Winning Our Customers’ Hearts Annual Report 2013-14
Winning Our Customers’ Hearts
Annual Report 2013-14
Corporate ReportMessage from the MD & CEO ........................................................................................................... 02Board of Directors..............................................................................................................................03Senior Management Team.................................................................................................................08
Business ReportSnapshot of Financial Indicators .......................................................................................................11Insight ...............................................................................................................................................12Innovation ..........................................................................................................................................16Integration..........................................................................................................................................20Rewards & Recognitions ...................................................................................................................23
Financial ReportDirector’s Report................................................................................................................................25Management Discussion and Analysis ..............................................................................................35Corporate Governance Report ..........................................................................................................45Enterprise Risk Management Report.................................................................................................57Auditor's Report.................................................................................................................................61Financial Report.................................................................................................................................65
Annual Report 2013-14
About Us
Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, a well-known Indian conglomerate and Sun Life Financial Inc., one of the leading international financial services organisations from Canada. With an experience of over a decade, BSLI has contributed to the growth and development of the Indian life insurance industry and currently is one of the leading life insurance companies in the country.
Our VisionTo be a leader and role model
Our Values
Integrity Commitment Passion Seamlessness Speed
Contents
At BSLI, we believe that our customer comes first.
In our business that is founded on trust, we proactively reach out to our customers and
remain driven by their needs. We constantly strive to understand what it is that our
customers look for, and channel our business to suit these different outcomes.
Everything we do, we do keeping our customers in mind, being constantly inspired by their
requirements. We believe that emphasizing quality in our customer service and offering
our customers compelling value will drive growth and profitability. The feedback we receive
and the new ideas we create, therefore, become our foundation to develop a long-lasting,
seamless customer experience.
As we set out yet again on a path of sustained growth, we rely on our 3-step model of
Insight, Innovation and Integration to keep our customers satisfied and secure, and
continue to build, preserve and nurture house-holds, generations and the nation.
1
Birla Sun Life Insurance
Corporate ReportMessage from the MD & CEO ........................................................................................................... 02Board of Directors..............................................................................................................................03Senior Management Team.................................................................................................................08
Business ReportSnapshot of Financial Indicators .......................................................................................................11Insight ...............................................................................................................................................12Innovation ..........................................................................................................................................16Integration..........................................................................................................................................20Rewards & Recognitions ...................................................................................................................23
Financial ReportDirector’s Report................................................................................................................................25Management Discussion and Analysis ..............................................................................................35Corporate Governance Report ..........................................................................................................45Enterprise Risk Management Report.................................................................................................57Auditor's Report.................................................................................................................................61Financial Report.................................................................................................................................65
Annual Report 2013-14
About Us
Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, a well-known Indian conglomerate and Sun Life Financial Inc., one of the leading international financial services organisations from Canada. With an experience of over a decade, BSLI has contributed to the growth and development of the Indian life insurance industry and currently is one of the leading life insurance companies in the country.
Our VisionTo be a leader and role model
Our Values
Integrity Commitment Passion Seamlessness Speed
Contents
At BSLI, we believe that our customer comes first.
In our business that is founded on trust, we proactively reach out to our customers and
remain driven by their needs. We constantly strive to understand what it is that our
customers look for, and channel our business to suit these different outcomes.
Everything we do, we do keeping our customers in mind, being constantly inspired by their
requirements. We believe that emphasizing quality in our customer service and offering
our customers compelling value will drive growth and profitability. The feedback we receive
and the new ideas we create, therefore, become our foundation to develop a long-lasting,
seamless customer experience.
As we set out yet again on a path of sustained growth, we rely on our 3-step model of
Insight, Innovation and Integration to keep our customers satisfied and secure, and
continue to build, preserve and nurture house-holds, generations and the nation.
1
Birla Sun Life Insurance
Message from the MD & CEO
Dear Shareholders,
Financial year 2014 has been a defining year in the Indian life insurance industry. The industry adapted to multiple changes that reinforced the fundamental proposition of life insurance - financial protection in times of unfortunate events. These changes helped strengthen customer trust by laying emphasis on protecting their interests. In an industry where millions of people already entrust their life savings customer trust is a game changer.
As a sector, the life insurance industry has witnessed a complete business cycle of expansion in the initial years and a phase of consolidation, evaluation and rationalisation in the latter. The recent evolved regulatory framework has nudged life insurance players to think and constantly evaluate if they are ‘customer-ready.’
In our business, customer interface and service excellence are of prime importance. The benefits of a rich and seamless customer experience are aplenty. Given the low insurance penetration and large captive customer-base there is a need for a framework to redefine relationships and win-back customer confidence. It is our endeavor at BSLI to ensure trust surplus with all our stakeholders including customers, distributor, employees, and the communities that we live and operate in. Early in the relationship, we ensure that we acquire customers by selling right not only to fulfill a need, but a more specific outcome. We then provide them with superior customer experiences to forge and strengthen long-term relationships. At BSLI, we share a belief of partnering our customers through a lasting relationship across generations and life-stages.
Towards building our consumer centric business and delivering exactly what customers want, we have successfully adopted the following:
• Built a business model that is 'outside-in' to understand and appreciate the felt and unfelt needs of our customers
• Enhanced all touch-points to define and develop all our customer interactions
• Leveraged technology to enhance reach and engagement
Word of mouth remains the most powerful customer acquisition tool. Past experiences prove that quality speaks for itself and assures us repeat business. BSLI attained recognition as the 3rd most trusted life insurance brand in Brand Equity's Most Trusted Brands Survey 2013, making us one of the most trusted brand amongst all other private insurance players. We are grateful for the trust our customers have placed in us, and are committed to upholding this trust.
Customer centricity is our key driver! As an organization, we have not only earned faith of over two million policyholders, but also created value for our stakeholders. In FY14, the company registered a profit of 371 crores (FY13 – 542 crores).BSLI ranked No. 1 among private insurance players in Group Business sales with a market share growth from 15.85% in FY13 to 18.3% FY14. Our growing relationships stand testimony to our efforts at achieving profitability by creating superior value for our customers. We have identified various areas to strengthen our competitive and financial positions in the coming years which include achieving optimal capacities and better distribution management. Our focus has and will continue to remain on the customer value solutions that we can offer.
Given the changing dynamics of the business environment, in the past year we have had to reimagine processes across various
Annual Report 2013-14
2
functions to enhance capacity, productivity and sustainability. Products were redesigned in line with the new regulations. In line with our focus towards enhanced customer-centricity, we developed many tools to empower and aid our agency force in counseling our customers' basis their life-stage insurance requirements. Acquainting them with the nuances of the sector has started showing results, and I believe will go a long way in strengthening our business.
We assign utmost priority to listen, understand and respond to the needs of our customers. We have a cell for constant customer insights and have leveraged insights to turn them into action. We have enhanced technology, processes and the organization structure. Our deep understanding of customers' needs has enabled us to provide customized solutions that encompass elements of protection, milestone savings, wealth creation and other long term financial goals. Empower@Ease, our proprietary technology platform that focuses on creating a powerful buying experience through customer participation and personalization is a step in this direction. We have strived to ensure that technology does not limit personalized interface and are proud of a 100% face-to-face customer interface with all policy holders at the time of sale.
As a trusted partner and preferred choice of insurer for customers, we will continue to discover, learn and re-invent ourselves to understand their needs better and fuel this growing long-term customer facing business.
Warm Regards,
Pankaj RazdanManaging Director & Chief Executive Officer
Birla Sun Life Insurance
3
Mr. Kumar Mangalam Birla is the Chairman of the US$ 40 billion multinational Aditya Birla Group, which operates in 36 countries across six continents. Mr. Birla took over as Chairman of the Group in 1995. In the years that he has been at the helm of the Group, he has accelerated growth, built meritocracy and enhanced stakeholder value. From a turnover of US$ 2 billion in 1995, today the Group's revenues are at US$ 40 billion and its operations from 8 countries then, span 36 countries today. He has made 31 acquisitions in these 19 years in India and globally, the highest by an Indian multinational.
An iconic figure, Mr. Birla has held and continues to hold several key positions on various regulatory and professional Boards. An erstwhile Director on the Central Board of Directors of the Reserve Bank of India, he was Chairman of the Advisory Committee constituted by the Ministry of Company Affairs and also served on The Prime Minister of India's Advisory Council on Trade and Industry. Furthermore, as the Convener of the Prime Minister's Task Force on Administrative and Legal Simplifications, the extensive implementations made by him in his report have been implemented in totality. Mr. Birla also served as Chairman of SEBI's committee on Insider Trading which formulated Corporate Governance principles for Indian corporates.
He is on the National Council of the Confederation of Indian Industries and the Apex Advisory Council of the Associated Chamber of Commerce and Industry of India.
Mr. Birla has won recognition for his exemplary contribution to leadership processes and institutions/ systems building. A selective list includes recognition as the Economic Times' Business Leader of the Year Award in 2012-13 for the second time. The previous win was in 2003. He was awarded the flagship 'Entrepreneur of the Year, 2012 at the Forbes India Leadership Awards. The other accolades received by Mr. Birla feature NASSCOM's Global Business Leader Award (2012), CNBC TV 18's India Business Leader Award (2012) for Taking India Abroad, the CNN-IBN Indian of the Year 2010 – Business for being the most outstanding business person, among many others. He was chosen by the World Economic Forum as one of the Young Global Leaders and named a “Young Super Performer in the CEO Category” by Business Today.
A keen educationist, Mr. Birla is the Chancellor of the renowned Birla Institute of Technology & Science (BITS), with campuses in Pilani, Goa, Hyderabad and Dubai. He is a Director of the G. D. Birla Medical Research & Education Foundation.
A Commerce Graduate from Mumbai University, Mr. Birla is a Chartered Accountant. He earned an MBA from the London Business School, where he is also an Honorary Fellow and serves on the Asia Pacific Advisory Board.
Mr. Donald A. Stewart was Chief Executive Officer of Sun Life Financial Inc. until November, 2011. A native of Scotland, Don joined Sun Life 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 Officer, Chief Actuary and Chief Operating Officer prior to being named Chief Executive Officer 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 recognised 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 fulltime on a broad range of international business activities with a primary focus on financial services. He chairs Sun Life Assurance Company of Canada (UK) and the Audit Committee of leading aluminum products company Novelis, based in Atlanta. He is also chair of the federal-provincial Nominating Committee of the Canada Pension Plan Investment Board. He is a board member of Sun Life Everbright, based in Beijing and Birla Sun Life Asset Management Company Ltd. in Mumbai. In 2009, Don was appointed the Chairman of Canada's Task Force on Financial Literacy which delivered its final recommendations on time and within budget by December 31, 2010. He was named as Champion of Public Education in 2011 by The Learning Partnership and remains active with a wide range of constituencies in support of Canadian financial literacy.”
Mr. Donald A. StewartNon-Executive Director
Mr. Kumar Mangalam BirlaChairman
Board of Directors
Message from the MD & CEO
Dear Shareholders,
Financial year 2014 has been a defining year in the Indian life insurance industry. The industry adapted to multiple changes that reinforced the fundamental proposition of life insurance - financial protection in times of unfortunate events. These changes helped strengthen customer trust by laying emphasis on protecting their interests. In an industry where millions of people already entrust their life savings customer trust is a game changer.
As a sector, the life insurance industry has witnessed a complete business cycle of expansion in the initial years and a phase of consolidation, evaluation and rationalisation in the latter. The recent evolved regulatory framework has nudged life insurance players to think and constantly evaluate if they are ‘customer-ready.’
In our business, customer interface and service excellence are of prime importance. The benefits of a rich and seamless customer experience are aplenty. Given the low insurance penetration and large captive customer-base there is a need for a framework to redefine relationships and win-back customer confidence. It is our endeavor at BSLI to ensure trust surplus with all our stakeholders including customers, distributor, employees, and the communities that we live and operate in. Early in the relationship, we ensure that we acquire customers by selling right not only to fulfill a need, but a more specific outcome. We then provide them with superior customer experiences to forge and strengthen long-term relationships. At BSLI, we share a belief of partnering our customers through a lasting relationship across generations and life-stages.
Towards building our consumer centric business and delivering exactly what customers want, we have successfully adopted the following:
• Built a business model that is 'outside-in' to understand and appreciate the felt and unfelt needs of our customers
• Enhanced all touch-points to define and develop all our customer interactions
• Leveraged technology to enhance reach and engagement
Word of mouth remains the most powerful customer acquisition tool. Past experiences prove that quality speaks for itself and assures us repeat business. BSLI attained recognition as the 3rd most trusted life insurance brand in Brand Equity's Most Trusted Brands Survey 2013, making us one of the most trusted brand amongst all other private insurance players. We are grateful for the trust our customers have placed in us, and are committed to upholding this trust.
Customer centricity is our key driver! As an organization, we have not only earned faith of over two million policyholders, but also created value for our stakeholders. In FY14, the company registered a profit of 371 crores (FY13 – 542 crores).BSLI ranked No. 1 among private insurance players in Group Business sales with a market share growth from 15.85% in FY13 to 18.3% FY14. Our growing relationships stand testimony to our efforts at achieving profitability by creating superior value for our customers. We have identified various areas to strengthen our competitive and financial positions in the coming years which include achieving optimal capacities and better distribution management. Our focus has and will continue to remain on the customer value solutions that we can offer.
Given the changing dynamics of the business environment, in the past year we have had to reimagine processes across various
Annual Report 2013-14
2
functions to enhance capacity, productivity and sustainability. Products were redesigned in line with the new regulations. In line with our focus towards enhanced customer-centricity, we developed many tools to empower and aid our agency force in counseling our customers' basis their life-stage insurance requirements. Acquainting them with the nuances of the sector has started showing results, and I believe will go a long way in strengthening our business.
We assign utmost priority to listen, understand and respond to the needs of our customers. We have a cell for constant customer insights and have leveraged insights to turn them into action. We have enhanced technology, processes and the organization structure. Our deep understanding of customers' needs has enabled us to provide customized solutions that encompass elements of protection, milestone savings, wealth creation and other long term financial goals. Empower@Ease, our proprietary technology platform that focuses on creating a powerful buying experience through customer participation and personalization is a step in this direction. We have strived to ensure that technology does not limit personalized interface and are proud of a 100% face-to-face customer interface with all policy holders at the time of sale.
As a trusted partner and preferred choice of insurer for customers, we will continue to discover, learn and re-invent ourselves to understand their needs better and fuel this growing long-term customer facing business.
Warm Regards,
Pankaj RazdanManaging Director & Chief Executive Officer
Birla Sun Life Insurance
3
Mr. Kumar Mangalam Birla is the Chairman of the US$ 40 billion multinational Aditya Birla Group, which operates in 36 countries across six continents. Mr. Birla took over as Chairman of the Group in 1995. In the years that he has been at the helm of the Group, he has accelerated growth, built meritocracy and enhanced stakeholder value. From a turnover of US$ 2 billion in 1995, today the Group's revenues are at US$ 40 billion and its operations from 8 countries then, span 36 countries today. He has made 31 acquisitions in these 19 years in India and globally, the highest by an Indian multinational.
An iconic figure, Mr. Birla has held and continues to hold several key positions on various regulatory and professional Boards. An erstwhile Director on the Central Board of Directors of the Reserve Bank of India, he was Chairman of the Advisory Committee constituted by the Ministry of Company Affairs and also served on The Prime Minister of India's Advisory Council on Trade and Industry. Furthermore, as the Convener of the Prime Minister's Task Force on Administrative and Legal Simplifications, the extensive implementations made by him in his report have been implemented in totality. Mr. Birla also served as Chairman of SEBI's committee on Insider Trading which formulated Corporate Governance principles for Indian corporates.
He is on the National Council of the Confederation of Indian Industries and the Apex Advisory Council of the Associated Chamber of Commerce and Industry of India.
Mr. Birla has won recognition for his exemplary contribution to leadership processes and institutions/ systems building. A selective list includes recognition as the Economic Times' Business Leader of the Year Award in 2012-13 for the second time. The previous win was in 2003. He was awarded the flagship 'Entrepreneur of the Year, 2012 at the Forbes India Leadership Awards. The other accolades received by Mr. Birla feature NASSCOM's Global Business Leader Award (2012), CNBC TV 18's India Business Leader Award (2012) for Taking India Abroad, the CNN-IBN Indian of the Year 2010 – Business for being the most outstanding business person, among many others. He was chosen by the World Economic Forum as one of the Young Global Leaders and named a “Young Super Performer in the CEO Category” by Business Today.
A keen educationist, Mr. Birla is the Chancellor of the renowned Birla Institute of Technology & Science (BITS), with campuses in Pilani, Goa, Hyderabad and Dubai. He is a Director of the G. D. Birla Medical Research & Education Foundation.
A Commerce Graduate from Mumbai University, Mr. Birla is a Chartered Accountant. He earned an MBA from the London Business School, where he is also an Honorary Fellow and serves on the Asia Pacific Advisory Board.
Mr. Donald A. Stewart was Chief Executive Officer of Sun Life Financial Inc. until November, 2011. A native of Scotland, Don joined Sun Life 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 Officer, Chief Actuary and Chief Operating Officer prior to being named Chief Executive Officer 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 recognised 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 fulltime on a broad range of international business activities with a primary focus on financial services. He chairs Sun Life Assurance Company of Canada (UK) and the Audit Committee of leading aluminum products company Novelis, based in Atlanta. He is also chair of the federal-provincial Nominating Committee of the Canada Pension Plan Investment Board. He is a board member of Sun Life Everbright, based in Beijing and Birla Sun Life Asset Management Company Ltd. in Mumbai. In 2009, Don was appointed the Chairman of Canada's Task Force on Financial Literacy which delivered its final recommendations on time and within budget by December 31, 2010. He was named as Champion of Public Education in 2011 by The Learning Partnership and remains active with a wide range of constituencies in support of Canadian financial literacy.”
Mr. Donald A. StewartNon-Executive Director
Mr. Kumar Mangalam BirlaChairman
Mr. Kumar Mangalam BirlaChairman
Board of Directors
Board of Directors
Annual Report 2013-14
4
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 Financing, Infrastructure Finance and General Insurance Broking. Under his leadership the financial services business has grown rapidly with a turnover of USD 1.3 Bn, over 5.6 million customers and a workforce of over 17,500 people.
Prior to joining the Aditya Birla Group, Ajay was Chief Executive, Fund Management at Prudential Corporation Asia, based in Hong Kong. Under Ajay's leadership, Prudential's Fund Management operations in Asia grew rapidly, both organically and through acquisition. Ajay oversaw a business that spanned ten markets, including Japan, with total funds under management of about USD 70 Bn, which made it at the time the second largest retail fund manager in Asia.
As a member of Prudential Corporation Asia's Board of Directors, Ajay also oversaw the development of Prudential's retirement business in Asia.
Ajay joined Prudential in 1998 as Managing Director of Prudential ICICI Asset Management Company, Prudential's Indian fund management joint venture with ICICI Bank. Within two years of operation, Prudential ICICI AMC had grown to become the largest private sector asset management company in India.
With a proven track record for building successful businesses, his experience in the financial services industry spans over two decades.
Ajay has in his financial career engaged with several bodies including the Financial Planning Standards Board, the CII Committee on Financial Sector Reforms, The CII Committee of Financial Inclusion, The CII Committee on Insurance and Pensions and the FICCI Committee on Insurance.
Ajay holds a BA with Honours in Economics from St Stephens College, University of Delhi and an MBA from the Indian Institute of Management, Ahmedabad.
Mr. Ajay SrinivasanNon-Executive Director
Mr. Bishwanath PuranmalkaNon-Executive Director
Mr. Puranmalka, Director of Aditya Birla Group's Financial Services' Companies has a total working experience of over 45 years. He has been associated with the Aditya Birla Group in various capacities since the inception of his career. He has experience in the implementation and running of several manufacturing, training and service industry businesses, and setting up Greenfield manufacturing operations. He also has wide experience in the set up and operation and maintenance of captive Power Plants of the Aditya Birla Group.
He has been looking after a NBFC - Birla Global Finance Co. Ltd. now known as Aditya Birla Finance Ltd., since June 1994.Mr. Puranmalka has been a Director on the Board and a Member of Audit Committees of Financial Services like Life Insurance Company, Distribution Company and Trustee of Birla Sun Life Asset Management Company Ltd.
Birla Sun Life Insurance
5
Kevin Strain is President, Sun Life Financial Asia. In this role, Mr. Strain is responsible for Sun Life's interests in Asia, including identifying opportunities for growth in the region and managing the Company's relationships with its partners. Sun Life has operated in Asia since the 1890s, and today spans seven key markets – the Philippines, Hong Kong, Indonesia, India, China, Vietnam and Malaysia. Mr. Strain was appointed to the role effective April 2012, and is based in Sun Life's Asia Regional Office in Hong Kong. He is also a member of the Company's Executive Team. Mr. Strain has significant Insurance and leadership experience in both individual and group businesses and in managing Finance functions. From 2007 to 2012, he was Senior Vice-President of Sun Life's Individual Insurance and Investments division in Canada, responsible for the creation and delivery of Insurance, Health and Wealth Management Products and Solutions nationwide. This included managing an expansive distribution organization encompassing Sun Life's career sales force, the largest in Canada, and Third-party distributors. In earlier roles, Mr. Strain was Vice-President of Investor Relations in Sun Life's corporate office and held senior finance positions in the Company's Canadian operations. He joined Sun Life in 2002 as part of its acquisition of the Clarica Life Insurance Company, where he had served in finance and customer-focused roles before being appointed head of Clarica's Canadian pension and group savings division.
Mr. Strain is a Chartered Accountant and holds a Master of Accounting degree from the University of Waterloo in Canada. He serves on the Advisory Council for the University's School of Accounting and Finance.
Mr. Kevin StrainNon-Executive Director
Dr. Rakesh JainNon-Executive Director
Dr. Rakesh Jain is Managing Director of Aditya Birla Group's flagship company Aditya Birla Nuvo Ltd (ABNL). ABNL is a diversified conglomerate with multiple businesses in the services and manufacturing sectors. The businesses range from Financial 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. In addition to the above role as Managing Director, w.e.f. 1st January 2013, he is Sector Head of Chemicals & International Trading Businesses
Dr. Jain joined the Aditya Birla Group in August 2003 as Managing Director of Indo Gulf Fertilisers 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 regional 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. 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 Plastic's 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 significantly reduce the cost per unit. In 2000, he spearheaded the digitization effort at GE which helped provide real-time business data transparency and significant reduction in backroom activities and paperwork.
Dr. Jain completed his M.Tech from IIT Kharagpur and Ph.D. in Polymer Science and Engineering from the University of Akron and Ohio State University.
Board of Directors
Annual Report 2013-14
4
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 Financing, Infrastructure Finance and General Insurance Broking. Under his leadership the financial services business has grown rapidly with a turnover of USD 1.3 Bn, over 5.6 million customers and a workforce of over 17,500 people.
Prior to joining the Aditya Birla Group, Ajay was Chief Executive, Fund Management at Prudential Corporation Asia, based in Hong Kong. Under Ajay's leadership, Prudential's Fund Management operations in Asia grew rapidly, both organically and through acquisition. Ajay oversaw a business that spanned ten markets, including Japan, with total funds under management of about USD 70 Bn, which made it at the time the second largest retail fund manager in Asia.
As a member of Prudential Corporation Asia's Board of Directors, Ajay also oversaw the development of Prudential's retirement business in Asia.
Ajay joined Prudential in 1998 as Managing Director of Prudential ICICI Asset Management Company, Prudential's Indian fund management joint venture with ICICI Bank. Within two years of operation, Prudential ICICI AMC had grown to become the largest private sector asset management company in India.
With a proven track record for building successful businesses, his experience in the financial services industry spans over two decades.
Ajay has in his financial career engaged with several bodies including the Financial Planning Standards Board, the CII Committee on Financial Sector Reforms, The CII Committee of Financial Inclusion, The CII Committee on Insurance and Pensions and the FICCI Committee on Insurance.
Ajay holds a BA with Honours in Economics from St Stephens College, University of Delhi and an MBA from the Indian Institute of Management, Ahmedabad.
Mr. Ajay SrinivasanNon-Executive Director
Mr. Bishwanath PuranmalkaNon-Executive Director
Mr. Puranmalka, Director of Aditya Birla Group's Financial Services' Companies has a total working experience of over 45 years. He has been associated with the Aditya Birla Group in various capacities since the inception of his career. He has experience in the implementation and running of several manufacturing, training and service industry businesses, and setting up Greenfield manufacturing operations. He also has wide experience in the set up and operation and maintenance of captive Power Plants of the Aditya Birla Group.
He has been looking after a NBFC - Birla Global Finance Co. Ltd. now known as Aditya Birla Finance Ltd., since June 1994.Mr. Puranmalka has been a Director on the Board and a Member of Audit Committees of Financial Services like Life Insurance Company, Distribution Company and Trustee of Birla Sun Life Asset Management Company Ltd.
Birla Sun Life Insurance
5
Kevin Strain is President, Sun Life Financial Asia. In this role, Mr. Strain is responsible for Sun Life's interests in Asia, including identifying opportunities for growth in the region and managing the Company's relationships with its partners. Sun Life has operated in Asia since the 1890s, and today spans seven key markets – the Philippines, Hong Kong, Indonesia, India, China, Vietnam and Malaysia. Mr. Strain was appointed to the role effective April 2012, and is based in Sun Life's Asia Regional Office in Hong Kong. He is also a member of the Company's Executive Team. Mr. Strain has significant Insurance and leadership experience in both individual and group businesses and in managing Finance functions. From 2007 to 2012, he was Senior Vice-President of Sun Life's Individual Insurance and Investments division in Canada, responsible for the creation and delivery of Insurance, Health and Wealth Management Products and Solutions nationwide. This included managing an expansive distribution organization encompassing Sun Life's career sales force, the largest in Canada, and Third-party distributors. In earlier roles, Mr. Strain was Vice-President of Investor Relations in Sun Life's corporate office and held senior finance positions in the Company's Canadian operations. He joined Sun Life in 2002 as part of its acquisition of the Clarica Life Insurance Company, where he had served in finance and customer-focused roles before being appointed head of Clarica's Canadian pension and group savings division.
Mr. Strain is a Chartered Accountant and holds a Master of Accounting degree from the University of Waterloo in Canada. He serves on the Advisory Council for the University's School of Accounting and Finance.
Mr. Kevin StrainNon-Executive Director
Dr. Rakesh JainNon-Executive Director
Dr. Rakesh Jain is Managing Director of Aditya Birla Group's flagship company Aditya Birla Nuvo Ltd (ABNL). ABNL is a diversified conglomerate with multiple businesses in the services and manufacturing sectors. The businesses range from Financial 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. In addition to the above role as Managing Director, w.e.f. 1st January 2013, he is Sector Head of Chemicals & International Trading Businesses
Dr. Jain joined the Aditya Birla Group in August 2003 as Managing Director of Indo Gulf Fertilisers 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 regional 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. 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 Plastic's 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 significantly reduce the cost per unit. In 2000, he spearheaded the digitization effort at GE which helped provide real-time business data transparency and significant reduction in backroom activities and paperwork.
Dr. Jain completed his M.Tech from IIT Kharagpur and Ph.D. in Polymer Science and Engineering from the University of Akron and Ohio State University.
Annual Report 2013-14
6
Board of Directors
Mr. Pankaj RazdanManaging Director &
Chief Executive Officer
Pankaj Razdan’s is the MD & Chief Executive Officer at Birla Sun Life Insurance (BSLI). He has rich experience in the financial services business, across various functions and multiple lines of business. He has been with the Aditya Birla Financial Services Group (ABFSG) since 2007, as a co-owner of the ABFSG Vision and the Deputy Chief Executive – Financial Services, a position he continues to hold. At ABFSG, Pankaj has steered some of the key financial services verticals successfully despite the challenging times. He has guided Birla Sun Life Asset Management Company to an industry leadership position. He has also driven many key projects across ABFSG, to help set a foundation for our leadership in the Indian financial services industry.
In his role at Birla Sun Life Insurance, Pankaj provides BSLI strategic direction and leads the insurance team towards achieving rapid growth and profitability. As BSLI gears for its next phase of growth, the Company will benefit from his experience and expertise in growing businesses, developing new business models, building distribution efficiency and customer management.
Pankaj's professional experience spans organisations including the Karvy Group and ICICI Prudential Asset Management Company. He has been a recipient of several personal and professional recognitions including being recognised as ‘India's Hottest Young Executives’ by Business Today. He holds a degree in electronics engineering with the experience of multiple management development programs from illustrious institutes including the Indian Institute of Management, Ahmedabad.
Mr. M. V. Nair is the Chairman, Credit Information Bureau (India) Ltd. He is also Non Executive Chairman of SWIFT Domestic Services Pvt Ltd., a joint venture between SWIFT Scrl, a global provider of secure financial messaging services and seven Indian Banks.
Prior to this; he was CMD, Union Bank of India and Dena Bank.
He was also Chairman of the Indian Banks Association, Chairman of the Governing Board of Institute of Banking Personnel Selection, Chairman of the Managing Committee of Indian Institute of Banking and Finance, a member of the Governing Council of IDRBT as well as the member of the Governing Council of National Institute of Bank Management.
He was the Chairman of the Committee set up by the RBI to suggest revised guidelines for Priority Sector Lending Classification. He was the member of UshaThorat committee on Lead Bank Scheme, Damodaran Committee on Customer Service in Banks and Khandelwal Committee on Human Resources issues of Public Sector Banks.
Mr. M.V. NairIndependent Director
Mr. Gian Prakash Gupta is former Chairman & Managing Director (CMD) of Industrial Development Bank of India. He was also the Chairman of Unit Trust of India. Mr. Gupta specialises in the field of General Management, Financial Management, Banking, and Industrial & Financial Restructuring. He is a Director on the Boards of many reputed corporates including Aditya Birla Nuvo Limited , Aditya Birla Capital Advisors Private Limited , Idea Cellular Limited etc. He is chairman in Swaraj Engine Limited and Emkay Global Financial Services Limited. He is also Audit committee member on many reputed Corporates.
Mr. Gian P. GuptaIndependent Director
Birla Sun Life Insurance
7
Ms. Tarjani VakilIndependent Director
With over four decades of experience in development banking, Ms. Vakil has held directorship of several renowned public sector companies. Ms. Vakil started her career with Maharashtra State Finance Corporation (MSFC) in 1958 and assumed several responsibilities till 1965. She moved from MSFC to join Industrial Development Bank of India (IDBI) in 1965. After an illustrious seventeen years stint at IDBI in the capacity of a Deputy General Manager, she joined EXIM Bank of India as General Manager in 1982. After a long, distinguished tenure of 16 years in EXIM Banks, she retired as Chairman and Managing Director (CMD) in 1996. Post her retirement; she is now a member of the several Boards and sub Committees of the Board of various companies.
Mr. Venkatesh MysoreNon-Executive Director
Venky Mysore is the CEO of Red Chillies Entertainment Pvt Ltd as well as the CEO & MD of Kolkata Knight Riders.
He took over as the CEO & MD of KKR in October 2010. Prior to that he has had a very long and successful career spanning 25 years in financial services
He was the India Country Head of Sun Life Financial's India operations from January 2007 to October 2010. Prior to this, Mr. Mysore was the CEO & Managing Director of MetLife India. He was responsible for the start-up of the India venture. Mr. Mysore spent over 21 years with MetLife from 1985-2006. He immigrated to the U.S.A. in 1985 and started his career with MetLife after his MBA
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 Organisation – Mumbai Chapter.
Annual Report 2013-14
6
Board of Directors
Mr. Pankaj RazdanManaging Director &
Chief Executive Officer
Pankaj Razdan’s is the MD & Chief Executive Officer at Birla Sun Life Insurance (BSLI). He has rich experience in the financial services business, across various functions and multiple lines of business. He has been with the Aditya Birla Financial Services Group (ABFSG) since 2007, as a co-owner of the ABFSG Vision and the Deputy Chief Executive – Financial Services, a position he continues to hold. At ABFSG, Pankaj has steered some of the key financial services verticals successfully despite the challenging times. He has guided Birla Sun Life Asset Management Company to an industry leadership position. He has also driven many key projects across ABFSG, to help set a foundation for our leadership in the Indian financial services industry.
In his role at Birla Sun Life Insurance, Pankaj provides BSLI strategic direction and leads the insurance team towards achieving rapid growth and profitability. As BSLI gears for its next phase of growth, the Company will benefit from his experience and expertise in growing businesses, developing new business models, building distribution efficiency and customer management.
Pankaj's professional experience spans organisations including the Karvy Group and ICICI Prudential Asset Management Company. He has been a recipient of several personal and professional recognitions including being recognised as ‘India's Hottest Young Executives’ by Business Today. He holds a degree in electronics engineering with the experience of multiple management development programs from illustrious institutes including the Indian Institute of Management, Ahmedabad.
Mr. Pankaj RazdanManaging Director &
Chief Executive Officer
Mr. M. V. Nair is the Chairman, Credit Information Bureau (India) Ltd. He is also Non Executive Chairman of SWIFT Domestic Services Pvt Ltd., a joint venture between SWIFT Scrl, a global provider of secure financial messaging services and seven Indian Banks.
Prior to this; he was CMD, Union Bank of India and Dena Bank.
He was also Chairman of the Indian Banks Association, Chairman of the Governing Board of Institute of Banking Personnel Selection, Chairman of the Managing Committee of Indian Institute of Banking and Finance, a member of the Governing Council of IDRBT as well as the member of the Governing Council of National Institute of Bank Management.
He was the Chairman of the Committee set up by the RBI to suggest revised guidelines for Priority Sector Lending Classification. He was the member of UshaThorat committee on Lead Bank Scheme, Damodaran Committee on Customer Service in Banks and Khandelwal Committee on Human Resources issues of Public Sector Banks.
Mr. M.V. NairIndependent Director
Mr. Gian Prakash Gupta is former Chairman & Managing Director (CMD) of Industrial Development Bank of India. He was also the Chairman of Unit Trust of India. Mr. Gupta specialises in the field of General Management, Financial Management, Banking, and Industrial & Financial Restructuring. He is a Director on the Boards of many reputed corporates including Aditya Birla Nuvo Limited , Aditya Birla Capital Advisors Private Limited , Idea Cellular Limited etc. He is chairman in Swaraj Engine Limited and Emkay Global Financial Services Limited. He is also Audit committee member on many reputed Corporates.
Mr. Gian P. GuptaIndependent Director
Birla Sun Life Insurance
7
Ms. Tarjani VakilIndependent Director
With over four decades of experience in development banking, Ms. Vakil has held directorship of several renowned public sector companies. Ms. Vakil started her career with Maharashtra State Finance Corporation (MSFC) in 1958 and assumed several responsibilities till 1965. She moved from MSFC to join Industrial Development Bank of India (IDBI) in 1965. After an illustrious seventeen years stint at IDBI in the capacity of a Deputy General Manager, she joined EXIM Bank of India as General Manager in 1982. After a long, distinguished tenure of 16 years in EXIM Banks, she retired as Chairman and Managing Director (CMD) in 1996. Post her retirement; she is now a member of the several Boards and sub Committees of the Board of various companies.
Mr. Venkatesh MysoreNon-Executive Director
Venky Mysore is the CEO of Red Chillies Entertainment Pvt Ltd as well as the CEO & MD of Kolkata Knight Riders.
He took over as the CEO & MD of KKR in October 2010. Prior to that he has had a very long and successful career spanning 25 years in financial services
He was the India Country Head of Sun Life Financial's India operations from January 2007 to October 2010. Prior to this, Mr. Mysore was the CEO & Managing Director of MetLife India. He was responsible for the start-up of the India venture. Mr. Mysore spent over 21 years with MetLife from 1985-2006. He immigrated to the U.S.A. in 1985 and started his career with MetLife after his MBA
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 Organisation – Mumbai Chapter.
Annual Report 2013-14
8
Senior Management Team
Birla Sun Life Insurance
9
Mr. Mayank Bathwal Deputy Chief Executive Officer
Mr. Mayank Bathwal is the Deputy Chief Executive Officer at BSLI. In this role, he partners the CEO and the leadership team in managing the affairs of the company. He oversees the Finance, Planning, IT, Operations, Strategy, Group business and Investment functions and also provides leadership to some very important areas of the Company including Revenue Assurance, Customer Service, Technology enablement and Operational efficiency.
Mayank has rich experience of nearly 20 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, financial 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 Officer of Sun Life, Indonesia in June 2006. He moved back to India in June 2007 as CFO at BSLI with the objective of supporting BSLI in its transformational phase after his yearlong successful stint in Indonesia. As the CFO & Head of Institutional Sales in FY 2011, in addition to the Finance operations he also took charge of the Institutional Sales teams which included Bancassurance, Corporate Agency & Broking channels of BSLI.
Mayank 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. Mayank was also felicitated at Annual CFO100 Roll of Honour (for the years 2012 and 2013) for his exceptional contribution to the area of Corporate Finance.
Mayank is also a member of CII CFO/Tax Committee and ICC Expert committee on Banking, Finance and Insurance.
Mr. Mayank Bathwal Deputy Chief Executive Officer
Mr. Amit Jain Chief Financial Officer (CFO)
Mr. Amit Jain is Chief Financial Officer (CFO) at BSLI overseeing the Finance, Accounts and Taxation functions. He holds a Master's degree in Business Administration from the Faculty of Management Studies (FMS), Delhi and a Bachelor's degree in Mechanical Engineering from Delhi University.
Amit brings two decades of experience in Finance, Planning and Strategy. He has spent close to 10 years in BSLI. His sharp business acumen has lent immense success to the Planning and Finance functions that he has spearheaded.
His professional experience spans organizations including IDBI Federal Life Insurance, Max India Ltd., CARE Ratings among others.
Mr. Pramod Krishnamurthy Chief Technology Officer (CTO)
Mr. Pramod Krishnamurthy is the Chief Technology Officer (CTO) for BSLI responsible for providing the crucial technology edge to enable BSLI to differentiate itself positively in the marketplace.
Pramod 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.
He was awarded the prestigious Pan-Asia IT Leadership Award for 2012 by Asia Insurance Review and Celent, for defining and implementing the technology strategy and roadmap for BSLI. He was also recognized among the Top 100 CIOs in India for 2011, by his peer group under the aegis of World CIO Council and CIO Association of India.
Mr. Anil Kumar Singh Chief Actuarial Officer (CAO)
Mr. Anil Kumar Singh is the Chief Actuarial Officer & Appointed Actuary for Birla Sun Life Insurance (BSLI) and is responsible for all Actuarial functions within the Company. Anil is a Fellow of the Institute of Actuaries of India, 2002 and holds a Masters in Statistics from Lucknow University.
Before joining BSLI, Anil was the Chief Actuary & Appointed Actuary at Bajaj Allianz Life Insurance Company. Anil has vast experience of close to 20 years in the Life Insurance industry in India, in Actuarial roles covering Valuation, Asset Liability Management, Product Development and Pricing with organizations like LIC, Aviva Life Insurance and was also a part of the BSLI Actuarial team during its inception in 2000-2001.
Mr. Lalit VermaniChief Legal Compliance &
Risk Officer (CLCRO)
Mr. Lalit Vermani is Chief Legal, Compliance and Risk Officer 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 holds an Honours Degree in Economics and MBA with specialization in Finance. He is also a certified Financial Risk Manager (FRM) by Global Association of Risk Professionals.
Mr. Sashi Krishnan Chief Investment Officer (CIO)
Mr. Sashi Krishnan is the Chief Investment Officer (CIO) of Birla Sun Life Insurance. He joined the organization in December 2011 and has a rich experience of over 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 Officer at Bajaj Allianz Life Insurance Company where he managed Assets over Rs. 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. He is also a member of the Capital Markets Committee of the Indian Merchants Chamber.
Annual Report 2013-14
8
Senior Management Team
Birla Sun Life Insurance
9
Mr. Mayank Bathwal Deputy Chief Executive Officer
Mr. Mayank Bathwal is the Deputy Chief Executive Officer at BSLI. In this role, he partners the CEO and the leadership team in managing the affairs of the company. He oversees the Finance, Planning, IT, Operations, Strategy, Group business and Investment functions and also provides leadership to some very important areas of the Company including Revenue Assurance, Customer Service, Technology enablement and Operational efficiency.
Mayank has rich experience of nearly 20 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, financial 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 Officer of Sun Life, Indonesia in June 2006. He moved back to India in June 2007 as CFO at BSLI with the objective of supporting BSLI in its transformational phase after his yearlong successful stint in Indonesia. As the CFO & Head of Institutional Sales in FY 2011, in addition to the Finance operations he also took charge of the Institutional Sales teams which included Bancassurance, Corporate Agency & Broking channels of BSLI.
Mayank 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. Mayank was also felicitated at Annual CFO100 Roll of Honour (for the years 2012 and 2013) for his exceptional contribution to the area of Corporate Finance.
Mayank is also a member of CII CFO/Tax Committee and ICC Expert committee on Banking, Finance and Insurance.
Mr. Amit Jain Chief Financial Officer (CFO)
Mr. Amit Jain is Chief Financial Officer (CFO) at BSLI overseeing the Finance, Accounts and Taxation functions. He holds a Master's degree in Business Administration from the Faculty of Management Studies (FMS), Delhi and a Bachelor's degree in Mechanical Engineering from Delhi University.
Amit brings two decades of experience in Finance, Planning and Strategy. He has spent close to 10 years in BSLI. His sharp business acumen has lent immense success to the Planning and Finance functions that he has spearheaded.
His professional experience spans organizations including IDBI Federal Life Insurance, Max India Ltd., CARE Ratings among others.
Mr. Pramod Krishnamurthy Chief Technology Officer (CTO)
Mr. Pramod Krishnamurthy is the Chief Technology Officer (CTO) for BSLI responsible for providing the crucial technology edge to enable BSLI to differentiate itself positively in the marketplace.
Pramod 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.
He was awarded the prestigious Pan-Asia IT Leadership Award for 2012 by Asia Insurance Review and Celent, for defining and implementing the technology strategy and roadmap for BSLI. He was also recognized among the Top 100 CIOs in India for 2011, by his peer group under the aegis of World CIO Council and CIO Association of India.
Mr. Anil Kumar Singh Chief Actuarial Officer (CAO)
Mr. Anil Kumar Singh is the Chief Actuarial Officer & Appointed Actuary for Birla Sun Life Insurance (BSLI) and is responsible for all Actuarial functions within the Company. Anil is a Fellow of the Institute of Actuaries of India, 2002 and holds a Masters in Statistics from Lucknow University.
Before joining BSLI, Anil was the Chief Actuary & Appointed Actuary at Bajaj Allianz Life Insurance Company. Anil has vast experience of close to 20 years in the Life Insurance industry in India, in Actuarial roles covering Valuation, Asset Liability Management, Product Development and Pricing with organizations like LIC, Aviva Life Insurance and was also a part of the BSLI Actuarial team during its inception in 2000-2001.
Mr. Lalit VermaniChief Legal Compliance &
Risk Officer (CLCRO)
Mr. Lalit Vermani is Chief Legal, Compliance and Risk Officer 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 holds an Honours Degree in Economics and MBA with specialization in Finance. He is also a certified Financial Risk Manager (FRM) by Global Association of Risk Professionals.
Mr. Sashi Krishnan Chief Investment Officer (CIO)
Mr. Sashi Krishnan is the Chief Investment Officer (CIO) of Birla Sun Life Insurance. He joined the organization in December 2011 and has a rich experience of over 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 Officer at Bajaj Allianz Life Insurance Company where he managed Assets over Rs. 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. He is also a member of the Capital Markets Committee of the Indian Merchants Chamber.
Annual Report 2013-14
10
Senior Management Team
Birla Sun Life Insurance
11
Mr. Vikas Seth Chief Distribution Officer (CDO)
Mr. Vikas Seth is Chief Distribution Officer (CDO) at BSLI. He is a qualified Electronics & Electrical Communication Engineer and has completed a Masters Degree in Business Administration (Marketing). He joined BSLI in January 2008.
Currently at BSLI, Vikas is responsible for Direct Sales Force, Bancassurance and Corporate Agency and Broker channels.
Vikas has a strong professional experience of over 17 years in diverse industries including Telecom, FMCG and Life Insurance. He has worked with organizations like Essar Telecom (Vodafone), Amway, ICICI Prudential and HDFC Life in the past. His expertise is in start-up, building distribution, implementation of sales & marketing strategies. He has played an important role in building BSLI's distribution capability.
Snapshot of Financial Indicators
TOTAL PREMIUM COLLECTED OVER THE YEARS (IN CRORES)
Total Premiumfor FY13-14 is
` 4,833 crores
Net Profitfor FY13-14 is
` 371 crores
OPEX forFY13-14 is
` 1,045 crores
NET PROFIT EARNED OVER THE YEARS (IN CRORES)
OPERATING EXPENSES OVER THE YEARS (IN CRORES)
5,50
6
5,67
7
5,88
5
5,21
6
4,83
3
9,44
3
7,11
0
5,61
4 7,15
8
7,17
7
2010 2011 2012 2013 2014
Total Premium Total Income
305461 542
371
2010 2011 2012 2013 2014
1328 1203 1215 1,161 1,045
2010 2011 2012 2013 2014
-435
Mr. Saurov Ghosh is Head – Human Resources & Training. Saurov is an enthusiastic, talented and seasoned HR professional. His strategic blend of thinking, management & influencing skills and integrated Business HR approach are some of the key drivers of success in his role.
Saurov has been 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 and CEAT ranging to a career span of 19 years in Human Resources.
Mr. Saurov GhoshHead – Human Resources & Training
Annual Report 2013-14
10
Senior Management Team
Birla Sun Life Insurance
11
Mr. Vikas Seth Chief Distribution Officer (CDO)
Mr. Vikas Seth is Chief Distribution Officer (CDO) at BSLI. He is a qualified Electronics & Electrical Communication Engineer and has completed a Masters Degree in Business Administration (Marketing). He joined BSLI in January 2008.
Currently at BSLI, Vikas is responsible for Direct Sales Force, Bancassurance and Corporate Agency and Broker channels.
Vikas has a strong professional experience of over 17 years in diverse industries including Telecom, FMCG and Life Insurance. He has worked with organizations like Essar Telecom (Vodafone), Amway, ICICI Prudential and HDFC Life in the past. His expertise is in start-up, building distribution, implementation of sales & marketing strategies. He has played an important role in building BSLI's distribution capability.
Snapshot of Financial Indicators
TOTAL PREMIUM COLLECTED OVER THE YEARS (IN CRORES)
Total Premiumfor FY13-14 is
` 4,833 crores
Net Profitfor FY13-14 is
` 371 crores
OPEX forFY13-14 is
` 1,045 crores
NET PROFIT EARNED OVER THE YEARS (IN CRORES)
OPERATING EXPENSES OVER THE YEARS (IN CRORES)
5,50
6
5,67
7
5,88
5
5,21
6
4,83
3
9,44
3
7,11
0
5,61
4 7,15
8
7,17
72010 2011 2012 2013 2014
Total Premium Total Income
305461 542
371
2010 2011 2012 2013 2014
1328 1203 1215 1,161 1,045
2010 2011 2012 2013 2014
-435
Mr. Saurov Ghosh is Head – Human Resources & Training. Saurov is an enthusiastic, talented and seasoned HR professional. His strategic blend of thinking, management & influencing skills and integrated Business HR approach are some of the key drivers of success in his role.
Saurov has been 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 and CEAT ranging to a career span of 19 years in Human Resources.
Mr. Saurov GhoshHead – Human Resources & Training
At Birla Sun Life Insurance, we know the importance of actively engaging with our customers to build loyalty, deepen relationships and gain insight to future actions. That is why we continue to build forums that allow us access to invaluable customer insights.
INSIGHT
13
Birla Sun Life Insurance
Competitive and Comprehensive Product Suite
Over the years, BSLI has offered very competitive and innovative products after careful assessment of our customers’ needs. The year 2013-14 saw the insurance industry undergo rapid changes. Our product mix too underwent a change in line with our mission towards a diverse and healthy product portfolio.
Products launched last year include:
• BSLI Immediate Annuity Plan – A traditional non-participating annuity pay plan that guarantees income to customers post retirement enabling them to lead a tension-free second innings in life.
• BSLI Easy Protect Plan – A simple, hassle-free term plan with an option to choose an increasing cover helping our customers to provide adequate protection to their families in case of any unforeseen events.
• BSLI Savings Plan – This traditional life insurance plan enhances customer savings by way of guaranteed additions, provides safety for loved ones and participates in profits arising out of the Company.
• BSLI Vision LifeSecure Plan – A participating traditional whole-life plan that offers an ideal combination oflong term savings and life insurance benefit. Through regular bonus accumulation and life insurance benefit, this product offers a perfect solution to customers' financial needs.
• BSLI Income Assured Plan – This non-participating guaranteed income plan offers regular guaranteed income together with life insurance benefits, thereby offering customers a second income.
• BSLI Grameen Jeevan Raksha Plan – This plan is designed specifically to offer life insurance cover at affordable costs to customers from the rural or social sector.
• BSLI Group CapSecure Plan – A comprehensive group insurance so lut ion that enables the master policyholders to manage their assets for leave encashment and gratuity schemes.
In addition to new products, BSLI also modified some popular existing products including 3 Unit Linked Plans (ULIPs), 2 Traditional Participating Products, 1 Unit Linked Pension Product, 2 Unit Linked Group Products,2 Traditional Group Products, 5 Traditional Individual Riders and 9 Group Riders.
This year, in keeping with our vision of enhanced customer delight, we developed the Financial Needs Analyzer, a tool that helps draw a complete financial picture of individual customers basis their current financial status, risk appetite, asset and liability position and also factors inflation. Basis need analysis, the tool offers recommendations to solutions that are either single products or combine the features of 2 or 3 existing products. Four such combination solutions have been successfully launched.
Regular newsletters ensure that our sales force remains updated with adequate information in every situation.
Strengthening Customer Relationships
In the business of life insurance, we consciously strive to understand the pulse of our customers. Our business and brand philosophies rest on our customer's interests, after careful consideration of their needs.
Understanding customer insights
Last year witnessed the successful execution of our Customer Connect Program enabling non-sales staff members from cross functional teams to engage with customers on a month-on-month basis. These interactions helped us to understand their changing needs and behaviours, continually tap new business opportunities, and improve customer retention.
Customer communication initiatives
The essence of our customer communication strategy is to continually foster a relationship of trust with our customers. Our communication pieces are aimed towards enlightening customers on the value of their purchase and keeping them updated on new services and solutions. Each piece of communication from BSLI is personalised with detailed execution for a heightened feeling of authenticity.
In line with the changing economic scenario, we have ensured that we share regular investment updates with our customers. Our investment communication on different mediums (email, physical newsletters, webinars and webcast) are aimed to demystify financial terminology and address other investment related concerns.
Annual Report 2013-14
At Birla Sun Life Insurance, we know the importance of actively engaging with our customers to build loyalty, deepen relationships and gain insight to future actions. That is why we continue to build forums that allow us access to invaluable customer insights.
INSIGHT
13
Birla Sun Life Insurance
Competitive and Comprehensive Product Suite
Over the years, BSLI has offered very competitive and innovative products after careful assessment of our customers’ needs. The year 2013-14 saw the insurance industry undergo rapid changes. Our product mix too underwent a change in line with our mission towards a diverse and healthy product portfolio.
Products launched last year include:
• BSLI Immediate Annuity Plan – A traditional non-participating annuity pay plan that guarantees income to customers post retirement enabling them to lead a tension-free second innings in life.
• BSLI Easy Protect Plan – A simple, hassle-free term plan with an option to choose an increasing cover helping our customers to provide adequate protection to their families in case of any unforeseen events.
• BSLI Savings Plan – This traditional life insurance plan enhances customer savings by way of guaranteed additions, provides safety for loved ones and participates in profits arising out of the Company.
• BSLI Vision LifeSecure Plan – A participating traditional whole-life plan that offers an ideal combination oflong term savings and life insurance benefit. Through regular bonus accumulation and life insurance benefit, this product offers a perfect solution to customers' financial needs.
• BSLI Income Assured Plan – This non-participating guaranteed income plan offers regular guaranteed income together with life insurance benefits, thereby offering customers a second income.
• BSLI Grameen Jeevan Raksha Plan – This plan is designed specifically to offer life insurance cover at affordable costs to customers from the rural or social sector.
• BSLI Group CapSecure Plan – A comprehensive group insurance so lut ion that enables the master policyholders to manage their assets for leave encashment and gratuity schemes.
In addition to new products, BSLI also modified some popular existing products including 3 Unit Linked Plans (ULIPs), 2 Traditional Participating Products, 1 Unit Linked Pension Product, 2 Unit Linked Group Products,2 Traditional Group Products, 5 Traditional Individual Riders and 9 Group Riders.
This year, in keeping with our vision of enhanced customer delight, we developed the Financial Needs Analyzer, a tool that helps draw a complete financial picture of individual customers basis their current financial status, risk appetite, asset and liability position and also factors inflation. Basis need analysis, the tool offers recommendations to solutions that are either single products or combine the features of 2 or 3 existing products. Four such combination solutions have been successfully launched.
Regular newsletters ensure that our sales force remains updated with adequate information in every situation.
Strengthening Customer Relationships
In the business of life insurance, we consciously strive to understand the pulse of our customers. Our business and brand philosophies rest on our customer's interests, after careful consideration of their needs.
Understanding customer insights
Last year witnessed the successful execution of our Customer Connect Program enabling non-sales staff members from cross functional teams to engage with customers on a month-on-month basis. These interactions helped us to understand their changing needs and behaviours, continually tap new business opportunities, and improve customer retention.
Customer communication initiatives
The essence of our customer communication strategy is to continually foster a relationship of trust with our customers. Our communication pieces are aimed towards enlightening customers on the value of their purchase and keeping them updated on new services and solutions. Each piece of communication from BSLI is personalised with detailed execution for a heightened feeling of authenticity.
In line with the changing economic scenario, we have ensured that we share regular investment updates with our customers. Our investment communication on different mediums (email, physical newsletters, webinars and webcast) are aimed to demystify financial terminology and address other investment related concerns.
Annual Report 2013-14
Annual Report 2013-14
14
Our Investment Expertise
We endeavour to build a quality investment portfolio within defined guidelines, offering liquidity together with long-term wealth creation. As partners in wealth creation, we offer our customers a wide range of funds from 100% debt to 100% equity exposure, catering to all risk profiles. We understand that policyholders have different financial goals and varying risk appetite. Therefore, as a convenience to them, we offer various asset allocation options, in addition to a self managed option.
Our funds have outperformed their respective benchmark and have yielded consistent returns to our investors on a long-term basis.
BSLI ensures compliance with Insurance Regulatory and Development Authority (Investments) Regulations, 2000, which focuses on the safety of policy holders investments by having a well-diversified quality investment portfolio and transparency through adequate portfolio disclosures.
An Inspiring Brand Philosophy
In this year, it has been our endeavour to reach our customers through brand campaigns that are emphatic and make them self-realise their needs. Key highlights of our brand and marketing initiatives undertaken last year include:
• Our Savings with Protection Solutions campaign that created a link to the brand and a strong connect with the message that targeted mass India to self-realise the benefits of small disciplined savings at regular intervals.
• In this year, we continued our partnership with KidZania, Mumbai in the form of an employment office established at their premises to provide career development guidance and assistance to kids looking for role-playing opportunities at KidZania. This is an initiative under the Not Jobs But Passions (NJBP) platform created by BSLI to help children explore their real passions.
• As a life insurance brand, we urge mass India to face uncertainties with confidence. As a step towards emphasising the message of preparing for the uncertainties in life, our brand associated with the popular Bollywood movie Bhag Milkha Bhag that celebrated the spirit of fighting back uncertainties. The association was supported by a 360 degree integrated campaign where various elements including TV, radio, cinema and a successful internal campaign were executed.
• In this year, we used multiple communication mediums to attain proximity with our customers and truly understand their needs. Moving away from a one-for-all selling approach, we adopted a sharper defined product pitch
for a specific customer segment need. In order to maintain consistency and have it cascade, BSLI introduced product audio-visuals which not only captured key product features in detail but also articulated customer benefits through compelling stories.
These initiatives resulted in the following:
• Our consideration scores continued to remain high (as per AC Nielsen)
• Our presence in PR was ranked No. 3 (source TAM Media)
• The Midas Awards, New York adjudged BSLI as a recipient of the Grand Midas and the Gold Midas Award for excellence in marketing
Birla Sun Life Insurance
15
86%
100%
86% 86%
100%
Year 1 Year 2 Year 3 Year 4 Year 5
Percentage of funds beating the benchmarks
as on 31st March, 2014
Annual Report 2013-14
14
Our Investment Expertise
We endeavour to build a quality investment portfolio within defined guidelines, offering liquidity together with long-term wealth creation. As partners in wealth creation, we offer our customers a wide range of funds from 100% debt to 100% equity exposure, catering to all risk profiles. We understand that policyholders have different financial goals and varying risk appetite. Therefore, as a convenience to them, we offer various asset allocation options, in addition to a self managed option.
Our funds have outperformed their respective benchmark and have yielded consistent returns to our investors on a long-term basis.
BSLI ensures compliance with Insurance Regulatory and Development Authority (Investments) Regulations, 2000, which focuses on the safety of policy holders investments by having a well-diversified quality investment portfolio and transparency through adequate portfolio disclosures.
An Inspiring Brand Philosophy
In this year, it has been our endeavour to reach our customers through brand campaigns that are emphatic and make them self-realise their needs. Key highlights of our brand and marketing initiatives undertaken last year include:
• Our Savings with Protection Solutions campaign that created a link to the brand and a strong connect with the message that targeted mass India to self-realise the benefits of small disciplined savings at regular intervals.
• In this year, we continued our partnership with KidZania, Mumbai in the form of an employment office established at their premises to provide career development guidance and assistance to kids looking for role-playing opportunities at KidZania. This is an initiative under the Not Jobs But Passions (NJBP) platform created by BSLI to help children explore their real passions.
• As a life insurance brand, we urge mass India to face uncertainties with confidence. As a step towards emphasising the message of preparing for the uncertainties in life, our brand associated with the popular Bollywood movie Bhag Milkha Bhag that celebrated the spirit of fighting back uncertainties. The association was supported by a 360 degree integrated campaign where various elements including TV, radio, cinema and a successful internal campaign were executed.
• In this year, we used multiple communication mediums to attain proximity with our customers and truly understand their needs. Moving away from a one-for-all selling approach, we adopted a sharper defined product pitch
for a specific customer segment need. In order to maintain consistency and have it cascade, BSLI introduced product audio-visuals which not only captured key product features in detail but also articulated customer benefits through compelling stories.
These initiatives resulted in the following:
• Our consideration scores continued to remain high (as per AC Nielsen)
• Our presence in PR was ranked No. 3 (source TAM Media)
• The Midas Awards, New York adjudged BSLI as a recipient of the Grand Midas and the Gold Midas Award for excellence in marketing
Birla Sun Life Insurance
15
86%
100%
86% 86%
100%
Year 1 Year 2 Year 3 Year 4 Year 5
Percentage of funds beating the benchmarks
as on 31st March, 2014
INNOVATION
Innovation is at the core of everything we do. Technological innovations help us bring unprecedented convenience for customers and address key business challenges in line with the changing business landscape. With greater service efficiencies and an efficient selling process, our focus lies on creating differentiation in the market.
Birla Sun Life Insurance
Committed to building a distinct
customer service experience
At BSLI, we believe that our benchmark of success is our relationship with customers. With a customer base of over two million policy holders, BSLI has attained recognition as the 3rd Most Trusted Life Insurance Company in the ‘Most Trusted Brands’ survey 2013 conducted by Brand Equity (The Economic Times Group) with Neilsen. We are becoming a partner of preference for a growing number of customers due to their experience when interacting with us.
We are committed towards engaging with policyholders using their most preferred medium and in a cost effective manner. Our efforts are towards ensuring that our customers' interests are adequately covered through effective and regular communication. We also remain focused on providing different customer convenience facilities to all our policyholders. Our knowledge portal has been upgraded with options such as weekly online chats, advanced search, etc., to enhance customer experience.
Customer communication and call centre
Our effective and robust customer service mechanism is backed by a strong back-end and call centre. Our contact centre and Interactive Voice Response (IVR) services offer assistance in four regional languages namely Tamil, Telugu, Kannada and Malayalam. These have been introduced over and above the existing services in English and Hindi, keeping in mind our customers' requirements. Customers can speak to our service executives in any of the available six languages.
360 Degree Customer View
We have implemented a new view for our customer facing units to provide them with all information pertaining to a particular customer on a real-time basis for an appropriate and guided conversation with customers. This ensures that all our customers conversations are informative and effective.
Enhancing Customer Contactability
Constant engagement with our policyholders helps us understand their needs better and thereby improve servicing. Sustained campaigns have been undertaken to enhance customer contactability so we can stay connected with them.
Enhanced service experience for Orphan Customers
BSLI is committed to assisting policy holders whose agent is no longer active, also referred to as 'orphan' policy holders in insurance parlance. To offer them a hassle-free service experience, the following initiatives were undertaken:
• A service kit was developed addressing details specific to the needs of orphan customers including payment information, online policy servicing, etc.
• BSLI initiated proactive health check calls to our orphan customers
• Our orphan customers are provided priority on customer service contact centres through an exclusive call back facility in place for them
About 80% of reinstatement requests received at various touch points are being processed automatically through our systems. The elimination in manual intervention has resulted in a TAT reduction from 5 days to 1 day.
17
Annual Report 2013-14
INNOVATION
Innovation is at the core of everything we do. Technological innovations help us bring unprecedented convenience for customers and address key business challenges in line with the changing business landscape. With greater service efficiencies and an efficient selling process, our focus lies on creating differentiation in the market.
Birla Sun Life Insurance
Committed to building a distinct
customer service experience
At BSLI, we believe that our benchmark of success is our relationship with customers. With a customer base of over two million policy holders, BSLI has attained recognition as the 3rd Most Trusted Life Insurance Company in the ‘Most Trusted Brands’ survey 2013 conducted by Brand Equity (The Economic Times Group) with Neilsen. We are becoming a partner of preference for a growing number of customers due to their experience when interacting with us.
We are committed towards engaging with policyholders using their most preferred medium and in a cost effective manner. Our efforts are towards ensuring that our customers' interests are adequately covered through effective and regular communication. We also remain focused on providing different customer convenience facilities to all our policyholders. Our knowledge portal has been upgraded with options such as weekly online chats, advanced search, etc., to enhance customer experience.
Customer communication and call centre
Our effective and robust customer service mechanism is backed by a strong back-end and call centre. Our contact centre and Interactive Voice Response (IVR) services offer assistance in four regional languages namely Tamil, Telugu, Kannada and Malayalam. These have been introduced over and above the existing services in English and Hindi, keeping in mind our customers' requirements. Customers can speak to our service executives in any of the available six languages.
360 Degree Customer View
We have implemented a new view for our customer facing units to provide them with all information pertaining to a particular customer on a real-time basis for an appropriate and guided conversation with customers. This ensures that all our customers conversations are informative and effective.
Enhancing Customer Contactability
Constant engagement with our policyholders helps us understand their needs better and thereby improve servicing. Sustained campaigns have been undertaken to enhance customer contactability so we can stay connected with them.
Enhanced service experience for Orphan Customers
BSLI is committed to assisting policy holders whose agent is no longer active, also referred to as 'orphan' policy holders in insurance parlance. To offer them a hassle-free service experience, the following initiatives were undertaken:
• A service kit was developed addressing details specific to the needs of orphan customers including payment information, online policy servicing, etc.
• BSLI initiated proactive health check calls to our orphan customers
• Our orphan customers are provided priority on customer service contact centres through an exclusive call back facility in place for them
About 80% of reinstatement requests received at various touch points are being processed automatically through our systems. The elimination in manual intervention has resulted in a TAT reduction from 5 days to 1 day.
17
Annual Report 2013-14
Annual Report 2013-14
18
To establish connect with customers, we continue to leverage innovative mediums of communication including games, micro-sites, and even social media. As a first step to our social engagement with customers, we have started listening to all social media conversations, and monitor the same on a regular basis. Customer grievances are appropriately routed towards satisfactory closure. Such tracking of conversations has helped limit customer complaints, policy surrenders and drive positive conversations.
SOS Button
For the benefit of the masses, BSLI is developing an emergency application that will be available on Android and iOs to help users in an uncertain situation. This application serves to enable contactibility for users in crisis situations with a defined list of emergency contacts.
Financial management
Ever since the Company reported its first maiden profit of ` 305 Crores in FY11 (as against loss of 435 Crores in Fy10), the profitability trend has been improving. In FY13, the Company registered net income of `371 Crores. The solvency position which is over 1.98 in March 2014 is well above the regulatory requirement of 1.50. The Company took several steps to rationalise expenses, improve efficiencies and productivity across its operations.
The Company declared `70 Crores of share capital a final dividend of amounting to 2170 Crores.
Birla Sun Life Insurance
19
Death Claims decided
*Outstanding Claims
Claims Payment Ratio
Overall Claims Repudiation Ratio
% of Claims settled within 30 days of Claim Intimation
95.50%
4.50%
82.55%
12.95%
77.56%
96.53%
3.47%
88.65%
7.85%
79.54%
Key Claims Parameters –
Individual Life
BSLI's
Performance
Avg. Private
Industry -
Performance
The industry at large including BSLI has had negative experiences of organised frauds across various locations pan India. We are cognisant of this negative trend and have undertaken corrective steps to address these. It remains our utmost duty to safeguard our customers' interests. BSLI reinforces its unstinted intent and commitment of paying every valid claim.
Underwriting
At BSLI, underwriting is a blend of automated as well as manual activities. Basis assessment on the risk and exposure, policies are subject to scrutiny.
Continuous assessment of our portfolio has enabled us to have a multi-level approval matrix enabled right at the advisor level allowing us to make constant changes as per the risk experienced. The global practice of tele-underwriting is also used at BSLI where underwriting experts interview applicants on the telephone about their medical and financial status to build decisions for policy issuance.
Enhancing communication channels
through innovations
Our digital platform has been upgraded to make it user friendly and promote self service. In addition to previously popular features such as the display of bonus of traditional products, payment of policy premiums, accessing tax certificates, premium receipts and statements at the click of a button, policyholders can also access the following:
• Check for the status of ECS registration and transactions
• Receive e-receipts for online payments
• Generate duplicate premium receipts
• Download pre-fi l led service request forms for appointment of nominee, change of address and contact details, request for payouts (loan, withdrawal and maturity)
Social media to connect with customers and prospects
Decentralisation in Policy Administration
All our policy administration processes at BSLI have been realigned to create a first time right experience for our customers. To enable faster service at the branches and to improve First Time Resolutions (FTRs), certain branches are now allowed to process customer requests for address change, partial withdrawal and surrender of policy. Similarly, facilities to address other policy servicing requests will be enabled at the branches in a phased manner.
BSLI has leveraged technology to support processes for a seamless customer exper ience. About 80% of reinstatement requests received at various touch points are being processed automatically through our systems. The elimination in manual intervention has resulted in a TAT reduction from 5 days to 1 day.
Capturing the Voice of the Customer (VOC)
To better our services, it is imperative that we understand our customers’ experiences across touch points. We capture details to analyse and adopt improvements in customer experience at two critical touch points – the call centre and branches, as also at one of most significant points of interaction – complaint redressal.
Claims Management
The claims stage is the moment of truth in any life insurance policy. Every policyholder desires that their dependant family or beneficiaries remain financially secure in case of any unfortunate eventuality of death. It is our claims mission to provide hassle-free, seamless and speedy claim settlement services to our customers and ensure prompt payment of valid claims.
As per the IRDA Annual Report for 2012-13, BSLI Claims ratios as at March 2013 are as indicated:
Social media to connect with customers and prospects
Digital technology allows us to interact with our customers on a real-time basis, thus keeping them engaged and further strengthening our connections. From social media to games, and micro-sites, BSLI continues to leverage innovative mediums of communication to reach out to customers.
Annual Report 2013-14
18
To establish connect with customers, we continue to leverage innovative mediums of communication including games, micro-sites, and even social media. As a first step to our social engagement with customers, we have started listening to all social media conversations, and monitor the same on a regular basis. Customer grievances are appropriately routed towards satisfactory closure. Such tracking of conversations has helped limit customer complaints, policy surrenders and drive positive conversations.
SOS Button
For the benefit of the masses, BSLI is developing an emergency application that will be available on Android and iOs to help users in an uncertain situation. This application serves to enable contactibility for users in crisis situations with a defined list of emergency contacts.
Financial management
Ever since the Company reported its first maiden profit of ` 305 Crores in FY11 (as against loss of 435 Crores in Fy10), the profitability trend has been improving. In FY13, the Company registered net income of `371 Crores. The solvency position which is over 1.98 in March 2014 is well above the regulatory requirement of 1.50. The Company took several steps to rationalise expenses, improve efficiencies and productivity across its operations.
The Company declared `70 Crores of share capital a final dividend of amounting to 2170 Crores.
Birla Sun Life Insurance
19
Death Claims decided
*Outstanding Claims
Claims Payment Ratio
Overall Claims Repudiation Ratio
% of Claims settled within 30 days of Claim Intimation
95.50%
4.50%
82.55%
12.95%
77.56%
96.53%
3.47%
88.65%
7.85%
79.54%
Key Claims Parameters –
Individual Life
BSLI's
Performance
Avg. Private
Industry -
Performance
The industry at large including BSLI has had negative experiences of organised frauds across various locations pan India. We are cognisant of this negative trend and have undertaken corrective steps to address these. It remains our utmost duty to safeguard our customers' interests. BSLI reinforces its unstinted intent and commitment of paying every valid claim.
Underwriting
At BSLI, underwriting is a blend of automated as well as manual activities. Basis assessment on the risk and exposure, policies are subject to scrutiny.
Continuous assessment of our portfolio has enabled us to have a multi-level approval matrix enabled right at the advisor level allowing us to make constant changes as per the risk experienced. The global practice of tele-underwriting is also used at BSLI where underwriting experts interview applicants on the telephone about their medical and financial status to build decisions for policy issuance.
Enhancing communication channels
through innovations
Our digital platform has been upgraded to make it user friendly and promote self service. In addition to previously popular features such as the display of bonus of traditional products, payment of policy premiums, accessing tax certificates, premium receipts and statements at the click of a button, policyholders can also access the following:
• Check for the status of ECS registration and transactions
• Receive e-receipts for online payments
• Generate duplicate premium receipts
• Download pre-fi l led service request forms for appointment of nominee, change of address and contact details, request for payouts (loan, withdrawal and maturity)
Social media to connect with customers and prospects
Decentralisation in Policy Administration
All our policy administration processes at BSLI have been realigned to create a first time right experience for our customers. To enable faster service at the branches and to improve First Time Resolutions (FTRs), certain branches are now allowed to process customer requests for address change, partial withdrawal and surrender of policy. Similarly, facilities to address other policy servicing requests will be enabled at the branches in a phased manner.
BSLI has leveraged technology to support processes for a seamless customer exper ience. About 80% of reinstatement requests received at various touch points are being processed automatically through our systems. The elimination in manual intervention has resulted in a TAT reduction from 5 days to 1 day.
Capturing the Voice of the Customer (VOC)
To better our services, it is imperative that we understand our customers’ experiences across touch points. We capture details to analyse and adopt improvements in customer experience at two critical touch points – the call centre and branches, as also at one of most significant points of interaction – complaint redressal.
Claims Management
The claims stage is the moment of truth in any life insurance policy. Every policyholder desires that their dependant family or beneficiaries remain financially secure in case of any unfortunate eventuality of death. It is our claims mission to provide hassle-free, seamless and speedy claim settlement services to our customers and ensure prompt payment of valid claims.
As per the IRDA Annual Report for 2012-13, BSLI Claims ratios as at March 2013 are as indicated:
Digital technology allows us to interact with our customers on a real-time basis, thus keeping them engaged and further strengthening our connections. From social media to games, and micro-sites, BSLI continues to leverage innovative mediums of communication to reach out to customers.
INTEGRATION
As we go forth, we at BSLI understand that integration of all our operational processes and functions is the key to sustained profitability. With the use of innovative methods and effective communication tools, we continue to leverage our strengths to achieve long-term growth.
Birla Sun Life Insurance
21
• Our sales management processes under the BSLI Way initiative were strengthened. The agency forces have been empowered with technological enablers developed to ensure adherence to sales management processes. Mobile based solutions have helped connect the field workforce to the back-end operations and unify multiple message streams, thereby driving sales efficiently. To enhance the sales process quality and customer experience at the time of the purchase, underwriting privileges for advisors and the process of Pre-Issuance Verification Calling (PIVC) was launched for superior business quality.
• New audio-visual sales tools were developed to enable advisors to understand the features and benefits of multiple products and enable appropriate targeted selling basis segmented product categorization.
Third-party distribution partnership
We actively collaborate with our key Corporate Agents and Broker (CAB) and Banking partners to map customer segments, identify the specific needs across the varied segments and structure products in accordance. This ensures that our insurance solutions are delivered to the end customers after a thorough understanding of their needs and the needs of our trusted intermediaries.
• Strengthened our product offerings after accurately mapping customer segments of our partners. In line with their needs, we added limited pay full guaranteed non par products for the retail segments.
• We developed a Quality Assurance (QA) framework in consultation with our CAB channel partners. In this paradigm shift from Quality Control to Quality Assurance, agreements have been signed with key accounts in CAB to initiate the QA framework in their respective set-up.
• In FY14, we have remained focused to ensure wider and deeper integration with our channel partners. In line with the same, as a first stage one way access to BSLI's CRM has been provided to channel partners and the second stage focused on enabling access to channel partners to directly service their respective customers
· Created data analytics for key partners to enable them to provided customised solutions to their customer segments.
• A mobile activity tracker and portal allows our sales teams to access information on BSLI's insurance solutions on the go, enabling them to provide prompt service to customers.
• At BSLI, we strongly believe in personalised customer interface. We have moved towards 100% face-to-face sales meetings with policy holders to ensure consent from customers on products being sold correctly and adequate need identification.
Widening our reach using a mix of traditional
and emerging channels
Our strategy has been to scale profitable distribution with thorough understanding of customer needs. Amongst private players, BSLI in FY2014 in new business terms ranked in the top 6 agency teams and ranked 7 in overall sales terms (individual and group).
Direct Sales Force Management
Our extensive distribution reach in 493 cities through a network of 559 branches supported by an average empanelled advisor base of 103,123 equipped with knowledge on our products and solutions help connect with customers in keeping with our philosophy of need-based selling. To further this agenda, the agency channel had undertaken the following key initiatives in the last year:
• Implemented a focused distribution creation policy through resource allocation on assessment of potential, current performance and customer demographics of a region. Advisors were recruited from the branch catchment based on micro-market demographics like dominant age segment, dominant community, etc.
Multiple initiatives including trainings, BTL campaigns, FLS recruitment and hiring tools, etc. were launched to help drive this program in the field.
• Research suggests that customers purchased different life insurance policies through their life stages basis their needs. An up-sell initiative was launched with the objective of providing life insurance solutions to existing customers at different milestones in their lives. A propensity model basis customer profile was developed to help advisors in identifying potential customers. A strong technology platform supported the field staff towards the sharing, tracking and closing of leads.
• With an aim to enhance customers engagement, our agency force and partners were introduced to Empower@Ease, an integrated end-to-end technology enabled platform for all sales management needs across channels. As a first step towards enhanced customer experience, standardised sales processes and faster policy issuance, it provides tailor-made insurance solutions towards goal-based savings. This technology is multi-lingual and supported on all new age devices including smart phones, tablets, laptops and desktops.
Annual Report 2013-14
INTEGRATION
As we go forth, we at BSLI understand that integration of all our operational processes and functions is the key to sustained profitability. With the use of innovative methods and effective communication tools, we continue to leverage our strengths to achieve long-term growth.
Birla Sun Life Insurance
21
• Our sales management processes under the BSLI Way initiative were strengthened. The agency forces have been empowered with technological enablers developed to ensure adherence to sales management processes. Mobile based solutions have helped connect the field workforce to the back-end operations and unify multiple message streams, thereby driving sales efficiently. To enhance the sales process quality and customer experience at the time of the purchase, underwriting privileges for advisors and the process of Pre-Issuance Verification Calling (PIVC) was launched for superior business quality.
• New audio-visual sales tools were developed to enable advisors to understand the features and benefits of multiple products and enable appropriate targeted selling basis segmented product categorization.
Third-party distribution partnership
We actively collaborate with our key Corporate Agents and Broker (CAB) and Banking partners to map customer segments, identify the specific needs across the varied segments and structure products in accordance. This ensures that our insurance solutions are delivered to the end customers after a thorough understanding of their needs and the needs of our trusted intermediaries.
• Strengthened our product offerings after accurately mapping customer segments of our partners. In line with their needs, we added limited pay full guaranteed non par products for the retail segments.
• We developed a Quality Assurance (QA) framework in consultation with our CAB channel partners. In this paradigm shift from Quality Control to Quality Assurance, agreements have been signed with key accounts in CAB to initiate the QA framework in their respective set-up.
• In FY14, we have remained focused to ensure wider and deeper integration with our channel partners. In line with the same, as a first stage one way access to BSLI's CRM has been provided to channel partners and the second stage focused on enabling access to channel partners to directly service their respective customers
· Created data analytics for key partners to enable them to provided customised solutions to their customer segments.
• A mobile activity tracker and portal allows our sales teams to access information on BSLI's insurance solutions on the go, enabling them to provide prompt service to customers.
• At BSLI, we strongly believe in personalised customer interface. We have moved towards 100% face-to-face sales meetings with policy holders to ensure consent from customers on products being sold correctly and adequate need identification.
Widening our reach using a mix of traditional
and emerging channels
Our strategy has been to scale profitable distribution with thorough understanding of customer needs. Amongst private players, BSLI in FY2014 in new business terms ranked in the top 6 agency teams and ranked 7 in overall sales terms (individual and group).
Direct Sales Force Management
Our extensive distribution reach in 493 cities through a network of 559 branches supported by an average empanelled advisor base of 103,123 equipped with knowledge on our products and solutions help connect with customers in keeping with our philosophy of need-based selling. To further this agenda, the agency channel had undertaken the following key initiatives in the last year:
• Implemented a focused distribution creation policy through resource allocation on assessment of potential, current performance and customer demographics of a region. Advisors were recruited from the branch catchment based on micro-market demographics like dominant age segment, dominant community, etc.
Multiple initiatives including trainings, BTL campaigns, FLS recruitment and hiring tools, etc. were launched to help drive this program in the field.
• Research suggests that customers purchased different life insurance policies through their life stages basis their needs. An up-sell initiative was launched with the objective of providing life insurance solutions to existing customers at different milestones in their lives. A propensity model basis customer profile was developed to help advisors in identifying potential customers. A strong technology platform supported the field staff towards the sharing, tracking and closing of leads.
• With an aim to enhance customers engagement, our agency force and partners were introduced to Empower@Ease, an integrated end-to-end technology enabled platform for all sales management needs across channels. As a first step towards enhanced customer experience, standardised sales processes and faster policy issuance, it provides tailor-made insurance solutions towards goal-based savings. This technology is multi-lingual and supported on all new age devices including smart phones, tablets, laptops and desktops.
Annual Report 2013-14
Building operational efficiencies by
fortifying our strengths
BSLI is committed to quality and process excellence by fostering a continuous improvement culture within the organisation. We have undertaken conscious efforts towards building efficiency within processes and people. Some significant initiatives are as follows:
• Process Maturity Assessment practice was introduced to strengthen internal processes towards better customer experience. The maturity of vital processes was assessed against best in class industry practices to ensure that it is optimised and delivers the desired output.
• To adopt a structured approach to garner ideas from employees and to orient them towards a continuous improvement culture, a Kaizen portal was developed and employees were trained on the concepts. The portal registered over 1000 Kaizens and 350 were implemented through multiple campaigns held.
• Under the Lean Six Sigma Projects or Green Belt Problem Solving Program 6 projects were undertaken together with 30 small improvement or Yellow Belt projects.
• In order to improve branch productivity, centralised analytics were initiated through MIS Centralisation.
• At BSLI, key projects are identified on the Noise dashboard, a patented analytical best practice in the organisation. It has helped build focus on customer-centricity, increased productivity and enhanced retention efforts through various channels. Project such as Enhancing Self Service where the IVR usage and online services bettered from an 11% to 24% and 36% to 40% respectively were monitored.
• BSLI was awarded the Bronze Award at the ABG Business Excellence Assessment in 2013.
An engaged, empowered and
motivated workforce
We strongly believe that employees that are motivated and engaged bring in their best to work each day and contribute more effectively towards their own and the organisation's success. We are committed to building HR processes and practices which are a benchmark in the industry.
The Team Engagement Survey, an annual survey conducted by BSLI to continuously assess employee engagement levels. Offers employees an opportunity to rate their managers on parameters such as role clarity, learning and development, recognition, alignment, support and caring. The internet based survey conducted in 2013 saw 96% voluntary participation from our employees. The engagement score at BSLI saw a significant jump from the previous year indicating that the engagement levels among our employees have increased.
It is important to know:
• BSLI reported an engagement score of 3.99 on a 5 point scale indicating that our employees understand their roles well and believe that their skills are well utilised in their current role.
• The score also indicates that our employees understand their contribution to the mission of the company and get recognised for doing good work.
Wellness initiatives
We are committed to promoting a healthy lifestyle for our employees. For the past two years, we have been participating in Stepathlon, an initiative where employees to sign up for a “race around a virtual world”. The activity is for 100 days and has several corporate participants from across industries. Employees form teams where each member is provided a pedometer and encouraged to walk a minimum of 10,000 steps a day. Teams that clock the most number of steps at the end of 100 days are awarded.
Employee Development and Talent Management
In order to build the capability of our workforce for the future, it is our endeavour to ensure that our employees have the knowledge and the insights required to deliver results and add value to our customers. On-the-job training followed by mandatory application of learnings enable our employees to build their capabilities at an accelerated pace. BSLI believes in providing its employees with opportunities to further broad base their skills. Towards this end, more than 250 of our roles were filled through internal promotions or movements. Our focus is to ensure that our employees are provided with multi-skilling opportunities which in turn help them get more exposure and add greater value to their roles.
Diversity
We encourage gender diversity and continue to build an inclusive environment for women employees to have a sustainable and rewarding career with us. Last year, we covered several managers and teams through sessions that focused on helping them understand the importance of diversity and become more self-aware and inclusive in their working style.
Giving back to Society
We continue our efforts to engage with society at large through various initiatives. Our employees are encouraged to invest their time for noble causes in an attempt to give back to society. The last year saw several of our employees participate wholeheartedly in CSR initiatives by way of donating groceries to old age homes on a monthly basis and providing school stationary and clothes for less fortunate children. We actively supported other NGO’s and charitable trusts for underprivileged women, orphan children and the physically challenged by giving these organisations the opportunity to put up their stalls at the various engagement events conducted through the year.
Annual Report 2013-14
22
Birla Sun Life Insurance
23
Rewards & Recognitions
BSLI was awarded for 'Outstanding Customer Service' at the Life Insurance Awards, 2013 conducted in the 2nd Indian Pension Fund Congress 2013
The 4th CII National HR Excellence Award 2013 in the category of 'Strong Commitment to HR Excellence' was awarded to Birla Sun Life Insurance
BSLI won for the third consecutive year the Gold trophy for financial reporting from The Institute of Chartered Accountants of India (ICAI)
BSLI earned recognition at the Effies – The Indian chapter of Effies International for the fourth consecutive year for the best marketing campaign
The Midas Awards, New York adjudged BSLI as a recipient of the Grand Midas and the Gold Midas Award for excellence in marketing
Birla Sun Life Insurance attained recognition as the 'Third Most Trusted Life Insurer' in the annual Most Trusted Brands Survey 2013 by Brand Equity (The Economic Times)
Building operational efficiencies by
fortifying our strengths
BSLI is committed to quality and process excellence by fostering a continuous improvement culture within the organisation. We have undertaken conscious efforts towards building efficiency within processes and people. Some significant initiatives are as follows:
• Process Maturity Assessment practice was introduced to strengthen internal processes towards better customer experience. The maturity of vital processes was assessed against best in class industry practices to ensure that it is optimised and delivers the desired output.
• To adopt a structured approach to garner ideas from employees and to orient them towards a continuous improvement culture, a Kaizen portal was developed and employees were trained on the concepts. The portal registered over 1000 Kaizens and 350 were implemented through multiple campaigns held.
• Under the Lean Six Sigma Projects or Green Belt Problem Solving Program 6 projects were undertaken together with 30 small improvement or Yellow Belt projects.
• In order to improve branch productivity, centralised analytics were initiated through MIS Centralisation.
• At BSLI, key projects are identified on the Noise dashboard, a patented analytical best practice in the organisation. It has helped build focus on customer-centricity, increased productivity and enhanced retention efforts through various channels. Project such as Enhancing Self Service where the IVR usage and online services bettered from an 11% to 24% and 36% to 40% respectively were monitored.
• BSLI was awarded the Bronze Award at the ABG Business Excellence Assessment in 2013.
An engaged, empowered and
motivated workforce
We strongly believe that employees that are motivated and engaged bring in their best to work each day and contribute more effectively towards their own and the organisation's success. We are committed to building HR processes and practices which are a benchmark in the industry.
The Team Engagement Survey, an annual survey conducted by BSLI to continuously assess employee engagement levels. Offers employees an opportunity to rate their managers on parameters such as role clarity, learning and development, recognition, alignment, support and caring. The internet based survey conducted in 2013 saw 96% voluntary participation from our employees. The engagement score at BSLI saw a significant jump from the previous year indicating that the engagement levels among our employees have increased.
