A strong foundation for a secure future. - Aditya Birla Nuvo · PDF fileAt Birla Sun Life...

At Birla Sun Life Insurance, our foundations rest on creating value for all our stakeholders. A decade ago, we began our journey to build the foundations of a secure future for our customers. Through the years, we have endeavoured to fulfi ll our vision by setting benchmarks in all facets of our business, providing comprehensive long-term investment and life insurance-based solutions.

The industry, in the recent past, witnessed one of the fastest set of regulatory changes that not only stimulated the players to remodel these foundations, but also gave them an opportunity to emerge stronger in the process. The product portfolio re-emergence and distribution system overhaul became the building blocks for a new chapter for the private life insurance players.

Throughout this span of change, our brand heritage and parentage, the drive of our employees, an unrelenting focus on customer satisfaction and an enviable investment performance have been the pillars of strength. These will help us leverage momentum as we move forward in our journey.

We continue to remain positive about the future growth of the industry. We strive to preserve the vibrancy of our business, while enriching the sustainability of our operating models. Leveraging the potential of technology and a single-minded approach to operational excellence are the aces in our pack. We are geared to remain on a sustained growth trajectory through enhancing convenience for our customers and building effi ciency in our operating models.

Backed by the learnings of a decade of experience, a well-recognized leadership team at the helm and drawing inspiration from our parentage, we will strive to create value for all our stakeholders – value that moves beyond just insurance-based products to encompass an exemplary model of service; built with experience, perseverance and passion.

A strong foundation for a secure future.

BSLI_AR_2012_Colour Pages.indd 1 31/07/12 10:56 AM

MD and CEO’s Message

Dear shareholder, Insurance has evolved over the years to meet the long-term wealth creation goals and protection needs of consumers across the country. With millions of people already entrusting their life savings into this industry, the industry is well on its path to scaling greater heights for its customers.

The strength of any organization lies in its foundation, in its ability to endure the challenging environment and emerge stronger in the future. Over the last decade, Birla Sun Life Insurance, as one of the top fi ve private players, has played a key role in expanding the market, understanding the customers’ emerging needs and offering effective solutions to meet them. As an organization, we have not only earned the trust of over fi ve million customers, but also created value forour stakeholders.

Potential of insurance industryGiven that India remains a highly underpenetrated insurance market, I remain confi dent that there is immense potential for the sector. All the drivers responsible for the growth of life insurance companies remain favorable. India is one of the largest and fast-growing economies with one of the highest savings rate (c.35% of GDP compared to c.20% for the rest of the world). Also the demography remains helpful for the life insurance industry, with more than 60% of the population in the accumulation phase of their life stage and a large potential to increase per capita for Life Insurance.

Customer centricity is our key driverBirla Sun Life Insurance has been at the helm of innovation and has taken every opportunity to improve its customer offerings in sync with their felt as well as unfelt needs. It is through these combined efforts that we continue to grow from strength to strength as a top rung player in the private sector, improving by one rank over the previous year both in individual business (at No. 6) and total new business (at No. 5). In fact, for our Group Business performance in FY 12, we were ranked No. 2 and we command a market share of 10.9% among the private insurers.

This growth has only been possible because the customer has always remained at the core of all our strategies. Our customers are and shall continue to remain the core focus of our growth strategy and all our efforts are geared towards upholding their trust.

The heritage and the trust of the brand ‘Birla’ and domain expertise of Sun Life Financial continue to provide us a signifi cant competitive advantage, particularly towards attracting new customers and talent. Our brand image has only witnessed an upward trend, with our Brand Awareness scores moving up by almost 50%, as compared to the previous year.

Important steps taken to remain on a profi table trajectory Continuing our customer-centric approach during the last fi scal, we took several steps to optimize our expenses, improve effi ciencies and enhance productivity across operations. This enabled us to strengthen customer retention, bring about customer-focused product innovation and overhaul our distribution model and improve talent retention. These steps have helped us become a robust and profi table company, even as we continue to grow.

Over FY 12, Birla Sun Life Insurance added ` 5,885 crores in total premium, driven mainly by strong renewal premium growth of 10%. Our journey towards profi tability continues for the second year in a row. BSLI posted a net profi t worth ` 461 crores in FY 12, up 51% from the last year. This is a testimony to our concerted efforts at improving our performance. In another fi rst, we paid out our fi rst dividend at 5% of share capital this fi scal.

Annual Report 2011-12

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Through the last 20 months, we have also introduced a suite of innovative products suitable across a customer’s life cycle. Most of our products continue to score well on all important parameters and constitute a signifi cant portion of new business revenues. We also believe that our assessment of offering a balanced product mix with an equitable share of both traditional and ULIP plans, have given us an edge in the market. The positive outcome of this decision has been that our company’s year-end market share, relative to the entire industry, stood at 2.7%. Among private players, we command a market share of 7.8%, as compared to 7% last year.

Our people policy At the core of all our processes is a coherent people policy. We are a young and vibrant organization that takes pride in being one of the fastest growing private life insurance companies in India. We take satisfaction in the fact that our employee group comprises a set of passionate professionals. At Birla Sun Life Insurance, we fi rmly acknowledge that our employees are the primary architects of our success. Hence, we provide opportunities that align individual capabilities to roles and an environment that elicits the best from an employee. Motivated employees are critical in building and sustaining a high-performing business. We continue to pursue a culture of meritocracy, while introducing initiatives that go a long way in honing talent, promoting a sense of belonging and infusing stability in performance.

Long term prospects remain bullishIn my view, long-term growth prospects for the life insurance industry remain robust. By the year 2020 the GDP of the country is projected to increase signifi cantly from the current level of US $1.7 trillion. The life insurance industry, in addition to the favorable demographic opportunities, still offers one of the best value propositions as an investment option for a horizon of fi ve years and more.

We continue to aim at being a leading provider of insurance solutions to individuals across different walks of life and also the length and breadth of the country. We believe the initiatives we have undertaken at boosting customer engagement, rolling out innovative products and services, enhancing the distribution network and driving employee morale will put us fi rmly on the path

towards excellence, with profi tability being the natural outcome. Our passion to grow is only matched by our ambition to create security for our customers.

The journey so far has been exhilarating for Birla Sun Life Insurance and we feel fortunate to have the complete support and backing of all our stakeholders. With your sustained patronage, we foresee an even brighter future as we continue to make Birla Sun Life Insurance a preferred life insurance brand and a leading player in this space.

Warm Regards,

Jayant DuaManaging Director and Chief Executive Offi cer

Our passion to grow is only matched by our ambition to create security for our customers.

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Birla Sun Life Insurance


Mr. Donald A. StewartNon-Executive Director

Mr. Donald A. Stewart retired from the position of Chief Executive Offi cer of Sun Life Financial on November 30, 2011.

A native of Scotland, Don joined Sun Life Assurance Company of Canada in the United Kingdom in 1969 qualifying as a Fellow of the Institute of Actuaries before moving to Canada in 1972. Don served as Chief Information Offi cer, Chief Actuary and Chief Operating Offi cer to being named Chief Executive Offi cer in 1998.

Don’s leadership of Sun Life spanned a period of major change including a successful public listing in 2000, the acquisition of Clarica in 2002 and expansion in India and China over the ensuing decade. The Canadian Chamber of Commerce recognized him as the 2007 International Executive of the Year and the Canada-India Business Council presented Don with their inaugural Lifetime Achievement Award in 2011.

Don continues to work full time on a broad range of international business activities with a primary focus on fi nancial services. He is a Director of Birla Sun Life Insurance Company and chairs the audit committee of leading aluminum products company Novelis, based in Atlanta. He is a board member of Sun Life Everbright, based in Beijing and chairs Sun Life’s UK Insurance subsidiary.

In 2009 Don was appointed Chairman of Canada’s Task Force on Financial Literacy which delivered its fi nal recommendations on time and within budget by December 31, 2010. He was named a Champion of Public Education in 2011 by The Learning Partnership and remains active with a wide range of constituencies in support of Canadian fi nancial literacy.

Mr. Kumar Mangalam Birla is the Chairman of the Aditya Birla Group. Mr. Birla took over as Chairman of the Group in 1995, when he was just 28 years old. In the 17 years that he has been at the helm of the Group, he has accelerated growth, built a meritocracy and enhanced stakeholder value. From a turnover of US$ 2 billion in 1995, today the Group’s revenues are in excess of US$ 35 billion and its operations from 8 countries then, span 36 countries today. He has made 22 acquisitions in these 17 years in India and globally, which is the highest by an Indian multinational.

An iconic fi gure, Mr. Birla holds several key positions on various regulatory and professional Boards. He is a Director on the Central Board of Directors of the Reserve Bank of India. Earlier, he was Chairman of the Advisory Committee constituted by the Ministry of Company Affairs and also served on The Prime Minister of India’s Advisory Council on Trade and Industry.

As the Chairman of Securities and Exchange Board of India (SEBI) Committee on Corporate Governance, he authored the First Report on Corporate Governance titled “Report of the Kumar Mangalam Birla Committee on Corporate Governance”. Its recommendations were path breaking and became the basis of corporate governance norms. He is also on the National Council of the CII; the Apex Advisory Council of ASSOCHAM and the Advisory Council for the Centre for Corporate Governance.

Board of Directors

For his “invaluable contribution to the economy”, his “entrepreneurial excellence”, for “taking India to the world”, and as “an exemplary business leader”, Mr. Birla has won several accolades. The Benaras Hindu University, G. D. Pant University of Agriculture & Technology, SRM University and Visvesvaraya Technologies University have conferred the D. Litt and honorary doctoral degrees on Mr. Birla. Given Mr. Birla’s unmatched humility, he never prefi xes “Dr.” before his name.

Among other accolades received by Mr. Birla feature NASSCOM’s “Global Business Leader Award”, the JRD Tata “Leadership Award”, the CNBC TV 18”, the CNN-IBN “Indian of the Year Award”, NDTV’s “Global Indian Leader of the Year”, the Asia Pacifi c Global HR Excellence – “Exemplary Leader Award”, the Economic Times – “Business Leader”, Business India’s – “Business Man of the Year Award”, The All India Management Association’s (AIMA) “Honorary Fellowship”, and the Lakshmipat Singhania IIM-Lucknow National Leadership Awards Committee “Business Leader of the Year’ Award. He was chosen by the World Economic Forum as one of the Young Global Leaders and named a “Young Super Performer in the CEO Category” by Business Today.

An educationist, Mr. Birla is the Chancellor of the renowned Birla Institute of Technology & Science (BITS), with campuses in Pilani, Goa, Hyderabad and Dubai. He is a Director of the G. D. Birla Medical Research & Education Foundation.

A Chartered Accountant, Mr. Birla earned an MBA from the London Business School, where he is also an Honorary Fellow and sits on the Asia Regional Advisory Board. Mr. Birla and his wife, Mrs. Neerja Birla, have three children, Ananyashree, Aryaman Vikram and Advaitesha.

Mr. Kumar Mangalam BirlaChairman


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Mr. Ajay SrinivasanNon-Executive Director

Mr. Bishwanath N. PuranmalkaNon-Executive Director

Mr. Dikran OhannesssianNon-Executive Director

Mr. Ajay Srinivasan has been the Chief Executive, Financial Services at the Aditya Birla Group since July 2007.

In his role as Chief Executive, Financial Services, he sets the vision and provides strategic direction and leadership for the Group’s Financial Services business which covers several verticals such as life insurance, fund management, private equity, wealth management, retail broking, capital markets based lending, corporate fi nancing, infrastructure fi nance and general insurance broking. Under his leadership the fi nancial services business has grown rapidly with an annual turnover of just below ` 7000 crores, over 5.5 million customers and a workforce of over 15,000 people.

Prior to joining the Aditya Birla Group, Ajay was Chief Executive, Fund Management at Prudential Corporation Asia, based in Hong Kong. Under Ajay’s leadership, Prudential’s fund management operations in Asia grew rapidly, both organically and through acquisition. Ajay oversaw a business that spanned ten markets, including Japan, with total funds under management of about US$ 70 billion, which made it at the time the second largest retail fund manager in Asia.

As a member of Prudential Corporation Asia’s Board of Directors, Ajay also oversaw the development of Prudential’s retirement business in Asia.

Ajay joined Prudential in 1998 as Managing Director of Prudential ICICI Asset Management Company, Prudential’s Indian fund management joint venture with ICICI Bank. Within two years of operation,

Mr. Puranmalka is a Commerce and a Law graduate and also a Fellow member of the Institute of Chartered Accountants of India and Institute of Company Secretaries of India. He has been associated with the Aditya Birla Group in various capacities since the inception of his career. He has a total working experience of more than 45 years.

He has a rich experience in implementation and running of several manufacturing, training, service industry business and setting up Greenfi eld manufacturing operations. He is on the Board of various companies.

Mr. Dikran Ohannessian is President of Sun Life Financial Asia and in this role, he is responsible for the Company’s operations in Asia where it fi rst began to operate in 1890 and today includes operations in Hong Kong, the Philippines, Indonesia, China and India. Dikran is based in Hong Kong in the Company’s Asia Regional Offi ce.

He joined Sun Life Financial in 1976 and has held numerous leadership positions in the organization. He has directly managed and led various businesses for Sun Life including the Company’s individual insurance and group benefi ts operations in Canada and its joint venture life insurance activities in China. He has also been the Chief Financial Offi cer of Sun Life’s Canadian operations.

He is a Fellow of the Society of Actuaries and the Canadian Institute of Actuaries and holds a Bachelor of Science degree in Mathematics from the McGill University in Montreal. He also completed the Program for Management Development at Harvard University.

Prudential ICICI AMC had grown to become the largest private sector asset management company in India.

Prior to joining Prudential, Ajay was the Deputy Chief Executive Offi cer and Chief Investment Offi cer of the Indian operations of Threadneedle Asset Management.

With a proven track record for building successful businesses, his experience in the fi nancial services industry spans over two decades.

Ajay is engaged with several bodies including the Financial Planning Standards Board, the CII Committee on Financial Sector Reforms, The CII Committee on Insurance and Pensions and the FICCI Committee on Insurance.

Ajay holds a BA with Honours in Economics from St Stephens College, University of Delhi and an MBA from the Indian Institute of Management, Ahmedabad.

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Mr. Gian P. GuptaIndependent Director

Mr. Jayant DuaManaging Director and Chief Executive Offi cer

Dr. Rakesh JainNon-Executive Director

Mr. Jayant Dua is the Managing Director and Chief Executive Offi cer at Birla Sun

Dr. Rakesh Jain is the Managing Director of Aditya Birla Group’s fl agship company Aditya Birla Nuvo Ltd. (ABNL). Dr. Jain completed his M.Tech from IIT Kharagpur and a Ph.D in Polymer Science and Engineering from the University of Akron and Ohio State University. Dr. Jain joined the Aditya Birla Group in August 2003 as Managing Director of Indo Gulf Fertilizers Ltd. (since merged with ABNL in 2006), and Director of the Aditya Birla Group’s overseas chemical business and World Class Manufacturing. In March 2005, he was given the additional responsibility of Global CEO for the carbon black business, which has grown strategically from a

Board of Directorsregional business to a global business. In December 2008, Dr. Jain was appointed Joint Managing Director of ABNL and subsequently Managing Director in July 2009. He is also Director of Group IT and a Director on the board of the Aditya Birla Management Corporation Private Limited.

ABNL is a diversifi ed conglomerate with multiple businesses in the services and manufacturing sectors. The businesses range from fi nancial services to telecom, IT-ITeS to fashion and lifestyle, and manufacturing. While ABNL has multiple mature businesses, it continues to incubate new growth and long-gestating businesses for the Aditya Birla Group.

Prior to joining the Aditya Birla Group, he was the President and CEO of GE Plastics India and South Asia since June 2001.

In 1988, Dr. Jain joined the Advanced Technology Group at GE Plastics Electromaterials Division (EMD) in Coshocton, OH, USA. He served in a variety of leadership roles in technology, manufacturing, product management and audit staff at various GE businesses. He led GE Plastics-Huntsman JV at Albany, NY in 1995-1996, and was appointed the Business Six Sigma Leader in 1997. In January 1999, he was transferred to BOZ, Netherlands, to lead global manufacturing processes for GE Plastics where he led the stable operations concept to stretch the capacity without investment and signifi cantly reduce the cost per unit. In 2000, he spearheaded the digitisation effort at GE which helped provide real-time business data transparency and signifi cant reduction in backroom activities and paperwork.

Mr. Gian Prakash Gupta is a Director on the Board of the Company and is also an independent director on the Board of Aditya Birla Nuvo Limited (holding company of BSLI). He holds a Masters degree in Commerce from University of Delhi. He is Chairman of the Audit Committee and Risk Management Committee and is also a member of theFinance Committee and Share Allotment Committee of the Company.

Mr. Gian Prakash Gupta has been the former Chairman and Managing Director of Industrial Development Bank of India and Chairman of Unit Trust of India. He has wide and rich experience in Project Financing including Infrastructure projects, Capital Market, Financial Management and General Management. He is also on the Board of various other companies.

Life Insurance. He is a Chemical Engineer from IIT Delhi and an MBA. He also holds an Advanced Management Program (AMP) from Harvard Business School, USA. He joined Birla Sun Life Insurance in July 2010.

In his role, he provides Birla Sun Life Insurance a strategic direction and leads the insurance team towards achieving rapid growth and profi tability.

Prior to this, Jayant spearheaded Aditya Birla Insulators (ABI) in the capacity of President and CEO and was responsible for expanding ABI’s customer base nationally and internationally. He was instrumental in making the ABI business the fourth largest in its segment globally. He has been associated with the group for the last 16 years and prior to his appointment with the Insulators Business, Jayant spent close to a decade in Groups’ Cement Business in capacities as diverse as Marketing, IT and Strategy.


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Mr. Suresh N. Talwar Independent Director

Ms. Tarjani VakilIndependent Director

Mr. Venkatesh MysoreNon-Executive Director

Mr. Talwar is a commerce and law graduate. He is also a qualifi ed Solicitor and Advocate. He is currently Consulting Partner of M/s Talwar, Thakore & Associates, a law fi rm he had founded in partnership with Shobhan Thakore. Prior to this he was also associated with M/s. Crawford Bayley and Company as a Senior Partner. He acts as legal counsel to numerous Indian companies, multinational corporations, Indian and foreign banks. His professional specialisation is in corporate law, corporate tax, foreign exchange laws, Monopolies and Restrictive Trade Practices laws, and international issue of securities by Indian companies. He also holds the directorship in several eminent public and private limited companies.

sector companies such as LIC, GIC, ECGC and BHEL amongst others.

Ms. Vakil started her career with Maharashtra State Finance Corporation (MSFC) in 1958 and assumed several responsibilities till she was assigned the responsibilities for the post of Assistant Secretary in 1965. She moved from MSFC to join Industrial Development Bank of India (IDBI) in 1965. After an illustrious seven-year stint at IDBI in the capacity of a Deputy General Manager, she joined EXIM Bank of India as General Manager in 1982. After a long, distinguished tenure of 16 years in EXIM Banks, she retired as Chairman and Managing Director (CMD) in 1996.

Post her retirement, she is now a member of the Board and sub committees of the board of various private sector companies.

Mr. Venkatesh Mysore took over as the CEO and MD of KKR in October 2010. Prior to that he has had a very long and successful career spanning 25 years in fi nancial services.

He took over as the India Country Head of Sun Life Financial’s India operations in January 2007.

Prior to this, Mr. Mysore was the CEO and MD of MetLife India. He was responsible for the start-up of the India venture. Mr. Mysore spent over 21 years with MetLife.

Mr. Mysore immigrated to the U.S.A. in 1985 and started his career with MetLife after his MBA.

With over four decades of experience in development banking, Ms. Vakil has held directorship of several renowned public

Mr. Mysore represented the Madras University in cricket and has been a passionate follower of the game.

He is currently a member of the Young Presidents Organization – Mumbai Chapter.

Mr. Mysore is married to Veena and they have three children.

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Mr. Jayant Dua is the Managing Director at Birla Sun Life Insurance. He is a Chemical Engineer from IIT Delhi and an MBA from IMI, Delhi. He also holds an Advanced Management Program (AMP) from Harvard Business School, USA. He joined Birla Sun Life Insurance in July 2010.

In his role as Managing Director, he provides Birla Sun Life Insurance a strategic direction and leads the insurance team towards achieving rapid growth and profi tability. He focuses on long term sustainability while being nimble footed and using the multi-faceted regulatory environment to business advantage.

Prior to this, Jayant spearheaded Aditya Birla Insulators (ABI) in the capacity of President & CEO and was responsible for expanding ABI’s customer base nationally and internationally while positioning the organization as a leader globally. He has been associated with the group for the last 16 years and as CEO of ABI, he has been instrumental in making the ABI business the fourth largest in its segment globally. Prior to his appointment with the Insulators Business, Mr. Dua spent close to a decade in Groups’ Cement Business in capacities as diverse as Marketing, IT and Strategy.

As the Chief Operating Offi cer of BSLI, Mr. Amitabh Verma is responsible for determining the organizational strategies for Operations and IT. He reports to the MD and CEO of the Company and has been with BSLI since February, 2008. Mr. Verma is qualifi ed as an engineer and MBA and has over 19 years of experience. He has held senior leadership positions in the IT and Financial Services Industries. Prior to joining BSLI, he was a Vice President with AIG (Asia-Pacifi c Life Operations), Hong Kong.

Mr. Arun Malkani is the Chief Marketing Offi cer for BSLI responsible for determining and defi ning the marketing strategy and initiatives of the company and its offerings, with the objective of being the target customer’s preferred brand and choice among life insurance companies. Arun joined the company in September 2011.

Arun has done his Masters in Management Studies (specializing in Marketing) from Mumbai University and has over 17 years of work experience with leading MNC and Indian private sector organizations, primarily in the banking and fi nancial services industry. Before joining BSLI, Arun was Head of Marketing for Liabilities, Investment Products and Segments at Axis Bank. Prior to that he has also been Head – Marketing Services at HDFC Bank.

Senior Management Team

Mr. Jayant DuaManaging Director and Chief Executive Offi cer

Mr. Amitabh VermaChief Operating Offi cer

Mr. Arun Malkani Chief Marketing Offi cer


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Mr. Mayank Bathwal is the Chief Financial Offi cer & Head, Institutional Sales for BSLI.

In his role as CFO he provides effective leadership to the Finance function towards growing the business of the company and partners the CEO and the leadership team in managing the affairs of the company.

Mayank has a rich experience of over 18 years in the industry. He joined the Aditya Birla Group in early 1994 and has worked closely in various units and projects of the group including fertilizer and copper smelting units, fi nancial services business and power projects.

He joined Birla Sun Life Insurance in December 1999 as part of the Project team to set up the Life Insurance venture and was looking after the Business Strategy and Planning function prior to taking charge of other Finance operations of the company. Mayank then moved to take charge as the Chief Financial Offi cer of Sun Life, Indonesia in June 2006. He moved back to India in June 2007 after his successful stint in Indonesia for a year with the objective of supporting BSLI in its transformational phase.

During FY 2011 he also took charge of the Institutional Sales teams which includes Bancassurance, Corporate Agency & Broking channels of BSLI.

He is a Fellow member of The Institute of Chartered Accountants of India and the Institute of Cost & Works Accountants of India and an Associate Member of the Institute of Company Secretaries of India. In March 2012, Mayank was also felicitated at Annual CFO100 Roll of Honour, 2012, in the category ‘Winning Edge in Corporate Governance/Financial Control,’ for his exceptional contribution in the area of Corporate Finance.

Mr. Niall O’Hare is the Chief Actuarial Offi cer for Birla Sun Life Insurance (BSLI) and is responsible for all Actuarial functions within the company. He is a qualifi ed actuary, and a Fellow of the Institute of Actuaries. He has also received his Bachelors degree in Applied Mathematics from the Queen’s University of Belfast.

Niall joined Aditya Birla Financial Services Group (ABFSG) in May 2011, having previously worked in the UK, most recently for Sun Life Financial (SLF) as Head of Business Development, where he was responsible for running all UK sales, marketing and product development functions.

Niall has 18 years of experience in several leadership roles within large organizations. Prior to SLFC, he has worked with Lincoln Financial Group (LFG) and Zurich Financial Services (ZFS). While working with LFG as Chief Actuarial Offi cer in the UK, he led 5 distinct departments – actuarial, tax, product development, underwriting and claims.

Mr. Lalit Vermani is a Sr. Vice-President at BSLI, heading the Compliance, Legal, Risk and Internal Audit functions for the company. He has 20 years of experience in various areas of Financial Services including Insurance, Asset Management and Investment banking. Prior to this assignment, Lalit was heading the compliance function at Birla Sun Life AMC Ltd.

Lalit has an honours degree in Economics and MBA with specialisation in Finance. He is also a certifi ed Financial Risk Manager (FRM) by Global Association of Risk Professionals.

Mr. Lalit VermaniHead – Compliance, Risk, Legal and Audit

Mr. Mayank BathwalCFO & Head, Institutional Sales

Mr. Niall O’Hare Chief Actuarial Offi cer

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Mr. Pramod Krishnamurthy is the Chief Technology Offi cer for BSLI responsible for providing the crucial Technology edge to enable BSLI to differentiate itself positively in the marketplace and reports to the CEO of the company.

Pramod Krishnamurthy is an IIT-IIM graduate and has over 22 years of work experience in the Financial Services Technology area. He has held several senior leadership positions in the IT and Financial Services Industry, including running his own software company early in his career. Prior to joining BSLI, Pramod was an Executive Vice President with Fullerton India Credit.

Mr. Sashi Krishnan is the Chief Investment Offi cer (CIO) of Birla Sun Life Insurance. He joined the organization in December 2011 and has a rich experience of 25 years in the Mutual Fund and Life Insurance industry. Sashi has done his BE (Hons.) in Chemical Engineering and MSc (Hons.) in Economics from BITS, Pilani. He also has a Diploma in Management from IGNOU with a specialization in Finance. In addition, he has also done CAIIB from the Indian Institute of Bankers. He has an extensive experience in Equity and Debt Markets. Prior to joining BSLI, Sashi was the Chief Investment Offi cer at Bajaj Allianz Life Insurance Company where he managed Assets over ` 42,000 crores Besides leading the Investments team and being a member of the Investment Committee, he was also involved in product design and provided sales support. His previous assignments include leadership roles with DBS Bank (Singapore), DBS Cholamandalam Asset Management Ltd. and Unit Trust of India. Sashi is the Member of the Index Policy Committee of India Index Services & Products Ltd. and, also was the Co Chair of Life Insurance Committee of the Bombay Chamber of Commerce and Industry. He has also served as the Member of the Financial Planning Standards Board, India in 2004-2006.

Senior Management Team

Mr. Pramod KrishnamurthyChief Technology Offi cer

Mr. Sashi Krishnan Chief Investment Offi cer


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Mr. Saurov Ghosh is Executive Vice President & Head – Human Resources & Training. Saurov is an enthusiastic, talented and seasoned HR professional. His strategic blend of thinking, management & infl uencing skills and integrated Business HR approach are some of the key drivers of success in his role.

Saurov reports to the Managing Director & CEO. Saurov is with BSLI since January 2008. He joins us from Yes Bank, where he was Sr. Vice President Human Capital and was responsible for the Human Capital function for the Retail Banking Business. Prior to joining Yes Bank, Saurov worked with HDFC Standard Life Insurance since its initial period and had played a key role for implementing the Human Resource strategy for the company. He also has varied experience in engineering & process manufacturing sectors with the Kirloskar Group & CEAT ranging to a career span of 18 years in Human Resources.

Mr. Vikas Seth is Senior VP & the Head of Sales – DSF (Direct Sales Force) at Birla Sun Life Insurance (BSLI). He is a qualifi ed Electronics & Electrical Communication Engineer and has done Masters Business Administration (Marketing). He joined BSLI in January 2008.

Currently at BSLI, Vikas along with heading the Agency is also responsible for Rural & Business Mentor Vertical. Vikas is also leading revolutionary transformational project called “BSLI Way”.

Vikas joins us with a strong working experience of over 15 years in diverse industries like Telecom, FMCG & Life Insurance. He has worked with organizations like Essar Telecom (Vodafone), Amway, ICICI Prudential, HDFC Life in the past. His expertise is in Startup, Building Distribution & implementation of Sales & Marketing strategies.

Mr. Saurov Ghosh Executive Vice - President & Head HR and Training

Mr. Vikas Seth Head of Sales – DSF

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Snapshot of Financial Indicators

Premium Income (Crs)

Net Profi t (Crs)

3,272

4,469

5,5065,677 5,855

FY 08 FY 09 FY 10 FY 11 FY 12

-445

-702

-435

305

461

FY 08 FY 09 FY 10 FY 11 FY 12


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Operating Expenses (Crs)

Asset Under Management Trends (Crs)

6,883

9,168

16,130

19,76021,110

FY 08 FY 09 FY 10 FY 11 FY 12

FY 08 FY 09 FY 10 FY 11 FY 12

20.5%

25.6%

20.5%21.2% 20.7%

671

1,146

1,3271,203 1,215

= Opex to Total Premium Ratio

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BuildingBlocksAs the sector moved into a new phase in September 2010, there were a number of strategic transformations that took place within the industry. From a consumer's point of view, these developments were an opportunity to infuse innovation within the sector.

At BSLI, our strategic priority was to launch a comprehensive product portfolio and streamline the distribution model in sync with regulatory requirements. They became the key building blocks for our growth trajectory.


A diversifi ed suite of products and innovative product capabilities

Since its inception, BSLI has been at the helm of innovation within the life insurance market, ushering in an industry-wide change with the introduction of innovative unit-linked products and highest NAV plans. Strengthening our product basket in sync with the customer’s felt and unfelt needs and regulatory guidelines was the defi ning

focus in 2011-12. During the last 20 months, we also launched a number of traditional solutions to meet an emerging consumer need for non-link products that offer simple features for customers with conservative return expectations. Within our term offerings, our recently launched plans, BSLI Protector and Protector Plus, offer customers complete fi nancial protection at an affordable cost and grow in step with their growing needs.

Our recently launched term plans, BSLI Protector and Protector Plus, offer customers complete fi nancial protection at an affordable cost and grow in step with their growing needs.

Our priorities in the area of product

development for the next year include:

� Continuing the product innovation culture, in sync with customer expectations and segmentation and customize solutions wherever possible.

� Focusing on a balanced product mix with a deeper focus on protection needs.

Our Solutions for customer needs

ProtectionWe secure the future of our customers' families in an increasingly uncertain world.

Health and WellnessWe create plans to help customers look after their loved ones without worrying about medical expenses.

Children's FutureOur child plans allow customers the ability to let their children pursue their passions, while providing fi nancial cover.

RetirementWe help customers plan their retirement so that their incomes continue to meet their expenses.

Wealth with ProtectionWe secure the dreams of our customers' families and help them reach their planned fi nancial milestones.

RidersOur variety of riders can help enhance protection for our customers and their loved ones.


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Effective distribution Our multi-channel distribution system empowers customers with a varied choice of platforms to transact at their convenience. Each touch point is well-equipped to assist our customers. Our customer touch points include:� Around 200 corporate agents comprising banks,

insurance brokers and corporate agents.

� Over 1,39,000 empanelled insurance advisors.

� Over 12,000 employees.

� Over 650 BSLI offi ces across India.

Our agency channel strength

Keeping customers at the core of its strategy, our Direct Sales Force channel has created a support mechanism through which 7,000 Front Line Sales Managers, equipped with up-to-date product knowledge, liaise with about 1,39,000 advisors across the country.

In order to further the agenda for need-based selling; the agency channel had taken up the following key initiatives last year:� Strengthening the recruitment structure and

designing training programmes around distinct segments.

� Creating higher effi ciencies in the agency channel through improvements in structures.

� Segmenting agencies to improve performance and focus best resources on agents with a track record of balancing quality and productivity.

� Leveraging technology tools, such as the sales management process/activity tracking, reporting platforms and the sales portal, in a better manner.

Third-party distribution partnership

Our partnership models with banks and other large third-party distributors is based on the following levers to maximise need-based sales and develop a sustainable long-term relationship:� Offering customised products after accurately

mapping the customer segments of our partners.

� Creating dedicated structures and organisation support for key partners. Importantly, the model has been tailored for each partner’s specifi c context and operating process.

� Offering best-in-class sales management structures, including HR policies that focus on productivity and provide disciplined sales-management practices.

Our priorities in the area of distribution

enhancement for the next year include:

� Enhancing and diversifying our distribution management capabilities.

� Implementing best practices in the areas of training and recruitment with an impetus on need-based sales approach.

• Leveraging alternate channels like direct marketing and internet to increase penetration and infuse further effi ciencies within the distribution ecosystem.

One team One focus.

17



Our financial results have been consistent with our objective – business growth in a manner that is profitable and delivers superior value to our customers. We remain committed to serving our customers well in order to build a strong, sustainable business, harnessing our strengths in the process.

Our customers are at the centre of our success. The responsibility they bestow on us, by making us partners for long-term financial solutions, spurs us to achieve even greater heights.

Pillars of Strength


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20


Customer centricity The company has been at the helm of innovation in the life insurance space. Our path-breaking innovations have all been driven by a single goal – the security and trust of our customers. Our initiatives have set a benchmark in customer satisfaction on an industry-level, while fulfi lling the expectations of our customers.

Customer feedback and listening

A strong customer feedback system has been created in order to gain a complete understanding of our customers. The feedback received is driven into customer-driven service standards and plans are made to achieve them.

The various feedback mechanisms include:� Customer satisfaction surveys.

� Syndicated studies on target consumer base.

� Transaction surveys to gauge satisfaction with service interactions.

� Focus group discussions with customers and sales partners to improve and plan products and services.

Our annual CSAT (Customer Satisfaction)

survey objectives

At Birla Sun Life Insurance, it is our philosophy to keep our ears to the ground and build a communication strategy that allows us to listen to all our stakeholders continuously. Our learnings are translated into action, through our service and product effi ciencies. One such way of gleaning customer feedback is the CSAT study. During the last fi scal year, the study was conducted with a sample size of over 2,000 customers across 6 cities over a period of 2 months. The results were more than encouraging and fi ndings were absolutely insightful to chart our future strategy.

Here are some highlights of the 2011-12 CSAT study: � Nearly 80% of customers feel satisfi ed at their

choice of Birla Sun Life Insurance as their insurance partner.

� Approximately 81% of the group have a positive disposition towards our products features and benefi ts.

� Around 92% of the customers have expressed their ‘delight’ at key parameters, such as branch experience, medical check-up and premium payment options.

Taking every step

with you.

21



� Our agent quality and politeness was rated as superior by almost 85% of the participants.

� Most participants were positive about our robust communication processes, which ensure a high frequency and relevancy of messages sent to customers.

Customer communication and engagement

Role of communication is to “know more” about the customer so as to suggest effective solutions to his felt and unfelt needs. It is important to update customer on the value of what he has bought as well as keep updating him on new service features. The essence of our customer communication strategy is to form a relationship with customers – a relationship that individual customer feels that he would like to pursue and has a focus on empowerment. With a continued focus to empower our customer and further the cause of need-based selling, we have launched a host of pre-sales and post-sales initiatives like - � Introduction of bilingual policy document with

customer prompts on important aspects like medical checkup, premium payment term and frequency.

� Introduced online calculators that take up the role of an electronic advisory tool.

� Enhanced various customer communication tools like – Welcome call script, printed documents,

digital messaging formats such as our corporate website www.birlasunlife.com, SMS, e-mails .

� We have also invested in the right digital technology that enables us to offer seamless services to our customers 24x7. Through our online platform you can manage your policy, track applications, learn about tax benefi ts andpay premiums.

Effi cient claims management

Our claims management process continued to gain effi ciency throughout the year. Some of the highlights are as follows: � For the third consecutive year, Birla Sun Life

Insurance achieved the lowest outstanding claims percentage among its peers in individual and group claims (statistics as per IRDA Annual Report 2010-11).

� Birla Sun Life Insurance has one of the best end-to-end settlement TAT’s (Turn Around Time) in both individual and group claim categories.

� The Company has a centralized ‘Claim Settlement Cell’, enabling a uniform approach towards customer service, and decision-making.

� Our call centre service helps customers with any Claims related issues/concerns.

� BSLI’s Claims Repudiation ratio is also lower than the Industry Average.

Building TrustBuilding Relationships.


22


Reaching out across the country with the theme of ‘safety, security and protection’

Brand philosophyWe believe in building communication which is natural in its execution and succeeds in driving home the point. Through all our campaigns launched this year, be it our Wealth with Protection Solutions, Protections Solutions or Children’s Future solutions campaign, Birla Sun Life Insurance has been reaching out to the customers with a messaging style that is empathetic and inspiring.

Maximizationof

policyholders wealth

Qualitywith

liquidity

Long-termorientation

Consistency

100% 100%

77.3%

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2 yea

r

3 yea

r

4 yea

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Investment strategyWe endeavour to build a quality investment portfolio which offers both – liquidity and long-term wealth creation. Here are the key features of our investment philosophy:

� We aim to build a sound investment portfolio within external and internal guidelines to ensure liquidity, while maximising policyholders’ wealth consistently on a long-term basis.

� Most of our funds have outperformed the benchmark for 12 months as on 31st March, 2012.

� Over a long-term period, all our funds have outperformed the benchmark comprehensively, consistently delivering superior performance.

� Our customers use our website to give feedback on our investment performance. Thus, our investment mechanism is participative, responsive and transparent.

Percentage of funds beating benchmarks as on 31st Mar’12 across years

Brand philosophy

It is because of this reason that Birla Sun Life Insurance has remained committed on its strategy to play the role of an agent provocateur for mass India, by provoking them to insure their lives against the highs and lows that life can have in store for them without challenging their confi dence. It goes without saying that heritage and the trust of the brand ‘Birla’ continues to provide us a signifi cant competitive advantage, particularly towards attracting new customers and talent. Our brand image has only witnessed an upward trend, with our Brand Awareness scores moving up by almost 50% as compared to the previous year.

23



service and created projects that have catered to make the service more effi cient and effective.

LearningProcess Champ, an interactive e-learning cumcertifi cation module was designed in the last year to enhance employee understanding of key insurance concepts. It has helped us leverage technology to reach all employees within the organization.

Managing talentPromotion and growth development within the company is part of a rigorous assessment process, which is closely interlinked with the talent management system.

Sound fi nancial managementThe last two years have been quite challenging for the industry in terms of new business growth on account of the uncertain economic environment. In light of such conditions, BSLI has performed well. BSLI delivered a profi t of ` 461 crore against last year’s profi t of ` 305 crore. Our solvency ratio is 299% as of FY 12, against a regulatory requirement of a minimum of 150%.

Human resource capabilitiesWe have always operated with the philosophy that an organization is only as good as its people. Keeping this philosophy in mind, we reward employees who have displayed superior customer

Strengthening our team for future growth.


24


Our solvency ratio is 299% as of FY 2011-12, against a regulatory requirement of a minimum of 150%.

Channels of CommunicationMultiple mediums are used to address employee concerns, communicate strategic imperatives, generate ideas and drive employee engagement. These include strategy sessions for senior management, quarterly town halls, Annual CEO Forum, Engagement forums at the zonal level, branch visits by HR team members – Milap, skip level meetings, Intranet, opinion polls, etc.

Employees can also write to the CEO directly through the company intranet and are encouraged to post queries, ideas and respond to the CEO’s messages. This ensures that employees are aligned with organizational agenda of delivering

growth and profi tability through a continued focus on channelising efforts and energies in being a customer centric orgainzation.

25



At Birla Sun Life Insurance, we have harnessed state-of-the-art technology to reach out to our diverse stakeholders. Through an array of technology tools and digital platforms, we continue to enhance the understanding of insurance products for our existing and prospective customers and infuse distribution efficiencies.

Our focus on customer centricity and need-based sales has stimulated us to develop tools that have helped us offer better advice to customers, create accurate underwriting analysis and enhance service practices.

EnhancingConvenience,BuildingEffi ciency


1) Tools for customer need assessment We fi rmly believe that a good sales practice stems from a need based sales approach. This requires us to understand both, the felt and even the unfelt needs of our customers. Keeping this in mind, we plan to introduce tools that facilitate need analysis by factoring in both, the customer's fi nancial aspects andalso his aspirations.

Life cover Marriage Child's educationBuild wealth Planning a baby

House Health Children's future

Retirement

Planned for 2013

We encourage customers to invest and save for goals such as buying a house.

Our Health and Wellness solutions ensure that customers never lack the funds to go in for quality treatment in case of medical emergencies. Our plans help them get individual and family insurance cover against major illnesses and injuries.

Our Children’s Future Solutions are designed to help customers build a corpus that allows them to meet the major expenses of their children in future.

Planned for 2013 Planned for 2020 Planned for 2030

Select a goal and plan your investments

Our Retirement Solutions ensure that customers enjoy a secure and happy retired life.Our retirement plans that help them build a corpus that lasts throughout their retired life, whether they choose to retire early and start their own business or lead a leisurely retired life.

Applications thatmake life easy for

our customers

3Enhancing customer

knowledge using digital platforms

4

Tools that enhance our distribution effectiveness

2Tools for

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1


28


Easy-to-use calculators to supplement information

Various calculators help our customers understand their retirement corpus needs and child plan milestones, in addition to functioning as online advisories. This is consistent with our philosophy of empowering customers.

2) Tools that enhance our distribution effectiveness

� We have launched a mobile application that allows for improved policy tracking, thus enhances the overall service experience for the end customer.

� We have a robust policy tracking system that provides customers information from the receipt to the dispatch stage of their policies.

� An online illustration module launched this year enables us to provide a robust and speedy selling process.

� Our e-learning modules and advisor portals help strengthen the sales process quality.

� There are also plans to initiate a tablet-based application for real-time fi eld underwriting.

Cross-platform applications for enhanced distribution.

29



3) Applications that make life easy for our customers

� A revamped corporate website where customers can pay premiums, track policy documents, calculate fund values, etc.

� Educative emails, SMSs and online newsletters to keep customers updated at every stage of their policy.

� Plans to launch mobile applications for customers – bringing information like policy illustrations, current policy status, pending requirements, policy status and calculation of NAV over the phone.

4) Enhancing customer knowledgeusing digital platforms

� Educative videos and articles to expand our customers’ understanding of insurance products and services.

� Videos and e-tutorials suited for e-learning video formats.

� Lucidly designed videos and modules to allow customers to gain a better grasp on the topic.

As one of the leaders in the insurance space, the organization believes that it is its responsibility to educate the public at large about the insurance category. To this effect, we have launched two insurance-related microsites: www.NotJobsButPassion.com and www.proudtopledge.com.

www.NotJobsButPassion.com: A unifi ed and comprehensive platform created by Birla Sun Life Insurance to help parents discover their child’s passion and enable their kids to pursue their area of interest. The microsite is an information warehouse for anyone looking for information on career avenues across diverse fi elds.

The www.proudtopledge.com: A microsite for individuals to share pro-insurance stories and lead a positive change by writing a brief pledge for protection and encourage family and friends to do the same. One can also upload photos, experiences, testimonials and videos that create awareness about insurance and attract people to join the pledge.


30


Rewards & Recognitions

BSLI was named 2nd runners up for the 'Best Presented Accounts and Corporate Governance Disclosures Awards 2011' by The South Asian Federation of Accountants (SAFA) in the Insurance sector.

BSLI bagged the prestigious 'Gold Trophy' for Financial Reporting from The Institute of Chartered Accountants of India (ICAI) for the year 2010-11. In the past, BSLI has also won Silver trophies from ICAI for Financial Reporting.

Birla Sun Life Insurance bagged the 'Golden Peacock Award for Excellence in Corporate Governance' for the year 2011.

At the Effi es 2011, BSLI won a Gold inthe 'Services category (under FinancialServices, including Banking andInsurance)' for Birla Sun Life Insurance– Children's Future Solutions campaign.

31



BSLI won an award for their Protection Solutions campaign under the category of 'Best use of Radio as a medium' at the Kaan Award for Excellence in Radio Advertising.

BSLI won the Silver in 'Financial Services' category for the Birla Sun Life Insurance – Child Plan – 'Never-ending Passion tablemat' at the Exchange4media OOH Awards 2012 (Outdoor Advertising & Digital Signage).

IPE BFSI Awards endorsed by the Asian Confederation of Businesses has conferred 'Birla Sun Life Insurance Company Limited' with 'Best Employer Brand Award' for the year 2011-12.


32


Financial Report

BSLI AR_Financial_P033_P208.indd 33 01/08/12 2:11 PM

Draft Directors’ Report

Dear Shareholders,

On behalf of your Board of Directors, I present the twelfth Annual Report, together with the Audited Statement of Accounts, of Birla Sun Life Insurance Company Limited (“the Company/BSLI”) for the year ended 31st March 2012.

1. FINANCIAL PERFORMANCE

Macro-economic and industry challenges impacted the life insurance industry in FY12. In this context, the Company’s sales performance was better than the industry. We reported weighted new business premium of ` 1,851 crore for the year under review. Total premium amounted to ` 5,885 crore and has seen a marginal growth over previous year.

We continued our journey of profi table growth in FY12. Our focus of creating effi ciencies and improving the quality of business continues to dominate our strategic priorities. Additionally, we have undertaken several initiatives to augment our distribution capacities, optimise our product mix and improve customer management. These initiatives will be critical and will continue to serve as a guiding measure to help us achieve our long-term goals.

The summary of Company’s Financial Performance is as under:

(` Crores)

Particulars

Current Year

FY 2011-12

Previous Year

FY 2010-11

Inc. (%)

Income Gross premium income 5,885 5,677 4%Reinsurance (net) (138) (83) 67%Total premium income (net) 5,747 5,594 3%

Income from investmentsPolicyholders (163) 1,492 -111%Shareholders 80 38 109%Investment Income (83) 1,530 -105%

Other Income 30 24 26%Total Income 5,695 7,149 -20%

Less:

Commission 325 381 -14%Expenses (including depreciation) 1,215 1,203 1%Benefi ts paid (net) 2,705 1,934 40%Provisions for actuarial liability (net) 987 3,325 -70%Provision for Taxation — (1) —Profi t for the Current Year 461 305 51%

Add: Loss Brought Forward from Last Year (1,723) (2,028) -15%Less: Dividend and distribution tax 114 — —Total Loss as on date (1,376) (1,723) -20%

We are pleased to share that we achieved total premium revenue of ` 5,885 crore registering a growth of 4% in the context of subdued growth in the industry. The Company recorded strong performance in FY12 across a range of key fi nancial parameters:

• The Company garnered weighted new business premium of ̀ 1,851 crore on the back of strong sales of group business. We consolidated our position at no. 5 for overall new business in FY12, among the private players of the industry, compared to no. 6 position last year.

• Renewal premium at ` 3,959 crore saw a growth of 10%. With 13-month persistency at 82%, BSLI has one of the best persistency ratios amongst private insurers.

• The Company registered strong growth in Net Profi t at ` 461 crore against ` 305 crore in previous year. The increase in profi t was primarily attributed to strong in-force book, change in product structures and expense effi ciencies.

• Overall Commission ratio saw a decline to 5.5% in the current year from 6.9% in the previous year due to increase in contribution from renewal premium component and reduction in weighted new business commission rate.

• Opex to total premium ratio reduced marginally in FY12 to 20.7% against 21.2% for FY11 as BSLI augmented its distribution capacities by adding new branches & front-line staff.

• Strong solvency margin at 2.99 against the regulatory requirement of 1.5 indicating the stable fi nancial position.

• Given the robust fi nancial performance, there has been no capital infusion for the past 2 years.

• Considering the Company’s profi tability, cash fl ow and capital position, an interim dividend was paid out for the fi rst time at 5% of share capital amounting to ` 98.5 crore (excl. Dividend Distribution Tax) in Q4 FY12.

Directors’ Reportfor the year ended 31st March, 2012

34



We believe the Company is well-positioned to grow profi tably and gain market share by leveraging its strong brand, innovative products, talented team and distribution reach.

2. BUSINESS REVIEW

Industry Scenario

Following the various regulatory developments, the life insurance premium continued to experience a fall in new business premium during FY12. Private players have seen a decline in their market share in individual life business from 57% for FY09 to 37% in FY12. The new business premium fi gures for FY12, segregated into H1 and H2 for understanding the traction witnessed in the second half, are summarised below:

Particulars

NB Premium (INR crores) Growth Rates (YoY)

H1FY12

(Apr-Sep’11)

H2FY12

(Oct’11-Mar’12)

H1FY12

(Apr-Sep’11)

H2FY12

(Oct’11-Mar’12)

Total

Pvt. Players 8,742 14,941 -36% -1%LIC 18,204 25,882 -12% 28%

Total 26,946 40,824 -22% 15%

Individual

Pvt. Players 6,872 10,650 -43% -3%LIC 10,383 20,037 -12% 29%

Total 17,255 30,687 -28% 16%

Over the last 18-24 months, the regulations have not only impacted new business sales but also the distribution mix, products & operating model across the industry. As a result, the key notable trends for the private players (Top 7 players) have been:

• FY12 saw insurers proactively transitioning to a more balanced product mix & reviewing their distribution strategies.

