
,533
,121
Si
ngle
pre
miu
ms
137,
771
925
1
,520
,000
1,34
0,30
5
52
8,50
4
53
0,07
2
-
2
,591
-
4,
060,
168
Tota
l Pre
miu
m
1
5,76
3,84
1
15
6,38
1
1,52
0,00
0
3,08
1,14
6
52
8,50
4
53
0,07
2
6,22
8,03
4
2,5
91
-
2
7,81
0,56
9
Prem
ium
Inco
me
from
bus
ines
s w
ritte
n :
In In
dia
15,
763,
841
156,
381
1,
520,
000
3,
081,
146
528,
504
530,
072
6,
228,
034
2
,591
-
27,
810,
569
Out
side
Indi
a
-
-
-
-
-
-
-
-
-
-
Tota
l Pre
miu
m
1
5,76
3,84
1
15
6,38
1
1,52
0,00
0
3,08
1,14
6
52
8,50
4
53
0,07
2
6,22
8,03
4
2,5
91
-
2
7,81
0,56
9
For
the
year
end
ed M
arch
31,
201
9
For
the
year
end
ed M
arch
31,
201
8
176
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dAn
nexu
re to
Sch
edul
e 16
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
Anne
xure
1Sc
hedu
les
form
ing
part
of S
egm
enta
l Rev
enue
Acc
ount
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
SCH
EDU
LE- 2
-AC
OM
MIS
SIO
N E
XPEN
SES
Part
icul
ars
Lin
ked
Non
Pa
rtic
ipat
ing
- Life
L
inke
d N
on
Part
icip
atin
g -
Pens
ion
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- Pe
nsio
n
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- Life
N
on L
inke
d Va
riabl
e - L
ife
Non
Lin
ked
Varia
ble
- Pen
sion
N
on L
inke
d Pa
rtic
ipat
ing
- Life
N
on L
inke
d N
on
Part
icip
atin
g -
Annu
ity
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- H
ealth
Tot
al
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
Com
mis
sion
pai
d
20
9,04
1
6,1
05
-
4
78,8
73
-
-
70
4,35
0
-
1,70
0
1,40
0,06
9 Di
rect
- Fi
rst y
ear p
rem
ium
s
18
9,67
7
9
26
-
10,1
39
-
-
22
3,00
4
-
-
423,
746
-
Rene
wal
pre
miu
ms
2
,285
80
-
14,2
63
515
-
-
9
,089
-
26
,232
- Si
ngle
pre
miu
ms
401,
003
7
,111
-
503
,275
5
15
-
9
27,3
54
9
,089
1,7
00
1,
850,
047
Tota
l (A)
Add
: Com
mis
sion
on
Re-in
sura
nce
Acce
pted
-
-
-
-
-
-
-
-
-
-
Le
ss :
Com
mis
sion
on
Re-in
sura
nce
Ced
ed
-
-
-
-
-
-
-
-
-
-
Net
Com
mis
sion
401,
003
7
,111
-
503
,275
5
15
-
9
27,3
54
9
,089
1,7
00
1,
850,
047
Brea
k U
p of
the
expe
nses
(Gro
ss) i
ncur
red
to p
rocu
re b
usin
ess:
Agen
ts
-
-
-
-
-
-
-
-
-
-
Brok
ers
-
-
-
1,20
0
-
-
-
-
-
1,20
0 C
orpo
rate
Age
ncy
2
4
-
-
7
,594
-
-
1
,514
-
3
7
9,1
69
Banc
assu
ranc
e
40
0,93
5
7,1
11
-
4
94,4
81
515
-
925
,840
9,0
89
1
,663
1,83
9,63
4 W
eb A
ggre
gato
r
44
-
-
-
-
-
-
-
-
4
4 Re
ferra
l
-
-
-
-
-
-
-
-
-
-
Tota
l (B)
401,
003
7
,111
-
503
,275
5
15
-
9
27,3
54
9
,089
1,7
00
1,
850,
047
Part
icul
ars
Link
ed N
on
Part
icip
atin
g - L
ife
Link
ed N
on
Part
icip
atin
g -
Pens
ion
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- Pe
nsio
n
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- Life
Non
Lin
ked
Varia
ble
- Life
Non
Lin
ked
Varia
ble
- Pen
sion
Non
Lin
ked
Part
icip
atin
g - L
ife
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- An
nuity
Tota
l
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
Com
mis
sion
pai
d Di
rect
- Fi
rst y
ear p
rem
ium
s
20
0,17
5
4,8
24
-
15,3
65
-
-
84
6,23
9
-
-
1,
066,
603
-
Rene
wal
pre
miu
ms
136,
623
320
-
5,91
6
-
-
39,
060
-
-
18
1,91
9
- Si
ngle
pre
miu
ms
2
,721
18
-
12,4
65
234
-
-
4
9
-
15
,487
Tota
l (A)
339,
519
5
,162
-
33
,746
2
34
-
8
85,2
99
4
9
-
1
,264
,009
Add
: Com
mis
sion
on
Re-in
sura
nce
Acce
pted
-
-
-
-
-
-
-
-
-
-
Le
ss :
Com
mis
sion
on
Re-in
sura
nce
Ced
ed
-
-
-
-
-
-
-
-
-
-
Net
Com
mis
sion
339,
519
5
,162
-
33
,746
2
34
-
8
85,2
99
4
9
-
1
,264
,009
Brea
k U
p of
the
expe
nses
(Gro
ss) i
ncur
red
to p
rocu
re b
usin
ess:
Agen
ts
-
-
-
-
-
-
-
-
-
-
Brok
ers
-
-
-
33
5
-
-
-
-
-
33
5 C
orpo
rate
Age
ncy
3
-
-
1,8
14
-
-
1
33
-
-
1,9
50
Banc
assu
ranc
e
33
9,51
6
5,1
62
-
31,5
97
234
-
885
,166
49
-
1,2
61,7
24
Web
Agg
rega
tor
-
-
-
-
-
-
-
-
-
-
Re
ferra
l
-
-
-
-
-
-
-
-
-
-
Tota
l (B)
339,
519
5
,162
-
33
,746
2
34
-
8
85,2
99
4
9
-
1
,264
,009
For
the
year
end
ed M
arch
31,
201
9
For
the
year
end
ed M
arch
31,
201
8
177
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dAn
nexu
re to
Sch
edul
e 16
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
Anne
xure
1Sc
hedu
les
form
ing
part
of S
egm
enta
l Rev
enue
Acc
ount
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
SCH
EDU
LE –
3-B
OPE
RAT
ING
EXP
ENSE
S R
ELAT
ED T
O IN
SUR
ANC
E BU
SIN
ESS
Part
icul
ars
Link
ed N
on
Part
icip
atin
g - L
ife
Link
ed N
on
Part
icip
atin
g -
Pens
ion
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- Pe
nsio
n
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- Life
Non
Lin
ked
Varia
ble
- Life
Non
Lin
ked
Varia
ble
- Pen
sion
Non
Lin
ked
Part
icip
atin
g - L
ife
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- An
nuity
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- H
ealth
Tota
l
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
Empl
oyee
s’ re
mun
erat
ion
and
wel
fare
ben
efits
919,
878
19
,066
1,6
86
590,
075
920
1,1
43
740,
825
9
,724
2,7
77
2,
286,
094
Trav
el, c
onve
yanc
e an
d ve
hicl
e ru
nnin
g ex
pens
es
50,7
66
1
,098
85
33
,410
72
7
6
42,3
35
574
1
23
128,
539
Trai
ning
exp
ense
s
42,7
00
933
1
2
7,00
7
1
1
3
6,46
3
4
91
105
10
7,70
2 Re
nts,
rate
s an
d ta
xes
54
,878
1,0
15
9
121,
106
1
2
10
46
,197
5
21
798
22
4,54
6 Re
pairs
10
,799
2
21
4
7
,061
4
4
9,0
95
111
42
27
,341
Pr
intin
g an
d st
atio
nery
8
,229
1
50
1
6
,548
1
1
7,9
35
6
7
1
48
23,
080
Com
mun
icat
ion
expe
nses
70
,615
1,3
02
3
39,
116
2
2
58,
328
608
4
24
170,
400
Lega
l and
pro
fess
iona
l cha
rges
39
,827
7
66
3
0
31,0
76
1
6
20
35
,464
3
65
445
10
8,00
9 M
edic
al fe
es
9,5
85
3
-
23,6
91
-
-
3,2
54
200
8
25
37,
558
Audi
tors
' fee
s, e
xpen
ses
etc
a)as
aud
itor*
1
,877
39
1
1
,170
1
1
1,5
87
2
0
7
4,7
03
b)as
adv
iser
or i
n an
y ot
her c
apac
ity, i
n re
spec
t of
(i) T
axat
ion
mat
ters
122
3
-
7
6
-
-
104
1
-
30
6 (ii
)Ins
uran
ce m
atte
rs
-
-
-
-
-
-
-
-
-
-
(iii)
Man
agem
ent s
ervi
ces;
and
-
-
-
-
-
-
-
-
-
-
c)
in a
ny o
ther
cap
acity
176
4
-
10
9
-
-
149
2
1
4
41
Adve
rtise
men
t and
pub
licity
156,
401
3
,382
11
95
,659
12
1
2
13
3,26
2
1,7
67
422
39
0,92
8 In
tere
st a
nd b
ank
char
ges
26
,794
3
42
291
7,6
51
6
6
1
35
11,
190
110
1
69
46,
748
Depr
ecia
tion
26
,398
5
50
8
16,
449
9
8
22,
325
280
93
66
,120
In
form
atio
n te
chno
logy
and
rela
ted
expe
nses
114,
579
2
,298
1
63
72,
226
164
1
50
96,
186
1
,143
4
96
287,
405
Oth
ers
55
,583
1,1
00
4
3
61,3
06
2
0
27
45
,353
5
36
245
16
4,21
3 TO
TAL
1,
589,
207
32
,272
2,3
36
1,
133,
736
1
,300
1,5
90
1,
290,
052
16
,520
7,1
20
4,
074,
133
* Inc
lude
s ou
t of p
ocke
t rei
mbu
rsem
ents
Part
icul
ars
Link
ed N
on
Part
icip
atin
g - L
ife
Link
ed N
on
Part
icip
atin
g -
Pens
ion
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- Pe
nsio
n
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- Life
Non
Lin
ked
Varia
ble
- Life
Non
Lin
ked
Varia
ble
- Pen
sion
Non
Lin
ked
Part
icip
atin
g - L
ife
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- An
nuity
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- H
ealth
Tota
l
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
Empl
oyee
s’ re
mun
erat
ion
and
wel
fare
ben
efits
984,
004
14
,982
3,6
52
162,
398
1
,064
1,3
82
892,
776
384
-
2
,060
,642
Tr
avel
, con
veya
nce
and
vehi
cle
runn
ing
expe
nses
42
,599
6
69
154
6,1
13
5
0
55
41
,282
9
-
90
,931
Tr
aini
ng e
xpen
ses
126,
606
2
,042
3
4,6
45
1
1
128,
707
9
-
2
62,0
14
Rent
s, ra
tes
and
taxe
s
62,3
08
861
28
85
,250
10
1
0
58,0
58
1
6
-
206
,541
Re
pairs
16
,493
2
46
2
8
2,8
51
9
1
0
15,3
15
4
-
34,9
56
Prin
ting
and
stat
ione
ry
14,6
22
194
2
4,4
43
1
1
19,
045
5
-
38,3
13
Com
mun
icat
ion
expe
nses
56
,274
7
39
1
9
7,9
63
6
7
45,
891
2
4
-
110
,923
Le
gal a
nd p
rofe
ssio
nal c
harg
es
28,7
36
427
73
6
,149
19
2
9
25,2
45
1
3
-
60
,691
M
edic
al fe
es
10,6
98
5
-
15,6
18
-
-
2,1
13
-
-
2
8,43
4 Au
dito
rs' f
ees,
exp
ense
s et
ca)
as a
udito
r*
2,3
75
3
6
2
3
84
1
1
2
,264
-
-
5
,063
b)
as a
dvis
er o
r in
any
othe
r cap
acity
, in
resp
ect o
f(i)
Tax
atio
n m
atte
rs
1
53
2
-
25
-
-
1
45
-
-
3
25
(ii)I
nsur
ance
mat
ters
-
-
-
-
-
-
-
-
-
-
(ii
i) M
anag
emen
t ser
vice
s; a
nd
-
-
-
-
-
-
-
-
-
-
c) in
any
oth
er c
apac
ity
1
88
3
-
30
-
-
1
79
-
-
4
00
Adve
rtise
men
t and
pub
licity
118,
102
1
,862
51
11
,352
18
1
8
11
7,24
3
14
-
2
48,6
60
Inte
rest
and
ban
k ch
arge
s
26,6
10
352
3
57
3
,748
64
156
8,2
17
7
0
-
39
,574
De
prec
iatio
n
27,0
60
411
25
4
,377
9
9
2
5,78
5
5
-
57
,681
In
form
atio
n te
chno
logy
and
rela
ted
expe
nses
125,
440
1
,860
7
05
22,
830
249
2
45
116,
657
2
8
-
268
,014
O
ther
s
60,7
45
889
37
22
,853
11
1
2
55,5
93
1
7
-
140
,157
TO
TAL
1,
703,
013
25
,580
5,1
36
361,
029
1
,512
1,9
36
1,
554,
515
598
-
3
,653
,319
* Inc
lude
s ou
t of p
ocke
t rei
mbu
rsem
ents
For
the
year
end
ed M
arch
31,
201
9
For
the
year
end
ed M
arch
31,
201
8
178
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dAn
nexu
re to
Sch
edul
e 16
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
Anne
xure
1Sc
hedu
les
form
ing
part
of S
egm
enta
l Rev
enue
Acc
ount
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
SCH
EDU
LE –
4-A
BEN
EFIT
S PA
ID [N
ET]
Part
icul
ars
Link
ed N
on
Part
icip
atin
g - L
ife
Link
ed N
on
Part
icip
atin
g -
Pens
ion
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- Pe
nsio
n
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- Life
Non
Lin
ked
Varia
ble
- Life
Non
Lin
ked
Varia
ble
- Pen
sion
Non
Lin
ked
Part
icip
atin
g - L
ife
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- An
nuity
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- H
ealth
Tota
l
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
Insu
ranc
e C
laim
s(a
)Cla
ims
by D
eath
394,
318
3,45
5
-
81
9,59
2
-
-
144,
263
1,90
5
-
1,
363,
533
(b
)Cla
ims
by M
atur
ity
50,5
49
72,2
94
-
-
-
-
-
-
-
12
2,84
3
(c
)Ann
uitie
s/Pe
nsio
ns p
aym
ent
-
-
-
-
-
-
-
50
,424
-
50
,424
(d
)Oth
er b
enef
its (
i) Su
rrend
ers
& ot
hers
8,19
3,25
9
223,
294
-
376,
629
-
-
45,3
58
-
-
8,
838,
540
(
ii) W
ithdr
awal
s2,
211,
987
-
1,
751,
450
78
9,04
4
66
7,49
9
30
0,00
0
-
-
-
5,71
9,98
0
(iii
) Sur
viva
l
-
-
-
-
-
-
337,
139
-
-
33
7,13
9
(A
mou
nt c
eded
in re
insu
ranc
e):
(a)C
laim
s by
Dea
th(3
5,21
0)
-
-
(3
30,6
80)
-
-
2,
687
-
-
(3
63,2
03)
(b)C
laim
s by
Mat
urity
-
-
-
-
-
-
-
-
-
-
(c
)Ann
uitie
s/Pe
nsio
ns p
aym
ent
-
-
-
-
-
-
-
-
-
-
(d
)Oth
er b
enef
its
-
-
-
-
-
-
-
-
-
-
Am
ount
acc
epte
d in
rein
sura
nce
:(a
)Cla
ims
by D
eath
-
-
-
-
-
-
-
-
-
-
(b
)Cla
ims
by M
atur
ity
-
-
-
-
-
-
-
-
-
-
(c)A
nnui
ties/
Pens
ions
pay
men
t
-
-
-
-
-
-
-
-
-
-
(d)O
ther
ben
efits
-
-
-
-
-
-
-
-
-
-
TOTA
L
1
0,81
4,90
3
29
9,04
3
1,75
1,45
0
1,65
4,58
5
66
7,49
9
30
0,00
0
52
9,44
7
52,3
29
-
1
6,06
9,25
6
Bene
fits
paid
to c
laim
ants
:
In In
dia
10,8
14,9
03
299,
043
1,75
1,45
0
1,65
4,58
5
667,
499
300,
000
529,
447
52,3
29
-
16,0
69,2
56
Out
side
Indi
a
-
-
-
-
-
-
-
-
-
-
Tota
l Ben
efits
pai
d (N
et)
10,
814,
903
299,
043
1,
751,
450
1,
654,
585
667,
499
300,
000
529,
447
52
,329
-
16,
069,
256
Part
icul
ars
Link
ed N
on
Part
icip
atin
g - L
ife
Link
ed N
on
Part
icip
atin
g -
Pens
ion
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- Pe
nsio
n
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- Life
Non
Lin
ked
Varia
ble
- Life
Non
Lin
ked
Varia
ble
- Pen
sion
Non
Lin
ked
Part
icip
atin
g - L
ife
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- An
nuity
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- H
ealth
Tota
l
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
( '0
00)
Insu
ranc
e C
laim
s(a
)Cla
ims
by D
eath
318,
874
1
,571
-
325
,771
-
-
76,
136
5
,291
-
72
7,64
3
(b
)Cla
ims
by M
atur
ity
-
3,12
6
-
-
-
-
-
-
-
3,12
6
(c
)Ann
uitie
s/Pe
nsio
ns p
aym
ent
-
-
-
-
-
-
-
41
,239
-
41
,239
(d
)Oth
er b
enef
its (
i) Su
rrend
ers
& ot
hers
11,
810,
970
302,
076
-
2
96,7
19
263
-
24
,644
-
-
12,4
34,6
72
(ii)
With
draw
als
2,
542,
469
-
7
73,5
00
515,
560
66
,774
76
0,00
0
-
-
-
4,65
8,30
3
(iii
) Sur
viva
l
-
-
-
-
-
-
160,
099
-
-
16
0,09
9
(A
mou
nt c
eded
in re
insu
ranc
e):
(a)C
laim
s by
Dea
th
(
14,3
22)
-
-
(149
,627
)
-
-
(3
,714
)
-
-
(167
,663
)
(b
)Cla
ims
by M
atur
ity
-
-
-
-
-
-
-
-
-
-
(c)A
nnui
ties/
Pens
ions
pay
men
t
-
-
-
-
-
-
-
-
-
-
(d)O
ther
ben
efits
-
-
-
-
-
-
-
-
-
-
Amou
nt a
ccep
ted
in re
insu
ranc
e :
(a)C
laim
s by
Dea
th
-
-
-
-
-
-
-
-
-
-
(b)C
laim
s by
Mat
urity
-
-
-
-
-
-
-
-
-
-
(c
)Ann
uitie
s/Pe
nsio
ns p
aym
ent
-
-
-
-
-
-
-
-
-
-
(d
)Oth
er b
enef
its
-
-
-
-
-
-
-
-
-
-
TO
TAL
14,
657,
991
306,
773
773,
500
988,
423
67
,037
76
0,00
0
25
7,16
5
46,5
30
-
1
7,85
7,41
9
Bene
fits
paid
to c
laim
ants
:
In In
dia
14,
657,
991
306,
773
773,
500
988,
423
67
,037
76
0,00
0
25
7,16
5
46,5
30
-
1
7,85
7,41
9 O
utsi
de In
dia
-
-
-
-
-
-
-
-
-
-
Tota
l Ben
efits
pai
d (N
et)
14,
657,
991
306,
773
773,
500
988,
423
67
,037
76
0,00
0
25
7,16
5
46,5
30
-
1
7,85
7,41
9
For
the
year
end
ed M
arch
31,
201
9
For
the
year
end
ed M
arch
31,
201
8
179
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dAn
nexu
res
to S
ched
ule
16 fo
r the
yea
r end
ed M
arch
31,
201
9An
nexu
re 2
Key
Per
form
ance
and
acc
ount
ing
ratio
s fo
r the
yea
r end
ed M
arch
31,
201
9
Sl N
o.R
atio
Link
ed N
on
Part
icip
atin
g - L
ife
Link
ed N
on
Part
icip
atin
g -
Pens
ion
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- Pe
nsio
n
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- Life
Non
Lin
ked
Varia
ble
- Life
Non
Lin
ked
Varia
ble
- Pen
sion
Non
Lin
ked
Part
icip
atin
g - L
ife
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- An
nuity
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- H
ealth
T
otal
1N
ew b
usin
ess
prem
ium
inco
me
grow
th (s
egm
ent-
wis
e)-5
.5%
35.8
%-7
1.0%
274.
2%-3
.2%
-7.5
%-2
0.2%
1746
7.4%
NA
19.0
%
2N
et re
tent
ion
ratio
(Net
pre
miu
m d
ivid
ed b
y gr
oss
prem
ium
)99
.5%
100.
0%10
0.0%
95.6
%10
0.0%
100.
0%99
.9%
100.
0%96
.3%
98.8
%
3Ra
tio o
f exp
ense
s of
man
agem
ent
(Gro
ss C
omm
issi
on +
Ope
ratin
g Ex
pens
es re
late
d to
insu
ranc
e bu
sine
ss /
Gro
ss P
rem
ium
)11
.5%
18.7
%0.
5%23
.1%
0.4%
0.3%
26.6
%5.
6%13
3.1%
17.0
%
4C
omm
issi
on ra
tio(G
ross
Com
mis
sion
/ G
ross
Pre
miu
m)
2.3%
3.4%
0.0%
7.1%
0.1%
0.0%
11.1
%2.
0%25
.7%
5.3%
5Ra
tio o
f pol
icyh
olde
rs' l
iabi
litie
s to
sha
reho
lder
s' fu
nds
1293
.7%
6G
row
th ra
te o
f sha
reho
lder
s' fu
nds
18.2
%7
Ratio
of s
urpl
us to
pol
icyh
olde
rs' l
iabi
lity
0.8%
0.5%
0.2%
2.6%
0.5%
0.4%
9.3%
-2.6
%-1
28.4
%1.
9%8
Cha
nge
in N
et W
orth
( '0
00)
1,66
9,91
1 9
Prof
it af
ter t
ax /
Tot
al in
com
e3.
6%10
(Tot
al re
al e
stat
e +
loan
s) /
Cas
h &
inve
sted
ass
ets
0.0%
11To
tal i
nves
tmen
ts /
(Cap
ital +
Sur
plus
)13
74.8
%12
Tota
l affi
liate
d in
vest
men
ts /
(Cap
ital +
Sur
plus
)1.
2%13
Inve
stm
ent y
ield
(gro
ss a
nd n
et)
A. W
ith U
nrea
lised
Gai
nsSh
areh
olde
rs’ F
unds
*4.
4%Po
licyh
olde
rs’ F
unds
*7.
4%N
on-L
inke
d N
on P
artic
ipat
ing
8.7%
Non
-Lin
ked
Parti
cipa
ting
8.2%
Link
ed N
on P
artic
ipat
ing*
6.8%
B. W
ithou
t Unr
ealis
ed G
ains
Shar
ehol
ders
’ Fun
ds8.
9%Po
licyh
olde
rs’ F
unds
8.9%
Non
-Lin
ked
Non
Par
ticip
atin
g8.
6%N
on-L
inke
d Pa
rtici
patin
g8.
3%Li
nked
Non
Par
ticip
atin
g9.
0%14
Con
serv
atio
n Ra
tio86
.3%
78.1
%-
91.6
%-
-82
.0%
--
85.5
%15
Pers
iste
ncy
ratio
**- 1
3th
Mon
th80
.9%
- 25t
h M
onth
68.8
%- 3
7th
Mon
th63
.5%
- 49t
h M
onth
55.8
%- 6
1st M
onth
46.0
%16
NPA
ratio
A. G
ross
NPA
Rat
ioSh
areh
olde
rs’ F
unds
9.3%
Polic
yhol
ders
’ Fun
ds0.
2%N
on L
inke
d N
on P
artic
ipat
ing
-N
on L
inke
d Pa
rtici
patin
g-
Link
ed N
on P
artic
ipat
ing
0.3%
B. N
et N
PA R
atio
Shar
ehol
ders
’ Fun
ds5.
0%Po
licyh
olde
rs’ F
unds
0.1%
Non
Lin
ked
Non
Par
ticip
atin
g-
Non
Lin
ked
Parti
cipa
ting
-Li
nked
Non
Par
ticip
atin
g0.
2%
For t
he y
ear e
nded
Mar
ch 3
1, 2
019
*The
Com
pany
has
book
edan
NPA
expe
nse
inSh
areh
olde
rs'f
und
and
Uni
tLin
ked
Fund
sto
war
dsC
Psan
dN
CDs
ofIL
&FS
and
IL&F
Sfin
anci
alse
rvic
esLt
d,du
eto
ratin
gdo
wng
rade
belo
win
vest
men
tgra
dean
dde
faul
tin
repa
ymen
tobl
igat
ions
.Ift
heN
PAex
pens
eis
notc
onsi
dere
d,th
eyi
eld
(with
unr
ealis
ed g
ains
) of t
he S
hare
hold
ers'
fund
, Pol
icyh
olde
rs' F
und
and
Link
ed N
on-P
artic
ipat
ing
fund
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
wou
ld h
ave
been
9.1
%, 7
.5%
and
6.9
% re
spec
tivel
y.
**Pe
rsis
tenc
yRa
tios
calc
ulat
edar
ein
line
with
IRDA
circ
ular
IRDA
/AC
T/C
IR/M
ISC
/035
/01/
2014
date
dJa
nuar
y23
,201
4an
dhe
nce
are
with
ala
gof
one
mon
th.T
hepe
rsis
tenc
yra
tios
fort
heye
aren
ded
Mar
ch31
,201
9ha
vebe
enca
lcul
ated
fort
hepo
licie
sis
sued
inM
arch
toFe
brua
rype
riod
ofth
ere
leva
nt y
ears
. For
inst
ance
, the
13t
h m
onth
per
sist
ency
for t
he c
urre
nt y
ear i
s ca
lcul
ated
for t
he p
olic
ies
issu
ed fr
om M
arch
201
7 to
Feb
ruar
y 20
18. G
roup
bus
ines
s, w
here
per
sist
ency
is m
easu
rabl
e, h
as b
een
incl
uded
in th
e ca
lcul
atio
ns.
180
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dAn
nexu
res
to S
ched
ule
16 fo
r the
yea
r end
ed M
arch
31,
201
9An
nexu
re 2
Key
Per
form
ance
and
acc
ount
ing
ratio
s fo
r the
yea
r end
ed M
arch
31,
201
9
Sl N
o.R
atio
Link
ed N
on
Part
icip
atin
g -
Life
Link
ed N
on
Part
icip
atin
g -
Pens
ion
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- Pe
nsio
n
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- Li
fe
Non
Lin
ked
Varia
ble
- Life
Non
Lin
ked
Varia
ble
- Pe
nsio
n
Non
Lin
ked
Part
icip
atin
g -
Life
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- An
nuity
Non
Lin
ked
Non
Pa
rtic
ipat
ing
- H
ealth
T
otal
1N
ew b
usin
ess
prem
ium
inco
me
grow
th (s
egm
ent-
wis
e)-1
4.8%
152.
2%6.
0%4.
9%84
5.7%
-25.
3%20
9.7%
-96.
7% -
24.9
%
2N
et re
tent
ion
ratio
(Net
pre
miu
m d
ivid
ed b
y gr
oss
prem
ium
)99
.4%
100.
0%10
0.0%
93.6
%10
0.0%
100.
0%10
0.0%
100.
0% -
99.0
%
3Ra
tio o
f exp
ense
s of
man
agem
ent
(Gro
ss C
omm
issi
on +
Ope
ratin
g Ex
pens
es re
late
d to
insu
ranc
e bu
sine
ss /
Gro
ss P
rem
ium
)13
.0%
19.7
%0.
3%12
.8%
0.3%
0.4%
39.2
%25
.0%
- 17
.7%
4C
omm
issi
on ra
tio(G
ross
Com
mis
sion
/ G
ross
Pre
miu
m)
2.2%
3.3%
-1.
1%-
-14
.2%
1.9%
- 4.
5%
5Ra
tio o
f pol
icyh
olde
rs' l
iabi
litie
s to
sha
reho
lder
s' fu
nds
1298
.9%
6G
row
th ra
te o
f sha
reho
lder
s' fu
nds
22.4
%7
Ratio
of s
urpl
us to
pol
icyh
olde
rs' l
iabi
lity
1.0%
-1.8
%0.
2%1.
4%0.
1%0.
7%1.
0%2.
0% -
1.0%
8C
hang
e in
Net
Wor
th (
'000
)1,
675,
167
9Pr
ofit
afte
r tax
/ T
otal
inco
me
4.4%
10(T
otal
real
est
ate
+ lo
ans)
/ C
ash
& in
vest
ed a
sset
s0.
0%11
Tota
l inv
estm
ents
/ (C
apita
l + S
urpl
us)
1180
.2%
12To
tal a
ffilia
ted
inve
stm
ents
/ (C
apita
l + S
urpl
us)
1.7%
13In
vest
men
t yie
ld (g
ross
and
net
)A.
With
Unr
ealis
ed G
ains
Shar
ehol
ders
’ Fun
ds8.
6%Po
licyh
olde
rs’ F
unds
8.1%
Non
-Lin
ked
Non
Par
ticip
atin
g8.
6%N
on-L
inke
d Pa
rtici
patin
g8.
1%Li
nked
Non
Par
ticip
atin
g8.
0%B.
With
out U
nrea
lised
Gai
nsSh
areh
olde
rs’ F
unds
8.6%
Polic
yhol
ders
’ Fun
ds8.
6%N
on-L
inke
d N
on P
artic
ipat
ing
8.6%
Non
-Lin
ked
Parti
cipa
ting
8.0%
Link
ed N
on P
artic
ipat
ing
8.6%
14C
onse
rvat
ion
Ratio
78.9
%73
.5%
-91
.5%
--
83.3
%-
- 80
.6%
15Pe
rsis
tenc
y ra
tio*
- 13t
h M
onth
77.9
%- 2
5th
Mon
th69
.2%
- 37t
h M
onth
59.1
%- 4
9th
Mon
th53
.4%
- 61s
t Mon
th43
.3%
16N
PA ra
tioA.