It is important to know:
• BSLI reported an engagement score of 3.99 on a 5 point scale indicating that our employees understand their roles well and believe that their skills are well utilised in their current role.
• The score also indicates that our employees understand their contribution to the mission of the company and get recognised for doing good work.
Wellness initiatives
We are committed to promoting a healthy lifestyle for our employees. For the past two years, we have been participating in Stepathlon, an initiative where employees to sign up for a “race around a virtual world”. The activity is for 100 days and has several corporate participants from across industries. Employees form teams where each member is provided a pedometer and encouraged to walk a minimum of 10,000 steps a day. Teams that clock the most number of steps at the end of 100 days are awarded.
Employee Development and Talent Management
In order to build the capability of our workforce for the future, it is our endeavour to ensure that our employees have the knowledge and the insights required to deliver results and add value to our customers. On-the-job training followed by mandatory application of learnings enable our employees to build their capabilities at an accelerated pace. BSLI believes in providing its employees with opportunities to further broad base their skills. Towards this end, more than 250 of our roles were filled through internal promotions or movements. Our focus is to ensure that our employees are provided with multi-skilling opportunities which in turn help them get more exposure and add greater value to their roles.
Diversity
We encourage gender diversity and continue to build an inclusive environment for women employees to have a sustainable and rewarding career with us. Last year, we covered several managers and teams through sessions that focused on helping them understand the importance of diversity and become more self-aware and inclusive in their working style.
Giving back to Society
We continue our efforts to engage with society at large through various initiatives. Our employees are encouraged to invest their time for noble causes in an attempt to give back to society. The last year saw several of our employees participate wholeheartedly in CSR initiatives by way of donating groceries to old age homes on a monthly basis and providing school stationary and clothes for less fortunate children. We actively supported other NGO’s and charitable trusts for underprivileged women, orphan children and the physically challenged by giving these organisations the opportunity to put up their stalls at the various engagement events conducted through the year.
Annual Report 2013-14
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Birla Sun Life Insurance
23
Rewards & Recognitions
BSLI was awarded for 'Outstanding Customer Service' at the Life Insurance Awards, 2013 conducted in the 2nd Indian Pension Fund Congress 2013
The 4th CII National HR Excellence Award 2013 in the category of 'Strong Commitment to HR Excellence' was awarded to Birla Sun Life InsuranceInsurance
BSLI won for the third consecutive year the Gold trophy for financial reporting from The Institute of Chartered Accountants of India (ICAI)
BSLI earned recognition at the Effies – The Indian chapter of Effies International for the fourth consecutive year for the best marketing campaign
The Midas Awards, New York adjudged BSLI as a recipient of the Grand Midas and the Gold Midas Award for excellence in marketing
Birla Sun Life Insurance attained recognition as the 'Third Most Trusted Life Insurer' in the annual Most Trusted Brands Survey 2013 by Brand Equity (The Economic Times)
24
Annual Report 2013-14
FINANCIAL REPORT
stCorporate information as on 31 March 2014
Birla Sun Life Insurance
Joint Statutory Auditors
Sunshine Tower, Level 19, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400 013.
M/s. Khimji Kunverji & Co.12th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (W), Mumbai – 400 028.
M/s. S. R. Batliboi & Associates LLP
Citi Bank N.A.
Main Bankers Deutsche Bank HDFC Bank Standard Chartered Bank
Mr. Ashish Lakhtakia
Company Secretary
Mr. Kumar Mangalam Birla Mr. Donald A. Stewart Mr. Ajay Srinivasan
Mr. Puranmalka Mr. Gian P. Gupta Mr. M. V. NairMr. Pankaj Razdan Mr. Kevin Strain Dr. Rakesh JainMs. Tarjani Vakil Mr. Venkatesh Mysore
Board of Directors
Senior Management Team
Mr. Mayank BathwalDeputy Chief Executive Officer
Mr. Amit JainChief Financial Officer
Mr. Anil Kumar SinghChief Actuarial Officer
Mr. Lalit VermaniChief Legal, Compliance &Risk Officer
Mr. Pramod KrishnamurthyChief Technology Officer
Mr. Sashi KrishnanChief Investment Officer
Mr. Saurov GhoshHead - Human Resources & Training
Mr. Vikas SethChief Distribution Officer
Mr. Ajay SrinivasanMr. Amit Jain Mr. Anil Kumar Singh
Mandatory Committee
Asset Liability Management CommitteeMs. Keerti GuptaMr. Lalit VermaniMr. Mayank Bathwal
Mr. Pankaj RazdanMr. Sashi KrishnanMr. Venkatesh Mysore
Mr. Gian P. Gupta – ChairmanMr. Ajay SrinivasanMr. Puranmalka
Audit Committee
Mr. Kevin StrainMr. Pankaj Razdan
Ms. Tarjani VakilMr. Venkatesh Mysore
Mr. Ajay SrinivasanMr. Amit Jain Mr. Anil Kumar Singh
Investment Committee
Ms. Keerti GuptaMr. Lalit VermaniMr. Mayank Bathwal
Mr. Pankaj RazdanMr. Sashi KrishnanMr. Venkatesh Mysore
Mr. N. N. Jambusaria – ChairmanMr. Amit JainMr. Anil Kumar Singh
Policyholders' Protection Committee
Ms. Anjali Makhija Mr. Ashish LakhtakiaMr. Lalit Vermani
Mr. Mayank BathwalMr. Pankaj RazdanMr. Vikas Seth
Mr. Amitabh Verma
Mr. Ajay SrinivasanMr. Gian P. Gupta
Risk Management Committee
Mr. Pankaj RazdanMs. Tarjani Vakil
Mr. Venkatesh Mysore
Non-Mandatory Committee
Finance CommitteeMr. Ajay SrinivasanMr. Puranmalka
Mr. Gian P. GuptaMs. Tarjani Vakil
Mr. Venkatesh Mysore
Share Allotment Committee Mr. Puranmalka Mr. Gian P. Gupta Mr. Venkatesh Mysore
With Profits Committee Mr. Gian P. Gupta Mr. Anil Kumar Singh Mr. Pankaj Razdan Mr. Vivek Jalan
for the year ended March 31, 2014
Annual Report 2013-14
Directors’ Report
Dear Shareholders,
On behalf of your Board of Directors, I present the fourteenth Annual Report, together with the Audited Statement of Accounts, of Birla Sun Life Insurance Company Limited (‘the Company/BSLI’) for the period ended March 31, 2014.
1. INDUSTRY & BUSINESS PERFORMANCE The Life Insurance Industry which has seen continuous changes due to macro-economic and regulatory changes has shifted priorities of all
life insurers towards building differentiated business models. Some of the key trends are as follows: • Mostprivatelifeinsurershavetakenstepstobalancetheirchannelmixandimprovingefficienciesintheagencychannel.Theindustry
witnessedanincreaseinnumberofagentsfrom2.1millioninFY13to2.2millioninFY14aidedbyrelaxationofeligibilityrequirementsfor new agents. Earlier, the industry witnessed agents declining from 3 million as on March 2010 to 2.2 million in March 2013.
• Bancassurancechannelhasbeenabletoadaptbettertothenewregulationsregimewith41%marketshareamongstprivateplayersinFY13from25%inFY11.
• NewProductregulationsfornon-linkedproductsweremadeeffectiveJanuary1,2014,withaviewtoincreasepolicyholders’valuepropositionbyincreasingminimumguaranteebenefitsandminimumsumassurednorms.
• Recentchangesinregulationshasledtotheindustryseeingasignificantshiftinproductmixtowardstraditionalparticipatingproductswhichcontributedaround76%ofthetotalindustrysalesinFY14.
• Renewalsacrosstheindustryarelowerthanexpectedgivenlowpersistencyandhighersurrendersinunitlinkedproducts.Severalinitiativesarebeingtakenbytheindustryplayersattheacquisitionstageandintheirserviceofferingtoreversethistrend.Focusneedstograduallyshifttowardsbettersalesmanagementpracticesandconsultativesellingthroughsegmentedofferingstoenhancequalityofbusiness.
TheoutlookforFY15intermsofnewbusinessgrowthisexpectedtobemoderateduetotransitiontoproductsaspernewregulations.However,recenteasingofinflationarytrendsandsofteningofpricesofgoldandrealestateshouldaugurwellfortheindustrygoingforward.Furtherimprovementsinthemacro-economicenvironmentwillalsohelptheinsuranceindustryinthecomingyear.Regulatorychanges,liketherecentbrokingguidelinesforbankscanactasanotherpositiveleverforgrowthgoingforward.
BSLIiswellpositionedtoleveragetheopportunities.Overall,BSLIhastransitionedwellintermsofitsproductstrategyleadingtoabalancedsuite of participating, non-participating and unit-linked products.
2. BUSINESS REVIEW AND FINANCIAL PERFORMANCE Financial Performance Table1:Business&FinancialPerformanceofourCompany
(` in Crores)
Particulars FY14 FY13 Inc. (%)
Business PerformanceNewBusinessPremium 1,697 1,837 -8%RenewalPremium 3,136 3,380 -7%
Total Premium 4,833 5,216 -7%
Financial PerformanceIncome Gross premium income 4,833 5,216 -7%Reinsurance (net) -188 -165 14%Total premium income (net) 4,645 5,052 -8%Incomefrominvestments Policyholders 2,496 2,070 21%Shareholders 115 116 -1%InvestmentIncome 2, 610 2,186 19%Other Income 37 37 -0.3%
Total Income 7,292 7,274 0.2%
Less: Commission 235 300 -22%Expenses(includingdepreciation) 1,045 1,161 -10%Benefitspaid(net) 3,666 3,659 0.2%Provisionsforactuarialliability(net) 1,977 1,612 23%ProvisionforTaxation
Profit for the Current Year 371 542 -32%
Share Capital 1,901 1,970Reserve & Surplus 268 480Net Worth 1,257 1,248
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TheCompanyrecordedsatisfactoryperformanceinFY14acrossarangeofkeyfinancialparameters:
• TheCompanyregisteredNetProfitof` 371 crores for the year, against `542crores inthepreviousyear.Thefall innetprofit isprimarily due to lower new business premium growth and reduction in the renewal premium. The company continues its focus on profitabilitythroughbettermanagementofin-forcebusiness,optimisationofexpensesandbuildingefficienciesindistribution.
• TheCompany recordednewbusinesspremiumof` 1,697 crores in FY14 against `1,837crores inFY13.Saleswereadverselyaffected in the second half due to transition to new products post regulatory changes.
• Renewalpremiumat`3,136croreswaslowerby7%.Wewillcontinuetofocusonmanagingoursubstantialin-forcebookandonimprovingpersistencylevels,whichisimportanttodelivervaluefromourexistingrenewalbook.
• Traditionalproductsaccountedfor60%ofsalesinFY14asagainst55%inFY13.Thiswaspartlyonaccountoftherecentchangesinproduct regulations.
• Overallcommissionratiosawadecreaseto4.9%asagainst5.8%inFY13.
• Opex toTotalPremiumratiohas improvedmarginally inFY14 to21.6%against22.3% forFY13,primarilydue tobetterexpensemanagement.
• Strongsolvencymarginat1.86fortheyearendedMarch2014againsttheregulatoryrequirementof1.5indicatingtheCompany’sstablefinancialposition.
• Giventherobustfinancialperformance,therehasbeennocapitalinfusionforthepast4years.
Witharobustoperatingplatform,strongtrustedbrandandlong-termcommitmenttowardslifeinsurancebusiness,theCompanyiswellpositioned to meet the challenges and to tap the long-term opportunities of the life insurance industry.
Summary of Operations and Business
• AftertheregulatorychangesinOctober2013theCompanyhasmovedtoabalancedsalesmixofparticipatingandnon-participatingproducts.
• BSLIcontinuestofollowasuccessful multi-channel distributionstrategywithover560branches,4keybankpartnersandover 150 third party distributors.
• Agency channelcontinuestobetheCompany’slargestdistributionchannelcontributingtoovertwothirdofourindividualbusinesswithNewBusinesspremiumof`569crores.InFY14,thefocuswasonmovingtowardsamorebalancedproductmixandensuringdistribution creation through licensing of new agents. Going forward, the agency channel’s primary focus will be towards empowering thesalesforcewitheffectivesalespractices,solutionsandenablingtoolstoenhanceproductivity.
• Bancassurance channeldeliverednewbusinesspremiumof`171crores.Recentbrokingguidelines forbanksareexpected toprovidetheCompanywithaccesstowideropportunitiesfortie-ups.Ourprioritiesforthechannelmovingforwardwillbetoharvestexistingpartners’growingcustomerbaseandtappingnewopportunitiesfrombanksthatbecomebrokers.
• NewBusinesspremiumfromCorporate Agent & Brokers (CAB) and other channels was ` 138 crores. Sales from this segment was lowercomparedtolastyearduetoinitiativestoimprovequalityofbusiness.Goingforwardthefocuswillbeonafewexistingstrategictie-upsandadditionofnewcapacities,evenwhilecontinuingeffortstoimprovethequalityofbusiness.
• Group Businessincreaseditsshareinnewbusinesspremiumby4%withnewbusinesspremiumof` 819 crores. This came from improvementinproductlinesandafocusonincreasingourpenetration.ThishelpedtheCompanyachieve1strankinGroupSalesamongstallprivatelifeinsurersfortheperiodFY14.TheCompanyhasmadesignificantinroadsintogrouptermbusinesswhichhavebetterprofitmargins.
• Duringtheyearunderreview,theCompanylaunchedseveralnewproductsandre-launchedexistingproductstocomplywiththenewregulatory norms. Below are the products which were launched during the year:
² Non-ParticipatingTraditionalproducts:BSLIEasyProtect,SavingsPlan,IncomeAssureandImmediateAnnuity ² ParticipatingTraditionalproducts:BSLIVisionLifeIncome,VisionLifeSecure,VisionEndowmentandVisionRegularreturns ² UnitLinkedproducts:BSLIWealthSecure,WealthAssure,WealthMaxandEmpowerPension ² ProductsunderRuralandGroupplatformwerealsolaunched.
• Assets under Management (AUM) grew from ` 21,559 crores in FY13 to ` 23,445 crores for the year ended March 31, 2014. Forunit-linkedfunds,companyhasdeliveredsuperior fundperformanceconsistentlybeating itsbenchmarktargets.Over90%ofthe fundsoutperformedtheir respectivebenchmarkover the long-term(across2-4years.)100%of the fundsoutperformed theirbenchmarkoverthe5yearperiodendingMarch31,2014.
• Maintainingahighlevelofpersistencyisimportantforourfinancialresults,asalargeblockofin-forcepoliciesprovidesuswithregularrevenuesandprofits.Tofurtherstrengthentherenewalbook,theCompanyundertookseveralqualityinitiativeswhichincludedpre-issuanceverificationcalls,pre-issuancejointdeclarationfrompolicyholder,andqualityagreementswithdistributorstodrivetherightsalesbehaviourandreducefirstpremiumlapse.BSLI’s13monthpremiumpersistencyisat59%asonMarch31,2014.
• Focus of the Company is to move Information Technology towards customer-facing processes including customer service anddistributionsupport.TheCompanyhaslaunched“Empoweratease”,whichisleveragingtechnologytodeliveranend-to-endsolutionfromprospectingtoclosures,therebyenhancingproductivityandcustomerexperience.TheCompanydevelopedanonlinecustomerenrollment application and enabled more self-servicing options. To improve distributors’ performance, the Company leveragedtechnologytoprovideon-demandtrackingofinformationrelatedtosalesactivityandperformance.
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• ProactivemeasureshavebeenundertakentostrengthencomplianceandriskmanagementfunctiongiventheCompany’sfocustomaintainrobustinternalcontrols,mitigaterisksandimprovesalesconductandtherebymaintainthereputationofbeingoneofmostcompliantinsurancecompaniesinanenvironmentofincreasingregulatoryoversight.
• Ourinvestmentinbrandingyieldedgoodresultswithbothbrandawarenessaswellasconsiderationscores(i.e.likelihoodofprospectivecustomerstopurchaseapolicy)showingimprovementstoanall-timehigh.GoingforwardstrengthoftheBSLIbrandisexpectedtobecomemoreimportantandwecontinuetostrengthenourbrandperformancethroughanoptimalmixofabove-the-lineandbelow-the-lineactivities.
Outlook for the Industry and Company
Since the introduction of significant regulatory changes, there has been a perceptible slowdown in sales. However, this has given anopportunitytotheexistinginsuranceplayerstoreviewtheiroperatingmodelstodrivehigherefficienciesandfocusonmorebalancedgrowthobjectives.
Generalmarketconditionshavebeendifficultforsaleoflifeinsurancesavingsproducts.Factorsincludedhighinterestrates,highinflationrates, and strength in gold and real estate. However, recent easing of inflationary trends and bearish trends in gold and real estateshouldaugurwellfortheindustry.Indiaalreadyhasseveralstructuraladvantagesintermsoffavourabledemographicsandhighrateoffinancialsavings.Certaintyofregulation,improvingmacro-economicenvironment,andnewproductofferingsarelikelytoenhancegrowth andprofitability.
TheCompanyhasidentifiedthefollowingkeyareastostrengthenitscompetitiveandfinancialpositioninthecomingyears: • Growthinprofitability • Growthinsaleswhilemaintainingbalancedchannelandproductmix,andoptimisingdistributionmanagement • Betterexpenseefficiencies • Improvepersistencyandclaimsmanagement
3. RESERVES Duringtheyear,theCompanygeneratedprofitaftertaxof`371crores,leadingtoareductioninaccumulatedlosses.(Dividendandtaxon
Dividendisconfusing.)
4. DIVIDEND DuringtheyearunderreviewyourBoardofDirectorsrecommendedDividend@3.68%(`0.368perequityshareof` 10 each) of the paid
up capital of the Company of ` 19,012,000,000.
5. 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.
In the recently published IRDA Annual Report for FY12-13, BSLI Claims ratios as at March 2013 are as shown below:
Key Claims Parameters – Individual Life BSLI’s PerformanceAvg. Private Industry -
Performance
Death Claims decided 95.50% 96.53%
*Outstanding Claims 4.50% 3.47%
ClaimsPaymentRatio 82.55% 88.65%
OverallClaimsRepudiationRatio 12.95% 7.85%
%ofClaimssettledwithin30daysofClaimIntimation 77.56% 79.54%
The insurance landscape in India has undergone tremendous changes in the last three years.
AlllifeinsuranceplayersarefacingfraudsthroughorganisedcartelsacrossvariouslocationspanIndia.BSLIbeingaleadingplayerwithpresenceacrossallgeographiesalsoexperiencedthepressuresof frauds.BSLIhasbeenvigilantandrejected invalidclaims leadingtohigherrepudiationratios.BSLIpracticesaZerotolerancepolicy towardsfraudshasundertakenseveralcorrectivestepstoaddressthistroublingtrendwithoutadverselyaffectinggenuineclaims.Adetailedagendahasbeenworkedouttoreducefraudandmonitorthetrends.
AsafirststepBSLIabledemarcated60locationsacrossIndiawhichshowedhighervulnerabilitytothesefrauds.Inaddition,BSLIputinplacehaveathreepointactionplantocontrolfraudsgoingforward.Firstly,segregate,scrutiniseandselectcustomerswithutmostcautionbyrevisingunderwritingcriteria.Secondly,drilldownadverseexperiencetothelevelofadvisorsandaddressrootcauseswherepossible.Thirdly,punitiveactionagainstfraudsterstoactivelydetersuchbehaviour.
WereiteratetoourcommitmenttoourloyalCustomers.WewillalwaysdisplaythroughouractionanddeedsthatourCustomers’interestprecedesanythingelse.WewillcontinuetobethecustodiansofourCustomers’trustandwethankthemforchoosingusastheirLifeInsurerof choice.
BSLIreinforcesitsunstintedintentandcommitmentofpayingeveryvalidclaim.
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6. SHARE CAPITAL The Authorised Share Capital of the Company is `3,750crores.TheIssued,SubscribedandPaidupCapitaloftheCompanywas` 1,901
crores,asonMarch31,2014.Therewasnorequirementoffreshcapitalinfusionduringtheyearunderreview.
7. CORPORATE GOVERNANCE YourDirectorsreaffirmtheircommitmenttothecorporategovernancestandardstotheextenttheyareapplicabletotheCompany.Adetailed
CorporateGovernanceReportisannexedtoandformsanintegralpartofthisAnnualReport.
8. SUBSIDIARIES YourCompanydoesnothaveanysubsidiary.
9. PUBLIC DEPOSITS DuringFY13-14theCompanyhasnotacceptedorrenewedanydepositascoveredunderSection58AoftheActreadwiththeCompanies
(AcceptanceofDeposit)Rules,1975,asamended,fromthepublicduringtheyearunderreview.
10. PARTICULARS AS PER SECTION 217 OF THE COMPANIES ACT, 1956 Energy, Technology Absorption and Foreign Exchange Earnings and Outgo
TheinformationrelatingtotheconservationofEnergy,TechnologyAbsorptionandForeignExchangeEarningsandOutgorequiredunderSection 217(1)(e) of the CompaniesAct, 1956 (“theAct”), is set out in a separate statement attached to this report asAnnexure 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 continuedtoinvestincreatingapooloftalentforthegrowingbusinessneeds.TheCompany’stotalworkforcestoodat9,732asatMarch31,2014against11,604asofthepreviousyearend.Structuredinitiativesaroundtalentmanagement,learninganddevelopmentandlong-termretentionplanfortalentpoolacrosslevelswereimplementedforskilldevelopmenttoenhanceproductivityandperformanceofworkforce.
InaccordancewiththeprovisionsofSection217(2A)readwithCompanies(ParticularsofEmployees)Rules,1975,asamended,thenamesandrelevantparticularsofemployeesaresetoutasanAnnexuretotheDirectors’Report.
11. DIRECTORS AsonMarch31,2014,yourBoardofDirectorscomprisesofelevenDirectorsincludingthreeIndependentDirectors.
During the year, following were the changes in directorship of the Company: • Mr.JayantDuaresignedasManagingDirector&CEOoftheCompanyw.e.f.December31,2013. • SubjecttotheapprovaloftheShareholders,Mr.PankajRazdanhasbeenappointedasManagingDirector&CEOoftheCompanyw.e.f.
January1,2014.
In accordancewith theprovisions ofSection152of theCompaniesAct, 2013,Mr. KumarMangalamBirla, andMr.DonaldA.Stewart,Directors, retire by rotation at the ensuing Annual General Meeting (‘AGM’) of the Company, and being eligible, offer themselves for re-appointment.
TheCompanyhasreceivedrequisitedisclosuresandundertakingsfromalltheDirectorsincompliancewiththeprovisionsoftheCompaniesAct, 2013 and the Insurance Act, 1938.
AdetailedprofileoftheDirectorsseekingappointmentattheensuingAnnualGeneralMeetingoftheCompanyisgivenintheCorporateGovernanceReport,formingapartofthisAnnualReport.
12. DIRECTORS’ RESPONSIBILITY STATEMENT TheDirectorswouldliketoassurethemembersthattheFinancialStatements,fortheyearunderreview,conformintheirentiretytothe
requirementsoftheCompaniesAct,1956andtheregulationsofIRDA.
TheDirectorsfurtherconfirmthat,tothebestoftheirknowledgeandbelief: • the annual accounts have been prepared in accordancewith applicable accounting standards, and there have been nomaterial
departures from the same; • theyhaveselectedaccountingpoliciesandappliedthemconsistentlyandmadejudgmentsandestimatesthatarereasonableand
prudentsoastogiveatrueandfairviewofthestateofaffairsoftheCompany,asattheendoftheFY13-14andoftheprofitoftheCompany for the said period ending March 31, 2014;
• theyhavetakenproperandsufficientcareforthemaintenanceofadequateaccountingrecordsinaccordancewiththeprovisionsoftheCompaniesAct,1956forsafeguardingtheassetsoftheCompanyandforpreventinganddetectingfraudandotherirregularities;and
• theyhavepreparedtheaccountsoftheCompanyonagoingconcernbasis,andotheraccountingpoliciesarestatedinthenotestotheAccounts, which form an integral part of the annual accounts.
• propersystemsareinplacetoensurecomplianceofalllawsapplicabletotheCompany. • allrelatedpartytransactionsaredisclosedinAnnexure2toSchedule16intermsofAccountingStandard18.
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13. AUDITORS AND AUDITORS’ REPORT Statutory Auditors
AspertheCircularno.36/7/F&A/EMPL/74/July/05datedJuly25,2005oftheInsuranceRegulatoryDevelopmentAuthority,everyinsurancecompanyisrequiredtohavetwostatutoryauditorsforajointaudit.
TheJointStatutoryAuditorsM/s.KhimjiKunverji&Co.(RegistrationNo.105146W)andM/s.S.R.Batliboi&AssociatesLLP(RegistrationNo.101049W),appointedat13thAGM,holdofficeuptotheensuing14thAGMoftheCompany.TheBoardproposestore-appointM/s.KhimjiKunverji&Co.andM/s.S.R.Batliboi&AssociatesLLPastheJointStatutoryAuditors(beingeligibleforre-appointment)onrecommendationof the Audit Committee of the Company.
The Company has received certificates from the proposed auditors confirming their eligibility and willingness for their appointment/ re-appointmentpursuanttoSection139(1)oftheCompaniesAct,2013andaspertherequirementstipulatedbyIRDA.TheauditorshavefurthercertifiedthattheyhavesubjectedthemselvestothepeerreviewprocessoftheInstituteofCharteredAccountantsofIndia(ICAI)andtheyholdavalidcertificateissuedbythe“PeerReviewBoard”ofICAI.
The observations, if any,made by the StatutoryAuditors of the Company in their report readwith relevant notes to theAccounts are self-explanatoryand,thereforedonotcallforanyfurthercomments.
Internal Audit Framework
TheCompanyhasinplacearobustinternalauditframeworkdevelopedwithariskbasedauditapproachthatiscommensuratewiththenatureofthebusinessandthesizeofitsoperations.
The Company has awell documented and approved InternalAudit Charter that establishes the purpose, authority and responsibilitiesconferred by BSLI on the Internal Audit area, with respect to the carrying out of internal auditing duties.
Ithasbeenpreparedinordertosupportaneffectiveinternalauditservice,consistentwiththeInternationalStandardsfortheProfessionalPracticeofInternalAuditingofTheInstituteofInternalAuditors.
Theinternalauditactivityinvolvestheutilisationofasystematicmethodologyforanalysingbusinessprocessesororganisationalproblemsandrecommendingsolutionstoaddvalueandimprovetheorganisation’soperations.
Theinternalauditactivityevaluatestheadequacyandeffectivenessofcontrolsinrespondingtoriskswithintheorganisation’soperationsand information systems regarding the:
• Reliabilityandintegrityoffinancialandoperationalinformation
• Effectivenessandefficiencyofoperations
• Safeguardingofassets
• Compliancewithlaws,regulations,policies,proceduresandcontrols.
Aspertheriskbasedauditplan,reviewofcontrolsisundertakenthroughexecutionofprocessauditsatheadofficeandspecificprocessreviewsandauditsacrossvariousbranchesof thecompany.Theauditsarecarriedoutby independentfirmsofCharteredAccountants, in-house internal audit team and audit teams of the two promoters.
KeyauditfindingsandrecommendationsmadebytheAuditorsarereportedtotheAuditCommitteeeveryquarterandtheimplementationoftheserecommendationsareactivelymonitoredbyinternalauditandperiodicallyreportedtotheAuditCommittee.
14. RISK MANAGEMENT FRAMEWORK TheCompanyhasanEnterpriseRiskManagement(‘ERM’)frameworkcoveringprocedurestoidentify,assessandmitigatethekeybusiness
risks.AdetailedERMreportisannexedtoandformsanintegralpartofthisAnnualReport.
15. CUSTOMER GRIEVANCE REDRESSAL The Grievance Redressal Guidelines issued by IRDA has established uniformity in the insurance industry in terms of definitions,
timeframes for complaint resolution and classifications of complaints. In accordancewith theGrievanceRedressal Guidelines, BSLI’sGrievanceRedressalPolicyhasbeenapprovedbytheBoardandfiledwiththeIRDA.GrievanceOfficershavebeenappointedateachbranchand at HO of the Company.
WehaveinplaceaPolicyholders’GrievancesRedressalCommittee(‘PGRC’)whichisheadedbyanindependentChairmanMr.N.N.Jambusaria(ex-Chairman,LIC).PGRCmeetsatleastonceamonthanddecidesonvariousrequests/complaintsfrompolicyholders.Representativesoftheconcernedsaleschannelsalongwithcustomerserviceteamareinvitedtoattendthemeetings.ThedecisionsofPGRCareimplementedbeforeitssubsequentmeeting.
InaccordancewithIRDA’sCorporateGovernanceGuidelines,BSLIhasformedaCommitteecalledthePolicyholders’ProtectionCommittee,whichisalsochairedbyMr.N.N.Jambusaria.ThisCommitteelooksintothebroadaspectsofprotectionofpolicyholders’interests,ensuringadequacy of and adherence to the Company’s Grievance Redressal framework as well as ensuring adequate and correct disclosures to customers.
Initiativestospreadawarenessamongemployees/salesforceaswellascustomershavebeenundertakenthroughe-modules/functionaltrainingsandthroughtheBSLIwebsiterespectively.
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Directors’ Report
GrievancesreceivedbyBSLIarereportedon‘IntegratedGrievanceRedressalManagementSystem’(IRDA-IGMS)onlineandareversefeedalso gets downloaded for complaints registered by customers on IGMS against BSLI.
TocreatecustomerawarenessabouttheGrievanceRedressalMechanism;wehaveplacedpamphletsateveryfront-office/customerwalk-inareaacrossBSLIbranches,indicatingtheGuidelinesandtheEscalationMatrix,whichthecustomercanfollowincaseifhe/sheisnotsatisfiedwiththeresolutionprovided.
GrievanceRedressalteamhasbeenempoweredtotakedecisionsforensuringeffectiveresolutionofcustomercomplaints.
16. AWARDS/RECOGNITIONS Birla Sun Life Insurance (BSLI) has won the following awards during FY14:
• BirlaSunLifeInsuranceattainedrecognitionasthe‘ThirdMostTrustedLifeInsurer’intheannualMostTrustedBrandsSurvey2013byBrandEquity(TheEconomicTimes).
• BSLIwasawardedfor‘OutstandingCustomerService’attheLifeInsuranceAwards,2013conductedinthe2ndIndianPensionFundCongress 2013.
• The4thCIINationalHRExcellenceAward2013recognisedBSLIinthecategoryfor‘StrongCommitmenttoHRExcellence’.
• BSLI won for the third consecutive year the Gold trophy for financial reporting from The Institute of Chartered Accountants of India (ICAI).
• TheCompanyhasthehonourofreceivingthe‘CXOAwardforITLeadership’byAsiaInsuranceReviewandCelent,asalsotheCelentAsia‘ModelInsurerAward’forexcellenceinanalytics.
• BSLIearnedrecognitionforthefourthconsecutiveyearattheEffiesforthebestfinancialservicesmarketingcampaign.EffiesistheIndianchapterofEffiesInternationalthatrecognisesmarketingcampaignsfortheiroveralleffectiveness.
• AttheMidasAwards2013,theCompanywontheGrandMidas,thehighesthonouracrosscategoriesandnationalitiesandtwoGoldMidasAwards.TheMidasAwards,NewYorkistheonlyinternationalawardthatrecognisesexcellenceinfinancialadvertisingandmarketingbyevaluatingworksfromacrosstheglobe.
• BSLI’sProtectionCampaignwasawardedtwoBronzesattheDMAi2013,thesingularforuminIndiainstitutedbyDMAinternationalECHOhonoringdirectmarketingcampaignsforexcellenceindirectresponsestrategy,creativityandresults.
• Exchange4mediaPRAwards2013,anexhaustiveawardsrecognisingsuccessinPublicRelationsjudgedBSLI’sWealthwithProtectionCampaign as the winner in the ‘Crisis Management’ category.
• BSLI’sRetirementSolutionsCampaignwonaSilverattheEmvies2013,theonlyawardinIndiathathonoursmeasurablecontributionsinthefieldofmedia.
• TheCompanywasalsoawardedaGoldandaBronzeattheExchange4mediaOOHAwards,2013andaSilverattheOutdoorAdvertisingAwards2013forOOHinnovationsinBSLI’sProtectionCampaign.
17. OTHER STATUTORY INFORMATION IRDA License
TheInsuranceRegulatoryandDevelopmentAuthorityhaverenewedtheCertificateofRegistrationoftheCompanytoselllifeinsuranceproductsinIndiafortheFY13-14videitsCertificateofRenewalofRegistrationdatedFebruary15,2013.Therenewedregistrationisw.e.f.April01,2013andisvaliduptoMarch31,2014.
Statutory Disclosure of Particulars
ParticularsintheCompanies(DisclosureofParticularsintheReportoftheBoardofDirectors)Rules,1988,asapplicable,aregivenintheAnnexureformingpartofthisReport.
Management Report
PursuanttotheprovisionsofRegulation3oftheInsuranceRegulatoryandDevelopmentAuthority(PreparationofFinancialStatementsandAuditors’ Report of Insurance Companies) Regulations, 2000, the Management Report forms a part of this Annual Report.
Appointed Actuary’s Certificate
ThecertificateoftheAppointedActuaryisattachedtotheFinancialStatements.
Certificate from Compliance Officer (under the IRDA Corporate Governance Guidelines)
Incompliancewith“GuidelinesonCorporateGovernancefortheInsuranceSector”(CGGuidelines)issuedbyIRDA,aComplianceCertificateissuedbytheCompanySecretary,designatedastheComplianceOfficerunderCGGuidelines,isattachedtoandformspartoftheCorporateGovernanceReport.
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 thansufficienttomeettheminimumsolvencymarginlevelof1.50times,asspecifiedinSection64VAoftheInsuranceAct,1938readwiththeIRDA(Assets,LiabilitiesandSolvencyMarginofInsurers)Regulations,2000.
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for the year ended March 31, 2014
Annual Report 2013-14
Directors’ Report
18. ACKNOWLEDGEMENTS YourBoardplacesonrecorditsheartfeltappreciationtothededicatedeffortsputinbytheemployeesatalllevels.Theresultsoftheyearin
atoughenvironmentaretestimonytotheirhardworkandcommitment.
YourBoardtakesthisopportunitytoexpresssincerethankstoitsvaluedcustomersfortheircontinuedpatronage.
YourBoardalsoacknowledgesthecontributionofinsuranceadvisors,banks,corporatebrokers/agentsandintermediaries,traininginstitutes,bankersandbusinessandtechnologypartners,theRegistrars,NationalSecuritiesDepositoryLimited/CentralDepositorySecuritiesLimited,reinsurers,underwriters,whohavealwayssupportedandhelpedtheCompanyachieveitsobjectives.
Your Board would like to thank the Aditya Birla Group and Sun Life Financial, Inc., for their constant support, guidance and co-operation.
YourBoardwouldalso like toexpress itsgratitude for thevaluableadvice,guidance,andsupport received from time to time from theInsuranceRegulatoryandDevelopmentAuthority,theReserveBankofIndia,theAuditorsandtheotherstatutoryauthoritiesandlookforwardto their continued support in future.
By order of the Board of DirectorsFor Birla Sun Life Insurance Company Limited
Sd/-Kumar Mangalam Birla
Mumbai, 25th April, 2014 Chairman
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for the year ended March 31, 2014
Birla Sun Life Insurance
ANNEXURE TO THE DIRECTORS’ REPORT ParticularspursuanttotheCompanies(DisclosureofParticularsintheReportofBoardofDirectors)Rules,1988,arefurnishedhereunder:
A. CONSERVATION OF ENERGY :NotApplicable
B. TECHNOLOGY ABOSORPTION, RESEARCH & DEVELOPMENT (R&D)
1. SpecificareasinwhichR&Discarriedout by the Company
1. MySolutions – Empower@Ease: Offering customers tailor-made insurance solutions with combination plans for goals-
based savings.This is augmented by a unique technological platform that allowssalesforcetoassessfinancialneedsofthecustomerandbasisthat,offertherightcombinationofproducttoachievethosegoalsinthegiventimeframe.
2. Easy Protect: First on line protection plan throughAssistedmode.Advisors and Sales Force are
abletocompletetheendtoendSalesProcessonlineincludingQuotationGeneration,ApplicationFormFilling,PremiumPaymentanduploadofKYCdocuments.
3. Test Automation: Introductionofanautomatedtestingtooltoreducetheexecutiontimeoftestcases
and increasetestingaccuracy.The implementationresulted insignificantsavingofman-hours.Additionallyitresultedinbettertest-execution,increasedtestcoverageand faster time to market for new product launches.
2. Benefitsderivedasaresultofthe aboveR&D
1. MySolutions – Empower@Ease: • Total589combosolutionssoldtilldatewithanAnnualPremiumof` 3.6 Cr • MySolutionscanbeaccessedbySalesForce fromLaptop/Desktopaswellas
Android tablet. • Hindiversionalsolaunchedfor2solutions
2. Easy Protect: • Total4,648applicationslogged|Premiumpaying=3,253
3. Test Automation: • Savingofapprox.4000hoursbyusingthistoolonthePolicyIssuanceprojects • Savingofapprox.1000hoursbyusingthistoolonaPolicyAutomationproject • Savingofapprox.31hoursforfourNewProductlaunches • Increasedaccuracyoftestingascomparedtomanualtesting • Bettertest-executionandincreasedtestcoverage • Fastertimetomarketfornewproductlaunches
3. FuturePlanofaction 1. MySolutions – Empower@Ease: • Mobileversiontobelaunchedsoon(expectedinApril). • Thissolutiontobealsolaunchedin6regionallanguages.
2. Easy Protect: • ThisproducttobemadeavailablefromBSLIwebsiteandcustomerswillbeable
to buy this policy online.
3. Test Automation: • ImplementationofthistoolfortestingofprojectsotherthanIngenium.
4. ExpenditureonR&D
a) Capital Approximately` 10 Mn (for items no 1 & 2)
b) Recurring Approximately` 0.8 Mn (for items no. 1 & 2)
c) Total Approximately` 10.8 Mn (for items no. 1 & 2)
d) TotalR&Dexpenditureasapercentageoftotalturnover
N.A.
Technologyabsorption,adaptionandinnovation
1. Efforts, in brief, towards technology absorption,adaptionandinnovation
1. KnowledgeManagementPortalforCustomerService2. SelfServiceoptionsthroughIVR,Website3. DisasterRecovery4. 360DegreeCustomerViewforcallcenters5. CXODashboardandotherMISautomation6. ZonalEmpowermentforPolad(AddressChange,Withdrawal&SurrenderProcesses)7. Microsites for the sales force8. De-dupe for Micro Insurance9. Hirecraft–Straight-throughprocessingofnewjoineesatbranches
Directors’ Report
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for the year ended March 31, 2014
Annual Report 2013-14
2. Benefitsderivedasaresultoftheaboveefforts(e.g.,Productimprovement,costreduction,productdevelopment,importsubstitution, etc.)
Benefits derived from major initiatives: • KM for CS: Advanced Knowledge Portal offering advanced Search capability;
active spell checkon the searchengine; quick access links oneachpage forfrequentlyaskedinformation;newOnlineChatsystemtohelpyouconnectwiththeprocessexperts;easyaccesstoVideogallery;andmanymore
w First call resolution (FCR) rose from 91% in Jan’13 (before launch of the KMportal)to94.5%inSep’13postlaunch
w Pageviews:just7kinJan’13tostaggering80kinSep’13
• Self service:Simpler,faster,andconvenientaccessofpolicydetailstocustomersandcostsavingforthecompanyduetoreductionincallvolumeandnumberofFTE’s
w Selfhelpusageimprovedfrom8%inApr’13to22%inDec’13 w Savingsof4FTEscosts
• DR:ExtensionofdisasterrecoverysystemsforcriticalsystemssuchasOracleFinancials,Talisma,andAPM–ensuringoptimumbusinesscontinuityintheeventof a disaster
w CompletedforTalisma,OracleFinancials,andAPM w WillbecompletedsoonforExchangeserverandBSLImainWebsite
• 360 Degree:Asingleviewofcustomerincludinghispolicy,fund,nomineeandotherdetailsandallhisinteractionswiththecompany,includingqueries,servicerequestsandcomplaints.Comprehensivetooltobeusedbyallfunctionsintouchwith the customer
w Currentlybeingactivelyusedbythecallcentres w Organisation-wideimplementationplannedinQ2
• CXO Dashboard and MIS:AutomationofvariousMIS’sfromthecentralsysteminordertoavoidmanualworkanderrorincompilingandreportingthedata
w SpeciallydesignedDashboardstobevisibleoniPadfortheCXO’s
• Zonal empowerment:AutomationbydecentralizationofPolicyServicingrequestscomingatbranchesandhenceaimingto improveprocessingtimeandreducemanpowerrequiredatcentraloffice
• Microsites: Dedicated website for top performing sales force personnel, highlightingtheirprofile,accomplishments,etc.
w 15profilesuploadedandmoretofollow
• De-dupe:De-duplicationofClientdata for‘Unique’ recordand Increase in theaccuracy of the customer data leading to accurate underwriting/risk assessment
w Completed for micro insurance w Initiated for Ingenium
• Hirecraft:Straight-throughprocessingofnewjoineesatbranches w Launched for both FLS and non-FLS
3. Particularsofimportedtechnologyinthelastfiveyears(reckonedfrombeginning ofthefinancialyear)
a) Technology imported NA
b) Year of import NA
c) Has technology been fully absorbed NA
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 Nil
2. Outgo 1,750,491,334
Directors’ Report
34
for the year ended March 31, 2014
Birla Sun Life Insurance
Management Discussion and Analysis
INDIAN ECONOMY & LIFE INSURANCE INDUSTRYTheIndianeconomyhaswitnessedrobustgrowthoverthelastdecadeonthebackofattractivedemographics,increasingincomelevelsandrisinghouseholdsavings.However,postthe2008Globalcrisis,thegrowthrateofIndianeconomywitnessedaslowdown,withtheGDPgrowthat~5per cent towards the end of FY14.
Table 1: Key Economic Indicators impacting Insurance
Particulars FY10 FY13 FY14 ECAGR %
FY10-FY13
NominalGDP(INRBn) 60,816 100,281 104,728 15%
RealGDPGrowth(%) 8.40% 5.00% 4.70%
Grossdomesticsavings(%) 33.70% 30.80% ~32.00% -1.3%
HouseholdSavings(%) 25.40% 22.3% ~24.0% -1.4%
FinancialSavingsas%ofGDP 12% 8% ~10% -4.5%
Physicalv/sFinancialsavings%
Physical(%) 52% 60% ~70% 8%
Financials(%) 48% ~40% ~30% -11%
Source: RBI Annual Report, RBI Report on SavingsThegrowthrateofIndianeconomywitnessedaslowdowninFY14,withtheGDPgrowingat5percentdownfrom6.5percentinFY12.However,recenteasingofinflationandsofteningingoldandrealestatepricesisexpectedtoaugurwell.Further,withthenewgovernmentcomingwithaclearmajority,marketsentimentshaveimprovedasthecountrywillseeastablegovernmentandeconomyisexpectedtopickuppaceinthecoming years.
LIFE INSURANCE INDUSTRY STRUCTURE, PERFORMANCE & TRENDIndustry Structure and Competitive Position Overview
• TheliberalizationoftheIndianinsurancesectorthatstartedin1999usheredintheentryofprivateplayersandaperiodofacceleratinggrowth. Currently, the industry has 24 playerswhich have led to awide distribution network extending to over 10,900 branches and over~2.1millionadvisorsinadditiontobancassuranceandotherthirdpartydistributionchannel.
• Thegrowthof the insurance industry,post thesectorbeingopenedup forprivate industry,canbebroadlydivided into twocompletelydifferent phases- the pre-economic downturn phase – from FY03 – FY08; and the post economic downturn phase. The difference between thetwoisquiteevident,whencomparedfromdifferentdimensions.TheAnnualizedNewBusinessPremium(ANBP)forthesectorasawholegrewalmostfivetimesduringthefirstphase,buthasbeenvirtuallyflatinthelatter,asaresultofwhichthelife-insurancepenetrationwhichhadincreasedto4.2%inFY08(FY03–2.4%),fellbackto3.2%inthesecondphase.
• ThereasonsfortheIndustry’sweakperformancehasbeenduetoaninter-playofvariousvariablesoverthepast3-4yearswhichincludes ² Relativelyweakmacroeconomicconditions; ² Regulatory changes ² Shiftinproductmix ² UncertaintyaroundNewProductlaunches• Withregardstothemarketstructure,LICmarketsharehasincreasedfrom53%inFY10to63%inFY14.Thetop7players’concentration
ofthetotalmarketsharehoweverhasdeclinedfrom37%inFY10to27%inFY14basistotalweightednewbusinesspremium.Thisclearlyindicatesthatprivateplayers,particularlythetop7players,havebeenimpactedmorebytheregulatorychanges.Giventheirdistributionandbrandstrength,thetop7playerswillhoweverbeinabetterpositiontogainhighermindsharewiththeirtransitionintoamorebalancedproductmixandreviewofdistributionstrategies,especiallyaftertheOctober2013regulations.
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for the year ended March 31, 2014
Annual Report 2013-14
Management Discussion and Analysis
Concentration of LIC, Top Seven Players and others in terms of Total Weighted NBP
63%
10%
53%
37%
10%
59%
31%
10% 10%
60%
30% 27%
10%
65%
25%Top 7 Players
LIC
Other Players
2010 2014201320122011
At the end of the year under review, BSLI’s market share stood at 7.6% among private players, last year: 8%. BSLI has transitioned well in terms of its product strategy and has launched several products to have a balanced suite of participating, non-participating and Unit linked products complying with the new norms. These initiatives will go a long way in increasing its market competitiveness.
INduSTry PerformaNCe for fy14
Following the various regulatory developments, the industry has seen perceptible shift in product mix towards traditional participating products. In the past, the industry has seen three wave of changes; 1) First wave was towards unit linked products. 2) After the introduction of cap on commission payable on unit linked products, the industry saw a major shift in favour of traditional products, including non-participating products.; and 3) After the recent regulatory change in October 2013, the wave has shifted towards a higher mix of traditional participating products.
After the October 2013 regulations, the industry saw a decrease in its new business growth, as the new guidelines on products required all insurance companies to comply with new norms including minimum guarantee benefits, enhanced sum assured and minimum policy term apart from restricting certain product guarantees around non-participating index linked and High NAV products. The industry saw insurance companies launching new products to have a balanced suite of Unit Linked, Participating as well as Non-Participating products complying with new norms.
As a result of the subdued macro-economic conditions coupled with regulatory changes regarding traditional products the industry registered a 3% Y-o-Y de-growth in FY14. The sales trend for industry is provided in the below table. The private sector companies in FY 14 are writing 60% of the new business they wrote In FY 10.
Table 2: Life Insurance Premium at Industry level
Particulars (INr Bn) - Individual Life fy10 fy11 fy12 fy13 fy14
Life Insurance NB Premium (incl. LIC) 550 504 479 470 454
Growth (%) 17% -8% -5% -2% -3.0%
LI NB Premium (Pvt. Players only) 288 230 175 178 172
Growth (%) 7% -20% -24% 2% -3%
Source: IRDA New business Data.
Industry Trend
While the new business sales performance was impacted across the industry, there have been several trends that the industry has seen over the last 12-18 months. This included the evolving product mix, changing channel dynamics and increasing focus on balanced product mix.
• TheIndustryhastakenmultiplestepsoverthepast3-4yearsinordertoovercomethechallenges,whichareexpectedtoyieldpositiveresults once the macro-economic environment sees an improvement. The steps taken by the industry include:-
² Rationalization of sales force – The sales force in Agency Channel has been streamlined to a more leaner and effective structure
² Cost optimization by both reduction in the number of branches and by expense management
² Tapping new opportunities like digital channel and accordingly adapting the products and pricing structures to offer increased choice to customers.
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for the year ended March 31, 2014
Birla Sun Life Insurance
Management Discussion and Analysis
• Channel Mix: The Bancassurance channel has been able to adapt better to the new regulations regime and its contribution in the new businesshasbecomeatparwiththeAgencyChannel in the IndividualNBP(41%share inprivate Industry inFY13from25%inFY11). Thebankbackedplayersasaresulthaveconsistentlybeenaheadoftheirpeersintheindustry.
• Product Mix:Withregulatorychanges,theindustryhasseenashifttowardssellingmorelongtermsavingsproductsonthetraditionalplatform.ULIPcontinuestosellmoreinBancassurancechannelandinHNIsegments.TheOthertrendwhichisvisibleisthepickupofpurerisk products i.e. Term Insurance on the digital platform.
• Quality:Giventheincreasedfocusonnewcustomeracquisitionandimportanceofrenewalpremiums,therehasbeenanincreasedfocusonqualityofbusiness.Thisincludesmanagingpersistency,surrendersandcustomercomplaints.
REGULATORY & STATUTORY CHANGES IMPACTING INDUSTRY TheInsuranceRegulatoryandDevelopmentAuthority(IRDA)notifiednewguidelinesondesignoflifeinsuranceproductswhichwasmadeeffectivefromOctober2013(October2013regulations).Asperthisguideline,allexistingproductswerewithdrawnandtheinsurancecompanieshadtolaunch(orre-fileexistingproducts)complyingwithnewnorms.Listedbelowaresomeoftheregulatorychanges:
• Insurance Products have been categorised on three broad categories:Thenewguidelineshaveintroducedthreebroadcategoriesofproductsviz.Traditionalinsuranceplans,variableinsuranceplans(VIPs)andunit-linkedinsuranceplans(ULIPs).
² Traditional Insurance Plans:Thisinsuranceplanswillhavetwovariantsviz,Participatingandnon-participatingplans.Forparticipatingpolices the bonus is linked to the performance of the fund and is not declared or guaranteed before whereas in case of non-participating policies, the return on the policy is disclosed in the beginning of the policy itself.
² Variable Insurance Plans:VIPswillguaranteeacertainminimumrateofreturnatthebeginningofbuyingapolicy—thoughtheyarelinkedtoanindex.Inthecaseofanon-participatingVIP,theadditionalbenefitwillbementionedatthetimeofbuyingthepolicyandmayaccumulateinthepolicyatspecifiedintervalswhereasParticipatingVIPsnormallyprovidearegularnon-guaranteedbonus,whichwill be guaranteed once declared.
² Unit Linked Insurance Plans:IncaseofULIPs,lifeinsurerswillnowhavetoinformpolicyholdersofthereductioninyieldoftheirULIPsonamonthlybasis.Insurerswillalsoissueannualcertificatesmentioningthepremiumspaid,chargesandtaxesdeductedfromthefundvalueandthefinalpaymentsmade.
• Cap on Commission Payouts: Inorder toencouragesavingsand in thespiritofselling large tenurepolicies, thenewguidelineshavereducedcommissionsonshort-termpoliciesandhavelinkedthequantityofcommissionstothepremiumpayingperiodforallproducts.Incaseofdirectsaleofproducts,suchastheonlinemode,theregulationsrequirenocommissionpayoutsoastopassonthisbenefittothepolicyholder.
• Minimum Death Benefit and increased sum assured:Thenewregulationshaveincreasedtheminimumdeathbenefitpayableandhavealsoincreasedtheminimumguaranteedsurrendervalue.
• Minimum Surrender Value: Thenewregulationshaveincreasedtheminimumguaranteedsurrendervaluefortraditionalplans.Forplanswithapremiumpaying termof10yearsormore, therewillbeaguaranteedsurrendervalueafter threeyearswhereas forplanswith less than10 yearspremiumpaying term, theguaranteed surrender value shall accrueafter the second year andwill be30%of totalpremiums paid.
Opportunities
WebelievethatthefollowingtrendscharacterizetheIndianeconomyandaugurswellforthelifeinsuranceindustry:
• Economic growth & Demographics trend to support premium growth
Theeconomyisprojectedtobebackongrowthtrack.ThiscoupledwithfavourabledemographicswilldriveLifeInsurancepremiumgrowthforthenext3-5years.
• Lower per capita insurance and penetration
TheIndianlifeinsuranceindustryhasexpandedsignificantlyintermsofpremiumssinceliberalizationin2000.However,itstotalpremiumcollectiontoGDPratioandpercapita insuranceissignificantly lowerthanthedevelopedcountries. Itcanbearguedthatnewbusinesspremiumasa%ofGDPstandsatahealthy3.17%(CY12)howevertheactualpenetrationofinsuranceshouldbebasedoninsurancedensity.Looking at insurance density in the below table, it is one of the lowest in the world at $42.7 with insurance policy per person being one of the lowest across the world.
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for the year ended March 31, 2014
Annual Report 2013-14
Management Discussion and Analysis
Insurance Premium Per Capita (Density) and Penetration
Country Population (Mn) Premium per capita (USD) Insurance Penetration (%)
HK 7.1 4024.7 11.02
India 1216.5 42.7 3.17
China 1355.2 102.9 1.70
Philippines 93.8 23.3 0.9
Indonesia 232.8 45.8 1.24
SouthKorea 48.9 1578.1 6.87
Canada 33.9 1493.4 2.85
USA 310.2 1808.1 3.65
Source: Swiss Re Sigma Report (world Insurance in 2012)
• Increased distribution penetration
There is significant opportunity to increase the distribution reach within the country. For example, Bancassurance, brokers and otheralternativechannels(Tele-salesandonline)arestillatadevelopingphaseinIndia.Thesechannelswillbringinnewopportunityanddrivehigher share of spending on insurance products by customers.
• Customer segmentation
There isanopportunity toexploreunderpenetratedandunderinsuredsegments includingretirement/health.Thereareseveralproduct /customersegmentsinIndiathatareverysmallalthoughtheyhaveahighpotentialtogrow.Forexample,onlyabout15%oftheworkingpopulationiscoveredunderretirementplans.Penetratinginthesesegmentswillbringinmoreavenuesforinsurancecompaniestopenetratetheir customer base.
• CustomerService
Thenewregulationsrequirestandardisationofproducts,andhencecustomerservicehasgainedmoreprominence,asaleverofdifferentialofferingstoitscustomers.Thiswillenableinsurancecompaniesretainitsexistingcustomerbaseandimprovepersistency,whichinthemediumtolongrunwillhaveapositiveimpactonitsprofitability.
• Embracing Digital Media
Theindustryhasbeenmakingrapidstridesinadoptingdigitalchannelsacrossthevariousfacetsofoperations.Technologyisplayingacriticalroleinsalesenablement,productivityimprovement,marketing&distribution,customerserviceetc.Fasteradoptionoftechnologywillmakeasignificantimprovementindeliveryofcustomerpropositionandatamuchcheapercost.
In our view, the long-termgrowth prospects remain robust for the life insurance industry in viewof compelling structural anddemographicadvantageswhichIndianeconomyenjoys.However,theprogressiontoamorematuremarkethasbeenacceleratedbyvariousregulationswhichare unprecedented compared to other markets.
BSLI iswellpositioned tomeet thechallengesandalso tap into theopportunitiesof the life insurance industry.TheCompany isexpected to emerge stronger on the back of itswide distribution franchise, a successfulmulti-channel strategy, a long history of product innovations&operationalefficiency.
SUMMARY OF OPERATIONSSales Performance Review & Market Share Movement
AsofMarch31,2014,BSLI’snationwidereachencompassed560branches,anagencyforceofover81,500empanelledagents,tie-upswitharound 150 non-bank corporate agents, brokers & business associates and 4 key bank partners.
Balanced growth:Diligentexecutionofourbusinessstrategydrovesalesperformanceacrossarangeofproductsanddistributionchannels.
• AgencychannelcontinuestobetheCompany’slargestdistributionchannelcontributingtoovertwothirdofourindividualbusinesswithnewbusiness premium of `569crores.InFY14,thekeyfocusforthischannelwasmovingtowardsamorebalancedproductmixandensuringdistribution creation through new licensing of agents. Going forward, the channel’s primary focus will be towards empowering the sales force witheffectivesalespractices,solutionsandenablementtoolstoenhanceproductivity.
• Bancassurance channel registered a new business premium of `172crorescontributingto20%ofindividualsales.Thedraftguidelinesonbancassuranceareexpectedtoprovideuswideropportunitiesfortie-ups.Thenewbrokingguidelinesprovidingoptionstobankstoactasbrokerswillalsoprovidethechannelwithwideropportunities.Ourprioritiesforthechannelmovingforwardwillbetoharvestexistingpartners, and tapping new opportunities from banks as brokers.
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for the year ended March 31, 2014
Birla Sun Life Insurance
Management Discussion and Analysis
• Corporate Agent & Broker (CAB) and Other channeloverthepastfewyearshasbuiltastrongfranchisenetworkwitharound150partners.Thisbusinesscontributedaround16%ofournewbusinesssalesandregisteredanewbusinesspremiumof` 138 crores. The new business fromCorporateAgency&Brokingchannelhasde-grownoverlastyearduetoseveralqualitymeasuresundertakenduringtheyear.Theendeavourgoingforwardwillbetofocusonfewstrategictie-upsandtoaddnewcapacitieswhilefurtherimprovingqualityofbusiness.
• Group Businessregistereda4%growthoverpreviousyearwithnewbusinesspremiumof` 819 crores in FY14. Our performance was drivenbyimprovementinproductlinesandfocusonincreasingourpenetration.Thishelpedusachieve1strankamongstprivateinsurersfortheperiodFY14.WehavemadesignificantinroadsintoRisk/Protectionbusinesshelpingusbuildprofitmargins.
TheCompanyhasmaintaineditschannelmixoveritspreviousyearwithmajorproportionofthebusinesscomingfromagencychannel.BelowtableshowstheAPEEquivalentchannelmixfortheCompany.
Constant Channel mix over previous year
2013 2014
DSF Banca CAB/Others
19%
18%
63%
16%
20%
65%
PRODUCT STRATEGY & PERFORMANCEBSLIhasseenashiftinproductmixwhichismovingtowardstraditionalproducts.AftertheSeptember’10guidelines,therehasbeenamajor shift in favour of traditional products, particularly non-participatingproducts.Recently, after theOctober’13 regulations, theBSLI has shifted its focus from the second half of the year from primarily Non-Participating Traditional products to a balanced mix of participating and non-participating products.
2010 2011 2012 2013 2014
ULIP Traditional
95% 68% 54% 40%45%
5%32% 46% 60%55%
Duringtheyearunderreview,theCompanylaunchedseveralnewproductsandre-launchedexistingproductstocomplywiththenewregulatoryguidelines. Below are the products which were launched during the year:
– Non-ParticipatingTraditionalproducts:BSLIEasyProtect,IncomeAssureandImmediateAnnuity
– ParticipatingTraditionalproducts:BSLIVisionLifeIncome,VisionLifeSecure,SavingsPlan,VisionEndowmentandVisionRegularReturns
– UnitLinkedproducts:BSLIWealthSecure,WealthAssure,WealthMaxandEmpowerPension
39
for the year ended March 31, 2014
Annual Report 2013-14
Management Discussion and Analysis
Key Summary of Financial Indicators at a Glance
ThesnapshotofCompanyperformanceforFY13-14acrossarangeoffinancial&non-financialparameters.
Total Premium (crores) trend over years
Total Premium Total Income
2011 2012 2013 2014
5,67
7
5,88
5
5,21
6
4,83
3
7,11
0
5,61
4
7,15
8
7,17
7 Total Income for FY13-14
` 7,177 crores with
Total Premium ` 4,833
Net Profit (crores) over the years
2011 2012 2013 2014
305
461
371
542
Net Profit for FY13-14
` 371 crores
Operating Expenses (crores) over the years
2011
1,203
2012
1,215
2013
1,161
2014
1,045
2010
1,328
OPEX for FY13-14 ` 1,045 crores
40
for the year ended March 31, 2014
Birla Sun Life Insurance
Management Discussion and Analysis
FINANCIAL PERFORMANCE Following is the summary of the Financial Performance for FY14
BSLI’s Financial Performance(in ` Crores)
ParticularsCurrent Year Previous Year
FY 14 FY 13
Income Gross premium income 4,833 5,216 -7%
Reinsurance (net) (188) (165) 14%
Total premium income (net) 4,645 5,052 -8%Income from investmentsPolicyholders 2,496 2,070 21%
Shareholders 115 116 -1%
Investment Income 2,610 2,186 19%Other Income 37 37 -0.3%
Total Income 7,292 7,274 0.2%Less:Commission 235 300 -22%
Expenses(includingdepreciation) 1,045 1,161 -10%
Benefitspaid(net) 3,666 3,659 0.2%
Provisionsforactuarialliability(net) 1,977 1,612 23%
ProvisionforTaxation – – –
Profit for the Current Year 371 542 -32%
Share Capital 1,901 1,970
Reserves&Surplus 268 480
NetWorth 1,257 1,248
• TheCompanyachievedtotalgrosspremiumof`4,833crores,whichsawadegrowthof7%Y-o-Ymainlyonaccountofproductregulationin the current year which resulted in discontinuance of most of our products from Oct’13. Our new business premium witnessed de-growth of8%vs.bankownedprivateplayersdeclineof13%.
• TheCompanyregisteredNetProfitof` 371 crores in FY14 as against `542croresinFY15.Ournetprofithasde-grownoverthepreviousyearprimarilyduetode-growthinnewbusinesspremiumanddecreaseinthesizeofourinforcebook.Thoughtheprofitshavede-grown,theprofitsareprimarilyattributedtobettermanagementofinforcebook,optimizationofexpensesandfocusonefficienciesindistribution.
• OverallCommissionratiosawadecreaseto4.9%asagainst5.8%inFY13.• OpextototalpremiumratiohasreducedinFY14to21.6%against22.3%forFY13.• Giventherobustfinancialperformance,therehasbeennocapitalinfusionforthepast4years.
Webelieve that theCompany’sprofitable journey is sustainableas theseprofitsareprimarilydrivenby in forcebusiness,decliningexpenseratiosandchangesinproductstructures.TheCompanytookseveralstepstorationalizeexpenses,improveefficienciesandproductivityacross its operations.
PREMIUM INCOMEPremium Break-Up
Particulars (INR Crores) FY14 FY13 % Growth
First year premium 1,697 1,837 -8%
IndividualLife 879 1,048 -16%
Group Business 818 788 4%
Renewal Premium 3,136 3,380 -7%
Total Premium 4,833 5,216 -7%
The total premium for the Company amounted to `4,833crores,de-growthof7%Y-o-Y.While Individualbusinessde-grewby16%,Groupbusinessregisteredagrowthof4%Y-o-Y.Asaninsurerwithlong-establishedtrackrecord,asignificantportionofourbusinessisonaregularpremiumbasis,whichhasprovideduswitharegularstreamofrenewalpremiums.
41
for the year ended March 31, 2014
Annual Report 2013-14
Management Discussion and Analysis
INVESTMENT INCOMEThe Company continued excellence in investment performance for its policyholders. For all its ULIPs, the Company delivered excellent fundperformanceacrosstheboard,consistentlybeatingitsinternalbenchmarks,overallandaswellasacrossallthefunds.For3yearsason31stMar2014,64%ofAUM&56%offundshasoutperformedtheirrespectivepeers.
BSLI investment’s philosophy has been to build a sound investment portfolio within the regulatory guidelines, to ensure maximization ofpolicyholders’ wealth consistently on a long term basis.
COMMISSIONSThenew regulationshave impacteddistributorcompensationonULIPs.Toensureadequateearnings todistributors, theCompanyhas takenseveralinitiativesincludingdrivinghigherproductivityanddrivingtherightproductmixmappedwithappropriatecustomersegments.Additionallyenhanced training of the sales team accompaniedwith access to advanced technologywill expedite the transition to the evolving businessenvironment.Thecommissionratesfortotalbusinessandnewbusinessisprovidedinthetablebelow:
Commission Ratios
Individual Life FY14 FY13
TotalCommission/TotalPremium-Ind.Life 6.0% 6.9%
NewBusinessCommission/NBPremium-Ind.Life 16.9% 17.3%
OPERATING EXPENSESOperatingexpenses forFY14was` 1,045 crores as compared to `1,161 inFY13.TheCompanyhasbeen focusingondisciplinedexpensemanagementasaresultofwhichotherexpensesandoverheadsreducedby10%.TheOpextoPremiumratiohasimprovedfrom22.3%inFY13to21.6%inFY14,ascanbeseenfromthebelowgraph.
OPEX to Premium Ratio
2011
21.2%
2012
20.7%
2013
22.3%
2014
21.6%
2010
24.1%
2011
21.2%
2012
20.7%
2013
22.3%
2014
21.6%
2010
24.1%
OurCompany’scoststructureisinlinewithexpectationsgiventhenewbusinessgrowth,productstructuresandourfocusonlong-termproducts.Wewillcontinuetoreviewourexpensestructureinlinewiththebusinessgrowth.
Operating Expenses Break-Up
Particulars (INR Crores) FY14 FY13 % Growth
Salary 506 533 -5%
Other Expenses 538 628 -14%
Total Expenses 1,045 1,161 -10%
Expense as % of total premium 21.6% 22.3%
BENEFITS & RESERVESBenefits – Surrenders & Maturities
Ourprofitabilitydependsonourabilitytoretainexistingcustomersandtomanageourunderwritingandclaimseffectively.Hence,managingrisksaroundclaimsandincreaseinsurrenderswillbekeytohelpusachievingouroveralldesiredprofitabilityobjectives.Surrenders/partialwithdrawalsincludingSurvivalbenefitshaveincreasedto` 3,406 crores in FY14.
BSLIhastakennumberofinitiativestoreducesurrenderswhicharehighlightedbelow:• Distributioninitiativessuchasclawbacksonrewardsandrecognitionincentivesandcommissionsinducedsurrenders.• Customerawarenesscampaignstoeducatepeopleaboutbenefitsofmaintaininginvestmentsininsuranceproductsforlongterm.• InvestmentadvisoryservicesareprovidedonanindividualbasistoallHighNetIndividualpoliciescomingforsurrenders.
42
for the year ended March 31, 2014
Birla Sun Life Insurance
Management Discussion and Analysis
NET PROFITTheCompanyregisteredNetProfitof` 371 crores in FY14 as against `542crores inFY13.OurNetProfithasde-grownoverpreviousyearprimarilyduetonewbusinesspremiumde-growthanddecreaseinthesizeofourinforcebooks.Thoughtheprofitshavedegrown,theprofitsareprimarilyattributedtobettermanagementofinforcebook,optimizationofexpensesandfocusonefficienciesindistribution.Wewillcontinuetofocusonourcorestrategytofocusonaprofitableproductmixwhileprovidingvalue-addedpropositiontoourcustomers.
Some of the key priorities to manage net income, set by the Company for FY15, are as follows: ² GrowthinprofitabilitywithfocusonSalesgrowth,balancedchannelmix,optimumcapacitiesanddistributionmanagement ² Managingexpenseefficienciesthoughbetterproductmixandlowerexpenses ² PersistencyandClaimsmanagement
FINANCIAL CONDITIONS & ASSET UNDER MANAGEMENTShare Capital, Dividend and Solvency position
TheCompanyiscapitalizedat`2,170crores(includingsharepremiumandcapitalredemptionreserves).Giventherobustfinancialperformance,there has been no capital infusion for the last four years. The Company undertook a buy-back of 68,292,000 shares, which resulted in reduction of its share capital from ` 1970 crores in FY13 to ` 1901 crores in FY14.
SolvencyreferstotheminimumsurplusthataninsuranceCompanyneedstokeepasideintheformofadditionalcapitaltomeetanyunprecedentedincreaseinclaimsandtomeetanyadverselosses.Assolvencyneedstobemaintainedoververylongperiodsforwhichpoliciesarewrittenitisnecessarytoensurethattheassetsexceedliabilitiesandareinvestedinrisk-freeassets.TheRegulationsprescribesthateachinsuranceCompanymusthavefreeassetsequalto1.5timesoftherequiredsolvencymargin.Oursolvencymarginisatalevelwhichisinexcessof1.86timesiswellabovetheregulatoryrequirementsof1.5times.ItalsoensuresthattheCompany’sstakeholdersandcustomerscanhaveconfidenceintheCompany’slong-termfinancialstrength.
Solvency ratio over the past years
2011 2012 2013 20142010 2011
2.89
2012
2.99
2013
2.95
2014
1.86
2010
2.11
Duringtheyear,theCompanyhasdeclaredDividendstothetuneof`70crores.Dividenddistributiontaxespaidonthesamewas` 11.9 crores.
Assets under Management
Assets under Management (AUM) grew from ` 15,625 crores in FY10 to `23,445croresinFY14.InFY14,wedidnotwitnessamajorchangein ourallocationofassetsbetweendebtandequity.ProportionofequityhasremainedstablefortheCompanyovertheyearsandhasbeenintherangeof55-60%.
Asset under Management (INR Crores) Trends Equity & Debt component
2010
15,625
2011
19,063
2012
20,095
2013
21,559
2014
23,445
Debt Equity
2010 2011 2012 2013 2014
46%
54%
45%
55%
41%
59%
42%
58%
44%
56%
43
for the year ended March 31, 2014
Annual Report 2013-14
Management Discussion and Analysis
Human Resources
EmployeeEngagement–BSLIengageseffectivelywithitsemployeescriticaltobuildingandsustainingahigh-performingbusinessandretainingtalent.Engagementinitiativeschemeswereintroducedinbranchesacrossthecountrywhichincludedcelebrations,festivals,recreationalandsportactivities,recognitionsetc.Additionally,RewardsandRecognitionprogrammewasinitiatedwhichwasaimedatcreatingacultureofrecognizingandcelebratingperformanceatmultiplelevelsacrosstheorganization&groupinadditiontoaswellasacrossforindividuals&teams.
Training&Development–TheSales&CorporateTrainingCellprovidestrainingarchitectureforstructuredandsystematiclearningfromtrainer,supervisorandbyself,improveretention,applicationoflearningandimprovedisciplineinparticipation.
BRAND PERFORMANCEWebelievethatthe“Birla”brandisoneofthemostrecognizedbrandsinIndiawhichprovidesuswithsignificantcompetitiveadvantage,particularlytowards attracting new customers and talent.
TheCompanycontinueditseffortstowardsimprovingitsbrandimageinFY14.WemaintainedourBrandAwarenessscoreovertheperiodwith36%inFY13to35%inFY14.Webelievethatgoingforwardthestrengthofourbrandisexpectedtobecomemoreimportant.Wewillcontinuetostrengthenoureffortsfurthertoimproveourbrandperformancethroughanoptimalmixofabove-the-lineandbelow-the-lineactivities.
Ourbrandcontinuestoactasanimpetusforemployeeengagementandinsightfuldecisionmaking.Foremployees,itmeanspositivedifferenceforourcustomers,itmeansreachingacrossthecountrytobuildonourreputationasastrongandstableCompany.Fromtelevisionadvertisingtooursponsorshipsandexpandedwebandsocialmediapresence,ourfocuswasondeepeningtheunderstandingofourbrandpromise.
CUSTOMER MANAGEMENTCustomer Service Capabilities
TheCompanycontinuestoworktowardsmakingeachaspectofbusinessintrinsicallycustomer-centricandconstantlyendeavourstounderstandbothstatedandunstatedrequirements.Ourapproachhasbeenbuiltaround(a)listeningtoourcustomers,(b)understandingtheirfeedbackandpointofviewand(c)respondingtothecustomeraccordingly.
Continuedfocus toembrace technologywhiledeliveringservicehashelpedCompany tomaintainand improvisecustomerrelationshipwithexpandingbusiness.Whileembarkingondigitalpath,initiativeswererolledoutincustomerserviceareaaswell.Thisnotonlyincludesrevampingwebsite&IVRtoempowercustomerwithmoreselfservicingfeature,butalsoelectronicissuanceofpoliciesinpaperlessenvironmentwithfasterKYC.
TheCompanyhasfocusedonimprovingcustomerservicethroughacombinationofcapabilitiesandinitiativeswhichinclude:
1. Institutionalisingstrongfocusonzonalempowermentenablingfasterresolutionofcustomerrequestdirectlyatthefield.
2. ‘BSLIdirect’initiativebydedicatedOrphandesktoreachoutandproactivelyengagewithOrphancustomers.
3. Companyhasalsostartedcallcentreoperationsinregionallanguagestoprovidebettercustomerexperience.
4. RCAapproach (RootCauseAnalysis) to understand the customer grievancebetter and improvise processes for avoidance of any suchgrievanceinfuture.Inadditionpreventiveactionsweredeployedwhereincustomersareapproachedduringissuancestageitselftocapturetheir concerns, if any.
CustomerConnectinitiativelaunchedinpreviousyearisgivinggoodresultsandconsideringitssuccess,Companyhasrolledoutotherinitiativestocollectinstantcustomerfeedback,transactionssurvey,etc.tounderstandthecustomerexperienceandtoimprovementitfurther.
OUTLOOK FOR THE COMPANYOverthepastfewyearsgiventheregulatorychangesandmacroenvironment,therehasbeenaperceptibleslowdownintheindustry.However,thishasgivenanopportunitytotheexistinginsuranceplayerstoreviewtheiroperatingmodelstodrivehigherefficienciesandfocusonmorebalanced growth.
Generalmarket conditions including high interest rate & high inflation and gold and real estate being leveraged by household as preferredinvestmentvehicleshasnothelpedtheinsuranceindustry.Butrecenteasingofinflationandbearishtrendingoldandrealestateisexpectedtoaugurwellfortheindustrygoingforward.Indiaalsohasseveralstructuraladvantagesintermsoffavourabledemographicsandhighrateoffinancialsavings.Greatercertaintyofregulation,improvingmacro-economicenvironment,increasingproductofferingsandevolvingdistributionchannelswouldfurtherenhancegrowthandprofitability.
TheCompanyhasidentifiedthefollowingkeyareastostrengthenitscompetitiveandfinancialpositioninthecomingyears:
² Agency channel shall continue to be the engine of growth. A new distribution strategy has been implemented to enable sales force to identify and access new markets/segments/customers.
² NewSalesenablementTools,learningmethodologiesandengagementmodelshavebeeninitiatedtodrivehigherproductivityandqualityofsales/engagementwithcustomers
² MaintainleadershipinGroupChannel–FundandTermwithequalfocusonrevenuesandprofitability
² Growthinprofitabilitywithfocusonproductmix,balancedchannelmixandexpenseefficiencies.
² PersistencyandClaimsmanagement
44
for the year ended March 31, 2014
Birla Sun Life Insurance
Corporate Governance Report
Philosophy of Corporate GovernanceCorporateGovernance involvesasetof relationshipsbetweenaCompany’sManagement, itsBoard, itsShareholdersandotherStakeholderswithanobjectiveof‘enhancementoflong-termshareholdervalue,whileatthesametimeprotectingtheinterestofallstakeholders(investors,customers,employees,vendors,governmentandsociety-at-large).
GoodCorporateGovernanceconsistsofasystemofstructuring,operatingandcontrollingaCompanysuchastoachievethefollowing:
• a culture based on a foundation of sound business ethics
• fulfillingthelong-termstrategicgoaloftheownerswhiletakingintoaccounttheexpectationsofallthekeystakeholders,andinparticular:
² consider and care for the interests of employees, past, present and future
² worktomaintainexcellentrelationswithbothcustomersandsuppliers
² takeaccountoftheneedsoftheenvironmentandthelocalcommunity
• maintaining proper compliancewith all the applicable legal and regulatory requirements underwhich the company is carrying out itsactivities.
ThephilosophyandobjectiveofCorporateGovernanceatBirlaSunLifeInsuranceCompanyLimited(BSLI)is“aboutworkingethicallyandfindingabalancebetweeneconomicandsocialgoals including theability to functionprofitablywhilecomplyingwith theapplicable laws, rulesandregulations.”
BSLIiscommittedtoupholdthecorevaluesoftransparency,integrity,honestyandaccountability.Thiscommitmentlaysthefoundationforfurtherdevelopmentofsuperiorgovernancepractices,whicharevitalforgrowingasuccessfulbusiness,creatingsustainablelong-termshareholdervalueand balancing it with the interests of other stakeholders in the Company. It is not a discipline necessarily imposed by a regulator rather a culture thatguidestheBoard,theManagementandemployeestofunctiontowardsthebestinterestofthevariousstakeholders.
Structure:
ThisReportisdividedintothreesections,asfollows:
A. Reporting under Clause 49 of the Listing Agreement;
B. ReportingunderIRDACorporateGovernanceGuidelines(IRDACGGuidelines);and
C. Reporting under MCA Guidelines (MCA Guidelines).
SECTION AREPORTING UNDER CLAUSE 49 OF THE LISTING AGREEMENTBSLI 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 all necessaryinitiativestocomplywiththeprovisionsofthesaidclausetothemaximumextentpossibleandendeavours,intruespirit,togowellbeyondthemandatoryprovisions.
I. BOARD OF DIRECTORS (“BOARD”)AtBSLI,theDirectorsareelectedbyshareholdersoftheCompanywitharesponsibilitytosetstrategicobjectivesfortheManagementandtoensurethatthelong-terminterestsofallstakeholdersareservedbyadheringtoandenforcingtheprinciplesofsoundCorporateGovernance.
BSLI’s Board members have diverse areas of knowledge and expertise, which is necessary in providing an independent and objectiveview on business issues and assess them from the stand-point of the stakeholders of theCompany.At BSLI, theBoard is independent of the Management.
I.A. Composition of the Board
TheBoardcomprisedofelevenDirectorsason31stMarch,2014,tenbeingNon-ExecutiveDirectors(ofwhichthreewereIndependent)andaManaging Director.
ThecurrentChairmanoftheBoard,Mr.KumarMangalamBirla,isaNon-ExecutiveDirector.
ThechangesintheChairmanship/DirectorshipoftheCompanyduringtheFinancialYear(FY)2013-14aregiveninTable01:
Name of the Directors Particulars
Mr.JayantDua Ceased to be a Managing Director w.e.f. December 31, 2013
Mr.PankajRazdan AppointedasaManagingDirectorw.e.f.January01,2014
Mr.M.V.Nair AppointedasanIndependentDirectorw.e.f.July02,2013
Mr. Suresh Talwar CeasedtobeaDirectorw.e.f.July02,2013
Table 01
45
for the year ended March 31, 2014
Annual Report 2013-14
Corporate Governance Report
I.B. Details of Directorships / Committee membership
ThecompositionofourBoard,theirDirectorships/CommitteemembershipsandChairmanships(excludingtheCompany)asonMarch31,2014isgiveninTable02:
Name of the Directors DesignationNo. of Directorship(s)
in other Public Companies*
No. of Committee
Membership**
Chairmanship in Committees**
Mr.KumarMangalamBirla Non-ExecutiveDirector(Chairman) 9 Nil NilMr.AjaySrinivasan Non-ExecutiveDirector 3 4 NilMr.BishwanathN.Puranmalka Non-ExecutiveDirector 3 4 NilMr. Donald A. Stewart Non-ExecutiveDirector 6 Nil NilMr.GianP.Gupta Non-ExecutiveDirector(Policyholders’
representative,Independent)10 8 5
Mr.JayantDua*** Managing Director 1 Nil NilMr.KevinStrain Non-ExecutiveDirector Nil Nil NilMr.M.V.Nair# Non-ExecutiveDirector(Independent) 7 2 NilMr.PankajRazdan## Managing Director 2 Nil NilDr.RakeshJain Non-ExecutiveDirector 8 2 NilMr. Suresh Talwar**** Non-ExecutiveDirector(Independent) 13 9 NilMs.TarjaniVakil Non-ExecutiveDirector(Independent) 4 3 NilMr.VenkateshMysore Non-ExecutiveDirector 2 1 Nil
Table 02
*ExcludingalternatedirectorshipsanddirectorshipsinforeigncompaniesandcompaniesunderSection25oftheCompaniesAct,1956.
**OnlyAuditCommitteeandShareholders’GrievanceCommitteeofallpubliclimitedcompanies(whetherlistedornot)havebeenconsideredforthe purpose of the Committee positions (membership and chairmanship), as per Clause 49 of listing agreement.
***Resigned w.e.f. December 31, 2013 #Appointed w.e.f. July 02, 2013****Resigned w.e.f. July 02, 2013##Appointed w.e.f. January 01, 2014
I.C. Non-Executive Directors’ compensation and disclosures
Asstatedearlier,tenofourDirectorsareNon-ExecutiveDirectors.Ofthese,sevenDirectorsarerepresentativesofthetwoshareholdersi.e.AdityaBirlaNuvoLimited(04)andSunLifeFinancial(03)andtherestthreeareIndependent.AsdecidedbytheBoard,noremunerationofwhatsoevernatureispaidtotheseNon-ExecutiveDirectors,exceptforasittingfeetothethreeIndependentDirectors,asdetailedhereunder.
The Company pays sitting fees of ` 20,000 to the Independent Directors for attending each Board Meeting and Board Committee meetings.
ThedetailsofsittingfeespaidtotheseIndependentDirectorsduringtheFY2013-14aregiveninTable03:
(Amount in `)
Name of the Directors
Sitting Fees for the meetings of
TotalBoard Audit Committee
Risk Management Committee
With Profits Committee
Mr.GianPrakashGupta 80,000 80,000 80,000 20,000 260,000Mr.M.V.Nair* 60,000 NA NA NA 60,000Mr.SureshNarsappaTalwar** 20,000 NA NA NA 20,000Ms.TarjaniVakil 60,000 60,000 80,000 NA 200,000
Table 03
*Appointed w.e.f. July 2, 2013**Resigned w.e.f. July 2, 2013
I.D. Board Meetings
Agenda and Minutes
TheCompanySecretaryreceivesdetailsonmatterswhichrequiretheapprovaloftheBoard/BoardCommittees,fromvariousdepartmentsoftheCompanywellinadvance,sothattheycanbeincludedintheBoard/BoardCommitteeagenda(s).Allmaterialinformationisincorporated,indetail,in the agenda papers for facilitating meaningful and focussed discussions at the meetings.
46
for the year ended March 31, 2014
Birla Sun Life Insurance
Corporate Governance Report
Board Meetings and attendance of Directors
Asagoodpractice,ayearlymeetingscalendarispreparedandcirculatedtoalltheDirectorsinthemonthofNovember/Decembereveryyear,relevantforthenextcalendaryear,sothattheycanadequatelyplantheirschedule.ThisensuresoptimumpresenceoftheDirectors/CommitteeMembers at each meeting.
During FY 2013-14, four Board meetings were held as below:
i) April 26, 2013;
ii) July26,2013;
iii) October 25, 2013; and
iv) January31,2014.
DuringFY2013-14thetimegapbetweentwosuccessiveboardmeetingsdidnotexceed4months.
TheattendanceoftheDirectorsattheaboveBoardmeetingsandatthelastAnnualGeneralMeetingisgiveninTable04:
Name of the DirectorsNo. of Board meetings held during FY 2013-14
Attendance in the last AGM dated July 2, 2013
Held Attended
Mr.KumarMangalamBirla 4 1 No
Mr.AjaySrinivasan 4 3 No
Mr.BishwanathN.Puranmalka 4 4 Yes
Mr. Donald A. Stewart 4 4 No
Mr.GainP.Gupta 4 4 No
Mr.JayantDua* 3 3 Yes
Mr.KevinStrain 4 3 No
Mr.M.V.Nair# 3 3 No
Mr.PankajRazdan** 1 1 No
Dr.RakeshJain 4 4 No
Mr.S.N.Talwar## 1 1 No
Ms.TarjaniVakil 4 3 Yes
Mr.VenkateshMysore 4 3 No
Table 04
* Resigned w.e.f. December 31, 2013** Appointed w.e.f. January 1, 2014##Resigned w.e.f. July 02, 2013#Appointed w.e.f. July 02, 2013
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 isalsogovernedbythisCodeofConduct.AlltheemployeesconfirmtheiradherencetothisCodeonanannualbasis.
II. BOARD COMMITTEES Forensuringsmoothbusinessactivities,theCompanyhasconstitutedcertainBoardCommitteeswithwelldefinedcharters.TheprominentBoardCommittees are as under:
II.1. ASSET LIABILITY MANAGEMENT COMMITTEE
PursuanttothenatureofproductssoldbytheCompanyitiscrucialtohaveanAssetLiabilityCommitteetomanagethevariousriskandarisingonaccountofproductguarantees,interestratesmovements,durationmismatches,cashflowmismatch,capitalmarket,marketliquidity,etc.
Asper IRDACGGuidelinesconstitutionof“AssetLiabilityManagementCommittee” ismandatory for life insurancecompanies. Inviewof theforegoingprovision,BSLI’sBoardhadconstitutedan“AssetLiabilityManagementCommittee”atitsmeetingheldonNovember10,2009.
Asset Liability Management Committee will set policy framework and operating guidelines for asset liability matching to safeguard the interest ofShareholdersandPolicyholders.ThisCommitteewillinsurethattheassetsarecreatedinlinewiththeliabilities.TheCommitteewillmonitor,review&evaluateallpossiblevariantthatcanhaveanimpactontheALMandwillinsurerequisitesmeasuresareplacedtomanageriskarisingoutofthesevariants.