• Increase in demand for traditional products with industry’s contribution to traditional product mix well at around 80% for FY12.

• The industry today which comprises of 23 players currently saw a decline in its distribution capacities with the total number of agents declining from 30 Lakhs as on Mar’10 to 23 Lakhs in Dec’11, while the total no. of branches declined from 12,018 as on Mar’10 to 11,546 in Mar’ 12.

• There was a visible shift in distribution mix for the private players with higher contribution from Bancassurance channel to New Business sales.

Summary of Operations and Business

• The total gross premium amounted to ` 5,885 crore driven by strong renewal premiums. Renewal premium at ` 3,959 crore saw a growth of 10%. With 13-month persistency at 82%, BSLI has one of the best persistency ratios amongst private insurers.

• The company garnered weighted new business premium of ` 1,851 crore with a growth of (9%) against the industry growth of (17%). We improved our rank by one place over previous year both in individual new business (no. 6) and total new business (no. 5). Post the regulatory changes in Sep’10, we have changed our focus from selling largely unit-linked products to a balanced mix of unit-linked and traditional products with higher focus on higher sum assured, long-term tenure and offering basic guarantees.

• BSLI continues to follow a successful multi-channel distribution strategy with over 600 branches, 5 bank partners and around 200 third party distributors.

• Agency channel continues to be the Company’s largest distribution channel contributing to 64% of the individual life business and registered new business premium of ` 973 crore. The Company gradually augmented its distribution capacities in terms of new branches and Front Line Staff (FLS) during the year. We estimate that we are ranked amongst the top 3 private life insurers in terms of new business revenue from agency channel and have consistently been amongst the top quartile in terms of agents/FLS productivity. Going forward, the Company will continue to create capacities that are sustainable in the long-run and will continuously evaluate options to variabilise its cost structure in the agency channel.

• The year under review saw our Bancassurance channel delivering an Annualised Premium Equivalent (APE) in excess of ` 200 crore. With a strong existing bancassurance model to leverage, we are confi dent that we will be making further in-roads in this channel in the years to come. We are keen to tie-up with a large retail bank partner which will help us achieve high effi ciencies and will lead an optimal channel mix in future. Over the past 12 months, the Company has built considerable momentum in this area. Further, the proposed regulatory guidelines on bancassurance are expected to provide opportunities to the Company for additional tie-ups.

• Over the past few years, a strong franchise network has been created in the Corporate Agent and Broker (CAB) segment. This business, which currently contributes to 15% of new business sales, saw an APE of ` 209 crore in FY12. Our new CAB partners have contributed signifi cantly to new business in FY12 due to addition of new capacities and we are continuously on the look-out for new CAB partners. The endeavor going forward will be to cement our relationships with top 5-10 distributors.

• The year also saw Group Business contributing fi rst year premium of ` 676 crore. Our performance was strongly driven by improvements in product lines and focus on increasing our penetration which helped us achieve 2nd rank amongst private insurers as on March 31, 2012. The new segmentation and organisation structure yielded strong and positive results, and we achieved a growth of 55% in new business.


35



• In the last 18 months, the Company fi led several new products with the Regulator to focus on under-penetrated segments and to broad-base its product mix. During FY13, keeping in mind the challenges of slow product approvals,

� The Company’s priority will be to build a full suite of traditional products by launching straight forward, need-based products aimed at providing consumers simple solutions.

� Additionally, we will look at expanding our Unit-linked product (ULIP) portfolio and tap new customer segments around pension, health, group business, etc.

� The Company will continue to pursue its balanced product mix strategy of ULIP and Non ULIP to cater to various customer segments and keeping in mind interests of all stakeholders i.e. customers, distributors and shareholders.

• Assets under Management (AUM) grew from ` 19,760 crore in FY11 to ` 21,100 crore in FY12. For all its unit-linked funds, the Company delivered superior fund performance across the board, consistently beating its benchmark targets. 100% of the funds outperformed their respective (internal) benchmark over long-term (across 3-5 yrs.)

• The Company has been meeting its target for rural and social sectors since inception. As in the previous years, the Company complied with both rural and social obligations as mandated by the IRDA and wrote 256,226 policies in FY12. In addition to this, the group insurance cover under social obligations was written for 63,357 lives.

• The Company undertook several measures to further improve the health metrics for the business. Maintaining a high level of persistency is important to our fi nancial results, as a large block of in-force policies provides us with regular revenues in the form of renewal premiums. As per IRDA disclosures, the Company is among the top 3 companies (across top 7 players) in terms of 13 month persistency. The Company has further intensifi ed its efforts in this area in the current fi scal with increasing customer engagement through various touch-points, institutionalising welcome calls, promoting need-based selling, and launching revival campaigns. These initiatives yielded good results with the Company maintaining its 13-month persistency at 82%.

• The Company continues to leverage technology and improve customer centricity for achieving its business goals and creating a robust customer service platform to differentiate on customer service. The Company has laid the foundation for creating digital footprint by improving customer self-service and creating enablers for our distributors. The Company developed an online customer enrollment application and enabled more self-servicing options. To improve distributors’ performance, the Company leveraged technology to provide on-demand tracking of information related to sales activity and performance.

• Proactive measures have been undertaken to strengthen compliance and risk management function given the Company’s focus to maintain robust internal controls, mitigate risks and improve sales and in spirit and thereby maintain the reputation of being one of most compliant insurance company in an environment of increasing regulatory oversight.

• Our investment in branding yielded good results with the consideration scores (i.e. likelihood of prospective customers to purchase a policy) showing improvements. Going forward strength of BSLI brand is expected to become more important and we continue to strengthen our brand performance through an optimal mix of above-the-line and below-the-line activities.

Outlook for the Industry and Company

Since the introduction of signifi cant regulatory changes about 18 months back, there has been a perceptible slowdown in the industry. However, this has given an opportunity to existing insurance players to review their operating models to drive higher effi ciencies and focus on more balanced growth objectives.

The Company continues to be optimistic on the future potential of the life insurance sector over the medium to long-term. India has several structural advantages in terms of favourable demographics and high rate of fi nancial savings. Greater certainty of regulation, improving macro-economic environment, increasing product offerings and evolving distribution channels would further enhance growth and profi tability.

The Company has identifi ed the following key areas to strengthen its competitive and fi nancial position in the coming years:

• Focus on increasing value proposition in products for customers and focusing on balanced product mix between ULIP and non-ULIP products with a view to targeting all customer segments.

• Driving distribution effi ciencies in Agency channel and focusing on maintaining an equitable channel mix by leveraging bancassurance channel.

• Focus on improving quality of business.

• Focus on increasing customer retention and increasing customer life time value.

• Focus on leveraging technology further for increasing customer empowerment, enhancing customer experience and supporting distributors.

3. RESERVES

During the year, the Company has generated a profi t after tax of ̀ 461 crore, which has resulted in accumulated losses reducing by the same amount.

4. DIVIDEND

During the year under review, the Company of Directors declared an interim dividend for the fi rst time since Company’s inception @ 5% (` 0.50 per equity share of ` 10 each) of the paid-up share capital of the Company.


36



5. CLAIMS

BSLI Claims Mission for its Policyholders:

To provide hassle-free, seamless and speedy claim settlement services to our Customers and ensure prompt payment of valid

claims.

For FY12, BSLI has once again achieved a unique distinction of 0% outstanding Claims Ratio i.e. 100% of all claims intimated to BSLI stands processed for fourth consecutive year – the best in the industry.

In the recently published IRDA Annual Report for 2010-11, BSLI has once again emerged as one of the best insurance companies in claim processing as can be noted from below.

Key Claims Parameters – Individual Life BSLI’s

Performance

Avg. Private

Industry -

Performance

Death Claims decided 99.65% 95.00%*Outstanding Claims *0.35% 5.01%Claims Payment ratio 94.66% 86.05%Overall Claims Repudiation ratio 4.99% 8.90%% of Claims settled within 30 days of Claim Intimation 97.60% 72.90%

Customer focus, as exemplifi ed by this claims performance, reinforces the faith reposed by our Customers and partners in us. When it comes to moments of truth like Claims, BSLI more than lives up to its promise of being the preferred life insurer that delivers swift and hassle free claim settlement services and ensures prompt payment of all legitimate claims.

The claims department has also proactively provided speedy claim settlement service in case of national tragedies and these claims have been settled on the very same day of intimation.

To further strengthen its customer-centric claims process, BSLI has set-up a centralised ‘Claims Assistance Cell’ that enables faster turnaround on claims, reduces turnaround times (TATs) and enables 100% claims processing achievement.

6. SHARE CAPITAL

The Authorised Share Capital of the Company is ` 3,750 crore. The Issued, Subscribed and Paid up Capital of the Company was ` 1,970 crore as on March 31, 2012. There was no requirement of fresh capital infusion during the year under review.

7. CORPORATE GOVERNANCE

Your Directors reaffi rm their commitment to the corporate governance standards to the extend they are applicable to the Company. A detailed Corporate Governance Report is annexed to and forms an integral part of this Annual Report.

8. SUBSIDIARIES

Your Company does not have any subsidiary.

9. PUBLIC DEPOSITS

During FY12 the Company has not accepted or renewed any deposit as covered under Section 58A of the Act read with the Companies (Acceptance of Deposit) Rules, 1975, as amended, from the public during the year under review.

10. PARTICULARS AS PER SECTION 217 OF THE COMPANIES ACT, 1956

Energy, Technology Absorption and Foreign Exchange Earnings and Outgo

The information relating to the conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo required under section 217(1)(e) of the Companies Act, 1956 (“the Act”), is set out in a separate statement attached to this report as Annexure to this Report.

Details of Employees

In pursuance of the Company’s aspirations to maintain its position as the most preferred employer in the insurance industry, the Company continued to invest in creating a pool of talent for the growing business needs. The Company’s total workforce stood at 12,867 as at March 31, 2012 against 11,152 in the previous year. Several initiatives around talent management, training and long-term incentive plan for senior management were implemented.

In accordance with the provisions of Section 217(2A) read with Companies (Particulars of Employees) Rules, 1975, as amended, the names and relevant particulars of employees are set out as an Annexure to the Directors’ Report.

11. DIRECTORS

As on March 31, 2012, your Board of Directors comprises of eleven Directors including three Independent Directors.

In accordance with the provisions of Section 255 and 256 of the Companies Act, 1956, Mr. Gian P. Gupta, Mr. Venkatesh S. Mysore and Dr. Rakesh Jain, Directors, retire by rotation at the ensuing Annual General Meeting (AGM) of the Company, and being eligible, offer themselves for re-appointment.

Besides the above, there is no change in the directorship of the Company during the FY12.


37



The Company has received requisite disclosures and undertakings from all the Directors in compliance with the provisions of the Companies Act, 1956 and the Insurance Act, 1938.

A detailed profi le of the directors seeking re-appointment/co-option at the ensuing Annual General Meeting of the Company is given in the Corporate Governance Report, forming a part of this Annual Report.

12. DIRECTORS’ RESPONSIBILITY STATEMENT

The Directors would like to assure the members that the Financial Statements, for the year under review, conform in their entirety to the requirements of the Companies Act, 1956 and the regulations of IRDA.

The Directors further confi rm that, to the best of their knowledge and belief:

• the annual accounts have been prepared in accordance with applicable accounting standards, and there have been no material departures from the same;

• they have selected accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company, as at the end of the fi nancial year March 31, 2012 and of the profi t of the Company for the said period ending March 31, 2012;

• they have taken proper and suffi cient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

• they have prepared the accounts of the Company on a going concern basis, and other accounting policies are stated in the notes to the Accounts, which form an integral part of the annual accounts.

• proper systems are in place to ensure compliance of all laws applicable to the Company.

• all related party transactions are disclosed in Annexure 2 to Schedule 16 in terms of Accounting Standard 18.

13. AUDITORS AND AUDITORS’ REPORT

Statutory Auditors

As per the Circular no. 36/7/F&A/EMPL/74/July/05 dated 25th July, 2005 of the Insurance Regulatory Development Authority, every insurance company is required to have two statutory auditors for a joint audit.

The Joint Statutory Auditors M/s. Fraser & Ross (Registration No 000829S) and M/s. S. R. Batliboi & Associates (Registration No. 101049W), appointed at 11th AGM, hold offi ce upto the ensuing 12th AGM of the Company. The Board proposes to re-appoint M/s. Fraser & Ross and M/s. S. R. Batliboi & Associates as the Joint Statutory Auditor (being eligible for re-appointment) on recommendation of the Audit Committee of the Company.

The Company has received certifi cates from the proposed auditors confi rming their eligibility and willingness for their appointment/re-appointment pursuant to Section 224(1B) of the Companies Act, 1956 and as per the requirement stipulated by IRDA. The auditors have further certifi ed that they have subjected themselves for the peer review process of the Institute of Chartered Accountants of India (ICAI) and they hold a valid certifi cate issued by the “Peer Review Board” of ICAI.

The observations, if any, made by the Statutory Auditors of the Company in their report read with relevant notes to the Accounts are self-explanatory and, therefore do not call for any further comments.

Internal Audit Framework

The Company has in place a robust internal audit framework developed with a risk based audit approach that is commensurate with the nature of the business and the size of its operations. The internal audit plan covers process audits at head offi ce and across various branches of the Company. The audits are carried out by independent fi rms of Chartered Accountants, in-house internal audit team and by audit team of the two promoters.

Internal auditing, at BSLI, involves the utilisation of a systematic methodology for analysing business processes or organisational problems and recommending solutions. The audit approach verifi es compliance with the regulatory, operational and system related procedures and controls. Key audit observations and recommendations made by the Auditors are reported to the Audit Committee of the Company and the implementation of these recommendations are actively monitored by the internal audit team and periodically reported to the Audit Committee. The audit observations are used as a key input in the risk management process and all the key risks of the Company are mapped to the audit processes to ensure risk- based audit approach.

Internal Audit Process followed by the Company is as follows:

• Establish and communicate the scope and objectives for the audit to appropriate management.

• Develop an understanding of the business area under review. This involves review of documents and interviews.

• Identify control procedures used to ensure each key transaction type is properly controlled and monitored.

• Develop and execute a risk-based sampling and testing approach to determine whether the most important controls are operating as intended.

• Report problems identifi ed and negotiate action plans with management to address the problems.

• Follow-up on reported fi ndings at appropriate intervals. Internal audit departments maintain a follow-up database for this purpose.

Ongoing monitoring is performed as an integral part of the day to day supervision, review and measurement of internal audit activity.


38



14. RISK MANAGEMENT FRAMEWORK

The Company has an Enterprise Risk Management (ERM) framework covering procedures to identify, assess and mitigate the key business risks. A detailed ERM report is annexed to and forms an integral part of this Annual Report.

15. CUSTOMER GRIEVANCE REDRESSAL

The Grievance Redressal Guidelines issued by IRDA has established uniformity in the insurance industry in terms of defi nitions, timeframes for complaint resolution and classifi cations of complaints. In accordance with the Grievance Redressal Guidelines, BSLI’s Grievance Redressal Policy has been approved by the Board and fi led with the IRDA. Grievance Offi cers have been appointed at each branch and at HO of the Company.

We have in place a Policyholders’ Grievances Redressal Committee (PGRC) which is chaired by an independent Chairman Mr. N N Jambusaria (ex Chairman, LIC). PGRC meets at least once a month and decides on various requests/complaints from policyholders’ which need to be treated with exceptions. Representatives of the concerned sales channels along with customer services team are invited to the meetings. The decisions of PGRC are implemented before its subsequent meeting.

In accordance with IRDA’s Corporate Governance Guidelines, BSLI has formed a committee called the Policyholders’ Protection Committee which is again chaired by Mr. Jambusaria. This Committee looks into the broad aspects of protection of policyholders’ interests, ensuring adequacy of and adherence to the Company’s Grievance Redressal framework as well as ensuring adequate and correct disclosures to customers.

Additionally, initiatives to spread awareness among employees/sales force as well as customers have been undertaken through e-modules/functional trainings and through the BSLI website respectively.

BSLI has implemented the ‘Integrated Grievance Redressal Management System’ (IGMS) in accordance and furtherance to the Grievance Redressal Guidelines which came into effect in FY12 by the IRDA.

IGMS is a portal launched by IRDA which primarily plays a role of seamless exchange of Grievances received by BSLI into IGMS and vice versa. IGMS was implemented in two phases. Phase I being exchange of data via a ‘Batch upload’. BSLI launched its 1st Phase in June’11.

BSLI has launched its Phase II i.e. ‘Real Time upload’ in Nov’11. Grievances received by BSLI are now exchanged with IGMS online and a reverse feed is also gets downloaded for complaints registered by customers on IGMS for BSLI.

To create customer awareness on the Grievance Redressal Mechanism; we have placed pamphlets at every front-offi ce/customer walk-in area with all our BSLI branches; indicating the Guideline and the Escalation Matrix which the customer can adopt incase if he/she is not satisfi ed with the resolution provided.

16. AWARDS/RECOGNITIONS

In addition to recognitions that Company’s claims department has received, BSLI has also won the following awards during FY12:

Company Awards:

• Prestigious “Gold Trophy” in Excellence in Financial reporting from “The Institute of Chartered Accountants of India (ICAI)” for the Financial year 2011 after 2 silver Trophies in the previous years.

• 2nd runners up at “Best Presented Accounts & Corporate Governance Disclosures Awards 2011” from South Asian Federation of Accountants (SAFA) in the Insurance sector.

• Golden Peacock Award for Excellence in Corporate Governance for the year 2010-11.

Marketing Awards

• Go Green Campaign by BSLI – Contactibility and building subscription for e-statement was also chosen for Webby Nomination 2011- The Webby Awards is the leading international award honouring excellence on the Internet. Established in 1996 during the Web’s infancy, the Webbys are presented by The International Academy of Digital Arts and Sciences.

• The Internet Advertising Competition (IAC) Awards 2011 produced by the Web Marketing Association, USA to honoured excellence in online advertising to Child Solutions Campaign – NOT JOB BUT PASSION.

• Goafest Creative & Media Abby Awards 2011 awarded.

In Creative

• Silver in the ‘Direct Marketing - Flat Mail’ category for Birla Sun Life Insurance - Flip Book Flat Mailer.

In Media

• Silver in the ‘Best Use Of Never Before Media’ category for Birla Sun Life Insurance - We Cover Everything (during Ganesh festival).

• Bronze in the ‘Best Use Of Outdoor & Ambient Media’ category for Birla Sun Life Insurance - We Cover Everything (during Ganesh festival).

• Internet Advertising Competition Awards 2011 (The Internet Advertising Competition (IAC)) Awards has awarded for Birla Sun Life Insurance – Not Jobs But Passion campaign as a “Best Insurance Integrated ad campaign”.

• BBC.com-Campaign India Digital Media Awards 2011 honored BSLI with a Gold in the “fi nancial services website” category for Birla Sun Life Insurance – Not Jobs But Passion microsite.

• Internet Advertising Competition Awards 2011 (The Internet Advertising Competition (IAC) Awards has awarded for Birla Sun Life Insurance - NotJobsButPassion campaign as a “Best Insurance Integrated ad campaign”.


39



• Advertising Agencies Association of India & Advertising Club Bombay awarded a bronze under Media Abby Awards at Goa Fest 2011 as – Best Never Before use of Media.

• Advertising Agencies Association of India & Advertising Club Bombay awarded a Gold under Creative Abby Awards at Goa Fest 2011 as – Direct marketing Dimensional Mail.

• Advertising Agencies Association of India & Advertising Club Bombay awarded a Silver under Creative Abby Awards at Goa Fest 2011 as – Direct marketing Flat Mail.

• Advertising Agencies Association of India & Advertising Club Bombay awarded a Silver under Best use of Outdoor & Ambient media Awards at Goa Fest 2011 as – Direct marketing Flat Mail.

• BBC.com-Campaign India Digital Media Awards 2011 honored BSLI with a Gold in the “fi nancial services website” category for Birla Sun Life Insurance – Not Jobs But Passion microsite.

17. OTHER STATUTORY INFORMATION

IRDA License

The Insurance Regulatory and Development Authority has renewed the Certifi cate of Registration of the Company to sell life insurance products in India for the Financial Year 2012-13 vide its Certifi cate of Renewal of Registration dated March 16, 2012. The renewed registration is with effect from April 01, 2012 and is valid upto March 31, 2013.

Statutory Disclosure of Particulars

Particulars in the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, as applicable, are given in the Annexure forming part of this Report.

Management Report

Pursuant to the provisions of Regulation 3 of the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditors’ Report of Insurance Companies) Regulations, 2000, the Management Report forms a part of this Annual Report.

Appointed Actuary’s Certifi cate

The certifi cate of the Appointed Actuary is attached to the Financial Statements.

Certifi cate from Compliance Offi cer (under the IRDA Corporate Governance Guidelines)

In compliance with “Guidelines on Corporate Governance for the Insurance Sector” (CG Guidelines) issued by IRDA, a Compliance Certifi cate issued by the Company Secretary, designated as the Compliance Offi cer under CG Guidelines, is attached to and forms part of the Corporate Governance Report.

Solvency Margin

The Directors are pleased to report that the assets of the Company are higher than the liabilities of the Company and the assets are more than suffi cient to meet the minimum solvency margin level of 1.50 times, as specifi ed in Section 64VA of the Insurance Act, 1938 read with the IRDA (Assets, Liabilities, and Solvency Margin of Insurers) Regulations, 2000.

18. ACKNOWLEDGEMENTS

Your Board places on record its heartfelt appreciation to the dedicated efforts put in by the employees at all levels. The results of the year in a tough environment are testimony to their hard work and commitment.

Your Board takes this opportunity to express sincere thanks to its valued customers for their continued patronage.

Your Board also acknowledges the contribution of insurance advisors, banks, corporate brokers/agents and intermediaries, training institutes, bankers and business and technology partners, the Registrars, National Securities Depository Limited/Central Depository Securities Limited, reinsurers, underwriters, who have always supported and helped the Company achieve its objectives.

Your Board would like to thank the Aditya Birla Group and Sun Life Financial, Inc., for their constant support, guidance and co-operation.

Your Board would also like to express its gratitude for the valuable advice, guidance, and support received from time to time from the Insurance Regulatory and Development Authority, the Reserve Bank of India, the Auditors and the other statutory authorities and look forward to their continued support in future.


By order of the Board of Directorsfor Birla Sun Life Insurance Company Limited

Kumar Mangalam Birla

Mumbai, 28th April, 2012 Chairman

40




ANNEXURE TO THE DIRECTORS’ REPORT

Particulars pursuant to the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, are furnished hereunder:

A. CONSERVATION OF ENERGY : Not Applicable

B. TECHNOLOGY ABSORPTION, RESEARCH & DEVELOPMENT

(R&D)

1. Specifi c areas in which R&D is carried out by the Company 1. Mobile Application for Sales Staff

2. E-App – Tablet device for on-fi eld realtime underwriting decision

2. Benefi ts derived as a result of the above R&D 1. Mobile Application for Sales Staff

• Improve the speed of info dissemination to mobile Sales Force

• Ability to track Sales & Training activities of Sales Force

• Reduction in cost of providing info due to reduced load on branches

2. E-App

• Straight-through processing

• Instantaneous availability of UW decision at TPD channel partners’ end

Cost-optimisation & better control, TAT improvement

• Customer delight, Business differentiator

3. Future Plan of action 1. Mobile Application rollout for DSF

2. E-App project to cater to Lead Management, Needs Analysis, App Form, Tele-underwriting and Issuance

4. Expenditure on R&D

a. Capital Approximately ` 20 Mn

b. Recurring —

c. Total Approximately ` 20 Mn

d. Total R&D expenditure as a percentage of total turnover Approximately 0.03

Technology absorption, adaption and innovation

1. Efforts, in brief, towards technology absorption, adaption and innovation

Major initiatives completed:

– New Advisor Portal

– I-Champ (Online Illustration generation)

– Velocity – real time policy tracking

– Group Business CRM

– Group Ops CRM

– E-Learning Implementation

– I-Proc Capex Module

– Service Request automation (Switch & Contact Details from website to Ingenium)

– SMS Alerts (PULL & PUSH)

– Online Voluntary Enrolment

41



2. Benefi ts derived as a result of the above efforts (eg. Product improvement, cost reduction, product development, import substitution, etc.)

Benefi ts derived from major initiatives:

– Self-service for advisors; Integration with Illustration System; Single Window for complete Advisor Servicing

– Superior and more targeted business delivery with launch of new features like Alternate Scenario and Tax comparison

– Real time tracking of proposal

– Activity & Lead Management System for Group Business including Profi ling. Increase in productivity.

– Close monitoring of – client facing requests in terms of TATs & accuracy, and productivity & capacity utilization of Ops team

– Create greater effi ciency through IT enabled learning

– More robust system with better controls; alignment with best practices

– Improved STP & TAT, and Cost saved

– Instant information availability

– Better sales pitch; Enable scalability, and reduce dependency on locations and resources

3. Particulars of imported technology in the last fi ve years (reckoned from beginning of the fi nancial year)

a. Technology imported 1. ASPECT (Call Center upgrade)

b. Year of import 2011

c. Has technology been fully absorbed Yes

d. If not fully absorbed, areas where this has not taken place, reasons, therefor and future plans of action

NA

C. FOREIGN EXCHANGE EARNINGS AND OUTGO

1. Earnings : As per the prevailing regulations, the Company is not permitted to do any business outside India and hence there is no foreign exchange infl ow during the year.

2. Outgo : The foreign exchange outgo, during the year, has been Rs. 7.41 Mn (previous year Rs. 464 Mn).


42



INDIAN ECONOMY & LIFE INSURANCE INDUSTRY OVER THE DECADE

The Indian economy has witnessed robust growth over the last decade on the back of attractive demographics, increasing income levels and rising household savings. The strong economic growth coincided with a rapid growth in the life insurance sector since the opening up of the sector in 2000. In terms of pure numbers, the last decade has witnessed a growth of over 25% in the Indian life insurance space. While India’s favourable demographics and robust economic growth have helped enhance market penetration, growth has also been driven by innovations in product offerings and distribution by insurance companies. All these factors helped the Indian life insurance industry achieve the position of the 9th largest life insurance market in the world and amongst the top 5 in Asia.

A snapshot of the Indian Economy and Life Insurance Penetration to clearly bring out the contrast in terms of change in size and performance witnessed over the decade has been provided in the table below:

Table 1: India’s Economy and Life Insurance Penetration: FY00 vis-à-vis FY11

Particulars Units FY00 FY11

Indian Demographics & Economy

Population Bn 1.00 1.2GDP (USD Tn) ~ 0.45 1.7GDP Growth (%) 6.0% 8.5%Household Savings as % of GDP % of GDP 17% 24%Indian Life Insurance

Total Premium (USD Bn) 6.2 58Insurance Premium per capita USD 6.1 56Life Insurance penetration (Prem/GDP %) 1.39% 4.4%Global Rank No. 20 9

Source: Reserve Bank of India, IRDA (Website), Sigma Swiss Re Report, 2011, CIA World Fact Book, ICAI Website1 USD = 50 INR

In our last year’s analysis, we had mentioned two distinct phases that we believe have characterised the evolution of the life insurance industry in to its current state. Both competitive as well as regulatory environments have played a key role in deciding the pace of evolution of the Indian life insurance industry over the last one decade. The two distinct phases can be demarcated in to:

1) Transition phase (FY10 onwards): characterised by an uncertain economic and regulatory environment and;

2) Build-up phase (FY01-09): marked by a highly competitive environment

As we navigated into FY12, the transition phase continued to impact new business performance which had been triggered by new unit-linked guidelines implemented in FY11. Private players continued to transition to a more balanced product and distribution mix while continuing their thrust to achieve greater operational effi ciencies. Additionally, slow product approvals, weak equity markets, high interest rate regime and several other trends also impacted the life insurance industry growth.

Table 2: Distinct phases in evolution of life Insurance Industry

Particulars Phase 1: Build-up phase FY01-09 Phase 2: Transition phase (FY10 onwards)

Key Characteristics Characterised by a highly competitive environment characterised by uncertain regulatory environmentTotal premium growth % CAGR - 25% CAGR - 10% New business growth % CAGR - 20% CAGR - (9%) Key Trends • Focus on long-term wealth products and product

innovation

• Large scale expansion

• Robust multi-channel distribution network

• Focusing on providing an increasing value proposition to customers

• Focusing on improving the productivity levels of its distribution network

• Improving profi tability by focusing on customer retention, cost management enhancing operational effi ciencies.

Life Insurance total premium has grown at 3.0 to 3.5X of Real GDP growth rate between FY01-09, while between FY10-12, it has grown at 1- 1.2X.

LIFE INSURANCE INDUSTRY STRUCTURE, PERFORMANCE & TREND

Industry Structure and Competitive Position Overview

• The liberalisation of the Indian insurance sector that started in 1999 ushered in the entry of private players and a period of accelerating growth. Currently, the industry has 23 players which have led to a wide distribution network extending to over 11,546 branches and over 2.4 Mn advisors in addition to bancassurance and other third party distribution channel.

• With regards to the market structure, LIC gained market share in the past 2 years. The top 7 players’ concentration of the total market share however has declined signifi cantly in FY12 from 31% to 25% basis total weighted new business premium. This clearly indicates that private

Management Discussion and Analysisfor the year ended 31st March, 2012

43



players, particularly the top 7 players, have been impacted more by the Sep’10 unit-linked regulatory changes. Given their distribution and brand strength, these top 7 players will, however, be in a better position to gain higher mind share with their transition into a more balanced product mix and review of distribution strategies.

7%

56%

37%

9%

52%

39%

10%

53%

37%

10%

59%

31%

10%

65%

25%

FY08 FY09

Top 7 Players LIC Other Players

FY10 FY11 FY12

Figure 1: Concentration of LIC, Top Seven Players and others in terms of Total Weighted NBP

Source: IRDA new business data

ICICI Pru8.5%

SBI Life5.4%

HDFC Life4.9%

BajajAllianiz3.6%

RelianceLife

3.3%

Birla Sun Life

2.7%

MNYL2.7%

Other Players

10%

Top 7 Players24.9%

LIC65.1%

At the end of the year under review, BSLI’s market share stood at 2.7% (7.8% among private players, last year: 7%). We have strengthened our position as a top rung player in the private sector and improved our rank by one place over the previous year both in Individual Business (no. 6) and total new business (no. 5). BSLI has adopted the strategy of balanced growth for the past two years and has undertaken various initiatives around creating a multi-distribution platform, moving to a balanced product mix and improving effi ciencies of existing channels. These initiatives will go a long way in increasing its market competitiveness.

Industry Performance for FY12

Following the various regulatory developments, the life insurance premium continued to experience a fall in new business premium during FY12. Growth has been impacted primarily with insurers implementing new business strategies in light of new regulations. Additionally, regulatory uncertainty around new product launches, weak equity market, high interest rates were some of the other variables that impacted new business performance. New business over last year was also impacted due to unavailability of pension segment given the current ambiguity in the pension regulations. In the past 2 years, pension contributed roughly around 15-20% of the new business revenue for the industry.


44



The New Business Premium fi gures for FY12, segregated into H1 and H2 for understanding the traction witnessed in the second half are summarised below:

Table 3: New Business (@10% SP) Premium for Private Players FY2012 – H1 & H2

Particulars NB Premium (INR Crores) Growth Rates (YoY)

H1 FY12

(Apr-Sep’11)

H2FY12

(Oct’11-Mar’12)

H1FY12

(Apr-Sep’11)

H2FY12

(Oct’11-Mar’12)

Total 8,742 14,941 -36% -1%Individual 6,872 10,650 -43% -3%

Private players have seen a decline in their growth rate in the fi rst half of the year under review with de-growth of 36%. The second half of the fi nancial year was relatively favourable in terms of new business growth with de-growth of 3%. Q4 FY12 was better as private sector growth turned positive with a marginal Y-o-Y growth of 2% against a growth of -9% in Q3 of FY12. Group business performance was relatively less impacted and showed positive growth of 9% Y-o-Y.

Industry Trend

While the new business sales performance was impacted across the industry, there have been several trends that are discernible over the last 12 months. This included the evolving product mix, changing channel dynamics, and increasing focus on effi ciencies in distribution as well as back offi ce operations.

Movement to a balanced product mix across the industry

For the past 18 months since the Sep’10 ULIP guidelines, the industry has proactively transitioned to a more balanced product mix. The movement to a balanced product mix was also infl uenced by the need to creating a better value proposition for customers in the current market conditions and with an eye on profi tability and expense effi ciencies.

While the traditional products contributed to approximately 80% of new business for the industry as a whole, its share was much smaller in comparison for the private sector. Going forward, insurers are likely to see more focus on product innovation as insurers provide products and services that serve customers changing needs.

FY11 FY12

Source: IRDA new Business Data

Single PremiumRegular Premium

72% 80%

28% 20%

FY11 FY12

Source: IRDA Journal

17%

43%

83%

57%

TraditionalULIP

Figure 3: Focus on Traditional Mix (Industry) @ 10% SP

Figure 2: Reducing Focus on Single Premium (Private Players)

Review of Distribution mix across Private Players

The industry today saw a decline in its distribution capacities with the total number of agents declining from 3.0 Mn as on Mar’10 to 2.4 Mn as on March’12. The total number of branches declined from 12,018 in Mar’10 to 11,546 as on March’12. There was a visible shift in distribution mix for the private players with higher contribution from Bancassurance channel to new business sales.


45



FY11 FY12 FY11 FY12

Figure 4: Channel Mix for Top 7 Private Players @ 100% SP

Figure 5: Channel Mix for Industry @ 100% SP

Source: Public disclosures/Company data/Internal estimates

DM/Referrals

32% 36%

49% 47%

79% 79%

2%5%

13%

CAB/Brokers Banca Agency

2%5%

15%

There has been an increasing shift towards Bancasurrance channel as an after-effect of the unit-linked regulations. Companies are increasingly exploring the potential of new channels i.e. online sales, direct marketing channels to tap new customer segments by designing suitable products. With the number of internet users in India is estimated to increase by three to four times over the next fi ve years, there exists signifi cant potential for digital channel.

Focus on creating operational effi ciencies and leveraging technology

The focus on technology development is evolving rapidly, creating several opportunities for insurers to create effi ciencies in their businesses. Several Insurance players have started focusing on improving business processes by leveraging technology to create higher value for customers and also create cost effi ciencies. The industry is looking at adopting new technology and creating operating excellence for insurers in empowering the distributors, improving customer service experience and delivering better propositions.

Technology can play an instrumental role in revamping existing business models. In particular, Technology is being leveraged for improving customer experience and empowering the customers, providing business support to distributors, in addition to transforming back-offi ce operations including e-issuance.

Increasing contribution from renewal premium and focus on customer retention

The focus on customer retention continues to occupy a large mind-share for the industry players. Renewal premium contribution increased for the industry to 60% in 9M FY12 from 53% in the same period during the previous year. Industry has clearly increased its focusing on various initiatives to improve customer retention such as creating customer awareness, increased focus on premium collection as well as cross-selling initiatives to

improve customer retention.

The insurers are looking at further strengthening their selling practices and have taken several initiatives around increasing customer engagement, creation of a multi-channel customer reach and implementation of initiatives to improve the customer experience. Top private players are focusing on customer farming to improve new business revenue and improve customer loyalty and retention.


YTD Dec’10 YTD Dec’11

Figure 6: Increasing share of Renewal Premium for the Industry

Source: Life Insurance Council

47% 40%

53% 60%

New Business PremiumRenewal Premium

46



REGULATORY & STATUTORY CHANGES IMPACTING INDUSTRY

• Guidelines on Distance Marketing of Insurance Products (April 2011): The IRDA issued guidelines on distance marketing of insurance products to protect policyholders interest and to regulate, promote and ensure orderly growth of the insurance industry. These guidelines cover distance marketing activities of insurers/brokers and corporate agents (with specifi c insurer approval) at all stages including offer, negotiation and conclusion of sale as well.

• Guidelines on Insurance Repositories and Electronic Issuance of Insurance Policies (April 2011): The IRDA issued these guidelines with an objective of providing policyholders with a facility to keep their insurance policies in electronic form and to undertake any modifi cation/revision in the policy with speed, effi ciency and accuracy along with increased transparency, cost reduction in the issuance and maintenance of insurance policies.

• Clarifi cation on Guidelines on Outsourcing of Activities by Insurance Companies (May 2011): The IRDA issued clarifi cations to the guidelines on outsourcing of activities by insurance company to clarify that entities permitted by RBI to facilitate collections using technology platform are not required to be company registered under Companies Act, 1956 and have a net worth of at least ` 10 crore so as to be engaged for the activity of cheque pick up and banking. However the activity should be carried out in accordance with the provisions of the outsourcing guidelines and those prescribed by RBI.

• Compulsory quoting of PAN (CBDT May 2011): The Central Board of Direct Taxes has made PAN compulsory for payment of life insurance premium aggregating ` 50,000 or more in a year.

• The Telecom Commercial Communications Customer Preference Regulations, 2010 (September 2011): The Regulations were made effective 27th September 2011 with an objective to deal and manage commercial calls and SMS. The regulations provide for the concept of fully Blocked call Category/partially blocked call category options for the clients, registration of clients and telemarketers and complaints handling process.

• Guidelines on IRDA (Treatment of Discontinued Linked Insurance Policies) Regulations, 2010 (October 2011): IRDA issued clarifi cations on ULIP (Treatment of Discontinued Linked Policies) Regulations to clarify that Policyholder can be given a 2 year window for revival of a ULIP against the 75 days as mentioned earlier. However, the 2 year window cannot go beyond the 5 year lock in period from the date of commencement of policy. Further the guaranteed return of 3.5% per annum on discontinued fund is clarifi ed to be replaced with the stipulation that the minimum guaranteed interest shall be equal to the interest rates on savings bank account of SBI.

• Guidelines for Pension Products (November 2011): The IRDA issued guidelines on pension products with an objective to issue instructions basis which pension products may be offered on the given platform so as to ensure greater security of the pensioner’s fund and balance the stability and fi nancial viability of insurance companies for healthy growth of the sector.

• IRDA (Licensing of Bancassurance Agents) Regulations, 2011 (November 2011): The IRDA have released the draft Bancassurance Regulations with an objective to achieve higher insurance penetration, density , higher levels of policy holder servicing and provide a proper regulating framework.

• Guidelines on Web Aggregators (November 2011): The IRDA issued guidelines on web aggregators with the objective to provide factual comparison of products and prices to all customers and provide leads to insurers selected by the customer or to not more than three insurers which in turn would be in the interest of policyholders and life insurers as well.

• Regulations on Public issues by life insurance companies (November 2011): The IRDA issued the regulations on public issues by life insurance companies with an objective to provide with the manner in which the mandatory dilution of equity stakes to 26 % by all Indian Promoters after 10 years of insurance business can be done in a phased manner.

• Final Guidelines on Asset Liability Management and Stress Testing (January 2012): The IRDA issued fi nal guidelines which would apply to all life insurers aimed at ensuring their solvency and brining in consistency in ALM reporting. Insurers are required to have an ALM policy approved by their Board which must take into account the insurer’s asset-liability relationships, overall risk tolerance, risk and return requirements, solvency position and liquidity requirements. The guidelines come into effect from April 2012.

• Clarifi cations for Pension Products issue month (January 2012): The IRDA issued clarifi cations to the guidelines for pension products in response to the concerns raised by insurers. As per clarifi cations from the Regulator, the insurer shall guarantee either a non-zero rate of return on premiums paid from the date of payment to the date of vesting to be disclosed at the time of purchase of policy. The surrender value in case the product is on a unit-linked platform shall be the higher of fund value and premium accumulation at the guaranteed rate of return on the date of surrender less the discontinuance charges set in compliance with the recent IRDA guidelines.

• Collection of Advanced Premium (February 2012): The IRDA proposed an exposure draft to restrict the collection of advanced premium to only one month before the due date for non-monthly modes and 15 days in advance for monthly mode with the intent to prevent distributors from engaging in unhealthy practice of collecting advance premiums for a nominal interest or discount.

• Fraud Detection and Monitoring (Draft Circular, February 2012): The recent draft circular requires all insurance companies to have in place a Fraud Policy. This would include setting up of a Frauds Monitoring Department and identify areas of business to identify, detect, investigate and report the frauds.

• Guidelines on Prospect Product Matrix (Draft Guidelines, February 2012): The IRDA is planning to make sales of life insurance products scientifi c by bringing Product Matrix or need based sales implemented from April 1st, 2012. According to the IRDA, it is important and necessary for life insurers to have in place a suitability index or prospect product matrix that can serve as the self-governing tool to assess the quality.


47



• Guidelines on Servicing of Orphan Policies – (Draft guidelines, March 2012): The IRDA has released draft guidelines which provide for allotment of lapsed orphan policies to another agent for servicing. A lapsed orphan policy can be allotted to another existing individual agent only – policies where no renewal commission is payable as 'fi le & use,' e.g. online policies, single premium policies, LPP policies etc. – not eligible to be allotted. If the allotted lapsed policy is not revived within 3 months, insurer has the discretion to re-allot to yet another agent. Allotted Agent can be paid commission equal to the 'fi le & use' commission for premiums collected on reinstatement and subsequent premiums – no advance commission can be paid.

THE UNION-BUDGET 2011-12

Key changes relating to Union Budget 2011-12 impacting life insurance are mentioned below:

• While the existing rules allow tax exemption on life insurance premium of up to ` 100,000 provided that premium does not exceed 20 per cent of sum assured, the Budget has reduced this limit to 10 per cent. Premium will thus be eligible for tax exemption only if the sum assured is at least 10 times the premium paid.

• A proposal has been made to increase the service tax from 10.3 per cent to 12.36 per cent across all services, which will impact the insurance premiums and the charges applicable for all insurance plans. For Traditional/Endowment products, where the entire premium is not risk cover and other charges are not separately identifi able, the fi rst year’s premium shall be taxed at the rate of 3%, while subsequent premium will attract tax at the rate of 1.5% (earlier 1.5% across all years).

OPPORTUNITIES AND CHALLENGES

The last two years have been challenging for the life insurance industry in terms of new business growth. The Company believes that life insurance will continue to command a large share from retail investors and dominate long-tenure investments. This belief can be substantiated by analysing the challenges and opportunities in the industry.

Challenges

• Stability in economic and regulatory environment – Insurance companies need suffi cient time to adopt and transition to new products & business model in light of changing regulatory environment.

• Driving productivities and effi ciencies from existing capacities especially Agency channel and look at means to further Veriabilise the cost structure.

• There are several product/customer segments in India that are very small although they have a high potential to grow. Focus on under-penetrated segments including retirement/health. For example, only about 15% of the working population is covered under retirement plans. The industry needs to work towards tapping into different customer segments and achieved a more equitable product mix.

• Focus on customer retention and persistency to increase inforce profi t and farming existing customers to increase revenues.

• Creating differentiation in the form of effective customer service, multiple contact points and technological innovations.

Opportunities

We believe that the following trends characterise the Indian economy that augurs well for the life insurance industry:

• Economic growth & Demographics trend to support premium growth:

The GDP of India is likely to grow signifi cantly from the current $1.7 Tn. The Life Insurance industry, in addition to the favourable demographics still offers one of the best value propositions as an investment option for a horizon of over fi ve years.

– Rising incomes will create infl exion points for various products including life insurance.

– India to contribute 28-30% of the world’s incremental working-age population in the next two decades.

– Burgeoning middle class (household nos) that will increase from 103 Mn in 2010 to 190 Mn in 2020.

– Expected to have a relatively higher share of population in the working age, most likely to provide the largest increase to global labor force over the next decade estimated at an additional 110 Mn by 2020 (to rise 64%).

• Lower per capita insurance and penetration

The Indian life insurance industry has expanded signifi cantly in terms of premiums since liberalisation in 2000. However, its total premium collection to GDP ratio and per capita insurance is signifi cantly lower than the developed countries. The life insurance industry continues to be attractive driven by lower penetration of insurance in India. It can be argued that new business premium as a % of GDP stands at a healthy 4.4% (FY11) however the actual penetration of insurance should be based on insurance density. Looking at insurance density (refer Table 5) it is one of the lowest in the world at $50 with insurance policy per person being one of the lowest across the world.

• Increased Alliance between banks and insurance companies

The increased alliances between banks and insurance companies position the selling of insurance products by banks as an opportunity to leverage their extensive branch network and broaden their income base to include more fee based business. Insurers equally see Bancassurance as a low-cost option to expand their distribution network and foray into previously inaccessible segments of the market.

Further, there is signifi cant opportunity to increase the distribution reach within the country. For example, Bancassurance, brokers and other alternative channels (tele-sales and online) are still at a developing phase in India. These channels will bring in new opportunity and drive higher share of spending on insurance products by existing customers.


48



Table 4: Insurance Premium Per Capita (Density) and Penetration

Country Population (Mn) Premium per capita (USD) Insurance Penetration (%)

HK 7.1 3197.3 10.1India 1216.5 55.7 4.4China 1355.2 105.5 2.5Philippines 93.8 14.3 0.7Indonesia 232.8 30.9 1South Korea 48.9 1454.3 7Canada 33.9 1521.8 3.3USA 310.2 1631.8 3.5

Source: Swiss Re Sigma Report, 2011

In our view, the long-term growth prospects remain robust for the life insurance industry in view of compelling structural and demographic advantages which Indian economy enjoys in the next 5-10 years. However, the progression to a more mature market has been accelerated by various regulations which are unprecedented compared to other markets.

BSLI is well positioned to meet the challenges and also tap into the opportunities of the life insurance industry. The company is expected to emerge stronger on the back of its wide distribution franchisee, a very successful multi-channel strategy, a long history of product innovations & operational effi ciency.

SUMMARY OF OPERATIONS

Sales Performance Review & Market Share Movement

“Our strength since inception has been in the area of successful implementation of our multi-distribution strategy to meet our corporate

objectives and deliver the right products to our customers”.

In addition, and in parallel, to our agency channel, we have a number of highly successful bancassurance partnerships across various types of banks along with corporate agents and brokers. Our distribution through bank branches complements well our Agency channel and gives us a bigger and more diversifi ed footprint.

• Agency continues to be our largest distribution channel, consistent with our strategy of multi-distribution channel and focus on being a top-rung player. Our Agency channel is among the top 3 agency amongst private life insurers in terms of new business for FY12. The channel registered annualised premium equivalent of ` 973 crore for the year. The Agency channel has increased the footprint through expansion of new capacities by additional of FLS and new branches, taking the total branches to over 650 from over 600 branches in FY10-11. Through our increasing focus on sweating existing capacities, we have consistently maintained our position in the top quartile in terms of agents/FLS productivity. Going forward, the company will meritoriously create capacities that are sustainable in the long-run and will continuously evaluate options to variabilise its cost structure in the agency channel.

• Bancassurance channel registered an Annualized Premium Equivalent (APE) excess of ` 200 crore crore for FY12. With a strong existing bancassurance model to leverage, we are confi dent that we will be making further in-roads in the years to come. We have been continuously pursuing newer relationships with banks to widen our presence and achieve an optimal channel mix. Further, we are also optimistic about the proposed Bancassurance Architecture guidelines and believe it will provide additional opportunities to the Company for partnering with newer bank partners.

• Corporate Agent & Broker (CAB) channel over the past few years, has built a strong franchise network with around 200 partners. This business contributed around 15% of our new business sales and registered an Annualised Premium Equivalent (APE) of ` 209 crore in FY12. Our new CAB partners have contributed signifi cantly to new business in FY12 due to addition of new capacities and improved processes. A number of initiatives have been taken in the year towards improvement of productivity of the channel. We have been continuously exploring strategic relationship with players in the segment. The focus would be on to further strengthen the relationship with our existing partners. Building industry-leading distribution capabilities is also central to our strategy.

• Group Business registered APE of ` 676 crore in FY12. Our performance was strong driven by improvement in product lines and focus on increasing our penetration which helped us achieve 2nd rank amongst private insurers. The new segmentation and organisation structure yielded strong and positive results, and we achieved a 55% growth.

• Additionally, we enhanced and diversifi ed our distribution and sale management capabilities, implementing best practices in such areas as agent recruitment training, and further expanding alternative channels such as direct marketing, distance marketing, etc.


