NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED · 2020-07-30 · PERIODIC DISCLOSURES L-1-A-RA NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED REGISTRATION NO: 104;

Form No Description PagesL- 1 REVENUE ACCOUNT 2-5

L- 2 PROFIT & LOSS ACCOUNT 6

L- 3 BALANCE SHEET 7

L- 4 PREMIUM 8-9

L- 5 COMMISSION 8-9

L- 6 OPERATING EXPENSES 10-13

L- 7 BENEFITS PAID 14-17

L- 8 SHARE CAPITAL 18

L- 9 PATTERN OF SHAREHOLDING 18

L-10 RESERVE AND SURPLUS 19

L-11 BORROWINGS 19

L-12 INVESTMENT SHAREHOLDERS 20

L-13 INVESTMENT POLICYHOLDERS 21

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

L-15 LOANS 23

L-16 FIXED ASSETS 24

L-17 CASH AND BANK BALANCE 25

L-18 ADVANCES AND OTHER ASSETS 25

L-19 CURRENT LIABILITIES 26

L-20 PROVISIONS 26

L-21 MISC EXPENDITURE 26

L-22 ANALYTICAL RATIOS 27

L-23 CASH FLOW STATEMENT 28

FINANCIAL DISCLOSURES FOR THE PERIOD ENDED MARCH 31, 2020

REGISTRATION NO 104: DATE OF REGISTRATION WITH IRDA : NOVEMBER 15, 2000

NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED

Page 1 of 28

PERIODIC DISCLOSURES

L-1-A-RA


REGISTRATION NO: 104; DATE OF REGISTRATION WITH IRDA : NOVEMBER 15, 2000

Policyholders’ Account (Technical Account)

(All Amounts in Thousands of Indian Rupees)

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

Premiums earned - net

Premiums L 4 79,277,481 29,812 24,903,783 1,314,334 514,793 5,319,731 47,737,742 2,603,286 135,508 161,836,470

Less : Reinsurance Ceded (239,254) - (997,752) - (87,756) (618,691) (105,060) (294) - (2,048,807)

Add : Reinsurance Accepted -

79,038,227 29,812 23,906,031 1,314,334 427,037 4,701,040 47,632,682 2,602,992 135,508 159,787,663

Income from Investments

(a) Interest, Dividends & Rent - Gross 25,563,594 77,758 4,394,272 157,288 14,633 819,822 7,119,404 926,179 52,571 39,125,521

(b) Profit on sale/ redemption of investments 4,600,187 406 125,818 1,218 - 6,621 16,251,863 1,704,078 45,509 22,735,700

(c) (Loss) on sale/ redemption of investments (1,154,635) - (3,621) (346) - (1,395) (6,752,228) (510,646) (12,017) (8,434,888)

(d) Transfer/ Gain on revaluation/change in fair value - - (482,339) - - - (28,887,464) (2,420,227) (47,206) (31,837,236)

Other Income -

Contribution from Shareholder ' account towards excess EOM - - - - 15,492 - - 155,477 - 170,969

Miscellaneous Income 421,702 18 11,587 22 229 618 6,642 706 2 441,526

Total (A) 108,469,075 107,994 27,951,748 1,472,516 457,391 5,526,706 35,370,899 2,458,558 174,367 181,989,255

Commission L 5 5,665,531 194 2,486,219 14,332 102,665 188,766 1,723,750 62,946 10 10,244,413

Operating Expenses related to Insurance Business L 6 12,109,397 1,118 6,148,457 19,061 232,828 780,244 3,921,757 227,296 909 23,441,067

Provision for doubtful debts 580 (1) 1,556 (4) 94 (126) 1,124 (29) - 3,194

Bad debts written off 8,900 2 3,771 9 128 313 2,878 211 1 16,213

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

Goods and Services Tax - - - - - - 1,377,427 71,979 708 1,450,114

Provision (other than taxation)

(a) For diminution in the value of investments( Net) 319,264 - - - - - 915,023 63,681 4,337 1,302,305

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

Total (B) 18,103,672 1,313 8,640,003 33,398 335,715 969,197 7,941,959 426,084 5,965 36,457,306

Benefits Paid (Net) L 7 25,337,411 73,584 3,357,710 137,029 4,647 1,962,245 31,258,807 3,958,303 115,386 66,205,122

Interim Bonuses Paid 16,550 - - - - - - - - 16,550

Change in valuation of liability against life policies in force:

(a) Gross* 55,131,920 (1,901) 24,559,891 1,540,833 (153,148) 1,223,164 (9,675,585) (2,583,851) 50,699 70,092,022

(b) Discontinued Fund - - - - - - 5,169,603 380,289 - 5,549,892

(c) Amount ceded in Reinsurance 60,893 - (9,446,737) - 130,005 8,233 - - - (9,247,606)

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

Total ( C ) 80,546,774 71,683 18,470,864 1,677,862 (18,496) 3,193,642 26,752,825 1,754,741 166,085 132,615,980

SURPLUS/ (DEFICIT) ( D ) = ( A ) - ( B ) - ( C ) 9,818,629 34,998 840,881 (238,744) 140,172 1,363,867 676,116 277,733 2,317 12,915,969

Contribution from the Shareholders' Account - - - 238,744 - - - - - 238,744

APPROPRIATIONS:

Transfer to Shareholders’ Account 1,387,509 1,519 840,881 - 140,172 1,363,867 676,115 277,734 2,317 4,690,114

Transfer to Other Reserves - - - - - - - - - -

Funds available for Future Appropriations 8,431,120 33,479 - - - - - - - 8,464,599

Details of Surplus

(a) Interim Bonus Paid 16,550 - - - - - - - - 16,550

(b) Allocation of Bonus to Policyholders 13,105,664 13,568 - - - - - - - 13,119,232

(c) Surplus Shown in the Revenue Account 31,900,243 451,086 840,881 - 140,172 1,363,867 676,115 277,734 2,317 35,652,415

(d) Total Surplus : [(a)+(b)+(c)] 45,022,457 464,654 840,881 - 140,172 1,363,867 676,115 277,734 2,317 48,788,197

* Represents Mathematical Reserve considering allocation of Bonus.

Particulars Sch Period ended March 31, 2020

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

Page 2 of 28

Page 3 of 28PERIODIC DISCLOSURES

L-1-A-RA







Premiums L 4 77,849,856 33,222 16,534,906 313,130 403,286 4,675,538 42,899,067 2,925,939 117,349 145,752,292

Less : Reinsurance Ceded (207,659) - (679,469) - (63,716) (506,724) (110,612) (327) - (1,568,507)

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

77,642,197 33,222 15,855,437 313,130 339,570 4,168,814 42,788,455 2,925,612 117,349 144,183,785



(b) Profit on sale/ redemption of investments 4,307,935 94 126,770 1,378 - 784 15,268,007 1,857,211 17,661 21,579,840

(c) (Loss) on sale/ redemption of investments (1,513,263) (569) (58,366) (833) - (22,231) (6,221,226) (727,933) (27,868) (8,572,289)

(d) Transfer/ Gain on revaluation/change in fair value - - - - - - 3,399,568 (201,222) 14,326 3,212,672

Other Income

Contribution from Shareholder ' account towards excess EOM - - - - - - - 120,347 - 120,347

Miscellaneous Income 309,276 23 6,033 6 194 529 3,330 328 2 319,721

Total (A) 101,894,716 104,681 19,265,600 423,038 348,802 4,843,781 61,651,325 4,866,306 180,208 193,578,456

Commission L 5 6,344,428 251 1,386,633 4,155 74,131 172,220 1,841,081 77,848 2 9,900,749

Operating Expenses related to Insurance Business L 6 11,484,145 1,203 3,541,433 4,171 162,347 581,064 3,287,110 198,934 891 19,261,298

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



Goods and Services Tax - - - - - - 1,226,318 72,077 747 1,299,142


(a) For diminution in the value of investments( Net) 149,311 - - - - - 144,665 16,572 1,001 311,549