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for the year ended March 31, 2014
Annual Report 2013-14
Corporate Governance Report
II.1.A. Composition
ThecompositionoftheAssetLiabilityManagementCommitteeasonMarch31,2014isgiveninTable05:
Name of the Committee Members Designation
Mr.AjaySrinivasan Member&Non-ExecutiveDirector
Mr.AmitJain# Member&ChiefFinancialOfficer
Mr.AnilKumarSingh Member,ChiefActuarialOfficer&AppointedActuary
Mr.JayantDua* Member & Managing Director
Ms.KeertiGupta Member & Head-Risk
Mr.LalitVermani Member&ChiefLegalCompliance&RiskOfficer
Mr. Mayank Bathwal MemberDeputyChiefExecutiveOfficer
Mr.PankajRazdan** Member & Managing Director
Dr.RakeshJain## Member&Non-ExecutiveDirector
Mr.SashiKrishnan Member&ChiefInvestmentOfficer
Mr.VenkateshMysore Member&Non-ExecutiveDirector
Table 05#Appointed w.e.f. October 25, 2013
*Ceased w.e.f. December 31, 2013
**Appointed w.e.f. January 01, 2014##Ceased w.e.f . March 6, 2014
The Company Secretary acts as the Secretary to the Committee.
II.1.B. Meetings and attendance
DuringFY2013-14,theAssetLiabilityManagementCommitteemembersmetfourtimesviz:
i) April 29, 2013;
ii) July24,2013;
iii) October 23, 2013; and
iv) January21,2014.
The attendance of the Asset Liability Management Committee members at the Asset Liability Management Committee meetings during FY2013-14isgiveninTable06:
Name of the Committee Members
No. of Asset Liability Management Committee
meetings held during FY 2013-14
Held Attended
Mr.AjaySrinivasan 04 04
Mr.AmitJain# 01 01
Mr.AnilKumarSingh 04 04
Mr.JayantDua* 03 03
Ms.KeertiGupta 04 04
Mr.LalitVermani 04 04
Mr. Mayank Bathwal 04 04
Mr.PankajRazdan** 01 01
Dr.RakeshJain## 04 00
Mr.SashiKrishnan 04 03
Mr.VenkateshMysore 04 02
Table 06#Appointed w.e.f. October 25, 2013*Ceased w.e.f. December 31, 2013**Appointed w.e.f. January 01, 2014##Ceased w.e.f. March 6, 2014
48
for the year ended March 31, 2014
Birla Sun Life Insurance
Corporate Governance Report
II.2. Audit Committee
TheprovisionofSection292AoftheCompaniesAct,1956,prescribesthateverypubliccompanyhavingpaid-upcapitalofnotlessthan` 5 crores shallconstituteacommitteeoftheBoardknownas“AuditCommittee”.TheCompanyhadconstituteditsAuditCommitteeonJanuary31,2001withwelldefinedobjectives,rolesandresponsibilities.
II.2.A. Composition
ThecompositionoftheAuditCommitteeasonMarch31,2014isgiveninTable07:
Name of the Committee Members Designation
Mr.GianPrakashGupta Chairman,Non-Executive&IndependentDirectorMr.AjaySrinivasan Member&Non-ExecutiveDirectorMr.BishwanathN.Puranmalka Member&Non-ExecutiveDirectorMr.JayantDua* Member & Managing DirectorMr.Kevinstrain Member&Non-ExecutiveDirectorMr.PankajRazdan** Member & Managing DirectorMs.TarjaniVakil Member,Non-Executive&IndependentDirectorMr.VenkateshMysore Member&Non-ExecutiveDirector
Table 07
*Ceased w.e.f. December 31, 2013**Appointed w.e.f. January 01, 2014
The Company Secretary acts as the Secretary to the Committee.
AllmembersoftheAuditCommitteearefinanciallyliterateandhavethenecessaryaccountingandrelatedfinancialmanagementexpertise.
TheChiefExecutiveOfficer,theDeputyChiefExecutiveOfficer,theChiefFinancialOfficer,theAppointedActuary,ChiefLegalCompliance&RiskOfficer,theStatutoryAuditorsandtheInternalAuditorsattendeachAuditCommitteeMeeting.Thespecialauditorsofboththepromoters(viz.AdityaBirlaNuvoLimited&SunLifeFinancialInc.)oftheCompanyalsoconductcertainprocessauditsduringtheyearandtheyareinvitedtopresenttheir reports at the Audit Committee meeting of the Company.
II.2.B. Meetings and attendance
DuringFY2013-14,theAuditCommitteemetfourtimesviz.
i) April 26, 2013;
ii) July26,2013;
iii) October 25, 2013; and
iv) January31,2014.
TheattendanceoftheAuditCommitteemembersattheAuditCommitteemeetingsduringFY2013-14isgiveninTable08:
Name of the Committee Members
No. of Audit Committee meetings
held during FY 2013-14
Held Attended
Mr.AjaySrinivasan 04 03Mr.BishwanathN.Puranmalka 04 04Mr.GianPrakashGupta 04 04Mr.JayantDua* 03 03Mr.PankajRazdan** 01 01Mr.KevinStrain 04 03Ms.TarjaniVakil 04 03Mr.VenkateshMysore 04 03
Table 08
*Ceased w.e.f. December 31, 2013**Appointed w.e.f. January 01, 2014
II.3. Investment Committee
PursuanttoSection292oftheCompaniesAct1956,theBoardhasthepowertoinvesttheFundsoftheCompanyanddelegatethesametoanyCommitteeortoanyofficialsoftheCompanyonanysuchconditionsasmaybeprescribedbytheBoard.
TheroleofInvestmentCommitteeistosetpolicyframeworkforInvestmentandensuringtosafeguardtheinterestofShareholdersandPolicyholdersFunds.InvestmentcommitteeensuresthatallinvestmentactivitiesareconductedaspertheframeworkdefinedbyIRDAandBoard.
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for the year ended March 31, 2014
Annual Report 2013-14
Corporate Governance Report
II.3.A. Composition ThecompositionoftheInvestmentCommitteeasonMarch31,2014isgiveninTable09:
Name of the Committee Members Designation
Mr.AjaySrinivasan Member&Non-ExecutiveDirectorMr.AmitJain# Member&ChiefFinancialofficerMr.AnilKumarSingh Member,ChiefActuarialOfficer&AppointedActuaryMr.JayantDua* Member & Managing DirectorMs.KeertiGupta Member & Head – RiskMr.LalitVermani Member&ChiefLegalCompliance&RiskOfficerMr. Mayank Bathwal Member&DeputyChiefExecutiveOfficerMr.PankajRazdan** Member & Managing DirectorDr.RakeshJain## Member&Non-ExecutiveDirectorMr.SashiKrishnan Member&ChiefInvestmentOfficerMr.VenkateshMysore Member&Non-ExecutiveDirector
Table 09#Appointed w.e.f. October 25 , 2013*Ceased w.e.f. December 31, 2013**Appointed w.e.f. January 01, 2014##Ceased w.e.f. March 6, 2014
The Company Secretary acts as the Secretary to the Committee.
II.3.B. Meetings and attendance
DuringFY2013-14,theInvestmentCommitteemembersmetfourtimesviz:
i) April 29, 2013;
ii) July24,2013;
iii) October 23, 2013; and
iv) January21,2014.
TheattendanceoftheInvestmentCommitteemembersattheInvestmentCommitteemeetingsduringFY2013-14isgiveninTable10:
Name of the Committee Members
No. of Investment Committee
meetings held during FY 2013-14
Held Attended
Mr.AjaySrinivasan 04 04
Mr.AmitJain# 01 01
Mr.AnilKumarSingh 04 04
Mr.JayantDua* 03 03
Ms.KeertiGupta 04 04
Mr.LalitVermani 04 04
Mr. Mayank Bathwal 04 04
Mr.PankajRazdan** 01 01
Dr.RakeshJain## 04 00
Mr.SashiKrishnan 04 03
Mr.VenkateshMysore 04 02
Table 10#Appointed w.e.f. October 25 , 2013*Ceased w.e.f. December 31, 2013 **Appointed w.e.f. January 01, 2014 ##Ceased w.e.f. March 6, 2014
II.4. Policyholders’ Protection Committee
IRDAplacessignificantemphasisontheprotectionofpolicyholders’interestsandontheadoptionofsoundandhealthymarketconductpracticesby insurers. IRDAregulationsandguidelinesare inplacewithrespecttoprotectionofpolicyholders’ interests,advertisementanddisclosures,advertisementandpromotion&publicity.
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AsperIRDACGGuidelinesconstitutionof“Policyholders’ProtectionCommittee”ismandatoryforlifeinsurancecompanies.Inviewoftheforegoingprovision,BSLI’sBoardhadconstitutedthe“Policyholders’ProtectionCommittee”atitsmeetingheldonNovember10,2009toaddressvariouscompliance 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
ThecompositionofthePolicyholders’ProtectionCommitteeasonMarch31,2014isgiveninTable11:
Name of the Committee Members Designation
Mr.N.N.Jambusaria Member & Chairman Mr.AmitabhVerma Member&ChiefOperatingOfficerMr.AmitJain# Member,ChiefFinancialOfficerMr.AnilKumarSingh Member,ChiefActuarialOfficerandAppointedActuaryMs.AnjaliMakhija## Member&Head-CustomerServiceMr. Ashish Lakhtakia## Member & Company Secretary Mr.JayantDua** Member & Managing DirectorMr.LalitVermani Member&ChiefLegalCompliance&RiskOfficerMr. Mayank Bathwal Member&DeputyChiefExecutiveOfficerMr.PankajRazdan* Member & Managing DirectorMr.VikasSeth Member&ChiefDistributionOfficer
Table 11
*Appointed w.e.f. January 01, 2014**Ceased w.e.f. December 31, 2013#Appointed w.e.f. October 25, 2014##Appointed w.e.f. January 24, 2014
The Company Secretary acts as the Secretary to the Committee.
II.4.B. Meetings and attendance
DuringFY2013-14,thePolicyholders’ProtectionCommitteemembersmetfourtimesviz:
i) April 16, 2013;
ii) July22,2013;
iii) October 21, 2013; and
iv) January24,2014.
TheattendanceofthePolicyholders’ProtectionCommitteemembersatthePolicyholders’ProtectionCommitteemeetingsduringFY2013-14isgiveninTable12:
Name of the Committee Members
No. of Policyholders’ Protection Committee meetings held during FY 2013-14
Held Attended
Mr.N.N.Jambusaria 04 04Mr.AnilKumarSingh 04 04Mr.AmitabhVerma 04 04Mr.AmitJain* 01 01Mr. Ashish Lakhtakia** 01 01Ms.AnjaliMakhija** 01 01Mr.JayantDua# 03 03Mr.LalitVermani 04 04Mr. Mayank Bathwal 04 04Mr.PankajRazdan## 01 01Mr.VikasSeth 04 02
Table 12
* Appointed w.e.f. October 25, 2013**Appointed w.e.f. January 24, 2014#Ceased w.e.f. December 31, 2013 ##Appointed w.e.f. January 01, 2014
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II.5. Risk Management Committee InviewofthegrowingscaleoftheCompanyandtheregulationsbecomingmorestringent, theBoardoftheCompanyat itsmeetingheldon May24,2008constitutedtheRiskManagementCommittee(erstwhileRiskReviewMeeting)asasub-committeeoftheBoard,tooverseetheriskmanagementandcomplianceactivitiesoftheCompany.
II.5.A. Composition
ThecompositionoftheRiskManagementCommitteeasonMarch31,2014isgiveninTable13:
Name of the Committee Members Designation
Mr.AjaySrinivasan Member&Non-ExecutiveDirector
Mr.GianPrakashGupta Member,Non-Executive&IndependentDirector
Mr.JayantDua* Member & Managing Director
Ms.TarjaniVakil Member,Non-Executive&IndependentDirector
Mr.PankajRazdan** Member & Managing Director
Mr.VenkateshMysore Member&Non-ExecutiveDirector
Table 13
*ceased w.e.f. December 31, 2013**Appointed w.e.f. January 01, 2014
The Company Secretary acts as the Secretary to the Committee.
II.5.B. Meetings and attendance
DuringFY2013-14,theRiskManagementCommitteemembersmetfourtimesviz:
i) April 15, 2013;ii) July24,2013;iii) October 18, 2013; and
iv) January24,2014.
Theattendanceof theRiskManagementCommitteemembers at theRiskManagementCommitteemeetingsduringFY2013-14 is given in Table 14:
Name of the Committee Members
No. of Risk Management Committee meetings held during FY 2013-14
Held Attended
Mr.AjaySrinivasan 04 04
Mr.GianPrakashGupta 04 04
Mr.JayantDua* 03 03
Mr.PankajRazdan** 01 01
Ms.TarjaniVakil 04 04
Mr.VenkateshMysore 04 03
Table 14
*Ceased w.e.f. December 31, 2013 **Appointed w.e.f. January 01, 2014
II.6. Finance Committee TheBoardhasconstitutedaFinanceCommitteeincomplianceoftherevisedClause41oftheListingAgreement.AspertheListingAgreementsuch committee shall consist of not less than one third of the directors, which shall include at least one Independent Director.
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II.6.A. Composition ThecompositionofFinanceCommitteeasonMarch31,2014isgiveninTable15:
Name of the Committee Members Designation
Mr.AjaySrinivasan Member&Non-ExecutiveDirector
Mr.BishwanathN.Puranmalka Member&Non-ExecutiveDirector
Mr.GianPrakashGupta Member,Non-Executive&IndependentDirector
Ms.TarjaniVakil Member,Non-Executive&IndependentDirector
Mr.VenkateshMysore Member&Non-ExecutiveDirector
Table 15
The Company Secretary acts as the Secretary to the Committee.
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 April 25, 2005 had constituted a committee called the Share Allotment Committee. The Share Allotment Committee hasbeendelegatedtheauthoritytoallotthesharesandissuethesharecertificates.
II.7.A. Composition ThecompositionofShareAllotmentCommitteeasonMarch31,2014isgiveninTable16:
Name of the Committee Members Designation
Mr.BishwanathN.Puranmalka Member&Non-ExecutiveDirector
Mr.GianPrakashGupta Member,Non-Executive&IndependentDirector
Mr.SureshNarsappaTalwar* Member,Non-Executive&IndependentDirector
Mr.VenkateshMysore Member&Non-ExecutiveDirector
Table 16
*ceased w.e.f. July 02, 2013
The Company Secretary acts as the Secretary to the Committee.
II.7.B. Meetings and attendance
DuringFY2013-14,theShareAllotmentCommitteemembersmetonceviz:
May 24, 2013
TheattendanceoftheShareAllotmentCommitteemembersattheShareAllotmentCommitteemeetingsduringFY2013-14isgiveninTable17:
Name of the Committee Members
No. of Share Allotment Committee meetings held during FY 2013-14
Held Attended
Mr.BishwanathN.Puranmalka 01 01
Mr.GianPrakashGupta 01 01
Mr.SureshNarsappaTalwar* 01 00
Mr.VenkateshS.Mysore 01 01
Table 17
*ceased w.e.f. July 02, 2013
II.8. WITH PROFIT COMMITTEE AsperIRDA(Non-linkedInsuranceProducts)Regulation,2013,everyinsurerhastoconstitute“WithProfitsCommittee”withoneindependentdirectoroftheBoard,theCEO,theAppointedActuary&anindependentactuaryandthereportofWithProfitsCommitteeshallbeappendedtotheActuarialReportandAbstract.HencetheCommitteewasformedvideBoardMeetingheldonApril26,2013.
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II.8.A. Composition
ThecompositionofWithProfitCommitteeasonMarch31,2014isgiveninTable18:
Name of the Committee Members Designation
Mr.G.P.Gupta Member,Non-Executive&IndependentDirector
Mr.AnilKumarSingh Member&ChiefActuarialOfficer&appointedactuary
Mr.PankajRazdan Member & Managing Director
Mr.VivekJalan Independent Actuary
Table 18
The Company Secretary acts as the Secretary to the Committee.
II.8.B. Meetings and attendance
DuringFY2013-14,thefirstWithProfitsCommitteemeetingwasheldonFebruary28,2014.
TheattendanceoftheWithProfitsCommitteemembersattheWithProfitsCommitteemeetingsduringFY2013-14isgiveninTable19:
Name of the Committee Members
No. of Share Allotment Committee meetings held during FY 2013-14
Held Attended
Mr.GianPrakashGupta 01 01
Mr.AnilKumarSingh 01 01
Mr.PankajRazdan 01 00
Mr.VivekJalan 01 01
Table 19
III. SUBSIDIARY COMPANIESTheCompanydoesnothaveanysubsidiaryCompanyof itsown.However, theCompany isamaterialnon listed IndiansubsidiarycompanyofAdityaBirlaNuvoLimited(ABNL),whichisholding74%oftheCompany’ssharecapital.Mr.GianPrakashGuptaandMs.TarjaniVakil,bothindependentdirectorsontheBoardofABNL,arealsoindependentdirectorsontheBoardoftheCompany.TheCompanyregularlyreportsthecorporategovernancerequirements,asapplicabletoamaterialnonlistedIndiansubsidiarycompany,toABNL,includingforwardingofminutes,financialstatements,statementofsignificanttransactionsandarrangementsenteredintobytheCompany.
IV. DISCLOSURESIV.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 reviewedbytheAuditCommitteeoftheCompanyandnecessarybriefingisgiventotheBoardaswell.ParticularsofrelatedpartytransactionsarelistedoutinAnnexure2toSchedule16NoteNo.28oftheBalanceSheetformingpartoftheAnnualReport.
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.
OnlyoneDirector,Mr.BishwanathN.Puranmalkaholdsoneequityshareof`10/-jointlywithAdityaBirlaNuvoLimitedinthesharecapitaloftheCompany.NoneoftheotherDirectorsoftheCompanyhaveanyholdinginthesharecapitaloftheCompany.
IV.C. Whistle Blower Policy
TheCompanyhasaWhistleBlowerPolicytoescalateanyissuesonintegrity/businessissues/peopleissuesandgenderissues.BSLIGrievancesandDisciplinaryCommitteemembers,constitutedundertheWhistleBlowerPolicy,conductaproperandunbiasedinvestigationandascertainthecorrectnessandtruenessofthecomplaintandrecommendnecessarycorrectivemeasures,includingpunitiveactionssuchasterminationofemployment/agency/contracts.Summaryofcases,asandwhenreported,alongwithstatusisplacedbeforethePolicyholders’ProtectionCommitteefortheirreviewanddiscussion.
TheCompanyensuresconfidentialityandprotectionagainstvictimisation.Noadverseactionistakenagainstanemployeeorbusinessassociatein‘knowingretaliation’whomakesanygood-faithdisclosureofsuspectorwrongfulconducttotheBSLIGrievancesanddisciplinarycommittee.
IV.D. Management
A detailed Management Discussion and Analysis Report form part of the Annual Report being sent to the stakeholders (including) shareholders of the Company.
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V.E. Shareholders & General information
i) General Body Meetings
TheparticularsofthelastthreeAnnualGeneralMeetings(AGMs)oftheCompanyareprovidedinTable20:
AGM Financial Year Date of the AGM Time Venue
11th 2010-2011 June16,2011 10.30 a.m. BoardRoom,16thFloor,OneIndiabullsCentre,Tower1,JupiterMillCompound,841, S. B. Marg, Elphinstone Road, Mumbai – 400 013.
12th 2011-2012 June20,2012 10.30 a.m. BoardRoom,16thFloor,OneIndiabullsCentre,Tower1,JupiterMillCompound,841, S. B. Marg, Elphinstone Road, Mumbai – 400 013.
13th 2012- 2013 July02,2013 10.30 a.m. BoardRoom,16thFloor,OneIndiabullsCentre,Tower1,JupiterMillCompound,841, S. B. Marg, Elphinstone Road, Mumbai – 400 013.
Table 20
TheParticularsofthelastExtraordinaryGeneralMeetings(EGMs)oftheCompanyheldduringFY2013-14areprovidedinTable21.
Financial Year Date of the EGM Time Venue
2013-14 May 15, 2013 4.30 p.m. BoardRoom,16thFloor,OneIndiabullsCentre,Tower1,JupiterMillCompound,841, S. B. Marg, Elphinstone Road, Mumbai – 400 013.
Table 21
There was two special resolution passed by the Company during the Financial Years 2013-14 for following items:
1) Alterations in the Article of Association of the Company
2) ApprovalforBuybackofShares
ii) General Shareholder Information
Date,TimeandVenueofthe14thAnnualGeneralMeeting July2,2014,10.30a.m.,
BoardRoom,16thFloor,OneIndiabullsCentre,Tower1,JupiterMillCompound,841, S. B. Marg, Elphinstone Road, Mumbai – 400 013.
Financial Year 2013-14
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 theInsuranceRegulatoryandDevelopmentAuthority
109
ISIN INE951F01015
CorporateIdentificationNumber(CIN) U99999MH2000PLC128110
PermanentAccountNumber(PAN) AABCB4623J
Registeredoffice/addressforcorrespondence OneIndiabullsCentre,Tower1,16thFloor,JupiterMillCompound, 841, S. B. Marg, Elphinstone Road, Mumbai – 400 013.
Table 22
iii) Means of Communication
AspertheIRDAguidelinesonpublicdisclosures,theinsurancecompaniesarerequiredtodisclosetheirfinancials(BalanceSheet,Profit&LossAccount,RevenueAccountandKeyAnalyticalRatios)bynewspaperpublicationandhostthesameontheirwebsiteswithinstipulatedtimelines.
Accordingly,thedisclosuresarehostedonBSLI’swebsite(www.birlasunlife.com)andadequatestepshavebeentakentoensurepublicationofrequisitedisclosureinnewspapers.
SECTION BREPORTING UNDER IRDA CORPORATE GOVERNANCE GUIDELINES (IRDA CG GUIDELINES)AdetailedreportonstatusofCompliancewiththe“CorporateGovernance”Guidelines(IRDACGguidelines)asbeingfieldonanannualbasisinCompliancewithIRDAcircularNo.IRDA/F&A/CG/081/2011datedMay2,2011.
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SECTION CREPORTING UNDER MCA GUIDELINES (MCA GUIDELINES)TheMinistryofCorporateAffairshas issuedasetofVoluntaryGuidelineson‘CorporateGovernance’and‘CorporateSocialResponsibility’ inDecember,2009.TheseguidelinesareexpectedtoserveasabenchmarkfortheCorporateSectorandalsohelptheminachievingthehigheststandardofcorporategovernance.
SomeoftheprovisionsoftheseguidelinesarealreadyinplaceasreportedelsewhereinthisReport.TheotherprovisionsoftheseguidelinesarebeingevaluatedandyourCompanywillstrivetoadoptthesameinaphasedmanner.
Details of Directors Seeking Re-appointment / Appointment at the 14th Annual General Meeting
A. Directors seeking Re-appointment / Appointment:
Name of DirectorRe-Appointment Appointment
Mr. Kumar Mangalam Birla Mr. Donald A. Stewart Mr. Pankaj Razdan
Date of Birth June14,1967 November6,1946 November16,1968
Date of Appointment August 4, 2000 December 24, 2000
October 25, 2014* (*as an Additional Director) IRDAapprovalreceivedonJanuary,2014.
QualificationChartered Accountant and MBA (London Business School)
Fellow of Institute of Actuaries andDegreeinNaturalPhilosophy(UniversityofGlasgow)
Electronics Engineer , managementdevelopmentprograms from IIM and leadership training from Centre of Leadership, USA.
ExpertiseinspecificfunctionalArea IndustrialistLife Insurance, Mutual Fund, Information Technology, Trust ServicesandActuarial
FinancialServices
ListofPublicLtd.Companies(inIndia)in which outside Directorships held
9 1 2
Membership/Chairmanships of committeesofotherPublicCompanies(includes only Audit Committee and Shareholders’/Investors’GrievanceCommittee)
Nil Nil Nil
“Certification for compliance of the Corporate Governance Guidelines”
I,AshishLakhtakiaherebycertifythatthecompanyhascompliedwiththecorporategovernanceguidelinesforInsuranceCompaniesasamendedfrom time to time and nothing has been concealed or suppressed.
Ashish Lakhtakia
Company Secretary
Place:Mumbai
Date: April 25, 2014.
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Risk Management
A. RISK MANAGEMENT FRAMEWORK TheCompanyhasanEnterpriseRiskManagement(ERM)frameworkcoveringprocedurestoidentify,assessandmitigatethekeybusiness
risks.Alignedwiththebusinessplanningprocess,theERMframeworkcoversallbusinessrisksincludingstrategicrisk,operationalrisks,investmentrisks,insurancerisksandcatastrophicrisks.ThekeybusinessrisksidentifiedareapprovedbytheBoard’sRiskManagementCommittee and monitored by the Risk Management team thereafter.
TheCompanyalsohasinplaceanOperationalRiskManagement(ORM)frameworkthatsupportsexcellenceinbusinessprocesses,systemandfacilitatesmaturedbusinessdecisionstomovetoaproactiveriskassessmentandisintheprocessofimplementingthekeyoperationalrisk components.
BSLI recognises that information is a critical business asset, and that our ability to operate effectively and succeed in a competitivemarket depends on our ability to ensure that business information is protected adequately through appropriate controls and proactivemeasures. Accordingly, BSLI has an information security framework that ensures all the information assets are safeguarded by establishing comprehensivemanagementprocessesthroughouttheorganisation.
TheCompany’sInvestmentsFunctionisgovernedbytheInvestmentCommitteeandtheAssetLiabilityManagementCommitteeappointedbytheBoardofDirectors.InvestmentPolicyandOperatingGuidelineslaiddownbytheBoardprovidetheframeworkformanagementandmitigationoftherisksassociatedwithinvestments.AssetLiabilityPolicyandvariousALMstrategiesareadoptedtoensureadequateAssetLiabilityManagement.ThesepoliciesarereviewedatfrequentintervalsbytherespectiveBoardCommitteesandapprovedbytheBoardwhererequired.
BSLIhasarobustBusinessContinuityframeworktoensureresumptionoftimesensitiveactivitieswithindefinedtimeframeatdefinedlevels.BSLIwasthe1stInsuranceCompanyinIndiatobecertifiedagainsttheBS25999standardandsuccessfullygottransitionedtoISO22301(Globally accepted standard on Business Continuity).
TheCompanythroughitsriskmanagementpolicieshassetupsystemstocontinuouslymonitoritsexperiencewithregardtootherparametersthataffectthevalueofbenefitsofferedintheproducts.Suchparametersincludepolicylapses,premiumpersistency,maintenanceexpensesandinvestmentreturns.
ERM encompasses the following areas:
Governed by Risk Policies and Operating Guidelines approved by Board Committee/Sub Committee of the board
Risk AssessmentRisk Identification
Risk monitoring,communication and
reporting
Enterprise Risk Management Framework in BSLI
Risk Response and Risk Management strategy
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Risk Policies: Thefollowingriskpoliciesgovernandimplementeffectiveriskmanagementpractices:
ProductDesignandPricingPolicy,UnderwritingandLiabilityManagementPolicy,ReinsuranceCededPolicy,CapitalManagementPolicy,InvestmentPolicies,ValuationPolicy,InformationSecurityPolicies,BusinessContinuityPolicy,OperationalRiskManagementPolicy,FraudReportingandInvestigatingPolicy,AssetLiabilityManagementPolicy,OutsourcingPolicy.
Risk Mitigation Strategies: TheCompanyisexposedtoseveralrisksinthecourseofitsbusiness.Therisksontheliabilitiesfrontmayariseduetomorethanexpected
claims.Ontheassetsfront,riskscouldariseduetothepossibilityoffluctuations intheirmarketvalue.TheCompany isalsosubject toexpenserisk,sinceuntilnewbusinessvolumesgrowsignificantly,theactualexpensesoftheCompanywillexceedtheexpensesloadedintotheproductpricing.TheCompanyhasimplementedadequatesafeguardstomitigatetheserisks.Theoverallbusinessrisksandmitigationstrategies are as are described below:
Strategic Risk RisktofutureearningsorcapitalintermsoffailuretoachievetheCompany’sstrategicorlong-termbusinessplans,either through incorrect choices or improper implementation of those choices.
Mitigation Strategy:StrategicrisksaremanagedthroughriskidentificationandreviewprocessthroughtheEnterpriseRisk 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. orUnsystematicRisklikethecompanyspecificorIndustrySpecificRisks.TheseriskscanimpacttheGuarantees,otherthanhamperingtheInvestmentperformanceontemporary/permanentbasis.
Mitigation Strategy:Robustgovernancestructure (InvestmentCommittee)andwelldefined investmentpolicies&processesensurethattherisks involved in investmentsareproperly identifiedandacceptable levelsaredefined.Stringent investment norms and approval structure ensures healthy portfolio while delivering the expectedperformance.AllRegulatoryandInternalnormsarebuiltintheInvestmentsystem,whichmonitorstheInvestmentlimits andexposurenormson real-timebasis.Thecompanyuses systems likeMSCIBarraOne to evaluateandmonitor risks.
Asset Liability Management (ALM) Risk
Anasset-liabilitymismatchoccurswhenthefinancialtermsofaninstitution’sassetsandliabilitiesdonotcorrespond.Thesecanleadtonon-payment/defermentofclaims,expenses,etc.
Mitigation Strategy: Robust governance structure (ALMCommittee) andwell definedAsset LiabilityManagementframework ensures periodic monitoring of the Asset-Liability position of the company. BSLI’s Asset Liability ManagementTechniquesaimstomanagethevolume,mix,maturity,ratesensitivity,qualityandliquidityofassetsandliabilitiesasawholesoastoattainapredeterminedacceptablerisk/rewardratio.Strategiesarereviewedandrevisedbasedontheperiodicmonitoring.VariousanalysesarecarriedouttogaugetheimpactoftheInterestratemovements,marketmovementsandmortalityrateassumptions.FurthertheNAVguaranteeproductsusesproprietarymonitoringmechanismstoensureadequateALM.
Operational Risk Theuncertaintyarisingfrommorethanexpectedlossesordamagetofinancesorreputationresultingfrominadequateorfailedinternalprocesses,controls,people,systemsorexternalevents.
Mitigation Strategy: Operational risks are governed through Operational RiskManagement policy. The Companymaintainsanoperational lossdatabasetotrackandmitigaterisksresulting infinancial losses.Thecompanyhasalso initiated a Risk Control Self Assessment process to embed the control testing as a part of day to day operations. Tocontroloperationalrisk,operatingandreportingprocessesarereviewedandupdatedregularly.Ongoingtrainingthroughinternalandexternalprogramsisdesignedtoequipstaffatalllevelstomeetthedemandsoftheirrespectivepositions.The Company has a Business Continuity Plan in place tomanage any business interruption risk.TheCompany is one of the few Indian Insurance companies to be ISO 22301 (Globally accepted standard on Business Continuity) certified.Fraudmanagement ishandled throughan internal committeeand isgovernedby theFraudReportingandInvestigationPolicy.
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Governance through Board Level Risk Review Committee & ISO 22301 Framework
Planning through
Business Impact
Analysis &
Risk Assessment
Implementation through
Business Continuity Strategies
Crisis Management
Plan/Alternate Site & DR Plan
Exercising through Disaster
Recovery/Alternate Site, Call Tree
Testing, CMT drills Evacuation Drills &
Facility Walkthrough
Review through Internal/ISO 22301
Continual Assessment & Management
Review Meeting with BCMS Steering
Committee
Embedding Business Continuity in the Culture through Risk Awareness Week, Workshops/Trainings, Screen savers & Mailers
Insurance Risk Theuncertaintyofproductperformanceduetodifferencesbetweentheactualexperienceandexpectedassumptionsaffectingamountofclaims,benefitspayments,expenses,etc.
Mitigation Strategy: The Company through its risk management policies has set up systems to continuously monitor its experiencewithregardtootherparametersthataffectthevalueofbenefitsofferedintheproducts.Suchparametersincludepolicylapses,premiumpersistency,maintenanceexpensesandinvestmentreturns.
Astrongunderwritingteamisinplacetoreviewallproposalsfromclients,supportedbycomprehensiveprocessesandprocedures,andguidedbyinternationalexperts.Theobjectiveoftheunderwritingteamistominimisetherisksofabnormalmortalityandmorbiditybyacquiringadequateinformation,todetermine,whethertoacceptindividuallives,andifso,theextrapremiumifany,tocompensateforanyadditionalrisk.
Theoperatingexpensesaremonitoredveryclosely.ManyproductsofferedbytheCompanyalsohaveaninvestmentguarantee.TheCompanyhassetasideadditionalreservestocoverthisrisk.Further,thepossiblefinancialeffectofadversemortalityandmorbidityexperiencehasbeenreducedbyenteringintoreinsuranceagreements.
Further,thepossiblefinancialeffectofadversemortalityandmorbidityexperiencehasbeenreducedbyenteringintoreinsuranceagreementswithRGA,MunichReandSwissRe(internationalreinsurers)forindividuallifebusiness,RGAand Munich Re (international reinsurers) for group business. All reinsurers are specialist international reinsurance companieswithexcellent reputationandsignificantfinancialstrength.TheCompanyhasentered intoaseparateagreementwithRGAtocoverthecatastrophicrisksundergroupbusiness.
Information Security Risk
TheriskarisingfromITsystems(DataLeakage,ApplicationVulnerabilities,LackofSegregationofDutiesandAccessControl),Humanerror,etc.,cancausedamagetofinancesorreputation.
Mitigation Strategy: Information Security risks are governed through Information Security policy. The Companyhas a comprehensive policy designed to complywith privacy and/or data protection legislations as specified inIndianInformationTechnologyAct2008andNotificationdated11thApril,2011onprotectionofsensitivepersonalinformationanditprovidesdirectiontoInformationSecuritystaffaswellasmanagementandemployeesregardingtheirresponsibilitiesfortheInformationSecurityfunction.WealsoperformriskassessmentbeforeanyITapplications.Ongoingtrainingthroughinternalandexternalprogramsisdesignedtoequipstaffatalllevelstomeetthedemandsoftheirrespectivepositions.
Business Continuity Management Policy: Tohaveaplannedresponseintheeventofanycontingencyensuringrecoveryofcriticalactivitiesatagreedlevelswithinagreedtimeframe
thereby complyingwith various regulatory requirements andminimising thepotential business impact toBSLI.Additionally to create asystemthatfosterscontinuousimprovementofbusinesscontinuitymanagement.
Business Continuity Management Objectives: 1. EnsuringaProactiveresponsetoanycontingency.
2. Ensuringrecoveryofidentifiedcriticalactivitieswithinagreedtimeframe.
3. Ensuringthatweadheretoourclients,contractual,legal®ulatoryrequirements.
Business Continuity Management Framework:
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B. RISK MANAGEMENT COMMITTEE Governance structure:
Board of Directors
Risk Management Committee
Risk Management Team
Function Heads
Composition,Meeting,attendanceandotherdetailsofRiskManagementCommitteeisdetailedinCorporateGovernanceReport.
TheriskmanagementstructurecomprisesoftheRiskManagementTeamandFunctionalHeadsgovernedbyBoardlevelRiskManagementCommittee.BrieflytheRolesandResponsibilitiesoftheCommitteeissummarisedbelow:
Scope & Term of
Reference
Risk Management Committee
Risk Management
– Requiresmanagement to identify andpresent to theCommittee,major areas of risk facing thebusinessactivitiesoftheCompanyandstrategiestomanagethoserisks.
– Reviews, at least annually, the adequacy of and compliance with the policies implemented for themanagementandcontrolofrisk,includinginvestmentpolicies,asset-liabilityriskmanagement,operationalrisk,managementofrisktoreputation,managementofoutsourcingarrangementsandapproveschangestothe foregoing as appropriate.
Compliance
– Reviewsatleastannuallyandapproveschangestopoliciesorprogramsthatprovideforthemonitoringofcompliancewithlegalandregulatoryrequirementsincludinglegislativecompliancemanagementsystems.
– Reviewsthestatusofcomplianceandregulatoryreviewsandbusinesspracticereviewsworldwide,includingat least annually, compliance with codes of conduct of the Aditya Birla Group and Sun Life Financial.
– Reviewsmarketconductpractices.
– Reviews procedures for complying with anti-money laundering and suppression of terrorism laws andregulationsworldwideandmonitorsandreviewstheeffectivenessandcompliancewiththoseprocedures.
Other
– Performssuchotherdutiesandexercisessuchotherpowersasmay,fromtimetotime,beassignedtoorvestedintheCommitteebytheBoard.
– InadditiontoaboveanysuchotherdutiesandexercisesasmaybespecifiedbyIRDAbywayofnotificationsor necessary amendments in applicable statutes and/or guidelines, from time to time.
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for the year ended March 31, 2014
Birla Sun Life Insurance
Auditors’ Report
INDEPENDENT AUDITORS’ REPORT
To the Members of Birla Sun Life Insurance Company Limited
1. Report on the Financial Statements
WehaveauditedtheaccompanyingfinancialstatementsofBIRLASUNLIFEINSURANCECOMPANYLIMITED(‘theCompany’)whichcomprisetheBalanceSheetasatMarch31,2014,therelatedRevenueAccount(alsocalledas“Policyholders’Account”or“thetechnicalaccount”),thestatementofProfitandLoss(alsocalledas“Shareholders’Account”or“theNon-technicalAccount”)andtheReceiptsandPaymentsAccountfortheyearthenended,andasummaryofsignificantaccountingpoliciesandotherexplanatoryinformation.
2. Management’s Responsibility for the Financial Statements
ManagementisresponsibleforthepreparationofthesefinancialstatementsthatgiveatrueandfairviewoftheBalanceSheet,therelatedRevenueAccount, theProfitandLossAccountand theReceiptsandPaymentsAccountof theCompany inaccordancewithaccountingprinciplesgenerallyacceptedinIndia,includingtheprovisionsofTheInsuranceAct,1938(the“InsuranceAct”),theInsuranceRegulatoryandDevelopmentAuthorityAct,1999(the“IRDAAct”),theInsuranceRegulatoryandDevelopmentAuthority(PreparationofFinancialStatements and Auditor’s Report of Insurance Companies) Regulations, 2002 (the “IRDA Financial Statements Regulations”), orders/directionsissuedbytheInsuranceRegulatoryandDevelopmentAuthority(the“IRDA”)inthisregard,andtheAccountingStandards,totheextentapplicable,notifiedundertheCompaniesAct,1956,readwithGeneralCircular8/2014dated4April,2014issuedbytheMinistry ofCorporateAffairs.Thisresponsibilityincludesthedesign,implementationandmaintenanceofinternalcontrolrelevanttothepreparationandpresentationofthefinancialstatementsthatgiveatrueandfairviewandarefreefrommaterialmisstatement,whetherduetofraudor error.
3. Auditors’ Responsibility
Ourresponsibilityistoexpressanopiniononthesefinancialstatementsbasedonouraudit.WeconductedourauditinaccordancewiththeStandardsonAuditingissuedbytheInstituteofCharteredAccountantsofIndia.ThoseStandardsrequirethatwecomplywithethicalrequirementsandplanandperformtheaudittoobtainreasonableassuranceaboutwhetherthefinancialstatementsarefreefrommaterialmisstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.Theproceduresselecteddependon theauditor’s judgment, including theassessmentof the risksofmaterialmisstatementof thefinancialstatements,whetherduetofraudorerror.Inmakingthoseriskassessments,theauditorconsidersinternalcontrolrelevanttotheCompany’spreparationandfairpresentationofthefinancialstatementsinordertodesignauditproceduresthatareappropriateinthecircumstances,butnotforthepurposeofexpressinganopinionontheeffectivenessoftheCompany’sinternalcontrol.Anauditalsoincludesevaluatingthe appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluatingtheoverallpresentationofthefinancialstatements.
Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinion.
4. Opinion
Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous,thefinancialstatementsarepreparedinaccordancewiththerequirementsoftheInsuranceAct,theIRDAAct,theIRDAFinancialStatementsRegulationsandtheCompaniesAct,1956totheextentapplicableandinthemannersorequired,andgiveatrueandfairviewinconformitywiththeaccountingprinciplesgenerally accepted in India, as applicable to Insurance Companies:
(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2014;
(b) inthecaseofRevenueAccount,ofthenetsurplusfortheyearendedonthatdate;
(c) inthecaseofProfitandLossAccount,oftheprofitfortheyearendedonthatdate;and
(d) inthecaseoftheReceiptsandPaymentsAccount,ofthereceiptsandpaymentsfortheyearendedonthatdate.
5. Other Matter
TheactuarialvaluationofliabilitiesforlifepoliciesinforceistheresponsibilityoftheCompany’sAppointedActuary(the“AppointedActuary”).Theactuarialvaluationoftheseliabilitiesforlifepoliciesinforceandforpoliciesinrespectofwhichpremiumhasbeendiscontinuedbutliabilityexistsasat31stMarch,2014hasbeendulycertifiedbytheAppointedActuaryandinhisopinion,theassumptionsforsuchvaluationareinaccordancewiththeguidelinesandnormsissuedbytheIRDAandtheInstituteofActuariesofIndiainconcurrencewiththeIRDA.WehaverelieduponAppointedActuary’scertificateinthisregardforformingouropiniononthefinancialstatementsoftheCompany.
6. Report on Other Legal and Regulatory Requirements
1. AsrequiredbytheIRDAFinancialStatementsRegulations,wehaveissuedaseparatecertificatedatedApril25,2014certifyingthemattersspecifiedinparagraphs3and4ofScheduleCtotheIRDAFinancialStatementsRegulations.
2. AsrequiredbytheIRDAFinancialStatementsRegulations,readwithSection227(3)oftheCompaniesAct,1956,wereportthat:
(a) Wehaveobtainedalltheinformationandexplanations,whichtothebestofourknowledgeandbeliefwerenecessaryforthepurposesoftheauditandhavefoundthemtobesatisfactory;
(b) Inouropinionandtothebestofour informationandaccordingtotheexplanationsgiventous,properbooksofaccountasrequiredbylawhavebeenmaintainedbytheCompany,sofarasappearsfromourexaminationofthosebooks;
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for the year ended March 31, 2014
Annual Report 2013-14
Auditors’ Report
(c) As theCompany’s financial accounting system is centralised, no returns for the purposes of our audit are prepared at thebranches of the Company;
(d) TheBalanceSheet,theRevenueAccount,theProfitandLossAccountandtheReceiptsandPaymentsAccountreferredtointhisreport are in agreement with the books of account;
(e) TheBalancesheet,theRevenueAccount,theProfitandLossAccountandtheReceiptsandPaymentsAccountdealtwithbythisreportcomplywiththeAccountingStandardsnotifiedundertheCompaniesAct,1956readwiththeGeneralCircular8/2014dated4April, 2014 issuedby theMinistry ofCorporateAffairs, to theextent theyarenot inconsistentwith theaccountingprinciples prescribed in the Regulations and orders/directions issued by IRDA in this regard:
(f) Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous,investmentshavebeenvaluedinaccordancewiththeprovisionsoftheInsuranceAct,theRegulationsand/ororders/directionsissuedbyIRDAinthisregard;
(g) The accounting policies selected by the Company are appropriate and are in compliance with the applicable Accounting Standardsnotifiedunder theCompaniesAct,1956readwith theGeneralCircular8/2014dated4April,2014 issuedby theMinistry of Corporate Affairs, with the accounting principles as prescribed in the IRDA Financial Statements Regulations and orders / directions issued by IRDA in this regard; and
(h) OnthebasisofwrittenrepresentationsreceivedfromtheDirectorsoftheCompany,asonMarch31,2014andtakenonrecordbytheBoardofDirectors,noneoftheDirectorsisdisqualifiedasonMarch31,2014frombeingappointedasaDirectorintermsof clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.
For S. R. Batliboi & Associates LLP For Khimji Kunverji & Co.Chartered Accountants Chartered Accountants
ICAIFirmRegistrationNo.:101049W ICAIFirmRegistrationNumber:105146W
per Amit Kabra Hasmukh B. DedhiaPartner Partner
MembershipNo.094533 MembershipNo.33494Mumbai, 25th April, 2014 Mumbai Mumbai
62
for the year ended March 31, 2014
Birla Sun Life Insurance
Annexure to the Auditors’ Report
Independent Auditors’ Certificate
[Ref:CertificateinaccordancewiththeRegulation13(D)(7)oftheIRDA(Investment)(5thAmendment)Regulations(“theRegulations”),2013]
1. AttherequestofBirlaSunLifeInsuranceCompanyLimited(‘theCompany’),wehaveperformedtheproceduresstatedinparagraph2below,forthepurposeofissuingacertificateinconnectionwiththeRegulations,regardingthedeclarationoftheNetAssetValue(‘NAV’)oftheschemes of the Company as at March 31, 2014.
2. Inthisconnection,wehaveperformedthefollowingprocedures:
(a) Obtained representation from the management that the Company has declared March 31, 2014 as a business day for accepting applicationformsandthatithasdeclaredNAVforMarch31,2014;
(b) ObtainedthelistofNewBusinessapplications,Renewalreceipts,applicationsforSurrender,Free–LookCancellation,FundSwitches,Withdrawal,PartialWithdrawalandTopUpreceivedinrespectofUnitLinkedProductsonMarch31,2014(togetherreferredtoas“Application Forms”), from the Management;
(c) SelectedasampleofApplicationFormsfromlistingmentionedinparagraph2(b)aboveandverifiedwhether:
i. The applications received onMonday,March 31, 2014, upto 3.00 p.m. have been appropriately stamped; and the NAV of March31,2014isappliedforapplicationsreceivedbytheCompanyupto3.00p.m.onMonday,March31,2014fortheselectedsamples; and
ii. TheapplicationsreceivedonMonday,March31,2014,after3.00p.m.hourshavebeenappropriatelystamped;andtheNAVofApril1,2014isappliedfortheapplicationsreceivedbytheCompanyafter3.00p.m.hoursonMonday,March31,2014fortheselected samples.
3. The compliance with conditions stated in the circular is the responsibility of the Company’s management. Our responsibility is to perform the above-mentionedproceduresontheparticularsandstateourfindings.Weperformedtheabove-mentionedprocedures,inaccordancewiththeGuidanceNoteonAuditReportsandCertificatesforSpecialPurposesissuedbytheInstituteofCharteredAccountantsofIndia(“ICAI”).Theabove-mentionedproceduresincludeexaminingevidencesupportingtheparticularsonatestbasis.Further,ourscopeofworkdidnotinvolveusperformingaudittestsforthepurposesofexpressinganopiniononthefairnessoraccuracyofanyofthefinancialinformationorthefinancialstatementsoftheCompanytakenasawhole.Wehavenotperformedanaudit,theobjectiveofwhichwouldbetheexpressionofanopiniononthefinancialstatements,specifiedelements,accountsoritemsthereof,forthepurposeofthiscertificate.Accordingly,wedonotexpresssuchopinion.
4. Basedontheproceduresperformedbyus,asmentionedinparagraph2above,accordingtotheinformationandexplanationsprovidedtousandrepresentationbytheCompany’smanagement,weconfirmthat:
(a) The Company had declared March 31, 2014 as a business day for accepting proposal forms;
(b) TheCompanyhasdeclaredNAVforMarch31,2014;
(c) TheapplicationsreceivedonMonday,March31,2014upto3.00p.m.havebeenstampedassuchandthattheNAVofMarch31,2014isappliedforproposalsreceivedupto3.00p.m.;and
(d) TheapplicationreceivedonMonday,March31,2014after3.00p.m.havebeenstampedassuchandthattheNAVofnextfinancialyeari.e.April1,2014isappliedforproposalreceivedafter3.00p.m.
5. Theconcurrentauditorsof theCompany,M/s.M.P.Chitale&Co.,CharteredAccountantshave issuedacertificatedatedApril22,2014confirmingthecompliancewithrequirementsofRegulation13(D)(5)oftheRegulations.Wehavereadthecertificateandfoundthesametobe in order.
6. ThiscertificateisissuedattherequestoftheCompanysolelyforuseoftheCompanyforinclusionintheannualaccountsasperRegulation13(D)(7)oftheRegulationsandisnotintendedtobeusedordistributedforanyotherpurpose.Wehavenoresponsibilitytoupdatethiscertificateforeventsandcircumstancesoccurringafterthedateofthiscertificate.
For S. R. Batliboi & Associates LLP For Khimji Kunverji & Co.Chartered Accountants Chartered Accountants
ICAIFirmRegistrationNo.:101049W ICAIFirmRegistrationNumber:105146W
per Amit Kabra Hasmukh B. DedhiaPartner Partner
MembershipNo.094533 MembershipNo.33494Mumbai, 25th April, 2014 Mumbai Mumbai
63
for the year ended March 31, 2014
Annual Report 2013-14
Annexure to the Auditors’ Report
Independent Auditors’ Certificate(Referredtoinparagraph1ofourReportonOtherLegalandRegulatoryRequirementsformingpartoftheIndependentAuditors’ReportdatedApril 25, 2014)
Thiscertificateisissuedtocomplywiththeprovisionsofparagraphs3and4ofScheduleCoftheInsuranceRegulatoryandDevelopmentAuthority(PreparationofFinancialStatementsandAuditor’sReportofInsuranceCompanies)Regulations2002,(the“Regulations”)readwithRegulation3of the IRDA Financial Statements Regulations.
ManagementoftheCompanyisresponsibleforcomplyingwiththeprovisionsofthe“InsuranceAct,the“IRDAAct,the“IRDAFinancialStatementsRegulations, orders/directions issued by the the “IRDA” which includes the preparation of the Management Report. This includes collecting, collatingandvalidatingdataanddesigning,implementingandmonitoringofinternalcontrolssuitableforensuringcomplianceasaforesaid.
Our responsibility, for the purpose of this certificate, is limited to certifyingmatters contained in paragraphs 3 and 4 of Schedule C of theRegulations.WeconductedourexaminationinaccordancewiththeGuidanceNoteonAuditReportsandCertificatesforSpecialPurposesissuedby the Institute of Chartered Accountants of India (the ‘ICAI’).
Inaccordancewiththeinformationandexplanationsgiventousandtothebestofourknowledgeandbeliefandbasedonourexaminationofthebooks of account and other records maintained by the Company for the year ended March 31, 2014, we certify that:
1. WehavereviewedtheManagementReportattachedtothefinancialstatementsfortheyearendedMarch31,2014,andonthebasisofourreview,thereisnoapparentmistakeormaterialinconsistencieswiththefinancialstatements;
2. Basedonmanagement representationsandcompliancecertificatessubmitted to theBoardofDirectorsby theofficersof theCompanycharged with compliance and the same being noted by the Board, we certify that the Company has complied with the terms and conditions of registration stipulated by the IRDA;
3. Wehaveverifiedthecashbalances,totheextentconsiderednecessary,andsecuritiesrelatingtotheCompany’sloansandinvestmentsasatMarch31,2014,byactualinspectionoronthebasisofcertificates/confirmationsreceivedfromtheCustodiansand/orDepositoryParticipants appointed by the Company, as the casemay be.As atMarch 31, 2014, the Company does not have reversions and lifeinterests;
4. The Company is not a trustee of any trust; and
5. NopartoftheassetsofthePolicyholders’FundshasbeendirectlyorindirectlyappliedincontraventiontotheprovisionsoftheInsuranceAct,1938,relatingtotheapplicationandinvestmentsofthePolicyholders’Funds.
For S. R. Batliboi & Associates LLP For Khimji Kunverji & Co.Chartered Accountants Chartered Accountants
ICAIFirmRegistrationNo.:101049W ICAIFirmRegistrationNumber:105146W
per Amit Kabra Hasmukh B. DedhiaPartner Partner
MembershipNo.094533 MembershipNo.33494Mumbai, 25th April, 2014 Mumbai Mumbai
64
for the year ended March 31, 2014
Birla Sun Life Insurance
Revenue Account
AsrequiredbySection40B(4)oftheInsuranceAct,1938wecertifythatallexpensesofManagementinrespectoflifeinsurancebusinesstransactedinIndiabytheCompanyhavebeen
fullydebitedtothePolicyholders’Account.
In terms of our report attached.
For S. R. Batliboi & Associates LLP For Khimji Kunverji & Co. For and on behalf of the Board of DirectorsChartered Accountants Chartered Accountants ICAIFirmRegistrationNo.101049W ICAIFirmRegistrationNo.105146W
per Amit Kabra Hasmukh Dedhia Kumar Mangalam Birla Donald A. Stewart Tarjani VakilPartner Partner Chairman Director Director MembershipNo.094533 MembershipNo.33494
Pankaj Razdan Mayank Bathwal Amit Jain Managing Director & CEO Deputy Chief ChiefFinancialOfficer
ExecutiveOfficer
Anil Kumar Singh Ashish LakhtakiaChiefActuarialOfficer Company Secretary
Mumbai, 25th April, 2014 & Appointed Actuary
BIRLA SUNLIFE INSURANCE COMPANY LIMITED Form A-RARegistration Number: 109 dated 31st January 2001
Policyholders’ Account (Technical Account)(Amounts in thousands of Indian Rupees)
Particulars ScheduleYear ended Year ended
31st March 2014 31st March 2013
Premiums earned - Net(a) Premium 1 48,330,521 52,162,991 (b) Reinsurance ceded (1,882,008) (1,645,530)(c) Reinsurance accepted – –
Sub-Total 46,448,513 50,517,461
Income from investments(a) Interest,Dividend&Rent–Gross(ReferSchedule16Note39) 11,758,483 10,924,611 (b) ProfitonSale/RedemptionofInvestments 10,668,152 11,114,871 (c) (Loss)onSale/RedemptionofInvestments (7,676,685) (4,724,259)(d) Transfer/Gain(Loss)onrevaluation/ChangeinFairvalue 10,208,794 3,385,269
Sub-Total 24,958,744 20,700,492
Other Income(a) ContributionfromtheShareholders’Account(ReferSchedule16Note6) 2,580,793 1,994,559 (b) Others (Interest, etc.) 365,427 366,568
Sub-Total 2,946,220 2,361,127
Total (A) 74,353,477 73,579,080
Commission 2 2,347,130 3,004,767 OperatingExpensesrelatedtoInsuranceBusiness 3 10,381,707 11,597,047 Provisionfordoubtfuldebts – –Bad Debts written off – –ProvisionforTax(includingearlieryears) – –Provision(otherthantaxation)(a) Fordiminutioninvalueofinvestments(net) – –(b) Others – –
Total (B) 12,728,837 14,601,814
Benefitspaid(Net) 4 36,654,284 36,586,379 InterimBonusesPaid 734 –Changeinvaluationofliabilityinrespectoflifepolicies(a) Gross 10,429,613 7,150,889 (b) FundReserve 10,372,440 10,394,052 (c) PremiumDiscontinuanceFund–Linked 2,704,030 1,612,473 (d) (Amount ceded in Re-insurance) (2,376,717) (1,169,350)(e) Amount accepted in Re-insurance – –
Total (C) 57,784,384 54,574,443
Surplus(D)=(A)-(B)-(C) 3,840,256 4,402,823
AppropriationsTransfertoShareholders’Account(ReferSchedule16Note6) 5,202,299 6,266,015 TransfertoOtherReserve – –(Release from)/Transfer to Funds for Future Appropriation (1,362,041) (1,863,192)
Total (D) 3,840,258 4,402,823
The total surplus as mentioned below:(a) InterimBonusesPaid 734 –(b) AllocationofBonustoPolicyholders 380,045 49,379 (c) SurplusshownintheRevenueAccount 3,840,258 4,402,823
Total Surplus [(a)+(b)+(c)] 4,221,037 4,452,202
SignificantAccountingPoliciesandDisclosures 16TheschedulesandaccompanyingnotesareanintegralpartofthisRevenueAccount
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for the year ended March 31, 2014
Annual Report 2013-14
Profit and Loss Account
BIRLA SUNLIFE INSURANCE COMPANY LIMITED Form A-PLRegistration Number: 109 dated 31st January 2001
Shareholders’ Account (Non-technical Account)(Amounts in thousands of Indian Rupees)
Particulars Schedule Year ended Year ended
31st March 2014 31st March 2013
AmountstransferredfromPolicyholders’Account(TechnicalAccount) 5,202,299 6,266,015 (ReferSchedule16Note6)
Income from Investments(a) Interest,Dividend&Rent–Gross(ReferSchedule16Note39) 1,053,255 1,129,719 (b) Profitonsale/redemptionofinvestments 108,540 39,372 (c) (Loss)onsale/redemptionofinvestments (12,419) (9,188)
Other Income – –
Total (A) 6,351,675 7,425,918
Expenseotherthanthosedirectlyrelatedtotheinsurancebusiness 63,346 16,328 Bad debts written off – –Provision(otherthantaxation)(a) Fordiminutioninthevalueofinvestment(net) – –(b) Provisionfordoubtfuldebts – –(c) Others – –(d) ContributiontothePolicyholders’Account 2,580,793 1,994,559
(ReferSchedule16Note6)
Total (B) 2,644,139 2,010,887
Profitbeforetax 3,707,536 5,415,031 Provisionfortaxation – –Profitaftertax 3,707,536 5,415,031
Appropriations(a) Balance at the beginning of the period (12,424,921) (13,762,293)(b) Interimdividendsduringtheperiod – 1,969,500 (c) Proposedfinaldividend 700,000 1,181,700 (d) Dividenddistributiontax 118,965 520,332 (e) Transfertoreserves/otheraccounts – 406,127
Loss carried forward to Balance Sheet (9,536,350) (12,424,921)
EarningPerShare(BasicandDiluted),FaceValueof` 10 (in `) 1.94 2.75 (ReferSchedule16Note11)
SignificantAccountingPoliciesandDisclosures 16TheschedulesandaccompanyingnotesareanintegralpartofthisProfitandLossAccount
In terms of our report attached.
For S. R. Batliboi & Associates LLP For Khimji Kunverji & Co. For and on behalf of the Board of DirectorsChartered Accountants Chartered Accountants ICAI Firm ICAI FirmRegistrationNo.101049W RegistrationNo.105146W
per Amit Kabra Hasmukh Dedhia Kumar Mangalam Birla Donald A. Stewart Tarjani VakilPartner Partner Chairman Director Director MembershipNo.094533 MembershipNo.33494
Pankaj Razdan Mayank Bathwal Amit JainManaging Director & CEO Deputy Chief ChiefFinancialOfficer
ExecutiveOfficer
Anil Kumar Singh Ashish LakhtakiaChiefActuarialOfficer Company Secretary
Mumbai, 25th April, 2014 & Appointed Actuary
66
for the year ended March 31, 2014
Birla Sun Life Insurance
Balance Sheet
In terms of our report attached.
For S. R. Batliboi & Associates LLP For Khimji Kunverji & Co. For and on behalf of the Board of DirectorsChartered Accountants Chartered Accountants ICAI Firm ICAI FirmRegistrationNo.101049W RegistrationNo.105146W
per Amit Kabra Hasmukh Dedhia Kumar Mangalam Birla Donald A. Stewart Tarjani VakilPartner Partner Chairman Director Director MembershipNo.094533 MembershipNo.33494
Pankaj Razdan Mayank Bathwal Amit JainManaging Director & CEO Deputy Chief ChiefFinancialOfficer
ExecutiveOfficer
Anil Kumar Singh Ashish LakhtakiaChiefActuarialOfficer Company Secretary
Mumbai, 25th April, 2014 & Appointed Actuary
BIRLA SUNLIFE INSURANCE COMPANY LIMITED Form A-BSRegistration Number: 109 dated 31st January 2001
Balance Sheet as at 31st March, 2014(Amounts in thousands of Indian Rupees)
Particulars ScheduleAs at As at
31st March 2014 31st March 2013Sources of FundsShareholders’ funds:Share Capital 5 19,012,080 19,695,000 ReservesandSurplus(ReferSchedule16Note36) 6 2,682,948 4,800,000 Credit/(Debit)/FairValueChangeAccount 1,409 27
Sub-Total 21,696,437 24,495,027 Borrowings 7 – –Policyholders’Funds:Credit/(Debit)FairValueChangeAccount 40,622 (3,667)PolicyLiabilities 28,353,255 20,300,360 InsuranceReserves – –ProvisionforLinkedLiabilities 187,232,642 187,068,996 Funds for discontinued policies(i) Discontinued on account of non-payment of premium 4,754,442 2,050,412 (ii) Others – –Credit/(Debit)FairValueChangeAccount(Linked) 14,460,110 4,251,315 Total Linked Liabilities 206,447,194 193,370,723
Sub-Total 234,841,071 213,667,416 Funds for Future Appropriation– Linked Liabilities 733,351 2,095,678
Total 257,270,859 240,258,121
Application of FundsInvestmentsShareholders’ 8 13,292,091 13,706,870 Policyholders’ 8A 28,007,170 22,214,668 AssetsHeldtoCoverLinkedLiabilities 8B 206,447,194 193,370,723 Loans 9 284,669 280,690 FixedAssets 10 399,243 342,351 Current AssetsCash and Bank Balances 11 5,076,825 5,442,434 AdvancesandOtherAssets 12 3,540,988 3,068,528
Sub-Total (A) 8,617,813 8,510,962
Current Liabilities 13 7,786,437 8,574,105 Provisions 14 1,121,107 1,612,832
Sub-Total (B) 8,907,544 10,186,937 Net Current Assets (C) = (A – B) (289,731) (1,675,975)
MiscellaneousExpenditure – –(TotheextentnotwrittenofforAdjusted) 15DebitBalanceinProfitandLossAccount(Shareholders’Account) 9,130,223 12,018,794 (ReferSchedule16Note36)
Total 257,270,859 240,258,121 SignificantAccountingPoliciesandDisclosures 16The schedules and accompanying notes are an integral part of this Balance Sheet
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for the year ended March 31, 2014
Annual Report 2013-14
Schedule 1Premium(Amounts in thousands of Indian Rupees)
ParticularsYear ended Year ended
31st March 2014 31st March 2013
1 FirstYearPremium 16,387,172 18,101,995 2 RenewalPremium 31,355,621 33,797,861 3 SinglePremium 587,728 263,135
Total Gross Premium 48,330,521 52,162,991
PremiumIncomefromBusinesswritten:In India 48,330,521 52,162,991 Outside India
Total Premium 48,330,521 52,162,991
Note: ReferSchedule16Note2(c)(i)
Schedule 2Commission expenses(Amounts in thousands of Indian Rupees)
ParticularsYear ended Year ended
31st March 2014 31st March 2013
CommissionPaid
Direct – FirstYearPremium 1,486,361 1,824,484
RenewalPremium 851,244 1,175,774
SinglePremium 9,525 4,509
Sub-total 2,347,130 3,004,767
Add: Commission on Re-insurance Accepted – –
Less: Commission on Re-insurance Ceded – –
Others:
Bonus Commission – –
Net Commission 2,347,130 3,004,767
Breakup of Commission
Particulars
IndividualAgents 1,530,468 1,766,249
Brokers 274,460 274,396
Corporate Agents 541,448 962,568
Referral 754 1,554
Total 2,347,130 3,004,767
Note:ReferSchedule16Note2(e)
Schedules
68
for the year ended March 31, 2014
Birla Sun Life Insurance
Schedule 3Operating Expenses Related to Insurance Business(Amounts in thousands of Indian Rupees)
ParticularsYear ended Year ended
31st March 2014 31st March 2013
1 Employees’remuneration,welfarebenefitsandothermanpowercosts 5,064,391 5,333,186
2 Travel,conveyanceandvehiclerunningexpenses 180,675 239,430
3 Trainingexpenses 40,786 67,201
4 Rents,ratesandtaxes 714,507 805,936
5 Repairs & maintenance 251,514 271,005
6 Printingandstationery 87,188 120,188
7 Communicationexpenses 161,506 219,630
8 Legal and professional charges 122,339 24,370
9 Medical fees 40,376 56,976
10 Auditor’sfees,expenses,etc.
(a) (i) as auditor 5,400 5,400
(ii) outofpocketexpenses 626 322
(b) asadvisororinanyothercapacity,inrespectof
(i) Taxationservices/matters – –
(ii)Managementservices 1,014 1,318
11 Advertisementandpublicity 757,085 946,668
12 Interest and bank charges 156,755 99,487
13 Others: 1) Distributionexpenses 526,874 463,032
2) Agentsrecruitment,seminarandotherexpenses 11,186 26,628
3) Recruitmentandseminarexpenses 53,698 113,264
4) ITexpenses(includingmaintenance) 363,272 413,385
5) Policystamps 161,574 172,829
6) (Profit)/Lossonsaleofassets (1,339) 7,455
7) ServiceTaxexpenditureincludingprovisionforunutilisedcredit* (108,275) –
8) Electricityexpenses 178,546 202,607
9) Miscellaneousexpenses 5,141 33,608
10) Outsourcingexpenses 252,490 314,469
14 Depreciation 163,949 172,661
15 Servicetaxonpremium 1,190,429 1,485,992
Total 10,381,707 11,597,047
*Includesreversalofprovisionsrelatingtounutilisedcreditofservicetaxforearlieryears.
Schedules
69
for the year ended March 31, 2014
Annual Report 2013-14
Schedule 4Benefits Paid (Net)(Amounts in thousands of Indian Rupees)
ParticularsYear ended Year ended
31st March 2014 31st March 2013
1 Insurance Claims(a) Claims by Death 3,394,930 3,134,917 (b) ClaimsbyMaturity(ReferSchedule16Note39) 599,761 252,325 (c) Annuities/Pensionpayment 4,549 2,118 (d) Otherbenefits (i) Surrender 33,816,203 34,348,092 (ii) Riders 55,702 47,533 (iii) Health 8,866 6,746 (iv) SurvivalandOthers 183,224 108,414
2 (Amount ceded in reinsurance):(a) Claims by Death (1,403,651) (1,310,299)(b) Claims by Maturity – –(c) Annuities/PensionPayment – –(d) Otherbenefits(Health) (5,300) (3,467)
3 Amount accepted in reinsurance:(a) Claims by Death – –(b) Claims by Maturity – –(c) Annuities/PensionPayment – –(d) Otherbenefits – –
Total 36,654,284 36,586,379
BenefitspaidtoClaimants1 In India 36,654,284 36,586,379 2 Outside India – –
Total 36,654,284 36,586,379
Note:ReferSchedule16Note2(d)
Schedule 5Share Capital(Amounts in thousands of Indian Rupees)
ParticularsAs at As at
31st March 2014 31st March 2013
1 Authorised Capital3,750,000,000EquitySharesof` 10/- each 37,500,000 37,500,000
2 Issued,Subscribed&Paid-upCapital1,901,208,000EquityShares(PreviousYear: 19,012,080 19,695,000 1,969,500,000EquityShares)of` 10/- each fully paid upLess:PreliminaryExpenses – –
Total 19,012,080 19,695,000
Note: Oftheabove,1,406,893,920EquityShares(PreviousYear:1,457,430,000equityshares)of 10/-eachareheldbyAdityaBirlaNuvoLimited,the holding Company.
During theyear,68,292,000EquityShareshaving facevalueof` 10/- each were bought back at premium of ` 31/- per share for an aggregate consideration of ` 2,799,972/-.
Schedules
70
for the year ended March 31, 2014
Birla Sun Life Insurance
Schedule 5APattern of shareholding (As certified by the Management)(Amounts in thousands of Indian Rupees)
ShareholderAs at 31st March 2014 As at 31st March 2013
Number of Shares % of Holding Number of Shares % of Holding
Promoters:
Indian 1,406,893,920 74% 1,457,430,000 74%
Foreign 494,314,080 26% 512,070,000 26%
Others – – – –
Total 1,901,208,000 100% 1,969,500,000 100%
Schedule 6Reserves and Surplus(Amounts in thousands of Indian Rupees)
ParticularsAs at As at As at As at
31st March 2014 31st March 2014 31st March 2013 31st March 2013
1 CapitalReserve – –2 CapitalRedemptionReserve# 682,920 –3 SharePremium
Opening balance 4,800,000 4,800,000 Add: Additions during the year – – Less: Utilised during the year 2,799,972 2,000,028 – 4,800,000
4 RevaluationReserve – –5 Generalreserve
Opening balance 406,127 – Add: Additions during the year – 406,127 Less:DebitbalanceofProfit&LossAccount* 406,127 406,127 Less: Utilised during the year – – – –
6 CatastropheReserve – –7 BalanceofprofitinProfitandLossAccount – –
Total 2,682,948 4,800,000
Note: # 682,920/-,equivalent to the facevalueof68,292,000EquitySharesboughtbackduring theyear,hasbeentransferred tocapitalredemptionreservefromfreereserve(sharepremium).
* ReferSchedule16Note36
Schedule 7Borrowings(Amounts in thousands of Indian Rupees)
ParticularsAs at As at
31st March 2014 31st March 2013
1 Debentures/Bonds – – 2 Banks – – 3 Financial Institutions – – 4 Others – –
Total – –
Schedules
71
for the year ended March 31, 2014
Annual Report 2013-14
Schedule 8Investments - Shareholders(Amounts in thousands of Indian Rupees)
Particulars As at As at
31st March 2014 31st March 2013
LONG-TERM INVESTMENTS1 GovernmentsecuritiesandGovernmentguaranteedbondsincludingTreasuryBills
(ReferSchedule16Note17(iii)a&b)* 5,311,487 6,421,097 2 OtherApprovedSecurities 497,311 447,260 3 OtherInvestments – –
(a) Shares – – (aa) Equity – – (bb) Preference – –(b) Mutual Funds – –(c) DerivativeInstruments – –(d) Debentures / Bonds 1,871,698 2,073,403 (e) Other Securities 99,000 99,000 (f) Subsidiaries – –(g) InvestmentProperties-RealEstate – –
4 InvestmentsinInfrastructureandSocialSector 3,414,290 3,721,416 5 OtherthanApprovedInvestments 12,500 296,530
Total (A) 11,206,286 13,058,706
SHORT-TERM INVESTMENTS1 GovernmentsecuritiesandGovernmentguaranteedbondsincludingTreasuryBills 85,7092 OtherApprovedSecurities – –
– FixedDeposits** 300,000 – – Others 35,688 101,965
3 OtherInvestments – –(a) Shares – – (aa) Equity – – (bb) Preference – –(b) Mutual Funds 314,305 –(c) DerivativeInstruments – –(d) Debentures/Bonds 49,989 100,000 (e) Other Securities – –(f) Subsidiaries – –(g) InvestmentProperties-RealEstate – –
4 InvestmentsinInfrastructureandSocialSector – 344,631 5 Outstanding trades – – 6 OtherthanApprovedInvestments 1,385,823 15,859
Total (B) 2,085,805 648,164
TOTAL (A) + (B) 13,292,091 13,706,870
Notes: 1 AggregateamountofCompany’sinvestments(otherthanlistedequitysecurities,mutualfundandderivativeinstruments)andthemarket
valuethereof
Particulars As at As at
31st March 2014 31st March 2013
AggregateamountofCompany’sinvestmentsotherthanlistedequitysecurities, mutualfundandderivativeinstruments
11,591,963
13,696,216
MarketvalueofaboveInvestments 11,212,664 13,927,174
2 Investmentsinsubsidiary/holdingcompanies,jointventuresandassociatesatcostis` Nil(PreviousYear` Nil)3 Investmentsmadeoutofcatastrophereservesis` Nil(PreviousYear` Nil)4 DebtSecuritiesareheldtomaturityandreductioninmarketvaluesrepresentmarketconditionsandnotapermanentdiminutioninthevalue
ofinvestments,ifany.5 HistoricalcostofMutualFund&equityincludedaboveismutualfunds` 1,698,719(Previousyear:` 10,128)andequity` 12,500(Previous
year: ` 12,500)6 * IncludesGovernment securities amounting to` 296,392 havebeendepositedwithClearingCorporation of India Ltd. (CCIL) towards
Settlement Guarantee Fund (SGF) deposit for trades in Security & CBLO through CCIL.7 **FixedDepositamountingto` 250,000 and ` 50,000havebeenplacedwithNationalSecuritiesClearingCorporationLtd.(NSCCL)and
IndianClearingCorporationLtd.(ICCL)respectivelytowardsmarginrequirementforEquitytradesettlement8 ReferSchedule16Note2(f)
Schedules
72
for the year ended March 31, 2014
Birla Sun Life Insurance
Schedule 8AInvestments - Policyholders(Amounts in thousands of Indian Rupees)
Particulars As at As at
31st March 2014 31st March 2013
LONG-TERM INVESTMENTS1 GovernmentsecuritiesandGovernmentguaranteedbondsincludingTreasuryBills 12,256,997 8,583,326 2 OtherApprovedSecurities 798,415 522,640 3 OtherInvestments
(a) Shares (aa) Equity 270,335 102,451 (bb) Preference 1,905 (b) Mutual Funds(c) DerivativeInstruments(d) Debentures/Bonds 3,679,063 3,050,619 (e) Other Securities 185,200 435,200 (f) Subsidiaries(g) InvestmentProperties-RealEstate
4 InvestmentinInfrastructureandSocialSector 5,170,449 3,128,592 5 OtherthanApprovedInvestments 5,211 12,098
Total (A) 22,367,575 15,834,926
SHORT-TERM INVESTMENTS1 GovernmentsecuritiesandGovernmentguaranteedbondsincludingTreasuryBills 1,791,486 2,672,718 2 OtherApprovedSecurities
– FixedDeposits 950,000 110,000 – Others 1,656,350 1,396,760
3 OtherInvestments(a) Shares – – (aa) Equity – – (bb) Preference – –(b) Mutual fund 429,131 –(c) DerivativeInstruments(d) Debentures/Bonds 50,000 1,061,010 (e) Other Securities – –(f) Subsidiaries – –(g) InvestmentProperties-RealEstate – –
4 InvestmentinInfrastructureandSocialSector 80,005 1,008,378 5 OtherthanApprovedInvestments 682,623 130,876
Total (B) 5,639,595 6,379,742
TOTAL (A) + (B) 28,007,170 22,214,668
Notes: 1 Aggregateamountofcompany’sinvestments(otherthanlistedequitysecurities,mutualfundandderivativeinstruments)andthemarket
valuethereof
Particulars As at As at
31st March 2014 31st March 2013
AggregateamountofCompany’sinvestmentsotherthanlistedequitysecurities, mutualfundandderivativeinstruments
26,589,498
21,976,545
MarketvalueofaboveInvestments 25,934,117 22,258,143
2 Investmentsinsubsidiary/holdingcompanies,jointventuresandassociatesatcostis` Nil (PreviousYear` Nil)3 Investmentsmadeoutofcatastrophereservesis` Nil(PreviousYear` Nil)4 DebtSecuritiesareheldtomaturityandreductioninmarketvaluesrepresentsmarketconditionsandnotapermanentdiminutioninthe
valueofinvestments,ifany.5 Historical cost of Mutual Fund, Preference Shares & equity included above ismutual funds 1,110,898 (Previous year: 112,841),
Preference Nil(PreviousYear` Nil)andequity 266,151(Previousyear:` 128,949)6 ReferSchedule16Note2(f)
Schedules
73
for the year ended March 31, 2014
Annual Report 2013-14
Schedule 8BAssets held to cover linked liabilities(Amounts in thousands of Indian Rupees)
Particulars As at As at
31st March 2014 31st March 2013
LONG-TERM INVESTMENTS1 GovernmentsecuritiesandGovernmentguaranteedbondsincludingTreasuryBills 28,658,732 26,742,793 2 OtherApprovedSecurities 354,506 942,801 3 OtherInvestments
(a) Shares (aa) Equity 88,174,868 79,891,610 (bb) Preference 76,449 –(b) Mutual Funds – –(c) DerivativeInstruments – –(d) Debentures / Bonds* 18,652,614 18,655,621 (e) Other Securities 1,151,000 3,251,000 (f) Subsidiaries – –(g) InvestmentProperties-RealEstate – –
4 InvestmentsinInfrastructureandSocialSector 30,129,810 26,333,100 5 OtherthanApprovedInvestments 2,662,100 6,193,609
Total (A) 169,860,079 162,010,534
SHORT-TERM INVESTMENTS1 GovernmentsecuritiesandGovernmentguaranteedbondsincludingTreasuryBills 444,641 583,757 2 OtherApprovedSecurities
– FixedDeposits 7,163,100 3,740,500 – Others 7,518,280 7,404,330
3 OtherInvestments(a) Shares (aa) Equity – – (bb) Preference – –(b) Mutual Funds – – (c) DerivativeInstruments – –(d) Debentures/Bonds 3,879,205 5,650,393 (e) Other Securities – –(d) Application Money – – (f) Subsidiaries – –(g) InvestmentProperties-RealEstate – –
4 InvestmentsinInfrastructureandSocialSector 2,344,766 2,830,832 5 OtherthanApprovedInvestments 9,537,866 6,059,901
Total (B) 30,887,858 26,269,713
OTHER ASSETS1 Bank Balances 1,645,187 1,776,043 2 InterestAccruedonInvestments 3,225,643 2,819,970 3 Fund Charges – – 4 OutstandingContracts(Net) 828,427 494,463
Total (C) 5,699,257 5,090,476
TOTAL (A) + (B) + (C) 206,447,194 193,370,723
Notes: As at As at
1 Particulars 31st March 2014 31st March 2013
*InvestmentinAdityaBirlaNuvoLimited(HoldingCompany) – 248,365
Schedules
74
for the year ended March 31, 2014
Birla Sun Life Insurance
Schedule 9Loans(Amounts in thousands of Indian Rupees)
ParticularsAs at As at
31st March 2014 31st March 2013
1 Security-wise classificationSecured(a) On mortgage of property (aa) In India – – (bb) Outside India – – (b) OnShares,Bonds,Govt.Securities,etc. – – (c) LoansagainstPolicies 284,669 280,690 (d) Others – – Unsecured – –
Total 284,669 280,690
2 Borrower-wise classification(a) CentralandStateGovernments – – (b) Banks and Financial Institutions – – (c) Subsidiaries – – (d) Companies – – (e) LoansagainstPolicies 284,669 280,690 (f) Others – –
Total 284,669 280,690
3 Performance-wise classification(a) Loansclassifiedasstandard: (aa) In India 284,669 280,690 (bb) Outside India – – (b) Non-standardloanslessprovisions (aa) In India – – (bb) Outside India – –
Total 284,669 280,690
4 Maturity-wise classification(a) Short-Term 2,248 32,884 (b) Long-Term 282,421 247,806
Total 284,669 280,690
Note: ReferSchedule16Note2(g)
Schedules
75
for the year ended March 31, 2014
Annual Report 2013-14
Sche
dule
10
Fixe
d As
sets
(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Par
ticul
ars
Cos
t/ G
ross
Blo
ck
Dep
reci
atio
n N
et B
lock
A
s at
Ap
ril 1
,20
13
Add
ition
s O
n Sa
les/
A
djus
tmen
ts
As a
tM
arch
31,
2014
As a
tAp
ril 1
,20
13
For
the
year
O
n Sa
les/
A
djus
tmen
ts
As a
tM
arch
31,
2014
As a
tM
arch
31,
2014
As a
tM
arch
31,
2013
Good
will
–
–
–
–
–
–
–
–
–
–
In
tang
ible
s (S
oftw
are)
8
93,3
65
59,
831
–
953
,196
7
99,9
55
54,
040
–
853
,995
9
9,20
1 9
3,41
0 La
nd-F
reeh
old
–
–
–
–
–
–
–
–
–
–
Leas
ehol
d pr
oper
ty
–
–
–
–
–
–
–
–
–
–
Build
ings
–
–
–
–
–
–
–
–
–
–
Fu
rnitu
re &
Fitt
ings
1
11,8
18
11,
665
11,
650
111
,833
1
09,8
12
3,2
49
11,
817
101
,244
1
0,58
9 2
,006
Inform
ationTechnologyEquipment
623
,479
9
1,55
9 1
8,54
4 6
96,4
94
532
,844
5
3,07
2 1
7,66
1 5
68,2
55
128
,239
9
0,63
5 Vehicles
48,
931
4,0
59
37,
911
15,
079
37,
639
5,8
41
36,
210
7,2
70
7,8
09
11,
292
OfficeEquipm
ent
220
,922
5
,230
2
1,36
6 2
04,7
86
183
,174
1
5,55
4 2
0,76
7 1
77,9
61
26,
825
37,
748
Others(LeaseholdIm
provem
ents)
424
,018
2
6,78
0 8
6,27
1 3
64,5
27
328
,302
3
2,19
2 7
3,04
8 2
87,4
46
77,
081
95,
716
Tota
l 2
,322
,533
1
99,1
24
175
,742
2
,345
,915
1
,991
,726
1
63,9
48
159
,503
1
,996
,171
3
49,7
44
330
,807
CapitalW
orkinProgress
(IncludingCapitalAdvances)
–
–
–
–
–
–
–
–
49,
499
11,
544
Gran
d To
tal
2,3
22,5
33
199
,124
1
75,7
42
2,3
45,9
15
1,9
91,7
26
163
,948
1
59,5
03
1,9
96,1
71
399
,243
3
42,3
51
PreviousYear
2,2
94,9
74
217
,192
1
89,6
33
2,3
22,5
34
1,9
89,7
64
172
,662
1
70,7
00
1,9
91,7
26
342
,351
Note
s:
1.
ReferS
chedule16Note2(h)
2.
Sale/Adjustmentsasappearingingrossblockincludesclosureofbranches&assetswriteoffthereon
3.
Jointlyheldassetswhichform
partofSchedule10
Part
icul
ars
Net
Blo
ck
As a
tM
arch
31,
20
14
As a
tM
arch
31,
20
13
Furn
iture
& F
ittin
gs
––
Inform
ationTechnologyEquipment
––
Vehicles
OfficeEquipm
ent
897
1
,639
Others(LeaseholdIm
provem
ents)
72
49
Tot
al
968
1
,688
CapitalW
orkinProgress
(IncludingCapitalAdvances)
–
–
Gra
nd T
otal
9
68
1,6
88
PreviousYear
1,6
88
–
Schedules
76
for the year ended March 31, 2014
Birla Sun Life Insurance
Schedule 11Cash and Bank Balances(Amounts in thousands of Indian Rupees)
Particulars As at As at
31st March 2014 31st March 2013
1 Cash(includingchequesonhand` 929,668Previousyear` 847,399) 1,076,194 1,016,176
(Stamps on hand `21,822Previousyear` 30,892)
2 Bank Balances
(a) Deposit Accounts
(aa) Short-term (due within 12 months) 3,922,148 3,917,213
(bb) Others – –
(b) Current Accounts 78,483 509,045
(c) Others – –
3 MoneyatCallandShortNotice
(a) WithBanks – –
(b) WithotherInstitutions – –
4 Others
Total 5,076,825 5,442,434
Balanceswithnon-scheduledbanksincludedin2above
Cash and Bank Balances1 In India 5,076,825 5,442,434
2 Outside India – –
Total 5,076,825 5,442,434
Schedules
77
for the year ended March 31, 2014
Annual Report 2013-14
Schedule 12Advances and Other Assets(Amounts in thousands of Indian Rupees)
ParticularsAs at As at
31st March 2014 31st March 2013
ADVANCES1 Reservedepositswithcedingcompanies – –2 Applicationmoneyforinvestments – –3 Prepayments 183,821 196,356 4 AdvancestoDirectors/Officers – – 5 Advancetaxpaidandtaxesdeductedatsource 4,816 2,416 6 Otheradvances
(a) AdvancetoSuppliers/Contractors 67,913 89,028 (b) Others 35,303 26,372
Total (A) 291,853 314,172
OTHER ASSETS1 IncomeaccruedonInvestments 1,223,721 1,139,607 2 OutstandingPremiums 1,038,095 747,211 3 Agent’s Balances (gross) 37,309 27,785
Less:Provisionfordoubtfuldebts – 37,309 – 27,785 4 Foreign Agencies Balances – –5 Due from other Entities carrying on insurance business 28,372 359 6 Due from holding company – – 7 DepositwithReserveBankofIndia – –8 ServiceTaxunutilisedcredits 341,752 355,458
Less:ProvisionforServiceTaxunutilisedcredits – 341,752 (107,160) 248,298 9 Others –
Deposits & Others 371,607 440,948 Outstanding Trades 13,263 136 InsurancePolicies(LeaveEncashment) 195,016 150,012 ApplicationmoneyforInvestment – –
Total (B) 3,249,135 2,754,356
Total (A+B) 3,540,988 3,068,528
Schedules
78
for the year ended March 31, 2014
Birla Sun Life Insurance
Schedule 13Current Liabilities(Amounts in thousands of Indian Rupees)
ParticularsAs at As at
31st March 2014 31st March 2013
1 Agent’s Balance 554,780 569,717
2 Balances due to other insurance companies 27,012 175,008
3 Deposits held on re-insurance ceded – –
4 Premiumsreceivedinadvance 1,576,145 1,876,100
5 Unallocated premiums – 2
6 Sundry Creditors* 2,330,841 2,621,248
7 Due to holding company – –
8 Claims outstanding 91,612 46,368
9 Annuities Due – –
10 DuetoOfficers/Directors – –
11 Others
(a) PolicyApplicationandotherDeposits 743,249 809,677
(b) DuetoPolicyholders 30,245 26,698
(c) TaxesPayable 221,424 244,768
(d) TemporaryOverdraft(asperbooksonly) – –
(e) Unclaimed amounts of policyholders 2,211,129 2,204,519
(f) Interimdividendpayable – –
Total 7,786,437 8,574,105
* There are no Micro, Small and Medium Enterprises to whom the Company owes dues, which are outstanding for more than 45 days as at 31stMarch2014.ThisinformationasrequiredtobedisclosedundertheMicro,Small&MediumEnterprisesDevelopmentAct,2006hasbeendeterminedtotheextentsuchpartieshavebeenidentifiedonthebasisofinformationavailablewiththeCompany.