49



The channel mix in FY12 along with the other key distribution parameter is provided in the table below:

17%

14%

FY11

17%

18%FY12

DSF

Banca

CAB

Figure 7: Constant Channel mix over the years

Banca

CAB

DSF

65%69%

Table 5: BSLI’s Growing Distribution Parameters

Particulars FY12 FY11

DISTRIBUTION NETWORKBranches (Nos) over 650 branches over 600 branches Advisors (‘000) 139 148Active Third party distribution ~ 200 240Other ParametersAgent ratio/Agency FLS 18 22

PRODUCT STRATEGY & PERFORMANCE

Ever since regulatory changes in Sep’10, we have changed our focus from selling largely ULIPs to an equally balanced mix of unit-linked and traditional products. We have come a long way from being a predominantly ULIP company to now having a balanced product mix with contribution from traditional policies increasing from about 2% in FY10 to around 46% in FY12.

“Our product mix is orientated around a core of regular premium products with higher focus on higher sum assured, long-term tenure

product & offering basic guarantees as a value proposition.”

Using insights to develop products and services that empower our customers to act led to the innovation of a wide range of product innovations. BSLI launched a new protection solution with its BSLI Protector Plans. These are affordable plans that grow in step with growing needs, thanks to an increasing Sum Assured year after year, at the same premium. The key features of this plan include complete fi nancial protection at an affordable cost and hedge against the rising cost of living with an option of increasing Sum Assured.

Figure 8: Shifting Product Mix over the years

FY12FY11FY10FY09FY08

98% 96% 95%75%

54%

2% 4% 5% 25% 46%

ULIP Traditional


50



We will continue to focus on regularly launching products with new features and benefi ts that keep pace with evolving customer needs and also drive sales force activities.• Our priority will be to build a full suite of traditional products by launching simple, needs-based products aimed at providing customised

solutions to our target customers.• Additionally, we will look at expanding our Unit-linked (ULIPs) product portfolio and tap new customer segments around pension, health,

group business etc.• The Company shall continue to pursue its balanced product mix strategy of ULIP and Non ULIP to cater to various customer segments and

keeping in mind interests of all stakeholders i.e. customers, distributors and shareholders.

Key Summary of Financial Indicators at a Glance

Our fi nancial results improved in FY12 refl ecting a sound consecutive year of positive growth in profi tability and overall premium

revenue. This was driven by favourable growth in inforce book, higher expense effi ciencies and optimal product structures. Although in

many ways the industry was still recovering in the fi rst half of 2012, our new business performance has been in line with the industry

trend. Our FY12 fi nancial results refl ect strong and improved performance as our Company continues to have a strong fi nancial and

solvency position.

The Company has recorded good performance across a range of fi nancial & non-fi nancial parameters illustrating our success at leveraging our strengths:

Figure 9: Total Premium (crore) trend over years

0

1000

2000

3000

4000

5000

6000


3,272

4,469

5,506 5,677 5,885

Total Premium for FY2011-12

` 5,885 Crores

Figure 11: Operating Expenses (crore) over the years

0

300

600

900

1200

1500


671

1,146

1,3271,203 1,215

OPEX for FY11-12

` 1,215 Crores

Figure 10: Net Profit (crore) over the years

-800-700-600-500-400-300-200-100

0100200300400500


-702

-445 -435

305

461

Net Profit for FY2011-12

` 461 Crores


51



FINANCIAL PERFORMANCE

Following is the summary of the fi nancial performance for FY12.

Table 6: BSLI’s Financial Performance

(in INR Crores)

ParticularsCurrent Year

FY 2011-12

Previous Year

FY 2010-11

Inc. (%)

Income

Gross premium income 5,885 5,677 4%Reinsurance (net) (138) (83) 67%Total premium income (net) 5,747 5,595 3%

Income from investmentsPolicyholders (163) 1,492 -111%Shareholders 80 38 109%Investment Income (83) 1,530 -105%

Other Income 30 24 26%

Total Income 5,695 7,149 -20%

Less:

Commission 325 381 -14%Expenses (including depreciation) 1,215 1,203 1%Benefi ts paid (net) 2,705 1,934 40%Provisions for actuarial liability (net) 987 3,325 -70%Provision for Taxation — (1) —

Profi t for the Current Year 461 305 51%

Add: Loss Brought Forward from Last Year (1,723) (2,028) -15%Less: Dividend and distribution tax 114 — —

Total Loss as on date (1,376) (1,723) -20%

“Our FY12 fi nancial results refl ect very strong fi nancial performance.”

The Company achieved total premium of ` 5,885 crore, mainly driven by strong renewal premium growth of 10% in the context of subdued growth for the industry. Our new business premium witnessed de-growth of 9% which was better than the private sector de-growth of 17%. The company recorded a net profi t of ` 461 crore in FY12 as against the company’s fi rst profi t of ` 305 crore in the last year. After considering the Company’s cash fl ow and capital position, an interim dividend was paid out at 5% of share capital amounting to ` 98.5 crore. (excl. Dividend Distribution Tax) in Q4 FY12. Going forward, the company is confi dent of funding business growth through internal accruals will look at formulating a stable dividend policy to optimise its surplus solvency capital.

We believe that the Company’s profi table journey is sustainable as these profi ts are primarily driven by in force business, declining expense ratios and changes in product structures. The Company took several steps to rationalise expenses, improve effi ciencies and productivity across its operations.

Premium Income

Table 7: Premium Break-Up

Particulars (INR Crores) FY12 FY11 % Growth

First year premium 1,926 2,080 -7%Individual Life 1,250 1,644Group Business 676 436 55%Renewal Premium 3,959 3,597 10%

Total Premium 5,885 5,677 4%

While the total premium amounted to ` 5,885 crore registering growth of 4% the renewal premium of ` 3,959 crore registered a robust growth of 10% over the previous year. Our premium from group business grew 55% over FY11. As an insurer with long-established track record, a signifi cant portion of our business is on a regular premium basis, which has provided us with a stream of renewal premiums. Our 13-month persistency stands at a healthy 82% signifying increasing customer loyalty.

Investment Income

The Company continued excellence in investment performance for its policyholders. For all its ULIPs, the Company delivered excellent fund performance across the board, consistently beating benchmarks overall and as well as across all the funds as evident from the below table/graph.


52



Table 8: Percentage of funds beating benchmarks as on 31st March, 2012

1 yr 3 yr 5 yr

Funds beating benchmark 77.3% 100% 100%

BSLI investment’s philosophy has been to build a sound investment portfolio within the external and internal guidelines, to ensure liquidity, while maximising policyholders’ wealth consistently on a long-term basis.

Most of our funds we have outperformed the benchmark for 12 months as on Mar 31st, 2012. Over a long-term period all our funds have outperformed benchmark comprehensively delivering superior performance. 100% of the funds have outperformed their respective (internal) benchmark over long-term (across 3- 5 yrs.)

Figure 12: Percentage of Funds beating benchmarks for one year as on 31st March, 2012

Super 20MultiplierMaximiserMagnifierCreatorEnhancerBalancerBuilderProtectorIncome Advantage

Assure

BSLI Benchmarks

9.1%

7.1%8.0%

6.5%5.3% 5.0%

3.7% 3.5% 3.6%2.6%

1.5% 1.8%

-1.5%-1.2%

-9.0%

-7.2%

-13.1%

-8.8%

-4.1% -4.2%

-7.1%

-9.9%

Figure 13: Percentage of Funds beating benchmarks over 3 years as on 31st March, 2012

BSLI

MultimizerMaximizerMagnifierCreaterEnhancerBalancerBuilderProtectorAssure

8.2%5.2%

8.4%6.5%

10.7%8.1%

11.4%

8.6%

11.6%9.4%

17.0%

12.4%

19.8%18.1%

21.1%19.5%

32.8%

26.8%

Benchmarks


53



Commissions

The new regulations have impacted distributor compensation on ULIPs. To ensure attractive returns to distributors, the Company has taken several initiatives including driving higher productivity and driving the right product mix mapped with appropriate customer segments. Additionally enhanced training of the sales team accompanied with access to advanced technology will expedite the transition to the evolving business environment. The commission rates for total business and new business is provided in the table below:

Table 9: Commission Ratios

Individual Life FY12 FY11

Total Commission/Total Premium - Ind. Life 7.3% 6.7%New Business Commission/NB Premium - Ind. Life 14.2% 14.9%

Operating Expenses

Operating expenses for FY12 was ` 1,215 crore compared to operating expenses of ` 1,203 crore for the same period last year. The Company has been focusing on disciplined expense management as a result of which other expenses and overheads reduced by 7%. This favourable impact was offset by salary expenses which increased by 11% as the Company added new distribution capacities in FY12.

Our Company’s cost structure is line with expectations given the new business growth, product structures and our focus on long-term products. Going forward, we will continue to create higher effi ciency in the agency channel, other cost overheads and productivity/performance of our people. We will continue to review our expense structure in line with the business growth.

Table 10: Operating Expenses Break-Up

Particulars (INR crore) FY12 FY11 % Growth

Salary 579 524 11%Other Expenses 636 679 -7%

Total Expenses 1,215 1,203 1%

Expense as % of total premium 20.7% 21.2%


Figure 14: OPEX to Premium Ratio

20.5%

25.6%24.1%

21.2% 20.7%

Benefi ts & Reserves

Benefi ts – Surrenders & Maturities

Our profi tability depends primarily on our ability to retain existing customers and to manage our underwriting and claims effectively. Hence, managing risks around claims and increase in surrenders will be the key to help us achieving our overall desired profi tability objectives. Surrenders/partial withdrawals have increased to ` 2,522 crore in FY12.

BSLI has taken number of initiatives to reduce surrenders which are highlighted below:

• Distribution initiatives such as claw backs on rewards and recognition incentives and commissions induced surrenders.

• Customer awareness campaigns to educate people about benefi ts of maintaining investments in insurance products for long-term.

• Investment advisory services are provided on an individual basis to all High Net Individual policies coming for surrenders.


54



NET PROFIT

The net profi t for the year at ` 461 crore has shown a considerable improvement over last year profi t of ` 305 crore. The increase in profi ts is on account of rising profi t from in force business, declining expense ratios and changes in product mix and operating effi ciencies. We will continue to focus on our core strategy to focus on a profi table product mix while providing value-added proposition to our customers.

The Company has now reported profi ts for two consecutive years. We delivered strong performance in a year of uncertain regulatory and economic environment. This performance demonstrates the success of our strategy to focus on the most profi table growth.

Some of the key priorities to manage net income, set by the Company for FY13, are as follows:

• Balanced product mix between ULIP and Non ULIP with a view to target all customer segments.

• Review operating model to drive higher customer and distributor satisfaction along with cost effi ciencies.

• Customer retention and increasing customers/policy to be a key driver for revenue and profi tability growth.

• Focus on margin accretive products and long-term business.

FINANCIAL CONDITIONS & ASSET UNDER MANAGEMENT

Share Capital, Dividend and Solvency position

The Company is capitalised at ` 2,450 crore (incl. share premium). Given the robust fi nancial performance, there has been no capital infusion for the last two years.

Figure 15: No Capital Infusion over the last 2 years


603

725

450

0 0

Solvency refers to the minimum surplus that an insurance company needs to keep aside in the form of additional capital to meet any unprecedented increase in claims and to meet any adverse losses. As solvency needs to be maintained over very long periods for which policies are written it is necessary to ensure that the assets exceed liabilities and are invested in risk-free assets. The Regulations prescribes that each insurance company must have free assets equal to 1.5 times of the required solvency margin. Our solvency margin is at an level which is in excess of 2.99 times is well above the regulatory requirements of 1.5 times. It also ensures that the company’s stakeholders and customers can have confi dence in the company’s long-term fi nancial strength.

After considering the Company’s cash fl ow and capital position, fi rst dividend was paid out at 5% of share capital amounting to ` 98.5 crore (excl. Dividend Distribution Tax) in Q4 FY12. Going forward, the Company will look at formulating a stable dividend policy to optimise its surplus solvency capital.


55



Assets under Management

Assets under Management (AUM) grew from ` 19,760 crore in FY11 to ` 21,110 crore in FY12. In FY12, we did not witness a major change in our allocation of assets between debt and equity. Proportion of equity has remained stable for the Company over the years.

Figure 16: Asset under Management ( ` Crores) Trends


6,893

9,168

16,130

19,76021,110

Figure 17: Equity and Debt component


54%

56%65%60%Debt

Equity

55%

Human Resources – Our strength

Employee Engagement - BSLI engages effectively with its employees which is critical to building and sustaining a high-performing business and retaining talent. Engagement initiative schemes were introduced in 650 branches across the country which included celebrations, festivals, recreational and sport activities, recognitions etc. Additionally, Rewards and Recognition programme was initiated which was aimed at creating a culture of recognising and celebrating performance at multiple levels across the organisation & group in addition to as well as across for individuals & teams.

Training & Development - The Sales & Corporate Training Cell provides training architecture for structured and systematic learning from trainer, supervisor and by self, improve retention, application of learning and improve discipline in participation.

BRAND PERFORMANCE

We believe that the “Birla” brand is one of the most recognised brands in India which provides us with signifi cant competitive advantage, particularly towards attracting new customers and talent.

The Company continued its efforts towards improving its brand image in FY12. Our Brand Awareness score improved over the period from 21% in FY2011 to 31% in FY2012. We believe that going forward the strength of our brand is expected to become more important. We will continue to strengthen our efforts further to improve our brand performance through an optimal mix of above-the-line and below-the-line activities.

Our brand continues to act as an impetus for employee engagement and insightful decision making. For employees, it means positive difference for our customers, it means reaching across the country to build on our reputation as a strong and stable company. From television advertising to our sponsorships and expanded web and social media presence, our focus was on deepening the understanding of our brand promise.


56



CUSTOMER MANAGEMENT

Customer Service Capabilities

The Company continues to strengthen its customer-centric delivery capabilities in addition to leverage the use of technology for achieving business goals.

• Our customers will continue to be our priority. We have proactively been investing in the essential building blocks of customer centricity for the past three years. The management team of the Company has taken many steps towards achieving a strong position in this area. Our approach has been built around (a) listening to our customers, (b) understanding their feedback and point of view and (c) using the same in our decision making. We have taken several initiatives which includes:

➢ The Company has a fully functional IT infrastructure and has recently enhanced its network bandwidth, mail architecture, business process management to enable workfl ow of documents and scanned images etc. for all branches. Scanning at source branches is expected to reduce TAT at least by a day. BSLI is committed to make its IT infrastructure scalable and robust to support future growth.

➢ Exploring new technologies for policy issuance. Enable more self-servicing features for customers and Invest in automation, process re-engineering and technology.

➢ Segmenting customers based on propensity to renew/default and using a combination of pro-active and re-active customer reach-out techniques using multiple channels (email, call-center, SMS).

• We have focused on improving customer service through a combination of capabilities and initiatives which include our dedicated claim assistance cell has helped us settle claims faster and in a customer friendly way. For the third year in a row, we have achieved 0% claim outstanding ratio at the end of the year, a testimony to our effort of doing what is in the best interest of the customer.

• With a focus on creating a new culture of innovation, BSLI’s senior management have committed to identify ways to leverage best practices in the areas of product development, innovation and technology.

Complaints Management Capabilities

We work to swiftly resolve customer complaints. The complaints have indicated a reducing trend in the last 6 months. Our overall complaints have reduced by 30% while unique complaints have reduced by 50%. Complaint resolution SLA adherence have also been consistently maintained at 99%.

OUTLOOK FOR THE COMPANY

The industry has been under a changing, volatile and uncertain regulatory and macro-economic enviorment. In this context, we believe that the Company is well-positioned to take advantages of the opportunities arising from these challenges. Also, the industry in the long-term will benefi t from some of the robust structural and demographics drivers that Indian life insurance industry offer. The company has identifi ed the following focus areas to strengthen its competitive and fi nancial position in the future years.

• Introducing products in all available categories and completing the traditional product suite. Build full suite of products tailored to customers and distribution channels.

• Develop new Bancassurance partnership and leverage existing partnerships.

• Improve profi tability through product mix, strengthening distribution capabilities, and providing value-added products and services to our diverse client base.

• Grow digital footprint to increase customer empowerment and enhanced customer experience to be a key driver for profi tability and growth.

• Attract, develop and engage highly talented employees, ready and able to contribute to the full extent of their potential.


57



Corporate Governance Reportfor the year ended 31st March, 2012

Philosophy of Corporate Governance

Corporate Governance involves a set of relationships between a Company’s Management, its Board, its Shareholders and other Stakeholders with an objective of ‘enhancement of long-term shareholder value, while at the same time protecting the interest of all stakeholders (investors, customers, employees, vendors, government and society-at-large).

Good Corporate Governance consists of a system of structuring, operating and managing a Company such as to achieve the following:

• a culture based on a foundation of sound business ethics

• fulfi lling the long-term strategic goal of the shareholders while taking into account the expectations of all the key stakeholders, and in particular:

✧ consider and care for the interests of employees, past, present and future

✧ work to maintain excellent relations with both customers and suppliers

✧ take account of the needs of the environment and the local community

• maintaining proper compliance with all the applicable legal and regulatory requirements under which the company is carrying out its activities.

The philosophy and objective of Corporate Governance at Birla Sun Life Insurance Company Limited (“BSLI/Company”) is “about working ethically and fi nding a balance between economic and social goals including the ability to function profi tably while complying with the applicable laws, rules and regulations.”

BSLI is committed to uphold the core values of transparency, integrity, honesty and accountability. This commitment lays the foundation for further development of superior governance practices, which are vital for growing a successful business, creating sustainable long-term shareholder value and balancing it with the interests of other stakeholders in the Company. It is not a discipline necessarily imposed by a regulator rather a culture that guides the Board, the Management and employees to function towards the best interest of the various stakeholders.

Structure of this Report:

This Report is divided into three sections, as follows:

A. Reporting under Clause 49 of the Listing Agreement;

B. Reporting under IRDA Corporate Governance Guidelines (IRDA CG Guidelines); and

C. Reporting under MCA Guidelines (MCA Guidelines).

SECTION A

REPORTING UNDER CLAUSE 49 OF THE LISTING AGREEMENT

BSLI is an unlisted company and hence the clause 49 of the listing agreement is not applicable. Yet BSLI, on a suo moto basis, has taken necessary initiatives to comply with the provisions of the said clause to the maximum extent possible and endeavours, in true spirit, to go well beyond the mandatory provisions.

I. BOARD OF DIRECTORS (“BOARD”)

At BSLI, the Directors are elected by shareholders of the Company with a responsibility to set strategic objectives for the Management and to ensure that the long-term interests of all stakeholders are served by adhering to and enforcing the principles of sound Corporate Governance.

BSLI’s Board members have diverse areas of knowledge and expertise, which is necessary in providing an independent and objective view on business issues and assess them from the stand-point of the stakeholders of the Company. At BSLI, the Board is independent of the Management.

I.A. Composition of the Board

The Board comprised of eleven Directors as on 31st March, 2012, ten being Non-Executive Directors (of which three were Independent) and a Managing Director.

The current Chairman of the Board, Mr. Kumar Mangalam Birla, is a Non-Executive Director.

The changes in the chairmanship/directorship of the Company during the Financial Year (FY) 2011-12 are given in Table 01:

Name of the Directors Particulars

Mr. Donald A. Stewart Ceased to be the Chairman w.e.f. November 9, 2011Mr. Kumar Mangalam Birla Appointed as the Chairman w.e.f. November 10, 2011

Table 01

58




I.B. Details of Directorships/Committee membership

The composition of our Board, their Directorships/Committee memberships and Chairmanships (excluding the Company) as on March 31, 2012 is given in Table 02:

Name of the Directors Designation No. of

Directorship(s)

in other Public

Companies*

No. of Committee

Membership**

Chairmanship

in Committees**

Mr. Kumar Mangalam Birla Non-Executive Director (Chairman) 10 Nil NilMr. Ajay Srinivasan Non-Executive Director 3 4 NilMr. Bishwanath N. Puranmalka Non-Executive Director 2 4 NilMr. Dikran Ohannessian Non-Executive Director 1 Nil NilMr. Donald A. Stewart Non-Executive Director 1 Nil NilMr. Gian P. Gupta Non-Executive Director (Policyholders’

representative, Independent)10 6 4

Mr. Jayant Dua Managing Director 1 Nil NilDr. Rakesh Jain Non-Executive Director 5 Nil NilMr. Suresh N. Talwar Non-Executive Director (Independent) 19 8 4Ms. Tarjani Vakil Non-Executive Director (Independent) 5 4 3Mr. Venkatesh Mysore Non-Executive Director 2 1 Nil

Table 02

* Excluding alternate directorships and directorships in foreign companies and companies under section 25 of the Companies Act, 1956.

** Only Audit Committee and Shareholders’ Grievance Committee of all public limited companies (whether listed or not) have been considered for the purpose of the Committee positions (membership and chairmanship), as per Clause 49 of listing agreement.

I.C. Non-Executive Directors’ compensation and disclosures

As stated earlier, ten of our Directors are Non-Executive Directors. Of these, seven Directors are representatives of the two shareholders i.e. Aditya Birla Nuvo Limited (04) and Sun Life Financial (03) and the rest three are Independent. As decided by the Board, no remuneration of whatsoever nature is paid to these Non-Executive Directors, except for a sitting fee to the three Independent Directors, as detailed hereunder.

The Company pays a sitting fee of ` 20,000 to the Independent Directors for attending each Board Meeting and Board Committee meeting.

The details of sitting fees paid to these Independent Directors during the FY 2011-12 are given in Table 03:

(Amount in `)

Name of the Directors Sitting Fees for the meetings of Total

Board Audit Committee Risk Management

Committee

Mr. Gian P. Gupta 60,000 80,000 80,000 2,20,000

Mr. Suresh N. Talwar 40,000 NA NA 40,000

Ms. Tarjani Vakil 20,000 60,000 80,000 1,60,000

Table 03

I.D. Board Meetings

Agenda and Minutes

The Company Secretary receives details on matters which require the approval of the Board/Board Committees, from various departments of the Company well in advance, so that they can be included in the Board/Board Committee agenda(s). All material information is incorporated, in detail, in the agenda papers for facilitating meaningful and focussed discussions at the meetings.

Board Meetings and attendance of Directors

As a good practice, a yearly meetings calendar is prepared and circulated to all the Directors in the month of November/December every year, relevant for the next calendar year, so that they can adequately plan their schedule. This ensures optimum presence of the Directors/Committee Members at each meeting.

During FY 2011-12, four Board meetings were held as below:

i. April 27, 2011

ii. July 26, 2011

iii. October 21, 2011

iv. February 3, 2012

During FY 2011-12, the time gap between two successive board meetings did not exceed 4 months.

59




The attendance of the Directors at the above Board meetings and at the last Annual General Meeting is given in Table 04:

Name of the Directors No. of Board meetings held

during FY 2011-12

Attendance in the last AGM

dated 16th June, 2011

Held Attended

Mr. Kumar Mangalam Birla 4 3 NoMr. Ajay Srinivasan 4 4 NoMr. Bishwanath N. Puranmalka 4 4 YesMr. Dikran Ohannessian 4 4 NoMr. Donald A. Stewart 4 3 NoMr. Gian P. Gupta 4 3 YesMr. Jayant Dua 4 4 YesDr. Rakesh Jain 4 4 NoMr. Suresh N. Talwar 4 2 YesMs. Tarjani Vakil 4 1 YesMr. Venkatesh Mysore 4 4 No

Table 04

I.E. Code of Conduct

The Company has designed and implemented a Code of Conduct for all the employees of the Company. The senior management of the Company is also governed by this Code of Conduct. All the employees confi rm their adherence to this Code on an annual basis.

II. BOARD COMMITTEES

For ensuring smooth business activities, the Company has constituted certain Board Committees with well defi ned charters. The prominent Board Committees are as under:

II.1. Asset Liability Management Committee

Pursuant to the nature of products sold by the company it is crucial to have an Asset Liability Committee to manage the various risk arising on account of product guarantees, interest rates movements, duration mismatches, cash fl ow mismatch, capital market, market liquidity etc.

As per IRDA CG Guidelines constitution of “Asset Liability Management Committee” is mandatory for life insurance companies. In view of the foregoing provision, BSLI’s Board had constituted an “Asset Liability Management Committee” at its meeting held on November 10, 2009.

Asset Liability Management Committee sets policy framework and operating guidelines for asset liability matching to safeguard the interest of Shareholders and Policyholders. This Committee will insure that the assets are created in line with the liabilities. The Committee will monitor, review & evaluate all possible variant that can have an impact on the ALM and will insure requisites measures are placed to manage risk arising out of these variants.

II.1.A Composition

The composition of the Asset Liability Management Committee as on 31st March 2012 is given in Table 05:

Name of the Committee Members Designation

Mr. Ajay Srinivasan Member & Non-Executive Director Mr. Jayant Dua Member & Managing DirectorMs. Keerti Gupta Member & Head–RiskMr. Mayank Bathwal Member & Chief Financial Offi cerMr. Niall O’Hare* Member & Chief Actuarial Offi cer Ms. Priscilla Sinha* Member & Appointed ActuaryDr. Rakesh Jain Member & Non-Executive DirectorMr. Sashi Krishnan** Member & Chief Investment Offi cerMr. Venkatesh Mysore Member & Non-Executive Director

Table 05

*Appointed w.e.f. July 26, 2011.

**Appointed w.e.f. January 31, 2012.

II.1.B. Meetings and attendance

During FY 2011-12, the Asset Liability Management Committee met four times viz:

i. April 29, 2011;

ii. July 29, 2011;

iii. October 31, 2011; and

iv. January 31, 2012.

60




The attendance at the Asset Liability Management Committee meetings during FY 2011-12 is given in Table 06:

Name of the Committee member No. of Asset Liability Management Committee

meetings held during FY 2011-12

Held Attended

Mr. Ajay Srinivasan 04 04Mr. Fabien Jeudy* 01 01Mr. Jayant Dua 04 04Ms. Keerti Gupta 04 04Mr. Mayank Bathwal 04 04Mr. Niall O’Hare** 03 02Ms. Priscilla Sinha** 03 03Dr. Rakesh Jain 04 00Mr. Sashi Krishnan*** 01 01Mr. Venkatesh Mysore 04 00Mr. Vikram Kotak**** 03 02

Table 06*Ceased w.e.f. July 26, 2011.

**Appointed w.e.f. July 26, 2011.

***Appointed w.e.f. January 31, 2012.

****Ceased w.e.f. January 31, 2012.

II.2. AUDIT COMMITTEE

The provisions of Section 292A of the Companies Act, 1956 prescribes that every public company having paid-up capital of not less than ` Five crore shall constitute a committee of the Board known as “Audit Committee”. The Company had constituted its Audit Committee on January 31, 2001 with well defi ned objectives, roles and responsibilities.

II.2.A. Composition

The composition of the Audit Committee as on 31st March 2012 is given in Table 07:


Mr. Gian P. Gupta Chairman, Non-Executive & Independent Director Mr. Ajay Srinivasan Member & Non-Executive DirectorMr. Bishwanath N. Puranmalka Member & Non-Executive DirectorMr. Dikran Ohannessian Member & Non-Executive DirectorMr. Jayant Dua Member & Managing Director & CEOMs. Tarjani Vakil Member, Non-Executive & Independent DirectorMr. Venkatesh Mysore Member & Non-Executive Director

Table 07

The Company Secretary acts as the Secretary to the Committee.

All members of the Audit Committee are fi nancially literate and have the necessary accounting and related fi nancial management expertise.

The Chief Financial Offi cer, Chief Actuarial Offi cer, Appointed Actuary, Senior VP – Compliance, Risk Management, Internal Audit, Legal & Secretarial, the Statutory Auditors and the Internal Auditors are permanent invitees at each Audit Committee Meeting. The special auditors of both the promoters (viz. Aditya Birla Nuvo Limited & Sun Life Financial Inc.) of the Company also conduct certain process audits during the year and they are invited to present their reports at the Audit Committee meeting of the Company.


During FY 2011-12, the Audit Committee met four times viz.

i. April 27, 2011;

ii. July 26, 2011;

iii. October 20, 2011; and

iv. January 28, 2012.

61




The attendance at the Audit Committee meetings during FY 2011-12 is given in Table 08:

Name of the Committee member No. of Audit Committee meetings

held during FY 2011-12

Held Attended

Mr. Gian P. Gupta 04 04Mr. Ajay Srinivasan 04 04Mr. Bishwanath N. Puranmalka 04 04Mr. Dikran Ohannessian 04 03Mr. Jayant Dua 04 04Ms. Tarjani Vakil 04 03Mr. Venkatesh Mysore 04 04

Table 08II.3. INVESTMENT COMMITTEE

Pursuant to Section 292 of the Companies Act 1956, the Board has the power to invest the Funds of the Company and delegate the same to any Committee or to any offi cials of the Company on any such conditions as may be prescribed by the Board.

The role of Investment Committee is to set policy framework for Investment and ensuring to safeguard the interest of Shareholders and Policyholders Funds. Investment committee as mandated by IRDA Corporate Governance Guidelines ensures that all investment activities are conducted as per the framework defi ned by IRDA and Board.

II.3.A. Composition

The composition of the Investment Committee as on 31st March 2012 is given in Table 09:


Mr. Ajay Srinivasan Member & Non-Executive Director Mr. Jayant Dua Member & Managing DirectorMs. Keerti Gupta Member & Head – RiskMr. Mayank Bathwal Member & Chief Financial Offi cer Mr. Niall O’Hare* Member & Chief Actuarial Offi cer Ms. Priscilla Sinha* Member & Appointed ActuaryDr. Rakesh Jain Member & Non-Executive DirectorMr. Sashi Krishnan** Member & Chief Investment Offi cerMr. Venkatesh Mysore Member & Non-Executive Director

Table 09*Appointed w.e.f. July 26, 2011.**Appointed w.e.f. January 31, 2012.


During FY 2011-12, the Investment Committee met four times viz:

i. April 29, 2011; ii. July 29, 2011;iii. October 31, 2011; and iv. January 31, 2012.

The attendance at the Investment Committee meetings during FY 2011-12 is given in Table 10:

Name of the Committee member No. of Investment Committee


Held Attended

Mr. Ajay Srinivasan 04 04Mr. Fabien Jeudy* 01 01Mr. Jayant Dua 04 04Ms. Keerti Gupta 04 04Mr. Mayank Bathwal 04 04Mr. Niall O’Hare** 03 02Ms. Priscilla Sinha** 03 03Dr. Rakesh Jain 04 00Mr. Sashi Krishnan*** 01 01Mr. Venkatesh Mysore 04 00Mr. Vikram Kotak**** 03 02

Table 10*Ceased w.e.f. July 26, 2011.**Appointed w.e.f. July 26, 2011.***Appointed w.e.f. January 31, 2012.****Ceased w.e.f. January 31, 2012.

62




II.4. POLICYHOLDERS’ PROTECTION COMMITTEE

IRDA places signifi cant emphasis on the protection of policyholders’ interests and on the adoption of sound and healthy market conduct practices by insurers. IRDA regulations and guidelines are in place with respect to protection of policyholders’ interests, advertisement and disclosures, advertisement and promotion & publicity.

As per IRDA Corporate Governance (“IRDA CG”) Guidelines constitution of “Policyholders’ Protection Committee” is mandatory for life insurance companies. In view of the foregoing provision, BSLI’s Board had constituted the “Policyholders’ Protection Committee” at its meeting held on November 10, 2009 to address various compliance issues relating to protection of the interests of policyholders, as also relating to keeping the policyholders well informed of and educated about insurance products as well as complaint-handling procedures and shall directly report to the Board.

II.4.A. Composition

The composition of the Policyholders’ Protection Committee as on 31st March 2012 is given in Table 11:


Mr. N. N. Jambusaria Chairman Mr. Amitabh Verma Member & Chief Operational Offi cerMr. Jayant Dua Member & Managing DirectorMr. Lalit Vermani Member & Senior VP – Compliance, Risk Management, Internal Audit,

Legal & SecretarialMr. Mayank Bathwal Member & Chief Financial Offi cerMr. Niall O’Hare Member & Chief Actuarial Offi cer Mr. Puneet Bansal Member & Head – Legal & Secretarial (ABFS)Mr. Vikas Seth Member & Head – Sales-DSF

Table 11II.4.B. Meetings and attendance

During FY 2011-12, the Policyholders’ Protection Committee met four times viz:

i. May 5, 2011;

ii. August 25, 2011;

iii. December 19, 2011; and

iv. March 22, 2012.

The attendance of the Policyholders’ Protection Committee members at the Policyholders’ Protection Committee meetings during FY 2011-12 is given in Table 12:

Name of the Committee Member No. of Policyholders’ Protection Committee


Held Attended

Mr. N. N. Jambusaria 04 04Mr. Amitabh Verma 04 04Mr. Fabien Jeudy* 01 01Mr. Jayant Dua 04 04Mr. Lalit Vermani 04 04Mr. Mayank Bathwal 04 04Mr. Niall O’Hare** 03 02Mr. Puneet Bansal 04 02Mr. Vikas Seth 04 03

Table 12*Ceased w.e.f. July 26, 2011.

**Appointed w.e.f. July 26, 2011.

II.5. RISK MANAGEMENT COMMITTEE

In view of the growing scale of the Company and the regulations becoming more stringent, the Board of the Company at its meeting held on May 24, 2008 constituted the Risk Management Committee as mandated by IRDA CG Guidelines (erstwhile Risk Review Meeting) as a sub-committee of the Board, to oversee the risk management and compliance activities of the Company.

63




II.5.A. Composition

The composition of the Risk Management Committee as on 31st March 2012 is given in Table 13:


Mr. Gian P. Gupta Chairman, Non-Executive & Independent Director Mr. Ajay Srinivasan Member & Non-Executive DirectorMr. Jayant Dua Member & Managing DirectorMs. Tarjani Vakil Member, Non-Executive & Independent DirectorMr. Venkatesh Mysore Member & Non-Executive Director

Table 13The Company Secretary acts as the Secretary to the Committee.


During FY 2011-12, the Risk Management Committee was convened four times viz:

i. May 6, 2011;

ii. August 25, 2011;

iii. December 7, 2011; and

iv. March 22, 2012.

The attendance at the Risk Management Committee meetings during FY 2011-12 is given in Table 14:

Name of the Committee Member No. of Risk Management Committee


Held Attended

Mr. Gian P. Gupta 04 04Mr. Ajay Srinivasan 04 02Mr. Jayant Dua 04 04Ms. Tarjani Vakil 04 04Mr. Venkatesh Mysore 04 01

Table 14II.6. FINANCE COMMITTEE

The Board has constituted a Finance Committee in compliance of the revised clause 41 of the Listing Agreement. As per the Listing Agreement such committee shall consist of not less than one third of the directors, which shall include atleast one Independent Director.

II.6. A. Composition

The composition of Finance Committee as on 31st March 2012 is given in Table 15:


Mr. Ajay Srinivasan Member & Non-Executive DirectorMr. Bishwanath N. Puranmalka Member & Non-Executive DirectorMr. Gian P. Gupta Member, Non-Executive & Independent DirectorMs. Tarjani Vakil Member, Non-Executive & Independent DirectorMr. Venkatesh Mysore Member & Non-Executive Director

Table 15The Company Secretary acts as the Secretary to the Committee.


During the year under review, the audited/unaudited accounts were directly placed before the Board and hence no meeting of Finance Committee was convened.

II.7. SHARE ALLOTMENT COMMITTEE

To keep pace with the rapid growth of the Company and to smoothen and fasten the process of regular infusion of share capital, the Board of the Company, at its meeting held on 25th April, 2005 had constituted a committee called the Share Allotment Committee. The Share Allotment Committee has been delegated the authority to allot the shares and issue the share certifi cates.

64




II.7.A. Composition

The composition of Share Allotment Committee as on 31st March 2012 is given in Table 16:


Mr. Bishwanath N. Puranmalka Member & Non-Executive DirectorMr. Gian P. Gupta Member, Non-Executive & Independent DirectorMr. Suresh N. Talwar Member, Non-Executive & Independent DirectorMr. Venkatesh Mysore Member & Non-Executive Director

Table 16

The Company Secretary acts as the Secretary to the Committee.


No meeting of Share Allotment Committee was conducted as there was no capital infusion during the entire FY 2011-12.

III. SUBSIDIARY COMPANIES

The Company does not have any subsidiary Company of its own. However, the Company is a material non listed Indian subsidiary company of Aditya Birla Nuvo Limited (ABNL), which holds 74% of the Company’s share capital. Mr. Gian P. Gupta and Ms. Tarjani Vakil, both independent directors on the Board of ABNL, are also independent directors on the Board of the Company. The Company regularly reports the corporate governance requirements, as applicable to a material non listed Indian subsidiary company, to ABNL, including forwarding of minutes, fi nancial statements, statement of signifi cant transactions and arrangements entered into by the Company.

IV. DISCLOSURES

IV.A. Related Party Transactions

All the related party transactions are strictly done on arm’s length basis. The related party transactions of the Company are periodically placed and reviewed by the Audit Committee of the Company and necessary briefi ng is given to the Board as well. Particulars of related party transactions are listed out in Annexure 2 to Schedule 16 of the Balance Sheet forming part of the Annual Report.

IV.B. Remuneration of Directors

The detailed note on the remuneration of Directors has already been incorporated in this Report earlier. Apart from the details mentioned therein, no other remuneration is paid to any of the Directors.

Only one Director, Mr. Bishwanath N. Puranmalka holds one equity share of ` 10/- jointly with Aditya Birla Nuvo Limited in the share capital of the Company. None of the other Directors of the Company have any holding in the share capital of the Company.

IV.C. Whistle Blower Policy

The Company has a Whistle Blower Policy to escalate any issues on integrity/business issues/people issues and gender issues. BSLI Grievances and Disciplinary Committee members, constituted under the Whistle Blower Policy, conduct a proper and unbiased investigation and ascertain the correctness and trueness of the complaint and recommend necessary corrective measures, including punitive actions such as termination of employment/agency/contracts. Summary of cases, as and when reported, alongwith status is placed before the Policyholders’ Protection Committee for their review and discussion.

The Company ensures confi dentiality and protection against victimisation. No adverse action is taken against an employee or business associate in ‘knowing retaliation’ who makes any good-faith disclosure of suspect or wrongful conduct to the BSLI Grievances and disciplinary committee.

IV.D. Management

A detailed Management Discussion and Analysis Report forms part of the Annual Report being sent to the stakeholders, including shareholders, of the Company.

IV.E. Shareholders & General information

i. General Body Meetings

The particulars of the last three Annual General Meetings (AGMs) of the Company are provided in Table 17:

AGM Financial Year Date of the AGM Time Venue

9th 2008-2009 May 11, 2009 10.00 a.m. Aditya Birla Centre, Board Room, ‘B’ Wing, 5th Floor, S. K. Ahire Marg, Worli, Mumbai-400 030.

10th 2009-2010 June 16, 2010 10.30 a.m. Board Room, 16th Floor, One Indiabulls Centre, Tower 1, Jupiter Mill Compound, 841, S. B. Marg, Elphinstone Road, Mumbai-400 013.

11th 2010-2011 June 16, 2011 10.30 a.m. Board Room, 16th Floor, One Indiabulls Centre, Tower 1, Jupiter Mill Compound, 841, S. B. Marg, Elphinstone Road, Mumbai-400 013.

Table 17

There were no Extraordinary General Meetings (EGMs) of the Company held during FY 2011-12.

There was no special resolution passed by the Company during the last three fi nancial years.

65




ii. General Shareholder Information

Date, Time and Venue of the 12th Annual General Meeting June 20, 2012, 10.30 a.m., Board Room, 16th Floor, One Indiabulls Centre, Tower 1, Jupiter Mill Compound, 841, S. B. Marg, Elphinstone Road, Mumbai-400 013.

Financial Year 2011-12

Registrar and Transfer Agents MCS Limited

Registration no. of the Company as per Companies Act with the Registrar of Companies

11-128110

Registration no. of the Company as per Insurance Act with the Insurance Regulatory and Development Authority

109

ISIN INE951F01015

Corporate Identifi cation Number (CIN) U99999MH2000PLC128110

Permanent Account Number (PAN) AABCB4623J

Registered offi ce*/address for correspondence One Indiabulls Centre, Tower 1, 15th & 16th Floor, Jupiter Mill Compound, 841, S. B. Marg, Elphinstone Road, Mumbai-400 013.

Table 18

iii. Means of Communication

As per the IRDA guidelines on public disclosures, the insurance companies are required to disclose their fi nancials (Balance Sheet, Profi t & Loss Account, Revenue Account and Key Analytical Ratios) by new paper publication and host the same on their websites within stipulated timelines.

Accordingly, the disclosures are hosted on BSLI’s website (www.biralsunlife.com) and adequate steps have been taken to ensure publication of requisite disclosure in new papers.

SECTION B

REPORTING UNDER IRDA CORPORATE GOVERNANCE GUIDELINES (IRDA CG GUIDELINES)

A detailed report on status of compliance with the “Corporate Governance Guidelines” (IRDA CG Guidelines) is being fi led on an annual basis in compliance with IRDA Circular No. IRDA/F&A/CIR/CG/081/05/2011 dated May 2, 2011.

SECTION C

REPORTING UNDER MCA GUIDELINES (MCA GUIDELINES)

The Ministry of Corporate Affairs has issued a set of Voluntary Guidelines on ‘Corporate Governance’ and ‘Corporate Social Responsibility’ in December, 2009. These guidelines are expected to serve as a benchmark for the Corporate Sector and also help them in achieving the highest standard of corporate governance.

Some of the provisions of these guidelines are already in place as reported elsewhere in this Report. The other provisions of these guidelines are being evaluated and your Company will strive to adopt the same in a phased manner.

Certifi cation by Compliance Offi cer

Certifi cation for compliance of the Corporate Governance Guidelines

I, Ashish Lakhtakia, hereby certify that to the best of my knowledge and information available with me, the Company has complied with the Guidelines on Corporate Governance for the Insurance Sector issued by IRDA vide its circular no. IRDA/F&A/CIR/025/2009-10 dated August 05, 2009 as amended vide circular no. IRDA/F&I/CIR/F&A/014/01/2010 dated January 29, 2010 and nothing has been concealed or suppressed.

Sd/-

Ashish Lakhtakia

Company Secretary

Place: Mumbai

Date: April 28, 2012

66



Enterprise Risk Management Reportfor the year ended 31st March, 2012

Risk Management

A. RISK MANAGEMENT FRAMEWORK

The Company has an Enterprise Risk Management (ERM) framework covering procedures to identify, assess and mitigate the key business risks. Aligned with the business planning process, the ERM framework covers all business risks including strategic risk, operational risks, investment risks, insurance risks and catastrophic risks. The key business risks identifi ed are approved by the Board’s Risk Management Committee and monitored by the Risk Management team thereafter.

The Company also has in place an Operational Risk Management (ORM) framework that supports excellence in business processes, system and facilitates matured business decisions to move to a proactive risk assessment and is in the process of implementing the key operational risk components.

The Company’s Investments Function is governed by the Investment Committee and the Asset Liability Management Committee appointed by the Board of Directors. Investment Policy and Operating Guidelines laid down by the Board provide the framework for management and mitigation of the risks associated with investments. Asset Liability Policy and various ALM strategies are adopted to ensure adequate Asset Liability Management. These policies are reviewed at frequent intervals by the respective Board Committees and approved by the Board where required.

BSLI has a robust Business Continuity framework to ensure resumption of time sensitive activities within defi ned timeframe at defi ned levels. BSLI was the 1st Insurance Company in India to be certifi ed against the BS25999 standard (Globally accepted standard on Business Continuity).

The Company through its risk management policies has set up systems to continuously monitor its experience with regard to other parameters that affect the value of benefi ts offered in the products. Such parameters include policy lapses, premium persistency, maintenance expenses and investment returns.

ERM encompasses the following areas:

Governed by Risk Policies and Operating Guidelines approved by

Board Committee/Sub Committee of the board

Risk AssessmentRisk Identifi cation

Risk monitoring,

communication and

reporting

Enterprise Risk Management

Framework in BSLI

Risk Response and Risk

Management strategy

67




Risk Policies:

The following risk policies govern and implement effective risk management practices:

Product Design and Pricing Policy, Underwriting and Liability Management Policy, Reinsurance Ceded Policy, Capital Management Policy, Investment Policies, Valuation Policy, Information Security Policies, Business Continuity Policy, Operational Risk Management Policy, Fraud Reporting and Investigating Policy, Asset Liability Management policy, Outsourcing policy.

Risk Mitigation Strategies:

The company is exposed to several risks in the course of its business. The risks on the liabilities front may arise due to more than expected claims. On the assets front, risks could arise due to the possibility of fl uctuations in their market value. The Company is also subject to expense risk, since until new business volumes grow signifi cantly, the actual expenses of the Company will exceed the expenses loaded into the product pricing. The Company has implemented adequate safeguards to mitigate these risks. The overall business risks and mitigation strategies are as are described below:

Strategic Risk Risk to future earnings or capital in terms of failure to achieve the Company’s strategic or long term business plans, either through incorrect choices or improper implementation of those choices.

Mitigation Strategy: Strategic risks are managed through risk identifi cation and review process through the Enterprise Risk Management framework. Strategic risks and mitigating action plans are monitored by the Risk Management Committee.

Investment Risk Risk to Investment Performance can be due to Systematic Risks like Markets, Interest Rates, Liquidity, etc. or Unsystematic Risk like the company specifi c or Industry Specifi c Risks. These risks can impact the Guarantees, other than hampering the Investment performance on temporary/permanent basis.

Mitigation Strategy: Robust governance structure (Investment Committee) and well defi ned investment policies & processes ensure that the risks involved in investments are properly identifi ed and acceptable levels are defi ned. Stringent investment norms and approval structure ensures healthy portfolio while delivering the expected performance. All Regulatory and Internal norms are built in the Investment system, which monitors the Investment limits and exposure norms on real-time basis. The company uses systems like MSCI Barra One to evaluate and monitor risks.

Asset Liability Management

(ALM) Risk

An asset-liability mismatch occurs when the fi nancial terms of an institution’s assets and liabilities do not correspond. These can lead to non-payment/deferment of claims, expenses, etc.

Mitigation Strategy: Robust governance structure (ALM Committee) and well defi ned Asset Liability Management framework ensures periodic monitoring of the Asset-Liability position of the company. BSLI’s Asset Liability Management Techniques aims to manage the volume, mix, maturity, rate sensitivity, quality and liquidity of assets and liabilities as a whole so as to attain a predetermined acceptable risk/reward ratio. Strategies are reviewed and revised based on the periodic monitoring. Various analyses are carried out to gauge the impact of the Interest rate movements, market movements and mortality rate assumptions. Further the NAV guarantee products uses proprietary monitoring mechanisms to ensure adequate ALM.

Operational Risk The uncertainty arising from more than expected losses or damage to fi nances or reputation resulting from inadequate or failed internal processes, controls, people, systems or external events.

Mitigation Strategy: Operational risks are governed through Operational Risk Management policy. The Company maintains an operational loss database to track and mitigate risks resulting in fi nancial losses. To control operational risk, operating and reporting processes are reviewed and updated regularly. Ongoing training through internal and external programs is designed to equip staff at all levels to meet the demands of their respective positions. The Company has a Business Continuity Plan in place to manage any business interruption risk. The Company is the fi rst Indian Insurance company to be BS25999 (British Standard 25999) certifi ed. Fraud management is handled through an internal committee and is governed by the Fraud Reporting and Investigation Policy.

68




Insurance Risk The uncertainty of product performance due to differences between the actual experience and expected assumptions affecting amount of claims, benefi ts payments, expenses etc.

Mitigation Strategy: The Company through its risk management policies has set up systems to continuously monitor its experience with regard to other parameters that affect the value of benefi ts offered in the products. Such parameters include policy lapses, premium persistency, maintenance expenses and investment returns.

A strong underwriting team is in place to review all proposals from clients, supported by comprehensive processes and procedures, and guided by international experts. The objective of the underwriting team is to minimise the risks of abnormal mortality and morbidity by acquiring adequate information, to determine, whether to accept individual lives, and if so, the extra premium if any, to compensate for any additional risk.

The operating expenses are monitored very closely. Many products offered by the Company also have an investment guarantee. The Company has set aside additional reserves to cover this risk. Further, the possible fi nancial effect of adverse mortality and morbidity experience has been reduced by entering into reinsurance agreements.

