Birla Sun Life Insurance Company Limited
BIG ON MILESTONES
Annual Report
2016-17
BIG ON
MILESTONES
For more details,
Please visit http://insurance.birlasunlife.com/
Corporate Overview
1 Big on Milestones
2 Birla Sun Life Insurance at a Glance
3 Services Suite
4 Footprint
6 MD & CEO’s Message
8 Board of Directors
14 Senior Management
1-17
18-76
Statutory Reports
18 Management Discussion & Analysis
28 Directors Report
38 Corporate Governance Report
62 Risk Management Framework
77-308
Financial Statements
77 Standalone Accounts
251 Consolidated Accounts
REPORT
CONTENTS
COMPANY OVERVIEW STATUTORY REPORTS
In the year gone by, we, at BSLI, have
collectively braved many challenges and
have pushed ourselves to travel that
extra mile to increase the ‘trust surplus’
for your Company.
As a pioneer in the industry with several
rsts to our credit, our organic growth
journey can be attributed to our strong
foundation that pushes us to innovate
and build rigour in our processes. In
FY 2017, while we remained committed
to offer seamless customer experience
433 Branches
Across 29 States & 7 Union Territories
1.63 Million
Customer Base
7269
Employees
97%
Net Retention Ratio
throughout the various stages of the policy
lifecycle, we also took measures to ensure
we were on track with the changing
face of the industry. We are equipped
to move from ‘selling to counselling’ of
products, keeping ourselves a step ahead
of anticipating and delivering on our
customers’ requirements.
BSLI is marching ahead; from one
milestone to another. Our endeavour is
to continuously strive towards excellence
and emerge as the leader in our segment.
Annual Report 2016-17
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BIRLA SUN LIFE INSURANCE COMPANY LIMITED
BIRLA SUN LIFE INSURANCE
AT A GLANCE
Birla Sun Life Insurance Company Limited (BSLI), a
joint venture between Aditya Birla Group and Sun Life
Financial Inc., was established in the year 2001 and
has grown to become one of the leading life insurance
companies in India.
In over 16 years, BSLI has made
signicant contribution to the Indian
life insurance industry and has several
rsts to its credit. It was the rst Indian
insurance company to introduce
‘Free Look Period’ which was made
mandatory by IRDAI for all other
life insurance companies in India. It
pioneered the launch of Unit Linked
Life Insurance plans amongst the
private players in India and introduced
the practice of disclosing portfolio
on a monthly-basis in the industry.
Such, and multiple other, initiatives
have helped the Company establish
credibility and gain market share with
over two million customers in its kitty.
BSLI is present in over 300+ cities in
India and has a network of more than
433 branches, 80,000+ empanelled
advisors and over 160+ partnerships
with corporate agents and banks.
The Company offers a wide range of
products and solutions comprising of
protection solutions, children’s future
solutions, wealth protection plans,
health and wellness, and retirement
solutions for the seniors of the nation.
VISION &
MISSION
VALUE
Integrity
Commitment
Passion
Seamlessness
Speed
To be a leader and role model in a
broad based and integrated nancial
services business.
BSLI is present in over
300+ cities in India and
has a network of more
than 433 branches,
80,000+ empanelled
advisors and over
160+ partnerships with
corporate agents and
banks.
COMPANY OVERVIEW STATUTORY REPORTS
FINANCIAL STATEMENTS
SERVICES SUITE
Creating the consumer-connect has always been the driving force
at BSLI and the solutions are derived from understanding their
requirements. The Company offers a wide-range of protection
solutions and plans, meeting the varying insurance needs of, both,
the young adults and the seniors, alike.
Secure your family’s future in this increasingly uncertain world and don’t leave
their dreams to fate.
Plan and ensure that you spend time with your loved ones when they need you
the most rather than worrying about medical expenses.
Give your child the freedom to pursue his/her real passion by ensuring that you
give him the right nancial support.
Plan your retirement well to build a good corpus because during retired life,
income stops but expenses don’t.
Your family dreams and lives through life’s highs and lows with condence while
you reach your nancial milestones as planned.
Strike the right balance between living comfortably today and staying nancially
secure in the future with small disciplined savings at regular intervals.
BSLI Protector Plus Plan
BSLI Future Guard Plan
BSLI Protect@Ease
BSLI Hospital Plus Plan
BSLI Cancer Shield Plan
BSLI CritiShield Plan
BSLI Vision Star Plan
BSLI Empower Pension Plan
BSLI Immediate Annuity Plan
BSLI Empower Pension - SP Plan
BSLI Wealth Max Plan
BSLI Wealth Secure Plan
BSLI Wealth Assure Plan
BSLI Fortune Elite Plan
BSLI Wealth Aspire Plan
BSLI Vision MoneyBack Plus Plan
BSLI Vision LifeIncome Plan
BSLI Vision Endowment Plan
BSLI Savings Plan
BSLI Vision LifeSecure Plan
Protection
Solutions
Health &
Wellness
Solutions
Children’s Future
Solutions
Retirement
Solutions
Wealth with
Protection
Solutions
Savings with
Protection
Solutions
BSLI Income Assured Plan
BSLI Vision Regular Returns Plan
BSLI Vision Endowment Plus Plan
BSLI Guaranteed Future Plan
BSLI SecurePlus Plan
Birla Sun Life Insurance at a Glance | Services Suite
Annual Report 2016-17
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
FOOTPRINT
1. West Bengal
2. Sikkim
3. Assam
4. Nagaland
5. Arunachal Pradesh
6. Meghalaya
7. Tripura
8. Manipur
9. Mizoram
10. Odisha
11. Bihar
12. Jharkhand
13. Haryana
14. Punjab
15. Delhi
16. Uttar Pradesh
17. Uttarakhand
18. Himachal Pradesh
19. Chandigarh
20. Jammu & Kashmir
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
21. Madhya Pradesh
22. Kerala
23. Andhra Pradesh
24. Tamil Nadu
25. Karnataka
26. Telangana
27. Maharashtra
28. Chhattisgarh
29. Goa
30. Gujarat
31. Rajasthan
Annual Report 2016-17
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Map not to scale
Annual Report 2016-17
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BIRLA SUN LIFE INSURANCE COMPANY LIMITED
MD & CEO’S MESSAGE
DEAR SHAREHOLDERS,
We are happy to report that the
Financial Year ending March 2017 was
a remarkable year in the journey of Birla
Sun Life Insurance. It was a year of
growth and great performance, despite
a highly competitive and challenging
business environment. Into its 16
th
year of operation, BSLI successfully
achieved operational excellence and
nancial growth and reported 35%*
increase in individual new business
premium. Your Company invested
efforts in the overall growth of the
organisation, expanding its product
portfolio, strengthening its position in
the market through signicant progress
on innovation, customer acquisition
and retention. It delivered exemplary
results across all business metrics and
brought more people under the ambit
of insurance.
THE YEAR UNDER REVIEW
Following the customer-rst strategy,
your Company focused on evolving
its distribution model based on
the Capacity, Productivity and
Sustainability (CPS) framework, thus
enhancing Customer Trust Surplus.
BSLI adopted the selling-to-counselling
approach towards customer
acquisition and built a suite of tools,
backed by technology for a robust
customer engagement programme,
while augmenting outcome oriented
processes and high-quality service.
The idea was to empower and guide
customers to opt for life insurance
solutions through a self discovery
process and reduce mis-selling. It
helped your Company to understand
customer requirements and develop
products to meet their needs. The
impact was improved performance on
some of the key indicators - besides
growth in new business premium, this
allowed BSLI to acquire highly satised
and aware customers who purchase
for the right reason and hence, have
high persistency. Your Company was
successful in reducing complaints by
39% from 12,404 last year. The 13
th
month persistency ratio jumped to
around 71.45% from 64.7% in 2015-
16 and 60.1% in 2013-14. It was
corroborated by an external survey
conducted by Kanter IMRB where BSLI
was rated the 4
th
best Life Insurance
Company in terms of Customer
Loyalty. Your Company was amongst
the top gainer, as it consolidated its
position from rank 12 to rank 4 in a
year’s time. Our Net Promoter Score
(NPS) rank also improved in 2017
moving up three positions, to 4
th
from
7
th
in 2016.
BSLI successfully
achieved operational
excellence and nancial
growth and reported
35%* increase in
individual new business
premium.
COMPANY OVERVIEW STATUTORY REPORTS
FINANCIAL STATEMENTS
In FY 17, BSLI marched ahead strong
attaining productivity-led growth. Our
channels including Bancassurance,
Agency and Direct Marketing
progressed throughout the year
leading to growth in the productivity
of the proprietary channels by 50%,
while FLS productivity increased by
22% CAGR from FY 14. As we moved
towards protable traditional business,
our current year contribution touched
70%, marking an increase of 7% from
63% last year. The Company made
` 1,228 million prots and the total
market share, at the end of the year,
was at 7.1%*. Renewal Premium was
recorded at ` 31,897 million.
ECONOMIC OVERVIEW &
INDUSTRY TRENDS
It was a difcult year for the global
economy, given the subdued growth
and geopolitical uncertainties across
nations. Marked by events like Brexit,
US elections and demonetisation in
India, the economic scenario worldwide
remained turbulent. However, amidst
this turmoil, India grew at a rapid pace
and delivered 7.1% GDP growth. A
recent report by ASSOCHAM stated
that insurance penetration in India is
expected to cross 4% by the end of
FY 17, up from 3.4% in FY 16 owing to
the Government’s policy of insuring the
uninsured. Needles to say that growth
in economy and demographic factors,
such as growing middle class, young
insurable population, rising awareness
of the need for protection and
retirement planning will also contribute
to the development of the industry.
Today, life insurance is an important
medium for people to access capital
markets, investments, savings as
well as protection, and this will be
a growing trend in the times ahead.
The role of digital communication will
also increase, especially, in enabling
effective reach and communication,
inuencing decisions, reducing mis-
selling, increasing transparency and
ease of doing business.
We are also hopeful that customers
will start purchasing protection plans
to safeguard the nancial goals of their
dear ones. We are working towards
creating stronger digital connect,
expanding our product portfolio, both,
to meet the changing needs of our
customers and to add value to their
association.
TALENT POOL & SOCIAL
IMPACT
Besides being an admired brand, we
are amongst the fastest growing life
insurance companies with a deep
focus on customer centricity and are
a responsive organisation. As we
are committed to the growth of the
Company, we are also focused on
developing and nurturing our talent
pool. At BSLI, we co-create our vision
and goals with our employees and
work closely with our people to make
them successful. We also believe in the
principle of ‘giving back to the society’
and contribute towards holistic well-
being of the community around us.
Testimony to our efforts towards
bettering lives of the underserved;
your Company was bestowed with
the prestigious India CSR Leadership
Award for Innovation and Leadership
(under the category of Community
Initiative Award).
WAY FORWARD
As I close my letter, I would like
to emphasis on the fact that the
future of life insurance is promising
in India and the sector is poised for
continued growth. Revised regulatory
frameworks will enable change in the
industry, benetting the business and
the customers. Government together
with the industry bodies will continue
to work for the benet of the customers
by coming up with more customer
focused solutions and services,
innovative products and distribution
model. I do expect the competitive
intensity to remain high in the coming
years. With a strong brand, innovative
products, committed employees
and your continued support, your
Company’s ability to deliver consistent
and protable growth remains high. On
this note, I thank all our stakeholders
and look forward to the life insurance
sector reaching greater heights in the
years to come.
Best Regards,
PANKAJ RAZDAN
MD & Chief Executive Ofcer, BSLI
MD & CEO’s Message
The Company made
` 1,228 million prots and
the total market share, at
the end of the year, was
at 7.1%*.
* FYP @ 10%
Annual Report 2016-17
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BIRLA SUN LIFE INSURANCE COMPANY LIMITED
BOARD OF DIRECTORS
MR. KUMAR MANGALAM
BIRLA
Chairman
Mr. Kumar Mangalam Birla is the
Chairman of the US$ 40 billion
multinational Aditya Birla Group, which
operates in 36 countries across six
continents. Mr. Birla took over as
Chairman of the Group in 1995. In the
years that he has been at the helm of the
Group, he has accelerated growth, built
meritocracy and enhanced stakeholder
value. From a turnover of US$ 2 billion in
1995, today the Group’s revenues are at
US$ 40 billion and its operations from 8
countries then, span 36 countries today.
He has made 31 acquisitions in these 19
years in India and globally, the highest by
an Indian multinational.
An iconic gure, Mr. Birla has held and
continues to hold several key positions
on various regulatory and professional
Boards. An erstwhile Director on the
Central Board of Directors of the
Reserve Bank of India, 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. Furthermore, as the Convener
of the Prime Minister’s Task Force on
Administrative and Legal Simplications,
the extensive implementations made by
him in his report have been implemented
in totality. Mr. Birla also served as
Chairman of SEBI’s committee on
Insider Trading which formulated
Corporate Governance principles for
Indian corporates.
He is on the National Council of the
Confederation of Indian Industries
and the Apex Advisory Council of the
Associated Chamber of Commerce and
Industry of India.
Mr. Birla has won recognition for his
exemplary contribution to leadership
processes and institutions/systems
building. A selective list includes
recognition as the Economic Times’
Business Leader of the Year Award
in 2012-13 for the second time. The
previous win was in 2003. He was
awarded the agship’ Entrepreneur
of the Year, 2012 at the Forbes
India Leadership Awards. The other
accolades received by Mr. Birla feature
NASSCOM’s Global Business Leader
Award (2012), CNBC TV 18’s India
Business Leader Award (2012) for
Taking India Abroad, the CNN-IBN
Indian of the Year 2010 – Business for
being the most outstanding business
person, among many others. 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.
A keen 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 Commerce Graduate from Mumbai
University, Mr. Birla is also a Chartered
Accountant. He did his MBA from the
London Business School, where he is
also an Honorary Fellow and serves on
the Asia Pacic Advisory Board.
COMPANY OVERVIEW STATUTORY REPORTS
FINANCIAL STATEMENTS
Mr. Ajay Srinivasan
Non-Executive Director
Ajay Srinivasan has been the Non-
Executive Director, Financial Services at
the Aditya Birla Group since July 2007.
In his role as Non-Executive Director,
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
Mr. Puranmalka, Non-Executive
Director of Aditya Birla Group’s Financial
Services’ Companies has a total working
experience of over 45 years. He has been
associated with the Aditya Birla Group
in various capacities since the inception
of his career. He has experience in the
implementation and running of several
manufacturing, training and service
industry businesses, and setting up
Greeneld manufacturing operations.
He also has wide experience in the set
up and operation and maintenance of
captive Power Plants of the Aditya Birla
Group.
He has been looking after the NBFC
- Birla Global Finance Co. Ltd., now
Financing, Infrastructure Finance and
General Insurance Broking. Under his
leadership the nancial services business
has grown rapidly with a turnover of USD
1.3 Bn, over 5.6 million customers and a
workforce of over 17,500 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 USD 70
Bn, 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, Prudential ICICI AMC
had grown to become the largest private
sector asset management company in
India.
With a proven track record of building
successful businesses, his experience in
the nancial services industry spans over
two decades.
Ajay has in his nancial career engaged
with several bodies including the Financial
Planning Standards Board, the CII
Committee on Financial Sector Reforms,
The CII Committee of Financial Inclusion,
The CII Committee on Insurance and
Pensions and the FICCI Committee on
Insurance.
Ajay holds a BA with Honours in
Economics from St. Stephen’s College,
University of Delhi and an MBA from
the Indian Institute of Management,
Ahmedabad.
known as Aditya Birla Finance Ltd.,
since June 1994. Mr. Puranmalka
has been a Director on the Board and
a Member of Audit Committees of
Financial Services, like Life Insurance
Company, Distribution Company
and Trustee of Birla Sun Life Asset
Management Company Ltd.
Mr. B. N Puranmalka
Non-Executive Director
Board of Directors
Annual Report 2016-17
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BIRLA SUN LIFE INSURANCE COMPANY LIMITED
Mrs. Pinky Atul Mehta
Non-Executive Director
Mrs. Pinky Mehta is a qualied Chartered
Accountant with over 27 years of
diversied experience. She joined the
Aditya Birla Group in 1991, to become
the rst woman ofcer in the Group. She
served as a key member of the Finance
team at Aditya Birla Nuvo Limited for
about two decades. She handled many
portfolios and made major contributions
in the areas of Taxation, MIS, Accounts,
Legal and Secretarial. She has played
an active role in the area of Demergers,
Mergers and Acquisitions.
Mr. Khaitan is a Partner of Khaitan &
Co.’s Mumbai Ofce and also heads
the Firm’s M&A practice. He started
his career in litigation and moved
on to specialise in M&A and private
equity transactions, project nance
transactions, nancing transactions. He
has been involved in some of the most
high prole and complex deals in India.
He has rich experience in all aspects of
Merger & Acquisitions - due diligence,
structuring, documentation involving
listed companies, cross border
transactions and medium and small
business, etc. in restricting, - such as
advice and documentation involving
creditors restructuring, sick companies,
demergers, spin –offs, sale of assets, etc.
and in foreign investment, joint ventures
and foreign collaborations. He advises a
range of large Indian conglomerates and
multinational clients in various business
sectors, including infrastructure, power,
telecom, automobiles, steel, software
and information technology, retail, etc.
He has been recommended by
Chambers & Partners, Legal 500, IFLR
1000 as one of the leading lawyers in
India. Mr. Khaitan is on the board of
various public listed companies, such
as Ambuja Cements Limited, Ceta
Limited, Harrisons Malayam Limited,
Inox Leisure Limited, Jindal Steel &
Power Limited, Torrent Pharmaceuticals
Limited and Xpro India Limited, Karan
Chand Thapar & Bros (Coal Sales)
Limited, amongst others. Mr. Khaitan
is a Law Graduate from South Kolkata
Law College afliation and is involved
in Professional Afliations with Bar
Council of West Bengal, Incorporated
Law Society – Kolkata, International Bar
Association – London, The Indian Law
Institute, The Bar Association of India,
Young Presidents’ Organisation. He is
serving directorship as an Independent
Non-Executive Director on the Board of
several Indian public listed companies.
Mr. Haigreve Khaitan
Independent Director
COMPANY OVERVIEW STATUTORY REPORTS
FINANCIAL STATEMENTS
Mr. Freyne has over 35 years of
experience in the areas of corporate
nance planning, taxation, capital and
investor relations. Mr. Freyne joined
Sun Life in 2003 and currently, is the
Executive Vice President and Chief
Financial Ofcer of Sun Life Financial
Inc.
Mr. Freyne is also on the Board of MFS
Investment Management, Sun Life
Global Investment Inc. and Sun Life
of Canada (U.S.) Financial Services
Holdings Inc.
Kevin Strain is President, Sun Life Financial
Asia. In this role, Mr. Strain is responsible
for Sun Life’s interests in Asia, including
identifying opportunities for growth in
the region and managing the Company’s
relationships with its partners. Sun Life
has operated in Asia since the 1890s,
and today spans seven key markets –
the Philippines, Hong Kong, Indonesia,
India, China, Vietnam and Malaysia.
Mr. Strain was appointed to the role
effective April 2012, and is based in Sun
Life’s Asia Regional Ofce in Hong Kong.
He is also a member of the Company’s
Executive Team. Mr. Strain has signicant
Insurance and leadership experience in
both individual and group businesses and
in managing Finance functions.
From 2007 to 2012, he was Senior
Vice-President of Sun Life’s Individual
Insurance and Investments division in
Canada, responsible for the creation and
delivery of Insurance, Health and Wealth
Management Products and Solutions
nationwide. This included managing
an expansive distribution organisation
encompassing Sun Life’s career sales
force, the largest in Canada, and third-
party distributors. In earlier roles, Mr.
Strain was Vice-President of Investor
Relations in Sun Life’s corporate ofce
and held senior nance positions in the
Company’s Canadian operations. He
joined Sun Life in 2002 as part of its
acquisition of the Clarica Life Insurance
Company, where he had served in
nance and customer-focused roles
before being appointed head of
Clarica’s Canadian pension and group
savings division.
Mr. Strain is a Chartered Accountant
and holds a Master of Accounting
degree from the University of Waterloo
in Canada. He serves on the Advisory
Council for the University’s School of
Accounting and Finance.
Mr. Colem Freyne
Non-Executive Director
Mr. Kevin Strain
Non-Executive Director
Board of Directors
Annual Report 2016-17
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BIRLA SUN LIFE INSURANCE COMPANY LIMITED
Mr. Pankaj Razdan is the Managing
Director & CEO at Birla Sun Life
Insurance (BSLI). He has rich experience
in the nancial services business,
across various functions and multiple
lines of business. He has been with the
Aditya Birla Financial Services Group
(ABFSG) since 2007, as a co-owner of
the ABFSG Vision and the Deputy Chief
Executive – Financial Services, a position
he continues to hold. At ABFSG, Pankaj
has steered some of the key nancial
services verticals successfully despite the
challenging times. He has guided Birla
Sun Life Asset Management Company
to an industry leadership position. He
has also driven many key projects across
ABFSG, to help set a foundation for our
leadership in the Indian nancial services
industry.
In his role at Birla Sun Life Insurance,
Pankaj provides BSLI strategic direction
and leads the insurance team towards
achieving rapid growth and protability.
As BSLI gears for its next phase of
growth, the Company will benet from
his experience and expertise in growing
businesses, developing new business
models, building distribution efciency
and customer management.
Mr. Sandeep Asthana is the India Country
Head of Sun Life Financial, a leading
international provider of protection
and wealth accumulation products
headquartered in Canada. In his role
Sandeep manages Sun Life Financial’s
interest in its two joint ventures in India
- Birla Sun Life Insurance Co. Ltd., and
Birla Sun Life Asset Management Co. Ltd.
A Chemical Engineer from IIT Mumbai
and MBA from IIM Lucknow, Sandeep
started his career with Unit Trust of India
in 1993, and was closely involved with
its plans for entry into life insurance and
Mr. Pankaj Razdan
Managing Director & CEO
Pankaj’s professional experience spans
organisations, including the Karvy Group
and ICICI Prudential Asset Management
Company. He has been a recipient
of several personal and professional
recognitions including being recognised
as ‘India’s Hottest Young Executives’
by Business Today. He holds a degree
in electronics engineering with the
experience of multiple management
development programmes from illustrious
institutes including the Indian Institute of
Management, Ahmedabad.
pensions. He joined Zurich Financial
Services in 2000, and headed the life
insurance planning team. In 2003,
Sandeep joined RGA, a leading US-
based life and health reinsurer, and
built up their business in India to make
it a leading reinsurance player in India.
Prior to joining Sun Life, Sandeep was
Managing Director of RGA Services
India Pvt. Ltd.
Mr. Sandeep Asthana
Non-Executive Director
COMPANY OVERVIEW STATUTORY REPORTS
FINANCIAL STATEMENTS
Mr. Shobhan Thakore, completed his
B.A. (Politics) and Bachelor of Law from
the Bombay University and is a Solicitor
of High Court, Bombay and Supreme
Court of England and Wales.
Mr. Thakore has been an advisor to
several leading Indian Companies on
corporate law matters and securities
related legislations. He has also acted
on behalf of leading investment banks
and issuers for Indian IPO offerings
and several international equity and
equity linked debt issuances by Indian
corporate. He has also advised in
the establishment and operations of
various India dedicated equity funds
and domestic mutual funds. Being
a solicitor for over 40 years, he has
instructed leading Indian Counsel
before various courts and forums
including High Courts around India as
well as the Supreme Court of India in
various matters involving indirect tax,
commercial and corporate law. He
was a partner of Bhaishanker Kanga
& Girdharlal, Advocates & Solicitors
With over four decades of experience
in development banking, Ms. Vakil has
held directorship of several renowned
public sector companies. Ms. Vakil
started her career with Maharashtra State
Finance Corporation (MSFC) in 1958 and
assumed several responsibilities till 1965.
She moved from MSFC to join Industrial
Development Bank of India (IDBI) in 1965.
After an illustrious seventeen years 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 Bank, she retired as Chairman and
Managing Director (CMD) in 1996. Post
her retirement, she is now a member of
several Boards and sub Committees of
the Board of various companies.
Mr. Shobhan Thakore
Independent Director
Ms. Tarjani Vakil
Independent Director
for more than 30 Years. From April 1,
2014 he became a partner of AZB &
Partners, Advocates & Solicitors. From
January 1, 2007 he, along with
Mr. Suresh Talwar (ex-partner of
Crowford Bayley & Company) founded
Talwar Thakore & Associates, and is
currently a Senior Consultant at the rm.
Mr. Thakore is a Director in Alkyl Amines
Chemicals Limited, Bharat Forge Ltd.,
Carborundum Universal Ltd., Morarjee
Textiles Ltd., Prism Cements Ltd.,
Reliance Jio Media Pvt. Ltd., Raheja
QBE General Insurance Company Ltd.,
Sharda Cropchem Ltd., Uni Deritend
Ltd and Carraro PNH Components
(India) Private Limited. He is also a
member of the Advisory Board of DSP
Merrill Lynch Fund Managers Ltd.
Board of Directors
Annual Report 2016-17
14
15
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SENIOR MANAGEMENT TEAM
Mr. Amit Jain is the Chief Financial Ofcer
(CFO) at Birla Sun Life Insurance (BSLI)
overseeing the Finance, Accounts and
Taxation functions. He holds a Master’s
degree in Business Administration from
the Faculty of Management Studies
(FMS), Delhi and a Bachelor’s degree
in Mechanical Engineering from Delhi
University.
Amit brings two decades of experience
in nance, planning and strategy. He has
spent close to 10 years in BSLI. His sharp
business acumen has lent immense
success to the planning and nance
functions that he has spearheaded.
His professional experience spans
organisations, including IDBI Federal Life
Insurance, Max India Ltd., CARE Ratings
among others.
Rajesh comes with over 20 years of
rich experience working across different
aspects of the marketing function. With
BSLI, he will play a key role in developing
the marketing strategy for BSLI keeping
the business needs in mind and drive
overall product marketing, customer
and channel engagement, customer
insights, digital marketing, corporate
communications and our upsell
programme. He will also drive marketing
research and insight initiatives to help
strengthen the BSLI brand as a trusted
insurance partner for our existing, and to
reach newer, customer segments.
Prior to joining us, Rajesh was with ICICI
Lombard working as Vice President
– Marketing and played a key role in
redening the agship company brand.
Prior to that, he worked with Reliance
Communications and helped launch
some of their new business verticals,
such as Big TV. He started his career in
the Healthcare industry after his MBA in
marketing from Symbiosis Institute for
Management Studies, and has worked
with Telecom and FMCG industries before
joining Insurance.
Ms. Shobha Ratna is Executive Vice
President & Head – Human Resource
& Training at Birla Sun Life Insurance
(BSLI). In this role, she drives the Human
Resource strategy at BSLI including
talent management, talent development,
compensation and culture creation.
Shobha has extensive experience of
about eighteen years in the functional
areas of talent, leadership and learning.
Prior to this role at BSLI, she managed
talent and leadership development at the
Aditya Birla Group (ABG) for six years. At
ABG, Shobha contributed signicantly
to institutionalising the leadership
development and talent management
processes across the Group through a
series of new initiatives aimed to build
the talent pipeline. Her professional
experience also includes a stint of twelve
years at Hindustan Unilever Ltd. (HUL)
with a year spent in Unilever London.
Shobha holds a Bachelor’s degree in Civil
Engineering from the National Institute of
Technology (NIT), Calicut and a Master’s
degree in Personnel Management &
Industrial Relations (PMIR) from the Tata
Institute of Social Sciences (TISS).
Mr. Amit Jain
Chief Financial Ofcer (CFO)
Mr. Rajesh Nambiar
Chief Marketing Ofcer (CMO)
Ms. Shobha Ratna
Head – HR & Training
COMPANY OVERVIEW STATUTORY REPORTS
FINANCIAL STATEMENTS
Mr. Vikas Seth is Chief Distribution Ofcer
(CDO) at BSLI. He is a qualied Electronics
& Electrical Communication Engineer and
has completed a Masters’ Degree in
Business Administration (Marketing). He
joined BSLI in January 2008.
Currently at BSLI, Vikas is responsible for
Direct Sales Force, Bancassurance and
Corporate Agency and Broker channels.
Vikas has a strong professional
experience of over 17 years in diverse
industries including Telecom, FMCG
and Life Insurance. He has worked
with organisations like Essar Telecom
(Vodafone), Amway, ICICI Prudential
and HDFC Life in the past. His expertise
is in start-up, building distribution,
implementation of sales & marketing
strategies. He has played an important
role in building BSLI’s distribution
capability.
Mr. Anil Singh is the Chief Actuarial Ofcer
& Appointed Actuary for Birla Sun Life
Insurance (BSLI) and is responsible for all
Actuarial functions within the Company.
Anil is a Fellow of the Institute of Actuaries
of India, 2002 and holds a Masters in
Statistics from Lucknow University.
Before joining BSLI, Anil was the Chief
Actuary & Appointed Actuary at Bajaj
Allianz Life Insurance Company. Anil has a
vast experience of close to 20 years in the
Life Insurance industry in India, in Actuarial
roles covering Valuation, Asset Liability
Management, Product Development and
Pricing with organisations like LIC, Aviva
Life Insurance and was also a part of the
BSLI Actuarial team during its inception in
2000-2001.
Mr. Vikas Seth
Chief Distribution Ofcer (CDO)
Mr. Anil Kumar Singh
Chief Actuarial Ofcer
Senior Management Team
Ashok Suvarna is Executive Vice President
& COO at Birla Sun Life Insurance
Company Ltd. In his role he is responsible
for providing leadership to Underwriting,
Revenue Assurance, Customer Service
& Operations teams. He is part of the
Leadership Team of BSLI and is involved
in rolling out growth strategies of the
Company.
Ashok comes with an experience of
over 20 years in the Financial Services
industry. He has experience in setting up
and managing teams across functional
areas including Technology, Operations,
Projects and Quality Assurance. Prior to
joining BSLI, Ashok was EVP & COO at
Birla Sun Asset Management Company
Ltd., where he was providing leadership
to Operations, Technology, Service and
Marketing teams. Before joining the
Aditya Birla Group, he was Senior Vice-
President & Head - Operations at ICICI
Prudential Asset Management Company
Limited, where he was responsible for
Operations, Projects & Quality Assurance
and was also involved in pan-Asia projects
of Prudential Funds Management. He has
been associated with many industry rsts
in the MF Industry including the launch of
MF transactions on the Stock Exchange
platform. Before joining ICICI Prudential
Asset Management Company Limited,
Ashok was associated with SBI Funds
Management Pvt. Ltd.
Ashok is a winner of several awards
including the Aditya Birla Chairman’s
award.
Mr. Ashok Suvarna
Executive Vice President & COO
Annual Report 2016-17
16
17
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
Rajesh is the Chief Technology and Digital
ofcer at BSLI. He is responsible for
delivering a broad range of management
capabilities that leverage enterprise data
to drive business value.
Rajesh comes with over 23 years of
experience in Information Technology.
In his last assignment, he was working
with Active cubes, a part of Blue Star
Infotech Limited in the capacity of
CEO & MD. He was also a part of the
Executive Management Team of Blue
Star Infotech which was responsible for
driving organisational growth. Between
the year 1992 to 2000, Rajesh worked
with several large MNCs across different
geographies, providing solutions in areas
of production, inventory, supply chain for
different industry sectors.
During his stint with Infosys, from 2000
to 2006, he was the Global Head of the
HCM Practice. Rajesh also comes with a
strong experience in Business Intelligence,
Big Data and Analytics space. He has
been a speaker at NASSCOM and CII
events. Rajesh’s areas of interest ranges
from Entrepreneurship to HR Practices.
He holds a Post-Graduate degree in
Computer Engineering from Mumbai
University.
Mr. Parag Raja is Deputy Chief Distribution
Ofcer of Birla Sun Life Insurance
(BSLI) overseeing the Group business,
Direct Marketing channel and Third
Party Distribution channel as well as in
building Alternate Channels which include
aggregators/e-commerce companies,
payment banks, small banks and telecom
companies. In addition to this he will also
be looking at the variable agency model
to explore growth opportunities for BSLI.
Parag brings with him over 17 years of
rich experience in the eld of Sales &
Distribution. Prior to joining us he was with
Max Life Insurance for 15 years and has
worked across their Agency and Banca
channels. He was managing the Axis
Bank relationship for ve years before
heading the Agency channel. Prior to
joining Max, Parag worked in the Banking
sector where he worked with ICICI Bank
and ANZ Grindlays Bank.
He holds a Bachelor’s degree in
Commerce from HR College, followed by
Masters in Commerce from Sydenham
College and an MMM from JBIMS. He is
an avid writer and enjoys contributing to
various publications.
Deven Sangoi has been associated with
BSLI since 2009. He is an MBA from New
port University and an electronic engineer.
He has a very rich background in Indian
Equity markets. He has over two decades
of experience in various streams of Indian
onshore markets. Prior to BSLI he was
designated as Head – Equity at Prudential
ICICI Mutual fund and a senior fund
manager at Birla Sun Life Mutual Fund.
Mr. Rajesh Varrier
Chief Technology and Digital
Ofcer
Mr. Parag Raja
Deputy Chief Distribution Ofcer
(Dy. CDO)
Mr. Deven Sangoi
Chief Investment Ofcer – Equity
COMPANY OVERVIEW STATUTORY REPORTS
FINANCIAL STATEMENTS
Mr. Devendra Singhvi is associated with
BSLI since May 2006. He has over 20
years of experience in capital markets,
such as Fixed Income, Equity, Treasury,
Forex and Derivatives etc. His previous
three assignments have been with
Reliance ADA Group Treasury, Prebon
Yamane and Hindalco Industries Ltd.
Devendra has done his graduation in
Mathematics and an M.B.A. in Finance
along with a Ph.D.
Mr. Devendra Singhvi
Chief Investment Ofcer – Debt
Mr. Shailendra Kothavale
Chief Compliance & Risk Ofcer
Senior Management Team
Mr. Shailendra Kothavale heads
the Compliance, Risk functions
for the Company. He has 17 years
of experience across the elds of
Compliance, Internal Audit, Enterprise
Risk, Operational Risk, Information
Security, Business Continuity,
Investment Risk, SOX implementation.
Prior to this assignment, Shailendra
was with ICICI Prudential Life Insurance
Co. Ltd. for 11 years and handled the
Compliance function in his last role.
Shailendra has a Bachelor’s degree
from Mumbai University and is a
Chartered Accountant (C.A.) from ICAI,
New Delhi. He has also obtained the
Certied Information Systems Auditor
(CISA) certication from ISACA, U.S.A.
Annual Report 2016-17
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19
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
MANAGEMENT DISCUSSION AND ANALYSIS
OVERVIEW OF GLOBAL ECONOMY
FY 16 was a year of surprises. Global growth moved to
3.1% (according to the World Bank) in 2016 and is expected
to rise to 3.5% in FY 17 and 3.6% in FY 18. The recovery
in the US is the prime driver for this growth improvement
for now. Also, stable commodity prices are expected to
keep growth in Emerging Markets fairly reasonable. The
World Bank expects Advanced Economies to grow @ 2%
(up from 1.7% in FY 16) and the Emerging and developing
economies are expected to grow @ 4.5% in FY 17, up from
4.1% in FY 16. Overall therefore, global growth is expected
to pick up.
With ination in Advanced economies set to rise to 2% (as per
the World Bank’s estimate) from 0.8% in FY 16, FY 17 would
be keenly watched by global nancial markets to see what
trajectory would Fed rates follow, post the rst hike already seen
in March 2017. In the absence of any meaningful tailwinds to
commodity prices, any spike in global ination is less likely.
In the backdrop of persistently uncertainty, nancial markets
are expected to be on their toes all throughout.
On the Indian macroeconomic front, FY 17 started on a good
note with various economic activity indicators slowly recovering
and normal monsoon after 2 years of bad monsoon added to
the momentum. This was followed by a brief period of volatility
as news around BREXIT led to market volatility. Soon, markets
got over this, the legislation of ination targeting framework
and creation of the monetary policy committee offered some
direction to markets. The run up to the festive season saw
improved sentiments in the backdrop of overall macroeconomic
stability. Increased activity around the reform agenda, passing of
GST bill painted a good outlook. The demonetisation exercise
placed a temporary kink in an otherwise smooth recovery
process. But the outcome of this exercise will be a cleaner
economy, better tax compliance, a change in attitude towards
cash transactions and all this reinforced the government’s
resolve to reduce corruption.
Management Discussion and Analysis
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
We are expected to close FY 17 with a GVA growth of 6.7%
y-o-y down from 7.8% y-o-y in FY 16. Ination remained well
under control, over achieving RBI’s target of 5% by averaging
at 4.5% for FY 17 down from 4.9% in FY 16.
The natural byproduct of the demonetisation exercise was a
ush of deposits into the banking system. This liquidity surplus
with banks enabled monetary policy transmission signicantly
as banks cut their MCLR’s by about 90bps post this move. But
credit offtake continued to remain muted. FY 17 saw average
credit growth of 7% y-o-y down from 9% y-o-y in FY 16.
While the reliance on banks as a provider of funds took a bit
of a hit, non-bank sources took the lead by disbursing ~62%
of the overall ow of funds to the commercial sector. External
fund ows, especially in the form of FDI played an important
role in this, as gross FDI inows for FY 17 stood at ~60 bn$,
up from ~55 bn$ in FY 16. In fact, post the state election
results, a new found interest from FPI’s has added to the
currency strength basis which INR has already appreciated
by ~5% since the beginning of 2017.
Growth prospects for FY 18 seem to be improving, ination
looks contained, the government is all set to go ahead with
GST, FII’s are looking at India positively, increased thrust on
nancial inclusion has encouraged retail participation in the
nancial services industry especially in the non-bank space.
Overall, this bodes well for the FS industry.
INDUSTRY PERFORMANCE
Stable political environment, favourable capital markets
and regulatory certainty led to the Life Insurance Industry
showing a growth of 19%. The Private Life Insurers grew
by 22% and LIC showed a growth of 16%.
The Individual Life segment witnessed a growth of
21% with the Private Insurers witnessing a growth
of 26% and LIC registering a growth of 15%
The Group Life segment witnessed a growth of
13% with the Private players growing by 5% and
LIC growing by 18%.
Market share of Private players within Individual Life
stood at 54% and in Group Life it stood at 35%.
Market Share
Individual Life Group Life Total
FY16 FY17 FY16 FY17 FY16 FY17
Private Players 52% 54% 37% 35% 48% 49%
LIC 48% 46% 63% 65% 52% 51%
After a de-growth of 5% over FY10 to FY13, the Industry has witnessed a CAGR of 14% over FY 15 to FY 17
(` BN)
LIC PVT
14%
-5%
504
FY11
230
273
479
FY12
175
304
470
FY13
178
292
454
FY14
172
282
408
FY15
200
208
441
FY16
227
204
550
FY10
288
262
532
FY17
287
245
Source: IRDAI New Business Data
Product Mix – Post ULIP Regulations of 2010, the industry has seen a steady shift from ULIP to Traditional Products.
From a peak of > 90% ULIP in 2010, the industry now stands at a more balanced mix of ULIP and Traditional Products.
Annual Report 2016-17
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21
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
More and more private players have been focusing on
term products and trying to gain market share in the
term segment. LIC on the other hand continues to focus
on Traditional segment with more than 95% business
coming from this segment
The Channel mix among private players continues
to see a higher share of Bancassurance. The share
of Bancassurance has increased from 24% in FY10
to ~53% in FY 17. LIC continues to be mainly selling
through the Agency Channel.
The Industry continues to focus on quality of business
and improving nancial performance to drive long-term
value for the shareholders. This can be seen through
improving Persistency ratios across cohorts, reducing
surrender to AUM ratios, better Opex management
and lower complaints per 1000 policies issued
Some of the other key developments are summarised
below:
The sector saw its rst IPO in September 2016
with ICICI Prudential Life Insurance getting listed.
A few more companies may go for listing in
coming years.
The current year saw a lot of activity on account of
Open Architecture guidelines of Bancassurance.
Some of the large banks including PSUs have done
tie-ups and several more are likely to follow suit.
Insurers have started exploring the opportunity
created by the Point of Sale (POS) guidelines and
a few products are expected to be launched in FY
18.
Protection is emerging a key theme in the Industry
due to a large underpenetrated market and better
economics.
More and more insurers have been increasing
their focus on selling Life Insurance through Direct
Channels. Digital distribution and E-commerce
sales are expected to witness sharp growth in the
coming years.
Government reforms and push for digital economy
is likely to shift household savings from physical to
nancial products thereby providing a signicant
potential for Life Insurance products and higher
penetration.
REGULATORY CHANGES IMPACTING THE INDUSTRY
Some of the Key Regulations/Guidelines released by IRDAI during the year are as below:-
IRDAI (Payment of Commission or Remuneration or Reward to Insurance Agents and Insurance Intermediaries)
Regulations, 2016 – The new regulations shall regulate and limit the maximum Commission/Remuneration and Reward
which can be paid to Insurance Agents and Insurance Intermediaries.
Management Discussion and Analysis
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
IRDAI (Issuance of E-Insurance Policies) Regulations,
2016 – The regulation emphasises on issuance of
policies electronically for the prescribed sum insured or
premium.
Operationalisation of CKYC – In order to avoid
multiplicity of KYC each time a customer avails any
nancial product/service, Central Government has
authorised CERSAI to act as Central KYC Records
Registry. Central KYC Registry Number can be quoted
by customer instead of the entire form.
Guidelines on Insurance E-commerce – The Guideline
aims to promote e-commerce in insurance space
which is expected to lower the cost of transacting
insurance business and bring higher efciencies and
greater penetration. Apart from valid KYC documents,
E-KYC & E-PAN are allowed.
Guidelines on Information and Cyber Security for
insurers – In the wake of recent cyber-attacks and to
mitigate cyber risks in the insurance Sector, IRDAI has
issued the said Guidelines.
OUTLOOK FOR THE LIFE INSURANCE SECTOR
The Company sees a favourable growth environment for the
Life Insurance Industry over the next 3-5 years. We expect
an annualised growth rate of 13-15% mainly driven by the
following factors.
Demographic Advantage
I ndia is projected to be the world’s most populous
country by 2022, surpassing China, its population
reaching 1.7 billion by 2050
India’s Insurable population expected to touch
750 Mn in 2020
Currently one of the world’s youngest nation with
around 60% population under the age of 30
Insurance Penetration is one of the lowest among
other countries
Widespread Protection gap in India presents
a signicant opportunity to grow 2x – 3x within
protection segment.
Improving macroeconomic indicators
Over a 3-5 years basis, India is expected to grow at GDP
rates in excess of 7-7.5%. Given the rate of nancial
savings and Insurance sector is highly correlated to
GDP growth, this augurs well for the industry.
Lower per capita insurance and density
India has one of the lowest insurance densities in the
world, at USD 41 much lower than other developing
countries such as USD 111 in China, USD 792 in South
Africa and USD 3413 in UK. (Data for FY 16)
Opening up of New Distribution Channels
Increased distribution penetration through higher
adoption of Open Architecture in bancassurance,
Digital and E-commerce Channels, New form of banks
such as Payment Banks and Small Finance Banks.
We see a stable and positive regulatory regime going
forward to enable the industry to grow faster and increase its
penetration across the country.
BSLI is well positioned to tap into the opportunities of the
life insurance industry. The Company is expected to emerge
stronger on the back of its wide distribution franchise, a
successful multi-channel strategy, a long history of product
innovations & operational efciency.
SUMMARY OF OPERATIONS
Sales Performance Review & Market Share
Movement
As on March 31, 2017, BSLI’s continued its journey of
balance channel strategy with
~70,000+ Empanelled agent base with a
nationwide presence in 433 Branches
100+ Corporate agents and Broker tie-ups
5 Key Bank partners ( Previous years : 3 tie-ups)
~600 Direct selling employees
BSLI achieved a market share of 7.1% in FY 17 in terms
of new business premium and recorded New Business
Premium of ` 2,534 Cr. (growth of 14% over last year). The
Company ranked No. 5 among the private insurance players
in terms of New Business Premium.
Agency channel posted a growth of 24% with a
productivity growth of 51% over previous year owing to
the implementation of the new distribution model. The
efforts taken in past two years have started to show
positive results in the current year.
All the 3 existing Bank partners posted impressive
double digit growth in new business premium. The
Company added 2 new Banking partners namely DBS
and Lakshmi Vilas Bank in Q4 of the current year. These
Banks will start contributing to Company’s growth in
the next 12 months.
The Company’s Direct Marketing channel has shown
more than 100% growth in the current year. The
Company continues to focus on growing this channel
on the back of higher productivity.
The Group Business maintained its leadership position
in the industry and continues to be protable.
Annual Report 2016-17
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BIRLA SUN LIFE INSURANCE COMPANY LIMITED
Agency Banca
CABC Direct
5.0
5.0
8.0
82.0
FY16
7.0
6.0
10.0
77.0
FY17
Y-o-Y CHANNEL MIX COMPARISON (%)
Product Strategy & Performance
The Product Mix is one of the important levers to drive customer penetration and protability. BSLI managed to improve its
Traditional mix from 62% in FY 16 to 70% in FY 17. This has helped the Company to improve its net margins.
ULIP NON-PARPAR
45.0
53.0
40.0
31.0
29.0
39.0
40.0
21.0
38.0
41.0
21.0
53.0
47.0
30.3
29.4
40.3
2.0
(%)
Performance on Quality Metrics
During the year under review, the Company showed progress across all quality parameters as below:
13th month persistency improved from 64.7% in FY 16 to 70.3% in FY 17
Sum Assured at ` 27,091 Cr. as against ` 18,437 Cr. up by 47%
During the year, the claim settlement ratio was at 94.7% as against 88.4% in the previous year. Average TAT of
settlement post receipt of claim documents was 4 days in FY 17 as compared to 6 days in the FY 16. The year was
closed with only 48 claims (0.79%) pending under investigation
Complaints as % of Inforce policy reduced from 0.57% to 0.35%
Management Discussion and Analysis
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
(%)
61st M Persistency 25th M Persistency
13th M Persistency
59 71
57 65
54 62
61 60
40
36
39
44
FY14
FY15
FY16
FY17
Persistency
14 12 11 11
FY14 FY15 FY16 FY17
Surrender to AUM ratio
Key Summary of Financial Indicators
Following is the summary of BSLI’s nancial performance for FY 17
Current Year Previous Year Change (%)
FY17 FY16
Income
Gross premium income 5,724 5,580 3%
Reinsurance (net) (190) (168) 13%
Total premium income (net) 5,534 5,412 2%
Income from investments
Policyholders 4,338 643 574%
Shareholders 149 149 Nil
Investment Income 4,487 792 467%
Other Income 33 35 -4%
Total Income (Including Shareholders Income) 10,053 6,238 61%
Less:
Commission 255 218 17%
Expenses (including depreciation) 1,031 1,004 2%
Benets paid (net) 4,652 4,247 13%
Provisions for actuarial liability (net) 3,955 595 -89%
Provision for Taxation - -
Prot for the Current Year 123 140 -12%
Share Capital 1,901 1,901 Nil
Reserves & Surplus 268 268 Nil
Net Worth 1,781 1,682 6%
The Company achieved a growth of 35% in New Business Premium for Individual Life Business. All the sales channels
registered double digit growth in FY 17. Total gross premium of ` 5,724 Cr. a growth of 3% Y-o-Y.
As against a growth of 35% in Individual Life new business premium, Opex for the Company grew by 3% from
` 1,004 Cr. in FY 16 to ` 1,031 Cr. in the current year.
Given the robust nancial performance and solvency position, there has been no capital infusion for the past 5 years.
Premium Income
Particulars( INR Cr.)
FY17 FY 16 Growth(%)
First year premium 2,534 2,220 14%
Individual Life 960 711 35%
Group Business 1,574 1,509 4%
Renewal Premium 3,190 3,359 -5%
Total Premium 5,724 5,580 3%
Annual Report 2016-17
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BIRLA SUN LIFE INSURANCE COMPANY LIMITED
The total premium for the Company amounted to ` 5,724 Cr. with a growth of 3% Y-o-Y. While the new business premium
registered a growth of 14%, renewal premium de-grew by 5%. As an insurer with long-established track record, a signicant
portion of our business is on a regular premium basis, which has provided us with a regular stream of renewal premiums.
Investment Income
The Company’s AUM grew by 12% in FY 17 at ` 34,523 Cr. The Debt/Equity Mix of the AUM has moved signicantly towards
debt on account of increasing proportion of Participating and Non Participating Traditional Product
The Company continued its superior investment performance for its policyholders. For all its ULIPs, the Company delivered
excellent fund performance across the board, consistently beating its internal benchmarks, overall and as well as across all
the funds.
FY13
22,929 24,775 30,185 30,811 34,523
FY14 FY15 FY16 FY17 FY13 FY14 FY15 FY16 FY17
41%
42%
38%
29% 32%
59%
58%
62%
71%
68%
Equity
Debt
AUM
Commissions
The commission rates for individual life business witnessed a steady rise due to shift towards Traditional and Long Pay products in FY 17.
The commission rates for total business and new business is provided in the table below:
Current Year Previous
Year
FY17 FY16
Total Commission / Total Premium 4.5% 3.9%
New Business Commission / NB Premium ( Individual) 22.7% 16.6%
Management Discussion and Analysis
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
Operating Expenses
The Opex to Premium ratio has signicantly reduced from a peak of 22.3% in FY13 to 18.02% in FY 17, as can be seen from the below
graph. Operating expenses in FY 17 was ` 1,031 Cr. as compared to ` 1,004 Cr. in FY 16.
OPEX to Total Premium %
20.7% 22.3% 21.6% 18.6% 18.0%18.0%
1,215 1,160 1,038 973 1,0311,004
Our Company’s cost structure is in line with expectations given the new business growth, product structures and our focus
on long-term products. We will continue to review our expense structure in line with the business growth.
Share Capital, Dividend and Solvency position
The Company is capitalised at ` 2,169 Cr. (including share premium and capital redemption reserves). Given the robust
nancial performance, there has been no capital infusion for the last four years. The net-worth of the Company increased by
6% from ` 1,682 Cr. in FY 16 to ` 1,781 Cr. in FY 17.
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.
Annual Report 2016-17
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BIRLA SUN LIFE INSURANCE COMPANY LIMITED
Our solvency margin in FY 17 is at 2 times which was above
the regulatory requirements of 1.5 times. It also ensures
that the Company’s stakeholders and customers can have
condence in the Company’s long-term nancial strength.
HUMAN RESOURCES
BSLI has invested signicantly over the last year in identifying
and developing talent across levels. We have put in place
rigorous leadership development initiatives focussed on
building the capability of our key talent across Senior,
Middle and Junior management levels at an accelerated
pace. We have segmented our capability building offerings
to ensure that learning is provided on time and on demand
to our people. On the engagement front, we have focussed
our efforts towards building a culture where employee
engagement sees a marked improvement year on year.
We have also launched multiple initiatives in the last year
which focuses on strengthening our people processes and
enhancing our employer brand in the market.
BRAND PERFORMANCE
During FY 17, Birla Sun Life Insurance Company (BSLI)
strengthened its brand positioning around non-par traditional
products keeping customer trust surplus at the core.
In spite of the controlled outow of money during
demonetisation, BSLI converted this challenge into an
opportunity by focusing on guaranteed and traditional
products. Such products were becoming far more attractive
as compared to bank FDs where interest rates seemingly
were to go down. Unlike large above the line campaigns,
BSLI engaged with various customers at a micro level as
it involved deeper engagement and detailed explanation
which could not have been achieved through singular
communication for the masses. Owing to this strategy BSLI
engaged in extensive customer outreach programs reaching
close to 40,000 customers across cities in India.
The initiatives were carried forward in the JFM season
with the Company’s guaranteed return products – Income
Assured and Secure Plus. Keeping protection at the core of
BSLI’s brand proposition, the Company launched a health
and wellness product under the aegis ‘Cancer Shield’.
Another term product called Protect@Ease offering joint life
feature was also launched.
BSLI’s branding continued to harness on the philosophy
of need identication by the prospective customer and
therefore offer products which secure against unforeseeable
future through relevant product communications throughout
the year.
TECHNOLOGY
Technology is pushing newer frontiers like never before.
From self driving cars to Robotics and AI, these are changing
the paradigm of every business. Every industry is feeling the
impact of these rapid changes. Life insurance is no different.
Our industry is experimenting with block chain, robotic
process automation, AI and so on.
As an organisation all our conversations and thought
processes revolve around the customer. It is our endeavour
to use the power of emerging technology to enhance the
customer experience. Whether, it is at the time of sales, post
sales, during the policy period or at the time of claims.
We shall continue to invest in technology and innovative
ideas driving the thought process to ensure that we evolve
the best in class customer experience.
Customer Experience
Technology
People
Proactive
1
Responsive
32
Empower
Management Discussion and Analysis
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
CUSTOMER MANAGEMENT
Life Insurance business is founded on trust, where the
relationship with each customer is handled over decades, it
is extremely difcult to create an experience basis only few
interactions he/she has with us. Therefore, with a vision of
building ‘Customer Trust Surplus’, Birla Sun Life Insurance
constantly strive to understand what it is that our customers
look for, and channel our business to give them the best
experience.
To provide the best experience to our Customers, we have
dened 3 tenets – ‘Proactive’, ‘Empower’ and ‘Responsive’.
We rmly believe, we need to have robust processes with
high levels of operational efciencies to have loyal customers.
In our journey to Empower customers, we have completely
adopted the ‘digital’ medium and enabled information and
transaction capability through ‘MyInsurance’, Customer
Portal and also continued on our automation journey. Lastly
and most importantly, we believe that the key to provide
the best customer experience is to make all our employees
empathise with our Customers and therefore, propagate the
culture of customer centricity.
During the year the Company has taken various initiatives
to enhance customer experience and service matters this
includes:
Launch of new CRM - this provides a single view of our
customer and enables faster processing;
Reduction in TAT for resolution of Policy servicing
request and complaints;
Structured approach to address root cause analysis for
process improvement;
Enabled regional language capability at the contract
centre;
Launch of ‘MyInsurance’ portal to view the policy
details.
The overall efforts is to create emerging methods to meet
customer requirement such that it benet them and provide
excellence and cost optimisation.
OUTLOOK FOR THE COMPANY
The outlook for the growth of the Company continues to be
stable and favourable. The improvement in macro-economic
environment coupled with more stability in regulations
augurs well for the growth of the Company. The Company
continues to focus on the following key areas to strengthen
its competitive and nancial position in the coming years:
Balanced Channel Strategy
Capitalising on new engines of growth
Continue to Improve Agency economics driven by
productivity growth and cost efciencies
Continued focus on quality of business including
Persistency and Claims management
Financial growth to grow organically and inorganically.
By order of the Board of Directors
for Birla Sun Life Insurance Company Limited
Kumar Mangalam Birla
Chairman
(DIN No. 00012813)
Mumbai, April 28, 2017
Disclaimer
Certain statements in this “Management Discussion and Analysis” may not be based on historical information or facts and
may be “forward looking statements” within the meaning of applicable securities laws and regulations, including, but not
limited to, those relating to general business plans & strategy of the Company, its future outlook & growth prospects, future
developments in its businesses, its competitive & regulatory environment and management’s current views & assumptions
which may not remain constant due to risks and uncertainties. Actual results could differ materially from those expressed
or implied. Important factors that could make a difference to the Company’s operations include global and Indian economic
conditions, changes in Government regulations, tax regimes, competitors actions, economic developments within India and
such other factors such as within with the Company operates. The Company assumes no responsibility to publicly amend,
modify or revise any statement, on the basis of any subsequent development, information or events, or otherwise.
Annual Report 2016-17
28
29
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
DIRECTORS REPORT
Dear Shareholders,
On behalf of the Board of Directors, I present the 17th
(Seventeenth) Annual Report, together with the Audited
Statement of Accounts, of Birla Sun Life Insurance Company
Limited (‘the Company/BSLI‘) for the year ended March 31,
2017.
Industry & Business Performance
FY 17 saw a signicant improvement in the performance
for almost all the Life insurance players. Stable regulatory
regime coupled with demonetization wave lead to a growth
of 21% Y-o-Y for the Industry in terms of Individual life
business. Group business on the other hand also registered
a growth of 21% Y-o-Y.
Both private sector players and Life Insurance Corporation
of India (LIC) recorded positive growth during the year.
While LIC achieved a growth of 15%, Private players
registered a growth of 26%. Private players thus on the
back of strong growth increased their market share from
52% in FY 16 to 54% in FY 17.
Amongst the Private Players, the market share of top four
private insurance players increased from 33% in FY 16 to
35% in FY 17, driven by strong growth in Bancassurance
Channel.
Amongst the Distribution Channels, the Agency Channel
continues to have the highest share of 68.2%, at an
industry level followed by Bancassurance at 23.8%.
However, In case of Private Life insurers – Bancassurance
has a dominant share of 52% followed by Agency
channel at 32%.
Your Company has shown superlative growth of 35% in
FY 17 by growing higher then LIC, Private players as well
as the bank backed insurers.
There has been a growing exposure towards Unit Linked
products within industry demonstrated by the below
graph.
GROWING EXPOSURE TOWARDS ULIP
592
FY14
536
FY15 FY16
Linked Business
Non linked Business
12% 20%
80%
596
23%
77%88%
In Group Life, market share of private insurance players
remained at at 19% for both FY 17 as well as FY 16,
with the top ve private insurance players contributing
14% of the group sales in FY 17.
Outlook for FY 18 in terms of new business growth continues
to be positive with expectation of a normal monsoon, good
ow into the capital markets and increase focus for nancial
savings as compared to physical savings on account of
demonetization. Moreover, a positive regulatory regime
coupled with encouragement by Government of India
towards nancial savings will also help the Industry to move
to higher growth. More details on Industry outlook and
opportunities are covered in the Management Discussion
and Analysis report.
Your Company through its customer focused approach
is well positioned to capitalize on the opportunities which
the sector will offer in the next 3-5 years. The Company
continues to drive its multi-channel distribution strategy
supported through a well dened Product and Customer
Service Strategy.
Director’s Report
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
Business Review and Financial Performance
Financial Performance
Table 1: Business & Financial Performance of Your Company (` Cr.)
Particulars
Standalone Consolidated
FY17 FY16 Inc. (%) FY17 FY16 Inc. (%)
Business Performance
New Business Premium 2,534 2,220 14% 2,534 2,220 14%
Renewal Premium 3,190 3,359 (5%) 3,190 3,359 (5%)
Total Premium 5,724 5,580 3% 5,724 5,580 3%
Financial Performance
Income
Gross premium income 5,724 5,580 3% 5,724 5,580 3%
Reinsurance (net) (190) (168) 13% (190) (168) 13%
Total premium income (net) 5,534 5,412 2% 5,534 5,412 2%
Income from investments
Policyholders 4,338 643 575% 4,338 643 575%
Shareholders 149 149 0% 152 149 2%
Investment Income 4,487 792 466% 4,489 792 466%
Other Income 33 35 (5%) 33 35 (5%)
Total Income 10,053 6,090 61% 10,056 6,565 61%
Less:
Commission 255 218 17% 255 218 17%
Expenses (including depreciation & Service tax) 1,067 1,037 3% 1,069 1,038 3%
Benets paid (net) 4,652 4,247 10% 4,652 4,247 10%
Provisions for actuarial liability (net) 3956 595 565% 3,956 595 565%
Provision for Taxation
Prot for the Current Year 123 140 (12%) 124 140 (11%)
Share Capital 1,901 1,901 Nil 1,901 1,901 Nil
Reserve & Surplus 268 268 Nil 268 268 Nil
Less: Debit Balance in Prot and Loss Account 365 488 (25%) 365 488 (25%)
Net Worth 1,805 1,682 7% 1,805 1,682 7%
Annual Report 2016-17
30
31
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
Your Company recorded satisfactory performance in FY 17
across a range of key nancial parameters:
The Company recorded new business premium of `
2,534 Cr. in FY 17 as compared to ` 2,220 Cr. in FY 16,
recording a growth of 14%. Individual business grew by
35% from ` 711 Cr. in FY 16 to ` 960 Cr. in FY 17.
Renewal premium at ` 3,190 Cr. for FY 17 marginally
below previous year. However Company has been
able to improve its Persistency ratios and grown its
Inforce book which will help to generate higher renewal
premiums going forward. BSLI will continue to focus on
managing its substantial in-force book and improving
persistency levels further, which is important to deliver
value from our existing book.
Total Premium of the Company increased by 3% from `
5,580 Cr. in FY 16 to ` 5,724 Cr. in FY 17.
With a continuous focus on improving protability and
building long term value for shareholders, Your Company
has been able to further improve the product mix from
64% traditional in FY 16 to 70% in FY 17. BSLI is
committed to further improve the protability by driving a
healthy product mix, building the Inforce book, managing
Opex and driving productivity led distribution.
In spite of increase in new business sales by 14%, Opex
has increased by only 3%. Opex to premium ratio for FY
17 has remained at at 16.3% as against 16.2% in FY
16.
Solvency margin at 2.00 for FY 17 against the regulatory
requirement of 1.5 indicates the Company’s stable
nancial position.
Summary of Operations and Business
BSLI continues to follow a successful multi-channel
distribution strategy with 433 branches, around 70,000
Agents, 5 key bank partners and ~160 third party
distributors.
For the last 3 years, the Company has been focusing
on implementing a new distribution model built around
customer discovery, customer engagement and
solution fulllment. Signicant benets of the same have
been realized in the Agency Channel. The Channel has
seen a revival with a Y-o-Y growth of 24% driven by a
productivity growth of 51% over previous year.
Within The third Party Channel, Your Company has
been able to successfully tie up with 3 New Banks
(HDFC Bank, Lakshmi Vilas Bank and Development
Bank of Singapore) and various Corporate agents and
brokers during the year under review. This coupled
with strong showing from existing banks and brokers
propelled the channel to grow by 58% Y-o-Y.
Our Direct Channel continues to show stellar growth in
FY 17, registering sale of close to 66 Cr. against ` 35
Cr. in previous year.
Group Business registered a 4% Y/Y growth with
rst year premium of ` 1,574 Cr. in FY 17. AUM grew
by ~ 32% from 5,900 Cr. to ` 7,800 Cr. This came
from improvement in product lines across risk and
fund based products and increasing our penetration
across geographies & customer segments. This line of
business continues to be protable for the Company.
Assets under Management (AUM) grew marginally
from ` 30,811 Cr. in FY 16 to ` 34,523 Cr. in FY 17
registering a growth of 12% Y-o-Y. For unit-linked funds,
the Company has delivered superior fund performance
consistently beating its benchmarks. 100% of the
funds outperformed their respective benchmark over
the long-term (across 2-4 years.) 100% of the funds
also outperformed their benchmark over the 5 year
period ending March 31, 2017.
Your Company continued its quality initiatives through
pro-active engagement with customers and distributors
which have started showing positive results as the 13th
month premium persistency has improved to 70% in
FY 17 from 65% in FY 16.
Proactive measures have been undertaken to
strengthen compliance and risk management functions
given the Company’s focus to maintain robust internal
controls, mitigate risks and improve sales conduct.
Our investment in branding yielded good results with
both brand awareness as well as consideration scores
(i.e. likelihood of prospective customers to purchase
a policy) showing improvements to an all-time high.
Going forward strength of the 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.
Director’s Report
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
BSLI Claims Mission for its Policyholders:
In the FY 17, the Company has taken strong measures to
improve claim settlement and repudiation ratio. Claims
were scrutinized through analytical tools developed on
the basis of past claims experience. These claims were
thereafter identied - as those due for faster settlement,
those require further due diligence and suspicious
claims that must be thoroughly investigated before nal
decision.
During the FY 17 claim settlement ratio was at 94.7%
as against the FY 16 of 88.4%. The repudiation ratio
also improved to 3.95% in FY 17 from 7.38% in FY
16. The endeavor was to execute faster settlement for
genuine claims and we have successfully been able to
settle 79% of claims within TAT of 5 days in the FY
17 as compared to 50% in the FY 16. Average TAT
of settlement of claim post receipt of documents has
improved to 4 days in FY 17 as compared to 6 days
in the FY 16. The year was closed with only 48 claims
(0.79%) pending under investigation.
Reserves
During the year, the Company generated prot after tax of
` 123 Cr., leading to a reduction in accumulated losses. No
amount was transferred to General Reserve.
Dividend
To conserve the cash and keeping required solvency margin
foreseeable future, The Board of Directors have not recommended
any dividend for the year ended March 31, 2017.
Transfer of Amounts to Investor Education and
Protection Fund (IEPF)
Your Company did not have any funds lying unpaid or
unclaimed for a period of seven years. Therefore there were
no funds which were required to be transferred to Investor
Education and Protection Fund (IEPF) Under Section 125 of
the Companies Act, 2013.
Share Capital
The Authorised Share Capital of the Company is ` 3,750
Cr. The Issued, Subscribed and Paid up Capital of the
Company was ` 1,901 Cr., as on March 31, 2017. There
was no requirement of fresh capital infusion during the year
under review.
Transfer of Shares
As reported earlier, in April 2016, post IRDAI and FIPB approval,
Aditya Birla Nuvo Limited (‘ABNL’) the parent Company
transferred 43,72,77,840 Equity Shares representing 23%
of the paid up share capital of the Company to Sun Life
Financial (India) Insurance Investment Inc (‘Sun Life Financial’).
Consequently, the shareholding of Sun Life Financial in the
Company increased from 26% to 49%.
During the year end, in March 2017, pursuant to IRDAI approval,
Aditya Birla Nuvo Limited (‘ABNL’) transferred 969,616,080
Equity Shares representing 51% of the paid up share capital of
the Company to Aditya Birla Financial Service Limited (‘ABFSL’).
Pursuant to the said transfer of equity shareholding from ABNL
to ABFSL. ABFSL has become the holding company of BSLI
as on March 31, 2017.
Corporate Governance
Your Directors reafrm their commitment to the corporate
governance standards to the extent they are applicable to
the Company. A report on Corporate Governance framework
within the Company is annexed to this report as Annexure 1.
Consolidated Financial Statement
In accordance with the Companies Act, 2013 (“the Act”) and
Accounting Standard (AS) - 21 on Consolidated Financial
Statements, the audited consolidated nancial statement is
provided in the Annual Report.
Subsidiary Company
During the year under review, the Pension Fund Regulatory
and Development Authority (‘PFRDA’) vide letter no.
PFRDA/6/PFM/63 dated February 21, 2017 has granted
a Certicate of Commencement of Business to Birla Sun
Life Pension Management Limited (‘Pension Company’), a
wholly owned subsidiary of the Company, to act as pension
fund under National Pension System (NPS).
A statement containing the salient features of the nancial
statement of subsidiary in the prescribed format AOC1
is annexed to the Directors Report as Annexure 2. The
statement also provides the details of performance and
nancial position of Subsidiary Company.
Public Deposits
During the year under review, the Company has not accepted
any deposit from the public falling within the ambit of Chapter V
(section 73) of the Companies Act, 2013 and The Companies
(Acceptance of Deposits) Rules, 2014.
Management Discussion and Analysis Report
Management Discussion and Analysis Report forms part of
the Annual Report.
Conservation of Energy, Technology,
Absorption, Foreign Exchange Earnings and
Outgo
The information on conservation of Energy, Technology,
Absorption, Foreign exchange earnings and outgo stipulated
under Section 134(3)(m) of the Companies Act, 2013 read
with Rule 8 of the Companies (Accounts) Rules, 2014, is
annexed to the Directors Report as Annexure 3.
Annual Report 2016-17
32
33
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
Particulars 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 7,893 as at March 31, 2017 against
7,563 as of the previous year end. Structured initiatives
around talent management, learning and development and
long term retention plan for talent pool across levels were
implemented for skill development to enhance productivity
and performance of workforce. The relevant particulars
of employees as required to the extent applicable under
rule 5(2) and 5(3) of The Companies (Appointment and
Remuneration of Managerial personnel) Rules 2014 is
attached to this report.
Directors
As on March 31, 2017, your Board of Directors comprises
of eleven Directors including one Managing Director & CEO,
three Independent Directors and one woman Director.
During the year, following were the changes in the directorship
of the Company:
Mr. Donald A. Stewart (DIN 00438164), Non-Executive
Director resignedw.e.f. October 24, 2016.
Mr. Lalit Naik (DIN 02943588), Non-Executive Director
resignedw.e.f. December 1, 2016.
Mr. Colm Freyne (DIN 07627357) was appointed to ll
the casual vacancy due to resignation of Mr. Donald A.
Stewart w.e.f. October 25, 2016.
Ms. Pinky Mehta (DIN 00020429) was appointed as an
Additional Director w.e.f. December 16, 2016.
Mr. Colm Freyne and Ms. Pinky Mehta are proposed
to be appointed as Non-Executive Director by the
shareholders in the ensuing AGM. Mr. Ajay Srinivasan
and Mr. B.N Puranmalka, Directors, retire by rotation
at the ensuing Annual General Meeting (‘AGM‘) of
the Company, and being eligible, offer themselves
for re-appointment. The Board recommends their
appointments. None of the above Directors are
disqualied from being appointed/re-appointed as
Directors in accordance with Section 164 of the
Companies Act, 2013.
The Company has also received requisite disclosures
and undertakings from all the Directors in compliance
with the provisions of the Companies Act, 2013,
Corporate Governance Guidelines (“IRDAI CG
Guidelines”) issued by Insurance Regulatory and
Development Authority of India (“IRDAI”) and the
Insurance Act, 1938.
A detailed prole of the Directors seeking appointment/
reappointment at the ensuing Annual General Meeting
of the Company is given in the Corporate Governance
Report, forming a part of this Annual Report.
Statement on Declaration by Independent
Directors
The Independent Directors of the Company have given
the declarations and conrmed that they met the criteria
of Independence as provided under Section 149(6) of the
Companies Act, 2013.
Key Managerial Personnel
In terms of section 203 of the Companies Act, 2013 the
following employees were holding the position of Key
Managerial Personnel (‘KMP’) of the Company:
Mr. Pankaj Razdan (Managing Director & Chief
Executive Ofcer)
Mr. Amit Jain (Chief Financial Ofcer)
Mr. Amber Gupta (Company Secretary and Head-Legal)
Board Evaluation
A formal evaluation mechanism has been adopted for
evaluating the performance of the Board, Committees
thereof, individual directors and the Chairman of the
Board.The evaluation is based on criteria which includes,
among others, providing strategic perspective, chairmanship
of Board and Committees, attendance and preparedness
for the meetings, contribution at meetings, effective decision
making ability and role of the Committees.
Pursuant to the requirement of the Companies Act, 2013, the
annual performance evaluation of the Board, the Directors
(Independent and others) individually, Chairperson, as well as
applicable Committees of the Board viz. Audit, Nomination
and Remuneration and Corporate Social Responsibility
Committee (CSR) was carried out for FY 17. The outcome
of the said performance evaluation was placed at the Board
Meeting held on April 28, 2017. The Committees and the
Board as a whole are functioning very effectively.
Policy on Directors Appointment and
Remuneration
IIn terms of the requirements under the Companies Act, 2013
and IRDAI CG Guidelines, your Company has put in place
the relevant framework and Nomination and Remuneration
Policy on appointment and remuneration of Directors, KMP
& Senior Management including the criteria for determining
qualications, positive attributes and independence of
a Director and other matters as specied under section
178(3) of the Companies Act, 2013. The Nomination and
Remuneration Policy of the Company is annexed to the
Directors Report as Annexure 4.
Director’s Report
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
protocols. The more details are provided in the Corporate
Governance Report.
Directors Responsibility Statement
Pursuant to Section 134(5) of the Companies Act 2013, your
Directors, to the best of their knowledge and belief conrm
that:
in the preparation of the annual accounts, the applicable
accounting standards have been followed along with
proper explanation relating to material departures;
the Directors have selected such accounting policies
and applied them consistently and made judgments
and estimates that are reasonable and prudent so as
to give a true and fair view of the state of affairs of the
Company at the end of the nancial year and of the
prot and loss of the Company for that period;
the Directors have taken proper and sufcient care
for the maintenance of adequate accounting records
in accordance with the provisions of Companies
Act, 2013 preventing and detecting fraud and other
irregularities;
the Directors have prepared the annual accounts on a
going concern basis; and
the Directors have devised proper systems to ensure
compliance with the provisions of all applicable laws and
that such systems were adequate and operating effectively.
Auditors and Auditor’s Report
As per the IRDAI CG Guidelines dated May 18, 2016 of
the Insurance Regulatory Development Authority of India,
every insurance Company is required to have two statutory
auditors for a joint audit.
M/s. Khimji Kunverji & Co., Chartered Accountants (Firm
Registration No. 105146W), are being re-appointed as the
Joint Statutory Auditors of the Company to hold ofce from
the conclusion of this Annual General Meeting (‘AGM’) until
the conclusion of the 18th (Eighteenth) AGM of the Company.
M/s. S.B. Billimoria & Co, Chartered Accountants (Firm
Registration No.101496W), are being re-appointed as the
Joint Statutory Auditors of the Company to hold ofce from
the conclusion of this Annual General Meeting (‘AGM’)
until the conclusion of the 20th (Twentieth) AGM of the
Company subject to ratication by the Members at every
Managerial Remuneration
The details on remuneration (sitting fees) paid to the
Non-Executive Directors are disclosed in the Corporate
Governance Report and the details on remuneration paid to
the Managing Director are as per MGT 9 which forms part of
the Directors Report.
Number of Board Meetings
During the year under review 4 (four) Board Meetings
were convened and held, the details of which are given in
the Corporate Governance Report. The intervening gap
between the Meetings was within the period prescribed
under the Companies Act, 2013. The detailed information
about Composition, Meetings and attendance are provided
in the Corporate Governance Report.
Audit Committee
The Company has duly constituted Audit Committee. The
details as regard to the Composition, Meetings, attendance
and other information are provided in the Corporate
Governance Report.
COMMITTEES UNDER IRDAI CG Guidelines
The Company has duly constituted the following Committees
mentioned under IRDAI CG Guidelines namely
Audit Committee
Risk Management Committee
Asset Liability Management Committee
Investment Committee
With Prots Committee
Corporate Social Responsibility Committee
Nomination and Remuneration Committee
Policyholders’ Protection Committee
The details as regard to the Composition, Number of
Meetings, Attendance are provided in the Corporate
Governance Report.
Whistle Blower Policy
The Company has implemented a Whistle Blower Policy
providing a platform to all the employee and Directors
to report any suspected or conrmed incident of fraud/
misconduct through any of the determined reporting
Annual Report 2016-17
34
35
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
Annual General Meeting. The Board recommends the re-
appointment of Joint Auditors to the Members at the ensuing
Annual General Meeting.
The Company has received certicates from the proposed
auditors conrming their eligibility and willingness for the re-
appointment pursuant to Section 139 (1) of the Companies
Act, 2013 and as per the requirement stipulated by IRDAI
under Corporate Governance Guidelines. The auditors have
further certied that they have subjected themselves to the
peer review process of the Institute of Chartered Accountants
of India (ICAI) and they hold a valid certicate 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.
Implementation of IND as
IRDAI vide its circular (Ref no: IRDAI/ F&A/ CIR/
IFRS/038/03/2016) dated March 1, 2016 has advised the
Insurance Companies to comply with the Indian Accounting
Standards (Ind AS) for nancial statements for accounting
periods beginning from April 1, 2018 onwards, with
comparatives for the periods ending March 31, 2018. Your
Company is well placed to meet this requirement within the
stipulated time frame.
The Company has also formed a steering committee with
requisite expertise to spearhead the implementation process
and duly informed IRDAI about the same. The Company has
also submitted the proforma IND AS nancial statements
to the Authority on a quarterly basis. The accounts of the
Company are consolidated by Aditya Birla Nuvo Limited
(ABNL) the ultimate holding Company. As Indian Accounting
Standards (IND AS) is applicable to ABNL, for consolidation
purposes and in order to meet the requirement of the Holding
Company, the Company has also prepared and submitted
the nancial statements in IND AS format for FY 17.
Internal Audit Framework
The Company has in place a robust internal audit framework
to monitor the efcacy of internal controls with the objective of
providing to the Audit Committee and the Board of Directors,
an independent and reasonable assurance on the adequacy
and effectiveness of the organization’s risk management,
control and governance processes.
The framework is commensurate with the nature of the
business, size, scale and complexity of its operations.
Internal auditing, at BSLI, involves the utilization of a
systematic methodology for analyzing business processes
or organizational problems and recommending solutions
to add value and improve the organization’s operations.
The audit approach veries compliance with the regulatory,
operational and system related procedures and controls.
The purpose, authority and responsibility of internal audit
function are formally dened in the internal audit charter
which is periodically reviewed and any key amendments
are presented to the Board for approval. To provide for the
independence of the internal audit function, the Head Internal
Audit, functionally reports into the Board & Audit Committee.
The internal audit plan is developed based on the risk prole
of business activities of the organization. The audit plan
covers process audits at head ofce and across various
branches of the organization. The audits are carried out
by external service providers, in-house internal audit team
and by audit team of the two promoters. The audit plan is
approved by the Audit Committee, which regularly reviews
the compliance to the plan.
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
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 key controls are
operating as intended
Key audit ndings and recommendations made by the
Auditors are reported to the Audit Committee
Based on the audit report of internal audit function,
process owners undertake corrective action in their
respective areas and thereby strengthen the controls
Monitor the implementation of audit recommendations
and ensure periodic reporting to the Audit
The audit ndings 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 a risk-based
audit approach.
Ongoing monitoring is performed as an integral part of the
day to day supervision, review and measurement of internal
audit activity.
Director’s Report
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
Adequacy of Internal Financial Controls
The Company has put in place adequate system and
process for internal nancial controls with reference to the
nancial statements.
Material Changes and Commitment Affecting
Financial Position of The Company
There are no material changes and commitments, affecting
the nancial position of the Company which has occurred
between the end of the nancial year of the Company i.e.
March 31, 2017 and the date of the Directors report.
Secretarial Audit Report
Pursuant to the provisions of Section 204 of the Companies
Act, 2013 read with rule 9 of The Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014,
the Company has appointed M/s. N. L. Bhatia & Associates,
a rm of Company Secretaries in Practice, to undertake
the Secretarial Audit of the Company for the FY 17. The
Secretarial Audit Report in the prescribed format i.e. Form
No. MR3 is annexed to the Directors Report as Annexure 5.
Risk Management Framework
The Company has an Enterprise Risk Management (‘ERM’)
framework covering procedures to identify, assess and
mitigate the various key business risks. A detailed ERM
report is annexed to and forms part of the Annual Report
and annexed as Annexure 6.
Related Party Transactions
The Board has formulated and adopted a Related Party
Transactions Policy (‘Policy’) for the purpose of identication,
monitoring and reporting of related party transactions. The
Policy is available on the Company’s website.
During the year, the Company has entered into a related
party transaction with Sun Life Financial (India) Investments
Inc. towards technology subvention which was not in
ordinary course of business. In respect of which the approval
of Shareholders was also obtained at the Extra Ordinary
General Meeting held on March 23, 2017. The details of
contracts or arrangements or transactions with related party
not at arm’s length basis are being reported in Part 1 of
form AOC-2, which is annexed to the Directors Report as
Annexure 7.
All other Related Party Transactions (‘RPT’) entered into
by your Company during the FY 17 were on arm’s length
basis and in the ordinary course of business and since the
transactions were not material in accordance with the Related
Party Transaction Policy framework, the particulars of such
transactions with the related parties are not required to be
reported by your Company in the prescribed form AOC 2.
The details of all related party transactions during the year
under review are set out in note no. 28 of the standalone
nancial statement forming part of the Annual Report
Particulars of Loans, Guarantees or Investments
The Company, being an Insurance Company, provisions of
Section 186 of the Companies Act, 2013, are not applicable.
Hence no disclosures have been provided.
Signicant and Material Orders Passed by the
Regulators / Courts / Tribunals
No signicant and material orders were passed by the
regulators or courts or tribunals impacting the going concern
status and Company’s operations in future. However a
penalty of ` 20 lakhs was imposed by IRDAI on certain
observations arising out of onsite inspection. The same has
been paid and corrective actions have been implemented..
Corporate Social Responsibility
The Board of Directors of your Company have constituted
a Corporate Social Responsibility (‘CSR’) Committee and
formulated a CSR Policy. The said CSR Policy has been
uploaded on the website of the Company. As a part of
its initiatives under CSR, the Company has undertaken
projects in the areas of Health, Education, Livelihood and
Rural Development. These projects are also in line with the
statutory requirements under the Companies Act, 2013 and
it’s CSR Policy.
The required disclosure as per rule 9 of Companies
(Corporate Social Responsibility Policy) Rules 2014 annexed
to the Directors Report Annexure 8.
Customer Grievance Redressal
The Grievance Redressal Guidelines issued in 2010 by
IRDAI has established uniformity in the insurance industry
in terms of denitions, timeframes for complaint resolution
and classications of complaints. In accordance with the
Grievance Redressed Guidelines, we have reviewed and
enhanced our policy to make it more policyholder friendly in
January 2016.
BSLI has a Grievance Redressed Committee (‘GRC’) which
is headed by an independent Chairman Mr. N. N. Jambusaria
(ex-Chairman, LIC). GRC meets periodically and decides on
various requests/complaints and claims representations
from policyholders. Representatives of the concerned sales
channels along with customer service team are invited to
attend the meetings.
The Company has instituted procedures to analyze the
complaints and claims and initiated various procedural,
product level and policy level changes from time to time.
To create customer awareness about the Grievance Redressed
Mechanism; we have placed posters at every front-ofce/
Annual Report 2016-17
36
37
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
customer walk-in area across BSLI branches, providing the
escalation matrix, which the customer can follow in case he/
she is not satised with the resolution provided.
Grievances received by BSLI are reported on ‘Integrated
Grievance Redressed Management System’ (IRDAI -
IGMS) online and a reverse feed also gets downloaded
for complaints registered by customers on IGMS against
BSLI. Grievance Redressed team has been empowered to
take decisions for ensuring effective resolution of customer
complaints.
Improved results are visible across all parameters:
Complaints have reduced from 12404 in FY 16 to 6279
in FY 17
Complaints as a measure of in-force book from
improved from 67 to 35 (per 10,000 in-force policies)
The average time taken to resolve complaints have
reduced from 6.5 days to 5.6 days
Awards/Recognitions
During the year under review, your Company has been
felicitated with awards and recognitions across functional
areas. Some of these were:
1. “Best Customer Experience Award of
the Year: Financial Sector” at 9th Loyalty
Summit on April, 2016
The award recognized organizations that lead the way
in customer experience and honour the highest level of
achievement in this area across the Indian community.
Their selection parameter focuses on best practices of
nancial sector based on engagement of customer, use
of technology, innovation and customer insights.
2. Customer Fest Show & Awards 2017
The Customer Loyalty Summit is one of the largest and
biggest platform to bring together leading B2C brands
across all related verticals to recognize best practices
for building cohesive, all-encompassing customer
loyalty strategies. Birla Sun Life Insurance participated
in two categories and has been accorded with a slew
of awards.
“Best Loyalty Program in Financial Sector – Non
Banking” at Customer Loyalty Awards
Our “DSF Loyalty Program – Achievers Club” has been
recognized for its comprehensive design of world-class
conventions to delight our top performers giving them
an exceptional experience. Our unique architecture
of building emotional connect by engaging with their
families during these conventions and providing with
non-monetary benets to their families has been
acknowledged in this platform to a great extent.
“Best Use of Innovation to Enhance Customer
Experience” at Customer Experience Awards
Our e-platform “MyInsurance” has been awarded for its
innovative approach in providing fully equipped digital
assistance to customers across the Policy Life cycle.
Our distinctive feature of empowering customers to
track their insurance policy application status and use
social log-in stands as a unique process across the
industry.
2. Best Insurance In- House Legal Team at
the 6th Annual Indian Legal Awards 2017
organized by Legal Era
BSLI Legal Team has been recognized for implementing
new initiatives, bringing process enhancements and
building collaborative relationships across Industry
forums. This award recognizes nesse, innovation and
accomplishments of our Legal team amongst the entire
legal fraternity. This program was being organized by
the Society of Indian Law Firms, Bar Association of
India, and Legal Era Magazine - India’s No. 1 Magazine
on Business & Legal World.
Extract of Annual Return
The details forming part of the extract of the Annual Return in
form MGT 9 is annexed to the Directors Report as Annexure
9.
Anti-Sexual Harassment Policy
The Company has in place Prevention Of Sexual Harassment
Policy which is in line with the requirements of the Sexual
Harassment of Women at Workplace (Prevention, Prohibition
& Redressal) Act, 2013. Internal Complaints Committee has
been set up to redress complaints received under this policy.
All employees (permanent, contractual, temporary, trainees)
are covered under this policy. During the year under review
there was no case reported under this policy.
Other Statutory Information
IRDAI License
The Insurance Regulatory and Development Authority of
India (IRDAI) vide its circular dated 7th April, 2015 bearing
reference number IRDAI/F&A/CIR/GLD/062/04/2015 has
pursuant to amendment in Insurance Laws (Amendment)
Act, 2015 to Section 3A of the Insurance Act, 1938,
Director’s Report
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
discontinued the requirement to apply for Renewal Certicate
of Registration (IRDAI/R6) on an annual basis. Accordingly,
we hereby conrm that on payment of the annual fees for the
FY 2017-18, the certicate of registration which was valid
for nancial year ended March 31, 2017, shall continue to
be valid for nancial year ended March 31, 2018 and the
same is in force as on the date of this report. The same shall
continue to be in force till the Insurer continues to pay such
annual fee as may be prescribed by the Regulations.
Management Report
Pursuant to the provisions of Regulation 3 of the Insurance
Regulatory and Development Authority (Preparation of
Financial Statements and Auditor’s Report of Insurance
Companies) Regulations, 2000, the Management Report
forms part of this Annual Report.
Appointed Actuary’s Certicate
The certicate of the Appointed Actuary is attached to the
Financial Statements.
Certicate from Compliance Ofcer (under the
IRDAI Corporate Governance Guidelines)
In compliance with “Guidelines on Corporate Governance for the
Insurance Sector” (CG Guidelines) issued by IRDAI, a Compliance
Certicate issued by the Company Secretary, designated as the
Compliance Ofcer under CG Guidelines, is annexed to and forms
part of the Corporate Governance Report.
Solvency Margin
The assets of the Company are higher than the liabilities of
the Company with a solvency margin at 2.00 times in FY 17.
This is above the minimum solvency margin level of 1.50
times, as specied in Section 64VA of the Insurance Act,
1938 read with the IRDAI (Assets, Liabilities, and Solvency
Margin of Insurers) Regulations, 2000.
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, Depositories, reinsurers,
underwriters and other insurance intermediaries 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 Auditors and the other statutory authorities
and look forward to their continued support in future.
By order of the Board of Directors
For Birla Sun Life Insurance Company Limited
Kumar Mangalam Birla
Mumbai, April 28, 2017 Chairman
(DIN No. 00012813)
Annual Report 2016-17
38
39
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
CORPORATE GOVERNANCE REPORT
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) and
ensuring adherence to the applicable laws.
Good Corporate Governance consists of a system of
structuring, operating and controlling a Company such as to
achieve the following:
a culture based on a foundation of sound business ethics
fullling the long-term strategic goal of the owners
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) is “about
working ethically and nding a balance between economic
and social goals including the ability to function protably
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.
Reporting Under Corporate Governance
Guidelines
BSLI is an unlisted Public Company and consequently the
provisions relating to Corporate Governance as mentioned in
Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015 (‘LODR
Regulations’) are not applicable. However, the Company
makes the following reporting / disclosures to the extent
applicable and as specied under Guidelines for Corporate
Governance for Insurers In India (“IRDAI CG Guidelines”)
issued by Insurance Regulatory and Development Authority
of India (“IRDAI”) on May 18, 2016.
I. Board of Directors (“Board”)
The Company’s Board comprises of adequate mix of
Independent and Non Independent Directors as well as
Non Executive and Executive Directors.
The Board sets 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.
Composition of Board:
The Board of Directors of the Company comprises of
eleven Directors as on March 31, 2016, ten being Non-
Executive Directors (of which three were Independent)
and a Managing Director & CEO. The current Chairman
of the Board, Mr. Kumar Mangalam Birla, is a Non-
Executive Director.
Composition of Board and details of
Directorships / Committee Membership
The composition of our Board, their Directorships,
Committee Memberships and Chairmanships
(excluding the Company) as on March 31, 2017 were
as under:
Annexure 1
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
S r .
No.
Name of Director Designation
/ Category
No. of other
Directorship(s)
in other Public
Companies*
No. of Committees**
As
Member
As Chairman/
Chairperson
1 Mr. Kumar Mangalam Birla Non-Executive Director (Chairman)
8 - -
2 Mr. Donald A. Stewart
1
Non-Executive Director
- - -
3 Mr. Ajay Srinivasan Non-Executive Director
10 9 -
4 Mr. Bishwanath Puranmalka Non-Executive Director
3 2 -
5 Mr. Kevin Strain Non-Executive Director
1 - -
6 Mr. Lalit Naik
2
Non-Executive Director
- - -
7 Mr. Pankaj Razdan Managing Director & CEO
2 - -
8 Mr. Sandeep Asthana Non-Executive Director
2 1 -
9 Ms. Tarjani Vakil Non-Executive Director (Independent)
9 4 5
10 Mr. Haigreve Khaitan Non-Executive Director (Independent)
8 4 2
11 Mr. Shobhan Thakore Non-Executive Director (Independent)
8 8 2
12 Mr. Colm Freyne
3
Non-Executive Director
3 - 1
13 Mrs. Pinky Mehta
4
Non-Executive Director
8 - -
1
Resigned w.e.f. October 24, 2016
2
Resigned w.e.f. December 01, 2016
3
Appointed w.e.f. October 25, 2016
4
Appointed w.e.f. December 16, 2016
* Excluding alternate directorships and directorships in foreign companies and companies under Section 8 of the Companies Act, 2013.
** Only Audit Committee and Stakeholders Relationship Committee of all public limited companies (whether listed or not) have been considered
for the purpose of the Committee positions (membership and chairmanship).
Brief Prole of Directors
Sr. No. Name of Director Qualication Field of Specialisation
1 Mr. Kumar Mangalam
Birla
Chartered Accountant and an MBA from the London Business School,
London
Industrialist
2 Mr. Donald A. Stewart
1
B. Sc. First Class Honours in Natural Philosophy, Qualied as a Fellow of
the Institute of Actuaries in 1972
Financial Management &
Strategic Planning
3 Mr. Ajay Srinivasan BA with Honours in Economics from St.Stephens College, University of
Delhi and MBA from the IIM, Ahmedabad
Banking & Financial
Services
4 Mr. Bishwanath
Puranmalka
Chartered Accountant, Company Secretary, Bachelor of Laws Banking, Financial Services
& Corporate Laws
5 Mr. Kevin Strain Chartered Accountant and Master of Accounting degree from University of
Waterloo in Canada
Banking & Financial
Services
6 Mr. Lalit Naik
2
B. Tech in Chemical Engineering from IIT Kanpur and MBA from IIM
Ahmedabad
Banking & Financial
Services
7 Mr. Pankaj Razdan B.Tech in Electronics Banking & Financial
Services
8 Mr. Sandeep Asthana Chemical Engineer from IIT Mumbai and MBA from IIM Lucknow Banking & Financial
Services
9 Ms. Tarjani Vakil M.A. Banking & Financial Service
10 Mr. Haigreve Khaitan Bachelor of Law from South Kolkata Law College Corporate Affairs, Law and
Insurance
12 Mr. Shobhan Thakore BA (Politics), Bachelor of Law from Bombay University Corporate Affairs, Law and
Insurance
13 Mr. Colm Freyne
3
B.Com (Honours) from University College Dubliin. Fellow of Canadian
Professional Accountant.
Banking & Financial
Services
14 Mrs. Pinky Mehta
4
Chartered Accountant Banking & Financial
Services
1
Resigned w.e.f. October 24, 2016
2
Resigned w.e.f. December 01, 2016
3
Appointed w.e.f. October 25, 2016
4
Appointed w.e.f. December 16, 2016
Corporate Governance Report
Annual Report 2016-17
40
41
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
Non-Executive Directors compensation and disclosures
No remuneration is paid to the Non-Executive Directors, except the payment of sitting fees to the Independent Directors, as
detailed hereunder.
The details of sitting fees paid to the Independent Directors during FY 17 are as under:
Name of Directors Total Sitting Fees Paid
(Amount in `)
Mr. Haigreve Khaitan 2,00,000
Ms. Tarjani Vakil 3,25,000
Mr. Shobhan Thakore 2,90,000
Grand Total 8,15,000
Board Meetings
The meetings of the Board of Directors are usually held at Mumbai; the Board meets at least once in every quarter to inter alia
review the Company’s quarterly performance and nancial results. As per the statutory requirements under the Companies
Act, 2013, the meetings are scheduled in such a manner that not more than one hundred and twenty days intervenes
between two consecutive meetings. The Company Secretary receives 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 focused discussions at the meetings. Company also complies with and follows the secretarial standards for
Board and Committee Meetings. As a part of information and agenda papers, following minimum information are provided
to the Directors for each meeting:
Quarterly Performance and Financial results;
Business review, plans and updates;
Regulatory updates and compliances
Minutes of the previous Board and Committee meetings;
Review the reports on Policy Protection Issue;
Investment Committee report on performance of Portfolio
Any material default, show cause, demand, and penalty notices forming part of compliance report;
Board Meetings and attendance of Directors
During FY 17, the Board of Directors met four times, as follows:
April 29, 2016 July 29, 2016 October 25, 2016 February 07, 2017
The attendance of the Directors at the above Board meetings was as under:
S r .
No.
Name of the Directors Number of Meetings Attendance in the last
AGM dated August 5, 2016
Held: 4 Held : 1
Attended Attended
1 Mr. Kumar Mangalam Birla 2 -
2 Mr. Ajay Srinivasan 3 1
3 Mr. Bishwanath Puranmalka 4 1
4 Mr. Donald A. Stewart
1
2 -
5 Mr. Haigreve Khaitan 3 1
6 Mr. Kevin Strain 3 -
7 Mr. Lalit Naik
2
1 -
8 Mr. Pankaj Razdan 4 -
9 Mr. Sandeep Asthana 3 1
10 Ms. Tarjani Vakil 3 -
12 Mr. Shobhan Thakore 3 -
13 Mr. Colm Freyne
3
1 -
14 Mrs. Pinky Mehta
4
1 -
1
Resigned w.e.f. October 24, 2016
2
Resigned w.e.f. December 01, 2016
3
Appointed w.e.f. October 25, 2016
4
Appointed w.e.f. December 16, 2016
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
Independent Directors Meeting
In accordance with the provisions of Schedule IV of the
Companies Act, 2013, a meeting of the Independent
Directors of your Company was held on March 23, 2017
without the presence of the Non-Independent Directors and
the members of the management.
Code of Conduct
The Company has designed and implemented a Code of
Conduct. The code is applicable to the executive ofcers
and all employees of the Company. The code is available
on our website, www.insurance.birlasunlife.com. All have
afrmed to the Code as on March 31, 2017.
II. Board Committees
The Company has constituted certain Board
Committees. Each of the Board Committee is
constituted vide a formal approval of the Board, and
each Committee has been endowed with a denite
scope of functions and responsibilities. Detailed
descriptions of the all the Committees of the Board are
as under.
1. Asset Liability Management Committee
The Board has constituted an Asset Liability
Management Committee (ALM Committee) in
compliance with the requirements of IRDAI CG
Guidelines. ALM Committee is constituted so as to
formulate, implement, monitor and revise strategies
related to assets and liabilities to achieve an
organization’s nancial objectives. The Committee
ensures that insurer shall invest in a manner which
would enable it to meet its cash ow needs and
capital requirements at a future date to mitigate
liquidity risk and solvency stipulations.
A. Terms of Reference:
The broad terms of reference of the Committee
includes the following:
formulating and implementing ALM strategies at
product and enterprise level
reviewing the Company’s overall risk appetite and
monitoring risk exposure at periodic interval
quantifying the level of risk exposure and laying down
the risk tolerance limits
to manage capital requirements using the regulatory
solvency requirements
regular review and monitoring of mismatch between
assets and liabilities and the acceptable tolerance limits
for mismatch
to investigate any activity within its terms of reference;
ensure that management and valuation of all assets and
liabilities comply with standards, prevailing legislation
and internal and external reporting requirements.
review key methodologies and assumptions including
actuarial assumptions;
B. Composition, Meetings and Attendance:
During FY 17, the Asset Liability Management
Committee was re-constituted on January 18, 2017.
The committee met four times as follows:
April 27, 2016; July 27, 2016; November 10, 2016; February 03, 2017.
The Composition of Asset Liability Management Committee and the attendance of Members at the meetings during FY 17
were as under:
S r .
No.
Name of the
Committee Members
Designation / Category No. of Meetings
Attended
1 Mr. Ajay Srinivasan Non-Executive Director 3
2 Mr. Amit Jain Chief Financial Ofcer 4
3 Mr. Anil Kumar Singh Chief Actuarial Ofcer & Appointed Actuary 3
4 Mr. Pankaj Razdan Managing Director and CEO 4
5 Mr. Sashi Krishnan
1
Chief Investment Ofcer 2
6 Mr. Sandeep Asthana Non-Executive Director 3
7 Mr. Devendra Singhvi
2
Chief Investment Ofcer - Debt 1
8 Mr. Deven Sangoi
3
Chief Investment Ofcer- Equity 1
9 Mr. Lalit Vermani
4
Chief Legal, Risk & Compliance Ofcer 1
10 Mr. Shailendra Kothavale
5
Chief Compliance & Risk Ofcer 1
1
Ceased w.e.f. November 15, 2016
2
Appointed w.e.f. December 16, 2016
3
Appointed w.e.f. December 16, 2016
4
Appointed w.e.f. July 29, 2016 & Ceased w.e.f. January 23, 2017
5
Appointed w.e.f. January 23, 2017
The Company Secretary acts as the Secretary to the Committee.
Corporate Governance Report
Annual Report 2016-17
42
43
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
2. Audit Committee
The Company has a qualied and independent Audit Committee and its composition is in line with the applicable
provisions of Section 177 of the Companies Act, 2013 read with IRDAI CG Guidelines.
A. Terms of References
The broad terms of reference of the Committee inter-alia include the following:
to review the Company’s nancial statements, nancial reporting, statement of cash ow and disclosure
processes, both on an annual and quarterly basis and to ensure that the nancial statements are correct,
sufcient and credible.
to recommend to the Board, the appointment, re-appointment and, if required, the replacement or removal
of the statutory auditor(s) / internal auditor(s) and concurrent auditor(s).
to review and approve related party transactions / related party policy
to review internal nancial control
to review the performance of statutory auditors, internal auditors and concurrent auditors
to ensure compliance with the internal control systems and its adequacy.
to review the adequacy of internal audit function, if any, including the structure of the internal audit department,
stafng and seniority of the ofcial heading the department, reporting structure coverage and frequency of
internal audit and review reports submitted by internal audit department.
to act as a compliance committee to discuss the level of compliance in the Company
to review the functioning of the Whistle Blower mechanism/Vigil Mechanism.
B. Composition, Meetings and Attendance:
During FY 17, the Audit Committee met four times as follows:
April 29, 2016; July 29, 2016; October 25, 2016; February 07, 2017
The Composition of the Audit Committee and the attendance of Members at the meetings during FY 17 were as under:
S r .
No.
Name of the
Committee Members
Designation / Category No. of Meetings
Attended
1 Mr. Ajay Srinivasan Non-Executive Director 3
2 Mr. Haigreve Khaitan Independent Director (Chairman) 2
3 Mr. Sandeep Asthana Non-Executive Director 4
4 Mr. Shobhan Thakore Independent Director 4
5 Ms. Tarjani Vakil Independent Director 3
The Company Secretary acts as the Secretary to the Committee.
All members of the Audit Committee are nancially literate and have the necessary accounting and related nancial
management expertise. The Audit Committee is chaired by an Independent Director.
The Chief Executive Ofcer, Chief Financial Ofcer, Appointed Actuary, Chief Legal Compliance and Risk Ofcer, Statutory
Auditors and the Internal Auditors attend each Audit Committee Meeting as invitees.
3. Investment Committee
The Investment Committee is set up in line with the provisions of the IRDAI (Investments) Regulations, 2016 and IRDAI
CG Guidelines.
A. Terms of Reference:
The broad terms of reference of the Committee inter-alia includes the following:
to formulate investment policy and establishing a framework for its investment operations with adequate
controls
to review Investment policy and operation framework for the investment operations of the Company
to put in place an effective reporting system to ensure compliance with Investment Policy and monitor
investment performance against the applicable benchmarks
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
to review asset mix of conventional portfolios, fund performance and rating exposures
management of all investment, market risks and assets liability mismatch,
to ask from the investment function any specic details / information about the functional activities
to direct the investment function to implement any specic strategy over & above the existing policy for
safeguarding the interest of the Policyholder and Shareholder.
B. Composition, Meetings and Attendance:
During FY 17, the Investment Committee was re-constituted on January 18, 2017. The committee met four times
as follows:
April 27, 2016; July 27, 2016; November 10, 2016; February 03, 2017.
The Composition of the Investment Committee and the attendance of members at the meetings during FY 17 were as under:
S r .
No.
