a strong foundation for a secure future. - aditya birla nuvo · pdf fileat birla sun life...
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At Birla Sun Life Insurance, our foundations rest on creating value for all our stakeholders. A decade ago, we began our journey to build the foundations of a secure future for our customers. Through the years, we have endeavoured to fulfi ll our vision by setting benchmarks in all facets of our business, providing comprehensive long-term investment and life insurance-based solutions.
The industry, in the recent past, witnessed one of the fastest set of regulatory changes that not only stimulated the players to remodel these foundations, but also gave them an opportunity to emerge stronger in the process. The product portfolio re-emergence and distribution system overhaul became the building blocks for a new chapter for the private life insurance players.
Throughout this span of change, our brand heritage and parentage, the drive of our employees, an unrelenting focus on customer satisfaction and an enviable investment performance have been the pillars of strength. These will help us leverage momentum as we move forward in our journey.
We continue to remain positive about the future growth of the industry. We strive to preserve the vibrancy of our business, while enriching the sustainability of our operating models. Leveraging the potential of technology and a single-minded approach to operational excellence are the aces in our pack. We are geared to remain on a sustained growth trajectory through enhancing convenience for our customers and building effi ciency in our operating models.
Backed by the learnings of a decade of experience, a well-recognized leadership team at the helm and drawing inspiration from our parentage, we will strive to create value for all our stakeholders – value that moves beyond just insurance-based products to encompass an exemplary model of service; built with experience, perseverance and passion.
A strong foundation for a secure future.
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MD and CEO’s Message
Dear shareholder, Insurance has evolved over the years to meet the long-term wealth creation goals and protection needs of consumers across the country. With millions of people already entrusting their life savings into this industry, the industry is well on its path to scaling greater heights for its customers.
The strength of any organization lies in its foundation, in its ability to endure the challenging environment and emerge stronger in the future. Over the last decade, Birla Sun Life Insurance, as one of the top fi ve private players, has played a key role in expanding the market, understanding the customers’ emerging needs and offering effective solutions to meet them. As an organization, we have not only earned the trust of over fi ve million customers, but also created value forour stakeholders.
Potential of insurance industryGiven that India remains a highly underpenetrated insurance market, I remain confi dent that there is immense potential for the sector. All the drivers responsible for the growth of life insurance companies remain favorable. India is one of the largest and fast-growing economies with one of the highest savings rate (c.35% of GDP compared to c.20% for the rest of the world). Also the demography remains helpful for the life insurance industry, with more than 60% of the population in the accumulation phase of their life stage and a large potential to increase per capita for Life Insurance.
Customer centricity is our key driverBirla Sun Life Insurance has been at the helm of innovation and has taken every opportunity to improve its customer offerings in sync with their felt as well as unfelt needs. It is through these combined efforts that we continue to grow from strength to strength as a top rung player in the private sector, improving by one rank over the previous year both in individual business (at No. 6) and total new business (at No. 5). In fact, for our Group Business performance in FY 12, we were ranked No. 2 and we command a market share of 10.9% among the private insurers.
This growth has only been possible because the customer has always remained at the core of all our strategies. Our customers are and shall continue to remain the core focus of our growth strategy and all our efforts are geared towards upholding their trust.
The heritage and the trust of the brand ‘Birla’ and domain expertise of Sun Life Financial continue to provide us a signifi cant competitive advantage, particularly towards attracting new customers and talent. Our brand image has only witnessed an upward trend, with our Brand Awareness scores moving up by almost 50%, as compared to the previous year.
Important steps taken to remain on a profi table trajectory Continuing our customer-centric approach during the last fi scal, we took several steps to optimize our expenses, improve effi ciencies and enhance productivity across operations. This enabled us to strengthen customer retention, bring about customer-focused product innovation and overhaul our distribution model and improve talent retention. These steps have helped us become a robust and profi table company, even as we continue to grow.
Over FY 12, Birla Sun Life Insurance added ` 5,885 crores in total premium, driven mainly by strong renewal premium growth of 10%. Our journey towards profi tability continues for the second year in a row. BSLI posted a net profi t worth ` 461 crores in FY 12, up 51% from the last year. This is a testimony to our concerted efforts at improving our performance. In another fi rst, we paid out our fi rst dividend at 5% of share capital this fi scal.
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Through the last 20 months, we have also introduced a suite of innovative products suitable across a customer’s life cycle. Most of our products continue to score well on all important parameters and constitute a signifi cant portion of new business revenues. We also believe that our assessment of offering a balanced product mix with an equitable share of both traditional and ULIP plans, have given us an edge in the market. The positive outcome of this decision has been that our company’s year-end market share, relative to the entire industry, stood at 2.7%. Among private players, we command a market share of 7.8%, as compared to 7% last year.
Our people policy At the core of all our processes is a coherent people policy. We are a young and vibrant organization that takes pride in being one of the fastest growing private life insurance companies in India. We take satisfaction in the fact that our employee group comprises a set of passionate professionals. At Birla Sun Life Insurance, we fi rmly acknowledge that our employees are the primary architects of our success. Hence, we provide opportunities that align individual capabilities to roles and an environment that elicits the best from an employee. Motivated employees are critical in building and sustaining a high-performing business. We continue to pursue a culture of meritocracy, while introducing initiatives that go a long way in honing talent, promoting a sense of belonging and infusing stability in performance.
Long term prospects remain bullishIn my view, long-term growth prospects for the life insurance industry remain robust. By the year 2020 the GDP of the country is projected to increase signifi cantly from the current level of US $1.7 trillion. The life insurance industry, in addition to the favorable demographic opportunities, still offers one of the best value propositions as an investment option for a horizon of fi ve years and more.
We continue to aim at being a leading provider of insurance solutions to individuals across different walks of life and also the length and breadth of the country. We believe the initiatives we have undertaken at boosting customer engagement, rolling out innovative products and services, enhancing the distribution network and driving employee morale will put us fi rmly on the path
towards excellence, with profi tability being the natural outcome. Our passion to grow is only matched by our ambition to create security for our customers.
The journey so far has been exhilarating for Birla Sun Life Insurance and we feel fortunate to have the complete support and backing of all our stakeholders. With your sustained patronage, we foresee an even brighter future as we continue to make Birla Sun Life Insurance a preferred life insurance brand and a leading player in this space.
Warm Regards,
Jayant DuaManaging Director and Chief Executive Offi cer
Our passion to grow is only matched by our ambition to create security for our customers.
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Mr. Donald A. StewartNon-Executive Director
Mr. Donald A. Stewart retired from the position of Chief Executive Offi cer of Sun Life Financial on November 30, 2011.
A native of Scotland, Don joined Sun Life Assurance Company of Canada in the United Kingdom in 1969 qualifying as a Fellow of the Institute of Actuaries before moving to Canada in 1972. Don served as Chief Information Offi cer, Chief Actuary and Chief Operating Offi cer to being named Chief Executive Offi cer in 1998.
Don’s leadership of Sun Life spanned a period of major change including a successful public listing in 2000, the acquisition of Clarica in 2002 and expansion in India and China over the ensuing decade. The Canadian Chamber of Commerce recognized him as the 2007 International Executive of the Year and the Canada-India Business Council presented Don with their inaugural Lifetime Achievement Award in 2011.
Don continues to work full time on a broad range of international business activities with a primary focus on fi nancial services. He is a Director of Birla Sun Life Insurance Company and chairs the audit committee of leading aluminum products company Novelis, based in Atlanta. He is a board member of Sun Life Everbright, based in Beijing and chairs Sun Life’s UK Insurance subsidiary.
In 2009 Don was appointed Chairman of Canada’s Task Force on Financial Literacy which delivered its fi nal recommendations on time and within budget by December 31, 2010. He was named a Champion of Public Education in 2011 by The Learning Partnership and remains active with a wide range of constituencies in support of Canadian fi nancial literacy.
Mr. Kumar Mangalam Birla is the Chairman of the Aditya Birla Group. Mr. Birla took over as Chairman of the Group in 1995, when he was just 28 years old. In the 17 years that he has been at the helm of the Group, he has accelerated growth, built a meritocracy and enhanced stakeholder value. From a turnover of US$ 2 billion in 1995, today the Group’s revenues are in excess of US$ 35 billion and its operations from 8 countries then, span 36 countries today. He has made 22 acquisitions in these 17 years in India and globally, which is the highest by an Indian multinational.
An iconic fi gure, Mr. Birla holds several key positions on various regulatory and professional Boards. He is a Director on the Central Board of Directors of the Reserve Bank of India. Earlier, he was Chairman of the Advisory Committee constituted by the Ministry of Company Affairs and also served on The Prime Minister of India’s Advisory Council on Trade and Industry.
As the Chairman of Securities and Exchange Board of India (SEBI) Committee on Corporate Governance, he authored the First Report on Corporate Governance titled “Report of the Kumar Mangalam Birla Committee on Corporate Governance”. Its recommendations were path breaking and became the basis of corporate governance norms. He is also on the National Council of the CII; the Apex Advisory Council of ASSOCHAM and the Advisory Council for the Centre for Corporate Governance.
Board of Directors
For his “invaluable contribution to the economy”, his “entrepreneurial excellence”, for “taking India to the world”, and as “an exemplary business leader”, Mr. Birla has won several accolades. The Benaras Hindu University, G. D. Pant University of Agriculture & Technology, SRM University and Visvesvaraya Technologies University have conferred the D. Litt and honorary doctoral degrees on Mr. Birla. Given Mr. Birla’s unmatched humility, he never prefi xes “Dr.” before his name.
Among other accolades received by Mr. Birla feature NASSCOM’s “Global Business Leader Award”, the JRD Tata “Leadership Award”, the CNBC TV 18”, the CNN-IBN “Indian of the Year Award”, NDTV’s “Global Indian Leader of the Year”, the Asia Pacifi c Global HR Excellence – “Exemplary Leader Award”, the Economic Times – “Business Leader”, Business India’s – “Business Man of the Year Award”, The All India Management Association’s (AIMA) “Honorary Fellowship”, and the Lakshmipat Singhania IIM-Lucknow National Leadership Awards Committee “Business Leader of the Year’ Award. He was chosen by the World Economic Forum as one of the Young Global Leaders and named a “Young Super Performer in the CEO Category” by Business Today.
An educationist, Mr. Birla is the Chancellor of the renowned Birla Institute of Technology & Science (BITS), with campuses in Pilani, Goa, Hyderabad and Dubai. He is a Director of the G. D. Birla Medical Research & Education Foundation.
A Chartered Accountant, Mr. Birla earned an MBA from the London Business School, where he is also an Honorary Fellow and sits on the Asia Regional Advisory Board. Mr. Birla and his wife, Mrs. Neerja Birla, have three children, Ananyashree, Aryaman Vikram and Advaitesha.
Mr. Kumar Mangalam BirlaChairman
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Mr. Ajay SrinivasanNon-Executive Director
Mr. Bishwanath N. PuranmalkaNon-Executive Director
Mr. Dikran OhannesssianNon-Executive Director
Mr. Ajay Srinivasan has been the Chief Executive, Financial Services at the Aditya Birla Group since July 2007.
In his role as Chief Executive, Financial Services, he sets the vision and provides strategic direction and leadership for the Group’s Financial Services business which covers several verticals such as life insurance, fund management, private equity, wealth management, retail broking, capital markets based lending, corporate fi nancing, infrastructure fi nance and general insurance broking. Under his leadership the fi nancial services business has grown rapidly with an annual turnover of just below ` 7000 crores, over 5.5 million customers and a workforce of over 15,000 people.
Prior to joining the Aditya Birla Group, Ajay was Chief Executive, Fund Management at Prudential Corporation Asia, based in Hong Kong. Under Ajay’s leadership, Prudential’s fund management operations in Asia grew rapidly, both organically and through acquisition. Ajay oversaw a business that spanned ten markets, including Japan, with total funds under management of about US$ 70 billion, which made it at the time the second largest retail fund manager in Asia.
As a member of Prudential Corporation Asia’s Board of Directors, Ajay also oversaw the development of Prudential’s retirement business in Asia.
Ajay joined Prudential in 1998 as Managing Director of Prudential ICICI Asset Management Company, Prudential’s Indian fund management joint venture with ICICI Bank. Within two years of operation,
Mr. Puranmalka is a Commerce and a Law graduate and also a Fellow member of the Institute of Chartered Accountants of India and Institute of Company Secretaries of India. He has been associated with the Aditya Birla Group in various capacities since the inception of his career. He has a total working experience of more than 45 years.
He has a rich experience in implementation and running of several manufacturing, training, service industry business and setting up Greenfi eld manufacturing operations. He is on the Board of various companies.
Mr. Dikran Ohannessian is President of Sun Life Financial Asia and in this role, he is responsible for the Company’s operations in Asia where it fi rst began to operate in 1890 and today includes operations in Hong Kong, the Philippines, Indonesia, China and India. Dikran is based in Hong Kong in the Company’s Asia Regional Offi ce.
He joined Sun Life Financial in 1976 and has held numerous leadership positions in the organization. He has directly managed and led various businesses for Sun Life including the Company’s individual insurance and group benefi ts operations in Canada and its joint venture life insurance activities in China. He has also been the Chief Financial Offi cer of Sun Life’s Canadian operations.
He is a Fellow of the Society of Actuaries and the Canadian Institute of Actuaries and holds a Bachelor of Science degree in Mathematics from the McGill University in Montreal. He also completed the Program for Management Development at Harvard University.
Prudential ICICI AMC had grown to become the largest private sector asset management company in India.
Prior to joining Prudential, Ajay was the Deputy Chief Executive Offi cer and Chief Investment Offi cer of the Indian operations of Threadneedle Asset Management.
With a proven track record for building successful businesses, his experience in the fi nancial services industry spans over two decades.
Ajay is engaged with several bodies including the Financial Planning Standards Board, the CII Committee on Financial Sector Reforms, The CII Committee on Insurance and Pensions and the FICCI Committee on Insurance.
Ajay holds a BA with Honours in Economics from St Stephens College, University of Delhi and an MBA from the Indian Institute of Management, Ahmedabad.
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Mr. Gian P. GuptaIndependent Director
Mr. Jayant DuaManaging Director and Chief Executive Offi cer
Dr. Rakesh JainNon-Executive Director
Mr. Jayant Dua is the Managing Director and Chief Executive Offi cer at Birla Sun
Dr. Rakesh Jain is the Managing Director of Aditya Birla Group’s fl agship company Aditya Birla Nuvo Ltd. (ABNL). Dr. Jain completed his M.Tech from IIT Kharagpur and a Ph.D in Polymer Science and Engineering from the University of Akron and Ohio State University. Dr. Jain joined the Aditya Birla Group in August 2003 as Managing Director of Indo Gulf Fertilizers Ltd. (since merged with ABNL in 2006), and Director of the Aditya Birla Group’s overseas chemical business and World Class Manufacturing. In March 2005, he was given the additional responsibility of Global CEO for the carbon black business, which has grown strategically from a
Board of Directorsregional business to a global business. In December 2008, Dr. Jain was appointed Joint Managing Director of ABNL and subsequently Managing Director in July 2009. He is also Director of Group IT and a Director on the board of the Aditya Birla Management Corporation Private Limited.
ABNL is a diversifi ed conglomerate with multiple businesses in the services and manufacturing sectors. The businesses range from fi nancial services to telecom, IT-ITeS to fashion and lifestyle, and manufacturing. While ABNL has multiple mature businesses, it continues to incubate new growth and long-gestating businesses for the Aditya Birla Group.
Prior to joining the Aditya Birla Group, he was the President and CEO of GE Plastics India and South Asia since June 2001.
In 1988, Dr. Jain joined the Advanced Technology Group at GE Plastics Electromaterials Division (EMD) in Coshocton, OH, USA. He served in a variety of leadership roles in technology, manufacturing, product management and audit staff at various GE businesses. He led GE Plastics-Huntsman JV at Albany, NY in 1995-1996, and was appointed the Business Six Sigma Leader in 1997. In January 1999, he was transferred to BOZ, Netherlands, to lead global manufacturing processes for GE Plastics where he led the stable operations concept to stretch the capacity without investment and signifi cantly reduce the cost per unit. In 2000, he spearheaded the digitisation effort at GE which helped provide real-time business data transparency and signifi cant reduction in backroom activities and paperwork.
Mr. Gian Prakash Gupta is a Director on the Board of the Company and is also an independent director on the Board of Aditya Birla Nuvo Limited (holding company of BSLI). He holds a Masters degree in Commerce from University of Delhi. He is Chairman of the Audit Committee and Risk Management Committee and is also a member of theFinance Committee and Share Allotment Committee of the Company.
Mr. Gian Prakash Gupta has been the former Chairman and Managing Director of Industrial Development Bank of India and Chairman of Unit Trust of India. He has wide and rich experience in Project Financing including Infrastructure projects, Capital Market, Financial Management and General Management. He is also on the Board of various other companies.
Life Insurance. He is a Chemical Engineer from IIT Delhi and an MBA. He also holds an Advanced Management Program (AMP) from Harvard Business School, USA. He joined Birla Sun Life Insurance in July 2010.
In his role, he provides Birla Sun Life Insurance a strategic direction and leads the insurance team towards achieving rapid growth and profi tability.
Prior to this, Jayant spearheaded Aditya Birla Insulators (ABI) in the capacity of President and CEO and was responsible for expanding ABI’s customer base nationally and internationally. He was instrumental in making the ABI business the fourth largest in its segment globally. He has been associated with the group for the last 16 years and prior to his appointment with the Insulators Business, Jayant spent close to a decade in Groups’ Cement Business in capacities as diverse as Marketing, IT and Strategy.
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Mr. Suresh N. Talwar Independent Director
Ms. Tarjani VakilIndependent Director
Mr. Venkatesh MysoreNon-Executive Director
Mr. Talwar is a commerce and law graduate. He is also a qualifi ed Solicitor and Advocate. He is currently Consulting Partner of M/s Talwar, Thakore & Associates, a law fi rm he had founded in partnership with Shobhan Thakore. Prior to this he was also associated with M/s. Crawford Bayley and Company as a Senior Partner. He acts as legal counsel to numerous Indian companies, multinational corporations, Indian and foreign banks. His professional specialisation is in corporate law, corporate tax, foreign exchange laws, Monopolies and Restrictive Trade Practices laws, and international issue of securities by Indian companies. He also holds the directorship in several eminent public and private limited companies.
sector companies such as LIC, GIC, ECGC and BHEL amongst others.
Ms. Vakil started her career with Maharashtra State Finance Corporation (MSFC) in 1958 and assumed several responsibilities till she was assigned the responsibilities for the post of Assistant Secretary in 1965. She moved from MSFC to join Industrial Development Bank of India (IDBI) in 1965. After an illustrious seven-year stint at IDBI in the capacity of a Deputy General Manager, she joined EXIM Bank of India as General Manager in 1982. After a long, distinguished tenure of 16 years in EXIM Banks, she retired as Chairman and Managing Director (CMD) in 1996.
Post her retirement, she is now a member of the Board and sub committees of the board of various private sector companies.
Mr. Venkatesh Mysore took over as the CEO and MD of KKR in October 2010. Prior to that he has had a very long and successful career spanning 25 years in fi nancial services.
He took over as the India Country Head of Sun Life Financial’s India operations in January 2007.
Prior to this, Mr. Mysore was the CEO and MD of MetLife India. He was responsible for the start-up of the India venture. Mr. Mysore spent over 21 years with MetLife.
Mr. Mysore immigrated to the U.S.A. in 1985 and started his career with MetLife after his MBA.
With over four decades of experience in development banking, Ms. Vakil has held directorship of several renowned public
Mr. Mysore represented the Madras University in cricket and has been a passionate follower of the game.
He is currently a member of the Young Presidents Organization – Mumbai Chapter.
Mr. Mysore is married to Veena and they have three children.
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Mr. Jayant Dua is the Managing Director at Birla Sun Life Insurance. He is a Chemical Engineer from IIT Delhi and an MBA from IMI, Delhi. He also holds an Advanced Management Program (AMP) from Harvard Business School, USA. He joined Birla Sun Life Insurance in July 2010.
In his role as Managing Director, he provides Birla Sun Life Insurance a strategic direction and leads the insurance team towards achieving rapid growth and profi tability. He focuses on long term sustainability while being nimble footed and using the multi-faceted regulatory environment to business advantage.
Prior to this, Jayant spearheaded Aditya Birla Insulators (ABI) in the capacity of President & CEO and was responsible for expanding ABI’s customer base nationally and internationally while positioning the organization as a leader globally. He has been associated with the group for the last 16 years and as CEO of ABI, he has been instrumental in making the ABI business the fourth largest in its segment globally. Prior to his appointment with the Insulators Business, Mr. Dua spent close to a decade in Groups’ Cement Business in capacities as diverse as Marketing, IT and Strategy.
As the Chief Operating Offi cer of BSLI, Mr. Amitabh Verma is responsible for determining the organizational strategies for Operations and IT. He reports to the MD and CEO of the Company and has been with BSLI since February, 2008. Mr. Verma is qualifi ed as an engineer and MBA and has over 19 years of experience. He has held senior leadership positions in the IT and Financial Services Industries. Prior to joining BSLI, he was a Vice President with AIG (Asia-Pacifi c Life Operations), Hong Kong.
Mr. Arun Malkani is the Chief Marketing Offi cer for BSLI responsible for determining and defi ning the marketing strategy and initiatives of the company and its offerings, with the objective of being the target customer’s preferred brand and choice among life insurance companies. Arun joined the company in September 2011.
Arun has done his Masters in Management Studies (specializing in Marketing) from Mumbai University and has over 17 years of work experience with leading MNC and Indian private sector organizations, primarily in the banking and fi nancial services industry. Before joining BSLI, Arun was Head of Marketing for Liabilities, Investment Products and Segments at Axis Bank. Prior to that he has also been Head – Marketing Services at HDFC Bank.
Senior Management Team
Mr. Jayant DuaManaging Director and Chief Executive Offi cer
Mr. Amitabh VermaChief Operating Offi cer
Mr. Arun Malkani Chief Marketing Offi cer
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Mr. Mayank Bathwal is the Chief Financial Offi cer & Head, Institutional Sales for BSLI.
In his role as CFO he provides effective leadership to the Finance function towards growing the business of the company and partners the CEO and the leadership team in managing the affairs of the company.
Mayank has a rich experience of over 18 years in the industry. He joined the Aditya Birla Group in early 1994 and has worked closely in various units and projects of the group including fertilizer and copper smelting units, fi nancial services business and power projects.
He joined Birla Sun Life Insurance in December 1999 as part of the Project team to set up the Life Insurance venture and was looking after the Business Strategy and Planning function prior to taking charge of other Finance operations of the company. Mayank then moved to take charge as the Chief Financial Offi cer of Sun Life, Indonesia in June 2006. He moved back to India in June 2007 after his successful stint in Indonesia for a year with the objective of supporting BSLI in its transformational phase.
During FY 2011 he also took charge of the Institutional Sales teams which includes Bancassurance, Corporate Agency & Broking channels of BSLI.
He is a Fellow member of The Institute of Chartered Accountants of India and the Institute of Cost & Works Accountants of India and an Associate Member of the Institute of Company Secretaries of India. In March 2012, Mayank was also felicitated at Annual CFO100 Roll of Honour, 2012, in the category ‘Winning Edge in Corporate Governance/Financial Control,’ for his exceptional contribution in the area of Corporate Finance.
Mr. Niall O’Hare is the Chief Actuarial Offi cer for Birla Sun Life Insurance (BSLI) and is responsible for all Actuarial functions within the company. He is a qualifi ed actuary, and a Fellow of the Institute of Actuaries. He has also received his Bachelors degree in Applied Mathematics from the Queen’s University of Belfast.
Niall joined Aditya Birla Financial Services Group (ABFSG) in May 2011, having previously worked in the UK, most recently for Sun Life Financial (SLF) as Head of Business Development, where he was responsible for running all UK sales, marketing and product development functions.
Niall has 18 years of experience in several leadership roles within large organizations. Prior to SLFC, he has worked with Lincoln Financial Group (LFG) and Zurich Financial Services (ZFS). While working with LFG as Chief Actuarial Offi cer in the UK, he led 5 distinct departments – actuarial, tax, product development, underwriting and claims.
Mr. Lalit Vermani is a Sr. Vice-President at BSLI, heading the Compliance, Legal, Risk and Internal Audit functions for the company. He has 20 years of experience in various areas of Financial Services including Insurance, Asset Management and Investment banking. Prior to this assignment, Lalit was heading the compliance function at Birla Sun Life AMC Ltd.
Lalit has an honours degree in Economics and MBA with specialisation in Finance. He is also a certifi ed Financial Risk Manager (FRM) by Global Association of Risk Professionals.
Mr. Lalit VermaniHead – Compliance, Risk, Legal and Audit
Mr. Mayank BathwalCFO & Head, Institutional Sales
Mr. Niall O’Hare Chief Actuarial Offi cer
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Mr. Pramod Krishnamurthy is the Chief Technology Offi cer for BSLI responsible for providing the crucial Technology edge to enable BSLI to differentiate itself positively in the marketplace and reports to the CEO of the company.
Pramod Krishnamurthy is an IIT-IIM graduate and has over 22 years of work experience in the Financial Services Technology area. He has held several senior leadership positions in the IT and Financial Services Industry, including running his own software company early in his career. Prior to joining BSLI, Pramod was an Executive Vice President with Fullerton India Credit.
Mr. Sashi Krishnan is the Chief Investment Offi cer (CIO) of Birla Sun Life Insurance. He joined the organization in December 2011 and has a rich experience of 25 years in the Mutual Fund and Life Insurance industry. Sashi has done his BE (Hons.) in Chemical Engineering and MSc (Hons.) in Economics from BITS, Pilani. He also has a Diploma in Management from IGNOU with a specialization in Finance. In addition, he has also done CAIIB from the Indian Institute of Bankers. He has an extensive experience in Equity and Debt Markets. Prior to joining BSLI, Sashi was the Chief Investment Offi cer at Bajaj Allianz Life Insurance Company where he managed Assets over ` 42,000 crores Besides leading the Investments team and being a member of the Investment Committee, he was also involved in product design and provided sales support. His previous assignments include leadership roles with DBS Bank (Singapore), DBS Cholamandalam Asset Management Ltd. and Unit Trust of India. Sashi is the Member of the Index Policy Committee of India Index Services & Products Ltd. and, also was the Co Chair of Life Insurance Committee of the Bombay Chamber of Commerce and Industry. He has also served as the Member of the Financial Planning Standards Board, India in 2004-2006.
Senior Management Team
Mr. Pramod KrishnamurthyChief Technology Offi cer
Mr. Sashi Krishnan Chief Investment Offi cer
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Mr. Saurov Ghosh is Executive Vice President & Head – Human Resources & Training. Saurov is an enthusiastic, talented and seasoned HR professional. His strategic blend of thinking, management & infl uencing skills and integrated Business HR approach are some of the key drivers of success in his role.
Saurov reports to the Managing Director & CEO. Saurov is with BSLI since January 2008. He joins us from Yes Bank, where he was Sr. Vice President Human Capital and was responsible for the Human Capital function for the Retail Banking Business. Prior to joining Yes Bank, Saurov worked with HDFC Standard Life Insurance since its initial period and had played a key role for implementing the Human Resource strategy for the company. He also has varied experience in engineering & process manufacturing sectors with the Kirloskar Group & CEAT ranging to a career span of 18 years in Human Resources.
Mr. Vikas Seth is Senior VP & the Head of Sales – DSF (Direct Sales Force) at Birla Sun Life Insurance (BSLI). He is a qualifi ed Electronics & Electrical Communication Engineer and has done Masters Business Administration (Marketing). He joined BSLI in January 2008.
Currently at BSLI, Vikas along with heading the Agency is also responsible for Rural & Business Mentor Vertical. Vikas is also leading revolutionary transformational project called “BSLI Way”.
Vikas joins us with a strong working experience of over 15 years in diverse industries like Telecom, FMCG & Life Insurance. He has worked with organizations like Essar Telecom (Vodafone), Amway, ICICI Prudential, HDFC Life in the past. His expertise is in Startup, Building Distribution & implementation of Sales & Marketing strategies.
Mr. Saurov Ghosh Executive Vice - President & Head HR and Training
Mr. Vikas Seth Head of Sales – DSF
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Snapshot of Financial Indicators
Premium Income (Crs)
Net Profi t (Crs)
3,272
4,469
5,5065,677 5,855
FY 08 FY 09 FY 10 FY 11 FY 12
-445
-702
-435
305
461
FY 08 FY 09 FY 10 FY 11 FY 12
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Operating Expenses (Crs)
Asset Under Management Trends (Crs)
6,883
9,168
16,130
19,76021,110
FY 08 FY 09 FY 10 FY 11 FY 12
FY 08 FY 09 FY 10 FY 11 FY 12
20.5%
25.6%
20.5%21.2% 20.7%
671
1,146
1,3271,203 1,215
= Opex to Total Premium Ratio
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BuildingBlocksAs the sector moved into a new phase in September 2010, there were a number of strategic transformations that took place within the industry. From a consumer's point of view, these developments were an opportunity to infuse innovation within the sector.
At BSLI, our strategic priority was to launch a comprehensive product portfolio and streamline the distribution model in sync with regulatory requirements. They became the key building blocks for our growth trajectory.
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A diversifi ed suite of products and innovative product capabilities
Since its inception, BSLI has been at the helm of innovation within the life insurance market, ushering in an industry-wide change with the introduction of innovative unit-linked products and highest NAV plans. Strengthening our product basket in sync with the customer’s felt and unfelt needs and regulatory guidelines was the defi ning
focus in 2011-12. During the last 20 months, we also launched a number of traditional solutions to meet an emerging consumer need for non-link products that offer simple features for customers with conservative return expectations. Within our term offerings, our recently launched plans, BSLI Protector and Protector Plus, offer customers complete fi nancial protection at an affordable cost and grow in step with their growing needs.
Our recently launched term plans, BSLI Protector and Protector Plus, offer customers complete fi nancial protection at an affordable cost and grow in step with their growing needs.
Our priorities in the area of product
development for the next year include:
� Continuing the product innovation culture, in sync with customer expectations and segmentation and customize solutions wherever possible.
� Focusing on a balanced product mix with a deeper focus on protection needs.
Our Solutions for customer needs
ProtectionWe secure the future of our customers' families in an increasingly uncertain world.
Health and WellnessWe create plans to help customers look after their loved ones without worrying about medical expenses.
Children's FutureOur child plans allow customers the ability to let their children pursue their passions, while providing fi nancial cover.
RetirementWe help customers plan their retirement so that their incomes continue to meet their expenses.
Wealth with ProtectionWe secure the dreams of our customers' families and help them reach their planned fi nancial milestones.
RidersOur variety of riders can help enhance protection for our customers and their loved ones.
Annual Report 2011-12
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Effective distribution Our multi-channel distribution system empowers customers with a varied choice of platforms to transact at their convenience. Each touch point is well-equipped to assist our customers. Our customer touch points include:� Around 200 corporate agents comprising banks,
insurance brokers and corporate agents.
� Over 1,39,000 empanelled insurance advisors.
� Over 12,000 employees.
� Over 650 BSLI offi ces across India.
Our agency channel strength
Keeping customers at the core of its strategy, our Direct Sales Force channel has created a support mechanism through which 7,000 Front Line Sales Managers, equipped with up-to-date product knowledge, liaise with about 1,39,000 advisors across the country.
In order to further the agenda for need-based selling; the agency channel had taken up the following key initiatives last year:� Strengthening the recruitment structure and
designing training programmes around distinct segments.
� Creating higher effi ciencies in the agency channel through improvements in structures.
� Segmenting agencies to improve performance and focus best resources on agents with a track record of balancing quality and productivity.
� Leveraging technology tools, such as the sales management process/activity tracking, reporting platforms and the sales portal, in a better manner.
Third-party distribution partnership
Our partnership models with banks and other large third-party distributors is based on the following levers to maximise need-based sales and develop a sustainable long-term relationship:� Offering customised products after accurately
mapping the customer segments of our partners.
� Creating dedicated structures and organisation support for key partners. Importantly, the model has been tailored for each partner’s specifi c context and operating process.
� Offering best-in-class sales management structures, including HR policies that focus on productivity and provide disciplined sales-management practices.
Our priorities in the area of distribution
enhancement for the next year include:
� Enhancing and diversifying our distribution management capabilities.
� Implementing best practices in the areas of training and recruitment with an impetus on need-based sales approach.
• Leveraging alternate channels like direct marketing and internet to increase penetration and infuse further effi ciencies within the distribution ecosystem.
One team One focus.
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Our financial results have been consistent with our objective – business growth in a manner that is profitable and delivers superior value to our customers. We remain committed to serving our customers well in order to build a strong, sustainable business, harnessing our strengths in the process.
Our customers are at the centre of our success. The responsibility they bestow on us, by making us partners for long-term financial solutions, spurs us to achieve even greater heights.
Pillars of Strength
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Customer centricity The company has been at the helm of innovation in the life insurance space. Our path-breaking innovations have all been driven by a single goal – the security and trust of our customers. Our initiatives have set a benchmark in customer satisfaction on an industry-level, while fulfi lling the expectations of our customers.
Customer feedback and listening
A strong customer feedback system has been created in order to gain a complete understanding of our customers. The feedback received is driven into customer-driven service standards and plans are made to achieve them.
The various feedback mechanisms include:� Customer satisfaction surveys.
� Syndicated studies on target consumer base.
� Transaction surveys to gauge satisfaction with service interactions.
� Focus group discussions with customers and sales partners to improve and plan products and services.
Our annual CSAT (Customer Satisfaction)
survey objectives
At Birla Sun Life Insurance, it is our philosophy to keep our ears to the ground and build a communication strategy that allows us to listen to all our stakeholders continuously. Our learnings are translated into action, through our service and product effi ciencies. One such way of gleaning customer feedback is the CSAT study. During the last fi scal year, the study was conducted with a sample size of over 2,000 customers across 6 cities over a period of 2 months. The results were more than encouraging and fi ndings were absolutely insightful to chart our future strategy.
Here are some highlights of the 2011-12 CSAT study: � Nearly 80% of customers feel satisfi ed at their
choice of Birla Sun Life Insurance as their insurance partner.
� Approximately 81% of the group have a positive disposition towards our products features and benefi ts.
� Around 92% of the customers have expressed their ‘delight’ at key parameters, such as branch experience, medical check-up and premium payment options.
Taking every step
with you.
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� Our agent quality and politeness was rated as superior by almost 85% of the participants.
� Most participants were positive about our robust communication processes, which ensure a high frequency and relevancy of messages sent to customers.
Customer communication and engagement
Role of communication is to “know more” about the customer so as to suggest effective solutions to his felt and unfelt needs. It is important to update customer on the value of what he has bought as well as keep updating him on new service features. The essence of our customer communication strategy is to form a relationship with customers – a relationship that individual customer feels that he would like to pursue and has a focus on empowerment. With a continued focus to empower our customer and further the cause of need-based selling, we have launched a host of pre-sales and post-sales initiatives like - � Introduction of bilingual policy document with
customer prompts on important aspects like medical checkup, premium payment term and frequency.
� Introduced online calculators that take up the role of an electronic advisory tool.
� Enhanced various customer communication tools like – Welcome call script, printed documents,
digital messaging formats such as our corporate website www.birlasunlife.com, SMS, e-mails .
� We have also invested in the right digital technology that enables us to offer seamless services to our customers 24x7. Through our online platform you can manage your policy, track applications, learn about tax benefi ts andpay premiums.
Effi cient claims management
Our claims management process continued to gain effi ciency throughout the year. Some of the highlights are as follows: � For the third consecutive year, Birla Sun Life
Insurance achieved the lowest outstanding claims percentage among its peers in individual and group claims (statistics as per IRDA Annual Report 2010-11).
� Birla Sun Life Insurance has one of the best end-to-end settlement TAT’s (Turn Around Time) in both individual and group claim categories.
� The Company has a centralized ‘Claim Settlement Cell’, enabling a uniform approach towards customer service, and decision-making.
� Our call centre service helps customers with any Claims related issues/concerns.
� BSLI’s Claims Repudiation ratio is also lower than the Industry Average.
Building TrustBuilding Relationships.
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Reaching out across the country with the theme of ‘safety, security and protection’
Brand philosophyWe believe in building communication which is natural in its execution and succeeds in driving home the point. Through all our campaigns launched this year, be it our Wealth with Protection Solutions, Protections Solutions or Children’s Future solutions campaign, Birla Sun Life Insurance has been reaching out to the customers with a messaging style that is empathetic and inspiring.
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Investment strategyWe endeavour to build a quality investment portfolio which offers both – liquidity and long-term wealth creation. Here are the key features of our investment philosophy:
� We aim to build a sound investment portfolio within external and internal guidelines to ensure liquidity, while maximising policyholders’ wealth consistently on a long-term basis.
� Most of our funds have outperformed the benchmark for 12 months as on 31st March, 2012.
� Over a long-term period, all our funds have outperformed the benchmark comprehensively, consistently delivering superior performance.
� Our customers use our website to give feedback on our investment performance. Thus, our investment mechanism is participative, responsive and transparent.
Percentage of funds beating benchmarks as on 31st Mar’12 across years
Brand philosophy
It is because of this reason that Birla Sun Life Insurance has remained committed on its strategy to play the role of an agent provocateur for mass India, by provoking them to insure their lives against the highs and lows that life can have in store for them without challenging their confi dence. It goes without saying that heritage and the trust of the brand ‘Birla’ continues to provide us a signifi cant competitive advantage, particularly towards attracting new customers and talent. Our brand image has only witnessed an upward trend, with our Brand Awareness scores moving up by almost 50% as compared to the previous year.
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Birla Sun Life Insurance
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service and created projects that have catered to make the service more effi cient and effective.
LearningProcess Champ, an interactive e-learning cumcertifi cation module was designed in the last year to enhance employee understanding of key insurance concepts. It has helped us leverage technology to reach all employees within the organization.
Managing talentPromotion and growth development within the company is part of a rigorous assessment process, which is closely interlinked with the talent management system.
Sound fi nancial managementThe last two years have been quite challenging for the industry in terms of new business growth on account of the uncertain economic environment. In light of such conditions, BSLI has performed well. BSLI delivered a profi t of ` 461 crore against last year’s profi t of ` 305 crore. Our solvency ratio is 299% as of FY 12, against a regulatory requirement of a minimum of 150%.
Human resource capabilitiesWe have always operated with the philosophy that an organization is only as good as its people. Keeping this philosophy in mind, we reward employees who have displayed superior customer
Strengthening our team for future growth.
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Our solvency ratio is 299% as of FY 2011-12, against a regulatory requirement of a minimum of 150%.
Channels of CommunicationMultiple mediums are used to address employee concerns, communicate strategic imperatives, generate ideas and drive employee engagement. These include strategy sessions for senior management, quarterly town halls, Annual CEO Forum, Engagement forums at the zonal level, branch visits by HR team members – Milap, skip level meetings, Intranet, opinion polls, etc.
Employees can also write to the CEO directly through the company intranet and are encouraged to post queries, ideas and respond to the CEO’s messages. This ensures that employees are aligned with organizational agenda of delivering
growth and profi tability through a continued focus on channelising efforts and energies in being a customer centric orgainzation.
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Birla Sun Life Insurance
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At Birla Sun Life Insurance, we have harnessed state-of-the-art technology to reach out to our diverse stakeholders. Through an array of technology tools and digital platforms, we continue to enhance the understanding of insurance products for our existing and prospective customers and infuse distribution efficiencies.
Our focus on customer centricity and need-based sales has stimulated us to develop tools that have helped us offer better advice to customers, create accurate underwriting analysis and enhance service practices.
EnhancingConvenience,BuildingEffi ciency
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1) Tools for customer need assessment We fi rmly believe that a good sales practice stems from a need based sales approach. This requires us to understand both, the felt and even the unfelt needs of our customers. Keeping this in mind, we plan to introduce tools that facilitate need analysis by factoring in both, the customer's fi nancial aspects andalso his aspirations.
Life cover Marriage Child's educationBuild wealth Planning a baby
House Health Children's future
Retirement
Planned for 2013
We encourage customers to invest and save for goals such as buying a house.
Our Health and Wellness solutions ensure that customers never lack the funds to go in for quality treatment in case of medical emergencies. Our plans help them get individual and family insurance cover against major illnesses and injuries.
Our Children’s Future Solutions are designed to help customers build a corpus that allows them to meet the major expenses of their children in future.
Planned for 2013 Planned for 2020 Planned for 2030
Select a goal and plan your investments
Our Retirement Solutions ensure that customers enjoy a secure and happy retired life.Our retirement plans that help them build a corpus that lasts throughout their retired life, whether they choose to retire early and start their own business or lead a leisurely retired life.
Applications thatmake life easy for
our customers
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1
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Easy-to-use calculators to supplement information
Various calculators help our customers understand their retirement corpus needs and child plan milestones, in addition to functioning as online advisories. This is consistent with our philosophy of empowering customers.
2) Tools that enhance our distribution effectiveness
� We have launched a mobile application that allows for improved policy tracking, thus enhances the overall service experience for the end customer.
� We have a robust policy tracking system that provides customers information from the receipt to the dispatch stage of their policies.
� An online illustration module launched this year enables us to provide a robust and speedy selling process.
� Our e-learning modules and advisor portals help strengthen the sales process quality.
� There are also plans to initiate a tablet-based application for real-time fi eld underwriting.
Cross-platform applications for enhanced distribution.
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3) Applications that make life easy for our customers
� A revamped corporate website where customers can pay premiums, track policy documents, calculate fund values, etc.
� Educative emails, SMSs and online newsletters to keep customers updated at every stage of their policy.
� Plans to launch mobile applications for customers – bringing information like policy illustrations, current policy status, pending requirements, policy status and calculation of NAV over the phone.
4) Enhancing customer knowledgeusing digital platforms
� Educative videos and articles to expand our customers’ understanding of insurance products and services.
� Videos and e-tutorials suited for e-learning video formats.
� Lucidly designed videos and modules to allow customers to gain a better grasp on the topic.
As one of the leaders in the insurance space, the organization believes that it is its responsibility to educate the public at large about the insurance category. To this effect, we have launched two insurance-related microsites: www.NotJobsButPassion.com and www.proudtopledge.com.
www.NotJobsButPassion.com: A unifi ed and comprehensive platform created by Birla Sun Life Insurance to help parents discover their child’s passion and enable their kids to pursue their area of interest. The microsite is an information warehouse for anyone looking for information on career avenues across diverse fi elds.
The www.proudtopledge.com: A microsite for individuals to share pro-insurance stories and lead a positive change by writing a brief pledge for protection and encourage family and friends to do the same. One can also upload photos, experiences, testimonials and videos that create awareness about insurance and attract people to join the pledge.
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Rewards & Recognitions
BSLI was named 2nd runners up for the 'Best Presented Accounts and Corporate Governance Disclosures Awards 2011' by The South Asian Federation of Accountants (SAFA) in the Insurance sector.
BSLI bagged the prestigious 'Gold Trophy' for Financial Reporting from The Institute of Chartered Accountants of India (ICAI) for the year 2010-11. In the past, BSLI has also won Silver trophies from ICAI for Financial Reporting.
Birla Sun Life Insurance bagged the 'Golden Peacock Award for Excellence in Corporate Governance' for the year 2011.
At the Effi es 2011, BSLI won a Gold inthe 'Services category (under FinancialServices, including Banking andInsurance)' for Birla Sun Life Insurance– Children's Future Solutions campaign.
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BSLI won an award for their Protection Solutions campaign under the category of 'Best use of Radio as a medium' at the Kaan Award for Excellence in Radio Advertising.
BSLI won the Silver in 'Financial Services' category for the Birla Sun Life Insurance – Child Plan – 'Never-ending Passion tablemat' at the Exchange4media OOH Awards 2012 (Outdoor Advertising & Digital Signage).
IPE BFSI Awards endorsed by the Asian Confederation of Businesses has conferred 'Birla Sun Life Insurance Company Limited' with 'Best Employer Brand Award' for the year 2011-12.
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Financial Report
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Draft Directors’ Report
Dear Shareholders,
On behalf of your Board of Directors, I present the twelfth Annual Report, together with the Audited Statement of Accounts, of Birla Sun Life Insurance Company Limited (“the Company/BSLI”) for the year ended 31st March 2012.
1. FINANCIAL PERFORMANCE
Macro-economic and industry challenges impacted the life insurance industry in FY12. In this context, the Company’s sales performance was better than the industry. We reported weighted new business premium of ` 1,851 crore for the year under review. Total premium amounted to ` 5,885 crore and has seen a marginal growth over previous year.
We continued our journey of profi table growth in FY12. Our focus of creating effi ciencies and improving the quality of business continues to dominate our strategic priorities. Additionally, we have undertaken several initiatives to augment our distribution capacities, optimise our product mix and improve customer management. These initiatives will be critical and will continue to serve as a guiding measure to help us achieve our long-term goals.
The summary of Company’s Financial Performance is as under:
(` Crores)
Particulars
Current Year
FY 2011-12
Previous Year
FY 2010-11
Inc. (%)
Income Gross premium income 5,885 5,677 4%Reinsurance (net) (138) (83) 67%Total premium income (net) 5,747 5,594 3%
Income from investmentsPolicyholders (163) 1,492 -111%Shareholders 80 38 109%Investment Income (83) 1,530 -105%
Other Income 30 24 26%Total Income 5,695 7,149 -20%
Less:
Commission 325 381 -14%Expenses (including depreciation) 1,215 1,203 1%Benefi ts paid (net) 2,705 1,934 40%Provisions for actuarial liability (net) 987 3,325 -70%Provision for Taxation — (1) —Profi t for the Current Year 461 305 51%
Add: Loss Brought Forward from Last Year (1,723) (2,028) -15%Less: Dividend and distribution tax 114 — —Total Loss as on date (1,376) (1,723) -20%
We are pleased to share that we achieved total premium revenue of ` 5,885 crore registering a growth of 4% in the context of subdued growth in the industry. The Company recorded strong performance in FY12 across a range of key fi nancial parameters:
• The Company garnered weighted new business premium of ̀ 1,851 crore on the back of strong sales of group business. We consolidated our position at no. 5 for overall new business in FY12, among the private players of the industry, compared to no. 6 position last year.
• Renewal premium at ` 3,959 crore saw a growth of 10%. With 13-month persistency at 82%, BSLI has one of the best persistency ratios amongst private insurers.
• The Company registered strong growth in Net Profi t at ` 461 crore against ` 305 crore in previous year. The increase in profi t was primarily attributed to strong in-force book, change in product structures and expense effi ciencies.
• Overall Commission ratio saw a decline to 5.5% in the current year from 6.9% in the previous year due to increase in contribution from renewal premium component and reduction in weighted new business commission rate.
• Opex to total premium ratio reduced marginally in FY12 to 20.7% against 21.2% for FY11 as BSLI augmented its distribution capacities by adding new branches & front-line staff.
• Strong solvency margin at 2.99 against the regulatory requirement of 1.5 indicating the stable fi nancial position.
• Given the robust fi nancial performance, there has been no capital infusion for the past 2 years.
• Considering the Company’s profi tability, cash fl ow and capital position, an interim dividend was paid out for the fi rst time at 5% of share capital amounting to ` 98.5 crore (excl. Dividend Distribution Tax) in Q4 FY12.
Directors’ Reportfor the year ended 31st March, 2012
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We believe the Company is well-positioned to grow profi tably and gain market share by leveraging its strong brand, innovative products, talented team and distribution reach.
2. BUSINESS REVIEW
Industry Scenario
Following the various regulatory developments, the life insurance premium continued to experience a fall in new business premium during FY12. Private players have seen a decline in their market share in individual life business from 57% for FY09 to 37% in FY12. The new business premium fi gures for FY12, segregated into H1 and H2 for understanding the traction witnessed in the second half, are summarised below:
Particulars
NB Premium (INR crores) Growth Rates (YoY)
H1FY12
(Apr-Sep’11)
H2FY12
(Oct’11-Mar’12)
H1FY12
(Apr-Sep’11)
H2FY12
(Oct’11-Mar’12)
Total
Pvt. Players 8,742 14,941 -36% -1%LIC 18,204 25,882 -12% 28%
Total 26,946 40,824 -22% 15%
Individual
Pvt. Players 6,872 10,650 -43% -3%LIC 10,383 20,037 -12% 29%
Total 17,255 30,687 -28% 16%
Over the last 18-24 months, the regulations have not only impacted new business sales but also the distribution mix, products & operating model across the industry. As a result, the key notable trends for the private players (Top 7 players) have been:
• FY12 saw insurers proactively transitioning to a more balanced product mix & reviewing their distribution strategies.
• Increase in demand for traditional products with industry’s contribution to traditional product mix well at around 80% for FY12.
• The industry today which comprises of 23 players currently saw a decline in its distribution capacities with the total number of agents declining from 30 Lakhs as on Mar’10 to 23 Lakhs in Dec’11, while the total no. of branches declined from 12,018 as on Mar’10 to 11,546 in Mar’ 12.
• There was a visible shift in distribution mix for the private players with higher contribution from Bancassurance channel to New Business sales.
Summary of Operations and Business
• The total gross premium amounted to ` 5,885 crore driven by strong renewal premiums. Renewal premium at ` 3,959 crore saw a growth of 10%. With 13-month persistency at 82%, BSLI has one of the best persistency ratios amongst private insurers.
• The company garnered weighted new business premium of ` 1,851 crore with a growth of (9%) against the industry growth of (17%). We improved our rank by one place over previous year both in individual new business (no. 6) and total new business (no. 5). Post the regulatory changes in Sep’10, we have changed our focus from selling largely unit-linked products to a balanced mix of unit-linked and traditional products with higher focus on higher sum assured, long-term tenure and offering basic guarantees.
• BSLI continues to follow a successful multi-channel distribution strategy with over 600 branches, 5 bank partners and around 200 third party distributors.
• Agency channel continues to be the Company’s largest distribution channel contributing to 64% of the individual life business and registered new business premium of ` 973 crore. The Company gradually augmented its distribution capacities in terms of new branches and Front Line Staff (FLS) during the year. We estimate that we are ranked amongst the top 3 private life insurers in terms of new business revenue from agency channel and have consistently been amongst the top quartile in terms of agents/FLS productivity. Going forward, the Company will continue to create capacities that are sustainable in the long-run and will continuously evaluate options to variabilise its cost structure in the agency channel.
• The year under review saw our Bancassurance channel delivering an Annualised Premium Equivalent (APE) in excess of ` 200 crore. With a strong existing bancassurance model to leverage, we are confi dent that we will be making further in-roads in this channel in the years to come. We are keen to tie-up with a large retail bank partner which will help us achieve high effi ciencies and will lead an optimal channel mix in future. Over the past 12 months, the Company has built considerable momentum in this area. Further, the proposed regulatory guidelines on bancassurance are expected to provide opportunities to the Company for additional tie-ups.
• Over the past few years, a strong franchise network has been created in the Corporate Agent and Broker (CAB) segment. This business, which currently contributes to 15% of new business sales, saw an APE of ` 209 crore in FY12. Our new CAB partners have contributed signifi cantly to new business in FY12 due to addition of new capacities and we are continuously on the look-out for new CAB partners. The endeavor going forward will be to cement our relationships with top 5-10 distributors.
• The year also saw Group Business contributing fi rst year premium of ` 676 crore. Our performance was strongly driven by improvements in product lines and focus on increasing our penetration which helped us achieve 2nd rank amongst private insurers as on March 31, 2012. The new segmentation and organisation structure yielded strong and positive results, and we achieved a growth of 55% in new business.
Directors’ Reportfor the year ended 31st March, 2012
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• In the last 18 months, the Company fi led several new products with the Regulator to focus on under-penetrated segments and to broad-base its product mix. During FY13, keeping in mind the challenges of slow product approvals,
� The Company’s priority will be to build a full suite of traditional products by launching straight forward, need-based products aimed at providing consumers simple solutions.
� Additionally, we will look at expanding our Unit-linked product (ULIP) portfolio and tap new customer segments around pension, health, group business, etc.
� The Company will continue to pursue its balanced product mix strategy of ULIP and Non ULIP to cater to various customer segments and keeping in mind interests of all stakeholders i.e. customers, distributors and shareholders.
• Assets under Management (AUM) grew from ` 19,760 crore in FY11 to ` 21,100 crore in FY12. For all its unit-linked funds, the Company delivered superior fund performance across the board, consistently beating its benchmark targets. 100% of the funds outperformed their respective (internal) benchmark over long-term (across 3-5 yrs.)
• The Company has been meeting its target for rural and social sectors since inception. As in the previous years, the Company complied with both rural and social obligations as mandated by the IRDA and wrote 256,226 policies in FY12. In addition to this, the group insurance cover under social obligations was written for 63,357 lives.
• The Company undertook several measures to further improve the health metrics for the business. Maintaining a high level of persistency is important to our fi nancial results, as a large block of in-force policies provides us with regular revenues in the form of renewal premiums. As per IRDA disclosures, the Company is among the top 3 companies (across top 7 players) in terms of 13 month persistency. The Company has further intensifi ed its efforts in this area in the current fi scal with increasing customer engagement through various touch-points, institutionalising welcome calls, promoting need-based selling, and launching revival campaigns. These initiatives yielded good results with the Company maintaining its 13-month persistency at 82%.
• The Company continues to leverage technology and improve customer centricity for achieving its business goals and creating a robust customer service platform to differentiate on customer service. The Company has laid the foundation for creating digital footprint by improving customer self-service and creating enablers for our distributors. The Company developed an online customer enrollment application and enabled more self-servicing options. To improve distributors’ performance, the Company leveraged technology to provide on-demand tracking of information related to sales activity and performance.
• Proactive measures have been undertaken to strengthen compliance and risk management function given the Company’s focus to maintain robust internal controls, mitigate risks and improve sales and in spirit and thereby maintain the reputation of being one of most compliant insurance company in an environment of increasing regulatory oversight.
• Our investment in branding yielded good results with the consideration scores (i.e. likelihood of prospective customers to purchase a policy) showing improvements. Going forward strength of BSLI brand is expected to become more important and we continue to strengthen our brand performance through an optimal mix of above-the-line and below-the-line activities.
Outlook for the Industry and Company
Since the introduction of signifi cant regulatory changes about 18 months back, there has been a perceptible slowdown in the industry. However, this has given an opportunity to existing insurance players to review their operating models to drive higher effi ciencies and focus on more balanced growth objectives.
The Company continues to be optimistic on the future potential of the life insurance sector over the medium to long-term. India has several structural advantages in terms of favourable demographics and high rate of fi nancial savings. Greater certainty of regulation, improving macro-economic environment, increasing product offerings and evolving distribution channels would further enhance growth and profi tability.
The Company has identifi ed the following key areas to strengthen its competitive and fi nancial position in the coming years:
• Focus on increasing value proposition in products for customers and focusing on balanced product mix between ULIP and non-ULIP products with a view to targeting all customer segments.
• Driving distribution effi ciencies in Agency channel and focusing on maintaining an equitable channel mix by leveraging bancassurance channel.
• Focus on improving quality of business.
• Focus on increasing customer retention and increasing customer life time value.
• Focus on leveraging technology further for increasing customer empowerment, enhancing customer experience and supporting distributors.
3. RESERVES
During the year, the Company has generated a profi t after tax of ̀ 461 crore, which has resulted in accumulated losses reducing by the same amount.
4. DIVIDEND
During the year under review, the Company of Directors declared an interim dividend for the fi rst time since Company’s inception @ 5% (` 0.50 per equity share of ` 10 each) of the paid-up share capital of the Company.
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5. CLAIMS
BSLI Claims Mission for its Policyholders:
To provide hassle-free, seamless and speedy claim settlement services to our Customers and ensure prompt payment of valid
claims.
For FY12, BSLI has once again achieved a unique distinction of 0% outstanding Claims Ratio i.e. 100% of all claims intimated to BSLI stands processed for fourth consecutive year – the best in the industry.
In the recently published IRDA Annual Report for 2010-11, BSLI has once again emerged as one of the best insurance companies in claim processing as can be noted from below.
Key Claims Parameters – Individual Life BSLI’s
Performance
Avg. Private
Industry -
Performance
Death Claims decided 99.65% 95.00%*Outstanding Claims *0.35% 5.01%Claims Payment ratio 94.66% 86.05%Overall Claims Repudiation ratio 4.99% 8.90%% of Claims settled within 30 days of Claim Intimation 97.60% 72.90%
Customer focus, as exemplifi ed by this claims performance, reinforces the faith reposed by our Customers and partners in us. When it comes to moments of truth like Claims, BSLI more than lives up to its promise of being the preferred life insurer that delivers swift and hassle free claim settlement services and ensures prompt payment of all legitimate claims.
The claims department has also proactively provided speedy claim settlement service in case of national tragedies and these claims have been settled on the very same day of intimation.
To further strengthen its customer-centric claims process, BSLI has set-up a centralised ‘Claims Assistance Cell’ that enables faster turnaround on claims, reduces turnaround times (TATs) and enables 100% claims processing achievement.
6. SHARE CAPITAL
The Authorised Share Capital of the Company is ` 3,750 crore. The Issued, Subscribed and Paid up Capital of the Company was ` 1,970 crore as on March 31, 2012. There was no requirement of fresh capital infusion during the year under review.
7. CORPORATE GOVERNANCE
Your Directors reaffi rm their commitment to the corporate governance standards to the extend they are applicable to the Company. A detailed Corporate Governance Report is annexed to and forms an integral part of this Annual Report.
8. SUBSIDIARIES
Your Company does not have any subsidiary.
9. PUBLIC DEPOSITS
During FY12 the Company has not accepted or renewed any deposit as covered under Section 58A of the Act read with the Companies (Acceptance of Deposit) Rules, 1975, as amended, from the public during the year under review.
10. PARTICULARS AS PER SECTION 217 OF THE COMPANIES ACT, 1956
Energy, Technology Absorption and Foreign Exchange Earnings and Outgo
The information relating to the conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo required under section 217(1)(e) of the Companies Act, 1956 (“the Act”), is set out in a separate statement attached to this report as Annexure to this Report.
Details of Employees
In pursuance of the Company’s aspirations to maintain its position as the most preferred employer in the insurance industry, the Company continued to invest in creating a pool of talent for the growing business needs. The Company’s total workforce stood at 12,867 as at March 31, 2012 against 11,152 in the previous year. Several initiatives around talent management, training and long-term incentive plan for senior management were implemented.
In accordance with the provisions of Section 217(2A) read with Companies (Particulars of Employees) Rules, 1975, as amended, the names and relevant particulars of employees are set out as an Annexure to the Directors’ Report.
11. DIRECTORS
As on March 31, 2012, your Board of Directors comprises of eleven Directors including three Independent Directors.
In accordance with the provisions of Section 255 and 256 of the Companies Act, 1956, Mr. Gian P. Gupta, Mr. Venkatesh S. Mysore and Dr. Rakesh Jain, Directors, retire by rotation at the ensuing Annual General Meeting (AGM) of the Company, and being eligible, offer themselves for re-appointment.
Besides the above, there is no change in the directorship of the Company during the FY12.
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The Company has received requisite disclosures and undertakings from all the Directors in compliance with the provisions of the Companies Act, 1956 and the Insurance Act, 1938.
A detailed profi le of the directors seeking re-appointment/co-option at the ensuing Annual General Meeting of the Company is given in the Corporate Governance Report, forming a part of this Annual Report.
12. DIRECTORS’ RESPONSIBILITY STATEMENT
The Directors would like to assure the members that the Financial Statements, for the year under review, conform in their entirety to the requirements of the Companies Act, 1956 and the regulations of IRDA.
The Directors further confi rm that, to the best of their knowledge and belief:
• the annual accounts have been prepared in accordance with applicable accounting standards, and there have been no material departures from the same;
• they have selected accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company, as at the end of the fi nancial year March 31, 2012 and of the profi t of the Company for the said period ending March 31, 2012;
• they have taken proper and suffi cient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and
• they have prepared the accounts of the Company on a going concern basis, and other accounting policies are stated in the notes to the Accounts, which form an integral part of the annual accounts.
• proper systems are in place to ensure compliance of all laws applicable to the Company.
• all related party transactions are disclosed in Annexure 2 to Schedule 16 in terms of Accounting Standard 18.
13. AUDITORS AND AUDITORS’ REPORT
Statutory Auditors
As per the Circular no. 36/7/F&A/EMPL/74/July/05 dated 25th July, 2005 of the Insurance Regulatory Development Authority, every insurance company is required to have two statutory auditors for a joint audit.
The Joint Statutory Auditors M/s. Fraser & Ross (Registration No 000829S) and M/s. S. R. Batliboi & Associates (Registration No. 101049W), appointed at 11th AGM, hold offi ce upto the ensuing 12th AGM of the Company. The Board proposes to re-appoint M/s. Fraser & Ross and M/s. S. R. Batliboi & Associates as the Joint Statutory Auditor (being eligible for re-appointment) on recommendation of the Audit Committee of the Company.
The Company has received certifi cates from the proposed auditors confi rming their eligibility and willingness for their appointment/re-appointment pursuant to Section 224(1B) of the Companies Act, 1956 and as per the requirement stipulated by IRDA. The auditors have further certifi ed that they have subjected themselves for the peer review process of the Institute of Chartered Accountants of India (ICAI) and they hold a valid certifi cate issued by the “Peer Review Board” of ICAI.
The observations, if any, made by the Statutory Auditors of the Company in their report read with relevant notes to the Accounts are self-explanatory and, therefore do not call for any further comments.
Internal Audit Framework
The Company has in place a robust internal audit framework developed with a risk based audit approach that is commensurate with the nature of the business and the size of its operations. The internal audit plan covers process audits at head offi ce and across various branches of the Company. The audits are carried out by independent fi rms of Chartered Accountants, in-house internal audit team and by audit team of the two promoters.
Internal auditing, at BSLI, involves the utilisation of a systematic methodology for analysing business processes or organisational problems and recommending solutions. The audit approach verifi es compliance with the regulatory, operational and system related procedures and controls. Key audit observations and recommendations made by the Auditors are reported to the Audit Committee of the Company and the implementation of these recommendations are actively monitored by the internal audit team and periodically reported to the Audit Committee. The audit observations are used as a key input in the risk management process and all the key risks of the Company are mapped to the audit processes to ensure risk- based audit approach.
Internal Audit Process followed by the Company is as follows:
• Establish and communicate the scope and objectives for the audit to appropriate management.
• Develop an understanding of the business area under review. This involves review of documents and interviews.
• Identify control procedures used to ensure each key transaction type is properly controlled and monitored.
• Develop and execute a risk-based sampling and testing approach to determine whether the most important controls are operating as intended.
• Report problems identifi ed and negotiate action plans with management to address the problems.
• Follow-up on reported fi ndings at appropriate intervals. Internal audit departments maintain a follow-up database for this purpose.
Ongoing monitoring is performed as an integral part of the day to day supervision, review and measurement of internal audit activity.
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14. RISK MANAGEMENT FRAMEWORK
The Company has an Enterprise Risk Management (ERM) framework covering procedures to identify, assess and mitigate the key business risks. A detailed ERM report is annexed to and forms an integral part of this Annual Report.
15. CUSTOMER GRIEVANCE REDRESSAL
The Grievance Redressal Guidelines issued by IRDA has established uniformity in the insurance industry in terms of defi nitions, timeframes for complaint resolution and classifi cations of complaints. In accordance with the Grievance Redressal Guidelines, BSLI’s Grievance Redressal Policy has been approved by the Board and fi led with the IRDA. Grievance Offi cers have been appointed at each branch and at HO of the Company.
We have in place a Policyholders’ Grievances Redressal Committee (PGRC) which is chaired by an independent Chairman Mr. N N Jambusaria (ex Chairman, LIC). PGRC meets at least once a month and decides on various requests/complaints from policyholders’ which need to be treated with exceptions. Representatives of the concerned sales channels along with customer services team are invited to the meetings. The decisions of PGRC are implemented before its subsequent meeting.
In accordance with IRDA’s Corporate Governance Guidelines, BSLI has formed a committee called the Policyholders’ Protection Committee which is again chaired by Mr. Jambusaria. This Committee looks into the broad aspects of protection of policyholders’ interests, ensuring adequacy of and adherence to the Company’s Grievance Redressal framework as well as ensuring adequate and correct disclosures to customers.
Additionally, initiatives to spread awareness among employees/sales force as well as customers have been undertaken through e-modules/functional trainings and through the BSLI website respectively.
BSLI has implemented the ‘Integrated Grievance Redressal Management System’ (IGMS) in accordance and furtherance to the Grievance Redressal Guidelines which came into effect in FY12 by the IRDA.
IGMS is a portal launched by IRDA which primarily plays a role of seamless exchange of Grievances received by BSLI into IGMS and vice versa. IGMS was implemented in two phases. Phase I being exchange of data via a ‘Batch upload’. BSLI launched its 1st Phase in June’11.
BSLI has launched its Phase II i.e. ‘Real Time upload’ in Nov’11. Grievances received by BSLI are now exchanged with IGMS online and a reverse feed is also gets downloaded for complaints registered by customers on IGMS for BSLI.
To create customer awareness on the Grievance Redressal Mechanism; we have placed pamphlets at every front-offi ce/customer walk-in area with all our BSLI branches; indicating the Guideline and the Escalation Matrix which the customer can adopt incase if he/she is not satisfi ed with the resolution provided.
16. AWARDS/RECOGNITIONS
In addition to recognitions that Company’s claims department has received, BSLI has also won the following awards during FY12:
Company Awards:
• Prestigious “Gold Trophy” in Excellence in Financial reporting from “The Institute of Chartered Accountants of India (ICAI)” for the Financial year 2011 after 2 silver Trophies in the previous years.
• 2nd runners up at “Best Presented Accounts & Corporate Governance Disclosures Awards 2011” from South Asian Federation of Accountants (SAFA) in the Insurance sector.
• Golden Peacock Award for Excellence in Corporate Governance for the year 2010-11.
Marketing Awards
• Go Green Campaign by BSLI – Contactibility and building subscription for e-statement was also chosen for Webby Nomination 2011- The Webby Awards is the leading international award honouring excellence on the Internet. Established in 1996 during the Web’s infancy, the Webbys are presented by The International Academy of Digital Arts and Sciences.
• The Internet Advertising Competition (IAC) Awards 2011 produced by the Web Marketing Association, USA to honoured excellence in online advertising to Child Solutions Campaign – NOT JOB BUT PASSION.
• Goafest Creative & Media Abby Awards 2011 awarded.
In Creative
• Silver in the ‘Direct Marketing - Flat Mail’ category for Birla Sun Life Insurance - Flip Book Flat Mailer.
In Media
• Silver in the ‘Best Use Of Never Before Media’ category for Birla Sun Life Insurance - We Cover Everything (during Ganesh festival).
• Bronze in the ‘Best Use Of Outdoor & Ambient Media’ category for Birla Sun Life Insurance - We Cover Everything (during Ganesh festival).
• Internet Advertising Competition Awards 2011 (The Internet Advertising Competition (IAC)) Awards has awarded for Birla Sun Life Insurance – Not Jobs But Passion campaign as a “Best Insurance Integrated ad campaign”.
• BBC.com-Campaign India Digital Media Awards 2011 honored BSLI with a Gold in the “fi nancial services website” category for Birla Sun Life Insurance – Not Jobs But Passion microsite.
• Internet Advertising Competition Awards 2011 (The Internet Advertising Competition (IAC) Awards has awarded for Birla Sun Life Insurance - NotJobsButPassion campaign as a “Best Insurance Integrated ad campaign”.
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• Advertising Agencies Association of India & Advertising Club Bombay awarded a bronze under Media Abby Awards at Goa Fest 2011 as – Best Never Before use of Media.
• Advertising Agencies Association of India & Advertising Club Bombay awarded a Gold under Creative Abby Awards at Goa Fest 2011 as – Direct marketing Dimensional Mail.
• Advertising Agencies Association of India & Advertising Club Bombay awarded a Silver under Creative Abby Awards at Goa Fest 2011 as – Direct marketing Flat Mail.
• Advertising Agencies Association of India & Advertising Club Bombay awarded a Silver under Best use of Outdoor & Ambient media Awards at Goa Fest 2011 as – Direct marketing Flat Mail.
• BBC.com-Campaign India Digital Media Awards 2011 honored BSLI with a Gold in the “fi nancial services website” category for Birla Sun Life Insurance – Not Jobs But Passion microsite.
17. OTHER STATUTORY INFORMATION
IRDA License
The Insurance Regulatory and Development Authority has renewed the Certifi cate of Registration of the Company to sell life insurance products in India for the Financial Year 2012-13 vide its Certifi cate of Renewal of Registration dated March 16, 2012. The renewed registration is with effect from April 01, 2012 and is valid upto March 31, 2013.
Statutory Disclosure of Particulars
Particulars in the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, as applicable, are given in the Annexure forming part of this Report.
Management Report
Pursuant to the provisions of Regulation 3 of the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditors’ Report of Insurance Companies) Regulations, 2000, the Management Report forms a part of this Annual Report.
Appointed Actuary’s Certifi cate
The certifi cate of the Appointed Actuary is attached to the Financial Statements.
Certifi cate from Compliance Offi cer (under the IRDA Corporate Governance Guidelines)
In compliance with “Guidelines on Corporate Governance for the Insurance Sector” (CG Guidelines) issued by IRDA, a Compliance Certifi cate issued by the Company Secretary, designated as the Compliance Offi cer under CG Guidelines, is attached to and forms part of the Corporate Governance Report.
Solvency Margin
The Directors are pleased to report that the assets of the Company are higher than the liabilities of the Company and the assets are more than suffi cient to meet the minimum solvency margin level of 1.50 times, as specifi ed in Section 64VA of the Insurance Act, 1938 read with the IRDA (Assets, Liabilities, and Solvency Margin of Insurers) Regulations, 2000.
18. ACKNOWLEDGEMENTS
Your Board places on record its heartfelt appreciation to the dedicated efforts put in by the employees at all levels. The results of the year in a tough environment are testimony to their hard work and commitment.
Your Board takes this opportunity to express sincere thanks to its valued customers for their continued patronage.
Your Board also acknowledges the contribution of insurance advisors, banks, corporate brokers/agents and intermediaries, training institutes, bankers and business and technology partners, the Registrars, National Securities Depository Limited/Central Depository Securities Limited, reinsurers, underwriters, who have always supported and helped the Company achieve its objectives.
Your Board would like to thank the Aditya Birla Group and Sun Life Financial, Inc., for their constant support, guidance and co-operation.
Your Board would also like to express its gratitude for the valuable advice, guidance, and support received from time to time from the Insurance Regulatory and Development Authority, the Reserve Bank of India, the Auditors and the other statutory authorities and look forward to their continued support in future.
Directors’ Reportfor the year ended 31st March, 2012
By order of the Board of Directorsfor Birla Sun Life Insurance Company Limited
Kumar Mangalam Birla
Mumbai, 28th April, 2012 Chairman
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Annual Report 2011-12
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Directors’ Reportfor the year ended 31st March, 2012
ANNEXURE TO THE DIRECTORS’ REPORT
Particulars pursuant to the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, are furnished hereunder:
A. CONSERVATION OF ENERGY : Not Applicable
B. TECHNOLOGY ABSORPTION, RESEARCH & DEVELOPMENT
(R&D)
1. Specifi c areas in which R&D is carried out by the Company 1. Mobile Application for Sales Staff
2. E-App – Tablet device for on-fi eld realtime underwriting decision
2. Benefi ts derived as a result of the above R&D 1. Mobile Application for Sales Staff
• Improve the speed of info dissemination to mobile Sales Force
• Ability to track Sales & Training activities of Sales Force
• Reduction in cost of providing info due to reduced load on branches
2. E-App
• Straight-through processing
• Instantaneous availability of UW decision at TPD channel partners’ end
Cost-optimisation & better control, TAT improvement
• Customer delight, Business differentiator
3. Future Plan of action 1. Mobile Application rollout for DSF
2. E-App project to cater to Lead Management, Needs Analysis, App Form, Tele-underwriting and Issuance
4. Expenditure on R&D
a. Capital Approximately ` 20 Mn
b. Recurring —
c. Total Approximately ` 20 Mn
d. Total R&D expenditure as a percentage of total turnover Approximately 0.03
Technology absorption, adaption and innovation
1. Efforts, in brief, towards technology absorption, adaption and innovation
Major initiatives completed:
– New Advisor Portal
– I-Champ (Online Illustration generation)
– Velocity – real time policy tracking
– Group Business CRM
– Group Ops CRM
– E-Learning Implementation
– I-Proc Capex Module
– Service Request automation (Switch & Contact Details from website to Ingenium)
– SMS Alerts (PULL & PUSH)
– Online Voluntary Enrolment
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2. Benefi ts derived as a result of the above efforts (eg. Product improvement, cost reduction, product development, import substitution, etc.)
Benefi ts derived from major initiatives:
– Self-service for advisors; Integration with Illustration System; Single Window for complete Advisor Servicing
– Superior and more targeted business delivery with launch of new features like Alternate Scenario and Tax comparison
– Real time tracking of proposal
– Activity & Lead Management System for Group Business including Profi ling. Increase in productivity.
– Close monitoring of – client facing requests in terms of TATs & accuracy, and productivity & capacity utilization of Ops team
– Create greater effi ciency through IT enabled learning
– More robust system with better controls; alignment with best practices
– Improved STP & TAT, and Cost saved
– Instant information availability
– Better sales pitch; Enable scalability, and reduce dependency on locations and resources
3. Particulars of imported technology in the last fi ve years (reckoned from beginning of the fi nancial year)
a. Technology imported 1. ASPECT (Call Center upgrade)
b. Year of import 2011
c. Has technology been fully absorbed Yes
d. If not fully absorbed, areas where this has not taken place, reasons, therefor and future plans of action
NA
C. FOREIGN EXCHANGE EARNINGS AND OUTGO
1. Earnings : As per the prevailing regulations, the Company is not permitted to do any business outside India and hence there is no foreign exchange infl ow during the year.
2. Outgo : The foreign exchange outgo, during the year, has been Rs. 7.41 Mn (previous year Rs. 464 Mn).
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INDIAN ECONOMY & LIFE INSURANCE INDUSTRY OVER THE DECADE
The Indian economy has witnessed robust growth over the last decade on the back of attractive demographics, increasing income levels and rising household savings. The strong economic growth coincided with a rapid growth in the life insurance sector since the opening up of the sector in 2000. In terms of pure numbers, the last decade has witnessed a growth of over 25% in the Indian life insurance space. While India’s favourable demographics and robust economic growth have helped enhance market penetration, growth has also been driven by innovations in product offerings and distribution by insurance companies. All these factors helped the Indian life insurance industry achieve the position of the 9th largest life insurance market in the world and amongst the top 5 in Asia.