Further, the possible fi nancial effect of adverse mortality and morbidity experience has been reduced by entering into reinsurance agreements with RGA and Swiss Re (international reinsurers) for individual life business, RGA and Generali (international reinsurers) for group business and Swiss Re (international reinsurer) for Health business. All reinsurers are specialist international reinsurance companies with excellent reputation and signifi cant fi nancial strength. The Company has entered into a separate agreement with RGA to cover the catastrophic risks under group business.

Business Continuity Management Policy:

To have a planned response in the event of any contingency ensuring recovery of critical activities at agreed levels within agreed timeframe thereby complying with various regulatory requirements and minimising the potential business impact to BSLI. Additionally to create a system that fosters continuous improvement of business continuity management.

Business Continuity Management Objectives:

1. Ensuring a Proactive response to any contingency.

2. Ensuring recovery of identifi ed critical activities within agreed timeframe.

3. Ensuring that we adhere to our clients, contractual, legal & regulatory requirements.

Business Continuity Management Framework:

Governance through Board Level Risk

Review Committee & BS25999 Framework

Planning

through

Business

Impact

Analysis

&

Risk

Assessment

Implementation

througth

Business

Continuity/

Crisis

Management

Plan/Alternate

Site & DR Plan

Exercising through

Disaster

Recovery/Alternate

Site, Call Tree

Testing,

Evacuation Drills &

Facility Walkthrough

Review through

Internal/BS25999

Continual

Assessment &

Management

Review Meeting

with BCMS Steering

Committee

Embedding Business Continuity in the Culture through Risk Awareness Week,

Workshops, Screensavers & Mailers

69




B. RISK MANAGEMENT COMMITTEE

Governance structure:

Composition, Meeting, attendance and other details of Risk Management Committee is detailed in Corporate Governance Report in Clause 49 reporting.

The risk management structure comprises of the Risk Management Team and Functional Heads governed by Board level Risk Management Committee. Briefl y the Roles and Responsibilities of the Committee is summarised below:

Scope & Term of

Reference

Risk Management Committee

Risk Management

– Requires management to identify and present to the Committee, major areas of risk facing the business activities of the Company and strategies to manage those risks.

– Reviews, at least annually, the adequacy of and compliance with the policies implemented for the management and control of risk, including investment policies, asset-liability risk management, operational risk, management of risk to reputation, management of outsourcing arrangements and approves changes to the foregoing as appropriate.

Compliance

– Reviews at least annually and approves changes to policies or programs that provide for the monitoring of compliance with legal and regulatory requirements including legislative compliance management systems.

– Reviews the status of compliance and regulatory reviews and business practice reviews worldwide, including at least annually, compliance with codes of conduct of the Aditya Birla Group and Sun Life Financial.

– Reviews market conduct practices.

– Reviews procedures for complying with anti-money laundering and suppression of terrorism laws and regulations worldwide and monitors and reviews the effectiveness and compliance with those procedures.

Other

– Performs such other duties and exercises such other powers as may, from time to time, be assigned to or vested in the Committee by the Board.

– In addition to above any such other duties and exercises as may be specifi ed by IRDA by way of notifi cations or necessary amendments in applicable statutes and/or guidelines, from time to time.

Board of Directors

Risk Management Committee

Risk Management Team

Function Heads

70



To the Members of Birla Sun Life Insurance Company Limited

1. We have audited the attached balance sheet of Birla Sun Life Insurance Company Limited (‘the Company’) as at March 31, 2012 and also the revenue account, profi t and loss account, and receipts and payments account for the year ended on that date annexed thereto. These fi nancial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these fi nancial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance as to whether the fi nancial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fi nancial statements. An audit also includes assessing the accounting principles used and signifi cant estimates made by management, as well as evaluating the overall fi nancial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. We report that: (a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes

of our audit and have found them to be satisfactory. (b) The fi nancial accounting systems of the Company are centralised and therefore accounting returns are not required to be submitted

by branches and other offi ces. (c) The balance sheet, revenue account, profi t and loss account and receipts and payments account referred to in this report are in

agreement with the books of account. (d) The actuarial valuation of liabilities for policies in force is the responsibility of the Company’s appointed actuary (‘the appointed

actuary’). The actuarial valuation of liabilities for policies in force has been duly certifi ed by the appointed actuary. The appointed actuary has certifi ed to the Company that the assumptions for such valuation are in accordance with the guidelines and norms issued by the Insurance Regulatory and Development Authority (‘IRDA’) and the Actuarial Society of India in concurrence with IRDA. We have relied on the appointed actuary’s certifi cate in this regard for forming our opinion on the valuation of liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists on fi nancial statements of the Company.

(e) On the basis of the written representations received from the directors, and taken on record by the board of directors, none of the directors is disqualifi ed as on March 31, 2012 from being appointed as a director in terms of Section 274(1)(g) of the Companies Act, 1956.

4. In our opinion and to the best of our knowledge and belief and according to the information and explanations given: (a) Proper books of account as required by law have been maintained by the Company, so far as appears from our examination of those

books; (b) Investments of the Company have been valued in accordance with the provisions of the Insurance Act, 1938 and the regulations/

directions issued by IRDA in this behalf. (c) The accounting policies selected by the Company are appropriate and in compliance with the applicable accounting standards referred

to in Section 211(3C) of the Companies Act, 1956 and the accounting principles prescribed in the IRDA Financial Statements Regulations and orders or directions issued by IRDA in this behalf.

(d) The balance sheet, revenue accounts, profi t and loss account and the receipts and payments account together with the notes thereon and attached thereto are prepared in accordance with the provisions of the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditors’ Report of Insurance Companies) Regulations, 2002, Insurance Act, 1938, the Insurance Regulatory and Development Act, 1999 and the Companies Act, 1956, to the extent applicable and in the manner so required.

(e) The said fi nancial statements give a true and fair view in conformity with the accounting principles generally accepted in India: i. in the case of the balance sheet, of the state of affairs as at March 31, 2012; ii. in the case of the revenue account, of the surplus (before contribution from the shareholders’ account) for the year ended

March 31, 2012; iii. in the case of the profi t and loss account, of the profi t for the year ended March 31, 2012; and iv. in the case of the receipts and payments account, of the receipts and payments for the year ended March 31, 2012.

5. Further, according to the information and explanations given and to the best of our knowledge and belief, we certify that: (a) We have reviewed the management report attached to the fi nancial statements for the year ended March 31, 2012 and there is no

apparent mistake or material inconsistency with the fi nancial statements. (b) Based on the information and explanations received during the normal course of audit, management’s representations made to us and

the compliance certifi cate submitted to the Board by the offi cers of the Company charged with compliance and the same being noted by the Board, nothing has come to our attention which causes us to believe that the Company has not complied with the terms and conditions of registration as per sub-section 4 of Section 3 of the Insurance Act, 1938.

6. As required by the Regulations, we set out in the Annexure, a statement certifying the matters specifi ed in paragraph 4 of Schedule C to the regulations.

For S. R. Batliboi & Associates For Fraser & Ross

Chartered Accountants Chartered Accountants Registration No. 101049W Registration No. 000829S

per Amit Majmudar S. Ganesh

Partner PartnerMumbai, 28th April, 2012 Membership No. 36656 Membership No. 204108

Auditors’ Reportfor the year ended 31st March, 2012

71



Auditors’ Certifi cate

To the best of our 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 Birla Sun Life Insurance Company Limited (‘the Company’) for the year ended 31st March 2012, we certify that:

1. We have verifi ed the cash balances, to the extent considered necessary, and securities relating to the Company’s loans and investments as at 31st March 2012, by actual inspection or on the basis of certifi cates/confi rmations received from the Custodian appointed by the Company, as the case may be. As at 31st March 2012, the Company does not have reversions and life interests;

2. The Company is not a trustee of any trust;

3. 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, relating to the application and investments of the Policyholders’ Funds;

This certifi cate is issued to comply with Schedule C of the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditors' Report of Insurance Companies) Regulations 2002, (‘the Regulations’) read with Regulation 3 of the Regulations and may not be suitable for any other purpose.

For S. R. Batliboi & Associates For Fraser & Ross

Chartered Accountants Chartered Accountants Registration No. 101049W Registration No. 000829S

per Amit Majmudar S. Ganesh

Partner PartnerMumbai, 28th April, 2012 Membership No. 36656 Membership No. 204108

(Referred to in Paragraph 6 of the Auditors’ Report of even date to the members of the Birla Sun Life Insurance Company Limited on the fi nancial statements for the year ended March 31, 2012)

Annexure to the Auditors’ Reportfor the year ended 31st March, 2012

72



BIRLA SUN LIFE INSURANCE COMPANY LIMITED Form A- RA

Registration Number: 109 dated 31st January 2001

Policyholders’ Account (Technical Account)

(Amounts in thousands of Indian Rupees)

Revenue Accountfor the year ended 31st March, 2012

As required by Section 40B(4) of the Insurance Act, 1938 we certify that all expenses of Management in respect of life insurance business transacted in India by the Company have been fully debited to the Policyholders' Account.

In terms of our report attached.

For S. R. Batliboi & Associates For Fraser & Ross For and on behalf of the Board of Directors

Chartered Accountants Chartered AccountantsFirm Registration No.101049W Firm Registration No. 000829S

per Amit Majmudar S. Ganesh Donald A. Stewart Gian P. Gupta

Partner Partner Director DirectorMembership No. 36656 Membership No. 204108

Jayant Dua Mayank Bathwal

Managing Director & CEO Chief Financial Offi cer

Niall O’hare Priscilla Sinha

Chief Actuarial Offi cer Appointed Actuary

Ashish Lakhtakia

Mumbai, 28th April, 2012 Company Secretary

Particulars ScheduleYear ended

31st March 2012

Year ended

31st March 2011

Premiums earned - Net

(a) Premium 1 58,853,594 56,770,665 (b) Reinsurance ceded (1,375,857) (825,041)(c) Reinsurance accepted — —

Sub-Total 57,477,737 55,945,624

Income from investments

(a) Interest, Dividend & Rent - Gross 9,567,643 7,715,638 (b) Profi t on Sale/Redemption of Investments 5,822,017 15,996,532 (c) (Loss) on Sale/Redemption of Investments (13,458,611) (3,894,870)(d) Transfer/Gain ( Loss) on revaluation/Change in Fair value (3,485,771) (4,778,515)(e) Gain/(Loss) on Amortisation (77,958) (119,398)

Sub-Total (1,632,680) 14,919,387

Other Income

(a) Contribution from the Shareholders’ Account (Refer Schedule 16 Note 7) 3,287,343 619,836 (b) Others (Interest etc.) 298,060 236,803

Sub-Total 3,585,403 856,638

Total (A) 59,430,460 71,721,650

Commission 2 3,254,002 3,805,795 Operating Expenses related to Insurance Business 3 12,151,175 12,034,778 Provision for doubtful debts — —Bad Debts written off — —Provision for Tax (including earlier years) — (5,875)Provision (other than taxation)(a) For diminution in value of investments (net) — —(b) Others — —

Total (B) 15,405,177 15,834,698

Benefi ts paid (Net) 4 27,046,221 19,343,749 Interim Bonuses Paid — —Change in valuation of liability in respect of life policies (a) Gross 4,533,945 2,779,908 (b) Fund Reserve 6,340,460 28,912,827 (c) Premium Discontinuance Fund - Linked 431,538 6,401 (d) (Amount ceded in Re-insurance) (823,696) (32,122)(e) Amount accepted in Re-insurance — —

Total (C) 37,528,468 51,010,763

Surplus (D) = (A) - (B) - (C) 6,496,815 4,876,189 Appropriations

Transfer to Shareholders’ Account (Refer Schedule 16 Note 7) 7,107,686 3,290,689 Transfer to Other Reserve — —(Release from)/Transfer to Funds for Future Appropriation (610,871) 1,585,500

Total (D) 6,496,815 4,876,189

The total surplus as mentioned below :(a) Interim Bonuses Paid — —(b) Allocation of Bonus to Policyholders — —(c) Surplus shown in the Revenue Account 6,496,815 4,876,189

Total Surplus [(a)+(b)+(c)] 6,496,815 4,876,189

Signifi cant Accounting Policies and Disclosures 16The schedules and accompanying notes are an integral part of this Revenue account

73



Profi t and Loss Accountfor the year ended 31st March, 2012

BIRLA SUN LIFE INSURANCE COMPANY LIMITED Form A- PL


Shareholders’ Account (Non-Technical Account)


Particulars Schedule Year ended

31st March 2012

Year ended

31st March 2011

Amounts transferred from Policyholders’ Account (Technical Account) 7,107,686 3,290,689 (Refer Schedule 16 Note 7)Income from Investments

(a) Interest, Dividend & Rent - Gross 785,703 366,344 (b) Profi t on sale/redemption of investments 24,666 33,366 (c) (Loss) on sale/redemption of investments (346) (254)(d) Gain/(Loss) on Amortisation (6,397) (15,598)Other Income — —

Total (A) 7,911,312 3,674,547

Expense other than those directly related to the insurance business 16,679 4,753 Bad debts written off — —Provision (other than taxation)(a) For diminution in the value of investment (net) — —(b) Provision for doubtful debts — —(c) Others — —(d) Contribution to the Policyholders’ Account 3,287,343 619,836 (Refer Schedule 16 Note 7)

Total (B) 3,304,022 624,589

Profi t before tax 4,607,290 3,049,958 Provision for taxation — —Profi t after tax 4,607,290 3,049,958 Appropriations

(a) Balance at the beginning of the period (1,72,25,082) (20,275,040)(b) Interim dividends during the period 984,750 —(c) Proposed fi nal dividend — —(d) Dividend distribution tax 159,751 —(e) Transfer to reserves/other accounts — —Loss carried forward to Balance Sheet (13,762,293) (17,225,082)Earning Per Share (Basic and Diluted), Face Value of ` 10 (in ` ) 2.34 1.55 (Refer Schedule 16 Note 12)Signifi cant Accounting Policies and Disclosures 16The schedules and accompanying notes are an integral part of this Profi t and Loss Account


For S. R. Batliboi & Associates For Fraser & Ross For and on behalf of the Board of DirectorsChartered Accountants Chartered AccountantsFirm Registration No.101049W Firm Registration No. 000829S

per Amit Majmudar S. Ganesh Donald A. Stewart Gian P. Gupta Partner Partner Director DirectorMembership No. 36656 Membership No. 204108 Jayant Dua Mayank Bathwal Managing Director & CEO Chief Financial Offi cer

Niall O’hare Priscilla Sinha Chief Actuarial Offi cer Appointed Actuary

Ashish LakhtakiaMumbai, 28th April, 2012 Company Secretary

74



Balance Sheetfor the year ended 31st March, 2012

BIRLA SUN LIFE INSURANCE COMPANY LIMITED Form A-BS


Balance Sheet


Particulars Schedule As at

31st March 2012

As at

31st March 2011

Sources of FundsShareholders’ funds:Share Capital 5 19,695,000 19,695,000 Reserves and Surplus 6 4,800,000 4,800,000 Credit/(Debit)/Fair Value Change Account 47 1 Sub-Total 24,495,047 24,495,001 Borrowings 7 — —Policyholders’ Funds:Credit/(Debit) Fair Value Change Account (1,577) 69 Policy Liabilities 14,318,822 10,608,571 Insurance Reserves — —Provision for Linked Liabilities 180,060,213 170,233,983 Funds for discontinued policies(i) Discontinued on account of non-payment of premium 437,939 6,401 (ii) Others — —Credit/(Debit) Fair Value Change Account (Linked) 866,046 4,351,817 Total Linked Liabilities 181,364,198 174,592,201 Sub-Total 195,681,443 185,200,841 Funds for Future Appropriation– Linked Liabilities 3,958,870 4,569,742 Total 224,135,360 214,265,584 Application of FundsInvestmentsShareholders’ 8 10,153,273 6,972,707 Policyholders’ 8A 19,583,057 16,033,543 Assets Held to Cover Linked Liabilities 8B 181,364,198 174,592,201 Loans 9 250,239 263,070 Fixed Assets 10 395,861 399,823 Current AssetsCash and Bank Balances 11 6,404,658 5,885,242 Advances and Other Assets 12 2,380,549 1,371,709 Sub-Total (A) 8,785,207 7,256,951 Current Liabilities 13 9,617,592 8,008,286 Provisions 14 541,176 469,507 Sub-Total (B) 10,158,768 8,477,793 Net Current Assets (C) = (A-B) (1,373,561) (1,220,842)Miscellaneous Expenditure(To the extent not written off or Adjusted) 15 — —Debit Balance in Profi t and Loss Account (Shareholders’ Account) 13,762,293 17,225,082

Total 224,135,360 214,265,584

Signifi cant Accounting Policies and Disclosures 16The schedules and accompanying notes are an integral part of this Balance Sheet



per Amit Majmudar S. Ganesh Donald A. Stewart Gian P. Gupta Partner Partner Director DirectorMembership No. 36656 Membership No. 204108 Jayant Dua Mayank Bathwal Managing Director & CEO Chief Financial Offi cer



75



Schedulesfor the year ended 31st March, 2012

Schedule 1

Premium


ParticularsYear ended

31st March 2012

Year ended

31st March 2011

1 First Year Premium 18,434,624 20,292,655 2 Renewal Premium 39,591,916 35,967,640 3 Single Premium 827,054 510,370

Total Gross Premium 58,853,594 56,770,665

Premium Income from Business written : In India 58,853,594 56,770,665 Outside India — —

Total Premium 58,853,594 56,770,665

Note: Refer Schedule 16 Note 2 (c) (i)

Schedule 2

Commission expenses



31st March 2012

Year ended

31st March 2011

Commision PaidDirect - First Year Premium 1,774,394 2,451,080 Renewal Premium 1,463,689 1,344,985 Single Premium 15,919 9,730

Sub-total 3,254,002 3,805,795

Add:Commission on Re-insurance Accepted — — Less:Commission on Re-insurance Ceded — — Others :Bonus Commission — —

Net Commission 3,254,002 3,805,795

Breakup of Commission

ParticularsIndividual Agents 1,877,749 2,267,663 Brokers 342,279 305,981 Corporate Agents 1,032,219 1,231,930 Referral 1,755 221

Total 3,254,002 3,805,795

Note: Refer Schedule 16 Note 2 (e)

76




Schedule 3

Operating Expenses Related to Insurance Business



31st March 2012

Year ended

31st March 2011

1 Employees’ remuneration, welfare benefi ts and other manpower costs 5,790,187 5,238,451

2 Travel, conveyance and vehicle running expenses 249,607 203,273

3 Training expenses 138,251 136,511

4 Rents, rates and taxes 844,854 942,727

5 Repairs & maintenance 274,807 291,734

6 Printing and stationery 240,706 226,292

7 Communication expenses 253,704 295,254

8 Legal and professional charges 187,858 253,949

9 Medical fees 61,572 67,583

10 Auditor’s fees, expenses, etc.

(a) i) as auditor 5,400 4,100

ii) out of pocket expenses 315 317

(b) as advisor or in any other capacity,in respect of

i) Taxation services/matters — —

ii) Management services 284 900

11 Advertisement and publicity 807,893 1,000,435

12 Interest and bank charges 161,800 97,392

13 Others: 1) Distribution expenses 493,717 1,041,375

2) Agents recruitment, seminar and other expenses 32,228 9,946

3) Recruitment and seminar expenses 167,020 121,020

4) IT expenses (including maintenance) 346,390 315,233

5) Policy stamps 151,307 125,923

6) (Profi t)/Loss on sale of assets 1,033 13,991

7) Service Tax expenditure including provision for unutilised credit* [Refer schedule 16, note 33]

(74,056) (42,808)

8) Electricity expenses 179,917 173,290

9) Miscellaneous expenses 30,884 11,008

10) Outsourcing expenses 316,744 298,597

14 Depreciation 252,328 374,110

15 Service tax on premium 1,236,425 834,175

Total 12,151,175 12,034,778

* Includes reversal of impairment relating to unutilised credit of service tax for earlier years

77




Schedule 4

Benefi ts Paid (Net)



31st March 2012

Year ended

31st March 2011

1 Insurance Claims: (a) Claims by Death 2,568,600 1,928,459 (b) Claims by Maturity 133,217 61,800 (c) Annuities/Pension payment 554 944 (d) Other benefi ts (Surrender/Withdrawals/Health) 25,223,183 17,989,921 2 (Amount ceded in reinsurance): (a) Claims by Death (871,430) (633,591) (b) Claims by Maturity — — (c) Annuities/Pension Payment — — (d) Other benefi ts (Health) (7,903) (3,783)3 Amount accepted in reinsurance: (a) Claims by Death — — (b) Claims by Maturity — — (c) Annuities/Pension Payment — — (d) Other benefi ts — —

Total 27,046,221 19,343,749

Benefi ts paid to Claimants

1 In India 27,046,221 19,343,749 2 Outside India — —

Total 27,046,221 19,343,749

Note: Refer Schedule 16 Note 2 (d).

Schedule 5

Share Capital


ParticularsAs at

31st March 2012

As at

31st March 2011

1 Authorised Capital 3,750,000,000 Equity Shares of ` 10/- each 37,500,000 37,500,000 2 Issued, Subscribed & Paid-up Capital 1,969,500,000 Equity Shares (Previous Year : 19,695,000 19,695,000 1,969,500,000 Equity Shares) of ` 10/- each fully paid-up Less: Preliminary Expenses — —

Total 19,695,000 19,695,000

Note: Of the above,1,457,430,000 Equity Shares (Previous Year: 1,457,430,000 equity shares) of ` 10/- each are held by Aditya Birla Nuvo Limited, the holding Company.

78




Schedule 5A

Pattern of shareholding (As certifi ed by the Management)


ShareholderAs at 31st March 2012 As at 31st March 2011

Number of Shares % of Holding Number of Shares % of Holding

Promoters:

Indian 1,457,430,000 74% 1,457,430,000 74% Foreign 512,070,000 26% 512,070,000 26% Others — — — —

Total 1,969,500,000 100% 1,969,500,000 100%

Schedule 6

Reserves and Surplus


ParticularsAs at

31st March 2012

As at

31st March 2011

1 Capital Reserve — —2 Capital Redemption Reserve — —3 Share Premium Opening balance 4,800,000 4,800,000 Add: Additions during the year — — Less: Utilised during the year — 4,800,000 — 4,800,000 4 Revaluation Reserve — —5 General Reserve — —6 Catastrophe Reserve — —7 Balance of profi t in Profi t and Loss Account — —

Total 4,800,000 4,800,000

Schedule 7

Borrowings


ParticularsAs at

31st March 2012

As at

31st March 2011

1 Debentures/Bonds — —2 Banks — —3 Financial Institutions — —4 Others — —

Total — —

79




Schedule 8

Investments - Shareholders


ParticularsAs at

31st March 2012

As at

31st March 2011

LONG-TERM INVESTMENTS

1 Government securities and Government guaranteed bonds including Treasury Bills (Refer Schedule 16, note 18 (iii)) 5,789,609 3,439,8592 Other Approved Securities — —3 Other Investments (a) Shares — — (aa) Equity — — (bb) Preference — — (b) Mutual Funds — — (c) Derivative Instruments — — (d) Debentures/Bonds 607,814 513,599 (e) Other Securities 99,000 99,000 (f) Subsidiaries — — (g) Investment Properties-Real Estate — —4 Investments in Infrastructure and Social Sector 2,858,861 1,514,0045 Other than Approved Investments 296,530 25,000

Total (A) 9,651,814 5,591,462

SHORT-TERM INVESTMENTS

1 Government securities and Government guaranteed bonds including Treasury Bills 31,391 351,430 2 Other Approved Securities – Fixed Deposits — — – Others 68,443 480,1063 Other Investments (a) Shares (aa) Equity — — (bb) Preference — — (b) Mutual Funds 151,447 464,300 (c) Derivative Instruments — — (d) Debentures/Bonds 25,000 34,404 (e) Other Securities — — (f) Subsidiaries — — (g) Investment Properties - Real Estate — —4 Investments in Infrastructure and Social Sector 200,178 50,0005 Outstanding trades — —6 Other than Approved Investments 25,000 1,005

Total (B) 501,459 1,381,245

TOTAL (A) + (B) 10,153,273 6,972,707

Notes:

1 Aggregate amount of Company’s investments (other than listed equity securities, mutual fund and derivative instruments) and the market value thereof

ParticularsAs at

31st March 2012

As at

31st March 2011

Aggregate amount of Company’s investments other than listed equity securities, mutual fund and derivative instruments

10,001,826 6,507,402

Market value of above Investments 9,828,106 6,450,486

2 Investments in subsidiary/holding companies, joint ventures and associates at cost is ` Nil (Previous year ` Nil)3 Investments made out of Catastrophe reserve is ` Nil

4 Debt Securities are held to maturity and reduction in market values represent market conditions and not a permanent dimunition in value of investments, if any.

5 Historical cost of Mutual Fund included above is ` 151,400 (Previous Year: ` 465,304)6 Refer Schedule 16 Note 2 (f)

80




Schedule 8A

Investments - Policyholders


ParticularsAs at

31st March 2012

As at

31st March 2011


1 Government securities and Government guaranteed bonds including Treasury Bills 6,000,603 7,368,333 2 Other Approved Securities — —3 Other Investments (a) Shares

(aa) Equity 73,664 — (bb) Preference — — (b) Mutual Funds — — (c) Derivative Instruments — — (d) Debentures/Bonds 2,322,646 1,732,951 (e) Other Securities 6,000 1,000 (f) Subsidiaries — — (g) Investment Properties-Real Estate — —4 Investment in Infrastructure and Social Sector 3,569,947 2,094,562 5 Other than Approved Investments — —

Total (A) 11,972,860 11,196,846


1 Government securities and Government guaranteed bonds including Treasury Bills 4,005,956 739,477 2 Other Approved Securities – Fixed Deposits 348,600 1,000 – Others 1,505,969 2,282,824 3 Other Investments (a) Shares (aa) Equity — — (bb) Preference — — (b) Mutual fund 111,612 219,388 (c) Derivative Instruments — — (d) Debentures/Bonds 427,046 1,049,708 (e) Other Securities — — (f) Subsidiaries — — (g) Investment Properties - Real Estate — —4 Investment in Infrastructure and Social Sector 1,211,014 543,724 5 Other than Approved Investments — 576

Total (B) 7,610,197 4,836,697

TOTAL (A) + (B) 19,583,057 16,033,543

Notes:

1 Aggregate amount of Company’s investments (other than listed equity securities, mutual fund and derivative instruments) and the market value thereof

ParticularsAs at

31st March 2012

As at

31st March 2011

Aggregate amount of Company’s investments other than listed equity securities, mutual fund and derivative instruments

19,379,360 15,813,579

Market value of above Investments 19,189,316 15,650,371

2 Investments in subsidiary/holding companies, joint ventures and associates at cost is ` Nil (Previous year ` Nil)

3 Investments made out of Catastrophe reserve is ` Nil

4 Debt Securities are held to maturity and reduction in market values represent market conditions and not a permanent dimunition in value of investments, if any.

5 Historical cost of Mutual Fund & Equity included above is ` 111,577 (Previous Year: ` 219,895) and equity ` 93,696 (Previous year: Nil)

6 Refer Schedule 16 Note 2 (f)

81




Schedule 8B

Assets held to cover linked liabilities


ParticularsAs at

31st March 2012

As at

31st March 2011


1 Government securities and Government guaranteed bonds including Treasury Bills 22,360,052 17,589,769 2 Other Approved Securities — —3 Other Investments (a) Shares (aa) Equity 77,069,920 74,733,719 (bb) Preference — — (b) Mutual Funds — — (c) Derivative Instruments — — (d) Debentures/Bonds* 16,964,250 16,323,463 (e) Other Securities 496,000 596,000 (f) Subsidiaries — — (g) Investment Properties - Real Estate — —4 Investments in Infrastructure and Social Sector 26,109,378 22,360,128 5 Other than Approved Investments 8,533,233 9,882,995

Total (A) 151,532,833 141,486,074


1 Government securities and Government guaranteed bonds including Treasury Bills 24,112 597,780 2 Other Approved Securities – Fixed Deposits 4,248,200 975,000 – Others 12,652,313 15,459,298 3 Other Investments (a) Shares

(aa) Equity — — (bb) Preference — — (b) Mutual Funds 1,590,568 3,279,184 (c) Derivative Instruments — — (d) Debentures/Bonds 3,771,152 6,184,912 (e) Other Securities — — (f) Application Money — 82,447 (g) Subsidiaries — — (h) Investment Properties - Real Estate — —4 Investments in Infrastructure and Social Sector 3,336,708 1,571,312 5 Other than Approved Investments 1,227,575 799,838

Total (B) 26,850,628 28,949,771

OTHER ASSETS

1 Bank Balances 1,140,345 1,039,9762 Interest Accrued on Investments 2,391,635 1,860,6083 Fund Charges — — 4 Outstanding Contracts (Net) (551,243) 1,255,772

Total (C) 2,980,737 4,156,356

TOTAL (A) + (B) + ( C) 181,364,198 174,592,201

Notes:

1 ParticularsAs at

31st March 2012

As at

31st March 2011

* Investment in Aditya Birla Nuvo Limited (Holding Company) 248,365 895,699

82




Schedule 9

Loans


ParticularsAs at

31st March 2012

As at

31st March 2011

1 Security-wise classifi cation

Secured (a) On mortgage of property (aa) In India — — (bb) Outside India — — (b) On Shares, Bonds, Govt. Securities, etc. — — (c) Loans against Policies 250,239 263,070 (d) Others — — Unsecured — —

Total 250,239 263,070

2 Borrower-wise classifi cation

(a) Central and State Governments — — (b) Banks and Financial Institutions — — (c) Subsidiaries — — (d) Companies — — (e) Loans against Policies 250,239 263,070 (f) Others — —

Total 250,239 263,070

3 Performance-wise classifi cation

(a) Loans classifi ed as standard: (aa) In India 250,239 263,070 (bb) Outside India — — (b) Non-standard loans less provisions (aa) In India — — (bb) Outside India — —

Total 250,239 263,070

4 Maturity-wise classifi cation

(a) Short-term — — (b) Long-term 250,239 263,070

Total 250,239 263,070

Note: Refer Schedule 16 Note 2 (g).

83




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On

Sa

les/

Ad

just

-

men

ts

As

on

Ma

rch

31

,

20

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As

on

Ma

rch

31

,

20

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Ma

rch

31

,

20

11

Good

will

—

—

—

—

—

—

—

—

—

—

In

tang

ible

s (S

oftw

are)

7

54,4

23

80,

630

—

83

5,0

53

6

49,6

49

97,

380

—

74

7,0

29

8

8,0

24

1

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-Fre

ehol

d —

—

—

—

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aseh

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—

—

—

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Bu

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gs

—

—

—

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Furn

iture

& F

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120

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6

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96,

399

21,

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2,6

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5,6

34

7

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220

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1,96

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8,62

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0

174

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6,41

9 1

78

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9

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45,

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Othe

rs (L

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hold

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ents

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10,3

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348

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41

6,8

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739

6,8

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6,8

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7,7

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(Incl

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—

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—

90

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1

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nd

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tal

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82

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3

25

2,3

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3

Prev

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r 2

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rs

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31

,

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12

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on

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31

,

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11

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iture

& F

ittin

gs

25

5

548

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quip

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t 3

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15

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—

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86

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39

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84




Schedule 11

Cash and Bank Balances


ParticularsAs at

31st March 2012

As at

31st March 2011

1 Cash (including cheques on hand ` 821,286, Previous year ` 1,129,792) (Stamps on hand ` 6,018, Previous year ` 6,403)

984,884 1,313,508

2 Bank Balances (a) Deposit Accounts (aa) Short-term (due within 12 months) 3,349,701 3,991,000 (bb) Others — — (b) Current Accounts 2,070,073 580,734 (c) Others — —3 Money at Call and Short Notice (a) With Banks — — (b) With other Institutions — —4 Others — —

Total 6,404,658 5,885,242

Balances with non-scheduled banks included in 2 above — — Cash and Bank Balances

1 In India 6,404,658 5,885,2422 Outside India — —

Total 6,404,658 5,885,242

85




Schedule 12

Advances and Other Assets


ParticularsAs at

31st March 2012

As at

31st March 2011

ADVANCES

1 Reserve deposits with ceding companies — —2 Application money for investments — —3 Prepayments 186,482 157,1464 Advances to Directors/Offi cers — —5 Advance tax paid and taxes deducted at source 12,483 10,4406 Other advances a) Advance to Suppliers/Contractors 163,251 106,574 b) Others 29,328 41,390

Total (A) 391,544 315,550

OTHER ASSETS

1 Income accrued on Investments 845,630 553,8292 Outstanding Premiums 408,555 61,1383 Agent’s Balances (gross) 34,171 20,963 Less: Provision for doubtful debts — 34,171 — 20,9634 Foreign Agencies Balances — —5 Due from other Entities carrying on

insurance business 516 70

6 Due from holding company — — 7 Deposit with Reserve Bank of India — — 8 Service Tax unutilised credits 221,762 181,234 Less: Provision for Service Tax unutilised credits (107,160) 114,602 (181,234) — 9 Others- Deposits & Others 435,531 420,159 Outstanding Trades — — Insurance Policies (Leave Encashment) 150,000 — Application money for Investment — —

Total (B) 1,989,005 1,056,159

Total (A + B) 2,380,549 1,371,709

86




Schedule 13

Current Liabilities


ParticularsAs at

31st March 2012

As at

31st March 2011

1 Agent’s Balance 561,024 403,5912 Balances due to other insurance companies 78,048 65,9103 Deposits held on re-insurance ceded — —4 Premiums received in advance 2,008,670 1,498,7095 Unallocated premiums 159 8,1986 Sundry Creditors* 3,040,571 3,320,4277 Due to holding company — —8 Claims outstanding 23,660 16,395 9 Annuities Due — —10 Due to Offi cers/Directors — —11 Others (a) Policy Application and other Deposits 694,695 657,332 (b) Due to Policyholders 108,591 88,357 (c) Taxes Payable 116,047 97,746 (d) Temporary Overdraft (as per books only) — 6,89,279 (e) Unclaimed amounts of policyholders 2,001,377 1,162,342 (f) Interim dividend payable 984,750 —

Total 9,617,592 8,008,286

* There are no Micro, Small and Medium Enterprises to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March 2012.This information as required to be disclosed under the Micro, Small & Medium Enterprises Development Act ,2006 has been determined to the extent such parties have been identifi ed on the basis of information available with the Company.

Schedule 14

Provisions


ParticularsAs at

31st March 2012

As at

31st March 2011

1 For taxation a) Provision for wealth tax 684 5932 For proposed dividends — —3 For dividend distribution tax — —4 Others a) Provision for long-term bonus plan [Refer Schedule 16, Note 26(a) & (b)] 375,462 250,392 b) Provision for renewal bonus [Refer Schedule 16, Note 26(b)] 664 290 c) Provision for gratuity [Refer Schedule 16, Note 27(a)(i)] 2,602 12,772 d) Provision for leave encashment [Refer Schedule 16, Note 27(a)(ii)] 161,764 205,460

Total 541,176 469,507

Schedule 15

Miscellaneous Expenditure

(To the extent not written off or adjusted)(Amounts in thousands of Indian Rupees)

ParticularsAs at

31st March 2012

As at

31st March 2011

1 Discount Allowed in issue of shares/debentures — —2 Others — —

Total — —

87



BIRLA SUN LIFE INSURANCE COMPANY LIMITED


Schedules forming part of the Financial Statements for the year ended 31st March 2012

(Amounts in thousands of Indian Rupees unless otherwise stated)

Schedule 16

Notes to the Financial Statements

1. Background

Birla Sun Life Insurance Company Limited (‘the Company’), headquartered at Mumbai, had commenced operations on 19th March 2001, after receiving the license to transact life insurance business in India from the Insurance Regulatory and Development Authority (‘IRDA’) on 31st January 2001. The license has been renewed annually and is in force as at 31st March 2012.

The Company is a joint venture between Aditya Birla Nuvo Limited, a Company of the Aditya Birla Group of India (74 percent) and Sun Life Financial (India) Insurance Investments Inc., subsidiary of Sun Life Assurance Company of Canada (26 percent). The Company offers non – participating linked and non-linked life insurance, health and pension products including riders for individual and group businesses. These products are distributed through individual agents, corporate agents, banks, brokers and other intermediaries across the country.

2. Signifi cant Accounting Policies

a) Basis of preparation

The accompanying fi nancial statements have been prepared and presented under the historical cost convention, on the accrual basis of accounting, in accordance with the accounting principles generally accepted in India, in compliance with the Accounting Standards (‘AS’) Rules, 2006, in terms of section 211(3C) of the Companies Act, 1956, to the extent applicable, and in accordance with the provisions of the Insurance Act, 1938, the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditors’ Report of Insurance Companies) Regulations, 2002 (‘the regulations’), the Insurance Regulatory and Development Authority Act, 1999, various circulars issued by IRDA and practices prevailing in the insurance industry in India. The accounting policies have been consistently applied by the Company.

The management evaluates all recently issued or revised accounting pronouncements on an ongoing basis.

b) Use of estimates

The preparation of the fi nancial statements in conformity with generally accepted accounting principles (‘GAAP’) requires that the Company’s management make estimates and assumptions that affect the reported amounts of income and expenses for the year, reported balances of assets and liabilities and disclosures relating to contingent liabilities as of the date of the fi nancial statements. The estimates and assumptions used in the fi nancial statements are based upon management’s evaluation of the relevant facts and circumstances as on date of the fi nancial statement. Any revision to accounting estimates is recognised prospectively. Examples of such estimates include valuation of policy liabilities, provision for linked liabilities, funds for future appropriations, provision for doubtful debts, valuation of unlisted securities, if any, valuation of debt securities, future obligations under employee retirement benefi ts plans and the useful lives of fi xed assets, etc. Actual results could differ from these estimates.

c) Revenue recognition

i. Premium Income Premium is recognised as income when due from policyholders. For unit linked business, premium income is recognised when

the associated units are created. Premium on lapsed policies is recognised as income when such policies are reinstated. In case of Linked Business, top up premiums paid by policyholders are considered as single premium and are unitised as prescribed by the regulations. This premium is recognised when the associated units are created.

ii. Income from Investments Interest income on investments is recognised on accrual basis. Accretion of discount and amortisation of premium relating to

debt securities is recognised over the remaining maturity period on a straight-line basis.

Dividend income is recognised when the right to receive dividend is established.

The realised gain/loss on debt securities for other than linked business is the difference between the net sale consideration and amortised cost.

The realised gain/loss on debt securities held for linked business and on sale of equity shares/mutual fund units is the difference between the net sale consideration and weighted average cost.

iii. Reinsurance premium Reinsurance premium ceded is accounted for at the time of recognition of the premium income in accordance with the terms and

conditions of the relevant treaties with the reinsurers. Impact on account of subsequent revisions to or cancellations of premium are recognised in the year in which they occur.

iv. Income from linked policies Income from linked policies, which include asset management fees, policy administration charges, mortality charges and other

charges, if any, are recovered from the linked funds in accordance with the terms and conditions of the policies and recognised when due.

Interest income on loans is recognised on an accrual basis and disclosed under other income.


88



d) Benefi ts paid (including claims)

Death and other claims are accounted for, when notifi ed. Survival and maturity benefi ts are accounted when due. Surrenders/Withdrawals under linked policies are accounted in the respective schemes when the associated units are cancelled. Reinsurance recoverable thereon, if any, is accounted for in the same period as the related claim. Repudiated claims disputed before judicial authorities are provided for based on management prudence considering the facts and evidences available in respect of such claims.

e) Acquisition costs

Acquisition costs are costs that vary with and are primarily related to acquisition of insurance contracts. Acquisition costs mainly consists of commission, medical costs, policy printing expenses, stamp duty and other related expenses. These costs are expensed in the year in which they are incurred. Clawback of the fi rst year commission paid, if any, in future is accounted in the year in which it is recovered.

f) Investments

Investments are made in accordance with the Insurance Act, 1938, the Insurance Regulatory and Development Authority (Investment) Regulations, 2000, the Insurance Regulatory and Development Authority (Investment) (Amendment) Regulations, 2001 and various other circulars/notifi cations issued by the IRDA in this context from time to time.

Investments are recorded at cost on the date of purchase, which includes brokerage and stamp duty, taxes, etc, if any, but excludes pre-acquisition interest i.e. (from the previous coupon date to the transaction settlement date), if any, on purchase.

i. Classifi cation Investments maturing within twelve months from the balance sheet date and investments made with specifi c intention to

dispose off within twelve months are classifi ed as short-term investments.

Investments other than short-term investments are classifi ed as long-term investments.

ii. Debt securities

• Policyholders’ non-linked funds and shareholders’ investments: All debt securities, including government securities, are considered as ‘held to maturity’ and stated at amortised cost.

The discount or premium which is the difference between the purchase price and the redemption amount of fi xed income securities is amortised and recognised in the revenue account or the profi t and loss account, as the case may be, on a straight line basis over the remaining period to maturity of these securities.

• Policyholders’ linked funds: All debt securities, including government securities, are valued using CRISIL Bond Valuer/CRISIL Gilt Prices, as applicable. The

discount or premium on money market instruments (except treasury bills) which is the difference between the purchase price and the redemption amount is amortised and recognised in the revenue account on a straight line basis over the remaining period to maturity of these securities.

iii. Equity shares Listed equity shares are valued and stated at fair value, using the last quoted closing prices on the National Stock Exchange

(NSE), at the balance sheet date. If the equity shares are not traded on the NSE, then closing prices of the Bombay Stock Exchange (BSE) is considered. Equity shares acquired through primary markets and awaiting listing are valued at their issue price. Unlisted equity shares are valued as per the valuation policy of the Company duly approved by Investment Committee.

A provision is made for diminution, if any, in the value of these shares to the extent that such diminution is other than temporary.

iv. Mutual Funds Mutual fund units are valued at previous day’s Net Asset Value.

v. Gain/loss on equity and mutual funds Unrealised gains/losses are recognised in the respective fund’s revenue account as fair value change in case of linked funds.

Unrealised gain/loss due to changes in fair value of listed equity shares and mutual funds are taken to the Fair Value Change account for other than linked business and are carried to the Balance Sheet.

Diminution in the value of investments as at the balance sheet date, other than temporary, is recognised as an expense in the Revenue/Profi t and Loss account.

vi. Investment transfer Transfers of Investments from Shareholders’ funds to the Policyholders’ funds are affected at the lower of amortised cost or market

value in respect of all debt securities including money market instruments and at the market value in case of other securities.

Inter-fund transfer of debt securities relating to Linked Policyholders’ Funds is effected at last available market value as per methodology specifi ed in the Inter Fund transfer policy approved by Investment committee. Inter fund transfer of equity are done during market hours at the prevailing market price.

vii. Impairment on Investment The carrying amounts of investments are reviewed at each balance sheet date, if there is any indicator of impairment based on

internal/external factors. An impairment loss is recognised as an expense in Revenue/ Profi t or Loss account, to the extent of difference between the re-measured fair value and the acquisition cost as reduced by any previous impairment loss recognised as expense in Revenue/ Profi t and Loss Account. Any reversal of impairment loss, earlier recognised in profi t and loss account shall be recognised in Revenue/ Profi t and Loss account.


89



g) Loans against policies

Loans against policies are valued at the aggregate of book values (net of repayments) plus capitalised interest and are subject to impairment, if any.

h) Fixed assets, intangibles and depreciation

i. Fixed assets and depreciation Fixed assets are stated at cost less accumulated depreciation. Cost includes the purchase price and any cost directly attributable

to bringing the asset to its working condition for its intended use. Subsequent expenditure incurred on fi xed assets is expensed out in the year of expense except where such expenditure increases the future economic benefi ts from the existing assets.

Advances paid towards the acquisition of fi xed assets outstanding at each balance sheet date and the cost of fi xed assets not ready for its intended use before such date are disclosed under capital work-in-progress.

Assets costing upto ` 5,000 are fully depreciated in the year of acquisition. The rate of depreciation is higher of the management estimate based on useful life or the rates prescribed in Schedule XIV to the Companies Act, 1956. Depreciation on fi xed assets is provided using the straight-line method based on the economic useful life of assets as estimated by the management are as below;

Sr No. Asset Type Estimated useful life (In years)

1 Leasehold Improvements and Furniture and fi ttings at leased premises

5 years or the maximum renewable period of the respective leases, whichever is lower

2 Furniture & fi ttings (other than (1) above) 53 Information Technology Equipment 34 Vehicles 55 Offi ce Equipment 56 Mobile Phones (included in offi ce equipment under schedule 10) 2

Any additions to the original fi xed assets are depreciated over the remaining useful life of the original asset.

ii. Intangibles Intangible assets comprise of software licenses which are stated at cost less amortisation. Software expenses exceeding

` 1,000 incurred on customisation of software (other than for maintenance of existing software) are capitalised. Software licenses are amortised using Straight Line Method over a period of 3 years from the date of being ready for use.

iii. Impairment of Assets At each balance sheet date, management assesses whether there is any indication, based on internal/external factors, that an

asset may be impaired. Impairment occurs where the carrying value exceeds the present value of future cash fl ows 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 refl ected at the recoverable amount, subject to maximum of depreciable historical cost.

i. Operating leases

The Company classifi es leases, where the lessor effectively retains substantially all the risks and benefi ts of ownership over the lease term, as Operating Leases. Operating lease rentals are recognised as an expense on a straight line basis over the non cancellable lease period.

j. Employee benefi ts

i. Short-Term Employee Benefi ts All employee benefi ts payable within twelve months of rendering the service are classifi ed as short-term employee benefi ts.

Benefi ts such as salaries & bonuses are recognised in the period in which the employee renders the related service.

ii. Long-Term Employment Benefi ts The Company has both defi ned contribution and defi ned benefi t plans. These plans are fi nanced by the Company.

• Defi ned Contribution Plans: The Company has established defi ned contribution schemes for provident fund and superannuation to provide retirement

benefi ts to its employees. Contributions to the provident fund and the superannuation schemes are made on a monthly basis and charged to revenue account when due.

• Defi ned Benefi t Plans: Gratuity liability is defi ned benefi t obligation and is funded. The Company accounts for liability for future gratuity benefi ts

based on independent actuarial valuation under revised Accounting Standard 15.

iii. Other Employee Benefi ts: Compensated absences are entitled to be carried forward for future encashment or availment, at the option of the employee

during the tenure of the employment, subject to the rules framed by the Company in this regard. Accumulated compensated absences entitlements outstanding at the close of the year are accounted on the basis of an independent actuarial valuation. Accumulated entitlements at the time of separation are entitled to be encashed.


90



k. Renewal bonus

Renewal bonus is payable to the individual insurance agents and a segment of the sales force. This constitutes a part of the fi rst year commission/incentives against receipt of the fi rst year premium but due and payable at the end of the expiry of two years of the policy and is accrued for in the year of sale of the policy, subject to the intermediaries’ and policy’s continued persistency.

l. Foreign Currency Transactions

Transactions in foreign currency are recorded at the rate of exchange prevailing at the date of the transaction. Monetary assets and liabilities in foreign currency are translated at the rates existing as at the balance sheet date. The resulting exchange gain or loss for revenue transactions is refl ected, in the revenue account or the profi t and loss account, as the case may be.

m. Segment reporting

As per Accounting Standard 17 on ‘Segment Reporting’ read with the IRDA Financial Statements Regulations, the Company is required to report segment results separately for linked, non-linked, health and pension businesses. The business is broadly classifi ed as Unit Linked and Non Linked businesses, which are further segmented into Individual Life, Group Life, Individual Pension, Group Pension and Individual Health businesses. Accordingly, the Company has prepared the revenue account and balance sheet for these primary business segments separately. Since the business operation of the Company is in India only, the same is considered as one geographical segment.

The following basis has been used for allocation of revenues, expenses, assets and liabilities to the business segments:

• Revenues, expenses, assets and liabilities directly attributable and identifi able to business segments, are allocated on actual basis; and

• Other expenses, assets and liabilities which are not directly identifi able though attributable to a business segment and other indirect expenses, are allocated on the following bases, as considered appropriate by the management:

➢ Cash premium;

➢ Renewal premium;

➢ First year commission;

➢ Sum assured;

➢ Policy liability;

➢ Asset under management; and

➢ Death claim.

The accounting policies, used in segment reporting, are the same as those used in the preparation of the fi nancial statements.

n. Taxation

i. Direct Taxes The Income-Tax Act, 1961 prescribes that profi ts and gains of life insurance companies will be the surplus or defi cit disclosed

by the actuarial valuation made in accordance with the Insurance Act, 1938.