Name of the
Committee Members
Designation / Category No. of Meetings
Attended
1 Mr. Ajay Srinivasan Non-Executive Director 3
2 Mr. Amit Jain Chief Financial Ofcer 4
3 Mr. Anil Kumar Singh Chief Actuarial Ofcer & Appointed Actuary 3
4 Mr. Lalit Vermani
1
Chief Legal, Risk & Compliance Ofcer 1
5 Mr. Pankaj Razdan Managing Director & CEO 4
6 Mr. Sashi Krishnan
2
Chief Investment Ofcer 2
7 Mr. Sandeep Asthana Non-Executive Director 3
8 Mr. Shailendra Kothavale
3
Chief Compliance & Risk Ofcer 1
9 Mr. Deven Sangoi
4
Chief Investment Ofcer - Equity 1
11 Mr. Devendra Singhvi
5
Chief Investment Ofcer- Debt 1
1
Appointed w.e.f July 29, 2016 & Ceased w.e.f. January 23, 2017
2
Ceased w.e.f. November 15, 2016
3
Appointed w.e.f January 23, 2017
4
Appointed w.e.f December 16, 2016
5
Appointed w.e.f December 16, 2016
The Company Secretary acts as the Secretary to the Committee.
4. Policyholders’ Protection Committee
In accordance with the provisions of IRDAI CG Guidelines, the Board has constituted the “Policyholders’ Protection
Committee” to address various compliance issues relating to protection of the interests of policyholders.
A. Terms of Reference
The broad terms of reference of the Committee inter-alia includes the following:
to put in place proper procedures and effective mechanism to address complaints and grievances of
policyholders including misselling by intermediaries.
to place framework for review of awards given by Insurance Ombudsman/Consumer Forums and report to
the board awards unimplemented for more than three (3) months.
review the measures and take steps to reduce customer complaints at periodic intervals.
to ensure compliance with the statutory requirements as laid down in the regulatory framework.
to ensure adequacy of disclosure of “material information” to the policyholders
to review Claim Report, status of Outstanding Claims with ageing, details on repudiated claims with analysis
of reason at periodic intervals.
to provide the details of grievances at periodic intervals to IRDAI
review unclaimed amounts to Policyholders
B. Composition, Meetings and Attendance:
During FY 17, the Policyholders’ Protection Committee was re-constituted as a board level committee on
July 29, 2016. The committee met four times as follows:
May 05, 2016 August 04, 2016; October 28, 2016; February 10, 2017
Corporate Governance Report
Annual Report 2016-17
44
45
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
The Composition of the Policyholders’ Protection Committee and the attendance of Members at the meetings during
FY 17 were as under:
S r .
No.
Name of the
Committee Members
Designation / Category No. of Meetings
Attended
1 Mr. N. N. Jambusaria Expert /Representative of Customers 4
2 Mr. Pankaj Razdan Managing Director & CEO 4
3 Mr. Ajay Srinivasan
#
Non Executive Director 3
4 Mr. Sandeep Asthana
#
Non Executive Director 2
5 Mr. Amit Jain* Chief Financial Ofcer 1
6 Mr. Amit Kumar Singh* Chief Actuarial Ofcer 1
7 Mr. Gayatri Nathan* Head - Customer Service and Claims 1
8 Mr. Lalit Vermani* Chief Legal, Risk & Compliance Ofcer 1
9 Mr. Vikas Seth* Chief Distribution Ofcer 1
10 Mr. Ashok Suvarna Chief Operations Ofcer -
11 Mr. Amber Gupta* Company Secretary 1
# Appointment as a member w.e.f. July 29, 2016
* Ceased w.e.f. July 29, 2016
The Company Secretary acts as the Secretary to the Committee.
5. Risk Management Committee
In line with the requirements under IRDAI CG Guidelines, the Board has constituted the Risk Management Committee to
oversee the risk management strategy and compliance activities of the Company. The Committee is responsible for putting
in place an oversight of the Company’s Risk Management Strategy.
A. Terms of References
The broad terms of reference of the Committee inter-alia includes the following:
to identify and review with the Management the major areas of risk facing the business activities of the
Company and strategies to manage risks.
to review 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.
to review annually and approve changes to policies or programs that provide for the monitoring of compliance
with legal and regulatory requirements including legislative compliance management systems.
to review status of compliance, compliance with codes of conduct
to review market conduct practices.
to review procedures for dealing with customer complaints, and monitors and reviews the effectiveness of
and compliance with procedures.
to review procedures for complying with anti-money laundering and suppression of terrorism laws and
regulations worldwide and monitor its effectiveness.
B. Composition, Meetings and Attendance:
During FY 17, the Risk Management Committee met four times, as follows:
April 26, 2016; July 26, 2016; November 07, 2016; February 09, 2017.
The Composition of the Risk Management Committee and the attendance of Members at the meetings during FY 17 were
as under:
S r .
No.
Name of the
Committee Members
Designation / Category No. of Meetings
Attended
1 Mr. Ajay Srinivasan Non-Executive Director 3
2 Mr. Haigreve Khaitan Independent Director -
3 Mr. Pankaj Razdan Managing Director & CEO 4
4 Mr. Sandeep Asthana Non-Executive Director 4
5 Ms. Tarjani Vakil Independent Director 3
The Company Secretary acts as the Secretary to the Committee.
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
6. With Prots Committee
The Board has constituted With Prots Committee in line with the Insurance Regulatory and Development Authority of
India (Non linked Insurance Products) Regulation, 2013.
A. Terms of Reference:
The broad terms of reference of the Committee inter-alia includes the following:
to ensure that assets share are maintained at policy level and only the portion of expenses representing this
business shall be allocated to and interest rate credits to these asset shares shall represents the underlying
assets of these funds;
to approve the detailed working of the asset share, the expenses allowed for the investment income earned
on the fund etc which are represented in the asset share.
B. Composition, Meetings and Attendance:
During FY 17, the With Prots Committee met once on March 23, 2017.
The Composition of the With Prots Committee and the attendance of Members at the meetings during FY 17 were as
under:
S r .
No.
Name of the
Committee Members
Designation / Category No. of Meetings
Attended
1 Mr. Anil Kumar Singh Chief Actuarial Ofcer & Appointed Actuary 1
2 Mr. Pankaj Razdan Managing Director & CEO 1
3 Ms. Tarjani Vakil Independent Director 1
4 Ms. Hema Malini Independent Actuary 1
The Company Secretary acts as the Secretary to the Committee.
7. Corporate Social Responsibility Committee
The Board has constituted Corporate Social Responsibility Committee (‘CSR Committee’) in line with the provisions
of Section 135 of the Companies Act, 2013 (‘Act’) read with the Companies (Corporate Social Responsibility Policy)
Rules, 2014.
A. Terms of Reference:
The broad terms of reference of the Committee inter-alia includes the following:
to formulate and recommend to the Board, a Corporate Social Responsibility Policy which shall indicate the
activities to be undertaken by the Company as specied in Schedule VII of the Act;
to recommend the amount of expenditure to be incurred on the activities referred to in Schedule VII of the
Act; and
to monitor the Corporate Social Responsibility Policy of the Company from time to time.
B. Composition, Meetings and Attendance:
During FY 17, the With Prots Committee met twice, as follows:
July 21, 2016; February 27, 2017;
The Composition of Corporate Social Responsibility Committee and attendance of Members at the meetings during FY 17
were as under:
S r .
No.
Name of the
Committee Members
Designation / Category No. of Meetings
Attended
1 Ms. Tarjani Vakil Independent Director (Chairperson) 1
2 Mr. Ajay Srinivasan Non-Executive Director 2
3 Mr. Sandeep Asthana Non-Executive Director 2
Corporate Governance Report
Annual Report 2016-17
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47
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
The Company Secretary acts as the Secretary to the Committee.
8. Nomination and Remuneration Committee (NRC)
The Board has constituted Nomination and Remuneration Committee (NRC) in line with the provisions of Section 178
of the Companies Act, 2013 read with rules made thereunder.
A. Terms of Reference
The broad terms of reference of the Committee inter-alia includes the following:
to identify persons who are qualied to become directors and who may be appointed in senior management
to recommend to the Board the appointment/removal of directors and senior management in accordance
with the criteria laid down by the Board
to carry out evaluation of every directors performance in accordance with the criteria laid down by the Board.
to formulate the criteria for determining qualications, positive attributes and independence of a director
to recommend to the Board a policy, relating to the remuneration for the directors, key managerial personnel,
senior management personnel and other employees
B. Composition, Meetings and Attendance:
During FY 17, the Nomination and Remuneration Committee members met twice on July 29, 2016 and October
25, 2016.
The Composition of Nomination and Remuneration Committee and attendance of Members at the meetings during FY 17
were as under:
S r .
No.
Name of the
Committee Members
Designation / Category No. of Meetings
Attended
1 Mr. Ajay Srinivasan Non-Executive Director 2
2 Mr. Kevin Strain Non-Executive Director 2
3 Ms. Tarjani Vakil Independent Director 1
4 Mr. Shobhan Thakore Independent Director 2
III. Subsidiary Company
The Company has one subsidiary namely Birla Sun Life Pension Management Limited which was incorporated on
January 9, 2015, to act as the Pension Fund Manager of the NPS Trust under the National Pension System to manage
the pension funds for private sector in accordance with the applicable provisions of the NPS, the schemes, the
guidelines issued by the Pension Fund Regulatory and Development Authority (‘PFRDA’).
The Pension Fund Regulatory and Development Authority (‘PFRDA’) vide letter no. PFRDA/6/PFM/63 dated February
21, 2017 has granted a Certicate of Commencement of Business to Birla Sun Life Pension Management Limited
(‘Pension Company’), a wholly owned subsidiary of the Company to act as pension fund under National Pension
System (NPS).
IV. Key Managerial Personnel (‘KMP’)
In Compliance with the requirement of the Companies Act, 2013 and IRDAI CG Guidelines, the Company has appointed
the following KMP’s:
Chief Executive Ofcer
Chief Financial Ofcer
Chief Investment Ofcer
Chief Risk & Compliance Ofcer
Chief Actuarial Ofcer
Head Human Resource & Training
Chief Distribution Ofcer
Chief Operating Ofcer
Chief Marketing Ofcer
Chief Technology Ofcer
Company Secretary
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
All the KMP’s has already provided their details in
form KMP-1 and the same has been submitted to
IRDAI.
V. Secretarial Audit
Pursuant to the provisions of Section 204 of the
Companies Act, 2013 read with rule 9 of The
Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, the Company
has appointed M/s. N. L. Bhatia & Associates, a rm
of Company Secretaries in Practice, to undertake
the Secretarial Audit of the Company for FY 17. The
Secretarial Audit Report as required to be provided in
the format prescribed in Form MR-3 forms part of the
Annual report.
VI. Disclosures required under IRDAI CG
Guidelines
Disclosures regarding the Board
Governance Structure
All the details and information regarding Board
Governance structure has been furnished as a
part Corporate Governance Report forming part
of the Annual Report.
.
Basis, methods and assumptions on which
the nancial information is prepared and
impact of changes, if any
The basis, methods and assumptions using which
the nancial statements have been prepared have
been detailed in nancial statements i.e. signicant
accounting policies and notes forming part of the
nancial statements.
Quantitative and qualitative information
on the Company‘s nancial and operating
ratios namely, incurred claim, Commission
and expenses ratios
Information, both quantitative and qualitative, on
the insurer’s nancial and operating ratios have
been submitted in the nancial section of the
Annual Report
Actual solvency margin details vis-à-vis the
required margin
The details of the solvency ratio are as below:
Particulars FY17 FY 16
Actual Solvency Ratio 200% 211%
Required Solvency
Ratio
150% 150%
Policy lapse ratio
Policy lapsation is measured through the
persistency ratio which is furnished as below:
Analytical Ratios for Life Companies
Persistency Ratio FY17 FY16
For 13th month 71.45% 64.69%
For 25th month 60.18% 56.52%
For 37th month 52.21% 49.61%
For 49th Month 47.30% 52.08%
For 61st month 47.05% 35.45%
Financial performance including growth rate
and current nancial position of the insurer
A detailed analysis of the nancial performance
of the Company including growth rate and
current nancial position has been furnished in
Management Discussion and Analysis section of
the Annual Report
Description of the risk management
architecture
The risk management architecture of the
Company has been detailed under the Enterprise
Risk Management section of the Annual Report.
Details of number of claims intimated,
disposed of and pending with details of
duration
The claims settlement experience for the Company
for FY 17 has been as follows:
Particulars No. of
Policies
(as at March
31, 2017)
No. of Claims Outstanding at the
beginning of the year
266
No. of Claims Intimated /reported
during the year
5782
No. of Claims Settled during the year 5727
No. of Claims Repudiated during the
year
239
No. of Claims Rejected during the
year
1
No. of Claims Unclaimed during the
year
33
No. of Claims Outstanding at the end
of year
48
Details of duration of outstanding
claims
No. of
Policies
(as at March
31, 2017)
Less than 3 months 40
3 months and less than 6 months 7
6 months and less than 1 year 1
1 year and above 0
Corporate Governance Report
Annual Report 2016-17
48
49
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
Particulars No. of
Policies
(as at March
31, 2017)
Total 48
All pecuniary relationships or transactions of
non-Executive Directors
The Company’s non-executive and independent
Directors do not have any pecuniary relationships
or transactions with the Company, its Directors or
its senior management except to the extent and
manner as disclosed in the Annual Report if any.
Elements of remuneration package
of individual directors and KMP’s is
summarised under major groups such as
salary, benets, bonuses, etc.
The Company pays only sitting fees to Independent
Directors. The details of sitting fees paid to the
Independent Directors have been provided
earlier in this Report. No other remuneration
/ commission is paid to the Non-Executive
Directors. The remuneration paid to the Managing
Director & CEO is in accordance with the terms
and conditions approved by IRDAI under section
34A of the Insurance Act, 1938. The elements of
remuneration paid to Key Management Persons
i.e. Managing Director & CEO, Chief Financial
Ofcer and Company Secretary is disclosed in
MGT-9 to the Directors Report. The remuneration
details of other Key Management Personnel is also
disclosed as part of the statement of particular of
employees furnished in terms of the Companies
(Appointment and remuneration of Managerial
personnel) rules 2014 forming part of the Annual
Report.
Only one Director, Ms. Pinky Mehta holds one
equity share of ` 10/- as a nominee of Aditya Birla
Financial Services 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.
Payment made to group entities from the
policyholders fund
The Payment made to group entities from the
policyholders fund have been submitted in the
nancial section of the Annual Report.
Related Party Transactions
All the related party transactions were in ordinary
course of business and on arm’s length basis
undertaken in accordance with the approved
Related Party Transactions Policy. The details of
contracts or arrangements or transactions with
related party not at arm’s length basis are being
reported in Part 1 of form AOC-2 in the Directors
Report. The related party transactions of the
Company are quarterly placed and reviewed
by the Audit Committee and necessary brieng
is also given to the Board. Details of all related
party transactions entered into by the Company
are disclosed in the Notes to the Accounts in the
nancial statements.
Disclosure requirements of the Participating
and Unit Linked policyholders’
Disclosure requirements of the Participating and
Unit Linked policyholders’ have been furnished
as a part of the nancial statements.
Any other matters which have material
impact on the nancial position
There are no matters which have material impact
on the nancial position except those disclosed
in the nancial statements
VII. Whistle Blower Policy
The Company has accordingly adopted a Whistle
Blower Policy to report inter alia issues of unethical
behaviors, malpractices, wrongful conduct, fraud and
violation of the group/company’s policies & values
without any fear of retaliation. Under the policy, a
dedicated centralized toll free number and e-mail id has
been created for reporting of cases. All reported cases
are duly investigated by the Whistle Blower Committee.
Update on the cases reported under Whistle Blower
Policy and action taken is also placed in the Audit
Committee of the Board on a quarterly basis.
VIII. Compliance Certication
This is an Internal Legal and Compliance Management
Portal which is a repository for all regulatory
notications, legal & compliance query deskwhich has
been designed for better governance of Compliance.
This is accessible to all employees and anyone can
raise any legal, regulatory & risk query.
Pursuant to applicable laws, the relevant Compliance
Checklists, the necessary certicate/s is /are installed
in the System which is called as Legal & Compliance
Management Portal (“LCMP”). This is system
automated tool subject to timely regulatory updation
made by the concerned functions.
The quarterly compliance certicate is taken from
relevant function heads based on which the joint
certication is submitted by Chief Legal, Compliance
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
and Risk Ofcer, Chief Financial Ofcer, Chief Actuarial Ofcer and Managing Director and CEO and consolidated
Compliance Certicate is placed before Board and Audit Committee.
IX. Management
A detailed Management Discussion and Analysis Report form part of the Annual Report.
Shareholders & General Information:
i) General Body Meetings
Details of Annual General Meetings:
Location and time, where Annual General Meetings (AGMs) and Extra Ordinary General Meetings (EOGMs) in the
last three years were held:
Financial Year AGM / EGM Date & Time
Venue
2014 – 2015 EGM August 28, 2014 at
11.00 a.m.
One Indiabulls Centre, Tower-1, 16th oor, Jupiter Mill Compound, 841, S.B.
Marg, Elphinstone Road, Mumbai - 400 013
2014 – 2015 EGM February 23, 2015 at
11.00 a.m.
A - 4, Aditya Birla Centre, S.K.Ahire Marg, Worli, Mumbai – 400 030
2015 - 2016 AGM June 16, 2015 at
11.00 a.m.
Board Room, 16th Floor, One Indiabulls Centre, Tower 1, Jupiter Mill Com-
pound, 841, S. B. Marg, Elphinstone Road, Mumbai – 400 013.
2016-2017 EGM May 13, 2016 at 11.00
a.m.
A - 4, Aditya Birla Centre, S.K. Ahire Marg, Worli, Mumbai – 400 030
2016-2017 AGM August 05, 2016 at
11.00 a.m.
A - 4, Aditya Birla Centre, S.K. Ahire Marg, Worli, Mumbai – 400 030
2016-2017 EGM March 23, 2017 at
2.30 p.m.
A - 4, Aditya Birla Centre, S.K. Ahire Marg, Worli, Mumbai – 400 030
ii) Shareholder Information
Date, Time and Venue of the 16th Annual General
Meeting
June 15, 2017 at 11.00 a.m.
A - 4, Aditya Birla Centre, S.K. Ahire Marg, Worli, Mumbai – 400 030
Financial Year 2016 – 17
Registrar and Transfer Agents MCS Share Transfer Agent Limited. The shares are admitted in both NSDL &
CDSL
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 Identication Number (CIN) U99999MH2000PLC128110
Permanent Account Number (PAN) AABCB4623J
Registered ofce / address for correspondence One Indiabulls Centre, Tower 1, 16th Floor, Jupiter Mill Compound, 841, S. B.
Marg, Elphinstone Road, Mumbai – 400 013
iii) Means of Communication
As per the IRDAI guidelines on public disclosures, the insurance companies are required to disclose their nancials
(Balance Sheet, Prot & Loss Account, Revenue Account and Key Analytical Ratios) by news paper publication
and host the same on their websites within stipulated timelines.
Corporate Governance Report
Annual Report 2016-17
50
51
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
Certication for compliance of the Corporate Governance Guidelines
I, Amber Gupta, Company Secretary and Head-Legal hereby certify that to the best of my knowledge and information
available with me, the Company has complied with the corporate governance guidelines for Insurance Companies as
amended from time to time and nothing has been concealed or suppressed.
For Birla Sun Life Insurance Company Limited
Amber Gupta
Company Secretary
Mumbai, April 28, 2017
Accordingly, the disclosures are hosted on BSLI’s website (www.insurance.birlasunlife.com) and adequate steps
have been taken to ensure publication of requisite disclosure in news papers.
iv) Details of Directors seeking Re-appointment/Appointment at the 17th Annual General Meeting
Name of Directors Re–Appointment Appointment
Mr. Ajay Srinivasan Mr. B.N Puranmalka Mr. Colm Freyne Ms. Pinky Mehta
Date of Birth
02.11.1963 02.11.1935 16.12.1958 21.04.1967
Date of Appointment/Re-
appointment
June 16, 2015 June 16, 2015 October 25, 2016 December 16, 2016
Qualication BA with Honours
in Economics from
St.Stephens College,
University of Delhi
and MBA from the
IIM, Ahmedabad
Chartered
Accountant,
Company Secretary,
Bachelor of Laws
B.Com (Honours)
From University
College Dubliin.
Fellow of Canadian
Professional
Accountant.
Chartered
Accountant
Expertise in specic functional
Area
Banking & Financial
Services
Banking, Financial
Services & Corporate
Laws
Banking & Financial
Services
Banking & Financial
Services
List of Public Ltd. Companies
(in India) in which outside
Directorships held
10 3 3 8
Membership/Chairman-ships
of Committees of other Public
Companies (includes only Audit
Committee and Stakeholders
Relationship Committee)
9 2 1 -
Reporting under IRDAI Corporate Governance Guidelines (IRDAI CG Guidelines)
A detailed report on status of Compliance with the “Corporate Governance” Guidelines “ (IRDAI CG guidelines)
is led on an annual basis in Compliance with IRDAI CG Guidelines.
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
Annexure 2
Form AOC-1
Pursuant to rst proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
Statement containing salient features of the nancial statement of
subsidiaries/associate companies/joint ventures
Part “A”: Subsidiaries
(Information in respect of each subsidiary to be presented with amounts in `)
S r .
No.
Particulars Details
1 Name of the subsidiary Birla Sun life Pension Management Limited
2 Reporting period for the subsidiary concerned, if different from the
holding Company’s reporting period
April 1, 2016 – March 31, 2017
3 Reporting currency and Exchange rate as on the last date of the relevant
Financial year in the case of foreignsubsidiaries
4 Share capital 270,000,000
5 Reserves & surplus 669,861
6 Total assets 283,538,457
7 Total Liabilities 12,868,596
8 Investments 32,338,197
9 Turnover -
10 Prot before taxation 10,887,543
11 Provision for taxation 8,794,592
12 Prot after taxation 2,092,951
13 Proposed Dividend -
14 100% of shareholding
Notes: The following information shall be furnished at the end of the statement:
1. Names of subsidiaries which are yet to commence operations
2. Names of subsidiaries which have been liquidated or sold during the year
Part “B”: Associates and Joint Ventures
Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures-
1. Names of associates or joint ventures which are yet to commence operations. Not Applicable
2. Names of associates or joint ventures which have been liquidated or sold during the year. Not Applicable
Ajay Srninvasan Pinky Metha B.N Puranmalka
Chairman Director Director
(DIN - 00121181) (DIN – 00020429) (DIN – 00007432)
Pankaj Razdan Amit Jain
Managing Director and CEO Chief Financial Ofcer
(DIN – 00061240)
Anil Kumar Singh Amber Gupta
Chief Actuarial Ofcer & Appointed Actuary Company Secretary
Mumbai, April 28, 2017
Corporate Governance Report | Form AOC-1
Annual Report 2016-17
52
53
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
Annexure 3
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS
AND OUTGO
Particulars pursuant to Rule 8(3) of The Companies (Accounts) Rules, 2014 are furnished
hereunder:
A CONSERVATION OF ENERGY Intelligent Power Management (IPM)
IPM+ is an ‘Application Sensor based’, User interaction based, Fine grain Controlled,
Power Management Solution that saves 30-50% of PC power consumption. Resources are
provided to applications based on their need (Ref: US Patent 8201007) at any point of time.
With built-in Soft Energy Meter, IPM+ can measure both power consumption and savings.
The following are the high level salient features/benets of IPM+.
IPM+ helps Enterprises save energy on the end point devices
IPM+ facilitates powerful Energy Analytics of IT infrastructure and management on
multi-location, multi-vendor devices.
Real- time power consumption monitoring of IT Infrastructure
Enables “Enterprise-wise” Power Management Schemes
IPM+ is able to save energy non-intrusively – without any impact on the performance
or the end user experience.
IPM+ is supported on x86 and ARM devices (32 and 64 bit) for Windows and Linux
variants. New devices support is being added continuously.
IPM+ is designed to scale to handle 300,000+ nodes and work in a distributed
environment.
IPM+ is optimized to use limited system resources like CPU, Disk, Memory and
Network bandwidth.
Through the above initiative, we are expecting savings in cost are estimated to the tune of
` 4.6 lakhs per year (direct saving in terms of electricity bills) and ` 5 lakhs per year (approx.)
towards indirect savings (cooling apparatus for hardware).
(i) the steps taken or impact on
conservation of energy;
To understand how IPM+ saves energy, let us examine following use-cases of common
usage:
1. Watching Video – Assume that we’re watching a video in full screen mode on a laptop/
desktop. Most computers today have a CPU and a GPU (Graphics Processor Unit).
Playing video requires a lot of GPU power but very little CPU power. Hence, IPM+, through
its built-in intelligence, minimizes the CPU power consumption, without any impact on the
GPU and display. This results in about 20% power saving without compromising great
user experience.
2. Media Presentation – Assume that we’re showing a PowerPoint presentation on laptop.
We cannot put the laptop on a power saving mode due to the risk of the screen going
blank or the machine going to sleep mode. IPM+ intelligently recognizes this situation. It
keeps the monitor on, while lowering the power consumption of CPU and hard disk. This
results in around 50% power saving.
3. Software Downloads – Assume that we’re downloading software. If power saving mode
is activated, then there is risk of the machine going in sleep mode thereby terminating the
download. If power saving mode is not enabled, then the machine will remain switched
on until further intervention, leading to wastage of power. IPM+ intelligently recognizes the
need to keep the machine on for the software download, shuts off the monitor and puts
the CPU in low-power consumption mode. Once the download is complete, it also silently
puts the machine to hibernation. This results into about 50% power saving.
(ii)
the steps taken by the Company
for utilising alternate sources of
energy;
Step 1. A hardware meter was connected on one PC at Gcorp and IPM software deployed
on the same PC. It was ensured that both meters show the same reading and base
lining of actual hardware meter reading with software meter.
Step 2. Default power consumption of each PC was measured using the IPM tool.
The average consumption per PC per Hour was 0.039 kWh
Step 3. IPM power saving policies were deployed on various PC from different departments.
The average consumption per PC per Hour was 0.019 kWh
Thus the power saving observed was 51%
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
(iii) the capital investment on energy conservation
equipments;
License cost: Approx. ` 140 per license per annum for desktop/ laptop.
We purchased around 4000 licenses.
Below exhibit shows the extent of money saved after implementation of IPM+ tool:
It is evident that over the period of April 2016 to March 2017, the cost saved was to the
tune of ` 11,20,426.
Below exhibit shows benets of using IPM+ over 3 months period:
B. TECHNOLOGY ABOSORPTION, RESEARCH
& DEVELOPMENT (R&D)
N.A.
(i) Specic areas in which R & D is carried out by the
Company
(ii) Benets derived as a result of the above R & D
(iii) Future Plan of action
(iv) Expenditure on R & D
MONEY SAVED
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
59900
73859
53064
68859
114000
127000
125000
114000
119000
115000
97644.05
113000
134000
(`)
7.46
Metric Ton
6.29
Metric Ton
7.91
Metric Ton
16.9
MWH
14.57
MWH
22.831
MWH
5.88
MWH
5.3
MWH
11.224
MWH
11.02
MWH
9.27
MWH
11.607
MWH
1047.35
m3
881.01
m3
1102.56
m3
1.15
Lakhs(`)
97644.15
(`)
1.13
Lakhs(`)
Total energy consumption
without IPM + (Baseline)
Energy consumption
(IPM + Power Schemes)
Energy Saved
CO2 Emission saved
Water saved
Money saved
DEC 2016 JAN 2017 FEB 2017
Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo
Annual Report 2016-17
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55
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
a) Capital
b) Recurring
c) Total
d) Total R &D expenditure as a percentage of total
turnover
C. Technology absorption, adaption and
innovation
N.A.
(i) Efforts, in brief, towards technology absorption,
adaption and innovation
(ii) Benets derived as a result of the above efforts
(eg. Product improvement, cost reduction, product
development, import substitution, etc.)
D.
Particulars of imported technology in the last ve
years (reckoned from beginning of the nancial
year)
N.A.
(i) Technology imported
(ii) Year of import
(iii) Has technology been fully absorbed
(iv) If not fully absorbed, areas where this has not taken
place, reasons, therefor and future plans of action
E. FOREIGN EXCHANGE EARNINGS AND
OUTGO
(i) Earning Nil
(ii) Outgo 11,99,05,811
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
Annexure 4
EXECUTIVE REMUNERATION PHILOSOPHY/POLICY
At the Aditya Birla Group, we expect our executive team to
foster a culture of growth and entrepreneurial risk-taking.
Our Executive Remuneration Philosophy/Policy supports
the design of programs that align executive rewards –
including incentive programs, retirement benet programs,
promotion and advancement opportunities – with the long-
term success of our stakeholders.
Our business and organizational model
Our Group is a conglomerate and organized in a manner
such that there is sharing of resources and infrastructure.
This results in uniformity of business processes and systems
thereby promoting synergies and exemplary customer
experiences.
I. Objectives of the Executive Remuneration
Program
Our executive remuneration program is designed to
attract, retain, and reward talented executives who will
contribute to our long-term success and thereby build
value for our shareholders.
Our executive remuneration program is intended to:
1. Provide for monetary and non-monetary
remuneration elements to our executives on a
holistic basis
2. Emphasize “Pay for Performance” by aligning
incentives with business strategies to reward
executives who achieve or exceed Group,
business and individual goals.
II. Covered Executives
Our Executive Remuneration Philosophy/Policy applies
to the following:
1. Directors of the Company:
2. Key Managerial Personnel: Chief Executive Ofcer
and equivalent (eg: Deputy Managing Director),
Chief Financial Ofcer and Company Secretary.
3. Senior Management:
Policy for appointment and remuneration
Appointment Criteria and Qualications
The Nomination and Remuneration Committee (the
“Committee”) shall appoint Directors and individuals in
Senior Management according to the process which
enable the identication of individual who are qualied
to become Directors and who may be appointed in
senior management.
The Committee while making appointments to the
Board assess the approximate mix of diversity,
skills, experience and expertise. The Committee
shall consider the benets of diversity in identifying
and recommending persons to Board membership
and shall ensure no member is discriminated on the
grounds of religion, race, Origin, sexual orientation or
any other physical or personal attribute.
III. Business and Talent Competitors
We benchmark our executive pay practices and
levels against peer companies in similar industries,
geographies and of similar size. In addition, we look at
secondary reference (internal and external) benchmarks
in order to ensure that pay policies and levels across
the Group are broadly equitable and support the
Group’s global mobility objectives for executive talent.
Secondary reference points bring to the table, the
executive pay practices and pay levels in other markets
and industries, to appreciate the differences in levels
and medium of pay and build in as appropriate for
decision making.
IV. Executive Pay Positioning
We aim to provide competitive remuneration
opportunities to our executives by positioning target
total remuneration (including perks and benets,
annual incentive pay-outs, long term incentive pay-
outs at target performance) and target total cash
compensation (including annual incentive pay-outs) at
target performance directionally between median and
top quartile of the primary talent market. We recognize
the size and scope of the role and the market standing,
skills and experience of incumbents while positioning
our executives.
We use secondary market data only as a reference point
for determining the types and amount of remuneration
while principally believing that target total remuneration
packages should reect the typical cost of comparable
executive talent available in the sector.
V. Executive Pay-Mix
Our executive pay-mix aims to strike the appropriate
balance between key components: (i) Fixed Cash
compensation (Basic Salary + Allowances) (ii) Annual
Incentive Plan (iii) Long-Term Incentives (iv) Perks and
Benets
Annexure 4
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo | Executive Remuneration Philosophy/Policy
Annual Report 2016-17
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BIRLA SUN LIFE INSURANCE COMPANY LIMITED
Annual Incentive Plan:
We tie annual incentive plan pay-outs of our executives
to relevant nancial and operational metrics achievement
and their individual performance. We annually align the
nancial and operational metrics with priorities/ focus
areas for the business.
Long-Term Incentive:
Our Long-term incentive plans incentivize stretch
performance, link executive remuneration to sustained
long term growth and act as a retention and reward tool.
We use stock optionsas the primary long-term incentive
vehicles for our executives as we believe that they best
align executive incentives with stockholder interests.
We grant restricted stock units as a secondary long term
incentive vehicles, to motivate and retain our executives.
VI. Performance Goal Setting
We aim to ensure that for both annual incentive plans
and long term incentive plans, the target performance
goals shall be achievable and realistic.
Threshold performance (the point at which incentive
plans are paid out at their minimum, but non-zero, level)
shall reect a base-line level of performance, reecting
an estimated 90% probability of achievement.
Target performance is the expected level of performance
at the beginning of the performance cycle, taking
into account all known relevant facts likely to impact
measured performance.
Maximum performance (the point at which the
maximum plan payout is made) shall be based on an
exceptional level of achievement, reecting no more
than an estimated 10% probability of achievement.
VII. Executive Benets and Perquisites
Our executives are eligible to participate in our broad-
based retirement, health and welfare, and other
employee benet plans. In addition to these broad-
based plans, they are eligible for perquisites and
benets plans commensurate with their roles. These
benets are designed to encourage long-term careers
with the Group.
Other Remuneration Elements
Each of our executives is subject to an employment
agreement. Each such agreement generally provides for
a total remuneration package for our executives including
continuity of service across the Group Companies.
We limit other remuneration elements, for e.g. Change
in Control (CIC) agreements, severance agreements, to
instances of compelling business need or competitive
rationale and generally do not provide for any tax gross-
ups for our executives.
Risk and Compliance
We aim to ensure that the Group's remuneration
programs do not encourage excessive risk taking. We
review our remuneration programs for factors such
as,remuneration mix overly weighted towards annual
incentives, uncapped pay-outs, unreasonable goals or
thresholds, steep pay-out cliffs at certain performance
levels that may encourage short-term decisions to
meet pay-out thresholds.
Claw back Clause:
In an incident of restatement of nancial statements,
due to fraud or non-compliance with any requirement of
the Companies Act 2013 and the rules made thereafter,
we shall recover from our executives, the remuneration
received in excess, of what would be payable to him /
her as per restatement of nancial statements,pertaining
to the relevant performance year.
Implementation
The Group and Business Centre of Expertise teams will
assist the Nomination & Remuneration Committee in
adopting, interpreting and implementing the Executive
Remuneration Philosophy/Policy. These services will
be established through “arm’s length”, agreements
entered into as needs arise in the normal course of
business.
Appendix I: Managing Director/Whole Time Director/
Chief Executive Ofce Remuneration
1.0 Objective :
To ensure effective governance of Compensation
and alignment of compensation with performance
and prudent risk taking
2.0 Coverage & Applicability
This Policy is applicable to Managing Director/
Whole Time Director and Chief Executive Ofce.
3.0 Remuneration Guidelines
Remuneration shall be reasonable, taking into
account relevant factors including the industry
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
practice, competency, competition and grade.
It will be a mix of Fixed Salary, Valued and Non
Valued Perquisites / Benets, Retirals, Annual
Bonus, Long Term Deferred Cash Plans and
ESOP’s with risk alignment.
Remuneration shall be adjusted for all types of risk
such as credit, market and liquidity risks, Further,
Remuneration payouts are sensitive to the time
horizon of the risk and Remuneration outcomes
shall be symmetric with risk outcomes.
.
The Annual Bonus and Long Term Deferred cash
plans would be linked to comprehensive business
performance, both quantitative and qualitative,
over a short term and long terms period. Benets
are dened as Total Cost to Company i.e. Salary,
Retirals and other Benets and will include
imputed value of benets like Housing and Car.
The vesting condition of long term deferred bonus
will be subject to business performance and have
an element of claw back in case of unfavourable
business performance.
The MD/CEO/WTD remuneration is designed/
modied basis the achievement of the goal sheet
parameters. The goal sheet parameters have
both qualitative and quantitative elements of
risk adjustments. The goal sheet achievement
against each parameter is reviewed by the highest
authority on a yearly basis.
Remuneration practise would be governed by
IRDAI and related guidelines as applicable from
time to time.
Executive Remuneration Philosophy/Policy
Annual Report 2016-17
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BIRLA SUN LIFE INSURANCE COMPANY LIMITED
Annexure 5
To,
The Members,
Birla Sun Life Insurance Company Limited
Our Report of even date is to be read along with this letter
(1) Maintenance of Secretarial record is the responsibility of the management of the Company. Our responsibility is to
express an opinion on these secretarial records based on our audit.
(2) We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about
the correctness of the contents of the secretarial records. The verication was done on test basis to ensure
that correct facts are reected in secretarial records. We believe that the processes and practices , we followed
provide a reasonable basis for our opinion.
(3) We have not veried the correctness and appropriateness of nancial records and Books of Accounts of the Company.
(4) Where ever required we have obtained the Management representation about the compliance of Laws, Rules and
Regulations and happening of events etc.
(5) The compliance of the provisions of Corporate and Other Applicable Laws, Rules , Regulations , Standard
is the responsibility of Management. Our examination was limited to the verication of procedures on test basis.
(6) The Secretarial Audit report is neither an assurance as to the future viability of the Company nor the efcacy
or effectiveness with which the Management has conducted the affairs of the Company.
For N L BHATIA & ASSOCIATES
(UID NO: P1996MH055800)
N L BHATIA
Managing Partner
Membership No. 1176
CP No. 422
Mumbai, April 26, 2017
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
FORM NO. MR-3
SECRETARIAL AUDIT REPORT
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule
No. 9 of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014]
For the Financial Year ended March 31, 2017
To,
The Members,
Birla Sun Life Insurance Company Limited,
We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good
corporate practices by Birla Sun Life Insurance Company Limited (hereinafter called the Company). Secretarial Audit was
conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances
and expressing our opinion thereon.
Based on our verication of the Company’s books, papers, minute books, forms and returns led and other records maintained
by the Company and also the information provided by the Company, its ofcers, agents and authorized representatives
during the conduct of Secretarial Audit, We hereby report that in our opinion, the Company has, during the Financial Year
ended March 31, 2017 complied with the statutory provisions listed hereunder and also that the Company has proper Board-
processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:
We have examined the books, papers, minute books, forms and returns led and other records maintained by the Company
for the Financial Year ended from March 31, 2017 according to the provisions of:
(i) The Companies Act, 2013 (“the Act”) and the Rules made thereunder;
(ii) Foreign Exchange Management Act, 1999 (“FEMA”) Foreign Exchange Management (Insurance) Regulations, 2000
and other Regulations issued by RBI, to the extent applicable;
(iii) Insurance Act, 1938 (amended till date) and Insurance Rules, 1939;
(iv) Insurance Regulatory and Development Authority Act, 1999 and Rules & Regulation, Circular etc issued by the IRDAI
thereunder;
(v) The Depositories Act, 1996 and the Regulation and Bye-Laws framed thereunder;
(vi) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992
(‘SEBI Act’) are not applicable to the Company:-
a. The Securities Contracts (Regulation) Act, 1956 (“SCRA”) and the Rules made thereunder;
b. The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 except to the extent
applicable as per IRDAI (Investment) Regulations, 2000 (amended till date);
c. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009;
d. The Securities and Exchange Board of India (Share Based Employee Benets) Regulations , 2013;
e. The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;
f. The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993
regarding the Companies Act and dealing with client;
g. The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; and
h. The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998;
Other Laws applicable to the Company;
1. Anti Money Laundering Regulation issued by IRDAI /RBI and various circulars and guidelines thereunder
Secretarial Audit Report
Annual Report 2016-17
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61
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
2. Tax Laws :
Profession Tax Act;
Value Added Tax (VAT) Act;
Service Tax Act;
Works Contract Tax Act;
Income Tax Act, 1961;
Finance Act, 1994;
3. Employee Laws
Payment of Gratuity Act, 1972 and Payment of Gratuity (Central) Rules, 1972;
The Payment Of Bonus Act, 1965 and Payment Of Bonus Rules, 1975;
The Payment Of Wages Act, 1936;
The Minimum Wages Act 1948;
The Employees’ Provident Fund and Miscellaneous Provisions Act, 1952, and Scheme framed thereunder;
The Employees’ State Insurance Act 1948;
The Maternity Benet Act, 1961;
The Contract Labour (Abolition and Regulation) Act, 1970 & Rules;
Equal Remuneration Act, 1976;
Workmen’s Compensation Act, 1923;
Employment Standing Orders Act, 1946;
Child Labour (Prohibition and Regulation) Act, 1986;
The Employment Exchange (Compulsory Notication of vacancies) Act, 1959;
The Apprentices Act, 1961 and Apprenticeship Rules, 1991 under the above Rules;
Labour Welfare Fund Act
4. Indian Stamp Act, 1899 and the State Stamp Acts;
5. Copyright Act, 1957;
6. The Labour Welfare Fund, Act, 1953;
7. Trademarks Act, 1999,
8. Indian Contract Act, 1982;
9. Negotiable Instruments Act, 1881;WW
10. Information Technology Act, 2000;
11. Whistle Blowers Protection Act, 2011;
12. Registration Act, 1908;
13. Limitation Act, 1963;
14. The States Shops and Establishment Act;
15. Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
We hereby have also examined compliance with the applicable clauses of the following:
(i) Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI);
(ii) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirement) Regulations, 2015; not
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
applicable to the Company.
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines,
Standards, etc. mentioned above.
We further report that; The Board of Directors of the Company is duly constituted with proper balance of Executive
Directors, Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors
that took place during the period under review were carried out in compliance with the provisions of the Act.
Adequate notice is given to all directors to schedule the Board Meetings and Board Committee Meetings. Agenda and
detailed notes on agenda were sent at least seven days in advance, and a system exists for seeking and obtaining further
information and clarications on the agenda items before the meeting and for meaningful participation at the meeting.
Majority decision is carried through while the dissenting members’ views are captured and recorded as part of the minutes.
All the decisions have been taken unanimously in Board Meetings and with requisite majority in General Meeting.
We further report that; there are adequate systems and processes in the Company commensurate with the size and
operations of the Company to monitor and ensure compliance with applicable Laws, Rules, Regulations and Guidelines.
We further report that; during the audit period no specic events/actions took place that have a major bearing on the
Company’s affairs in pursuance of the above referred Laws, Rules, Regulations, Guidelines, Standards etc.
We further report that; members at the Extra Ordinary General meeting of the Company held on March 23, 2017 authorised
the Board of Directors to enter into Related party Transaction with Sun Life Financial (India) Insurance Investment Inc for
Technology Subvention.
For N L BHATIA & ASSOCIATES
(UID NO: P1996MH055800)
N L BHATIA
Managing Partner
Membership No. 1176
CP No. 422
Mumbai, April 26, 2017
Secretarial Audit Report
Annual Report 2016-17
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BIRLA SUN LIFE INSURANCE COMPANY LIMITED
Annexure 6
RISK MANAGEMENT FRAMEWORK
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 and insurance risks. The key business risks identied
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.
BSLI recognizes that information is a critical business asset, and that our ability to operate effectively and succeed
in a competitive market depends on our ability to ensure that business information is protected adequately through
appropriate controls and proactive measures. Accordingly, BSLI has an information security framework that ensures
all the information assets are safeguarded by establishing comprehensive management processes throughout the
organization.
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 dened
timeframe at dened levels. BSLI was the 1st Insurance Company in India to be certied against the BS25999 standard
and successfully got transitioned to ISO 22301 (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 benets 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 Response and
Risk Management
Strategy
Enterprise Risk
Management
Framework
in BSLI
Risk
Assessment
Risk
Identication
Risk Monitoring,
communication
and reporting
1
2
3 4
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
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, Dealing Room Policy, Broker Empanelment Policy Valuation Policy, Information
Security Policies, Internet & email Usage Policy, Logical Access Security Policy, External Access Security Policy, Physical
Access Security Policy, Business Continuity Policy, Operational Risk Management Policy, Fraud Reporting and Investigating
Policy, Asset Liability Management policy, Outsourcing policy and Anti Money Laundering 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 uctuations in their market value. The
Company is also subject to expense risk, since until new business volumes grow signicantly, 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 the Enterprise Risk Management framework using the
risk identication and review process. The Risk Management Committee monitors these risks and the action
plans for mitigating these risks
Investment Risk Risk to Investment Performance can be due to Systematic Risks like Markets, Interest Rates, Liquidity, etc.
or Unsystematic Risk like the Company specic or Industry Specic Risks. These risks can impact the
Guarantees, other than hampering the Investment performance on temporary / permanent basis.
Mitigation Strategy: A governance structure, in form of the Investment Committee, and well dened investment
policies & processes are in place to ensure that the risks involved in investments are identied and acceptable
levels are dened.. 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 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: A governance structure, in form of the ALM Committee, and well dened Asset Liability
Management framework require 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. Further
the NAV guarantee products use proprietary monitoring mechanisms to ensure adequate ALM
Operational Risk The uncertainty arising from more than expected losses or damage to 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 nancial losses. The
Company has also initiated a Risk Control Self Assessment process to embed the control testing as a part
of day to day operations. 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 one of the few Indian Insurance companies
to be ISO 22301 (Globally accepted standard on Business Continuity) certied. Fraud management is handled
through an internal committee and is governed by the Fraud Reporting and Investigation Policy.
Risk Management Framework
Annual Report 2016-17
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65
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
Insurance Risk The uncertainty of product performance due to differences between the actual experience and expected
assumptions affecting amount of claims, benets 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 benets 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 minimize 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
nancial effect of adverse mortality and morbidity experience has been reduced by entering into reinsurance
agreements
Further, the possible nancial effect of adverse mortality and morbidity experience has been reduced by
entering into reinsurance agreements with RGA, Munich Re, Swiss Re, Sirius Re, Qatar Re and GIC Re for
individual/group business.
Information Security
Risk
The risk arising from IT systems (Data Leakage, Application Vulnerabilities, Lack of Segregation of Duties and
Access Control), Human error etc., can cause damage to nances or reputation.
Mitigation Strategy: Information Security risks are governed through comprehensive Information Security policy
which is complied with privacy and / or data protection legislations as specied in Indian Information Technology
Act 2008 and Notication dated 11th April 2011 on protection of sensitive personal information and it provides
direction to Information Security staff as well as management and employees regarding their responsibilities
for the Information Security function. Information Security Management System is certied against the global
standard ISO 27001:2013. We also perform risk assessment before any IT applications. Ongoing training
through internal and external programs is designed to equip staff at all levels to meet the demands of their
respective positions
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 minimizing 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. Protecting the safety of BSLI Employees & Visitors
3. Ensuring recovery of identied critical activities within agreed timeframe and
4. Ensuring that we adhere to our clients, contractual, legal & regulatory requirements.
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
Business Continuity Management Framework
Governance through Board Level Risk Review Committee
& ISO 22301 Framework
Emdedding Business Continuty in the Cullture through Risk Awareness Week.
Workshop/Trainings Screensavers & Mallers
Planning Through
Business Impact
Analysis & Risk
Assessment
1
Implementation
through Business
Continuity
strategies/Crisis
Management Plan/
Altemate site & DR
Plan
2
exercising through
Disaster Recovery/
Altemate Site , Call
Tree Testing, CMT
Drills Evacuation
Drills & Facility
Walkthrough.
3
Review through
Internal /ISO
22301 Continual
Assessment &
Management Review
Meeting with BCMS
Steering Committee
4
B. Risk Management Committee
The Company follows three levels of Risk Mitigation Structure:
4
Function
Heads
1
Board of
Directors
2
Risk
Management
Committee
3
Risk
Management
Team
The risk management structure comprises of the Risk Management Team and Functional Heads governed by Board level Risk
Management Committee. Briey the Roles and Responsibilities of the Committee is Summarized below. The Composition,
Meeting, attendance and other details of Risk Management Committee are disclosed in Corporate Governance Report.
Risk Management Framework
Annual Report 2016-17
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BIRLA SUN LIFE INSURANCE COMPANY LIMITED
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.
Others
- 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 specied by IRDAI by way of notications
or necessary amendments in applicable statutes and/or guidelines, from time to time.
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
Form No. AOC-2
(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies
(Accounts) Rules, 2014.
Form for disclosure of particulars of contracts/arrangements entered into by the Company with
related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including
certain arms length transactions under third proviso thereto
Annexure 7
1. Details of contracts or arrangements or transactions not at arm’s length basis:
Sr.
No.
Name(s) of the
related party
and nature of
relationship
Nature of
contracts /
arrangements
/ transactions
Duration
of the
contracts /
arrangements
/ transactions
Salient
terms of the
contracts or
arrangements
or
transactions
including the
value, if any
Justication for
entering into
such contracts or
arrangements or
transactions
Date(s) of
approval by
the Board
Amount paid
as advances,
if any:
Date on
which the
special
resolution
was
passed in
general
meeting as
required
under rst
proviso
to section
188
1
Sun Life
Financial (India)
Insurance
Investments Inc.
Subvention
payment for
technology
arrangement
1 Year
` 25 Cr. The fund will be
utilized for investing in
technology solution/
up-gradation.
Investment in digital
technologies and
processes will leverage
in terms of accessing
new customers,
providing better
customer experience
to customers, building
process efciencies
and to be competitive
in the current
environment.
07-Feb-17 One time
payment and
full amount
has been
paid
23-Mar-17
2. Details of material contracts or arrangement or transactions at arm’s length basis: NIL
Sr.
No.
Name(s) of the
related party
and nature of
relationship
Nature of
contracts /
arrangements
/ transactions
Duration
of the
contracts /
arrangements
/ transactions
Salient terms of the
contracts or arrangements
or transactions including
the value, if any
Date(s) of approval by the Board Amount
paid as
advances,
if any:
By order of the Board of Directors
For Birla Sun Life Insurance Company Limited
Kumar Mangalam Birla
Chairman
(DIN No. 00012813)
Mumbai, April 28, 2017
Risk Management Framework | Form No. AOC-2
Annual Report 2016-17
68
69
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
1. A brief outline of the Company’s CSR policy, including overview of projects or programs
proposed to be undertaken and a reference to the web-link to the CSR policy and projects or
programs.
For us in the Aditya Birla Group, reaching out to underserved communities is part of our DNA. We believe in the
trusteeship concept. This entails transcending business interests and grappling with the “quality of life” challenges that
underserved communities face, and working towards making a meaningful difference to them.
Our vision is - “to actively contribute to the social and economic development of the communities in which we operate.
In so doing build a better, sustainable way of life for the weaker and marginalized sections of society and raise the
country’s human development index”
- Dr. (Mrs.) Rajashree Birla, Chairperson, Aditya Birla Centre for Community Initiatives and Rural Development.
Implementation process:
Identication of projects - All projects are identied in consultation with the community in a participatory manner, literally
sitting with them and gauging their basic needs. We recourse to the participatory rural appraisal mapping process.
Subsequently, based on a consensus and in discussion with the village panchayats, and other stakeholders, projects
are prioritized.
Arising from this our focus areas that have emerged are Education, Health care, Sustainable livelihood, Infrastructure
development, and espousing social causes. All of our community projects/programmes are carried out under the aegis
of The Aditya Birla Centre for Community Initiatives and Rural Development. Our activities are in line with Schedule VII
of the companies Act, 2013.
Your Company has framed a CSR Policy in compliance with the provisions of the Companies Act, 2013 which is
accessible from our Company’s website. ( www.birlasunlife.com.)
2. The Composition of the CSR Committee.
A) Members:
1. Ms. Tarjani Vakil - Independent Director
2. Mr. Ajay Srinivasan - Non-Executive Director
3. Mr. Sandeep Asthana - Non- Executive Director
B) Permanent Invitee(s):
1. Dr. (Mrs.) Rajashree Birla, Chairperson, Aditya Birla Centre for Community Initiatives and Rural Development.
2. Dr. (Mrs.) Pragnya Ram- Group Executive President, Corporate Communications and CSR
3. Mr. Pankaj Razdan – Managing Director and CEO
3. Average net prot of the Company for last three Financial Years ` 26,53,853 (Amount in
Thousands)
4. Prescribed CSR Expenditure (two percent of the amount as in item 3 above) – ` 53,077 (Amount
in Thousands)
Annexure 8
REPORT ON CORPORATE SOCIAL RESPONSIBILITY
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
5. Details of CSR spent during the nancial year.
(a) Total amount to be spent for the nancial year - ` 53,077 (Amount in Thousands)
(b) Amount unspent, if any; - 19,927 (Amount in Thousands)
(c) Manner in which the amount spent during the nancial year is detailed below.
Table 1: Business & Financial Performance of Your Company
(Amount in Thousands)
CSR project or
activity undertaken
Sector in Which the
Project Is covered
Projects or programs
(1) Local area or other
(2) Specify the State or
district where the
Projects or programs
was undertaken
Amount
outlay
(budget)
Project or program
ms wise
Amount spent
on the Project or
programs Sub
heads
(1) Direct
expenditure on
the projects or
programs
(2) Overheads
Cumulative
expenditure
upto the
reporting
period
Amount spent:
Direct or through
implementing
Agency*
Healthcare NGO -
Dhan Foundation
Healthcare Tamil Nadu and Orissa 23,000 7,600 12,055 Through
Non Prot
Organisation –
Dhan Foundation
Healthcare NGO -
Armman
Healthcare Madhya Pradesh 20,000 10,000 15,852 Through
Non Prot
Organisation –
Armman
Healthcare NGO -
Nav Bharat Jagriti
Kendra
Healthcare Jharkhand 7,800 2,600 6,370 Through
Non Prot
Organisation -
Nav Bharat Jagriti
Kendra
Education NGO -
Swabhiman
Education for
disabled children
Orissa 11,000 5,100 10,987 Through
Non Prot
Organisation -
Swabhiman
Education NGO -
Buzz India
Education Karnataka 8,200 900 2,900 Through
Non Prot
Organisation -
Buzz India
Healthcare NGO -
SNEHA
Healthcare Maharashtra 12,400 6,200 12,400 Through
Non Prot
Organisation -
SNEHA
TATA Memorial Healthcare Maharashtra 750 750 750 Through Tata
Memorial
TOTAL 83,150 33,150 61,314 33,150
*Give details of implementing agency:
6. In case the Company has failed to spend the two per cent of the average net prot of the
last three nancial years or any part thereof, the Company shall provide the reasons for not
spending the amount in its Board report. (“Amount in Thousands”)
The Company has formulated its CSR policy in accordance with the directions specied in the Companies Act, 2013
read with the rules. The Company is part of Aditya Birla Group and its overall vision is to actively contribute to the social
and economic development of the communities in which the Group operates and in so doing build a better, sustainable
way of life for the weaker and marginalized sections of society and raise the country’s human development index.
Report on Corporate Social Responsibility
Annual Report 2016-17
70
71
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
In the last nancial years, key projects were identied as part of the Company’s CSR initiatives. All these projects were
in the project mode and their implementation ranges up to 3 years. The releases of payment to these projects, linked
with specic milestones, are made in tranches after evaluating the progress made in line with the mutually agreed
schedule. This results in effective monitoring of the progress of the projects and ensuring long term sustainability and
larger impact.
During the FY 17, the Company has spent ` 33,150, ` 61,314 cumulatively for the reporting period towards CSR
activities as mentioned in the above projects. During the year the Company have also added contribution to Tata
Memorial Hospital towards CSR Spend.
The Company’s key objective is to make a difference to the lives of the underprivileged and help bring them to self-
sustaining level. There is a deep commitment to CSR engagement. We are continuously evaluating the new projects
towards CSR activities. As a socially responsible caring Company, we desire to play a larger role in India’s sustainable
development. That our projects make a difference has been recognized.
7. A responsibility statement of the CSR Committee that the implementation and monitoring of
CSR Policy, is in compliance with CSR objectives and Policy of the Company.
The CSR Committee hereby declares that the implementation and monitoring of CSR Policy of the Company is in
compliance with CSR objectives and Policy of the Company.
Pankaj Razdan Tarjani Vakil
Managing Director & CEO Chairperson (CSR Committee)
(DIN - 00061240) (DIN - 00009603)
Date: April 28, 2017
Place: Mumbai
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
1 REGISTRATION & OTHER DETAILS:
CIN U99999MH2000PLC128110
Registration Date August 04, 2000
Name of the Company Birla Sun Life Insurance Company Limited
Category/Sub-category of the Company Company having Share Capital
“Address of the Registered ofce
& contact details”
One Indiabulls Centre, Tower-1, 16th oor,
Jupiter Mill Compound, 841, S.B. Marg,
Elphinstone Road, Mumbai 400 013
Telephone No. 022 67239100
Whether listed company No
Name , Address & contact details of the Registrar &
Transfer Agent, if any.
MCS Share Transfer Agent Limited
002, Ground Floor, Kashiram Jamnadas Bldg. 5,
P.D’ Mello Road, Near Ghadiyal Godi,
Masjid (East), Mumbai - 400 009
Contact Person:
Name: Mr. Uday Modgil
Contact Number: 022-23726253
Email Id: [email protected]
2 PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
All the business activities contributing 10% or more of the total turnover of the Company shall be stated
Name & Description of main products/
services
“NIC Code of the
Product /service”
“% to total turnover
of the Company”
Life Insurance
65110 100%
3 PARTICULARS OF HOLDING , SUBSIDIARY & ASSOCIATE COMPANIES
Name & Address of the Company CIN / GLN Holding/
Subsidiary/
Associate
% of
Shares
Held
Applicable
Section
Birla Sun Life Pension Mangement Limited
One Indiabulls Centre, Tower-1, 16th oor,
Jupiter Mill Compound, 841, S.B. Marg,
Elphinstone Road, Mumbai 400 013
U66000MH2015PLC260801 Subsidiary
100% 2(87)
Annexure 9
FORM NO. MGT 9
EXTRACT OF ANNUAL RETURN
as on nancial year ended on March 31, 2016
Pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12(1) of the Company (Management & Administration) Rules,
2014.
Report on Corporate Social Responsibility | Form No. MGT 9
Annual Report 2016-17
72
73
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
4 SHAREHOLDING PATTERN (Equity Share capital Break up as % to total Equity)
Category of
Shareholders
No. of Shares held at the beginning of the year
(April 1, 2016)
No. of Shares held at the end of the year
(March 31, 2017)
% change
during the year
Demat Physical Total
% of Total
Shares
Demat Physical Total
% of Total
Shares
A. Promoters
(1) Indian
a)
Individual*/HUF
5 5 - 5 5 - Nil Nil
b) Central Govt.or State Govt.
c) Bodies Corporates 1,406,893,915 - 1,406,893,915 74.00% 969,616,075 - 969,616,075 51% 43,72,77,840 23%
d) Bank/FI
e) Any other
Sub Total: (A) (1)
1,406,893,915 5 1,406,893,920 74.00% 969,616,075 5 969,616,080 51% 43,72,77,840 23%
(2) Foreign
a) NRI- Individuals
b) Other Individuals
c) Bodies Corp. - 494,314,080 494,314,080 26% 437,277,840 494,314,080 931,591,920 49% 43,72,77,840 23%
d) Banks/FI
e) Any other…
Sub Total (A) (2)
-
494,314,080 494,314,080 26% 437,277,840 494,314,080 931,591,920 49%
Nil
Nil
Total Shareholding of Promoter
(A)= (A)(1)+(A)(2)
1,406,893,915 494,314,085 1,901,208,000 100% 1,406,893,915 494,314,085 1,901,208,000 100% Nil Nil
B. Public Shareholding
Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
(1) Institutions
a) Mutual Funds
b) Banks/FI
C) Cenntral govt
d) State Govt.
e) Venture Capital Fund
f) Insurance Companies
g) FIIS
h) Foreign Venture
Capital Funds
i) Others (specify)
Sub Total (B)(1) Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
Category of
Shareholders
No. of Shares held at the beginning of the year
(April 1, 2016)
No. of Shares held at the end of the year
(March 31, 2017)
% change
during the year
Demat Physical Total
% of Total
Shares
Demat Physical Total
% of Total
Shares
(2) Non Institutions
a) Bodies corporates
i) Indian
ii) Overseas
b) Individuals
i) Individual shareholders holding
nominal share capital upto ` 1
lakhs
ii) Individuals shareholders holding
nominal share capital in excess
of ` 1 lakhs
c) Others (specify)
Sub Total (B)(2): Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
Total Public Shareholding
(B)= (B)(1)+(B)(2)
Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
C. Shares held by Custodian
for GDRs & ADRs
Grand Total (A+B+C) 1,406,893,915 494,314,085 1,901,208,000 100% 1,406,893,915 494,314,085 1,901,208,000 100% Nil Nil
(*Shares held as a nominee of Aditya Birla Nuvo Limited)
(ii) Share Holding of Promoters
Sr.
No.
Shareholders Name Shareholding at the begginning of the year (April 1, 2016) Shareholders Name
Shareholding at the end of the year (March 31, 2017)
% change in
share holding
during the year
No of shares % of total shares of
the Company
% of shares
pledged
encumbered to
total shares
No of shares % of total shares of
the Company
% of shares
pledged
encumbered to
total shares
1 Aditya Birla Nuvo Ltd 1,406,893,915 74.00% Nil Aditya Birla Financial Services Ltd 969616075 51.00% Nil 23%
2 Sun Life Financial (India) Insurance Investments
Inc.
494,314,080 26.00% Nil Sun Life Financial (India) Insurance
Investments Inc.
931,591,920 49.00% Nil 23%
3
Rajesh Shah jointly with Aditya Birla Nuvo
Limited*
1 - Nil Niraj Mahejointly with Aditya Birla Financial
Services Ltd*
1 - Nil Nil
4
B. N Puranmalka jointly with Aditya Birla Nuvo
Limited*
1 - Nil Pinky Mehta jointly with Aditya Birla Financial
Services Ltd*
1 - Nil Nil
5
Sushil Agarwal jointly with Aditya Birla Nuvo
Limited*
1 - Nil Sushil Agarwal jointly with Aditya Financial
Services Ltd*
1 - Nil Nil
6 Anil Rustogi jointly with Aditya Birla
Nuvo Limited*
1 - Nil Mahendra Bhandari jointly with Aditya Birla
Financial Services Ltd*
1 - Nil Nil
7 Shriram Jagetiya jointly with Aditya
Birla Nuvo Limited*
1 - Nil Shriram Jagetiya jointly with Aditya Financial
Services Ltd*
1 - Nil Nil
Total 1,901,208,000 100% Nil Total 1,901,208,000 100% Nil Nil
(*Shares held as a nominee)
Form No. MGT 9
Annual Report 2016-17
74
75
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
(iii) Change In Promoters’ Shareholding (Specify If There Is No Change)
Shareholders Name Share holding at the beginning of
the Year (April 1, 2016)
Cumulative Share holding during
the year (March 31, 2017)
No. of
Shares
% of total
shares of the
Company
No of
shares
% of total
shares of the
Company
At the beginning of the year
Aditya Birla Nuvo Ltd./Aditya Birla Financial Services Ltd. 1,406,893,920 74.00% 969,616,080 51.00%
Sun Life Financial (India) Insurance Investments Inc. 494,314,080 26.00% 931,591,920 49.00%
Date wise increase/decrease in Promoters Share
holding during the year specifying the reasons for
increase/decrease (e.g. allotment/transfer/bonus/
sweat equity etc)
Aditya Birla Nuvo Ltd : Transfer to Sun Life Financial
(India) Insurance Investments Inc. on April 11, 2016
(Decrease)
437,277,840 23.00% 969,616,080 51.00%
Sun Life Financial (India) Insurance Investments Inc.:
Transfer from Aditya Birla Nuvo Ltd on April 11, 2016
(Increase)
437,277,840 23.00% 931,591,920 49.00%
Aditya Birla Nuvo Ltd : Transfer to Aditya Birla Financial
Services Limited on March 23, 2017 (Decrease)
969,616,075 51.00% - 0.00%
Aditya Birla Financial Services Limited : Transfer from
Aditya Birla Nuvo Limited on March 23, 2017 (Increase)
969,616,075 51.00% 969,616,080 51.00%
Aditya Birla Nuvo Ltd - Beneciary (Shares held by
individuals): Transfer to Aditya Birla Financial Services
Limited on March 27, 2017 (Decrease)
5 0.00% - 0.00%
Aditya Birla Financial Services Limited - Beneciary
(Shares held by individuals): Transfer from Aditya Birla
Nuvo Limited on March 27, 2017 (Increase)
5 0.00% 5 0.00%
At the end of the year
Aditya Birla Financial Services Ltd - - 969,616,080 51.00%
Sun Life Financial (India) Insurance Investments Inc. 494,314,080 26.00% 931,591,920 49.00%
(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters & Holders of GDRs & ADRs)
Sr.
No.
Shareholders Name Shareholding at the beginning of
the year
Cumulative Shareholding during
the year (March 31, 2017)
No.of shares % of total
shares of the
Company
No of shares % of total
shares of the
Company
N.A. Nil
(v) Shareholding of Directors & Key Managerial Personnel
Sr.
No.
Name of Director and KMP Shareholding at the beginning of
the year
Cumulative Shareholding during
the year
No. of
shares
% of total
shares of the
Company
No. of
shares
% of total
shares of the
Company
1 Mr. B.N Puranmalka Jointly with Aditya Birla Nuvo
Limited, Non- Executive Director**
1 - - -
2 Ms.Pinky Mehta as a nominee of Aditya Birla
Financial Services Limited, Non- Executive
Director**
- - 1 -
At the beginning of the year 1 - - -
At the end of the year - - 1 -
* None of the KMP hold shares in the Company
(**Shares held as a nominee of Aditya Birla Nuvo Limited)
5 INDEBTEDNESS
NIL
COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
6 REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. Remuneration to Managing Director, Whole-time Directors and/or Manager
Sr.
No.
Particulars of Remuneration Name of MD/WTD/
Manager
“Total Amount
(INR)”
Name of MD & CEO Pankaj Razdan
1 Gross salary
(a) Salary as per provisions contained in section 17(1) of the Income-tax
Act, 1961
51,381,813 51,381,813
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961 2,298,964 2,298,964
(c) Prots in lieu of salary under section 17(3) Income- tax Act, 1961 - -
2 Stock Option - -
3 Sweat Equity - -
4 Commission - -
- as % of prot - -
- others, specify… - -
5 Others, please specify - -
Total (A) 53,680,777 53,680,777
Ceiling as per the Act *
Note: The Provisions/Ceiling relating to payment of Managerial Remuneration under the Companies Act, 2013 are not
applicable to the Company since the Company is an Insurance Company under the provisions of Insurance Act 1938.
The appointment of MD & CEO and the payment of remuneration is as per the approval of Insurance Regulatory and
Development Authority of India (IRDAI).
B. Remuneration to other director
Sr.
No.
Particulars of Remuneration Name of Directors Total Amount
(INR)
Mr. Haigreve
Khaitan
Ms. Tarjani
Vakil
Mr. Shobhan
Thakore
Independent Directors
1 Fee for attending Board and Committee meetings 200,000 325,000 290,000 815,000
2 Commission - - - -
3 Others, please specify - - - -
Total (1) 200,000 325,000 290,000 815,000
Other Non-Executive Directors
1 Fee for attending board committee meetings - - - -
2 Commission - - - -
3 Others, please specify - - - -
Total (2) 0 0 - 0
Total (B)=(1+2) 200,000 325,000 290,000 815,000
Total Managerial Remuneration - - - -
Overall Ceiling as per the Act - - - -
Form No. MGT 9
Annual Report 2016-17
76
77
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
C Remuneration to Key Managerial Personnel other than MD/Manager/WTD
Sr.
No.
Particulars of Remuneration Key Managerial Personnel Total Amount
(INR)
Mr. Amber Gupta Mr. Amit Jain
Gross salary
(a) Salary as per provisions contained in section
17(1) of the Income-tax Act, 1961
5,027,787 8,670,648 13,698,435
(b) Value of perquisites u/s 17(2) Income-tax Act,
1961
0 32,400 32,400
(c) Prots in lieu of salary under section 17(3)
Income-tax Act, 1961
- - -
2 Stock Option - - -
3 Sweat Equity - - -
4 Commission - - -
- as % of prot - - -
- others, specify… - - -
5 Others, please specify - - -
Total 5,027,787 8,703,048 13,730,835
7 PENALTIES/PUNISHMENT/COMPOUNDING OF OFFENCES
There were no penalties/punishment/compounding of offences under the Companies Act, 2013.
By order of the Board of Directors
For Birla Sun Life Insurance Company Limited
Kumar Mangalam Birla
Chairman
(DIN No. 00012813)
Mumbai, April 28, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
INDEPENDENT AUDITOR’S REPORT
To The Members Of Birla Sun Life Insurance
Company Limited
Report on the Standalone Financial Statements
We have audited the accompanying standalone nancial
statements of BIRLA SUN LIFE INSURANCE COMPANY
LIMITED (the “Company”) which comprise the Balance
Sheet as at March 31, 2017, the related Revenue Account
(also called the “Policyholders’ Account” or the “Technical
Account”) and the Prot and Loss Account (also called
the “Shareholders’ Account” or “Non-Technical Account”)
and the Receipts and Payments Account for the year then
ended, and a summary of signicant accounting policies and
other explanatory information.
Management’s Responsibility for the Standalone
Financial Statements
The Company’s Board of Directors is responsible for the
matters stated in Section 134(5) of the Companies Act,
2013 (the “Act”) with respect to the preparation of these
nancial statements that give a true and fair view of the
Balance Sheet, the related Revenue Account, the Prot and
Loss Account and the Receipts and Payments Account of
the Company in accordance with the accounting principles
generally accepted in India, including the provisions of the
Insurance Act, 1938 as amended by the Insurance Laws
(Amendment) Act, 2015 (the “Insurance Act”), the Insurance
Regulatory and Development Authority Act, 1999 (the “IRDAI
Act”), the Insurance Regulatory and Development Authority
(Preparation of Financial Statements and Auditor’s Report
of Insurance Companies) Regulations, 2002 (the “IRDAI
Financial Statements Regulations”), orders/directions issued
by the Insurance Regulatory and Development Authority of
India (the “IRDAI”) in this regard, the Accounting Standards
specied under Section 133 of the Act, to the extent
applicable.
This responsibility also includes maintenance of adequate
accounting records, in accordance with the provisions of
the Act, for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of
adequate internal nancial controls, that were operating
effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and
presentation of the nancial statements that give a true and
fair view and are free from material misstatement, whether
due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these
Standalone Financial Statements based on our audit.
In conducting our audit, we have taken into account the
provisions of the Act, the Insurance Act, the IRDAI Act, the
IRDAI Financial Statements Regulations, orders / directions
issued by the IRDAI, the accounting and auditing standards
and matters which are required to be included in the audit
report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit of the Financial Statements in
accordance with the Standards on Auditing specied under
Section 143(10) of the Act. Those Standards require that
we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether
the standalone nancial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the
Standalone Financial Statements. The procedures selected
depend on the auditor’s judgment, including the assessment
of the risks of material misstatement of the Standalone
Financial Statements, whether due to fraud or error. In
making those risk assessments, the auditors consider
internal controls relevant to the Company’s preparation and
fair presentation of the Standalone Financial Statements that
gives true and fair view in order to design audit procedures
that are appropriate in the circumstances, An audit also
includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting
estimates made by the Management, as well as evaluating
the overall presentation of the Standalone Financial
Statements.
We believe that the audit evidence we have obtained is
sufcient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid nancial
statements give the information required in accordance
with the Insurance Act, the IRDAI Act, the IRDAI Financial
Statements Regulations, the orders/directions issued by the
IRDAI and the Act to the extent applicable in the manner
so required and give a true and fair view in conformity with
the accounting principles generally accepted in India, as
applicable to the Insurance Companies:
Form No. MGT 9 | Independent Auditor’s Report
Annual Report 2016-17
78
79
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
INDEPENDENT AUDITOR’S REPORT
i. in the case of the Balance Sheet, of the state of affairs
of the Company as at March 31, 2017;
ii. in the case of the Revenue Account, of the net surplus
for the year ended March 31, 2017;
iii. in the case of the Prot and Loss Account, of the prot
for the year ended March 31, 2017; and
iv. in the case of the Receipts and Payments Account, of
the receipts and payments for the year ended March
31, 2017.
Other Matter
The actuarial valuation of liabilities for life policies in force and for
policies in respect of which premium has been discontinued but
liability exists as at March 31, 2017 is the responsibility of the
Company’s Appointed Actuary (the “Appointed Actuary”). The
actuarial valuation of these liabilities for life policies in force and
for policies in respect of which premium has been discontinued
but liability exists as at March 31, 2017 has been duly certied
by the Appointed Actuary and in his opinion, the assumptions
for such valuation are in accordance with the guidelines and
norms issued by the IRDAI and the Institute of Actuaries of India
in concurrence with the IRDAI. We have relied upon Appointed
Actuary’s certicate in this regard for forming our opinion on the
valuation of liabilities for life policies in force and for policies in
respect of which premium has been discontinued but liability
exists in Standalone Financial Statements of the Company.
Report on Other Legal and Regulatory
Requirements
1. As required by the IRDAI Financial Statements
Regulations, we have issued a separate certicate
dated April 28, 2017 certifying the matters specied
in paragraphs 3 and 4 of Schedule C to the IRDAI
Financial Statements Regulations.
2. As required by the IRDAI Financial Statements
Regulations, read with Section 143 (3) of the Act, we
report that:
(a) We have sought and obtained all the information
and explanations, which to the best of our
knowledge and belief were necessary for the
purposes of the audit and have found them to be
satisfactory;
(b) In our opinion and to the best of our information
and according to the explanations given to us,
proper books of account as required by law have
been kept by the Company, so far as it appears
from our examination of those books;
(c) As the Company’s nancial accounting system
is centralised, no returns for the purposes
of our audit are prepared at the branches of
the Company;
(d) The Balance Sheet, the Revenue Accounts, the
Prot and Loss Account and the Receipts and
Payments Account dealt with by this report are in
agreement with the books of account;
(e) In our opinion, the aforesaid standalone nancial
statements comply with the Accounting
Standards specied under Section 133 of the Act
to the extent not inconsistent with the accounting
principles prescribed in the IRDAI Financial
Statements Regulations and orders/directions
issued by the IRDAI in this regard;
(f) In our opinion and to the best of our information
and according to the explanations given to us,
investments have been valued in accordance
with the provisions of the Insurance Act, the
IRDAI Financial Statements Regulations and/
or orders/directions issued by the IRDAI in
this regard.
(g) In our opinion, the accounting policies selected
by the Company are appropriate and are in
compliance with the applicable Accounting
Standards specied under Section 133 of the Act
and with the accounting principles as prescribed
in the IRDAI Financial Statements Regulations
and orders/directions issued by the IRDAI in
this regard.
(h) On the basis of the written representations
received from the directors as on March 31, 2017
taken on record by the Board of Directors, none
of the directors is disqualied as on March 31,
2017 from being appointed as a director in terms
of Section 164 (2) of the Act.
(i) With respect to the adequacy of the internal
nancial controls over nancial reporting of the
Company and the operating effectiveness of such
controls, refer to our separate Report in “Annexure
A”. Our report expresses an unmodied opinion
on the adequacy and operating effectiveness of
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
the Company’s internal nancial controls over
nancial reporting.
(j) With respect to the other matters to be included in
the Auditor’s Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014,
in our opinion and to the best of our information
and according to the explanations given to us:
i. The Company has disclosed the impact of
pending litigations on its nancial position in
its nancial statements.
ii. The liability for insurance contracts, is
determined by the Company’s Appointed
Actuary as per Schedule 16 Note 37, and
is covered by the Appointed Actuary’s
certicate, referred to in Other Matter
paragraph above, on which we have placed
reliance; and the Company did not have
any long-term contracts including derivative
contracts for which there were any material
foreseeable losses.
iii. There were no amounts which were required
to be transferred to the Investor Education
and Protection Fund by the Company during
the year.
iv. The disclosure requirement as envisaged in
Notication G.S.R 308(E) dated March 30,
2017 is not applicable to the Company.
For S. B. Billimoria & Co. For Khimji Kunverji & Co.
Chartered Accountants Chartered Accountants
Firm’s Registration No. 101496W
Firm’s Registration No. 105146W
Sanjiv V. Pilgaonkar Hasmukh B. Dedhia
Partner Partner
Membership No: 039826 Membership No: 033494
Mumbai
April 28, 2017
INDEPENDENT AUDITOR’S REPORT
Independent Auditor’s Report
Annual Report 2016-17
80
81
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURE “A” TO THE INDEPENDENT AUDITOR’S REPORT
(Referred to in paragraph 2 (i) under ‘Report on Other Legal and Regulatory Requirements’ of our report of even date)
Report on the Internal Financial Controls Over
Financial Reporting under Clause (i) of Sub-section 3
of Section 143 of the Companies Act, 2013 (the “Act”)
We have audited the internal nancial controls over
nancial reporting of BIRLA SUN LIFE INSURNACE
COMPANY LIMITED (the “Company”) as of March 31,
2017 in conjunction with our audit of the standalone nancial
statements of the Company for the year ended on that date.
The actuarial valuation of liabilities for life policies in force
and policies where premium is discontinued is required to
be certied by the Appointed Actuary as per the Insurance
Regulatory and Development Authority (Preparation of
Financial Statements and Auditor’s Report of Insurance
Companies) Regulations, 2002 (the “IRDAI Financial
Statements Regulations”) and has been relied upon by us,
as mentioned in “Other Matter” para of our audit report
on the nancial statements of the Company as at and for
the year ended March 31, 2017. Accordingly, we have not
audited the internal nancial controls over nancial reporting
in respect of the valuation and accuracy of the aforesaid
actuarial valuation.
Management’s Responsibility for Internal
Financial Controls
The Company’s management is responsible for establishing
and maintaining internal nancial controls based on the
internal control over nancial reporting criteria established
by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued
by the Institute of Chartered Accountants of India (the
“Guidance Note”). These responsibilities include the design,
implementation and maintenance of adequate internal
nancial controls that were operating effectively for ensuring
the orderly and efcient conduct of its business, including
adherence to Company’s policies, the safeguarding of its
assets, the prevention and detection of frauds and errors,
the accuracy and completeness of the accounting records,
and the timely preparation of reliable nancial information,
as required under the Companies Act, 2013 including the
provisions of the Insurance Act, 1938 as amended by the
Insurance Laws (Amendment) Act, 2015, the Insurance
Regulatory and Development Authority Act, 1999 (the
“IRDAI Act”), the IRDAI Financial Statements Regulations,
orders/directions issued by the Insurance Regulatory and
Development Authority of India (the “IRDAI”) in this regard.
Auditor’s Responsibility
Our responsibility is to express an opinion on the Company’s
internal nancial controls over nancial reporting based on
our audit. We conducted our audit in accordance with the
Guidance Note and the Standards on Auditing prescribed
under Section 143(10) of the Companies Act, 2013, to the
extent applicable to an audit of internal nancial controls.
Those Standards and the Guidance Note require that we
comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether
adequate internal nancial controls over nancial reporting
was established and maintained and if such controls
operated effectively in all material respects.
Our audit involves performing procedures to obtain audit
evidence about the adequacy of the internal nancial
controls system over nancial reporting and their operating
effectiveness. Our audit of internal nancial controls over
nancial reporting included obtaining an understanding of
internal nancial controls over nancial reporting, assessing
the risk that a material weakness exists, and testing and
evaluating the design and operating effectiveness of internal
control based on the assessed risk. The procedures
selected depend on the auditor’s judgement, including the
assessment of the risks of material misstatement of the
nancial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is
sufcient and appropriate to provide a basis for our audit
opinion on the Company’s internal nancial controls system
over nancial reporting.
Meaning of Internal Financial Controls Over
Financial Reporting
A Company’s internal nancial control over nancial reporting
is a process designed to provide reasonable assurance
regarding the reliability of nancial reporting and the
preparation of nancial statements for external purposes in
accordance with generally accepted accounting principles.
A Company’s internal nancial control over nancial reporting
includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reect the transactions and dispositions of the
assets of the Company; (2) provide reasonable assurance
that transactions are recorded as necessary to permit
preparation of nancial statements in accordance with
generally accepted accounting principles, and that receipts
and expenditures of the Company are being made only in
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
accordance with authorisations of management and directors
of the Company; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorised
acquisition, use, or disposition of the Company’s assets that
could have a material effect on the nancial statements.
Inherent Limitations of Internal Financial
Controls Over Financial Reporting
Because of the inherent limitations of internal nancial
controls over nancial reporting, including the possibility
of collusion or improper management override of controls,
material misstatements due to error or fraud may occur and
not be detected. Also, projections of any evaluation of the
internal nancial controls over nancial reporting to future
periods are subject to the risk that the internal nancial
control over nancial reporting may become inadequate
because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according
to the explanations given to us, the Company has, in all
material respects, an adequate internal nancial controls
system over nancial reporting and such internal nancial
controls over nancial reporting were operating effectively
as at March 31, 2017, based on the internal control over
nancial reporting criteria established by the Company
considering the essential components of internal control
stated in the Guidance Note.
For S. B. Billimoria & Co. For Khimji Kunverji & Co.
Chartered Accountants Chartered Accountants
Firm’s Registration No. 101496W
Firm’s Registration No. 105146W
Sanjiv V. Pilgaonkar Hasmukh B. Dedhia
Partner Partner
Membership No: 039826 Membership No: 033494
Mumbai
April 28, 2017
ANNEXURE “A” TO THE INDEPENDENT AUDITOR’S REPORT
(Referred to in paragraph 2 (i) under ‘Report on Other Legal and Regulatory Requirements’ of our report of even date)
Independent Auditor’s Report
Annual Report 2016-17
82
83
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
(Amounts in thousands of Indian Rupees)
Particulars Schedule
Audited Year ended
31st March 2017
Audited Year ended
31st March 2016
Premiums earned - Net
(a) Premium 1 57,239,551 55,797,125
(b) Reinsurance ceded (1,904,075) (1,679,773)
(c) Reinsurance accepted - -
Sub - Total 55,335,476 54,117,352
Income from investments
(a) Interest, Dividends & Rent - Gross 17,847,067 16,108,931
(b) Prot on Sale Redemption of Investments 14,900,982 14,000,841
(c) (Loss on Sale Redemption of Investments) (4,439,979) (5,332,738)
(d) Transfer/Gain ( Loss) on revaluation / Change in fair value 15,067,780 (18,343,422)
Sub - Total 43,375,850 6,433,612
Other Income
(a)
Contribution from the Shareholders’ Account
1,629,995 3,263,914
(b) Others (Interest etc.) 332,166 347,376
Sub - Total 1,962,161 3,611,290
Total (A) 100,673,487 64,162,254
Commission 2 2,550,599 2,180,609
Operating Expenses related to Insurance Business 3 7,699,347 9,042,155
Service Tax on Charges 991,417 1,001,860
Provision for doubtful debts - -
Bad debts written off - -
Provision (other than taxation)
(a) For diminution in value of investments (net) - -
(b) Others - -
Total (B) 11,241,363 12,224,624
Benets Paid (Net) 4 46,523,392 42,470,943
Interim Bonuses Paid 13,448 8,570
Change in valuation of liability in respect of life policies
(a) Gross 25,723,275 18,063,483
(b) Fund Reserve 16,796,939 (10,332,792)
(c) Premium Discontinuance Fund - Linked (2,147,272) (451,876)
(d) (Amount ceded in Re-insurance) (764,378) (1,276,621)
(e) Amount accepted in Re-insurance - -
Total (C)
86,145,404
48,481,707
Surplus (D) = (A) - (B) - (C)
3,286,720
34,55,923
Appropriations
Transfer to Shareholders’ Account (Refer Schedule 16 Note 6) 3,349,885 3,508,820
Transfer to Other Reserve - -
(Release from) / Transfer to Funds for Future Appropriation (63,165) (52,897)
Total (D) 3,286,720 3,455,923
The total surplus as mentioned below :
(a) Interim Bonuses Paid 13,448 8,570
(b) Allocation of Bonus to Policyholders 1,240,842 878,208
(c) Surplus shown in the Revenue Account 3,286,720 3,455,923
Total Surplus [(a)+(b)+(c)] 4,541,010 4,342,701
Signicant Accounting Policies and Disclosures 16
The schedules and accompanying notes are an integral part of this Revenue
Account
In accordance with IRDAI notication dated 9th May, 2016 bearing reference no IRDAI/Reg/14/126/2016 ,the Company has worked out
Expenses of Management by considering allowance at 120% on segment basis to ascertain the excess thereof which has been borne by
the shareholders.. Accordingly, amount aggregating ` 1,623,304/- has been deducted from schedule 3 and added to schedule 3A.
In terms of our report attached
For S. B. Billimoria & Co.
For Khimji Kunverji & Co.
For and on behalf of the Board of Directors
Chartered Accountants Chartered Accountants
ICAI Firm Registration No.101496W
ICAI Firm Registration No.105146W
Sanjiv V. Pilgaonkar Hasmukh Dedhia
Ajay Srinivasan Pinky Mehta B.N Puranmalka
Partner Partner
Chairman Director Director
Membership No.039826 Membership No.033494
(DIN-00121181) (DIN-00020429) (DIN-0007432)
Pankaj Razdan Amit Jain
Managing Director &
CEO (DIN-00061240)
Chief Financial Ofcer
Anil Kumar Singh Amber Gupta
Mumbai, 28th April 2017
Chief Actuarial Ofcer & Appointed Actuary
Company Secretary
REVENUE ACCOUNT
for year ended 31st March, 2017
Registration Number: 109 dated 31st January 2001
Policyholders’ Account (Technical Account)
Form A- RA
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
In terms of our report attached
For S. B. Billimoria & Co.
For Khimji Kunverji & Co.
For and on behalf of the Board of Directors
Chartered Accountants Chartered Accountants
ICAI Firm Registration No.101496W
ICAI Firm Registration No.105146W
Sanjiv V. Pilgaonkar Hasmukh Dedhia
Ajay Srinivasan Pinky Mehta B.N Puranmalka
Partner Partner
Chairman Director Director
Membership No.039826 Membership No.033494
(DIN-00121181) (DIN-00020429) (DIN-0007432)
Pankaj Razdan Amit Jain
Managing Director &
CEO (DIN-00061240)
Chief Financial Ofcer
Anil Kumar Singh Amber Gupta
Mumbai, 28th April 2017
Chief Actuarial Ofcer & Appointed Actuary
Company Secretary
(Amounts in thousands of Indian Rupees)
Particulars Schedule
Audited Year ended
31st March 2017
Audited Year ended
31st March 2016
Amounts transferred from Policyholders’ Account (Technical Account) 3,349,885 3,508,820
(Refer Schedule 16 Note 6)
Income from Investments
(a) Interest, Dividends & Rent - Gross 1,359,229 1,400,808
(b) Prot on sale / redemption of investments 131,986 94,220
(c) (Loss on sale / redemption of investments) (439) (9,223)
Other Income
- -
Total (A)
4,840,661 49,94,625
Expense other than those directly related to the insurance business 3A 1,949,306 282,573
Corporate social responsibility expenses (Refer schedule 16, Note 39) 33,167 48,144
Bad debts written off - -
Provision (other than taxation)
(a) For diminution in the value of investments (net) - -
(b) Provision for doubtful debts - -
(c) Others - -
(d) Contribution to the Policyholders’ Account (Refer Schedule 16 Note 6) 1,629,995 3,263,914
(Refer Schedule 16 Note 6)
Total (B)
3,612,468 3,594,631
Prot before tax 1,228,193 1,399,994
Provision for Taxation - -
Prot after tax 1,228,193 13,99,994
Appropriations
(a) Balance at the beginning of the period (5,282,327) (6,682,321)
(b) Interim dividends paid during the period - -
(c) Proposed nal dividend - -
(d) Dividend distribution on tax - -
(e) Transfer to reserves / other accounts - -
Loss carried forward to the Balance Sheet
(4,054,134) (5,282,327)
Earning Per Share (Basic and Diluted), Face Value of ` 10 (in `) 0.65 0.74
(Refer Schedule 16 Note 11)
Signicant Accounting Policies and Disclosures 16
The schedules and accompanying notes are an integral part of this Prot
and Loss Account
In accordance with IRDAI notication dated 9th May, 2016 bearing reference no IRDAI/Reg/14/126/2016 ,the Company has worked out
Expenses of Management by considering allowance at 120% on segment basis to ascertain the excess thereof which has been borne by
the shareholders.. Accordingly, amount aggregating ` 1,623,304/- has been deducted from schedule 3 and added to schedule 3A.
STATMENT OF PROFIT AND LOSS ACCOUNT
for year ended 31st March, 2017
Registration Number: 109 dated 31st January 2001
Shareholders’ Account (Non-technical Account)
Form A- PL
Revenue Account | Statement of Prot and Loss Account
Annual Report 2016-17
84
85
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
(Amounts in thousands of Indian Rupees)
Particulars Schedule
Audited Year ended
31st March 2017
Audited Year ended
31st March 2016
Sources of Funds
Shareholders’ funds:
Share Capital 5 19,012,080 19,012,080
Reserves and Surplus (Refer Schedule 16 Note 34) 6 2,682,948 2,682,948
Credit/(Debit) / Fair Value Change Account (441) (3,164)
Sub - Total 21,694,587 21,691,864
Borrowings 7 - -
Policyholders’ Funds:
Credit/(Debit) Fair Value Change Account 250,035 (255,135)
Policy Liabilities 84,602,624 59,643,726
Insurance Reserves - -
Provision for Linked Liabilities 220,893,461 219,164,302
Funds for discontinued policies
(i) Discontinued on account of non-payment of premium 6,379,511 8,526,783
(ii) Others - -
Credit/(Debit) Fair Value Change Account (Linked) 21,604,244 6,536,465
Total Linked Liabilities 248,877,216 234,227,550
Sub - Total 333,729,875 293,616,141
Funds for Future Appropriations
- Linked Liabilities 68,713 131,878
Total 355,493,175 315,439,883
Application of Fund:
Investments
Shareholders’ 8 16,039,133 17,066,285
Policyholders’ 8A 80,312,101 56,819,610
Assets Held to Cover Linked Liabilities 8B 248,877,216 234,227,550
Loans 9 537,204 478,398
Fixed Assets 10 809,500 646,172
Current Assets
Cash and Bank Balances 11 4,990,548 4,810,713
Advances and Other Assets 12 8,302,050 5,011,114
Sub - Total (A) 13,292,598 9,821,827
Current Liabilities 13 7,770,046 8,265,075
Provisions 14 252,540 231,084
Sub - Total (B) 8,022,586 8,496,159
Net Current Assets (C) = (A-B) 5,270,012 1,325,668
Miscellaneous Expenditure (To The Extent Not Written Off or Adjusted) 15 - -
Debit Balance In Prot and Loss Account (Shareholders’ Account ) 3,648,009 4,876,200
(Refer Schedule 16 Note 34)
Total 355,493,175 315,439,883
Signicant Accounting Policies and Disclosures 16 - -
The schedules and accompanying notes are an integral part of this Balance
Sheet
BALANCE SHEET
as at 31st March, 2017
Registration Number: 109 dated 31st January 2001
Form A-BS
Balance Sheet | Receipts and Payments account (Cash Flow Statement)
In terms of our report attached
For S. B. Billimoria & Co.
For Khimji Kunverji & Co.
For and on behalf of the Board of Directors
Chartered Accountants Chartered Accountants
ICAI Firm Registration No.101496W
ICAI Firm Registration No.105146W
Sanjiv V. Pilgaonkar Hasmukh Dedhia
Ajay Srinivasan Pinky Mehta B.N Puranmalka
Partner Partner
Chairman Director Director
Membership No.039826 Membership No.033494
(DIN-00121181) (DIN-00020429) (DIN-0007432)
Pankaj Razdan Amit Jain
Managing Director &
CEO (DIN-00061240)
Chief Financial Ofcer
Anil Kumar Singh Amber Gupta
Mumbai, 28th April 2017
Chief Actuarial Ofcer & Appointed Actuary
Company Secretary
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
RECEIPTS AND PAYMENTS ACCOUNT (CASH FLOW STATEMENT)
for the year ended March 31, 2017
(Amount in thousands of Indian Rupees)
Particulars
Audited Year Ended
31st March 2017
Audited Year Ended
31st March 2016
Cash ow from operating activities (A)
Premium received from policyholders, including advance receipts 56,792,769 55,136,275
Payments to the re-insurers, net of commissions and claims (542,255) (543,283)
Application money deposit & due to Policy holders 253,087 844,430
Payments of commission and brokerage (2,425,257) (2,177,099)
Payments of other operating expenses (10,907,464) (5,608,189)
Payments of claims (50,110,557) (43,573,383)
Deposits & others (290,173) (25,710)
Other receipts 428,869 297,190
Income taxes paid (Net) (2,540) (2,298)
Service tax paid
(843,063) (963,215)
Cash ows before extraordinary items
(7,646,585) 3,384,718
Cash ow from extraordinary operations
- -
Net cash Inow / (outow) from operating activities (A)
(7,646,585) 3,384,718
Cash ow from investing activities (B)
Purchase of xed assets (473,950) (453,951)
Proceeds from sale of xed assets 9,432 7,314
Loan against Policies (9,400) (55,428)
Purchase of investment (2,170,454,703) (1,798,209,602)
Proceeds from sale of investment 2,161,718,165 1,780,581,762
Expenses related to investments (12,100) (10,282)
Interest received (net of tax deducted at source) 15,556,942 13,705,223
Dividend received
1,492,034
1,559,066
Net cash Inow / (Outow) from investing activities (B)
7,826,420 (2,875,898)
Cash ow from nancing activities (C)
Net cash used in nancing activities (C)
- -
Net Increase in cash and cash equivalents (D=A+B+C)
179,835 508,820
Cash and cash equivalents at beginning of the year
4,810,713 4,301,893
Cash and cash equivalents as at end of the year 4,990,548 4,810,713
Notes:
1. Cash and cash equivalents at end of the period / year includes:
Cash and Bank Balances 4,990,548 4,810,713
Cash and cash equivalents 4,990,548 4,810,713
Balance Sheet | Receipts and Payments account (Cash Flow Statement)
In terms of our report attached
For S. B. Billimoria & Co.
For Khimji Kunverji & Co.
For and on behalf of the Board of Directors
Chartered Accountants Chartered Accountants
ICAI Firm Registration No.101496W
ICAI Firm Registration No.105146W
Sanjiv V. Pilgaonkar Hasmukh Dedhia
Ajay Srinivasan Pinky Mehta B.N Puranmalka
Partner Partner
Chairman Director Director
Membership No.039826 Membership No.033494
(DIN-00121181) (DIN-00020429) (DIN-0007432)
Pankaj Razdan Amit Jain
Managing Director &
CEO (DIN-00061240)
Chief Financial Ofcer
Anil Kumar Singh Amber Gupta
Mumbai, 28th April 2017
Chief Actuarial Ofcer & Appointed Actuary
Company Secretary
Annual Report 2016-17
86
87
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
for the year ended Mar 31, 2017
SCHEDULE 1 - PREMIUM
(Amounts in thousands of Indian Rupees)
Particulars
Audited Year ended
31st March 2017
Audited Year ended
31st March 2016
1 First Year Premiums 24,648,317 21,734,327
2 Renewal Premiums 31,897,001 33,594,054
3 Single Premiums 694,233 468,744
Total Gross Premiums
57,239,551 55,797,125
Premium Income from Business written :
In India 57,239,551 55,797,125
Outside India - -
Total Premium 57,239,551 55,797,125
Note: Refer Schedule 16 Note 2 (c) (i)
SCHEDULE 2- COMMISSION EXPENSES
(Amounts in thousands of Indian Rupees)
Particulars
Audited Year ended
31st March 2017
Audited Year ended
31st March 2016
Commision Paid
Direct - First Year Premiums 1,614,549 1,183,083
Renewal Premiums 929,187 991,688
Single Premiums 6,863 5,838
Sub-total
2,550,599 2,180,609
Add:Commission on Re-insurance Accepted - -
Less:Commission on Re-insurance Ceded - -
Others - -
Net Commission
2,550,599 2,180,609
Breakup of Commission
Particulars
Individual Agents 1,910,609 1,678,933
Brokers 148,243 123,181
Corporate Agents 491,747 378,525
Referral - (30)
Total 2,550,599 2,180,609
Note: Refer Schedule 16 Note 2 (e)
Schedule
SCHEDULE
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULE 3 - OPEERATING EXPENSES RELATED TO INSURANCE BUSINESS
(Amounts in thousands of Indian Rupees)
Particulars
Audited Year ended
31st March 2017
Audited Year ended
31st March 2016
1 Employees’ remuneration, welfare benets and other manpower costs 4,991,121 4,989,538
2 Travel, conveyance and vehicle running expenses 241,935 223,466
3 Training expenses 89,910 129,049
4 Rents, rates and taxes 574,224 622,907
5 Repairs & maintenance 243,121 251,911
6 Printing and stationery 50,860 54,956
7 Communication expenses 154,376 195,761
8 Legal and professional charges 186,819 141,643
9 Medical fees 48,959 59,866
10 Auditor’s fees, expenses etc.
(a) i) as auditor 7,800 6,600
ii) out of pocket expenses 840 517
(b) as advisor or in any other capacity, in respect of
i) Taxation services / matters 150 150
ii) Management services 197 78
11 Advertisement and publicity 553,899 494,521
12 Interest and Bank Charges 62,494 80,188
13 Others: 1) Distribution expenses 570,533 378,368
2) Agents recruitment,seminar and other expenses 21,402 20,527
3) Recruitment and seminar expenses 92,804 88,157
4) IT expenses (including maintenance) 529,627 485,638
5) Policy stamps 188,594 183,620
6) (Prot)/Loss on sale of assets 3,502 (4,015)
7) Electricity expenses 142,116 148,229
8) Miscellaneous expenses 47,649 34,392
9) Outsourcing expenses 165,976 182,030
14 Depreciation 353,743 274,058
Total
9,322,651 9,042,155
Excess of EOM transferred to shareholders fund (Refer Schedule 16 note 43) (1,623,304) -
Total 7,699,347 9,042,155
SCHEDULE 3A - OPERATING EXPENSES OTHER THAN THOSE DIRECTLY RELATED TO
INSURANCE BUSINESS
(Amounts in thousands of Indian Rupees)
Particulars
Audited Year ended
31st March 2017
Audited Year ended
31st March 2016
1 Employees’ remuneration, welfare benets and other manpower costs 247,370 183,638
2 Auditors Fees ( Reporting Pack) 1,200 700
3 Legal and professional charges 12,379 8,926
4 Interest and bank charges 12,296 51,176
5 Others: Miscellaneous expenses 52,757 38,133
Total
326,002 282,573
Excess of EOM transferred to shareholders fund(Refer Schedule 16 note 43) 1,623,304 -
Total 1,949,306 282,573
Annual Report 2016-17
88
89
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
for the year ended Mar 31, 2017
SCHEDULE 4 - BENEFITS PAID (NET)
(Amounts in thousands of Indian Rupees)
Particulars
Audited Year ended
31st March 2017
Audited Year ended
31st March 2016
1 Insurance Claims
(a) Claims by Death 3,899,607 3,290,891
(b) Claims by Maturity 3,804,462 5,115,706
(c) Annuities / Pension payment 44,460 29,600
(d) Other benets
(i) Surrender 39,659,261 34,857,222
(ii) Riders 47,595 69,946
(iii) Health 11,180 5,269
(iv) Survival and Others 644,342 237,533
2 (Amount ceded in reinsurance):
(a) Claims by Death (1,583,870) (1,132,686)
(b) Claims by Maturity - -
(c) Annuities / Pension Payment - -
(d) Other benets (Health) (3,645) (2,538)
3 Amount accepted in reinsurance:
(a) Claims by Death - -
(b) Claims by Maturity - -
(c) Annuities / Pension Payment - -
(d) Other benets - -
Total
46,523,392 42,470,943
Benets paid to Claimants
1. In India 46,523,392 42,470,943
2. Outside India - -
Total 46,523,392 42,470,943
Note: Refer Schedule 16 Note 2 (d)
SCHEDULE 5 - SHARE CAPITAL
(Amounts in thousands of Indian Rupees)
Particulars
Audited Year ended
31st March 2017
Audited Year ended
31st March 2016
1 Authorised Capital
3,750,000,000 Equity Shares of ` 10/- each 37,500,000 37,500,000
2 Issued, Subscribed & Paid - up Capital
1,901,208,000 Equity Shares (Previous Year : 19,012,080 19,012,080
1,901,208,000 Equity Shares) of ` 10/- each fully paid up
Less:Preliminary Expenses - -
Total 19,012,080 19,012,080
Note: Of the above, 969,616,080 (Previous Year : 1,406,893,920 ) Equity Shares of ` 10 each held by Aditya Birla Nuvo Limited, were transferred on
24th March 2017 to Aditya Birla Financial Services Limited, the Holding company.
SCHEDULE 5A - PATTERN OF SHAREHOLDING (AS CERTIFIED BY THE MANAGEMENT)
Shareholder
Audited As at 31st March 2017
Audited As at 31st March 2016
Number of Shares % of Holding
Number of Shares % of Holding
Promoters:
Indian 969,616,080 51% 1,406,893,920 74%
Foreign 931,591,920 49% 494,314,080 26%
Others - - - -
Total 1,901,208,000 100% 1,901,208,000 100%
Schedule
SCHEDULE
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULE 6 - RESERVES AND SURPLUS
(Amounts in thousands of Indian Rupees)
Particulars
Audited
Audited
As at
31st March 2017
As at
31st March 2017
As at
31st March 2016
As at
31st March 2016
1 Capital Reserve -
2 Capital Redemption Reserve 682,920 682,920
3 Share Premium
Opening balance 2,000,028 2,000,028
Add: Additions during the year -
Less: Utilised during the year - 2,000,028 - 2,000,028
4 Revaluation Reserve -
5 General reserves -
Opening balance 406,127 406,127
Add: Additions during the year -
Less: Debit balance of Prot & Loss Account 406,127 406,127
Less: Amount Utilized during the year - - - -
6 Catastrophe Reserve -
7 Balance of prot in Prot and Loss Account - -
Total 2,682,948 2,682,948
SCHEDULE 7 - BORROWINGS
(Amounts in thousands of Indian Rupees)
Particulars
Audited As at
31st March 2017
Audited As at
31st March 2016
1 Debentures/Bonds - -
2 Banks - -
3 Financial Institutions - -
4 Others - -
Total - -
SCHEDULE 8 - INVESTMENTS - SHAREHOLDERS
(Amounts in thousands of Indian Rupees)
Particulars
Audited As at
31st March 2017
Audited As at
31st March 2016
Long Term investments
1 Government securities and Government
“guaranteed bonds including Treasury Bills (Refer note 6 & 7 below)” 5,110,633 6,148,690
2 Other Approved Securities 1,768,484 496,675
3 Other Investments
(a) Shares - -
(aa) Equity 299,559 -
(bb) Preference - -
(b) Mutual Funds - -
(c) Derivative Instruments - -
(d) Debentures / Bonds 3,282,316 2,619,927
(e) Other Securities 399,000 458,500
(f) Subsidiaries (Refer 2 below) 270,000 270,000
(g) Investment Properties-Real Estate - -
Annual Report 2016-17
90
91
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
for the year ended Mar 31, 2017
(Amounts in thousands of Indian Rupees)
Particulars
Audited As at
31st March 2017
Audited As at
31st March 2016
4 Investments in Infrastructure and Social Sector 3,520,224 3,606,019
5 Other than Approved Investments 793,713 786,961
Total (A)
15,443,929 14,386,772
Short Term Investments
1 Government securities and Government
guaranteed bonds including Treasury Bills 10,017 -
2 Other Approved Securities
- Fixed Deposits (Refer 8 below) 321,467 299,000
- Others 8,248 -
3 Other Investments - -
(a) Shares - -
(aa) Equity - -
(bb) Preference - -
(b) Mutual Funds 11,520 -
(c) Derivative Instruments - -
(d) Debentures / Bonds 191,001 77,500
(e) Other Securities - -
(f) Subsidiaries - -
(g) Investment Properties-Real Estate - -
4 Investments in Infrastructure and Social Sector 52,951 241,871
5 Outstanding trades - -
6 Other than Approved Investments - 2,061,142
Total (B)
595,204 2,679,513
TOTAL (A) + (B) 16,039,133 17,066,285
Notes:
1
Aggregate amount of Company’s investments (other than listed equity securities, mutual fund and derivative instruments) and the market value thereo
f.