Gro
ss N
PA R
atio
Shar
ehol
ders
’ Fun
ds-
Polic
yhol
ders
’ Fun
ds-
Non
Lin
ked
Non
Par
ticip
atin
g-
Non
Lin
ked
Parti
cipa
ting
-Li
nked
Non
Par
ticip
atin
g-
B. N
et N
PA R
atio
Shar
ehol
ders
’ Fun
ds-
Polic
yhol
ders
’ Fun
ds-
Non
Lin
ked
Non
Par
ticip
atin
g-
Non
Lin
ked
Parti
cipa
ting
-Li
nked
Non
Par
ticip
atin
g-
For t
he y
ear e
nded
Mar
ch 3
1, 2
018
*Per
sist
ency
Ratio
sca
lcul
ated
are
inlin
ew
ithIR
DAci
rcul
arIR
DA/A
CT/
CIR
/MIS
C/0
35/0
1/20
14da
ted
Janu
ary
23,2
014
and
henc
ear
ew
itha
lag
ofon
em
onth
.The
pers
iste
ncy
ratio
sfo
rthe
year
ende
dM
arch
31,2
018
are
calc
ulat
edfo
rthe
polic
ies
issu
edin
Mar
chto
Febr
uary
per
iod
of th
e re
leva
nt y
ears
. For
inst
ance
, the
13t
h m
onth
per
sist
ency
for t
he p
revi
ous
year
is c
alcu
late
d fo
r the
pol
icie
s is
sued
from
Mar
ch 2
016
to F
ebru
ary
2017
. Gro
up b
usin
ess,
whe
re p
ersi
sten
cy is
mea
sura
ble,
has
bee
n in
clud
ed in
the
calc
ulat
ions
.
181
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dAn
nexu
re to
Sch
edul
e 16
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
Anne
xure
3Su
mm
ary
of F
inan
cial
Sta
tem
ents
( in
'000
)Pa
rtic
ular
s20
18-1
920
17-1
820
16-1
720
15-1
620
14-1
5PO
LIC
YHO
LDER
S' A
CC
OU
NT
1G
ross
Pre
miu
m In
com
e34
,907
,448
27
,810
,569
22
,947
,055
20
,599
,613
16
,570
,156
2
Net
Pre
miu
m In
com
e#34
,503
,642
27
,523
,074
22
,799
,996
20
,452
,906
16
,422
,612
3
Inco
me
from
inve
stm
ents
(Net
)@10
,543
,804
9,
937,
082
15
,130
,569
(2
68,2
65)
18,4
23,5
24
4O
ther
Inco
me
100,
548
83,2
84
46,8
42
29,2
62
6,04
5
4a
Con
tribu
tion
from
the
Shar
ehol
ders
to P
olic
yhol
der A
/c68
,631
42
,191
11
,401
10
3,84
3
24
5,70
2
5
Tota
l Inc
ome
45,2
16,6
25
37
,585
,631
37,9
88,8
08
20
,317
,746
35,0
97,8
83
6
Com
mis
sion
s1,
850,
047
1,
264,
009
68
7,19
9
54
7,16
3
48
7,46
5
7
Brok
erag
e-
-
-
-
-
8O
pera
ting
expe
nses
rela
ting
to in
sura
nce
busi
ness
incl
udin
g FB
T, P
rovi
sion
for D
oubt
ful d
ebts
, Bad
deb
t to
be w
ritte
n of
f (if
any)
, Pro
visi
on fo
r non
-sta
ndar
d as
sets
(if a
ny) a
nd G
ST/S
ervi
ce ta
x re
cove
red
on U
L C
harg
es4,
737,
820
4,
139,
227
3,
544,
937
3,
146,
818
2,
994,
371
9Pr
ovis
ion
for T
ax-
-
-
-
-
10
Tota
l Exp
ense
s6,
587,
867
5,
403,
236
4,
232,
136
3,
693,
981
3,
481,
836
11
Paym
ent t
o po
licyh
olde
rs*
16,0
74,6
49
17,8
60,5
26
17,8
38,2
01
17,4
33,8
28
17,3
88,1
50
12In
crea
se in
act
uaria
l lia
bilit
y9,
673,
303
7,
961,
710
6,
142,
165
5,
635,
795
58
9,73
3
13
Prov
isio
n fo
r Lin
ked
Liab
ilitie
s10
,143
,293
5,
132,
905
9,
001,
808
(7
,752
,023
)
12,7
55,3
36
14Su
rplu
s/De
ficit
from
ope
ratio
ns2,
737,
513
1,
227,
254
77
4,49
8
1,
306,
165
88
2,82
8
SHAR
EHO
LDER
S' A
CC
OU
NT
15To
tal I
ncom
e un
der S
hare
hold
ers'
Acc
ount
(inc
ludi
ng C
ontri
butio
n to
Pol
icyh
olde
rs fu
nd)
2,15
1,98
5
1,74
9,46
6
1,15
8,71
3
1,30
3,95
9
1,04
5,12
3
16To
tal E
xpen
ses
unde
r Sha
reho
lder
's A
ccou
nt50
0,01
8
71
,018
46
,045
43
,916
16
,133
17
Prof
it/Lo
ss b
efor
e ta
x1,
651,
967
1,
678,
448
1,
112,
668
1,
260,
043
1,
028,
990
18
Prov
isio
ns fo
r tax
-
-
-
-
-
19Pr
ofit/
Loss
afte
r tax
1,65
1,96
7
1,67
8,44
8
1,11
2,66
8
1,26
0,04
3
1,02
8,99
0
20Pr
ofit/
Loss
car
ried
to th
e ba
lanc
e sh
eet
54,2
08
(1,5
97,7
58)
(3
,276
,206
)
(4,3
88,8
74)
(5
,648
,917
)
MIS
CEL
LAN
EOU
S21
A) P
olic
yhol
ders
' acc
ount
Tota
l Fun
ds**
140,
046,
117
118,
933,
155
105,
789,
269
90,5
10,5
27
92,2
67,0
14
Tota
l Inv
estm
ents
13
9,44
1,07
4
11
9,23
9,36
6
10
6,08
2,56
0
91
,306
,696
92
,740
,156
Yi
eld
on in
vest
men
ts8.
2%8.
7%15
.4%
-0.3
%19
.9%
B) S
hare
hold
ers'
acc
ount
Tota
l Fun
ds10
,827
,452
9,
157,
541
7,
482,
374
6,
361,
126
5,
101,
083
To
tal I
nves
tmen
ts9,
095,
395
7,
636,
467
6,
755,
762
6,
549,
899
5,
093,
634
Yi
eld
on in
vest
men
ts (%
)4.
1%8.
3%7.
9%8.
1%8.
5%22
Yiel
d on
tota
l inv
estm
ents
(%)
7.9%
8.7%
15.0
%0.
2%19
.3%
23Pa
id u
p eq
uity
cap
ital
9,50
0,00
0
9,50
0,00
0
9,50
0,00
0
9,50
0,00
0
9,50
0,00
0
24N
et w
orth
10,8
27,4
52
9,15
7,54
1
7,48
2,37
4
6,36
1,12
6
5,10
1,08
3
25To
tal A
sset
s15
0,90
2,86
3
12
8,10
0,33
7
11
3,27
4,50
3
96
,871
,653
97
,368
,097
26
Earn
ings
per
sha
re(b
asic
) ()
1.74
1.
77
1.17
1.
33
1.08
27
Earn
ings
per
sha
re(d
ilute
d) (
)1.
74
1.77
1.
17
1.33
1.
08
28Bo
ok v
alue
per
sha
re (
)11
.40
9.64
7.
88
6.70
5.
37
#N
et o
f rei
nsur
ance
@N
et o
f los
ses
*In
clus
ive
of in
terim
& te
rmin
al b
onus
es, i
f any
**In
clus
ive
of F
unds
for f
utur
e ap
prop
riatio
n
182
Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedAnnexure to Schedule 16 for the year ended March 31, 2019
Annexure 4Related Party Transactions
Holding Company-Canara Bank
Fellow Subsidiaries-Canara Robeco Asset Management Company Limited-Canbank Venture Capital Fund Limited-Canbank Financial Services Limited-Canbank Factors Limited-Canbank Computer Services Limited-Canara Bank Securities Limited-Canbank Tanzania Limited
Substantial Interest-HSBC Insurance (Asia-Pacific) Holdings Limited-Oriental Bank of Commerce-The Hongkong and Shanghai Banking Corporation Limited-HSBC Software Development (India) Private Limited-HSBC Securities and Capital Markets (India) Private Limited
Entities managed by Fellow Subsidiaries/Associates-Canara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited)-HSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited)
Associates of Holding Company-Pragathi Krishna Gramin Bank-Can Fin Homes Limited-Kerala Gramin Bank
Significant Influence-Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited Group Gratuity Trust
Key Management Personnel-Mr Anuj Mathur - Managing Director & Chief Executive Officer
Note: Refer Schedule 16C - Note 10 for details of managerial remuneration to the Managing Director
183
Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedAnnexure to Schedule 16 for the year ended March 31, 2019
Annexure 4Related Party Transactions
( '000)
Nature of Transaction Holding Company Substantial Interest
Fellow Subsidiaries Others
Transactions during the yearIncomePremium IncomeCanara Bank 2,320,217 - - - Oriental Bank of Commerce - 718,085 - - The Hongkong and Shanghai Banking Corporation Limited - 19,421 - - Pragathi Krishna Gramin Bank - - - - Canara Robeco Asset Management Company Limited - - 939 - Can Fin Homes Limited - - - 109,467 HSBC Software Development (India) Pvt. Ltd. - 430,953 - - Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited Group Gratuity Trust - - - 13,375
Interest and Investment IncomeCan Fin Homes Limited - - - 3,945
Profit/(Loss) on sale of Mutual Fund UnitsCanara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited) - - - 6,651
HSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited) - - - 6,450
ExpensesReimbursement of ExpenditureCanara Bank 1,636 - - -
CommissionCanara Bank 951,153 - - Oriental Bank of Commerce - 662,403 - - The Hongkong and Shanghai Banking Corporation Limited - 153,032 - - Pragathi Krishna Gramin Bank - - - 37,612 Kerala Gramin Bank - - - 4,357 Can Fin Homes Limited - - - 7,968
Benefits PaidHSBC Software Development (India) Pvt. Ltd. - 77,814 - - Oriental Bank of Commerce - - - - Canara Bank 1,700,000 - - - Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited Group Gratuity Trust - - - 16,983
Contribution towards Gratuity PlanCanara HSBC Oriental Bank of Commerce Life Insurance Company Limited Group Gratuity Trust - - - 13,375
Purchase/(Sale) of Mutual fund UnitsHSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited) - - - 17,738,724 HSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited) - - - (17,706,844) Canara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited) - - - 17,738,724
Canara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited) - - - (17,837,046)
Purchase/(Sale/Maturity) of InvestmentsCan Fin Homes Limited - - - - Can Fin Homes Limited - - - - Canara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited) - - - 50,901
Canara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited) - - - (158,765)
HSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited) - - - 100,090 HSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited) - - - (106,343)
Estabishment, Consultancy and Other ExpensesCanara Bank 23,890 - - - Oriental Bank of Commerce - 3,254 - - The Hongkong and Shanghai Banking Corporation Limited - 788 - - Pragathi Krishna Gramin Bank - - - 231 Kerala Gramin Bank - - - 0
Brokerage ServicesCanara Bank Securities Limited - - 12,263 - HSBC Securities and Capital Markets (India) Private Limited - 8,590 - -
For the year ended March 31, 2019
184
Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedAnnexure to Schedule 16 for the year ended March 31, 2019
Annexure 4Related Party Transactions
( '000)
Nature of Transaction Holding Company Substantial Interest
Fellow Subsidiaries Others
For the year ended March 31, 2019
Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedAnnexure to schedule 16 fornthe year ended March 31, 2019
Annexure 4Related Party Transactions
( '000)
Nature of Transaction Holding Company Substantial Interest
Fellow Subsidiaries Others
Balances as at year endOutstanding Payables/(Receivables) (including commission)Canara Bank 133,103 - - - Canara Bank Securities Limited - - 200 - The Hongkong and Shanghai Banking Corporation Limited - 21,617 - - Pragathi Krishna Gramin Bank - - - 5,705 Oriental Bank of Commerce - 37,036 - - Kerala Gramin Bank - - - 1,895 Can Fin Homes Limited - - - 1,160 HSBC Securities and Capital Markets (India) Private Limited - 164 - -
InvestmentsHSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited) - - - 38,366 Can Fin Homes Limited - - - 50,374 Canara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited) - - - 38,364
Bank BalancesCanara Bank 374,688 - - - Oriental Bank of Commerce - 164,941 - - The Hongkong and Shanghai Banking Corporation Limited - 817,760 - - Pragathi Krishna Gramin Bank - - - 1,834 Kerala Gramin Bank - - - 66,137
For the year ended March 31, 2019
185
Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedAnnexure to Schedule 16 for the year ended March 31, 2019
Annexure 4Related Party Transactions
( '000)
Nature of Transaction Holding Company Substantial Interest Fellow Subsidiaries Others
Transactions during the yearIncomePremium IncomeCanara Bank 2,115,692 - - - Oriental Bank of Commerce - 176,742 - - The Hongkong and Shanghai Banking Corporation Limited - 19,474 - - Pragathi Krishna Gramin Bank - - - 40,000 Canara Robeco Asset Management Company Limited - - 774 - Can Fin Homes Limited - - - 79,920 HSBC Software Development (India) Pvt. Ltd. - 238,146 - - Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited Group Gratuity Trust - - - 1,182
Interest and Investment IncomeCan Fin Homes Limited - - - 7,132
Profit/(Loss) on sale of Mutual Fund UnitsCanara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited) - - - 7,863
HSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited) - - - 8,029
ExpensesReimbursement of ExpenditureCanara Bank 2,217 - - -
CommissionCanara Bank 778,102 - - - Oriental Bank of Commerce - 332,934 - - The Hongkong and Shanghai Banking Corporation Limited - 108,097 - - Pragathi Krishna Gramin Bank - - - 21,185 Kerala Gramin Bank - - - 5,366 Can Fin Homes Limited - - - 1,949
Benefits PaidHSBC Software Development (India) Pvt. Ltd. - 121,308 - - Oriental Bank of Commerce - 30,000 - - Canara Bank 940,000 - - - Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited Group Gratuity Trust - - - 17,096
Contribution towards Gratuity PlanCanara HSBC Oriental Bank of Commerce Life Insurance Company Limited Group Gratuity Trust - - - 1,182
Purchase/(Sale) of Mutual fund UnitsHSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited) - - - 29,832,000 HSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited) - - - (29,950,029) Canara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited) - - - 30,242,000
Canara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited) - - - (30,229,863)
Purchase/(Sale/Maturity) of InvestmentsCan Fin Homes Limited - - - 50,054 Can Fin Homes Limited - - - (50,000) Canara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited) - - - 106,565
HSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited) - - - -
Estabishment, Consultancy and Other ExpensesCanara Bank 11,795 - - - Oriental Bank of Commerce - 2,347 - - The Hongkong and Shanghai Banking Corporation Limited - 884 - - Pragathi Krishna Gramin Bank - - - 169 Kerala Gramin Bank - - - 2
Brokerage ServicesCanara Bank Securities Limited - - 7,898 - HSBC Securities and Capital Markets (India) Private Limited - 4,407 - -
For the year ended March 31, 2018
186
Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedAnnexure to Schedule 16 for the year ended March 31, 2019
Annexure 4Related Party Transactions
( '000)
Nature of Transaction Holding Company Substantial Interest Fellow Subsidiaries Others
Balances as at year endOutstanding Payables/(Receivables) (including commission)Canara Bank 60,014 - - - Canara Bank Securities Limited - - 72 - The Hongkong and Shanghai Banking Corporation Limited - 17,995 - - Pragathi Krishna Gramin Bank - - - 2,163 Oriental Bank of Commerce - 26,975 - - Kerala Gramin Bank - - - 2,942 Can Fin Homes Limited - - - 1,751 HSBC Securities and Capital Markets (India) Private Limited - - - -
Investments
HSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited) - - - -
Can Fin Homes Limited - - - 50,154 Canara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited) - - - 130,150
Bank BalancesCanara Bank 638,327 - - - Oriental Bank of Commerce - 294,538 - - The Hongkong and Shanghai Banking Corporation Limited - 570,467 - - Pragathi Krishna Gramin Bank - - - 5,795 Kerala Gramin Bank - - - 34,477
For the year ended March 31, 2018
187
Annexures to Schedule 16 for the year ended March 31, 2019Annexure 5
Change in Defined Benefit Obligations-Gratuity( '000)
Change in benefit obligationPresent Value of obligation at the beginning of the yearInterest CostService CostPast Service CostBenefits PaidActuarial (gain) / loss on ObligationPresent Value of obligation at the end of the year
Change in plan assetsFair value of plan assets at the beginning of the periodExpected Return On plan assetsContributionsBenefits PaidActuarial gain / (Loss) on Plan AssetsFair value of plan assets at the end of the period
Total Actuarial gain / (loss) to be recognised
Balance Sheet RecognitionPresent Value Of obligationFair Value Of Plan AssetsLiability / (Assets)Unrecognised Past Service CostLiability/ (Asset) recognised in the Balance Sheet
Expenses recognised during the current yearCurrent Service CostInterest CostExpected Return on plan assetsNet Actuarial (gain) / loss recognised in the yearPast Service Cost
Actual return on Plan assets
Enterprise best estimate of contribution during next year
Investment details of plan assetsPlan assets invested in insurer managed fundsAsset allocation:Debentures and BondsGovernment SecuritiesMutual FundsMoney Market instrumentsAdditional Tier 1 bondsOthers
AssumptionsDiscount RateReturn On Plan AssetsMortality table
Future Salary Increases
March 31, 2019 March 31, 2018 March 31, 2017 March 31, 2016 March 31, 2015Present Value of obligation 106,765 92,271 89,193 96,575 77,325 Plan assets 81,577 78,896 88,012 96,575 51,459 (Surplus)/ deficit 25,188 13,375 1,182 - 25,866 Experience adjustments (gain)/loss : - - - - - - on plan liabilities 3,509 2,749 (5,143) 4,874 7,497 - on plan assets 376 202 - (2,694) 295
1.0%0.1%
6.5% 3.5%
1.0%0.4%
100% 100%
50.8%38.2% 40.7%
54.4%
3.4% -
92,271 89,193 6,915 6,061
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited
Particulars For the year ended March 31, 2019
For the year ended March 31, 2018
(16,983) (17,096) 8,436 447
16,126 13,666 - -
78,896 88,012 5,913 6,596
106,765 92,271
376 202 81,577 78,896
13,375 1,182 (16,983) (17,096)
(8,060) (245)
25,188 13,375 - -
106,765 92,271 (81,577) (78,896)
16,126 13,666
25,188 13,375
8,060 245 - -
6,915 6,061 (5,913) (6,596)
Expenses recognised in Revenue account and Profit & Loss account under "Employees’ remuneration and welfare benefits"
25,188 13,375
39,240 28,325
6,289 6,798
Amounts of the present value of obligation, fair value of plan assets, surplus or deficit in the plan, experience adjustments arising on plan liabilities and plan assets forfive annual periods
ParticularsYear ended
8.0% p.a. 7.5% p.a.IALM (2006-08) IALM (2006-08)
6.6% p.a. 7.5% p.a.
6% p.a. for first 2 years, 7% p.a. thereafter
5% p.a. for first 3 years, 7% p.a. thereafter
188
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dAn
nexu
res
to S
ched
ule
16 fo
r the
yea
r end
ed M
arch
31,
201
9An
nexu
re 6
( '0
00)
Non
-Uni
tU
nit
Tota
lN
on-U
nit
Uni
tTo
tal
(1)
(2)
(3)=
(1) +
(2)
(4)
(5)
(6)=
(4) +
(5)
(7)=
(3) +
(6)
Prem
ium
s ea
rned
– n
et(a
) Pre
miu
m
889,
441
16,4
68,1
79
17,3
57,6
20
13,4
04
196,
656
210,
060
17,5
67,6
80
(b) R
eins
uran
ce c
eded
(88,
476)
-
(8
8,47
6)
-
-
-
(88,
476)
In
com
e fr
om In
vest
men
ts(a
) Int
eres
t, Di
vide
nd &
Ren
t - G
ross
101,
331
2,71
5,38
7
2,81
6,71
8
2,07
3
33
,863
35
,936
2,
852,
654
(b
) Pro
fit o
n sa
le/re
dem
ptio
n of
inve
stm
ents
42,0
65
8,57
2,37
6
8,61
4,44
1
552
13
7,48
9
13
8,04
1
8,
752,
482
(c
) Los
s on
sal
e/re
dem
ptio
n of
inve
stm
ents
(2,2
92)
(2,5
87,4
17)
(2
,589
,709
)
-
(37,
592)
(3
7,59
2)
(2,6
27,3
01)
(d
) Unr
ealis
ed g
ain/
(loss
)-
(1
,705
,417
)
(1,7
05,4
17)
-
(3
8,63
2)
(38,
632)
(1
,744
,049
)
Oth
er in
com
e(a
) Lin
ked
Inco
me
UL1
2,04
9,56
1
(2,0
49,5
61)
-
16
,564
(1
6,56
4)
-
-
(b) C
ontri
butio
n fro
m th
e Sh
areh
olde
rs' a
/c-
-
-
25
,863
-
25
,863
25
,863
(c
) Mis
cella
neou
s In
com
e28
,051
-
28
,051
50
1
-
501
28
,552
TO
TAL
(A)
3,01
9,68
1
21,4
13,5
47
24
,433
,228
58,9
57
275,
220
334,
177
24,7
67,4
05
C
omm
issi
on
401,
003
-
401,
003
7,11
1
-
7,
111
408,
114
Ope
ratin
g Ex
pens
es re
late
d to
Insu
ranc
e Bu
sine
ss1,
589,
207
-
1,
589,
207
32
,272
-
32
,272
1,
621,
479
G
ST /
Serv
ice
tax
reco
vere
d on
ULI
P ch
arge
s-
53
3,51
6
53
3,51
6
-
4,
996
4,99
6
53
8,51
2
Pr
ovis
ion
for D
oubt
ful d
ebts
175
-
17
5
-
-
-
175
Ba
d de
bt to
be
writ
ten
off
-
-
-
-
-
-
-
Prov
isio
n fo
r Tax
atio
n -
-
-
-
-
-
-
Pr
ovis
ion
for n
on-s
tand
ard
asse
ts-
12
5,00
0
12
5,00
0
-
-
-
12
5,00
0
TO
TAL
(B)
1,99
0,38
5
658,
516
2,64
8,90
1
39,3
83
4,99
6
44
,379
2,
693,
280
Be
nefit
s Pa
id (N
et)
UL2
231,
770
10,5
83,1
33
10,8
14,9
03
211
29
8,83
2
29
9,04
3
11
,113
,946
In
terim
Bon
us P
aid
-
-
-
-
-
-
-
Cha
nge
in v
alua
tion
of li
abili
ty in
resp
ect o
f life
pol
icie
s94
,802
10
,171
,898
10
,266
,700
(1
2,55
6)
(28,
608)
(4
1,16
4)
10,2
25,5
36
TOTA
L (C
)32
6,57
2
20
,755
,031
21,0
81,6
03
(1
2,34
5)
270,
224
257,
879
21,3
39,4
82
SU
RPL
US/
(DEF
ICIT
) (D
) =(A
)-(B
)-(C
)70
2,72
4
-
70
2,72
4
31
,919
-
31
,919
73
4,64
3
AP
PRO
PRIA
TIO
NS
Tran
sfer
to S
hare
hold
ers'
a/c
702,
724
-
702,
724
31,9
19
-
31,9
19
734,
643
Fund
s av
aila
ble
for f
utur
e ap
prop
riatio
ns-
-
-
-
-
-
-
To
tal (
D)
702,
724
-
702,
724
31,9
19
-
31,9
19
734,
643
Polic
yhol
ders
' Acc
ount
(Tec
hnic
al A
ccou
nt):
Brea
k up
of U
nit L
inke
d Bu
sine
ss (U
L)
For t
he y
ear e
nded
Mar
ch 3
1, 2
019
Part
icul
ars
Sche
dule
Link
ed L
ifeLi
nked
Pen
sion
Tota
l Uni
t Lin
ked
189
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dAn
nexu
res
to S
ched
ule
16 fo
r the
yea
r end
ed M
arch
31,
201
9
Anne
xure
6
( '0
00)
Non
-Uni
tU
nit
Tota
lN
on-U
nit
Uni
tTo
tal
(1)
(2)
(3)=
(1) +
(2)
(4)
(5)
(6)=
(4) +
(5)
(7)=
(3) +
(6)
Prem
ium
s ea
rned
– n
et(a
) Pre
miu
m
856,
800
14,9
07,0
41
15,7
63,8
41
7,02
9
14
9,35
2
15
6,38
1
15
,920
,222
(b
) Rei
nsur
ance
ced
ed(8
8,38
9)
-
(88,
389)
-
-
-
(8
8,38
9)
Inco
me
from
Inve
stm
ents
(a) I
nter
est,
Divi
dend
& R
ent -
Gro
ss10
5,47
0
2,
570,
622
2,
676,
092
2,
238
32,0
56
34,2
94
2,71
0,38
6
(b) P
rofit
on
sale
/rede
mpt
ion
of in
vest
men
ts18
,592
6,
375,
179
6,
393,
771
57
4
127,
219
127,
793
6,52
1,56
4
(c) L
oss
on s
ale/
rede
mpt
ion
of in
vest
men
ts-
(1
,352
,081
)
(1,3
52,0
81)
-
(2
2,14
4)
(22,
144)
(1
,374
,225
)
(d) U
nrea
lised
gai
n/(lo
ss)
-
(471
,495
)
(4
71,4
95)
-
(17,
420)
(1
7,42
0)
(488
,915
)
O
ther
inco
me
(a) L
inke
d In
com
eU
L11,
901,
547
(1
,901
,547
)
-
16,0
78
(16,
078)
-
-
(b
) Con
tribu
tion
from
the
Shar
ehol
ders
' a/c
-
-
-
42,1
91
-
42,1
91
42,1
91
(c) M
isce
llane
ous
Inco
me
28,7
13
-
28,7
13
435
-
43
5
29,1
48
TOTA
L (A
)2,
822,
733
20
,127
,719
22,9
50,4
52
68
,545
25
2,98
5
32
1,53
0
23
,271
,982
Com
mis
sion
33
9,51
9
-
33
9,51
9
5,
162
-
5,16
2
34
4,68
1
O
pera
ting
Expe
nses
rela
ted
to In
sura
nce
Busi
ness
1,70
3,01
3
-
1,70
3,01
3
25,5
80
-
25,5
80
1,72
8,59
3
GST
/ Se
rvic
e ta
x re
cove
red
on U
LIP
char
ges
-
481,
202
481,
202
-
4,03
3
4,
033
485,
235
Prov
isio
n fo
r Dou
btfu
l deb
ts64
4
-
644
-
-
-
64
4
Bad
debt
to b
e w
ritte
n of
f-
-
-
-
-
-
-
Pr
ovis
ion
for T
axat
ion
-
-
-
-
-
-
-
Prov
isio
n fo
r non
-sta
ndar
d as
sets
-
-
-
-
-
-
-
TOTA
L (B
)2,
043,
176
48
1,20
2
2,
524,
378
30
,742
4,
033
34
,775
2,
559,
153
Be
nefit
s Pa
id (N
et)
UL2
202,
110
14,4
55,8
81
14,6
57,9
91
91
30
6,68
2
30
6,77
3
14
,964
,764
In
terim
Bon
us P
aid
-
-
-
-
-
-
-
Cha
nge
in v
alua
tion
of li
abili
ty in
resp
ect o
f life
pol
icie
s(2
36,7
54)
5,19
0,63
6
4,95
3,88
2
17,1
01
(57,
730)
(4
0,62
9)
4,91
3,25
3
TOTA
L (C
)(3
4,64
4)
19
,646
,517
19,6
11,8
73
17
,192
24
8,95
2
26
6,14
4
19
,878
,017
SUR
PLU
S/ (D
EFIC
IT) (
D) =
(A)-
(B)-
(C)
814,
201
-
814,
201
20,6
11
-
20,6
11
834,
812
APPR
OPR
IATI
ON
STr
ansf
er to
Sha
reho
lder
s' a
/c81
4,20
1
-
81
4,20
1
20
,611
-
20
,611
83
4,81
2
Fu
nds
avai
labl
e fo
r fut
ure
appr
opria
tions
-
-
-
-
-
-
-
Tota
l (D
)81
4,20
1
-
81
4,20
1
20
,611
-
20
,611
83
4,81
2
Polic
yhol
ders
' Acc
ount
(Tec
hnic
al A
ccou
nt):
Brea
k up
of U
nit L
inke
d Bu
sine
ss (U
L)
For t
he y
ear e
nded
Mar
ch 3
1, 2
018
Part
icul
ars
Sche
dule
Link
ed L
ifeLi
nked
Pen
sion
Tota
l Uni
t Lin
ked
190
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dAn
nexu
res
to S
ched
ule
16 fo
r the
yea
r end
ed M
arch
31,
201
9An
nexu
re 6
Sche
dule
-UL1
Link
ed In
com
e (r
ecov
ered
from
link
ed fu
nds)
*(
'000
)
Life
Lin
ked
Uni
tPe
nsio
n Li
nked
U
nit
Tota
l(1
)(2
)(3
)= (1
)+(2
)Fu
nd M
anag
emen
t cha
rge
1,08
2,58
3
15,2
08
1,
097,
791
Polic
y Ad
min
istra
tion
char
ge16
7,90
2
1,
456
169,
358
Surre
nder
cha
rge
34,2
15
(409
)
33
,806
Sw
itchi
ng c
harg
e97
-
9
7 M
orta
lity
char
ge76
4,42
7
28
0
764,
707
Ride
r Pre
miu
m c
harg
e-
-
-
Pa
rtial
with
draw
al c
harg
e0
-
0
M
isce
llane
ous
char
ge33
7
29
3
66
TOTA
L (U
L-1)
2,04
9,56
1
16,5
64
2,06
6,12
5
* (ne
t of G
ST/ s
ervi
ce ta
x, if
any
)
( '0
00)
Life
Lin
ked
Uni
tPe
nsio
n Li
nked
U
nit
Tota
l
(1)
(2)
(3)=
(1)+
(2)
Fund
Man
agem
ent c
harg
e1,
028,
152
15
,707
1,04
3,85
9 Po
licy
Adm
inis
tratio
n ch
arge
149,
852
1,16
8
15
1,02
0 Su
rrend
er c
harg
e30
,935
(9
39)
29,9
96
Switc
hing
cha
rge
3
-
3
Mor
talit
y ch
arge
692,
125
103
69
2,22
8 Ri
der P
rem
ium
cha
rge
-
-
-
Parti
al w
ithdr
awal
cha
rge
-
-
-
Mis
cella
neou
s ch
arge
480
39
519
TOTA
L (U
L-1)
1,90
1,54
7
16,0
78
1,91
7,62
5
* (ne
t of G
ST/ s
ervi
ce ta
x, if
any
)
Sche
dule
s fo
rmin
g pa
rt o
f Pol
icyh
olde
rs' A
ccou
nt (U
L) fo
r the
yea
r end
ed M
arch
31,
201
9
For
the
year
end
ed M
arch
31,
201
9
Part
icul
ars
For t
he y
ear e
nded
Mar
ch 3
1, 2
018
Part
icul
ars
191
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dAn
nexu
res
to S
ched
ule
16 fo
r the
yea
r end
ed M
arch
31,
201
9An
nexu
re 6
Sche
dule
s fo
rmin
g pa
rt o
f Pol
icyh
olde
rs' A
ccou
nt (U
L) fo
r the
yea
r end
ed M
arch
31,
201
9
Sche
dule
–UL2
BEN
EFIT
S PA
ID [N
ET]
( '0
00)
Non
Uni
tU
nit
Link
ed L
ifeN
on-U
nit
Uni
tLi
nked
Pen
sion
(1)
(2)
(3)=
(1)+
(2)
(4)
(5)
(6)=
(4)+
(5)
(7)=
(3)+
(6)
1In
sura
nce
Cla
ims
(a)
Cla
ims
by D
eath
26
4,65
1
12
9,66
7
39
4,31
8
21
1
3,24
4
3,
455
397,
773
(b)
Cla
ims
by M
atur
ity-
50
,549
50
,549
-
72
,294
72
,294
12
2,84
3
(c
)An
nuiti
es /
Pens
ion
paym
ent
-
-
-
-
-
-
-
(d)
Oth
er b
enef
its -
Sur
rend
er &
Oth
ers
2,32
9
8,
190,
930
8,
193,
259
-
22
3,29
4
22
3,29
4
8,
416,
553
-
With
draw
als
-
2,21
1,98
7
2,21
1,98
7
-
-
-
2,21
1,98
7
Sub
Tota
l (A)
266,
980
10,5
83,1
33
10
,850
,113
211
29
8,83
2
29
9,04
3
11
,149
,156
2Am
ount
Ced
ed in
rein
sura
nce
(a)
Cla
ims
by D
eath
35
,210
-
35
,210
-
-
-
35
,210
(b
)C
laim
s by
Mat
urity
-
-
-
-
-
-
-
(c)
Annu
ities
/ Pe
nsio
n pa
ymen
t-
-
-
-
-
-
-
(d
)O
ther
ben
efits
-
-
-
-
-
-
-
Sub
Tota
l (B)
35,2
10
-
35,2
10
-
-
-
35,2
10
TOTA
L (A
) - (B
)23
1,77
0
10
,583
,133
10,8
14,9
03
21
1
298,
832
299,
043
11,1
13,9
46
Be
nefit
s pa
id to
cla
iman
ts:
In In
dia
231,
770
10,5
83,1
33
10,8
14,9
03
211
29
8,83
2
29
9,04
3
11
,113
,946
O
utsi
de In
dia
-
-
-
-
-
-
-
TOTA
L (U
L2)
231,
770
10,5
83,1
33
10
,814
,903
211
29
8,83
2
29
9,04
3
11
,113
,946
( '0
00)
Non
Uni
tU
nit
Link
ed L
ifeN
on-U
nit
Uni
tLi
nked
Pen
sion
(1)
(2)
(3)=
(1)+
(2)
(4)
(5)
(6)=
(4)+
(5)
(7)=
(3)+
(6)
1In
sura
nce
Cla
ims
(a)
Cla
ims
by D
eath
21
6,86
0
10
2,01
4
31
8,87
4
91
1,48
0
1,
571
320,
445
(b)
Cla
ims
by M
atur
ity-
-
-
-
3,
126
3,12
6
3,
126
(c)
Annu
ities
/ Pe
nsio
n pa
ymen
t-
-
-
-
-
-
-
(d
)O
ther
ben
efits
- S
urre
nder
& O
ther
s(4
28)
11
,811
,398
11
,810
,970
-
30
2,07
6
30
2,07
6
12
,113
,046
-
With
draw
als
-
2,54
2,46
9
2,54
2,46
9
-
-
-
2,54
2,46
9
Sub
Tota
l (A)
216,
432
14,4
55,8
81
14
,672
,313
91
30
6,68
2
30
6,77
3
14
,979
,086
2Am
ount
Ced
ed in
rein
sura
nce
(a)
Cla
ims
by D
eath
14
,322
-
14
,322
-
-
-
14
,322
(b
)C
laim
s by
Mat
urity
-
-
-
-
-
-
-
(c)
Annu
ities
/ Pe
nsio
n pa
ymen
t-
-
-
-
-
-
-
(d
)O
ther
ben
efits
-
-
-
-
-
-
-
Sub
Tota
l (B)
14,3
22
-
14,3
22
-
-
-
14,3
22
TOTA
L (A
) - (B
)20
2,11
0
14
,455
,881
14,6
57,9
91
91
306,
682
306,
773
14,9
64,7
64
Be
nefit
s pa
id to
cla
iman
ts:
In In
dia
202,
110
14,4
55,8
81
14,6
57,9
91
91
30
6,68
2
30
6,77
3
14
,964
,764
O
utsi
de In
dia
-
-
-
-
-
-
-
TOTA
L (U
L2)
202,
110
14,4
55,8
81
14
,657
,991
91
30
6,68
2
30
6,77
3
14
,964
,764
For
the
year
end
ed M
arch
31,
201
9 Sl
. N
o.Pa
rtic
ular
sLi
nked
Life
Link
ed P
ensi
onTo
tal U
nit L
inke
d
For t
he y
ear e
nded
Mar
ch 3
1, 2
018
Sl.