Deferred income tax is recognised for future tax consequences attributable to timing differences between income as determined by the fi nancial statements and the recognition for income tax purposes. The effect on deferred tax assets and liabilities of a change in tax rates is recognised using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax assets are recognised only to the extent there is reasonable certainty that the assets can be realised in future. However, where there is unabsorbed depreciation or carried forward loss under taxation law, deferred tax assets are recognised only if there is virtual certainty backed by convincing evidence that such deferred assets can be realised. Deferred tax assets are reviewed as at each balance sheet date and written down or written up to refl ect the amount that is reasonably or virtually certain, as the case may be, to be realised.

Provision for wealth tax is made at the appropriate rates, as per the applicable provisions of Wealth Tax Act, 1957.

ii. Indirect Taxes The Company claims credit of service tax for input services, which is set off against tax on output services. As a matter

of prudence, unutilised credits are deferred for recognition until such time that there is reasonable certainty of utilisation. A provision is created against unutilised credit based on estimated realisation of such unutilised credit.

o. Provisions and Contingencies

A provision is recognised when the Company has a present legal obligation as a result of past event/s and it is probable that an outfl ow of resources will be required to settle the obligation, in respect of which reliable estimate can be made. These are reviewed at each balance sheet date and adjusted to refl ect current best estimates. A disclosure for contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outfl ow of resources or it cannot be reliably estimated. When there is a possible obligation or a present obligation in respect of which the likelihood of outfl ow of resources is remote, no provision or disclosure is made. A contingent asset is neither recognised nor disclosed.

p. Funds for Future Appropriation

Amounts estimated by the Appointed Actuary as Funds for Future Appropriation (FFA) in respect of lapsed Unit Linked Policies are set-aside in the balance sheet and are not available for distribution to shareholders until expiry of the revival period.


91



q. Earnings Per Share

Basic earning per share is calculated by dividing the net profi t or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. For the purpose of calculating diluted earning per share, the net profi t or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

3. Contingent liabilities

Sr. No. Particulars As at

31st March 2012

As at

31st March 2011

1 Partly paid-up investments Nil 450,000 2 Claims, other than against policies, not acknowledged as debts by the Company 24,414 4,7073 Underwriting commitments outstanding Nil Nil4 Guarantees given by or on behalf of the Company Nil Nil5 Statutory demands/liabilities in dispute, not provided for Refer Note

Below

Refer Note Below

6 Reinsurance obligations to the extent not provided for in the accounts Nil Nil7 Others* 153,338 118,935

* Represents potential liability to the Company (net of reinsurance) in respect of cases fi led against the Company’s decision of repudiation of death claims and customer complaints.

Note: The company has received Show Cause-Cum-Demand notices in earlier period relating to Service Tax demands related to excess utilisation of CENVAT credit against liability on risk premium and payment of reimbursements to agents aggregating to ` 309,471 (previous year ` 443,025) plus applicable interest and penalty, which is contested.

4. Percentage of Business Sector-wise

Particulars Current Year Previous Year

Number of

Individual life

policies

Number of

Group lives

covered

First year

and single

premium

Number of

Individual life

policies

Number of

Group lives

covered

First year

and single

premium

Total Business 847,278 1,019,852 19,261,677 1,004,093 745,652 20,803,024 Rural Sector 256,226 — 16,813 316,954 — 21,352 As a % of Total Business 30.24% — 0.09% 31.57% — 0.10%Social Sector — 63,357 2,016 — 144,750 5,674 As a % of Total Business — 6.21% 0.01% 0.00% 19.41% 0.03%

5. Reinsurance premium includes credit relating to earlier years amounting to ` NIL (Previous Year ` 204,200). On account of this the Surplus in Revenue account for the previous year is higher by ` 204,200.

6. Benefi ts paid include charges in respect of discount allowed to the policyholders’ amounting to ` 84,675 (Previous year ` 43,681) for advance payment of future premiums subject to prepayment conditions.

7. Contribution from shareholders’/policyholders’ account

The net surplus of ` 3,820,343 (Previous year: ` 2,670,853) based on the actuarial valuation made in accordance with the Insurance Act, 1938 and as certifi ed by the appointed actuary is being transferred from policyholders’ account to shareholders’ account. The details are tabulated below:

Surplus/(Defi cit) of Non Par Business Segments Current Year Previous Year

Linked Individual 6,162,405 2,689,123 Linked Group # (20,981) 31,360 Linked Individual Pensions 654,487 536,040 Linked Group Pensions # 72,434 — Linked Health (23,394) 408Non Linked Individual (3,172,316) (576,072)Non Linked Group # (66,142) (43,764)Non Linked Individual Pensions (4,510) 17,310 Non Linked Group Pensions # 188,426 —Non Linked Health 29,934 16,448

Net Surplus for Non Par Policyholders’ 3,820,343 2,670,853

# Group linked and non linked business has been bifurcated into life and pension from the current year.


92



8. Operating lease commitments

In accordance with Accounting Standard 19 on Leases, the details of leasing arrangements entered into by the Company are as under:

The Company has entered into agreements in the nature of cancellable and non-cancellable lease/leave and license agreements with different lessors/licensors for the purpose of establishment of offi ce premises, leasehold improvements, furniture and fi xtures, information technology and offi ce equipments. These are generally in the nature of operating leases/ leave and licenses.

The operating lease rentals charged during the year and maximum obligations on operating lease payable at the balance sheet date, as per the rentals stated in the agreements are as follows:


Total lease rentals charged to Revenue Account 724,514 835,348 Lease obligations for non–cancellable leases– Within one year of the balance sheet date 532,196 243,762– Due in a period between one year and fi ve years 613,173 292,478– Due after fi ve years 37,422 NIL

9. Foreign exchange gain/(loss)

The Company has recorded foreign exchange gain of ` 6 in the Revenue Account and the same is included under “Interest and Bank Charges” in Schedule 3 (Previous Year Loss: ` 41).

10. Managerial remuneration

The appointment of managerial personnel is in accordance with the requirements of Section 34A of the Insurance Act, 1938 and is approved by the IRDA.

(i) Mr. Jayant Dua has been appointed as Managing Director since 1st July 2010. Below is the tabular presentation of managerial remuneration for current year and previous year;


Salary 14,274 3,900 Other allowances 9,708 3,545 Contribution to:– Provident fund 795 468 – Superannuation fund 993 585 Perquisites 450 3,315

Total* 26,220 11,813

* Of the above, amount of ` 11,220 (previous year ` 1,000) has been borne by shareholders’. The remuneration stated above excludes gratuity and leave encashment, accrued based on actuarial valuation for the Company’s overall liability and performance/long-term bonus estimated and payable based on overall company performance.

(ii) Sitting Fees paid to independent directors in the current year is ` 480 (Previous Year: ` 420).

11. As required by circular no. 067/IRDA/F&A/CIR/MAR-08 dated 28th March 2008. Break up of Operating expenses incurred under the following heads;

(Previous year fi gures are presented in brackets)

Particulars Business

Development Outsourcing

Agents recruitment, seminar and other expenses 32,228 (9,946)

Distribution Expenses 493,717 (1,041,375)

Miscellaneous Expenses 23,379 (1,669)

Recruitment and Seminar Expenses 167,020 (16,395)

Outsourcing Expenses 316,744 (298,597)

Total 716,344 316,744

(1,069,385) (298,597)


93



12. Earnings per Share


Profi t/(loss) as per profi t and loss account 4,607,290 3,049,958 Weighted average number of equity shares 1,969,500,000 1,969,500,000 Earnings per share (Basic and Diluted) # 2.34 1.55 Face Value per share # ` 10 ` 10

# Amount in absolute Indian Rupees

13. Actuarial assumptions

The actuarial liabilities are calculated in accordance with accepted actuarial practice, requirements of Insurance Act, 1938, Regulations notifi ed by Insurance Regulatory and Development Authority and Guidance Notes prescribed by the Institute of Actuaries of India.

Unit Reserves Unit reserves are computed by multiplying the number of units with the unit price.

Non Unit Reserves Prospective gross premium cash fl ow method is used to compute the non unit liabilities in respect of the policies in force as at

March 31, 2012.

The cash fl ows are projected based on assumptions that refl ect the expected future experience and have an appropriate allowance for margins for adverse deviations. The major assumptions relate to mortality, interest, expenses, policy persistency and premium persistency.

Mortality rates are derived based on the Indian Assured Lives Mortality (1994-1996) table after making suitable adjustments depending on the type of the product. Interest rates used to discount the future cash fl ows vary from 4.51% to 7.50%. A prudent assumption is made for investment growth on the unit funds. An appropriate allowance is made for future policy maintenance expenses and investment expenses. Policy persistency rates are derived based on expected future policyholder behavior. For unit linked business, the discontinuance of premiums by the policyholders while keeping the benefi ts in force is allowed for by appropriate premium persistency assumptions varying by product.

Additional provisions are made towards: I. Investment guarantees for unit linked business II. Substandard lives III. Unearned premium (in accordance with IRDA Circular 50/IRDA/ACTL/CIR/GEN/050/03/2010) IV. Reserves for free look option given to the policyholders V. Lapse policies eligible for revivals (in accordance with IRDA Circular 41/IRDA/ACTL/Mar-2006)

For group yearly renewable term business, unearned premium method is used to compute the reserves. In addition to the unearned premium method, provision is also made for incurred but not reported claims.

14. Disclosure of discontinued linked policies

As required by circular no. IRDA/Reg/2/52/2010 dated 1st July 2010 relating to treatment of discontinued linked insurance policies, the disclosures are as under:-

Particulars Sub Total Current Year Sub Total Previous Year

Opening balance of funds for discontinued policies

Add: Fund of policies introduced in PD Fund

Less: Fund of policies revived in PD Fund

Add/(Less): Realised & Unrealised gain/loss

494,126

74,742

6,401

419,384

12,154

6,372

—

—

6,372

29

Closing balance of funds for discountinued policies 437,939 6,401Other disclosures:

a) Number of policies discontinued during the year

b) Percentage of discontinued to total policies (product wise) during the year

BSLI Foresight Plan

BSLI Platinum Advantage

BSLI Classic Child 2010 Plan

BSLI Classic Endowment 2010 Plan

BSLI Classic Life 2010 Plan

BSLI Dream Child 2010 Plan

BSLI Dream Endowment 2010 Plan

BSLI Dream Life 2010 Plan

c) Number and percentage of the policies revived during the year

d) Charges imposed on account of discontinued policies

32,420

0.01%

14.12%

14.53%

18.17%

19.30%

16.61%

21.68%

15.98%

3,420

30,418

1,249

—

1.22%

—

1.78%

—

—

1.60%

—

—

587


94



15. Percentage of risk-retained and risk-reinsured


Sum Assured % Sum Assured %

Individual Business

Risk-retained 591,832,042 43.58% 559,191,377 45.62%Risk-reinsured 766,288,695 56.42% 666,522,525 54.38%

Total Individual Risk 1,358,120,737 100.00% 1,225,713,902 100.00%

Group Business

Risk-retained 184,304,328 23.88% 109,325,450 24.88%Risk-reinsured 587,532,447 76.12% 330,144,902 75.12%

Total Group Risk 771,836,775 100.00% 439,470,352 100.00%

16. Encumbrances

As on 31st March 2012, there were no encumbrances (Previous year: ` Nil) on the assets of the Company.

17. Commitments made and outstanding on Loans, Investments and Fixed Assets

The commitments made and outstanding for fi xed assets by the Company as at 31st March 2012 are ` 30,987 (Previous Year: ` 47,755) net of advances.

18. Investments

i. Value of contract outstanding Value of contracts in relation to investments where purchases have been made and deliveries are pending is ` 1,639,368 (Previous

year: ` 1,199,120) as at the balance sheet date. There are no investment contracts where sales have been made and payments are overdue as at the balance sheet date.

ii. Historical costs As at 31st March 2012, the aggregate historical cost and market value of Linked investments, which are valued at fair value, is

` 177,202,046 and ` 178,383,461 respectively (Previous Year: ` 165,603,919 and ` 170,353,399 respectively).

iii. Statutory deposits As on 31st March 2012, the Company has securities with face value of ` 115,000 (Previous Year: ` 115,000) in CSGL Account with

Deutsche Bank, as required under Section 7 of the Insurance Act, 1938. The market value of these securities as at 31st March 2012 was ̀ 110,860 (Previous Year: ` 114,253).

As on 31st March 2012, the Company also has collateral deposit of Government Security with face value of ` 260,000 (Previous Year ` 260,000) and cash ` 25,200 (Previous Year ` 25,200) with Clearing Corporation of India Limited.

19. Allocation of investments and income

The funds of the shareholders and the policyholders are kept separate and records are maintained accordingly. Investments made out of the shareholders’ and policyholders’ funds are tracked from their inception and the income thereon is also tracked separately. Since the actual funds, investments and income thereon are tracked and reported separately, the allocation of investments and income is not required.

20. Policyholders’ liabilities adequately backed by assets


Policyholders’ liabilities (Including funds for future appropriation) (18,277,404) (15,178,027)Investments (As per schedule 8A)* 17,770,960 14,810,445Loans to policyholders (As per schedule 9) 250,239 263,070Fixed deposits, bank balances and cheques on hand (As per schedule 11) 469,863 53,017Other receivables under schedule 12 representing “Advances and other assets” (206,595) 147,849

*excludes prepayment fund (Liability fi gures are presented in brackets)

21. Assets in the Internal Funds

The Company has presented the fi nancial statements of each internal fund to which the policyholders can link their policy in Annexure 3. Also additional disclosures as required by the Circular dated 20th February 2007 issued by IRDA are given in Annexure 3A.

22. Assets restructured during the year


Total amount of loan assets subject to restructuring Nil NilTotal amount of standard assets subject to restructuring Nil NilTotal amount of sub-standard assets subject to restructuring Nil NilTotal amount of doubtful assets subject to restructuring Nil Nil

23. Claims

The claims settled and remaining unpaid for a period of more than six months as at the balance sheet date amount to ` 16,202 (Previous Year ` 15,156). Reinsurance recoverable is netted off against claim expenses incurred.


95



24. Foreign currency exposure

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

• Amount payable in foreign currency in respect of import of services ` 3,432 (US$67.10 thousands) and previous year ` 4,952 (US$ 111 thousands).

25. Disclosure for Unclaimed Amount of Policyholders

Age-wise analysis of unclaimed amount by Policyholders/insured as required by circular no. IRDA/F&I/CIR/CMP/174/11/2010 dated 4th November 2010;

Particulars

Total

Amount

AGE-WISE ANALYSIS

1-6 months* 7-12

months

13-18

months

19-24

months

25-30

months

31-36

months

Beyond

36

months

Claims settled but not paid to the policyholders/insureds due to any reasons except under litigation from the insured/policyholders

1,053,376 1,037,174 2,170 190 6,388 895 2,396 4,163

(545,702) (530,546) (7,767) (514) (2,711) (711) (744) (2,708)

Sum due to the insured/ policyholders on maturity or otherwise

318,989 295,290 5,606 8,431 1,914 2,948 265 4,535 (297,502) (286,644) (2,239) (3,400) (331) (1,401) (3,045) (443)

Any excess collection of the premium/tax or any other charges which is refundable to the policyholders either as terms of conditions of the policy or as per law or as may be directed by the Authority but not refunded so far

— — — — — — — —

— — — — — — — —

Cheques issued but not encashed by the policyholder/insured

1,811,978 1,182,965 204,557 159,259 96,152 51,689 46,697 70,659(1,081,328) (762,190) (130,568) (62,633) (52,858) (28,850) (21,187) (23,042)

Total 3,184,343 2,515,430 212,332 167,880 104,453 55,533 49,358 79,356

Previous Year (1,924,532) (1,579,379) (140,574) (66,548) (55,900) (30,961) (24,976) (26,193)

*Includes amounts outstanding for a period of less than 1 month# Previous year amounts are in brackets

The cheques issued but not encashed by policyholder/insured category includes ` 1,182,965 (Previous Year ` 762,190) pertaining to cheques which are within the validity period but not yet encashed by policyholders. This amount forms a part of bank reconciliation statement and consequently not considered in unclaimed amount of policyholders under Schedule 13 – Current Liabilities.

26. Provisions

(a) Employee Long-term Bonus Plan (‘the Plan’) The Company has estimated and recognised a liability of ` 391,369 (Previous Year ` 257,131) in respect of employee benefi ts arising

out of the “Employee Phantom Unit Plan” (the “Bonus Plan”) announced by it. The cost estimate is determined after factoring in assumptions in respect of criteria identifi ed in the Bonus Plan which include the following:

a. Units granted to employees under different options under the plan b. Maximum payout over vesting period per unit c. Employee attrition rate d. Performance condition

(b) Additional information in respect of provision shown as “Provision for Long Term Bonus Plan” and “Provision for Renewal Bonus” in Schedule 14:

Particulars Long-Term Bonus Plan Renewal Bonus

Current Year Previous Year Current Year Previous Year

Opening balance 257,131 52,270 2,932 5,735 Additional provision made 156,516 214,304 (778) (831)Incurred and charged Nil Nil 1,200 1,972 Unused amounts reversed (22,278) (9,443) 290 Nil Closing balance 391,369 257,131 664 2,932 Nature of obligation Long-Term Bonus Long-Term Bonus Renewal Bonus Renewal Bonus Expected timing 3 Years 4 Years 2 years 2 years Assumptions * Refer note above * Refer note above 100% 100%


96



27. Employee benefi ts

(a) Defi ned benefi t plans

i) Gratuity

The Company provides for gratuity, a defi ned benefi t retirement plan covering all employees as at balance sheet date using projected unit credit method. The plan provides a lump sum payment to vested employees at retirement or termination of employment based on the respective employee’s salary and the years of employment with the Company. The gratuity benefi t payable is greater of the provisions of the Payment of Gratuity Act, 1972 and the Company’s Gratuity Scheme as mentioned below:

Change in Defi ned benefi t obligations 2011-12 2010-11

Present value of Defi ned benefi t obligations as at beginning of the year 142,732 110,026Service cost 35,545 34,114Interest cost 13,113 9,692Benefi ts paid (6,366) (4,941)Past service cost — —Actuarial (gain)/loss due to curtailment — (2,034)Actuarial (gain)/loss on obligations 2,511 (4,126)

Present value of Defi ned benefi t obligations as at end of the year 187,535 142,731

Reconciliation of present value of the obligation and the fair value of the

plan assets

Opening Fair Value of Plan assets 129,960 103,097Contributions by the employer for the year 55,000 20,000Benefi ts paid (6,366) (4,941)Expected Return on Plan Assets 9,575 7,838Actuarial gain/(loss) (3,236) 3,965

Closing Fair Value of Plan assets 184,933 129,959

Net asset/(liability) as at end of the year (2,602) (12,772)

Cost recognised for the year

Current service cost 35,545 34,114Interest cost 13,113 9,692Expected return on plan assets (9,575) (7,838)Past service cost — —Actuarial (gain)/loss due to curtailment — (2,034)Actuarial (gain)/loss 5,747 (8,091)

Net gratuity cost 44,830 25,843

Transitional Liability expended in Revenue Account Nil NilInvestment in Category of Assets (% Allocation)

Insurer Managed Funds* 100% 100%Group Stable Fund 0% 0%Group Short-Term Debt Fund 0% 0%Actuarial assumptions used

Discount rate 8.35% p.a. 7.90% p.a.Rate of return on plan 7.50% p.a. 7.50% p.a.Salary escalation rate 6% p.a. 6% p.a.

thereafter thereafter

*The amount is invested in Stable fund and Short-term debt fund of Birla Sun Life Insurance Limited, Gratuity and Group Unit Linked Product (GULP) scheme. Below is the asset allocation of fund.

Asset allocation March 2012 March 2011

Debt securities 94% 66%Equities and money market 6% 34%

Total 100% 100%


97



Experience Adjustments:

Particulars 2011-12 2010-11 2009-10 2008-09 2007-08

Defi ned Benefi t Obligation 187,535 142,732 110,026 87,581 35,173Plan Assets 184,933 129,960 103,097 84,708 35,859Surplus/(Defi cit) (2,602) (12,772) (6,929) (2,873) 686Experience adjustment on Plan Liabilities 8,339 3,726 (12,707) 12,288 6,186Experience adjustment on Plan Assets (3,236) 3,965 14,675 (2,195) 1,985

The contributions expected to be paid to the plan during the annual period beginning after the balance sheet date is ` 20,000 (Previous Year: ` 20,000).

ii) Accumulated Compensated Absences

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

Present value of obligation for accumulated compensated absences as determined by the Actuary is given below:


Present value of obligations as at end of the year 161,764 205,460 Fair value of plan assets — —Actuarial assumptions used

Discount rate 8.35% 7.90%Salary escalation rate 6.00% 6.00%Cost recognised during the year 38,207 35,787

(b) Defi ned contribution plans

The Company has recognised the following amounts as expense in the Revenue account;


Contribution to Employees Provident Fund 203,985 174,301 Contribution to Superannuation Fund 15,873 14,114 Contribution to ESIC 12,239 12,525

28. Segment reporting

As per Accounting Standard 17 on ‘Segment Reporting’ read with the IRDA Financial Statements Regulations, the Company is required to report segment results separately for linked, non-linked, health and pension businesses. The same is disclosed in Annexure 1.

The Company has witnessed signifi cant growth in group businesses during the year. Hence group linked and non linked businesses have been further bifurcated into life and pension from the current year.

29. Related Party Disclosure

During the year ended 31st March 2012, the Company has had transactions with related parties as defi ned in Accounting Standard 18 on "Related Party Disclosures". Related Parties have been identifi ed by the management on the basis of the information available with the Company. Details of related parties with whom, the Company has had transactions, nature of the relationship, transactions with them and balances at year-end, are detailed in Annexure 2.

30. Summary of fi nancial statements

A summary of the fi nancial statements as per the formats prescribed by the IRDA in its circular dated 29th April 2003 is provided in Annexure 4.

31. Accounting Ratios

Accounting ratios prescribed by the IRDA in its circular dated 29th April 2003 are provided in Annexure 5.

32. Statement containing names, descriptions, occupations of and directorships held by the persons in charge of management of the

business under section 11 (2) of Insurance Act, 1938:

From 1st April, 2011 to 31st March, 2012

Name : Mr. Jayant Dua

Designation : Managing Director & CEO (from 1st July, 2010)

Occupation : Service

Directorships Held during the year/ as on 31st March, 2012:

Central Insurance Repository Limited Director


98




33. Penalty

As required by circular no. 005/IRDA/F&A/CIR/MAY-09 dated 7th May, 2009, the details of various penal actions taken by various Government Authorities for the fi nancial year 2011-2012 are mentioned below:-

Sr.

No.Authority

Non-Compliance/

Violation

Amount in `

Penalty

Awarded

Penalty Paid Penalty Waived/

Reduced

1 Insurance Regulatory and Development Authority Nil Nil Nil Nil2 Service Tax Authorities Non-Compliance Nil 26.789 Nil3 Income Tax Authorities Nil Nil Nil Nil4 Any other Tax Authorities Nil Nil Nil Nil5 Enforcement Directorate/Adjudicating Authority/

Tribunal or any Authority under FEMANil Nil Nil Nil

6 Registrar of Companies/NCLT/CLB/Department of Corporate Affairs or any Authority under Companies Act, 1956

Nil Nil Nil Nil

7 Penalty awarded by any Court/tribunal for any matter including claim settlement but excluding compensation

Nil Nil Nil Nil

8 Securities and Exchange Board of India Nil Nil Nil Nil9 Competition Commission of India Nil Nil Nil Nil10 Any other Central/State/Local Government/Statutory

AuthorityNil Nil Nil Nil

34. Disclosures relating to controlled Fund

As required by circular no. IRDA/F&I/CIR/F&A/045/03/2010 dated 17th March, 2010, the details of controlled fund for the fi nancial year 2011-2012 and 2010-2011 are mentioned below:-

a) Statement Showing Controlled Fund

Particulars 2011-12 2010-11

Computation of Controlled fund as per the Balance Sheet Policyholders’ Fund (Life Fund)Participating

Individual Assurance — —Individual Pension — —

Any other (Pl. Specify) — —Non-participating

Individual Assurance 9,454,628 8,075,375 Group Assurance 2,927,515 1,606,403 Individual Annuity 926,336 903,738

Group Pension 954,854 —Health 55,489 23,056 Others — —

LinkedIndividual Assurance 151,970,072 145,889,985

Group Assurance 13,759,980 18,749,827 Individual Pension 10,673,052 9,867,995

Group Superannuation 4,831,540 —Group Gratuity — —

Health 129,555 84,394 Funds for Future Appropriations 3,958,870 4,569,742

Total (A) 199,641,891 189,770,515 Shareholders’ Fund

Paid-up Capital 19,695,000 19,695,000 Reserves & Surpluses 4,800,000 4,800,000

Fair Value Change 47 1 Total (B) 24,495,047 24,495,001

Misc. expenses not written off — —Credit/(Debit) from P&L A/c. (13,762,293) (17,225,082)

Total (C) (13,762,293) (17,225,082)Total shareholders’ funds (B+C) 10,732,753 7,269,919

Controlled Fund (Total (A+B-C)) 210,374,645 197,040,434

99




b) Reconciliation of the Controlled Fund from Revenue and Profi t & Loss Account


Opening Balance of Controlled Fund 197,040,434 160,738,265

Add: Infl ow

Income

Premium income 58,853,594 56,770,665

Less: Reinsurance ceded (1,375,857) (825,041)

Net Premium 57,477,737 55,945,625

Investment Income (1,632,680) 14,919,387

Other Income 298,060 236,803

Funds transferred from Shareholders’ Accounts 3,287,343 619,836

Total Income 59,430,460 71,721,650

Less : Outgo

(i) Benefi ts paid (Net) 27,046,221 19,343,749

(ii) Change in Valuation of Liability 10,482,247 31,667,013

(iii) Commission 3,254,002 3,805,795

(iv) Operating Expenses 12,151,175 12,034,778

(v) Provision for Taxation — (5,875)

(a) FBT — —

(b) I.T. — —

Total Outgo 52,933,644 66,845,460

Surplus of the Policyholders’ Fund 6,496,816 4,876,189

Less: Transferred to Shareholders’ Account 7,107,686 3,290,689

Net Flow in Policyholders’ Account (610,870) 1,585,500

Add: Net income in Shareholders’ Fund 4,607,290 3,049,958

Less: Interim Dividend & Dividend distribution tax thereon (1,144,501) —

Net in Flow/Outfl ow 2,851,919 4,635,458

Add: change in valuation Liabilities 10,482,248 31,667,014

Add: Increase in Paid-up Capital — —

Add: Credit/(Debit)/Fair Value Change Account 46 (304)

Closing Balance of Controlled Fund 210,374,647 197,040,434

As per Balance Sheet 210,374,646 197,040,434

Difference, if any — —

100



c) Reconciliation with Shareholders’ and Policyholders’ Fund


Policyholders’ Funds

Policyholders’ Funds - Traditional-PAR and NON-PAROpening Balance of the Policyholders’ Fund 10,608,571 7,860,785 Add: Surplus of the Revenue Account — —Add: Change in valuation Liabilities 3,710,251 2,747,786 Total 14,318,822 10,608,571 As per Balance Sheet 14,318,822 10,608,571 Difference, if any — —Policyholders’ Funds - LinkedOpening Balance of the Policyholders’ Fund 179,161,944 148,657,217 Add: Surplus of the Revenue Account (610,870) 1,585,500 Add: Change in valuation Liabilities 6,771,996 28,919,228 Total 185,323,070 179,161,945 As per Balance Sheet 185,323,069 179,161,945 Difference, if any — —Shareholders’ Funds

Opening Balance of Shareholders’ Fund 7,269,919 4,220,264 Add: Net income of Shareholders’ Account (P&L) 4,607,290 3,049,958 Add: Infusion of Capital — —Add: Credit/(Debit)/Fair Value Change Account 46 (304)Less: Interim Dividend & Dividend distribution tax thereon (1,144,501) —Closing Balance of the Shareholders' fund 10,732,754 7,269,919 As per Balance Sheet 10,732,754 7,269,919 Difference, if any — —

35. Previous year comparatives

There have been no reclassifi cations/regrouping of previous year’s fi gures during the current year.


per Amit Majmudar S. Ganesh Donald A. Stewart Gian P. Gupta Partner Partner Director DirectorMembership No. 36656 Membership No. 204108 Jayant Dua Mayank Bathwal Managing Director Chief Financial Offi cer




101



Annexures to Schedule 16for the year ended 31st March, 2012

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145

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,964

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94

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57

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18,7

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506,0

69

139,0

89

6,5

85,7

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91,0

34

386

,159

1

02,2

06

4,6

35

5,1

54

5,7

94

307

1

3,70

8 2

3 5

,822

,017

(c

) (L

oss)

on

Sale

/Red

empt

ion

of In

vest

men

ts(1

1,73

9,02

7) (5

04,7

75)

(1,0

16,0

43)

(177

,245

) (1

4,47

3) (1

,047

) (1

,177

) (6

2) (4

,758

) (4

)(1

3,45

8,61

1)(d

) Tr

ansf

er/G

ain

(Los

s) o

n re

valu

atio

n/ch

ange

in F

air v

alue

(3,3

42,4

84)

(72,

291)

(44,

466)

(25,

383)

(1,1

47)

—

—

—

—

—

(3,4

85,7

71)

(e)

Gain

/(Los

s) o

n Am

ortis

atio

n (4

3,29

3) (1

51)

(5,0

85)

(89)

(194

) (1

2,63

0) (1

4,19

9) (7

53)

(1,5

08)

(56)

(77,

958)

Su

b-T

ota

l (

3,0

96,7

01)

673,1

11

(106,9

07)

236,9

12

(4,6

45)

195,3

55

219,6

23

11,6

42

238,0

54

876

(1,6

32,6

80)

Othe

r Inc

ome

(a)

Cont

ribut

ion

from

the

Shar

ehol

ders

’ Acc

ount

— 2

0,98

1 —

—

23,

394

3,1

72,3

16

66,

142

4,5

10

—

—

3,2

87,3

43

(b)

Othe

rs (I

nter

est e

tc)

47,

916

1,7

07

1,2

16

219

6

2 2

45,3

76

910

2

02

386

6

6 2

98,0

60

Su

b-T

ota

l 4

7,9

16

22,6

88

1,2

16

219

23,4

56

3,4

17,6

92

67,0

52

4,7

12

386

66

3,5

85,4

03

TO

TAL (A

)37,5

78,5

09

4,7

46,8

56

2,9

13,0

43

743,2

00

157,9

00

10,1

98,8

20

1,7

92,9

98

125,7

22

1,1

31,0

02

42,4

10

59,4

30,4

60

Com

mis

sion

2 1

,725

,041

8

94

45,

984

57

18,

371

1,4

42,8

73

9,6

13

5,2

40

—

5,9

29

3,2

54,0

02

Oper

atin

g Ex

pens

es re

late

d to

Insu

ranc

e Bu

sine

ss3

5,4

69,7

12

79,

939

250

,523

7

,245

1

2,16

8 6

,079

,269

2

17,4

38

24,

930

7,7

21

2,2

30

12,

151,

175

Prov

isio

n fo

r dou

btfu

l deb

ts —

—

—

—

—

—

—

—

—

—

—

Ba

d De

bts

writ

ten

off

—

—

—

—

—

—

—

—

—

—

—

Prov

isio

n fo

r Tax

—

—

—

—

—

—

—

—

—

—

—

Prov

isio

n (o

ther

than

taxa

tion)

—

—

—

—

—

—

—

—

—

—

—

(a)

For d

imin

utio

n in

the

valu

e of

inve

stm

ent (

net)

—

—

—

—

—

—

—

—

—

—

—

(b)

Othe

rs (t

o be

spe

cifi e

d) —

—

—

—

—

—

—

—

—

—

—

TO

TAL (

B)

7,1

94,7

53

80,8

33

296,5

07

7,3

02

30,5

39

7,5

22,1

42

227,0

51

30,1

70

7,7

21

8,1

59

15,4

05,1

77

Bene

fi ts

paid

(Net

)4

19,6

43,5

78

4,9

40,5

33

1,2

05,3

26

542

,376

2

0,00

4 4

42,5

82

211

,223

1

5,76

4 1

8,49

7 6

,338

27

,046

,221

In

terim

Bon

uses

Pai

d —

—

—

—

— —

—

—

—

—

—

Chan

ge in

val

uatio

n of

liab

ility

aga

inst

life

pol

icie

s in

forc

e(a

) Gr

oss

(485

,085

) 4

,016

(5

7,49

0) 2

,791

2

9,33

3 2

,613

,744

1

,433

,004

7

9,78

8 9

16,3

58

(2,5

13)

4,5

33,9

46

(b)

Fund

Res

erve

5

,648

,549

(2

76,6

04)

805

,057

1

18,2

97

45,

161

—

—

—

—

—

6,3

40,4

60

(c)

Fund

Res

erve

-PDF

431

,538

—

—

—

—

—

—

—

—

—

4

31,5

38

(d)

(Am

ount

ced

ed in

Re-

insu

ranc

e) (3

69,7

59)

(1,9

22)

300

—

5

,120

(3

79,6

48)

(78,

280)

—

—

492

(8

23,6

97)

(e)

Amou

nt a

ccep

ted

in R

e-in

sura

nce

—

—

—

—

—

—

—

—

—

—

—

TO

TAL (

C)

24,8

68,8

21

4,6

66,0

23

1,9

53,1

93

663,4

64

99,6

18

2,6

76,6

78

1,5

65,9

47

95,5

52

934,8

55

4,3

17

37,5

28,4

68

Su

rplu

s/(D

efi

cit

) (D

) =

(A

)-(B

)-(C

) 5

,514,9

35

—

663,3

43

72,4

34

27,7

43

—

—

—

188,4

26

29,9

34

6,4

96,8

15

Appr

opria

tions

Tran

sfer

to S

hare

hold

ers

Acco

unt

6,1

62,4

05

—

654

,487

7

2,43

4 —

—

—

—

1

88,4

26

29,

934

7,1

07,6

86

Tran

sfer

to O

ther

Res

erve

s —

—

—

—

—

—

—

—

— —

—

Ba

lanc

e be

ing

Fund

s fo

r Fut

ure

Appr

opria

tions

(647

,470

) —

8

,856

—

2

7,74

3 —

—

—

—

—

(6

10,8

71)

TO

TAL (D

) 5

,514,9

35

—

663,3

43

72,4

34

27,7

43

—

—

—

188,4

26

29,9

34

6,4

96,8

15

The

tota

l sur

plus

as

men

tione

d be

low

:(a

) In

terim

Bon

uses

Pai

d —

—

—

—

—

—

—

—

—

—

—

(b)

Allo

catio

n of

Bon

us to

Pol

icyh

olde

rs —

—

—

—

—

—

—

—

—

—

—

(c)

Surp

lus/

(Defi

cit)

sho

wn

in th

e Re

venu

e Ac

coun

t 5

,514

,935

—

6

63,3

43

72,

434

27,

743

—

—

—

188

,426

2

9,93

4 6

,496

,815

102




Fo

rm A

-RA

A

nn

exu

re 1

Reve

nu

e A

cco

un

t fo

r th

e p

eri

od

en

ded

31

st M

arc

h 2

01

1

Po

licy

ho

lders

’ A

cco

un

t (T

ech

nic

al

Acco

un

t)

(Am

ount

s in

thou

sand

s of

Indi

an R

upee

s)P

art

icu

lars

SC

HLin

ked

Bu

sin

ess

N

on

Lin

ked

Bu

sin

ess

Tota

l

Ind

ivid

ua

l Lif

e

Gro

up

Lif

e*

Pen

sio

n

Ind

ivid

ua

l H

ea

lth

In

div

idu

al

Ind

ivid

ua

l Lif

e

Gro

up

Lif

e*

Pen

sio

n

Ind

ivid

ua

l H

ea

lth

In

div

idu

al

Prem

ium

ear

ned-

Net

(a)

Prem

ium

1 4

5,10

1,08

0 4

,363

,790

3

,443

,082

9

5,87

6 3

,095

,488

4

90,8

53

135

,589

4

4,90

8 5

6,77

0,66

6 (b

) Re

insu

ranc

e ce

ded

(487

,270

) —

(3

22)

(4,5

50)

(90,

372)

(237

,018

) —

(5

,509

) (8

25,0

41)

(c)

Rein

sura

nce

acce

pted

—

—

—

—

—

—

—

—

—

Su

b-T

ota

l 4

4,6

13,8

10

4,3

63,7

90

3,4

42,7

60

91,3

26

3,0

05,1

16

253,8

34

135,5

89

39,3

99

55,9

45,6

25

Inco

me

from

inve

stm

ents

(a)

Inte

rest

, Div

iden

d &

Rent

- G

ross

5,8

85,0

52

1,1

10,1

69

460

,370

2

,688

8

0,90

4 1

70,8

86

4,6

55

913

7

,715

,638

(b

) Pr

ofi t

on S

ale/

Rede

mpt

ion

of In

vest

men

ts 1

4,07

3,79

1 8

86,4

84

1,0

22,0

90

9,9

63

1,3

21

2,7

91

76

15

15,

996,

532

(c)

(Los

s) o

n Sa

le/R

edem

ptio

n of

Inve

stm

ents

(3,3

68,0

05)

(261

,626

) (2

62,4

76)

(2,7

09)

(17)

(35)

(1)

(0)

(3,8

94,8

70)

(d)

Tran

sfer

/Gai

n (L

oss)

on

reva

luat

ion/

chan

ge in

Fai

r val

ue (4

,700

,314

) (3

74,8

42)

293

,549

3

,091

—

—

—

—

(4

,778

,515

)(e

) Ga

in/(L

oss)

on

Amor

tisat

ion

(81,

762)

(430

) (8

,370

) (1

15)

(9,0

29)

(19,

070)

(519

) (1

02)

(119

,398

)S

ub

-Tota

l 1

1,8

08,7

63

1,3

59,7

56

1,5

05,1

63

12,9

17

73,1

80

154,5

71

4,2

11

826

14,9

19,3

86

Othe

r Inc

ome

(a)

Cont

ribut

ion

from

the

Shar

ehol

ders

’ Acc

ount

—

—

—

—

576

,071

4

3,76

8 —

—

6

19,8

39

(b)

Othe

rs (I

nter

est e

tc.)

60,

848

2,4

82

2,0

81

56

170

,903

2

86

84

61

236

,803

S

ub

-Tota

l 6

0,8

48

2,4

82

2,0

81

56

746,9

74

44,0

55

84

61

856,6

42

TO

TAL (A

) 5

6,4

83,4

21

5,7

26,0

29

4,9

50,0

04

104,3

00

3,8

25,2

70

452,4

60

139,8

84

40,2

86

71,7

21,6

53

Com

mis

sion

2 2

,831

,314

7

85

144

,530

1

9,60

3 7

88,4

48

6,0

67

9,2

91

5,7

55

3,8

05,7

95

Oper

atin

g Ex

pens

es re

late

d to

Insu

ranc

e Bu

sine

ss3

8,4

98,6

77

99,

909

580

,252

1

4,32

8 2

,602

,610

1

96,5

75

36,

639

5,7

85

12,

034,

775

Prov

isio

n fo

r dou

btfu

l deb

ts —

—

—

—

—

—

—

—

—

Ba

d De

bts

writ

ten

off

—

—

—

—

—

—

—

—

—

Prov

isio

n fo

r Tax

(4,6

67)

(452

) (3

56)

(10)

(320

) (5

1) (1

4) (5

) (5

,875

)Pr

ovis

ion

(oth

er th

an ta

xatio

n) —

—

—

—

—

—

—

—

—

(a

) Fo

r dim

inut

ion

in th

e va

lue

of in

vest

men

t (ne

t) —

—

—

—

—

—

—

—

—

(b)

Othe

rs (t

o be

spe

cifi e

d) —

—

—

—

—

—

—

—

—

TO

TAL (

B)

11,3

25,3

25

100,2

43

724,4

26

33,9

21

3,3

90,7

37

202,5

92

45,9

16

11,5

36

15,8

34,6

95

Bene

fi ts

paid

(Net

)4

15,

782,

902

2,5

73,5

50

801

,517

1

2,94

7 1

06,1

88

57,

436

863

8

,344

1

9,34

3,74

8 In

terim

Bon

uses

Pai

d —

—

—

—

—

—

—

—

—

Chan

ge in

val

uatio

n of

liab

ility

aga

inst

life

pol

icie

s in

forc

e(a

) Gr

oss

1,7

01,5

89

3,9

55

356

,497

6

,960

3

59,4

49

271

,053

7

5,79

4 4

,610

2

,779

,908

(b

) Fu

nd R

eser

ve

23,

429,

717

3,0

16,9

17

2,4

29,3

13

36,

880

—

—

—

—

28,

912,

827

(c)

Fund

Res

erve

-PDF

6,4

01

—

—

—

—

—

—

—

6,4

01

(d)

(Am

ount

ced

ed in

Re-

insu

ranc

e) 7

6,65

0 1

1

8 1

,587

(3

1,10

5) (7

8,62

2) —

(6

53)

(32,

122)

(e)

Amou

nt a

ccep

ted

in R

e-in

sura

nce

—

—

—

— —

—

—

—

—

TO

TAL (

C)

40,9

97,2

59

5,5

94,4

24

3,5

87,3

45

58,3

75

434,5

32

249,8

68

76,6

57

12,3

01

51,0

10,7

61

Su

rplu

s/ (

Defi

cit

) (D

) =

(A

)-(B

)-(C

) 4

,160,8

37

31,3

63

638,2

33

12,0

04

—

—

17,3

10

16,4

49

4,8

76,1

97

Appr

opria

tions

Tran

sfer

to S

hare

hold

ers

Acco

unt

2,6

89,1

21

31,

363

536

,043

4

10

—

—

17,

310

16,

449

3,2

90,6

97

Tran

sfer

to O

ther

Res

erve

s —

—

—

—

—

—

—

—

—

Ba

lanc

e be

ing

Fund

s fo

r Fut

ure

Appr

opria

tions

1,4

71,7

16

—

102

,190

1

1,59

4 —

—

—

—

1

,585

,500

TO

TAL (D

) 4

,160,8

37

31,3

63

638,2

33

12,0

04

—

—

17,3

10

16,4

49

4,8

76,1

97

The

tota

l sur

plus

as

men

tione

d be

low

:(a

) In

terim

Bon

uses

Pai

d —

—

—

—

—

—

—

—

—

(b

) Al

loca

tion

of B

onus

to P

olic

yhol

ders

—

—

—

—

—

—

—

—

—

(c)

Surp

lus/

(Defi

cit)

sho

wn

in th

e Re

venu

e Ac

coun

t 4

,160

,837

3

1,36

3 6

38,2

33

12,

004

—

—

17,

310

16,

449

4,8

76,1

97

* The

gro

up li

fe li

nked

and

non

link

ed b

usin

esse

s in

clud

es b

oth

life

and

pens

ion

resp

ectiv

ely.

103




Fo

rm A

-BS

A

nn

exu

re 1

Ba

lan

ce S

heet

as

at

31

st M

arc

h 2

01

2

(Am

ount

s in

thou

sand

s of

Indi

an R

upee

s)

Pa

rtic

ula

rsLin

ked

Bu

sin

ess

Non

Lin

ked

Bu

sin

ess

S

ha

re-H

old

ers

Fu

nd

Tota

l

Ind

ivid

ua

l

Lif

e

Gro

up

Lif

e

Pen

sio

n

Ind

ivid

ua

l

Gro

up

Pen

sio

n

Hea

lth

Ind

ivid

ua

l

Ind

ivid

ua

l

Lif

e

Gro

up

Lif

e

Pen

sio

n

Ind

ivid

ua

l

Gro

up

Pen

sio

n

Hea

lth

Ind

ivid

ua

l

Sou

rces

of

Fu

nd

sSh

areh

olde

rs’ f

unds

:Sh

are

Capi

tal

—

—

—

—

—

—

—

—

—

—

19,

695,

000

19,

695,

000

Rese

rves

and

Sur

plus

—

—

—

—

—

—

—

—

—

—

4,8

00,0

00

4,8

00,0

00

Cred

it/(D

ebit)

/Fai

r Val

ue C

hang

e Ac

coun

t —

—

—

—

—

—

—

—

—

—

4

7 4

7 S

ub

-Tota

l —

—

—

—

—

—

—

—

—

—

2

4,4

95,0

47

24,4

95,0

47

Borr

owin

gs —

—

—

—

—

—

—

—

—

—

—

—

Po

licyh

olde

rs’ F

unds

:Cr

edit/

(Deb

it)/F

air V

alue

Cha

nge

Acco

unt

—

—

—

—

—

(814

) (7

63)

—

—

—

—

(1,5

77)

Polic

y Li

abili

ties

6,3

58,0

48

24,

709

768

,472

1

5,39

7 4

7,64

7 3

,096

,580

2

,902

,806

1

57,8

64

939

,457

7

,842

—

1

4,31

8,82

2 In

sura

nce

Rese

rves

—

—

—

—

—

—

—

—

—

—

—

—

Prov

isio

n fo

r Lin

ked

Liab

ilitie

s 1

50,6

19,8

14

13,7

93,7

76

10,6

74,8

08

4,8

43,4

07

128

,408

—

—

—

—

—

—

1

80,0

60,2

13

Prov

isio

n fo

r PDF

437

,939

—

—

—

—

—

—

—

—

—

—

4

37,9

39

Cred

it/(D

ebit)

/Fai

r Val

ue C

hang

e Ac

coun

t (L

inke

d) 9

12,3

18

(33,

796)

(1,7

56)

(11,

867)

1,1

47

—

—

—

—

—

—

866

,046

Tota

l Lin

ked

Liab

ilitie

s 1

51,9

70,0

71

13,7

59,9

80

10,6

73,0

52

4,8

31,5

40

129

,555

—

—

—

—

—

—

1

81,3

64,1

98

Su

b-T

ota

l 1

58,3

28,1

19

13,7

84,6

89

11,4

41,5

24

4,8

46,9

37

177,2

02

3,0

95,7

66

2,9

02,0

43

157,8

64

939,4

57

7,8

42

—

195,6

81,4

43

Fund

s fo

r Fut

ure

Appr

opria

tion

- Li

nked

Lia

bilit

ies

3,6

30,7

61

—

288

,747

—

3

9,36

3 —

—

—

—

—

—

3

,958

,870

To

tal

161,9

58,8

79

13,7

84,6

89

11,7

30,2

71

4,8

46,9

37

216,5

65

3,0

95,7

66

2,9

02,0

43

157,8

64

939,4

57

7,8

42

24,4

95,0

47

224,1

35,3

60

Ap

plica

tion

of

Fu

nd

sIn

vest

men

tsSh

areh

olde

rs’

—

—

—

—

—

—

—

—

—

—

10,

153,

273

10,

153,

273

Polic

yhol

ders

’11

,407

,455

2

4,70

9 1

,123

,089

1

5,39

7 8

7,01

0 3

,096

,580

2

,712

,330

1

69,1

88

939

,457

7

,842

—

1

9,58

3,05

7 As

sets

hel

d to

Cov

er L

inke

d Li

abili

ties

151

,970

,071

13

,759

,980

10

,673

,052

4

,831

,540

1

29,5

55

—

—

—

—

—

—

181

,364

,198

Lo

ans

250

,239

—

—

—

—

—

—

—

—

—

—

2

50,2

39

Fixe

d As

sets

278

,410

2

7,24

8 2

0,30

7 3

,404

9

81

45,

354

13,

094

736

6

,004

3

23

—

395

,861

Cu

rren

t Ass

ets

Cash

and

Ban

k Ba

lanc

es 3

,811

,756

3

73,0

59

278

,026

4

6,60

4 1

3,42

6 6

20,9

55

179

,277

1

0,07

2 8

2,19

5 4

,420

9

84,8

68

6,4

04,6

58

Adva

nces

and

Oth

er A

sset

s* 1

,171

,224

1

12,8

15

84,

552

14,

092

4,2

53

590

,729

5

4,31

0 1

9,77

5 2

4,85

4 5

,465

2

98,4

80

2,3

80,5

49

Su

b-T

ota

l (A

) 4

,982,9

80

485,8

74

362,5

78

60,6

96

17,6

79

1,2

11,6

84

233,5

87

29,8

47

107,0

49

9,8

85

1,2

83,3

48

8,7

85,2

07

Curr

ent L

iabi

litie

s 6

,896

,873

5

49,7

81

797

,029

6

8,66

1 3

4,19

9 8

63,9

36

265

,435

2

9,12

2 1

21,0

98

(8,5

42)

—

9,6

17,5

92

Prov

isio

ns 3

80,0

15

37,

158

27,

702

4,6

42

1,3

41

62,

144

17,

858

1,0

04

8,1

87

441

6

84

541

,176

S

ub

-Tota

l (B

) 7

,276,8

88

586,9

39

824,7

31

73,3

03

35,5

40

926,0

80

283,2

93

30,1

26

129,2

85

(8,1

01)

684

10,1

58,7

68

Net

Cu

rren

t A

ssets

(C

) =

(A

-B)

(2,2

93,9

08)

(101,0

65)

(462,1

53)

(12,6

07)

(17,8

61)

285,6

04

(49,7

06)

(279)

(22,2

36)

17,9

86

1,2

82,6

64

(1,3

73,5

61)

Mis

cella

neou

s Ex

pend

iture

(To

the

exte

nt n

ot w

ritte

n of

f or A

djus

ted)

—

—

—

—

—

—

—

—

— —

—

—

De

bit B

alan

ce in

Pro

fi t a

nd L

oss

Acco

unt

(Sha

reho

lder

s’ A

ccou

nt)

—

—

—

— —

—

—

—

—

—

13,

762,

293

13,

762,

293

Tota

l 1

61,6

12,2

67

13,7

10,8

72

11,3

54,2

95

4,8

37,7

34

199,6

85

3,4

27,5

38

2,6

75,7

18

169,6

45

923,2

25

26,1

51

25,1

98,2

30

224,1

35,3

60

Note

: Adv

ance

s an

d ot

her a

sset

s al

loca

ted

to s

hare

hold

ers’

incl

ude

tax

asse

ts.