Schedules
79
for the year ended March 31, 2014
Annual Report 2013-14
Schedule 14Provisions(Amounts in thousands of Indian Rupees)
Particulars As at As at
31st March 2014 31st March 2013
1 Fortaxation
(a) Provisionforwealthtax 85 628
2 Forproposeddividends 700,000 1,181,700
3 Fordividenddistributiontax 118,965 200,830
4 Others
(a) Provisionforlong-termbonusplan[ReferSchedule16,Note25(a)&(b)] 157,062 83,434
(b) Provisionforrenewalbonus[ReferSchedule16,Note25(a)&(b)] – –
(c) Provisionforgratuity[ReferSchedule16,Note26(a)(i)] – –
(d) Provisionforleaveencashment[ReferSchedule16,Note26(a)(ii)] 144,995 146,240
Total 1,121,107 1,612,832
Schedule 15Miscellaneous Expenditure(Totheextentnotwrittenofforadjusted)(Amounts in thousands of Indian Rupees)
Particulars As at As at
31st March 2014 31st March 2013
1 Discount Allowed in issue of shares/debentures – –
2 Others – –
Total – –
Schedules
80
for the year ended March 31, 2014
Birla Sun Life Insurance
BIRLA SUN LIFE INSURANCE COMPANY LIMITEDRegistration Number: 109 dated 31st January 2001
Schedules forming part of the Financial Statements for the year ended 31st March 2014(Amounts in thousands of Indian Rupees)
Schedule 16
Notes to the Financial Statements1. Background BirlaSunLifeInsuranceCompanyLimited(‘theCompany’),headquarteredatMumbai,hadcommencedoperationson19thMarch2001,
afterreceivingthelicensetotransactlifeinsurancebusinessinIndiafromtheInsuranceRegulatoryandDevelopmentAuthority(‘IRDA’)on31stJanuary2001.Thelicensehasbeenrenewedannuallyandisinforceasat31stMarch2014.
TheCompanyisajointventurebetweenAdityaBirlaNuvoLimited,aCompanyoftheAdityaBirlaGroupofIndia(74percent)andSunLifeFinancial(India)InsuranceInvestmentsInc.,subsidiaryofSunLifeAssuranceCompanyofCanada(26percent).Thisbusinessspansacrossindividualandgroupproductsandcoversparticipating,non-participatingandunit linked linesofbusinesses.Riderscoveringadditionalbenefitsareofferedundertheseproducts.Theseproductsaredistributedthroughindividualagents,corporateagents,banks,brokersandother intermediaries across the country.
2. Significant Accounting Policies
a) Basis of preparation Theaccompanyingfinancialstatementshavebeenpreparedandpresentedunderthehistoricalcostconvention,ontheaccrualbasis
of accounting, in accordance with the accounting principles generally accepted in India, in compliance with the Accounting Standards notifiedundertheCompaniesAct,1956(‘theAct’)readwithGeneralCirculardated4thApril2014issuedbytheMinistryofCorporateAffairs to the extent applicable, and in accordancewith theprovisions of the InsuranceAct, 1938, the InsuranceRegulatory andDevelopmentAuthority (PreparationofFinancialStatementsandAuditors’Reportof InsuranceCompanies)Regulations,2002(‘theregulations’),theInsuranceRegulatoryandDevelopmentAuthorityAct,1999,variouscircularsissuedbyIRDAandpracticesprevailingintheinsuranceindustryinIndia.TheaccountingpolicieshavebeenconsistentlyappliedbytheCompany.
Themanagementevaluatesallrecentlyissuedorrevisedaccountingpronouncementsonanongoingbasis.
b) Use of estimates Thepreparationof thefinancialstatements inconformitywithgenerallyacceptedaccountingprinciples (‘GAAP’) requires that the
Company’smanagementmakeestimatesandassumptionsthataffectthereportedamountsof incomeandexpensesfortheyear,reportedbalancesofassetsandliabilitiesanddisclosuresrelatingtocontingentliabilitiesasofthedateofthefinancialstatements.Theestimatesandassumptionsusedinthefinancialstatementsarebaseduponmanagement’sevaluationoftherelevantfactsandcircumstancesasondateofthefinancialstatement.Anyrevisiontoaccountingestimatesisrecognisedprospectively.Examplesofsuchestimatesincludevaluationofpolicyliabilities,provisionforlinkedliabilities,fundsforfutureappropriations,provisionfordoubtfuldebts,valuationofunlistedsecurities,ifany,valuationofdebtsecurities,futureobligationsunderemployeeretirementbenefitsplansandtheusefullivesoffixedassets,etc.Actualresultscoulddifferfromtheseestimates.
c) Revenue recognition i. Premium Income Premiumisrecognisedasincomewhenduefrompolicyholders.Forunitlinkedbusiness,premiumincomeisrecognisedwhen
theassociatedunitsarecreated.Premiumonlapsedpoliciesisrecognisedasincomewhensuchpoliciesarereinstated.Incaseof linked business, top up premium 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 Interestincomeoninvestmentsisrecognisedonaccrualbasis.Amortisationofdiscount/premiumrelatingtodebtsecuritiesis
recognisedovertheremainingmaturityperiodonastraight-linebasis.
Dividendincomeisrecognisedwhentherighttoreceivedividendisestablished.
The realised gain/loss on debt securities held for other than linked business is the difference between the net sale consideration and amortised cost.
Therealisedgain/lossondebtsecuritiesheldforlinkedbusinessandonsaleofequityshares/mutualfundunitsisthedifferencebetweenthenetsaleconsiderationandweightedaveragecost.
iii. Reinsurance premium Reinsurance premium ceded is accounted for at the time of recognition of the premium income in accordance with the terms and
conditionsoftherelevanttreatieswiththereinsurers.Impactonaccountofsubsequentrevisionstoorcancellationsofpremiumare 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,ifany,arerecoveredfromthelinkedfundsinaccordancewiththetermsandconditionsofthepoliciesandrecognisedwhen due.
Interest income on loans is recognised on an accrual basis and disclosed under other income.
Schedules
81
for the year ended March 31, 2014
Annual Report 2013-14
d) Benefits paid (including claims) Death and other claims are accounted for, when notified. Survival and maturity benefits are accounted when due. Surrenders/
Withdrawalsunderlinkedpoliciesareaccountedintherespectiveschemeswhentheassociatedunitsarecancelled.Reinsurancerecoverable thereon, if any, is accounted for in the sameperiod as the related claim.Repudiated claimsdisputedbefore judicialauthoritiesareprovidedforbasedonmanagementprudenceconsideringthefactsandevidencesavailableinrespectofsuchclaims.
e) Acquisition costs Acquisitioncostsarecosts thatvarywithandareprimarily related toacquisitionof insurancecontracts.Acquisitioncostsmainly
consistsofcommission,medicalcosts,policyprintingexpenses,stampdutyandotherrelatedexpenses.Thesecostsareexpensedintheyearinwhichtheyareincurred.Clawbackofthefirstyearcommissionpaid,ifany,infutureisaccountedintheyearinwhichitisrecovered.
f) Investments InvestmentsaremadeinaccordancewiththeInsuranceAct,1938,theInsuranceRegulatoryandDevelopmentAuthority(Investment)
Regulations,2000, the InsuranceRegulatoryandDevelopmentAuthority (Investment) (Amendment)Regulations,2001andvariousothercirculars/notificationsissuedbytheIRDAinthiscontextfromtimetotime.
Investmentsarerecordedatcostonthedateofpurchase,whichincludesbrokerageandstampduty,taxes,etc.,ifany,butexcludespre-acquisitioninteresti.e.(fromthepreviouscoupondatetothetransactionsettlementdate),ifany,onpurchase.
i. Classification Investmentsmaturingwithin twelvemonths from the balance sheet date and investmentsmadewith specific intention to
disposeoffwithintwelvemonthsareclassifiedasshort-terminvestments.
Investmentsotherthanshort-terminvestmentsareclassifiedaslong-terminvestments.
ii. Debt securities • Policyholders’non-linkedfundsandshareholders’investments: Alldebtsecurities,includingCentralandStategovernmentsecurities,areconsideredas‘heldtomaturity’andstatedat
amortised cost. The discount or premium which is the difference between the purchase price and the redemption amount offixedincomesecuritiesisamortisedandrecognisedintherevenueaccountortheprofitandlossaccount,asthecasemaybe,onastraightlinebasisovertheremainingperiodtomaturityofthesesecurities.
• Policyholders’linkedfunds: Alldebtsecurities,includingCentralandStategovernmentsecurities,underpolicyholders’linkedfundsarevaluedusing
CRISILBondValuer/CRISILGilt/SDLPrices,asapplicable.Thediscountorpremiumonmoneymarketinstrumentswhichisthedifferencebetweenthepurchasepriceandtheredemptionamountisamortisedandrecognisedintherevenueaccountonastraightlinebasisovertheremainingperiodtomaturityofthesesecurities.
iii. Equity shares/Preference shares Listedequity/preferencesharesarevaluedandstatedatfairvalue,usingthelastquotedclosingpricesontheNationalStock
Exchange(NSE),atthebalancesheetdate.IftheequitysharesarenottradedontheNSE,thenclosingpricesoftheBombayStockExchange(BSE)isconsidered.
Equity/preferencesharesacquiredthroughprimarymarketsandawaitinglistingarevaluedasperthevaluationpolicyoftheCompanydulyapprovedbyInvestmentCommittee.
Unlisted equity/preference shares are valued as per the valuation policy of the company duly approved by Investment Committee.Aprovisionismadefordiminution,ifany,inthevalueofthesesharestotheextentthatsuchdiminutionisotherthan temporary.
iv. Mutual Funds MutualFundsarevaluedonpreviousday’sNAVpublishedbytherespectivemutualfunds.
v. Gain/loss on equity, preference shares and mutual funds Unrealisedgains/lossesarerecognisedintherespectivefund’srevenueaccountasfairvaluechangeincaseoflinkedfunds.
Unrealisedgain/lossduetochangesinfairvalueoflistedequity/preferencesharesandmutualfundsaretakentotheFairValueChange account for other than linked business and are carried to the Balance Sheet.
Diminutioninthevalueofinvestmentsasatthebalancesheetdate,otherthantemporary,isrecognisedasanexpenseintheRevenue/Profit&Lossaccount.
vi. Investment transfer Transfersof InvestmentsfromShareholders’fundstothePolicyholders’fundsareaffectedatthelowerofamortisedcostor
marketvalue in respectofalldebtsecurities includingmoneymarket instrumentsandat themarketvalue incaseofothersecurities.
Inter-fundtransferofdebtsecuritiesrelatingtoLinkedPolicyholders’Fundsiseffectedat lastavailablemarketvalueaspermethodologyspecifiedintheInterFundtransferpolicyapprovedbyInvestmentcommittee.Interfundtransferofequityaredoneduringmarkethoursattheprevailingmarketprice.
viii. Impairment on Investment Thecarryingamountsofinvestmentsarereviewedateachbalancesheetdate,ifthereisanyindicatorofimpairmentbased
oninternal/externalfactors.AnimpairmentlossisrecognisedasanexpenseinRevenue/ProfitorLossaccount,totheextentof
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differencebetweenthere-measuredfairvalueandtheacquisitioncostasreducedbyanypreviousimpairmentlossrecognisedasexpenseinRevenue/ProfitandLossAccount.Anyreversalofimpairmentloss,earlierrecognisedinprofitandlossaccountshallberecognisedinRevenue/ProfitandLossaccount.
g) Loans against policies Loansagainstpoliciesarevaluedat theaggregateofbookvalues(netofrepayments)pluscapitalised interestandaresubject to
impairment, if any.
h) Fixed assets, intangibles and depreciation i. Fixed assets and depreciation Fixedassetsarestatedatcostlessaccumulateddepreciation.Costincludesthepurchasepriceandanycostdirectlyattributable
tobringingtheassettoitsworkingconditionforitsintendeduse.Subsequentexpenditureincurredonfixedassetsisexpensedoutintheyearofexpenseexceptwheresuchexpenditureincreasesthefutureeconomicbenefitsfromtheexistingassets.
Advancespaidtowardstheacquisitionoffixedassetsoutstandingateachbalancesheetdateandthecostoffixedassetsnotready for its intended use before such date are disclosed under capital work-in-progress.
Assets costing upto `5arefullydepreciatedintheyearofacquisition.TherateofdepreciationishigherofthemanagementestimatebasedonusefullifeortheratesprescribedinScheduleXIVtotheCompaniesAct,1956.Depreciationonfixedassetsisprovidedusingthestraight-linemethodbasedontheeconomicusefullifeofassetsasestimatedbythemanagementareasbelow:
Sr. No. Asset Type Estimated useful life (In years)
1 LeaseholdImprovementsandFurnitureandfittings at leased premises
5yearsorthemaximumrenewableperiodoftherespectiveleases,whicheverislower
2 Furniture&fittings(otherthan(1)above) 53 InformationTechnologyEquipment 34 Vehicles 55 OfficeEquipment 56 MobilePhones(includedinofficeequipmentunderSchedule10) 2
Anyadditionstotheoriginalfixedassetsaredepreciatedovertheremainingusefullifeoftheoriginalasset.
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 formaintenance of existing software) are capitalised. SoftwarelicensesareamortisedusingStraightLineMethodoveraperiodof3yearsfromthedateofbeingreadyforuse.
iii. Impairment of Assets Ateachbalancesheetdate,managementassesseswhetherthereisanyindication,basedoninternal/externalfactors,thatan
assetmaybeimpaired.Impairmentoccurswherethecarryingvalueexceedsthepresentvalueoffuturecashflowsexpectedtoarisefromthecontinuinguseoftheassetanditseventualdisposal.Theimpairmentlosstobeexpensedisdeterminedastheexcessofthecarryingamountoverthehigheroftheasset’snetsalespriceorpresentvalueasdeterminedabove.Ifatthebalancesheetdatethereisanindicationthatapreviouslyassessedimpairmentlossnolongerexists,therecoverableamountisreassessedandtheassetisreflectedattherecoverableamount,subjecttomaximumofdepreciablehistoricalcost.
i) Operating leases TheCompanyclassifiesleases,wherethelessoreffectivelyretainssubstantiallyalltherisksandbenefitsofownershipoverthelease
term,asOperatingLeases.Operatingleaserentalsarerecognisedasanexpenseonastraightlinebasisoverthenoncancellable lease period.
j) Employee benefits i. Short-Term Employee Benefits Allemployeebenefitspayablewithintwelvemonthsofrenderingtheserviceareclassifiedasshort-termemployeebenefits.
Benefitssuchassalaries&bonusesarerecognisedintheperiodinwhichtheemployeerenderstherelatedservice.
ii. Long-Term Employment Benefits TheCompanyhasbothdefinedcontributionanddefinedbenefitplans.TheseplansarefinancedbytheCompany.
• DefinedContributionPlans: The Company has established defined contribution schemes for superannuation to provide retirement benefits to its
employees.Contributionstothesuperannuationschemesaremadeonamonthlybasisandchargedtorevenueaccountwhen due.
• DefinedBenefitPlans: Gratuityliabilityisdefinedbenefitobligationandisfunded.TheCompanyaccountsforliabilityforfuturegratuitybenefits
basedonindependentactuarialvaluationunderrevisedAccountingStandard15(AS15)on‘EmployeeBenefits’.
ProvidentFundcontributionsaremadetoaTrust,administeredbytheCompany.TheinterestratepayabletothemembersoftheTrustshallnotbelowerthanthestatutoryrateofinterestdeclaredbytheCentralGovernmentundertheEmployees’
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ProvidentFundsandMiscellaneousProvisionsAct,1952,andshortfall,ifany,shallbemadegoodbytheCompany.TheCompany’s liability is actuarially determined (using the ProjectedUnit CreditMethod) at the end of the year and anyshortfallintheFundsizemaintainedbytheTrustsetupbytheCompanyisadditionallyprovidedfor.Actuariallosses/gainsarerecognisedintheStatementofProfitandLossintheyearinwhichtheyarise.
iii. Other Employee Benefits Compensatedabsencesareentitledtobecarriedforwardforfutureencashmentoravailment,attheoptionoftheemployee
duringthetenureoftheemployment,subjecttotherulesframedbytheCompanyinthisregard.Accumulatedcompensatedabsencesentitlementsoutstandingatthecloseoftheyearareaccountedonthebasisofanindependentactuarialvaluation.Accumulated entitlements at the time of separation are entitled to be encashed.
k) Renewal bonus Renewalbonusispayabletotheindividualinsuranceagentsandasegmentofthesalesforce.Thisconstitutesapartofthefirstyear
commission/incentivesagainstreceiptofthefirstyearpremiumbutdueandpayableattheendoftheexpiryoftwoyearsofthepolicyandisaccruedforintheyearofsaleofthepolicy,subjecttotheintermediaries’andpolicy’scontinuedpersistency.
l) Foreign Currency Transactions Transactionsinforeigncurrencyarerecordedattherateofexchangeprevailingatthedateofthetransaction.Monetaryassetsand
liabilitiesinforeigncurrencyaretranslatedattheratesexistingasatthebalancesheetdate.Theresultingexchangegainorlossforrevenuetransactionsisreflected,intherevenueaccountortheprofitandlossaccount,asthecasemaybe.
m) Segment reporting AsperAccountingStandard17(AS17)on‘SegmentReporting’readwiththe“PreparationofFinancialStatementsandAuditor’sReport
of InsuranceCompanies,Regulations2002”, theCompany is required to reportsegment resultsseparately for linked,non-linked,healthandpensionbusinesses.ThebusinessisbroadlyclassifiedasParticipatingnon-linked,NonParticipatingUnitLinkedandNonLinkedbusinesses,whicharefurthersegmentedintoIndividualLife,GroupLife,IndividualPension,GroupPensionandIndividualHealthbusinesses.Accordingly,theCompanyhaspreparedtherevenueaccountandbalancesheetfortheseprimarybusinesssegmentsseparately. Since the business operation of the Company is in India only, the same is considered as one geographical segment.
Thefollowingbasishasbeenusedforallocationofrevenues,expenses,assetsandliabilitiestothebusinesssegments:
• Revenues,expenses,assetsandliabilitiesdirectlyattributableandidentifiabletobusinesssegments,areallocatedonactualbasis; and
• Otherexpenses,assetsandliabilitieswhicharenotdirectlyidentifiablethoughattributabletoabusinesssegment,areallocatedon the following basis, as considered appropriate by the management:
➢ Gross premium;
➢ First year commission;
➢ Sum assured;
➢ Policyliability;
➢ Asset under management;
➢ NewBusinessPolicyCount;
➢ Enforce policy count
Theaccountingpolicies,usedinsegmentreporting,arethesameasthoseusedinthepreparationofthefinancialstatements.
n) Taxation i. Direct Taxes TheIncome-TaxAct,1961prescribesthatprofitsandgainsoflifeinsurancecompanieswillbethesurplusordeficitdisclosed
bytheactuarialvaluationmadeinaccordancewiththeInsuranceAct,1938.
Deferredincometaxisrecognisedforfuturetaxconsequencesattributabletotimingdifferencesbetweenincomeasdeterminedby thefinancialstatementsand the recognition for income taxpurposes.Theeffectondeferred taxassetsand liabilitiesofachangeintaxratesisrecognisedusingthetaxratesandtaxlawsthathavebeenenactedorsubstantivelyenactedbythebalance sheet date.
Deferredtaxassetsarerecognisedonlytotheextentthere isreasonablecertaintythattheassetscanberealised infuture.However,wherethereisunabsorbeddepreciationorcarriedforwardlossundertaxationlaw,deferredtaxassetsarerecognisedonlyifthereisvirtualcertaintybackedbyconvincingevidencethatsuchdeferredassetscanberealised.Deferredtaxassetsarereviewedasateachbalancesheetdateandwrittendownorwrittenuptoreflecttheamountthatisreasonablyorvirtuallycertain, as the case may be, to be realised.
Provisionforwealthtaxismadeattheappropriaterates,aspertheapplicableprovisionsofWealthTaxAct,1957.
ii. Indirect Taxes TheCompanyclaimscreditofservice tax for inputservices,which issetoffagainst taxonoutputservices.Asamatterof
prudence,unutilisedcreditsaredeferredforrecognitionuntilsuchtimethatthereisreasonablecertaintyofutilisation.Aprovisionis created against unutilised credit based on estimated realisation of such unutilised credit.
Schedules
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for the year ended March 31, 2014
Birla Sun Life Insurance
o) Provisions and Contingencies AprovisionisrecognisedwhentheCompanyhasapresentlegalobligationasaresultofpastevent/sanditisprobablethatanoutflow
ofresourceswillberequiredtosettletheobligation,inrespectofwhichreliableestimatecanbemade.Thesearereviewedateachbalancesheetdateandadjustedtoreflectcurrentbestestimates.Adisclosureforcontingentliabilityismadewhenthereisapossibleobligationorpresentobligationsthatmay,butprobablywillnot,requireanoutflowofresourcesoritcannotbereliablyestimated.Whenthereisapossibleobligationorapresentobligationinrespectofwhichthelikelihoodofoutflowofresourcesisremote,noprovisionordisclosureismade.Acontingentassetisneitherrecognisednordisclosed.
p) Funds for Future Appropriation Thebalanceinthefundsforfutureappropriationsaccountrepresentsfunds,theallocationofwhich,eithertoparticipatingPolicyholders
ortoShareholders,hasnotbeendeterminedattheBalanceSheetdate.Transferstoandfromthefundreflecttheexcessordeficitof incomeoverexpensesandappropriationsineachaccountingperiodarisingintheCompany’sPolicyholders’fund. InrespectofParticipatingpoliciesanyallocationtothepolicyholderwouldalsogiverisetoashareholdertransferintherequiredproportion.
AmountsestimatedbytheAppointedActuaryasFundsforFutureAppropriation(FFA)inrespectoflapsedUnitLinkedPoliciesareset-asideinthebalancesheetandarenotavailablefordistributiontoshareholdersuntilexpiryoftherevivalperiod.
q) Earnings Per Share Basicearningspershareiscalculatedbydividingthenetprofitorlossfortheyearattributabletoequityshareholdersbytheweighted
averagenumberofequitysharesoutstandingduringtheyear.Forthepurposeofcalculatingdilutedearningspershare,thenetprofitorlossfortheyearattributabletoequityshareholdersandtheweightedaveragenumberofsharesoutstandingduringtheyearareadjustedfortheeffectsofalldilutivepotentialequityshares.
3. Contingent liabilities
Sr. No. Particulars Current Year Previous Year
1 Partlypaid-upinvestments Nil Nil
2 Claims, other than against policies, not acknowledged as debts by the Company 24,321 25,961
3 Underwriting commitments outstanding Nil Nil
4 GuaranteesgivenbyoronbehalfoftheCompany Nil Nil
5 Statutorydemands/liabilitiesindispute,notprovidedfor Refer Note Below ReferNoteBelow
6 Reinsuranceobligationstotheextentnotprovidedforintheaccounts. Nil Nil
7 Others * 91,101 223,819
*RepresentspotentialliabilitytotheCompany(netofreinsurance)inrespectofcasesfiledagainsttheCompany’sdecisionofrepudiationofdeath claims and customer complaints.
Note: ThecompanyhasreceivedShowCause-Cum-DemandnoticesforearlierperiodrelatingtoServiceTaxdemandsof` 398,203 as at 31st March 2014 (as at 31st March 2013 ` 309,471) plus applicable interest and penalty. Basis legal opinion obtained, management is of the opinion that these show-cause cum demand notices are not legally tenable and decided to contest at appellate authority.
4. Percentage of Business Sector-wise
Particulars
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 415,770 912,855 16,974,898 558,602 798,229 18,365,130
Rural Sector 91,760 – 4,795 123,147 – 5,388
Asa%ofTotalBusiness 22.07% – 0.03% 22.05% – 0.03%
Social Sector – – – – 41,899 1,607
Asa%ofTotalBusiness – – – – 5.25% –
Note:Basistheprovisionsintheregulation15(2)oftheIRDA(MicroInsurance)Regulations,2005;68,735customersfromtheruralpolicydatabasemeetwith thesocial sectordefinitionandcan thereforebe reckonedunderboth rural sectorobligationand thesocial sectorobligationforFY13-14asspecifiedundertheIRDA(ObligationsofInsurerstoRuralorSocialSectors)Regulations,2002.BasistheabovethetotalsocialsectorlivescoveredfortheyearFY13-14is68,735Lives.
5. Benefitspaid includescharges inrespectofdiscountallowedto thepolicyholders’amounting to`91,652 (Previousyear` 94,641) for advancepaymentoffuturepremiumssubjecttoprepaymentconditions.
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for the year ended March 31, 2014
Annual Report 2013-14
6. Contribution from shareholders’/policyholders’ account The net surplus of `2,621,506(Previousyear:`4,271,456)basedontheactuarialvaluationmadeinaccordancewiththeInsuranceAct,
1938andascertifiedbytheappointedactuaryisbeingtransferredfrompolicyholders’accounttoshareholders’account.Thedetailsaretabulated below:
Surplus / (Deficit) of Business Segments Current Year Previous Year
Non Par Linked Individual 4,264,680 5,136,003 Group 68,899 54,945 IndividualPensions 524,632 638,054 GroupPensions (15,929) 40,259 Health 71,864 (37,274)
Non Par Non Linked Individual (703,579) (1,943,010) Group 25,842 200,925 IndividualPensions 246,382 67,264 GroupPensions (87,252) 105,739 Health (10,531) 22,826
Par Non Linked Individual (1,763,502) (14,275)
Net Surplus for Policyholders’ 2,621,506 4,271,456
7. Operating lease commitments In accordance with Accounting Standard 19 (AS 19) on ‘Leases’, the details of leasing arrangements entered into by the Company are
as under:
TheCompany has entered into agreements in the nature of cancellable and non-cancellable lease/leave and license agreementswithdifferentlessors/licensorsforthepurposeofestablishmentofofficepremises,leaseholdimprovements,furnitureandfixtures,informationtechnologyandofficeequipments.Thesearegenerallyinthenatureofoperatingleases/leaveandlicenses.
Theoperatingleaserentalschargedduringtheyearandmaximumobligationsonoperatingleasepayableatthebalancesheetdate,asperthe rentals stated in the agreements are as follows:
Particulars Current Year Previous Year
TotalleaserentalschargedtoRevenueAccount 607,863 712,438
Lease obligations for non – cancellable leases
– Withinoneyearofthebalancesheetdate 346,311 562,704
– Dueinaperiodbetweenoneyearandfiveyears 347,106 590,438
– Dueafterfiveyears 19,481 17,491
8. Foreign exchange gain/(loss) TheCompanyhasrecordedforeignexchangelossof`769intheRevenueAccountandthesameis includedunder“InterestandBank
Charges”inSchedule3(PreviousYearloss:` 96).
9. Managerial remuneration TheappointmentofmanagerialpersonnelisinaccordancewiththerequirementsofSection34AoftheInsuranceAct,1938andisapproved
by the IRDA.
(i) Mr.PankajRazdanhasbeenappointedasManagingDirectorandCEOinplaceofMr.JayantDuaw.e.f.1stJanuary2014.Belowisthetabularpresentationofmanagerialremunerationforcurrentyearandpreviousyear;
Particulars Current Year Previous Year
Salary 35,106 14,256
Other allowances 7,815 5,464
Contribution to :
– Providentfund 1,028 852
– Superannuation fund 866 1,065
Perquisites 372 450
Total 45,187 22,087
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for the year ended March 31, 2014
Birla Sun Life Insurance
(ii) Oftheabove,amountof`30,186(previousyear` 7,088) has been borne by shareholder’. (iii) TheManagerial remuneration for the year does not included the actuarially valued employee benefits that are accounted as per
accountingstandard15onemployeebenefitsandanyperformance/longtermbonusestimatedandpayableforcurrentyearbasedonoverallcompanyperformance.
(iv) SittingFeespaidtoindependentdirectorsinthecurrentyearis`520(PreviousYear:` 320).
10. Asrequiredbycircularno.067/IRDA/F&A/CIR/MAR-08dated28thMarch2008.BreakupofOperatingexpensesincurredunderthefollowingheads;
(Previousyearfiguresarepresentedinbrackets)
Particulars Business
Development Outsourcing
Agentsrecruitment,seminarandotherexpenses 11,185
(26,627)
DistributionExpenses 526,873
(463,031)
RecruitmentandseminarExpenses 53,698
(113,263)
Outsourcingexpenses 252,490
(314,465)
Total 591,756 252,490
(602,921) (314,465)
11. Earnings per Share
Particulars Current Year Previous Year
Profit/(loss)asperprofitandlossaccount 3,707,536 5,415,031
Weightedaveragenumberofequityshares 1,912,434,082 1,969,500,000
Earnings per share (Basic and Diluted) in ` 1.94 2.75
FaceValuepershare ` 10 ` 10
# Amount in absolute Indian Rupees
12. Actuarial assumptions Theactuarial liabilitiesarecalculated inaccordancewithacceptedactuarialpractice, requirementsof InsuranceAct,1938,Regulations
notifiedbyInsuranceRegulatoryandDevelopmentAuthorityandPracticeStandardprescribedbytheInstituteofActuariesofIndia.
Unit Reserves Unitreservesarecomputedbymultiplyingthenumberofunitswiththeunitpriceasonthevaluationdate.
Non Unit Reserves Prospective gross premium cash flow method is used to compute the non unit liabilities in respect of the policies in force as at
31st March 2014.
Thecashflowsareprojectedbasedonassumptions that reflect theexpected futureexperienceandhaveanappropriateallowance formarginsforadversedeviations.Themajorassumptionsrelatetomortality,interest,expenses,policypersistencyandpremiumpersistency.
Additionally,fortraditionalparpoliciescurrentyearbonusrate,futurebonusratesandterminalbonuses(whereverapplicable)consistentwith the valuation interest rate, transfer to shareholders and tax on the surplus are also taken into account while calculating the policy liability.
MortalityratesarederivedbasedontheIndianAssuredLivesMortality(2006-2008)tableaftermakingsuitableadjustmentsdependingonthe type of the product.
Longitivity(forAnnuityProducts)ratesarederivedbasedontheLICAnnuitanttable(96-98)tableaftermakingsuitableadjustmentsandwithappropriatemortalityimprovements.Interestratesusedtodiscountthefuturecashflowsvaryfrom5.50%to7.75%.Aprudentassumptionismadeforinvestmentgrowthontheunitfunds.Anappropriateallowanceismadeforfuturepolicymaintenanceexpensesandinvestmentexpenses.Policypersistencyratesarederivedbasedonexpectedfuturepolicyholderbehaviour.Forunitlinkedbusiness,thediscontinuanceofpremiumsbythepolicyholderswhilekeepingthebenefitsinforceisallowedforbyappropriatepremiumpersistencyassumptionsvaryingby product.
Schedules
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for the year ended March 31, 2014
Annual Report 2013-14
Additionalprovisionsaremadetowards: I. Investmentguaranteesforunitlinkedbusiness II. Substandardlives III. Unearnedpremium/mortalitycharges(inaccordancewithIRDACircular50/IRDA/ACTL/CIR/GEN/050/03/2010) IV. Reservesforfreelookoptiongiventothepolicyholders V. Lapsepolicieseligibleforrevivals(inaccordancewithIRDACircular41/IRDA/ACTL/Mar-2006) VI. NewBusinessClosureReserve VII. CashSurrenderValueDeficiencyReserve VIII. PremiumWaiverClaimProvision IX. IncurredButNotReportedReserve
Foryearlyrenewablegrouptermbusiness,unearnedpremiummethodisusedtocomputethereserves.Inadditiontotheunearnedpremiumreserve,provisionisalsomadeforincurredbutnotreportedclaimsforgroupbusinessaswell.
13. Disclosure of discontinued linked policies Asrequiredbycircularno. IRDA/Reg/2/52/2010dated1stJuly2010relatingtotreatmentofdiscontinuedlinked insurancepolicies, the
disclosures are as under:-
ParticularsCurrent Year Previous Year
Sub-Total Total Sub-Total TotalOpening balance of funds for discontinued policies 2,050,412 437,939 Add: Fund of policies discontinued during the year 2,570,890 2,021,087 Less: Fund refunded to policyholders during the year 132,540 2,438,350 510,182 1,510,905 Add/(Less) : Realised & Unrealised gain/loss 265,680 101,568 Closing balance of funds for discontinued policies 4,754,442 2,050,412
Other disclosures:a) Numberofpoliciesdiscontinuedduringtheyear. 44,891 59,533b) Percentageofdiscontinuedtototalpolicies
(product wise) during the year, BSLIPlatinumAdvantage 20.95% 20.9% BSLIClassicEndowment2010Plan 15.08% 19.1% BSLIDreamEndowment2010Plan 19.38% 24.1% BSLIClassicLife2010Plan 13.33% 29.7% BSLIDreamLife2010Plan 20.46% 36.7% BSLIDreamChild2010Plan 8.87% 31.1% BSLIClassicChild2010Plan 6.85% 21.2% BSLIWealthSecurePlan 5.51% 7.8% BSLIWealthAssure 2.05% – BSLIEmpowerPensionPlan 17.90% – BSLIForesightPlan – 11.2%c) No.ofpoliciesrevivedduringtheyear 2,883 10,789 d) Percentageofpoliciesrevived(todiscontinuedpolicies)duringtheyear 6% 18%e) Charges imposed on account of discontinued policies 63,055 75,259
14. Percentage of risk-retained and risk-reinsured
Particulars Current Year Previous Year
Sum Assured % Sum Assured %
Individual BusinessRisk-retained 543,286,492 39.68% 566,797,874 40.94%Risk-reinsured 825,885,835 60.32% 817,744,605 59.06%
Total Individual Risk 1,369,172,327 100.00% 1,384,542,479 100.00%
Group BusinessRisk-retained 382,929,176 24.82% 253,974,443 22.32%Risk-reinsured 1,159,842,070 75.18% 883,902,647 77.68%
Total Group Risk 1,542,771,246 100.00% 1,137,877,090 100.00%
15. Encumbrances Ason31stMarch2014,therewerenoencumbrances(Previousyear:`Nil)ontheassetsoftheCompany.
16. Commitments made and outstanding on Loans, Investments and Fixed Assets ThecommitmentsmadeandoutstandingforfixedassetsbytheCompanyasat31stMarch2014are`15,900(PreviousYear:` 22,233) net
ofadvances.
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for the year ended March 31, 2014
Birla Sun Life Insurance
17. Investments i. Value of contract outstanding Valueofcontractsinrelationtoinvestmentswherepurchaseshavebeenmadeanddeliveriesarependingis`1,360,785/-(Previous
year: `291,518)asatthebalancesheetdate.Therearenoinvestmentcontractswheresaleshavebeenmadeandpaymentsareoverdueasatthebalancesheetdate.
ii. Historical costs Asat31stMarch,2014, theaggregatehistoricalcostandmarketvalueofLinked investments,whicharevaluedat fairvalue, is
` 185,819,318/- and `200,747,937/-respectively(PreviousYear:` 183,728,203/- and `188,280,249/-respectively).
iii. Statutory deposits a. Ason31stMarch2014,theCompanyhassecuritieswithfacevalueof`115,000(PreviousYear:` 115,000) in CSGL Account
with Deutsche Bank, as required under Section 7 of the InsuranceAct, 1938. Themarket value of these securities as at 31st March, 2014 was `107,159(PreviousYear:` 115,920).
b. Ason31stMarch2014,theCompanyalsohascollateraldepositofGovernmentSecuritywithfacevalueof`300,000(PreviousYear ` 260,000) and cash `25,200(PreviousYear` 25,200) with Clearing Corporation of India Limited.
c. Ason31stMarch,2014,Fixeddepositof`250,000(PreviousyearNil)and`50,000(Previousyear:Nil)hasbeendepositedwith National Securities Clearing Corporation Limited and Indian Clearing Corporation Limited respectively towardsmarginrequirementforequitytradesettlement.
iv. All investments are performing assets18. Allocation of investments and income Thefundsoftheshareholdersandthepolicyholdersarekeptseparateandrecordsaremaintainedaccordingly.Investmentsmadeoutofthe
shareholders’ and policyholders’ funds are tracked from their inception and the income thereon is also tracked separately. Since the actual funds,investmentsandincomethereonaretrackedandreportedseparately,theallocationofinvestmentsandincomeisnotrequired.
19. Policyholders’ liabilities adequately backed by assets
Particulars Current Year Previous Year
Policyholders’liabilities(Includedfundsforfutureappropriation) (29,086,606) (22,395,751)Investments(Asperschedule8A)* 26,266,104 20,375,363 Loans to policyholders (As per schedule 9) 284,669 280,690 Fixeddeposits,bankbalancesandchequesonhand(Asperschedule11) 2,184,261 1,702,930 Otherreceivablesunderschedule12representing“Advancesandotherassets” 434,150 69,226
*Excludesprepaymentfund,(Liabilitynumbersarepresentedinbrackets)
20. Assets in the Internal Funds TheCompanyhaspresentedthefinancialstatementsofeachinternalfundtowhichthepolicyholderscanlinktheirpolicyinAnnexure 3.
AlsoadditionaldisclosuresasrequiredbytheCirculardated20thFebruary2007issuedbyIRDAaregiveninAnnexure 3A.
TheindustrywisedisclosuresgiveninAppendix 3 of Annexure 3A hasbeenmadeinaccordancewithIRDA(Investment)(5thAmendment)Regulations, 2013.
21. Assets restructured during the year
Particulars Current Year Previous Year
Totalamountofloanassetssubjecttorestructuring Nil Nil
Totalamountofstandardassetssubjecttorestructuring Nil Nil
Totalamountofsub-standardassetssubjecttorestructuring Nil Nil
Totalamountofdoubtfulassetssubjecttorestructuring Nil Nil
22. Claims Theclaimssettledandremainingunpaidforaperiodofmorethansixmonthsasatthebalancesheetdateamountto`50,682(Previous
Year `27,620).Reinsurancerecoverableisnettedoffagainstclaimexpensesincurred.
23. Foreign currency exposure Theyear-endforeigncurrencyexposuresthathavenotbeenhedgedbyaderivativeinstrumentorotherwisearegivenbelow:-
Amountpayableinforeigncurrencyonaccountofimportofservicesasfollows:
Foreign currencyCurrent Year Previous Year
INRAmount in Foreign
currencyINR
Amount in Foreign currency
USD 5,525 92 5,966 110 EURO 5,146 63 2,177 31
Schedules
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for the year ended March 31, 2014
Annual Report 2013-14
24. 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
4thNovember,2010.
Particulars Total
Amount
AGE-WISE ANALYSIS1-6
months*7-12
months13-18
months19-24
months25-30
months31-36
monthsBeyond
36 Months
Claims settled but not paid to the policyholders/insureds due to any reasonsexceptunderlitigationfromthe insured/policyholders
1,286,227 1,242,525 14,282 11,107 6,156 3,472 705 7,980
(1,340,138) (1,312,518) (10,850) (4,837) (705) – (4,648) (6,580)
Sum due to the insured/policyholders on maturity or otherwise
378,723 326,950 6,646 9,226 6,460 9,631 4,766 15,044 (259,638) (223,754) (6,753) (9,077) (4,698) (6,442) (1,144) (7,770)
Anyexcesscollectionofthepremium/tax or any other charges which isrefundable 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
– – – – – – – –
– – – – – – – –
Chequesissuedbutnotencashedbythe policyholder/insured
2,325,189 936,581 254,572 242,234 455,596 119,874 105,046 211,286 (2,148,432) (1,038,090) (626,965) (122,302) (125,080) (84,480) (45,038) (106,477)
Total 3,990,139 2,506,056 275,500 262,567 468,212 132,977 110,517 234,310
Previous Year# (3,748,208) (2,574,362) (644,568) (136,216) (130,483) (90,921) (50,830) (120,827)
*Includes amounts outstanding for a period of less than 1 month #Previousyearamountsareinbrackets
Thecheques issuedbutnotencashedbypolicyholder/insuredcategory includes`686,311pertaining tochequeswhicharewithin thevalidityperiodbutnotyetencashedbypolicyholdersason31stMarch2014(PreviousYear` 655,976). This amount forms a part of bank reconciliationstatementandconsequentlynotconsideredinunclaimedamountofpolicyholdersunderSchedule13–CurrentLiabilities.
25. Provisions a) Employee Long-term Bonus Plan (‘the Plan’) ThecostestimateisdeterminedafterfactoringinassumptionsinrespectofcriteriaidentifiedinthePlanwhichincludethefollowing: 1. Units granted to employees under different options under the plan 2. Maximumpayoutovervestingperiodperunit 3. Employee attrition rate 4. Performancecondition
b) Long-Term Incentive Plan The cost estimate determined after the factoring in assumptions in respect of criteria identified in the Plan which include the
following: 1. Employee attrition rate 2. Performancecondition 3. Discount rate
C) 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 Long-Term Incentive Plan Renewal Bonus
Current Year Previous Year Current Year Previous Year Current Year Previous Year Opening balance Nil 391,369 83,435 55,835 Nil 664 Additionalprovisionmade Nil 118,169 136,993 64,401 Nil 103 Incurred and charged Nil Nil (63,366) (36,801) Nil (767)Unusedamountsreversed# Nil (509,538) Nil Nil Nil NilClosing balance Nil Nil 157,062 83,435 Nil Nil
Natureofobligation NA Long-Term Bonus
Long-Term Incentive
Long-Term Incentive NA Renewal
Bonus Expectedtiming NA NA Upto 3 Years Upto 3 Years NA Upto 2 Years
Assumptions NA Refer note (a) above
Refer note (b) above
Refer note (b) above NA 100%
#theunusedamountofLong-TermBonusPlanhasbeencreditedto“Employees’remuneration,welfarebenefitandothermanpowercost” in Schedule 3.
Schedules
90
for the year ended March 31, 2014
Birla Sun Life Insurance
26. Employee benefits a) Defined benefit plans (i) Gratuity
TheCompanyprovidesforgratuity,adefinedbenefitretirementplancoveringallemployeesasatbalancesheetdateusingprojectedunitcreditmethod.Theplanprovidesalumpsumpaymenttovestedemployeesatretirementorterminationofemploymentbasedontherespectiveemployee’ssalaryandtheyearsofemploymentwiththeCompany.ThegratuitybenefitpayableisgreateroftheprovisionsofthePaymentofGratuityAct,1972andtheCompany’sGratuitySchemeasmentionedbelow:
Change in Defined benefit obligations Current Year Previous Year
Present value of Defined benefit obligations as at beginning of the year 243,281 187,535 Servicecost 41,155 43,081 Interest cost 21,313 17,717 Benefitspaid (29,296) (15,183)Pastservicecost – – Actuarial (gain)/loss due to curtailment – – Actuarial (gain)/loss on obligations (21,200) 10,131
Present value of Defined benefit obligations as at end of the year 255,253 243,281
Reconciliation of present value of the obligation and the fair value of the plan assetsOpeningFairValueofPlanassets 245,815 184,933 Contributions by the employer for the year 40,796 55,385 Benefitspaid (29,296) (15,183)ExpectedReturnonPlanAssets 18,867 13,238 Actuarial Gain/(Loss) (31) 7,442
Closing Fair Value of Plan assets 276,151 245,815
Net asset/(liability) as at end of the year 20,898 2,533
Cost recognised for the yearCurrentservicecost 41,155 43,081 Interest cost 21,313 17,717 Expectedreturnonplanassets (18,867) (13,238)Pastservicecost – – Actuarial (gain)/loss due to curtailment – – Actuarial (gain)/loss (21,170) 2,689
Net gratuity cost 22,431 50,249
TransitionalLiabilityexpendedinRevenueAccountInvestment in Category of Assets (% Allocation)Insurer Managed Funds* 100.00% 100.00%Group Stable Fund 0.00% 0.00%Group Short-Term Debt Fund 0.00% 0.00%Actuarial assumptions usedDiscount rate 9.00% 7.90%Rate of return on plan 7.50% 7.50%Salary escalation rate 6.00% 6.00%
*Theamount is invested inGroupMoneyMarketFundPlan1andGroupSecureFundPlan1ofBirlaSunLife InsuranceLimited,GratuityandGroupUnitLinkedProduct(GULP)scheme.Belowistheassetallocationoffund.
Asset allocation Current Year Previous Year
Debt securities 88.00% 91.00%Equityandmoneymarket 12.00% 9.00%
Total 100% 100.00%
Schedules
91
for the year ended March 31, 2014
Annual Report 2013-14
Experience Adjustments
Particulars 2013-14 2012-13 2011-12 2010-11 2009-10 2008-09
DefinedBenefitObligation 255,253 243,281 187,535 142,732 110,026 87,581
PlanAssets 276,151 245,816 184,933 129,960 103,097 84,708
Surplus/(Deficit) 20,898 2,534 (2,602) (12,772) (6,929) (2,873)
ExperienceadjustmentonPlanLiabilities (1,908) 2,578 17,495 3,726 (12,707) 12,288
ExperienceadjustmentonPlanAssets (31) 7,442 (3,236) 3,965 14,675 (2,195)
Thecontributionsexpectedtobepaidtotheplanduringtheannualperiodbeginningafterthebalancesheetdateis 45,384(PreviousYear: ` 45,000).
(ii) Accumulated Compensated Absences The liability foraccumulatedcompensatedabsencesasatbalancesheetdatehasbeencalculatedbyusingprojectedunitcredit
method.Thismethodtakesintoaccountthepatternofavailmentofleavewhileinserviceandqualifyingsalaryonthedateofavailmentofleave.Howeverincaseofshorttermliabilitytheprovisionhasbeenmadetotheextentof50%oftotalshort-termliability.
PresentvalueofobligationforaccumulatedcompensatedabsencesasdeterminedbytheActuaryisgivenbelow:
Particulars Current Year Previous Year
Presentvalueofobligationsasatendoftheyear 144,995 146,240
Fairvalueofplanassets – –
Actuarial assumptions used
Discount rate 9.00% 7.90%
Salary escalation rate 6.00% 6.00%
Cost recognised during the year (22,931) 63,967
(iii) ThedetailsoftheCompany’sDefinedBenefitPlansinrespectoftheCompanyownedProvidentFundTrust.
Particulars Current Year Previous Year
ContributiontotheCompanyOwnedEmployees’ProvidentFundTrust 172,818 187,976
TheGuidanceNoteonimplementingAS-15,EmployeeBenefits(Revised2005),issuedbytheICAIstatesthattheProvidentFundssetupbyemployers,whichrequireinterestshortfalltobemetbytheemployer,needstobetreatedasdefinedbenefitplans.TheCompanysetupProvidentFunddoesnothaveexistingdeficitofinterestshortfall.
The actuary has accordingly provided a valuation and based on the below provided assumptions there is no shortfall as at 31st March 2014.
The details of plan assets position are as under:
Particulars Current Year
PlanAssetsatFairValue 1,490,314
Liability Recognised in the Balance Sheet 1,487,846
Assumptionusedindeterminingthepresentvalueobligationofinterestrateguarantee
Discount Rate for the term of the Obligation 9.00%
Guaranteed Interest Rate 8.75%
b) Defined contribution plans TheCompanyhasrecognisedthefollowingamountsasexpenseintheRevenueaccount:
Particulars Current Year Previous Year
Contribution to superannuation fund 9,431 11,079
Contribution to Employees State Insurance Corporation 11,039 11,218
27. Segment reporting AsperAccountingStandard17on‘SegmentReporting’readwiththe“PreparationofFinancialStatementsandAuditor’sReportofInsurance
Companies,Regulations2002”,theCompanyisrequiredtoreportsegmentresultsseparatelyasParticipatingnon-linked,NonParticipatingUnitLinkedandNonLinkedbusinesses,whicharefurthersegmentedintoIndividualLife,GroupLife,IndividualPension,GroupPensionandIndividualHealthbusinesses.ThesameisdisclosedinAnnexure 1.
Schedules
92
for the year ended March 31, 2014
Birla Sun Life Insurance
28. Related Party Disclosure During theyearended31stMarch2014, theCompanyhashad transactionswith relatedpartiesasdefined inAccountingStandard18
on“RelatedPartyDisclosures”.RelatedPartieshavebeen identifiedby themanagementon thebasisof the informationavailablewiththe Company. Details of related parties with whom, the Company had transactions, nature of the relationship, transactions with them and balances at year-end, are detailed in Annexure 2.
29. Summary of financial statements A summary of the financial statements as per the formats prescribed by the IRDA in its circular dated 29thApril 2003 is provided in
Annexure 4.
30. Accounting Ratios AccountingratiosprescribedbytheIRDAinitscirculardated29thApril2003areprovidedinAnnexure 5.
31. Statement containing names, descriptions, occupations of and directorships held by the persons in charge of management of the business under Section 11 (2) of Insurance Act, 1938:
From 1st April, 2013 to 31st December 2013 Name : Mr.JayantDua Designation : Managing Director & CEO Occupation : Service Directorships Held during the year : as at 31st December 2013 Director : Central Insurance Repository Limited
From 1st January 2014 to 31st March 2014 Name : Mr.PankajRazdan Designation : Managing Director & CEO Occupation : Service DirectorshipsHeldduringtheyear : From1stJanuary2014 Directorin : AdityaBirlaFinancialSharedServicesLimited Birla SunLife Asset Management Company Limited
Resigned from the following : Aditya Birla Money Limited Entities w.e.f. 25th March 2014 Aditya Birla Money Mart Limited Aditya Birla Commodity Broking Limited AdityaBirlaSecuritiesPrivateLimited Birla Sun Life AMC (Mauritius) Limited
32. Penalty Asrequiredbycircularno.005/IRDA/F&A/CIR/MAY-09dated7thMay,2009,thedetailsofvariouspenalactionstakenbyvariousGovernment
Authoritiesforthefinancialyear2013-14arementionedbelow:-
Sr. No. AuthorityNon-Compliance/
Violation
Amount in Rs.Penalty
AwardedPenalty
PaidPenalty Waived/
Reduced
1 InsuranceRegulatoryandDevelopmentAuthority Nil Nil Nil Nil
2 ServiceTaxAuthorities NonCompliance Nil 80,370 Nil
3 IncomeTaxAuthorities Nil Nil Nil Nil
4 AnyotherTaxAuthorities Nil Nil Nil Nil
5 EnforcementDirectorate/AdjudicatingAuthority/Tribunalorany Authority under FEMA
Nil Nil Nil Nil
6 RegistrarofCompanies/NCLT/CLB/DepartmentofCorporateAffairs or any Authority under Companies Act, 1956
Nil Nil Nil Nil
7 PenaltyawardedbyanyCourt/tribunalforanymatterincludingclaimsettlementbutexcludingcompensation
Nil Nil Nil Nil
8 SecuritiesandExchangeBoardofIndia Nil Nil Nil Nil
9 Competition Commission of India Nil Nil Nil Nil
10 AnyotherCentral/State/LocalGovernment/ Statutory Authority
Nil Nil Nil Nil
Schedules
93
for the year ended March 31, 2014
Annual Report 2013-14
33. Disclosures relating to controlled Fund As requiredbycircularno. IRDA/F&I/CIR/F&A/045/03/2010dated17thMarch,2010, thedetailsofcontrolled fund for thefinancialyear
2013-2014 and 2012-2013 are mentioned below:-
a) Statement Showing Controlled Fund
Particulars Current Year Previous Year
Computation of Controlled fund as per the Balance Sheet
Policyholders’Fund(LifeFund)
Participating
IndividualAssurance 271,749 10,119
IndividualPension – –
Anyother(Pl.Specify) – –
Non-participating
IndividualAssurance 14,738,220 10,869,777
Group Assurance 9,050,661 6,120,132
IndividualAnnuity 519,350 669,597
GroupPension 3,696,622 2,524,825
Health 76,652 105,910
Others – –
Linked
IndividualAssurance 170,651,197 160,678,057
Group Assurance 19,524,527 16,276,858
IndividualPension 10,573,375 10,844,802
Group Superannuation 5,441,414 5,381,071
Group Gratuity – –
Health 256,682 189,934
Funds for Future Appropriations 733,351 2,095,678
Total (A) 235,533,800 215,766,760
Shareholders' Fund
PaidupCapital 19,012,080 19,695,000
Reserves&Surpluses 2,682,948 4,800,000
FairValueChange 1,409 27
Total (B) 21,696,437 24,495,027
Misc.expensesnotwrittenoff
Credit/(Debit)fromP&LA/c. (9,130,223) (12,018,793)
Total (C) (9,130,223) (12,018,793)
Total shareholders’ funds (B+C) 12,566,214 12,476,234
Controlled Fund (Total (A+B+C)) 248,100,014 228,242,993
Schedules
94
for the year ended March 31, 2014
Birla Sun Life Insurance
b) Reconciliation of the Controlled Fund from Revenue and Profit & Loss Account
Particulars Current Year Previous Year
Opening Balance of Controlled Fund 228,242,993 210,374,646
Add:Inflow
Income
PremiumIncome 48,330,521 52,162,991
Less: Reinsurance ceded (1,882,008) (1,645,530)
Net Premium 46,448,513 50,517,460
InvestmentIncome 24,958,744 20,700,492
Other Income 365,427 366,568
Funds transferred from Shareholders’ Accounts 2,580,793 1,994,559
Total Income 74,353,477 73,579,079
Less: Outgo
(i)Benefitspaid(Net) 36,654,284 36,586,380
(ii)InterimBonusPaid 734 –
(iii)ChangeinValuationofLiability 21,129,650 17,988,064
(iv)Commission 2,347,130 3,004,767
(v)OperatingExpenses 10,381,707 11,597,047
(vi)ProvisionforTaxation – –
(a) FBT – –
(b) I.T. – –
Total Outgo 70,513,505 69,176,258
Surplus of the Policyholders’ Fund 3,839,972 4,402,821
Less: transferred to Shareholders’ Account 5,202,299 6,266,015
Net Flow in Policyholders’ account (1,362,327) (1,863,194)
Add:NetincomeinShareholders’Fund 3,707,536 5,415,031
Less:InterimDividend&Dividenddistributiontaxthereon (818,965) (3,671,532)
Net In Flow/Outflow 1,526,244 (119,696)
Add:changeinvaluationLiabilities 21,129,367 17,988,063
Add:IncreaseinPaidupCapital – –
Add:IncreaseinSecuritiesPremium (2,799,972) –
Add:Credit/(Debit)/FairValueChangeAccount 1,382 (20)
Closing Balance of Controlled Fund 248,100,014 228,242,993
As Per Balance Sheet 248,100,014 228,242,993
Schedules
95
for the year ended March 31, 2014
Annual Report 2013-14
c) Reconciliation with Shareholders’ and Policyholders’ Fund
Particulars Current Year Previous Year
Policyholders’ Funds
Policyholders’Funds-Traditional-PARandNON-PAR
OpeningBalanceofthePolicyholders’Fund 20,300,360 14,318,822
Add:SurplusoftheRevenueAccount – –
Add:ChangeinvaluationLiabilities 8,052,895 5,981,538
Total 28,353,255 20,300,360
As per Balance Sheet 28,353,255 20,300,360
Difference, if any – –
Policyholders’Funds-Linked*
OpeningBalanceofthePolicyholders’Fund 195,466,401 185,323,069
Add:SurplusoftheRevenueAccount (1,362,327) (1,863,193)
Add:ChangeinvaluationLiabilities 13,076,471 12,006,525
Total 207,180,545 195,466,401
As per Balance Sheet 207,180,544 195,466,402
Difference, if any – –
Shareholders’ Funds
Opening Balance of Shareholders’ Fund 12,476,234 10,732,754
Add:netincomeofShareholders’account(P&L) 3,707,536 5,415,031
Add: Infusion of Capital (2,799,972) –
Add:Credit/(Debit)/FairValueChangeAccount 1,382 (20)
Less:InterimDividend/Proposedandfinal&Dividenddistributiontaxthereon (818,965) (3,671,532)
Closing Balance of the Shareholders’ fund 12,566,215 12,476,233
As per Balance Sheet 12,566,215 12,476,233
* Includes Funds for Future Appropriations
34. TheBoardofDirectorsoftheCompanyhaveduringtheyearapprovedaninterimdividendaggregatingto`NIL(Previousyear:1,969,500)andproposedfinaldividendaggregatingto`700,000(Previousyear:1,181,700).
35. During the year, the Company has paid `199,924/-towardsservicetaxliabilityforwhichprovisionwasalreadymadeinearlieryearsandwasrecordedincommissionexpenses.Pursuanttosuchpayment,theCompany,beingentitledtoclaiminputcreditasperServiceTaxRules,hascreatedanassetforthesamewithcorrespondingcredittocommissionexpenses.
36. Debit balance in Profit & Loss account In accordance with IRDA (preparation of Financial Statements and Auditors’ Reports of Insurance Companies) Regulation 2002, debit balance
inProfitandLossaccountcarriedtotheBalanceSheethasbeenshownasdeductionfromGeneralreservetotheextentof` 406,127 as at 31st March 2014 (as at 31st March 2013 ` 406,127) and the balance of ` 9,130,223 as at 31st March 2014 (as at 31st March 2013 ` 12,018,793) is shown in Balance Sheet under application of funds.
37. Duringtheperiod,theCompanyhasreviseditsestimatewithrespecttoamountpayabletoinactiveadvisors.AsestimatedbytheCompany,outstandingbalancewouldbepayableuptooneyearpostagentbecominginactive.Previously,thesamewasreversedonagentbecominginactive.Accordingly,theCompanyhasrecorded`72,885towardsoutstandingbalanceforinactiveagentswithanageingofupto1yearinthe current year.
38. Thefiguresandnumbersundercolumnheaded“PreviousYear”inthefinancialstatementsunderreportweresubjectedtotheauditbythenjointauditorsvidetheirreportdated26thApril2013respectively.
Schedules
96
for the year ended March 31, 2014
Birla Sun Life Insurance
39. Previous year comparatives: Previousyearamountshavebeenreclassified,wherevernecessaryandtotheextentpossible,toconformtocurrentyear’sclassification.
Sr. No. Regrouped from Amount (Rs.) Regrouped to Reason
1 Gain/(Loss) on Amortisation 2,045 Interest,Dividend&Rent–Gross Amortised premium to be shown along withDiscountIncomeinFormA-PL
2 Gain/(Loss) on Amortisation 16,081 Interest,Dividend&Rent–Gross Amortised premium to be shown along with Discount Income in Form A-RA
3 Claims by Maturity 11,283 Otherbenefits–SurvivalandOthers SurvivalbenefitsmovedtoOtherbenefits
40. TheBonustoparticipatingpolicyholders,forcurrentyearasrecommendedbyAppointedActuaryhasbeenincludedinchangeinvaluationagainst policies in force.
For and on behalf of the Board of Directors
Kumar Mangalam Birla Donald A. Stewart Tarjani VakilChairman Director Director
Pankaj Razdan Mayank Bathwal Amit JainManaging Director & CEO Deputy Chief ChiefFinancialOfficer
ExecutiveOfficer
Anil Kumar Singh Ashish LakhtakiaChiefActuarialOfficer Company Secretary
Mumbai, 25th April, 2014 & Appointed Actuary
Schedules
97
for the year ended March 31, 2014
Annual Report 2013-14
Annexures to Schedule 16Fo
rm A
-RA
A
nnex
ure
1Re
venu
e Ac
coun
t for
the
year
end
ed 3
1st M
arch
201
4Po
licyh
olde
rs’ A
ccou
nt (T
echn
ical
Acc
ount
)(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Part
icul
ars
L
inke
d Bu
sine
ss
Non
Lin
ked
Busi
ness
PAR
No
n Li
nked
Bu
eine
ss
Indi
vidu
al
Life
Tota
l In
divi
dual
Li
fe
Grou
p Li
fe
Pen
sion
In
divi
dual
Gr
oup
Pe
nsio
n H
ealth
In
divi
dual
In
divi
dual
Li
fe
Grou
p Li
fe P
ensi
on
Indi
vidu
al
Grou
p
Pens
ion
Hea
lth
Indi
vidu
al
Prem
ium
ear
ned-
Net
(a)
Prem
ium
25,
607,
960
3,8
31,6
11
1,4
22,8
52
508
,064
1
34,0
12
8,8
47,8
01
3,9
02,8
39
344
,663
1
,195
,590
2
4,01
6 2
,511
,113
4
8,33
0,52
1 (b
) Re
insu
ranc
e ce
ded
(757
,242
) (1
,968
) (3
14)
–
(4,1
06)
(294
,378
) (8
16,3
25)
–
–
(3,5
44)
(4,1
31)
(1,8
82,0
08)
(c)
Rein
sura
nce
acce
pted
–
–
–
– –
–
–
–
–
–
–
–
Sub-
Tota
l 2
4,85
0,71
8 3
,829
,643
1
,422
,538
5
08,0
64
129
,906
8
,553
,423
3
,086
,514
3
44,6
63
1,1
95,5
90
20,
472
2,5
06,9
82
46,
448,
513
Inco
me
from
inve
stm
ents
(a)
Interest,Dividend&Rent-Gross
7,8
71,6
07
1,3
13,5
56
519
,884
3
66,0
83
15,
592
851
,529
6
22,1
06
19,
875
172
,790
4
43
5,0
18
11,
758,
483
(b)
ProfitonSale/Redem
ptionofInvestments
9,1
06,1
90
527
,728
7
42,7
63
147
,076
1
9,02
2 5
3,31
7 5
4,68
6 1
,244
1
5,02
3 2
8 1
,075
1
0,66
8,15
2 (c)
(Loss)onSale/Redem
ptionofInvestments
(6,5
20,5
94)
(401
,224
) (5
91,2
73)
(111
,820
) (1
5,26
2) (2
2,23
5) (1
0,56
8) (5
19)
(2,9
32)
(12)
(246
) (7
,676
,685
)(d)
Transfer/Gain(Loss)onrevaluation/changeinFairvalue
9,6
30,2
55
(2,2
15)
563
,624
(6
17)
17,
747
–
–
–
–
–
–
10,
208,
794
Sub-
Tota
l 2
0,08
7,45
8 1
,437
,845
1
,234
,998
4
00,7
22
37,
099
882
,611
6
66,2
24
20,
600
184
,881
4
59
5,8
47
24,
958,
744
Othe
r Inc
ome
(a)
Cont
ribut
ion
from
the
Shar
ehol
ders
’ Acc
ount
–
–
–
15,
929
–
703
,579
–
–
8
7,25
2 1
0,53
1 1
,763
,502
2
,580
,793
(b
) Ot
hers
(Int
eres
t etc
.) 1
91,2
88
24,
468
9,0
86
3,2
44
870
9
7,79
1 2
4,92
3 2
,590
7
,635
1
53
3,3
79
365
,427
Sub-
Tota
l 1
91,2
88
24,
468
9,0
86
19,
173
870
8
01,3
70
24,
923
2,5
90
94,
887
10,
684
1,7
66,8
81
2,9
46,2
20
TOTA
L (A
) 4
5,12
9,46
4 5
,291
,956
2
,666
,622
9
27,9
59
167
,875
1
0,23
7,40
4 3
,777
,661
3
67,8
53
1,4
75,3
58
31,
615
4,2
79,7
10
74,
353,
477
Com
mis
sion
782
,519
9
0 3
6,11
3 (7
4) 9
,662
8
66,0
26
13,
324
6,1
54
390
2
,336
6
30,5
90
2,3
47,1
30
OperatingExpensesrelatedtoInsuranceBusiness
2,8
65,6
17
126
,457
2
17,4
44
6,2
24
58,
327
3,4
77,4
80
213
,958
3
,282
2
8,08
4 2
1,80
5 3
,363
,029
1
0,38
1,70
7 Provisionfordoubtfuldebts
–
–
–
–
–
–
–
–
–
–
–
–
Bad
Debt
s w
ritte
n of
f –
–
–
–
–
–
–
–
–
–
–
–
ProvisionforTax
–
–
–
–
–
–
–
–
–
–
–
–
Provision(otherthantaxation)
–
–
–
–
–
–
–
–
–
–
–
–
(a)
Fordiminutioninthevalueofinvestment(net)
–
–
–
–
–
–
–
–
–
–
–
–
(b)
Others(tobespecified)
–
–
–
–
–
–
–
–
–
–
–
–
TOTA
L (B
) 3
,648
,136
1
26,5
47
253
,557
6
,150
6
7,98
9 4
,343
,506
2
27,2
82
9,4
36
28,
474
24,
141
3,9
93,6
19
12,
728,
837
Benefitspaid(N
et)
29,
710,
969
1,8
51,9
04
2,5
73,3
96
864
,265
1
,163
7
50,6
51
590
,946
6
,836
2
72,2
92
8,1
35
23,
727
36,
654,
284
Interim
BonusesPaid
–
–
–
––
–
–
–
– –
7
34
734
Changeinvaluationofliabilityagainstlifepoliciesinforce
–
(a)
Gros
s (5
59,5
02)
(3,8
88)
(253
,101
) (2
,796
) (1
1,41
4) 6
,676
,940
3
,034
,645
1
05,1
99
1,1
74,5
93
(653
) 2
69,5
90
10,
429,
613
(b)
FundReserve
7,3
07,4
33
3,2
47,6
67
(309
,750
) 6
0,34
2 6
6,74
8 –
–
–
–
–
–
1
0,37
2,44
0 (c)
FundReserve-PDF
2,6
65,7
08
–
38,
322
–
–
–
–
–
–
–
–
2,7
04,0
30
(d)
(Am
ount
ced
ed in
Re-
insu
ranc
e) (7
15,3
03)
827
(2
,344
) –
(1
7,18
2) (1
,533
,693
) (1
01,0
54)
–
–
(8)
(7,9
60)
(2,3
76,7
17)
(e)
Amou
nt a
ccep
ted
in R
e-in
sura
nce
–
–
–
–
–
–
–
–
–
–
–
–
TOTA
L (C
) 3
8,40
9,30
5 5
,096
,510
2
,046
,523
9
21,8
11
39,
315
5,8
93,8
98
3,5
24,5
37
112
,035
1
,446
,885
7
,474
2
86,0
91
57,
784,
384
Surp
lus/
(Defi
cit)
(D)
= (
A) -
(B) -
(C)
3,0
72,0
23
68,
899
366
,542
–
6
0,57
1 –
2
5,84
2 2
46,3
82
–
0
–
3,8
40,2
56
Appr
opria
tions
Tran
sfer
to S
hare
hold
ers
Acco
unt
4,2
64,6
82
68,
899
524
,632
–
7
1,86
4 –
2
5,84
2 2
46,3
82
–
0
–
5,2
02,2
99
TransfertoOtherReserves
–
–
–
–
–
–
–
–
–
– –
Ba
lanc
e be
ing
Fund
s fo
r Fut
ure
Appr
opria
tions
(1,1
92,6
58)
–
(158
,091
) –
(1
1,29
4) –
–
–
–
–
–
(1
,362
,043
)
TOTA
L (D
) 3
,072
,024
6
8,89
9 3
66,5
41
–
60,
570
–
25,
842
246
,382
–
0
–
3
,840
,256
Th
e to
tal s
urpl
us a
s m
entio
ned
belo
w:
(a)
Interim
BonusesPaid
–
–
–
–
–
–
–
–
– –
7
34
734
(b)
AllocationofBonustoPolicyholders
–
–
–
–
–
–
–
–
– –
3
80,0
45
380
,045
(c)
Surplus/(Deficit)show
nintheRevenueAccount
3,0
72,0
24
68,
899
366
,541
–
6
0,57
0 –
2
5,84
2 2
46,3
82
–
0
–
3,8
40,2
56
(d)
Tota
l Sur
plus
: {a+
b+c}
3,07
2,02
4 6
8,89
9 36
6,54
1 0
60,5
70
–
25,8
42
246,
382
0 0
.00
380
,779
4,
221,
035
98
for the year ended March 31, 2014
Birla Sun Life Insurance
Annexures to Schedule 16Fo
rm A
-RA
A
nnex
ure
1Re
venu
e Ac
coun
t for
the
year
end
ed 3
1st M
arch
201
3Po
licyh
olde
rs’ A
ccou
nt (T
echn
ical
Acc
ount
)(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Part
icul
ars
SCH
Link
ed B
usin
ess
Non
Lin
ked
Busi
ness
PAR
No
n Li
nked
Bu
sine
ss
Indi
vidu
al
Life
Tota
lIn
divi
dual
Li
fe
Grou
p Li
fe
Pen
sion
In
divi
dual
Gr
oup
Pens
ion
Heal
th
Indi
vidu
al
Indi
vidu
al
Life
Gr
oup
Life
Pens
ion
Indi
vidu
al
Grou
p Pe
nsio
nHe
alth
In
divi
dual
Prem
iumearned-Net
(a)
Prem
ium
1 3
1,05
9,35
4 3
,022
,158
2
,260
,924
3
83,1
79
161
,914
9
,537
,023
3
,894
,435
6
7,88
5 1
,454
,655
4
5,29
6 2
76,1
68
52,
162,
991
(b)
Rein
sura
nce
cede
d (7
69,7
04)
–
(337
) –
(5
,529
) (2
29,1
20)
(633
,778
) –
–
(6
,079
) (9
83)
(1,6
45,5
30)
(c)
Rein
sura
nce
acce
pted
–
–
–
– –
–
–
–
–
–
–
–
Sub-
Tota
l 3
0,28
9,65
0 3
,022
,158
2
,260
,587
3
83,1
79
156
,385
9
,307
,903
3
,260
,657
6
7,88
5 1
,454
,655
3
9,21
7 2
75,1
85
50,
517,
461
Incomefrominvestments
(a)
Interest,Dividend&Rent-Gross
7,5
58,5
61
1,1
17,3
86
564
,396
3
69,9
69
11,
050
367
,886
6
92,0
42
12,
093
246
,639
4
89
181
1
0,94
0,69
2 (b)
ProfitonSale/Redem
ptionofInvestments
9,6
31,5
48
476
,015
7
60,8
98
157
,382
1
3,89
5 8
,580
4
9,48
4 2
82
16,
776
11
–
11,
114,
871
(c)
(Loss)onSale/Redem
ptionofInvestments
(4,1
28,3
33)
(142
,600
) (3
48,4
37)
(47,
146)
(6,0
82)
(1,8
56)
(37,
316)
(61)
(12,
426)
(2)
–
(4,7
24,2
59)
(d)
Transfer/Gain(Loss)onrevaluation/changeinFairvalue
3,0
09,4
52
155
,129
1
59,9
70
61,
333
(615
) –
–
–
–
–
–
3
,385
,269
(e
) Ga
in/(L
oss)
on
Amor
tisat
ion
(7,9
50)
(40)
(959
) (2
4) (1
12)
(7,3
43)
718
(2
41)
(119
) (1
0) (1
) (1
6,08
1)
Sub-
Tota
l 1
6,06
3,27
8 1
,605
,890
1
,135
,868
5
41,5
14
18,
136
367
,267
7
04,9
28
12,
073
250
,870
4
88
180
2
0,70
0,49
2 Ot
her I
ncom
e(a
) Co
ntrib
utio
n fro
m th
e Sh
areh
olde
rs’ A
ccou
nt –
–
–
–
3
7,27
4 1
,943
,010
–
–
–
–
1
4,27
5 1
,994
,559
(b
) Ot
hers
(Int
eres
t etc
.) 2
30,6
83
19,
404
14,
516
2,4
60
1,0
40
61,
621
25,
004
436
9
,340
2
91
1,7
73
366
,568
Sub-
Tota
l 2
30,6
83
19,
404
14,
516
2,4
60
38,
314
2,0
04,6
31
25,
004
436
9
,340
2
91
16,
048
2,3
61,1
27
TOTA
L (A
) 4
6,58
3,61
1 4
,647
,452
3
,410
,971
9
27,1
53
212
,835
1
1,67
9,80
1 3
,990
,589
8
0,39
4 1
,714
,865
3
9,99
6 2
91,4
13
73,
579,
080
Com
mis
sion
2 1
,271
,106
(0
) 4
2,58
9 8
74
17,
971
1,5
69,9
99
22,
305
(191
) –
6
,913
7
3,20
1 3
,004
,767
Op
eratingExpensesrelatedtoInsuranceBusiness
3 4
,916
,681
7
5,21
1 2
77,0
06
(2,9
49)
32,
857
5,8
57,4
21
212
,774
5
,203
1
1,58
0 3
,170
2
08,0
93
11,
597,
047
Provisionfordoubtfuldebts
–
–
–
–
–
–
–
–
–
–
–
–
Bad
Debt
s w
ritte
n of
f –
–
–
–
–
–
–
–
–
–
–
–
ProvisionforTax
–
–
–
–
–
–
–
–
–
–
–
–
Provision(otherthantaxation)
–
–
–
–
–
–
–
–
–
–
–
–
(a)
Fordiminutioninthevalueofinvestment(net)
–
–
–
–
–
–
–
–
–
–
–
–
(b)
Others(tobespecified)
–
–
–
–
–
–
–
–
–
–
–
–
TOTA
L (B
) 6
,187
,787
7
5,21
1 3
19,5
95
(2,0
75)
50,
828
7,4
27,4
20
235
,079
5
,012
1
1,58
0 1
0,08
3 2
81,2
94
14,
601,
814
Benefitspaid(N
et)
4 3
0,51
5,50
6 1
,996
,748
2
,626
,081
3
37,6
94
15,
648
686
,888
3
65,6
40
3,0
60
29,
320
9,7
94
–
36,
586,
379
Interim
BonusesPaid
–
–
–
– –
–
–
–
– –
–
–
Changeinvaluationofliabilityagainstlifepoliciesinforce
–
(a)
Gros
s (1
,639
,662
) 2
,231
(2
61,3
90)
1,7
44
49,
060
4,1
64,3
94
3,2
52,6
89
5,0
58
1,5
68,2
26
(2,4
57)
10,
996
7,1
50,8
89
(b)
FundReserve
7,0
95,5
15
2,5
16,8
77
171
,750
5
49,5
31
60,
379
–
–
–
–
–
–
10,
394,
052
(c)
FundReserve-PDF
1,6
12,4
73
–
–
–
–
–
–
–
–
–
–
1,6
12,4
73
(d)
(Am
ount
ced
ed in
Re-
insu
ranc
e) (5
10,6
78)
1,4
40
(408
) –
4
,068
(5
98,9
01)
(63,
744)
–
–
(250
) (8
77)
(1,1
69,3
50)
(e)
Amou
nt a
ccep
ted
in R
e-in
sura
nce
–
–
–
–
–
–
–
–
–
–
–
–
TOTA
L (C
) 3
7,07
3,15
4 4
,517
,296
2
,536
,033
8
88,9
69
129
,155
4
,252
,381
3
,554
,585
8
,118
1
,597
,546
7
,087
1
0,11
9 5
4,57
4,44
3 Su
rplu
s/(D
efici
t) (D
) =
(A)
- (B
) - (C
) 3
,322
,670
5
4,94
5 5
55,3
43
40,
259
32,
852
–
200
,925
6
7,26
4 1
05,7
39
22,
826
– 4
,402
,823
Ap
prop
riatio
nsTr
ansf
er to
Sha
reho
lder
s Ac
coun
t 5
,136
,003
5
4,94
5 6
38,0
54
40,
259
–
–
200
,925
6
7,26
4 1
05,7
39
22,
826
–
6,2
66,0
15
TransfertoOtherReserves
–
–
–
–
–
–
–
–
– –
–
–
Bala
nce
bein
g Fu
nds
for F
utur
e Ap
prop
riatio
ns (1
,813
,333
) –
(8
2,71
1) –
3
2,85
2 –
–
–
–
–
–
(1
,863
,192
)
TOTA
L (D
) 3
,322
,670
5
4,94
5 5
55,3
43
40,
259
32,
852
–
200
,925
6
7,26
4 1
05,7
39
22,
826
–
4,4
02,8
23
The
tota
l sur
plus
as
men
tione
d be
low
:(a)
Interim
BonusesPaid
–
–
–
–
–
–
–
–
–
–
–
–
(b)
AllocationofBonustoPolicyholders
–
–
–
–
–
–
–
–
–
–
49,
379
49,
379
(c)
Surplus/(Deficit)show
nintheRevenueAccount
3,3
22,6
70
54,
945
555
,343
4
0,25
9 3
2,85
2 –
2
00,9
25
67,
264
105
,739
2
2,82
6 –
4
,402
,823
(d
) To
tal S
urpl
us: {
a+b+
c}3,
322,
670
54,9
45
555,
343
40,2
59
32,8
52
–
200,
925
67,2
64
105,
739
22,8
26
49,3
79
4,45
2,20
2
99
for the year ended March 31, 2014
Annual Report 2013-14
Annexures to Schedule 16Fo
rm A
-BS
Anne
xure
1Ba
lanc
e Sh
eet a
s at
31s
t Mar
ch 2
014
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Part
icul
ars
Link
ed B
usin
ess
Non
Lin
ked
Busi
ness
PAR
No
n Li
nked
Bu
sine
ss
Indi
vidu
al
Life
Shar
ehol
ders
Fund
T
otal
In
divi
dual
Li
fe
Grou
p Li
fe
Pen
sion
In
divi
dual
Gr
oup
Pens
ion
Heal
th
Indi
vidu
al
Indi
vidu
al
Life
Gr
oup
Life
P
ensi
on
Indi
vidu
al
Grou
p Pe
nsio
n He
alth
In
divi
dual
Sour
ces
of F
unds
Shar
ehol
ders
’ fun
ds:
Shar
e Ca
pita
l–
––
––
––
––
––
19,0
12,0
8019
,012
,080
ReservesandSurplus
––
––
––
––
––
–2,
682,
948
2,68
2,94
8Credit/(Debit)/FairValueChangeAccount
––
––
––
––
––
–1,
409
1,40
9
Sub-
Tota
l–
––
––
––
––
––
21,6
96,4
3721
,696
,437
Borr
owin
gs–
––
––
––
––
––
––
Policyholders’Funds:
Credit/(Debit)FairValueChangeAccount
––
––
–23
,022
17,6
00–
––
––
40,6
22PolicyLiabilities
2,93
2,90
025
,319
251,
229
14,3
4672
,178
11,8
05,3
209,
025,
343
268,
122
3,68
2,27
64,
473
271,
749
–28
,353
,255
InsuranceReserves
––
––
––
––
––
–ProvisionforLinkedLiabilities
152,
241,
056
19,4
00,0
339,
945,
901
5,40
6,71
823
8,93
4–
––
––
––
187,
232,
642
Fund
s fo
r dis
cont
inue
d po
licie
s(i)
Di
scon
tinue
d on
acc
ount
of
non
-pay
men
t of p
rem
ium
4,71
6,12
0–
38,3
22–
––
––
––
––
4,75
4,44
2
(ii)
Othe
rsCredit/(Debit)FairValueChangeAccount
(Lin
ked)
13,6
94,0
2212
4,49
458
9,15
134
,696
17,7
47–
––
––
––
14,4
60,1
10
Tota
l Lin
ked
Liab
ilitie
s17
0,65
1,19
819
,524
,527
10,5
73,3
755,
441,
414
256,
681
––
––
––
–20
6,44
7,19
4
Sub-
Tota
l17
3,58
4,09
819
,549
,846
10,8
24,6
035,
455,
760
328,
859
11,8
28,3
429,
042,
943
268,
122
3,68
2,27
64,
473
271,
749
–23
4,84
1,07
1Fu
nds
for F
utur
e Ap
prop
riatio
n–
Link
ed L
iabi
litie
s62
4,48
5–
47,9
45–
60,9
21–
––
––
––
733,
351
Tota
l17
4,20
8,58
319
,549
,846
10,8
72,5
485,
455,
760
389,
780
11,8
28,3
429,
042,
943
268,
122
3,68
2,27
64,
473
271,
749
21,6
96,4
3725
7,27
0,85
9Ap
plic
atio
n of
Fun
dsIn
vest
men
tsSh
areh
olde
rs’
––
––
––
––
––
–13
,292
,091
13,2
92,0
91Policyholders’
4,47
1,01
225
,319
299,
173
14,3
4613
3,10
011
,805
,320
7,03
0,05
827
0,34
53,
682,
276
4,47
327
1,74
9–
28,0
07,1
70AssetsHeldtoCoverLinkedLiabilities
170,
651,
198
19,5
24,5
2710
,573
,375
5,44
1,41
425
6,68
0–
––
––
––
206,
447,
194
Loan
s28
4,66
9–
––
––
––
––
––
284,
669
FixedAssets
211,
539
31,6
5211
,754
4,19
71,
107
73,0
8932
,240
2,84
79,
876
198
20,7
44–
399,
243
Curr
ent A
sset
sCa
sh a
nd B
ank
Bala
nces
2,77
5,78
341
5,32
915
4,23
155
,072
14,5
2695
9,06
042
3,05
037
,360
129,
596
2,60
310
9,98
722
85,
076,
825
AdvancesandOtherAssets*
1,58
8,31
831
1,52
8(2
95,5
39)
23,7
296,
331
1,81
9,87
5(2
27,0
48)
23,2
1455
,844
5,08
722
4,83
34,
816
3,54
0,98
8
Sub-
Tota
l (A)
4,36
4,10
172
6,85
7(1
41,3
08)
78,8
0120
,857
2,77
8,93
419
6,00
260
,574
185,
440
7,69
033
4,81
95,
044
8,61
7,81
3Cu
rren
t Lia
bilit
ies
4,64
0,10
547
7,53
416
2,92
163
,339
38,6
671,
216,
942
570,
367
43,0
2514
9,18
6(1
9,49
6)44
3,84
7–
7,78
6,43
7Provisions
593,
975
88,8
7433
,003
11,7
843,
108
205,
224
90,5
267,
994
27,7
3255
758
,245
851,
121,
107
Sub-
Tota
l (B)
5,23
4,08
156
6,40
819
5,92
475
,123
41,7
761,
422,
165
660,
893
51,0
1917
6,91
7(1
8,93
9)50
2,09
285
8,90
7,54
4Ne
t Cur
rent
Ass
ets
(C) =
(A -
B)
(869
,980
)16
0,44
9(3
37,2
32)
3,67
8(2
0,91
9)1,
356,
769
(464
,891
)9,
554
8,52
226
,629
(167
,272
)4,
959
(289
,731
)MiscellaneousExpenditure
––
––
––
––
––
––
–(TotheextentnotwrittenofforAdjusted)
DebitB
alanceinProfitandLossAccount
(Sha
reho
lder
s’ A
ccou
nt)
––
––
––
––
––
–9,
130,
223
9,13
0,22
3
Tota
l17
4,74
8,43
819
,741
,947
10,5
47,0
695,
463,
635
369,
968
13,2
35,1
786,
597,
406
282,
746
3,70
0,67
531
,300
125,
221
22,4
27,2
7325
7,27
0,85
9
Note
:Advancesandotherassetsallocatedtoshareholders’includetaxassets.
100
for the year ended March 31, 2014
Birla Sun Life Insurance
Annexures to Schedule 16Fo
rm A
-BS
Anne
xure
1Ba
lanc
e Sh
eet a
s at
31s
t Mar
ch 2
013
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Part
icul
ars
Link
ed B
usin
ess
Non
Link
ed B
usin
ess
PAR
No
n Li
nked
Bu
sine
ss
Indi
vidu
al
Life
Shar
ehol
ders
Fu
nd
Tota
l In
divi
dual
Li
fe
Grou
p
Life
Pe
nsio
n In
divi
dual
Gr
oup
Pens
ion
Heal
th
Indi
vidu
al
Indi
vidu
al
Life
Gr
oup
Li
fe
Pens
ion
Indi
vidu
al
Grou
p Pe
nsio
n He
alth
In
divi
dual
Sour
ces
of F
unds
Shar
ehol
ders
’ fun
ds:
Shar
e Ca
pita
l–
––
––
––
––
––
19,6
95,0
0019
,695
,000
ReservesandSurplus
––
––
––
––
––
–5,
206,
127
5,20
6,12
7Credit/(Debit)/FairValueChangeAccount
––
––
––
––
––
–27
27
Sub-
Tota
l–
––
––
––
––
––
24,9
01,1
5424
,901
,154
Borr
owin
gs–
––
––
––
––
––
––
Policyholders'Funds:
Credit/(Debit)FairValueChangeAccount
––
––
–(1
,916
)(1
,751
)–
––
––
(3,6
67)
PolicyLiabilities
4,20
7,70
528
,380
506,
674
17,1
4210
0,77
56,
662,
073
6,09
1,75
216
2,92
22,
507,
683
5,13
510
,119
–20
,300
,360
InsuranceReserves
––
––
––
––
––
––
–ProvisionforLinkedLiabilities
154,
688,
354
16,1
50,5
4710
,700
,233
5,33
9,31
319
0,54
9–
––
––
––
187,
068,
996
Fund
s fo
r dis
cont
inue
d po
licie
s(i)
Di
scon
tinue
d on
acc
ount
of
non
-pay
men
t of p
rem
ium
2,05
0,41
2–
––
––
––
––
––
2,05
0,41
2
(ii)
Othe
rs–
––
––
––
––
––
––
Credit/(Debit)FairValueChangeAccount(Linked)
3,93
9,29
212
6,31
114
4,56
941
,758
(615
)–
––
––
––
4,25
1,31
5
Tota
l Lin
ked
Liab
ilitie
s16
0,67
8,05
816
,276
,858
10,8
44,8
025,
381,
071
189,
934
––
––
––
–19
3,37
0,72
3
Sub-
Tota
l16
4,88
5,76
316
,305
,238
11,3
51,4
765,
398,
213
290,
709
6,66
0,15
76,
090,
002
162,
922
2,50
7,68
35,
135
10,1
19–
213,
667,
416
Fund
s fo
r Fut
ure
Appr
opria
tion
– Li
nked
Lia
bilit
ies
1,81
7,42
8–
206,
035
–72
,215
––
––
––
–2,
095,
678
Tota
l16
6,70
3,19
116
,305
,238
11,5
57,5
115,
398,
213
362,
924
6,66
0,15
76,
090,
002
162,
922
2,50
7,68
35,
135
10,1
1924
,901
,154
240,
664,
248
Appl
icat
ion
of F
unds
Inve
stm
ents
Shar
ehol
ders
’–
––
––
––
––
––
13,7
06,8
7013
,706
,870
Policyholders’
7,30
4,68
328
,380
721,
219
17,1
4217
2,99
06,
662,
073
4,58
9,08
817
1,80
62,
507,
683
5,13
534
,469
–22
,214
,668
AssetsHeldtoCoverLinkedLiabilities
160,
678,
058
16,2
76,8
5810
,844
,802
5,38
1,07
118
9,93
4–
––
––
––
193,
370,
723
Loan
s28
0,69
0–
––
––
––
––
––
280,
690
FixedAssets
203,
844
19,8
3514
,839
2,51
51,
063
62,5
9225
,560
446
9,54
729
71,
813
–34
2,35
1Cu
rren
t Ass
ets
Cash
and
Ban
k Ba
lanc
es3,
237,
940
315,
060
235,
702
39,9
4616
,880
994,
235
405,
995
7,07
715
1,64
84,
722
30,5
582,
671
5,44
2,43
4AdvancesandOtherAssets*
1,28
4,42
627
5,64
993
,992
15,9
306,
731
1,13
0,58
316
9,19
89,
706
60,4
737,
189
12,2
382,
416
3,06
8,52
8
Sub-
Tota
l (A)
4,52
2,36
659
0,70
932
9,69
455
,876
23,6
112,
124,
817
575,
193
16,7
8321
2,12
111
,911
42,7
965,
087
8,51
0,96
2Cu
rren
t Lia
bilit
ies
5,36
0,18
042
8,57
961
6,23
946
,628
39,4
831,
031,
482
820,
905
20,7
7117
6,38
3(1
0,53
2)43
,987
–8,
574,
105
Provisions
959,
953
93,4
0669
,878
11,8
435,
004
294,
761
120,
365
2,09
844
,959
1,40
08,
536
628
1,61
2,83
2
Sub-
Tota
l (B)
6,32
0,13
252
1,98
568
6,11
858
,471
44,4
871,
326,
243
941,
270
22,8
6922
1,34
2(9
,133
)52
,522
628
10,1
86,9
37Ne
t Cur
rent
Ass
ets
(C) =
(A-B
)(1
,797
,767
)68
,723
(356
,424
)(2
,595
)(2
0,87
7)79
8,57
4(3
66,0
77)
(6,0
86)
(9,2
21)
21,0
43(9
,726
)4,
458
(1,6
75,9
75)
MiscellaneousExpenditure
––
––
––
––
––
––
–(TotheextentnotwrittenofforAdjusted)
DebitB
alanceinProfitandLossAccount
(Sha
reho
lder
s’ A
ccou
nt)
––
––
––
––
––
–12
,424
,921
12,4
24,9
21
Tota
l16
6,66
9,50
816
,393
,796
11,2
24,4
365,
398,
133
343,
110
7,52
3,23
94,
248,
571
166,
166
2,50
8,00
926
,476
26,5
5526
,136
,248
240,
664,
248
Note
:Advancesandotherassetsallocatedtoshareholders’includetaxassets.