(Amounts in thousands of Indian Rupees)
Particulars
As at
31st March 2017
As at
31st March 2016
Aggregate amount of Company’s investments other than listed equity securities, mutual
fund and derivative instruments
15,973,354 15,005,143
Market value of above Investments
16,827,936 15,487,608
2 Investments in subsidiary companies disclosed above at cost is ` 270,000 (Previous year ` 270,000)
3 Investments made out of Catastrophe reserve is ` Nil (Previous Year ` Nil)
4 Debt Securities are held to maturity and reduction in market values represent market conditions and not a permanent dimunition in
value of investments,if any.
5 Historical cost of Mutual Fund & Equity included above is, for Mutual Fund ` 11,520 (Previous Year: ` 2,057,319) and for equity `
732,500 (Previous year: ` 282,500)
6 Government securities amounting to ` 281,347 (Previous Year: ` 278,357) have been deposited with Clearing Corporation of India
Ltd. (CCIL) towards Settlement Guarantee Fund (SGF) deposit for trades in Security & CBLO through CCIL. These are part of the
Government securities disclosed in Long Term Investments.
7 Government securities amounting to ` 5,449 (Previous Year: ` NIL) have been deposited with Clearing Corporation of India Ltd.
(CCIL) towards Settlement Guarantee Fund (SGF) deposit for trades in Security & CBLO through CCIL for default fund. These are
part of the Government securities disclosed in Long Term Investments.
8 Fixed Deposit amounting to ` 207,978 (Previous Year: ` 199,000) and ` 53,989 (Previous Year: ` 50,000) have been placed with
National Securities Clearing Corporation Ltd. (NSCCL) and Indian Clearing Corporation Ltd. (ICCL) respectively towards margin
requirement for Equity trade settlement. These are part of the Fixed deposits disclosed in Short Term investments.
9 Refer Schedule 16 Note 2 (f)
SCHEDULE 8 - INVESTMENTS - SHAREHOLDERS (CONTD.)
Schedule
SCHEDULE
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULE 8A - INVESTMENTS - POLICYHOLDERS
(Amounts in thousands of Indian Rupees)
Particulars
Audited As at
31st March 2017
Audited As at
31st March 2016
Long Term Investments
1 Government securities and Government
guaranteed bonds including Treasury Bills (Refer note 6 below) 37,454,969 292,83,274
2 Other Approved Securities 2,969,717 12,71,912
3 Other Investments
(a) Shares - -
(aa) Equity 6,934,361 2,507,793
(bb) Preference 2,572 2,450
(b) Mutual Funds - -
(c) Derivative Instruments - -
(d) Debentures / Bonds 13,386,239 7,314,586
(e) Other Securities 611,000 735,200
(f) Subsidiaries (Refer 2 below) - -
(g) Investment Properties-Real Estate - -
4 Investment in Infrastructure and Social Sector 13,188,286 10,343,265
5 Other than Approved Investments 1,614,388 1,564,638
Total (A)
76,161,532 53,023,118
Short Term Investments
1 Government securities and Government
guaranteed bonds including Treasury Bills 199,464 263,010
2 Other Approved Securities
- Fixed Deposits 129,200 20,000
- Others 690,738 1,601,242
3 Other Investments
(a) Shares
(aa) Equity - -
(bb) Preference - -
(b) Mutual funds 2,655,224 789,978
(c) Derivative Instruments - -
(d) Debentures / Bonds 350,736 209,645
(e) Other Securities - -
(f) Subsidiaries - -
(g) Investment Properties-Real Estate - -
3 Investment in Infrastructure and Social Sector 125,207 224,588
4 Other than Approved Investments - 688,029
Total (B)
4,150,569 3,796,492
TOTAL (A) + (B) 80,312,101 56,819,610
Notes:
1
Aggregate amount of Company’s investments (other than listed equity securities, mutual fund and derivative instruments) and the market value thereof.
(Amounts in thousands of Indian Rupees)
Particulars
As at
31st March 2017
As at
31st March 2016
Aggregate amount of Company’s investments other than listed equity securities, mutual
fund and derivative instruments.
71,465,105 52,450,421
Market value of above Investments
74,836,719 54,017,124
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 (Previous Year ` 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, for Mutual Fund ` 2,662,377 (Previous Year: ` 1,481,646) and for Equity
` 7,695,804 (Previous year: ` 3,147,521)
6 Refer Schedule 16 Note 2(f)
Annual Report 2016-17
92
93
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
for the year ended Mar 31, 2017
SCHEDULE 8B - ASSETS HELD TO COVER LINKED LIABILITIES
(Amounts in thousands of Indian Rupees)
Particulars
Audited As at
31st March 2017
Audited As at
31st March 2016
Long Term Investments
1 Government securities and Government guaranteed bonds including Treasury Bills 46,550,117 515,75,929
2 Other Approved Securities 2,346,156 10,83,203
3 Other Investments
(a) Shares - -
(aa) Equity 80,819,225 73,312,867
(bb) Preference 103,206 98,291
(b) Mutual Funds - -
(c) Derivative Instruments - -
(d) Debentures / Bonds 27,652,303 23,436,477
(e) Other Securities 1,429,800 1,892,000
(f) Subsidiaries - -
(g) Investment Properties-Real Estate - -
4 Investments in Infrastructure and Social Sector 51,688,450 48,487,775
5 Other than Approved Investments 9,699,347 3,691,771
Total (A)
220,288,604 203,578,313
Short Term Investments
1 Government securities and Government guaranteed bonds including Treasury Bills
(Refer note 5 below)
6,141,959 1,632,504
2 Other Approved Securities
- Fixed Deposits 860,200 1,261,600
- Others 3,926,651 9,668,059
3 Other Investments
(a) Shares - -
(aa) Equity - -
(bb) Preference - -
(b) Mutual Funds 8,632,121 -
(c) Derivative Instruments - -
(d) Debentures / Bonds 1,974,162 3,794,345
(e) Other Securities - -
(d) Application Money - -
(f) Subsidiaries - -
(g) Investment Properties-Real Estate - -
3 Investments in Infrastructure and Social Sector 1,647,889 846,743
4 Other than Approved Investments 101,039 9,191,999
Total (B)
23,284,021 26,395,250
Other Assets
1 Bank Balances 4,901 15,455
2 Interest Accrued & Dividend Receivable 4,471,412 4,332,366
3 Fund Charges - -
4 Outstanding Contracts (Net) 828,278 (93,834)
Total (C)
5,304,591 4,253,987
TOTAL (A) + (B) + ( C) 248,877,216 234,227,550
Notes
1 Investments in holding companies at cost is ` 498,960 (Face value ` 500,000) (Previous year ` 496,308 Face Value ` 500,000).
2 Investments made out of Catastrophe reserve is ` Nil (Previous Year ` Nil)
3 Debt Securities are held to maturity and reduction in market values represent market conditions and not a permanent dimunition
in value of investments,if any.
4 Historical cost of Mutual Fund & Equity included above is, for Mutual Fund ` 10,796,929 (Previous Year: ` 9,619,557) and for equity
` 82,257,555 (Previous year: ` 82,134,801)
5 Refer Schedule 16 Note 2 (f)
Schedule
SCHEDULE
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULE 9 - LOANS
(Amounts in thousands of Indian Rupees)
Particulars
Audited As at
31st March 2017
Audited As at
31st March 2016
1 Security-wise classication
Secured
(a) On mortgage of property
(aa) In India - -
(bb) Outside India - -
(b) On Shares,Bonds,Govt. Securities,etc - -
(c) Loans against Policies 537,204 478,398
(d) Others - -
Unsecured - -
Total
537,204 478,398
2 Borrower-wise classication
(a) Central and State Governments - -
(b) Banks and Financial Institutions - -
(c) Subsidiaries - -
(d) Companies - -
(e) Loans against Policies 537,204 478,398
(f) Others - -
Total
537,204 478,398
3 Performance-wise classication
(a) Loans classied as standard
(aa) In India 537,204 478,398
(bb) Outside India - -
(b) Non-standard loans less provisions
(aa) In India - -
(bb) Outside India - -
Total
537,204 478,398
4 Maturity-wise classication
(a) Short-Term 14,601 3,365
(b) Long-Term 522,603 475,033
Total 537,204 478,398
Note: Refer Schedule 16 Note 2 (g)
Annual Report 2016-17
94
95
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
for the year ended Mar 31, 2017
SCHEDULE 10 - FIXED ASSETS
(Amounts in thousands of Indian Rupees)
Particulars
Cost/ Gross Block Depreciation Net Block
As on
April 1,
2016
Additions On Sales/
Adjustments
As on
March 31,
2017
As on
April 1,
2016
For the year On Sales/
Adjustments
As on
March 31,
2017
As on
March 31,
2017
As on
March 31,
2016
Goodwill - - - - - - - - - -
Intangibles (Software) 1,284,527 295,398 3,886 1,576,039 1,049,641 180,868 939 1,229,570 346,469 234,886
Land-Freehold - - - - - - - - - -
Leasehold property - - - - - - - - -
Buildings - - - - - - - - - -
Furniture & Fittings 127,936 22,169 11,797 138,308 101,799 15,569 9,754 107,614 30,694 26,137
Information Technology Equipment 789,535 87,958 47,599 829,894 594,321 107,908 47,483 654,746 175,148 195,214
Vehicles 10,523 22,210 6,518 26,215 5,320 4,364 3,328 6,356 19,859 5,203
Ofce Equipment 197,242 21,142 11,916 206,468 166,273 16,961 11,194 172,040 34,428 30,969
Others (Leasehold Improvements) 362,431 33,534 47,715 348,250 301,898 28,072 43,799 286,171 62,079 60,533
TOTAL
2,772,194 482,411 129,431 3,125,174 2,219,252 353,742 116,497 2,456,497 668,677 552,942
Capital Work in Progress (Including Capital
Advances)
- - - - 140,823 93,230
GRAND TOTAL
2,772,194 482,411 129,431 3,125,174 2,219,252 353,742 116,497 2,456,497 809,500 646,172
Previous Year
2,487,045 410,833 125,684 2,772,194 2,067,577 274,059 122,384 2,219,252 646,172 491,661
1. Refer Schedule 16 Note 2 (h)
2. Sale / Adjustments as appearing in gross block includes closure of branches & assets write off thereon
3. All software are other than those generated internally.
Schedule
SCHEDULE
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
Schedule 10 - Fixed Assets
(Amounts in thousands of Indian Rupees)
Particulars
Cost/ Gross Block Depreciation Net B lock
As on
April 1,
2015
Additions
On Sales/
Adjustments
As on
March,
2016
As on
April 1,
2015
For the year
On Sales/
Adjustments
As on
March,
2016
As on
March,
2016
As on
March 31,
2015
Goodwill - - - - - - - - - -
Intangibles (Software) 1,125,761 158,766 - 1,284,527 927,356 122,285 - 1,049,641 234,886 198,405
Land-Freehold - - - - - - - - - -
Leasehold property - - - - - - - - - -
Buildings - - - - - - - - - -
Furniture & Fittings 114,974 20,927 7,965 127,936 93,802 15,894 7,897 101,799 26,137 21,172
Information Technology Equipment 692,070 191,622 94,157 789,535 589,321 97,627 92,627 594,321 1,95,214 102,749
Vehicles 13,595 2,478 5,550 10,523 6,576 2,603 3,859 5,320 5,203 7,020
Ofce Equipment 196,376 16,832 15,966 197,242 170,522 11,706 15,955 166,273 30,969 25,854
Others (Leasehold Improvements) 344,269 20,208 2,046 362,431 280,000 23,944 2,046 301,898 60,533 64,269
TOTAL
2,487,045 410,833 125,684 2,772,194 2,067,577 274,059 122,384 2,219,252 552,942 419,468
Ingenium Work In Progress - - - - - -
Capital Work in Progress (Including
Capital Advances)
- - - - 93,230 72,193
GRAND TOTAL
2,487,045 410,833 125,684 2,772,194 2,067,577 274,059 122,384 2,219,252 646,172 491,661
Previous Year
2,345,918 277,465 136,764 2,486,620 1,996,173 190,206 119,228 2,067,152 491,661 399,243
Note:
1. Refer Schedule 16 Note 2 (h)
2. Sale / Adjustments as appearing in gross block includes closure of branches & assets write off thereon
3. Jointly held assets which form part of Schedule 10
Annual Report 2016-17
96
97
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
for the year ended Mar 31, 2017
SCHEDULE 11 - CASH AND BANK BALANCES
(Amounts in thousands of Indian Rupees)
Particulars
Audited As at
31st March 2017
Audited As at
31st March 2016
1
Cash (including cheques on hand ` 823,960/- Previous year ` 661,178/-)
(Stamps on hand ` 244/- Previous year ` 356/- )
1,025,145 881,491
2 Bank Balances
(a) Deposit Accounts
(aa) Short - term (due within 12 months) 1,773,290 2,456,841
(ab) Others - -
(b) Current Accounts 2,192,113 1,472,381
(c) Others - -
3 Money at Call and Short Notice
(a) With Banks - -
(b) With other Institutions - -
4 Others
- -
Total
4,990,548 4,810,713
Balances with non-scheduled banks included in 2 above - -
Cash and Bank Balances
1. In India 4,990,548 4,810,713
2. Outside India
- -
SCHEDULE 12 - ADVANCES AND OTHER ASSETS
(Amounts in thousands of Indian Rupees)
Particulars
Audited As at
31st March 2017
Audited As at
31st March 2017
Audited As at
31st March 2016
Audited As at
31st March 2016
Advances
1 Reserve deposits with ceding companies - -
2 Application money for investments - -
3 Prepayments 196,853 190,295
4 Advances to Directors / Ofcers - -
5 Advance tax paid and taxes deducted at source. 13,685 10,992
6 Other advances
a) Advance to Suppliers/Contractors 109,235 74,103
b) Others 9,290 17,164
Total (A)
329,063 292,554
Other Assets
1 Income accrued on investments 2,903,567 2,191,039
2 Outstanding Premiums 1,339,866 1,108,646
3 Agent’s Balances (gross) 16,393 24,272
Less: Provision for doubtful debts - 16,393 - 24,272
4 Foreign Agencies Balances - -
5
Due from other entities carrying on insurance business
285,895 46,194
6 Due from Subsidiary company 12,536 1,748
7 Deposit with Reserve Bank of India - -
8 Service Tax unutilised credits 97,564 229,071
Less: Provision for Service Tax unutilised credits - 97,564 - 229,071
9 Others-
Deposits & Others 649,064 358,890
Outstanding Trades 51,296 523,486
Insurance Policies (Leave Encashment) 268,154 235,214
Unclaimed Fund 2,348,652 -
Total (B)
7,972,987 4,718,560
Total (A+B) 8,302,050 5,011,114
Schedule
SCHEDULE
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULE 13 - CURRENT LIABILITIES
(Amounts in thousands of Indian Rupees)
Particulars
Audited As at
31st March 2017
Audited As at
31st March 2016
1 Agent’s Balance 617,180 511,588
2 Balances due to other insurance companies 81,358 67,352
3 Deposits held on re-insurance ceded - -
4 Premiums received in advance 153,902 433,758
5 Unallocated premiums 54,144 47,600
6 Sundry creditors* 2,618,084 2,471,272
7 Due to Subsidiaries/ holding company - -
8 Claims outstanding 101,391 108,364
9 Annuities Due - -
10 Due to Ofcers/Directors - -
11 Others
(a) Policy Application and other Deposits 715,195 815,971
(b) Due to Policyholders 860,842 1,299,903
(c) Taxes Payable 205,455 199,343
(d) Temporary Overdraft (as per books only) - -
(e) Unclaimed amounts of policyholders 2,362,495 2,309,924
(f) Interim dividend payable - -
Total 7,770,046 8,265,075
*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
2017 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 identied on the basis of information available with the Company.
SCHEDULE 14 - PROVISIONS
(Amounts in thousands of Indian Rupees)
Particulars
Audited As at
31st March 2017
Audited As at
31st March 2016
1 For taxation
Provision for wealth tax - -
2 For proposed dividends - -
3 For dividend distribution tax - -
4 Others
a) Provision for long term bonus plan [Refer Schedule 16, Note 25] 116,871 103,935
b) Provision for renewal bonus - -
c) Provision for gratuity 10,260 8,498
d) Provision for leave encashment [Refer Schedule 16, Note 26(a)(ii)] 125,409 118,651
Total 252,540 231,084
SCHEDULE 15 - MISCELLANEOUS EXPENDITURE
(To the extent not written off or adjusted)
(Amounts in thousands of Indian Rupees)
Particulars
Audited As at
31st March 2017
Audited As at
31st March 2016
1 Discount Allowed in issue of shares/debentures - -
2 Others - -
Total - -
Annual Report 2016-17
98
99
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
forming part of the Financial Statements for the year ended Mar 31, 2017
Schedule 16 Notes to the Financial Statements
1 Background
Birla Sun Life Insurance Company Limited (‘the
Company’ or ‘BSLI’), 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 (‘IRDAI’) on 31st January 2001. It was
incorporated on August 4, 2000 as a Company under
the Companies Act, 2013 (‘the Act’). The Insurance
Regulatory and Development Authority of India
(IRDAI) vide its circular dated 7th April, 2015 bearing
reference number IRDAI/F&A/CIR/ GLD/062/04/2015
has pursuant to amendment in Insurance Laws (
Amendment) Act 2015 to Section 3A of the Insurance
Act, 1938, discontinued the requirement to apply for
Renewal Certicate of Registration (IRDAI/R6) on an
annual basis. Accordingly, upon payment of the annual
fees for the nancial year 2017-18, the certicate of
registration which was valid for nancial year ended
March 31, 2017 shall continue to be valid for nancial
year ended March 31, 2018 and the same is in force as
on the date of this report.
The Company is a subsidiary of Aditya Birla Financial
Services Limited (with effect from 24th March, 2017,
previously held by Aditya Birla Nuvo Limited - Now
ultimate holding entity), a company of the Aditya Birla
Group of India (51 percent). Further, Sun Life Financials
(India) Insurance Investments Inc., subsidiary of Sun
Life Assurance Company of Cananda holds 49 percent
of share capital. This business span across individual
and group products and covers participating, non-
participating and unit linked lines of businesses. Riders
covering additional benets are offered under these
products. These products are distributed through
individual agents, corporate agents, banks, brokers
and other intermediaries across the country.
2 Signicant Accounting Policies
a) Basis of Preparation
The accompanying nancial statements have been
prepared and presented under the historical cost
convention, on the accrual basis of accounting, in
accordance with accounting principles generally
accepted in India, including the provisions of
the Insurance Act, 1938 (the “Insurance Act”) as
amended by the Insurance Laws (Amendment)
Act 2015, the Insurance Regulatory and
Development Authority (Preparation of Financial
Statements and Auditor’s Report of Insurance
Companies) Regulations, 2002 (the “IRDAI
Financial Statements Regulations”), orders/
directions issued by the Insurance Regulatory and
Development Authority of India (the “IRDAI”) in
this regard, the Accounting Standards specied
under Section 133 of the Companies Act,2013 to
the extent applicable and various circulars issued
by IRDAI 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 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 nancial
statements. The estimates and assumptions
used in the nancial statements are based upon
management’s evaluation of the relevant facts
and circumstances as on date of the nancial
statement. Any revision to accounting estimates
is recognized 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 benets plans and the useful lives of
xed assets, etc. Actual results could differ from
these estimates.
c) Revenue Recognition
i) Premium Income
Premium is recognized as income when due
from policyholders. For unit linked business,
premium income is recognized when the
associated units are created. Premium on
lapsed policies is recognized as income
when such policies are reinstated. In case
of linked business, top up premium paid
by policyholders are considered as single
premium and are unitized as prescribed by
SCHEDULE
forming part of the Financial Statements for the year ended Mar 31, 2017
Schedule
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
IRDAI Financial Statements Regulations. This
premium is recognized when the associated
units are created.
ii) Income from Investments
Interest income on investments is recognized
on accrual basis. Amortization of discount/
premium relating to the debt securities (in
case of non link policy holders) and money
market securities is recognized over the
remaining maturity period on a straight-line
basis.
Dividend income is recognized on ex-date.
The realised prot/loss on debt/money
market securities for other than linked
business is the difference between the net
sale consideration and the amortized cost.
The realised prot/loss on debt securities
held for linked business is difference between
net sale consideration and weighted average
cost and for money market securities it is the
difference between the net sale consideration
and the amortised cost.
The realised prot/loss on sale of equity
shares and equity related instruments/
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 is
recognized 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
recognized when due.
Interest income on loans is recognized
on an accrual basis and disclosed under
other income.
d) Benets Paid (Including Claims)
Death and other claims are accounted for,
when notied. Survival and maturity benets 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 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 / notications
issued by the IRDAI in this context from time to
time.
Investments are recorded at cost on the date of
purchase, which includes brokerage and stamp
duty, taxes, setup cost, transaction charges or
any other charges included in broker note.
Brokerage and transaction cost which are
incurred for the purpose of execution of trade and
is included in the cost of investment.
i. Classication
Investments maturing within twelve months
from the balance sheet date are classied as
short-term investments.
Annual Report 2016-17
100
101
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
forming part of the Financial Statements for the year ended Mar 31, 2017
Investments other than short-term
investments are classied as long-term
investments.
ii. Debt securities
Policyholders’ non-linked funds and
shareholders’ investments:
All debt securities, including Central
and State government securities
(Government securities), are
considered as ‘held to maturity’
and stated at amortized cost. The
discount or premium which is the
difference between the purchase price
and the redemption amount of xed
income securities is amortized and
recognized in the revenue account, on
a straight line basis over the remaining
period to maturity of these securities
Additional Tier 1 (BASEL III) bonds are
valued using average of the security
level valuation provided by CRISIL
& ICRA.
Policyholders’ linked funds:
All debt securities, including
Government securities (excluding T
Bills), under policyholders’ linked funds
are valued using average of the security
level valuation provided by CRISIL &
ICRA. The discount or premium on
money market instruments (including
T Bills) which is the difference between
the purchase price and the redemption
amount is amortized and recognized
in the revenue account on a straight
line basis over the remaining period to
maturity of these securities.
iii. Equity shares/Preference shares &
Exchange traded funds:
Listed equity/preference shares, Exchange
traded funds 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/preference, Exchange traded funds
shares acquired through primary markets
and awaiting listing are valued as per
the valuation policy of the Company duly
approved by Investment Committee.
Unlisted equity/preference 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.
Social Venture Fund/ Venture Capital Funds
are valued at last available NAV.
iv. Mutual Funds
Mutual Funds are valued on previous day’s
net asset value published by the respective
mutual funds.
v. Gain / loss on equity, preference shares
and mutual funds
Unrealized gains / losses are recognized in
the respective fund’s revenue account as fair
value change in case of linked funds.
Unrealized gain / loss due to changes in
fair value of listed equity/preference 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 recognized as an expense in
the Revenue / Prot & Loss account.
vi. Investment transfer
Transfers of Investments from Shareholders’
funds to the Policyholders’ funds are
affected at the lower of amortized 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 the
methodology specied in the Inter Fund
SCHEDULE
forming part of the Financial Statements for the year ended Mar 31, 2017
Schedule
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
transfer policy approved by the Investment
committee. Inter fund transfer of equity are
done during market hours at the prevailing
market price.Inter-fund transfer of debt
securities relating to Linked Policyholders’
Funds is effected at last available market
value as per the methodology specied in
the Inter Fund transfer policy approved by
the 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 recognized as an expense in Revenue/
Prot 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 recognized
as expense in Revenue/ Prot and Loss
Account. Any reversal of impairment loss,
earlier recognized in prot and loss account
shall be recognized in Revenue/ Prot and
Loss account.
g) Loans Against Policies
Loans against policies are valued at the aggregate
of book values (net of repayments) plus capitalized
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 xed
assets is expensed out in the year of expense
except where such expenditure increases the
future economic benets from the existing
assets.
Advances paid towards the acquisition of
xed assets outstanding at each balance
sheet date and the cost of xed assets
not ready for its intended use before such
date are disclosed under capital work-
in-progress.
Assets costing upto ` 5 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 II to the Companies
Act, 2013. Depreciation on xed assets
is provided using the straight-line method
based on the economic useful life of assets
as estimated by the management is as
below;
S
No.
Assets Type
Estimated
Useful life (Years)
1 Leasehold Improvements
and Furniture and ttings
at leased premises
5 years or the maximum
renewable period of the respective
leases, whichever is lower
2 Furniture & ttings (other
than (1) above)
5
3 Information Technology
Equipment
3
4 Vehicles 4/5
5 Ofce Equipment 5
6 Mobile Phones (included
in ofce equipment under
schedule 10)
2
Any additions to the original xed assets are
depreciated over the remaining useful life of
the original asset.
During the current year, Management
purchased used assets, in the nature of
a) Leasehold improvements and Furtniture
and ttings at leased premises, b) Furniture
& ttings and c) Ofce Equipment.
Depreciation on xed assets is provided
using the straight-line method based on the
economic useful life of assets as estimated
by the management is as below:-
S
No.
Assets Type
Estimated Useful
life (Years)
1 Leasehold Improvements and Furniture
and ttings at leased premises
3
2 Furniture & ttings (other than (1) above) 3
3 Ofce Equipment 3
ii. Intangibles
Intangible assets comprise of software
licenses which are stated at cost less
amortization. Software expenses exceeding
Annual Report 2016-17
102
103
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
forming part of the Financial Statements for the year ended Mar 31, 2017
` 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 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 reected at the recoverable amount, subject
to maximum of depreciable historical cost.
i) Operating Leases
The Company classies leases, where the lessor
effectively retains substantially all the risks and
benets of ownership over the lease term, as
Operating Leases. Operating lease rentals are
recognized as an expense on a straight line basis
over the lease period.
j) Employee Benets
i. Short Term Employee Benets
All employee benets payable within twelve
months of rendering the service are classied
as short-term employee benets. Benets
such as salaries & bonuses are recognized
in the period in which the employee renders
the related service.
ii. Long Term Employement Benets
The Company has both dened contribution
and dened benet plans. These plans are
nanced by the Company.
Dened Contribution Plans:
The Company dened contribution schemes
for superannuation and provident fund to
provide retirement benets to its employees.
Contributions to the superannuation
schemes are made on a monthly basis and
charged to revenue account when due.
Dened Benet Plans:
Gratuity liability is dened benet obligation
and is funded. The Company accounts for
liability for future gratuity benets based
on independent actuarial valuation under
revised Accounting Standard 15 (AS 15) on
‘Employee Benets’.
“Provident Fund contributions are made to
a Trust, administered by the Company. The
interest rate payable to the members of the
Trust shall not be lower than the statutory
rate of interest declared by the Central
Government under the Employees’ Provident
Funds and Miscellaneous Provisions Act,
1952, and shortfall, if any, shall be made good
by the Company. The Company’s liability is
actuarially determined (using the Projected
Unit Credit Method) at the end of the year
and any shortfall in the Fund size maintained
by the Trust set up by the Company is
additionally provided for. Actuarial losses/
gains are recognized in the Statement of
Prot and Loss in the year in which they arise.
The Company also has deferred
compensation plans with the objective of
employee retention.”
iii. Other Employee Benets
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.
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 rst year
SCHEDULE
forming part of the Financial Statements for the year ended Mar 31, 2017
Schedule
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
commission / incentives against receipt of the
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
reected, in the revenue account or the prot and
loss account, as the case may be.
m) Segment Reporting
As per Accounting Standard 17 (AS 17) on
‘Segment Reporting’ read with the “Preparation
of Financial Statements and Auditor’s Report of
Insurance Companies, Regulations 2002” and
the Insurance Laws (Amendment) Act 2015,
the Company is required to report segment
results separately for linked, non-linked, health
and pension businesses. The business is
broadly classied as Participating non-linked,
Non Participating Unit Linked and Non Linked
businesses, which are further segmented into
Individual Life, Group Life, Group Life Variable,
Individual Pension,Annuity Individual, Group
Pension, Group Pension Variable 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, other Income, expenses,
assets and liabilities directly attributable
and identiable to business segments, are
allocated on actual basis; and
Revenues, other income, other expenses,
assets and liabilities which are not directly
identiable though attributable to a business
segment, are allocated on the following
basis, as considered appropriate by the
management:
Gross premium;
First year commission;
Sum assured;
Policy liability;
Asset under management;
New Business Policy Count;
Enforce policy count
n) Taxation
i. Direct Taxes
The Income-Tax Act, 1961 prescribes that
prots and gains of life insurance Companies
will be the surplus or decit disclosed by the
actuarial valuation made in accordancewith
the Insurance Act, 1938 as amended by the
Insurance Laws (Amendment) Act 2015.
Deferred income tax is recognized for
future tax consequences attributable to
timing differences between income as
determined by the nancial statements and
the recognition for income tax purposes. The
effect on deferred tax assets and liabilities
of a change in tax rates is recognized using
the tax rates and tax laws that have been
enacted or substantively enacted by the
balance sheet date.
Deferred tax assets are recognized only
to the extent there is reasonable certainty
that the assets can be realized in future.
However, where there is unabsorbed
depreciation or carried forward loss under
taxation law, deferred tax assets are
recognized only if there is virtual certainty
backed by convincing evidence that such
deferred assets can be realized. Deferred
tax assets are reviewed as at each balance
sheet date and written down or written up
Annual Report 2016-17
104
105
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
forming part of the Financial Statements for the year ended Mar 31, 2017
to reect the amount that is reasonably or
virtually certain, as the case may be, to
be realized.
ii. Indirect Taxes
The Company claims credit of service tax for
input services, which is set off against tax on
output services. The unutilised credits, if any
are carried forward to the future period for
set off where there is reasonable certainty of
utilization.
o) Provisions and Contingencies
A provision is recognized when the Company has
a present legal obligation as a result of past event/s
and it is probable that an outow 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 reect current best estimates. A disclosure for
contingent liability is made when there is a possible
obligation or present obligations that may, but
probably will not, require an outow 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 outow of
resources is remote, no provision or disclosure is
made. A contingent asset is neither recognized
nor disclosed.
p) Funds for Future Appropriation
The balance in the funds for future appropriations
account represents funds, the allocation of
which, either to participating Policyholders or to
Shareholders, has not been determined at the
Balance Sheet date. Transfers to and from the
fund reect the excess or decit of income over
expenses and appropriations in each accounting
period arising in the Company’s Policyholders’
fund. In respect of Participating policies any
allocation to the policyholder would also give
rise to a shareholder transfer in the required
proportion.
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.
q) Earnings Per Share
Basic earnings per share are calculated by dividing
the net prot 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
earnings per share, the net prot 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.
r) Cash and Cash Equivalents
Cash and cash equivalents for the purposes of
Receipts and Payments account include cash
and cheques in hand; bank balances liquid mutual
funds and other investments with original maturity
of three months or less which are subject to
insignicant risk of changes in value.
s) Receipts and Payments Account
Receipts and Payments Account is prepared
and reported using the Direct Method, in
conformity with para 1.1 (i) of the Master Circular
on Preparation of Financial Statements and
Filing Returns of Life Insurance Business dated
December 11, 2013 issued by the IRDAI.
SCHEDULE
forming part of the Financial Statements for the year ended Mar 31, 2017
Schedule
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
3 Contingent Liabilities
(Amounts in thousands of Indian Rupees)
Sr No Particulars
Current Year
Previous Year
1 Partly paid-up investments 255 Nil
2 Claims, other than against policies, not acknowledged as debts by the
Company
1,00,325 24,764
3 Underwriting commitments outstanding Nil Nil
4 Guarantees given by or on behalf of the Company Nil Nil
5 Statutory demands / liabilities in dispute, not provided for Refer Note Below Refer Note Below
6 Reinsurance obligations to the extent not provided for in the accounts Nil Nil
7 Others *
2,27,828 2,21,379
* Represents potential liability to the Company (net of reinsurance) in respect of cases led against the Company’s decision of repudiation of
death claims and customer complaints.
Note: -
The Company has received Show Cause-Cum-Demand notices for earlier period relating to Service Tax demands of ` 398,203
as at 31st March, 2017, (As at 31st March, 2016 ` 398,203) plus applicable interest and penalty. Basis legal opinion obtained,
management is of the opinion that these show-cause cum demand notices are not legally tenable and decided to contest at
appellate authority.
4 Percentage of Business Sector-wise
Particulars
Number of Individual
life policies
Number of Individual
lives covered
Number of Group
Schemes issued
Number of Group
lives covered
First year and
single premium
Total Business 302,424 297,452 573 1,634,153 25,342,550
287,104 228,344 506 1,442,336 22,203,071
Rural Sector 65,465 51,465 - - 80,997
61,843 52,446 - - 4,762
As a % of Total
Business
21.65% 17.30% - - -
21.54% 22.97% - - -
Social Sector 67,813 56,898 56 40,923 6,738
71,367 60,846 40 32,787 6,781
As a % of Total
Business
22.42% 19.13% - - -
24.86% 26.65% - - -
# Previous year amounts are in italics
Amount of ` 26.93 Lacs from Individual rural business is qualifying for social business and is included in social premium.
Out of 62,156 policies from Individual rural business 62,155 policies are qualifying for social sector business.
Social Business obligation for the current year is 86,452 lives, against which total live sourced during the year is 97,821 lives.
Note: Basis the provisions in the regulation 15 (2) of the IRDAI (Micro Insurance) Regulations, 2005; customers from the rural policy
database meet with the social sector denition and can therefore be reckoned under both rural sector obligation and the social sector
obligation for FY 16-17 as specied under the IRDAI (Obligations of Insurers to Rural or Social Sectors) Regulations, 2002. Basis the
above the total social sector lives covered for the year FY 16-17 is 56,898 Lives.
Annual Report 2016-17
106
107
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
forming part of the Financial Statements for the year ended Mar 31, 2017
5 Benets paid includes charges in respect of discount allowed to the policyholders’ amounting to ` 10,482 (Previous
year ` 31,289) for advance payment of future premiums subject to prepayment conditions.
6 Contribution from Shareholders’/ Policyholders’ Account
The net decit of ` 1,719,890 (Previous year : ` 244,206) based on the actuarial valuation made in accordance with
the Insurance Act, 1938 and the Insurance Laws (Amendment) Act 2015, and as certied by the appointed actuary is
being transferred from policyholders’ account to shareholders’ account. The details are tabulated below:
(Amounts in thousands of Indian Rupees)
Surplus / (Decit) of Business Segments
Current Year
Previous Year
Non Par Linked
Individual 2,893,061 3,185,653
Group 90,389 27,473
Individual Pensions (54,557) (183,310)
Group Pensions 19,036 33,690
Health 18,613 85,954
Non Par Non Linked
Individual (881,461) (313,816)
Group 278,070 121,160
Group Life Variable (19,343) (25,865)
Individual Pensions 5,576 36,792
Annuity Individual 16,798 18,098
Group Pensions (30,218) (10,861)
Group Pension Variable (32,043) (35,708)
Health 28,342 (43,362)
Par Non Linked
Individual (612,367) (2,651,692)
Contribution from Shareholders
1,629,995 3,264,614
Transfer to shareholders
3,349,885 3,508,820
Net Surplus for Policyholders
1,719,890 244,206
7 Operating Lease Commitments
In accordance with Accounting Standard 19 (AS 19) on ‘Leases’, the details of leasing arrangements entered into by
the Company are as under:
The Company has entered into agreements in the nature of cancellable and non-cancellable lease / leave and
license agreements with different lessors / licensors for the purpose of establishment of ofce premises, leasehold
improvements, furniture and xtures, information technology and ofce equipments. These are generally in the nature
of operating leases/ leave and licenses.
SCHEDULE
forming part of the Financial Statements for the year ended Mar 31, 2017
Schedule
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
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:
(Amounts in thousands of Indian Rupees)
Particulars
Current Year
Previous Year
Total lease rentals charged to Revenue Account 425,583 515,276
Lease obligations for operating leases -
- Within one year of the balance sheet date 404,671 408,648
- Due in a period between one year and ve years 919,014 639,962
- Due after ve years
87,668 145,994
8 Foreign Exchange Gain / (Loss)
The Company has recorded foreign exchange gain of ` 1,183 in the Revenue Account and the same is included under
“Interest and Bank Charges” in Schedule 3 (Previous Year loss ` 2,645)
9 Managerial Remuneration
The appointment of managerial personnel is in accordance with the requirements of Section 34A of the Insurance Act,
1938 and the Insurance Laws (Amendment) Act 2015 is approved by the IRDAI
(Amounts in thousands of Indian Rupees)
Particulars
Current Year
Previous Year
Salary 15,782 14,280
Other allowances 36,008 42,647
Contribution to :
- Provident fund 1,894 1,714
- Superannuation fund 2,367 1,586
Perquisites 11,174 7,924
Total* 67,225 68,151
*Of the above,amount of ` 52,225/- (previous year ` 53,151) 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.
10 As required by circular no.067/IRDAI/F&A/CIR/MAR-08 dated 28th March 2008. Break up of Operating expenses
incurred under the following heads; (Previous year gures are presented in brackets)
(Amounts in thousands of Indian Rupees)
Particulars
Business
Development
Outsourcing
Marketing
Expense
Agents recruitment, seminar and other expenses 21,402 - -
(20,527) - -
Distribution Expenses 570,533 - -
(378,368) - -
Advertisement and Publicity Expenses - - 553,899
- - (494,521)
Recruitment and seminar Expenses 92,804 - -
(88,157) - -
Outsourcing expenses - 165,976 -
- (182,030) -
Total
684,739 165,976 553,899
(487,052) (182,030) (494,521)
Annual Report 2016-17
108
109
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
forming part of the Financial Statements for the year ended Mar 31, 2017
11 Earnings Per Share
(Amounts in thousands of Indian Rupees)
Particulars
Current Year
Previous Year
Prot / (loss) as per prot and loss account 1,228,193 1,399,994
Weighted average number of equity shares (Nos of shares in 000) 1,901,208 1,901,208
Earnings per share (Basic and Diluted) in ` 0.65 0.74
Face Value per share *
10 10
* Amount in absolute Indian Rupees
12 Actuarial Assumptions
The actuarial liabilities are calculated in accordance
with accepted actuarial practice, requirements of
Insurance Act, 1938,as amended by the Insurance
Laws (Amendment) Act 2015 Regulations notied
by Insurance Regulatory and Development Authority
of India and Practice Standards prescribed by the
Institute of Actuaries of India.
Unit Reserves
Unit reserves are computed by multiplying the number
of units with the unit price as on the valuation date.
Non Unit Reserves
Prospective gross premium cash ow method is used
to compute the non unit liabilities in respect of the
policies in force as at March 31, 2017. The cash ows
are projected based on assumptions that reect the
expected future experience and have an appropriate
allowance for margins for adverse deviations. The major
assumptions relate to mortality, interest, expenses,
policy persistency and premium persistency.
Additionally, for traditional par policies current year bonus
rate, future bonus rates and terminal bonuses (wherever
applicable) consistent with the valuation interest rate,
transfer to shareholders and tax on the surplus are also
taken into account while calculating the policy liability.
Additional provisions are made towards: -
I. Investment guarantees for unit linked business
II. Substandard lives
III. Unearned premium/mortality charges (in
accordance with IRDAI Circular 50/IRDAI/ACTL/
CIR/GEN/050/03/2010)
IV. Reserves for free look option given to the
policyholders
Analysis of recent experience has indicated that
about 2.0% of the individual policyholders tend to
exercise the option. Accordingly, with appropriate
prudence, 2.5% of the total charges collected
(from the 11th to the end of that month) for new
policies/coverages issued during a given month
is being set aside as the reserve. For traditional
products, modal premiums received (from the
11th to the end of that month) for new policies
/ coverage issued during the month is being set
aside as reserve.
V Lapse policies eligible for revivals (in accordance
with IRDAI Circular 41/IRDAI/ACTL/Mar-
2006).
VI New Business Closure Reserve
VII Cash Surrender Value Deciency Reserve
VIII Premium Waiver Claim Provision
IX Incurred But Not Reported Reserve
For yearly renewable group term business, unearned
premium method is used to compute the reserves. In
addition to the unearned premium reserve, provision
is also made for incurred but not reported claims for
group business as well.
For the valuation as on 31st March 2017, BSLI has used
following valuation assumptions. All these assumptions
include margin for adverse deviations.
1 Interest
The interest rates used are in the range 5.00% per
annum to 8.15% per annum.
2 Mortality Rates
The mortality rates used for the valuation of
assurance benets under each segment of
SCHEDULE
forming part of the Financial Statements for the year ended Mar 31, 2017
Schedule
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
business are based on the published IALM (2006-
08) Ultimate Mortality Table modied to covert it
from nearest birthday to last birth day mortality
rates. Further to reect the expected experience
for own portfolio, BSLI has taken multiple of the
modied IALM (2006-08) mortality rates. Such
mortality multiples are in the range of 39% to
135% for non- rural products and 434% for rural
products.The mortality rates used for valuation
of annuities are based on the 100% of the L.I.C
(1996-98) Annuitant Mortality Rates.
3 Expenses
The per policy maintenance expenses assumed
for the valuation of liabilities are set looking at
our recent experience and expected per policy
expenses in future as per our business plan. The
per policy maintenance expense is upto ` 596
depending on the product. Commission scales
have been allowed in accordance with the product
ling with IRDAI.
4 Policy Termination Rates
The policy termination rates used for the valuation
of liabilities ranges from 1.6% per annum to 32%
per annum for the rst three policy years thereafter
in the range of 0.60% per annum to 15% per
annum.
5 Bonus Rates
Regular and Terminal bonus rates, where
applicable, are consistent with the valuation
discount rate. This takes in to account the
policyholders reasonable expectations (PREs)
6 Policyholder’s Reasonable Expectations
For unit linked products Policyholders know that
the returns on such plans are market linked and
hence ultimate benet payout would depend
upon the mark to market performance of the
underlying funds. Each ULIP proposal form
is accompanied by a signed sales illustration
illustrating values using gross return of 4% and
8% pa. For par products the bonus rates are
declared consistent with the performance of
the par fund and the illustrated rate of bonuses
in the sales illustration provided at the time of
selling the policy
.
7 Taxation and Shareholder Transfers
Future transfers to shareholders as 1/9th of
Cost of Bonus and tax on the future surpluses
to be distributed between policyholders and
shareholders are considered in calculation of
policy liability for par products.
8 Basis of provisions for incurred but not
reported (IBNR)
IBNR for individual life business and group credit
life business is determined using chain ladder
method taking into account the claim reporting
pattern from past claim experience.
For one year renewable group term business, this
reserve equals to two months’ expected claim.
13 Disclosure of discontinued linked policies
As required by circular no. IRDAI/Reg/2/52/2010 dated 1st July 2010 relating to treatment of discontinued linked
insurance policies, the disclosures are as under :-
(Amounts in thousands of Indian Rupees)
Particulars
Current Year
Previous Year
Sub-total Total
Sub-total Total
Fund for Discontinues Policies
Opening Balance of Funds for Discontinued Policies 8,526,784 8,978,672
Add: Fund of policies discontinued during the year 2,066,501 2,590,238
Less: Fund of policies revived during the year 522,473 941,601
Add: Net Income/ Gains on investment of the Fund 592,806 832,717
Less: Fund Management Charges levied 47,110 58,435
Less: Amount refunded to policyholders during the year 4,236,993 2,874,807
Closing Balance of Fund for Discontinued Policies
6,379,515 8,526,784
Other disclosures
No. of policies discontinued during the year 15,061 18,922
Annual Report 2016-17
110
111
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
forming part of the Financial Statements for the year ended Mar 31, 2017
(Amounts in thousands of Indian Rupees)
Particulars
Current Year
Previous Year
Sub-total Total
Sub-total Total
Percentage of discontinued policies to total policies
(product-wise) during the year
BSLI Fortune Elite 0.10% 0.0%
BSLI Wealth Secure Plan 0.58% 1.0%
BSLI Wealth Assure 0.07% 0.0%
BSLI Empower Pension Product 0.52% 2.0%
BSLI Empower Pension Plan 0.00% 0.0%
BSLI Platinum Advantage Plan 0.00% 0.0%
Birla Wealth Secure 0.00% 100.0%
BSLI Classic Child Plan - 2010 0.00% 0.0%
Classic Endowment Plan 0.00% 0.0%
BSLI Classic Life 0.00% 0.0%
BSLI Dream Child Plan - 2010 0.00% 0.0%
Dream Endowment Plan 0.00% 0.00%
BSLI Dream Life 0.00% 0.00%
BSLI Wealth Assure Plan 0.00% 33.33%
BSLI Wealth Aspire Plan 1.37% 0.0%
No. of policies revived during the year 2,782 4,500
Percentage of policies revived (to discontinued policies)
during the year
18% 24%
Charges imposed on account of discontinued policies 37,571 55,150
Charges readjusted on account of revival of policies
16,223 28,994
14 Percentage of Risk-Retained and Risk-Reinsured
Particulars
Current Year
Previous Year
Sum Assured %
Sum Assured %
Individual Business
Risk-retained 603,663,446 40.11% 554,957,531 39.68%
Risk-reinsured 901,309,546 59.89% 843,458,052 60.32%
Total Individual Risk
1,504,972,991 100.00% 1,398,415,583 100.00%
Group Business
Risk-retained 1,465,738,869 56.59% 1,238,419,705 52.75%
Risk-reinsured 1,124,565,979 43.41% 1,109,372,961 47.25%
Total Group Risk 2,590,304,848 100.00% 2,347,792,666 100.00%
13 Disclosure of discontinued linked policies (contd.)
As required by circular no. IRDAI/Reg/2/52/2010 dated 1st July 2010 relating to treatment of discontinued linked
insurance policies, the disclosures are as under :-
SCHEDULE
forming part of the Financial Statements for the year ended Mar 31, 2017
Schedule
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
15 Encumbrances
The assets of the Company are free from all
encumbrances except to the extent assets or monies
are required to be deposited as margin contributions
for investment trade obligations of the Company or as
mandated by the court, as detailed below:
i. Assets deposited with National Securities
Clearing Corporation Limited (NSCCL) and
Indian Clearing Corporation Limited (ICCL)
Fixed deposit of ` 207,978 at March 31, 2017
(Previous year: ` 199,000) has been deposited
with NSCCL and ` 53,989 at March 31, 2017
(Previous year: ` 50,000) has been deposited with
ICCL towards margin requirement for equity trade
settlement.
Nature of pledge: Physical custody of the
xed deposits are with respective clearing
houses, however, the income accrued on these
deposits shall be passed on to the Company
on the maturity of the deposits. These deposits
can be invoked by the clearing houses in case
of settlement default of equity transactions at
the exchange.
ii. Assets encumbered with Clearing
Corporation of India Limited (CCIL) towards
margin requirement for settlement of trades
in CBLO:
Particulars
Current Year
Previous Year
Government Security
of face value
80,000 80,000
Cash
100 100
iii. Assets encumbered with Clearing
Corporation of India Limited (CCIL) towards
margin requirement for settlement of trades
in the Securities:
Particulars
Current Year
Previous Year
Government Security
of face value
220,000 220,000
Cash
25,100 25,100
iv. Assets encumbered with Clearing
Corporation of India Limited (CCIL) towards
margin requirement for settlement of trades
in the CBLO for default fund:
Particulars
Current Year
Previous Year
Government Security
of face value
2,800 NIL
Cash
NIL NIL
v. Assets encumbered with Clearing
Corporation of India Limited (CCIL) towards
margin requirement for settlement of trades
in the Securities for default fund:
Particulars
Current Year
Previous Year
Government Security
of face value
2,700 NIL
Cash
NIL NIL
Nature of pledge: Physical custody of the securities
is maintained with the CCIL, however interest accrued
on these securities is received by the Company. These
deposits, both securities and cash, can be invoked
by CCIL in case of any default by the Company in
settlement of trades in Securities and CBLO segment.
16 Commitments Made and Outstanding on
Loans, Investments and Fixed Assets
The commitments made and outstanding for xed
assets by the Company are bifurcated as below:
Current Year
Previous Year
i. Tangible 8,483 263
ii. Intangible 55,695 26,262
Total 64,178 26,525
17 Investments
i. Value of Contract Outstanding
Particulars
Current Year
Previous Year
Purchase where payment
is not made and
deliveries are pending
7,83,027 20,98,855
Purchase where
payments are made and
deliveries are pending
NIL NIL
Sales where receivables
are pending
1,269,132 993,023
ii. Historical costs
Particulars
Current Year
Previous Year
Aggregate historical cost
of Linked investments
221,160,627 222,621,231
Aggregate market value
of Linked investments
243,572,623 229,973,559
iii. All investments are performing assets.
Annual Report 2016-17
112
113
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
forming part of the Financial Statements for the year ended Mar 31, 2017
18 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.
19 Policyholders’ Liabilities Adequately Backed by Assets
(Amounts in thousands of Indian Rupees)
Particulars
Current Year
Previous Year
Policyholders’ liabilities (Included funds for future appropriation) (84,671,337) (59,775,604)
Investments (As per schedule 8A )* 79,867,108 56,131,881
Loans to policyholders (As per schedule 9) 537,204 478,398
Fixed deposits, bank balances and cheques on hand (As per schedule 11) 2,741,025 1,734,987
Other receivables under schedule 12 representing “Advances and other assets”
2,039,469 1,560,965
*Excludes prepayment fund, (Liability numbers are presented in brackets)
20 Assets in the Internal Funds
The Company has presented the 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 053/IRDAI/Act/ULIP_G/February-07 dated
20th February 2007 issued by IRDAI are given in Annexure 3A.
The industry wise disclosures given in Appendix 3 of Annexure 3A has been made in accordance with IRDAI (Investment)
(5th Amendment) Regulations, 2013.
21 Assets Restructured During the Year
(Amounts in thousands of Indian Rupees)
Particulars
Current Year
Previous Year
Assets restructured during the year NIL NIL
NPA
NIL NIL
22 Claims
The claims settled and remaining unpaid for a period of more than six months as at the balance sheet date amount to
` 17,160 (Previous Year ` 25,354). Reinsurance recoverable is netted off against claim expenses incurred.
23 Foreign Currency Exposure
The year-end foreign currency payments that have not been hedged by a derivative instrument or otherwise are given below:-
Foreign currency
Current Year
Previous Year
INR
Amount in Foreign
currency
INR
Amount in
Foreign currency
AED - - 18 1
CAD 26,631 546 546,275 1,067
EURO - - 7,438 99
SGD 4,800 101 - -
DRIHAM 137 8 - -
USD
1,021 16 2,869 43
SCHEDULE
forming part of the Financial Statements for the year ended Mar 31, 2017
Schedule
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
24 Disclosure for Unclaimed Amount of Policyholders
i Age-wise analysis of unclaimed amount by Policyholders/ insured as required by circular no. IRDAI/F&I/CIR/
CMP/174/11/2010 dated 4th November 2010
(Amounts in thousands of Indian Rupees)
Particulars
Age-Wise Analysis
Total
Amount
To One
month
1-6
months
1-7
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
87,521 62,573 8,418 16,529 - - - 0 0
27,047 - - 2,847 - 430 - 9,563 14,206
Sum due to the insured /
policyholders on maturity or
otherwise
253,383 14,182 29,516 46,266 17,282 8,125 10,525 - 127,487
715,491 118,332 310,842 145,108 21,134 405 118,976 - 694
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
2,821,542 799,955 165,831 419,572 249,340 58,857 52,144 81,566 994,277
1,567,387 105,507 214,866 47,895 66,738 92,359 112,893 143,376 783,753
Total
3,162,445 890,551 189,925 482,367 266,621 66,982 62,670 81,566 1,121,764
Previous Year
2,309,925 223,839 525,707 195,850 87,872 93,194 231,870 152,940 798,652
# Previous year amounts in italics
The cheques issued but not encashed by policyholder/insured category includes ` 799,955/- (Previous year Rs105,507/-) pertaining to cheques
which are within the validity period but not yet encashed by policyholders as on March 31, 2017. This amount forms a part of bank reconciliation
statement and consequently not considered in unclaimed amount of policyholders under Schedule 13 – Current Liabilities.
ii Details of Unclaimed amounts and investment income thereon as required by circular no. IRDAI/F&I/CIR/
CMP/174/11/2010 dated 4th November 2010
(Amounts in thousands of Indian Rupees)
Particulars
Current Financial Year
Previous Financial Year
Opening Balance - NA
Add: Amount transferred to unclaimed amount 3,999,368 NA
Add: Cheques issued out of the unclaimed amount but not encashed by the
policy holders (To be included only when the cheques are stale)
- NA
Add: Investment Income 151,204 NA
Less: Amount Paid during the year 1,788,077 NA
Closing Balance of Unclaimed Amount
2,362,495 NA
Annual Report 2016-17
114
115
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
forming part of the Financial Statements for the year ended Mar 31, 2017
25 Provisions
Long Term Incentive Plan
The cost estimate determined after the factoring in assumptions in respect of criteria identied in the Plan which include
the following
1. Employee Attrition Rate
2. Performance Condition
3. Discount Rate
(Amounts in thousands of Indian Rupees)
Particulars
Long Term Incentive Plan
Current Year
Previous Year
Opening balance 103,935 146,553
Additional provision made 223,040 143,221
Incurred and charged (26,560) (115,842)
Unused amount reversed * (183,544) (69,998)
Closing balance 116,871 103,935
Nature of obligation Long Term Incentive Long Term Incentive
Expected timing
Upto 3 Years Upto 3 Years
*The unused amount of Long Term Bonus Plan has been credited to “Employees” remuneration,welfare benet and other manpower costs
Schedule 3.
26 Employee benets
a) Dened Benet Plans
(i) Gratuity
The Company provides for gratuity, a dened benet 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 benet payable is greater of the provisions of the Payment of
Gratuity Act, 1972 and the Company’s Gratuity Scheme as mentioned below:
(Amounts in thousands of Indian Rupees)
Change in Dened benet obligations
Current Year
Previous Year
Present value of Dened benet obligations as at beginning of the year
273,943 250,057
Service cost 34,613 32,849
Interest cost 18,652 18,374
Acquisition/ Business Combination/Divestiture (12,776) (17,074)
Benets paid (40,361) (28,981)
Past service cost -
Actuarial loss due to curtailment - -
Actuarial loss on obligations 21,928 18,718
Present value of Dened benet obligations as at end of the year
295,999 273,943
Reconciliation of present value of the obligation and the fair
value of the plan assets
Opening Fair Value of Plan assets 2,65,445 2,93,429
Contributions by the employer for the year 37,500 7,069
Benets paid (40,361) (28,981)
Expected Return on Plan Assets 23,761 25,423
Acquisition/Business Combination/Divestiture (12,776) (17,074)
Actuarial Gain / (Loss) 12,169 (14,420)
Closing Fair Value of Plan assets
2,85,738 2,65,445
Net asset/ (liability) as at end of the year
(10,261) (8,498)
SCHEDULE
forming part of the Financial Statements for the year ended Mar 31, 2017
Schedule
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
(Amounts in thousands of Indian Rupees)
Change in Dened benet obligations
Current Year
Previous Year
Cost recognised for the year
Current service cost 34,613 32,849
Interest cost 18,652 18,374
Expected return on plan assets (23,761) (25,423)
Past service cost - -
Actuarial (gain) / loss due to curtailment - -
Cost of Gratuity for FFS not part of Valuation -
Actuarial (gain) / loss 9,759 33,139
Net gratuity cost
39,263 58,939
Transitional Liability expended in Revenue Account
Investment in Category of Assets (% Allocation)
Insurer Managed Funds* 100.00% 100.00%
Group Stable Fund 0.00% 0.00%
Group Short Term Debt Fund 0.00% 0.00%
Actuarial assumptions used
Discount rate 6.53% 7.35%
Rate of return on plan 8.50% 9.00%
Salary escalation rate
6.00% 6.00%
*The amount is invested in Group Secure Fund Plan 1of Birla Sun Life Insurance Limited, Gratuity and Group Unit Linked Product
(GULP) scheme. Below is the asset allocation of fund.
(Amounts in thousands of Indian Rupees)
Asset allocation
Current Year
Previous Year
Debt securities 100.00% 100.00%
Equity and money market 0.00% 0.00%
Total 100.00% 100.00%
(Amounts in thousands of Indian Rupees)
Particulars
2016-17
2015-16 2014-15 2013-14 2012-13
Dened Benet Obligation 2,95,999 2,73,944 2,50,057 2,55,253 2,43,281
Plan Assets 2,85,738 2,65,445 2,93,429 2,76,152 2,45,816
Surplus / (Decit) (10,260) (8,498) (43,372) 20,899 2,535
Experience adjustment on Plan
Liabilities
10,384 13,034 5,070 (1,908) 2,578
Experience adjustment on Plan
Assets
12,169 (14,353) 23,581 (31) 7,442
The contributions expected to be paid to the plan during the annual period beginning after the balance sheet date is
` 50,551 (Previous Year: ` 51,675).
26 Employee benets (contd.)
Annual Report 2016-17
116
117
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
forming part of the Financial Statements for the year ended Mar 31, 2017
(ii) Accumulated Compensated Absences
The liability for accumulated compensated absences as at balance sheet date has been calculated by
using projected unit credit method. This method takes into account the pattern of availment of leave while
in service and qualifying salary on the date of availment of leave. However in case of short term liability the
provision has been made to the extent of 50% of total short term liability.
Present value of obligation for accumulated compensated absences as determined by the Actuary is given
below:
(Amounts in thousands of Indian Rupees)
Particulars
Current Year
Previous Year
Present value of obligations as at end of the year 1,25,409 1,18,651
Fair value of plan assets - -
Actuarial assumptions used
Discount rate 6.53% 7.35%
Salary escalation rate 6.00% 6.00%
Cost recognised during the year
28,498 (1,502)
(iii) The details of the Company’s Dened Benet Plans in respect of the Company owned Provident
Fund Trust
(Amounts in thousands of Indian Rupees)
Particulars
Current Year
Previous Year
Contribution to the Company Owned Employee’s Provident Fund Trust
161,698 161,787
The Guidance Note on implementing AS-15, Employee Benets (Revised 2005), issued by the ICAI states
that the Provident Funds set up by employers, which require interest shortfall to be met by the employer,
needs to be treated as dened benet plans. The Company set up Provident Fund does not have existing
decit of interest shortfall.
The actuary has accordingly provided a valuation and based on the below provided assumptions there is no
shortfall as at 31st March 2017
The details of plan assets position are as under:
(Amounts in thousands of Indian Rupees)
Particulars
Current Year
Previous Year
Plan Asset at Fair Value 2,121,795 1,882,777
Liability Recognised in the Balance Sheet 2,019,214 1,816,301
Assumption used in determining the present value obligation of interest
rate guarantee
- -
Discount rate for the term of the obligation 6.53% 7.33%
Guaranteed Interest Rate
8.80% 9.5% For rst year
and 8.80% there after
SCHEDULE
forming part of the Financial Statements for the year ended Mar 31, 2017
Schedule
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
(b) Dened contribution plans
The Company has recognized the following amounts as expense in the Revenue account;
(Amounts in thousands of Indian Rupees)
Particulars
Current Year
Previous Year
Contribution to superannuation fund 6,783 10,756
Contribution to Employee State Insurance Corporation 12,246 5,142
Contribution to National Pension Scheme
4,118 2,197
27 Segment reporting
As per Accounting Standard 17 on ‘Segment Reporting’ read with the “Preparation of Financial Statements and Auditor’s
Report of Insurance Companies, Regulations 2002”,the Company is required to report segment results separately as
Participating non-linked, Non Participating Unit Linked and Non Linked businesses, which are further segmented into
Individual Life, Group Life, Group Life Variable,AnnuityIndividual,Individual Pension, Group Pension, Group Pension
Variable and Individual Health businesses. The same is disclosed in Annexure 1.
28 Related Party Disclosure
During the year ended 31st March 2017, the Company has had transactions with related parties as dened in Accounting
Standard 18 on ”Related Party Disclosures”. Related Parties have been identied by the management on the basis of the
information available with the Company. Details of related parties with whom, the Company had transactions, nature of the
relationship, transactions with them and balances at year-end, are detailed in
Annexure 2
.
29 Summary of nancial statements
A summary of the nancial statements as per the formats prescribed by the IRDAI in its circular number IRDAI/F&A/
Cir/232/12/2013 dated 11.12.2013 is provided in Annexure 4.
30 Accounting Ratios
Accounting ratios prescribed by the IRDAI in its circular number IRDAI/F&A/Cir/232/12/2013 dated 11.12.2013 are
provided in Annexure 5.
31 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
and the Insurance Laws (Amendment) Act 2015:
From 1st April 2016 to 31st March 2017
Name : Mr. Pankaj Razdan
Designation : Managing Director & CEO
Occupation : Service
Directorships Held during the year
Director in
: Birla Sun Life Asset Management Company Limited –
Appointed w.e.f. 21/10/2009
: Birla Sun Life Insurance Company Limited –
Appointed w.e.f. 01/01/2014
: Birla Sun Life Pension Management Limited –
Appointed w.e.f. 09/01/2015
Annual Report 2016-17
118
119
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
forming part of the Financial Statements for the year ended Mar 31, 2017
32 Penalty
As required by circular no.005/IRDAI/F&A/CIR/MAY-09 dated 7th May, 2009, the details of various penal actions taken
by various Government Authorities for the nancial year 2016-17 are mentioned below:-
Amount in `
Sr. No. Authority
Non-Compliance
/ Violation
Penalty
Awarded
Penalty
Paid
Penalty Waived
/ Reduced
1 Insurance Regulatory and Development Authority Yes 2000 2000 Nil
2 Service Tax Authorities Nil Nil Nil Nil
3 Income Tax Authorities Nil Nil Nil Nil
4 Any other Tax Authorities Nil Nil Nil Nil
5 Enforcement Directorate/Adjudicating Authority/ Tribunal
or any Authority under FEMA
Nil Nil Nil Nil
6
Registrar of Companies/ NCLT/ CLB / Department of
Corporate Affairs or any Authority under Companies Act, 2013
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 Nil
9 Competition Commission of India Nil Nil Nil Nil
10 Any other Central/ State/ Local Government/ Statutory
Authority
Nil Nil Nil Nil
# Previous year amounts if applicable for any category have been mentioned in brackets.
33 Disclosures relating to controlled Fund
As required by circular no. IRDAI/F&I/CIR/F&A/045/03/2010 dated 17th March, 2010, the details of controlled fund for
the nancial year 2016-2017 and 2015-2016 are mentioned below:-
a) Statement Showing Controlled Fund
(Amounts in thousands of Indian Rupees)
Particulars
Current Year
Previous Year
Computation of Controlled fund as per the Balance Sheet
Policyholders’ Fund (Life Fund)
Participating
Individual Assurance 9,305,493 4,212,187
Individual Pension - -
Any other (Pl. Specify) - -
Non-participating
Individual Assurance 38,742,451 29,155,084
Group Assurance 12,844,125 10,763,343
Group Life Variable 6,887,029 5,487,062
Individual Pension 435,102 381,431
Individual Annuity 681,836 568,079
Group Pension 8,692,528 5,664,942
Group Pension Variable 6,897,416 3,327,788
Health 116,645 83,810
Others - -
Linked
Individual Assurance 195,666,835 188,842,568
Group Assurance 35,628,910 29,500,799
Individual Pension 9,467,865 9,232,461
Group Superannuation 7,624,471 6,262,449
Group Gratuity - -
SCHEDULE
forming part of the Financial Statements for the year ended Mar 31, 2017
Schedule
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
(Amounts in thousands of Indian Rupees)
Particulars
Current Year
Previous Year
Health 489,134 389,273
Funds for Future Appropriations 68,713 131,878
Total (A)
333,548,553 294,003,154
Shareholders’’ Fund
Paid up Capital 19,012,080 19,012,080
Reserves & Surpluses 2,682,948 2,682,948
Fair Value Change (441) (3,164)
Total (B)
21,694,587 21,691,864
Misc. expenses not written off
(Debit) from P&L A/c. (3,648,005) (4,876,200)
Total (C )
(3,648,005) (4,876,200)
Total shareh olders’ funds (B+C)
18,046,582 16,815,664
Controlled Fund (Total (A+B-C)) 351,595,135 310,818,818
b) Reconciliation of the Controlled Fund from Revenue and Prot & Loss Account
(Amounts in thousands of Indian Rupees)
Particulars
Current Year
Previous Year
Opening Balance of Controlled Fund 310,818,811 303,472,688
Add: Inow - -
Income - -
Premium Income 57,239,551 55,797,125
Less: Reinsurance ceded (1,904,075) (1,679,773)
Net Premium 55,335,476 54,117,352
Investment Income 43,375,849 6,433,612
Other Income 332,166 347,376
Funds transferred from Shareholders’ Accounts 1,629,992 3,264,614
Total Income 156,008,957 118,280,304
Less: Outgo
(i) Benets paid (Net) 46,523,391 42,470,943
(ii) Interim Bonus Paid 13,448 8,570
(iii) Change in Valuation of Liability 39,608,564 6,002,194
(iv) Commission 2,550,598 2,180,609
(v) Operating Expenses 8,690,764 10,044,715
(vi) Provision for Taxation - -
(a) FBT - -
(b) I.T. - -
Total Outgo 97,386,765 60,707,031
Surplus of the Policyholders’ Fund 3,286,718 3,455,923
Less: transferred to Shareholders’ Account 3,349,883 3,508,820
Net Flow in Policyholders’ account (63,165) (52,897)
Add: Net income in Shareholders’ Fund 1,228,193 1,399,994
Less : Interim Dividend & Dividend distribution tax thereon - -
Net In Flow / Outow 1,165,028 1,347,097
Add: change in valuation Liabilities 39,608,564 6,002,194
Add: Increase in Paid up Capital - -
Add: Increase in Securities Premium - -
Add: Credit/(Debit) / Fair Value Change Account 2,732 (3,164)
Closing Balance of Controlled Fund 351,595,135 310,818,815
As Per Balance Sheet 351,595,135 310,818,811
Difference, if any
Annual Report 2016-17
120
121
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
forming part of the Financial Statements for the year ended Mar 31, 2017
c) Reconciliation with Shareholders’ and Policyholders’ Fund
(Amounts in thousands of Indian Rupees)
Particulars
Current Year
Previous Year
Policyholders’ Funds
Policyholders’ Funds - Traditional-PAR and NON-PAR
Opening Balance of the Policyholders’ Fund 59,643,726 42,856,864
Add: Surplus of the Revenue Account
Add: change in valuation Liabilities 24,958,897 16,786,861
Total
84,602,623 59,643,725
As per Balance Sheet 84,602,625 59,643,726
Difference, if any
Policyholders’ Funds - Linked
Opening Balance of the Policyholders’ Fund 234,359,430 245,196,993
Add: Surplus of the Revenue Account (63,165) (52,897)
Add: change in valuation Liabilities 14,649,668 (10,784,666)
Total
248,945,933 234,359,430
As per Balance Sheet 248,945,929 234,359,429
Difference, if any
Shareholders’ Funds
Opening Balance of Shareholders’ Fund 16,815,664 15,418,834
Add: net income of Shareholders’ account (P&L) 1,228,193 1,399,994
Add: Infusion of Capital - -
Add: Credit/(Debit) / Fair Value Change Account 2,723 (3,164)
Less : Interim Dividend/Proposed and nal & Dividend distribution tax thereon - -
Closing Balance of the Shareholders’ fund 18,046,580 16,815,664
As per Balance Sheet 18,046,578 16,815,664
Difference, if any
Includes Funds for Future Appropriations
34 Debit balance in Prot & Loss account
In accordance with IRDAI (preparation of Financial
Statements and Auditor’s Reports of Insurance
Companies) Regulation 2002 and the Insurance Laws
(Amendment) Act 2015, debit balance in Prot and
Loss account carried to the Balance Sheet has been
shown as deduction from General reserve to the extent
of ` 406,127 as at 31st March 2017 (as at 31st March
2016 ` 406,127) and the balance of ` 3,648,009 at
31st March 2017 (as at 31st March 2016 ` 4,876,200)
is shown in Balance Sheet under application of funds.
35 The Bonus to participating policyholders, for current
year as recommended by Appointed Actuary has been
included in change in valuation against policies in force.
36
The Board of Director of the Company has noted that
contribution from shareholder account to policyholder is
`
1,629,995/-
(Previous year ` 3,264,614/-) and the same
has been charged to shareholders’ account. The board
has recommended that the same would be subjected
to approval of the shareholders of the Company at the
ensuing annual general meeting.The transfer amount
is irreversible in nature and will not be recouped to the
shareholder at any point of time in future.
Shareholders’ contribution of ` 3,264,614/- to the
Policyholders’ account for the previous year has been
approved by shareholders at the Annual General
Meeting held on 29th April, 2016.
37 The Company has a process whereby periodically
all long term contracts are assessed for material
foreseeable losses. At the year end, the Company
has reviewed and ensured that adequate provision
as required under any law / accounting standards
SCHEDULE
forming part of the Financial Statements for the year ended Mar 31, 2017
Schedule
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
for material foreseeable losses on such long term
contracts has been made in the books of account. The
Company did not have any derivative contracts as at
balance sheet date.
For insurance contracts reliance has been placed on the
Appointed Actuary for actuarial valuation of liabilities for
policies in force. The Appointed Actuary has conrmed
that the assumptions used in valuation of liabilities for
policies in force are in accordance with the guidelines
and norms issued by the Insurance Regulatory and
Development Authority of India (“IRDAI”) and the
Institute of Actuaries of India in concurrence with the
IRDAI.
38
The Company’s pending litigations comprise of claims
against the Company primarily by the customers and
proceedings pending with Income Tax authorities. The
Company has reviewed all its pending litigations and
proceedings and has adequately provided for where
provisions are required and disclosed the contingent
liabilities where applicable, in its nancial statements.
The Company does not expect the outcome of these
proceedings to have a materially adverse effect on its
nancial results. Refer Note 3 for details on contingent
liabilities. In respect of litigations, where the management
assessment of a nancial outow is probable, the
Company has made a provision of ` 141,813 as at 31st
March 2017. (Previous year ` 161,623)
39 Amount spent on Corporate Social Responsibility
Expenditure related to Corporate Social Responsibility as per Section 135 of the Companies Act, 2013 read with
Schedule VII thereof : ` 33,167
(Amounts in thousands of Indian Rupees)
Particulars In Cash Yet to be paid in Cash Total
a. Gross Amount Required to be spent 33,167 - 33,167
b. Amount Spent During the year on:
i Construction/acquistion of any assets - - -
ii Purchase other than i above
33,167 - 33,167
40 Payments made to statutory auditors for additional work other than statutory audit
(Amounts in thousands of Indian Rupees)
Nature of work
Current Year
Previous Year
Towards Group reporting pack (Sch 3A) 1,200 700
Certcation fees ( Sch 3)
197 78
41 Sitting Fees paid to independent directors in the current year is ` 815 (Previous Year: ` 540).
42 BSLI intends to upgrade its technology to enhance its competitive advantage for New business and Customer Servicing.
This will be done through investment in digital initiatives. For this purpose, Sun Life has made a voluntary gratuitous
contribution of ` 2,50,000/- as subvention payment without any consideration. BSLI has an obligation to spend the
same for an agreed purpose.
43 In accordance with IRDAI notication dated 9th May, 2016 bearing reference no IRDAI/Reg/14/126/2016 ,the Company
has worked out Expenses of Management by considering allowance at 120% on segment basis to ascertain the
excess thereof which has been borne by the shareholders.. Accordingly, amount aggregating ` 1,623,304/- has been
deducted from schedule 3 and added to schedule 3A.
Annual Report 2016-17
122
123
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
forming part of the Financial Statements for the year ended Mar 31, 2017
44 Previous year comparatives:
Previous year amounts have been reclassied, wherever necessary and to the extent possible, to conform to current
year’s classication.
Sr No Regrouped from Amount Regrouped to Reason
1 Schedule 3 : Auditors Fees, Expenses, As advisor in
any other capacity in respect of : Management Fees
700 Schedule 3A :
Auditor’s Fees
Reporting pack
Fees paid for Reporting pack has
been reclassed from Schedule 3
to Schedule 3A
For and on behalf of the Board of Directors of Birla Sun Life Insurance Company Limited
Ajay Srinivasan Pinky Mehta B.N Puranmalka
Chairman Director Director
(DIN-00121181) (DIN-00020429) (DIN-0007432)
Pankaj Razdan Amit Jain
Chief Financial Ofcer
Managing Director & CEO (DIN-00061240)
Anil Kumar Singh
Chief Actuarial Ofcer &
Appointed Actuary
Mumbai, 28th April, 2017
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked
Par Non
Linked
Individual
Life
Total
Individual
Life
Group
Life
Pension
Individual
Group
Pension
Health
Individual
Individual
Life
Group
Life
Group
Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group
Pension
Variable
Health
Individual
Premium earned-Net
(a) Premium 18,908,656 5,980,808 1,018,605 904,043 80,828 11,718,022 3,467,451 1,023,241 16,156 135,678 2,600,656 3,546,062 92,066 7,747,279 57,239,551
(b) Reinsurance ceded (670,141) (380) (218) - (2,143) (436,008) (763,138) - - - - - (20,029) (12,018) (1,904,075)
(c) Reinsurance accepted - - - - - - - - - - - - - - -
Sub - Total
18,238,515 5,980,428 1,018,387 904,043 78,685 11,282,014 2,704,313 1,023,241 16,156 135,678 2,600,656 3,546,062 72,037 7,735,261 55,335,476
Income from investments
(a) Interest, Dividend & Rent
- Gross
9,866,154 2,153,825 381,148 404,802 20,895 2,330,742 868,700 448,328 23,314 51,532 528,086 363,037 984 405,520 17,847,067
(b) Prot on Sale /
Redemption of
Investments
11,866,631 1,091,673 645,677 310,430 41,618 47,552 291,842 188,628 481 1,038 217,647 130,119 26 67,620 14,900,982
(c) (Loss) on Sale /
Redemption of
Investments
(3,532,613) (338,600) (200,986) (121,654) (15,578) (4,988) (77,255) (64,473) - - (55,273) (24,145) - (4,414) (4,439,979)
(d) Transfer /Gain (Loss) on
revaluation / change in
Fair value
12,775,289 1,263,735 583,652 402,358 42,746 - - - - - - - - - 15,067,780
Sub - Total
30,975,461 4,170,633 1,409,491 995,936 89,681 2,373,306 1,083,287 572,483 23,795 52,570 690,460 469,011 1,010 468,726 43,375,850
Other Income
(a) Contribution from the
Shareholders’ Account
- - 54,560 - - 8,81,461 - 19,343 - - 30,218 32,044 - 6,12,369 16,29,995
(b) Others (Interest etc) 130,375 27,407 4,668 4,143 370 95,622 15,889 4,689 139 622 11,917 16,250 423 19,652 332,166
Sub - Total
130,375 27,407 59,228 4,143 370 977,083 15,889 24,032 139 622 42,135 48,294 423 632,021 1,962,161
TOTAL (A)
49,344,351 10,178,468 2,487,106 1,904,122 168,736 14,632,403 3,803,489 1,619,756 40,090 188,870 3,333,251 4,063,367 73,470 8,836,008 100,673,487
Commission 578,790 389 17,530 48 2,581 988,228 11,381 - (9) 1,675 - 535 19,375 930,076 2,550,599
Operating Expenses related
to Insurance Business
1,565,745 101,517 97,189 11,198 5,180 3,029,860 211,662 17,450 359 8,580 42,165 55,367 38,194 2,514,881 7,699,347
Service Tax on Charges 881,910 43,842 43,737 15,479 6,449 - - - - - - - - - 991,417
Provision for doubtful debts - - - - - - - - - - - - - - -
Bad Debts written off - - - - - - - - - - - - - - -
Provision for Tax - - - - - - - - - - - - - - -
Provision (other than
taxation)
- - - - - - - - - - - - - - -
FORM A- RA
for the period ended 31st March, 2017
Policyholders’ Account (Technical Account)
Annexure - 1
Annual Report 2016-17
124
125
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked
Par Non
Linked
Individual
Life
Total
Individual
Life
Group
Life
Pension
Individual
Group
Pension
Health
Individual
Individual
Life
Group
Life
Group
Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group
Pension
Variable
Health
Individual
(a) For diminution in the
value of investment (net)
- - - - - - - - - - - - - - -
(b) Others ( to be specied ) - - - - - - - - - - - - - - -
TOTAL (B)
3,026,445 145,748 158,456 26,725 14,210 4,018,088 223,043 17,450 350 10,255 42,165 55,902 57,569 3,444,957 11,241,363
Benets paid (Net) 36,435,083 3,810,348 2,047,974 495,717 21,116 1,233,445 1,225,467 202,339 29,467 48,059 264,119 437,837 (11,877) 284,298 46,523,392
Interim Bonuses Paid - - - - - - - 13,448 13,448
Change in valuation of
liability against life policies
in force
-
(a) Gross 152,208 3,988 48,929 620 27,145 10,069,277 2,203,428 1,399,967 4,696 113,757 3,026,967 3,569,628 314 5,102,351 25,723,275
(b) Fund Reserve 9,335,954 6,128,110 (129,010) 1,362,023 99,862 - - - - - - - - - 16,796,939
(c) Fund Reserve - PDF (2,511,687) - 364,415 - - - - - - - - - - - (2,147,272)
(d) (Amount ceded in Re-
insurance)
54,285 (115) 47 - 6,255 (688,407) (126,518) - - - - - (879) (9,046) (764,378)
(e) Amount accepted in Re-
insurance
- - - - - - - - - - - - - - -
TOTAL (C)
43,465,843 9,942,331 2,332,355 1,858,360 154,378 10,614,315 3,302,377 1,602,306 34,163 161,816 3,291,086 4,007,465 (12,442) 5,391,051 86,145,404
Surplus/ (Decit) (D)
= (A) - (B) - ( C )
2,852,063 90,389 (3,705) 19,037 148 - 278,069 - 5,577 16,799 - - 28,343 - 3,286,720
Appropriations
Transfer to Shareholders
Account
2,893,055 90,389 3 19,037 18,613 - 278,069 - 5,577 16,799 - - 28,343 - 3,349,885
Transfer to Other Reserves - - - - - - - - - - - - - - -
Balance being Funds for
Future Appropriations
(40,992) - (3,708) - (18,465) - - - - - - - (63,165)
TOTAL (D)
2,852,063 90,389 (3,705) 19,037 148 - 278,069 - 5,577 16,799 - - 28,343 - 3,286,720
The total surplus as
mentioned below :
(a) Interim Bonuses Paid - - - - - - - - - - - - - 13,448 13,448
(b) Allocation of Bonus to
Policyholders
- - - - - - - - - - 1,240,842 1,240,842
(c) Surplus/(Decit) shown in
the Revenue Account
2,852,063 90,389 (3,705) 19,037 148 - 278,069 - 5,577 16,799 - - 28,343 - 3,286,720
(d) Total Surplus : {a+b+c} 2,852,063 90,389 -3,705 19,037 148 - 278,069 - 5,577 16,799 - - 28,343 1,254,290 4,541,010
FORM A- RA
for the period ended 31st March, 2017 (Contd.)
Policyholders’ Account (Technical Account)
Annexure - 1
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked
Par Non
Linked
Individual
Life
Total
Individual
Life
Group
Life
Pension
Individual
Group
Pension
Health
Individual
Individual
Life
Group
Life
Group
Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group
Pension
Variable
Health
Individual
Premium earned-Net
(a) Premium 22,940,140 7,566,747 992,983 758,267 97,079 8,990,782 2,714,724 1,486,489 30,689 130,957 1,491,226 2,480,570 17,580 6,098,892 55,797,125
(b) Reinsurance ceded (630,527) (322) (237) - (2,060) (367,581) (668,007) - - - - - (2,478) (8,561) (1,679,773)
(c) Reinsurance accepted - - - - - - - - - - - - - - -
Sub - Total
22,309,613 7,566,425 992,746 758,267 95,019 8,623,201 2,046,717 1,486,489 30,689 130,957 1,491,226 2,480,570 15,102 6,090,331 54,117,352
Income from investments
(a) Interest, Dividend &
Rent - Gross
9,976,544 1,853,513 435,450 255,575 23,450 1,661,632 762,942 414,818 25,441 41,432 348,856 158,185 280 150,813 16,108,931
(b) Prot on Sale /
Redemption of
Investments
12,132,309 585,647 606,994 80,722 26,667 101,644 203,454 110,619 1,556 864 93,029 42,183 17 15,136 14,000,841
(c) (Loss) on Sale /
Redemption of
Investments
(4,485,990) (314,270) (303,634) (43,282) (17,009) (19,812) (66,448) (36,128) (303) - (30,383) (13,777) (3) (1,699) (5,332,738)
(d) Transfer /Gain (Loss) on
revaluation / change in
Fair value
(16,581,509)
(825,343) (785,879) (113,527) (37,164) - - - - - - - - - (18,343,422)
Sub - Total
1,041,354 1,299,547 (47,069) 179,488 (4,056) 1,743,464 899,948 489,309 26,694 42,296 411,502 186,591 294 164,250 6,433,612
Other Income
(a) Contribution from the
Shareholders’ Account
- - 183,310 - - 313,816 - 25,865 - - 10,861 35,708 43,362 2,651,692 3,264,614
(b) Others (Interest etc) 157,466 37,648 4,941 3,773 483 87,416 13,507 7,396 251 652 7,420 12,342 90 13,991 347,376
Sub - Total
157,466 37,648 188,251 3,773 483 401,232 13,507 33,261 251 652 18,281 48,050 43,452 2,665,683 3,611,990
TOTAL (A)
23,508,433 8,903,620 1,133,928 941,528 91,446 10,767,897 2,960,172 2,009,059 57,634 173,905 1,921,009 2,715,211 58,848 8,920,264 64,162,954
Commission 709,549 229 15,957 45 3,221 512,394 8,892 - 541 1,181 - 438 2,206 925,956 2,180,609
Operating Expenses related
to Insurance Business
1,761,373 121,592 117,128 9,269 5,929 1,754,157 218,724 23,838 871 8,543 23,756 37,213 44,882 4,915,580 9,042,855
Service Tax on Charges 689,386 42,787 259,325 - 10,362 - - - - - - - - - 1,001,860
Provision for doubtful debts - - - - - - - - - - - - - - -
Bad Debts written off - - - - - - - - - - - - - - -
Provision for Tax - - - - - - - - - - - - - - -
Provision (other than
taxation)
- - - - - - - - - - - - - - -
FORM A- RA
Revenue Account for the year ended 31st March, 2016
Policyholders’ Account (Technical Account)
Annexure - 1
Annual Report 2016-17
126
127
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked
Par Non
Linked
Individual
Life
Total
Individual
Life
Group
Life
Pension
Individual
Group
Pension
Health
Individual
Individual
Life
Group
Life
Group
Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group
Pension
Variable
Health
Individual
(a) For diminution in the
value of investment (net)
- - - - - - - - - - - - - - -
(b) Others ( to be specied ) - - - - - - - - - - - - - - -
TOTAL (B)
3,160,308 164,608 392,410 9,314 19,512 2,266,551 227,616 23,838 1,412 9,724 23,756 37,651 47,088 5,841,536 12,225,324
Benets paid (Net) 30,883,832 3,286,007 3,023,725 762,656 17,378 796,727 1,174,407 1,716,113 7,683 29,079 7,428 533,130 9,197 223,581 42,470,943
Interim Bonuses Paid - - - - - - - 8,570 8,570
Change in valuation of
liability against life policies
in force
-
(a) Gross 73,426 4,618 (9,079) (12) (17,047) 9,229,936 1,488,450 269,108 11,747 117,004 1,889,825 2,144,430 2,310 2,858,767 18,063,483
(b) Fund Reserve
(13,258,312) 5,420,861 (2,642,285)
135,880 11,064 - - - - - - - - - (10,332,792)
(c) Fund Reserve - PDF (817,452) - 365,576 - - - - - - - - - - - (451,876)
(d) (Amount ceded in Re-
insurance)
310,771 53 3 - 1,267 (1,525,317) (51,461) - - - - - 253 (12,190) (1,276,621)
(e) Amount accepted in
Re-insurance
- - - - - - - - - - - - - - -
TOTAL (C)
17,192,265 8,711,539 737,940 898,524 12,662 8,501,346 2,611,396 1,985,221 19,430 146,083 1,897,253 2,677,560 11,760 3,078,728 48,481,707
Surplus/ (Decit) (D) =
(A) - (B) - ( C )
3,155,860 27,473 3,578 33,690 59,272 - 121,160 - 36,792 18,098 - - - - 3,455,923
Appropriations
Transfer to Shareholders
Account
3,185,653 27,473 - 33,690 85,954 - 121,160 - 36,792 18,098 - - - - 3,508,820
Transfer to Other Reserves - - - - - - - - - - - - - - -
Balance being Funds for
Future Appropriations
(29,793) - 3,578 - (26,682) - - - - - - - (52,897)
TOTAL (D)
3,155,860 27,473 3,578 33,690 59,272 - 121,160 - 36,792 18,098 - - - - 3,455,923
The total surplus as
mentioned below :
(a) Interim Bonuses Paid - - - - - - - - - - - - - 8,570 8,570
(b) Allocation of Bonus to
Policyholders
- - - - - - - - - - 878,208 878,208
(c) Surplus/(Decit) shown
in the Revenue Account
3,155,860 27,473 3,578 33,690 59,272 - 121,160 - 36,792 18,098 - - - - 3,455,923
(d) Total Surplus :
{a+b+c}
3,155,860 27,473 3,578 33,690 59,272 - 121,160 - 36,792 18,098 - - - 886,778 4,342,701
FORM A- RA
Revenue Account for the year ended 31st March, 2016 (Contd.)
Policyholders’ Account (Technical Account)
Annexure - 1
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked
Par Non
Linked
Individual
Life
Shareholders
Fund
Total
Individual
Life
Group Life
Pension
Individual
Group
Pension
Health
Individual
Individual
Life
Group Life
Group
Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group
Pension
Variable
Health
Individual
Sources of Funds
Shareholders’ funds:
Share Capital - - - - - - - - - - - - - - 19,012,080 19,012,080
Reserves and Surplus - - - - - - - - - - - - - - 2,682,948 2,682,948
Credit/(Debit) / Fair Value
Change Account
- - - - - - - - - - - - - - (441) (441)
Sub - Total
- - - - - - - - - - - - - - 21,694,587 21,694,587
Borrowings - - - - - - - - - - - - -
Policyholders’ Funds:
Credit/(Debit) Fair Value
Change Account
- - - - - 283,347 -20,284 - - - (55,263) - - 42,235 - 250,035
Policy Liabilities 2,815,663 48,618 117,544 14,769 111,665 35,926,787 12,795,507 6,887,029 317,558 681,836 8,677,759 6,897,416 4,980 9,305,493 - 84,602,624
Insurance Reserves - - - - - - - - - - -
Provision for Linked
Liabilities
171,459,438 34,090,387 7,740,522 7,164,549 438,565 - - - - - - - - - - 220,893,461
Funds for discontinued
policies
(i) Discontinued on
account of non-
payment of premium
5,371,363 - 1,008,148 - - - - - - - - - - - - 6,379,511
(ii) Others
Credit/(Debit) Fair
Value Change Account
(Linked)
18,836,035 1,538,523 719,195 459,922 50,569 - - - - - - - - - - 21,604,244
Total Linked Liabilities
195,666,836 35,628,910 9,467,865 7,624,471 489,134 - - - - - - - - - - 248,877,216
Sub - Total
198,482,499 35,677,528 9,585,409 7,639,240 600,799 36,210,134 12,775,223 6,887,029 317,558 681,836 8,622,496 6,897,416 4,980 9,347,728 - 333,729,875
Funds for Future
Appropriation
- Linked Liabilities 56,616 - 10,107 - 1,990 - - - - - - - 68,713
Total
198,539,115 35,677,528 9,595,516 7,639,240 602,789 36,210,134 12,775,223 6,887,029 317,558 681,836 8,622,496 6,897,416 4,980 9,347,728 21,694,587 355,493,175
FORM A-BS
Balance Sheet as at 31st March, 2017
Annexure - 1
Annual Report 2016-17
128
129
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked
Par Non
Linked
Individual
Life
Shareholders
Fund
Total
Individual
Life
Group Life
Pension
Individual
Group
Pension
Health
Individual
Individual
Life
Group Life
Group
Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group
Pension
Variable
Health
Individual
Application of Funds
Investments
Shareholders’ - - - - - - - - - - - - - - 16,039,133 16,039,133
Policyholders’ 2,745,503 46,472 122,017 14,117 108,639 34,341,075 12,230,748 6,583,054 303,542 661,658 8,294,746 6,592,983 4,760 8,262,787 - 80,312,101
Assets Held to Cover
Linked Liabilities
195,666,836 35,628,910 9,467,865 7,624,471 489,134 - - - - - - - - - - 248,877,216
Loans 437,674 - - - - 91,479 - - - - - - - 8,051 - 537,204
Fixed Assets 267,414 84,582 14,405 12,785 1,143 165,720 49,038 14,471 228 1,919 36,779 50,150 1,302 109,564 - 809,500
Current Assets
Cash and Bank
Balances
1,906,419 603,000 102,698 91,148 8,149 1,181,440 349,597 103,166 1,629 13,679 262,205 357,523 9,282 473 140 4,990,548
Advances and Other
Assets*
2,150,649 859,838 (260,398) 90,213 (14,898) 2,727,263 (134,773) 102,107 2,335 13,550 259,514 353,858 47,864 1,425,007 679,921 8,302,050
Sub - Total (A)
4,057,068 1,462,838 (157,700) 181,361 (6,749) 3,908,703 214,824 205,273 3,964 27,229 521,719 711,381 57,146 1,425,480 680,061 13,292,598
Current Liabilities 2,446,311 813,061 122,000 122,898 9,700 1,573,092 470,424 139,088 87,261 15,757 353,505 482,143 11,255 1,123,551 - 7,770,046
Provisions 83,424 26,387 4,494 3,989 357 51,700 15,298 4,515 71 599 11,474 15,645 406 34,181 - 252,540
Sub - Total (B)
2,529,735 839,448 126,494 126,887 10,057 1,624,792 485,722 143,603 87,332 16,356 364,979 497,788 11,661 1,157,732 - 8,022,586
Net Current Assets (C)
= (A-B)
1,527,333 623,390 (284,194) 54,474 (16,806) 2,283,911 (270,898) 61,670 (83,368) 10,873 156,740 213,593 45,485 267,748 680,061 5,270,012
Miscellaneous
Expenditure
- - - - - - - - - - - - - - - -
(To the extent not written
off or Adjusted )
Debit Balance in Prot
and Loss Account
(Shareholders’ Account )
- - - - - - - - - - - - - - 36,48,009 36,48,009
Total 200,644,760 36,383,354 9,320,093 7,705,847 582,110 36,882,185 12,008,888 6,659,195 220,402 674,450 8,488,265 6,856,726 51,547 8,648,150 20,367,203 355,493,175
Note: Advances and other assets allocated to shareholders’ include tax assets.
FORM A-BS (CONTD.)
Balance Sheet as at 31st March, 2017 (contd.)
Annexure - 1
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
FORM A-BS
Balance Sheet as at 31st March, 2016
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked
Par Non
Linked
Individual
Life
Shareholders
Fund
Total
Individual
Life
Group Life
Pension
Individual
Group
Pension
Health
Individual
Individual
Life
Group Life
Group
Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group
Pension
Variable
Health
Individual
Sources of Funds
Shareholders’ funds:
Share Capital - - - - - - - - - - - - - - 19,012,080 19,012,080
Reserves and Surplus - - - - - - - - - - - - - - 2,682,948 2,682,948
Credit/(Debit) / Fair
Value Change Account
- - - - - - - - - - - - - - (3,164) (3,164)
Sub - Total - - - - - - - - - - - - - - 21,691,864 21,691,864
Borrowings
Policyholders’ Funds:
Credit/(Debit) Fair Value
Change Account
- - - - - 44,856 (85,930) - - 20 (206,084) - - (7,997) - (255,135)
Policy Liabilities 2,609,167 44,746 68,568 14,150 78,265 26,545,917 10,718,597 5,487,062 312,863 568,079 5,650,792 3,327,788 5,545 4,212,187 - 59,643,726
Insurance Reserves - - - - - - - - - - - - - - - -
Provision for Linked
Liabilities
174,154,533 29,226,645 9,152,436
6,204,251
426,437 - - - - - - - - - - 219,164,302
Funds for discontinued
policies
- - - - - - - - - - - - - - - -
(i) Discontinued on
account of non-
payment of premium
7,883,049 - 643,734 - - - - - - - - - - - - 8,526,783
(ii) Others - - - - - - - - - - - - - - - -
Credit/(Debit) Fair
Value Change Account
(Linked)
6,804,986 274,154 (563,709) 58,198 (37,164) - - - - - - - - - - 6,536,465
Total Linked Liabilities
188,842,568 29,500,799 9,232,461 6,262,449 389,273 - - - - - - - - - - 234,227,550
Sub - Total 191,451,735 29,545,545 9,301,029 6,276,599 467,538 26,545,917 10,718,597 5,487,062 312,863 568,079 5,650,792 3,327,788 5,545 4,212,187 293,616,141
Funds for Future
Appropriation
- - - - - - - - - - - - - - - -
- Linked Liabilities 97,608 - 13,815 - 20,455 - - - - - - - - - - 131,878
Total 191,549,343 29,545,545 9,314,844 6,276,599 487,993 26,545,917 10,718,597 5,487,062 312,863 568,079 5,650,792 3,327,788 5,545 4,212,187 21,691,864 315,439,883
Application of Funds
Annexure - 1
Annual Report 2016-17
130
131
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
FORM A-BS (CONTD.)
Balance Sheet as at 31st March, 2016 (contd.)
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked
Par Non
Linked
Individual
Life
Shareholders
Fund
Total
Individual
Life
Group
Life
Pension
Individual
Group
Pension
Health
Individual
Individual
Life
Group
Life
Group
Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group
Pension
Variable
Health
Individual
Investments - - - - - - - - - - - - - - - -
Shareholders’ - - - - - - - - - - - - - - 17,066,285 17,066,285
Policyholders’ 2,595,040 42,899 78,982 13,566 94,645 25,450,111 10,276,137 5,260,558 299,948 522,626 5,417,529 3,190,418 5,316 3,571,835 - 56,819,610
Assets Held to
Cover Linked
Liabilities
188,842,568 29,500,799 9,232,461
6,262,449
389,273 - - - - - - - - - - 234,227,550
Loans 444,295 - - - - 34,080 - - - - - - - 23 - 478,398
Fixed Assets 265,662 87,629 11,499 8,781 1,124 104,120 31,439 17,215 355 1,517 17,270 28,727 204 70,630 - 646,172
Current Assets
Cash and Bank
Balances
2,220,295 732,358 96,107 73,390 9,396 870,186 262,748 143,872 2,970 12,675 144,330 240,085 1,702 473 126 4,810,713
Advances and
Other Assets*
1,552,545 635,201 (308,934) (21,900) 5,225 1,694,754 (302,605) 79,454 4,066 7,013 79,707 132,593 92 839,514 614,389 5,011,114
Sub - Total (A) 3,772,840 1,367,559 (212,827) 51,490 14,621 2,564,940 (39,857) 223,326 7,036 19,688 224,037 372,678 1,794 839,987 614,515 9,821,827
Current Liabilities 3,492,333 1,048,050 121,103 104,739 35,717 1,155,768 500,636 205,896 5,194 16,108 206,552 343,690 (20,370) 1,049,659 - 8,265,075
Provisions 95,008 31,338 4,112 3,140 402 37,235 11,243 6,156 127 542 6,176 10,273 73 25,259 - 231,084
Sub - Total (B) 3,587,341 1,079,388 125,215 107,879 36,119 1,193,003 511,879 212,052 5,321 16,650 212,728 353,963 (20,297) 1,074,918 - 8,496,159
Net Current
Assets (C) =
(A-B)
185,499 288,171 (338,042) (56,389) (21,498) 1,371,937 (551,736) 11,274 1,715 3,038 11,309 18,715 22,091 (234,931) 614,515 1,325,668
Miscellaneous
Expenditure
- - - - - - - - - - - - - - - -
(To the extent
not written off or
Adjusted )
- - - - - - - - - - - - - - - -
Debit Balance
in Prot and
Loss Account
(Shareholders’
Account )
- - - - - - - - - - - - - - 4,876,200 4,876,200
Total 192,333,064 29,919,498 8,984,900 6,228,407 463,544 26,960,248 9,755,840 5,289,047 302,018 527,181 5,446,108 3,237,860 27,611 3,407,557 22,557,000 315,439,883
Annexure - 1
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULE 1
Premium for the period ended March 31, 2017
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked
Par Non
Linked
Individual
Life
Total
Individual
Life
Group
Life
Pension
Individual
Group
Pension
Health
Individual
Individual
Life
Group Life
Group Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group Pension
Variable
Health
Individual
1. First Year Premiums 2,525,754 5,916,958 264,097 563,188 (396) 3,622,977 1,906,693 1,009,143 (3,998) - 2,587,483 3,492,880 81,816 2,681,722 24,648,317
2. Renewal Premiums 16,119,644 63,850 740,345 340,855 81,224 8,075,979 1,298,690 14,098 20,154 - 13,173 53,182 10,250 5,065,557 31,897,001
3. Single Premiums 263,258 - 14,163 - - 19,066 262,068 - - 135,678 - - - - 694,233
Total Gross Premiums
18,908,656 5,980,808 1,018,605 904,043 80,828 11,718,022 3,467,451 1,023,241 16,156 135,678 2,600,656 3,546,062 92,066 7,747,279 57,239,551
SCHEDULE 1
Premium for the period ended Mar 31, 2016
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked
Par Non
Linked
Individual
Life
Total
Individual
Life
Group
Life
Pension
Individual
Group
Pension
Health
Individual
Individual
Life
Group Life
Group Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group Pension
Variable
Health
Individual
1. First Year Premiums 2,281,376 7,516,485 225,401 462,880 (702) 1,342,696 1,574,326 1,480,904 1,303 - 1,481,530 2,445,292 13,684 2,909,152 21,734,327
2. Renewal Premiums 20,492,526 50,262 748,102 295,387 97,780 7,623,305 1,013,111 5,585 29,386 - 9,696 35,278 3,896 3,189,740 33,594,054
3. Single Premiums 166,238 - 19,480 - 1 24,781 127,287 - - 130,957 - - - - 468,744
Total Gross Premiums
22,940,140 7,566,747 992,983 758,267 97,079 8,990,782 2,714,724 1,486,489 30,689 130,957 1,491,226 2,480,570 17,580 6,098,892 55,797,125
Annexure - 1
Annual Report 2016-17
132
133
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
SCHEDULE 2
Commission expenses for the period ended March 31, 2017
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked Business
Par Non
Linked
Individual
Life
Total
Individual
Life
Group
Life
Pension
Individual
Pension
Group
Health
Individual
Individual
Life
Group Life
Group Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group Pension
Variable
Health
Individual
Commission Paid
Direct - First Year
Premiums
141,970 389 10,092 7 (171) 746,307 3,811 - (305) (187) - 516 19,132 692,988 1,614,549
Renewal Premiums
432,775 - 7,173 41 2,752 241,602 7,235 - 296 (37) - 19 243 237,088 929,187
Single Premiums
4,045 - 265 - - 319 335 - - 1,899 - - - - 6,863
Sub - Total
578,790 389 17,530 48 2,581 988,228 11,381 - (9) 1,675 - 535 19,375 930,076 2,550,599
Add:Commission on
Re-insurance Accepted
- - - - - - - - - - - - - - -
Less:Commission on
Re-insurance Ceded
- - - - - - - - - - - - - - -
Net Commission 578,790 389 17,530 48 2,581 988,228 11,381 - (9) 1,675 - 535 19,375 930,076 2,550,599
SCHEDULE 2
Commission expenses for the year ended Mar 31, 2016
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked Business
Par Non
Linked
Individual
Life
Total
Individual
Life
Group
Life
Pension
Individual
Pension
Group
Health
Individual
Individual
Life
Group Life
Group Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group Pension
Variable
Health
Individual
Commission Paid
Direct - First Year
Premiums
137,395 226 7,480 - (286) 269,617 2,676 - 80 (208) - 425 2,093 763,585 1,183,083
Renewal Premiums
569,051 3 8,147 45 3,507 242,322 5,656 - 461 (1) - 13 113 162,371 991,688
Single Premiums
3,103 - 330 - - 455 560 - - 1,390 - - - - 5,838
Sub - Total
709,549 229 15,957 45 3,221 512,394 8,892 - 541 1,181 - 438 2,206 925,956 2,180,609
Add:Commission on
Re-insurance Accepted
- - - - - - - - - - - - - - -
Less:Commission on
Re-insurance Ceded
- - - - - - - - - - - - - - -
Net Commission 709,549 229 15,957 45 3,221 512,394 8,892 - 541 1,181 - 438 2,206 925,956 2,180,609
Annexure - 1
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULE 3
Operating expenses related to insurance business for the period ended Mar 31, 2017
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked Business
PAR Non
Linked
Individual
Life
Total
Individual
Life
Group
Life
Pension
Individual
Group
Pension
Health
Individual
Total
Linked
Individual
Life
Group
Life
Group
Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group
Pension
Variable
Health
Individual
Employees’ remuneration 796,458 69,591 52,156 7,820 2,064 928,089 1,588,889 22,656 11,981 200 5,333 28,134 36,624 12,416 2,356,799 4,991,121
Travel,conveyance and vehicle
running expenses
39,561 5,075 2,566 498 124 47,824 72,372 1,638 867 14 279 2,190 2,939 385 113,427 241,935
Training expenses 16,856 1,348 1,030 129 69 19,432 27,125 434 230 7 102 587 791 190 41,012 89,910
Rents, rates and taxes 109,947 3,935 6,711 376 451 121,420 177,417 1,268 671 48 663 1,718 2,317 1,272 267,430 574,224
Repairs & maintenance 32,349 140 2,422 13 32 34,956 76,834 45 24 4 322 61 83 107 130,685 243,121
Printing and stationery 11,364 269 609 26 61 12,329 18,061 87 46 4 30 118 159 364 19,662 50,860
Communication expenses 33,633 1,389 1,900 137 168 37,227 49,041 448 237 16 149 598 802 616 65,242 154,376
Legal and professional charges 54,689 1,789 2,742 212 346 59,778 59,242 585 309 35 144 702 900 1,177 63,947 186,819
Medical fees 7,023 - - - 1 7,024 6,102 33,817 9 - 3 - - 676 1,328 48,959
Auditor’s fees,expenses,etc.