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

Total (B) 17,988,721 1,457 4,930,378 8,331 236,537 753,473 6,503,054 365,643 2,642 30,790,236

Benefits Paid (Net) L 7 20,866,439 67,850 2,113,004 93,029 9,096 1,383,507 29,208,353 3,034,261 389,196 57,164,735



(a) Gross* 58,204,891 (6,287) 14,436,891 317,172 243,049 1,813,591 23,000,464 930,508 (214,731) 98,725,548

(b) Discontinued Fund - - - - - - 2,067,448 311,752 - 2,379,200

(c) Amount ceded in Reinsurance (250,331) - (3,219,648) - (153,117) (116,229) - - - (3,739,325)


Total ( C ) 78,834,592 61,563 13,330,247 410,201 99,028 3,080,869 54,276,265 4,276,521 174,465 154,543,751

SURPLUS/ (DEFICIT) ( D )= ( A) - ( B ) - ( C ) 5,071,403 41,661 1,004,975 4,505 13,237 1,009,439 872,007 224,142 3,101 8,244,468

Contribution from the Shareholders' Account - - - - - - - - - -

APPROPRIATIONS:

Transfer to Shareholders’ Account 1,183,753 1,511 1,004,975 4,505 13,237 1,009,439 951,452 230,237 3,101 4,402,208

Transfer to Other Reserves - - - - - - - - - -

Funds available for Future Appropriations 3,887,650 40,150 - - - - (79,445) (6,095) - 3,842,260

Details of Surplus

(a) Interim Bonus Paid 13,593 - - - - - - - - 13,593

(b) Allocation of Bonus to Policyholders 12,207,260 13,952 - - - - - - - 12,221,212

(c) Surplus Shown in the Revenue Account 23,265,367 417,599 1,004,975 4,505 13,237 1,009,439 951,452 230,237 3,101 26,899,910

(d) Total Surplus : [(a)+(b)+(c)] 35,486,220 431,551 1,004,975 4,505 13,237 1,009,439 951,452 230,237 3,101 39,134,715

* Represents Mathematical Reserve considering allocation of Bonus.

Particulars Sch Participating Policies (Non-Linked) Total

Period ended March 31, 2019

Non-Participating Policies (Non-Linked) Linked Policies

Page 3 of 28


L-1-A-RA







Premiums L 4 28,716,947 20,701 9,142,059 482,535 185,431 1,625,390 17,710,425 789,159 53,371 58,726,018

Less : Reinsurance Ceded (67,763) - (302,908) - (27,668) (135,338) (27,532) (67) - (561,276)


28,649,184 20,701 8,839,151 482,535 157,763 1,490,052 17,682,893 789,092 53,371 58,164,742



(b) Profit on sale/ redemption of investments 753,629 - 110,445 - - 1,188 4,942,133 560,363 13,585 6,381,343

(c) (Loss) on sale/ redemption of investments (461,839) - (1,262) - - - (2,163,399) (178,351) (2,102) (2,806,953)

(d) Transfer/ Gain on revaluation/change in fair value 319,264 - (204,647) - - - (26,627,835) (2,156,046) (46,142) (28,715,406)

(e) Accretion of discount / (amortisation of premium) (Net)* (78,772) 149 (140,290) 1,074 (31) (1,457) (287,265) (14,954) - (521,546)

Other Income

Contribution from Shareholder ' account towards excess EOM - - - - 15,492 - - 155,477 - 170,969

Miscellaneous Income 108,622 8 2,392 5 43 187 986 74 1 112,318

Total (A) 36,088,436 40,536 9,909,101 531,477 177,408 1,702,618 (4,347,602) (604,899) 31,782 43,528,858

Commission L 5 2,087,250 138 823,510 5,247 38,134 63,410 617,797 19,849 - 3,655,335

Operating Expenses related to Insurance Business L 6 3,333,029 (225) 1,689,207 9,631 78,508 272,531 1,242,904 64,240 242 6,690,067

Provision for doubtful debts (1,785) - (1,113) 2 182 75 (818) 77 - (3,380)

Bad debts written off 2,105 1 385 3 19 63 976 81 1 3,634


Goods and Service Tax - - - - - - 392,941 18,097 179 411,217


(a) For diminution in the value of investments( Net) 319,264 - - - - - 915,023 63,681 4,337 1,302,305

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

Total (B) 5,739,863 (86) 2,511,989 14,883 116,843 336,079 3,168,823 166,025 4,759 12,059,178

Benefits Paid (Net) L 7 7,310,783 42,920 941,913 48,209 5,316 597,726 6,814,722 1,008,171 20,917 16,790,677



(a) Gross 15,718,347 (13,375) 7,744,048 617,076 (223,035) 291,967 (15,681,483) (1,989,727) 5,502 6,469,320

(b) Discontinuance Fund - - - - - - 1,443,185 48,882 - 1,492,067

(c) Amount ceded in Reinsurance 49,829 - (1,567,558) - 155,056 65,006 - - - (1,297,667)


Total ( C ) 23,083,526 29,545 7,118,403 665,285 (62,663) 954,699 (7,423,576) (932,674) 26,419 23,458,964

SURPLUS/ (DEFICIT) ( D )= ( A) - ( B ) - ( C ) 7,265,047 11,077 278,709 (148,691) 123,228 411,840 (92,848) 161,750 604 8,010,716

Contribution from the Shareholders' Account* - - - 148,691 - - - - - 148,691

Note: Numbers have been regrouped in line with format specified by IRDAI regulation, wherever applicable

*Contribution from the Shareholders' Account represents quarter numbers only

Particulars Sch Quarter Ended March 31, 2020


Page 4 of 28

Page 5 of 28PERIODIC DISCLOSURES

L-1-A-RA







Premiums L 4 28,219,500 23,032 6,786,598 149,670 154,010 1,368,691 17,478,658 975,885 53,350 55,209,393

Less : Reinsurance Ceded (60,685) - (213,628) - (21,336) (103,462) (28,898) (78) - (428,087)


28,158,815 23,032 6,572,970 149,670 132,674 1,265,229 17,449,760 975,807 53,350 54,781,306


(a) Interest, Dividends & Rent - Gross 5,636,928 18,269 941,661 28,831 2,561 179,999 1,957,276 246,203 13,664 9,025,392

(b) Profit on sale/ redemption of investments 420,158 - 11,560 388 - 117 2,748,064 388,900 7,292 3,576,479

(c) (Loss) on sale/ redemption of investments (201,759) - (4,386) (8) - (803) (1,009,104) (119,978) (7,291) (1,343,329)

(d) Transfer/ Gain on revaluation/change in fair value 149,311 - - - - - 5,033,749 364,462 11,410 5,558,932

(e) Amortisation of discount/(premium)* (148,530) 57 (21,385) 138 (57) 2,785 (449,650) (30,103) (722) (647,467)

Other Income

Contribution from the Shareholders' Account - - - - - - - 120,347 - 120,347

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

Total (A) 34,096,253 41,372 7,502,058 179,020 135,199 1,447,428 25,730,661 1,945,687 77,703 71,155,380

Commission L 5 2,414,942 174 604,062 1,944 26,969 56,158 796,294 29,661 - 3,930,204

Operating Expenses related to Insurance Business L 6 3,539,212 (40) 1,260,318 1,367 48,343 149,829 1,118,173 58,294 165 6,175,661

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



Goods and Service Tax - - - - - - 367,011 18,925 168 386,104


(a) For diminution in the value of investments( Net) 149,311 - - - - - 144,665 16,572 1,001 311,549

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

Total (B) 6,103,498 137 1,863,673 3,315 75,336 206,063 2,426,459 123,615 1,335 10,803,431

Benefits Paid (Net) L 7 6,896,008 41,518 481,766 43,544 (219) 425,869 9,568,047 1,019,521 92,257 18,568,312



(a) Gross 18,217,432 (7,694) 7,681,546 135,021 183,396 676,428 14,698,578 628,161 (16,549) 42,196,319

(b) Discontinuance Fund - - - - - - (994,524) (6,656) - (1,001,180)

(c) Amount ceded in Reinsurance (14,523) - (2,941,056) - (116,882) (51,438) - - - (3,123,899)


Total ( C ) 25,103,233 33,824 5,222,256 178,565 66,295 1,050,859 23,272,101 1,641,026 75,708 56,643,868

SURPLUS/ (DEFICIT) ( D )= ( A) - ( B ) - ( C ) 2,889,522 7,410 416,129 (2,860) (6,432) 190,506 32,101 181,046 660 3,708,081

Contribution from the Shareholders' Account - - - - - - - - - -

Note: Numbers have been regrouped in line with format specified by IRDAI regulation, wherever applicable

*Contribution from the Shareholders' Account represents quarter numbers only. Value is NIL.