No.
Part
icul
ars
Link
ed L
ifeLi
nked
Pen
sion
Tota
l Uni
t Lin
ked
192
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dR
egis
trat
ion
No.
: 13
6; D
ate
of R
egis
trat
ion
: May
8, 2
008
Ann
exur
es to
Sch
edul
e 16
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
Ann
exur
e 6
Uni
t Lin
ked
Dis
clos
ures
- Fun
d B
alan
ce S
heet
Form
A -
BS
(UL)
Fund
Bal
ance
She
et fo
r the
yea
r end
ed M
arch
31,
201
9 (
'000
)
Fund
Nam
eSc
hedu
leB
alan
ced
Fund
Deb
t Fun
dEq
uity
Fun
dG
row
th F
und
Liqu
id F
und
Equi
ty-II
Fun
dG
row
th-II
Fu
ndB
alan
ced-
II Fu
ndB
alan
ced
Plus
Fu
ndG
row
th P
lus
Fund
Deb
t Plu
s Fu
nd
NA
V G
uara
ntee
Fu
nd
Dis
cont
inue
d Po
licy
Fund
Pens
ion
Gro
wth
Fun
d
Indi
a M
ulti-
Cap
Equ
ity
Fund
Pens
ion
Dis
cont
inue
d Po
licy
Fund
Emer
ging
Le
ader
s Eq
uity
Fun
dTo
tal
SFIN
ULI
F003
16/0
6/0
8BLN
CED
FU
ND
136
ULI
F004
09/0
7/0
8IN
DEB
TFU
ND
136
ULI
F001
16/0
6/0
8EQ
UIT
YFU
ND
136
ULI
F002
16/0
6/0
8GR
OW
THF
UN
D13
6
ULI
F005
14/0
7/0
8LIQ
UID
FUN
D13
6
ULI
F006
07/0
1/1
0EQ
UTY
IIFN
D1
36
ULI
F007
07/0
1/1
0GR
OW
TIIF
ND
136
ULI
F008
07/0
1/1
0BLN
CD
IIFN
D13
6
ULI
F010
13/0
9/10
BLN
CD
PLFN
D13
6
ULI
F009
13/0
9/1
0GR
OW
TPL
FND
136
ULI
F011
15/0
9/1
0DEB
TPLF
UN
D13
6
ULI
F012
15/0
4/1
1NA
VGFU
ND
SI13
6
ULI
F013
19/0
9/1
1PO
LDIS
CF
ND
136
ULI
F014
05/1
1/1
5PEN
SGR
OFN
D13
6
ULI
F018
16/0
8/1
6IM
CA
PEQ
FND
136
ULI
F017
05/1
1/1
5PEN
SDIS
FN
D13
6
ULI
F020
20/1
2/1
7EM
LED
EQFN
D13
6So
urce
s of
Fun
ds
Polic
yhol
ders
' Fun
ds:
Polic
yhol
der c
ontri
butio
nF-
1(6
64,1
63)
25
5,86
6
(2
,230
,793
)
(2
84,2
09)
1,
926,
739
11
,939
,422
19
0,54
9
38
2,11
8
14
,396
,901
2,
927,
973
3,
621,
092
50
5,89
5
3,
227,
203
21
8,42
2
7,
570,
230
18
,027
466,
942
44,4
68,2
13
R
even
ue A
ccou
nt3,
550,
153
2,
071,
223
9,
164,
043
1,
755,
754
39
3,63
7
12
,911
,147
1,
191,
553
3,
035,
839
6,
941,
506
1,
909,
450
1,
573,
650
1,
156,
866
2,
243,
391
9,
121
34
8,02
1
44
2
2,
012
48
,257
,808
Tota
l2,
885,
990
2,
327,
089
6,
933,
250
1,
471,
545
2,
320,
376
24
,850
,569
1,
382,
102
3,
417,
957
21
,338
,407
4,
837,
423
5,
194,
742
1,
662,
761
5,
470,
594
22
7,54
3
7,
918,
251
18
,469
468,
954
92,7
26,0
21
App
licat
ion
of F
unds
Inve
stm
ents
F-2
2,84
4,05
5.83
2,
293,
471.
01
6,93
8,40
0
1,44
3,49
1
2,11
1,15
6
24,6
40,7
54
1,38
2,11
3
3,35
4,57
8
20,8
62,3
65
4,75
6,46
9
5,05
6,51
1
1,61
6,19
4
5,45
2,69
9
208,
077
7,57
9,05
4
17,5
29
39
7,75
9
90
,954
,675
Cur
rent
Ass
ets
F-3
58,5
65
45
,658
60,2
82
33
,549
221,
721
234,
460
8,
303
74
,037
554,
364
94,8
84
15
7,45
0
50
,468
47,9
53
19
,888
356,
235
940
75,8
36
2,
094,
595
Le
ss: C
urre
nt L
iabi
lities
and
Pr
ovis
ions
F-4
16,6
31
12
,040
65,4
32
5,
495
12
,501
24,6
45
8,31
4
10,6
58
78
,322
13
,930
19,2
19
3,
901
30
,058
422
17,0
38
-
4,64
1
323,
249
Net
cur
rent
ass
ets
41,9
34
33
,618
(5,1
50)
28
,054
209,
220
209,
815
(1
1)
63
,379
476,
042
80,9
54
13
8,23
1
46
,567
17,8
95
19
,466
339,
197
940
71,1
95
1,
771,
346
Tota
l2,
885,
990
2,
327,
089
6,
933,
250
1,
471,
545
2,
320,
376
24
,850
,569
1,
382,
102
3,
417,
957
21
,338
,407
4,
837,
423
5,
194,
742
1,
662,
761
5,
470,
594
22
7,54
3
7,
918,
251
18
,469
468,
954
92,7
26,0
21
Net
Ass
et V
alue
(NA
V) p
er U
nit:
25.9
287
24.1
456
26.0
684
25.8
532
21.0
200
21.2
922
21
.987
8
20
.846
6
18
.280
3
18
.708
7
18
.347
7
18
.592
8
16
.852
0
11
.273
5
13
.380
9
10
.772
0
9.
4567
(a)
Net
Ass
et a
s pe
r Bal
ance
Sh
eet (
Tota
l Ass
ets
less
Cur
rent
Li
abilit
ies
and
Prov
isio
ns)
2,88
5,99
0
2,32
7,08
9
6,93
3,25
0
1,47
1,54
5
2,32
0,37
6
24,8
50,5
69
1,38
2,10
2
3,41
7,95
7
21,3
38,4
07
4,83
7,42
3
5,19
4,74
2
1,66
2,76
1
5,47
0,59
4
227,
543
7,91
8,25
1
18,4
69
46
8,95
4
92
,726
,021
(b)
Num
ber o
f Uni
ts o
utst
andi
ng11
1,30
4,85
4
96,3
77,3
62
26
5,96
3,76
5
56,9
19,2
78
11
0,38
8,97
0
1,16
7,12
0,75
4
62,8
57,6
55
16
3,95
7,51
3
1,16
7,28
9,77
4
258,
565,
403
28
3,12
7,67
7
89,4
30,3
50
32
4,62
5,79
1
20,1
83,8
94
59
1,75
7,72
6
1,71
4,54
2
49,5
89,6
01
(c)
NAV
per
Uni
t (a)
/(b) (
)̀25
.928
7
24
.145
6
26
.068
4
25
.853
2
21
.020
0
21
.292
2
21.9
878
20.8
466
18.2
803
18.7
087
18.3
477
18.5
928
16.8
520
11.2
735
13.3
809
10.7
720
9.45
67
Not
e : A
s pe
r IR
DAI
(Inve
stm
ent)
Reg
ulat
ions
, 201
6, P
olic
yhol
ders
Unc
laim
ed M
onie
s Fu
nd (S
FIN
- U
LIF0
1901
/04/
16U
NC
LAIM
FND
136)
is s
how
n as
par
t of C
urre
nt A
sset
s in
the
Bal
ance
She
et, h
ence
not
con
side
red
for a
bove
dis
clos
ure.
193
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dR
egis
trat
ion
No.
: 13
6; D
ate
of R
egis
trat
ion
: May
8, 2
008
Ann
exur
es to
Sch
edul
e 16
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
Ann
exur
e 6
Uni
t Lin
ked
Dis
clos
ures
- Fun
d R
even
ue A
ccou
ntFo
rm A
- R
A (U
L)R
even
ue A
ccou
nt fo
r the
yea
r end
ed M
arch
31,
201
9 (
'000
)
Fund
Nam
eSc
hed
ule
Bal
ance
d Fu
ndD
ebt F
und
Equi
ty F
und
Gro
wth
Fun
dLi
quid
Fun
dEq
uity
-II
Fund
Gro
wth
-II
Fund
Bal
ance
d-II
Fund
Bal
ance
d Pl
us F
und
Gro
wth
Plu
s Fu
ndD
ebt P
lus
Fund
NA
V G
uara
ntee
Fu
nd
Dis
cont
inue
d Po
licy
Fund
Pens
ion
Gro
wth
Fun
d
Indi
a M
ulti-
Cap
Equ
ity
Fund
Pens
ion
Dis
cont
inue
d Po
licy
Fund
Emer
ging
Le
ader
s Eq
uity
Fun
dTo
tal
SFIN
ULI
F003
16/0
6/0
8BLN
CED
FU
ND
136
ULI
F004
09/0
7/0
8IN
DEB
TFU
ND
136
ULI
F001
16/0
6/0
8EQ
UIT
YFU
ND
136
ULI
F002
16/0
6/0
8GR
OW
THFU
ND
136
ULI
F005
14/0
7/0
8LIQ
UID
FUN
D13
6
ULI
F006
07/0
1/1
0EQ
UTY
IIFN
D13
6
ULI
F007
07/0
1/1
0GR
OW
TIIF
ND
136
ULI
F008
07/0
1/1
0BLN
CD
IIFN
D13
6
ULI
F010
13/0
9/1
0BLN
CD
PLFN
D13
6
ULI
F009
13/0
9/1
0GR
OW
TPL
FND
136
ULI
F011
15/0
9/1
0DEB
TPLF
UN
D13
6
ULI
F012
15/0
4/1
1NA
VGFU
ND
SI13
6
ULI
F013
19/0
9/1
1PO
LDIS
CF
ND
136
ULI
F014
05/1
1/1
5PEN
SGR
OFN
D13
6
ULI
F018
16/0
8/1
6IM
CA
PEQ
FND
136
ULI
F017
05/1
1/1
5PEN
SDIS
FN
D13
6
ULI
F020
20/1
2/1
7EM
LED
EQFN
D13
6
Inco
me
from
inve
stm
ents
Inte
rest
inco
me
106,
926
178,
634
2,80
1
18,0
62
13
7,86
2
10
,763
15,8
26
11
8,37
1
67
8,81
8
51
,235
386,
082
97,1
61
35
0,99
5
6,
092
7,
855
45
0
38
9
2,
168,
322
Div
iden
d in
com
e18
,627
-
73
,856
13,9
65
-
229,
680
12,5
82
21
,182
119,
215
40,4
43
-
4,96
0
-
50
5
44
,673
-
1,
239
58
0,92
7
Prof
it on
sal
e of
inve
stm
ent
286,
467
18,3
84
1,
651,
815
24
2,64
1
3,
973
3,
829,
077
18
4,86
4
29
0,95
7
1,
294,
084
55
1,30
1
31
,752
183,
776
6
900
91,0
95
-
9,14
3
8,67
0,23
5
Lo
ss o
n sa
le o
f inv
estm
ent
(84,
539)
(29,
959)
(336
,114
)
(67,
370)
(3,2
24)
(8
42,2
49)
(5
6,31
0)
(9
5,51
0)
(5
44,1
85)
(1
85,2
72)
(7
4,86
8)
(1
7,26
1)
(1
4,55
4)
(2
,948
)
(240
,528
)
-
(1
0,91
6)
(2
,605
,807
)
Pr
ofit
on in
ter f
und
trans
fer/
sal
e of
in
vest
men
t1,
205
10
,244
3,47
4
-
-
12,6
23
15
-
133
37
11,8
99
-
-
-
-
-
-
39
,630
Loss
on
inte
r fun
d tra
nsfe
r/ s
ale
of
inve
stm
ent
(45)
(5,2
96)
-
-
-
-
(1
97)
(513
)
(1
,369
)
-
(1
1,74
9)
-
-
(3
1)
-
-
-
(19,
200)
Mis
cella
neou
s In
com
e-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
U
nrea
lised
Gai
n/lo
ss*
(105
,947
)
17,9
99
(6
22,8
17)
(9
3,23
8)
(5
,104
)
(973
,439
)
(53,
406)
(88,
301)
(64,
355)
(145
,128
)
58,3
11
(1
37,6
72)
12
,499
5,69
2
445,
317
25
5,51
5
(1,7
44,0
49)
Prov
isio
ns fo
r dim
inut
ion
in th
e va
lue
of in
vest
men
ts(in
clud
ing
non-
perfo
rmin
g in
vest
men
ts)
(2,5
00)
-
-
-
(87,
500)
-
-
(3,7
50)
(1
8,75
0)
-
(12,
500)
-
-
-
-
-
-
(125
,000
)
Tota
l (A
)22
0,19
4
19
0,00
6
77
3,01
5
11
4,06
0
46
,007
2,26
6,45
5
103,
374
242,
436
1,46
3,59
1
312,
616
388,
927
130,
964
348,
946
10,2
10
34
8,41
2
47
5
5,
370
6,
965,
057
Fund
man
agem
ent e
xpen
ses
39,1
51
22
,664
122,
113
22,5
87
15
,570
301,
258
16,1
65
37
,479
266,
901
59,7
83
67
,438
29,3
66
26
,486
2,21
2
65,6
91
33
2,
895
1,
097,
792
GST
/Ser
vice
tax
7,04
7
4,07
9
21,9
80
4,
066
2,
802
54
,226
2,91
0
6,74
6
48,0
42
10
,760
12,1
39
5,
286
4,
767
39
8
11
,825
6
521
197,
600
Fu
nd a
dmin
istra
tion
expe
nses
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Oth
er C
harg
esF-
5-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
To
tal (
B)
46,1
98
26
,743
144,
093
26,6
53
18
,372
355,
484
19,0
75
44
,225
314,
943
70,5
43
79
,577
34,6
52
31
,253
2,61
0
77,5
16
39
3,
416
1,
295,
392
Net
Inco
me
for t
he y
ear (
A-B
)17
3,99
6
16
3,26
3
62
8,92
2
87
,407
27,6
35
1,
910,
971
84
,299
198,
211
1,14
8,64
8
242,
073
309,
350
96,3
12
31
7,69
3
7,
600
27
0,89
6
43
6
1,
954
5,
669,
665
Add:
Fun
d re
venu
e ac
coun
t at t
he
begi
nnin
g of
the
perio
d3,
376,
157
1,
907,
960
8,
535,
121
1,
668,
347
36
6,00
2
11
,000
,176
1,10
7,25
4
2,83
7,62
8
5,79
2,85
8
1,66
7,37
7
1,26
4,30
0
1,06
0,55
4
1,92
5,69
8
1,52
1
77,1
25
6
58
42
,588
,143
3,55
0,15
3
2,07
1,22
3
9,16
4,04
3
1,75
5,75
4
393,
637
12,9
11,1
47
1,
191,
553
3,
035,
839
6,
941,
506
1,
909,
450
1,
573,
650
1,
156,
866
2,
243,
391
9,
121
34
8,02
1
44
2
2,
012
48
,257
,808
* Net
cha
nge
in m
ark
to m
arke
t val
ue o
f inv
estm
ents
Fund
reve
nue
acco
unt a
t the
end
of t
he
year
Mar
31,
201
9
194
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dR
egis
trat
ion
No.
: 13
6; D
ate
of R
egis
trat
ion
: May
8, 2
008
Ann
exur
es to
Sch
edul
e 16
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
Ann
exur
e 6
Uni
t Lin
ked
Dis
clos
ures
- Fun
d B
alan
ce S
heet
Form
A -
BS
(UL)
Fund
Bal
ance
She
et fo
r the
yea
r end
ed M
arch
31,
201
8 (
'000
)
Fund
Nam
eSc
hed
ule
Bal
ance
d Fu
ndD
ebt F
und
Equi
ty F
und
Gro
wth
Fun
dLi
quid
Fun
dEq
uity
-II F
und
Gro
wth
-II
Fund
Bal
ance
d-II
Fund
Bal
ance
d Pl
us
Fund
Gro
wth
Plu
s Fu
ndD
ebt P
lus
Fund
NA
V G
uara
ntee
Fu
nd
Dis
cont
inue
d Po
licy
Fund
Pens
ion
Gro
wth
Fun
d
Indi
a M
ulti-
Cap
Equ
ity
Fund
Pens
ion
Dis
cont
inue
d Po
licy
Fund
Emer
ging
Le
ader
s Eq
uity
Fun
dTo
tal
SFIN
ULI
F003
16/0
6/0
8BLN
CED
FU
ND
136
ULI
F004
09/0
7/0
8IN
DEB
TFU
ND
136
ULI
F001
16/0
6/0
8EQ
UIT
YFU
ND
136
ULI
F002
16/0
6/0
8GR
OW
THFU
ND
136
ULI
F005
14/0
7/0
8LIQ
UID
FUN
D13
6
ULI
F006
07/0
1/10
EQU
TYIIF
ND
136
ULI
F007
07/0
1/1
0GR
OW
TIIF
ND
136
ULI
F008
07/0
1/1
0BLN
CD
IIFN
D13
6
ULI
F010
13/0
9/1
0BLN
CD
PLFN
D13
6
ULI
F009
13/0
9/1
0GR
OW
TPL
FND
136
ULI
F011
15/0
9/1
0DEB
TPLF
UN
D13
6
ULI
F012
15/0
4/1
1NA
VGFU
ND
SI13
6
ULI
F013
19/0
9/1
1PO
LDIS
CF
ND
136
ULI
F014
05/1
1/1
5PEN
SGR
OFN
D13
6
ULI
F018
16/0
8/1
6IM
CA
PEQ
FND
136
ULI
F017
05/1
1/1
5PEN
SDIS
FN
D13
6
ULI
F020
20/1
2/1
7EM
LED
EQFN
D13
6So
urce
s of
Fun
ds
Polic
yhol
ders
' Fun
ds:
Polic
yhol
der c
ontri
butio
nF-
1(2
26,2
22)
42
2,46
1
(1
,159
,973
)
(8
2,82
7)
1,
436,
322
11
,480
,029
26
3,99
8
66
1,34
9
13
,884
,500
2,
748,
802
3,
871,
251
75
1,98
6
2,
644,
811
10
1,31
0
3,
107,
082
78
5
88
,921
39,9
94,5
85
R
even
ue A
ccou
nt3,
376,
157
1,
907,
960
8,
535,
121
1,
668,
347
36
6,00
2
11
,000
,176
1,
107,
254
2,
837,
628
5,
792,
859
1,66
7,37
7
1,26
4,30
0
1,06
0,55
4
1,92
5,69
8
1,52
1
77,1
25
6
58
42
,588
,143
Tota
l3,
149,
935
2,
330,
421
7,
375,
148
1,
585,
520
1,
802,
324
22
,480
,205
1,
371,
252
3,
498,
977
19
,677
,359
4,
416,
179
5,
135,
551
1,
812,
540
4,
570,
509
10
2,83
1
3,
184,
207
79
1
88
,979
82,5
82,7
28
App
licat
ion
of F
unds
Inve
stm
ents
F-2
3,16
7,90
8
2,24
3,32
3
7,31
0,12
7
1,57
2,15
1
1,81
3,93
3
22,1
70,0
33
1,35
4,66
3
3,45
3,88
9
19,2
74,6
31
4,38
3,88
6
4,87
3,37
0
1,77
7,97
5
4,65
1,01
4
94,8
46
2,
975,
394
87
2
64
,847
81,1
82,8
62
Cur
rent
Ass
ets
F-3
40,2
73
90
,198
66,4
88
20
,952
82,4
85
34
6,52
6
19
,320
53,0
78
48
5,50
5
45,2
63
26
2,18
6
46
,204
54,4
33
8,
126
20
8,81
3
17
37
,431
1,86
7,29
8
Less
: Cur
rent
Lia
biliti
es a
nd
Prov
isio
nsF-
458
,246
3,10
0
1,46
7
7,58
3
94,0
94
36
,354
2,
731
7,
990
82
,777
12,9
70
5
11
,639
134,
938
141
0
98
13,2
99
46
7,43
2
N
et c
urre
nt a
sset
s(1
7,97
3)
87
,098
65,0
21
13
,369
(11,
609)
310,
172
16,5
89
45
,088
402,
728
32
,293
262,
181
34,5
65
(8
0,50
5)
7,
985
20
8,81
3
(8
1)
24
,132
1,39
9,86
6
Tota
l3,
149,
935
2,
330,
421
7,
375,
148
1,
585,
520
1,
802,
324
22
,480
,205
1,
371,
252
3,
498,
977
19
,677
,359
4,
416,
179
5,
135,
551
1,
812,
540
4,
570,
509
10
2,83
1
3,
184,
207
79
1
88
,979
82,5
82,7
28
Net
Ass
et V
alue
(NA
V) p
er U
nit:
24.4
395
22.4
652
23.8
637
24.4
213
20.6
493
19.6
572
20.6
861
19.6
750
17.2
821
17
.759
8
17
.242
2
17
.581
4
15
.878
4
10
.843
0
12
.869
5
10
.129
1
9.
8156
(a)
Net
Ass
et a
s pe
r Bal
ance
Sh
eet (
Tota
l Ass
ets
less
Cur
rent
Li
abilit
ies
and
Prov
isio
ns)
3,14
9,93
5
2,33
0,42
1
7,37
5,14
8
1,58
5,52
0
1,80
2,32
4
22,4
80,2
05
1,37
1,25
2
3,49
8,97
7
19,6
77,3
59
4,41
6,17
9
5,13
5,55
1
1,81
2,54
0
4,57
0,50
9
102,
831
3,18
4,20
7
791
88,9
79
82
,582
,728
(b)
Num
ber o
f Uni
ts o
utst
andi
ng12
8,88
7,06
7
103,
734,
712
30
9,05
3,00
2
64,9
23,6
33
87
,282
,581
1,14
3,61
1,73
5
66,2
88,5
85
17
7,83
8,74
6
1,13
8,59
7,66
5
24
8,66
1,55
2
297,
847,
756
10
3,09
4,16
9
287,
844,
425
9,
483,
628
24
7,42
2,74
4
78,1
35
9,
065,
031
(c)
NAV
per
Uni
t (a)
/(b) (
)̀24
.439
5
22
.465
2
23
.863
7
24
.421
3
20
.649
3
19
.657
2
20
.686
1
19
.675
0
17
.282
1
17.7
598
17.2
422
17.5
814
15.8
784
10.8
430
12.8
695
10.1
291
9.81
56
195
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dR
egis
trat
ion
No.