(a) i) as auditor 2,483 60 122 6 17 2,688 2,362 19 10 2 7 26 35 45 2,606 7,800
ii) out of pocket expenses 267 6 13 1 2 289 254 2 1 - 1 3 4 5 281 840
(b) as advisor or in any other
capacity,in respect of
i) Taxation services / matters 49 - 2 - 0 51 46 - - 0 0 - - 2 51 150
ii) Management services 63 2 3 - - 68 60 - - - - 1 1 1 66 197
Advertisement and publicity 47,895 3,715 3,408 354 (59) 55,313 252,318 1,197 634 (103) (63) 1,625 2,193 6,468 234,317 553,899
Interest and bank charges 20,291 - 998 - 138 21,427 19,302 - - 14 55 - - 371 21,325 62,494
Others: 1) Distribution expenses 53,895 2,028 4,015 193 (54) 60,077 240,023 653 346 (79) 158 887 1,197 4,918 262,353 570,533
2) Agents recruitment,seminar
and other expenses
1,922 1 137 - (2) 2,058 9,791 - - (4) (1) - 1 244 9,313 21,402
3) Recruitment and seminar
expenses
13,895 228 958 25 30 15,136 29,931 74 39 3 110 94 124 156 47,137 92,804
4) IT expenses (including
maintenance )
124,880 6,312 6,887 601 680 139,360 160,245 2,034 1,076 72 548 2,760 3,726 1,853 217,953 529,627
5) Policy stamps 6,460 25 377 124 - 6,986 24,452 144,869 - - 22 498 722 3,958 7,087 188,594
6) (Prot)/Loss on sale of
assets
167 (10) 26 (1) (3) 179 1,128 (3) (2) - 5 (4)
(6) (7) 2,212 3,502
7) Service Tax expenditure
including provision for
unutilised credit*
- - - - - - - - - - - - - - - -
8) Electricity expenses 23,639 262 1,561 25 70 25,557 44,576 85 45 8 176 115 155 200 71,199 142,116
9) Miscellaneous expenses 18,127 1,483 897 285 91 20,883 12,099 506 266 19 54 372 339 194 12,917 47,649
10) Outsourcing expenses 52,717 1,337 2,594 133 357 57,138 50,311 432 229 37 142 573 766 970 55,378 165,976
Depreciation 97,115 2,532 5,055 241 597 105,540 107,879 816 432 62 341 1,107 1,495 1,613 134,458 353,743
Excess of EOM transferred to
shareholders fund(Refer Schedule
16 note 43)
(1,623,304) (1,623,304)
Total 1,565,745 101,517 97,189 11,198 5,180 1,780,829 3,029,860 211,662 17,450 359 8,580 42,165 55,367 38,194 2,514,881 7,699,347
Annexure - 1
Annual Report 2016-17
134
135
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
SCHEDULE 3
Operating expenses related to insurance business for the period ended Mar 31, 2016
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked
PAR Non
Linked
Individual
Life
Total
Individual
Life
Group Life
Pension
Individual
Group
Pension
Health
Individual
Individual
Life
Group Life
Group Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Health
Individual
Health
Individual
Employees’ remuneration 885,308 81,735 64,967 6,540 2,247 942,254 18,433 16,053
383 5,604 15,854 24,419
28,617 2,897,124 4,989,538
Travel,conveyance and vehicle
running expenses
40,927 5,838 2,995 381 135 41,401 1,242 1,150 17 266 1,147 1,868 1,320 124,779 223,466
Training expenses 22,841 580 1,753 36 65 24,688 122 114 8 167 114 188 836 77,537 129,049
Rents, rates and taxes 132,466 6,787 9,095 419 564 122,288 1,422 1,337 61 732 1,338 2,207 3,591 340,600 622,907
Repairs & maintenance 47,930 702 3,535 43 162 48,988 147 138 18 318 138 228 1,585 147,979 251,911
Printing and stationery 16,211 509 915 31 97 11,976 107 100 11 44 100 165 211 24,479 54,956
Communication expenses 54,717 2,258 3,220 143 316 41,345 476 445 34 181 445 729 859 90,593 195,761
Legal and professional charges 43,678 1,563 2,368 166 250 31,052 388 306 32 91 296 407 434 60,612 141,643
Medical fees 9,784 - - - 1 6,475 42,301 14 - 3 - - 9 1,279 59,866
Auditor’s fees,expenses,etc. - - - - - - - - - - - - - - -
(a) i) as auditor 2,108 473 112 29 15 1,308 99 93 2 4 93 154 19 2,091 6,585
ii) out of pocket expenses 172 26 9 2 1 107 5 5 - - 5 9 2 174 517
(b) as advisor or in any other
capacity,in respect of
- - - - - - - - - - - - - - -
i) Taxation services / matters 49 10 2 - 1 30 2 2 - - 2 4 0 48 150
ii) Management services 266 30 14 2 2 166 6 6 - 1 6 10 2 267 778
Advertisement and publicity 57,093 4,602 3,107 283 (111) 110,927 964 907 33 (83) 907 1,497 865 313,530 494,521
Interest and bank charges 29,682 - 1,581 - 205 18,497 - - 21 64 - - 271 29,867 80,188
Others:1) Distribution expenses 43,748 (22) 2,531 (1) (93) 85,168 (5) (4) 23 (23) (4) (7) 828 246,229 378,368
2) Agents
recruitment,seminar and
other expenses
3,489 45 195 3 7 4,617 10 9 2 3 9 15 51 12,072 20,527
3) Recruitment and seminar
expenses
18,299 2,131 1,220 134 77 17,131 449 420 9 90 420 689 456 46,632 88,157
4) IT expenses (including
maintenance )
130,563 7,385 7,898 455 737 100,167 1,547 1,455 78 487 1,456 2,403 2,294 228,713 485,638
5) Policy stamps 19,641 385 158 45 - 9,345 149,502 1 - 8 165 317 58 3,995 183,620
6) Fund and asset
management charges
- - - - - -
- - - - - - - - -
6) (Prot)/Loss on sale of
assets
(876) (26) (61) (4) (3) (773) (7) (5) - (5) (5) (5) (24) (2,221) (4,015)
7) Service Tax expenditure
including provision for
unutilised credit*”
- - - - - - - - - - - - - - -
9) Policy processing
expenses
- - - - - - - - - - - - - - -
9) Hire Charges and
Insurance Expense
- - - - - - - - - - - - - - -
10) Call Centre and Mother
Portal Expenses
- - - - - - - - - - - - - - -
11) Service Tax on Expenses - - - - - - - - - - - - - - -
8) Electricity expenses 50,314 1,344 2,758 83 334 32,869 282 265 35 126 265 437 550 58,567 148,229
9) Miscellaneous expenses 14,531 1,113 789 212 70 6,237 358 215 15 37 195 156 97 10,367 34,392
10) Outsourcing expenses 60,226 1,649 3,330 111 391 40,067 353 325 41 156 323 523 689 73,846 182,030
Depreciation 78,206 2,475 4,637 156 459 57,827 521 487 48 272 487 800 1,262 126,421 274,058
Service tax on premium -
Total 1,761,373 121,592 117,128 9,269 5,914 1,754,157 218,724 23,838 871 8,543 23,756 37,213 44,882 4,915,580 9,042,855
Annexure - 1
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULE 4
Benets Paid (Net) for the period ended March 31, 2017
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked Business
PAR Non
Linked
Individual
Life
Total
Individual
Life
Group
Life
Pension
Individual
Group
Pension
Health
Individual
Individual
Life
Group
Life
Group Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group Pension
Variable
Health
Individual
1. Insurance Claims 1,297,347 - 90,752 2,858 498 883,963 1,329,066 - 13,826 3,710 1,723 98 2,739 273,027 3,899,607
(a) Claims by Death 3,644,682 - 102,048 - - 57,732 - - - - - - - - 3,804,462
(b) Claims by Maturity 71 - - - - - 58 - - 44,331 - - - - 44,460
(c) Annuties / Pension Payment
(d) Other benets
(i) Surrender 31,874,298 3,810,411 1,857,385 492,859 19,259 237,362 447,509 202,339 8,395 - 262,396 437,739 1,244 8,065 39,659,261
(ii) Riders 11,372 - - - - 12,448 13,335 - - - - - - 10,440 47,595
(iii) Health 496 - - - 3,188 1,188 - - - - - - 6,122 186 11,180
(iv) Survival and Others 140,027 - (2,211) - (24) 490,604 6,622 - 7,246 18 - - (630) 2,690 644,342
2. (Amount ceded in
reinsurance)
(a) Claims by Death (533,210) (63) - - - (449,852) (571,123) - - - - - (19,512) (10,110) (1,583,870)
(b) Claims by Maturity - - - - - - - - - - - - - - -
(c) Annuties / Pension Payment
- - - - - - - - - - - - - - -
(d)Other benets (Health) - - - - (1,805) - - - - - - - (1,840) - (3,645)
3. Amount accepted in
reinsurance:
(a) Claims by Death - - - - - - - - - - - - - -
(b) Claims by Maturity - - - - - - - - - - - - - -
(c) Annuties / Pension Payment
- - - - - - - - - - - - - -
(d) Other benets
- - - - - - - - - - - - - -
TOTAL 36,435,083 3,810,348 2,047,974 495,717 21,116 1,233,445 1,225,467 202,339 29,467 48,059 264,119 437,837 (11,877) 284,298 46,523,392
Annexure - 1
Annual Report 2016-17
136
137
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
SCHEDULE 4
Benets Paid (Net) for the Year ended Mar 31, 2016
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked Business
PAR Non
Linked
Individual
Life
Total
Individual
Life
Group
Life
Pension
Individual
Group
Pension
Health
Individual
Individual
Life
Group
Life
Group Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group Pension
Variable
Health
Individual
1. Insurance Claims
(a) Claims by Death 1,152,098 - 61,199 15,232 743 710,057 1,129,406 - 2,246 188 532 2 3,309 215,879 3,290,891
(b) Claims by Maturity 4,968,715 - 65,554 - - 81,437 - - - - - - - - 5,115,706
(c) Annuties / Pension Payment
103 - - - - - - - - 29,497 - - - - 29,600
(d) Other benets - - -- - - - - - - - - - - - -
(i) Surrender 25,081,797 3,286,007 2,893,058 747,424 16,967 76,883 493,163 1,716,113 3,395 (606) 6,896 533,128 2,557 440 34,857,222
(ii) Riders 26,292 - - - - 23,479 10,942 - - - - - - 9,233 69,946
(iii) Health 110 - - - 1,099 210 - - - - - - 3,813 37 5,269
(iv) Survival and Others 31,413 - 3,914 - (12) 196,687 980 - 2,042 - - - 637 1,872 237,533
2. (Amount ceded in
reinsurance):
(a) Claims by Death (376,696) - - - - (292,026) (460,084) - - - - - - (3,880) (1,132,686)
(b) Claims by Maturity - - - - - - - - - - - - - - -
(c) Annuties / Pension Payment
- - - - - - - - - - - - - - -
(d)Other benets (Health) - - - - (1,419) - - - - - - - (1,119) - (2,538)
3. Amount accepted in
reinsurance:
(a) Claims by Death - - - - - - - - - - - - - -
(b) Claims by Maturity - - - - - - - - - - - - - -
(c) Annuties / Pension Payment
- - - - - - - - - - - - - -
(d) Other benets - - - - - - - - - - - - - -
TOTAL 30,883,832 3,286,007 3,023,725 762,656 17,378 796,727 1,174,407 1,716,113 7,683 29,079 7,428 533,130 9,197 223,581 42,470,943
Annexure - 1
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
(Amounts in thousands of Indian Rupees)
Sr.
No.
Name of the related
party with Whom the
transaction has been
made
Description of
relationship with the
party
Nature of Transaction
Audited Transactions
during the year ended
Audited Outstanding balance
recoverable/(payable) as on
31st March
2017
31st March
2016
31st March
2017
31st March
2016
1 2 3 4 5 6 7 8
1 Aditya Birla Nuvo Limited
(ABNL)
Ultimate Holding
company
a) Retirement Benet liability of transferred employees - 1,749 - -
b) Interest income on Non Convertible Debentures (NCD) 43,300 40,587 6,896 6,996
c) Recovery of Expenses - 207 - -
d) Outstanding NCD - - 500,000 500,000
e) Director Nomination Deposit Paid 100 200 - -
f) Director Nomination Deposit Received 100 200 - -
2 Aditya Birla Finance
Limited
Fellow Subsidiary
a) Recovery of expenses 24,146 23,169 2,218 2,481
b) Security Deposit - - (8,830) (8,830)
c) Purchase /(Sales) of NCD 1,250,000 (100,000) 1,500,000 250,000
d) Interest income on NCD 105,945 31,406 101,067 19,392
e) Payment of Housing loan of employee 3,202 3,202 - -
f) Transfer of Fixed Asset from ABFL - 62 - 62
g) Retirement Benet liability of transferred employees. 460 - - -
3 Aditya Birla Money Mart
Limited
Fellow Subsidiary
a) Payment towards Advertisement Expenses - 4,760 - -
b) Retirement Benet liability of transferred employees. 38 15 - 15
c) Transfer of employee’s expenses - 127 - -
d) Transfer of asset 113 - - -
4 Aditya Birla Money
Insurance Advisory
Services Limited
Fellow Subsidiary
a) Commission expenses 15,706 18,788 (10,005) (7,491)
b) Reimbursement of Salary Expense 1,556 - 1,420 -
5 Aditya Birla Money
Limited
Fellow Subsidiary
a) Brokerage expenses 10,160 9,206 - -
b) Reimbursement of expense 53 - - -
c) Advertisement Expense - 2,532 - -
d) Retirement Benet liability of transferred employees. 40 2,309 - -
6 Aditya Birla Financial
Shared Services Limited
Fellow Subsidiary
a) Advance given for expenses/prepaid 97,258 100,588 6,908 6,643
b) Reimbursement of expenses 156,176 183,542 (27,475) -
c) Retirement Benet liability of transferred employees. 5,191 572 - -
d) Recovery of Expenses 1,015 - - -
e) Transfer of Asset 59
7 Aditya Birla Insurance
Brokers Limited
Fellow Subsidiary
a) Recovery of expenses 1,089 89 332 20
b) Transfer of employee’s expenses 4,243 - - -
c) Transfer of employee’s assets 3,475 - - -
d) Receipts towards transfer of employee 97 - - -
DISCLOSURES IN RESPECT OF TRANSACTIONS WITH RELATED PARTIES AND OUTSTANDING AS AT THE YEAR ENDED MARCH 31, 2017
(A) Enterprises where control exists
Ultimate Holding company Aditya Birla Nuvo Limited with effect from 24th March 2017
Holding Company Aditya Birla Financial Services Limited (ABFSL) ( With effect from 24th March, 2017)
Foreign Partner Sun Life Financial (India) Insurance Investments Inc.
(B) Key Management Personnel
Mr. Pankaj Razdan (wef 1st January 2014)
(C) Disclosures of transaction between the Company and related parties and outstanding balances as on the Year ended :
Annual Report 2016-17
138
139
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
(Amounts in thousands of Indian Rupees)
Sr.
No.
Name of the related
party with Whom the
transaction has been
made
Description of
relationship with the
party
Nature of Transaction
Audited Transactions
during the year ended
Audited Outstanding balance
recoverable/(payable) as on
31st March
2017
31st March
2016
31st March
2017
31st March
2016
1 2 3 4 5 6 7 8
8 Aditya Birla Customer
Services Limited
Fellow Subsidiary
a) Advertisement Expenses 3,400 573 - -
b) Recovery of Expenses 335 294 - (563)
9 Birla Sun Life Assets
Management Company
Limited
Fellow Subsidiary
a) Receipt towards Reimbursement of expenses /
Transfer of Employee
4,607 5,143 (33) -
b) Recovery of expenses - 2,330 - 677
c) Transfer of Fixed Asset - 1,020 - -
d) Payment towards Reimbursement of expenses 296 -
10 Aditya Birla Financial
Services Limited
Holding Company
a) Reimbursement of expenses 276,486 198,904 (76,802) (22,534)
b) Prepaid expenses - 20,000 - -
c) Recovery of expenses 5,753 4,907 - -
11 Aditya Birla Housing
Finance Limited
Fellow Subsidiary
a) Reimbursement of other expenses - 11 - (11)
b) Retirement Benet liability of transferred employees. 52 203 - -
c) Interest income on Non Convertible Debentures 4,475 123 123 -
d) Purchase /(Sales) of NCD - 50,000 50,000 50,000
12 Birla Sun Life Pension
Management Limited
Subsidiary
a) Share Capital Investment - 269,500 270,000 270,000
b) Director Nomination Deposit - 300 - -
c) Director Nomination Deposit Recovered - 300 - -
d) Recovery of Expenses / Tax 23,365 1,836 12,536 1,748
13 Aditya Birla Health
Insurance Limited
Fellow Subsidiary
a) Recovery of expenses 926 11,993 - 473
b) Retirement Benet liability of transferred employees. 3,326 13,684 - -
c) Assets Transferred 857 - - -
d) Group mediclaim premium 133,699 - - -
14 Idea Cellular Limited Associate
a) Telephone, Mobile and Data charges 11,587 11,648 - -
b) Employees remuneration & welfare benets 1,844 - - -
15 Sunlife Assurance
company of Canada
Holding of Foreign
Promoter
a) Secondment Expenses 43,837 55,638 (26,631) (55,638)
b) Recovery of expenses 1,522 6,881 1,522 6,881
16
Sun Life Financial (India)
Insurance Investments Inc.
Foreign Promoter a) Subvention (Refer Schedule 16 Note 42)
2,49,997 - - -
17 Mr Pankaj Razdan (wef
1st January 2014)
Key Management
Personnel
a) Managerial Remuneration
67,225 68,151 - -
Note 1: Premium received (excluding service tax) from the related parties against life insurance products sold at market rates for the year ended 31st Mar 2017 is ` 36,710/- and for the year ended
31st Mar 2016 is ` 31,287/-, which includes `
18,640/- for the year ended 31st Mar 2017 and for the year ended 31st March 2016 is ` 17,984/- pertaining to Aditya birla Nuvo Ltd and includes
`
4,228/- for the year ended 31st Mar 2017 and for the year ended 31st March 2016 is ` 3,882/- pertaining to Aditya Birla Finance Limited.
Note 2:
There are no provisions for doubtful debts, amounts written off or amounts written back pertaining to the above transactions
Note 3: Related party relationship have been identied by the management and relied upon by the auditors.
Note 4: Related party transactions disclosed above denote the transactions entered during the existence of related party relationship.
Note 5: All the above transactions are reported inclusive of service tax, wherever applicable
Note 6: Aditya Birla Money Mart Limited (ABMML)” has been merged with “Aditya Birla Finance Limited (ABFL)” on 31st Dec, 2016. For presentation purpose the same are presented separately.
Note 7: The Group Insurance related advances by the holding company is outstanding in the books as on 31st Mar 2017 to the extent of ` 1,286.62/- (As of 31st Mar, 2016 ` 2,148.28/-). There is an
interest payment to the extent of ` 88.77/- (As on 31st Mar 2016 ` 64.78/-) in relation to the Group Pension scheme of the holding company.
DISCLOSURES IN RESPECT OF TRANSACTIONS WITH RELATED PARTIES AND OUTSTANDING AS AT THE YEAR ENDED MARCH 31, 2017 (CONTD.)
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
FORM A-RA(UL)
Fund Revenue Account for the period ended 31st March 2017
(Amounts in thousands of Indian Rupees)
Particulars Sch
Ind. Assure Ind. Income Advantage Ind. Protector Ind. Builder Ind. Balancer
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF01008/07/05BSLIASSURE109 ULIF01507/08/08BSLIINCADV109
ULIF00313/03/01BSLPROTECT109 ULIF00113/03/01BSLBUILDER109 ULIF00931/05/05BSLBALANCE109
Income from investments
Interest income** 149,062 146,700 452,724 417,289 287,412 295,913 179,462 182,488 16,551 18,567
Dividend income - - - - 5,493 6,307 8,599 7,273 824 1,124
Prot / Loss on sale of investment 4,747 1,896 130,902 44,750 79,672 58,931 141,392 81,136 10,151 10,827
Prot / Loss on inter fund transfer/
sale of investment
(3,238) 462 21,086 8,963 4,305 6,981 2,002 849 1,921 3,051
Miscellaneous Income / (Expenses) - - - - 2 - 3 - - -
Unrealised Gain/loss* 8,994 448 39,599 (61,635) 122,054 (107,593) 76,393 (109,011) 11,641 (16,134)
Total (A) 159,565 149,506 644,311 409,367 498,938 260,539 407,851 162,735 41,088 17,435
Fund management expenses 17,968 17,007 60,713 53,507 41,186 41,307 28,627 28,278 3,791 4,122
Fund administration expenses - - - - - - - - - -
Other charges F-5 (A) 20,481 20,086 70,594 77,540 68,010 74,709 35,601 38,999 5,139 6,834
Service Tax# 5,733 5,165 19,585 18,241 16,286 16,134 9,581 9,360 1,332 1,521
Total (B) 44,182 42,258 150,892 149,288 125,482 132,150 73,809 76,637 10,262 12,477
Net Income for the year (A-B) 115,383 107,248 493,419 260,079 373,456 128,389 334,042 86,098 30,826 4,958
Add: Fund revenue account at the
beginning of the year
576,599 469,351 1,180,617 920,538 1,953,307 1,824,918 1,788,454 1,702,356 75,675 70,717
Fund revenue account at the
end of the year
691,982 576,599 1,674,036
1,180,617 2,326,763 1,953,307 2,122,496 1,788,454 106,501 75,675
(Amounts in thousands of Indian Rupees)
Particulars Sch
Ind. Enhancer Ind. Creator Ind. Magnier Ind. Maximiser Ind. Multiplier
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF00213/03/01BSLENHANCE109 ULIF00704/02/04BSLCREATOR109 ULIF00826/06/04BSLIIMAGNI109 ULIF01101/06/07BSLIINMAXI109 ULIF01217/10/07BSLINMULTI109
Income from investments
Interest income** 3,542,208 3,886,732 174,357 175,691 85,104 90,189 3,169 5,089 11,289 26,448
Dividend income 298,634 285,797 29,374 32,398 124,557 139,455 225,131 308,781 58,030 66,005
Prot / Loss on sale of investment 2,158,039 1,498,722 314,903 133,722 724,700 556,503 1,250,855 768,700 1,027,337 610,590
Prot / Loss on inter fund transfer/
sale of investment
71,466 104,450 1,053 13,367 9,723 (29,056) 7,234 39,358 6,254 134
Miscellaneous Income / (Expenses) 94 (33) 11 (2) 41 (14) 83 (26) 36 (7)
Unrealised Gain/loss* 3,845,501 (3,209,196) 305,185 (369,400) 1,352,685 (1,353,402) 2,626,505 (3,307,312) 688,992 (673,944)
Total (A) 9,915,942 2,566,472 824,883 (14,224) 2,296,810 (596,325) 4,112,977 (2,185,410) 1,791,938 29,226
Fund management expenses 853,184 855,820 56,243 53,331 142,608 147,111 235,444 283,983 69,996 64,877
Fund administration expenses - - - - - - - - - -
Other charges F-5 (A) 1,644,230 1,856,078 43,623 44,906 113,894 123,376 203,472 294,195 60,997 64,761
Service Tax# 372,475 377,041 14,899 13,675 38,261 37,610 65,444 80,076 19,546 18,057
Total (B)
2,869,889 3,088,939 114,765 111,912 294,763 308,097 504,360 658,254 150,539 147,695
Net Income for the year (A-B)
7,046,053 (522,467) 710,118 (126,136) 2,002,047 (904,422) 3,608,617 (2,843,664) 1,641,399 (118,469)
Add: Fund revenue account at the
beginning of the year
8,725,333 9,247,800 2,713,678 2,839,814 6,084,436 6,988,858 4,607,596 7,451,260 1,107,038 1,225,507
Fund revenue account at the
end of the year
15,771,386 8,725,333 3,423,796
2,713,678 8,086,483 6,084,436 8,216,213 4,607,596 2,748,437 1,107,038
Annexure 3
Annual Report 2016-17
140
141
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
FORM A-RA(UL)
Fund Revenue Account for the period ended 31st March 2017
(Amounts in thousands of Indian Rupees)
Particulars
Sch
Ind. Super 20 Ind. Platinum Plus- 1 Ind. Platinum Plus- 2 Ind. Platinum Plus- 3 Ind. Platinum Plus- 4
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF01723/06/09BSLSUPER20109 ULIF01325/02/08BSLIIPLAT1109
ULIF01425/02/08BSLIIPLAT2109 ULIF01628/04/09BSLIIPLAT3109 ULIF01816/09/09BSLIIPLAT4109
Income from investments
Interest income** 2,882 3,792 146,269 150,276 269,441 261,844 288,995 253,398 211,999 182,905
Dividend income 113,797 93,372 11,935 14,538 23,979 34,247 30,127 44,730 23,617 35,630
Prot / Loss on sale of investment 337,153 (33,509) 50,351 191,687 106,760 327,667 182,945 485,642 134,656 374,189
Prot / Loss on inter fund
transfersale of investment
27,820 12,253 4,874 28,170 1,583 17,953 (910) 25,103 1,130 14,174
Miscellaneous Income / (Expenses) 49 (11) 3 (1) 5 (3) 7 (3) 6 (3)
Unrealised Gain/loss* 1,077,204 (581,604) 95,292 (311,051) 209,681 (610,500) 221,223 (820,515) 178,992 (651,569)
Total (A) 1,558,905 (505,707) 308,724 73,619 611,449 31,208 722,387 (11,645) 550,400 (44,674)
Fund management expenses 103,285 90,218 38,969 43,066 74,062 81,008 84,565 92,660 63,171 69,121
Fund administration expenses - - - - - - - - - -
Other charges F-5 (A) 71,429 66,239 25,589 28,395 26,091 27,748 23,365 26,407 19,885 22,373
Service Tax# 26,069 21,814 9,628 9,928 14,937 15,114 16,096 16,542 12,387 12,713
Total (B) 200,783 178,271 74,186 81,389 115,090 123,870 124,026 135,609 95,443 104,207
Net Income for the year (A-B) 1,358,122 (683,978) 234,538 (7,770) 496,359 (92,662) 598,361 (147,254) 454,957 (148,881)
Add: Fund revenue account at the
beginning of the year
844,646 1,528,624 1,258,199 1,265,969 4,187,860 4,280,522 2,605,549 2,752,803 1,751,505 1,900,386
Fund revenue account at the
end of the year
2,202,768 844,646 1,492,737
1,258,199 4,684,219 4,187,860 3,203,910 2,605,549 2,206,462 1,751,505
(Amounts in thousands of Indian Rupees)
Particulars
Sch
Ind. Platinum Advantage Ind. Platinum Premier Ind. Foresight- 5 Pay
Ind. Foresight- Single Pay
Ind. Titanium- 1
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF02408/09/10BSLPLATADV109 ULIF02203/02/10BSLPLATPR1109 ULIF02510/02/11BSLFSIT5P1109 ULIF02610/02/11BSLFSITSP1109 ULIF01911/12/09BSLITITAN1109
Income from investments
Interest income** 398,455 342,760 277,863 267,711 1,214,476 947,116 34,249 26,676 13,065 12,728
Dividend income 68,310 102,186 37,838 63,590 155,751 150,457 7,207 9,246 1,969 2,763
Prot / Loss on sale of investment 455,994 819,265 307,981 791,993 689,600 608,868 43,186 71,245 8,693 30,758
Prot / Loss on inter fund transfer/
sale of investment
47,627 41,491 47,489 57,532 10,078 (212) 2,392 5,767 418 1,590
Miscellaneous Income / (Expenses) 17 (8) 9 (5) 33 61 2 (1) 1 -
Unrealised Gain/loss* 327,544 (1,649,945) 111,786 (1,363,210) 1,474,256 (1,767,285) 48,285 (150,663) 16,041 (49,666)
Total (A) 1,297,947 (344,251) 782,966 (182,389) 3,544,194 (60,995) 135,321 (37,730) 40,187 (1,827)
Fund management expenses 142,804 165,944 88,912 111,298 444,128 387,687 14,191 15,406 4,447 5,442
Fund administration expenses - - - - - - - - - -
Other charges F-5 (A) 33,445 52,769 21,887 31,120 365 598 - - 1,123 1,582
Service Tax# 26,277 30,400 16,520 19,722 66,314 54,101 2,116 2,142 830 973
Total (B)
202,526 249,113 127,319 162,140 510,807 442,386 16,307 17,548 6,400 7,997
Net Income for the year (A-B)
1,095,421 (593,364) 655,647 (344,529) 3,033,387 (503,381) 119,014 (55,278) 33,787 (9,824)
Add: Fund revenue account at the
beginning of the year
3,272,417 3,865,781 2,506,031 2,850,560 4,548,338 5,051,719 326,950 382,228 155,066 164,890
Fund revenue account at the
end of the year
4,367,838 3,272,417 3,161,678
2,506,031 7,581,725 4,548,338 445,964 326,950 188,853 155,066
Annexure 3
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
FORM A-RA(UL)
Fund Revenue Account for the period ended 31st March 2017
(Amounts in thousands of Indian Rupees)
Particulars
Sch
Ind. Titanium- 2 Ind. Titanium- 3 Ind. Pure Equity Ind. Value Momentum Ind. Liquid Plus
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF02011/12/09BSLITITAN2109 ULIF02111/12/09BSLITITAN3109
ULIF02707/10/11BSLIPUREEQ109 ULIF02907/10/11BSLIVALUEM109 ULIF02807/10/11BSLLIQPLUS109
Income from investments
Interest income** 3,190 3,444 1,402 1,427 2,801 - 4,260 5,496 63,296 48,316
Dividend income 577 847 307 640 6,360 3,472 53,822 17,455 - -
Prot / Loss on sale of investment 2,917 11,137 1,365 6,589 12,873 10,927 128,378 18,856 2,822 1,625
Prot / Loss on inter fund transfer/
sale of investment
215 855 69 197 - 39 1,444 - 65 (42)
Miscellaneous Income / (Expenses) - - - - 1 - 3 (1) - -
Unrealised Gain/loss* 4,386 (17,784) 2,552 (10,448) 133,453 (18,562) 275,849 (73,936) (108) 59
Total (A) 11,285 (1,501) 5,695 (1,595) 155,488 (4,124) 463,756 (32,130) 66,075 49,958
Fund management expenses 1,222 1,537 593 964 8,087 3,585 15,887 8,257 8,014 5,956
Fund administration expenses - - - - - - - - - -
Other charges F-5 (A) 326 486 190 322 16,953 8,726 21,934 19,821 21,594 19,648
Service Tax# 231 280 116 178 3,739 1,732 5,645 3,944 4,414 3,577
Total (B) 1,779 2,303 899 1,464 28,779 14,043 43,466 32,022 34,022 29,181
Net Income for the year (A-B) 9,506 (3,804) 4,796 (3,059) 126,709 (18,167) 420,290 (64,152) 32,053 20,777
Add: Fund revenue account at the
beginning of the year
43,909 47,713 17,414 20,473 17,907 36,074 3,175 67,327 36,975 16,198
Fund revenue account at the
end of the year
53,415 43,909 22,210
17,414 144,616 17,907 423,465 3,175 69,028 36,975
(Amounts in thousands of Indian Rupees)
Particulars
Sch
Ind. Pension Growth Ind. Pension Enrich Ind. Pension Nourish
Ind. Income Advantage Guaranteed
Ind. Maximiser Guaranteed
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF00504/03/03BSLIGROWTH109 ULIF00404/03/03BSLIENRICH109 ULIF00604/03/03BSLNOURISH109 ULIF03127/08/13BSLIINADGT109 ULIF03027/08/13BSLIMAXGT109
Income from investments
Interest income** 17,770 20,136 78,966 82,545 8,069 8,820 68,358 43,118 99 118
Dividend income 709 820 7,957 7,302 129 183 - - 554 345
Prot / Loss on sale of investment 9,534 6,102 119,752 65,584 1,753 1,620 3,625 2,018 1,178 162
Prot / Loss on inter fund transfer/
sale of investment
6,829 3,617 1,610 2,434 770 17 4,428 544 135 46
Miscellaneous Income / (Expenses) - - 3 - - - - - - -
Unrealised Gain/loss* 6,600 (14,367) 53,606 (100,623) 2,979 (2,477) 11,996 (678) 6,721 (1,718)
Total (A) 41,442 16,308 261,894 57,242 13,700 8,163 88,407 45,002 8,687 (1,047)
Fund management expenses 2,879 3,030 18,998 19,864 1,150 1,194 11,249 6,748 691 403
Fund administration expenses - - - - - - - - - -
Other charges F-5 (A) 3,822 4,067 19,363 20,361 1,576 1,683 1,537 1,361 65 61
Service Tax# 999 986 5,722 5,591 407 400 1,908 1,131 113 65
Total (B)
7,700 8,083 44,083 45,816 3,133 3,277 14,694 9,240 869 529
Net Income for the year (A-B)
33,742 8,225 217,811 11,426 10,567 4,886 73,713 35,762 7,818 (1,576)
Add: Fund revenue account at the
beginning of the year
271,326 263,101 1,346,801 1,335,375 87,828 82,942 76,787 41,025 1,628 3,204
Fund revenue account at the
end of the year
305,068 271,326 1,564,612
1,346,801 98,395 87,828 150,500 76,787 9,446 1,628
Annexure 3
Annual Report 2016-17
142
143
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
FORM A-RA(UL)
Fund Revenue Account for the period ended 31st March 2017
(Amounts in thousands of Indian Rupees)
Particulars
Sch
Gr. Fixed Interest Gr. Gilt Gr. Bond Gr. Money Market Gr. Short Term Debt
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULGF00416/07/02BSLGFIXINT109 ULGF00630/05/03BSLIGRGILT109
ULGF00530/05/03BSLIGRBOND109 ULGF00824/08/04BSLIGRMMKT109 ULGF01322/09/08BSLGSHTDBT109
Income from investments
Interest income** 799,925 569,118 10,118 9,369 194,837 198,789 80,055 82,215 21,779 23,013
Dividend income - - - - - - - - - -
Prot / Loss on sale of investment 118,313 38,428 448 195 8,339 5,994 3,689 2,381 931 945
Prot / Loss on inter fund transfer/
sale of investment
66,721 43,224 581 4 8,413 2,774 109 10 622 1,137
Miscellaneous Income / (Expenses) - - - - - - - - - -
Unrealised Gain/loss* 121,466 (92,138) 4,400 (994) 31,684 (7,825) (162) 33 157 (1,525)
Total (A) 1,106,425 558,632 15,547 8,574 243,273 199,732 83,691 84,639 23,489 23,570
Fund management expenses 104,281 71,664 1,396 1,187 24,037 23,699 9,857 9,639 2,615 2,677
Fund administration expenses - - - - - - - - - -
Other charges F-5 (A) 278 217 - - 6 12 8 3 17 20
Service Tax# 15,607 10,026 208 165 3,587 3,298 1,470 1,335 393 373
Total (B) 120,166 81,907 1,604 1,352 27,630 27,009 11,335 10,977 3,025 3,070
Net Income for the year (A-B) 986,259 476,725 13,943 7,222 215,643 172,723 72,356 73,662 20,464 20,500
Add: Fund revenue account at the
beginning of the year
2,137,099 1,660,374 28,260 21,038 1,581,458 1,408,735 730,077 656,415 296,350 275,850
Fund revenue account at the
end of the year
3,123,358 2,137,099 42,203
28,260 1,797,101 1,581,458 802,433 730,077 316,814 296,350
(Amounts in thousands of Indian Rupees)
Particulars
Sch
Gr. Growth Advantage Gr. Income Advantage Gr. Secure
Gr. Stable
Gr. Growth
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULGF01026/11/07BSLIGGRADV109 ULGF01425/02/10BSLGINCADV109
ULGF00212/06/01BSLGSECURE109
ULGF00312/06/01BSLGSTABLE109 ULGF00112/06/01BSLGGROWTH109
Income from investments
Interest income** 13,268 12,069 42,696 54,378 907,385 695,476 177,630 163,395 182,529 178,726
Dividend income 3,431 3,445 - - 36,627 30,611 16,253 15,924 30,586 32,084
Prot / Loss on sale of investment 18,217 5,267 594 1,491 369,469 65,389 96,157 36,696 183,576 51,525
Prot / Loss on inter fund transfer/
sale of investment
4,142 1,715 15,737 1,910 14,135 20,432 4,854 8,597 10,537 16,427
Miscellaneous Income / (Expenses) 1 - - - 14 (3) 6 (1) 12 (3)
Unrealised Gain/loss* 49,793 (31,833) 5,791 (3,508) 670,475 (314,880) 279,423 (163,373) 475,125 (304,217)
Total (A) 88,852 (9,337) 64,818 54,271 1,998,105 497,025 574,323 61,238 882,365 (25,458)
Fund management expenses 4,765 3,937 5,456 6,699 150,427 108,648 37,628 31,341 48,666 44,120
Fund administration expenses - - - - - - - - - -
Other charges F-5 (A) - - - - 272 265 525 519 215 207
Service Tax# 711 548 813 932 22,491 15,189 5,693 4,434 7,294 6,168
Total (B)
5,476 4,485 6,269 7,631 173,190 124,102 43,846 36,294 56,175 50,495
Net Income for the year (A-B)
83,376 (13,822) 58,549 46,640 1,824,915 372,923 530,477 24,944 826,190 (75,953)
Add: Fund revenue account at the
beginning of the year
133,255 147,077 212,846 166,206 4,476,038 4,103,115 3,166,498 3,141,554 1,651,316 1,727,269
Fund revenue account at the
end of the year
216,631 133,255 271,395
212,846 6,300,953 4,476,038 3,696,975 3,166,498 2,477,506 1,651,316
Annexure 3
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
FORM A-RA(UL)
Fund Revenue Account for the period ended 31st March 2017
(Amounts in thousands of Indian Rupees)
Particulars
Sch
Gr. Fixed Interest II Gr. Money Market II Gr. Short Term Debt II Gr. Stable II Gr. Growth II
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULGF01728/11/11BSLGFXINT2109
ULGF01928/11/11BSLGRMMKT2109
ULGF02128/11/11BSLGSHTDB2109 ULGF02228/11/11BSLGSTABL2109 ULGF01828/11/11BSLGROWTH2109
Income from investments
Interest income** 2,910 2,979 170 182 20,971 19,893 665 584 10,603 10,720
Dividend income - - - - - - 58 55 1,761 2,015
Prot / Loss on sale of investment 31 204 17 14 99 708 196 (76) 5,068 211
Prot / Loss on inter fund transfer/
sale of investment
176 - - - 1,745 254 (2) 16 8,843 2,220
Miscellaneous Income / (Expenses) - - - - - - - - 1 -
Unrealised Gain/loss* 1,136 57 (1) 1 327 (809) 1,301 (353) 25,176 (17,505)
Total (A) 4,253 3,240 186 197 23,142 20,046 2,218 226 51,452 (2,339)
Fund management expenses - - - - - - - - - -
Fund administration expenses - - - - - - - - - -
Other charges F-5 (A) 202 210 14 13 1,219 1,042 74 59 1,261 1,240
Service Tax# 30 29 2 2 182 146 11 8 188 172
Total (B) 232 239 16 15 1,401 1,188 85 67 1,449 1,412
Net Income for the year (A-B) 4,021 3,001 170 182 21,741 18,858 2,133 159 50,003 (3,751)
Add: Fund revenue account at the
beginning of the year
16,418 13,417 2,698 2,516 126,071 107,213 6,414 6,255 60,258 64,009
Fund revenue account at the
end of the year
20,439 16,418 2,868
2,698 147,812 126,071 8,547 6,414 110,261 60,258
(Amounts in thousands of Indian Rupees)
Particulars
Sch
Pension Discontinued Life Discontinued Discontinued Policy
Ind. Asset Allocation
Ind. Capped Nifty Index
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF03305/07/13BSLIPNDIS109 ULIF03205/07/13BSLILDIS109
ULIF02301/07/10BSLIDISCPF109
ULIF03430/10/14BSLIASTALC109 ULIF03530/10/14BSLICNFIDX109
Income from investments
Interest income** 26,120 15,169 56,576 21,299 480,646 771,237 10,786 902 378 74
Dividend income - - - - - - 1,793 192 2,603 367
Prot / Loss on sale of investment 1,049 97 2,384 135 27,481 27,181 16,801 (237) 645 22
Prot / Loss on inter fund transfer/
sale of investment
- - - - (1,451) (2) - (407) - -
Miscellaneous Income / (Expenses) - - - - - - 1 - - -
Unrealised Gain/loss* (35) 35 (22) 22 1,580 (2,776) 29,150 2,275 35,127 (391)
Total (A) 27,134 15,301 58,938 21,456 508,256 795,640 58,531 2,725 38,753 72
Fund management expenses 2,007 1,012 4,381 1,417 34,608 48,946 3,790 391 2,565 342
Fund administration expenses - - - - - - - - - -
Other charges F-5 (A) 3,697 5,565 19,883 12,868 2,732 11,850 8,642 1,563 5,578 1,323
Service Tax# 851 908 3,620 1,994 5,569 8,461 1,858 283 1,216 240
Total (B)
6,555 7,485 27,884 16,279 42,909 69,257 14,290 2,237 9,359 1,905
Net Income for the year (A-B)
20,579 7,816 31,054 5,177 465,347 726,383 44,241 488 29,394 (1,833)
Add: Fund revenue account at the
beginning of the year
6,383 (1,433) 4,203 (974) 1,488,891 762,508 488 - (1,833) -
Fund revenue account at the
end of the year
26,962 6,383 35,257
4,203 1,954,238 1,488,891 44,729 488 27,561 (1,833)
Annexure 3
Annual Report 2016-17
144
145
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
FORM A-RA(UL)
Fund Revenue Account for the period ended 31st March 2017
(Amounts in thousands of Indian Rupees)
Particulars
Sch
Total
Current Year
Previous Year
Income from investments
Interest income** 11,047,290 10,737,319
Dividend income 1,388,699 1,513,656
Prot / Loss on sale of investment 9,297,718 7,794,772
Prot / Loss on inter fund transfer/ sale of investment 415,034 458,398
Miscellaneous Income / (Expenses) 444 (64)
Unrealised Gain/loss* 15,067,778 (18,343,425)
Total (A) 37,216,963 2,160,656
Fund management expenses 3,073,543 3,018,450
Fund administration expenses - -
Other charges F-5 (A) 2,621,203 2,972,227
Service Tax# 849,404 832,924
Total (B) 6,544,150 6,823,601
Net Income for the year (A-B) 30,672,813 (4,662,945)
Add: Fund revenue account at the beginning of the year 68,296,232 72,959,177
Fund revenue account at the end of the year 98,969,045 68,296,232
*Net change in mark to market value of investments
#Service Tax (includes SBC and KKC) on FMC & Other Charges
There is no unit balance as of 31st March 2017 and neither there was any movement in Gr. Capital Protection, Gr. Floating Rate & Gr. Growth
Maximsier for the period starting from 01st April 2014 till 31st March 2017.
Annexure 3
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
FORM A-BS(UL)
Fund Balance Sheet as at 31st March 2017
(Amounts in thousands of Indian Rupees)
Particulars
Sch
Ind. Assure Ind. Income Advantage Ind. Protector Ind. Builder Ind. Balancer
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF01008/07/05BSLIASSURE109
ULIF01507/08/08BSLIINCADV109
ULIF00313/03/01BSLPROTECT109 ULIF00113/03/01BSLBUILDER109 ULIF00931/05/05BSLBALANCE109
Sources of Funds
Policyholders' Funds:
Policyholder contribution F-1 1,036,442 1,187,005 4,754,341 4,452,752 1,804,359 2,099,364 767,993 1,016,916 211,774 216,305
Revenue Account 691,982 576,600 1,674,036 1,180,617 2,326,759 1,953,307 2,122,490 1,788,454 106,501 75,675
Total 1,728,424 1,763,605 6,428,377 5,633,369 4,131,118 4,052,671 2,890,483 2,805,370 318,275 291,980
Application of Funds
Investments F-2 1,601,495 1,643,546 6,044,588 5,404,972 4,014,938 3,940,049 2,827,419 2,738,444 313,640 282,720
Current Assets F-3 128,329 127,342 400,740 273,882 131,149 118,177 68,834 74,466 5,316 9,629
Less: Current Liabilities and
Provisions
F-4 1,400 7,283 16,951 45,485 14,969 5,555 5,770 7,540 681 369
Net current assets 126,929 120,059 383,789 228,397 116,180 112,622 63,064 66,926 4,635 9,260
(a) Total 1,728,424 1,763,605 6,428,377 5,633,369 4,131,118 4,052,671 2,890,483 2,805,370 318,275 291,980
(b) Number of Units outstanding
(in thousands)
63,344 69,828 272,585 263,240 108,512 118,862 58,280 64,516 10,117 10,483
NAV per Unit (a)/(b) (` ) 27.29 25.26 23.58 21.40 38.07 34.10 49.60 43.48 31.46 27.85
(Amounts in thousands of Indian Rupees)
Particulars
Sch
Ind. Enhancer Ind. Creator Ind. Magnier Ind. Maximiser Ind. Multiplier
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF00213/03/01BSLENHANCE109
ULIF00704/02/04BSLCREATOR109
ULIF00826/06/04BSLIIMAGNI109 ULIF01101/06/07BSLIINMAXI109 ULIF01217/10/07BSLINMULTI109
Sources of Funds
Policyholders' Funds:
Policyholder contribution F-1 53,570,974 58,353,748 1,291,106 1,501,884 2,541,219 4,173,915 10,158,360 12,643,479 3,299,986 3,477,464
Revenue Account 15,771,198 8,725,332 3,423,774 2,713,679 8,086,401 6,084,437 8,216,047 4,607,596 2,748,365 1,107,038
Total 69,342,172 67,079,080 4,714,880 4,215,563 10,627,620 10,258,352 18,374,407 17,251,075 6,048,351 4,584,502
Application of Funds
Investments F-2 67,672,757 65,907,328 4,649,205 4,149,843 10,353,439 10,359,374 18,252,773 17,066,511 6,003,270 4,585,655
Current Assets F-3 2,519,688 1,633,681 94,117 86,103 411,523 50,668 295,189 256,621 131,135 129,404
Less: Current Liabilities and
Provisions
F-4 850,273 461,929 28,442 20,383 137,342 151,690 173,555 72,057 86,054 130,557
Net current assets 1,669,415 1,171,752 65,675 65,720 274,181 (101,022) 121,634 184,564 45,081 (1,153)
(a) Total 69,342,172 67,079,080 4,714,880 4,215,563 10,627,620 10,258,352 18,374,407 17,251,075 6,048,351 4,584,502
(b) Number of Units outstanding
(in thousands)
1,223,834 1,348,666 100,909 106,885 218,860 258,154 754,914 880,482 199,230 210,156
NAV per Unit (a)/(b) (` ) Plan I
56.66 49.74 46.72 39.44 48.56 39.74 24.34 19.59 30.36 21.81
Annexure 3
Annual Report 2016-17
146
147
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
FORM A-BS(UL)
Fund Balance Sheet as at 31st March 2017
(Amounts in thousands of Indian Rupees)
Particulars
Sch
Ind. Super 20 Ind. Platinum Plus- 1 Ind. Platinum Plus- 2 Ind. Platinum Plus- 3 Ind. Platinum Plus- 4
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF01723/06/09BSLSUPER20109
ULIF01325/02/08BSLIIPLAT1109
ULIF01425/02/08BSLIIPLAT2109 ULIF01628/04/09BSLIIPLAT3109 ULIF01816/09/09BSLIIPLAT4109
Sources of Funds
Policyholders' Funds:
Policyholder contribution F-1 6,249,797 6,228,783 1,036,376 1,391,226 105,495 854,141 2,251,843 3,198,810 1,864,430 2,523,598
Revenue Account 2,202,671 844,646 1,492,731 1,258,200 4,684,209 4,187,860 3,203,896 2,605,550 2,206,450 1,751,505
Total
8,452,468 7,073,429 2,529,107 2,649,426 4,789,704 5,042,001 5,455,739 5,804,360 4,070,880 4,275,103
Application of Funds
Investments F-2 8,330,233 7,018,489 2,463,264 2,547,365 4,718,933 4,939,789 5,344,072 5,640,949 3,982,101 4,188,175
Current Assets F-3 156,939 321,973 77,692 104,244 93,154 112,467 132,165 174,459 104,313 96,144
Less: Current Liabilities and
Provisions
F-4 34,704 267,033 11,849 2,183 22,383 10,255 20,498 11,048 15,534 9,216
Net current assets 122,235 54,940 65,843 102,061 70,771 102,212 111,667 163,411 88,779 86,928
(a) Total 8,452,468 7,073,429 2,529,107 2,649,426 4,789,704 5,042,001 5,455,739 5,804,360 4,070,880 4,275,103
(b) Number of Units outstanding
(in thousands)
359,159 362,039 136,766 158,521 180,532 211,316 267,107 317,221 223,397 262,681
NAV per Unit (a)/(b) (` )
Plan I
23.53
19.54 18.49 16.71 26.53 23.86 20.43 18.30 18.22 16.27
(Amounts in thousands of Indian Rupees)
Particulars
Sch
Ind. Platinum Advantage Ind. Platinum Premier Ind. Foresight- 5 Pay
Ind. Foresight- Single Pay
Ind. Titanium- 1
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF02408/09/10BSLPLATADV109
ULIF02203/02/10BSLPLATPR1109
ULIF02510/02/11BSLFSIT5P1109 ULIF02610/02/11BSLFSITSP1109 ULIF01911/12/09BSLITITAN1109
Sources of Funds
Policyholders' Funds:
Policyholder contribution F-1 4,394,681 6,913,073 2,408,620 3,831,290 18,293,274 19,669,587 366,603 614,157 85,186 162,675
Revenue Account 4,367,804 3,272,417 3,161,659 2,506,030 7,581,659 4,548,338 445,960 326,950 188,851 155,065
Total 8,762,485 10,185,490 5,570,279 6,337,320 25,874,933 24,217,925 812,563 941,107 274,037 317,740
Application of Funds
Investments F-2 8,681,527 10,055,012 5,453,897 6,214,805 25,261,485 23,330,047 801,220 923,987 270,688 313,289
Current Assets F-3 147,937 174,151 143,999 145,604 748,677 940,895 14,770 18,247 4,035 5,167
Less: Current Liabilities and
Provisions
F-4 66,979 43,673 27,617 23,089 135,229 53,017 3,427 1,127 686 716
Net current assets 80,958 130,478 116,382 122,515 613,448 887,878 11,343 17,120 3,349 4,451
(a) Total 8,762,485 10,185,490 5,570,279 6,337,320 25,874,933 24,217,925 812,563 941,107 274,037 317,740
(b) Number of Units outstanding
(in thousands)
546,552 715,225 307,966 392,657 1,651,696 1,742,698 47,784 63,217 14,810 19,314
NAV per Unit (a)/(b) (` ) Plan I 16.03 14.24 18.09 16.14 15.67 13.90 17.00 14.89 18.50 16.45
Annexure 3
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
FORM A-BS(UL)
Fund Balance Sheet as at 31st March 2017
(Amounts in thousands of Indian Rupees)
Particulars
Sch
Ind. Titanium- 2 Ind. Titanium- 3 Ind. Pure Equity Ind. Value Momentum Ind. Liquid Plus
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF02011/12/09BSLITITAN2109 ULIF02111/12/09BSLITITAN3109 ULIF02707/10/11BSLIPUREEQ109 ULIF02907/10/11BSLIVALUEM109 ULIF02807/10/11BSLLIQPLUS109
Sources of Funds
Policyholders' Funds:
Policyholder contribution F-1 20,214 43,904 14,652 26,357 836,923 372,437 1,448,787 794,373 1,063,709 808,217
Revenue Account 53,415 43,909 22,210 17,413 144,614 17,907 423,458 3,176 69,028 36,976
Total
73,629 87,813 36,862 43,770 981,537 390,344 1,872,245 797,549 1,132,737 845,193
Application of Funds
Investments F-2 72,780 86,543 36,250 43,504 935,025 363,340 1,817,904 794,520 955,153 711,616
Current Assets F-3 1,373 1,716 672 786 67,594 27,562 161,556 11,666 178,273 134,213
Less: Current Liabilities and
Provisions
F-4 524 446 60 520 21,082 558 107,215 8,637 689 636
Net current assets 849 1,270 612 266 46,512 27,004 54,341 3,029 177,584 133,577
(a) Total 73,629 87,813 36,862 43,770 981,537 390,344 1,872,245 797,549 1,132,737 845,193
(b) Number of Units outstanding
(in thousands)
4,089 5,496 2,276 3,067 39,810 20,063 82,281 51,143 77,346 61,936
NAV per Unit (a)/(b) (` )
Plan I
18.01
15.98 16.20 14.27 24.66 19.46 22.75 15.59 14.64 13.65
(Amounts in thousands of Indian Rupees)
Particulars
Sch
Ind. Pension Growth Ind. Pension Enrich Ind. Pension Nourish
Ind. Income Advantage Guaranteed
Ind. Maximiser Guaranteed
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF02408/09/10BSLPLATADV109
ULIF02203/02/10BSLPLATPR1109
ULIF02510/02/11BSLFSIT5P1109 ULIF02610/02/11BSLFSITSP1109 ULIF01911/12/09BSLITITAN1109
Sources of Funds
Policyholders' Funds:
Policyholder contribution F-1 (29,836) 14,171 (106,417) 158,585 4,548 27,292 1,033,892 668,121 48,265 33,633
Revenue Account 305,067 271,325 1,564,606 1,346,800 98,395 87,828 150,500 76,787 9,446 1,628
Total 275,231 285,496 1,458,189 1,505,385 102,943 115,120 1,184,392 744,908 57,711 35,261
Application of Funds
Investments F-2 263,112 253,857 1,435,516 1,483,409 100,399 111,777 1,104,490 685,030 58,439 33,463
Current Assets F-3 12,784 31,639 29,084 31,008 2,920 3,534 80,020 60,124 3,046 2,438
Less: Current Liabilities and
Provisions
F-4 665 - 6,411 9,032 376 191 118 246 3,774 640
Net current assets 12,119 31,639 22,673 21,976 2,544 3,343 79,902 59,878 (728) 1,798
(a) Total 275,231 285,496 1,458,189 1,505,385 102,943 115,120 1,184,392 744,908 57,711 35,261
(b) Number of Units
outstanding (in thousands)
6,834 8,091 29,976 36,252 3,248 4,044 87,082 59,898 3,840 2,804
NAV per Unit (a)/(b) (` ) Plan I 40.27 35.29 48.65 41.53 31.69 28.47 13.60 12.44 15.03 12.57
Annexure 3
Annual Report 2016-17
148
149
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
FORM A-BS(UL)
Fund Balance Sheet as at 31st March 2017
(Amounts in thousands of Indian Rupees)
Particulars
Sch
Gr. Fixed Interest Gr. Gilt Gr. Bond Gr. Money Market Gr. Short Term Debt
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULGF00416/07/02BSLGFIXINT109 ULGF00630/05/03BSLIGRGILT109 ULGF00530/05/03BSLIGRBOND109
ULGF00824/08/04BSLIGRMMKT109
ULGF01322/09/08BSLGSHTDBT109
Sources of Funds
Policyholders' Funds:
Policyholder contribution F-1 8,027,352 6,885,167 182,554 95,197 1,068,042 710,611 181,232 490,088 (62,711) (34,426)
Revenue Account 3,123,358 2,137,099 42,203 28,260 1,797,101 1,581,458 802,433 730,077 316,814 296,350
Total
11,150,710 9,022,266 224,757 123,457 2,865,143 2,292,069 983,665 1,220,165 254,103 261,924
Application of Funds
Investments F-2 10,667,509 8,609,459 219,978 120,894 2,672,947 2,198,577 931,325 1,186,017 232,606 232,258
Current Assets F-3 486,650 515,568 4,779 2,563 198,773 93,761 52,340 34,154 21,497 29,666
Less: Current Liabilities and
Provisions
F-4 3,449 102,761 - - 6,577 269 - 6 - -
Net current assets 483,201 412,807 4,779 2,563 192,196 93,492 52,340 34,148 21,497 29,666
(a) Total 11,150,710 9,022,266 224,757 123,457 2,865,143 2,292,069 983,665 1,220,165 254,103 261,924
(b) Number of Units outstanding
(in thousands)
325,160 290,174 8,938 5,479 98,594 86,303 34,278 45,749 12,669 14,117
NAV per Unit (a)/(b) (` )
Plan I
34.29
31.09 25.15 22.53 29.06 26.56 28.70 26.67 20.06 18.55
(Amounts in thousands of Indian Rupees)
Particulars
Sch
Gr. Growth Advantage Gr. Income Advantage Gr. Secure
Gr. Stable
Gr. Growth
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULGF01026/11/07BSLIGGRADV109
ULGF01425/02/10BSLGINCADV109
ULGF00212/06/01BSLGSECURE109 ULGF00312/06/01BSLGSTABLE109 ULGF00112/06/01BSLGGROWTH109
Sources of Funds
Policyholders' Funds:
Policyholder contribution F-1 367,812 268,627 198,238 483,270 10,433,929 8,893,347 422,211 229,841 2,734,416 2,750,399
Revenue Account 216,628 133,255 271,395 212,846 6,300,925 4,476,038 3,696,962 3,166,498 2,477,482 1,651,316
Total 584,440 401,882 469,633 696,116 16,734,854 13,369,385 4,119,173 3,396,339 5,211,898 4,401,715
Application of Funds
Investments F-2 579,611 393,368 456,856 663,409 16,382,930 13,171,748 4,009,131 3,318,667 5,120,963 4,313,570
Current Assets F-3 17,243 8,514 12,777 32,709 398,051 712,396 130,058 77,692 126,615 88,197
Less: Current Liabilities and
Provisions
F-4 12,414 - - 2 46,127 514,759 20,016 20 35,680 52
Net current assets 4,829 8,514 12,777 32,707 351,924 197,637 110,042 77,672 90,935 88,145
(a) Total 584,440 401,882 469,633 696,116 16,734,854 13,369,385 4,119,173 3,396,339 5,211,898 4,401,715
(b) Number of Units
outstanding (in thousands)
19,815 16,343 24,641 40,288 336,877 304,955 60,762 57,784 63,456 63,501
NAV per Unit (a)/(b) (` ) Plan I 29.49 24.59 19.06 17.28 49.68 43.84 67.79 58.78 82.13 69.32
Annexure 3
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
FORM A-BS(UL)
Fund Balance Sheet as at 31st March 2017
(Amounts in thousands of Indian Rupees)
Particulars
Sch
Gr. Fixed Interest II Gr. Money Market II Gr. Short Term Debt II Gr. Stable II Gr. Growth II
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULGF01728/11/11BSLGFXINT2109
ULGF01928/11/11BSLGRMMKT2109
ULGF02128/11/11BSLGSHTDB2109
ULGF02228/11/11BSLGSTABL2109
ULGF01828/11/11BSLGROWTH2109
Sources of Funds
Policyholders' Funds:
Policyholder contribution F-1 16,717 24,296 (69) (67) 106,344 114,827 12,762 5,105 229,326 221,916
Revenue Account 20,439 16,417 2,868 2,698 147,812 126,071 8,547 6,414 110,259 60,257
Total
37,156 40,713 2,799 2,631 254,156 240,898 21,309 11,519 339,585 282,173
Application of Funds
Investments F-2 36,969 40,423 2,765 2,561 240,920 224,217 21,063 11,268 334,564 277,891
Current Assets F-3 187 290 34 70 13,236 16,681 349 251 7,373 4,282
Less: Current Liabilities and
Provisions
F-4 - - - - - - 103 - 2,352 -
Net current assets 187 290 34 70 13,236 16,681 246 251 5,021 4,282
(a) Total 37,156 40,713 2,799 2,631 254,156 240,898 21,309 11,519 339,585 282,173
(b) Number of Units outstanding
(in thousands)
2,062 2,519 180 181 15,238 15,717 1,152 727 17,156 17,055
NAV per Unit (a)/(b) (` )
Plan I
18.02
16.16 15.55 14.51 16.68 15.33 18.49 15.85 19.79 16.54
(Amounts in thousands of Indian Rupees)
Particulars
Sch
Pension Discontinued Life Discontinued Discontinued Policy
Ind. Asset Allocation
Ind. Capped Nifty Index
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF03305/07/13BSLIPNDIS109
ULIF03205/07/13BSLILDIS109
ULIF02301/07/10BSLIDISCPF109 ULIF03430/10/14BSLIASTALC109 ULIF03530/10/14BSLICNFIDX109
Sources of Funds
Policyholders' Funds:
Policyholder contribution F-1 472,156 292,887 1,182,504 469,079 2,708,394 6,265,338 507,753 175,209 292,501 133,346
Revenue Account 26,962 6,383 35,257 4,203 1,954,238 1,488,891 44,728 488 27,561 (1,833)
Total 499,118 299,270 1,217,761 473,282 4,662,632 7,754,229 552,481 175,697 320,062 131,513
Application of Funds
Investments F-2 500,527 299,166 1,239,649 470,386 5,280,579 8,366,600 516,701 146,849 305,016 108,830
Current Assets F-3 138 104 514 2,922 203 65,654 40,647 35,863 15,398 27,137
Less: Current Liabilities and
Provisions
F-4 1,547 - 22,402 26 618,150 678,025 4,867 7,015 352 4,454
Net current assets (1,409) 104 (21,888) 2,896 (617,947) (612,371) 35,780 28,848 15,046 22,683
(a) Total 499,118 299,270 1,217,761 473,282 4,662,632 7,754,229 552,481 175,697 320,062 131,513
(b) Number of Units
outstanding (in thousands)
40,894 26,095 99,691 41,232 288,599 513,380 45,000 17,254 27,500 13,382
NAV per Unit (a)/(b) (` ) Plan I 12.21 11.47 12.22 11.48 16.16 15.10 12.28 10.18 11.64 9.83
Annexure 3
Annual Report 2016-17
150
151
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
FORM A-BS(UL)
Fund Balance Sheet as at 31st March 2017
(Amounts in thousands of Indian Rupees)
Particulars
Sch
Total
Current Year
Previous Year
Sources of Funds
Policyholders' Funds:
Policyholder contribution F-1 149,909,059 165,898,209
Revenue Account 98,968,154 68,329,341
Total
248,877,213 234,227,550
Application of Funds
Investments F-2 243,572,621 229,973,566
Current Assets F-3 7,873,885 6,906,484
Less: Current Liabilities and Provisions F-4 2,569,293 2,652,500
Net current assets 5,304,592 4,253,984
(a) Total 248,877,213 234,227,550
There is no unit balance as of 31st March 2017 and neither there was any movement in Gr. Capital Protection, Gr. Floating Rate & Gr. Growth Maximsier
for the period starting from 01st April 2014 till 31st March 2017.
Annexure 3
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULES TO FUND BALANCE SHEET
Schedule: F-1
Policyholders’ Contribution
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Assure Ind. Income Advantage Ind. Protector Ind. Builder Ind. Balancer
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF01008/07/05BSLIASSURE109 ULIF01507/08/08BSLIINCADV109 ULIF00313/03/01BSLPROTECT109 ULIF00113/03/01BSLBUILDER109 ULIF00931/05/05BSLBALANCE109
Opening balance 1,187,005 1,253,392 4,452,752 4,567,840 2,099,364 2,467,838 1,016,916 1,228,148 216,305 265,874
Add: Additions during the year* ** 228,279 191,961 1,393,797 1,354,470 235,456 211,130 133,713 150,730 28,259 33,841
Less: Deductions during the year* **
378,842 258,348 1,092,208 1,469,558 530,461 579,604 382,636 361,962 32,790 83,410
Closing balance 1,036,442 1,187,005 4,754,341 4,452,752 1,804,359 2,099,364 767,993 1,016,916 211,774 216,305
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Enhancer Ind. Creator Ind. Magnier Ind. Maximiser Ind. Multiplier
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF00213/03/01BSLENHANCE109 ULIF00704/02/04BSLCREATOR109
ULIF00826/06/04BSLIIMAGNI109 ULIF01101/06/07BSLIINMAXI109 ULIF01217/10/07BSLINMULTI109
Opening balance 58,353,748 62,060,777 1,501,884 1,573,035 4,173,915 4,695,879 12,643,479 17,302,299 3,477,464 3,626,314
Add: Additions during the year* ** 5,493,832 6,760,576 496,793 548,671 804,108 892,558 2,481,793 2,930,490 597,692 545,837
Less: Deductions during the year* **
10,276,606 10,467,605 707,571 619,822 2,436,804 1,414,522 4,966,912 7,589,310 775,170 694,687
Closing balance 53,570,974 58,353,748 1,291,106 1,501,884 2,541,219 4,173,915 10,158,360 12,643,479 3,299,986 3,477,464
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Super 20 Ind. Platinum Plus- 1 Ind. Platinum Plus- 2 Ind. Platinum Plus- 3 Ind. Platinum Plus- 4
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF01723/06/09BSLSUPER20109
ULIF01325/02/08BSLIIPLAT1109 ULIF01425/02/08BSLIIPLAT2109 ULIF01628/04/09BSLIIPLAT3109 ULIF01816/09/09BSLIIPLAT4109
Opening balance 6,228,783 4,887,260 1,391,226 1,857,012 854,141 1,549,847 3,198,810 3,996,247 2,523,598 3,135,305
Add: Additions during the year* ** 1,396,429 1,766,638 70 (7) (244) (15) (1,539) (192) 103 (4)
Less: Deductions during the year* **
1,375,415 425,115 354,920 465,779 748,402 695,691 945,428 797,245 659,271 611,703
Closing balance 6,249,797 6,228,783 1,036,376 1,391,226 105,495 854,141 2,251,843 3,198,810 1,864,430 2,523,598
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Platinum Advantage Ind. Platinum Premier Ind. Foresight- 5 Pay Ind. Foresight- Single Pay Ind. Titanium- 1
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF02408/09/10BSLPLATADV109
ULIF02203/02/10BSLPLATPR1109
ULIF02510/02/11BSLFSIT5P1109 ULIF02610/02/11BSLFSITSP1109 ULIF01911/12/09BSLITITAN1109
Opening balance 6,913,073 7,881,270 3,831,290 5,998,433 19,669,587 15,690,014 614,157 617,160 162,675 270,241
Add: Additions during the year* ** 22,521 256,672 2,592 7,041 2,221,870 4,642,573 (366) 2,067 (600) 312
Less: Deductions during the year* **
2,540,913 1,224,869 1,425,262 2,174,184 3,598,183 663,000 247,188 5,070 76,889 107,878
Closing balance 4,394,681 6,913,073 2,408,620 3,831,290 18,293,274 19,669,587 366,603 614,157 85,186 162,675
Annexure 3
Annual Report 2016-17
152
153
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
SCHEDULES TO FUND BALANCE SHEET
Schedule: F-1
Policyholders’ Contribution
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Titanium- 2 Ind. Titanium- 3 Ind. Pure Equity Ind. Value Momentum Ind. Liquid Plus
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF02011/12/09BSLITITAN2109 ULIF02111/12/09BSLITITAN3109
ULIF02707/10/11BSLIPUREEQ109
ULIF02907/10/11BSLIVALUEM109 ULIF02807/10/11BSLLIQPLUS109
Opening balance 43,904 82,456 26,357 54,056 372,437 149,925 794,373 396,397 808,217 594,783
Add: Additions during the year* ** 329 208 1,234 4,978 377,960 155,611 429,729 178,108 1,621,865 1,231,934
Less: Deductions during the year* **
24,019 38,760 12,939 32,677 (86,526) (66,901) (224,685) (219,868) 1,366,373 1,018,500
Closing balance 20,214 43,904 14,652 26,357 836,923 372,437 1,448,787 794,373 1,063,709 808,217
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Pension Growth Ind. Pension Enrich Ind. Pension Nourish
Ind. Income Advantage Guaranteed
Ind. Maximiser Guaranteed
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF00504/03/03BSLIGROWTH109 ULIF00404/03/03BSLIENRICH109
ULIF00604/03/03BSLNOURISH109
ULIF03127/08/13BSLIINADGT109 ULIF03027/08/13BSLIMAXGT109
Opening balance 14,171 54,017 158,585 333,356 27,292 42,381 668,121 476,687 33,633 20,763
Add: Additions during the year* ** (1,600) 22,487 49,922 61,222 4,107 4,876 537,778 423,659 25,666 23,227
Less: Deductions during the year* **
42,407 62,333 314,924 235,993 26,851 19,965 172,007 232,225 11,034 10,357
Closing balance (29,836) 14,171 (106,417) 158,585 4,548 27,292 1,033,892 668,121 48,265 33,633
(Amounts in thousands of Indian Rupees)
Particulars
Gr. Fixed Interest Gr. Gilt Gr. Bond Gr. Money Market Gr. Short Term Debt
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULGF00416/07/02BSLGFIXINT109
ULGF00630/05/03BSLIGRGILT109
ULGF00530/05/03BSLIGRBOND109 ULGF00824/08/04BSLIGRMMKT109 ULGF01322/09/08BSLGSHTDBT109
Opening balance 6,885,167 5,040,565 95,197 95,263 710,611 1,015,466 490,088 571,817 (34,426) 348,350
Add: Additions during the year* ** 2,214,638 2,559,850 50,061 30 456,510 256,688 1,115,733 1,602,338 8,321 16,052
Less: Deductions during the year* **
1,072,453 715,248 (37,296) 96 99,079 561,543 1,424,589 1,684,067 36,606 398,828
Closing balance 8,027,352 6,885,167 182,554 95,197 1,068,042 710,611 181,232 490,088 (62,711) (34,426)
(Amounts in thousands of Indian Rupees)
Particulars
Gr. Growth Advantage Gr. Income Advantage Gr. Secure Gr. Stable Gr. Growth
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULGF01026/11/07BSLIGGRADV109 ULGF01425/02/10BSLGINCADV109
ULGF00212/06/01BSLGSECURE109
ULGF00312/06/01BSLGSTABLE109
ULGF00112/06/01BSLGGROWTH109
Opening balance 268,627 251,447 483,270 506,922 8,893,347 5,841,947 229,841 (51,758) 2,750,399 2,718,150
Add: Additions during the year* ** 99,888 17,508 40,350 28,180 2,457,366 3,419,997 362,469 383,970 272,031 130,817
Less: Deductions during the year* **
703 328 325,382 51,832 916,784 368,597 170,099 102,371 288,014 98,568
Closing balance 367,812 268,627 198,238 483,270 10,433,929 8,893,347 422,211 229,841 2,734,416 2,750,399
Annexure 3
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULES TO FUND BALANCE SHEET
Schedule: F-1
Policyholders’ Contribution
(Amounts in thousands of Indian Rupees)
Particulars
Gr. Fixed Interest II Gr. Money Market II Gr. Short Term Debt II Gr. Stable II Gr. Growth II
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULGF01728/11/11BSLGFXINT2109 ULGF01928/11/11BSLGRMMKT2109 ULGF02128/11/11BSLGSHTDB2109 ULGF02228/11/11BSLGSTABL2109 ULGF01828/11/11BSLGROWTH2109
Opening balance 24,296 26,255 (67) (66) 114,827 79,068 5,105 2,577 221,916 259,457
Add: Additions during the year* ** - - - - - - 9,449 3,089 - -
Less: Deductions during the year* **
7,579 1,959 2 1 8,483 (35,759) 1,792 561 (7,410) 37,541
Closing balance 16,717 24,296 (69) (67) 106,344 114,827 12,762 5,105 229,326 221,916
(Amounts in thousands of Indian Rupees)
Particulars
Pension Discontinued Life Discontinued Discontinued Policy
Ind. Asset Allocation
Ind. Capped Nifty Index
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF03305/07/13BSLIPNDIS109 ULIF03205/07/13BSLILDIS109
ULIF02301/07/10BSLIDISCPF109
ULIF03430/10/14BSLIASTALC109 ULIF03530/10/14BSLICNFIDX109
Opening balance 292,887 51,715 469,079 41,398 6,265,338 8,125,444 175,209 - 133,346 -
Add: Additions during the year* ** 35 (225) (2,312) 2,219 18,369 (9,880) 302,892 169,306 151,002 125,934
Less: Deductions during the year* **
(179,234) (241,397) (715,737) (425,462) 3,575,313 1,850,226 (29,652) (5,903) (8,153) (7,412)
Closing balance 472,156 292,887 1,182,504 469,079 2,708,394 6,265,338 507,753 175,209 292,501 133,346
(Amounts in thousands of Indian Rupees)
Particulars
Total
Current Year
Previous Year
Opening balance 165,931,319 172,053,023
Add: Additions during the year* ** 26,138,350 31,107,532
Less: Deductions during the year* **
42,160,610 37,229,236
Closing balance 149,909,059 165,931,319
* Additions represents units creation & deductions represent unit cancellations
** Includes Last Day Collections
Annexure 3
Annual Report 2016-17
154
155
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
SCHEDULES TO FUND BALANCE SHEET
Schedule: F-2
Investments
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Assure Ind. Income Advantage Ind. Protector Ind. Builder Ind. Balancer
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF01008/07/05BSLIASSURE109 ULIF01507/08/08BSLIINCADV109
ULIF00313/03/01BSLPROTECT109
ULIF00113/03/01BSLBUILDER109 ULIF00931/05/05BSLBALANCE109
Approved Investments
Government Bonds 11,572 - 2,272,332 2,390,598 1,511,717 1,518,636 928,137 854,096 170,687 163,048
Corporate Bonds 461,378 497,098 1,343,156 397,656 822,866 788,599 419,375 352,701 18,440 18,401
Infrastructure Bonds 672,103 512,385 1,677,338 2,323,056 1,104,601 999,516 819,061 863,674 29,217 28,822
Equity Shares - - - - 354,324 376,473 481,714 498,043 67,700 68,110
Money Market 261,314 97,491 - - - - 9,857 - - -
Fixed Deposits 79,200 310,700 249,500 - - - - - - -
Mutual Funds 90,243 - 266,366 - 118,900 - 87,542 - 17,250 -
Preferance Shares - - - - 453 432 1,097 1,044 87 82
Total
1,575,810 1,417,674 5,808,692 5,111,310 3,912,861 3,683,656 2,746,783 2,569,558 303,381 278,463
Other Investments
Corporate Bonds 25,685 84,990 235,896 224,347 52,615 140,359 - - - -
Infrastructure Bonds - - - - - - - - - -
Equity Shares - - - - 49,462 23,443 80,636 52,015 10,259 3,749
Money Market - - - - - - - - - -
Fixed Deposits - - - - - - - - - -
Mutual Funds - 140,882 - 69,315 - 92,591 - 116,871 - 508
Total 25,685 225,872 235,896 293,662 102,077 256,393 80,636 168,886 10,259 4,257
GRAND TOTAL 1,601,495 1,643,546 6,044,588 5,404,972 4,014,938 3,940,049 2,827,419 2,738,444 313,640 282,720
% of Approved Investments to Total
98% 86% 96% 95% 97% 93% 97% 94% 97% 98%
% of Other Investments to Total 2% 14% 4% 5% 3% 7% 3% 6% 3% 2%
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Enhancer Ind. Creator Ind. Magnier Ind. Maximiser Ind. Multiplier
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF00213/03/01BSLENHANCE109
ULIF00704/02/04BSLCREATOR109 ULIF00826/06/04BSLIIMAGNI109
ULIF01101/06/07BSLIINMAXI109 ULIF01217/10/07BSLINMULTI109
Approved Investments
Government Bonds 17,616,084 20,039,344 984,274 1,187,821 17,556 14,105 - - - -
Corporate Bonds 10,789,210 11,524,066 407,363 199,191 27,110 84,808 - - - -
Infrastructure Bonds 12,134,931 11,764,033 695,498 582,405 10,047 34,112 - - - -
Equity Shares 20,694,538 17,792,232 1,939,069 1,930,532 8,326,548 7,929,044 15,803,887 16,052,238 4,891,007 3,610,705
Money Market 71,951 228,154 - - 744,094 1,052,735 83,275 107,031 69,423 137,488
Fixed Deposits 427,900 207,400 - - - 100,000 - - - -
Mutual Funds 3,179,683 - 351,448 - 123,131 - 214,136 - 234,589 -
Preferance Shares 22,077 21,026 1,539 1,466 9,528 9,074 21,424 20,404 - -
Total
64,936,374 61,576,255 4,379,191 3,901,415 9,258,014 9,223,878 16,122,722 16,179,673 5,195,019 3,748,193
Other Investments
Corporate Bonds 453,856 617,303 - - - - - - - -
Infrastructure Bonds - - - - - - - - - -
Equity Shares 1,252,456 181,401 270,014 117,242 618,340 97,963 1,197,566 275,761 808,251 626,651
Money Market - - - - - - - - - -
Fixed Deposits - - - - - - - - - -
Mutual Funds 1,030,071 3,532,369 - 131,186 477,085 1,037,533 932,485 611,077 - 210,811
Total 2,736,383 4,331,073 270,014 248,428 1,095,425 1,135,496 2,130,051 886,838 808,251 837,462
GRAND TOTAL 67,672,757 65,907,328 4,649,205 4,149,843 10,353,439 10,359,374 18,252,773 17,066,511 6,003,270 4,585,655
% of Approved Investments to Total
96% 93% 94% 94% 89% 89% 88% 95% 87% 82%
% of Other Investments to Total 4% 7% 6% 6% 11% 11% 12% 5% 13% 18%
Annexure 3
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULES TO FUND BALANCE SHEET
Schedule: F-2
Investments
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Super 20 Ind. Platinum Plus- 1 Ind. Platinum Plus- 2 Ind. Platinum Plus- 3 Ind. Platinum Plus- 4
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF01723/06/09BSLSUPER20109 ULIF01325/02/08BSLIIPLAT1109
ULIF01425/02/08BSLIIPLAT2109
ULIF01628/04/09BSLIIPLAT3109 ULIF01816/09/09BSLIIPLAT4109
Approved Investments
Government Bonds - - 122,170 172,318 177,862 448,094 320,192 686,744 415,905 210,001
Corporate Bonds - - 411,158 478,118 811,440 764,873 1,048,366 1,084,162 449,142 735,656
Infrastructure Bonds - - 686,086 816,407 1,499,993 1,819,033 1,508,957 1,414,023 1,433,748 1,451,239
Equity Shares 8,262,306 6,890,970 841,331 773,730 1,707,191 1,475,731 1,928,105 1,941,631 1,437,325 1,527,391
Money Market 300 90,042 94,299 20,187 34,094 26,233 27,092 - 17,795 6,396
Fixed Deposits - - 110,700 285,000 171,700 402,800 130,200 391,600 119,800 119,800
Mutual Funds 67,627 - 172,294 - 267,155 - 311,675 - 49,859 -
Preferance Shares - - 1,575 1,500 3,078 2,931 6,505 6,195 5,101 4,858
Total
8,330,233 6,981,012 2,439,613 2,547,260 4,672,513 4,939,695 5,281,092 5,524,355 3,928,675 4,055,341
Other Investments
Corporate Bonds - - - - - - - - - -
Infrastructure Bonds - - - - - - - - - -
Equity Shares - - 23,651 - 46,420 - 62,980 - 53,426 -
Money Market - - - - - - - - - -
Fixed Deposits - - - - - - - - - -
Mutual Funds - 37,477 - 105 - 94 - 116,594 - 132,834
Total - 37,477 23,651 105 46,420 94 62,980 116,594 53,426 132,834
GRAND TOTAL 8,330,233 7,018,489 2,463,264 2,547,365 4,718,933 4,939,789 5,344,072 5,640,949 3,982,101 4,188,175
% of Approved Investments to Total
100% 99% 99% 100% 99% 100% 99% 98% 99% 97%
% of Other Investments to Total 0% 1% 1% 0% 1% 0% 1% 2% 1% 3%
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Platinum Advantage Ind. Platinum Premier Ind. Foresight- 5 Pay Ind. Foresight- Single Pay Ind. Titanium- 1
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF02408/09/10BSLPLATADV109
ULIF02203/02/10BSLPLATPR1109 ULIF02510/02/11BSLFSIT5P1109
ULIF02610/02/11BSLFSITSP1109 ULIF01911/12/09BSLITITAN1109
Approved Investments
Government Bonds 1,669,180 2,072,237 557,507 500,932 4,396,177 5,485,350 70,706 125,930 14,703 20,191
Corporate Bonds 1,038,848 1,163,654 940,122 1,378,693 2,464,556 2,717,797 21,194 20,851 50,224 71,596
Infrastructure Bonds 1,927,091 2,164,581 1,523,067 1,626,421 7,474,428 5,919,775 285,293 327,178 61,372 81,359
Equity Shares 3,897,520 4,648,368 2,097,881 2,549,155 10,109,431 8,596,222 406,779 427,365 127,288 139,020
Money Market 2,899 600 58,682 1,049 61,781 6,646 1,600 - 10,497 -
Fixed Deposits - - 150,000 150,000 252,000 50,000 - - - -
Mutual Funds - - 42,698 - 112,619 - - - 1,382 -
Preferance Shares 5,732 5,459 8,872 8,450 10,022 9,545 841 801 493 469
Total
8,541,270 10,054,899 5,378,829 6,214,700 24,881,014 22,785,335 786,413 902,125 265,959 312,635
Other Investments
Corporate Bonds - - - - - - - - - -
Infrastructure Bonds - - - - - - - - - -
Equity Shares 140,257 - 75,068 - 380,471 - 14,807 - 4,729 -
Money Market - - - - - - - - - -
Fixed Deposits - - - - - - - - - -
Mutual Funds - 113 - 105 - 544,712 - 21,862 - 654
Total 140,257 113 75,068 105 380,471 544,712 14,807 21,862 4,729 654
GRAND TOTAL 8,681,527 10,055,012 5,453,897 6,214,805 25,261,485 23,330,047 801,220 923,987 270,688 313,289
% of Approved Investments to Total
98% 100% 99% 100% 98% 98% 98% 98% 98% 100%
% of Other Investments to Total 2% 0% 1% 0% 2% 2% 2% 2% 2% 0%
Annexure 3
Annual Report 2016-17
156
157
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
SCHEDULES TO FUND BALANCE SHEET
Schedule: F-2
Investments
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Titanium- 2 Ind. Titanium- 3 Ind. Pure Equity Shares Ind. Value Momentum Ind. Liquid Plus
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF02011/12/09BSLITITAN2109 ULIF02111/12/09BSLITITAN3109
ULIF02707/10/11BSLIPUREEQ109
ULIF02907/10/11BSLIVALUEM109 ULIF02807/10/11BSLLIQPLUS109
Approved Investments
Government Bonds 16,155 17,865 5,240 6,156 - - - - - -
Corporate Bonds 4,158 8,072 7,221 8,090 - - - - 80,389 -
Infrastructure Bonds 12,433 19,308 2,065 3,035 - - - 1,405 156,589 -
Equity Shares 36,334 41,000 19,918 23,589 807,033 339,967 1,567,480 610,692 - -
Money Market - 100 1,100 1,099 69,479 - 73,328 91,232 615,176 492,849
Fixed Deposits - - - - - - - - 29,500 151,400
Mutual Funds 2,219 - - - - - 106,803 - 73,499 -
Preferance Shares 143 137 57 55 - - - - - -
Total
71,442 86,482 35,601 42,024 876,512 339,967 1,747,611 703,329 955,153 644,249
Other Investments
Corporate Bonds - - - - - - - - - -
Infrastructure Bonds - - - - - - - - - -
Equity Shares 1,338 - 649 - 58,513 23,373 70,293 86,369 - -
Money Market - - - - - - - - - -
Fixed Deposits - - - - - - - - - -
Mutual Funds - 61 - 1,480 - - - 4,822 - 67,367
Total 1,338 61 649 1,480 58,513 23,373 70,293 91,191 - 67,367
GRAND TOTAL 72,780 86,543 36,250 43,504 935,025 363,340 1,817,904 794,520 955,153 711,616
% of Approved Investments to Total
98% 100% 98% 97% 94% 94% 96% 89% 100% 91%
% of Other Investments to Total 2% 0% 2% 3% 6% 6% 4% 11% 0% 9%
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Pension Growth Ind. Pension Enrich Ind. Pension Nourish
Ind. Income Advantage Guaranteed
Ind. Maximiser Guaranteed
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF00504/03/03BSLIGROWTH109
ULIF00404/03/03BSLIENRICH109 ULIF00604/03/03BSLNOURISH109
ULIF03127/08/13BSLIINADGT109 ULIF03027/08/13BSLIMAXGT109
Approved Investments
Government Bonds 88,438 75,157 384,454 345,862 40,818 43,849 339,645 297,502 - -
Corporate Bonds 31,871 20,885 233,897 233,334 7,297 17,599 281,540 96,958 - -
Infrastructure Bonds 33,939 73,542 271,615 265,204 39,190 36,555 348,633 243,408 - 21
Equity Shares 50,349 52,863 434,488 478,349 8,815 10,648 - - 48,426 30,169
Money Market 29,891 - - - - - 39,861 - 3,449 1,599
Fixed Deposits 9,900 19,300 - - - - - - - -
Mutual Funds 15,617 - 9,822 - 2,815 - 74,263 - 3,045 -
Preferance Shares 81 77 522 497 14 14 - - - -
Total
260,086 241,824 1,334,798 1,323,246 98,949 108,665 1,083,942 637,868 54,920 31,789
Other Investments
Corporate Bonds - 9,924 31,569 29,793 - - 20,548 20,169 - -
Infrastructure Bonds - - - - - - - - - -
Equity Shares 3,026 1,536 69,149 45,155 1,450 373 - - 3,519 -
Money Market - - - - - - - - - -
Fixed Deposits - - - - - - - - - -
Mutual Funds - 573 - 85,215 - 2,739 - 26,993 - 1,674
Total 3,026 12,033 100,718 160,163 1,450 3,112 20,548 47,162 3,519 1,674
GRAND TOTAL 263,112 253,857 1,435,516 1,483,409 100,399 111,777 1,104,490 685,030 58,439 33,463
% of Approved Investments to Total
99% 95% 93% 89% 99% 97% 98% 93% 94% 95%
% of Other Investments to Total 1% 5% 7% 11% 1% 3% 2% 7% 6% 5%
Annexure 3
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULES TO FUND BALANCE SHEET
Schedule: F-2
Investments
(Amounts in thousands of Indian Rupees)
Particulars
Gr. Fixed Interest Gr. Gilt Gr. Bond Gr. Money Market Gr. Short Term Debt
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULGF00416/07/02BSLGFIXINT109 ULGF00630/05/03BSLIGRGILT109
ULGF00530/05/03BSLIGRBOND109
ULGF00824/08/04BSLIGRMMKT109
ULGF01322/09/08BSLGSHTDBT109
Approved Investments
Government Bonds 5,050,851 5,771,909 218,046 120,343 - - - - - -
Corporate Bonds 2,841,728 802,427 - - 1,072,190 1,047,314 105,733 110,189 62,322 58,505
Infrastructure Bonds 1,783,795 1,046,953 - - 1,163,475 1,010,169 47,589 - 85,839 60,097
Equity Shares - - - - - - - - - -
Money Market - - - - 193,242 - 683,928 865,615 41,887 13,792
Fixed Deposits 244,100 128,700 - - 29,700 - 19,000 165,400 9,900 70,300
Mutual Funds 260,475 - 1,932 - 204,066 - 75,075 - 13,137 -
Preferance Shares - - - - - - - - - -
Total
10,180,949 7,749,989 219,978 120,343 2,662,673 2,057,483 931,325 1,141,204 213,085 202,694
Other Investments
Corporate Bonds 486,560 458,432 - - 10,274 10,085 - - 19,521 20,169
Infrastructure Bonds - - - - - - - - - -
Equity Shares - - - - - - - - - -
Money Market - - - - - - - - - -
Fixed Deposits - - - - - - - - - -
Mutual Funds - 401,038 - 551 - 131,009 - 44,813 - 9,395
Total 486,560 859,470 - 551 10,274 141,094 - 44,813 19,521 29,564
GRAND TOTAL 10,667,509 8,609,459 219,978 120,894 2,672,947 2,198,577 931,325 1,186,017 232,606 232,258
% of Approved Investments to Total
95% 90% 100% 100% 100% 94% 100% 96% 92% 87%
% of Other Investments to Total 5% 10% 0% 0% 0% 6% 0% 4% 8% 13%
(Amounts in thousands of Indian Rupees)
Particulars
Gr. Growth Advantage Gr. Income Advantage Gr. Secure
Gr. Stable
Gr. Growth
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULGF01026/11/07BSLIGGRADV109 ULGF01425/02/10BSLGINCADV109
ULGF00212/06/01BSLGSECURE109
ULGF00312/06/01BSLGSTABLE109
ULGF00112/06/01BSLGGROWTH109
Approved Investments
Government Bonds 145,559 112,361 244,037 382,384 7,620,339 6,539,547 1,730,404 1,470,568 1,614,186 1,488,747
Corporate Bonds 1,066 6,614 74,098 84,910 2,758,628 1,683,438 155,795 221,947 258,256 184,385
Infrastructure Bonds 58,652 22,376 104,462 180,632 1,367,558 921,653 293,142 301,122 485,585 376,181
Equity Shares 313,063 228,837 - - 2,932,877 2,488,115 1,276,310 1,074,257 2,313,042 2,115,171
Money Market 6,998 - 22,993 - 313,335 11,691 - - - -
Fixed Deposits - - - 9,500 187,600 200,200 59,400 - - -
Mutual Funds 25,310 - 11,266 - 899,730 - 365,083 - 211,032 -
Preferance Shares 125 119 - - 1,621 1,544 902 859 1,290 1,229
Total
550,773 370,307 456,856 657,426 16,081,688 11,846,188 3,881,036 3,068,753 4,883,391 4,165,713
Other Investments
Corporate Bonds - - - - 1,027 58,077 - - - -
Infrastructure Bonds - - - - - - - - - -
Equity Shares 28,838 4,492 - - 300,215 45,143 128,095 21,125 237,572 42,062
Money Market - - - - - - - - - -
Fixed Deposits - - - - - - - - - -
Mutual Funds - 18,569 - 5,983 - 1,222,340 - 228,789 - 105,795
Total 28,838 23,061 - 5,983 301,242 1,325,560 128,095 249,914 237,572 147,857
GRAND TOTAL 579,611 393,368 456,856 663,409 16,382,930 13,171,748 4,009,131 3,318,667 5,120,963 4,313,570
% of Approved Investments to Total
95% 94% 100% 99% 98% 90% 97% 92% 95% 97%
% of Other Investments to Total 5% 6% 0% 1% 2% 10% 3% 8% 5% 3%
Annexure 3
Annual Report 2016-17
158
159
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
SCHEDULES TO FUND BALANCE SHEET
Schedule: F-2
Investments
(Amounts in thousands of Indian Rupees)
Particulars
Gr. Fixed Interest II Gr. Money Market II Gr. Short Term Debt II Gr. Stable II Gr. Growth II
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULGF01728/11/11BSLGFXINT2109
ULGF01928/11/11BSLGRMMKT2109
ULGF02128/11/11BSLGSHTDB2109
ULGF02228/11/11BSLGSTABL2109
ULGF01828/11/11BSLGROWTH2109
Approved Investments
Government Bonds 34,630 35,989 - - - - 8,588 6,026 54,446 89,002
Corporate Bonds 1,002 3,004 - - 81,738 73,572 - - 3,220 8,195
Infrastructure Bonds - - - - 77,455 109,595 1,172 1,152 82,502 28,090
Equity Shares - - - - - - 6,601 3,908 153,344 135,897
Money Market 1,300 - 2,593 1,744 56,447 8,358 3,099 - 5,898 100
Fixed Deposits - - - 600 9,900 19,900 - - - -
Mutual Funds 37 - 172 - 15,380 - 977 - 21,868 -
Preferance Shares - - - - - - - - 25 24
Total
36,969 38,993 2,765 2,344 240,920 211,425 20,437 11,086 321,303 261,308
Other Investments
Corporate Bonds - - - - - 5,042 - - - -
Infrastructure Bonds - - - - - - - - - -
Equity Shares - - - - - - 626 76 13,261 2,676
Money Market - - - - - - - - - -
Fixed Deposits - - - - - - - - - -
Mutual Funds - 1,430 - 217 - 7,750 - 106 - 13,907
Total - 1,430 - 217 - 12,792 626 182 13,261 16,583
GRAND TOTAL 36,969 40,423 2,765 2,561 240,920 224,217 21,063 11,268 334,564 277,891
% of Approved Investments to Total
100% 96% 100% 92% 100% 94% 97% 98% 96% 94%
% of Other Investments to Total 0% 4% 0% 8% 0% 6% 3% 2% 4% 6%
(Amounts in thousands of Indian Rupees)
Particulars
Pension Discontinued Life Discontinued Discontinued Policy
Ind. Asset Allocation
Ind. Capped Nifty Index
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF03305/07/13BSLIPNDIS109 ULIF03205/07/13BSLILDIS109
ULIF02301/07/10BSLIDISCPF109
ULIF03430/10/14BSLIASTALC109
ULIF03530/10/14BSLICNFIDX109
Approved Investments
Government Bonds - - - - - - 132,277 17,326 - -
Corporate Bonds - - - - - 283,464 40,366 - - -
Infrastructure Bonds - - - - - 105,255 28,718 5,024 - -
Equity Shares - - - - - - 195,393 98,587 287,231 101,170
Money Market 485,696 288,671 1,171,639 463,996 4,863,590 7,263,584 88,706 14,791 1,100 4,797
Fixed Deposits - - - - - 371,000 - - - -
Mutual Funds 14,831 - 68,010 - 416,989 - 25,142 - 4,930 -
Preferance Shares - - - - - - - - - -
Total
500,527 288,671 1,239,649 463,996 5,280,579 8,023,303 510,602 135,728 293,261 105,967
Other Investments
Corporate Bonds - - - - - - - - - -
Infrastructure Bonds - - - - - - - - - -
Equity Shares - - - - - - 6,099 654 11,755 1,741
Money Market - - - - - - - - - -
Fixed Deposits - - - - - - - - - -
Mutual Funds - 10,495 - 6,390 - 343,297 - 10,467 - 1,122
Total - 10,495 - 6,390 - 343,297 6,099 11,121 11,755 2,863
GRAND TOTAL 500,527 299,166 1,239,649 470,386 5,280,579 8,366,600 516,701 146,849 305,016 108,830
% of Approved Investments to Total
100% 96% 100% 99% 100% 96% 99% 92% 96% 97%
% of Other Investments to Total 0% 4% 0% 1% 0% 4% 1% 8% 4% 3%
Annexure 3
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULES TO FUND BALANCE SHEET
Schedule: F-2
Investments
(Amounts in thousands of Indian Rupees)
Particulars
Total
Current Year
Previous Year
Approved Investments
Government Bonds 48,984,874 52,710,038
Corporate Bonds 29,626,463 27,230,822
Infrastructure Bonds 39,987,239 37,538,796
Equity Shares 93,824,648 85,060,179
Money Market 10,323,688 11,298,070
Fixed Deposits 2,290,000 3,153,600
Mutual Funds 8,632,122 -
Preferance Shares 103,204 98,291
Total
233,772,238 217,089,796
Other Investments
Corporate Bonds 1,337,551 1,678,690
Infrastructure Bonds - -
Equity Shares 6,023,191 1,653,000
Money Market - -
Fixed Deposits - -
Mutual Funds 2,439,641 9,552,080
Total 9,800,383 12,883,770
GRAND TOTAL 243,572,621 229,973,566
% of Approved Investments to Total
96% 94%
% of Other Investments to Total 4% 6%
There is no unit balance as of 31st March 2017 and neither there was any movement in Gr. Capital Protection, Gr. Floating Rate, Gr. Growth Maximsier,
Gr. Secure- II & Gr. Bond II for the period starting from 01st April 2014 till 31st March 2017.