A snapshot of the Indian Economy and Life Insurance Penetration to clearly bring out the contrast in terms of change in size and performance witnessed over the decade has been provided in the table below:
Table 1: India’s Economy and Life Insurance Penetration: FY00 vis-à-vis FY11
Particulars Units FY00 FY11
Indian Demographics & Economy
Population Bn 1.00 1.2GDP (USD Tn) ~ 0.45 1.7GDP Growth (%) 6.0% 8.5%Household Savings as % of GDP % of GDP 17% 24%Indian Life Insurance
Total Premium (USD Bn) 6.2 58Insurance Premium per capita USD 6.1 56Life Insurance penetration (Prem/GDP %) 1.39% 4.4%Global Rank No. 20 9
Source: Reserve Bank of India, IRDA (Website), Sigma Swiss Re Report, 2011, CIA World Fact Book, ICAI Website1 USD = 50 INR
In our last year’s analysis, we had mentioned two distinct phases that we believe have characterised the evolution of the life insurance industry in to its current state. Both competitive as well as regulatory environments have played a key role in deciding the pace of evolution of the Indian life insurance industry over the last one decade. The two distinct phases can be demarcated in to:
1) Transition phase (FY10 onwards): characterised by an uncertain economic and regulatory environment and;
2) Build-up phase (FY01-09): marked by a highly competitive environment
As we navigated into FY12, the transition phase continued to impact new business performance which had been triggered by new unit-linked guidelines implemented in FY11. Private players continued to transition to a more balanced product and distribution mix while continuing their thrust to achieve greater operational effi ciencies. Additionally, slow product approvals, weak equity markets, high interest rate regime and several other trends also impacted the life insurance industry growth.
Table 2: Distinct phases in evolution of life Insurance Industry
Particulars Phase 1: Build-up phase FY01-09 Phase 2: Transition phase (FY10 onwards)
Key Characteristics Characterised by a highly competitive environment characterised by uncertain regulatory environmentTotal premium growth % CAGR - 25% CAGR - 10% New business growth % CAGR - 20% CAGR - (9%) Key Trends • Focus on long-term wealth products and product
innovation
• Large scale expansion
• Robust multi-channel distribution network
• Focusing on providing an increasing value proposition to customers
• Focusing on improving the productivity levels of its distribution network
• Improving profi tability by focusing on customer retention, cost management enhancing operational effi ciencies.
Life Insurance total premium has grown at 3.0 to 3.5X of Real GDP growth rate between FY01-09, while between FY10-12, it has grown at 1- 1.2X.
LIFE INSURANCE INDUSTRY STRUCTURE, PERFORMANCE & TREND
Industry Structure and Competitive Position Overview
• The liberalisation of the Indian insurance sector that started in 1999 ushered in the entry of private players and a period of accelerating growth. Currently, the industry has 23 players which have led to a wide distribution network extending to over 11,546 branches and over 2.4 Mn advisors in addition to bancassurance and other third party distribution channel.
• With regards to the market structure, LIC gained market share in the past 2 years. The top 7 players’ concentration of the total market share however has declined signifi cantly in FY12 from 31% to 25% basis total weighted new business premium. This clearly indicates that private
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players, particularly the top 7 players, have been impacted more by the Sep’10 unit-linked regulatory changes. Given their distribution and brand strength, these top 7 players will, however, be in a better position to gain higher mind share with their transition into a more balanced product mix and review of distribution strategies.
7%
56%
37%
9%
52%
39%
10%
53%
37%
10%
59%
31%
10%
65%
25%
FY08 FY09
Top 7 Players LIC Other Players
FY10 FY11 FY12
Figure 1: Concentration of LIC, Top Seven Players and others in terms of Total Weighted NBP
Source: IRDA new business data
ICICI Pru8.5%
SBI Life5.4%
HDFC Life4.9%
BajajAllianiz3.6%
RelianceLife
3.3%
Birla Sun Life
2.7%
MNYL2.7%
Other Players
10%
Top 7 Players24.9%
LIC65.1%
At the end of the year under review, BSLI’s market share stood at 2.7% (7.8% among private players, last year: 7%). We have strengthened our position as a top rung player in the private sector and improved our rank by one place over the previous year both in Individual Business (no. 6) and total new business (no. 5). BSLI has adopted the strategy of balanced growth for the past two years and has undertaken various initiatives around creating a multi-distribution platform, moving to a balanced product mix and improving effi ciencies of existing channels. These initiatives will go a long way in increasing its market competitiveness.
Industry Performance for FY12
Following the various regulatory developments, the life insurance premium continued to experience a fall in new business premium during FY12. Growth has been impacted primarily with insurers implementing new business strategies in light of new regulations. Additionally, regulatory uncertainty around new product launches, weak equity market, high interest rates were some of the other variables that impacted new business performance. New business over last year was also impacted due to unavailability of pension segment given the current ambiguity in the pension regulations. In the past 2 years, pension contributed roughly around 15-20% of the new business revenue for the industry.
Management Discussion and Analysisfor the year ended 31st March, 2012
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The New Business Premium fi gures for FY12, segregated into H1 and H2 for understanding the traction witnessed in the second half are summarised below:
Table 3: New Business (@10% SP) Premium for Private Players FY2012 – H1 & H2
Particulars NB Premium (INR Crores) Growth Rates (YoY)
H1 FY12
(Apr-Sep’11)
H2FY12
(Oct’11-Mar’12)
H1FY12
(Apr-Sep’11)
H2FY12
(Oct’11-Mar’12)
Total 8,742 14,941 -36% -1%Individual 6,872 10,650 -43% -3%
Private players have seen a decline in their growth rate in the fi rst half of the year under review with de-growth of 36%. The second half of the fi nancial year was relatively favourable in terms of new business growth with de-growth of 3%. Q4 FY12 was better as private sector growth turned positive with a marginal Y-o-Y growth of 2% against a growth of -9% in Q3 of FY12. Group business performance was relatively less impacted and showed positive growth of 9% Y-o-Y.
Industry Trend
While the new business sales performance was impacted across the industry, there have been several trends that are discernible over the last 12 months. This included the evolving product mix, changing channel dynamics, and increasing focus on effi ciencies in distribution as well as back offi ce operations.
Movement to a balanced product mix across the industry
For the past 18 months since the Sep’10 ULIP guidelines, the industry has proactively transitioned to a more balanced product mix. The movement to a balanced product mix was also infl uenced by the need to creating a better value proposition for customers in the current market conditions and with an eye on profi tability and expense effi ciencies.
While the traditional products contributed to approximately 80% of new business for the industry as a whole, its share was much smaller in comparison for the private sector. Going forward, insurers are likely to see more focus on product innovation as insurers provide products and services that serve customers changing needs.
FY11 FY12
Source: IRDA new Business Data
Single PremiumRegular Premium
72% 80%
28% 20%
FY11 FY12
Source: IRDA Journal
17%
43%
83%
57%
TraditionalULIP
Figure 3: Focus on Traditional Mix (Industry) @ 10% SP
Figure 2: Reducing Focus on Single Premium (Private Players)
Review of Distribution mix across Private Players
The industry today saw a decline in its distribution capacities with the total number of agents declining from 3.0 Mn as on Mar’10 to 2.4 Mn as on March’12. The total number of branches declined from 12,018 in Mar’10 to 11,546 as on March’12. There was a visible shift in distribution mix for the private players with higher contribution from Bancassurance channel to new business sales.
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FY11 FY12 FY11 FY12
Figure 4: Channel Mix for Top 7 Private Players @ 100% SP
Figure 5: Channel Mix for Industry @ 100% SP
Source: Public disclosures/Company data/Internal estimates
DM/Referrals
32% 36%
49% 47%
79% 79%
2%5%
13%
CAB/Brokers Banca Agency
2%5%
15%
There has been an increasing shift towards Bancasurrance channel as an after-effect of the unit-linked regulations. Companies are increasingly exploring the potential of new channels i.e. online sales, direct marketing channels to tap new customer segments by designing suitable products. With the number of internet users in India is estimated to increase by three to four times over the next fi ve years, there exists signifi cant potential for digital channel.
Focus on creating operational effi ciencies and leveraging technology
The focus on technology development is evolving rapidly, creating several opportunities for insurers to create effi ciencies in their businesses. Several Insurance players have started focusing on improving business processes by leveraging technology to create higher value for customers and also create cost effi ciencies. The industry is looking at adopting new technology and creating operating excellence for insurers in empowering the distributors, improving customer service experience and delivering better propositions.
Technology can play an instrumental role in revamping existing business models. In particular, Technology is being leveraged for improving customer experience and empowering the customers, providing business support to distributors, in addition to transforming back-offi ce operations including e-issuance.
Increasing contribution from renewal premium and focus on customer retention
The focus on customer retention continues to occupy a large mind-share for the industry players. Renewal premium contribution increased for the industry to 60% in 9M FY12 from 53% in the same period during the previous year. Industry has clearly increased its focusing on various initiatives to improve customer retention such as creating customer awareness, increased focus on premium collection as well as cross-selling initiatives to
improve customer retention.
The insurers are looking at further strengthening their selling practices and have taken several initiatives around increasing customer engagement, creation of a multi-channel customer reach and implementation of initiatives to improve the customer experience. Top private players are focusing on customer farming to improve new business revenue and improve customer loyalty and retention.
Management Discussion and Analysisfor the year ended 31st March, 2012
YTD Dec’10 YTD Dec’11
Figure 6: Increasing share of Renewal Premium for the Industry
Source: Life Insurance Council
47% 40%
53% 60%
New Business PremiumRenewal Premium
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REGULATORY & STATUTORY CHANGES IMPACTING INDUSTRY
• Guidelines on Distance Marketing of Insurance Products (April 2011): The IRDA issued guidelines on distance marketing of insurance products to protect policyholders interest and to regulate, promote and ensure orderly growth of the insurance industry. These guidelines cover distance marketing activities of insurers/brokers and corporate agents (with specifi c insurer approval) at all stages including offer, negotiation and conclusion of sale as well.
• Guidelines on Insurance Repositories and Electronic Issuance of Insurance Policies (April 2011): The IRDA issued these guidelines with an objective of providing policyholders with a facility to keep their insurance policies in electronic form and to undertake any modifi cation/revision in the policy with speed, effi ciency and accuracy along with increased transparency, cost reduction in the issuance and maintenance of insurance policies.
• Clarifi cation on Guidelines on Outsourcing of Activities by Insurance Companies (May 2011): The IRDA issued clarifi cations to the guidelines on outsourcing of activities by insurance company to clarify that entities permitted by RBI to facilitate collections using technology platform are not required to be company registered under Companies Act, 1956 and have a net worth of at least ` 10 crore so as to be engaged for the activity of cheque pick up and banking. However the activity should be carried out in accordance with the provisions of the outsourcing guidelines and those prescribed by RBI.
• Compulsory quoting of PAN (CBDT May 2011): The Central Board of Direct Taxes has made PAN compulsory for payment of life insurance premium aggregating ` 50,000 or more in a year.
• The Telecom Commercial Communications Customer Preference Regulations, 2010 (September 2011): The Regulations were made effective 27th September 2011 with an objective to deal and manage commercial calls and SMS. The regulations provide for the concept of fully Blocked call Category/partially blocked call category options for the clients, registration of clients and telemarketers and complaints handling process.
• Guidelines on IRDA (Treatment of Discontinued Linked Insurance Policies) Regulations, 2010 (October 2011): IRDA issued clarifi cations on ULIP (Treatment of Discontinued Linked Policies) Regulations to clarify that Policyholder can be given a 2 year window for revival of a ULIP against the 75 days as mentioned earlier. However, the 2 year window cannot go beyond the 5 year lock in period from the date of commencement of policy. Further the guaranteed return of 3.5% per annum on discontinued fund is clarifi ed to be replaced with the stipulation that the minimum guaranteed interest shall be equal to the interest rates on savings bank account of SBI.
• Guidelines for Pension Products (November 2011): The IRDA issued guidelines on pension products with an objective to issue instructions basis which pension products may be offered on the given platform so as to ensure greater security of the pensioner’s fund and balance the stability and fi nancial viability of insurance companies for healthy growth of the sector.
• IRDA (Licensing of Bancassurance Agents) Regulations, 2011 (November 2011): The IRDA have released the draft Bancassurance Regulations with an objective to achieve higher insurance penetration, density , higher levels of policy holder servicing and provide a proper regulating framework.
• Guidelines on Web Aggregators (November 2011): The IRDA issued guidelines on web aggregators with the objective to provide factual comparison of products and prices to all customers and provide leads to insurers selected by the customer or to not more than three insurers which in turn would be in the interest of policyholders and life insurers as well.
• Regulations on Public issues by life insurance companies (November 2011): The IRDA issued the regulations on public issues by life insurance companies with an objective to provide with the manner in which the mandatory dilution of equity stakes to 26 % by all Indian Promoters after 10 years of insurance business can be done in a phased manner.
• Final Guidelines on Asset Liability Management and Stress Testing (January 2012): The IRDA issued fi nal guidelines which would apply to all life insurers aimed at ensuring their solvency and brining in consistency in ALM reporting. Insurers are required to have an ALM policy approved by their Board which must take into account the insurer’s asset-liability relationships, overall risk tolerance, risk and return requirements, solvency position and liquidity requirements. The guidelines come into effect from April 2012.
• Clarifi cations for Pension Products issue month (January 2012): The IRDA issued clarifi cations to the guidelines for pension products in response to the concerns raised by insurers. As per clarifi cations from the Regulator, the insurer shall guarantee either a non-zero rate of return on premiums paid from the date of payment to the date of vesting to be disclosed at the time of purchase of policy. The surrender value in case the product is on a unit-linked platform shall be the higher of fund value and premium accumulation at the guaranteed rate of return on the date of surrender less the discontinuance charges set in compliance with the recent IRDA guidelines.
• Collection of Advanced Premium (February 2012): The IRDA proposed an exposure draft to restrict the collection of advanced premium to only one month before the due date for non-monthly modes and 15 days in advance for monthly mode with the intent to prevent distributors from engaging in unhealthy practice of collecting advance premiums for a nominal interest or discount.
• Fraud Detection and Monitoring (Draft Circular, February 2012): The recent draft circular requires all insurance companies to have in place a Fraud Policy. This would include setting up of a Frauds Monitoring Department and identify areas of business to identify, detect, investigate and report the frauds.
• Guidelines on Prospect Product Matrix (Draft Guidelines, February 2012): The IRDA is planning to make sales of life insurance products scientifi c by bringing Product Matrix or need based sales implemented from April 1st, 2012. According to the IRDA, it is important and necessary for life insurers to have in place a suitability index or prospect product matrix that can serve as the self-governing tool to assess the quality.
Management Discussion and Analysisfor the year ended 31st March, 2012
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• Guidelines on Servicing of Orphan Policies – (Draft guidelines, March 2012): The IRDA has released draft guidelines which provide for allotment of lapsed orphan policies to another agent for servicing. A lapsed orphan policy can be allotted to another existing individual agent only – policies where no renewal commission is payable as 'fi le & use,' e.g. online policies, single premium policies, LPP policies etc. – not eligible to be allotted. If the allotted lapsed policy is not revived within 3 months, insurer has the discretion to re-allot to yet another agent. Allotted Agent can be paid commission equal to the 'fi le & use' commission for premiums collected on reinstatement and subsequent premiums – no advance commission can be paid.
THE UNION-BUDGET 2011-12
Key changes relating to Union Budget 2011-12 impacting life insurance are mentioned below:
• While the existing rules allow tax exemption on life insurance premium of up to ` 100,000 provided that premium does not exceed 20 per cent of sum assured, the Budget has reduced this limit to 10 per cent. Premium will thus be eligible for tax exemption only if the sum assured is at least 10 times the premium paid.
• A proposal has been made to increase the service tax from 10.3 per cent to 12.36 per cent across all services, which will impact the insurance premiums and the charges applicable for all insurance plans. For Traditional/Endowment products, where the entire premium is not risk cover and other charges are not separately identifi able, the fi rst year’s premium shall be taxed at the rate of 3%, while subsequent premium will attract tax at the rate of 1.5% (earlier 1.5% across all years).
OPPORTUNITIES AND CHALLENGES
The last two years have been challenging for the life insurance industry in terms of new business growth. The Company believes that life insurance will continue to command a large share from retail investors and dominate long-tenure investments. This belief can be substantiated by analysing the challenges and opportunities in the industry.
Challenges
• Stability in economic and regulatory environment – Insurance companies need suffi cient time to adopt and transition to new products & business model in light of changing regulatory environment.
• Driving productivities and effi ciencies from existing capacities especially Agency channel and look at means to further Veriabilise the cost structure.
• There are several product/customer segments in India that are very small although they have a high potential to grow. Focus on under-penetrated segments including retirement/health. For example, only about 15% of the working population is covered under retirement plans. The industry needs to work towards tapping into different customer segments and achieved a more equitable product mix.
• Focus on customer retention and persistency to increase inforce profi t and farming existing customers to increase revenues.
• Creating differentiation in the form of effective customer service, multiple contact points and technological innovations.
Opportunities
We believe that the following trends characterise the Indian economy that augurs well for the life insurance industry:
• Economic growth & Demographics trend to support premium growth:
The GDP of India is likely to grow signifi cantly from the current $1.7 Tn. The Life Insurance industry, in addition to the favourable demographics still offers one of the best value propositions as an investment option for a horizon of over fi ve years.
– Rising incomes will create infl exion points for various products including life insurance.
– India to contribute 28-30% of the world’s incremental working-age population in the next two decades.
– Burgeoning middle class (household nos) that will increase from 103 Mn in 2010 to 190 Mn in 2020.
– Expected to have a relatively higher share of population in the working age, most likely to provide the largest increase to global labor force over the next decade estimated at an additional 110 Mn by 2020 (to rise 64%).
• Lower per capita insurance and penetration
The Indian life insurance industry has expanded signifi cantly in terms of premiums since liberalisation in 2000. However, its total premium collection to GDP ratio and per capita insurance is signifi cantly lower than the developed countries. The life insurance industry continues to be attractive driven by lower penetration of insurance in India. It can be argued that new business premium as a % of GDP stands at a healthy 4.4% (FY11) however the actual penetration of insurance should be based on insurance density. Looking at insurance density (refer Table 5) it is one of the lowest in the world at $50 with insurance policy per person being one of the lowest across the world.
• Increased Alliance between banks and insurance companies
The increased alliances between banks and insurance companies position the selling of insurance products by banks as an opportunity to leverage their extensive branch network and broaden their income base to include more fee based business. Insurers equally see Bancassurance as a low-cost option to expand their distribution network and foray into previously inaccessible segments of the market.
Further, there is signifi cant opportunity to increase the distribution reach within the country. For example, Bancassurance, brokers and other alternative channels (tele-sales and online) are still at a developing phase in India. These channels will bring in new opportunity and drive higher share of spending on insurance products by existing customers.
Management Discussion and Analysisfor the year ended 31st March, 2012
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Table 4: Insurance Premium Per Capita (Density) and Penetration
Country Population (Mn) Premium per capita (USD) Insurance Penetration (%)
HK 7.1 3197.3 10.1India 1216.5 55.7 4.4China 1355.2 105.5 2.5Philippines 93.8 14.3 0.7Indonesia 232.8 30.9 1South Korea 48.9 1454.3 7Canada 33.9 1521.8 3.3USA 310.2 1631.8 3.5
Source: Swiss Re Sigma Report, 2011
In our view, the long-term growth prospects remain robust for the life insurance industry in view of compelling structural and demographic advantages which Indian economy enjoys in the next 5-10 years. However, the progression to a more mature market has been accelerated by various regulations which are unprecedented compared to other markets.
BSLI is well positioned to meet the challenges and also tap into the opportunities of the life insurance industry. The company is expected to emerge stronger on the back of its wide distribution franchisee, a very successful multi-channel strategy, a long history of product innovations & operational effi ciency.
SUMMARY OF OPERATIONS
Sales Performance Review & Market Share Movement
“Our strength since inception has been in the area of successful implementation of our multi-distribution strategy to meet our corporate
objectives and deliver the right products to our customers”.
In addition, and in parallel, to our agency channel, we have a number of highly successful bancassurance partnerships across various types of banks along with corporate agents and brokers. Our distribution through bank branches complements well our Agency channel and gives us a bigger and more diversifi ed footprint.
• Agency continues to be our largest distribution channel, consistent with our strategy of multi-distribution channel and focus on being a top-rung player. Our Agency channel is among the top 3 agency amongst private life insurers in terms of new business for FY12. The channel registered annualised premium equivalent of ` 973 crore for the year. The Agency channel has increased the footprint through expansion of new capacities by additional of FLS and new branches, taking the total branches to over 650 from over 600 branches in FY10-11. Through our increasing focus on sweating existing capacities, we have consistently maintained our position in the top quartile in terms of agents/FLS productivity. Going forward, the company will meritoriously create capacities that are sustainable in the long-run and will continuously evaluate options to variabilise its cost structure in the agency channel.
• Bancassurance channel registered an Annualized Premium Equivalent (APE) excess of ` 200 crore crore for FY12. With a strong existing bancassurance model to leverage, we are confi dent that we will be making further in-roads in the years to come. We have been continuously pursuing newer relationships with banks to widen our presence and achieve an optimal channel mix. Further, we are also optimistic about the proposed Bancassurance Architecture guidelines and believe it will provide additional opportunities to the Company for partnering with newer bank partners.
• Corporate Agent & Broker (CAB) channel over the past few years, has built a strong franchise network with around 200 partners. This business contributed around 15% of our new business sales and registered an Annualised Premium Equivalent (APE) of ` 209 crore in FY12. Our new CAB partners have contributed signifi cantly to new business in FY12 due to addition of new capacities and improved processes. A number of initiatives have been taken in the year towards improvement of productivity of the channel. We have been continuously exploring strategic relationship with players in the segment. The focus would be on to further strengthen the relationship with our existing partners. Building industry-leading distribution capabilities is also central to our strategy.
• Group Business registered APE of ` 676 crore in FY12. Our performance was strong driven by improvement in product lines and focus on increasing our penetration which helped us achieve 2nd rank amongst private insurers. The new segmentation and organisation structure yielded strong and positive results, and we achieved a 55% growth.
• Additionally, we enhanced and diversifi ed our distribution and sale management capabilities, implementing best practices in such areas as agent recruitment training, and further expanding alternative channels such as direct marketing, distance marketing, etc.
Management Discussion and Analysisfor the year ended 31st March, 2012
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The channel mix in FY12 along with the other key distribution parameter is provided in the table below:
17%
14%
FY11
17%
18%FY12
DSF
Banca
CAB
Figure 7: Constant Channel mix over the years
Banca
CAB
DSF
65%69%
Table 5: BSLI’s Growing Distribution Parameters
Particulars FY12 FY11
DISTRIBUTION NETWORKBranches (Nos) over 650 branches over 600 branches Advisors (‘000) 139 148Active Third party distribution ~ 200 240Other ParametersAgent ratio/Agency FLS 18 22
PRODUCT STRATEGY & PERFORMANCE
Ever since regulatory changes in Sep’10, we have changed our focus from selling largely ULIPs to an equally balanced mix of unit-linked and traditional products. We have come a long way from being a predominantly ULIP company to now having a balanced product mix with contribution from traditional policies increasing from about 2% in FY10 to around 46% in FY12.
“Our product mix is orientated around a core of regular premium products with higher focus on higher sum assured, long-term tenure
product & offering basic guarantees as a value proposition.”
Using insights to develop products and services that empower our customers to act led to the innovation of a wide range of product innovations. BSLI launched a new protection solution with its BSLI Protector Plans. These are affordable plans that grow in step with growing needs, thanks to an increasing Sum Assured year after year, at the same premium. The key features of this plan include complete fi nancial protection at an affordable cost and hedge against the rising cost of living with an option of increasing Sum Assured.
Figure 8: Shifting Product Mix over the years
FY12FY11FY10FY09FY08
98% 96% 95%75%
54%
2% 4% 5% 25% 46%
ULIP Traditional
Management Discussion and Analysisfor the year ended 31st March, 2012
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We will continue to focus on regularly launching products with new features and benefi ts that keep pace with evolving customer needs and also drive sales force activities.• Our priority will be to build a full suite of traditional products by launching simple, needs-based products aimed at providing customised
solutions to our target customers.• Additionally, we will look at expanding our Unit-linked (ULIPs) product portfolio and tap new customer segments around pension, health,
group business etc.• The Company shall continue to pursue its balanced product mix strategy of ULIP and Non ULIP to cater to various customer segments and
keeping in mind interests of all stakeholders i.e. customers, distributors and shareholders.
Key Summary of Financial Indicators at a Glance
Our fi nancial results improved in FY12 refl ecting a sound consecutive year of positive growth in profi tability and overall premium
revenue. This was driven by favourable growth in inforce book, higher expense effi ciencies and optimal product structures. Although in
many ways the industry was still recovering in the fi rst half of 2012, our new business performance has been in line with the industry
trend. Our FY12 fi nancial results refl ect strong and improved performance as our Company continues to have a strong fi nancial and
solvency position.
The Company has recorded good performance across a range of fi nancial & non-fi nancial parameters illustrating our success at leveraging our strengths:
Figure 9: Total Premium (crore) trend over years
0
1000
2000
3000
4000
5000
6000
FY12FY11FY10FY09FY08
3,272
4,469
5,506 5,677 5,885
Total Premium for FY2011-12
` 5,885 Crores
Figure 11: Operating Expenses (crore) over the years
0
300
600
900
1200
1500
FY12FY11FY10FY09FY08
671
1,146
1,3271,203 1,215
OPEX for FY11-12
` 1,215 Crores
Figure 10: Net Profit (crore) over the years
-800-700-600-500-400-300-200-100
0100200300400500
FY12FY11FY10FY09FY08
-702
-445 -435
305
461
Net Profit for FY2011-12
` 461 Crores
Management Discussion and Analysisfor the year ended 31st March, 2012
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FINANCIAL PERFORMANCE
Following is the summary of the fi nancial performance for FY12.
Table 6: BSLI’s Financial Performance
(in INR Crores)
ParticularsCurrent Year
FY 2011-12
Previous Year
FY 2010-11
Inc. (%)
Income
Gross premium income 5,885 5,677 4%Reinsurance (net) (138) (83) 67%Total premium income (net) 5,747 5,595 3%
Income from investmentsPolicyholders (163) 1,492 -111%Shareholders 80 38 109%Investment Income (83) 1,530 -105%
Other Income 30 24 26%
Total Income 5,695 7,149 -20%
Less:
Commission 325 381 -14%Expenses (including depreciation) 1,215 1,203 1%Benefi ts paid (net) 2,705 1,934 40%Provisions for actuarial liability (net) 987 3,325 -70%Provision for Taxation — (1) —
Profi t for the Current Year 461 305 51%
Add: Loss Brought Forward from Last Year (1,723) (2,028) -15%Less: Dividend and distribution tax 114 — —
Total Loss as on date (1,376) (1,723) -20%
“Our FY12 fi nancial results refl ect very strong fi nancial performance.”
The Company achieved total premium of ` 5,885 crore, mainly driven by strong renewal premium growth of 10% in the context of subdued growth for the industry. Our new business premium witnessed de-growth of 9% which was better than the private sector de-growth of 17%. The company recorded a net profi t of ` 461 crore in FY12 as against the company’s fi rst profi t of ` 305 crore in the last year. After considering the Company’s cash fl ow and capital position, an interim dividend was paid out at 5% of share capital amounting to ` 98.5 crore. (excl. Dividend Distribution Tax) in Q4 FY12. Going forward, the company is confi dent of funding business growth through internal accruals will look at formulating a stable dividend policy to optimise its surplus solvency capital.
We believe that the Company’s profi table journey is sustainable as these profi ts are primarily driven by in force business, declining expense ratios and changes in product structures. The Company took several steps to rationalise expenses, improve effi ciencies and productivity across its operations.
Premium Income
Table 7: Premium Break-Up
Particulars (INR Crores) FY12 FY11 % Growth
First year premium 1,926 2,080 -7%Individual Life 1,250 1,644Group Business 676 436 55%Renewal Premium 3,959 3,597 10%
Total Premium 5,885 5,677 4%
While the total premium amounted to ` 5,885 crore registering growth of 4% the renewal premium of ` 3,959 crore registered a robust growth of 10% over the previous year. Our premium from group business grew 55% over FY11. As an insurer with long-established track record, a signifi cant portion of our business is on a regular premium basis, which has provided us with a stream of renewal premiums. Our 13-month persistency stands at a healthy 82% signifying increasing customer loyalty.
Investment Income
The Company continued excellence in investment performance for its policyholders. For all its ULIPs, the Company delivered excellent fund performance across the board, consistently beating benchmarks overall and as well as across all the funds as evident from the below table/graph.
Management Discussion and Analysisfor the year ended 31st March, 2012
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Table 8: Percentage of funds beating benchmarks as on 31st March, 2012
1 yr 3 yr 5 yr
Funds beating benchmark 77.3% 100% 100%
BSLI investment’s philosophy has been to build a sound investment portfolio within the external and internal guidelines, to ensure liquidity, while maximising policyholders’ wealth consistently on a long-term basis.
Most of our funds we have outperformed the benchmark for 12 months as on Mar 31st, 2012. Over a long-term period all our funds have outperformed benchmark comprehensively delivering superior performance. 100% of the funds have outperformed their respective (internal) benchmark over long-term (across 3- 5 yrs.)
Figure 12: Percentage of Funds beating benchmarks for one year as on 31st March, 2012
Super 20MultiplierMaximiserMagnifierCreatorEnhancerBalancerBuilderProtectorIncome Advantage
Assure
BSLI Benchmarks
9.1%
7.1%8.0%
6.5%5.3% 5.0%
3.7% 3.5% 3.6%2.6%
1.5% 1.8%
-1.5%-1.2%
-9.0%
-7.2%
-13.1%
-8.8%
-4.1% -4.2%
-7.1%
-9.9%
Figure 13: Percentage of Funds beating benchmarks over 3 years as on 31st March, 2012
BSLI
MultimizerMaximizerMagnifierCreaterEnhancerBalancerBuilderProtectorAssure
8.2%5.2%
8.4%6.5%
10.7%8.1%
11.4%
8.6%
11.6%9.4%
17.0%
12.4%
19.8%18.1%
21.1%19.5%
32.8%
26.8%
Benchmarks
Management Discussion and Analysisfor the year ended 31st March, 2012
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Commissions
The new regulations have impacted distributor compensation on ULIPs. To ensure attractive returns to distributors, the Company has taken several initiatives including driving higher productivity and driving the right product mix mapped with appropriate customer segments. Additionally enhanced training of the sales team accompanied with access to advanced technology will expedite the transition to the evolving business environment. The commission rates for total business and new business is provided in the table below:
Table 9: Commission Ratios
Individual Life FY12 FY11
Total Commission/Total Premium - Ind. Life 7.3% 6.7%New Business Commission/NB Premium - Ind. Life 14.2% 14.9%
Operating Expenses
Operating expenses for FY12 was ` 1,215 crore compared to operating expenses of ` 1,203 crore for the same period last year. The Company has been focusing on disciplined expense management as a result of which other expenses and overheads reduced by 7%. This favourable impact was offset by salary expenses which increased by 11% as the Company added new distribution capacities in FY12.
Our Company’s cost structure is line with expectations given the new business growth, product structures and our focus on long-term products. Going forward, we will continue to create higher effi ciency in the agency channel, other cost overheads and productivity/performance of our people. We will continue to review our expense structure in line with the business growth.
Table 10: Operating Expenses Break-Up
Particulars (INR crore) FY12 FY11 % Growth
Salary 579 524 11%Other Expenses 636 679 -7%
Total Expenses 1,215 1,203 1%
Expense as % of total premium 20.7% 21.2%
FY12FY11FY10FY09FY08
Figure 14: OPEX to Premium Ratio
20.5%
25.6%24.1%
21.2% 20.7%
Benefi ts & Reserves
Benefi ts – Surrenders & Maturities
Our profi tability depends primarily on our ability to retain existing customers and to manage our underwriting and claims effectively. Hence, managing risks around claims and increase in surrenders will be the key to help us achieving our overall desired profi tability objectives. Surrenders/partial withdrawals have increased to ` 2,522 crore in FY12.
BSLI has taken number of initiatives to reduce surrenders which are highlighted below:
• Distribution initiatives such as claw backs on rewards and recognition incentives and commissions induced surrenders.
• Customer awareness campaigns to educate people about benefi ts of maintaining investments in insurance products for long-term.
• Investment advisory services are provided on an individual basis to all High Net Individual policies coming for surrenders.
Management Discussion and Analysisfor the year ended 31st March, 2012
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NET PROFIT
The net profi t for the year at ` 461 crore has shown a considerable improvement over last year profi t of ` 305 crore. The increase in profi ts is on account of rising profi t from in force business, declining expense ratios and changes in product mix and operating effi ciencies. We will continue to focus on our core strategy to focus on a profi table product mix while providing value-added proposition to our customers.
The Company has now reported profi ts for two consecutive years. We delivered strong performance in a year of uncertain regulatory and economic environment. This performance demonstrates the success of our strategy to focus on the most profi table growth.
Some of the key priorities to manage net income, set by the Company for FY13, are as follows:
• Balanced product mix between ULIP and Non ULIP with a view to target all customer segments.
• Review operating model to drive higher customer and distributor satisfaction along with cost effi ciencies.
• Customer retention and increasing customers/policy to be a key driver for revenue and profi tability growth.
• Focus on margin accretive products and long-term business.
FINANCIAL CONDITIONS & ASSET UNDER MANAGEMENT
Share Capital, Dividend and Solvency position
The Company is capitalised at ` 2,450 crore (incl. share premium). Given the robust fi nancial performance, there has been no capital infusion for the last two years.
Figure 15: No Capital Infusion over the last 2 years
FY12FY11FY10FY09FY08
603
725
450
0 0
Solvency refers to the minimum surplus that an insurance company needs to keep aside in the form of additional capital to meet any unprecedented increase in claims and to meet any adverse losses. As solvency needs to be maintained over very long periods for which policies are written it is necessary to ensure that the assets exceed liabilities and are invested in risk-free assets. The Regulations prescribes that each insurance company must have free assets equal to 1.5 times of the required solvency margin. Our solvency margin is at an level which is in excess of 2.99 times is well above the regulatory requirements of 1.5 times. It also ensures that the company’s stakeholders and customers can have confi dence in the company’s long-term fi nancial strength.
After considering the Company’s cash fl ow and capital position, fi rst dividend was paid out at 5% of share capital amounting to ` 98.5 crore (excl. Dividend Distribution Tax) in Q4 FY12. Going forward, the Company will look at formulating a stable dividend policy to optimise its surplus solvency capital.
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Assets under Management
Assets under Management (AUM) grew from ` 19,760 crore in FY11 to ` 21,110 crore in FY12. In FY12, we did not witness a major change in our allocation of assets between debt and equity. Proportion of equity has remained stable for the Company over the years.
Figure 16: Asset under Management ( ` Crores) Trends
FY12FY11FY10FY09FY08
6,893
9,168
16,130
19,76021,110
Figure 17: Equity and Debt component
FY12FY11FY10FY09FY08
54%
56%65%60%Debt
Equity
55%
Human Resources – Our strength
Employee Engagement - BSLI engages effectively with its employees which is critical to building and sustaining a high-performing business and retaining talent. Engagement initiative schemes were introduced in 650 branches across the country which included celebrations, festivals, recreational and sport activities, recognitions etc. Additionally, Rewards and Recognition programme was initiated which was aimed at creating a culture of recognising and celebrating performance at multiple levels across the organisation & group in addition to as well as across for individuals & teams.
Training & Development - The Sales & Corporate Training Cell provides training architecture for structured and systematic learning from trainer, supervisor and by self, improve retention, application of learning and improve discipline in participation.
BRAND PERFORMANCE
We believe that the “Birla” brand is one of the most recognised brands in India which provides us with signifi cant competitive advantage, particularly towards attracting new customers and talent.
The Company continued its efforts towards improving its brand image in FY12. Our Brand Awareness score improved over the period from 21% in FY2011 to 31% in FY2012. We believe that going forward the strength of our brand is expected to become more important. We will continue to strengthen our efforts further to improve our brand performance through an optimal mix of above-the-line and below-the-line activities.
Our brand continues to act as an impetus for employee engagement and insightful decision making. For employees, it means positive difference for our customers, it means reaching across the country to build on our reputation as a strong and stable company. From television advertising to our sponsorships and expanded web and social media presence, our focus was on deepening the understanding of our brand promise.
Management Discussion and Analysisfor the year ended 31st March, 2012
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CUSTOMER MANAGEMENT
Customer Service Capabilities
The Company continues to strengthen its customer-centric delivery capabilities in addition to leverage the use of technology for achieving business goals.
• Our customers will continue to be our priority. We have proactively been investing in the essential building blocks of customer centricity for the past three years. The management team of the Company has taken many steps towards achieving a strong position in this area. Our approach has been built around (a) listening to our customers, (b) understanding their feedback and point of view and (c) using the same in our decision making. We have taken several initiatives which includes:
➢ The Company has a fully functional IT infrastructure and has recently enhanced its network bandwidth, mail architecture, business process management to enable workfl ow of documents and scanned images etc. for all branches. Scanning at source branches is expected to reduce TAT at least by a day. BSLI is committed to make its IT infrastructure scalable and robust to support future growth.
➢ Exploring new technologies for policy issuance. Enable more self-servicing features for customers and Invest in automation, process re-engineering and technology.
➢ Segmenting customers based on propensity to renew/default and using a combination of pro-active and re-active customer reach-out techniques using multiple channels (email, call-center, SMS).
• We have focused on improving customer service through a combination of capabilities and initiatives which include our dedicated claim assistance cell has helped us settle claims faster and in a customer friendly way. For the third year in a row, we have achieved 0% claim outstanding ratio at the end of the year, a testimony to our effort of doing what is in the best interest of the customer.
• With a focus on creating a new culture of innovation, BSLI’s senior management have committed to identify ways to leverage best practices in the areas of product development, innovation and technology.
Complaints Management Capabilities
We work to swiftly resolve customer complaints. The complaints have indicated a reducing trend in the last 6 months. Our overall complaints have reduced by 30% while unique complaints have reduced by 50%. Complaint resolution SLA adherence have also been consistently maintained at 99%.
OUTLOOK FOR THE COMPANY
The industry has been under a changing, volatile and uncertain regulatory and macro-economic enviorment. In this context, we believe that the Company is well-positioned to take advantages of the opportunities arising from these challenges. Also, the industry in the long-term will benefi t from some of the robust structural and demographics drivers that Indian life insurance industry offer. The company has identifi ed the following focus areas to strengthen its competitive and fi nancial position in the future years.
• Introducing products in all available categories and completing the traditional product suite. Build full suite of products tailored to customers and distribution channels.
• Develop new Bancassurance partnership and leverage existing partnerships.
• Improve profi tability through product mix, strengthening distribution capabilities, and providing value-added products and services to our diverse client base.
• Grow digital footprint to increase customer empowerment and enhanced customer experience to be a key driver for profi tability and growth.
• Attract, develop and engage highly talented employees, ready and able to contribute to the full extent of their potential.
Management Discussion and Analysisfor the year ended 31st March, 2012
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Corporate Governance Reportfor the year ended 31st March, 2012
Philosophy of Corporate Governance
Corporate Governance involves a set of relationships between a Company’s Management, its Board, its Shareholders and other Stakeholders with an objective of ‘enhancement of long-term shareholder value, while at the same time protecting the interest of all stakeholders (investors, customers, employees, vendors, government and society-at-large).
Good Corporate Governance consists of a system of structuring, operating and managing a Company such as to achieve the following:
• a culture based on a foundation of sound business ethics
• fulfi lling the long-term strategic goal of the shareholders while taking into account the expectations of all the key stakeholders, and in particular:
✧ consider and care for the interests of employees, past, present and future
✧ work to maintain excellent relations with both customers and suppliers
✧ take account of the needs of the environment and the local community
• maintaining proper compliance with all the applicable legal and regulatory requirements under which the company is carrying out its activities.
The philosophy and objective of Corporate Governance at Birla Sun Life Insurance Company Limited (“BSLI/Company”) is “about working ethically and fi nding a balance between economic and social goals including the ability to function profi tably while complying with the applicable laws, rules and regulations.”
BSLI is committed to uphold the core values of transparency, integrity, honesty and accountability. This commitment lays the foundation for further development of superior governance practices, which are vital for growing a successful business, creating sustainable long-term shareholder value and balancing it with the interests of other stakeholders in the Company. It is not a discipline necessarily imposed by a regulator rather a culture that guides the Board, the Management and employees to function towards the best interest of the various stakeholders.
Structure of this Report:
This Report is divided into three sections, as follows:
A. Reporting under Clause 49 of the Listing Agreement;
B. Reporting under IRDA Corporate Governance Guidelines (IRDA CG Guidelines); and
C. Reporting under MCA Guidelines (MCA Guidelines).
SECTION A
REPORTING UNDER CLAUSE 49 OF THE LISTING AGREEMENT
BSLI is an unlisted company and hence the clause 49 of the listing agreement is not applicable. Yet BSLI, on a suo moto basis, has taken necessary initiatives to comply with the provisions of the said clause to the maximum extent possible and endeavours, in true spirit, to go well beyond the mandatory provisions.
I. BOARD OF DIRECTORS (“BOARD”)
At BSLI, the Directors are elected by shareholders of the Company with a responsibility to set strategic objectives for the Management and to ensure that the long-term interests of all stakeholders are served by adhering to and enforcing the principles of sound Corporate Governance.
BSLI’s Board members have diverse areas of knowledge and expertise, which is necessary in providing an independent and objective view on business issues and assess them from the stand-point of the stakeholders of the Company. At BSLI, the Board is independent of the Management.
I.A. Composition of the Board
The Board comprised of eleven Directors as on 31st March, 2012, ten being Non-Executive Directors (of which three were Independent) and a Managing Director.
The current Chairman of the Board, Mr. Kumar Mangalam Birla, is a Non-Executive Director.
The changes in the chairmanship/directorship of the Company during the Financial Year (FY) 2011-12 are given in Table 01:
Name of the Directors Particulars
Mr. Donald A. Stewart Ceased to be the Chairman w.e.f. November 9, 2011Mr. Kumar Mangalam Birla Appointed as the Chairman w.e.f. November 10, 2011
Table 01
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I.B. Details of Directorships/Committee membership
The composition of our Board, their Directorships/Committee memberships and Chairmanships (excluding the Company) as on March 31, 2012 is given in Table 02:
Name of the Directors Designation No. of
Directorship(s)
in other Public
Companies*
No. of Committee
Membership**
Chairmanship
in Committees**
Mr. Kumar Mangalam Birla Non-Executive Director (Chairman) 10 Nil NilMr. Ajay Srinivasan Non-Executive Director 3 4 NilMr. Bishwanath N. Puranmalka Non-Executive Director 2 4 NilMr. Dikran Ohannessian Non-Executive Director 1 Nil NilMr. Donald A. Stewart Non-Executive Director 1 Nil NilMr. Gian P. Gupta Non-Executive Director (Policyholders’
representative, Independent)10 6 4
Mr. Jayant Dua Managing Director 1 Nil NilDr. Rakesh Jain Non-Executive Director 5 Nil NilMr. Suresh N. Talwar Non-Executive Director (Independent) 19 8 4Ms. Tarjani Vakil Non-Executive Director (Independent) 5 4 3Mr. Venkatesh Mysore Non-Executive Director 2 1 Nil
Table 02
* Excluding alternate directorships and directorships in foreign companies and companies under section 25 of the Companies Act, 1956.
** Only Audit Committee and Shareholders’ Grievance Committee of all public limited companies (whether listed or not) have been considered for the purpose of the Committee positions (membership and chairmanship), as per Clause 49 of listing agreement.
I.C. Non-Executive Directors’ compensation and disclosures
As stated earlier, ten of our Directors are Non-Executive Directors. Of these, seven Directors are representatives of the two shareholders i.e. Aditya Birla Nuvo Limited (04) and Sun Life Financial (03) and the rest three are Independent. As decided by the Board, no remuneration of whatsoever nature is paid to these Non-Executive Directors, except for a sitting fee to the three Independent Directors, as detailed hereunder.
The Company pays a sitting fee of ` 20,000 to the Independent Directors for attending each Board Meeting and Board Committee meeting.
The details of sitting fees paid to these Independent Directors during the FY 2011-12 are given in Table 03:
(Amount in `)
Name of the Directors Sitting Fees for the meetings of Total
Board Audit Committee Risk Management
Committee
Mr. Gian P. Gupta 60,000 80,000 80,000 2,20,000
Mr. Suresh N. Talwar 40,000 NA NA 40,000
Ms. Tarjani Vakil 20,000 60,000 80,000 1,60,000
Table 03
I.D. Board Meetings
Agenda and Minutes
The Company Secretary receives details on matters which require the approval of the Board/Board Committees, from various departments of the Company well in advance, so that they can be included in the Board/Board Committee agenda(s). All material information is incorporated, in detail, in the agenda papers for facilitating meaningful and focussed discussions at the meetings.
Board Meetings and attendance of Directors
As a good practice, a yearly meetings calendar is prepared and circulated to all the Directors in the month of November/December every year, relevant for the next calendar year, so that they can adequately plan their schedule. This ensures optimum presence of the Directors/Committee Members at each meeting.
During FY 2011-12, four Board meetings were held as below:
i. April 27, 2011
ii. July 26, 2011
iii. October 21, 2011
iv. February 3, 2012
During FY 2011-12, the time gap between two successive board meetings did not exceed 4 months.
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The attendance of the Directors at the above Board meetings and at the last Annual General Meeting is given in Table 04:
Name of the Directors No. of Board meetings held
during FY 2011-12
Attendance in the last AGM
dated 16th June, 2011
Held Attended
Mr. Kumar Mangalam Birla 4 3 NoMr. Ajay Srinivasan 4 4 NoMr. Bishwanath N. Puranmalka 4 4 YesMr. Dikran Ohannessian 4 4 NoMr. Donald A. Stewart 4 3 NoMr. Gian P. Gupta 4 3 YesMr. Jayant Dua 4 4 YesDr. Rakesh Jain 4 4 NoMr. Suresh N. Talwar 4 2 YesMs. Tarjani Vakil 4 1 YesMr. Venkatesh Mysore 4 4 No
Table 04
I.E. Code of Conduct
The Company has designed and implemented a Code of Conduct for all the employees of the Company. The senior management of the Company is also governed by this Code of Conduct. All the employees confi rm their adherence to this Code on an annual basis.
II. BOARD COMMITTEES
For ensuring smooth business activities, the Company has constituted certain Board Committees with well defi ned charters. The prominent Board Committees are as under:
II.1. Asset Liability Management Committee
Pursuant to the nature of products sold by the company it is crucial to have an Asset Liability Committee to manage the various risk arising on account of product guarantees, interest rates movements, duration mismatches, cash fl ow mismatch, capital market, market liquidity etc.
As per IRDA CG Guidelines constitution of “Asset Liability Management Committee” is mandatory for life insurance companies. In view of the foregoing provision, BSLI’s Board had constituted an “Asset Liability Management Committee” at its meeting held on November 10, 2009.
Asset Liability Management Committee sets policy framework and operating guidelines for asset liability matching to safeguard the interest of Shareholders and Policyholders. This Committee will insure that the assets are created in line with the liabilities. The Committee will monitor, review & evaluate all possible variant that can have an impact on the ALM and will insure requisites measures are placed to manage risk arising out of these variants.
II.1.A Composition
The composition of the Asset Liability Management Committee as on 31st March 2012 is given in Table 05:
Name of the Committee Members Designation
Mr. Ajay Srinivasan Member & Non-Executive Director Mr. Jayant Dua Member & Managing DirectorMs. Keerti Gupta Member & Head–RiskMr. Mayank Bathwal Member & Chief Financial Offi cerMr. Niall O’Hare* Member & Chief Actuarial Offi cer Ms. Priscilla Sinha* Member & Appointed ActuaryDr. Rakesh Jain Member & Non-Executive DirectorMr. Sashi Krishnan** Member & Chief Investment Offi cerMr. Venkatesh Mysore Member & Non-Executive Director
Table 05
*Appointed w.e.f. July 26, 2011.
**Appointed w.e.f. January 31, 2012.
II.1.B. Meetings and attendance
During FY 2011-12, the Asset Liability Management Committee met four times viz:
i. April 29, 2011;
ii. July 29, 2011;
iii. October 31, 2011; and
iv. January 31, 2012.
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The attendance at the Asset Liability Management Committee meetings during FY 2011-12 is given in Table 06:
Name of the Committee member No. of Asset Liability Management Committee
meetings held during FY 2011-12
Held Attended
Mr. Ajay Srinivasan 04 04Mr. Fabien Jeudy* 01 01Mr. Jayant Dua 04 04Ms. Keerti Gupta 04 04Mr. Mayank Bathwal 04 04Mr. Niall O’Hare** 03 02Ms. Priscilla Sinha** 03 03Dr. Rakesh Jain 04 00Mr. Sashi Krishnan*** 01 01Mr. Venkatesh Mysore 04 00Mr. Vikram Kotak**** 03 02
Table 06*Ceased w.e.f. July 26, 2011.
**Appointed w.e.f. July 26, 2011.
***Appointed w.e.f. January 31, 2012.
****Ceased w.e.f. January 31, 2012.
II.2. AUDIT COMMITTEE
The provisions of Section 292A of the Companies Act, 1956 prescribes that every public company having paid-up capital of not less than ` Five crore shall constitute a committee of the Board known as “Audit Committee”. The Company had constituted its Audit Committee on January 31, 2001 with well defi ned objectives, roles and responsibilities.
II.2.A. Composition
The composition of the Audit Committee as on 31st March 2012 is given in Table 07:
Name of the Committee Members Designation
Mr. Gian P. Gupta Chairman, Non-Executive & Independent Director Mr. Ajay Srinivasan Member & Non-Executive DirectorMr. Bishwanath N. Puranmalka Member & Non-Executive DirectorMr. Dikran Ohannessian Member & Non-Executive DirectorMr. Jayant Dua Member & Managing Director & CEOMs. Tarjani Vakil Member, Non-Executive & Independent DirectorMr. Venkatesh Mysore Member & Non-Executive Director
Table 07
The Company Secretary acts as the Secretary to the Committee.
All members of the Audit Committee are fi nancially literate and have the necessary accounting and related fi nancial management expertise.
The Chief Financial Offi cer, Chief Actuarial Offi cer, Appointed Actuary, Senior VP – Compliance, Risk Management, Internal Audit, Legal & Secretarial, the Statutory Auditors and the Internal Auditors are permanent invitees at each Audit Committee Meeting. The special auditors of both the promoters (viz. Aditya Birla Nuvo Limited & Sun Life Financial Inc.) of the Company also conduct certain process audits during the year and they are invited to present their reports at the Audit Committee meeting of the Company.
II.2.B. Meetings and attendance
During FY 2011-12, the Audit Committee met four times viz.
i. April 27, 2011;
ii. July 26, 2011;
iii. October 20, 2011; and
iv. January 28, 2012.
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The attendance at the Audit Committee meetings during FY 2011-12 is given in Table 08:
Name of the Committee member No. of Audit Committee meetings
held during FY 2011-12
Held Attended
Mr. Gian P. Gupta 04 04Mr. Ajay Srinivasan 04 04Mr. Bishwanath N. Puranmalka 04 04Mr. Dikran Ohannessian 04 03Mr. Jayant Dua 04 04Ms. Tarjani Vakil 04 03Mr. Venkatesh Mysore 04 04
Table 08II.3. INVESTMENT COMMITTEE
Pursuant to Section 292 of the Companies Act 1956, the Board has the power to invest the Funds of the Company and delegate the same to any Committee or to any offi cials of the Company on any such conditions as may be prescribed by the Board.
The role of Investment Committee is to set policy framework for Investment and ensuring to safeguard the interest of Shareholders and Policyholders Funds. Investment committee as mandated by IRDA Corporate Governance Guidelines ensures that all investment activities are conducted as per the framework defi ned by IRDA and Board.
II.3.A. Composition
The composition of the Investment Committee as on 31st March 2012 is given in Table 09:
Name of the Committee Members Designation
Mr. Ajay Srinivasan Member & Non-Executive Director Mr. Jayant Dua Member & Managing DirectorMs. Keerti Gupta Member & Head – RiskMr. Mayank Bathwal Member & Chief Financial Offi cer Mr. Niall O’Hare* Member & Chief Actuarial Offi cer Ms. Priscilla Sinha* Member & Appointed ActuaryDr. Rakesh Jain Member & Non-Executive DirectorMr. Sashi Krishnan** Member & Chief Investment Offi cerMr. Venkatesh Mysore Member & Non-Executive Director
Table 09*Appointed w.e.f. July 26, 2011.**Appointed w.e.f. January 31, 2012.
II.3.B. Meetings and attendance
During FY 2011-12, the Investment Committee met four times viz:
i. April 29, 2011; ii. July 29, 2011;iii. October 31, 2011; and iv. January 31, 2012.
The attendance at the Investment Committee meetings during FY 2011-12 is given in Table 10:
Name of the Committee member No. of Investment Committee
meetings held during FY 2011-12
Held Attended
Mr. Ajay Srinivasan 04 04Mr. Fabien Jeudy* 01 01Mr. Jayant Dua 04 04Ms. Keerti Gupta 04 04Mr. Mayank Bathwal 04 04Mr. Niall O’Hare** 03 02Ms. Priscilla Sinha** 03 03Dr. Rakesh Jain 04 00Mr. Sashi Krishnan*** 01 01Mr. Venkatesh Mysore 04 00Mr. Vikram Kotak**** 03 02
Table 10*Ceased w.e.f. July 26, 2011.**Appointed w.e.f. July 26, 2011.***Appointed w.e.f. January 31, 2012.****Ceased w.e.f. January 31, 2012.
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II.4. POLICYHOLDERS’ PROTECTION COMMITTEE
IRDA places signifi cant emphasis on the protection of policyholders’ interests and on the adoption of sound and healthy market conduct practices by insurers. IRDA regulations and guidelines are in place with respect to protection of policyholders’ interests, advertisement and disclosures, advertisement and promotion & publicity.
As per IRDA Corporate Governance (“IRDA CG”) Guidelines constitution of “Policyholders’ Protection Committee” is mandatory for life insurance companies. In view of the foregoing provision, BSLI’s Board had constituted the “Policyholders’ Protection Committee” at its meeting held on November 10, 2009 to address various compliance issues relating to protection of the interests of policyholders, as also relating to keeping the policyholders well informed of and educated about insurance products as well as complaint-handling procedures and shall directly report to the Board.
II.4.A. Composition
The composition of the Policyholders’ Protection Committee as on 31st March 2012 is given in Table 11:
Name of the Committee Members Designation
Mr. N. N. Jambusaria Chairman Mr. Amitabh Verma Member & Chief Operational Offi cerMr. Jayant Dua Member & Managing DirectorMr. Lalit Vermani Member & Senior VP – Compliance, Risk Management, Internal Audit,
Legal & SecretarialMr. Mayank Bathwal Member & Chief Financial Offi cerMr. Niall O’Hare Member & Chief Actuarial Offi cer Mr. Puneet Bansal Member & Head – Legal & Secretarial (ABFS)Mr. Vikas Seth Member & Head – Sales-DSF
Table 11II.4.B. Meetings and attendance
During FY 2011-12, the Policyholders’ Protection Committee met four times viz:
i. May 5, 2011;
ii. August 25, 2011;
iii. December 19, 2011; and
iv. March 22, 2012.
The attendance of the Policyholders’ Protection Committee members at the Policyholders’ Protection Committee meetings during FY 2011-12 is given in Table 12:
Name of the Committee Member No. of Policyholders’ Protection Committee
meetings held during FY 2011-12
Held Attended
Mr. N. N. Jambusaria 04 04Mr. Amitabh Verma 04 04Mr. Fabien Jeudy* 01 01Mr. Jayant Dua 04 04Mr. Lalit Vermani 04 04Mr. Mayank Bathwal 04 04Mr. Niall O’Hare** 03 02Mr. Puneet Bansal 04 02Mr. Vikas Seth 04 03
Table 12*Ceased w.e.f. July 26, 2011.
**Appointed w.e.f. July 26, 2011.
II.5. RISK MANAGEMENT COMMITTEE
In view of the growing scale of the Company and the regulations becoming more stringent, the Board of the Company at its meeting held on May 24, 2008 constituted the Risk Management Committee as mandated by IRDA CG Guidelines (erstwhile Risk Review Meeting) as a sub-committee of the Board, to oversee the risk management and compliance activities of the Company.
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II.5.A. Composition
The composition of the Risk Management Committee as on 31st March 2012 is given in Table 13:
Name of the Committee Members Designation
Mr. Gian P. Gupta Chairman, Non-Executive & Independent Director Mr. Ajay Srinivasan Member & Non-Executive DirectorMr. Jayant Dua Member & Managing DirectorMs. Tarjani Vakil Member, Non-Executive & Independent DirectorMr. Venkatesh Mysore Member & Non-Executive Director
Table 13The Company Secretary acts as the Secretary to the Committee.
II.5.B. Meetings and attendance
During FY 2011-12, the Risk Management Committee was convened four times viz:
i. May 6, 2011;
ii. August 25, 2011;
iii. December 7, 2011; and
iv. March 22, 2012.
The attendance at the Risk Management Committee meetings during FY 2011-12 is given in Table 14:
Name of the Committee Member No. of Risk Management Committee
meetings held during FY 2011-12
Held Attended
Mr. Gian P. Gupta 04 04Mr. Ajay Srinivasan 04 02Mr. Jayant Dua 04 04Ms. Tarjani Vakil 04 04Mr. Venkatesh Mysore 04 01
Table 14II.6. FINANCE COMMITTEE
The Board has constituted a Finance Committee in compliance of the revised clause 41 of the Listing Agreement. As per the Listing Agreement such committee shall consist of not less than one third of the directors, which shall include atleast one Independent Director.
II.6. A. Composition
The composition of Finance Committee as on 31st March 2012 is given in Table 15:
Name of the Committee Members Designation
Mr. Ajay Srinivasan Member & Non-Executive DirectorMr. Bishwanath N. Puranmalka Member & Non-Executive DirectorMr. Gian P. Gupta Member, Non-Executive & Independent DirectorMs. Tarjani Vakil Member, Non-Executive & Independent DirectorMr. Venkatesh Mysore Member & Non-Executive Director
Table 15The Company Secretary acts as the Secretary to the Committee.
II.6.B. Meetings and attendance
During the year under review, the audited/unaudited accounts were directly placed before the Board and hence no meeting of Finance Committee was convened.
II.7. SHARE ALLOTMENT COMMITTEE
To keep pace with the rapid growth of the Company and to smoothen and fasten the process of regular infusion of share capital, the Board of the Company, at its meeting held on 25th April, 2005 had constituted a committee called the Share Allotment Committee. The Share Allotment Committee has been delegated the authority to allot the shares and issue the share certifi cates.
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II.7.A. Composition
The composition of Share Allotment Committee as on 31st March 2012 is given in Table 16:
Name of the Committee Members Designation
Mr. Bishwanath N. Puranmalka Member & Non-Executive DirectorMr. Gian P. Gupta Member, Non-Executive & Independent DirectorMr. Suresh N. Talwar Member, Non-Executive & Independent DirectorMr. Venkatesh Mysore Member & Non-Executive Director
Table 16
The Company Secretary acts as the Secretary to the Committee.
II.7.B. Meetings and attendance
No meeting of Share Allotment Committee was conducted as there was no capital infusion during the entire FY 2011-12.
III. SUBSIDIARY COMPANIES
The Company does not have any subsidiary Company of its own. However, the Company is a material non listed Indian subsidiary company of Aditya Birla Nuvo Limited (ABNL), which holds 74% of the Company’s share capital. Mr. Gian P. Gupta and Ms. Tarjani Vakil, both independent directors on the Board of ABNL, are also independent directors on the Board of the Company. The Company regularly reports the corporate governance requirements, as applicable to a material non listed Indian subsidiary company, to ABNL, including forwarding of minutes, fi nancial statements, statement of signifi cant transactions and arrangements entered into by the Company.
IV. DISCLOSURES
IV.A. Related Party Transactions
All the related party transactions are strictly done on arm’s length basis. The related party transactions of the Company are periodically placed and reviewed by the Audit Committee of the Company and necessary briefi ng is given to the Board as well. Particulars of related party transactions are listed out in Annexure 2 to Schedule 16 of the Balance Sheet forming part of the Annual Report.
IV.B. Remuneration of Directors
The detailed note on the remuneration of Directors has already been incorporated in this Report earlier. Apart from the details mentioned therein, no other remuneration is paid to any of the Directors.
Only one Director, Mr. Bishwanath N. Puranmalka holds one equity share of ` 10/- jointly with Aditya Birla Nuvo Limited in the share capital of the Company. None of the other Directors of the Company have any holding in the share capital of the Company.
IV.C. Whistle Blower Policy
The Company has a Whistle Blower Policy to escalate any issues on integrity/business issues/people issues and gender issues. BSLI Grievances and Disciplinary Committee members, constituted under the Whistle Blower Policy, conduct a proper and unbiased investigation and ascertain the correctness and trueness of the complaint and recommend necessary corrective measures, including punitive actions such as termination of employment/agency/contracts. Summary of cases, as and when reported, alongwith status is placed before the Policyholders’ Protection Committee for their review and discussion.
The Company ensures confi dentiality and protection against victimisation. No adverse action is taken against an employee or business associate in ‘knowing retaliation’ who makes any good-faith disclosure of suspect or wrongful conduct to the BSLI Grievances and disciplinary committee.
IV.D. Management
A detailed Management Discussion and Analysis Report forms part of the Annual Report being sent to the stakeholders, including shareholders, of the Company.
IV.E. Shareholders & General information
i. General Body Meetings
The particulars of the last three Annual General Meetings (AGMs) of the Company are provided in Table 17:
AGM Financial Year Date of the AGM Time Venue
9th 2008-2009 May 11, 2009 10.00 a.m. Aditya Birla Centre, Board Room, ‘B’ Wing, 5th Floor, S. K. Ahire Marg, Worli, Mumbai-400 030.
10th 2009-2010 June 16, 2010 10.30 a.m. Board Room, 16th Floor, One Indiabulls Centre, Tower 1, Jupiter Mill Compound, 841, S. B. Marg, Elphinstone Road, Mumbai-400 013.
11th 2010-2011 June 16, 2011 10.30 a.m. Board Room, 16th Floor, One Indiabulls Centre, Tower 1, Jupiter Mill Compound, 841, S. B. Marg, Elphinstone Road, Mumbai-400 013.
Table 17
There were no Extraordinary General Meetings (EGMs) of the Company held during FY 2011-12.
There was no special resolution passed by the Company during the last three fi nancial years.
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ii. General Shareholder Information
Date, Time and Venue of the 12th Annual General Meeting June 20, 2012, 10.30 a.m., Board Room, 16th Floor, One Indiabulls Centre, Tower 1, Jupiter Mill Compound, 841, S. B. Marg, Elphinstone Road, Mumbai-400 013.
Financial Year 2011-12
Registrar and Transfer Agents MCS Limited
Registration no. of the Company as per Companies Act with the Registrar of Companies
11-128110
Registration no. of the Company as per Insurance Act with the Insurance Regulatory and Development Authority
109
ISIN INE951F01015
Corporate Identifi cation Number (CIN) U99999MH2000PLC128110
Permanent Account Number (PAN) AABCB4623J
Registered offi ce*/address for correspondence One Indiabulls Centre, Tower 1, 15th & 16th Floor, Jupiter Mill Compound, 841, S. B. Marg, Elphinstone Road, Mumbai-400 013.
Table 18
iii. Means of Communication
As per the IRDA guidelines on public disclosures, the insurance companies are required to disclose their fi nancials (Balance Sheet, Profi t & Loss Account, Revenue Account and Key Analytical Ratios) by new paper publication and host the same on their websites within stipulated timelines.
Accordingly, the disclosures are hosted on BSLI’s website (www.biralsunlife.com) and adequate steps have been taken to ensure publication of requisite disclosure in new papers.
SECTION B
REPORTING UNDER IRDA CORPORATE GOVERNANCE GUIDELINES (IRDA CG GUIDELINES)
A detailed report on status of compliance with the “Corporate Governance Guidelines” (IRDA CG Guidelines) is being fi led on an annual basis in compliance with IRDA Circular No. IRDA/F&A/CIR/CG/081/05/2011 dated May 2, 2011.
SECTION C
REPORTING UNDER MCA GUIDELINES (MCA GUIDELINES)
The Ministry of Corporate Affairs has issued a set of Voluntary Guidelines on ‘Corporate Governance’ and ‘Corporate Social Responsibility’ in December, 2009. These guidelines are expected to serve as a benchmark for the Corporate Sector and also help them in achieving the highest standard of corporate governance.
Some of the provisions of these guidelines are already in place as reported elsewhere in this Report. The other provisions of these guidelines are being evaluated and your Company will strive to adopt the same in a phased manner.
Certifi cation by Compliance Offi cer
Certifi cation for compliance of the Corporate Governance Guidelines
I, Ashish Lakhtakia, hereby certify that to the best of my knowledge and information available with me, the Company has complied with the Guidelines on Corporate Governance for the Insurance Sector issued by IRDA vide its circular no. IRDA/F&A/CIR/025/2009-10 dated August 05, 2009 as amended vide circular no. IRDA/F&I/CIR/F&A/014/01/2010 dated January 29, 2010 and nothing has been concealed or suppressed.
Sd/-
Ashish Lakhtakia
Company Secretary
Place: Mumbai
Date: April 28, 2012
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Enterprise Risk Management Reportfor the year ended 31st March, 2012
Risk Management
A. RISK MANAGEMENT FRAMEWORK
The Company has an Enterprise Risk Management (ERM) framework covering procedures to identify, assess and mitigate the key business risks. Aligned with the business planning process, the ERM framework covers all business risks including strategic risk, operational risks, investment risks, insurance risks and catastrophic risks. The key business risks identifi ed are approved by the Board’s Risk Management Committee and monitored by the Risk Management team thereafter.
The Company also has in place an Operational Risk Management (ORM) framework that supports excellence in business processes, system and facilitates matured business decisions to move to a proactive risk assessment and is in the process of implementing the key operational risk components.
The Company’s Investments Function is governed by the Investment Committee and the Asset Liability Management Committee appointed by the Board of Directors. Investment Policy and Operating Guidelines laid down by the Board provide the framework for management and mitigation of the risks associated with investments. Asset Liability Policy and various ALM strategies are adopted to ensure adequate Asset Liability Management. These policies are reviewed at frequent intervals by the respective Board Committees and approved by the Board where required.
BSLI has a robust Business Continuity framework to ensure resumption of time sensitive activities within defi ned timeframe at defi ned levels. BSLI was the 1st Insurance Company in India to be certifi ed against the BS25999 standard (Globally accepted standard on Business Continuity).
The Company through its risk management policies has set up systems to continuously monitor its experience with regard to other parameters that affect the value of benefi ts offered in the products. Such parameters include policy lapses, premium persistency, maintenance expenses and investment returns.
ERM encompasses the following areas:
Governed by Risk Policies and Operating Guidelines approved by
Board Committee/Sub Committee of the board
Risk AssessmentRisk Identifi cation
Risk monitoring,
communication and
reporting
Enterprise Risk Management
Framework in BSLI
Risk Response and Risk
Management strategy
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Enterprise Risk Management Reportfor the year ended 31st March, 2012
Risk Policies:
The following risk policies govern and implement effective risk management practices:
Product Design and Pricing Policy, Underwriting and Liability Management Policy, Reinsurance Ceded Policy, Capital Management Policy, Investment Policies, Valuation Policy, Information Security Policies, Business Continuity Policy, Operational Risk Management Policy, Fraud Reporting and Investigating Policy, Asset Liability Management policy, Outsourcing policy.
Risk Mitigation Strategies:
The company is exposed to several risks in the course of its business. The risks on the liabilities front may arise due to more than expected claims. On the assets front, risks could arise due to the possibility of fl uctuations in their market value. The Company is also subject to expense risk, since until new business volumes grow signifi cantly, the actual expenses of the Company will exceed the expenses loaded into the product pricing. The Company has implemented adequate safeguards to mitigate these risks. The overall business risks and mitigation strategies are as are described below:
Strategic Risk Risk to future earnings or capital in terms of failure to achieve the Company’s strategic or long term business plans, either through incorrect choices or improper implementation of those choices.
Mitigation Strategy: Strategic risks are managed through risk identifi cation and review process through the Enterprise Risk Management framework. Strategic risks and mitigating action plans are monitored by the Risk Management Committee.
Investment Risk Risk to Investment Performance can be due to Systematic Risks like Markets, Interest Rates, Liquidity, etc. or Unsystematic Risk like the company specifi c or Industry Specifi c Risks. These risks can impact the Guarantees, other than hampering the Investment performance on temporary/permanent basis.
Mitigation Strategy: Robust governance structure (Investment Committee) and well defi ned investment policies & processes ensure that the risks involved in investments are properly identifi ed and acceptable levels are defi ned. Stringent investment norms and approval structure ensures healthy portfolio while delivering the expected performance. All Regulatory and Internal norms are built in the Investment system, which monitors the Investment limits and exposure norms on real-time basis. The company uses systems like MSCI Barra One to evaluate and monitor risks.
Asset Liability Management
(ALM) Risk
An asset-liability mismatch occurs when the fi nancial terms of an institution’s assets and liabilities do not correspond. These can lead to non-payment/deferment of claims, expenses, etc.
Mitigation Strategy: Robust governance structure (ALM Committee) and well defi ned Asset Liability Management framework ensures periodic monitoring of the Asset-Liability position of the company. BSLI’s Asset Liability Management Techniques aims to manage the volume, mix, maturity, rate sensitivity, quality and liquidity of assets and liabilities as a whole so as to attain a predetermined acceptable risk/reward ratio. Strategies are reviewed and revised based on the periodic monitoring. Various analyses are carried out to gauge the impact of the Interest rate movements, market movements and mortality rate assumptions. Further the NAV guarantee products uses proprietary monitoring mechanisms to ensure adequate ALM.
Operational Risk The uncertainty arising from more than expected losses or damage to fi nances or reputation resulting from inadequate or failed internal processes, controls, people, systems or external events.
Mitigation Strategy: Operational risks are governed through Operational Risk Management policy. The Company maintains an operational loss database to track and mitigate risks resulting in fi nancial losses. To control operational risk, operating and reporting processes are reviewed and updated regularly. Ongoing training through internal and external programs is designed to equip staff at all levels to meet the demands of their respective positions. The Company has a Business Continuity Plan in place to manage any business interruption risk. The Company is the fi rst Indian Insurance company to be BS25999 (British Standard 25999) certifi ed. Fraud management is handled through an internal committee and is governed by the Fraud Reporting and Investigation Policy.
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Enterprise Risk Management Reportfor the year ended 31st March, 2012
Insurance Risk The uncertainty of product performance due to differences between the actual experience and expected assumptions affecting amount of claims, benefi ts payments, expenses etc.
Mitigation Strategy: The Company through its risk management policies has set up systems to continuously monitor its experience with regard to other parameters that affect the value of benefi ts offered in the products. Such parameters include policy lapses, premium persistency, maintenance expenses and investment returns.
A strong underwriting team is in place to review all proposals from clients, supported by comprehensive processes and procedures, and guided by international experts. The objective of the underwriting team is to minimise the risks of abnormal mortality and morbidity by acquiring adequate information, to determine, whether to accept individual lives, and if so, the extra premium if any, to compensate for any additional risk.
The operating expenses are monitored very closely. Many products offered by the Company also have an investment guarantee. The Company has set aside additional reserves to cover this risk. Further, the possible fi nancial effect of adverse mortality and morbidity experience has been reduced by entering into reinsurance agreements.
Further, the possible fi nancial effect of adverse mortality and morbidity experience has been reduced by entering into reinsurance agreements with RGA and Swiss Re (international reinsurers) for individual life business, RGA and Generali (international reinsurers) for group business and Swiss Re (international reinsurer) for Health business. All reinsurers are specialist international reinsurance companies with excellent reputation and signifi cant fi nancial strength. The Company has entered into a separate agreement with RGA to cover the catastrophic risks under group business.
Business Continuity Management Policy:
To have a planned response in the event of any contingency ensuring recovery of critical activities at agreed levels within agreed timeframe thereby complying with various regulatory requirements and minimising the potential business impact to BSLI. Additionally to create a system that fosters continuous improvement of business continuity management.
Business Continuity Management Objectives:
1. Ensuring a Proactive response to any contingency.
2. Ensuring recovery of identifi ed critical activities within agreed timeframe.
3. Ensuring that we adhere to our clients, contractual, legal & regulatory requirements.
Business Continuity Management Framework:
Governance through Board Level Risk
Review Committee & BS25999 Framework
Planning
through
Business
Impact
Analysis
&
Risk
Assessment
Implementation
througth
Business
Continuity/
Crisis
Management
Plan/Alternate
Site & DR Plan
Exercising through
Disaster
Recovery/Alternate
Site, Call Tree
Testing,
Evacuation Drills &
Facility Walkthrough
Review through
Internal/BS25999
Continual
Assessment &
Management
Review Meeting
with BCMS Steering
Committee
Embedding Business Continuity in the Culture through Risk Awareness Week,
Workshops, Screensavers & Mailers
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Enterprise Risk Management Reportfor the year ended 31st March, 2012
B. RISK MANAGEMENT COMMITTEE
Governance structure:
Composition, Meeting, attendance and other details of Risk Management Committee is detailed in Corporate Governance Report in Clause 49 reporting.
The risk management structure comprises of the Risk Management Team and Functional Heads governed by Board level Risk Management Committee. Briefl y the Roles and Responsibilities of the Committee is summarised below:
Scope & Term of
Reference
Risk Management Committee
Risk Management
– Requires management to identify and present to the Committee, major areas of risk facing the business activities of the Company and strategies to manage those risks.
– Reviews, at least annually, the adequacy of and compliance with the policies implemented for the management and control of risk, including investment policies, asset-liability risk management, operational risk, management of risk to reputation, management of outsourcing arrangements and approves changes to the foregoing as appropriate.
Compliance
– Reviews at least annually and approves changes to policies or programs that provide for the monitoring of compliance with legal and regulatory requirements including legislative compliance management systems.
– Reviews the status of compliance and regulatory reviews and business practice reviews worldwide, including at least annually, compliance with codes of conduct of the Aditya Birla Group and Sun Life Financial.
– Reviews market conduct practices.
– Reviews procedures for complying with anti-money laundering and suppression of terrorism laws and regulations worldwide and monitors and reviews the effectiveness and compliance with those procedures.
Other
– Performs such other duties and exercises such other powers as may, from time to time, be assigned to or vested in the Committee by the Board.
– In addition to above any such other duties and exercises as may be specifi ed by IRDA by way of notifi cations or necessary amendments in applicable statutes and/or guidelines, from time to time.
Board of Directors
Risk Management Committee
Risk Management Team
Function Heads
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To the Members of Birla Sun Life Insurance Company Limited
1. We have audited the attached balance sheet of Birla Sun Life Insurance Company Limited (‘the Company’) as at March 31, 2012 and also the revenue account, profi t and loss account, and receipts and payments account for the year ended on that date annexed thereto. These fi nancial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these fi nancial statements based on our audit.
2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance as to whether the fi nancial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fi nancial statements. An audit also includes assessing the accounting principles used and signifi cant estimates made by management, as well as evaluating the overall fi nancial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
3. We report that: (a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes
of our audit and have found them to be satisfactory. (b) The fi nancial accounting systems of the Company are centralised and therefore accounting returns are not required to be submitted
by branches and other offi ces. (c) The balance sheet, revenue account, profi t and loss account and receipts and payments account referred to in this report are in
agreement with the books of account. (d) The actuarial valuation of liabilities for policies in force is the responsibility of the Company’s appointed actuary (‘the appointed
actuary’). The actuarial valuation of liabilities for policies in force has been duly certifi ed by the appointed actuary. The appointed actuary has certifi ed to the Company that the assumptions for such valuation are in accordance with the guidelines and norms issued by the Insurance Regulatory and Development Authority (‘IRDA’) and the Actuarial Society of India in concurrence with IRDA. We have relied on the appointed actuary’s certifi cate in this regard for forming our opinion on the valuation of liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists on fi nancial statements of the Company.
