NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED

Form No Description PagesL- 1 REVENUE ACCOUNT 2-5

L- 2 PROFIT & LOSS ACCOUNT 6

L- 3 BALANCE SHEET 7

L- 4 PREMIUM 8-9

L- 5 COMMISSION 8-9

L- 6 OPERATING EXPENSES 10-13

L- 7 BENEFITS PAID 14-17

L- 8 SHARE CAPITAL 18

L- 9 PATTERN OF SHAREHOLDING 18

L-10 RESERVE AND SURPLUS 19

L-11 BORROWINGS 19

L-12 INVESTMENT SHAREHOLDERS 20

L-13 INVESTMENT POLICYHOLDERS 21

L-14 INVESTMENT-ASSETS HELD TO COVER LINKED LIABILITIES 22

L-15 LOANS 23

L-16 FIXED ASSETS 24

L-17 CASH AND BANK BALANCE 25

L-18 ADVANCES AND OTHER ASSETS 25

L-19 CURRENT LIABILITIES 26

L-20 PROVISIONS 26

L-21 MISC EXPENDITURE 26

L-22 ANALYTICAL RATIOS 27

L-23 CASH FLOW STATEMENT 28

FINANCIAL DISCLOSURES FOR THE PERIOD ENDED MARCH 31, 2019

IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000

NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED

Page 1

PERIODIC DISCLOSURES

L-1-A-RA



Policyholders’ Account (Technical Account)

(All Amounts in Thousands of Indian Rupees)Rs in '000

Individual Life Pension Individual Life Annuity Health

Insurance

Group Individual Life Pension Group

Premiums earned - net

Premiums L 4 7,78,49,856 33,222 1,65,34,906 3,13,130 4,03,286 46,75,538 4,28,99,067 29,25,939 1,17,349 14,57,52,292

Less : Reinsurance Ceded (2,07,659) - (6,79,469) - (63,716) (5,06,724) (1,10,612) (327) - (15,68,507)

Add : Reinsurance Accepted - - - - - - - - - -

7,76,42,197 33,222 1,58,55,437 3,13,130 3,39,570 41,68,814 4,27,88,455 29,25,612 1,17,349 14,41,83,785

Income from Investments

(a) Interest, Dividends & Rent - Gross 2,10,73,171 72,224 33,11,503 1,09,968 8,987 7,00,993 58,72,719 8,57,212 58,016 3,20,64,793

(b) Profit on sale/ redemption of investments 43,07,935 94 1,26,770 1,378 - 784 1,52,68,007 18,57,211 17,661 2,15,79,840

(c) (Loss) on sale/ redemption of investments (15,13,263) (569) (58,366) (833) - (22,231) (62,21,226) (7,27,933) (27,868) (85,72,289)

(d) Transfer/ Gain on revaluation/change in fair value* (1,49,311) - - - - - 32,54,903 (2,17,794) 13,325 29,01,123

(e) Accretion of discount / (amortisation of premium) (Net) 75,400 (313) 24,223 (611) 51 (5,108) 5,40,472 34,751 722 6,69,587

Other Income

Contribution from the Shareholders' Account - - - - - - - 1,20,347 - 1,20,347

Miscellaneous Income 3,09,276 23 6,033 6 194 529 3,330 328 2 3,19,721

Total (A) 10,17,45,405 1,04,681 1,92,65,600 4,23,038 3,48,802 48,43,781 6,15,06,660 48,49,734 1,79,207 19,32,66,907

Commission L 5 63,36,581 251 13,84,389 4,155 73,996 1,71,875 18,39,391 77,774 2 98,88,415

Operating Expenses related to Insurance Business L 6 1,14,91,992 1,203 35,43,677 4,171 1,62,482 5,81,409 32,88,800 1,99,008 891 1,92,73,633

Provision for doubtful debts 2,932 (1) 598 (1) (26) (40) 695 (38) - 4,119

Bad debts written off 7,905 4 1,714 6 85 229 3,185 250 1 13,379

Provision for Tax - - - - - - - - - -

Goods and Service Tax - - - - - - 12,26,318 72,077 747 12,99,142

Provision (other than taxation)

(a) For diminution in the value of investments( Net) - - - - - - - - - -

(b) Others - - - - - - - - - -

Total (B) 1,78,39,410 1,457 49,30,378 8,331 2,36,537 7,53,473 63,58,389 3,49,071 1,641 3,04,78,688

Benefits Paid (Net) L 7 2,08,66,439 67,850 21,13,004 93,029 9,096 13,83,507 2,92,08,353 30,34,261 3,89,196 5,71,64,735

Interim Bonuses Paid 13,593 - - - - - - - - 13,593

Change in valuation of liability against life policies in force:

(a) Gross** 5,82,04,891 (6,287) 1,44,36,891 3,17,172 2,43,049 18,13,591 2,30,00,464 9,30,508 (2,14,731) 9,87,25,548

(b) Discontinued Fund - - - - - - 20,67,448 3,11,752 - 23,79,200

(c) Amount ceded in Reinsurance (2,50,331) - (32,19,648) - (1,53,117) (1,16,229) - - - (37,39,325)

(d) Amount accepted in Reinsurance - - - - - - - - - -

Total ( C ) 7,88,34,592 61,563 1,33,30,247 4,10,201 99,028 30,80,869 5,42,76,265 42,76,521 1,74,465 15,45,43,751

SURPLUS/ (DEFICIT) ( D ) = ( A ) - ( B ) - ( C ) 50,71,403 41,661 10,04,975 4,505 13,237 10,09,439 8,72,007 2,24,142 3,101 82,44,468

Opening balance of Funds available for Future Appropriation 1,81,93,964 3,75,938 - - - - 79,445 6,095 - 1,86,55,442

SURPLUS / (DEFICIT) AVAILABLE FOR APPROPRIATION 2,32,65,367 4,17,599 10,04,975 4,505 13,237 10,09,439 9,51,452 2,30,237 3,101 2,68,99,910

APPROPRIATIONS

Transfer to Shareholders’ Account 11,83,753 1,511 10,04,975 4,505 13,237 10,09,439 9,51,452 2,30,237 3,101 44,02,208 Transfer to Other Reserves - - - - - - - - - - Funds available for Future Appropriations 2,20,81,614 4,16,088 - - - - - - - 2,24,97,702 Insurance reserve carried to the Balance Sheet - - - - - - - - - (0)

Details of Surplus

(a) Interim Bonus Paid 13,593 - - - - - - - - 13,593 (b) Allocation of Bonus to Policyholders 1,22,07,260 13,952 - - - - - - - 1,22,21,212 (c) Surplus Shown in the Revenue Account 2,32,65,367 4,17,599 10,04,975 4,505 13,237 10,09,439 9,51,452 2,30,237 3,101 2,68,99,910 (d) Total Surplus : [(a)+(b)+(c)] 3,54,86,220 4,31,551 10,04,975 4,505 13,237 10,09,439 9,51,452 2,30,237 3,101 3,91,34,715

*Represents the deemed realized gain/(loss) as per norms specified by the Authority and Impairment of Investment asset

** Represents Mathematical Reserve considering considering allocation of Bonus

Particulars Sch For the year ended March 31, 2019

Participating Policies (Non-Linked) Non-Participating Policies (Non-Linked) Linked Policies Total

Page 2


L-1-A-RA





Linked Policies


Insurance



Premiums L 4 7,16,33,961 35,813 1,32,57,566 2,22,986 3,13,948 39,19,883 3,25,07,284 29,49,082 1,68,397 12,50,08,920

Less : Reinsurance Ceded (2,25,706) (1,424) (4,65,374) (961) (47,370) (3,61,634) (1,10,603) (369) - (12,13,441)


7,14,08,255 34,389 1,27,92,192 2,22,025 2,66,578 35,58,249 3,23,96,681 29,48,713 1,68,397 12,37,95,479


(a) Interest, Dividends & Rent - Gross 1,71,99,327 66,733 24,73,311 92,072 5,862 5,85,829 53,91,481 7,30,833 70,144 2,66,15,592

(b) Profit on sale/ redemption of investments 26,36,330 - 1,59,562 57 - 3,041 1,22,20,961 16,38,064 20,731 1,66,78,746

(c) (Loss) on sale/ redemption of investments (2,81,565) - (52) (59) - - (29,54,736) (3,79,871) (24,900) (36,41,183)

(d) Transfer/ Gain on revaluation/change in fair value* (64,229) - - - - - (14,69,079) (5,81,959) (8,871) (21,24,138)

(e) Accretion of discount / (amortisation of premium) (Net) (1,23,770) (351) 28,384 49 (167) (4,386) 1,43,507 1,922 95 45,283

Other Income

Contribution from the Shareholders' Account - - - - - - - 91,467 - 91,467

Miscellaneous Income 2,45,185 70 6,230 2 131 514 1,733 176 2 2,54,043

Total (A) 9,10,19,533 1,00,841 1,54,59,627 3,14,146 2,72,404 41,43,247 4,57,30,548 44,49,345 2,25,598 16,17,15,289

Commission L 5 62,42,215 304 10,14,391 3,892 59,714 10,405 15,16,230 81,597 5 89,28,753