: 13
6; D
ate
of R
egis
trat
ion
: May
8, 2
008
Ann
exur
es to
Sch
edul
e 16
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
Ann
exur
e 6
Uni
t Lin
ked
Dis
clos
ures
- Fun
d R
even
ue A
ccou
ntFo
rm A
- R
A (U
L)R
even
ue A
ccou
nt fo
r the
yea
r end
ed M
arch
31,
201
8 (
'000
)
Fund
Nam
eSc
hed
ule
Bal
ance
d Fu
ndD
ebt F
und
Equi
ty F
und
Gro
wth
Fun
dLi
quid
Fun
dEq
uity
-II F
und
Gro
wth
-II
Fund
Bal
ance
d-II
Fund
Bal
ance
d Pl
us
Fund
Gro
wth
Plu
s Fu
ndD
ebt P
lus
Fund
NA
V G
uara
ntee
Fu
nd
Dis
cont
inue
d Po
licy
Fund
Pens
ion
Gro
wth
Fun
d
Indi
a M
ulti-
Cap
Equ
ity
Fund
Pens
ion
Dis
cont
inue
d Po
licy
Fund
Emer
ging
Le
ader
s Eq
uity
Fun
dTo
tal
SFIN
ULI
F003
16/0
6/0
8BLN
CED
FU
ND
136
ULI
F004
09/0
7/0
8IN
DEB
TFU
ND
136
ULI
F001
16/0
6/0
8EQ
UIT
YFU
ND
136
ULI
F002
16/0
6/0
8GR
OW
THFU
ND
136
ULI
F005
14/0
7/0
8LIQ
UID
FUN
D13
6
ULI
F006
07/0
1/10
EQU
TYIIF
ND
136
ULI
F007
07/0
1/1
0GR
OW
TIIF
ND
136
ULI
F008
07/0
1/1
0BLN
CD
IIFN
D13
6
ULI
F010
13/0
9/1
0BLN
CD
PLFN
D13
6
ULI
F009
13/0
9/1
0GR
OW
TPL
FND
136
ULI
F011
15/0
9/1
0DEB
TPLF
UN
D13
6
ULI
F012
15/0
4/1
1NA
VGFU
ND
SI13
6
ULI
F013
19/0
9/1
1PO
LDIS
CF
ND
136
ULI
F014
05/1
1/1
5PEN
SGR
OFN
D13
6
ULI
F018
16/0
8/1
6IM
CA
PEQ
FND
136
ULI
F017
05/1
1/1
5PEN
SDIS
FN
D13
6
ULI
F020
20/1
2/1
7EM
LED
EQFN
D13
6In
com
e fr
om in
vest
men
tsIn
tere
st in
com
e12
0,43
3
19
1,65
2
5,
136
19
,684
102,
824
16,4
46
15,8
29
12
7,92
6
64
3,57
7
49,0
30
37
4,90
5
99
,010
333,
112
2,02
2
3,03
3
8
31
2,10
4,65
8
Div
iden
d in
com
e18
,180
-
76
,561
12,7
13
-
211,
518
10,9
56
19
,413
98,5
60
31
,983
-
6,
004
-
184
11,9
47
-
-
49
8,01
9
Pr
ofit
on s
ale
of in
vest
men
t33
3,48
3
18
,610
1,32
2,33
9
211,
757
8
2,55
6,83
7
168,
580
320,
450
958,
039
33
0,42
3
55
,827
146,
479
1,14
2
259
18,0
20
-
97
6,44
2,35
0
Loss
on
sale
of i
nves
tmen
t(4
7,71
4)
(2
2,74
2)
(1
93,3
64)
(3
4,18
7)
(5
,696
)
(536
,544
)
(2
8,60
7)
(5
0,05
6)
(2
69,2
52)
(8
6,36
4)
(4
8,83
8)
(1
1,56
1)
(1
4,51
3)
(3
70)
(24,
141)
-
-
(1,3
73,9
49)
Pr
ofit
on in
ter f
und
trans
fer/
sal
e of
in
vest
men
t3,
459
22
,368
-
51
7
11
-
4,
190
15
1
52
0
1,22
6
27,6
07
-
-
-
-
-
-
60
,049
Lo
ss o
n in
ter f
und
trans
fer/
sal
e of
in
vest
men
t-
(124
)
-
(64)
-
-
(6
4)
-
(7)
-
(1
1)
-
-
(4
)
-
(1
)
-
(2
75)
Mis
cella
neou
s In
com
e-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Unr
ealis
ed G
ain/
loss
*(9
5,25
7)
(7
7,28
2)
(3
34,4
26)
(1
5,85
3)
(2
81)
21,0
03
(1,7
17)
(6
8,79
5)
12
1,02
0
150,
084
(158
,709
)
(76,
626)
(13,
807)
132
61,6
31
-
(32)
(488
,915
)
Pr
ovis
ions
for d
imin
utio
n in
the
valu
e of
inve
stm
ents
(incl
udin
g no
n-pe
rform
ing
inve
stm
ents
)-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Tota
l (A
)33
2,58
4
13
2,48
2
87
6,24
6
19
4,56
7
96
,866
2,26
9,26
0
169,
167
349,
089
1,55
2,45
7
47
6,38
2
25
0,78
1
16
3,30
6
30
5,93
4
2,
223
70
,490
7
96
7,24
1,93
6
Fund
man
agem
ent e
xpen
ses
44,7
52
24
,958
137,
051
24,4
49
11
,460
291,
395
16,6
57
40
,374
253,
052
55
,234
67,1
67
33
,821
24,5
27
73
2
18
,200
1
32
1,04
3,86
0
GST
/Ser
vice
tax
7,71
0
4,29
5
23,6
19
4,
219
1,
988
50
,368
2,
876
6,
961
43
,747
9,55
6
11,5
93
5,
820
4,
230
12
8
3,
211
0
6
18
0,32
7
Fu
nd a
dmin
istra
tion
expe
nses
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
O
ther
Cha
rges
F-5
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
To
tal (
B)
52,4
62
29
,253
160,
670
28,6
68
13
,448
341,
763
19,5
33
47
,335
296,
799
64
,790
78,7
60
39
,641
28,7
57
86
0
21
,411
1
38
1,22
4,18
7
Net
Inco
me
for t
he y
ear (
A-B
)28
0,12
2
10
3,22
9
71
5,57
6
16
5,89
9
83
,418
1,92
7,49
7
149,
634
301,
754
1,25
5,65
8
41
1,59
2
17
2,02
1
12
3,66
5
27
7,17
7
1,
363
49
,079
6
58
6,01
7,74
9
Add:
Fun
d re
venu
e ac
coun
t at t
he
begi
nnin
g of
the
perio
d3,
096,
035
1,
804,
731
7,
819,
545
1,
502,
448
28
2,58
4
9,
072,
679
95
7,62
0
2,
535,
874
4,
537,
200
1,25
5,78
5
1,09
2,27
9
936,
889
1,64
8,52
1
158
28,0
46
-
-
36
,570
,394
3,37
6,15
7
1,90
7,96
0
8,53
5,12
1
1,66
8,34
7
366,
002
11,0
00,1
76
1,10
7,25
4
2,83
7,62
8
5,79
2,85
8
1,
667,
377
1,
264,
300
1,
060,
554
1,
925,
698
1,
521
77
,125
6
58
42,5
88,1
43
* Net
cha
nge
in m
ark
to m
arke
t val
ue o
f inv
estm
ents
Fund
reve
nue
acco
unt a
t the
end
of t
he
year
Mar
31,
201
8
196
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dR
egis
trat
ion
No.
: 13
6; D
ate
of R
egis
trat
ion
: May
8, 2
008
Anne
xure
s to
Sch
edul
e 16
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
Anne
xure
6
Uni
t Lin
ked
Dis
clos
ures
- Sch
edul
es to
Fun
d R
even
ue &
Fun
d Ba
lanc
e Sh
eet f
or th
e ye
ar e
nded
Mar
ch 3
1, 2
019
Sche
dule
: F-1
Pol
icyh
olde
r Con
trib
utio
n (
'000
)
Fund
Nam
eBa
lanc
ed F
und
Deb
t Fun
dEq
uity
Fun
dG
row
th F
und
Liqu
id F
und
Equi
ty-I
I Fun
dG
row
th-I
I Fun
dBa
lanc
ed-I
I Fun
dBa
lanc
ed P
lus
Fund
Gro
wth
Plu
s Fu
ndD
ebt P
lus
Fund
NAV
Gua
rant
ee
Fund
Dis
cont
inue
d Po
licy
Fund
Pens
ion
Gro
wth
Fu
ndIn
dia
Mul
ti-C
ap
Equi
ty F
und
Pens
ion
Dis
cont
inue
d Po
licy
Fund
Emer
ging
Lea
ders
Eq
uity
Fun
dTo
tal
SFIN
ULI
F003
16/0
6/08
BLN
CED
FUN
D136
ULI
F004
09/0
7/08
IN
DEBT
FUN
D136
ULI
F001
16/0
6/08
EQ
UIT
YFU
ND1
36U
LIF0
0216
/06/
08G
ROW
THFU
ND1
36U
LIF0
0514
/07/
08LI
QU
IDFU
ND1
36U
LIF0
0607
/01/
10E
QU
TYIIF
ND1
36U
LIF0
0707
/01/
10G
ROW
TIIF
ND1
36U
LIF0
0807
/01/
10B
LNC
DIIF
ND1
36U
LIF0
1013
/09/
10B
LNC
DPLF
ND1
36U
LIF0
0913
/09/
10G
ROW
TPLF
ND1
36U
LIF0
1115
/09/
10D
EBTP
LFU
ND1
36U
LIF0
1215
/04/
11N
AVG
FUN
DSI1
36U
LIF0
1319
/09/
11P
OLD
ISC
FND1
36U
LIF0
1405
/11/
15P
ENSG
ROFN
D136
ULI
F018
16/0
8/16
IM
CAP
EQFN
D136
ULI
F017
05/ 1
1/15
PEN
SDIS
FND1
36U
LIF0
2020
/12/
17E
MLE
DEQ
FND1
36
Ope
ning
bal
ance
(2
26,2
22)
42
2,46
1
(1,1
59,9
73)
(8
2,82
7)
1,43
6,32
2
11
,480
,029
26
3,99
8
661,
349
13
,884
,500
2,
748,
802
3,87
1,25
1
75
1,98
6
2,64
4,81
1
10
1,31
0
3,10
7,08
2
78
5
88
,921
39,9
94,5
85
Add:
Add
ition
s du
ring
the
year
*35
,211
157,
637
39
,952
60,2
22
1,
224,
126
1,86
0,06
2
11
4,17
0
58,6
02
1,
921,
590
566,
004
36
1,58
1
372
2,11
5,02
4
12
8,66
6
4,49
3,43
4
17
,872
378,
975
13
,533
,499
Le
ss: D
educ
tions
dur
ing
the
year
*47
3,15
2
324,
232
1,
110,
772
261,
604
73
3,70
9
1,40
0,66
9
18
7,61
9
337,
833
1,
409,
189
386,
833
61
1,74
0
246,
463
1,
532,
632
11,5
54
30
,286
630
954
9,05
9,87
1
C
losi
ng b
alan
ce(6
64,1
63)
255,
866
(2
,230
,793
)
(284
,209
)
1,
926,
739
11,9
39,4
22
190,
549
38
2,11
8
14,3
96,9
01
2,92
7,97
3
3,
621,
092
505,
895
3,
227,
203
218,
422
7,
570,
230
18,0
27
466,
942
44
,468
,213
* Add
ition
s re
pres
ents
uni
ts c
reat
ion
and
dedu
ctio
ns re
pres
ent u
nit c
ance
llatio
ns
Sche
dule
: F-2
- In
vest
men
ts (
'000
)
Fund
Nam
eBa
lanc
ed F
und
Deb
t Fun
dEq
uity
Fun
dG
row
th F
und
Liqu
id F
und
Equi
ty-I
I Fun
dG
row
th-I
I Fun
dBa
lanc
ed-I
I Fun
dBa
lanc
ed P
lus
Fund
Gro
wth
Plu
s Fu
ndD
ebt P
lus
Fund
NAV
Gua
rant
ee
Fund
Dis
cont
inue
d Po
licy
Fund
Pens
ion
Gro
wth
Fu
ndIn
dia
Mul
ti-C
ap
Equi
ty F
und
Pens
ion
Dis
cont
inue
d Po
licy
Fund
Emer
ging
Lea
ders
Eq
uity
Fun
dTo
tal
SFIN
ULI
F003
16/0
6/08
BLN
CED
FUN
D136
ULI
F004
09/0
7/08
IN
DEBT
FUN
D136
ULI
F001
16/0
6/08
EQ
UIT
YFU
ND1
36U
LIF0
0216
/06/
08G
ROW
THFU
ND1
36U
LIF0
0514
/07/
08LI
QU
IDFU
ND1
36U
LIF0
0607
/01/
10E
QU
TYIIF
ND1
36U
LIF0
0707
/01/
10G
ROW
TIIF
ND1
36U
LIF0
0807
/01/
10B
LNC
DIIF
ND1
36U
LIF0
1013
/09/
10B
LNC
DPLF
ND1
36U
LIF0
0913
/09/
10G
ROW
TPLF
ND1
36U
LIF0
1115
/09/
10D
EBTP
LFU
ND1
36U
LIF0
1215
/04/
11N
AVG
FUN
DSI1
36U
LIF0
1319
/09/
11P
OLD
ISC
FND1
36U
LIF0
1405
/11/
15P
ENSG
ROFN
D136
ULI
F018
16/0
8/16
IM
CAP
EQFN
D136
ULI
F017
05/ 1
1/15
PEN
SDIS
FND1
36U
LIF0
2020
/12/
17E
MLE
DEQ
FND1
36
Appr
oved
Inve
stm
ents
Gov
ernm
ent B
onds
584,
967
75
3,73
5
-
13
8,17
8
897,
350
-
118,
558
72
0,17
1
4,98
1,74
6
48
1,66
6
1,69
4,47
1
1,
406,
619
5,20
1,88
1
91
,345
-
14
,660
-
17
,085
,346
C
orpo
rate
Bon
ds12
0,10
1
530,
029
-
4,91
5
30
0,24
7
-
8,
947
169,
893
1,
480,
733
45,6
34
1,
380,
933
-
-
6,15
9
-
-
-
4,04
7,59
2
In
frast
ruct
ure
Bond
s48
3,18
3
853,
601
-
65,7
73
35
0,28
8
-
54
,409
491,
142
2,
233,
485
135,
830
1,
839,
740
-
-
16,7
96
-
-
-
6,52
4,24
7
Eq
uity
1,37
9,33
7
-
5,59
1,37
2
96
6,26
1
-
18
,504
,870
92
7,77
1
1,63
4,29
3
10
,045
,329
3,
259,
098
-
17
1,47
6
-
74
,171
5,67
3,49
9
-
311,
801
48
,539
,277
M
oney
Mar
ket
-
-
-
-
390,
841
-
-
-
-
-
-
-
250,
818
-
170,
012
2,
869
-
81
4,54
0
Mut
ual F
unds
12,8
92
12
5,95
8
40,7
12
2,
013
134,
930
76
4,09
9
23,5
39
11
,663
264,
551
12
,278
33,5
21
16
,059
-
7,
861
9,66
2
-
6,01
8
1,
465,
757
Tota
l 2,
580,
480
2,26
3,32
3
5,
632,
084
1,17
7,14
0
2,
073,
656
19,2
68,9
69
1,13
3,22
4
3,
027,
162
19,0
05,8
44
3,93
4,50
6
4,
948,
665
1,59
4,15
4
5,
452,
699
196,
332
5,
853,
173
17,5
28.7
9
31
7,81
9
78,4
76,7
59
Oth
er In
vest
men
tsC
orpo
rate
Bon
ds23
,114
30,1
48
-
-
-
-
-
40,1
97
87
,430
-
10
7,84
6
-
-
-
-
-
-
288,
736
In
frast
ruct
ure
Bond
s7,
500
-
-
-
-
-
-
11,2
50
56
,250
-
-
-
-
-
-
-
-
75,0
00
Eq
uity
232,
962
-
645,
086
15
9,11
3
-
3,
026,
475
143,
187
27
5,96
9
1,71
2,84
1
47
3,06
3
-
22
,039
-
11
,745
997,
521
-
63,3
87
7,
763,
386
Mon
ey M
arke
t-
-
-
-
37
,500
-
-
-
-
-
-
-
-
-
-
-
-
37,5
00
M
utua
l Fun
ds-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Pa
ssiv
ely
Man
aged
Equ
ity E
TF-
-
66
1,23
0
107,
238
-
2,34
5,31
0
10
5,70
2
-
-
348,
900
-
-
-
-
72
8,36
0
-
16
,553
4,31
3,29
4
To
tal
263,
576
30
,148
1,
306,
316
266,
351
37
,500
5,
371,
785
248,
889
32
7,41
6
1,85
6,52
1
82
1,96
3
107,
846
22
,039
-
11,7
45
1,72
5,88
1
-
79,9
40
12,4
77,9
16
Gra
nd T
otal
2,84
4,05
6
2,
293,
471
6,93
8,40
0
1,
443,
491
2,11
1,15
6
24
,640
,754
1,
382,
113.
04
3,
354,
578
20,8
62,3
65
4,75
6,46
9
5,
056,
511
1,61
6,19
3
5,
452,
699
208,
076.
77
7,57
9,05
4
17
,529
39
7,75
9
90,9
54,6
75
% o
f App
rove
d In
vest
men
ts to
Tot
al91
%99
%81
%82
%98
%78
%82
%90
%91
%83
%98
%99
%10
0%94
%77
%10
0%80
%86
%%
of O
ther
Inve
stm
ents
to T
otal
9%1%
19%
18%
2%22
%18
%10
%9%
17%
2%1%
0%6%
23%
0%20
%14
%
Sche
dule
: F -
3 C
urre
nt A
sset
s (
'000
)
Fund
Nam
eBa
lanc
ed F
und
Deb
t Fun
dEq
uity
Fun
dG
row
th F
und
Liqu
id F
und
Equi
ty-I
I Fun
dG
row
th-I
I Fun
dBa
lanc
ed-I
I Fun
dBa
lanc
ed P
lus
Fund
Gro
wth
Plu
s Fu
ndD
ebt P
lus
Fund
NAV
Gua
rant
ee
Fund
Dis
cont
inue
d Po
licy
Fund
Pens
ion
Gro
wth
Fu
ndIn
dia
Mul
ti-C
ap
Equi
ty F
und
Pens
ion
Dis
cont
inue
d Po
licy
Fund
Emer
ging
Lea
ders
Eq
uity
Fun
dTo
tal
SFIN
ULI
F003
16/0
6/08
BLN
CED
FUN
D136
ULI
F004
09/0
7/08
IN
DEBT
FUN
D136
ULI
F001
16/0
6/08
EQ
UIT
YFU
ND1
36U
LIF0
0216
/06/
08G
ROW
THFU
ND1
36U
LIF0
0514
/07/
08LI
QU
IDFU
ND1
36U
LIF0
0607
/01/
10E
QU
TYIIF
ND1
36U
LIF0
0707
/01/
10G
ROW
TIIF
ND1
36U
LIF0
0807
/01/
10B
LNC
DIIF
ND1
36U
LIF0
1013
/09/
10B
LNC
DPLF
ND1
36U
LIF0
0913
/09/
10G
ROW
TPLF
ND1
36U
LIF0
1115
/09/
10D
EBTP
LFU
ND1
36U
LIF0
1215
/04/
11N
AVG
FUN
DSI1
36U
LIF0
1319
/09/
11P
OLD
ISC
FND1
36U
LIF0
1405
/11/
15P
ENSG
ROFN
D136
ULI
F018
16/0
8/16
IM
CAP
EQFN
D136
ULI
F017
05/ 1
1/15
PEN
SDIS
FND1
36U
LIF0
2020
/12/
17E
MLE
DEQ
FND1
36
Accr
ued
Inte
rest
31,9
39
45
,469
(0)
6,
670
36,4
68
(0
)
4,73
1
42
,148
307,
655
19
,222
119,
566
49
,940
33,4
58
3,
289
(0)
15
3
(0
)
700,
710
Ba
nk B
alan
ce53
7
18
7
61
1
52
1
52
1
78
6
51
5
53
7
1,
504
161
571
528
660
53
36
4
21
55
8,
133
Divi
dend
Rec
eiva
ble
118
-
87
9
12
3
-
1,71
2
12
6
13
7
93
1
44
2
-
-
-
-
80
6
-
-
5,
273
Rece
ivab
le fo
r Sal
e of
Inve
stm
ents
25,8
21
-
58,4
99
26
,208
-
64
,646
573
30,5
22
51
,147
15,9
13
-
-
-
31
1,
454
-
27
,532
302,
346
U
nit C
olle
ctio
n A/
c#15
0
2
29
3
27
109,
732
16
7,31
6
2,35
8
69
3
19
3,12
7
59,1
46
33
,912
-
13
,835
16,5
15
35
3,61
1
766
48,2
49
99
9,73
2
Oth
er C
urre
nt A
sset
s (fo
r Inv
estm
ents
)-
-
0
0
75
,000
0
-
-
-
0
3,
401
-
-
-
0
-
-
78
,401
Tota
l58
,565
45
,658
60
,282
33
,549
22
1,72
1
234,
460
8,
303.
35
74
,037
55
4,36
4
94,8
84
157,
450
50
,468
47
,953
19
,888
35
6,23
5
940
75
,836
2,
094,
595
197
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dR
egis
trat
ion
No.
: 13
6; D
ate
of R
egis
trat
ion
: May
8, 2
008
Anne
xure
s to
Sch
edul
e 16
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
Anne
xure
6C
anra
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dR
egis
trat
ion
No.
: 13
6; D
ate
of R
egis
trat
ion
: May
8, 2
008
Anne
xure
s to
Sch
edul
e 16
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
Uni
t Lin
ked
Dis
clos
ures
- Sch
edul
es to
Fun
d R
even
ue &
Fun
d Ba
lanc
e Sh
eet f
or th
e ye
ar e
nded
Mar
ch 3
1, 2
019
Sche
dule
: F -
4 C
urre
nt L
iabi
litie
s (
'000
)
Fund
Nam
eBa
lanc
ed F
und
Deb
t Fun
dEq
uity
Fun
dG
row
th F
und
Liqu
id F
und
Equi
ty-I
I Fun
dG
row
th-I
I Fun
dBa
lanc
ed-I
I Fun
dBa
lanc
ed P
lus
Fund
Gro
wth
Plu
s Fu
ndD
ebt P
lus
Fund
NAV
Gua
rant
ee
Fund
Dis
cont
inue
d Po
licy
Fund
Pens
ion
Gro
wth
Fu
ndIn
dia
Mul
ti-C
ap
Equi
ty F
und
Pens
ion
Dis
cont
inue
d Po
licy
Fund
Emer
ging
Lea
ders
Eq
uity
Fun
dTo
tal
SFIN
ULI
F003
16/0
6/08
BLN
CED
FUN
D136
ULI
F004
09/0
7/08
IN
DEBT
FUN
D136
ULI
F001
16/0
6/08
EQ
UIT
YFU
ND1
36U
LIF0
0216
/06/
08G
ROW
THFU
ND1
36U
LIF0
0514
/07/
08LI
QU
IDFU
ND1
36U
LIF0
0607
/01/
10E
QU
TYIIF
ND1
36U
LIF0
0707
/01/
10G
ROW
TIIF
ND1
36U
LIF0
0807
/01/
10B
LNC
DIIF
ND1
36U
LIF0
1013
/09/
10B
LNC
DPLF
ND1
36U
LIF0
0913
/09/
10G
ROW
TPLF
ND1
36U
LIF0
1115
/09/
10D
EBTP
LFU
ND1
36U
LIF0
1215
/04/
11N
AVG
FUN
DSI1
36U
LIF0
1319
/09/
11P
OLD
ISC
FND1
36U
LIF0
1405
/11/
15P
ENSG
ROFN
D136
ULI
F018
16/0
8/16
IM
CAP
EQFN
D136
ULI
F017
05/ 1
1/15
PEN
SDIS
FND1
36U
LIF0
2020
/12/
17E
MLE
DEQ
FND1
36
Paya
ble
for P
urch
ase
of In
vest
men
ts3,
821
-
-
-
-
23,4
27
6,
244
-
31
,728
13,9
20
-
-
-
422
17,0
11
-
4,64
1
10
1,21
5
Oth
er C
urre
nt L
iabi
litie
s (fo
r Inv
estm
ents
)-
-
-
0
-
-
0
-
0
-
-
0
-
0
0
-
-
0.00
U
nit P
ayab
le A
/c #
10,3
10
12
,040
65,4
32
5,
495
1
1,21
8
2,
070
6,90
8
27
,844
10
6,
719
3,90
1
30
,058
-
27
-
0
17
2,03
4
Prov
isio
ns fo
r dim
inut
ion
in th
e va
lue
of
inve
stm
ents
(inc
ludi
ng n
on-p
erfo
rmin
g in
vest
men
ts)
2,50
0
-
-
-
12,5
00
-
-
3,
750
18,7
50
-
12,5
00
-
-
-
-
-
-
50
,000
Tota
l16
,631
12
,040
65
,432
5,
495
12,5
01
24,6
45
8,31
4
10
,658
78
,322
13
,930
19
,219
3,
901
30,0
58
422
17
,038
-
4,64
1
32
3,24
9
# Re
pres
ents
inte
r fun
d re
ceiv
able
s or
pay
able
s, if
any
Sche
dule
: F- 5
- O
ther
Exp
ense
s* (
'000
)
Fund
Nam
eBa
lanc
ed F
und
Deb
t Fun
dEq
uity
Fun
dG
row
th F
und
Liqu
id F
und
Equi
ty-I
I Fun
dG
row
th-I
I Fun
dBa
lanc
ed-I
I Fun
dBa
lanc
ed P
lus
Fund
Gro
wth
Plu
s Fu
ndD
ebt P
lus
Fund
NAV
Gua
rant
ee
Fund
Dis
cont
inue
d Po
licy
Fund
Pens
ion
Gro
wth
Fu
ndIn
dia
Mul
ti-C
ap
Equi
ty F
und
Pens
ion
Dis
cont
inue
d Po
licy
Fund
Emer
ging
Lea
ders
Eq
uity
Fun
dTo
tal
SFIN
ULI
F003
16/0
6/08
BLN
CED
FUN
D136
ULI
F004
09/0
7/08
IN
DEBT
FUN
D136
ULI
F001
16/0
6/08
EQ
UIT
YFU
ND1
36U
LIF0
0216
/06/
08G
ROW
THFU
ND1
36U
LIF0
0514
/07/
08LI
QU
IDFU
ND1
36U
LIF0
0607
/01/
10E
QU
TYIIF
ND1
36U
LIF0
0707
/01/
10G
ROW
TIIF
ND1
36U
LIF0
0807
/01/
10B
LNC
DIIF
ND1
36U
LIF0
1013
/09/
10B
LNC
DPLF
ND1
36U
LIF0
0913
/09/
10G
ROW
TPLF
ND1
36U
LIF0
1115
/09/
10D
EBTP
LFU
ND1
36U
LIF0
1215
/04/
11N
AVG
FUN
DSI1
36U
LIF0
1319
/09/
11P
OLD
ISC
FND1
36U
LIF0
1405
/11/
15P
ENSG
ROFN
D136
ULI
F018
16/0
8/16
IM
CAP
EQFN
D136
ULI
F017
05/ 1
1/15
PEN
SDIS
FND1
36U
LIF0
2020
/12/
17E
MLE
DEQ
FND1
36
Polic
y Ad
min
istra
tion
char
ge-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Su
rrend
er c
harg
e-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Sw
itchi
ng c
harg
e-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
M
orta
lity
char
ge-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Ri
der P
rem
ium
cha
rge
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Parti
al w
ithdr
awal
cha
rge
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Mis
cella
neou
s ch
arge
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Tota
l-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
*Any
exp
ense
whi
ch is
1%
of t
he to
tal e
xpen
ses
incu
rred
shou
ld b
e di
sclo
sed
as a
sep
arat
e lin
e ite
m.
198
Anne
xure
6C
anra
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dR
egis
trat
ion
No.