(e) On the basis of the written representations received from the directors, and taken on record by the board of directors, none of the directors is disqualifi ed as on March 31, 2012 from being appointed as a director in terms of Section 274(1)(g) of the Companies Act, 1956.
4. In our opinion and to the best of our knowledge and belief and according to the information and explanations given: (a) Proper books of account as required by law have been maintained by the Company, so far as appears from our examination of those
books; (b) Investments of the Company have been valued in accordance with the provisions of the Insurance Act, 1938 and the regulations/
directions issued by IRDA in this behalf. (c) The accounting policies selected by the Company are appropriate and in compliance with the applicable accounting standards referred
to in Section 211(3C) of the Companies Act, 1956 and the accounting principles prescribed in the IRDA Financial Statements Regulations and orders or directions issued by IRDA in this behalf.
(d) The balance sheet, revenue accounts, profi t and loss account and the receipts and payments account together with the notes thereon and attached thereto are prepared in accordance with the provisions of the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditors’ Report of Insurance Companies) Regulations, 2002, Insurance Act, 1938, the Insurance Regulatory and Development Act, 1999 and the Companies Act, 1956, to the extent applicable and in the manner so required.
(e) The said fi nancial statements give a true and fair view in conformity with the accounting principles generally accepted in India: i. in the case of the balance sheet, of the state of affairs as at March 31, 2012; ii. in the case of the revenue account, of the surplus (before contribution from the shareholders’ account) for the year ended
March 31, 2012; iii. in the case of the profi t and loss account, of the profi t for the year ended March 31, 2012; and iv. in the case of the receipts and payments account, of the receipts and payments for the year ended March 31, 2012.
5. Further, according to the information and explanations given and to the best of our knowledge and belief, we certify that: (a) We have reviewed the management report attached to the fi nancial statements for the year ended March 31, 2012 and there is no
apparent mistake or material inconsistency with the fi nancial statements. (b) Based on the information and explanations received during the normal course of audit, management’s representations made to us and
the compliance certifi cate submitted to the Board by the offi cers of the Company charged with compliance and the same being noted by the Board, nothing has come to our attention which causes us to believe that the Company has not complied with the terms and conditions of registration as per sub-section 4 of Section 3 of the Insurance Act, 1938.
6. As required by the Regulations, we set out in the Annexure, a statement certifying the matters specifi ed in paragraph 4 of Schedule C to the regulations.
For S. R. Batliboi & Associates For Fraser & Ross
Chartered Accountants Chartered Accountants Registration No. 101049W Registration No. 000829S
per Amit Majmudar S. Ganesh
Partner PartnerMumbai, 28th April, 2012 Membership No. 36656 Membership No. 204108
Auditors’ Reportfor the year ended 31st March, 2012
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Auditors’ Certifi cate
To the best of our information and explanations given to us and to the best of our knowledge and belief and based on our examination of the books of account and other records maintained by Birla Sun Life Insurance Company Limited (‘the Company’) for the year ended 31st March 2012, we certify that:
1. We have verifi ed the cash balances, to the extent considered necessary, and securities relating to the Company’s loans and investments as at 31st March 2012, by actual inspection or on the basis of certifi cates/confi rmations received from the Custodian appointed by the Company, as the case may be. As at 31st March 2012, the Company does not have reversions and life interests;
2. The Company is not a trustee of any trust;
3. No part of the assets of the Policyholders’ Funds has been directly or indirectly applied in contravention to the provisions of the Insurance Act, 1938, relating to the application and investments of the Policyholders’ Funds;
This certifi cate is issued to comply with Schedule C of the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditors' Report of Insurance Companies) Regulations 2002, (‘the Regulations’) read with Regulation 3 of the Regulations and may not be suitable for any other purpose.
For S. R. Batliboi & Associates For Fraser & Ross
Chartered Accountants Chartered Accountants Registration No. 101049W Registration No. 000829S
per Amit Majmudar S. Ganesh
Partner PartnerMumbai, 28th April, 2012 Membership No. 36656 Membership No. 204108
(Referred to in Paragraph 6 of the Auditors’ Report of even date to the members of the Birla Sun Life Insurance Company Limited on the fi nancial statements for the year ended March 31, 2012)
Annexure to the Auditors’ Reportfor the year ended 31st March, 2012
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BIRLA SUN LIFE INSURANCE COMPANY LIMITED Form A- RA
Registration Number: 109 dated 31st January 2001
Policyholders’ Account (Technical Account)
(Amounts in thousands of Indian Rupees)
Revenue Accountfor the year ended 31st March, 2012
As required by Section 40B(4) of the Insurance Act, 1938 we certify that all expenses of Management in respect of life insurance business transacted in India by the Company have been fully debited to the Policyholders' Account.
In terms of our report attached.
For S. R. Batliboi & Associates For Fraser & Ross For and on behalf of the Board of Directors
Chartered Accountants Chartered AccountantsFirm Registration No.101049W Firm Registration No. 000829S
per Amit Majmudar S. Ganesh Donald A. Stewart Gian P. Gupta
Partner Partner Director DirectorMembership No. 36656 Membership No. 204108
Jayant Dua Mayank Bathwal
Managing Director & CEO Chief Financial Offi cer
Niall O’hare Priscilla Sinha
Chief Actuarial Offi cer Appointed Actuary
Ashish Lakhtakia
Mumbai, 28th April, 2012 Company Secretary
Particulars ScheduleYear ended
31st March 2012
Year ended
31st March 2011
Premiums earned - Net
(a) Premium 1 58,853,594 56,770,665 (b) Reinsurance ceded (1,375,857) (825,041)(c) Reinsurance accepted — —
Sub-Total 57,477,737 55,945,624
Income from investments
(a) Interest, Dividend & Rent - Gross 9,567,643 7,715,638 (b) Profi t on Sale/Redemption of Investments 5,822,017 15,996,532 (c) (Loss) on Sale/Redemption of Investments (13,458,611) (3,894,870)(d) Transfer/Gain ( Loss) on revaluation/Change in Fair value (3,485,771) (4,778,515)(e) Gain/(Loss) on Amortisation (77,958) (119,398)
Sub-Total (1,632,680) 14,919,387
Other Income
(a) Contribution from the Shareholders’ Account (Refer Schedule 16 Note 7) 3,287,343 619,836 (b) Others (Interest etc.) 298,060 236,803
Sub-Total 3,585,403 856,638
Total (A) 59,430,460 71,721,650
Commission 2 3,254,002 3,805,795 Operating Expenses related to Insurance Business 3 12,151,175 12,034,778 Provision for doubtful debts — —Bad Debts written off — —Provision for Tax (including earlier years) — (5,875)Provision (other than taxation)(a) For diminution in value of investments (net) — —(b) Others — —
Total (B) 15,405,177 15,834,698
Benefi ts paid (Net) 4 27,046,221 19,343,749 Interim Bonuses Paid — —Change in valuation of liability in respect of life policies (a) Gross 4,533,945 2,779,908 (b) Fund Reserve 6,340,460 28,912,827 (c) Premium Discontinuance Fund - Linked 431,538 6,401 (d) (Amount ceded in Re-insurance) (823,696) (32,122)(e) Amount accepted in Re-insurance — —
Total (C) 37,528,468 51,010,763
Surplus (D) = (A) - (B) - (C) 6,496,815 4,876,189 Appropriations
Transfer to Shareholders’ Account (Refer Schedule 16 Note 7) 7,107,686 3,290,689 Transfer to Other Reserve — —(Release from)/Transfer to Funds for Future Appropriation (610,871) 1,585,500
Total (D) 6,496,815 4,876,189
The total surplus as mentioned below :(a) Interim Bonuses Paid — —(b) Allocation of Bonus to Policyholders — —(c) Surplus shown in the Revenue Account 6,496,815 4,876,189
Total Surplus [(a)+(b)+(c)] 6,496,815 4,876,189
Signifi cant Accounting Policies and Disclosures 16The schedules and accompanying notes are an integral part of this Revenue account
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Profi t and Loss Accountfor the year ended 31st March, 2012
BIRLA SUN LIFE INSURANCE COMPANY LIMITED Form A- PL
Registration Number: 109 dated 31st January 2001
Shareholders’ Account (Non-Technical Account)
(Amounts in thousands of Indian Rupees)
Particulars Schedule Year ended
31st March 2012
Year ended
31st March 2011
Amounts transferred from Policyholders’ Account (Technical Account) 7,107,686 3,290,689 (Refer Schedule 16 Note 7)Income from Investments
(a) Interest, Dividend & Rent - Gross 785,703 366,344 (b) Profi t on sale/redemption of investments 24,666 33,366 (c) (Loss) on sale/redemption of investments (346) (254)(d) Gain/(Loss) on Amortisation (6,397) (15,598)Other Income — —
Total (A) 7,911,312 3,674,547
Expense other than those directly related to the insurance business 16,679 4,753 Bad debts written off — —Provision (other than taxation)(a) For diminution in the value of investment (net) — —(b) Provision for doubtful debts — —(c) Others — —(d) Contribution to the Policyholders’ Account 3,287,343 619,836 (Refer Schedule 16 Note 7)
Total (B) 3,304,022 624,589
Profi t before tax 4,607,290 3,049,958 Provision for taxation — —Profi t after tax 4,607,290 3,049,958 Appropriations
(a) Balance at the beginning of the period (1,72,25,082) (20,275,040)(b) Interim dividends during the period 984,750 —(c) Proposed fi nal dividend — —(d) Dividend distribution tax 159,751 —(e) Transfer to reserves/other accounts — —Loss carried forward to Balance Sheet (13,762,293) (17,225,082)Earning Per Share (Basic and Diluted), Face Value of ` 10 (in ` ) 2.34 1.55 (Refer Schedule 16 Note 12)Signifi cant Accounting Policies and Disclosures 16The schedules and accompanying notes are an integral part of this Profi t and Loss Account
In terms of our report attached.
For S. R. Batliboi & Associates For Fraser & Ross For and on behalf of the Board of DirectorsChartered Accountants Chartered AccountantsFirm Registration No.101049W Firm Registration No. 000829S
per Amit Majmudar S. Ganesh Donald A. Stewart Gian P. Gupta Partner Partner Director DirectorMembership No. 36656 Membership No. 204108 Jayant Dua Mayank Bathwal Managing Director & CEO Chief Financial Offi cer
Niall O’hare Priscilla Sinha Chief Actuarial Offi cer Appointed Actuary
Ashish LakhtakiaMumbai, 28th April, 2012 Company Secretary
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Balance Sheetfor the year ended 31st March, 2012
BIRLA SUN LIFE INSURANCE COMPANY LIMITED Form A-BS
Registration Number: 109 dated 31st January 2001
Balance Sheet
(Amounts in thousands of Indian Rupees)
Particulars Schedule As at
31st March 2012
As at
31st March 2011
Sources of FundsShareholders’ funds:Share Capital 5 19,695,000 19,695,000 Reserves and Surplus 6 4,800,000 4,800,000 Credit/(Debit)/Fair Value Change Account 47 1 Sub-Total 24,495,047 24,495,001 Borrowings 7 — —Policyholders’ Funds:Credit/(Debit) Fair Value Change Account (1,577) 69 Policy Liabilities 14,318,822 10,608,571 Insurance Reserves — —Provision for Linked Liabilities 180,060,213 170,233,983 Funds for discontinued policies(i) Discontinued on account of non-payment of premium 437,939 6,401 (ii) Others — —Credit/(Debit) Fair Value Change Account (Linked) 866,046 4,351,817 Total Linked Liabilities 181,364,198 174,592,201 Sub-Total 195,681,443 185,200,841 Funds for Future Appropriation– Linked Liabilities 3,958,870 4,569,742 Total 224,135,360 214,265,584 Application of FundsInvestmentsShareholders’ 8 10,153,273 6,972,707 Policyholders’ 8A 19,583,057 16,033,543 Assets Held to Cover Linked Liabilities 8B 181,364,198 174,592,201 Loans 9 250,239 263,070 Fixed Assets 10 395,861 399,823 Current AssetsCash and Bank Balances 11 6,404,658 5,885,242 Advances and Other Assets 12 2,380,549 1,371,709 Sub-Total (A) 8,785,207 7,256,951 Current Liabilities 13 9,617,592 8,008,286 Provisions 14 541,176 469,507 Sub-Total (B) 10,158,768 8,477,793 Net Current Assets (C) = (A-B) (1,373,561) (1,220,842)Miscellaneous Expenditure(To the extent not written off or Adjusted) 15 — —Debit Balance in Profi t and Loss Account (Shareholders’ Account) 13,762,293 17,225,082
Total 224,135,360 214,265,584
Signifi cant Accounting Policies and Disclosures 16The schedules and accompanying notes are an integral part of this Balance Sheet
In terms of our report attached.
For S. R. Batliboi & Associates For Fraser & Ross For and on behalf of the Board of DirectorsChartered Accountants Chartered AccountantsFirm Registration No.101049W Firm Registration No. 000829S
per Amit Majmudar S. Ganesh Donald A. Stewart Gian P. Gupta Partner Partner Director DirectorMembership No. 36656 Membership No. 204108 Jayant Dua Mayank Bathwal Managing Director & CEO Chief Financial Offi cer
Niall O’hare Priscilla Sinha Chief Actuarial Offi cer Appointed Actuary
Ashish LakhtakiaMumbai, 28th April, 2012 Company Secretary
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Schedulesfor the year ended 31st March, 2012
Schedule 1
Premium
(Amounts in thousands of Indian Rupees)
ParticularsYear ended
31st March 2012
Year ended
31st March 2011
1 First Year Premium 18,434,624 20,292,655 2 Renewal Premium 39,591,916 35,967,640 3 Single Premium 827,054 510,370
Total Gross Premium 58,853,594 56,770,665
Premium Income from Business written : In India 58,853,594 56,770,665 Outside India — —
Total Premium 58,853,594 56,770,665
Note: Refer Schedule 16 Note 2 (c) (i)
Schedule 2
Commission expenses
(Amounts in thousands of Indian Rupees)
ParticularsYear ended
31st March 2012
Year ended
31st March 2011
Commision PaidDirect - First Year Premium 1,774,394 2,451,080 Renewal Premium 1,463,689 1,344,985 Single Premium 15,919 9,730
Sub-total 3,254,002 3,805,795
Add:Commission on Re-insurance Accepted — — Less:Commission on Re-insurance Ceded — — Others :Bonus Commission — —
Net Commission 3,254,002 3,805,795
Breakup of Commission
ParticularsIndividual Agents 1,877,749 2,267,663 Brokers 342,279 305,981 Corporate Agents 1,032,219 1,231,930 Referral 1,755 221
Total 3,254,002 3,805,795
Note: Refer Schedule 16 Note 2 (e)
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Schedulesfor the year ended 31st March, 2012
Schedule 3
Operating Expenses Related to Insurance Business
(Amounts in thousands of Indian Rupees)
ParticularsYear ended
31st March 2012
Year ended
31st March 2011
1 Employees’ remuneration, welfare benefi ts and other manpower costs 5,790,187 5,238,451
2 Travel, conveyance and vehicle running expenses 249,607 203,273
3 Training expenses 138,251 136,511
4 Rents, rates and taxes 844,854 942,727
5 Repairs & maintenance 274,807 291,734
6 Printing and stationery 240,706 226,292
7 Communication expenses 253,704 295,254
8 Legal and professional charges 187,858 253,949
9 Medical fees 61,572 67,583
10 Auditor’s fees, expenses, etc.
(a) i) as auditor 5,400 4,100
ii) out of pocket expenses 315 317
(b) as advisor or in any other capacity,in respect of
i) Taxation services/matters — —
ii) Management services 284 900
11 Advertisement and publicity 807,893 1,000,435
12 Interest and bank charges 161,800 97,392
13 Others: 1) Distribution expenses 493,717 1,041,375
2) Agents recruitment, seminar and other expenses 32,228 9,946
3) Recruitment and seminar expenses 167,020 121,020
4) IT expenses (including maintenance) 346,390 315,233
5) Policy stamps 151,307 125,923
6) (Profi t)/Loss on sale of assets 1,033 13,991
7) Service Tax expenditure including provision for unutilised credit* [Refer schedule 16, note 33]
(74,056) (42,808)
8) Electricity expenses 179,917 173,290
9) Miscellaneous expenses 30,884 11,008
10) Outsourcing expenses 316,744 298,597
14 Depreciation 252,328 374,110
15 Service tax on premium 1,236,425 834,175
Total 12,151,175 12,034,778
* Includes reversal of impairment relating to unutilised credit of service tax for earlier years
77
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 77 01/08/12 2:11 PM
Schedulesfor the year ended 31st March, 2012
Schedule 4
Benefi ts Paid (Net)
(Amounts in thousands of Indian Rupees)
ParticularsYear ended
31st March 2012
Year ended
31st March 2011
1 Insurance Claims: (a) Claims by Death 2,568,600 1,928,459 (b) Claims by Maturity 133,217 61,800 (c) Annuities/Pension payment 554 944 (d) Other benefi ts (Surrender/Withdrawals/Health) 25,223,183 17,989,921 2 (Amount ceded in reinsurance): (a) Claims by Death (871,430) (633,591) (b) Claims by Maturity — — (c) Annuities/Pension Payment — — (d) Other benefi ts (Health) (7,903) (3,783)3 Amount accepted in reinsurance: (a) Claims by Death — — (b) Claims by Maturity — — (c) Annuities/Pension Payment — — (d) Other benefi ts — —
Total 27,046,221 19,343,749
Benefi ts paid to Claimants
1 In India 27,046,221 19,343,749 2 Outside India — —
Total 27,046,221 19,343,749
Note: Refer Schedule 16 Note 2 (d).
Schedule 5
Share Capital
(Amounts in thousands of Indian Rupees)
ParticularsAs at
31st March 2012
As at
31st March 2011
1 Authorised Capital 3,750,000,000 Equity Shares of ` 10/- each 37,500,000 37,500,000 2 Issued, Subscribed & Paid-up Capital 1,969,500,000 Equity Shares (Previous Year : 19,695,000 19,695,000 1,969,500,000 Equity Shares) of ` 10/- each fully paid-up Less: Preliminary Expenses — —
Total 19,695,000 19,695,000
Note: Of the above,1,457,430,000 Equity Shares (Previous Year: 1,457,430,000 equity shares) of ` 10/- each are held by Aditya Birla Nuvo Limited, the holding Company.
78
Annual Report 2011-12
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Schedulesfor the year ended 31st March, 2012
Schedule 5A
Pattern of shareholding (As certifi ed by the Management)
(Amounts in thousands of Indian Rupees)
ShareholderAs at 31st March 2012 As at 31st March 2011
Number of Shares % of Holding Number of Shares % of Holding
Promoters:
Indian 1,457,430,000 74% 1,457,430,000 74% Foreign 512,070,000 26% 512,070,000 26% Others — — — —
Total 1,969,500,000 100% 1,969,500,000 100%
Schedule 6
Reserves and Surplus
(Amounts in thousands of Indian Rupees)
ParticularsAs at
31st March 2012
As at
31st March 2011
1 Capital Reserve — —2 Capital Redemption Reserve — —3 Share Premium Opening balance 4,800,000 4,800,000 Add: Additions during the year — — Less: Utilised during the year — 4,800,000 — 4,800,000 4 Revaluation Reserve — —5 General Reserve — —6 Catastrophe Reserve — —7 Balance of profi t in Profi t and Loss Account — —
Total 4,800,000 4,800,000
Schedule 7
Borrowings
(Amounts in thousands of Indian Rupees)
ParticularsAs at
31st March 2012
As at
31st March 2011
1 Debentures/Bonds — —2 Banks — —3 Financial Institutions — —4 Others — —
Total — —
79
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 79 01/08/12 2:11 PM
Schedulesfor the year ended 31st March, 2012
Schedule 8
Investments - Shareholders
(Amounts in thousands of Indian Rupees)
ParticularsAs at
31st March 2012
As at
31st March 2011
LONG-TERM INVESTMENTS
1 Government securities and Government guaranteed bonds including Treasury Bills (Refer Schedule 16, note 18 (iii)) 5,789,609 3,439,8592 Other Approved Securities — —3 Other Investments (a) Shares — — (aa) Equity — — (bb) Preference — — (b) Mutual Funds — — (c) Derivative Instruments — — (d) Debentures/Bonds 607,814 513,599 (e) Other Securities 99,000 99,000 (f) Subsidiaries — — (g) Investment Properties-Real Estate — —4 Investments in Infrastructure and Social Sector 2,858,861 1,514,0045 Other than Approved Investments 296,530 25,000
Total (A) 9,651,814 5,591,462
SHORT-TERM INVESTMENTS
1 Government securities and Government guaranteed bonds including Treasury Bills 31,391 351,430 2 Other Approved Securities – Fixed Deposits — — – Others 68,443 480,1063 Other Investments (a) Shares (aa) Equity — — (bb) Preference — — (b) Mutual Funds 151,447 464,300 (c) Derivative Instruments — — (d) Debentures/Bonds 25,000 34,404 (e) Other Securities — — (f) Subsidiaries — — (g) Investment Properties - Real Estate — —4 Investments in Infrastructure and Social Sector 200,178 50,0005 Outstanding trades — —6 Other than Approved Investments 25,000 1,005
Total (B) 501,459 1,381,245
TOTAL (A) + (B) 10,153,273 6,972,707
Notes:
1 Aggregate amount of Company’s investments (other than listed equity securities, mutual fund and derivative instruments) and the market value thereof
ParticularsAs at
31st March 2012
As at
31st March 2011
Aggregate amount of Company’s investments other than listed equity securities, mutual fund and derivative instruments
10,001,826 6,507,402
Market value of above Investments 9,828,106 6,450,486
2 Investments in subsidiary/holding companies, joint ventures and associates at cost is ` Nil (Previous year ` Nil)3 Investments made out of Catastrophe reserve is ` Nil
4 Debt Securities are held to maturity and reduction in market values represent market conditions and not a permanent dimunition in value of investments, if any.
5 Historical cost of Mutual Fund included above is ` 151,400 (Previous Year: ` 465,304)6 Refer Schedule 16 Note 2 (f)
80
Annual Report 2011-12
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Schedulesfor the year ended 31st March, 2012
Schedule 8A
Investments - Policyholders
(Amounts in thousands of Indian Rupees)
ParticularsAs at
31st March 2012
As at
31st March 2011
LONG-TERM INVESTMENTS
1 Government securities and Government guaranteed bonds including Treasury Bills 6,000,603 7,368,333 2 Other Approved Securities — —3 Other Investments (a) Shares
(aa) Equity 73,664 — (bb) Preference — — (b) Mutual Funds — — (c) Derivative Instruments — — (d) Debentures/Bonds 2,322,646 1,732,951 (e) Other Securities 6,000 1,000 (f) Subsidiaries — — (g) Investment Properties-Real Estate — —4 Investment in Infrastructure and Social Sector 3,569,947 2,094,562 5 Other than Approved Investments — —
Total (A) 11,972,860 11,196,846
SHORT-TERM INVESTMENTS
1 Government securities and Government guaranteed bonds including Treasury Bills 4,005,956 739,477 2 Other Approved Securities – Fixed Deposits 348,600 1,000 – Others 1,505,969 2,282,824 3 Other Investments (a) Shares (aa) Equity — — (bb) Preference — — (b) Mutual fund 111,612 219,388 (c) Derivative Instruments — — (d) Debentures/Bonds 427,046 1,049,708 (e) Other Securities — — (f) Subsidiaries — — (g) Investment Properties - Real Estate — —4 Investment in Infrastructure and Social Sector 1,211,014 543,724 5 Other than Approved Investments — 576
Total (B) 7,610,197 4,836,697
TOTAL (A) + (B) 19,583,057 16,033,543
Notes:
1 Aggregate amount of Company’s investments (other than listed equity securities, mutual fund and derivative instruments) and the market value thereof
ParticularsAs at
31st March 2012
As at
31st March 2011
Aggregate amount of Company’s investments other than listed equity securities, mutual fund and derivative instruments
19,379,360 15,813,579
Market value of above Investments 19,189,316 15,650,371
2 Investments in subsidiary/holding companies, joint ventures and associates at cost is ` Nil (Previous year ` Nil)
3 Investments made out of Catastrophe reserve is ` Nil
4 Debt Securities are held to maturity and reduction in market values represent market conditions and not a permanent dimunition in value of investments, if any.
5 Historical cost of Mutual Fund & Equity included above is ` 111,577 (Previous Year: ` 219,895) and equity ` 93,696 (Previous year: Nil)
6 Refer Schedule 16 Note 2 (f)
81
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 81 01/08/12 2:11 PM
Schedulesfor the year ended 31st March, 2012
Schedule 8B
Assets held to cover linked liabilities
(Amounts in thousands of Indian Rupees)
ParticularsAs at
31st March 2012
As at
31st March 2011
LONG-TERM INVESTMENTS
1 Government securities and Government guaranteed bonds including Treasury Bills 22,360,052 17,589,769 2 Other Approved Securities — —3 Other Investments (a) Shares (aa) Equity 77,069,920 74,733,719 (bb) Preference — — (b) Mutual Funds — — (c) Derivative Instruments — — (d) Debentures/Bonds* 16,964,250 16,323,463 (e) Other Securities 496,000 596,000 (f) Subsidiaries — — (g) Investment Properties - Real Estate — —4 Investments in Infrastructure and Social Sector 26,109,378 22,360,128 5 Other than Approved Investments 8,533,233 9,882,995
Total (A) 151,532,833 141,486,074
SHORT-TERM INVESTMENTS
1 Government securities and Government guaranteed bonds including Treasury Bills 24,112 597,780 2 Other Approved Securities – Fixed Deposits 4,248,200 975,000 – Others 12,652,313 15,459,298 3 Other Investments (a) Shares
(aa) Equity — — (bb) Preference — — (b) Mutual Funds 1,590,568 3,279,184 (c) Derivative Instruments — — (d) Debentures/Bonds 3,771,152 6,184,912 (e) Other Securities — — (f) Application Money — 82,447 (g) Subsidiaries — — (h) Investment Properties - Real Estate — —4 Investments in Infrastructure and Social Sector 3,336,708 1,571,312 5 Other than Approved Investments 1,227,575 799,838
Total (B) 26,850,628 28,949,771
OTHER ASSETS
1 Bank Balances 1,140,345 1,039,9762 Interest Accrued on Investments 2,391,635 1,860,6083 Fund Charges — — 4 Outstanding Contracts (Net) (551,243) 1,255,772
Total (C) 2,980,737 4,156,356
TOTAL (A) + (B) + ( C) 181,364,198 174,592,201
Notes:
1 ParticularsAs at
31st March 2012
As at
31st March 2011
* Investment in Aditya Birla Nuvo Limited (Holding Company) 248,365 895,699
82
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 82 01/08/12 2:11 PM
Schedulesfor the year ended 31st March, 2012
Schedule 9
Loans
(Amounts in thousands of Indian Rupees)
ParticularsAs at
31st March 2012
As at
31st March 2011
1 Security-wise classifi cation
Secured (a) On mortgage of property (aa) In India — — (bb) Outside India — — (b) On Shares, Bonds, Govt. Securities, etc. — — (c) Loans against Policies 250,239 263,070 (d) Others — — Unsecured — —
Total 250,239 263,070
2 Borrower-wise classifi cation
(a) Central and State Governments — — (b) Banks and Financial Institutions — — (c) Subsidiaries — — (d) Companies — — (e) Loans against Policies 250,239 263,070 (f) Others — —
Total 250,239 263,070
3 Performance-wise classifi cation
(a) Loans classifi ed as standard: (aa) In India 250,239 263,070 (bb) Outside India — — (b) Non-standard loans less provisions (aa) In India — — (bb) Outside India — —
Total 250,239 263,070
4 Maturity-wise classifi cation
(a) Short-term — — (b) Long-term 250,239 263,070
Total 250,239 263,070
Note: Refer Schedule 16 Note 2 (g).
83
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 83 01/08/12 2:11 PM
Schedulesfor the year ended 31st March, 2012
Sch
ed
ule
10
Fix
ed
Ass
ets
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rs
Co
st/G
ross
Blo
ck
D
ep
recia
tio
n
Net
Blo
ck
As
on
Ap
ril
1,
20
11
Ad
dit
ion
s O
n S
ale
s/
Ad
just
-
men
ts
As
on
Ma
rch
31
,
20
12
As
on
Ap
ril
1,
20
11
Fo
r th
e
peri
od
On
Sa
les/
Ad
just
-
men
ts
As
on
Ma
rch
31
,
20
12
As
on
Ma
rch
31
,
20
12
As
on
Ma
rch
31
,
20
11
Good
will
—
—
—
—
—
—
—
—
—
—
In
tang
ible
s (S
oftw
are)
7
54,4
23
80,
630
—
83
5,0
53
6
49,6
49
97,
380
—
74
7,0
29
8
8,0
24
1
04,7
74
Land
-Fre
ehol
d —
—
—
—
—
—
—
—
—
—
Le
aseh
old
prop
erty
—
—
—
—
—
—
—
—
—
—
Bu
ildin
gs
—
—
—
—
—
—
—
—
—
—
Furn
iture
& F
ittin
gs
120
,922
6
,737
4
,051
1
23
,60
8
96,
399
21,
854
2,6
19
11
5,6
34
7
,97
4
24,
523
Info
rmat
ion
Tech
nolo
gy E
quip
men
t 6
47,0
14
85,
380
96,
678
63
5,7
16
5
94,9
05
55,
635
96,
263
55
4,2
77
8
1,4
39
5
2,10
9 Ve
hicl
es
91,
134
3,4
24
24,
578
69
,98
0
52,
551
14,
337
18,
135
48
,75
3
21
,22
7
38,
583
Offi c
e Eq
uipm
ent
220
,444
1
1,96
3 1
8,62
7 2
13
,78
0
174
,925
2
0,38
3 1
6,41
9 1
78
,88
9
34
,89
1
45,
519
Othe
rs (L
ease
hold
Impr
ovem
ents
) 4
10,3
70
19,
348
12,
881
41
6,8
37
3
09,3
24
42,
739
6,8
81
34
5,1
82
7
1,6
55
1
01,0
46
Tota
l 2
,24
4,3
07
2
07
,48
2
15
6,8
15
2
,29
4,9
74
1
,87
7,7
53
2
52
,32
8
14
0,3
17
1
,98
9,7
64
3
05
,21
0
36
6,5
54
Capi
tal W
ork-
in-P
rogr
ess
(Incl
udin
g Ca
pita
l Adv
ance
s)
—
—
—
—
—
—
—
—
90
,65
1
33,
269
Gra
nd
To
tal
2,2
44
,30
7
20
7,4
82
1
56
,81
5
2,2
94
,97
4
1,8
77
,75
3
25
2,3
28
1
40
,31
7
1,9
89
,76
4
39
5,8
61
3
99
,82
3
Prev
ious
Yea
r 2
,295
,545
1
00,8
13
152
,051
2
,24
4,3
07
1
,637
,187
3
74,1
10
133
,543
1
,87
7,7
53
3
99
,82
3
No
te:
1 Re
fer S
ched
ule
16 N
ote
2 (h
).2
Sale
/Adj
ustm
ents
as
appe
arin
g in
gro
ss b
lock
incl
udes
clo
sure
of b
ranc
hes
& as
sets
writ
e of
f the
reon
.3
Join
tly h
eld
asse
ts w
hich
form
par
t of S
ched
ule
10.
Pa
rtic
ula
rs
Net
Blo
ck
As
on
Ma
rch
31
,
20
12
As
on
Ma
rch
31
,
20
11
Furn
iture
& F
ittin
gs
25
5
548
Info
rmat
ion
Tech
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gy E
quip
men
t 3
43
6
,694
Vehi
cles
6
2
7 Of
fi ce
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pmen
t 4
,48
3
6,8
31Ot
hers
(Lea
seho
ld Im
prov
emen
ts)
49
8
1,0
39
Tota
l 5
,58
6
15
,13
9
Capi
tal W
ork-
in-P
rogr
ess
(Incl
udin
g Ca
pita
l Adv
ance
s)
—
—
Gra
nd
To
tal
5,5
86
1
5,1
39
Prev
ious
Yea
r 1
5,1
39
84
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 84 01/08/12 2:11 PM
Schedulesfor the year ended 31st March, 2012
Schedule 11
Cash and Bank Balances
(Amounts in thousands of Indian Rupees)
ParticularsAs at
31st March 2012
As at
31st March 2011
1 Cash (including cheques on hand ` 821,286, Previous year ` 1,129,792) (Stamps on hand ` 6,018, Previous year ` 6,403)
984,884 1,313,508
2 Bank Balances (a) Deposit Accounts (aa) Short-term (due within 12 months) 3,349,701 3,991,000 (bb) Others — — (b) Current Accounts 2,070,073 580,734 (c) Others — —3 Money at Call and Short Notice (a) With Banks — — (b) With other Institutions — —4 Others — —
Total 6,404,658 5,885,242
Balances with non-scheduled banks included in 2 above — — Cash and Bank Balances
1 In India 6,404,658 5,885,2422 Outside India — —
Total 6,404,658 5,885,242
85
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 85 01/08/12 2:11 PM
Schedulesfor the year ended 31st March, 2012
Schedule 12
Advances and Other Assets
(Amounts in thousands of Indian Rupees)
ParticularsAs at
31st March 2012
As at
31st March 2011
ADVANCES
1 Reserve deposits with ceding companies — —2 Application money for investments — —3 Prepayments 186,482 157,1464 Advances to Directors/Offi cers — —5 Advance tax paid and taxes deducted at source 12,483 10,4406 Other advances a) Advance to Suppliers/Contractors 163,251 106,574 b) Others 29,328 41,390
Total (A) 391,544 315,550
OTHER ASSETS
1 Income accrued on Investments 845,630 553,8292 Outstanding Premiums 408,555 61,1383 Agent’s Balances (gross) 34,171 20,963 Less: Provision for doubtful debts — 34,171 — 20,9634 Foreign Agencies Balances — —5 Due from other Entities carrying on
insurance business 516 70
6 Due from holding company — — 7 Deposit with Reserve Bank of India — — 8 Service Tax unutilised credits 221,762 181,234 Less: Provision for Service Tax unutilised credits (107,160) 114,602 (181,234) — 9 Others- Deposits & Others 435,531 420,159 Outstanding Trades — — Insurance Policies (Leave Encashment) 150,000 — Application money for Investment — —
Total (B) 1,989,005 1,056,159
Total (A + B) 2,380,549 1,371,709
86
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 86 01/08/12 2:11 PM
Schedulesfor the year ended 31st March, 2012
Schedule 13
Current Liabilities
(Amounts in thousands of Indian Rupees)
ParticularsAs at
31st March 2012
As at
31st March 2011
1 Agent’s Balance 561,024 403,5912 Balances due to other insurance companies 78,048 65,9103 Deposits held on re-insurance ceded — —4 Premiums received in advance 2,008,670 1,498,7095 Unallocated premiums 159 8,1986 Sundry Creditors* 3,040,571 3,320,4277 Due to holding company — —8 Claims outstanding 23,660 16,395 9 Annuities Due — —10 Due to Offi cers/Directors — —11 Others (a) Policy Application and other Deposits 694,695 657,332 (b) Due to Policyholders 108,591 88,357 (c) Taxes Payable 116,047 97,746 (d) Temporary Overdraft (as per books only) — 6,89,279 (e) Unclaimed amounts of policyholders 2,001,377 1,162,342 (f) Interim dividend payable 984,750 —
Total 9,617,592 8,008,286
* There are no Micro, Small and Medium Enterprises to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March 2012.This information as required to be disclosed under the Micro, Small & Medium Enterprises Development Act ,2006 has been determined to the extent such parties have been identifi ed on the basis of information available with the Company.
Schedule 14
Provisions
(Amounts in thousands of Indian Rupees)
ParticularsAs at
31st March 2012
As at
31st March 2011
1 For taxation a) Provision for wealth tax 684 5932 For proposed dividends — —3 For dividend distribution tax — —4 Others a) Provision for long-term bonus plan [Refer Schedule 16, Note 26(a) & (b)] 375,462 250,392 b) Provision for renewal bonus [Refer Schedule 16, Note 26(b)] 664 290 c) Provision for gratuity [Refer Schedule 16, Note 27(a)(i)] 2,602 12,772 d) Provision for leave encashment [Refer Schedule 16, Note 27(a)(ii)] 161,764 205,460
Total 541,176 469,507
Schedule 15
Miscellaneous Expenditure
(To the extent not written off or adjusted)(Amounts in thousands of Indian Rupees)
ParticularsAs at
31st March 2012
As at
31st March 2011
1 Discount Allowed in issue of shares/debentures — —2 Others — —
Total — —
87
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 87 01/08/12 2:11 PM
BIRLA SUN LIFE INSURANCE COMPANY LIMITED
Registration Number: 109 dated 31st January 2001
Schedules forming part of the Financial Statements for the year ended 31st March 2012
(Amounts in thousands of Indian Rupees unless otherwise stated)
Schedule 16
Notes to the Financial Statements
1. Background
Birla Sun Life Insurance Company Limited (‘the Company’), headquartered at Mumbai, had commenced operations on 19th March 2001, after receiving the license to transact life insurance business in India from the Insurance Regulatory and Development Authority (‘IRDA’) on 31st January 2001. The license has been renewed annually and is in force as at 31st March 2012.
The Company is a joint venture between Aditya Birla Nuvo Limited, a Company of the Aditya Birla Group of India (74 percent) and Sun Life Financial (India) Insurance Investments Inc., subsidiary of Sun Life Assurance Company of Canada (26 percent). The Company offers non – participating linked and non-linked life insurance, health and pension products including riders for individual and group businesses. These products are distributed through individual agents, corporate agents, banks, brokers and other intermediaries across the country.
2. Signifi cant Accounting Policies
a) Basis of preparation
The accompanying fi nancial statements have been prepared and presented under the historical cost convention, on the accrual basis of accounting, in accordance with the accounting principles generally accepted in India, in compliance with the Accounting Standards (‘AS’) Rules, 2006, in terms of section 211(3C) of the Companies Act, 1956, to the extent applicable, and in accordance with the provisions of the Insurance Act, 1938, the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditors’ Report of Insurance Companies) Regulations, 2002 (‘the regulations’), the Insurance Regulatory and Development Authority Act, 1999, various circulars issued by IRDA and practices prevailing in the insurance industry in India. The accounting policies have been consistently applied by the Company.
The management evaluates all recently issued or revised accounting pronouncements on an ongoing basis.
b) Use of estimates
The preparation of the fi nancial statements in conformity with generally accepted accounting principles (‘GAAP’) requires that the Company’s management make estimates and assumptions that affect the reported amounts of income and expenses for the year, reported balances of assets and liabilities and disclosures relating to contingent liabilities as of the date of the fi nancial statements. The estimates and assumptions used in the fi nancial statements are based upon management’s evaluation of the relevant facts and circumstances as on date of the fi nancial statement. Any revision to accounting estimates is recognised prospectively. Examples of such estimates include valuation of policy liabilities, provision for linked liabilities, funds for future appropriations, provision for doubtful debts, valuation of unlisted securities, if any, valuation of debt securities, future obligations under employee retirement benefi ts plans and the useful lives of fi xed assets, etc. Actual results could differ from these estimates.
c) Revenue recognition
i. Premium Income Premium is recognised as income when due from policyholders. For unit linked business, premium income is recognised when
the associated units are created. Premium on lapsed policies is recognised as income when such policies are reinstated. In case of Linked Business, top up premiums paid by policyholders are considered as single premium and are unitised as prescribed by the regulations. This premium is recognised when the associated units are created.
ii. Income from Investments Interest income on investments is recognised on accrual basis. Accretion of discount and amortisation of premium relating to
debt securities is recognised over the remaining maturity period on a straight-line basis.
Dividend income is recognised when the right to receive dividend is established.
The realised gain/loss on debt securities for other than linked business is the difference between the net sale consideration and amortised cost.
The realised gain/loss on debt securities held for linked business and on sale of equity shares/mutual fund units is the difference between the net sale consideration and weighted average cost.
iii. Reinsurance premium Reinsurance premium ceded is accounted for at the time of recognition of the premium income in accordance with the terms and
conditions of the relevant treaties with the reinsurers. Impact on account of subsequent revisions to or cancellations of premium are recognised in the year in which they occur.
iv. Income from linked policies Income from linked policies, which include asset management fees, policy administration charges, mortality charges and other
charges, if any, are recovered from the linked funds in accordance with the terms and conditions of the policies and recognised when due.
Interest income on loans is recognised on an accrual basis and disclosed under other income.
Schedulesfor the year ended 31st March, 2012
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d) Benefi ts paid (including claims)
Death and other claims are accounted for, when notifi ed. Survival and maturity benefi ts are accounted when due. Surrenders/Withdrawals under linked policies are accounted in the respective schemes when the associated units are cancelled. Reinsurance recoverable thereon, if any, is accounted for in the same period as the related claim. Repudiated claims disputed before judicial authorities are provided for based on management prudence considering the facts and evidences available in respect of such claims.
e) Acquisition costs
Acquisition costs are costs that vary with and are primarily related to acquisition of insurance contracts. Acquisition costs mainly consists of commission, medical costs, policy printing expenses, stamp duty and other related expenses. These costs are expensed in the year in which they are incurred. Clawback of the fi rst year commission paid, if any, in future is accounted in the year in which it is recovered.
f) Investments
Investments are made in accordance with the Insurance Act, 1938, the Insurance Regulatory and Development Authority (Investment) Regulations, 2000, the Insurance Regulatory and Development Authority (Investment) (Amendment) Regulations, 2001 and various other circulars/notifi cations issued by the IRDA in this context from time to time.
Investments are recorded at cost on the date of purchase, which includes brokerage and stamp duty, taxes, etc, if any, but excludes pre-acquisition interest i.e. (from the previous coupon date to the transaction settlement date), if any, on purchase.
i. Classifi cation Investments maturing within twelve months from the balance sheet date and investments made with specifi c intention to
dispose off within twelve months are classifi ed as short-term investments.
Investments other than short-term investments are classifi ed as long-term investments.
ii. Debt securities
• Policyholders’ non-linked funds and shareholders’ investments: All debt securities, including government securities, are considered as ‘held to maturity’ and stated at amortised cost.
The discount or premium which is the difference between the purchase price and the redemption amount of fi xed income securities is amortised and recognised in the revenue account or the profi t and loss account, as the case may be, on a straight line basis over the remaining period to maturity of these securities.
• Policyholders’ linked funds: All debt securities, including government securities, are valued using CRISIL Bond Valuer/CRISIL Gilt Prices, as applicable. The
discount or premium on money market instruments (except treasury bills) which is the difference between the purchase price and the redemption amount is amortised and recognised in the revenue account on a straight line basis over the remaining period to maturity of these securities.
iii. Equity shares Listed equity shares are valued and stated at fair value, using the last quoted closing prices on the National Stock Exchange
(NSE), at the balance sheet date. If the equity shares are not traded on the NSE, then closing prices of the Bombay Stock Exchange (BSE) is considered. Equity shares acquired through primary markets and awaiting listing are valued at their issue price. Unlisted equity shares are valued as per the valuation policy of the Company duly approved by Investment Committee.
A provision is made for diminution, if any, in the value of these shares to the extent that such diminution is other than temporary.
iv. Mutual Funds Mutual fund units are valued at previous day’s Net Asset Value.
v. Gain/loss on equity and mutual funds Unrealised gains/losses are recognised in the respective fund’s revenue account as fair value change in case of linked funds.
Unrealised gain/loss due to changes in fair value of listed equity shares and mutual funds are taken to the Fair Value Change account for other than linked business and are carried to the Balance Sheet.
Diminution in the value of investments as at the balance sheet date, other than temporary, is recognised as an expense in the Revenue/Profi t and Loss account.
vi. Investment transfer Transfers of Investments from Shareholders’ funds to the Policyholders’ funds are affected at the lower of amortised cost or market
value in respect of all debt securities including money market instruments and at the market value in case of other securities.
Inter-fund transfer of debt securities relating to Linked Policyholders’ Funds is effected at last available market value as per methodology specifi ed in the Inter Fund transfer policy approved by Investment committee. Inter fund transfer of equity are done during market hours at the prevailing market price.
vii. Impairment on Investment The carrying amounts of investments are reviewed at each balance sheet date, if there is any indicator of impairment based on
internal/external factors. An impairment loss is recognised as an expense in Revenue/ Profi t or Loss account, to the extent of difference between the re-measured fair value and the acquisition cost as reduced by any previous impairment loss recognised as expense in Revenue/ Profi t and Loss Account. Any reversal of impairment loss, earlier recognised in profi t and loss account shall be recognised in Revenue/ Profi t and Loss account.
Schedulesfor the year ended 31st March, 2012
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g) Loans against policies
Loans against policies are valued at the aggregate of book values (net of repayments) plus capitalised interest and are subject to impairment, if any.
h) Fixed assets, intangibles and depreciation
i. Fixed assets and depreciation Fixed assets are stated at cost less accumulated depreciation. Cost includes the purchase price and any cost directly attributable
to bringing the asset to its working condition for its intended use. Subsequent expenditure incurred on fi xed assets is expensed out in the year of expense except where such expenditure increases the future economic benefi ts from the existing assets.
Advances paid towards the acquisition of fi xed assets outstanding at each balance sheet date and the cost of fi xed assets not ready for its intended use before such date are disclosed under capital work-in-progress.
Assets costing upto ` 5,000 are fully depreciated in the year of acquisition. The rate of depreciation is higher of the management estimate based on useful life or the rates prescribed in Schedule XIV to the Companies Act, 1956. Depreciation on fi xed assets is provided using the straight-line method based on the economic useful life of assets as estimated by the management are as below;
Sr No. Asset Type Estimated useful life (In years)
1 Leasehold Improvements and Furniture and fi ttings at leased premises
5 years or the maximum renewable period of the respective leases, whichever is lower
2 Furniture & fi ttings (other than (1) above) 53 Information Technology Equipment 34 Vehicles 55 Offi ce Equipment 56 Mobile Phones (included in offi ce equipment under schedule 10) 2
Any additions to the original fi xed assets are depreciated over the remaining useful life of the original asset.
ii. Intangibles Intangible assets comprise of software licenses which are stated at cost less amortisation. Software expenses exceeding
` 1,000 incurred on customisation of software (other than for maintenance of existing software) are capitalised. Software licenses are amortised using Straight Line Method over a period of 3 years from the date of being ready for use.
iii. Impairment of Assets At each balance sheet date, management assesses whether there is any indication, based on internal/external factors, that an
asset may be impaired. Impairment occurs where the carrying value exceeds the present value of future cash fl ows expected to arise from the continuing use of the asset and its eventual disposal. The impairment loss to be expensed is determined as the excess of the carrying amount over the higher of the asset’s net sales price or present value as determined above. If at the balance sheet date there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is refl ected at the recoverable amount, subject to maximum of depreciable historical cost.
i. Operating leases
The Company classifi es leases, where the lessor effectively retains substantially all the risks and benefi ts of ownership over the lease term, as Operating Leases. Operating lease rentals are recognised as an expense on a straight line basis over the non cancellable lease period.
j. Employee benefi ts
i. Short-Term Employee Benefi ts All employee benefi ts payable within twelve months of rendering the service are classifi ed as short-term employee benefi ts.
Benefi ts such as salaries & bonuses are recognised in the period in which the employee renders the related service.
ii. Long-Term Employment Benefi ts The Company has both defi ned contribution and defi ned benefi t plans. These plans are fi nanced by the Company.
• Defi ned Contribution Plans: The Company has established defi ned contribution schemes for provident fund and superannuation to provide retirement
benefi ts to its employees. Contributions to the provident fund and the superannuation schemes are made on a monthly basis and charged to revenue account when due.
• Defi ned Benefi t Plans: Gratuity liability is defi ned benefi t obligation and is funded. The Company accounts for liability for future gratuity benefi ts
based on independent actuarial valuation under revised Accounting Standard 15.
iii. Other Employee Benefi ts: Compensated absences are entitled to be carried forward for future encashment or availment, at the option of the employee
during the tenure of the employment, subject to the rules framed by the Company in this regard. Accumulated compensated absences entitlements outstanding at the close of the year are accounted on the basis of an independent actuarial valuation. Accumulated entitlements at the time of separation are entitled to be encashed.
Schedulesfor the year ended 31st March, 2012
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k. Renewal bonus
Renewal bonus is payable to the individual insurance agents and a segment of the sales force. This constitutes a part of the fi rst year commission/incentives against receipt of the fi rst year premium but due and payable at the end of the expiry of two years of the policy and is accrued for in the year of sale of the policy, subject to the intermediaries’ and policy’s continued persistency.
l. Foreign Currency Transactions
Transactions in foreign currency are recorded at the rate of exchange prevailing at the date of the transaction. Monetary assets and liabilities in foreign currency are translated at the rates existing as at the balance sheet date. The resulting exchange gain or loss for revenue transactions is refl ected, in the revenue account or the profi t and loss account, as the case may be.
m. Segment reporting
As per Accounting Standard 17 on ‘Segment Reporting’ read with the IRDA Financial Statements Regulations, the Company is required to report segment results separately for linked, non-linked, health and pension businesses. The business is broadly classifi ed as Unit Linked and Non Linked businesses, which are further segmented into Individual Life, Group Life, Individual Pension, Group Pension and Individual Health businesses. Accordingly, the Company has prepared the revenue account and balance sheet for these primary business segments separately. Since the business operation of the Company is in India only, the same is considered as one geographical segment.
The following basis has been used for allocation of revenues, expenses, assets and liabilities to the business segments:
• Revenues, expenses, assets and liabilities directly attributable and identifi able to business segments, are allocated on actual basis; and
• Other expenses, assets and liabilities which are not directly identifi able though attributable to a business segment and other indirect expenses, are allocated on the following bases, as considered appropriate by the management:
➢ Cash premium;
➢ Renewal premium;
➢ First year commission;
➢ Sum assured;
➢ Policy liability;
➢ Asset under management; and
➢ Death claim.
The accounting policies, used in segment reporting, are the same as those used in the preparation of the fi nancial statements.
n. Taxation
i. Direct Taxes The Income-Tax Act, 1961 prescribes that profi ts and gains of life insurance companies will be the surplus or defi cit disclosed
by the actuarial valuation made in accordance with the Insurance Act, 1938.
Deferred income tax is recognised for future tax consequences attributable to timing differences between income as determined by the fi nancial statements and the recognition for income tax purposes. The effect on deferred tax assets and liabilities of a change in tax rates is recognised using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax assets are recognised only to the extent there is reasonable certainty that the assets can be realised in future. However, where there is unabsorbed depreciation or carried forward loss under taxation law, deferred tax assets are recognised only if there is virtual certainty backed by convincing evidence that such deferred assets can be realised. Deferred tax assets are reviewed as at each balance sheet date and written down or written up to refl ect the amount that is reasonably or virtually certain, as the case may be, to be realised.
Provision for wealth tax is made at the appropriate rates, as per the applicable provisions of Wealth Tax Act, 1957.
ii. Indirect Taxes The Company claims credit of service tax for input services, which is set off against tax on output services. As a matter
of prudence, unutilised credits are deferred for recognition until such time that there is reasonable certainty of utilisation. A provision is created against unutilised credit based on estimated realisation of such unutilised credit.
o. Provisions and Contingencies
A provision is recognised when the Company has a present legal obligation as a result of past event/s and it is probable that an outfl ow of resources will be required to settle the obligation, in respect of which reliable estimate can be made. These are reviewed at each balance sheet date and adjusted to refl ect current best estimates. A disclosure for contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outfl ow of resources or it cannot be reliably estimated. When there is a possible obligation or a present obligation in respect of which the likelihood of outfl ow of resources is remote, no provision or disclosure is made. A contingent asset is neither recognised nor disclosed.
p. Funds for Future Appropriation
Amounts estimated by the Appointed Actuary as Funds for Future Appropriation (FFA) in respect of lapsed Unit Linked Policies are set-aside in the balance sheet and are not available for distribution to shareholders until expiry of the revival period.
Schedulesfor the year ended 31st March, 2012
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q. Earnings Per Share
Basic earning per share is calculated by dividing the net profi t or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. For the purpose of calculating diluted earning per share, the net profi t or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.
3. Contingent liabilities
Sr. No. Particulars As at
31st March 2012
As at
31st March 2011
1 Partly paid-up investments Nil 450,000 2 Claims, other than against policies, not acknowledged as debts by the Company 24,414 4,7073 Underwriting commitments outstanding Nil Nil4 Guarantees given by or on behalf of the Company Nil Nil5 Statutory demands/liabilities in dispute, not provided for Refer Note
Below
Refer Note Below
6 Reinsurance obligations to the extent not provided for in the accounts Nil Nil7 Others* 153,338 118,935
* Represents potential liability to the Company (net of reinsurance) in respect of cases fi led against the Company’s decision of repudiation of death claims and customer complaints.
Note: The company has received Show Cause-Cum-Demand notices in earlier period relating to Service Tax demands related to excess utilisation of CENVAT credit against liability on risk premium and payment of reimbursements to agents aggregating to ` 309,471 (previous year ` 443,025) plus applicable interest and penalty, which is contested.
4. Percentage of Business Sector-wise
Particulars Current Year Previous Year
Number of
Individual life
policies
Number of
Group lives
covered
First year
and single
premium
Number of
Individual life
policies
Number of
Group lives
covered
First year
and single
premium
Total Business 847,278 1,019,852 19,261,677 1,004,093 745,652 20,803,024 Rural Sector 256,226 — 16,813 316,954 — 21,352 As a % of Total Business 30.24% — 0.09% 31.57% — 0.10%Social Sector — 63,357 2,016 — 144,750 5,674 As a % of Total Business — 6.21% 0.01% 0.00% 19.41% 0.03%
5. Reinsurance premium includes credit relating to earlier years amounting to ` NIL (Previous Year ` 204,200). On account of this the Surplus in Revenue account for the previous year is higher by ` 204,200.
6. Benefi ts paid include charges in respect of discount allowed to the policyholders’ amounting to ` 84,675 (Previous year ` 43,681) for advance payment of future premiums subject to prepayment conditions.
7. Contribution from shareholders’/policyholders’ account
The net surplus of ` 3,820,343 (Previous year: ` 2,670,853) based on the actuarial valuation made in accordance with the Insurance Act, 1938 and as certifi ed by the appointed actuary is being transferred from policyholders’ account to shareholders’ account. The details are tabulated below:
Surplus/(Defi cit) of Non Par Business Segments Current Year Previous Year
Linked Individual 6,162,405 2,689,123 Linked Group # (20,981) 31,360 Linked Individual Pensions 654,487 536,040 Linked Group Pensions # 72,434 — Linked Health (23,394) 408Non Linked Individual (3,172,316) (576,072)Non Linked Group # (66,142) (43,764)Non Linked Individual Pensions (4,510) 17,310 Non Linked Group Pensions # 188,426 —Non Linked Health 29,934 16,448
Net Surplus for Non Par Policyholders’ 3,820,343 2,670,853
# Group linked and non linked business has been bifurcated into life and pension from the current year.
Schedulesfor the year ended 31st March, 2012
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8. Operating lease commitments
In accordance with Accounting Standard 19 on Leases, the details of leasing arrangements entered into by the Company are as under:
The Company has entered into agreements in the nature of cancellable and non-cancellable lease/leave and license agreements with different lessors/licensors for the purpose of establishment of offi ce premises, leasehold improvements, furniture and fi xtures, information technology and offi ce equipments. These are generally in the nature of operating leases/ leave and licenses.
The operating lease rentals charged during the year and maximum obligations on operating lease payable at the balance sheet date, as per the rentals stated in the agreements are as follows:
Particulars Current Year Previous Year
Total lease rentals charged to Revenue Account 724,514 835,348 Lease obligations for non–cancellable leases– Within one year of the balance sheet date 532,196 243,762– Due in a period between one year and fi ve years 613,173 292,478– Due after fi ve years 37,422 NIL
9. Foreign exchange gain/(loss)
The Company has recorded foreign exchange gain of ` 6 in the Revenue Account and the same is included under “Interest and Bank Charges” in Schedule 3 (Previous Year Loss: ` 41).
10. Managerial remuneration
The appointment of managerial personnel is in accordance with the requirements of Section 34A of the Insurance Act, 1938 and is approved by the IRDA.
(i) Mr. Jayant Dua has been appointed as Managing Director since 1st July 2010. Below is the tabular presentation of managerial remuneration for current year and previous year;
Particulars Current Year Previous Year
Salary 14,274 3,900 Other allowances 9,708 3,545 Contribution to:– Provident fund 795 468 – Superannuation fund 993 585 Perquisites 450 3,315
Total* 26,220 11,813
* Of the above, amount of ` 11,220 (previous year ` 1,000) has been borne by shareholders’. The remuneration stated above excludes gratuity and leave encashment, accrued based on actuarial valuation for the Company’s overall liability and performance/long-term bonus estimated and payable based on overall company performance.
(ii) Sitting Fees paid to independent directors in the current year is ` 480 (Previous Year: ` 420).
11. As required by circular no. 067/IRDA/F&A/CIR/MAR-08 dated 28th March 2008. Break up of Operating expenses incurred under the following heads;
(Previous year fi gures are presented in brackets)
Particulars Business
Development Outsourcing
Agents recruitment, seminar and other expenses 32,228 (9,946)
Distribution Expenses 493,717 (1,041,375)
Miscellaneous Expenses 23,379 (1,669)
Recruitment and Seminar Expenses 167,020 (16,395)
Outsourcing Expenses 316,744 (298,597)
Total 716,344 316,744
(1,069,385) (298,597)
Schedulesfor the year ended 31st March, 2012
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12. Earnings per Share
Particulars Current Year Previous Year
Profi t/(loss) as per profi t and loss account 4,607,290 3,049,958 Weighted average number of equity shares 1,969,500,000 1,969,500,000 Earnings per share (Basic and Diluted) # 2.34 1.55 Face Value per share # ` 10 ` 10
# Amount in absolute Indian Rupees
13. Actuarial assumptions
The actuarial liabilities are calculated in accordance with accepted actuarial practice, requirements of Insurance Act, 1938, Regulations notifi ed by Insurance Regulatory and Development Authority and Guidance Notes prescribed by the Institute of Actuaries of India.
Unit Reserves Unit reserves are computed by multiplying the number of units with the unit price.
Non Unit Reserves Prospective gross premium cash fl ow method is used to compute the non unit liabilities in respect of the policies in force as at
March 31, 2012.
The cash fl ows are projected based on assumptions that refl ect the expected future experience and have an appropriate allowance for margins for adverse deviations. The major assumptions relate to mortality, interest, expenses, policy persistency and premium persistency.
Mortality rates are derived based on the Indian Assured Lives Mortality (1994-1996) table after making suitable adjustments depending on the type of the product. Interest rates used to discount the future cash fl ows vary from 4.51% to 7.50%. A prudent assumption is made for investment growth on the unit funds. An appropriate allowance is made for future policy maintenance expenses and investment expenses. Policy persistency rates are derived based on expected future policyholder behavior. For unit linked business, the discontinuance of premiums by the policyholders while keeping the benefi ts in force is allowed for by appropriate premium persistency assumptions varying by product.
Additional provisions are made towards: I. Investment guarantees for unit linked business II. Substandard lives III. Unearned premium (in accordance with IRDA Circular 50/IRDA/ACTL/CIR/GEN/050/03/2010) IV. Reserves for free look option given to the policyholders V. Lapse policies eligible for revivals (in accordance with IRDA Circular 41/IRDA/ACTL/Mar-2006)
For group yearly renewable term business, unearned premium method is used to compute the reserves. In addition to the unearned premium method, provision is also made for incurred but not reported claims.
14. Disclosure of discontinued linked policies
As required by circular no. IRDA/Reg/2/52/2010 dated 1st July 2010 relating to treatment of discontinued linked insurance policies, the disclosures are as under:-
Particulars Sub Total Current Year Sub Total Previous Year
Opening balance of funds for discontinued policies
Add: Fund of policies introduced in PD Fund
Less: Fund of policies revived in PD Fund
Add/(Less): Realised & Unrealised gain/loss
494,126
74,742
6,401
419,384
12,154
6,372
—
—
6,372
29
Closing balance of funds for discountinued policies 437,939 6,401Other disclosures:
a) Number of policies discontinued during the year
b) Percentage of discontinued to total policies (product wise) during the year
BSLI Foresight Plan
BSLI Platinum Advantage
BSLI Classic Child 2010 Plan
BSLI Classic Endowment 2010 Plan
BSLI Classic Life 2010 Plan
BSLI Dream Child 2010 Plan
BSLI Dream Endowment 2010 Plan
BSLI Dream Life 2010 Plan
c) Number and percentage of the policies revived during the year
d) Charges imposed on account of discontinued policies
32,420
0.01%
14.12%
14.53%
18.17%
19.30%
16.61%
21.68%
15.98%
3,420
30,418
1,249
—
1.22%
—
1.78%
—
—
1.60%
—
—
587
Schedulesfor the year ended 31st March, 2012
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15. Percentage of risk-retained and risk-reinsured
Particulars Current Year Previous Year
Sum Assured % Sum Assured %
Individual Business
Risk-retained 591,832,042 43.58% 559,191,377 45.62%Risk-reinsured 766,288,695 56.42% 666,522,525 54.38%
Total Individual Risk 1,358,120,737 100.00% 1,225,713,902 100.00%
Group Business
Risk-retained 184,304,328 23.88% 109,325,450 24.88%Risk-reinsured 587,532,447 76.12% 330,144,902 75.12%
Total Group Risk 771,836,775 100.00% 439,470,352 100.00%
16. Encumbrances
As on 31st March 2012, there were no encumbrances (Previous year: ` Nil) on the assets of the Company.
17. Commitments made and outstanding on Loans, Investments and Fixed Assets
The commitments made and outstanding for fi xed assets by the Company as at 31st March 2012 are ` 30,987 (Previous Year: ` 47,755) net of advances.
18. Investments
i. Value of contract outstanding Value of contracts in relation to investments where purchases have been made and deliveries are pending is ` 1,639,368 (Previous
year: ` 1,199,120) as at the balance sheet date. There are no investment contracts where sales have been made and payments are overdue as at the balance sheet date.
ii. Historical costs As at 31st March 2012, the aggregate historical cost and market value of Linked investments, which are valued at fair value, is
` 177,202,046 and ` 178,383,461 respectively (Previous Year: ` 165,603,919 and ` 170,353,399 respectively).
iii. Statutory deposits As on 31st March 2012, the Company has securities with face value of ` 115,000 (Previous Year: ` 115,000) in CSGL Account with
Deutsche Bank, as required under Section 7 of the Insurance Act, 1938. The market value of these securities as at 31st March 2012 was ̀ 110,860 (Previous Year: ` 114,253).
As on 31st March 2012, the Company also has collateral deposit of Government Security with face value of ` 260,000 (Previous Year ` 260,000) and cash ` 25,200 (Previous Year ` 25,200) with Clearing Corporation of India Limited.
19. Allocation of investments and income
The funds of the shareholders and the policyholders are kept separate and records are maintained accordingly. Investments made out of the shareholders’ and policyholders’ funds are tracked from their inception and the income thereon is also tracked separately. Since the actual funds, investments and income thereon are tracked and reported separately, the allocation of investments and income is not required.
20. Policyholders’ liabilities adequately backed by assets
Particulars Current Year Previous Year
Policyholders’ liabilities (Including funds for future appropriation) (18,277,404) (15,178,027)Investments (As per schedule 8A)* 17,770,960 14,810,445Loans to policyholders (As per schedule 9) 250,239 263,070Fixed deposits, bank balances and cheques on hand (As per schedule 11) 469,863 53,017Other receivables under schedule 12 representing “Advances and other assets” (206,595) 147,849
*excludes prepayment fund (Liability fi gures are presented in brackets)
21. Assets in the Internal Funds
The Company has presented the fi nancial statements of each internal fund to which the policyholders can link their policy in Annexure 3. Also additional disclosures as required by the Circular dated 20th February 2007 issued by IRDA are given in Annexure 3A.
22. Assets restructured during the year
Particulars Current Year Previous Year
Total amount of loan assets subject to restructuring Nil NilTotal amount of standard assets subject to restructuring Nil NilTotal amount of sub-standard assets subject to restructuring Nil NilTotal amount of doubtful assets subject to restructuring Nil Nil
23. Claims
The claims settled and remaining unpaid for a period of more than six months as at the balance sheet date amount to ` 16,202 (Previous Year ` 15,156). Reinsurance recoverable is netted off against claim expenses incurred.
Schedulesfor the year ended 31st March, 2012
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24. Foreign currency exposure
The year-end foreign currency exposures that have not been hedged by a derivative instrument or otherwise are given below:-
• Amount payable in foreign currency in respect of import of services ` 3,432 (US$67.10 thousands) and previous year ` 4,952 (US$ 111 thousands).
25. Disclosure for Unclaimed Amount of Policyholders
Age-wise analysis of unclaimed amount by Policyholders/insured as required by circular no. IRDA/F&I/CIR/CMP/174/11/2010 dated 4th November 2010;
Particulars
Total
Amount
AGE-WISE ANALYSIS
1-6 months* 7-12
months
13-18
months
19-24
months
25-30
months
31-36
months
Beyond
36
months
Claims settled but not paid to the policyholders/insureds due to any reasons except under litigation from the insured/policyholders
1,053,376 1,037,174 2,170 190 6,388 895 2,396 4,163
(545,702) (530,546) (7,767) (514) (2,711) (711) (744) (2,708)
Sum due to the insured/ policyholders on maturity or otherwise
318,989 295,290 5,606 8,431 1,914 2,948 265 4,535 (297,502) (286,644) (2,239) (3,400) (331) (1,401) (3,045) (443)
Any excess collection of the premium/tax or any other charges which is refundable to the policyholders either as terms of conditions of the policy or as per law or as may be directed by the Authority but not refunded so far
— — — — — — — —
— — — — — — — —
Cheques issued but not encashed by the policyholder/insured
1,811,978 1,182,965 204,557 159,259 96,152 51,689 46,697 70,659(1,081,328) (762,190) (130,568) (62,633) (52,858) (28,850) (21,187) (23,042)
Total 3,184,343 2,515,430 212,332 167,880 104,453 55,533 49,358 79,356
Previous Year (1,924,532) (1,579,379) (140,574) (66,548) (55,900) (30,961) (24,976) (26,193)
*Includes amounts outstanding for a period of less than 1 month# Previous year amounts are in brackets
The cheques issued but not encashed by policyholder/insured category includes ` 1,182,965 (Previous Year ` 762,190) pertaining to cheques which are within the validity period but not yet encashed by policyholders. This amount forms a part of bank reconciliation statement and consequently not considered in unclaimed amount of policyholders under Schedule 13 – Current Liabilities.
26. Provisions
(a) Employee Long-term Bonus Plan (‘the Plan’) The Company has estimated and recognised a liability of ` 391,369 (Previous Year ` 257,131) in respect of employee benefi ts arising
out of the “Employee Phantom Unit Plan” (the “Bonus Plan”) announced by it. The cost estimate is determined after factoring in assumptions in respect of criteria identifi ed in the Bonus Plan which include the following:
a. Units granted to employees under different options under the plan b. Maximum payout over vesting period per unit c. Employee attrition rate d. Performance condition
(b) Additional information in respect of provision shown as “Provision for Long Term Bonus Plan” and “Provision for Renewal Bonus” in Schedule 14:
Particulars Long-Term Bonus Plan Renewal Bonus
Current Year Previous Year Current Year Previous Year
Opening balance 257,131 52,270 2,932 5,735 Additional provision made 156,516 214,304 (778) (831)Incurred and charged Nil Nil 1,200 1,972 Unused amounts reversed (22,278) (9,443) 290 Nil Closing balance 391,369 257,131 664 2,932 Nature of obligation Long-Term Bonus Long-Term Bonus Renewal Bonus Renewal Bonus Expected timing 3 Years 4 Years 2 years 2 years Assumptions * Refer note above * Refer note above 100% 100%
Schedulesfor the year ended 31st March, 2012
96
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 96 01/08/12 2:11 PM
27. Employee benefi ts
(a) Defi ned benefi t plans
i) Gratuity
The Company provides for gratuity, a defi ned benefi t retirement plan covering all employees as at balance sheet date using projected unit credit method. The plan provides a lump sum payment to vested employees at retirement or termination of employment based on the respective employee’s salary and the years of employment with the Company. The gratuity benefi t payable is greater of the provisions of the Payment of Gratuity Act, 1972 and the Company’s Gratuity Scheme as mentioned below:
Change in Defi ned benefi t obligations 2011-12 2010-11
Present value of Defi ned benefi t obligations as at beginning of the year 142,732 110,026Service cost 35,545 34,114Interest cost 13,113 9,692Benefi ts paid (6,366) (4,941)Past service cost — —Actuarial (gain)/loss due to curtailment — (2,034)Actuarial (gain)/loss on obligations 2,511 (4,126)
Present value of Defi ned benefi t obligations as at end of the year 187,535 142,731
Reconciliation of present value of the obligation and the fair value of the
plan assets
Opening Fair Value of Plan assets 129,960 103,097Contributions by the employer for the year 55,000 20,000Benefi ts paid (6,366) (4,941)Expected Return on Plan Assets 9,575 7,838Actuarial gain/(loss) (3,236) 3,965
Closing Fair Value of Plan assets 184,933 129,959
Net asset/(liability) as at end of the year (2,602) (12,772)
Cost recognised for the year
Current service cost 35,545 34,114Interest cost 13,113 9,692Expected return on plan assets (9,575) (7,838)Past service cost — —Actuarial (gain)/loss due to curtailment — (2,034)Actuarial (gain)/loss 5,747 (8,091)
Net gratuity cost 44,830 25,843
Transitional Liability expended in Revenue Account Nil NilInvestment in Category of Assets (% Allocation)
Insurer Managed Funds* 100% 100%Group Stable Fund 0% 0%Group Short-Term Debt Fund 0% 0%Actuarial assumptions used
Discount rate 8.35% p.a. 7.90% p.a.Rate of return on plan 7.50% p.a. 7.50% p.a.Salary escalation rate 6% p.a. 6% p.a.
thereafter thereafter
*The amount is invested in Stable fund and Short-term debt fund of Birla Sun Life Insurance Limited, Gratuity and Group Unit Linked Product (GULP) scheme. Below is the asset allocation of fund.
Asset allocation March 2012 March 2011
Debt securities 94% 66%Equities and money market 6% 34%
Total 100% 100%
Schedulesfor the year ended 31st March, 2012
97
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 97 01/08/12 2:11 PM
Experience Adjustments:
Particulars 2011-12 2010-11 2009-10 2008-09 2007-08
Defi ned Benefi t Obligation 187,535 142,732 110,026 87,581 35,173Plan Assets 184,933 129,960 103,097 84,708 35,859Surplus/(Defi cit) (2,602) (12,772) (6,929) (2,873) 686Experience adjustment on Plan Liabilities 8,339 3,726 (12,707) 12,288 6,186Experience adjustment on Plan Assets (3,236) 3,965 14,675 (2,195) 1,985
The contributions expected to be paid to the plan during the annual period beginning after the balance sheet date is ` 20,000 (Previous Year: ` 20,000).
ii) Accumulated Compensated Absences
The Company provides for accumulated compensated absences as at balance sheet date using projected unit credit method. This method takes into account the pattern of availment of leave while in service and qualifying salary on the date of availment of leave.
Present value of obligation for accumulated compensated absences as determined by the Actuary is given below:
Particulars Current Year Previous Year
Present value of obligations as at end of the year 161,764 205,460 Fair value of plan assets — —Actuarial assumptions used
Discount rate 8.35% 7.90%Salary escalation rate 6.00% 6.00%Cost recognised during the year 38,207 35,787
(b) Defi ned contribution plans
The Company has recognised the following amounts as expense in the Revenue account;
Particulars Current Year Previous Year
Contribution to Employees Provident Fund 203,985 174,301 Contribution to Superannuation Fund 15,873 14,114 Contribution to ESIC 12,239 12,525
28. Segment reporting
As per Accounting Standard 17 on ‘Segment Reporting’ read with the IRDA Financial Statements Regulations, the Company is required to report segment results separately for linked, non-linked, health and pension businesses. The same is disclosed in Annexure 1.
The Company has witnessed signifi cant growth in group businesses during the year. Hence group linked and non linked businesses have been further bifurcated into life and pension from the current year.
29. Related Party Disclosure
During the year ended 31st March 2012, the Company has had transactions with related parties as defi ned in Accounting Standard 18 on "Related Party Disclosures". Related Parties have been identifi ed by the management on the basis of the information available with the Company. Details of related parties with whom, the Company has had transactions, nature of the relationship, transactions with them and balances at year-end, are detailed in Annexure 2.
30. Summary of fi nancial statements
A summary of the fi nancial statements as per the formats prescribed by the IRDA in its circular dated 29th April 2003 is provided in Annexure 4.
31. Accounting Ratios
Accounting ratios prescribed by the IRDA in its circular dated 29th April 2003 are provided in Annexure 5.
32. Statement containing names, descriptions, occupations of and directorships held by the persons in charge of management of the
business under section 11 (2) of Insurance Act, 1938:
From 1st April, 2011 to 31st March, 2012
Name : Mr. Jayant Dua
Designation : Managing Director & CEO (from 1st July, 2010)
Occupation : Service
Directorships Held during the year/ as on 31st March, 2012:
Central Insurance Repository Limited Director
Schedulesfor the year ended 31st March, 2012
98
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 98 01/08/12 2:11 PM
Schedulesfor the year ended 31st March, 2012
33. Penalty
As required by circular no. 005/IRDA/F&A/CIR/MAY-09 dated 7th May, 2009, the details of various penal actions taken by various Government Authorities for the fi nancial year 2011-2012 are mentioned below:-
Sr.