Operating Expenses related to Insurance Business L 6 1,03,95,092 1,500 21,15,529 2,625 1,47,286 5,29,122 27,18,420 1,88,180 971 1,60,98,725

Provision for doubtful debts 9,325 3 1,513 1 73 279 1,651 93 - 12,938

Bad debts written off 3,916 - 781 1 57 147 1,219 67 - 6,188





(b) Others - - - - - - - - - -

Total (B) 1,66,50,548 1,807 31,32,214 6,519 2,07,130 5,39,953 52,47,893 3,35,964 1,832 2,61,23,860

Benefits Paid (Net) L 7 1,73,26,605 76,914 13,90,898 83,183 2,162 11,45,472 2,65,61,051 25,87,828 2,82,036 4,94,56,149



(a) Gross** 5,29,86,603 (8,726) 1,02,18,451 2,23,506 84,488 14,21,770 1,01,26,524 8,69,968 (62,336) 7,58,60,248

(b) Discontinued Fund - - - - - - 28,77,167 4,78,227 - 33,55,394

(c) Amount ceded in Reinsurance 3,209 - (34,024) - (38,532) (1,03,612) - - - (1,72,959)


Total ( C ) 7,03,26,726 68,188 1,15,75,325 3,06,689 48,118 24,63,630 3,95,64,742 39,36,023 2,19,700 12,85,09,141

SURPLUS/ (DEFICIT) ( D )= ( A) - ( B ) - ( C ) 40,42,259 30,846 7,52,088 938 17,156 11,39,664 9,17,913 1,77,358 4,066 70,82,288

Opening balance of Funds available for Future Appropriation 1,51,34,794 3,46,577 - - - - 78,340 5,113 - 1,55,64,824

SURPLUS / (DEFICIT) AVAILABLE FOR APPROPRIATION 1,91,77,053 3,77,423 7,52,088 938 17,156 11,39,664 9,96,253 1,82,471 4,066 2,26,47,112

APPROPRIATIONS

Transfer to Shareholders’ Account 9,83,089 1,485 7,52,088 938 17,156 11,39,664 9,16,808 1,76,376 4,066 39,91,670 Transfer to Other Reserves - - - - - - - - - - Funds available for Future Appropriations 1,81,93,964 3,75,938 - - - - 79,445 6,095 - 1,86,55,442 Insurance reserve carried to the Balance Sheet - - - - - - - - - -

Details of Surplus

(a) Interim Bonus Paid 10,309 - - - - - - - - 10,309 (b) Allocation of Bonus to Policyholders 1,08,30,798 14,035 - - - - - - - 1,08,44,833 (c) Surplus Shown in the Revenue Account 1,91,77,053 3,77,423 7,52,088 938 17,156 11,39,664 9,96,253 1,82,471 4,066 2,26,47,112 (d) Total Surplus : [(a)+(b)+(c)] 3,00,18,160 3,91,458 7,52,088 938 17,156 11,39,664 9,96,253 1,82,471 4,066 3,35,02,254


** Represents Mathematical Reserve considering considering allocation of Bonus

Particulars Sch

Participating Policies (Non-Linked) Total

For the year ended March 31, 2018

Non-Participating Policies (Non-Linked)

Page 3


L-1-A-RA






Insurance



Premiums L 4 2,82,19,500 23,032 67,86,598 1,49,670 1,54,010 13,68,691 1,74,78,658 9,75,885 53,350 5,52,09,393

Less : Reinsurance Ceded (60,685) - (2,13,628) - (21,336) (1,03,462) (28,898) (78) - (4,28,087)


2,81,58,815 23,032 65,72,970 1,49,670 1,32,674 12,65,229 1,74,49,760 9,75,807 53,350 5,47,81,306


(a) Interest, Dividends & Rent - Gross 55,61,528 18,582 9,17,438 29,442 2,510 1,85,107 14,16,804 2,11,452 12,942 83,55,805

(b) Profit on sale/ redemption of investments 4,20,158 - 11,560 388 - 117 27,48,064 3,88,900 7,292 35,76,479

(c) (Loss) on sale/ redemption of investments (2,01,759) - (4,386) (8) - (803) (10,09,104) (1,19,978) (7,291) (13,43,329)

(d) Transfer/ Gain on revaluation/change in fair value - - - - - - 48,89,084 3,47,890 10,409 52,47,383

(e) Accretion of discount / (amortisation of premium) (Net) (73,130) (256) 2,838 (473) (6) (2,323) 90,822 4,648 - 22,120

Other Income

Contribution from the Shareholders' Account - - - - - - - 1,20,347 - 1,20,347

Miscellaneous Income 81,330 14 1,638 1 21 101 566 49 - 83,720

Total (A) 3,39,46,942 41,372 75,02,058 1,79,020 1,35,199 14,47,428 2,55,85,996 19,29,115 76,702 7,08,43,831

Commission L 5 24,07,095 174 6,01,818 1,944 26,834 55,813 7,94,604 29,587 - 39,17,869

Operating Expenses related to Insurance Business L 6 35,47,059 (40) 12,62,562 1,367 48,478 1,50,174 11,19,863 58,368 165 61,87,996

Provision for doubtful debts (7,791) (1) (2,401) (2) (60) (150) (2,847) (86) - (13,338)

Bad debts written off 7,824 4 1,694 6 84 226 3,163 249 1 13,251





(b) Others - - - - - - - - - -

Total (B) 59,54,187 137 18,63,673 3,315 75,336 2,06,063 22,81,794 1,07,043 334 1,04,91,882

Benefits Paid (Net) L 7 68,96,008 41,518 4,81,766 43,544 (219) 4,25,869 95,68,047 10,19,521 92,257 1,85,68,312



(a) Gross 1,82,17,432 (7,694) 76,81,546 1,35,021 1,83,396 6,76,428 1,46,98,578 6,28,161 (16,549) 4,21,96,319

(b) Discontinuance Fund - - - - - - (9,94,524) (6,656) - (10,01,180)

(c) Amount ceded in Reinsurance (14,523) - (29,41,056) - (1,16,882) (51,438) - - - (31,23,899)


Total ( C ) 2,51,03,233 33,824 52,22,256 1,78,565 66,295 10,50,859 2,32,72,101 16,41,026 75,708 5,66,43,868

SURPLUS/ (DEFICIT) ( D )= ( A) - ( B ) - ( C ) 28,89,522 7,410 4,16,128 (2,860) (6,432) 1,90,506 32,101 1,81,046 660 37,08,081

Particulars Sch Quarter Ended March 31, 2019


Page 4


L-1-A-RANAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED



(All Amounts in Thousands of Indian Rupees)

Rs in '000

Particulars Sch


Insurance Group Individual Life Pension Group


Premiums L 4 2,58,61,318 24,731 49,70,947 75,668 1,28,226 12,13,163 1,31,76,599 9,82,519 51,569 4,64,84,740

Less : Reinsurance Ceded (64,905) (1,424) (1,47,207) (961) (16,640) (75,078) (28,784) (90) - (3,35,089)


2,57,96,413 23,307 48,23,740 74,707 1,11,586 11,38,085 1,31,47,815 9,82,429 51,569 4,61,49,651


(a) Interest, Dividends & Rent - Gross 46,84,886 17,067 6,82,478 24,635 1,733 1,55,514 12,92,369 1,78,119 16,821 70,53,622

(b) Profit on sale/ redemption of investments 7,48,547 - 46,426 3 - - 26,40,787 4,37,543 7,315 38,80,621

(c) (Loss) on sale/ redemption of investments (1,02,510) - (13) - - - (17,09,974) (2,01,125) (17,670) (20,31,292)

(d) Transfer/ Gain on revaluation/change in fair value (64,229) - - - - - (59,45,958) (7,37,843) (11,868) (67,59,898)

(e) Accretion of discount / (amortisation of premium) (Net) (95,677) (256) (5,365) (372) (32) (3,090) 48,789 1,439 68 (54,496)

Other Income

Contribution from the Shareholders' Account - - - (3,561) - - - 91,467 - 87,906

Miscellaneous Income 68,292 38 1,551 1 48 106 602 54 - 70,692

Total (A) 3,10,35,722 40,156 55,48,817 95,413 1,13,335 12,90,615 94,74,430 7,52,083 46,235 4,83,96,806

Commission L 5 23,62,207 187 4,20,830 1,196 22,536 3,707 7,02,504 30,206 - 35,43,373

Operating Expenses related to Insurance Business L 6 30,16,347 330 4,95,552 801 34,507 20,159 9,42,309 60,953 208 45,71,166

Provision for doubtful debts (6,684) - (1,600) (2) (58) (269) (2,508) (78) - (11,199)

Bad debts written off 3,918 - 782 1 57 147 1,219 67 - 6,191





(b) Others - - - - - - - - - -

Total (B) 53,75,788 517 9,15,564 1,996 57,042 23,744 19,52,237 1,09,474 419 84,36,781

Benefits Paid (Net) L 7 51,01,744 40,296 4,32,111 27,923 2,402 3,09,055 76,01,718 6,79,707 88,990 1,42,83,946



(a) Gross ** 1,89,25,752 (9,538) 40,63,258 64,556 73,390 4,58,836 (5,20,605) (2,47,886) (43,998) 2,27,63,765