101
for the year ended March 31, 2014
Annual Report 2013-14
Annexures to Schedule 16SC
HEDU
LE 1
An
nexu
re 1
Prem
ium
for t
he y
ear e
nded
Mar
ch 2
014
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Part
icul
ars
L
inke
d Bu
sine
ss
Non
Lin
ked
Busi
ness
PAR
No
n Li
nked
Bu
sine
ss
Indi
vidu
al
Life
Tota
l In
divi
dual
Li
fe
Gro
up L
ife
Pen
sion
In
divi
dual
G
roup
Pe
nsio
n H
ealth
In
divi
dual
In
divi
dual
Li
fe
Grou
p Li
fe P
ensi
on
Indi
vidu
al
Grou
p Pe
nsio
n H
ealth
In
divi
dual
FirstYearP
remiums
2,9
87,6
13
3,7
03,0
50
490
,667
1
74,9
56
20,
655
2,5
06,2
04
3,0
28,8
02
(1,8
61)
1,1
45,8
79
9,8
85
2,3
21,3
22
16,
387,
172
RenewalPremiums
22,
497,
320
128
,561
9
27,3
10
333
,108
1
13,3
57
6,3
02,9
11
742
,138
5
7,28
3 4
9,71
1 1
4,13
1 1
89,7
91
31,
355,
621
SinglePremiums
123
,027
–
4
,875
–
–
3
8,68
6 1
31,8
99
289
,241
–
–
–
5
87,7
28
Tota
l Gro
ss P
rem
ium
s 2
5,60
7,96
0 3
,831
,611
1
,422
,852
5
08,0
64
134
,012
8
,847
,801
3
,902
,839
3
44,6
63
1,1
95,5
90
24,
016
2,5
11,1
13
48,
330,
521
SCHE
DULE
1
Anne
xure
1Pr
emiu
m fo
r the
yea
r end
ed M
arch
201
3(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Part
icul
ars
L
inke
d Bu
sine
ss
Non
Lin
ked
Busi
ness
PAR
No
n Li
nked
Bu
sine
ss
Indi
vidu
al
Life
Tota
l In
divi
dual
Li
fe
Gro
up
Life
P
ensi
on
Indi
vidu
al
Gro
up
Pens
ion
Hea
lth
Indi
vidu
al
Indi
vidu
al
Life
Gr
oup
Li
fe P
ensi
on
Indi
vidu
al
Grou
p Pe
nsio
n H
ealth
In
divi
dual
FirstYearP
remiums
4,5
59,4
20
3,0
01,7
02
198
,674
4
3,69
9 6
1,22
4 5
,186
,685
3
,331
,976
(1
5,27
6) 1
,429
,786
2
7,93
7 2
76,1
68
18,
101,
995
RenewalPremiums
26,
397,
724
20,
456
2,0
48,6
52
339
,480
1
00,6
90
4,2
91,5
60
485
,764
7
1,30
7 2
4,86
9 1
7,35
9 –
3
3,79
7,86
1
SinglePremiums
102
,210
–
1
3,59
8 –
–
5
8,77
8 7
6,69
5 1
1,85
4 –
–
–
2
63,1
35
Tota
l Gro
ss P
rem
ium
s 3
1,05
9,35
4 3
,022
,158
2
,260
,924
3
83,1
79
161
,914
9
,537
,023
3
,894
,435
6
7,88
5 1
,454
,655
4
5,29
6 2
76,1
68
52,
162,
991
102
for the year ended March 31, 2014
Birla Sun Life Insurance
Annexures to Schedule 16SC
HEDU
LE 2
An
nexu
re 1
Com
mis
sion
Exp
ense
s fo
r the
yea
r end
ed M
arch
201
4(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Part
icul
ars
Link
ed B
usin
ess
Non
Lin
ked
Busi
ness
PAR
No
n Li
nked
Bu
sine
ss
Indi
vidu
al
Life
Tot
al
Indi
vidu
al
Life
G
roup
Li
fe
Pen
sion
In
divi
dual
P
ensi
on
Grou
p H
ealth
In
divi
dual
In
divi
dual
Li
fe
Grou
p Li
fe P
ensi
on
Indi
vidu
al
Gro
up
Pens
ion
Hea
lth
Indi
vidu
al
Com
mis
sion
Pai
dDirect-FirstYearP
remiums
228
,310
(2
6) 2
1,91
5 (9
4) 3
,847
6
04,0
58
7,9
53
(143
) 3
90
1,9
11
618
,240
1
,486
,361
RenewalPremiums
552
,491
1
16
14,
121
20
5,8
15
261
,263
3
,755
8
88
0
425
1
2,35
0 8
51,2
44
SinglePremiums
1,7
18
–
77
–
–
705
1
,616
5
,409
–
–
– 9
,525
Sub-
Tota
l 7
82,5
19
90
36,
113
(74)
9,6
62
866
,026
1
3,32
4 6
,154
3
90
2,3
36
630
,590
2
,347
,130
Add:
Com
mis
sion
on
Re
-insu
ranc
e Ac
cept
ed
–
–
–
–
–
–
–
–
–
–
–
–
Less
: Com
mis
sion
on
Re
-insu
ranc
e Ce
ded
–
–
–
–
–
–
–
–
–
–
–
–
Net C
omm
issi
on 7
82,5
19
90
36,
113
(74)
9,6
62
866
,026
1
3,32
4 6
,154
3
90
2,3
36
630
,590
2
,347
,130
SCHE
DULE
2
Anne
xure
1Co
mm
issi
on E
xpen
ses
for t
he y
ear e
nded
Mar
ch 2
013
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Part
icul
ars
L
inke
d Bu
sine
ss
Non
Lin
ked
Busi
ness
PAR
No
n Li
nked
Bu
sine
ss
Indi
vidu
al
Life
Tot
al
Indi
vidu
al
Life
G
roup
Li
fe
Pen
sion
In
divi
dual
P
ensi
on
Grou
p H
ealth
In
divi
dual
In
divi
dual
Li
fe
Grou
p Li
fe P
ensi
on
Indi
vidu
al
Gro
up
Pens
ion
Hea
lth
Indi
vidu
al
Com
mis
sion
Pai
d
Direct-FirstYearP
remiums
306
,055
(9
5) 9
,413
8
57
12,
750
1,3
98,7
00
18,
624
(1,4
13)
–
6,3
92
73,
201
1,8
24,4
84
RenewalPremiums
963
,474
9
5 3
2,94
2 1
7 5
,221
1
70,1
44
2,1
79
1,1
81
–
521
–
1
,175
,774
SinglePremiums
1,5
77
–
234
–
–
1
,155
1
,502
4
1 –
–
–
4
,509
Sub-
Tota
l 1
,271
,106
–
42,
589
874
1
7,97
1 1
,569
,999
2
2,30
5 (1
91)
–
6,9
13
73,
201
3,0
04,7
67
Add:
Com
mis
sion
on
Re
-insu
ranc
e Ac
cept
ed
–
–
–
–
–
–
–
–
–
–
–
–
Less
: Com
mis
sion
on
Re
-insu
ranc
e Ce
ded
–
–
–
–
–
–
–
–
–
–
–
–
Net C
omm
issi
on 1
,271
,106
–
42,
589
874
1
7,97
1 1
,569
,999
2
2,30
5 (1
91)
–
6,9
13
73,
201
3,0
04,7
67
103
for the year ended March 31, 2014
Annual Report 2013-14
Annexures to Schedule 16SC
HEDU
LE 3
An
nexu
re 1
Oper
atin
g Ex
pens
es R
elat
ed to
Insu
ranc
e Bu
sine
ss fo
r the
yea
r end
ed M
arch
201
4(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Sr.
No.
Part
icul
ars
Link
ed B
usin
ess
Non
Link
ed B
usin
ess
PAR
No
n Li
nked
Bu
sine
ss
Indi
vidu
al
Life
Tota
lIn
divi
dual
Li
fe
Gro
up
Life
P
ensi
on
Indi
vidu
al
Gro
up
Pens
ion
Hea
lth
Indi
vidu
al
Indi
vidu
al
Life
G
roup
Li
fe
Pen
sion
In
divi
dual
G
roup
Pe
nsio
n H
ealth
In
divi
dual
1Em
ploy
ees’
rem
uner
atio
n90
0,18
963
,330
121,
005
4,63
517
,560
1,95
0,69
652
,424
2,19
818
,607
13,2
801,
920,
467
5,06
4,39
12
Travel,conveyanceandvehicle
runningexpenses
25,5
564,
758
4,15
724
561
569
,394
4,02
682
1,45
949
669
,887
180,
675
3Trainingexpenses
3,11
4(2
1)94
8(0
)14
417
,655
(20)
20(7
)13
018
,823
40,7
864
Rents,ratesandtaxes
161,
111
5,07
618
,065
240
2,64
426
9,15
44,
333
330
1,57
11,
872
250,
111
714,
507
5Re
pairs
& m
aint
enan
ce42
,052
405
6,18
819
919
100,
916
345
120
125
719
99,7
0625
1,51
46
Printingandstationery
17,5
6327
71,
743
1027
433
,831
481
1598
164
32,7
3287
,188
7Communicationexpenses
47,2
401,
457
4,24
073
610
56,9
831,
240
7244
938
248
,760
161,
506
8Le
gal a
nd p
rofe
ssio
nal c
harg
es32
,505
926
3,19
062
457
44,3
3975
056
274
303
39,4
7712
2,33
99
Med
ical
fees
18,7
976
––
13,
553
17,5
28–
–16
475
40,3
7610
Auditor’sfees,expenses,etc.
––
––
––
––
––
––
(a)
i) as
aud
itor
2,28
349
153
222
1,67
742
215
101,
145
5,40
0
ii)outofpocketexpenses
265
618
02
194
50
21
133
626
(b)asadvisororinanyothercapacity,
in re
spec
t of
––
––
––
––
––
––
i)Taxationservices/matters
––
––
––
––
––
––
ii)Managem
entservices
429
929
04
315
80
32
215
1,01
411
Advertisementandpublicity
114,
500
4,51
711
,002
167
1,93
230
3,69
27,
869
(72)
1,59
896
031
0,92
175
7,08
512
Inte
rest
and
ban
k ch
arge
s73
,417
–5,
359
–75
962
,817
–85
–40
213
,916
156,
755
13Ot
hers
:1)Distributionexpenses
79,0
2716
8,16
0(2
9)1,
407
214,
755
2,60
6(2
5)13
475
522
0,06
852
6,87
42)
Ag
ents
recr
uitm
ent,s
emin
ar a
nd
otherexpenses
1,56
4(0
)19
8(0
)33
4,59
940
12
214,
728
11,1
86
3)Recruitmentandsem
inarexpenses
2,39
23,
928
1,03
120
615
219
,710
3,31
822
1,20
314
421
,592
53,6
984)ITexpenses(includingmaintenance)
106,
686
5,21
69,
460
246
1,36
212
6,11
54,
452
161
1,61
484
710
7,11
336
3,27
25)Policystam
ps8,
984
382,
463
9112
127
,989
112,
709
–26
612
78,
786
161,
574
6)(Profit)/Lossonsaleofassets
(1,8
09)
(47)
(53)
(1)
(7)
21(4
3)(0
)(1
5)2
613
(1,3
39)
7)ServiceTaxexpenditureincluding
provisionforunutilisedcredit*
(52,
024)
(970
)(3
,997
)(4
6)(5
69)
(48,
674)
(828
)(6
5)(3
00)
(316
)(4
86)
(108
,275
)
8)Electricityexpenses
27,0
5620
64,
351
1064
872
,631
176
8664
521
72,7
9717
8,54
69)Miscellaneousexpenses
3,60
767
427
015
91
(100
)30
46
126
(1)
955,
141
10)Ou
tsourcingexpenses
80,1
151,
564
6,77
880
971
87,7
691,
322
114
480
584
72,7
1325
2,49
014
Depr
ecia
tion
50,5
151,
036
4,37
855
628
57,4
4987
174
316
384
48,2
4316
3,94
915
Servicetaxonpremium
1,12
0,48
334
,001
8,30
8–
27,6
37–
––
––
–1,
190,
429
Tota
l2,
865,
617
126,
457
217,
444
6,22
458
,327
3,47
7,48
021
3,95
83,
282
28,0
8421
,805
3,36
3,02
910
,381
,707
104
for the year ended March 31, 2014
Birla Sun Life Insurance
Annexures to Schedule 16SC
HEDU
LE 3
An
nexu
re 1
Oper
atin
g Ex
pens
es R
elat
ed to
Insu
ranc
e Bu
sine
ss fo
r the
yea
r end
ed M
arch
201
3(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Sr.
No.
Part
icul
ars
Link
ed B
usin
ess
Non
Link
ed B
usin
ess
PAR
No
n Li
nked
Bu
sine
ss
Indi
vidu
al
Life
Tota
lIn
divi
dual
Li
fe
Grou
p Li
fe
Pens
ion
Indi
vidu
al
Grou
p Pe
nsio
n He
alth
In
divi
dual
In
divi
dual
Li
fe
Grou
p Li
fe
Pens
ion
Indi
vidu
al
Grou
p Pe
nsio
n He
alth
In
divi
dual
1Em
ploy
ees'
rem
uner
atio
n, w
elfa
re
benefitsandotherm
anpowercosts
1,63
7,99
5 6
,070
8
3,05
0 (6
,165
) 4
,757
3
,438
,901
5
4,23
6 2
,031
1
,523
2
,323
1
08,2
65
5,3
32,9
86
2Travel,conveyanceandvehiclerunning
expenses
80,
057
312
4
,411
1
51
530
1
44,1
20
4,6
75
112
9
1 2
57
4,7
14
239
,430
3Trainingexpenses
(2,7
77)
(51)
(986
) 7
(5
) 6
8,23
3 2
1 (4
0) (2
9) (2
) 2
,830
6
7,20
1 4
Rents,ratesandtaxes
285
,527
6
16
16,
347
96
59
484
,411
9
72
410
3
05
17
17,
176
805
,936
5
Repa
irs &
mai
nten
ance
74,
325
116
3
,555
1
9 1
1 1
85,9
70
189
7
8 5
8 3
6
,681
2
71,0
05
6Printingandstationery
45,
627
101
2
,663
1
6 1
0 6
9,34
4 2
78
70
50
3
2,0
26
120
,188
7
Communicationexpenses
105
,887
1
76
7,1
10
78
32
101
,808
9
52
200
7
6 1
3 3
,298
2
19,6
30
8Le
gal a
nd p
rofe
ssio
nal c
harg
es 1
7,58
7 5
35
1,3
85
325
1
3 3
,756
1
,540
1
1 6
0 1
(8
43)
24,
370
9M
edic
al fe
es 1
3,91
8 –
2
3 –
1
08
41,
215
812
0
–
2
23
677
5
6,97
6 10
Auditor'sfees,expenses,etc.
(a)
i) as
aud
itor
3,2
43
291
2
39
41
16
978
4
16
7
142
5
2
2 5
,400
ii)outofpocketexpenses
221
(5
) 1
9 4
1
4
9 3
8 0
(0
)(0
) (5
) 3
22
(b)asadvisororinanyothercapacity,
in re
spec
t of
i)Taxationservices/matters
–
–
–
–
–
–
–
–
–
–
–
–
ii)Managem
entservices
807
5
8 6
1 1
1 4
2
33
109
2
3
0 1
2
1
,318
11
Advertisementandpublicity
441
,989
1
,398
2
8,13
7 (3
54)
114
4
49,9
69
5,4
84
876
6
43
31
18,
381
946
,668
12
Inte
rest
and
ban
k ch
arge
s 6
2,12
8 5
,457
4
,563
9
50
281
1
6,15
7 7
,050
1
20
2,3
65
76
340
9
9,48
7 13
Othe
rs
1)DistributionExpenses
83,
225
–
4,0
87
–
–
346
,848
–
–
–
–
2
9,07
2 4
63,2
32
2)
Agen
ts re
crui
tmen
t, se
min
ar a
nd
otherexpenses
2,1
02
–
(37)
–
–
22,
939
–
(6)
–
–
1,6
30
26,
628
3)RecruitmentandSem
inarexpenses
45,
019
233
2
,852
6
6 1
2 6
1,88
8 2
42
64
60
3
2,8
25
113
,264
4)ITExpenses(incl.m
aintenance)
296
,407
9
26
21,
806
141
8
8 8
9,40
9 1
,436
6
25
458
2
5 2
,064
4
13,3
85
5)PolicyStam
ps
13,
804
56
20
–
–
40,
917
117
,412
–
5
–
6
15
172
,829
6)(Profit)/Lossonsaleofassets
4,1
14
691
2
67
40
27
1,4
69
405
1
3 3
08
7
114
7
,455
7)ServiceTaxexpenditureincluding
provisionforunutilisedcredit*
–
–
–
–
–
–
–
–
–
–
–
–
8)ElectricityExpenses
53,
111
82
2,3
62
12
8
142
,068
1
22
54
40
2
4,7
46
202
,607
9)Miscellaneousexpenses
20,
726
1,3
79
1,5
79
279
9
5 5
,911
2
,843
3
7 7
17
29
13
33,
608
10)Ou
tsourcingExpenses
188
,763
1
73
12,
566
33
15
109
,493
3
19
321
8
2 4
2
,700
3
14,4
69
14De
prec
iatio
n 1
03,5
19
9,4
37
7,6
06
1,3
01
527
3
1,33
5 1
3,22
3 2
18
4,5
96
149
7
50
172
,661
15
ServiceTaxonPremium
1,3
39,3
57
47,
160
73,
321
–
26,
154
–
–
–
–
–
–
1,4
85,9
92
Tota
l 4
,916
,681
7
5,21
1 2
77,0
06
(2,9
49)
32,
857
5,8
57,4
21
212
,774
5
,203
1
1,58
0 3
,170
2
08,0
93
11,5
97,0
47
105
for the year ended March 31, 2014
Annual Report 2013-14
Annexures to Schedule 16SC
HEDU
LE 4
An
nexu
re 1
Bene
fits
Paid
(Net
) for
the
year
end
ed M
arch
201
4(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Sr.
No.
Part
icul
ars
L
inke
d Bu
sine
ss
Non
Lin
ked
Bus
ines
sPA
R
Non
Link
ed
Busi
ness
In
divi
dual
Li
fe
Tota
l In
divi
dual
Li
fe
Gro
up
Life
P
ensi
on
Indi
vidu
al
Gro
up
Pens
ion
Hea
lth
Indi
vidu
al
Indi
vidu
al
Life
Gr
oup
Life
Pen
sion
In
divi
dual
G
roup
Pe
nsio
n H
ealth
In
divi
dual
1In
sura
nce
Clai
ms
(a)
Clai
ms
by D
eath
1,4
97,5
31
–
50,
227
3,4
85
221
9
92,5
55
826
,420
1
,032
4
97
622
2
2,34
0 3
,394
,930
(b)
Clai
ms
by M
atur
ity 5
22,7
03
–
69,
709
–
–
7,3
49
–
–
–
–
–
599
,761
(c)Annuities/PensionPayment
–
–
–
–
–
–
159
4
,390
–
–
–
4
,549
(d)Otherbenefits
(i)
Su
rren
der
27,
939,
615
1,8
51,9
04
2,4
52,2
97
860
,780
2
,432
2
2,02
1 4
12,6
31
436
2
71,7
95
2,2
30
62
33,
816,
203
(ii
) Ri
ders
20,
837
–
200
–
–
2
1,73
8 1
1,59
9 –
–
–
1
,328
5
5,70
2
(ii
i) He
alth
–
–
–
–
(78)
–
–
–
–
8,9
44
–
8,8
66
(iv)
SurvivalandOthers
176
,699
–
9
64
–
202
4
,359
–
9
78
–
25
(3)
183
,224
2(A
mou
nt c
eded
in re
insu
ranc
e):
(a)
Clai
ms
by D
eath
(446
,416
) –
(1
) –
–
(2
97,3
71)
(659
,863
) –
–
–
–
(1
,403
,651
)
(b)
Clai
ms
by M
atur
ity –
–
–
–
–
–
–
–
–
–
–
–
(c)Annuities/PensionPayment
–
–
–
–
–
–
–
–
–
–
–
–
(d)Otherbenefits(H
ealth)
–
–
–
–
(1,6
14)
–
–
–
–
(3,6
86)
–
(5,3
00)
3Am
ount
acc
epte
d in
rein
sura
nce:
(a)
Clai
ms
by D
eath
–
–
–
–
–
–
–
–
–
–
–
–
(b)
Clai
ms
by M
atur
ity –
–
–
–
–
–
–
–
–
–
–
–
(c)Annuities/PensionPayment
–
–
–
–
–
–
–
–
–
–
–
–
(d)Otherbenefits
–
–
–
–
–
–
–
–
–
–
–
–
Tota
l 2
9,71
0,96
9 1
,851
,904
2
,573
,396
8
64,2
65
1,1
63
750
,651
5
90,9
46
6,8
36
272
,292
8
,135
2
3,72
7 3
6,65
4,28
4
106
for the year ended March 31, 2014
Birla Sun Life Insurance
Annexures to Schedule 16SC
HEDU
LE 4
An
nexu
re 1
Bene
fits
Paid
(Net
) for
the
year
end
ed M
arch
201
3(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Sr.
No.
Part
icul
ars
Link
ed B
usin
ess
Non
Link
ed B
usin
ess
PAR
No
n Li
nked
Bu
sine
ss
Indi
vidu
al
Life
Tota
lIn
divi
dual
Li
fe
Grou
p Li
fe
Pens
ion
Indi
vidu
al
Grou
p Pe
nsio
n He
alth
In
divi
dual
In
divi
dual
Li
fe
Grou
p Li
fePe
nsio
n In
divi
dual
Gr
oup
Pens
ion
Heal
th
Indi
vidu
al
1In
sura
nce
Clai
ms:
(a)
Clai
ms
by D
eath
1,52
5,97
2–
51,2
172,
284
475
947,
154
607,
280
302
233
––
3,13
4,91
7
(b)
Clai
ms
by M
atur
ity24
5,44
3–
5,78
1–
–12
,380
–3
––
–26
3,60
7
(c)Annuities/PensionPayment
–10
3–
––
––
2,01
5–
––
2,11
8
(d)OtherB
enefits(Surrender/
Withdraw
als/Health)
29,2
59,9
091,
996,
645
2,56
9,08
333
5,41
015
,252
38,3
9024
4,80
774
029
,087
10,1
80–
34,4
99,5
03
2(A
mou
nt c
eded
in re
insu
ranc
e):
(a)
Clai
ms
by D
eath
(515
,153
)–
––
–(3
08,6
99)
(486
,447
)–
––
–(1
,310
,299
)
(b)
Clai
ms
by M
atur
ity–
––
––
––
––
––
–
(c)Annuities/PensionPayment
––
––
––
––
––
––
(d)OtherB
enefits(H
ealth)
(665
)–
––
(79)
(2,3
37)
––
–(3
86)
–(3
,467
)
3Am
ount
acc
epte
d in
rein
sura
nce:
(a)
Clai
ms
by D
eath
––
––
––
––
––
––
(b)
Clai
ms
by M
atur
ity–
––
––
––
––
––
–
(c)Annuities/PensionPayment
––
––
––
––
––
––
(d)OtherB
enefits
––
––
––
––
––
––
Tota
l30
,515
,506
1,99
6,74
82,
626,
081
337,
694
15,6
4868
6,88
836
5,64
03,
060
29,3
209,
794
–36
,586
,379
107
for the year ended March 31, 2014
Annual Report 2013-14
Annexures to Schedule 16Di
sclo
sure
s in
term
of A
ccou
ntin
g St
anda
rd 1
8 on
Rel
ated
Par
ty D
iscl
osur
e fo
r the
yea
r end
ed 3
1st M
arch
201
4 An
nexu
re 2
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)(A
) En
terp
rises
whe
re c
ontr
ol e
xist
s
Holdingcompany
1AdityaBirlaNuvoLimited
ForeignPartn
er
2SunLifeFinancial(India)InsuranceInvestmentsInc.
(B)
Key
Man
agem
ent P
erso
nnel
1
Mr.JayantDua(upto31stDecem
ber,2013)
2Mr.PankajRazdan(w.e.f.1stJanuary,2014)
(C)
Disc
losu
res
of tr
ansa
ctio
n be
twee
n th
e Co
mpa
ny a
nd re
late
d pa
rtie
s an
d ou
tsta
ndin
g ba
lanc
es a
s at
the
year
end
:
Sr.
No.
Nam
e of
the
rela
ted
Part
y w
ith w
hom
the
tran
sact
ion
has
been
mad
eDe
scrip
tion
of
Rel
atio
nshi
p w
ith
the
part
yNa
ture
of T
rans
actio
n A
udite
d tr
ansa
ctio
ns
durin
g th
e ye
ar e
nded
A
udite
d Ou
tsta
ndin
g ba
lanc
e re
cove
rabl
e/(p
ayab
le) a
s on
3
1st M
arch
201
4 3
1st M
arch
201
3 3
1st M
arch
201
4 3
1st M
arch
201
3 1
23
4 5
6
7
8
1
AdityaBirlaNuvoLimited
Hold
ing
Com
pany
a)R
eimbursem
entofotherexpenses
–
16
–
(3)
b)R
ecoveryofexpenses
–
96
–
–
c)P
urchaseofNCD
–
–
–
248
,365
d)Interestincom
eonNCD
2,1
10
19,
744
–
17,
586
e)D
iscountIncom
eonCP
–
6,0
58
–
–
f)Dividendpaid(Interim
) –
1
,457
,430
–
–
g)FinalDividendpaidfor2
012-13
874
,458
–
–
–
h)
Com
mer
cial
pap
er p
urch
ase
–
243
,942
–
–
i)
Com
mer
cial
pap
er R
edem
ptio
n –
2
50,0
00
–
–
j)SharecapitalReduction
505
,361
–
–
–
k)S
harePremium
1,5
66,6
18
–
–
–
2SunLifeFinancial(India)InsuranceInvestment
ForeignProm
oter
a)D
ividendpaid(Interim)
–
512
,070
–
–
b)FinalDividendpaidfor2
012-13
307
,242
–
–
–
c)
Sha
re c
apita
l Red
uctio
n 1
77,5
59
–
–
–
d)S
harePremium
550
,434
–
–
–
3
Adity
a Bi
rla F
inan
ce L
imite
d Fe
llow
Sub
sidi
ary
a)R
eimbursem
entofotherexpenses
–
129
6
92
–
b)R
ecoveryofexpenses
21,
696
5,7
92
–
7,9
35
c) C
omm
erci
al p
aper
Red
empt
ion
–
100
,000
–
–
d)
Dis
coun
t on
Com
mer
cial
pap
er –
4
,136
–
–
e)
Tra
nsfe
r of a
sset
s –
3
,133
–
–
f)
SecurityDepositreceived
8,8
30
–
(8,8
30)
–
g)PurchaseofNCD
100
,000
–
1
00,0
00
–
h)Interestincom
eonNCD
3,0
78
–
3,0
78
–
4AdityaBirlaMinacsWorldwideLimited
Fello
w S
ubsi
diar
ya)Expensesforoutsourcing
71,
745
95,
591
(9,0
93)
(15,
531)
b)R
ecoveryofExpenses
–
1,0
99
–
–
5Ad
itya
Birla
Mon
ey M
art L
imite
d Fe
llow
Sub
sidi
ary
a)Paymenttow
ardsAdvertisem
entExpenses
13,
150
11,
935
–
(43)
b)R
ecoveryofexpense
413
4
96
165
–
6
AdityaBirlaMoneyInsuranceAdvisoryServicesLimited
Fello
w S
ubsi
diar
ya)PaymentofC
ommission
63,
742
80,
180
3,8
26
(1,1
62)
b)R
eimbursem
entofAdvertisem
entExpenses
17,
000
21,
000
–
–
c)A
dvanceagainstRenew
alCom
mission
–
12,
500
–
–
7Ad
itya
Birla
Mon
ey L
imite
d Fe
llow
Sub
sidi
ary
a) B
roke
rage
1
0,89
2 1
0,62
7 –
–
b)R
ecoveryofexpense
–
12
–
11
8AdityaBirlaFinancialServicesPrivateLimited
Fello
w S
ubsi
diar
ya)A
dvancegivenfor IndiaBullProperties
–
–
–
–
b)R
ecoveryofexpense
–
2
–
–
9AdityaBirlaFinancialSharedServicesLimited
Fello
w S
ubsi
diar
ya)A
dvancegivenforexpenses
108
,133
1
19,0
43
(7,7
17)
301
b)R
eimbursem
entofexpenses
114
,384
1
19,3
81
–
–
c)R
ecoveryofexpense
2,4
41
4,3
41
–
–
10Ad
itya
Birla
Insu
ranc
e Br
oker
s Li
mite
dFe
llow
Sub
sidi
ary
a)R
eimbursem
entofexpenses
345
6
–
–
b)R
ecoveryofexpenses
347
4
73
5
–
11AdityaBirlaCustomerServicePrivateLimited
Fello
w S
ubsi
diar
ya)R
eimbursem
entofAdvertisem
entExpenses
403
2
,250
(6
6) –
12
AdityaBirlaCapitalAdvisorsPrivateLimited
Fello
w S
ubsi
diar
ya)R
ecoveryofexpenses
–
12
–
–
13Bi
rla S
un L
ife A
sset
s M
anag
emen
t Com
pany
Lim
ited
Fello
w S
ubsi
diar
ya)R
eimbursem
entofexpenses
2,8
67
1,4
55
–
(1,1
05)
(51%
SubsidiaryofABFSPL)(w
.e.f.10thOct.,12,earlierw
asaJointVenture)
b)R
ecoveryofexpenses
4,6
67
1,2
33
2,0
82
–
14Mr.JayantDua(upto31stDecem
ber2
013)ManagingDirector
KeyManagem
entPersonnel
a) M
anag
eria
l Rem
uner
atio
n 3
8,48
2 2
2,08
8 –
–
Mr.PankajRazdan(w.e.f.1stJanuary2014)ManagingDirector
KeyManagem
entPersonnel
a) M
anag
eria
l Rem
uner
atio
n 6
,704
–
–
–
Note1:Prem
iumreceivedfrom
therelatedpartiesagainstlifeinsuranceproductssoldatmarketratesfortheyearended31stM
arch2014is`
27,
531
and
for t
he y
ear e
nded
31s
t Mar
ch 2
013:
` 1
5,51
3.Note2:Therearenoprovisionsfordoubtfuldebts,amountswrittenofforamountswrittenbackpertainingtotheabovetransactions.
Note3:Relatedpartyrelationshiphavebeenidentifiedbythemanagem
entandrelieduponbytheauditors.
Note4:Relatedpartytransactionsdisclosedabovedenotethetransactionsenteredduringtheexistenceofrelatedpartyrelationship.
Note5:Alltheabovetransactionsarereportedinclusiveofservicetax,whereverapplicable.
Note6:TransactionsofA
dityaBirlaM
oneyInsuranceAdvisoryServiceLimitedandAdityaBirlaInsuranceBrokersLimitedfortheyearended31stM
arch2014includesserviceta
xof`1,870andNilrespectivelyandfortheyearended31stM
arch2013is
` 2,
310
and
`52.69respectively.
108
for the year ended March 31, 2014
Birla Sun Life Insurance
Annexures to Schedule 16Fo
rm A
-RA(
UL)
Anne
xure
3Fu
nd R
even
ue A
ccou
nt fo
r the
yea
r end
ed 3
1st M
arch
201
4(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Part
icul
ars
Sch
Ind.
Ass
ure
Ind.
Inco
me
Adva
ntag
e In
d. P
rote
ctor
Ind.
Bui
lder
Ind.
Bal
ance
rCu
rren
t Ye
arPr
evio
us
Year
Cur
rent
Ye
ar
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Inco
me
from
inve
stm
ents
In
tere
st in
com
e 13
2,61
212
1,27
233
4,76
328
3,43
831
2,41
831
7,12
417
7,68
118
6,39
020
,095
19,9
53Dividendincome
––
––
6,58
96,
756
8,21
78,
558
1,27
01,
496
Profit/Lossonsaleofinvestment
2,07
81,
834
(10,
679)
17,2
42(5
,077
)47
,105
38,2
5744
,859
6,26
19,
876
Profit/Lossoninterfundtransfer/saleofinvestment
9,29
911
,459
343
3,50
498
06
(2,5
03)
(6,1
26)
(1,3
82)
330
MiscellaneousIncome/(Expenses)
––
––
––
––
––
Unr
ealis
ed G
ain/
loss
* (2
,422
)4,
687
(110
,334
)73
,664
(49,
952)
69,7
733,
399
75,0
392,
744
5,10
2
Tot
al (A
) 14
1,56
713
9,25
221
4,09
337
7,84
826
4,95
844
0,76
422
5,05
130
8,72
028
,988
36,7
57Fundmanagem
entexpenses
16,2
8414
,574
44,2
0836
,767
46,0
1746
,358
30,4
0831
,029
4,62
34,
657
Fundadministra
tionexpenses
––
––
––
––
––
Oth
er c
harg
es#
F-5
27
,159
30,2
0511
5,68
595
,898
105,
332
118,
776
52,2
1857
,673
10,4
3711
,956
Tot
al (B
) 43
,443
44,7
7915
9,89
313
2,66
515
1,34
916
5,13
482
,626
88,7
0215
,060
16,6
13 N
et In
com
e fo
r the
yea
r (A-
B)
98,1
2494
,473
54,2
0024
5,18
311
3,60
927
5,63
014
2,42
522
0,01
813
,928
20,1
44Add:Fundrevenueaccountatthebeginningoftheyear
248,
530
154,
057
307,
241
62,0
581,
157,
674
882,
044
1,10
2,73
288
2,71
47,
576
(12,
568)
Fun
d re
venu
e ac
coun
t at t
he e
nd o
f the
yea
r 34
6,65
424
8,53
036
1,44
130
7,24
11,
271,
283
1,15
7,67
41,
245,
157
1,10
2,73
221
,504
7,57
6
Part
icul
ars
Sch
In
d. E
nhan
cer
Ind.
Cre
ator
Ind.
Mag
nifie
rIn
d. M
axim
iser
Ind.
Mul
tiplie
rCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Inco
me
from
inve
stm
ents
In
tere
st in
com
e 3,
874,
831
3,86
4,67
313
6,26
312
6,92
010
3,62
910
6,80
324
,199
18,3
9620
,990
22,8
23Dividendincome
296,
599
313,
628
26,5
4024
,840
133,
203
160,
808
324,
820
409,
289
59,8
5669
,200
Profit/Lossonsaleofinvestment
1,23
8,10
71,
430,
146
49,3
2698
,756
473,
984
605,
725
395,
423
1,50
7,19
011
,916
475,
128
Profit/Lossoninterfundtransfer/saleofinvestment
(19,
331)
(54,
728)
4,41
1(8
,679
)3,
045
(25,
327)
10,6
40(3
,326
)(2
4,95
2)20
,440
MiscellaneousIncome/(Expenses)
––
––
––
––
––
Unr
ealis
ed G
ain/
loss
* 39
4,24
21,
459,
641
177,
258
62,2
5584
0,17
316
8,86
82,
546,
749
93,6
5664
2,01
9(3
39,8
63)
Tot
al (A
) 5,
784,
448
7,01
3,36
039
3,79
830
4,09
21,
554,
034
1,01
6,87
73,
301,
831
2,02
5,20
570
9,82
924
7,72
8Fundmanagem
entexpenses
913,
349
921,
292
46,4
9943
,748
144,
811
162,
408
305,
267
358,
808
50,1
1163
,184
Fundadministra
tionexpenses
––
––
––
––
––
Oth
er c
harg
es#
F-5
2,
938,
353
3,98
2,63
756
,817
64,1
5616
4,78
021
3,66
258
3,79
480
7,15
511
2,25
119
4,15
5
Tot
al (B
) 3,
851,
702
4,90
3,92
910
3,31
610
7,90
430
9,59
137
6,07
088
9,06
11,
165,
963
162,
362
257,
339
Net
Inco
me
for t
he y
ear (
A-B)
1,
932,
746
2,10
9,43
129
0,48
219
6,18
81,
244,
443
640,
807
2,41
2,77
085
9,24
254
7,46
7(9
,611
)Add:Fundrevenueaccountatthebeginningoftheyear
(1,8
81,2
40)
(3,9
90,6
71)
1,70
6,86
61,
510,
678
3,01
4,28
02,
373,
474
(1,5
03,9
87)
(2,3
63,2
29)
(1,0
49,5
99)
(1,0
39,9
87)
Fun
d re
venu
e ac
coun
t at t
he e
nd o
f the
yea
r 51
,506
(1,8
81,2
40)
1,99
7,34
81,
706,
866
4,25
8,72
33,
014,
280
908,
783
(1,5
03,9
87)
(502
,132
)(1
,049
,599
)*Netchangeinmarktomarketvalueofinvestments
#Grossofservicetax
109
for the year ended March 31, 2014
Annual Report 2013-14
Annexures to Schedule 16Fo
rm A
-RA(
UL)
Anne
xure
3Fu
nd R
even
ue A
ccou
nt fo
r the
yea
r end
ed 3
1st M
arch
201
4(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Part
icul
ars
Sch
Su
per 2
0In
d. P
latin
um P
lus
1In
d. P
latin
um P
lus
2In
d. P
latin
um P
lus
3In
d. P
latin
um P
lus
4 C
urre
nt
Year
Pr
evio
us
Year
Cur
rent
Ye
ar
Prev
ious
Ye
ar C
urre
nt
Year
Pr
evio
us
Year
Cur
rent
Ye
ar
Prev
ious
Ye
ar C
urre
nt
Year
Pr
evio
us
Year
Inco
me
from
inve
stm
ents
In
tere
st in
com
e 2
,409
1
,049
1
03,0
63
122
,495
1
42,7
86
159
,209
1
21,9
43
145
,487
7
3,76
3 9
2,83
9 Dividendincome
36,
417
30,
569
37,
476
44,
133
72,
060
84,
629
93,
782
108
,347
7
5,81
1 8
3,16
2 Profit/Lossonsaleofinvestment
247
,779
2
0,63
0 5
0,32
4 1
23,2
02
118
,296
3
06,5
63
77,
242
290
,416
3
9,43
9 2
27,8
99
Profit/Lossoninterfundtransfer/saleofinvestment
4,4
19
9,5
44
456
3
,730
(3
,019
) 2
1,69
9 1
1,46
8 1
4,05
1 (5
,335
) (2
,898
)MiscellaneousIncome/(Expenses)
– –
–
– –
–
––
––
Unre
alis
ed G
ain/
loss
* 3
04,8
72
142
,193
2
52,6
72
87,
226
485
,170
4
7,35
0 6
80,3
96
245
,854
5
64,0
58
193
,433
To
tal (
A)
595
,896
2
03,9
85
443
,991
3
80,7
86
815
,291
6
19,4
50
984
,831
8
04,1
55
747
,736
5
94,4
35
Fundmanagem
entexpenses
43,
935
31,
331
56,
451
67,
637
98,
223
115
,864
1
17,0
42
135
,850
8
8,73
9 1
02,2
27
Fundadm
inistra
tionexpenses
– –
–
– –
–
––
––
Othe
r cha
rges
# F
-5
72,
923
73,
637
44,
317
51,
218
44,
966
49,
626
49,
324
85,
516
41,
359
94,
260
Tota
l (B)
1
16,8
58
104
,968
1
00,7
68
118
,855
1
43,1
89
165
,490
1
66,3
66
221
,366
1
30,0
98
196
,487
Ne
t Inc
ome
for t
he y
ear (
A-B)
4
79,0
38
99,
017
343
,224
2
61,9
31
672
,104
4
53,9
60
818
,465
5
82,7
89
617
,638
3
97,9
48
Add:Fundrevenueaccountatthebeginningoftheyear
10,
342
(88,
675)
275
,263
1
3,33
2 2
,287
,169
1
,833
,210
3
37,3
67
(245
,422
) 4
4,37
7 (3
53,5
71)
Fund
reve
nue
acco
unt a
t the
end
of t
he y
ear
489
,380
1
0,34
2 6
18,4
87
275
,263
2
,959
,273
2
,287
,169
1
,155
,831
3
37,3
67
662
,015
4
4,37
7
Part
icul
ars
Sch
Ind.
Pla
tinum
Ad
vant
age
Ind.
Pla
tinum
Pre
mie
rIn
d. F
ores
ight
FP
Ind.
For
esig
ht S
PTi
tani
um 1
Curr
ent
Year
Prev
ious
Ye
ar C
urre
nt
Year
Pr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
ar C
urre
nt
Year
Pr
evio
us
Year
Cur
rent
Ye
ar
Prev
ious
Ye
arIn
com
e fr
om in
vest
men
ts
Inte
rest
inco
me
43,
694
36,
425
80,
516
91,
238
320
,649
8
0,15
6 3
,052
9
99
15,
081
16,
433
Dividendincome
121
,084
7
4,31
3 1
28,7
74
105
,551
1
05,3
52
77,
655
11,
164
9,9
80
5,5
57
5,8
49
Profit/Lossonsaleofinvestment
22,
335
113
,994
4
6,76
3 2
74,5
35
12,
035
247
,150
6
,666
3
1,57
5 8
,250
2
3,42
8 Profit/Lossoninterfundtransfer/saleofinvestment
2,8
75
(4,8
76)
(31,
935)
(10,
833)
(84,
207)
(15,
583)
4,2
75
(2,1
20)
3,3
51
(2,0
91)
MiscellaneousIncome/(Expenses)
– –
–
– –
–
––
––
Unre
alis
ed G
ain/
loss
* 1
,211
,620
2
12,1
71
1,0
11,3
37
299
,560
1
,034
,091
1
94,3
19
99,
762
20,
423
39,
967
10,
691
Tota
l (A)
1
,401
,608
4
32,0
27
1,2
35,4
55
760
,051
1
,387
,920
5
83,6
97
124
,919
6
0,85
7 7
2,20
6 5
4,31
0 Fundmanagem
entexpenses
129
,790
8
5,29
7 1
44,6
94
131
,023
2
08,7
63
113
,617
1
2,58
9 1
1,00
1 8
,744
9
,511
Fundadm
inistra
tionexpenses
– –
–
– –
–
––
––
Othe
r cha
rges
# F
-5
139
,055
1
48,0
37
165
,478
2
43,8
77
619
3
17
––
8,7
24
17,
689
Tota
l (B)
2
68,8
45
233
,334
3
10,1
72
374
,900
2
09,3
82
113
,934
1
2,58
9 1
1,00
1 1
7,46
8 2
7,20
0 Ne
t Inc
ome
for t
he y
ear (
A-B)
1
,132
,763
1
98,6
93
925
,283
3
85,1
51
1,1
78,5
38
469
,763
1
12,3
29
49,
856
54,
738
27,
110
Add:Fundrevenueaccountatthebeginningoftheyear
48,
175
(150
,518
) (2
47,9
07)
(633
,059
) 4
64,2
00
(5,5
63)
56,
722
6,8
66
(8,7
49)
(35,
859)
Fund
reve
nue
acco
unt a
t the
end
of t
he y
ear
1,1
80,9
38
48,
175
677
,376
(2
47,9
07)
1,6
42,7
38
464
,200
1
69,0
51
56,
722
45,
989
(8,7
49)
*Netchangeinm
arkvalueofinvestments
#Grossofservicetax
110
for the year ended March 31, 2014
Birla Sun Life Insurance
Annexures to Schedule 16Fo
rm A
-RA(
UL)
Anne
xure
3Fu
nd R
even
ue A
ccou
nt fo
r the
yea
r end
ed 3
1st M
arch
201
4(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Part
icul
ars
Sch
Ti
tani
um 2
Tita
nium
3Pu
re E
quity
Valu
e M
omen
tum
Liqu
id P
lus
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
ar In
com
e fr
om in
vest
men
ts
Inte
rest
inco
me
5,9
39
7,0
98
3,1
05
2,4
98
–
–
899
1
57
14,
329
5,4
31
Dividendincome
2,1
84
2,3
98
566
4
95
400
9
5 2
,623
4
37
–
–
Profit/Lossonsaleofinvestment
1,9
34
8,4
23
657
2
,006
7
58
392
(1
,556
) 7
91
652
2
78
Profit/Lossoninterfundtransfer/saleofinvestment
4,6
26
(537
) 4
07
(225
) 1
3 1
4 –
1
3 –
1
MiscellaneousIncome/(Expenses)
–
–
–
–
–
–
–
–
–
–
Unr
ealis
ed G
ain/
loss
* 1
0,18
9 5
,540
4
,761
1
,116
6
,027
7
2 1
7,02
3 (2
,580
) 1
8 –
Tot
al (A
) 2
4,87
3 2
2,92
2 9
,495
5
,890
7
,199
5
73
18,
989
(1,1
82)
14,
999
5,7
10
Fundmanagem
entexpenses
3,3
32
4,0
04
1,2
37
1,0
94
472
1
27
1,2
38
274
1
,786
7
12
Fundadministra
tionexpenses
–
–
–
–
–
–
–
–
–
–
Oth
er c
harg
es#
F-5
4
,385
7
,016
1
,622
2
,347
1
,754
8
43
5,0
93
1,6
52
10,
183
6,0
75
Tot
al (B
) 7
,717
1
1,02
0 2
,859
3
,441
2
,226
9
70
6,3
31
1,9
26
11,
969
6,7
87
Net
Inco
me
for t
he y
ear (
A-B)
1
7,15
6 1
1,90
2 6
,636
2
,449
4
,973
(3
97)
12,
658
(3,1
08)
3,0
30
(1,0
77)
Add:Fundrevenueaccountatthebeginningoftheyear
(2,7
02)
(14,
604)
(2,1
63)
(4,6
12)
(396
) –
(3
,107
) –
(1
,077
) –
Fun
d re
venu
e ac
coun
t at t
he e
nd o
f the
yea
r 1
4,45
4 (2
,702
) 4
,473
(2
,163
) 4
,577
(3
96)
9,5
50
(3,1
07)
1,9
53
(1,0
77)
Part
icul
ars
Sch
IP
P -
Gro
wth
IP
P -
Enr
ich
IPP
- N
ouris
h In
com
e Ad
vant
age
Guar
ante
ed
Max
imis
er G
uara
ntee
d
Cur
rent
Ye
ar
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
ar C
urre
nt
Year
Pr
evio
us
Year
Cur
rent
Ye
ar
Prev
ious
Ye
ar In
com
e fr
om in
vest
men
ts
Inte
rest
inco
me
25,
364
22,
911
86,
539
88,
675
9,7
86
10,
109
1,0
05
–
8
–
Dividendincome
1,1
73
1,2
35
9,5
78
9,8
80
214
2
24
–
–
2
–
Profit/Lossonsaleofinvestment
2,8
23
7,7
25
11,
374
45,
789
(248
) 1
,315
5
6 –
–
–
Profit/Lossoninterfundtransfer/saleofinvestment
964
4
60
(8,2
35)
(494
) (1
,022
) (2
30)
–
–
–
–
MiscellaneousIncome/(Expenses)
–
–
–
–
– –
–
–
–
–
U
nrea
lised
Gai
n/lo
ss*
1,0
13
6,3
31
49,
407
31,
405
(1,1
22)
3,1
92
422
–
1
92
–
Tot
al (A
) 3
1,33
8 3
8,66
2 1
48,6
63
175
,255
7
,609
1
4,61
0 1
,483
–
2
02
–
Fundmanagem
entexpenses
4,1
45
4,1
89
22,
968
23,
711
1,4
73
1,5
54
166
–
8
–
Fundadministra
tionexpenses
–
–
–
–
–
–
–
–
–
–
Oth
er c
harg
es#
F-5
5
,149
5
,213
2
5,35
9 2
6,24
6 2
,237
2
,299
1
33
–
6
–
Tot
al (B
) 9
,294
9
,402
4
8,32
7 4
9,95
7 3
,710
3
,853
2
99
–
14
–
Net
Inco
me
for t
he y
ear (
A-B)
2
2,04
3 2
9,26
0 1
00,3
36
125
,298
3
,898
1
0,75
7 1
,184
–
1
88
–
Add:Fundrevenueaccountatthebeginningoftheyear
185
,747
1
56,4
87
904
,690
7
79,3
93
60,
614
49,
857
–
–
–
–
Fun
d re
venu
e ac
coun
t at t
he e
nd o
f the
yea
r 2
07,7
90
185
,747
1
,005
,027
9
04,6
90
64,
512
60,
614
1,1
84
–
188
–
*Netchangeinm
arkvalueofinvestments
#Grossofservicetax
111
for the year ended March 31, 2014
Annual Report 2013-14
Form
A-R
A(UL
) An
nexu
re 3
Fund
Rev
enue
Acc
ount
for t
he y
ear e
nded
31s
t Mar
ch 2
014
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Part
icul
ars
Sch
Gr
. Fix
ed In
tere
st
Gr. G
iltGr
. Bon
dGr
. Mon
ey M
arke
tGr
. Sho
rt-T
erm
Deb
t C
urre
nt
Year
Pr
evio
us
Year
Cur
rent
Ye
ar
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Inco
me
from
inve
stm
ents
In
tere
st in
com
e 3
60,6
41
211
,927
4
,727
4
,809
2
09,1
30
167
,447
1
56,2
57
156
,459
3
6,85
3 4
8,45
2 Dividendincome
–
–
–
–
–
–
–
–
–
–
Profit/Lossonsaleofinvestment
(14,
116)
15,
778
970
1
87
(7,6
35)
9,6
51
7,9
18
6,4
48
1,8
98
2,5
50
Profit/Lossoninterfundtransfer/saleofinvestment
55,
148
14,
240
4
264
1
8,96
1 1
8,74
9 1
6 4
1 1
,075
1
0,63
1 MiscellaneousIncome/(Expenses)
–
–
–
–
–
–
–
–
–
–
Unr
ealis
ed G
ain/
loss
* (7
9,21
9) 4
4,29
8 (4
,278
) 2
,320
(3
7,71
1) 3
0,89
8 1
87
109
(8
53)
(214
)
Tot
al (A
) 3
22,4
53
286
,243
1
,422
7
,580
1
82,7
45
226
,745
1
64,3
77
163
,057
3
8,97
2 6
1,41
9 Fundmanagem
entexpenses
46,
348
26,
420
658
7
24
26,
353
20,
471
18,
872
17,
720
4,6
61
5,9
15
Fundadministra
tionexpenses
–
–
–
–
–
–
–
–
–
–
Oth
er c
harg
es#
F-5
2
06
128
–
–
2
2 2
5 1
3 1
5 2
2 1
7
Tot
al (B
) 4
6,55
4 2
6,54
8 6
58
724
2
6,37
5 2
0,49
6 1
8,88
5 1
7,73
5 4
,683
5
,932
N
et In
com
e fo
r the
yea
r (A-
B)
275
,900
2
59,6
95
764
6
,856
1
56,3
70
206
,249
1
45,4
92
145
,322
3
4,28
8 5
5,48
7 Add:Fundrevenueaccountatthebeginningoftheyear
624
,642
3
64,9
46
9,9
07
3,0
51
990
,568
7
84,3
20
346
,175
2
00,8
53
205
,834
1
50,3
47
Fun
d re
venu
e ac
coun
t at t
he e
nd o
f the
yea
r 9
00,5
41
624
,642
1
0,67
1 9
,907
1
,146
,938
9
90,5
68
491
,667
3
46,1
75
240
,122
2
05,8
34
Part
icul
ars
Sch
Gr
. Gro
wth
Adv
anta
geGr
. Inc
ome
Adva
ntag
eGr
. Sec
ure
Gr. S
tabl
eGr
. Gro
wth
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
ar In
com
e fr
om in
vest
men
ts
Inte
rest
inco
me
7,0
43
5,1
84
23,
531
1,1
26
543
,101
5
07,5
07
138
,479
1
82,2
11
100
,823
8
9,99
4 Dividendincome
2,1
95
1,7
30
–
–
25,
629
23,
523
13,
506
21,
124
18,
519
17,
489
Profit/Lossonsaleofinvestment
6,1
90
10,
053
(1,0
60)
111
7
0,55
6 1
21,4
70
25,
364
120
,341
4
2,34
6 8
7,72
7 Profit/Lossoninterfundtransfer/saleofinvestment
(1,9
43)
1,6
22
(1,6
44)
26
(30,
677)
(2,6
42)
(5,7
90)
10,
322
(8,9
94)
(2,6
98)
MiscellaneousIncome/(Expenses)
–
–
–
–
–
–
–
–
–
–
Unr
ealis
ed G
ain/
loss
* 9
,015
(8
07)
(6,3
52)
357
(3
2,89
1) 1
04,7
09
48,
791
19,
132
100
,481
1
5,65
9
Tot
al (A
) 2
2,50
1 1
7,78
2 1
4,47
5 1
,620
5
75,7
18
754
,567
2
20,3
49
353
,130
2
53,1
74
208
,171
Fundmanagem
entexpenses
2,4
92
1,9
85
3,0
65
152
8
9,42
0 8
1,77
0 2
7,58
4 3
6,51
8 2
6,65
3 2
4,62
9 Fundadministra
tionexpenses
–
–
–
–
–
–
–
–
–
–
Oth
er c
harg
es#
F-5
–
–
–
–
4
08
446
9
33
1,9
49
145
1
28
Tot
al (B
) 2
,492
1
,985
3
,065
1
52
89,
828
82,
216
28,
517
38,
467
26,
798
24,
757
Net
Inco
me
for t
he y
ear (
A-B)
2
0,01
0 1
5,79
7 1
1,41
0 1
,468
4
85,8
90
672
,351
1
91,8
33
314
,663
2
26,3
76
183
,414
Add:Fundrevenueaccountatthebeginningoftheyear
49,
839
34,
043
91,
510
90,
041
2,1
14,0
09
1,4
41,6
58
2,4
34,5
60
2,1
19,8
97
783
,551
6
00,1
37
Fun
d re
venu
e ac
coun
t at t
he e
nd o
f the
yea
r 6
9,84
9 4
9,83
9 1
02,9
19
91,
510
2,5
99,8
99
2,1
14,0
09
2,6
26,3
92
2,4
34,5
60
1,0
09,9
27
783
,551
*Netchangeinm
arkvalueofinvestments
#Grossofservicetax
Annexures to Schedule 16
112
for the year ended March 31, 2014
Birla Sun Life Insurance
Form
A-R
A(UL
) An
nexu
re 3
Fund
Rev
enue
Acc
ount
for t
he y
ear e
nded
31s
t Mar
ch 2
014
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Part
icul
ars
Sch
Gr
. Fix
ed In
tere
st 2
Gr. M
oney
Mar
ket 2
Gr. B
ond
2Gr
. Sho
rt T
erm
Deb
t 2Gr
. Sta
ble
2Cu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Inco
me
from
inve
stm
ents
In
tere
st in
com
e 2
,033
2
,199
1
82
1,0
08
–
–
30,
490
38,
858
13
13
Dividendincome
–
–
–
–
–
–
–
–
2
2
Profit/Lossonsaleofinvestment
86
276
6
6
5 –
–
8
15
1,3
92
2
8
Profit/Lossoninterfundtransfer/saleofinvestment
(557
) 9
33
–
4
–
–
2,8
25
6,7
47
–
–
MiscellaneousIncome/(Expenses)
–
–
–
–
–
–
–
–
–
–
Unr
ealis
ed G
ain/
loss
* 3
76
(256
) –
(1
) –
–
(2
,320
) 2
,224
1
1 1
Tot
al (A
) 1
,938
3
,152
1
88
1,0
76
–
–
31,
809
49,
221
27
24
Fundmanagem
entexpenses
–
21
–
9
–
–
–
160
–
–
Fundadministra
tionexpenses
–
–
–
–
–
–
–
–
–
–
Oth
er c
harg
es#
F-5
1
63
141
1
5 6
1 –
–
1
,555
2
,209
2
2
Tot
al (B
) 1
63
162
1
5 7
0 –
–
1
,555
2
,369
2
2
N
et In
com
e fo
r the
yea
r (A-
B)
1,7
75
2,9
90
173
1
,006
–
–
3
0,25
4 4
6,85
2 2
5 2
2 Add:Fundrevenueaccountatthebeginningoftheyear
5,9
29
2,9
39
2,1
53
1,1
47
742
7
42
52,
982
6,1
30
5,8
63
5,8
40
Fun
d re
venu
e ac
coun
t at t
he e
nd o
f the
yea
r 7
,704
5
,929
2
,326
2
,153
7
42
742
8
3,23
6 5
2,98
2 5
,888
5
,863
Part
icul
ars
Sch
Gr
. Sec
ure
2Gr
. Gro
wth
2Pe
nsio
n Di
scon
tinue
d Fu
ndLi
fe D
isco
ntin
ued
Fund
Disc
ontin
ued
Po
licy
Fund
Tota
l
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Inco
me
from
inve
stm
ents
In
tere
st in
com
e 5
,890
–
2
72
2,3
10
–
–
–
–
282
,184
9
7,49
2 8
,093
,061
7
,467
,997
Dividendincome
274
–
4
9 7
54
–
–
–
–
–
–
1,6
21,4
86
1,6
98,1
49
Profit/Lossonsaleofinvestment
150
–
1
87
3,1
12
–
–
–
–
4,2
63
4,0
55
2,9
83,1
12
6,3
47,1
96
Profit/Lossoninterfundtransfer/saleofinvestment
(326
) –
(1
3) 6
,186
–
–
–
–
(1
,830
) 2
1 (9
4,09
3) 1
1,62
4 MiscellaneousIncome/(Expenses)
–
–
–
–
–
–
–
–
–
–
–
–
Unr
ealis
ed G
ain/
loss
* (3
,738
) –
1
59
(4,2
84)
–
–
–
–
1,3
87
6
10,2
08,7
94
3,3
85,2
69
Tot
al (A
) 2
,251
–
6
56
8,0
78
–
–
–
–
286
,004
1
01,5
74
22,8
12,3
60
18,9
10,2
35
Fundmanagem
entexpenses
–
–
–
48
–
–
–
–
18,
928
6,5
37
2,8
12,4
05
2,7
44,9
27
Fundadministra
tionexpenses
–
–
–
–
–
–
–
–
–
–
–
–
Oth
er c
harg
es#
F-5
4
85
–
40
320
–
–
–
–
7
9,18
8 7
9,51
7 4
,872
,709
6
,477
,099
Tot
al (B
) 4
85
–
40
368
–
–
–
–
9
8,11
6 8
6,05
4 7
,685
,114
9
,222
,026
N
et In
com
e fo
r the
yea
r (A-
B)
1,7
66
–
616
7
,710
–
–
–
–
1
87,8
88
15,
520
15,1
27,2
46
9,6
88,2
09
Add:Fundrevenueaccountatthebeginningoftheyear
26,
827
26,
827
26,
339
18,
629
–
–
–
–
27,
127
11,
607
15,3
17,1
94
5,6
28,9
84
Fun
d re
venu
e ac
coun
t at t
he e
nd o
f the
yea
r 2
8,59
3 2
6,82
7 2
6,95
4 2
6,33
9 –
–
–
–
2
15,0
15
27,
127
30,4
44,4
40
15,3
17,1
94
*Netchangeinm
arkvalueofinvestments
#Grossofservicetax
Annexures to Schedule 16
113
for the year ended March 31, 2014
Annual Report 2013-14
Form
A-B
S(UL
) An
nexu
re 3
Fund
Bal
ance
She
et a
s at
31s
t Mar
ch 2
014
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Part
icul
ars
Sch
In
d. A
ssur
e In
d. In
com
e Ad
vant
age
Ind.
Pro
tect
orIn
d. B
uild
erIn
d. B
alan
cer
Curr
ent Y
ear
Prev
ious
Yea
r C
urre
nt
Year
Pr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent
Year
Prev
ious
Ye
ar
Sour
ces
of F
unds
Polic
yhol
ders
’ Fun
ds:
Policyholdercontribution
F-1
1,35
9,12
51,
045,
778
4,10
7,79
23,
362,
977
2,88
3,17
72,
916,
719
1,46
1,79
81,
656,
346
283,
055
336,
474
RevenueAccount
346,
654
248,
530
361,
441
307,
241
1,27
1,28
31,
157,
674
1,24
5,15
71,
102,
732
21,5
047,
576
Tota
l1,
705,
779
1,29
4,30
84,
469,
233
3,67
0,21
84,
154,
461
4,07
4,39
32,
706,
955
2,75
9,07
630
4,55
934
4,05
0
Appl
icat
ion
of F
unds
Investments
F-2
1,63
1,37
71,
255,
124
4,17
0,67
23,
439,
105
3,97
0,62
53,
935,
732
2,56
7,29
32,
695,
219
299,
212
336,
384
Curr
ent A
sset
sF-
387
,662
45,1
2434
4,24
126
5,26
924
2,43
515
1,97
416
3,88
476
,273
7,32
18,
305
Less:CurrentLiabilitiesandProvisions
F-4
13,2
605,
940
45,6
8034
,155
58,5
9913
,313
24,2
2212
,414
1,97
664
0Netcurrentassets
74,4
0239
,184
298,
561
231,
113
183,
836
138,
661
139,
662
63,8
595,
345
7,66
6
(a) T
otal
1,70
5,77
91,
294,
308
4,46
9,23
33,
670,
218
4,15
4,46
14,
074,
394
2,70
6,95
52,
759,
078
304,
557
344,
050
(b)N
umberofU
nitsoutstanding
79,6
15,6
8065
,789
,316
255,
558,
484
219,
133,
807
149,
742,
178
154,
916,
410
77,9
63,6
1985
,387
,693
13,6
70,0
3116
,677
,957
NAVperU
nit(a)/(b)(
`)PlanI
21.4
319
.67
17.4
916
.75
27.7
426
.30
34.7
232
.31
22.2
820
.63
PlanII
––
––
––
––
––
Part
icul
ars
Sch
In
d. E
nhan
cer
Ind.
Cre
ator
Ind.
Mag
nifie
rIn
d. M
axim
iser
Ind.
Mul
tiplie
r
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Ye
arPr
evio
us
Year
Cur
rent
Ye
ar
Prev
ious
Ye
ar C
urre
nt Y
ear
Prev
ious
Yea
rCu
rren
t Ye
arPr
evio
us
Year
Sour
ces
of F
unds
Polic
yhol
ders
’ Fun
ds:
Policyholdercontribution
F-1
65,5
35,4
0167
,833
,017
1,54
6,90
21,
526,
033
5,45
7,91
57,
008,
202
19,7
24,6
9722
,844
,031
4,10
3,35
64,
668,
377
RevenueAccount
51,5
06(1
,881
,240
)1,
997,
349
1,70
6,86
64,
258,
723
3,01
4,28
090
8,78
3(1
,503
,987
)(5
02,1
32)
(1,0
49,5
99)
Tota
l65
,586
,908
65,9
51,7
773,
544,
251
3,23
2,89
89,
716,
638
10,0
22,4
8220
,633
,480
21,3
40,0
433,
601,
224
3,61
8,77
8
Appl
icat
ion
of F
unds
Investments
F-2
63,3
86,7
8264
,335
,139
3,45
1,38
43,
111,
707
9,46
2,42
910
,028
,456
21,0
27,9
1121
,334
,183
3,50
2,72
83,
587,
426
Curr
ent A
sset
sF-
32,
807,
495
2,01
3,74
512
4,16
413
1,50
940
2,34
161
,185
240,
801
125,
290
162,
033
64,0
11Less:CurrentLiabilitiesandProvisions
F-4
607,
369
397,
107
31,2
9610
,317
148,
131
67,1
5963
5,23
111
9,42
863
,538
32,6
59Netcurrentassets
2,20
0,12
61,
616,
638
92,8
6712
1,19
225
4,20
9(5
,974
)(3
94,4
31)
5,86
198
,494
31,3
52
(a) T
otal
65,5
86,9
0865
,951
,777
3,54
4,25
13,
232,
899
9,71
6,63
810
,022
,482
20,6
33,4
8021
,340
,044
3,60
1,22
43,
618,
778
(b)N
umberofU
nitsoutstanding
1,59
9,82
1,70
41,
733,
150,
186
110,
907,
306
112,
105,
606
298,
421,
112
356,
357,
911
1,27
2,98
4,71
51,
524,
875,
901
251,
696,
852
307,
606,
622
NAVperU
nit(a)/(b)(
`)PlanI
41.0
038
.05
31.9
628
.84
32.5
628
.12
16.2
113
.99
14.3
111
.76
PlanII
––
––
––
––
––
Annexures to Schedule 16
114
for the year ended March 31, 2014
Birla Sun Life Insurance
Form
A-B
S(UL
) An
nexu
re 3
Fund
Bal
ance
She
et a
s at
31s
t Mar
ch 2
014
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Part
icul
ars
Sch
Su
per 2
0In
d. P
latin
um P
lus
1In
d. P
latin
um P
lus
2In
d. P
latin
um P
lus
3In
d. P
latin
um P
lus
4 C
urre
nt
Year
Pr
evio
us
Year
Cur
rent
Yea
r Pr
evio
us
Year
Cur
rent
Ye
ar
Prev
ious
Ye
ar C
urre
nt
Year
Pr
evio
us
Year
Cur
rent
Ye
ar
Prev
ious
Ye
ar
Sour
ces
of F
unds
Polic
yhol
ders
’ Fun
ds:
Policyholdercontribution
F-1
3,31
0,17
02,
457,
049
2,56
5,78
73,
370,
365
2,67
7,93
83,
949,
250
5,58
4,71
47,
078,
482
4,43
2,55
35,
662,
514
RevenueAccount
489,
380
10,3
4261
8,48
727
5,26
32,
959,
273
2,28
7,16
91,
155,
831
337,
367
662,
015
44,3
77
Tota
l3,
799,
550
2,46
7,39
03,
184,
274
3,64
5,62
75,
637,
211
6,23
6,41
96,
740,
545
7,41
5,84
95,
094,
569
5,70
6,89
1
Appl
icat
ion
of F
unds
Investments
F-2
3,77
3,92
52,
436,
250
3,18
3,03
53,
558,
851
5,65
4,93
66,
120,
281
6,62
7,95
57,
179,
110
5,04
4,21
55,
522,
298
Curr
ent A
sset
sF-
313
8,86
841
,577
37,9
2111
1,74
428
,698
161,
776
167,
030
264,
699
102,
117
206,
049
Less:CurrentLiabilitiesandProvisions
F-4
113,
244
10,4
3636
,682
24,9
6746
,423
45,6
3854
,441
27,9
6051
,763
21,4
56Netcurrentassets
25,6
2531
,141
1,23
986
,777
(17,
725)
116,
138
112,
590
236,
739
50,3
5418
4,59
3
(a) T
otal
3,79
9,55
02,
467,
391
3,18
4,27
43,
645,
628
5,63
7,21
16,
236,
419
6,74
0,54
57,
415,
849
5,09
4,56
95,
706,
891
(b)N
umberofU
nitsoutstanding
225,
458,
935
174,
526,
403
237,
061,
871
305,
423,
096
294,
298,
328
368,
798,
504
456,
949,
982
570,
421,
580
388,
041,
560
493,
069,
653
NAVperU
nit(a)/(b)(Rs)
PlanI
16.8
514
.14
13.4
311
.94
19.1
516
.91
14.7
513
.00
13.1
311
.57
PlanII
––
––
––
––
––
Part
icul
ars
Sch
In
d. P
latin
um A
dvan
tage
Ind.
Pla
tinum
Pre
mie
rIn
d. F
ores
ight
FP
Ind.
For
esig
ht S
PTi
tani
um 1
Curr
ent Y
ear
Prev
ious
Ye
ar C
urre
nt
Year
Pr
evio
us
Year
Curr
ent Y
ear
Prev
ious
Ye
ar C
urre
nt
Year
Pr
evio
us
Year
Cur
rent
Ye
ar
Prev
ious
Ye
ar
Sour
ces
of F
unds
Polic
yhol
ders
’ Fun
ds:
Policyholdercontribution
F-1
7,89
8,81
86,
632,
903
7,84
7,44
29,
101,
544
12,2
38,4
057,
954,
923
608,
848
596,
673
434,
130
576,
174
RevenueAccount
1,18
0,93
848
,175
677,
376
(247
,907
)1,
642,
738
464,
200
169,
051
56,7
2245
,989
(8,7
49)
Tota
l9,
079,
756
6,68
1,07
98,
524,
818
8,85
3,63
713
,881
,143
8,41
9,12
377
7,89
965
3,39
548
0,11
956
7,42
5
Appl
icat
ion
of F
unds
Investments
F-2
8,98
2,47
36,
477,
021
8,44
7,70
88,
808,
225
13,0
14,0
367,
662,
174
766,
019
648,
916
485,
243
549,
807
Curr
ent A
sset
sF-
310
9,13
421
2,37
714
3,70
126
8,34
089
7,09
575
9,18
613
,388
4,47
98,
162
23,8
87Less:CurrentLiabilitiesandProvisions
F-4
11,8
518,
320
66,5
9122
2,92
729
,987
2,23
71,
506
–13
,285
6,26
9Netcurrentassets
97,2
8320
4,05
777
,110
45,4
1286
7,10
775
6,94
911
,880
4,47
9(5
,124
)17
,618
(a) T
otal
9,07
9,75
66,
681,
078
8,52
4,81
888
,536
,367
13,8
81,1
438,
419,
123
777,
899
653,
395
480,
119
567,
425
(b)N
umberofU
nitsoutstanding
796,
324,
031
685,
116,
383
653,
220,
498
773,
369,
703
1,19
7,64
4,82
480
1,03
8,99
862
,830
,954
61,7
09,8
3336
,744
,041
49,2
52,1
41
NAVperU
nit(a)/(b)(
`)PlanI
11.4
09.
7513
.05
11.4
511
.59
10.5
112
.38
10.5
913
.07
11.5
2PlanII
––
––
––
––
––
Annexures to Schedule 16
115
for the year ended March 31, 2014
Annual Report 2013-14
Form
A-B
S(UL
) An
nexu
re 3
Fund
Bal
ance
She
et a
s at
31s
t Mar
ch 2
014
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Part
icul
ars
Sch
Ti
tani
um 2
Tita
nium
3Pu
re E
quity
Valu
e M
omen
tum
Liqu
id P
lus
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent
Year
Prev
ious
Ye
ar
Sour
ces
of F
unds
Polic
yhol
ders
’ Fun
ds:
Policyholdercontribution
F-1
127,
685
254,
619
68,8
4174
,088
47,5
7420
,117
131,
093
51,7
1733
8,41
412
7,22
2RevenueAccount
14,4
54(2
,702
)4,
473
(2,1
63)
4,57
7(3
96)
9,55
0(3
,107
)1,
953
(1,0
77)
Tota
l14
2,13
925
1,91
673
,314
71,9
2652
,151
19,7
2114
0,64
348
,611
340,
367
126,
145
Appl
icat
ion
of F
unds
Investments
F-2
143,
060
246,
028
72,4
9169
,200
48,6
9218
,102
143,
664
44,7
2827
7,86
011
2,23
2Cu
rren
t Ass
ets
F-3
2,71
011
,136
2,01
73,
373
9,27
62,
816
3,73
54,
676
63,2
7814
,200
Less:CurrentLiabilitiesandProvisions
F-4
3,63
05,
247
1,19
464
85,
817
1,19
76,
755
794
771
286
Netcurrentassets
(919
)5,
889
823
2,72
53,
459
1,61
9(3
,021
)3,
882
62,5
0713
,913
(a) T
otal
142,
139
251,
917
73,3
1471
,925
52,1
5119
,721
140,
643
48,6
1034
0,36
712
6,14
5
(b)Nu
mberofU
nitsoutstanding
11,1
00,4
0622
,297
,009
6,25
3,00
96,
874,
192
3,88
6,38
21,
779,
378
11,7
98,0
434,
609,
815
29,0
68,3
8811
,691
,677
NAVperU
nit(a)/(b)(
`)PlanI
12.8
011
.30
11.7
210
.46
13.4
211
.08
11.9
210
.54
11.7
110
.79
PlanII
––
––
––
––
––
Part
icul
ars
Sch
IP
P -
Gro
wth
IP
P -
Enr
ich
IPP
- N
ouris
h In
com
e Ad
vant
age
Guar
ante
ed
Max
imis
er G
uara
ntee
d C
urre
nt
Year
Pr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Cur
rent
Yea
r Pr
evio
us Y
ear
Cur
rent
Ye
ar
Prev
ious
Ye
ar
Sour
ces
of F
unds
Polic
yhol
ders
’ Fun
ds:
Policyholdercontribution
F-1
156,
038
189,
210
625,
700
776,
105
64,9
0472
,831
221,
879
–7,
599
–RevenueAccount
207,
790
185,
747
1,00
5,02
790
4,69
064
,512
60,6
141,
184
–18
8–
Tota
l36
3,82
837
4,95
71,
630,
727
1,68
0,79
512
9,41
613
3,44
722
3,06
3–
7,78
7–
Appl
icat
ion
of F
unds
Investments
F-2
347,
008
364,
153
1,58
5,63
81,
571,
610
125,
212
129,
748
139,
962
–6,
961
–Cu
rren
t Ass
ets
F-3
19,1
7211
,369
61,4
6311
2,19
54,
591
3,82
183
,127
–2,
746
–Less:CurrentLiabilitiesandProvisions
F-4
2,35
356
516
,375
3,01
038
812
426
–1,
920
–Netcurrentassets
16,8
2010
,804
45,0
8910
9,18
54,
204
3,69
783
,101
–82
6–
(a)
Tota
l36
3,82
837
4,95
71,
630,
727
1,68
0,79
512
9,41
613
3,44
622
3,06
3–
7,78
7–
(b)Nu
mberofU
nitsoutstanding
12,7
66,9
5614
,168
,716
49,4
79,8
4555
,078
,695
5,62
6,70
86,
086,
872
21,8
12,0
48–
733,
209
–
NAVperU
nit(a)/(b)(
`)PlanI
28.5
026
.46
32.9
630
.52
23.0
021
.92
10.2
3–
10.6
2–
PlanII
––
––
––
––
––
Annexures to Schedule 16
116
for the year ended March 31, 2014
Birla Sun Life Insurance
Form
A-B
S(UL
) An
nexu
re 3
Fund
Bal
ance
She
et a
s at
31s
t Mar
ch 2
014
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Part
icul
ars
Sch
Gr
. Fix
ed In
tere
st
Gr. G
iltGr
. Bon
dGr
. Mon
ey M
arke
tGr
. Sho
rt-T
erm
Deb
t C
urre
nt
Year
Pr
evio
us
Year
Cur
rent
Ye
ar
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent Y
ear
Prev
ious
Ye
arCu
rren
t Yea
rPr
evio
us
Year
Sour
ces
of F
unds
Polic
yhol
ders
’ Fun
ds:
Policyholdercontribution
F-1
3,96
8,14
23,
118,
768
52,2
3942
,083
1,18
5,26
41,
283,
722
3,14
8,91
071
0,48
841
6,07
841
,533
RevenueAccount
900,
541
624,
642
10,6
719,
907
1,14
6,93
899
0,56
849
1,66
734
6,17
524
0,12
220
5,83
4
Tota
l4,
868,
683
3,74
3,41
062
,910
51,9
902,
332,
202
2,27
4,28
93,
640,
577
1,05
6,66
365
6,20
024
7,36
6
Appl
icat
ion
of F
unds
Investments
F-2
4,67
4,98
83,
618,
136
61,3
9350
,717
2,18
7,57
22,
143,
179
3,13
3,60
11,
016,
003
627,
604
249,
865
Curr
ent A
sset
sF-
319
3,73
112
6,11
11,
516
1,27
314
4,65
913
1,61
364
0,73
296
,613
28,7
096,
691
Less:CurrentLiabilitiesandProvisions
F-4
3583
7–
–29
503
133,
755
55,9
5311
29,
189
Netcurrentassets
193,
695
125,
274
1,51
71,
273
144,
630
131,
111
506,
976
40,6
6028
,596
(2,4
98)
(a)
Tota
l
4,86
8,68
33,
743,
410
62,9
1051
,990
2,33
2,20
22,
274,
290
3,64
0,57
71,
056,
663
656,
200
247,
367
(b)Nu
mberofU
nitsoutstanding
191,
807,
003
157,
002,
764
3,47
6,30
32,
899,
846
105,
659,
478
110,
203,
866
160,
035,
618
50,6
40,7
2441
,716
,101
17,0
35,4
71
NAVperU
nit(a)/(b)(
`)PlanI
25.3
823
.84
18.1
017
.93
22.0
720
.64
22.7
520
.87
15.7
314
.52
PlanII
––
––
––
––
––
Part
icul
ars
Sch
Gr
. Gro
wth
Adv
anta
geGr
. Inc
ome
Adva
ntag
eGr
. Sec
ure
Gr. S
tabl
eGr
. Gro
wth
Curr
ent Y
ear
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Yea
rPr
evio
us
Year
Curr
ent Y
ear
Prev
ious
Ye
ar
Sour
ces
of F
unds
Polic
yhol
ders
’ Fun
ds:
Policyholdercontribution
F-1
132,
977
138,
601
261,
329
18,2
724,
757,
717
6,43
5,71
0(2
22,3
98)
157,
913
1,58
9,58
91,
621,
022
RevenueAccount
69,8
4949
,839
102,
919
91,5
102,
599,
899
2,11
4,00
92,
626,
392
2,43
4,56
01,
009,
927
783,
551
Tota
l20
2,82
618
8,44
036
4,24
810
9,78
17,
357,
616
8,54
9,71
72,
403,
994
2,59
2,47
32,
599,
516
2,40
4,57
3
Appl
icat
ion
of F
unds
Investments
F-2
203,
739
182,
063
341,
541
51,7
497,
130,
166
8,00
5,85
72,
340,
965
2,53
5,30
32,
517,
059
2,36
7,76
2Cu
rren
t Ass
ets
F-3
2,02
06,
377
22,8
1758
,033
352,
387
544,
478
79,7
2858
,076
113,
248
36,8
11Less:CurrentLiabilitiesandProvisions
F-4
2,93
2–
110
–12
4,93
661
616
,698
906
30,7
92–
Netcurrentassets
(913
)6,
377
22,7
0758
,033
227,
450
543,
862
63,0
2957
,170
82,4
5736
,811
(a)
Tota
l20
2,82
618
8,44
036
4,24
810
9,78
27,
357,
616
8,54
9,71
92,
403,
994
2,59
2,47
32,
599,
517
2,40
4,57
3
(b)Nu
mberofU
nitsoutstanding
10,1
90,7
9510
,539
,849
25,8
43,4
868,
198,
474
204,
501,
370
253,
491,
433
50,0
13,5
8858
,428
,027
46,0
18,1
0346
,816
,197
NAVperU
nit(a)/(b)(
`)PlanI
19.9
017
.88
14.0
913
.39
35.9
833
.73
48.0
744
.37
56.4
951
.36
PlanII
––
––
––
––
––
Annexures to Schedule 16
117
for the year ended March 31, 2014
Annual Report 2013-14
Form
A-B
S(UL
) An
nexu
re 3
Fund
Bal
ance
She
et a
s at
31s
t Mar
ch 2
014
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Part
icul
ars
Sch
Gr
. Fix
ed In
tere
st 2
Gr. M
oney
Mar
ket 2
Gr. B
ond
2Gr
. Sho
rt-T
erm
Deb
t 2Gr
. Sta
ble
2Cu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Yea
rPr
evio
us
Year
Curr
ent Y
ear
Prev
ious
Ye
arCu
rren
t Yea
rPr
evio
us
Year
Sour
ces
of F
unds
Polic
yhol
ders
’ Fun
ds:
Policyholdercontribution
F-1
23,7
62(1
,958
)(6
4)(6
4)(7
42)
(742
)25
2,06
437
3,83
7(5
,612
)(5
,584
)RevenueAccount
7,70
45,
929
2,32
62,
153
742
742
83,2
3652
,982
5,88
85,
863
Tota
l31
,466
3,97
12,
263
2,08
9–
–33
5,30
042
6,81
927
627
9
Appl
icat
ion
of F
unds
Investments
F-2
30,5
983,
854
2,22
62,
031
––
320,
410
418,
821
256
256
Curr
ent A
sset
sF-
386
911
737
58–
–14
,890
9,99
920
22Less:CurrentLiabilitiesandProvisions
F-4
––
––
––
–2,
001
––
Netcurrentassets
869
117
3758
––
14,8
907,
998
2022
(a)
Tota
l
31,4
663,
971
2,26
32,
089
––
335,
300
426,
819
276
278
(b)Nu
mberofU
nitsoutstanding
2,47
7,89
434
1,55
018
3,77
718
5,02
0–
–26
,317
,343
36,6
81,3
1121
,320
23,7
42
NAVperU
nit(a)/(b)(
`)PlanI
12.7
011
.63
12.3
111
.29
––
12.7
411
.64
12.8
811
.71
PlanII
––
––
––
––
––
Part
icul
ars
Sch
Gr
. Sec
ure
2Gr
. Gro
wth
2Pe
nsio
n Di
scon
tinue
d Fu
ndLi
fe D
isco
ntin
ued
Fund
Disc
ontin
ued
Polic
y Fu
ndTo
tal
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Sour
ces
of F
unds
Polic
yhol
ders
’ Fun
ds:
Policyholdercontribution
F-1
72,8
24(2
6,82
7)(2
0,51
0)(2
0,27
0)–
––
–4,
539,
424
2,02
3,28
417
6,00
2,74
517
8,05
3,53
0RevenueAccount
28,5
9326
,827
26,9
5426
,339
––
––
215,
015
27,1
2730
,444
,440
15,3
17,1
94
Tota
l10
1,41
7–
6,44
46,
069
––
––
4,75
4,43
92,
050,
411
206,
447,
185
193,
370,
724
Appl
icat
ion
of F
unds
Investments
F-2
99,2
07–
6,31
65,
957
––
––
4,72
9,77
92,
051,
488
200,
747,
927
188,
280,
249
Curr
ent A
sset
sF-
32,
598
–16
511
2–
––
–71
,880
22,8
218,
150,
608
6,25
9,59
2Le
ss: C
urre
nt L
iabi
litie
s
andProvisions
F-4
388
–37
––
––
–47
,220
23,8
982,
451,
350
1,16
9,11
7
Netcurrentassets
2,21
0–
128
112
––
––
24,6
60(1
,077
)5,
699,
258
5,09
0,47
5
(a)
Tota
l10
1,41
7–
6,44
36,
069
––
––
4,75
4,43
92,
050,
411
206,
447,
185
193,
370,
724
(b)Nu
mberofU
nitsoutstanding
9,91
5,34
9–
481,
062
504,
058
––
––
369,
235,
151
172,
236,
609
9,83
6,83
0,18
29,
906,
543,
000
NAVperU
nit(a)/(b)(
`)PlanI
10.2
3–
13.3
912
.04
––
––
12.8
811
.90
––
PlanII
––
––
––
––
––
––
Annexures to Schedule 16
118
for the year ended March 31, 2014
Birla Sun Life Insurance
Sche
dule
s to
Fun
d Ba
lanc
e Sh
eet
Anne
xure
3Sc
hedu
le: F
-1Po
licyh
olde
rs’ C
ontr
ibut
ion
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Part
icul
ars
Ind.