No.Authority
Non-Compliance/
Violation
Amount in `
Penalty
Awarded
Penalty Paid Penalty Waived/
Reduced
1 Insurance Regulatory and Development Authority Nil Nil Nil Nil2 Service Tax Authorities Non-Compliance Nil 26.789 Nil3 Income Tax Authorities Nil Nil Nil Nil4 Any other Tax Authorities Nil Nil Nil Nil5 Enforcement Directorate/Adjudicating Authority/
Tribunal or any Authority under FEMANil Nil Nil Nil
6 Registrar of Companies/NCLT/CLB/Department of Corporate Affairs or any Authority under Companies Act, 1956
Nil Nil Nil Nil
7 Penalty awarded by any Court/tribunal for any matter including claim settlement but excluding compensation
Nil Nil Nil Nil
8 Securities and Exchange Board of India Nil Nil Nil Nil9 Competition Commission of India Nil Nil Nil Nil10 Any other Central/State/Local Government/Statutory
AuthorityNil Nil Nil Nil
34. Disclosures relating to controlled Fund
As required by circular no. IRDA/F&I/CIR/F&A/045/03/2010 dated 17th March, 2010, the details of controlled fund for the fi nancial year 2011-2012 and 2010-2011 are mentioned below:-
a) Statement Showing Controlled Fund
Particulars 2011-12 2010-11
Computation of Controlled fund as per the Balance Sheet Policyholders’ Fund (Life Fund)Participating
Individual Assurance — —Individual Pension — —
Any other (Pl. Specify) — —Non-participating
Individual Assurance 9,454,628 8,075,375 Group Assurance 2,927,515 1,606,403 Individual Annuity 926,336 903,738
Group Pension 954,854 —Health 55,489 23,056 Others — —
LinkedIndividual Assurance 151,970,072 145,889,985
Group Assurance 13,759,980 18,749,827 Individual Pension 10,673,052 9,867,995
Group Superannuation 4,831,540 —Group Gratuity — —
Health 129,555 84,394 Funds for Future Appropriations 3,958,870 4,569,742
Total (A) 199,641,891 189,770,515 Shareholders’ Fund
Paid-up Capital 19,695,000 19,695,000 Reserves & Surpluses 4,800,000 4,800,000
Fair Value Change 47 1 Total (B) 24,495,047 24,495,001
Misc. expenses not written off — —Credit/(Debit) from P&L A/c. (13,762,293) (17,225,082)
Total (C) (13,762,293) (17,225,082)Total shareholders’ funds (B+C) 10,732,753 7,269,919
Controlled Fund (Total (A+B-C)) 210,374,645 197,040,434
99
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 99 01/08/12 2:11 PM
Schedulesfor the year ended 31st March, 2012
b) Reconciliation of the Controlled Fund from Revenue and Profi t & Loss Account
Particulars 2011-12 2010-11
Opening Balance of Controlled Fund 197,040,434 160,738,265
Add: Infl ow
Income
Premium income 58,853,594 56,770,665
Less: Reinsurance ceded (1,375,857) (825,041)
Net Premium 57,477,737 55,945,625
Investment Income (1,632,680) 14,919,387
Other Income 298,060 236,803
Funds transferred from Shareholders’ Accounts 3,287,343 619,836
Total Income 59,430,460 71,721,650
Less : Outgo
(i) Benefi ts paid (Net) 27,046,221 19,343,749
(ii) Change in Valuation of Liability 10,482,247 31,667,013
(iii) Commission 3,254,002 3,805,795
(iv) Operating Expenses 12,151,175 12,034,778
(v) Provision for Taxation — (5,875)
(a) FBT — —
(b) I.T. — —
Total Outgo 52,933,644 66,845,460
Surplus of the Policyholders’ Fund 6,496,816 4,876,189
Less: Transferred to Shareholders’ Account 7,107,686 3,290,689
Net Flow in Policyholders’ Account (610,870) 1,585,500
Add: Net income in Shareholders’ Fund 4,607,290 3,049,958
Less: Interim Dividend & Dividend distribution tax thereon (1,144,501) —
Net in Flow/Outfl ow 2,851,919 4,635,458
Add: change in valuation Liabilities 10,482,248 31,667,014
Add: Increase in Paid-up Capital — —
Add: Credit/(Debit)/Fair Value Change Account 46 (304)
Closing Balance of Controlled Fund 210,374,647 197,040,434
As per Balance Sheet 210,374,646 197,040,434
Difference, if any — —
100
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 100 01/08/12 2:11 PM
c) Reconciliation with Shareholders’ and Policyholders’ Fund
Particulars 2011-12 2010-11
Policyholders’ Funds
Policyholders’ Funds - Traditional-PAR and NON-PAROpening Balance of the Policyholders’ Fund 10,608,571 7,860,785 Add: Surplus of the Revenue Account — —Add: Change in valuation Liabilities 3,710,251 2,747,786 Total 14,318,822 10,608,571 As per Balance Sheet 14,318,822 10,608,571 Difference, if any — —Policyholders’ Funds - LinkedOpening Balance of the Policyholders’ Fund 179,161,944 148,657,217 Add: Surplus of the Revenue Account (610,870) 1,585,500 Add: Change in valuation Liabilities 6,771,996 28,919,228 Total 185,323,070 179,161,945 As per Balance Sheet 185,323,069 179,161,945 Difference, if any — —Shareholders’ Funds
Opening Balance of Shareholders’ Fund 7,269,919 4,220,264 Add: Net income of Shareholders’ Account (P&L) 4,607,290 3,049,958 Add: Infusion of Capital — —Add: Credit/(Debit)/Fair Value Change Account 46 (304)Less: Interim Dividend & Dividend distribution tax thereon (1,144,501) —Closing Balance of the Shareholders' fund 10,732,754 7,269,919 As per Balance Sheet 10,732,754 7,269,919 Difference, if any — —
35. Previous year comparatives
There have been no reclassifi cations/regrouping of previous year’s fi gures during the current year.
For S. R. Batliboi & Associates For Fraser & Ross For and on behalf of the Board of DirectorsChartered Accountants Chartered AccountantsFirm Registration No.101049W Firm Registration No. 000829S
per Amit Majmudar S. Ganesh Donald A. Stewart Gian P. Gupta Partner Partner Director DirectorMembership No. 36656 Membership No. 204108 Jayant Dua Mayank Bathwal Managing Director Chief Financial Offi cer
Niall O’hare Priscilla Sinha Chief Actuarial Offi cer Appointed Actuary
Ashish LakhtakiaMumbai, 28th April, 2012 Company Secretary
Schedulesfor the year ended 31st March, 2012
101
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 101 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Fo
rm A
-RA
A
nn
exu
re 1
Reve
nu
e A
cco
un
t fo
r th
e p
eri
od
en
ded
31
st M
arc
h 2
01
2
Po
licy
ho
lders
’ A
cco
un
t (T
ech
nic
al
Acco
un
t)
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)P
art
icu
lars
SC
HLin
ked
Bu
sin
ess
N
on
Lin
ked
Bu
sin
ess
Tota
l
Ind
ivid
ua
l Lif
e
Gro
up
Lif
e
Pen
sio
n
Ind
ivid
ua
l G
rou
p
Pen
sio
n
Hea
lth
In
div
idu
al
Ind
ivid
ua
l Lif
e
Gro
up
Lif
eP
en
sio
n
Ind
ivid
ua
l G
rou
p
Pen
sio
nH
ea
lth
In
div
idu
al
Prem
ium
ear
ned-
Net
(a)
Prem
ium
141
,391
,931
4
,051
,057
3
,019
,085
5
06,0
69
145
,796
6
,742
,964
1
,946
,767
1
09,3
68
892
,562
4
7,99
5 58
,853
,594
(b
) Re
insu
ranc
e ce
ded
(764
,637
) —
(3
51)
—
(6,7
07)
(157
,191
) (4
40,4
44)
—
—
(6,5
27)
(1,3
75,8
57)
(c)
Rein
sura
nce
acce
pted
—
—
—
— —
—
—
—
—
—
—
Su
b-T
ota
l40,6
27,2
94
4,0
51,0
57
3,0
18,7
34
506,0
69
139,0
89
6,5
85,7
73
1,5
06,3
23
109,3
68
892,5
62
41,4
68
57,4
77,7
37
Inco
me
from
inve
stm
ents
(a)
Inte
rest
, Div
iden
d &
Rent
- G
ross
7,0
15,1
06
959
,294
5
72,5
28
337
,423
6
,534
2
03,8
78
229
,205
1
2,15
0 2
30,6
12
913
9
,567
,643
(b
) Pr
ofi t
on S
ale/
Rede
mpt
ion
of In
vest
men
ts 5
,012
,997
2
91,0
34
386
,159
1
02,2
06
4,6
35
5,1
54
5,7
94
307
1
3,70
8 2
3 5
,822
,017
(c
) (L
oss)
on
Sale
/Red
empt
ion
of In
vest
men
ts(1
1,73
9,02
7) (5
04,7
75)
(1,0
16,0
43)
(177
,245
) (1
4,47
3) (1
,047
) (1
,177
) (6
2) (4
,758
) (4
)(1
3,45
8,61
1)(d
) Tr
ansf
er/G
ain
(Los
s) o
n re
valu
atio
n/ch
ange
in F
air v
alue
(3,3
42,4
84)
(72,
291)
(44,
466)
(25,
383)
(1,1
47)
—
—
—
—
—
(3,4
85,7
71)
(e)
Gain
/(Los
s) o
n Am
ortis
atio
n (4
3,29
3) (1
51)
(5,0
85)
(89)
(194
) (1
2,63
0) (1
4,19
9) (7
53)
(1,5
08)
(56)
(77,
958)
Su
b-T
ota
l (
3,0
96,7
01)
673,1
11
(106,9
07)
236,9
12
(4,6
45)
195,3
55
219,6
23
11,6
42
238,0
54
876
(1,6
32,6
80)
Othe
r Inc
ome
(a)
Cont
ribut
ion
from
the
Shar
ehol
ders
’ Acc
ount
— 2
0,98
1 —
—
23,
394
3,1
72,3
16
66,
142
4,5
10
—
—
3,2
87,3
43
(b)
Othe
rs (I
nter
est e
tc)
47,
916
1,7
07
1,2
16
219
6
2 2
45,3
76
910
2
02
386
6
6 2
98,0
60
Su
b-T
ota
l 4
7,9
16
22,6
88
1,2
16
219
23,4
56
3,4
17,6
92
67,0
52
4,7
12
386
66
3,5
85,4
03
TO
TAL (A
)37,5
78,5
09
4,7
46,8
56
2,9
13,0
43
743,2
00
157,9
00
10,1
98,8
20
1,7
92,9
98
125,7
22
1,1
31,0
02
42,4
10
59,4
30,4
60
Com
mis
sion
2 1
,725
,041
8
94
45,
984
57
18,
371
1,4
42,8
73
9,6
13
5,2
40
—
5,9
29
3,2
54,0
02
Oper
atin
g Ex
pens
es re
late
d to
Insu
ranc
e Bu
sine
ss3
5,4
69,7
12
79,
939
250
,523
7
,245
1
2,16
8 6
,079
,269
2
17,4
38
24,
930
7,7
21
2,2
30
12,
151,
175
Prov
isio
n fo
r dou
btfu
l deb
ts —
—
—
—
—
—
—
—
—
—
—
Ba
d De
bts
writ
ten
off
—
—
—
—
—
—
—
—
—
—
—
Prov
isio
n fo
r Tax
—
—
—
—
—
—
—
—
—
—
—
Prov
isio
n (o
ther
than
taxa
tion)
—
—
—
—
—
—
—
—
—
—
—
(a)
For d
imin
utio
n in
the
valu
e of
inve
stm
ent (
net)
—
—
—
—
—
—
—
—
—
—
—
(b)
Othe
rs (t
o be
spe
cifi e
d) —
—
—
—
—
—
—
—
—
—
—
TO
TAL (
B)
7,1
94,7
53
80,8
33
296,5
07
7,3
02
30,5
39
7,5
22,1
42
227,0
51
30,1
70
7,7
21
8,1
59
15,4
05,1
77
Bene
fi ts
paid
(Net
)4
19,6
43,5
78
4,9
40,5
33
1,2
05,3
26
542
,376
2
0,00
4 4
42,5
82
211
,223
1
5,76
4 1
8,49
7 6
,338
27
,046
,221
In
terim
Bon
uses
Pai
d —
—
—
—
— —
—
—
—
—
—
Chan
ge in
val
uatio
n of
liab
ility
aga
inst
life
pol
icie
s in
forc
e(a
) Gr
oss
(485
,085
) 4
,016
(5
7,49
0) 2
,791
2
9,33
3 2
,613
,744
1
,433
,004
7
9,78
8 9
16,3
58
(2,5
13)
4,5
33,9
46
(b)
Fund
Res
erve
5
,648
,549
(2
76,6
04)
805
,057
1
18,2
97
45,
161
—
—
—
—
—
6,3
40,4
60
(c)
Fund
Res
erve
431
,538
—
—
—
—
—
—
—
—
—
4
31,5
38
(d)
(Am
ount
ced
ed in
Re-
insu
ranc
e) (3
69,7
59)
(1,9
22)
300
—
5
,120
(3
79,6
48)
(78,
280)
—
—
492
(8
23,6
97)
(e)
Amou
nt a
ccep
ted
in R
e-in
sura
nce
—
—
—
—
—
—
—
—
—
—
—
TO
TAL (
C)
24,8
68,8
21
4,6
66,0
23
1,9
53,1
93
663,4
64
99,6
18
2,6
76,6
78
1,5
65,9
47
95,5
52
934,8
55
4,3
17
37,5
28,4
68
Su
rplu
s/(D
efi
cit
) (D
) =
(A
)-(B
)-(C
) 5
,514,9
35
—
663,3
43
72,4
34
27,7
43
—
—
—
188,4
26
29,9
34
6,4
96,8
15
Appr
opria
tions
Tran
sfer
to S
hare
hold
ers
Acco
unt
6,1
62,4
05
—
654
,487
7
2,43
4 —
—
—
—
1
88,4
26
29,
934
7,1
07,6
86
Tran
sfer
to O
ther
Res
erve
s —
—
—
—
—
—
—
—
— —
—
Ba
lanc
e be
ing
Fund
s fo
r Fut
ure
Appr
opria
tions
(647
,470
) —
8
,856
—
2
7,74
3 —
—
—
—
—
(6
10,8
71)
TO
TAL (D
) 5
,514,9
35
—
663,3
43
72,4
34
27,7
43
—
—
—
188,4
26
29,9
34
6,4
96,8
15
The
tota
l sur
plus
as
men
tione
d be
low
:(a
) In
terim
Bon
uses
Pai
d —
—
—
—
—
—
—
—
—
—
—
(b)
Allo
catio
n of
Bon
us to
Pol
icyh
olde
rs —
—
—
—
—
—
—
—
—
—
—
(c)
Surp
lus/
(Defi
cit)
sho
wn
in th
e Re
venu
e Ac
coun
t 5
,514
,935
—
6
63,3
43
72,
434
27,
743
—
—
—
188
,426
2
9,93
4 6
,496
,815
102
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 102 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Fo
rm A
-RA
A
nn
exu
re 1
Reve
nu
e A
cco
un
t fo
r th
e p
eri
od
en
ded
31
st M
arc
h 2
01
1
Po
licy
ho
lders
’ A
cco
un
t (T
ech
nic
al
Acco
un
t)
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)P
art
icu
lars
SC
HLin
ked
Bu
sin
ess
N
on
Lin
ked
Bu
sin
ess
Tota
l
Ind
ivid
ua
l Lif
e
Gro
up
Lif
e*
Pen
sio
n
Ind
ivid
ua
l H
ea
lth
In
div
idu
al
Ind
ivid
ua
l Lif
e
Gro
up
Lif
e*
Pen
sio
n
Ind
ivid
ua
l H
ea
lth
In
div
idu
al
Prem
ium
ear
ned-
Net
(a)
Prem
ium
1 4
5,10
1,08
0 4
,363
,790
3
,443
,082
9
5,87
6 3
,095
,488
4
90,8
53
135
,589
4
4,90
8 5
6,77
0,66
6 (b
) Re
insu
ranc
e ce
ded
(487
,270
) —
(3
22)
(4,5
50)
(90,
372)
(237
,018
) —
(5
,509
) (8
25,0
41)
(c)
Rein
sura
nce
acce
pted
—
—
—
—
—
—
—
—
—
Su
b-T
ota
l 4
4,6
13,8
10
4,3
63,7
90
3,4
42,7
60
91,3
26
3,0
05,1
16
253,8
34
135,5
89
39,3
99
55,9
45,6
25
Inco
me
from
inve
stm
ents
(a)
Inte
rest
, Div
iden
d &
Rent
- G
ross
5,8
85,0
52
1,1
10,1
69
460
,370
2
,688
8
0,90
4 1
70,8
86
4,6
55
913
7
,715
,638
(b
) Pr
ofi t
on S
ale/
Rede
mpt
ion
of In
vest
men
ts 1
4,07
3,79
1 8
86,4
84
1,0
22,0
90
9,9
63
1,3
21
2,7
91
76
15
15,
996,
532
(c)
(Los
s) o
n Sa
le/R
edem
ptio
n of
Inve
stm
ents
(3,3
68,0
05)
(261
,626
) (2
62,4
76)
(2,7
09)
(17)
(35)
(1)
(0)
(3,8
94,8
70)
(d)
Tran
sfer
/Gai
n (L
oss)
on
reva
luat
ion/
chan
ge in
Fai
r val
ue (4
,700
,314
) (3
74,8
42)
293
,549
3
,091
—
—
—
—
(4
,778
,515
)(e
) Ga
in/(L
oss)
on
Amor
tisat
ion
(81,
762)
(430
) (8
,370
) (1
15)
(9,0
29)
(19,
070)
(519
) (1
02)
(119
,398
)S
ub
-Tota
l 1
1,8
08,7
63
1,3
59,7
56
1,5
05,1
63
12,9
17
73,1
80
154,5
71
4,2
11
826
14,9
19,3
86
Othe
r Inc
ome
(a)
Cont
ribut
ion
from
the
Shar
ehol
ders
’ Acc
ount
—
—
—
—
576
,071
4
3,76
8 —
—
6
19,8
39
(b)
Othe
rs (I
nter
est e
tc.)
60,
848
2,4
82
2,0
81
56
170
,903
2
86
84
61
236
,803
S
ub
-Tota
l 6
0,8
48
2,4
82
2,0
81
56
746,9
74
44,0
55
84
61
856,6
42
TO
TAL (A
) 5
6,4
83,4
21
5,7
26,0
29
4,9
50,0
04
104,3
00
3,8
25,2
70
452,4
60
139,8
84
40,2
86
71,7
21,6
53
Com
mis
sion
2 2
,831
,314
7
85
144
,530
1
9,60
3 7
88,4
48
6,0
67
9,2
91
5,7
55
3,8
05,7
95
Oper
atin
g Ex
pens
es re
late
d to
Insu
ranc
e Bu
sine
ss3
8,4
98,6
77
99,
909
580
,252
1
4,32
8 2
,602
,610
1
96,5
75
36,
639
5,7
85
12,
034,
775
Prov
isio
n fo
r dou
btfu
l deb
ts —
—
—
—
—
—
—
—
—
Ba
d De
bts
writ
ten
off
—
—
—
—
—
—
—
—
—
Prov
isio
n fo
r Tax
(4,6
67)
(452
) (3
56)
(10)
(320
) (5
1) (1
4) (5
) (5
,875
)Pr
ovis
ion
(oth
er th
an ta
xatio
n) —
—
—
—
—
—
—
—
—
(a
) Fo
r dim
inut
ion
in th
e va
lue
of in
vest
men
t (ne
t) —
—
—
—
—
—
—
—
—
(b)
Othe
rs (t
o be
spe
cifi e
d) —
—
—
—
—
—
—
—
—
TO
TAL (
B)
11,3
25,3
25
100,2
43
724,4
26
33,9
21
3,3
90,7
37
202,5
92
45,9
16
11,5
36
15,8
34,6
95
Bene
fi ts
paid
(Net
)4
15,
782,
902
2,5
73,5
50
801
,517
1
2,94
7 1
06,1
88
57,
436
863
8
,344
1
9,34
3,74
8 In
terim
Bon
uses
Pai
d —
—
—
—
—
—
—
—
—
Chan
ge in
val
uatio
n of
liab
ility
aga
inst
life
pol
icie
s in
forc
e(a
) Gr
oss
1,7
01,5
89
3,9
55
356
,497
6
,960
3
59,4
49
271
,053
7
5,79
4 4
,610
2
,779
,908
(b
) Fu
nd R
eser
ve
23,
429,
717
3,0
16,9
17
2,4
29,3
13
36,
880
—
—
—
—
28,
912,
827
(c)
Fund
Res
erve
6,4
01
—
—
—
—
—
—
—
6,4
01
(d)
(Am
ount
ced
ed in
Re-
insu
ranc
e) 7
6,65
0 1
1
8 1
,587
(3
1,10
5) (7
8,62
2) —
(6
53)
(32,
122)
(e)
Amou
nt a
ccep
ted
in R
e-in
sura
nce
—
—
—
— —
—
—
—
—
TO
TAL (
C)
40,9
97,2
59
5,5
94,4
24
3,5
87,3
45
58,3
75
434,5
32
249,8
68
76,6
57
12,3
01
51,0
10,7
61
Su
rplu
s/ (
Defi
cit
) (D
) =
(A
)-(B
)-(C
) 4
,160,8
37
31,3
63
638,2
33
12,0
04
—
—
17,3
10
16,4
49
4,8
76,1
97
Appr
opria
tions
Tran
sfer
to S
hare
hold
ers
Acco
unt
2,6
89,1
21
31,
363
536
,043
4
10
—
—
17,
310
16,
449
3,2
90,6
97
Tran
sfer
to O
ther
Res
erve
s —
—
—
—
—
—
—
—
—
Ba
lanc
e be
ing
Fund
s fo
r Fut
ure
Appr
opria
tions
1,4
71,7
16
—
102
,190
1
1,59
4 —
—
—
—
1
,585
,500
TO
TAL (D
) 4
,160,8
37
31,3
63
638,2
33
12,0
04
—
—
17,3
10
16,4
49
4,8
76,1
97
The
tota
l sur
plus
as
men
tione
d be
low
:(a
) In
terim
Bon
uses
Pai
d —
—
—
—
—
—
—
—
—
(b
) Al
loca
tion
of B
onus
to P
olic
yhol
ders
—
—
—
—
—
—
—
—
—
(c)
Surp
lus/
(Defi
cit)
sho
wn
in th
e Re
venu
e Ac
coun
t 4
,160
,837
3
1,36
3 6
38,2
33
12,
004
—
—
17,
310
16,
449
4,8
76,1
97
* The
gro
up li
fe li
nked
and
non
link
ed b
usin
esse
s in
clud
es b
oth
life
and
pens
ion
resp
ectiv
ely.
103
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 103 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Fo
rm A
-BS
A
nn
exu
re 1
Ba
lan
ce S
heet
as
at
31
st M
arc
h 2
01
2
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsLin
ked
Bu
sin
ess
Non
Lin
ked
Bu
sin
ess
S
ha
re-H
old
ers
Fu
nd
Tota
l
Ind
ivid
ua
l
Lif
e
Gro
up
Lif
e
Pen
sio
n
Ind
ivid
ua
l
Gro
up
Pen
sio
n
Hea
lth
Ind
ivid
ua
l
Ind
ivid
ua
l
Lif
e
Gro
up
Lif
e
Pen
sio
n
Ind
ivid
ua
l
Gro
up
Pen
sio
n
Hea
lth
Ind
ivid
ua
l
Sou
rces
of
Fu
nd
sSh
areh
olde
rs’ f
unds
:Sh
are
Capi
tal
—
—
—
—
—
—
—
—
—
—
19,
695,
000
19,
695,
000
Rese
rves
and
Sur
plus
—
—
—
—
—
—
—
—
—
—
4,8
00,0
00
4,8
00,0
00
Cred
it/(D
ebit)
/Fai
r Val
ue C
hang
e Ac
coun
t —
—
—
—
—
—
—
—
—
—
4
7 4
7 S
ub
-Tota
l —
—
—
—
—
—
—
—
—
—
2
4,4
95,0
47
24,4
95,0
47
Borr
owin
gs —
—
—
—
—
—
—
—
—
—
—
—
Po
licyh
olde
rs’ F
unds
:Cr
edit/
(Deb
it)/F
air V
alue
Cha
nge
Acco
unt
—
—
—
—
—
(814
) (7
63)
—
—
—
—
(1,5
77)
Polic
y Li
abili
ties
6,3
58,0
48
24,
709
768
,472
1
5,39
7 4
7,64
7 3
,096
,580
2
,902
,806
1
57,8
64
939
,457
7
,842
—
1
4,31
8,82
2 In
sura
nce
Rese
rves
—
—
—
—
—
—
—
—
—
—
—
—
Prov
isio
n fo
r Lin
ked
Liab
ilitie
s 1
50,6
19,8
14
13,7
93,7
76
10,6
74,8
08
4,8
43,4
07
128
,408
—
—
—
—
—
—
1
80,0
60,2
13
Prov
isio
n fo
r PDF
437
,939
—
—
—
—
—
—
—
—
—
—
4
37,9
39
Cred
it/(D
ebit)
/Fai
r Val
ue C
hang
e Ac
coun
t (L
inke
d) 9
12,3
18
(33,
796)
(1,7
56)
(11,
867)
1,1
47
—
—
—
—
—
—
866
,046
Tota
l Lin
ked
Liab
ilitie
s 1
51,9
70,0
71
13,7
59,9
80
10,6
73,0
52
4,8
31,5
40
129
,555
—
—
—
—
—
—
1
81,3
64,1
98
Su
b-T
ota
l 1
58,3
28,1
19
13,7
84,6
89
11,4
41,5
24
4,8
46,9
37
177,2
02
3,0
95,7
66
2,9
02,0
43
157,8
64
939,4
57
7,8
42
—
195,6
81,4
43
Fund
s fo
r Fut
ure
Appr
opria
tion
- Li
nked
Lia
bilit
ies
3,6
30,7
61
—
288
,747
—
3
9,36
3 —
—
—
—
—
—
3
,958
,870
To
tal
161,9
58,8
79
13,7
84,6
89
11,7
30,2
71
4,8
46,9
37
216,5
65
3,0
95,7
66
2,9
02,0
43
157,8
64
939,4
57
7,8
42
24,4
95,0
47
224,1
35,3
60
Ap
plica
tion
of
Fu
nd
sIn
vest
men
tsSh
areh
olde
rs’
—
—
—
—
—
—
—
—
—
—
10,
153,
273
10,
153,
273
Polic
yhol
ders
’11
,407
,455
2
4,70
9 1
,123
,089
1
5,39
7 8
7,01
0 3
,096
,580
2
,712
,330
1
69,1
88
939
,457
7
,842
—
1
9,58
3,05
7 As
sets
hel
d to
Cov
er L
inke
d Li
abili
ties
151
,970
,071
13
,759
,980
10
,673
,052
4
,831
,540
1
29,5
55
—
—
—
—
—
—
181
,364
,198
Lo
ans
250
,239
—
—
—
—
—
—
—
—
—
—
2
50,2
39
Fixe
d As
sets
278
,410
2
7,24
8 2
0,30
7 3
,404
9
81
45,
354
13,
094
736
6
,004
3
23
—
395
,861
Cu
rren
t Ass
ets
Cash
and
Ban
k Ba
lanc
es 3
,811
,756
3
73,0
59
278
,026
4
6,60
4 1
3,42
6 6
20,9
55
179
,277
1
0,07
2 8
2,19
5 4
,420
9
84,8
68
6,4
04,6
58
Adva
nces
and
Oth
er A
sset
s* 1
,171
,224
1
12,8
15
84,
552
14,
092
4,2
53
590
,729
5
4,31
0 1
9,77
5 2
4,85
4 5
,465
2
98,4
80
2,3
80,5
49
Su
b-T
ota
l (A
) 4
,982,9
80
485,8
74
362,5
78
60,6
96
17,6
79
1,2
11,6
84
233,5
87
29,8
47
107,0
49
9,8
85
1,2
83,3
48
8,7
85,2
07
Curr
ent L
iabi
litie
s 6
,896
,873
5
49,7
81
797
,029
6
8,66
1 3
4,19
9 8
63,9
36
265
,435
2
9,12
2 1
21,0
98
(8,5
42)
—
9,6
17,5
92
Prov
isio
ns 3
80,0
15
37,
158
27,
702
4,6
42
1,3
41
62,
144
17,
858
1,0
04
8,1
87
441
6
84
541
,176
S
ub
-Tota
l (B
) 7
,276,8
88
586,9
39
824,7
31
73,3
03
35,5
40
926,0
80
283,2
93
30,1
26
129,2
85
(8,1
01)
684
10,1
58,7
68
Net
Cu
rren
t A
ssets
(C
) =
(A
-B)
(2,2
93,9
08)
(101,0
65)
(462,1
53)
(12,6
07)
(17,8
61)
285,6
04
(49,7
06)
(279)
(22,2
36)
17,9
86
1,2
82,6
64
(1,3
73,5
61)
Mis
cella
neou
s Ex
pend
iture
(To
the
exte
nt n
ot w
ritte
n of
f or A
djus
ted)
—
—
—
—
—
—
—
—
— —
—
—
De
bit B
alan
ce in
Pro
fi t a
nd L
oss
Acco
unt
(Sha
reho
lder
s’ A
ccou
nt)
—
—
—
— —
—
—
—
—
—
13,
762,
293
13,
762,
293
Tota
l 1
61,6
12,2
67
13,7
10,8
72
11,3
54,2
95
4,8
37,7
34
199,6
85
3,4
27,5
38
2,6
75,7
18
169,6
45
923,2
25
26,1
51
25,1
98,2
30
224,1
35,3
60
Note
: Adv
ance
s an
d ot
her a
sset
s al
loca
ted
to s
hare
hold
ers’
incl
ude
tax
asse
ts.
104
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 104 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Fo
rm A
-BS
A
nn
exu
re 1
Ba
lan
ce S
heet
as
at
31
st M
arc
h 2
01
1
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsLin
ked
Bu
sin
ess
No
n L
ink
ed
Bu
sin
ess
Sh
are
-Ho
lders
Fu
nd
Tota
l
Ind
ivid
ua
l
Lif
e
Gro
up
Lif
e*
Pen
sio
n
Ind
ivid
ua
l
Hea
lth
Ind
ivid
ua
l
Ind
ivid
ua
l
Lif
e
Gro
up
Lif
e*
Pen
sio
n
Ind
ivid
ua
l
Hea
lth
Ind
ivid
ua
l
Sou
rces
of
Fu
nd
sSh
areh
olde
rs’ f
unds
:Sh
are
Capi
tal
—
—
—
—
—
—
—
—
19,
695,
000
19,
695,
000
Rese
rves
and
Sur
plus
—
—
—
—
—
—
—
—
4,8
00,0
00
4,8
00,0
00
Cred
it/(D
ebit)
/Fai
r Val
ue C
hang
e Ac
coun
t —
—
—
—
—
—
—
—
1
1
S
ub
-Tota
l —
—
—
—
—
—
—
2
4,4
95,0
01
24,4
95,0
01
Borr
owin
gs —
—
—
—
—
—
—
—
—
—
Po
licyh
olde
rs’ F
unds
:Cr
edit/
(Deb
it)/F
air V
alue
Cha
nge
Acco
unt
—
—
—
—
24
45
—
—
—
69
Polic
y Li
abili
ties
7,2
12,8
91
35,
221
825
,662
1
3,19
3 8
62,4
84
1,5
71,1
82
78,
075
9,8
62
—
10,
608,
571
Insu
ranc
e Re
serv
es —
—
—
—
—
—
—
—
—
—
Prov
isio
n fo
r Lin
ked
Liab
ilitie
s 1
42,5
83,5
31
18,
702,
615
8,8
67,5
92
80,
245
—
—
—
—
—
170
,233
,983
Pr
ovis
ion
for P
DF 6
,401
—
—
—
—
—
—
—
—
6
,401
Cr
edit/
(Deb
it)/F
air V
alue
Cha
nge
Acco
unt
(Lin
ked)
3,3
00,0
53
47,
212
1,0
00,4
03
4,1
49
—
—
—
—
—
4,3
51,8
17
Tota
l Lin
ked
Liab
ilitie
s 1
45,8
89,9
85
18,
749,
827
9,8
67,9
95
84,
394
—
—
—
—
—
174
,592
,202
S
ub
-Tota
l 1
53,1
02,8
76
18,7
85,0
48
10,6
93,6
58
97,5
87
862,5
08
1,5
71,2
27
78,0
75
9,8
62
—
185,2
00,8
42
Fund
s fo
r Fut
ure
Appr
opria
tion
- Li
nked
Lia
bilit
ies
4,2
78,2
31
—
279
,891
1
1,62
0 —
—
—
—
—
4
,569
,742
To
tal
157,3
81,1
07
18,7
85,0
48
10,9
73,5
48
109,2
08
862,5
08
1,5
71,2
27
78,0
75
9,8
62
24,4
95,0
01
214,2
65,5
85
Ap
plica
tion
of
Fu
nd
sIn
vest
men
tsSh
areh
olde
rs’
—
—
—
—
—
—
—
—
6,9
72,7
07
6,9
72,7
07
Polic
yhol
ders
’ 1
1,22
8,05
2 3
5,22
1 1
,105
,553
2
4,81
3 8
62,4
84
2,6
89,4
82
78,
075
9,8
62
—
16,
033,
543
Asse
ts h
eld
to C
over
Lin
ked
Liab
ilitie
s 1
45,8
89,9
85
18,
749,
827
9,8
67,9
95
84,
394
—
—
—
—
—
174
,592
,202
Lo
ans
263
,070
—
—
—
—
—
—
—
2
63,0
70
Fixe
d As
sets
317
,637
3
0,73
3 2
4,24
9 6
75
21,
801
3,4
57
955
3
16
—
399
,823
Cu
rren
t Ass
ets
Cash
and
Ban
k Ba
lanc
es 4
,675
,332
4
52,3
65
356
,922
9
,939
3
20,8
89
50,
883
14,
056
4,6
55
201
5
,885
,242
Ad
vanc
es a
nd O
ther
Ass
ets*
929
,426
8
8,41
6 7
0,55
4 2
,050
1
28,1
96
9,9
78
2,7
98
942
1
39,3
48
1,3
71,7
08
Su
b-T
ota
l (A
) 5
,604,7
58
540,7
81
427,4
76
11,9
89
449,0
85
60,8
62
16,8
54
5,5
97
139,5
49
7,2
56,9
50
Curr
ent L
iabi
litie
s 6
,169
,297
4
37,8
70
564
,490
1
5,45
4 7
81,9
48
13,
592
15,
778
9,8
58
—
8,0
08,2
86
Prov
isio
ns 3
72,9
82
36,
067
28,
469
794
2
5,64
5 4
,057
1
,121
3
72
—
469
,507
S
ub
-Tota
l (B
) 6
,542,2
79
473,9
38
592,9
58
16,2
48
807,5
93
17,6
49
16,8
99
10,2
30
—
8,4
77,7
93
Net
Cu
rren
t A
ssets
(C
) =
(A
-B)
(937,5
21)
66,8
43
(165,4
83)
(4,2
59)
(358,5
08)
43,2
12
(45)
(4,6
33)
139,5
49
(1,2
20,8
43)
Mis
cella
neou
s Ex
pend
iture
(To
the
exte
nt n
ot w
ritte
n of
f or A
djus
ted)
—
—
—
—
—
—
—
—
—
—
De
bit B
alan
ce in
Pro
fi t a
nd L
oss
Acco
unt
(Sha
reho
lder
s’ A
ccou
nt)
—
—
—
—
—
—
—
—
17,
225,
082
17,
225,
082
Tota
l 1
56,7
61,2
23
18,8
82,6
24
10,8
32,3
15
105,6
25
525,7
77
2,7
36,1
51
78,9
85
5,5
46
24,3
37,3
38
214,2
65,5
84
* The
gro
up li
fe li
nked
and
non
link
ed b
usin
esse
s in
clud
es b
oth
life
and
pens
ion
resp
ectiv
ely.
105
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 105 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
SC
HE
DU
LE
1
An
nex
ure
1
Pre
miu
m f
or
the y
ea
r en
ded
Ma
rch
20
12
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsLin
ked
Bu
sin
ess
N
on
Lin
ked
Bu
sin
ess
Tota
l
In
div
idu
al
Lif
e
Gro
up
Lif
e
Pen
sio
n
Ind
ivid
ua
l
Gro
up
Pen
sio
n
Hea
lth
Ind
ivid
ua
l
In
div
idu
al
Lif
e
Gro
up
Lif
e P
en
sio
n
Ind
ivid
ua
l
Gro
up
Pen
sio
n
Hea
lth
Ind
ivid
ua
l
Firs
t Yea
r Pre
miu
ms
6,7
10,6
33
4,0
30,5
05
22,
476
164
,666
6
8,79
5 4
,829
,410
1
,632
,568
5
6,33
9 8
92,5
62
26,
670
18,
434,
624
Rene
wal
Pre
miu
ms
34,
059,
182
20,
552
2,9
78,8
51
341
,403
7
7,00
1 1
,772
,524
2
73,8
54
47,
224
—
21,
325
39,
591,
916
Sing
le P
rem
ium
s 6
22,1
16
—
17,
758
—
—
141
,030
4
0,34
5 5
,805
—
—
8
27,0
54
Tota
l G
ross
Pre
miu
ms
41
,39
1,9
31
4
,05
1,0
57
3
,01
9,0
85
5
06
,06
9
14
5,7
96
6
,74
2,9
64
1
,94
6,7
67
1
09
,36
8
89
2,5
62
4
7,9
95
5
8,8
53,5
94
SC
HE
DU
LE
1
An
nex
ure
1
Pre
miu
m f
or
the y
ea
r en
ded
Ma
rch
20
11
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rs
Lin
ked
Bu
sin
ess
N
on
Lin
ked
Bu
sin
ess
Tota
l
In
div
idu
al
Lif
e
Gro
up
Lif
e*
Pen
sio
n
Ind
ivid
ua
l
Hea
lth
Ind
ivid
ua
l
In
div
idu
al
Lif
e
Gro
up
Lif
e*
Pen
sio
n
Ind
ivid
ua
l
Hea
lth
Ind
ivid
ua
l
Firs
t Yea
r Pre
miu
ms
11,
585,
975
4,0
51,7
53
1,5
58,3
23
68,
053
2,6
40,3
85
254
,597
1
12,0
39
21,
530
20,
292,
655
Rene
wal
Pre
miu
ms
33,
297,
360
312
,037
1
,869
,600
2
7,82
3 2
56,2
12
179
,804
1
,427
2
3,37
8 3
5,96
7,64
1
Sing
le P
rem
ium
s 2
17,7
45
—
15,
159
—
198
,891
5
6,45
2 2
2,12
3 —
5
10,3
70
Tota
l G
ross
Pre
miu
ms
45
,10
1,0
80
4
,36
3,7
90
3
,44
3,0
82
9
5,8
76
3
,09
5,4
88
4
90
,85
3
13
5,5
89
4
4,9
08
5
6,7
70
,66
6
* The
gro
up li
fe li
nked
and
non
link
ed b
usin
esse
s in
clud
es b
oth
life
and
pens
ion
resp
ectiv
ely.
106
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 106 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
SC
HE
DU
LE
2
An
nex
ure
1
Co
mm
issi
on
Exp
en
ses
for
the y
ea
r en
ded
Ma
rch
20
12
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsLin
ked
Bu
sin
ess
N
on
Lin
ked
Bu
sin
ess
To
tal
In
div
idu
al
Lif
e
Gro
up
Lif
e
Pen
sio
n
Ind
ivid
ua
l
Gro
up
Pen
sio
n
Hea
lth
Ind
ivid
ua
l
In
div
idu
al
Lif
e
Gro
up
Lif
e P
en
sio
n
Ind
ivid
ua
l
Gro
up
Pen
sio
n
Hea
lth
Ind
ivid
ua
l
Co
mm
issi
on
Pa
id
Dire
ct -
Firs
t Yea
r Pre
miu
ms
375
,334
8
75
(3,4
56)
29
13,
723
1,3
71,2
20
7,1
81
4,3
09
—
5,1
79
1,7
74,3
94
Rene
wal
Pre
miu
ms
1,3
37,6
48
19
49,
113
28
4,6
48
69,
070
1,5
67
846
—
7
50
1,4
63,6
89
Sing
le P
rem
ium
s 1
2,05
9 —
3
27
—
—
2,5
83
865
8
5 —
—
1
5,91
9
Su
b-T
ota
l 1
,72
5,0
41
8
94
4
5,9
84
5
7
18
,37
1
1,4
42
,87
3
9,6
13
5
,24
0
—
5,9
29
3
,25
4,0
02
Add:
Com
mis
sion
on
Re-in
sura
nce
Acce
pted
—
—
—
—
—
—
—
—
—
—
—
Less
: Com
mis
sion
on
Re-in
sura
nce
Cede
d —
—
—
—
—
—
—
—
—
—
—
Net
Co
mm
issi
on
1,7
25
,04
1
89
4
45
,98
4
57
1
8,3
71
1
,44
2,8
73
9
,61
3
5,2
40
—
5
,92
9
3,2
54
,00
2
SC
HE
DU
LE
2
An
nex
ure
1
Co
mm
issi
on
Exp
en
ses
for
the y
ea
r en
ded
Ma
rch
20
11
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rs
Lin
ked
Bu
sin
ess
N
on
Lin
ked
Bu
sin
ess
To
tal
In
div
idu
al
Lif
e
Gro
up
Lif
e*
Pen
sio
n
Ind
ivid
ua
l
Hea
lth
Ind
ivid
ua
l
In
div
idu
al
Lif
e
Gro
up
Lif
e*
Pen
sio
n
Ind
ivid
ua
l
Hea
lth
Ind
ivid
ua
l
Co
mm
issi
on
Pa
id
Dire
ct -
Firs
t Yea
r Pre
miu
ms
1,5
33,0
70
703
1
09,1
30
17,
766
772
,493
4
,550
9
,024
4
,346
2
,451
,080
Rene
wal
Pre
miu
ms
1,2
94,2
60
82
35,
125
1,8
37
12,
039
764
2
5 8
52
1,3
44,9
85
Sing
le P
rem
ium
s 3
,985
—
2
76
—
3,9
16
753
2
42
558
9
,730
Su
b-T
ota
l 2
,83
1,3
14
7
85
1
44
,53
0
19
,60
3
78
8,4
48
6
,06
7
9,2
91
5
,75
5
3,8
05
,79
5
Add:
Com
mis
sion
on
Re-in
sura
nce
Acce
pted
—
—
—
—
—
—
—
—
—
Less
: Com
mis
sion
on
Re-in
sura
nce
Cede
d —
—
—
—
—
—
—
—
—
Net
Co
mm
issi
on
2,8
31
,31
4
78
5
14
4,5
30
1
9,6
03
7
88
,44
8
6,0
67
9
,29
1
5,7
55
3
,80
5,7
95
* The
gro
up li
fe li
nked
and
non
link
ed b
usin
esse
s in
clud
es b
oth
life
and
pens
ion
resp
ectiv
ely.
107
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 107 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
SC
HE
DU
LE
3
An
nex
ure
1
Op
era
tin
g E
xp
en
ses
Rela
ted
to
In
sura
nce B
usi
ness
fo
r th
e y
ea
r en
ded
Ma
rch
20
12
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Sr. N
o.
Pa
rtic
ula
rsLin
ked
Bu
sin
ess
N
on
Lin
ked
Bu
sin
ess
To
tal
Ind
ivid
ua
l
Lif
e
Gro
up
Lif
e
Pen
sio
n
Ind
ivid
ua
l
Gro
up
Pen
sio
n
Hea
lth
Ind
ivid
ua
l
Ind
ivid
ua
l
Lif
e
Gro
up
Lif
e
Pen
sio
n
Ind
ivid
ua
l
Gro
up
Pen
sio
n
Hea
lth
Ind
ivid
ua
l
1 Em
ploy
ees’
rem
uner
atio
n, w
elfa
re
bene
fi ts
and
othe
r man
pow
er c
osts
2
,005
,018
2
1,00
9 6
7,73
9 2
,922
3
,986
3
,578
,606
9
4,92
9 1
3,48
5 1
,021
1
,472
5
,790
,187
2 Tr
avel
, con
veya
nce
and
vehi
cle
runn
ing
expe
nses
81,
623
1,2
45
2,5
69
98
70
155
,459
7
,903
5
75
39
26
249
,607
3 Tr
aini
ng e
xpen
ses
13,
908
(71)
(1,9
02)
(21)
(5)
125
,644
3
72
349
(2
1) (2
) 1
38,2
51
4 Re
nts,
rate
s an
d ta
xes
346
,333
9
56
15,
306
122
4
9 4
79,3
60
518
1
,986
2
06
17
844
,853
5
Repa
irs &
mai
nten
ance
91,
164
180
2
,755
2
3 9
1
79,8
97
77
660
4
0 2
2
74,8
07
6 Pr
intin
g an
d st
atio
nery
59,
026
60
289
6
2
1
80,5
51
182
5
89
—
1
240
,706
7
Com
mun
icat
ion
expe
nses
137
,697
3
93
8,1
38
46
29
105
,936
8
18
571
6
6 1
0 2
53,7
04
8 Le
gal &
pro
fess
iona
l cha
rges
89,
574
844
4
,728
1
64
18
90,
010
2,0
27
420
6
8 5
1
87,8
58
9 M
edic
al fe
es 2
3,98
0 —
—
—
—
3
6,79
7 4
64
—
—
331
6
1,57
2 10
Au
dito
r’s fe
es, e
xpen
ses,
etc
.(a
) (i)
as
audi
tor
3,7
98
372
2
77
46
13
619
1
79
10
82
4
5,4
00
(ii
) out
of p
ocke
t exp
ense
s 2
21
22
16
3
1
36
10
1
5
—
315
(b
) as
adv
isor
or i
n an
y ot
her c
apac
ity, i
n re
spec
t of
(i)
Tax
atio
n se
rvic
es/m
atte
rs —
—
—
—
—
—
—
—
1
—
1
(ii) M
anag
emen
t ser
vice
s 2
00
20
15
2
1
33
9
1
3
—
284
11
Ad
verti
sem
ent a
nd p
ublic
ity 4
56,5
90
3,0
04
27,
858
247
8
5 3
05,7
24
12,
209
1,7
92
355
2
9 8
07,8
93
12
Inte
rest
and
ban
k ch
arge
s 1
15,1
07
11,
162
8,3
80
1,5
67
383
1
7,37
8 5
,099
2
87
2,3
13
124
1
61,8
00
13
Othe
rs
1)
Dist
ribut
ion
Expe
nses
1
06,0
47
—
(977
) —
—
3
87,4
26
—
1,2
21
—
—
493
,717
2)
Ag
ents
recr
uitm
ent,
sem
inar
and
ot
her e
xpen
ses
10,
645
—
319
—
—
2
1,18
6 —
7
8 —
—
3
2,22
8
3)
Recr
uitm
ent a
nd S
emin
ar e
xpen
ses
87,
862
385
5
,031
5
0 5
3 7
2,55
6 6
21
379
6
6 1
7 1
67,0
20
4)
IT E
xpen
ses
(incl
. mai
nten
ance
) 2
66,4
00
1,0
72
18,
968
134
5
6 5
8,20
6 5
50
751
2
35
18
346
,390
5)
Po
licy
Stam
ps
25,
363
19
—
—
—
38,
919
87,
003
—
3
—
151
,307
6)
(P
rofi t
)/Los
s on
sal
e of
ass
ets
727
7
1 5
3 9
3
1
18
34
2
15
1
1,0
33
7)
Serv
ice
Tax
expe
nditu
re in
clud
ing
prov
isio
n fo
r unu
tilis
ed c
redi
t*
(52,
084)
(5,0
97)
(3,7
99)
(637
) (1
83)
(8,4
85)
(2,4
50)
(138
) (1
,123
) (6
0) (7
4,05
6)
8)
Elec
trici
ty e
xpen
ses
54,
707
91
1,2
98
11
5
123
,305
4
4 4
34
20
2
179
,917
9)
M
isce
llane
ous
expe
nses
2
1,71
9 2
,126
1
,584
2
66
77
3,5
38
1,0
22
57
470
2
5 3
0,88
4 10
) Ou
tsou
rcin
g ex
pens
es
207
,748
1
47
10,
572
17
7
97,
121
149
9
51
30
2
316
,744
14
De
prec
iatio
n 1
77,4
62
17,
368
12,
944
2,1
70
625
2
8,91
0 8
,347
4
69
3,8
27
206
2
52,3
28
15
Serv
ice
Tax
on P
rem
ium
1,1
38,8
77
24,
561
68,
362
—
6,8
84
419
(2
,678
) —
—
—
1
,236
,425
Tota
l 5
,46
9,7
12
7
9,9
39
2
50
,52
3
7,2
45
1
2,1
68
6
,07
9,2
69
2
17
,43
8
24
,93
0
7,7
21
2
,23
0
12
,15
1,1
75
108
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 108 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
SC
HE
DU
LE
3
An
nex
ure
1
Op
era
tin
g E
xp
en
ses
Rela
ted
to
In
sura
nce B
usi
ness
fo
r th
e y
ea
r en
ded
Ma
rch
20
11
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Sr. N
o.
Pa
rtic
ula
rsLin
ked
Bu
sin
ess
N
on
Lin
ked
Bu
sin
ess
To
tal
Ind
ivid
ua
l
Lif
e
Gro
up
Lif
e*
Pen
sio
n
Ind
ivid
ua
l
Hea
lth
Ind
ivid
ua
l
Ind
ivid
ua
l
Lif
e
Gro
up
Lif
e*
Pen
sio
n
Ind
ivid
ua
l
Hea
lth
Ind
ivid
ua
l
1 Em
ploy
ees’
rem
uner
atio
n, w
elfa
re b
enefi
ts a
nd o
ther
m
anpo
wer
cos
ts
3,51
4,11
6 26
,373
25
1,39
8 9,
232
1,32
6,53
4 91
,126
17
,380
2,
291
5,23
8,45
1
2 Tr
avel
, con
veya
nce
and
vehi
cle
runn
ing
expe
nses
134,
331
1,19
5 9,
746
159
51,6
62
5,45
8 68
3 40
20
3,27
3 3
Trai
ning
exp
ense
s 8
6,43
1 2
6 6
,112
1
0 4
3,29
9 1
27
504
3
1
36,5
11
4 Re
nts,
rate
s an
d ta
xes
672
,045
1
,872
4
9,28
9 6
6 2
15,8
13
470
3
,142
2
9 9
42,7
27
5 Re
pairs
& m
aint
enan
ce 2
17,3
67
793
1
6,09
8 7
3 5
6,20
5 2
47
927
2
4 2
91,7
34
6 Pr
intin
g an
d st
atio
nery
138
,650
1
,939
9
,979
1
4 6
3,04
3 1
1,89
0 7
74
4
226
,292
7
Com
mun
icat
ion
expe
nses
222
,839
7
03
16,
655
28
53,
276
808
9
35
11
295
,254
8
Lega
l & p
rofe
ssio
nal c
harg
es 1
73,4
98
984
1
2,57
5 1
3 6
4,67
6 1
,337
8
61
5
253
,949
9
Med
ical
fees
45,
548
7
347
6
7 1
9,03
6 4
75
26
2,0
79
67,
583
10
Audi
tor’s
fees
, exp
ense
s, e
tc.
(a)
(i) a
s au
dito
r 3
,257
3
15
249
7
2
24
35
10
3
4,1
00
(ii
) out
of p
ocke
t exp
ense
s 2
52
24
19
1
17
3
1
0
317
(b
) as
adv
isor
or i
n an
y ot
her c
apac
ity, i
n re
spec
t of
(i) T
axat
ion
serv
ices
/mat
ters
—
—
—
—
—
—
—
—
—
(ii) M
anag
emen
t ser
vice
s 7
15
69
55
2
49
8
2
1
900
11
Ad
verti
sem
ent a
nd p
ublic
ity 7
20,7
50
4,2
86
53,
173
77
205
,526
1
3,38
9 3
,199
3
6 1
,000
,435
12
In
tere
st a
nd b
ank
char
ges
77,
776
7,7
80
5,8
65
149
4
,633
9
16
206
6
7 9
7,39
2 13
Ot
hers
1)
Di
strib
utio
n Ex
pens
es
658
,699
—
4
6,88
9 —
3
31,9
09
—
3,8
77
—
1,0
41,3
74
2)
Agen
ts re
crui
tmen
t, se
min
ar a
nd o
ther
exp
ense
s 6
,247
—
4
44
—
3,2
17
—
37
—
9,9
46
3)
Recr
uitm
ent a
nd S
emin
ar e
xpen
ses
79,
736
775
5
,806
1
4 3
0,33
7 3
,941
4
06
4
121
,020
4)
IT
Exp
ense
s (in
cl. m
aint
enan
ce)
271
,661
1
,687
2
0,74
9 5
7 1
9,98
5 2
40
828
2
6 3
15,2
33
5)
Polic
y St
amps
4
8,77
1 7
68
371
1
7 2
0,38
3 5
5,06
0 2
8 5
25
125
,923
6)
(P
rofi t
)/Los
s on
sal
e of
ass
ets
11,
115
1,0
75
849
2
4 7
63
121
3
3 1
1 1
3,99
1 7)
Se
rvic
e Ta
x ex
pend
iture
incl
udin
g pr
ovis
ion
for
un
utili
sed
cred
it*
(34,
008)
(3,2
90)
(2,5
96)
(72)
(2,3
34)
(370
) (1
02)
(34)
(42,
808)
8)
Elec
trici
ty E
xpen
ses
115
,374
1
80
8,2
59
121
4
8,33
8 3
77
610
3
1 1
73,2
90
9)
Mis
cella
neou
s ex
pens
es
8,7
44
846
6
68
19
600
9
5 2
6 9
1
1,00
6 10
) Ou
tsou
rcin
g ex
pens
es
240
,430
2
51
22,
318
1,3
20
32,
460
139
1
,353
3
25
298
,597
14
De
prec
iatio
n 2
97,2
10
28,
757
22,
689
632
2
0,39
9 3
,235
8
94
296
3
74,1
10
15
Serv
ice
Tax
on P
rem
ium
787
,124
2
2,49
6 2
2,24
8 2
,301
(7
,440
) 7
,447
—
(0
) 8
34,1
74
Tota
l 8
,49
8,6
77
9
9,9
09
5
80
,25
2
14
,32
8
2,6
02
,61
0
19
6,5
75
3
6,6
39
5
,78
5
12
,03
4,7
75
* The
gro
up li
fe li
nked
and
non
link
ed b
usin
esse
s in
clud
es b
oth
life
and
pens
ion
resp
ectiv
ely.
109
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 109 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
SC
HE
DU
LE
4
An
nex
ure
1
Ben
efi
ts P
aid
(N
et)
fo
r th
e y
ea
r en
ded
Ma
rch
20
12
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Sr. N
o.
Pa
rtic
ula
rsLin
ked
Bu
sin
ess
N
on
Lin
ked
Bu
sin
ess
To
tal
Ind
ivid
ua
l
Lif
e
Gro
up
Lif
e
Pen
sio
n
Ind
ivid
ua
l
Gro
up
Pen
sio
n
Hea
lth
Ind
ivid
ua
l
Ind
ivid
ua
l
Lif
e
Gro
up
Lif
eP
en
sio
n
Ind
ivid
ua
l
Gro
up
Pen
sio
n
Hea
lth
Ind
ivid
ua
l
1In
sura
nce C
laim
s
(a)
Clai
ms
by D
eath
1,6
53,3
71
6
63,
850
2,4
00
598
5
14,2
15
318
,899
1
5,22
1 —
4
0 2
,568
,600
(b
) Cl
aim
s by
Mat
urity
114
,808
—
2
,360
—
—
1
6,04
9 —
—
—
—
1
33,2
17
(c)
Annu
ties/
Pens
ion
Paym
ent
—
—
—
—
—
—
131
4
23
—
—
554
(d
) Ot
her B
enefi
ts (S
urre
nder
/ W
ithdr
awal
s/He
alth
)18
,400
,717
4
,940
,527
1
,139
,404
5
39,9
76
21,
126
17,
835
132
,497
1
20
18,
497
12,
484
25,2
23,1
83
2(A
mo
un
t ced
ed
in
rein
sura
nce):
(a)
Clai
ms
by D
eath
(525
,318
) —
(2
88)
—
—
(105
,517
) (2
40,3
04)
—
—
(3)
(871
,430
)(b
) Cl
aim
s by
Mat
urity
—
—
—
—
—
—
—
—
—
—
—
(c)
Annu
ties/
Pens
ion
Paym
ent
—
—
—
—
—
—
—
—
—
—
—
(d)
Othe
r Ben
efi ts
(Hea
lth)
—
—
—
—
(1,7
20)
—
—
—
—
(6,1
83)
(7,9
03)
33
. Am
ou
nt
accep
ted
in
rein
sura
nce:
(a)
Clai
ms
by D
eath
—
—
—
—
—
—
—
—
—
—
—
(b)
Clai
ms
by M
atur
ity —
—
—
—
—
—
—
—
—
—
—
(c
) An
nutie
s/Pe
nsio
n Pa
ymen
t —
—
—
—
—
—
—
—
—
—
—
(d
) Ot
her B
enefi
ts —
—
—
—
—
—
—
—
—
—
—
TO
TAL
19
,64
3,5
78
4
,94
0,5
33
1
,20
5,3
26
5
42
,37
6
20
,00
4
44
2,5
82
2
11
,22
3
15
,76
4
18
,49
7
6,3
38
2
7,0
46
,22
1
110
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 110 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
SC
HE
DU
LE
4
An
nex
ure
1
Ben
efi
ts P
aid
(N
et)
fo
r th
e y
ea
r en
ded
Ma
rch
20
11
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Sr. N
o.
Pa
rtic
ula
rs
Lin
ked
Bu
sin
ess
N
on
Lin
ked
Bu
sin
ess
To
tal
In
div
idu
al
Lif
e
Gro
up
Lif
e*
Pen
sio
n
Ind
ivid
ua
l
Hea
lth
Ind
ivid
ua
l
In
div
idu
al
Lif
e
Gro
up
Lif
e*
Pen
sio
n
Ind
ivid
ua
l
Hea
lth
Ind
ivid
ua
l
1In
sura
nce C
laim
s
(a)
Clai
ms
by D
eath
1,6
20,7
67
1,3
00
33,
250
66
120
,307
1
52,7
68
—
—
1,9
28,4
58
(b)
Clai
ms
by M
atur
ity 4
8,59
9 —
2
,799
—
1
0,40
1 —
—
—
6
1,79
9
(c)
Annu
ties/
Pens
ion
Paym
ent
—
—
—
—
—
81
863
—
9
44
(d)
Othe
r Ben
efi ts
(Sur
rend
er/W
ithdr
awal
s/He
alth
)14
,604
,360
2
,572
,250
7
65,4
68
13,
183
5,7
94
17,
041
—
11,
825
17,9
89,9
20
2(A
mo
un
t ced
ed
in
rein
sura
nce):
(a)
Clai
ms
by D
eath
(490
,823
) —
—
—
(3
0,31
4) (1
12,4
54)
—
—
(633
,591
)
(b)
Clai
ms
by M
atur
ity —
—
—
—
—
—
—
—
—
(c)
Annu
ties/
Pens
ion
Paym
ent
—
—
—
—
—
—
—
—
—
(d)
Othe
r Ben
efi ts
(Hea
lth)
—
—
—
(302
) —
—
—
(3
,481
) (3
,783
)
3A
mo
un
t a
ccep
ted
in
rein
sura
nce:
(a)
Clai
ms
by D
eath
—
—
—
—
—
—
—
—
—
(b)
Clai
ms
by M
atur
ity —
—
—
—
—
—
—
—
—
(c)
Annu
ties/
Pens
ion
Paym
ent
—
—
—
—
—
—
—
—
—
(d)
Othe
r Ben
efi ts
—
—
—
—
—
—
—
—
—
TO
TAL
15
,78
2,9
02
2
,57
3,5
50
8
01
,51
7
12
,94
7
10
6,1
88
5
7,4
36
8
63
8
,34
4
19
,34
3,7
48
* The
gro
up li
fe li
nked
and
non
link
ed b
usin
esse
s in
clud
es b
oth
life
and
pens
ion
resp
ectiv
ely.
111
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 111 01/08/12 2:11 PM
Dis
clo
sure
s in
term
of
Acco
un
tin
g S
tan
da
rd 1
8 o
n R
ela
ted
Pa
rty
Dis
clo
sure
fo
r th
e y
ea
r en
ded
31
st M
arc
h, 2
01
2
An
nex
ure
2
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)(A
) E
nte
rpri
ses
wh
ere
con
trol ex
ists
Ho
ldin
g co
mpa
ny
1 Ad
itya
Birla
Nuv
o Li
mite
d
Fore
ign
Partn
er
2 Su
n Li
fe F
inan
cial
(Ind
ia) I
nsur
ance
Inve
stm
ents
Inc.
(B)
Key
Ma
na
gem
en
t P
ers
on
nel
1 M
r Aja
y Sr
iniv
asan
(till
30t
h Ju
ne, 2
010)
2
Mr.
Jaya
nt D
ua (w
.e.f.
1st
Jul
y, 20
10)
(C)
Dis
closu
res
of
tra
nsa
cti
on
betw
een
th
e C
om
pa
ny
an
d r
ela
ted
pa
rtie
s a
nd
ou
tsta
nd
ing
ba
lan
ces
as
at
the y
ea
r en
d :
Sr.
No.
Na
me o
f th
e r
ela
ted
Pa
rty
wit
h w
hom
th
e t
ran
sacti
on
ha
s b
een
ma
de
Desc
rip
tion
of
Rela
tion
ship
wit
h t
he
pa
rty
Na
ture
of
Tra
nsa
cti
on
Yea
r en
ded
31st
Ma
rch
2012
Yea
r en
ded
31st
Ma
rch
2011
Am
ou
nt
Ou
tsta
nd
ing
as
reco
vera
ble
/ (p
aya
ble
)31st
Ma
rch
2012
Am
ou
nt
Ou
tsta
nd
ing
as
reco
vera
ble
/ (p
aya
ble
) 31st
Ma
rch
2011
12
34
56
78
1Ad
itya
Birla
Nuv
o Li
mite
dHo
ldin
g Co
mpa
nya)
Re
imbu
rsem
ent o
f oth
er e
xpen
ses
874
1
,404
(4
1) (2
,711
)b)
Pu
rcha
se o
f NCD
250
,000
2
48,3
65
895
,699
c)
Inte
rest
on
NCD
68,
564
91,
336
17,
592
42,
414
d)
Rede
mpt
ion
of N
CD —
—
e)
Divi
dend
pai
d 7
28,7
15
—
(728
,715
) —
2Su
n Li
fe F
inan
cial
(Ind
ia) I
nsur
ance
Inve
stm
ent
Fore
ign
Prom
oter
a)
Divi
dend
pai
d 2
56,0
35
—
(256
,035
) —
3Ad
itya
Birla
Fin
ance
Lim
ited
(For
mer
ly k
now
n as
Birl
a Gl
obal
Fin
ance
Com
pany
Lim
ited)
Fello
w S
ubsi
diar
ya)
Re
imbu
rsem
ent o
f oth
er e
xpen
ses
230
1
8 9
8,22
4b)
Re
cove
ry o
f exp
ense
s 6
85
1,0
26
491
—c)
Lo
an (N
CD)
—
200
,000
—d)
In
tere
st —
1
,221
—e)
Lo
an (N
CD) r
epay
—
200
,000
—f)
Com
mer
cial
pap
er p
urch
ase
90,
932
97,
444
90,
932
—g)
Co
mm
erci
al p
aper
rede
emed
100
,000
—
—h)
Di
scou
nt o
n Co
mm
erci
al p
aper
6,8
64
—
4,9
33
—4
Adity
a Bi
rla M
inac
s W
orld
wid
e Li
mite
d(F
orm
erly
kno
wn
as T
rans
wor
ks In
form
atio
n Se
rvic
es L
imite
d)Fe
llow
Sub
sidi
ary
a)
Reim
burs
emen
t of e
xpen
ses
for
outs
ourc
ing
and
othe
r act
iviti
es 1
25,8
77
89,
107
(26,
112)
(16,
353)
5Ad
itya
Birla
Min
acs
IT S
ervi
ces
Lim
ited
(For
mer
ly k
now
n as
PSI
Dat
a Sy
stem
s Li
mite
d)Fe
llow
Sub
sidi
ary
a)
Reim
burs
emen
t of e
xpen
ses
for I
T an
d
othe
r ser
vice
s —
5
7,10
9 (2
1,53
4) (1
5,73
6)
6Ad
itya
Birla
Mon
ey M
art L
imite
d Fe
llow
Sub
sidi
ary
a)
Reim
burs
emen
t of e
xpen
ses
1,2
79
6,3
84
295
(4
19)
b)
Reco
very
of e
xpen
se 4
97
978
7
Adity
a Bi
rla M
oney
Insu
ranc
e Ad
viso
ry S
ervi
ces
Lim
ited
Fello
w S
ubsi
diar
ya)
Pa
ymen
t of C
omm
issi
on 7
0,86
7 7
1,00
6 (1
,528
) (2
2,12
4)b)
Re
imbu
rsem
ent o
f exp
ense
s 9
,576
2
4,69
9 c)
Ad
vanc
e ag
ains
t ren
ewal
com
mis
sion
15,
500
—
8Ad
itya
Birla
Mon
ey L
imite
d Fe
llow
Sub
sidi
ary
a)
Reim
burs
emen
t of e
xpen
ses
—
—
(21)
860
b)
Brok
erag
e 8
,368
1
1,10
1c)
Re
cove
ry o
f exp
ense
43
972
9Ad
itya
Birla
Fin
anci
al S
ervi
ces
Priv
ate
Lim
ited
Fello
w S
ubsi
diar
ya)
Ad
vanc
e gi
ven
for I
ndia
Bul
l Pro
perti
es —
—
(1
41)
(141
)10
Adity
a Bi
rla F
inan
cial
Sha
red
Serv
ices
Lim
ited
Fello
w S
ubsi
diar
ya)
Ad
vanc
e Gi
ven
for e
xpen
ses
82,
893
71,
813
(194
) 2
57b)
Re
imbu
rsem
ent o
f exp
ense
s 8
6,24
7 7
5,16
7—
c)
Reco
very
of e
xpen
se 2
,904
2
,621
—11
Adity
a Bi
rla In
sura
nce
Brok
ers
Lim
ited
(For
mer
ly k
now
n as
Birl
a In
sura
nce
Advi
sory
&Br
okin
g Se
rvic
e Li
mite
d) (w
.e.f.
Aug
ust 1
8, 2
010)
Fello
w S
ubsi
diar
ya)
Re
cove
ry o
f exp
ense
s 4
66
678
3
28
154
12M
adur
a Ga
rmen
ts L
ifeSt
yle
Reta
il Co
mpa
ny L
imite
d Fe
llow
Sub
sidi
ary
a)
Reim
burs
emen
t of e
xpen
ses
—
39
—
39
13M
r. Aj
ay S
riniv
asan
, Man
agin
g Di
rect
or (T
ill J
une
30th
, 201
0)Ke
y M
anag
emen
t Per
sonn
ela)
M
anag
eria
l Rem
uner
atio
n —
—
—
—
14M
r Jay
ant D
ua, M
anag
ing
Dire
ctor
(w.e
.f. J
uly
1st,
2010
)Ke
y M
anag
emen
t per
sonn
ela)
M
anag
eria
l Rem
uner
atio
n 2
6,22
0 1
1,81
3 —
—
Note
1:
Prem
ium
rece
ived
from
the
rela
ted
parti
es a
gain
st li
fe in
sura
nce
prod
ucts
sol
d at
mar
ket r
ates
for t
he y
ear e
nded
Mar
ch ‘1
2 is
` 3
3,00
0 th
ousa
nds
and
for t
he y
ear e
nded
Mar
ch’1
1 is
` 1
8,11
4 th
ousa
nds.
Note
2:
Ther
e ar
e no
pro
visi
ons
for d
oubt
ful d
ebts
, am
ount
s w
ritte
n of
f or a
mou
nts
writ
ten
back
per
tain
ing
to th
e ab
ove
trans
actio
ns.
Note
3:
Rela
ted
party
rela
tions
hip
have
bee
n id
entifi
ed
by th
e m
anag
emen
t and
relie
d up
on b
y th
e au
dito
rs.
Note
4:
Rela
ted
party
tran
sact
ions
dis
clos
ed a
bove
den
ote
the
trans
actio
ns e
nter
ed d
urin
g th
e ex
iste
nce
of re
late
d pa
rty re
latio
nshi
p.No
te 5
: Tr
ansa
ctio
ns o
f Adi
tya
Birla
Mon
ey In
sura
nce
Advi
sory
Ser
vice
Lim
ited
incl
ude
serv
ice
tax
of `
899
thou
sand
s fo
r the
yea
r end
ed M
arch
’12
and
` 2,
305
thou
sand
for t
he y
ear e
nded
Mar
ch’1
1.