(b) Discontinuance Fund - - - - - - 4,59,659 1,10,936 - 5,70,595

(c) Amount ceded in Reinsurance (40,189) - (1,02,957) - (22,879) (21,592) - - - (1,87,617)


Total ( C ) 2,39,90,374 30,758 43,92,412 92,479 52,913 7,46,299 75,40,772 5,42,757 44,992 3,74,33,756

SURPLUS/ (DEFICIT) ( D )= ( A) - ( B ) - ( C ) 16,69,560 8,881 2,40,841 938 3,380 5,20,572 (18,579) 99,852 824 25,26,269

Quarter Ended March 31, 2018


Page 5


L-2-A- P & L ACCOUNT


Shareholders’ Account (Non-technical Account)


Particulars Schedule Quarter Ended March 31, 2019 For the year ended March 31, 2019 Quarter Ended March 31, 2018 For the year ended March 31, 2018

Transfer from the Policyholders' Account (Technical Account) 20,97,564 44,02,208 18,28,843 39,91,670

Income From Investments

(a) Interest, Dividends & Rent - Gross 4,00,835 16,34,547 4,03,958 17,55,968

(b) Profit on sale/redemption of investments 1,84,639 6,41,513 70,880 4,87,862

(c) (Loss) on sale/ redemption of investments (51) (58,440) (2,064) (26,230)

(d) Transfer/ Gain on revaluation/change in fair value* (25,000) (50,000) - -

(e) Accretion of discount / (amortisation of premium) (Net) 5,943 9,415 (2,894) (39,200)

Other income

- Miscellaneous income 538 24,670 3,443 5,429

Total ( A ) 26,64,468 66,03,913 23,02,166 61,75,499

Expenses other than those directly related to the insurance business :

Employees remuneration and welfare benefits 32,997 1,07,402 (92,069) (1,78,834)

Expenditure on corporate social responsibility 29,390 1,26,400 29,064 1,17,133

Others :

- Interest and bank charges (20) 523 199 1,072

- Transition Costs - - 46 (30,300)

-Consultancy charges 368 1,034 19,990 19,990

- Other miscellaneous expenses 8,336 21,788 2,711 3,229

Contribution to the Policyholders Account (Technical Account) 1,20,347 1,20,347 87,906 91,467

Total ( B ) 1,91,418 3,77,494 47,847 23,757

Profit/(Loss) before tax (C)=( A )-( B ) 24,73,050 62,26,419 22,54,319 61,51,742

Provision for Taxation 12,224 6,62,207 2,32,129 8,75,455

Profit/ (loss) after tax 24,60,826 55,64,212 20,22,190 52,76,287

Appropriations

(a) Balance at the beginning of the period 67,62,696 49,27,471

(b) Interim dividend paid during the period 23,40,952 16,30,991

(c) Final Dividend Paid 16,30,991 12,28,040 (d) Dividend distribution tax 8,16,444 5,82,031

Profit/(Loss) carried forward to the Balance Sheet 75,38,521 67,62,696

Earnings per Share - Basic (Nominal Value Rs 10) 2.90 2.75

Earnings per Share - Diluted (Nominal Value Rs 10) 2.90 2.75



Page 6

PERIODIC DISCLOSURESL-3-A- BS


BALANCE SHEET AS AT MARCH 31, 2019(All Amounts in Thousands of Indian Rupees)

Rs in '000

Particulars Sch As At March 31, 2019 As At March 31, 2018

Sources Of FundsShareholders’ Funds:

Share Capital L 8 1,91,88,129 1,91,88,129

1,91,88,129 1,91,88,129

Reserves And Surplus L 10 84,78,218 77,02,393 Credit/(Debit) Fair Value Change Account (57,089) 98,320

Sub-Total 2,76,09,258 2,69,88,842

Borrowings L 11 - -

Policyholders’ Funds:Credit/ (Debit) Fair Value Change Account 56,87,979 34,52,993

Revaluation Reserve - Investment Property 22,248 1,111

Policy Liabilities 38,14,35,560 31,01,37,406

Provision For Linked Liabilities 18,67,37,990 16,30,49,923

Fund For Discontinued Policies 1,18,81,201 95,02,001

Sub-Total 58,57,64,978 48,61,43,434

Funds For Future Appropriations- Linked - 85,540 - Non Linked 2,24,97,702 1,85,69,902

TOTAL 63,58,71,938 53,17,87,718

Application Of Funds

INVESTMENTS

Shareholders’ Investments L 12 3,51,86,764 3,21,45,857

Policyholders’ Investments L 13 39,41,73,336 31,92,38,422 Assets Held to Cover Linked Liabilities L 14 19,86,19,191 17,09,81,206 Loans L 15 32,65,049 22,32,576 Fixed Assets L 16 19,21,182 15,81,831 CURRENT ASSETS:

Cash And Bank Balances L 17 50,26,889 44,05,018

Advances And Other Assets L 18 2,10,77,883 1,90,43,478

Sub-Total (A) 2,61,04,772 2,34,48,496

Current Liabilities L 19 2,28,76,245 1,74,39,218 Provisions L 20 5,22,111 4,01,452

Sub-Total (B) 2,33,98,356 1,78,40,670

Net Current Assets (C) = (A) – (B) 27,06,416 56,07,826

Miscellaneous Expenditure (To The Extent Not Written Off Or Adjusted) L 21 - - Debit Balance In Profit And Loss Account (Shareholders’ Account) - -

TOTAL 63,58,71,938 53,17,87,718


Page 7





L-4-PREMIUM SCHEDULE Rs in '000

Individual Life Pension Individual Life Annuity Health Group Individual Life Pension Group

First year premiums 1,56,61,769 - 52,16,756 - 2,01,109 7,81,833 1,61,18,557 6,33,860 1,17,349 3,87,31,233

Renewal premiums 5,31,83,065 20,314 1,13,18,150 - 2,02,177 6,55,818 2,65,90,272 21,78,427 - 9,41,48,222

Single premiums 90,05,022 12,908 - 3,13,130 - 32,37,887 1,90,239 1,13,652 - 1,28,72,837

Total premium 7,78,49,856 33,222 1,65,34,906 3,13,130 4,03,286 46,75,538 4,28,99,067 29,25,939 1,17,349 14,57,52,292

Total premium in India 7,78,49,856 33,222 1,65,34,906 3,13,130 4,03,286 46,75,538 4,28,99,067 29,25,939 1,17,349 14,57,52,292

Total Premium outside India - - - - - - - - - Rs in '000


First year premiums 1,40,12,698 - 36,42,396 - 1,80,136 4,50,954 1,27,76,488 6,84,037 1,68,397 3,19,15,106

Renewal premiums 4,98,97,350 23,225 96,15,170 - 1,33,812 4,41,833 1,94,32,595 19,79,029 - 8,15,23,014

Single premiums 77,23,913 12,588 - 2,22,986 - 30,27,096 2,98,201 2,86,016 - 1,15,70,800

Total premium 7,16,33,961 35,813 1,32,57,566 2,22,986 3,13,948 39,19,883 3,25,07,284 29,49,082 1,68,397 12,50,08,920

Total premium in India 7,16,33,961 35,813 1,32,57,566 2,22,986 3,13,948 39,19,883 3,25,07,284 29,49,082 1,68,397 12,50,08,920

Total Premium outside India - - - - - - - - - -

L-5-COMMISSION SCHEDULE Rs in '000


Commission paid

Direct first year premiums 42,85,860 - 12,01,169 - 65,912 12,067 16,20,390 42,742 2 72,28,142

Direct renewal premiums 20,50,271 251 1,83,220 - 8,084 12,080 2,16,183 33,525 - 25,03,614

Direct single premiums 450 - - 4,155 - 1,47,728 2,818 1,507 - 1,56,659

Total (A) 63,36,581 251 13,84,389 4,155 73,996 1,71,875 18,39,391 77,774 2 98,88,415

Add : Commission on Re-insurance Accepted - - - - - - - - - -

Less : Commission on Re-insurance Ceded - - - - - - - - - -

Net Commission 63,36,581 251 13,84,389 4,155 73,996 1,71,875 18,39,391 77,774 2 98,88,415

Break-up of commission expenses (gross) incurred to procure business is as per details below:

Agents 26,22,469 246 4,77,244 1,455 29,043 32,175 4,15,686 26,464 2 36,04,784

Brokers (358) - (8) - (1) 13,180 (47) - - 12,767

Corporate Agency 1,77,545 1 19,631 - 261 56 13,839 54 - 2,11,388

Bancassurance 35,36,925 4 8,87,521 2,700 44,694 1,26,463 14,09,912 51,256 - 60,59,476

Total (B) 63,36,581 251 13,84,389 4,155 73,996 1,71,875 18,39,391 77,774 2 98,88,415

Rs in '000


Commission paid

Direct first year premiums 41,54,251 - 8,52,444 - 54,026 7,109 13,17,026 47,905 5 64,32,766

Direct renewal premiums 20,87,550 304 1,61,877 - 5,688 2,962 1,93,825 29,739 - 24,81,945

Direct single premiums 414 - 70 3,892 - 334 5,379 3,953 - 14,042

Total (A) 62,42,215 304 10,14,391 3,892 59,714 10,405 15,16,230 81,597 5 89,28,753