Ass
ure
Ind.
Inco
me
Adva
ntag
e In
d. P
rote
ctor
Ind.
Bui
lder
Ind.
Bal
ance
rCu
rren
t Ye
arPr
evio
us
Year
Cur
rent
Ye
ar
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Open
ing
bala
nce
1,0
45,7
78
1,0
97,5
28
3,3
62,9
77
3,0
04,3
17
2,9
16,7
19
3,2
03,5
60
1,6
56,3
46
1,8
23,8
03
336
,474
3
26,8
41
Add:
Add
ition
s du
ring
the
year
* **
1,1
44,9
90
842
,390
2
,275
,694
2
,015
,992
1
,030
,711
1
,091
,675
2
78,0
38
323
,811
4
2,92
3 5
4,20
3
Less
: Ded
uctio
ns d
urin
g th
e ye
ar*
** 8
31,6
43
894
,140
1
,530
,879
1
,657
,332
1
,064
,253
1
,378
,516
4
72,5
86
491
,268
9
6,34
2 4
4,57
0
Clos
ing
bala
nce
1,3
59,1
25
1,0
45,7
78
4,1
07,7
92
3,3
62,9
77
2,8
83,1
77
2,9
16,7
19
1,4
61,7
98
1,6
56,3
46
283
,055
3
36,4
74
Part
icul
ars
Ind.
Enh
ance
rIn
d. C
reat
orIn
d. M
agni
fier
Ind.
Max
imis
erIn
d. M
ultip
lier
Curr
ent
Year
Prev
ious
Ye
ar C
urre
nt
Year
Pr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
ar
Open
ing
bala
nce
67,
833,
017
67,
609,
565
1,5
26,0
33
1,4
37,1
08
7,0
08,2
02
8,6
22,3
82
22,
844,
031
26,
768,
320
4,6
68,3
77
5,4
22,6
42
Add:
Add
ition
s du
ring
the
year
* **
10,
258,
422
14,
258,
087
656
,580
7
35,5
33
886
,751
1
,067
,492
3
,694
,106
5
,113
,292
6
13,1
12
948
,018
Less
: Ded
uctio
ns d
urin
g th
e ye
ar*
** 1
2,55
6,03
8 1
4,03
4,63
5 6
35,7
11
646
,608
2
,437
,038
2
,681
,672
6
,813
,440
9
,037
,581
1
,178
,133
1
,702
,283
Clos
ing
bala
nce
65,
535,
401
67,
833,
017
1,5
46,9
02
1,5
26,0
33
5,4
57,9
15
7,0
08,2
02
19,
724,
697
22,
844,
031
4,1
03,3
56
4,6
68,3
77
Part
icul
ars
Supe
r 20
Ind.
Pla
tinum
Plu
s 1
Ind.
Pla
tinum
Plu
s 2
Ind.
Pla
tinum
Plu
s 3
Ind.
Pla
tinum
Plu
s 4
Curr
ent
Year
Prev
ious
Ye
ar C
urre
nt
Year
Pr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
ar
Open
ing
bala
nce
2,4
57,0
49
1,7
77,0
41
3,3
70,3
65
4,1
90,4
28
3,9
49,2
50
5,4
23,5
06
7,0
78,4
82
8,2
41,6
35
5,6
62,5
14
6,0
66,2
29
Add:
Add
ition
s du
ring
the
year
* **
1,7
46,1
76
1,4
58,5
12
(8,5
08)
12,
890
6,5
70
103
,418
4
7,12
7 7
15,7
17
48,
557
1,1
08,8
72
Less
: Ded
uctio
ns d
urin
g th
e ye
ar*
** 8
93,0
55
778
,504
7
96,0
70
832
,953
1
,277
,882
1
,577
,674
1
,540
,895
1
,878
,870
1
,278
,518
1
,512
,587
Clos
ing
bala
nce
3,3
10,1
70
2,4
57,0
49
2,5
65,7
87
3,3
70,3
65
2,6
77,9
38
3,9
49,2
50
5,5
84,7
14
7,0
78,4
82
4,4
32,5
53
5,6
62,5
14
Part
icul
ars
Ind.
Pla
tinum
Adv
anta
geIn
d. P
latin
um P
rem
ier
Ind.
For
esig
ht F
PIn
d. F
ores
ight
SP
Tita
nium
1
Curr
ent Y
ear
Prev
ious
Ye
ar C
urre
nt Y
ear
Prev
ious
Ye
arCu
rren
t Yea
rPr
evio
us
Year
Cur
rent
Yea
r Pr
evio
us
Year
Cur
rent
Yea
r Pr
evio
us
Year
Open
ing
bala
nce
6,6
32,9
03
4,0
64,0
13
9,1
01,5
44
6,9
48,4
42
7,9
54,9
23
4,0
03,0
61
596
,673
5
63,0
74
576
,174
5
37,1
51
Add:
Add
ition
s du
ring
the
year
* **
2,8
29,9
63
3,5
21,0
00
286
,243
4
,245
,030
5
,367
,888
4
,478
,221
1
2,86
5 3
4,07
9 (3
6,95
3) 1
47,7
08
Less
: Ded
uctio
ns d
urin
g th
e ye
ar*
** 1
,564
,048
9
52,1
10
1,5
40,3
45
2,0
91,9
28
1,0
84,4
06
526
,359
6
90
480
1
05,0
91
108
,685
Clos
ing
bala
nce
7,8
98,8
18
6,6
32,9
03
7,8
47,4
42
9,1
01,5
44
12,
238,
405
7,9
54,9
23
608
,848
5
96,6
73
434
,130
5
76,1
74
Annexures to Schedule 16
119
for the year ended March 31, 2014
Annual Report 2013-14
Sche
dule
s to
Fun
d Ba
lanc
e Sh
eet
Anne
xure
3Sc
hedu
le: F
-1Po
licyh
olde
rs’ C
ontr
ibut
ion
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Part
icul
ars
Tita
nium
2Ti
tani
um 3
Pure
Equ
ityVa
lue
Mom
entu
mLi
quid
Plu
sCu
rren
t Ye
arPr
evio
us
Year
Cur
rent
Ye
ar
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Open
ing
bala
nce
254
,619
2
04,9
93
74,
088
59,
488
20,
117
368
5
1,71
7 3
39
127
,222
3
58
Add:
Add
ition
s du
ring
the
year
* **
2,0
34
92,
491
10,
959
35,
830
35,
874
21,
059
104
,657
5
2,51
2 4
50,9
65
239
,967
Less
: Ded
uctio
ns d
urin
g th
e ye
ar*
** 1
28,9
68
42,
865
16,
206
21,
230
8,4
17
1,3
10
25,
281
1,1
34
239
,773
1
13,1
03
Clos
ing
bala
nce
127
,685
2
54,6
19
68,
841
74,
088
47,
574
20,
117
131
,093
5
1,71
7 3
38,4
14
127
,222
Part
icul
ars
IPP
- Gr
owth
IP
P -
Enr
ich
IPP
- N
ouris
h In
com
e Ad
vant
age
Gu
aran
teed
M
axim
iser
Gua
rant
eed
Curr
ent
Year
Prev
ious
Ye
ar C
urre
nt
Year
Pr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
ar
Open
ing
bala
nce
189
,210
2
06,0
39
776
,105
8
81,9
01
72,8
31 8
4,77
4 –
–
–
–
Add:
Add
ition
s du
ring
the
year
* **
15,
977
22,
830
88,
646
118
,907
1
1,70
1 1
1,10
0 2
21,8
81
–
7,5
98
–
Less
: Ded
uctio
ns d
urin
g th
e ye
ar*
** 4
9,14
9 3
9,65
9 2
39,0
51
224
,703
1
9,62
8 2
3,04
3 2
–
(1
) –
Clos
ing
bala
nce
156
,038
1
89,2
10
625
,700
7
76,1
05
64,
904
72,
831
221
,879
–
7
,599
–
Part
icul
ars
Gr. F
ixed
Inte
rest
Gr
. Gilt
Gr. B
ond
Gr. M
oney
Mar
ket
Gr. S
hort
-Ter
m D
ebt
Curr
ent
Year
Prev
ious
Ye
ar C
urre
nt
Year
Pr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
ar
Open
ing
bala
nce
3,1
18,7
68
759
,613
4
2,08
3 7
1,78
9 1
,283
,722
8
30,8
32
710
,488
1
,938
,175
4
1,53
3 4
81,9
77
Add:
Add
ition
s du
ring
the
year
* **
2,0
29,4
98
2,7
62,2
26
10,
422
633
1
78,4
77
579
,166
4
,997
,640
7
23,6
19
458
,292
1
73,6
33
Less
: Ded
uctio
ns d
urin
g th
e ye
ar*
** 1
,180
,124
4
03,0
71
266
3
0,33
9 2
76,9
35
126
,276
2
,559
,218
1
,951
,306
8
3,74
7 6
14,0
77
Clos
ing
bala
nce
3,9
68,1
42
3,1
18,7
68
52,
239
42,
083
1,1
85,2
64
1,2
83,7
22
3,1
48,9
10
710
,488
4
16,0
78
41,
533
Part
icul
ars
Gr. G
row
th A
dvan
tage
Gr. I
ncom
e Ad
vant
age
Gr. S
ecur
eGr
. Sta
ble
Gr. G
row
th
Curr
ent Y
ear
Prev
ious
Ye
arCu
rren
t Yea
rPr
evio
us
Year
Curr
ent Y
ear
Prev
ious
Ye
arCu
rren
t Yea
rPr
evio
us
Year
Curr
ent Y
ear
Prev
ious
Ye
ar
Open
ing
bala
nce
138
,601
1
23,4
93
18,
272
(78,
780)
6,4
35,7
10
5,4
07,2
82
157
,913
1
,367
,183
1
,621
,022
1
,328
,615
Add:
Add
ition
s du
ring
the
year
* **
86,
038
55,
586
263
,862
9
7,05
3 5
,839
,433
4
,988
,731
3
18,3
78
1,0
90,6
24
429
,732
4
41,4
14
Less
: Ded
uctio
ns d
urin
g th
e ye
ar*
** 9
1,66
2 4
0,47
8 2
0,80
5 1
7
,517
,426
3
,960
,303
6
98,6
89
2,2
99,8
94
461
,165
1
49,0
07
Clos
ing
bala
nce
132
,977
1
38,6
01
261
,329
1
8,27
2 4
,757
,717
6
,435
,710
(2
22,3
98)
157
,913
1
,589
,589
1
,621
,022
Annexures to Schedule 16
120
for the year ended March 31, 2014
Birla Sun Life Insurance
Sche
dule
s to
Fun
d Ba
lanc
e Sh
eet
Anne
xure
3Sc
hedu
le: F
-1Po
licyh
olde
rs’ C
ontr
ibut
ion
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Part
icul
ars
Gr. F
ixed
Inte
rest
2Gr
. Mon
ey M
arke
t 2Gr
. Bon
d 2
Gr. S
hort
-Ter
m D
ebt 2
Gr. S
tabl
e 2
Curr
ent Y
ear
Prev
ious
Ye
arCu
rren
t Yea
rPr
evio
us
Year
Curr
ent Y
ear
Prev
ious
Ye
arCu
rren
t Yea
rPr
evio
us
Year
Curr
ent Y
ear
Prev
ious
Ye
ar
Open
ing
bala
nce
(1,9
58)
47,
642
(64)
24,
604
(742
) (7
42)
373
,837
3
73,1
71
(5,5
84)
(5,5
54)
Add:
Add
ition
s du
ring
the
year
* **
28,
195
5,5
76
–
27,
851
–
–
2,2
90
8,4
12
–
3
Less
: Ded
uctio
ns d
urin
g th
e ye
ar*
** 2
,475
5
5,17
6 –
52,
519
–
–
124
,063
7
,746
2
8 3
3
Clos
ing
bala
nce
23,
762
(1,9
58)
(64)
(64)
(742
) (7
42)
252
,064
3
73,8
37
(5,6
12)
(5,5
84)
Part
icul
ars
Gr. S
ecur
e 2
Gr. G
row
th 2
Pens
ion
Disc
ontin
ued
Fund
Life
Dis
cont
inue
d Fu
ndDi
scon
tinue
d Po
licy
Fund
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
ar
Open
ing
bala
nce
(26,
826)
(26,
826)
(20,
270)
97,
503
–
–
–
–
2,0
23,2
84
426
,331
Add:
Add
ition
s du
ring
the
year
* **
99,
666
–
337
2
11
–
–
–
–
3,9
24,7
66
2,1
71,2
43
Less
: Ded
uctio
ns d
urin
g th
e ye
ar*
** 1
6 –
5
77
117
,984
–
–
–
–
1
,408
,626
5
74,2
90
Clos
ing
bala
nce
72,
824
(26,
826)
(20,
510)
(20,
270)
–
–
–
–
4,5
39,4
24
2,0
23,2
84
Part
icul
ars
Tota
lCu
rren
t Ye
arPr
evio
us
Year
Open
ing
bala
nce
178
,053
,530
1
75,7
35,2
14
Add:
Add
ition
s du
ring
the
year
* **
50,
798,
583
55,
996,
618
Less
: Ded
uctio
ns d
urin
g th
e ye
ar*
** 5
2,84
9,36
8 5
3,67
8,30
2
Clos
ing
bala
nce
176
,002
,745
1
78,0
53,5
30
* Add
ition
s re
pres
ents
uni
ts c
reat
ion
& de
duct
ions
repr
esen
t uni
t can
cella
tions
** In
clud
es L
ast D
ay C
olle
ctio
ns
Annexures to Schedule 16
121
for the year ended March 31, 2014
Annual Report 2013-14
Sche
dule
s to
Fun
d Ba
lanc
e Sh
eet
Anne
xure
3Sc
hedu
le: F
-2In
vest
men
ts(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Part
icul
ars
Ind.
Ass
ure
Ind.
Inco
me
Adva
ntag
e In
d. P
rote
ctor
Ind.
Bui
lder
Ind.
Bal
ance
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Appr
oved
Inve
stm
ents
GovernmentB
onds
–
–
1,2
54,2
57
933
,424
1
,534
,805
1
,266
,756
9
54,6
22
724
,133
1
21,0
55
96,
593
Corp
orat
e Bo
nds
309
,973
5
18,7
63
1,1
30,3
73
900
,338
6
55,1
85
701
,332
2
36,8
74
432
,155
3
4,76
6 4
5,43
5 In
frast
ruct
ure
Bond
s 1
50,3
14
209
,739
3
88,1
25
416
,690
9
08,8
62
1,0
89,2
87
608
,276
6
52,7
92
53,
523
62,
768
Equity
–
–
–
–
393
,392
3
52,1
12
525
,559
4
75,6
78
71,
898
73,
126
PreferenceShares
–
–
–
–
336
–
8
12
–
64
–
Mon
ey M
arke
t 9
27,1
88
434
,395
9
35,4
98
981
,638
1
61,9
62
337
,219
6
0,00
0 3
31,0
77
–
24,
318
Mut
ual F
unds
–
–
–
–
–
–
–
–
–
–
Tota
l 1
,387
,475
1
,162
,897
3
,708
,253
3
,232
,090
3
,654
,542
3
,746
,706
2
,386
,143
2
,615
,835
2
81,3
06
302
,240
Ot
her I
nves
tmen
tsCo
rpor
ate
Bond
s 9
7,46
4 –
1
99,1
92
104
,346
3
8,80
6 4
0,15
8 2
9,08
1 3
0,09
4 –
–
In
frast
ruct
ure
Bond
s –
–
–
–
–
–
–
–
–
–
Equity
–
–
–
–
12,
507
16,
222
14,
378
46,
715
3,9
52
2,6
37
PreferenceShares
–
–
–
–
–
–
–
–
–
–
Mon
ey M
arke
t –
–
–
–
9
8,22
8 –
–
–
–
–
M
utua
l Fun
ds 1
46,4
39
92,
227
263
,227
1
02,6
69
166
,542
1
32,6
46
137
,691
2
,575
1
3,95
6 3
1,50
7 To
tal
243
,903
9
2,22
7 4
62,4
19
207
,015
3
16,0
83
189
,026
1
81,1
50
79,
384
17,
908
34,
144
GRAN
D TO
TAL
1,6
31,3
78
1,2
55,1
24
4,1
70,6
72
3,4
39,1
05
3,9
70,6
25
3,9
35,7
32
2,5
67,2
93
2,6
95,2
19
299
,214
3
36,3
84
% o
f App
rove
d In
vest
men
ts to
Tot
al85
%93
%89
%94
%92
%95
%93
%97
%94
%90
%%
of O
ther
Inve
stm
ents
to T
otal
15%
7%11
%6%
8%5%
7%3%
6%10
%
Part
icul
ars
Ind.
Enh
ance
rIn
d. C
reat
orIn
d. M
agni
fier
Ind.
Max
imis
erIn
d. M
ultip
lier
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
r C
urre
nt Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Appr
oved
Inve
stm
ents
GovernmentB
onds
17,
138,
243
16,
895,
581
766
,845
5
31,6
82
7,9
20
–
–
–
–
–
Corp
orat
e Bo
nds
13,
923,
119
15,
843,
764
201
,400
3
06,4
79
15,
972
251
,662
–
–
–
–
In
frast
ruct
ure
Bond
s 9
,080
,941
9
,029
,856
3
81,2
98
398
,637
3
2,01
9 1
41,3
80
–
–
41,
550
–
Equity
17,
099,
874
16,
076,
323
1,6
34,6
16
1,3
99,0
24
7,5
92,7
52
7,7
66,3
63
18,
459,
730
20,
236,
825
2,9
51,9
38
2,7
07,6
03
PreferenceShares
16,
354
–
1,1
40
–
7,0
58
–
15,
870
–
–
–
Mon
ey M
arke
t 8
82,0
20
2,3
60,1
21
20,
000
276
,455
1
,015
,378
9
18,7
99
414
,737
7
6,27
4 1
40,1
05
279
,060
M
utua
l Fun
ds –
–
–
–
–
–
–
–
–
–
To
tal
58,
140,
551
60,
205,
645
3,0
05,2
99
2,9
12,2
77
8,6
71,0
99
9,0
78,2
04
18,
890,
337
20,
313,
099
3,1
33,5
93
2,9
86,6
63
Othe
r Inv
estm
ents
Corp
orat
e Bo
nds
1,3
65,3
67
1,5
98,2
62
64,
196
66,
238
29,
796
29,
474
–
–
–
–
Infra
stru
ctur
e Bo
nds
–
–
–
–
–
–
–
–
–
–
Equity
625
,787
8
10,6
53
52,
620
71,
033
365
,818
4
38,4
27
775
,010
8
86,7
79
275
,451
3
00,2
22
PreferenceShares
–
–
–
–
–
–
–
–
–
–
Mon
ey M
arke
t 1
9,64
6 –
9
8,22
8 –
–
–
–
–
–
–
M
utua
l Fun
ds 3
,235
,436
1
,720
,579
2
31,0
42
62,
159
395
,718
4
82,3
51
1,3
62,5
64
134
,305
9
3,68
4 3
00,5
41
Tota
l 5
,246
,236
4
,129
,494
4
46,0
86
199
,430
7
91,3
32
950
,252
2
,137
,574
1
,021
,084
3
69,1
35
600
,763
GR
AND
TOTA
L 6
3,38
6,78
7 6
4,33
5,13
9 3
,451
,385
3
,111
,707
9
,462
,431
1
0,02
8,45
6 2
1,02
7,91
1 2
1,33
4,18
3 3
,502
,728
3
,587
,426
%
of A
ppro
ved
Inve
stm
ents
to T
otal
92%
94%
87%
94%
92%
91%
90%
95%
89%
83%
% o
f Oth
er In
vest
men
ts to
Tot
al8%
6%13
%6%
8%9%
10%
5%11
%17
%
Annexures to Schedule 16
122
for the year ended March 31, 2014
Birla Sun Life Insurance
Sche
dule
s to
Fun
d Ba
lanc
e Sh
eet
Anne
xure
3Sc
hedu
le: F
-2In
vest
men
ts(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Part
icul
ars
Supe
r 20
Ind.
Pla
tinum
Plu
s 1
Ind.
Pla
tinum
Plu
s 2
Ind.
Pla
tinum
Plu
s 3
Ind.
Pla
tinum
Plu
s 4
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
r Pr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
r Pr
evio
us Y
ear
Cur
rent
Yea
r Pr
evio
us Y
ear
Appr
oved
Inve
stm
ents
GovernmentB
onds
–
–
161
,592
3
48,7
66
221
,326
4
09,7
79
237
,313
2
79,1
92
105
,138
1
60,2
93
Corp
orat
e Bo
nds
–
–
262
,121
6
7,09
2 2
79,8
38
237
,438
2
09,0
38
364
,150
7
2,50
9 –
In
frast
ruct
ure
Bond
s –
–
3
30,3
54
617
,698
5
38,4
73
735
,825
2
56,3
23
498
,010
2
41,2
88
234
,623
Equity
3,4
24,4
56
2,3
67,6
94
2,2
04,0
36
2,2
12,2
51
4,2
89,3
15
4,2
21,0
79
5,6
99,4
75
5,4
47,6
28
4,4
93,5
00
4,3
68,6
81
PreferenceShares
–
–
1,1
66
–
2,2
80
–
4,8
18
–
3,7
79
–
Mon
ey M
arke
t 1
27,8
56
14,
096
68,
992
69,
300
56,
181
50,
300
69,
800
99,
500
–
369
,066
M
utua
l Fun
ds –
–
–
–
–
–
–
–
–
–
To
tal
3,5
52,3
12
2,3
81,7
90
3,0
28,2
61
3,3
15,1
07
5,3
87,4
13
5,6
54,4
21
6,4
76,7
67
6,6
88,4
80
4,9
16,2
14
5,1
32,6
63
Othe
r Inv
estm
ents
Corp
orat
e Bo
nds
–
–
–
–
–
–
–
–
–
–
Infra
stru
ctur
e Bo
nds
–
–
–
–
–
–
–
–
–
–
Equity
–
–
60,
058
77,
235
117
,017
1
46,9
74
144
,581
2
73,7
60
115
,045
2
13,3
33
PreferenceShares
–
–
–
–
–
–
–
–
–
–
Mon
ey M
arke
t –
–
–
–
–
–
–
–
–
–
M
utua
l Fun
ds 2
21,6
13
54,
460
94,
718
166
,509
1
50,5
07
318
,886
6
,607
2
16,8
70
12,
957
176
,302
To
tal
221
,613
5
4,46
0 1
54,7
76
243
,744
2
67,5
24
465
,860
1
51,1
88
490
,630
1
28,0
02
389
,635
GR
AND
TOTA
L 3
,773
,925
2
,436
,250
3
,183
,036
3
,558
,851
5
,654
,937
6
,120
,281
6
,627
,955
7
,179
,110
5
,044
,216
5
,522
,298
%
of A
ppro
ved
Inve
stm
ents
to T
otal
94%
98%
95%
93%
95%
92%
98%
93%
97%
93%
% o
f Oth
er In
vest
men
ts to
Tot
al6%
2%5%
7%5%
8%2%
7%3%
7%
Part
icul
ars
Ind.
Pla
tinum
Adv
anta
geIn
d. P
latin
um P
rem
ier
Ind.
For
esig
ht F
PIn
d. F
ores
ight
SP
Tita
nium
1Cu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
r C
urre
nt Y
ear
Prev
ious
Yea
rAp
prov
ed In
vest
men
tsGovernmentB
onds
66,
688
45,
701
148
,478
3
17,7
38
750
,224
9
87,7
29
10,
381
11,
021
65,
285
62,
388
Corp
orat
e Bo
nds
84,
130
72,
487
60,
656
40,
582
987
,719
2
64,5
81
–
–
20,
002
50,
678
Infra
stru
ctur
e Bo
nds
147
,605
2
34,1
97
169
,840
3
55,2
95
1,6
59,8
52
788
,176
9
,830
1
0,22
0 4
9,91
1 7
7,60
9 Equity
8,2
39,5
51
5,7
35,2
21
7,8
10,9
91
6,8
44,1
12
8,9
74,0
69
4,5
42,5
63
711
,477
5
82,3
30
329
,899
3
47,9
69
PreferenceShares
4,2
46
–
6,5
72
–
7,4
24
–
623
–
3
65
–
Mon
ey M
arke
t 4
9,08
3 9
2,17
2 –
1
92,3
85
139
,897
4
14,2
32
3,4
99
300
–
2
50
Mut
ual F
unds
–
–
–
–
–
–
–
–
–
–
Tota
l 8
,591
,303
6
,179
,778
8
,196
,537
7
,750
,112
1
2,51
9,18
5 6
,997
,281
7
35,8
10
603
,871
4
65,4
62
538
,894
Ot
her I
nves
tmen
tsCo
rpor
ate
Bond
s –
–
–
–
–
–
–
–
–
–
In
frast
ruct
ure
Bond
s –
–
–
–
–
–
–
–
–
–
Equity
212
,629
1
77,6
26
202
,689
3
44,5
42
231
,194
2
02,3
22
18,
402
25,
530
15,
192
10,
558
PreferenceShares
–
–
–
–
–
–
–
–
–
–
Mon
ey M
arke
t –
–
–
–
–
–
–
–
–
–
M
utua
l Fun
ds 1
78,5
40
119
,617
4
8,48
2 7
13,5
71
263
,659
4
62,5
71
11,
806
19,
515
4,5
89
355
To
tal
391
,169
2
97,2
43
251
,171
1
,058
,113
4
94,8
53
664
,893
3
0,20
8 4
5,04
5 1
9,78
1 1
0,91
3 GR
AND
TOTA
L 8
,982
,472
6
,477
,021
8
,447
,707
8
,808
,225
1
3,01
4,03
8 7
,662
,174
7
66,0
19
648
,916
4
85,2
43
549
,807
%
of A
ppro
ved
Inve
stm
ents
to T
otal
96%
95%
97%
88%
96%
91%
96%
93%
96%
98%
% o
f Oth
er In
vest
men
ts to
Tot
al4%
5%3%
12%
4%9%
4%7%
4%2%
Annexures to Schedule 16
123
for the year ended March 31, 2014
Annual Report 2013-14
Sche
dule
s to
Fun
d Ba
lanc
e Sh
eet
Anne
xure
3Sc
hedu
le: F
-2In
vest
men
ts(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Part
icul
ars
Tita
nium
2Ti
tani
um 3
Pure
Equ
ityVa
lue
Mom
entu
mLi
quid
Plu
sCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Appr
oved
Inve
stm
ents
GovernmentB
onds
24,
868
28,
503
10,
751
10,
379
–
–
–
–
–
–
Corp
orat
e Bo
nds
5,9
95
27,
154
7,9
97
15,
086
–
–
–
–
–
–
Infra
stru
ctur
e Bo
nds
10,
190
28,
007
13,
183
8,9
87
–
–
–
–
–
–
Equity
95,
872
146
,116
3
8,35
7 3
2,36
5 4
5,78
5 1
6,41
5 1
19,0
86
35,
896
–
–
PreferenceShares
106
–
4
2 –
–
–
–
–
–
–
M
oney
Mar
ket
–
1,2
00
–
100
–
–
1
6,09
4 6
,048
2
52,3
75
112
,197
M
utua
l Fun
ds –
–
–
–
–
–
–
–
–
–
To
tal
137
,031
2
30,9
80
70,
330
66,
917
45,
785
16,
415
135
,180
4
1,94
4 2
52,3
75
112
,197
Ot
her I
nves
tmen
tsCo
rpor
ate
Bond
s –
–
–
–
–
–
–
–
–
–
In
frast
ruct
ure
Bond
s –
–
–
–
–
–
–
–
–
–
Equity
4,4
90
4,4
08
1,7
74
974
2
,907
1
,687
8
,484
2
,784
–
–
PreferenceShares
–
–
–
–
–
–
–
–
–
–
Mon
ey M
arke
t –
–
–
–
–
–
–
–
2
,947
–
M
utua
l Fun
ds 1
,539
1
0,64
0 3
86
1,3
09
–
–
–
–
22,
537
35
Tota
l 6
,029
1
5,04
8 2
,160
2
,283
2
,907
1
,687
8
,484
2
,784
2
5,48
4 3
5 GR
AND
TOTA
L 1
43,0
60
246
,028
7
2,49
0 6
9,20
0 4
8,69
2 1
8,10
2 1
43,6
64
44,
728
277
,859
1
12,2
32
% o
f App
rove
d In
vest
men
ts to
Tot
al96
%94
%97
%97
%94
%91
%94
%94
%91
%10
0%%
of O
ther
Inve
stm
ents
to T
otal
4%6%
3%3%
6%9%
6%6%
9%0%
Part
icul
ars
IPP-
Grow
th
IPP-
Enric
h IP
P-No
uris
h In
com
e Ad
vant
age
Guar
ante
ed
Max
imis
er G
uara
ntee
dCu
rren
t Yea
r Pr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
r C
urre
nt Y
ear
Prev
ious
Yea
rAp
prov
ed In
vest
men
tsGovernmentB
onds
107
,063
9
7,74
1 4
51,1
55
443
,973
5
1,15
4 3
6,87
0 3
7,25
9 –
–
–
Co
rpor
ate
Bond
s 5
2,29
9 8
7,87
9 2
41,3
42
260
,320
3
3,35
9 3
7,65
2 2
0,80
5 –
–
–
In
frast
ruct
ure
Bond
s 7
4,70
7 8
3,65
0 1
64,1
75
204
,786
1
3,34
8 2
2,68
3 3
3,86
2 –
–
–
Equity
67,
137
65,
631
545
,074
5
23,4
39
12,
494
11,
472
–
–
4,7
18
–
PreferenceShares
60
–
387
–
1
1 –
–
–
–
–
M
oney
Mar
ket
39,
300
600
3
0,00
0 6
2,18
0 1
0,00
0 7
,447
3
6,44
5 –
1
,999
–
M
utua
l Fun
ds –
–
–
–
–
–
–
–
–
–
To
tal
340
,566
3
35,5
01
1,4
32,1
33
1,4
94,6
98
120
,366
1
16,1
24
128
,371
–
6
,717
–
Ot
her I
nves
tmen
tsCo
rpor
ate
Bond
s –
–
–
–
2
,039
2
,094
–
–
–
–
In
frast
ruct
ure
Bond
s –
–
–
–
–
–
–
–
–
–
Equity
–
3,2
85
17,
615
26,
204
400
5
31
–
–
244
–
PreferenceShares
–
–
–
–
–
–
–
–
–
–
Mon
ey M
arke
t –
–
–
–
–
–
–
–
–
–
M
utua
l Fun
ds 6
,442
2
5,36
7 1
35,8
88
50,
708
2,4
08
10,
999
11,
591
–
–
–
Tota
l 6
,442
2
8,65
2 1
53,5
03
76,
912
4,8
47
13,
624
11,
591
–
244
–
GR
AND
TOTA
L 3
47,0
08
364
,153
1
,585
,636
1
,571
,610
1
25,2
13
129
,748
1
39,9
62
–
6,9
61
–
% o
f App
rove
d In
vest
men
ts to
Tot
al98
%92
%90
%95
%96
%89
%92
%0%
96%
0%%
of O
ther
Inve
stm
ents
to T
otal
2%8%
10%
5%4%
11%
8%0%
4%0%
Annexures to Schedule 16
124
for the year ended March 31, 2014
Birla Sun Life Insurance
Sche
dule
s to
Fun
d Ba
lanc
e Sh
eet
Anne
xure
3Sc
hedu
le: F
-2In
vest
men
ts(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Part
icul
ars
Gr. F
ixed
Inte
rest
Gr
. Gilt
Gr. B
ond
Gr. M
oney
Mar
ket
Gr. S
hort
-Ter
m D
ebt
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
r Pr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rAp
prov
ed In
vest
men
tsGovernmentB
onds
1,9
12,1
93
1,1
00,0
62
57,
471
45,
955
–
–
–
–
–
–
Corp
orat
e Bo
nds
716
,227
7
91,4
14
–
–
916
,464
8
15,0
01
–
–
135
,455
6
0,50
0 In
frast
ruct
ure
Bond
s 9
06,6
78
486
,583
–
–
5
91,1
32
355
,945
–
–
3
4,85
3 5
0,36
5 Equity
–
–
–
–
–
–
–
–
–
–
PreferenceShares
–
–
–
–
–
–
–
–
–
–
Mon
ey M
arke
t 9
04,3
40
1,1
53,5
14
–
–
604
,300
9
17,0
11
2,7
76,0
03
948
,146
4
24,4
41
136
,857
M
utua
l Fun
ds –
–
–
–
–
–
–
–
–
–
To
tal
4,4
39,4
38
3,5
31,5
73
57,
471
45,
955
2,1
11,8
96
2,0
87,9
57
2,7
76,0
03
948
,146
5
94,7
49
247
,722
Ot
her I
nves
tmen
tsCo
rpor
ate
Bond
s 3
5,05
7 1
,047
–
–
7
5,58
6 4
7,82
9 –
–
1
9,57
1 –
In
frast
ruct
ure
Bond
s –
–
–
–
–
–
–
–
–
–
Equity
–
–
–
–
–
–
–
–
–
–
PreferenceShares
–
–
–
–
–
–
–
–
–
–
Mon
ey M
arke
t –
–
–
–
–
–
–
–
–
–
M
utua
l Fun
ds 2
00,4
92
85,
516
3,9
22
4,7
62
90
7,3
93
357
,596
6
7,85
7 1
3,28
5 2
,143
To
tal
235
,549
8
6,56
3 3
,922
4
,762
7
5,67
6 5
5,22
2 3
57,5
96
67,
857
32,
856
2,1
43
GRAN
D TO
TAL
4,6
74,9
87
3,6
18,1
36
61,
393
50,
717
2,1
87,5
72
2,1
43,1
79
3,1
33,5
99
1,0
16,0
03
627
,605
2
49,8
65
% o
f App
rove
d In
vest
men
ts to
Tot
al95
%98
%94
%91
%97
%97
%89
%93
%95
%99
%%
of O
ther
Inve
stm
ents
to T
otal
5%2%
6%9%
3%3%
11%
7%5%
1%
Part
icul
ars
Gr. G
row
th A
dvan
tage
Gr. I
ncom
e Ad
vant
age
Gr. S
ecur
eGr
. Sta
ble
Gr. G
row
thCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Appr
oved
Inve
stm
ents
GovernmentB
onds
39,
343
21,
979
144
,704
1
1,89
4 2
,261
,645
1
,944
,474
6
57,5
08
571
,687
5
02,7
09
322
,834
Co
rpor
ate
Bond
s 1
6,22
8 2
4,84
2 1
35,6
46
11,
268
1,1
28,9
40
1,3
68,2
73
157
,489
2
84,7
50
160
,741
2
23,0
30
Infra
stru
ctur
e Bo
nds
7,7
46
23,
803
25,
776
1,0
84
878
,871
1
,458
,530
3
35,2
22
516
,561
2
55,5
91
285
,945
Equity
106
,186
1
01,1
18
–
–
1,3
28,1
78
1,3
91,7
10
744
,441
8
13,7
70
1,1
10,7
73
1,0
72,3
00
PreferenceShares
92
–
–
–
1,2
01
–
668
–
9
56
–
Mon
ey M
arke
t 1
2,39
6 –
1
4,49
8 2
6,88
0 9
91,1
99
1,4
50,9
91
190
,100
2
49,8
06
281
,548
3
07,5
31
Mut
ual F
unds
–
–
–
–
–
–
–
–
–
–
Tota
l 1
81,9
91
171
,742
3
20,6
24
51,
126
6,5
90,0
34
7,6
13,9
78
2,0
85,4
28
2,4
36,5
74
2,3
12,3
18
2,2
11,6
40
Othe
r Inv
estm
ents
Corp
orat
e Bo
nds
–
–
–
–
198
,753
2
03,3
24
1,9
26
1,9
93
29,
412
29,
244
Infra
stru
ctur
e Bo
nds
–
–
–
–
–
–
–
–
–
–
Equity
4,3
16
3,9
01
–
–
54,
132
53,
070
31,
493
31,
354
45,
821
40,
887
PreferenceShares
–
–
–
–
–
–
–
–
–
–
Mon
ey M
arke
t –
–
–
–
–
–
–
–
–
–
M
utua
l Fun
ds 1
7,43
2 6
,420
2
0,91
7 6
23
287
,249
1
35,4
85
222
,118
6
5,38
2 1
29,5
09
85,
991
Tota
l 2
1,74
8 1
0,32
1 2
0,91
7 6
23
540
,134
3
91,8
79
255
,537
9
8,72
9 2
04,7
42
156
,122
GR
AND
TOTA
L 2
03,7
39
182
,063
3
41,5
41
51,
749
7,1
30,1
68
8,0
05,8
57
2,3
40,9
65
2,5
35,3
03
2,5
17,0
60
2,3
67,7
62
% o
f App
rove
d In
vest
men
ts to
Tot
al89
%94
%94
%99
%92
%95
%89
%96
%92
%93
%%
of O
ther
Inve
stm
ents
to T
otal
11%
6%6%
1%8%
5%11
%4%
8%7%
Annexures to Schedule 16
125
for the year ended March 31, 2014
Annual Report 2013-14
Sche
dule
s to
Fun
d Ba
lanc
e Sh
eet
Anne
xure
3Sc
hedu
le: F
-2In
vest
men
ts(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Part
icul
ars
Gr. F
ixed
Inte
rest
2Gr
. Mon
ey M
arke
t 2Gr
. Bon
d 2
Gr. S
hort
Ter
m D
ebt 2
Gr. S
tabl
e 2
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rAp
prov
ed In
vest
men
tsGovernmentB
onds
–
3,2
34
–
–
–
–
–
–
169
1
69
Corp
orat
e Bo
nds
29,
304
–
–
–
–
–
80,
745
201
,910
–
–
In
frast
ruct
ure
Bond
s –
–
–
–
–
–
7
8,73
7 6
,296
–
–
Equity
–
–
–
–
–
–
–
–
81
82
PreferenceShares
–
–
–
–
–
–
–
–
–
–
Mon
ey M
arke
t 8
76
604
1
,994
2
,031
–
–
1
35,6
52
200
,756
–
–
M
utua
l Fun
ds –
–
–
–
–
–
–
–
–
–
To
tal
30,
180
3,8
38
1,9
94
2,0
31
–
–
295
,134
4
08,9
62
250
2
51
Othe
r Inv
estm
ents
Corp
orat
e Bo
nds
–
–
–
–
–
–
2,0
39
2,0
94
–
–
Infra
stru
ctur
e Bo
nds
–
–
–
–
–
–
–
–
–
–
Equity
–
–
–
–
–
–
–
–
5
5
PreferenceShares
–
–
–
–
–
–
–
–
–
–
Mon
ey M
arke
t –
–
1
96
–
–
–
–
–
–
–
Mut
ual F
unds
418
1
6 3
6 –
–
–
2
3,24
0 7
,765
–
–
To
tal
418
1
6 2
32
–
–
–
25,
279
9,8
59
5
5
GRAN
D TO
TAL
30,
598
3,8
54
2,2
26
2,0
31
–
–
320
,413
4
18,8
21
255
2
56
% o
f App
rove
d In
vest
men
ts to
Tot
al99
%10
0%90
%10
0%0%
0%92
%98
%98
%98
%%
of O
ther
Inve
stm
ents
to T
otal
1%0%
10%
0%0%
0%8%
2%2%
2%
Part
icul
ars
Gr. S
ecur
e 2
Gr. G
row
th 2
Pens
ion
Disc
ontin
ued
Fund
Life
Dis
cont
inue
d Fu
ndDi
scon
tinue
d Po
licy
Fund
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rAp
prov
ed In
vest
men
tsGovernmentB
onds
41,
546
–
–
2,4
86
–
–
–
–
16,
688
–
Corp
orat
e Bo
nds
6,9
19
–
3,0
26
–
–
–
–
–
199
,166
–
In
frast
ruct
ure
Bond
s 1
1,34
7 –
–
–
–
–
–
–
2
63,1
22
–
Equity
17,
940
–
2,8
55
2,6
26
–
–
–
–
–
–
PreferenceShares
16
–
2
–
–
–
–
–
–
–
Mon
ey M
arke
t 1
7,55
3 –
–
7
03
–
–
–
–
4,0
89,2
07
2,0
46,6
08
Mut
ual F
unds
–
–
–
–
–
–
–
–
–
–
Tota
l 9
5,32
1 –
5
,883
5
,815
–
–
–
–
4
,568
,183
2
,046
,608
Ot
her I
nves
tmen
tsCo
rpor
ate
Bond
s –
–
–
–
–
–
–
–
–
–
In
frast
ruct
ure
Bond
s –
–
–
–
–
–
–
–
–
–
Equity
762
–
1
21
118
–
–
–
–
–
–
PreferenceShares
–
–
–
–
–
–
–
–
–
–
Mon
ey M
arke
t –
–
–
–
–
–
–
–
2
6,32
5 –
M
utua
l Fun
ds 3
,122
–
3
11
24
–
–
–
–
135
,274
4
,880
To
tal
3,8
84
–
432
1
42
–
–
–
–
161
,599
4
,880
GR
AND
TOTA
L 9
9,20
5 –
6
,315
5
,957
–
–
–
–
4
,729
,782
2
,051
,488
%
of A
ppro
ved
Inve
stm
ents
to T
otal
96%
0%93
%98
%0%
0%0%
0%97
%10
0%%
of O
ther
Inve
stm
ents
to T
otal
4%0%
7%2%
0%0%
0%0%
3%0%
Annexures to Schedule 16
126
for the year ended March 31, 2014
Birla Sun Life Insurance
Sche
dule
s to
Fun
d Ba
lanc
e Sh
eet
Anne
xure
3Sc
hedu
le: F
-2In
vest
men
ts(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Part
icul
ars
Tota
lCu
rren
t Yea
rPr
evio
us Y
ear
Appr
oved
Inve
stm
ents
GovernmentB
onds
29,
860,
397
27,
713,
016
Corp
orat
e Bo
nds
22,
531,
819
24,
306,
015
Infra
stru
ctur
e Bo
nds
18,
746,
927
19,
086,
027
Equity
99,
145,
505
89,
969,
521
PreferenceShares
76,
449
–
Mon
ey M
arke
t 1
5,90
2,51
7 1
4,95
2,16
7 M
utua
l Fun
ds –
–
To
tal
186
,263
,613
1
76,0
26,7
46
Othe
r Inv
estm
ents
Corp
orat
e Bo
nds
2,1
88,2
85
2,1
56,1
97
Infra
stru
ctur
e Bo
nds
–
–
Equity
3,4
14,8
92
4,2
13,7
76
PreferenceShares
–
–
Mon
ey M
arke
t 2
45,5
69
–M
utua
l Fun
ds 8
,635
,579
5
,883
,530
To
tal
14,
484,
324
12,
253,
503
GRAN
D TO
TAL
200
,747
,938
1
88,2
80,2
50
% o
f App
rove
d In
vest
men
ts to
Tot
al93
%93
%%
of O
ther
Inve
stm
ents
to T
otal
7%7%
Annexures to Schedule 16
127
for the year ended March 31, 2014
Annual Report 2013-14
Sche
dule
s to
Fun
d Ba
lanc
e Sh
eet
Anne
xure
3Sc
hedu
le: F
-3Cu
rren
t Ass
ets
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Part
icul
ars
Ind.
Ass
ure
Ind.
Inco
me
Adva
ntag
e In
d. P
rote
ctor
Ind.
Bui
lder
Ind.
Bal
ance
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Accr
ued
Inte
rest
63,
103
38,
022
144
,252
8
7,01
7 1
17,8
11
115
,385
7
2,73
7 6
5,75
5 6
,406
6
,329
Ca
sh &
Ban
k Ba
lanc
e 2
4,55
9 7
,102
1
99,9
83
178
,246
9
3,42
4 3
6,36
9 8
2,62
4 1
0,37
0 8
55
1,9
43
DividendReceivable
–
–
–
–
240
2
20
352
1
48
58
34
ReceivableforS
aleofInvestments
–
–
–
–
30,
947
–
8,1
50
–
–
–
Unit
Colle
ctio
n A/
c# –
–
–
–
–
–
–
–
–
–
OtherC
urrentAssets(forInvestments)
–
–
6
6
13
–
24
–
2
–
Tota
l 8
7,66
2 4
5,12
4 3
44,2
41
265
,269
2
42,4
35
151
,974
1
63,8
87
76,
273
7,3
21
8,3
05
Part
icul
ars
Ind.
Enh
ance
rIn
d. C
reat
orIn
d. M
agni
fier
Ind.
Max
imis
erIn
d. M
ultip
lier
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
r Pr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
r
Accr
ued
Inte
rest
1,5
91,4
05
1,5
95,3
55
50,
905
45,
524
54,
514
27,
015
–
–
2,5
37
1,3
27
Cash
& B
ank
Bala
nce
368
,693
4
01,8
47
72,
048
85,
112
45,
461
26,
333
132
,363
1
12,7
62
24,
019
15,
236
DividendReceivable
11,
196
9,9
08
1,1
63
873
5
,123
4
,876
1
1,22
8 1
2,52
8 –
1
,613
ReceivableforS
aleofInvestments
835
,692
–
–
–
2
96,9
68
–
96,
537
–
135
,350
4
5,83
5 Un
it Co
llect
ion
A/c#
–
–
–
–
–
–
–
–
–
–
OtherC
urrentAssets(forInvestments)
509
6
,636
4
8 –
2
75
2,9
61
673
–
1
27
–
Tota
l 2
,807
,495
2
,013
,745
1
24,1
64
131
,509
4
02,3
41
61,
185
240
,801
1
25,2
90
162
,033
6
4,01
1
Part
icul
ars
Supe
r 20
Ind.
Pla
tinum
Plu
s 1
Ind.
Pla
tinum
Plu
s 2
Ind.
Pla
tinum
Plu
s 3
Ind.
Pla
tinum
Plu
s 4
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
r Pr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
r Pr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
r
Accr
ued
Inte
rest
–
–
35,
274
49,
984
24,
554
44,
347
40,
753
45,
650
10,
351
20,
339
Cash
& B
ank
Bala
nce
114
,576
4
0,32
6 7
38
185
4
56
167
1
,283
2
,688
1
,388
5
,428
DividendReceivable
2,1
45
1,2
51
1,8
79
2,1
86
3,6
30
4,1
72
5,3
53
5,0
82
4,2
08
4,1
06
ReceivableforS
aleofInvestments
21,
967
–
–
59,
389
–
113
,090
1
19,5
76
211
,279
8
6,11
9 1
76,1
76
Unit
Colle
ctio
n A/
c# –
–
–
–
–
–
–
–
–
–
OtherC
urrentAssets(forInvestments)
180
–
3
0 –
5
8 –
6
5 –
5
1 –
Tota
l 1
38,8
68
41,
577
37,
921
111
,744
2
8,69
8 1
61,7
76
167
,030
2
64,6
99
102
,117
2
06,0
49
Part
icul
ars
Ind.
Pla
tinum
Adv
anta
geIn
d. P
latin
um P
rem
ier
Ind.
For
esig
ht F
PIn
d. F
ores
ight
SP
Tita
nium
1Cu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
r Pr
evio
us Y
ear
Accr
ued
Inte
rest
6,9
01
9,6
56
8,5
22
32,
899
169
,324
8
8,86
4 8
87
887
1
,491
7
,465
Ca
sh &
Ban
k Ba
lanc
e 9
6,04
2 1
98,1
90
2,2
36
79,
695
573
,098
6
66,5
26
123
3
,126
1
,278
2
,357
DividendReceivable
6,1
09
4,5
31
7,3
58
5,9
51
8,2
90
3,7
96
667
4
66
293
2
72
ReceivableforS
aleofInvestments
–
–
125
,498
1
49,7
95
146
,289
–
1
1,70
4 –
5
,093
1
3,79
4 Un
it Co
llect
ion
A/c#
–
–
–
–
–
–
–
–
–
–
OtherC
urrentAssets(forInvestments)
82
–
85
–
94
–
7
–
7
–
Tota
l 1
09,1
34
212
,377
1
43,7
01
268
,340
8
97,0
95
759
,186
1
3,38
8 4
,479
8
,162
2
3,88
7
Annexures to Schedule 16
128
for the year ended March 31, 2014
Birla Sun Life Insurance
Sche
dule
s to
Fun
d Ba
lanc
e Sh
eet
Anne
xure
3Sc
hedu
le: F
-3Cu
rren
t Ass
ets
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Part
icul
ars
Tita
nium
2Ti
tani
um 3
Pure
Equ
ityVa
lue
Mom
entu
mLi
quid
Plu
sCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Accr
ued
Inte
rest
1,0
88
3,5
42
1,0
15
1,2
64
–
–
–
–
3,2
20
172
Ca
sh &
Ban
k Ba
lanc
e 8
2 2
,280
3
73
812
9
,220
2
,792
3
,621
4
,070
6
0,05
8 1
4,02
8 DividendReceivable
85
113
3
4 2
5 5
6 2
4 9
6 5
2 –
–
ReceivableforS
aleofInvestments
1,4
53
5,2
02
594
1
,272
–
–
1
1 5
54
–
–
Unit
Colle
ctio
n A/
c# –
–
–
–
–
–
–
–
–
–
OtherC
urrentAssets(forInvestments)
2
–
1
–
–
–
7
–
–
–
Tota
l 2
,710
1
1,13
6 2
,017
3
,373
9
,276
2
,816
3
,735
4
,676
6
3,27
8 1
4,20
0
Part
icul
ars
IPP
– G
row
th
IPP
– E
nric
h IP
P –
Nou
rish
Inco
me
Adva
ntag
e Gu
aran
teed
M
axim
iser
Gua
rant
eed
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
r Pr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
r
Accr
ued
Inte
rest
14,
147
10,
301
30,
617
31,
558
4,2
20
3,3
12
4,1
45
–
–
–
Cash
& B
ank
Bala
nce
693
1
,032
3
0,48
4 8
0,31
8 3
63
502
7
8,98
2 –
2
,744
–
DividendReceivable
53
36
344
3
19
8
7
–
–
2
–
ReceivableforS
aleofInvestments
4,2
77
–
–
–
–
–
–
–
–
–
Unit
Colle
ctio
n A/
c# –
–
–
–
–
–
–
–
–
–
OtherC
urrentAssets(forInvestments)
2
–
18
–
–
–
–
–
–
–
Tota
l 1
9,17
2 1
1,36
9 6
1,46
3 1
12,1
95
4,5
91
3,8
21
83,
127
–
2,7
46
–
Part
icul
ars
Gr. F
ixed
Inte
rest
Gr
. Gilt
Gr. B
ond
Gr. M
oney
Mar
ket
Gr. S
hort
Ter
m D
ebt
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
r Pr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
r
Accr
ued
Inte
rest
175
,089
8
0,09
4 1
,499
1
,163
9
8,65
4 5
2,49
5 3
5,34
0 4
,892
2
1,20
9 4
,963
Ca
sh &
Ban
k Ba
lanc
e 1
8,64
2 4
6,01
7 1
7 1
10
46,
005
79,
118
605
,392
9
1,72
1 7
,500
1
,728
DividendReceivable
–
–
–
–
–
–
–
–
–
–
ReceivableforS
aleofInvestments
–
–
–
–
–
–
–
–
–
–
Unit
Colle
ctio
n A/
c# –
–
–
–
–
–
–
–
–
–
OtherC
urrentAssets(forInvestments)
–
–
–
–
–
–
–
–
–
–
Tota
l 1
93,7
31
126
,111
1
,516
1
,273
1
44,6
59
131
,613
6
40,7
32
96,
613
28,
709
6,6
91
Part
icul
ars
Gr. G
row
th A
dvan
tage
Gr. I
ncom
e Ad
vant
age
Gr. S
ecur
eGr
. Sta
ble
Gr. G
row
thCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Accr
ued
Inte
rest
1,4
91
2,0
99
7,5
95
777
2
05,4
23
185
,064
4
7,17
9 4
6,05
6 3
3,51
2 3
1,29
7 Ca
sh &
Ban
k Ba
lanc
e 1
19
4,2
17
15,
222
57,
256
34,
313
358
,529
2
8,23
7 1
1,51
1 7
5,37
8 4
,834
DividendReceivable
65
61
–
–
828
8
85
465
5
09
675
6
80
ReceivableforS
aleofInvestments
341
–
–
–
1
11,7
73
–
3,8
19
–
3,6
44
–
Unit
Colle
ctio
n A/
c# –
–
–
–
–
–
–
–
–
–
OtherC
urrentAssets(forInvestments)
4
–
– –
5
0 –
2
8 –
3
9 –
Tota
l 2
,020
6
,377
2
2,81
7 5
8,03
3 3
52,3
87
544
,478
7
9,72
8 5
8,07
6 1
13,2
48
36,
811
Annexures to Schedule 16
129
for the year ended March 31, 2014
Annual Report 2013-14
Sche
dule
s to
Fun
d Ba
lanc
e Sh
eet
Anne
xure
3Sc
hedu
le: F
-3Cu
rren
t Ass
ets
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Part
icul
ars
Gr. F
ixed
Inte
rest
2Gr
. Mon
ey M
arke
t 2Gr
. Bon
d 2
Gr. S
hort
-Ter
m D
ebt 2
Gr. S
tabl
e 2
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
r
Accr
ued
Inte
rest
827
7
4 1
–
–
–
1
4,46
4 9
,962
1
1
Ca
sh &
Ban
k Ba
lanc
e 4
2 4
3 3
6 5
8 –
–
4
26
37
17
21
DividendReceivable
–
–
–
–
–
–
–
–
–
–
ReceivableforS
aleofInvestments
–
–
–
–
–
–
–
–
2
–
Unit
Colle
ctio
n A/
c# –
–
–
–
–
–
–
–
–
–
OtherC
urrentAssets(forInvestments)
–
–
–
–
–
–
–
–
–
–
Tota
l 8
69
117
3
7 5
8 –
–
1
4,89
0 9
,999
2
0 2
2
Part
icul
ars
Gr. S
ecur
e 2
Gr. G
row
th 2
Pens
ion
Disc
ontin
ued
Fund
Life
Dis
cont
inue
d Fu
ndDi
scon
tinue
d Po
licy
Fund
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
r
Accr
ued
Inte
rest
2,4
72
–
62
72
–
–
–
–
48,
622
4,2
60
Cash
& B
ank
Bala
nce
6
–
94
38
–
–
–
–
23,
258
18,
561
DividendReceivable
11
–
2
2
–
–
–
–
–
–
ReceivableforS
aleofInvestments
108
–
7
–
–
–
–
–
–
–
Un
it Co
llect
ion
A/c#
–
–
–
–
–
–
–
–
–
–
OtherC
urrentAssets(forInvestments)
1
–
–
–
–
–
–
–
–
–
Tota
l 2
,598
–
1
65
112
–
–
–
–
7
1,88
0 2
2,82
1
Part
icul
ars
Tota
lCu
rren
t Yea
rPr
evio
us Y
ear
Accr
ued
Inte
rest
3,1
53,6
19
2,7
55,2
36
Cash
& B
ank
Bala
nce
2,8
76,5
68
2,6
53,6
42
DividendReceivable
72,
015
64,
726
ReceivableforS
aleofInvestments
2,0
45,9
19
776
,386
Un
it Co
llect
ion
A/c#
–
–
OtherC
urrentAssets(forInvestments)
2,4
87
9,6
03
Tota
l 8
,150
,608
6
,259
,593
#representsinterfu
ndreceivablesorpayables
Annexures to Schedule 16
130
for the year ended March 31, 2014
Birla Sun Life Insurance
Sche
dule
s to
Fun
d Ba
lanc
e Sh
eet
Anne
xure
3Sc
hedu
le: F
-4Cu
rren
t Lia
bilit
ies
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Part
icul
ars
Ind.
Ass
ure
Ind.
Inco
me
Adva
ntag
e In
d. P
rote
ctor
Ind.
Bui
lder
Ind.
Bal
ance
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
PayableforP
urchaseofInvestments
–
–
–
–
36,
396
–
5,6
52
–
396
–
Ot
her C
urre
nt L
iabi
litie
s 1
3,26
0 5
,940
4
5,68
0 3
4,15
5 2
2,20
3 1
3,31
3 1
8,57
1 1
2,41
4 1
,580
6
40
UnitPayablea/c#
–
–
–
–
–
–
–
–
–
–
Tota
l 1
3,26
0 5
,940
4
5,68
0 3
4,15
5 5
8,59
9 1
3,31
3 2
4,22
3 1
2,41
4 1
,976
6
40
Part
icul
ars
Ind.
Enh
ance
rIn
d. C
reat
orIn
d. M
agni
fier
Ind.
Max
imis
erIn
d. M
ultip
lier
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
r Pr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
r
PayableforP
urchaseofInvestments
244
,427
9
7,62
2 1
5,37
2 –
5
9,61
1 1
5,46
1 4
50,0
63
4,8
43
28,
851
17,
249
Othe
r Cur
rent
Lia
bilit
ies
362
,942
2
99,4
85
15,
924
10,
317
88,
520
51,
698
185
,168
1
14,5
85
34,
687
15,
410
UnitPayablea/c#
–
–
–
–
–
–
–
–
–
–
Tota
l 6
07,3
69
397
,107
3
1,29
6 1
0,31
7 1
48,1
31
67,
159
635
,231
1
19,4
28
63,
538
32,
659
Part
icul
ars
Supe
r 20
Ind.
Pla
tinum
Plu
s 1
Ind.
Pla
tinum
Plu
s 2
Ind.
Pla
tinum
Plu
s 3
Ind.
Pla
tinum
Plu
s 4
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
r Pr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
r
PayableforP
urchaseofInvestments
99,
027
–
–
–
–
–
13,
375
–
11,
145
–
Othe
r Cur
rent
Lia
bilit
ies
14,
217
10,
436
36,
682
24,
967
46,
423
45,
638
41,
066
27,
960
40,
618
21,
456
UnitPayablea/c#
–
–
–
–
–
–
–
–
–
–
Tota
l 1
13,2
44
10,
436
36,
682
24,
967
46,
423
45,
638
54,
441
27,
960
51,
763
21,
456
Part
icul
ars
Ind.
Pla
tinum
Adv
anta
geIn
d. P
latin
um P
rem
ier
Ind.
For
esig
ht F
PIn
d. F
ores
ight
SP
Tita
nium
1Cu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
PayableforP
urchaseofInvestments
–
–
20,
336
154
,559
2
2,16
4 –
1
,506
–
7
,884
–
Ot
her C
urre
nt L
iabi
litie
s 1
1,85
1 8
,320
4
6,25
5 6
8,36
8 7
,823
2
,237
–
–
5
,401
6
,269
UnitPayablea/c#
–
–
–
–
–
–
–
–
–
–
Tota
l 1
1,85
1 8
,320
6
6,59
1 2
22,9
27
29,
987
2,2
37
1,5
06
0
13,
285
6,2
69
Annexures to Schedule 16
131
for the year ended March 31, 2014
Annual Report 2013-14
Sche
dule
s to
Fun
d Ba
lanc
e Sh
eet
Anne
xure
3Sc
hedu
le: F
-4Cu
rren
t Lia
bilit
ies
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Part
icul
ars
Tita
nium
2Ti
tani
um 3
Pure
Equ
ityVa
lue
Mom
entu
mLi
quid
Plu
sCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
PayableforP
urchaseofInvestments
2,2
89
–
932
–
5
,459
1
,134
6
,248
6
50
–
–
Othe
r Cur
rent
Lia
bilit
ies
1,3
41
5,2
47
262
6
48
358
6
3 5
07
144
7
71
286
UnitPayablea/c#
–
–
–
–
–
–
–
–
–
–
Tota
l 3
,630
5
,247
1
,194
6
48
5,8
17
1,1
97
6,7
55
794
7
71
286
Part
icul
ars
IPP-
Grow
th
IPP-
Enric
h IP
P-No
uris
h In
com
e Ad
vant
age
Guar
ante
ed
Max
imis
er G
uara
ntee
d
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
r
PayableforP
urchaseofInvestments
748
–
1
0,46
0 –
2
35
–
–
–
1,9
19
–
Othe
r Cur
rent
Lia
bilit
ies
1,6
05
565
5
,915
3
,010
1
53
124
2
6 –
1
–
UnitPayablea/c#
–
–
–
–
–
–
–
–
–
–
Tota
l 2
,353
5
65
16,
375
3,0
10
388
1
24
26
–
1,9
20
–
Part
icul
ars
Gr. F
ixed
Inte
rest
Gr
. Gilt
Gr. B
ond
Gr. M
oney
Mar
ket
Gr. S
hort
Ter
m D
ebt
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
r
PayableforP
urchaseofInvestments
–
–
–
–
–
–
–
–
–
–
Othe
r Cur
rent
Lia
bilit
ies
35
837
–
–
2
9 5
03
133
,755
5
5,95
3 1
12
9,1
89
UnitPayablea/c#
–
–
–
–
–
–
–
–
–
–
Tota
l 3
5 8
37
–
–
29
503
1
33,7
55
55,
953
112
9
,189
Part
icul
ars
Gr. G
row
th A
dvan
tage
Gr. I
ncom
e Ad
vant
age
Gr. S
ecur
eGr
. Sta
ble
Gr. G
row
thCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
PayableforP
urchaseofInvestments
2,9
32
–
–
–
124
,924
–
1
6,55
5 –
3
0,63
6 –
Ot
her C
urre
nt L
iabi
litie
s –
–
1
10
–
12
615
1
43
906
1
56
–
UnitPayablea/c#
–
–
–
–
–
–
–
–
–
–
Tota
l 2
,932
–
1
10
–
124
,936
6
15
16,
698
906
3
0,79
2 –
Annexures to Schedule 16
132
for the year ended March 31, 2014
Birla Sun Life Insurance
Sche
dule
s to
Fun
d Ba
lanc
e Sh
eet
Anne
xure
3Sc
hedu
le: F
-4Cu
rren
t Lia
bilit
ies
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Part
icul
ars
Gr. F
ixed
Inte
rest
2Gr
. Mon
ey M
arke
t 2Gr
. Bon
d 2
Gr. S
hort
Ter
m D
ebt 2
Gr. S
tabl
e 2
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
r
PayableforP
urchaseofInvestments
–
–
–
–
–
–
–
–
–
–
Othe
r Cur
rent
Lia
bilit
ies
–
–
–
–
–
–
–
2,0
01
–
–
UnitPayablea/c#
–
–
–
–
–
–
–
–
–
–
Tota
l –
–
–
–
–
–
–
2
,001
–
–
Part
icul
ars
Gr. S
ecur
e 2
Gr. G
row
th 2
Pens
ion
Disc
ontin
ued
Fund
Life
Dis
cont
inue
d Fu
ndDi
scon
tinue
d Po
licy
Fund
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
rCu
rren
t Yea
rPr
evio
us Y
ear
Curr
ent Y
ear
Prev
ious
Yea
r
PayableforP
urchaseofInvestments
388
–
3
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–
–
–
–
–
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her C
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nt L
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–
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8 UnitPayablea/c#
–
–
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–
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#Representsinterfundreceivablesorpayables,ifany
Annexures to Schedule 16
133
for the year ended March 31, 2014
Annual Report 2013-14
Sche
dule
s to
Fun
d Re
venu
e Ac
coun
t An
nexu
re 3
Sche
dule
: F-5
Othe
r Exp
ense
s*(A
mou
nts
in th
ousa
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dian
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Annexures to Schedule 16
134
for the year ended March 31, 2014
Birla Sun Life Insurance
Sche
dule
s to
Fun
d Re
venu
e Ac
coun
t An
nexu
re 3
Sche
dule
: F-5
Othe
r Exp
ense
s*(A
mou
nts
in th
ousa
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dian
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Annexures to Schedule 16
135
for the year ended March 31, 2014
Annual Report 2013-14
Sche
dule
s to
Fun
d Re
venu
e Ac
coun
t An
nexu
re 3
Sche
dule
: F-5
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r Exp
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s*(A
mou
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–
Annexures to Schedule 16
136
for the year ended March 31, 2014
Birla Sun Life Insurance
Sche
dule
s to
Fun
d Re
venu
e Ac
coun
t An
nexu
re 3
Sche
dule
: F-5
Othe
r Exp
ense
s*(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Part
icul
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183
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23
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–
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363
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1
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117
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–
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–
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stat
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45
36
103
1
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16
11
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l –
–
–
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4
08
446
9
33
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49
145
1
28
Annexures to Schedule 16
137
for the year ended March 31, 2014
Annual Report 2013-14
Sche
dule
s to
Fun
d Re
venu
e Ac
coun
t An
nexu
re 3
Sche
dule
: F-5
Othe
r Exp
ense
s*(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Part
icul
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145
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18
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171
1
39
–
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432
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20
–
–
–
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26
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ende
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–
–
–
–
–
–
–
–
–
–
Switc
hing
cha
rge
–
–
–
–
–
–
–
–
–
–
Mor
talit
y ch
arge
–
–
–
–
–
–
–
–
4,7
39
2,3
81
LatePaymentcharge
–
–
–
–
–
–
–
–
–
3
Disc
ontin
uanc
e ch
arge
–
–
–
–
–
–
–
–
63,
055
68,
815
Rein
stat
emen
t cha
rge
–
–
–
–
–
–
–
–
–
3
ServiceTaxcharge
53
–
4
–
–
–
–
–
8,7
11
6,6
89
Mis
cella
neou
s ch
arge
–
–
–
–
–
–
–
–
–
–
Tota
l 4
85
–
40
320
–
–
–
–
7
9,18
8 7
9,51
7
Annexures to Schedule 16
138
for the year ended March 31, 2014
Birla Sun Life Insurance
Sche
dule
s to
Fun
d Re
venu
e Ac
coun
t An
nexu
re 3
Sche
dule
: F-5
Othe
r Exp
ense
s*(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Part
icul
ars
Tota
l
Curr
ent Y
ear
Prev
ious
Yea
r
PolicyAdministra
tioncharge
1,7
94,5
49
3,1
70,3
92
Surr
ende
r cha
rge
223
,766
6
2,66
8
Switc
hing
cha
rge
352
3
44
Mor
talit
y ch
arge
2,2
43,4
40
2,4
44,1
49
LatePaymentcharge
7,6
49
6,6
11
Disc
ontin
uanc
e ch
arge
63,
055
68,
815
Rein
stat
emen
t cha
rge
3,8
44
15,
533
ServiceTaxcharge
536
,013
7
08,5
85
Mis
cella
neou
s ch
arge
41
2
Tota
l 4
,872
,709
6
,477
,099
*Anyexpensewhichis1%oftheto
talexpensesincurredshouldbe
disc
lose
d as
a s
epar
ate
line
item
.
Annexures to Schedule 16
139
for the year ended March 31, 2014
Annual Report 2013-14
Anne
xure
to R
even
ue A
ccou
nt–B
reak
up
of U
nit L
inke
d Bu
sine
ss (U
L)
Anne
xure
3Re
venu
e Ac
coun
t for
fina
ncia
l yea
r end
ed 3
1st M
arch
201
4Po
licyh
olde
rs’ A
ccou
nt (T
echn
ical
Acc
ount
)(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Part
icul
ars
Sche
dule
Indi
vidu
al L
ifePe
nsio
n In
divi
dual
Grou
p Li
feGr
oup
Pens
ion
Heal
th In
divi
dual
Tota
l Uni
t Li
nked
Non-
Unit
Unit
Tota
lNo
n-Un
itUn
itTo
tal
Non-
Unit
Unit
Tota
lNo
n-Un
itUn
itTo
tal
Non-
Unit
Unit
Tota
l
(1)
(2)
(3)=(1)+(2)
(4)
(5)
(6)=(4)+(5)
(7)
(8)
(9)=(7)+(8)
(10)
(11)
(12)=(10)+
(1
1)(1
3)(1
4)(15)=(13)
+(1
4)(16)=(3)+(6)+(9)+
(12)
+(15
)
Prem
ium
s ea
rned
– n
et
(a)Prem
ium
3,0
41,1
49
22,
566,
809
25,
607,
958
554
,021
8
68,8
31
1,4
22,8
52
–
3,8
31,6
11
3,8
31,6
11
–
508
,064
5
08,0
64
53,
316
80,
696
134
,012
3
1,50
4,49
7
(b)
Rein
sura
nce
cede
d (7
57,2
43)
(–)
757,
243
(314
)–
(314
) (1
,968
) –
(1
,968
) –
–
–
(4,1
06)
–(4
,106
)(7
63,6
31)
Inco
me
from
Inve
stm
ents
(a)Interest,Dividend&Rent-Gross
329
,253
7
,542
,353
7
,871
,605
3
4,94
7 4
84,9
38
519
,884
–
1
,313
,556
1
,313
,556
–
3
66,0
83
366
,083
7
,975
7
,617
1
5,59
2 1
0,08
6,72
1
(b)Profitonsale/redem
ptionof
investments
20,
615
9,0
85,5
74
9,1
06,1
89
2,1
88
740
,575
7
42,7
63
–
527
,728
5
27,7
28
–
147
,076
1
47,0
76
499
1
8,52
2 1
9,02
2 1
0,54
2,77
8
(c)
Loss
on
sale
/red
empt
ion
of
investments
(8,5
97)
(6,5
11,9
98)
(6,5
20,5
95)
(913
) (5
90,3
61)
(591
,273
) –
(4
01,2
24)
(401
,224
) –
(1
11,8
20)
(111
,820
) (2
08)
(15,
054)
(15,
262)
(7,6
40,1
74)
(d)
Unre
alis
ed g
ain/
(loss
) –
9
,630
,254
9
,630
,254
–
5
63,6
24
563
,624
–
(2
,215
) (2
,215
) –
(6
17)
(617
) –
1
7,74
7 1
7,74
7 1
0,20
8,79
4
(e)
Gain
Los
s on
Am
ortis
atio
n–
– –
––
––
– –
––
––
– –
–
Othe
r inc
ome:
(a)
Link
ed In
com
eUL
1 6
,629
,816
(6
,629
,816
) –
2
94,4
34
(294
,434
) –
2
46,9
03
(246
,903
) –
2
,771
(2
,771
) –
5
0,97
9 (5
0,97
9) –
–
(b)
Cont
ribut
ion
from
the
Shar
ehol
ders
' a/c
–
–
–
–
–
–
(77,
017)
77,
017
–
(18,
591)
18,
591
–
–
–
–
–
(c)
Othe
r Inc
ome
1
91,2
87
–
191
,287
9
,086
–
9
,086
2
4,46
8 –
2
4,46
8 3
,244
–
3
,244
8
70
–
870
2
28,9
56
Tota
l (A)
9
,446
,279
3
5,68
3,17
6 4
5,12
9,45
5 8
93,4
50
1,7
73,1
73
2,6
66,6
23
192
,386
5
,099
,571
5
,291
,957
(1
2,57
6) 9
24,6
07
912
,031
1
09,3
25
58,
550
167
,875
5
4,16
7,94
1
Com
mis
sion
782
,519
–
7
82,5
19
36,
113
–
36,
113
90
–
90
(74)
–
(74)
9,6
62
–
9,6
62
828
,310
OperatingExpensesrelatedto
Insu
ranc
e Bu
sine
ss 2
,865
,617
–
2
,865
,617
2
17,4
44
–
217
,444
1
26,4
55
–
126
,455
6
,224
–
6
,224
5
8,32
8 –
5
8,32
8 3
,274
,069
ProvisionforTaxation
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Tota
l (B)
3,6
48,1
36
–
3,6
48,1
36
253
,557
–
2
53,5
57
126
,546
–
1
26,5
46
6,1
50
–
6,1
50
67,
990
–
67,
990
4,1
02,3
79
BenefitsPaid(N
et)
UL2
907
,254
2
8,80
3,71
8 2
9,71
0,97
2 3
1,16
4 2
,542
,233
2
,573
,397
–
1
,851
,904
1
,851
,904
–
8
64,2
64
864
,264
(1
,498
) 2
,661
1
,163
3
5,00
1,70
0
Interim
BonusPaid
–
–
–
–
–
–
–
–
–
–
–
–
– –
–
–
Changeinvaluationofliabilityin
resp
ect o
f life
pol
icie
s –
–
–
–
–
–
–
–
–
–
–
–
–
– –
–
TransfertoNon-LinkedReserves
3,0
93,6
80
(3,0
93,6
80)
–
497
,633
(4
97,6
33)
–
–
–
–
–
–
–
10,
859
(10,
859)
–
–
ChangeinValuationLiability
(1,2
74,8
05)
9,9
73,1
38
8,6
98,3
32
(255
,445
) (2
71,4
28)
(526
,873
) (3
,061
) 3
,247
,667
3
,244
,606
(2
,796
) 6
0,34
3 5
7,54
7 (2
8,59
7) 6
6,74
8 3
8,15
1 1
1,51
1,76
3
Tota
l (C)
2,7
26,1
28
35,
683,
176
38,
409,
304
273
,351
1
,773
,173
2
,046
,524
(3
,061
) 5
,099
,571
5
,096
,510
(2
,796
) 9
24,6
07
921
,811
(1
9,23
6) 5
8,55
0 3
9,31
4 4
6,51
3,46
3
SURP
LUS/
(DEF
ICIT
) (D)
=(A)
–(B)
–(C)
3,0
72,0
15
–
3,0
72,0
15
366
,542
–
3
66,5
42
68,
902
(0)
68,
901
(15,
930)
–
(15,
930)
60,
571
–
60,
571
3,5
52,0
99
APPR
OPRI
ATIO
NSInsurancereserveatthebeginning
of th
e ye
ar –
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Tran
sfer
to S
hare
hold
ers'
a/c
4
,264
,672
–
4
,264
,672
5
24,6
32
–
524
,632
6
8,90
2 (0
) 6
8,90
1 (1
5,93
0) –
(1
5,93
0) 7
1,86
4 –
7
1,86
4 4
,914
,140
Fundsavailableforfuture
appr
opria
tions
(1,1
92,6
56)
–
(1,1
92,6
56)
(158
,091
) –
(1
58,0
91)
–
–
–
–
–
–
(11,
294)
–
(11,
294)
(1,3
62,0
41)
Tota
l (D)
3,0
72,0
15
–
3,0
72,0
15
366
,542
–
3
66,5
42
68,
902
(0)
68,
901
(15,
930)
–
(15,
930)
60,
571
–
60,
571
3,5
52,0
99
Annexures to Schedule 16
140
for the year ended March 31, 2014
Birla Sun Life Insurance
Anne
xure
to R
even
ue A
ccou
nt–B
reak
up
of U
nit L
inke
d Bu
sine
ss (U
L)
Anne
xure
3Re
venu
e Ac
coun
t for
fina
ncia
l yea
r end
ed 3
1st M
arch
201
3Po
licyh
olde
rs’ A
ccou
nt (T
echn
ical
Acc
ount
)(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Part
icul
ars
Sche
dule
Indi
vidu
al L
ifePe
nsio
n In
divi
dual
Grou
p Li
feGr
oup
Pens
ion
Heal
th In
divi
dual
Tota
l Uni
t
Link
edNo
n–Un
itUn
itTo
tal
Non–
Unit
Unit
Tota
lNo
n-Un
itUn
itTo
tal
Non-
Unit
Unit
Tota
lNo
n-Un
itUn
itTo
tal
(1)
(2)
(3)=(1)+(2)
(4)
(5)
(6)=(4)+(5)
(7)
(8)
(9)=(7)+(8)
(10)
(11)
(12)=
(10)
+(1
1)
(13)
(14)
(15)=(13)
+(1
4)
(16)=(3)+(6)+
(9)+
(12)
+(1
5)
Prem
ium
s ea
rned
– n
et
(a)Prem
ium
4,84
5,79
626
,213
,558
31,0
59,3
5467
3,43
91,
587,
485
2,26
0,92
4–
3,02
2,15
83,
022,
158
32,6
9335
0,48
638
3,17
916
1,91
4–
161,
914
36,5
04,3
50
(b)
Rein
sura
nce
cede
d(7
69,7
04)
– (7
69,7
04)
(337
)–
(337
)–
– –
– –
– (5
,529
)–
(5,5
29)
(775
,570
)
Inco
me
from
Inve
stm
ents
(a)Interest,Dividend&Rent–Gross
398,
312
7,16
0,24
97,
558,
561
48,0
7151
6,32
556
4,39
62,
001
1,11
5,38
41,
117,
386
1,22
736
8,74
236
9,96
95,
595
5,45
511
,050
9,25
1,39
2
(b)Profitonsale/redem
ptionofinvestments
9,29
09,
622,
258
9,63
1,54
81,
121
759,
776
760,
898
4747
5,96
847
6,01
529
157,
353
157,
382
131
13,7
6513
,895
10,8
82,3
56
(c)Lossonsale/redem
ptionofinvestments
(2,0
09)
(4,1
26,3
24)
(4,1
28,3
33)
(243
)(3
48,1
95)
(348
,437
)(1
0)(1
42,5
90)
(142
,600
)(6
)(4
7,14
0)(4
7,14
6)(2
8)(6
,053
)(6
,082
)(4
,625
,452
)
(d)
Unre
alis
ed g
ain/
(loss
)–
3,00
9,45
23,
009,
452
– 15
9,97
015
9,97
0–
155,
129
155,
129
– 61
,333
61,3
33–
(615
)(6
15)
3,32
3,93
7
(e)
Gain
Los
s on
Am
ortis
atio
n(7
,950
)–
(7,9
50)
(959
)–
(959
)(4
0)–
(40)
(24)
– (2
4)(1
12)
– (1
12)
(9,0
61)
Othe
r inc
ome:
(a)
Link
ed In
com
eUL
17,
994,
251
(7,9
94,2
51)
– 23
8,20
5(2
38,2
05)
– 19
2,29
6(1
92,2
96)
– 3,
549
(3,5
49)
– 48
,495
(48,
495)
– –
(b)
Cont
ribut
ion
from
the
Shar
ehol
ders
' a/c
– –
– –
– –
––
– –
– –
37,2
84–
37,2
8437
,284
(c)
Othe
r Inc
ome
230,
683
– 23
0,68
314
,516
– 14
,516
19,4
04–
19,4
042,
460
– 2,
460
1,04
0–
1,04
026
5,64
2
Tota
l (A)
12,6
98,6
6833
,884
,942
46,5
83,6
1097
3,81
32,
437,
157
3,41
0,97
121
3,69
84,
433,
753
4,64
7,45
139
,927
887,
226
927,
152
248,
788
(35,
943)
212,
845
54,8
54,8
77
Com
mis
sion
1,27
1,10
6–
1,27
1,10
642
,588
– 42
,588
(0)
– (0
)87
4–
874
17,9
71–
17,9
711,
331,
665
OperatingExpensesrelatedtoInsurance
Busi
ness
4,91
6,67
7–
4,91
6,67
727
7,00
6–
277,
006
75,2
10–
75,2
10(2
,951
)–
(2,9
51)
32,8
55–
32,8
555,
301,
747
ProvisionforTaxation
– –
– –
– –
– –
– –
– –
– –
– –
Tota
l (B)
6,18
7,78
3–
6,18
7,78
331
9,59
4–
319,
594
75,2
10–
75,2
10(2
,077
)–
(2,0
77)
50,8
26–
50,8
266,
633,
412
BenefitsPaid(N
et)
UL2
939,
625
29,5
75,8
8130
,515
,506
6,10
92,
619,
972
2,62
6,08
1–
1,99
6,64
51,
996,
645
–33
7,69
433
7,69
420
115
,447
15,6
4835
,153
,880
Interim
BonusPaid
– –
– –
– –
– –
– –
– –
– –
– –
Changeinvaluationofliabilityinrespectof
life
polic
ies
– –
– –
– –
– –
– –
– –
– –
– –
TransfertoNon–LinkedReserves
4,39
8,92
7(4
,398
,927
)–
354,
565
(354
,565
)–
– –
– –
– –
(48,
336)
48,3
36–
–
ChangeinValuationLiability
(2,1
50,3
40)
8,70
7,98
76,
557,
647
(261
,798
)17
1,75
0(9
0,04
8)3,
671
2,51
6,87
72,
520,
548
1,74
454
9,53
155
1,27
653
,128
60,3
7911
3,50
79,
101,
654
Tota
l (C)
3,18
8,21
233
,884
,942
37,0
73,1
5398
,876
2,43
7,15
72,
536,
033
3,67
14,
513,
522
4,51
7,19
31,
744
887,
226
888,
970
4,99
312
4,16
312
9,15
544
,255
,534
SURP
LUS/
(DEF
ICIT
) (D)
=(A
)–(B
)–(C
)3,
322,
673
– 3,
322,
673
555,
344
– 55
5,34
413
4,81
7(7
9,76
8)55
,049
40,2
59–
40,2
5919
2,97
0(1
60,1
06)
32,8
643,
965,
930
APPR
OPRI
ATIO
NSInsurancereserveatthebeginningofthe
year
– –
– –
– –
– –
– –
– –
– –
– –
Tran
sfer
to S
hare
hold
ers'
a/c
5,
136,
007
– 5,
136,
007
638,
055
– 63
8,05
513
4,81
7(7
9,76
8)54
,946
40,2
59–
40,2
59–
– –
5,82
9,00
7
Fundsavailableforfutureappropriations
(1,8
13,3
33)
– (1
,813
,333
)(8
2,71
1)–
(82,
711)
– –
––
– –
32,8
52–
32,8
52(1
,863
,192
)
Tota
l (D)
3,32
2,67
3–
3,32
2,67
355
5,34
4–
555,
344
134,
817
(79,
768)
54
,946
40,2
59–
40,2
5932
,852
– 32
,852
3,96
5,81
5
Annexures to Schedule 16
141
for the year ended March 31, 2014
Annual Report 2013-14
Sche
dule
s to
Ann
exur
e to
Rev
enue
Acc
ount
(UL)
form
ing
part
of F
inan
cial
Sta
tem
ents
An
nexu
re 3
Sche
dule
-UL1
Link
ed In
com
e (R
ecov
ered
from
link
ed fu
nds)
* fo
r the
Yea
r end
ed 3
1st M
arch
201
4(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Part
icul
ars
Indi
vidu
al L
ifePe
nsio
n In
divi
dual
Grou
p Li
feGr
oup
Pens
ion
Heal
th in
divi
dual
Tota
lFu
nd A
dmin
istra
tion
char
ges
NA
NA
NA
NA
NA
NA
Fund
Man
agem
ent c
harg
e 2
,422
,008
1
41,4
06
246
,105
–
2
,885
2
,812
,405
PolicyAdministra
tioncharge
1,7
30,1
26
111
,757
7
97
2,7
71
3,3
60
1,8
48,8
11
Surr
ende
r cha
rge
186
,365
3
7,40
6 –
–
–
2
23,7
71
Switc
hing
cha
rge
352
0
–
–
–
3
52
Mortalitycharge/RiderPremiumCharge
2,2
19,2
06
1,1
91
–
–
44,
577
2,2
64,9
73
Mis
cella
neou
s ch
arge
11,
129
248
–
–
1
57
11,
534
Disc
ontin
uanc
e ch
arge
s 6
0,63
0 2
,425
–
–
–
6
3,05
5 TO
TAL
(UL-
1) 6
,629
,816
2
94,4
34
246
,903
2
,771
5
0,97
9 7
,224
,902
*
(net
of s
ervi
ce ta
x, if
any
)
Note
: Pre
viou
s Ye
ar fi
gure
s sh
ould
als
o be
giv
en in
the
sam
e fo
rmat
Sche
dule
-UL2
Bene
fits
Paid
[Net
] for
the
finan
cial
yea
r end
ed 3
1st M
arch
201
4(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Sr.
No.