Annexures to Schedule 16for the year ended 31st March, 2012
112
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 112 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Fo
rm A
-RA
(UL)
An
nex
ure
3
Fu
nd
Reve
nu
e A
cco
un
t fo
r th
e p
eri
od
en
ded
31
st M
arc
h 2
01
2
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rs S
ch
In
d. A
ssu
re I
nd
. In
co
me A
dva
nta
ge
Ind
. Pro
tecto
rIn
d. B
uil
der
Ind
. Ba
lan
cer
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Inco
me f
rom
in
vest
men
ts
Inte
rest
inco
me
11
4,2
58
9
8,28
3 2
51
,20
7
171
,720
3
06
,13
8
280
,825
1
83
,46
8
174
,071
1
7,0
24
1
6,67
1 Di
vide
nd in
com
e —
—
—
—
5
,96
8
4,5
97
8,3
72
6
,305
1
,04
0
813
Pr
ofi t/
Loss
on
sale
of i
nves
tmen
t (
90
1)
4,5
57
12
,35
5
26,
526
7,4
80
9
0,14
0 (
11
,46
1)
90,
239
(8
6)
12,
043
Profi
t/Lo
ss o
n in
ter f
und
trans
fer/
sale
of i
nves
tmen
t 2
,82
7
(6,6
04)
1,8
65
4
,667
(
6,7
31
) 7
,403
(
15
,13
4)
(5,3
63)
(1
35
) 3
68
Mis
cella
neou
s In
com
e/(E
xpen
ses)
(
33
) 2
1 (
7)
6
(2
3)
11
(1
8)
19
(2
) 4
Un
real
ised
Gai
n/lo
ss*
9,3
06
(6
,628
) (
10
,38
1)
(31,
163)
(6
3,0
63
) (1
20,9
64)
(3
8,1
05
) (7
1,36
8) (
2,9
37
) (8
,774
)To
tal
(A)
12
5,4
57
8
9,6
29
2
55
,03
9
17
1,7
56
2
49
,76
9
26
2,0
12
1
27
,12
2
19
3,9
03
1
4,9
04
2
1,1
25
Fund
man
agem
ent e
xpen
ses
14
,48
3
15,
166
32
,42
7
24,
280
45
,34
6
44,
428
30
,65
0
30,
600
4,0
70
3
,800
Fu
nd a
dmin
istra
tion
expe
nses
—
—
—
—
—
—
—
—
—
—
Ot
her c
harg
es#
F-5
4
7,1
31
6
1,03
1 1
50
,68
7
169
,446
1
47
,16
4
181
,521
6
8,2
50
7
8,77
4 1
4,0
03
1
7,78
5 To
tal
(B)
61
,61
4
76
,19
7
18
3,1
14
1
93
,72
6
19
2,5
10
2
25
,94
9
98
,90
0
10
9,3
74
1
8,0
73
2
1,5
85
Net
Inco
me f
or
the y
ea
r (A
-B)
63
,84
3
13
,43
2
71
,92
5
(2
1,9
70
) 5
7,2
59
3
6,0
63
2
8,2
22
8
4,5
29
(
3,1
69
) (
46
0)
Add:
Fun
d re
venu
e ac
coun
t at t
he b
egin
ning
of t
he y
ear
90
,21
4
76,
782
(9
,86
7)
12,
103
82
4,7
85
7
88,7
22
85
4,4
92
7
69,9
62
(9
,39
9)
(8,9
39)
Fu
nd
reve
nu
e a
cco
un
t a
t th
e e
nd
of
the y
ea
r 1
54
,05
7
90
,21
4
62
,05
8
(9
,86
7)
88
2,0
44
8
24
,78
5
88
2,7
14
8
54
,49
2
(1
2,5
68
) (
9,3
99
)
Pa
rtic
ula
rs S
ch
In
d. E
nh
an
cer
Ind
. Cre
ato
rIn
d. M
ag
nifi
er
Ind
. Ma
xim
iser
Ind
. Mu
ltip
lier
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Inco
me f
rom
in
vest
men
ts
Inte
rest
inco
me
3,6
84
,36
1
3,1
72,5
36
12
3,7
06
1
21,2
25
94
,13
6
94,
941
46
,77
6
52,
451
28
,34
2
20,
503
Divi
dend
inco
me
25
6,9
01
2
37,7
56
23
,60
1
21,
167
16
9,0
86
1
61,3
93
40
4,9
62
3
45,5
77
72
,96
4
56,
580
Profi
t/Lo
ss o
n sa
le o
f inv
estm
ent
(8
15
,25
8)
2,2
90,2
05
(6
4,6
29
) 2
07,7
43
(6
45
,80
5)
1,8
42,4
13
(3,4
01
,82
2)
4,6
53,0
02
(4
35
,27
3)
534
,495
Pr
ofi t/
Loss
on
inte
r fun
d tra
nsfe
r/sa
le o
f inv
estm
ent
(1
67
,53
9)
(14,
347)
(4
4,4
81
) 2
,507
(
20
4,3
60
) 4
5,28
1 (
13
3,8
77
) 3
0,68
1 (
13
3,6
48
) (1
5,39
2)M
isce
llane
ous
Inco
me/
(Exp
ense
s)
(7
04
) 5
76
(1
1)
10
(6
0)
127
(
31
6)
213
(
62
) 4
4 Un
real
ised
Gai
n/lo
ss*
(1
,14
1,6
20
) (1
,211
,748
) (
44
,77
6)
(95,
050)
(4
07
,89
1)
(860
,881
) (
16
9,3
04
) (2
,697
,008
) 3
64
,20
9
(470
,984
)To
tal
(A)
1,8
16
,14
1
4,4
74
,97
8
(6
,59
0)
25
7,6
02
(
99
4,8
94
) 1
,28
3,2
74
(
3,2
53
,58
1)
2,3
84
,91
6
(1
03
,46
8)
12
5,2
46
Fund
man
agem
ent e
xpen
ses
84
4,6
31
7
91,2
53
40
,62
2
43,
019
16
9,6
30
1
98,2
82
37
3,6
24
4
19,7
12
62
,96
4
66,
628
Fund
adm
inis
tratio
n ex
pens
es
—
—
—
—
—
—
—
—
—
—
Othe
r cha
rges
# F
-5
5,0
80
,64
8
6,1
67,0
43
70
,70
5
78,
053
29
5,3
34
3
75,4
51
1,2
85
,91
6
1,8
65,7
40
34
8,4
27
6
19,1
81
Tota
l (B
) 5
,92
5,2
79
6
,95
8,2
96
1
11
,32
7
12
1,0
72
4
64
,96
4
57
3,7
33
1
,65
9,5
40
2
,28
5,4
52
4
11
,39
1
68
5,8
09
Net
Inco
me f
or
the y
ea
r (A
-B)
(4
,10
9,1
38
) (
2,4
83
,31
8)
(1
17
,91
7)
13
6,5
30
(
1,4
59
,85
8)
70
9,5
41
(
4,9
13
,12
1)
99
,46
4
(5
14
,85
9)
(56
0,5
63
)
Add:
Fun
d re
venu
e ac
coun
t at t
he b
egin
ning
of t
he y
ear
11
8,4
67
2
,601
,784
1
,62
8,5
95
1
,492
,065
3
,83
3,3
31
3
,123
,790
2
,54
9,8
92
2
,450
,428
(
52
5,1
28
) 3
5,43
5
Fu
nd
reve
nu
e a
cco
un
t a
t th
e e
nd
of
the y
ea
r (
3,9
90
,67
1)
11
8,4
67
1
,51
0,6
78
1
,62
8,5
95
2
,37
3,4
74
3
,83
3,3
31
(
2,3
63
,22
9)
2,5
49,8
92
(
1,0
39
,98
7)
(5
25
,12
8)
113
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 113 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Fo
rm A
-RA
(UL)
An
nex
ure
3
Fu
nd
Reve
nu
e A
cco
un
t fo
r th
e p
eri
od
en
ded
31
st M
arc
h 2
01
2
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsS
ch
S
up
er
20
Ind
. Pla
tin
um
Plu
s 1
Ind
. Pla
tin
um
Plu
s 2
Ind
. Pla
tin
um
Plu
s 3
Ind
. Pla
tin
um
Plu
s 4
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Inco
me f
rom
in
vest
men
ts
Inte
rest
inco
me
30
3
653
8
9,6
51
2
0,44
6 1
13
,14
8
23,
152
82
,25
6
21,
525
42
,93
6
10,
344
Divi
dend
inco
me
19
,13
5
6,9
31
61
,77
5
58,
737
10
7,0
88
9
0,08
6 8
7,8
11
5
2,59
9 6
1,2
62
3
1,18
6 Pr
ofi t/
Loss
on
sale
of i
nves
tmen
t 4
0,3
83
1
9,42
4 (
19
1,7
85
) 3
76,4
74
(2
01
,87
1)
611
,672
(
26
1,5
04
) 2
51,2
45
(1
79
,27
2)
148
,177
Pr
ofi t/
Loss
on
inte
r fun
d tra
nsfe
r/sa
le o
f inv
estm
ent
(7
,02
4)
(1,2
34)
5,4
27
(6
42)
(3
9,1
15
) 2
5,00
3 (
64
,87
0)
(31,
349)
(3
3,3
21
) (1
6,92
8)M
isce
llane
ous
Inco
me/
(Exp
ense
s)
(4
1)
31
5
(6)
3
(2)
(5
8)
56
(3
0)
29
Unre
alis
ed G
ain/
loss
* (
76
,49
8)
62,
160
(4
19
,23
7)
180
,756
(
68
1,8
12
) 2
98,6
10
(3
06
,77
7)
279
,535
(
19
3,4
25
) 1
88,2
67
Tota
l (A
) (
23
,74
2)
87
,96
5
(4
54
,16
4)
63
5,7
65
(
70
2,5
59
) 1
,04
8,5
21
(
46
3,1
42
) 5
73
,61
1
(3
01
,85
0)
36
1,0
75
Fund
man
agem
ent e
xpen
ses
18
,37
0
9,3
31
77
,13
6
83,
503
12
9,4
95
1
18,3
28
11
4,4
61
7
7,98
0 7
4,8
74
4
6,58
9 Fu
nd a
dmin
istra
tion
expe
nses
—
—
—
—
—
—
—
—
—
—
Ot
her c
harg
es#
F-5
6
8,8
29
5
6,68
1 6
7,5
46
1
41,8
51
14
1,3
70
1
61,6
11
15
9,6
17
1
72,9
90
12
9,8
02
1
44,7
45
Tota
l (B
) 8
7,1
99
6
6,0
12
1
44
,68
2
22
5,3
54
2
70
,86
5
27
9,9
39
2
74
,07
8
25
0,9
70
2
04
,67
6
19
1,3
34
Net
Inco
me f
or
the y
ea
r (A
-B)
(1
10
,94
1)
21
,95
3
(5
98
,84
6)
41
0,4
11
(
97
3,4
24
) 7
68
,58
2
(7
37
,22
0)
32
2,6
41
(
50
6,5
26
) 1
69
,74
1
Add:
Fun
d re
venu
e ac
coun
t at t
he b
egin
ning
of t
he
year
2
2,2
66
3
13
61
2,1
78
2
01,7
67
2,8
06
,63
4
2,0
38,0
52
49
1,7
98
1
69,1
57
15
2,9
55
(1
6,78
6)
Fu
nd
reve
nu
e a
cco
un
t a
t th
e e
nd
of
the y
ea
r (
88
,67
5)
22
,26
6
13
,33
2
61
2,1
78
1
,83
3,2
10
2
,80
6,6
34
(
24
5,4
22
) 4
91
,79
8
(3
53
,571
) 1
52
,95
5
Pa
rtic
ula
rsS
ch
In
d. P
lati
nu
m A
dva
nta
ge
Ind
. Pla
tin
um
Pre
mie
rIn
d. F
ore
sig
ht
FP
Ind
. Fo
resi
gh
t S
PTit
an
ium
1
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Inco
me f
rom
in
vest
men
ts
Inte
rest
inco
me
13
,72
5
3,4
76
36
,92
6
7,0
28
12
,30
5
191
1
,57
9
14
10
,84
9
4,7
20
Divi
dend
inco
me
29
,23
0
1,8
62
66
,43
3
31,
230
21
,87
3
66
3,3
74
5
4
,08
6
2,2
22
Profi
t/Lo
ss o
n sa
le o
f inv
estm
ent
(2
4,6
23
) 5
10
(2
38
,34
0)
144
,454
(
27
,37
4)
83
(3
,05
7)
7
(1
3,1
34
) 1
2,76
6 Pr
ofi t/
Loss
on
inte
r fun
d tra
nsfe
r/sa
le o
f inv
estm
ent
(3
,92
2)
—
(3
3,9
06
) (2
,915
) 3
7
—
3
—
(4
,57
1)
(76)
Mis
cella
neou
s In
com
e/(E
xpen
ses)
(
60
) 6
0 (
23
2)
154
(
13
7)
137
(
13
) 1
3 (
11
) 1
1 Un
real
ised
Gai
n/lo
ss*
(1
8,8
53
) 2
2,88
5 (
15
4,4
62
) 1
81,9
81
9,3
19
1
3,68
8 9
,51
2
1,0
79
(1
9,3
51
) 1
6,36
0
Tota
l (A
) (
4,5
03
) 2
8,7
93
(
32
3,5
81
) 3
61
,93
2
16
,02
3
14
,16
5
11
,39
8
1,1
18
(
22
,13
2)
36
,00
3
Fund
man
agem
ent e
xpen
ses
36
,51
1
5,1
88
82
,85
6
45,
021
35
,54
9
201
5
,63
6
14
6,6
04
4
,037
Fu
nd a
dmin
istra
tion
expe
nses
—
—
—
—
—
—
—
—
—
—
Ot
her c
harg
es#
F-5
1
09
,23
7
23,
872
27
0,5
88
2
66,2
40
1
—
—
—
17
,70
6
20,
820
Tota
l (B
) 1
45
,74
8
29
,06
0
35
3,4
44
3
11
,26
1
35
,55
0
20
1
5,6
36
1
4
24
,31
0
24
,85
7
Net
Inco
me f
or
the y
ea
r (A
-B)
(1
50
,25
1)
(2
67
) (
67
7,0
25
) 5
0,6
71
(
19
,52
7)
13
,96
4
5,7
62
1
,10
4
(4
6,4
42
) 1
1,1
46
Add:
Fun
d re
venu
e ac
coun
t at t
he b
egin
ning
of t
he y
ear
(2
67
) —
4
3,9
66
(6
,705
) 1
3,9
64
—
1
,10
4
—
10
,58
4
(562
)
Fu
nd
reve
nu
e a
cco
un
t a
t th
e e
nd
of
the y
ea
r (
15
0,5
18
) (
26
7)
(6
33
,05
9)
43
,96
6
(5
,56
3)
13
,96
4
6,8
66
1
,10
4
(3
5,8
59
) 1
0,5
84
114
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 114 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Fo
rm A
-RA
(UL)
An
nex
ure
3
Fu
nd
Reve
nu
e A
cco
un
t fo
r th
e p
eri
od
en
ded
31
st M
arc
h 2
01
2
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsS
ch
Tit
an
ium
2Tit
an
ium
3P
ure
Eq
uit
yV
alu
e M
om
en
tum
Liq
uid
Plu
s
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Inco
me f
rom
in
vest
men
ts
Inte
rest
inco
me
3,8
12
2
,079
1
,33
8
433
—
—
—
—
—
—
Di
vide
nd in
com
e 1
,60
4
550
2
91
5
7 —
—
—
—
—
—
Pr
ofi t/
Loss
on
sale
of i
nves
tmen
t (
2,8
54
) 4
,185
(
42
7)
151
—
—
—
—
—
—
Pr
ofi t/
Loss
on
inte
r fun
d tra
nsfe
r/sa
le o
f inv
estm
ent
(3
,19
1)
14
(9
41
) (1
3) —
—
—
—
—
—
M
isce
llane
ous
Inco
me/
(Exp
ense
s)
(3
) 1
—
—
—
—
—
—
—
—
Un
real
ised
Gai
n/lo
ss*
(5
,77
9)
4,9
82
(1
61
) (2
13)
0
—
0
—
0
—
Tota
l (A
) (
6,4
11
) 1
1,8
11
1
00
4
15
0
—
0
—
0
—
Fund
man
agem
ent e
xpen
ses
2,5
69
1
,515
6
36
2
54
—
—
—
—
—
—
Fund
adm
inis
tratio
n ex
pens
es
—
—
—
—
—
—
—
—
—
—
Othe
r cha
rges
# F
-5
7,1
56
8
,051
2
,39
0
1,8
47
—
—
—
—
—
—
Tota
l (B
) 9
,72
5
9,5
66
3
,02
6
2,1
01
—
—
—
—
—
—
Net
Inco
me f
or
the y
ea
r (A
-B)
(1
6,1
36
) 2
,24
5
(2
,92
6)
(1
,68
6)
0
—
0
—
0
—
Add:
Fun
d re
venu
e ac
coun
t at t
he b
egin
ning
of t
he
year
1
,53
2
(713
) (
1,6
86
) —
—
—
—
—
—
—
Fu
nd
reve
nu
e a
cco
un
t a
t th
e e
nd
of
the y
ea
r (
14
,60
4)
1,5
32
(
4,6
12
) (
1,6
86
) 0
—
0
—
0
—
Pa
rtic
ula
rsS
ch
IP
P-G
row
th
IPP
-En
rich
IP
P-N
ou
rish
G
r. F
ixed
In
tere
st
Gr. G
ilt
Cu
rren
t
Y ea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Inco
me f
rom
in
vest
men
ts
Inte
rest
inco
me
22
,35
0
22,
347
90
,51
4
91,
446
9,5
88
1
0,06
0 1
00
,73
2
102
,547
5
43
2
9 Di
vide
nd in
com
e 1
,10
3
876
9
,24
1
7,4
92
20
3
158
—
—
—
—
Pr
ofi t/
Loss
on
sale
of i
nves
tmen
t 1
,83
0
14,
384
(1
7,4
08
) 1
02,0
88
44
8
2,7
48
16
,98
1
20,
511
30
—
Pr
ofi t/
Loss
on
inte
r fun
d tra
nsfe
r/sa
le o
f inv
estm
ent
(2
,92
6)
106
(
17
,35
4)
(1,1
32)
(4
37
) (1
49)
(6
,71
5)
3,9
83
—
—
Mis
cella
neou
s In
com
e/(E
xpen
ses)
(
2)
2
(6
) 1
0 —
1
(
3)
(22)
—
—
Unre
alis
ed G
ain/
loss
* (
5,3
06
) (1
2,66
6) (
23
,81
6)
(62,
204)
(1
,70
0)
(4,3
28)
68
4
(16,
162)
(1
,08
1)
(7)
Tota
l (A
) 1
7,0
49
2
5,0
49
4
1,1
71
1
37
,70
0
8,1
02
8
,49
0
11
1,6
79
1
10
,85
7
(5
08
) 2
2
Fund
man
agem
ent e
xpen
ses
4,0
67
4
,093
2
2,9
61
2
4,45
7 1
,50
9
1,5
20
12
,32
9
13,
282
84
5
Fu
nd a
dmin
istra
tion
expe
nses
—
—
—
—
—
—
—
—
—
—
Ot
her c
harg
es#
F-5
4
,94
1
5,0
10
25
,26
2
25,
611
2,2
06
2
,166
5
15
7
02
—
—
Tota
l (B
) 9
,00
8
9,1
03
4
8,2
23
5
0,0
68
3
,71
5
3,6
86
1
2,8
44
1
3,9
84
8
4
5
Net
Inco
me f
or
the y
ea
r (A
-B)
8,0
41
1
5,9
46
(
7,0
52
) 8
7,6
32
4
,38
7
4,8
04
9
8,8
35
9
6,8
73
(
59
2)
17
Add:
Fun
d re
venu
e ac
coun
t at t
he b
egin
ning
of t
he
year
14
8,4
45
1
32,4
99
78
6,4
44
6
98,8
12
45
,47
0
40,
665
26
6,1
11
1
69,2
38
3,6
42
3
,625
Fu
nd
reve
nu
e a
cco
un
t a
t th
e e
nd
of
the y
ea
r 1
56
,48
7
14
8,4
45
7
79
,39
3
78
6,4
44
4
9,8
57
4
5,4
70
3
64
,94
6
26
6,1
11
3
,05
1
3,6
42
115
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 115 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Fo
rm A
-RA
(UL)
An
nex
ure
3
Fu
nd
Reve
nu
e A
cco
un
t fo
r th
e p
eri
od
en
ded
31
st M
arc
h 2
01
2
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsS
ch
G
r. B
on
dG
r. M
on
ey
Ma
rket
Gr. S
ho
rt T
erm
Deb
tG
r. G
row
th A
dva
nta
ge
Gr. I
nco
me A
dva
nta
ge
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Inco
me f
rom
in
vest
men
ts
Inte
rest
inco
me
14
4,7
44
1
63,2
14
15
6,7
79
1
9,97
0 4
9,0
96
3
2,98
0 5
,44
5
4,7
17
30
,10
9
78,
886
Divi
dend
inco
me
—
—
—
—
—
—
1,4
78
1
,082
—
—
Pr
ofi t/
Loss
on
sale
of i
nves
tmen
t 7
,97
6
23,
965
3,9
12
1
,338
(
49
) 4
25
(1
,69
6)
12,
022
1,2
22
1
1,30
6 Pr
ofi t/
Loss
on
inte
r fun
d tra
nsfe
r/sa
le o
f inv
estm
ent
3,1
58
1
8,37
7 (
10
) —
4
95
3
21
(1
,25
2)
(459
) (
11
,68
3)
(3,9
82)
Mis
cella
neou
s In
com
e/(E
xpen
ses)
—
(3
) (
10
6)
105
—
1
(
7)
—
(3
) 3
Un
real
ised
Gai
n/lo
ss*
39
7
(41,
785)
(7
) 8
4
,01
3
(653
) 3
21
(1
,193
) 6
,48
2
(6,7
00)
Tota
l (A
) 1
56
,27
5
16
3,7
68
1
60
,56
8
21
,42
1
53
,55
5
33
,07
4
4,2
89
1
6,1
69
2
6,1
27
7
9,5
13
Fund
man
agem
ent e
xpen
ses
17
,34
0
19,
083
16
,70
6
2,2
86
5,5
86
2
,826
1
,95
2
1,8
10
3,9
67
1
1,63
2 Fu
nd a
dmin
istra
tion
expe
nses
—
—
—
—
—
—
—
—
—
—
Ot
her c
harg
es#
F-5
6
07
4
,262
6
83
4
50
56
5
2,7
04
—
—
—
—
Tota
l (B
) 1
7,9
47
2
3,3
45
1
7,3
89
2
,73
6
6,1
51
5
,53
0
1,9
52
1
,81
0
3,9
67
1
1,6
32
Net
Inco
me f
or
the y
ea
r (A
-B)
13
8,3
28
1
40
,42
3
14
3,1
79
1
8,6
85
4
7,4
04
2
7,5
44
2
,33
7
14
,35
9
22
,16
0
67
,88
1
Add:
Fun
d re
venu
e ac
coun
t at t
he b
egin
ning
of t
he y
ear
64
5,9
91
5
05,5
68
57
,67
5
38,
989
10
2,9
43
7
5,39
9 3
1,7
06
1
7,34
6 6
7,8
81
—
Fu
nd
reve
nu
e a
cco
un
t a
t th
e e
nd
of
the y
ea
r 7
84
,32
0
64
5,9
91
2
00
,85
3
57
,67
5
15
0,3
47
1
02
,94
3
34
,04
3
31
,70
6
90
,04
1
67
,881
Pa
rtic
ula
rsS
ch
G
r. S
ecu
reG
r. S
tab
leG
r. G
row
thG
r. F
ixed
In
tere
st 2
Gr. M
on
ey
Ma
rket
2
Cu
rren
t
Y ea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Inco
me
from
inve
stm
ents
In
tere
st in
com
e 4
24
,61
0
317
,678
1
99
,94
6
233
,677
9
8,8
38
9
9,60
0 1
,67
0
—
1,1
18
—
Di
vide
nd in
com
e 1
9,4
00
1
3,50
7 2
0,2
40
2
0,21
5 2
0,2
09
1
8,21
6 —
—
—
—
Pr
ofi t/
Loss
on
sale
of i
nves
tmen
t (
38
,71
8)
149
,658
(
33
,56
0)
237
,136
(
41
,80
7)
164
,486
2
44
—
5
6
—
Profi
t/Lo
ss o
n in
ter f
und
trans
fer/
sale
of i
nves
tmen
t (
91
,41
9)
(4,8
61)
(5
3,3
55
) (7
,972
) (
79
,17
1)
(1,4
57)
71
6
—
—
—
Mis
cella
neou
s In
com
e/(E
xpen
ses)
(
15
) (1
7) 3
1
(45)
80
(8
2) —
—
—
—
Un
real
ised
Gai
n/lo
ss*
(3
9,5
61
) (1
21,2
37)
(4
3,1
95
) (1
50,6
44)
(2
5,7
28
) (3
6,47
0) 3
58
—
1
—
Tota
l (A
) 2
74
,29
7
35
4,7
28
9
0,1
07
3
32
,36
7
(2
7,5
79
) 2
44
,29
3
2,9
88
—
1
,17
5
—
Fund
man
agem
ent e
xpen
ses
62
,52
9
52,
414
39
,69
7
48,
055
24
,61
4
26,
488
28
—
1
7
—
Fund
adm
inis
tratio
n ex
pens
es
—
—
—
—
—
—
—
—
—
—
Othe
r cha
rges
# F
-5
3,2
84
6
,748
2
,31
8
7,2
48
1,2
00
3
,756
2
1
—
11
—
Tota
l (B
) 6
5,8
13
5
9,1
62
4
2,0
15
5
5,3
03
2
5,8
14
3
0,2
44
4
9
—
28
—
Net
Inco
me f
or
the y
ea
r (A
-B)
20
8,4
84
2
95
,56
6
48
,09
2
27
7,0
64
(
53
,39
3)
21
4,0
49
2
,93
9
—
1,1
47
—
Add:
Fun
d re
venu
e ac
coun
t at t
he b
egin
ning
of t
he y
ear
1,2
33
,17
4
937
,608
2
,07
1,8
05
1
,794
,741
6
53
,52
9
439
,480
—
—
—
—
Fu
nd
reve
nu
e a
cco
un
t a
t th
e e
nd
of
the y
ea
r 1
,44
1,6
58
1
,23
3,1
74
2
,11
9,8
97
2
,07
1,8
05
6
00
,13
7
65
3,5
29
2
,93
9
—
1,1
47
—
116
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 116 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Fo
rm A
-RA
(UL)
An
nex
ure
3
Fu
nd
Reve
nu
e A
cco
un
t fo
r th
e p
eri
od
en
ded
31
st M
arc
h 2
01
2
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsS
ch
G
r. B
on
d 2
Gr. S
ho
rt T
erm
Deb
t 2
Gr. S
tab
le 2
Gr. S
ecu
re 2
Gr. G
row
th 2
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t Ye
ar
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Inco
me f
rom
in
vest
men
ts
Inte
rest
inco
me
29
9
—
6,1
72
—
1
,59
8
—
5,7
08
—
3
,53
4
—
Divi
dend
inco
me
—
—
—
—
93
—
1
16
—
3
58
—
Pr
ofi t/
Loss
on
sale
of i
nves
tmen
t 9
—
3
20
—
1
,28
6
—
1,5
28
—
5
,08
7
—
Profi
t/Lo
ss o
n in
ter f
und
trans
fer/
sale
of i
nves
tmen
t 4
39
—
(
2)
—
2,5
82
—
1
9,2
62
—
5
,28
1
—
Mis
cella
neou
s In
com
e/(E
xpen
ses)
—
—
—
—
3
12
—
3
29
—
—
—
Un
real
ised
Gai
n/lo
ss*
—
—
(1
66
) —
1
0
—
—
—
4,5
96
—
Tota
l (A
) 7
47
—
6
,32
4
—
5,8
81
—
2
6,9
43
—
1
8,8
56
—
Fund
man
agem
ent e
xpen
ses
5
—
97
—
4
1
—
11
6
—
12
0
—
Fund
adm
inis
tratio
n ex
pens
es
—
—
—
—
—
—
—
—
—
—
Othe
r cha
rges
# F-
5 —
—
9
7
—
—
—
—
—
10
7
—
Tota
l (B
) 5
—
1
94
—
4
1
—
11
6
—
22
7
—
Net
Inco
me f
or
the y
ea
r (A
-B)
74
2
—
6,1
30
—
5
,84
0
—
26
,82
7
—
18
,62
9
—
Add:
Fun
d re
venu
e ac
coun
t at t
he b
egin
ning
of t
he y
ear
—
—
—
—
—
—
—
—
—
—
Fu
nd
reve
nu
e a
cco
un
t a
t th
e e
nd
of
the y
ea
r 7
42
—
6
,13
0
—
5,8
40
—
2
6,8
27
—
1
8,6
29
—
Pa
rtic
ula
rsS
ch
D
isco
nti
nu
ed P
olicy
Fu
nd
Tota
l
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Inco
me f
rom
in
vest
men
ts
Inte
rest
inco
me
11
,98
9
29
6,6
23
,62
6
5,4
74,4
67
Divi
dend
inco
me
—
—
1,4
79
,29
7
1,1
71,2
65
Profi
t/Lo
ss o
n sa
le o
f inv
estm
ent
16
5
—
(6
,55
1,4
02
) 1
2,06
0,57
8 Pr
ofi t/
Loss
on
inte
r fun
d tra
nsfe
r/sa
le o
f inv
estm
ent
—
—
(1
,11
8,9
98
) 2
3,83
6 M
isce
llane
ous
Inco
me/
(Exp
ense
s)
—
—
(1
,20
3)
1,4
68
Unre
alis
ed G
ain/
loss
* 9
0
(
3,4
85
,77
1)
(4,7
78,5
15)
Tota
l (A
) 1
2,1
63
2
9
(3
,05
4,4
51
) 1
3,9
53
,09
9
Fund
man
agem
ent e
xpen
ses
58
5
—
2,4
17
,49
4
2,2
37,0
80
Fund
adm
inis
tratio
n ex
pens
es
—
—
—
—
Othe
r cha
rges
# F-
5 —
—
8
,52
4,3
24
1
0,67
1,39
0
Tota
l (B
) 5
85
—
1
0,9
41
,81
8
12
,90
8,4
70
Net
Inco
me f
or
the y
ea
r (A
-B)
11
,57
8
29
(
13
,99
6,2
69
) 1
,04
4,6
29
Add:
Fun
d re
venu
e ac
coun
t at t
he b
egin
ning
of t
he y
ear
29
—
1
9,6
38
,62
6
18,
593,
997
Fu
nd
reve
nu
e a
cco
un
t a
t th
e e
nd
of
the y
ea
r 1
1,6
07
2
9
5,6
28
,98
4
19
,63
8,6
26
117
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 117 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Fo
rm A
-BS
(UL)
An
nex
ure
3
Fu
nd
Ba
lan
ce S
heet
as
at
31
st M
arc
h 2
01
2
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsS
ch
In
d. A
ssu
re I
nd
. In
com
e A
dva
nta
ge
Ind
. Pro
tecto
rIn
d. B
uild
er
Ind
. Ba
lan
cer
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Sou
rces
of
Fu
nd
s
Policy
hold
ers
’ Fu
nd
s:
Polic
yhol
der c
ontri
butio
nF-
1 1
,097,5
28
1,5
24,7
95
3,0
04,3
16
2,5
75,9
62
3,2
03,5
60
3,2
45,4
91
1,8
23,8
04
1,8
90,0
72
326,8
41
295
,215
Re
venu
e Ac
coun
t 1
54,0
57
90,
214
62,0
58
(9,8
67)
882,0
44
824
,785
8
82,7
14
854
,492
(
12,5
68)
(9,3
99)
Tota
l 1
,251,5
85
1,6
15,0
09
3,0
66,3
74
2,5
66,0
95
4,0
85,6
04
4,0
70,2
76
2,7
06,5
18
2,7
44,5
64
314,2
73
285,8
16
Ap
plica
tion
of
Fu
nd
s
Inve
stm
ents
F-2
1,2
17,6
15
1,5
39,4
96
2,9
58,2
77
2,5
16,5
83
3,9
72,3
22
3,9
47,2
57
2,6
56,7
64
2,6
96,9
69
310,8
95
280
,078
Cu
rren
t Ass
ets
F-3
33,9
70
75,
513
108,0
97
91,
323
127,3
00
123
,019
6
5,7
13
50,
417
4,5
63
5,7
38
Less
: Cur
rent
Lia
bilit
ies
and
Prov
isio
nsF-
4 —
—
—
4
1,81
1 1
4,0
18
—
15,9
59
2,8
22
1,1
85
—
Net c
urre
nt a
sset
s 3
3,9
70
75,
513
108,0
97
49,
512
113,2
82
123
,019
4
9,7
54
47,
595
3,3
78
5,7
38
(a)
Tota
l
1,2
51,5
85
1,6
15,0
09
3,0
66,3
74
2,5
66,0
95
4,0
85,6
04
4,0
70,2
76
2,7
06,5
18
2,7
44,5
64
314,2
73
285,8
16
(b) N
umbe
r of U
nits
out
stan
ding
70,1
03,5
37
98,
701,
844
203,4
88,1
48
183,
919,
830
171,0
85,3
32
179,
426,
231
92,7
25,1
83
97,
472,
513
16,7
95,4
47
15,
820,
017
NAV
per U
nit (
a)/(b
) ( ̀
)Pl
an I
17.8
5
16.
36
15.0
7
13.
95
23.8
8
22.
68
29.1
9
28.
16
18.7
1
18.
07
Plan
II —
—
—
—
—
—
—
—
—
—
Pa
rtic
ula
rsS
ch
In
d. E
nh
an
cer
Ind
. Cre
ato
rIn
d. M
ag
nifi
er
Ind
. Ma
xim
iser
Ind
. Mu
ltip
lier
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Sou
rces
of
Fu
nd
s
Policy
hold
ers
’ Fu
nd
s:
Polic
yhol
der c
ontri
butio
nF-
1 6
7,6
09,5
66
60,
620,
724
1,4
37,1
08
1,4
95,6
47
8,6
22,3
82
9,1
43,9
47
26,7
68,3
20
26,
226,
826
5,4
22,6
41
5,1
12,1
18
Reve
nue
Acco
unt
(3,9
90,6
70)
118
,467
1
,510,6
78
1,6
28,5
95
2,3
73,4
74
3,8
33,3
31
(2,3
63,2
29)
2,5
49,8
92
(1,0
39,9
87)
(525
,128
)
Tota
l 6
3,6
18,8
96
60,7
39,1
91
2,9
47,7
86
3,1
24,2
42
10,9
95,8
56
12,9
77,2
78
24,4
05,0
91
28,7
76,7
18
4,3
82,6
54
4,5
86,9
90
Ap
plica
tion
of
Fu
nd
s
Inve
stm
ents
F-2
62,2
35,8
20
59,
279,
650
2,8
93,9
22
3,0
75,0
48
10,9
73,8
77
12,
881,
960
24,5
80,4
02
27,
754,
713
4,3
86,7
52
4,4
62,6
61
Curr
ent A
sset
sF-
3 1
,561,5
49
1,6
25,8
36
61,0
07
49,
194
89,2
79
121
,512
1
42,9
41
1,3
85,3
88
33,4
64
163
,031
Le
ss: C
urre
nt L
iabi
litie
s an
d Pr
ovis
ions
F-4
178,4
73
166
,295
7
,143
—
67,3
00
26,
194
318,2
52
363
,383
3
7,5
62
38,
702
Net c
urre
nt a
sset
s 1
,383,0
76
1,4
59,5
41
53,8
64
49,
194
21,9
79
95,
318
(175,3
11)
1,0
22,0
05
(4,0
98)
124
,329
(a)
Tota
l
63,6
18,8
96
60,7
39,1
91
2,9
47,7
86
3,1
24,2
42
10,9
95,8
56
12,9
77,2
78
24,4
05,0
91
28,7
76,7
18
4,3
82,6
54
4,5
86,9
90
(b) N
umbe
r of U
nits
out
stan
ding
1,8
34,7
17,0
11
1,77
7,88
1,58
5 1
11,2
46,5
60
116
,152
,426
4
22,5
32,6
91
453
,572
,747
1,8
58,6
58,0
50
1,90
5,26
3,41
3 3
86,2
28,3
36
387
,832
,824
NAV
per U
nit (
a)/(b
) ( ̀
)Pl
an I
34.6
8
34.
16
26.5
0
26.
90
26.0
2
28.
61
13.1
3
15.
10
11.3
5
11.
83
Plan
II —
—
—
—
—
—
—
—
—
—
118
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 118 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Fo
rm A
-BS
(UL)
An
nex
ure
3
Fu
nd
Ba
lan
ce S
heet
as
at
31
st M
arc
h 2
01
2
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsS
ch
S
up
er
20
Ind
. Pla
tin
um
Plu
s 1
Ind
. Pla
tin
um
Plu
s 2
Ind
. Pla
tin
um
Plu
s 3
Ind
. Pla
tin
um
Plu
s 4
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Sou
rces
of
Fu
nd
s
Policy
hold
ers
’ Fu
nd
s:
Polic
yhol
der c
ontri
butio
nF-
1 1
,777,0
41
1,0
22,6
98
4,1
90,4
30
4,9
37,0
96
5,4
23,5
06
5,1
95,1
96
8,2
41,6
35
5,5
96,5
92
6,0
66,2
30
4,0
84,0
64
Reve
nue
Acco
unt
(88,6
75)
22,
266
13,3
33
612
,178
1
,833,2
10
2,8
06,6
34
(245,4
22)
491
,798
(
353,5
71)
152
,955
Tota
l 1
,688,3
66
1,0
44,9
64
4,2
03,7
63
5,5
49,2
74
7,2
56,7
16
8,0
01,8
30
7,9
96,2
13
6,0
88,3
90
5,7
12,6
59
4,2
37,0
19
Ap
plica
tion
of
Fu
nd
s
Inve
stm
ents
F-2
1,6
57,1
41
1,0
18,9
87
4,1
62,5
07
5,5
97,9
48
7,2
41,4
14
7,9
81,8
08
7,8
70,9
78
6,0
33,9
98
5,6
67,1
77
4,2
21,1
90
Curr
ent A
sset
sF-
3 3
1,2
25
25,
977
63,3
94
(20,
737)
60,2
58
73,
399
194,9
72
90,
959
103,6
40
41,
893
Less
: Cur
rent
Lia
bilit
ies
and
Prov
isio
nsF-
4 —
—
2
2,1
38
27,
937
44,9
56
53,
377
69,7
37
36,
567
58,1
58
26,
064
Net c
urre
nt a
sset
s 3
1,2
25
25,
977
41,2
56
(48,
674)
15,3
02
20,
022
125,2
35
54,
392
45,4
82
15,
829
(a)
Tota
l
1,6
88,3
66
1,0
44,9
64
4,2
03,7
63
5,5
49,2
74
7,2
56,7
16
8,0
01,8
30
7,9
96,2
13
6,0
88,3
90
5,7
12,6
59
4,2
37,0
19
(b) N
umbe
r of U
nits
out
stan
ding
130,0
22,6
17
74,
779,
163
379,9
27,8
46
452
,064
,035
4
60,6
27,5
92
458
,483
,967
6
64,9
42,4
61
459
,594
,962
5
31,6
89,3
24
355
,483
,070
NAV
per U
nit (
a)/(b
) (`)
Plan
I 1
2.9
9
13.
97
11.0
6
12.
28
15.7
5
17.
45
12.0
3
13.
25
10.7
4
11.
92
Plan
II —
—
—
—
—
—
—
—
—
—
Pa
rtic
ula
rsS
ch
In
d. P
lati
nu
m A
dva
nta
ge
Ind
. Pla
tin
um
Pre
mie
rIn
d. F
ore
sig
ht
FP
Ind
. Fore
sig
ht
SP
Tit
an
ium
1
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Sou
rces
of
Fu
nd
s
Policy
hold
ers
’ Fu
nd
s:
Polic
yhol
der c
ontri
butio
nF-
1 4
,064,0
12
1,5
70,4
32
6,9
48,4
42
4,0
30,3
05
4,0
03,0
62
864,5
09
563
,074
8
6,0
85
537,1
52
374
,748
Re
venu
e Ac
coun
t (
150,5
18)
(267
) (
633,0
59)
43,
966
(5,5
63)
13,9
64
6,8
66
1,1
04
(35,8
59)
10,
584
Tota
l 3
,913,4
94
1,5
70,1
65
6,3
15,3
83
4,0
74,2
71
3,9
97,4
99
878,4
73
569,9
40
87,1
89
501,2
93
385,3
32
Ap
plica
tion
of
Fu
nd
s
Inve
stm
ents
F-2
3,7
80,4
61
1,4
51,3
30
6,5
28,0
20
4,2
56,4
94
3,5
49,9
30
470,4
94
553
,407
3
7,2
00
493,0
86
377
,839
Cu
rren
t Ass
ets
F-3
246,3
11
162
,914
9
2,1
86
68,
218
718,5
55
483,3
03
48,
949
56,4
92
11,2
46
13,
466
Less
: Cur
rent
Lia
bilit
ies
and
Prov
isio
nsF-
4 1
13,2
78
44,
079
304,8
23
250
,441
2
70,9
86
75,3
24
32,
416
6,5
03
3,0
39
5,9
73
Net c
urre
nt a
sset
s 1
33,0
33
118
,835
(
212,6
37)
(182
,223
) 4
47,5
69
407,9
79
16,
533
49,9
89
8,2
07
7,4
93
(a)
Tota
l
3,9
13,4
94
1,5
70,1
65
6,3
15,3
83
4,0
74,2
71
3,9
97,4
99
878,4
73
569,9
40
87,1
89
501,2
93
385,3
32
(b) N
umbe
r of U
nits
out
stan
ding
433,9
52,3
61
162
,208
,459
5
96,3
48,4
90
349
,478
,212
4
12,2
90,5
25
83,8
24,4
68
58,
444,
776
8,3
27,4
63
47,0
61,4
49
33,
565,
937
NAV
per U
nit (
a)/(b
) (`)
Plan
I 9
.02
9.6
8 1
0.5
9
11.
66
9.7
0
10.4
8
9.7
5 1
0.4
7
10.6
5
11.
48
Plan
II —
—
—
—
—
—
—
—
—
—
119
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 119 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Fo
rm A
-BS
(UL)
An
nex
ure
3
Fu
nd
Ba
lan
ce S
heet
as
at
31
st M
arc
h 2
01
2
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsS
ch
Tit
an
ium
2Tit
an
ium
3P
ure
Eq
uit
yV
alu
e M
om
en
tum
Liq
uid
Plu
s
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Sou
rces
of
Fu
nd
s
Policy
hold
ers
’ Fu
nd
s:
Polic
yhol
der c
ontri
butio
nF-
1 2
04,9
93
147
,489
5
9,4
88
24,
912
369
—
339
—
358
—
Reve
nue
Acco
unt
(14,6
03)
1,5
32
(4,6
12)
(1,6
86)
0
—
0
—
0
—
Tota
l 1
90,3
90
149,0
21
54,8
76
23,2
26
369
—
339
—
358
—
Ap
plica
tion
of
Fu
nd
s
Inve
stm
ents
F-2
194,8
36
158
,275
5
4,7
53
25,
086
70
—
178
—
140
—
Curr
ent A
sset
sF-
3 3
,351
5,6
87
804
73
357
—
247
—
218
—
Less
: Cur
rent
Lia
bilit
ies
and
Prov
isio
nsF-
4 7
,797
14,
941
681
1,9
33
58
—
86
—
—
—
Net c
urre
nt a
sset
s (
4,4
46)
(9,2
54)
123
(1,8
60)
299
—
161
—
218
—
(a)
Tota
l
190,3
90
149,0
21
54,8
76
23,2
26
369
—
339
—
358
—
(b) N
umbe
r of U
nits
out
stan
ding
18,1
80,3
30
13,
387,
507
5,6
41,5
82
2,2
99,2
37
36,6
85
—
33,7
15
—
35,7
46
—
NAV
per U
nit (
a)/(b
) (`)
Plan
I 1
0.4
7
11.
13
9.7
3
10.
10
10.0
4
10.
00
10.0
4
10.
00
10.0
1
10.
00
Plan
II —
—
—
—
—
—
—
—
—
—
Pa
rtic
ula
rsS
ch
IP
P-G
row
th
IPP
-En
rich
IP
P-N
ou
rish
G
r. F
ixed
In
tere
st
Gr. G
ilt
Cu
rren
t
Y ea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Sou
rces
of
Fu
nd
s
Policy
hold
ers
’ Fu
nd
s:
Polic
yhol
der c
ontri
butio
nF-
1 2
06,0
39
220
,108
8
81,9
00
970
,415
8
4,7
74
89,
760
759,6
13
1,0
17,8
19
71,7
90
(3,2
13)
Reve
nue
Acco
unt
156,4
87
148
,445
7
79,3
92
786
,444
4
9,8
57
45,
470
364,9
46
266
,111
3
,050
3,6
42
Tota
l 3
62,5
26
368,5
53
1,6
61,2
92
1,7
56,8
59
134,6
31
135,2
30
1,1
24,5
59
1,2
83,9
30
74,8
40
429
Ap
plica
tion
of
Fu
nd
s
Inve
stm
ents
F-2
355,2
63
361
,024
1
,646,9
40
1,7
31,8
25
131,8
20
131
,424
1
,103,2
35
1,2
39,3
27
73,0
78
415
Cu
rren
t Ass
ets
F-3
9,4
30
8,2
90
31,3
33
28,
211
3,3
64
3,8
05
21,3
24
44,
603
1,7
62
14
Less
: Cur
rent
Lia
bilit
ies
and
Prov
isio
nsF-
4 2
,167
761
1
6,9
81
3,1
77
553
—
—
—
—
—
Net c
urre
nt a
sset
s 7
,263
7,5
29
14,3
52
25,
034
2,8
11
3,8
05
21,3
24
44,
603
1,7
62
14
(a)
Tota
l
362,5
26
368,5
53
1,6
61,2
92
1,7
56,8
59
134,6
31
135,2
30
1,1
24,5
59
1,2
83,9
30
74,8
40
429
(b) N
umbe
r of U
nits
out
stan
ding
15,0
40,6
54
15,
860,
244
59,5
72,8
28
63,
765,
014
6,7
51,1
41
7,1
30,1
40
53,0
60,3
97
65,
686,
726
4,6
53,4
52
27,
956
NAV
per U
nit (
a)/(b
) (`)
Plan
I 2
4.1
0
23.
24
27.8
9
27.
55
19.9
4
18.
97
21.1
9
19.
41
16.0
8
15.
37
Plan
II —
—
—
—
—
—
—
2
1.02
—
1
5.37
120
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 120 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Fo
rm A
-BS
(UL)
An
nex
ure
3
Fu
nd
Ba
lan
ce S
heet
as
at
31
st M
arc
h 2
01
2
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsS
ch
G
r. B
on
dG
r. M
on
ey
Ma
rket
Gr. S
hort
Term
Deb
tG
r. G
row
th A
dva
nta
ge
Gr. I
ncom
e A
dva
nta
ge
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Sou
rces
of
Fu
nd
s
Policy
hold
ers
’ Fu
nd
s:
Polic
yhol
der c
ontri
butio
nF-
1 8
30,8
32
848
,802
1
,938,1
75
1,6
35,7
72
481,9
77
435
,602
1
23,4
93
99,
655
(78,7
79)
1,0
10,0
00
Reve
nue
Acco
unt
784,3
19
645
,991
2
00,8
53
57,
675
150,3
47
102
,943
3
4,0
43
31,
706
90,0
41
67,
881
Tota
l 1
,615,1
51
1,4
94,7
93
2,1
39,0
28
1,6
93,4
47
632,3
24
538,5
45
157,5
36
131,3
61
11,2
62
1,0
77,8
81
Ap
plica
tion
of
Fu
nd
s
Inve
stm
ents
F-2
1,5
69,6
58
1,4
57,6
31
1,7
78,4
03
1,5
28,9
46
594,5
24
520
,495
1
59,4
75
129
,098
1
1,0
40
1,0
58,8
15
Curr
ent A
sset
sF-
3 4
5,4
93
37,
162
360,6
25
164
,501
3
7,8
00
18,
050
(1,4
63)
2,2
63
222
19,
066
Less
: Cur
rent
Lia
bilit
ies
and
Prov
isio
nsF-
4 —
—
—
—
—
—
4
76
—
—
—
Net c
urre
nt a
sset
s 4
5,4
93
37,
162
360,6
25
164
,501
3
7,8
00
18,
050
(1,9
39)
2,2
63
222
19,
066
(a)
Tota
l
1,6
15,1
51
1,4
94,7
93
2,1
39,0
28
1,6
93,4
47
632,3
24
538,5
45
157,5
36
131,3
61
11,2
62
1,0
77,8
81
(b) N
umbe
r of U
nits
out
stan
ding
87,8
20,6
55
88,
631,
521
112,5
03,3
12
96,
339,
371
48,3
00,1
50
44,
770,
544
9,6
27,5
96
7,9
24,4
43
936,6
45
100
,936
,645
NAV
per U
nit (
a)/(b
) (`)
Plan
I 1
8.3
9
16.
82
19.0
1
17.
38
13.0
9
11.
98
16.3
6
16.
58
12.0
2
10.
68
Plan
II —
1
7.84
—
1
8.36
—
1
2.32
—
—
—
—
Pa
rtic
ula
rsS
ch
G
r. S
ecu
reG
r. S
tab
leG
r. G
row
thG
r. F
ixed
In
tere
st 2
Gr. M
on
ey
Ma
rket
2
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Sou
rces
of
Fu
nd
s
Policy
hold
ers
’ Fu
nd
s:
Polic
yhol
der c
ontri
butio
nF-
1 5
,407,2
82
4,3
96,3
08
1,3
67,1
83
1,8
43,1
80
1,3
28,6
15
2,3
31,4
44
47,6
42
—
24,6
04
—
Reve
nue
Acco
unt
1,4
41,6
58
1,2
33,1
74
2,1
19,8
96
2,0
71,8
05
600,1
37
653
,529
2
,939
—
1,1
47
—
Tota
l 6
,848,9
40
5,6
29,4
82
3,4
87,0
79
3,9
14,9
85
1,9
28,7
52
2,9
84,9
73
50,5
81
—
25,7
51
—
Ap
plica
tion
of
Fu
nd
s
Inve
stm
ents
F-2
6,6
81,8
94
5,4
40,1
37
3,4
29,6
61
3,7
59,1
33
1,8
98,1
84
2,9
23,7
66
49,7
39
—
25,6
66
—
Curr
ent A
sset
sF-
3 1
74,5
44
189
,345
6
3,2
16
155
,852
3
5,2
67
61,
207
842
—
85
—
Less
: Cur
rent
Lia
bilit
ies
and
Prov
isio
nsF-
4 7
,498
—
5,7
98
—
4,6
99
—
—
—
—
—
Net c
urre
nt a
sset
s 1
67,0
46
189
,345
5
7,4
18
155
,852
3
0,5
68
61,
207
842
—
85
—
(a)
Tota
l
6,8
48,9
40
5,6
29,4
82
3,4
87,0
79
3,9
14,9
85
1,9
28,7
52
2,9
84,9
73
50,5
81
—
25,7
51
—
(b) N
umbe
r of U
nits
out
stan
ding
223,4
54,6
19
188
,309
,140
8
6,1
48,7
64
97,
955,
276
40,9
90,7
61
62,
321,
034
4,8
62,5
69
—
2,4
94,5
00
—
NAV
per U
nit (
a)/(b
) (`)
Plan
I 3
0.6
5
29.
57
40.4
8
39.
89
47.0
5
47.
64
10.4
0
10.
00
10.3
2
10.
00
Plan
II —
3
1.80
—
4
2.53
—
5
1.27
—
—
—
—
121
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 121 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Fo
rm A
-BS
(UL)
An
nex
ure
3
Fu
nd
Ba
lan
ce S
heet
as
at
31
st M
arc
h 2
01
2
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsS
ch
G
r. B
on
d 2
Gr. S
hort
Term
Deb
t 2
Gr. S
tab
le 2
Gr. S
ecu
re 2
Gr. G
row
th 2
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Sou
rces
of
Fu
nd
s
Policy
hold
ers
’ Fu
nd
s:
Polic
yhol
der c
ontri
butio
nF-
1 (
742)
—
373,1
72
—
(5,5
54)
—
(26,8
27)
—
97,5
02
—
Reve
nue
Acco
unt
742
—
6,1
30
—
5,8
40
—
26,8
27
—
18,6
29
—
Tota
l 0
—
3
79,3
02
—
286
—
—
—
116,1
31
—
Ap
plica
tion
of
Fu
nd
s
Inve
stm
ents
F-2
—
—
375,3
97
—
268
—
—
—
114,1
54
—
Curr
ent A
sset
sF-
3 —
—
3
,905
—
18
—
—
—
2,6
15
—
Less
: Cur
rent
Lia
bilit
ies
and
Prov
isio
nsF-
4 —
—
—
—
—
—
—
—
6
38
—
Net c
urre
nt a
sset
s —
—
3
,905
—
18
—
—
—
1,9
77
—
(a)
Tota
l
—
—
379,3
02
—
286
—
—
—
116,1
31
—
(b) N
umbe
r of U
nits
out
stan
ding
(0)
—
36,7
78,9
36
—
26,6
18
—
(0)
—
10,8
06,4
13
—
NAV
per U
nit (
a)/(b
) (`)
Plan
I 1
0.0
0
10.
00
10.3
1
10.
00
10.7
2
10.
00
10.0
0
10.
00
10.7
5
10.
00
Plan
II —
—
—
—
—
—
—
—
—
—
Pa
rtic
ula
rsS
ch
D
iscon
tin
ued
Policy
Fu
nd
Tota
l
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Cu
rren
t
Yea
r
Pre
viou
s
Yea
r
Sou
rces
of
Fu
nd
s
Policy
hold
ers
’ Fu
nd
s:
Polic
yhol
der c
ontri
butio
nF-
1 4
26,3
32
6,3
72
175,7
35,2
20
154
,966
,947
Re
venu
e Ac
coun
t 1
1,6
07
29
5,6
28,9
85
19,
625,
253
Tota
l 4
37,9
39
6,4
01
181,3
64,2
05
174,5
92,2
01
Ap
plica
tion
of
Fu
nd
s
Inve
stm
ents
F-2
444,3
23
6,2
99
178,3
83,4
66
170
,353
,399
Cu
rren
t Ass
ets
F-3
(6,3
84)
102
4
,587,5
94
5,4
25,0
86
Less
: Cur
rent
Lia
bilit
ies
and
Prov
isio
nsF-
4 —
—
1
,606,8
55
1,1
86,2
84
Net c
urre
nt a
sset
s (
6,3
84)
102
2
,980,7
39
4,2
38,8
02
(a)
Tota
l
437,9
39
6,4
01
181,3
64,2
05
174,5
92,2
01
(b) N
umbe
r of U
nits
out
stan
ding
39,9
65,3
64
633
,677
9
,750,5
05,0
25
8,5
09,1
97,9
67
NAV
per U
nit (
a)/(b
) (`)
Plan
I 1
0.9
6
10.
10
—
—
Plan
II —
—
—
—
122
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 122 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Sch
ed
ule
s to
Fu
nd
Ba
lan
ce S
heet
An
nex
ure
3
Sch
ed
ule
: F-1
Po
licy
ho
lders
’ C
on
trib
uti
on
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsIn
d. A
ssu
re I
nd
. In
co
me A
dva
nta
ge
Ind
. Pro
tecto
rIn
d. B
uil
der
Ind
. Ba
lan
cer
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Open
ing
bala
nce
1,5
24
,79
5
1,6
29,6
26
2,5
75
,96
2
1,8
31,9
98
3,2
45
,49
1
3,1
84,5
53
1,8
90
,07
2
1,8
58,7
85
29
5,2
15
2
78,5
50
Add:
Add
ition
s du
ring
the
year
* **
2,0
00
,91
0
5,6
63,8
28
1,9
68
,64
9
1,8
45,6
81
1,5
70
,02
4
1,9
15,0
91
48
8,5
00
6
05,2
69
62
,51
8
74,
744
Less
: Ded
uctio
ns d
urin
g th
e ye
ar*
** 2
,42
8,1
77
5
,768
,659
1
,54
0,2
94
1
,101
,717
1
,61
1,9
55
1
,854
,153
5
54
,76
9
573
,982
3
0,8
92
5
8,07
9
Clo
sin
g b
ala
nce
1,0
97
,52
8
1,5
24
,79
5
3,0
04
,31
7
2,5
75
,96
2
3,2
03
,56
0
3,2
45
,49
1
1,8
23
,80
3
1,8
90
,07
2
32
6,8
41
2
95
,21
5
Pa
rtic
ula
rsIn
d. E
nh
an
cer
Ind
. Cre
ato
rIn
d. M
ag
nifi
er
Ind
. Ma
xim
iser
Ind
. Mu
ltip
lier
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Open
ing
bala
nce
60
,62
0,7
24
5
0,91
9,21
0 1
,49
5,6
47
1
,487
,132
9
,14
3,9
47
1
0,38
4,68
0 2
6,2
26
,82
6
23,
696,
983
5,1
12
,11
8
3,9
00,0
39
Add:
Add
ition
s du
ring
the
year
* **
20
,22
7,3
42
2
3,98
2,21
0 7
27
,39
4
839
,962
1
,67
1,0
60
2
,656
,073
8
,79
1,4
37
1
3,82
4,68
9 1
,75
5,2
55
3
,278
,431
Less
: Ded
uctio
ns d
urin
g th
e ye
ar*
** 1
3,2
38
,50
1
14,
280,
696
78
5,9
33
8
31,4
47
2,1
92
,62
5
3,8
96,8
06
8,2
49
,94
3
11,
294,
846
1,4
44
,73
1
2,0
66,3
52
Clo
sin
g b
ala
nce
67
,60
9,5
65
6
0,6
20
,72
4
1,4
37
,10
8
1,4
95
,64
7
8,6
22
,38
2
9,1
43
,94
7
26
,76
8,3
20
2
6,2
26
,82
6
5,4
22
,64
2
5,1
12
,118
Pa
rtic
ula
rsS
up
er
20
Ind
. Pla
tin
um
Plu
s 1
Ind
. Pla
tin
um
Plu
s 2
Ind
. Pla
tin
um
Plu
s 3
Ind
. Pla
tin
um
Plu
s 4
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Open
ing
bala
nce
1,0
22
,69
8
339
,782
4
,93
7,0
95
3
,989
,012
5
,19
5,1
96
3
,849
,516
5
,59
6,5
92
2
,893
,611
4
,08
4,0
64
2
,041
,941
Add:
Add
ition
s du
ring
the
year
* **
1,3
74
,51
8
962
,690
1
02
,05
0
1,9
88,2
48
1,1
85
,18
4
2,5
30,0
43
4,5
88
,67
1
4,1
39,5
01
3,3
02
,49
8
2,9
13,4
00
Less
: Ded
uctio
ns d
urin
g th
e ye
ar*
** 6
20
,17
5
279
,774
8
48
,71
7
1,0
40,1
65
95
6,8
74
1
,184
,363
1
,94
3,6
28
1
,436
,520
1
,32
0,3
33
8
71,2
77
Clo
sin
g b
ala
nce
1,7
77
,04
1
1,0
22
,69
8
4,1
90
,42
8
4,9
37
,09
5
5,4
23
,50
6
5,1
95
,19
6
8,2
41
,63
5
5,5
96
,59
2
6,0
66
,22
9
4,0
84
,06
4
Pa
rtic
ula
rsIn
d. P
lati
nu
m A
dva
nta
ge
Ind
. Pla
tin
um
Pre
mie
rIn
d. F
ore
sig
ht
FP
Ind
. Fo
resi
gh
t S
PTit
an
ium
1
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Open
ing
bala
nce
1,5
70
,43
2
—
4,0
30
,30
5
1,3
50,7
67
86
4,5
09
—
8
6,0
85
—
3
74
,74
8
216
,328
Add:
Add
ition
s du
ring
the
year
* **
2,7
79
,69
8
1,5
72,6
08
4,1
74
,67
6
2,9
61,0
85
3,1
39
,83
4
864
,509
4
77
,16
3
86,
085
27
1,4
85
2
38,5
62
Less
: Ded
uctio
ns d
urin
g th
e ye
ar*
** 2
86
,11
7
2,1
76
1,2
56
,53
9
281
,547
1
,28
2
—
17
4
—
10
9,0
82
8
0,14
2
Clo
sin
g b
ala
nce
4,0
64
,01
3
1,5
70
,43
2
6,9
48
,44
2
4,0
30
,30
5
4,0
03
,06
1
86
4,5
09
5
63
,07
4
86
,08
5
53
7,1
51
3
74
,74
8
123
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 123 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Sch
ed
ule
s to
Fu
nd
Ba
lan
ce S
heet
An
nex
ure
3
Sch
ed
ule
: F-1
Po
licy
ho
lders
’ C
on
trib
uti
on
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsTit
an
ium
2Tit
an
ium
3P
ure
Eq
uit
yV
alu
e M
om
en
tum
Liq
uid
Plu
s
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Open
ing
bala
nce
14
7,4
89
8
6,55
2 2
4,9
12
—
—
—
—
—
—
—
Add:
Add
ition
s du
ring
the
year
* **
87
,62
1
68,
747
43
,28
5
26,
531
36
8
—
33
9
—
35
8
—
Less
: Ded
uctio
ns d
urin
g th
e ye
ar*
** 3
0,1
17
7
,810
8
,70
9
1,6
19
—
—
—
—
—
—
Clo
sin
g b
ala
nce
20
4,9
93
1
47
,48
9
59
,48
8
24
,91
2
36
8
—
33
9
—
35
8
—
Pa
rtic
ula
rsIP
P
- G
row
th
IPP
-
En
rich
IP
P
- N
ou
rish
G
r. F
ixed
In
tere
st
Gr. G
ilt
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Open
ing
bala
nce
22
0,1
08
2
29,3
01
97
0,4
15
1
,079
,026
8
9,7
60
9
4,03
9 1
,01
7,8
19
1
,073
,763
(
3,2
13
) (3
,215
)
Add:
Add
ition
s du
ring
the
year
* **
25
,42
8
40,
594
15
0,8
26
2
47,2
81
13
,05
2
19,
386
31
6,0
96
1
,106
,659
7
5,0
02
2
Less
: Ded
uctio
ns d
urin
g th
e ye
ar*
** 3
9,4
97
4
9,78
7 2
39
,34
0
355
,892
1
8,0
38
2
3,66
5 5
74
,30
2
1,1
62,6
03
—
—
Clo
sin
g b
ala
nce
20
6,0
39
2
20
,10
8
88
1,9
01
9
70
,41
5
84
,77
4
89
,76
0
75
9,6
13
1
,01
7,8
19
7
1,7
89
(
3,2
13
)
Pa
rtic
ula
rsG
r. B
on
dG
r. M
on
ey
Ma
rket
Gr. S
ho
rt T
erm
Deb
tG
r. G
row
th A
dva
nta
ge
Gr. I
nco
me A
dva
nta
ge
Cu
rren
t
Yea
r
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vio
us
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r
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rren
t
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r
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vio
us
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r
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t
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r
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vio
us
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r
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t
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r
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vio
us
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r
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rren
t
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r
Pre
vio
us
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r
Open
ing
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nce
84
8,8
02
1
,980
,265
1
,63
5,7
72
1
28,8
99
43
5,6
02
8
35,5
87
99
,65
5
75,
401
1,0
10
,00
0
1,0
00,0
00
Add:
Add
ition
s du
ring
the
year
* **
44
7,8
71
2
96,4
41
2,9
41
,18
1
2,3
32,4
52
38
0,9
82
5
32,0
29
10
6,9
14
1
70,3
34
—
10,
000
Less
: Ded
uctio
ns d
urin
g th
e ye
ar*
** 4
65
,84
1
1,4
27,9
04
2,6
38
,77
8
825
,579
3
34
,60
7
932
,014
8
3,0
76
1
46,0
80
1,0
88
,78
0
—
Clo
sin
g b
ala
nce
83
0,8
32
8
48
,80
2
1,9
38
,17
5
1,6
35
,77
2
48
1,9
77
4
35
,60
2
12
3,4
93
9
9,6
55
(
78
,78
0)
1,0
10
,00
0
Pa
rtic
ula
rsG
r. S
ecu
reG
r. S
tab
leG
r. G
row
thG
r. F
ixed
In
tere
st 2
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on
ey
Ma
rket
2
Cu
rren
t
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r
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vio
us
Yea
r
Cu
rren
t
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r
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vio
us
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r
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t
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r
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vio
us
Yea
r
Cu
rren
t
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r
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vio
us
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r
Cu
rren
t
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r
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vio
us
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r
Open
ing
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nce
4,3
96
,30
8
3,2
98,4
85
1,8
43
,18
0
1,8
82,8
95
2,3
31
,44
4
1,4
78,8
34
—
—
—
—
Add:
Add
ition
s du
ring
the
year
* **
5,3
74
,12
8
2,7
79,8
82
70
0,2
27
2
,267
,127
5
31
,01
7
2,1
09,8
08
11
4,7
42
—
1
63
,94
8
—
Less
: Ded
uctio
ns d
urin
g th
e ye
ar*
** 4
,36
3,1
54
1
,682
,059
1
,17
6,2
24
2
,306
,842
1
,53
3,8
46
1
,257
,198
6
7,1
00
—
1
39
,34
4
—
Clo
sin
g b
ala
nce
5,4
07
,28
2
4,3
96
,30
8
1,3
67
,18
3
1,8
43
,18
0
1,3
28
,61
5
2,3
31
,44
4
47
,64
2
—
24
,60
4
—
124
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 124 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Sch
ed
ule
s to
Fu
nd
Ba
lan
ce S
heet
An
nex
ure
3
Sch
ed
ule
: F-1
Po
licy
ho
lders
’ C
on
trib
uti
on
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsG
r. B
on
d 2
Gr. S
ho
rt T
erm
Deb
t 2
Gr. S
tab
le 2
Gr. S
ecu
re 2
Gr. G
row
th 2
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Open
ing
bala
nce
—
—
—
—
—
—
—
—
—
—
Add:
Add
ition
s du
ring
the
year
* **
71
,36
7
—
37
4,3
11
—
1
17
,41
4
—
1,1
26
,10
0
—
25
0,6
27
—
Less
: Ded
uctio
ns d
urin
g th
e ye
ar*
** 7
2,1
09
—
1
,14
0
—
12
2,9
68
—
1
,15
2,9
26
—
1
53
,12
4
—
Clo
sin
g b
ala
nce
(7
42
) —
3
73
,17
1
—
(5
,55
4)
—
(2
6,8
26
) —
9
7,5
03
—
Pa
rtic
ula
rsD
isco
nti
nu
ed
Po
licy
Fu
nd
Tota
l
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Open
ing
bala
nce
6,3
72
—
1
54
,96
6,9
46
1
27,0
92,3
45
Add:
Add
ition
s du
ring
the
year
* **
51
3,3
05
6
,953
7
4,5
85
,37
5
84,
956,
936
Less
: Ded
uctio
ns d
urin
g th
e ye
ar*
** 9
3,3
46
5
81
53
,81
7,1
07
5
7,08
2,33
4
Clo
sin
g b
ala
nce
42
6,3
31
6
,37
2
17
5,7
35
,21
4
15
4,9
66
,94
7
* Add
ition
s re
pres
ent u
nits
cre
atio
n &
dedu
ctio
ns re
pres
ent u
nit c
ance
llatio
ns.
** In
clud
es L
ast D
ay C
olle
ctio
ns.