: 13
6; D
ate
of R
egis
trat
ion
: May
8, 2
008
Anne
xure
s to
Sch
edul
e 16
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
Uni
t Lin
ked
Dis
clos
ures
- Sch
edul
es to
Fun
d R
even
ue &
Fun
d Ba
lanc
e Sh
eet f
or th
e ye
ar e
nded
31s
t Mar
ch 2
018
Sche
dule
: F-1
Pol
icyh
olde
r Con
trib
utio
n (
'000
)
Fund
Nam
eBa
lanc
ed F
und
Deb
t Fun
dEq
uity
Fun
dG
row
th F
und
Liqu
id F
und
Equi
ty-I
I Fun
dG
row
th-I
I Fun
dBa
lanc
ed-I
I Fun
dBa
lanc
ed P
lus
Fund
Gro
wth
Plu
s Fu
ndD
ebt P
lus
Fund
NAV
Gua
rant
ee
Fund
Dis
cont
inue
d Po
licy
Fund
Pens
ion
Gro
wth
Fu
ndIn
dia
Mul
ti-C
ap
Equi
ty F
und
Pens
ion
Dis
cont
inue
d Po
licy
Fund
Emer
ging
Lea
ders
Eq
uity
Fun
dTo
tal
SFIN
ULI
F003
16/0
6/08
BLN
CED
FUN
D136
ULI
F004
09/0
7/08
IN
DEBT
FUN
D136
ULI
F001
16/0
6/08
EQ
UIT
YFU
ND1
36U
LIF0
0216
/06/
08G
ROW
THFU
ND1
36U
LIF0
0514
/07/
08LI
QU
IDFU
ND1
36U
LIF0
0607
/01/
10E
QU
TYIIF
ND1
36U
LIF0
0707
/01/
10G
ROW
TIIF
ND1
36U
LIF0
0807
/01/
10B
LNC
DIIF
ND1
36U
LIF0
1013
/09/
10B
LNC
DPLF
ND1
36U
LIF0
0913
/09/
10G
ROW
TPLF
ND1
36U
LIF0
1115
/09/
10D
EBTP
LFU
ND1
36U
LIF0
1215
/04/
11N
AVG
FUN
DSI1
36U
LIF0
1319
/09/
11P
OLD
ISC
FND1
36U
LIF0
1405
/11/
15P
ENSG
ROFN
D136
ULI
F018
16/0
8/16
IM
CAP
EQFN
D136
ULI
F017
05/ 1
1/15
PEN
SDIS
FND1
36U
LIF0
2020
/12/
17E
MLE
DEQ
FND1
36
Ope
ning
bal
ance
45
0,40
2
898,
251
40
5,16
8
142,
559
92
8,76
1
12,0
07,6
57
396,
886
1,
192,
913
13,0
70,1
60
2,57
3,54
5
3,
843,
110
1,20
3,82
2
3,
221,
089
24,7
92
52
0,31
4
-
-
40,8
79,4
29
Add:
Add
ition
s du
ring
the
year
*55
,213
181,
029
28
,474
89,9
72
82
7,46
9
1,40
7,25
6
10
0,63
4
51,5
90
2,
055,
559
586,
709
62
0,26
0
-
1,
623,
148
78,7
56
2,
595,
952
2,10
0
88
,921
10,3
93,0
42
Less
: Ded
uctio
ns d
urin
g th
e ye
ar*
731,
837
65
6,81
9
1,59
3,61
5
31
5,35
8
319,
908
1,
934,
884
233,
522
58
3,15
4
1,24
1,21
9
41
1,45
2
592,
119
45
1,83
6
2,19
9,42
6
2,
238
9,18
4
1,
315
-
11
,277
,886
C
losi
ng b
alan
ce(2
26,2
22)
422,
461
(1
,159
,973
)
(82,
827)
1,
436,
322
11,4
80,0
29
263,
998
66
1,34
9
13,8
84,5
00
2,74
8,80
2
3,
871,
251
751,
986
2,
644,
811
101,
310
3,
107,
082
785
88
,921
39
,994
,585
* Add
ition
s re
pres
ents
uni
ts c
reat
ion
and
dedu
ctio
ns re
pres
ent u
nit c
ance
llatio
ns
Sche
dule
: F-2
- In
vest
men
ts (
'000
)
Fund
Nam
eBa
lanc
ed F
und
Deb
t Fun
dEq
uity
Fun
dG
row
th F
und
Liqu
id F
und
Equi
ty-I
I Fun
dG
row
th-I
I Fun
dBa
lanc
ed-I
I Fun
dBa
lanc
ed P
lus
Fund
Gro
wth
Plu
s Fu
ndD
ebt P
lus
Fund
NAV
Gua
rant
ee
Fund
Dis
cont
inue
d Po
licy
Fund
Pens
ion
Gro
wth
Fu
ndIn
dia
Mul
ti-C
ap
Equi
ty F
und
Pens
ion
Dis
cont
inue
d Po
licy
Fund
Emer
ging
Lea
ders
Eq
uity
Fun
dTo
tal
SFIN
ULI
F003
16/0
6/08
BLN
CED
FUN
D136
ULI
F004
09/0
7/08
IN
DEBT
FUN
D136
ULI
F001
16/0
6/08
EQ
UIT
YFU
ND1
36U
LIF0
0216
/06/
08G
ROW
THFU
ND1
36U
LIF0
0514
/07/
08LI
QU
IDFU
ND1
36U
LIF0
0607
/01/
10E
QU
TYIIF
ND1
36U
LIF0
0707
/01/
10G
ROW
TIIF
ND1
36U
LIF0
0807
/01/
10B
LNC
DIIF
ND1
36U
LIF0
1013
/09/
10B
LNC
DPLF
ND1
36U
LIF0
0913
/09/
10G
ROW
TPLF
ND1
36U
LIF0
1115
/09/
10D
EBTP
LFU
ND1
36U
LIF0
1215
/04/
11N
AVG
FUN
DSI1
36U
LIF0
1319
/09/
11P
OLD
ISC
FND1
36U
LIF0
1405
/11/
15P
ENSG
ROFN
D136
ULI
F018
16/0
8/16
IM
CAP
EQFN
D136
ULI
F017
05/ 1
1/15
PEN
SDIS
FND1
36U
LIF0
2020
/12/
17E
MLE
DEQ
FND1
36
Appr
oved
Inve
stm
ents
Gov
ernm
ent B
onds
605,
068
72
7,58
2
-
15
1,90
5
671,
178
-
135,
249
72
5,59
6
5,15
2,29
3
50
6,85
9
1,86
2,99
9
1,
263,
266
4,46
4,43
2
39
,871
-
77
6
-
16,3
07,0
74
Cor
pora
te B
onds
182,
129
70
4,92
3
-
-
351,
043
-
4,14
9
18
5,57
9
1,07
8,74
3
21
,161
1,46
3,02
4
-
-
1,
037
-
-
-
3,
991,
788
Infra
stru
ctur
e Bo
nds
548,
135
79
1,63
0
-
66
,903
100,
634
-
53,4
67
54
2,46
7
1,82
9,49
9
76
,624
1,50
0,39
5
-
-
8,
380
-
-
-
5,
518,
134
Equi
ty1,
497,
469
-
5,
690,
661
1,09
2,43
9
-
17,3
52,2
86
946,
223
1,
649,
957
8,83
3,67
0
3,
046,
746
-
48
4,16
2
-
34
,365
2,22
5,74
6
-
38,8
42
42
,892
,566
M
oney
Mar
ket
82,5
47
19
,188
48,1
07
16
,468
691,
078
19
6,12
3
6,62
6
77
,396
753,
155
70
,748
46,9
52
26
,122
186,
582
4,
469
177,
454
96
15,0
52
2,
418,
163
Mut
ual F
unds
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Tota
l 2,
915,
348
2,24
3,32
3
5,
738,
768
1,32
7,71
5
1,
813,
933
17,5
48,4
09
1,14
5,71
4
3,
180,
995
17,6
47,3
60
3,72
2,13
8
4,
873,
370
1,77
3,55
0
4,
651,
014
88,1
22
2,40
3,20
0
87
2
53,8
94
71,1
27,7
25
Oth
er In
vest
men
tsC
orpo
rate
Bon
ds-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
In
frast
ruct
ure
Bond
s-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Eq
uity
252,
560
-
900,
540
15
9,99
8
-
2,
626,
617
135,
861
27
2,89
4
1,62
7,27
1
43
1,93
6
-
4,
425
-
6,
724
408,
324
-
10,9
53
6,
838,
103
Mon
ey M
arke
t-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
M
utua
l Fun
ds-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Pa
ssiv
ely
Man
aged
Equ
ity E
TF-
-
67
0,81
9
84,4
38
-
1,99
5,00
7
73
,088
-
-
229,
812
-
-
-
-
16
3,87
0
-
-
3,21
7,03
4
To
tal
252,
560
-
1,57
1,35
9
24
4,43
6
-
4,
621,
624
208,
949
27
2,89
4
1,62
7,27
1
66
1,74
8
-
4,
425
-
6,
724
572,
194
-
10,9
53
10,0
55,1
37
Gra
nd T
otal
3,16
7,90
8
2,
243,
323
7,31
0,12
7
1,
572,
151
1,81
3,93
3
22
,170
,033
1,
354,
663
3,45
3,88
9
19
,274
,631
4,
383,
886
4,87
3,37
0
1,
777,
975
4,65
1,01
4
94
,846
2,
975,
394
872
64
,847
81
,182
,862
%
of A
ppro
ved
Inve
stm
ents
to T
otal
92%
100%
79%
84%
100%
79%
85%
92%
92%
85%
100%
100%
100%
93%
81%
100%
83%
88%
% o
f Oth
er In
vest
men
ts to
Tot
al8%
0%21
%16
%0%
21%
15%
8%8%
15%
0%0%
0%7%
19%
0%17
%12
%
Sche
dule
: F -
3 C
urre
nt A
sset
s (
'000
)
Fund
Nam
eBa
lanc
ed F
und
Deb
t Fun
dEq
uity
Fun
dG
row
th F
und
Liqu
id F
und
Equi
ty-I
I Fun
dG
row
th-I
I Fun
dBa
lanc
ed-I
I Fun
dBa
lanc
ed P
lus
Fund
Gro
wth
Plu
s Fu
ndD
ebt P
lus
Fund
NAV
Gua
rant
ee
Fund
Dis
cont
inue
d Po
licy
Fund
Pens
ion
Gro
wth
Fu
ndIn
dia
Mul
ti-C
ap
Equi
ty F
und
Pens
ion
Dis
cont
inue
d Po
licy
Fund
Emer
ging
Lea
ders
Eq
uity
Fun
dTo
tal
SFIN
ULI
F003
16/0
6/08
BLN
CED
FUN
D136
ULI
F004
09/0
7/08
IN
DEBT
FUN
D136
ULI
F001
16/0
6/08
EQ
UIT
YFU
ND1
36U
LIF0
0216
/06/
08G
ROW
THFU
ND1
36U
LIF0
0514
/07/
08LI
QU
IDFU
ND1
36U
LIF0
0607
/01/
10E
QU
TYIIF
ND1
36U
LIF0
0707
/01/
10G
ROW
TIIF
ND1
36U
LIF0
0807
/01/
10B
LNC
DIIF
ND1
36U
LIF0
1013
/09/
10B
LNC
DPLF
ND1
36U
LIF0
0913
/09/
10G
ROW
TPLF
ND1
36U
LIF0
1115
/09/
10D
EBTP
LFU
ND1
36U
LIF0
1215
/04/
11N
AVG
FUN
DSI1
36U
LIF0
1319
/09/
11P
OLD
ISC
FND1
36U
LIF0
1405
/11/
15P
ENSG
ROFN
D136
ULI
F018
16/0
8/16
IM
CAP
EQFN
D136
ULI
F017
05/ 1
1/15
PEN
SDIS
FND1
36U
LIF0
2020
/12/
17E
MLE
DEQ
FND1
36
Accr
ued
Inte
rest
39,2
74
76
,564
(0)
6,
426
25,5
42
0
4,
758
49,6
60
26
0,37
8
14,5
96
16
9,72
9
45,6
59
53
,760
1,48
0
(0
)
(0)
-
747,
826
Ba
nk B
alan
ce57
1
53
1
66
5
53
5
58
5
92
3
52
2
56
2
99
3
59
3
60
5
54
5
67
3
54
307
17
36
8,71
7
Di
vide
nd R
ecei
vabl
e-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Re
ceiv
able
for S
ale
of In
vest
men
ts-
13,0
46
65
,417
13,8
37
-
198,
263
12
,064
-
-
-
37
,132
-
-
-
-
-
2,
444
342,
203
U
nit C
olle
ctio
n A/
c#42
8
57
406
154
56,3
58
14
7,34
0
1,97
6
2,
856
224,
134
30
,074
54,7
20
-
-
6,
592
208,
506
-
34,9
51
76
8,55
2
Oth
er C
urre
nt A
sset
s (fo
r Inv
estm
ents
)-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
To
tal
40,2
73
90,1
98
66,4
88
20,9
52
82,4
85
346,
526
19
,320
53
,078
48
5,50
5
45,2
63
262,
186
46
,204
54
,433
8,
126
208,
813
17
37,4
31
1,86
7,29
8
199
Can
ra H
SBC
Orie
ntal
Ban
k of
Com
mer
ce L
ife In
sura
nce
Com
pany
Lim
ited
Reg
istr
atio
n N
o. :
136;
Dat
e of
Reg
istr
atio
n : M
ay 8
, 200
8An
nexu
res
to S
ched
ule
16 fo
r the
yea
r end
ed M
arch
31,
201
9An
nexu
re 6
Uni
t Lin
ked
Dis
clos
ures
- Sch
edul
es to
Fun
d R
even
ue &
Fun
d Ba
lanc
e Sh
eet f
or th
e ye
ar e
nded
31s
t Mar
ch 2
018
Sche
dule
: F -
4 C
urre
nt L
iabi
litie
s (
'000
)
Fund
Nam
eBa
lanc
ed F
und
Deb
t Fun
dEq
uity
Fun
dG
row
th F
und
Liqu
id F
und
Equi
ty-I
I Fun
dG
row
th-I
I Fun
dBa
lanc
ed-I
I Fun
dBa
lanc
ed P
lus
Fund
Gro
wth
Plu
s Fu
ndD
ebt P
lus
Fund
NAV
Gua
rant
ee
Fund
Dis
cont
inue
d Po
licy
Fund
Pens
ion
Gro
wth
Fu
ndIn
dia
Mul
ti-C
ap
Equi
ty F
und
Pens
ion
Dis
cont
inue
d Po
licy
Fund
Emer
ging
Lea
ders
Eq
uity
Fun
dTo
tal
SFIN
ULI
F003
16/0
6/08
BLN
CED
FUN
D136
ULI
F004
09/0
7/08
IN
DEBT
FUN
D136
ULI
F001
16/0
6/08
EQ
UIT
YFU
ND1
36U
LIF0
0216
/06/
08G
ROW
THFU
ND1
36U
LIF0
0514
/07/
08LI
QU
IDFU
ND1
36U
LIF0
0607
/01/
10E
QU
TYIIF
ND1
36U
LIF0
0707
/01/
10G
ROW
TIIF
ND1
36U
LIF0
0807
/01/
10B
LNC
DIIF
ND1
36U
LIF0
1013
/09/
10B
LNC
DPLF
ND1
36U
LIF0
0913
/09/
10G
ROW
TPLF
ND1
36U
LIF0
1115
/09/
10D
EBTP
LFU
ND1
36U
LIF0
1215
/04/
11N
AVG
FUN
DSI1
36U
LIF0
1319
/09/
11P
OLD
ISC
FND1
36U
LIF0
1405
/11/
15P
ENSG
ROFN
D136
ULI
F018
16/0
8/16
IM
CAP
EQFN
D136
ULI
F017
05/ 1
1/15
PEN
SDIS
FND1
36U
LIF0
2020
/12/
17E
MLE
DEQ
FND1
36
Paya
ble
for P
urch
ase
of In
vest
men
ts5,
930
-
-
4,69
7
94
,093
33
,096
-
6,
484
82,7
77
12,9
69
-
-
-
141
-
-
13
,299
25
3,48
6
Oth
er C
urre
nt L
iabi
litie
s (fo
r Inv
estm
ents
)-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
U
nit P
ayab
le A
/c #
52,3
16
3,10
0
1,
467
2,88
6
1
3,
258
2,73
1
1,
506
-
1
5
11,6
39
134,
938
-
-
98
-
213,
946
Pr
ovis
ions
for d
imin
utio
n in
the
valu
e of
in
vest
men
ts (i
nclu
ding
non
-per
form
ing
inve
stm
ents
)-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
To
tal
58,2
46
3,10
0
1,
467
7,58
3
94
,094
36
,354
2,
731
7,99
0
82
,777
12
,970
5
11
,639
13
4,93
8
14
1
0
98
13
,299
46
7,43
2
# Re
pres
ents
inte
r fun
d re
ceiv
able
s or
pay
able
s, if
any
Sche
dule
: F- 5
- O
ther
Exp
ense
s* (
'000
)
Fund
Nam
eBa
lanc
ed F
und
Deb
t Fun
dEq
uity
Fun
dG
row
th F
und
Liqu
id F
und
Equi
ty-I
I Fun
dG
row
th-I
I Fun
dBa
lanc
ed-I
I Fun
dBa
lanc
ed P
lus
Fund
Gro
wth
Plu
s Fu
ndD
ebt P
lus
Fund
NAV
Gua
rant
ee
Fund
Dis
cont
inue
d Po
licy
Fund
Pens
ion
Gro
wth
Fu
ndIn
dia
Mul
ti-C
ap
Equi
ty F
und
Pens
ion
Dis
cont
inue
d Po
licy
Fund
Emer
ging
Lea
ders
Eq
uity
Fun
dTo
tal
SFIN
ULI
F003
16/0
6/08
BLN
CED
FUN
D136
ULI
F004
09/0
7/08
IN
DEBT
FUN
D136
ULI
F001
16/0
6/08
EQ
UIT
YFU
ND1
36U
LIF0
0216
/06/
08G
ROW
THFU
ND1
36U
LIF0
0514
/07/
08LI
QU
IDFU
ND1
36U
LIF0
0607
/01/
10E
QU
TYIIF
ND1
36U
LIF0
0707
/01/
10G
ROW
TIIF
ND1
36U
LIF0
0807
/01/
10B
LNC
DIIF
ND1
36U
LIF0
1013
/09/
10B
LNC
DPLF
ND1
36U
LIF0
0913
/09/
10G
ROW
TPLF
ND1
36U
LIF0
1115
/09/
10D
EBTP
LFU
ND1
36U
LIF0
1215
/04/
11N
AVG
FUN
DSI1
36U
LIF0
1319
/09/
11P
OLD
ISC
FND1
36U
LIF0
1405
/11/
15P
ENSG
ROFN
D136
ULI
F018
16/0
8/16
IM
CAP
EQFN
D136
ULI
F017
05/ 1
1/15
PEN
SDIS
FND1
36U
LIF0
2020
/12/
17E
MLE
DEQ
FND1
36
Polic
y Ad
min
istra
tion
char
ge-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Su
rrend
er c
harg
e-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Sw
itchi
ng c
harg
e-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
M
orta
lity
char
ge-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Ri
der P
rem
ium
cha
rge
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Parti
al w
ithdr
awal
cha
rge
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Mis
cella
neou
s ch
arge
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Tota
l-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
*Any
exp
ense
whi
ch is
1%
of t
he to
tal e
xpen
ses
incu
rred
shou
ld b
e di
sclo
sed
as a
sep
arat
e lin
e ite
m.
200
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dAn
nexu
res
to S
ched
ule
16 fo
r the
yea
r end
ed M
arch
31,
201
9An
nexu
re 6
(A) U
nit L
inke
d D
iscl
osur
es- O
ther
Dis
clos
ures
Fund
Per
form
ance
of U
nit L
inke
d Fu
nds
as o
n M
arch
31,
201
9 (A
bsol
ute
Gro
wth
% )
2018
-19
2017
-18
2016
-17
Bala
nced
Fun
dU
LIF0
0316
/06/
08BL
NC
EDFU
ND1
3616
-Jun
-08
6.09
%8.
20%
17.0
8%15
9.29
%De
bt F
und
ULI
F004
09/0
7/08
INDE
BTFU
ND1
369-
Jul-0
87.
48%
4.06
%11
.21%
141.
46%
Equi
ty F
und
ULI
F001
16/0
6/08
EQU
ITYF
UN
D136
16-J
un-0
89.
24%
8.88
%22
.50%
160.
68%
Gro
wth
Fun
dU
LIF0
0216
/06/
08G
ROW
THFU
ND1
3616
-Jun
-08
5.86
%10
.35%
23.0
9%15
8.53
%Li
quid
Fun
dU
LIF0
0514
/07/
08LI
QU
IDFU
ND1
3614
-Jul
-08
1.80
%6.
00%
7.16
%11
0.20
%Eq
uity
-II F
und
ULI
F006
07/0
1/10
EQU
TYIIF
ND1
367-
Jan-
108.
32%
9.27
%22
.83%
112.
92%
Gro
wth
-II F
und
ULI
F007
07/0
1/10
GRO
WTI
IFN
D136
7-Ja
n-10
6.29
%10
.99%
23.5
4%11
9.88
%Ba
lanc
ed-II
Fun
dU
LIF0
0807
/01/
10BL
NC
DIIF
ND1
367-
Jan-
105.
95%
8.38
%17
.54%
108.
47%
Bala
nced
Plu
s Fu
ndU
LIF0
1013
/09/
10BL
NC
DPLF
ND1
3613
-Sep
-10
5.78
%7.
18%
16.4
9%82
.80%
Gro
wth
Plu
s Fu
ndU
LIF0
0913
/09/
10G
ROW
TPLF
ND1
3613
-Sep
-10
5.34
%10
.97%
22.8
6%87
.09%
Debt
Plu
s Fu
ndU
LIF0
1115
/09/
10DE
BTPL
FUN
D136
15-S
ep-1
06.
41%
3.52
%10
.56%
83.4
8%N
AV G
uara
ntee
Fun
dU
LIF0
1215
/04/
11N
AVG
FUN
DSI1
3615
-Apr
-11
5.75
%6.
21%
13.7
0%85
.93%
Disc
ontin
ued
Polic
y Fu
ndU
LIF0
1319
/09/
11PO
LDIS
CFN
D136
19-S
ep-1
16.
13%
5.80
%6.
79%
68.5
2%Pe
nsio
n G
row
th F
und
ULI
F014
05/1
1/15
PEN
SGRO
FND1
368-
Sep-
163.
97%
6.73
%1.
59%
12.7
4%In
dia
Mul
ti-C
ap E
quity
Fun
dU
LIF0
1816
/08/
16IM
CAP
EQFN
D136
15-N
ov-1
63.
97%
13.8
3%13
.06%
33.8
1%Pe
nsio
n Di
scon
tinue
d Po
licy
Fund
ULI
F017
05/1
1/15
PEN
SDIS
FND1
368-
Dec-
176.
35%
1.29
%N
A7.
72%
Emer
ging
Lea
ders
Equ
ity F
und
ULI
F020
20/1
2/17
EMLE
DEQ
FND1
3626
-Feb
-18
-3.6
6%-1
.84%
NA
-5.4
3%Al
l the
abo
ve n
umbe
rs a
re o
n ab
solu
te re
turn
bas
is.
Not
e : A
s pe
r IRD
AI(In
vest
men
t) Re
gula
tions
, 201
6, P
olic
yhol
ders
Unc
laim
ed M
onie
s Fu
nd (S
FIN
- U
LIF0
1901
/04/
16U
NC
LAIM
FND1
36) i
s sh
own
as p
art
of C
urre
nt A
sset
s in
the
Bala
nce
Shee
t, he
nce
not c
onsi
dere
d fo
r abo
ve d
iscl
osur
e.
Fund
Nam
eSF
IN C
ode
Dat
e of
In
cept
ion
Year
Sinc
e In
cept
ion
201
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dAn
nexu
res
to S
ched
ule
16 fo
r the
yea
r end
ed M
arch
31,
201
9An
nexu
re 6
(B) I
nves
tmen
t Man
agem
ent
(1) A
ctiv
ities
out
sour
ced
- Nil,
Pre
viou
s Ye
ar -
Nil
(2) F
ee p
aid
for v
ario
us a
ctiv
ities
cha
rged
to P
olic
yhol
ders
’ Acc
ount
- N
il, P
revi
ous
Year
- N
il
(C) C
ompa
ny-w
ise
deta
ils o
f inv
estm
ents
hel
d in
the
Prom
oter
Gro
up
For t
he y
ear e
nded
Mar
ch 3
1, 2
019
( '0
00)
Fund
Nam
eSF
IN C
ode
Can
Fin
Hom
es
Lim
ited
Tota
l In
vest
men
ts in
Pr
omot
er G
roup
Tota
l Fun
d%
to to
tal f
unds
Bala
nced
Fun
dU
LIF0
0316
/06/
08BL
NC
EDFU
ND1
36-
-
2,88
5,99
0
0.00
%De
bt F
und
ULI
F004
09/0
7/08
INDE
BTFU
ND1
36-
-
2,32
7,08
9
0.00
%Eq
uity
Fun
dU
LIF0
0116
/06/
08EQ
UIT
YFU
ND1
36-
-
6,93
3,25
0
0.00
%G
row
th F
und
ULI
F002
16/0
6/08
GRO
WTH
FUN
D136
-
-
1,
471,
545
0.
00%
Liqu
id F
und
ULI
F005
14/0
7/08
LIQ
UID
FUN
D136
-
-
2,
320,
376
0.
00%
Equi
ty-II
Fun
dU
LIF0
0607
/01/
10EQ
UTY
IIFN
D136
-
-
24
,850
,569
0.
00%
Gro
wth
-II F
und
ULI
F007
07/0
1/10
GRO
WTI
IFN
D136
-
-
1,
382,
102
0.
00%
Bala
nced
-II F
und
ULI
F008
07/0
1/10
BLN
CDI
IFN
D136
-
-
3,
417,
957
0.
00%
Bala
nced
Plu
s Fu
ndU
LIF0
1013
/09/
10BL
NC
DPLF
ND1
36-
-
21,3
38,4
07
0.00
%G
row
th P
lus
Fund
ULI
F009
13/0
9/10
GRO
WTP
LFN
D136
-
-
4,
837 ,
423
0.
00%
Debt
Plu
s Fu
ndU
LIF0
1115
/09/
10DE
BTPL
FUN
D136
50,3
74
50
,374
5,19
4,74
2
0.97
%N
AV G
uara
ntee
Fun
dU
LIF0
1215
/04/
11N
AVG
FUN
DSI1
36-
-
1,66
2,76
1
0.00
%Di
scon
tinue
d Po
licy
Fund
ULI
F013
19/0
9/11
POLD
ISC
FND1
36-
-
5,47
0,59
4
0.00
%Pe
nsio
n G
row
th F
und
ULI
F014
05/1
1/15
PEN
SGRO
FND1
36-
-
227,
543
0.
00%
Indi
a M
ulti-
Cap
Equ
ity F
und
ULI
F018
16/0
8/16
IMC
APEQ
FND1
36-
-
7,91
8,25
1
0.00
%Pe
nsio
n Di
scon
tinue
d Po
licy
Fund
ULI
F017
05/1
1/15
PEN
SDIS
FND1
36-
-
18,4
69
0.00
%Em
ergi
ng L
eade
rs E
quity
Fun
dU
LIF0
2020
/12/
17EM
LEDE
QFN
D136
-
-
46
8,95
4
0.00
%To
tal
50,3
74
50
,374
92,7
26,0
21
0.
05%
For t
he y
ear e
nded
Mar
ch 3
1, 2
018
( '0
00)
Fund
Nam
eSF
IN C
ode
Can
Fin
Hom
es
Lim
ited
Tota
l In
vest
men
ts in
Pr
omot
er G
roup
Tota
l Fun
d%
to to
tal f
unds
Bala
nced
Fun
dU
LIF0
0316
/06/
08BL
NC
EDFU
ND1
36-
-
3,14
9,93
5
0.00
%De
bt F
und
ULI
F004
09/0
7/08
INDE
BTFU
ND1
36-
-
2,33
0,42
1
0.00
%Eq
uity
Fun
dU
LIF0
0116
/06/
08EQ
UIT
YFU
ND1
36-
-
7,37
5,14
8
0.00
%G
row
th F
und
ULI
F002
16/0
6/08
GRO
WTH
FUN
D136
-
-
1,
585,
520
0.
00%
Liqu
id F
und
ULI
F005
14/0
7/08
LIQ
UID
FUN
D136
-
-
1,
802,
324
0.
00%
Equi
ty-II
Fun
dU
LIF0
0607
/01/
10EQ
UTY
II FN
D136
-
-
22
,480
,205
0.
00%
Gro
wth
-II F
und
ULI
F007
07/0
1/10
GRO
WTI
IFN
D136
-
-
1,
371,
252
0.
00%
Bala
nced
-II F
und
ULI
F008
07/0
1/10
BLN
CDI
IFN
D136
-
-
3,
498,
977
0.
00%
Bala
nced
Plu
s Fu
ndU
LIF0
1013
/09/
10BL
NC
DPLF
ND1
36-
-
19,6
77,3
59
0.00
%G
row
th P
lus
Fund
ULI
F009
13/0
9/10
GRO
WTP
LFN
D136
-
-
4,
416,
179
0.
00%
Debt
Plu
s Fu
ndU
LIF0
1115
/09/
10DE
BTPL
FUN
D136
50,1
54
50
,154
5,13
5,55
1
0.98
%N
AV G
uara
ntee
Fun
dU
LIF0
1215
/04/
11N
AVG
FUN
DSI1
36-
-
1,81
2,54
0
0.00
%Di
scon
tinue
d Po
licy
Fund
ULI
F013
19/0
9/11
POLD
ISC
FND1
36-
-
4,57
0,50
9
0.00
%Pe
nsio
n G
row
th F
und
ULI
F014
05/1
1/15
PEN
SGRO
FND1
36-
-
102,
831
0.
00%
Indi
a M
ulti-
Cap
Equ
ity F
und
ULI
F018
16/0
8/16
IMC
APEQ
FND1
36-
-
3,18
4,20
7
0.00
%Pe
nsio
n Di
scon
tinue
d Po
licy
Fund
ULI
F017
05/1
1/15
PEN
SDIS
FND1
36-
-
791
0.
00%
Emer
ging
Lea
ders
Equ
ity F
und
ULI
F020
20/1
2/17
EMLE
DEQ
FND1
36-
-
88,9
79
0.00
%To
tal
50,1
54
50
,154
82,5
82,7
28
0.
06%
Not
e : A
s pe
r IRD
AI(In
vest
men
t) Re
gula
tions
, 201
6, P
olic
yhol
ders
Unc
laim
ed M
onie
s Fu
nd (S
FIN
- U
LIF0
1901
/04/
16U
NC
LAIM
FND1
36) i
s sh
own
as p
art o
f Cur
rent
Ass
ets
in th
e Ba
lanc
e Sh
eet,
henc
e no
t con
side
red
for a
bove
dis
clos
ure.
202
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dAn
nexu
res
to S
ched
ule
16 fo
r the
yea
r end
ed M
arch
31,
201
9An
nexu
re 6
(C.(i
)) St
atem
ent S
how
ing
Rec
eipt
s an
d Pa
ymen
ts m
ade
to R
elat
ed P
artie
s (
'000
)
Bala
nced
Fun
dD
ebt F
und
Equi
ty F
und
Gro
wth
Fun
dLi
quid
Fun
dEq
uity
-II F
und
Gro
wth
-II F
und
Bala
nced
-II F
und
Bala
nced
Plu
s Fu
ndG
row
th P
lus
Fund
Deb
t Plu
s Fu
ndN
AV G
uara
ntee
Fu
ndD
isco
ntin
ued
Polic
y Fu
ndPe
nsio
n G
row
th
Fund
Indi
a M
ulti-
Cap
Eq
uity
Fun
d
Pens
ion
Dis
cont
inue
d Po
licy
Fund
Emer
ging
Lea
ders
Eq
uity
Fun
d
ULI
F003
16/0
6/08
BLN
CED
FUN
D136
ULI
F004
09/0
7/08
IN
DEBT
FUN
D136
ULI
F001
16/0
6/08
EQ
UIT
YFU
ND1
36U
LIF0
0216
/06/
08G
ROW
THFU
ND1
36U
LIF0
0514
/07/
08LI
QU
IDFU
ND1
36U
LIF0
0607
/01/
10E
QU
TYIIF
ND1
36U
LIF0
0707
/01/
10G
ROW
TIIF
ND1
36U
LIF0
0807
/01/
10B
LNC
DIIF
ND1
36U
LIF0
1013
/09/
10B
LNC
DPLF
ND1
36U
LIF0
0913
/09/
10G
ROW
TPLF
ND1
36U
LIF0
1115
/09/
10D
EBTP
LFU
ND1
36U
LIF0
1215
/04/
11N
AVG
FUN
DSI1
36U
LIF0
1319
/09/
11P
OLD
ISC
FND1
36U
LIF0
1405
/11/
15P
ENSG
ROFN
D136
ULI
F018
16/0
8/16
IM
CAP
EQFN
D136
ULI
F017
05/1
1/15
PEN
SDIS
FND1
3 6U
LIF0
2020
/12/
17E
MLE
DEQ
FND1
36
1C
anar
a Ba
nkH
oldi
ng
Com
pany
Inte
rest
on
Depo
sit /
Bon
ds-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2C
an F
in H
omes
Lim
ited
Fello
w
Subs
idia
ry
Purc
hase
of I
nves
tmen
t -
Depo
sits
, Deb
t & M
oney
mar
ket
inst
rum
ents
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3C
an F
in H
omes
Lim
ited
Fello
w
Subs
idia
ry
Sale
/ M
atur
ity o
f Inv
estm
ent -
De
posi
ts, D
ebt &
Mon
ey m
arke
t in
stru
men
ts-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4C
an F
in H
omes
Lim
ited
Fello
w
Subs
idia
ryIn
tere
st o
n De
posi
t / B
onds
-
-
-
-
-
-
-
-
-
-
3,94
5
-
-
-
-
-
-
3,
945
5C
anar
a Ba
nk S
ecur
ities
Ltd
.Fe
llow
Su
bsid
iary
Brok
erag
e (in
clud
ing
STT
and
serv
ice
tax)
144
-
3,
521
200
-
4,
356
166
159
1,13
9
74
2
-
52
-
16
1,
101
-
32
3
11
,919
6C
anar
a Ro
beco
Mut
ual F
und
(Man
aged
by
Can
ara
Robe
co A
MC
)O
ther
sPu
r cha
se o
f Inv
estm
ent -
De
posi
ts, D
ebt &
Mon
ey m
arke
t in
stru
men
ts-
-
-
-
50
,901
-
-
-
-
-
-
-
-
-
-
-
-
50,9
01
7C
anar
a Ro
beco
Mut
ual F
und
(Man
aged
by
Can
ara
Robe
co A
MC
)O
ther
sSa
le /
Mat
urity
of I
nves
tmen
t -
Depo
sits
, Deb
t & M
oney
mar
ket
inst
rum
ents
-
-
-
-
-
-
-
-
158,
765
-
-
-
-
-
-
-
-
15
8,76
5
8C
anar
a Ro
beco
Mut
ual F
und
(Man
aged
by
Can
ara
Robe
co A
MC
)O
ther
sPu
rcha
se o
f Mut
ual f
und
Uni
ts-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9C
anar
a Ro
beco
Mut
ual F
und
(Man
aged
by
Can
ara
Robe
co A
MC
)O
ther
sSa
le o
f Mut
ual f
und
Uni
ts-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10C
anar
a Ro
beco
Mut
ual F
und
(Man
aged
by
Can
ara
Robe
co A
MC
)O
ther
sPr
ofit
/ Los
s on
sal
e of
Mut
ual
Fund
Uni
ts-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11H
ongk
ong
Shan
ghai
Ban
king
Cor
pora
tion
Subs
tant
ial
Inte
rest
Purc
hase
of I
nves
tmen
t -
Depo
sits
, Deb
t & M
oney
mar
ket
inst
rum
ents
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12H
ongk
ong
Shan
ghai
Ban
king
Cor
pora
tion
Subs
tant
ial
Inte
rest
Sale
/ M
atur
ity o
f Inv
estm
ent -
De
posi
ts, D
ebt &
Mon
ey m
arke
t in
stru
men
ts-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13H
SBC
Sec
uriti
es &
Cap
ital M
arke
t Ind
ia P
vt. L
td.