Part
icul
ars
Indi
vidu
al L
ifePe
nsio
n In
divi
dual
Grou
p Li
feGr
oup
Pens
ion
Heal
th In
divi
dual
Tota
l Uni
t Li
nked
Non-
Unit
Unit
Link
ed L
ifeNo
n-Un
itUn
itLi
nked
Pe
nsio
nNo
n-Un
itUn
itLi
nked
Gr
oup
Non-
Unit
Unit
Link
ed
Grou
pNo
n-Un
itUn
itLi
nked
He
alth
(1)
(2)
(3)=(1)+(2)
(4)
(5)(6)=(4)+(5)
(7)
(8)(9)=(7)+(8)
(10)
(11)
(12)=(10)
+
(11)
(13)
(14)
(15)=(13)
+
(14)
(16)=(3)+(6)+(9)
+(1
2)+
(15)
1In
sura
nce
Clai
ms
(a)
Clai
ms
by D
eath
1,3
32,8
33
164
,701
1
,497
,534
3
0,96
4 1
9,26
3 5
0,22
7 –
–
–
–
3
,485
3
,485
1
16
105
2
21
1,5
51,4
67
(b)
Clai
ms
by M
atur
ity –
5
22,7
03
522
,703
–
6
9,70
9 6
9,70
9 –
–
–
–
–
–
–
–
–
5
92,4
12
(c)Annuities/Pension
paym
ent
–
–
–
–
–
–
–
––
––
–
–
–
–
–
(d)Otherbenefits
–
Surr
ende
r 2
0,83
7 2
8,11
6,31
4 2
8,13
7,15
1 2
00
2,45
3,26
1 2
,453
,461
–
1,8
51,9
04
1,85
1,90
4 –
86
0,78
0 8
60,7
80
–
2,5
56
2,5
56
33,
305,
852
–Survival
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Sub-
Tota
l (A)
1,3
53,6
70
28,8
03,7
18
30,1
57,3
88
31,
164
2,5
42,2
33
2,57
3,39
7 –
1,8
51,9
04
1,85
1,90
4 –
86
4,26
4 8
64,2
64
116
2
,661
2
,777
3
5,44
9,73
0 2
Amou
nt C
eded
in re
insu
ranc
e(a
) Cl
aim
s by
Dea
th 4
46,4
16
– 4
46,4
16
–
– –
–
–
–
–
–
–
–
–
–
4
46,4
16
(b)
Clai
ms
by M
atur
ity–
– –
–
– –
–
–
–
–
–
–
–
–
–
–
(c)Annuities/Pension
paym
ent
––
–
––
–
–
–
–
–
–
–
–
–
–
–
(d)Otherbenefits
– Su
rren
der
–
– –
–
– –
–
–
–
–
–
–
1
,614
–
1
,614
1
,614
–Survival
––
–
––
–
–
–
–
–
–
–
–
–
–
–
Sub-
Tota
l (B)
446
,416
–
4
46,4
16
–
–
–
–
–
–
–
–
–
1,6
14
–
1,6
14
448
,030
TO
TAL
(A) –
(B)
907
,254
28
,803
,718
29
,710
,972
3
1,16
4 2
,542
,233
2,
573,
397
– 1
,851
,904
1,
851,
904
–
864,
264
864
,264
(1
,498
) 2
,661
1
,163
3
5,00
1,70
0 Be
nefit
s pa
id to
cla
iman
ts:
In In
dia
907
,254
28
,803
,718
29
,710
,972
3
1,16
4 2
,542
,233
2,
573,
397
– 1
,851
,904
1,
851,
904
–
864,
264
864
,264
(1
,498
) 2
,661
1
,163
3
5,00
1,70
0 Ou
tsid
e In
dia
TOTA
L (U
L2)
907
,254
28
,803
,718
29
,710
,972
3
1,16
4 2
,542
,233
2,
573,
397
– 1
,851
,904
1,
851,
904
–
864,
264
864
,264
(1
,498
) 2
,661
1
,163
3
5,00
1,70
0
Note
: Pre
viou
s Ye
ar fi
gure
s sh
ould
als
o be
giv
en in
the
sam
e fo
rmat
Annexures to Schedule 16
142
for the year ended March 31, 2014
Birla Sun Life Insurance
Sche
dule
s to
Ann
exur
e to
Rev
enue
Acc
ount
(UL)
form
ing
part
of F
inan
cial
Sta
tem
ents
An
nexu
re 3
Sche
dule
-UL1
Link
ed In
com
e (R
ecov
ered
from
link
ed fu
nds)
* fo
r the
Yea
r end
ed 3
1st M
arch
201
3(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Part
icul
ars
Indi
vidu
al L
ifePe
nsio
n In
divi
dual
Grou
p Li
feGr
oup
Pens
ion
Heal
th In
divi
dual
Tota
lFu
nd A
dmin
istra
tion
char
ges
NA
NA
NA
NA
NA
NA
Fund
Man
agem
ent c
harg
e 2
,221
,153
2
6,12
1 1
90,7
70
–
–
2,4
38,0
45
PolicyAdministra
tioncharge
3,1
66,7
58
208
,877
1
,526
3
,549
3
,150
3
,383
,860
Su
rren
der c
harg
e 5
9,56
0 3
,109
–
–
–
6
2,66
9 Sw
itchi
ng c
harg
e 3
43
– –
– –
343
Mortalitycharge/RiderPremiumCharge
2,4
56,6
88
(901
) –
–
4
5,12
9 2
,500
,917
M
isce
llane
ous
char
ge 2
0,93
3 9
98
–
– 2
15
22,
147
Disc
ontin
uanc
e ch
arge
s 6
8,81
5 –
– –
– 68
,815
TO
TAL
(UL-
1) 7
,994
,251
2
38,2
05
192
,296
3
,549
4
8,49
5 8
,476
,796
*
(net
of s
ervi
ce ta
x, if
any
)
Sche
dule
-UL2
Bene
fits
Paid
[Net
] for
the
finan
cial
yea
r end
ed 3
1st M
arch
201
3(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Sr.
No.
Part
icul
ars
Indi
vidu
al L
ifePe
nsio
n In
divi
dual
Grou
p Li
feGr
oup
Pens
ion
Heal
th In
divi
dual
Tota
l Un
it Li
nked
Non-
Unit
Unit
Link
ed L
ifeNo
n-Un
itUn
itLi
nked
Pe
nsio
nNo
n-Un
itUn
itLi
nked
Gr
oup
Non-
Unit
Unit
Link
ed
Grou
pNo
n-Un
itUn
itLi
nked
He
alth
(1)
(2)
(3)=(1)+(2)
(4)
(5)(6)=(4)+(5)
(7)
(8)(9)=(7)+(8)
(10)
(11)
(12)=(10)
+
(11)
(13)
(14)
(15)=(13)
+
(14)
(16)=(3)+(6)+(9)
+(1
2)+
(15)
1In
sura
nce
Clai
ms
(a)
Clai
ms
by D
eath
1,43
8,38
787
,585
1,52
5,97
26,
109
45,1
0851
,217
– –
– –
2,28
42,
284
280
195
475
1,57
9,94
8(b
) Cl
aim
s by
Mat
urity
– 24
5,44
324
5,44
3–
5,78
15,
781
– –
– –
– –
– –
– 25
1,22
4(c)Annuities/Pension
pa
ymen
t–
– –
– –
– –
– –
– –
– –
– –
–
(d)Otherbenefits
–
Surr
ende
r17
,056
29,2
42,8
5329
,259
,909
– 2,
569,
083
2,56
9,08
3–
1,99
6,64
51,
996,
645
– 33
5,41
033
5,41
0–
15,2
5215
,252
34,1
76,2
99
–Survival
– –
– –
– –
– –
– –
– –
– –
– –
Sub-
Tota
l (A)
1,45
5,44
329
,575
,881
31,0
31,3
246,
109
2,61
9,97
22,
626,
081
–1,
996,
645
1,99
6,64
5–
337,
694
337,
694
280
15,4
4715
,727
36,0
07,4
712
Amou
nt C
eded
in re
insu
ranc
e(a
) Cl
aim
s by
Dea
th51
5,15
3–
515,
153
– –
– –
– –
– –
– –
– –
515,
153
(b)
Clai
ms
by M
atur
ity–
– –
– –
– –
– –
– –
– –
– –
– (c)Annuities/Pensionpayment
– –
– –
– –
– –
– –
– –
– –
– –
(d)Otherbenefits
– –
– –
– –
– –
– –
– –
– –
– –
–
Surr
ende
r66
5–
665
––
––
––
––
–79
–79
744
–Survival
––
––
––
––
––
––
– –
––
Sub-
Tota
l (B)
515,
818
–51
5,81
8–
––
––
––
––
79–
7951
5,89
7TO
TAL
(A) –
(B)
939,
625
29,5
75,8
8130
,515
,506
6,10
92,
619,
972
2,62
6,08
1–
1,99
6,64
51,
996,
748
–33
7,69
433
7,69
420
115
,447
15,6
4835
,491
,574
Bene
fits
paid
to c
laim
ants
:In
Indi
a93
9,62
529
,575
,881
30,5
15,5
066,
109
2,61
9,97
22,
626,
081
–1,
996,
645
1,99
6,74
8–
337,
694
337,
694
201
15,4
4715
,648
35,4
91,5
74Ou
tsid
e In
dia
TOTA
L (U
L2)
939,
625
29,5
75,8
8130
,515
,506
6,10
92,
619,
972
2,62
6,08
1–
1,99
6,64
51,
996,
748
–33
7,69
433
7,69
420
115
,447
15,6
4835
,491
,574
Note
: Pre
viou
s Ye
ar fi
gure
s sh
ould
als
o be
giv
en in
the
sam
e fo
rmat
Sche
dule
s to
Ann
exur
e to
Rev
enue
Acc
ount
(UL)
form
ing
part
of F
inan
cial
Sta
tem
ents
An
nexu
re 3
Sche
dule
-UL1
Link
ed In
com
e (R
ecov
ered
from
link
ed fu
nds)
* fo
r the
Yea
r end
ed 3
1st M
arch
201
4(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Part
icul
ars
Indi
vidu
al L
ifePe
nsio
n In
divi
dual
Grou
p Li
feGr
oup
Pens
ion
Heal
th in
divi
dual
Tota
lFu
nd A
dmin
istra
tion
char
ges
NA
NA
NA
NA
NA
NA
Fund
Man
agem
ent c
harg
e 2
,422
,008
1
41,4
06
246
,105
–
2
,885
2
,812
,405
PolicyAdministra
tioncharge
1,7
30,1
26
111
,757
7
97
2,7
71
3,3
60
1,8
48,8
11
Surr
ende
r cha
rge
186
,365
3
7,40
6 –
–
–
2
23,7
71
Switc
hing
cha
rge
352
0
–
–
–
3
52
Mortalitycharge/RiderPremiumCharge
2,2
19,2
06
1,1
91
–
–
44,
577
2,2
64,9
73
Mis
cella
neou
s ch
arge
11,
129
248
–
–
1
57
11,
534
Disc
ontin
uanc
e ch
arge
s 6
0,63
0 2
,425
–
–
–
6
3,05
5 TO
TAL
(UL-
1) 6
,629
,816
2
94,4
34
246
,903
2
,771
5
0,97
9 7
,224
,902
*
(net
of s
ervi
ce ta
x, if
any
)
Note
: Pre
viou
s Ye
ar fi
gure
s sh
ould
als
o be
giv
en in
the
sam
e fo
rmat
Sche
dule
-UL2
Bene
fits
Paid
[Net
] for
the
finan
cial
yea
r end
ed 3
1st M
arch
201
4(A
mou
nts
in th
ousa
nds
of In
dian
Rup
ees)
Sr.
No.
Part
icul
ars
Indi
vidu
al L
ifePe
nsio
n In
divi
dual
Grou
p Li
feGr
oup
Pens
ion
Heal
th In
divi
dual
Tota
l Uni
t Li
nked
Non-
Unit
Unit
Link
ed L
ifeNo
n-Un
itUn
itLi
nked
Pe
nsio
nNo
n-Un
itUn
itLi
nked
Gr
oup
Non-
Unit
Unit
Link
ed
Grou
pNo
n-Un
itUn
itLi
nked
He
alth
(1)
(2)
(3)=(1)+(2)
(4)
(5)(6)=(4)+(5)
(7)
(8)(9)=(7)+(8)
(10)
(11)
(12)=(10)
+
(11)
(13)
(14)
(15)=(13)
+
(14)
(16)=(3)+(6)+(9)
+(1
2)+
(15)
1In
sura
nce
Clai
ms
(a)
Clai
ms
by D
eath
1,3
32,8
33
164
,701
1
,497
,534
3
0,96
4 1
9,26
3 5
0,22
7 –
–
–
–
3
,485
3
,485
1
16
105
2
21
1,5
51,4
67
(b)
Clai
ms
by M
atur
ity –
5
22,7
03
522
,703
–
6
9,70
9 6
9,70
9 –
–
–
–
–
–
–
–
–
5
92,4
12
(c)Annuities/Pension
paym
ent
–
–
–
–
–
–
–
––
––
–
–
–
–
–
(d)Otherbenefits
–
Surr
ende
r 2
0,83
7 2
8,11
6,31
4 2
8,13
7,15
1 2
00
2,45
3,26
1 2
,453
,461
–
1,8
51,9
04
1,85
1,90
4 –
86
0,78
0 8
60,7
80
–
2,5
56
2,5
56
33,
305,
852
–Survival
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Sub-
Tota
l (A)
1,3
53,6
70
28,8
03,7
18
30,1
57,3
88
31,
164
2,5
42,2
33
2,57
3,39
7 –
1,8
51,9
04
1,85
1,90
4 –
86
4,26
4 8
64,2
64
116
2
,661
2
,777
3
5,44
9,73
0 2
Amou
nt C
eded
in re
insu
ranc
e(a
) Cl
aim
s by
Dea
th 4
46,4
16
– 4
46,4
16
–
– –
–
–
–
–
–
–
–
–
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Annexures to Schedule 16
143
for the year ended March 31, 2014
Annual Report 2013-14
Disclosure for ULIP Business
1. Performance of the Fund (Absolute Growth %) (Appendix 1)
2. Investment Management
• ActivitiesOutsourced:Nil
• FeesPaidforvariousactivitieschargedtoPolicyholdersaccountforthePeriodended31stMarch2014:Nil(PreviousYear:Nil)
3. Related Party Transactions (Appendix 1A)
4. CompanywisedetailsofInvestmentsheldinPromotersGroupalongwithitsPercentagetofundsundermanagement.ThisinformationistobegivenfundwiseandtotalfundunderULIP.(Appendix 2)
5. IndustrywisedisclosuresofInvestments(amountinthousands)(Appendix 3)
6. Unclaimed redemption of units `20,826thousands(Previousyear`642 thousand)
7. NAV:Highest,Lowest&ClosingattheendoftheYear(Appendix 4)
8. ExpenseschargedtoFund(%)(Appendix 5)
9. RatioofGrossIncome(includingunrealisedgains)toAverageDailyNetAssets(Appendix 6)
10. Asat31stMarch2014,therearenodoubtfuldebtsonassetsoftherespectivefunds.
11. Fundwisedisclosureofappreciationand/ordepreciationinvalueofInvestments(Appendix 7)
Annexures to Schedule 16
144
for the year ended March 31, 2014
Birla Sun Life Insurance
Appendix 1 to Annexure 3APerformance of ULIP funds (Absolute Growth – %)Returns as on 31st March 2014
INDIVIDUAL LIFE
Fund Name Year of Inception FY 2013-14 FY 2012-13 FY 2011-12 Since Inception
Ind. Assure Fund 12-Sep-05 8.90% 10.19% 9.11% 114.26%Ind.IncomeAdvFund 22-Aug-08 4.41% 11.15% 8.01% 74.88%Ind.Protector 22-Mar-01 5.49% 10.13% 5.27% 177.44%Ind. Builder 22-Mar-01 7.45% 10.70% 3.66% 247.21%Ind. Balancer 18-Jul-05 8.00% 10.25% 3.57% 122.79%Ind. Enhancer 22-Mar-01 7.73% 9.74% 1.50% 309.96%Ind. Creator 23-Feb-04 10.82% 8.83% -1.49% 219.57%Ind.Magnifier 12-Aug-04 15.77% 8.07% -9.04% 225.60%Ind.Maximiser 12-Jun-07 15.82% 6.58% -13.06% 62.09%Ind. Multiplier 30-Oct-07 21.62% 3.67% -4.06% 43.08%Super 20 6-Jul-09 19.20% 8.87% -7.08% 68.53%Ind.PlatinumPlus1 17-Mar-08 12.53% 7.88% -9.86% 34.32%Ind.PlatinumPlus2 8-Sep-08 13.27% 7.34% -9.73% 91.55%Ind.PlatinumPlus3 15-May-09 13.47% 8.11% -9.22% 47.51%Ind.PlatinumPlus4 15-Sep-09 13.43% 7.72% -9.85% 31.29%Ind.PlatinumPremier 15-Feb-10 14.00% 8.10% -9.16% 30.50%Ind.PlatinumAdvantage 20-Sep-10 16.92% 8.13% -6.83% 14.02%Ind.ForesightFP 25-Feb-11 10.28% 8.40% -7.48% 15.90%Ind.ForesightSP 25-Feb-11 16.93% 8.58% -6.86% 23.81%Titanium 1 16-Dec-09 13.42% 8.16% -7.21% 30.67%Titanium 2 16-Mar-10 13.33% 7.89% -5.92% 28.05%Titanium 3 16-Jun-10 12.05% 7.57% -3.71% 17.25%Ind.LiquidPlus 9-Mar-12 8.53% 7.82% 0.07% 17.09%Ind.PureEquity 9-Mar-12 21.08% 10.35% 0.43% 34.19%Ind.ValueMomentum 9-Mar-12 13.05% 5.00% 0.43% 19.21%IPP–Nourish 12-Mar-03 4.91% 9.94% 5.15% 130.00%IPP–Growth 18-Mar-03 7.69% 9.79% 3.72% 184.98%IPP–Enrich 12-Mar-03 8.00% 9.43% 1.21% 229.57%DiscontinuedPolicyFund 1-Sep-10 8.16% 8.64% 8.48% 28.77%IncomeAdvantageGuaranteedFund 1-Jan-14 2.27% NA NA 2.27%MaximiserGuaranteedFund 1-Jan-14 6.20% NA NA 6.20%LinkedDiscontinuedPolicyFund 1-Jan-14 0.00% NA NA 0.00%PensionDiscontinuedPolicyFund 1-Jan-14 0.00% NA NA 0.00%
GROUP LIFE
Fund Name Year Of Inception FY 2013-14 FY 2012-13 FY 2011-12 Since Inception
Gr.FixedInterestPlanI 18-Nov-02 6.46% 12.50% 9.19% 153.83%Gr.GiltPlanI 28-Apr-04 0.94% 11.48% 4.66% 80.97%Gr.BondPlanI 28-Apr-04 6.96% 12.21% 9.32% 110.58%Gr.MoneyMarketPlanI 31-Mar-05 9.02% 9.75% 9.37% 127.49%Gr.ShortTermDebtPlanI 10-Dec-08 8.33% 10.92% 9.30% 57.30%Gr.CapitalProtectionPlanI** 31-Mar-06 NA NA NA NAGr.FloatingRatePlanI*** 28-Apr-04 NA NA NA NAGr.SecurePlanI 19-Jun-01 6.67% 10.04% 3.65% 259.78%Gr.StablePlanI 31-Aug-01 8.33% 9.62% 1.47% 380.67%Gr.GrowthPlanI 31-Aug-01 9.98% 9.16% -1.23% 464.89%Gr.GrowthAdvantage 18-Feb-08 11.32% 9.26% -1.29% 99.03%Gr.IncomeAdvantage 23-Mar-10 5.26% 11.37% 12.59% 40.94%Gr.GrowthMaximsier**** 23-Mar-10 NA NA NA NAGr. Bond 2 ^ 28-Nov-11 NA NA 3.07% NAGr.FixedInterest2 28-Nov-11 9.21% 11.78% 4.02% 26.98%Gr. Growth 2 28-Nov-11 11.25% 12.04% 7.46% 33.95%Gr. Money Market 2 28-Nov-11 9.05% 9.38% 3.23% 23.09%Gr. Secure 2 28-Nov-11 2.28% NA 4.84% 2.25%Gr. Short Term Debt 2 28-Nov-11 9.49% 12.83% 3.13% 27.41%Gr. Stable 2 28-Nov-11 10.26% 8.94% 7.25% 28.82%
** TheGroupCapitalProtectionFundbecameadormatfundon12thAugust2008onaccountofnounits.*** The Group Floating Fund became a dormat fund on 12th October 2009 on account of no units.**** Thesefundsdonothaveanyunitssincetheirinception.^ 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.
RegistrationNo.109dated31January2001
Annexures to Schedule 16
145
for the year ended March 31, 2014
Annual Report 2013-14
Appendix 1A to Annexure 3ARelated Party Transactions(Amounts in thousands of Indian Rupees)
Related Party : Aditya Birla Money Limited
Service : Brokerage for purchase/sale of securities
Basis of Payment : Asperagreed%oftradevalue
Fund Name Current Year PreviousYear
Gr. Growth 158 25
Gr. Growth 2 0 10
Gr.GrowthAdvantage 26 24
Gr. Secure 409 142
Gr. Secure 2 8 0
Gr. Stable 133 251
Gr. Stable 2 0 11
Ind. Balancer 77 72
Ind. Builder 553 189
Ind. Creator 624 349
Ind. Enhancer 630 130
Ind.ForesightFP 253 30
Ind.ForesightSP 17 290
Ind.Magnifier 294 1,741
Ind.Maximiser 2,530 878
Ind. Multiplier 1,452 3,064
Ind.PlatinumAdvantage 397 352
Ind.PlatinumPlus1 178 213
Ind.PlatinumPlus2 338 2
Ind.PlatinumPlus3 191 133
Ind.PlatinumPlus4 177 425
Ind.PlatinumPremier 244 69
Ind.Protector 159 1,035
IPP–Enrich 221 33
IPP–Growth 80 56
IPP–Nourish 6 6
Super 20 916 453
Titanium 1 233 244
Titanium 2 88 178
Titanium 3 24 75
PureEquity 24 17
ValueMomentum 133 38
Total 10,572 10,535
RegistrationNo.109dated31January2001
Annexures to Schedule 16
146
for the year ended March 31, 2014
Birla Sun Life Insurance
147
Appendix 1A to Annexure 3ARelated 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. Enhancer – – – 37,000.00 – – Ind. Magnifier – – – 55,500.00 – – Gr. Money Market – – – – – – Gr. Bond 40,000.00 – – – – Gr. Short Term Debt 30,000.00 – – – – Ind. Assure 30,000.00 – – – – Liquid Plus – – – 6,000.00 – – Gr. Money Market 2 – – – 1,500.00 – –
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
Gr. Stable – 48,788.45 – 45,500.00 – – Gr. Secure – – – 23,000.00 – – Ind. Enhancer – – 250,000.00 10,000.00 19,695.89 19,744.09 Gr. Money Market – 146,365.35 – 128,500.00 – – Gr. Short Term Debt – 24,394.23 – 25,000.00 – – Gr. Short Term Debt 2 – 24,394.23 – 15,000.00 – – Liquid Plus – – – 3,000.00 – –
Annexures to Schedule 16
for the year ended March 31, 2014
Annual Report 2013-14
148
Appendix 1A to Annexure 3ARelated Party Transactions(Amounts in thousands of Indian Rupees)
Related Party : Birla Sunlife Mutual Fund
Service : Purchase/sale of securities
Partculars Purchase of Investments Sale of Investments
Current Year Previous Year Current Year Previous Year
Discontinued Policy Fund 7,186,702.25 1,745,606.20 7,047,899.73 1,757,013.86 Gr. Bond 3,625,925.72 1,579,137.35 3,608,380.10 1,579,841.64 Gr. Bond 2 – – – – Gr. Fixed Interest 3,921,166.71 2,081,123.32 3,937,198.91 2,003,467.74 Gr. Fixed Interest 2 47,939.42 31,313.13 47,551.62 33,207.20 Gr. Gilt 174,488.80 73,800.69 173,918.34 73,187.34 Gr. Growth 4,460,931.18 3,925,160.52 4,497,799.77 3,863,600.37 Gr. Growth 2 2,611.18 41,739.42 2,563.27 41,796.09 Gr. Growth Advantage 254,484.02 190,963.14 256,390.47 192,181.05 Gr. Income Advantage 276,659.30 6,657.71 274,740.45 6,431.08 Gr. Money Market 3,776,447.12 854,996.91 3,658,741.56 837,210.54 Gr. Money Market 2 2,598.10 25,210.77 2,563.53 26,468.89 Gr. Secure 14,126,586.25 6,922,370.44 14,073,311.27 6,791,701.62 Gr. Secure 2 37,590.51 – 37,307.75 – Gr. Short Term Debt 305,991.37 316,544.93 299,431.19 319,318.20 Gr. Short Term Debt 2 178,645.55 142,466.13 185,527.77 134,761.63 Gr. Stable 3,467,556.87 5,658,684.57 3,434,098.18 5,639,167.20 Gr. Stable 2 – 25.06 – 25.15 Ind. Assure 2,313,734.59 740,543.85 2,269,995.01 726,037.22 Ind. Balancer 364,591.04 494,594.30 368,578.84 500,801.54 Ind. Builder 4,075,969.46 2,363,719.53 4,033,052.33 2,381,993.99 Ind. Creator 7,105,075.02 10,066,515.28 7,081,935.76 10,088,940.90 Ind. Enhancer 232,514,591.46 214,174,547.74 231,716,759.62 213,440,159.29 Ind. Foresight FP 17,685,700.31 20,836,561.93 17,711,024.60 20,698,437.28 Ind. Foresight SP 807,167.28 859,170.16 814,741.56 868,086.30 Ind. Income Advantage 5,714,274.09 5,395,670.48 5,759,106.41 5,325,353.14 Ind. Magnifier 18,829,094.21 37,589,257.57 19,067,256.57 37,177,157.89 Ind. Maximiser 34,026,746.30 18,058,260.77 33,669,988.91 17,960,433.05 Ind. Multiplier 10,036,402.40 14,195,465.01 10,121,736.12 14,074,431.32 Ind. Platinum Advantage 8,664,946.91 11,875,356.55 8,610,938.25 11,804,854.25 Ind. Platinum Plus 1 4,740,145.46 5,511,082.12 4,727,150.60 5,528,998.26 Ind. Platinum Plus 2 7,546,624.55 9,362,328.00 7,533,405.84 9,424,657.03 Ind. Platinum Plus 3 6,942,713.60 10,029,606.21 7,088,661.82 9,914,967.62 Ind. Platinum Plus 4 6,573,819.14 14,538,861.27 6,613,574.84 14,534,862.56 Ind. Platinum Premier 15,282,700.21 9,737,019.33 15,573,677.44 9,502,646.57 Ind. Protector 7,929,412.17 5,083,259.06 7,852,635.41 5,086,922.26 IPP – Enrich 2,203,225.09 3,659,580.93 2,204,313.21 3,674,700.24 IPP – Growth 148,742.41 693,415.38 151,131.02 698,158.11 IPP – Nourish 175,138.14 166,350.43 176,369.13 167,810.87 Liquid Plus 316,844.47 645.00 314,430.72 614.02 Super 20 7,242,205.38 3,936,563.32 7,242,100.18 3,921,212.43 Titanium 1 244,410.29 835,307.06 244,642.69 846,605.53 Titanium 2 83,187.50 225,741.48 87,852.58 224,321.62 Titanium 3 39,164.70 70,934.06 39,281.00 72,141.23 Value Momentum 2,403.18 5,085.94 2,410.89 5,094.84 Income Advantage Guaranteed 22,660.73 – 21,365.95 –
Annexures to Schedule 16
for the year ended March 31, 2014
Birla Sun Life Insurance
149
Appe
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2 to
Ann
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Inve
stm
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Annexures to Schedule 16
for the year ended March 31, 2014
Annual Report 2013-14
150
Appe
ndix
2 to
Ann
exur
e 3A
Inve
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n pr
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Nam
e of
the
Com
pany
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sigh
t FP
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tani
um 1
Tita
nium
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Pure
Equ
ityLi
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s
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nt%
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e Fu
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the
Fund
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nt%
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the
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nt%
to th
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% to
the
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rla N
uvo
Lim
ited
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Birla
Mut
ual F
und
200,
739.
661.
500.
000.
0031
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185.
660.
250.
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597.
290.
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mite
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670.
710.
761,
120.
560.
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1.66
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0.00
Hind
alco
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lula
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up
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pani
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200,
739.
661.
503,
670.
710.
761,
152.
110.
8060
7.32
0.83
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484,
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3,48
0.21
73,5
67.7
750
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.21
285,
204.
63
Annexures to Schedule 16
for the year ended March 31, 2014
Birla Sun Life Insurance
151
Appe
ndix
2 to
Ann
exur
e 3A
Inve
stm
ent i
n pr
omot
er g
roup
com
pani
esAs
on
31st
Mar
ch 2
014
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Nam
e of
the
Com
pany
IPP
- G
row
th
IPP
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nric
h IP
P -
Nou
rish
Gr. F
ixed
Inte
rest
Gr
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ond
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nt%
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e Fu
ndAm
ount
% to
the
Fund
Amou
nt%
to th
e Fu
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% to
the
Fund
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nt%
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0.00
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0.00
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Birla
Mut
ual F
und
1,44
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129,
311.
044,
850,
364.
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Nam
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the
Com
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Gr. M
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Gr. G
row
th A
dvan
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Amou
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Birla
Mut
ual F
und
138,
140.
774.
101,
906.
510.
9419
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Tota
l Inv
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pani
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138,
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Asse
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8.25
31,4
66.5
7
Annexures to Schedule 16
for the year ended March 31, 2014
Annual Report 2013-14
152
Appe
ndix
2 to
Ann
exur
e 3A
Inve
stm
ent i
n pr
omot
er g
roup
com
pani
esAs
on
31st
Mar
ch 2
014
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Nam
e of
the
Com
pany
Ind.
For
esig
ht S
PGr
. Sho
rt T
erm
Deb
tGr
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arke
t 2Gr
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2
Amou
nt%
to th
e Fu
ndAm
ount
% to
the
Fund
Amou
nt%
to th
e Fu
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% to
the
Fund
Adity
a Bi
rla N
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Lim
ited
0.00
0.00
20,1
24.6
43.
100.
000.
000.
000.
00
Birla
Mut
ual F
und
3,17
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9.56
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35.7
51.
5827
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im In
dust
ries
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213.
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tech
Cem
ent
Com
pany
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183.
700.
18
Tota
l Inv
estm
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in P
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Gro
up
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pani
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3,17
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667.
780.
66
Asse
t hel
d77
7,89
8.93
649,
084.
202,
262.
7610
1,41
5.71
Nam
e of
the
Com
pany
Inco
me
Adva
ntag
e Gu
aran
teed
Gr. G
row
th 2
Gr. S
hort
Ter
m D
ebt 2
Gr. I
ncom
e Ad
vant
age
Disc
ontin
ued
Polic
y Fu
ndUL
IP L
evel
Amou
nt%
to th
e Fu
ndAm
ount
% to
the
Fund
Amou
nt%
to th
e Fu
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% to
the
Fund
Amou
nt%
to th
e Fu
ndAm
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% to
the
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rla N
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0.00
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0.00
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0.00
0.00
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10,0
62.3
20.
2110
0,62
3.20
0.05
Birla
Mut
ual F
und
1,30
4.69
0.87
61.0
00.
951,
035.
750.
312,
291.
620.
6613
5,27
4.11
2.83
4,92
3,55
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im In
dust
ries
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0.00
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580.
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lula
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tech
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ent
Com
pany
Lim
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0.00
0.00
34.9
90.
540.
000.
000.
000.
000.
000.
0077
1,65
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0.38
Tota
l Inv
estm
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in P
rom
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Gro
up
Com
pani
es
1,30
4.69
0.87
133.
542.
071,
035.
750.
312,
291.
620.
6614
5,33
6.43
3.04
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1,82
4.40
3.49
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t hel
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0,29
9.88
6,44
3.65
335,
302.
4934
9,17
9.32
4,77
8,67
9.00
205,
508,
719.
34
Annexures to Schedule 16
for the year ended March 31, 2014
Birla Sun Life Insurance
153
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseInd. Assure Fundas on 31st March 2014
(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
941,513 55.56 700,090 54.13
10.05% DEVELOPMENT CREDIT BANK QTR CMPD FD (MD 30/01/2015)
Debt 30,000 1.77
10.10% HDB FINANCIAL SERVICES LIMITED NCD (MD 30/11/2015)
Debt 30,281 1.79
10.15% DEVELOPMENT CREDIT BANK QTR CMPD FD (MD 14/03/2015) (F.V. 1 CR)
Debt 30,000 1.77
11.25% DEVELOPMENT CREDIT BANK QTR CMPD FD (MD 04/09/2014)
Debt 20,000 1.18
8.80% HDB FINANCIAL SERVICES LIMITED NCD (MD 17/05/2016)
Debt 29,653 1.75
9.50% CANARA BANK FD QUARTERLY COMP (MD 11/02/2019)
Debt 50,000 2.95
9.50% STATE BANK OF TRAVANCORE FD QTR COMP (MD 13/07/2014)
Debt 100,000 5.90
9.75% BANK OF INDIA FD QUARTERLY COMP (MD 13/03/2015)
Debt 100,000 5.90
9.75% CORPORATION BANK FD QTR COMP (MD 14/03/2015) (F.V.1CR)
Debt 140,000 8.26
9.80% STATE BANK OF INDIA NCD (MD 30/06/2016) Debt 19,160 1.139.89% IDBI BANK LTD FD QUARTERLY COMP (MD 18/03/2015)
Debt 50,100 2.96
9.89% IDBI BANK LTD FD QUARTERLY COMP (MD 19/03/2015)
Debt 100,200 5.91
9.90% UNION BANK OF INDIA FD QUARTERLY COMP (MD 11/03/2015) (F.V. 1CR)
Debt 50,000 2.95
9.97% HDB FINANCIAL SERVICES LIMITED NCD (MD 28/12/2018)
Debt 20,297 1.20
AXIS BANK CD (MD 22/08/2014) Debt 48,060 2.84L AND T FINANCE LTD. CP (MD 07/10/2014) Debt 19,042 1.12L AND T FINANCE LTD. CP (MD 21/08/2014) Debt 28,749 1.70ORIENTAL BANK OF COMMERCE CD (MD 03/03/2015) Debt 75,971 4.48
HOUSING FINANCE SERVICES
210,582 12.43 NA NA
10.18% LIC HOUSING FINANCE LTD. NCD (MD 19/09/2016)
Debt 71,085 4.19
9.62% LIC HOUSING FINANCE LTD. NCD (MD 03/08/2015)
Debt 78,135 4.61
9.62% LIC HOUSING FINANCE LTD. NCD (MD 30/04/2015)
Debt 13,042 0.77
9.75% HDFC LTD. NCD MD (10/10/2016) Debt 48,320 2.85
Others (Other than G-Sec) 479,282 28.28 178,280 13.78
Annexures to Schedule 16
for the year ended March 31, 2014
Annual Report 2013-14
154
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseInd. Income Advas on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
1,263,960 29.08 1,191,477 33.79
10.00% CORPORATION BANK FD QTR COMP (MD 11/03/2015)
Debt 200,000 4.60
10.00% MAHINDRA AND MAHINDRA FINANCIAL SERVICES LTD NCD (MD 05/12/2014)
Debt 10,021 0.23
10.10% HDB FINANCIAL SERVICES LIMITED NCD (MD 12/06/2017)
Debt 19,345 0.45
10.20% SUNDARAM FINANCE LTD. NCD (MD 21/07/2014)
Debt 19,009 0.44
10.25% KOTAK MAHINDRA PRIME LTD. NCD (MD 05/06/2014)
Debt 20,013 0.46
8.83% EXPORT IMPORT BANK OF INDIA NCD (MD 09/01/2023)
Debt 66,770 1.54
8.87% EXPORT IMPORT BANK OF INDIA NCD (MD 10/10/2022)
Debt 28,699 0.66
8.95% HDFC BANK LTD. NCD CALL 31/10/2017 (MD 31/10/2022)
Debt 33,665 0.77
9.15% EXPORT IMPORT BANK OF INDIA NCD (MD 05/09/2022)
Debt 31,124 0.72
9.50% STATE BANK OF TRAVANCORE FD QTR COMP (MD 07/07/2014)
Debt 100,000 2.30
9.50% STATE BANK OF TRAVANCORE FD QTR COMP (MD 11/07/2014)
Debt 180,000 4.14
9.65% CHOLAMANDALAM INVT AND FIN CO LTD NCD (MD 21/05/2018)
Debt 19,693 0.45
9.70% TATA SONS LTD. NCD (MD 25/07/2022) Debt 35,122 0.819.74% TATA SONS LTD. NCD (MD 13/01/2024) Debt 30,255 0.709.75% BANK OF INDIA FD QUARTERLY COMP (MD 24/03/2015)
Debt 100,000 2.30
9.75% BANK OF INDIA FD QUARTERLY COMP (MD 26/03/2015) (F.V. 10CR)
Debt 200,000 4.60
9.87% TATA SONS LTD. NCD (MD 17/07/2017) Debt 20,244 0.479.90% UNION BANK OF INDIA FD QUARTERLY COMP (MD 11/03/2015) (F.V. 1CR)
Debt 50,000 1.15
9.95% BANK OF INDIA FD QUARTERLY COMP (MD 05/03/2015) (FV 10 CRORES)
Debt 100,000 2.30
HOUSING FINANCE SERVICES
459,735 10.58 NA NA
10.05% CAN FIN HOMES LTD. NCD MD (13/01/2017)
Debt 50,372 1.16
10.25% HDFC (30/03/2017) Debt 51,079 1.188.58% HDFC LTD. NCD (MD 08/05/2018) Debt 19,375 0.459.18% HDFC LTD. NCD (MD 12/02/2018) Debt 29,643 0.689.25% LIC HOUSING FINANCE LTD NCD (MD 12/11/2022)
Debt 19,559 0.45
9.45% LIC HOUSING FINANCE LTD NCD (MD 30/01/2022)
Debt 19,807 0.46
9.50 HDFC LTD. NCD (MD 04/07/2022) Debt 9,925 0.239.50 HDFC LTD. NCD (MD 13/09/2017) Debt 20,041 0.469.50% HDFC LTD. NCD (MD 13/08/2017) Debt 30,062 0.699.50% HDFC LTD. NCD (MD 23/07/2017) Debt 20,042 0.469.60% HDFC LTD. NCD (MD 07/04/2016) Debt 56,193 1.299.62% LIC HOUSING FINANCE LTD. NCD (MD 03/08/2015)
Debt 12,021 0.28
9.65% HDFC LTD. NCD (MD 13/09/2016) Debt 53,228 1.229.75% HDFC LTD. NCD (MD 08/03/2016) Debt 68,387 1.57
Others (Other than G-Sec) 1,187,223 27.32 843,310 23.91
Annexures to Schedule 16
for the year ended March 31, 2014
Birla Sun Life Insurance
155
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseInd. Protector as on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
INFRASTRUCTURE FINANCE
693,282 16.67 868,602 21.44
10.85% RECL Ltd NCD (MD 14/08/2018) Debt 36,526 0.8810.85% RECL Ltd NCD (MD 30/09/2018) Debt 114,906 2.7611% Power Finance Corpoartion Ltd NCD (MD 15/09/2018)
Debt 11,545 0.28
11.25% Power Finance Corporation Ltd NCD (MD 28/11/2018)
Debt 58,329 1.40
8.19% IRFC NCD (MD 27/04/2019) Debt 9,547 0.238.60% Power Finance Corporation Ltd NCD (MD 07/08/2014)
Debt 129,437 3.11
8.65% RURAL ELECTRIFICATION CORPN. LTD. NCD (MD 22/01/2020)
Debt 15,323 0.37
8.70% Power Finance Corporation Ltd. NCD (MD 14/05/2020)
Debt 14,377 0.35
9.18% NABARD NCD SR XII - AB (MD 07/02/2017) Debt 29,833 0.729.35% RURAL ELECTRIFICATION CORPN. LTD. NCD (MD 15/06/2022)
Debt 38,393 0.92
9.43% REC LTD. NCD (MD 10/08/2014) Debt 24,958 0.609.57% IRFC NCD (MD 31/05/2021) Debt 100,888 2.439.61% POWER FINANCE CORPORATION LTD (MD 29/06/2021)
Debt 49,933 1.20
9.655% NABARD NCD (MD 18/10/2014) Debt 40,037 0.969.70% Power Finance Corporation Ltd. NCD (MD 15/12/2018) - Series 82-C
Debt 17,078 0.41
RURAL ELECTRIFICATION CORPORATION LIMITED Equity 2,172 0.05
FINANCIAL AND INSURANCE ACTIVITIES
437,766 10.53 786,808 19.42
10.10% HDB FINANCIAL SERVICES LIMITED NCD (MD 12/06/2017)
Debt 30,545 0.73
8.88% EXPORT IMPORT BANK OF INDIA NCD (MD 18/10/2022)
Debt 47,857 1.15
8.95% HDFC BANK LTD. NCD CALL 31/10/2017 (MD 31/10/2022)
Debt 9,618 0.23
9.10% CORPORATION BANK FD QTR COMP (MD 20/07/2014)
Debt 50,000 1.20
9.55% MAHINDRA AND MAHINDRA FINANCIAL SERVICES LTD. NCD (MD 16/10/2014)
Debt 94,907 2.28
AXIS BANK LIMITED Equity 6,647 0.16FEDRAL BANK LTD. Equity 5,035 0.12HDFC BANK Equity 26,710 0.64HOUSING DEVELOPMENT FINANCE CORPORATION Equity 21,962 0.53ICICI BANK LTD. Equity 22,971 0.55INDUSIND BANK LTD. Equity 2,154 0.05LIC HOUSING FINANCE LTD. Equity 3,147 0.08PUNJAB NATIONAL BANK Equity 2,444 0.06STATE BANK OF INDIA Equity 11,213 0.27UNION BANK OF INDIA LTD. Equity 4,328 0.10UNITED BANK OF INDIA CD (MD 13/06/2014) Debt 98,228 2.36
Others (Other than G-Sec) 1,192,809.95 28.68 1,002,770.77 24.75
Annexures to Schedule 16
for the year ended March 31, 2014
Annual Report 2013-14
156
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseInd. Builderas on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
INFRASTRUCTURE FINANCE
508,861 18.72 516,322 18.67
10.85% RECL Ltd. NCD (MD 30/09/2018) Debt 24,026 0.888.19% IRFC NCD (MD 27/04/2019) Debt 38,188 1.418.29% POWER FINANCE CORPORATION LTD NCD (MD 25/06/2015)
Debt 24,681 0.91
8.50% IRFC NCD (MD 22/06/2020) Debt 50,795 1.878.60% Power Finance Corporation Ltd NCD (MD 07/08/2014)
Debt 79,654 2.93
8.65% RECL Ltd NCD (MD 15/01/2019) Debt 106,258 3.918.70% Power Finance Corporation Ltd. NCD (MD 14/05/2020)
Debt 24,920 0.92
9.35% RURAL ELECTRIFICATION CORPN. LTD. NCD (MD 15/06/2022)
Debt 24,611 0.91
9.61% POWER FINANCE CORPORATION LTD (MD 29/06/2021)
Debt 9,987 0.37
9.655% NABARD NCD (MD 18/10/2014) Debt 30,028 1.109.70% Power Finance Corporation Ltd NCD (MD 15/12/2018) - Series 82-C
Debt 15,069 0.55
9.81% POWER FINANCE CORPORATION LTD (MD 07/10/2018)
Debt 80,647 2.97
Others (Other than G-Sec) 1,103,811 40.61 847,947 30.66
Annexures to Schedule 16
for the year ended March 31, 2014
Birla Sun Life Insurance
157
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseInd. Balanceras on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
45,294 14.83 69,588 20.25
10.70% HDFC Bank Ltd. NCD (MD 26/12/2018) Debt 2,084 0.687.05% Canara Bank NCD (MD 18/05/2014) Debt 9,966 3.269.00% EXPORT IMPORT BANK OF INDIA NCD (MD 10/01/2019)
Debt 12,834 4.20
AXIS BANK LIMITED Equity 1,028 0.34HDFC BANK Equity 5,302 1.74HOUSING DEVELOPMENT FINANCE CORPORATION Equity 5,144 1.68ICICI BANK LTD. Equity 4,101 1.34INDUSIND BANK LTD. Equity 918 0.30PUNJAB NATIONAL BANK Equity 1,108 0.36STATE BANK OF INDIA Equity 2,809 0.92
INFRASTRUCTURE FINANCE
41,158 13.47 51,522 14.99
10.05% NABARD (MD 11/06/2014) Debt 10,003 3.2710.85% RECL Ltd NCD (MD 14/08/2018) Debt 3,131 1.0211% Power Finance Corpoartion Ltd. NCD (MD 15/09/2018)
Debt 2,099 0.69
8.60% Power Finance Corporation Ltd. NCD (MD 07/08/2014)
Debt 4,978 1.63
9.36% POWER FINANCE CORPN. LTD. NCD (MD 01/08/2021)
Debt 1,972 0.65
9.40% NABARD NCD Sr XII-L (MD 13/09/2016) Debt 9,991 3.279.43% REC LTD. NCD (MD 10/08/2014) Debt 8,985 2.94
Others (Other than G-Sec) 91,706 30.02 112,783 32.82
Annexures to Schedule 16
for the year ended March 31, 2014
Annual Report 2013-14
158
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseInd. Enhanceras on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
12,010,977 18.29 18,587,396 28.19
10.00% HDB FINANCIAL SERVICES LIMITED NCD (MD 15/02/2019)
Debt 45,742 0.07
10.00% MAHINDRA AND MAHINDRA FINANCIAL SERVICES LTD NCD (MD 05/12/2014)
Debt 20,041 0.03
10.05% BAJAJ FINANCE LIMITED NCD (MD 10/01/2017) Debt 50,370 0.0810.08% CHOLAMANDALAM INVT AND FIN CO LTD NCD (MD 22/10/2014)
Debt 75,031 0.11
10.1% ICICI Bank (Call 09/08/16) MD - Perpetual Debt 50,968 0.0810.10% HDB FINANCIAL SERVICES LIMITED NCD (MD 12/06/2017)
Debt 102,834 0.16
10.10% HDB FINANCIAL SERVICES LIMITED NCD (MD 30/11/2015)
Debt 50,469 0.08
10.12% ADITYA BIRLA FINANCE LTD NCD (MD 11/12/2015)
Debt 70,436 0.11
10.15% KOTAK MAHINDRA PRIME LTD NCD (MD 10/02/2017)
Debt 50,515 0.08
10.20% SUNDARAM FINANCE LTD. NCD (MD 21/07/2014)
Debt 91,044 0.14
10.25% KOTAK MAHINDRA PRIME LTD. NCD (MD 05/06/2014)
Debt 60,040 0.09
10.25% TATA SONS LTD. NCD (MD 13/05/2014) Debt 100,035 0.1510.32% SUNDARAM FINANCE LTD. NCD (MD 13/08/2018)
Debt 40,514 0.06
10.40% Punjab Nat Bank (Maturity-Perpetual) (Call 20/07/2017)
Debt 51,330 0.08
10.70% HDFC Bank Ltd NCD (MD 26/12/2018) Debt 102,112 0.1610.85% Punjab National Bank (MD 29/09/2023) Call 29/09/2018 st-up 11.35%
Debt 282,036 0.43
12.65% CHOLAMANDALAM INVT AND FIN CO LTD NCD (MD 24/12/2014)
Debt 273,180 0.42
5.90% HDFC Bank Ltd NCD (MD 04/05/2014) Debt 4,985 0.017.05% Canara Bank NCD (MD 18/05/2014) Debt 22,921 0.037.45% STATE BK OF INDIA 050515 AAA Debt 982 0.008.8% ST BK INDIA(050621)RSET050616 (Call 06/06/2016) Debt 975 0.008.8% State Bank of Hyderabad NCD (MD 29/04/2016) Debt 69,254 0.118.80% HDB FINANCIAL SERVICES LIMITED NCD (MD 17/05/2016)
Debt 96,867 0.15
8.83% EXPORT IMPORT BANK OF INDIA NCD (MD 09/01/2023)
Debt 95,385 0.15
8.85% STATE BANK OF INDIA NCD (MD 04/10/2021) CALL 04/10/16 STEPUP 9.35
Debt 29,276 0.04
8.85% TATA SONS LTD. NCD (MD 02/05/2023) Debt 14,316 0.028.87% EXPORT IMPORT BANK OF INDIA NCD (MD 10/10/2022)
Debt 19,133 0.03
8.95% HDFC BANK LTD. NCD CALL 31/10/2017 (MD 31/10/2022)
Debt 91,376 0.14
8.97% Tata Sons Ltd. NCD (MD 15/07/2020) Debt 145,424 0.229% Canara Bank NCD (MD 09/01/2018) Debt 35,442 0.059.00% CANARA BANK FD QUARTERLY COMP (MD 14/11/2014)A
Debt 150,000 0.23
9.00% CANARA BANK FD QUARTERLY COMP (MD 14/11/2014)B
Debt 100,000 0.15
9.00% EXPORT IMPORT BANK OF INDIA NCD (MD 07/02/2022)
Debt 19,327 0.03
9.00% EXPORT IMPORT BANK OF INDIA NCD (MD 10/01/2019)
Debt 177,701 0.27
Annexures to Schedule 16
for the year ended March 31, 2014
Birla Sun Life Insurance
159
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseInd. Enhanceras on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
9.00% Punjab National Bank NCD (Perpetual) Call/Step-Up 27/11/2019
Debt 84,967 0.13
9.05% SBI Perpetual NCD (Call- 27/01/2020) Step Up Rate 9.55%
Debt 461,321 0.70
9.05% STATE BANK OF HYDERABAD PERPETUAL CALL 20/09/20 STEP UP 50BPS
Debt 96,946 0.15
9.1% SBI Perpetual NCD (Call- 14/08/2019) Step Up Rate 9.6%
Debt 119,844 0.18
9.10% AXIS BANK NCD (MD 28/06/2016) Debt 49,671 0.089.10% CORPORATION BANK FD QTR COMP (MD 19/07/2014)
Debt 50,000 0.08
9.10% HDFC BANK LTD. NCD CALL 28/12/2017 (MD 28/12/2022)
Debt 135,772 0.21
9.10% State Bank of Mysore Perpetual NCD Call/Step-Up 25/11/2019
Debt 293,687 0.45
9.15% AXIS BANK NCD (MD 31/12/2022) Debt 48,612 0.079.15% Bank of Baroda Perpetual NCD Step up 9.65% Reset 23/11/19
Debt 48,964 0.07
9.15% EXPORT IMPORT BANK OF INDIA NCD (MD 20/07/2015) P/C 20/01/2015
Debt 39,967 0.06
9.15% ICICI Bank Ltd NCD (MD 31/12/2022) Debt 115,696 0.189.15% State Bank of Patiala PERP NCD Call 18/01/2020 StepUp 9.65
Debt 156,665 0.24
9.18% TATA SONS LTD. NCD (MD 23/11/2020) Debt 107,595 0.169.20% State Bank of Hyderabad NCD Perpetual (MD 24/02/2020)
Debt 49,097 0.07
9.28% EXPORT IMPORT BANK OF INDIA NCD (MD 15/10/2018)
Debt 98,936 0.15
9.30% State Bank of Patiala NCD(MD 20/12/2022) Call fr 20/12/2017 Int 9.80
Debt 54,693 0.08
9.35 Punjab National Bank (MD 05/03/2023) Call 05/03/2018 St-up 9.85
Debt 39,737 0.06
9.35% State Bank of Hyderabad NCD (MD 19/03/2023) call 19/03/18 Stepup 9.85
Debt 69,832 0.11
9.45% STATE BANK OF INDIA NCD (MD 16/03/2026) CALL 16/03/2021
Debt 20,648 0.03
9.50% STATE BANK OF TRAVANCORE FD QTR COMP (MD 29/06/2014)
Debt 60,000 0.09
9.55% MAHINDRA AND MAHINDRA FINANCIAL SERVICES LTD NCD (MD 16/10/2014)
Debt 4,995 0.01
9.57% BAJAJ FINANCE LIMITED NCD (MD 10/10/2014) Debt 149,871 0.239.65% CHOLAMANDALAM INVT AND FIN CO LTD NCD (MD 21/05/2018)
Debt 7,877 0.01
9.67% TATA SONS LTD. NCD (MD 13/09/2022) Debt 50,085 0.089.68% TATA SONS LTD. NCD (MD 10/01/2017) Debt 150,913 0.239.70% SUNDARAM FINANCE LTD. NCD (MD 15/10/2014) Debt 124,971 0.199.70% TATA SONS LTD. NCD (MD 25/07/2022) Debt 115,401 0.189.71% TATA SONS LTD. NCD (MD 29/08/2022) Debt 50,198 0.089.74% TATA SONS LTD. NCD (MD 13/01/2024) Debt 30,255 0.059.75% BANK OF INDIA FD QUARTERLY COMP (MD 24/03/2015)
Debt 100,000 0.15
9.75% L AND T FINANCE LIMITED NCD (MD 08/10/2014) Debt 52,998 0.089.75% Punjab Nati Bank (Maturity-Perpetual) (Call 11/12/2017) Step up 10.25
Debt 100,942 0.15
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 09/05/2019)
Debt 9,900 0.02
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 11/09/2019)
Debt 9,900 0.02
Annexures to Schedule 16
for the year ended March 31, 2014
Annual Report 2013-14
160
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseInd. Enhanceras on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 12/09/2019)
Debt 9,900 0.02
9.75% STATE BANK OF BIKANER AND JAIPUR FD QUARTERLY COMP (MD 10/09/2018)
Debt 9,900 0.02
9.75% STATE BANK OF BIKANER AND JAIPUR FD QUARTERLY COMP (MD 12/09/2018)
Debt 9,900 0.02
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
9.75% STATE BANK OF INDIA NCD (MD 16/03/2021) CALL 16/03/16
Debt 1,811 0.00
9.78% State Bank of Bik & Jai NCD(MD15/10/2022) Call-16/10/17stepup -10.28
Debt 72,871 0.11
9.8% State Bank of Mysore Perpetual (30/11/2017) Call 301117 Stepup 10.30%
Debt 101,294 0.15
9.80% STATE BANK OF INDIA NCD (MD 30/06/2016) Debt 30,253 0.059.85% State Bank of Bik & Jai NCD(MD Perpetual) call 20/03/18 stepup 10.35
Debt 93,359 0.14
9.85% State Bank of India (28/06/2016) Debt 93,873 0.149.85% TATA SONS LTD. NCD (MD 21/05/2017) Debt 91,034 0.149.87% TATA SONS LTD. NCD (MD 16/04/2017) Debt 101,203 0.159.87% TATA SONS LTD. NCD (MD 17/07/2017) Debt 131,583 0.209.90% MAHINDRA AND MAHINDRA FINANCIAL SERVICES LTD NCD (MD 08/08/2014)
Debt 99,897 0.15
9.90% TATA SONS LTD. NCD (MD 18/03/2016) Debt 6,051 0.019.90% TATA SONS LTD. NCD (MD 20/03/2024) Debt 102,041 0.169.90% TATA SONS LTD. NCD (MD 24/02/2016) Debt 151,197 0.239.95% L AND T FINANCE LIMITED NCD (MD 28/10/2016) Debt 50,218 0.089.95% State Bank of Hyderabad (MD Perpetual) call 28/03/2018 Stepup 10.45
Debt 47,845 0.07
9.95% STATE BANK OF INDIA NCD (MD 16/03/2026) CALL 16/03/2021
Debt 21,322 0.03
9.95% State Bank of Travancore NCD(MD Perpetual) Call 31/03/18 stepup 10.45
Debt 39,499 0.06
9.98% ICICI Bank Ltd (Maturity-Perpetual) (Call and Steup up 13/09/16)10.98%
Debt 203,496 0.31
AXIS BANK LIMITED Equity 341,179 0.52HDFC BANK Equity 1,181,837 1.80HOUSING DEVELOPMENT FINANCE CORPORATION Equity 991,865 1.51ICICI BANK LTD Equity 1,079,773 1.64INDUSIND BANK LTD Equity 209,818 0.32LIC HOUSING FINANCE LTD Equity 106,430 0.16ORIENTAL BANK OF COMMERCE Equity 22,290 0.03PUNJAB NATIONAL BANK Equity 111,585 0.17STATE BANK OF INDIA Equity 468,105 0.71STATE BANK OF MYSORE CD (MD 15/09/2014) Debt 153,855 0.23STATE BANK OF PATIALA CD (MD 01/12/2014) Debt 47,167 0.07UNION BANK OF INDIA LTD. Equity 38,063 0.06UNITED BANK OF INDIA CD (MD 13/06/2014) Debt 19,646 0.03
Others (Other than G-Sec)
34,085,867 51.89 21,287,642 32.28
Annexures to Schedule 16
for the year ended March 31, 2014
Birla Sun Life Insurance
161
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseInd. Creatoras on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
654,117 18.57 753,735 23.46
12.65% CHOLAMANDALAM INVT AND FIN CO LTD NCD (MD 24/12/2014)
Debt 25,483 0.72
8.95% HDFC BANK LTD. NCD CALL 31/10/2017 (MD 31/10/2022)
Debt 28,855 0.82
9.50% STATE BANK OF TRAVANCORE FD QTR COMP (MD 07/07/2014)
Debt 20,000 0.57
9.70% SUNDARAM FINANCE LTD. NCD (MD 15/10/2014)
Debt 49,988 1.42
AXIS BANK LIMITED Equity 28,018 0.80FEDRAL BANK LTD Equity 20,362 0.58HDFC BANK Equity 109,708 3.11HOUSING DEVELOPMENT FINANCE CORPORATION Equity 90,908 2.58ICICI BANK LTD Equity 96,900 2.75INDUSIND BANK LTD Equity 9,093 0.26LIC HOUSING FINANCE LTD Equity 13,363 0.38PUNJAB NATIONAL BANK Equity 10,308 0.29STATE BANK OF INDIA Equity 52,902 1.50UNITED BANK OF INDIA CD (MD 13/06/2014) Debt 98,228 2.79
INFRASTRUCTURE FINANCE
380,961 10.81 375,496.4 11.69
10.05% NABARD (MD 11/06/2014) Debt 9,003 0.2610.60% IRFC NCD (MD 11/09/2018) Debt 26,137 0.7410.85% RECL Ltd NCD (MD 14/08/2018) Debt 18,785 0.5311% Power Finance Corpoartion Ltd. NCD (MD 15/09/2018)
Debt 57,723 1.64
8.29% POWER FINANCE CORPORATION LTD NCD (MD 25/06/2015)
Debt 24,681 0.70
8.45% IRFC NCD (MD 26/12/2018) Debt 48,345 1.378.60% Power Finance Corporation Ltd. NCD (MD 07/08/2014)
Debt 109,524 3.11
8.82% RURAL ELECTRIFICATION CORPN. LTD. NCD (MD 12/04/2023)
Debt 47,649 1.35
9.18% NABARD NCD SR XII - AB (MD 07/02/2017) Debt 19,889 0.569.655% NABARD NCD (MD 18/10/2014) Debt 10,009 0.28RURAL ELECTRIFICATION CORPORATION LIMITED Equity 9,217 0.26
Others (Other than G-Sec) 1,649,460 46.82 1,366,971 42.55
Annexures to Schedule 16
for the year ended March 31, 2014
Annual Report 2013-14
162
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseInd. Magnifieras on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
2,968,467 30.37 3,364,090 33.48
8.80% HDB FINANCIAL SERVICES LIMITED NCD (MD 17/05/2016)
Debt 988 0.01
9.00 PUNJAB AND NATIONAL BANK FD QTR (MD 02/01/16) (FV 2 CR)
Debt 100,000 1.02
9.00 PUNJAB AND NATIONAL BANK FD QTR (MD 02/01/16) (FV 5 CR)
Debt 50,000 0.51
9.50% UNION BANK OF INDIA FD QUARTERLY COMP (MD 06/03/2016)
Debt 100,000 1.02
9.50% UNION BANK OF INDIA FD QUARTERLY COMP (MD 13/03/2016)
Debt 100,000 1.02
9.50% UNION BANK OF INDIA FD QUARTERLY COMP (MD 15/03/2016)
Debt 100,000 1.02
9.75% BANK OF INDIA FD QUARTERLY COMP (MD 21/03/2015) (F.V. 10CR)
Debt 100,000 1.02
9.89% IDBI BANK LTD FD QUARTERLY COMP (MD 19/03/2015)
Debt 300,600 3.08
AXIS BANK LIMITED Equity 148,016 1.51HDFC BANK Equity 524,516 5.37HOUSING DEVELOPMENT FINANCE CORPORATION Equity 440,262 4.50ICICI BANK LTD. Equity 477,448 4.89INDUSIND BANK LTD. Equity 93,417 0.96LIC HOUSING FINANCE LTD. Equity 46,829 0.48ORIENTAL BANK OF COMMERCE Equity 45,472 0.47PUNJAB NATIONAL BANK Equity 58,768 0.60STATE BANK OF INDIA Equity 208,839 2.14STATE BANK OF PATIALA CD (MD 01/12/2014) Debt 56,415 0.58UNION BANK OF INDIA LTD. Equity 16,897 0.17
COMPUTER PROGRAMMING, CONSULTANCY
1,368,725 14.01 949,995 9.45
HCL TECHNOLOGIES LTD. Equity 148,763 1.52INFOSYS LIMITED Equity 531,249 5.44TATA CONSULTANCY SERVICES LIMITED Equity 409,689 4.19TECH MAHINDRA LIMITED Equity 109,267 1.12WIPRO LTD. Equity 169,758 1.74
Others (Other than G-Sec) 5,008,954.77 51.25 5,671,785 56.44
Annexures to Schedule 16
for the year ended March 31, 2014
Birla Sun Life Insurance
163
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseInd. Maximiseras on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
5,023,273 24.27 6,561,274 30.74
AXIS BANK LIMITED Equity 366,812 1.77
FEDRAL BANK LTD. Equity 154,514 0.75
HDFC BANK Equity 1,338,270 6.46
HOUSING DEVELOPMENT FINANCE CORPORATION Equity 1,141,590 5.51
ICICI BANK LTD. Equity 1,117,351 5.40
INDUSIND BANK LTD. Equity 106,362 0.51
STATE BANK OF INDIA Equity 502,796 2.43
STATE BANK OF PATIALA CD (MD 01/12/2014) Debt 66,034 0.32
STATE BANK OF PATIALA CD (MD 19/03/2015) Debt 229,545 1.11
COMPUTER PROGRAMMING, CONSULTANCY
3,438,130 16.61 2,247,441 10.53 HCL TECHNOLOGIES LTD. Equity 401,563 1.94INFOSYS LIMITED Equity 1,248,245 6.03TATA CONSULTANCY SERVICES LIMITED Equity 1,077,578 5.21TECH MAHINDRA LIMITED Equity 308,867 1.49WIPRO LTD. Equity 401,877 1.94
MANUFACTURE OF PHARMACEUTICALS
2,244,999 10.85 1,089,417 5.10
DIVIS LABORATORIES LTD. Equity 505,492 2.44DR REDDY LABORATORIES Equity 398,548 1.93LUPIN LIMITED Equity 595,611 2.88SUN PHARMACEUTICALS INDUSTRIES LTD. Equity 745,347 3.60
Others (Other than G-Sec) 10,202,350 49.29 11,359,777 53.23
Annexures to Schedule 16
for the year ended March 31, 2014
Annual Report 2013-14
164
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseInd. Multiplieras on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
551,245 15.24 800,031 22.11
CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED
Equity 34,448 0.95
CITY UNION BANK Equity 4,884 0.14FEDRAL BANK LTD. Equity 59,627 1.65HDFC BANK Equity 74,880 2.07INDUSIND BANK LTD. Equity 38,748 1.07ING VYSYA BANK LIMITED Equity 44,529 1.23JAMMU KASHMIR BANK LTD. Equity 38,762 1.07KARUR VYSYA BANK LIMITED Equity 34,060 0.94LIC HOUSING FINANCE LTD. Equity 26,416 0.73MAHINDRA N MAHINDRA FINANCIAL SERVICES LTD Equity 16,128 0.45MUTHOOT FINANCE LTD. Equity 35,309 0.98ORIENTAL BANK OF COMMERCE Equity 40,487 1.12PUNJAB NATIONAL BANK Equity 31,038 0.86STATE BANK OF PATIALA CD (MD 01/12/2014) Debt 71,929 1.99
MANUFACTURE OF PHARMACEUTICALS
484,733 13.40 299,618 8.28
DIVIS LABORATORIES LTD. Equity 188,054 5.20GLENMARK PHARMACEUTICALS LTD. Equity 41,397 1.14LUPIN LIMITED Equity 83,741 2.31SUN PHARMACEUTICALS INDUSTRIES LTD. Equity 135,584 3.75UNICHEM LABORATORIES LIMITED Equity 35,957 0.99
Others (Other than G-Sec) 2,398,574 66.30 2,452,388 67.76
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseSuper 20 Fundas on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
724,117 19.46 683,526 28.04
HDFC BANK Equity 257,771 6.93HOUSING DEVELOPMENT FINANCE CORPORATION Equity 212,000 5.70ICICI BANK LTD. Equity 254,346 6.84
COMPUTER PROGRAMMING, CONSULTANCY
737,240 19.81 343,850 14.11
HCL TECHNOLOGIES LTD. Equity 107,084 2.88INFOSYS LIMITED Equity 247,553 6.65TATA CONSULTANCY SERVICES LIMITED Equity 225,263 6.05WIPRO LTD. Equity 157,341 4.23
MANUFACTURE OF PHARMACEUTICALS
541,716 14.56 191,498 7.86
DIVIS LABORATORIES LTD. Equity 144,649 3.89LUPIN LIMITED Equity 205,489 5.52SUN PHARMACEUTICALS INDUSTRIES LTD. Equity 191,578 5.15
Others (Other than G-Sec) 1,642,996 44.15 1,203,280 49.36
Annexures to Schedule 16
for the year ended March 31, 2014
Birla Sun Life Insurance
165
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseInd. Platinum Plus 1as on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous YearMarket value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
660,557 20.51 827,947 22.56
9.00% STATE BANK OF BIKANER AND J AIPUR FD QTR COMP (MD 14/03/2018)
Debt 5,000 0.16
9.75% STATE BANK OF BIKANER AND JAIPUR FD QUARTERLY COMP (MD 13/03/2018)
Debt 9,900 0.31
9.75% STATE BANK OF BIKANER AND JAIPUR FD QUARTERLY COMP (MD 14/03/2018)
Debt 9,900 0.31
9.75% STATE BANK OF BIKANER AND JAIPUR FD QUARTERLY COMP (MD 15/03/2018)
Debt 9,900 0.31
9.75% STATE BANK OF BIKANER AND JAIPUR FD QUARTERLY COMP (MD 16/03/2018)
Debt 9,900 0.31
AXIS BANK LIMITED Equity 43,538 1.35HDFC BANK Equity 159,299 4.95HOUSING DEVELOPMENT FINANCE CORPORATION Equity 131,385 4.08ICICI BANK LTD. Equity 164,543 5.11INDUSIND BANK LTD. Equity 18,401 0.57PUNJAB NATIONAL BANK Equity 17,046 0.53STATE BANK OF INDIA Equity 81,746 2.54
COMPUTER PROGRAMMING, CONSULTANCY
383,160 11.90 275,167 7.50
HCL TECHNOLOGIES LTD. Equity 40,860 1.27INFOSYS LIMITED Equity 167,423 5.20TATA CONSULTANCY SERVICES LIMITED Equity 119,354 3.71TECH MAHINDRA LIMITED Equity 28,401 0.88WIPRO LTD. Equity 27,123 0.84
Others (Other than G-Sec) 1,953,335 60.64 2,106,972 57.40
Annexures to Schedule 16
for the year ended March 31, 2014
Annual Report 2013-14
166
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseInd. Platinum Plus 2as on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
1,339,095 23.56 1,613,202 25.68
9.00% EXPORT IMPORT BANK OF INDIA NCD (MD 10/01/2019)
Debt 124,391 2.19
9.85% TATA SONS LTD. NCD (MD 21/05/2017) Debt 10,115 0.18AXIS BANK LIMITED Equity 84,513 1.49HDFC BANK Equity 311,617 5.48HOUSING DEVELOPMENT FINANCE CORPORATION Equity 262,110 4.61ICICI BANK LTD. Equity 318,806 5.61INDUSIND BANK LTD. Equity 35,670 0.63PUNJAB NATIONAL BANK Equity 33,205 0.58STATE BANK OF INDIA Equity 158,667 2.79
COMPUTER PROGRAMMING, CONSULTANCY
744,749 13.10 520,416 8.28
HCL TECHNOLOGIES LTD. Equity 76,847 1.35INFOSYS LIMITED Equity 327,111 5.76TATA CONSULTANCY SERVICES LIMITED Equity 232,539 4.09TECH MAHINDRA LIMITED Equity 55,160 0.97WIPRO LTD. Equity 53,091 0.93
Others (Other than G-Sec) 3,293,586 57.95 3,576,584 56.93
Annexures to Schedule 16
for the year ended March 31, 2014
Birla Sun Life Insurance
167
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseInd. Platinum Plus 3as on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
1,606,262 23.69 2,134,409 28.68
9.45% STATE BANK OF INDIA NCD (MD 16/03/2026) CALL 16/03/2021
Debt 990 0.01
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 16/05/2019)
Debt 9,900 0.15
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 16/09/2019)
Debt 9,900 0.15
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 17/05/2019)
Debt 9,900 0.15
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 17/09/2019)
Debt 500 0.01
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 21/05/2019)
Debt 9,900 0.15
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 22/05/2019)
Debt 9,900 0.15
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 23/05/2019)
Debt 9,900 0.15
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 27/05/2019)
Debt 9,900 0.15
9.95% STATE BANK OF INDIA NCD (MD 16/03/2026) CALL 16/03/2021
Debt 20,326 0.30
AXIS BANK LIMITED Equity 107,986 1.59HDFC BANK Equity 393,900 5.81HOUSING DEVELOPMENT FINANCE CORPORATION Equity 323,003 4.76ICICI BANK LTD Equity 389,059 5.74INDUSIND BANK LTD Equity 63,720 0.94LIC HOUSING FINANCE LTD Equity 32,863 0.48STATE BANK OF INDIA Equity 204,615 3.02
COMPUTER PROGRAMMING, CONSULTANCY
973,120 14.35 660,623 8.88
HCL TECHNOLOGIES LTD Equity 115,247 1.70INFOSYS LIMITED Equity 408,702 6.03TATA CONSULTANCY SERVICES LIMITED Equity 289,067 4.26TECH MAHINDRA LIMITED Equity 55,282 0.82WIPRO LTD. Equity 104,821 1.55
Others (Other than G-Sec) 3,811,261 56.21 4,104,886 55.16
Annexures to Schedule 16
for the year ended March 31, 2014
Annual Report 2013-14
168
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseInd. Platinum Plus 4as on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
1,248,397 24.31 1,608,655 28.11
9.95% STATE BANK OF INDIA NCD (MD 16/03/2026) CALL 16/03/2021
Debt 50,815 0.99
AXIS BANK LIMITED Equity 85,926 1.67HDFC BANK Equity 313,423 6.10HOUSING DEVELOPMENT FINANCE CORPORATION Equity 251,373 4.90ICICI BANK LTD. Equity 309,593 6.03INDUSIND BANK LTD. Equity 49,845 0.97LIC HOUSING FINANCE LTD. Equity 25,770 0.50STATE BANK OF INDIA Equity 161,653 3.15
COMPUTER PROGRAMMING, CONSULTANCY
764,665 14.89 528,550 9.24
HCL TECHNOLOGIES LTD. Equity 90,258 1.76INFOSYS LIMITED Equity 320,769 6.25TATA CONSULTANCY SERVICES LIMITED Equity 226,811 4.42TECH MAHINDRA LIMITED Equity 43,347 0.84WIPRO LTD. Equity 83,480 1.63
Others (Other than G-Sec) 2,926,015 56.99 3,124,735 54.60
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseInd.Platinum Premieras on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
2,113,218 24.66 2,291,593 25.89
9.45% STATE BANK OF INDIA NCD (MD 16/03/2026) CALL 16/03/2021
Debt 14,211 0.17
AXIS BANK LIMITED Equity 151,372 1.77HDFC BANK Equity 552,180 6.44HOUSING DEVELOPMENT FINANCE CORPORATION Equity 440,988 5.15ICICI BANK LTD. Equity 545,316 6.36INDUSIND BANK LTD. Equity 86,433 1.01LIC HOUSING FINANCE LTD. Equity 44,090 0.51STATE BANK OF INDIA Equity 278,628 3.25
COMPUTER PROGRAMMING, CONSULTANCY
1,329,190 15.51 868,320 9.81
HCL TECHNOLOGIES LTD. Equity 157,797 1.84INFOSYS LIMITED Equity 558,040 6.51TATA CONSULTANCY SERVICES LIMITED Equity 394,684 4.61TECH MAHINDRA LIMITED Equity 75,904 0.89WIPRO LTD. Equity 142,765 1.67
Others (Other than G-Sec) 4,856,821 56.68 5,277,789 59.62
Annexures to Schedule 16
for the year ended March 31, 2014
Birla Sun Life Insurance
169
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseInd. Platinum Advantageas on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
2,202,689 24.45 1,887,402 29.08
AXIS BANK LIMITED Equity 156,447 1.74HDFC BANK Equity 586,599 6.51HOUSING DEVELOPMENT FINANCE CORPORATION Equity 490,732 5.45ICICI BANK LTD Equity 595,820 6.61INDUSIND BANK LTD Equity 69,031 0.77PUNJAB NATIONAL BANK Equity 61,036 0.68STATE BANK OF INDIA Equity 243,024 2.70
COMPUTER PROGRAMMING, CONSULTANCY
1,423,694 15.81 678,742 10.46
HCL TECHNOLOGIES LTD Equity 153,236 1.70INFOSYS LIMITED Equity 632,484 7.02TATA CONSULTANCY SERVICES LIMITED Equity 415,907 4.62TECH MAHINDRA LIMITED Equity 106,513 1.18WIPRO LTD. Equity 115,555 1.28
Others (Other than G-Sec) 5,240,317 58.18 3,773,004 58.12
Annexures to Schedule 16
for the year ended March 31, 2014
Annual Report 2013-14
170
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseInd. Foresight FPas on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
3,018,828 22.58 1,914,030 24.68
8.85% TATA SONS LTD. NCD (MD 02/05/2023) Debt 47,718 0.369.00% EXPORT IMPORT BANK OF INDIA NCD (MD 10/01/2019)
Debt 229,037 1.71
9.04% EXPORT IMPORT BANK OF INDIA NCD (MD 21/09/2022)
Debt 48,318 0.36
9.15% EXPORT IMPORT BANK OF INDIA NCD (MD 05/09/2022)
Debt 104,071 0.78
9.15% EXPORT IMPORT BANK OF INDIA NCD (MD 30/03/2021)
Debt 48,841 0.37
9.50% CANARA BANK FD QUARTERLY COMP (MD 10/02/2019)
Debt 50,000 0.37
AXIS BANK LIMITED Equity 172,657 1.29HDFC BANK Equity 629,849 4.71HOUSING DEVELOPMENT FINANCE CORPORATION Equity 571,867 4.28ICICI BANK LTD Equity 621,993 4.65INDUSIND BANK LTD Equity 96,542 0.72LIC HOUSING FINANCE LTD Equity 47,808 0.36STATE BANK OF INDIA Equity 317,109 2.37STATE BANK OF PATIALA CD (MD 01/12/2014) Debt 33,017 0.25
COMPUTER PROGRAMMING, CONSULTANCY
1,578,849 11.81 577,477 7.45
HCL TECHNOLOGIES LTD Equity 180,610 1.35INFOSYS LIMITED Equity 637,342 4.77TATA CONSULTANCY SERVICES LIMITED Equity 509,499 3.81TECH MAHINDRA LIMITED Equity 88,787 0.66WIPRO LTD. Equity 162,610 1.22
Others (Other than G-Sec) 7,609,256 56.93 4,018,907 51.82
Annexures to Schedule 16
for the year ended March 31, 2014
Birla Sun Life Insurance
171
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseInd. Foresight SPas on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
189,645 24.38 176,899 27.20
AXIS BANK LIMITED Equity 13,748 1.77HDFC BANK Equity 50,125 6.44HOUSING DEVELOPMENT FINANCE CORPORATION Equity 39,168 5.04ICICI BANK LTD Equity 49,499 6.36INDUSIND BANK LTD Equity 8,058 1.04LIC HOUSING FINANCE LTD Equity 4,005 0.51STATE BANK OF INDIA Equity 25,041 3.22
COMPUTER PROGRAMMING, CONSULTANCY
126,692 16.29 75,996 11.68
HCL TECHNOLOGIES LTD Equity 15,118 1.94INFOSYS LIMITED Equity 53,913 6.93TATA CONSULTANCY SERVICES LIMITED Equity 37,938 4.88TECH MAHINDRA LIMITED Equity 6,880 0.88WIPRO LTD. Equity 12,842 1.65
Others (Other than G-Sec) 435,802 56.02 384,700 59.15
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseTitanium 1as on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
101,101 20.87 159,453 27.84
AXIS BANK LIMITED Equity 5,852 1.21HDFC BANK Equity 25,627 5.29HOUSING DEVELOPMENT FINANCE CORPORATION Equity 21,901 4.52ICICI BANK LTD Equity 16,667 3.44INDUSIND BANK LTD Equity 7,961 1.64KOTAK MAHINDRA BANK LIMITED Equity 3,913 0.81PUNJAB NATIONAL BANK Equity 4,530 0.94STATE BANK OF INDIA Equity 14,649 3.02
COMPUTER PROGRAMMING, CONSULTANCY
55,744 11.51 39,342 6.87
HCL TECHNOLOGIES LTD Equity 4,029 0.83INFOSYS LIMITED Equity 16,450 3.40TATA CONSULTANCY SERVICES LIMITED Equity 18,580 3.84TECH MAHINDRA LIMITED Equity 10,770 2.22WIPRO LTD. Equity 5,915 1.22
Others (Other than G-Sec) 263,112 54.32 288,374 50.35
Annexures to Schedule 16
for the year ended March 31, 2014
Annual Report 2013-14
172
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseTitanium 2as on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
35,223 24.55 72,795 28.50
9.15% EXPORT IMPORT BANK OF INDIA NCD (MD 20/07/2015) P/C 20/01/2015
Debt 5,995 4.18
AXIS BANK LIMITED Equity 1,696 1.18HDFC BANK Equity 7,343 5.12HOUSING DEVELOPMENT FINANCE CORPORATION Equity 6,330 4.41ICICI BANK LTD Equity 4,847 3.38INDUSIND BANK LTD Equity 2,296 1.60KOTAK MAHINDRA BANK LIMITED Equity 1,140 0.79PUNJAB NATIONAL BANK Equity 1,317 0.92STATE BANK OF INDIA Equity 4,259 2.97
COMPUTER PROGRAMMING, CONSULTANCY
16,073 11.20 16,677 6.53
HCL TECHNOLOGIES LTD Equity 1,156 0.81INFOSYS LIMITED Equity 4,734 3.30TATA CONSULTANCY SERVICES LIMITED Equity 5,365 3.74TECH MAHINDRA LIMITED Equity 3,113 2.17WIPRO LTD. Equity 1,706 1.19
Others (Other than G-Sec) 66,896 46.62 126,854 49.66
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseTitanium 3as on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous YearMarket value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
15,771 21.44 25,188 34.88
9.15% EXPORT IMPORT BANK OF INDIA NCD (MD 20/07/2015) P/C 20/01/2015
Debt 3,997 5.43
AXIS BANK LIMITED Equity 691 0.94HDFC BANK Equity 2,939 4.00HOUSING DEVELOPMENT FINANCE CORPORATION Equity 2,574 3.50ICICI BANK LTD Equity 1,967 2.67INDUSIND BANK LTD Equity 909 1.24KOTAK MAHINDRA BANK LIMITED Equity 461 0.63PUNJAB NATIONAL BANK Equity 528 0.72STATE BANK OF INDIA Equity 1,705 2.32
Others (Other than G-Sec) 45,969 62.49 33,533 46.44
Annexures to Schedule 16
for the year ended March 31, 2014
Birla Sun Life Insurance
173
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseInd. Pension Nourish Fundas on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
27,428 21.21 25,009 18.77
10.10% HDB FINANCIAL SERVICES LIMITED NCD (MD 30/11/2015)
Debt 5,047 3.90
10.15% KOTAK MAHINDRA PRIME LTD NCD (MD 10/02/2017)
Debt 2,021 1.56
12.65% CHOLAMANDALAM INVT AND FIN CO LTD NCD (MD 24/12/2014)
Debt 2,039 1.58
9.15% EXPORT IMPORT BANK OF INDIA NCD (MD 05/09/2022)
Debt 1,945 1.50
9.50% STATE BANK OF TRAVANCORE FD QTR COMP (MD 29/06/2014)
Debt 10,000 7.73
9.74% TATA SONS LTD. NCD (MD 13/01/2024) Debt 3,026 2.34AXIS BANK LIMITED Equity 210 0.16FEDRAL BANK LTD Equity 157 0.12HDFC BANK Equity 835 0.65HOUSING DEVELOPMENT FINANCE CORPORATION Equity 686 0.53ICICI BANK LTD Equity 726 0.56INDUSIND BANK LTD Equity 69 0.05LIC HOUSING FINANCE LTD Equity 98 0.08PUNJAB NATIONAL BANK Equity 80 0.06STATE BANK OF INDIA Equity 355 0.27UNION BANK OF INDIA LTD. Equity 136 0.11
INFRASTRUCTURE FINANCE
13,416 10.38 17,998 13.51
10.70% IRFC NCD (MD 11/09/2023) Debt 3,241 2.5110.85% RECL LTD NCD (MD 14/08/2018) Debt 2,087 1.619.36% POWER FINANCE CORPN. LTD. NCD (MD 01/08/2021)
Debt 1,972 1.52
9.81% POWER FINANCE CORPORATION LTD (MD 07/10/2018)
Debt 6,048 4.68
RURAL ELECTRIFICATION CORPORATION LIMITED Equity 68 0.05
Others (Other than G-Sec) 33,213 25.68 42,425 31.84
Annexures to Schedule 16
for the year ended March 31, 2014
Annual Report 2013-14
174
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseInd.Pension Growth Fundas on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
78,089 21.40 66,943 17.87
10.15% DEVELOPMENT CREDIT BANK QTR CMPD FD (MD 14/03/2015) (F.V. 1 CR)
Debt 10,000 2.74
9.30% STATE BANK OF INDIA NCD (MD 16/03/2021) CALL 16/03/2016
Debt 9,844 2.70
9.65% CHOLAMANDALAM INVT AND FIN CO LTD NCD (MD 21/05/2018)
Debt 9,846 2.70
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 17/09/2019)
Debt 9,400 2.58
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 24/05/2019)
Debt 9,900 2.71
9.90% UNION BANK OF INDIA FD QUARTERLY COMP (MD 11/03/2015) (F.V. 1CR)
Debt 10,000 2.74
AXIS BANK LIMITED Equity 1,132 0.31HDFC BANK Equity 5,017 1.37HOUSING DEVELOPMENT FINANCE CORPORATION Equity 4,217 1.16ICICI BANK LTD Equity 3,932 1.08INDUSIND BANK LTD Equity 773 0.21ORIENTAL BANK OF COMMERCE Equity 450 0.12PUNJAB NATIONAL BANK Equity 476 0.13STATE BANK OF INDIA Equity 2,334 0.64UNION BANK OF INDIA LTD. Equity 768 0.21
INFRASTRUCTURE FINANCE
45,169 12.38 55,193 14.73
8.60% POWER FINANCE CORPORATION LTD NCD (MD 07/08/2014)
Debt 2,987 0.82
9.02% RURAL ELECTRIFICATION CORPN. LTD. NCD (MD 19/11/2022)
Debt 19,298 5.29
9.40% NABARD NCD Sr XII-L (MD 13/09/2016) Debt 9,991 2.749.48% REC LTD. NCD (MD 10/08/2021) Debt 12,894 3.53
Others (Other than G-Sec) 116,687 31.98 143,676 38.35
Annexures to Schedule 16
for the year ended March 31, 2014
Birla Sun Life Insurance
175
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseInd.Pension Enrich Fundas on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
221,950 13.59 355,144 21.14
10.15% KOTAK MAHINDRA PRIME LTD NCD (MD 10/02/2017)
Debt 20,206 1.24
9.15% EXPORT IMPORT BANK OF INDIA NCD (MD 05/09/2022)
Debt 9,726 0.60
9.30% STATE BANK OF INDIA NCD (MD 16/03/2021) CALL 16/03/2016
Debt 13,092 0.80
9.90% UNION BANK OF INDIA FD QUARTERLY COMP (MD 11/03/2015) (F.V. 1CR)
Debt 30,000 1.84
AXIS BANK LIMITED Equity 9,170 0.56FEDRAL BANK LTD Equity 6,905 0.42HDFC BANK Equity 36,686 2.25HOUSING DEVELOPMENT FINANCE CORPORATION Equity 30,304 1.86ICICI BANK LTD Equity 31,852 1.95INDUSIND BANK LTD Equity 2,992 0.18LIC HOUSING FINANCE LTD Equity 4,368 0.27PUNJAB NATIONAL BANK Equity 3,394 0.21STATE BANK OF INDIA Equity 17,250 1.06UNION BANK OF INDIA LTD. Equity 6,005 0.37
INFRASTRUCTURE FINANCE
167,188 10.24 218,320 12.99
10.70% IRFC NCD (MD 11/09/2023) Debt 16,206 0.998.90% POWER FINANCE CORPORATION LTD (MD 18/03/2018)
Debt 19,584 1.20
9.02% RURAL ELECTRIFICATION CORPN. LTD. NCD (MD 19/11/2022)
Debt 19,298 1.18
9.15% Nat Cap Regional Planning NCD (MD 18/02/2019) P/C 18/02/16
Debt 14,932 0.91
9.24% RURAL ELECTRIFICATION CORPN. LTD. NCD (MD 17/10/2018)
Debt 29,638 1.81
9.81% POWER FINANCE CORPORATION LTD (MD 07/10/2018)
Debt 64,517 3.95
RURAL ELECTRIFICATION CORPORATION LIMITED Equity 3,013 0.18
Others (Other than G-Sec) 745,343 45.63 550,274 32.75
Annexures to Schedule 16
for the year ended March 31, 2014
Annual Report 2013-14
176
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseDiscuntinued Policy Fundas on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
3,936,501 82.38 1,443,783 69.89
10.01% BANK OF BARODA FD QUARTERLY COMP (MD 07/03/2015)
Debt 250,100 5.23
10.12% ADITYA BIRLA FINANCE LTD NCD (MD 11/12/2015)
Debt 10,062 0.21
9.10% CORPORATION BANK FD QTR COMP (MD 17/07/2014)
Debt 50,000 1.05
9.50% STATE BANK OF TRAVANCORE FD QTR COMP (MD 07/07/2014)
Debt 10,000 0.21
9.50% STATE BANK OF TRAVANCORE FD QTR COMP (MD 29/06/2014)
Debt 10,000 0.21
9.50% UNION BANK OF INDIA FD QUARTERLY COMP (MD 05/03/2016)
Debt 200,000 4.19
9.70% SUNDARAM FINANCE LTD. NCD (MD 15/10/2014)
Debt 4,999 0.10
9.75% BANK OF INDIA FD QUARTERLY COMP (MD 24/03/2015)
Debt 200,000 4.19
9.89% IDBI BANK LTD FD QUARTERLY COMP (MD 19/03/2015)
Debt 50,100 1.05
BANK OF INDIA CD (MD 06/03/2015) Debt 45,053 0.94CANARA BANK CD (MD 02/12/2014) Debt 235,917 4.94CANARA BANK CD (MD 19/03/2015) Debt 205,841 4.31CENTRAL BANK OF INDIA CD (MD 05/12/2014) Debt 235,370 4.93CENTRAL BANK OF INDIA CD (MD 15/01/2015) Debt 207,263 4.34CORPORATION BANK CD (MD 18/12/2014) Debt 234,829 4.91IDBI BANK LTD CD (MD 09/01/2015) Debt 233,342 4.88KOTAK MAHINDRA PRIME LTD CP (MD 16/04/2014) Debt 76,236 1.60ORIENTAL BANK OF COMMERCE CD (MD 02/03/2015)