Net Commission 62,42,215 304 10,14,391 3,892 59,714 10,405 15,16,230 81,597 5 89,28,753


Agents 20,91,686 301 1,74,090 737 19,123 318 1,62,542 19,756 5 24,68,558

Brokers 597 0 29 - 1 9,317 322 32 - 10,299

Corporate Agency 1,90,173 1 15,589 6 238 - 23,820 115 - 2,29,941

Bancassurance 39,59,759 2 8,24,683 3,149 40,352 770 13,29,546 61,694 - 62,19,955

Total (B) 62,42,215 304 10,14,391 3,892 59,714 10,405 15,16,230 81,597 5 89,28,753


Particulars Participating Policies (Non-Linked) Non-Participating Policies (Non-Linked) Linked Policies Total







Page 8





L-4-PREMIUM SCHEDULE Rs in '000


First year premiums 59,90,933 - 25,53,282 - 68,734 2,37,941 71,24,393 2,81,909 53,350 1,63,10,542

Renewal premiums 1,92,01,146 13,789 42,33,316 - 85,276 1,08,834 1,02,68,786 6,81,030 - 3,45,92,177

Single premiums 30,27,421 9,243 - 1,49,670 - 10,21,916 85,479 12,946 - 43,06,674

Total premium 2,82,19,500 23,032 67,86,598 1,49,670 1,54,010 13,68,691 1,74,78,658 9,75,885 53,350 5,52,09,393

Total premium in India 2,82,19,500 23,032 67,86,598 1,49,670 1,54,010 13,68,691 1,74,78,658 9,75,885 53,350 5,52,09,393


Rs in '000


First year premiums 52,66,851 - 14,16,126 - 60,955 2,18,183 61,00,244 2,73,036 51,569 1,33,86,964

Renewal premiums 1,80,92,986 15,816 35,54,821 - 67,271 27,729 69,75,377 6,46,105 - 2,93,80,105

Single premiums 25,01,481 8,915 - 75,668 - 9,67,251 1,00,978 63,378 - 37,17,671

Total premium 2,58,61,318 24,731 49,70,947 75,668 1,28,226 12,13,163 1,31,76,599 9,82,519 51,569 4,64,84,740

Total premium in India 2,58,61,318 24,731 49,70,947 75,668 1,28,226 12,13,163 1,31,76,599 9,82,519 51,569 4,64,84,740


L-5-COMMISSION SCHEDULE Rs in '000


Commission paid

Direct first year premiums 16,68,341 - 5,36,005 - 23,366 2,766 7,14,736 19,313 - 29,64,526

Direct renewal premiums 7,38,605 174 65,835 - 3,468 3,090 78,586 10,179 - 8,99,937

Direct single premiums 149 - (22) 1,944 - 49,957 1,283 96 - 53,406

Total (A) 24,07,094 174 6,01,818 1,944 26,834 55,813 7,94,604 29,588 - 39,17,869



Net Commission 24,07,094 174 6,01,818 1,944 26,834 55,813 7,94,604 29,588 - 39,17,869


Agents 6,42,007 172 1,20,041 395 6,629 1,387 59,990 3,781 - 8,34,403

Brokers (2) - 0 - - 4,774 (46) - - 4,727

Corporate Agency 71,054 0 7,281 - 94 56 3,568 28 - 82,083

Bancassurance 16,94,036 1 4,74,495 1,550 20,111 49,596 7,31,090 25,777 - 29,96,657

Total (B) 24,07,095 174 6,01,818 1,944 26,834 55,813 7,94,603 29,587 - 39,17,869

Rs in '000


Commission paid

Direct first year premiums 15,84,218 - 3,63,145 - 19,594 3,576 6,35,480 18,886 - 26,24,899

Direct renewal premiums 7,77,656 187 57,640 - 2,942 61 65,006 10,441 - 9,13,933

Direct single premiums 333 - 45 1,196 - 70 2,018 879 - 4,541

Total (A) 23,62,207 187 4,20,830 1,196 22,536 3,707 7,02,504 30,206 - 35,43,373



Net Commission 23,62,207 187 4,20,830 1,196 22,536 3,707 7,02,504 30,206 - 35,43,373


Agents 6,32,202 185 67,124 385 5,947 (209) 59,057 6,198 - 7,70,889

Brokers (1,699) 1 (46) - 0 3,375 6 9 - 1,646

Corporate Agency 88,356 0 7,262 3 64 - 6,274 20 - 1,01,979

Bancassurance 16,43,348 1 3,46,490 808 16,524 541 6,37,167 23,979 - 26,68,859

Total (B) 23,62,207 187 4,20,830 1,196 22,536 3,707 7,02,504 30,206 - 35,43,373









Page 9





L-6-OPERATING EXPENSES SCHEDULE Rs in '000


Employees remuneration and welfare benefits 52,04,249 620 13,55,880 1,950 65,347 1,81,159 15,33,363 91,568 500 84,34,636

Travel, conveyance and vehicle running expenses 3,65,203 49 98,544 137 5,397 15,112 96,808 6,226 22 5,87,498

Training expenses (including Agent advisors) 10,32,604 - 3,12,656 269 16,881 46,728 2,36,970 11,260 - 16,57,368

Rent, rates & taxes 4,77,937 68 1,29,037 176 7,131 19,748 1,27,538 8,193 34 7,69,862

Repairs & Maintenance 2,18,091 26 58,859 79 3,248 8,886 58,397 3,729 14 3,51,329

Printing and stationery 54,407 7 14,775 19 790 2,028 14,812 919 2 87,759

Communication expenses 4,29,540 37 1,02,478 68 3,696 10,741 1,71,548 13,344 13 7,31,465

Legal, professional and consultancy charges 2,74,737 49 73,779 115 3,891 10,609 78,198 5,179 25 4,46,582

Medical fees 21,072 1 2,24,630 - 376 392 19,842 18 - 2,66,331

Auditors' fees, expenses etc :

(a) as auditor 5,653 1 1,431 2 84 230 1,521 106 - 9,028

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

(i) Taxation matters 196 - 58 - 3 7 62 4 - 330

(ii) Insurance matters - - - - - - - - - -

(iii) Management services; and - - - - - - - - - -

(c) in any other capacity

- Certification 1,721 - 519 1 23 61 553 33 - 2,911

- Out of pocket expenses 855 - 207 - 14 44 222 20 - 1,362

Advertisement and publicity 16,64,687 - 5,25,417 460 26,475 68,416 4,00,281 17,921 - 27,03,657

Interest and bank charges 67,481 46 15,027 47 792 2,510 29,030 2,708 32 1,17,673

Others:

Rates and taxes 36,831 5 6,914 9 398 1,205 7,233 528 2 53,125

Goods and Service Tax 24,879 3 6,845 9 317 877 - - - 32,930

Information technology maintenance expenses 3,33,932 67 73,160 188 4,143 11,973 1,09,947 9,294 70 5,42,774

Board Meetings expenses 8,030 1 2,128 2 116 318 2,280 154 - 13,029

Recruitment (including Agent advisors) 1,48,581 11 42,786 49 2,267 5,882 37,012 2,032 7 2,38,627

Electricity ,water and utilities 1,85,374 25 50,098 69 2,760 7,688 49,501 3,190 14 2,98,719

Insurance 26,675 3 6,042 8 427 1,225 5,728 430 2 40,540

Policy issuance and servicing costs 4,43,354 44 3,35,829 278 11,833 1,68,107 1,62,141 10,250 73 11,31,909

(Profit)/Loss on fluctuation in foreign exchange 126 - 15 - - 2 66 5 - 214

Other miscellaneous expenses 28,759 4 7,862 9 405 1,157 8,191 547 2 46,936

Depreciation 4,37,018 136 98,701 227 5,668 16,304 1,37,556 11,350 79 7,07,039

Total 1,14,91,992 1,203 35,43,677 4,171 1,62,482 5,81,409 32,88,800 1,99,008 891 1,92,73,633

Particulars


Total Non-Participating Policies (Non-Linked) Participating Policies (Non-Linked) Linked Policies

Page 10







Employees remuneration and welfare benefits 49,98,115 696 8,68,264 1,270 64,714 1,98,350 13,25,744 85,549 517 75,43,219


Training expenses (including Agent advisors) 7,45,734 (6) 1,45,456 111 12,351 38,025 1,66,435 8,771 (3) 11,16,874

Rent, rates & taxes 4,56,524 58 81,732 114 6,989 21,638 1,13,856 7,774 36 6,88,721

Repairs & Maintenance 1,82,538 19 32,669 42 2,786 8,603 45,895 3,126 13 2,75,691

Printing and stationery 50,092 4 9,089 11 748 2,224 13,967 886 - 77,021

Communication expenses 2,70,683 83 49,616 38 2,350 7,887 90,227 7,828 12 4,28,724


Medical fees 68,775 - 1,48,991 9 1,220 4,128 12,181 7,195 - 2,42,499


(a) as auditor 5,852 2 931 2 91 283 1,329 108 - 8,598






- Certification 1,232 - 244 1 15 35 495 29 - 2,051

- Out of pocket expenses 767 - 146 - 9 35 237 19 - 1,213


Interest and bank charges 63,076 67 9,809 43 655 2,270 30,079 3,145 58 1,09,202

Others:

Rates and taxes 65,918 11 11,166 18 982 2,928 17,865 1,331 8 1,00,227

Service Tax and GST Expenditure* 1,58,836 154 8,495 7 354 1,913 - - - 1,69,759

Information technology maintenance expenses 2,75,814 112 41,523 123 3,331 10,093 89,456 8,034 74 4,28,560

Board Meetings expenses 10,328 1 1,776 2 148 467 2,732 210 1 15,665

Recruitment (including Agent advisors) 1,08,668 - 20,599 12 1,868 5,856 21,727 1,176 - 1,59,906

Electricity ,water and utilities 1,75,398 21 31,329 45 2,691 8,330 43,647 2,981 13 2,64,455

Insurance 41,732 7 7,166 12 606 1,915 10,875 827 5 63,145

Policy issuance and servicing costs 2,95,994 34 1,97,981 186 8,844 99,160 1,13,836 9,088 91 7,25,214

(Profit)/Loss on fluctuation in foreign exchange 594 - 64 - 4 11 253 28 - 954

Other miscellaneous expenses 45,404 5 7,787 14 650 2,080 12,302 919 3 69,164

Depreciation 3,94,046 145 60,914 168 4,938 15,278 1,22,182 10,780 91 6,08,542

Total 1,03,95,092 1,500 21,15,529 2,625 1,47,286 5,29,122 27,18,420 1,88,180 971 1,60,98,725

*Includes Service Tax as per Finance Act 1994 till June 30, 2017 and GST with effect from July 01, 2017

Particulars


Participating Policies (Non-Linked) Total Linked Policies Non-Participating Policies (Non-Linked)

Page 11







Employees remuneration and welfare benefits 14,50,196 (20) 4,36,463 586 17,481 44,084 4,77,202 25,108 97 24,51,197

Travel, conveyance and vehicle running expenses 87,568 14 27,016 36 1,195 2,995 27,017 1,546 3 1,47,390

Training expenses (including Agent advisors) 2,88,457 - 1,00,194 92 4,302 10,534 77,331 3,375 - 4,84,285

Rent, rates & taxes 1,22,032 18 37,653 51 1,665 4,174 37,645 2,157 7 2,05,402

Repairs & Maintenance 58,831 7 18,121 25 803 2,011 18,183 1,043 3 99,027

Printing and stationery 19,986 4 6,201 8 274 686 6,129 348 - 33,636

Communication expenses 1,31,724 (12) 33,809 23 1,089 2,310 58,040 3,700 3 2,30,686


Medical fees 5,332 - 74,721 - 44 - 5,603 6 - 85,706


(a) as auditor 1,394 1 379 - 19 51 389 26 - 2,259






- Certification 390 - 179 - 5 6 218 10 - 808

- Out of pocket expenses 342 - 77 - 5 14 70 6 - 514


Interest and bank charges 21,700 10 4,557 14 222 608 8,613 677 5 36,406

Others:

Rates and taxes 5,093 - 498 2 21 65 535 32 - 6,246

Goods and Service Tax 10,391 2 3,192 4 132 333 - - - 14,054

Information technology maintenance expenses 72,413 (21) 17,797 43 840 2,207 27,037 1,976 12 1,22,304

Board Meetings 2,743 1 818 1 36 92 875 53 - 4,619

Recruitment (including Agent advisors) 48,570 - 16,876 15 724 1,774 13,015 567 - 81,541

Electricity ,water and utilities 47,528 7 14,646 20 648 1,624 14,680 843 3 79,999

Insurance (14,407) (4) (3,876) (8) (178) (459) (5,037) (343) (2) (24,314)

Policy issuance and servicing costs 1,41,440 (92) 1,21,993 95 3,947 39,603 59,908 3,204 17 3,70,115


Other miscellaneous expenses 12,844 2 3,802 5 170 427 4,022 240 1 21,513

Depreciation 69,088 22 18,257 37 843 2,182 24,495 1,691 8 1,16,623

Total 35,47,059 (40) 12,62,562 1,368 48,478 1,50,174 11,19,863 58,368 165 61,87,997



Page 12







Employees remuneration and welfare benefits 13,34,381 170 1,68,700 343 13,595 (14,280) 4,21,504 22,974 95 19,47,482


Training expenses (including Agent advisors) 2,52,289 (10) 35,929 37 3,202 (1,340) 68,637 3,104 (5) 3,61,843

Rent, rates & taxes 1,26,090 15 14,099 35 1,396 (1,974) 37,917 2,261 8 1,79,847

Repairs & Maintenance 52,132 5 6,029 14 584 (685) 15,756 942 3 74,780

Printing and stationery 20,896 1 3,254 6 265 238 6,447 370 - 31,477

Communication expenses 1,07,910 55 18,436 15 842 367 37,633 2,956 4 1,68,218


Medical fees 9,799 - 55,856 1 105 (794) 351 6,549 - 71,867

Auditors' fees, expenses etc : - - - - - - - - - -

(a) as auditor 1,564 - 156 1 11 (25) 405 36 - 2,148


(i) Taxation matters 56 - 6 - 1 (2) 26 1 - 88




- Certification 304 - 37 - 7 (10) 173 3 - 514

- Out of pocket expenses 255 - 35 - 3 6 83 6 - 388

Advertisement and publicity 4,29,336 - 54,849 78 5,136 (3,875) 1,19,772 5,924 - 6,11,220

Interest and bank charges 22,847 19 2,768 15 228 379 10,301 941 13 37,511

Others:

Rates and taxes 16,442 2 1,690 6 187 (309) 5,176 340 2 23,536

Goods and Service Tax 10,997 12 815 2 46 (173) - - - 11,699

Information technology maintenance expenses 93,970 38 11,412 45 1,006 733 34,419 2,678 20 1,44,321

Board Meetings 2,458 - 236 - 26 (51) 768 51 - 3,488

Recruitment (including Agent advisors) 20,609 - 968 2 184 (1,363) 5,301 264 - 25,965

Electricity ,water and utilities 46,557 5 5,002 12 508 (873) 13,957 832 3 66,003

Insurance 8,273 1 661 1 80 (285) 2,457 152 - 11,340

Policy issuance and servicing costs 82,913 (66) 62,296 57 2,619 41,611 37,678 2,405 21 2,29,534


Other miscellaneous expenses 7,387 - 373 3 65 (364) 2,188 141 - 9,793

Depreciation 1,05,657 39 11,297 46 1,081 (383) 37,416 2,839 20 1,58,012

Total 30,16,347 330 4,95,552 801 34,507 20,159 9,42,309 60,953 208 45,71,166



Page 13



IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000(All Amounts in Thousands of Indian Rupees)

L-7-BENEFITS PAID SCHEDULE Rs in '000


Insurance Claims *

(a) By death 24,32,527 1,555 14,73,569 19,835 2,167 15,85,113 9,62,014 72,005 (13) 65,48,772

(b) By Maturity 11,25,284 16,636 6,528 - - - 1,07,20,852 3,03,942 3,86,934 1,25,60,176 (c) Annuities/ Pension payment, - - - 73,186 - - - - - 73,186 (d) Other benefits

--Surrenders 64,13,652 36,058 9,43,155 - 200 1,82,341 1,75,10,504 26,58,126 2,267 2,77,46,302

--Health 130 - 2,000 - 40,984 4,450 - - - 47,565

--Survival Benefit 7,10,345 - 3,51,665 - - - - - - 10,62,011 --Bonus to Policyholders 1,01,73,720 13,601 - - - - - - - 1,01,87,321

--Others 83,771 - 18,590 8 562 770 1,11,254 313 - 2,15,268

Total paid 2,09,39,429 67,850 27,95,507 93,029 43,913 17,72,674 2,93,04,625 30,34,386 3,89,188 5,84,40,601

(Amount ceded in re-insurance) :

(a) By death, (72,490) - (6,81,504) - - (3,89,166) (96,272) (125) 8 (12,39,549)

(b) By Maturity, - - - - - - - - - -

(c) Annuities/ Pension payment, - - - - - - - - - - (d) Other benefits - Health (500) - (1,000) - (34,817) - - - - (36,317) Total ceded (72,990) - (6,82,504) - (34,817) (3,89,166) (96,272) (125) 8 (12,75,866)

Amount accepted in re-insurance :

(a) By death - - - - - - - - - -

(b) By Maturity - - - - - - - - - -

(c) Annuities/ Pension payment, - - - - - - - - - - (d) Other benefits - - - - - - - - - -

Total accepted - - - - - - - - - -

Total accepted - - - - - - - - - -

Net Paid 2,08,66,439 67,850 21,13,004 93,029 9,096 13,83,507 2,92,08,353 30,34,261 3,89,196 5,71,64,735

Benefits Paid In India 2,08,66,439 67,850 21,13,004 93,029 9,096 13,83,507 2,92,08,353 30,34,261 3,89,196 5,71,64,735

Benefits Paid Outside India - - - - - - - - - -

* Including claim investigation expenses amounting to Rs.14,867

Particulars



Page 14




Rs in '000


Insurance Claims *

(a) By death 20,37,168 1,301 11,47,885 15,254 - 11,39,435 8,55,947 68,859 54 52,65,903