Subs
tant
ial
Inte
rest
Brok
erag
e (in
clud
ing
STT
and
serv
ice
tax)
266
-
1,
332
206
-
3,
849
122
320
1,07
2
55
1
-
6
-
8
79
2
-
51
8,
577
14H
SBC
Mut
ual F
und
(Man
aged
by
HSB
C A
sset
M
anag
emen
t (In
dia)
Priv
ate
Lim
ited)
Oth
ers
Purc
hase
of I
nves
tmen
t -
Depo
sits
, Deb
t & M
oney
mar
ket
inst
rum
ents
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15H
SBC
Mut
ual F
und
(Man
aged
by
HSB
C A
sset
M
anag
emen
t (In
dia)
Priv
ate
Lim
ited)
Oth
ers
Sale
/ M
atur
ity o
f Inv
estm
ent -
De
posi
ts, D
ebt &
Mon
ey m
arke
t in
stru
men
ts-
-
-
-
-
-
-
-
-
-
10
6,34
3-
-
-
-
-
-
10
6,34
3
16H
SBC
Mut
ual F
und
(Man
aged
by
HSB
C A
sset
M
anag
emen
t (In
dia)
Priv
ate
Lim
ited)
Oth
ers
Purc
hase
of M
utua
l fun
d U
nits
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
17H
SBC
Mut
ual F
und
(Man
aged
by
HSB
C A
sset
M
anag
emen
t (In
dia)
Priv
ate
Lim
ited)
Oth
ers
Sale
of M
utua
l fun
d U
nits
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18H
SBC
Mut
ual F
und
(Man
aged
by
HSB
C A
sset
M
anag
emen
t (In
dia)
Pr iv
ate
Lim
ited)
Oth
ers
Prof
it / L
oss
on s
ale
of M
utua
l Fu
nd U
nits
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
19O
rient
al B
ank
of C
omm
erce
Subs
tant
ial
Inte
rest
Sale
/ M
atur
ity o
f Inv
estm
ent -
De
posi
ts, D
ebt &
Mon
ey m
arke
t in
stru
men
ts-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
20O
rient
al B
ank
of C
omm
erce
Subs
tant
ial
Inte
rest
Inte
rest
on
Depo
sit /
Bon
ds-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Not
e : A
s pe
r IRD
AI (I
nves
tmen
t) Re
gula
tions
, 201
6, P
olic
yhol
ders
Unc
laim
ed M
onie
s Fu
nd (S
FIN
- U
LIF0
1901
/04/
16U
NC
LAIM
FND1
36) i
s sh
own
as p
art o
f Cur
rent
Ass
ets
in th
e Ba
lanc
e Sh
eet,
henc
e no
t con
side
red
for a
bove
dis
clos
ure.
Dat
e: M
arch
31,
201
9
S.N
o.N
ame
of th
e R
elat
ed P
arty
Nat
ure
of
Rel
atio
nshi
p w
ith th
e C
ompa
ny
Des
crip
tion
of T
rans
actio
ns /
Cat
egor
ies
Tota
l
203
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dAn
nexu
res
to S
ched
ule
16 fo
r the
yea
r end
ed M
arch
31,
201
9An
nexu
re 6
(C.(i
)) St
atem
ent S
how
ing
Rec
eipt
s an
d Pa
ymen
ts m
ade
to R
elat
ed P
artie
s (
'000
)
Bala
nced
Fun
dD
ebt F
und
Equi
ty F
und
Gro
wth
Fun
dLi
quid
Fun
dEq
uity
-II F
und
Gro
wth
-II F
und
Bala
nced
-II F
und
Bala
nced
Plu
s Fu
ndG
row
th P
lus
Fund
Deb
t Plu
s Fu
ndN
AV G
uara
ntee
Fu
ndD
isco
ntin
ued
Polic
y Fu
ndPe
nsio
n G
row
th
Fund
Indi
a M
ulti-
Cap
Eq
uity
Fun
d
Pens
ion
Dis
cont
inue
d Po
licy
Fund
Emer
ging
Lea
ders
Eq
uity
Fun
d
ULI
F003
16/0
6/08
BLN
CED
FUN
D136
ULI
F004
09/0
7/08
IN
DEBT
FUN
D136
ULI
F001
16/0
6/08
EQ
UIT
YFU
ND1
36U
LIF0
0216
/06/
08G
ROW
THFU
ND1
36U
LIF0
0514
/07/
08LI
QU
IDFU
ND1
36U
LIF0
0607
/01/
10E
QU
TYIIF
ND1
36U
LIF0
0707
/01/
10G
ROW
TIIF
ND1
36U
LIF0
0807
/01/
10B
LNC
DIIF
ND1
36U
LIF0
1013
/09/
10B
LNC
DPLF
ND1
36U
LIF0
0913
/09/
10G
ROW
TPLF
ND1
36U
LIF0
1115
/09/
10D
EBTP
LFU
ND1
36U
LIF0
1215
/04/
11N
AVG
FUN
DSI1
36U
LIF0
1319
/09/
11P
OLD
ISC
FND1
36U
LIF0
1405
/11/
15P
ENSG
ROFN
D136
ULI
F018
16/0
8/16
IM
CAP
EQFN
D136
ULI
F017
05/1
1/15
PEN
SDIS
FND1
3 6U
LIF0
2020
/12/
17E
MLE
DEQ
FND1
36
1C
anar
a Ba
nkH
oldi
ng
Com
pany
Inte
rest
on
Depo
sit /
Bon
ds-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2C
an F
in H
omes
Lim
ited
Fello
w
Subs
idia
ry
Purc
hase
of I
nves
tmen
t -
Depo
sits
, Deb
t & M
oney
mar
ket
inst
rum
ents
-
-
-
-
-
-
-
-
-
-
50,0
54
-
-
-
-
-
-
50
,054
3C
an F
in H
omes
Lim
ited
Fello
w
Subs
idia
ry
Sale
/ M
atur
ity o
f Inv
estm
ent -
De
posi
ts, D
ebt &
Mon
ey m
arke
t in
stru
men
ts-
-
-
-
-
-
-
-
20
,000
-
-
-
-
-
-
-
-
20,0
00
4C
an F
in H
omes
Lim
ited
Fello
w
Subs
idia
ryIn
tere
st o
n De
posi
t / B
onds
-
-
-
-
-
-
-
-
1,50
0
-
3,38
3
-
-
-
-
-
-
4,
883
5C
anar
a Ba
nk S
ecur
ities
Ltd
.Fe
llow
Su
bsid
iary
Brok
erag
e (in
clud
ing
STT
and
serv
ice
tax)
490
-
1,
401
379
-
2,
672
207
655
877
351
-
15
9
-
17
58
6
-
25
7,
819
6C
anar
a Ro
beco
Mut
ual F
und
(Man
aged
by
Can
ara
Robe
co A
MC
)O
ther
sPu
rcha
se o
f Inv
estm
ent -
De
posi
ts, D
ebt &
Mon
ey m
arke
t in
stru
men
ts-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7C
anar
a Ro
beco
Mut
ual F
und
(Man
aged
by
Can
ara
Robe
co A
MC
)O
ther
sSa
le /
Mat
urity
of I
nves
tmen
t -
Depo
sits
, Deb
t & M
oney
mar
ket
inst
rum
ents
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8C
anar
a Ro
beco
Mut
ual F
und
(Man
aged
by
Can
ara
Robe
co A
MC
)O
ther
sPu
rcha
se o
f Mut
ual f
und
Uni
ts-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9C
anar
a Ro
beco
Mut
ual F
und
(Man
aged
by
Can
ara
Robe
co A
MC
)O
ther
sSa
le o
f Mut
ual f
und
Uni
ts-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10C
anar
a Ro
beco
Mut
ual F
und
(Man
aged
by
Can
ara
Robe
co A
MC
)O
ther
sPr
ofit
/ Los
s on
sal
e of
Mut
ual
Fund
Uni
ts-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11H
ongk
ong
Shan
ghai
Ban
king
Cor
pora
tion
Subs
tant
ial
Inte
rest
Purc
hase
of I
nves
tmen
t -
Depo
sits
, Deb
t & M
oney
mar
ket
inst
rum
ents
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12H
ongk
ong
Shan
ghai
Ban
king
Cor
pora
tion
Subs
tant
ial
Inte
rest
Sale
/ M
atur
ity o
f Inv
estm
ent -
De
posi
ts, D
ebt &
Mon
ey m
arke
t in
stru
men
ts-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13H
SBC
Sec
uriti
es &
Cap
ital M
arke
t Ind
ia P
vt. L
td.
Subs
tant
ial
Inte
rest
Brok
erag
e (in
clud
ing
STT
and
serv
ice
tax)
207
-
80
5
13
1
-
1,61
0
11
3
17
8
85
4
27
9
-
20
-
1
197
-
-
4,39
3
14H
SBC
Mut
ual F
und
(Man
aged
by
HSB
C A
sset
M
anag
emen
t (In
dia)
Priv
ate
Lim
ited)
Oth
ers
Purc
hase
of I
nves
tmen
t -
Depo
sits
, Deb
t & M
oney
mar
ket
inst
rum
ents
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15H
SBC
Mut
ual F
und
(Man
aged
by
HSB
C A
sset
M
anag
emen
t (In
dia)
Priv
ate
Lim
ited)
Oth
ers
Sale
/ M
atur
ity o
f Inv
estm
ent -
De
posi
ts, D
ebt &
Mon
ey m
arke
t in
stru
men
ts-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
16H
SBC
Mut
ual F
und
(Man
aged
by
HSB
C A
sset
M
anag
emen
t (In
dia)
Priv
ate
Lim
ited)
Oth
ers
Purc
hase
of M
utua
l fun
d U
nits
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
17H
SBC
Mut
ual F
und
(Man
aged
by
HSB
C A
sset
M
anag
emen
t (In
dia)
Priv
ate
Lim
ited)
Oth
ers
Sale
of M
utua
l fun
d U
nits
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18H
SBC
Mut
ual F
und
(Man
aged
by
HSB
C A
sset
M
anag
emen
t (In
dia)
Pr iv
ate
Lim
ited)
Oth
ers
Prof
it / L
oss
on s
ale
of M
utua
l Fu
nd U
nits
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
19O
rient
al B
ank
of C
omm
erce
Subs
tant
ial
Inte
rest
Sale
/ M
atur
ity o
f Inv
estm
ent -
De
posi
ts, D
ebt &
Mon
ey m
arke
t in
stru
men
ts-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
20O
rient
al B
ank
of C
omm
erce
Subs
tant
ial
Inte
rest
Inte
rest
on
Depo
sit /
Bon
ds-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Tota
l
Dat
e: M
arch
31,
201
8
S.N
o.N
ame
of th
e R
elat
ed P
arty
Nat
ure
of
Rel
atio
nshi
p w
ith th
e C
ompa
ny
Des
crip
tion
of T
rans
actio
ns /
Cat
egor
ies
204
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dAn
nexu
res
to S
ched
ule
16 fo
r the
yea
r end
ed M
arch
31,
201
9An
nexu
re 6
(D) U
ncla
imed
rede
mpt
ions
of u
nits
- N
IL, P
revi
ous
Year
- N
IL( E
) N
et A
sset
Val
ue (N
AV) :
Hig
hest
, Lo
wes
t and
Clo
sing
at t
he e
nd o
f Mar
ch 3
1, 2
019
Hig
hest
NAV
Low
est N
AVC
losi
ng N
AVH
ighe
st N
AVLo
wes
t NAV
Clo
sing
NAV
Bala
nced
Fun
dU
LIF0
0316
/06/
08BL
NC
EDFU
ND1
3625
.928
723
.428
725
.928
725
.676
522
.586
824
.439
5De
bt F
und
ULI
F004
09/0
7/08
INDE
BTFU
ND1
3624
.145
621
.951
924
.145
622
.517
121
.472
822
.465
2Eq
uity
Fun
dU
LIF0
0116
/06/
08EQ
UIT
YFU
ND1
3626
.647
922
.430
626
.068
426
.245
621
.889
523
.863
7G
row
th F
und
ULI
F002
16/0
6/08
GRO
WTH
FUN
D136
26.6
789
22.7
271
25.8
532
26.5
804
22.2
065
24.4
213
Liqu
id F
und
ULI
F005
14/0
7/08
LIQ
UID
FUN
D136
21.4
833
20.6
560
21.0
200
20.6
493
19.4
902
20.6
493
Equi
ty-II
Fun
dU
LIF0
0607
/01/
10EQ
UTY
IIFN
D136
21.8
792
18.2
239
21.2
922
21.6
076
17.9
656
19.6
572
Gro
wth
-II F
und
ULI
F007
07/0
1/10
GRO
WTI
IFN
D136
22.6
572
19.2
932
21.9
878
22.4
783
18.6
993
20.6
861
Bala
nced
-II F
und
ULI
F008
07/0
1/10
BLN
CDI
IFN
D136
20.8
466
18.8
502
20.8
466
20.6
484
18.1
458
19.6
750
Bala
nced
Plu
s Fu
ndU
LIF0
1013
/09/
10BL
NC
DPLF
ND1
3618
.283
216
.500
118
.280
318
.151
516
.114
117
.282
1G
row
th P
lus
Fund
ULI
F009
13/0
9/10
GRO
WTP
LFN
D136
19.4
077
16.4
891
18.7
087
19.3
011
16.0
529
17.7
598
Debt
Plu
s Fu
ndU
LIF0
1115
/09/
10DE
BTPL
FUN
D136
18.3
600
16.8
426
18.3
477
17.3
597
16.5
633
17.2
422
NAV
Gua
rant
ee F
und
ULI
F012
15/0
4/11
NAV
GFU
NDS
I136
18.5
928
17.5
549
18.5
928
17.8
873
16.5
530
17.5
814
Disc
ontin
ued
Polic
y Fu
ndU
LIF0
1319
/09/
11PO
LDIS
CFN
D136
16.8
520
15.8
837
16.8
520
15.8
784
15.0
083
15.8
784
Pens
ion
Gro
wth
Fun
dU
LIF0
1405
/11/
15PE
NSG
ROFN
D136
11.2
735
10.3
949
11.2
735
11.2
210
10.1
303
10.8
430
Indi
a M
ulti-
Cap
Equ
ity F
und
ULI
F018
16/0
8/16
IMC
APEQ
FND1
3614
.024
611
.700
913
.380
914
.219
311
.362
312
.869
5Pe
nsio
n Di
scon
tinue
d Po
licy
Fund
ULI
F017
05/1
1/15
PEN
SDIS
FND1
3610
.772
010
.132
110
.772
010
.129
110
.000
010
.129
1Em
ergi
ng L
eade
rs E
quity
Fun
dU
LIF0
2020
/12/
17EM
LEDE
QFN
D136
10.7
172
8.27
419.
4567
10.0
000
9.54
029.
8156
Not
e : A
s pe
r IRD
AI(In
vest
men
t) Re
gula
tions
, 201
6, P
olic
yhol
ders
Unc
laim
ed M
onie
s Fu
nd (S
FIN
- U
LIF0
1901
/04/
16U
NC
LAIM
FND1
36) i
s sh
own
as p
art o
f Cur
rent
Ass
ets
in th
e Ba
lanc
e Sh
eet,
henc
e no
t con
side
red
for a
bove
dis
clos
ure.
For t
he y
ear e
nded
Mar
ch 3
1, 2
018
For t
he y
ear e
nded
Mar
ch 3
1, 2
019
SFIN
Cod
eFu
nd N
ame
205
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dAn
nexu
res
to S
ched
ule
16 fo
r the
yea
r end
ed M
arch
31,
201
9An
nexu
re 6
(F) E
xpen
ses
Cha
rges
to F
und
%An
nual
ized
Exp
ense
Rat
io to
Ave
rage
Dai
ly A
sset
s of
the
Fund
Fund
Nam
eSF
IN C
ode
Rat
ios
as a
t Mar
ch 3
1, 2
019
Rat
ios
as a
t Mar
ch 3
1, 2
018
Bala
nced
Fun
dU
LIF0
0316
/06/
08BL
NC
EDFU
ND1
361.
53%
1.52
%De
bt F
und
ULI
F004
09/0
7/08
INDE
BTFU
ND1
361.
18%
1.17
%Eq
uity
Fun
dU
LIF0
0116
/06/
08EQ
UIT
YFU
ND1
362.
02%
2.00
%G
row
th F
und
ULI
F002
16/0
6/08
GRO
WTH
FUN
D136
1.74
%1.
73%
Liqu
id F
und
ULI
F005
14/0
7/08
LIQ
UID
FUN
D136
0.94
%0.
94%
Equi
ty-II
Fun
dU
LIF0
0607
/01/
10EQ
UTY
IIFN
D136
1.55
%1.
53%
Gro
wth
-II F
und
ULI
F007
07/0
1/10
GRO
WTI
IFN
D136
1.39
%1.
37%
Bala
nced
-II F
und
ULI
F008
07/0
1/10
BLN
CDI
IFN
D136
1.30
%1.
29%
Bala
nced
Plu
s Fu
ndU
LIF0
1013
/09/
10BL
NC
DPLF
ND1
361.
59%
1.58
%G
row
th P
lus
Fund
ULI
F009
13/0
9/10
GRO
WTP
LFN
D136
1.57
%1.
55%
Debt
Plu
s Fu
ndU
LIF0
1115
/09/
10DE
BTPL
FUN
D136
1.59
%1.
58%
NAV
Gua
rant
ee F
und
ULI
F012
15/0
4/11
NAV
GFU
NDS
I136
2.00
%1.
99%
Disc
ontin
ued
Polic
y Fu
ndU
LIF0
1319
/09/
11PO
LDIS
CFN
D136
0.59
%0.
59%
Pens
ion
Gro
wth
Fun
dU
LIF0
1405
/11/
15PE
NSG
ROFN
D136
1.88
%1.
88%
Indi
a M
ulti-
Cap
Equ
ity F
und
ULI
F018
16/0
8/16
IMC
APEQ
FND1
361.
55%
1.55
%Pe
nsio
n Di
scon
tinue
d Po
licy
Fund
ULI
F017
05/1
1/15
PEN
SDIS
FND1
360.
59%
0.18
%Em
ergi
ng L
eade
rs E
quity
Fun
dU
LIF0
2020
/12/
17EM
LEDE
QFN
D136
1.59
%0.
14%
* Abs
olut
e
(G) R
atio
of G
ross
Inco
me
(incl
udin
g un
real
ized
gai
ns) t
o Av
erag
e D
aily
Net
Ass
ets
Fund
Nam
eSF
IN C
ode
Rat
ios
as a
t Mar
ch 3
1, 2
019
Rat
ios
as a
t Mar
ch 3
1, 2
018
Bala
nced
Fun
dU
LIF0
0316
/06/
08BL
NC
EDFU
ND1
367.
31%
9.66
%De
bt F
und
ULI
F004
09/0
7/08
INDE
BTFU
ND1
368.
37%
5.31
%Eq
uity
Fun
dU
LIF0
0116
/06/
08EQ
UIT
YFU
ND1
3610
.83%
10.9
0%G
row
th F
und
ULI
F002
16/0
6/08
GRO
WTH
FUN
D136
7.45
%11
.72%
Liqu
id F
und
ULI
F005
14/0
7/08
LIQ
UID
FUN
D136
2.35
%6.
76%
Equi
ty-II
Fun
dU
LIF0
0607
/01/
10EQ
UTY
IIFN
D136
9.86
%10
.17%
Gro
wth
-II F
und
ULI
F007
07/0
1/10
GRO
WTI
IFN
D136
7.53
%11
.91%
Bala
nced
-II F
und
ULI
F008
07/0
1/10
BLN
CDI
IFN
D136
7.11
%9.
51%
Bala
nced
Plu
s Fu
ndU
LIF0
1013
/09/
10BL
NC
DPLF
ND1
367.
40%
8.28
%G
row
th P
lus
Fund
ULI
F009
13/0
9/10
GRO
WTP
LFN
D136
6.94
%11
.41%
Debt
Plu
s Fu
ndU
LIF0
1115
/09/
10DE
BTPL
FUN
D136
7.78
%5.
04%
NAV
Gua
rant
ee F
und
ULI
F012
15/0
4/11
NAV
GFU
NDS
I136
7.57
%8.
21%
Disc
ontin
ued
Polic
y Fu
ndU
LIF0
1319
/09/
11PO
LDIS
CFN
D136
6.59
%6.
24%
Pens
ion
Gro
wth
Fun
dU
LIF0
1405
/11/
15PE
NSG
ROFN
D136
7.37
%4.
86%
Indi
a M
ulti-
Cap
Equ
ity F
und
ULI
F018
16/0
8/16
IMC
APEQ
FND1
366.
99%
5.10
%Pe
nsio
n Di
scon
tinue
d Po
licy
Fund
ULI
F017
05/1
1/15
PEN
SDIS
FND1
367.
18%
1.41
%Em
ergi
ng L
eade
rs E
quity
Fun
dU
LIF0
2020
/12/
17EM
LEDE
QFN
D136
2.49
%0.
36%
(H) P
rovi
sion
for d
oubt
ful d
ebts
on
asse
ts o
f the
fund
s - N
IL, P
revi
ous
Year
- N
IL
Not
e : A
s pe
r IRD
AI(In
vest
men
t) Re
gula
tions
, 201
6, P
olic
yhol
ders
Unc
laim
ed M
onie
s Fu
nd (S
FIN
- U
LIF0
1901
/04/
16U
NC
LAIM
FND1
36) i
s sh
own
as p
art o
f C
urre
nt A
sset
s in
the
Bala
nce
Shee
t, he
nce
not c
onsi
dere
d fo
r abo
ve d
iscl
osur
e.
Not
e : A
s pe
r IRD
AI(In
vest
men
t) Re
gula
tions
, 201
6, P
olic
yhol
ders
Unc
laim
ed M
onie
s Fu
nd (S
FIN
- U
LIF0
1901
/04/
16U
NC
LAIM
FND1
36) i
s sh
own
as p
art o
f C
urre
nt A
sset
s in
the
Bala
nce
Shee
t, he
nce
not c
onsi
dere
d fo
r abo
ve d
iscl
osur
e.
206
Cana
ra H
SBC
Orien
tal B
ank o
f Com
mer
ce Li
fe In
sura
nce C
ompa
ny Li
mite
dAn
nexu
res t
o Sch
edule
16 fo
r the
year
ende
d Mar
ch 31
, 201
9An
nexu
re 6
(I) Fu
nd-w
ise di
sclos
ure o
f app
recia
tion
and/
or (d
epre
ciatio
n) in
value
of in
vestm
ents
as at
Mar
ch 31
, 201
9 (
'000
)
Fund
Nam
eBa
lance
d Fun
dDe
bt Fu
ndEq
uity F
und
Grow
th Fu
ndLiq
uid Fu
ndEq
uity-
II Fu
ndGr
owth
-II Fu
ndBa
lance
d-II
Fund
Balan
ced P
lus
Fund
Grow
th P
lus Fu
ndDe
bt P
lus Fu
ndNA
V Gu
aran
tee
Fund
Disc
ontin
ued
Polic
y Fun
dPe
nsion
Gro
wth
Fund
India
Mult
i-Cap
Eq
uity F
und
Pens
ion
Disc
ontin
ued
Polic
y Fun
d
Emer
ging L
eade
rs
Equit
y Fun
d
SFIN
ULIF0
0316
/06/
08B
LNCE
DFUN
D136
ULIF0
0409
/07/
08I
NDEB
TFUN
D136
ULIF0
0116
/06/
08E
QUITY
FUND
136
ULIF0
0216
/06/
08G
ROW
THFU
ND13
6UL
IF005
14/0
7/08
LIQU
IDFU
ND13
6UL
IF006
07/0
1/10
EQU
TYIIF
ND13
6UL
IF007
07/0
1/10
GRO
WTII
FND1
36UL
IF008
07/0
1/10
BLN
CDIIF
ND13
6UL
IF010
13/0
9/10
BLN
CDPL
FND1
36UL
IF009
13/0
9/10
GRO
WTP
LFND
136
ULIF0
1115
/09/
10D
EBTP
LFUN
D136
ULIF0
1215
/04/
11N
AVGF
UNDS
I136
ULIF0
1319
/09/
11P
OLDI
SCFN
D136
ULIF0
1405
/11/
15P
ENSG
ROFN
D136
ULIF0
1816
/08/
16I
MCAP
EQFN
D136
ULIF0
1705
/11/
15P
ENSD
ISFN
D136
ULIF0
2020
/12/
17E
MLED
EQFN
D136
Equit
y Sha
res31
4,566
-
70
6,897
20
2,654
-
2,8
09,82
0
19
7,791
37
9,439
1,9
61,08
3
56
8,877
-
55
,223
-
5,786
396,7
72
-
4,054
7,602
,962
Mutu
al Fu
nds
11
99
34
2
115
79
5
20
10
282
13
28
13
-
7
9
-
5
1,4
44
Pa
ssive
ly Ma
nage
d Equ
ity ET
F-
-
22
6,719
29
,901
-
707,4
59
26,58
0
-
-
86
,777
-
-
-
-
136,6
27
-
1,424
1,215
,485
Gove
rnme
nt S
ecur
ities
15,22
7
2,0
37
-
90
0
-
-
(511)
7,8
24
9,2
89
7,2
57
4,1
91
51
,050
(7,43
4)
21
6
-
12
-
90
,059
Non C
onve
rtible
Deb
entu
res7,0
35
31
,536
-
1,466
2,317
-
358
7,8
87
(7,
202)
943
42
,233
-
-
(165)
-
-
-
86
,408
Zero
Cou
pon B
onds
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
State
Dev
elopm
ent L
oan
(261)
2,7
14
-
(35
)
-
-
(12
)
(23
4)
45
(47
)
12
,298
537
2,0
91
69
-
13
-
17
,177
Tota
l33
6,578
36
,386
933,6
50
234,8
88
2,432
3,518
,074
224,2
26
394,9
26
1,963
,497
663,8
20
58,75
0
10
6,823
(5
,343)
5,913
533,4
08
25
5,4
83
9,0
13,53
5
Note
: As p
er IR
DAI(In
vestm
ent) R
egula
tions
, 201
6, Po
licyh
olders
Unc
laime
d Mon
ies Fu
nd (S
FIN -
ULIF0
1901
/04/
16UN
CLAI
MFND
136)
is sh
own a
s part
of C
urren
t Ass
ets in
the B
alanc
e She
et, he
nce n
ot co
nside
red fo
r abo
ve di
sclos
ure.
(I) Fu
nd-w
ise di
sclos
ure o
f app
recia
tion
and/
or (d
epre
ciatio
n) in
value
of in
vestm
ents
as at
Mar
ch 31
, 201
8 (
'000
)
Fund
Nam
eBa
lance
d Fun
dDe
bt Fu
ndEq
uity F
und
Grow
th Fu
ndLiq
uid Fu
ndEq
uity-
II Fu
ndGr
owth
-II Fu
ndBa
lance
d-II
Fund
Balan
ced P
lus
Fund
Grow
th P
lus Fu
ndDe
bt P
lus Fu
ndNA
V Gu
aran
tee
Fund
Disc
ontin
ued
Polic
y Fun
dPe
nsion
Gro
wth
Fund
India
Mult
i-Cap
Eq
uity F
und
Pens
ion
Disc
ontin
ued
Polic
y Fun
d
Emer
ging L
eade
rs
Equit
y Fun
d
SFIN
ULIF0
0316
/06/
08B
LNCE
DFUN
D136
ULIF0
0409
/07/
08I
NDEB
TFUN
D136
ULIF0
0116
/06/
08E
QUITY
FUND
136
ULIF0
0216
/06/
08G
ROW
THFU
ND13
6UL
IF005
14/0
7/08
LIQU
IDFU
ND13
6UL
IF006
07/0
1/10
EQU
TYIIF
ND13
6UL
IF007
07/0
1/10
GRO
WTII
FND1
36UL
IF008
07/0
1/10
BLN
CDIIF
ND13
6UL
IF010
13/0
9/10
BLN
CDPL
FND1
36UL
IF009
13/0
9/10
GRO
WTP
LFND
136
ULIF0
1115
/09/
10D
EBTP
LFUN
D136
ULIF0
1215
/04/
11N
AVGF
UNDS
I136
ULIF0
1319
/09/
11P
OLDI
SCFN
D136
ULIF0
1405
/11/
15P
ENSG
ROFN
D136
ULIF0
1816
/08/
16I
MCAP
EQFN
D136
ULIF0
1705
/11/
15P
ENSD
ISFN
D136
ULIF0
2020
/12/
17E
MLED
EQFN
D136
Equit
y Sha
res40
9,460
-
1,4
81,54
2
32
4,785
-
4,3
23,25
0
27
6,267
45
0,984
2,0
49,96
8
80
0,876
-
19
4,137
-
1,0
73
92
,700
-
(32)
10,40
5,010
Mutu
al Fu
nds
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Pass
ively
Mana
ged E
quity
ETF
-
-
74,92
4
2,2
93
-
16
8,262
2,8
96
-
-
9,7
40
-
-
-
-
(4,
608)
-
-
253,5
08
Gove
rnme
nt S
ecur
ities
9,324
(13,11
9)
-
(1,
489)
-
-
(2,91
6)
7,9
98
(43
,274)
(3,27
1)
(39
,848)
50,35
8
(16
,872)
(709)
-
-
-
(53
,817)
Non C
onve
rtible
Deb
entu
res24
,034
32,99
3
-
2,5
77
(1,
484)
-
1,397
24,51
4
21
,036
1,657
41,99
7
-
-
(17
1)
-
-
-
148,5
49
Zero
Cou
pon B
onds
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
State
Dev
elopm
ent L
oan
(293)
(1,
486)
-
(40)
-
-
(13)
(269)
12
2
(54)
(1,70
9)
-
(97
0)
27
-
-
-
(4,
686)
Tota
l44
2,525
18
,388
1,556
,466
328,1
26
(1,48
4)
4,4
91,51
2
27
7,631
48
3,227
2,0
27,85
2
80
8,948
44
0
244,4
95
(17,8
42)
22
0
88,09
2
-
(32)
10
,748,5
64
Tota
l
Tota
l
207
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dAn
nexu
res
to S
ched
ule
16 fo
r the
yea
r end
ed M
arch
31,
201
9An
nexu
re 6
Uni
t Lin
ked
Dis
clos
ures
- O
ther
Dis
clos
ures
(J) I
ndus
try
wis
e di
sclo
sure
of I
nves
tmen
ts w
ith E
xpos
ure
of 1
0% a
nd a
bove
seg
rega
ted
at s
crip
leve
lFo
r the
yea
r end
ed M
arch
31,
201
9Fu
nd N
ame
: Bal
ance
d Fu
ndSF
IN C
ode:
ULI
F003
16/0
6/08
BLN
CED
FUN
D13
6
( In
'000
)
S.N
oIn
dust
ry S
ecto
rIn
vest
men
tSe
curit
y C
ateg
ory
Inve
stm
ent A
mou
ntPe
rcen
tage
of F
und
9.00
% P
ower
Fin
Cor
p. L
td. N
CD
(MD
11/0
3/20
28)
Debt
188,
616
6.54
%IC
ICI B
ank
Ltd
Equi
ty17
1,70
45.