125
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 125 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Sch
ed
ule
s to
Fu
nd
Ba
lan
ce S
heet
An
nex
ure
3
Sch
ed
ule
: F-2
Inve
stm
en
ts
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsIn
d. A
ssu
re I
nd
. In
co
me A
dva
nta
ge
Ind
. Pro
tecto
rIn
d. B
uil
der
Ind
. Ba
lan
cer
Cu
rren
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Ap
pro
ved
In
vest
men
tsGo
vern
men
t Bon
ds —
—
9
11
,08
3
609
,149
1
,20
0,1
85
1
,079
,757
6
82
,86
7
596
,700
6
1,0
25
5
8,12
0 Co
rpor
a te
Bond
s 4
16
,19
0
606
,499
5
22
,69
3
731
,580
6
67
,28
2
779
,300
4
70
,36
7
584
,435
5
1,2
25
5
9,56
6 In
frast
ruct
ure
Bond
s 3
43
,35
8
401
,971
5
47
,94
2
372
,199
1
,16
8,4
86
1
,202
,755
7
67
,81
6
755
,996
7
1,6
09
7
0,29
3 Eq
uity
—
—
—
—
37
2,1
62
3
53,6
15
50
0,7
51
4
88,2
13
69
,00
7
57,
914
Mon
ey M
arke
t 4
56
,95
7
412
,230
8
19
,99
6
620
,514
4
31
,33
8
423
,059
1
57
,79
8
194
,697
2
8,6
41
6
99
Mut
ual F
unds
1,1
10
6
8,01
5 2
5,8
12
4
6,36
4 5
2,3
92
7
9,49
5 1
5,2
81
2
9,64
0 —
1
3,65
5 To
tal
1,2
17
,61
5
1,4
88
,71
5
2,8
27
,52
6
2,3
79
,80
6
3,8
91
,84
5
3,9
17
,98
1
2,5
94
,88
0
2,6
49
,68
1
28
1,5
07
2
60
,24
7
Oth
er
Inve
stm
en
tsCo
rpor
ate
Bond
s —
3
4,82
1 1
30
,75
1
136
,201
5
8,9
40
—
2
9,2
11
—
—
—
In
frast
ruct
ure
Bond
s —
—
—
—
—
—
—
—
—
—
Eq
uity
—
—
—
—
21
,53
7
27,
537
32
,67
3
47,
267
8,7
38
5
,100
M
oney
Mar
ket
—
—
—
—
—
—
—
—
—
—
Mut
ual F
unds
—
15,
960
—
576
—
1
,739
—
2
1 2
0,6
50
1
4,73
1 To
tal
—
50
,78
1
13
0,7
51
1
36
,77
7
80
,47
7
29
,27
6
61
,88
4
47
,28
8
29
,38
8
19
,83
1
GR
AN
D T
OTA
L 1
,21
7,6
15
1
,53
9,4
96
2
,95
8,2
77
2
,51
6,5
83
3
,97
2,3
22
3
,94
7,2
57
2
,65
6,7
64
2
,69
6,9
69
3
10
,89
5
28
0,0
78
% o
f A
pp
rove
d I
nve
stm
en
ts t
o T
ota
l100%
97
%9
6%
95
%9
8%
99
%9
8%
98
%9
1%
93
%%
of
Oth
er
Inve
stm
en
ts t
o T
ota
l0
%3
%4
%5
%2
%1
%2
%2
%9
%7
%
Pa
rtic
ula
rsIn
d. E
nh
an
cer
In
d. I
nco
me C
rea
tor
Ind
. Ma
gn
ifi e
rIn
d. M
axim
iser
Ind
. Mu
ltip
lier
Cu
rren
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Appr
oved
Inve
stm
ents
Gove
rnm
ent B
onds
14
,16
5,6
02
1
2,08
2,78
6 4
98
,23
3
403
,463
—
—
—
—
—
—
Co
rpor
a te
Bond
s 1
4,9
71
,57
2
15,
727,
943
19
2,6
48
2
52,5
67
17
7,8
99
3
,406
—
7
,993
3
0,1
42
—
In
frast
ruct
ure
Bond
s 8
,64
2,4
62
6
,958
,521
5
49
,45
2
535
,972
6
0,9
17
—
5
4,5
95
—
4
,83
1
—
Equi
ty 1
6,6
76
,85
3
15,
617,
238
1,3
24
,73
7
1,3
55,5
50
9,0
15
,28
5
10,
152,
194
21
,17
2,5
37
2
3,28
6,41
0 3
,33
6,1
45
3
,335
,935
M
oney
Mar
ket
4,6
25
,47
6
5,7
67,7
92
72
,29
5
240
,333
8
15
,21
8
1,4
44,1
34
1,6
20
,90
9
955
,014
3
31
,22
8
452
,087
M
utua
l Fun
ds 4
70
,25
9
567
,137
7
0,9
55
8
8,35
5 4
3,4
84
1
51,7
00
22
,20
7
910
,221
4
9,9
24
—
To
tal
59
,55
2,2
24
5
6,7
21
,41
7
2,7
08
,32
0
2,8
76
,24
0
10
,11
2,8
03
1
1,7
51
,43
4
22
,87
0,2
48
2
5,1
59
,63
8
3,7
52
,27
0
3,7
88
,02
2
Oth
er
Inve
stm
en
tsCo
rpor
ate
Bond
s 1
,78
5,8
99
1
,177
,323
6
5,2
60
4
6,95
6 2
8,7
56
—
—
—
—
—
In
frast
ruct
ure
Bond
s —
—
—
—
—
—
—
—
—
—
Eq
uity
89
7,6
97
1
,329
,126
1
20
,34
2
151
,576
8
32
,31
8
1,1
30,3
95
1,7
10
,15
4
2,5
94,7
98
63
4,4
81
6
74,6
31
Mon
ey M
arke
t —
—
—
—
—
—
—
—
—
—
M
utua
l Fun
ds —
5
1,78
4 —
2
76
—
131
—
2
77
—
8
Tota
l 2
,68
3,5
96
2
,55
8,2
33
1
85
,60
2
19
8,8
08
8
61
,07
4
1,1
30
,52
6
1,7
10
,15
4
2,5
95
,07
5
63
4,4
81
6
74
,63
9
GR
AN
D T
OTA
L 6
2,2
35
,82
0
59
,27
9,6
50
2
,89
3,9
22
3
,07
5,0
48
1
0,9
73
,87
7
12
,88
1,9
60
2
4,5
80
,40
2
27
,75
4,7
13
4
,38
6,7
51
4
,46
2,6
61
% o
f A
pp
rove
d I
nve
stm
en
ts t
o T
ota
l96%
96%
94%
94%
92
%91
%9
3%
91%
86
%85
%%
of
Oth
er
Inve
stm
en
ts t
o T
ota
l4
%4%
6%
6%8
%9%
7%
9%1
4%
15%
126
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 126 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Sch
ed
ule
s to
Fu
nd
Ba
lan
ce S
heet
An
nex
ure
3
Sch
ed
ule
: F-2
Inve
stm
en
ts
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsS
up
er
20
Ind
. Pla
tin
um
Plu
s 1
Ind
. Pla
tin
um
Plu
s 2
Ind
. Pla
tin
um
Plu
s 3
Ind
. Pla
tin
um
Plu
s 4
Cu
rren
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Ap
pro
ved
In
vest
men
tsGo
vern
men
t Bon
ds —
—
3
00
,11
0
—
41
8,9
17
2
,443
2
56
,40
1
—
23
5,3
78
—
Co
rpor
a te
Bond
s —
5
42
—
1,5
05
10
8,4
77
1
88,1
83
31
9,1
64
5
2,48
7 7
9,4
17
1
,200
In
frast
ruct
ure
Bond
s —
—
8
01
,13
2
165
,840
1
,02
4,2
57
1
33,3
30
50
3,2
94
—
9
8,6
26
1
01,2
73
Equi
ty 1
,47
8,7
61
9
32,1
93
2,5
45
,12
4
4,4
63,6
38
5,1
12
,31
3
6,5
43,8
56
5,8
43
,38
0
4,9
20,9
86
4,2
94
,12
1
3,4
11,9
65
Mon
ey M
arke
t 3
5,6
79
1
7,78
6 1
94
,03
6
403
,881
5
9,9
00
4
28,6
57
40
7,2
14
5
89,1
81
62
2,3
77
3
79,8
55
Mut
ual F
unds
59
,32
4
68,
240
18
7,4
94
2
35,1
91
19
9,8
58
2
28,7
55
15
3,3
11
1
03,3
30
45
,19
4
86,
727
Tota
l 1
,57
3,7
64
1
,01
8,7
61
4
,02
7,8
96
5
,27
0,0
55
6
,92
3,7
22
7
,52
5,2
24
7
,48
2,7
64
5
,66
5,9
84
5
,37
5,1
13
3
,98
1,0
20
Oth
er
Inve
stm
en
tsCo
rpor
ate
Bond
s —
—
—
—
—
—
—
—
—
—
In
frast
ruct
ure
Bond
s —
—
—
—
—
—
—
—
—
—
Eq
uity
83
,37
7
—
13
4,6
11
3
27,5
11
31
7,6
91
4
56,1
44
38
8,2
14
3
42,4
71
29
2,0
64
2
40,0
53
Mon
ey M
arke
t —
—
—
—
—
—
—
—
—
—
M
utua
l Fun
ds —
2
26
—
382
—
4
40
—
25,
543
—
117
To
tal
83
,37
7
22
6
13
4,6
11
3
27
,89
3
31
7,6
91
4
56
,58
4
38
8,2
14
3
68
,01
4
29
2,0
64
2
40
,17
0
GR
AN
D T
OTA
L 1
,65
7,1
41
1
,01
8,9
87
4
,16
2,5
07
5
,59
7,9
48
7
,24
1,4
13
7
,98
1,8
08
7
,87
0,9
78
6
,03
3,9
98
5
,66
7,1
77
4
,22
1,1
90
% o
f A
pp
rove
d I
nve
stm
en
ts t
o T
ota
l95%
100%
97
%94
%9
6%
94%
95
%94
%9
5%
94%
% o
f O
ther
Inve
stm
en
ts t
o T
ota
l5
%0%
3%
6%4
%6%
5%
6%5
%6%
Pa
rtic
ula
rsIn
d. P
lati
nu
m A
dva
nta
ge
Ind
. Pla
tin
um
Pre
mie
rIn
d. F
ore
sig
ht
FP
Ind
. Fo
resi
gh
t S
PTit
an
ium
1
Cu
rren
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Ap
pro
ved
In
vest
men
tsGo
vern
men
t Bon
ds —
—
4
5,2
45
—
—
—
—
—
3
7,6
42
1
0,68
4 Co
rpor
a te
Bond
s 1
16
,95
5
385
—
1
,014
—
3
8 —
2
—
8
6 In
frast
ruct
ure
Bond
s 1
51
,77
9
—
39
4,2
40
—
1
18
,39
5
—
—
—
10
1,4
79
8
2,93
4 Eq
uity
3,1
15
,71
7
1,1
12,2
13
5,0
52
,62
2
3,2
85,8
08
2,8
46
,87
7
321
,910
4
75
,26
1
24,
911
27
6,7
24
2
53,6
33
Mon
ey M
arke
t 1
17
,71
2
169
,742
3
73
,75
5
280
,778
2
85
,48
7
125
,500
1
1,6
78
1
0,49
2 1
7,7
90
7
,994
M
utua
l Fun
ds 1
23
,21
5
—
—
145
,700
—
—
—
—
—
—
To
tal
3,6
25
,37
8
1,2
82
,34
0
5,8
65
,86
2
3,7
13
,29
9
3,2
50
,75
9
44
7,4
48
4
86
,93
9
35
,40
5
43
3,6
35
3
55
,33
1
Oth
er
Inve
stm
en
tsCo
rpor
ate
Bond
s —
—
—
—
—
—
—
—
—
—
In
frast
ruct
ure
Bond
s —
—
—
—
—
—
—
—
—
—
Eq
uity
15
5,0
85
8
8,51
7 3
23
,20
8
217
,014
1
25
,90
8
23,
046
20
,70
2
1,7
95
22
,54
6
21,
532
Mon
ey M
arke
t —
—
—
—
—
—
—
—
—
—
M
utua
l Fun
ds —
8
0,47
3 3
38
,95
0
326
,181
1
73
,26
1
—
45
,76
6
—
36
,90
5
976
To
tal
15
5,0
85
1
68
,99
0
66
2,1
58
5
43
,19
5
29
9,1
69
2
3,0
46
6
6,4
68
1
,79
5
59
,45
1
22
,50
8
GR
AN
D T
OTA
L 3
,78
0,4
63
1
,45
1,3
30
6
,52
8,0
20
4
,25
6,4
94
3
,54
9,9
28
4
70
,49
4
55
3,4
07
3
7,2
00
4
93
,08
6
37
7,8
39
% o
f A
pp
rove
d I
nve
stm
en
ts t
o T
ota
l96%
88%
90
%87
%9
2%
95%
88
%95
%8
8%
94%
% o
f O
ther
Inve
stm
en
ts t
o T
ota
l4
%12
%1
0%
13%
8%
5%1
2%
5%1
2%
6%
127
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 127 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Sch
ed
ule
s to
Fu
nd
Ba
lan
ce S
heet
An
nex
ure
3
Sch
ed
ule
: F-2
Inve
stm
en
ts
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsTit
an
ium
2Tit
an
ium
3P
ure
Eq
uit
yV
alu
e M
om
en
tum
Liq
uid
Plu
s
Cu
rren
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Ap
pro
ved
In
vest
men
tsGo
vern
men
t Bon
ds 1
1,0
43
3
,454
7
,90
0
1,0
79
—
—
—
—
—
—
Corp
ora t
e Bo
nds
4,8
15
2
2 3
,89
0
4
—
—
—
—
—
—
Infra
stru
ctur
e Bo
nds
36
,29
6
11,
751
9,6
11
3
,244
—
—
—
—
—
—
Eq
uity
10
8,6
17
9
6,94
5 2
5,2
46
1
3,57
9 6
5
—
91
—
—
—
M
oney
Mar
ket
26
,68
3
36,
671
2,8
98
5
,596
—
—
8
7
—
14
0
—
Mut
ual F
unds
3,3
54
—
—
—
—
—
—
—
—
—
To
tal
19
0,8
08
1
48
,84
3
49
,54
5
23
,50
2
65
—
1
78
—
1
40
—
Oth
er
Inve
stm
en
tsCo
rpor
ate
Bond
s —
—
—
—
—
—
—
—
—
—
In
frast
ruct
ure
Bond
s —
—
—
—
—
—
—
—
—
—
Eq
uity
4,0
28
9
,432
9
26
1
,584
5
—
—
—
—
—
M
oney
Mar
ket
—
—
—
—
—
—
—
—
—
—
Mut
ual F
unds
—
—
4,2
82
—
—
—
—
—
—
—
To
tal
4,0
28
9
,43
2
5,2
08
1
,58
4
5
—
—
—
—
—
GR
AN
D T
OTA
L 1
94
,83
6
15
8,2
75
5
4,7
53
2
5,0
86
7
0
—
17
8
—
14
0
—
% o
f A
pp
rove
d I
nve
stm
en
ts t
o T
ota
l98%
94%
90
%94
%9
3%
0%1
00
%0%
10
0%
0%%
of
Oth
er
Inve
stm
en
ts t
o T
ota
l2
%6%
10
%6%
7%
0%0
%0%
0%
0%
Pa
rtic
ula
rsIP
P-G
row
th
IPP
-En
rich
IP
P-N
ou
rish
G
r. F
ixed
In
tere
st
Gr. G
ilt
Cu
rren
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Ap
pro
ved
In
vest
men
tsGo
vern
men
t Bon
ds 7
5,9
79
6
8,63
8 3
00
,32
8
324
,015
3
6,4
19
2
8,26
6 3
29
,62
3
326
,293
7
1,9
03
3
70
Corp
ora t
e Bo
nds
67
,07
0
73,
568
21
2,1
13
2
37,3
05
36
,93
9
41,
628
21
4,0
88
3
39,7
04
—
—
Infra
stru
ctur
e Bo
nds
10
0,4
80
9
7,33
3 3
70
,70
3
423
,789
2
9,3
00
3
2,60
7 1
47
,84
0
199
,241
—
—
Eq
uity
67
,06
3
63,
200
53
3,1
32
5
46,7
74
12
,15
8
11,
516
—
—
—
—
Mon
ey M
arke
t 3
,99
7
14,
977
10
3,7
67
8
4,25
5 4
,80
0
500
4
05
,76
2
239
,469
—
4
5 M
utua
l Fun
ds —
2
1,30
0 —
6
0,96
0 —
7
,660
5
,92
2
28,
931
1,1
74
—
To
tal
31
4,5
89
3
39
,01
6
1,5
20
,04
3
1,6
77
,09
8
11
9,6
16
1
22
,17
7
1,1
03
,23
5
1,1
33
,63
8
73
,07
7
41
5
Oth
er
Inve
stm
en
tsCo
rpor
ate
Bond
s —
—
—
—
2
,10
9
5,0
44
—
66,
688
—
—
Infra
stru
ctur
e Bo
nds
—
—
—
—
—
—
—
—
—
—
Equi
ty 3
,86
1
6,5
84
34
,91
9
54,
547
65
2
1,0
65
—
—
—
—
Mon
ey M
arke
t —
—
—
—
—
—
—
—
—
—
M
utua
l Fun
ds 3
6,8
13
1
5,42
4 9
1,9
78
1
80
9,4
44
3
,138
—
3
9,00
1 —
—
To
tal
40
,67
4
22
,00
8
12
6,8
97
5
4,7
27
1
2,2
05
9
,24
7
—
10
5,6
89
—
—
GR
AN
D T
OTA
L 3
55
,26
3
36
1,0
24
1
,64
6,9
40
1
,73
1,8
25
1
31
,82
1
13
1,4
24
1
,10
3,2
35
1
,23
9,3
27
7
3,0
77
4
15
% o
f A
pp
rove
d I
nve
stm
en
ts t
o T
ota
l89%
94%
92
%97
%9
1%
93%
10
0%
91%
10
0%
100%
% o
f O
ther
Inve
stm
en
ts t
o T
ota
l1
1%
6%8
%3%
9%
7%0
%9%
0%
0%
128
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 128 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Sch
ed
ule
s to
Fu
nd
Ba
lan
ce S
heet
An
nex
ure
3
Sch
ed
ule
: F-2
Inve
stm
en
ts
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsG
r. B
on
dG
r. M
on
ey
Ma
rket
Gr. S
ho
rt T
erm
Deb
tG
r. G
row
th A
dva
nta
ge
Gr. I
nco
me A
dva
nta
ge
Cu
rren
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Ap
pro
ved
In
vest
men
tsGo
vern
men
t Bon
ds —
—
—
—
—
—
2
2,0
14
1
4,66
6 3
,70
8
275
,779
Co
rpor
a te
Bond
s 3
90
,08
6
459
,149
—
—
1
53
,63
9
240
,436
4
,44
5
5,3
74
2,0
25
3
02,1
57
Infra
stru
ctur
e Bo
nds
49
2,2
03
4
94,1
39
96
,62
9
—
13
4,2
67
1
30,5
53
24
,71
9
20,
247
3,0
22
1
74,7
24
Equi
ty —
—
—
—
—
—
8
8,4
16
6
5,14
6 —
—
M
oney
Mar
ket
54
9,0
80
4
00,6
35
1,6
77
,75
3
1,4
24,7
11
30
3,7
00
1
28,2
90
1,5
22
1
1,39
1 1
,84
5
253
,608
M
utua
l Fun
ds 3
2,5
46
4
78
—
71,
525
2,9
18
1
3,89
4 —
4
,700
4
40
—
To
tal
1,4
63
,91
5
1,3
54
,40
1
1,7
74
,38
2
1,4
96
,23
6
59
4,5
24
5
13
,17
3
14
1,1
16
1
21
,52
4
11
,04
0
1,0
06
,26
8
Oth
er
Inve
stm
en
tsCo
rpor
ate
Bond
s 1
05
,74
3
102
,167
—
—
—
7
,208
—
—
—
5
0,88
6 In
frast
ruct
ure
Bond
s —
—
—
—
—
—
—
—
—
—
Eq
uity
—
—
—
—
—
—
7,6
30
7
,454
—
—
M
oney
Mar
ket
—
—
—
—
—
—
—
—
—
—
Mut
ual F
unds
—
1,0
63
4,0
21
3
2,71
0 —
1
14
10
,72
9
120
—
1
,661
To
tal
10
5,7
43
1
03
,23
0
4,0
21
3
2,7
10
—
7
,32
2
18
,35
9
7,5
74
—
5
2,5
47
GR
AN
D T
OTA
L 1
,56
9,6
58
1
,45
7,6
31
1
,77
8,4
03
1
,52
8,9
46
5
94
,52
4
52
0,4
95
1
59
,47
5
12
9,0
98
1
1,0
40
1
,05
8,8
15
% o
f A
pp
rove
d I
nve
stm
en
ts t
o T
ota
l93%
93%
10
0%
98%
10
0%
99%
88
%94
%1
00
%95
%%
of
Oth
er
Inve
stm
en
ts t
o T
ota
l7
%7%
0%
2%0
%1%
12
%6%
0%
5%
Pa
rtic
ula
rsG
r. S
ecu
reG
r. S
tab
leG
r. G
row
thG
r. F
ixed
In
tere
st 2
Gr. M
on
ey
Ma
rket
2
Cu
rren
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Ap
pro
ved
In
vest
men
tsGo
vern
men
t Bon
ds 1
,65
4,3
95
1
,227
,021
7
08
,56
7
702
,521
3
12
,63
7
372
,346
1
5,9
47
—
—
—
Co
rpor
a te
Bond
s 1
,12
1,0
71
9
96,8
31
20
8,4
56
4
84,9
28
13
7,1
49
3
28,5
34
10
,64
8
—
—
—
Infra
stru
ctur
e Bo
nds
1,0
20
,25
2
1,0
69,9
65
76
5,9
10
7
28,5
42
25
3,3
20
3
79,0
15
7,0
28
—
—
—
Eq
uity
1,1
87
,00
1
950
,951
1
,11
4,2
94
1
,166
,460
8
54
,57
4
1,2
86,1
72
—
—
—
—
Mon
ey M
arke
t 1
,48
3,3
02
8
60,0
94
38
8,0
81
3
20,6
62
23
6,6
48
3
18,6
74
10
,17
5
—
22
,82
3
—
Mut
ual F
unds
4,1
11
9
7,80
0 1
,50
1
91,
800
14
,11
7
57,
612
—
—
1,2
31
—
To
tal
6,4
70
,13
2
5,2
02
,66
2
3,1
86
,80
9
3,4
94
,91
3
1,8
08
,44
5
2,7
42
,35
3
43
,79
8
—
24
,05
4
—
Oth
er
Inve
stm
en
tsCo
rpor
ate
Bond
s 1
16
,53
5
128
,138
1
51
,23
3
88,
515
18
,85
2
43,
404
1,0
54
—
—
—
In
frast
ruct
ure
Bond
s —
—
—
—
—
—
—
—
—
—
Eq
uity
95
,22
7
109
,310
9
1,6
19
1
38,7
48
70
,88
6
137
,625
—
—
—
—
M
oney
Mar
ket
—
—
—
—
—
—
—
—
—
—
Mut
ual F
unds
—
27
—
36,
957
—
384
4
,88
7
—
1,6
12
—
To
tal
21
1,7
62
2
37
,47
5
24
2,8
52
2
64
,22
0
89
,73
8
18
1,4
13
5
,94
1
—
1,6
12
—
GR
AN
D T
OTA
L 6
,68
1,8
94
5
,44
0,1
37
3
,42
9,6
61
3
,75
9,1
33
1
,89
8,1
83
2
,92
3,7
66
4
9,7
39
—
2
5,6
66
—
% o
f A
pp
rove
d I
nve
stm
en
ts t
o T
ota
l97%
96%
93
%93
%9
5%
94%
88
%0%
94
%0%
% o
f O
ther
Inve
stm
en
ts t
o T
ota
l3
%4%
7%
7%5
%6%
12
%0%
6%
0%
129
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 129 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Sch
ed
ule
s to
Fu
nd
Ba
lan
ce S
heet
An
nex
ure
3
Sch
ed
ule
: F-2
Inve
stm
en
ts
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsG
r. B
on
d 2
Gr. S
ho
rt T
erm
Deb
t 2
Gr. S
tab
le 2
Gr. S
ecu
re 2
Gr. G
row
th 2
Cu
rren
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Ap
pro
ved
In
vest
men
tsGo
vern
men
t Bon
ds —
—
—
—
1
73
—
—
—
2
0,8
41
—
Co
rpor
a te
Bond
s —
—
3
3,0
17
—
—
—
—
—
1
1,9
19
—
In
frast
ruct
ure
Bond
s —
—
5
2,9
44
—
—
—
—
—
1
5,9
32
—
Eq
uity
—
—
—
—
92
—
—
—
5
1,7
52
—
M
oney
Mar
ket
—
—
26
7,9
26
—
—
—
—
—
5
,89
5
—
Mut
ual F
unds
—
—
—
—
—
—
—
—
3,4
35
—
To
tal
—
—
35
3,8
87
—
2
65
—
—
—
1
09
,77
4
—
Oth
er
Inve
stm
en
tsCo
rpor
ate
Bond
s —
—
2
,10
9
—
—
—
—
—
—
—
Infra
stru
ctur
e Bo
nds
—
—
—
—
—
—
—
—
—
—
Equi
ty —
—
—
—
3
—
—
—
4
,38
0
—
Mon
ey M
arke
t —
—
—
—
—
—
—
—
—
—
M
utua
l Fun
ds —
—
1
9,4
01
—
—
—
—
—
—
—
To
tal
—
—
21
,51
0
—
3
—
—
—
4,3
80
—
GR
AN
D T
OTA
L —
—
3
75
,39
7
—
26
8
—
—
—
11
4,1
54
—
% o
f A
pp
rove
d I
nve
stm
en
ts t
o T
ota
l0%
0%9
4%
0%9
9%
0%0
%0%
96
%0%
% o
f O
ther
Inve
stm
en
ts t
o T
ota
l0
%0%
6%
0%1
%0%
0%
0%4
%0%
Pa
rtic
ula
rsD
isco
nti
nu
ed
Po
licy
Fu
nd
Tota
l
Cu
rren
t Ye
ar
Pre
vio
us
Yea
r C
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Ap
pro
ved
In
vest
men
tsGo
vern
men
t Bon
ds —
—
2
2,3
84
,16
5
18,
187,
550
Corp
ora t
e Bo
nds
—
—
20
,73
5,4
01
2
2,50
8,37
1 In
frast
ruct
ure
Bond
s —
—
1
8,9
65
,12
6
14,
546,
234
Equi
ty —
—
8
7,5
50
,87
8
84,
118,
925
Mon
ey M
arke
t 4
14
,14
5
6,2
99
17
,39
6,5
13
1
7,03
0,30
2 M
utua
l Fun
ds —
—
1
,59
0,5
69
3
,279
,185
To
tal
41
4,1
45
6
,29
9
16
8,6
22
,65
2
15
9,6
70
,56
7
Oth
er
Inve
stm
en
tsCo
rpor
ate
Bond
s —
—
2
,49
6,4
52
1
,887
,351
In
frast
ruct
ure
Bond
s —
—
—
—
Eq
uity
—
—
6,4
35
,48
2
8,1
44,8
62
Mon
ey M
arke
t —
—
—
—
M
utua
l Fun
ds 3
0,1
79
—
8
28
,87
8
650
,620
To
tal
30
,17
9
—
9,7
60
,81
2
10
,68
2,8
33
GR
AN
D T
OTA
L 4
44
,32
4
6,2
99
1
78
,38
3,4
64
1
70
,35
3,4
00
% o
f A
pp
rove
d I
nve
stm
en
ts t
o T
ota
l93%
100%
95
%94
%%
of
Oth
er
Inve
stm
en
ts t
o T
ota
l7
%0%
5%
6%
130
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 130 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Sch
ed
ule
s to
Fu
nd
Ba
lan
ce S
heet
An
nex
ure
3
Sch
ed
ule
: F-3
Cu
rren
t A
ssets
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsIn
d. A
ssu
re I
nd
. In
co
me A
dva
nta
ge
Ind
. Pro
tecto
rIn
d. B
uil
der
Ind
. Ba
lan
cer
Cu
rren
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Accr
ued
Inte
rest
33
,84
2
35,
609
81
,69
4
55,
044
10
8,9
56
1
01,4
52
66
,84
7
64,
857
6,2
90
5
,974
Ca
sh &
Ban
k Ba
lanc
e 1
28
3
9,87
1 2
2,0
86
3
6,27
2 1
3,6
24
1
3,72
7 (
6,2
52
) (1
9,92
7) (
2,3
33
) (8
36)
Divi
dend
Rec
eiva
ble
—
—
—
—
59
1
3 7
9
25
—
3
Rece
ivab
le fo
r Sal
e of
Inve
stm
ents
—
—
4,3
17
—
1
,03
1
7,8
04
1,3
77
5
,444
6
06
4
19
Unit
Colle
ctio
n A/
c# —
—
—
—
—
—
—
—
—
—
Ot
her C
urre
nt A
sset
s (fo
r Inv
estm
ents
) —
3
3 —
7
3
,63
0
23
3,6
62
1
8 —
1
78
Tota
l 3
3,9
70
7
5,5
13
1
08
,09
7
91
,32
3
12
7,3
00
1
23
,01
9
65
,71
3
50
,41
7
4,5
63
5
,73
8
Pa
rtic
ula
rsIn
d. E
nh
an
cer
Ind
. Cre
ato
rIn
d. M
ag
nifi
er
Ind
. Ma
xim
iser
Ind
. Mu
ltip
lier
Cu
rren
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Accr
ued
Inte
rest
1,4
59
,07
8
1,2
24,6
78
47
,35
7
38,
666
10
,68
8
7
2,4
62
6
9 2
,41
8
—
Cash
& B
ank
Bala
nce
(1
26
,81
9)
(71,
774)
4,9
88
(1
0,13
6) (
49
,18
9)
(10,
420)
(4
6,1
77
) (2
3,74
9) (
9,4
59
) 4
,293
Di
vide
nd R
ecei
vabl
e 1
85
5
04
24
3
44
1,6
42
3
22
23
7
621
2
,14
4
848
Re
ceiv
able
for S
ale
of In
vest
men
ts 1
73
,67
6
455
,188
5
,75
7
16,
014
10
5,9
55
1
11,2
17
11
8,6
44
1
,310
,172
2
9,9
95
1
47,4
80
Unit
Colle
ctio
n A/
c# —
—
—
—
—
—
—
—
—
—
Ot
her C
urre
nt A
sset
s (fo
r Inv
estm
ents
) 5
5,4
29
1
7,24
0 2
,66
2
4,6
06
20
,18
3
20,
386
67
,77
5
98,
275
8,3
66
1
0,41
0 To
tal
1,5
61
,54
9
1,6
25
,83
6
61
,00
7
49
,19
4
89
,27
9
12
1,5
12
1
42
,94
1
1,3
85
,38
8
33
,46
4
16
3,0
31
Pa
rtic
ula
rsS
up
er
20
Ind
. Pla
tin
um
Plu
s 1
Ind
. Pla
tin
um
Plu
s 2
Ind
. Pla
tin
um
Plu
s 3
Ind
. Pla
tin
um
Plu
s 4
Cu
rren
t Y e
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Accr
ued
Inte
rest
—
1
40
,70
9
240
6
2,2
12
4
27
43
,14
1
38
13
,09
4
34
Cash
& B
ank
Bala
nce
31
,22
5
25,
935
(1
9,2
09
) (2
1,42
5) (
77
,67
4)
(596
) 6
3,8
63
3
4,52
1 2
3,6
01
6
,544
Di
vide
nd R
ecei
vabl
e —
—
6
46
4
53
1,2
89
1
,592
1
,46
5
1,1
97
1,0
10
8
35
Rece
ivab
le fo
r Sal
e of
Inve
stm
ents
—
—
33
,21
3
—
62
,61
7
64,
128
66
,35
7
49,
227
48
,70
1
30,
343
Unit
Colle
ctio
n A/
c# —
—
—
—
—
—
—
—
—
—
Ot
her C
urre
nt A
sset
s (fo
r Inv
estm
ents
) —
4
1 8
,03
5
(5)
11
,81
4
7,8
48
20
,14
6
5,9
76
17
,23
4
4,1
37
Tota
l 3
1,2
25
2
5,9
77
6
3,3
94
(
20
,73
7)
60
,25
8
73
,39
9
19
4,9
72
9
0,9
59
1
03
,64
0
41
,89
3
Pa
rtic
ula
rsIn
d. P
lati
nu
m A
dva
nta
ge
Ind
. Pla
tin
um
Pre
mie
rIn
d. F
ore
sig
ht
FP
Ind
. Fo
resi
gh
t S
PTit
an
ium
1
Cu
rren
t Y e
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Accr
ued
Inte
rest
7,2
03
1
2
0,7
05
1
5 —
—
—
—
5
,91
9
5,1
02
Cash
& B
ank
Bala
nce
20
0,1
46
1
62,5
86
30
,95
1
39,
686
65
2,8
57
4
77,3
30
40
,02
0
56,
081
1,6
10
7
,798
Di
vide
nd R
ecei
vabl
e 6
72
2
67
1,1
71
7
48
56
1
53
10
8
4
—
11
Rece
ivab
le fo
r Sal
e of
Inve
stm
ents
—
—
19
,21
3
23,
673
30
8
1,4
21
12
1
17
3,2
18
5
44
Unit
Colle
ctio
n A/
c# —
—
—
—
—
—
—
—
—
—
Ot
her C
urre
nt A
sset
s (fo
r Inv
estm
ents
) 3
8,2
90
6
0 2
0,1
46
4
,096
6
4,8
28
4
,499
8
,80
9
290
4
99
1
1 To
tal
24
6,3
11
1
62
,91
4
92
,18
6
68
,21
8
71
8,5
54
4
83
,30
3
48
,94
9
56
,49
2
11
,24
6
13
,46
6
131
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 131 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Sch
ed
ule
s to
Fu
nd
Ba
lan
ce S
heet
An
nex
ure
3
Sch
ed
ule
: F-3
Cu
rren
t A
ssets
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsTit
an
ium
2Tit
an
ium
3P
ure
Eq
uit
yV
alu
e M
om
en
tum
Liq
uid
Plu
s
Cu
rren
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Accr
ued
Inte
rest
2,4
95
6
68
97
8
138
—
—
—
—
—
—
Ca
sh &
Ban
k Ba
lanc
e 8
35
3
,169
(
17
9)
(222
) 3
57
—
2
47
—
2
18
—
Di
vide
nd R
ecei
vabl
e 2
1
2
5
—
—
—
—
—
—
—
Rece
ivab
le fo
r Sal
e of
Inve
stm
ents
—
237
—
1
57
—
—
—
—
—
—
Unit
Colle
ctio
n A/
c# —
—
—
—
—
—
—
—
—
—
Ot
her C
urre
nt A
sset
s (fo
r Inv
estm
ents
) —
1
,611
—
—
—
—
—
—
—
—
To
tal
3,3
51
5
,68
7
80
4
73
3
57
—
2
47
—
2
18
—
Pa
rtic
ula
rsIP
P-G
row
th
IPP
-En
rich
IP
P-N
ou
rish
G
r. F
ixed
In
tere
st
Gr. G
ilt
Cu
rren
t Y e
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Accr
ued
Inte
rest
9,1
58
7
,760
2
9,0
02
2
7,71
7 3
,21
7
3,5
58
19
,47
9
17,
613
1,7
56
8
Ca
sh &
Ban
k Ba
lanc
e (
42
1)
(407
) (
3,1
10
) (6
,047
) (
39
) (8
) 1
,84
5
26,
987
6
6
Divi
dend
Rec
eiva
ble
11
4
8
4
29
2
—
—
—
—
—
Rece
ivab
le fo
r Sal
e of
Inve
stm
ents
18
2
931
1
,47
2
6,4
93
34
2
46
—
—
—
—
Unit
Colle
ctio
n A/
c# —
—
—
—
—
—
—
—
—
—
Ot
her C
urre
nt A
sset
s (fo
r Inv
estm
ents
) 5
00
2
3
,88
5
19
15
0
9
—
3
—
—
Tota
l 9
,43
0
8,2
90
3
1,3
33
2
8,2
11
3
,36
4
3,8
05
2
1,3
24
4
4,6
03
1
,76
2
14
Pa
rtic
ula
rsG
r. B
on
dG
r. M
on
ey
Ma
rket
Gr. S
ho
rt T
erm
Deb
tG
r. G
row
th A
dva
nta
ge
Gr. I
nco
me A
dva
nta
ge
Cu
rren
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Accr
ued
Inte
rest
45
,73
9
36,
286
3,0
75
—
1
3,1
82
1
3,75
8 1
,88
3
1,2
87
20
7
19,
026
Cash
& B
ank
Bala
nce
(2
46
) 8
76
35
7,5
50
1
64,3
95
24
,61
8
4,2
92
(3
,75
6)
25
15
3
7 Di
vide
nd R
ecei
vabl
e —
—
—
—
—
—
2
1
2
—
—
Rece
ivab
le fo
r Sal
e of
Inve
stm
ents
—
—
—
—
—
—
21
6
806
—
—
Un
it Co
llect
ion
A/c#
—
—
—
—
—
—
—
—
—
—
Othe
r Cur
rent
Ass
ets
(for I
nves
tmen
ts)
—
—
—
106
—
—
1
73
1
43
—
3
Tota
l 4
5,4
93
3
7,1
62
3
60
,62
5
16
4,5
01
3
7,8
00
1
8,0
50
(
1,4
63
) 2
,26
3
22
2
19
,06
6
Pa
rtic
ula
rsG
r. S
ecu
reG
r. S
tab
leG
r. G
row
thG
r. F
ixed
In
tere
st 2
Gr. M
on
ey
Ma
rket
2
Cu
rren
t Y e
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Accr
ued
Inte
rest
14
9,1
87
1
01,2
51
54
,45
8
52,
987
26
,77
8
38,
522
84
8
—
—
—
Cash
& B
ank
Bala
nce
17
,09
6
59,
802
50
1
39,
761
2,7
89
1
,429
(
6)
—
85
—
Di
vide
nd R
ecei
vabl
e 2
12
3
0 1
99
4
5 1
57
4
0 —
—
—
—
Re
ceiv
able
for S
ale
of In
vest
men
ts 5
,26
6
23,
536
5,8
94
5
6,70
0 3
,79
3
15,
325
—
—
—
—
Unit
Colle
ctio
n A/
c# —
—
—
—
—
—
—
—
—
—
Ot
her C
urre
nt A
sset
s (fo
r Inv
estm
ents
) 2
,78
3
4,7
26
2,1
64
6
,359
1
,75
0
5,8
91
—
—
—
—
Tota
l 1
74
,54
4
18
9,3
45
6
3,2
16
1
55
,85
2
35
,26
7
61
,20
7
84
2
—
85
—
132
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 132 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Sch
ed
ule
s to
Fu
nd
Ba
lan
ce S
heet
An
nex
ure
3
Sch
ed
ule
: F-3
Cu
rren
t A
ssets
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsG
r. B
on
d 2
Gr. S
ho
rt T
erm
Deb
t 2
Gr. S
tab
le 2
Gr. S
ecu
re 2
Gr. G
row
th 2
Cu
rren
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Accr
ued
Inte
rest
—
—
3,4
98
—
1
—
—
—
1
,82
5
—
Cash
& B
ank
Bala
nce
—
—
40
7
—
12
—
—
—
(
83
) —
Di
vide
nd R
ecei
vabl
e —
—
—
—
5
—
—
—
2
2
—
Rece
ivab
le fo
r Sal
e of
Inve
stm
ents
—
—
—
—
—
—
—
—
61
3
—
Unit
Colle
ctio
n A/
c# —
—
—
—
—
—
—
—
—
—
Ot
her C
urre
nt A
sset
s (fo
r Inv
estm
ents
) —
—
—
—
—
—
—
—
2
38
—
To
tal
—
—
3,9
05
—
1
8
—
—
—
2,6
15
—
Pa
rtic
ula
rsD
isco
nti
nu
ed
Po
licy
Fu
nd
Tota
l
Cu
rren
t Y e
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Accr
ued
Inte
rest
—
—
2,3
79
,38
1
1,8
52,7
93
Cash
& B
ank
Bala
nce
(6
,38
4)
102
1
,14
0,3
44
1
,039
,876
Di
vide
nd R
ecei
vabl
e —
—
1
2,2
50
7
,692
Re
ceiv
able
for S
ale
of In
vest
men
ts —
—
6
92
,46
7
2,3
27,6
22
Unit
Colle
ctio
n A/
c# —
—
—
—
Ot
her C
urre
nt A
sset
s (fo
r Inv
estm
ents
) —
—
3
63
,15
1
197
,001
To
tal
(6
,38
4)
102
4
,58
7,5
93
5
,424
,984
# re
pres
ents
inte
rfund
rece
ivab
les
or p
ayab
les.
133
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 133 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Sch
ed
ule
s to
Fu
nd
Ba
lan
ce S
heet
An
nex
ure
3
Sch
ed
ule
: F-4
Cu
rren
t Lia
bil
itie
s
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsIn
d. A
ssu
re I
nd
. In
co
me A
dva
nta
ge
Ind
. Pro
tecto
rIn
d. B
uil
der
Ind
. Ba
lan
cer
Cu
rren
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Paya
ble
for P
urch
ase
of In
vest
men
ts —
—
—
4
1,81
1 1
4,0
18
—
1
5,9
59
2
,822
1
,18
5
—
Othe
r Cur
rent
Lia
bilit
ies
—
—
—
—
—
—
—
—
—
—
Unit
P aya
ble
a/c#
—
—
—
—
—
—
—
—
—
—
Tota
l —
—
—
4
1,8
11
1
4,0
18
—
1
5,9
59
2
,82
2
1,1
85
—
Pa
rtic
ula
rsIn
d. E
nh
an
cer
Ind
. Cre
ato
rIn
d. M
ag
nifi
er
Ind
. Ma
xim
iser
Ind
. Mu
ltip
lier
Cu
rren
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Paya
ble
for P
urch
ase
of In
vest
men
ts 1
78
,47
3
166
,295
7
,14
3
—
67
,30
0
26,
194
31
8,2
52
3
63,3
83
37
,56
2
38,
702
Othe
r Cur
rent
Lia
bilit
ies
—
—
—
—
—
—
—
—
—
—
Unit
P aya
ble
a/c#
—
—
—
—
—
—
—
—
—
—
Tota
l 1
78
,47
3
16
6,2
95
7
,14
3
—
67
,30
0
26
,19
4
31
8,2
52
3
63
,38
3
37
,56
2
38
,70
2
Pa
rtic
ula
rsS
up
er
20
Ind
. Pla
tin
um
Plu
s 1
Ind
. Pla
tin
um
Plu
s 2
Ind
. Pla
tin
um
Plu
s 3
Ind
. Pla
tin
um
Plu
s 4
Cu
rren
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Paya
ble
for P
urch
ase
of In
vest
men
ts —
—
2
2,1
38
2
7,93
7 4
4,9
56
5
3,37
7 6
9,7
37
3
6,56
7 5
8,1
58
2
6,06
4 Ot
her C
urre
nt L
iabi
litie
s —
—
—
—
—
—
—
—
—
—
Un
it P a
yabl
e a/
c# —
—
—
—
—
—
—
—
—
—
Tota
l —
—
2
2,1
38
2
7,9
37
4
4,9
56
5
3,3
77
6
9,7
37
3
6,5
67
5
8,1
58
2
6,0
64
Pa
rtic
ula
rsIn
d. P
lati
nu
m A
dva
nta
ge
Ind
. Pla
tin
um
Pre
mie
rIn
d. F
ore
sig
ht
FP
Ind
. Fo
resi
gh
t S
PTit
an
ium
1
Cu
rren
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Paya
ble
for P
urch
ase
of In
vest
men
ts 1
13
,27
8
44,
079
30
4,8
23
2
50,4
41
27
0,9
86
7
5,32
4 3
2,4
16
6
,503
3
,03
9
5,9
73
Othe
r Cur
rent
Lia
bilit
ies
—
—
—
—
—
—
—
—
—
—
Unit
P aya
ble
a/c#
—
—
—
—
—
—
—
—
—
—
Tota
l 1
13
,27
8
44
,07
9
30
4,8
23
2
50
,44
1
27
0,9
86
7
5,3
24
3
2,4
16
6
,50
3
3,0
39
5
,97
3
134
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 134 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Sch
ed
ule
s to
Fu
nd
Ba
lan
ce S
heet
An
nex
ure
3
Sch
ed
ule
: F-4
Cu
rren
t Lia
bil
itie
s
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsTit
an
ium
2Tit
an
ium
3P
ure
Eq
uit
yV
alu
e M
om
en
tum
Liq
uid
Plu
s
Cu
rren
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Paya
ble
for P
urch
ase
of In
vest
men
ts 7
,79
7
14,
941
68
1
1,9
33
58
—
8
6
—
—
—
Othe
r Cur
rent
Lia
bilit
ies
—
—
—
—
—
—
—
—
—
—
Unit
P aya
ble
a/c#
—
—
—
—
—
—
—
—
—
—
Tota
l 7
,79
7
14
,94
1
68
1
1,9
33
5
8
—
86
—
—
—
Pa
rtic
ula
rsIP
P-G
row
th
IPP
-En
rich
IP
P -
No
uri
sh
Gr. F
ixed
In
tere
st
Gr. G
ilt
Cu
rren
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Paya
ble
for P
urch
ase
of In
vest
men
ts 2
,16
7
761
1
6,9
81
3
,177
5
53
—
—
—
—
—
Ot
her C
urre
nt L
iabi
litie
s —
—
—
—
—
—
—
—
—
—
Un
it P a
yabl
e a/
c# —
—
—
—
—
—
—
—
—
—
Tota
l 2
,16
7
76
1
16
,98
1
3,1
77
5
53
—
—
—
—
—
Pa
rtic
ula
rsG
r. B
on
dG
r. M
on
ey
Ma
rket
Gr. S
ho
rt T
erm
Deb
tG
r. G
row
th A
dva
nta
ge
Gr. I
nco
me A
dva
nta
ge
Cu
rren
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Paya
ble
for P
urch
ase
of In
vest
men
ts —
—
—
—
—
—
4
76
—
—
—
Ot
her C
urre
nt L
iabi
litie
s —
—
—
—
—
—
—
—
—
—
Un
it P a
yabl
e a/
c# —
—
—
—
—
—
—
—
—
—
Tota
l —
—
—
—
—
—
4
76
—
—
—
Pa
rtic
ula
rsG
r. S
ecu
reG
r. S
tab
leG
r. G
row
thG
r. F
ixed
In
tere
st 2
Gr. M
on
ey
Ma
rket
2
Cu
rren
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Paya
ble
for P
urch
ase
of In
vest
men
ts 7
,49
8
—
5,7
98
—
4
,69
9
—
—
—
—
—
Othe
r Cur
rent
Lia
bilit
ies
—
—
—
—
—
—
—
—
—
—
Unit
P aya
ble
a/c#
—
—
—
—
—
—
—
—
—
—
Tota
l 7
,49
8
—
5,7
98
—
4
,69
9
—
—
—
—
—
135
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 135 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Sch
ed
ule
s to
Fu
nd
Ba
lan
ce S
heet
An
nex
ure
3
Sch
ed
ule
: F-4
Cu
rren
t Lia
bil
itie
s
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsG
r. B
on
d 2
Gr. S
ho
rt T
erm
Deb
t 2
Gr. S
tab
le 2
Gr. S
ecu
re 2
Gr. G
row
th 2
Cu
rren
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Paya
ble
for P
urch
ase
of In
vest
men
ts —
—
—
—
—
—
—
—
6
38
—
Ot
her C
urre
nt L
iabi
litie
s —
—
—
—
—
—
—
—
—
—
Un
it P a
yabl
e a/
c# —
—
—
—
—
—
—
—
—
—
Tota
l —
—
—
—
—
—
—
—
6
38
—
Pa
rtic
ula
rsD
isco
nti
nu
ed
Po
licy
Fu
nd
Tota
l
Cu
rren
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Paya
ble
for P
urch
ase
of In
vest
men
ts —
—
1
,60
6,8
55
1
,186
,284
Ot
her C
urre
nt L
iabi
litie
s —
—
—
—
Un
it P a
yabl
e a/
c# —
—
—
—
Tota
l —
—
1
,60
6,8
55
1
,18
6,2
84
# Re
pres
ents
inte
r fun
d re
ceiv
able
s or
pay
able
s, if
any
.
136
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 136 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Sch
ed
ule
s to
Fu
nd
Reve
nu
e A
cco
un
t A
nn
exu
re 3
Sch
ed
ule
: F-
5
Oth
er
Exp
en
ses*
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsIn
d. A
ssu
re I
nd
. In
co
me A
dva
nta
ge
Ind
. Pro
tecto
rIn
d. B
uil
der
Ind
. Ba
lan
cer
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Polic
y Ad
min
istra
tion
char
ge 2
6,8
61
4
1,89
8 1
06
,72
2
138
,137
7
4,2
19
9
6,46
1 3
7,5
29
4
6,70
6 9
,87
1
13,
598
Surr
ende
r cha
rge
1,7
15
8
14
73
5
45
(4
,78
2)
478
2
02
6
73
10
6
271
Switc
hing
cha
rge
82
1
16
28
2
5 7
3
127
9
1
7 —
—
Mor
talit
y ch
arge
14
,24
9
14,
793
30
,04
8
24,
065
63
,85
8
71,
685
24
,43
6
25,
647
2,8
19
2
,969
Ride
r Pre
miu
m c
harg
e —
—
—
—
—
—
—
—
—
—
P arti
al w
ithdr
awal
cha
rge
—
—
—
—
—
—
—
—
—
—
Rein
stat
emen
t cha
rge
—
595
—
1
,055
—
8
08
—
245
—
3
88
Serv
ice
Tax
char
ge 3
,93
5
2,8
14
12
,87
9
5,6
16
13
,41
6
11,
961
5,9
74
5
,486
1
,19
9
559
Mis
cella
neou
s ch
arge
28
9
1
93
7
3
38
0
1
10
0
—
8
—
Tota
l 4
7,1
31
6
1,0
31
1
50
,68
7
16
9,4
46
1
47
,16
4
18
1,5
21
6
8,2
50
7
8,7
74
1
4,0
03
1
7,7
85
Pa
rtic
ula
rsIn
d. E
nh
an
cer
Ind
. Cre
ato
rIn
d. M
ag
nifi
er
Ind
. Ma
xim
iser
Ind
. Mu
ltip
lier
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Polic
y Ad
min
istra
tion
char
ge 2
,98
9,6
29
3
,988
,591
3
3,9
08
4
3,49
8 1
35
,91
3
200
,451
8
05
,50
4
1,4
02,6
11
24
7,1
69
5
14,9
31
Surr
ende
r cha
rge
9,5
54
2
0,61
4 1
,06
4
2,4
38
21
,21
1
41,
210
6,4
17
(1
,079
) 2
76
4
21
Switc
hing
cha
rge
60
1
25
11
1
7 3
8
71
12
7
233
2
0
36
Mor
talit
y ch
arge
1,6
14
,30
9
1,7
84,4
33
29
,42
9
27,
619
11
3,4
26
1
13,1
35
35
6,1
09
3
65,5
41
69
,57
0
75,
339
Ride
r Pre
miu
m c
harg
e —
—
—
—
—
—
—
—
—
—
P arti
al w
ithdr
awal
cha
rge
—
—
—
—
—
—
—
—
—
—
Rein
stat
emen
t cha
rge
—
43,
626
—
243
—
2
,553
—
1
9,08
8 —
5
,195
Serv
ice
Tax
char
ge 4
41
,52
1
329
,338
6
,15
7
4,2
37
24
,18
5
18,
026
11
0,6
67
7
9,28
8 2
9,8
63
2
3,24
7
Mis
cella
neou
s ch
arge
25
,57
5
316
1
36
1
5
61
5
7
,09
2
58
1,5
29
1
2
Tota
l 5
,08
0,6
48
6
,16
7,0
43
7
0,7
05
7
8,0
53
2
95
,33
4
37
5,4
51
1
,28
5,9
16
1
,86
5,7
40
3
48
,42
7
61
9,1
81
137
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 137 01/08/12 2:11 PM
Sch
ed
ule
s to
Fu
nd
Reve
nu
e A
cco
un
t A
nn
exu
re 3
Sch
ed
ule
: F-
5
Oth
er
Exp
en
ses*
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsS
up
er
20
Ind
. Pla
tin
um
Plu
s 1
Ind
. Pla
tin
um
Plu
s 2
Ind
. Pla
tin
um
Plu
s 3
Ind
. Pla
tin
um
Plu
s 4
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Polic
y Ad
min
istra
tion
char
ge 4
4,1
85
4
4,58
1 1
8,9
05
9
2,25
9 8
8,0
74
1
14,1
31
11
0,6
01
1
20,4
24
86
,88
1
97,
202
Surr
ende
r cha
rge
70
1
14
—
—
—
—
11
8
861
9
7
1,3
29
Switc
hing
cha
rge
24
1
6 —
—
—
—
—
—
—
—
Mor
talit
y ch
arge
17
,93
7
9,5
81
42
,52
0
42,
307
41
,02
6
39,
901
34
,16
5
42,
565
30
,80
0
38,
505
Ride
r Pre
miu
m c
harg
e —
—
—
—
—
—
—
—
—
—
P arti
al w
ithdr
awal
cha
rge
—
—
—
—
—
—
—
—
—
—
Rein
stat
emen
t cha
rge
—
322
—
3
31
—
296
—
1
,252
—
9
01
Serv
ice
Tax
char
ge 5
,92
0
2,0
35
6,1
20
6
,954
1
2,2
68
7
,283
1
3,7
09
7
,888
1
1,1
78
6
,808
Mis
cella
neou
s ch
arge
69
3
32
1
—
2
—
1,0
24
—
8
46
—
Tota
l 6
8,8
29
5
6,6
81
6
7,5
46
1
41
,85
1
14
1,3
70
1
61
,61
1
15
9,6
17
1
72
,99
0
12
9,8
02
1
44
,74
5
Pa
rtic
ula
rsIn
d. P
lati
nu
m A
dva
nta
ge
Ind
. Pla
tin
um
Pre
mie
rIn
d. F
ore
sig
ht
FP
Ind
. Fo
resi
gh
t S
PTit
an
ium
1
Cu
rren
t
Y ea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Polic
y Ad
min
istra
tion
char
ge 2
1,0
31
5
,416
1
98
,61
7
206
,704
—
—
—
—
1
3,0
72
1
5,77
9
Surr
ende
r cha
rge
—
—
1,1
30
4
77
—
—
—
—
46
1
50
Switc
hing
cha
rge
—
—
—
—
—
—
—
—
—
—
Mor
talit
y ch
arge
76
,65
6
16,
197
46
,23
8
49,
591
—
—
—
—
2,9
66
3
,931
Ride
r Pre
miu
m c
harg
e —
—
—
—
—
—
—
—
—
—
P arti
al w
ithdr
awal
cha
rge
—
—
—
—
—
—
—
—
—
—
Rein
stat
emen
t cha
rge
—
—
—
456
—
—
—
—
—
8
8
Serv
ice
Tax
char
ge 9
,86
0
1,9
64
23
,05
9
9,0
12
—
—
—
—
1,5
08
8
72
Mis
cella
neou
s ch
arge
1,6
90
2
95
1,5
44
—
1
—
—
—
1
14
—
Tota
l 1
09
,23
7
23
,87
2
27
0,5
88
2
66
,24
0
1
—
—
—
17
,70
6
20
,82
0
Annexures to Schedule 16for the year ended 31st March, 2012
138
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 138 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Sch
ed
ule
s to
Fu
nd
Reve
nu
e A
cco
un
t A
nn
exu
re 3
Sch
ed
ule
: F-
5
Oth
er
Exp
en
ses*
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsTit
an
ium
2Tit
an
ium
3P
ure
Eq
uit
yV
alu
e M
om
en
tum
Liq
uid
Plu
s
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Polic
y Ad
min
istra
tion
char
ge 5
,19
8
6,0
90
1,7
07
1
,398
—
—
—
—
—
—
Surr
ende
r cha
rge
—
30
—
—
—
—
—
—
—
—
Switc
hing
cha
rge
—
—
—
—
—
—
—
—
—
—
Mor
talit
y ch
arge
1,3
08
1
,587
4
62
3
98
—
—
—
—
—
—
Ride
r Pre
miu
m c
harg
e —
—
—
—
—
—
—
—
—
—
P arti
al w
ithdr
awal
cha
rge
—
—
—
—
—
—
—
—
—
—
Rein
stat
emen
t cha
rge
—
12
—
3
—
—
—
—
—
—
Serv
ice
Tax
char
ge 6
14
3
32
20
5
48
—
—
—
—
—
—
Mis
cella
neou
s ch
arge
36
—
1
6
—
—
—
—
—
—
—
Tota
l 7
,15
6
8,0
51
2
,39
0
1,8
47
—
—
—
—
—
—
Pa
rtic
ula
rsIP
P-G
row
th
IPP
-En
rich
IP
P-N
ou
rish
G
r. F
ixed
In
tere
st
Gr. G
ilt
Cu
rren
t
Y ea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Polic
y Ad
min
istra
tion
char
ge 4
,30
4
4,5
70
21
,54
9
23,
309
1,8
94
2
,055
5
12
7
02
—
—
Surr
ende
r cha
rge
—
25
(4
) (2
53)
—
(156
) —
—
—
—
Switc
hing
cha
rge
—
—
—
1
—
1
—
—
—
—
Mor
talit
y ch
arge
21
6
243
1
,56
5
1,6
46
12
4
184
—
—
—
—
Ride
r Pre
miu
m c
harg
e —
—
—
—
—
—
—
—
—
—
P arti
al w
ithdr
awal
cha
rge
—
—
—
—
—
—
—
—
—
—
Rein
stat
emen
t cha
rge
—
17
—
75
—
5
—
—
—
—
Serv
ice
Tax
char
ge 4
19
1
55
2,1
46
8
33
18
7
77
3
—
—
—
Mis
cella
neou
s ch
arge
2
—
6
—
1
—
—
—
—
—
Tota
l 4
,94
1
5,0
10
2
5,2
62
2
5,6
11
2
,20
6
2,1
66
5
15
7
02
—
—
139
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 139 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Sch
ed
ule
s to
Fu
nd
Reve
nu
e A
cco
un
t A
nn
exu
re 3
Sch
ed
ule
: F-
5
Oth
er
Exp
en
ses*
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsG
r. B
on
dG
r. M
on
ey
Ma
rket
Gr. S
ho
rt T
erm
Deb
tG
r. G
row
th A
dva
nta
ge
Gr. I
nco
me A
dva
nta
ge
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Polic
y Ad
min
istra
tion
char
ge 6
03
4
,262
6
79
4
50
56
1
2,7
04
—
—
—
—
Surr
ende
r cha
rge
—
—
—
—
—
—
—
—
—
—
Switc
hing
cha
rge
—
—
—
—
—
—
—
—
—
—
Mor
talit
y ch
arge
—
—
—
—
—
—
—
—
—
—
Ride
r Pre
miu
m c
harg
e —
—
—
—
—
—
—
—
—
—
P arti
al w
ithdr
awal
cha
rge
—
—
—
—
—
—
—
—
—
—
Rein
stat
emen
t cha
rge
—
—
—
—
—
—
—
—
—
—
Serv
ice
Tax
char
ge 4
—
4
—
4
—
—
—
—
—
Mis
cella
neou
s ch
arge
—
—
—
—
—
—
—
—
—
—
Tota
l 6
07
4
,26
2
68
3
45
0
56
5
2,7
04
—
—
—
—
Pa
rtic
ula
rsG
r. S
ecu
reG
r. S
tab
leG
r. G
row
thG
r. F
ixed
In
tere
st 2
Gr. M
on
ey
Ma
rket
2
Cu
rren
t
Y ea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Polic
y Ad
min
istra
tion
char
ge 3
,26
3
6,7
48
2,3
02
7
,248
1
,19
2
3,7
56
21
—
1
1
—
Surr
ende
r cha
rge
—
—
—
—
—
—
—
—
—
—
Switc
hing
cha
rge
—
—
—
—
—
—
—
—
—
—
Mor
talit
y ch
arge
—
—
—
—
—
—
—
—
—
—
Ride
r Pre
miu
m c
harg
e —
—
—
—
—
—
—
—
—
—
P arti
al w
ithdr
awal
cha
rge
—
—
—
—
—
—
—
—
—
—
Rein
stat
emen
t cha
rge
—
—
—
—
—
—
—
—
—
—
Serv
ice
Tax
char
ge 2
1
—
16
—
8
—
—
—
—
—
Mis
cella
neou
s ch
arge
—
—
—
—
—
—
—
—
—
—
Tota
l 3
,28
4
6,7
48
2
,31
8
7,2
48
1
,20
0
3,7
56
2
1
—
11
—
140
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 140 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Sch
ed
ule
s to
Fu
nd
Reve
nu
e A
cco
un
t A
nn
exu
re 3
Sch
ed
ule
: F-
5
Oth
er
Exp
en
ses*
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsG
r. B
on
d 2
Gr. S
ho
rt T
erm
Deb
t 2
Gr. S
tab
le 2
Gr. S
ecu
re 2
Gr. G
row
th 2
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Polic
y Ad
min
istra
tion
char
ge —
—
9
6
—
—
—
—
—
10
6
—
Surr
ende
r cha
rge
—
—
—
—
—
—
—
—
—
—
Switc
hing
cha
rge
—
—
—
—
—
—
—
—
—
—
Mor
talit
y ch
arge
—
—
—
—
—
—
—
—
—
—
Ride
r Pre
miu
m c
harg
e —
—
—
—
—
—
—
—
—
—
P arti
al w
ithdr
awal
cha
rge
—
—
—
—
—
—
—
—
—
—
Rein
stat
emen
t cha
rge
—
—
—
—
—
—
—
—
—
—
Serv
ice
Tax
char
ge —
—
1
—
—
—
—
—
1
—
Mis
cella
neou
s ch
arge
—
—
—
—
—
—
—
—
—
—
Tota
l —
—
9
7
—
—
—
—
—
10
7
—
Pa
rtic
ula
rsD
isco
nti
nu
ed
Po
licy
Fu
nd
Tota
l
Cu
rren
t
Y ea
r
Pre
vio
us
Yea
r
Cu
rren
t
Yea
r
Pre
vio
us
Yea
r
Polic
y Ad
min
istra
tion
char
ge —
—
5
,09
2,6
89
7
,246
,670
Surr
ende
r cha
rge
—
—
37
,29
3
68,
962
Switc
hing
cha
rge
—
—
47
2
785
Mor
talit
y ch
arge
—
—
2,6
14
,23
6
2,7
51,8
62
Ride
r Pre
miu
m c
harg
e —
—
—
—
P arti
al w
ithdr
awal
cha
rge
—
—
—
—
Rein
stat
emen
t cha
rge
—
—
—
77,
554
Serv
ice
Tax
char
ge —
—
7
37
,05
1
524
,833
Mis
cella
neou
s ch
arge
—
—
42
,58
3
724
Tota
l —
—
8
,52
4,3
24
1
0,6
71
,39
0
*Any
exp
ense
whi
ch is
1%
of t
he to
tal e
xpen
ses
incu
rred
sho
uld
be d
iscl
osed
as
a se
para
te li
ne it
em.
141
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 141 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
An
nex
ure
to
Reve
nu
e A
cco
un
t–B
rea
k u
p o
f U
nit
Lin
ked
Bu
sin
ess
(U
L)
An
nex
ure
3
Reve
nu
e A
cco
un
t fo
r fi
na
ncia
l ye
ar
en
ded
31
st M
arc
h 2
01
2
Po
licy
ho
lders
’ A
cco
un
t (
Tech
nic
al
Acco
un
t)
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsS
ch
ed
ule
In
div
idu
al
Lif
e
Pen
sio
n I
nd
ivid
ua
l G
rou
p L
ife
Gro
up
Pen
sio
n
Hea
lth
In
div
idu
al
Tota
l U
nit
Lin
ked
(16)
=(3
)+(6
)+
(9)+
(12)
+(1
5) N
on
-Un
it (1)
Un
it
(2)
Tota
l
(3)=
(1)+
(2)
No
n-U
nit (4)
Un
it (5)
Tota
l
(6)=
(4)+
(5)
No
n-U
nit
(7)
Un
it (8)
Tota
l
(9)=
(7)
+ (8
)
No
n-U
nit
(10)
Un
it
(11)
Tota
l
(12)
=
(10)
+(1
1)
No
n-U
nit
(13)
Un
it
(14)
Tota
l
(15)
=(1
3)
+(1
4)
Pre
miu
ms
ea
rned
– n
et
(a)
Prem
ium
5,
208,
689
36,
183,
242
41,
391,
931
574
,209
2
,444
,876
3
,019
,085
—
4,
051,
057
4,05
1,05
7 —
5
06,0
69
506
,069
1
4,64
5 1
31,1
51
145
,796
4
9,11
3,93
8
(b)
Rein
sura
nce
cede
d (7
64,6
37)
—
(764
,637
) (3
51)
—
(351
) —
—
—
—
—
—
(6
,707
) —
(6
,707
) (7
71,6
95)
Tota
l In
co
me f
rom
In
vest
men
ts
(a)
Inte
rest
, Div
iden
d &
Rent
– G
ross
698
,856
6
,316
,250
7
,015
,106
8
2,09
3 4
90,4
35
572
,528
2
,437
9
56,8
57
959
,294
1
,442
3
35,9
81
337
,423
3
,133
3
,401
6
,534
8
,890
,885
(b)
Profi
t on
sal
e/re
dem
ptio
n of
in
vest
men
ts 1
7,66
6 4
,995
,331
5
,012
,997
2
,076
3
84,0
83
386
,159
6
1 2
90,9
73
291
,034
3
7 1
02,1
69
102
,206
7
9 4
,556
4
,635
5
,797
,031
(c)
Loss
on
sale
/red
empt
ion
of
inve
stm
ents
(3,5
89)
(11,
735,
438)
(11,
739,
027)
(421
) (1
,015
,622
) (1
,016
,043
) (1
2) (5
04,7
63)
(504
,775
) (8
) (1
77,2
37)
(177
,245
) (1
6) (1
4,45
7) (1
4,47
3) (1
3,45
1,56
3)
(d)
Unre
alis
ed g
ain/
(loss
) —
(3
,342
,484
) (3
,342
,484
) —
(4
4,46
6) (4
4,46
6) —
(7
2,29
1) (7
2,29
1) —
(2
5,38
3) (2
5,38
3) —
(1
,147
) (1
,147
) (3
,485
,771
)
(e)
Gain
Los
s on
Am
ortis
atio
n (4
3,29
3) —
(4
3,29
3) (5
,085
) —
(5
,085
) (1
51)
—
(151
) (8
9) —
(8
9) (1
94)
—
(194
) (4
8,81
2)
Oth
er
inco
me:
(a)
Link
ed In
com
eUL
1 9
,263
,956
(9
,263
,956
) —
5
02,8
87
(502
,887
) —
1
25,8
75
(125
,875
) —
4
4,19
9 (4
4,19
9) —
2
5,07
6 (2
5,07
6) —
—
(b)
Cont
ribut
ion
from
the
Shar
ehol
ders
’ a/c
—
—
—
—
—
—
(46,
984)
67,
965
20,
981
36,
727
(36,
727)
—
23,
395
—
23,
395
44,
376
© O
ther
Inco
me
47,
916
—
47,
916
1,2
16
—
1,2
16
1,7
07
—
1,7
07
219
—
2
19
62
—
62
51,
120
TO
TAL (
A)
14
,42
5,5
64
2
3,1
52
,94
5
37
,57
8,5
09
1
,15
6,6
24
1
,75
6,4
19
2
,91
3,0
43
8
2,9
33
4
,66
3,9
23
4
,74
6,8
56
8
2,5
27
6
60
,67
3
74
3,2
00
5
9,4
73
9
8,4
28
1
57
,90
1
46
,13
9,5
09
Com
mis
sion
1,
725,
041
—
1,7
25,0
41
45,
984
—
45,
984
894
—
8
94
57
—
57
18,
371
—
18,
371
1,7
90,3
47
Oper
atin
g Ex
pens
es r
elat
ed to
In
sura
nce
Busi
ness
5,4
69,7
12
—
5,4
69,7
12
250
,523
—
2
50,5
23
79,
939
—
79,
939
7,2
45
—
7,2
45
12,
168
—
12,
168
5,8
19,5
87
Prov
isio
n fo
r Tax
atio
n —
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
TO
TAL
(B)
7,1
94
,75
3
—
7,1
94
,75
3
29
6,5
07
—
2
96
,50
7
80
,83
3
—
80
,83
3
7,3
02
—
7
,30
2
30
,53
9
—
30
,53
9
7,6
09
,93
4
Bene
fi ts
Paid
(Net
)UL
2 9
52,0
19
18,
691,
559
19,
643,
578
7,2
85
1,1
98,0
41
1,2
05,3
26
6
4,94
0,52
7 4,
940,
533
—
542
,376
5
42,3
76
441
1
9,56
3 2
0,00
4 2
6,35
1,81
7
Inte
rim B
onus
Pai
d —
—
—
—
—
—
—
—
—
—
—
—
—
— —
—
Chan
ge in
val
uatio
n of
liab
ility
in
resp
ect o
f life
pol
icie
s —
—
—
—
—
—
—
—
—
—
—
—
—
— —
—
Tran
sfer
to N
on-L
inke
d Re
serv
es1,
618,
701
(1,6
18,7
01)
—
246
,679
(2
46,6
79)
—
—
—
—
—
—
—
(33,
705)
33,
705
—
—
Chan
ge in
Val
uatio
n Li
abili
ty (8
54,8
44)
6,0
80,0
87
5,2
25,2
43
(57,
190)
805
,057
7
47,8
67
2,0
94
(276
,604
) (2
74,5
10)
2,7
91
118
,297
1
21,0
88
34,
455
45,
160
79,
615
5,8
99,3
03
TO
TAL
(C)
1,7
15
,87
6
23
,15
2,9
45
2
4,8
68
,82
1
19
6,7
74
1
,75
6,4
19
1
,95
3,1
93
2
,10
0
4,6
63
,92
3
4,6
66
,02
3
2,7
91
6
60
,67
3
66
3,4
64
1
,19
1
98
,42
8
99
,61
9
32
,25
1,1
20
SU
RP
LU
S/(
DE
FIC
IT)
(D)
= (
A)-
(B)-
(C)
5,5
14
,93
5
—
5,5
14
,93
5
66
3,3
43
—
6
63
,34
3
—
—
—
72
,43
4
—
72
,43
4
27
,74
3
—
27
,74
3
6,2
78
,45
5
AP
PR
OP
RIA
TIO
NS
Insu
ranc
e re
serv
e at
the
begi
nnin
g of
th
e ye
ar —
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Tran
sfer
to S
hare
hold
ers’
a/c
6,16
2,40
5 —
6
,162
,405
6
54,4
87
—
654
,487
—
—
—
7
2,43
4 —
7
2,43
4 —
—
—
6
,889
,326
Fund
s av
aila
ble
for f
utur
e ap
prop
riatio
ns (6
47,4
70)
—
(647
,470
) 8
,856
—
8
,856
—
—
—
—
—
—
2
7,74
3 —
2
7,74
3 (6
10,8
71)
Tota
l (D
)5
,51
4,9
35
—
5
,51
4,9
35
6
63
,34
3
—
66
3,3
43
—
—
—
7
2,4
34
—
7
2,4
34
2
7,7
43
—
2
7,7
43
6
,27
8,4
55
142
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 142 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
An
nex
ure
to
Reve
nu
e A
cco
un
t–B
rea
k u
p o
f U
nit
Lin
ked
Bu
sin
ess
(U
L)
Reve
nu
e A
cco
un
t fo
r Fin
an
cia
l Ye
ar
En
ded
31
st M
arc
h 2
01
1
Po
licy
ho
lders
’ A
cco
un
t (
Tech
nic
al
Acco
un
t)
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsS
ch
ed
ule
Lin
ked
Lif
e
Lin
ked
Pen
sio
n
Lin
ked
Gro
up
L
ink
ed
Hea
lth
To
tal
Un
it
Lin
ked
(13)
=(3
)+
(6)+
(9)+
(12)
No
n-U
nit (1)
Un
it
(2)
Tota
l
(3)=
(1)+
(2)
No
n-U
nit (4)
Un
it (5)
Tota
l
(6)=
(4)+
(5)
No
n-U
nit
(7)
Un
it (8)
Tota
l
(9)=
(7)+
(8)
No
n-U
nit
(10)
Un
it
(11)
Tota
l
(12)
=(1
0)+
(1
1)
Pre
miu
ms
ea
rned
– n
et
(a) P
rem
ium
3
,883
,858
4
1,21
7,22
1 4
5,10
1,07
9 4
02,7
90
3,0
40,2
92
3,4
43,0
82
—
4,3
63,7
90
4,3
63,7
90
28,
189
67,
687
95,
876
53,
003,
827
(b) R
eins
uran
ce c
eded
(487
,270
) —
(4
87,2
70)
(322
) —
(3
22)
—
—
—
(4,5
50)
—
(4,5
50)
(492
,142
)In
co
me f
rom
In
vest
men
ts
(a) I
nter
est,
Divi
dend
& R
ent –
Gro
ss 7
32,6
56
5,1
52,3
97
5,8
85,0
53
75,
007
385
,363
4
60,3
70
3,8
51
1,1
06,3
18
1,1
10,1
69
1,0
33
1,6
55
2,6
88
7,4
58,2
80
(b) P
rofi t
on
sale
/red
empt
ion
of
inve
stm
ents
11,
965
14,
061,
827
14,
073,
792
1,2
25
1,0
20,8
65
1,0
22,0
90
63
886
,421
8
86,4
84
17
9,9
46
9,9
63
15,
992,
329
(c) L
oss
on s
ale/
rede
mpt
ion
of
inve
stm
ents
(152
) (3
,367
,854
) (3
,368
,006
) (1
5) (2
62,4
61)
(262
,476
) (1
) (2
61,6
25)
(261
,626
) —
(2
,709
) (2
,709
) (3
,894
,817
)
(d) U
nrea
lised
gai
n/(lo
ss)
—
(4,7
00,3
13)
(4,7
00,3
13)
—
293
,549
2
93,5
49
—
(374
,842
) (3
74,8
42)
—
3,0
91
3,0
91
(4,7
78,5
15)
(e) G
ain
Loss
on
Amor
tisat
ion
(81,
763)
—
(81,
763)
(8,3
70)
—
(8,3
70)
(430
) —
(4
30)
(115
) —
(1
15)
(90,
678)
Oth
er
inco
me:
(a) L
inke
d In
com
eUL
1 1
1,35
3,23
4 (1
1,35
3,23
4) —
5
97,4
39
(597
,439
) —
1
81,5
67
(181
,567
) —
2
9,84
8 (2
9,84
8) —
—
(b
) Con
tribu
tion
from
the
Shar
ehol
ders
’ a/c
—
—
—
—
—
—
(50,
672)
50,
672
—
—
—
—
—
© O
ther
Inco
me
60,
850
—
60,
850
2,0
81
—
2,0
81
2,4
82
—
2,4
82
56
—
56
65,
469
TO
TAL (
A)
15
,47
3,3
78
4
1,0
10
,04
4
56
,48
3,4
22
1
,06
9,8
35
3
,88
0,1
69
4
,95
0,0
04
1
36
,86
0
5,5
89
,16
7
5,7
26
,02
7
54
,47
8
49
,82
2
10
4,3
00
6
7,2
63
,75
3
Com
mis
sion
2
,831
,314
—
2
,831
,314
1
44,5
31
—
144
,531
7
85
—
785
1
9,60
3 —
1
9,60
3 2
,996
,233
Op
erat
ing
Expe
nses
rela
ted
to
Insu
ranc
e Bu
sine
ss 8
,498
,672
—
8
,498
,672
5
80,2
54
—
580
,254
9
9,91
1 —
9
9,91
1 1
4,33
1 —
1
4,33
1 9
,193
,168
Prov
isio
n fo
r Tax
atio
n (4
,667
) —
(4
,667
) (3
56)
—
(356
) (4
52)
—
(452
) (1
0) —
(1
0) (5
,485
)
TO
TAL
(B)
11
,32
5,3
19
—
1
1,3
25
,31
9
72
4,4
29
—
7
24
,42
9
10
0,2
44
—
1
00
,24
4
33
,92
4
—
33
,92
4
12
,18
3,9
16
Bene
fi ts
Paid
(Net
)UL
2 1
,135
,957
1
4,64
6,94
7 1
5,78
2,90
4 6
,932
7
94,5
85
801
,517
1
,300
2
,572
,250
2
,573
,550
5
1
2,94
2 1
2,94
7 1
9,17
0,91
8 In
terim
Bon
us P
aid
—
—
—
—
—
—
—
—
—
—
—
Chan
ge in
val
uatio
n of
liab
ility
in
resp
ect o
f life
pol
icie
s —
—
—
—
—
—
—
—
—
—
—
Tran
sfer
to N
on-L
inke
d Re
serv
es (2
,926
,979
) 2
,926
,979
—
(6
56,2
71)
656
,271
—
—
—
—
—
—
—
—
Ch
ange
in V
alua
tion
Liab
ility
1,7
78,2
42
23,
436,
118
25,
214,
360
356
,515
2
,429
,313
2
,785
,828
3
,956
3
,016
,917
3
,020
,873
8
,547
3
6,88
0 4
5,42
7 3
1,06
6,48
8
TO
TAL
(C)
(1
2,7
80
) 4
1,0
10
,04
4
40
,99
7,2
64
(
29
2,8
24
) 3
,88
0,1
69
3
,58
7,3
45
5
,25
6
5,5
89
,16
7
5,5
94
,42
3
8,5
52
4
9,8
22
5
8,3
74
5
0,2
37
,40
6
SU
RP
LU
S/(
DE
FIC
IT)
(D)=
(A)-
(B)-
(C)
4,1
60
,83
9
—
4,1
60
,83
9
63
8,2
30
—
6
38
,23
0
31
,36
0
—
31
,36
0
12
,00
2
—
12
,00
2
4,8
42
,43
1
AP
PR
OP
RIA
TIO
NS
Insu
ranc
e re
serv
e at
the
begi
nnin
g of
th
e ye
ar —
—
—
—
—
—
—
—
—
—
—
—
—
Tran
sfer
to S
hare
hold
ers’
a/c
2,6
89,1
23
—
2,6
89,1
23
536
,040
—
5
36,0
40
31,
360
—
31,
360
408
—
4
08
3,2
56,9
31
Fund
s av
aila
ble
for f
utur
e ap
prop
riatio
ns 1
,471
,716
—
1
,471
,716
1
02,1
90
—
102
,190
—
—
—
1
1,59
4 —
1
1,59
4 1
,585
,500
Tota
l (D
) 4
,16
0,8
39
—
4
,16
0,8
39
6
38
,23
0
—
63
8,2
30
3
1,3
60
—
3
1,3
60
1
2,0
02
—
1
2,0
02
4
,84
2,4
31
143
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 143 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Sch
ed
ule
s to
An
nex
ure
to
Reve
nu
e A
cco
un
t (U
L)
form
ing
pa
rt o
f Fin
an
cia
l S
tate
men
ts
An
nex
ure
3
Sch
ed
ule
-UL1
Lin
ked
In
co
me (
Reco
vere
d f
rom
lin
ked
fu
nd
s)*
for
the Y
ea
r en
ded
31
st M
arc
h 2
01
2
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsIn
div
ida
l Lif
eP
en
sio
n I
nd
ivid
ua
lG
rou
p L
ife
Gro
up
Pen
sio
nH
ea
lth
In
div
idu
al
Tota
l
Fund
Adm
inis
tratio
n ch
arge
s N
A N
A N
A N
A N
A N
A Fu
nd M
anag
emen
t cha
rge
1,8
89,5
44
123
,284
1
18,9
58
41,
770
1,1
64
2,1
74,7
20
Polic
y Ad
min
istra
tion
char
ge 4
,705
,108
3
76,6
71
6,9
17
2,4
29
1,5
64
5,0
92,6
89
Surr
ende
r cha
rge
36,
850
443
—
—
—
3
7,29
3 Sw
itchi
ng c
harg
e 4
71
1
—
—
—
472
M
orta
lity
char
ge/R
ider
Pre
miu
m C
harg
e 2
,591
,596
4
81
—
—
22,
159
2,6
14,2
36
Mis
cella
neou
s ch
arge
40,
387
2,0
07
—
—
189
4
2,58
3 T
OTA
L (
UL-1
) 9
,26
3,9
56
5
02
,88
7
12
5,8
75
4
4,1
99
2
5,0
76
9
,96
1,9
93
* (n
et
of
serv
ice t
ax, i
f a
ny)
Sch
ed
ule
–U
L2
Ben
efi
ts P
aid
[N
et]
fo
r th
e fi
na
ncia
l ye
ar
en
ded
31
st M
arc
h 2
01
2
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Sr
No.
Pa
rtic
ula
rs I
nd
ivid
ua
l Lif
e
Pen
sion
In
div
idu
al
Gro
up
Lif
e
Gro
up
Pen
sion
H
ea
lth
In
div
idu
al
Tota
l U
nit
Lin
ked
Non
Un
itU
nit
Lin
ked
Lif
eN
on
-Un
itU
nit
Lin
ked
Pen
sion
Non
-Un
itU
nit
Lin
ked
Gro
up
Non
-Un
itU
nit
Lin
ked
Gro
up
Non
-Un
itU
nit
Lin
ked
Hea
lth
(1)
(2)
(3)=
(1)+
(2)
(4)
(5)
(6)=
(4)+
(5)
(7)
(8)
(9)=
(7)+
(8)
(7)
(8)
(9)=
(7)+
(8)
(10)
(11)
(12)
=(1
0)+
(11)
(13)
=(3
)+(6
)+
(9)+
(12)
1In
sura
nce
Clai
ms
(a)
Clai
ms
by D
eath
1,
446,
424
206
,947
1
,653
,371
7
,473
5
6,37
7 6
3,85
0 6
—
6
—
2
,400
2
,400
3
41
257
5
98
1,7
17,8
25
(b)
Clai
ms
by M
atur
ity —
1
14,8
08
114
,808
—
2
,360
2
,360
—
—
—
—
—
—
—
—
—
1
17,1
68
(c)
Annu
ities
/Pen
sion
pa
ymen
t —
— —
—
— —
—
— —
—
— —
—
—
—
—
(d)
Othe
r ben
efi ts
–
Surr
ende
r 3
0,91
3 18
,369
,804
18
,400
,717
1
00
1,13
9,30
4 1
,139
,404
—
4,
940,
527
4,9
40,5
27
—
539
,976
5
39,9
76
100
2
1,02
6 2
1,12
6 2
4,50
1,77
4
– Su
rviv
al
— —
—
—
—
—
—
—
—
—
—
—
—
—
—
—
S
ub
Tota
l (A
)1,4
77,3
37
18,6
91,5
59
20,1
68,8
96
7,5
73
1,1
98,0
41
1,2
05,6
14
6
4,9
40,5
27
4,9
40,5
33
—
542,3
76
542,3
76
441
21,2
83
21,7
24
26,3
36,7
67
2Am
ount
Ced
ed in
re
insu
ranc
e(a
) Cl
aim
s by
Dea
th
525
,318
—
525
,318
2
88
— 2
88
—
—
—
—
—
—
—
—
—
525
,606
(b
) Cl
aim
s by
Mat
urity
—
— —
—
—
—
—
—
—
—
—
—
—
—
—
—
(c)
Annu
ities
/Pen
sion
pa
ymen
t —
—
—
—
— —
—
—
—
—
—
—
—
—
—
—
(d)
Othe
r ben
efi ts
—
— —
—
—
—
—
—
—
—
—
—
—
—
—
—
–
Surr
ende
r —
—
—
—
— —
—
—
—
—
—
—
—
1
,720
1
,720
1
,720
– Su
rviv
al —
—
—
—
— —
—
—
—
—
—
—
—
—
—
—
S
ub
Tota
l (B
) 5
25,3
18
—
525,3
18
288
—
288
—
—
—
—
—
—
—
1,7
20
1,7
20
527,3
26
Tota
l (A
) -
(B)
952,0
19
18,6
91,5
59
19,6
43,5
78
7,2
85
1,1
98,0
41
1,2
05,3
26
6
4,9
40,5
27
4,9
40,5
33
—
542,3
76
542,3
76
441
19,5
63
20,0
04
25,8
09,4
41
Ben
efi
ts p
aid
to
cla
ima
nts
: In
Indi
a 9
52,0
19
18,6
91,5
59
19,6
43,5
78
7,2
85
1,19
8,04
1 1
,205
,326
6
4,
940,
527
4,9
40,5
33
—
542
,376
5
42,3
76
441
1
9,56
3 2
0,00
4 2
5,80
9,44
1 Ou
tsid
e In
dia
——
——
——
— —
—
—
—
—
—
—
—
—
To
tal (U
L2)
952,0
19
18,6
91,5
59
19,6
43,5
78
7,2
85
1,1
98,0
41
1,2
05,3
26
6
4,9
40,5
27
4,9
40,5
33
—
542,3
76
542,3
76
441
19,5
63
20,0
04
25,8
09,4
41
144
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 144 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Sch
ed
ule
s to
An
nex
ure
to
Reve
nu
e A
cco
un
t (U
L)
form
ing
pa
rt o
f Fin
an
cia
l S
tate
men
ts
An
nex
ure
3
Sch
ed
ule
-UL1
Lin
ked
In
co
me (
Reco
vere
d f
rom
lin
ked
fu
nd
s)*
for
the Y
ea
r en
ded
31
st M
arc
h 2
01
1
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsLif
e
Lin
ked
Un
itP
en
sio
n L
ink
ed
Un
itLin
ked
Gro
up
Un
itLin
ked
Hea
lth
Tota
l
Fund
Adm
inis
tratio
n ch
arge
s N
A N
A N
A N
A N
A
Fund
Man
agem
ent c
harg
e 1
,751
,451
1
07,6
75
155
,696
7
09
2,0
15
,53
1
Polic
y Ad
min
istra
tion
char
ge 6
,713
,929
4
77,7
31
25,
871
29,
139
7,2
46
,67
0
Surr
ende
r cha
rge
68,
262
700
—
—
6
8,9
62
Sw
itchi
ng c
harg
e 7
84
1
—
—
78
5
Mor
talit
y ch
arge
/Rid
er P
rem
ium
Cha
rge
2,7
43,6
50
8,2
12
—
—
2,7
51
,86
2
Parti
al w
ithdr
awal
cha
rge
NA
NA
NA
NA
NA
Re
inst
atem
ent c
harg
es 7
4,43
4 3
,120
—
—
7
7,5
54
M
isce
llane
ous
char
ge 7
24
—
—
—
72
4
TO
TAL (
UL-1
) 1
1,3
53
,23
4
59
7,4
39
1
81
,56
7
29
,84
8
12
,16
2,0
88
* (n
et
of
serv
ice t
ax, i
f a
ny)
Sch
ed
ule
–U
L2
Ben
efi
ts P
aid
[N
et]
fo
r th
e fi
na
ncia
l ye
ar
en
ded
31
st M
arc
h 2
01
1
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Sr
No.