Debt 230,565 4.82
ORIENTAL BANK OF COMMERCE CD (MD 07/10/2014)
Debt 179,542 3.76
PUNJAB NATIONAL BANK CD (MD 02/03/2015) Debt 298,951 6.26STATE BANK OF PATIALA CD (MD 01/12/2014) Debt 183,951 3.85STATE BANK OF PATIALA CD (MD 04/09/2014) Debt 240,905 5.04SYNDICATE BANK CD (MD 27/11/2014) Debt 236,094 4.94TATA MOTORS FINANCE LTD. ZCB (MD 02/05/2015) Debt 46,959 0.98UNITED BANK OF INDIA CD (MD 13/06/2014) Debt 26,325 0.55VIJAYA BANK CD (MD 29/12/2014) Debt 234,098 4.90
Others (Other than G-Sec) 535,541 11.21 4,880 0.24
Annexures to Schedule 16
for the year ended March 31, 2014
Birla Sun Life Insurance
177
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywisePure Equityas on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous YearMarket value % holding Market value % holding
MANUFACTURE OF CHEMICAL PRODUCTS
8,737 17.39 2,848 15.62
ASIAN PAINTS LTD. Equity 3,732 7.43BAYER CROPSCIENCE LIMITED Equity 2,274 4.53HINDUSTAN UNILEVER LIMITED Equity 982 1.95RALLIS INDIA LIMITED Equity 1,749 3.48
MANUFACTURE OF PHARMACEUTICALS
6,685 13.30 2,327 12.76
CIPLA LIMITED FV 2 Equity 1,898 3.78DIVIS LABORATORIES LTD Equity 1,483 2.95LUPIN LIMITED Equity 1,717 3.42SUN PHARMACEUTICALS INDUSTRIES LTD Equity 1,586 3.16
Others (Other than G-Sec) 33,270 66.22 12,927 70.90
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseValue Momentumas on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
33,403 24.20 8,328 18.58
BAJAJ HOLDINGS AND INVESTMENT LIMITED Equity 3,174 2.30BANK OF INDIA Equity 1,999 1.45CITY UNION BANK Equity 3,222 2.33FEDERAL BANK LTD Equity 4,395 3.18INDIAN BANK Equity 3,908 2.83JAMMU KASHMIR BANK LTD Equity 4,183 3.03KARNATAKA BANK LTD. Equity 2,350 1.70ORIENTAL BANK OF COMMERCE Equity 2,216 1.61PUNJAB NATIONAL BANK Equity 3,721 2.70UNION BANK OF INDIA LTD. Equity 4,234 3.07
ELECTRICITY, GAS AND STEAM SUPPLY
14,072 10.20 3,545 7.91
GAIL (INDIA) LIMITED Equity 2,672 1.94INDRAPRASTHA GAS LIMITED Equity 3,808 2.76NTPC LIMITED Equity 3,255 2.36POWER GRID CORPORATION OF INDIA LIMITED Equity 4,337 3.14
Others (Other than G-Sec) 80,096 58.03 26,806 59.82
Annexures to Schedule 16
for the year ended March 31, 2014
Annual Report 2013-14
178
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseLiquid Plusas on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
218,039 76.45 82,873 73.62
10.05% DEVELOPMENT CREDIT BANK QTR CMPD FD (MD 30/01/2015)
Debt 10,000 3.51
11.25% DEVELOPMENT CREDIT BANK QTR CMPD FD (MD 04/09/2014)
Debt 10,000 3.51
9.50% STATE BANK OF TRAVANCORE FD QTR COMP (MD 07/07/2014)
Debt 10,000 3.51
9.50% STATE BANK OF TRAVANCORE FD QTR COMP (MD 13/07/2014)
Debt 10,000 3.51
9.75% CORPORATION BANK FD QTR COMP (MD 12/03/2015) (F.V.1CR)
Debt 20,000 7.01
9.90% UNION BANK OF INDIA FD QUARTERLY COMP (MD 11/03/2015) (F.V. 1CR)
Debt 20,000 7.01
AXIS BANK CD (MD 22/08/2014) Debt 19,224 6.74BANK OF INDIA CD (MD 06/03/2015) Debt 18,351 6.43CANARA BANK CD (MD 19/03/2015) Debt 23,892 8.38CENTRAL BANK OF INDIA CD (MD 15/01/2015) Debt 6,526 2.29JAMMU AND KASHMIR BANK CD ( MD 01/09/2014) Debt 7,700 2.70L AND T FINANCE LTD CP (MD 21/08/2014) Debt 19,166 6.72ORIENTAL BANK OF COMMERCE CD (MD 03/03/2015)
Debt 9,175 3.22
PUNJAB NATIONAL BANK CD (MD 02/03/2015) Debt 18,363 6.44STATE BANK OF PATIALA CD (MD 01/12/2014) Debt 12,693 4.45UNITED BANK OF INDIA CD (MD 13/06/2014) Debt 2,947 1.03
Others (Other than G-Sec) 46,624 16.35 18,962 16.84
Annexures to Schedule 16
for the year ended March 31, 2014
Birla Sun Life Insurance
179
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseGr. Fixed Interestas on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
1,390,454 28.67 1,400,963 37.88
10.00% MAHINDRA AND MAHINDRA FINANCIAL SERVICES LTD NCD (MD 05/12/2014)
Debt 15,031 0.31
10.01% BANK OF BARODA FD QUARTERLY COMP (MD 07/03/2015)
Debt 250,100 5.16
10.05% BAJAJ FINANCE LIMITED NCD (MD 10/01/2017)
Debt 50,370 1.04
10.32% SUNDARAM FINANCE LTD. NCD (MD 13/08/2018)
Debt 50,643 1.04
12.65% CHOLAMANDALAM INVT AND FIN CO LTD NCD (MD 24/12/2014)
Debt 1,019 0.02
9.15% EXPORT IMPORT BANK OF INDIA NCD (MD 05/09/2022)
Debt 19,453 0.40
9.40% EXPORT IMPORT BANK OF INDIA NCD (MD 14/08/2023)
Debt 98,579 2.03
9.50% STATE BANK OF TRAVANCORE FD QTR COMP (MD 13/07/2014)
Debt 20,000 0.41
9.65% CHOLAMANDALAM INVT AND FIN CO LTD NCD (MD 21/05/2018)
Debt 41,355 0.85
9.67% CANARA BANK FD QUARTERLY COMP (MD 10/03/2015)
Debt 100,000 2.06
9.75% CORPORATION BANK FD QTR COMP (MD 26/03/2015) (F.V. 1CR)
Debt 150,000 3.09
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 10/02/2020)
Debt 9,900 0.20
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 18/09/2019)
Debt 9,900 0.20
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 19/09/2019)
Debt 9,900 0.20
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 23/09/2019)
Debt 9,900 0.20
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 24/09/2019)
Debt 9,900 0.20
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 25/09/2019)
Debt 9,900 0.20
9.76% CANARA BANK FD QUARTERLY COMP (MD 13/03/2015)
Debt 100,000 2.06
9.89% IDBI BANK LTD FD QUARTERLY COMP (MD 18/03/2015)
Debt 50,100 1.03
9.89% IDBI BANK LTD FD QUARTERLY COMP (MD 21/03/2015)
Debt 50,100 1.03
9.90% TATA SONS LTD. NCD (MD 20/03/2024) Debt 51,021 1.059.95% L AND T FINANCE LIMITED NCD (MD 28/10/2016)
Debt 30,131 0.62
9.95% STATE BANK OF INDIA NCD (MD 16/03/2026) CALL 16/03/2021
Debt 113,235 2.33
AXIS BANK CD (MD 22/08/2014) Debt 76,704 1.58TATA MOTORS FINANCE LTD. ZCB (MD 02/05/2015) Debt 63,214 1.30
Annexures to Schedule 16
for the year ended March 31, 2014
Annual Report 2013-14
180
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseGr. Fixed Interestas on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
ELECTRICITY, GAS AND STEAM SUPPLY
485,854 10.02 307,349 8.31
7.93% POWER GRID CORPORATION NCD (MD 20/05/2019) [C]
Debt 30,892 0.64
7.93% POWER GRID CORPORATION NCD (MD 20/05/2021) [E]
Debt 45,755 0.94
7.93% POWER GRID CORPORATION NCD (MD 20/05/2022) [F]
Debt 45,355 0.94
8.85% NHPC LTD NCD (MD 11/02/2021) (SR R2) Debt 48,105 0.998.85% NHPC LTD NCD (MD 11/02/2022) (SR R2) Debt 47,918 0.999.20% POWER GRID CORPN. OF INDIA LTD. NCD (MD 12/03/2020)
Debt 29,443 0.61
9.25% POWER GRID CORPORATION NCD (MD 26/12/2019)
Debt 24,586 0.51
9.25% POWER GRID CORPORATION NCD (MD 26/12/2020)
Debt 29,443 0.61
9.35% POWER GRID CORPORATION NCD (MD 29/08/2018)
Debt 84,322 1.74
9.64% POWER GRID CORPORATION NCD (MD 31/05/2021)
Debt 100,038 2.06
Others (Other than G-Sec) 886,485 18.28 402,903 10.89
Annexures to Schedule 16
for the year ended March 31, 2014
Birla Sun Life Insurance
181
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseGr. Bondas on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
1,077,023 47.07 1,267,748 57.68
10.05% BAJAJ FINANCE LIMITED NCD (MD 10/01/2017)
Debt 50,370 2.20
11.25% DEVELOPMENT CREDIT BANK QTR CMPD FD (MD 04/09/2014)
Debt 20,000 0.87
8.83% EXPORT IMPORT BANK OF INDIA NCD (MD 09/01/2023)
Debt 38,154 1.67
9.00% EXPORT IMPORT BANK OF INDIA NCD (MD 10/01/2019)
Debt 29,617 1.29
9.15% AXIS BANK NCD (MD 31/12/2022) Debt 48,612 2.129.15% ICICI Bank Ltd NCD (MD 31/12/2022) Debt 68,056 2.979.40% EXPORT IMPORT BANK OF INDIA NCD (MD 14/08/2023)
Debt 49,289 2.15
9.65% CHOLAMANDALAM INVT AND FIN CO LTD NCD (MD 21/05/2018)
Debt 19,693 0.86
9.67% CANARA BANK FD QUARTERLY COMP (MD 10/03/2015)
Debt 100,000 4.37
9.74% TATA SONS LTD. NCD (MD 13/01/2024) Debt 165,397 7.239.75% BANK OF INDIA FD QUARTERLY COMP (MD 25/03/2015)
Debt 200,000 8.74
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 11/02/2020)
Debt 9,900 0.43
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 12/02/2020)
Debt 9,900 0.43
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 13/02/2020)
Debt 9,900 0.43
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 14/02/2020)
Debt 9,900 0.43
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 20/05/2019)
Debt 9,900 0.43
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 20/09/2019)
Debt 9,900 0.43
9.75% STATE BANK OF BIKANER AND JAIPUR FD QUARTERLY COMP (MD 12/03/2018)
Debt 9,900 0.43
9.89% IDBI BANK LTD FD QUARTERLY COMP (MD 18/03/2015)
Debt 50,100 2.19
9.89% IDBI BANK LTD FD QUARTERLY COMP (MD 21/03/2015)
Debt 100,200 4.38
9.97% HDB FINANCIAL SERVICES LIMITED NCD (MD 28/12/2018)
Debt 50,741 2.22
AXIS BANK CD (MD 22/08/2014) Debt 17,494 0.76
Annexures to Schedule 16
for the year ended March 31, 2014
Annual Report 2013-14
182
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseGr. Bondas on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
HOUSING FINANCE SERVICES
337,810 14.76 NA NA
10.05% CAN FIN HOMES LTD. NCD MD (13/01/2017) Debt 50,372 2.2010.05% CAN FIN HOMES LTD. NCD MD (23/01/2017) Debt 50,380 2.2010.18% LIC HOUSING FINANCE LTD NCD (MD 19/09/2016)
Debt 58,899 2.57
8.60% LIC HOUSING FINANCE LTD NCD (MD 20/06/2018)
Debt 48,376 2.11
9.18% HDFC LTD NCD (MD 12/02/2018) Debt 54,345 2.389.57% LIC HOUSING FINANCE LTD. NCD (MD 07/09/2017)
Debt 30,121 1.32
9.70% LIC HOUSING FINANCE LTD. NCD (MD 11/06/2017)
Debt 20,151 0.88
9.75% HDFC LTD. NCD MD (10/10/2016) Debt 25,167 1.10
ELECTRICITY, GAS AND STEAM SUPPLY
333,905 14.59 152,534 6.94
8.54% NUCLEAR POWER CORPORATION OF INDIA LIMITED (MD 15/03/2023)
Debt 94,988 4.15
8.64% POWER GRID NCD MD (08/07/2015) Debt 7,429 0.328.65% NTPC Ltd NCD (MD 04/02/2019) Debt 21,259 0.938.73% Power Grid Corporation (11/10/2015) Debt 49,493 2.168.84 % POWER GRID CORPORATION MD(21/10/16) Debt 18,506 0.818.84% POWER GRID CORPN. OF INDIA LTD. NCD (MD 21/10/2019)
Debt 19,343 0.85
9.25% POWER GRID NCD MD (26/12/2017) Debt 19,863 0.879.35% POWER GRID CORPORATION NCD (MD 29/08/2020)
Debt 49,323 2.16
9.47% Power Grid Corporation Ltd NCD (MD 31/03/2022)
Debt 18,598 0.81
9.64% POWER GRID CORPORATION NCD (MD 31/05/19)
Debt 35,102 1.53
Others (Other than G-Sec) 438,834 19.18 390,780 17.78
Annexures to Schedule 16
for the year ended March 31, 2014
Birla Sun Life Insurance
183
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseGr. Money Marketas on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
1,975,295 58.64 483,361 47.33
10.01% BANK OF BARODA FD QUARTERLY COMP (MD 06/03/2015)
Debt 250,100 7.42
10.15% DEVELOPMENT CREDIT BANK QTR CMPD FD (MD 14/03/2015) (F.V. 1 CR)
Debt 30,000 0.89
9.50% STATE BANK OF TRAVANCORE FD QTR COMP (MD 07/07/2014)
Debt 30,000 0.89
9.50% STATE BANK OF TRAVANCORE FD QTR COMP (MD 11/07/2014)
Debt 30,000 0.89
9.50% STATE BANK OF TRAVANCORE FD QTR COMP (MD 13/07/2014)
Debt 160,000 4.75
9.50% STATE BANK OF TRAVANCORE FD QTR COMP (MD 29/06/2014)
Debt 50,000 1.48
9.75% CORPORATION BANK FD QTR COMP (MD 14/03/2015) (F.V.1CR)
Debt 50,000 1.48
9.89% IDBI BANK LTD FD QUARTERLY COMP (MD 18/03/2015)
Debt 250,500 7.44
9.90% UNION BANK OF INDIA FD QUARTERLY COMP (MD 11/03/2015) (F.V. 1CR)
Debt 70,000 2.08
9.95% BANK OF INDIA FD QUARTERLY COMP (MD 05/03/2015) (FV 10 CRORES)
Debt 100,000 2.97
9.95% CORPORATION BANK FD QTR COMP (MD 23/02/2015) (FV 20CR)
Debt 200,000 5.94
AXIS BANK CD (MD 22/08/2014) Debt 11,534 0.34BANK OF INDIA CD (MD 06/03/2015) Debt 160,576 4.77JAMMU AND KASHMIR BANK CD ( MD 01/09/2014) Debt 30,608 0.91L AND T FINANCE LTD CP (MD 07/10/2014) Debt 190,419 5.65L AND T FINANCE LTD CP (MD 21/08/2014) Debt 47,915 1.42ORIENTAL BANK OF COMMERCE CD (MD 03/03/2015) Debt 91,752 2.72ORIENTAL BANK OF COMMERCE CD (MD 07/10/2014) Debt 59,211 1.76PUNJAB NATIONAL BANK CD (MD 02/03/2015) Debt 138,640 4.12STATE BANK OF MYSORE CD (MD 15/09/2014) Debt 24,040 0.71
MUTUAL FUND 357,596 10.62 67,857 6.64
BARODA PIONEER LIQUID FUND - PLAN B (DIRECT) - GROWTH OPTION
Debt 56,157 1.67
BIRLA SUN LIFE CASH PLUS - DIRECT PLAN - GROWTH
Debt 138,141 4.10
ICICI PRUDENTIAL LIQUID - DIRECT PLAN - GROWTH Debt 51,006 1.51RELIANCE LIQUIDITY FUND - DIRECT PLAN GROWTH OPTION - GROWTH
Debt 56,127 1.67
TATA LIQUID FUND - DIRECT PLAN - GROWTH Debt 56,165 1.67
Others (Other than G-Sec) 584,382 17.35 139,553 13.67
Annexures to Schedule 16
for the year ended March 31, 2014
Annual Report 2013-14
184
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseGr. Short Term Debtas on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
472,245 72.76 147,953 58.00
10.10% HDB FINANCIAL SERVICES LIMITED NCD (MD 30/11/2015)
Debt 15,141 2.33
10.12% ADITYA BIRLA FINANCE LTD NCD (MD 11/12/2015)
Debt 20,125 3.10
10.15% DEVELOPMENT CREDIT BANK QTR CMPD FD (MD 14/03/2015) (F.V. 1 CR)
Debt 20,000 3.08
8.80% HDB FINANCIAL SERVICES LIMITED NCD (MD 17/05/2016)
Debt 13,838 2.13
9.50% STATE BANK OF TRAVANCORE FD QTR COMP (MD 07/07/2014)
Debt 50,000 7.70
9.75% CORPORATION BANK FD QTR COMP (MD 12/03/2015) (F.V.1CR)
Debt 60,000 9.24
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 10/09/2019)
Debt 9,900 1.53
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 15/05/2019)
Debt 9,900 1.53
9.89% IDBI BANK LTD FD QUARTERLY COMP (MD 19/03/2015)
Debt 50,100 7.72
9.90% UNION BANK OF INDIA FD QUARTERLY COMP (MD 11/03/2015) (F.V. 1CR)
Debt 40,000 6.16
9.95% L AND T FINANCE LIMITED NCD (MD 28/10/2016)
Debt 20,087 3.09
AXIS BANK CD (MD 22/08/2014) Debt 19,224 2.96JAMMU AND KASHMIR BANK CD (MD 01/09/2014) Debt 57,751 8.90L AND T FINANCE LTD CP (MD 07/10/2014) Debt 28,563 4.40ORIENTAL BANK OF COMMERCE CD (MD 03/03/2015)
Debt 45,876 7.07
TATA MOTORS FINANCE LTD. ZCB (MD 02/05/2015) Debt 11,740 1.81
Others (Other than G-Sec) 155,360 23.94 94,334 36.98
Annexures to Schedule 16
for the year ended March 31, 2014
Birla Sun Life Insurance
185
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseGr. Secureas on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
1,957,954 26.73 2,258,237 27.57
10.00% MAHINDRA AND MAHINDRA FINANCIAL SERVICES LTD NCD (MD 05/12/2014)
Debt 5,010 0.07
10.01% BANK OF BARODA FD QUARTERLY COMP (MD 05/03/2015)
Debt 250,100 3.41
10.08% CHOLAMANDALAM INVT AND FIN CO LTD NCD (MD 22/10/2014)
Debt 25,010 0.34
10.15% KOTAK MAHINDRA PRIME LTD NCD (MD 10/02/2017)
Debt 23,237 0.32
10.20% SUNDARAM FINANCE LTD. NCD (MD 21/07/2014)
Debt 40,019 0.55
10.25% KOTAK MAHINDRA PRIME LTD. NCD (MD 05/06/2014)
Debt 20,013 0.27
12.65% CHOLAMANDALAM INVT AND FIN CO LTD NCD (MD 24/12/2014)
Debt 53,005 0.72
5.90% HDFC Bank Ltd NCD (MD 04/05/2014) Debt 59,816 0.828.8% State Bank of Hyderabad NCD (MD 29/04/2016) Debt 8,904 0.128.85% TATA SONS LTD. NCD (MD 02/05/2023) Debt 33,403 0.469.00% EXPORT IMPORT BANK OF INDIA NCD (MD 10/01/2019)
Debt 9,872 0.13
9.05% SBI Perpetual NCD (Call- 27/01/2020) Step Up Rate 9.55%
Debt 48,663 0.66
9.10% HDFC BANK LTD. NCD CALL 28/12/2017 (MD 28/12/2022)
Debt 58,188 0.79
9.15% EXPORT IMPORT BANK OF INDIA NCD (MD 05/09/2022)
Debt 15,562 0.21
9.15% ICICI Bank Ltd NCD (MD 31/12/2022) Debt 97,223 1.339.15% State Bank of Patiala PERP NCD Call 18/01/2020 StepUp 9.65
Debt 29,375 0.40
9.50% STATE BANK OF TRAVANCORE FD QTR COMP (MD 11/07/2014)
Debt 250,000 3.41
9.70% SUNDARAM FINANCE LTD. NCD (MD 15/10/2014)
Debt 49,988 0.68
9.75% CORPORATION BANK FD QTR COMP (MD 14/03/2015) (F.V.1CR)
Debt 80,000 1.09
9.75% L AND T FINANCE LIMITED NCD (MD 08/10/2014)
Debt 46,998 0.64
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 10/05/2019)
Debt 9,900 0.14
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 13/05/2019)
Debt 9,900 0.14
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 13/09/2019)
Debt 9,900 0.14
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR COMP (MD 14/05/2019)
Debt 9,900 0.14
9.76% CANARA BANK FD QUARTERLY COMP (MD 13/03/2015)
Debt 100,000 1.37
9.80% STATE BANK OF INDIA NCD (MD 30/06/2016) Debt 1,008 0.019.99% CORPORATION BANK FD QTR COMP (MD 07/03/2015)
Debt 200,000 2.73
AXIS BANK LIMITED Equity 26,517 0.36FEDRAL BANK LTD Equity 11,338 0.15HDFC BANK Equity 96,722 1.32HOUSING DEVELOPMENT FINANCE CORPORATION Equity 82,500 1.13ICICI BANK LTD Equity 80,764 1.10INDUSIND BANK LTD Equity 7,693 0.11KOTAK MAHINDRA PRIME LTD CP (MD 16/04/2014) Debt 23,419 0.32
Annexures to Schedule 16
for the year ended March 31, 2014
Annual Report 2013-14
186
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseGr. Secureas on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
STATE BANK OF INDIA Equity 35,924 0.49
STATE BANK OF MYSORE CD (MD 15/09/2014) Debt 48,080 0.66
Others (Other than G-Sec)
2,910,569 39.74 3,452,122 42.14
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseGr. Stableas on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
415,322 17.35 701,779 27.18
10.15% KOTAK MAHINDRA PRIME LTD NCD (MD 10/02/2017)
Debt 20,206 0.84
8.95% HDFC BANK LTD. NCD CALL 31/10/2017 (MD 31/10/2022)
Debt 13,466 0.56
9.10% CORPORATION BANK FD QTR COMP (MD 07/08/2014)
Debt 50,000 2.09
9.50% STATE BANK OF TRAVANCORE FD QTR COMP (MD 07/07/2014)
Debt 10,000 0.42
9.50% STATE BANK OF TRAVANCORE FD QTR COMP (MD 11/07/2014)
Debt 20,000 0.84
9.75% CORPORATION BANK FD QTR COMP (MD 14/03/2015) (F.V.1CR)
Debt 60,000 2.51
9.89% IDBI BANK LTD FD QUARTERLY COMP (MD 21/03/2015)
Debt 50,100 2.09
AXIS BANK LIMITED Equity 14,865 0.62FEDRAL BANK LTD Equity 6,359 0.27HDFC BANK Equity 54,257 2.27HOUSING DEVELOPMENT FINANCE CORPORATION Equity 46,276 1.93ICICI BANK LTD Equity 45,307 1.89INDUSIND BANK LTD Equity 4,306 0.18STATE BANK OF INDIA Equity 20,180 0.84
INFRASTRUCTURE FINANCE
284,315 11.88 465,594 18.03
10.85% RECL Ltd NCD (MD 14/08/2018) Debt 26,090 1.0911.25% Power Finance Corporation Ltd NCD (MD 28/11/2018)
Debt 20,150 0.84
8.60% Power Finance Corporation Ltd NCD (MD 07/08/2014)
Debt 39,827 1.66
8.65% RECL Ltd NCD (MD 15/01/2019) Debt 94,666 3.968.70% Power Finance Corpn Ltd NCD (MD 15/01/2020)
Debt 9,599 0.40
9.33% NABARD NCD (MD 12/06/2017) Debt 24,943 1.049.36% POWER FINANCE CORPN. LTD. NCD (MD 01/08/2021)
Debt 986 0.04
9.40% NABARD NCD Sr XII-L (MD 13/09/2016) Debt 29,972 1.259.57% IRFC NCD (MD 31/05/2021) Debt 13,115 0.559.61% POWER FINANCE CORPORATION LTD (MD 29/06/2021)
Debt 24,967 1.04
Others (Other than G-Sec) 983,820 41.11 789,745 30.59
Annexures to Schedule 16
for the year ended March 31, 2014
Birla Sun Life Insurance
187
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseGr. Growthas on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
528,593 20.93 760,744 31.67
10.15% KOTAK MAHINDRA PRIME LTD NCD (MD 10/02/2017)
Debt 35,360 1.40
5.90% HDFC Bank Ltd NCD (MD 04/05/2014) Debt 34,893 1.388.95% HDFC BANK LTD. NCD CALL 31/10/2017 (MD 31/10/2022)
Debt 12,504 0.50
9.05% SBI Perpetual NCD (Call- 27/01/2020) Step Up Rate 9.55%
Debt 25,305 1.00
9.50% STATE BANK OF TRAVANCORE FD QTR COMP (MD 07/07/2014)
Debt 10,000 0.40
9.50% STATE BANK OF TRAVANCORE FD QTR COMP (MD 11/07/2014)
Debt 20,000 0.79
9.75% CORPORATION BANK FD QTR COMP (MD 14/03/2015) (F.V.1CR)
Debt 50,000 1.98
9.89% IDBI BANK LTD FD QUARTERLY COMP (MD 21/03/2015)
Debt 50,100 1.98
AXIS BANK LIMITED Equity 22,614 0.90FEDRAL BANK LTD Equity 9,640 0.38HDFC BANK Equity 82,492 3.27HOUSING DEVELOPMENT FINANCE CORPORATION Equity 70,374 2.79ICICI BANK LTD Equity 68,886 2.73INDUSIND BANK LTD Equity 6,409 0.25STATE BANK OF INDIA Equity 30,016 1.19
Others (Other than G-Sec) 1,334,310 52.84 1,218,205 50.71
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseGr. Growth Advantage Fund as on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
40,056 19.75 55,242.66 29.32
8.83% EXPORT IMPORT BANK OF INDIA NCD (MD 09/01/2023)
Debt 9,539 4.70
8.95% HDFC BANK LTD. NCD CALL 31/10/2017 (MD 31/10/2022)
Debt 2,886 1.42
AXIS BANK LIMITED Equity 2,153 1.06FEDRAL BANK LTD Equity 918 0.45HDFC BANK Equity 7,844 3.87HOUSING DEVELOPMENT FINANCE CORPORATION Equity 6,698 3.30ICICI BANK LTD Equity 6,558 3.23INDUSIND BANK LTD Equity 610 0.30STATE BANK OF INDIA Equity 2,852 1.41
Others (Other than G-Sec) 111,945 55.19 104,841 55.64
Annexures to Schedule 16
for the year ended March 31, 2014
Annual Report 2013-14
188
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseGr. Inc. Advantageas on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous YearMarket value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
91,125 26.10 16,745 31.81
10.05% DEVELOPMENT CREDIT BANK QTR CMPD FD (MD 30/01/2015)
Debt 10,000 2.86
9.15% EXPORT IMPORT BANK OF INDIA NCD (MD 05/09/2022)
Debt 19,453 5.57
9.15% ICICI Bank Ltd NCD (MD 31/12/2022) Debt 972 0.289.74% TATA SONS LTD. NCD (MD 13/01/2024) Debt 30,255 8.669.97% HDB FINANCIAL SERVICES LIMITED NCD (MD 28/12/2018)
Debt 30,445 8.72
Others (Other than G-Sec) 101,215 28.99 2,717 5.16
Annexures to Schedule 16
for the year ended March 31, 2014
Birla Sun Life Insurance
189
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseGr. Short Term Debt 2as on 31st March 2014(Amount in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
128,551 38.34 311,077 72.54
10.15% DEVELOPMENT CREDIT BANK QTR CMPD FD (MD 14/03/2015) (F.V. 1 CR)
Debt 10,000 2.98
12.65% CHOLAMANDALAM INVT AND FIN CO LTD NCD (MD 24/12/2014)
Debt 2,039 0.61
9.50% STATE BANK OF TRAVANCORE FD QTR COMP (MD 29/06/2014)
Debt 20,000 5.96
9.70% SUNDARAM FINANCE LTD. NCD (MD 15/10/2014)
Debt 19,995 5.96
9.75% STATE BANK OF BIKANER AND JAIPUR FD QUARTERLY COMP (MD 11/09/2018)
Debt 9,900 2.95
9.90% UNION BANK OF INDIA FD QUARTERLY COMP (MD 11/03/2015) (F.V. 1CR)
Debt 20,000 5.96
CENTRAL BANK OF INDIA CD (MD 15/01/2015)
Debt 18,647 5.56
STATE BANK OF MYSORE CD (MD 15/09/2014)
Debt 14,424 4.30
TATA MOTORS FINANCE LTD. ZCB (MD 02/05/2015)
Debt 13,546 4.04
INFRASTRUCTURE FINANCE
49,139 14.66 5,053 1.18
9.46% POWER FINANCE CORPN. LTD. NCD (MD 02/05/2015)
Debt 25,036 7.47
9.63% POWER FINANCE CORPN. LTD. NCD (MD 15/12/2014)
Debt 5,007 1.49
9.70% NABARD NCD Sr XII-D (MD 06/06/2016) Debt 19,095 5.70
HOUSING FINANCE SERVICES
47,204 14.08 NA NA
10.18% LIC HOUSING FINANCE LTD NCD (MD 19/09/2016)
Debt 13,202 3.94
9.30 HDFC LTD. NCD (MD 04/10/2017) Debt 14,945 4.469.62% LIC HOUSING FINANCE LTD. NCD (MD 03/08/2015)
Debt 5,009 1.49
9.80% LIC HOUSING FINANCE LTD NCD (MD 10/08/2014)
Debt 3,998 1.19
9.85% HDFC Ltd NCD (MD 28/05/15) Debt 10,050 3.00
Others (Other than G-Sec)
78,825 23.51 102,691 23.95
Annexures to Schedule 16
for the year ended March 31, 2014
Annual Report 2013-14
190
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseGr. Growth 2as on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
3,753 58.25 1,439 23.71
9.74% TATA SONS LTD. NCD (MD 13/01/2024) Debt 3,026 46.95AXIS BANK LIMITED Equity 54 0.84FEDRAL BANK LTD Equity 25 0.39HDFC BANK Equity 207 3.21HOUSING DEVELOPMENT FINANCE CORPORATION Equity 177 2.74ICICI BANK LTD Equity 179 2.78INDUSIND BANK LTD Equity 17 0.26STATE BANK OF INDIA Equity 69 1.07
Others (Other than G-Sec) 2,562 39.76 1,882 31.02
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseGr. Money Market 2as on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
1,990 87.96 1,131 54.13
9.00% CORPORATION BANK FD QTR COMP (MD 26/03/2015) (F.V. 1LAC)
Debt 200 8.84
9.25% BANK OF INDIA FD QUARTERLY COMP (MD 26/03/2015) (F.V. 1LAC)
Debt 200 8.84
CENTRAL BANK OF INDIA CD (MD 05/12/2014) Debt 188 8.33CENTRAL BANK OF INDIA CD (MD 15/01/2015) Debt 186 8.24JAMMU AND KASHMIR BANK CD (MD 01/09/2014) Debt 193 8.51ORIENTAL BANK OF COMMERCE CD (MD 03/03/2015)
Debt 184 8.11
PUNJAB NATIONAL BANK CD (MD 02/03/2015) Debt 459 20.29STATE BANK OF PATIALA CD (MD 19/03/2015) Debt 184 8.12UNITED BANK OF INDIA CD (MD 13/06/2014) Debt 196 8.68
Others (Other than G-Sec) 36 1.58 NIL NIL
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseGr. Fixed Interest 2as on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
HOUSING FINANCE SERVICES
29,304 93.13 N/A N/A
9.23% LIC HOUSING FINANCE LTD NCD (MD 13/12/2022)
Debt 29,304 93.13
Others (Other than G-Sec) 1,243 3.95 16 0.40
Annexures to Schedule 16
for the year ended March 31, 2014
Birla Sun Life Insurance
191
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseGr. Stable 2as on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
NA NA 29 10.57
Others (Other than G-Sec) 57 20.59
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseGr. Secure 2as on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
21,563 21.26 NA NA
8.80% HDB FINANCIAL SERVICES LIMITED NCD (MD 17/05/2016)
Debt 6,919 6.82
9.90% UNION BANK OF INDIA FD QUARTERLY COMP (MD 11/03/2015) (F.V. 1CR)
Debt 10,000 9.86
AXIS BANK LIMITED Equity 359 0.35FEDRAL BANK LTD Equity 155 0.15HDFC BANK Equity 1,320 1.30HOUSING DEVELOPMENT FINANCE CORPORATION Equity 1,127 1.11ICICI BANK LTD Equity 1,099 1.08INDUSIND BANK LTD Equity 104 0.10STATE BANK OF INDIA Equity 479 0.47
Others (Other than G-Sec) 36,096 35.59 NA NA
Annexures to Schedule 16
for the year ended March 31, 2014
Annual Report 2013-14
192
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseInd. Income Advantage Guaranteedas on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
39,117 26.03 NA NA
10.00% HDB FINANCIAL SERVICES LIMITED NCD (MD 15/02/2019)
Debt 5,082 3.38
9.00% EXPORT IMPORT BANK OF INDIA NCD (MD 10/01/2019)
Debt 8,885 5.91
9.50% STATE BANK OF TRAVANCORE FD QTR COMP (MD 13/07/2014)
Debt 10,000 6.65
BANK OF INDIA CD (MD 06/03/2015) Debt 4,588 3.05CENTRAL BANK OF INDIA CD (MD 15/01/2015) Debt 466 0.31ORIENTAL BANK OF COMMERCE CD (MD 03/03/2015)
Debt 6,423 4.27
PUNJAB NATIONAL BANK CD (MD 02/03/2015) Debt 3,673 2.44
INFRASTRUCTURE FINANCE
19,905 13.24 NA NA
10.70% IRFC NCD (MD 11/09/2023) Debt 5,402 3.598.84% POWER FINANCE CORPORATION Ltd NCD (MD 04/03/2023)
Debt 9,544 6.35
9.48% REC LTD. NCD (MD 10/08/2021) Debt 4,959 3.30
Others (Other than G-Sec) 32,386 21.55 NA NA
Appendix 3 to Annexure 3ADisclosure of Investment - IndustrywiseInd. Maximiser Guaranteedas on 31st March 2014(Amounts in thousands of Indian Rupees)
Industry SecurityNature of security
Current Year Previous Year
Market value % holding Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES
959 18.01 NA NA
AXIS BANK LIMITED Equity 244 4.58HDFC BANK Equity 194 3.64HOUSING DEVELOPMENT FINANCE CORPORATION Equity 194 3.65ICICI BANK LTD Equity 326 6.13
COMPUTER PROGRAMMING, CONSULTANCY
910 17.09 NA NA
HCL TECHNOLOGIES LTD Equity 241 4.52INFOSYS LIMITED Equity 430 8.08TATA CONSULTANCY SERVICES LIMITED Equity 239 4.49
MANUFACTURE OF TOBACCO PRODUCTS
599 11.26 NA NA
ITC LTD Equity 599 11.26
Others (Other than G-Sec) 2,495 46.88 NA NA
Annexures to Schedule 16
for the year ended March 31, 2014
Birla Sun Life Insurance
193
Appendix 4 to Annexure 3ANAV Highest, Lowest and Closing as on 31st March 2014
INDIVIDUAL LIFE
Fund NameHighest Lowest Closing
Current Year Previous Year Current Year Previous Year Current Year Previous Year
Ind. Assure 21.4252 19.6735 19.6772 17.8617 21.4252 19.6735Ind. Income Advantage 17.4881 16.7488 16.2715 15.0294 17.4881 16.7488Ind. Protector 27.7441 26.3728 25.3777 23.8478 27.7441 26.3006Ind. Builder 34.7208 32.5791 31.2487 29.0150 34.7208 32.3124Ind. Balancer 22.2793 20.9248 19.8326 18.5640 22.2793 20.6290Ind. Enhancer 40.9964 38.6219 36.4803 34.1816 40.9964 38.0531Ind. Creator 31.9569 30.0218 27.4030 25.5431 31.9569 28.8380Ind. Magnifier 32.5602 30.0650 26.2362 24.0915 32.5602 28.1248Ind. Maximiser 16.2087 15.4474 12.5111 12.0049 16.2087 13.9946Ind. Multiplier 14.3078 13.2300 10.1405 10.5764 14.3078 11.7643Super 20 16.8527 15.0679 13.0525 11.8169 16.8525 14.1376Ind. Platinum Plus 1 13.4323 12.6051 11.2162 10.5001 13.4323 11.9363Ind. Platinum Plus 2 19.1548 17.9908 15.7910 14.7977 19.1548 16.9101Ind. Platinum Plus 3 14.7512 13.8441 12.1119 11.2858 14.7512 13.0006Ind. Platinum Plus 4 13.1289 12.3631 10.7247 10.0546 13.1289 11.5742Ind. Platinum Premier 13.0504 12.2310 10.5941 9.8706 13.0504 11.4481Ind. Platinum Advantage 11.4021 10.5161 9.0642 8.3264 11.4021 9.7517Ind. Foresight FP 11.5904 11.0498 9.7995 8.9626 11.5904 10.5103Ind. Foresight SP 12.3809 11.3610 9.8923 8.9531 12.3808 10.5882Titanium Plus 1 13.0666 12.1870 10.9775 10.1846 13.0666 11.5208Titanium Plus 2 12.8049 11.9350 10.7587 10.0012 12.8049 11.2983Titanium Plus 3 11.7245 10.8951 10.1111 9.3906 11.7245 10.4632Ind. Liquid Plus 11.7091 10.7893 10.7916 10.0094 11.7091 10.7893Ind. Pure Equity 13.4190 11.6691 10.7330 9.3611 13.4190 11.0827Ind. Value Momentum 11.9209 12.2349 8.7025 9.4815 11.9209 10.5449IPP - Nourish 23.0002 21.9894 21.0725 19.9292 23.0002 21.9234IPP - Growth 28.4976 26.7368 25.6343 23.9695 28.4976 26.4637IPP - Enrich 32.9574 31.3153 28.9914 27.3531 32.9574 30.5162Discontinued Policy Fund 12.8765 11.9046 11.9072 10.9636 12.8765 11.9046Income Advantage Guaranteed Fund 10.2266 NA 10.0000 NA 10.2266 NAMaximiser Guaranteed Fund 10.6214 NA 9.7839 NA 10.6202 NALinked Discontinued Policy Fund 10.0000 NA 10.0000 NA 10.0000 NAPension Discontinued Policy Fund 10.0000 NA 10.0000 NA 10.0000 NA
GROUP LIFE
Fund NameHighest Lowest Closing
Current Year Previous Year Current Year Previous Year Current Year Previous YearGr. Fixed Interest Plan I 25.3832 23.8430 23.5356 21.1339 25.3832 23.8430Gr. Gilt Plan I 19.1366 17.9979 16.7726 15.9557 18.0970 17.9285Gr. Bond Plan I 22.0728 20.6371 20.4029 18.3915 22.0728 20.6371Gr. Money Market Plan I 22.7485 20.8659 20.8698 19.0204 22.7485 20.8659Gr. Short Term Debt Plan I 15.7302 14.5207 14.5237 13.0981 15.7302 14.5207Gr. 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 35.9783 34.0554 32.3879 30.4251 35.9783 33.7278Gr. Stable Plan I 48.0668 45.4722 42.2208 39.5690 48.0668 44.3704Gr. Growth Plan I 56.4890 53.4334 48.1755 45.3228 56.4890 51.3620Gr. Growth Advantage 19.9029 18.8072 16.6391 15.6019 19.9029 17.8788Gr. Income Advantage 14.1341 13.4668 12.9583 11.9873 14.0944 13.3906Gr. Growth Maximsier**** 10.0000 10.0000 10.0000 10.0000 10.0000 10.0000Gr. Bond 2 ^ 10.0000 10.0000 10.0000 10.0000 10.0000 10.0000Gr. Fixed Interest 2 12.7033 11.6295 11.2384 10.3746 12.6989 11.6280Gr. Growth 2 13.3946 12.4757 11.2198 10.3710 13.3946 12.0406Gr. Money Market 2 12.3125 11.2909 11.2941 10.3284 12.3125 11.2909Gr. Secure 2 10.2282 10.0000 9.1159 10.0000 10.2282 10.0000Gr. Short Term Debt 2 12.7407 11.6359 11.6386 10.3182 12.7407 11.6359Gr. Stable 2 12.8823 11.8951 11.3775 10.4649 12.8823 11.6834
**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.
Annexures to Schedule 16
for the year ended March 31, 2014
Annual Report 2013-14
194
Appendix 6 to Annexure 3AStatement showing Ratio of Gross Income (Including Unrealised Gain/Loss) to Average Daily Net Assetsas on 31st March 2014(Amounts in thousands of Indian Rupees)
A Income from Investment ULIP Assets Current Year Previous Year
1 Interest, Dividend & Rent - Gross 9,714,547 9,166,151
2 Profit on Sale/ Redemption of Investments 10,519,475 11,029,119
3 (Loss on Sale/ Redemption of Investments) (7,630,456) (4,670,303)
4 Other Income / (Expense) – –
Sub Total 12,603,566 15,524,967
B Unrealized Gain / (Loss) 10,208,794 3,385,269
C Total (A+B) 22,812,360 18,910,236
D Average Daily AUM of the ULIP Funds 194,646,722 188,962,931
E Ratio of Gross Income to Average Daily Net Assets (%) 12% 10%
Appendix 5 to Annexure 3AAnnualised Expense Ratio to Average Daily Assets of the Fundas on 31st March 2014(Amounts in thousands of Indian Rupees)
Particulars Current Year Previous Year
Management Fees for the Period (inclusive of service tax) 2,812,405 2,744,927
Average Daily AUM of the ULIP funds 194,646,722 188,962,931
Annualised Expense Ratio to Average daily AUM (%) 1.44% 1.45%
Annexures to Schedule 16
for the year ended March 31, 2014
Birla Sun Life Insurance
195
Appe
ndix
7 to
Ann
exur
e 3A
Fu
nd W
ise
Disc
losu
re o
f App
reci
atio
n an
d/or
(Dep
reci
atio
n) in
val
ue o
f Inv
estm
ent s
egre
gate
d Cl
ass
Wis
e as
on
31st
Mar
ch 2
014
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Part
icul
ars
Ind.
Ass
ure
Ind.
Inco
me
Adva
ntag
eIn
d. P
rote
ctor
Ind.
Bui
lder
Ind.
Bal
ance
rIn
d. E
nhan
cer
Ind.
Cre
ator
Ind.
Mag
nifie
rIn
d. M
axim
iser
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
ar
App
rove
d In
vest
men
ts
Gov
ernm
ent B
onds
–
–(6
6,75
2)7,
314
(101
,732
)(2
0,62
3)(5
4,34
0)6,
101
(6,5
71)
(540
)(1
,078
,795
)(1
71,6
42)
(32,
905)
869
––
–
Cor
pora
te B
onds
1,
888
3,57
3(5
20)
22,4
40(5
,797
)1,
654
4,16
87,
311
131
468
(130
,297
)14
3,13
4(2
,614
)2,
998
(124
)(4
92)
––
Infra
stru
ctur
e Bo
nds
6(1
,090
)(7
,407
)1,
478
(13,
449)
(4,4
44)
(5,5
78)
(1,0
75)
104
726
(226
,667
)30
,986
(4,7
97)
(8,5
36)
130
(483
)–
–
Equ
ity
––
––
74,9
7526
,987
112,
808
42,8
7816
,420
7,03
93,
268,
785
1,44
4,03
729
3,72
582
,227
1,42
7,12
555
5,91
32,
762,
573
273,
858
Pre
fere
nce
Shar
es
––
––
336
–81
2–
64–
16,3
54–
1,14
0–
7,05
8–
15,8
70–
Mon
ey M
arke
t –
––
––
––
––
––
––
––
––
–
Mut
ual F
unds
–
––
––
––
––
––
––
––
––
–
Tot
al
1,89
42,
483
(74,
679)
31,2
32(4
5,66
7)3,
574
57,8
7055
,215
10,1
487,
693
1,84
9,38
01,
446,
515
254,
549
76,6
971,
434,
258
554,
938
2,77
8,44
327
3,85
8
Oth
er In
vest
men
ts
Cor
pora
te B
onds
(1
,786
)–
(2,7
18)
1,68
620
01,
552
108
1,12
0–
–(3
5,62
5)(9
,844
)(3
,080
)(1
,038
)1,
041
719
––
Infra
stru
ctur
e Bo
nds
––
––
––
––
––
––
––
––
––
Equ
ity
––
––
(25)
(729
)1,
413
(252
)38
322
(3,5
26)
(19,
238)
(165
)(1
,457
)(6
4,23
4)(2
4,69
2)24
,642
(16,
433)
Pre
fere
nce
Shar
es
––
––
––
––
––
––
––
––
––
Mon
ey M
arke
t –
––
––
––
––
––
––
––
––
–
Mut
ual F
unds
11
115
722
324
316
222
496
59
812,
386
939
184
2937
129
81,
204
116
Tot
al
(1,6
75)
157
(2,4
95)
1,92
933
71,
047
1,61
787
339
210
3(3
6,76
5)(2
8,14
3)(3
,061
)(2
,466
)(6
2,82
2)(2
3,67
5)25
,846
(16,
317)
GRA
ND T
OTAL
21
92,
640
(77,
174)
33,1
61(4
5,33
0)4,
621
59,4
8756
,088
10,5
407,
796
1,81
2,61
51,
418,
372
251,
488
74,2
311,
371,
436
531,
263
2,80
4,28
925
7,54
1
Annexures to Schedule 16
for the year ended March 31, 2014
Annual Report 2013-14
196
Appe
ndix
7 to
Ann
exur
e 3A
Fu
nd W
ise
Disc
losu
re o
f App
reci
atio
n an
d/or
(Dep
reci
atio
n) in
val
ue o
f Inv
estm
ent s
egre
gate
d Cl
ass
Wis
e as
on
31st
Mar
ch 2
014
(Am
ount
s in
thou
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Indi
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Part
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ars
Ind.
Mul
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d. P
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ier
Ind.
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vant
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For
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P
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Ye
ar
Prev
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Ye
ar C
urre
nt
Year
Pr
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us
Year
Cur
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Ye
ar
Prev
ious
Ye
ar C
urre
nt
Year
Pr
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us
Year
Cur
rent
Ye
ar
Prev
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Ye
ar C
urre
nt
Year
Pr
evio
us
Year
Cur
rent
Ye
ar
Prev
ious
Ye
ar C
urre
nt
Year
Pr
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us
Year
Cur
rent
Ye
ar
Prev
ious
Ye
ar
App
rove
d In
vest
men
ts
Gov
ernm
ent B
onds
–
––
–(2
,242
)7,
133
(2,1
80)
10,7
14(5
,240
)9,
155
(1,7
84)
5,82
1(6
,669
)2,
933
(449
)1,
077
(39,
459)
6,20
9
Cor
pora
te B
onds
–
––
–(7
,528
)92
(8,0
01)
2,03
1(9
,717
)2,
873
(3,1
38)
–(4
01)
(198
)(6
,121
)(2
,402
)(1
3,04
4)41
2
Infra
stru
ctur
e Bo
nds
436
––
–(1
5,70
0)53
1(1
1,22
2)10
,217
(5,7
10)
7,31
2(1
3,59
6)(2
47)
(11,
014)
6,94
7(6
,211
)3,
643
(70,
059)
470
Equ
ity
320,
834
(256
,768
)43
9,64
913
4,86
241
3,96
613
8,93
580
8,20
229
9,07
41,
049,
307
369,
490
808,
737
251,
875
1,36
0,91
236
8,38
21,
442,
664
241,
015
1,37
3,23
124
0,77
9
Pre
fere
nce
Shar
es
––
––
1,16
6–
2,28
0–
4,81
8–
3,77
9–
6,57
2–
4,24
6–
7,42
4–
Mon
ey M
arke
t –
––
––
––
––
––
––
––
––
–
Mut
ual F
unds
–
––
––
––
––
––
––
––
––
–
Tot
al
321,
270
(256
,768
)43
9,64
913
4,86
238
9,66
214
6,69
178
9,07
932
2,03
61,
033,
458
388,
830
793,
998
257,
449
1,34
9,40
037
8,06
41,
434,
129
243,
333
1,25
8,09
324
7,87
0
Oth
er In
vest
men
ts
Cor
pora
te B
onds
–
––
––
––
––
––
––
––
––
–
Infra
stru
ctur
e Bo
nds
––
––
––
––
––
––
––
––
––
Equ
ity
33,5
56(3
0,84
1)–
–(3
,282
)(1
3,02
7)(5
,601
)(2
3,90
5)(3
,220
)(3
9,17
4)(2
,063
)(2
9,64
9)(3
,266
)(4
4,04
8)(6
,502
)(2
7,25
8)(6
,964
)(3
0,68
8)
Pre
fere
nce
Shar
es
––
––
––
––
––
––
––
––
––
Mon
ey M
arke
t –
––
––
––
––
––
––
––
––
–
Mut
ual F
unds
97
514
176
9210
214
717
835
36
193
1390
5183
119
712
829
014
4
Tot
al
33,6
53(3
0,32
7)17
692
(3,1
80)
(12,
880)
(5,4
23)
(23,
552)
(3,2
14)
(38,
981)
(2,0
50)
(29,
559)
(3,2
15)
(43,
217)
(6,3
05)
(27,
130)
(6,6
74)
(30,
544)
GRA
ND T
OTAL
35
4,92
3(2
87,0
95)
439,
825
134,
954
386,
482
133,
811
783,
656
298,
484
1,03
0,24
434
9,84
979
1,94
822
7,89
01,
346,
185
334,
847
1,42
7,82
421
6,20
31,
251,
419
217,
326
Annexures to Schedule 16
for the year ended March 31, 2014
Birla Sun Life Insurance
197
Appe
ndix
7 to
Ann
exur
e 3A
Fu
nd W
ise
Disc
losu
re o
f App
reci
atio
n an
d/or
(Dep
reci
atio
n) in
val
ue o
f Inv
estm
ent s
egre
gate
d Cl
ass
Wis
e as
on
31st
Mar
ch 2
014
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Part
icul
ars
Ind.
For
esig
ht S
PTi
tani
um 1
Tita
nium
2Ti
tani
um 3
Liqu
id P
lus
Pure
Equ
ityVa
lue
Mom
entu
mIP
P -
Nou
rish
IPP
- G
row
th
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
ar
Appr
oved
Inve
stm
ents
Gov
ernm
ent B
onds
(6
84)
(44)
1,0
40
782
1
72
259
3
0 1
7 –
–
–
–
–
–
(3
,108
) (4
55)
(6,2
74)
(618
)
Cor
pora
te B
onds
–
–
(3
) 5
91
(5)
332
(4
) 1
93
–
–
–
–
–
–
395
5
50
(1,0
90)
1,6
15
Infra
stru
ctur
e Bo
nds
(171
) 2
19
(463
) 2
54
54
153
(2
1) 5
2 –
–
–
–
–
–
2
65
(55)
(1,3
07)
(2,2
51)
Equ
ity
131
,781
3
5,20
7 5
0,22
3 1
0,03
7 1
4,55
8 4
,089
5
,443
5
13
–
–
5,6
90
102
1
3,78
5 (2
,483
) 2
,364
9
59
12,
952
4,6
42
Pre
fere
nce
Shar
es
623
–
365
–
106
–
42
– –
–
–
–
–
– 1
1 –
60
–
Mon
ey M
arke
t –
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Mut
ual F
unds
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Tot
al
131
,549
3
5,38
2 5
1,16
2 1
1,66
4 1
4,88
5 4
,833
5
,490
7
75
–
–
5,6
90
102
1
3,78
5 (2
,483
) (7
3) 9
99
4,3
41
3,3
88
Oth
er In
vest
men
ts
Cor
pora
te B
onds
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(9
2) (3
6) –
–
Infra
stru
ctur
e Bo
nds
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Equ
ity
(782
) (4
,413
) 1
19
(348
) 4
7 (1
11)
13
(36)
–
–
410
(2
9) 6
58
(96)
(1)
(25)
–
(103
)
Pre
fere
nce
Shar
es
–
– –
–
–
– –
–
–
–
–
– –
–
–
– –
–
Mon
ey M
arke
t –
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Mut
ual F
unds
9
4
5 3
1
1
2
1 –
3
1
8 –
–
–
–
–
3
2
1 5
4
9
Tot
al
(773
) (4
,368
) 1
22
(347
) 4
8 (9
0) 1
3 (3
3) 1
8 –
4
10
(29)
658
(9
6) (9
0) (4
0) 5
(5
4)
GRA
ND T
OTAL
1
30,7
76
31,
014
51,
284
11,
317
14,
933
4,7
43
5,5
03
742
1
8 –
6
,100
7
3 1
4,44
3 (2
,579
) (1
63)
959
4
,346
3
,334
Annexures to Schedule 16
for the year ended March 31, 2014
Annual Report 2013-14
198
Appe
ndix
7 to
Ann
exur
e 3A
Fu
nd W
ise
Disc
losu
re o
f App
reci
atio
n an
d/or
(Dep
reci
atio
n) in
val
ue o
f Inv
estm
ent s
egre
gate
d Cl
ass
Wis
e as
on
31st
Mar
ch 2
014
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Part
icul
ars
IPP
- E
nric
h In
com
e Ad
vant
age
Guar
ante
ed
Max
imis
er
Guar
ante
edGr
. Fix
ed In
tere
st
Gr. G
iltGr
. Bon
dGr
. Mon
ey M
arke
tGr
. Sho
rt T
erm
Deb
tGr
. Cap
ital
Prot
ectio
n
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
ar
App
rove
d In
vest
men
ts
Gov
ernm
ent B
onds
(2
4,93
6)(4
,537
)23
––
–(3
8,67
3)15
,842
(3,0
55)
1,21
5–
––
––
––
–
Cor
pora
te B
onds
(3
,762
)2,
591
232
––
–(2
,417
)15
,041
––
(5,2
54)
16,5
55–
–67
964
1–
–
Infra
stru
ctur
e Bo
nds
(591
)(4
,571
)15
8–
––
(2,2
00)
4,99
5–
–(7
,013
)6,
627
––
(105
)36
5–
–
Equ
ity
99,4
6528
,453
––
184
––
––
––
––
––
––
–
Pre
fere
nce
Shar
es
387
––
––
––
––
––
––
––
––
–
Mon
ey M
arke
t –
––
––
––
––
––
––
––
––
–
Mut
ual F
unds
–
––
––
––
––
––
––
––
––
–
Tota
l 70
,563
21,9
3641
3–
184
–(4
3,29
0)35
,878
(3,0
55)
1,21
5(1
2,26
7)23
,182
––
574
1,00
6–
–
Oth
er In
vest
men
ts
Cor
pora
te B
onds
–
––
––
–(1
76)
(14)
––
(1,0
11)
1,23
2–
–(4
29)
––
–
Infra
stru
ctur
e Bo
nds
––
––
––
––
––
––
––
––
––
Equ
ity
(29)
(817
)–
–8
––
––
––
––
––
––
–
Pre
fere
nce
Shar
es
––
––
––
––
––
––
––
––
––
Mon
ey M
arke
t –
––
––
––
––
––
––
––
––
–
Mut
ual F
unds
10
811
59
––
–14
333
311
–18
297
110
124
––
Tot
al
79(7
02)
9–
8–
(33)
193
11(1
,011
)1,
250
297
110
(417
)4
––
GRA
ND T
OTAL
70
,642
21,2
3442
2–
192
–(4
3,32
3)35
,897
(3,0
52)
1,22
6(1
3,27
8)24
,432
297
110
157
1,01
0–
–
Annexures to Schedule 16
for the year ended March 31, 2014
Birla Sun Life Insurance
199
Appe
ndix
7 to
Ann
exur
e 3A
Fu
nd W
ise
Disc
losu
re o
f App
reci
atio
n an
d/or
(Dep
reci
atio
n) in
val
ue o
f Inv
estm
ent s
egre
gate
d Cl
ass
Wis
e as
on
31st
Mar
ch 2
014
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Part
icul
ars
Gr. F
loat
ing
Rate
Gr. S
ecur
eGr
. Sta
ble
Gr. G
row
thGr
. Gro
wth
Ad
vant
age
Gr. I
ncom
e Ad
vant
age
Gr. B
ond
2Gr
. Mon
ey
Mar
ket 2
Gr. G
row
th 2
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
ar
App
rove
d In
vest
men
ts
Gov
ernm
ent B
onds
–
–(1
38,6
36)
16,7
37(3
6,83
4)4,
169
(36,
374)
1,42
8(3
,906
)27
7(6
,867
)42
––
––
–12
4
Cor
pora
te B
onds
–
–(3
,572
)15
,990
(757
)1,
200
2,82
43,
930
122
659
1,15
286
––
––
26–
Infra
stru
ctur
e Bo
nds
––
(13,
145)
3,09
2(5
,941
)(3
,932
)(7
,176
)(1
,521
)(3
6)(5
45)
(514
)11
––
––
––
Equ
ity
––
182,
996
21,0
7111
0,39
517
,368
157,
645
13,3
7814
,034
926
––
––
––
440
188
Pre
fere
nce
Shar
es
––
1,20
1–
668
–95
6–
92–
––
––
––
2–
Mon
ey M
arke
t –
––
––
––
––
––
––
––
––
–
Mut
ual F
unds
–
––
––
––
––
––
––
––
––
–
Tot
al
––
28,8
4456
,890
67,5
3118
,805
117,
875
17,2
1510
,306
1,31
7(6
,229
)13
9–
––
–46
831
2
Oth
er In
vest
men
ts
Cor
pora
te B
onds
–
–(2
,426
)2,
146
(31)
3693
476
7–
––
––
––
––
–
Infra
stru
ctur
e Bo
nds
––
––
––
––
––
––
––
––
––
Equ
ity
––
2,11
92,
518
1,08
81,
080
1,57
91,
986
160
136
––
––
––
3–
Pre
fere
nce
Shar
es
––
––
––
––
––
––
––
––
––
Mon
ey M
arke
t –
––
––
––
––
––
––
––
––
–
Mut
ual F
unds
–
–27
815
219
065
121
5914
1216
1–
––
––
–
Tot
al
––
(29)
4,81
61,
247
1,18
12,
634
2,81
217
414
816
1–
––
–3
–
GRA
ND T
OTAL
–
–28
,815
61,7
0668
,778
19,9
8612
0,50
920
,027
10,4
801,
465
(6,2
13)
140
––
––
471
312
Annexures to Schedule 16
for the year ended March 31, 2014
Annual Report 2013-14
200
Appe
ndix
7 to
Ann
exur
e 3A
Fu
nd W
ise
Disc
losu
re o
f App
reci
atio
n an
d/or
(Dep
reci
atio
n) in
val
ue o
f Inv
estm
ent s
egre
gate
d Cl
ass
Wis
e as
on
31st
Mar
ch 2
014
(Am
ount
s in
thou
sand
s of
Indi
an R
upee
s)
Part
icul
ars
Gr. S
ecur
e 2
Gr. S
hort
Ter
m D
ebt 2
Gr. S
tabl
e 2
Gr. F
ixed
Inte
rest
2Li
fe D
isco
ntin
ued
Fund
Pens
ion
Disc
ontin
ued
Fund
Disc
ontin
ued
Polic
y Fu
ndTo
tal
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
Curr
ent
Year
Prev
ious
Ye
arCu
rren
t Ye
arPr
evio
us
Year
App
rove
d In
vest
men
ts
Gov
ernm
ent B
onds
(5
,290
)–
––
45
–10
2–
––
–56
6(1
,702
,361
)(1
00,9
89)
Cor
pora
te B
onds
–
–12
42,
018
––
478
––
––
–66
8–
(191
,279
)24
5,88
6
Infra
stru
ctur
e Bo
nds
(397
)–
(304
)76
––
––
––
––
516
–(4
29,1
25)
49,4
06
Equ
ity
1,89
8–
––
187
––
––
––
––
16,7
77,7
844,
355,
041
Pre
fere
nce
Shar
es
16–
––
––
––
––
––
––
76,4
48–
Mon
ey M
arke
t –
––
––
––
––
––
––
––
–
Mut
ual F
unds
–
––
––
––
––
––
––
––
–
Tot
al
(3,7
73)
–(1
80)
2,09
422
1247
810
2–
––
–1,
240
614
,531
,467
4,54
9,34
4
Oth
er In
vest
men
ts
Cor
pora
te B
onds
–
–(1
00)
(44)
––
––
––
––
––
(45,
191)
(1,7
21)
Infra
stru
ctur
e Bo
nds
––
––
––
––
––
––
––
––
Equ
ity
33–
––
––
––
––
––
––
(33,
429)
(301
,628
)
Pre
fere
nce
Shar
es
––
––
––
––
––
––
––
––
Mon
ey M
arke
t –
––
––
––
––
––
––
––
–
Mut
ual F
unds
2
–17
8–
––
––
––
–16
29
7,26
75,
321
Tot
al
35–
(83)
(36)
––
––
––
––
162
9(7
1,37
0)(2
98,0
28)
GRA
ND T
OTAL
(3
,738
)–
(263
)2,
058
2212
478
102
––
––
1,40
215
14,4
60,1
144,
251,
316
Annexures to Schedule 16
for the year ended March 31, 2014
Birla Sun Life Insurance
201
Summary of Financial Statements Annexure - 4 (Amounts in thousands of Indian Rupees)
Sr. No. Particulars 2013-14 2012-13 2011-12 2010-11 2009-10
POLICYHOLDERS’ A/C
1 Gross Premium Income 48,330,521 52,162,991 58,853,594 56,770,665 55,056,579
2 Net Premium Income# 46,448,513 50,517,461 57,477,737 55,945,624 54,253,630
3 Income from investments(Net)@ 24,958,744 20,700,492 (1,632,680) 14,919,387 40,031,523
4 Other Income 365,427 366,568 298,060 236,803 143,486
5 Total Income 71,772,685 71,584,521 56,143,117 71,101,814 94,428,639
6 Commissions 2,347,130 3,004,767 3,254,002 3,805,795 5,161,974
7 Brokerage – – – – –
8 Operating Expenses related to insurance Business 10,381,707 11,597,047 12,151,175 12,034,778 13,267,526
9 Total Expenses 12,728,836 14,601,814 15,405,177 15,840,573 18,429,500
10 Payment to Policy holders 36,655,017 36,586,379 27,046,221 19,343,749 11,387,815
11 Increase in Actuarial Liability 19,767,326 16,124,872 9,871,376 33,252,514 69,259,695
12 Provision for Tax (including Fringe Benefit Tax) – – – (5,875) –
13 Surplus/(Deficit) from operations 2,621,506 4,271,456 3,820,343 2,670,853 (4,648,371)
SHAREHOLDERS’ A/C
14 Total Income under Shareholders’ Account 1,086,031 1,143,573 786,946 379,105 293,405
15 Profit/(loss) Before Tax 3,707,537 5,415,031 4,607,289 3,049,958 (4,354,965)
16 Profit/(loss) After Tax 3,707,537 5,415,031 4,607,289 3,049,958 (4,354,965)
17 Profit/(loss) carried to Balance Sheet (9,536,350) (12,424,921) (13,762,293) (17,225,082) (20,275,040)
18 (A) Policyholders’ account:
Total funds (incl Funds for Future Appropriation) 235,574,421 215,763,094 199,640,312 189,770,583 156,518,655
Total Investments (including policy loans) 234,739,033 215,866,081 201,197,493 190,888,814 156,520,111
Yield on investments
– Linked Fund(%)$ 12.10% 10.88% -1.74% 9.45% 44.77%
– Non Par Non-Linked Fund (%) 9.03% 8.95% 8.31% 7.54% 6.95%
– Par Non-Linked Fund (%) 5.25% 4.25% NA NA NA
(B) Shareholders’ account:
Total funds (including unrealised gain) 12,566,214 12,476,234 10,732,754 7,269,919 4,220,265
Total investments 13,292,091 13,706,870 10,153,273 6,972,707 5,043,972
Yield on investments (%) 8.90% 10.22% 9.85% 6.59% 6.41%
19 Yield on total investments 11.72% 10.65% -0.41% 9.20% 40.14%
20 Paid up equity capital 19,012,080 19,695,000 19,695,000 19,695,000 19,695,000
21 Net worth 12,566,214 12,476,234 10,732,754 7,269,919 4,220,264
22 Total Assets 248,140,636 228,239,327 210,373,067 197,040,502 160,738,920
23 Earnings per share (share of FV of ` 10 each) ` 1.94 2.75 2.34 1.55 (2.28)
24 Book value per share (share of FV of ` 10 each) ` 6.61 6.33 5.45 3.69 2.14
# Net of Reinsurance
@ Net of Losses
$ Yield on Linked policyholders investments includes unrealised gains on investments.
Annexures to Schedule 16
for the year ended March 31, 2014
Annual Report 2013-14
202
Analytical ratio for the Financial Year : 2013-14 Annexure - 5(Amounts in thousands of Indian Rupees)
Sr. No Ratios for Life Insurers 31st March 2014 31st March 2013
1 New business premium income growth (segment-wise)(New business premium for Current Year divided by new businesspremium income for Previous Year)a) Linked Business 0.89 0.67 b) Non-Linked Business 0.66 1.30 c) Pension Business 1.25 1.45 d) Health Business 0.34 0.93 e) Participating Business 8.41 N.A. f) Total Business 0.92 0.95
2 Net Retention Ratio (Net Premium divided by gross premium) 0.96 0.97 (Net premium divided by gross premium)
3 Expense of Management to Gross Direct Premium Ratio 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 0.05 0.06 (Gross Commission paid to Gross Premium)
5 Ratio of Policyholders’ Liabilities to Shareholders’ Funds 18.75 17.29 Note: a) Policyholders’ Liabilities = Policy Liabilities + Funds for Future Appropriations
+ Provision for Linked Liabilities + Credit/(Debit) fair value change account (Linked & Non Linked)
b) Shareholders’ Funds = Share Capital + Reserves & Surplus + Credit/(Debit) fair value Current Year account + Credit/(Debit) balance in Profit & Loss A/C
6 Growth Rate of Shareholders’ Funds 1.01 1.16 7 Ratio of Surplus/(Deficit) to Policyholders’ Liabilities 0.01 0.01 8 Change in Net Worth (` in ‘000) 89,981 1,743,478 9 Profit after Tax / Total Income 0.05 0.07
Note: Total Income = Total Income under Policyholders’ Account excluding shareholders’ contribution + Total Income under Shareholders’ Account excluding policyholders’ contribution
10 (Total Real Estate + Loans) / Cash & Invested Assets 0.00 0.00 11 Total Investments/(Capital + Surplus) 19.72 18.38
Note: Total Investments = Shareholders’ Investments + Policyholders’ Investments + Assets held to cover Linked Liabilities
12 Total Affiliated Investments/(Capital + Surplus)* 0.46 0.33 13 Investment Yield
A. Without Unrealised GainsShareholders’ Funds 9.46% 8.99%Policyholders’ Funds :Non-Linked Participating 8.90% 8.89%Non-Linked Non Participating 8.90% 7.53%Linked Non Participating 6.88% 8.72%B. With Unrealized GainsShareholders’ Funds 4.36% 12.13%Policyholders’ Funds :Non-Linked Participating 5.16% 11.17%Non-Linked Non Participating 5.26% 4.46%Linked Non Participating 12.18% 10.62%
14 Conservation RatioTotal Conservation Ratio (without Group) 69.65% 64.98%Total Conservation Ratio (with Group) 60.42% 58.25%
15 Persistency Ratio*For 13th month 60.10% 81.32%For 25th month 60.70% 76.64%For 37th month 64.20% 71.64%For 49th Month 53.30% 60.04%For 61st month 43.50% 50.77%
16 NPA RatioGross NPA Ratio Nil NilNet NPA Ratio Nil Nil
17 Solvency Ratio 1.86 2.67
* Ratio calculated above is without considering policyholders’ funds amounting to ` 234,454,364 (Previous Year: ` 215,585,391 thousands). The ratio after considering the policyholders’ funds for the Current year is 0.02 (Previous Year: 0.02).
Annexures to Schedule 16
for the year ended March 31, 2014
Birla Sun Life Insurance
203
Management Report(Amounts in thousand of Indian Rupees)
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. Certificate of Registration The Certificate 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 2014 and is in force as on the date of this Report. IRDA has renewed the Company’s Certificate of Registration to sell life insurance products in India for the year 2014-15 vide its Certificate of Renewal of Registration dated 31st January 2014.
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 confirms 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 specified under “Other Accounts”.
Market values of fixed income investments made in shareholders’ funds and policyholders non-linked funds which are valued at amortised cost as per IRDA regulations, is lower by their carrying amounts by ` 1,034,679 (previous year higher by ` 512,556) in aggregate as at 31st March 2014.
7. Investment Pattern We hereby confirm 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 fluctuations in their values. The Company is also subject to the expense risk, since until new business volumes grow significantly, 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 financial effect of adverse mortality and morbidity experience has been reduced by entering into reinsurance agreements with RGA, Munich Re and Swiss Re (international reinsurers) for individual life business and RGA and Munich Re for group business. All reinsurers are specialist international reinsurance companies with excellent reputation and significant financial 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 benefits 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 BS 25999 certified Business Continuity Plan in place to manage any business interruption risk.
Information Security risks are governed through Information Security policy. The Company has a comprehensive policy designed to comply with privacy and / or data protection legislations as specified in Indian Information Technology Act 2008 and Notification dated 11th April 2011 on protection of sensitive personal information and it provides direction to Information Security staff as well as management and employees regarding their responsibilities for the Information Security function.
9. Country Risk The Company is operating in India only and hence has no exposure to any other country risk.
for the year ended March 31, 2014
Annual Report 2013-14
204
Management Report(Amounts in thousand of Indian Rupees)
10. Ageing of Claims The average claims settlement time from the date of receipt of complete requirements from the claimant to dispatch of claim payment for
the current year and previous four financial years are given below:
Period Average claim settlement time (in days)
2013-14 4
2012-13 3
2011-12 3
2010-11 3
2009-10 3
Ageing of claims outstanding
For Non Linked Business
Period
Claims registered and not settled Claims registered and settled
Current Year Previous Year Current Year Previous Year
No. of Claims
Amount (in '000)
No. of Claim
Amount (in '000)
No. of Claims
Amount (in '000)
No. of Claims
Amount (in '000)
Less than 30 Days 72 58,567 166 93,732 – – – –30 days to 6 months 57 59,338 162 133,354 5 2,718 2 4286 months to 1 year 24 8,107 22 11,027 9 4,021 3 8121 year to 5 years 39 12,502 2 939 6 2,514 4 2,6185 years and above 1 50 – – 2 2,700 1 2,500
Total for the Period 193 138,564 352 239,051 22 11,953 10 6,359
For Linked Business
Period
Claims registered and not settled Claims registered and settled
Current Year Previous Year Current Year Previous Year
No. of Claims
Amount (in '000)
No. of Claim
Amount (in '000)
No. of Claims
Amount (in '000)
No. of Claim
Amount (in '000)
Less than 30 Days 17 10,607 47 39,260 7 3,004 3 49530 days to 6 months 14 8,459 29 33,453 12 13,128 14 12,1706 months to 1 year 16 6,929 27 11,397 18 9,861 15 5,9411 year to 5 years 73 33,982 53 20,675 34 21,604 18 11,2575 years and above 4 900 5 650 7 1,258 1 208
Total for the Period 124 60,877 161 105,435 78 48,855 51 30,071
The above includes provision made (net of reinsurance) for 171 cases (previous year 124 cases) amounting to ` 69,191 (previous year ` 46,366) during the year where the Company has lost in the first 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:
• DebtSecuritiesandmoneymarketinstrumentsarevaluedonamortisedcostbasis.
• EquitiesandPreferencesharesarevaluedonthelastquotedclosingpriceofthesecurityontheNationalStockExchangeofIndiaLimited (NSE). In case the shares are not traded on NSE, valuation is done on closing price at Bombay Stock Exchange (BSE). Investments in unlisted equity and preference shares are valued as per the valuation policy of the Company duly approved by Investment Committee.
• MutualFundsarevaluedonpreviousday’snetassetvaluepublishedbytherespectivemutualfunds.
The investments of linked funds of policyholders are valued as under: • GovernmentSecurities(exceptTBills)arevaluedbasisthepricesprovidedbyCRISIL.Allotherdebtsecuritiesarevaluedthrough
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.
• EquitiesandPreferencesharesarevaluedonthelastquotedclosingpriceofthesecurityontheNationalStockExchangeofIndiaLimited (NSE). In case the shares are not traded on NSE, valuation is done on closing price at Bombay Stock Exchange (BSE). Investments in unlisted equity and preference shares are valued as per the valuation policy of the Company duly approved by Investment Committee.
for the year ended March 31, 2014
Birla Sun Life Insurance
205
Management Report(Amounts in thousand of Indian Rupees)
• MoneyMarketInstrumentsarevaluedonamortisedvalue.
• MutualFundsarevaluedonpreviousday’snetassetvaluepublishedbytherespectivemutualfunds.
12. Review of Asset Quality Shareholders’ Fund The Company has invested approx more than 44% of the Shareholder funds in Government securities, Treasury Bills and Collateralised
Borrowing and lending obligation (CBLO), which have a sovereign rating. Around 40% of the funds have been invested in AAA/AA+/A1+ rated Securities (which include Infrastructure & Housing bonds) Approximately around 16% of the funds are invested in Fixed Deposits and liquid schemes of leading mutual funds.
Policyholders’ Fund The policyholders’ funds are invested as per the regulatory norms and the commitments made to the policyholders. In fixed income segment,
majority of the investment is made in government securities having sovereign rating and debt paper of reputed corporate having rating AAA/A1+. The equity selection is made after appropriate research and analysis of the investee company as well as the industry to which it belongs. To meet the liquidity requirement a part is invested into liquid and short-term 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 of the respective funds.
13. Directors Responsibility Statement The Board of Directors of the Company also state that:
• Thefinancialstatementshavebeenpreparedinaccordancewithapplicableaccountingstandards,theregulationsstipulatedbytheIRDA 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 arereasonable and prudent, so as to give a true and fair view of the state of affairs of the Company as at 31st March 2014, and, of the operating profit of the Company for the year ended on 31st March 2014;
• Properandsufficientcarehasbeentakentomaintainadequateaccountingrecordsinaccordancewiththeapplicableprovisionsofthe Insurance Act, 1938, Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
• ThefinancialstatementsoftheCompanyarepreparedonagoingconcernbasis;and
• TheCompanyhasappointedsomeauditfirmstoconducttheinternalauditoftheCompany.Thescopeofworkoftheauditfirms’iscommensurate with the size and nature of the Company’s business. The management certifies that adequate internal control systems and procedures were in existence for this financial year.
14. Schedule of payments made to individuals, firms, companies and organisation in which Directors of the Company are interested: The Company has not made any payments during the year to individuals, firms, companies and organisation in which Directors of the
Company are interested.
For and on behalf of the Board of DirectorsBirla Sun Life Insurance Company Limited
Kumar Mangalam Birla Donald A. Stewart Tarjani VakilChairman Director Director
Pankaj Razdan Mayank Bathwal Amit JainManaging Director & CEO Deputy Chief Chief Financial Officer
Executive OfficerAnil Kumar Singh Ashish LakhtakiaChief Actuarial Officer Company Secretary& Appointed Actuary
Mumbai, 25th April, 2014
for the year ended March 31, 2014
Annual Report 2013-14
206
Cash Flow Statement
Receipts and Payments account (Cash Flow Statement)For the year ended 31st March 2014(Amounts in thousands of Indian Rupees)
ParticularsAudited Year Ended
31st March 2014 Audited Year Ended
31st March 2013
Cash flow from operating activities (A)Premium received 47,659,254 51,643,403 Reinsurance premium ceded (1,731,500) (1,208,304)Application money deposit & due to Policy holders 241,362 (135,279)Commission paid (2,371,591) (2,990,351)Deposits taken from/(refunded to) agents – – Payments made to employees and for expenses (10,700,282) (12,000,262)Claims paid (37,882,146) (36,580,125)Reinsurance claims ceded 1,082,433 973,655 Deposits & others 69,341 (5,427)Deposits with Reserve Bank of India – – Other income 334,901 309,464
Cash inflow / (outflow) from operating activities (3,298,228) 6,774 Taxes Paid (Fringe Benefit Tax & Wealth Tax) – – Net cash inflow / (outflow) from operating activities (A) (3,298,228) 6,774 Cash flow from investing activities (B)Purchase of fixed assets (309,242) (171,945)Sale of fixed assets 17,578 11,478 Loan against Policies 23,694 815 Decrease /(Increase) in investments (4,505,527) (7,474,523)Cash held to cover linked liabilities (460,288) (1,275,935)Interest received (net of tax deducted at source) 10,730,918 9,668,523 Dividend received 1,617,987 1,646,341
Net cash inflow from investing activities (B) 7,115,120 2,404,754 Cash flow from financing activities (C)Share capital issued / (Redemption) (682,920) – Share premium (2,117,052) – Dividend paid (1,181,700) (2,954,250)Dividend distribution tax (200,830) (319,502)Capital Redemption Reserve – –Net cash used in financing activities (C) (4,182,502) (3,273,752)Net increase / (decrease) in cash and cash equivalents (D=A+B+C) (365,609) (862,224)Cash and cash equivalents at beginning of the year 5,442,434 6,304,658 Cash and cash equivalents as at end of the period 5,076,825 5,442,434
1. Due to large volume of investments transactions, cash flow 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 LLP For Khimji Kunverji & Co. For and on behalf of the Board of DirectorsChartered Accountants Chartered Accountants ICAI Firm ICAI FirmRegistration No. 101049W Registration No. 105146W
per Amit Kabra Hasmukh Dedhia Kumar Mangalam Birla Donald A. Stewart Tarjani VakilPartner Partner Chairman Director Director Membership No. 094533 Membership No. 33494
Pankaj Razdan Mayank Bathwal Amit JainManaging Director & CEO Deputy Chief Chief Financial Officer
Executive Officer
Anil Kumar Singh Ashish LakhtakiaChief Actuarial Officer Company Secretary
Mumbai, 25th April, 2014 & Appointed Actuary
for the year ended March 31, 2014
Birla Sun Life Insurance
207
Balance Sheet Abstract
Balance Sheet Abstract and Company’s General Business Profile(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 4
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 6 6 1 7 8 4 0 3
2 6 6 1 7 8 4 0 3
Source of Funds Paid-Up-Capital Reserve & Surplus
1 9 0 1 2 0 8 0
2 6 8 2 9 4 8
Secured Loans Unsecured Loans
N I L
N I L
Application of Funds Net Fixed Assets Investments*
3 9 9 2 4 3
2 4 7 7 4 6 4 5 5
Net Current Assets Misc. Expenditure
(–) 2 8 9 7 3 1
N I L
Accumulated losses
9 1 3 0 2 2 3
IV Performance of Company (Amount in ` thousands) Turnover Total Expenditure
7 2 8 5 8 7 1 6
6 9 1 5 1 1 7 9
Profit Before Tax Profit After Tax
3 7 0 7 5 3 6
3 7 0 7 5 3 6
Earning per share Dividend rate %
1 . 9 4
3 . 6 8
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
For and on behalf of the Board of DirectorsBirla Sun Life Insurance Company Limited
Kumar Mangalam Birla Donald A. Stewart Tarjani VakilChairman Director Director
Pankaj Razdan Mayank Bathwal Amit JainManaging Director & CEO Deputy Chief Chief Financial Officer
Executive OfficerAnil Kumar Singh Ashish LakhtakiaChief Actuarial Officer Company Secretary& Appointed Actuary
Mumbai, 25th April, 2014
for the year ended March 31, 2014
Annual Report 2013-14
208
Appointed Actuary’s Certificate(Amounts in thousands of Indian Rupees)
I have valued the policy liabilities of Birla Sun Life Insurance Company Limited at 31st March 2014, 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 (` 234,800,450 net of reinsurance) makes appropriate provision for all policyholders’ obligations, and the financial statements fairly present the result of the valuation.
Anil Kumar Singh
Appointed Actuary
Fellow of the Institute of Actuaries of India
Mumbai, 25th April, 2014
24
Annual Report 2013-14
FINANCIAL REPORT
stCorporate information as on 31 March 2014
Birla Sun Life Insurance
Joint Statutory Auditors
Sunshine Tower, Level 19, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400 013.
M/s. Khimji Kunverji & Co.12th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (W), Mumbai – 400 028.
M/s. S. R. Batliboi & Associates LLP
Citi Bank N.A.
Main Bankers Deutsche Bank HDFC Bank Standard Chartered Bank
Mr. Ashish Lakhtakia
Company Secretary
Mr. Kumar Mangalam Birla Mr. Donald A. Stewart Mr. Ajay Srinivasan
Mr. Puranmalka Mr. Gian P. Gupta Mr. M. V. NairMr. Pankaj Razdan Mr. Kevin Strain Dr. Rakesh JainMs. Tarjani Vakil Mr. Venkatesh Mysore
Board of Directors
Senior Management Team
Mr. Mayank BathwalDeputy Chief Executive Officer
Mr. Amit JainChief Financial Officer
Mr. Anil Kumar SinghChief Actuarial Officer
Mr. Lalit VermaniChief Legal, Compliance &Risk Officer
Mr. Pramod KrishnamurthyChief Technology Officer
Mr. Sashi KrishnanChief Investment Officer
Mr. Saurov GhoshHead - Human Resources & Training
Mr. Vikas SethChief Distribution Officer
Mr. Ajay SrinivasanMr. Amit Jain Mr. Anil Kumar Singh
Mandatory Committee
Asset Liability Management CommitteeMs. Keerti GuptaMr. Lalit VermaniMr. Mayank Bathwal
Mr. Pankaj RazdanMr. Sashi KrishnanMr. Venkatesh Mysore
Mr. Gian P. Gupta – ChairmanMr. Ajay SrinivasanMr. Puranmalka
Audit Committee
Mr. Kevin StrainMr. Pankaj Razdan
Ms. Tarjani VakilMr. Venkatesh Mysore
Mr. Ajay SrinivasanMr. Amit Jain Mr. Anil Kumar Singh
Investment Committee
Ms. Keerti GuptaMr. Lalit VermaniMr. Mayank Bathwal
Mr. Pankaj RazdanMr. Sashi KrishnanMr. Venkatesh Mysore
Mr. N. N. Jambusaria – ChairmanMr. Amit JainMr. Anil Kumar Singh
Policyholders' Protection Committee
Ms. Anjali Makhija Mr. Ashish LakhtakiaMr. Lalit Vermani
Mr. Mayank BathwalMr. Pankaj RazdanMr. Vikas Seth
Mr. Amitabh Verma
Mr. Ajay SrinivasanMr. Gian P. Gupta
Risk Management Committee
Mr. Pankaj RazdanMs. Tarjani Vakil
Mr. Venkatesh Mysore
Non-Mandatory Committee
Finance CommitteeMr. Ajay SrinivasanMr. Puranmalka
Mr. Gian P. GuptaMs. Tarjani Vakil
Mr. Venkatesh Mysore
Share Allotment Committee Mr. Puranmalka Mr. Gian P. Gupta Mr. Venkatesh Mysore
With Profits Committee Mr. Gian P. Gupta Mr. Anil Kumar Singh Mr. Pankaj Razdan Mr. Vivek Jalan
Birla
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Birla Sun Life Insurance Company Limited,
One Indiabulls Centre, Tower 1, 16th Floor, Jupiter Mill Compound,
841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013.