95%
HDF
C B
ank
Ltd
Equi
ty14
6,83
35.
09%
9.75
% R
ural
Ele
ctrif
icat
ion
Cor
p. L
td. N
CD
(MD
11/1
1/20
21)
Debt
75,4
922.
62%
Axis
Ban
kEq
uity
64,3
522.
23%
7.47
% P
ower
Fin
Cor
p. L
td. N
CD
(MD
16/0
9/20
21)
Debt
54,8
081.
90%
Kota
k M
ahin
dra
Bank
Ltd
Equi
ty42
,733
1.48
%Ba
jaj F
inan
ce L
tdEq
uity
42,6
861.
48%
9.24
% L
IC H
ousi
ng F
in. L
td. N
CD
(MD
30/0
9/20
24)
Debt
41,7
671.
45%
9% S
hrira
m T
rans
port
Fina
nce
Co.
Ltd
. (M
D 28
/03/
2028
)De
bt35
,896
1.24
%YE
S Ba
nk L
tdEq
uity
28,7
981.
00%
Stat
e Ba
nk o
f Ind
iaEq
uity
28,7
851.
00%
Hou
sing
Dev
elop
men
t Fin
ance
Cor
pora
tion
Ltd
Equi
ty25
,928
0.90
%8.
9% R
elia
nce
Cap
ital L
td. N
CD
(MD
09/0
9/20
21).
Debt
23,1
140.
80%
Equi
tas
Hol
ding
s Lt
dEq
uity
19,1
290.
66%
Edel
wei
ss F
inan
cial
Ser
vice
s Li
mite
dEq
uity
17,4
370.
60%
L&T
Fina
nce
Hol
ding
s Lt
dEq
uity
14,0
080.
49%
ICIC
I Lom
bard
Gen
eral
Insu
ranc
e C
ompa
ny L
tdEq
uity
13,7
740.
48%
7.75
% In
dia
Infra
debt
Ltd
. NC
D (M
D 30
/08/
2022
)De
bt12
,044
0.42
%8.
51%
Indi
a In
frade
bt L
td. N
CD
(MD
05/0
5/20
26)
Debt
8,19
00.
28%
9.45
% B
ajaj
Fin
ance
Ltd
. NC
D (M
D 02
/07/
2020
)De
bt8,
168
0.28
%9.
68%
IL &
FS
Ltd.
NC
D (M
D 25
/07/
2021
)De
bt7,
500
0.26
%9.
36%
Pow
er F
in C
orp.
Ltd
. NC
D (M
D 01
/08/
2021
)De
bt6,
214
0.22
%9.
09%
Indi
an R
ailw
ays
Fin.
Cor
p. N
CD
(MD
31/0
3/20
26)
Debt
5,26
90.
18%
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15,7
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163,
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D 29
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9An
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stm
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728,
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ICI B
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3,88
87.
12%
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241,
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3.06
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DFC
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226,
378
2.86
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tak
Mah
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156,
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1.98
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S Ba
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144,
103
1.82
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107,
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1.36
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101,
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ompa
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td.
Anne
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s to
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edul
e 16
for t
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nded
Mar
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019
Anne
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6U
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Oth
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try
wis
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Bank
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ty72
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ank
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ty51
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F Ba
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ty41
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ank
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ty36
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uity
35,4
462.
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nce
Hol
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uity
26,8
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k Ba
nkin
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22,2
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k M
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Mut
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und
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ing
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ty20
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1.27
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75%
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al E
lect
rific
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n C
orp.
Ltd
. NC
D (M
D 11
/11/
2021
)De
bt15
,991
1.01
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s H
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ty15
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er F
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Ltd
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D (M
D 15
/04/
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)De
bt13
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0.85
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ICI L
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pany
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Equi
ty12
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0.78
%9.
00%
Pow
er F
in C
orp.
Ltd
. NC
D (M
D 11
/03/
2028
)De
bt10
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0.67
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anla
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ank
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Equi
ty5,
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0.33
%C
hola
man
dala
m In
vest
men
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ance
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pany
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ited
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ty4,
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0.29
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Ban
k Lt
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uity
4,38
80.
28%
8.57
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dia
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. NC
D (M
D 23
/06/
2026
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bt4,
161
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L H
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ngs
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ty4,
023
0.25
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ty4,
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Pow
er F
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Ltd
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D (M
D 14
/05/
2020
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a C
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l Ltd
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ty96
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511,
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1Fi
nanc
ial A
nd In
sura
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Activ
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226
Can
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of C
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ranc
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td.
Anne
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s to
Sch
edul
e 16
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
Anne
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6U
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d D
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Oth
er D
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(J) I
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wis
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of I
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ure
of 1
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lFo
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arch
31,
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nd N
ame
: Liq
uid
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e : U
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IDFU
ND
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ry S
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men
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stm
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ntPe
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tage
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nanc
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P (M
D 04
/05/
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bt99
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CP
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29/0
5/20
18)
Debt
98,8
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49%
IL &
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13/0
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92,5
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IC H
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ural
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ctrif
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p. L
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06/1
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18)
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50,5
292.
80%
8.25
% H
ousi
ng D
ev. F
in. C
orp.
Ltd
. NC
D (M
D 23
/10/
2018
)De
bt50
,212
2.79
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892%
Baj
aj F
inan
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CD
(MD
20/0
6/20
18)
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50,1
952.
79%
8.39
% P
ower
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Cor
p. L
td. N
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28/0
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50,1
042.
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8.38
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ng D
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D 20
/05/
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322.
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7.85
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hrira
m T
rans
port
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nce
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D (M
D 12
/12/
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51%
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sing
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. Ltd
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D 14
/08/
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2.77
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T Fi
nanc
e C
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P (M
D 12
/07/
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& F
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/02/
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Ujji
van
Smal
l Fin
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bt5,
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tal
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Oth
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nd T
otal
1,80
2,32
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0.00
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1Fi
nanc
ial A
nd In
sura
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Activ
ities
227
Can
ara
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C O
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ank
of C
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Life
Insu
ranc
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ompa
ny L
td.
Anne
xure
s to
Sch
edul
e 16
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
Anne
xure
6U
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Oth
er D
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of I
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arch
31,
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8Fu
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ame
: Equ
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I Fun
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07/0
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EQU
TYIIF
ND
136
( In
'000
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S.N
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dust
ry S
ecto
rIn
vest
men
tSe
curit
y C
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stm
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Amou
ntPe
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tage
of F
und
Baja
j Fin
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Ltd
Equi
ty1,
504,
463
6.69
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lianc
e ET
F Ba
nk B
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ty1,
176,
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5.23
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S Ba
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1,01
8,95
84.
53%
Indu
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Ban
k Lt
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uity
844,
494
3.76
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ICI B
ank
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Equi
ty61
9,20
52.
75%
Kota
k Ba
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501,
653
2.23
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T Fi
nanc
e H
oldi
ngs
Ltd
Equi
ty42
6,47
11.
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j Fin
ance
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Equi
ty37
6,80
11.
68%
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k M
ahin
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und
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ty31
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91.
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221,
799
0.99
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uita
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ty22
1,23
50.
98%
Dhan
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i Ban
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uity
85,0
760.
38%
Karu
r Vys
ya B
ank
Ltd
Equi
ty72
,260
0.32
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hola
man
dala
m In
vest
men
t and
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pany
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ited
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ty32
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Pais
a C
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l Ltd
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ty79
10.
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l7,
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0%2
Oth
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l15
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0%G
rand
Tot
al22
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100.
00%
1Fi
nanc
ial A
nd In
sura
nce
Activ
ities
228
Can
ara
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C O
rient
al B
ank
of C
omm
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Insu
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td.
Anne
xure
s to
Sch
edul
e 16
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
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xure
6U
nit L
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er D
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ndus
try
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of I
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ts w
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bove
seg
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ted
at s
crip
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lFo
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yea
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ed M
arch
31,
201
8Fu
nd N
ame
: Gro
wth
-II F
und
SFIN
Cod
e : U
LIF0
0707
/01/
10G
RO
WTI
IFN
D13
6
( In
'000
)
S.N
oIn
dust
ry S
ecto
rIn
vest
men
tSe
curit
y C
ateg
ory
Inve
stm
ent
Amou
ntPe
rcen
tage
of F
und
HDF
C B
ank
Ltd
Equi
ty93
,481
6.82
%YE
S Ba
nk L
tdEq
uity
63,2
234.
61%
Relia
nce
ETF
Bank
BeE
SEq
uity
44,6
673.
26%
Indu
sInd
Ban
k Lt
dEq
uity
43,9
613.
21%
ICIC
I Ban
k Lt
dEq
uity
31,8
812.
32%
Baja
j Fin
ance
Ltd
Equi
ty31
,187
2.27
%9.
00%
Pow
er F
in C
orp.
Ltd
. NC
D (M
D 11
/03/
2028
)De
bt23
,467
1.71
%L&
T Fi
nanc
e H
oldi
ngs
Ltd
Equi
ty22
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1.65
%Ko
tak
Mah
indr
a M
utua
l Fun
d Ba
nkin
g PS
U E
TFEq
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17,2
731.
26%
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tas
Hol
ding
s Lt
dEq
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13,5
740.
99%
Kota
k Ba
nkin
g ET
FEq
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11,1
480.
81%
ICIC
I Lom
bard
Gen
eral
Insu
ranc
e C
ompa
ny L
tdEq
uity
10,7
990.
79%
Dhan
laxm
i Ban
k Lt
dEq
uity
4,11
90.
30%
Karu
r Vys
ya B
ank
Ltd
Equi
ty3,
822
0.28
%Sa
tin C
redi
tcar
e N
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Equi
ty3,
574
0.26
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L H
oldi
ngs
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Equi
ty3,
368
0.25
%8.
57%
Indi
a In
frade
bt L
td. N
CD
(MD
23/0
6/20
26)
Debt
3,12
10.
23%
8.70
% P
ower
Fin
Cor
p. L
td. N
CD
(MD
14/0
5/20
20)
Debt
1,02
20.
07%
5 Pa
isa
Cap
ital L
tdEq
uity
800.
01%
Tota
l42
6,38
831
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2O
ther
sTo
tal
944,
864
68.9
1%G
rand
Tot
al1,
371,
252
100.
00%
1Fi
nanc
ial A
nd In
sura
nce
Activ
ities
229
Cana
ra H
SBC
Orie
ntal
Ban
k of
Com
mer
ce L
ife In
sura
nce
Com
pany
Ltd
.An
nexu
res t
o Sc
hedu
le 1
6 fo
r the
year
end
ed M
arch
31,
201
9An
nexu
re 6
Unit
Link
ed D
isclo
sure
s - O
ther
Disc
losu
res
(J) I
ndus
try w
ise d
isclo
sure
of I
nves
tmen
ts w
ith E
xpos
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of 1
0% a
nd a
bove
segr
egat
ed a
t scr
ip le
vel
For t
he ye
ar e
nded
Mar
ch 3
1, 2
018
Fund
Nam
e : B
alan
ced-
II Fu
ndSF
IN C
ode
: ULI
F008
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DIIF
ND13
6
( In
'000
)
S.No
Indu
stry
Sec
tor
Inve
stm
ent
Secu
rity
Cate
gory
Inve
stm
ent
Amou
ntPe
rcen
tage
of F
und
HDFC
Ban
k Ltd
Equi
ty19
4,03
85.
55%
9.00
% P
ower
Fin
Cor
p. L
td. N
CD (M
D 11
/03/
2028
)De
bt12
5,86
83.
60%
YES
Bank
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Equi
ty99
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2.84
%In
dusIn
d Ba
nk L
tdEq
uity
87,0
292.
49%
9.24
% L
IC H
ousin
g Fi
n. L
td. N
CD (M
D 30
/09/
2024
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bt52
,904
1.51
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ICI B
ank L
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48,7
901.
39%
8.70
% P
ower
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Cor
p. L
td. N
CD (M
D 14
/05/
2020
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bt48
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1.37
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T Fi
nanc
e Hol
ding
s Ltd
Equi
ty47
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1.37
%7.
47%
Pow
er F
in C
orp.
Ltd
. NCD
(MD
16/0
9/20
21)
Debt
44,8
501.
28%
9.09
% In
dian
Rail
ways
Fin
. Cor
p. N
CD (M
D 31
/03/
2026
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bt42
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1.22
%Ba
jaj F
inan
ce L
tdEq
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42,0
911.
20%
Stat
e Ban
k of I
ndia
Equi
ty41
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1.19
%8.
9% R
elian
ce C
apita
l Ltd
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(MD
09/0
9/20
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41,2
051.
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9.18
% P
ower
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p. L
td. N
CD (M
D 15
/04/
2021
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bt31
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0.89
%9.
02%
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al El
ectri
ficat
ion
Corp
. Ltd
. NCD
(MD
19/1
1/20
22)
Debt
29,2
770.
84%
9.75
% R
ural
Elec
trific
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n Co
rp. L
td. N
CD (M
D 11
/11/
2021
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bt25
,585
0.73
%8.
83%
Indi
an R
ailwa
ys F
in. C
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(MD
25/0
3/20
23)
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24,9
990.
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tas H
oldi
ngs L
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24,8
480.
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8.38
5% ID
FC In
fra F
inan
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D12/
10/2
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20,4
820.
59%
9.61
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p. L
td. N
CD (M
D 29
/06/
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bt19
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0.54
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rd G
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ompa
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17,9
480.
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9.68
% IL
& F
S Lt
d. N
CD (M
D 25
/07/
2021
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bt15
,892
0.45
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45%
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sing
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Ltd
. NCD
(MD
30/0
1/20
22)
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15,7
920.
45%
9.36
% P
ower
Fin
Cor
p. L
td. N
CD (M
D 01
/08/
2021
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bt12
,608
0.36
%Sa
tin C
redi
tcar
e Net
work
Ltd
Equi
ty12
,351
0.35
%9.
18%
Tat
a Son
s Ltd
. NCD
(MD
23/1
1/20
20 )
Debt
8,29
50.
24%
Dhan
laxm
i Ban
k Ltd
Equi
ty7,
418
0.21
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olam
anda
lam In
vest
men
t and
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ance
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pany
Lim
ited
Equi
ty6,
347
0.18
%Ka
rur V
ysya
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k Ltd
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ty6,
235
0.18
%IIF
L Ho
ldin
gs L
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5,70
80.
16%
8.57
% In
dia I
nfra
debt
Ltd
. NCD
(MD
23/0
6/20
26)
Debt
5,20
10.
15%
8.97
% T
ata S
ons L
td. N
CD (M
D 15
/07/
2020
)De
bt5,
144
0.15
%5
Paisa
Cap
ital L
tdEq
uity
130
0.00
%To
tal
1,21
1,08
634
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2Ot
hers
Tota
l2,
287,
891
65.3
9%Gr
and
Tota
l3,
498,
977
100.
00%
1Fi
nanc
ial A
nd In
sura
nce A
ctivi
ties
230
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
td.
Anne
xure
s to
Sch
edul
e 16
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
Anne
xure
6U
nit L
inke
d D
iscl
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es -
Oth
er D
iscl
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es
(J) I
ndus
try
wis
e di
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sure
of I
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ts w
ith E
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ure
of 1
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nd a
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seg
rega
ted
at s
crip
leve
lFo
r the
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r end
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arch
31,
201
8Fu
nd N
ame
: Bal
ance
d Pl
us F
und
SFIN
Cod
e : U
LIF0
1013
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10BL
NC
DPL
FND
136
( In
'000
)
S.N
oIn
dust
ry S
ecto
rIn
vest
men
tSe
curit
y C
ateg
ory
Inve
stm
ent
Amou
ntPe
rcen
tage
of F
und
HDF
C B
ank
Ltd
Equi
ty99
8,93
95.
08%
YES
Bank
Ltd
Equi
ty51
8,99
22.
64%
Indu
sInd
Ban
k Lt
dEq
uity
478,
670
2.43
%IC
ICI B
ank
Ltd
Equi
ty26
7,99
01.
36%
L&T
Fina
nce
Hol
ding
s Lt
dEq
uity
249,
439
1.27
%Ba
jaj F
inan
ce L
tdEq
uity
226,
407
1.15
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95%
LIC
Hou
sing
Fin
. Ltd
. NC
D (M
D 24
/03/
2022
)De
bt21
6,12
81.
10%
Stat
e Ba
nk o
f Ind
iaEq
uity
205,
663
1.05
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24%
LIC
Hou
sing
Fin
. Ltd
. NC
D (M
D 30
/09/
2024
)De
bt20
1,03
61.
02%
8.83
% In
dian
Rai
lway
s Fi
n. C
orp.
NC
D (M
D 25
/03/
2023
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bt19
0,61
90.
97%
9.09
% In
dian
Rai
lway
s Fi
n. C
orp.
NC
D (M
D 31
/03/
2026
)De
bt16
5,84
00.
84%
9.00
% P
ower
Fin
Cor
p. L
td. N
CD
(MD
11/0
3/20
28)
Debt
155,
735
0.79
%8.
08%
Tat
a So
ns L
td. N
CD
(MD
05/0
8/20
26)
Debt
130,
307
0.66
%Eq
uita
s H
oldi
ngs
Ltd
Equi
ty12
8,02
80.
65%
Satin
Cre
ditc
are
Net
wor
k Lt
dEq
uity
115,
202
0.59
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94%
Pow
er F
in C
orp.
Ltd
. NC
D (M
D 25
/03/
2028
)De
bt10
6,29
50.
54%
8.89
% L
IC H
ousi
ng F
in. L
td. N
CD
(MD
25/0
4/20
23)
Debt
104,
445
0.53
%IC
ICI L
omba
rd G
ener
al In
sura
nce
Com
pany
Ltd
Equi
ty90
,505
0.46
%8.
9% R
elia
nce
Cap
ital L
td. N
CD
(MD
09/0
9/20
21)
Debt
89,6
200.
46%
9.68
% IL
& F
S Lt
d. N
CD
(MD
25/0
7/20
21)
Debt
79,4
600.
40%
7.47
% P
ower
Fin
Cor
p. L
td. N
CD
(MD
16/0
9/20
21)
Debt
74,7
500.
38%
9.02
% R
ural
Ele
ctrif
icat
ion
Cor
p. L
td. N
CD
(MD
19/1
1/20
22)
Debt
62,7
370.
32%
8.51
% In
dia
Infra
debt
Ltd
. NC
D (M
D 05
/05/
2026
)De
bt41
,459
0.21
%8.
35%
Cap
ital F
irst L
td. N
CD
(MD
13/0
4/20
20)
Debt
40,6
020.
21%
9.75
% R
ural
Ele
ctrif
icat
ion
Cor
p. L
td. N
CD
(MD
11/1
1/20
21)
Debt
37,3
120.
19%
8.38
5% ID
FC In
fra F
inan
ce L
td. N
CD
(MD1
2/10
/202
1)De
bt35
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0.18
%Ka
rur V
ysya
Ban
k Lt
dEq
uity
35,6
740.
18%
Dhan
laxm
i Ban
k Lt
dEq
uity
35,4
480.
18%
Cho
lam
anda
lam
Inve
stm
ent a
nd F
inan
ce C
ompa
ny L
imite
dEq
uity
35,1
970.
18%
8.10
% In
dia
Infra
debt
Ltd
. NC
D (M
D 27
/12/
2026
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bt30
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0.15
%IIF
L H
oldi
ngs
Ltd
Equi
ty29
,241
0.15
%9.
18%
Tat
a So
ns L
td. N
CD
(MD
23/1
1/20
20 )
Debt
22,8
110.
12%
8.57
% In
dia
Infra
debt
Ltd
. NC
D (M
D 23
/06/
2026
)De
bt20
,804
0.11
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60%
IDFC
Infra
Fin
ance
Ltd
. NC
D (M
D 25
/08/
2021
)De
bt20
,592
0.10
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36%
Pow
er F
in C
orp.
Ltd
. NC
D (M
D 01
/08/
2021
)De
bt12
,608
0.06
%9.
61%
Pow
er F
in C
orp.
Ltd
. NC
D (M
D 29
/06/
2021
)De
bt5,
282
0.03
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97%
Tat
a So
ns L
td. N
CD
(MD
15/0
7/20
20)
Debt
5,14
40.
03%
8.95
% H
ousi
ng D
ev. F
in. C
orp.
Ltd
. NC
D (M
D 19
/10/
2020
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bt2,
061
0.01
%5
Pais
a C
apita
l Ltd
Equi
ty69
50.
00%
Tota
l5,
267,
711
26.7
7%2
Oth
ers
Tota
l14
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73.2
3%G
rand
Tot
al19
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100.
00%
1Fi
nanc
ial A
nd In
sura
nce
Activ
ities
231
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
td.
Anne
xure
s to
Sch
edul
e 16
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
Anne
xure
6U
nit L
inke
d D
iscl
osur
es -
Oth
er D
iscl
osur
es
(J) I
ndus
try
wis
e di
sclo
sure
of I
nves
tmen
ts w
ith E
xpos
ure
of 1
0% a
nd a
bove
seg
rega
ted
at s
crip
leve
lFo
r the
yea
r end
ed M
arch
31,
201
8Fu
nd N
ame
: Gro
wth
Plu
s Fu
ndSF
IN C
ode
: ULI
F009
13/0
9/10
GR
OW
TPLF
ND
136
( In
'000
)
S.N
oIn
dust
ry S
ecto
rIn
vest
men
tSe
curit
y C
ateg
ory
Inve
stm
ent
Amou
ntPe
rcen
tage
of F
und
HDF
C B
ank
Ltd
Equi
ty29
8,23
06.
75%
YES
Bank
Ltd
Equi
ty20
1,59
94.
57%
Indu
sInd
Ban
k Lt
dEq
uity
148,
016
3.35
%Re
lianc
e ET
F Ba
nk B
eES
Equi
ty12
8,01
02.
90%
ICIC
I Ban
k Lt
dEq
uity
100,
423
2.27
%Ba
jaj F
inan
ce L
tdEq
uity
93,5
192.
12%
L&T
Fina
nce
Hol
ding
s Lt
dEq
uity
73,6
011.
67%
Kota
k Ba
nkin
g ET
FEq
uity
55,7
391.
26%
Kota
k M
ahin
dra
Mut
ual F
und
Bank
ing
PSU
ETF
Equi
ty46
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1.04
%Eq
uita
s H
oldi
ngs
Ltd
Equi
ty42
,402
0.96
%IC
ICI L
omba
rd G
ener
al In
sura
nce
Com
pany
Ltd
Equi
ty33
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0.77
%9.
24%
LIC
Hou
sing
Fin
. Ltd
. NC
D (M
D 30
/09/
2024
)De
bt21
,162
0.48
%9.
00%
Pow
er F
in C
orp.
Ltd
. NC
D (M
D 11
/03/
2028
)De
bt20
,267
0.46
%C
hola
man
dala
m In
vest
men
t and
Fin
ance
Com
pany
Lim
ited
Equi
ty12
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0.29
%Dh
anla
xmi B
ank
Ltd
Equi
ty12
,529
0.28
%Ka
rur V
ysya
Ban
k Lt
dEq
uity
11,9
490.
27%
Satin
Cre
ditc
are
Net
wor
k Lt
dEq
uity
10,7
320.
24%
IIFL
Hol
ding
s Lt
dEq
uity
10,5
480.
24%
8.60
% ID
FC In
fra F
inan
ce L
td. N
CD
(MD
25/0
8/20
21)
Debt
10,2
960.
23%
8.57
% In
dia
Infra
debt
Ltd
. NC
D (M
D 23
/06/
2026
)De
bt5,
201
0.12
%9.
75%
Rur
al E
lect
rific
atio
n C
orp.
Ltd
. NC
D (M
D 11
/11/
2021
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bt4,
264
0.10
%9.
61%
Pow
er F
in C
orp.
Ltd
. NC
D (M
D 29
/06/
2021
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bt2,
113
0.05
%5
Pais
a C
apita
l Ltd
Equi
ty24
50.
01%
Tota
l1,
343,
575
30.4
2%2
Oth
ers
Tota
l3,
072,
605
69.5
8%G
rand
Tot
al4,
416,
179
100.
00%
1Fi
nanc
ial A
nd In
sura
nce
Activ
ities
232
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
td.
Anne
xure
s to
Sch
edul
e 16
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
Anne
xure
6U
nit L
inke
d D
iscl
osur
es -
Oth
er D
iscl
osur
es
(J) I
ndus
try
wis
e di
sclo
sure
of I
nves
tmen
ts w
ith E
xpos
ure
of 1
0% a
nd a
bove
seg
rega
ted
at s
crip
leve
lFo
r the
yea
r end
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arch
31,
201
8
SFIN
Cod
e : U
LIF0
1115
/09/
10D
EBTP
LFU
ND
136
( In
'000
)
S.N
oIn
dust
ry S
ecto
rIn
vest
men
tSe
curit
y C
ateg
ory
Inve
stm
ent
Amou
ntPe
rcen
tage
of F
und
8.15
% B
ajaj
Fin
ance
Ltd
. NC
D (M
D 22
/06/
2027
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bt22
6,69
94.
41%
8.60
% ID
FC In
fra F
inan
ce L
td. N
CD
(MD
25/0
8/20
21)
Debt
123,
551
2.41
%9%
Shr
iram
Tra
nspo
rt Fi
nanc
e C
o. L
td. (
MD
28/0
3/20
28)
Debt
114,
792
2.24
%8.
65%
Pow
er F
in C
orp.
Ltd
. NC
D (M
D 28
/12/
2024
)De
bt10
3,01
32.
01%
8.23
% R
ural
Ele
ctrif
icat
ion
Cor
p. L
td. N
CD
(MD
23/0
1/20
25)
Debt
100,
974
1.97
%8.
01%
L&T
Infra
Deb
t Fun
d Lt
d. N
CD
(MD
08/0
6/20
22)
Debt
100,
715
1.96
%7.
75%
Indi
a In
frade
bt L
td. N
CD
(MD
30/0
8/20
22)
Debt
99,7
841.
94%
7.90
% L
IC H
ousi
ng F
in. L
td. N
CD
(MD
08/0
5/20
24)
Debt
99,3
161.
93%
8.04
% T
ata
Sons
Ltd
. NC
D (M
D 02
/09/
2026
)De
bt80
,053
1.56
%7.
80%
LIC
Hou
sing
Fin
. Ltd
. NC
D (M
D 03
/05/
2022
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bt80
,008
1.56
%8.
385%
IDFC
Infra
Fin
ance
Ltd
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D (M
D12/
10/2
021)
Debt
76,8
081.
50%
8.9%
Rel
ianc
e C
apita
l Ltd
. NC
D (M
D 09
/09/
2021
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bt72
,108
1.40
%8.
25%
IDFC
Infra
Fin
ance
Ltd
. NC
D (M
D 24
/05/
2022
)De
bt71
,123
1.38
%8.
08%
Tat
a So
ns L
td. N
CD
(MD
05/0
8/20
26)
Debt
70,1
661.
37%
9.00
% P
ower
Fin
Cor
p. L
td. N
CD
(MD
11/0
3/20
28)
Debt
69,3
341.
35%
8.75
% H
ousi
ng D
ev. F
in. C
orp.
Ltd
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D (M
D 04
/03/
2021
)De
bt61
,802
1.20
%8.
45%
Sun
dara
m F
inan
ce L
td. N
CD
(MD
19/0
1/20
28)
Debt
61,7
581.
20%
8.35
% C
apita
l Firs
t Ltd
. NC
D (M
D 13
/04/
2020
)De
bt60
,902
1.19
%8.
57%
Indi
a In
frade
bt L
td. N
CD
(MD
23/0
6/20
26)
Debt
60,3
331.
17%
8.40
% C
apita
l Firs
t Ltd
NC
D (M
D 13
/04/
2022
) De
bt56
,142
1.09
%8.
45%
Sun
dara
m F
inan
ce L
imite
d N
CD
(MD
21/0
2/20
28)
Debt
51,4
841.
00%
8.65
% IL
&FS
Fina
ncia
l Ser
vice
s Lt
d. N
CD
(MD
06/1
2/20
21)
Debt
51,4
691.
00%
8.52
% F
ulle
rton
Indi
a C
redi
t Com
pany
Ltd
. NC
D (M
D 08
/06/
2021
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bt51
,328
1.00
%7.
89%
Can
Fin
Hom
es L
td. N
CD
(MD1
8/05
/202
2)De
bt50
,154
0.98
%9.
02%
Rur
al E
lect
rific
atio
n C
orp.
Ltd
. NC
D (M
D 19
/11/
2022
)De
bt48
,099
0.94
%8.
10%
Indi
a In
frade
bt L
td. N
CD
(MD
27/1
2/20
26)
Debt
40,1
750.
78%
7.95
% L
IC H
ousi
ng F
in. L
td. N
CD
(MD
24/0
3/20
22)
Debt
35,1
840.
69%
7.47
% P
ower
Fin
Cor
p. L
td. N
CD
(MD
16/0
9/20
21)
Debt
34,8
830.
68%
8.51
% In
dia
Infra
debt
Ltd
. NC
D (M
D 05
/05/
2026
)De
bt31
,094
0.61
%7.
90%
Hou
sing
Dev
. Fin
. Cor
p. L
td. N
CD
(MD
24/0
8/20
26)
Debt
29,7
110.
58%
8.83
% In
dian
Rai
lway
s Fi
n. C
orp.
NC
D (M
D 25
/03/
2023
)De
bt26
,041
0.51
%8.
79%
Indi
an R
ailw
ays
Fin.
Cor
p. N
CD
(MD
04/0
5/20
30)
Debt
10,7
290.
21%
8.97
% T
ata
Sons
Ltd
. NC
D (M
D 15
/07/
2020
)De
bt10
,288
0.20
%8.
32%
Hou
sing
Dev
. Fin
. Cor
p. L
td. N
CD
(MD
04/0
5/20
26)
Debt
10,1
530.
20%
9.18
% P
ower
Fin
Cor
p. L
td. N
CD
(MD
15/0
4/20
21)
Debt
7,29
70.
14%
9.45
% L
IC H
ousi
ng F
in. L
td. N
CD
(MD
30/0
1/20
22)
Debt
5,26
40.
10%
9.61
% P
ower
Fin
Cor
p. L
td. N
CD
(MD
29/0
6/20
21)
Debt
1,05
60.
02%
Tota
l2,
283,
789
44.4
7%2
Oth
ers
Tota
l2,
851,
761
55.5
3%G
rand
Tot
al5,
135,
551
100.