Particulars Quarter Ended March 31, 2019


Sch

Page 5 of 28


L-2-A- P & L ACCOUNT


Shareholders’ Account (Non-technical Account)


Particulars Schedule Quarter Ended March 31, 2020 Period ended March 31, 2020 Quarter Ended March 31, 2019 Period ended March 31, 2019

Transfer from the Policyholders' Account (Technical Account) 2,272,311 4,690,114 2,097,564 4,402,208

Income From Investments

(a) Interest, Dividends & Rent - Gross 456,196 1,733,111 406,778 1,643,962

(b) Profit on sale/redemption of investments 51,499 384,459 184,639 641,513

(c) (Loss) on sale/ redemption of investments (7,075) (43,984) (51) (58,440)

Other income

- Miscellaneous income 15,970 17,004 538 24,670

Total ( A ) 2,788,901 6,780,704 2,689,468 6,653,913

Employees remuneration and welfare benefits (20,669) 111,115 32,998 101,701

Expenses other than those directly related to the insurance business : 42,798 180,565 38,073 155,446

Contribution to the Policyholders Account (Technical Account) 148,691 238,744 - -

Contribution to Policyholders ' account towards excess EOM 170,969 170,969 120,347 120,347

Provisions (other than taxation)

(a) For diminution in the value of investments( Net) - 100,911 25,000 50,000

(c) Others - - - -

Total ( B ) 341,789 802,304 216,418 427,494

Profit/(Loss) before tax (C)=( A )-( B ) 2,447,112 5,978,400 2,473,050 6,226,419

Provision for Taxation 135,029 584,681 12,224 662,207

Profit/ (loss) after tax 2,312,083 5,393,719 2,460,826 5,564,212

Appropriations

(a) Balance at the beginning of the period 7,538,522 6,762,696

(b) Interim Dividend Paid 3,780,061 2,340,952

(c) Final Dividend Paid 2,647,962 1,630,991 (d) Dividend Distribution Tax 1,321,299 816,444

(e) Transfer to reserves/ other accounts - -

Profit/(Loss) carried forward to the Balance Sheet 5,182,919 7,538,521


Page 6 of 28

PERIODIC DISCLOSURESL-3-A- BS


BALANCE SHEET AS AT MARCH 31, 2020(All Amounts in Thousands of Indian Rupees)

Particulars Sch As At March 31, 2020 As At March 31, 2019

Sources Of FundsShareholders’ Funds:

Share Capital L 8 19,188,129 19,188,129

19,188,129 19,188,129

Reserves And Surplus L 10 6,805,838 8,478,218 Credit/(Debit) Fair Value Change Account (255,072) (57,089)

Sub-Total 25,738,895 27,609,258

BORROWINGS L 11 - -

POLICYHOLDERS' FUNDS:Credit/ (Debit) Fair Value Change Account (5,724,369) 5,687,979

Revaluation Reserve - Investment Property 22,248 22,248

Policy Liabilities 454,807,482 381,435,560

Provision For Linked Liabilities 174,210,481 186,737,990

Fund For Discontinued Policies 17,431,093 11,881,201

Sub-Total 640,746,935 585,764,978

Funds For Future Appropriations- Non Linked 30,962,301 22,497,702

TOTAL 697,448,131 635,871,938

Application Of Funds

Investments

Shareholders’ Investments L 12 32,581,186 35,186,764

Policyholders’ Investments L 13 460,484,108 394,173,336 Assets Held To Cover Linked Liabilities L 14 191,641,577 198,619,191 Loans L 15 4,264,484 3,265,049 Fixed Assets L 16 2,187,050 1,921,182 Current Assets :

Cash And Bank Balances L 17 4,059,852 5,026,889

Advances And Other Assets L 18 22,505,996 20,490,755

Sub-Total (A) 26,565,848 25,517,644

Current Liabilities L 19 19,638,740 22,289,117 Provisions L 20 637,382 522,111

Sub-Total (B) 20,276,122 22,811,228

Net Current Assets (C) = (A) – (B) 6,289,726 2,706,416

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

TOTAL 697,448,131 635,871,938


Page 7 of 28





L-4-PREMIUM SCHEDULE


First year Premiums 12,643,017 - 10,719,490 - 251,304 1,135,819 15,506,490 493,367 135,508 40,884,995

Renewal Premiums 56,710,567 17,083 14,179,336 - 263,489 929,348 31,849,364 2,052,487 - 106,001,674

Single Premiums 9,923,897 12,729 4,957 1,314,334 - 3,254,564 381,888 57,432 - 14,949,801

Total Premium 79,277,481 29,812 24,903,783 1,314,334 514,793 5,319,731 47,737,742 2,603,286 135,508 161,836,470

Total Premium in India 79,277,481 29,812 24,903,783 1,314,334 514,793 5,319,731 47,737,742 2,603,286 135,508 161,836,470

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


First year Premiums 15,661,769 - 5,216,756 - 201,109 781,833 16,118,557 633,860 117,349 38,731,233

Renewal Premiums 53,183,065 20,314 11,318,150 - 202,177 655,818 26,590,272 2,178,427 - 94,148,222

Single Premiums 9,005,022 12,908 - 313,130 - 3,237,887 190,239 113,652 - 12,872,837

Total Premium 77,849,856 33,222 16,534,906 313,130 403,286 4,675,538 42,899,067 2,925,939 117,349 145,752,292

Total Premium in India 77,849,856 33,222 16,534,906 313,130 403,286 4,675,538 42,899,067 2,925,939 117,349 145,752,292

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

L-5-COMMISSION SCHEDULE


Commission paid

Direct first year premiums 3,314,099 - 2,139,238 - 89,078 25,494 1,438,195 30,833 10 7,036,947

Direct renewal premiums 2,225,053 194 268,760 - 10,271 18,222 226,189 30,638 - 2,779,327

Direct single premiums 394 - 149 14,322 - 143,765 6,461 296 - 165,387

Total (A) 5,539,546 194 2,408,147 14,322 99,349 187,480 1,670,845 61,767 10 9,981,661

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

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

Net Commission 5,539,546 194 2,408,147 14,322 99,349 187,480 1,670,845 61,767 10 9,981,661

-Rewards 125,985 - 78,072 10 3,316 1,285 52,905 1,179 - 262,752

Net Commission & Rewards 5,665,531 194 2,486,219 14,332 102,665 188,766 1,723,750 62,946 10 10,244,413

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

Agents 1,889,881 191 553,604 4,274 23,257 4,416 165,014 16,376 10 2,657,023

Brokers 3,335 0 1,264 0 5 37,998 150 3 0 42,755

Corporate Agency 181,191 1 20,768 283 334 722 10,493 88 0 213,880

Bancassurance 3,591,124 2 1,910,583 9,775 79,069 145,630 1,548,093 46,479 0 7,330,755

Total (B) 5,665,531 194 2,486,219 14,332 102,665 188,766 1,723,750 62,946 10 10,244,413


Commission paid

Direct first year premiums 4,161,703 - 1,168,132 - 63,885 11,595 1,576,422 41,402 2 7,023,141

Direct renewal premiums 2,050,271 251 183,220 - 8,084 12,080 216,183 33,525 - 2,503,614