104




Fo

rm A

-BS

A

nn

exu

re 1

Ba

lan

ce S

heet

as

at

31

st M

arc

h 2

01

1

(Am

ount

s in

thou

sand

s of

Indi

an R

upee

s)

Pa

rtic

ula

rsLin

ked

Bu

sin

ess

No

n L

ink

ed

Bu

sin

ess

Sh

are

-Ho

lders

Fu

nd

Tota

l

Ind

ivid

ua

l

Lif

e

Gro

up

Lif

e*

Pen

sio

n

Ind

ivid

ua

l

Hea

lth

Ind

ivid

ua

l

Ind

ivid

ua

l

Lif

e

Gro

up

Lif

e*

Pen

sio

n

Ind

ivid

ua

l

Hea

lth

Ind

ivid

ua

l

Sou

rces

of

Fu

nd

sSh

areh

olde

rs’ f

unds

:Sh

are

Capi

tal

—

—

—

—

—

—

—

—

19,

695,

000

19,

695,

000

Rese

rves

and

Sur

plus

—

—

—

—

—

—

—

—

4,8

00,0

00

4,8

00,0

00

Cred

it/(D

ebit)

/Fai

r Val

ue C

hang

e Ac

coun

t —

—

—

—

—

—

—

—

1

1

S

ub

-Tota

l —

—

—

—

—

—

—

2

4,4

95,0

01

24,4

95,0

01

Borr

owin

gs —

—

—

—

—

—

—

—

—

—

Po

licyh

olde

rs’ F

unds

:Cr

edit/

(Deb

it)/F

air V

alue

Cha

nge

Acco

unt

—

—

—

—

24

45

—

—

—

69

Polic

y Li

abili

ties

7,2

12,8

91

35,

221

825

,662

1

3,19

3 8

62,4

84

1,5

71,1

82

78,

075

9,8

62

—

10,

608,

571

Insu

ranc

e Re

serv

es —

—

—

—

—

—

—

—

—

—

Prov

isio

n fo

r Lin

ked

Liab

ilitie

s 1

42,5

83,5

31

18,

702,

615

8,8

67,5

92

80,

245

—

—

—

—

—

170

,233

,983

Pr

ovis

ion

for P

DF 6

,401

—

—

—

—

—

—

—

—

6

,401

Cr

edit/

(Deb

it)/F

air V

alue

Cha

nge

Acco

unt

(Lin

ked)

3,3

00,0

53

47,

212

1,0

00,4

03

4,1

49

—

—

—

—

—

4,3

51,8

17

Tota

l Lin

ked

Liab

ilitie

s 1

45,8

89,9

85

18,

749,

827

9,8

67,9

95

84,

394

—

—

—

—

—

174

,592

,202

S

ub

-Tota

l 1

53,1

02,8

76

18,7

85,0

48

10,6

93,6

58

97,5

87

862,5

08

1,5

71,2

27

78,0

75

9,8

62

—

185,2

00,8

42

Fund

s fo

r Fut

ure

Appr

opria

tion

- Li

nked

Lia

bilit

ies

4,2

78,2

31

—

279

,891

1

1,62

0 —

—

—

—

—

4

,569

,742

To

tal

157,3

81,1

07

18,7

85,0

48

10,9

73,5

48

109,2

08

862,5

08

1,5

71,2

27

78,0

75

9,8

62

24,4

95,0

01

214,2

65,5

85

Ap

plica

tion

of

Fu

nd

sIn

vest

men

tsSh

areh

olde

rs’

—

—

—

—

—

—

—

—

6,9

72,7

07

6,9

72,7

07

Polic

yhol

ders

’ 1

1,22

8,05

2 3

5,22

1 1

,105

,553

2

4,81

3 8

62,4

84

2,6

89,4

82

78,

075

9,8

62

—

16,

033,

543

Asse

ts h

eld

to C

over

Lin

ked

Liab

ilitie

s 1

45,8

89,9

85

18,

749,

827

9,8

67,9

95

84,

394

—

—

—

—

—

174

,592

,202

Lo

ans

263

,070

—

—

—

—

—

—

—

2

63,0

70

Fixe

d As

sets

317

,637

3

0,73

3 2

4,24

9 6

75

21,

801

3,4

57

955

3

16

—

399

,823

Cu

rren

t Ass

ets

Cash

and

Ban

k Ba

lanc

es 4

,675

,332

4

52,3

65

356

,922

9

,939

3

20,8

89

50,

883

14,

056

4,6

55

201

5

,885

,242

Ad

vanc

es a

nd O

ther

Ass

ets*

929

,426

8

8,41

6 7

0,55

4 2

,050

1

28,1

96

9,9

78

2,7

98

942

1

39,3

48

1,3

71,7

08

Su

b-T

ota

l (A

) 5

,604,7

58

540,7

81

427,4

76

11,9

89

449,0

85

60,8

62

16,8

54

5,5

97

139,5

49

7,2

56,9

50

Curr

ent L

iabi

litie

s 6

,169

,297

4

37,8

70

564

,490

1

5,45

4 7

81,9

48

13,

592

15,

778

9,8

58

—

8,0

08,2

86

Prov

isio

ns 3

72,9

82

36,

067

28,

469

794

2

5,64

5 4

,057

1

,121

3

72

—

469

,507

S

ub

-Tota

l (B

) 6

,542,2

79

473,9

38

592,9

58

16,2

48

807,5

93

17,6

49

16,8

99

10,2

30

—

8,4

77,7

93

Net

Cu

rren

t A

ssets

(C

) =

(A

-B)

(937,5

21)

66,8

43

(165,4

83)

(4,2

59)

(358,5

08)

43,2

12

(45)

(4,6

33)

139,5

49

(1,2

20,8

43)

Mis

cella

neou

s Ex

pend

iture

(To

the

exte

nt n

ot w

ritte

n of

f or A

djus

ted)

—

—

—

—

—

—

—

—

—

—

De

bit B

alan

ce in

Pro

fi t a

nd L

oss

Acco

unt

(Sha

reho

lder

s’ A

ccou

nt)

—

—

—

—

—

—

—

—

17,

225,

082

17,

225,

082

Tota

l 1

56,7

61,2

23

18,8

82,6

24

10,8

32,3

15

105,6

25

525,7

77

2,7

36,1

51

78,9

85

5,5

46

24,3

37,3

38

214,2

65,5

84

* The

gro

up li

fe li

nked

and

non

link

ed b

usin

esse

s in

clud

es b

oth

life

and

pens

ion

resp

ectiv

ely.

105




SC

HE

DU

LE

1

An

nex

ure

1

Pre

miu

m f

or

the y

ea

r en

ded

Ma

rch

20

12

(Am

ount

s in

thou

sand

s of

Indi

an R

upee

s)

Pa

rtic

ula

rsLin

ked

Bu

sin

ess

N

on

Lin

ked

Bu

sin

ess

Tota

l

In

div

idu

al

Lif

e

Gro

up

Lif

e

Pen

sio

n

Ind

ivid

ua

l

Gro

up

Pen

sio

n

Hea

lth

Ind

ivid

ua

l

In

div

idu

al

Lif

e

Gro

up

Lif

e P

en

sio

n

Ind

ivid

ua

l

Gro

up

Pen

sio

n

Hea

lth

Ind

ivid

ua

l

Firs

t Yea

r Pre

miu

ms

6,7

10,6

33

4,0

30,5

05

22,

476

164

,666

6

8,79

5 4

,829

,410

1

,632

,568

5

6,33

9 8

92,5

62

26,

670

18,

434,

624

Rene

wal

Pre

miu

ms

34,

059,

182

20,

552

2,9

78,8

51

341

,403

7

7,00

1 1

,772

,524

2

73,8

54

47,

224

—

21,

325

39,

591,

916

Sing

le P

rem

ium

s 6

22,1

16

—

17,

758

—

—

141

,030

4

0,34

5 5

,805

—

—

8

27,0

54

Tota

l G

ross

Pre

miu

ms

41

,39

1,9

31

4

,05

1,0

57

3

,01

9,0

85

5

06

,06

9

14

5,7

96

6

,74

2,9

64

1

,94

6,7

67

1

09

,36

8

89

2,5

62

4

7,9

95

5

8,8

53,5

94

SC

HE

DU

LE

1

An

nex

ure

1

Pre

miu

m f

or

the y

ea

r en

ded

Ma

rch

20

11

(Am

ount

s in

thou

sand

s of

Indi

an R

upee

s)

Pa

rtic

ula

rs

Lin

ked

Bu

sin

ess

N

on

Lin

ked

Bu

sin

ess

Tota

l

In

div

idu

al

Lif

e

Gro

up

Lif

e*

Pen

sio

n

Ind

ivid

ua

l

Hea

lth

Ind

ivid

ua

l

In

div

idu

al

Lif

e

Gro

up

Lif

e*

Pen

sio

n

Ind

ivid

ua

l

Hea

lth

Ind

ivid

ua

l

Firs

t Yea

r Pre

miu

ms

11,

585,

975

4,0

51,7

53

1,5

58,3

23

68,

053

2,6

40,3

85

254

,597

1

12,0

39

21,

530

20,

292,

655

Rene

wal

Pre

miu

ms

33,

297,

360

312

,037

1

,869

,600

2

7,82

3 2

56,2

12

179

,804

1

,427

2

3,37

8 3

5,96

7,64

1

Sing

le P

rem

ium

s 2

17,7

45

—

15,

159

—

198

,891

5

6,45

2 2

2,12

3 —

5

10,3

70

Tota

l G

ross

Pre

miu

ms

45

,10

1,0

80

4

,36

3,7

90

3

,44

3,0

82

9

5,8

76

3

,09

5,4

88

4

90

,85

3

13

5,5

89

4

4,9

08

5

6,7

70

,66

6

* The

gro

up li

fe li

nked

and

non

link

ed b

usin

esse

s in

clud

es b

oth

life

and

pens

ion

resp

ectiv

ely.

106




SC

HE

DU

LE

2

An

nex

ure

1

Co

mm

issi

on

Exp

en

ses

for

the y

ea

r en

ded

Ma

rch

20

12

(Am

ount

s in

thou

sand

s of

Indi

an R

upee

s)

Pa

rtic

ula

rsLin

ked

Bu

sin

ess

N

on

Lin

ked

Bu

sin

ess

To

tal

In

div

idu

al

Lif

e

Gro

up

Lif

e

Pen

sio

n

Ind

ivid

ua

l

Gro

up

Pen

sio

n

Hea

lth

Ind

ivid

ua

l

In

div

idu

al

Lif

e

Gro

up

Lif

e P

en

sio

n

Ind

ivid

ua

l

Gro

up

Pen

sio

n

Hea

lth

Ind

ivid

ua

l

Co

mm

issi

on

Pa

id

Dire

ct -

Firs

t Yea

r Pre

miu

ms

375

,334

8

75

(3,4

56)

29

13,

723

1,3

71,2

20

7,1

81

4,3

09

—

5,1

79

1,7

74,3

94

Rene

wal

Pre

miu

ms

1,3

37,6

48

19

49,

113

28

4,6

48

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Sing

le P

rem

ium

s 1

2,05

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3

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—

—

2,5

83

865

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5 —

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1

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b-T

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,72

5,0

41

8

94

4

5,9

84

5

7

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1

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5

,24

0

—

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29

3

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Add:

Com

mis

sion

on

Re-in

sura

nce

Acce

pted

—

—

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—

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: Com

mis

sion

on

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sura

nce

Cede

d —

—

—

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—

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Net

Co

mm

issi

on

1,7

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4

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1

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1

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9

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5

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9

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,00

2

SC

HE

DU

LE

2

An

nex

ure

1

Co

mm

issi

on

Exp

en

ses

for

the y

ea

r en

ded

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rch

20

11

(Am

ount

s in

thou

sand

s of

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an R

upee

s)

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rtic

ula

rs

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ked

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ess

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on

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ked

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tal

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div

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al

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up

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e*

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sio

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l

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Ind

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div

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e

Gro

up

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e*

Pen

sio

n

Ind

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ua

l

Hea

lth

Ind

ivid

ua

l

Co

mm

issi

on

Pa

id

Dire

ct -

Firs

t Yea

r Pre

miu

ms

1,5

33,0

70

703

1

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772

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2

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wal

Pre

miu

ms

1,2

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82

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125

1,8

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Sing

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s 3

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2

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—

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753

2

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558

9

,730

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b-T

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l 2

,83

1,3

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7

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1

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0

19

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3

78

8,4

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6

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7

9,2

91

5

,75

5

3,8

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5

Add:

Com

mis

sion

on

Re-in

sura

nce

Acce

pted

—

—

—

—

—

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—

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—

Less

: Com

mis

sion

on

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sura

nce

Cede

d —

—

—

—

—

—

—

—

—

Net

Co

mm

issi

on

2,8

31

,31

4

78

5

14

4,5

30

1

9,6

03

7

88

,44

8

6,0

67

9

,29

1

5,7

55

3

,80

5,7

95

* The

gro

up li

fe li

nked

and

non

link

ed b

usin

esse

s in

clud

es b

oth

life

and

pens

ion

resp

ectiv

ely.

107




SC

HE

DU

LE

3

An

nex

ure

1

Op

era

tin

g E

xp

en

ses

Rela

ted

to

In

sura

nce B

usi

ness

fo

r th

e y

ea

r en

ded

Ma

rch

20

12

(Am

ount

s in

thou

sand

s of

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an R

upee

s)

Sr. N

o.

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rtic

ula

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ked

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sin

ess

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on

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ked

Bu

sin

ess

To

tal

Ind

ivid

ua

l

Lif

e

Gro

up

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e

Pen

sio

n

Ind

ivid

ua

l

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up

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sio

n

Hea

lth

Ind

ivid

ua

l

Ind

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ua

l

Lif

e

Gro

up

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e

Pen

sio

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Ind

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l

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up

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sio

n

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lth

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ivid

ua

l

1 Em

ploy

ees’

rem

uner

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elfa

re

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fi ts

and

othe

r man

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osts

2

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2

1,00

9 6

7,73

9 2

,922

3

,986

3

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9

4,92

9 1

3,48

5 1

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1

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5

,790

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2 Tr

avel

, con

veya

nce

and

vehi

cle

runn

ing

expe

nses

81,

623

1,2

45

2,5

69

98

70

155

,459

7

,903

5

75

39

26

249

,607

3 Tr

aini

ng e

xpen

ses

13,

908

(71)

(1,9

02)

(21)

(5)

125

,644

3

72

349

(2

1) (2

) 1

38,2

51

4 Re

nts,

rate

s an

d ta

xes

346

,333

9

56

15,

306

122

4

9 4

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518

1

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2

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844

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5

Repa

irs &

mai

nten

ance

91,

164

180

2

,755

2

3 9

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77

660

4

0 2

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6 Pr

intin

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d st

atio

nery

59,

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60

289

6

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1

80,5

51

182

5

89

—

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240

,706

7

Com

mun

icat

ion

expe

nses

137

,697

3

93

8,1

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46

29

105

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8

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6 1

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53,7

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8 Le

gal &

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l cha

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89,

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844

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9 M

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al fe

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0 —

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6,79

7 4

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6

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2 10

Au

dito

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es, e

xpen

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etc

.(a

) (i)

as

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tor

3,7

98

372

2

77

46

13

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1

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10

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4

5,4

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s 2

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22

16

3

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1

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315

(b

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adv

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n re

spec

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rvic

es/m

atte

rs —

—

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—

—

—

—

—

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(ii) M

anag

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s 2

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284

11

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Inte

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8,3

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1,5

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124

1

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Othe

rs

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Dist

ribut

ion

Expe

nses

1

06,0

47

—

(977

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—

3

87,4

26

—

1,2

21

—

—

493

,717

2)

Ag

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recr

uitm

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sem

inar

and

ot

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xpen

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10,

645

—

319

—

—

2

1,18

6 —

7

8 —

—

3

2,22

8

3)

Recr

uitm

ent a

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xpen

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87,

862

385

5

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2,55

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Serv

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Tax

expe

nditu

re in

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prov

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r unu

tilis

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redi

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97)

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99)

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) (1

83)

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85)

(2,4

50)

(138

) (1

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) (6

0) (7

4,05

6)

8)

Elec

trici

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xpen

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54,

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91

1,2

98

11

5

123

,305

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4 4

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20

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179

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M

isce

llane

ous

expe

nses

2

1,71

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1

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tsou

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207

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17

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149

9

51

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316

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De

prec

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77,4

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17,

368

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206

2

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15

Serv

ice

Tax

on P

rem

ium

1,1

38,8

77

24,

561

68,

362

—

6,8

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419

(2

,678

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—

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1

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Tota

l 5

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9,7

12

7

9,9

39

2

50

,52

3

7,2

45

1

2,1

68

6

,07

9,2

69

2

17

,43

8

24

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0

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21

2

,23

0

12

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1,1

75

108




SC

HE

DU

LE

3

An

nex

ure

1

Op

era

tin

g E

xp

en

ses

Rela

ted

to

In

sura

nce B

usi

ness

fo

r th

e y

ea

r en

ded

Ma

rch

20

11

(Am

ount

s in

thou

sand

s of

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an R

upee

s)

Sr. N

o.

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rtic

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ked

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sin

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ked

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sin

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tal

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up

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l

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l

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e

Gro

up

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Pen

sio

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Ind

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ua

l

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lth

Ind

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l

1 Em

ploy

ees’

rem

uner

atio

n, w

elfa

re b

enefi

ts a

nd o

ther

m

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3,51

4,11

6 26

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232

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17

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expe

nses

134,

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1,19

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s 8

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4 Re

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& m

aint

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138

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7

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mun

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222

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8

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984

1

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5 1

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4,67

6 1

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8

61

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45,

548

7

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75

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2,0

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10

Audi

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—

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20,7

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7,7

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6

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658

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—

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5

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Exp

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271

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1

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11,

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63

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2

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1

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22,

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rem

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2

2,49

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,447

—

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Tota

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,49

8,6

77

9

9,9

09

5

80

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,32

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2,6

02

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0

19

6,5

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3

6,6

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5

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12

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4,7

75

* The

gro

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pens

ion

resp

ectiv

ely.

109




SC

HE

DU

LE

4

An

nex

ure

1

Ben

efi

ts P

aid

(N

et)

fo

r th

e y

ea

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ded

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rch

20

12

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ount

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1,6

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5

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318

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1

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Mat

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114

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—

2

,360

—

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6,04

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33,2

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(c)

Annu

ties/

Pens

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—

—

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131

4

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—

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554

(d

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1

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5

39,9

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126

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132

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1

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12,

484

25,2

23,1

83

2(A

mo

un

t ced

ed

in

rein

sura

nce):

(a)

Clai

ms

by D

eath

(525

,318

) —

(2

88)

—

—

(105

,517

) (2

40,3

04)

—

—

(3)

(871

,430

)(b

) Cl

aim

s by

Mat

urity

—

—

—

—

—

—

—

—

—

—

—

(c)

Annu

ties/

Pens

ion

Paym

ent

—

—

—

—

—

—

—

—

—

—

—

(d)

Othe

r Ben

efi ts

(Hea

lth)

—

—

—

—

(1,7

20)

—

—

—

—

(6,1

83)

(7,9

03)

33

. Am

ou

nt

accep

ted

in

rein

sura

nce:

(a)

Clai

ms

by D

eath

—

—

—

—

—

—

—

—

—

—

—

(b)

Clai

ms

by M

atur

ity —

—

—

—

—

—

—

—

—

—

—

(c

) An

nutie

s/Pe

nsio

n Pa

ymen

t —

—

—

—

—

—

—

—

—

—

—

(d

) Ot

her B

enefi

ts —

—

—

—

—

—

—

—

—

—

—

TO

TAL

19

,64

3,5

78

4

,94

0,5

33

1

,20

5,3

26

5

42

,37

6

20

,00

4

44

2,5

82

2

11

,22

3

15

,76

4

18

,49

7

6,3

38

2

7,0

46

,22

1

110




SC

HE

DU

LE

4

An

nex

ure

1

Ben

efi

ts P

aid

(N

et)

fo

r th

e y

ea

r en

ded

Ma

rch

20

11

(Am

ount

s in

thou

sand

s of

Indi

an R

upee

s)

Sr. N

o.

Pa

rtic

ula

rs

Lin

ked

Bu

sin

ess

N

on

Lin

ked

Bu

sin

ess

To

tal

In

div

idu

al

Lif

e

Gro

up

Lif

e*

Pen

sio

n

Ind

ivid

ua

l

Hea

lth

Ind

ivid

ua

l

In

div

idu

al

Lif

e

Gro

up

Lif

e*

Pen

sio

n

Ind

ivid

ua

l

Hea

lth

Ind

ivid

ua

l

1In

sura

nce C

laim

s

(a)

Clai

ms

by D

eath

1,6

20,7

67

1,3

00

33,

250

66

120

,307

1

52,7

68

—

—

1,9

28,4

58

(b)

Clai

ms

by M

atur

ity 4

8,59

9 —

2

,799

—

1

0,40

1 —

—

—

6

1,79

9

(c)

Annu

ties/

Pens

ion

Paym

ent

—

—

—

—

—

81

863

—

9

44

(d)

Othe

r Ben

efi ts

(Sur

rend

er/W

ithdr

awal

s/He

alth

)14

,604

,360

2

,572

,250

7

65,4

68

13,

183

5,7

94

17,

041

—

11,

825

17,9

89,9

20

2(A

mo

un

t ced

ed

in

rein

sura

nce):

(a)

Clai

ms

by D

eath

(490

,823

) —

—

—

(3

0,31

4) (1

12,4

54)

—

—

(633

,591

)

(b)

Clai

ms

by M

atur

ity —

—

—

—

—

—

—

—

—

(c)

Annu

ties/

Pens

ion

Paym

ent

—

—

—

—

—

—

—

—

—

(d)

Othe

r Ben

efi ts

(Hea

lth)

—

—

—

(302

) —

—

—

(3

,481

) (3

,783

)

3A

mo

un

t a

ccep

ted

in

rein

sura

nce:

(a)

Clai

ms

by D

eath

—

—

—

—

—

—

—

—

—

(b)

Clai

ms

by M

atur

ity —

—

—

—

—

—

—

—

—

(c)

Annu

ties/

Pens

ion

Paym

ent

—

—

—

—

—

—

—

—

—

(d)

Othe

r Ben

efi ts

—

—

—

—

—

—

—

—

—

TO

TAL

15

,78

2,9

02

2

,57

3,5

50

8

01

,51

7

12

,94

7

10

6,1

88

5

7,4

36

8

63

8

,34

4

19

,34

3,7

48

* The

gro

up li

fe li

nked

and

non

link

ed b

usin

esse

s in

clud

es b

oth

life

and

pens

ion

resp

ectiv

ely.

111



Dis

clo

sure

s in

term

of

Acco

un

tin

g S

tan

da

rd 1

8 o

n R

ela

ted

Pa

rty

Dis

clo

sure

fo

r th

e y

ea

r en

ded

31

st M

arc

h, 2

01

2

An

nex

ure

2

(Am

ount

s in

thou

sand

s of

Indi

an R

upee

s)(A

) E

nte

rpri

ses

wh

ere

con

trol ex

ists

Ho

ldin

g co

mpa

ny

1 Ad

itya

Birla

Nuv

o Li

mite

d

Fore

ign

Partn

er

2 Su

n Li

fe F

inan

cial

(Ind

ia) I

nsur

ance

Inve

stm

ents

Inc.

(B)

Key

Ma

na

gem

en

t P

ers

on

nel

1 M

r Aja

y Sr

iniv

asan

(till

30t

h Ju

ne, 2

010)

2

Mr.

Jaya

nt D

ua (w

.e.f.

1st

Jul

y, 20

10)

(C)

Dis

closu

res

of

tra

nsa

cti

on

betw

een

th

e C

om

pa

ny

an

d r

ela

ted

pa

rtie

s a

nd

ou

tsta

nd

ing

ba

lan

ces

as

at

the y

ea

r en

d :

Sr.

No.

Na

me o

f th

e r

ela

ted

Pa

rty

wit

h w

hom

th

e t

ran

sacti

on

ha

s b

een

ma

de

Desc

rip

tion

of

Rela

tion

ship

wit

h t

he

pa

rty

Na

ture

of

Tra

nsa

cti

on

Yea

r en

ded

31st

Ma

rch

2012

Yea

r en

ded

31st

Ma

rch

2011

Am

ou

nt

Ou

tsta

nd

ing

as

reco

vera

ble

/ (p

aya

ble

)31st

Ma

rch

2012

Am

ou

nt

Ou

tsta

nd

ing

as

reco

vera

ble

/ (p

aya

ble

) 31st

Ma

rch

2011

12

34

56

78

1Ad

itya

Birla

Nuv

o Li

mite

dHo

ldin

g Co

mpa

nya)

Re

imbu

rsem

ent o

f oth

er e

xpen

ses

874

1

,404

(4

1) (2

,711

)b)

Pu

rcha

se o

f NCD

250

,000

2

48,3

65

895

,699

c)

Inte

rest

on

NCD

68,

564

91,

336

17,

592

42,

414

d)

Rede

mpt

ion

of N

CD —

—

e)

Divi

dend

pai

d 7

28,7

15

—

(728

,715

) —

2Su

n Li

fe F

inan

cial

(Ind

ia) I

nsur

ance

Inve

stm

ent

Fore

ign

Prom

oter

a)

Divi

dend

pai

d 2

56,0

35

—

(256

,035

) —

3Ad

itya

Birla

Fin

ance

Lim

ited

(For

mer

ly k

now

n as

Birl

a Gl

obal

Fin

ance

Com

pany

Lim

ited)

Fello

w S

ubsi

diar

ya)

Re

imbu

rsem

ent o

f oth

er e

xpen

ses

230

1

8 9

8,22

4b)

Re

cove

ry o

f exp

ense

s 6

85

1,0

26

491

—c)

Lo

an (N

CD)

—

200

,000

—d)

In

tere

st —

1

,221

—e)

Lo

an (N

CD) r

epay

—

200

,000

—f)

Com

mer

cial

pap

er p

urch

ase

90,

932

97,

444

90,

932

—g)

Co

mm

erci

al p

aper

rede

emed

100

,000

—

—h)

Di

scou

nt o

n Co

mm

erci

al p

aper

6,8

64

—

4,9

33

—4

Adity

a Bi

rla M

inac

s W

orld

wid

e Li

mite

d(F

orm

erly

kno

wn

as T

rans

wor

ks In

form

atio

n Se

rvic

es L

imite

d)Fe

llow

Sub

sidi

ary

a)

Reim

burs

emen

t of e

xpen

ses

for

outs

ourc

ing

and

othe

r act

iviti

es 1

25,8

77

89,

107

(26,

112)

(16,

353)

5Ad

itya

Birla

Min

acs

IT S

ervi

ces

Lim

ited

(For

mer

ly k

now

n as

PSI

Dat

a Sy

stem

s Li

mite

d)Fe

llow

Sub

sidi

ary

a)

Reim

burs

emen

t of e

xpen

ses

for I

T an

d

othe

r ser

vice

s —

5

7,10

9 (2

1,53

4) (1

5,73

6)

6Ad

itya

Birla

Mon

ey M

art L

imite

d Fe

llow

Sub

sidi

ary

a)

Reim

burs

emen

t of e

xpen

ses

1,2

79

6,3

84

295

(4

19)

b)

Reco

very

of e

xpen

se 4

97

978

7

Adity

a Bi

rla M

oney

Insu

ranc

e Ad

viso

ry S

ervi

ces

Lim

ited

Fello

w S

ubsi

diar

ya)

Pa

ymen

t of C

omm

issi

on 7

0,86

7 7

1,00

6 (1

,528

) (2

2,12

4)b)

Re

imbu

rsem

ent o

f exp

ense

s 9

,576

2

4,69

9 c)

Ad

vanc

e ag

ains

t ren

ewal

com

mis

sion

15,

500

—

8Ad

itya

Birla

Mon

ey L

imite

d Fe

llow

Sub

sidi

ary

a)

Reim

burs

emen

t of e

xpen

ses

—

—

(21)

860

b)

Brok

erag

e 8

,368

1

1,10

1c)

Re

cove

ry o

f exp

ense

43

972

9Ad

itya

Birla

Fin

anci

al S

ervi

ces

Priv

ate

Lim

ited

Fello

w S

ubsi

diar

ya)

Ad

vanc

e gi

ven

for I

ndia

Bul

l Pro

perti

es —

—

(1

41)

(141

)10

Adity

a Bi

rla F

inan

cial

Sha

red

Serv

ices

Lim

ited

Fello

w S

ubsi

diar

ya)

Ad

vanc

e Gi

ven

for e

xpen

ses

82,

893

71,

813

(194

) 2

57b)

Re

imbu

rsem

ent o

f exp

ense

s 8

6,24

7 7

5,16

7—

c)

Reco

very

of e

xpen

se 2

,904

2

,621

—11

Adity

a Bi

rla In

sura

nce

Brok

ers

Lim

ited

(For

mer

ly k

now

n as

Birl

a In

sura

nce

Advi

sory

&Br

okin

g Se

rvic

e Li

mite

d) (w

.e.f.

Aug

ust 1

8, 2

010)

Fello

w S

ubsi

diar

ya)

Re

cove

ry o

f exp

ense

s 4

66

678

3

28

154

12M

adur

a Ga

rmen

ts L

ifeSt

yle

Reta

il Co

mpa

ny L

imite

d Fe

llow

Sub

sidi

ary

a)

Reim

burs

emen

t of e

xpen

ses

—

39

—

39

13M

r. Aj

ay S

riniv

asan

, Man

agin

g Di

rect

or (T

ill J

une

30th

, 201

0)Ke

y M

anag

emen

t Per

sonn

ela)

M

anag

eria

l Rem

uner

atio

n —

—

—

—

14M

r Jay

ant D

ua, M

anag

ing

Dire

ctor

(w.e

.f. J

uly

1st,

2010

)Ke

y M

anag

emen

t per

sonn

ela)

M

anag

eria

l Rem

uner

atio

n 2

6,22

0 1

1,81

3 —

—

Note

1:

Prem

ium

rece

ived

from

the

rela

ted

parti

es a

gain

st li

fe in

sura

nce

prod

ucts

sol

d at

mar

ket r

ates

for t

he y

ear e

nded

Mar

ch ‘1

2 is

` 3

3,00

0 th

ousa

nds

and

for t

he y

ear e

nded

Mar

ch’1

1 is

` 1

8,11

4 th

ousa

nds.

Note

2:

Ther

e ar

e no

pro

visi

ons

for d

oubt

ful d

ebts

, am

ount

s w

ritte

n of

f or a

mou

nts

writ

ten

back

per

tain

ing

to th

e ab

ove

trans

actio

ns.

Note

3:

Rela

ted

party

rela

tions

hip

have

bee

n id

entifi

ed

by th

e m

anag

emen

t and

relie

d up

on b

y th

e au

dito

rs.

Note

4:

Rela

ted

party

tran

sact

ions

dis

clos

ed a

bove

den

ote

the

trans

actio

ns e

nter

ed d

urin

g th

e ex

iste

nce

of re

late

d pa

rty re

latio

nshi

p.No

te 5

: Tr

ansa

ctio

ns o

f Adi

tya

Birla

Mon

ey In

sura

nce

Advi

sory

Ser

vice

Lim

ited

incl

ude

serv

ice

tax

of `

899

thou

sand

s fo

r the

yea

r end

ed M

arch

’12

and

` 2,

305

thou

sand

for t

he y

ear e

nded

Mar

ch’1

1.


112




Fo

rm A

-RA

(UL)

An

nex

ure

3

Fu

nd

Reve

nu

e A

cco

un

t fo

r th

e p

eri

od

en

ded

31

st M

arc

h 2

01

2

(Am

ount

s in

thou

sand

s of

Indi

an R

upee

s)

Pa

rtic

ula

rs S

ch

In

d. A

ssu

re I

nd

. In

co

me A

dva

nta

ge

Ind

. Pro

tecto

rIn

d. B

uil

der

Ind

. Ba

lan

cer

Cu

rren

t

Yea

r

Pre

vio

us

Yea

r

Cu

rren

t

Yea

r

Pre

vio

us

Yea

r

Cu

rren

t

Yea

r

Pre

vio

us

Yea

r

Cu

rren

t

Yea

r

Pre

vio

us

Yea

r

Cu

rren

t

Yea

r

Pre

vio

us

Yea

r

Inco

me f

rom

in

vest

men

ts

Inte

rest

inco

me

11

4,2

58

9

8,28

3 2

51

,20

7

171

,720

3

06

,13

8

280

,825

1

83

,46

8

174

,071

1

7,0

24

1

6,67

1 Di

vide

nd in

com

e —

—

—

—

5

,96

8

4,5

97

8,3

72

6

,305

1

,04

0

813

Pr

ofi t/

Loss

on

sale

of i

nves

tmen

t (

90

1)

4,5

57

12

,35

5

26,

526

7,4

80

9

0,14

0 (

11

,46

1)

90,

239

(8

6)

12,

043

Profi

t/Lo

ss o

n in

ter f

und

trans

fer/

sale

of i

nves

tmen

t 2

,82

7

(6,6

04)

1,8

65

4

,667

(

6,7

31

) 7

,403

(

15

,13

4)

(5,3

63)

(1

35

) 3

68

Mis

cella

neou

s In

com

e/(E

xpen

ses)

(

33

) 2

1 (

7)

6

(2

3)

11

(1

8)

19

(2

) 4

Un

real

ised

Gai

n/lo

ss*

9,3

06

(6

,628

) (

10

,38

1)

(31,

163)

(6

3,0

63

) (1

20,9

64)

(3

8,1

05

) (7

1,36

8) (

2,9

37

) (8

,774

)To

tal

(A)

12

5,4

57

8

9,6

29

2

55

,03

9

17

1,7

56

2

49

,76

9

26

2,0

12

1

27

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2

19

3,9

03

1

4,9

04

2

1,1

25

Fund

man

agem

ent e

xpen

ses

14

,48

3

15,

166

32

,42

7

24,

280

45

,34

6

44,

428

30

,65

0

30,

600

4,0

70

3

,800

Fu

nd a

dmin

istra

tion

expe

nses

—

—

—

—

—

—

—

—

—

—

Ot

her c

harg

es#

F-5

4

7,1

31

6

1,03

1 1

50

,68

7

169

,446

1

47

,16

4

181

,521

6

8,2

50

7

8,77

4 1

4,0

03

1

7,78

5 To

tal

(B)

61

,61

4

76

,19

7

18

3,1

14

1

93

,72

6

19

2,5

10

2

25

,94

9

98

,90

0

10

9,3

74

1

8,0

73

2

1,5

85

Net

Inco

me f

or

the y

ea

r (A

-B)

63

,84

3

13

,43

2

71

,92

5

(2

1,9

70

) 5

7,2

59

3

6,0

63

2

8,2

22

8

4,5

29

(

3,1

69

) (

46

0)

Add:

Fun

d re

venu

e ac

coun

t at t

he b

egin

ning

of t

he y

ear

90

,21

4

76,

782

(9

,86

7)

12,

103

82

4,7

85

7

88,7

22

85

4,4

92

7

69,9

62

(9

,39

9)

(8,9

39)

Fu

nd

reve

nu

e a

cco

un

t a

t th

e e

nd

of

the y

ea

r 1

54

,05

7

90

,21

4

62

,05

8

(9

,86

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coun

t 1

54,0

57

90,

214

62,0

58

(9,8

67)

882,0

44

824

,785

8

82,7

14

854

,492

(

12,5

68)

(9,3

99)

Tota

l 1

,251,5

85

1,6

15,0

09

3,0

66,3

74

2,5

66,0

95

4,0

85,6

04

4,0

70,2

76

2,7

06,5

18

2,7

44,5

64

314,2

73

285,8

16

Ap

plica

tion

of

Fu

nd

s

Inve

stm

ents

F-2

1,2

17,6

15

1,5

39,4

96

2,9

58,2

77

2,5

16,5

83

3,9

72,3

22

3,9

47,2

57

2,6

56,7

64

2,6

96,9

69

310,8

95

280

,078

Cu

rren

t Ass

ets

F-3

33,9

70

75,

513

108,0

97

91,

323

127,3

00

123

,019

6

5,7

13

50,

417

4,5

63

5,7

38

Less

: Cur

rent

Lia

bilit

ies

and

Prov

isio

nsF-

4 —

—

—

4

1,81

1 1

4,0

18

—

15,9

59

2,8

22

1,1

85

—

Net c

urre

nt a

sset

s 3

3,9

70

75,

513

108,0

97

49,

512

113,2

82

123

,019

4

9,7

54

47,

595

3,3

78

5,7

38

(a)

Tota

l

1,2

51,5

85

1,6

15,0

09

3,0

66,3

74

2,5

66,0

95

4,0

85,6

04

4,0

70,2

76

2,7

06,5

18

2,7

44,5

64

314,2

73

285,8

16

(b) N

umbe

r of U

nits

out

stan

ding

70,1

03,5

37

98,

701,

844

203,4

88,1

48

183,

919,

830

171,0

85,3

32

179,

426,

231

92,7

25,1

83

97,

472,

513

16,7

95,4

47

15,

820,

017

NAV

per U

nit (

a)/(b

) ( ̀

)Pl

an I

17.8

5

16.

36

15.0

7

13.

95

23.8

8

22.

68

29.1

9

28.

16

18.7

1

18.

07

Plan

II —

—

—

—

—

—

—

—

—

—

Pa

rtic

ula

rsS

ch

In

d. E

nh

an

cer

Ind

. Cre

ato

rIn

d. M

ag

nifi

er

Ind

. Ma

xim

iser

Ind

. Mu

ltip

lier

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Sou

rces

of

Fu

nd

s

Policy

hold

ers

’ Fu

nd

s:

Polic

yhol

der c

ontri

butio

nF-

1 6

7,6

09,5

66

60,

620,

724

1,4

37,1

08

1,4

95,6

47

8,6

22,3

82

9,1

43,9

47

26,7

68,3

20

26,

226,

826

5,4

22,6

41

5,1

12,1

18

Reve

nue

Acco

unt

(3,9

90,6

70)

118

,467

1

,510,6

78

1,6

28,5

95

2,3

73,4

74

3,8

33,3

31

(2,3

63,2

29)

2,5

49,8

92

(1,0

39,9

87)

(525

,128

)

Tota

l 6

3,6

18,8

96

60,7

39,1

91

2,9

47,7

86

3,1

24,2

42

10,9

95,8

56

12,9

77,2

78

24,4

05,0

91

28,7

76,7

18

4,3

82,6

54

4,5

86,9

90

Ap

plica

tion

of

Fu

nd

s

Inve

stm

ents

F-2

62,2

35,8

20

59,

279,

650

2,8

93,9

22

3,0

75,0

48

10,9

73,8

77

12,

881,

960

24,5

80,4

02

27,

754,

713

4,3

86,7

52

4,4

62,6

61

Curr

ent A

sset

sF-

3 1

,561,5

49

1,6

25,8

36

61,0

07

49,

194

89,2

79

121

,512

1

42,9

41

1,3

85,3

88

33,4

64

163

,031

Le

ss: C

urre

nt L

iabi

litie

s an

d Pr

ovis

ions

F-4

178,4

73

166

,295

7

,143

—

67,3

00

26,

194

318,2

52

363

,383

3

7,5

62

38,

702

Net c

urre

nt a

sset

s 1

,383,0

76

1,4

59,5

41

53,8

64

49,

194

21,9

79

95,

318

(175,3

11)

1,0

22,0

05

(4,0

98)

124

,329

(a)

Tota

l

63,6

18,8

96

60,7

39,1

91

2,9

47,7

86

3,1

24,2

42

10,9

95,8

56

12,9

77,2

78

24,4

05,0

91

28,7

76,7

18

4,3

82,6

54

4,5

86,9

90

(b) N

umbe

r of U

nits

out

stan

ding

1,8

34,7

17,0

11

1,77

7,88

1,58

5 1

11,2

46,5

60

116

,152

,426

4

22,5

32,6

91

453

,572

,747

1,8

58,6

58,0

50

1,90

5,26

3,41

3 3

86,2

28,3

36

387

,832

,824

NAV

per U

nit (

a)/(b

) ( ̀

)Pl

an I

34.6

8

34.

16

26.5

0

26.

90

26.0

2

28.

61

13.1

3

15.

10

11.3

5

11.

83

Plan

II —

—

—

—

—

—

—

—

—

—

118




Fo

rm A

-BS

(UL)

An

nex

ure

3

Fu

nd

Ba

lan

ce S

heet

as

at

31

st M

arc

h 2

01

2

(Am

ount

s in

thou

sand

s of

Indi

an R

upee

s)

Pa

rtic

ula

rsS

ch

S

up

er

20

Ind

. Pla

tin

um

Plu

s 1

Ind

. Pla

tin

um

Plu

s 2

Ind

. Pla

tin

um

Plu

s 3

Ind

. Pla

tin

um

Plu

s 4

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Sou

rces

of

Fu

nd

s

Policy

hold

ers

’ Fu

nd

s:

Polic

yhol

der c

ontri

butio

nF-

1 1

,777,0

41

1,0

22,6

98

4,1

90,4

30

4,9

37,0

96

5,4

23,5

06

5,1

95,1

96

8,2

41,6

35

5,5

96,5

92

6,0

66,2

30

4,0

84,0

64

Reve

nue

Acco

unt

(88,6

75)

22,

266

13,3

33

612

,178

1

,833,2

10

2,8

06,6

34

(245,4

22)

491

,798

(

353,5

71)

152

,955

Tota

l 1

,688,3

66

1,0

44,9

64

4,2

03,7

63

5,5

49,2

74

7,2

56,7

16

8,0

01,8

30

7,9

96,2

13

6,0

88,3

90

5,7

12,6

59

4,2

37,0

19

Ap

plica

tion

of

Fu

nd

s

Inve

stm

ents

F-2

1,6

57,1

41

1,0

18,9

87

4,1

62,5

07

5,5

97,9

48

7,2

41,4

14

7,9

81,8

08

7,8

70,9

78

6,0

33,9

98

5,6

67,1

77

4,2

21,1

90

Curr

ent A

sset

sF-

3 3

1,2

25

25,

977

63,3

94

(20,

737)

60,2

58

73,

399

194,9

72

90,

959

103,6

40

41,

893

Less

: Cur

rent

Lia

bilit

ies

and

Prov

isio

nsF-

4 —

—

2

2,1

38

27,

937

44,9

56

53,

377

69,7

37

36,

567

58,1

58

26,

064

Net c

urre

nt a

sset

s 3

1,2

25

25,

977

41,2

56

(48,

674)

15,3

02

20,

022

125,2

35

54,

392

45,4

82

15,

829

(a)

Tota

l

1,6

88,3

66

1,0

44,9

64

4,2

03,7

63

5,5

49,2

74

7,2

56,7

16

8,0

01,8

30

7,9

96,2

13

6,0

88,3

90

5,7

12,6

59

4,2

37,0

19

(b) N

umbe

r of U

nits

out

stan

ding

130,0

22,6

17

74,

779,

163

379,9

27,8

46

452

,064

,035

4

60,6

27,5

92

458

,483

,967

6

64,9

42,4

61

459

,594

,962

5

31,6

89,3

24

355

,483

,070

NAV

per U

nit (

a)/(b

) (`)

Plan

I 1

2.9

9

13.

97

11.0

6

12.

28

15.7

5

17.

45

12.0

3

13.

25

10.7

4

11.

92

Plan

II —

—

—

—

—

—

—

—

—

—

Pa

rtic

ula

rsS

ch

In

d. P

lati

nu

m A

dva

nta

ge

Ind

. Pla

tin

um

Pre

mie

rIn

d. F

ore

sig

ht

FP

Ind

. Fore

sig

ht

SP

Tit

an

ium

1

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Sou

rces

of

Fu

nd

s

Policy

hold

ers

’ Fu

nd

s:

Polic

yhol

der c

ontri

butio

nF-

1 4

,064,0

12

1,5

70,4

32

6,9

48,4

42

4,0

30,3

05

4,0

03,0

62

864,5

09

563

,074

8

6,0

85

537,1

52

374

,748

Re

venu

e Ac

coun

t (

150,5

18)

(267

) (

633,0

59)

43,

966

(5,5

63)

13,9

64

6,8

66

1,1

04

(35,8

59)

10,

584

Tota

l 3

,913,4

94

1,5

70,1

65

6,3

15,3

83

4,0

74,2

71

3,9

97,4

99

878,4

73

569,9

40

87,1

89

501,2

93

385,3

32

Ap

plica

tion

of

Fu

nd

s

Inve

stm

ents

F-2

3,7

80,4

61

1,4

51,3

30

6,5

28,0

20

4,2

56,4

94

3,5

49,9

30

470,4

94

553

,407

3

7,2

00

493,0

86

377

,839

Cu

rren

t Ass

ets

F-3

246,3

11

162

,914

9

2,1

86

68,

218

718,5

55

483,3

03

48,

949

56,4

92

11,2

46

13,

466

Less

: Cur

rent

Lia

bilit

ies

and

Prov

isio

nsF-

4 1

13,2

78

44,

079

304,8

23

250

,441

2

70,9

86

75,3

24

32,

416

6,5

03

3,0

39

5,9

73

Net c

urre

nt a

sset

s 1

33,0

33

118

,835

(

212,6

37)

(182

,223

) 4

47,5

69

407,9

79

16,

533

49,9

89

8,2

07

7,4

93

(a)

Tota

l

3,9

13,4

94

1,5

70,1

65

6,3

15,3

83

4,0

74,2

71

3,9

97,4

99

878,4

73

569,9

40

87,1

89

501,2

93

385,3

32

(b) N

umbe

r of U

nits

out

stan

ding

433,9

52,3

61

162

,208

,459

5

96,3

48,4

90

349

,478

,212

4

12,2

90,5

25

83,8

24,4

68

58,

444,

776

8,3

27,4

63

47,0

61,4

49

33,

565,

937

NAV

per U

nit (

a)/(b

) (`)

Plan

I 9

.02

9.6

8 1

0.5

9

11.

66

9.7

0

10.4

8

9.7

5 1

0.4

7

10.6

5

11.

48

Plan

II —

—

—

—

—

—

—

—

—

—

119




Fo

rm A

-BS

(UL)

An

nex

ure

3

Fu

nd

Ba

lan

ce S

heet

as

at

31

st M

arc

h 2

01

2

(Am

ount

s in

thou

sand

s of

Indi

an R

upee

s)

Pa

rtic

ula

rsS

ch

Tit

an

ium

2Tit

an

ium

3P

ure

Eq

uit

yV

alu

e M

om

en

tum

Liq

uid

Plu

s

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Sou

rces

of

Fu

nd

s

Policy

hold

ers

’ Fu

nd

s:

Polic

yhol

der c

ontri

butio

nF-

1 2

04,9

93

147

,489

5

9,4

88

24,

912

369

—

339

—

358

—

Reve

nue

Acco

unt

(14,6

03)

1,5

32

(4,6

12)

(1,6

86)

0

—

0

—

0

—

Tota

l 1

90,3

90

149,0

21

54,8

76

23,2

26

369

—

339

—

358

—

Ap

plica

tion

of

Fu

nd

s

Inve

stm

ents

F-2

194,8

36

158

,275

5

4,7

53

25,

086

70

—

178

—

140

—

Curr

ent A

sset

sF-

3 3

,351

5,6

87

804

73

357

—

247

—

218

—

Less

: Cur

rent

Lia

bilit

ies

and

Prov

isio

nsF-

4 7

,797

14,

941

681

1,9

33

58

—

86

—

—

—

Net c

urre

nt a

sset

s (

4,4

46)

(9,2

54)

123

(1,8

60)

299

—

161

—

218

—

(a)

Tota

l

190,3

90

149,0

21

54,8

76

23,2

26

369

—

339

—

358

—

(b) N

umbe

r of U

nits

out

stan

ding

18,1

80,3

30

13,

387,

507

5,6

41,5

82

2,2

99,2

37

36,6

85

—

33,7

15

—

35,7

46

—

NAV

per U

nit (

a)/(b

) (`)

Plan

I 1

0.4

7

11.