00%
1Fi
nanc
ial A
nd In
sura
nce
Activ
ities
Fund
Nam
e : D
ebt P
lus
Fund
233
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
td.
Anne
xure
s to
Sch
edul
e 16
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
Anne
xure
6U
nit L
inke
d D
iscl
osur
es -
Oth
er D
iscl
osur
es
(J) I
ndus
try
wis
e di
sclo
sure
of I
nves
tmen
ts w
ith E
xpos
ure
of 1
0% a
nd a
bove
seg
rega
ted
at s
crip
leve
lFo
r the
yea
r end
ed M
arch
31,
201
8Fu
nd N
ame
: NAV
Gua
rant
ee F
und
SFIN
Cod
e : U
LIF0
1215
/04/
11N
AVG
FUN
DSI
136
( In
'000
)
S.N
oIn
dust
ry S
ecto
rIn
vest
men
tSe
curit
y C
ateg
ory
Inve
stm
ent
Amou
ntPe
rcen
tage
of F
und
HDF
C B
ank
Ltd
Equi
ty56
,515
3.12
%In
dusI
nd B
ank
Ltd
Equi
ty47
,864
2.64
%YE
S Ba
nk L
tdEq
uity
32,1
851.
78%
Kota
k M
ahin
dra
Bank
Ltd
Equi
ty28
,150
1.55
%Ba
jaj F
inan
ce L
tdEq
uity
22,4
091.
24%
ICIC
I Ban
k Lt
dEq
uity
8,22
10.
45%
Tota
l19
5,34
410
.78%
2O
ther
sTo
tal
1,61
7,19
689
.22%
Gra
nd T
otal
1,81
2,54
010
0.00
%
1Fi
nanc
ial A
nd In
sura
nce
Activ
ities
234
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
td.
Anne
xure
s to
Sch
edul
e 16
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
Anne
xure
6U
nit L
inke
d D
iscl
osur
es -
Oth
er D
iscl
osur
es
(J) I
ndus
try
wis
e di
sclo
sure
of I
nves
tmen
ts w
ith E
xpos
ure
of 1
0% a
nd a
bove
seg
rega
ted
at s
crip
leve
lFo
r the
yea
r end
ed M
arch
31,
201
8Fu
nd N
ame
: Dis
cont
inue
d Po
licy
Fund
SFIN
Cod
e : U
LIF0
1319
/09/
11PO
LDIS
CFN
D13
6(
In '0
00)
S.N
oIn
dust
ry S
ecto
rIn
vest
men
tSe
curit
y C
ateg
ory
Inve
stm
ent
Amou
ntPe
rcen
tage
of F
und
1O
ther
sTo
tal
4,57
0,50
910
0.00
%G
rand
Tot
al4,
570,
509
100.
00%
(J) I
ndus
try
wis
e di
sclo
sure
of I
nves
tmen
ts w
ith E
xpos
ure
of 1
0% a
nd a
bove
seg
rega
ted
at s
crip
leve
lFo
r the
yea
r end
ed M
arch
31,
201
8Fu
nd N
ame
: Pen
sion
Gro
wth
Fun
dSF
IN C
ode
: ULI
F014
05/1
1/15
PEN
SGR
OFN
D13
6
( In
'000
)
S.N
oIn
dust
ry S
ecto
rIn
vest
men
tSe
curit
y C
ateg
ory
Inve
stm
ent
Amou
ntPe
rcen
tage
of F
und
9.02
% R
ural
Ele
ctrif
icat
ion
Cor
p. L
td. N
CD
(MD
19/1
1/20
22)
Debt
4,18
24.
07%
HDF
C B
ank
Ltd
Equi
ty3,
363
3.27
%YE
S Ba
nk L
tdEq
uity
2,27
72.
21%
8.83
% In
dian
Rai
lway
s Fi
n. C
orp.
NC
D (M
D 25
/03/
2023
)De
bt2,
083
2.03
%In
dusI
nd B
ank
Ltd
Equi
ty1,
556
1.51
%IC
ICI B
ank
Ltd
Equi
ty1,
336
1.30
%Ba
jaj F
inan
ce L
tdEq
uity
787
0.76
%L&
T Fi
nanc
e H
oldi
ngs
Ltd
Equi
ty68
00.
66%
Stat
e Ba
nk o
f Ind
iaEq
uity
641
0.62
%Eq
uita
s H
oldi
ngs
Ltd
Equi
ty50
70.
49%
Satin
Cre
ditc
are
Net
wor
k Lt
dEq
uity
152
0.15
%C
hola
man
dala
m In
vest
men
t and
Fin
ance
Com
pany
Lim
ited
Equi
ty13
80.
13%
Kota
k M
ahin
dra
Bank
Ltd
Equi
ty12
40.
12%
ICIC
I Lom
bard
Gen
eral
Insu
ranc
e C
ompa
ny L
tdEq
uity
990.
10%
Karu
r Vys
ya B
ank
Ltd
Equi
ty97
0.09
%IIF
L H
oldi
ngs
Ltd
Equi
ty90
0.09
%5
Pais
a C
apita
l Ltd
Equi
ty3
0.00
%To
tal
18,1
1417
.62%
2O
ther
sTo
tal
84,7
1782
.38%
Gra
nd T
otal
102,
831
100.
00%
1Fi
nanc
ial A
nd In
sura
nce
Activ
ities
235
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
td.
Anne
xure
s to
Sch
edul
e 16
for t
he y
ear e
nded
Mar
ch 3
1, 2
019
Anne
xure
6U
nit L
inke
d D
iscl
osur
es -
Oth
er D
iscl
osur
es
(J) I
ndus
try
wis
e di
sclo
sure
of I
nves
tmen
ts w
ith E
xpos
ure
of 1
0% a
nd a
bove
seg
rega
ted
at s
crip
leve
lFo
r the
yea
r end
ed M
arch
31,
201
8Fu
nd N
ame
: Ind
ia M
ulti-
Cap
Equ
ity F
und
SFIN
Cod
e : U
LIF0
1816
/08/
16IM
CAP
EQFN
D13
6(
In '0
00)
S.N
oIn
dust
ry S
ecto
rIn
vest
men
tSe
curit
y C
ateg
ory
Inve
stm
ent
Amou
ntPe
rcen
tage
of F
und
HDF
C B
ank
Ltd
Equi
ty18
4,77
05.
80%
Kota
k Ba
nkin
g ET
FEq
uity
152,
354
4.78
%YE
S Ba
nk L
tdEq
uity
125,
785
3.95
%In
dusI
nd B
ank
Ltd
Equi
ty11
0,20
53.
46%
ICIC
I Ban
k Lt
dEq
uity
79,0
982.
48%
Baja
j Fin
ance
Ltd
Equi
ty54
,918
1.72
%L&
T Fi
nanc
e H
oldi
ngs
Ltd
Equi
ty52
,374
1.64
%IC
ICI L
omba
rd G
ener
al In
sura
nce
Com
pany
Ltd
Equi
ty29
,222
0.92
%Eq
uita
s H
oldi
ngs
Ltd
Equi
ty28
,598
0.90
%Ko
tak
Mah
indr
a M
utua
l Fun
d Ba
nkin
g PS
U E
TFEq
uity
11,5
160.
36%
Karu
r Vys
ya B
ank
Ltd
Equi
ty7,
121
0.22
%IIF
L H
oldi
ngs
Ltd
Equi
ty6,
959
0.22
%Dh
anla
xmi B
ank
Ltd
Equi
ty2,
999
0.09
%5
Pais
a C
apita
l Ltd
Equi
ty1,
017
0.03
%Sa
tin C
redi
tcar
e N
etw
ork
Ltd
Equi
ty31
40.
01%
Tota
l84
7,24
926
.61%
2O
ther
sTo
tal
2,33
6,95
873
.39%
Gra
nd T
otal
3,18
4,20
710
0.00
%
(J) I
ndus
try
wis
e di
sclo
sure
of I
nves
tmen
ts w
ith E
xpos
ure
of 1
0% a
nd a
bove
seg
rega
ted
at s
crip
leve
lFo
r the
yea
r end
ed M
arch
31,
201
8Fu
nd N
ame
: Pen
sion
Dis
cont
inue
d Po
licy
Fund
SFIN
Cod
e : U
LIF0
1705
/11/
15PE
NSD
ISFN
D13
6(
In '0
00)
S.N
oIn
dust
ry S
ecto
rIn
vest
men
tSe
curit
y C
ateg
ory
Inve
stm
ent
Amou
ntPe
rcen
tage
of F
und
1O
ther
sTo
tal
791
100.
00%
Gra
nd T
otal
791
100.
00%
(J) I
ndus
try
wis
e di
sclo
sure
of I
nves
tmen
ts w
ith E
xpos
ure
of 1
0% a
nd a
bove
seg
rega
ted
at s
crip
leve
lFo
r the
yea
r end
ed M
arch
31,
201
8Fu
nd N
ame
: Em
ergi
ng L
eade
rs E
quity
Fun
dSF
IN C
ode
: ULI
F020
20/1
2/17
EMLE
DEQ
FND
136
( In
'000
)
S.N
oIn
dust
ry S
ecto
rIn
vest
men
tSe
curit
y C
ateg
ory
Inve
stm
ent
Amou
ntPe
rcen
tage
of F
und
1O
ther
sTo
tal
88,9
7910
0.00
%G
rand
Tot
al88
,979
100.
00%
1Fi
nanc
ial A
nd In
sura
nce
Activ
ities
Not
e : A
s pe
r IRD
AI(In
vest
men
t) Re
gula
tions
, 201
6, P
olic
yhol
ders
Unc
laim
ed M
onie
s Fu
nd (S
FIN
- U
LIF0
1901
/04/
16U
NC
LAIM
FND1
36) i
s sh
own
as p
art o
f Cur
rent
Ass
ets
in th
e Ba
lanc
e Sh
eet,
henc
e no
t co
nsid
ered
for a
bove
dis
clos
ure.
236
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dAn
nexu
res
to S
ched
ule
16 fo
r the
yea
r end
ed M
arch
31,
201
9An
nexu
re 7
Det
ails
of P
enal
Act
ion
( '0
00)
Pena
lty
Awar
ded
Pena
lty P
aid
Pena
lty W
aive
d/
Red
uced
Pena
lty
Awar
ded
Pena
lty P
aid
Pena
lty W
aive
d/
Red
uced
1In
sura
nce
Regu
lato
ry a
nd D
evel
opm
ent A
utho
rity
of In
dia
NIL
NIL
NIL
NIL
NIL
NIL
NIL
2Se
rvic
e Ta
x Au
thor
ities
N
ILN
ILN
ILN
ILN
ILN
ILN
IL3
Inco
me
Tax
Auth
oriti
es
NIL
NIL
NIL
NIL
NIL
NIL
NIL
4An
y ot
her T
ax A
utho
ritie
s N
ILN
ILN
ILN
ILN
ILN
ILN
IL5
Enfo
rcem
ent D
irect
orat
e/ A
djud
icat
ing
Auth
ority
/ Trib
unal
or a
ny A
utho
rity
unde
r FEM
A N
ILN
ILN
ILN
ILN
ILN
ILN
IL
6Re
gist
rar o
f Com
pani
es/ N
CLT
/CLB
/ Dep
artm
ent o
f Cor
pora
te A
ffairs
or a
ny
Auth
ority
und
er C
ompa
nies
Act
, 195
6/20
13
NIL
NIL
NIL
NIL
NIL
NIL
NIL
7Pe
nalty
aw
arde
d by
any
Cou
rt/ T
ribun
al fo
r any
mat
ter i
nclu
ding
cla
im
settl
emen
t but
exc
ludi
ng c
ompe
nsat
ion
NIL
NIL
NIL
NIL
NIL
NIL
NIL
8Se
curit
ies
and
Exch
ange
Boa
rd o
f Ind
iaN
ILN
ILN
ILN
ILN
ILN
ILN
IL9
Com
petit
ion
Com
mis
sion
of I
ndia
N
ILN
ILN
ILN
ILN
ILN
ILN
IL10
Any
othe
r Cen
tral/S
tate
/Loc
al G
over
nmen
t / S
tatu
tory
Aut
horit
y N
ILN
ILN
ILN
ILN
ILN
ILN
IL
S. N
o.
Auth
ority
N
on-
Com
plia
nce/
Vi
olat
ion
For t
he y
ear e
nded
Mar
ch 3
1, 2
019
(Am
ount
)Fo
r the
yea
r end
ed M
arch
31,
201
8 (A
mou
nt)
237
Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedAnnexures to Schedule 16 for the year ended March 31, 2019
Annexure 8Controlled Fund
( '000)
S. No. Particulars For the year ended March 31, 2019
For the year ended March 31, 2018
1 Computation of Controlled fund as per the Balance Sheet Policyholders' Fund (Life Fund)Non Linked Non ParticipatingIndividual Assurance 13,071,504 10,822,211 Group Assurance 11,278,748 8,776,031 Group Pension 3,503,490 4,513,609 Individual Annuity 1,125,565 652,407 Individual Health 8,236 - Linked Non ParticipatingIndividual Assurance 92,482,310 82,215,610 Individual Pension 1,144,833 1,185,997 Non Linked ParticipatingIndividual Assurance 12,723,616 7,602,849 Pension - - Non Linked VariableGroup Assurance 871,985 962,233 Group Pension 1,995,683 1,658,427 Funds for Future Appropriations 1,840,147 543,781 Total (A) 140,046,117 118,933,155 Shareholders FundPaid up Capital 9,500,000 9,500,000 Reserves & Surpluses 1,304,208 1,250,000 Fair Value Change 23,244 5,299 Total (B) 10,827,452 10,755,299 Misc. expenses not written offCredit / (Debit) from P&L A/c. - (1,597,758) Total (C ) - (1,597,758) Total shareholders' funds (B+C) 10,827,452 91,57,541Controlled Fund (Total (A+B+C)) 150,873,569 128,090,696
2 Reconciliation of the Controlled Fund from Revenue and Profit & Loss AccountOpening Balance of Controlled Fund 128,090,696 113,271,642 Add: InflowIncomePremium Income 34,907,448 27,810,569 Less: Reinsurance ceded (403,806) (287,495) Net Premium 34,503,642 27,523,074 Investment Income 10,543,804 9,937,082 Other Income 100,548 83,284 Funds transferred from Shareholders' Accounts 68,631 42,191 Total Income 173,307,321 150,857,273 Less: Outgo(i) Benefits paid (Net) 16,069,256 17,857,419 (ii) Interim & Terminal Bonus Paid 5,393 3,107 (iii) Change in Valuation of Liability 19,816,597 13,094,615 (iv) Commission 1,850,047 1,264,009 (v) Operating Expenses 4,074,134 3,653,319 (vi) GST/Service tax recovered on ULIP charges 538,512 485,235 (a) Provision for Doubtful debts 175 673 (b) Bad debts written off - - (c) Provision for Non Standard Asset 125,000 - Total Outgo 42,479,114 36,358,377 Surplus of the Policyholders' FundLess: transferred to Shareholders' Account 1,441,146 1,177,982 Net Flow in Policyholders' account 129,387,061 113,320,914 Add: Net income in Shareholders' Fund 1,651,967 1,678,448 Net In Flow / OutflowAdd: change in valuation Liabilities 19,816,597 13,094,615 Add: Increase in Paid up Capital - - Fair Value Change 17,944 (3,281) Closing Balance of Controlled Fund 150,873,569 128,090,696 As Per Balance Sheet 150,873,569 128,090,696 Difference, if any - -
3 Reconciliation with Shareholders' and Policyholders' Fund3.1 Policyholders' Funds
3.1.1 Policyholders' Funds - Traditional-PAR, NON-PAR and VariableOpening Balance of the Policyholders' Fund 34,987,767 26,806,405 Add: Surplus of the Revenue AccountAdd: change in valuation Liabilities 9,591,060 8,181,362 Total 44,578,827 34,987,767 As per Balance Sheet 44,578,827 34,987,767 Difference, if any - -
3.1.2 Policyholders' Funds - LinkedOpening Balance of the Policyholders' Fund 83,401,607 78,488,354 Add: Surplus of the Revenue AccountAdd: change in valuation Liabilities 10,225,536 4,913,253 Total 93,627,143 83,401,607 As per Balance Sheet 93,627,143 83,401,607 Difference, if any - -
3.1.3 Funds for Future AppropriationsOpening Balance of Funds for Future Appropriations 543,781 494,509 Add / (Less): Movement during the year 1,296,366 49,272 Closing Balance of Funds for Future Appropriations 1,840,147 543,781 As per Balance Sheet 1,840,147 543,781 Difference, if any - -
3.2 Shareholders FundsOpening Balance of Shareholders' Fund 9,157,541 7,482,374 Add: net income of Shareholders' account (P&L) 1,651,967 1,678,448 Add: Infusion of Capital - - Fair Value Change 17,944 (3,281) Closing Balance of the Shareholders' fund 10,827,452 9,157,541 As per Balance Sheet 10,827,452 9,157,541 Difference, if any - -
238
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dAn
nexu
res
to S
ched
ule
16 fo
r the
yea
r end
ed M
arch
31,
201
9An
nexu
re 9
(A)
Stat
emen
t sho
win
g th
e ag
e-w
ise
anal
ysis
of t
he U
ncla
imed
am
ount
of t
he P
olic
yhol
ders
as
on M
arch
31,
201
9(
'000
)
0-6
Mon
ths
7-12
Mon
ths
13-1
8 M
onth
s19
-24
Mon
ths
25-3
0 M
onth
s31
-36
Mon
ths
36-1
20
mon
ths
1C
laim
s se
ttled
but
not
pai
d to
the
polic
yhol
ders
/ben
efic
iarie
s du
e to
any
re
ason
s ex
cept
und
er li
tigat
ion
from
the
polic
yhol
ders
/ ben
efic
iarie
s-
-
-
-
-
-
-
-
2Su
m d
ue to
the
polic
yhol
ders
/ ben
efic
iarie
s on
mat
urity
or o
ther
wis
e77
,951
31
,401
23
,235
2,
196
4,54
4
4,
600
4,10
0
7,
875
3
Any
exce
ss c
olle
ctio
n of
the
prem
ium
/tax
or a
ny o
ther
cha
rges
whi
ch is
re
fund
able
to th
e po
licyh
olde
rs/ b
enef
icia
ries
eith
er a
s te
rms
of c
ondi
tions
of
the
polic
y or
as
per l
aw o
r as
may
be
dire
cted
by
the
Auth
ority
but
not
re
fund
ed s
o fa
r
2,47
2
79
9
616
33
475
16
8
29
35
2
4C
hequ
es is
sued
but
not
enc
ashe
d by
the
polic
yhol
der/
bene
ficia
ries*
47,2
14
10,7
60
4,30
4
4,
096
6,50
5
4,
575
4,89
0
12
,085
Tota
l12
7,63
7
42
,960
28
,155
6,
325
11
,523
9,
343
9,
019
20
,312
Stat
emen
t sho
win
g th
e ag
e-w
ise
anal
ysis
of t
he U
ncla
imed
am
ount
of t
he P
olic
yhol
ders
as
on M
arch
31,
201
8(
'000
)
0-6
Mon
ths
7-12
Mon
ths
13-1
8 M
onth
s19
-24
Mon
ths
25-3
0 M
onth
s31
-36
Mon
ths
36-1
20
mon
ths
1C
laim
s se
ttled
but
not
pai
d to
the
polic
yhol
ders
/ben
efic
iarie
s du
e to
any
re
ason
s ex
cept
und
er li
tigat
ion
from
the
polic
yhol
ders
/ ben
efic
iarie
s-
-
-
-
-
-
-
-
2Su
m d
ue to
the
polic
yhol
ders
/ ben
efic
iarie
s on
mat
urity
or o
ther
wis
e61
,309
8,
846
16,6
21
12,2
69
10,2
16
9,87
2
91
8
2,56
7
3
Any
exce
ss c
olle
ctio
n of
the
prem
ium
/tax
or a
ny o
ther
cha
rges
whi
ch is
re
fund
able
to th
e po
licyh
olde
rs/ b
enef
icia
ries
eith
er a
s te
rms
of c
ondi
tions
of
the
polic
y or
as
per l
aw o
r as
may
be
dire
cted
by
the
Auth
ority
but
not
re
fund
ed s
o fa
r
1,58
8
17
5
678
30
9
32
10
2
32
26
0
4C
hequ
es is
sued
but
not
enc
ashe
d by
the
polic
yhol
der/
bene
ficia
ries*
94,2
61
28,5
78
24,6
22
11,9
98
11,1
31
3,06
3
1,
091
13,7
78
Tota
l15
7,15
8
37
,599
41
,921
24
,576
21
,379
13
,037
2,
041
16
,605
* T
hese
do
not i
nclu
de c
hequ
es w
hich
hav
e be
en is
sued
but
hav
e no
t yet
age
d fo
r mor
e th
an 3
mon
ths
S. N
o.Pa
rtic
ular
s T
otal
Am
ount
Ag
e-w
ise
anal
ysis
S. N
o.Pa
rtic
ular
s T
otal
Am
ount
Ag
e-w
ise
anal
ysis
239
Cana
ra H
SBC
Orie
ntal
Ban
k of
Com
mer
ce L
ife In
sura
nce
Com
pany
Lim
ited
Anne
xure
s to
Sche
dule
16
for t
he ye
ar e
nded
Mar
ch 3
1, 2
019
Anne
xure
9 (B
)De
tails
of U
ncla
imed
Am
ount
and
Inve
stm
ent I
ncom
e
( '0
00)
Parti
cula
rs F
or th
e ye
ar e
nded
M
arch
31,
201
9 F
or th
e ye
ar e
nded
M
arch
31,
201
8 Op
enin
g Ba
lance
15
7,15
8
154
,197
Ad
d: A
mou
nt tr
ansf
erre
d to
Unc
laim
ed F
und
47
4,20
8
401
,444
Add:
Che
ques
issu
ed o
ut o
f the
unc
laim
ed am
ount
but
not
enca
shed
by t
he
polic
yhol
ders
(To
be in
clude
d on
ly wh
en ch
eque
s are
stale
)
3,
942
4
5,70
0
Add:
Inve
stm
ent I
ncom
e on
Uncla
imed
Fun
d
11,
179
1
2,98
8 Le
ss: A
mou
nt o
f clai
ms p
aid d
urin
g th
e yea
r
518,
850
4
57,1
71
Less
: Am
ount
tran
sfer
red
to S
CWF
(net
of c
laim
s paid
in re
spec
t of a
mou
nts
trans
ferre
d ea
rlier
)
-
-
Clos
ing
Bala
nce
of U
ncla
imed
Am
ount
Fun
d12
7,63
7
157,
158
240
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dAn
nexu
res
to S
ched
ule
16 fo
r the
yea
r end
ed M
arch
31,
201
9An
nexu
re 1
0R
ever
se re
po In
vest
men
t*
( '0
00)
Min
imum
ou
tsta
ndin
g du
ring
the
year
Max
imum
ou
tsta
ndin
g du
ring
the
year
Dai
ly a
vera
ge
outs
tand
ing
durin
g th
e ye
ar
Out
stan
ding
as
onM
arch
31,
201
9
Min
imum
ou
tsta
ndin
g du
ring
the
year
Max
imum
ou
tsta
ndin
g du
ring
the
year
Dai
ly a
vera
ge
outs
tand
ing
durin
g th
e ye
ar
Out
stan
ding
as
onM
arch
31,
201
8
Secu
ritie
s So
ld u
nder
repo
i Gov
ernm
ent s
ecur
ities
-
-
-
-
-
-
-
-
ii C
orpo
rate
Deb
t sec
uriti
es-
-
-
-
-
-
-
-
Se
curit
ies
purc
hase
d un
der r
ever
se re
poi G
over
nmen
t sec
uriti
es-
4,77
1,05
0
97
9,67
6
455,
411
-
2,02
9,68
0
28
8,52
3
-
ii
Cor
pora
te D
ebt s
ecur
ities
-
-
-
-
-
-
-
-
* Rev
erse
repo
Inve
stm
ent I
nclu
des
tri-p
arty
Rep
o In
vest
men
t mad
e du
ring
the
perio
d
Part
icul
ars
For t
he y
ear e
nded
Mar
ch 3
1, 2
019
For t
he y
ear e
nded
Mar
ch 3
1, 2
018
241
Can
ara
HSB
C O
rient
al B
ank
of C
omm
erce
Life
Insu
ranc
e C
ompa
ny L
imite
dAn
nexu
res
to S
ched
ule
16 fo
r the
yea
r end
ed M
arch
31,
201
9An
nexu
re 1
1D
iscl
osur
es re
latin
g to
fund
for d
isco
ntin
ued
polic
ies
( '0
00)
Sub-
tota
lTo
tal
Sub-
tota
lTo
tal
Fund
for D
isco
ntin
ued
Polic
ies
Ope
ning
Bal
ance
of F
unds
for D
isco
ntin
ued
Polic
ies
4,57
1,30
0
4,
869,
610
Ad
d: F
und
of p
olic
ies
disc
ontin
ued
durin
g th
e ye
ar3,
812,
943
3,38
8,31
8
Le
ss: F
und
of p
olic
ies
revi
ved
durin
g th
e ye
ar1,
341,
002
1,29
8,58
2
Ad
d: N
et In
com
e/ G
ains
on
inve
stm
ent o
f the
Fun
d34
9,42
2
305,
940
Le
ss: F
und
Man
agem
ent C
harg
es le
vied
31,2
92
28
,757
Less
: Am
ount
refu
nded
to p
olic
yhol
ders
dur
ing
the
year
1,87
2,30
8
91
7,76
3
2,66
5,22
9
(2
98,3
10)
Clo
sing
Bal
ance
of F
und
for D
isco
ntin
ued
Polic
ies
5,48
9,06
3
4,
571,
300
Oth
er d
iscl
osur
esN
umbe
r of p
olic
ies
disc
ontin
ued
durin
g th
e ye
ar18
,733
19
,540
Perc
enta
ge o
f dis
cont
inue
d po
licie
s to
tota
l pol
icie
s (p
rodu
ct-w
ise)
dur
ing
the
year
*U
L Dr
eam
Sm
art P
lan
0.00
%0.
44%
UL
Drea
m S
mar
t Pla
n - N
ew10
.46%
14.3
2%U
L Fu
ture
Sm
art P
lan
0.00
%0.
99%
UL
Futu
re S
mar
t Pla
n - N
ew8.
79%
12.1
7%U
L G
row
Sm
art P
lan
0.00
%0.
85%
UL
Gro
w S
mar
t Pla
n - N
ew7.
90%
10.5
8%U
L In
sure
Sm
art P
lan
0.00
%0.
00%
UL
Insu
re S
mar
t Pla
n - N
ew6.
58%
9.54
%U
L In
sure
Sm
art P
lan-
Revi
sed
0.00
%1.
92%
UL
Smar
t Life
long
Pla
n18
.73%
18.4
2%U
L Sm
art G
oals
Pla
n15
.78%
15.6
0%U
L Sm
art F
utur
e Pl
an22
.95%
19.0
5%U
L Sh
ubh
Labh
0.00
%0.
00%
UL
Secu
re B
havi
shya
7.49
%1.
75%
UL
Plat
inum
Plu
s pl
an5.
65%
1.56
%U
L In
vest
shie
ld P
lan
3.77
%4.
29%
UL
Inve
st 4
G11
.41%
NA
UL
Tita
nium
Plu
s pl
an0.
22%
NA
Num
ber o
f pol
icie
s re
vive
d du
ring
the
year
762
95
8
Perc
enta
ge o
f pol
icie
s re
vive
d (to
dis
cont
inue
d po
licie
s) d
urin
g th
e ye
ar4.
07%
4.90
%C
harg
es im
pose
d on
acc
ount
of d
isco
ntin
ued
polic
ies
36,6
81
40,6
84
Cha
rges
read
just
ed o
n ac
coun
t of r
eviv
al o
f pol
icie
s1,
282
1,41
8
Not
e : T
otal
pol
icie
s ha
s be
en ta
ken
as In
forc
ed p
olic
ies
as o
n la
st d
ay o
f the
fina
ncia
l yea
r
Part
icul
ars
For t
he y
ear e
nded
M
arch
31,
201
9Fo
r the
yea
r end
ed
Mar
ch 3
1, 2
018
242
Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedRegistration No. 136; Date of Registration : May 8, 2008
RECEIPTS AND PAYMENTS ACCOUNT (CASH FLOW STATEMENT) FOR THE YEAR ENDED MARCH 31, 2019
For the year endedMarch 31, 2019
For the year endedMarch 31, 2018
( '000) ( '000) I Cash flows from operating activities
Cash receipts from customersGross collections received as Premium & Deposits 34,694,770 27,819,825 Other receipts 88,813 70,781 Cash paid towards operating activitiesReinsurance payments (84,422) (157,474) Expenses (4,039,749) (3,504,844) Benefits paid (16,438,512) (17,869,308) Commission paid (1,760,358) (1,226,616) GST /Service tax paid (437,456) (539,982) Advances and Deposits (31,169) 42,472 Net cash from operating activities 11,991,917 4,634,854
II Cash flows from investing activitiesPurchase of Fixed Assets (122,390) (70,001) Sale of Fixed Assets 1,188 1,233
InvestmentsPurchase of Investments (88,653,802) (50,057,523) Sale of Investments 71,286,129 43,856,556 Rents/Interests/Dividends received 6,055,393 5,255,307 Investments in money market instruments and in liquid mutual funds (Net)* 19,910 (2,732,599)
Loans against policies (3,082) (1,084) Net cash (used in) investing activities (11,416,654) (3,748,111)
III Cash flows from financing activities
Proceeds from issuance of share capital - - Net cash from financing activities - -
Net increase in cash and cash equivalents 575,263 886,743 Cash and cash equivalents at beginning of the year 2,105,936 1,219,193 Cash and cash equivalents at the end of the year 2,681,199 2,105,936
Break up as follows :Cash (Including Cheques, Drafts and Stamps) 1,998 11,888 Balances with Banks 2,679,201 2,094,048
* Net investment in money market instrument includes movement in net current assets
For Batra Deepak & Associates For M. Anandam & Co.Chartered Accountants Chartered Accountants(Registration No. 005408C) (Registration No. 000125S)
CA Kapil Kumar Bhagirath CA M. V. Ranganath R A Sankara Narayanan Balakrishna Alse S Alistair ChamberlainPartner Partner Chairman Director DirectorMembership no. : 095639 Membership no. : 028031 DIN : 05230407 DIN : 08438552 DIN : 08184995
Place : New Delhi Place : New Delhi Anuj MathurDate : May 15, 2019 Date : May 15, 2019 Managing Director & Chief Executive Officer
DIN : 00584057
Akshay Dhand Tarun Rustagi Vatsala SameerChief Financial Officer Company SecretaryACA : 098275 ACS : 14813
Place : New DelhiDate : May 15, 2019
For and on behalf of the Board of Directors
Appointed ActuaryIAI : 244
A year of fulfilled promises
Annual Repor t 2018-2019