Direct single premiums 450 - - 4,155 - 147,728 2,818 1,507 - 156,659

Total (A) 6,212,424 251 1,351,352 4,155 71,969 171,403 1,795,423 76,434 2 9,683,414



Net Commission 6,212,424 251 1,351,352 4,155 71,969 171,403 1,795,423 76,434 2 9,683,414

-Rewards 132,004 - 35,281 - 2,162 817 45,658 1,414 - 217,336

Net Commission & Rewards 6,344,428 251 1,386,633 4,155 74,131 172,220 1,841,081 77,848 2 9,900,749


Agents 2,630,316 246 479,488 1,455 29,177 32,520 417,377 26,537 2 3,617,118

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

Corporate Agency 177,545 1 19,631 - 261 56 13,839 54 - 211,388

Bancassurance 3,536,925 4 887,521 2,700 44,694 126,463 1,409,912 51,256 - 6,059,476

Total (B) 6,344,428 251 1,386,633 4,155 74,131 172,220 1,841,081 77,848 2 9,900,749


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







Page 8 of 28





L-4-PREMIUM SCHEDULE



Renewal Premiums 21,064,193 11,601 5,897,435 - 103,361 157,686 11,956,426 634,646 - 39,825,348

Single Premiums 3,265,043 9,100 2,871 482,535 - 1,063,996 152,043 16,953 - 4,992,541

Total Premium 28,716,947 20,701 9,142,059 482,535 185,431 1,625,390 17,710,425 789,159 53,371 58,726,018

Total Premium in India 28,716,947 20,701 9,142,059 482,535 185,431 1,625,390 17,710,425 789,159 53,371 58,726,018




Renewal Premiums 19,201,146 13,789 4,233,316 - 85,276 108,834 10,268,786 681,030 - 34,592,177

Single Premiums 3,027,421 9,243 - 149,670 - 1,021,916 85,479 12,946 - 4,306,674

Total Premium 28,219,500 23,032 6,786,598 149,670 154,010 1,368,691 17,478,658 975,885 53,350 55,209,393

Total Premium in India 28,219,500 23,032 6,786,598 149,670 154,010 1,368,691 17,478,658 975,885 53,350 55,209,393


L-5-COMMISSION SCHEDULE


Commission paid

Direct first year Premiums 1,093,020 - 622,673 - 30,646 9,291 478,968 8,690 - 2,243,288

Direct renewal Premiums 868,171 138 122,657 - 4,172 4,522 83,309 9,823 - 1,092,792

Direct single Premiums 74 - 108 5,237 - 48,312 2,615 158 - 56,504

Total (A) 1,961,265 138 745,438 5,237 34,818 62,125 564,892 18,671 - 3,392,584



Net Commission 1,961,265 138 745,438 5,237 34,818 62,125 564,892 18,671 - 3,392,584

-Rewards 125,985 - 78,072 10 3,316 1,285 52,905 1,179 - 262,752

Net Commission & Rewards 2,087,250 138 823,510 5,247 38,134 63,410 617,797 19,849 - 3,655,335


Agents 531,952 136 173,152 1,899 10,131 2,534 52,974 6,382 (0) 779,161

Brokers 1,628 0 775 0 5 11,270 105 3 0 13,786

Corporate Agency 61,074 1 4,720 224 136 273 451 12 0 66,892

Bancassurance 1,492,595 1 644,863 3,124 27,860 49,333 564,267 13,452 0 2,795,495

Total (B) 2,087,249 138 823,510 5,247 38,132 63,410 617,797 19,849 - 3,655,335


Commission paid

Direct first year premiums 1,544,184 - 502,968 - 21,339 2,294 670,768 17,972 - 2,759,525

Direct renewal premiums 738,605 174 65,835 - 3,468 3,090 78,586 10,179 - 899,937

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

Total (A) 2,282,938 174 568,781 1,944 24,807 55,341 750,636 28,247 - 3,712,868



Net Commission 2,282,938 174 568,781 1,944 24,807 55,341 750,636 28,247 - 3,712,868

-Rewards 132,004 - 35,281 - 2,162 817 45,658 1,414 - 217,336

Net Commission & Rewards 2,414,942 174 604,062 1,944 26,969 56,158 796,294 29,661 - 3,930,204


Agents 649,854 172 122,285 395 6,764 1,733 61,680 3,855 - 846,737

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

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

Bancassurance 1,694,036 1 474,495 1,550 20,111 49,596 731,090 25,777 - 2,996,657

Total (B) 2,414,942 174 604,062 1,944 26,969 56,158 796,294 29,661 - 3,930,204

Quarter Ended March 31, 2019








Page 9 of 28





L-6-OPERATING EXPENSES SCHEDULE


Employees remuneration and welfare benefits* 6,592,918 565 3,003,488 9,175 121,353 293,195 2,175,709 129,918 556 12,326,877

Travel, conveyance and vehicle running expenses 358,381 44 171,471 606 6,735 18,552 111,531 6,489 20 673,829

Training expenses 761,790 - 431,026 1,361 16,299 44,770 211,693 8,903 - 1,475,842

Rent, rates & taxes 464,417 64 220,584 741 8,682 24,198 142,326 8,318 29 869,359

Repairs 213,537 24 97,406 331 3,766 10,638 63,516 3,710 9 392,937

Printing and stationery 57,650 3 27,605 93 1,101 3,051 17,599 1,018 - 108,120

Communication expenses 336,224 23 111,375 481 4,688 12,692 122,390 9,719 56 597,648

Legal and professional charges 290,980 42 125,190 446 4,950 13,801 86,135 5,253 20 526,817

Medical fees 16,532 - 272,923 1 101 - 17,142 8 - 306,707

Auditors' fees, expenses etc :

(a) as auditor 4,893 - 2,328 5 89 225 1,394 94 - 9,028

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

(i) Taxation matters 208 - 95 1 4 11 78 4 - 401

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

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

(c) in any other capacity

- Certification 2,338 - 1,063 7 44 132 871 45 - 4,500

- Out of pocket expenses 1,378 - 567 2 21 74 424 27 - 2,493

Advertisement and publicity 1,552,292 - 871,800 3,705 34,433 95,913 467,291 18,700 1 3,044,135

Interest and bank charges 70,608 55 20,784 103 898 2,655 30,279 2,328 38 127,748

Others:

Rates and taxes 59,726 6 23,402 59 783 1,899 13,907 898 2 100,682

Goods and Service Tax 29,262 4 13,083 48 505 1,428 - - - 44,330

Information technology maintenance expenses 352,420 58 123,764 536 5,195 14,762 126,032 9,608 60 632,435

Board Meetings expenses 7,762 - 3,506 15 139 402 2,485 149 - 14,458

Recruitment (including Agent advisors) 61,173 17 25,818 (122) 831 1,717 12,679 1,373 7 103,493

Electricity ,water and utilities 105,280 14 50,201 151 1,923 5,318 31,527 1,884 6 196,304

Insurance 61,735 12 26,902 91 1,065 2,984 18,982 1,213 5 112,989

Policy issuance and servicing costs 227,033 53 342,059 526 11,747 211,144 103,440 5,447 34 901,483

(Profit)/Loss on fluctuation in foreign exchange 1,570 1 258 1 14 23 637 63 - 2,567

Other miscellaneous expenses 18,456 - 8,745 27 324 874 4,946 325 - 33,697

Depreciation 460,834 133 173,014 671 7,138 19,786 158,744 11,802 66 832,188

Total 12,109,397 1,118 6,148,457 19,061 232,828 780,244 3,921,757 227,296 909 23,441,067

*Includes outsourced employees cost of Rs.2,067,089

Particulars


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

Page 10 of 28







Employees remuneration and welfare benefits* 5,515,202 707 1,431,204 2,115 69,361 192,568 1,628,230 98,856 548 8,938,791


Training expenses 1,032,604 - 312,656 269 16,881 46,728 236,970 11,260 - 1,657,368