Pa
rtic
ula
rs L
ink
ed
Lif
e
Lin
ked
Pen
sion
L
ink
ed
Gro
up
L
ink
ed
Hea
lth
To
tal U
nit
Lin
ked
Non
Un
itU
nit
Lin
ked
Lif
eN
on
-Un
itU
nit
Lin
ked
Pen
sion
Non
-Un
itU
nit
Lin
ked
Gro
up
Non
-Un
itU
nit
Lin
ked
Hea
lth
(1)
(2)
(3)=
(1)+
(2)
(4)
(5)
(6)=
(4)+
(5)
(7)
(8)
(9)=
(7)+
(8)
(10)
(11)
(12)
=(1
0)+
(11)
(13)
=(3
)+(6
)+
(9)+
(12)
1In
sura
nce
Clai
ms
(a)
Clai
ms
by D
eath
1
,521
,981
9
8,78
7 1
,620
,768
6
,932
2
6,31
8 3
3,25
0 1
,300
—
1
,300
5
6
1 6
6 1
,655
,384
(b
) Cl
aim
s by
Mat
urity
—
45,
150
45,
150
—
2,7
99
2,7
99
—
—
—
—
—
—
47,
949
(c)
Annu
ities
/Pen
sion
pa
ymen
t —
—
—
—
—
—
—
—
—
(d)
Othe
r ben
efi ts
– Su
rren
der
104
,799
1
4,49
9,56
0 1
4,60
4,35
9 —
7
65,4
68
765
,468
—
2
,572
,250
2
,572
,250
—
1
3,18
3 1
3,18
3 1
7,95
5,26
0
–
Surv
ival
3
,450
3
,450
—
—
—
—
—
—
—
—
—
3
,450
S
ub
Tota
l (A
) 1
,626,7
80
14,6
46,9
47
16,2
73,7
27
6,9
32
794,5
85
801,5
17
1,3
00
2,5
72,2
50
2,5
73,5
50
5
13,2
44
13,2
49
19,6
62,0
43
2Am
ount
Ced
ed in
rein
sura
nce
(a)
Clai
ms
by D
eath
4
90,8
23
—
490
,823
—
—
—
—
—
—
—
—
—
4
90,8
23
(b)
Clai
ms
by M
atur
ity —
—
—
—
—
—
—
—
—
—
—
—
—
(c
) An
nuiti
es/P
ensi
on
paym
ent
—
—
—
—
—
—
—
—
—
—
—
—
—
(d)
Othe
r ben
efi ts
—
—
—
—
—
—
—
—
—
—
—
—
—
– Su
rren
der
—
—
—
—
—
—
—
—
—
—
302
3
02
302
–
Surv
ival
—
—
—
—
—
—
—
—
—
—
—
—
—
S
ub
Tota
l (B
) 4
90,8
23
—
490,8
23
—
—
—
—
—
—
—
302
302
491,1
25
TO
TAL (
A)
- (B
) 1
,135,9
57
14,6
46,9
47
15,7
82,9
04
6,9
32
794,5
85
801,5
17
1,3
00
2,5
72,2
50
2,5
73,5
50
5
12,9
42
12,9
47
19,1
70,9
18
Ben
efi
ts p
aid
to c
laim
an
ts:
In In
dia
1,1
35,9
57
14,
646,
947
15,
782,
904
6,9
32
794
,585
8
01,5
17
1,3
00
2,5
72,2
50
2,5
73,5
50
5
12,
942
12,
947
19,
170,
918
Outs
ide
Indi
aTO
TAL (
UL2)
1,1
35,9
57
14,6
46,9
47
15,7
82,9
04
6,9
32
794,5
85
801,5
17
1,3
00
2,5
72,2
50
2,5
73,5
50
5
12,9
42
12,9
47
19,1
70,9
18
145
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 145 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Disclosure for ULIP Business
1. Performance of the Fund (Absolute Growth %) (Appendix 1)
2. Investment Management
• Activities Outsourced: Nil
• Fees Paid for various activities charged to Policyholders account for the Period ended 31st March 2012: Nil (Previous Year Nil)
3. Related Party Transactions (Appendix 1A)
4. Company wise details of Investments held in Promoters Group along with its Percentage to funds under management. This information is to be given fund wise and total fund under ULIP. (Appendix 2)
5. Industry wise disclosures of Investments (amount in thousands) (Appendix 3)
6. Unclaimed redemption of units: ` 427 thousands (Previous year ` 423 thousands)
7. NAV: Highest, Lowest & Closing at the end of the Year (Appendix 4)
8. Expenses charged to Fund (%) (Appendix 5)
9. Ratio of Gross Income (including unrealised gains) to Average Daily Net Assets (Appendix 6)
10. As at 31st March 2012, there are no doubtful debts on assets of the respective funds.
11. Fund Wise disclosure of appreciation and/or depreciation in value of Investments (Appendix 7)
146
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 146 01/08/12 2:11 PM
Appendix 1 to Annexure 3A
Performance of ULIP funds (Absolute Growth - %)
Returns as on 31st March 2012
INDIVIDUAL LIFE
Fund Name Year of Inception FY 2011-12 FY 2010-11 FY 2009-10 Since Inception
Ind. Assure Fund 12-Sep-05 9.11% 5.81% 9.85% 78.54%Ind. Income Adv Fund 22-Aug-08 8.01% 7.16% 10.07% 50.69%Ind. Protector 22-Mar-01 5.27% 5.70% 14.42% 138.81%Ind. Builder 22-Mar-01 3.66% 6.26% 23.30% 191.89%Ind. Balancer 18-Jul-05 3.57% 6.49% 25.44% 87.12%Ind. Enhancer 22-Mar-01 1.50% 6.73% 28.49% 246.75%Ind. Creator 23-Feb-04 -1.49% 7.17% 51.80% 164.98%Ind. Magnifi er 12-Aug-04 -9.04% 8.21% 74.86% 160.24%Ind. Maximiser 12-Jun-07 -13.06% 7.03% 91.14% 31.31%Ind. Multiplier 30-Oct-07 -4.06% 2.14% 139.39% 13.47%Super 20 6-Jul-09 -7.08% 13.48% 23.14% 29.85%Ind. Platinum Plus 1 17-Mar-08 -9.86% 12.24% 55.96% 10.65%Ind. Platinum Plus 2 8-Sep-08 -9.73% 13.66% 70.51% 57.54%Ind. Platinum Plus 3 15-May-09 -9.22% 12.29% 17.98% 20.25%Ind. Platinum Plus 4 15-Sep-09 -9.85% 14.55% 4.05% 7.44%Ind. Platinum Premier 15-Feb-10 -9.16% 12.12% 3.98% 5.90%Ind. Platinum Advantage 20-Sep-10 -6.83% -3.20% NA -9.82%Ind. Foresight FP 25-Feb-11 -7.48% 4.80% NA -3.04%Ind. Foresight SP 25-Feb-11 -6.86% 4.70% NA -2.48%Titanium 1 16-Dec-09 -7.21% 12.08% 2.43% 6.52%Titanium 2 16-Mar-10 -5.92% 10.99% 0.29% 4.72%Titanium 3 16-Jun-10 -3.71% 1.01% NA -2.73%Ind. Liquid Plus 9-Mar-12 0.07% NA NA 0.07%Ind. Pure Equity 9-Mar-12 0.43% NA NA 0.43%Ind. Value Momentum 9-Mar-12 0.43% NA NA 0.43%IPP - Nourish 12-Mar-03 5.15% 5.28% 14.02% 99.42%IPP - Growth 18-Mar-03 3.72% 5.87% 23.01% 141.03%IPP - Enrich 12-Mar-03 1.21% 6.58% 37.23% 178.87%
GROUP LIFE
Fund Name Year of Inception FY 2011-12 FY 2010-11 FY 2009-10 Since Inception
Gr. Fixed Interest Plan I 18-Nov-02 9.19% 7.88% 13.35% 111.94%Gr. Gilt Plan I 28-Apr-04 4.66% 4.39% 6.38% 60.83%Gr. Bond Plan I 28-Apr-04 9.32% 7.19% 11.99% 75.46%Gr. Money Market Plan I 31-Mar-05 9.37% 7.71% 10.36% 90.13%Gr. Short Term Debt Plan I 10-Dec-08 9.30% 7.06% 8.31% 30.92%Gr. Capital Protection Plan I** 31-Mar-06 NA NA NA NAGr. Floating Rate Plan I*** 28-Apr-04 NA NA 2.46% NAGr. Secure Plan I 19-Jun-01 3.65% 6.17% 20.58% 206.50%Gr. Stable Plan I 31-Aug-01 1.47% 6.73% 30.91% 304.77%Gr. Growth Plan I 31-Aug-01 -1.23% 7.68% 44.83% 370.53%Gr. Growth Advantage 18-Feb-08 -1.29% 8.85% 53.86% 63.63%Gr. Income Advantage 23-Mar-10 12.59% 6.79% NA 20.24%Gr. Growth Maximsier**** 23-Mar-10 NA NA NA NAGr. Bond 2 ^ 28-Nov-11 3.07% NA NA NAGr. Fixed Interest 2 28-Nov-11 4.02% NA NA 4.02%Gr. Growth 2 28-Nov-11 7.46% NA NA 7.46%Gr. Money Market 2 28-Nov-11 3.23% NA NA 3.23%Gr. Secure 2 ^^ 28-Nov-11 4.84% NA NA NAGr. Short Term Debt 2 28-Nov-11 3.13% NA NA 3.13%Gr. Stable 2 28-Nov-11 7.25% NA NA 7.25%
** The Group Capital Protection Fund became a dormat fund on 12th August 2008 on account of no units. Returns for FY 08-09 are as on 11th August 2008.
*** The Group Floating Fund became a dormat fund on 12th October 2009 on account of no units. Returns for FY 08-09 are as on 11th October 2009.
**** These funds do not have any units since their inception.^ The Group Bond 2 Fund became a dormat fund on 31st March 2012 on account of no units. Returns for FY 11-12 are as on 30th March
2012.^^ The Group Secure 2 Fund became a dormat fund on 22nd February 2012 on account of no units. Returns for FY 11-12 are as on
21st February 2012.
Annexures to Schedule 16for the year ended 31st March, 2012
147
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 147 01/08/12 2:11 PM
Appendix 1A to Annexure 3A
Related Party Transactions
(Amounts in thousands of Indian Rupees)
Related Party : Aditya Birla Money Limited
Service : Brokerage for purchase/sale of securities
Basis of Payment : As per agreed % of trade value
Fund Name Current Year Previous Year
Gr. Growth 230 180
Gr. Growth 2 9 —
Gr. Growth Advantage 27 69
Gr. Secure 159 156
Gr. Secure 2 3 —
Gr. Stable 200 238
Gr. Stable 2 3 —
Ind. Balancer 34 37
Ind. Builder 163 166
Ind. Creator 201 243
Ind. Enhancer 1,014 1,166
Ind. Foresight FP 125 61
Ind. Foresight SP 23 3
Ind. Magnifi er 1,237 1,608
Ind. Maximiser 2,453 3,020
Ind. Multiplier 440 799
Ind. Platinum Advantage 324 203
Ind. Platinum Plus 1 464 441
Ind. Platinum Plus 2 227 686
Ind. Platinum Plus 3 177 604
Ind. Platinum Plus 4 121 313
Ind. Platinum Premier 381 424
Ind. Protector 117 148
IPP - Enrich 172 211
IPP - Growth 26 25
IPP - Nourish 4 5
Super 20 130 127
Titanium 1 149 135
Titanium 2 70 30
Titanium 3 17 1
Total 8,700 11,099
Annexures to Schedule 16for the year ended 31st March, 2012
148
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 148 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Appendix 1A to Annexure 3A
Related Party Transactions
(Amounts in thousands of Indian Rupees)
Related Party : Aditya Birla Finance Ltd.
Service : Purchase/sale of securities
Particulars Purchase of Investments Sale of Investments Interest Received
Current Year Previous Year Current Year Previous Year Current Year Previous Year
Ind. Assure — 88,977.40 — 50,000.00 — 148.97Ind. Enhancer — 1,00,000.00 — 1,00,000.00 — 297.95Ind. Creator — — — — — —Ind. Magnifi er — — — — — —IPP — Enrich — — — — — —Gr. Fixed Interest — 29,233.05 — — — —Gr. Money Market 90,931.70 29,233.05 1,00,000.00 — — —Gr. Secure — 50,000.00 — 50,000.00 — 148.97Gr. Stable — — — — — —
Related Party : Aditya Birla Nuvo Ltd.
Service : Purchase/sale of securities
Partculars Purchase of Investments Sale of Investments Interest Received
Current Year Previous Year Current Year Previous Year Current Year Previous Year
Ind. Assure — 50,000.00 — — — —Ind. Income Adv — 60,000.00 — — — —Ind. Protector — — — — — —Ind. Builder — — — — — 1,955.34 Ind. Enhancer — — 6,00,000.00 — 93,386.99 71,973.65Ind. Creator — — — — — —Ind. Magnifi er — — — — — —Ind. Maximiser — — — — — —Gr. Fixed Interest — 50,000.00 — — — —Gr. Bond — 60,000.00 — — — —Gr. Money Market — — — — — —Gr. Short Term Debt — 30,000.00 — — — —Gr. Secure — — — — — —Gr. Stable — — — — — —Gr. Growth Advantage — — — — — 23.06
149
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 149 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Ap
pen
dix
2 t
o A
nn
exu
re 3
A
Inve
stm
en
t in
pro
mo
ter
gro
up
co
mp
an
ies
As
on
31
st M
arc
h 2
01
2
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Na
me o
f th
e
Co
mp
an
y
Ind
. Ass
ure
Ind
. In
co
me A
dv
Ind
. Pro
tecto
rIn
d. B
uil
der
Ind
. Ba
lan
cer
Ind
. En
ha
ncer
Am
ou
nt
% t
o t
he
Fu
nd
Am
ou
nt
% t
o t
he
Fu
nd
Am
ou
nt
% t
o t
he
Fu
nd
Am
ou
nt
% t
o t
he
Fu
nd
Am
ou
nt
% t
o t
he
Fu
nd
Am
ou
nt
% t
o t
he
Fu
nd
Adity
a Bi
rla F
inan
ce
Lim
ited
—
—
—
—
—
—
—
—
—
—
—
—
Adity
a Bi
rla N
uvo
Lim
ited
—
—
—
—
—
—
—
—
—
—
244
,335
.25
0.3
8
Birla
Mut
ual F
und
1,1
10.4
5 0
.09
25,
811.
96
0.8
5 4
9,29
0.57
1
.21
15,
280.
92
0.5
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2,59
7.56
3
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452
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1Gr
asim
Indu
strie
s Li
mite
d —
—
—
—
5
,818
.92
0.1
4 7
,802
.34
0.2
9 —
—
1
28,0
52.9
3 0
.20
Hind
alco
Indu
strie
s Li
mite
d —
—
—
—
3
,689
.45
0.0
9 4
,875
.02
0.1
8 6
27.5
9 0
.20
179
,534
.09
0.2
8
Ultra
tech
Cem
ent
Com
pany
Lim
ited
—
—
—
—
—
—
—
—
—
—
47,
476.
44
0.0
7
Tota
l In
vest
men
t
in P
rom
ote
r G
rou
p
Co
mp
an
ies
1,1
10
.45
0
.09
2
5,8
11
.96
0
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5
8,7
98
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1
.44
2
7,9
58
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1
.03
1
3,2
25
.15
4
.18
1
,05
1,9
93
.04
1
.65
Ass
et
held
1,2
51
,49
0.2
2
3,0
44
,19
1.4
9
4,0
71
,88
0.5
7
2,7
12
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1.9
1
31
6,6
19
.22
6
3,7
41
,91
3.1
1
Na
me o
f th
e
Co
mp
an
y
Ind
. Cre
ato
rIn
d. M
ag
nifi
er
Ind
. Ma
xim
iser
Ind
. Mu
ltip
lier
Su
per
20
Ind
. Pla
tin
um
Plu
s 1
Am
ou
nt
% t
o t
he
Fu
nd
Am
ou
nt
% t
o t
he
Fu
nd
Am
ou
nt
% t
o t
he
Fu
nd
Am
ou
nt
% t
o t
he
Fu
nd
Am
ou
nt
% t
o t
he
Fu
nd
Am
ou
nt
% t
o t
he
Fu
nd
Adity
a Bi
rla F
inan
ce
Lim
ited
——
20,1
31.5
40.
1835
,469
.85
0.15
——
——
——
Adity
a Bi
rla N
uvo
Lim
ited
——
——
——
——
——
——
Birla
Mut
ual F
und
70,9
54.7
52.
4134
,986
.16
0.32
22,2
07.0
90.
0929
,911
.58
0.68
36,0
37.2
92.
1797
,037
.32
2.30
Gras
im In
dust
ries
Lim
ited
21,9
35.8
70.
7514
6,78
6.42
1.33
150,
091.
250.
61—
——
——
—
Hind
alco
Indu
strie
s Li
mite
d16
,117
.68
0.55
110,
205.
581.
0023
2,89
8.78
0.95
——
43,3
49.0
02.
6221
,868
.60
0.52
Ultra
tech
Cem
ent
Lim
ited
——
——
——
203,
820.
574.
64—
—34
,864
.94
0.83
Tota
l In
vest
men
t
in P
rom
ote
r G
rou
p
Co
mp
an
ies
10
9,0
08
.30
3.7
03
12
,10
9.7
02
.83
44
0,6
66
.96
1.8
02
33
,73
2.1
45
.32
79
,38
6.2
94
.79
15
3,7
70
.86
3.6
4
Ass
et
held
2,9
42
,61
0.9
91
1,0
44
,24
3.8
22
4,4
51
,70
0.7
74
,39
1,8
37
.79
1,6
57
,02
8.8
84
,22
2,6
90
.57
150
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 150 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Ap
pen
dix
2 t
o A
nn
exu
re 3
A
Inve
stm
en
t in
pro
mo
ter
gro
up
co
mp
an
ies
As
on
31
st M
arc
h 2
01
2
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Na
me o
f th
e
Co
mp
an
y
Ind
. Pla
tin
um
Plu
s 2
Ind
. Pla
tin
um
Plu
s 3
Ind
. Pla
tin
um
Plu
s 4
Ind
. Pla
tin
um
Pre
mie
rIn
d. P
lati
nu
m A
dva
nta
ge
Ind
. Fo
resi
gh
t FP
Am
ou
nt
% t
o t
he
Fu
nd
Am
ou
nt
% t
o t
he
Fu
nd
Am
ou
nt
% t
o t
he
Fu
nd
Am
ou
nt
% t
o t
he
Fu
nd
Am
ou
nt
% t
o t
he
Fu
nd
Am
ou
nt
% t
o t
he
Fu
nd
Adity
a Bi
rla
Fina
nce
Lim
ited
——
——
——
——
——
——
Adity
a Bi
rla N
uvo
Lim
ited
——
——
——
——
——
——
Birla
Mut
ual F
und
199,
857.
872.
7342
,976
.26
0.54
45,1
94.4
20.
7994
,293
.36
1.50
40,8
83.6
91.
1060
,054
.44
1.80
Gras
im In
dust
ries
Lim
ited
——
——
——
——
21,0
16.4
00.
57—
—
Hind
alco
Indu
strie
s Li
mite
d49
,696
.85
0.68
54,5
19.0
70.
6939
,409
.55
0.69
43,1
05.9
90.
6916
,140
.58
0.43
33,3
95.2
91.
00
Ultra
tech
Cem
ent
Lim
ited
78,9
67.1
21.
0883
,734
.93
1.06
55,4
40.1
00.
9765
,374
.04
1.04
26,0
97.2
10.
70—
—
Tota
l In
vest
men
t
in P
rom
ote
r G
rou
p
Co
mp
an
ies
32
8,5
21
.84
4.4
81
81
,23
0.2
52
.28
14
0,0
44
.07
2.4
62
02
,77
3.3
93
.23
10
4,1
37
.88
2.8
09
3,4
49
.73
2.7
9
Ass
et
held
7,3
33
,86
2.9
47
,93
1,7
41
.96
5,6
88
,63
9.5
56
,28
3,9
61
.98
3,7
13
,10
8.2
63
,34
4,3
42
.21
Na
me o
f th
e
Co
mp
an
y
Fo
resi
gh
t S
P 1
Tit
an
ium
1Tit
an
ium
2Tit
an
ium
3IP
P–
No
uri
sh
IPP
– G
row
th
Am
ou
nt
% t
o t
he
Fu
nd
Am
ou
nt
% t
o t
he
Fu
nd
Am
ou
nt
% t
o t
he
Fu
nd
Am
ou
nt
% t
o t
he
Fu
nd
Am
ou
nt
% t
o t
he
Fu
nd
Am
ou
nt
% t
o t
he
Fu
nd
Adity
a Bi
rla F
inan
ce
Lim
ited
——
——
——
——
——
——
Adity
a Bi
rla N
uvo
Lim
ited
——
——
——
——
——
——
Birla
Mut
ual F
und
15,4
56.1
32.
9210
,672
.04
2.14
3,35
4.31
1.77
1,39
9.92
2.54
3,93
2.70
2.92
9,90
3.98
2.73
Gras
im In
dust
ries
Lim
ited
——
——
1,31
3.53
0.69
131.
350.
2424
9.57
0.19
1,05
0.82
0.29
Hind
alco
Indu
strie
s Li
mite
d6,
373.
601.
202,
856.
510.
5790
1.92
0.48
223.
220.
4111
9.44
0.09
643.
120.
18
Ultra
tech
Cem
ent
Lim
ited
——
——
939.
020.
5015
1.46
0.27
5,05
0.69
3.75
20,2
02.7
45.
57
Tota
l In
vest
men
t
in P
rom
ote
r G
rou
p
Co
mp
an
ies
21
,82
9.7
34
.12
13
,52
8.5
52
.71
6,5
08
.78
3.4
31
,90
5.9
43
.46
9,3
52
.39
6.9
43
1,8
00
.66
8.7
6
Ass
et
held
52
9,9
68
.04
49
9,7
38
.99
18
9,6
07
.88
55
,07
7.5
21
34
,73
9.3
73
62
,99
7.9
0
151
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 151 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Ap
pen
dix
2 t
o A
nn
exu
re 3
A
Inve
stm
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152
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 152 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Ap
pen
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153
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 153 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Ind.Assure Fund
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 426,490 34.08 163,321 10.37
STATE BANK OF HYDERABAD CD (MD 26/03/2013)
DEBT 34,004 2.72
10.36% CANARA BANK FD QUARTERLY COMP (MD 27/02/2013)
DEBT 100,000 7.99
10.51% BANK OF BARODA FD QUARTERLY COMP (MD 29/03/2013)
DEBT 50,000 4.00
10.50% STATE BANK OF HYDERABAD FD QUARTERLY COMP (MD 29/03/2013)
DEBT 50,000 4.00
10.95% PUNJAB AND NATIONAL BANK FD QTR (MD 21/03/2013)
DEBT 100,100 8.00
SYNDICATE BANK CD (MD 01/02/2013) DEBT 92,386 7.38
OTHER FUND BASED
FINANCIAL SERVICES
215,101 17.19 249,230 15.82
10.80% EXPORT & IMPORT BANK LTD. NCD (MD 22/07/2013)
DEBT 60,685 4.85
8.75% IRFC NCD (MD 07/01/2013) DEBT 37,706 3.01
9.20% NABARD NCD (MD 16/08/2012) DEBT 15,960 1.28
9.76% IRFC NCD (MD 03/07/2012) DEBT 25,021 2.00
9.80% NABARD NCD (MD 10/09/2012) DEBT 74,733 5.97
9.48% NABARD NCD (MD 22/09/2014) P/C 23/09/2013
DEBT 995 0.08
INFRASTRUCTURE FINANCE
SERVICES
188,942 15.10 147,476 9.36
10.90% RECL LTD. NCD (MD 30/09/2013) DEBT 50,712 4.05
7.75% RECL NCD (MD 17/11/2012) DEBT 20,695 1.65
9.80% POWER FINANCE CORPORATION LTD NCD SR XXXVIII (MD 20/09/2012)
DEBT 37,860 3.03
8.50% IDFC LTD. NCD (MD 19/10/2012) DEBT 29,726 2.38
9.72% IDFC LTD. (MD 05/11/2013) DEBT 49,950 3.99
Others (Other than G-Sec) 385,082 30.77 893,360 56.71
The following Sectors were having exposure of more than 10% during previous year but less than 10% during the current year:
Sector Market value % holding
REFINERY 167,638 10.64
154
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 154 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Ind. Income Adv
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 846,654 27.81 607,674 24.02
9.95% STATE BANK OF INDIA NCD (MD 16/03/2026) CALL 16/03/2021
DEBT 32,557 1.07
BANK OF INDIA CD (MD 20/03/2013) DEBT 27,164 0.89
STATE BANK OF HYDERABAD CD (MD 26/03/2013)
DEBT 97,024 3.19
STATE BANK OF PATIALA CD (MD 24/12/2012)
DEBT 39,710 1.30
10.70% STATE BANK OF HYDERABAD FD QTR COMP (MD 30/03/2013)
DEBT 50,000 1.64
10.36% CANARA BANK FD QUARTERLY COMP (MD 27/02/2013)
DEBT 100,000 3.28
10.51% BANK OF BARODA FD QUARTERLY COMP (MD 29/03/2013)
DEBT 100,000 3.28
10.50% STATE BANK OF HYDERABAD FD QUARTERLY COMP (MD 29/03/2013)
DEBT 100,000 3.28
10.90 PUNJAB AND NATIONAL BANK FD QTR (MD 20/03/13)
DEBT 100,100 3.29
10.35% CORPORATION BANK FD QTR COMP (MD 28/02/2013)
DEBT 100,000 3.28
10.95% PUNJAB AND NATIONAL BANK FD QTR (MD 22/03/2013)
DEBT 100,100 3.29
HOUSING FINANCE SERVICES 322,191 10.58 301,206 11.91
10.25% HDFC (30/03/2017) DEBT 51,478 1.69
9.45% HDFC LTD. NCD (MD 11/01/2013) DEBT 12,930 0.42
9.75% HDFC LTD. NCD (MD 08/03/2016) DEBT 68,563 2.25
9.60% HOUSING DEVELOPMENT FINANCE CORPN. LTD. NCD (MD 07/04/2016)
DEBT 55,987 1.84
9.65% HDFC LTD. NCD (MD 13/09/2016) DEBT 53,252 1.75
9.45% LIC HOUSING FINANCE LTD. NCD (MD 30/01/2022)
DEBT 39,819 1.31
9.80% GRUH FINANCE LTD. NCD (MD 10/02/15)
DEBT 29,963 0.98
HDFC LTD. ZCB (MD 06/02/2017) DEBT 10,199 0.34
Others (Other than G-Sec) 872,450 28.66 951,192 37.60
155
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 155 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Ind. Protector
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
INFRASTRUCTURE FINANCE
SERVICES
681,237 16.73 717,961 17.70
10.85% RECL LTD. NCD (MD 14/08/2018) DEBT 37,022 0.91
10.85% RECL LTD. NCD (MD 30/09/2018) DEBT 116,438 2.86
11% POWER FINANCE CORPOARTION LTD. NCD (MD 15/09/2018)
DEBT 11,718 0.29
11.25% POWER FINANCE CORPORATION LTD. NCD (MD 28/11/2018)
DEBT 67,959 1.67
11.40% POWER FINANCE CORPORATION LTD. NCD (MD 28/11/2013)
DEBT 61,391 1.51
11.50% RECL LTD. NCD (MD 26/11/2013) DEBT 59,424 1.46
8.60% POWER FINANCE CORPORATION LTD. NCD (MD 07/08/2014)
DEBT 126,949 3.12
8.70% POWER FINANCE CORPORATION LTD. NCD (MD 14/05/2020)
DEBT 14,343 0.35
9.22% POWER FINANCE CORPORATION LTD. NCD (MD 28/12/2012)
DEBT 54,627 1.34
9.45% RECL LTD. NCD (MD 04/04/2013) DEBT 72,573 1.78
INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LTD.
EQUITY 7,296 0.18
POWER FINANCE CORPORATION LTD. EQUITY 6,354 0.16
RURAL ELECTRIFICATION CORPORATION LIMITED
EQUITY 3,229 0.08
9.43% REC LTD. NCD (MD 10/08/2014) DEBT 24,827 0.61
9.70% POWER FINANCE CORPORATION LTD. NCD (MD 15/12/2018) – SERIES 82-C
DEBT 17,087 0.42
BANKING SERVICES 436,213 10.71 424,757 10.47
AXIS BANK LIMITED EQUITY 6,815 0.17
HDFC BANK EQUITY 15,350 0.38
ICICI BANK LTD. EQUITY 22,697 0.56
ORIENTAL BANK OF COMMERCE EQUITY 2,755 0.07
STATE BANK OF INDIA EQUITY 13,817 0.34
UNION BANK OF INDIA LTD. EQUITY 5,786 0.14
INDUSIND BANK LTD. EQUITY 4,353 0.11
BANK OF INDIA CD (MD 28/03/2013) DEBT 45,312 1.11
STATE BANK OF HYDERABAD CD (MD 02/11/2012)
DEBT 47,385 1.16
PUNJAB NATIONAL BANK EQUITY 5,186 0.13
CANARA BANK CD (MD 14/12/2012) DEBT 46,747 1.15
INDIAN OVERSEAS BANK CD (MD 04/01/2013)
DEBT 21,912 0.54
10.95% PUNJAB AND NATIONAL BANK FD QTR (MD 22/03/2013)
DEBT 100,100 2.46
10.50% CORPORATION BANK FD QTR COMP (MD 28/03/2013) (FV 9.8)
DEBT 98,000 2.41
Others (Other than G-Sec) 1,582,804 38.87 1,688,610 41.62
156
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 156 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Ind. Builder
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
INFRASTRUCTURE FINANCE
SERVICES
366,504 13.51 318,160 11.51
10.85% RECL LTD. NCD (MD 30/09/2018) DEBT 24,346 0.90
11.40% POWER FINANCE CORPORATION LTD. NCD (MD 28/11/2013)
DEBT 30,695 1.13
11.50% RECL LTD. NCD (MD 26/11/2013) DEBT 30,736 1.13
8.60% POWER FINANCE CORPORATION LTD. NCD (MD 07/08/2014)
DEBT 78,122 2.88
8.65% RECL LTD. NCD (MD 15/01/2019) DEBT 105,017 3.87
8.70% POWER FINANCE CORPORATION LTD. NCD (MD 14/05/2020)
DEBT 24,860 0.92
9.22% POWER FINANCE CORPORATION LTD. NCD (MD 28/12/2012)
DEBT 34,763 1.28
INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LTD.
EQUITY 9,760 0.36
POWER FINANCE CORPORATION LTD. EQUITY 8,668 0.32
RURAL ELECTRIFICATION CORPORATION LIMITED
EQUITY 4,459 0.16
9.70% POWER FINANCE CORPORATION LTD. NCD (MD 15/12/2018) - SERIES 82-C
DEBT 15,077 0.56
OTHER FUND BASED
FINANCIAL SERVICES
324,564 11.96 333,319 12.06
10% NABARD NCD Sr IX (MD 14/05/2012) DEBT 34,000 1.25
7.55% NATIONAL HOUSING BANK LTD. (MD 12/07/2013)
DEBT 38,963 1.44
8.49% IRFC NCD (MD 30/03/2014) DEBT 19,636 0.72
8.50% IRFC NCD (MD 22/06/2020) DEBT 50,668 1.87
8.75% IRFC NCD (MD 07/01/2013) DEBT 76,404 2.82
9.40% NABARD NCD SR XI Q (MD 30/03/2014)
DEBT 29,827 1.10
9.76% IRFC NCD (MD 03/07/2012) DEBT 75,064 2.77
BANKING SERVICES 282,907 10.43 279,780 10.12
8.85% STATE BANK OF INDIA NCD (MD 04/10/2021) CALL 04/10/16 STEPUP 9.35
DEBT 19,485 0.72
9.95% STATE BANK OF INDIA NCD (MD 16/03/2026) CALL 16/03/2021
DEBT 10,270 0.38
AXIS BANK LIMITED EQUITY 9,119 0.34
HDFC BANK EQUITY 20,259 0.75
ICICI BANK LTD. EQUITY 30,706 1.13
ORIENTAL BANK OF COMMERCE EQUITY 3,757 0.14
STATE BANK OF INDIA EQUITY 18,712 0.69
UNION BANK OF INDIA LTD. EQUITY 7,664 0.28
INDUSIND BANK LTD. EQUITY 5,800 0.21
PUNJAB NATIONAL BANK EQUITY 7,035 0.26
10.95% PUNJAB AND NATIONAL BANK FD QTR CMPD (MD 27/03/2013)
DEBT 100,100 3.69
10.50% CORPORATION BANK FD QTR COMP (MD 30/03/2013)
DEBT 50,000 1.84
Others (Other than G-Sec) 992,224 36.58 1,162,716 42.06
157
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 157 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Ind. Balancer
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 56,444 17.83 21,848 7.62
10.70% HDFC BANK LTD. NCD (MD 26/12/2018)
DEBT 2,107 0.67
7.05% CANARA BANK NCD (MD 18/05/2014)
DEBT 9,505 3.00
AXIS BANK LIMITED EQUITY 1,989 0.63
HDFC BANK EQUITY 4,559 1.44
ICICI BANK LTD. EQUITY 4,067 1.28
STATE BANK OF INDIA EQUITY 1,801 0.57
UNION BANK OF INDIA LTD. EQUITY 2,511 0.79
YES BANK LIMITED EQUITY 2,139 0.68
PUNJAB NATIONAL BANK CD (MD 01/03/2013)
DEBT 27,441 8.67
INDUSIND BANK LTD. EQUITY 324 0.10
OTHER FUND BASED
FINANCIAL SERVICES
49,544 15.65 34,752 12.12
10.05% NABARD (MD 11/06/2014) DEBT 10,053 3.18
9.50% NABARD NPS BONDS SR IX I (MD 15/10/2012)
DEBT 4,980 1.57
9.00% EXPORT IMPORT BANK OF INDIA NCD (MD 10/01/2019)
DEBT 24,551 7.75
9.40% NABARD NCD Sr XII-L (MD 13/09/2016)
DEBT 9,960 3.15
INFRASTRUCTURE FINANCE
SERVICES
36,684 11.59 46,437 16.20
10.85% RECL LTD. NCD (MD 14/08/2018) DEBT 3,173 1.00
11% POWER FINANCE CORPOARTION LTD. NCD (MD 15/09/2018)
DEBT 2,130 0.67
11.40% POWER FINANCE CORPORATION LTD. NCD (MD 28/11/2013)
DEBT 5,116 1.62
8.60% POWER FINANCE CORPORATION LTD. NCD (MD 07/08/2014)
DEBT 4,883 1.54
9.80% POWER FINANCE CORPORATION LTD. NCD SR XXXVIII (MD 20/09/2012)
DEBT 4,982 1.57
INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LTD.
EQUITY 722 0.23
POWER FINANCE CORPORATION LTD. EQUITY 598 0.19
RURAL ELECTRIFICATION CORPORATION LIMITED
EQUITY 1,181 0.37
9.36% POWER FINANCE CORPN. LTD. NCD (MD 01/08/2021)
DEBT 1,982 0.63
9.43% REC LTD. NCD (MD 10/08/2014) DEBT 11,917 3.76
Others (Other than G-Sec) 105,998 33.48 140,069 48.85
158
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 158 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Ind. Enhancer
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 11,317,314 17.75 12,120,426 19.93
10.1% ICICI BANK (CALL 09/08/16) MD - PERPETUAL
DEBT 51,476 0.08
10.40% PUNJAB NAT BANK (MATURITY-PERPETUAL) (CALL 20/07/2017)
DEBT 51,797 0.08
10.70% HDFC BANK LTD. NCD (MD 26/12/2018)
DEBT 103,262 0.16
10.85% PUNJAB NATIONAL BANK (MD 29/09/2023) CALL 29/09/2018 ST-UP 11.35%
DEBT 285,799 0.45
5.90% ALLALAHABAD BANK LTD. NCD (MD 30/06/2012).
DEBT 49,515 0.08
5.90% HDFC BANK LTD. NCD (MD 04/05/2014)
DEBT 2,791 0.00
7.05% CANARA BANK NCD (MD 18/05/2014)
DEBT 951 0.00
7.45% STATE BK OF INDIA 050515 AAA DEBT 944 0.00
8.8% ST BK INDIA (050621)RSET050616 (CALL 06/06/2016)
DEBT 972 0.00
8.8% STATE BANK OF HYDERABAD NCD (MD 29/04/2016)
DEBT 65,373 0.10
8.85% STATE BANK OF INDIA NCD (MD 04/10/2021) CALL 04/10/16 STEPUP 9.35
DEBT 29,228 0.05
9% CANARA BANK NCD (MD 09/01/2018)
DEBT 35,088 0.06
9.00% PUNJAB NATIONAL BANK NCD (PERPETUAL) CALL/STEP-UP 27/11/2019
DEBT 95,917 0.15
9.05% SBI PERPETUAL NCD (CALL-27/01/2020) STEP UP RATE 9.55%
DEBT 459,251 0.72
9.05% STATE BANK OF HYDERABAD PERPETUAL CALL 20/09/20 STEP UP 50BPS
DEBT 96,362 0.15
9.1% SBI PERPETUAL NCD (CALL-14/08/2019) STEP UP RATE 9.6%
DEBT 119,121 0.19
9.10% STATE BANK OF MYSORE PERPETUAL NCD CALL/STEP-UP 25/11/2019
DEBT 292,724 0.46
9.15% BANK OF BARODA PERPETUAL NCD STEP UP 9.65% RESET 23/11/19
DEBT 48,737 0.08
9.15% STATE BANK OF PATIALA PERP NCD CALL 18/01/2020 STEPUP 9.65
DEBT 155,941 0.24
9.20% STATE BANK OF HYDERABAD NCD PERPETUAL (MD 24/02/2020)
DEBT 49,023 0.08
9.25% IDBI OMNI BONDS NCD (MD 26/03/2014)
DEBT 148,487 0.23
9.30% STATE BANK OF PATIALA NCD(MD 20/12/2022) CALL FR 20/12/2017 INT 9.80
DEBT 54,311 0.09
9.35 PUNJAB NATIONAL BANK (MD 05/03/2023) CALL 05/03/2018 ST-UP 9.85
DEBT 39,604 0.06
9.35% STATE BANK OF HYDERABAD NCD (MD 19/03/2023) CALL 19/03/18 STEPUP 9.85
DEBT 69,435 0.11
9.45% STATE BANK OF INDIA NCD (MD 16/03/2026) CALL 16/03/2021
DEBT 846 0.00
159
Birla Sun Life Insurance
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Annexures to Schedule 16for the year ended 31st March, 2012
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
9.75% PUNJAB NATI BANK (MATURITY-PERPETUAL) (CALL 11/12/2017) STEP UP 10.25
DEBT 100,652 0.16
9.75% STATE BANK OF BIKANER AND JAIPUR FD QUARTERLY COMP (MD 13/09/2018)
DEBT 9,900 0.02
9.75% STATE BANK OF BIKANER AND JAIPUR FD QUARTERLY COMP (MD 14/09/2018)
DEBT 9,900 0.02
9.8% STATE BANK OF MYSORE ERPETUAL (30/11/2017) CALL 301117 STEPUP 10.30%
DEBT 101,414 0.16
9.80% ICICI BANK LTD. NCD (MD 10/02/2013)
DEBT 75,319 0.12
9.80% STATE BANK OF INDIA NCD (MD 30/06/2016)
DEBT 30,302 0.05
9.85% STATE BANK OF BIK & JAI NCD(MD PERPETUAL) CALL 20/03/18 STEPUP 10.35
DEBT 93,351 0.15
9.85% STATE BANK OF INDIA (28/06/2016) DEBT 94,079 0.15
9.95% STATE BANK OF HYDERABAD (MD PERPETUAL) CALL 28/03/2018 STEPUP 10.45
DEBT 47,893 0.08
9.95% STATE BANK OF INDIA NCD (MD 16/03/2026) CALL 16/03/2021
DEBT 21,547 0.03
9.95% STATE BANK OF TRAVANCORE NCD (MD PERPETUAL) CALL 31/03/18 STEPUP 10.45
DEBT 39,654 0.06
9.98% ICICI BANK LTD. (MATURITY-PERPETUAL) (CALL AND STEUP UP 13/09/16)10.98%
DEBT 205,138 0.32
AXIS BANK LIMITED EQUITY 326,847 0.51
HDFC BANK EQUITY 771,805 1.21
ICICI BANK LTD. EQUITY 1,092,689 1.71
ING VYSYA BANK LIMITED EQUITY 29,899 0.05
ORIENTAL BANK OF COMMERCE EQUITY 150,612 0.24
STATE BANK OF INDIA EQUITY 685,272 1.08
UNION BANK OF INDIA LTD. EQUITY 285,343 0.45
INDUSIND BANK LTD. EQUITY 79,369 0.12
STATE BANK OF PATIALA CD (13/12/2012) DEBT 159,360 0.25
STATE BANK OF HYDERABAD CD (MD 02/11/2012)
DEBT 286,666 0.45
STATE BANK OF HYDERABAD CD (MD 24/09/2012)
DEBT 151,122 0.24
STATE BANK OF PATIALA CD (MD 25/09/2012)
DEBT 160,299 0.25
HDFC BANK LIMITED CD (MD 16/07/2012) DEBT 179,121 0.28
ORIENTAL BANK OF COMMERCE CD (MD 22/06/2012)
DEBT 34,003 0.05
PUNJAB NATIONAL BANK CD (MD 29/11/2012)
DEBT 117,141 0.18
STATE BANK OF MYSORE CD (MD 17/04/2012)
DEBT 139,437 0.22
STATE BANK OF HYDERABAD CD (MD 28/09/2012)
DEBT 208,079 0.33
CANARA BANK EQUITY 685 0.00
PUNJAB NATIONAL BANK EQUITY 190,340 0.30
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Ind. Enhancer
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
160
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Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Ind. Enhancer
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
CORPORATION BANK CD (MD 25/02/2013) DEBT 167,348 0.26
STATE BANK OF PATIALA CD (MD 03/01/2013)
DEBT 65,312 0.10
VIJAYA BANK CD ( MD 15/03/2013) DEBT 172,244 0.27
10.30% I D B I BANK LTD. NCD (MD 02/09/2012)
DEBT 15,999 0.03
CANARA BANK CD (MD 14/12/2012) DEBT 106,302 0.17
CENTRAL BANK OF INDIA CD (MD 18/12/2012)
DEBT 43,096 0.07
IDBI BANK LTD. CD (MD 12/02/2013) DEBT 110,533 0.17
INDIAN OVERSEAS BANK CD (MD 04/01/2013)
DEBT 201,399 0.32
INDIAN OVERSEAS BANK CD (MD 06/07/2012)
DEBT 5,371 0.01
INDIAN OVERSEAS BANK CD (MD 06/12/2012)
DEBT 107,127 0.17
STATE BANK OF HYDERABAD CD (MD 20/11/2012)
DEBT 119,853 0.19
STATE BANK OF PATIALA CD (MD 03/09/2012)
DEBT 92,475 0.15
STATE BANK OF PATIALA CD (MD 24/12/2012)
DEBT 9,811 0.02
9.78% STATE BANK OF BIK & JAI NCD (MD15/10/2022) CALL-16/10/17STEPUP -10.28
DEBT 79,025 0.12
STATE BANK OF PATIALA CD (MD 20/12/2012)
DEBT 46,721 0.07
10.40% CORPORATION BANK FD QTR COMP (MD 02/03/2013)
DEBT 100,000 0.16
STANDARD CHARTERED BANK CD (MD 13/04/2012)
DEBT 142,578 0.22
6.50% AXIS BANK NCD (MD 15/10/2013) DEBT 75,490 0.12
CANARA BANK CD (MD 12/02/2013) DEBT 230,145 0.36
JAMMU AND KASHMIR BANK CD (MD 07/09/2012)
DEBT 144,272 0.23
STATE BANK OF HYDERABAD CD (MD 07/11/2012)
DEBT 472,283 0.74
STATE BANK OF HYDERABAD CD (MD 10/10/2012)
DEBT 190,860 0.30
STATE BANK OF HYDERABAD CD (MD 12/12/2012)
DEBT 47,855 0.08
STATE BANK OF PATIALA CD (MD 12/10/2012)
DEBT 27,649 0.04
VIJAYA BANK CD (MD 15/10/2012) DEBT 95,254 0.15
5.40% ASIAN DEVELOP BANK (27/02/2014)
DEBT 95,000 0.15
9.10% AXIS BANK NCD (MD 28/06/2016) DEBT 49,319 0.08
10.91% CORPORATION BANK FD QTR COMP (MD 21/03/2013)
DEBT 100,000 0.16
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 11/09/2019)
DEBT 9,900 0.02
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 12/09/2019)
DEBT 9,900 0.02
Others (Other than G-Sec) 36,623,538 57.46 34,897,080 57.39
161
Birla Sun Life Insurance
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Annexures to Schedule 16for the year ended 31st March, 2012
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Ind. Creator
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 365,931 12.44 470,243 15.00
AXIS BANK LIMITED EQUITY 29,047 0.99
HDFC BANK EQUITY 51,143 1.74
ICICI BANK LTD. EQUITY 85,988 2.92
STATE BANK OF INDIA EQUITY 60,081 2.04
UNION BANK OF INDIA LTD. EQUITY 23,519 0.80
INDUSIND BANK LTD. EQUITY 13,756 0.47
CANARA BANK EQUITY 14,098 0.48
PUNJAB NATIONAL BANK EQUITY 21,231 0.72
STATE BANK OF HYDERABAD CD (MD 20/11/2012)
DEBT 47,001 1.60
6.50% AXIS BANK NCD (MD 15/10/2013) DEBT 20,067 0.68
INFRASTRUCTURE FINANCE
SERVICES
317,034 10.77 276,662.0 8.83
10.85% RECL LTD. NCD (MD 14/08/2018) DEBT 19,040 0.65
11.40% POWER FINANCE CORPORATION LTD. NCD (MD 28/11/2013)
DEBT 35,811 1.22
8.60% POWER FINANCE CORPORATION LTD. NCD (MD 07/08/2014)
DEBT 107,418 3.65
9.40% POWER FINANCE CORPORATION LTD. NCD (MD 25/03/2013)
DEBT 19,881 0.68
9.45% RECL LTD. NCD (MD 04/04/2013) DEBT 27,836 0.95
INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LTD.
EQUITY 29,059 0.99
POWER FINANCE CORPORATION LTD. EQUITY 28,912 0.98
9.18% POWER FINANCE CORPORATION LTD. NCD (MD 15/04/2021)
DEBT 49,077 1.67
Others (Other than G-Sec) 1,687,429 57.34 2,174,262 69.36
162
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Annexures to Schedule 16for the year ended 31st March, 2012
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Ind. Magnifi er
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 2,522,269 22.84 3,491,760 26.89
AXIS BANK LIMITED EQUITY 195,139 1.77
HDFC BANK EQUITY 343,830 3.11
ICICI BANK LTD. EQUITY 581,704 5.27
STATE BANK OF INDIA EQUITY 412,828 3.74
UNION BANK OF INDIA LTD. EQUITY 158,926 1.44
INDUSIND BANK LTD. EQUITY 92,321 0.84
STATE BANK OF PATIALA CD (13/12/2012) DEBT 93,834 0.85
STATE BANK OF HYDERABAD CD (MD 24/09/2012)
DEBT 40,031 0.36
PUNJAB NATIONAL BANK CD (MD 29/11/2012)
DEBT 30,579 0.28
CANARA BANK EQUITY 96,823 0.88
PUNJAB NATIONAL BANK EQUITY 144,307 1.31
10.30% I D B I BANK LTD. NCD (MD 02/09/2012)
DEBT 24,999 0.23
CENTRAL BANK OF INDIA CD (MD 18/12/2012)
DEBT 46,843 0.42
IDBI BANK LTD. CD (MD 12/02/2013) DEBT 9,211 0.08
STATE BANK OF PATIALA CD (MD 03/09/2012)
DEBT 48,114 0.44
STATE BANK OF PATIALA CD (MD 24/12/2012)
DEBT 102,779 0.93
10.90% CANARA BANK FD QUARTERLY COMP (MD 14/03/2013)
DEBT 100,000 0.91
COMPUTER SOFTWARE 1,116,176 10.11 1,118,059 8.61
TATA CONSULTANCY SERVICES LIMITED EQUITY 266,981 2.42
INFOSYS LIMITED EQUITY 676,444 6.12
SATYAM COMPUTERS LTD. EQUITY 73,227 0.66
HCL TECHNOLOGIES LTD. EQUITY 99,524 0.90
Others (Other than G-Sec) 7,332,732 66.39 9,228,130 71.05
163
Birla Sun Life Insurance
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Annexures to Schedule 16for the year ended 31st March, 2012
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Ind. Maximiser
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 5,816,162 23.79 5,700,981 19.80
AXIS BANK LIMITED EQUITY 420,577 1.72
HDFC BANK EQUITY 825,142 3.37
ICICI BANK LTD. EQUITY 1,385,445 5.67
ING VYSYA BANK LIMITED EQUITY 38,417 0.16
ORIENTAL BANK OF COMMERCE EQUITY 206,428 0.84
STATE BANK OF INDIA EQUITY 879,750 3.60
UNION BANK OF INDIA LTD. EQUITY 365,644 1.50
INDUSIND BANK LTD. EQUITY 102,114 0.42
STATE BANK OF PATIALA CD (13/12/2012) DEBT 75,000 0.31
STATE BANK OF HYDERABAD CD (MD 24/09/2012)
DEBT 26,336 0.11
STATE BANK OF PATIALA CD (MD 25/09/2012)
DEBT 55,157 0.23
HDFC BANK LIMITED CD (MD 16/07/2012) DEBT 63,701 0.26
ORIENTAL BANK OF COMMERCE CD (MD 22/06/2012)
DEBT 62,813 0.26
PUNJAB NATIONAL BANK EQUITY 245,490 1.00
AXIS BANK CD (MD 18/03/2013) DEBT 13,592 0.06
STATE BANK OF PATIALA CD (MD 03/01/2013)
DEBT 55,982 0.23
CANARA BANK CD (MD 14/12/2012) DEBT 17,577 0.07
IDBI BANK LTD. CD (MD 12/02/2013) DEBT 27,633 0.11
INDIAN OVERSEAS BANK CD (MD 06/12/2012)
DEBT 59,202 0.24
STATE BANK OF BIKANER AND JAIPUR CD (MD 26/12/2012)
DEBT 83,800 0.34
STATE BANK OF PATIALA CD (MD 03/09/2012)
DEBT 39,453 0.16
STATE BANK OF PATIALA CD (MD 24/12/2012)
DEBT 44,382 0.18
STATE BANK OF PATIALA CD (MD 20/12/2012)
DEBT 149,864 0.61
10.40% CORPORATION BANK FD QTR COMP (MD 02/03/2013)
DEBT 100,000 0.41
INDUSIND BANK LIMITED CD (MD 08/11/2012)
DEBT 47,299 0.19
STATE BANK OF PATIALA CD (MD 12/10/2012)
DEBT 24,789 0.10
10.90% CANARA BANK FD QUARTERLY COMP (MD 14/03/2013)
DEBT 100,000 0.41
DEVELOPMENT CREDIT BANK LTD. EQUITY 100,575 0.41
10.85% CORPORATION BANK FD QTR COMP (MD 14/03/2013)
DEBT 200,000 0.82
COMPUTER SOFTWARE 3,320,259 13.58 2,577,750 8.95
NIIT LIMITED FACE VALUE INR 2 EQUITY 174,413 0.71
TATA CONSULTANCY SERVICES LIMITED EQUITY 704,553 2.88
INFOSYS LIMITED EQUITY 1,597,633 6.53
SATYAM COMPUTERS LTD. EQUITY 196,399 0.80
HCL TECHNOLOGIES LTD. EQUITY 239,027 0.98
KPIT CUMMINS INFOSYSTEMS LTD. EQUITY 234,990 0.96
ONMOBILE GLOBAL LTD. EQUITY 173,245 0.71
Others (Other than G-Sec) 15,251,764 62.38 22,006,569 76.41
164
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Annexures to Schedule 16for the year ended 31st March, 2012
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Ind. Multiplier
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 822,071 18.72 934,862 20.40
INDIAN OVERSEAS BANK EQUITY 60,403 1.38
ING VYSYA BANK LIMITED EQUITY 44,609 1.02
KARNATAKA BANK LTD. EQUITY 82,998 1.89
ORIENTAL BANK OF COMMERCE EQUITY 48,625 1.11
UNION BANK OF INDIA LTD. EQUITY 132,296 3.01
UNITED BANK OF INDIA EQUITY 36,766 0.84
YES BANK LIMITED EQUITY 87,475 1.99
INDUSIND BANK LTD. EQUITY 46,639 1.06
STATE BANK OF HYDERABAD CD (MD 02/11/2012)
DEBT 854 0.02
PUNJAB NATIONAL BANK CD (MD 29/11/2012)
DEBT 11,761 0.27
STATE BANK OF HYDERABAD CD (MD 28/09/2012)
DEBT 861 0.02
CANARA BANK EQUITY 42,822 0.98
AXIS BANK CD (MD 18/03/2013) DEBT 45,308 1.03
STATE BANK OF BIKANER AND JAIPUR CD (MD 26/12/2012)
DEBT 3,724 0.08
STATE BANK OF HYDERABAD CD (MD 20/11/2012)
DEBT 4,700 0.11
STATE BANK OF PATIALA CD (MD 03/09/2012)
DEBT 866 0.02
STATE BANK OF PATIALA CD (MD 24/12/2012)
DEBT 9,344 0.21
STANDARD CHARTERED BANK CD (MD 13/04/2012)
DEBT 79,764 1.82
STATE BANK OF HYDERABAD CD (MD 12/12/2012)
DEBT 41,756 0.95
DEVELOPMENT CREDIT BANK LTD. EQUITY 40,500 0.92
Others (Other than G-Sec) 3,472,240 79.06 2,843,676 62.05
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
DRUGS & PHARMACEUTICALS 464,298 10.13
165
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Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Super 20 Fund
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 390,181 23.55 177,826 17.45
AXIS BANK LIMITED EQUITY 55,018 3.32
HDFC BANK EQUITY 107,994 6.52
ICICI BANK LIMITED EQUITY 119,375 7.20
STATE BANK OF INDIA EQUITY 107,794 6.51
COMPUTER SOFTWARE 216,814 13.08 130,603 12.82
TATA CONSULTANCY SERVICES LIMITED EQUITY 77,773 4.69
INFOSYS LIMITED EQUITY 139,041 8.39
Others (Other than G-Sec) 1,014,467 61.22 584,337 57.34
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 SOFTWARE 108,436 10.64
166
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Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Ind. Platinum Plus 1
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 700,922 16.60 1,288,178 23.12
9.75% STATE BANK OF BIKANER AND JAIPUR FD QUARTERLY COMP (MD 10/09/2018)
DEBT 9,900 0.23
9.75% STATE BANK OF BIKANER AND JAIPUR FD QUARTERLY COMP (MD 11/09/2018)
DEBT 9,900 0.23
9.75% STATE BANK OF BIKANER AND JAIPUR FD QUARTERLY COMP (MD 12/03/2018)
DEBT 9,900 0.23
9.75% STATE BANK OF BIKANER AND JAIPUR FD QUARTERLY COMP (MD 13/03/2018)
DEBT 9,900 0.23
9.75% STATE BANK OF BIKANER AND JAIPUR FD QUARTERLY COMP (MD 14/03/2018)
DEBT 9,900 0.23
9.75% STATE BANK OF BIKANER AND JAIPUR FD QUARTERLY COMP (MD 15/03/2018)
DEBT 9,900 0.23
9.75% STATE BANK OF BIKANER AND JAIPUR FD QUARTERLY COMP (MD 16/03/2018)
DEBT 9,900 0.23
AXIS BANK LIMITED EQUITY 41,257 0.98
HDFC BANK EQUITY 126,914 3.01
ICICI BANK LTD. EQUITY 163,682 3.88
ORIENTAL BANK OF COMMERCE EQUITY 26,978 0.64
STATE BANK OF INDIA EQUITY 113,475 2.69
UNION BANK OF INDIA LTD. EQUITY 47,062 1.11
PUNJAB NATIONAL BANK EQUITY 36,186 0.86
STATE BANK OF PATIALA CD (MD 12/10/2012)
DEBT 66,168 1.57
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 10/09/2019)
DEBT 9,900 0.23
Others (Other than G-Sec) 3,112,807 73.72 3,671,070 65.90
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 SOFTWARE 588,740 10.57
167
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Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Ind. Platinum Plus 2
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 1,214,595 16.56 1,816,557 22.70
9.50% CANARA BANK FD QUARTERLY COMP (MD 11/02/2019)
DEBT 50,000 0.68
9.75% STATE BANK OF BIKANER AND JAIPUR FD QUARTERLY COMP (MD 12/09/2018)
DEBT 9,900 0.13
AXIS BANK LIMITED EQUITY 101,562 1.38
HDFC BANK EQUITY 253,628 3.46
ICICI BANK LTD. EQUITY 318,224 4.34
ORIENTAL BANK OF COMMERCE EQUITY 61,965 0.84
STATE BANK OF INDIA EQUITY 230,336 3.14
UNION BANK OF INDIA LTD. EQUITY 108,306 1.48
PUNJAB NATIONAL BANK EQUITY 80,673 1.10
Others (Other than G-Sec) 5,607,902 76.47 5,328,848 66.59
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 SOFTWARE 822,769 10.28
168
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Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Ind. Platinum Plus 3
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 1,660,826 20.94 1,644,332 27.16
9.50% CANARA BANK FD QUARTERLY COMP (MD 10/02/2019)
DEBT 50,000 0.63
AXIS BANK LIMITED EQUITY 115,791 1.46
HDFC BANK EQUITY 292,771 3.69
ICICI BANK LTD. EQUITY 361,690 4.56
ORIENTAL BANK OF COMMERCE EQUITY 62,795 0.79
STATE BANK OF INDIA EQUITY 264,698 3.34
UNION BANK OF INDIA LTD. EQUITY 121,151 1.53
PUNJAB NATIONAL BANK EQUITY 87,203 1.10
CANARA BANK CD (MD 21/12/2012) DEBT 37,394 0.47
STATE BANK OF HYDERABAD CD (MD 12/12/2012)
DEBT 22,989 0.29
STATE BANK OF PATIALA CD (MD 12/10/2012)
DEBT 95,343 1.20
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 09/05/2019)
DEBT 9,900 0.12
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 10/05/2019)
DEBT 9,900 0.12
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 13/05/2019)
DEBT 9,900 0.12
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 13/09/2019)
DEBT 9,900 0.12
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 14/05/2019)
DEBT 9,900 0.12
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 15/05/2019)
DEBT 9,900 0.12
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 16/05/2019)
DEBT 9,900 0.12
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 16/09/2019)
DEBT 9,900 0.12
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 17/05/2019)
DEBT 9,900 0.12
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 20/05/2019)
DEBT 9,900 0.12
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 21/05/2019)
DEBT 9,900 0.12
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 22/05/2019)
DEBT 9,900 0.12
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 23/05/2019)
DEBT 9,900 0.12
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 24/05/2019)
DEBT 9,900 0.12
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 27/05/2019)
DEBT 9,900 0.12
Others (Other than G-Sec) 5,924,065 74.69 3,762,814 62.16
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 SOFTWARE 626,853 10.36
169
Birla Sun Life Insurance
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Annexures to Schedule 16for the year ended 31st March, 2012
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Ind. Platinum Plus 4
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 1,520,197 26.72 1,109,226 26.22
AXIS BANK LIMITED EQUITY 90,263 1.59
HDFC BANK EQUITY 217,906 3.83
ICICI BANK LTD. EQUITY 268,881 4.73
ORIENTAL BANK OF COMMERCE EQUITY 43,703 0.77
STATE BANK OF INDIA EQUITY 196,141 3.45
UNION BANK OF INDIA LTD. EQUITY 80,944 1.42
STATE BANK OF HYDERABAD CD (MD 24/09/2012)
DEBT 20,303 0.36
STATE BANK OF PATIALA CD (MD 25/09/2012)
DEBT 11,778 0.21
STATE BANK OF HYDERABAD CD (MD 28/09/2012)
DEBT 28,701 0.50
PUNJAB NATIONAL BANK EQUITY 62,254 1.09
CANARA BANK CD (MD 21/12/2012) DEBT 85,540 1.50
CENTRAL BANK OF INDIA CD (MD 18/12/2012)
DEBT 58,554 1.03
INDIAN OVERSEAS BANK CD (MD 04/01/2013)
DEBT 93,240 1.64
STATE BANK OF PATIALA CD (MD 03/09/2012)
DEBT 19,246 0.34
STATE BANK OF HYDERABAD CD (MD 06/12/2012)
DEBT 51,961 0.91
STATE BANK OF HYDERABAD CD (MD 12/12/2012)
DEBT 121,983 2.14
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 17/09/2019)
DEBT 9,400 0.17
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 18/09/2019)
DEBT 9,900 0.17
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 19/09/2019)
DEBT 9,900 0.17
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 20/09/2019)
DEBT 9,900 0.17
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 23/09/2019)
DEBT 9,900 0.17
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 24/09/2019)
DEBT 9,900 0.17
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 25/09/2019)
DEBT 9,900 0.17
Others (Other than G-Sec) 3,895,407 68.48 2,675,096 63.24
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 SOFTWARE 436,868 10.33
170
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Annexures to Schedule 16for the year ended 31st March, 2012
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Ind.Platinum Premier
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 1,339,242 21.31 858,727 21.28
AXIS BANK LIMITED EQUITY 107,887 1.72
HDFC BANK EQUITY 258,321 4.11
ICICI BANK LTD. EQUITY 293,415 4.67
ORIENTAL BANK OF COMMERCE EQUITY 40,371 0.64
STATE BANK OF INDIA EQUITY 241,126 3.84
UNION BANK OF INDIA LTD. EQUITY 87,118 1.39
BANK OF INDIA CD (MD 28/03/2013) DEBT 91 0.00
STATE BANK OF HYDERABAD CD (MD 02/11/2012)
DEBT 42,771 0.68
PUNJAB NATIONAL BANK EQUITY 69,201 1.10
INDIAN OVERSEAS BANK CD (MD 06/12/2012)
DEBT 3,477 0.06
STATE BANK OF HYDERABAD CD (MD 20/11/2012)
DEBT 47,001 0.75
STATE BANK OF HYDERABAD CD (MD 06/12/2012)
DEBT 93,623 1.49
STATE BANK OF PATIALA CD (MD 12/10/2012)
DEBT 5,339 0.08
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 10/02/2020)
DEBT 9,900 0.16
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 11/02/2020)
DEBT 9,900 0.16
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 12/02/2020)
DEBT 9,900 0.16
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 13/02/2020)
DEBT 9,900 0.16
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 14/02/2020)
DEBT 9,900 0.16
COMPUTER SOFTWARE 630,861 10.04 427,038 10.58
TATA CONSULTANCY SERVICES LIMITED EQUITY 176,706 2.81
INFOSYS LIMITED EQUITY 336,879 5.36
SATYAM COMPUTERS LIMITED EQUITY 58,202 0.93
HCL TECHNOLOGIES LIMITED EQUITY 59,074 0.94
Others (Other than G-Sec) 4,380,719 69.71 2,414,515 59.85
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
MUTUAL FUND 471,881 11.70
171
Birla Sun Life Insurance
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Annexures to Schedule 16for the year ended 31st March, 2012
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Ind. Platinum Advantage
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 793,665 21.37 306,371 21.76
AXIS BANK LIMITED EQUITY 73,863 1.99
HDFC BANK EQUITY 123,496 3.33
ICICI BANK LTD. EQUITY 236,721 6.38
ORIENTAL BANK OF COMMERCE EQUITY 30,538 0.82
STATE BANK OF INDIA EQUITY 128,930 3.47
UNION BANK OF INDIA LTD. EQUITY 52,489 1.41
STATE BANK OF HYDERABAD CD (MD 02/11/2012)
DEBT 64,489 1.74
STATE BANK OF MYSORE CD (MD 17/04/2012)
DEBT 9,761 0.26
PUNJAB NATIONAL BANK EQUITY 54,310 1.46
STATE BANK OF PATIALA CD (MD 12/10/2012)
DEBT 19,069 0.51
COMPUTER SOFTWARE 411,969 11.09 129,831 9.22
TATA CONSULTANCY SERVICES LIMITED EQUITY 104,989 2.83
INFOSYS LIMITED EQUITY 238,253 6.42
SATYAM COMPUTERS LTD. EQUITY 35,867 0.97
HCL TECHNOLOGIES LTD. EQUITY 32,861 0.88
Others (Other than G-Sec) 2,550,434 68.69 1,045,040 74.23
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Ind. Foresight FP
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 905,242 27.07 72,255 18.01
AXIS BANK LIMITED EQUITY 64,301 1.92
HDFC BANK EQUITY 165,875 4.96
ICICI BANK LTD. EQUITY 203,180 6.08
STATE BANK OF INDIA EQUITY 126,580 3.78
UNION BANK OF INDIA LTD. EQUITY 64,845 1.94
PUNJAB NATIONAL BANK CD (MD 01/03/2013)
DEBT 96,044 2.87
STATE BANK OF PATIALA CD (MD 25/09/2012)
DEBT 7,182 0.21
PUNJAB NATIONAL BANK EQUITY 52,460 1.57
CENTRAL BANK OF INDIA CD (MD 18/12/2012)
DEBT 11,711 0.35
INDIAN OVERSEAS BANK CD (MD 06/12/2012)
DEBT 46,986 1.40
STATE BANK OF PATIALA CD (MD 03/09/2012)
DEBT 19,246 0.58
STATE BANK OF PATIALA CD (MD 20/12/2012)
DEBT 46,833 1.40
COMPUTER SOFTWARE 368,422 11.02 45,843 11.42
TATA CONSULTANCY SERVICES LIMITED EQUITY 94,709 2.83
INFOSYS LIMITED EQUITY 206,193 6.17
SATYAM COMPUTERS LTD. EQUITY 34,255 1.02
HCL TECHNOLOGIES LTD. EQUITY 33,265 0.99
Others (Other than G-Sec) 2,218,778 66.34 226,895 56.54
172
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Annexures to Schedule 16for the year ended 31st March, 2012
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Ind. Foresight SP
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 112,873 21.30 5,598 17.94
AXIS BANK LIMITED EQUITY 10,605 2.00
HDFC BANK EQUITY 27,407 5.17
ICICI BANK LTD. EQUITY 32,193 6.07
STATE BANK OF INDIA EQUITY 20,880 3.94
UNION BANK OF INDIA LTD. EQUITY 11,472 2.16
PUNJAB NATIONAL BANK EQUITY 10,317 1.95
COMPUTER SOFTWARE 61,018 11.51 3,567 11.43
TATA CONSULTANCY SERVICES LIMITED EQUITY 15,639 2.95
INFOSYS LIMITED EQUITY 34,046 6.42
SATYAM COMPUTERS LTD. EQUITY 6,045 1.14
HCL TECHNOLOGIES LTD. EQUITY 5,289 1.00
Others (Other than G-Sec) 367,838 69.41 17,544 56.22
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Titanium 1
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 73,768 14.76 43,442 11.50
AXIS BANK LIMITED EQUITY 8,980 1.80
HDFC BANK EQUITY 16,063 3.21
ICICI BANK LTD. EQUITY 15,400 3.08
STATE BANK OF INDIA EQUITY 16,876 3.38
UNION BANK OF INDIA LTD. EQUITY 9,963 1.99
YES BANK LIMITED EQUITY 5,163 1.03
INDUSIND BANK LTD. EQUITY 1,323 0.26
INFRASTRUCTURE FINANCE
SERVICES
53,315 10.67 30,213 8.00
8.60% POWER FINANCE CORPORATION LTD. NCD (MD 07/08/2014)
DEBT 14,648 2.93
8.95% POWER FINANCE CORPPORATION LTD. NCD (MD 30/03/2015)
DEBT 14,745 2.95
INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LTD.
EQUITY 4,253 0.85
POWER FINANCE CORPORATION LTD. EQUITY 4,522 0.90
RURAL ELECTRIFICATION CORPORATION LIMITED
EQUITY 5,217 1.04
9.43% REC LTD. NCD (MD 10/08/2014) DEBT 9,931 1.99
Others (Other than G-Sec) 310,570 62.15 275,003 72.83
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
OTHER FUND BASED FINANCIAL SERVICES 40,716 10.78
173
Birla Sun Life Insurance
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Annexures to Schedule 16for the year ended 31st March, 2012
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Titanium 2
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 27,618 14.57 16,804 11.51
AXIS BANK LIMITED EQUITY 1,960 1.03
HDFC BANK EQUITY 4,016 2.12
ICICI BANK LTD. EQUITY 6,948 3.66
STATE BANK OF INDIA EQUITY 6,436 3.39
UNION BANK OF INDIA LTD. EQUITY 2,659 1.40
INDUSIND BANK LTD. EQUITY 1,755 0.93
CANARA BANK EQUITY 2,089 1.10
PUNJAB NATIONAL BANK EQUITY 1,756 0.93
INFRASTRUCTURE FINANCE
SERVICES
19,973 10.53 8,767 6.01
8.60% POWER FINANCE CORPORATION LTD. NCD (MD 07/08/2014)
DEBT 4,883 2.58
8.95% POWER FINANCE CORPPORATION LTD. NCD (MD 30/03/2015)
DEBT 6,881 3.63
POWER FINANCE CORPORATION LTD. EQUITY 1,020 0.54
RURAL ELECTRIFICATION CORPORATION LIMITED
EQUITY 2,224 1.17
9.43% REC LTD. NCD (MD 10/08/2014) DEBT 4,965 2.62
Others (Other than G-Sec) 109,519 57.76 101,346 69.43
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Titanium 3
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 9,358 16.99 2,428 10.34
8.8% STATE BANK OF HYDERABAD NCD (MD 29/04/2016)
DEBT 2,927 5.31
AXIS BANK LIMITED EQUITY 487 0.88
HDFC BANK EQUITY 1,071 1.94
ICICI BANK LTD. EQUITY 1,647 2.99
STATE BANK OF INDIA EQUITY 1,497 2.72
UNION BANK OF INDIA LTD. EQUITY 725 1.32
INDUSIND BANK LTD. EQUITY 112 0.20
CANARA BANK EQUITY 482 0.88
PUNJAB NATIONAL BANK EQUITY 410 0.74
Others (Other than G-Sec) 34,596 62.81 13,498 57.51
The following Sectors were having exposure of more than 10% during previous year but less than 10% during the current year:
Sector Market value % holding
ELECTRICITY DISTRIBUTION 2,485 10.59
174
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Annexures to Schedule 16for the year ended 31st March, 2012
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Ind. Pension Nourish Fund
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
INFRASTRUCTURE FINANCE
SERVICES
19,675 14.60 22,640 16.73
10.85% RECL LTD. NCD (MD 14/08/2018) DEBT 2,116 1.57
11.50% RECL LTD. NCD (MD 26/11/2013) DEBT 5,123 3.80
8.60% POWER FINANCE CORPORATION LTD. NCD (MD 07/08/2014)
DEBT 2,930 2.17
9.40% POWER FINANCE CORPORATION LTD. NCD (MD 25/03/2013)
DEBT 6,958 5.16
INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LTD.
EQUITY 245 0.18
POWER FINANCE CORPORATION LTD. EQUITY 212 0.16
RURAL ELECTRIFICATION CORPORATION LIMITED
EQUITY 109 0.08
9.36% POWER FINANCE CORPN. LTD. NCD (MD 01/08/2021)
DEBT 1,982 1.47
OTHER FUND BASED
FINANCIAL SERVICES
15,098 11.21 10,254 7.58
10.70% IRFC NCD (MD 11/09/2023) DEBT 3,293 2.44
7.55% NATIONAL HOUSING BANK LTD. (MD 12/07/2013)
DEBT 4,870 3.61
8.46% IRFC NCD (MD 15/01/2014) DEBT 1,966 1.46
9.25% EXPORT & IMPORT BANK LTD. NCD (MD 13/12/2012)
DEBT 4,968 3.69
Others (Other than G-Sec) 60,529 44.92 80,019 59.14
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Ind. Pension Growth Fund
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
INFRASTRUCTURE FINANCE
SERVICES
53,907 14.85 53,858 14.59
11.50% RECL LTD. NCD (MD 26/11/2013) DEBT 15,368 4.23
7.75% RECL NCD (MD 17/11/2012) DEBT 17,739 4.89
8.60% POWER FINANCE CORPORATION LTD. NCD (MD 07/08/2014)
DEBT 7,812 2.15
9.80% POWER FINANCE CORPORATION LTD. NCD SR XXXVIII (MD 20/09/2012)
DEBT 9,963 2.74
INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LTD.
EQUITY 1,300 0.36
POWER FINANCE CORPORATION LTD. EQUITY 1,133 0.31
RURAL ELECTRIFICATION CORPORATION LIMITED
EQUITY 592 0.16
MUTUAL FUND 36,813 10.14 36,724 9.95
BIRLA SUN LIFE CASH PLUS-INSTITUTIONAL PREMIUM PLAN (GROWTH)
DEBT 9,904 2.73
TATA LIQUID SUPER HIGH INVESTMENT PLAN - APPRECIATION
DEBT 7,927 2.18
RELIGARE LIQUID FUND - SUPER INSTITUTIONAL - GROWTH
DEBT 9,345 2.57
IDFC CASH FUND - PLAN C - GROWTH DEBT 9,636 2.65
Others (Other than G-Sec) 184,567 50.85 233,433 63.26
175
Birla Sun Life Insurance
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Annexures to Schedule 16for the year ended 31st March, 2012
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Ind. Pension Enrich Fund
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
INFRASTRUCTURE
FINANCE SERVICES
225,346 13.54 213,776 12.13
11.50% RECL LTD. NCD (MD 26/11/2013)
DEBT 40,982 2.46
8.60% POWER FINANCE CORPORATION LTD. NCD (MD 07/08/2014)
DEBT 31,249 1.88
9.22% POWER FINANCE CORPORATION LTD. NCD (MD 28/12/2012)
DEBT 28,803 1.73
9.45% RECL LTD. NCD (MD 04/04/2013)
DEBT 99,415 5.97
INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LTD.