Annexure 3
Annual Report 2016-17
160
161
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
SCHEDULES TO FUND BALANCE SHEET
Schedule: F-3
Current Assets
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Assure Ind. Income Advantage Ind. Protector Ind. Builder Ind. Balancer
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF01008/07/05BSLIASSURE109
ULIF01507/08/08BSLIINCADV109
ULIF00313/03/01BSLPROTECT109
ULIF00113/03/01BSLBUILDER109
ULIF00931/05/05BSLBALANCE109
Accrued Interest 111,056 115,623 265,508 119,024 102,609 112,636 63,322 58,847 5,060 5,023
Cash & Bank Balance 122 48 37 38 67 104 64 107 31 41
Dividend Receivable - - - - 69 94 126 129 22 15
Receivable for Sale of Investments - - - - 1,177 - 3,530 7,072 - 4,221
Receivable from policy holder 17,151 11,671 135,189 154,814 27,217 5,209 1,778 7,971 202 327
Margin Money - - - - - 125 - 329 - -
Share Application Money - - - - - - - - - -
Other Current Assets (for
Investments)
- - 6 6 10 9 14 11 1 2
Total 128,329 127,342 400,740 273,882 131,149 118,177 68,834 74,466 5,316 9,629
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Enhancer Ind. Creator Ind. Magnier Ind. Maximiser Ind. Multiplier
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF00213/03/01BSLENHANCE109
ULIF00704/02/04BSLCREATOR109
ULIF00826/06/04BSLIIMAGNI109
ULIF01101/06/07BSLIINMAXI109
ULIF01217/10/07BSLINMULTI109
Accrued Interest 1,399,793 1,488,071 56,660 58,175 3,089 7,792 - - - -
Cash & Bank Balance 1,106 808 41 130 293 534 132 276 64 287
Dividend Receivable 1,771 5,903 323 431 755 2,538 2,871 3,903 1,001 -
Receivable for Sale of Investments 972,418 - 6,509 - 356,922 - 86,892 94,655 62,085 88,890
Receivable from policy holder 144,063 122,763 30,531 26,679 50,229 33,550 204,796 157,542 67,759 33,901
Margin Money - 15,672 - 641 - 6,043 - - - 6,171
Share Application Money - - - - - - - - - -
Other Current Assets (for
Investments)
537 464 53 47 235 211 498 245 226 155
Total 2,519,688 1,633,681 94,117 86,103 411,523 50,668 295,189 256,621 131,135 129,404
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Super 20 Ind. Platinum Plus- 1 Ind. Platinum Plus- 2 Ind. Platinum Plus- 3 Ind. Platinum Plus- 4
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF01723/06/09BSLSUPER20109
ULIF01325/02/08BSLIIPLAT1109
ULIF01425/02/08BSLIIPLAT2109
ULIF01628/04/09BSLIIPLAT3109
ULIF01816/09/09BSLIIPLAT4109
Accrued Interest - - 77,457 103,953 92,901 111,604 131,687 173,272 103,933 95,181
Cash & Bank Balance 56 165 60 79 43 113 47 60 43 71
Dividend Receivable 1,575 1,140 100 197 195 738 413 1,111 324 879
Receivable for Sale of Investments 64,779 203,173 - - - - - - - -
Receivable from policy holder 90,414 104,893 70 - 1 - 1 - - -
Margin Money - 12,273 - - - - - - - -
Share Application Money - - - - - - - - - -
Other Current Assets (for
Investments)
115 329 5 15 14 12 17 16 13 13
Total 156,939 321,973 77,692 104,244 93,154 112,467 132,165 174,459 104,313 96,144
Annexure 3
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULES TO FUND BALANCE SHEET
Schedule: F-3
Current Assets
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Platinum Advantage Ind. Platinum Premier Ind. Foresight- 5 Pay Ind. Foresight- Single Pay Ind. Titanium- 1
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF02408/09/10BSLPLATADV109
ULIF02203/02/10BSLPLATPR1109
ULIF02510/02/11BSLFSIT5P1109
ULIF02610/02/11BSLFSITSP1109
ULIF01911/12/09BSLITITAN1109
Accrued Interest 141,532 169,223 143,147 144,157 611,134 563,287 14,657 18,024 3,950 5,096
Cash & Bank Balance 121 161 121 85 152 208 55 17 53 19
Dividend Receivable 364 1,831 563 1,321 636 3,715 53 201 31 49
Receivable for Sale of Investments - - - - - - - - - -
Receivable from policy holder 5,874 2,905 142 24 136,667 373,566 - - - -
Margin Money - - - - - - - - - -
Share Application Money - - - - - - - - - -
Other Current Assets (for
Investments)
46 31 26 17 88 119 5 5 1 3
Total 147,937 174,151 143,999 145,604 748,677 940,895 14,770 18,247 4,035 5,167
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Titanium- 2 Ind. Titanium- 3 Ind. Pure Equity Ind. Value Momentum Ind. Liquid Plus
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF02011/12/09BSLITITAN2109
ULIF02111/12/09BSLITITAN3109
ULIF02707/10/11BSLIPUREEQ109
ULIF02907/10/11BSLIVALUEM109
ULIF02807/10/11BSLLIQPLUS109
Accrued Interest 1,348 1,679 570 716 - - - 1 8,400 9,390
Cash & Bank Balance 16 22 98 62 97 10,547 389 51 120 20
Dividend Receivable 9 14 4 7 232 177 5,434 230 - -
Receivable for Sale of Investments - - - - - - 22,504 - - -
Receivable from policy holder - - - - 67,259 16,831 133,195 10,888 169,753 124,803
Margin Money - - - - - - - 483 - -
Share Application Money - - - - - - - - - -
Other Current Assets (for
Investments)
- 1 - 1 6 7 34 13 - -
Total 1,373 1,716 672 786 67,594 27,562 161,556 11,666 178,273 134,213
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Pension Growth Ind. Pension Enrich Ind. Pension Nourish
Ind. Income Advantage Guaranteed
Ind. Maximiser Guaranteed
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF00504/03/03BSLIGROWTH109
ULIF00404/03/03BSLIENRICH109
ULIF00604/03/03BSLNOURISH109
ULIF03127/08/13BSLIINADGT109
ULIF03027/08/13BSLIMAXGT109
Accrued Interest 12,418 17,461 24,712 21,155 2,109 2,999 31,221 17,434 - -
Cash & Bank Balance 40 35 57 107 35 110 46 10 30 60
Dividend Receivable 5 9 84 90 3 3 - - 3 3
Receivable for Sale of Investments - 3,001 3,284 7,796 619 268 - - 1,212 -
Receivable from policy holder 321 11,131 935 1,580 154 154 48,753 42,680 1,800 2,375
Margin Money - - - 271 - - - - - -
Share Application Money - - - - - - - - - -
Other Current Assets (for
Investments)
- 2 12 9 - - - - 1 -
Total 12,784 31,639 29,084 31,008 2,920 3,534 80,020 60,124 3,046 2,438
Annexure 3
Annual Report 2016-17
162
163
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
SCHEDULES TO FUND BALANCE SHEET
Schedule: F-3
Current Assets
(Amounts in thousands of Indian Rupees)
Particulars
Gr. Fixed Interest Gr. Gilt Gr. Bond Gr. Money Market Gr. Short Term Debt
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULGF00416/07/02BSLGFIXINT109
ULGF00630/05/03BSLIGRGILT109
ULGF00530/05/03BSLIGRBOND109
ULGF00824/08/04BSLIGRMMKT109
ULGF01322/09/08BSLGSHTDBT109
Accrued Interest 392,894 274,008 4,772 2,555 113,593 87,051 10,742 19,565 14,669 23,543
Cash & Bank Balance 73 88 7 8 104 105 94 30 66 19
Dividend Receivable - - - - - - - - - -
Receivable for Sale of Investments - - - - - - - - - -
Receivable from policy holder 93,683 241,472 - - 85,076 6,605 41,504 14,559 6,762 6,104
Margin Money - - - - - - - - - -
Share Application Money - - - - - - - - - -
Other Current Assets (for
Investments)
- - - - - - - - - -
Total 486,650 515,568 4,779 2,563 198,773 93,761 52,340 34,154 21,497 29,666
(Amounts in thousands of Indian Rupees)
Particulars
Gr. Growth Advantage Gr. Income Advantage Gr. Secure Gr. Stable Gr. Growth
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULGF01026/11/07BSLIGGRADV109
ULGF01425/02/10BSLGINCADV109
ULGF00212/06/01BSLGSECURE109
ULGF00312/06/01BSLGSTABLE109
ULGF00112/06/01BSLGGROWTH109
Accrued Interest 3,077 3,969 12,728 22,691 311,054 264,645 98,030 57,089 59,555 54,035
Cash & Bank Balance 43 25 49 18 104 93 63 63 32 40
Dividend Receivable 32 40 - - 363 420 169 208 288 380
Receivable for Sale of Investments 4,067 1,694 - - 43,082 19,561 21,219 12,332 61,673 31,543
Receivable from policy holder 10,013 2,782 - 10,000 43,346 424,255 10,536 7,982 4,987 2,161
Margin Money - - - - - 3,369 - - - -
Share Application Money - - - - - - - - - -
Other Current Assets (for
Investments)
11 4 - - 102 53 41 18 80 38
Total 17,243 8,514 12,777 32,709 398,051 712,396 130,058 77,692 126,615 88,197
(Amounts in thousands of Indian Rupees)
Particulars
Gr. Fixed Interest II Gr. Money Market II Gr. Short Term Debt II
Gr. Stable II
Gr. Growth II
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULGF01728/11/11BSLGFXINT2109
ULGF01928/11/11BSLGRMMKT2109
ULGF02128/11/11BSLGSHTDB2109
ULGF02228/11/11BSLGSTABL2109
ULGF01828/11/11BSLGROWTH2109
Accrued Interest 119 257 - 14 13,153 16,650 191 191 4,744 3,127
Cash & Bank Balance 68 33 34 56 83 31 68 23 58 103
Dividend Receivable - - - - - - - 1 15 21
Receivable for Sale of Investments - - - - - - 90 36 2,551 1,029
Receivable from policy holder - - - - - - - - - -
Margin Money - - - - - - - - - -
Share Application Money - - - - - - - - - -
Other Current Assets (for
Investments)
- - - - - - - - 5 2
Total 187 290 34 70 13,236 16,681 349 251 7,373 4,282
Annexure 3
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULES TO FUND BALANCE SHEET
Schedule: F-3
Current Assets
(Amounts in thousands of Indian Rupees)
Particulars
Pension Discontinued Life Discontinued Discontinued Policy Ind. Asset Allocation Ind. Capped Nifty Index
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF03305/07/13BSLIPNDIS109
ULIF03205/07/13BSLILDIS109
ULIF02301/07/10BSLIDISCPF109
ULIF03430/10/14BSLIASTALC109
ULIF03530/10/14BSLICNFIDX109
Accrued Interest - - - - - 56,922 5,907 390 - -
Cash & Bank Balance 65 66 24 103 133 70 59 46 37 57
Dividend Receivable - - - - - - 7 15 63 18
Receivable for Sale of Investments - - - - - - - - 2,879 -
Receivable from policy holder 73 38 490 2,819 70 8,662 34,672 35,409 12,417 26,784
Margin Money - - - - - - - - - 277
Share Application Money - - - - - - - - - -
Other Current Assets (for
Investments)
- - - - - - 2 3 2 1
Total 138 104 514 2,922 203 65,654 40,647 35,863 15,398 27,137
(Amounts in thousands of Indian Rupees)
Particulars
Total
Current Year
Previous Year
Accrued Interest 4,453,501 4,306,525
Cash & Bank Balance 4,900 15,452
Dividend Receivable 17,903 25,831
Receivable for Sale of Investments 1,717,492 475,271
Receivable from policy holder - 2,035,889
Margin Money - 45,654
Share Application Money - -
Other Current Assets (for Investments) 2,206 1,862
Total 6,196,002 6,906,484
There is no unit balance as of 31st March 2017 and neither there was any movement in Gr. Capital Protection, Gr. Floating Rate, Gr. Growth Maximsier, Gr. Secure- II & Gr. Bond II for the
period starting from 01st April 2014 till 31st March 2017.
Annexure 3
Annual Report 2016-17
164
165
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
SCHEDULES TO FUND BALANCE SHEET
Schedule: F-4
Current Liabilities
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Assure Ind. Income Advantage Ind. Protector Ind. Builder Ind. Balancer
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF01008/07/05BSLIASSURE109 ULIF01507/08/08BSLIINCADV109
ULIF00313/03/01BSLPROTECT109
ULIF00113/03/01BSLBUILDER109 ULIF00931/05/05BSLBALANCE109
Payable for Purchase of Investments
- - - - - 2,006 - 5,285 - -
Other Current Liabilities - - - - - - - - - -
Payable to Policy holder
1,400 7,283 16,951 45,485 14,969 3,549 5,770 2,255 681 369
Total 1,400 7,283 16,951 45,485 14,969 5,555 5,770 7,540 681 369
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Enhancer Ind. Creator Ind. Magnier
Ind. Maximiser
Ind. Multiplier
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF00213/03/01BSLENHANCE109 ULIF00704/02/04BSLCREATOR109
ULIF00826/06/04BSLIIMAGNI109
ULIF01101/06/07BSLIINMAXI109 ULIF01217/10/07BSLINMULTI109
Payable for Purchase of Investments
620,221 364,709 - 10,316 87,299 136,761 71,008 24,900 57,422 115,739
Other Current Liabilities - - - - - - - - - -
Payable to Policy holder
230,052 97,220 28,442 10,067 50,043 14,929 102,547 47,157 28,632 14,818
Total 850,273 461,929 28,442 20,383 137,342 151,690 173,555 72,057 86,054 130,557
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Super 20 Ind. Platinum Plus- 1 Ind. Platinum Plus- 2 Ind. Platinum Plus- 3 Ind. Platinum Plus- 4
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF01723/06/09BSLSUPER20109
ULIF01325/02/08BSLIIPLAT1109
ULIF01425/02/08BSLIIPLAT2109 ULIF01628/04/09BSLIIPLAT3109 ULIF01816/09/09BSLIIPLAT4109
Payable for Purchase of Investments
- 245,228 - - - 1,685 - 2,178 - 1,707
Other Current Liabilities - - - - - - - - - -
Payable to Policy holder
34,704 21,805 11,849 2,183 22,383 8,570 20,498 8,870 15,534 7,509
Total 34,704 267,033 11,849 2,183 22,383 10,255 20,498 11,048 15,534 9,216
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Platinum Advantage Ind. Platinum Premier Ind. Foresight- 5 Pay Ind. Foresight- Single Pay Ind. Titanium- 1
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF02408/09/10BSLPLATADV109 ULIF02203/02/10BSLPLATPR1109
ULIF02510/02/11BSLFSIT5P1109
ULIF02610/02/11BSLFSITSP1109
ULIF01911/12/09BSLITITAN1109
Payable for Purchase of Investments
- - - - - 9,730 - 471 - -
Other Current Liabilities - - - - - - - - - -
Payable to Policy holder
66,979 43,673 27,617 23,089 135,229 43,287 3,427 656 686 716
Total 66,979 43,673 27,617 23,089 135,229 53,017 3,427 1,127 686 716
Annexure 3
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULES TO FUND BALANCE SHEET
Schedule: F-4
Current Liabilities
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Titanium- 2 Ind. Titanium- 3 Ind. Pure Equity Ind. Value Momentum Ind. Liquid Plus
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF02011/12/09BSLITITAN2109 ULIF02111/12/09BSLITITAN3109
ULIF02707/10/11BSLIPUREEQ109
ULIF02907/10/11BSLIVALUEM109 ULIF02807/10/11BSLLIQPLUS109
Payable for Purchase of Investments
- - - - 19,548 - 106,127 7,770 - -
Other Current Liabilities - - - - - - - - - -
Payable to Policy holder
524 446 60 520 1,534 558 1,088 867 689 636
Total 524 446 60 520 21,082 558 107,215 8,637 689 636
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Pension Growth Ind. Pension Enrich Ind. Pension Nourish
Ind. Income Advantage Guaranteed
Ind. Maximiser Guaranteed
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF00504/03/03BSLIGROWTH109 ULIF00404/03/03BSLIENRICH109
ULIF00604/03/03BSLNOURISH109
ULIF03127/08/13BSLIINADGT109 ULIF03027/08/13BSLIMAXGT109
Payable for Purchase of Investments
- - - 4,364 - - - - 3,286 -
Other Current Liabilities - - - - - - - - - -
Payable to Policy holder
665 - 6,411 4,668 376 191 118 246 488 640
Total 665 - 6,411 9,032 376 191 118 246 3,774 640
(Amounts in thousands of Indian Rupees)
Particulars
Gr. Fixed Interest Gr. Gilt Gr. Bond Gr. Money Market Gr. Short Term Debt
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULGF00416/07/02BSLGFIXINT109
ULGF00630/05/03BSLIGRGILT109
ULGF00530/05/03BSLIGRBOND109 ULGF00824/08/04BSLIGRMMKT109 ULGF01322/09/08BSLGSHTDBT109
Payable for Purchase of Investments
- 102,587 - - - - - - - -
Other Current Liabilities - - - - - - - - - -
Payable to Policy holder
3,449 174 - - 6,577 269 - 6 - -
Total 3,449 102,761 - - 6,577 269 - 6 - -
(Amounts in thousands of Indian Rupees)
Particulars
Gr. Growth Advantage Gr. Income Advantage Gr. Secure Gr. Stable Gr. Growth
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULGF01026/11/07BSLIGGRADV109 ULGF01425/02/10BSLGINCADV109
ULGF00212/06/01BSLGSECURE109
ULGF00312/06/01BSLGSTABLE109
ULGF00112/06/01BSLGGROWTH109
Payable for Purchase of Investments
4,842 - - - 45,464 514,742 19,676 - 34,867 -
Other Current Liabilities - - - - - - - - - -
Payable to Policy holder
7,572 - - 2 663 17 340 20 813 52
Total 12,414 - - 2 46,127 514,759 20,016 20 35,680 52
Annexure 3
Annual Report 2016-17
166
167
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
SCHEDULES TO FUND BALANCE SHEET
Schedule: F-4
Current Liabilities
(Amounts in thousands of Indian Rupees)
Particulars
Gr. Fixed Interest II Gr. Money Market II Gr. Short Term Debt II Gr. Stable II Gr. Growth II
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULGF01728/11/11BSLGFXINT2109
ULGF01928/11/11BSLGRMMKT2109
ULGF02128/11/11BSLGSHTDB2109 ULGF02228/11/11BSLGSTABL2109
ULGF01828/11/11BSLGROWTH2109
Payable for Purchase of Investments
- - - - - - 103 - 2,352 -
Other Current Liabilities - - - - - - - - - -
Payable to Policy holder
- - - - - - - - - -
Total - - - - - - 103 - 2,352 -
(Amounts in thousands of Indian Rupees)
Particulars
Pension Discontinued Life Discontinued Discontinued Policy
Ind. Asset Allocation
Ind. Capped Nifty Index
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF03305/07/13BSLIPNDIS109 ULIF03205/07/13BSLILDIS109
ULIF02301/07/10BSLIDISCPF109
ULIF03430/10/14BSLIASTALC109 ULIF03530/10/14BSLICNFIDX109
Payable for Purchase of Investments
- - - - - - 4,613 6,889 - 4,368
Other Current Liabilities - - - - - - - - - -
Payable to Policy holder
1,547 - 22,402 26 618,150 678,025 254 126 352 86
Total 1,547 - 22,402 26 618,150 678,025 4,867 7,015 352 4,454
(Amounts in thousands of Indian Rupees)
Particulars
Total
Current Year
Previous Year
Payable for Purchase of Investments
1,076,828 1,561,435
Other Current Liabilities - -
Payable to Policy holder
1,492,465 1,091,065
Total 2,569,293 2,652,500
There is no unit balance as of 31st March 2017 and neither there was any movement in Gr. Capital Protection, Gr. Floating Rate, Gr. Growth Maximsier, Gr. Secure- II & Gr. Bond II for the
period starting from 01st April 2014 till 31st March 2017.
Annexure 3
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULES TO FUND REVENUE ACCOUNT
Schedule: F-5
Other Expenses*
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Assure Ind. Income Advantage Ind. Protector Ind. Builder Ind. Balancer
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF01008/07/05BSLIASSURE109 ULIF01507/08/08BSLIINCADV109 ULIF00313/03/01BSLPROTECT109 ULIF00113/03/01BSLBUILDER109 ULIF00931/05/05BSLBALANCE109
(A) Other charges
Policy Administration charge 3,451 4,965 17,808 19,919 25,260 28,239 16,131 18,134 3,221 4,741
Surrender charge - 93 - 616 - (10) 3 6 - -
Switching charge 104 218 (939) (62) 46 27 3 3 - -
Mortality charge 16,901 14,780 53,535 56,853 42,697 46,442 19,458 20,851 1,918 2,092
Discontinuance charge - - - - - - - - - -
Miscellaneous charge** 25.00 30 190.00 214 7.00 11 6.00 5 - 1
Total
20,481 20,086 70,594 77,540 68,010 74,709 35,601 38,999 5,139 6,834
(B) Service Tax
Service Tax on charges
3,053 2,799 10,526 10,794 10,142 10,391 5,310 5,428 766 948
Total
3,053 2,799 10,526 10,794 10,142 10,391 5,310 5,428 766 948
Total (A+B) 23,534 22,885 81,120 88,334 78,152 85,100 40,911 44,427 5,905 7,782
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Enhancer Ind. Creator Ind. Magnier Ind. Maximiser Ind. Multiplier
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF00213/03/01BSLENHANCE109 ULIF00704/02/04BSLCREATOR109
ULIF00826/06/04BSLIIMAGNI109 ULIF01101/06/07BSLIINMAXI109 ULIF01217/10/07BSLINMULTI109
(A) Other charges
Policy Administration charge 690,625 792,231 9,837 11,388 30,796 34,710 80,021 114,523 26,576 30,758
Surrender charge 3 3,575 - 129 - 144 - 1,673 - 239
Switching charge 609 650 1,599 131 2,653 291 3,464 5,410 2,710 1,950
Mortality charge 952,275 1,058,293 32,101 33,149 80,348 88,080 119,650 171,996 31,631 31,686
Discontinuance charge - - - - - - - - - -
Miscellaneous charge** 718.00 1,329 86.00 109 97.00 151 337.00 593 80.00 128
Total
1,644,230 1,856,078 43,623 44,906 113,894 123,376 203,472 294,195 60,997 64,761
(B) Service Tax
Service Tax on charges
245,200 258,077 6,507 6,261 16,986 17,182 30,323 40,766 9,100 9,039
Total
245,200 258,077 6,507 6,261 16,986 17,182 30,323 40,766 9,100 9,039
Total (A+B) 1,889,430 2,114,155 50,130 51,167 130,880 140,558 233,795 334,961 70,097 73,800
Annexure 3
Annual Report 2016-17
168
169
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
SCHEDULES TO FUND REVENUE ACCOUNT
Schedule: F-5
Other Expenses*
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Super 20 Ind. Platinum Plus- 1 Ind. Platinum Plus- 2 Ind. Platinum Plus- 3 Ind. Platinum Plus- 4
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF01723/06/09BSLSUPER20109 ULIF01325/02/08BSLIIPLAT1109 ULIF01425/02/08BSLIIPLAT2109 ULIF01628/04/09BSLIIPLAT3109 ULIF01816/09/09BSLIIPLAT4109
(A) Other charges
Policy Administration charge 21,877 23,664 3,065 3,392 4,501 5,024 11,728 13,244 9,557 10,756
Surrender charge - 916 - - - - - - - -
Switching charge (3,748) (7,683) - - - - - - - -
Mortality charge 52,960 48,824 22,524 25,003 21,590 22,724 11,637 13,163 10,328 11,617
Discontinuance charge - - - - - - - - - -
Miscellaneous charge** 340.00 518 - - - - - - - -
Total
71,429 66,239 25,589 28,395 26,091 27,748 23,365 26,407 19,885 22,373
(B) Service Tax
Service Tax on charges
10,657 9,257 3,816 3,949 3,891 3,865 3,484 3,678 2,965 3,117
Total
10,657 9,257 3,816 3,949 3,891 3,865 3,484 3,678 2,965 3,117
Total (A+B) 82,086 75,496 29,405 32,344 29,982 31,613 26,849 30,085 22,850 25,490
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Platinum Advantage Ind. Platinum Premier Ind. Foresight- 5 Pay Ind. Foresight- Single Pay Ind. Titanium- 1
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF02408/09/10BSLPLATADV109 ULIF02203/02/10BSLPLATPR1109
ULIF02510/02/11BSLFSIT5P1109 ULIF02610/02/11BSLFSITSP1109 ULIF01911/12/09BSLITITAN1109
(A) Other charges
Policy Administration charge 13,548 17,237 13,350 17,721 - - - - 738 1,101
Surrender charge - - - 1,682 - - - - - -
Switching charge 1 1 - - - - - - - -
Mortality charge 19,191 33,984 8,537 11,715 - - - - 385 481
Discontinuance charge - - - - - - - - - -
Miscellaneous charge** 705.00 1,547 - 2 365.00 598 - - - -
Total
33,445 52,769 21,887 31,120 365 598 - - 1,123 1,582
(B) Service Tax
Service Tax on charges
4,982 7,349 3,262 4,306 54 83 - - 167 219
Total
4,982 7,349 3,262 4,306 54 83 - - 167 219
Total (A+B) 38,427 60,118 25,149 35,426 419 681 - - 1,290 1,801
Annexure 3
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULES TO FUND REVENUE ACCOUNT
Schedule: F-5
Other Expenses*
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Titanium- 2 Ind. Titanium- 3 Ind. Pure Equity Ind. Value Momentum Ind. Liquid Plus
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF02011/12/09BSLITITAN2109 ULIF02111/12/09BSLITITAN3109 ULIF02707/10/11BSLIPUREEQ109 ULIF02907/10/11BSLIVALUEM109 ULIF02807/10/11BSLLIQPLUS109
(A) Other charges
Policy Administration charge
226 327 123 180 2,276 1,273 3,298 2,588 3,225 3,019
Surrender charge
- 7 - 9 - - - - - -
Switching charge
- - - - (1,199) (296) (4,832) (263) 4 2
Mortality charge
100 152 67 133 15,853 7,724 23,411 17,437 18,340 16,594
Discontinuance charge
- - - - - - - - - -
Miscellaneous charge**
- - - - 23.00 25 57.00 59 25.00 33
Total
326 486 190 322 16,953 8,726 21,934 19,821 21,594 19,648
(B) Service Tax
Service Tax on charges
49 67 28 45 2,531 1,229 3,272 2,788 3,219 2,747
Total
49 67 28 45 2,531 1,229 3,272 2,788 3,219 2,747
Total (A+B) 375 553 218 367 19,484 9,955 25,206 22,609 24,813 22,395
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Pension Growth Ind. Pension Enrich Ind. Pension Nourish
Ind. Income Advantage Guaranteed
Ind. Maximiser Guaranteed
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF00504/03/03BSLIGROWTH109 ULIF00404/03/03BSLIENRICH109
ULIF00604/03/03BSLNOURISH109 ULIF03127/08/13BSLIINADGT109 ULIF03027/08/13BSLIMAXGT109
(A) Other charges
Policy Administration charge
3,714
3,941 18,574 19,416 1,510 1,601 1,550 1,377 66 62
Surrender charge - - - - - - - - - -
Switching charge - - - - - - - - - -
Mortality charge 108 126 789 945 66 82 (13) (16) (1) (1)
Discontinuance charge - - - - - - - - - -
Miscellaneous charge** - - - - - - - - - -
Total
3,822 4,067 19,363 20,361 1,576 1,683 1,537 1,361 65 61
(B) Service Tax
Service Tax on charges
570
565 2,888 2,830 235 234 229 190 10 9
Total
570 565 2,888 2,830 235 234 229 190 10 9
Total (A+B) 4,392 4,632 22,251 23,191 1,811 1,917 1,766 1,551 75 70
Annexure 3
Annual Report 2016-17
170
171
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
SCHEDULES TO FUND REVENUE ACCOUNT
Schedule: F-5
Other Expenses*
(Amounts in thousands of Indian Rupees)
Particulars
Gr. Fixed Interest Gr. Gilt Gr. Bond Gr. Money Market Gr. Short Term Debt
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULGF00416/07/02BSLGFIXINT109 ULGF00630/05/03BSLIGRGILT109
ULGF00530/05/03BSLIGRBOND109 ULGF00824/08/04BSLIGRMMKT109 ULGF01322/09/08BSLGSHTDBT109
(A) Other charges
Policy Administration charge
278 217 - 6 12 8 3 17 20
Surrender charge
- - - - - - - - - -
Switching charge
- - - - - - - - - -
Mortality charge
- - - - - - - - - -
Discontinuance charge
- - - - - - - - - -
Miscellaneous charge**
- - - - - - - - - -
Total
278 217 - - 6 12 8 3 17 20
(B) Service Tax
Service Tax on charges
42
30 - - 1 2 1 - 3 3
Total
42 30 - - 1 2 1 - 3 3
Total (A+B) 320
247 - - 7 14 9 3 20 23
(Amounts in thousands of Indian Rupees)
Particulars
Gr. Growth Advantage Gr. Income Advantage Gr. Secure
Gr. Stable
Gr. Growth
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULGF01026/11/07BSLIGGRADV109
ULGF01425/02/10BSLGINCADV109
ULGF00212/06/01BSLGSECURE109 ULGF00312/06/01BSLGSTABLE109
ULGF00112/06/01BSLGGROWTH109
(A) Other charges
Policy Administration charge
-
- - - 272 265 525 519 215 207
Surrender charge - - - - - - - - - -
Switching charge - - - - - - - - - -
Mortality charge - - - - - - - - - -
Discontinuance charge - - - - - - - - - -
Miscellaneous charge** - - - - - - - - - -
Total
- - - - 272 265 525 519 215 207
(B) Service Tax
Service Tax on charges
-
- - - 40 37 78 72 32 29
Total
- - - - 40 37 78 72 32 29
Total (A+B) -
- - - 312 302 603 591 247 236
Annexure 3
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULES TO FUND REVENUE ACCOUNT
Schedule: F-5
Other Expenses*
(Amounts in thousands of Indian Rupees)
Particulars
Gr. Fixed Interest II Gr. Money Market II Gr. Short Term Debt II Gr. Stable II Gr. Growth II
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULGF01728/11/11BSLGFXINT2109
ULGF01928/11/11BSLGRMMKT2109
ULGF02128/11/11BSLGSHTDB2109 ULGF02228/11/11BSLGSTABL2109 ULGF01828/11/11BSLGROWTH2109
(A) Other charges
Policy Administration charge
202
210 14 13 1,219 1,042 74 59 1,261 1,240
Surrender charge - - - - - - - - - -
Switching charge - - - - - - - - - -
Mortality charge - - - - - - - - - -
Discontinuance charge - - - - - - - - - -
Miscellaneous charge** - - - - - - - - - -
Total
202 210 14 13 1,219 1,042 74 59 1,261 1,240
(B) Service Tax
Service Tax on charges
30
29 2 2 182 146 11 8 188 172
Total
30 29 2 2 182 146 11 8 188 172
Total (A+B) 232
239 16 15 1,401 1,188 85 67 1,449 1,412
SCHEDULES TO FUND REVENUE ACCOUNT
Schedule: F-5
Other Expenses*
(Amounts in thousands of Indian Rupees)
Particulars
Pension Discontinued Life Discontinued Discontinued Policy Ind. Asset Allocation Ind. Capped Nifty Index
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF03305/07/13BSLIPNDIS109
ULIF03205/07/13BSLILDIS109
ULIF02301/07/10BSLIDISCPF109 ULIF03430/10/14BSLIASTALC109 ULIF03530/10/14BSLICNFIDX109
(A) Other charges
Policy Administration charge
43
26 457 167 1,106 2,753 2,671 483 1,621 399
Surrender charge - - - - 53 - - - - -
Switching charge - - - - - - 1 - 1 -
Mortality charge - - 502 288 1,638 4,082 5,970 1,080 3,956 924
Discontinuance charge 3,654 5,539 18,924 12,413 (66) 5,015 - - - -
Miscellaneous charge** - - - - 1.00 - - - - -
Total
3,697 5,565 19,883 12,868 2,732 11,850 8,642 1,563 5,578 1,323
(B) Service Tax
Service Tax on charges
551
765 2,965 1,793 410 1,643 1,291 226 833 191
Total
551 765 2,965 1,793 410 1,643 1,291 226 833 191
Total (A+B) 4,248
6,330 22,848 14,661 3,142 13,493 9,933 1,789 6,411 1,514
Annexure 3
Annual Report 2016-17
172
173
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
(Amounts in thousands of Indian Rupees)
Particulars
Total
Current Year
Previous Year
(A) Other charges
Policy Administration charge
1,026,641
1,193,166
Surrender charge 59 9,079
Switching charge 477 379
Mortality charge 1,568,452 1,741,283
Discontinuance charge 22,512 22,967
Miscellaneous charge** 3,062.00 5,353
Total
2,621,203 2,972,227
(B) Service Tax
Service Tax on charges
390,882
413,360
Total
390,882 413,360
Total (A+B) 3,012,085
3,385,587
*Any expense which is 1% of the total expenses incurred should be disclosed as a separate line item.
**Miscellaneous charge includes Reinstatement charge & Late Payment charge.
There is no unit balance as of 31st March 2017 and neither there was any movement in Gr. Capital Protection, Gr. Floating Rate, Gr. Growth Maximsier,
Gr. Secure- II & Gr. Bond II for the period starting from 01st April 2014 till 31st March 2017
Annexure 3
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
ANNEXURE TO REVENUE ACCOUNT-BREAK UP OF UNIT LINKED BUSINESS (UL)
Revenue Account for the year ended 31st Mar 2017
Policyholders’ Account (Technical Account)
(Amounts in thousands of Indian Rupees)
Particulars
Individual Life Pension Individual Group Life Group Pension Health Individual
Total Unit
Linked
Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total
(1) (2)
(3)=(1)
+ (2)
(4) (5)
(6)=(4)
+ (5)
(7) (8)
(9)= (7)
+ (8)
(10) (11)
(12)= (10)
+ (11)
(13) (14)
(15)= (13)
+ (14)
(16)=(3)+
(6)+(9)+(14)
Premiums earned – net
(a) Premium 862,175 18,046,481 18,908,656 42,074 976,531 1,018,605 (167,709) 6,148,517 5,980,808 (28,265) 932,308 904,043 357 80,471 80,828 26,892,940
(b) Reinsurance ceded (670,141) - (670,141) (218) - (218) (380) - (380) - - - (2,143) - (2,143) (672,882)
Income from Investments
(a) Interest, Dividend & Rent
- Gross
229,552 9,636,604 9,866,155 4,770 376,378 381,148 3,309 2,150,517 2,153,825 1,061 403,741 404,802 6,679 14,216 20,895 12,826,825
(b) Prot on sale/redemption
of investments
23,064 11,843,568 11,866,631 1,235 644,442 645,677 68 1,091,604 1,091,673 22 310,409 310,430 814 40,804 41,618 13,956,029
(c) Loss on sale/redemption of
investments
- (3,532,613) (3,532,613) - (200,986) (200,986) - (338,600) (338,600) - (121,654) (121,654) - (15,578) (15,578) (4,209,432)
(d) Unrealised gain/(loss) - 12,775,287 12,775,287 - 583,652 583,652 - 1,263,735 1,263,735 - 402,358 402,358 - 42,746 42,746 15,067,779
(e) Gain Loss on Amortisation - - - - - - - - - - - - - - - -
Other income:
(a) Linked Income 5,856,466 (5,856,466) - 186,086 (186,086) - 372,983 (372,983) - 78,919 (78,919) - 42,354 (42,354) - -
(b) Contribution from the
Shareholders’ a/c
- - - 54,557 - 54,557 - - - - - - - - - 54,557
(C) Other Income 130,375 - 130,375 4,668 - 4,668 27,407 - 27,407 4,143 - 4,143 370 - 370 166,963
TOTAL (A)
6,431,490 42,912,859 49,344,350 293,172 2,193,932 2,487,103 235,678 9,942,790 10,178,468 55,880 1,848,242 1,904,122 48,431 120,305 168,736 64,082,779
Commission 578,789 - 578,789 17,530 - 17,530 389 - 389 48 - 48 2,581 - 2,581 599,337
Operating Expenses related
to Insurance Business
1,565,745 - 1,565,745 97,189 - 97,189 101,517 - 101,517 11,198 - 11,198 5,180 - 5,180 1,780,829
Service Tax on Charge 881,910 - 881,910 43,737 - 43,737 43,842 - 43,842 15,479 - 15,479 6,449 - 6,449 991,417
TOTAL (B)
3,026,444 - 3,026,444 158,456 - 158,456 145,748 - 145,748 26,725 - 26,725 14,210 - 14,210 3,371,583
Benets Paid (Net) 346,488 36,088,594 36,435,082 89,448 1,958,526 2,047,974 (4,332) 3,814,680 3,810,348 9,498 486,219 495,717 673 20,443 21,116 42,810,237
Interim Bonus Paid - - - - - - - - - - - - - -
Change in valuation of liability
in respect of life policies
Change in Valuation Liability 206,493 6,824,267 7,030,760 48,976 235,405 284,381 3,873 6,128,110 6,131,983 620 1,362,023 1,362,643 33,400 99,862 133,262 14,943,029
TOTAL (C)
552,981 42,912,861 43,465,842 138,424 2,193,931 2,332,355 (459) 9,942,790 9,942,331 10,118 1,848,242 1,858,360 34,073 120,305 154,378 57,753,266
SURPLUS/ (DEFICIT) (D)
=(A)-(B)-(C)
2,852,065 0 2,852,064 (3,708) (0) (3,708) 90,389 0 90,389 19,037 0 19,037 148 0 148 2,957,930
APPROPRIATIONS
Insurance reserve at the
beginning of the year
- -
- - - - - - - - - - - - - -
Transfer to Shareholders’ a/c 2,893,057 - 2,893,057 (0) - (0) 90,389 - 90,389 19,037 - 19,037 18,613 - 18,613 3,021,095
Funds available for future
appropriations
(40,992) - (40,992) (3,708) - (3,708) - - - - - - (18,465) - (18,465) (63,165)
Total (D) 2,852,065 - 2,852,065 (3,708) - (3,708) 90,389 - 90,389 19,037 - 19,037 148 - 148
2,957,930
Annexure 3
Annual Report 2016-17
174
175
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
Annexure 3ANNEXURE TO REVENUE ACCOUNT-BREAK UP OF UNIT LINKED BUSINESS (UL)
Revenue Account for the year ended 31st Mar 2016
Policyholders’ Account (Technical Account)
(Amounts in thousands of Indian Rupees)
Particulars
Individual Life Pension Individual Group Life Group Pension Health Individual
Total Unit
Linked
Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total
(1) (2) (3)=(1) + (2) (4) (5) (6)=(4) + (5) (7) (8) (9)= (7) + (8) (10) (11) (12)= (10)
+ (11)
(13) (14) (15)= (13)
+ (14)
(16)=(3)+
(6)+(9)+(14)
Premiums earned – net
(a) Premium
1 ,321,461
21,618,679 22,940,140 41,441 951,542 992,983 - ,566,747 7,566,747 - 758,267 758,267 2,932 94,147 97,079 32,355,216
(b) Reinsurance ceded (630,527) - (630,527) (237) - (237) (322) - (322) - - - (2,060) - (2,060) (633,146)
Income from
Investments
(a) Interest, Dividend & Rent
- Gross
273,252 9,703,292 9,976,544 6,004 429,446 435,450 3,012
1,850,501
1,853,513 1,036 254,539 255,575 10,253 13,197 23,450 12,544,532
(b) Prot on sale/
redemption of investments
16,716 12,115,593 12,132,309 367 606,627 606,994 803 584,844 585,647 276 80,446 80,722 628 26,039 26,667 13,432,339
(c) Loss on sale/redemption
of investments
(3,258) (4,482,732) (4,485,990) (72) (303,562) (303,634) (263) (314,007) (314,270) (90) (43,192) (43,282) (122) (16,887) (17,009) (5,164,185)
(d) Unrealised gain/(loss) - (16,581,509) (16,581,509) - (785,879) (785,879) - (825,343) (825,343) - (113,527) (113,527) - (37,164) (37,164) (18,343,422)
(e) Gain Loss on
Amortisation
- - - - - - - - - - - - - -
Other income:
(a) Linked Income
6 ,196,429
(6,196,429) - 233,053 (233,053) - 304,974 (304,974) - 45,273 (45,273) - 50,271 (50,271) - -
(b) Contribution from the
Shareholders’ a/c
- - - 183,310 - 183,310 - - - - - - - - - 183,310
(c) Other Income 58,227 99,239 157,466 4,941 - 4,941 (111,452) 149,100 37,648 3,773 - 3,773 483 - 483 204,311
Total (A)
7,232,300 16,276,133 23,508,433 468,807 665,121 1,133,928 196,752 ,706,868 8,903,620 50,268 891,260 941,528 62,385 29,061 91,446 34,578,955
Commission 709,549 - 709,549 15,957 - 15,957 229 - 229 45 - 45 3,221 - 3,221 729,001
Operating Expenses
related to Insurance
Business
1,761,371 - 1,761,371 117,128 - 117,128 121,592 - 121,592 9,269 - 9,269 5,929 - 5,929 2,015,289
Service Tax on Charge 689,386 - 689,386 259,325 - 259,325 42,787 - 42,787 - - - 10,362 - 10,362 1,001,860
Total (B)
3 ,160,306
- 3,160,306 392,410 - 392,410 164,608 - 164,608 9,314 - 9,314 19,512 - 19,512 3,746,150
Benets Paid (Net) 531,935 30,351,897 30,883,832 81,895 2,941,830 3,023,725 - ,286,007 3,286,007 7,274 755,382 762,656 (618) 17,996 17,378 37,973,598
Interim Bonus Paid - - - - - - - - - - - - - -
Change in valuation of
liability in respect of life
policies
Change in Valuation Liability 384,197 (14,075,764) (13,691,567) (9,076) (2,276,709) (2,285,785) 4,671 ,420,861 5,425,532 (12) 135,880 135,868 (15,780) 11,064 (4,716) (10,420,668)
Total (C) 916,132 16,276,133 17,192,265 72,819 665,121 737,940 4,671 ,706,868 8,711,539 7,262 891,262 898,524 (16,398) 29,060 12,662 27,552,930
Surplus/ (Decit)
(D) =(A)-(B)-(C)
3,155,862 - 3,155,862 3,578 - 3,578 27,473 - 27,473 33,692 - 33,690 59,271 - 59,272 3,279,875
APPROPRIATIONS
Insurance reserve at the
beginning of the year
-
- - - - - - - - - - - - - - -
Transfer to Shareholders’ a/c
3 ,185,655
- 3,185,655 - - - 27,473 - 27,473 33,692 - 33,692 85,953 - 85,953 3,332,773
Funds available for future
appropriations
(29,793) - (29,793) 3,578 - 3,578 - - - - - - (26,682) - (26,682) (52,897)
Total (D)
3 ,155,862
- 3,155,862 3,578 - 3,578 27,473 - 27,473 33,692 - 33,692 59,271 - 59,271 3,279,876
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULE–UL2
Benets Paid [Net] For The Year Ended 31st Mar 2017
(Amounts in thousands of Indian Rupees)
Sr
No.
Particulars
Individual Life Pension Individual Group Life Group Pension Health Individual
Total Unit
Linked
Non Unit Unit Linked Life
Non-
Unit
Unit
Linked
Pension
Non-
Unit
Unit
Linked
Group
Non-
Unit
Unit
Linked
Group
Non-
Unit
Unit
Linked
Health
(1) (2) (3)=(1)+(2) (4) (5) (6)=(4)+(5) (7) (8) (9)=(7)+(8) (10) (11)
(12)=(10)
+(11)
(13) (14)
(15)=(13)
+(14)
(16)=(3)+(6)+
(9)+(12)+(15)
1 Insurance Claims
(a) Claims by Death 876,577 420,770 1,297,347 91,603 (851) 90,752 - - - 9,498 (6,640) 2,858 (721) 1,219 498 1,391,455
(b) Claims by Maturity - 3,644,682 3,644,682 - 102,048 102,048 - - - - - - - - - 3,746,730
(c) Annuities /
Pension payment
71 - 71 - - - - - - - - - 71
(d) Other benets -
(i) Surrender (2,691) 31,876,989 31,874,298 89 1,857,296 1,857,385 (4,269) 3,814,680 3,810,411 - 492,859 492,859 - 19,259 19,259 38,054,212
(ii) Riders 11,372 - 11,372 - - - - - - - - - - - - 11,372
(iii) Health 496 - 496 - - - - - - - - - 3,188 - 3,188 3,684
(iv) Survival - 501 501 - - - - - - - - - - - - 501
(v) Others (6,126) 145,652 139,526 (2,244) 33 (2,211) - - - - - - 11 (35) (24) 137,291
Sub Total (A)
879,699 36,088,594 36,968,293 89,448 1,958,526 2,047,974 (4,269) 3,814,680 3,810,411 9,498 486,219 495,717 2,478 20,443 22,921 43,345,316
2 Amount Ceded in
reinsurance
(a) Claims by Death 533,210 - 533,210 - - - 63 - 63 - - - - - - 533,273
(b) Claims by Maturity - - - - - - - - - - - - - - - -
(c) Annuities /
Pension payment
- - - - - - - - - - - - - - - -
(d) Other benets-
Health
- - - - - - - - - - - - 1,805 - 1,805 1,805
Sub Total (B)
533,210 - 533,210 - - - 63 - 63 - - - 1,805 - 1,805 535,078
TOTAL (A) - (B)
346,489 36,088,594 36,435,083 89,448 1,958,526 2,047,974 (4,332) 3,814,680 3,810,348 9,498 486,219 495,717 673 20,443 21,116 42,810,238
Benets paid to
claimants:
In India 346,489 36,088,594 36,435,083 89,448 1,958,526 2,047,974 (4,332) 3,814,680 3,810,348 9,498 486,219 495,717 673 20,443 21,116 42,810,238
Outside India
TOTAL (UL2) 346,489 36,088,594 36,435,083 89,448 1,958,526 2,047,974 (4,332) 3,814,680 3,810,348 9,498 486,219 495,717 673 20,443 21,116 42,810,238
Annual Report 2016-17
176
177
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
SCHEDULES TO ANNEXURE TO REVENUE ACCOUNT (UL) FORMING PART OF FINANCIAL STATEMENTS
Schedule-UL1
Linked Income (Recovered from linked funds)* for the period ended 31st Mar 2017
Particulars Individal Life
Pension
Individual
Group Life Group Pension Health Individual Total
Fund Administration charges NA NA NA NA NA NA
Fund Management charge 2,986,140 97,219 372,025 75,176 6,526 3,537,085
Policy Administration charge 1,116,474 56,202 958 3,743 2,494 1,179,871
Surrender charge 68 - - - - 68
Switching charge 545 - - - - 545
Mortality charge /Rider Premium Charge 1,728,465 28,164 - - 33,332 1,789,961
Miscellaneous charge 3,440 65 - - 3 3,508
Discontinuance charges 21,335 4,436 - - - 25,771
TOTAL (UL-1)
5,856,466 186,086 372,983 78,919 42,354 6,536,808
Charges are inclusive of Service tax
Schedules to Annexure to Revenue Account (UL) forming part of Financial Statements
Schedule-UL1
Linked Income (Recovered from linked funds)* for the period ended 31st Mar 2016
Particulars Individal Life
Pension
Individual
Group Life Group Pension Health Individual Total
Fund Administration charges NA NA NA NA NA NA
Fund Management charge 2,937,503 148,421 304,081 41,827 6,184 3,438,016
Policy Administration charge 1,279,542 73,543 893 3,446 2,990 1,360,414
Surrender charge 8,728 1,539 - - - 10,267
Switching charge 432 - - - - 432
Mortality charge /Rider Premium Charge 1,944,965 2,587 - - 41,064 1,988,616
Miscellaneous charge 5,984 82 - - 33 6,099
Discontinuance charges 19,275 6,881 - - - 26,156
TOTAL (UL-1)
6,196,429 233,053 304,974 45,273 50,271 6,830,000
Charges are inclusive of Service tax
Annexure 3
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULES TO ANNEXURE TO REVENUE ACCOUNT (UL) FORMING PART OF FINANCIAL STATEMENTS
Schedule–UL2
Benets Paid [Net] for the year ended Mar 31, 2017
(Amounts in thousands of Indian Rupees)
Sr
No.
Particulars
Individual Life Pension Individual Group Life Group Pension Health Individual
Total Unit
Linked
Non Unit Unit Linked Life
Non-
Unit
Unit
Linked
Pension
Non-
Unit
Unit
Linked
Group
Non-
Unit
Unit
Linked
Group
Non-
Unit
Unit
Linked
Health
(1) (2) (3)=(1)+(2) (4) (5) (6)=(4)+(5) (7) (8) (9)=(7)+(8) (10) (11)
(12)=(10)
+(11)
(13) (14)
(15)=(13)
+(14)
(16)=(3)+(6)+
(9)+(12)+(15)
1 Insurance Claims
(a) Claims by Death 876,577 420,770 1,297,347 91,603 (851) 90,752 - - - 9,498 (6,640) 2,858 (721) 1,219 498 1,391,455
(b) Claims by Maturity - 3,644,682 3,644,682 - 102,048 102,048 - - - - - - - - - 3,746,730
(c) Annuities /
Pension payment
71 - 71 - - - - - - - - - 71
(d) Other benets -
(i) Surrender (2,691) 31,876,989 31,874,298 89 1,857,296 1,857,385 (4,269) 3,814,680 3,810,411 - 492,859 492,859 - 19,259 19,259 38,054,212
(ii) Riders 11,372 - 11,372 - - - - - - - - - - - - 11,372
(iii) Health 496 - 496 - - - - - - - - - 3,188 - 3,188 3,684
(iv) Survival - 501 501 - - - - - - - - - - - - 501
(v) Others (6,126) 145,652 139,526 (2,244) 33 (2,211) - - - - - - 11 (35) (24) 137,291
Sub Total (A)
879,699 36,088,594 36,968,293 89,448 1,958,526 2,047,974 (4,269) 3,814,680 3,810,411 9,498 486,219 495,717 2,478 20,443 22,921 43,345,316
2 Amount Ceded in
reinsurance
(a) Claims by Death 533,210 - 533,210 - - - 63 - 63 - - - - - - 533,273
(b) Claims by Maturity - - - - - - - - - - - - - - - -
(c) Annuities /
Pension payment
- - - - - - - - - - - - - - - -
(d) Other benets-
Health
- - - - - - - - - - - - 1,805 - 1,805 1,805
Sub Total (B)
533,210 - 533,210 - - - 63 - 63 - - - 1,805 - 1,805 535,078
TOTAL (A) - (B)
346,489 36,088,594 36,435,083 89,448 1,958,526 2,047,974 (4,332) 3,814,680 3,810,348 9,498 486,219 495,717 673 20,443 21,116 42,810,238
Benets paid to
claimants:
In India 346,489 36,088,594 36,435,083 89,448 1,958,526 2,047,974 (4,332) 3,814,680 3,810,348 9,498 486,219 495,717 673 20,443 21,116 42,810,238
Outside India
TOTAL (UL2) 346,489 36,088,594 36,435,083 89,448 1,958,526 2,047,974 (4,332) 3,814,680 3,810,348 9,498 486,219 495,717 673 20,443 21,116 42,810,238
Annual Report 2016-17
178
179
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
SCHEDULES TO ANNEXURE TO REVENUE ACCOUNT (UL) FORMING PART OF FINANCIAL STATEMENTS
Schedule–UL2
Benets Paid [Net] for the year ended Mar 31, 2016
(Amounts in thousands of Indian Rupees)
Sr
No.
Particulars
Individual Life Pension Individual Group Life Group Pension Health Individual
Total Unit
Linked
Non Unit Unit Linked Life
Non-
Unit
Unit
Linked
Pension
Non-
Unit
Unit
Linked
Group
Non-
Unit
Unit
Linked
Group
Non-
Unit
Unit
Linked
Health
(1) (2) (3)=(1)+(2) (4) (5) (6)=(4)+(5) (7) (8) (9)=(7)+(8) (10) (11)
(12)=(10)
+(11)
(13) (14)
(15)=(13)
+(14)
(16)=(3)+(6)+
(9)+(12)+(15)
1 Insurance Claims
(a) Claims by Death 855,552 296,546 1,152,098 1,735 59,464 61,199 - - - 7,274 7,958 15,232 257 486 743 1,229,272
(b) Claims by Maturity - 4,968,715 4,968,715 - 65,554 65,554 - - - - - - - - - 5,034,269
(c) Annuities /
Pension payment
103 - 103 - - - - - - - - - - 103
(d) Other benets -
(i) Surrender 2,1 6 2
25,0 79 , 6 3 5
25,081,797 76,279 2,816,779 2,893,058 - 3,286,007 3,286,007 - 747,424 747,424 556 16,411 16,967 32,025,253
(ii) Riders 26,292 - 26,292 - - - - - - - - - - - - 26,292
(iii) Health - 110 110 - - - - - - - - - - 1,099 1,099 1,209
(iv) Survival - 1,334 1,334 - - - - - - - - - - - - 1,334
(v) Others 24,523 5,557 30,080 3,881 33 3,914 - - - - - - (12) - (12) 33,982
Sub Total (A)
908,632 30,351,897 31,260,529 81,895 2,941,830 3,023,725 - 3,286,007 3,286,007 7,274 755,382 762,656 801 17,996 18,797 38,351,714
2 Amount Ceded in
reinsurance
(a) Claims by Death 376,696 - 376,696 - - - - - - - - - - - - 376,696
(b) Claims by Maturity - - - - - - - - - - - - - - - -
(c) Annuities /
Pension payment
- - - - - - - - - - - - - - - -
(d) Other benets-
Health
- - - - - - - - - - - - 1,419 - 1,419 1,419
Sub Total (B)
376,696 - 376,696 - - - - - - - - - 1,419 - 1,419 378,115
TOTAL (A) - (B)
531,936 30,351,897 30,883,833 81,895 2,941,830 3,023,725 - 3,286,007 3,286,007 7,274 755,382 762,656 (618) 17,996 17,378 37,973,599
Benets paid to
claimants:
In India 531,936 30,351,897 30,883,833 81,895 2,941,830 3,023,725 - 3,286,007 3,286,007 7,274 755,382 762,656 (618) 17,996 17,378 37,973,599
Outside India
TOTAL (UL2) 531,936 30,351,897 30,883,833 81,895 2,941,830 3,023,725 - 3,286,007 3,286,007 7,274 755,382 762,656 (618) 17,996 17,378 37,973,599
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
DISCLOSURE FOR ULIP BUSINESS
Related Party Transactions
NAV: Highest, Lowest, & Closing at the end of the year (Appendix 4)
Expenses charged to Fund (%) (Appendix 5)
Ratio of Gross Income (including unrealized gains) to Average Daily Net Assets (Appendix 6)
As at 31st march 2017, there are no doubtful debts on assets of the respective funds.
Fundwise disclosure of appreciation and/or depreciation in value of investments (Appendix 7)
Annual Report 2016-17
180
181
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
APPENDIX 1 TO ANNEXURE 3A
Performance of ULIPs (Absolute Growth - %)
Returns as on 31st March 2017
Individual Life
Fund Name SFIN Year of Inception
FY 2016-17
FY 2015-16 FY 2014-15 Since Inception
Ind. Assure ULIF01008/07/05BSLIASSURE109 12-Sep-05 8.04% 7.95% 9.20% 172.87%
Ind. Income Advantage ULIF01507/08/08BSLIINCADV109 22-Aug-08 10.20% 6.71% 14.67% 135.83%
Ind. Protector ULIF00313/03/01BSLPROTECT109 22-Mar-01 11.66% 5.36% 16.65% 280.71%
Ind. Builder ULIF00113/03/01BSLBUILDER109 22-Mar-01 14.06% 4.76% 19.55% 395.97%
Ind. Balancer ULIF00931/05/05BSLBALANCE109 18-Jul-05 12.95% 4.22% 19.95% 214.59%
Ind. Enhancer ULIF00213/03/01BSLENHANCE109 22-Mar-01 13.92% 2.40% 18.48% 466.60%
Ind. Creator ULIF00704/02/04BSLCREATOR109 23-Feb-04 18.47% -1.73% 25.59% 367.24%
Ind. Magnier ULIF00826/06/04BSLIIMAGNI109 12-Aug-04 22.20% -6.73% 30.85% 385.59%
Ind. Maximiser ULIF01101/06/07BSLIINMAXI109 12-Jun-07 24.23% -11.16% 36.06% 143.40%
Ind. Multiplier ULIF01217/10/07BSLINMULTI109 30-Oct-07 39.17% -1.02% 54.03% 203.59%
Ind. Super 20 ULIF01723/06/09BSLSUPER20109 06-Jul-09 20.45% -8.81% 27.13% 135.34%
Ind. Platinum Plus- 1 ULIF01325/02/08BSLIIPLAT1109 17-Mar-08 10.64% 0.91% 23.30% 84.92%
Ind. Platinum Plus- 2 ULIF01425/02/08BSLIIPLAT2109 08-Sep-08 11.19% -1.07% 25.91% 165.31%
Ind. Platinum Plus- 3 ULIF01628/04/09BSLIIPLAT3109 15-May-09 11.63% -1.79% 26.30% 104.25%
Ind. Platinum Plus- 4 ULIF01816/09/09BSLIIPLAT4109 15-Sep-09 11.97% -2.55% 27.21% 82.23%
Ind. Platinum Premier ULIF02203/02/10BSLPLATPR1109 15-Feb-10 12.07% -3.89% 28.68% 80.87%
Ind. Platinum Advantage ULIF02408/09/10BSLPLATADV109 20-Sep-10 12.58% -4.50% 30.78% 60.32%
Ind. Foresight- 5 Pay ULIF02510/02/11BSLFSIT5P1109 25-Feb-11 12.73% -2.32% 22.75% 56.66%
Ind. Foresight- Single Pay ULIF02610/02/11BSLFSITSP1109 25-Feb-11 14.23% -5.53% 27.28% 70.05%
Ind. Titanium- 1 ULIF01911/12/09BSLITITAN1109 16-Dec-09 12.47% -2.02% 28.50% 85.03%
Ind. Titanium- 2 ULIF02011/12/09BSLITITAN2109 16-Mar-10 12.70% -2.95% 28.58% 80.07%
Ind. Titanium- 3 ULIF02111/12/09BSLITITAN3109 16-Jun-10 13.51% -2.54% 24.88% 61.97%
Ind. Liquid Plus ULIF02807/10/11BSLLIQPLUS109 09-Mar-12 7.32% 7.52% 8.39% 46.45%
Ind. Pure Equity ULIF02707/10/11BSLIPUREEQ109 09-Mar-12 26.72% -3.16% 49.73% 146.55%
Ind. Value Momentum ULIF02907/10/11BSLIVALUEM109 09-Mar-12 45.91% -6.68% 40.18% 127.54%
Ind. Pension Nourish ULIF00604/03/03BSLNOURISH109 12-Mar-03 11.33% 5.96% 16.81% 216.92%
Ind. Pension Growth ULIF00504/03/03BSLIGROWTH109 18-Mar-03 14.14% 4.47% 18.53% 302.75%
Ind. Pension Enrich ULIF00404/03/03BSLIENRICH109 12-Mar-03 17.15% 2.32% 23.14% 386.46%
Ind. Income Advantage Guaranteed ULIF03127/08/13BSLIINADGT109 01-Jan-14 9.36% 6.95% 13.70% 36.01%
Ind. Maximiser Guaranteed ULIF03027/08/13BSLIMAXGT109 01-Jan-14 19.51% -6.98% 27.29% 50.29%
Ind. Asset Allocation ULIF03430/10/14BSLIASTALC109 24-Sep-15 20.57% 1.83% NA 22.77%
Ind. Capped Nifty Index ULIF03530/10/14BSLICNFIDX109 24-Sep-15 18.43% -1.73% NA 16.39%
Life Discontinued ULIF03205/07/13BSLILDIS109 01-Jan-14 6.42% 7.29% 6.99% 22.15%
Pension Discontinued ULIF03305/07/13BSLIPNDIS109 01-Jan-14 6.42% 7.29% 6.90% 22.05%
Discontinued Policy ULIF02301/07/10BSLIDISCPF109 24-Jan-11
6.96% 7.85% 8.76% 61.56%
Group Life
Fund Name SFIN Year of Inception
FY 2016-17
FY 2015-16 FY 2014-15 Since Inception
Gr. Fixed Interest ULGF00416/07/02BSLGFIXINT109 18-Nov-02 10.29% 6.57% 14.94% 242.93%
Gr. Gilt ULGF00630/05/03BSLIGRGILT109 28-Apr-04 11.61% 6.17% 17.27% 151.47%
Gr. Bond ULGF00530/05/03BSLIGRBOND109 28-Apr-04 9.42% 7.51% 11.92% 177.24%
Gr. Money Market ULGF00824/08/04BSLIGRMMKT109 31-Mar-05 7.60% 7.92% 8.64% 186.97%
Gr. Short Term Debt ULGF01322/09/08BSLGSHTDBT109 10-Dec-08 8.10% 7.92% 9.29% 100.57%
Gr. Secure ULGF00212/06/01BSLGSECURE109 19-Jun-01 13.31% 3.35% 17.90% 396.77%
Gr. Stable ULGF00312/06/01BSLGSTABLE109 31-Aug-01 15.34% 0.79% 21.32% 577.92%
Gr. Growth ULGF00112/06/01BSLGGROWTH109 31-Aug-01 18.49% -1.77% 24.92% 721.34%
Gr. Growth Advantage ULGF01026/11/07BSLIGGRADV109 18-Feb-08 19.95% -3.45% 27.96% 194.95%
Gr. Income Advantage ULGF01425/02/10BSLGINCADV109 23-Mar-10 10.30% 7.23% 14.33% 90.59%
Gr. Fixed Interest II ULGF01728/11/11BSLGFXINT2109 28-Nov-11 11.50% 8.43% 17.38% 80.21%
Gr. Growth II ULGF01828/11/11BSLGROWTH2109 28-Nov-11 19.64% -0.55% 24.20% 97.94%
Gr. Money Market II ULGF01928/11/11BSLGRMMKT2109 28-Nov-11 7.11% 7.23% 9.10% 55.46%
Gr. Secure II ^ ULGF02028/11/11BSLGSECUR2109 28-Nov-11 NA NA -2.23% NA
Gr. Short Term Debt II ULGF02128/11/11BSLGSHTDB2109 28-Nov-11 8.82% 8.84% 10.53% 66.80%
Gr. Stable II ULGF02228/11/11BSLGSTABL2109 28-Nov-11 16.66% 1.97% 20.68% 84.93%
^ There is no unit balance as of 31st March 2017 and neither there was any movement in Gr. Capital Protection, Gr. Floating Rate, Gr. Growth
Maximsier, Gr. Secure- II & Gr. Bond II for the period starting from 01st April 2014 till 31st March 2017.
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
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 SFIN Current Year
Previous Year
Ind. Protector ULIF00313/03/01BSLPROTECT109 101 -
Ind. Builder ULIF00113/03/01BSLBUILDER109 35 15
Ind. Balancer ULIF00931/05/05BSLBALANCE109 - -
Ind. Enhancer ULIF00213/03/01BSLENHANCE109 1,972 23
Ind. Creator ULIF00704/02/04BSLCREATOR109 541 5
Ind. Magnier ULIF00826/06/04BSLIIMAGNI109 757 3
Ind. Maximiser ULIF01101/06/07BSLIINMAXI109 1,346 1,026
Ind. Multiplier ULIF01217/10/07BSLINMULTI109 339 123
Ind. Super 20 ULIF01723/06/09BSLSUPER20109 1,243 682
Ind. Platinum Plus- 1 ULIF01325/02/08BSLIIPLAT1109 58 2,044
Ind. Platinum Plus- 2 ULIF01425/02/08BSLIIPLAT2109 172 23
Ind. Platinum Plus- 3 ULIF01628/04/09BSLIIPLAT3109 207 825
Ind. Platinum Plus- 4 ULIF01816/09/09BSLIIPLAT4109 151 6
Ind. Platinum Advantage ULIF02408/09/10BSLPLATADV109 356 262
Ind. Platinum Premier ULIF02203/02/10BSLPLATPR1109 187 260
Ind. Foresight- 5 Pay ULIF02510/02/11BSLFSIT5P1109 1,192 235
Ind. Foresight- Single Pay ULIF02610/02/11BSLFSITSP1109 54 496
Ind. Titanium- 1 ULIF01911/12/09BSLITITAN1109 10 850
Ind. Titanium- 2 ULIF02011/12/09BSLITITAN2109 3 5
Ind. Titanium- 3 ULIF02111/12/09BSLITITAN3109 2 -
Ind. Pure Equity ULIF02707/10/11BSLIPUREEQ109 2 -
Ind. Value Momentum ULIF02907/10/11BSLIVALUEM109 19 -
Ind. Asset Allocation ULIF03430/10/14BSLIASTALC109 7 16
Ind. Pension Growth ULIF00504/03/03BSLIGROWTH109 - 1
Ind. Pension Enrich ULIF00404/03/03BSLIENRICH109 35 44
Gr. Growth Advantage ULGF01026/11/07BSLIGGRADV109 21 943
Gr. Secure ULGF00212/06/01BSLGSECURE109 227 239
Gr. Stable ULGF00312/06/01BSLGSTABLE109 103 109
Gr. Growth ULGF00112/06/01BSLGGROWTH109 185 208
Gr. Growth II ULGF01828/11/11BSLGROWTH2109 8 24
Total 9,333 8,467
Annual Report 2016-17
182
183
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
APPENDIX 1A TO ANNEXURE 3A
Related Party Transactions
Related Party : Birla Sunlife Mutual Fund
Service : Purchase / sale of securities
(Amounts in thousands of Indian Rupees)
Particulars
Purchase of Investments Sale of Investments Interest Received
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Ind. Enhancer 100,000 - - 80,000 - 8,096
Gr. Secure
- - - 20,000 - 2,024
Related Party : Aditya Birla Nuvo Ltd.
Service : Purchase / sale of securities
(Amounts in thousands of Indian Rupees)
Particulars
Purchase of Investments Sale of Investments Interest Received
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Gr. Bond - 151,929 - - 4,340 4,340
Ind. Titanium- 2 - 2,025 - - - 87
Ind. Foresight- 5 Pay - - - 521 -
Gr. Fixed Interest - 50,655 - - 4,340 4,340
Ind. Platinum Plus- 3 - - - 1,823 1,823
Ind. Platinum Plus- 4 - 154,931 - 13,714 13,714
Ind. Platinum Premier - 131,646 - - 18,662 18,662
Ind. Titanium- 1
15,186 434
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
APPENDIX 1A TO ANNEXURE 3A
Related Party Transactions
Related Party : Aditya Birla Finance Ltd.
Service : Purchase / sale of securities
(Amounts in thousands of Indian Rupees)
Particulars
Purchase of Investments Sale of Investments
Current Year
Previous Year
Current Year
Previous Year
Ind. Assure 1,704,442.00 732,925.00 1,782,720.00 672,746.00
Ind. Liquid Plus 1,119,332.00 282,905.00 1,123,342.00 265,713.00
Ind. Value Momentum 2,642,961.00 129,318.00 2,610,496.00 127,488.00
Ind. Capped Nifty Index 4,407.00 4,055.00 5,280.00 3,206.00
Ind. Asset Allocation 152,295.00 14,957.00 152,386.00 13,294.00
Ind. Income Advantage 1,609,445.00 3,713,878.00 1,673,772.00 3,735,453.00
Ind. Income Advantage Guaranteed 883,187.00 243,724.00 893,103.00 222,604.00
Ind. Protector 2,080,273.00 3,189,197.00 2,054,345.00 3,148,215.00
Ind. Builder 2,316,013.00 3,185,674.00 2,344,252.00 3,133,230.00
Ind. Balancer 472,548.00 155,521.00 469,688.00 159,228.00
Ind. Enhancer 325,949,024.00 319,994,188.00 326,427,660.00 319,722,479.00
Ind. Creator 10,960,763.00 4,002,590.00 10,921,344.00 3,929,020.00
Ind. Magnier 38,908,114.00 39,723,846.00 39,100,849.00 39,669,543.00
Ind. Maximiser 12,915,348.00 4,085,952.00 12,839,398.00 4,218,854.00
Ind. Maximiser Guaranteed 6,002.00 - 6,007.00 -
Ind. Multiplier 8,935,655.00 2,080,294.00 8,964,970.00 1,989,587.00
Ind. Super 20 3,158,089.00 71,718.00 3,159,703.00 71,738.00
Ind. Platinum Plus- 1 3,145,135.00 1,839,148.00 3,109,262.00 1,932,924.00
Ind. Platinum Plus- 2 2,832,316.00 4,052,086.00 2,818,148.00 4,116,457.00
Ind. Platinum Plus- 3 1,837,867.00 7,904,464.00 1,939,717.00 7,860,975.00
Ind. Platinum Plus- 4 - 984,621.00 - 1,082,947.00
Ind. Platinum Premier 216,955.00 2,250,645.00 217,049.00 2,308,197.00
Ind. Platinum Advantage 5,178,936.00 12,445,958.00 5,181,774.00 12,699,246.00
Ind. Pension Nourish 41,132.00 32,511.00 43,851.00 30,241.00
Ind. Pension Growth 65,536.00 103,929.00 65,618.00 104,076.00
Ind. Pension Enrich 293,841.00 833,390.00 314,874.00 830,076.00
Ind. Titanium- 1 - 58,033.00 401.00 62,081.00
Ind. Titanium- 2 - 18,243.00 - 19,254.00
Annual Report 2016-17
184
185
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
(Amounts in thousands of Indian Rupees)
Particulars
Purchase of Investments Sale of Investments
Current Year
Previous Year
Current Year
Previous Year
Ind. Titanium- 3 - 33,841.00 - 34,968.00
Ind. Foresight- Single Pay 186,266.00 434,367.00 199,336.00 432,051.00
Ind. Foresight- 5 Pay 32,679,335.00 41,106,546.00 33,129,075.00 41,041,181.00
Gr. Gilt 356,004.00 28,417.00 355,071.00 29,183.00
Gr. Bond 2,909,811.00 411,781.00 2,896,002.00 408,015.00
Gr. Fixed Interest 385.00 5,855,630.00 389.00 5,960,903.00
Gr. Money Market 1,085,132.00 666,060.00 1,103,303.00 646,101.00
Gr. Short Term Debt 43,710.00 126,828.00 52,822.00 124,259.00
Gr. Secure 62,460,430.00 9,489,291.00 62,371,818.00 9,236,356.00
Gr. Stable 18,292,637.00 2,614,111.00 18,253,264.00 2,634,429.00
Gr. Growth 10,835,269.00 2,298,938.00 10,843,208.00 2,245,186.00
Gr. Growth Advantage 219,207.00 205,315.00 229,898.00 199,326.00
Gr. Income Advantage 50,554.00 220,801.00 51,298.00 225,957.00
Gr. Fixed Interest II 2,395.00 19,858.00 2,803.00 20,102.00
Gr. Money Market II 4,642.00 1,552.00 4,642.00 1,549.00
Gr. Growth II 229,332.00 94,135.00 229,999.00 94,269.00
Gr. Short Term Debt II 67,316.00 72,490.00 72,494.00 69,590.00
Gr. Stable II 8,516.00 2,081.00 8,526.00 2,039.00
Pension Discontinued 410,603.00 13,777.00 403,902.00 12,027.00
Life Discontinued 1,908,392.00 34,475.00 1,878,070.00 30,130.00
Discontinued Policy
26,145,023.00 21,792,311.00 26,315,850.00 21,868,100.00
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
APPENDIX 1 TO ANNEXURE 3A
Performance of ULIPs (Absolute Growth - %)
Returns as on 31st March 2017
Individual Life
Fund Name SFIN Year of Inception
FY 2016-17
FY 2015-16 FY 2014-15 Since Inception
Ind. Assure ULIF01008/07/05BSLIASSURE109 12-Sep-05 8.04% 7.95% 9.20% 172.87%
Ind. Income Advantage ULIF01507/08/08BSLIINCADV109 22-Aug-08 10.20% 6.71% 14.67% 135.83%
Ind. Protector ULIF00313/03/01BSLPROTECT109 22-Mar-01 11.66% 5.36% 16.65% 280.71%
Ind. Builder ULIF00113/03/01BSLBUILDER109 22-Mar-01 14.06% 4.76% 19.55% 395.97%
Ind. Balancer ULIF00931/05/05BSLBALANCE109 18-Jul-05 12.95% 4.22% 19.95% 214.59%
Ind. Enhancer ULIF00213/03/01BSLENHANCE109 22-Mar-01 13.92% 2.40% 18.48% 466.60%
Ind. Creator ULIF00704/02/04BSLCREATOR109 23-Feb-04 18.47% -1.73% 25.59% 367.24%
Ind. Magnier ULIF00826/06/04BSLIIMAGNI109 12-Aug-04 22.20% -6.73% 30.85% 385.59%
Ind. Maximiser ULIF01101/06/07BSLIINMAXI109 12-Jun-07 24.23% -11.16% 36.06% 143.40%
Ind. Multiplier ULIF01217/10/07BSLINMULTI109 30-Oct-07 39.17% -1.02% 54.03% 203.59%
Ind. Super 20 ULIF01723/06/09BSLSUPER20109 06-Jul-09 20.45% -8.81% 27.13% 135.34%
Ind. Platinum Plus- 1 ULIF01325/02/08BSLIIPLAT1109 17-Mar-08 10.64% 0.91% 23.30% 84.92%
Ind. Platinum Plus- 2 ULIF01425/02/08BSLIIPLAT2109 08-Sep-08 11.19% -1.07% 25.91% 165.31%
Ind. Platinum Plus- 3 ULIF01628/04/09BSLIIPLAT3109 15-May-09 11.63% -1.79% 26.30% 104.25%
Ind. Platinum Plus- 4 ULIF01816/09/09BSLIIPLAT4109 15-Sep-09 11.97% -2.55% 27.21% 82.23%
Ind. Platinum Premier ULIF02203/02/10BSLPLATPR1109 15-Feb-10 12.07% -3.89% 28.68% 80.87%
Ind. Platinum Advantage ULIF02408/09/10BSLPLATADV109 20-Sep-10 12.58% -4.50% 30.78% 60.32%
Ind. Foresight- 5 Pay ULIF02510/02/11BSLFSIT5P1109 25-Feb-11 12.73% -2.32% 22.75% 56.66%
Ind. Foresight- Single Pay ULIF02610/02/11BSLFSITSP1109 25-Feb-11 14.23% -5.53% 27.28% 70.05%
Ind. Titanium- 1 ULIF01911/12/09BSLITITAN1109 16-Dec-09 12.47% -2.02% 28.50% 85.03%
Ind. Titanium- 2 ULIF02011/12/09BSLITITAN2109 16-Mar-10 12.70% -2.95% 28.58% 80.07%
Ind. Titanium- 3 ULIF02111/12/09BSLITITAN3109 16-Jun-10 13.51% -2.54% 24.88% 61.97%
Ind. Liquid Plus ULIF02807/10/11BSLLIQPLUS109 09-Mar-12 7.32% 7.52% 8.39% 46.45%
Ind. Pure Equity ULIF02707/10/11BSLIPUREEQ109 09-Mar-12 26.72% -3.16% 49.73% 146.55%
Ind. Value Momentum ULIF02907/10/11BSLIVALUEM109 09-Mar-12 45.91% -6.68% 40.18% 127.54%
Ind. Pension Nourish ULIF00604/03/03BSLNOURISH109 12-Mar-03 11.33% 5.96% 16.81% 216.92%
Ind. Pension Growth ULIF00504/03/03BSLIGROWTH109 18-Mar-03 14.14% 4.47% 18.53% 302.75%
Ind. Pension Enrich ULIF00404/03/03BSLIENRICH109 12-Mar-03 17.15% 2.32% 23.14% 386.46%
Ind. Income Advantage Guaranteed ULIF03127/08/13BSLIINADGT109 01-Jan-14 9.36% 6.95% 13.70% 36.01%
Ind. Maximiser Guaranteed ULIF03027/08/13BSLIMAXGT109 01-Jan-14 19.51% -6.98% 27.29% 50.29%
Ind. Asset Allocation ULIF03430/10/14BSLIASTALC109 24-Sep-15 20.57% 1.83% NA 22.77%
Ind. Capped Nifty Index ULIF03530/10/14BSLICNFIDX109 24-Sep-15 18.43% -1.73% NA 16.39%
Life Discontinued ULIF03205/07/13BSLILDIS109 01-Jan-14 6.42% 7.29% 6.99% 22.15%
Pension Discontinued ULIF03305/07/13BSLIPNDIS109 01-Jan-14 6.42% 7.29% 6.90% 22.05%
Discontinued Policy ULIF02301/07/10BSLIDISCPF109 24-Jan-11
6.96% 7.85% 8.76% 61.56%
Group Life
Fund Name SFIN Year of Inception
FY 2016-17
FY 2015-16 FY 2014-15 Since Inception
Gr. Fixed Interest ULGF00416/07/02BSLGFIXINT109 18-Nov-02 10.29% 6.57% 14.94% 242.93%
Gr. Gilt ULGF00630/05/03BSLIGRGILT109 28-Apr-04 11.61% 6.17% 17.27% 151.47%
Gr. Bond ULGF00530/05/03BSLIGRBOND109 28-Apr-04 9.42% 7.51% 11.92% 177.24%
Gr. Money Market ULGF00824/08/04BSLIGRMMKT109 31-Mar-05 7.60% 7.92% 8.64% 186.97%
Gr. Short Term Debt ULGF01322/09/08BSLGSHTDBT109 10-Dec-08 8.10% 7.92% 9.29% 100.57%
Gr. Secure ULGF00212/06/01BSLGSECURE109 19-Jun-01 13.31% 3.35% 17.90% 396.77%
Gr. Stable ULGF00312/06/01BSLGSTABLE109 31-Aug-01 15.34% 0.79% 21.32% 577.92%
Gr. Growth ULGF00112/06/01BSLGGROWTH109 31-Aug-01 18.49% -1.77% 24.92% 721.34%
Gr. Growth Advantage ULGF01026/11/07BSLIGGRADV109 18-Feb-08 19.95% -3.45% 27.96% 194.95%
Gr. Income Advantage ULGF01425/02/10BSLGINCADV109 23-Mar-10 10.30% 7.23% 14.33% 90.59%
Gr. Fixed Interest II ULGF01728/11/11BSLGFXINT2109 28-Nov-11 11.50% 8.43% 17.38% 80.21%
Gr. Growth II ULGF01828/11/11BSLGROWTH2109 28-Nov-11 19.64% -0.55% 24.20% 97.94%
Gr. Money Market II ULGF01928/11/11BSLGRMMKT2109 28-Nov-11 7.11% 7.23% 9.10% 55.46%
Gr. Secure II ^ ULGF02028/11/11BSLGSECUR2109 28-Nov-11 NA NA -2.23% NA
Gr. Short Term Debt II ULGF02128/11/11BSLGSHTDB2109 28-Nov-11 8.82% 8.84% 10.53% 66.80%
Gr. Stable II ULGF02228/11/11BSLGSTABL2109 28-Nov-11 16.66% 1.97% 20.68% 84.93%
^ There is no unit balance as of 31st March 2017 and neither there was any movement in Gr. Capital Protection, Gr. Floating Rate, Gr. Growth
Maximsier, Gr. Secure- II & Gr. Bond II for the period starting from 01st April 2014 till 31st March 2017.
Annual Report 2016-17
186
187
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
APPENDIX 2 TO ANNEXURE 3A
Investment in promoter group companies
(Amounts in thousands of Indian Rupees)
Name of the Company
Ind. Assure Ind. Income Adv Ind. Protector Ind. Builder Ind. Balancer Ind. Enhancer
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Aditya Birla Finance Limited 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 101,735.80 0.15
Aditya Birla NUVO Ltd. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Birla Mutual Fund 0.00 0.00 0.00 0.00 83,444.45 2.03 74,744.56 2.58 3,726.48 1.17 2,020,074.70 2.91
Grasim Industries Limited 0.00 0.00 0.00 0.00 3,031.61 0.07 3,734.44 0.13 0.00 0.00 364,595.69 0.53
Hindalco Industries Limited 0.00 0.00 184,525.48 2.92 52,614.85 1.28 0.00 0.00 380.35 0.12 469,277.81 0.68
Idea Cellular Ltd 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Ultratech Cement Company
Limited
29,369.58 1.71 98,315.24 1.56 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Investment in Promoter
Group Companies
29,369.58 1.71 282,840.72 4.48 139,090.91 3.38 78,479.00 2.71 4,106.83 1.29 2,955,683.99 4.26
Asset held 1,712,674.11 6,310,139.95 4,118,869.73 2,894,475.23 318,753.20 69,428,162.65
(Amounts in thousands of Indian Rupees)
Name of the Company
Ind. Creator Ind. Magnier Ind. Maximiser Ind. Multiplier
Unclaimed Maturity Fund
Ind. Platinum Plus 1
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Aditya Birla Finance Limited 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Aditya Birla NUVO Ltd. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Birla Mutual Fund 150,712.84 3.20 123,131.08 1.16 164,190.52 0.90 109,471.33 1.82 83,847.60 3.65 37,416.37 1.47
Grasim Industries Limited 13,505.88 0.29 147,704.45 1.39 239,667.13 1.31 45,238.13 0.75 0.00 0.00 26,948.81 1.06
Hindalco Industries Limited 0.00 0.00 49,071.85 0.46 179,683.77 0.98 0.00 0.00 0.00 0.00 0.00 0.00
Idea Cellular Ltd 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Ultratech Cement Company
Limited
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Investment in Promoter
Group Companies
164,218.71 3.48 319,907.38 3.01 583,541.41 3.19 154,709.46 2.57 83,847.60 3.65 64,365.18 2.53
Asset held 4,712,790.90
10,627,434.63 18,272,157.74
6,009,224.44
2,300,095.28
2,540,887.16
(Amounts in thousands of Indian Rupees)
Name of the Company
Ind. Platinum Plus 2 Ind. Platinum Plus 3 Ind. Platinum Plus 4
Ind. Platinum Advantage
Ind. Platinum Premier
Life Discontinued Policy Fund
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Aditya Birla Finance Limited 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Aditya Birla NUVO Ltd. 0.00 0.00 21,563.79 0.39 126,302.18 3.09 0.00 0.00 169,429.76 3.03 0.00 0.00
Birla Mutual Fund 15,409.18 0.32 13,761.17 0.25 0.00 0.00 0.00 0.00 0.00 0.00 35,592.94 2.87
Grasim Industries Limited 54,784.03 1.14 63,128.82 1.15 47,593.13 1.16 140,487.33 1.59 75,265.75 1.34 0.00 0.00
Hindalco Industries Limited 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Idea Cellular Ltd 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Ultratech Cement Company
Limited
100,626.40 2.09 150,939.60 2.76 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Investment in Promoter
Group Companies
170,819.61 3.55 249,393.38 4.55 173,895.31 4.26 140,487.33 1.59 244,695.51 4.37 35,592.94 2.87
Asset held 4,812,086.21
5,476,236.02 4,086,413.61
8,823,590.23
5,597,753.90
1,239,672.36
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
APPENDIX 2 TO ANNEXURE 3A
Investment in promoter group companies
(Amounts in thousands of Indian Rupees)
Name of the Company
Foresight FP 1 Titanium 1 Titanium 2 Titanium 3 Pure Equity Liquid Plus
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Aditya Birla Finance Limited 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Aditya Birla NUVO Ltd. 93,443.08 0.36 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Birla Mutual Fund 112,618.87 0.44 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 18,590.37 1.93
Grasim Industries Limited 319,945.00 1.24 4,342.86 1.58 1,306.01 1.76 681.85 1.85 10,143.83 1.11 0.00 0.00
Hindalco Industries Limited 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Idea Cellular Ltd 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Ultratech Cement Company
Limited
48,949.30 0.19 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Investment in Promoter
Group Companies
574,956.24 2.22 4,342.86 1.58 1,306.01 1.76 681.85 1.85 10,143.83 1.11 18,590.37 1.93
Asset held
25,873,496.00
274,722.74 74,153.80 36,921.18 915,810.72 963,672.80
(Amounts in thousands of Indian Rupees)
Name of the Company
IPP - Growth IPP - Enrich IPP - Nourish Gr. Fixed Interest
Gr. Gilt
Gr. Bond
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Aditya Birla Finance Limited 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Aditya Birla NUVO Ltd. 0.00 0.00 0.00 0.00 0.00 0.00 51,342.35 0.46 0.00 0.00 51,342.35 1.84
Birla Mutual Fund 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,642.31 0.73 52,969.77 1.90
Grasim Industries Limited 1,468.60 0.53 3,477.44 0.24 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Hindalco Industries Limited 0.00 0.00 31,568.91 2.16 52.66 0.05 363,269.71 3.28 0.00 0.00 0.00 0.00
Idea Cellular Ltd 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Ultratech Cement Company
Limited
0.00 0.00 0.00 0.00 0.00 0.00 97,898.60 0.89 0.00 0.00 0.00 0.00
Total Investment in Promoter
Group Companies
1,468.60 0.53 35,046.35 2.39 52.66 0.05 512,510.66 4.63 1,642.31 0.73 104,312.12 3.74
Asset held 275,576.19
1,463,664.49 103,165.65 11,060,475.71 224,757.79
2,786,643.33
(Amounts in thousands of Indian Rupees)
Name of the Company
Gr. Money Market Gr. Growth Advantage Gr. Secure
Gr. Stable
Gr. Growth
Value Momentum
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Aditya Birla Finance Limited 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Aditya Birla NUVO Ltd. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Birla Mutual Fund 20,514.73 2.18 0.00 0.00 593,916.62 3.56 137,757.37 3.35 102,502.08 1.97 36,009.73 2.07
Grasim Industries Limited 0.00 0.00 3,024.27 0.52 31,865.47 0.19 13,719.87 0.33 25,293.49 0.49 0.00 0.00
Hindalco Industries Limited 0.00 0.00 3,015.47 0.52 20,498.00 0.12 14,100.16 0.34 25,746.99 0.49 0.00 0.00
Idea Cellular Ltd 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Ultratech Cement Company
Limited
0.00 0.00 0.00 0.00 9,894.02 0.06 0.00 0.00 0.00 0.00 0.00 0.00
Total Investment in Promoter
Group Companies
20,514.73 2.18 6,039.74 1.04 656,174.11 3.93 165,577.41 4.03 153,542.56 2.95 36,009.73 2.07
Asset held 942,161.29
581,998.43 16,692,171.12
4,108,979.05
5,207,722.41
1,740,136.07
Annual Report 2016-17
188
189
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
APPENDIX 2 TO ANNEXURE 3A
Investment in promoter group companies
(Amounts in thousands of Indian Rupees)
Name of the Company
Ind. Foresight SP Gr. Short Term Debt Gr. Money Market 2 Gr. Stable 2 Ind. Maximiser
Guaranteed
Pension Discontinued
Policy Fund
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Aditya Birla Finance Limited 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Aditya Birla NUVO Ltd. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Birla Mutual Fund 0.00 0.00 0.00 0.00 56.23 2.01 102.80 0.48 0.00 0.00 8,726.76 1.74
Grasim Industries Limited 14,366.06 1.76 0.00 0.00 0.00 0.00 62.94 0.30 1,011.24 1.79 0.00 0.00
Hindalco Industries Limited 0.00 0.00 0.00 0.00 0.00 0.00 62.03 0.29 565.65 1.00 0.00 0.00
Idea Cellular Ltd 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Ultratech Cement Company
Limited
0.00 0.00 9,789.86 3.96 0.00 0.00 0.00 0.00 1,155.58 2.05 0.00 0.00
Total Investment in Promoter
Group Companies
14,366.06 1.76 9,789.86 3.96 56.23 2.01 227.77 1.07 2,732.46 4.84 8,726.76 1.74
Asset held
815,989.04
247,341.66 2,799.15 21,310.46 56,398.48 500,591.13
(Amounts in thousands of Indian Rupees)
Name of the Company
Income Advantage
Guaranteed
Gr. Growth 2 Discontinued Policy
Fund
Asset Allocation Fund Capped Nifty Index
Fund
ULIP Level
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Amount
% to the
Fund
Aditya Birla Finance Limited 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 101,735.80 0.04
Aditya Birla NUVO Ltd. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 513,423.50 0.21
Birla Mutual Fund 16,168.11 1.42 3,120.69 0.92 167,606.77 3.17 1,726.23 0.33 0.00 0.00 4,189,552.67 1.73
Grasim Industries Limited 0.00 0.00 1,637.49 0.48 0.00 0.00 1,903.94 0.37 3,462.75 1.12 1,663,398.25 0.69
Hindalco Industries Limited 0.00 0.00 1,681.33 0.50 0.00 0.00 0.00 0.00 2,654.24 0.86 1,398,769.25 0.58
Idea Cellular Ltd 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,065.31 0.35 1,065.31 0.00
Ultratech Cement Company
Limited
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,271.65 1.39 551,209.83 0.23
Total Investment in Promoter
Group Companies
16,168.11 1.42 6,439.51 1.90 167,606.77 3.17 3,630.16 0.70 11,453.95 3.72 8,419,154.60 3.48
Asset held 1,135,757.14
339,585.23 5,280,711.65 518,063.68 307,996.04
241,834,189.76
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Ind.Assure Fund
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE ACTIVITIES
419,139 24.47 759,513 43.17
10.10% HDB FINANCIAL SERVICES LIMITED NCD (MD 12/06/2017) Debt 19,082 1.11
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD
12/09/2019)
Debt 9,900 0.58
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD
13/02/2020)
Debt 9,900 0.58
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD
23/05/2019)
Debt 9,900 0.58
9.75% STATE BANK OF BIKANER AND JAIPUR FD QUARTERLY
COMP (MD 13/03/2018)
Debt 9,900 0.58
9.75% STATE BANK OF BIKANER AND JAIPUR FD QUARTERLY
COMP (MD 13/09/2018)
Debt 9,900 0.58
9.75% STATE BANK OF BIKANER AND JAIPUR FD QUARTERLY
COMP (MD 14/03/2018)
Debt 9,900 0.58
9.75% STATE BANK OF BIKANER AND JAIPUR FD QUARTERLY
COMP (MD 14/09/2018)
Debt 9,900 0.58
9.75% STATE BANK OF BIKANER AND JAIPUR FD QUARTERLY
COMP (MD 15/03/2018)
Debt 9,900 0.58
9.97% HDB FINANCIAL SERVICES LIMITED NCD (MD 28/12/2018) Debt 20,727 1.21
10.50% AU FINANCIERS (INDIA) LIMITED NCD (MD 19/04/2019) Debt 25,685 1.50
9.20% CHOLAMANDALAM INVT AND FIN CO LTD NCD (MD
29/03/2019)
Debt 15,288 0.89
8.85% AXIS FINANCE LIMITED (MD 29/01/19) Debt 50,872 2.97
BHARAT FINANCIAL INCLUSION LTD CP (MD 25/08/2017) Debt 77,170 4.51
8.50% REPCO HOME FINANCE LTD NCD (MD 04/10/2019) Debt 49,886 2.91
8.74% MAHINDRA RURAL HOUSING FINANCE LTD NCD (MD
05/08/2019)
Debt 30,325 1.77
9.13%CHOLAMANDALAM INVESTMENT AND FINANCE CO. LTD.
NCD (MD 31/05/2019)
Debt 50,903 2.97
INFRASTRUCTURE
FINANCE
379,656 22.17 324,945 18.47
8.95% POWER FINANCE CORPORATION LTD (MD 11/03/2018) Debt 50,916 2.97
9.48% REC LTD. NCD (MD 10/08/2021) Debt 21,504 1.26
9.63% RURAL ELECTRIFICATION CORPN. LTD. NCD (MD
05/02/2019)
Debt 46,860 2.74
9.70% POWER FINANCE CORPN. LTD. NCD (MD 09/06/2021) Debt 10,782 0.63
9.81% POWER FINANCE CORPORATION LTD (MD 07/10/2018) Debt 96,385 5.63
8.37% NABARD NCD (MD 22/06/2020) 16C Debt 30,977 1.81
8.37% RURAL ELECTRIFICATION CORPN. LTD. NCD (MD
14/08/2020)
Debt 51,619 3.01
8.33% IRFC NCD (MD 26/03/2019) Debt 20,457 1.19
7.15% IRFC NCD (MD 16/09/2018) Debt 50,156 2.93
ELECTRICITY, GAS AND
STEAM SUPPLY
179,954 10.51 NA NA
9.30% POWER GRID CORPN. OF INDIA LTD. NCD (MD 28/06/2018) Debt 25,662 1.50
8.40% POWER GRID CORPORATION NCD (MD 27/05/2020) [B] Debt 51,632 3.01
8.50% NHPC LTD NCD SR-T STRRP A (MD 14/07/2019) Debt 51,420 3.00
8.13% POWER GRID CORPORATION NCD (MD 25/04/2020) [A] Debt 51,240 2.99
Others (Other than G-Sec)
427,030 24.93 559,089 31.78
Annual Report 2016-17
190
191
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Ind. Income Adv
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE ACTIVITIES
1,230,953 19.51 NA NA
8.83% EXPORT IMPORT BANK OF INDIA NCD (MD 09/01/2023) Debt 74,227 1.18
8.87% EXPORT IMPORT BANK OF INDIA NCD (MD 10/10/2022) Debt 31,917 0.51
8.95% HDFC BANK LTD. NCD CALL 31/10/2017 (MD 31/10/2022) Debt 35,403 0.56
9.70% TATA SONS LTD. NCD (MD 25/07/2022) Debt 37,185 0.59
9.74% TATA SONS LTD. NCD (MD 13/01/2024) Debt 32,196 0.51
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD
09/05/2019)
Debt 9,900 0.16
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD
10/05/2019)
Debt 9,900 0.16
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD
11/09/2019)
Debt 9,900 0.16
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD
13/05/2019)
Debt 9,900 0.16
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD
13/09/2019)
Debt 9,900 0.16
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD
14/05/2019)
Debt 9,900 0.16
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD
15/05/2019)
Debt 9,900 0.16
9.75% STATE BANK OF BIKANER AND JAIPUR FD QUARTERLY
COMP (MD 10/09/2018)
Debt 9,900 0.16
9.75% STATE BANK OF BIKANER AND JAIPUR FD QUARTERLY
COMP (MD 12/03/2018)
Debt 9,900 0.16
8.85% AXIS BANK NCD (MD 05/12/2024) Debt 21,091 0.33
9.00% CORPORATION BANK FD QTR COMP (MD 17/09/2018) (F.V.
5CR)
Debt 50,000 0.79
9.00% CORPORATION BANK FD QTR COMP (MD 15/03/2018) (F.V.
5CR)
Debt 50,000 0.79
8.50% CORPORATION BANK FD QTR COMP (MD 17/09/2018) (FV
1.01 CRS)
Debt 10,100 0.16
8.72% KOTAK MAHINDRA BANK LTD NCD (MD 14/01/2022) Debt 104,416 1.65
8.50% BANK OF BARODA FD QUARTERLY COMP (MD 05/03/2018)
(FV 1.01 CRS)
Debt 40,400 0.64
8.75% CORPORATION BANK FD QTR COMP (MD 20/03/2019) (FV
99 lac)
Debt 9,900 0.16
10.50% AU FINANCIERS (INDIA) LIMITED NCD (MD 19/04/2019) Debt 51,371 0.81
8.70% SUNDARAM FINANCE LTD. NCD (MD 04/12/2017) Debt 10,076 0.16
7.60% ICICI Bank Ltd NCD (MD 07/10/2023) Debt 49,662 0.79
8.25% TATA SONS LTD. NCD (MD 23/03/2022) Debt 150,510 2.39
8.50% REPCO HOME FINANCE LTD NCD (MD 04/10/2019) Debt 49,886 0.79
9.20% CHOLAMANDALAM INVT AND FIN CO LTD NCD (MD
09/11/2023)
Debt 50,055 0.79
7.60% AXIS BANK LTD NCD (MD 20/10/2023) Debt 49,562 0.79
9.13%CHOLAMANDALAM INVESTMENT AND FINANCE CO. LTD. NCD
(MD 31/05/2019)
Debt 81,446 1.29
8.85% TATA CAPITAL FINANCIAL SERVICES LTD NCD (MD
03/05/2019)
Debt 152,452 2.42
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
ELECTRICITY, GAS AND
STEAM SUPPLY
827,268 13.11 1,085,102 19.64
10.10% Power Grid Corporation NCD (12/06/2022) Debt 6,956 0.11
8.40% NUCLEAR POWER CORP OF INDIA LTD (E) (MD 28/11/2029)
Series- XXIX
Debt 53,673 0.85
8.93% POWER GRID CORPORATION OF INDIA LTD NCD (MD
20/10/2025) [H]
Debt 54,091 0.86
8.20% POWER GRID CORPORATION NCD (MD 23/01/2025) SR-XLVIII
STRPP C
Debt 103,501 1.64
8.40% POWER GRID CORPORATION NCD (MD 27/05/2026) [H] Debt 52,694 0.84
8.40% POWER GRID CORPORATION NCD (MD 27/05/2027) [I] Debt 52,859 0.84
8.40% POWER GRID CORPORATION NCD (MD 27/05/2028) [J] Debt 52,785 0.84
8.40% POWER GRID CORPORATION NCD (MD 27/05/2029) [K] Debt 52,941 0.84
8.40% POWER GRID CORPORATION NCD (MD 27/05/2030) [L] Debt 31,901 0.51
8.50% NHPC LTD NCD SR-T STRRP G (MD 14/07/2025) Debt 52,779 0.84
8.50% NHPC LTD NCD SR-T STRRP H (MD 14/07/2026) Debt 53,085 0.84
8.05% NTPC LTD NCD (MD 05/05/2026)-Series 60 Debt 154,624 2.45
8.13% POWER GRID CORPORATION NCD (MD 25/04/2021) [B] Debt 51,281 0.81
8.85% NHPC LTD NCD R-2 STRRP 14 (MD 11/02/2026) Debt 54,100 0.86
Others (Other than G-Sec) 1,714,036 27.16 1,061,415 19.21
Note:
The following Sectors were having exposure of more than 10% during previous year but less than 10% during the current year:
Sector Market value % holding
INFRASTRUCTURE FINANCE 867857 15.71
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise (contd.)
Ind. Income Adv
Annual Report 2016-17
192
193
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Ind. Protector
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
INFRASTRUCTURE
FINANCE
721,980 17.53 691,597 17.07
10.85% RECL Ltd NCD (MD 14/08/2018)
Debt
28,264 0.69
10.85% RECL Ltd NCD (MD 30/09/2018)
Debt
94,593 2.30
11% Power Finance Corpoartion Ltd NCD (MD 15/09/2018)
Debt
11,559 0.28
8.19% IRFC NCD (MD 27/04/2019)
Debt
10,238 0.25
8.65% RURAL ELECTRIFICATION CORPN. LTD. NCD (MD 22/01/2020)
Debt
16,559 0.40
8.68% Nat Cap Regional Planning NCD (MD 04/08/2020) P/C 04/08/17
Debt
20,123 0.49
8.70% Power Finance Corporation Ltd. NCD (MD 14/05/2020)
Debt
15,551 0.38
9.35% RURAL ELECTRIFICATION CORPN. LTD. NCD (MD 15/06/2022)
Debt
42,135 1.02
9.57% IRFC NCD (MD 31/05/2021)
Debt
108,375 2.63
9.61% POWER FINANCE CORPORATION LTD (MD 29/06/2021)
Debt
53,793 1.31
9.70% Power Finance Corporation Ltd NCD (MD 15/12/2018) - Series 82-C
Debt
17,667 0.43
8.96% POWER FINANCE CORPORATION LTD NCD (MD 21/10/2019)
Debt
51,934 1.26
9.34% RURAL ELECTRIFICATION CORPN. LTD. NCD (MD 25/08/2024)
Debt
41,575 1.01
9.40% RURAL ELECTRIFICATION CORPN. LTD. NCD (MD 17/07/2021)
Debt
53,574 1.30
PTC INDIA FINANCIAL SERVICES LIMITED
Equity
1,566 0.04
9.32% POWER FINANCE CORPORATION LTD (MD 17/09/2019)
Debt
52,260 1.27
8.30% RURAL ELECTRIFICATION CORPN. LTD. NCD (MD 10/04/2025)
Debt
10,393 0.25
8.37% NABARD NCD (MD 22/06/2020) 16C
Debt
10,326 0.25
8.33% IRFC NCD (MD 26/03/2019)
Debt
10,229 0.25
8.51% INDIA INFRADEBT LTD NCD (MD 10/05/2021) SR I
Debt
71,269 1.73
FINANCIAL AND
INSURANCE
ACTIVITIES
669,528 16.26 539,791 13.32
10.10% HDB FINANCIAL SERVICES LIMITED NCD (MD 12/06/2017)
Debt
30,129 0.73
8.88% EXPORT IMPORT BANK OF INDIA NCD (MD 18/10/2022)
Debt
53,227 1.29
8.95% HDFC BANK LTD. NCD CALL 31/10/2017 (MD 31/10/2022)
Debt
10,115 0.25
9.65% CHOLAMANDALAM INVT AND FIN CO LTD NCD (MD 21/05/2018)
Debt
20,335 0.49
AXIS BANK LIMITED
Equity
7,676 0.19
FEDRAL BANK LTD
Equity
7,199 0.17
HDFC BANK
Equity
11,566 0.28
HOUSING DEVELOPMENT FINANCE CORPORATION
Equity
13,358 0.32
ICICI BANK LTD
Equity
16,404 0.40
INDUSIND BANK LTD
Equity
17,300 0.42
KOTAK MAHINDRA BANK LIMITED
Equity
12,412 0.30
MUTHOOT FINANCE LTD
Equity
1,233 0.03
ORIENTAL BANK OF COMMERCE
Equity
3,141 0.08
STATE BANK OF INDIA
Equity
6,739 0.16
8.85% AXIS BANK NCD (MD 05/12/2024)
Debt
52,728 1.28
8.72% KOTAK MAHINDRA BANK LTD NCD (MD 14/01/2022)
Debt
20,883 0.51
8.84% AXIS FINANCE LIMITED (MD 08/03/18)
Debt
25,319 0.61
8.85% BAJAJ FINANCE LIMITED NCD (MD 23/03/2021)(SERIES 159-
OPTION 5)
Debt
51,502 1.25
8.70% SUNDARAM FINANCE LTD. NCD (MD 04/12/2017)
Debt
63,477 1.54
8.76% HDB FINANCIAL SERVICES LIMITED NCD (MD 11/09/2017)
Debt
50,250 1.22
CAPITAL FIRST LIMITED
Equity
3,315 0.08
DCB Bank Limited
Equity
5,053 0.12
BAJAJ FINANCE LTD.