Rent, rates & taxes 477,937 68 129,037 176 7,131 19,748 127,538 8,193 34 769,862

Repairs 218,091 26 58,859 79 3,248 8,886 58,397 3,729 14 351,329

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

Communication expenses 429,540 37 102,478 68 3,696 10,741 171,548 13,344 13 731,465


Medical fees 21,072 1 224,630 - 376 392 19,842 18 - 266,331

Auditors' fees, expenses etc :

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

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

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



(c) in any other capacity

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

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

Advertisement and publicity 1,664,687 - 525,417 460 26,475 68,416 400,281 17,921 - 2,703,657

Interest and bank charges 67,481 46 15,027 47 792 2,510 29,030 2,708 32 117,673

Others:

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

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

Information technology maintenance expenses 333,932 67 73,160 188 4,143 11,973 109,947 9,294 70 542,774

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

Recruitment (including Agent advisors) 148,581 11 42,786 49 2,267 5,882 37,012 2,032 7 238,627

Electricity ,water and utilities 185,374 25 50,098 69 2,760 7,688 49,501 3,190 14 298,719

Insurance 23,245 3 5,066 8 368 1,059 4,993 395 2 35,139

Policy issuance and servicing costs 127,984 (43) 259,237 113 7,743 156,519 66,319 2,923 25 620,820

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

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

Depreciation 437,018 136 98,701 227 5,668 16,304 137,556 11,350 79 707,039

Total 11,484,145 1,203 3,541,433 4,171 162,347 581,064 3,287,110 198,934 891 19,261,298

* Includes outsourced employees cost of Rs. 504,156

Particulars


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

Page 11 of 28







Employees remuneration and welfare benefits 2,502,480 (53) 1,082,615 5,099 57,344 123,028 893,683 56,651 244 4,721,091


Training expenses 214,813 - 116,787 758 4,645 14,080 73,573 2,720 - 427,376

Rent, rates & taxes 113,721 18 53,072 348 2,158 6,593 41,887 2,064 8 219,869

Repairs 59,462 8 27,268 180 1,110 3,389 21,604 1,069 4 114,094

Printing and stationery 13,048 1 6,132 40 249 761 4,791 233 - 25,255

Communication expenses 97,518 (56) 30,513 211 1,332 4,180 40,896 2,832 20 177,446


Medical fees 4,651 - 85,037 1 33 - 5,371 4 - 95,097

Auditors' fees, expenses etc : -

(a) as auditor 1,213 - 575 2 29 71 345 23 - 2,258

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

(i) Taxation matters 208 - 95 1 4 11 78 4 - 401



(c) in any other capacity -

- Certification 544 - 224 4 4 29 310 11 - 1,126

- Out of pocket expenses 310 - 141 1 5 18 115 6 - 596

Advertisement and publicity 784,212 - 426,234 2,763 16,961 51,383 268,579 9,939 1 1,560,072

Interest and bank charges 23,142 16 6,821 48 298 964 10,405 762 10 42,466

Others: -

Rates and taxes 11,118 1 3,235 22 132 403 2,642 134 1 17,688


Information technology maintenance expenses 106,479 (18) 37,586 256 1,603 4,982 43,252 2,790 19 196,949

Board Meetings expenses 2,635 - 1,198 8 49 149 981 50 - 5,070

Recruitment (including Agent advisors) (68,478) 4 (39,174) (252) (1,548) (4,680) (22,800) (729) 2 (137,655)

Electricity ,water and utilities 19,572 3 9,131 61 371 1,134 7,210 355 1 37,838

Insurance 12,781 3 5,586 38 232 711 4,855 258 1 24,465

Policy issuance and servicing costs (887,039) (217) (293,651) (816) (11,852) 48,912 (266,089) (21,016) (99) (1,431,867)

(Profit)/Loss on fluctuation in foreign exchange 222 - 40 - 2 7 103 8 - 382

Other miscellaneous expenses 4,224 - 1,714 12 70 215 1,100 70 - 7,405

Depreciation 109,009 35 40,644 273 1,718 5,314 43,581 2,705 17 203,296

Total 3,333,029 (225) 1,689,206 9,633 78,508 272,531 1,242,904 64,240 242 6,690,067



Page 12 of 28







Employees remuneration and welfare benefits 1,761,149 67 511,787 751 21,495 55,493 572,069 32,396 145 2,955,352


Training expenses 288,457 - 100,194 92 4,302 10,534 77,331 3,375 - 484,285

Rent, rates & taxes 122,032 18 37,653 51 1,665 4,174 37,645 2,157 7 205,402

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

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

Communication expenses 131,724 (12) 33,809 23 1,089 2,310 58,040 3,700 3 230,686


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

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

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

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

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



(c) in any other capacity -

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

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

Advertisement and publicity 853,648 - 296,469 270 12,730 31,167 228,896 9,993 - 1,433,173

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

Others: -

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


Information technology maintenance expenses 72,413 (21) 17,797 43 840 2,207 27,037 1,976 12 122,304

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

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

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

Insurance (17,837) (4) (4,852) (8) (237) (625) (5,772) (378) (2) (29,715)

Policy issuance and servicing costs (173,930) (179) 45,401 (70) (143) 28,015 (35,914) (4,123) (31) (140,974)

(Profit)/Loss on fluctuation in foreign exchange 143 - 20 - 1 3 69 6 - 242

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

Depreciation 69,088 22 18,257 37 843 2,182 24,495 1,691 8 116,623

-

Total 3,539,212 (40) 1,260,317 1,368 48,343 149,829 1,118,173 58,294 165 6,175,661



Page 13 of 28





L-7-BENEFITS PAID SCHEDULE


Insurance Claims *

(a) Claims by death, 2,718,480 972 2,122,633 25,334 4,909 2,313,235 1,129,115 78,150 14 8,392,842

(b) Claims by Maturity, 2,087,848 25,358 119,960 - - - 9,631,753 406,530 111,345 12,382,794

(c) Annuities/ Pension payment, - - - 111,684 - - - - - 111,684

(d) Other benefits

Surrenders 8,605,699 33,535 1,437,028 - - 198,443 20,453,219 3,473,524 4,019 34,205,467

Health 141 - 3,100 - 87,775 15,782 - - - 106,798

Survival Benefit 610,093 - 777,456 - - - - - - 1,387,549

Bonus to Policyholders 11,320,776 13,669 - - - - - - - 11,334,445

Others 123,156 50 23,032 11 75 610 112,076 149 - 259,159

Total paid 25,466,193 73,584 4,483,209 137,029 92,759 2,528,070 31,326,163 3,958,353 115,378 68,180,738

(Amount ceded in re-insurance) :

(a) Claims by death, (128,782) - (1,124,449) - - (565,825) (67,357) (50) 8 (1,886,455)

(b) Claims by Maturity, - - - - - - - - - -

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

(d) Other benefits - Health - - (1,050) - (88,112) - - - - (89,162)

Total ceded (128,782) - (1,125,499) - (88,112) (565,825) (67,357) (50) 8 (1,975,617)

Amount accepted in re-insurance :

(a) Claims by death, - - - - - - - - - -



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

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

Net Paid 25,337,411 73,584 3,357,710 137,029 4,647 1,962,245 31,258,807 3,958,303 115,386 66,205,122

Benefits paid in India 25,337,411 73,584 3,357,710 137,029 4,647 1,962,245 31,258,807 3,958,303 115,386 66,205,122

Benefits paid Outside India - - - - - - - - - -

* Including claim investigation expenses amounting to Rs.21,996

Particulars



Page 14 of 28







Insurance Claims *

(a) Claims by death, 2,432,527 1,555 1,473,569 19,835 2,167 1,585,113 962,014 72,005 (13) 6,548,772

(b) Claims by Maturity, 1,125,284 16,636 6,528 - - - 10,720,852 303,942 386,934 12,560,176


(d) Other benefits

Surrenders 6,413,652 36,058 943,155 - 200 182,341 17,510,504 2,658,126 2,267 27,746,302