EQUITY 10,384 0.62
POWER FINANCE CORPORATION LTD. EQUITY 9,440 0.57
RURAL ELECTRIFICATION CORPORATION LIMITED
EQUITY 5,073 0.30
Others (Other than G-Sec) 1,079,576 64.86 990,659 56.19
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
BANKING SERVICES 201,077 11.41
176
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Annexures to Schedule 16for the year ended 31st March, 2012
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Discuntinued Policy Fund
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 279,311 62.85 4,301 68
PUNJAB NATIONAL BANK CD (MD 01/03/2013)
DEBT 9,147 2.06
STATE BANK OF HYDERABAD CD (MD 02/11/2012)
DEBT 30,334 6.83
STATE BANK OF PATIALA CD (MD 25/09/2012)
DEBT 2,873 0.65
ORIENTAL BANK OF COMMERCE CD (MD 22/06/2012)
DEBT 10,681 2.40
PUNJAB NATIONAL BANK CD (MD 29/11/2012)
DEBT 35,284 7.94
CANARA BANK CD (MD 21/12/2012) DEBT 14,958 3.37
CORPORATION BANK CD (MD 25/02/2013)
DEBT 29,802 6.71
CANARA BANK CD (MD 14/12/2012) DEBT 16,361 3.68
CENTRAL BANK OF INDIA CD (MD 18/12/2012)
DEBT 18,737 4.22
IDBI BANK LTD. CD (MD 12/02/2013) DEBT 18,422 4.15
INDIAN OVERSEAS BANK CD (MD 04/01/2013)
DEBT 12,121 2.73
INDIAN OVERSEAS BANK CD (MD 06/07/2012)
DEBT 4,394 0.99
INDIAN OVERSEAS BANK CD (MD 06/12/2012)
DEBT 15,975 3.59
STATE BANK OF BIKANER AND JAIPUR CD (MD 26/12/2012)
DEBT 9,311 2.10
STATE BANK OF HYDERABAD CD (MD 20/11/2012)
DEBT 11,750 2.64
STATE BANK OF PATIALA CD (MD 03/09/2012)
DEBT 21,170 4.76
STATE BANK OF PATIALA CD (MD 24/12/2012)
DEBT 8,876 2.00
VIJAYA BANK CD (MD 05/03/2013) DEBT 9,113 2.05
Others (Other than G-Sec) 62,481 14.06 NA NA
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Pure Equity
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
COMPUTER SOFTWARE 11 14.06 NA NA
INFOSYS LIMITED EQUITY 6 7.30HCL TECHNOLOGIES LTD. EQUITY 5 6.77
Others (Other than G-Sec) 59 74.51 NA NA
177
Birla Sun Life Insurance
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Annexures to Schedule 16for the year ended 31st March, 2012
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Value Momentum
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 14 14.85 NA NA
ORIENTAL BANK OF COMMERCE EQUITY 7 7.55
UNION BANK OF INDIA LTD. EQUITY 7 7.29
Others (Other than G-Sec) 76 78.77 NA NA
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Gr. Fixed Interest
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 446,563 39.77 141,136 11.23
7.05% CANARA BANK NCD (MD 18/05/2014)
DEBT 19,961 1.78
8.8% STATE BANK OF HYDERABAD NCD (MD 29/04/2016)
DEBT 8,781 0.78
9.45% STATE BANK OF INDIA NCD (MD 16/03/2026) CALL 16/03/2021
DEBT 13,658 1.22
BANK OF INDIA CD (MD 28/03/2013) DEBT 36,250 3.23
ANDHRA BANK CD (MD 25/03/2013) DEBT 45,149 4.02
VIJAYA BANK CD (MD 15/03/2013) DEBT 22,664 2.02
10.51% BANK OF BARODA FD QUARTERLY COMP (MD 29/03/2013)
DEBT 50,000 4.45
10.50% STATE BANK OF HYDERABAD FD QUARTERLY COMP (MD 29/03/2013)
DEBT 50,000 4.45
10.35% CORPORATION BANK FD QTR COMP (MD 28/02/2013)
DEBT 100,000 8.91
10.95% PUNJAB AND NATIONAL BANK FD QTR (MD 21/03/2013)
DEBT 100,100 8.92
Others (Other than G-Sec) 325,450 28.99 578,411 46.01
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
OTHER FUND BASED FINANCIAL SERVICES 143,526 11.42
178
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Annexures to Schedule 16for the year ended 31st March, 2012
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Gr. Bond
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 592,192 36.66 426,490 34.08
9.80% STATE BANK OF INDIA NCD (MD 30/06/2016)
DEBT 19,192 1.19
9.95% STATE BANK OF INDIA NCD (MD 16/03/2026) CALL 16/03/2021
DEBT 26,569 1.64
PUNJAB NATIONAL BANK CD (MD 01/03/2013)
DEBT 45,735 2.83
ANDHRA BANK CD (MD 25/03/2013) DEBT 36,119 2.24
IDBI BANK LTD. CD (MD 12/02/2013) DEBT 64,477 3.99
10.36% CANARA BANK FD QUARTERLY COMP (MD 27/02/2013)
DEBT 100,000 6.19
10.51% BANK OF BARODA FD QUARTERLY COMP (MD 29/03/2013)
DEBT 50,000 3.10
10.50% STATE BANK OF HYDERABAD FD QUARTERLY COMP (MD 29/03/2013)
DEBT 50,000 3.10
10.90 PUNJAB AND NATIONAL BANK FD QTR (MD 20/03/13)
DEBT 100,100 6.20
10.91% CORPORATION BANK FD QTR COMP (MD 22/03/2013)
DEBT 100,000 6.19
OTHER FUND BASED
FINANCIAL SERVICES
225,746 13.97 162,888 10.90
8.50% IRFC NCD (MD 22/06/2020) DEBT 18,164 1.12
9.80% NABARD NCD (MD 10/09/2012)
DEBT 95,658 5.92
NABARD BHAVISHYA NIRMAN ZCB (MD 01/01/2018)
DEBT 6,824 0.42
NABARD ZCB (MD 01/01/2019) DEBT 2,707 0.17
9.40% NABARD NCD Sr XII-L (MD 13/09/2016)
DEBT 18,924 1.17
9.57% IRFC NCD (MD 31/05/2021) DEBT 83,469 5.17
HOUSING FINANCE
SERVICES
196,546 12.17 149,942 10.04
7.60% HOUSING DEVELOPMENT FINANCE CORPN. LTD. NCD (08/12/2017)
DEBT 26,788 1.66
9.45% HDFC LTD. NCD (MD 11/01/2013)
DEBT 19,893 1.23
9.80% LIC HOUSING FINANCE LTD. NCD (MD 10/08/2014)
DEBT 56,025 3.47
10.20% LIC HOUSING FINANCE LTD. NCD (MD 07/06/2013)
DEBT 24,059 1.49
9.45% LIC HOUSING FINANCE LTD. NCD (MD 30/01/2022)
DEBT 39,819 2.46
9.80% GRUH FINANCE LTD. NCD (MD 10/02/15)
DEBT 29,963 1.85
Others (Other than G-Sec) 553,474 34.26 750,134 50.21
179
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Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Gr. Money Market
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 1,123,751 63.08 915,327 59.86
STATE BANK OF PATIALA CD (13/12/2012)
DEBT 74,887 4.20
PUNJAB NATIONAL BANK CD (MD 29/11/2012)
DEBT 39,800 2.23
ANDHRA BANK CD (MD 25/03/2013) DEBT 69,529 3.90
BANK OF INDIA CD (MD 20/03/2013) DEBT 135,818 7.62
CANARA BANK CD (MD 21/12/2012) DEBT 45,341 2.55
STATE BANK OF HYDERABAD CD (MD 26/03/2013)
DEBT 29,470 1.65
INDIAN OVERSEAS BANK CD (MD 04/01/2013)
DEBT 46,620 2.62
STATE BANK OF PATIALA CD (MD 24/12/2012)
DEBT 18,687 1.05
STATE BANK OF MYSORE CD (MD 12/11/2012)
DEBT 66,033 3.71
STATE BANK OF PATIALA CD (MD 20/12/2012)
DEBT 37,466 2.10
10.51% BANK OF BARODA FD QUARTERLY COMP (MD 29/03/2013)
DEBT 150,000 8.42
10.50% STATE BANK OF HYDERABAD FD QUARTERLY COMP (MD 29/03/2013)
DEBT 100,000 5.61
10.90 PUNJAB AND NATIONAL BANK FD QTR (MD 20/03/13)
DEBT 100,100 5.62
10.60% DEVELOPMENT CREDIT BANK FD (MD 02/07/2012)
DEBT 60,000 3.37
10.40% CORPORATION BANK FD QTR COMP (MD 02/03/2013)
DEBT 100,000 5.61
10.50% CORPORATION BANK FD QTR COMP (MD 30/03/2013)
DEBT 50,000 2.81
Others (Other than G-Sec) 512,287 28.76 613,619 40.13
180
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Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Gr. Short Term Debt
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 276,288 45.47 65,476 12.25
BANK OF INDIA CD (MD 28/03/2013) DEBT 9,062 1.49
ANDHRA BANK CD (MD 25/03/2013) DEBT 54,178 8.92
BANK OF INDIA CD (MD 20/03/2013) DEBT 45,273 7.45
STATE BANK OF HYDERABAD CD (MD 26/03/2013)
DEBT 45,338 7.46
10.30% I D B I BANK LTD. NCD (MD 02/09/2012)
DEBT 5,900 0.97
STATE BANK OF BIKANER AND JAIPUR CD (MD 26/12/2012)
DEBT 26,537 4.37
10.51% BANK OF BARODA FD QUARTERLY COMP (MD 29/03/2013)
DEBT 50,000 8.23
10.60% DEVELOPMENT CREDIT BANK FD (MD 02/07/2012)
DEBT 40,000 6.58
INFRASTRUCTURE
FINANCE SERVICES
95,430 15.70 39,732 7.44
7.75% RECL NCD (MD 17/11/2012) DEBT 17,739 2.92
8.50% IDFC LTD. NCD (MD 19/10/2012)
DEBT 27,744 4.57
9.63% POWER FINANCE CORPN. LTD. NCD (MD 15/12/2014)
DEBT 24,973 4.11
9.72% IDFC LTD. (MD 05/11/2013) DEBT 24,975 4.11
AUTO FINANCE SERVICES 76,606 12.61 21,305 3.99
CHOLAMANDALAM INVST AND FINANCE CP (MD 15/10/2012)
DEBT 33,212 5.47
10.48% SUNDARAM FINANCE LTD. NCD (MD 03/06/2013)
DEBT 18,069 2.97
10.65% CHOLAMANDALAM INVT AND FIN CO LTD. NCD (MD 30/04/2013)
DEBT 25,325 4.17
REFINERY 65,179 10.73 73,841 13.82
7.35% HINDUSTAN PETROLEUM CORP LTD. NCD (MD 04/12/2012)
DEBT 21,644 3.56
7.73% BPCL LTD. NCD (MD 09/10/2012)
DEBT 43,535 7.16
Others (Other than G-Sec) 80,921 13.32 277,075 51.86
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
OTHER FUND BASED FINANCIAL SERVICES 104,102 19.48
181
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Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Gr. Secure
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 1,529,730 22.39 1,034,018 18.56
10.22% CANARA BANK FD QUARTERLY COMP (MD 22/03/2013)
DEBT 100,000 1.46
5.90% HDFC BANK LTD. NCD (MD 04/05/2014)
DEBT 55,824 0.82
9.05% SBI PERPETUAL NCD (CALL- 27/01/2020) STEP UP RATE 9.55%
DEBT 48,650 0.71
9.15% STATE BANK OF PATIALA PERP NCD CALL 18/01/2020 STEPUP 9.65
DEBT 29,239 0.43
9.80% STATE BANK OF INDIA NCD (MD 30/06/2016)
DEBT 1,010 0.01
9.95% STATE BANK OF INDIA NCD (MD 16/03/2026) CALL 16/03/2021
DEBT 462 0.01
AXIS BANK LIMITED EQUITY 25,522 0.37
HDFC BANK EQUITY 46,725 0.68
ICICI BANK LTD. EQUITY 79,136 1.16
STATE BANK OF INDIA EQUITY 55,968 0.82
UNION BANK OF INDIA LTD. EQUITY 20,659 0.30
INDUSIND BANK LTD. EQUITY 12,392 0.18
BANK OF INDIA CD (MD 28/03/2013) DEBT 45,312 0.66
CANARA BANK EQUITY 12,336 0.18
PUNJAB NATIONAL BANK EQUITY 18,510 0.27
STATE BANK OF PATIALA CD (MD 03/01/2013)
DEBT 102,633 1.50
CENTRAL BANK OF INDIA CD (MD 18/12/2012)
DEBT 27,169 0.40
INDIAN OVERSEAS BANK CD (MD 04/01/2013)
DEBT 90,909 1.33
STATE BANK OF BIKANER AND JAIPUR CD (MD 26/12/2012)
DEBT 46,555 0.68
10.51% BANK OF BARODA FD QUARTERLY COMP (MD 29/03/2013)
DEBT 50,000 0.73
10.50% STATE BANK OF HYDERABAD FD QUARTERLY COMP (MD 29/03/2013)
DEBT 100,000 1.46
10.35% CORPORATION BANK FD QTR COMP (MD 28/02/2013)
DEBT 100,000 1.46
10.95% PUNJAB AND NATIONAL BANK FD QTR (MD 21/03/2013)
DEBT 100,100 1.47
10.95% PUNJAB AND NATIONAL BANK FD QTR CMPD (MD 27/03/2013)
DEBT 100,100 1.47
STATE BANK OF HYDERABAD CD (MD 06/12/2012)
DEBT 22,938 0.34
SYNDICATE BANK CD (MD 01/02/2013)
DEBT 138,579 2.03
10.50% CORPORATION BANK FD QTR COMP (MD 28/03/2013) (FV 9.9)
DEBT 99,000 1.45
Others (Other than G-Sec) 3,137,763 45.93 2,538,856 45.58
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 SERVICES 561,205 10.08
182
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Annexures to Schedule 16for the year ended 31st March, 2012
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Gr. Stable
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 636,987 18.27 503,574 12.99
AXIS BANK LIMITED EQUITY 24,518 0.70
HDFC BANK EQUITY 42,756 1.23
ICICI BANK LTD. EQUITY 73,045 2.10
STATE BANK OF INDIA EQUITY 51,055 1.46
UNION BANK OF INDIA LTD. EQUITY 19,628 0.56
INDUSIND BANK LTD. EQUITY 11,522 0.33
CANARA BANK EQUITY 11,965 0.34
PUNJAB NATIONAL BANK EQUITY 17,816 0.51
CANARA BANK CD (MD 21/12/2012) DEBT 31,785 0.91
CANARA BANK CD (MD 14/12/2012) DEBT 46,747 1.34
STATE BANK OF BIKANER AND JAIPUR CD (MD 26/12/2012)
DEBT 16,294 0.47
10.50% STATE BANK OF HYDERABAD FD QUARTERLY COMP (MD 29/03/2013)
DEBT 50,000 1.43
STATE BANK OF HYDERABAD CD (MD 06/12/2012)
DEBT 65,536 1.88
INDUSIND BANK LIMITED CD (MD 08/11/2012)
DEBT 47,299 1.36
STANDARD CHARTERED BANK CD (MD 13/04/2012)
DEBT 26,920 0.77
10.95% PUNJAB AND NATIONAL BANK FD QTR (MD 22/03/2013)
DEBT 100,100 2.87
INFRASTRUCTURE
FINANCE SERVICES
532,838 15.28 585,626 15.11
10.85% RECL LTD. NCD (MD 14/08/2018)
DEBT 26,444 0.76
11.40% POWER FINANCE CORPORATION LTD. NCD (MD 28/11/2013)
DEBT 56,275 1.61
7.75% RECL NCD (MD 17/11/2012) DEBT 9,855 0.28
8.60% POWER FINANCE CORPORATION LTD. NCD (MD 07/08/2014)
DEBT 39,061 1.12
8.65% RECL LTD. NCD (MD 15/01/2019)
DEBT 93,561 2.68
8.70% POWER FINANCE CORPN LTD. NCD (MD 15/01/2020)
DEBT 57,419 1.65
8.90% POWER FINANCE LTD. NCD (MD 16/02/2014)
DEBT 49,284 1.41
9.40% POWER FINANCE CORPORATION LTD. NCD (MD 25/03/2013)
DEBT 40,755 1.17
9.45% RECL LTD. NCD (MD 04/04/2013)
DEBT 85,497 2.45
INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LTD.
EQUITY 24,258 0.70
POWER FINANCE CORPORATION LTD. EQUITY 24,491 0.70
9.36% POWER FINANCE CORPN. LTD. NCD (MD 01/08/2021)
DEBT 991 0.03
9.48% POWER FINANCE CORPN. LTD. NCD (MD 15/04/2022)
DEBT 24,947 0.72
Others (Other than G-Sec) 1,547,870 44.40 1,926,545 49.71
183
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Annexures to Schedule 16for the year ended 31st March, 2012
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Gr. Growth
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 425,476 22.09 635,910 21.31
5.90% HDFC BANK LTD. NCD (MD 04/05/2014)
DEBT 32,564 1.69
9.05% SBI PERPETUAL NCD (CALL- 27/01/2020) STEP UP RATE 9.55%
DEBT 25,298 1.31
AXIS BANK LIMITED EQUITY 18,575 0.96
HDFC BANK EQUITY 32,980 1.71
ICICI BANK LTD. EQUITY 55,538 2.88
STATE BANK OF INDIA EQUITY 38,864 2.02
UNION BANK OF INDIA LTD. EQUITY 15,187 0.79
INDUSIND BANK LTD. EQUITY 8,858 0.46
CANARA BANK EQUITY 9,117 0.47
PUNJAB NATIONAL BANK EQUITY 13,733 0.71
CENTRAL BANK OF INDIA CD (MD 18/12/2012)
DEBT 28,106 1.46
STATE BANK OF BIKANER AND JAIPUR CD (MD 26/12/2012)
DEBT 46,555 2.42
10.95% PUNJAB AND NATIONAL BANK FD QTR CMPD (MD 27/03/2013)
DEBT 100,100 5.20
INFRASTRUCTURE
FINANCE SERVICES
210,811 10.95 266,195 8.92
10.90% RECL LTD. NCD (MD 14/08/2013)
DEBT 9,118 0.47
8.60% POWER FINANCE CORPORATION LTD. NCD (MD 07/08/2014)
DEBT 17,578 0.91
8.70% POWER FINANCE CORPORATION LTD. NCD (MD 14/05/2020)
DEBT 80,318 4.17
8.95% POWER FINANCE CORPPORATION LTD. NCD (MD 30/03/2015)
DEBT 27,523 1.43
INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LTD.
EQUITY 18,769 0.97
POWER FINANCE CORPORATION LTD. EQUITY 18,764 0.97
9.48% REC LTD. NCD (MD 10/08/2021)
DEBT 12,978 0.67
8.50% IDFC LTD. NCD (MD 19/10/2012)
DEBT 25,762 1.34
Others (Other than G-Sec) 908,368 47.17 1,915,510 64.20
184
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Annexures to Schedule 16for the year ended 31st March, 2012
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Gr. Growth Advantage Fund
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 21,589 13.38 12,875.15 9.80
AXIS BANK LIMITED EQUITY 1,849 1.15
HDFC BANK EQUITY 3,439 2.13
ICICI BANK LTD. EQUITY 5,813 3.60
STATE BANK OF INDIA EQUITY 4,021 2.49
UNION BANK OF INDIA LTD. EQUITY 1,677 1.04
INDUSIND BANK LTD. EQUITY 841 0.52
CANARA BANK EQUITY 954 0.59
PUNJAB NATIONAL BANK EQUITY 1,773 1.10
INDIAN OVERSEAS BANK CD (MD 06/12/2012)
DEBT 1,222 0.76
INFRASTRUCTURE
FINANCE SERVICES
18,997 11.77 13,100.62 9.97
10.90% RECL LTD. NCD (MD 14/08/2013)
DEBT 5,065 3.14
11.50% RECL LTD. NCD (MD 26/11/2013)
DEBT 6,147 3.81
7.75% RECL NCD (MD 17/11/2012) DEBT 1,971 1.22
8.70% POWER FINANCE CORPORATION LTD. NCD (MD 14/05/2020)
DEBT 1,912 1.19
INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LTD.
EQUITY 1,968 1.22
POWER FINANCE CORPORATION LTD. EQUITY 1,932 1.20
Others (Other than G-Sec) 96,575 59.85 103,041 78.44
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Gr. Inc. Advantage
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
OTHER FUND BASED
FINANCIAL SERVICES
2,055 18.25 69,631 6.46
10.60% IRFC NCD (MD 11/09/2018) DEBT 1,059 9.41
9.50% NABARD NPS BONDS SR IX I (MD 15/10/2012)
DEBT 996 8.84
BANKING SERVICES 1,845 16.38 153,625 14.25
ANDHRA BANK CD (MD 25/03/2013) DEBT 451 4.01
STATE BANK OF HYDERABAD CD (MD 26/03/2013)
DEBT 453 4.03
INDIAN OVERSEAS BANK CD (MD 06/12/2012)
DEBT 940 8.34
Others (Other than G-Sec) 3,431 30.47 484,407 44.94
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 130,516 12.11
185
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Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Gr. Short Term Debt 2
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 212,893 56.11 NA NA
PUNJAB NATIONAL BANK CD (MD 01/03/2013)
DEBT 22,868 6.03
BANK OF INDIA CD (MD 28/03/2013) DEBT 4,531 1.19
ANDHRA BANK CD (MD 25/03/2013) DEBT 20,317 5.35
AXIS BANK CD (MD 18/03/2013) DEBT 31,716 8.36
BANK OF INDIA CD (MD 20/03/2013) DEBT 18,109 4.77
CANARA BANK CD (MD 21/12/2012) DEBT 18,697 4.93
CORPORATION BANK CD (MD 25/02/2013)
DEBT 32,094 8.46
STATE BANK OF HYDERABAD CD (MD 26/03/2013)
DEBT 20,402 5.38
STATE BANK OF PATIALA CD (MD 03/01/2013)
DEBT 9,330 2.46
VIJAYA BANK CD ( MD 15/03/2013) DEBT 31,729 8.36
10.30% I D B I BANK LTD. NCD (MD 02/09/2012)
DEBT 3,100 0.82
INFRASTRUCTURE
FINANCE SERVICES
39,552 10.42 NA NA
7.75% RECL NCD (MD 17/11/2012) DEBT 1,971 0.52
8.50% IDFC LTD. NCD (MD 19/10/2012)
DEBT 6,936 1.83
INFRASTRUCTURE DEVELOPMENT FINANCE CO. LTD. CP (MD 06/08/2012)
DEBT 9,663 2.55
9.62% POWER FINANCE CORPORATION LTD. (MD 29/06/2016)
DEBT 1,004 0.26
9.63% POWER FINANCE CORPN. LTD. NCD (MD 15/12/2014)
DEBT 19,978 5.27
Others (Other than G-Sec) 69,564 18.33 NA NA
186
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Annexures to Schedule 16for the year ended 31st March, 2012
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Gr. Growth 2
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 17,196 14.79 NA NA
5.90% HDFC BANK LTD. NCD (MD 04/05/2014)
DEBT 1,861 1.60
9.05% SBI PERPETUAL NCD (CALL- 27/01/2020) STEP UP RATE 9.55%
DEBT 1,946 1.67
AXIS BANK LIMITED EQUITY 1,138 0.98
HDFC BANK EQUITY 2,026 1.74
ICICI BANK LTD. EQUITY 3,421 2.94
STATE BANK OF INDIA EQUITY 2,390 2.06
UNION BANK OF INDIA LTD. EQUITY 934 0.80
INDUSIND BANK LTD. EQUITY 546 0.47
STATE BANK OF HYDERABAD CD (MD 28/09/2012)
DEBT 1,531 1.32
CANARA BANK EQUITY 560 0.48
PUNJAB NATIONAL BANK EQUITY 844 0.73
INFRASTRUCTURE
FINANCE SERVICES
14,017 12.06 NA NA
10.90% RECL LTD. NCD (MD 14/08/2013)
DEBT 1,013 0.87
8.60% POWER FINANCE CORPORATION LTD. NCD (MD 07/08/2014)
DEBT 977 0.84
8.70% POWER FINANCE CORPORATION LTD. NCD (MD 14/05/2020)
DEBT 4,781 4.11
8.95% POWER FINANCE CORPPORATION LTD. NCD (MD 30/03/2015)
DEBT 1,966 1.69
INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LTD.
EQUITY 1,155 0.99
POWER FINANCE CORPORATION LTD. EQUITY 1,146 0.99
9.48% REC LTD. NCD (MD 10/08/2021)
DEBT 998 0.86
8.50% IDFC LTD. NCD (MD 19/10/2012)
DEBT 1,982 1.70
Others (Other than G-Sec) 60,300 51.87 NA NA
187
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Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Gr. Money Market 2
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 3,174 12.33 NA NA
STATE BANK OF HYDERABAD CD (MD 24/09/2012)
DEBT 670 2.60
STATE BANK OF PATIALA CD (MD 25/09/2012)
DEBT 670 2.60
HDFC BANK LIMITED CD (MD 16/07/2012)
DEBT 682 2.65
ORIENTAL BANK OF COMMERCE CD (MD 22/06/2012)
DEBT 294 1.14
PUNJAB NATIONAL BANK CD (MD 29/11/2012)
DEBT 659 2.56
STATE BANK OF MYSORE CD (MD 17/04/2012)
DEBT 199 0.77
MUTUAL FUND 2,843 11.04 NA NA
BIRLA SUN LIFE CASH PLUS-IP PLAN GROWTH - APPROVED
DEBT 1,231 4.78
TATA LIQUID SUPER HIGH INVESTMENT PLAN - APPRECIATION
DEBT 606 2.35
IDFC CASH FUND - PLAN C - GROWTH DEBT 1,005 3.90
Others (Other than G-Sec) 14,452 56.12 NA NA
Annexures to Schedule 16for the year ended 31st March, 2012
Appendix 3 to Annexure 3A
Disclosure of Investment - Industrywise
Gr. Fixed Interest 2
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Industry Security Nature of
security
Current Year Previous Year
Market value % holding Market value % holding
BANKING SERVICES 9,930 19.61 NA NA
7.05% CANARA BANK NCD (MD 18/05/2014)
DEBT 951 1.88
9.45% STATE BANK OF INDIA NCD (MD 16/03/2026) CALL 16/03/2021
DEBT 627 1.24
BANK OF INDIA CD (MD 28/03/2013) DEBT 4,441 8.77
STATE BANK OF HYDERABAD CD (MD 02/11/2012)
DEBT 1,517 3.00
STATE BANK OF HYDERABAD CD (MD 24/09/2012)
DEBT 958 1.89
STATE BANK OF PATIALA CD (MD 25/09/2012)
DEBT 1,436 2.84
OTHER FUND BASED
FINANCIAL SERVICES
5,808 11.47 NA NA
7.63% IRFC (MD 29/10/2013) DEBT 1,946 3.84
9.40% NABARD NCD SR XI Q (MD 30/03/2014)
DEBT 994 1.96
NABARD BHAVISHYA NIRMAN ZCB (MD 01/01/2018)
DEBT 119 0.23
NABARD ZCB (MD 01/03/2018) DEBT 1,743 3.44
9.70% NABARD NCD SR XII-D (MD 06/06/2016)
DEBT 1,006 1.99
Others (Other than G-Sec) 17,655 34.87 NA NA
188
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Appendix 4 to Annexure 3A
NAV Highest, Lowest and Closing as on 31st March 2012
INDIVIDUAL LIFE
Fund Name Highest Lowest Closing
Current Year Previous Year Current Year Previous Year Current Year Previous Year
Ind. Assure 17.8534 16.3625 16.3658 15.4659 17.8534 16.3625Ind. Income Advantage 15.0962 13.9522 13.9485 13.0218 15.0691 13.9522Ind. Protector 23.9681 22.6850 22.5538 21.4557 23.8805 22.6850Ind. Builder 29.4382 28.3550 27.7017 26.5048 29.1886 28.1573Ind. Balancer 18.8360 18.2366 17.6505 16.9171 18.7118 18.0668Ind. Enhancer 35.2041 34.7232 32.6759 31.8211 34.6750 34.1638Ind. Creator 27.2146 28.3503 24.1559 24.4109 26.4978 26.8978Ind. Magnifi er 29.1499 31.9130 22.1862 24.6881 26.0237 28.6112Ind. Maximiser 15.5083 17.0806 11.1454 13.0398 13.1305 15.1038Ind. Multiplier 12.3301 14.4952 9.2448 10.9024 11.3473 11.8272Super 20 14.1586 14.8103 11.0288 11.4062 12.9852 13.9740Ind. Platinum Plus 1 12.4443 13.2278 10.0021 10.1894 11.0646 12.2754Ind. Platinum Plus 2 17.6762 18.7213 14.2879 14.2935 15.7540 17.4528Ind. Platinum Plus 3 13.4202 14.1396 10.8584 10.9412 12.0254 13.2473Ind. Platinum Plus 4 12.0722 12.6718 9.6731 9.6658 10.7444 11.9190Ind. Platinum Premier 11.8060 12.5487 9.4625 9.6694 10.5901 11.6582Ind. Platinum Advantage 9.7909 10.2285 7.8617 8.8242 9.0183 9.6799Ind. Foresight FP 10.5874 10.4799 8.5060 9.8323 9.6958 10.4799Ind. Foresight SP 10.5809 10.4701 8.4977 9.8289 9.7518 10.4701Titanium Plus 1 11.6179 12.0162 9.6843 9.8101 10.6519 11.4798Titanium Plus 2 11.2667 11.7394 9.4728 10.0337 10.4723 11.1313Titanium Plus 3 10.2241 10.6258 8.9628 9.4458 9.7270 10.1014Ind. Liquid Plus 10.0065 NA 10.0000 NA 10.0065 NAInd. Pure Equity 10.0434 NA 9.9984 NA 10.0430 NAInd. Value Momentum 10.0428 NA 10.0000 NA 10.0428 NAIPP - Nourish 20.0279 18.9659 18.8550 18.0145 19.9420 18.9659IPP - Growth 24.2903 23.4159 22.9269 21.9377 24.1031 23.2376IPP - Enrich 28.2620 28.3456 26.0886 25.6236 27.8867 27.5521
GROUP LIFE
Fund Name Highest Lowest Closing
Current Year Previous Year Current Year Previous Year Current Year Previous Year
Gr. Fixed Interest Plan I 21.2362 19.4093 19.3775 17.9953 21.1939 19.4093Gr. Gilt Plan I 16.2607 15.3671 15.2785 14.6714 16.0826 15.3671Gr. Bond Plan I 18.4025 16.8241 16.8283 15.6990 18.3915 16.8241Gr. Money Market Plan I 19.0130 17.3836 17.3868 16.1416 19.0130 17.3836Gr. Short Term Debt Plan I 13.0916 11.9773 11.9800 11.1902 13.0916 11.9773Gr. Capital Protection Plan I** 10.0000 10.0000 10.0000 10.0000 10.0000 10.0000Gr. Floating Rate Plan I*** 10.0000 10.0000 10.0000 10.0000 10.0000 10.0000Gr. Secure Plan I 30.8725 29.7861 29.0252 27.8075 30.6502 29.5708Gr. Stable Plan I 40.9530 41.0505 37.7847 36.8114 40.4774 39.8918Gr. Growth Plan I 48.1518 50.1039 42.9331 43.0394 47.0533 47.6411Gr. Growth Advantage 16.7990 17.4325 14.7181 14.8474 16.3629 16.5767Gr. Income Advantage 12.0447 10.6788 10.6746 10.0016 12.0236 10.6788Gr. Growth Maximsier**** 10.0000 10.0000 10.0000 10.0000 10.0000 10.0000Gr. Bond 2 ^ 10.3065 NA 9.9988 NA 10.0000 NAGr. Fixed Interest 2 10.4161 NA 10.0000 NA 10.4022 NAGr. Growth 2 10.9321 NA 9.7861 NA 10.7465 NAGr. Money Market 2 10.3230 NA 10.0000 NA 10.3230 NAGr. Secure 2 ^^ 10.4838 NA 9.9300 NA 10.0000 NAGr. Short Term Debt 2 10.3130 NA 10.0000 NA 10.3130 NAGr. Stable 2 12.0589 NA 9.9113 NA 10.7247 NA
**The Group Capital Protection Fund became a dormat fund on 12th August 2008 on account of no units.***The Group Floating Fund became a dormat fund on 12th October 2009 on account of no units.**** These funds do not have any units since their inception.^The Group Bond 2 Fund became a dormat fund on 31st March 2012 on account of no units.^^The Group Secure 2 Fund became a dormat fund on 22nd February 2012 on account of no units.
Annexures to Schedule 16for the year ended 31st March, 2012
189
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 189 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Appendix 5 to Annexure 3A Annualised Expense Ratio to Average Daily Assets of the Fund as on 31st March 2012
(Amounts in thousands of Indian Rupees)
Particulars Current Year Previous Year
Management Fees for the Period (inclusive of service tax) 2,417,494 2,237,080 Average Daily AUM of the ULIP funds 170,553,879 159,858,713 Annualised Expense Ratio to Average daily AUM (%) 1.42% 1.40%
Appendix 6 to Annexure 3A
Statement showing Ratio of Gross Income (Including Unrealised Gain/Loss) to Average Daily Net Assets
as on 31st March 2012
(Amounts in thousands of Indian Rupees)
A Income from Investment ULIP Assets Current Year Previous Year
1 Interest, Dividend & Rent – Gross 6,963,836 5,792,695 2 Profi t on Sale/Redemption of Investments 5,777,113 15,979,061 3 (Loss on Sale/Redemption of Investments) (13,447,517) (3,894,647)4 Gain/(Loss) on Amortisation 1,139,092 853,037 5 Other Income/(Expense) (1,203) 1,468
Sub Total 431,321 18,731,614
B Unrealised Gain/(Loss) (3,485,771) (4,778,515)
C Total (A+B) (3,054,450) 13,953,099
D Average Daily AUM of the ULIP Funds 170,553,879 159,858,713
E Ratio of Gross Income to Average Daily Net Assets (%) -2% 9%
190
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 190 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Ap
pen
dix
7 t
o A
nn
exu
re 3
A
Fu
nd
Wis
e D
iscl
osu
re o
f A
pp
recia
tio
n a
nd
/or
(Dep
recia
tio
n)
in v
alu
e o
f In
vest
men
t se
gre
ga
ted
Cla
ss W
ise
as
on
31
st M
arc
h 2
01
2
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsIn
d. A
ssu
reIn
d. I
nco
me A
dva
nta
ge
Ind
. Pro
tecto
rIn
d. B
uil
der
Ind
. Ba
lan
cer
Cu
rren
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Ap
pro
ved
In
vest
men
ts
Gov
ernm
ent B
onds
—
—
(
24
,07
2)
(13,
560)
(6
3,6
56
) (3
7,57
8) (
24
,21
6)
(10,
848)
(3
,69
3)
(2,4
22)
Cor
pora
te B
onds
(
65
0)
(7,9
93)
(1
,07
3)
(3,7
02)
(6
,19
8)
(318
) 1
,26
7
4,3
64
(7
44
) (1
06)
Infra
stru
ctur
e Bo
nds
(1
,39
8)
(3,0
08)
(1
4,2
66
) (1
2,56
6) (
21
,63
8)
(9,2
27)
(1
9,1
07
) (1
2,77
3) (
61
2)
(806
)
Equ
ity
—
—
—
—
26
,57
2
48,
595
24
,92
2
48,
122
7,6
26
9
,303
Mon
ey M
arke
t —
—
—
—
—
—
—
—
—
—
Mut
ual F
unds
—
—
8
—
1
7
—
5
—
—
—
To
tal
(
2,0
48
) (
11
,00
1)
(3
9,4
03
) (
29
,82
8)
(6
4,9
03
) 1
,47
2
(1
7,1
29
) 2
8,8
65
2
,57
7
5,9
69
Oth
er
Inve
stm
en
ts
Cor
pora
te B
onds
—
(3
57)
(1
,10
0)
(295
) 6
40
—
2
38
—
—
—
Infra
stru
ctur
e Bo
nds
—
—
—
—
—
—
—
—
—
—
Equ
ity
—
—
—
—
(8
89
) (3
,562
) (
2,0
60
) (9
,711
) 1
10
(3
38)
Mon
ey M
arke
t —
—
—
—
—
—
—
—
—
—
Mut
ual F
unds
—
4
—
—
—
1
—
—
7
—
To
tal
—
(
35
3)
(1
,10
0)
(2
95
) (
24
9)
(3
,56
1)
(1
,82
2)
(9
,71
1)
11
7
(3
38
)
GR
AN
D T
OTA
L
(2
,04
8)
(1
1,3
54
) (
40
,50
3)
(3
0,1
23
) (
65
,15
2)
(2
,08
9)
(1
8,9
51
) 1
9,1
54
2
,69
4
5,6
31
191
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 191 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Ap
pen
dix
7 t
o A
nn
exu
re 3
A
Fu
nd
Wis
e D
iscl
osu
re o
f A
pp
recia
tio
n a
nd
/or
(Dep
recia
tio
n)
in v
alu
e o
f In
vest
men
t se
gre
ga
ted
Cla
ss W
ise
as
on
31
st M
arc
h 2
01
2
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsIn
d. E
nh
an
cer
Ind
. Cre
ato
rIn
d. M
ag
nifi
er
Ind
. Ma
xim
iser
Ind
. Mu
ltip
lier
Cu
rren
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Ap
pro
ved
In
vest
men
ts
Gov
ernm
ent B
onds
(
79
6,0
48
) (4
50,2
40)
(2
7,0
98
) (1
8,04
5) —
—
—
—
—
—
Cor
pora
te B
onds
(
15
4,8
45
) (1
34,7
08)
(1
,21
6)
2,7
13
(3
99
) 3
,406
—
7
,993
(
8)
—
Infra
stru
ctur
e Bo
nds
(1
73
,57
4)
(87,
196)
(1
7,0
52
) (1
4,21
5) 3
1
—
—
—
—
—
Equ
ity
1,1
19
,49
3
1,7
54,3
94
64
,89
5
103
,372
3
95
,27
9
886
,087
3
43
,39
3
832
,424
4
4,3
07
(1
69,9
59)
Mon
ey M
arke
t —
—
—
—
—
—
—
—
—
—
Mut
ual F
unds
1
49
8
2
3
—
14
—
7
—
1
6
—
To
tal
(
4,8
25
) 1
,08
2,2
58
1
9,5
52
7
3,8
25
3
94
,92
5
88
9,4
93
3
43
,40
0
84
0,4
17
4
4,3
15
(
16
9,9
59
)
Oth
er
Inve
stm
en
ts
Cor
pora
te B
onds
(
28
,55
4)
(19,
926)
(2
,01
6)
(905
) 1
—
—
—
—
—
Infra
stru
ctur
e Bo
nds
—
—
—
—
—
—
—
—
—
—
Equ
ity
(7
,89
0)
38,
006
(5
,56
0)
(16,
168)
(3
2,5
30
) (1
19,2
07)
(1
79
,51
5)
(507
,228
) 8
,45
3
(141
,482
)
Mon
ey M
arke
t —
—
—
—
—
—
—
—
—
—
Mut
ual F
unds
—
1
3 —
—
—
—
—
—
—
—
To
tal
(
36
,44
4)
18
,09
3
(7
,57
6)
(1
7,0
73
) (
32
,52
9)
(1
19
,20
7)
(1
79
,51
5)
(5
07
,22
8)
8,4
53
(
14
1,4
82
)
GR
AN
D T
OTA
L
(4
1,2
69
) 1
,10
0,3
51
1
1,9
76
5
6,7
52
3
62
,39
6
77
0,2
86
1
63
,88
5
33
3,1
89
5
2,7
68
(
31
1,4
41
)
192
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 192 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Ap
pen
dix
7 t
o A
nn
exu
re 3
A
Fu
nd
Wis
e D
iscl
osu
re o
f A
pp
recia
tio
n a
nd
/or
(Dep
recia
tio
n)
in v
alu
e o
f In
vest
men
t se
gre
ga
ted
Cla
ss W
ise
as
on
31
st M
arc
h 2
01
2
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsS
up
er
20
Ind
. Pla
tin
um
Plu
s 1
Ind
. Pla
tin
um
Plu
s 2
Ind
. Pla
tin
um
Plu
s 3
Ind
. Pla
tin
um
Plu
s 4
Cu
rren
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Ap
pro
ved
In
vest
men
ts
Gov
ernm
ent B
onds
—
—
(
1,9
82
) —
(
1,3
33
) 6
(
1,9
97
) —
(
1,2
14
) —
Cor
pora
te B
onds
—
5
42
—
1,5
06
(4
,67
0)
(5,9
91)
(5
,85
1)
(2,3
88)
(3
,92
3)
1,2
01
Infra
stru
ctur
e Bo
nds
—
—
(2
3,8
44
) (6
,749
) (
14
,35
0)
(6,6
65)
(1
0,1
81
) —
(
1,3
84
) (2
,430
)
Equ
ity
3,4
71
6
8,71
6 7
4,2
28
4
54,2
38
27
7,6
68
9
02,2
56
13
9,5
65
3
84,0
33
52
,23
8
207
,152
Mon
ey M
arke
t —
—
—
—
—
—
—
—
—
—
Mut
ual F
unds
1
9
—
60
—
6
4
—
48
—
1
4
—
To
tal
3
,49
0
69
,25
8
48
,46
2
44
8,9
95
2
57
,37
9
88
9,6
06
1
21
,58
4
38
1,6
45
4
5,7
31
2
05
,92
3
Oth
er
Inve
stm
en
ts
Cor
pora
te B
onds
—
—
—
—
—
—
—
—
—
—
Infra
stru
ctur
e Bo
nds
—
—
—
—
—
—
—
—
—
—
Equ
ity
(1
0,7
30
) —
(
1,8
77
) 1
6,82
7 (
6,2
44
) 4
3,33
9 (
17
,58
9)
29,
120
(1
1,2
74
) 2
1,95
9
Mon
ey M
arke
t —
—
—
—
—
—
—
—
—
—
Mut
ual F
unds
—
—
—
1
—
—
—
7
—
—
To
tal
(
10
,73
0)
—
(1
,87
7)
16
,82
8
(6
,24
4)
43
,33
9
(1
7,5
89
) 2
9,1
27
(
11
,27
4)
21
,95
9
GR
AN
D T
OTA
L
(7
,24
0)
69
,25
8
46
,58
5
46
5,8
23
2
51
,13
5
93
2,9
45
1
03
,99
5
41
0,7
72
3
4,4
57
2
27
,88
2
193
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 193 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Ap
pen
dix
7 t
o A
nn
exu
re 3
A
Fu
nd
Wis
e D
iscl
osu
re o
f A
pp
recia
tio
n a
nd
/or
(Dep
recia
tio
n)
in v
alu
e o
f In
vest
men
t se
gre
ga
ted
Cla
ss W
ise
as
on
31
st M
arc
h 2
01
2
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsIn
d. P
lati
nu
m P
rem
ier
Ind
. Pla
tin
um
Ad
van
tag
eIn
d. F
ore
sig
ht
FP
Ind
. Fo
resi
gh
t S
PTit
an
ium
1
Cu
rren
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Ap
pro
ved
In
vest
men
ts
Gov
ernm
ent B
onds
(
61
6)
—
—
—
—
—
—
—
39
5
(36)
Cor
pora
te B
onds
—
1
,012
(
5,8
65
) 3
86
—
37
—
3
—
86
Infra
stru
ctur
e Bo
nds
(4
,78
3)
—
(9
09
) —
(
7,3
49
) —
—
—
(
1,5
90
) (9
72)
Equ
ity
54
,23
8
168
,021
1
4,3
24
1
7,43
1 3
5,2
72
1
2,78
5 1
2,0
30
1
,011
1
,28
8
19,
332
Mon
ey M
arke
t —
—
—
—
—
—
—
—
—
—
Mut
ual F
unds
—
—
3
9
—
—
—
—
—
—
—
To
tal
4
8,8
39
1
69
,03
3
7,5
89
1
7,8
17
2
7,9
23
1
2,8
22
1
2,0
30
1
,01
4
93
1
8,4
10
Oth
er
Inve
stm
en
ts
Cor
pora
te B
onds
—
—
—
—
—
—
—
—
—
—
Infra
stru
ctur
e Bo
nds
—
—
—
—
—
—
—
—
—
—
Equ
ity
(1
3,6
59
) 2
0,71
3 (
3,5
57
) 4
,635
(
4,9
70
) 8
66
(1
,45
3)
65
52
1
1,5
68
Mon
ey M
arke
t —
—
—
—
—
—
—
—
—
—
Mut
ual F
unds
1
06
3
—
4
33
54
—
1
4
—
12
—
To
tal
(
13
,55
3)
20
,71
6
(3
,55
7)
5,0
68
(
4,9
16
) 8
66
(
1,4
39
) 6
5
53
3
1,5
68
GR
AN
D T
OTA
L
35
,28
6
18
9,7
49
4
,03
2
22
,88
5
23
,00
7
13
,68
8
10
,59
1
1,0
79
6
26
1
9,9
78
194
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 194 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Ap
pen
dix
7 t
o A
nn
exu
re 3
A
Fu
nd
Wis
e D
iscl
osu
re o
f A
pp
recia
tio
n a
nd
/or
(Dep
recia
tio
n)
in v
alu
e o
f In
vest
men
t se
gre
ga
ted
Cla
ss W
ise
as
on
31
st M
arc
h 2
01
2
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsTit
an
ium
2Tit
an
ium
3Liq
uid
Plu
sP
ure
Eq
uit
yV
alu
e M
om
en
tum
Cu
rren
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Ap
pro
ved
In
vest
men
ts
Gov
ernm
ent B
onds
8
9
(23)
12
4
3
—
—
—
—
—
—
Cor
pora
te B
onds
1
1
22
3
4
—
—
—
—
—
—
Infra
stru
ctur
e Bo
nds
(6
11
) (4
40)
(1
25
) (8
5) —
—
—
—
—
—
Equ
ity
(4
54
) 4
,819
(
35
8)
(157
) —
—
—
—
—
—
Mon
ey M
arke
t —
—
—
—
—
—
—
—
—
—
Mut
ual F
unds
1
—
—
—
—
—
—
—
—
—
To
tal
(
96
4)
4,3
78
(
35
6)
(2
35
) —
—
—
—
—
—
Oth
er
Inve
stm
en
ts
Cor
pora
te B
onds
—
—
—
—
—
—
—
—
—
—
Infra
stru
ctur
e Bo
nds
—
—
—
—
—
—
—
—
—
—
Equ
ity
16
7
605
(
19
) 2
1 —
—
—
—
—
—
Mon
ey M
arke
t —
—
—
—
—
—
—
—
—
—
Mut
ual F
unds
—
—
1
—
—
—
—
—
—
—
To
tal
1
67
6
05
(
18
) 2
1
—
—
—
—
—
—
GR
AN
D T
OTA
L
(7
97
) 4
,98
3
(3
74
) (
21
4)
—
—
—
—
—
—
195
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 195 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Ap
pen
dix
7 t
o A
nn
exu
re 3
A
Fu
nd
Wis
e D
iscl
osu
re o
f A
pp
recia
tio
n a
nd
/or
(Dep
recia
tio
n)
in v
alu
e o
f In
vest
men
t se
gre
ga
ted
Cla
ss W
ise
as
on
31
st M
arc
h 2
01
2
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsIP
P–
No
uri
sh
IPP
–G
row
th
IPP
–E
nri
ch
D
isco
nti
nu
ed
Po
licy
Fu
nd
Gr. F
ixed
In
tere
st
Cu
rren
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Ap
pro
ved
In
vest
men
ts
Gov
ernm
ent B
onds
(
2,3
60
) (1
,743
) (
4,1
01
) (2
,838
) (1
7,49
1) (1
3,28
6) —
—
(3
,321
) (1
,944
)
Cor
pora
te B
onds
(
31
9)
(73)
(2
17
) 3
28
(2,8
95)
(2,4
41)
—
—
(3,9
78)
(3,3
04)
Infra
stru
ctur
e Bo
nds
(4
38
) (9
6) (
3,2
86
) (2
,959
) (1
1,97
2) (9
,771
) —
—
(1
,105
) (3
,901
)
Equ
ity
91
3
1,5
16
4,6
00
8
,602
2
4,61
1 4
9,29
3 —
—
—
—
Mon
ey M
arke
t —
—
—
—
—
—
—
—
—
—
Mut
ual F
unds
—
—
—
—
—
—
—
—
2
—
To
tal
(
2,2
04
) (
39
6)
(3
,00
4)
3,1
33
(
7,7
47
) 2
3,7
95
—
—
(
8,4
02
) (
9,1
49
)
Oth
er
Inve
stm
en
ts
Cor
pora
te B
onds
(
22
) 4
2 —
—
—
—
—
—
—
5
2
Infra
stru
ctur
e Bo
nds
—
—
—
—
—
—
—
—
—
—
Equ
ity
(1
0)
(179
) (
6)
(829
) (2
,452
) (1
0,15
0) —
—
—
—
Mon
ey M
arke
t —
—
—
—
—
—
—
—
—
—
Mut
ual F
unds
3
1
1
2
4
29
—
9
—
—
10
To
tal
(
29
) (
13
6)
6
(8
25
) (
2,4
23
) (
10
,15
0)
9
—
—
62
GR
AN
D T
OTA
L
(2
,23
3)
(5
32
) (
2,9
98
) 2
,30
8
(1
0,1
70
) 1
3,6
45
9
—
(
8,4
02
) (
9,0
87
)
196
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 196 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Ap
pen
dix
7 t
o A
nn
exu
re 3
A
Fu
nd
Wis
e D
iscl
osu
re o
f A
pp
recia
tio
n a
nd
/or
(Dep
recia
tio
n)
in v
alu
e o
f In
vest
men
t se
gre
ga
ted
Cla
ss W
ise
as
on
31
st M
arc
h 2
01
2
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsG
r. G
ilt
Gr. B
on
dG
r. M
on
ey
Ma
rket
Gr. S
ho
rt T
erm
Deb
tG
r. C
ap
ita
l P
rote
cti
on
Cu
rren
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Ap
pro
ved
In
vest
men
ts
Gov
ernm
ent B
onds
(1
,094
) (1
3) —
—
—
—
—
—
—
—
Cor
pora
te B
onds
—
—
2
,284
4
,777
—
—
1
,118
(4
34)
—
—
Infra
stru
ctur
e Bo
nds
—
—
(8,1
19)
(11,
876)
—
—
105
(2
,213
) —
—
Equ
ity
—
—
—
—
—
—
—
—
—
—
Mon
ey M
arke
t —
—
—
—
—
—
—
—
—
—
Mut
ual F
unds
—
—
1
0 —
—
—
1
4
—
—
To
tal
(
1,0
94
) (
13
) (
5,8
25
) (
7,0
99
) —
—
1
,22
4
(2
,64
3)
—
—
Oth
er
Inve
stm
en
ts
Cor
pora
te B
onds
—
—
(6
40)
236
—
—
—
(1
45)
—
—
Infra
stru
ctur
e Bo
nds
—
—
—
—
—
—
—
—
—
—
Equ
ity
—
—
—
—
—
—
—
—
—
—
Mon
ey M
arke
t —
—
—
—
—
—
—
—
—
—
Mut
ual F
unds
—
—
—
—
1
9
—
1
—
—
To
tal
—
—
(
64
0)
23
6
1
9
—
(1
44
) —
—
GR
AN
D T
OTA
L
(1
,09
4)
(1
3)
(6
,46
5)
(6
,86
3)
1
9
1,2
24
(
2,7
87
) —
—
197
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 197 01/08/12 2:11 PM
Ap
pen
dix
7 t
o A
nn
exu
re 3
A
Fu
nd
Wis
e D
iscl
osu
re o
f A
pp
recia
tio
n a
nd
/or
(Dep
recia
tio
n)
in v
alu
e o
f In
vest
men
t se
gre
ga
ted
Cla
ss W
ise
as
on
31
st M
arc
h 2
01
2
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsG
r. F
loa
tin
g R
ate
Gr. S
ecu
reG
r. S
tab
leG
r. G
row
thG
r. G
row
th A
dva
nta
ge
Cu
rren
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Ap
pro
ved
In
vest
men
ts
Gov
ernm
ent B
onds
—
—
(6
1,20
3) (3
3,32
8) (2
4,06
9) (9
,893
) (1
0,12
0) (6
,422
) (6
03)
(186
)
Cor
pora
te B
onds
—
—
(5
,160
) (2
,182
) (1
,781
) 6
(5
62)
(2,7
12)
296
1
76
Infra
stru
ctur
e Bo
nds
—
— (1
8,61
8) (1
6,68
2) (1
2,81
2) (8
,368
) (7
,573
) (9
,013
) (9
78)
(892
)
Equ
ity
—
— 4
2,10
1 5
9,50
9 4
2,19
1 7
7,09
2 2
2,41
3 5
8,40
1 3
,377
4
,075
Mon
ey M
arke
t —
—
—
—
—
—
—
—
—
—
Mut
ual F
unds
—
—
1
—
—
—
5
—
—
—
To
tal
—
—
(
42
,87
9)
7,3
17
3
,52
9
58
,83
7
4,1
63
4
0,2
54
2
,09
2
3,1
73
Oth
er
Inve
stm
en
ts
Cor
pora
te B
onds
—
—
(1,2
02)
(1,5
40)
(2,9
90)
(1,8
62)
85
(902
) —
—
Infra
stru
ctur
e Bo
nds
—
— —
—
—
—
—
—
—
—
Equ
ity
—
— 1
,078
(9
,220
) 3
15
(12,
945)
120
(9
,257
) 1
77
(1,2
21)
Mon
ey M
arke
t —
—
—
—
—
—
—
—
—
—
Mut
ual F
unds
—
—
—
—
—
18
—
—
3
—
To
tal
—
—
(1
24
) (
10
,76
0)
(2
,67
5)
(1
4,7
89
) 2
05
(
10
,15
9)
18
0
(1
,22
1)
GR
AN
D T
OTA
L
—
—
(4
3,0
03
) (
3,4
43
) 8
54
4
4,0
48
4
,36
8
30
,09
5
2,2
72
1
,95
2
Annexures to Schedule 16for the year ended 31st March, 2012
198
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 198 01/08/12 2:11 PM
Ap
pen
dix
7 t
o A
nn
exu
re 3
A
Fu
nd
Wis
e D
iscl
osu
re o
f A
pp
recia
tio
n a
nd
/or
(Dep
recia
tio
n)
in v
alu
e o
f In
vest
men
t se
gre
ga
ted
Cla
ss W
ise
as
on
31
st M
arc
h 2
01
2
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsG
r. I
nco
me A
dva
nta
ge
Gr. B
on
d 2
Gr. M
on
ey
Ma
rket
2G
r. G
row
th 2
Gr. S
ecu
re 2
Cu
rren
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Ap
pro
ved
In
vest
men
ts
Gov
ernm
ent B
onds
(1
23)
(849
) —
—
—
—
3
13
—
—
—
Cor
pora
te B
onds
(7
9) (4
64)
—
—
—
—
62
—
—
—
Infra
stru
ctur
e Bo
nds
(16)
(4,8
71)
—
—
—
—
79
—
—
—
Equ
ity
—
—
—
—
—
—
3,8
80
—
—
—
Mon
ey M
arke
t —
—
—
—
—
—
—
—
—
—
Mut
ual F
unds
—
—
—
—
—
—
1
—
—
—
To
tal
(
21
8)
(6
,18
4)
—
—
—
—
4,3
35
—
—
—
Oth
er
Inve
stm
en
ts
Cor
pora
te B
onds
—
(5
19)
—
—
—
—
—
—
—
—
Infra
stru
ctur
e Bo
nds
—
—
—
—
—
—
—
—
—
—
Equ
ity
—
—
—
—
—
—
261
—
—
—
Mon
ey M
arke
t —
—
—
—
—
—
—
—
—
—
Mut
ual F
unds
—
2
—
—
—
—
—
—
—
—
To
tal
—
(
51
7)
—
—
—
—
26
1
—
—
—
GR
AN
D T
OTA
L
(2
18
) (
6,7
01
) —
—
—
—
4
,59
6
—
—
—
Annexures to Schedule 16for the year ended 31st March, 2012
199
Birla Sun Life Insurance
BSLI AR_Financial_P033_P208.indd 199 01/08/12 2:11 PM
Annexures to Schedule 16for the year ended 31st March, 2012
Ap
pen
dix
7 t
o A
nn
exu
re 3
A
Fu
nd
Wis
e D
iscl
osu
re o
f A
pp
recia
tio
n a
nd
/or
(Dep
recia
tio
n)
in v
alu
e o
f In
vest
men
t se
gre
ga
ted
Cla
ss W
ise
as
on
31
st M
arc
h 2
01
2
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Pa
rtic
ula
rsG
r. S
ho
rt T
erm
Deb
t 2
Gr. S
tab
le 2
Gr. F
ixed
In
tere
st 2
Tota
l
Cu
rren
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
rC
urr
en
t Ye
ar
Pre
vio
us
Yea
r
Ap
pro
ved
In
vest
men
ts
Gov
ernm
ent B
onds
—
—
3
—
3
26
—
(1,0
69,1
60)
(603
,245
)
Cor
pora
te B
onds
(8
1) —
—
—
1
8 —
(1
95,4
55)
(138
,254
)
Infra
stru
ctur
e Bo
nds
(61)
—
—
—
23
—
(377
,513
) (2
27,7
74)
Equ
ity
—
—
7
—
—
—
2,8
34,0
90
6,0
10,4
63
Mon
ey M
arke
t —
—
—
—
—
—
—
—
Mut
ual F
unds
—
—
—
—
—
—
5
04
12
To
tal
(
14
2)
—
10
—
3
67
—
1
,19
2,4
66
5
,04
1,2
02
Oth
er
Inve
stm
en
ts
Cor
pora
te B
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200
Annual Report 2011-12
BSLI AR_Financial_P033_P208.indd 200 01/08/12 2:11 PM
Summary of Financial Statements Annexure - 4
(Amounts in thousands of Indian Rupees)
Sr. No. Particulars 2011-12 2010-11 2009-10 2008-09 2007-08
POLICYHOLDERS’ A/C
1 Gross Premium Income 58,853,594 56,770,665 55,056,579 45,718,039 32,571,331
2 Net Premium Income# 57,477,737 55,945,624 54,253,630 45,166,377 32,230,713
3 Income from investments(Net)@ (1,632,680) 14,919,387 40,031,523 (6,706,646) 4,872,915
4 Other Income 298,060 236,803 143,486 170,850 100,150
5 Total Income 56,143,117 71,101,814 94,428,639 38,630,582 37,203,778
6 Commissions 2,911,723 3,499,814 4,813,947 4,462,129 3,178,308
7 Brokerage 342,279 305,981 348,027 355,751 177,230
8 Operating Expenses related toinsurance Business 12,151,175 12,034,778 13,267,526 12,487,624 6,707,323
9 Total Expenses 15,405,177 15,840,573 18,429,500 17,305,503 10,062,861
10 Payment to Policy holders 27,046,221 19,343,749 11,387,815 6,464,413 4,296,800
11 Increase in Actuarial Liability 9,871,376 33,252,514 69,259,695 22,152,906 27,486,205
12 Provision for Tax (including Fringe Benefi t Tax) — (5,875) — 61,500 38,281
13 Surplus/(Defi cit) from operations 3,820,343 2,670,853 (4,648,371) (7,353,741) (4,680,369)
SHAREHOLDERS’ A/C
14 Total Income under Shareholders’ Account 786,946 379,105 293,405 332,383 227,614
15 Profi t/(loss) Before Tax 4,607,289 3,049,958 (4,354,965) (7,021,358) (4,452,755)
16 Profi t/(loss) After Tax 4,607,289 3,049,958 (4,354,965) (7,021,358) (4,452,755)
17 “Profi t/(loss) carried to Balance Sheet (Net of Interim Dividend & tax thereon)” (13,762,293) (17,225,082) (20,275,040) (15,920,075) (8,898,719)
18 (A) Policyholders’ account:
Total funds (incl Funds for Future Appropriation) 199,640,312 189,770,583 156,518,655 87,258,406 65,105,551
Total Investments (including policy loans) 201,197,493 190,888,814 156,520,111 87,237,071 64,854,552
Yield on investments
– Linked Fund (%) $ -1.74% 9.45% 44.77% -9.82% 10.65%
– Non-Linked Fund (%) 8.31% 7.54% 6.95% 11.49% 8.75%
(B) Shareholders’ account:
Total funds (including unrealised gain) 10,732,754 7,269,919 4,220,265 4,075,129 3,846,383
Total investments 10,153,273 6,972,707 5,043,972 4,670,115 4,222,791
Yield on investments (%) 9.85% 6.59% 6.41% 8.01% 6.83%
19 Yield on total investments -0.41% 9.20% 40.14% -8.00% 10.34%
20 Paid-up equity capital 19,695,000 19,695,000 19,695,000 18,795,000 12,745,000
21 Net worth 10,732,754 7,269,919 4,220,264 4,075,129 3,846,383
22 Total Assets 210,373,067 197,040,502 160,738,920 91,333,534 68,951,934
23 Earnings per share (share of FV of ` 10 each) `
2.34 1.55 (2.28) (4.44) (5.11)
24 Book value per share (share of FV of ` 10 each) `
5.45 3.69 2.14 2.17 3.02
# Net of Reinsurance
@ Net of Losses
$ Yield on Linked policyholders investments includes unrealised gains on investments.
Annexures to Schedule 16for the year ended 31st March, 2012
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Birla Sun Life Insurance
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Annexures to Schedule 16for the year ended 31st March, 2012
Analytical Ratio for the Financial Year : 2011-12 Annexure - 5
Sr. No. Ratios for Life Insurers 31st March 2012 31st March 2011
1 New business premium income growth (segment-wise)(New business premium for Current Year divided by newbusiness premium income for Previous Year)a) Linked Business 0.72 0.58b) Non-Linked Business 2.11 11.86c) Pension Business 0.68 0.89d) Health Business 1.07 0.81e) Total Business 0.93 0.70
2 Net Retention Ratio 0.98 0.99(Net premium divided by gross premium)
3 Ratios of Expenses of Management 0.26 0.28(Expenses of management divided by the total gross direct premium)Note: Expenses of Management = Operating Expenses related to Insurance Business + Commission Expenses
4 Commission Ratio 0.06 0.07(Gross Commission paid to Gross Premium)
5 Ratio of Policyholders’ Liabilities to Shareholders’ Funds 18.60 26.10Note: a) Policyholders’ Liabilities = Policy Liabilities + Funds for Future Appropriations + Provision for Linked Liabilities +Credit/(Debit) fair value change account (Linked & Non-Linked) b) Shareholders’ Funds = Share Capital + Reserves & Surplus + Credit/(Debit)
fair value Current Year account + Credit/(Debit) balance in Profi t & Loss A/C6 Growth Rate of Shareholders’ Funds 1.48 0.727 Ratio of Surplus to Policyholders Liabilities 0.02 0.028 Change in Net Worth (` in ‘000) 3,462,835 3,049,6559 Profi t after Tax/Total Income 0.08 0.04
Note: 1) Total Income = Total Income under Policyholders’ Account (Excluding Contributions from Shareholders’ Account) + Total Income under Shareholders’ Account
10 (Total Real Estate + Loans)/Cash & Invested Assets 0.00 0.0011 Total Investments/(Capital + Surplus) 19.67 27.18
Note: Total Investments = Shareholders’ Investments + Policyholders’ Investments + Assets held to cover Linked Liabilities
12 Total Affi liated Investments/(Capital + Surplus)* 0.14 0.3013 Investment Yield
A. With Realised GainsShareholders’ Funds 9% 8%Policyholders’ Funds :Non-Linked Non Participating 8% 7%Linked Non Participating 0% 12%B. Without Realised GainsShareholders’ Funds 7% 7%Policyholders’ Funds :Non-Linked Non Participating 8% 5%Linked Non Participating -2% 9%
14 Conservation RatioTotal Conservation Ratio (without Group) 76% 75%Total Conservation Ratio (with Group) 70% 66%
15 Persistency RatioFor 13th month 82% 83%For 25th month 77% 77%For 37th month 72% 72%For 49th Month 62% 64%For 61st month 53% 55%
16 NPA RatioGross NPA Ratio Nil NilNet NPA Ratio Nil Nil
* Ratio calculated above is without considering policyholders' funds amounting to ` 1,147,118 (Previous Year ` 190,626 thousands).The ratio after considering policyholders' funds for the current year is 0.14 (Previous Year: 0.01).
202
Annual Report 2011-12
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In accordance with the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, the following Management Report is submitted by the Board of Directors:
1. Certifi cate of Registration
The Certifi cate of Registration granted by the Insurance Regulatory and Development Authority (IRDA) to enable the Company to transact life insurance business was valid as on 31st March, 2012 and is in force as on the date of this Report. IRDA has renewed the Company’s Certifi cate of Registration to sell life insurance products in India for the year 2012-13 vide its Certifi cate of Renewal of Registration dated 16th March 2012.
2. Statutory Dues
We hereby certify that all the material dues payable, other than those which are being contested with the statutory authorities, have been duly paid.
3. Shareholding Pattern
The Company confi rms that the shareholding pattern and any transfer of shares during the year are in accordance with the statutory and/or regulatory requirements.
4. Investment of Funds
The Company has not, directly or indirectly, invested policyholders fund outside India.
5. Solvency Margin
The Company has maintained adequate assets to cover both its liabilities and the minimum solvency margin, as stipulated in Section 64 VA of the Insurance Act, 1938.
6. Valuation of Assets
We hereby certify that all assets of the Company have been reviewed on the date of the Balance Sheet and to the best of our knowledge and belief the assets set forth in the Balance Sheet are shown in the aggregate at amounts not exceeding their realizable or market value under the several headings – “Loans”, “Investments” (other than as mentioned hereunder), “Agents balances”, “Outstanding Premiums”, “Interest, Dividends and Rents outstanding”, “Interest, Dividends and Rents accruing but not due”, “Amounts due from other persons or Bodies carrying on insurance business”, “Sundry Debtors”, “Bills Receivable”, “Cash” and the several items specifi ed under “Other Accounts”.
Market values of fi xed income investments made in shareholders’ funds and policyholders non-linked funds which are valued at amortised cost as per IRDA regulations, is lower than their carrying amounts by ` 363,764 (previous year lower by ` 220,124), in aggregate as at 31st March, 2012.
7. Investment Pattern
We hereby confi rm and certify that, no part of Life Insurance Fund has been directly or indirectly applied in contravention of provisions of the Insurance Act 1938 (4 of 1938) relating to the application and investment of the life insurance funds.
8. Risk Minimisation Strategies
The company is exposed to several risks in the course of its business. The risks on the liabilities side may arise due to more than expected claims. On the assets side, the risks arise due to the possibility of fl uctuations in their values. The company is also subject to the expense risk, since until new business volumes grow signifi cantly, the actual expenses of the company will exceed the expenses loaded into the product pricing. The company has implemented adequate safeguards to mitigate these risks, as are described below.
A strong underwriting team is in place to review all proposals from clients, supported by comprehensive processes and procedures, and guided by international experts. The objective of the underwriting team is to minimise the risks of abnormal mortality and morbidity by acquiring adequate information, on which to determine, whether to accept individual lives, and if so, the extra premium, to compensate for any additional risk.
Further, the possible fi nancial effect of adverse mortality and morbidity experience has been reduced by entering into reinsurance agreements with RGA and Swiss Re (international reinsurers) for individual life business and RGA for group business. All reinsurers are specialist international reinsurance companies with excellent reputation and signifi cant fi nancial strength. The company also has a separate agreement with RGA to cover the catastrophic risks under group business.
The company has also set up systems to continuously monitor its experience in regard to other parameters that affect the value of benefi ts offered in the products. Such parameters include policy lapses, premium persistency, maintenance expenses and investment returns. The operating expenses are monitored very closely. Many products offered by the company also have an investment guarantee. The company has set aside additional reserves to cover this risk.
The company’s investment team operates under the close supervision of the Investment Committee appointed by the Board of Directors. The investments are made in line with the investment policy adopted by the company.
The company has a Business Continuity Plan in place to manage any business interruption risk.
To control operational risk operating and reporting processes are reviewed and updated regularly. Ongoing training through internal and external programs is designed to prepare staff at all levels for meeting the demands of their positions.
Management Reportfor the year ended 31st March, 2012
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9. Country Risk
The Company is operating in India only and hence has no exposure to any other country risk.
10. Ageing of Claims
The average claims settlement time to date has been 4 days from the day all necessary documents are submitted to the Company. There are no claims, settled and unpaid, which are outstanding for more than six months as at the Balance Sheet date (Previous year ` Nil) The ageing of outstanding claims as on 31sr March 2012 is given below:
Current Year
PeriodUnit Linked Non Linked and Term
No. of Claims Amount Involved No. of Claims Amount Involved
30 days* — — — —30 days to 6 months* 12 3,969 1 4306 months to 1 year* 16 6,397 1 2001 year to 5 years* 34 12,064 1 3005 years and above* 2 300 — —
Total 64 22,730 3 930
Previous Year
PeriodUnit Linked Non Linked and Term
No. of Claims Amount Involved No. of Claims Amount Involved
30 days* 2 560 0 030 days to 6 months* 13 5,229 0 06 months to 1 year* 15 6,162 0 01 year to 5 years* 13 3,674 1 3005 years and above* 3 400 0 0
Total 46 16,095 1 300
* The above includes provision made (net of reinsurance) for 77 cases (previous year 47 cases) amounting to ` 24,403 (previous year ` 16,395) during the year where the Company has lost in the fi rst forum of litigation and has appealed against the same.
11. Valuation of Investments
We hereby certify;-
The investments of Shareholders Funds and Non Linked Policyholders Funds are valued as under:
• Debt Securities and money market instruments are valued on amortised cost basis.
• Equities are valued on the last quoted closing price of the security on the National Stock Exchange of India Limited (NSE). In case the shares are not listed on NSE, valuation is done on closing price at Bombay Stock Exchange (BSE). Investments in unlisted equity shares are valued as per the valuation policy of the Company duly approved by Investment Committee.
• Mutual Funds are valued on previous day’s net asset value published by the respective mutual funds.
The investments of linked funds of policyholders are valued as under:
• Government Securities are valued basis the CRISIL Gilt prices. All other debt securities are valued through CRISIL Bond Valuer. Debt securities with a residual maturity of less than or equal to 182 days are amortised over the remaining days to maturity through CRISIL Bond Valuer.
• Equities are valued on the last quoted closing price of the security on the National Stock Exchange of India Limited (NSE). In case the shares are not listed on NSE, valuation is done on closing price at Bombay Stock Exchange (BSE). Investments in unlisted equity shares are valued as per the valuation policy of the Company duly approved by Investment Committee.
• Money Market Instruments are valued on amortized value. In case of T-bill if the traded price is available the same is considered for valuation.
• Mutual Funds are valued on previous day’s net asset value published by the respective mutual funds.
12. Review of Asset Quality
Shareholders’ Fund
The company has invested approx 57% of the Shareholder funds in Government securities, Treasury Bills and Collateralised Borrowing and lending obligation (CBLO), which have a sovereign rating. Around 36% of the funds have been invested in AAA and AA+ rated Securities (which includes Infrastructure & Housing bonds). Around 4.50% of the funds have been invested in other than AAA/AA+ rated securities (which includes Infrastructure & Housing bonds). Around 1% of portfolio is invested into short-term investment with A1+ rating. Approximately 1.5% of the fund is invested in Fixed Deposits and liquid schemes of leading mutual funds to meet short-term cash fl ow requirements.
Management Reportfor the year ended 31st March, 2012
204
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Policyholders’ Fund
The policyholders’ funds are invested as per the regulatory norms and the commitments made to the policyholders. In fi xed income segment, majority of the investment is made in Government securities having sovereign rating & debt paper of reputed corporate having rating AAA/P1+. The equity selection is made after completing appropriate research and analysis of the investee company as well as the industry to which it belongs. To meet the liquidity requirement a part is invested into liquid schemes of leading mutual funds and other money market instruments of high credit rating. The investments are also made keeping in mind the asset-liability requirement and risk profi le of the respective funds.
13. Directors Responsibility Statement
The Board of Directors of the Company also state that:
• The fi nancial statements have been prepared in accordance with applicable accounting standards, the regulations stipulated by the IRDA and the provisions of the Insurance Act, 1938 and the Companies Act, 1956 and disclosures have been made, wherever the same is required. There is no material departure from the said standards, principles and policies.
• The Company has adopted accounting polices and applied them consistently and has made judgments and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2012, and, of the operating profi t of the Company for the year ended on 31st March, 2012.
• Proper and suffi cient care has been taken to maintain adequate accounting records in accordance with the applicable provisions of the Insurance Act, 1938, Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.
• The fi nancial statements of the Company are prepared on a going concern basis.
• The Company has appointed some audit fi rms to conduct the internal audit of the Company. The scope of work of the audit fi rms’ is commensurate with the size and nature of the Company’s business. The management certifi es that adequate internal control systems and procedures were in existence for this fi nancial year.
14. Schedule of payments made to individuals, fi rms, companies and organisation in which Directors of the Company are
interested:
The Company has not made any payments during the year to individuals, fi rms, companies and organisation in which Directors of the Company are interested.
Management Reportfor the year ended 31st March, 2012
For and on behalf of the Board of DirectorsBirla Sun Life Insurance Company Limited
Donald A. Sewart Gian P. GuptaDirector Director
Jayant Dua Mayank Bathwal Niall O’hareManaging Director & CEO Chief Financial Offi cer Chief Actuarial Offi cer
Priscilla Sinha Ashish LakhtakiaAppointed Actuary Company Secretary
Mumbai, 28th April, 2012
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Cash Flow Statementfor the year ended 31st March, 2012
Receipts and Payments account (Cash Flow Statement)
for the year ended 31st March, 2012
(Amounts in thousands of Indian Rupees)
ParticularsAudited Year ended
31st March 2012
Audited Year ended
31st March 2011
Cash fl ow from operating activities (A)
Premium received 58,912,599 57,806,397 Reinsurance premium ceded (1,253,863) (823,242)Application money deposit & due to Policyholders 568,658 234,069 Commission paid (3,198,135) (3,947,188)Deposits taken from/(refunded to) agents — (1)Payments made to employees and for expenses (12,288,773) (11,516,125)Claims paid (26,725,786) (19,339,770)Deposits & others (15,361) 45,455 Deposits with Reserve Bank of India — — Other income 279,046 170,603 Cash infl ow from operating activities 16,278,385 22,630,198
Taxes Paid (Fringe Benefi t Tax & Wealth Tax) — 2,100 Net cash fl ow from operating activities (A) 16,278,385 22,632,298
Cash fl ow from investing activities (B)
Purchase of fi xed assets (367,432) (59,730)Sale of fi xed assets 15,467 4,510 Loan against Policies 44,642 35,507 Decrease /(Increase) in investments (25,580,618) (32,529,362)Cash held to cover linked liabilities (100,369) 2,723,097 Interest received (net of tax deducted at source) 9,503,632 7,431,688 Dividend received 1,474,739 1,181,166 Net cash used in investing activities (B) (15,009,939) (21,213,124)
Cash fl ow from fi nancing activities (C)
Share capital issued — — Share premium — — Dividend distribution tax (159,751) — Net cash used in fi nancing activities (C ) (159,751) — Net increase/(decrease) in cash and cash equivalents (D=A+B+C) 1,108,695 1,419,174 Cash and cash equivalents at beginning of the year 5,195,963 3,776,789 Cash and cash equivalents as at end of the period 6,304,658 5,195,963
Notes:
1. Cash and cash equivalents at end of the year includes:
Cash and Bank Balances 64,04,659 58,85,242 Bank deposits maturing > 3 months considered in investment activities (1,00,000) — Temporary Overdraft (as per books only) — (6,89,279)Cash and cash equivalents 63,04,659 51,95,963
2. Due to large volume of investments transactions, cash fl ow is reported on net basis in accordance with Accounting Standard 3 issued by the Institute of Chartered Accountants of India.
In terms of our report attached
For S. R. Batliboi & Associates For Fraser & Ross For and on behalf of the Board of DirectorsChartered Accountants Chartered AccountantsFirm Registration No.101049W Firm Registration No. 000829S
per Amit Majmudar S. Ganesh Donald A. Sewart Gian P. Gupta Partner Partner Director DirectorMembership No. 36656 Membership No. 204108 Jayant Dua Mayank Bathwal Managing Director & CEO Chief Financial Offi cer
Niall O’hare Priscilla Sinha Chief Actuarial Offi cer Appointed Actuary
Ashish LakhtakiaMumbai, 28th April, 2012 Company Secretary
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Annual Report 2011-12
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Balance Sheet Abstractfor the year ended 31st March, 2012
Balance Sheet Abstract and Company’s General Business Profi le
(Amounts in thousands of Indian Rupees)I Registration Details State Code 2 2
Registration No. 1 2 8 1 1 0
Balance Sheet Date 3 1 0 3 2 0 1 2
II Capital Raised during the Year (Amount in ` thousands)
Public Issue Right Issue
N I L
N I L
Bonus Issue Private Placement (Including Premium)
N I L
N I L
III Position of Mobilisation and Development of Fund (Amount in ` thousands)
Total Liabilities Total Assets
2 3 4 2 9 4 1 2 8
2 3 4 2 9 4 1 2 8
Source of Funds
Paid-Up-Capital Reserve & Surplus*
1 9 6 9 5 0 0 0
8 9 6 2 2 4 6
Secured Loans Unsecured Loans
N I L
N I L
* Reserves & Surplus includes Policy Liabilities, Linked Liabilities & Fair Value Change Account. Application of Funds
Net Fixed Assets Investments*
3 9 5 8 6 1
2 1 1 1 0 0 5 2 8
Net Current Assets Misc. Expenditure
(–) 1 3 7 3 5 6 1
N I L
Accumulated losses
1 3 7 6 2 2 9 3
* Includes LoansIV Performance of Company (Amount in ` thousands)
Turnover Total Expenditure
5 6 9 4 6 7 4 3
5 2 3 3 9 4 5 3
Profi t Before Tax Profi t After Tax
4 6 0 7 2 9 0
4 6 0 7 2 9 0
Earning per share Dividend rate %
2 . 3 4
– –
V Generic Names of Three Principal products/Services of Company (as per monetary terms)
Item Code No. (ITC Code) Product Description
N I L
L I F E
I N S U R A N C E
Date Month Year
For and on behalf of the Board of Directors
Donald A. Sewart Gian P. GuptaDirector Director
Jayant Dua Mayank Bathwal Niall O’hareManaging Director & CEO Chief Financial Offi cer Chief Actuarial Offi cer
Priscilla Sinha Ashish LakhtakiaAppointed Actuary Company Secretary
Mumbai, 28th April, 2012
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Appointed Actuary’s Certifi catefor the year ended 31st March, 2012
(Amounts in thousands of Indian Rupees)
I have valued the policy liabilities of Birla Sun Life Insurance Company Limited at 31st March 2012, in accordance with accepted actuarial practice and in line with relevant professional guidance issued by the Institute of Actuaries of India, including that covering the selection of appropriate assumptions.
In my opinion, the amount of policy liabilities (` 195, 683, 018 net of reinsurance) makes appropriate provision for all policyholders’ obligations, and the fi nancial statements fairly present the result of the valuation.
Priscilla Sinha
Appointed Actuary
Fellow of the Institute of Actuaries of India
Mumbai, 20th April, 2012
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