Equity
4,625 0.11
UJJIVAN FINANCIAL SERVICES LTD
Equity
8,065 0.20
CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED
Equity
280 0.01
L AND T FINANCE HOLDINGS LIMITED
Equity
9,033 0.22
MULTI COMMODITY EXCHANGE OF INDIA LIMITED
Equity
4,132 0.10
PNB HOUSING FINANCE LIMITED
Equity
2,576 0.06
8.50% REPCO HOME FINANCE LTD NCD (MD 04/10/2019)
Debt
29,932 0.73
7.60% AXIS BANK LTD NCD (MD 20/10/2023)
Debt
44,605 1.08
8.74% MAHINDRA RURAL HOUSING FINANCE LTD NCD (MD 05/08/2019)
Debt
30,325 0.74
8.042% BAJAJ FINANCE LIMITED NCD (OPTION I) (MD 10/05/2021)
Debt
50,165 1.22
RBL BANK LIMITED
Equity
2,428 0.06
Others (Other than G-Sec) 1,150,220 27.93 1,190,025 29.38
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Ind. Builder
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE
ACTIVITIES
553,550 19.12 392,689 14.03
9.74% TATA SONS LTD. NCD (MD 13/01/2024) Debt 1,073 0.04
AXIS BANK LIMITED Equity 10,137 0.35
FEDRAL BANK LTD Equity 10,511 0.36
HDFC BANK Equity 16,459 0.57
HOUSING DEVELOPMENT FINANCE CORPORATION Equity 19,126 0.66
ICICI BANK LTD Equity 22,950 0.79
INDUSIND BANK LTD Equity 23,981 0.83
KOTAK MAHINDRA BANK LIMITED Equity 20,822 0.72
MUTHOOT FINANCE LTD Equity 1,730 0.06
ORIENTAL BANK OF COMMERCE Equity 4,378 0.15
STATE BANK OF INDIA Equity 9,432 0.33
8.85% AXIS BANK NCD (MD 05/12/2024) Debt 52,728 1.82
8.72% KOTAK MAHINDRA BANK LTD NCD (MD 14/01/2022) Debt 20,883 0.72
8.84% AXIS FINANCE LIMITED (MD 08/03/18) Debt 25,319 0.87
8.76% HDB FINANCIAL SERVICES LIMITED NCD (MD 11/09/2017) Debt 96,481 3.33
DCB Bank Limited Equity 7,078 0.24
BAJAJ FINANCE LTD. Equity 6,460 0.22
UJJIVAN FINANCIAL SERVICES LTD Equity 8,893 0.31
CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED Equity 840 0.03
L AND T FINANCE HOLDINGS LIMITED Equity 12,536 0.43
MULTI COMMODITY EXCHANGE OF INDIA LIMITED Equity 5,773 0.20
PNB HOUSING FINANCE LIMITED Equity 3,587 0.12
8.50% REPCO HOME FINANCE LTD NCD (MD 04/10/2019) Debt 29,932 1.03
HDB FINANCIAL SERVICES LIMITED CP (MD 06/06/2017) Debt 9,857 0.34
8.12% EXPORT IMPORT BANK OF INDIA NCD (MD 25/04/2031) SR-T02-2031 Debt 52,094 1.80
8.74% MAHINDRA RURAL HOUSING FINANCE LTD NCD (MD 05/08/2019) Debt 20,217 0.70
8.042% BAJAJ FINANCE LIMITED NCD (OPTION I) (MD 10/05/2021) Debt 50,165 1.73
BSE LIMITED Equity 6,711 0.23
RBL BANK LIMITED Equity 3,397 0.12
INFRASTRUCTURE
FINANCE
497,972 17.20 537,804 19.21
10.85% RECL Ltd NCD (MD 30/09/2018) Debt 24,174 0.84
8.19% IRFC NCD (MD 27/04/2019) Debt 40,954 1.41
8.50% IRFC NCD (MD 22/06/2020) Debt 55,223 1.91
8.65% RECL Ltd NCD (MD 15/01/2019) Debt 83,976 2.90
8.70% Power Finance Corporation Ltd. NCD (MD 14/05/2020) Debt 26,954 0.93
9.35% RURAL ELECTRIFICATION CORPN. LTD. NCD (MD 15/06/2022) Debt 27,009 0.93
9.61% POWER FINANCE CORPORATION LTD (MD 29/06/2021) Debt 10,759 0.37
9.70% Power Finance Corporation Ltd NCD (MD 15/12/2018) - Series 82-C Debt 15,588 0.54
9.81% POWER FINANCE CORPORATION LTD (MD 07/10/2018) Debt 82,912 2.86
NABARD ZCB (MD 01/10/2017) Debt 1,936 0.07
9.39% POWER FINANCE CORPORATION LTD NCD (MD 27/08/2029) Debt 28,259 0.98
9.39% POWER FINANCE CORPORATION LTD NCD (MD 27/08/2024) Debt 16,425 0.57
PTC INDIA FINANCIAL SERVICES LIMITED Equity 2,186 0.08
8.49% L AND T INFRA DEBT FUND LTD NCD (MD 28/01/2025) Debt 9,987 0.35
8.30% RURAL ELECTRIFICATION CORPN. LTD. NCD (MD 10/04/2025) Debt 20,787 0.72
8.65% INDIA INFRADEBT LTD NCD (MD 21/08/2020) Debt 50,844 1.76
Others (Other than G-Sec) 847,759 29.29 953,856 34.07
Annual Report 2016-17
194
195
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Ind. Balancer
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND INSURANCE
ACTIVITIES
37,284 11.70 32,236 11.04
9.00% EXPORT IMPORT BANK OF INDIA NCD (MD 10/01/2019) Debt 13,440 4.22
AXIS BANK LIMITED Equity 1,192 0.37
HDFC BANK Equity 5,929 1.86
HOUSING DEVELOPMENT FINANCE CORPORATION Equity 3,665 1.15
ICICI BANK LTD Equity 3,046 0.96
INDUSIND BANK LTD Equity 1,348 0.42
KOTAK MAHINDRA BANK LIMITED Equity 3,023 0.95
MUTHOOT FINANCE LTD Equity 863 0.27
STATE BANK OF INDIA Equity 1,707 0.54
BAJAJ FINANCE LTD. Equity 1,534 0.48
UJJIVAN FINANCIAL SERVICES LTD Equity 1,537 0.48
Others (Other than G-Sec) 105,668 33.15 87,436 29.94
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Ind. Enhancer
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
% holding
Market
value
% holding
FINANCIAL AND
INSURANCE ACTIVITIES
12,539,649 18.06 0,882,510 16.23
10.00% HDB FINANCIAL SERVICES LIMITED NCD (MD 15/02/2019) Debt 46,726 0.07
10.10% HDB FINANCIAL SERVICES LIMITED NCD (MD 12/06/2017) Debt 101,435 0.15
10.32% SUNDARAM FINANCE LTD. NCD (MD 13/08/2018) Debt 41,252 0.06
10.40% Punjab Nat Bank (Maturity-Perpetual) (Call 20/07/2017) Debt 50,360 0.07
10.70% HDFC Bank Ltd NCD (MD 26/12/2018) Debt 103,356 0.15
10.85% Punjab National Bank (MD 29/09/2023) Call 29/09/2018 st-up
11.35%
Debt 280,919 0.40
8.83% EXPORT IMPORT BANK OF INDIA NCD (MD 09/01/2023) Debt 106,038 0.15
8.85% TATA SONS LTD. NCD (MD 02/05/2023) Debt 15,417 0.02
8.87% EXPORT IMPORT BANK OF INDIA NCD (MD 10/10/2022) Debt 21,278 0.03
8.95% HDFC BANK LTD. NCD CALL 31/10/2017 (MD 31/10/2022) Debt 96,094 0.14
8.97% Tata Sons Ltd. NCD (MD 15/07/2020) Debt 154,431 0.22
9% Canara Bank NCD (MD 09/01/2018) Debt 36,540 0.05
9.00% EXPORT IMPORT BANK OF INDIA NCD (MD 07/02/2022) Debt 21,300 0.03
9.00% EXPORT IMPORT BANK OF INDIA NCD (MD 10/01/2019) Debt 186,090 0.27
9.00% Punjab National Bank NCD (Perpetual) Call/Step-Up 27/11/2019 Debt 89,831 0.13
9.05% SBI Perpetual NCD (Call- 27/01/2020) Step Up Rate 9.55% Debt 491,265 0.71
9.05% STATE BANK OF HYDERABAD PERPETUAL CALL 20/09/20 STEP
UP 50BPS
Debt 104,430 0.15
9.1% SBI Perpetual NCD (Call- 14/08/2019) Step Up Rate 9.6% Debt 126,086 0.18
9.10% HDFC BANK LTD. NCD CALL 28/12/2017 (MD 28/12/2022) Debt 142,085 0.20
9.10% State Bank of Mysore Perpetual NCD Call/Step-Up 25/11/2019 Debt 312,039 0.45
9.15% AXIS BANK NCD (MD 31/12/2022) Debt 53,317 0.08
9.15% Bank of Baroda Perpetual NCD Step up 9.65% Reset 23/11/19 Debt 51,575 0.07
9.15% EXPORT IMPORT BANK OF INDIA NCD (MD 05/09/2022) Debt 34,404 0.05
9.15% ICICI Bank Ltd NCD (MD 31/12/2022) Debt 127,478 0.18
9.15% State Bank of Patiala PERP NCD Call 18/01/2020 StepUp 9.65 Debt 165,385 0.24
9.18% TATA SONS LTD. NCD (MD 23/11/2020) Debt 114,263 0.16
9.20% State Bank of Hyderabad NCD Perpetual (MD 24/02/2020) Debt 52,108 0.08
9.28% EXPORT IMPORT BANK OF INDIA NCD (MD 15/10/2018) Debt 103,160 0.15
9.30% State Bank of Patiala NCD(MD 20/12/2022) Call fr 20/12/2017 Int
9.80
Debt 55,867 0.08
9.35 Punjab National Bank (MD 05/03/2023) Call 05/03/2018 St-up 9.85 Debt 40,620 0.06
9.35% State Bank of Hyderabad NCD (MD 19/03/2023) call 19/03/18
Stepup 9.85
Debt 71,643 0.10
9.45% STATE BANK OF INDIA NCD (MD 16/03/2026) CALL 16/03/2021 Debt 22,274 0.03
9.50% CANARA BANK FD QUARTERLY COMP (MD 11/02/2019) Debt 50,000 0.07
9.65% CHOLAMANDALAM INVT AND FIN CO LTD NCD (MD 21/05/2018) Debt 13,218 0.02
9.67% TATA SONS LTD. NCD (MD 13/09/2022) Debt 53,117 0.08
9.70% TATA SONS LTD. NCD (MD 25/07/2022) Debt 122,180 0.18
9.71% TATA SONS LTD. NCD (MD 29/08/2022) Debt 53,183 0.08
9.74% TATA SONS LTD. NCD (MD 13/01/2024) Debt 32,196 0.05
9.75% Punjab Nati Bank (Maturity-Perpetual) (Call 11/12/2017) Step up
10.25
Debt 101,227 0.15
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD
27/05/2019)
Debt 9,900 0.01
9.8% State Bank of Mysore Perpetual (30/11/2017)Call 301117 Stepup
10.30%
Debt 101,839 0.15
9.85% State Bank of Bik & Jai NCD(MD Perpetual) call 20/03/18 stepup
10.35
Debt 94,256 0.14
9.90% TATA SONS LTD. NCD (MD 20/03/2024) Debt 108,317 0.16
9.95% State Bank of Hyderabad (MD Perpetual) call 28/03/2018 Stepup
10.45
Debt 48,207 0.07
9.95% STATE BANK OF INDIA NCD (MD 16/03/2026) CALL 16/03/2021 Debt 22,743 0.03
9.95% State Bank of Travancore NCD(MD Perpetual) Call 31/03/18 stepup
10.45
Debt 40,017 0.06
9.97% HDB FINANCIAL SERVICES LIMITED NCD (MD 28/12/2018) Debt 31,090 0.04
HDFC BANK Equity 1,509,108 2.17
Annual Report 2016-17
196
197
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
% holding
Market
value
% holding
HOUSING DEVELOPMENT FINANCE CORPORATION Equity 857,245 1.23
ICICI BANK LTD Equity 936,601 1.35
INDUSIND BANK LTD Equity 241,643 0.35
KOTAK MAHINDRA BANK LIMITED Equity 676,761 0.97
STATE BANK OF INDIA Equity 752,659 1.08
8.85% AXIS BANK NCD (MD 05/12/2024) Debt 73,819 0.11
9.20% AXIS BANK LTD. QTR CMPD FD (MD 06/03/2019) (F.V 5 CR) Debt 100,000 0.14
YES BANK LIMITED Equity 213,482 0.31
9.11% CORPORATION BANK FD QTR COMP (MD 16/01/2018) (FV 95
LACS)
Debt 9,500 0.01
9.11% CORPORATION BANK FD QTR COMP (MD 23/01/2018) (FV 95
LACS)
Debt 9,500 0.01
9.11% CORPORATION BANK FD QTR COMP (MD 23/01/2018) (FV 95
LACS) A
Debt 9,500 0.01
9.20% L AND T HOUSING FINANCE NCD (MD 16/01/2020) Debt 102,833 0.15
8.72% KOTAK MAHINDRA BANK LTD NCD (MD 14/01/2022) Debt 125,299 0.18
8.96 HERO FINCORP LTD NCD (MD 23/04/2018) (Series No. HFCL/
NCD/003)
Debt 101,124 0.15
8.99% TATA CAPITAL FINANCIAL SERVICES LTD NCD (MD 23/06/2017) Debt 50,109 0.07
10.50% AU FINANCIERS (INDIA) LIMITED NCD (MD 19/04/2019) Debt 5,137 0.01
8.81% HDB FINANCIAL SERVICES LIMITED NCD (MD 28/07/2018) Debt 96,289 0.14
9.20% CHOLAMANDALAM INVT AND FIN CO LTD NCD (MD 29/03/2019) Debt 20,384 0.03
8.70% SUNDARAM FINANCE LTD. NCD (MD 04/12/2017) Debt 27,204 0.04
8.76% HDB FINANCIAL SERVICES LIMITED NCD (MD 11/09/2017) Debt 4,020 0.01
8.90% SUNDARAM FINANCE LTD. NCD (MD 29/06/2018) Debt 101,324 0.15
9.78% State Bank of Bik & Jai NCD(MD17/10/2022) Call-17/10/17stepup
-10.28
Debt 73,203 0.11
DCB Bank Limited Equity 153,225 0.22
BAJAJ FINANCE LTD. Equity 271,647 0.39
UJJIVAN FINANCIAL SERVICES LTD Equity 247,776 0.36
8.75% ADITYA BIRLA FINANCE LTD NCD (MD 24/06/2021) C4 FY2016-
17
Debt 101,736 0.15
7.60% ICICI Bank Ltd NCD (MD 07/10/2023) Debt 148,986 0.21
7.60% TATA SONS LTD. NCD (MD 14/12/2021) Debt 195,979 0.28
CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED Equity 22,318 0.03
8.50% REPCO HOME FINANCE LTD NCD (MD 04/10/2019) Debt 69,841 0.10
HDFC BANK LIMITED CD (MD 17/05/2017) Debt 14,874 0.02
HDB FINANCIAL SERVICES LIMITED CP (MD 06/06/2017) Debt 3,943 0.01
7.60% AXIS BANK LTD NCD (MD 20/10/2023) Debt 198,247 0.29
8.12% EXPORT IMPORT BANK OF INDIA NCD (MD 25/04/2031) SR-T02-
2031
Debt 54,178 0.08
LAKSHMI VILAS BANK LTD. Equity 408,215 0.59
7.25% H D F C BANK LTD. FD QTR COMP (MD 02/11/2017) (F.V.5 CR) Debt 50,000 0.07
7.90% AXIS BANK LTD. QTR CMPD FD (MD 04/04/2017) (F.V 1 CR) Debt 30,000 0.04
8.05% DEVELOPMENT CREDIT BANK QTR CMPD FD (MD 29/06/2017)
(F.V. 5 CR 1 RE)
Debt 150,000 0.22
BSE LIMITED Equity 11,886 0.02
7.40% CORPORATION BANK FD QTR COMP FV. 95 Lac (MD 20/09/2018) Debt 9,500 0.01
Others (Other than G-Sec) 37,496,898 54.01 4,757,319 51.84
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Ind. Enhancer (contd.)
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Ind. Creator
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE ACTIVITIES
1,078,352 22.88 736,781 17.55
8.95% HDFC BANK LTD. NCD CALL 31/10/2017 (MD
31/10/2022)
Debt 30,345 0.64
AXIS BANK LIMITED Equity 42,127 0.89
FEDRAL BANK LTD Equity 37,565 0.80
HDFC BANK Equity 64,013 1.36
HOUSING DEVELOPMENT FINANCE CORPORATION Equity 73,957 1.57
ICICI BANK LTD Equity 90,950 1.93
INDUSIND BANK LTD Equity 91,552 1.94
KOTAK MAHINDRA BANK LIMITED Equity 78,629 1.67
MUTHOOT FINANCE LTD Equity 7,039 0.15
ORIENTAL BANK OF COMMERCE Equity 17,418 0.37
STATE BANK OF INDIA Equity 37,691 0.80
8.85% AXIS BANK NCD (MD 05/12/2024) Debt 52,728 1.12
8.72% KOTAK MAHINDRA BANK LTD NCD (MD 14/01/2022)
Debt 52,208 1.11
8.85% BAJAJ FINANCE LIMITED NCD (MD 23/03/2021)
(SERIES 159- OPTION 5)
Debt 51,502 1.09
CAPITAL FIRST LIMITED Equity 18,255 0.39
DCB Bank Limited Equity 28,357 0.60
BAJAJ FINANCE LTD. Equity 25,724 0.55
UJJIVAN FINANCIAL SERVICES LTD Equity 43,444 0.92
CHOLAMANDALAM INVESTMENT AND FINANCE
COMPANY LIMITED
Equity 1,547 0.03
L AND T FINANCE HOLDINGS LIMITED Equity 49,429 1.05
MULTI COMMODITY EXCHANGE OF INDIA LIMITED Equity 23,460 0.50
PNB HOUSING FINANCE LIMITED Equity 14,651 0.31
8.50% REPCO HOME FINANCE LTD NCD (MD 04/10/2019)
Debt 59,863 1.27
8.12% EXPORT IMPORT BANK OF INDIA NCD (MD
25/04/2031) SR-T02-2031
Debt 52,094 1.11
8.74% MAHINDRA RURAL HOUSING FINANCE LTD
NCD (MD 05/08/2019)
Debt 20,217 0.43
RBL BANK LIMITED Equity 13,586 0.29
INFRASTRUCTURE
FINANCE
474,644 10.07 NA NA
10.60% IRFC NCD (MD 11/09/2018) Debt 26,276 0.56
11% Power Finance Corpoartion Ltd NCD (MD 15/09/2018)
Debt 57,796 1.23
8.45% IRFC NCD (MD 26/12/2018) Debt 51,261 1.09
9.39% POWER FINANCE CORPORATION LTD NCD (MD
27/08/2029)
Debt 28,259 0.60
9.39% POWER FINANCE CORPORATION LTD NCD (MD
27/08/2024)
Debt 38,325 0.81
9.40% RURAL ELECTRIFICATION CORPN. LTD. NCD
(MD 17/07/2021)
Debt 192,865 4.09
PTC INDIA FINANCIAL SERVICES LIMITED Equity 8,593 0.18
8.51% INDIA INFRADEBT LTD NCD (MD 10/05/2021) SR I
Debt 71,269 1.51
Others (Other than G-Sec)
2,111,934 44.81 2,225,242 53.00
Annual Report 2016-17
198
199
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Ind. Magnier
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE ACTIVITIES
2,583,564 24.31 2,785,864 27.21
HDFC BANK Equity 512,917 4.83
HOUSING DEVELOPMENT FINANCE CORPORATION Equity 342,971 3.23
ICICI BANK LTD Equity 295,665 2.78
INDUSIND BANK LTD Equity 99,681 0.94
KOTAK MAHINDRA BANK LIMITED Equity 257,626 2.42
STATE BANK OF INDIA Equity 299,759 2.82
YES BANK LIMITED Equity 99,966 0.94
8.99% TATA CAPITAL FINANCIAL SERVICES LTD NCD
(MD 23/06/2017)
Debt 7,015 0.07
DCB Bank Limited Equity 59,588 0.56
BAJAJ FINANCE LTD. Equity 107,423 1.01
UJJIVAN FINANCIAL SERVICES LTD Equity 98,853 0.93
CHOLAMANDALAM INVESTMENT AND FINANCE
COMPANY LIMITED
Equity 8,525 0.08
L AND T FINANCE HOLDINGS LIMITED
Equity 68,008 0.64
PNB HOUSING FINANCE LIMITED Equity 53,568 0.50
LAKSHMI VILAS BANK LTD. Equity 161,010 1.52
BSE LIMITED Equity 110,989 1.04
Others (Other than G-Sec) 7,008,226 65.94 5,881,144 57.43
Note:
The following Sectors were having exposure of more than 10% during previous year but less than 10% during the current year:
Sector Market value % holding
COMPUTER PROGRAMMING, CONSULTANCY 867857 15.71
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Ind. Maximiser
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE ACTIVITIES
4,418,838 24.18 3,978,783 23.21
FEDRAL BANK LTD Equity 139,670 0.76
HDFC BANK Equity 999,694 5.47
HOUSING DEVELOPMENT FINANCE CORPORATION Equity 476,864 2.61
ICICI BANK LTD Equity 727,364 3.98
KOTAK MAHINDRA BANK LIMITED Equity 510,253 2.79
STATE BANK OF INDIA Equity 527,170 2.89
BAJAJ FINANCE LTD. Equity 137,066 0.75
UJJIVAN FINANCIAL SERVICES LTD Equity 146,938 0.80
CHOLAMANDALAM INVESTMENT AND FINANCE
COMPANY LIMITED
Equity 12,114 0.07
L AND T FINANCE HOLDINGS LIMITED Equity 178,894 0.98
MULTI COMMODITY EXCHANGE OF INDIA LIMITED Equity 133,265 0.73
PNB HOUSING FINANCE LIMITED Equity 138,515 0.76
LAKSHMI VILAS BANK LTD. Equity 291,031 1.59
Others (Other than G-Sec)
13,750,661
75.25
10,847,173
63.28
Note:
The following Sectors were having exposure of more than 10% during previous year but less than 10% during the current year:
Sector Market value % holding
COMPUTER PROGRAMMING, CONSULTANCY 2133524 12.45
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Ind. Multiplier
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE ACTIVITIES
1,426,243 23.73 832,849 18.24
FEDRAL BANK LTD Equity 125,993 2.10
INDUSIND BANK LTD Equity 203,979 3.39
KOTAK MAHINDRA BANK LIMITED Equity 119,832 1.99
MUTHOOT FINANCE LTD Equity 35,287 0.59
ORIENTAL BANK OF COMMERCE Equity 40,927 0.68
YES BANK LIMITED Equity 60,323 1.00
BANK OF BARODA Equity 54,479 0.91
DCB Bank Limited Equity 68,876 1.15
BAJAJ FINANCE LTD. Equity 182,686 3.04
UJJIVAN FINANCIAL SERVICES LTD
Equity 78,311 1.30
CHOLAMANDALAM INVESTMENT AND FINANCE
COMPANY LIMITED
Equity 7,798 0.13
L AND T FINANCE HOLDINGS LIMITED
Equity 115,164 1.92
MULTI COMMODITY EXCHANGE OF INDIA LIMITED
Equity 118,131 1.97
PNB HOUSING FINANCE LIMITED
Equity 66,422 1.11
EQUITAS SMALL FINANCE BANK LIMITED CP (MD
30/08/2017)
Debt 24,150 0.40
HDB FINANCIAL SERVICES LIMITED CP (MD 06/06/2017)
Debt 986 0.02
LAKSHMI VILAS BANK LTD.
Equity 89,997 1.50
RBL BANK LIMITED
Equity 32,902 0.55
Others (Other than G-Sec)
4,532,741
75.43
2,698,459
59.11
Note:
The following Sectors were having exposure of more than 10% during previous year but less than 10% during the current year:
Sector Market value % holding
MANUFACTURE OF ELECTRICAL EQUIPMENT 511529 11.20442282
MANUFACTURE OF PHARMACEUTICALS 500000 10.95188751
Annual Report 2016-17
200
201
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Super 20 Fund
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND INSURANCE
ACTIVITIES
2,064,008 24.58 1,511,672 21.63
HDFC BANK
Equity 757,339 9.02
ICICI BANK LTD
Equity 553,700 6.59
KOTAK MAHINDRA BANK LIMITED
Equity 401,212 4.78
STATE BANK OF INDIA
Equity 351,757 4.19
MANUFACTURE OF
COKE,PETROLEUM
1,068,697 12.73 813,671 11.64
RELIANCE INDUSTRIES LIMITED
Equity 739,704 8.81
INDIAN OIL CORPORATION LIMITED
Equity 328,993 3.92
Others (Other than G-Sec)
5,197,229 61.90 3,882,867 55.55
Note:
The following Sectors were having exposure of more than 10% during previous year but less than 10% during the current year:
Sector Market value % holding
MANUFACTURE OF PHARMACEUTICALS 720236 10.30
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Ind. Platinum Plus 1
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE ACTIVITIES
630,750 24.82 769,819 29.03
AXIS BANK LIMITED
Equity 13,405 0.53
HDFC BANK
Equity 74,138 2.92
HOUSING DEVELOPMENT FINANCE CORPORATION
Equity 56,821 2.24
ICICI BANK LTD
Equity 41,772 1.64
KOTAK MAHINDRA BANK LIMITED
Equity 34,439 1.36
STATE BANK OF INDIA
Equity 41,262 1.62
YES BANK LIMITED
Equity 4,957 0.20
8.75% CORPORATION BANK FD QTR COMP (MD 23/03/2018)
(FV 99 lac)
Debt 9,900 0.39
8.75% CORPORATION BANK FD QTR COMP (MD 26/03/2018)
(FV 99 lac)
Debt 9,900 0.39
8.50% BANK OF BARODA FD QUARTERLY COMP (MD
05/03/2018) (FV 1.01 CRS)
Debt 90,900 3.58
9.05% SUNDARAM FINANCE LTD. NCD (MD 12/04/2018)
Debt 151,951 5.98
8.96 HERO FINCORP LTD NCD (MD 23/04/2018) (Series No.
HFCL/NCD/003)
Debt 50,562 1.99
8.71% HDB FINANCIAL SERVICES LIMITED NCD (MD
20/10/2018) SERIES 2015 A/1/63
Debt 50,742 2.00
INFRASTRUCTURE
FINANCE
512,923 20.19 653,841 24.66
10.85% RECL Ltd NCD (MD 14/08/2018)
Debt
18,843 0.74
10.85% RECL Ltd NCD (MD 30/09/2018)
Debt
35,735 1.41
11.25% Power Finance Corporation Ltd NCD (MD 28/11/2018)
Debt 47,756 1.88
8.95% POWER FINANCE CORPORATION LTD (MD 11/03/2018)
Debt 11,201 0.44
9.07% RECL (MD 28/02/2018)
Debt 5,097 0.20
9.43% IRFC NCD (MD 23/05/2018)
Debt 102,843 4.05
9.68% Power Finance Corporation (MD 09/06/2018)
Debt 18,515 0.73
9.81% POWER FINANCE CORPORATION LTD (MD 07/10/2018)
Debt 24,873 0.98
NABARD ZCB (MD 01/03/2018)
Debt 20,725 0.82
NABARD ZCB (MD 01/08/2017)
Debt 136,023 5.35
8.30% NABARD NCD (MD 12/06/2018) 16B
Debt 91,312 3.59
Others (Other than G-Sec)
1,103,122 43.41 931,200 35.12
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Ind. Platinum Plus 2
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
INFRASTRUCTURE
FINANCE
1086700 22.58 1436031 28.43
10.60% IRFC NCD (MD 11/09/2018) Debt 52553 1.09
10.85% RECL Ltd NCD (MD 14/08/2018) Debt 79559 1.65
10.85% RECL Ltd NCD (MD 30/09/2018) Debt 11561 0.24
11% Power Finance Corpoartion Ltd NCD (MD
15/09/2018)
Debt 2102 0.04
11.25% Power Finance Corporation Ltd NCD (MD
28/11/2018)
Debt 45634 0.95
8.55% IRFC NCD (MD 15/01/2019) Debt 102699 2.13
8.65% RECL Ltd NCD (MD 15/01/2019) Debt 5120 0.11
8.90% POWER FINANCE CORPORATION LTD (MD
18/03/2018)
Debt 4071 0.08
9.43% IRFC NCD (MD 23/05/2018) Debt 83303 1.73
9.63% RURAL ELECTRIFICATION CORPN. LTD.
NCD (MD 05/02/2019)
Debt 19785 0.41
9.70% Power Finance Corporation Ltd NCD (MD
15/12/2018) - Series 82-C
Debt 218234 4.54
9.81% POWER FINANCE CORPORATION LTD (MD
07/10/2018)
Debt 62184 1.29
NABARD Bhavishya Nirman ZCB (MD 01/01/2018) Debt 36167 0.75
NABARD ZCB (MD 01/01/2019) Debt 305040 6.34
NABARD ZCB (MD 31/03/2019) Debt 34399 0.71
9.04% RURAL ELECTRIFICATION CORPN. LTD.
NCD (MD 12/10/2019)
Debt 5206 0.11
NABARD ZCB (MD 01/03/2019) Debt 14672 0.30
NABARD ZCB (MD 01/02/2019) Debt 4411 0.09
FINANCIAL AND
INSURANCE
ACTIVITIES
965,211 20.06 ,079,130 21.37
10.70% HDFC Bank Ltd NCD (MD 26/12/2018) Debt 1,055 0.02
9.00% EXPORT IMPORT BANK OF INDIA NCD (MD
10/01/2019)
Debt 19,643 0.41
AXIS BANK LIMITED Equity 26,583 0.55
HDFC BANK Equity 149,037 3.10
HOUSING DEVELOPMENT FINANCE
CORPORATION
Equity 122,508 2.55
ICICI BANK LTD Equity 92,576 1.92
KOTAK MAHINDRA BANK LIMITED Equity 69,200 1.44
STATE BANK OF INDIA Equity 86,558 1.80
YES BANK LIMITED Equity 9,712 0.20
9.63% EXPORT IMPORT BANK OF INDIA NCD (MD
29/11/2018)
Debt 51,971 1.08
8.50% CORPORATION BANK FD QTR COMP (MD
17/09/2018) (FV 1.01 CRS)
Debt 171,700 3.57
8.81% HDB FINANCIAL SERVICES LIMITED NCD
(MD 28/07/2018)
Debt 5,068 0.11
8.85% AXIS FINANCE LIMITED (MD 29/01/19) Debt 50,872 1.06
8.50% HDB FINANCIAL SERVICES LIMITED NCD
(MD 29/10/2018)
Debt 50,584 1.05
8.71% HDB FINANCIAL SERVICES LIMITED NCD
(MD 20/10/2018) SERIES 2015 A/1/63
Debt 50,742 1.05
KOTAK MAHINDRA BANK CD (MD 08/06/2017) Debt 7,402 0.15
Annual Report 2016-17
202
203
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
ELECTRICITY, GAS
AND STEAM SUPPLY
493,936 10.26 NA NA
7.93% POWER GRID CORPORATION NCD (MD
20/05/2019) [C]
Debt 17,269 0.36
9.25% POWER GRID CORPN. OF INDIA LTD. NCD
(MD 26/12/2018)
Debt 31,033 0.64
9.25% POWER GRID CORPORATION NCD (MD
26/12/2020)
Debt 31,929 0.66
9.30% POWER GRID CORPN. OF INDIA LTD. NCD
(MD 28/06/2018)
Debt 2,566 0.05
9.35% POWER GRID CORPORATION NCD (MD
29/08/2018)
Debt 87,473 1.82
GAIL (INDIA) LIMITED Equity 40,449 0.84
NTPC LIMITED Equity 29,344 0.61
POWER GRID CORPORATION OF INDIA LIMITED Equity 48,989 1.02
8.93% POWER GRID CORPORATION OF INDIA LTD
NCD (MD 20/10/2018) [A]
Debt 102,623 2.13
8.49% NHPC LTD NCD (MD 26/11/2018) (SR S1) Debt 51,097 1.06
8.80% POWER GRID CORPORATION LTD NCD (MD
29/09/2018)
Debt 51,163 1.06
Others (Other than G-Sec)
1,968,531 40.91 1,438,967 28.49
Note:
The following Sectors were having exposure of more than 10% during previous year but less than 10% during the current year:
Sector Market value % holding
HOUSING FINANCE SERVICES 511334 10.12
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Ind. Platinum Plus 2 (contd.)
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Ind. Platinum Plus 3
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE
ACTIVITIES
1,064,314 19.44 1,227,148 21.11
10.00% HDB FINANCIAL SERVICES LIMITED NCD
(MD 15/02/2019)
Debt 5,192 0.09
9.00% EXPORT IMPORT BANK OF INDIA NCD (MD
10/01/2019)
Debt 9,304 0.17
9.45% STATE BANK OF INDIA NCD (MD
16/03/2026) CALL 16/03/2021
Debt 1,068 0.02
9.75% STATE BANK OF BIKANER AND JAIPUR FD
QTR COMP (MD 16/05/2019)
Debt 9,900 0.18
9.75% STATE BANK OF BIKANER AND JAIPUR FD
QTR COMP (MD 17/05/2019)
Debt 9,900 0.18
9.75% STATE BANK OF BIKANER AND JAIPUR FD
QTR COMP (MD 17/09/2019)
Debt 500 0.01
9.75% STATE BANK OF BIKANER AND JAIPUR FD
QTR COMP (MD 21/05/2019)
Debt 9,900 0.18
9.95% STATE BANK OF INDIA NCD (MD
16/03/2026) CALL 16/03/2021
Debt 21,681 0.40
AXIS BANK LIMITED Equity 30,332 0.55
HDFC BANK Equity 166,690 3.04
HOUSING DEVELOPMENT FINANCE
CORPORATION
Equity 137,044 2.50
ICICI BANK LTD Equity 104,375 1.91
KOTAK MAHINDRA BANK LIMITED Equity 85,700 1.56
STATE BANK OF INDIA Equity 96,632 1.76
YES BANK LIMITED Equity 11,256 0.21
9.00% CORPORATION BANK FD QTR COMP (MD
15/05/2019) (F.V. 5CR)
Debt 100,000 1.83
BANK OF BARODA Equity 9,600 0.18
8.20% SIDBI NCD (MD 07/06/2018) Debt 152,150 2.78
9.43% TATA SONS LTD. NCD (MD 02/06/2019) Debt 103,091 1.88
INFRASTRUCTURE
FINANCE
1,011,841 18.48 918,563 15.80
11.25% Power Finance Corporation Ltd NCD (MD
28/11/2018)
Debt 1,061 0.02
8.19% IRFC NCD (MD 27/04/2019) Debt 51,192 0.93
8.60% IRFC Ltd NCD (MD 11/06/2019) Debt 103,326 1.89
9.44% Power Finance Corporation Ltd. NCD (MD
23/09/2021) P/C 23/09/18
Debt 2,061 0.04
9.63% RURAL ELECTRIFICATION CORPN. LTD.
NCD (MD 05/02/2019)
Debt 55,191 1.01
9.81% POWER FINANCE CORPORATION LTD (MD
07/10/2018)
Debt 51,820 0.95
NABARD ZCB (MD 01/01/2019) Debt 55,365 1.01
NABARD ZCB (MD 01/03/2018) Debt 47,101 0.86
NABARD ZCB (MD 31/03/2019) Debt 53,841 0.98
9.39% POWER FINANCE CORPORATION LTD NCD
(MD 27/08/2019)
Debt 114,920 2.10
NABARD ZCB (MD 01/03/2019) Debt 29,801 0.54
8.33% IRFC NCD (MD 26/03/2019) Debt 225,031 4.11
NABARD ZCB (MD 01/02/2019) Debt 117,853 2.15
8.30% NABARD NCD (MD 12/06/2018) 16B Debt 10,146 0.19
8.76% POWER FINANCE CORPN. LTD. NCD (MD
07/11/2019)
Debt 93,130 1.70
Annual Report 2016-17
204
205
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
ELECTRICITY, GAS
AND STEAM SUPPLY
621,658 11.35 602,218 10.36
7.93% POWER GRID CORPORATION NCD (MD
20/05/2019) [C]
Debt 33,521 0.61
8.64% POWER GRID NCD MD (08/07/2018) Debt 10,181 0.19
8.64% POWER GRID NCD MD (08/07/2019) Debt 25,759 0.47
8.65% NTPC Ltd NCD (MD 04/02/2019) Debt 153,987 2.81
9.25% POWER GRID CORPN. OF INDIA LTD. NCD
(MD 26/12/2018)
Debt 10,344 0.19
9.25% POWER GRID CORPORATION NCD (MD
26/12/2019)
Debt 15,758 0.29
9.30% POWER GRID CORPN. OF INDIA LTD. NCD
(MD 28/06/2019)
Debt 26,081 0.48
9.35% POWER GRID CORPORATION NCD (MD
29/08/2018)
Debt 3,087 0.06
9.35% POWER GRID NCD MD (29/08/2019) Debt 83,775 1.53
GAIL (INDIA) LIMITED Equity 45,928 0.84
NTPC LIMITED Equity 33,116 0.60
POWER GRID CORPORATION OF INDIA LIMITED Equity 55,807 1.02
8.40% POWER GRID CORPORATION NCD (MD
27/05/2019) [A]
Debt 20,499 0.37
8.85% POWER GRID CORPN. OF INDIA LTD. NCD
(MD 19/10/2019)
Debt 103,815 1.90
HOUSING FINANCE
SERVICES
568,129 10.37 702,434 12.08
9.50 HDFC LTD. NCD (MD 13/09/2017) Debt 10,089 0.18
9.70% LIC HOUSING FINANCE LTD. NCD (MD
11/06/2017)
Debt 10,038 0.18
National Housing Bank ZCB (MD 31/03/2019) Debt 218,258 3.99
9.44% LIC HOUSING FINANCE LTD NCD (MD
30/08/2019)
Debt 88,277 1.61
9.51% LIC HOUSING FINANCE LTD NCD (MD
24/07/2019)
Debt 31,152 0.57
8.39% GRUH FINANCE LTD NCD (MD 01/11/18)
COMP ANN ON 31ST MAR SERIES F-006
Debt 50,727 0.93
8.97% LIC HOUSING FINANCE LTD. NCD (MD
29/10/2019) PUT (28/10/2016)
Debt 154,533 2.82
9.00% INDIABULLS HOUSING FINANCE LTD NCD
(MD 21/06/2019)
Debt 5,054 0.09
Others (Other than G-Sec)
1,730,845 31.61 1,503,841 25.87
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Ind. Platinum Plus 3 (contd.)
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Ind. Platinum Plus 4
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
INFRASTRUCTURE
FINANCE
963,879 23.59 980,545 22.90
8.70% Power Finance Corpn Ltd NCD (MD
15/01/2020)
Debt 10349 0.25
9.63% RURAL ELECTRIFICATION CORPN. LTD.
NCD (MD 05/02/2019)
Debt 149953 3.67
NABARD ZCB (MD 01/01/2019) Debt 177452 4.34
9.39% POWER FINANCE CORPORATION LTD NCD
(MD 27/08/2019)
Debt 83578 2.05
8.96% POWER FINANCE CORPORATION LTD NCD
(MD 21/10/2019)
Debt 7271 0.18
9.04% RURAL ELECTRIFICATION CORPN. LTD.
NCD (MD 12/10/2019)
Debt 208256 5.10
9.32% POWER FINANCE CORPORATION LTD (MD
17/09/2019)
Debt 204858 5.01
8.37% NABARD NCD (MD 22/06/2020) 16C Debt 103256 2.53
8.64% IRFC NCD (MD 17/05/2021) (SERIES 52 B) Debt 18907 0.46
FINANCIAL AND
INSURANCE
ACTIVITIES
627,902 15.37 583,450 13.62
9.75% STATE BANK OF BIKANER AND JAIPUR FD
QTR COMP (MD 10/09/2019)
Debt 9,900 0.24
9.95% STATE BANK OF INDIA NCD (MD
16/03/2026) CALL 16/03/2021
Debt 21,681 0.53
AXIS BANK LIMITED Equity 22,373 0.55
HDFC BANK Equity 126,132 3.09
HOUSING DEVELOPMENT FINANCE
CORPORATION
Equity 102,249 2.50
ICICI BANK LTD Equity 77,687 1.90
KOTAK MAHINDRA BANK LIMITED Equity 63,489 1.55
STATE BANK OF INDIA Equity 72,123 1.76
YES BANK LIMITED Equity 8,308 0.20
9.00% CORPORATION BANK FD QTR COMP (MD
17/09/2019) (F.V. 5CR)
Debt 100,000 2.45
BANK OF BARODA Equity 14,060 0.34
8.75% BANK OF BARODA FD QUARTERLY COMP
(MD 17/09/2019) FV (99 Lac)
Debt 9,900 0.24
ELECTRICITY, GAS
AND STEAM SUPPLY
487,760 11.94 472,178 11.03
8.85% NHPC LTD NCD (MD 11/02/2019) (SR R2) Debt 14,418 0.35
9.20% POWER GRID CORPN. OF INDIA LTD. NCD
(MD 12/03/2020)
Debt 21,056 0.52
GAIL (INDIA) LIMITED Equity 33,941 0.83
NTPC LIMITED Equity 24,532 0.60
POWER GRID CORPORATION OF INDIA LIMITED Equity 42,206 1.03
9.05% PETRONET LNG LTD NCD (MD 28/10/2019) Debt 196,021 4.80
8.49% NHPC LTD NCD (MD 26/11/2019) (SR S1) Debt 51,591 1.26
8.93% POWER GRID CORPORATION OF INDIA LTD
NCD (MD 20/10/2019) [B]
Debt 103,996 2.54
Others (Other than G-Sec)
1,468,858 35.94 1,432,745 33.45
Note:
The following Sectors were having exposure of more than 10% during previous year but less than 10% during the current year:
Sector Market value % holding
HOUSING FINANCE SERVICES 502859 11.74
Annual Report 2016-17
206
207
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Ind. Platinum Advantage
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE
ACTIVITIES
1,340,745 15.20 1,376,050 13.46
AXIS BANK LIMITED Equity 59,598 0.68
HDFC BANK Equity 319,363 3.62
HOUSING DEVELOPMENT FINANCE
CORPORATION
Equity 270,950 3.07
ICICI BANK LTD Equity 210,816 2.39
KOTAK MAHINDRA BANK LIMITED Equity 163,214 1.85
STATE BANK OF INDIA Equity 204,659 2.32
YES BANK LIMITED Equity 21,248 0.24
9.10% TATA SONS LTD. NCD (MD 06/09/2020) Debt 51,717 0.59
BANK OF BARODA Equity 39,180 0.44
ELECTRICITY, GAS
AND STEAM SUPPLY
1,155,339 13.09 1,043,859 10.21
8.85% POWER GRID CORPN. OF INDIA LTD. NCD
(MD 19/10/2020)
Debt 262,293 2.97
GAIL (INDIA) LIMITED Equity 90,624 1.03
NTPC LIMITED Equity 66,109 0.75
POWER GRID CORPORATION OF INDIA LIMITED Equity 122,330 1.39
8.93% POWER GRID CORPORATION OF INDIA LTD
NCD (MD 20/10/2020) [C]
Debt 262,908 2.98
8.49% NHPC LTD NCD (MD 26/11/2020) (SR S1) Debt 135,328 1.53
8.49% NTPC LTD BONUS NCD PART REDEMPTION
MD (25/03/2025) (FV 12.5 RS)
Debt 9,084 0.10
8.18% NTPC LTD NCD (MD 31/12/2020)-Series 58 Debt 154,786 1.75
8.50% NHPC LTD NCD SR-T STRRP B (MD
14/07/2020)
Debt 51,879 0.59
HOUSING FINANCE
SERVICES
987,130 11.19 1,108,703 10.84
8.90% HDFC LTD. NCD MD (18/08/2020) Debt 51,796 0.59
8.95% HDFC LTD. NCD MD (19/10/2020) Debt 51,950 0.59
8.95% LIC HOUSING FINANCE LTD NCD (MD
15/09/2020)
Debt 52,749 0.60
8.35% LIC HOUSING FINANCE LTD. NCD (MD
23/10/2020)
Debt 356,558 4.04
8.67% LIC HOUSING FINANCE LTD. NCD (MD
26/08/2020)
Debt 256,865 2.91
8.88% LIC HOUSING FINANCE LTD. NCD (MD
13/10/2020)
Debt 155,162 1.76
HDFC LTD. ZCB (MD 15/01/2020) SERIES N-003 Debt 62,050 0.70
Others (Other than G-Sec)
3,526,233 39.96 4,453,563 43.55
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Ind.Platinum Premier
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE
ACTIVITIES
1,077,845 19.25 1,113,490 17.51
8.97% Tata Sons Ltd. NCD (MD 15/07/2020) Debt 154,431 2.76
AXIS BANK LIMITED Equity 32,032 0.57
HDFC BANK Equity 178,706 3.19
HOUSING DEVELOPMENT FINANCE
CORPORATION
Equity 147,738 2.64
ICICI BANK LTD Equity 113,263 2.02
KOTAK MAHINDRA BANK LIMITED Equity 87,373 1.56
STATE BANK OF INDIA Equity 109,867 1.96
YES BANK LIMITED Equity 11,396 0.20
8.99% TATA SONS LTD. NCD (MD 07/06/2020) Debt 51,471 0.92
9.00% CORPORATION BANK FD QTR COMP (MD
12/02/2020) (F.V. 5CR)
Debt 150,000 2.68
BANK OF BARODA Equity 20,997 0.38
8.95% BAJAJ FINANCE LIMITED NCD (MD
10/04/2020)
Debt 20,571 0.37
ELECTRICITY, GAS
AND STEAM SUPPLY
1,022,713 18.27 1,140,374 17.93
8.70% Power Finance Corporation Ltd. NCD (MD
14/05/2020)
Debt 155,506 2.78
RURAL ELECTRIFICATION CORPN LTD ZCB (MD
15/12/2020)
Debt 53,005 0.95
8.55% IRFC NCD (MD 03/02/2020) Debt 51,974 0.93
8.87% RURAL ELECTRIFICATION CORPN. LTD.
NCD (MD 08/03/2020)
Debt 104,222 1.86
8.55% INDIA INFRADEBT LTD NCD (MD
04/02/2020)
Debt 101,251 1.81
8.18% NABARD NCD (MD 10/02/2020) Debt 256,282 4.58
8.37% NABARD NCD (MD 22/06/2020) 16C Debt 300,474 5.37
Others (Other than G-Sec)
2,737,149 48.90 2,813,454 44.23
Note:
The following Sectors were having exposure of more than 10% during previous year but less than 10% during the current year:
Sector Market value % holding
HOUSING FINANCE SERVICES 645505 10.15
Annual Report 2016-17
208
209
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Ind. Foresight FP
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE ACTIVITIES
5,089,428 19.67 3,859,008 16.15
10.70% HDFC Bank Ltd NCD (MD 26/12/2018) Debt
1,055 0.00
8.85% TATA SONS LTD. NCD (MD 02/05/2023) Debt
51,390 0.20
8.95% HDFC BANK LTD. NCD CALL 31/10/2017 (MD
31/10/2022)
Debt
3,035 0.01
9.00% EXPORT IMPORT BANK OF INDIA NCD (MD
10/01/2019)
Debt
92,011 0.36
9.04% EXPORT IMPORT BANK OF INDIA NCD (MD
21/09/2022)
Debt
53,540 0.21
9.15% EXPORT IMPORT BANK OF INDIA NCD (MD
05/09/2022)
Debt
115,038 0.44
9.15% EXPORT IMPORT BANK OF INDIA NCD (MD
18/03/2021)
Debt
53,007 0.20
9.15% EXPORT IMPORT BANK OF INDIA NCD (MD
30/03/2021)
Debt
53,033 0.20
9.30% EXPORT IMPORT BANK OF INDIA NCD (MD
11/05/2022)
Debt
215,615 0.83
9.45% STATE BANK OF INDIA NCD (MD 16/03/2026) CALL
16/03/2021
Debt
15,330 0.06
9.50% CANARA BANK FD QUARTERLY COMP (MD
10/02/2019)
Debt
50,000 0.19
9.74% TATA SONS LTD. NCD (MD 13/01/2024) Debt
85,856 0.33
9.95% STATE BANK OF INDIA NCD (MD 16/03/2026) CALL
16/03/2021
Debt
86,722 0.34
AXIS BANK LIMITED Equity
158,893 0.61
HDFC BANK Equity
875,348 3.38
HOUSING DEVELOPMENT FINANCE CORPORATION Equity
709,807 2.74
ICICI BANK LTD Equity
537,979 2.08
KOTAK MAHINDRA BANK LIMITED Equity
451,541 1.75
STATE BANK OF INDIA Equity
500,610 1.93
YES BANK LIMITED Equity
59,762 0.23
8.50% CORPORATION BANK FD QTR COMP (MD
15/05/2019) (FV 1.01 CRS)
Debt
202,000 0.78
BANK OF BARODA Equity
97,216 0.38
8.55% TATA SONS LTD. NCD (MD 31/08/2020) Debt
88,705 0.34
9.15% EXPORT IMPORT BANK OF INDIA NCD (MD
08/03/2021)
Debt
31,791 0.12
9.15% EXPORT IMPORT BANK OF INDIA NCD (MD
25/02/2021)
Debt
105,921 0.41
7.60% TATA SONS LTD. NCD (MD 14/12/2021) Debt
195,979 0.76
7.60% AXIS BANK LTD NCD (MD 20/10/2023) Debt
198,247 0.77
ELECTRICITY, GAS AND
STEAM SUPPLY
3,770,363 14.57 3,176,170 13.30
10.10% Power Grid Corporation Ltd NCD (MD 12/06/2021) Debt
24,636 0.10
7.93% POWER GRID CORPORATION NCD (MD
20/05/2022) [F]
Debt
51,103 0.20
8.64% POWER GRID NCD MD (08/07/2018) Debt
5,090 0.02
8.84% POWER GRID CORPN. OF INDIA LTD. NCD (MD
21/10/2018)
Debt
82,000 0.32
8.84% POWER GRID CORPN. OF INDIA LTD. NCD (MD
29/03/2021)
Debt
104,919 0.41
8.85% NHPC LTD NCD (MD 11/02/2018) (SR R2) Debt
50,819 0.20
8.85% NHPC LTD NCD (MD 11/02/2019) (SR R2) Debt
31,925 0.12
8.85% NHPC LTD NCD (MD 11/02/2020) (SR R2) Debt
52,155 0.20
8.85% POWER GRID CORPN. OF INDIA LTD. NCD (MD
19/10/2022)
Debt
53,190 0.21
9.18% NUCLEAR POWER CORPORATION OF INDIA
LIMITED (A) (MD 23/01/2025)
Debt
55,090 0.21
9.20% POWER GRID CORPN. OF INDIA LTD. NCD (MD
12/03/2020)
Debt
10,528 0.04
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
9.25% POWER GRID CORPN. OF INDIA LTD. NCD (MD
26/12/2018)
Debt
165,512 0.64
9.25% POWER GRID CORPORATION NCD (MD
26/12/2019)
Debt
21,010 0.08
9.25% POWER GRID CORPORATION NCD (MD
26/12/2021)
Debt
107,222 0.41
9.25% POWER GRID CORPORATION NCD (MD
26/12/2022)
Debt
54,193 0.21
9.25% POWER GRID NCD MD (26/12/2017) Debt
22,897 0.09
9.30% POWER GRID CORPN. OF INDIA LTD. NCD (MD
28/06/2018)
Debt
7,699 0.03
9.30% POWER GRID CORPN. OF INDIA LTD. NCD (MD
28/06/2019)
Debt
26,081 0.10
9.30% POWER GRID CORPN. OF INDIA LTD. NCD (MD
28/06/2021)
Debt
53,374 0.21
9.35% POWER GRID CORPORATION NCD (MD
29/08/2018)
Debt
12,349 0.05
9.35% POWER GRID CORPORATION NCD (MD
29/08/2020)
Debt
106,206 0.41
9.35% POWER GRID CORPORATION NCD (MD
29/08/2021)
Debt
48,215 0.19
9.35% POWER GRID NCD MD (29/08/2019) Debt
20,944 0.08
9.64% POWER GRID CORPORATION NCD (MD 31/05/18) Debt
36,004 0.14
9.64% POWER GRID CORPORATION NCD (MD
31/05/2021)
Debt
53,919 0.21
GAIL (INDIA) LIMITED Equity
241,055 0.93
NTPC LIMITED Equity
170,611 0.66
POWER GRID CORPORATION OF INDIA LIMITED Equity
287,737 1.11
8.49% NHPC LTD NCD (MD 26/11/2021) (SR S1) Debt
208,764 0.81
8.54% NHPC LTD NCD (MD 26/11/2021) (SR S2) Debt
366,006 1.41
8.93% POWER GRID CORPORATION OF INDIA LTD NCD
(MD 20/10/2021) [D]
Debt
111,056 0.43
8.49% NHPC LTD NCD (MD 26/11/2020) (SR S1) Debt
62,459 0.24
8.49% NTPC LTD BONUS NCD PART REDEMPTION MD
(25/03/2025) (FV 12.5 RS)
Debt
8,368 0.03
8.20% POWER GRID CORPORATION NCD (MD
23/01/2022) SR-XLVIII STRPP B
Debt
103,180 0.40
8.40% POWER GRID CORPORATION NCD (MD
27/05/2023) [E]
Debt
24,988 0.10
8.33% NTPC LTD NCD (MD 24/02/2021)-Series 59 Debt
514,137 1.99
8.40% POWER GRID CORPORATION NCD (MD
27/05/2021) [C]
Debt
51,763 0.20
8.50% NHPC LTD NCD SR-T STRRP C (MD 14/07/2021) Debt
104,121 0.40
8.50% NHPC LTD NCD SR-T STRRP D (MD 14/07/2022) Debt
52,387 0.20
8.85% POWER GRID CORPN. OF INDIA LTD. NCD (MD
19/10/2021)
Debt
52,732 0.20
8.10% NTPC LTD NCD (MD 27/05/2021) SR 61 STRPP A Debt
153,917 0.59
INFRASTRUCTURE
FINANCE
3,760,861 14.54 2,889,401 12.10
10.60% IRFC NCD (MD 11/09/2018) Debt
26,276 0.10
10.85% RECL Ltd NCD (MD 30/09/2018) Debt
5,255 0.02
11.25% Power Finance Corporation Ltd NCD (MD
28/11/2018)
Debt
10,613 0.04
7.74% IRFC NCD (MD 22/12/2020) Debt
5,115 0.02
8.50% IRFC NCD (MD 22/06/2020) Debt
52,097 0.20
8.65% RECL Ltd NCD (MD 15/01/2019) Debt
10,241 0.04
8.70% Power Finance Corpn Ltd NCD (MD 15/01/2020) Debt
15,523 0.06
8.70% Power Finance Corporation Ltd. NCD (MD
14/05/2020)
Debt
22,808 0.09
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Ind. Foresight FP (contd.)
Annual Report 2016-17
210
211
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
8.82% Power Finance Corporation Ltd NCD (MD
20/02/2020)
Debt
20,782 0.08
8.90% POWER FINANCE CORPORATION LTD (MD
18/03/2018)
Debt
10,176 0.04
8.95% POWER FINANCE CORPORATION LTD (MD
11/03/2018)
Debt
3,055 0.01
9.02% RURAL ELECTRIFICATION CORPN. LTD. NCD (MD
19/11/2022)
Debt
69,401 0.27
9.18% POWER FINANCE CORPORATION Ltd NCD (MD
15/04/2021)
Debt
52,932 0.20
9.27% IRFC NCD (MD 10/05/2021) Debt
53,610 0.21
9.35% RURAL ELECTRIFICATION CORPN. LTD. NCD (MD
15/06/2022)
Debt
37,813 0.15
9.36% POWER FINANCE CORPN. LTD. NCD (MD
01/08/2021)
Debt
115,360 0.45
9.39% RURAL ELECTRIFICATION CORPN. LTD. NCD (MD
20/07/2019)
Debt
56,432 0.22
9.48% REC LTD. NCD (MD 10/08/2021) Debt
220,420 0.85
9.57% IRFC NCD (MD 31/05/2021) Debt
910,353 3.52
9.61% POWER FINANCE CORPORATION LTD (MD
29/06/2021)
Debt
231,308 0.89
9.63% RURAL ELECTRIFICATION CORPN. LTD. NCD (MD
05/02/2019)
Debt
15,620 0.06
9.75% RURAL ELECTRIFICATION CORPN. LTD. NCD (MD
11/11/2021)
Debt
1,089 0.00
9.81% POWER FINANCE CORPORATION LTD (MD
07/10/2018)
Debt
53,892 0.21
RURAL ELECTRIFICATION CORPN LTD ZCB (MD
15/12/2020)
Debt
193,146 0.75
8.96% POWER FINANCE CORPORATION LTD NCD (MD
21/10/2019)
Debt
5,193 0.02
9.04% RURAL ELECTRIFICATION CORPN. LTD. NCD (MD
12/10/2019)
Debt
3,124 0.01
9.34% RURAL ELECTRIFICATION CORPN. LTD. NCD (MD
25/08/2024)
Debt
5,470 0.02
9.40% RURAL ELECTRIFICATION CORPN. LTD. NCD (MD
17/07/2021)
Debt
160,721 0.62
9.20% POWER FINANCE CORPORATION Ltd NCD (MD
07/07/2021)
Debt
32,911 0.13
8.55% POWER FINANCE CORPN. LTD. NCD (09/12/2021)
SERIES 124 B
Debt
406,340 1.57
9.32% POWER FINANCE CORPORATION LTD (MD
17/09/2019)
Debt
3,136 0.01
8.44% RURAL ELECTRIFICATION CORPN. LTD. NCD (MD
04/12/2021)
Debt
416,647 1.61
8.49% L AND T INFRA DEBT FUND LTD NCD (MD
28/01/2025)
Debt
7,491 0.03
8.37% NABARD NCD (MD 22/06/2020) 16C Debt
15,488 0.06
8.37% RURAL ELECTRIFICATION CORPN. LTD. NCD (MD
14/08/2020)
Debt
15,486 0.06
8.64% IRFC NCD (MD 17/05/2021) (SERIES 52 B) Debt
86,130 0.33
9.95% IRFC NCD (MD 07/06/2022) Debt
111,586 0.43
8.60% INDIA INFRADEBT LTD NCD (MD 08/01/2021)
SERIES I
Debt
6,083 0.02
8.36% POWER FINANCE CORPN. LTD. NCD (MD
04/09/2020)
Debt
41,190 0.16
7.50% POWER FINANCE CORPN. LTD. NCD (SERIES: 150
OPTION: A) (MD 16/08/2021)
Debt
250,546 0.97
Others (Other than G-Sec)
8,237,888 31.84 7,913,471 33.13
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Ind. Foresight FP (contd.)
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Ind. Foresight SP
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
INFRASTRUCTURE
FINANCE
182,613 22.38 173,045 18.37
9.36% POWER FINANCE CORPN. LTD. NCD (MD
01/08/2021)
Debt 53,408 6.55
9.57% IRFC NCD (MD 31/05/2021) Debt 32,513 3.98
8.44% RURAL ELECTRIFICATION CORPN. LTD.
NCD (MD 04/12/2021)
Debt 52,081 6.38
8.60% INDIA INFRADEBT LTD NCD (MD
08/01/2021) SERIES I
Debt 44,612 5.47
FINANCIAL AND
INSURANCE
ACTIVITIES
154,133 18.89 147,489 15.66
AXIS BANK LIMITED Equity 6,265 0.77
HDFC BANK Equity 32,430 3.97
HOUSING DEVELOPMENT FINANCE
CORPORATION
Equity 28,007 3.43
ICICI BANK LTD Equity 21,835 2.68
KOTAK MAHINDRA BANK LIMITED Equity 16,995 2.08
STATE BANK OF INDIA Equity 21,130 2.59
YES BANK LIMITED Equity 2,254 0.28
BANK OF BARODA Equity 4,024 0.49
9.15% EXPORT IMPORT BANK OF INDIA NCD (MD
08/03/2021)
Debt 21,194 2.60
ELECTRICITY, GAS
AND STEAM SUPPLY
131,429 16.11 177,814 18.88
GAIL (INDIA) LIMITED Equity 9,503 1.16
NTPC LIMITED Equity 6,790 0.83
POWER GRID CORPORATION OF INDIA LIMITED Equity 12,456 1.53
8.54% NHPC LTD NCD (MD 26/11/2021) (SR S2) Debt 52,287 6.41
8.93% POWER GRID CORPORATION OF INDIA LTD
NCD (MD 20/10/2021) [D]
Debt 47,595 5.83
8.49% NTPC LTD BONUS NCD PART REDEMPTION
MD (25/03/2025) (FV 12.5 RS)
Debt 734 0.09
8.33% NTPC LTD NCD (MD 24/02/2021)-Series 59 Debt 2,065 0.25
Others (Other than G-Sec)
260,739 31.95 299,710 31.82
Note:
The following Sectors were having exposure of more than 10% during previous year but less than 10% during the current year:
Sector Market value % holding
MANUFACTURE OF PHARMACEUTICALS 49987 13.36
Annual Report 2016-17
212
213
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Titanium 1
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE ACTIVITIES
53,788 19.58 58,536 18.38
AXIS BANK LIMITED
Equity 1,970 0.72
HDFC BANK
Equity 11,232 4.09
HOUSING DEVELOPMENT FINANCE CORPORATION
Equity 8,443 3.07
ICICI BANK LTD
Equity 6,892 2.51
KOTAK MAHINDRA BANK LIMITED
Equity 5,607 2.04
STATE BANK OF INDIA
Equity 6,445 2.35
YES BANK LIMITED
Equity 725 0.26
BANK OF BARODA
Equity 1,259 0.46
8.55% TATA SONS LTD. NCD (MD 31/08/2020)
Debt 11,216 4.08
INFRASTRUCTURE
FINANCE
40,362 14.69 59,226 18.60
8.70% Power Finance Corpn Ltd NCD (MD 15/01/2020)
Debt 15,523 5.65
9.63% RURAL ELECTRIFICATION CORPN. LTD. NCD
(MD 05/02/2019)
Debt 4,165 1.52
8.37% NABARD NCD (MD 22/06/2020) 16C
Debt 10,326 3.76
8.76% POWER FINANCE CORPN. LTD. NCD (MD
07/11/2019)
Debt 10,348 3.77
ELECTRICITY, GAS AND
STEAM SUPPLY
29,920 10.89 NA NA
9.25% POWER GRID CORPORATION NCD (MD
26/12/2019)
Debt 21,010 7.65
GAIL (INDIA) LIMITED
Equity 2,993 1.09
NTPC LIMITED
Equity 2,164 0.79
POWER GRID CORPORATION OF INDIA LIMITED
Equity 3,753 1.37
Others (Other than G-Sec)
121,417 44.20 175,337 55.06
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Titanium 2
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE ACTIVITIES
53,788 19.58 58,536 18.38
AXIS BANK LIMITED Equity 1,970 0.72
HDFC BANK Equity 11,232 4.09
HOUSING DEVELOPMENT FINANCE CORPORATION Equity 8,443 3.07
ICICI BANK LTD Equity 6,892 2.51
KOTAK MAHINDRA BANK LIMITED Equity 5,607 2.04
STATE BANK OF INDIA Equity 6,445 2.35
YES BANK LIMITED Equity 725 0.26
BANK OF BARODA Equity 1,259 0.46
8.55% TATA SONS LTD. NCD (MD 31/08/2020) Debt 11,216 4.08
INFRASTRUCTURE
FINANCE
40,362 14.69 59,226 18.60
8.70% Power Finance Corpn Ltd NCD (MD 15/01/2020) Debt 15,523 5.65
9.63% RURAL ELECTRIFICATION CORPN. LTD. NCD
(MD 05/02/2019)
Debt 4,165 1.52
8.37% NABARD NCD (MD 22/06/2020) 16C Debt 10,326 3.76
8.76% POWER FINANCE CORPN. LTD. NCD (MD
07/11/2019)
Debt 10,348 3.77
ELECTRICITY, GAS AND
STEAM SUPPLY
29,920 10.89 NA NA
9.25% POWER GRID CORPORATION NCD (MD
26/12/2019)
Debt 21,010 7.65
GAIL (INDIA) LIMITED
Equity 2,993 1.09
NTPC LIMITED
Equity 2,164 0.79
POWER GRID CORPORATION OF INDIA LIMITED
Equity 3,753 1.37
Others (Other than G-Sec)
121,417 44.20 175,337 55.06
Note:
The following Sectors were having exposure of more than 10% during previous year but less than 10% during the current year:
Sector Market value % holding
HOUSING FINANCE SERVICES 645505 10.15
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Titanium 3
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE
ACTIVITIES
8,668 23.48 9,037 20.40
AXIS BANK LIMITED Equity 310 0.84
HDFC BANK Equity 1,757 4.76
HOUSING DEVELOPMENT FINANCE
CORPORATION
Equity 1,406 3.81
ICICI BANK LTD Equity 1,061 2.87
KOTAK MAHINDRA BANK LIMITED Equity 897 2.43
STATE BANK OF INDIA Equity 990 2.68
YES BANK LIMITED Equity 108 0.29
BANK OF BARODA Equity 99 0.27
8.55% TATA SONS LTD. NCD (MD 31/08/2020) Debt 2,039 5.52
MANUFACTURE OF
COKE,PETROLEUM
4,334 11.74 4,594 10.37
8.75% Reliance Industries Ltd NCD (MD 07/05/2020) Debt 2,079 5.63
HINDUSTAN PETROLEUM CORPORATION LTD
FV10
Equity 485 1.31
RELIANCE INDUSTRIES LIMITED Equity 1,468 3.97
INDIAN OIL CORPORATION LIMITED Equity 303 0.82
Others (Other than G-Sec)
16,907 45.79 22,617 51.07
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Pure Equity
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
MANUFACTURE OF
CHEMICAL PRODUCTS
122,891 13.42 50,538 13.51
ASIAN PAINTS LTD. Equity 15,982 1.75
COLGATE PALMOLIVE INDIA LIMITED Equity 8,703 0.95
HINDUSTAN UNILEVER LIMITED Equity 19,715 2.15
RALLIS INDIA LIMITED Equity 21,563 2.35
UPL LIMITED Equity 14,982 1.64
TATA CHEMICALS LTD. Equity 13,246 1.45
PIDILITE INDUSTRIES LIMITED Equity 6,308 0.69
GUJARAT STATE FERTILIZERS & CHEMICALS
LIMITED
Equity 16,113 1.76
DABUR INDIA LTD Equity 6,279 0.69
MANUFACTURE OF
COKE,PETROLEUM
104,220 11.38 NA NA
CASTROL INDIA LIMITED Equity 11,519 1.26
RELIANCE INDUSTRIES LIMITED Equity 61,056 6.67
INDIAN OIL CORPORATION LIMITED Equity 31,645 3.46
Others (Other than G-Sec)
638,435 69.71 262,815 70.26
Annual Report 2016-17
214
215
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Value Momentum
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
INFRASTRUCTURE
FINANCE
252,791 14.53 NA NA
NTPC LIMITED Equity 30,814 1.77
GUJARAT INDUSTRIES POWER COMPANY LIMITED Equity 39,846 2.29
NHPC LIMITED Equity 70,293 4.04
NLC INDIA LIMITED Equity 53,761 3.09
SJVN LIMITED Equity 58,078 3.34
FINANCIAL AND
INSURANCE
ACTIVITIES
205,063 11.78 96,432 12.24
HCL TECHNOLOGIES LTD Equity 15,571 0.89
SONATA SOFTWARE LIMITED Equity 48,591 2.79
MINDTREE LIMITED Equity 15,400 0.89
MPHASIS LIMITED Equity 59,260 3.41
ORACLE FINANCIAL SERVICES SOFTWARE
LIMITED
Equity 66,241 3.81
Others (Other than G-Sec)
1,286,721 73.94 373,966 47.49
Note:
The following Sectors were having exposure of more than 10% during previous year but less than 10% during the current year:
Sector Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES 167746 21.30
MANUFACTURE OF CHEMICAL PRODUCTS 84629 10.75
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Liquid Plus
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
INFRASTRUCTURE
FINANCE
279,441 29.00 NA NA
8.95% POWER FINANCE CORPORATION LTD (MD
11/03/2018)
Debt 80,446 8.35
NABARD Bhavishya Nirman ZCB (MD 01/01/2018) Debt 76,142 7.90
L & T FINCORP LTD CP (MD 28/06/2017) Debt 63,743 6.61
L AND T INFRASTRUCUTRE FINANCE LTD CP (MD
08/06/2017)
Debt 59,110 6.13
FINANCIAL AND
INSURANCE
ACTIVITIES
178,044
18.48 503,033 69.77
EQUITAS SMALL FINANCE BANK LIMITED CP (MD
30/08/2017)
Debt 28,980 3.01
HDFC BANK LIMITED CD (MD 17/05/2017) Debt 2,478 0.26
HDB FINANCIAL SERVICES LIMITED CP (MD
06/06/2017)
Debt 9,857 1.02
SKS MICROFINANCE LIMITED CP (MD 21/04/2017) Debt 77,619 8.05
KOTAK MAHINDRA INVESTMENTS LTD CP (MD
31/05/2017)
Debt 29,609 3.07
7.40% CORPORATION BANK FD QTR COMP FV. 95
Lac (MD 21/09/2017)
Debt 9,500 0.99
7.90% AXIS BANK LTD. QTR CMPD FD (MD
07/04/2017) (F.V 1 CR)
Debt 10,000 1.04
8.00% AXIS BANK LTD. QTR CMPD FD (MD
04/04/2017) (F.V 1 CR)
Debt 10,000 1.04
HOUSING FINANCE
SERVICES
104,409 10.83 85,515 11.86
10.25% LIC Housing Finance (MD 14.05.17) Debt 30,081 3.12
9.75% LIC Housing Finance (MD 27/08/2017) Debt 20,166 2.09
9.60% HDFC LTD NCD (MD 05/07/2017)-J009 Debt 30,142 3.13
HDFC LTD CP MD(23/10/2017) Debt 24,020 2.49
Others (Other than G-Sec)
147,282 15.28 123,068 17.07
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Ind.Pension Growth Fund
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
INFRASTRUCTURE
FINANCE
33939 12.32 53021 19.33
9.37% POWER FINANCE CORPORATION LTD NCD
(MD 19/08/2024)
Debt 21874 7.94
8.30% RURAL ELECTRIFICATION CORPN. LTD.
NCD (MD 10/04/2025)
Debt 6236 2.26
9.70% L AND T INFRA DEBT FUND LTD NCD (MD
10/06/2024) OPTION 3
Debt 2653 0.96
8.70% POWER FINANCE CORPORATION LTD. NCD
(MD 14/05/2025)
Debt 3176 1.15
HOUSING FINANCE
SERVICES
31871 11.57 NA NA
9.24% LIC HOUSING FINANCE LTD NCD (MD
30/09/2024)
Debt 21500 7.80
8.46% HDFC LTD. NCD MD (15/06/2026)PUT
15/07/2017 SR P - 16
Debt 10371 3.76
Others (Other than G-Sec)
78974 28.66 92968 33.88
Note:
The following Sectors were having exposure of more than 10% during previous year but less than 10% during the current year:
Sector Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES 32711 11.92
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Ind.Pension Nourish Fund
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
INFRASTRUCTURE
FINANCE
19,398 18.80 26,312 22.85
10.70% IRFC NCD (MD 11/09/2023) Debt 3,515 3.41
9.36% POWER FINANCE CORPN. LTD. NCD (MD
01/08/2021)
Debt 2,136 2.07
9.04% RURAL ELECTRIFICATION CORPN. LTD.
NCD (MD 12/10/2019)
Debt 9,372 9.08
9.37% POWER FINANCE CORPORATION LTD NCD
(MD 19/08/2024)
Debt 4,375 4.24
Others (Other than G-Sec)
45,685 44.28 29,658 25.75
Note:
The following Sectors were having exposure of more than 10% during previous year but less than 10% during the current year:
Sector Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES 11957 10.38
Annual Report 2016-17
216
217
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Ind.Pension Enrich Fund
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE
ACTIVITIES
360,014 24.60 268,079 17.77
9.15% EXPORT IMPORT BANK OF INDIA NCD (MD
05/09/2022)
Debt 10,751 0.73
AXIS BANK LIMITED Equity 9,691 0.66
FEDRAL BANK LTD Equity 9,817 0.67
HDFC BANK Equity 18,431 1.26
HOUSING DEVELOPMENT FINANCE
CORPORATION
Equity 14,833 1.01
ICICI BANK LTD Equity 21,468 1.47
INDUSIND BANK LTD Equity 21,889 1.50
KOTAK MAHINDRA BANK LIMITED Equity 19,376 1.32
MUTHOOT FINANCE LTD Equity 1,544 0.11
ORIENTAL BANK OF COMMERCE Equity 3,997 0.27
STATE BANK OF INDIA Equity 8,541 0.58
8.72% KOTAK MAHINDRA BANK LTD NCD (MD
14/01/2022)
Debt 10,442 0.71
9.20% CHOLAMANDALAM INVT AND FIN CO LTD
NCD (MD 29/03/2019)
Debt 74,403 5.08
DCB Bank Limited Equity 6,406 0.44
BAJAJ FINANCE LTD. Equity 5,844 0.40
UJJIVAN FINANCIAL SERVICES LTD Equity 8,337 0.57
CHOLAMANDALAM INVESTMENT AND FINANCE
COMPANY LIMITED
Equity 781 0.05
L AND T FINANCE HOLDINGS LIMITED Equity 11,678 0.80
MULTI COMMODITY EXCHANGE OF INDIA LIMITED Equity 5,160 0.35
PNB HOUSING FINANCE LIMITED Equity 3,234 0.22
8.50% REPCO HOME FINANCE LTD NCD (MD
04/10/2019)
Debt 9,977 0.68
8.12% EXPORT IMPORT BANK OF INDIA NCD (MD
25/04/2031) SR-T02-2031
Debt 50,010 3.42
8.74% MAHINDRA RURAL HOUSING FINANCE LTD
NCD (MD 05/08/2019)
Debt 30,325 2.07
RBL BANK LIMITED Equity 3,077 0.21
ELECTRICITY, GAS
AND STEAM SUPPLY
158,825 10.85 NA NA
9.25% POWER GRID CORPORATION LTD NCD (MD
09/03/2027)
Debt 111,447 7.61
GAIL (INDIA) LIMITED Equity 5,155 0.35
PETRONET LNG LTD Equity 9,543 0.65
MAHANAGAR GAS LIMITED Equity 1,762 0.12
8.13% POWER GRID CORPORATION NCD (MD
25/04/2022) [C]
Debt 10,302 0.70
8.05% NTPC LTD NCD (MD 05/05/2026)-Series 60 Debt 20,617 1.41
Others (Other than G-Sec)
565,229 38.62 869,468 57.64
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Ind. Income Advantage Guaranteed
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE
ACTIVITIES
270,752 23.84 120,399 17.14
8.85% AXIS BANK NCD (MD 05/12/2024)
Debt 10,546 0.93
8.72% KOTAK MAHINDRA BANK LTD NCD (MD
14/01/2022)
Debt 31,325 2.76
10.50% AU FINANCIERS (INDIA) LIMITED NCD (MD
19/04/2019)
Debt 20,548 1.81
9.20% CHOLAMANDALAM INVT AND FIN CO LTD
NCD (MD 29/03/2019)
Debt 40,769 3.59
8.50% REPCO HOME FINANCE LTD NCD (MD
04/10/2019)
Debt 49,886 4.39
KOTAK MAHINDRA INVESTMENTS LTD CP (MD
31/05/2017)
Debt 9,870 0.87
7.60% AXIS BANK LTD NCD (MD 20/10/2023)
Debt 4,956 0.44
8.12% EXPORT IMPORT BANK OF INDIA NCD (MD
25/04/2031) SR-T02-2031
Debt 52,094 4.59
8.74% MAHINDRA RURAL HOUSING FINANCE LTD
NCD (MD 05/08/2019)
Debt 20,217 1.78
9.13%CHOLAMANDALAM INVESTMENT AND
FINANCE CO. LTD. NCD (MD 31/05/2019)
Debt 30,542 2.69
ELECTRICITY, GAS
AND STEAM SUPPLY
163,429 14.39 NA NA
7.93% POWER GRID CORPORATION NCD (MD
20/05/2028) [L]
Debt 5,106 0.45
8.70% POWER GRID CORPORATION NCD (MD
15/07/2023) [B]
Debt 5,281 0.46
8.85% NHPC LTD NCD (MD 11/02/2019) (SR R2) Debt 5,149 0.45
9.25% POWER GRID CORPORATION LTD NCD (MD
09/03/2027)
Debt 22,289 1.96
8.14% NUCLEAR POWER CORPN OF INDIA LTD
(MD 25/03/2026) SR-XXX TRCH-A
Debt 41,869 3.69
8.14% NUCLEAR POWER CORPN OF INDIA LTD
(MD 25/03/2027) SR-XXX TRCH-B
Debt 15,723 1.38
8.50% NHPC LTD NCD SR-T STRRP L (MD
14/07/2030)
Debt 26,804 2.36
8.13% POWER GRID CORPORATION NCD (MD
25/04/2022) [C]
Debt 41,207 3.63
INFRASTRUCTURE
FINANCE
117,434 10.34 120,204 17.11
10.70% IRFC NCD (MD 11/09/2023) Debt 5,858 0.52
8.84% POWER FINANCE CORPORATION Ltd NCD
(MD 04/03/2023)
Debt 10,554 0.93
9.36% POWER FINANCE CORPN. LTD. NCD (MD
01/08/2021)
Debt 10,682 0.94
9.48% REC LTD. NCD (MD 10/08/2021) Debt 5,376 0.47
9.81% POWER FINANCE CORPORATION LTD (MD
07/10/2018)
Debt 7,255 0.64
9.04% RURAL ELECTRIFICATION CORPN. LTD.
NCD (MD 12/10/2019)
Debt 5,206 0.46
9.40% RURAL ELECTRIFICATION CORPN. LTD.
NCD (MD 17/07/2021)
Debt 21,429 1.89
8.49% L AND T INFRA DEBT FUND LTD NCD (MD
28/01/2025)
Debt 9,987 0.88
8.20% POWER FINANCE CORPN. LTD. NCD (MD
10/03/2025)
Debt 20,579 1.81
8.37% NABARD NCD (MD 22/06/2020) 16C Debt 10,326 0.91
8.51% INDIA INFRADEBT LTD NCD (MD
10/05/2021) SR I
Debt 10,181 0.90
Others (Other than G-Sec)
183,239 16.13 146,926 20.92
Annual Report 2016-17
218
219
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Ind. Maximiser Guaranteed
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE
ACTIVITIES
13,602 24.12 7,159 21.35
HDFC BANK Equity 4,108 7.28
ICICI BANK LTD Equity 2,334 4.14
INDUSIND BANK LTD Equity 557 0.99
KOTAK MAHINDRA BANK LIMITED Equity 1,741 3.09
STATE BANK OF INDIA Equity 2,706 4.80
YES BANK LIMITED Equity 558 0.99
LIC HOUSING FINANCE LTD Equity 507 0.90
UJJIVAN FINANCIAL SERVICES LTD Equity 447 0.79
L AND T FINANCE HOLDINGS LIMITED Equity 642 1.14
Others (Other than G-Sec)
41,389 73.39 16,374 48.84
Note:
The following Sectors were having exposure of more than 10% during previous year but less than 10% during the current year:
Sector Market value % holding
COMPUTER PROGRAMMING, CONSULTANCY 3983 12
MANUFACTURE OF PHARMACEUTICALS 4349 12.97
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Gilt Fund
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
Others (Other than G-Sec)
1,932 0.86 551 0.45
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Gr. Fixed Interest
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE ACTIVITIES
1,514,506 13.69 NA NA
9.90 HDFC LTD. NCD (MD 10/06/2021) Debt 42,987 0.39
9.22% LIC HOUSING FINANCE LTD NCD (MD 16/10/2024) Debt 53,712 0.49
8.95% LIC HOUSING FINANCE LTD NCD (MD 15/09/2020) Debt 44,474 0.40
8.68% LIC HOUSING FINANCE LTD. NCD (MD 30/03/2020) Debt 138,819 1.26
8.55% LIC HOUSING FINANCE LTD. NCD (MD 14/08/2025) Debt 51,915 0.47
9.24% LIC HOUSING FINANCE LTD NCD (MD 30/09/2024) Debt 247,248 2.24
8.90% INDIABULLS HOUSING FINANCE LTD NCD SR. III B
(MD 26/09/2021)
Debt 190,656 1.72
8.45% HDFC LTD. NCD MD (18/05/2026) (SERIES P - 012) Debt 103,643 0.94
8.48% LIC HOUSING FINANCE LTD. NCD (MD 29/06/2026)
PUT 29/06/2018 OPTION II
Debt 134,783 1.22
8.75% HDFC LTD. NCD (04/03/2021)(SERIES P-002) (PUT
OPT 14/04/17)
Debt 506,267 4.58
INFRASTRUCTURE
FINANCE
1,366,537 12.36 NA NA
9.00% STATE BANK OF BIKANER AND JAIPUR FD QTR
COMP (MD 14/03/2018)
Debt 5,000 0.05
9.05% SBI Perpetual NCD (Call- 27/01/2020) Step Up Rate
9.55%
Debt 26,947 0.24
9.40% EXPORT IMPORT BANK OF INDIA NCD (MD
14/08/2023)
Debt 109,315 0.99
9.45% STATE BANK OF INDIA NCD (MD 16/03/2026) CALL
16/03/2021
Debt 1,282 0.01
9.65% CHOLAMANDALAM INVT AND FIN CO LTD NCD
(MD 21/05/2018)
Debt 101,673 0.92
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR
COMP (MD 10/02/2020)
Debt 9,900 0.09
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR
COMP (MD 12/02/2020)
Debt 9,900 0.09
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR
COMP (MD 17/09/2019)
Debt 9,400 0.08
9.75% STATE BANK OF BIKANER AND JAIPUR FD
QUARTERLY COMP (MD 12/09/2018)
Debt 9,900 0.09
9.75% STATE BANK OF BIKANER AND JAIPUR FD
QUARTERLY COMP (MD 16/03/2018)
Debt 9,900 0.09
9.11% CORPORATION BANK FD QTR COMP (MD
05/02/2018) (FV 95 LACS)
Debt 9,500 0.09
9.00% CORPORATION BANK FD QTR COMP (MD
17/09/2018) (F.V. 5CR)
Debt 50,000 0.45
9.00% CORPORATION BANK FD QTR COMP (MD
15/03/2018) (F.V. 5CR)
Debt 50,000 0.45
8.50% CORPORATION BANK FD QTR COMP (MD
17/09/2018) (FV 1.01 CRS)
Debt 20,200 0.18
8.75% BANK OF INDIA FD QUARTERLY COMP (MD
27/03/2018) (FV 99 Lac)
Debt 9,900 0.09
8.50% BANK OF BARODA FD QUARTERLY COMP (MD
05/03/2018) (FV 1.01 CRS)
Debt 50,500 0.46
10.50% AU FINANCIERS (INDIA) LIMITED NCD (MD
19/04/2019)
Debt 123,290 1.11
7.60% ICICI Bank Ltd NCD (MD 07/10/2023) Debt 148,986 1.35
8.25% TATA SONS LTD. NCD (MD 23/03/2022) Debt 30,102 0.27
8.50% REPCO HOME FINANCE LTD NCD (MD 04/10/2019) Debt 89,795 0.81
9.20% CHOLAMANDALAM INVT AND FIN CO LTD NCD
(MD 09/11/2023)
Debt 100,110 0.91
8.92% TATA CAPITAL FINANCIAL SERVICES LIMITED. SUB
DEBT NCD (MD 11/08/2026)
Debt 150,942 1.36
9.20% CHOLAMANDALAM INVT AND FIN CO LTD NCD
(MD 04/04/2019) SR 473
Debt 166,023 1.50
8.08% TATA SONS LTD. NCD (MD 05/08/2026) Debt 73,973 0.67
Others (Other than G-Sec)
2,735,614 24.73 2,837,549 32.31
Annual Report 2016-17
220
221
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Gr. Bond
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE
ACTIVITIES
602,588 21.62 589,228 25.78
8.83% EXPORT IMPORT BANK OF INDIA NCD (MD
09/01/2023)
Debt 42,415 1.52
9.15% AXIS BANK NCD (MD 31/12/2022) Debt 53,317 1.91
9.15% EXPORT IMPORT BANK OF INDIA NCD (MD
05/09/2022)
Debt 21,502 0.77
9.15% ICICI Bank Ltd NCD (MD 31/12/2022) Debt 74,987 2.69
9.15% State Bank of Patiala PERP NCD Call
18/01/2020 StepUp 9.65
Debt 31,010 1.11
9.40% EXPORT IMPORT BANK OF INDIA NCD (MD
14/08/2023)
Debt 54,657 1.96
9.74% TATA SONS LTD. NCD (MD 13/01/2024) Debt 122,344 4.39
9.75% STATE BANK OF BIKANER AND JAIPUR FD
QTR COMP (MD 24/09/2019)
Debt 9,900 0.36
9.75% STATE BANK OF BIKANER AND JAIPUR FD
QTR COMP (MD 25/09/2019)
Debt 9,900 0.36
8.75% CORPORATION BANK FD QTR COMP (MD
27/03/2018) (FV 99 lac)
Debt 9,900 0.36
10.50% AU FINANCIERS (INDIA) LIMITED NCD (MD
19/04/2019)
Debt 10,274 0.37
TATA SONS LTD. ZERO COUPON (8.07% XIRR)
NCD (MD 03/09/2029)
Debt 101,287 3.63
9.13%CHOLAMANDALAM INVESTMENT AND
FINANCE CO. LTD. NCD (MD 31/05/2019)
Debt 40,723 1.46
9.20% CHOLAMANDALAM INVT AND FIN CO LTD
NCD (MD 04/04/2019) SR 473
Debt 20,371 0.73
ELECTRICITY, GAS
AND STEAM SUPPLY
547,141 19.63 551,754 24.14
8.54% NUCLEAR POWER CORPORATION OF INDIA
LIMITED (MD 15/03/2023)
Debt 105,643 3.79
8.65% NTPC Ltd NCD (MD 04/02/2019) Debt 22,585 0.81
8.84% POWER GRID CORPN. OF INDIA LTD. NCD
(MD 21/10/2019)
Debt 10,380 0.37
9.25% POWER GRID CORPORATION NCD (MD
26/12/2020)
Debt 5,322 0.19
9.35% POWER GRID CORPORATION NCD (MD
29/08/2020)
Debt 53,103 1.91
9.47% Power Grid Corporation Ltd NCD (MD
31/03/2022)
Debt 20,340 0.73
8.40% NUCLEAR POWER CORP OF INDIA LTD (A)
(MD 28/11/2025) Series- XXIX
Debt 53,027 1.90
9.05% PETRONET LNG LTD NCD (MD 28/10/2019) Debt 118,645 4.26
8.64 % POWER GRID CORPORATION MD(08/07/24) Debt 26,446 0.95
8.64 % POWER GRID CORPORATION MD(08/07/25) Debt 21,253 0.76
8.40% NUCLEAR POWER CORP OF INDIA LTD (B)
(MD 28/11/2026) Series- XXIX
Debt 53,338 1.91
8.40% POWER GRID CORPORATION NCD (MD
27/05/2024) [F]
Debt 33,423 1.20
9.30% POWER GRID CORPORATION NCD (MD
28/06/2026) [K]
Debt 23,638 0.85
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
INFRASTRUCTURE
FINANCE
488,707 17.54 335,032 14.66
10.60% IRFC NCD (MD 11/09/2018) Debt 1,051 0.04
8.50% IRFC NCD (MD 22/06/2020) Debt 10,419 0.37
8.70% Power Finance Corporation Ltd. NCD (MD
14/05/2020)
Debt 19,697 0.71
9.02% RURAL ELECTRIFICATION CORPN. LTD.
NCD (MD 19/11/2022)
Debt 44,844 1.61
9.04% RURAL ELECTRIFICATION CORPN. LTD.
NCD (MD 12/10/2019)
Debt 57,271 2.06
9.37% POWER FINANCE CORPORATION LTD NCD
(MD 19/08/2024)
Debt 54,685 1.96
8.57% RURAL ELECTRIFICATION CORPN. LTD.
NCD (MD 21/12/2024)
Debt 79,074 2.84
8.65% POWER FINANCE CORPN. LTD. NCD (MD
28/12/2024)
Debt 36,974 1.33
8.30% RURAL ELECTRIFICATION CORPN. LTD.
NCD (MD 10/04/2025)
Debt 41,574 1.49
7.63% POWER FINANCE CORPN. LTD. NCD
(SERIES: 150 OPTION: B) (MD 14/08/2026)
Debt 89,883 3.23
8.83% IRFC NCD (MD 25/03/2023) Debt 53,235 1.91
HOUSING FINANCE
SERVICES
285,620 10.25 316,410 13.84
8.60% LIC HOUSING FINANCE LTD NCD (MD
20/06/2018)
Debt 45,564 1.64
9.90 HDFC LTD. NCD (MD 10/06/2021) Debt 19,344 0.69
9.50% HDFC LTD NCD (MD 13/08/2024) Debt 108,948 3.91
8.68% LIC HOUSING FINANCE LTD. NCD (MD
30/03/2020)
Debt 13,368 0.48
9.05% HDFC LTD NCD (MD 04/02/2018) Debt 5,069 0.18
8.46% HDFC LTD. NCD MD (15/06/2026)PUT
15/07/2017 SR P - 16
Debt 72,598 2.61
8.45% HDFC LTD. NCD MD (18/05/2026) (SERIES
P - 012)
Debt 20,729 0.74
Others (Other than G-Sec)
555,649 19.94 406,154 17.77
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Gr. Bond (contd.)
Annual Report 2016-17
222
223
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Gr. Money Market
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE ACTIVITIES
234,298 24.87 947,754 78.61
9.11% CORPORATION BANK FD QTR COMP (MD
22/12/2017) (FV 95 LACS)
Debt 9,500 1.01
9.11% CORPORATION BANK FD QTR COMP (MD
26/12/2017) (FV 95 LACS)
Debt 9,500 1.01
8.99% TATA CAPITAL FINANCIAL SERVICES LTD NCD
(MD 23/06/2017)
Debt 20,044 2.13
EQUITAS SMALL FINANCE BANK LIMITED CP (MD
30/08/2017)
Debt 82,111 8.72
BHARAT FINANCIAL INCLUSION LTD CP (MD
25/08/2017)
Debt 19,292 2.05
HDB FINANCIAL SERVICES LIMITED CP (MD
06/06/2017)
Debt 19,715 2.09
SKS MICROFINANCE LIMITED CP (MD 21/04/2017) Debt 74,136 7.87
INFRASTRUCTURE
FINANCE
180,158 19.12 NA NA
NABARD Bhavishya Nirman ZCB (MD 01/01/2018) Debt 47,589 5.05
L & T FINCORP LTD CP (MD 28/06/2017) Debt 93,163 9.89
L AND T INFRASTRUCUTRE FINANCE LTD CP (MD
08/06/2017)
Debt 39,406 4.18
HOUSING FINANCE
SERVICES
124,122 13.17 145,032 12.03
9.50 HDFC LTD. NCD (MD 13/09/2017) Debt 35,313 3.75
9.50% HDFC LTD NCD (MD 23/07/2017) Debt 20,109 2.13
9.57% LIC HOUSING FINANCE LTD. NCD (MD
07/09/2017)
Debt 30,268 3.21
HDFC LTD CP MD(23/10/2017) Debt 38,432 4.08
Others (Other than G-Sec)
153,777 16.32 93,231 7.73
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Gr. Short Term Debt
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE ACTIVITIES
46,683 18.87 127,494 49.84
9.10% HDFC BANK LTD. NCD CALL 28/12/2017 (MD
28/12/2022)
Debt 15,223 6.15
9.75% STATE BANK OF BIKANER AND JAIPUR FD
QTR COMP (MD 16/09/2019)
Debt 9,900 4.00
10.50% AU FINANCIERS (INDIA) LIMITED NCD (MD
19/04/2019)
Debt 19,521 7.89
9.20% CHOLAMANDALAM INVT AND FIN CO LTD
NCD (MD 29/03/2019)
Debt 2,038 0.82
INFRASTRUCTURE
FINANCE
46,551 18.82 26,340 10.30
8.50% IRFC NCD (MD 22/06/2020) Debt 7,294 2.95
8.70% Power Finance Corporation Ltd. NCD (MD
14/05/2020)
Debt 2,073 0.84
9.70% POWER FINANCE CORPN. LTD. NCD (MD
09/06/2021)
Debt 21,565 8.72
9.04% RURAL ELECTRIFICATION CORPN. LTD. NCD
(MD 12/10/2019)
Debt 15,619 6.31
HOUSING FINANCE
SERVICES
35,270 14.26 35,273 13.79
9.90 HDFC LTD. NCD (MD 10/06/2021) Debt 12,896 5.21
8.68% LIC HOUSING FINANCE LTD. NCD (MD
30/03/2020)
Debt 12,340 4.99
8.90% INDIABULLS HOUSING FINANCE LTD NCD SR.
III B (MD 26/09/2021)
Debt 10,035 4.06
Others (Other than G-Sec)
62,215 25.15 43,152 16.87
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Gr. Growth Advantage Fund
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE
ACTIVITIES
100,935 17.34 67,920 17.02
FEDRAL BANK LTD Equity 2,709 0.47
HDFC BANK Equity 25,480 4.38
HOUSING DEVELOPMENT FINANCE
CORPORATION
Equity 8,918 1.53
ICICI BANK LTD Equity 17,396 2.99
KOTAK MAHINDRA BANK LIMITED Equity 13,782 2.37
STATE BANK OF INDIA Equity 14,668 2.52
BANK OF BARODA Equity 3,458 0.59
BAJAJ FINANCE LTD. Equity 3,086 0.53
UJJIVAN FINANCIAL SERVICES LTD Equity 2,834 0.49
CHOLAMANDALAM INVESTMENT AND FINANCE
COMPANY LIMITED
Equity 257 0.04
L AND T FINANCE HOLDINGS LIMITED Equity 3,131 0.54
MULTI COMMODITY EXCHANGE OF INDIA LIMITED Equity 2,566 0.44
PNB HOUSING FINANCE LIMITED Equity 2,651 0.46
ELECTRICITY, GAS
AND STEAM SUPPLY
63,685 10.94 NA NA
GAIL (INDIA) LIMITED Equity 5,873 1.01
PETRONET LNG LTD Equity 4,395 0.76
POWER GRID CORPORATION OF INDIA LIMITED Equity 5,308 0.91
9.05% PETRONET LNG LTD NCD (MD 28/10/2019) Debt 7,222 1.24
7.89% POWER GRID CORPORATION NCD (L-VIII)
(MD 09/03/2027)
Debt 40,887 7.03
Others (Other than G-Sec)
262,434 45.09 213,086 53.39
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Gr. Inc. Advantage
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
INFRASTRUCTURE
FINANCE
83,159 17.71 109,129 15.91
9.02% RURAL ELECTRIFICATION CORPN. LTD.
NCD (MD 19/11/2022)
Debt 13,880 2.96
9.34% RURAL ELECTRIFICATION CORPN. LTD.
NCD (MD 25/08/2024)
Debt 16,411 3.49
9.37% POWER FINANCE CORPORATION LTD NCD
(MD 19/08/2024)
Debt 21,874 4.66
8.57% RURAL ELECTRIFICATION CORPN. LTD.
NCD (MD 21/12/2024)
Debt 10,543 2.24
8.65% INDIA INFRADEBT LTD NCD (MD
21/03/2026) SERIES II
Debt 20,450 4.35
FINANCIAL AND
INSURANCE
ACTIVITIES
47,231 10.06 NA NA
9.15% EXPORT IMPORT BANK OF INDIA NCD (MD
05/09/2022)
Debt 21,502 4.58
9.15% ICICI Bank Ltd NCD (MD 31/12/2022) Debt 1,071 0.23
8.08% TATA SONS LTD. NCD (MD 05/08/2026) Debt 24,658 5.25
Others (Other than G-Sec)
59,436 12.66 171,896 25.05
Annual Report 2016-17
224
225
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Gr. Secure
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE
ACTIVITIES
2,436,094 14.59 1,774,094 13.70
10.32% SUNDARAM FINANCE LTD. NCD (MD
13/08/2018)
Debt 51,565 0.31
8.85% TATA SONS LTD. NCD (MD 02/05/2023) Debt 35,973 0.22
9.00% EXPORT IMPORT BANK OF INDIA NCD (MD
10/01/2019)
Debt 41,353 0.25
9.05% SBI Perpetual NCD (Call- 27/01/2020) Step
Up Rate 9.55%
Debt 51,821 0.31
9.10% HDFC BANK LTD. NCD CALL 28/12/2017
(MD 28/12/2022)
Debt 45,670 0.27
9.15% EXPORT IMPORT BANK OF INDIA NCD (MD
05/09/2022)
Debt 17,202 0.10
9.15% ICICI Bank Ltd NCD (MD 31/12/2022) Debt 107,124 0.64
9.65% CHOLAMANDALAM INVT AND FIN CO LTD
NCD (MD 21/05/2018)
Debt 68,121 0.41
9.75% STATE BANK OF BIKANER AND JAIPUR FD
QTR COMP (MD 11/02/2020)
Debt 9,900 0.06
9.75% STATE BANK OF BIKANER AND JAIPUR FD
QUARTERLY COMP (MD 11/09/2018)
Debt 9,900 0.06
9.90% TATA SONS LTD. NCD (MD 20/03/2024) Debt 54,158 0.32
9.97% HDB FINANCIAL SERVICES LIMITED NCD
(MD 28/12/2018)
Debt 51,816 0.31
FEDRAL BANK LTD Equity 25,275 0.15
HDFC BANK Equity 241,333 1.45
HOUSING DEVELOPMENT FINANCE
CORPORATION
Equity 83,437 0.50
ICICI BANK LTD Equity 162,275 0.97
KOTAK MAHINDRA BANK LIMITED Equity 136,368 0.82
STATE BANK OF INDIA Equity 137,628 0.82
9.11% CORPORATION BANK FD QTR COMP (MD
25/01/2018) (FV 95 LACS)
Debt 9,500 0.06
9.11% CORPORATION BANK FD QTR COMP (MD
17/01/2018) (F.V. 95 LACS)
Debt 9,500 0.06
BANK OF BARODA Equity 32,460 0.19
8.75% BANK OF BARODA FD QUARTERLY COMP
(MD 23/03/2018) FV (99 Lac)
Debt 9,900 0.06
8.75% BANK OF INDIA FD QUARTERLY COMP (MD
26/03/2018) (FV 99 Lac)
Debt 9,900 0.06
8.95% BAJAJ FINANCE LIMITED NCD (MD
10/04/2020)
Debt 10,286 0.06
8.99% TATA CAPITAL FINANCIAL SERVICES LTD
NCD (MD 23/06/2017)
Debt 70,153 0.42
10.50% AU FINANCIERS (INDIA) LIMITED NCD (MD
19/04/2019)
Debt 1,027 0.01
BAJAJ FINANCE LTD. Equity 33,315 0.20
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
UJJIVAN FINANCIAL SERVICES LTD Equity 30,390 0.18
CHOLAMANDALAM INVESTMENT AND FINANCE
COMPANY LIMITED
Equity 2,416 0.01
L AND T FINANCE HOLDINGS LIMITED Equity 34,110 0.20
MULTI COMMODITY EXCHANGE OF INDIA LIMITED Equity 23,959 0.14
PNB HOUSING FINANCE LIMITED Equity 25,025 0.15
BHARAT FINANCIAL INCLUSION LTD CP (MD
25/08/2017)
Debt 128,295 0.77
8.50% REPCO HOME FINANCE LTD NCD (MD
04/10/2019)
Debt 51,882 0.31
ANDHRA BANK CD (MD 06/06/2017) Debt 29,625 0.18
KOTAK MAHINDRA BANK CD (MD 08/06/2017) Debt 49,416 0.30
HDB FINANCIAL SERVICES LIMITED CP (MD
06/06/2017)
Debt 78,859 0.47
SKS MICROFINANCE LIMITED CP (MD 21/04/2017) Debt 7,463 0.04
KOTAK MAHINDRA INVESTMENTS LTD CP (MD
31/05/2017)
Debt 9,870 0.06
9.13%CHOLAMANDALAM INVESTMENT AND
FINANCE CO. LTD. NCD (MD 31/05/2019)
Debt 50,903 0.30
7.90% AXIS BANK LTD. QTR CMPD FD (MD
07/04/2017) (F.V 1 CR)
Debt 40,000 0.24
9.20% CHOLAMANDALAM INVT AND FIN CO LTD
NCD (MD 04/04/2019) SR 473
Debt 68,243 0.41
8.042% BAJAJ FINANCE LIMITED NCD (OPTION I)
(MD 10/05/2021)
Debt 150,495 0.90
8.04% TATA SONS LTD. NCD (MD 02/09/2026) Debt 49,185 0.29
7.40% CORPORATION BANK FD QTR COMP FV. 95
Lac (MD 25/09/2017)
Debt 9,500 0.06
7.40% CORPORATION BANK FD QTR COMP FV. 95
Lac (MD 26/09/2017)
Debt 9,500 0.06
7.90% AXIS BANK LTD. QTR CMPD FD (MD
04/04/2017) (F.V 1 CR)
Debt 20,000 0.12
8.05% DEVELOPMENT CREDIT BANK QTR CMPD
FD (MD 29/06/2017) (F.V. 5 CR 1 RE)
Debt 50,000 0.30
Others (Other than G-Sec)
6,326,497 37.90 4,858,107 37.53
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Gr. Secure (contd.)