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

Survival Benefit 710,345 - 351,665 - - - - - - 1,062,011


Others 83,771 - 18,590 8 562 770 111,254 313 - 215,268

Total paid 20,939,429 67,850 2,795,507 93,029 43,913 1,772,674 29,304,625 3,034,386 389,188 58,440,601


(a) Claims by death, (72,490) - (681,504) - - (389,166) (96,272) (125) 8 (1,239,549)



(d) Other benefits - Health (500) - (1,000) - (34,817) - - - - (36,317)

Total ceded (72,990) - (682,504) - (34,817) (389,166) (96,272) (125) 8 (1,275,866)


(a) Claims by death, - - - - - - - - - -



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

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

Net Paid 20,866,439 67,850 2,113,004 93,029 9,096 1,383,507 29,208,353 3,034,261 389,196 57,164,735

Benefits paid in India 20,866,439 67,850 2,113,004 93,029 9,096 1,383,507 29,208,353 3,034,261 389,196 57,164,735

Benefits paid Outside India - - - - - - - - - -


Particulars Period ended March 31, 2019


Page 15 of 28



REGISTRATION NO: 104; DATE OF REGISTRATION WITH IRDA : NOVEMBER 15, 2000(All Amounts in Thousands of Indian Rupees)



Insurance Claims *

(a) Claims by death, 680,357 399 439,974 11,406 (1,807) 694,024 282,038 19,470 4 2,125,865

(b) Claims by Maturity, 379,611 19,990 13,605 - - - 2,007,615 102,960 20,913 2,544,694


(d) Other benefits -

Surrenders 2,457,206 12,627 459,700 - - 54,515 4,501,015 885,715 0 8,370,778

Health - - 200 - 31,646 3,699 - - - 35,546

Survival Benefit 163,941 - 216,366 - - - - - - 380,308


Others 33,469 66 4,517 5 - 213 32,981 26 - 71,277

Total paid 7,362,877 42,920 1,134,362 48,209 29,839 752,451 6,823,650 1,008,171 20,917 17,223,396


(a) Claims by death, (52,094) - (191,849) - - (154,725) (8,928) - - (407,596)



(d) Other benefits - Health - - (600) - (24,523) - - - - (25,123)

Total ceded (52,094) - (192,449) - (24,523) (154,725) (8,928) - - (432,719)


(a) Claims by death, - - - - - - - - - -



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

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

Net Paid 7,310,783 42,920 941,913 48,209 5,316 597,726 6,814,722 1,008,171 20,917 16,790,677


Particulars



Page 16 of 28



REGISTRATION NO: 104; DATE OF REGISTRATION WITH IRDA : NOVEMBER 15, 2000(All Amounts in Thousands of Indian Rupees)



Insurance Claims *

(a) Claims by death, 772,918 913 367,041 20,624 (2,810) 554,574 262,242 20,312 (18) 1,995,796

(b) Claims by Maturity, 509,306 13,818 3,949 - - - 2,606,444 97,102 91,600 3,322,219

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

(d) Other benefits

Surrenders 1,988,369 17,019 306,698 - (0) 44,031 6,693,274 901,978 667 9,952,036

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

Survival Benefit 226,714 - 124,501 - - - - - - 351,216


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

Total paid 6,926,564 41,518 807,931 43,544 9,798 600,024 9,591,616 1,019,596 92,249 19,132,841


(a) Claims by death, (30,056) - (325,315) - - (174,155) (23,569) (75) 8 (553,162)


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

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

Total ceded (30,556) - (326,165) - (10,017) (174,155) (23,569) (75) 8 (564,529)


(a) Claims by death, - - - - - - - - - -


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

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

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

Net Paid 6,896,008 41,518 481,766 43,544 (219) 425,869 9,568,047 1,019,521 92,257 18,568,312


Particulars Quarter Ended March 31, 2019


Page 17 of 28





L-8-SHARE CAPITAL SCHEDULE

Particulars As At March 31, 2020 As At March 31, 2019

Authorised Capital

3,000,000,000 ( March 31, 2019: 3,000,000,000) Equity Shares of Rs 10 each 30,000,000 30,000,000

Issued and Subscribed Capital

1,918,812,856 (March 31, 2019: 1,918,812,856) Equity Shares of Rs 10 each 19,188,129 19,188,129

Subscribed Capital

1,918,812,856 (March31, 2019: 1,918,812,856) Equity Shares of Rs 10 each 19,188,129 19,188,129

Called up Capital

1,918,812,856 (March31, 2019: 1,918,812,856) Equity Shares of Rs 10 each 19,188,129 19,188,129

Less: Calls unpaid - -

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

Add : Shares application money pending allotment - -

Less: Par value of Equity Shares bought back - -

Less: Preliminary Expenses - -

Expenses including commission or brokerage on

Underwriting or subscription of shares Total 19,188,129 19,188,129

L-9-PATTERN OF SHAREHOLDING SCHEDULE

Particulars

Shareholder Number of Shares of Rs 10

each fully paid up

% of Holding Number of Shares of Rs 10

each fully paid up

% of Holding

Promoters

-Indian 1,391,579,381 72.52% 1,377,408,564 71.79%

-Foreign - - - -

Others

-Indian 38,300,006 2.00% 57,449,758 2.99%

-Foreign 488,933,469 25.48% 483,954,534 25.22%

Total 1,918,812,856 100.00% 1,918,812,856 100.01%

As At March 31, 2020 As At March 31, 2019

Of the above 13,91,579,381 (March 31, 2019: 1,357,531,196 ) equity shares of Rs 10 each fully paid up are held by Max Financial Services Limited (the

holding company) and its nominees.

Page 18 of 28


L-10-RESERVE AND SURPLUS SCHEDULE


Capital Reserve - -

Capital Redemption Reserve 258,784 258,784

Share Premium 680,913 680,913

Revaluation Reserve - -

General Reserve :

Opening Balance - -

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

Closing Balance of General Reserve - -

Catastrophe Reserve - -

Other Reserves - Realised Hedge Reserves PH A/C 683,222 -

Balance of profit/ (loss) in Profit and Loss Account 5,182,919 7,538,521

Total 6,805,838 8,478,218

L-11-BORROWINGS SCHEDULE

Particulars As At March 31, 2020 As At March 31, 2019 Debentures/ Bonds - - Banks - - Financial Institutions - - Others - -