(b) By Maturity 12,74,599 17,345 - - - - 82,23,469 2,03,530 2,47,864 99,66,807

(c) Annuities/ Pension payment, - - - 67,911 - - - - - 67,911 (d) Other benefits

--Surrenders 48,18,892 44,759 6,80,197 - - 2,59,629 1,74,38,640 23,15,128 34,131 2,55,91,376

--Health - - 600 - 40,833 2,875 - - - 44,308

--Survival Benefit 4,83,466 - 61,124 - - - - - - 5,44,590 --Bonus to Policyholders 87,47,748 13,361 - - - - - - - 87,61,109 --Others 56,784 148 20,882 18 39 26 1,17,799 311 - 1,96,007

Total paid 1,74,18,657 76,914 19,10,688 83,183 40,872 14,01,965 2,66,35,855 25,87,828 2,82,049 5,04,38,011


(a) By death (92,052) - (5,19,290) - - (2,56,493) (74,804) - (13) (9,42,652) (b) By Maturity - - - - - - - - - -

(c) Annuities/ Pension payment, - - - - - - - - - -

(d) Other benefits --Health - - (500) - (38,710) - - - - (39,210)

Total ceded (92,052) - (5,19,790) - (38,710) (2,56,493) (74,804) - (13) (9,81,862)


(a) By death - - - - - - - - - -

(b) By Maturity - - - - - - - - - -

(c) Annuities/ Pension payment, - - - - - - - - - - (d) Other benefits - - - - - - - - - - Total accepted - - - - - - - - - -

Net Paid 1,73,26,605 76,914 13,90,898 83,183 2,162 11,45,472 2,65,61,051 25,87,828 2,82,036 4,94,56,149

Benefits Paid In India 1,73,26,605 76,914 13,90,898 83,183 2,162 11,45,472 2,65,61,051 25,87,828 2,82,036 4,94,56,149


* Including claim investigation expenses amounting to Rs.9,036

Particulars For the year ended March 31, 2018


Page 15






Insurance Claims

(a) By death 7,72,918 913 3,67,041 20,624 (2,810) 5,54,574 2,62,242 20,312 (18) 19,95,796

(b) By Maturity 5,09,306 13,818 3,949 - - - 26,06,444 97,102 91,600 33,22,219

(c) Annuities/ Pension payment, - - - 22,912 - - - - - 22,912

(d) Other benefits

--Surrenders 19,88,369 17,019 3,06,698 - (0) 44,031 66,93,274 9,01,978 667 99,52,036

--Health - - 1,700 - 12,607 999 - - - 15,307

--Survival Benefit 2,26,714 - 1,24,501 - - - - - - 3,51,216

--Bonus to Policyholders 33,98,858 9,769 - - - - - - - 34,08,627

--Others 30,398 - 4,042 8 1 419 29,656 204 - 64,728

Total paid 69,26,564 41,518 8,07,931 43,544 9,798 6,00,024 95,91,616 10,19,596 92,249 1,91,32,841


(a) By death (30,056) - (3,25,315) - - (1,74,155) (23,569) (75) 8 (5,53,162)

(b) By Maturity - - - - - - - - - -


(d) Other benefits --Health (500) - (850) - (10,017) - - - - (11,367)

Total ceded (30,556) - (3,26,165) - (10,017) (1,74,155) (23,569) (75) 8 (5,64,529)


(a) By death - - - - - - - - - -

(b) By Maturity - - - - - - - - - -


(d) Other benefits - - - - - - - - - -

Total accepted - - - - - - - - - -

Net Paid 68,96,008 41,518 4,81,766 43,544 (219) 4,25,869 95,68,047 10,19,521 92,257 1,85,68,312

Benefits Paid In India 68,96,008 41,518 4,81,766 43,544 (219) 4,25,869 95,68,047 10,19,521 92,257 1,85,68,312


Particulars



Page 16






Insurance Claims

(a) By death 5,90,425 1,018 3,53,438 7,430 (1,346) 3,16,622 2,33,494 23,685 41 15,24,807

(b) By Maturity 1,06,174 12,266 - - - - 29,57,189 87,974 88,962 32,52,565

(c) Annuities/ Pension payment, - - - 20,489 - - - - - 20,489

(d) Other benefits

--Surrenders 15,07,694 17,479 2,18,027 - - 56,272 43,99,365 5,67,907 - 67,66,744

--Health - - 100 - 13,129 2,000 - - - 15,229

--Survival Benefit 1,26,019 - 39,244 - - - - - - 1,65,263

--Bonus to Policyholders 27,81,035 9,521 - - - - - - - 27,90,556

--Others 22,044 12 4,274 4 18 (70) 31,745 141 - 58,168

Total paid 51,33,391 40,296 6,15,083 27,923 11,801 3,74,824 76,21,793 6,79,707 89,003 1,45,93,821


(a) By death (31,647) - (1,82,922) - - (65,769) (20,075) - (13) (3,00,426)

(b) By Maturity - - - - - - - - - -


(d) Other benefits --Health - - (50) - (9,399) - - - - (9,449)

Total ceded (31,647) - (1,82,972) - (9,399) (65,769) (20,075) - (13) (3,09,875)


(a) By death - - - - - - - - - -

(b) By Maturity - - - - - - - - - -


(d) Other benefits - - - - - - - - - -

Total accepted - - - - - - - - - -

Net Paid 51,01,744 40,296 4,32,111 27,923 2,402 3,09,055 76,01,718 6,79,707 88,990 1,42,83,946

Benefits Paid In India 51,01,744 40,296 4,32,111 27,923 2,402 3,09,055 76,01,718 6,79,707 88,990 1,42,83,946


Particulars Quarter Ended March 31, 2018


Page 17





L-8-SHARE CAPITAL SCHEDULE Rs in '000

Particulars As At March 31, 2019 As At March 31, 2018

Authorised Capital

3,000,000,000 Equity Shares of Rs 10 each (Previous Year: 3,000,000,000 Equity Shares)

3,00,00,000 3,00,00,000

Issued and Subscribed Capital

1,918,812,856 (March 31, 2018: 1,918,812,856) Equity Shares of Rs 10 each 1,91,88,129 1,91,88,129

Called up Capital

1,918,812,856 (March 31, 2018: 1,918,812,856) Equity Shares of Rs 10 each 1,91,88,129 1,91,88,129

Less: Calls unpaid - -

Add : Shares forfeited (Amount originally paid up) - -

Less: Par value of equity shares bought back - -

Less: Preliminary Expenses (to the extent not written off or adjusted) - -

Total 1,91,88,129 1,91,88,129

L-9-PATTERN OF SHAREHOLDING SCHEDULE

Particulars

Shareholder Number of Shares of Rs 10

each fully paid up

% of Holding Number of Shares of Rs 10

each fully paid up

% of Holding

Promoters - Indian 1,37,74,08,564 71.79% 1,35,75,31,196 70.75%

Foreign Shareholders 48,39,54,534 25.22% 48,46,82,150 25.26%

Others 5,74,49,758 2.99% 7,65,99,510 3.99%

Total 1,91,88,12,856 100.01% 1,91,88,12,856 100.00%

As At March 31, 2019 As At March 31, 2018

Of the above 1,377,408,494 (March 31, 2018: 1,357,531,196 ) equity shares of Rs 10 each fully paid up are held by Max Financial Services Limited

Page 18


L-10-RESERVE AND SURPLUS SCHEDULE Rs in '000


Capital Reserve - -

Capital Redemption Reserve 2,58,784

Share Premium 6,80,913

Revaluation Reserve - -

General Reserve :