Annual Report 2016-17
226
227
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Gr. Stable
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE ACTIVITIES
517,123 12.59 342,740 10.12
8.95% HDFC BANK LTD. NCD CALL 31/10/2017 (MD
31/10/2022)
Debt 14,161 0.34
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR
COMP (MD 14/02/2020)
Debt 9,900 0.24
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR
COMP (MD 18/09/2019)
Debt 9,900 0.24
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR
COMP (MD 19/09/2019)
Debt 9,900 0.24
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR
COMP (MD 20/05/2019)
Debt 9,900 0.24
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR
COMP (MD 20/09/2019)
Debt 9,900 0.24
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR
COMP (MD 23/09/2019)
Debt 9,900 0.24
FEDRAL BANK LTD Equity 11,072 0.27
HDFC BANK Equity 106,107 2.58
HOUSING DEVELOPMENT FINANCE CORPORATION Equity 36,397 0.89
ICICI BANK LTD Equity 71,086 1.73
KOTAK MAHINDRA BANK LIMITED Equity 58,146 1.42
STATE BANK OF INDIA Equity 60,018 1.46
BANK OF BARODA Equity 14,091 0.34
8.95% BAJAJ FINANCE LIMITED NCD (MD 10/04/2020) Debt 20,571 0.50
8.99% TATA CAPITAL FINANCIAL SERVICES LTD NCD
(MD 23/06/2017)
Debt 2,004 0.05
BAJAJ FINANCE LTD. Equity 14,160 0.34
UJJIVAN FINANCIAL SERVICES LTD Equity 12,875 0.31
CHOLAMANDALAM INVESTMENT AND FINANCE
COMPANY LIMITED
Equity 1,051 0.03
L AND T FINANCE HOLDINGS LIMITED Equity 14,652 0.36
MULTI COMMODITY EXCHANGE OF INDIA LIMITED Equity 10,453 0.25
PNB HOUSING FINANCE LIMITED Equity 10,879 0.26
Others (Other than G-Sec)
1,761,605 42.87 1,505,358 44.43
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Gr. Growth
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE ACTIVITIES
762,468
14.64 655,015 14.89
8.95% HDFC BANK LTD. NCD CALL 31/10/2017 (MD
31/10/2022)
Debt
13,150 0.25
FEDRAL BANK LTD Equity 20,627 0.40
HDFC BANK Equity 189,479 3.64
HOUSING DEVELOPMENT FINANCE
CORPORATION
Equity 67,761 1.30
ICICI BANK LTD Equity 126,137 2.42
KOTAK MAHINDRA BANK LIMITED Equity 98,829 1.90
STATE BANK OF INDIA Equity 103,857 1.99
BANK OF BARODA Equity 25,543 0.49
BAJAJ FINANCE LTD. Equity 25,556 0.49
UJJIVAN FINANCIAL SERVICES LTD Equity 23,390 0.45
CHOLAMANDALAM INVESTMENT AND FINANCE
COMPANY LIMITED
Equity 1,910 0.04
L AND T FINANCE HOLDINGS LIMITED Equity 26,988 0.52
MULTI COMMODITY EXCHANGE OF INDIA LIMITED Equity 19,459 0.37
PNB HOUSING FINANCE LIMITED Equity 19,782 0.38
Others (Other than G-Sec)
2,744,309 52.70 2,169,807 49.32
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Gr. Growth
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE
ACTIVITIES
762,468 14.64 655,015 14.89
8.95% HDFC BANK LTD. NCD CALL 31/10/2017
(MD 31/10/2022)
Debt 13,150 0.25
FEDRAL BANK LTD Equity 20,627 0.40
HDFC BANK Equity 189,479 3.64
HOUSING DEVELOPMENT FINANCE
CORPORATION
Equity 67,761 1.30
ICICI BANK LTD Equity 126,137 2.42
KOTAK MAHINDRA BANK LIMITED Equity 98,829 1.90
STATE BANK OF INDIA Equity 103,857 1.99
BANK OF BARODA Equity 25,543 0.49
BAJAJ FINANCE LTD. Equity 25,556 0.49
UJJIVAN FINANCIAL SERVICES LTD Equity 23,390 0.45
CHOLAMANDALAM INVESTMENT AND FINANCE
COMPANY LIMITED
Equity 1,910 0.04
L AND T FINANCE HOLDINGS LIMITED Equity 26,988 0.52
MULTI COMMODITY EXCHANGE OF INDIA LIMITED Equity 19,459 0.37
PNB HOUSING FINANCE LIMITED Equity 19,782 0.38
Others (Other than G-Sec)
2,744,309 52.70 2,169,807 49.32
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Gr. Short Term Debt 2
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE
ACTIVITIES
63,007 24.79 74,647 30.99
9.45% STATE BANK OF INDIA NCD (MD
16/03/2026) CALL 16/03/2021
Debt 4,273 1.68
9.75% STATE BANK OF BIKANER AND JAIPUR FD
QTR COMP (MD 22/05/2019)
Debt 9,900 3.90
ICICI BANK LTD CD (MD 12/06/2017) Debt 14,793 5.82
EQUITAS SMALL FINANCE BANK LIMITED CP (MD
30/08/2017)
Debt 9,660 3.80
BHARAT FINANCIAL INCLUSION LTD CP (MD
25/08/2017)
Debt 16,399 6.45
8.50% REPCO HOME FINANCE LTD NCD (MD
04/10/2019)
Debt 7,982 3.14
INFRASTRUCTURE
FINANCE
29,743 11.70 39,861 16.55
8.70% Power Finance Corporation Ltd. NCD (MD
14/05/2020)
Debt 19,697 7.75
9.33% NABARD NCD (MD 12/06/2017) Debt 10,046 3.95
ELECTRICITY, GAS
AND STEAM SUPPLY
27,395 10.78 54,310 22.54
8.65% NTPC Ltd NCD (MD 04/02/2019) Debt 1,027 0.40
9.25% POWER GRID NCD MD (26/12/2017) Debt 17,809 7.01
8.40% NUCLEAR POWER CORP OF INDIA LTD (C)
(MD 28/11/2027) Series- XXIX
Debt 8,560 3.37
Others (Other than G-Sec)
105,179 41.38 23,175 9.62
Note:
The following Sectors were having exposure of more than 10% during previous year but less than 10% during the current year:
Sector Market value % holding
HOUSING FINANCE SERVICES 32226 13.38
Annual Report 2016-17
228
229
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Gr. Fixed Interest 2
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
Others (Other than G-Sec)
1,039 2.80 4,435 10.89
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Gr. Stable 2
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE
ACTIVITIES
2,137 10.03 NA NA
FEDRAL BANK LTD Equity 133 0.62
HDFC BANK Equity 473 2.22
HOUSING DEVELOPMENT FINANCE
CORPORATION
Equity 191 0.90
ICICI BANK LTD Equity 331 1.55
KOTAK MAHINDRA BANK LIMITED Equity 304 1.43
STATE BANK OF INDIA Equity 341 1.60
BANK OF BARODA Equity 74 0.35
BAJAJ FINANCE LTD. Equity 57 0.27
UJJIVAN FINANCIAL SERVICES LTD Equity 47 0.22
CHOLAMANDALAM INVESTMENT AND FINANCE
COMPANY LIMITED
Equity 5 0.02
L AND T FINANCE HOLDINGS LIMITED Equity 64 0.30
MULTI COMMODITY EXCHANGE OF INDIA LIMITED Equity 58 0.27
PNB HOUSING FINANCE LIMITED Equity 60 0.28
Others (Other than G-Sec)
7,239 33.97 4,089 35.50
Note:
The following Sectors were having exposure of more than 10% during previous year but less than 10% during the current year:
Sector Market value % holding
INFRASTRUCTURE FINANCE 1152 10.00
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Gr. Growth 2
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE
ACTIVITIES
53,707 15.82 45,263 16.04
9.74% TATA SONS LTD. NCD (MD 13/01/2024) Debt 3,220 0.95
FEDRAL BANK LTD Equity 1,321 0.39
HDFC BANK Equity 13,130 3.87
HOUSING DEVELOPMENT FINANCE
CORPORATION
Equity 4,338 1.28
ICICI BANK LTD Equity 8,480 2.50
KOTAK MAHINDRA BANK LIMITED Equity 6,789 2.00
STATE BANK OF INDIA Equity 7,162 2.11
BANK OF BARODA Equity 1,683 0.50
BAJAJ FINANCE LTD. Equity 1,657 0.49
UJJIVAN FINANCIAL SERVICES LTD Equity 1,524 0.45
CHOLAMANDALAM INVESTMENT AND FINANCE
COMPANY LIMITED
Equity 124 0.04
L AND T FINANCE HOLDINGS LIMITED Equity 1,748 0.51
MULTI COMMODITY EXCHANGE OF INDIA LIMITED Equity 1,241 0.37
PNB HOUSING FINANCE LIMITED Equity 1,290 0.38
ELECTRICITY, GAS
AND STEAM SUPPLY
44,365 13.06 31,792 11.27
9.64% POWER GRID CORPORATION NCD (MD
31/05/18)
Debt 15,430 4.54
GAIL (INDIA) LIMITED Equity 3,280 0.97
PETRONET LNG LTD Equity 2,140 0.63
POWER GRID CORPORATION OF INDIA LIMITED Equity 2,593 0.76
8.40% NUCLEAR POWER CORP OF INDIA LTD (C)
(MD 28/11/2027) Series- XXIX
Debt 10,700 3.15
7.89% POWER GRID CORPORATION NCD (L-VIII)
(MD 09/03/2027)
Debt 10,222 3.01
Others (Other than G-Sec)
176,149 51.87 111,733 39.60
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Discuntinued Policy Fund
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE
ACTIVITIES
1,307,775 24.77 5,988,300 71.09
ICICI BANK LTD CD (MD 12/06/2017) Debt 142,804 2.70
ICICI BANK LTD CD (MD 02/06/2017) Debt 172,993 3.28
ANDHRA BANK CD (MD 06/06/2017) Debt 69,126 1.31
ANDHRA BANK CD (MD 11/07/2017) Debt 215,888 4.09
HDFC BANK LIMITED CD (MD 17/05/2017) Debt 146,187 2.77
KOTAK MAHINDRA BANK CD (MD 08/06/2017) Debt 254,132 4.81
KOTAK MAHINDRA BANK CD (MD 23/05/2017) Debt 247,500 4.69
HDB FINANCIAL SERVICES LIMITED CP (MD
06/06/2017)
Debt 59,144 1.12
Others (Other than G-Sec)
514,887 9.75 1,156,407 13.73
Annual Report 2016-17
230
231
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Gr. Money Market 2
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
Others (Other than G-Sec)
369 13.18 217 8.23
Note:
The following Sectors were having exposure of more than 10% during previous year but less than 10% during the current year:
Sector Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES 1545 58.72
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Linked Discontinued Policy Fund
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
Others (Other than G-Sec)
68,010 5.49 6,390 1.36
Note:
The following Sectors were having exposure of more than 10% during previous year but less than 10% during the current year:
Sector Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES 234991 49.95
HOUSING FINANCE SERVICES 50090 10.65
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Pension Discontinued Policy Fund
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
Others (Other than G-Sec)
14,831 2.96 29,442 9.84
Note:
The following Sectors were having exposure of more than 10% during previous year but less than 10% during the current year:
Sector Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES 137495 45.95
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Asset Allocation Fund
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE
ACTIVITIES
67,194 12.97 29,440 20.97
AXIS BANK LIMITED Equity 1,686 0.33
HDFC BANK Equity 13,577 2.62
HOUSING DEVELOPMENT FINANCE
CORPORATION
Equity 5,666 1.09
ICICI BANK LTD Equity 8,674 1.67
INDUSIND BANK LTD Equity 4,663 0.90
KOTAK MAHINDRA BANK LIMITED Equity 6,848 1.32
STATE BANK OF INDIA Equity 5,757 1.11
BAJAJ FINANCE LTD. Equity 3,961 0.76
L AND T FINANCE HOLDINGS LIMITED Equity 1,533 0.30
ICICI BANK LTD CD (MD 02/06/2017) Debt 14,828 2.86
Others (Other than G-Sec)
243,353 46.97 85,291 60.74
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Asset Allocation Fund
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE
ACTIVITIES
73,153 23.75 24,087 22.98
AXIS BANK LIMITED Equity 5,861 1.90
HDFC BANK Equity 17,657 5.73
HOUSING DEVELOPMENT FINANCE
CORPORATION
Equity 16,974 5.51
ICICI BANK LTD Equity 11,137 3.62
INDUSIND BANK LTD Equity 4,994 1.62
KOTAK MAHINDRA BANK LIMITED Equity 6,174 2.00
STATE BANK OF INDIA Equity 5,754 1.87
YES BANK LIMITED Equity 3,442 1.12
BANK OF BARODA Equity 1,160 0.38
COMPUTER
PROGRAMMING,
CONSULTANCY
36,191 11.75 15,137 14.44
HCL TECHNOLOGIES LTD Equity 3,991 1.30
INFOSYS LIMITED Equity 16,752 5.44
TATA CONSULTANCY SERVICES LIMITED Equity 10,437 3.39
TECH MAHINDRA LIMITED Equity 2,312 0.75
WIPRO LTD. Equity 2,699 0.88
Others (Other than G-Sec)
194,572 63.17 64,809 61.83
Annual Report 2016-17
232
233
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
APPENDIX 3 TO ANNEXURE 3A
Disclosure of Investment - Industrywise
Unclaimed Maturity Fund
(Amounts in thousands of Indian Rupees)
Industry Security
Nature of
security
Current Year
Previous Year
Market
value
%
holding
Market
value
%
holding
FINANCIAL AND
INSURANCE
ACTIVITIES
509,751 22.16 NA NA
ICICI BANK LTD CD (MD 12/06/2017) Debt 39,449 1.72
ICICI BANK LTD CD (MD 02/06/2017) Debt 59,312 2.58
ANDHRA BANK CD (MD 11/07/2017) Debt 29,439 1.28
HDFC BANK LIMITED CD (MD 17/05/2017) Debt 84,243 3.66
KOTAK MAHINDRA BANK CD (MD 08/06/2017) Debt 133,234 5.79
HDB FINANCIAL SERVICES LIMITED CP (MD
06/06/2017)
Debt 64,073 2.79
7.25% H D F C BANK LTD. FD QTR COMP (MD
02/11/2017) (F.V.5 CR)
Debt 50,000 2.17
7.50% AXIS BANK LTD. QTR CMPD FD (MD
11/04/2017) (F.V 1 CR)
Debt 50,000 2.17
Others (Other than G-Sec)
291,103 12.66 NA NA
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
APPENDIX 4 TO ANNEXURE 3A
NAV Highest, Lowest and Closing as on 31st March 2017
Individual Life
Fund Name SFIN
Highest Lowest Closing
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Ind. Assure ULIF01008/07/05BSLIASSURE109 27.2861 25.2565 25.2629 23.4019 27.2861 25.2565
Ind. Income Advantage ULIF01507/08/08BSLIINCADV109 24.2357 21.4001 21.4044 19.8927 23.5830 21.4001
Ind. Protector ULIF00313/03/01BSLPROTECT109 38.1765 34.0957 34.0977 32.0477 38.0707 34.0957
Ind. Builder ULIF00113/03/01BSLBUILDER109 49.5969 43.4834 43.4706 40.9118 49.5969 43.4834
Ind. Balancer ULIF00931/05/05BSLBALANCE109 31.4589 27.8530 27.7928 26.2498 31.4589 27.8530
Ind. Enhancer ULIF00213/03/01BSLENHANCE109 56.6598 49.7374 49.6302 47.3661 56.6598 49.7374
Ind. Creator ULIF00704/02/04BSLCREATOR109 46.7241 40.8452 39.1410 36.8883 46.7241 39.4401
Ind. Magnier ULIF00826/06/04BSLIIMAGNI109 48.5590 43.9917 38.9838 36.1823 48.5590 39.7373
Ind. Maximiser ULIF01101/06/07BSLIINMAXI109 24.3397 22.8468 19.1608 17.5079 24.3397 19.5928
Ind. Multiplier ULIF01217/10/07BSLINMULTI109 30.3587 23.8739 21.5957 19.8513 30.3587 21.8148
Ind. Super 20 ULIF01723/06/09BSLSUPER20109 23.5340 22.3090 19.0917 17.4109 23.5340 19.5378
Ind. Platinum Plus- 1 ULIF01325/02/08BSLIIPLAT1109 18.4923 16.9478 16.6418 16.0970 18.4923 16.7134
Ind. Platinum Plus- 2 ULIF01425/02/08BSLIIPLAT2109 26.5311 24.6475 23.7719 22.9347 26.5311 23.8600
Ind. Platinum Plus- 3 ULIF01628/04/09BSLIIPLAT3109 20.4253 19.0540 18.2053 17.5154 20.4253 18.2975
Ind. Platinum Plus- 4 ULIF01816/09/09BSLIIPLAT4109 18.2226 17.0723 16.1922 15.5253 18.2226 16.2749
Ind. Platinum Premier ULIF02203/02/10BSLPLATPR1109 18.0873 17.2160 16.0406 15.3499 18.0873 16.1396
Ind. Platinum Advantage ULIF02408/09/10BSLPLATADV109 16.0323 15.3126 14.1284 13.4660 16.0323 14.2410
Ind. Foresight- 5 Pay ULIF02510/02/11BSLFSIT5P1109 15.6657 14.4965 13.8270 13.2270 15.6657 13.8968
Ind. Foresight- Single Pay ULIF02610/02/11BSLFSITSP1109 17.0048 16.1652 14.7660 14.0559 17.0048 14.8870
Ind. Titanium- 1 ULIF01911/12/09BSLITITAN1109 18.5033 17.1888 16.3347 15.5620 18.5033 16.4516
Ind. Titanium- 2 ULIF02011/12/09BSLITITAN2109 18.0074 16.8973 15.8472 15.0605 18.0074 15.9783
Ind. Titanium- 3 ULIF02111/12/09BSLITITAN3109 16.1974 15.0597 14.1293 13.3371 16.1974 14.2692
Ind. Liquid Plus ULIF02807/10/11BSLLIQPLUS109 14.6450 13.6462 13.6496 12.6945 14.6450 13.6462
Ind. Pure Equity ULIF02707/10/11BSLIPUREEQ109 24.6554 21.3599 19.3317 17.9811 24.6554 19.4563
Ind. Value Momentum ULIF02907/10/11BSLIVALUEM109 22.7542 17.3460 15.4433 14.2410 22.7542 15.5945
Ind. Pension Nourish ULIF00604/03/03BSLNOURISH109 31.7815 28.4663 28.4693 26.6521 31.6918 28.4663
Ind. Pension Growth ULIF00504/03/03BSLIGROWTH109 40.2750 35.2871 35.2992 33.1840 40.2750 35.2871
Ind. Pension Enrich ULIF00404/03/03BSLIENRICH109 48.6459 41.5643 41.3537 39.3333 48.6459 41.5254
Ind. Income Advantage Guaranteed ULIF03127/08/13BSLIINADGT109 13.8007 12.4364 12.4389 11.5868 13.6009 12.4364
Ind. Maximiser Guaranteed ULIF03027/08/13BSLIMAXGT109 15.0289 13.9634 12.3569 11.4718 15.0289 12.5750
Ind. Asset Allocation ULIF03430/10/14BSLIASTALC109 12.2774 10.3830 10.0598 9.3576 12.2774 10.1828
Ind. Capped Nifty Index ULIF03530/10/14BSLICNFIDX109 11.6447 10.5361 9.6011 8.8847 11.6385 9.8274
Life Discontinued ULIF03205/07/13BSLILDIS109 12.2153 11.4785 11.4809 10.7009 12.2153 11.4785
Pension Discontinued ULIF03305/07/13BSLIPNDIS109 12.2051 11.4687 11.4711 10.6919 12.2051 11.4687
Discontinued Policy ULIF02301/07/10BSLIDISCPF109
16.1561 15.1043 15.1077 14.0078 16.1561 15.1043
Annual Report 2016-17
234
235
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
APPENDIX 4 TO ANNEXURE 3A
NAV Highest, Lowest and Closing as on 31st March 2017
Group Life
Fund Name SFIN
Highest Lowest Closing
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Gr. Fixed Interest ULGF00416/07/02BSLGFIXINT109 35.1388 31.0926 31.0993 28.9156 34.2930 31.0926
Gr. Gilt ULGF00630/05/03BSLIGRGILT109 26.2251 22.5316 22.5360 20.7680 25.1472 22.5316
Gr. Bond ULGF00530/05/03BSLIGRBOND109 29.1918 26.5583 26.5644 24.6987 29.0600 26.5583
Gr. Money Market ULGF00824/08/04BSLIGRMMKT109 28.6968 26.6707 26.6766 24.7199 28.6968 26.6707
Gr. Short Term Debt ULGF01322/09/08BSLGSHTDBT109 20.0570 18.5541 18.5583 17.1960 20.0570 18.5541
Gr. Secure ULGF00212/06/01BSLGSECURE109 49.6765 43.8406 43.8322 41.7722 49.6765 43.8406
Gr. Stable ULGF00312/06/01BSLGSTABLE109 67.7916 59.5796 58.5798 55.2537 67.7916 58.7768
Gr. Growth ULGF00112/06/01BSLGGROWTH109 82.1344 72.1265 68.7663 64.4101 82.1344 69.3178
Gr. Growth Advantage ULGF01026/11/07BSLIGGRADV109 29.4948 26.0350 24.3340 22.6554 29.4948 24.5901
Gr. Income Advantage ULGF01425/02/10BSLGINCADV109 19.5244 17.2786 17.2819 16.0148 19.0586 17.2786
Gr. Fixed Interest II ULGF01728/11/11BSLGFXINT2109 18.4081 16.1615 16.1655 14.8319 18.0207 16.1615
Gr. Growth II ULGF01828/11/11BSLGROWTH2109 19.7944 17.0858 16.4103 15.3649 19.7944 16.5444
Gr. Money Market II ULGF01928/11/11BSLGRMMKT2109 15.5463 14.5138 14.5177 13.4367 15.5463 14.5138
Gr. Secure II ^ ULGF02028/11/11BSLGSECUR2109 10.0000 10.0000 10.0000 10.0000 10.0000 10.0000
Gr. Short Term Debt II ULGF02128/11/11BSLGSHTDB2109 16.6796 15.3275 15.3312 14.0858 16.6796 15.3275
Gr. Stable II ULGF02228/11/11BSLGSTABL2109
18.4931 15.9830 15.8035 14.8465 18.4931 15.8527
^ There is no unit balance as of 31st March 2017 and neither there was any movement in Gr. Capital Protection, Gr. Floating Rate, Gr. Growth Maximsier, Gr. Secure- II & Gr. Bond II for the period
starting from 01st April 2014 till 31st March 2017.
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
APPENDIX 5 TO ANNEXURE 3A
Annualised Expense Ratio to Average Daily Assets of the Fund
as on 31st March 2017
(Amounts in thousands of Indian Rupees)
Particulars
Current Year
Previous Year
Management Fees for the Period (inclusive of service tax) 3,532,070 3,438,017
Average Daily AUM of the ULIP funds 242,827,677 237,000,123
Annualised Expense Ratio to Average daily AUM (%)
1.45% 1.45%
APPENDIX 6 TO ANNEXURE 3A
Statement showing Ratio of Gross Income (Including Unrealized Gain/Loss) to Average Daily Net Assets
as on 31st March 2017
(Amounts in thousands of Indian Rupees)
A Income from Investment ULIP Assets
Current Year
Previous Year
1 Interest, Dividend & Rent - Gross 11,388,989 11,235,348
2 Prot on Sale/ Redemption of Investments 13,922,185 13,413,550
3 (Loss on Sale/ Redemption of Investments) (4,209,876) (5,160,442)
4 Gain / (Loss) on Amortization 1,047,002 1,015,622
5 Other Income / (Expense) - -
Sub Total
22,148,300 20,504,078
B Unrealized Gain / (Loss)
15,067,780 (18,343,422)
C Total (A+B)
37,216,080 2,160,656
D Average Daily AUM of the ULIP Funds
242,827,677 237,000,123
E Ratio of Gross Income to Average Daily Net Assets (%)
15% 1%
Annual Report 2016-17
236
237
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
APPENDIX 7 TO ANNEXURE 3A
Fund Wise Disclosure of Appreciation and/or (Depreciation) in value of Investment segregated Class Wise
as on 31st March 2017
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Assure Ind. Income Advantage Ind. Protector Ind. Builder Ind. Balancer Ind. Enhancer
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF01008/07/05
BSLIASSURE109
ULIF01507/08/08
BSLIINCADV109
ULIF00313/03/01
BSLPROTECT109
ULIF00113/03/01
BSLBUILDER109
ULIF00931/05/05
BSLBALANCE109
ULIF00213/03/01
BSLENHANCE109
Approved
Investments
Government Bonds (578) - 4,398 26,039 70,078 33,047 44,122 23,841 6,349 5,149 678,905 342,774
Corporate Bonds 5,455 2,608 28,167 16,212 50,875 31,242 8,390 2,701 437 399 327,952 171,725
Infrastructure Bonds 13,396 6,300 60,599 22,683 36,297 20,633 34,408 20,684 2,599 2,203 394,669 184,334
Equity Shares - - - - 63,727 29,353 87,143 57,590 14,077 5,326 3,950,373 1,147,325
Money Market - - - - - - - - - - - -
Mutual Funds - - - - - - - - - - - -
Preference Shares - - - - 453 432 1,097 1,044 87 82 22,077 21,026
Total
18,273 8,908 93,164 64,934 221,430 114,707 175,160 105,860 23,549 13,159 5,373,976 1,867,184
Other Investments
Corporate Bonds 685 798 11,395 (154) 3,483 605 - - - - 16,243 (4,858)
Infrastructure Bonds - - - - - - - - - - - -
Equity Shares - - - - 11,084 (1,726) 16,770 9,494 1,233 (20) 207,738 12,881
Money Market - - - - - - - - - - - -
Mutual Funds - 259 - 179 - 357 - 182 - - 123,265 513
Preference Shares - - - - - - - - - - - -
Total 685 1,057 11,395 25 14,567 (764) 16,770 9,676 1,233 (20) 347,246 8,536
GRAND TOTAL 18,958 9,965 104,559 64,959 235,997 113,943 191,930 115,536 24,782 13,139 5,721,222 1,875,720
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Multiplier Ind. Super 20 Ind. Platinum Plus- 1 Ind. Platinum Plus- 2 Ind. Platinum Plus- 3 Ind. Platinum Plus- 4
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF01217/10/07
BSLINMULTI109
ULIF01723/06/09
BSLSUPER20109
ULIF01325/02/08
BSLIIPLAT1109
ULIF01425/02/08
BSLIIPLAT2109
ULIF01628/04/09
BSLIIPLAT3109
ULIF01816/09/09
BSLIIPLAT4109
Approved
Investments
Government Bonds - - - - 2,640 2,909 12,224 19,716 22,790 32,772 1,969 7,984
Corporate Bonds - - - - 6,560 709 8,759 1,827 10,846 (1,349) 9,257 1,045
Infrastructure Bonds - - - - (294) 247 12,540 15,359 33,966 24,460 26,236 12,128
Equity Shares 762,427 140,550 1,217,954 140,747 164,250 75,956 374,320 167,469 454,413 252,078 348,819 190,779
Money Market - - - - - - - - - - - -
Mutual Funds - - - - - - - - - - - -
Preference Shares - - - - 1,575 1,500 3,078 2,931 6,505 6,195 5,101 4,858
Total
762,427 140,550 1,217,954 140,747 174,731 81,321 410,921 207,302 528,520 314,156 391,382 216,794
Other Investments
Corporate Bonds - - - - - - - - - - - -
Infrastructure Bonds - - - - - - - - - - - -
Equity Shares 100,767 32,934 - - 1,882 - 6,064 - 6,890 - 4,448 -
Money Market - - - - - - - - - - - -
Mutual Funds - 719 - 3 - - - - - 32 - 43
Preference Shares - - - - - - - - - - - -
Total 100,767 33,653 - 3 1,882 - 6,064 - 6,890 32 4,448 43
GRAND TOTAL 863,194 174,203 1,217,954 140,750 176,613 81,321 416,985 207,302 535,410 314,188 395,830 216,837
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
APPENDIX 7 TO ANNEXURE 3A
Fund Wise Disclosure of Appreciation and/or (Depreciation) in value of Investment segregated Class Wise
as on 31st March 2017
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Foresight- Single Pay
Ind. Titanium- 1 Ind. Titanium- 2 Ind. Titanium- 3 Ind. Pure Equity Ind. Value Momentum
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF02610/02/11
BSLFSITSP1109
ULIF01911/12/09
BSLITITAN1109
ULIF02011/12/09
BSLITITAN2109
ULIF02111/12/09
BSLITITAN3109
ULIF02707/10/11
BSLIPUREEQ109
ULIF02907/10/11
BSLIVALUEM109
Approved
Investments
Government Bonds 1,582 1,791 386 97 456 157 154 65 - - - -
Corporate Bonds 385 42 521 (261) 91 4 172 36 - - - -
Infrastructure Bonds 7,558 3,232 1,345 626 373 147 59 26 - - - 1,405
Equity Shares 101,923 59,184 23,508 9,430 6,688 2,949 3,464 1,191 124,719 (1,396) 212,215 (45,726)
Money Market - - - - - - - - - - - -
Mutual Funds - - - - - - - - - - - -
Preference Shares 841 801 493 469 143 137 57 55 - - - -
Total
112,289 65,050 26,253 10,361 7,751 3,394 3,906 1,373 124,719 (1,396) 212,215 (44,321)
Other Investments
Corporate Bonds - - - - - - - - - - - -
Infrastructure Bonds - - - - - - - - - - - -
Equity Shares 1,120 - 151 - 29 - 23 - 8,788 1,449 13,673 (5,656)
Money Market - - - - - - - - - - - -
Mutual Funds - 72 - 1 - - - 5 - - - -
Preference Shares - - - - - - - - - - - 17
Total 1,120 72 151 1 29 - 23 5 8,788 1,449 13,673 (5,639)
GRAND TOTAL 113,409 65,122 26,404 10,362 7,780 3,394 3,929 1,378 133,507 53 225,888 (49,960)
(Amounts in thousands of Indian Rupees)
Particulars
Ind. Pension Nourish
Ind. Income Advantage Guaranteed
Ind. Maximiser Guaranteed
Gr. Fixed Interest Gr. Gilt Gr. Bond
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF00604/03/03
BSLNOURISH109
ULIF03127/08/13
BSLIINADGT109
ULIF03027/08/13
BSLIMAXGT109
ULGF00416/07/02
BSLGFIXINT109
ULGF00630/05/03
BSLIGRGILT109
ULGF00530/05/03
BSLIGRBOND109
Approved
Investments
Government Bonds 2,732 1,255 10,382 8,533 - - 90,199 57,107 7,364 2,963 - -
Corporate Bonds 258 560 4,628 1,385 - - 50,693 15,334 - - 34,559 26,246
Infrastructure Bonds 2,147 1,480 13,768 7,163 - 21 66,472 36,460 - - 53,077 29,835
Equity Shares 1,577 753 - - 8,216 1,528 - - - - - -
Money Market - 14 - - - - - - - - - -
Mutual Funds - - - - - - - - - - - -
Preference Shares 14 - - - - - - - - - - -
Total
6,728 4,062 28,778 17,081 8,216 1,549 207,364 108,901 7,364 2,963 87,636 56,081
Other Investments
Corporate Bonds - - 548 169 - - 26,862 3,851 - - 274 85
Infrastructure Bonds - - - - - - - - - - - -
Equity Shares 291 (26) - - 61 - - - - - - -
Money Market - - - - - - - - - - - -
Mutual Funds - - - 82 - 6 - 6 - 1 - 60
Preference Shares - 5 - - - - - - - - - -
Total 291 (21) 548 251 61 6 26,862 3,857 - 1 274 145
GRAND TOTAL 7,019 4,041 29,326 17,332 8,277 1,555 234,226 112,758 7,364 2,964 87,910 56,226
Annual Report 2016-17
238
239
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
APPENDIX 7 TO ANNEXURE 3A
Fund Wise Disclosure of Appreciation and/or (Depreciation) in value of Investment segregated Class Wise
as on 31st March 2017
(Amounts in thousands of Indian Rupees)
Particulars
Gr. Income Advantage
Gr. Secure Gr. Stable Gr. Growth Gr. Fixed Interest II Gr. Money Market II
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULGF01425/02/10
BSLGINCADV109
ULGF00212/06/01
BSLGSECURE109
ULGF00312/06/01
BSLGSTABLE109
ULGF00112/06/01
BSLGGROWTH109
ULGF01728/11/11
BSLGFXINT2109
ULGF01928/11/11
BSLGRMMKT2109
Approved
Investments
Government Bonds 15,794 10,303 266,250 122,395 83,767 27,501 74,008 22,805 3,411 2,283 - -
Corporate Bonds 1,938 1,802 54,635 32,082 4,897 1,697 6,860 1,734 (3) (11) - -
Infrastructure Bonds 6,337 6,159 32,571 15,969 5,664 4,764 16,667 5,989 - - - -
Equity Shares - - 395,575 (22,392) 181,105 (7,601) 322,307 (29,402) - - - -
Money Market - - - 1,544 - 859 - 1,229 - - - -
Mutual Funds - - - - - - - - - - - -
Preference Shares - - 1,621 - 902 - 1,290 - - - - -
Total
24,069 18,264 750,652 149,598 276,335 27,220 421,132 2,355 3,408 2,272 - -
Other Investments
Corporate Bonds - - - 443 - - - - - - - -
Infrastructure Bonds - - - - - - - - - - - -
Equity Shares - - 56,092 (14,442) 23,483 (6,836) 42,791 (13,716) - - - -
Money Market - - - - - - - - - - - -
Mutual Funds - - - - - - - - - - - 1
Preference Shares - 13 - 672 - 11 - 160 - - - -
Total - 13 56,092 (13,327) 23,483 (6,825) 42,791 (13,556) - - - 1
GRAND TOTAL 24,069 18,277 806,744 136,271 299,818 20,395 463,923 (11,201) 3,408 2,272 - 1
(Amounts in thousands of Indian Rupees)
Particulars
Pension Discontinued
Life Discontinued
Discontinued Policy
Ind. Asset Allocation Ind. Capped Nifty Index Total
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
SFIN
ULIF03305/07/13
BSLIPNDIS109
ULIF03205/07/13
BSLILDIS109
ULIF02301/07/10
BSLIDISCPF109
ULIF03430/10/14
BSLIASTALC109
ULIF03530/10/14
BSLICNFIDX109
Approved
Investments
Government Bonds - - - - - - 1,954 253 - - 1,704,440 1,012,865
Corporate Bonds - - - - - (2,088) 366 - - - 721,076 352,721
Infrastructure Bonds - - - - - (629) 787 24 - - 1,150,156 561,273
Equity Shares - - - - - - 27,810 1,803 34,007 (438) 16,725,556 4,627,048
Money Market - - - - - - - - - - - -
Mutual Funds - - - - - - - - - - - -
Preference Shares - - - - - - - - - - 103,187 98,273
Total
- - - - - (2,717) 30,917 2,080 34,007 (438) 20,404,415 6,652,180
Other Investments
Corporate Bonds - - - - - - - - - - 60,266 430
Infrastructure Bonds - - - - - - - - - - - -
Equity Shares - - - - - - 507 160 730 44 864,730 (48,677)
Money Market - - - - - - - - - - - -
Mutual Funds - - - - - - - - - - 274,833 (67,477)
Preference Shares - 35 - 22 - 1,137 - 35 - 4 - -
Total - 35 - 22 - 1,137 507 195 730 48 1,199,829 (115,724)
GRAND TOTAL - 35 - 22 - (1,580) 31,424 2,275 34,737 (390) 21,604,244 6,536,456
There is no unit balance as of 31st March 2017 and neither there was any movement in Gr. Capital Protection, Gr. Floating Rate, Gr. Growth Maximsier, Gr. Secure- II & Gr. Bond II for the period
starting from 01st April 2014 till 31st March 2017.
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SUMMARY OF FINANCIAL STATEMENTS
Annexure - 4
(Amounts in thousands of Indian Rupees)
Sr. No. Particulars
2016-17
2015-16 2014-15 2013-14 2012-13
POLICYHOLDERS’ A/C
1 Gross Premium Income 57,239,551 55,797,125 52,332,246 48,330,521 52,162,991
2 Net Premium Income# 55,335,476 54,117,352 50,683,663 46,448,513 50,517,461
3 Income from investments(Net)@ 43,375,850 6,433,612 53,092,074 24,958,744 20,700,492
4 Other Income 332,166 347,376 336,157 365,427 366,568
5 Total Income 99,043,492 60,898,340 104,111,894 71,772,685 71,584,521
6 Commissions 2,550,599 2,180,609 2,333,736 2,347,130 3,004,767
7 Brokerage - - - - -
8 Operating Expenses related to
insurance Business 8,690,764 10,044,715 9,727,014 10,381,707 11,597,047
9 Total Expenses 11,241,363 12,225,324 12,060,750 12,728,836 14,601,814
10 Payment to Policy holders 46,536,840 42,479,513 37,718,900 36,655,017 36,586,379
11 Increase in Actuarial Liability 39,545,399 5,949,297 52,520,053 19,767,326 16,124,872
12 Provision for Tax (including Fringe Benet Tax) - - - - -
13 Surplus/(Decit) from operations 1,719,890 244,206 1,812,191 2,621,506 4,271,456
SHAREHOLDERS’ A/C
14 Total Income under Shareholders’ Account (491,697) 1,155,788 1,041,838 1,086,031 1,143,573
15 Prot / (loss) Before Tax 1,228,193 1,399,994 2,854,030 3,707,537 5,415,031
16 Prot / (loss) After Tax 1,228,193 1,399,994 2,854,030 3,707,537 5,415,031
17 Prot / (loss) carried to Balance Sheet (4,054,134) (5,282,327) (6,682,321) (9,536,350) (12,424,921)
18 (A) Policyholders’ account:
Total funds (incl Funds for Future Appropriation) 333,798,588 293,748,019 288,389,587 235,574,421 215,763,094
Total Investments (including policy loans) 329,726,521 291,525,558 286,702,486 234,739,033 215,866,081
Yield on investments
- Linked Fund(%) $ 16.77% 0.91% 24.90% 12.10% 10.88%
- Non Par Non-Linked Fund (%) 10.00% 7.84% 10.87% 9.03% 8.95%
- Par Non-Linked Fund(%) 9.47% 6.84% 7.45% 5.25% 4.25%
(B) Shareholders’ account:
Total funds (including unrealised gain) 18,046,578 16,815,664 15,418,834 12,566,214 12,476,234
Total investments 16,039,133 17,066,285 15,523,423 13,292,091 13,706,870
Yield on investments (%) 9.44% 9.53% 9.26% 8.90% 10.22%
19 Yield on total investments 14.92% 2.43% 11.72% 11.72% 10.65%
20 Paid up equity capital 19,012,080 19,012,080 19,012,080 19,012,080 19,695,000
21 Net worth 18,046,578 16,815,664 15,418,834 12,566,214 12,476,234
22 Total Assets 351,845,166 310,563,683 303,808,421 248,140,636 228,239,327
23 Earnings per share (share of FV of ` 10 each) ` 0.65 0.74 1.50 1.94 2.75
24 Book value per share (share of FV of ` 10 each) `
9.49 8.84 8.11 6.61 6.33
# Net of Reinsurance
@ Net of Losses
$ Yield on Linked policyholders investments includes unrealised gains on investments.
Annual Report 2016-17
240
241
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
ANALYTICAL RATIOS
(Amounts in thousands of Indian Rupees)
Sr. No Ratios for Life Insurers
Audited year ended
31st March, 2017
Audited year ended
31st March, 2016
1 New business premium income growth (segment-wise)
(New business premium for Current Year divided by new business
premium income for Previous Year)
a) Linked Life 1.14 0.93
b) Linked Group Life 0.79 1.99
c) Linked Pension individual 1.14 0.78
d) Linked Group Pension 1.22 7.90
e) Linked Health Individual 0.56 (8.15)
f) Non-Linked Life 2.66 0.88
g) Non-Linked Group Life 1.27 0.72
h) Non Linked group Life variable 0.68 0.39
i) Non- Linked Pension Individual (3.07) (0.18)
j) Non-Linked Annuity Individual 1.04 0.87
k) Non-Linked Group Pension 1.75 1.13
l) Non-Linked Group Pension Variable 1.43 5.43
m) Non-Linked Health 5.98 9.36
n) Non-Linked Par Life 0.92 0.97
2 Net Retention Ratio
(Net premium divided by gross premium)
0.97 0.97
3 Expense of Management to Gross Direct Premium Ratio
(Expenses of management divided by the total gross direct premium)
Note: Expenses of Management = Operating Expenses related to Insurance
Business + Commission Expenses
0.18 0.20
4 Commission Ratio
(Gross Commission paid to Gross Premium)
0.04 0.04
5 Ratio of Policyholders’ Liabilities to Shareholders’ Funds 18.50 17.47
Note: 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
Prot &Loss A/C
6 Growth Rate of Shareholders’ Funds 1.07 1.09
7 Ratio of Surplus / (Decit) to Policyholders Liabilities 0.01 0.01
8 Change in Net Worth (` in ‘000) 1,230,914 1,396,830
9 Prot after Tax / Total Income
Note: Total Income = Total Income under Policyholders’ Account excluding
shareholders’ contribution + Total Income under Shareholders’ Account excluding
policyholders’ contribution
0.01 0.02
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
(Amounts in thousands of Indian Rupees)
Sr. No Ratios for Life Insurers
Audited year ended
31st March, 2017
Audited year ended
31st March, 2016
10 (Total Real Estate + Loans) / Cash & Invested Assets 0.0015 0.0015
11 Total Investments / (Capital + Surplus)
Note: Total Investments = Shareholders’ Investments + Policyholders’
Investments + Assets held to cover Linked Liabilities
19.13 18.32
12 Total Afliated Investments / (Capital + Surplus)* 0.40 0.34
13 Investment Yield
A. With Unrealised Gains
Shareholders’ Funds 11.05% 8.22%
Policyholders’ Funds :
Non- Linked Participating 12.31% 8.02%
Non- Linked Non Participating 11.88% 7.07%
Linked Non Participating 14.93% -0.53%
B. Without Unrealised Gains
Shareholders’ Funds 9.37% 9.13%
Policyholders’ Funds :
Non- Linked Participating 8.59% 8.22%
Non- Linked Non Participating 8.91% 8.88%
Linked Non Participating 8.53% 7.96%
14 Conservation Ratio
Total Conservation Ratio (without Group) 77.30% 82.79%
Total Conservation Ratio (with Group) 57.65% 64.71%
15 Persistency Ratio
For 13th month 71.45% 64.69%
For 25th month 60.18% 56.52%
For 37th month 52.21% 49.61%
For 49th Month 47.30% 52.08%
For 61st month 47.05% 35.45%
16 NPA Ratio
Gross NPA Ratio Nil Nil
Net NPA Ratio Nil Nil
17 Solvency Ratio
2.00 2.11
“* Ratio calculated above is without considering policyholders’ funds amounting to ` 329,189,317 (Previous Year: ` 286,717,414) in thousands.
The ratio after considering the policyholders’ funds for the Current year is 0.02 (Previous Year: 0.01).”
**The methodology is based on IRDAI new circular on persistency.
** Last year ratios have been revised to reect the calculation as per recent circular
ANALYTICAL RATIOS (CONTD.)
Annual Report 2016-17
242
243
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
MANAGEMENT REPORT
For the period ended 31st March 2017
(Currency: In thousands of Indian Rupees unless otherwise stated)
In accordance with the Insurance Regulatory and
Development Authority of India (‘IRDAI’) (Preparation of
Financial Statements and Auditor’s Report of Insurance
Companies) Regulations, 2002, and the Insurance Laws
(Amendment) Act 2015, the following Management Report
is submitted by the Board of Directors.
1. Certicate of Registration
The Certicate of Registration granted under section
3 of the Insurance Act, 1938 as amended by the
Insurance Laws (Amendment) Act, 2015 , by the
Insurance Regulatory and development Authority of
India (IRDAI) to enable the Company to transact life
insurance business was valid as on 31st March 2017
and is in force as on the date of this Report.
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 conrms 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.
(as amended by the Insurance Laws (Amendment ) Act
2015) and the IRDAI (Assets, Liabilities and Solvency
Margin of Insurers) Regulations, 2000
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 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 specied under “Other
Accounts”.
Market values of xed income investments made in
the shareholders’ funds and non-linked policyholders
funds which are valued at amortized cost as per the
IRDAI regulations, is higher by their carrying amounts
by ` 4,067,478 (previous year higher by ` 2,049,168)
in aggregate as at 31st March, 2017, details below:
Particulars
Current Year
Market
Value
Amortised
Cost
Difference
Shareholder’s Fund 16,095,877 15,295,551 800,326
Non Linked Fund 72,371,395 69,104,243 3,267,152
Total 88,467,272 84,399,794 4,067,478
Particulars
Previous Year
Market
Value
Amortised
Cost
Difference
Shareholder’s Fund 15,212,095 14,729,630 482,465
Non Linked Fund 53,599,282 52,032,579 1,566,703
Total 68,811,377 66,762,209 2,049,168
7. Investment Pattern
We hereby conrm 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) (as amended by the Insurance
Laws (Amendment ) Act 2015), IRDAI (Investment
) Regulations, 2000 as amended and applicable
circulars and guidelines relating to the application and
investment of the life insurance funds.
8. Risk Minimization 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 uctuations
in their values. The Company is also subject to the
expense risk, since until new business volumes grow
signicantly, 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
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
minimize 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 nancial effect of adverse
mortality and morbidity experience has been reduced
by entering into reinsurance agreements with RGA,
Munich Re, Swiss Re, Sirius Re, Qatar Re and GIC Re
for individual/group business.”
The Company has also set up systems to continuously
monitor its experience with regard to other parameters
that affect the value of benets 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 robust Business Continuity Plan and IT
Disaster Recovery Plan in place to manage any business/
technology interruption risk. Business Continuity Management
System is certied against the global standard ISO 22301
.
Information Security risks are governed through
comprehensive Information Security policy which is
complied with privacy and / or data protection legislations
as specied in Indian Information Technology Act 2008
and Notication dated 11th April 2011 on protection of
sensitive personal information and it provides direction
to Information Security staff as well as management
and employees regarding their responsibilities for the
Information Security function.“Information Security
Management System is certied against the global
standard ISO 27001:2013”.
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 from the date of
receipt of complete requirements from the claimant
to dispatch of claim payment for the current year and
previous four nancial years are given below.
Period
Average claim settlement
time (In days)
2016-17 5
2015-16 6
2014-15 4
2013-14 4
2012-13 3
MANAGEMENT REPORT
For the period ended 31st March 2017
(Currency: In thousands of Indian Rupees unless otherwise stated)
Ageing of claims outstanding
For Non Linked Business
Period
Claims registered and not settled Claims registered and settled
Current Year
Previous Year
Current Year
Previous Year
No. of
Claims
Amount
No. of
Claims
Amount
No. of
Claims
Amount
No. of
Claims
Amount
Less than 30 Days 20 15,791 131 81,918 - - - -
30 days to 6 months 20 16,299 110 103,299 - - - -
6 months to 1 year - - 40 12,613 - - 3 2,560
1 year to 5 years - - 66 22,891 - - 3 1,918
5 years and above - - - - - - 1 2,500
Total for the Period 40 32,090 347 220,721 - - 7 6,978
Management Report
Annual Report 2016-17
244
245
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
MANAGEMENT REPORT
For the period ended 31st March 2017
(Currency: In thousands of Indian Rupees unless otherwise stated)
For Linked Business
Period
Claims registered and not settled Claims registered and settled
Current Year
Previous Year
Current Year
Previous Year
No. of
Claims
Amount
No. of
Claims
Amount
No. of
Claims
Amount
No. of
Claims
Amount
Less than 30 Days 5 7,288 24 20,108 - - - -
30 days to 6 months 2 3,683 31 31,960 - - - -
6 months to 1 year - - 24 8,837 - - 2 224
1 year to 5 years - - 83 29,710 - - 16 16,890
5 years and above - - 8 2,115 - - 6 1,690
Total for the Period 7 10,971 170 92,730 - - 24 18,803
The above includes provision made (net of reinsurance)
for 283 cases (previous year 282 cases) amounting
to ` 99,018 /- (previous year ` 97,860/-) during the
year where the Company has lost in the 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:
1. Debt Securities including government securities
and money market instruments are valued on
the basis of the Straight line amortised value of
these assets.
2. Additional Tier 1 (BASEL III) bonds are valued
using average of the security level valuation
provided by CRISIL & ICRA.
3. Equities, Preference shares and Exchange traded
funds 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
traded on NSE, valuation is done on closing price
at Bombay Stock Exchange (BSE). Investment
in Unlisted shares would be valued as per the
valuation policy of the Company duly approved by
Valuation Committee as follows:
To evaluate & provide for diminution in value of
unlisted equity shares, fair value of these unlisted
equity shares would be ascertained on a quarterly
basis for reporting purpose and for provisioning
on the balance sheet date. The fair value of these
unlisted equity shares to be derived by using
below methodology:
a)
Based on the latest available audited balance
sheet, Net Worth shall be calculated as the
lower of item (1) and (2) below:
1. Net Worth per share = [Share Capital + Free
Reserves (excluding revaluation reserves) -
Miscellaneous expenditure not written off or
deferred revenue expenditure, intangible assets
and accumulated losses] / Number of Paid up
Shares.
2. After taking into account the outstanding warrants
and options, Net Worth per share shall again
be calculated and shall be = [Share Capital
+ consideration on exercise of Option and/or
Warrants received/receivable by the Company +
Free Reserves (excluding Revaluation Reserves)
- Miscellaneous expenditure not written off or
deferred revenue expenditure, intangible assets
and accumulated losses] / Number of Paid
up Shares plus Number of Shares that would
be obtained on conversion and/or exercise of
Outstanding Warrants and Options.
b. The lower of (1) and (2) above shall be used
for calculation of Net Worth per share and for
further calculation in (c) below.
i) Average capitalization rate (P/E ratio) for the
industry based upon either BSE or NSE data
(which shall be followed consistently and
changes, if any, noted with proper justication
thereof) shall be taken and discounted by 75
per cent. i.e. only 25 per cent of the industry
average P/E shall be taken as capitalization
rate (P/E ratio). Earnings per share (EPS) of
the latest audited annual accounts will be
considered for this purpose.
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
ii) The value as per the Net worth value
per share and the capital earning value
calculated as above shall be averaged and
further discounted by 15% for illiquidity so as
to arrive at the fair value per share.
The above valuation methodology shall be
subject to the following conditions:
a) All calculations shall be based on audited
accounts.
b) If the latest Balance Sheet of the Company
is not available within nine months from the
close of the year, unless the accounting year
is changed, the shares of such companies
shall be valued at zero.
c) If the Net Worth of the Company is negative,
the share would be marked down to zero.
d) In case the EPS is negative, EPS value for
that year shall be taken as zero for arriving at
capitalized earning.
e) In case an individual security accounts for
more than 5 per cent of the total assets of
the scheme, an independent valuer shall
be appointed for the valuation of the said
security. To determine if a security accounts
for more than 5 per cent of the total assets of
the scheme, it shall be valued in accordance
with the procedure as mentioned above on
the date of valuation.
3. Social Venture Fund and Venture Capital Funds
are valued on latest available NAV per unit.
4.
Mutual Funds are valued on previous day’s NAV
per unit published by the respective mutual funds.
The investments of linked funds of policyholders
are valued as under:
1. All Debt securities having maturity more than 182
days and Government Securities (except T Bills)
are valued at average of the security level valuation
provided by CRISIL & ICRA. Debt securities with a
residual maturity of less than or equal to 182 days
are amortized over residual days to maturity.
2. Equities, Preference shares and Exchange traded
funds 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
traded on NSE, valuation is done on closing price
at Bombay Stock Exchange (BSE). Investment
in Unlisted shares would be valued as per the
valuation policy of the Company duly approved by
Valuation Committee as follows:
To evaluate & provide for diminution in value of
unlisted equity shares, fair value of these unlisted
equity shares would be ascertained on a quarterly
basis for reporting purpose and for provisioning
on the balance sheet date. The fair value of these
unlisted equity shares to be derived by using
below methodology:
a)
Based on the latest available audited balance
sheet, Net Worth shall be calculated as the
lower of item (1) and (2) below
:
1.
Net Worth per share = [Share Capital + Free Reserves
(excluding revaluation reserves) - Miscellaneous
expenditure not written off or deferred revenue
expenditure, intangible assets and accumulated
losses] / Number of Paid up Shares.
2. After taking into account the outstanding warrants
and options, Net Worth per share shall again
be calculated and shall be = [Share Capital
+ consideration on exercise of Option and/or
Warrants received/receivable by the Company +
Free Reserves (excluding Revaluation Reserves)
- Miscellaneous expenditure not written off or
deferred revenue expenditure, intangible assets
and accumulated losses] / Number of Paid
up Shares plus Number of Shares that would
be obtained on conversion and/or exercise of
Outstanding Warrants and Options.
3. The lower of (1) and (2) above shall be used for
calculation of Net Worth per share and for further
calculation in (c) below.
a. Average capitalization rate (P/E ratio) for the
industry based upon either BSE or NSE data
(which shall be followed consistently and
changes, if any, noted with proper justication
thereof) shall be taken and discounted by 75
MANAGEMENT REPORT
For the period ended 31st March 2017
(Currency: In thousands of Indian Rupees unless otherwise stated)
Management Report
Annual Report 2016-17
246
247
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
per cent. i.e. only 25 per cent of the industry
average P/E shall be taken as capitalization
rate (P/E ratio). Earnings per share (EPS) of
the latest audited annual accounts will be
considered for this purpose.
b) The value as per the Net worth value
per share and the capital earning value
calculated as above shall be averaged and
further discounted by 15% for illiquidity so as
to arrive at the fair value per share.
The above valuation methodology shall be
subject to the following conditions:
i) All calculations shall be based on audited
accounts.
ii) If the latest Balance Sheet of the Company
is not available within nine months from the
close of the year, unless the accounting year
is changed, the shares of such companies
shall be valued at zero.
iii) If the Net Worth of the Company is negative,
the share would be marked down to zero.
iv) In case the EPS is negative, EPS value for
that year shall be taken as zero for arriving at
capitalized earning.
v) In case an individual security accounts for
more than 5 per cent of the total assets of
the scheme, an independent valuer shall
be appointed for the valuation of the said
security. To determine if a security accounts
for more than 5 per cent of the total assets of
the scheme, it shall be valued in accordance
with the procedure as mentioned above on
the date of valuation.
4. Money Market Instruments (including T Bills) are
valued on amortized value.
5.
Mutual Funds are valued on previous day’s NAV
per unit published by the respective mutual
funds.
12. Review of Asset Quality
Shareholders’ Fund
The Company has invested more than 37% of the
Shareholder funds in sovereign rated instrument like
Government securities, Treasury Bills and Collateralized
Borrowing & lending obligation (CBLO). Around 34% of
the funds have been invested in AAA/AA+/A1+ rated
securities (which include Infrastructure & Housing
bonds). Around 16% of the funds are invested in the
Fixed Deposits and liquid schemes mutual funds.
The Company has invested approx 2.50% of the
Shareholder funds in unlisted equity shares.
Policyholders’ Fund
The policyholders’ funds are invested in accordance
with regulatory norms, Investment policy, fund objective
of unit linked funds and risk prole of the respective fund
In xed income segment, majority of the investment is
made in the government securities having sovereign
rating & debt securities issued by reputed corporate
having rating AAA/A1+.The equity selection is made
after 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 the
liquid mutual fund schemes and other money market
instruments of high credit rating. The investments
are also made keeping in mind the asset-liability
requirement of the respective funds.
13. Directors Responsibility Statement
The Board of Directors of the Company also state that:
The nancial statements have been prepared in
accordance with applicable accounting standards,
the regulations stipulated by the IRDAI and the
provisions of the Insurance Act, 1938 (as amended
by the Insurance Laws (Amendment ) Act 2015)
and the Companies Act, 2013 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 policies
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 Mar 31,
2017, and, of the operating prot of the Company
for the year ended on Mar 31, 2017;
Proper and sufcient care has been taken
to maintain adequate accounting records in
accordance with the applicable provisions of the
Insurance Act, 1938 as amended by the Insurance
Laws (Amendment) Act 2015), Companies Act,
MANAGEMENT REPORT
For the period ended 31st March 2017
(Currency: In thousands of Indian Rupees unless otherwise stated)
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
2013, for safeguarding the assets of the Company
and for preventing and detecting fraud and other
irregularities;
The nancial statements of the Company are
prepared on a going concern basis; and
The Company has appointed some audit rms to
conduct the internal audit of the Company.
The scope of work of the audit rms’ is
commensurate with the size and nature of the
Company’s business. The management certies
that adequate internal control systems and
procedures were in existence for this nancial year.
The directors had laid down internal nancial controls
to be followed by the Company and that such internal
controls are adequately and were operating effectivel
y
The directors had devised proper systems to
ensure compliance with the provisions of all
applicable laws and that such systems were
adequate and operating effectively.
14. Schedule of payments made to individuals, rms, companies and organization in which Directors of the Company are
interested:
Amount Paid (In ` 000)
Sr.
No
Name of Director Entity in Which Director is interested
Interested
as
Current Year
March’2017
Previous Year
March 16
1 Mr. Kumar Mangalam
Birla
Aditya Birla Management Corporation Private
Limited
Director 5,775 23,358
Birla Sun Life Asset Management Company
Limited
Director 103,504 5,143
Aditya Birla Capital Advisors Private Limited Director 99 110
Aditya Birla Nuvo Limited Director 96,314 -
2 Mr. Ajay Srinivasan Aditya Birla Finance Limited Director 1,400,886 26,370
Aditya Birla Housing Finance Limited Director 86,240 214
Aditya Birla Insurance Broker Limited Director 9,645 -
Aditya Birla Money Mart Limited Director 667 4,901
Aditya Birla Management Corporation Private
Limited
Director 5,775 23,358
Birla Sun Life Asset Management Company
Limited
Director 103,504 5,143
Aditya Birla Health Insurance Limited Director 138,991 13,684
Aditya Birla Customer Services Private Limited Director 4,335 573
Aditya Birla Capital Advisors Private Limited Director 99 110
Birla Sun Life Pension Management Limited Director 23,365 300
3 Ms. Tarjani Vakil Idea Cellular Limited Director 243,438 12,075
Aditya Birla Nuvo Limited Director 96,341 1,749
4 Mr. Sandeep Asthana Birla Sun Life Asset Management Company
Limited
Director 103,504 5,143
Birla Sun Life Pension Management Limited Director 23,365 300
MANAGEMENT REPORT
For the period ended 31st March 2017
(Currency: In thousands of Indian Rupees unless otherwise stated)
Management Report
Annual Report 2016-17
248
249
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
Amount Paid (In ` 000)
Sr.
No
Name of Director Entity in Which Director is interested
Interested
as
Current Year
March’2017
Previous Year
March 16
5 Mr. Pankaj Razdan Birla Sun Life Asset Management Company
Limited
Director 103,504 5,143
Birla Sun Life Pension Management Limited Director 23,365 300
6 Mr. Donald Stewart Birla Sun Life Asset Management Company
Limited
Director 103,504 5,143
7 Mr. B. N. Purnmalka Aditya Birla Money Mart Limited Director 667 4,901
Aditya Birla Finance Limited Director 1, 400,886 26,370
8 Mr. Kevin Strain Birla Sun Life Asset Management Company
Limited
Director 103,504 5,143
9 Mr. Lalitkumar Naik
(appointed w.e.f.
30.01.2015
Aditya Birla Nuvo Limited Director 96,314 1,749
10 Pinky Mehta
Aditya Birla Money Limited Director 10,859 -
Aditya Birla Financial Services Limited Director 282,731 -
Aditya Birla Idea Payments Bank Limited Director
12,240 -
MANAGEMENT REPORT
For the period ended 31st March 2017
(Currency: In thousands of Indian Rupees unless otherwise stated)
For and on behalf of the Board of Directors of Birla Sun Life Insurance Company Limited
Ajay Srinivasan Pinky Mehta B.N Puranmalka
Chairman Director Director
(DIN-00121181) (DIN-00020429) (DIN-0007432)
Pankaj Razdan Amit Jain
Chief Financial Ofcer
Managing Director & CEO (DIN-00061240)
Anil Kumar Singh
Chief Actuarial Ofcer &
Appointed Actuary
Mumbai, 28th April, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
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 7
Date Month Year
II Capital Raised during the Year
Public Issue Right Issue
N I L N I L
Bonus Issue Private Placement (Including Premium)
N I L N I L
III Position of Mobilisation and Development of Fund
Total Liabilities Total Assets
3 5 5 4 9 3 1 7 4 3 5 5 4 9 3 1 7 4
Source of Funds
Paid-Up-Capital Reserve & Surplus
1 9 0 1 2 0 8 0 2 6 8 2 9 4 8
Secured Loans Unsecured Loans
N I L N I L
Application of Funds
Net Fixed Assets Investments
8 0 9 5 0 0 3 4 5 2 2 8 4 4 8
Net Current Assets Misc. Expenditure
5 2 7 0 0 1 3 N I L
Accumulated losses
3 6 4 8 0 0 9
IV Performance of Company (Amount in ` Thousands) Total Expenditure
9 9 5 4 2 8 5 1 9 8 3 1 4 6 5 8
Prot Before Tax Prot After Tax
1 2 2 8 1 9 3 1 2 2 8 1 9 3
Earning per share Dividend rate %
0 . 6 5
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
BALANCE SHEET ABSTRACT AND COMPANY’S GENERAL BUSINESS PROFILE
Management Report | Balance Sheet Abstract
For and on behalf of the Board of Directors of Birla Sun Life Insurance Company Limited
Ajay Srinivasan Pinky Mehta B.N Puranmalka
Chairman Director Director
(DIN-00121181) (DIN-00020429) (DIN-0007432)
Pankaj Razdan Amit Jain
Chief Financial Ofcer
Managing Director & CEO (DIN-00061240)
Anil Kumar Singh
Chief Actuarial Ofcer & Appointed Actuary
Mumbai, 28th April, 2017
Annual Report 2016-17
250
251
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
APPOINTED ACTUARY’S CERTIFICATE
for the year ended April 24, 2017
APPOINTED ACTUARY’S CERTIFICATE
I have valued the policy liabilities of Birla Sun Life Insurance Company Limited at
March 31, 2017 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 (` 333,479,839,787 - net of reinsurance) makes appropriate provision for all
policyholders’ obligations, and the nancial statements fairly present the result of the valuation.
Anil Kumar Singh
Chief Actuarial Ofcer & Appointed Actuary
Mumbai, Apr 24, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
INDEPENDENT AUDITOR’S REPORT
To The Members of Birla Sun Life Insurance
Company Limited
Report on the Consolidated Financial
Statements
We have audited the accompanying consolidated nancial
statements of BIRLA SUN LIFE INSURANCE COMPANY
LIMITED (hereinafter referred to as “the Holding Company”)
and its subsidiary, Birla Sun Life Pension Management Limited
(the Holding Company and its subsidiary together referred
to as “the Group”),comprising of the Consolidated Balance
Sheet as at March 31, 2017, the related Consolidated
Revenue Account (also called the “Policyholders’ Account”
or the “Technical Account”), the Consolidated Prot and Loss
Account(also called the “Shareholders’ Account” or “Non-
Technical Account”) and the Consolidated Receipts and
Payments Account for the year then ended, and a summary
of signicant accounting policies and other explanatory
information (hereinafter referred to as “the consolidated
nancial statements”).
Management’s Responsibility for the
Consolidated Financial Statements
The Holding Company’s Board of Directors are responsible
for the preparation of these consolidated nancial
statements in terms of the requirements of the Companies
Act, 2013 (hereinafter referred to as the “Act”), that give
a true and fair view of the consolidated nancial position,
consolidated nancial performance and consolidated
receipts and payments of the Group in accordance with the
accounting principles generally accepted in India, including
the provisions of the Insurance Act, 1938 as amended by
the Insurance Laws (Amendment) Act 2015 (the “Insurance
Act”), the Insurance Regulatory and Development Authority
Act, 1999 (the “IRDAI Act”), the Insurance Regulatory and
Development Authority (Preparation of Financial Statements
and Auditor’s Report of Insurance Companies) Regulations,
2002 (the “IRDAI Financial Statements Regulations”),
orders/directions issued by the Insurance Regulatory and
Development Authority of India (the “IRDAI”) in this regard,
the Accounting Standards prescribed under Section 133 of
the Act, as applicable.
This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of
the Act for safeguarding the assets of the Group and for
preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and
prudent; and the design, implementation and maintenance
of adequate internal nancial controls, that were operating
effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and
presentation of the nancial statements that give a true and
fair view and are free from material misstatement, whether
due to fraud or error, which have been used for the purpose
of preparation of the consolidated nancial statements by
the Directors of the Holding Company, as aforesaid.
Auditor’s Responsibility
Our responsibility is to express an opinion on these
consolidated nancial statements based on our audit.
While conducting the audit, we have taken into account the
provisions of the Act, the accounting and auditing standards
and matters which are required to be included in the audit
report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards
on Auditing specied under section 143(10) of the Act.
Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain
reasonable assurance about whether the consolidated
nancial statements are free from material misstatement.
An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the
consolidated nancial statements. The procedures selected
depend on the Auditor’s judgment, including the assessment
of the risks of material misstatement of the consolidated
nancial statements, whether due to fraud or error. In
making those risk assessments, the auditor considers
internal nancial control relevant to the Holding Company’s
preparation of the consolidated nancial statements that give
a true and fair view in order to design audit procedures that
are appropriate in the circumstances An audit also includes
evaluating the appropriateness of accounting policies used
and the reasonableness of the accounting estimates made
by the Holding Company’s Board of Directors, as well as
evaluating the overall presentation of the consolidated
nancial statements.
We believe that the audit evidence obtained by us and the
audit evidence obtained by the other auditor in terms of their
report referred to in sub-paragraph (b) of the Other Matters
paragraph below, is sufcient and appropriate to provide a
basis for our audit opinion.
Appointed Actuary’s Certicate | Independent Auditor’s Report
Annual Report 2016-17
252
253
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
INDEPENDENT AUDITOR’S REPORT
Opinion
In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
consolidated nancial statements give the information
required in accordance with the Insurance Act, the IRDAI
Act, the IRDAI Financial Statements Regulations, the orders/
directions issued by the IRDAI and the Act in the manner
so required, and give a true and fair view in conformity with
the accounting principles generally accepted in India, as
applicable to the Insurance Companies:
i. in the case of the Balance Sheet, of the state of affairs
of the Company as at March 31, 2017;
ii. in the case of the Revenue Account, of the net surplus
for the year ended March 31, 2017;
iii. in the case of the Prot and Loss Account, of the prot
for the year ended March 31, 2017; and
iv. in the case of the Receipts and Payments Account, of
the receipts and payments for the year ended March
31, 2017.
Other Matter
(a) The actuarial valuation of liabilities for life policies in
force and for policies in respect of which premium has
been discontinued but liability exists as at March 31,
2017 is the responsibility of the Holding Company’s
Appointed Actuary (the “Appointed Actuary”). The
actuarial valuation of these liabilities for life policies in
force and for policies in respect of which premium has
been discontinued but liability exists as at March 31,
2017 has been duly certied by the Appointed Actuary
and in his opinion, the assumptions for such valuation
are in accordance with the guidelines and norms
issued by the IRDAI and the Institute of Actuaries of
India in concurrence with the IRDAI. We have relied
upon Appointed Actuary’s certicate in this regard for
forming our opinion on the valuation of liabilities for life
policies in force and for policies in respect of which
premium has been discontinued but liability exists in
consolidated nancial statements of the Company.
(b) We did not audit the nancial statements of the
subsidiary, whose nancial statements reect total
assets of ` 283,538 thousand as at March 31, 2017,
total revenues of ` 24,254 thousand and net cash
outows amounting to ` 10,189 thousand for the year
ended on that date, as considered in the consolidated
nancial statements. These nancial statements have
been audited by other auditor whose report have been
furnished to us by the management and our opinion on
consolidated nancial statements, in so far as it relates
to the amounts and disclosures included in respect of
the subsidiary, is based solely on the report of other
auditor.
Our opinion on the consolidated nancial statements,
and our report on Other Legal and Regulatory
Requirements below, is not modied in respect of
the above matters with respect to our reliance on the
work done and the report of the other auditor and the
nancial statements certied by the Management.
Report on Other Legal and Regulatory
Requirements
As required by the IRDAI Financial Statements Regulations,
read with Section 143 (3) of the Act, we report, to the extent
applicable, that:
(a) We have sought and obtained all the information and
explanations, which to the best of our knowledge and
belief were necessary for the purposes of the audit and
have found them to be satisfactory.
(b) In our opinion and to the best of our information and
according to the explanations given to us, proper books
of account as required by law relating to preparation of
the aforesaid consolidated nancial statements have
been kept so far as it appears from our examination of
those books and the report of the other auditor.
(c) As the Company’s nancial accounting system is
centralized, no returns for the purposes of our audit are
prepared at the branches of the Company;
(d) The Consolidated Balance Sheet, the Consolidated
Revenue Account, the Consolidated Prot and Loss
Account and the Consolidated Receipts and Payments
Account dealt with by this report are in agreement
with the relevant books of account maintained for the
purpose of preparation of the consolidated nancial
statements.
(e) In our opinion, the aforesaid consolidated nancial
statements comply with the Accounting Standards
specied under Section 133 of the Act to the extent not
inconsistent with the accounting principles prescribed
in the IRDAI Financial Statements Regulations and
orders/directions issued by the IRDAI in this regard.
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
(f) In our opinion and to the best of our information and
according to the explanations given to us, investments
have been valued in accordance with the provisions
of the Insurance Act, the IRDAI Financial Statements
Regulations and/or orders/directions issued by the
IRDAI in this regard.
(g) In our opinion, the accounting policies selected by
the Company are appropriate and are in compliance
with the applicable Accounting Standards specied
under Section 133 of the Act and with the accounting
principles as prescribed in the IRDAI Financial
Statements Regulations and orders/directions issued
by the IRDAI in this regard.
(h) With respect to the adequacy of the internal
nancial controls over nancial reporting and the
operating effectiveness of such controls, refer
to our separate Report in “Annexure A”, which
is based on the Auditor’s reports of the Holding
company and Subsidiary company. Our report
expresses an unmodied opinion on the adequacy
and operating effectiveness of the consolidation
nancials statements’ internal nancial controls over
nancial reporting.
(i) On the basis of the written representations received
from the directors of the Holding Company as on March
31, 2017 taken on record by the Board of Directors of
the Holding Company and the report of the statutory
auditor of its subsidiary company, none of the directors
of the Group Company is disqualied as on March 31,
2017 from being appointed as a director in terms of
Section 164 (2) of the Act.
(j) With respect to the other matters to be included in
the Auditor’s Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014, in
our opinion and to the best of our information and
according to the explanations given to us:
i. The Group has disclosed the impact of pending
litigations on its nancial position in its consolidated
nancial statements.
ii. The liability for insurance contracts, is determined
by the Holding Company’s Appointed Actuary
as per Schedule 16 Note 17, and is covered by
the Appointed Actuary’s certicate, referred to in
Other Matter paragraph above, on which we have
placed reliance; and the Group did not have any
long-term contracts including derivative contracts
for which there were any material foreseeable
losses.
iii. There were no amounts which were required
to be transferred to the Investor Education and
Protection Fund by the Company during the year.
iv. The disclosure requirement as envisaged in
Notication G.S.R 308(E) dated March 30, 2017
is not applicable to the Company.
For S. B. Billimoria & Co. For Khimji Kunverji & Co.
Chartered Accountants Chartered Accountants
ICAI Firm Registration No.
101496W
ICAI Firm Registration No.
105146W
Sanjiv. V. Pilgaonkar Hasmukh B. Dedhia
Partner Partner
Membership No. 039826 Membership No. F-033494
Mumbai Mumbai
Date: April 28, 2017 Date: April 28, 2017
INDEPENDENT AUDITOR’S REPORT
Independent Auditor’s Report
Annual Report 2016-17
254
255
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURE “A” TO THE INDEPENDENT AUDITOR’S REPORT
(Referred to in paragraph 2 (h) under ‘Report on Other Legal and Regulatory Requirements’ of our report of even date)
Report on the Internal Financial Controls Over
Financial Reporting under Clause (i) of Sub-section 3
of Section 143 of the Companies Act, 2013 (the “Act”)
We have audited the internal nancial controls over nancial
reporting of BIRLA SUN LIFE INSURNACE COMPANY
LIMITED (the “Holding Company”) and its subsidiary
company, as of March 31, 2017 in conjunction with our audit
of the consolidated nancial statements of the Company for
the year ended on that date.
The actuarial valuation of liabilities for life policies in force
and policies where premium is discontinued is required to
be certied by the Appointed Actuary as per the Insurance
Regulatory and Development Authority (Preparation of
Financial Statements and Auditor’s Report of Insurance
Companies) Regulations, 2002 (the “IRDAI Financial
Statements Regulations”) and has been relied upon by us,
as mentioned in “Other Matter” para of our audit report
on the nancial statements of the Holding Company as at
and for the year ended March 31, 2017. Accordingly, we
have not audited the internal nancial controls over nancial
reporting in respect of the valuation and accuracy of the
aforesaid actuarial valuation.
Management’s Responsibility for Internal
Financial Controls
The respective Board of Directors of the Holding Company
and its subsidiary company are responsible for establishing
and maintaining internal nancial controls based on the
internal control over nancial reporting criteria established
by the Holding Company and its subsidiary considering
the essential components of internal control stated in the
Guidance Note on Audit of Internal Financial Controls
Over Financial Reporting (the “Guidance Note”) issued
by the Institute of Chartered Accountants of India. These
responsibilities include the design, implementation and
maintenance of adequate internal nancial controls that were
operating effectively for ensuring the orderly and efcient
conduct of its business, including adherence to respective
company’s policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy
and completeness of the accounting records, and the timely
preparation of reliable nancial information, as required
under the Companies Act, 2013 including the provisions
of the Insurance Act, 1938 as amended by the Insurance
Laws (Amendment) Act, 2015, the Insurance Regulatory and
Development Authority Act, 1999 (the “IRDAI Act”), the IRDAI
Financial Statements Regulations, orders/directions issued
by the Insurance Regulatory and Development Authority of
India (the “IRDAI”) in this regard.
Auditor’s Responsibility
Our responsibility is to express an opinion on the Company’s
internal nancial controls over nancial reporting based
on our audit. We conducted our audit in accordance with
the Guidance Note issued by the Institute of Chartered
Accountants of India and the Standards on Auditing
prescribed under Section 143(10) of the Companies Act,
2013, to the extent applicable to an audit of internal nancial
controls. Those Standards and the Guidance Note require
that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about
whether adequate internal nancial controls over nancial
reporting was established and maintained and if such
controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit
evidence about the adequacy of the internal nancial
controls system over nancial reporting and their operating
effectiveness. Our audit of internal nancial controls over
nancial reporting included obtaining an understanding of
internal nancial controls over nancial reporting, assessing
the risk that a material weakness exists, and testing and
evaluating the design and operating effectiveness of internal
control based on the assessed risk. The procedures
selected depend on the auditor’s judgement, including the
assessment of the risks of material misstatement of the
nancial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained and
the audit evidence obtained by the other auditor of the
subsidiary company, in terms of their report referred to
in the other matters paragraph below is sufcient and
appropriate to provide a basis for our audit opinion on
the Company’s internal nancial controls system over
nancial reporting.
Meaning of Internal Financial Controls Over
Financial Reporting
A Company’s internal nancial control over nancial reporting
is a process designed to provide reasonable assurance
regarding the reliability of nancial reporting and the
preparation of nancial statements for external purposes in
accordance with generally accepted accounting principles.
A Company’s internal nancial control over nancial reporting
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reect the transactions and dispositions of the
assets of the Company; (2) provide reasonable assurance
that transactions are recorded as necessary to permit
preparation of nancial statements in accordance with
generally accepted accounting principles, and that receipts
and expenditures of the Company are being made only in
accordance with authorisations of management and directors
of the Company; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorised
acquisition, use, or disposition of the Company’s assets that
could have a material effect on the nancial statements.
Inherent Limitations of Internal Financial
Controls Over Financial Reporting
Because of the inherent limitations of internal nancial
controls over nancial reporting, including the possibility
of collusion or improper management override of controls,
material misstatements due to error or fraud may occur and
not be detected. Also, projections of any evaluation of the
internal nancial controls over nancial reporting to future
periods are subject to the risk that the internal nancial
control over nancial reporting may become inadequate
because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate
Opinion
In our opinion, to the best of our information and according
to the explanations given to us, the Holding Company and
its subsidiary company have, in all material respects, an
adequate internal nancial controls system over nancial
reporting and such internal nancial controls over nancial
reporting were operating effectively as at March 31, 2017,
based on the internal control over nancial reporting criteria
established by the Company considering the essential
components of internal control stated in the Guidance Note
Other Matters
Our aforesaid report under Section 143(3)(i) of the Act on
the adequacy and operating effectiveness of the internal
nancial controls over nancial reporting insofar as it relates
to subsidiary company is based on the corresponding
reports of the auditors of subsidiary company.
For S. B. Billimoria & Co. For Khimji Kunverji & Co.
Chartered Accountants Chartered Accountants
ICAI Firm Registration No.
101496W
ICAI Firm Registration No.
105146W
Sanjiv. V. Pilgaonkar Hasmukh B. Dedhia
Partner Partner
Membership No. 039826 Membership No. F-033494
Mumbai Mumbai
Date: April 28, 2017 Date: April 28, 2017
ANNEXURE “A” TO THE INDEPENDENT AUDITOR’S REPORT
(Referred to in paragraph 2 (i) under ‘Report on Other Legal and Regulatory Requirements’ of our report of even date)
Independent Auditor’s Report
Annual Report 2016-17
256
257
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
(Amounts in thousands of Indian Rupees)
Particulars Schedule
Audited Year ended
31st March 2017
Audited Year ended
31st March 2016
Premiums earned - Net
(a) Premium 1 57,239,551 55,797,125
(b) Reinsurance ceded (1,904,075) (1,679,773)
(c) Reinsurance accepted - -
Sub - Total 55,335,476 54,117,352
Income from investments
(a) Interest, Dividend & Rent - Gross 17,847,067 16,108,931
(b) Prot on Sale / Redemption of Investments 14,900,982 14,000,841
(c) (Loss) on Sale / Redemption of Investments (4,439,979) (5,332,738)
(d) Transfer/Gain ( Loss) on revaluation / Change in Fair value 15,067,780 (18,343,422)
Sub - Total 43,375,850 6,433,612
Other Income
(a)
Contribution from the Shareholders' Account
1,629,995 3,263,914
(b) Others (Interest etc.) 332,166 347,376
Sub - Total 1,962,161 3,611,290
Total (A) 100,673,487 64,162,254
Commission 2 2,550,599 2,180,609
Operating Expenses related to Insurance Business 3 7,699,347 9,042,155
Service Tax on Charges 991,417 1,001,860
Provision for doubtful debts - -
Bad Debts written off - -
Provision (other than taxation)
(a) For diminution in value of investments (net) - -
(b) Others - -
Total (B) 11,241,363 12,224,624
Benets paid (Net) 4 46,523,392 42,470,943
Interim Bonuses Paid 13,448 8,570
Change in valuation of liability in respect of life policies
(a) Gross 25,723,275 18,063,483
(b) Fund Reserve 16,796,939 (10,332,792)
(c) Premium Discontinuance Fund - Linked (2,147,272) (451,876)
(d) (Amount ceded in Re-insurance) (764,378) (1,276,621)
(e) Amount accepted in Re-insurance - -
Total (C) 86,145,404 48,481,707
Surplus (D) = (A) - (B) - (C) 3,286,720 3,455,923
Appropriations
Transfer to Shareholders' Account 3,349,885 3,508,820
Transfer to Other Reserve - -
(Release from) / Transfer to Funds for Future Appropriation (63,165) (52,897)
Total (D) 3,286,720 3,455,923
The total surplus as mentioned below :
(a) Interim Bonuses Paid 13,448 8,570
(b) Allocation of Bonus to Policyholders 1,240,842 878,208
(c) Surplus shown in the Revenue Account 3,286,720 3,455,923
Total Surplus [(a)+(b)+(c)] 4,541,010 4,342,701
Signicant Accounting Policies and Disclosures 16
The schedules and accompanying notes are an integral part of this Revenue
Account
In accordance with IRDAI notication dated 9th May, 2016 bearing reference no IRDAI/Reg/14/126/2016 ,the Company has worked out
Expenses of Management by considering allowance at 120% on segment basis to ascertain the excess thereof which has been borne by
the shareholders. Accordingly, amount aggregating ` 1,623,304/- has been deducted from schedule 3 and added to schedule 3A.
CONSOLIDATED REVENUE ACCOUNT
for year ended 31st March, 2017
Registration Number: 109 dated 31st January 2001
Policyholders’ Account (Technical Account)
FORM A- RA
In terms of our report attached
For S. B. Billimoria & Co. For Khimji Kunverji & Co. For and on behalf of the Board of Directors
Chartered Accountants Chartered Accountants
ICAI Firm Registration No. 101496W ICAI Firm Registration No.105146W
Sanjiv V. Pilgaonkar Hasmukh Dedhia Ajay Srinivasan Pinky Mehta B.N Puranmalka
Partner Partner Chairman Director Director
Membership No.039826 Membership No.033494 (DIN-00121181) (DIN-00020429) (DIN-0007432)
Pankaj Razdan
Managing Director &
CEO (DIN-00061240)
Amit Jain
Chief Financial Ofcer
Anil Kumar Singh Amber Gupta
Mumbai, 28th April, 2017 Chief Actuarial Ofcer &
Appointed Actuary
Company Secretary
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
In terms of our report attached
For S. B. Billimoria & Co. For Khimji Kunverji & Co. For and on behalf of the Board of Directors
Chartered Accountants Chartered Accountants
ICAI Firm Registration No. 101496W ICAI Firm Registration No.105146W
Sanjiv V. Pilgaonkar Hasmukh Dedhia Ajay Srinivasan Pinky Mehta B.N Puranmalka
Partner Partner Chairman Director Director
Membership No.039826 Membership No.033494 (DIN-00121181) (DIN-00020429) (DIN-0007432)
Pankaj Razdan
Managing Director &
CEO (DIN-00061240)
Amit Jain
Chief Financial Ofcer
Anil Kumar Singh Amber Gupta
Mumbai, 28th April, 2017 Chief Actuarial Ofcer &
Appointed Actuary
Company Secretary
(Amounts in thousands of Indian Rupees)
Particulars Schedule
Audited Year ended
31st March 2017
Audited Year ended
31st March 2016
Amounts transferred from Policyholders’ Account (Technical Account) 3,349,885 3,508,820
Income from Investments
(a) Interest, Dividend & Rent - Gross 1,375,313 1,403,340
(b) Prot on sale / redemption of investments 140,156 100,164
(c) (Loss) on sale / redemption of investments (439) (9,223)
Other Income
- -
Total (A)
4,864,915 5,003,101
Expense other than those directly related to the insurance business 3A 1,962,673 287,446
Corporate social responsibility expenses 33,167 48,144
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 1,629,995 3,263,914
Total (B)
3,625,835 3,599,504
Prot before tax 1,239,080 1,403,597
Provision for taxation 8,795 1,300
Prot after tax 1,230,285 1,402,297
Appropriations
(a) Balance at the beginning of the period (5,283,749) (6,686,046)
(b) Interim dividends during the period - -
(c) Proposed nal dividend - -
(d) Dividend distribution tax - -
(e) Transfer to reserves / other accounts - -
Loss carried forward to Balance Sheet
(4,053,464) (5,283,749)
Earning Per Share (Basic and Diluted), Face Value of ` 10 (in `) 0.65 0.74
Notes to the Condensed Financial Statements - Refer Schedule 1
(Refer Schedule 16 Note 11)
Signicant Accounting Policies and Disclosures 16
The schedules and accompanying notes are an integral part of this Prot
and Loss Account
In accordance with IRDAI notication dated 9th May, 2016 bearing reference no IRDAI/Reg/14/126/2016 ,the Company has worked out
Expenses of Management by considering allowance at 120% on segment basis to ascertain the excess thereof which has been borne by
the shareholders. Accordingly, amount aggregating ` 1,623,304/- has been deducted from schedule 3 and added to schedule 3A.
CONSOLIDATED STATEMENT OF PROFIT AND LOSS ACCOUNT
for year ended 31st March, 2017
Registration Number: 109 dated 31st January 2001
Shareholders’ Account (Non-technical Account)
FORM A- PL
Consolidated Revenue Account | Consolidated Statement of Prot and Loss Account
Annual Report 2016-17
258
259
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
(Amounts in thousands of Indian Rupees)
Particulars Schedule
As at
31st March 2017
As at
31st March 2016
Sources of Funds
Shareholders' funds:
Share Capital 5 19,012,080 19,012,080
Reserves and Surplus 6 2,682,948 2,682,948
Credit/(Debit) / Fair Value Change Account (441) (3,164)
Sub - Total
21,694,587 21,691,864
Borrowings 7 - -
Policyholders' Funds:
Credit/(Debit) Fair Value Change Account 250,035 (255,135)
Policy Liabilities 84,602,624 59,643,726
Insurance Reserves - -
Provision for Linked Liabilities 220,893,461 219,164,302
Funds for discontinued policies
(i) Discontinued on account of non-payment of premium 6,379,510 8,526,783
(ii) Others - -
Credit/(Debit) Fair Value Change Account (Linked) 21,604,244 6,536,465
Total Linked Liabilities 248,877,215 234,227,550
Sub - Total
333,729,874 293,616,141
Funds for Future Appropriation
- Linked Liabilities 68,713 131,878
Total
355,493,174 315,439,883
Application of Funds
Investments
Shareholders' 8 16,031,979 17,048,709
Policyholders' 8A 80,312,101 56,819,610
Assets Held to Cover Linked Liabilities (Refer schedule 1 note 11) 8B 248,877,216 234,227,550
Loans 9 537,204 478,398
Fixed Assets 10 813,448 646,172
Current Assets
Cash and Bank Balances 11 4,992,129 4,822,483
Advances and Other Assets 12 8,304,677 5,016,874
Sub - Total (A)
13,296,806 9,839,357
Current Liabilities 13 7,770,377 8,265,152
Provisions 14 252,540 232,384
Sub - Total (B)
8,022,917 8,497,536
Net Current Assets (C) = (A-B)
52,73,889 13,41,821
Miscellaneous Expenditure (To the extent not written off or Adjusted ) - -
Debit Balance in Prot and Loss Account (Shareholders' Account ) 3,647,337 4,877,620
(Refer Schedule 16 Note 34)
Total
355,493,174 315,439,880
Signicant Accounting Policies and Disclosures 16 - -
The schedules and accompanying notes are an integral part of this Balance
Sheet
CONSOLIDATED BALANCE SHEET
as at 31st March, 2017
Registration Number: 109 dated 31st January 2001
FORM A-BS
In terms of our report attached
For S. B. Billimoria & Co. For Khimji Kunverji & Co. For and on behalf of the Board of Directors
Chartered Accountants Chartered Accountants
ICAI Firm Registration No. 101496W ICAI Firm Registration No.105146W
Sanjiv V. Pilgaonkar Hasmukh Dedhia Ajay Srinivasan Pinky Mehta B.N Puranmalka
Partner Partner Chairman Director Director
Membership No.039826 Membership No.033494 (DIN-00121181) (DIN-00020429) (DIN-0007432)
Pankaj Razdan
Managing Director &
CEO (DIN-00061240)
Amit Jain
Chief Financial Ofcer
Anil Kumar Singh Amber Gupta
Mumbai, 28th April, 2017 Chief Actuarial Ofcer &
Appointed Actuary
Company Secretary
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
CONSOLIDATED RECEIPTS AND PAYMENTS ACCOUNT (CASH FLOW STATEMENT)
for the year ended March 31, 2017
(Amount in thousands of Indian Rupees)
Particulars
Audited Year Ended
31st March 2017
Audited Year Ended
31st March 2016
Cash ow from operating activities (A)
Premium received from policyholders, including advance receipts 56,792,769 55,136,275
Payments to the re-insurers, net of commissions and claims (542,255) (543,283)
Application money deposit & due to Policy holders 253,087 844,430
Payments of commission and brokerage (2,425,257) (2,177,099)
Payments of other operating expenses (10,919,128) (5,616,216)
Payments of claims (50,110,557) (43,573,383)
Deposits & others (290,173) (25,710)
Other receipts 428,869 297,190
Income taxes paid (Net) (2,540) (2,298)
Service tax paid
(844,809) (963,215)
Cash ows before extraordinary items
(7,659,994) 3,376,691
Cash ow from extraordinary operations
- -
Net cash Inow / (outow) from operating activities (A)
(7,659,994) 3,376,691
Cash ow from investing activities (B)
Purchase of xed assets (4,422,226) (453,951)
Proceeds from sale of xed assets 9,432 7,314
Loan against Policies (9,400) (55,428)
Purchase of investment (2,166,610,928) (1,798,360,307)
Proceeds from sale of investment 2,161,816,464 1,780,751,762
Expenses related to investments (12,100) (10,282)
Interest received (net of tax deducted at source) 15,566,364 13,705,223
Dividend received
1,492,034
1,559,066
Net cash Inow / (Outow) from investing activities (B)
7,829,640 (2,856,603)
Cash ow from nancing activities (C)
Net cash used in nancing activities (C)
- -
Net Increase in cash and cash equivalents (D=A+B+C)
169,646 520,088
Cash and cash equivalents at beginning of the year
4,822,483 4,302,395
Cash and cash equivalents as at end of the year 4,992,129 4,822,483
Notes:
1. Cash and cash equivalents at end of the period / year includes:
Cash and Bank Balances 4,992,129 4,822,483
Cash and cash equivalents 4,992,129 4,822,483
Consolidated Balance Sheet | Consolidated Receipts and Payments Account (Cash Flow Statement)
In terms of our report attached
For S. B. Billimoria & Co. For Khimji Kunverji & Co. For and on behalf of the Board of Directors
Chartered Accountants Chartered Accountants
ICAI Firm Registration No. 101496W ICAI Firm Registration No.105146W
Sanjiv V. Pilgaonkar Hasmukh Dedhia Ajay Srinivasan Pinky Mehta B.N Puranmalka
Partner Partner Chairman Director Director
Membership No.039826 Membership No.033494 (DIN-00121181) (DIN-00020429) (DIN-0007432)
Pankaj Razdan
Managing Director &
CEO (DIN-00061240)
Amit Jain
Chief Financial Ofcer
Anil Kumar Singh Amber Gupta
Mumbai, 28th April, 2017 Chief Actuarial Ofcer &
Appointed Actuary
Company Secretary
Annual Report 2016-17
260
261
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
for the year ended Mar 31, 2017
SCHEDULE 1 - PREMIUM
(Amounts in thousands of Indian Rupees)
Particulars
Audited Year ended
31st March 2017
Audited Year ended
31st March 2016
1 First Year Premiums 24,648,317 21,734,327
2 Renewal Premiums 31,897,001 33,594,054
3 Single Premiums 694,233 468,744
Total Gross Premiums
57,239,551 55,797,125
Premium Income from Business written :
In India 57,239,551 55,797,125
Outside India - -
Total Premium 57,239,551 55,797,125
Note: Refer Schedule 16 Note 2 (c) (i)
SCHEDULE 2- COMMISSION EXPENSES
(Amounts in thousands of Indian Rupees)
Particulars
Audited Year ended
31st March 2017
Audited Year ended
31st March 2016
Commision Paid
Direct - First Year Premiums 1,614,549 1,183,083
Renewal Premiums 929,187 991,688
Single Premiums 6,863 5,838
Sub-total
2,550,599 2,180,609
Add:Commission on Re-insurance Accepted - -
Less:Commission on Re-insurance Ceded - -
Others - -
Net Commission
2,550,599 2,180,609
Breakup of Commission
Particulars
Individual Agents 1,910,609 1,678,932
Brokers 148,243 123,181
Corporate Agents 491,747 378,525
Referral - (29)
Total 2,550,599 2,180,609
Note: Refer Schedule 16 Note 2 (e)
Schedule
SCHEDULE
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULE 3 - OPERATING EXPENSES RELATED TO INSURANCE BUSINESS
(Amounts in thousands of Indian Rupees)
Particulars
Audited Year ended
31st March 2017
Audited Year ended
31st March 2016
1 Employees' remuneration, welfare benets and other manpower costs 4,991,121 4,989,538
2 Travel, conveyance and vehicle running expenses 241,935 223,466
3 Training expenses 89,910 129,049
4 Rents, rates and taxes 574,224 622,907
5 Repairs & maintenance 243,121 251,911
6 Printing and stationery 50,860 54,956
7 Communication expenses 154,376 195,761
8 Legal and professional charges 186,819 141,643
9 Medical fees 48,959 59,866
10 Auditor's fees, expenses etc.
(a) i) as auditor 7,800 6,600
ii) out of pocket expenses 840 517
(b) as advisor or in any other capacity, in respect of
i) Taxation services / matters 150 150
ii) Management services 197 78
11 Advertisement and publicity 553,899 494,521
12 Interest and Bank Charges 62,494 80,188
13 Others: 1) Distribution expenses 570,533 378,368
2) Agents recruitment,seminar and other expenses 21,402 20,527
3) Recruitment and seminar expenses 92,804 88,157
4) IT expenses (including maintenance) 529,627 485,638
5) Policy stamps 188,594 183,620
6) (Prot)/Loss on sale of assets 3,502 (4,015)
7) Electricity expenses 142,116 148,229
8) Miscellaneous expenses 47,649 34,392
9) Outsourcing expenses 165,976 182,030
14 Depreciation 353,743 274,058
Total
9,322,651 9,042,155
Excess of EOM transferred to shareholders fund (Refer Schedule 16 note 23) (1,623,304) -
Total 7,699,347 9,042,155
SCHEDULE 3A - OPERATING EXPENSES OTHER THAN THOSE DIRECTLY RELATED TO
INSURANCE BUSINESS
(Amounts in thousands of Indian Rupees)
Particulars
Audited Year ended
31st March 2017
Audited Year ended
31st March 2016
1 Employees’ remuneration, welfare benets and other manpower costs 257,378 184,886
2 Auditors Fees (Reporting Pack) 1,295 752
3 Rent, rates and Taxes 1,095 3,276
4 Legal and professional charges 13,278 9,217
5 Interest and bank charges 12,309 51,176
6 Others: 1) Miscellaneous expenses 54,014 38,139
Total
339,369 287,446
Excess of EOM transferred to shareholders fund(Refer Schedule 16 note 23 1,623,304 -
Total 1,962,673 287,446
Annual Report 2016-17
262
263
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
for the year ended Mar 31, 2017
SCHEDULE 4 - BENEFITS PAID (NET)
(Amounts in thousands of Indian Rupees)
Particulars
Audited Year ended
31st March 2017
Audited Year ended
31st March 2016
1 Insurance Claims
(a) Claims by Death 3,899,607 3,290,891
(b) Claims by Maturity 3,804,462 5,115,706
(c) Annuities / Pension payment 44,460 29,600
(d) Other benets
(i) Surrender 39,659,261 34,857,222
(ii) Riders 47,595 69,946
(iii) Health 11,180 5,269
(iv) Survival and Others 644,342 237,533
2 (Amount ceded in reinsurance):
(a) Claims by Death (1,583,870) (1,132,686)
(b) Claims by Maturity - -
(c) Annuities / Pension Payment - -
(d) Other benets (Health) (3,645) (2,538)
3 Amount accepted in reinsurance:
(a) Claims by Death - -
(b) Claims by Maturity - -
(c) Annuities / Pension Payment - -
(d) Other benets - -
Total
46,523,392 42,470,943
Benets paid to Claimants
1. In India 46,523,392 42,470,943
2. Outside India - -
Total 46,523,392 42,470,943
Note: Refer Schedule 16 Note 2 (d)
SCHEDULE 5 - SHARE CAPITAL
(Amounts in thousands of Indian Rupees)
Particulars
Audited Year ended
31st March 2017
Audited Year ended
31st March 2016
1 Authorised Capital
3,750,000,000 Equity Shares of ` 10/- each 37,500,000 37,500,000
2 Issued, Subscribed & Paid - up Capital
1,901,208,000 Equity Shares (Previous Year : 19,012,080 19,012,080
1,901,208,000 Equity Shares) of ` 10/- each fully paid up
Less:Preliminary Expenses - -
Total 19,012,080 19,012,080
Note: “Of the above, 969,616,080 (Previous Year : 1,406,893,920 ) Equity Shares of ` 10 each held by Aditya Birla Nuvo Limited, were transferred on
24th March 2017 to Aditya Birla Financial Services Limited, the Holding company.
SCHEDULE 5A - PATTERN OF SHAREHOLDING (AS CERTIFIED BY THE MANAGEMENT)
Shareholder
Audited As at 31st March 2017
Audited As at 31st March 2016
Number of Shares % of Holding
Number of Shares % of Holding
Promoters:
Indian 969,616,080 51% 1,406,893,920 74%
Foreign 931,591,920 49% 494,314,080 26%
Others - - - -
Total 1,901,208,000 100% 1,901,208,000 100%
Schedule
SCHEDULE
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULE 6 - RESERVES AND SURPLUS
(Amounts in thousands of Indian Rupees)
Particulars
Audited
Audited
As at 31st March
2017
As at 31st March
2017
As at 31st March
2016
As at 31st March
2016
1 Capital Reserve -
2 Capital Redemption Reserve 682,920 682,920
3 Share Premium
Opening balance 2,000,028 2,000,028
Add: Additions during the year -
Less: Utilised during the year - 2,000,028 - 2,000,028
4 Revaluation Reserve -
5 General reserves -
Opening balance 406,127 406,127
Add: Additions during the year -
Less: Debit balance of Prot & Loss Account 406,127 406,127
Less: Amount Utilized during the year - - - -
6 Catastrophe Reserve -
7 Balance of prot in Prot and Loss Account - -
Total 2,682,948 2,682,948
SCHEDULE 7 - BORROWINGS
(Amounts in thousands of Indian Rupees)
Particulars
Audited As at
31st March 2017
Audited As at
31st March 2016
1 Debentures/Bonds - -
2 Banks - -
3 Financial Institutions - -
4 Others - -
Total - -
SCHEDULE 8 - INVESTMENTS - SHAREHOLDERS
(Amounts in thousands of Indian Rupees)
Particulars
Audited As at
31st March 2017
Audited As at
31st March 2016
LONG TERM INVESTMENTS
1 Government securities and Government
guaranteed bonds including Treasury Bills (Refer note 6 & 7 below) 5,110,633 6,148,690
2 Other Approved Securities 1,768,484 496,675
3 Other Investments
(a) Shares - -
(aa) Equity 299,559 -
(bb) Preference - -
(b) Mutual Funds - -
(c) Derivative Instruments - -
(d) Debentures / Bonds 3,516,648 2,776,407
(e) Other Securities 399,000 458,500
(f) Subsidiaries (Refer 2 below) - -
Annual Report 2016-17
264
265
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
for the year ended Mar 31, 2017
(Amounts in thousands of Indian Rupees)
Particulars
Audited As at
31st March 2017
Audited As at
31st March 2016
(g) Investment Properties-Real Estate - -
4 Investments in Infrastructure and Social Sector 3,520,224 3,606,019
5 Other than Approved Investments 793,713 786,961
Total (A)
15,408,261 14,273,252
SHORT TERM INVESTMENTS
1 Government securities and Government
guaranteed bonds including Treasury Bills 10,017 -
2 Other Approved Securities
- Fixed Deposits (Refer 8 below) 321,467 299,000
- Others 8,248 -
3 Other Investments - -
(a) Shares - -
(aa) Equity - -
(bb) Preference - -
(b) Mutual Funds 11,520 -
(c) Derivative Instruments - -
(d) Debentures / Bonds 191,001 77,500
(e) Other Securities - -
(f) Subsidiaries - -
(g) Investment Properties-Real Estate - -
4 Investments in Infrastructure and Social Sector 52,951 241,871
5 Outstanding trades - -
6 Other than Approved Investments 28,514 2,157,086
Total (B)
623,718 2,775,457
TOTAL (A) + (B) 16,031,979 17,048,709
Notes:
1
Aggregate amount of Company’s investments (other than listed equity securities, mutual fund and derivative instruments) and the market value thereof.
(Amounts in thousands of Indian Rupees)
Particulars
As at
31st March 2017
As at
31st March 2016
Aggregate amount of Company’s investments other than listed equity securities, mutual
fund and derivative instruments
15,778,160 14,735,143
Market value of above Investments
16,846,353 15,217,608
2 Investments made out of Catastrophe reserve is ` Nil (Previous Year ` Nil)
3 Debt Securities are held to maturity and reduction in market values represent market conditions and not a permanent dimunition in
value of investments,if any.
4 Historical cost of Mutual Fund & Equity included above is, for Mutual Fund ` 11,520 (Previous Year: ` 2,057,319) and for equity `
732,500 (Previous year: ` 282,500)
5 Government securities amounting to ` 281,347 (Previous Year: ` 278,357) have been deposited with Clearing Corporation of India
Ltd. (CCIL) towards Settlement Guarantee Fund (SGF) deposit for trades in Security & CBLO through CCIL. These are part of the
Government securities disclosed in Long Term Investments.
6 Government securities amounting to ` 5,449 (Previous Year: ` NIL) have been deposited with Clearing Corporation of India Ltd. (CCIL)
towards Settlement Guarantee Fund (SGF) deposit for trades in Security & CBLO through CCIL for default fund. These are part of the
Government securities disclosed in Long Term Investments.
7 Fixed Deposit amounting to ` 207,978 (Previous Year: ` 199,000) and ` 53,989 (Previous Year: ` 50,000) have been placed with
National Securities Clearing Corporation Ltd. (NSCCL) and Indian Clearing Corporation Ltd. (ICCL) respectively towards margin
requirement for Equity trade settlement. These are part of the Fixed deposits disclosed in Short Term investments.
8 Refer Schedule 16 Note 2 (f)
Schedule
SCHEDULE
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULE 8A -INVESTMENTS - POLICYHOLDERS
(Amounts in thousands of Indian Rupees)
Particulars
Audited As at
31st March 2017
Audited As at
31st March 2016
Long Term Investments
1 Government securities and Government
guaranteed bonds including Treasury Bills (Refer note 6 below) 37,454,969 292,83,274
2 Other Approved Securities 2,969,717 1,271,912
3 Other Investments
(a) Shares - -
(aa) Equity 6,934,361 2,507,793
(bb) Preference 2,572 2,450
(b) Mutual Funds - -
(c) Derivative Instruments - -
(d) Debentures / Bonds 13,386,239 7,314,586
(e) Other Securities 611,000 735,200
(f) Subsidiaries (Refer 2 below) - -
(g) Investment Properties-Real Estate - -
4 Investment in Infrastructure and Social Sector 13,188,286 10,343,265
5 Other than Approved Investments 1,614,388 1,564,638
Total (A)
76,161,532 53,023,118
SHORT TERM INVESTMENTS
1 Government securities and Government
guaranteed bonds including Treasury Bills 199,464 263,010
2 Other Approved Securities
- Fixed Deposits 129,200 20,000
- Others 690,738 1,601,242
3 Other Investments
(a) Shares
(aa) Equity - -
(bb) Preference - -
(b) Mutual funds 2,655,224 789,978
(c) Derivative Instruments - -
(d) Debentures / Bonds 350,736 209,645
(e) Other Securities - -
(f) Subsidiaries - -
(g) Investment Properties-Real Estate - -
3 Investment in Infrastructure and Social Sector 125,207 224,588
4 Other than Approved Investments - 688,029
Total (B)
4,150,569 3,796,492
TOTAL (A) + (B) 80,312,101 56,819,610
Notes:
1
Aggregate amount of Company’s investments (other than listed equity securities, mutual fund and derivative instruments) and the market value thereof.
(Amounts in thousands of Indian Rupees)
Particulars
As at
31st March 2017
As at
31st March 2016
Aggregate amount of Company’s investments other than listed equity securities, mutual
fund and derivative instruments.
71,465,105 52,450,421
Market value of above Investments
74,836,719 54,017,124
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 (Previous Year ` 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, for Mutual Fund ` 2,662,377 (Previous Year: ` 1,481,646) and for Equity `
7,695,804 (Previous year: ` 3,147,521)
6 Refer Schedule 16 Note 2(f)
Annual Report 2016-17
266
267
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
for the year ended Mar 31, 2017
SCHEDULE 8B - ASSETS HELD TO COVER LINKED LIABILITIES
(Amounts in thousands of Indian Rupees)
Particulars
Audited As at
31st March 2017
Audited As at
31st March 2016
Long Term Investments
1 Government securities and Government guaranteed bonds including Treasury Bills 46,550,117 51,575,929
2 Other Approved Securities 2,346,156 1,083,203
3 Other Investments
(a) Shares - -
(aa) Equity 80,819,225 73,312,867
(bb) Preference 103,206 98,291
(b) Mutual Funds - -
(c) Derivative Instruments - -
(d) Debentures / Bonds 27,652,303 23,436,477
(e) Other Securities 1,429,800 1,892,000
(f) Subsidiaries - -
(g) Investment Properties-Real Estate - -
4 Investments in Infrastructure and Social Sector 51,688,450 48,487,775
5 Other than Approved Investments 9,699,347 3,691,771
Total (A)
220,288,604 203,578,313
Short Term Investments
1 Government securities and Government guaranteed bonds including Treasury Bills
(Refer note 5 below)
6,141,959 1,632,504
2 Other Approved Securities
- Fixed Deposits 860,200 1,261,600
- Others 3,926,651 9,668,059
3 Other Investments
(a) Shares - -
(aa) Equity - -
(bb) Preference - -
(b) Mutual Funds 8,632,121 -
(c) Derivative Instruments - -
(d) Debentures / Bonds 1,974,162 3,794,345
(e) Other Securities - -
(d) Application Money - -
(f) Subsidiaries - -
(g) Investment Properties-Real Estate - -
3 Investments in Infrastructure and Social Sector 1,647,889 846,743
4 Other than Approved Investments 101,039 9,191,999
Total (B)
23,284,021 26,395,250
Other Assets
1 Bank Balances 4,901 15,455
2 Interest Accrued & Dividend Receivable 4,471,412 4,332,366
3 Fund Charges - -
4 Outstanding Contracts (Net) 828,278 (93,834)
Total (C)
5,304,591 4,253,987
TOTAL (A) + (B) + ( C) 248,877,216 234,227,550
Notes
1 Investments in holding companies at cost is ` 498,960 (Face value ` 500,000) (Previous year ` 496,308 Face Value ` 500,000).
2 Investments made out of Catastrophe reserve is ` Nil (Previous Year ` Nil)
3 Debt Securities are held to maturity and reduction in market values represent market conditions and not a permanent dimunition
in value of investments,if any.
4 Historical cost of Mutual Fund & Equity included above is, for Mutual Fund ` 10,796,929 (Previous Year: ` 9,619,557) and for equity `
82,257,555 (Previous year: ` 82,134,801)
5 Refer Schedule 16 Note 2 (f)
Schedule
SCHEDULE
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULE 9 - LOANS
(Amounts in thousands of Indian Rupees)
Particulars
Audited As at
31st March 2017
Audited As at
31st March 2016
1 Security-wise classication
Secured
(a) On mortgage of property
(aa) In India - -
(bb) Outside India - -
(b) On Shares,Bonds,Govt. Securities,etc - -
(c) Loans against Policies 537,204 478,398
(d) Others - -
Unsecured - -
Total
537,204 478,398
2 Borrower-wise classication
(a) Central and State Governments - -
(b) Banks and Financial Institutions - -
(c) Subsidiaries - -
(d) Companies - -
(e) Loans against Policies 537,204 478,398
(f) Others - -
Total
537,204 478,398
3 Performance-wise classication
(a) Loans classied as standard
(aa) In India 537,204 478,398
(bb) Outside India - -
(b) Non-standard loans less provisions
(aa) In India - -
(bb) Outside India - -
Total
537,204 478,398
4 Maturity-wise classication
(a) Short-Term 2,745 3,365
(b) Long-Term 534,459 475,033
Total 537,204 478,398
Note: Refer Schedule 16 Note 2 (g)
Annual Report 2016-17
268
269
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
for the year ended Mar 31, 2017
SCHEDULE 10 - FIXED ASSETS
(Amounts in thousands of Indian Rupees)
Particulars
Cost/ Gross Block Depreciation Net Block
As on
April 1,
2016
Additions On Sales/
Adjustments
As on
March 31,
2017
As on
April 1,
2016
For the year On Sales/
Adjustments
As on
March 31,
2017
As on
March 31,
2017
As on
March 31,
2016
Goodwill - - - - - - - - - -
Intangibles (Software) 1,284,527 295,398 3,886 1,576,039 1,049,641 180,868 939 1,229,570 346,469 234,886
Land-Freehold - - - - - - - - - -
Leasehold property - - - - - - - - -
Buildings - - - - - - - - - -
Furniture & Fittings 127,936 22,169 11,797 138,308 101,799 15,569 9,754 107,615 30,694 26,137
Information Technology Equipment 789,535 87,958 47,599 829,894 594,321 107,908 47,483 654,746 175,148 195,214
Vehicles 10,523 22,210 6,518 26,215 5,320 4,364 3,328 6,356 19,859 5,203
Ofce Equipment 197,242 21,142 11,916 206,468 166,273 16,961 11,194 172,040 34,429 30,969
Others (Leasehold Improvements) 362,431 33,534 47,715 348,250 301,898 28,072 43,799 286,171 62,079 60,533
TOTAL
2,772,194 482,411 129,431 3,125,174 2,219,252 353,742 116,497 2,456,498 668,678 552,942
Capital Work in Progress (Including Capital
Advances)
- - - - 144,770 93,230
GRAND TOTAL
2,772,194 482,411 129,431 3,125,174 2,219,252 353,742 116,497 2,456,498 813,448 646,172
Previous Year
2,487,045 410,833 125,684 2,772,194 2,067,577 274,059 122,384 2,219,252 646,172 491,661
1. Refer Schedule 16 Note 2 (i)
2. Sale / Adjustments as appearing in gross block includes closure of branches & assets write off thereon
3. All software are other than those generated internally.
Schedule
SCHEDULE
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULE 10 - FIXED ASSETS
(Amounts in thousands of Indian Rupees)
Particulars
Cost/ Gross Block Depreciation Net B lock
As on
April 1,
2015
Additions
On Sales/
Adjustments
As on
March,
2016
As on
April 1,
2015
For the year
On Sales/
Adjustments
As on
March,
2016
As on
March,
2016
As on
March 31,
2015
Goodwill - - - - - - - - - -
Intangibles (Software) 1,125,761 158,766 - 1,284,527 927,356 122,285 - 1,049,641 234,886 198,405
Land-Freehold - - - - - - - - - -
Leasehold property - - - - - - - - - -
Buildings - - - - - - - - - -
Furniture & Fittings 114,974 20,927 7,965 127,936 93,802 15,894 7,897 101,799 26,137 21,172
Information Technology Equipment 692,070 191,622 94,157 789,535 589,321 97,627 92,627 594,321 195,214 102,749
Vehicles 13,595 2,478 5,550 10,523 6,576 2,603 3,859 5,320 5,203 7,020
Ofce Equipment 196,376 16,832 15,966 197,242 170,522 11,706 15,955 166,273 30,969 25,854
Others (Leasehold Improvements) 344,269 20,208 2,046 362,431 280,000 23,944 2,046 301,898 60,533 64,269
TOTAL
2,487,045 410,833 125,684 2,772,194 2,067,577 274,059 122,384 2,219,252 552,942 419,468
Ingenium Work In Progress - - - - - -
Capital Work in Progress (Including
Capital Advances)
- - - - 93,230 72,193
GRAND TOTAL
2,487,045 410,833 125,684 2,772,194 2,067,577 274,059 122,384 2,219,252 646,172 491,661
Previous Year
2,345,918 277,465 136,764 2,486,620 1,996,173 190,206 119,228 2,067,152 491,661 399,243
Annual Report 2016-17
270
271
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
for the year ended Mar 31, 2017
SCHEDULE 11 - CASH AND BANK BALANCES
(Amounts in thousands of Indian Rupees)
Particulars
Audited As at
31st March 2017
Audited As at
31st March 2016
1
Cash (including cheques on hand ` 823,960/- Previous year ` 661,178/-)
(Stamps on hand ` 244/- Previous year ` 356/-)
1,025,145 881,491
2 Bank Balances
(a) Deposit Accounts
(aa) Short - term (due within 12 months) 1,194,413 2,456,841
(ab) Others - -
(b) Current Accounts 2,772,571 1,484,151
(c) Others - -
3 Money at Call and Short Notice
(a) With Banks - -
(b) With other Institutions - -
4 Others
- -
Total
4,992,129 4,822,483
Balances with non-scheduled banks included in 2 above - -
Cash and Bank Balances
1. In India 4,992,129 4,822,483
2. Outside India - -
Total 4,992,129 4,822,483
SCHEDULE 12 - ADVANCES AND OTHER ASSETS
(Amounts in thousands of Indian Rupees)
Particulars
Audited As at
31st March 2017
Audited As at
31st March 2017
Audited As at
31st March 2016
Audited As at
31st March 2016
Advances
1 Reserve deposits with ceding companies - -
2 Application money for investments - -
3 Prepayments 196,853 191,289
4 Advances to Directors / Ofcers - -
5 Advance tax paid and taxes deducted at source. 13,932 10,992
6 Other advances
a) Advance to Suppliers/Contractors 109,235 74,103
b) Others 9,290 17,164
Total (A) 329,310 293,548
Other Assets
1 Income accrued on investments 2,916,486 2,197,296
2 Outstanding Premiums 1,339,866 1,108,646
3 Agent's Balances (gross) 16,393 24,272
Less: Provision for doubtful debts - 16,393 - 24,272
4 Foreign Agencies Balances - -
5
Due from other entities carrying on insurance business
285,895 46,194
6 Due from Subsidiary company - -
7 Deposit with Reserve Bank of India - -
8 Service Tax unutilised credits 99,561 229,322
Less: Provision for Service Tax unutilised credits - 99,561 - 229,322
9 Others-
Deposits & Others 649,064 358,890
Outstanding Trades 51,296 523,486
Insurance Policies (Leave Encashment) 268,154 235,220
Unclaimed Fund 2,348,652 -
Total (B) 7,975,367 4,723,326
Total (A+B) 8,304,677 5,016,874
Schedule
SCHEDULE
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULE 13 - CURRENT LIABILITIES
(Amounts in thousands of Indian Rupees)
Particulars
Audited As at
31st March 2017
Audited As at
31st March 2016
1 Agent's Balance 617,180 511,588
2 Balances due to other insurance companies 81,358 67,352
3 Deposits held on re-insurance ceded - -
4 Premiums received in advance 153,902 433,758
5 Unallocated premiums 54,144 47,600
6 Sundry creditors* 2,618,415 2,471,317
7 Due to Subsidiaries/ holding company - -
8 Claims outstanding 101,391 108,364
9 Annuities Due - -
10 Due to Ofcers/Directors - -
11 Others
(a) Policy Application and other Deposits 715,195 815,971
(b) Due to Policyholders 860,842 1,299,903
(c) Taxes Payable 205,455 199,375
(d) Temporary Overdraft (as per books only) - -
(e) Unclaimed amounts of policyholders 2,362,495 2,309,924
(f) Interim dividend payable - -
Total 7,770,377 8,265,152
* 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
2017 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 identied on the basis of information available with the Company.
SCHEDULE 14 - PROVISIONS
(Amounts in thousands of Indian Rupees)
Particulars
Audited As at
31st March 2017
Audited As at
31st March 2016
1 For taxation
Provision for wealth tax - -
2 For proposed dividends - -
3 For dividend distribution tax - -
4 For Provision for Tax - 1,300
5 Others
a) Provision for long term bonus plan [Refer Schedule 16, Note 25] 116,871 103,935
b) Provision for renewal bonus - -
c) Provision for gratuity 10,260 8,498
d) Provision for leave encashment [Refer Schedule 16, Note 26(a)(ii)] 125,409 118,651
Total 252,540 232,384
SCHEDULE 15 - MISCELLANEOUS EXPENDITURE
(To the extent not written off or adjusted)
(Amounts in thousands of Indian Rupees)
Particulars
Audited As at
31st March 2017
Audited As at
31st March 2016
1 Discount Allowed in issue of shares/debentures - -
2 Others - -
Total - -
Annual Report 2016-17
272
273
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
forming part of the Consolidated Financial Statements for the year ended Mar 31, 2017
Schedule 16 Notes to the Consolidated Financial
Statements
1 Background
These Consolidated nancial statements comprise of
the consolidated nancial statements of Birla sun life
Insurance Company Limited, the Parent Company, with
the nancial statements of its subsidiary Birla Sun Life
Pension Management Limited.
Birla Sun Life Insurance Company Limited (‘the
Company’ or ‘BSLI’), 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 (‘IRDAI’) on 31st January 2001. The Insurance
Regulatory and Development Authority of India
(IRDAI) vide its circular dated 7th April, 2015 bearing
reference number IRDAI/F&A/CIR/ GLD/062/04/2015
has pursuant to amendment in Insurance Laws
(Amendment) Act 2015 to Section 3A of the Insurance
Act, 1938, discontinued the requirement to apply for
Renewal Certicate of Registration (IRDAI/R6) on an
annual basis. Accordingly, upon payment of the annual
fees for the nancial year 2016-17, the certicate of
registration which was valid for nancial year ended
March 31, 2017 shall continue to be valid for nancial
year ended March 31, 2018 and the same is in force as
on the date of this report.
The Company is a subsidiary of Aditya Birla Financial
Services Limited (with effect from 24th March, 2017,
previously held by Aditya Birla Nuvo Limited - Now
ultimate holding entity), a company of the Aditya Birla
Group of India (51 percent). Further, Sun Life Financials
(India) Insurance Investments Inc., subsidiary of Sun
Life Assurance Company of Cananda holds 49 percent
of share capital. This business span across individual
and group products and covers participating, non-
participating and unit linked lines of businesses. Riders
covering additional benets are offered under these
products. These products are distributed through
individual agents, corporate agents, banks, brokers
and other intermediaries across the country.
Birla Sun Life Pension Management Limited (“the
Company”) is a wholly owned subsidiary of Birla Sun Life
Insurance Company Limited. The Company is a public
company domiciled in India and incorporated under the
provisions of the Companies Act, 2013 The Company
was incorporated on 9th January 2015 with Registration
Number U66000MH2015PLC260801 with specic
purpose of managing pension fund business.
2 Signicant Accounting Policies
a) Basis of Preparation
The accompanying nancial statements have been
prepared and presented under the historical cost
convention, on the accrual basis of accounting, in
accordance with accounting principles generally
accepted in India, including the provisions of
the Insurance Act, 1938 (the “Insurance Act”) as
amended by the Insurance Laws (Amendment)
Act 2015, the Insurance Regulatory and
Development Authority (Preparation of Financial
Statements and Auditor’s Report of Insurance
Companies) Regulations, 2002 (the “IRDAI
Financial Statements Regulations”), orders/
directions issued by the Insurance Regulatory and
Development Authority of India (the “IRDAI”) in
this regard, the Accounting Standards specied
under Section 133 of the Companies Act,2013 to
the extent applicable and various circulars issued
by IRDAI 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 Consolidated 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 Consolidated nancial statements.
The estimates and assumptions used in the
consolidated nancial statements are based upon
management’s evaluation of the relevant facts
and circumstances as on date of the consolidated
nancial statement. Any revision to accounting
estimates is recognized 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 benets plans and
the useful lives of xed assets, etc. Actual results
could differ from these estimates.
Schedule
SCHEDULE
forming part of the Consolidated Financial Statements for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
c) Revenue recognition
i. Premium Income
Premium is recognized as income when due
from policyholders. For unit linked business,
premium income is recognized when the
associated units are created. Premium on
lapsed policies is recognized as income
when such policies are reinstated. In case
of linked business, top up premium paid
by policyholders are considered as single
premium and are unitised as prescribed by
the IRDAI Financial Statements Regulations.
This premium is recognized when the
associated units are created.
ii. Income from Investments
Interest income on investments is recognized
on accrual basis. Amortization of discount/
premium relating to debt securities is
recognized over the remaining maturity
period on a straight-line basis.
Dividend income is recognized on ex-date.
The realized prot / loss on debt/ money
market securities held for other than linked
business are the difference between the net
sale consideration and amortized cost.
The realised prot/loss on debt securities
held for linked business is difference between
net sale consideration and weighted average
cost and for money market securities it
is the difference between the net sale
consideration and the amortised cost.The
realised prot/loss on sale of equity shares
and equity related instruments/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 is
recognized 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
recognized when due.
Interest income on loans is recognized on
an accrual basis and disclosed under other
income.
d) Benets Paid (Including Claims)
Death and other claims are accounted for,
when notied. Survival and maturity benets 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 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 as amended by the
Insurance Laws (Amendment) Act 2015,
the Insurance Regulatory and Development
Authority (Investment) Regulations, 2000, the
Insurance Regulatory and Development Authority
(Investment) (Amendment) Regulations, 2001 and
various other circulars / notications issued by the
IRDAI in this context from time to time.
Investments are recorded at cost on the date of
purchase, which includes brokerage and stamp
duty, taxes, setup cost, transaction charges or
any other charges included in broker note.
Annual Report 2016-17
274
275
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
forming part of the Consolidated Financial Statements for the year ended Mar 31, 2017
Brokerage and transaction cost which are
incurred for the purpose of execution of trade and
is included in the cost of investment.
i. Classication
Investments maturing within twelve months
from the balance sheet date are classied as
short-term investments.
Investments other than short-term
investments are classied as long-term
investments.
ii. Debt securities
Policyholders’ non-linked funds and
shareholders’ investments:
All debt securities, including Central and
State government securities (Government
securities), are considered as ‘held to
maturity’ and stated at amortized cost.
The discount or premium which is the
difference between the purchase price
and the redemption amount of xed
income securities is amortized and
recognized in the revenue account, on
a straight line basis over the remaining
period to maturity of these securities
Additional Tier 1 (BASEL III) bonds are
valued using average of the security level
valuation provided by CRISIL & ICRA.
Policyholders’ linked funds:
All debt securities, including
Government securities (excluding T
Bills), under policyholders’ linked funds
are valued using average of the security
level valuation provided by CRISIL &
ICRA. The discount or premium on
money market instruments (including
T Bills) which is the difference between
the purchase price and the redemption
amount is amortized and recognized
in the revenue account on a straight
line basis over the remaining period to
maturity of these securities.
iii. Equity shares/Preference shares &
Exchange traded funds:
Listed equity/preference shares, Exchange
traded funds 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/preference, Exchange traded funds
shares acquired through primary markets
and awaiting listing are valued as per
the valuation policy of the Company duly
approved by Investment Committee.
Unlisted equity/preference 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.
Social Venture Fund/ Venture Capital Funds
are valued at last available NAV.
iv. Mutual Funds
Mutual fund units are valued on previous
day’s Net Asset Value published by the
respective mutual funds.
v. Gain / loss on equity, preference shares
and mutual funds
Unrealized gains / losses are recognized in
the respective fund’s revenue account as fair
value change in case of linked funds.
Unrealized gain / loss due to changes in
fair value of listed equity/preference 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 recognized as an expense in
the Revenue / Prot & Loss account.
vi. Investment transfer
Transfers of Investments from Shareholders’
funds to the Policyholders’ funds are
affected at the lower of amortized cost or
market value in respect of all debt securities
Schedule
SCHEDULE
forming part of the Consolidated Financial Statements for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
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 the
methodology specied in the Inter Fund
transfer policy approved by the Investment
committee. Inter fund transfer of equity are
done during market hours at the prevailing
market price.Inter-fund transfer of debt
securities relating to Linked Policyholders’
Funds is effected at last available market
value as per the methodology specied in
the Inter Fund transfer policy approved by
the 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 recognized as an expense in Revenue/
Prot 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 recognized
as expense in Revenue/ Prot and Loss
Account. Any reversal of impairment loss,
earlier recognized in prot and loss account
shall be recognized in Revenue/ Prot and
Loss account.
g) Pension Fund Management Business
Current investments are carried at lower of cost or
fair value determined on an individual investment
basis. Non-current investments are carried at
cost.
h) Loans Against Policies
Loans against policies are valued at the aggregate
of book values (net of repayments) plus capitalized
interest and are subject to impairment, if any.
i)
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
xed assets is expensed out in the year of
expense except where such expenditure
increases the future economic benets from
the existing assets.
Advances paid towards the acquisition of
xed assets outstanding at each balance
sheet date and the cost of xed assets
not ready for its intended use before such
date are disclosed under capital work-in-
progress.
Assets costing Upto ` 5 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 II to the Companies
Act, 2013. Depreciation on xed assets
is provided using the straight-line method
based on the economic useful life of assets
as estimated by the management is as
below:
S
No.
Assets Type
Estimated
Useful life (Years)
1 Leasehold Improvements
and Furniture and ttings
at leased premises
5 years or the maximum
renewable period of the respective
leases, whichever is lower
2 Furniture & ttings (other
than (1) above)
5
3 Information Technology
Equipment
3
4 Vehicles 4/5
5 Ofce Equipment 5
6 Mobile Phones (included
in ofce equipment under
schedule 10)
2
Any additions to the original xed assets are
depreciated over the remaining useful life of
the original asset.
During the current year, Management
purchased used assets, in the nature of a)
Leasehold improvements and Furtniture and
ttings at leased premises, b) Furniture &
ttings and c) Ofce Equipment. Depreciation
Annual Report 2016-17
276
277
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
forming part of the Consolidated Financial Statements for the year ended Mar 31, 2017
on xed assets is provided using the straight-
line method based on the economic useful life
of assets as estimated by the management
is as below;
S
No.
Assets Type
Estimated Useful
life (Years)
1 Leasehold Improvements and Furniture
and ttings at leased premises
3
2 Furniture & ttings (other than (1) above) 3
3 Ofce Equipment 3
ii. Intangibles
Intangible assets comprise of software
licenses which are stated at cost less
Amortization. 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 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 reected at the recoverable
amount, subject to maximum of depreciable
historical cost.
j) Operating Leases
The Company classies leases, where the lessor
effectively retains substantially all the risks and
benets of ownership over the lease term, as
Operating Leases. Operating lease rentals are
recognized as an expense on a straight line basis
over the lease period.
k) Employee Benets
i. Short Term Employee Benets
All employee benets payable within twelve
months of rendering the service are classied
as short-term employee benets. Benets
such as salaries & bonuses are recognized
in the period in which the employee renders
the related service.
ii. Long Term Employment Benets
The Company has both dened contribution
and dened benet plans. These plans are
nanced by the Company.
Dened Contribution Plans:
The Company has dened contribution
schemes for superannuation and
provident fund to provide retirement
benets to its employees. Contributions
to the superannuation schemes are
made on a monthly basis and charged
to revenue account when due.
Dened Benet Plans:
Gratuity liability is dened benet
obligation and is funded. The Company
accounts for liability for future gratuity
benets based on independent actuarial
valuation under revised Accounting
Standard 15 (AS 15) on ‘Employee
Benets’.
“Provident Fund contributions are
made to a Trust, administered by the
Company. The interest rate payable to
the members of the Trust shall not be
lower than the statutory rate of interest
declared by the Central Government
under the Employees’ Provident Funds
and Miscellaneous Provisions Act,
1952, and shortfall, if any, shall be made
good by the Company. The Company’s
liability is actuarially determined (using
the Projected Unit Credit Method) at
the end of the year and any shortfall in
the Fund size maintained by the Trust
set up by the Company is additionally
provided for. Actuarial losses/gains are
recognized in the Statement of Prot
and Loss in the year in which they arise.
The Company also has deferred
Schedule
SCHEDULE
forming part of the Consolidated Financial Statements for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
compensation plans with the objective
of employee retention.”
iii. Other Employee Benets
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.
l) Renewal Bonus
Renewal bonus is payable to the individual
insurance agents and a segment of the sales
force. This constitutes a part of the rst year
commission / incentives against receipt of the
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.
m) 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
reected, in the revenue account or the prot and
loss account, as the case may be.
n) Segment Reporting
As per Accounting Standard 17 (AS 17) on
‘Segment Reporting’ read with the “Preparation
of Financial Statements and Auditor’s Report of
Insurance Companies, Regulations 2002”and
the Insurance Laws (Amendment) Act 2015,
the Company is required to report segment
results separately for linked, non-linked, health
and pension businesses. The business is
broadly classied as Participating non-linked,
Non Participating Unit Linked and Non Linked
businesses, which are further segmented into
Individual Life, Group Life, Group Life Variable,
Individual Pension, Annuity Individual, Group
Pension, Group Pension Variable 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, other Income, expenses,
assets and liabilities directly attributable
and identiable to business segments, are
allocated on actual basis; and
“Revenues, other income, other expenses,
assets and liabilities which are not directly
identiable though attributable to a business
segment, are allocated on the following
basis, as considered appropriate by the
management:”
Gross premium;
First year commission;
Sum assured;
Policy liability;
Asset under management;
New Business Policy Count;
Enforce policy count
o) Taxation
i. Direct Taxes
The Income-Tax Act, 1961 prescribes that
prots and gains of life insurance companies
will be the surplus or decit disclosed by the
actuarial valuation made in accordance with
the Insurance Act, 1938 and the Insurance
Laws (Amendment) Act 2015. In respect
of pension fund management Company,
Provision for income tax is made in
accordance with the provision of the Income
Tax Act, 1961.
Annual Report 2016-17
278
279
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
forming part of the Consolidated Financial Statements for the year ended Mar 31, 2017
Deferred income tax is recognized for
future tax consequences attributable to
timing differences between income as
determined by the nancial statements and
the recognition for income tax purposes. The
effect on deferred tax assets and liabilities
of a change in tax rates is recognized using
the tax rates and tax laws that have been
enacted or substantively enacted by the
balance sheet date.
Deferred tax assets are recognized only to
the extent there is reasonable certainty that
the assets can be realized in future. However,
where there is unabsorbed depreciation
or carried forward loss under taxation law,
deferred tax assets are recognized only if
there is virtual certainty backed by convincing
evidence that such deferred assets can be
realized. Deferred tax assets are reviewed
as at each balance sheet date and written
down or written up to reect the amount that
is reasonably or virtually certain, as the case
may be, to be realized.
Where Company has provided for tax liability
based on Minimum Alternate Tax (MAT)
provisions, MAT credit is recognised as an
asset only when and to the extent there is
convincing evidence that the Company will
pay normal income tax during the specied
period.
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.
p) Provisions and Contingencies
A provision is recognized when the Company
has a present legal obligation as a result of past
event/s and it is probable that an outow 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 reect current best estimates. A
disclosure for contingent liability is made when
there is a possible obligation or present obligations
that may, but probably will not, require an outow
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
outow of resources is remote, no provision or
disclosure is made. A contingent asset is neither
recognized nor disclosed.
q) Funds for Future Appropriation
The balance in the funds for future appropriations
account represents funds, the allocation of
which, either to participating Policyholders or to
Shareholders, has not been determined at the
Balance Sheet date. Transfers to and from the
fund reect the excess or decit of income over
expenses and appropriations in each accounting
period arising in the Company’s Policyholders
fund. In respect of Participating policies any
allocation to the policyholder would also give
rise to a shareholder transfer in the required
proportion.
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.
r) Earnings Per Share
Basic earnings per share are calculated by dividing
the net prot 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
earnings per share, the net prot 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.
s) Cash and Cash Equivalents
Cash and cash equivalents for the purposes of
Receipts and Payments account include cash
and cheques in hand; bank balances liquid mutual
funds and other investments with original maturity
of three months or less which are subject to
insignicant risk of changes in value.
Schedule
SCHEDULE
forming part of the Consolidated Financial Statements for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
t) Receipts & Payments
Receipts and Payments Account is prepared
and reported using the Direct Method, in
conformity with para 1.1 (i) of the Master Circular
on Preparation of Financial Statements and
Filing Returns of Life Insurance Business dated
December 11, 2013 issued by the IRDAI.
3 Contingent Liabilities
S
No.
Particulars
As at 31st
March 2017
As at 31st
March 2016
1 Partly paid-up investments 255 Nil
2 Claims, other than against
policies, not acknowledged
as debts by the Company
100,325 24,764
3 Underwriting commitments
outstanding
Nil Nil
4 Guarantees given by or on
behalf of the Company
Nil Nil
5 Statutory demands /
liabilities in dispute, not
provided for
Refer Note
Below
Refer Note
Below
6 Reinsurance obligations to
the extent not provided for in
the accounts
Nil Nil
7 Others *
2,27,828 2,21,379
*Represents potential liability to the Company (net of reinsurance) in
respect of cases led against the Company’s decision of repudiation of
death claims and customer complaints.
Note: -
The Company has received Show Cause-Cum-Demand
notices for earlier period relating to Service Tax demands of
` 398,203 as at 31st March, 2017, (As at 31st March, 2016
` 398,203) plus applicable interest and penalty. Basis legal
opinion obtained, management is of the opinion that these
show-cause cum demand notices are not legally tenable
and decided to contest at appellate authority.
4 Operating Lease Commitments
In accordance with Accounting Standard 19 (AS 19) on
‘Leases’, the details of leasing arrangements entered
into by the Company are as under:
The Company has entered into agreements in the
nature of cancellable and non-cancellable lease /
leave and license agreements with different lessors
/ licensors for the purpose of establishment of ofce
premises, leasehold improvements, furniture and
xtures, information technology and ofce 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:
Particulars
Current Year
Previous Year
Total lease rentals charged
to Revenue Account
4,25,583 5,15,276
Lease obligations for non –
cancellable leases
- -
-Within one year of the
balance sheet date
4,04,671 4,08,648
-Due in a period between
one year and ve years
9,19,014 6,39,962
-Due after ve years
87,668 1,45,994
5 Foreign Exchange Gain / (Loss)
The Company has recorded foreign exchange gain of `
1,183 in the Revenue Account and the same is included
under “Interest and Bank Charges” in Schedule 3
(Previous Year loss ` 2,645)
6 Earnings Per Share
Particulars
Current Year
Previous Year
Prot / (loss) as per prot
and loss account
1,230,285 1,402,297
Weighted average number
of equity shares
1,901,208,000
1,901,208,000
Earnings per share (Basic
and Diluted) in `
0.65 0.74
Face Value per share #
10 10
# Amount in absolute Indian Rupees
7 Actuarial Assumptions
The actuarial liabilities are calculated in accordance
with accepted actuarial practice, requirements of
Insurance Act, 1938,as amended by the Insurance
Laws (Amendment) Act 2015 Regulations notied
by Insurance Regulatory and Development Authority
of India and Practice Standards prescribed by the
Institute of Actuaries of India.
Unit Reserves
Unit reserves are computed by multiplying the number
of units with the unit price as on the valuation date.
Annual Report 2016-17
280
281
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
forming part of the Consolidated Financial Statements for the year ended Mar 31, 2017
Non Unit Reserves
Prospective gross premium cash ow method is used
to compute the non unit liabilities in respect of the
policies in force as at March 31, 2017. The cash ows
are projected based on assumptions that reect the
expected future experience and have an appropriate
allowance for margins for adverse deviations. The major
assumptions relate to mortality, interest, expenses,
policy persistency and premium persistency.
Additionally, for traditional par policies current year
bonus rate, future bonus rates and terminal bonuses
(wherever applicable) consistent with the valuation
interest rate, transfer to shareholders and tax on the
surplus are also taken into account while calculating
the policy liability.
Additional provisions are made towards: -
I. Investment guarantees for unit linked business
II. Substandard lives
III. Unearned premium/mortality charges (in
accordance with IRDAI Circular 50/IRDAI/ACTL/
CIR/GEN/050/03/2010)
IV. Reserves for free look option given to the
policyholders
Analysis of recent experience has indicated that
about 2.0% of the individual policyholders tend to
exercise the option. Accordingly, with appropriate
prudence, 2.5% of the total charges collected
(from the 11th to the end of that month) for new
policies/coverages issued during a given month
is being set aside as the reserve. For traditional
products, modal premiums received (from the
11th to the end of that month) for new policies
/ coverage issued during the month is being set
aside as reserve.
V Lapse policies eligible for revivals (in accordance
with IRDAI Circular 41/IRDAI/ACTL/Mar-
2006).
VI New Business Closure Reserve
VII Cash Surrender Value Deciency Reserve
VIII Premium Waiver Claim Provision
IX Incurred But Not Reported Reserve
For yearly renewable group term business,
unearned premium method is used to compute
the reserves. In addition to the unearned premium
reserve, provision is also made for incurred but
not reported claims for group business as well.
For the valuation as on 31st March 2017, BSLI has used
following valuation assumptions. All these assumptions
include margin for adverse deviations.
1 Interest
The interest rates used are in the range 5.00% per
annum to 8.15% per annum.
2 Mortality Rates
The mortality rates used for the valuation of
assurance benets under each segment of
business are based on the published IALM (2006-
08) Ultimate Mortality Table modied to covert it
from nearest birthday to last birth day mortality
rates. Further to reect the expected experience
for own portfolio, BSLI has taken multiple of the
modied IALM (2006-08) mortality rates. Such
mortality multiples are in the range of 39% to
135% for non- rural products and 434% for rural
products.The mortality rates used for valuation
of annuities are based on the 100% of the L.I.C
(1996-98) Annuitant Mortality Rates.
3 Expenses
The per policy maintenance expenses assumed
for the valuation of liabilities are set looking at
our recent experience and expected per policy
expenses in future as per our business plan. The
per policy maintenance expense is upto ` 596
depending on the product.Commission scales
have been allowed in accordance with the product
ling with IRDAI.
4 Policy Termination Rates
The policy termination rates used for the valuation
of liabilities ranges from 1.6% per annum to 32%
per annum for the rst three policy years thereafter
in the range of 0.60% per annum to 15% per
annum.
5 Bonus Rates
Regular and Terminal bonus rates, where
applicable, are consistent with the valuation
discount rate. This takes in to account the
policyholders reasonable expectations (PREs)
Schedule
SCHEDULE
forming part of the Consolidated Financial Statements for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
6 Policyholder’s Reasonable Expectations
For unit linked products Policyholders know that
the returns on such plans are market linked and
hence ultimate benet payout would depend upon
the mark to market performance of the underlying
funds. Each ULIP proposal form is accompanied
by a signed sales illustration illustrating values
using gross return of 4% and 8% pa. For par
products the bonus rates are declared consistent
with the performance of the par fund and the
illustrated rate of bonuses in the sales illustration
provided at the time of selling the policy.
7 Taxation and Shareholder Transfers
Future transfers to shareholders as 1/9th of
Cost of Bonus and tax on the future surpluses
to be distributed between policyholders and
shareholders are considered in calculation of
policy liability for par products.
8 Basis of provisions for incurred but not
reported (IBNR)
IBNR for individual life business and group credit
life business is determined using chain ladder
method taking into account the claim reporting
pattern from past claim experience.
For one year renewable group term business,
this reserve equals to two months’ expected
claim.
8 Provisions
Long Term Incentive Plan
The cost estimate determined after the factoring
in assumptions in respect of criteria identied in
the Plan which include the following
1 Employee attrition rate
2 Performance condition
3 Discount rate
Long Term Incentive Plan
Particulars
Current Year
Previous Year
Opening balance 103,935 146,553
Additional provision made 223,040 143,221
Incurred and charged (26,560) (115,842)
Unused amount reversed # (183,544) (69,998)
Closing balance 116,871 103,935
Nature of obligation Long Term
Incentive
Long Term
Incentive
Expected timing Upto 3 Years Upto 3 Years
Assumptions
Mentioned
above
Mentioned
above
# The unused amount of Long Term Bonus Plan has been credited
to “Employees’ remuneration, welfare benet and other manpower
cost in Schedule 3.
9 Encumbrances
The assets of the Company are free from all
encumbrances except to the extent assets or monies
are required to be deposited as margin contributions
for investment trade obligations of the Company or as
mandated by the court, as detailed below:
i. Assets deposited with National Securities
Clearing Corporation Limited (NSCCL) and Indian
ClearingCorporation Limited (ICCL)
Fixed deposit of ` 207,978 at March 31, 2017
(Previous year: ` 199,000) has been deposited with
NSCCL and ` 53,989 at March 31, 2017 (Previous
year: ` 50,000) has been deposited with ICCL towards
margin requirement for equity trade settlement.
Nature of pledge: Physical custody of the xed
deposits are with respective clearing houses, however,
the income accrued on these deposits shall be passed
on to the Company on the maturity of the deposits.
These deposits can be invoked by the clearing houses
in case of settlement default of equity transactions at
the exchange.
ii. Assets encumbered with Clearing
Corporation of India Limited (CCIL) towards
margin requirement for settlement of trades
in CBLO:
Particulars
Current Year
Previous Year
Government Security
of face value
80,000 80,000
Cash
100 100
iii. Assets encumbered with Clearing
Corporation of India Limited (CCIL) towards
margin requirement for settlement of trades
in the Securities:
Particulars
Current Year
Previous Year
Government Security
of face value
220,000 220,000
Cash
25,100 25,100
Annual Report 2016-17
282
283
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
forming part of the Consolidated Financial Statements for the year ended Mar 31, 2017
iv. Assets encumbered with Clearing
Corporation of India Limited (CCIL) towards
margin requirement for settlement of trades
in the CBLO for default fund:
Particulars
Current Year
Previous Year
Government Security
of face value
2,800 NIL
Cash
NIL NIL
v. Assets encumbered with Clearing
Corporation of India Limited (CCIL) towards
margin requirement for settlement of trades
in the Securities for default fund:
Particulars
Current Year
Previous Year
Government Security
of face value
2,700 NIL
Cash
NIL NIL
Nature of pledge: Physical custody of the
securities is maintained with the CCIL, however
interest accrued on these securities is received
by the Company. These deposits, both securities
and cash, can be invoked by CCIL in case of any
default by the Company in settlement of trades in
Securities and CBLO segment.
10 Commitments Made and Outstanding on
Loans, Investments and Fixed Assets
The commitments made and outstanding for xed
assets by the Company are bifurcated as below:
Current Year
Previous Year
i. Tangible 8,483 263
ii. Intangible 55,695 26,262
Total 64,178 26,525
11 Employee Benets
(a) Dened Benet Plans
(i) Gratuity
The Company provides for gratuity, a dened benet 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 benet payable is greater of the provisions of the Payment of
Gratuity Act, 1972 and the Company’s Gratuity Scheme as mentioned below:
(Amounts in thousands of Indian Rupees)
Change in Dened benet obligations
Current Year
Previous Year
Present value of Dened benet obligations as at beginning of the year
273,943 250,057
Service cost 34,613 32,849
Interest cost 18,652 18,374
Acquisition/ Business Combination/Divestiture (12,776) (17,074)
Benets paid (40,361) (28,981)
Past service cost - -
Actuarial (gain) / loss due to curtailment - -
Actuarial (gain) / loss on obligations 21,928 18,718
Present value of Dened benet obligations as at end of the year
295,999 273,943
Reconciliation of present value of the obligation and the fair
value of the plan assets
Opening Fair Value of Plan assets 265,445 293,429
Contributions by the employer for the year 37,500 7,069
Benets paid (40,361) (28,981)
Expected Return on Plan Assets 23,761 25,423
Acquisition/Business Combination/Divestiture (12,776) (17,074)
Actuarial Gain / (Loss) 12,169 (14,420)
Schedule
SCHEDULE
forming part of the Consolidated Financial Statements for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
(Amounts in thousands of Indian Rupees)
Change in Dened benet obligations
Current Year
Previous Year
Closing Fair Value of Plan assets
285,738 265,445
Net asset/ (liability) as at end of the year
(10,261) (8,498)
Cost recognised for the year
Current service cost 34,613 32,849
Interest cost 18,652 18,374
Expected return on plan assets (23,761) (25,423)
Past service cost - -
Actuarial (gain) / loss due to curtailment - -
Cost of Gratuity for FFS not part of Valuation - -
Actuarial (gain) / loss 9,759 33,139
Net gratuity cost
39,263 58,939
Transitional Liability expended in Revenue Account - -
Investment in Category of Assets (% Allocation)
- -
Insurer Managed Funds* 100.00% 100.00%
Group Stable Fund 0.00% 0.00%
Group Short Term Debt Fund 0.00% 0.00%
Actuarial assumptions used
Discount rate 6.53% 7.35%
Rate of return on plan 8.50% 9.00%
Salary escalation rate
6.00% 6.00%
*The amount is invested in Group Secure Fund Plan 1 of Birla Sun Life Insurance Limited, Gratuity and Group Unit Linked Product
(GULP) scheme. Below is the asset allocation of fund
(Amounts in thousands of Indian Rupees)
Asset allocation
Current Year
Previous Year
Debt securities 100.00% 100.00%
Equity and money market 0.00% 0.00%
Total 100.00% 100.00%
Experience Adjustments
(Amounts in thousands of Indian Rupees)
Particulars
2016-17
2015-16 2014-15 2013-14 2012-13
Dened Benet Obligation 295,999 273,944 250,058 255,253 243281
Plan Assets 285,738 265,445 293,429 276,151 245816
Surplus / (Decit) (10,260) (8,498) (43,372) 20,899 2535
Experience adjustment on Plan
Liabilities
10,384 13,034 5,070 (1,908) 2578
Experience adjustment on Plan
Assets
12,169 (14,353) 23,581 (31) 7442
11 Employee Benets (contd.)
Annual Report 2016-17
284
285
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
forming part of the Consolidated Financial Statements for the year ended Mar 31, 2017
(ii) Accumulated Compensated Absences
The liability for accumulated compensated absences as at balance sheet date has been calculated by using
projected unit credit method. This method takes into account the pattern of availment of leave while in
service and qualifying salary on the date of availment of leave. However in case of short term liability the
provision has been made to the extent of 50% of total short term liability.
Present value of obligation for accumulated compensated absences as determined by the Actuary is given below:
(Amounts in thousands of Indian Rupees)
Particulars
Current Year
Previous Year
Present value of obligations as at end of the year 125,409 118,651
Fair value of plan assets - -
Actuarial assumptions used
- -
Discount rate 6.53% 7.35%
Salary escalation rate 6.00% 6.00%
Cost recognised during the year
28,498 (1,502)
(iii) The details of the Company’s Dened Benet Plans in respect of the Company owned Provident
Fund Trust.
(Amounts in thousands of Indian Rupees)
Particulars
Current Year
Previous Year
Contribution to the Company Owned Employee’s Provident Fund Trust
161,698 161,787
The Guidance Note on implementing AS-15, Employee Benets (Revised 2005), issued by the ICAI states
that the Provident Funds set up by employers, which require interest shortfall to be met by the employer,
needs to be treated as dened benet plans. The Company set up Provident Fund does not have existing
decit of interest shortfall.
The actuary has accordingly provided a valuation and based on the below provided assumptions there is no
shortfall as at 31st March 2017
The details of plan assets position are as under:
(Amounts in thousands of Indian Rupees)
Particulars
Current Year
Previous Year
Plan Asset at Fair Value 2,121,795 1,882,777
Liability Recognised in the Balance Sheet 2,019,214 1,816,301
Assumption used in determining the present value obligation of interest
rate guarantee
- -
Discount rate for the term of the obligation 6.53% 7.33%
Guaranteed Interest Rate
8.80% 9.5% For rst year
and 8.80% there after
Schedule
SCHEDULE
forming part of the Consolidated Financial Statements for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
(b) Dened contribution plans
The Company has recognized the following amounts as expense in the Revenue account
(Amounts in thousands of Indian Rupees)
Particulars
Current Year
Previous Year
Contribution to superannuation fund 6,783 10,756
Contribution to Employee State Insurance Corporation 12,246 5,142
Contribution to National Pension Scheme
4,118 2,197
12 Segment Reporting
As per Accounting Standard 17 on ‘Segment Reporting’ read with the “Preparation of Financial Statements and
Auditor’s Report of Insurance Companies, Regulations 2002”, the Company is required to report segment results
separately as Participating non-linked, Non Participating Unit Linked and Non Linked businesses, which are further
segmented into Individual Life, Group Life, Group Life Variable, Annuity Individual, Individual Pension, Group Pension,
Group Pension Variable and Individual Health businesses. The same is disclosed in Annexure 1.
13 Related Party Disclosure
During the year ended 31st March 2016, the Company has had transactions with related parties as dened in Accounting
Standard 18 on ”Related Party Disclosures”. Related Parties have been identied by the management on the basis of the
information available with the Company. Details of related parties with whom, the Company had transactions, nature of
the relationship, transactions with them and balances at year-end, are detailed in
Annexure 2.
14 Debit Balance in Prot & Loss Account
In accordance with IRDAI (preparation of Financial Statements and Auditor’s Reports of Insurance Companies)
Regulation 2002 and the Insurance Laws (Amendment) Act 2015, debit balance in Prot and Loss account carried to
the Balance Sheet has been shown as deduction from General reserve to the extent of ` 406,127 as at 31st March
2017 (as at 31st March 2016 ` 406,127) and the balance of ` 3,647,337/- at 31st March 2017 (as at 31st March 2016
` 4,877,623) is shown in Balance Sheet under application of funds.
15 The Board of Director of the Company has noted that contribution from shareholder account to policyholder is
` 1,629,995/- (Previous year ` 3,264,614/-) and the same has been charged to shareholders’ account. The board
has recommended that the same would be subjected to approval of the shareholders of the Company at the ensuing
annual general meeting.The transfer amount is irreversible in nature and will not be recouped to the shareholder at any
point of time in future.
Shareholders’ contribution of ` 3,264,614/- to the Policyholders’ account for the previous year has been approved by
shareholders at the Annual General Meeting held on 29th April, 2016.
Annual Report 2016-17
286
287
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
forming part of the Consolidated Financial Statements for the year ended Mar 31, 2017
16 Disclosure of additional information in consolidated notes to accounts as per schedule III of
Companies Act 2013.
Name of the Entity
Net Assets i.e. Total Assets Minus
Total Liabilities
Share in Prot
As % of total
consolidated net
assets
Amount
As % of total
consolidated net
assets
Amount
1 2 3 4 5
Parent
Birla Sun Life Insurance Company Limited 100.00% 18,046,578 99.83% 1,228,193
Subsidiaries
Indian
Birla Sun Life Pension Fund Management
Company Limited
0.00% 270,670 0.17% 2,092
Foreign - -
Minorities interest in all subsidiaries - -
Associated - -
Indian - -
Foreign - -
Joint Venture - -
Indian - -
Foreign - -
Consolidation adjustment -270,000
Total 100.00% 18,047,250 100.00% 1,230,285
The above gures are gross up of Inter Company receivable / payable of ` 12,536/-.
17 The Company has a process whereby periodically all long term contracts are assessed for material foreseeable
losses. At the year end, the Company has reviewed and ensured that adequate provision as required under
any law / accounting standards for material foreseeable losses on such long term contracts has been made
in the books of account. The Company did not have any derivative contracts as at balance sheet date.
For insurance contracts reliance has been placed on the Appointed Actuary for actuarial valuation of liabilities for
policies in force. The Appointed Actuary has conrmed that the assumptions used in valuation of liabilities for policies in
force are in accordance with the guidelines and norms issued by the Insurance Regulatory and Development Authority
of India (“IRDAI”) and the Institute of Actuaries of India in concurrence with the IRDAI.
18 The Company’s pending litigations comprise of claims against the Company primarily by the customers and proceedings
pending with Income Tax authorities. The Company has reviewed all its pending litigations and proceedings and
has adequately provided for where provisions are required and disclosed the contingent liabilities where applicable,
in its nancial statements. The Company does not expect the outcome of these proceedings to have a materially
adverse effect on its nancial results. Refer Note 3 for details on contingent liabilities. In respect of litigations, where the
management assessment of a nancial outow is probable, the Company has made a provision of ` 141,813 as at
31st March 2017. (Previous year ` 161,623)
Schedule
SCHEDULE
forming part of the Consolidated Financial Statements for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
19 Sitting Fees paid to independent directors in the current year is ` 1,585 (Previous Year: ` 815).
20 Amount spent on Corporate Social Responsibility
Expenditure related to Corporate Social Responsibility as per Section 135 of the Companies Act, 2013 read with
Schedule VII thereof : ` 33,167
(Amounts in thousands of Indian Rupees)
Particulars In Cash Yet to be paid in Cash Total
a. Gross Amount Required to be spent 33,167 - 33,167
b. Amount Spent During the year on: - -
i Construction/acquistion of any assets - - -
ii Purchase other than i above
33,167 - 33,167
21 Foreign Currency Exposure
The year-end foreign currency payments that have not been hedged by a derivative instrument or otherwise are given below:-
Foreign currency
Current Year
Previous Year
INR
Amount in Foreign
currency
INR
Amount in
Foreign currency
AED - - 18 1
CAD 26,631 546 546,275 1,067
EURO - - 7,438 99
SGD 4,800 101 - -
DRIHAM 137 8 - -
USD
1,021 16 2,869 43
22 BSLI intends to upgrade its technology to enhance its competitive advantage for New business and Customer Servicing.
This will be done through investment in digital initiatives. For this purpose, Sun Life has made a voluntary gratuitous
contribution of ` 2,50,000/- as subvention payment without any consideration. BSLI has an obligation to spend the
same for an agreed purpose.
23 In accordance with IRDAI notication dated 9th May, 2016 bearing reference no IRDAI/Reg/14/126/2016 ,the
Company has worked out Expenses of Management by considering allowance at 120% on segment basis
to ascertain the excess thereof which has been borne by the shareholders. Accordingly, amount aggregating
` 1,623,304/- has been deducted from schedule 3 and added to schedule 3A.
24 BSLI intends to upgrade its technology to enhance its competitive advantage for New business and Customer Servicing.
This will be done through investment in digital initiatives. For this purpose, Sun Life has made a voluntary gratuitous
contribution of ` 2,50,000/- as subvention payment without any consideration. BSLI has an obligation to spend the
same for an agreed purpose.
Annual Report 2016-17
288
289
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
forming part of the Consolidated Financial Statements for the year ended Mar 31, 2017
25 Previous year comparatives:
Previous year amounts have been reclassied, wherever necessary and to the extent possible, to conform to current
year’s classication.
Sr No Regrouped from Amount Regrouped to Reason
1 Schedule 3 : Auditors Fees, Expenses, As advisor
in any other capacity in respect of : Management
FeesSchedule 3: Employees’ remuneration &
welfare benets
700 Schedule 3A :
Auditor’s Fees
Reporting pack
Retainership fees has been
reclassed from Employees’
remuneration & welfare
benets to Legal & professional
charges
For and on behalf of the Board of Directors of Birla Sun Life Insurance Company Limited
Ajay Srinivasan Pinky Mehta B.N Puranmalka
Chairman Director Director
(DIN-00121181) (DIN-00020429) (DIN-0007432)
Pankaj Razdan Amit Jain
Chief Financial Ofcer
Managing Director & CEO (DIN-00061240)
Anil Kumar Singh
Chief Actuarial Ofcer &
Appointed Actuary
Mumbai, 28th April, 2017
Schedule
SCHEDULE
forming part of the Consolidated Financial Statements for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
FORM A- RA
for the period ended 31st March, 2017
Policyholders’ Account (Technical Account)
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked
Par Non
Linked
Individual
Life
Total
Individual
Life
Group
Life
Pension
Individual
Group
Pension
Health
Individual
Individual
Life
Group
Life
Group
Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group
Pension
Variable
Health
Individual
Premium earned-Net
(a) Premium 18,908,656 5,980,808 1,018,605 904,043 80,828 11,718,022 3,467,451 1,023,241 16,156 135,678 2,600,656 3,546,062 92,066 7,747,279 57,239,551
(b) Reinsurance ceded (670,141) (380) (218) - (2,143) (436,008) (763,138) - - - - - (20,029) (12,018) (1,904,075)
(c) Reinsurance accepted - - - - - - - - - - - - - - -
Sub - Total
18,238,515 5,980,428 1,018,387 904,043 78,685 11,282,014 2,704,313 1,023,241 16,156 135,678 2,600,656 3,546,062 72,037 7,735,261 55,335,476
Income from investments
(a) Interest, Dividend & Rent
- Gross
9,866,154 2,153,825 381,148 404,802 20,895 2,330,742 868,700 448,328 23,314 51,532 528,086 363,037 984 405,520 17,847,067
(b) Prot on Sale /
Redemption of
Investments
11,866,631 1,091,673 645,677 310,430 41,618 47,552 291,842 188,628 481 1,038 217,647 130,119 26 67,620 14,900,982
(c) (Loss) on Sale /
Redemption of
Investments
(3,532,613) (338,600) (200,986) (121,654) (15,578) (4,988) (77,255) (64,473) - - (55,273) (24,145) - (4,414) (4,439,979)
(d) Transfer /Gain (Loss) on
revaluation / change in
Fair value
12,775,289
1,263,735 583,652 402,358 42,746 - - - - - - - - - 15,067,780
Sub - Total
30,975,461 4,170,633 1,409,491 995,936 89,681 2,373,306 1,083,287 572,483 23,795 52,570 690,460 469,011 1,010 468,726 43,375,850
Other Income
(a) Contribution from the
Shareholders' Account
- - 54,560 - - 881,461 - 19,343 - - 30,218 32,044 - 612,369 1,629,995
(b) Others (Interest etc) 130,375 27,407 4,668 4,143 370 95,622 15,889 4,689 139 622 11,917 16,250 423 19,652 332,166
Sub - Total
130,375 27,407 59,228 4,143 370 977,083 15,889 24,032 139 622 42,135 48,294 423 632,021 1,962,161
TOTAL (A)
49,344,351 10,178,468 2,487,106 1,904,122 168,736 14,632,403 3,803,489 1,619,756 40,090 188,870 3,333,251 4,063,367 73,470 8,836,008 100,673,487
Commission 578,790 389 17,530 48 2,581 988,228 11,381 - (9) 1,675 - 535 19,375 930,076 2,550,599
Operating Expenses related
to Insurance Business
1,565,745 101,517 97,189 11,198 5,180 3,029,860 211,662 17,450 359 8,580 42,165 55,367 38,194 2,514,881 7,699,347
Service Tax on Charges 881,910 43,842 43,737 15,479 6,449 - - - - - - - - - 991,417
Provision for doubtful debts - - - - - - - - - - - - - - -
Bad Debts written off - - - - - - - - - - - - - - -
Provision for Tax - - - - - - - - - - - - - - -
Provision (other than
taxation)
- - - - - - - - - - - - - - -
Annexure - 1
Annual Report 2016-17
290
291
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
forming part of the Consolidated Financial Statements for the year ended Mar 31, 2017
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked
Par Non
Linked
Individual
Life
Total
Individual
Life
Group
Life
Pension
Individual
Group
Pension
Health
Individual
Individual
Life
Group
Life
Group
Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group
Pension
Variable
Health
Individual
(a) For diminution in the
value of investment (net)
- - - - - - - - - - - - - - -
(b) Others ( to be specied ) - - - - - - - - - - - - - - -
TOTAL (B)
3,026,445 145,748 158,456 26,725 14,210 4,018,088 223,043 17,450 350 10,255 42,165 55,902 57,569 3,444,957 11,241,363
Benets paid (Net) 36,435,083 3,810,348 2,047,974 495,717 21,116 1,233,445 1,225,467 202,339 29,467 48,059 264,119 437,837 (11,877) 284,298 46,523,392
Interim Bonuses Paid - - - - - - - 13,448 13,448
Change in valuation of
liability against life policies
in force
-
(a) Gross 152,208 3,988 48,929 620 27,145 10,069,277 2,203,428 1,399,967 4,696 113,757 3,026,967 3,569,628 314 5,102,351 25,723,275
(b) Fund Reserve
9,335,954
6,128,110
(129,010)
1,362,023 99,862 - - - - - - - - - 16,796,939
(c) Fund Reserve - PDF (2,511,687) - 364,415 - - - - - - - - - - - (2,147,272)
(d) (Amount ceded in Re-
insurance)
54,285 (115) 47 - 6,255 (688,407) (126,518) - - - - - (879) (9,046) (764,378)
(e) Amount accepted in Re-
insurance
- - - - - - - - - - - - - - -
TOTAL (C)
43,465,843 9,942,331 2,332,355 1,858,360 154,378 10,614,315 3,302,377 1,602,306 34,163 161,816 3,291,086 4,007,465 (12,442) 5,391,051 86,145,404
Surplus/ (Decit) (D) =
(A) - (B) - ( C )
2,852,063 90,389 (3,705) 19,037 148 - 278,069 - 5,577 16,799 - - 28,343 - 3,286,720
Appropriations
Transfer to Shareholders
Account
2,893,055 90,389 3 19,037 18,613 - 278,069 - 5,577 16,799 - - 28,343 - 3,349,885
Transfer to Other Reserves - - - - - - - - - - - - - - -
Balance being Funds for
Future Appropriations
(40,992) - (3,708) - (18,465) - - - - - - - (63,165)
TOTAL (D)
2,852,063 90,389 (3,705) 19,037 148 - 278,069 - 5,577 16,799 - - 28,343 - 3,286,720
The total surplus as
mentioned below :
(a) Interim Bonuses Paid - - - - - - - - - - - - - 13,448 13,448
(b) Allocation of Bonus to
Policyholders
- - - - - - - - - - 1,240,842 1,240,842
(c) Surplus/(Decit) shown in
the Revenue Account
2,852,063 90,389 (3,705) 19,037 148 - 278,069 - 5,577 16,799 - - 28,343 - 3,286,720
(d) Total Surplus : {a+b+c} 2,852,063 90,389 -3,705 19,037 148 - 278,069 - 5,577 16,799 - - 28,343 1,254,290 4,541,010
FORM A- RA
for the period ended 31st March, 2017 (contd.)
Policyholders’ Account (Technical Account)
Annexure - 1
Schedule
SCHEDULE
forming part of the Consolidated Financial Statements for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
FORM A- RA
for the period ended 31st March, 2016
Policyholders’ Account (Technical Account)
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked
Par Non
Linked
Individual
Life
Total
Individual
Life
Group
Life
Pension
Individual
Group
Pension
Health
Individual
Individual
Life
Group
Life
Group
Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group
Pension
Variable
Health
Individual
Premium earned-Net
(a) Premium 22,940,140 7,566,747 992,983 758,267 97,079 8,990,782 2,714,724 1,486,489 30,689 130,957 1,491,226 2,480,570 17,580 6,098,892 55,797,125
(b) Reinsurance ceded (630,527) (322) (237) - (2,060) (367,581) (668,007) - - - - - (2,478) (8,561) (1,679,773)
(c) Reinsurance accepted - - - - - - - - - - - - - - -
Sub - Total
22,309,613 7,566,425 992,746 758,267 95,019 8,623,201 2,046,717 1,486,489 30,689 130,957 1,491,226 2,480,570 15,102 6,090,331 54,117,352
Income from investments
(a) Interest, Dividend & Rent
- Gross
9,976,544 1,853,513 435,450 255,575 23,450 1,661,632 762,942 414,818 25,441 41,432 348,856 158,185 280 150,813 16,108,931
(b) Prot on Sale /
Redemption of
Investments
12,132,309 585,647 606,994 80,722 26,667 101,644 203,454 110,619 1,556 864 93,029 42,183 17 15,136 14,000,841
(c) (Loss) on Sale /
Redemption of
Investments
(4,485,990) (314,270) (303,634) (43,282) (17,009) (19,812) (66,448) (36,128) (303) - (30,383) (13,777) (3) (1,699) (5,332,738)
(d) Transfer /Gain (Loss) on
revaluation / change in
Fair value
(16,581,509)
(825,343)
(785,879) (113,527) (37,164) - - - - - - - - - (18,343,422)
Sub - Total
1,041,354 1,299,547 (47,069) 179,488 (4,056) 1,743,464 899,948 489,309 26,694 42,296 411,502 186,591 294 164,250 6,433,612
Other Income
(a) Contribution from the
Shareholders' Account
- - 183,310 - - 313,816 - 25,865 - - 10,861 35,708 43,364 2,651,692 3,264,616
(b) Others (Interest etc) 157,466 37,648 4,941 3,773 483 87,416 13,507 7,396 251 652 7,420 12,342 90 13,991 347,376
Sub - Total
157,466 37,648 188,251 3,773 483 401,232 13,507 33,261 251 652 18,281 48,050 43,454 2,665,683 3,611,992
TOTAL (A)
23,508,433 8,903,620 1,133,928 941,528 91,446 10,767,897 2,960,172 2,009,059 57,634 173,905 1,921,009 2,715,211 58,850 8,920,264 64,162,956
Commission 709,549 229 15,957 45 3,221 512,394 8,892 - 541 1,181 - 438 2,206 925,956 2,180,609
Operating Expenses related
to Insurance Business
1,761,371 121,592 117,128 9,269 5,929 1,754,157 218,724 23,838 871 8,543 23,756 37,213 44,884 4,915,580 9,042,855
Service Tax on Charges 689,386 42,787 259,325 - 10,362 - - - - - - - - - 1,001,860
Provision for doubtful debts - - - - - - - - - - - - - - -
Bad Debts written off - - - - - - - - - - - - - - -
Provision for Tax - - - - - - - - - - - - - - -
Provision (other than
taxation)
- - - - - - - - - - - - - - -
Annexure - 1
Annual Report 2016-17
292
293
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
forming part of the Consolidated Financial Statements for the year ended Mar 31, 2017
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked
Par Non
Linked
Individual
Life
Total
Individual
Life
Group
Life
Pension
Individual
Group
Pension
Health
Individual
Individual
Life
Group
Life
Group
Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group
Pension
Variable
Health
Individual
(a) For diminution in the
value of investment (net)
- - - - - - - - - - - - - - -
(b) Others ( to be specied ) - - - - - - - - - - - - - - -
TOTAL (B)
3,160,306 164,608 392,410 9,314 19,512 2,266,551 227,616 23,838 1,412 9,724 23,756 37,651 47,090 5,841,536 12,225,324
Benets paid (Net) 30,883,832 3,286,007 3,023,725 762,656 17,378 796,727 1,174,407 1,716,113 7,683 29,079 7,428 533,130 9,197 223,581 42,470,943
Interim Bonuses Paid - - - - - - - 8,570 8,570
Change in valuation of
liability against life policies
in force
-
(a) Gross 73,426 4,618 (9,079) (12) (17,047) 9,229,936 1,488,450 269,108 11,747 117,004 1,889,825 2,144,430 2,310 2,858,767 18,063,483
(b) Fund Reserve
(13,258,312)
5,420,861
(2,642,285)
135,880 11,064 - - - - - - - - - (10,332,792)
(c) Fund Reserve - PDF (817,452) - 365,576 - - - - - - - - - - - (451,876)
(d) (Amount ceded in Re-
insurance)
310,771 53 3 - 1,267 (1,525,317) (51,461) - - - - - 253 (12,190) (1,276,621)
(e) Amount accepted in Re-
insurance
- - - - - - - - - - - - - - -
TOTAL (C)
17,192,265 8,711,539 737,940 898,524 12,662 8,501,346 2,611,396 1,985,221 19,430 146,083 1,897,253 2,677,560 11,760 3,078,728 48,481,707
Surplus/ (Decit) (D) =
(A) - (B) - ( C )
3,155,862 27,473 3,578 33,690 59,272 - 121,160 - 36,792 18,098 - - - - 3,455,925
Appropriations
Transfer to Shareholders
Account
3,185,655 27,473 - 33,690 85,954 - 121,160 - 36,792 18,098 - - - - 3,508,822
Transfer to Other Reserves - - - - - - - - - - - - - - -
Balance being Funds for
Future Appropriations
(29,793) - 3,578 - (26,682) - - - - - - - (52,897)
TOTAL (D)
3,155,862 27,473 3,578 33,690 59,272 - 121,160 - 36,792 18,098 - - - - 3,455,925
The total surplus as
mentioned below :
(a) Interim Bonuses Paid - - - - - - - - - - - - - 8,570 8,570
(b) Allocation of Bonus to
Policyholders
- - - - - - - - - - 878,208 878,208
(c) Surplus/(Decit) shown in
the Revenue Account
3,155,862 27,473 3,578 33,690 59,272 - 121,160 - 36,792 18,098 - - - - 3,455,925
(d) Total Surplus : {a+b+c} 3,155,862 27,473 3,578 33,690 59,272 - 121,160 - 36,792 18,098 - - - 886,778 4,342,703
FORM A- RA
for the period ended 31st March, 2016 (contd.)
Policyholders’ Account (Technical Account)
Annexure - 1
Schedule
SCHEDULE
forming part of the Consolidated Financial Statements for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
FORM A-BS
Balance Sheet as at 31st March, 2017
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked
Par Non
Linked
Individual
Life
Shareholders
Fund
Total
Individual
Life
Group Life
Pension
Individual
Group
Pension
Health
Individual
Individual
Life
Group Life
Group
Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group
Pension
Variable
Health
Individual
Sources of Funds
Shareholders' funds:
Share Capital - - - - - - - - - - - - - - 19,012,080 19,012,080
Reserves and Surplus - - - - - - - - - - - - - - 2,682,948 2,682,948
Credit/(Debit) / Fair Value
Change Account
- - - - - - - - - - - - - - (441) (441)
Sub - Total
- - - - - - - - - - - - - - 21,694,587 21,694,587
Borrowings - - - - - - - - - - - - -
Policyholders' Funds:
Credit/(Debit) Fair Value
Change Account
- - - - - 283,347 -20,284 - - - (55,263) - - 42,235 - 250,035
Policy Liabilities 2,815,664 48,618 117,544 14,769 111,665 35,926,787 12,795,507 6,887,029 317,558 681,836 8,677,759 6,897,416 4,980 9,305,493 - 84,602,625
Insurance Reserves - - - - - - - - - - -
Provision for Linked
Liabilities
171,459,438 34,090,387 7,740,522 7,164,549 438,565 - - - - - - - - - - 220,893,461
Funds for discontinued
policies
(i) Discontinued on
account of non-
payment of premium
5,371,362 - 1,008,148 - - - - - - - - - - - - 6,379,510
(ii) Others
Credit/(Debit) Fair
Value Change Account
(Linked)
18,836,035 1,538,523 719,195 459,922 50,569 - - - - - - - - - - 21,604,244
Total Linked Liabilities
195,666,835 35,628,910 9,467,865 7,624,471 489,134 - - - - - - - - - - 248,877,215
Sub - Total
198,482,499 35,677,528 9,585,409 7,639,240 600,799 36,210,134 12,775,223 6,887,029 317,558 681,836 8,622,496 6,897,416 4,980 9,347,728 - 333,729,875
Funds for Future
Appropriation
- Linked Liabilities 56,616 - 10,107 - 1,990 - - - - - - - 68,713
Total
198,539,115 35,677,528 9,595,516 7,639,240 602,789 36,210,134 12,775,223 6,887,029 317,558 681,836 8,622,496 6,897,416 4,980 9,347,728 21,694,587 355,493,175
Annexure - 1
Annual Report 2016-17
294
295
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
forming part of the Consolidated Financial Statements for the year ended Mar 31, 2017
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked
Par Non
Linked
Individual
Life
Shareholders
Fund
Total
Individual
Life
Group Life
Pension
Individual
Group
Pension
Health
Individual
Individual
Life
Group Life
Group
Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group
Pension
Variable
Health
Individual
Application of Funds
Investments
Shareholders' - - - - - - - - - - - - - - 16,034,555 16,034,555
Policyholders' 2,745,504 46,472 122,017 14,117 108,639 34,341,074 12,230,747 6,583,054 303,542 661,658 8,294,746 6,592,982 4,760 8,262,787 - 80,312,099
Assets Held to Cover
Linked Liabilities
195,666,835 35,628,910 9,467,865 7,624,471 489,134 - - - - - - - - - - 248,877,215
Loans 437,674 - - - - 91,479 - - - - - - - 8,051 - 537,204
Fixed Assets 267,413 84,582 14,405 12,785 1,143 165,720 49,038 14,471 228 1,919 36,779 50,150 1,302 109,564 3,948 813,447
Current Assets
Cash and Bank
Balances
1,906,418 603,000 102,698 91,148 8,149 1,181,440 349,597 103,166 1,629 13,679 262,205 357,523 9,282 473 721 4,991,128
Advances and Other
Assets*
2,152,344 861,548 (260,219) 90,472 (14,891) 2,724,268 (133,853) 102,400 2,339 13,578 260,259 354,870 47,766 1,421,248 691,065 8,313,194
Sub - Total (A)
4,058,762 1,464,548 (157,521) 181,620 (6,742) 3,905,708 215,744 205,566 3,968 27,257 522,464 712,393 57,048 1,421,721 691,786 13,304,322
Current Liabilities 2,446,312 813,061 122,000 122,898 9,700 1,573,092 470,424 139,088 87,261 15,757 353,505 482,143 11,255 1,123,551 304 7,770,351
Provisions 71,337 14,193 3,218 2,145 310 73,056 8,740 2,425 38 398 6,164 8,429 1,106 60,980 10,095 262,634
Sub - Total (B)
2,517,649 827,254 125,218 125,043 10,010 1,646,148 479,164 141,513 87,299 16,155 359,669 490,572 12,361 1,184,531 10,399 8,032,985
Net Current Assets (C)
= (A-B)
1,541,113 637,294 (282,739) 56,577 (16,752) 2,259,560 (263,420) 64,053 (83,331) 11,102 162,795 221,821 44,687 237,190 681,387 5,271,337
Miscellaneous
Expenditure
- - - - - - - - - - - - - - - -
(To the extent not written
off or Adjusted )
Debit Balance in Prot
and Loss Account
(Shareholders' Account )
- - - - - - - - - - - - - - 3,647,308 3,647,308
Total 200,658,539 36,397,258 9,321,548 7,707,950 582,164 36,857,833 12,016,365 6,661,578 220,439 674,679 8,494,320 6,864,953 50,749 8,617,592 20,367,198 355,493,165
Note: Advances and other assets allocated to shareholders’ include tax assets.
FORM A-BS
Balance Sheet as at 31st March, 2017 (contd.)
Annexure - 1
Schedule
SCHEDULE
forming part of the Consolidated Financial Statements for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
FORM A-BS
Balance Sheet as at 31st March, 2016
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked
Par Non
Linked
Individual
Life
Shareholders
Fund
Total
Individual
Life
Group Life
Pension
Individual
Group
Pension
Health
Individual
Individual
Life
Group Life
Group
Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group
Pension
Variable
Health
Individual
Sources of Funds
Shareholders' funds:
Share Capital - - - - - - - - - - - - - - 19,012,080 19,012,080
Reserves and Surplus - - - - - - - - - - - - - - 2,682,948 2,682,948
Credit/(Debit) / Fair Value
Change Account
- - - - - - - - - - - - - - (3,164) (3,164)
Sub - Total - - - - - - - - - - - - - - 21,691,864 21,691,864
Borrowings - - - - - - - - - - - - -
Policyholders' Funds:
Credit/(Debit) Fair Value
Change Account
- - - - - 44,856 -85,930 - - 20 (206,084) - - (7,997) - (255,135)
Policy Liabilities 2,609,167 44,746 68,568 14,150 78,265 26,545,917 10,718,597 5,487,062 312,863 568,079 5,650,792 3,327,788 5,545 4,212,187 - 59,643,726
Insurance Reserves - - - - - - - - - - -
Provision for Linked
Liabilities
174,154,533 29,226,645 9,152,436 6,204,251 426,437 - - - - - - - - - - 219,164,302
Funds for discontinued
policies
(i) Discontinued on
account of non-
payment of premium
7,883,049 - 643,734 - - - - - - - - - - - - 8,526,783
(ii) Others
Credit/(Debit) Fair
Value Change Account
(Linked)
6,804,986 274,154 (563,709) 58,198 (37,164) - - - - - - - - - - 6,536,465
Total Linked Liabilities 188,842,568 29,500,799 9,232,461 6,262,449 389,273 - - - - - - - - - - 234,227,550
Sub - Total 191,451,735 29,545,545 9,301,029 6,276,599 467,538 26,590,773 10,632,667 5,487,062 312,863 568,099 5,444,708 3,327,788 5,545 4,204,190 - 293,616,141
Funds for Future
Appropriation
- Linked Liabilities 97,608 - 13,815 - 20,455 - - - - - - - 131,878
Total 191,549,343 29,545,545 9,314,844 6,276,599 487,993 26,590,773 10,632,667 5,487,062 312,863 568,099 5,444,708 3,327,788 5,545 4,204,190 21,691,864 315,439,883
Annexure - 1
Annual Report 2016-17
296
297
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
SCHEDULE
forming part of the Consolidated Financial Statements for the year ended Mar 31, 2017
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked
Par Non
Linked
Individual
Life
Shareholders
Fund
Total
Individual
Life
Group Life
Pension
Individual
Group
Pension
Health
Individual
Individual
Life
Group Life
Group
Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group
Pension
Variable
Health
Individual
Application of Funds
Investments
Shareholders' - - - - - - - - - - - - - - 17,048,709 17,048,709
Policyholders' 2,595,040 42,899 78,982 13,566 94,645 25,450,111 10,276,137 5,260,558 299,948 522,626 5,417,529 3,190,418 5,316 3,571,835 - 56,819,610
Assets Held to Cover
Linked Liabilities
188,842,568 29,500,799 9,232,461 6,262,449 389,273 - - - - - - - - - - 234,227,550
Loans 444,295 - - - - 34,080 - - - - - - - 23 - 478,398
Fixed Assets 265,662 87,629 11,499 8,781 1,124 104,120 31,439 17,215 355 1,517 17,270 28,727 204 70,630 - 646,172
Current Assets
Cash and Bank
Balances
2,220,295 732,358 96,107 73,390 9,396 870,186 262,748 143,872 2,970 12,675 144,330 240,085 1,702 473 11,896 4,822,483
Advances and Other
Assets*
1,552,545 635,201 (308,934) (21,900) 5,225 1,694,754 (302,605) 79,454 4,066 7,013 79,707 132,593 92 839,514 620,149 5,016,874
Sub - Total (A) 3,772,840 1,367,559 (212,827) 51,490 14,621 2,564,940 (39,857) 223,326 7,036 19,688 224,037 372,678 1,794 839,987 632,045 9,839,357
Current Liabilities 3,492,333 1,048,050 121,103 104,739 35,717 1,155,768 500,636 205,896 5,194 16,108 206,552 343,690 (20,370) 1,049,659 77 8,265,152
Provisions 95,008 31,338 4,112 3,140 402 37,235 11,243 6,156 127 542 6,176 10,273 73 25,259 1,300 232,384
Sub - Total (B) 3,587,341 1,079,388 125,215 107,879 36,119 1,193,003 511,879 212,052 5,321 16,650 212,728 353,963 (20,297) 1,074,918 1,377 8,497,536
Net Current Assets
(C) = (A-B)
185,499 288,171 (338,042) (56,389) (21,498) 1,371,937 (551,736) 11,274 1,715 3,038 11,309 18,715 22,091 (234,931) 630,668 1,341,821
Miscellaneous
Expenditure
- - - - - - - - - - - - -
(To the extent not written
off or Adjusted )
Debit Balance in Prot
and Loss Account
(Shareholders' Account )
- - - - - - - - - - - 4,877,623 4,877,623
Total 192,333,064 29,919,498 8,984,900 6,228,407 463,544 26,960,248 9,755,840 5,289,047 302,018 527,181 5,446,108 3,237,860 27,611 3,407,557 22,557,000 315,439,883
Note: Advances and other assets allocated to shareholders’ include tax assets.
FORM A-BS
Balance Sheet as at 31st March, 2016 (contd.)
Annexure - 1
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULE 1
Premium for the period ended March 31, 2017
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked
Par Non
Linked
Individual
Life
Total
Individual
Life
Group
Life
Pension
Individual
Group
Pension
Health
Individual
Individual
Life
Group Life
Group Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group Pension
Variable
Health
Individual
1. First Year Premiums 2,525,754 5,916,958 264,097 563,188 (396) 3,622,977 1,906,693 1,009,143 (3,998) - 2,587,483 3,492,880 81,816 2,681,722 24,648,317
2. Renewal Premiums 16,119,644 63,850 740,345 340,855 81,224 8,075,979 1,298,690 14,098 20,154 - 13,173 53,182 10,250 5,065,557 31,897,001
3. Single Premiums 263,258 - 14,163 - - 19,066 262,068 - - 135,678 - - - - 694,233
Total Gross Premiums
18,908,656 5,980,808 1,018,605 904,043 80,828 11,718,022 3,467,451 1,023,241 16,156 135,678 2,600,656 3,546,062 92,066 7,747,279 57,239,551
SCHEDULE 1
Premium for the period ended March 31, 2016
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked
Par Non
Linked
Individual
Life
Total
Individual
Life
Group
Life
Pension
Individual
Group
Pension
Health
Individual
Individual
Life
Group Life
Group Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group Pension
Variable
Health
Individual
1. First Year Premiums 2,281,376 7,516,485 225,401 462,880 (702) 1,342,696 1,574,326 1,480,904 1,303 - 1,481,530 2,445,292 13,684 2,909,152 21,734,327
2. Renewal Premiums 20,492,526 50,262 748,102 295,387 97,780 7,623,305 1,013,111 5,585 29,386 - 9,696 35,278 3,896 3,189,740 33,594,054
3. Single Premiums 166,238 - 19,480 - 1 24,781 127,287 - - 130,957 - - - - 468,744
Total Gross Premiums
22,940,140 7,566,747 992,983 758,267 97,079 8,990,782 2,714,724 1,486,489 30,689 130,957 1,491,226 2,480,570 17,580 6,098,892 55,797,125
Annexure - 1
Annual Report 2016-17
298
299
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
Schedule 2
Commission expenses for the period ended March 31, 2017
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked Business
Par Non
Linked
Individual
Life
Total
Individual
Life
Group
Life
Pension
Individual
Pension
Group
Health
Individual
Individual
Life
Group Life
Group Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group Pension
Variable
Health
Individual
Commission Paid
Direct - First Year
Premiums
141,970 389 10,092 7 (171) 746,307 3,811 - (305) (187) - 516 19,132 692,988 1,614,549
Renewal Premiums
432,775 - 7,173 41 2,752 241,602 7,235 - 296 (37) - 19 243 237,088 929,187
Single Premiums
4,045 - 265 - - 319 335 - - 1,899 - - - - 6,863
Sub - Total
578,790 389 17,530 48 2,581 988,228 11,381 - (9) 1,675 - 535 19,375 930,076 2,550,599
Add:Commission on
Re-insurance Accepted
- - - - - - - - - - - - - - -
Less:Commission on
Re-insurance Ceded
- - - - - - - - - - - - - - -
Net Commission 578,790 389 17,530 48 2,581 988,228 11,381 - (9) 1,675 - 535 19,375 930,076 2,550,599
Schedule 2
Commission expenses for the period ended March 31, 2016
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked Business
Par Non
Linked
Individual
Life
Total
Individual
Life
Group
Life
Pension
Individual
Pension
Group
Health
Individual
Individual
Life
Group Life
Group Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group Pension
Variable
Health
Individual
Commission Paid
Direct - First Year
Premiums
137,395 226 7,480 - (286) 269,617 2,676 - 80 (208) - 425 2,093 763,585 1,183,083
Renewal Premiums
569,051 3 8,147 45 3,507 242,322 5,656 - 461 (1) - 13 113 162,371 991,688
Single Premiums
3,103 - 330 - - 455 560 - - 1,390 - - - - 5,838
Sub - Total
709,549 229 15,957 45 3,221 512,394 8,892 - 541 1,181 - 438 2,206 925,956 2,180,609
Add:Commission on
Re-insurance Accepted
- - - - - - - - - - - - - - -
Less:Commission on
Re-insurance Ceded
- - - - - - - - - - - - - - -
Net Commission 709,549 229 15,957 45 3,221 512,394 8,892 - 541 1,181 - 438 2,206 925,956 2,180,609
Annexure - 1
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULE 3
Operating expenses related to insurance business for the period ended Mar 31, 2017
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked Business
PAR Non
Linked
Individual
Life
Total
Individual
Life
Group
Life
Pension
Individual
Group
Pension
Health
Individual
Total
Linked
Individual
Life
Group
Life
Group
Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group
Pension
Variable
Health
Individual
Employees' remuneration 796,458 69,591 52,156 7,820 2,064 928,089 1,588,889 22,656 11,981 200 5,333 28,134 36,624 12,416 2,356,799 4,991,121
Travel,conveyance and vehicle
running expenses
39,561 5,075 2,566 498 124 47,824 72,372 1,638 867 14 279 2,190 2,939 385 113,427 241,935
Training expenses 16,856 1,348 1,030 129 69 19,432 27,125 434 230 7 102 587 791 190 41,012 89,910
Rents, rates and taxes 109,947 3,935 6,711 376 451 121,420 177,417 1,268 671 48 663 1,718 2,317 1,272 267,430 574,224
Repairs & maintenance 32,349 140 2,422 13 32 34,956 76,834 45 24 4 322 61 83 107 130,685 243,121
Printing and stationery 11,364 269 609 26 61 12,329 18,061 87 46 4 30 118 159 364 19,662 50,860
Communication expenses 33,633 1,389 1,900 137 168 37,227 49,041 448 237 16 149 598 802 616 65,242 154,376
Legal and professional charges 54,689 1,789 2,742 212 346 59,778 59,242 585 309 35 144 702 900 1,177 63,947 186,819
Medical fees 7,023 - - - 1 7,024 6,102 33,817 9 - 3 - - 676 1,328 48,959
Auditor's fees,expenses,etc.
(a) i) as auditor 2,483 60 122 6 17 2,688 2,362 19 10 2 7 26 35 45 2,606 7,800
ii) out of pocket expenses 267 6 13 1 2 289 254 2 1 - 1 3 4 5 281 840
(b) as advisor or in any other
capacity,in respect of
i) Taxation services / matters 49 - 2 - 0 51 46 - - 0 0 - - 2 51 150
ii) Management services 63 2 3 - - 68 60 - - - - 1 1 1 66 197
Advertisement and publicity 47,895 3,715 3,408 354 (59) 55,313 252,318 1,197 634 (103) (63) 1,625 2,193 6,468 234,317 553,899
Interest and bank charges 20,291 - 998 - 138 21,427 19,302 - - 14 55 - - 371 21,325 62,494
Others: 1) Distribution expenses 53,895 2,028 4,015 193 (54) 60,077 240,023 653 346 (79) 158 887 1,197 4,918 262,353 570,533
2) Agents recruitment,seminar
and other expenses
1,922 1 137 - (2) 2,058 9,791 - - (4) (1) - 1 244 9,313 21,402
3) Recruitment and seminar
expenses
13,895 228 958 25 30 15,136 29,931 74 39 3 110 94 124 156 47,137 92,804
4) IT expenses (including
maintenance )
124,880 6,312 6,887 601 680 139,360 160,245 2,034 1,076 72 548 2,760 3,726 1,853 217,953 529,627
5) Policy stamps 6,460 25 377 124 - 6,986 24,452 144,869 - - 22 498 722 3,958 7,087 188,594
6) (Prot)/Loss on sale of
assets
167 (10) 26 (1) (3) 179 1,128 (3) (2) - 5 (4)
(6) (7) 2,212 3,502
7) Service Tax expenditure
including provision for
unutilised credit*
- - - - - - - - - - - - - - - -
8) Electricity expenses 23,639 262 1,561 25 70 25,557 44,576 85 45 8 176 115 155 200 71,199 142,116
9) Miscellaneous expenses 18,127 1,483 897 285 91 20,883 12,099 506 266 19 54 372 339 194 12,917 47,649
10) Outsourcing expenses 52,717 1,337 2,594 133 357 57,138 50,311 432 229 37 142 573 766 970 55,378 165,976
Depreciation 97,115 2,532 5,055 241 597 105,540 107,879 816 432 62 341 1,107 1,495 1,613 134,458 353,743
Excess of EOM transferred to
shareholders fund(Refer Schedule
note 23)
(1,623,304) (1,623,304)
Total 1,565,745 101,517 97,189 11,198 5,180 1,780,829 3,029,860 211,662 17,450 359 8,580 42,165 55,367 38,194 2,514,881 7,699,347
Annexure - 1
Annual Report 2016-17
300
301
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
SCHEDULE 3
Operating expenses related to insurance business for the period ended Mar 31, 2016
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked Business
PAR Non
Linked
Individual Life
Total
Individual
Life
Group Life
Pension
Individual
Group
Pension
Health
Individual
Individual
Life
Group Life
Group Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group
Pension
Variable
Health
Individual
Employees' remuneration 885,308 81,735 64,967 6,540 2,247 942,254 18,433 16,053 383 5,604 15,854 24,419 28,617 2,897,124 4,989,538
Travel,conveyance and vehicle
running expenses
40,927 5,838 2,995 381 135 41,401 1,242 1,150 17 266 1,147 1,868 1,320 124,779 223,466
Training expenses 22,841 580 1,753 36 65 24,688 122 114 8 167 114 188 836 77,537 129,049
Rents, rates and taxes 132,466 6,787 9,095 419 564 122,288 1,422 1,337 61 732 1,338 2,207 3,591 340,600 622,907
Repairs & maintenance 47,930 702 3,535 43 162 48,988 147 138 18 318 138 228 1,585 147,979 251,911
Printing and stationery 16,211 509 915 31 97 11,976 107 100 11 44 100 165 211 24,479 54,956
Communication expenses 54,717 2,258 3,220 143 316 41,345 476 445 34 181 445 729 859 90,593 195,761
Legal and professional charges 43,678 1,563 2,368 166 250 31,052 388 306 32 91 296 407 434 60,612 141,643
Medical fees 9,784 - - - 1 6,475 42,301 14 - 3 - - 9 1,279 59,866
Auditor's fees,expenses,etc. - - - - - - - - - - - - - - -
(a) i) as auditor 2,108 473 112 29 15 1,308 99 93 2 4 93 154 19 2,091 6,600
ii) out of pocket expenses 172 26 9 2 1 107 5 5 - - 5 9 2 174 517
(b) as advisor or in any other
capacity,in respect of
- - - - - - - - - - - - - - -
i) Taxation services / matters 49 10 2 - 1 30 2 2 - - 2 4 0 48 150
ii) Management services 266 30 14 2 2 166 6 6 - 1 6 10 2 267 778
Advertisement and publicity 57,093 4,602 3,107 283 (111) 110,927 964 907 33 (83) 907 1,497 865
313,530
494,521
Interest and bank charges 29,682 - 1,581 - 205 18,497 - - 21 64 - - 271 29,867 80,188
Others: 1) Distribution expenses 43,748 (22) 2,531 (1) (93) 85,168 (5) (4) 23 (23) (4) (7) 828 246,229 378,368
2) Agents recruitment,seminar
and other expenses
3,489 45 195 3 7 4,617 10 9 2 3 9 15 51 12,072 20,527
3) Recruitment and seminar
expenses
18,299 2,131 1,220 134 77 17,131 449 420 9 90 420 689 456 46,632 88,157
4) IT expenses (including
maintenance )
130,563 7,385 7,898 455 737 100,167 1,547 1,455 78 487 1,456 2,403 2,294 228,713 485,638
5) Policy stamps 19,641 385 158 45 - 9,345 149,502 1 - 8 165 317 58 3,995 183,620
6) Fund and asset
management charges
- - - - - - - -
- - - - - - -
6) (Prot)/Loss on sale of
assets
(876) (26) (61) (4) (3) (773) (7) (5) - (5) (5) (5) (24) (2,221) (4,015)
7) Service Tax expenditure
including provision for
unutilised credit*
- - - - - - - - - - - - - - -
9) Policy processing expenses - - - - - - - - - - - - - - -
9) Hire Charges and Insurance
Expense
- - - - - - - - - - - - - - -
10) Call Centre and Mother
Portal Expenses
- - - - - - - - - - - - - - -
11) Service Tax on Expenses
- - - - - - - - - - - - - - -
8) Electricity expenses
50,314 1,344 2,758 83 334 32,869 282 265 35 126 265 437 550 58,567 148,229
9) Miscellaneous expenses
14,531 1,113 789 212 70 6,237 358 215 15 37 195 156 97 10,367 34,392
10)n Outsourcing expenses
60,226 1,649 3,330 111 391 40,067 353 325 41 156 323 523 689 73,846 182,030
Depreciation 78,206 2,475 4,637 156 459 57,827 521 487 48 272 487 800 1,262 126,421 274,058
Total
1,761,373 121,592 117,128 9,269 5,929 1,754,157 218,724 23,838 871 8,543 23,756 37,213 44,882 4,915,580 9,042,855
Annexure - 1
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
SCHEDULE 4
Benets Paid (Net) for the period ended March 31, 2017
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked Business
PAR Non
Linked
Individual
Life
Total
Individual
Life
Group
Life
Pension
Individual
Group
Pension
Health
Individual
Individual
Life
Group
Life
Group Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group Pension
Variable
Health
Individual
1. Insurance Claims
(a) Claims by Death 1,297,347 - 90,752 2,858 498 883,963 1,329,066 - 13,826 3,710 1,723 98 2,739 273,027 3,899,607
(b) Claims by Maturity 3,644,682 - 102,048 - - 57,732 - - - - - - - - 3,804,462
(c) Annuties / Pension Payment
71 - - - - - 58 - - 44,331 - - - - 44,460
(d) Other benets - - -
(i) Surrender 31,874,298 3,810,411 1,857,385 492,859 19,259 237,362 447,509 202,339 8,395 - 262,396 437,739 1,244 8,065 39,659,261
(ii) Riders 11,372 - - - - 12,448 13,335 - - - - - - 10,440 47,595
(iii) Health 496 - - - 3,188 1,188 - - - - - - 6,122 186 11,180
(iv) Survival and Others 140,027 - (2,211) - (24) 490,604 6,622 - 7,246 18 - - (630) 2,690 644,342
2. (Amount ceded in
reinsurance)
- - - -
(a) Claims by Death (533,210) (63) - - - (449,852) (571,123) - - - - - (19,512) (10,110) (1,583,870)
(b) Claims by Maturity - - - - - - - - - - - - - - -
(c) Annuties / Pension Payment
- - - - - - - - - - - - - - -
(d) Other benets (Health) - - - - (1,805) - - - - - - - (1,840) - (3,645)
3. Amount accepted in
reinsurance:
(a) Claims by Death - - - - - - - - - - - - - -
(b) Claims by Maturity - - - - - - - - - - - - - -
(c) Annuties / Pension Payment
- - - - - - - - - - - - - -
(d)Other benets - - - - - - - - - - - - - -
TOTAL 36,435,083 3,810,348 2,047,974 495,717 21,116 1,233,445 1,225,467 202,339 29,467 48,059 264,119 437,837 (11,877) 284,298 46,523,392
Annexure - 1
Annual Report 2016-17
302
303
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
SCHEDULE 4
Benets Paid (Net) for the period ended March 31, 2016
(Amounts in thousands of Indian Rupees)
Particulars
Linked Business Non Linked Business
PAR Non
Linked
Individual
Life
Total
Individual
Life
Group
Life
Pension
Individual
Group
Pension
Health
Individual
Individual
Life
Group
Life
Group Life
Variable
Pension
Individual
Annuity
Individual
Group
Pension
Group Pension
Variable
Health
Individual
1. Insurance Claims
(a) Claims by Death
1,152,098 - 61,199 15,232 743 710,057 1,129,406 - 2,246 188 532 2 3,309 215,879 3,290,891
(b) Claims by Maturity
4,968,715 - 65,554 - - 81,437 - - - - - - - - 5,115,706
(c) Annuties / Pension
Payment
103 - - - - - - - - 29,497 - - - - 29,600
(d) Other benets
- - -
(i) Surrender
25,081,797 3,286,007 2,893,058 747,424 16,967 76,883 493,163 1,716,113 3,395 (606) 6,896 533,128 2,557 440 34,857,222
(ii) Riders
26,292 - - - - 23,479 10,942 - - - - - - 9,233 69,946
(iii) Health
110 - - - 1,099 210 - - - - - - 3,813 37 5,269
(iv) Survival and Others
31,413 - 3,914 - (12) 196,687 980 - 2,042 - - - 637 1,872 237,533
2. (Amount ceded in
reinsurance):
- - - -
(a) Claims by Death
(376,696) - - - - (292,026) (460,084) - - - - - - (3,880) (1,132,686)
(b) Claims by Maturity
- - - - - - - - - - - - - - -
(c) Annuties / Pension
Payment
- - - - - - - - - - - - - - -
(d) Other benets (Health)
- - - - (1,419) - - - - - - - (1,119) - (2,538)
3. Amount accepted in
reinsurance:
(a) Claims by Death
- - - - - - - - - - - - - -
(b) Claims by Maturity
- - - - - - - - - - - - - -
(c) Annuties / Pension
Payment
- - - - - - - - - - - - - -
(d) Other benets
- - - - - - - - - - - - - -
TOTAL
30,883,832 3,286,007 3,023,725 762,656 17,378 796,727 1,174,407 1,716,113 7,683 29,079 7,428 533,130 9,197 223,581 42,470,943
Annexure - 1
Schedule
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
COMPANY OVERVIEW
STATUTORY REPORTS FINANCIAL STATEMENTS
(Amounts in thousands of Indian Rupees)
Sr.
No.
Name of the related
party with Whom the
transaction has been
made
Description of
relationship with the
party
Nature of Transaction
Audited Transactions
during the year ended
Audited Outstanding balance
recoverable/(payable) as on
31st March
2017
31st March
2016
31st March
2017
31st March
2016
1 2 3 4 5 6 7 8
1 Aditya Birla Nuvo Limited
(ABNL)
Ultimate Holding
company
a) Retirement Benet liability of transferred employees - 1,749 - -
b) Interest income on Non Convertible Debentures (NCD) 43,300 40,587 6,896 6,996
c) Recovery of Expenses - 207 - -
d) Outstanding NCD - - 500,000 500,000
e) Director Nomination Deposit Paid 100 200 - -
f) Director Nomination Deposit Received 100 200 - -
2 Aditya Birla Finance
Limited
Fellow Subsidiary
a) Recovery of expenses 24,146 23,169 2,218 2,481
b) Security Deposit - - (8,830) (8,830)
c) Purchase /(Sales) of NCD 1,250,000 (100,000) 1,500,000 250,000
d) Interest income on NCD 105,945 31,406 101,067 19,392
e) Payment of Housing loan of employee 3,202 3,202 - -
f) Transfer of Fixed Asset from ABFL - 62 - 62
g) Retirement Benet liability of transferred employees. 460 - - -
3 Aditya Birla Money Mart
Limited
Fellow Subsidiary
a) Payment towards Advertisement Expenses - 4,760 - -
b) Retirement Benet liability of transferred employees. 38 15 - 15
c) Transfer of employee's expenses - 127 - -
d) Transfer of asset 113 - - -
4 Aditya Birla Money
Insurance Advisory
Services Limited
Fellow Subsidiary
a) Commission expenses 15,706 18,788 (10,005) (7,491)
b) Reimbursement of Salary Expense 1,556 - 1,420 -
5 Aditya Birla Money
Limited
Fellow Subsidiary
a) Brokerage expenses 10,160 9,206 - -
b) Reimbursement of expense 53 - - -
c) Advertisement Expense - 2,532 - -
d) Retirement Benet liability of transferred employees. 40 2,309 - -
6 Aditya Birla Financial
Shared Services Limited
Fellow Subsidiary
a) Advance given for expenses/prepaid 97,258 100,588 6,908 6,643
b) Reimbursement of expenses 156,176 183,542 (27,475) -
c) Retirement Benet liability of transferred employees. 5,191 572 - -
d) Recovery of Expenses 1,015 - - -
e) Transfer of Asset 59
7 Aditya Birla Insurance
Brokers Limited
Fellow Subsidiary
a) Recovery of expenses 1,089 89 332 20
b) Transfer of employee's expenses 4,243 - - -
c) Transfer of employee's assets 3,475 - - -
d) Receipts towards transfer of employee 97 - - -
DISCLOSURES IN RESPECT OF TRANSACTIONS WITH RELATED PARTIES AND OUTSTANDING AS AT THE YEAR ENDED MARCH 31, 2017
(A) Enterprises where control exists
Ultimate Holding company Aditya Birla Nuvo Limited ( with effect from 24th March, 2017)
Holding Company Aditya Birla Financial Services Limited (ABFSL) ( with effect from 24th March, 2017)
Foreign Partner Sun Life Financial (India) Insurance Investments Inc.
(B) Key Management Personnel
Mr. Pankaj Razdan (wef 1st January 2014)
(C) Disclosures of transaction between the Company and related parties and outstanding balances as on the Year ended :
Annual Report 2016-17
304
305
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
ANNEXURES TO SCHEDULE 16
for the year ended Mar 31, 2017
(Amounts in thousands of Indian Rupees)
Sr.
No.
Name of the related
party with Whom the
transaction has been
made
Description of
relationship with the
party
Nature of Transaction
Audited Transactions
during the year ended
Audited Outstanding balance
recoverable/(payable) as on
31st March
2017
31st March
2016
31st March
2017
31st March
2016
1 2 3 4 5 6 7 8
8 Aditya Birla Customer
Services Limited
Fellow Subsidiary
a) Advertisement Expenses 3,400 573 - -
b) Recovery of Expenses 335 294 - (563)
9 Birla Sun Life Assets
Management Company
Limited
Fellow Subsidiary
a) Receipt towards Reimbursement of expenses /
Transfer of Employee
4,607 5,143 (33) -
b) Recovery of expenses - 2,330 - 677
c) Transfer of Fixed Asset - 1,020 - -
d) Payment towards Reimbursement of expenses 296 -
10 Aditya Birla Financial
Services Limited
Holding Company
a) Reimbursement of expenses 276,486 198,904 76,802 (22,534)
b) Prepaid expenses - 20,000 - -
c) Recovery of expenses 5,753 4,907 - -
11 Aditya Birla Housing
Finance Limited
Fellow Subsidiary
a) Reimbursement of other expenses - 11 - (11)
b) Retirement Benet liability of transferred employees. 52 203 - -
c) Interest income on Non Convertible Debentures 4,475 123 123 -
d) Purchase /(Sales) of NCD - 50,000 50,000 50,000
12 Aditya Birla Health
Insurance Limited
Fellow Subsidiary
a) Recovery of expenses 926 11,993 - 473
b) Retirement Benet liability of transferred employees. 3,326 13,684 - -
c) Assets Transferred 857 - - -
d) Group mediclaim premium 133,699 - - -
13 Idea Cellular Limited Associate
a) Telephone, Mobile and Data charges 11,587 11,648 - -
b) Employees remuneration & welfare benets. 1,844 - - -
14 Sunlife Assurance
company of Canada
Holding of Foreign
Promoter
a) Secondment Expenses 43,837 55,638 (26,631) (55,638)
b) Recovery of expenses 1,522 6,881 1,522 6,881
15 Sun Life Financial (India)
Insurance Investments
Inc.
Foreign Promoter
a) Subvention (Refer Schedule 16 Note 24) 249,997 - - -
16 Mr Pankaj Razdan (wef
1st January 2014)
Key Management
Personnel
a) Managerial Remuneration
67,225 68,151 - -
Note 1: Premium received (excluding service tax) from the related parties against life insurance products sold at market rates for the year ended 31st March 2017 is ` 36,710/- and for the year ended
31st Mar 2016 is ` 31,287/-, which includes `
18,640/- for the year ended 31st March 2017 and for the year ended 31st March 2016 is ` 17,984/- pertaining to Aditya birla Nuvo Ltd and
includes `
4,228/- for the year ended 31st March 2017 and for the year ended 31st March 2016 is ` 3,882/- pertaining to Aditya Birla Finance Limited.
Note 2:
There are no provisions for doubtful debts, amounts written off or amounts written back pertaining to the above transactions
Note 3: Related party relationship have been identied by the management and relied upon by the auditors.
Note 4: Related party transactions disclosed above denote the transactions entered during the existence of related party relationship.
Note 5: All the above transactions are reported inclusive of service tax, wherever applicable
Note 6: Aditya Birla Money Mart Limited (ABMML)” has been merged with “Aditya Birla Finance Limited (ABFL)” on 31st December, 2016. For presentation purpose the same are presented separately.
Note 7: The Group Insurance related advances by the holding company is outstanding in the books as on 31st March 2017 to the extent of ` 1,286.62/- (As of 31st March, 2016 ` 2,148.28/-). There
is an interest payment to the extent of ` 88.77/- (As on 31st March 2016 ` 64.78/-) in relation to the Group Pension scheme of the holding company.
DISCLOSURES IN RESPECT OF TRANSACTIONS WITH RELATED PARTIES AND OUTSTANDING AS AT THE YEAR ENDED MARCH 31, 2017 (CONTD.)
Registered Ofce
Birla Sun Life Insurance Company Limited
One India Bulls Center, Tower I,
16th Floor, Jupiter Mill Compound,
841, Senapati Bapat Marg,
Elphinstone Road,
Mumbai - 400 013.