Total - -




Page 19 of 28





LONG TERM INVESTMENTS

Government securities and Government guaranteed bonds

including Treasury Bills 1,570,439 1,560,952

Other Approved Securities 2,694,749 2,707,425

Other Approved investments

(a) Shares

(aa) Equity 834,368 949,447

(bb) Preference - -

(b) Mutual Funds - -

(c) Derivative Instruments - -

(d) Debentures/ Bonds 704,155 11,038,257

(e) Other Securities

Deposits with Bank - -

(f) Subsidiaries - -

(g) Investment Properties-Real Estate 913,913 -

Investments in Infrastructure and Social Sector 6,106,799 3,581,605

Other Investments

Debentures/ Bonds 10,200,000 -

Equity Shares 29,808 76,075

Preference Shares - -

Investments in Infrastructure and Social Sector - 50,000

SHORT TERM INVESTMENTS


including Treasury Bills 11,302 232,798

Other Approved Securities 35,148 -


(a) Shares

(aa) Equity - -

(bb) Preference - -

(b) Mutual Funds 4,199,521 6,975,715


(d) Debentures/ Bonds 358,324 70,950


Commercial Paper 1,758,485 2,261,515

Certificate of Deposits - 773,311

Deposits with Bank 1,022,653 1,815,984

TREPS/Reverse Repo 612,125 18,257


(g) Investment Properties-Real Estate - -


Other Investments

Mutual Fund - -

Debentures/ Bonds - 50,000


Total 32,581,186 35,186,764

In India 32,581,186 32,581,186

Outside India - -

Total 32,581,186 35,186,764

Aggregate Amount of Investments other than listed equity

securities. 31,583,035 33,877,433

Aggregate Market Value of Investments other than listed

equity securities. 31,226,619 33,369,918

L-12-INVESTMENT SHAREHOLDERS SCHEDULE


Page 20 of 28










Other Approved Investments

(a) Shares

(aa) Equity 27,235,861 29,114,821

(bb) Preference - -



(d) Debentures/ Bonds 7,230,547 10,806,114


Commercial Paper - -

Deposits with Bank - 90,000


(g) Investment Properties-Real Estate 4,319,832 2,195,070


Other Investments

Debentures/ Bonds 5,000,000 -

Equity Shares 3,982,504 6,287,147

Alternate Investment Funds 508,615 475,231

Investments in Infrastructure and Social Sector - -



including Treasury Bills 858,551 913,804

Other Approved Securities 383,576 49,794


(a) Shares

(aa) Equity - -

(bb) Preference - -

(b) Mutual Funds 6,114,297 7,655,994


(d) Debentures/ Bonds 877,746 1,156,640


Commercial Paper 2,089,887 582,351

Certificate of Deposits - 823,093

Deposits with Bank 1,890,000 -

TREPS/Reverse Repo 3,135,377 3,709,286




Other Investments

Debentures/ Bonds - 150,000

Investments in Infrastructure and Social Sector - -

Mutual Fund - -

Total 460,484,108 394,173,336

In India 460,484,108 394,173,336

Outside India - -

Total 460,484,108 394,173,336

Aggregate Amount of Investments other than listed equity

securities. 425,528,980 355,274,372

Aggregate Market Value of Investments other than listed

equity securities. 461,404,131 364,083,946

L-13-INVESTMENT POLICYHOLDERS SCHEDULE

Page 21 of 28





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







(a) Shares

(aa) Equity 67,504,497 81,215,679

(bb) Preference - -



(d) Debentures/ Bonds 5,687,156 14,095,800


Deposits with Bank - -




Other Investments

Debentures/ Bonds 4,712,041 150,483

Equity Shares 3,541,223 6,876,229

Preference Shares - -

Investments in Infrastructure and Social Sector 577,753 2,125,576


Government securities and Government guaranteed bonds including Treasury Bills 14,043,013 8,809,488

Other Approved Securities 183,680 513,082


(a) Shares

(aa) Equity - -

(bb) Preference - -

(b) Mutual Funds 5,450,105 4,749,677


(d) Debentures/ Bonds 333,886 241,801


Commercial Paper 1,499,877 3,077,095

Certificate of Deposits - -

Deposits with Bank 750,000 95,000

TREPS/Reverse Repo 5,282,513 843,841



(h) Exchange Traded Funds - -


Other Investments

Debentures/ Bonds 50,058 422,294

Mutual Funds - -


Exchange Traded Funds 5,388,793 4,505,003

Net Current Assets 5,317,849 4,004,896

Total 191,641,577 198,619,191

In India 191,641,577 198,619,191

Outside India - -

Total 191,641,577 198,619,191

Page 22 of 28




L-15-LOANS SCHEDULE


SECURITY -WISE CLASSIFICATION

Secured

(a) On mortgage of property

(aa) In India - -

(bb) Outside India - -

(b) On Shares, Bonds, Govt. Securities, etc. - -

(c) Loans against policies 4,264,484 3,265,049

(d) Others - -

Unsecured - -

Total 4,264,484 3,265,049

BORROWER-WISE CLASSIFICATION

(a) Central and State Governments - -

(b) Banks and Financial Institutions - -

(c) Subsidiaries - -

(d) Companies - -

(e) Loans against policies 4,264,484 3,265,049

(f) Others - -

Total 4,264,484 3,265,049

PERFORMANCE-WISE CLASSIFICATION

(a) Loans classified as standard

(aa) In India 4,264,484 3,265,049


(b) Non-standard loans less provisions

(aa) In India - -


Total 4,264,484 3,265,049

MATURITY- WISE CLASSIFICATION

(a) Short Term 50,753 65,599

(b) Long Term 4,213,731 3,199,450

Total 4,264,484 3,265,049


Page 23 of 28





L-16-FIXED ASSETS SCHEDULE

Goodwill - - - - - - - - - - Intangibles - Software 3,966,486 696,963 - 4,663,449 2,953,698 535,027 - 3,488,725 1,174,723 1,012,788 Leasehold Property - - - - - - - - - - Leasehold improvements - - - - - - - - - - Buildings - - - - - - - - - - Furniture and fixtures 372,714 71,543 5,416 438,841 294,655 31,792 5,135 321,312 117,530 78,061 Information Technology equipment

(Including communication networks and

servers )

1,302,860 150,170 1,599 1,451,431 1,096,657 136,898 1,404 1,232,151 219,280 206,203

Vehicles 25,801 4,066 1,628 28,239 20,724 3,295 846 23,172 5,068 5,077 Office equipment 535,563 86,817 17,466 604,915 421,362 51,657 17,102 455,917 148,998 114,202 Others - Leasehold improvements 1,269,155 225,510 18 1,494,647 1,019,519 73,519 18 1,093,020 401,627 249,636

Total 7,472,580 1,235,069 26,127 8,681,522 5,806,614 832,188 24,505 6,614,297 2,067,225 1,665,966 Capital Work in Progress (including

Capital advances) 119,825 255,216

Grand Total 7,472,580 1,235,069 26,127 8,681,522 5,806,614 832,188 24,505 6,614,297 2,187,050 1,921,182

Previous year (FY 18-19) 6,817,142 1,010,877 355,439 7,472,580 5,435,496 707,039 335,921 5,806,614 1,921,182 -

Note:

1. Internally generated Intangibles is Rs. NIL. (Mar 31, 2019 - Rs. NIL)

2.Assets disclosed above excludes investment properties as defined in particulars of Schedule 12 (g) & Schedule 13 (g)

As At April 1, 2019 Additions DeductionsParticulars

Gross Block

As At March 31, 2020 As At March 31, 2020 As At March 31, 2019

Depreciation Net Block

As At March 31, 2020 On Sales

/Adjustments As At April 1, 2019 For The Period

Page 24 of 28





L-17-CASH AND BANK BALANCE SCHEDULE

Particulars

Cash [Including Insurance Stamp Rs. 15,550 (March 31, 2019: Rs. 25,145 ) and

Cheques in hand of Rs. 4,27,927 (March 31, 2019 : Rs. 895,682]

448,960 957,709

Bank Balances* (a) Deposit accounts (aa) Short-term fixed deposit (i.e. maturing in 12 months) - - (bb) Others - - (b) Current accounts 3,610,892 4,069,180

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

Total 4,059,852 5,026,889 Cash & Bank Balance

In India 4,059,852 5,026,889

Outside India - -

Total 4,059,852 5,026,889

*Bank Balances with non-scheduled bank included in (b) above is Rs Nil (March 31, 2019 Rs Nil)

L-18-ADVANCES AND OTHER ASSETS SCHEDULE

Particulars

ADVANCES

Reserve deposit with ceding companies - -

Application money for investments - -

Prepayments 316,344 281,428

Advances to Directors / Officers - -

Advance tax paid and taxes deducted at source (Net of provision for taxation) 222,018 188,340

Others

Advances to suppliers 379,717 1,081,336

Less : Provision for doubtful advances 31,150 348,567 33,042 1,048,294

Advances to employees for imprest, travel, etc. 31,743 39,095

Less : Provision for doubtful advances 21,453 10,290 28,767 10,328

Total (A) 897,219 1,528,390

OTHER ASSETS

Income accrued on investments 9,924,599 8,752,361

Outstanding Premiums 8,201,089 6,288,614

Agents' Balances 66,388 - 54,355

Less : Provision for doubtful expenses 53,596 12,792 41,196 13,159

Foreign Agencies Balances - -

Due from other entities carrying on insurance business (including reinsurers) 1,082,375 953,846

Due from subsidiaries / holding company - -

Deposits with Reserve Bank of India - -

Others:

- Security and other deposits 475,241 434,212

- Outstanding Trades - Investment 29,524 92,072

- Receivable from Unit Linked Fund 279,499 562,751

- Derivative Assets 331,760 602,101

- Derivative margin money investment 228,960 505,784

- Asset held for unclaimed amount 404,398 92,806

- Income on unclaimed fund 174,755 142,917

- Service Tax Deposits 44,527 102,484

- Income Tax Deposits 419,258 419,258

Total (B) 21,608,777 18,962,365

Total (C) = (A) + (B) 22,505,996 20,490,755



Page 25 of 28




L-19-CURRENT LIABILITIES SCHEDULE


Agents balances 1,479,268 1,756,527

Balance due to other insurance companies 576,968 438,087

Deposits held on reinsurance ceded - -

Premium received in advance 102,393 138,959

Unallocated premium 1,714,381 1,449,802

Sundry creditors 6,326,185 7,809,550

Due to holding company 149,460 150,925

Claims outstanding (includes pending investigation) 1,548,743 1,218,695

Annuities due - -

Due to Officers/ Directors - -

Unclaimed amount- Policyholders 404,398 92,806

Income on unclaimed fund 174,755 142,917

Others:

-Proposal / Policyholder deposits 2,465,404 2,763,063

-Payable to Policyholder 2,301,867 3,076,488

-Withholding tax deducted at source 314,445 250,896

-GST liability 424,657 496,716

-Other statutory liabilities 85,100 53,964

-Derivative Liability 380,222 1,106

- Payable for purchase of investments 1,126,101 1,943,214

-Derivative margin money 64,393 505,402

Total 19,638,740 22,289,117

L-20-PROVISIONS SCHEDULE


For taxation (less payments and taxes deducted at source) - -

For proposed dividends - -

For dividend distribution tax - -

Bonus payable to Policyholders - -

Others :

- Gratuity 364,326 202,296

- Compensated Absences 273,056 319,815

Total 637,382 522,111

L-21-MISC EXPENDITURE SCHEDULE


Discount Allowed in issue of shares/ debentures - -

Others

- Deferred Employee Compensation - -

Total - -


Page 26 of 28


FORM L-22 ANALYTICAL RATIOS



S.No. ParticularsQuarter ended

March 31, 2020

Period ended March

31, 2020

Quarter ended

March 31, 2019

Period ended March

31, 2019

1 New business premium income growth rate

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

Premium)Individual Life - Participating 85% 91% 116% 113%

Pension - Participating 98% 99% 104% 103%

Individual Life - Non Participating 127% 206% 180% 143%

Annuity 322% 420% 198% 140%

Health Insurance 119% 125% 113% 112%

Group 116% 109% 106% 116%

Individual Linked 80% 97% 116% 125%

Linked Pension 52% 74% 88% 77%

Linked Group 100% 115% 103% 70%

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

3 Expense of Management to Gross Direct Premium Ratio 18% 21% 18% 20%

4 Commission Ratio (Gross commission paid to Gross Premium) 6% 6% 7% 7%

5 Ratio of policy holder's liabilities to shareholder's funds 2681% 2681% 2203% 2203%

6 Growth rate of shareholders' fund -9% -9% 2% 2%

7 Ratio of surplus to policyholders' liability 2% 2% 1% 1%

8 Change in net worth (2,553,585) (2,553,585) 620,416 620,416

9 Profit after tax/Total Income 5% 3% 3% 3%

10 (Total real estate + loans)/(Cash & invested assets) 1.4% 1.4% 0.9% 0.9%

11 Total investments/(Capital + Surplus) 2651% 2651% 2282% 2282%

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

13 Investment Yield (Gross and Net)

Without unrealized gains

Policyholders’ Funds:

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

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

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

Grand Total 8% 8% 7% 9%

Shareholders’ Funds 7% 7% 8% 8%

With unealized Gains

Policyholders’ Funds:

Par - Non Linked 7% 11% 11% 9%

Non Par - Non Linked 14% 13% 9% 9%

Non Par - Linked -48% -8% 18% 10%

Grand Total -9% 5% 13% 10%

Shareholders’ Funds 4% 7% 11% 7%

14 Conservation Ratio

Individual Life - Participating 89% 88% 88% 89%

Pension - Participating 94% 92% 93% 93%

Individual Life - Non Participating 89% 89% 97% 92%

Health Insurance 64% 65% 67% 65%

Individual Linked 83% 79% 81% 87%

Linked Pension 77% 75% 75% 83%

15 Persistency Ratio*

By Premium

For 13th month 85% 87% 85% 83%

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

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

For 49th Month 60% 60% 58% 58%

for 61st month 53% 53% 55% 53%

By Count

For 13th month 80% 82% 80% 79%

For 25th month 69% 70% 69% 67%

For 37th month 60% 61% 61% 60%

For 49th Month 56% 56% 55% 54%

for 61st month 50% 50% 50% 49%

16 NPA Ratio

Gross NPA Ratio NA NA NA NA

Net NPA Ratio NA NA NA NA

1 (a) No. of shares 1,918,812,856 1,918,812,856 1,918,812,856 1,918,812,856

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

- Indian 75% 75% 75% 75%

- Foreign 25% 25% 25% 25%

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

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

period (not to be annualized) 1.20 2.81 1.28 2.90

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

period (not to be annualized) 1.20 2.81 1.28 2.90

6 (iv) Book value per share (Rs) 13.06 13.06 14.39 14.39

*Persistency for the period ended 31st Mar 20 for policies with premium due from

Mar’19 to Feb’20 on Premium basis are 13M: 83.28%; 25M: 71.05%; 37M:

62.92% ; 49M: 59.14%; 61M: 52.09%.

Equity Holding Pattern for Life Insurers

Page 27 of 28



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

FORM L- 23 - RECEIPTS AND PAYMENTS SCHEDULEParticulars Year Ended March 31, 2020 Year Ended March 31, 2019

Cash flows from operating activities

Premium received from policyholders, including advance receipts 159,854,349 147,011,562

Other receipts 294,345 566,438

Payments to the re-insurers, net of commissions and claims (62,838) (579,764)

Payments of claims (68,608,559) (56,779,868)

Payments of commission and brokerage (10,533,705) (8,749,765)

Payments of other operating expenses (24,018,049) (18,594,088)

Preliminary and pre-operative expenses - -

Deposits, advances and staff loans 16,928 (57,363)

Income taxes paid (Net) (618,358) (712,970)

Service tax paid (1,566,503) (1,470,786)

Other payments - -

Net cash flow from operating activities 54,757,610 60,633,395

Cash flows from investing activities

Purchase of fixed assets (1,228,461) (994,593)

Proceeds from sale of fixed assets 4,192 19,713

Purchases of investments (7,064,871,184) (7,433,385,498)

Realised HFR & Derivative Profit & Loss 775,050 -

Loans against policies (999,435) (1,032,473)

Sales of investments 6,977,371,643 7,347,502,085

Receviable from UL fund and advance for property 954,252

Rents/Interests/ Dividends received 40,018,618 32,667,628

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

Expenses related to investments - -

Net cash flow from investing activities (47,975,325) (55,223,138)

Cash flows from financing activities

Proceeds on buyback of share capital - -

Tax on Buy Back - -

Repayments of borrowing - -

Interest/dividends paid (7,749,322) (4,788,387)

Net cash flow from financing activities (7,749,322) (4,788,387)

Net increase/ (decrease) in cash and cash equivalents (967,037) 621,871

Cash and cash equivalents at beginning of year 5,026,889 4,405,018

Cash and cash equivalents at end of year 4,059,852 5,026,889

Notes :

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

2. Figures in parenthesis represent cash outflows.

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

Particulars Year Ended March 31, 2020 Year Ended March 31, 2019

Cash in hand 5,483 36,881

Stamps in hand 15,550 25,146

Cheques in hand 427,927 895,682

Balance with banks

- Current Account (including Remittances in Transit) 3,610,892 4,069,180

Total 4,059,852 5,026,889

Page 28 of 28

Documents

NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED · 2020-07-30 · PERIODIC DISCLOSURES L-1-A-RA NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED REGISTRATION NO: 104;