13

9.7

3

10.

10

10.0

4

10.

00

10.0

4

10.

00

10.0

1

10.

00

Plan

II —

—

—

—

—

—

—

—

—

—

Pa

rtic

ula

rsS

ch

IP

P-G

row

th

IPP

-En

rich

IP

P-N

ou

rish

G

r. F

ixed

In

tere

st

Gr. G

ilt

Cu

rren

t

Y ea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Sou

rces

of

Fu

nd

s

Policy

hold

ers

’ Fu

nd

s:

Polic

yhol

der c

ontri

butio

nF-

1 2

06,0

39

220

,108

8

81,9

00

970

,415

8

4,7

74

89,

760

759,6

13

1,0

17,8

19

71,7

90

(3,2

13)

Reve

nue

Acco

unt

156,4

87

148

,445

7

79,3

92

786

,444

4

9,8

57

45,

470

364,9

46

266

,111

3

,050

3,6

42

Tota

l 3

62,5

26

368,5

53

1,6

61,2

92

1,7

56,8

59

134,6

31

135,2

30

1,1

24,5

59

1,2

83,9

30

74,8

40

429

Ap

plica

tion

of

Fu

nd

s

Inve

stm

ents

F-2

355,2

63

361

,024

1

,646,9

40

1,7

31,8

25

131,8

20

131

,424

1

,103,2

35

1,2

39,3

27

73,0

78

415

Cu

rren

t Ass

ets

F-3

9,4

30

8,2

90

31,3

33

28,

211

3,3

64

3,8

05

21,3

24

44,

603

1,7

62

14

Less

: Cur

rent

Lia

bilit

ies

and

Prov

isio

nsF-

4 2

,167

761

1

6,9

81

3,1

77

553

—

—

—

—

—

Net c

urre

nt a

sset

s 7

,263

7,5

29

14,3

52

25,

034

2,8

11

3,8

05

21,3

24

44,

603

1,7

62

14

(a)

Tota

l

362,5

26

368,5

53

1,6

61,2

92

1,7

56,8

59

134,6

31

135,2

30

1,1

24,5

59

1,2

83,9

30

74,8

40

429

(b) N

umbe

r of U

nits

out

stan

ding

15,0

40,6

54

15,

860,

244

59,5

72,8

28

63,

765,

014

6,7

51,1

41

7,1

30,1

40

53,0

60,3

97

65,

686,

726

4,6

53,4

52

27,

956

NAV

per U

nit (

a)/(b

) (`)

Plan

I 2

4.1

0

23.

24

27.8

9

27.

55

19.9

4

18.

97

21.1

9

19.

41

16.0

8

15.

37

Plan

II —

—

—

—

—

—

—

2

1.02

—

1

5.37

120




Fo

rm A

-BS

(UL)

An

nex

ure

3

Fu

nd

Ba

lan

ce S

heet

as

at

31

st M

arc

h 2

01

2

(Am

ount

s in

thou

sand

s of

Indi

an R

upee

s)

Pa

rtic

ula

rsS

ch

G

r. B

on

dG

r. M

on

ey

Ma

rket

Gr. S

hort

Term

Deb

tG

r. G

row

th A

dva

nta

ge

Gr. I

ncom

e A

dva

nta

ge

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Sou

rces

of

Fu

nd

s

Policy

hold

ers

’ Fu

nd

s:

Polic

yhol

der c

ontri

butio

nF-

1 8

30,8

32

848

,802

1

,938,1

75

1,6

35,7

72

481,9

77

435

,602

1

23,4

93

99,

655

(78,7

79)

1,0

10,0

00

Reve

nue

Acco

unt

784,3

19

645

,991

2

00,8

53

57,

675

150,3

47

102

,943

3

4,0

43

31,

706

90,0

41

67,

881

Tota

l 1

,615,1

51

1,4

94,7

93

2,1

39,0

28

1,6

93,4

47

632,3

24

538,5

45

157,5

36

131,3

61

11,2

62

1,0

77,8

81

Ap

plica

tion

of

Fu

nd

s

Inve

stm

ents

F-2

1,5

69,6

58

1,4

57,6

31

1,7

78,4

03

1,5

28,9

46

594,5

24

520

,495

1

59,4

75

129

,098

1

1,0

40

1,0

58,8

15

Curr

ent A

sset

sF-

3 4

5,4

93

37,

162

360,6

25

164

,501

3

7,8

00

18,

050

(1,4

63)

2,2

63

222

19,

066

Less

: Cur

rent

Lia

bilit

ies

and

Prov

isio

nsF-

4 —

—

—

—

—

—

4

76

—

—

—

Net c

urre

nt a

sset

s 4

5,4

93

37,

162

360,6

25

164

,501

3

7,8

00

18,

050

(1,9

39)

2,2

63

222

19,

066

(a)

Tota

l

1,6

15,1

51

1,4

94,7

93

2,1

39,0

28

1,6

93,4

47

632,3

24

538,5

45

157,5

36

131,3

61

11,2

62

1,0

77,8

81

(b) N

umbe

r of U

nits

out

stan

ding

87,8

20,6

55

88,

631,

521

112,5

03,3

12

96,

339,

371

48,3

00,1

50

44,

770,

544

9,6

27,5

96

7,9

24,4

43

936,6

45

100

,936

,645

NAV

per U

nit (

a)/(b

) (`)

Plan

I 1

8.3

9

16.

82

19.0

1

17.

38

13.0

9

11.

98

16.3

6

16.

58

12.0

2

10.

68

Plan

II —

1

7.84

—

1

8.36

—

1

2.32

—

—

—

—

Pa

rtic

ula

rsS

ch

G

r. S

ecu

reG

r. S

tab

leG

r. G

row

thG

r. F

ixed

In

tere

st 2

Gr. M

on

ey

Ma

rket

2

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Sou

rces

of

Fu

nd

s

Policy

hold

ers

’ Fu

nd

s:

Polic

yhol

der c

ontri

butio

nF-

1 5

,407,2

82

4,3

96,3

08

1,3

67,1

83

1,8

43,1

80

1,3

28,6

15

2,3

31,4

44

47,6

42

—

24,6

04

—

Reve

nue

Acco

unt

1,4

41,6

58

1,2

33,1

74

2,1

19,8

96

2,0

71,8

05

600,1

37

653

,529

2

,939

—

1,1

47

—

Tota

l 6

,848,9

40

5,6

29,4

82

3,4

87,0

79

3,9

14,9

85

1,9

28,7

52

2,9

84,9

73

50,5

81

—

25,7

51

—

Ap

plica

tion

of

Fu

nd

s

Inve

stm

ents

F-2

6,6

81,8

94

5,4

40,1

37

3,4

29,6

61

3,7

59,1

33

1,8

98,1

84

2,9

23,7

66

49,7

39

—

25,6

66

—

Curr

ent A

sset

sF-

3 1

74,5

44

189

,345

6

3,2

16

155

,852

3

5,2

67

61,

207

842

—

85

—

Less

: Cur

rent

Lia

bilit

ies

and

Prov

isio

nsF-

4 7

,498

—

5,7

98

—

4,6

99

—

—

—

—

—

Net c

urre

nt a

sset

s 1

67,0

46

189

,345

5

7,4

18

155

,852

3

0,5

68

61,

207

842

—

85

—

(a)

Tota

l

6,8

48,9

40

5,6

29,4

82

3,4

87,0

79

3,9

14,9

85

1,9

28,7

52

2,9

84,9

73

50,5

81

—

25,7

51

—

(b) N

umbe

r of U

nits

out

stan

ding

223,4

54,6

19

188

,309

,140

8

6,1

48,7

64

97,

955,

276

40,9

90,7

61

62,

321,

034

4,8

62,5

69

—

2,4

94,5

00

—

NAV

per U

nit (

a)/(b

) (`)

Plan

I 3

0.6

5

29.

57

40.4

8

39.

89

47.0

5

47.

64

10.4

0

10.

00

10.3

2

10.

00

Plan

II —

3

1.80

—

4

2.53

—

5

1.27

—

—

—

—

121




Fo

rm A

-BS

(UL)

An

nex

ure

3

Fu

nd

Ba

lan

ce S

heet

as

at

31

st M

arc

h 2

01

2

(Am

ount

s in

thou

sand

s of

Indi

an R

upee

s)

Pa

rtic

ula

rsS

ch

G

r. B

on

d 2

Gr. S

hort

Term

Deb

t 2

Gr. S

tab

le 2

Gr. S

ecu

re 2

Gr. G

row

th 2

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Sou

rces

of

Fu

nd

s

Policy

hold

ers

’ Fu

nd

s:

Polic

yhol

der c

ontri

butio

nF-

1 (

742)

—

373,1

72

—

(5,5

54)

—

(26,8

27)

—

97,5

02

—

Reve

nue

Acco

unt

742

—

6,1

30

—

5,8

40

—

26,8

27

—

18,6

29

—

Tota

l 0

—

3

79,3

02

—

286

—

—

—

116,1

31

—

Ap

plica

tion

of

Fu

nd

s

Inve

stm

ents

F-2

—

—

375,3

97

—

268

—

—

—

114,1

54

—

Curr

ent A

sset

sF-

3 —

—

3

,905

—

18

—

—

—

2,6

15

—

Less

: Cur

rent

Lia

bilit

ies

and

Prov

isio

nsF-

4 —

—

—

—

—

—

—

—

6

38

—

Net c

urre

nt a

sset

s —

—

3

,905

—

18

—

—

—

1,9

77

—

(a)

Tota

l

—

—

379,3

02

—

286

—

—

—

116,1

31

—

(b) N

umbe

r of U

nits

out

stan

ding

(0)

—

36,7

78,9

36

—

26,6

18

—

(0)

—

10,8

06,4

13

—

NAV

per U

nit (

a)/(b

) (`)

Plan

I 1

0.0

0

10.

00

10.3

1

10.

00

10.7

2

10.

00

10.0

0

10.

00

10.7

5

10.

00

Plan

II —

—

—

—

—

—

—

—

—

—

Pa

rtic

ula

rsS

ch

D

iscon

tin

ued

Policy

Fu

nd

Tota

l

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Cu

rren

t

Yea

r

Pre

viou

s

Yea

r

Sou

rces

of

Fu

nd

s

Policy

hold

ers

’ Fu

nd

s:

Polic

yhol

der c

ontri

butio

nF-

1 4

26,3

32

6,3

72

175,7

35,2

20

154

,966

,947

Re

venu

e Ac

coun

t 1

1,6

07

29

5,6

28,9

85

19,

625,

253

Tota

l 4

37,9

39

6,4

01

181,3

64,2

05

174,5

92,2

01

Ap

plica

tion

of

Fu

nd

s

Inve

stm

ents

F-2

444,3

23

6,2

99

178,3

83,4

66

170

,353

,399

Cu

rren

t Ass

ets

F-3

(6,3

84)

102

4

,587,5

94

5,4

25,0

86

Less

: Cur

rent

Lia

bilit

ies

and

Prov

isio

nsF-

4 —

—

1

,606,8

55

1,1

86,2

84

Net c

urre

nt a

sset

s (

6,3

84)

102

2

,980,7

39

4,2

38,8

02

(a)

Tota

l

437,9

39

6,4

01

181,3

64,2

05

174,5

92,2

01

(b) N

umbe

r of U

nits

out

stan

ding

39,9

65,3

64

633

,677

9

,750,5

05,0

25

8,5

09,1

97,9

67

NAV

per U

nit (

a)/(b

) (`)

Plan

I 1

0.9

6

10.

10

—

—

Plan

II —

—

—

—

122




Sch

ed

ule

s to

Fu

nd

Ba

lan

ce S

heet

An

nex

ure

3

Sch

ed

ule

: F-1

Po

licy

ho

lders

’ C

on

trib

uti

on

(Am

ount

s in

thou

sand

s of

Indi

an R

upee

s)

Pa

rtic

ula

rsIn

d. A

ssu

re I

nd

. In

co

me A

dva

nta

ge

Ind

. Pro

tecto

rIn

d. B

uil

der

Ind

. Ba

lan

cer

Cu

rren

t

Yea

r

Pre

vio

us

Yea

r

Cu

rren

t

Yea

r

Pre

vio

us

Yea

r

Cu

rren

t

Yea

r

Pre

vio

us

Yea

r

Cu

rren

t

Yea

r

Pre

vio

us

Yea

r

Cu

rren

t

Yea

r

Pre

vio

us

Yea

r

Open

ing

bala

nce

1,5

24

,79

5

1,6

29,6

26

2,5

75

,96

2

1,8

31,9

98

3,2

45

,49

1

3,1

84,5

53

1,8

90

,07

2

1,8

58,7

85

29

5,2

15

2

78,5

50

Add:

Add

ition

s du

ring

the

year

* **

2,0

00

,91

0

5,6

63,8

28

1,9

68

,64

9

1,8

45,6

81

1,5

70

,02

4

1,9

15,0

91

48

8,5

00

6

05,2

69

62

,51

8

74,

744

Less

: Ded

uctio

ns d

urin

g th

e ye

ar*

** 2

,42

8,1

77

5

,768

,659

1

,54

0,2

94

1

,101

,717

1

,61

1,9

55

1

,854

,153

5

54

,76

9

573

,982

3

0,8

92

5

8,07

9

Clo

sin

g b

ala

nce

1,0

97

,52

8

1,5

24

,79

5

3,0

04

,31

7

2,5

75

,96

2

3,2

03

,56

0

3,2

45

,49

1

1,8

23

,80

3

1,8

90

,07

2

32

6,8

41

2

95

,21

5

Pa

rtic

ula

rsIn

d. E

nh

an

cer

Ind

. Cre

ato

rIn

d. M

ag

nifi

er

Ind

. Ma

xim

iser

Ind

. Mu

ltip

lier

Cu

rren

t

Yea

r

Pre

vio

us

Yea

r

Cu

rren

t

Yea

r

Pre

vio

us

Yea

r

Cu

rren

t

Yea

r

Pre

vio

us

Yea

r

Cu

rren

t

Yea

r

Pre

vio

us

Yea

r

Cu

rren

t

Yea

r

Pre

vio

us

Yea

r

Open

ing

bala

nce

60

,62

0,7

24

5

0,91

9,21

0 1

,49

5,6

47

1

,487

,132

9

,14

3,9

47

1

0,38

4,68

0 2

6,2

26

,82

6

23,

696,

983

5,1

12

,11

8

3,9

00,0

39

Add:

Add

ition

s du

ring

the

year

* **

20

,22

7,3

42

2

3,98

2,21

0 7

27

,39

4

839

,962

1

,67

1,0

60

2

,656

,073

8

,79

1,4

37

1

3,82

4,68

9 1

,75

5,2

55

3

,278

,431

Less

: Ded

uctio

ns d

urin

g th

e ye

ar*

** 1

3,2

38

,50

1

14,

280,

696

78

5,9

33

8

31,4

47

2,1

92

,62

5

3,8

96,8

06

8,2

49

,94

3

11,

294,

846

1,4

44

,73

1

2,0

66,3

52

Clo

sin

g b

ala

nce

67

,60

9,5

65

6

0,6

20

,72

4

1,4

37

,10

8

1,4

95

,64

7

8,6

22

,38

2

9,1

43

,94

7

26

,76

8,3

20

2

6,2

26

,82

6

5,4

22

,64

2

5,1

12

,118

Pa

rtic

ula

rsS

up

er

20

Ind

. Pla

tin

um

Plu

s 1

Ind

. Pla

tin

um

Plu

s 2

Ind

. Pla

tin

um

Plu

s 3

Ind

. Pla

tin

um

Plu

s 4

Cu

rren

t

Yea

r

Pre

vio

us

Yea

r

Cu

rren

t

Yea

r

Pre

vio

us

Yea

r

Cu

rren

t

Yea

r

Pre

vio

us

Yea

r

Cu

rren

t

Yea

r

Pre

vio

us

Yea

r

Cu

rren

t

Yea

r

Pre

vio

us

Yea

r

Open

ing

bala

nce

1,0

22

,69

8

339

,782

4

,93

7,0

95

3

,989

,012

5

,19

5,1

96

3

,849

,516

5

,59

6,5

92

2

,893

,611

4

,08

4,0

64

2

,041

,941

Add:

Add

ition

s du

ring

the

year

* **

1,3

74

,51

8

962

,690

1

02

,05

0

1,9

88,2

48

1,1

85

,18

4

2,5

30,0

43

4,5

88

,67

1

4,1

39,5

01

3,3

02

,49

8

2,9

13,4

00

Less

: Ded

uctio

ns d

urin

g th

e ye

ar*

** 6

20

,17

5

279

,774

8

48

,71

7

1,0

40,1

65

95

6,8

74

1

,184

,363

1

,94

3,6

28

1

,436

,520

1

,32

0,3

33

8

71,2

77

Clo

sin

g b

ala

nce

1,7

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1,5

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Add:

Add

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year

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Add:

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nex

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Sch

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nex

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nex

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nex

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142




An

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ula

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ch

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ule

Lin

ked

Lif

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Lin

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Pen

sio

n

Lin

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Gro

up

L

ink

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Hea

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To

tal

Un

it

Lin

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(13)

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Un

it

(2)

Tota

l

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(1)+

(2)

No

n-U

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Un

it (5)

Tota

l

(6)=

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(5)

No

n-U

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(7)

Un

it (8)

Tota

l

(9)=

(7)+

(8)

No

n-U

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(10)

Un

it

(11)

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l

(12)

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0)+

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1)

Pre

miu

ms

ea

rned

– n

et

(a) P

rem

ium

3

,883

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4

1,21

7,22

1 4

5,10

1,07

9 4

02,7

90

3,0

40,2

92

3,4

43,0

82

—

4,3

63,7

90

4,3

63,7

90

28,

189

67,

687

95,

876

53,

003,

827

(b) R

eins

uran

ce c

eded

(487

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) —

(4

87,2

70)

(322

) —

(3

22)

—

—

—

(4,5

50)

—

(4,5

50)

(492

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)In

co

me f

rom

In

vest

men

ts

(a) I

nter

est,

Divi

dend

& R

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Gro

ss 7

32,6

56

5,1

52,3

97

5,8

85,0

53

75,

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385

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4

60,3

70

3,8

51

1,1

06,3

18

1,1

10,1

69

1,0

33

1,6

55

2,6

88

7,4

58,2

80

(b) P

rofi t

on

sale

/red

empt

ion

of

inve

stm

ents

11,

965

14,

061,

827

14,

073,

792

1,2

25

1,0

20,8

65

1,0

22,0

90

63

886

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8

86,4

84

17

9,9

46

9,9

63

15,

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329

(c) L

oss

on s

ale/

rede

mpt

ion

of

inve

stm

ents

(152

) (3

,367

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) (3

,368

,006

) (1

5) (2

62,4

61)

(262

,476

) (1

) (2

61,6

25)

(261

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) —

(2

,709

) (2

,709

) (3

,894

,817

)

(d) U

nrea

lised

gai

n/(lo

ss)

—

(4,7

00,3

13)

(4,7

00,3

13)

—

293

,549

2

93,5

49

—

(374

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) (3

74,8

42)

—

3,0

91

3,0

91

(4,7

78,5

15)

(e) G

ain

Loss

on

Amor

tisat

ion

(81,

763)

—

(81,

763)

(8,3

70)

—

(8,3

70)

(430

) —

(4

30)

(115

) —

(1

15)

(90,

678)

Oth

er

inco

me:

(a) L

inke

d In

com

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1 1

1,35

3,23

4 (1

1,35

3,23

4) —

5

97,4

39

(597

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) —

1

81,5

67

(181

,567

) —

2

9,84

8 (2

9,84

8) —

—

(b

) Con

tribu

tion

from

the

Shar

ehol

ders

’ a/c

—

—

—

—

—

—

(50,

672)

50,

672

—

—

—

—

—

© O

ther

Inco

me

60,

850

—

60,

850

2,0

81

—

2,0

81

2,4

82

—

2,4

82

56

—

56

65,

469

TO

TAL (

A)

15

,47

3,3

78

4

1,0

10

,04

4

56

,48

3,4

22

1

,06

9,8

35

3

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4

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0,0

04

1

36

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0

5,5

89

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7

5,7

26

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7

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8

49

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4,3

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6

7,2

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3

Com

mis

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2

,831

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—

2

,831

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1

44,5

31

—

144

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7

85

—

785

1

9,60

3 —

1

9,60

3 2

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Op

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Expe

nses

rela

ted

to

Insu

ranc

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sine

ss 8

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—

8

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5

80,2

54

—

580

,254

9

9,91

1 —

9

9,91

1 1

4,33

1 —

1

4,33

1 9

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Prov

isio

n fo

r Tax

atio

n (4

,667

) —

(4

,667

) (3

56)

—

(356

) (4

52)

—

(452

) (1

0) —

(1

0) (5

,485

)

TO

TAL

(B)

11

,32

5,3

19

—

1

1,3

25

,31

9

72

4,4

29

—

7

24

,42

9

10

0,2

44

—

1

00

,24

4

33

,92

4

—

33

,92

4

12

,18

3,9

16

Bene

fi ts

Paid

(Net

)UL

2 1

,135

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1

4,64

6,94

7 1

5,78

2,90

4 6

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7

94,5

85

801

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1

,300

2

,572

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2

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5

1

2,94

2 1

2,94

7 1

9,17

0,91

8 In

terim

Bon

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aid

—

—

—

—

—

—

—

—

—

—

—

Chan

ge in

val

uatio

n of

liab

ility

in

resp

ect o

f life

pol

icie

s —

—

—

—

—

—

—

—

—

—

—

Tran

sfer

to N

on-L

inke

d Re

serv

es (2

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) 2

,926

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—

(6

56,2

71)

656

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—

—

—

—

—

—

—

—

Ch

ange

in V

alua

tion

Liab

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1,7

78,2

42

23,

436,

118

25,

214,

360

356

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2

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2

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3

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3

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3

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8

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3

6,88

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5,42

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1,06

6,48

8

TO

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(C)

(1

2,7

80

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1,0

10

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4

40

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7,2

64

(

29

2,8

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69

3

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7,3

45

5

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6

5,5

89

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7

5,5

94

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3

8,5

52

4

9,8

22

5

8,3

74

5

0,2

37

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6

SU

RP

LU

S/(

DE

FIC

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(D)=

(A)-

(B)-

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4,1

60

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9

—

4,1

60

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9

63

8,2

30

—

6

38

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0

31

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0

—

31

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12

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2

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12

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2

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AP

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Insu

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serv

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the

begi

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th

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—

—

—

—

—

—

—

—

—

—

—

—

Tran

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to S

hare

hold

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a/c

2,6

89,1

23

—

2,6

89,1

23

536

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—

5

36,0

40

31,

360

—

31,

360

408

—

4

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3,2

56,9

31

Fund

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for f

utur

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prop

riatio

ns 1

,471

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—

1

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1

02,1

90

—

102

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—

—

—

1

1,59

4 —

1

1,59

4 1

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Tota

l (D

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0,8

39

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4

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0,8

39

6

38

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63

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3

1,3

60

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3

1,3

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1

2,0

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1

2,0

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143




Sch

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nex

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3

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s)*

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div

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Fund

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tratio

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1,8

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1

18,9

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Polic

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char

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3

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Surr

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36,

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—

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81

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—

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cella

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—

—

189

4

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OTA

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01

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1In

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1,

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206

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1

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6,37

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2

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14,8

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114

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2

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2

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pa

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—

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539

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Tota

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19

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1,2

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6

4,9

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4,9

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Ben

efi

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to

cla

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nts

: In

Indi

a 9

52,0

19

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1 1

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—

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—

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To

tal (U

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144




Sch

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Fund

Adm

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A N

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Fund

Man

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harg

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1

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7

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Polic

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4

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NA

NA

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145




Disclosure for ULIP Business

1. Performance of the Fund (Absolute Growth %) (Appendix 1)

2. Investment Management

• Activities Outsourced: Nil

• Fees Paid for various activities charged to Policyholders account for the Period ended 31st March 2012: Nil (Previous Year Nil)

3. Related Party Transactions (Appendix 1A)

4. Company wise details of Investments held in Promoters Group along with its Percentage to funds under management. This information is to be given fund wise and total fund under ULIP. (Appendix 2)

5. Industry wise disclosures of Investments (amount in thousands) (Appendix 3)

6. Unclaimed redemption of units: ` 427 thousands (Previous year ` 423 thousands)

7. NAV: Highest, Lowest & Closing at the end of the Year (Appendix 4)

8. Expenses charged to Fund (%) (Appendix 5)

9. Ratio of Gross Income (including unrealised gains) to Average Daily Net Assets (Appendix 6)

10. As at 31st March 2012, there are no doubtful debts on assets of the respective funds.

11. Fund Wise disclosure of appreciation and/or depreciation in value of Investments (Appendix 7)

146



Appendix 1 to Annexure 3A

Performance of ULIP funds (Absolute Growth - %)

Returns as on 31st March 2012

INDIVIDUAL LIFE

Fund Name Year of Inception FY 2011-12 FY 2010-11 FY 2009-10 Since Inception

Ind. Assure Fund 12-Sep-05 9.11% 5.81% 9.85% 78.54%Ind. Income Adv Fund 22-Aug-08 8.01% 7.16% 10.07% 50.69%Ind. Protector 22-Mar-01 5.27% 5.70% 14.42% 138.81%Ind. Builder 22-Mar-01 3.66% 6.26% 23.30% 191.89%Ind. Balancer 18-Jul-05 3.57% 6.49% 25.44% 87.12%Ind. Enhancer 22-Mar-01 1.50% 6.73% 28.49% 246.75%Ind. Creator 23-Feb-04 -1.49% 7.17% 51.80% 164.98%Ind. Magnifi er 12-Aug-04 -9.04% 8.21% 74.86% 160.24%Ind. Maximiser 12-Jun-07 -13.06% 7.03% 91.14% 31.31%Ind. Multiplier 30-Oct-07 -4.06% 2.14% 139.39% 13.47%Super 20 6-Jul-09 -7.08% 13.48% 23.14% 29.85%Ind. Platinum Plus 1 17-Mar-08 -9.86% 12.24% 55.96% 10.65%Ind. Platinum Plus 2 8-Sep-08 -9.73% 13.66% 70.51% 57.54%Ind. Platinum Plus 3 15-May-09 -9.22% 12.29% 17.98% 20.25%Ind. Platinum Plus 4 15-Sep-09 -9.85% 14.55% 4.05% 7.44%Ind. Platinum Premier 15-Feb-10 -9.16% 12.12% 3.98% 5.90%Ind. Platinum Advantage 20-Sep-10 -6.83% -3.20% NA -9.82%Ind. Foresight FP 25-Feb-11 -7.48% 4.80% NA -3.04%Ind. Foresight SP 25-Feb-11 -6.86% 4.70% NA -2.48%Titanium 1 16-Dec-09 -7.21% 12.08% 2.43% 6.52%Titanium 2 16-Mar-10 -5.92% 10.99% 0.29% 4.72%Titanium 3 16-Jun-10 -3.71% 1.01% NA -2.73%Ind. Liquid Plus 9-Mar-12 0.07% NA NA 0.07%Ind. Pure Equity 9-Mar-12 0.43% NA NA 0.43%Ind. Value Momentum 9-Mar-12 0.43% NA NA 0.43%IPP - Nourish 12-Mar-03 5.15% 5.28% 14.02% 99.42%IPP - Growth 18-Mar-03 3.72% 5.87% 23.01% 141.03%IPP - Enrich 12-Mar-03 1.21% 6.58% 37.23% 178.87%

GROUP LIFE

Fund Name Year of Inception FY 2011-12 FY 2010-11 FY 2009-10 Since Inception

Gr. Fixed Interest Plan I 18-Nov-02 9.19% 7.88% 13.35% 111.94%Gr. Gilt Plan I 28-Apr-04 4.66% 4.39% 6.38% 60.83%Gr. Bond Plan I 28-Apr-04 9.32% 7.19% 11.99% 75.46%Gr. Money Market Plan I 31-Mar-05 9.37% 7.71% 10.36% 90.13%Gr. Short Term Debt Plan I 10-Dec-08 9.30% 7.06% 8.31% 30.92%Gr. Capital Protection Plan I** 31-Mar-06 NA NA NA NAGr. Floating Rate Plan I*** 28-Apr-04 NA NA 2.46% NAGr. Secure Plan I 19-Jun-01 3.65% 6.17% 20.58% 206.50%Gr. Stable Plan I 31-Aug-01 1.47% 6.73% 30.91% 304.77%Gr. Growth Plan I 31-Aug-01 -1.23% 7.68% 44.83% 370.53%Gr. Growth Advantage 18-Feb-08 -1.29% 8.85% 53.86% 63.63%Gr. Income Advantage 23-Mar-10 12.59% 6.79% NA 20.24%Gr. Growth Maximsier**** 23-Mar-10 NA NA NA NAGr. Bond 2 ^ 28-Nov-11 3.07% NA NA NAGr. Fixed Interest 2 28-Nov-11 4.02% NA NA 4.02%Gr. Growth 2 28-Nov-11 7.46% NA NA 7.46%Gr. Money Market 2 28-Nov-11 3.23% NA NA 3.23%Gr. Secure 2 ^^ 28-Nov-11 4.84% NA NA NAGr. Short Term Debt 2 28-Nov-11 3.13% NA NA 3.13%Gr. Stable 2 28-Nov-11 7.25% NA NA 7.25%

** The Group Capital Protection Fund became a dormat fund on 12th August 2008 on account of no units. Returns for FY 08-09 are as on 11th August 2008.

*** The Group Floating Fund became a dormat fund on 12th October 2009 on account of no units. Returns for FY 08-09 are as on 11th October 2009.

**** These funds do not have any units since their inception.^ The Group Bond 2 Fund became a dormat fund on 31st March 2012 on account of no units. Returns for FY 11-12 are as on 30th March

2012.^^ The Group Secure 2 Fund became a dormat fund on 22nd February 2012 on account of no units. Returns for FY 11-12 are as on

21st February 2012.


147



Appendix 1A to Annexure 3A

Related Party Transactions


Related Party : Aditya Birla Money Limited

Service : Brokerage for purchase/sale of securities

Basis of Payment : As per agreed % of trade value

Fund Name Current Year Previous Year

Gr. Growth 230 180

Gr. Growth 2 9 —

Gr. Growth Advantage 27 69

Gr. Secure 159 156

Gr. Secure 2 3 —

Gr. Stable 200 238

Gr. Stable 2 3 —

Ind. Balancer 34 37

Ind. Builder 163 166

Ind. Creator 201 243

Ind. Enhancer 1,014 1,166

Ind. Foresight FP 125 61

Ind. Foresight SP 23 3

Ind. Magnifi er 1,237 1,608

Ind. Maximiser 2,453 3,020

Ind. Multiplier 440 799

Ind. Platinum Advantage 324 203

Ind. Platinum Plus 1 464 441




Ind. Platinum Premier 381 424

Ind. Protector 117 148

IPP - Enrich 172 211

IPP - Growth 26 25

IPP - Nourish 4 5

Super 20 130 127

Titanium 1 149 135

Titanium 2 70 30

Titanium 3 17 1

Total 8,700 11,099


148




Appendix 1A to Annexure 3A

Related Party Transactions


Related Party : Aditya Birla Finance Ltd.

Service : Purchase/sale of securities

Particulars Purchase of Investments Sale of Investments Interest Received

Current Year Previous Year Current Year Previous Year Current Year Previous Year

Ind. Assure — 88,977.40 — 50,000.00 — 148.97Ind. Enhancer — 1,00,000.00 — 1,00,000.00 — 297.95Ind. Creator — — — — — —Ind. Magnifi er — — — — — —IPP — Enrich — — — — — —Gr. Fixed Interest — 29,233.05 — — — —Gr. Money Market 90,931.70 29,233.05 1,00,000.00 — — —Gr. Secure — 50,000.00 — 50,000.00 — 148.97Gr. Stable — — — — — —

Related Party : Aditya Birla Nuvo Ltd.

Service : Purchase/sale of securities

Partculars Purchase of Investments Sale of Investments Interest Received


Ind. Assure — 50,000.00 — — — —Ind. Income Adv — 60,000.00 — — — —Ind. Protector — — — — — —Ind. Builder — — — — — 1,955.34 Ind. Enhancer — — 6,00,000.00 — 93,386.99 71,973.65Ind. Creator — — — — — —Ind. Magnifi er — — — — — —Ind. Maximiser — — — — — —Gr. Fixed Interest — 50,000.00 — — — —Gr. Bond — 60,000.00 — — — —Gr. Money Market — — — — — —Gr. Short Term Debt — 30,000.00 — — — —Gr. Secure — — — — — —Gr. Stable — — — — — —Gr. Growth Advantage — — — — — 23.06

149




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153





Disclosure of Investment - Industrywise

Ind.Assure Fund

as on 31st March 2012


Industry Security Nature of

security

Current Year Previous Year

Market value % holding Market value % holding

BANKING SERVICES 426,490 34.08 163,321 10.37

STATE BANK OF HYDERABAD CD (MD 26/03/2013)

DEBT 34,004 2.72

10.36% CANARA BANK FD QUARTERLY COMP (MD 27/02/2013)

DEBT 100,000 7.99

10.51% BANK OF BARODA FD QUARTERLY COMP (MD 29/03/2013)

DEBT 50,000 4.00

10.50% STATE BANK OF HYDERABAD FD QUARTERLY COMP (MD 29/03/2013)

DEBT 50,000 4.00

10.95% PUNJAB AND NATIONAL BANK FD QTR (MD 21/03/2013)

DEBT 100,100 8.00

SYNDICATE BANK CD (MD 01/02/2013) DEBT 92,386 7.38

OTHER FUND BASED

FINANCIAL SERVICES

215,101 17.19 249,230 15.82

10.80% EXPORT & IMPORT BANK LTD. NCD (MD 22/07/2013)

DEBT 60,685 4.85

8.75% IRFC NCD (MD 07/01/2013) DEBT 37,706 3.01

9.20% NABARD NCD (MD 16/08/2012) DEBT 15,960 1.28

9.76% IRFC NCD (MD 03/07/2012) DEBT 25,021 2.00

9.80% NABARD NCD (MD 10/09/2012) DEBT 74,733 5.97

9.48% NABARD NCD (MD 22/09/2014) P/C 23/09/2013

DEBT 995 0.08

INFRASTRUCTURE FINANCE

SERVICES

188,942 15.10 147,476 9.36

10.90% RECL LTD. NCD (MD 30/09/2013) DEBT 50,712 4.05

7.75% RECL NCD (MD 17/11/2012) DEBT 20,695 1.65

9.80% POWER FINANCE CORPORATION LTD NCD SR XXXVIII (MD 20/09/2012)

DEBT 37,860 3.03

8.50% IDFC LTD. NCD (MD 19/10/2012) DEBT 29,726 2.38

9.72% IDFC LTD. (MD 05/11/2013) DEBT 49,950 3.99

Others (Other than G-Sec) 385,082 30.77 893,360 56.71

The following Sectors were having exposure of more than 10% during previous year but less than 10% during the current year:

Sector Market value % holding

REFINERY 167,638 10.64

154






Ind. Income Adv




security




9.95% STATE BANK OF INDIA NCD (MD 16/03/2026) CALL 16/03/2021

DEBT 32,557 1.07

BANK OF INDIA CD (MD 20/03/2013) DEBT 27,164 0.89


DEBT 97,024 3.19

STATE BANK OF PATIALA CD (MD 24/12/2012)

DEBT 39,710 1.30

10.70% STATE BANK OF HYDERABAD FD QTR COMP (MD 30/03/2013)

DEBT 50,000 1.64


DEBT 100,000 3.28


DEBT 100,000 3.28


DEBT 100,000 3.28

10.90 PUNJAB AND NATIONAL BANK FD QTR (MD 20/03/13)

DEBT 100,100 3.29

10.35% CORPORATION BANK FD QTR COMP (MD 28/02/2013)

DEBT 100,000 3.28


DEBT 100,100 3.29

HOUSING FINANCE SERVICES 322,191 10.58 301,206 11.91

10.25% HDFC (30/03/2017) DEBT 51,478 1.69

9.45% HDFC LTD. NCD (MD 11/01/2013) DEBT 12,930 0.42


9.60% HOUSING DEVELOPMENT FINANCE CORPN. LTD. NCD (MD 07/04/2016)

DEBT 55,987 1.84


9.45% LIC HOUSING FINANCE LTD. NCD (MD 30/01/2022)

DEBT 39,819 1.31

9.80% GRUH FINANCE LTD. NCD (MD 10/02/15)

DEBT 29,963 0.98

HDFC LTD. ZCB (MD 06/02/2017) DEBT 10,199 0.34


155






Ind. Protector




security




SERVICES

681,237 16.73 717,961 17.70



11% POWER FINANCE CORPOARTION LTD. NCD (MD 15/09/2018)

DEBT 11,718 0.29

11.25% POWER FINANCE CORPORATION LTD. NCD (MD 28/11/2018)

DEBT 67,959 1.67


DEBT 61,391 1.51



DEBT 126,949 3.12


DEBT 14,343 0.35


DEBT 54,627 1.34


INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LTD.

EQUITY 7,296 0.18

POWER FINANCE CORPORATION LTD. EQUITY 6,354 0.16

RURAL ELECTRIFICATION CORPORATION LIMITED

EQUITY 3,229 0.08

9.43% REC LTD. NCD (MD 10/08/2014) DEBT 24,827 0.61

9.70% POWER FINANCE CORPORATION LTD. NCD (MD 15/12/2018) – SERIES 82-C

DEBT 17,087 0.42


AXIS BANK LIMITED EQUITY 6,815 0.17

HDFC BANK EQUITY 15,350 0.38

ICICI BANK LTD. EQUITY 22,697 0.56

ORIENTAL BANK OF COMMERCE EQUITY 2,755 0.07

STATE BANK OF INDIA EQUITY 13,817 0.34

UNION BANK OF INDIA LTD. EQUITY 5,786 0.14

INDUSIND BANK LTD. EQUITY 4,353 0.11



DEBT 47,385 1.16

PUNJAB NATIONAL BANK EQUITY 5,186 0.13

CANARA BANK CD (MD 14/12/2012) DEBT 46,747 1.15

INDIAN OVERSEAS BANK CD (MD 04/01/2013)

DEBT 21,912 0.54


DEBT 100,100 2.46

10.50% CORPORATION BANK FD QTR COMP (MD 28/03/2013) (FV 9.8)

DEBT 98,000 2.41

Others (Other than G-Sec) 1,582,804 38.87 1,688,610 41.62

156






Ind. Builder




security




SERVICES

366,504 13.51 318,160 11.51



DEBT 30,695 1.13



DEBT 78,122 2.88



DEBT 24,860 0.92


DEBT 34,763 1.28


EQUITY 9,760 0.36



EQUITY 4,459 0.16

9.70% POWER FINANCE CORPORATION LTD. NCD (MD 15/12/2018) - SERIES 82-C

DEBT 15,077 0.56

OTHER FUND BASED

FINANCIAL SERVICES

324,564 11.96 333,319 12.06

10% NABARD NCD Sr IX (MD 14/05/2012) DEBT 34,000 1.25

7.55% NATIONAL HOUSING BANK LTD. (MD 12/07/2013)

DEBT 38,963 1.44

8.49% IRFC NCD (MD 30/03/2014) DEBT 19,636 0.72

8.50% IRFC NCD (MD 22/06/2020) DEBT 50,668 1.87

8.75% IRFC NCD (MD 07/01/2013) DEBT 76,404 2.82

9.40% NABARD NCD SR XI Q (MD 30/03/2014)

DEBT 29,827 1.10

9.76% IRFC NCD (MD 03/07/2012) DEBT 75,064 2.77


8.85% STATE BANK OF INDIA NCD (MD 04/10/2021) CALL 04/10/16 STEPUP 9.35

DEBT 19,485 0.72


DEBT 10,270 0.38









10.95% PUNJAB AND NATIONAL BANK FD QTR CMPD (MD 27/03/2013)

DEBT 100,100 3.69


DEBT 50,000 1.84

Others (Other than G-Sec) 992,224 36.58 1,162,716 42.06

157






Ind. Balancer




security




10.70% HDFC BANK LTD. NCD (MD 26/12/2018)

DEBT 2,107 0.67

7.05% CANARA BANK NCD (MD 18/05/2014)

DEBT 9,505 3.00






YES BANK LIMITED EQUITY 2,139 0.68

PUNJAB NATIONAL BANK CD (MD 01/03/2013)

DEBT 27,441 8.67

INDUSIND BANK LTD. EQUITY 324 0.10

OTHER FUND BASED

FINANCIAL SERVICES

49,544 15.65 34,752 12.12

10.05% NABARD (MD 11/06/2014) DEBT 10,053 3.18

9.50% NABARD NPS BONDS SR IX I (MD 15/10/2012)

DEBT 4,980 1.57

9.00% EXPORT IMPORT BANK OF INDIA NCD (MD 10/01/2019)

DEBT 24,551 7.75

9.40% NABARD NCD Sr XII-L (MD 13/09/2016)

DEBT 9,960 3.15


SERVICES

36,684 11.59 46,437 16.20


11% POWER FINANCE CORPOARTION LTD. NCD (MD 15/09/2018)

DEBT 2,130 0.67


DEBT 5,116 1.62


DEBT 4,883 1.54

9.80% POWER FINANCE CORPORATION LTD. NCD SR XXXVIII (MD 20/09/2012)

DEBT 4,982 1.57


EQUITY 722 0.23

POWER FINANCE CORPORATION LTD. EQUITY 598 0.19


EQUITY 1,181 0.37

9.36% POWER FINANCE CORPN. LTD. NCD (MD 01/08/2021)

DEBT 1,982 0.63



158






Ind. Enhancer




security



BANKING SERVICES 11,317,314 17.75 12,120,426 19.93

10.1% ICICI BANK (CALL 09/08/16) MD - PERPETUAL

DEBT 51,476 0.08

10.40% PUNJAB NAT BANK (MATURITY-PERPETUAL) (CALL 20/07/2017)

DEBT 51,797 0.08


DEBT 103,262 0.16

10.85% PUNJAB NATIONAL BANK (MD 29/09/2023) CALL 29/09/2018 ST-UP 11.35%

DEBT 285,799 0.45

5.90% ALLALAHABAD BANK LTD. NCD (MD 30/06/2012).

DEBT 49,515 0.08


DEBT 2,791 0.00


DEBT 951 0.00

7.45% STATE BK OF INDIA 050515 AAA DEBT 944 0.00

8.8% ST BK INDIA (050621)RSET050616 (CALL 06/06/2016)

DEBT 972 0.00

8.8% STATE BANK OF HYDERABAD NCD (MD 29/04/2016)

DEBT 65,373 0.10

8.85% STATE BANK OF INDIA NCD (MD 04/10/2021) CALL 04/10/16 STEPUP 9.35

DEBT 29,228 0.05

9% CANARA BANK NCD (MD 09/01/2018)

DEBT 35,088 0.06

9.00% PUNJAB NATIONAL BANK NCD (PERPETUAL) CALL/STEP-UP 27/11/2019

DEBT 95,917 0.15

9.05% SBI PERPETUAL NCD (CALL-27/01/2020) STEP UP RATE 9.55%

DEBT 459,251 0.72

9.05% STATE BANK OF HYDERABAD PERPETUAL CALL 20/09/20 STEP UP 50BPS

DEBT 96,362 0.15

9.1% SBI PERPETUAL NCD (CALL-14/08/2019) STEP UP RATE 9.6%

DEBT 119,121 0.19

9.10% STATE BANK OF MYSORE PERPETUAL NCD CALL/STEP-UP 25/11/2019

DEBT 292,724 0.46

9.15% BANK OF BARODA PERPETUAL NCD STEP UP 9.65% RESET 23/11/19

DEBT 48,737 0.08

9.15% STATE BANK OF PATIALA PERP NCD CALL 18/01/2020 STEPUP 9.65

DEBT 155,941 0.24

9.20% STATE BANK OF HYDERABAD NCD PERPETUAL (MD 24/02/2020)

DEBT 49,023 0.08

9.25% IDBI OMNI BONDS NCD (MD 26/03/2014)

DEBT 148,487 0.23

9.30% STATE BANK OF PATIALA NCD(MD 20/12/2022) CALL FR 20/12/2017 INT 9.80

DEBT 54,311 0.09

9.35 PUNJAB NATIONAL BANK (MD 05/03/2023) CALL 05/03/2018 ST-UP 9.85

DEBT 39,604 0.06

9.35% STATE BANK OF HYDERABAD NCD (MD 19/03/2023) CALL 19/03/18 STEPUP 9.85

DEBT 69,435 0.11


DEBT 846 0.00

159





security



9.75% PUNJAB NATI BANK (MATURITY-PERPETUAL) (CALL 11/12/2017) STEP UP 10.25

DEBT 100,652 0.16

9.75% STATE BANK OF BIKANER AND JAIPUR FD QUARTERLY COMP (MD 13/09/2018)

DEBT 9,900 0.02


DEBT 9,900 0.02

9.8% STATE BANK OF MYSORE ERPETUAL (30/11/2017) CALL 301117 STEPUP 10.30%

DEBT 101,414 0.16

9.80% ICICI BANK LTD. NCD (MD 10/02/2013)

DEBT 75,319 0.12

9.80% STATE BANK OF INDIA NCD (MD 30/06/2016)

DEBT 30,302 0.05

9.85% STATE BANK OF BIK & JAI NCD(MD PERPETUAL) CALL 20/03/18 STEPUP 10.35

DEBT 93,351 0.15

9.85% STATE BANK OF INDIA (28/06/2016) DEBT 94,079 0.15

9.95% STATE BANK OF HYDERABAD (MD PERPETUAL) CALL 28/03/2018 STEPUP 10.45

DEBT 47,893 0.08


DEBT 21,547 0.03

9.95% STATE BANK OF TRAVANCORE NCD (MD PERPETUAL) CALL 31/03/18 STEPUP 10.45

DEBT 39,654 0.06

9.98% ICICI BANK LTD. (MATURITY-PERPETUAL) (CALL AND STEUP UP 13/09/16)10.98%

DEBT 205,138 0.32



ICICI BANK LTD. EQUITY 1,092,689 1.71

ING VYSYA BANK LIMITED EQUITY 29,899 0.05





STATE BANK OF PATIALA CD (13/12/2012) DEBT 159,360 0.25


DEBT 286,666 0.45


DEBT 151,122 0.24


DEBT 160,299 0.25

HDFC BANK LIMITED CD (MD 16/07/2012) DEBT 179,121 0.28

ORIENTAL BANK OF COMMERCE CD (MD 22/06/2012)

DEBT 34,003 0.05


DEBT 117,141 0.18

STATE BANK OF MYSORE CD (MD 17/04/2012)

DEBT 139,437 0.22


DEBT 208,079 0.33

CANARA BANK EQUITY 685 0.00




Ind. Enhancer



160






Ind. Enhancer




security



CORPORATION BANK CD (MD 25/02/2013) DEBT 167,348 0.26


DEBT 65,312 0.10

VIJAYA BANK CD ( MD 15/03/2013) DEBT 172,244 0.27

10.30% I D B I BANK LTD. NCD (MD 02/09/2012)

DEBT 15,999 0.03


CENTRAL BANK OF INDIA CD (MD 18/12/2012)

DEBT 43,096 0.07

IDBI BANK LTD. CD (MD 12/02/2013) DEBT 110,533 0.17


DEBT 201,399 0.32


DEBT 5,371 0.01


DEBT 107,127 0.17


DEBT 119,853 0.19


DEBT 92,475 0.15


DEBT 9,811 0.02

9.78% STATE BANK OF BIK & JAI NCD (MD15/10/2022) CALL-16/10/17STEPUP -10.28

DEBT 79,025 0.12


DEBT 46,721 0.07


DEBT 100,000 0.16

STANDARD CHARTERED BANK CD (MD 13/04/2012)

DEBT 142,578 0.22

6.50% AXIS BANK NCD (MD 15/10/2013) DEBT 75,490 0.12


JAMMU AND KASHMIR BANK CD (MD 07/09/2012)

DEBT 144,272 0.23


DEBT 472,283 0.74


DEBT 190,860 0.30


DEBT 47,855 0.08


DEBT 27,649 0.04

VIJAYA BANK CD (MD 15/10/2012) DEBT 95,254 0.15

5.40% ASIAN DEVELOP BANK (27/02/2014)

DEBT 95,000 0.15



DEBT 100,000 0.16

9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 11/09/2019)

DEBT 9,900 0.02


DEBT 9,900 0.02


161






Ind. Creator




security










CANARA BANK EQUITY 14,098 0.48



DEBT 47,001 1.60



SERVICES

317,034 10.77 276,662.0 8.83



DEBT 35,811 1.22


DEBT 107,418 3.65


DEBT 19,881 0.68



EQUITY 29,059 0.99



DEBT 49,077 1.67


162






Ind. Magnifi er




security












DEBT 40,031 0.36


DEBT 30,579 0.28




DEBT 24,999 0.23


DEBT 46,843 0.42



DEBT 48,114 0.44


DEBT 102,779 0.93


DEBT 100,000 0.91

COMPUTER SOFTWARE 1,116,176 10.11 1,118,059 8.61

TATA CONSULTANCY SERVICES LIMITED EQUITY 266,981 2.42

INFOSYS LIMITED EQUITY 676,444 6.12

SATYAM COMPUTERS LTD. EQUITY 73,227 0.66

HCL TECHNOLOGIES LTD. EQUITY 99,524 0.90


163






Ind. Maximiser




security






ICICI BANK LTD. EQUITY 1,385,445 5.67








DEBT 26,336 0.11


DEBT 55,157 0.23

HDFC BANK LIMITED CD (MD 16/07/2012) DEBT 63,701 0.26


DEBT 62,813 0.26


AXIS BANK CD (MD 18/03/2013) DEBT 13,592 0.06


DEBT 55,982 0.23




DEBT 59,202 0.24

STATE BANK OF BIKANER AND JAIPUR CD (MD 26/12/2012)

DEBT 83,800 0.34


DEBT 39,453 0.16


DEBT 44,382 0.18


DEBT 149,864 0.61


DEBT 100,000 0.41

INDUSIND BANK LIMITED CD (MD 08/11/2012)

DEBT 47,299 0.19


DEBT 24,789 0.10


DEBT 100,000 0.41

DEVELOPMENT CREDIT BANK LTD. EQUITY 100,575 0.41


DEBT 200,000 0.82

COMPUTER SOFTWARE 3,320,259 13.58 2,577,750 8.95

NIIT LIMITED FACE VALUE INR 2 EQUITY 174,413 0.71


INFOSYS LIMITED EQUITY 1,597,633 6.53



KPIT CUMMINS INFOSYSTEMS LTD. EQUITY 234,990 0.96

ONMOBILE GLOBAL LTD. EQUITY 173,245 0.71


164






Ind. Multiplier




security




INDIAN OVERSEAS BANK EQUITY 60,403 1.38


KARNATAKA BANK LTD. EQUITY 82,998 1.89



UNITED BANK OF INDIA EQUITY 36,766 0.84




DEBT 854 0.02


DEBT 11,761 0.27


DEBT 861 0.02




DEBT 3,724 0.08


DEBT 4,700 0.11


DEBT 866 0.02


DEBT 9,344 0.21


DEBT 79,764 1.82


DEBT 41,756 0.95

DEVELOPMENT CREDIT BANK LTD. EQUITY 40,500 0.92




DRUGS & PHARMACEUTICALS 464,298 10.13

165






Super 20 Fund




security






ICICI BANK LIMITED EQUITY 119,375 7.20


COMPUTER SOFTWARE 216,814 13.08 130,603 12.82



Others (Other than G-Sec) 1,014,467 61.22 584,337 57.34



COMPUTER SOFTWARE 108,436 10.64

166






Ind. Platinum Plus 1




security



BANKING SERVICES 700,922 16.60 1,288,178 23.12


DEBT 9,900 0.23


DEBT 9,900 0.23


DEBT 9,900 0.23


DEBT 9,900 0.23


DEBT 9,900 0.23


DEBT 9,900 0.23


DEBT 9,900 0.23









DEBT 66,168 1.57


DEBT 9,900 0.23





167










security





DEBT 50,000 0.68


DEBT 9,900 0.13












168










security





DEBT 50,000 0.63










DEBT 22,989 0.29


DEBT 95,343 1.20


DEBT 9,900 0.12


DEBT 9,900 0.12


DEBT 9,900 0.12


DEBT 9,900 0.12


DEBT 9,900 0.12


DEBT 9,900 0.12


DEBT 9,900 0.12


DEBT 9,900 0.12


DEBT 9,900 0.12


DEBT 500 0.01


DEBT 9,900 0.12


DEBT 9,900 0.12


DEBT 9,900 0.12


DEBT 9,900 0.12


DEBT 9,900 0.12


DEBT 9,900 0.12





169










security











DEBT 20,303 0.36


DEBT 11,778 0.21


DEBT 28,701 0.50




DEBT 58,554 1.03


DEBT 93,240 1.64


DEBT 19,246 0.34


DEBT 51,961 0.91


DEBT 121,983 2.14


DEBT 9,400 0.17


DEBT 9,900 0.17


DEBT 9,900 0.17


DEBT 9,900 0.17


DEBT 9,900 0.17


DEBT 9,900 0.17


DEBT 9,900 0.17





170






Ind.Platinum Premier




security



BANKING SERVICES 1,339,242 21.31 858,727 21.28







BANK OF INDIA CD (MD 28/03/2013) DEBT 91 0.00


DEBT 42,771 0.68



DEBT 3,477 0.06


DEBT 47,001 0.75


DEBT 93,623 1.49


DEBT 5,339 0.08


DEBT 9,900 0.16


DEBT 9,900 0.16


DEBT 9,900 0.16


DEBT 9,900 0.16


DEBT 9,900 0.16




SATYAM COMPUTERS LIMITED EQUITY 58,202 0.93

HCL TECHNOLOGIES LIMITED EQUITY 59,074 0.94




MUTUAL FUND 471,881 11.70

171






Ind. Platinum Advantage




security











DEBT 64,489 1.74


DEBT 9,761 0.26



DEBT 19,069 0.51









Ind. Foresight FP




security










DEBT 96,044 2.87


DEBT 7,182 0.21



DEBT 11,711 0.35


DEBT 46,986 1.40


DEBT 19,246 0.58


DEBT 46,833 1.40







172






Ind. Foresight SP




security


















Titanium 1




security












SERVICES

53,315 10.67 30,213 8.00


DEBT 14,648 2.93

8.95% POWER FINANCE CORPPORATION LTD. NCD (MD 30/03/2015)

DEBT 14,745 2.95


EQUITY 4,253 0.85



EQUITY 5,217 1.04





OTHER FUND BASED FINANCIAL SERVICES 40,716 10.78

173






Titanium 2




security













SERVICES

19,973 10.53 8,767 6.01


DEBT 4,883 2.58


DEBT 6,881 3.63



EQUITY 2,224 1.17





Titanium 3




security





DEBT 2,927 5.31

AXIS BANK LIMITED EQUITY 487 0.88




UNION BANK OF INDIA LTD. EQUITY 725 1.32



PUNJAB NATIONAL BANK EQUITY 410 0.74




ELECTRICITY DISTRIBUTION 2,485 10.59

174






Ind. Pension Nourish Fund




security




SERVICES

19,675 14.60 22,640 16.73




DEBT 2,930 2.17


DEBT 6,958 5.16


EQUITY 245 0.18

POWER FINANCE CORPORATION LTD. EQUITY 212 0.16


EQUITY 109 0.08


DEBT 1,982 1.47

OTHER FUND BASED

FINANCIAL SERVICES

15,098 11.21 10,254 7.58

10.70% IRFC NCD (MD 11/09/2023) DEBT 3,293 2.44

7.55% NATIONAL HOUSING BANK LTD. (MD 12/07/2013)

DEBT 4,870 3.61

8.46% IRFC NCD (MD 15/01/2014) DEBT 1,966 1.46

9.25% EXPORT & IMPORT BANK LTD. NCD (MD 13/12/2012)

DEBT 4,968 3.69




Ind. Pension Growth Fund




security




SERVICES

53,907 14.85 53,858 14.59


7.75% RECL NCD (MD 17/11/2012) DEBT 17,739 4.89


DEBT 7,812 2.15

9.80% POWER FINANCE CORPORATION LTD. NCD SR XXXVIII (MD 20/09/2012)

DEBT 9,963 2.74


EQUITY 1,300 0.36



EQUITY 592 0.16

MUTUAL FUND 36,813 10.14 36,724 9.95

BIRLA SUN LIFE CASH PLUS-INSTITUTIONAL PREMIUM PLAN (GROWTH)

DEBT 9,904 2.73

TATA LIQUID SUPER HIGH INVESTMENT PLAN - APPRECIATION

DEBT 7,927 2.18

RELIGARE LIQUID FUND - SUPER INSTITUTIONAL - GROWTH

DEBT 9,345 2.57

IDFC CASH FUND - PLAN C - GROWTH DEBT 9,636 2.65


175






Ind. Pension Enrich Fund




security



INFRASTRUCTURE

FINANCE SERVICES

225,346 13.54 213,776 12.13

11.50% RECL LTD. NCD (MD 26/11/2013)

DEBT 40,982 2.46


DEBT 31,249 1.88


DEBT 28,803 1.73

9.45% RECL LTD. NCD (MD 04/04/2013)

DEBT 99,415 5.97


EQUITY 10,384 0.62



EQUITY 5,073 0.30




BANKING SERVICES 201,077 11.41

176






Discuntinued Policy Fund




security



BANKING SERVICES 279,311 62.85 4,301 68


DEBT 9,147 2.06


DEBT 30,334 6.83


DEBT 2,873 0.65


DEBT 10,681 2.40


DEBT 35,284 7.94


CORPORATION BANK CD (MD 25/02/2013)

DEBT 29,802 6.71



DEBT 18,737 4.22



DEBT 12,121 2.73


DEBT 4,394 0.99


DEBT 15,975 3.59


DEBT 9,311 2.10


DEBT 11,750 2.64


DEBT 21,170 4.76


DEBT 8,876 2.00


Others (Other than G-Sec) 62,481 14.06 NA NA



Pure Equity




security



COMPUTER SOFTWARE 11 14.06 NA NA

INFOSYS LIMITED EQUITY 6 7.30HCL TECHNOLOGIES LTD. EQUITY 5 6.77

Others (Other than G-Sec) 59 74.51 NA NA

177






Value Momentum




security



BANKING SERVICES 14 14.85 NA NA

ORIENTAL BANK OF COMMERCE EQUITY 7 7.55


Others (Other than G-Sec) 76 78.77 NA NA



Gr. Fixed Interest




security





DEBT 19,961 1.78


DEBT 8,781 0.78


DEBT 13,658 1.22


ANDHRA BANK CD (MD 25/03/2013) DEBT 45,149 4.02



DEBT 50,000 4.45


DEBT 50,000 4.45


DEBT 100,000 8.91


DEBT 100,100 8.92





178






Gr. Bond




security





DEBT 19,192 1.19


DEBT 26,569 1.64


DEBT 45,735 2.83




DEBT 100,000 6.19


DEBT 50,000 3.10


DEBT 50,000 3.10


DEBT 100,100 6.20


DEBT 100,000 6.19

OTHER FUND BASED

FINANCIAL SERVICES

225,746 13.97 162,888 10.90

8.50% IRFC NCD (MD 22/06/2020) DEBT 18,164 1.12

9.80% NABARD NCD (MD 10/09/2012)

DEBT 95,658 5.92

NABARD BHAVISHYA NIRMAN ZCB (MD 01/01/2018)

DEBT 6,824 0.42

NABARD ZCB (MD 01/01/2019) DEBT 2,707 0.17

9.40% NABARD NCD Sr XII-L (MD 13/09/2016)

DEBT 18,924 1.17

9.57% IRFC NCD (MD 31/05/2021) DEBT 83,469 5.17

HOUSING FINANCE

SERVICES

196,546 12.17 149,942 10.04

7.60% HOUSING DEVELOPMENT FINANCE CORPN. LTD. NCD (08/12/2017)

DEBT 26,788 1.66

9.45% HDFC LTD. NCD (MD 11/01/2013)

DEBT 19,893 1.23


DEBT 56,025 3.47


DEBT 24,059 1.49


DEBT 39,819 2.46

9.80% GRUH FINANCE LTD. NCD (MD 10/02/15)

DEBT 29,963 1.85


179






Gr. Money Market




security



BANKING SERVICES 1,123,751 63.08 915,327 59.86

STATE BANK OF PATIALA CD (13/12/2012)

DEBT 74,887 4.20


DEBT 39,800 2.23





DEBT 29,470 1.65


DEBT 46,620 2.62


DEBT 18,687 1.05


DEBT 66,033 3.71


DEBT 37,466 2.10


DEBT 150,000 8.42


DEBT 100,000 5.61


DEBT 100,100 5.62

10.60% DEVELOPMENT CREDIT BANK FD (MD 02/07/2012)

DEBT 60,000 3.37


DEBT 100,000 5.61


DEBT 50,000 2.81


180






Gr. Short Term Debt




security








DEBT 45,338 7.46


DEBT 5,900 0.97


DEBT 26,537 4.37


DEBT 50,000 8.23

10.60% DEVELOPMENT CREDIT BANK FD (MD 02/07/2012)

DEBT 40,000 6.58

INFRASTRUCTURE

FINANCE SERVICES

95,430 15.70 39,732 7.44

7.75% RECL NCD (MD 17/11/2012) DEBT 17,739 2.92

8.50% IDFC LTD. NCD (MD 19/10/2012)

DEBT 27,744 4.57


DEBT 24,973 4.11

9.72% IDFC LTD. (MD 05/11/2013) DEBT 24,975 4.11

AUTO FINANCE SERVICES 76,606 12.61 21,305 3.99

CHOLAMANDALAM INVST AND FINANCE CP (MD 15/10/2012)

DEBT 33,212 5.47

10.48% SUNDARAM FINANCE LTD. NCD (MD 03/06/2013)

DEBT 18,069 2.97

10.65% CHOLAMANDALAM INVT AND FIN CO LTD. NCD (MD 30/04/2013)

DEBT 25,325 4.17

REFINERY 65,179 10.73 73,841 13.82

7.35% HINDUSTAN PETROLEUM CORP LTD. NCD (MD 04/12/2012)

DEBT 21,644 3.56

7.73% BPCL LTD. NCD (MD 09/10/2012)

DEBT 43,535 7.16





181






Gr. Secure




security





DEBT 100,000 1.46


DEBT 55,824 0.82

9.05% SBI PERPETUAL NCD (CALL- 27/01/2020) STEP UP RATE 9.55%

DEBT 48,650 0.71

9.15% STATE BANK OF PATIALA PERP NCD CALL 18/01/2020 STEPUP 9.65

DEBT 29,239 0.43


DEBT 1,010 0.01


DEBT 462 0.01











DEBT 102,633 1.50


DEBT 27,169 0.40


DEBT 90,909 1.33


DEBT 46,555 0.68


DEBT 50,000 0.73


DEBT 100,000 1.46


DEBT 100,000 1.46


DEBT 100,100 1.47


DEBT 100,100 1.47


DEBT 22,938 0.34

SYNDICATE BANK CD (MD 01/02/2013)

DEBT 138,579 2.03

10.50% CORPORATION BANK FD QTR COMP (MD 28/03/2013) (FV 9.9)

DEBT 99,000 1.45




INFRASTRUCTURE FINANCE SERVICES 561,205 10.08

182






Gr. Stable




security















DEBT 16,294 0.47


DEBT 50,000 1.43


DEBT 65,536 1.88

INDUSIND BANK LIMITED CD (MD 08/11/2012)

DEBT 47,299 1.36


DEBT 26,920 0.77


DEBT 100,100 2.87

INFRASTRUCTURE

FINANCE SERVICES

532,838 15.28 585,626 15.11

10.85% RECL LTD. NCD (MD 14/08/2018)

DEBT 26,444 0.76


DEBT 56,275 1.61

7.75% RECL NCD (MD 17/11/2012) DEBT 9,855 0.28


DEBT 39,061 1.12

8.65% RECL LTD. NCD (MD 15/01/2019)

DEBT 93,561 2.68

8.70% POWER FINANCE CORPN LTD. NCD (MD 15/01/2020)

DEBT 57,419 1.65

8.90% POWER FINANCE LTD. NCD (MD 16/02/2014)

DEBT 49,284 1.41


DEBT 40,755 1.17

9.45% RECL LTD. NCD (MD 04/04/2013)

DEBT 85,497 2.45


EQUITY 24,258 0.70



DEBT 991 0.03


DEBT 24,947 0.72


183






Gr. Growth




security





DEBT 32,564 1.69


DEBT 25,298 1.31










DEBT 28,106 1.46


DEBT 46,555 2.42


DEBT 100,100 5.20

INFRASTRUCTURE

FINANCE SERVICES

210,811 10.95 266,195 8.92

10.90% RECL LTD. NCD (MD 14/08/2013)

DEBT 9,118 0.47


DEBT 17,578 0.91


DEBT 80,318 4.17


DEBT 27,523 1.43


EQUITY 18,769 0.97


9.48% REC LTD. NCD (MD 10/08/2021)

DEBT 12,978 0.67

8.50% IDFC LTD. NCD (MD 19/10/2012)

DEBT 25,762 1.34

Others (Other than G-Sec) 908,368 47.17 1,915,510 64.20

184






Gr. Growth Advantage Fund




security



BANKING SERVICES 21,589 13.38 12,875.15 9.80










DEBT 1,222 0.76

INFRASTRUCTURE

FINANCE SERVICES

18,997 11.77 13,100.62 9.97

10.90% RECL LTD. NCD (MD 14/08/2013)

DEBT 5,065 3.14

11.50% RECL LTD. NCD (MD 26/11/2013)

DEBT 6,147 3.81

7.75% RECL NCD (MD 17/11/2012) DEBT 1,971 1.22


DEBT 1,912 1.19


EQUITY 1,968 1.22





Gr. Inc. Advantage




security



OTHER FUND BASED

FINANCIAL SERVICES

2,055 18.25 69,631 6.46

10.60% IRFC NCD (MD 11/09/2018) DEBT 1,059 9.41

9.50% NABARD NPS BONDS SR IX I (MD 15/10/2012)

DEBT 996 8.84


ANDHRA BANK CD (MD 25/03/2013) DEBT 451 4.01


DEBT 453 4.03


DEBT 940 8.34




HOUSING FINANCE SERVICES 130,516 12.11

185






Gr. Short Term Debt 2




security



BANKING SERVICES 212,893 56.11 NA NA


DEBT 22,868 6.03






CORPORATION BANK CD (MD 25/02/2013)

DEBT 32,094 8.46


DEBT 20,402 5.38


DEBT 9,330 2.46

VIJAYA BANK CD ( MD 15/03/2013) DEBT 31,729 8.36


DEBT 3,100 0.82

INFRASTRUCTURE

FINANCE SERVICES

39,552 10.42 NA NA

7.75% RECL NCD (MD 17/11/2012) DEBT 1,971 0.52

8.50% IDFC LTD. NCD (MD 19/10/2012)

DEBT 6,936 1.83

INFRASTRUCTURE DEVELOPMENT FINANCE CO. LTD. CP (MD 06/08/2012)

DEBT 9,663 2.55

9.62% POWER FINANCE CORPORATION LTD. (MD 29/06/2016)

DEBT 1,004 0.26


DEBT 19,978 5.27


186






Gr. Growth 2




security





DEBT 1,861 1.60


DEBT 1,946 1.67








DEBT 1,531 1.32


PUNJAB NATIONAL BANK EQUITY 844 0.73

INFRASTRUCTURE

FINANCE SERVICES

14,017 12.06 NA NA

10.90% RECL LTD. NCD (MD 14/08/2013)

DEBT 1,013 0.87


DEBT 977 0.84


DEBT 4,781 4.11


DEBT 1,966 1.69


EQUITY 1,155 0.99


9.48% REC LTD. NCD (MD 10/08/2021)

DEBT 998 0.86

8.50% IDFC LTD. NCD (MD 19/10/2012)

DEBT 1,982 1.70


187





Gr. Money Market 2




security





DEBT 670 2.60


DEBT 670 2.60

HDFC BANK LIMITED CD (MD 16/07/2012)

DEBT 682 2.65


DEBT 294 1.14


DEBT 659 2.56


DEBT 199 0.77

MUTUAL FUND 2,843 11.04 NA NA

BIRLA SUN LIFE CASH PLUS-IP PLAN GROWTH - APPROVED

DEBT 1,231 4.78

TATA LIQUID SUPER HIGH INVESTMENT PLAN - APPRECIATION

DEBT 606 2.35

IDFC CASH FUND - PLAN C - GROWTH DEBT 1,005 3.90





Gr. Fixed Interest 2




security





DEBT 951 1.88


DEBT 627 1.24



DEBT 1,517 3.00


DEBT 958 1.89


DEBT 1,436 2.84

OTHER FUND BASED

FINANCIAL SERVICES

5,808 11.47 NA NA

7.63% IRFC (MD 29/10/2013) DEBT 1,946 3.84

9.40% NABARD NCD SR XI Q (MD 30/03/2014)

DEBT 994 1.96

NABARD BHAVISHYA NIRMAN ZCB (MD 01/01/2018)

DEBT 119 0.23

NABARD ZCB (MD 01/03/2018) DEBT 1,743 3.44

9.70% NABARD NCD SR XII-D (MD 06/06/2016)

DEBT 1,006 1.99


188




NAV Highest, Lowest and Closing as on 31st March 2012

INDIVIDUAL LIFE

Fund Name Highest Lowest Closing


Ind. Assure 17.8534 16.3625 16.3658 15.4659 17.8534 16.3625Ind. Income Advantage 15.0962 13.9522 13.9485 13.0218 15.0691 13.9522Ind. Protector 23.9681 22.6850 22.5538 21.4557 23.8805 22.6850Ind. Builder 29.4382 28.3550 27.7017 26.5048 29.1886 28.1573Ind. Balancer 18.8360 18.2366 17.6505 16.9171 18.7118 18.0668Ind. Enhancer 35.2041 34.7232 32.6759 31.8211 34.6750 34.1638Ind. Creator 27.2146 28.3503 24.1559 24.4109 26.4978 26.8978Ind. Magnifi er 29.1499 31.9130 22.1862 24.6881 26.0237 28.6112Ind. Maximiser 15.5083 17.0806 11.1454 13.0398 13.1305 15.1038Ind. Multiplier 12.3301 14.4952 9.2448 10.9024 11.3473 11.8272Super 20 14.1586 14.8103 11.0288 11.4062 12.9852 13.9740Ind. Platinum Plus 1 12.4443 13.2278 10.0021 10.1894 11.0646 12.2754Ind. Platinum Plus 2 17.6762 18.7213 14.2879 14.2935 15.7540 17.4528Ind. Platinum Plus 3 13.4202 14.1396 10.8584 10.9412 12.0254 13.2473Ind. Platinum Plus 4 12.0722 12.6718 9.6731 9.6658 10.7444 11.9190Ind. Platinum Premier 11.8060 12.5487 9.4625 9.6694 10.5901 11.6582Ind. Platinum Advantage 9.7909 10.2285 7.8617 8.8242 9.0183 9.6799Ind. Foresight FP 10.5874 10.4799 8.5060 9.8323 9.6958 10.4799Ind. Foresight SP 10.5809 10.4701 8.4977 9.8289 9.7518 10.4701Titanium Plus 1 11.6179 12.0162 9.6843 9.8101 10.6519 11.4798Titanium Plus 2 11.2667 11.7394 9.4728 10.0337 10.4723 11.1313Titanium Plus 3 10.2241 10.6258 8.9628 9.4458 9.7270 10.1014Ind. Liquid Plus 10.0065 NA 10.0000 NA 10.0065 NAInd. Pure Equity 10.0434 NA 9.9984 NA 10.0430 NAInd. Value Momentum 10.0428 NA 10.0000 NA 10.0428 NAIPP - Nourish 20.0279 18.9659 18.8550 18.0145 19.9420 18.9659IPP - Growth 24.2903 23.4159 22.9269 21.9377 24.1031 23.2376IPP - Enrich 28.2620 28.3456 26.0886 25.6236 27.8867 27.5521

GROUP LIFE

Fund Name Highest Lowest Closing


Gr. Fixed Interest Plan I 21.2362 19.4093 19.3775 17.9953 21.1939 19.4093Gr. Gilt Plan I 16.2607 15.3671 15.2785 14.6714 16.0826 15.3671Gr. Bond Plan I 18.4025 16.8241 16.8283 15.6990 18.3915 16.8241Gr. Money Market Plan I 19.0130 17.3836 17.3868 16.1416 19.0130 17.3836Gr. Short Term Debt Plan I 13.0916 11.9773 11.9800 11.1902 13.0916 11.9773Gr. Capital Protection Plan I** 10.0000 10.0000 10.0000 10.0000 10.0000 10.0000Gr. Floating Rate Plan I*** 10.0000 10.0000 10.0000 10.0000 10.0000 10.0000Gr. Secure Plan I 30.8725 29.7861 29.0252 27.8075 30.6502 29.5708Gr. Stable Plan I 40.9530 41.0505 37.7847 36.8114 40.4774 39.8918Gr. Growth Plan I 48.1518 50.1039 42.9331 43.0394 47.0533 47.6411Gr. Growth Advantage 16.7990 17.4325 14.7181 14.8474 16.3629 16.5767Gr. Income Advantage 12.0447 10.6788 10.6746 10.0016 12.0236 10.6788Gr. Growth Maximsier**** 10.0000 10.0000 10.0000 10.0000 10.0000 10.0000Gr. Bond 2 ^ 10.3065 NA 9.9988 NA 10.0000 NAGr. Fixed Interest 2 10.4161 NA 10.0000 NA 10.4022 NAGr. Growth 2 10.9321 NA 9.7861 NA 10.7465 NAGr. Money Market 2 10.3230 NA 10.0000 NA 10.3230 NAGr. Secure 2 ^^ 10.4838 NA 9.9300 NA 10.0000 NAGr. Short Term Debt 2 10.3130 NA 10.0000 NA 10.3130 NAGr. Stable 2 12.0589 NA 9.9113 NA 10.7247 NA

**The Group Capital Protection Fund became a dormat fund on 12th August 2008 on account of no units.***The Group Floating Fund became a dormat fund on 12th October 2009 on account of no units.**** These funds do not have any units since their inception.^The Group Bond 2 Fund became a dormat fund on 31st March 2012 on account of no units.^^The Group Secure 2 Fund became a dormat fund on 22nd February 2012 on account of no units.


189




Appendix 5 to Annexure 3A Annualised Expense Ratio to Average Daily Assets of the Fund as on 31st March 2012



Management Fees for the Period (inclusive of service tax) 2,417,494 2,237,080 Average Daily AUM of the ULIP funds 170,553,879 159,858,713 Annualised Expense Ratio to Average daily AUM (%) 1.42% 1.40%


Statement showing Ratio of Gross Income (Including Unrealised Gain/Loss) to Average Daily Net Assets



A Income from Investment ULIP Assets Current Year Previous Year

1 Interest, Dividend & Rent – Gross 6,963,836 5,792,695 2 Profi t on Sale/Redemption of Investments 5,777,113 15,979,061 3 (Loss on Sale/Redemption of Investments) (13,447,517) (3,894,647)4 Gain/(Loss) on Amortisation 1,139,092 853,037 5 Other Income/(Expense) (1,203) 1,468

Sub Total 431,321 18,731,614

B Unrealised Gain/(Loss) (3,485,771) (4,778,515)

C Total (A+B) (3,054,450) 13,953,099

D Average Daily AUM of the ULIP Funds 170,553,879 159,858,713

E Ratio of Gross Income to Average Daily Net Assets (%) -2% 9%

190




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—

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15

200



Summary of Financial Statements Annexure - 4


Sr. No. Particulars 2011-12 2010-11 2009-10 2008-09 2007-08

POLICYHOLDERS’ A/C

1 Gross Premium Income 58,853,594 56,770,665 55,056,579 45,718,039 32,571,331

2 Net Premium Income# 57,477,737 55,945,624 54,253,630 45,166,377 32,230,713

3 Income from investments(Net)@ (1,632,680) 14,919,387 40,031,523 (6,706,646) 4,872,915

4 Other Income 298,060 236,803 143,486 170,850 100,150

5 Total Income 56,143,117 71,101,814 94,428,639 38,630,582 37,203,778

6 Commissions 2,911,723 3,499,814 4,813,947 4,462,129 3,178,308

7 Brokerage 342,279 305,981 348,027 355,751 177,230

8 Operating Expenses related toinsurance Business 12,151,175 12,034,778 13,267,526 12,487,624 6,707,323

9 Total Expenses 15,405,177 15,840,573 18,429,500 17,305,503 10,062,861

10 Payment to Policy holders 27,046,221 19,343,749 11,387,815 6,464,413 4,296,800

11 Increase in Actuarial Liability 9,871,376 33,252,514 69,259,695 22,152,906 27,486,205

12 Provision for Tax (including Fringe Benefi t Tax) — (5,875) — 61,500 38,281

13 Surplus/(Defi cit) from operations 3,820,343 2,670,853 (4,648,371) (7,353,741) (4,680,369)

SHAREHOLDERS’ A/C

14 Total Income under Shareholders’ Account 786,946 379,105 293,405 332,383 227,614

15 Profi t/(loss) Before Tax 4,607,289 3,049,958 (4,354,965) (7,021,358) (4,452,755)

16 Profi t/(loss) After Tax 4,607,289 3,049,958 (4,354,965) (7,021,358) (4,452,755)

17 “Profi t/(loss) carried to Balance Sheet (Net of Interim Dividend & tax thereon)” (13,762,293) (17,225,082) (20,275,040) (15,920,075) (8,898,719)

18 (A) Policyholders’ account:

Total funds (incl Funds for Future Appropriation) 199,640,312 189,770,583 156,518,655 87,258,406 65,105,551

Total Investments (including policy loans) 201,197,493 190,888,814 156,520,111 87,237,071 64,854,552

Yield on investments

– Linked Fund (%) $ -1.74% 9.45% 44.77% -9.82% 10.65%

– Non-Linked Fund (%) 8.31% 7.54% 6.95% 11.49% 8.75%

(B) Shareholders’ account:

Total funds (including unrealised gain) 10,732,754 7,269,919 4,220,265 4,075,129 3,846,383

Total investments 10,153,273 6,972,707 5,043,972 4,670,115 4,222,791

Yield on investments (%) 9.85% 6.59% 6.41% 8.01% 6.83%

19 Yield on total investments -0.41% 9.20% 40.14% -8.00% 10.34%

20 Paid-up equity capital 19,695,000 19,695,000 19,695,000 18,795,000 12,745,000

21 Net worth 10,732,754 7,269,919 4,220,264 4,075,129 3,846,383

22 Total Assets 210,373,067 197,040,502 160,738,920 91,333,534 68,951,934

23 Earnings per share (share of FV of ` 10 each) `

2.34 1.55 (2.28) (4.44) (5.11)

24 Book value per share (share of FV of ` 10 each) `

5.45 3.69 2.14 2.17 3.02

# Net of Reinsurance

@ Net of Losses

$ Yield on Linked policyholders investments includes unrealised gains on investments.


201




Analytical Ratio for the Financial Year : 2011-12 Annexure - 5

Sr. No. Ratios for Life Insurers 31st March 2012 31st March 2011

1 New business premium income growth (segment-wise)(New business premium for Current Year divided by newbusiness premium income for Previous Year)a) Linked Business 0.72 0.58b) Non-Linked Business 2.11 11.86c) Pension Business 0.68 0.89d) Health Business 1.07 0.81e) Total Business 0.93 0.70

2 Net Retention Ratio 0.98 0.99(Net premium divided by gross premium)

3 Ratios of Expenses of Management 0.26 0.28(Expenses of management divided by the total gross direct premium)Note: Expenses of Management = Operating Expenses related to Insurance Business + Commission Expenses

4 Commission Ratio 0.06 0.07(Gross Commission paid to Gross Premium)

5 Ratio of Policyholders’ Liabilities to Shareholders’ Funds 18.60 26.10Note: a) Policyholders’ Liabilities = Policy Liabilities + Funds for Future Appropriations + Provision for Linked Liabilities +Credit/(Debit) fair value change account (Linked & Non-Linked) b) Shareholders’ Funds = Share Capital + Reserves & Surplus + Credit/(Debit)

fair value Current Year account + Credit/(Debit) balance in Profi t & Loss A/C6 Growth Rate of Shareholders’ Funds 1.48 0.727 Ratio of Surplus to Policyholders Liabilities 0.02 0.028 Change in Net Worth (` in ‘000) 3,462,835 3,049,6559 Profi t after Tax/Total Income 0.08 0.04

Note: 1) Total Income = Total Income under Policyholders’ Account (Excluding Contributions from Shareholders’ Account) + Total Income under Shareholders’ Account

10 (Total Real Estate + Loans)/Cash & Invested Assets 0.00 0.0011 Total Investments/(Capital + Surplus) 19.67 27.18

Note: Total Investments = Shareholders’ Investments + Policyholders’ Investments + Assets held to cover Linked Liabilities

12 Total Affi liated Investments/(Capital + Surplus)* 0.14 0.3013 Investment Yield

A. With Realised GainsShareholders’ Funds 9% 8%Policyholders’ Funds :Non-Linked Non Participating 8% 7%Linked Non Participating 0% 12%B. Without Realised GainsShareholders’ Funds 7% 7%Policyholders’ Funds :Non-Linked Non Participating 8% 5%Linked Non Participating -2% 9%

14 Conservation RatioTotal Conservation Ratio (without Group) 76% 75%Total Conservation Ratio (with Group) 70% 66%

15 Persistency RatioFor 13th month 82% 83%For 25th month 77% 77%For 37th month 72% 72%For 49th Month 62% 64%For 61st month 53% 55%

16 NPA RatioGross NPA Ratio Nil NilNet NPA Ratio Nil Nil

* Ratio calculated above is without considering policyholders' funds amounting to ` 1,147,118 (Previous Year ` 190,626 thousands).The ratio after considering policyholders' funds for the current year is 0.14 (Previous Year: 0.01).

202



In accordance with the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, the following Management Report is submitted by the Board of Directors:

1. Certifi cate of Registration

The Certifi cate of Registration granted by the Insurance Regulatory and Development Authority (IRDA) to enable the Company to transact life insurance business was valid as on 31st March, 2012 and is in force as on the date of this Report. IRDA has renewed the Company’s Certifi cate of Registration to sell life insurance products in India for the year 2012-13 vide its Certifi cate of Renewal of Registration dated 16th March 2012.

2. Statutory Dues

We hereby certify that all the material dues payable, other than those which are being contested with the statutory authorities, have been duly paid.

3. Shareholding Pattern

The Company confi rms that the shareholding pattern and any transfer of shares during the year are in accordance with the statutory and/or regulatory requirements.

4. Investment of Funds

The Company has not, directly or indirectly, invested policyholders fund outside India.

5. Solvency Margin

The Company has maintained adequate assets to cover both its liabilities and the minimum solvency margin, as stipulated in Section 64 VA of the Insurance Act, 1938.

6. Valuation of Assets

We hereby certify that all assets of the Company have been reviewed on the date of the Balance Sheet and to the best of our knowledge and belief the assets set forth in the Balance Sheet are shown in the aggregate at amounts not exceeding their realizable or market value under the several headings – “Loans”, “Investments” (other than as mentioned hereunder), “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 the several items specifi ed under “Other Accounts”.

Market values of fi xed income investments made in shareholders’ funds and policyholders non-linked funds which are valued at amortised cost as per IRDA regulations, is lower than their carrying amounts by ` 363,764 (previous year lower by ` 220,124), in aggregate as at 31st March, 2012.

7. Investment Pattern

We hereby confi rm and certify that, no part of Life Insurance Fund has been directly or indirectly applied in contravention of provisions of the Insurance Act 1938 (4 of 1938) relating to the application and investment of the life insurance funds.

8. Risk Minimisation Strategies

The company is exposed to several risks in the course of its business. The risks on the liabilities side may arise due to more than expected claims. On the assets side, the risks arise due to the possibility of fl uctuations in their values. The company is also subject to the expense risk, since until new business volumes grow signifi cantly, the actual expenses of the company will exceed the expenses loaded into the product pricing. The company has implemented adequate safeguards to mitigate these risks, as are described below.

A strong underwriting team is in place to review all proposals from clients, supported by comprehensive processes and procedures, and guided by international experts. The objective of the underwriting team is to minimise the risks of abnormal mortality and morbidity by acquiring adequate information, on which to determine, whether to accept individual lives, and if so, the extra premium, to compensate for any additional risk.

Further, the possible fi nancial effect of adverse mortality and morbidity experience has been reduced by entering into reinsurance agreements with RGA and Swiss Re (international reinsurers) for individual life business and RGA for group business. All reinsurers are specialist international reinsurance companies with excellent reputation and signifi cant fi nancial strength. The company also has a separate agreement with RGA to cover the catastrophic risks under group business.

The company has also set up systems to continuously monitor its experience in regard to other parameters that affect the value of benefi ts offered in the products. Such parameters include policy lapses, premium persistency, maintenance expenses and investment returns. The operating expenses are monitored very closely. Many products offered by the company also have an investment guarantee. The company has set aside additional reserves to cover this risk.

The company’s investment team operates under the close supervision of the Investment Committee appointed by the Board of Directors. The investments are made in line with the investment policy adopted by the company.

The company has a Business Continuity Plan in place to manage any business interruption risk.

To control operational risk operating and reporting processes are reviewed and updated regularly. Ongoing training through internal and external programs is designed to prepare staff at all levels for meeting the demands of their positions.

Management Reportfor the year ended 31st March, 2012

203



9. Country Risk

The Company is operating in India only and hence has no exposure to any other country risk.

10. Ageing of Claims

The average claims settlement time to date has been 4 days from the day all necessary documents are submitted to the Company. There are no claims, settled and unpaid, which are outstanding for more than six months as at the Balance Sheet date (Previous year ` Nil) The ageing of outstanding claims as on 31sr March 2012 is given below:

Current Year

PeriodUnit Linked Non Linked and Term

No. of Claims Amount Involved No. of Claims Amount Involved

30 days* — — — —30 days to 6 months* 12 3,969 1 4306 months to 1 year* 16 6,397 1 2001 year to 5 years* 34 12,064 1 3005 years and above* 2 300 — —

Total 64 22,730 3 930

Previous Year

PeriodUnit Linked Non Linked and Term

No. of Claims Amount Involved No. of Claims Amount Involved

30 days* 2 560 0 030 days to 6 months* 13 5,229 0 06 months to 1 year* 15 6,162 0 01 year to 5 years* 13 3,674 1 3005 years and above* 3 400 0 0

Total 46 16,095 1 300

* The above includes provision made (net of reinsurance) for 77 cases (previous year 47 cases) amounting to ` 24,403 (previous year ` 16,395) during the year where the Company has lost in the fi rst forum of litigation and has appealed against the same.

11. Valuation of Investments

We hereby certify;-

The investments of Shareholders Funds and Non Linked Policyholders Funds are valued as under:

• Debt Securities and money market instruments are valued on amortised cost basis.

• Equities are valued on the last quoted closing price of the security on the National Stock Exchange of India Limited (NSE). In case the shares are not listed on NSE, valuation is done on closing price at Bombay Stock Exchange (BSE). Investments in unlisted equity shares are valued as per the valuation policy of the Company duly approved by Investment Committee.

• Mutual Funds are valued on previous day’s net asset value published by the respective mutual funds.

The investments of linked funds of policyholders are valued as under:

• Government Securities are valued basis the CRISIL Gilt prices. All other debt securities are valued through CRISIL Bond Valuer. Debt securities with a residual maturity of less than or equal to 182 days are amortised over the remaining days to maturity through CRISIL Bond Valuer.

• Equities are valued on the last quoted closing price of the security on the National Stock Exchange of India Limited (NSE). In case the shares are not listed on NSE, valuation is done on closing price at Bombay Stock Exchange (BSE). Investments in unlisted equity shares are valued as per the valuation policy of the Company duly approved by Investment Committee.

• Money Market Instruments are valued on amortized value. In case of T-bill if the traded price is available the same is considered for valuation.

• Mutual Funds are valued on previous day’s net asset value published by the respective mutual funds.

12. Review of Asset Quality

Shareholders’ Fund

The company has invested approx 57% of the Shareholder funds in Government securities, Treasury Bills and Collateralised Borrowing and lending obligation (CBLO), which have a sovereign rating. Around 36% of the funds have been invested in AAA and AA+ rated Securities (which includes Infrastructure & Housing bonds). Around 4.50% of the funds have been invested in other than AAA/AA+ rated securities (which includes Infrastructure & Housing bonds). Around 1% of portfolio is invested into short-term investment with A1+ rating. Approximately 1.5% of the fund is invested in Fixed Deposits and liquid schemes of leading mutual funds to meet short-term cash fl ow requirements.


204



Policyholders’ Fund

The policyholders’ funds are invested as per the regulatory norms and the commitments made to the policyholders. In fi xed income segment, majority of the investment is made in Government securities having sovereign rating & debt paper of reputed corporate having rating AAA/P1+. The equity selection is made after completing appropriate research and analysis of the investee company as well as the industry to which it belongs. To meet the liquidity requirement a part is invested into liquid schemes of leading mutual funds and other money market instruments of high credit rating. The investments are also made keeping in mind the asset-liability requirement and risk profi le of the respective funds.

13. Directors Responsibility Statement

The Board of Directors of the Company also state that:

• The fi nancial statements have been prepared in accordance with applicable accounting standards, the regulations stipulated by the IRDA and the provisions of the Insurance Act, 1938 and the Companies Act, 1956 and disclosures have been made, wherever the same is required. There is no material departure from the said standards, principles and policies.

• The Company has adopted accounting polices and applied them consistently and has made judgments and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2012, and, of the operating profi t of the Company for the year ended on 31st March, 2012.

• Proper and suffi cient care has been taken to maintain adequate accounting records in accordance with the applicable provisions of the Insurance Act, 1938, Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

• The fi nancial statements of the Company are prepared on a going concern basis.

• The Company has appointed some audit fi rms to conduct the internal audit of the Company. The scope of work of the audit fi rms’ is commensurate with the size and nature of the Company’s business. The management certifi es that adequate internal control systems and procedures were in existence for this fi nancial year.

14. Schedule of payments made to individuals, fi rms, companies and organisation in which Directors of the Company are

interested:

The Company has not made any payments during the year to individuals, fi rms, companies and organisation in which Directors of the Company are interested.


For and on behalf of the Board of DirectorsBirla Sun Life Insurance Company Limited

Donald A. Sewart Gian P. GuptaDirector Director

Jayant Dua Mayank Bathwal Niall O’hareManaging Director & CEO Chief Financial Offi cer Chief Actuarial Offi cer

Priscilla Sinha Ashish LakhtakiaAppointed Actuary Company Secretary

Mumbai, 28th April, 2012

205



Cash Flow Statementfor the year ended 31st March, 2012

Receipts and Payments account (Cash Flow Statement)

for the year ended 31st March, 2012


ParticularsAudited Year ended

31st March 2012

Audited Year ended

31st March 2011

Cash fl ow from operating activities (A)

Premium received 58,912,599 57,806,397 Reinsurance premium ceded (1,253,863) (823,242)Application money deposit & due to Policyholders 568,658 234,069 Commission paid (3,198,135) (3,947,188)Deposits taken from/(refunded to) agents — (1)Payments made to employees and for expenses (12,288,773) (11,516,125)Claims paid (26,725,786) (19,339,770)Deposits & others (15,361) 45,455 Deposits with Reserve Bank of India — — Other income 279,046 170,603 Cash infl ow from operating activities 16,278,385 22,630,198

Taxes Paid (Fringe Benefi t Tax & Wealth Tax) — 2,100 Net cash fl ow from operating activities (A) 16,278,385 22,632,298

Cash fl ow from investing activities (B)

Purchase of fi xed assets (367,432) (59,730)Sale of fi xed assets 15,467 4,510 Loan against Policies 44,642 35,507 Decrease /(Increase) in investments (25,580,618) (32,529,362)Cash held to cover linked liabilities (100,369) 2,723,097 Interest received (net of tax deducted at source) 9,503,632 7,431,688 Dividend received 1,474,739 1,181,166 Net cash used in investing activities (B) (15,009,939) (21,213,124)

Cash fl ow from fi nancing activities (C)

Share capital issued — — Share premium — — Dividend distribution tax (159,751) — Net cash used in fi nancing activities (C ) (159,751) — Net increase/(decrease) in cash and cash equivalents (D=A+B+C) 1,108,695 1,419,174 Cash and cash equivalents at beginning of the year 5,195,963 3,776,789 Cash and cash equivalents as at end of the period 6,304,658 5,195,963

Notes:

1. Cash and cash equivalents at end of the year includes:

Cash and Bank Balances 64,04,659 58,85,242 Bank deposits maturing > 3 months considered in investment activities (1,00,000) — Temporary Overdraft (as per books only) — (6,89,279)Cash and cash equivalents 63,04,659 51,95,963

2. Due to large volume of investments transactions, cash fl ow is reported on net basis in accordance with Accounting Standard 3 issued by the Institute of Chartered Accountants of India.

In terms of our report attached


per Amit Majmudar S. Ganesh Donald A. Sewart Gian P. Gupta Partner Partner Director DirectorMembership No. 36656 Membership No. 204108 Jayant Dua Mayank Bathwal Managing Director & CEO Chief Financial Offi cer



206



Balance Sheet Abstractfor the year ended 31st March, 2012

Balance Sheet Abstract and Company’s General Business Profi le

(Amounts in thousands of Indian Rupees)I Registration Details State Code 2 2

Registration No. 1 2 8 1 1 0

Balance Sheet Date 3 1 0 3 2 0 1 2

II Capital Raised during the Year (Amount in ` thousands)

Public Issue Right Issue

N I L

N I L

Bonus Issue Private Placement (Including Premium)

N I L

N I L

III Position of Mobilisation and Development of Fund (Amount in ` thousands)

Total Liabilities Total Assets

2 3 4 2 9 4 1 2 8

2 3 4 2 9 4 1 2 8

Source of Funds

Paid-Up-Capital Reserve & Surplus*

1 9 6 9 5 0 0 0

8 9 6 2 2 4 6

Secured Loans Unsecured Loans

N I L

N I L

* Reserves & Surplus includes Policy Liabilities, Linked Liabilities & Fair Value Change Account. Application of Funds

Net Fixed Assets Investments*

3 9 5 8 6 1

2 1 1 1 0 0 5 2 8

Net Current Assets Misc. Expenditure

(–) 1 3 7 3 5 6 1

N I L

Accumulated losses

1 3 7 6 2 2 9 3

* Includes LoansIV Performance of Company (Amount in ` thousands)

Turnover Total Expenditure

5 6 9 4 6 7 4 3

5 2 3 3 9 4 5 3

Profi t Before Tax Profi t After Tax

4 6 0 7 2 9 0

4 6 0 7 2 9 0

Earning per share Dividend rate %

2 . 3 4

– –

V Generic Names of Three Principal products/Services of Company (as per monetary terms)

Item Code No. (ITC Code) Product Description

N I L

L I F E

I N S U R A N C E

Date Month Year

For and on behalf of the Board of Directors

Donald A. Sewart Gian P. GuptaDirector Director

Jayant Dua Mayank Bathwal Niall O’hareManaging Director & CEO Chief Financial Offi cer Chief Actuarial Offi cer

Priscilla Sinha Ashish LakhtakiaAppointed Actuary Company Secretary


207



Appointed Actuary’s Certifi catefor the year ended 31st March, 2012


I have valued the policy liabilities of Birla Sun Life Insurance Company Limited at 31st March 2012, in accordance with accepted actuarial practice and in line with relevant professional guidance issued by the Institute of Actuaries of India, including that covering the selection of appropriate assumptions.

In my opinion, the amount of policy liabilities (` 195, 683, 018 net of reinsurance) makes appropriate provision for all policyholders’ obligations, and the fi nancial statements fairly present the result of the valuation.

Priscilla Sinha

Appointed Actuary

Fellow of the Institute of Actuaries of India


208



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