Opening Balance - -

Add: Transfer from / (to) Profit and Loss Appropriations - -

Closing Balance of General Reserve - -

Catastrophe Reserve - -

Other Reserves - -

Balance of profit/ (loss) in Profit and Loss Account 75,38,521 67,62,696

Total 84,78,218 77,02,393

L-11-BORROWINGS SCHEDULE Rs in '000


Debentures/ Bonds - - Banks - -

Financial Institutions - -

Others - -

Total - -




Page 19




Rs in '000


LONG TERM INVESTMENTS

Government securities and Government guaranteed bonds

including Treasury Bills 15,60,952 13,23,982

Other Approved Securities 27,07,425 26,91,702

Other Approved investments

(a) Shares

(aa) Equity 9,49,447 9,58,374

(bb) Preference Shares - -

(b) Mutual Funds - -

(c) Derivative Instruments - -

(d) Debentures/ Bonds 1,10,38,257 1,10,04,586

(e) Other Securities

Deposits with Bank - -

(f) Subsidiaries - -

(g) Investment Properties-Real Estate - -

Investments in Infrastructure and Social Sector 35,81,605 41,96,448

Other Investments - -

Debentures/ Bonds - 50,000

Equity Shares 76,075 73,850

Preference - -

Investments in Infrastructure and Social Sector 50,000 32,426

- -

SHORT TERM INVESTMENTS - -


including Treasury Bills 2,32,798 70,748

Other Approved Securities - -

Other Approved investments - -

(a) Shares - -

(aa) Equity - -

(bb) Preference Shares - -

(b) Mutual Funds 69,75,715 67,06,473


(d) Debentures/ Bonds 70,950 1,24,310

(e) Other Securities - -

Commercial Paper 22,61,515 9,76,037

Certificate of Deposits 7,73,311 2,386

Deposits with Bank 18,15,984 29,44,654

Reverse Repo 18,257 1,82,312





Mutual Fund - -

Debentures/ Bonds 50,000 -

Investments in Infrastructure and Social Sector 49,966 -

Total 3,51,86,764 3,21,45,857

Aggregate Amount of Investments other than listed equity

securities and derivative instruments 3,38,77,433 3,09,87,538

Aggregate Market Value of Investments other than listed

equity securities and derivative instruments 3,33,69,918 3,07,58,609

L-12-INVESTMENT SHAREHOLDERS SCHEDULE


Page 20





Rs in '000




including Treasury Bills 23,57,19,152 20,03,76,258

Other Approved Securities 1,83,11,559 1,30,23,227

Other Approved Investments - -

(a) Shares - -

(aa) Equity 2,91,14,821 2,17,48,083

(bb) Preference - 6





Commercial Paper - -

Deposits with Bank 90,000 90,000

Policy Loans - -


(g) Investment Properties-Real Estate 21,95,070 2,28,990

Investments in Infrastructure and Social Sector 6,95,50,884 4,94,85,279


Debentures/ Bonds - 50,000

Equity Shares 62,87,147 6,11,680

Alternate Investment Funds 4,75,231 1,47,678

Investments in Infrastructure and Social Sector - 2,80,111

- -

SHORT TERM INVESTMENTS - -



Other Approved Securities 49,794 49,800


(a) Shares - -

(aa) Equity - -

(bb) Preference - -

(b) Mutual Funds 76,55,994 80,09,814


(d) Debentures/ Bonds 11,56,640 12,74,254



Certificate of Deposits 8,23,093 7,17,465

Deposits with Bank - 10,39,800

Reverse Repo 37,09,286 31,46,919



Investments in Infrastructure and Social Sector - -

Other Investments 65,82,396 32,58,378

Debentures/ Bonds - -

Investments in Infrastructure and Social Sector 1,50,000 -

Mutual Fund - -

Total 39,41,73,336 31,92,38,422

Aggregate Amount of Investments other than listed equity

securities and derivative instruments 35,52,74,372 29,36,50,465

Aggregate Market Value of Investments other than listed

equity securities and derivative instruments 36,40,83,946 29,95,08,432

L-13-INVESTMENT POLICYHOLDERS SCHEDULE

Page 21





L-14-INVESTMENT-ASSETS HELD TO COVER LINKED LIABILITIES SCHEDULE Rs in '000




including Treasury Bills 3,54,69,329 3,37,21,781

Other Approved Securities 30,67,057 20,08,514


(a) Shares - -

(aa) Equity 8,12,15,679 7,03,38,617

(bb) Preference - 11,047





Deposits with Bank - 95,000



Investments in Infrastructure and Social Sector 2,24,92,415 2,25,01,487


Debentures/ Bonds 1,50,483 1,02,723

Equity Shares 68,76,229 34,00,220

Preference Shares - -


- -

SHORT TERM INVESTMENTS - - Government securities and Government guaranteed bonds


Other Approved Securities 5,13,082 59,945

Other Approved investments - -

(a) Shares - -

(aa) Equity - -

(bb) Preference - -

(b) Mutual Funds 47,49,677 61,01,394


(d) Debentures/ Bonds 2,41,801 7,60,541



Certificate of Deposits - 9,38,332

Deposits with Bank 95,000 -

Reverse Repo 8,43,841 26,06,166

CBLO - -



(h) Exchange Traded Funds - -



Debentures/ Bonds 4,22,294 1,00,004

Mutual Funds - -

Investments in Infrastructure and Social Sector 2,50,444 -

Exchange Traded Funds 45,05,003 28,17,539

Net Current Assets 40,04,896 30,39,486

Total 19,86,19,191 17,09,81,206

Page 22



L-15-LOANS SCHEDULE Rs in '000


SECURITY -WISE CLASSIFICATION

Secured

(a) On mortgage of property

(aa) In India - - (bb) Outside India - - (b) On Shares, Bonds, Govt. Securities, etc. - - (c) Loans against policies 32,65,049 22,32,576 (d) Others - - Unsecured - - Total 32,65,049 22,32,576

BORROWER-WISE CLASSIFICATION

(a) Central and State Governments - -

(b) Banks and Financial Institutions - -

(c) Subsidiaries - -

(d) Companies - -

(e) Loans against policies 32,65,049 22,32,576

(f) Others - -

Total 32,65,049 22,32,576

PERFORMANCE-WISE CLASSIFICATION

(a) Loans classified as standard

(aa) In India 32,65,049 22,32,576

(bb) Outside India - -

(b) Non-standard loans less provisions

(aa) In India - -

(bb) Outside India - -

Total 32,65,049 22,32,576

MATURITY- WISE CLASSIFICATION

(a) Short Term 65,599 30,769

(b) Long Term 31,99,450 22,01,807

Total 32,65,049 22,32,576


Page 23





L-16-FIXED ASSETS SCHEDULE Rs in '000

Goodwill - - - - - - - - - - Intangibles - Software 33,94,101 5,82,781 10,396 39,66,486 25,04,708 4,49,957 967 29,53,698 10,12,788 8,89,393 Land-Freehold - - - - - - - - - - Leasehold Property - - - - - - - - - - Leasehold improvements 11,71,060 1,32,449 34,353 12,69,155 10,04,177 45,192 29,850 10,19,519 2,49,636 1,66,883 Buildings - - - - - - - - - - Furniture and fixtures 3,64,717 58,423 50,424 3,72,714 3,12,632 30,703 48,682 2,94,655 78,059 52,085 Information Technology

equipment (Including

communication networks and

servers )

13,15,022 1,57,972 1,70,133 13,02,860 11,34,520 1,30,244 1,68,106 10,96,657 2,06,203 1,80,502

Vehicles 33,888 2,646 10,733 25,801 26,064 4,823 10,163 20,724 5,077 7,824 Office equipment 5,38,354 76,608 79,400 5,35,564 4,53,395 46,120 78,153 4,21,361 1,14,203 84,959 Total 68,17,142 10,10,877 3,55,439 74,72,580 54,35,496 7,07,039 3,35,921 58,06,614 16,65,966 13,81,646

Capital Work in Progress

(including Capital advances) 2,55,216 2,00,185

Grand Total 68,17,142 10,10,877 3,55,439 74,72,580 54,35,496 7,07,039 3,35,921 58,06,614 19,21,182 15,81,831

Previous year (FY 17-18) 66,53,161 4,04,862 2,40,881 68,17,142 50,63,289 6,08,542 2,36,333 54,35,496 15,81,831

Note:1. Internally generated Intangibles is Rs. NIL. (Mar 31, 2018 - Rs. NIL)

As At April 1, 2018Additions For The

Period

Sale/ Disposal For The

Period

Particulars

Gross Block

As At March 31, 2019 As At March 31, 2019 As At March 31, 2018

Depriciation Net Block

As At March 31, 2019 On Sales /Disposal As At April 1, 2018 For The Period

Page 24




L-17-CASH AND BANK BALANCE SCHEDULE Rs in '000

Particulars

Cash [Including Insurance Stamp Rs. 25,145 (March 31, 2018 : Rs. 56,760) and

Cheques in hand of Rs. 895,682 (March 31, 2018 : Rs. 568,172)]

9,57,709 6,61,460

Balances with banks in India (a) Deposit accounts (aa) Short-term fixed deposit (i.e. maturing in 12 months) - - (bb) Others - - (b) Current accounts * 40,69,180 37,43,558

(c) Others - - Money at call and short notice (a) With Banks - - (b) With other Institutions - - Others - -

Total 50,26,889 44,05,018

*Bank Balances with non-scheduled bank included in (b) above is Rs Nil (March 31, 2018 Rs Nil)

* Cash and Bank Balances outside India included in (b) above is Rs Nil (March 31, 2018 Rs Nil)

L-18-ADVANCES AND OTHER ASSETS SCHEDULE Rs in '000

Particulars

ADVANCES

Reserve deposit with ceding companies - -

Application money for investments - -

Prepayments 2,81,428 2,92,235

Advances to Directors / Officers - -

Advance tax paid and taxes deducted at source (Net of provision for taxation) 1,88,340 1,47,208

Others

Advances to suppliers 10,81,336 13,43,734

Less : Provision for doubtful advances 33,042 10,48,294 41,420 13,02,314

Advances to employees for imprest, travel, etc. 39,095 29,749

Less : Provision for doubtful advances 28,767 10,328 24,262 5,487

Total (A) 15,28,390 17,47,244

OTHER ASSETS

Income accrued on investments 87,52,361 77,61,523

Outstanding Premiums 62,88,614 58,84,352

Agents' Balances 54,355 50,036

Less : Provision for doubtful agent's balances 41,196 13,159 33,209 16,827

Foreign Agencies Balances - -

Due from other entities carrying on insurance business (including reinsurers) 9,53,846 6,86,946

Due from subsidiaries / holding company - -

Deposits with Reserve Bank of India - -

Others:

- Service Tax and GST Unutilised Credit* 5,87,128 3,34,612

- Security and other deposits 4,34,212 3,74,043

- Outstanding Trades - Investment 92,072 6,64,507

- Receivable from UL Fund 5,62,751 4,44,393

- Derivative Assets 6,02,101 390

- Derivative margin money investment 5,05,784 2,22,429

- Asset held for unclaimed amount 2,35,723 3,81,664

- Service Tax Deposits 1,02,484 1,05,290

- Income Tax Deposits 4,19,258 4,19,258

Total (B) 1,95,49,493 1,72,96,234

Total (C) = (A) + (B) 2,10,77,883 1,90,43,478 *Includes Service Tax as per Finance Act 1994 till June 30, 2017 and GST with effect from July 01, 2017



Page 25




L-19-CURRENT LIABILITIES SCHEDULE Rs in '000


Agents balances 40,17,527 28,74,558

Balance due to other insurance companies 4,38,087 4,58,310

Deposits held on reinsurance companies - -

Premium received in advance 1,38,959 1,80,827

Unallocated premium 14,49,802 9,50,570

Sundry creditors 55,48,550 56,71,991

Due to holding company 1,50,925 38,770

Claims outstanding (includes pending investigation) 12,18,695 8,78,240

Annuities due - -

Due to Officers/ Directors - -

Unclaimed amount- Policyholders 2,35,723 3,81,664

Others:

-Proposal / Policyholder deposits 27,63,063 15,56,896

-Payable to Policyholder 30,76,488 17,77,063

-Withholding tax deducted at source 2,50,896 2,43,528

-Service Tax and GST liability* 10,83,844 9,70,042

-Other statutory liabilities 53,964 44,226

-Derivative Liability 1,106 2,61,770

- Payable for purchase of investments 19,43,214 11,50,763

- Derivative margin money 5,05,402 -

Total 2,28,76,245 1,74,39,218

L-20-PROVISIONS SCHEDULE Rs in '000


For taxation (less payments and taxes deducted at source) - 9,631 For proposed dividends - - For dividend distribution tax - -

Others :

- Provision for gratuity 2,02,296 1,12,312

- Provision for compensated absences 3,19,815 2,79,509

Total 5,22,111 4,01,452

L-21-MISC EXPENDITURE SCHEDULE Rs in '000


Discount Allowed in issue of shares/ debentures - -

Others - -

Total - -


* Includes GST with effect from 01 July 2017.

Page 26


FORM L-22 ANALYTICAL RATIOS



S.No. ParticularsQuarter ended

March 31, 2019

For the year ended

March 31, 2019

Quarter ended

March 31, 2018

For the year ended

March 31, 2018

1 New business premium income growth rate

(Current Period New Business Premium as a % of Previous Period New

Business Premium)Individual Life - Participating 116% 113% 96% 102%

Pension - Participating 104% 103% 97% 101%

Individual Life - Non Participating 180% 143% 124% 123%

Annuity 198% 140% 81% 105%

Health Insurance 113% 112% 75% 116%

Group 106% 116% 141% 113%

Individual Linked 116% 125% 203% 167%

Linked Pension 88% 77% 132% 157%

Linked Group 103% 70% 19% 33%

2 Net Retention Ratio 99% 99% 99% 99%

3 Expense of Management to Gross Direct Premium Ratio 18% 20% 17% 20%

4 Commission Ratio (Gross commission paid to Gross Premium) 7% 7% 8% 7%

5 Ratio of policy holder's liabilities to shareholder's funds 2203% 2203% 1870% 1870%

6 Growth rate of shareholders' fund 2% 2% 8% 8%

7 Ratio of surplus to policyholders' liability 1% 1% 1% 1%

8 Change in net worth 6,204 6,204 18,955 18,955

9 Profit after tax/Total Income 3% 3% 4% 3%

10 (Total real estate + loans)/(Cash & invested assets) 0.9% 0.9% 0.5% 0.5%

11 Total investments/(Capital + Surplus) 2282% 2282% 1943% 1943%

12 Total affiliated investments/(Capital+ Surplus) NA NA NA NA

13 Investment Yield (Gross and Net)

Without unrealized gains

Policyholders’ Funds:

Par - Non Linked 7% 8% 8% 9%

Non Par - Non Linked 8% 8% 8% 8%

Non Par - Linked 7% 9% 5% 10%

Grand Total 7% 9% 7% 9%

Shareholders’ Funds 8% 8% 7% 8%

With unealized Gains

Policyholders’ Funds:

Par - Non Linked 11% 9% 4% 6%

Non Par - Non Linked 9% 9% 6% 5%

Non Par - Linked 18% 10% -11% 8%

Grand Total 13% 10% -1% 6%

Shareholders’ Funds 11% 7% 4% 6%

14 Conservation Ratio

Individual Life - Participating 88% 89% 95% 90%

Pension - Participating 93% 93% 93% 110%

Individual Life - Non Participating 97% 92% 96% 92%

Health Insurance 67% 65% 77% 75%

Individual Linked 81% 87% 83% 87%

Linked Pension 75% 83% 82% 85%

15 Persistency Ratio

By Premium

For 13th month 85% 83% 82% 81%

For 25th month 72% 71% 73% 72%

For 37th month 65% 64% 62% 62%

For 49th Month 58% 58% 59% 57%

For 61st month 55% 53% 54% 53%

By Count

For 13th month 80.0% 79.0% 78.0% 77.0%

For 25th month 69.0% 67.0% 70.0% 69.0%

For 37th month 61.0% 60.0% 59.0% 58.0%

For 49th Month 55.0% 54.0% 54.0% 52.0%

For 61st month 50.0% 49.0% 48.0% 47.0%

16 NPA Ratio

Gross NPA Ratio NA NA NA NA

Net NPA Ratio NA NA NA NA

1 (a) No. of shares 1,91,88,12,856 1,91,88,12,856 1,91,88,12,856 1,91,88,12,856

2 (b) Percentage of shareholding (Indian / Foreign)

- Indian 75% 75% 75% 75%

- Foreign 25% 25% 25% 25%

3 (c) %of Government holding (in case of public sector insurance

companies)NA NA NA NA

4 (a) Basic and diluted EPS before extraordinary items (net of tax

expense) for the period (not to be annualized) 1.28 2.90 1.05 2.75

5 (b) Basic and diluted EPS after extraordinary items (net of tax expense)

for the period (not to be annualized) 1.28 2.90 1.05 2.75

6 (iv) Book value per share (Rs) 14.39 14.39 14.07 14.07

Equity Holding Pattern for Life Insurers

Page 27





FORM L- 23 - RECEIPTS AND PAYMENTS SCHEDULE Rs in '000

Particulars Year Ended March 31, 2019 Year Ended March 31, 2018

Cash flows from operating activities

Premium received from policyholders, including advance receipts 14,70,11,562 12,34,02,216

Other receipts 5,66,438 37,043

Payments to the re-insurers, net of commissions and claims (5,79,764) (3,55,348)

Payments of claims (5,67,79,868) (4,94,21,109)

Payments of commission and brokerage (87,49,765) (91,41,120)

Payments of other operating expenses (1,85,94,088) (1,60,66,946)

Deposits, advances and staff loans (57,363) (2,66,788)

Income taxes paid (Net) (7,12,970) (8,80,817)

Service tax/GST paid (14,70,786) (2,85,951)

Other payments - -

Net cash flow from operating activities 6,06,33,396 4,70,21,180

Cash flows from investing activities

Purchase of fixed assets (9,94,593) (4,81,155)

Proceeds from sale of fixed assets 19,713 7,956

Purchases of investments (7,43,33,85,498) (5,21,58,52,184)

Loans against policies (10,32,473) (8,99,404)

Sales of investments 7,34,75,02,085 5,14,77,84,900

Rents/Interests/ Dividends received 3,26,67,628 2,68,00,300

Investments in money market instruments and in liquid mutual funds (Net) - -

Net cash flow from investing activities (5,52,23,138) (4,26,39,587)

Cash flows from financing activities

Dividends paid (including Dividend Distribution Tax) (47,88,387) (34,41,062)

Net cash flow from financing activities (47,88,387) (34,41,062)

Net increase/ (decrease) in cash and cash equivalents 6,21,871 9,40,530

Cash and cash equivalents at beginning of year 44,05,018 34,64,490

Cash and cash equivalents at end of year 50,26,889 44,05,018

Notes :

1. The above Receipts and Payments Account has been prepared under the "Direct Method" as set out in the Accounting Standard-3 on Cash Flow Statement.

2. Previous year's amounts have been reclassified wherever necessary to conform to current year's classification.

3. Cash and Cash Equivalents at the end of the year consist of cash, cheques in hand, stamps in hand and balance with banks.

Cash and Cash Equivalents

Reconciliation of Cash and Cash Equivalents with Cash and Bank Balance (Schedule 11): As At March 31, 2019 As At March 31, 2018

Cash in hand 36,881 36,528

Stamps in hand 25,146 56,760

Cheques in hand 8,95,682 5,68,172

Balance with banks

- Current Account (including Remittances in Transit) 40,69,180 37,43,558

Total 50,26,889 44,05,018

Page 28

Documents

NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED