Bajaj Allianz Life Insurance Company Limited

Bajaj Allianz Life Insurance Company Limited
AUDITORS
S.R. BATLIBOI & CO.
Chartered Accountants
KIRTANE & PANDIT
MAIN BANKERS
Standard Chartered Bank
Syndicate Bank
Deutsche Bank
UTI Bank
REGISTERED OFFICE
Bajaj Allianz Life Insurance Company Limited,
Ground Floor, G.E. Plaza, Airport Road,
Yerawada, Pune - 411 006.
Tel: (020) 6602 6777.
Fax: (020) 6602 6789.
email:life@bajajallianz.co.in
Visit us at: www.bajajallianzlife.co.in
INDEX
Directors Report ..................................................................................... 2
Board of Directors ................................................................................... 4
CEO Speak ............................................................................................ 6
Management Team ................................................................................... 8
Management Report ................................................................................ 10
Auditors Report .................................................................................... 12
Revenue Account : Policyholders Account (Technical Account) ............................... 14
Profit & Loss Account : Shareholders Account (Non Technical Account) .................... 19
Balance Sheet ........................................................................................ 20
Schedule 1-15 ........................................................................................ 22
Annexure to Revenue Account ..................................................................... 38
Notes to Financial Statements .................................................................... 42
Cash Flow Statement ............................................................................... 88
Balance Sheet abstract & Companys general business profile ............................... 89
DIRECTORS REPORT
The Directors have pleasure in presenting their Sixth
Annual Report & Audited Statements of Accounts for the
year 2006- 2007
1. MARKET SCENARIO IN THE LIFE INSURANCE INDUSTRY:

The life insurance market had an unbelievably high growth
of 110% in the year under review measured in terms of
new business. The industry as a whole wrote a first year
premium of Rs. 754 billion in the year 2006-07 compared
to Rs. 359 billion in the previous year; a growth of 110
percent. Unexpectedly LIC contributed the lions share
to this growth. After losing market share during each of
the last of 6 years, LIC bucked the past trend and during
2006-07, the new premium market share of LIC increased
from 71% in 2005-06 to 74% in 2006-07. Accordingly market
share of private players reduced from 29 to 26 percent.
In the year forward, private players like your company
are going to face even greater competition from each
other, a resurgent LIC and many new entrants to the
Life insurance business.
Thus the market is growing by leaps and bounds but
the competition is severe.
Unit- linked products continue to be the fancy of the
customers, largely on account of the booming stock
market. Market structure is maturing towards higher
allocation and moderate commissions. Insurance
Regulatory and Development Authority (IRDA) enforced
a 3-year lock-in period for unit-linked products as well
as Anti Money Laundering/ KYC procedures in the
market through the year.
The Agency channel largely contributed to the extra

ordinary growth achieved by the Company. Strength of
agents doubled in the year from 109,000 to 213,000.
The Company has the largest distribution network in
the private sector and has its presence in 876 offices
across the country. Alternate channels have also picked
up with a good performance of the corporate agents
and other distribution networks. Our Bancassurance
channel has also performed well and has tied up with
pan-India financial institutions, various Co-Operative
banks and Regional Rural Banks. The Company has
successfully developed a comprehensive product range
covering individual life and group business by introducing
a number of products during the year.
Your Company has been monitoring its solvency margins,
which have been maintained in accordance with IRDA
requirements.
2.1 Capital:
The Shareholders contributed Rs. 2,007 million to
the Companys capital during the year. With this,
the total funds infused by shareholders in the
Company amount to Rs. 7,005 million.
2.2.IRDA Registration:
The Certificate of Registration from the IRDA to
carry on the life insurance business has been
renewed for the year 2007-08.
2. SUMMARY OF OPERATIONS FOR THE YEAR:

Your Company continues to be at the second position
amongst the private life insurers on the basis of new
business premium and first position on the basis of the
number of policies. It wrote new business of Rs. 42,698
million compared to Rs. 27,168 million in the previous
year and registered a market share of 5.7% compared
to 7.6% in the previous year. The gross premium written
for the financial year 2006-07 was Rs.53,100 million, as
compared to Rs. 31,336 million in the previous year.
The Company has recorded a profit of Rs. 662 million
during the financial year and is the highest profit making
company in the private sector.
3. PARTICULARS REGARDING CONSERVATION OF ENERGY

AND TECHNOLOGY ABSORPTION:
Since the Company does not carry out any
manufacturing activity, the Companies (Disclosure of
Particulars in the report of the Board of Directors)
Rules, 1988 are not applicable.
4. FOREIGN EXCHANGE EARNINGS AND EXPENDITURE:

Earnings in foreign currency
NIL
Expenditure in foreign currency
Rs. 30,135,414/-
5. PARTICULARS OF EMPLOYEES:
As required by the provisions of sub-section 2A of
Section 217 of the Companies Act, 1956 read with the
Companies (Particulars of Employees) as amended, the
names and other particulars of the employees are set
out in the annexure to the Directors Report. However,
as per the provisions of sub-section 1(b)(iv) of Section
219 of the Companies Act, 1956, the Report and
Accounts are being sent to the shareholders of the
Company excluding the aforesaid information. Any
shareholder interested in obtaining such particulars
may write to the Company Secretary at the Registered
Office of the Company.
6. DIRECTORS:
Mr. Rahul Bajaj, Mr. Sanjiv Bajaj and Mr. Heinz Dollberg
retire by rotation and being eligible, offer themselves
for re-appointment as Directors.
7. DIRECTORS RESPONSIBILITY STATEMENT:

In accordance with the requirements of sub-section
2AA of Section 217 of the Companies Act, 1956, the
Board of Directors wish to confirm the following:
(i) that in preparation of the annual accounts, the
applicable accounting standards have been
followed along with proper explanation relating to
material departures;
(ii) that such accounting policies have been selected
and applied consistently and made judgments and
estimates that are reasonable and prudent so as
to give a true and fair view of the state of affairs of
the Company as on 31st March 2007 and of the profit
or loss of the Company for that period;
(iii) that proper and sufficient care has been taken for
the maintenance of adequate accounting records
in accordance with the provisions of the Act for
safeguarding the assets of the Company and for
preventing and detecting fraud and other
irregularities;
(iv) that the annual accounts have been prepared on a

going concern basis.
8. AUDIT COMMITTEE:
The Audit Committee of Board of Directors constituted
in accordance with the provisions of Section 292A of
the Companies Act, 1956 held their meetings on 5th May
2006 and 27 th November 2006 and reviewed the
operations and accounts of the Company.
9. AUDITORS:
In accordance with the IRDA Regulations/Guidelines,
the Company appointed M/s. Kirtane & Pandit,
Chartered Accountants and M/s. S R Batliboi & Co,
Chartered Accountants, as joint statutory auditors of
the Company in the last Annual General Meeting. They
hold office up to the conclusion of the Sixth Annual
General Meeting of the Company.
The shareholders are requested to appoint the auditors
for the period from the conclusion of the ensuing
Annual General Meeting till the conclusion of the next
Annual General Meeting and to fix their remuneration.
10. APPRECIATION:
The Board is grateful to the IRDA and other regulatory
authorities for their continued support. The Board is
also grateful to its Policyholders, Bankers,
Intermediaries and Channel Partners for their
continued support.
The Directors take this opportunity to thank the
concerned employees of Bajaj Auto Limited and Allianz
SE for their invaluable contribution in guiding the
working of the Company.
The Directors also take this opportunity to thank the
employees at all levels for their hard work, dedication
and commitment.
On behalf of Board of Directors of

Bajaj Allianz Life Insurance Company Ltd.
Pune
11th May 2007
Heinz Dollberg
Director
Sanjiv Bajaj
Director
BOARD OF DIRECTORS
Dr. Werner Zedelius
Heinz Dollberg
Director
Director
Rahul Bajaj
Sanjay Asher
Chairman
Director
Craig Ellis
Director
Sanjiv Bajaj
Director
Ranjit Gupta
Manu Tandon
Director
Additional Director
Suraj Mehta
Bruce Bowers
Director
(Alternate Director to
Dr. Werner Zedelius)
S. H. Khan
Director
Dr. P. S. Palande
Director
CEO SPEAK
Dear friends,
Financial year 2006-07 was very satisfying as we crossed
many milestones and set few records. The year has been a
rewarding one for us on profitability as well as growth. I am
pleased to announce that the Company has emerged as
one of the leading private life insurance companies with a
strong brand name and mutli-channel pan-India distribution
network.
Some of the key performance indicators are:
The Company posted a healthy profit of Rs. 662 million

as compared to a loss of Rs. 367 million in the previous
year.
The Gross Written Premiums grew to Rs. 53 billion showing

a growth of 70% over the previous year.
The Company sold over 2 million individual policies during

the current year.
The Company is the largest private life insurer in the

country in terms of number of policies sold during the
year and is ranked 2nd among private life insurers in terms
of new business premium.
Among the Top 50 Service Brands in Brand Equity, as

per survey conducted by AC Neilson ORG-MARG.
A significant portion of current years new business premium

72% came from regular premium policies as compared to
45% in the previous year. This change of strategy to
concentrate on regular premium will result in a steady
renewal premium stream and help in stabilizing the longterm future of the Company.
Our strength lies in a wide distribution network comprising
of 876 offices all across the country supported by one of
the largest network of individual agents, corporate agents,
brokers and bancasssurance partners.
The Company plans to further develop its distribution
network in the coming financial year and lay stress on
product development so that new generation products can
be launched on an ongoing basis. Continuous upgradation
of information technology systems and back office
processes will ensure maintaining and improving the quality
of services to the customers.
We see huge opportunities lying ahead and I am confident
that my team is prepared to capture all this so that we
maintain and increase the lead and create a stronger brand
name across the country.
I thank all our policyholders, business partners and
employees for their continued support and look forward
to further strengthen our relationship.
Warm regards
Sam Ghosh
MANAGEMENT TEAM
Rajesh Viswanathan
Malay Ghosh
Chief Financial Officer
Head of Sales
Sam Ghosh
Anil Singh
Chief Executive Officer
Chief Actuary
Andrew Wakeling
Niraj Kumar
Appointed Actuary
Head Alternate Channels
G. B. Laddha
Chief Investment Officer
ECJ Augustine
J. B. Bhaskar
Head Strategic Initiatives,

Zonal Head Sales (South) &
Head Product Lines
Head Information Technology
Saji George
Sameer Bakshi
Head Operations &

Administration
Company Secretary &

Compliance Officer
A.S. Narayanan
Neeraj Jain
Head Bancassurance
Head Internal Audit
Sanjay Jain
Head Marketing
10
MANAGEMENT REPORT
With respect to the operations of Bajaj Allianz Life Insurance

Company Limited (the Company) for the financial year
1 April 2006 to 31 March 2007 and results thereof, the
Management of the Company confirms and declares that:
1. The registration certificate granted by Insurance
Regulatory and Development Authority (IRDA) is valid and
the same has been renewed for the year 2007-2008.
2. All relevant statutory dues payable by the Company have
been generally deposited on time.
3. There has been no transfer of shares during the year
and the shareholding pattern is in accordance with the
statutory and regulatory requirement.
The Investment Policy is formulated by the Investment

Committee and approved by the Board of Directors.
The investment policy is reviewed at least once a year
for alignment with the Companys latest business plan
and other developments during the year.
9. The Company does not have operations in any other
country.
10. Claim settlement time for the claims lodged has been
around 7 days from the date of receipt of complete
requirements. Ageing of claims indicating the trends in
average claim settlement time is given below.
Year
Days
2006-07
2005-06
5. The required solvency margins have been maintained as

required by the IRDA.
2004-05
2003-04
6. We certify that the values of all the assets have been

reviewed on the date of Balance Sheet and in the
managements belief, the assets set forth under each
of the headings in the Balance Sheet are shown in the
aggregate at amounts not exceeding their realizable or
market value under their related headings - Loans,
Investments, Agents balances, Outstanding
Premiums, Income accrued on investments, Amounts
due from other entities carrying on insurance business
(including amounts due from reinsurers), Cash and
the several items specified under Other Accounts.
2002-03
4. The management has not directly or indirectly invested

outside India, the funds of the holders of policies issued
in India.
Market value of investment in debt securities (other

than unit linked funds) which are valued at amortized
cost as per IRDA regulations, is lower than their carrying
amount.
7. We certify that, no part of the life insurance fund has
been directly or indirectly applied in contravention of
the Insurance Act, 1938 (4 of 1938) relating to the
application and investment of the life insurance fund.
8. The Company recognizes the risks associated with the
life insurance business and manages the risks by adopting
prudent policies to counter the key risks of the Company
namely underwriting and investment risks.
The Company has established robust underwriting
procedures to mitigate underwriting risks. Additionally
the Company has entered into reinsurance arrangements
wherein it reinsures risk in excess of its retention limits
to mitigate its risk exposure.
The investment risk is managed by laying down
appropriate guidelines in the Investment Policy.
11. We certify that the values, as shown in the Balance

Sheet, of the investments (other than unit linked
investments), which consists of fixed income securities,
equity shares and mutual fund units that have been
valued as per accounting policies prescribed by IRDA.
Market values have been ascertained for equities on
the basis of lower of the closing prices as on the balance
sheet date on The National Stock Exchange of India
Ltd. and The Stock Exchange, Mumbai. For fixed income
securities, valuation is based on procedure issued by
Fixed Income and Money Market and Derivative Dealers
Association (FIMMDA). The investments in the Mutual
Funds are valued at the Net Asset Values (NAV) of these
Mutual funds as on the Balance Sheet date.
We certify that the unit linked investments have been
valued on the basis as stated below:
Equities have been valued at market values which have
been ascertained on the basis of the last quoted closing
price on the NSE. In case the equity shares are not
listed on the NSE, then they are valued on the last
quoted closing price on BSE. Government securities are
valued at prices obtained from Credit Rating Information
Services of India Ltd. (CRISIL). Corporate bonds and
debentures are valued on the basis of CRISIL Bond Valuer.
Treasury bills, certificate of deposits and commercial
papers are valued at cost plus accretion at yield to
maturity. Mutual fund units have been valued at the
last available Net Asset Value declared by the respective
mutual fund.
11
12. The Company has invested (other than unit linked funds)
mainly in approved Government securities and AAA or
AA+ rated bonds. The primary aim while investing is to
generate adequate return while minimizing risk. The
emphasis is also on the liquidity of investments to ensure
that the Company meets all outgoings related to claims
and other operations. While most of the investments
are in fixed income securities in the form of Government
of India securities or Corporate Bonds with strong credit
rating, a small portion is also invested in Equity shares.
Based on the past track record, the Management is
confident of the quality and performance of the
investments.
13. The Management of Bajaj Allianz Life Insurance Company
Limited certifies that:
a) The financial statements of Bajaj Allianz Life Insurance
Company Limited have been prepared in accordance
with the applicable accounting standards and
principles and policies with no departures;
b) The management has adopted accounting policies
and applied them consistently and made judgments
and estimates that are reasonable and prudent so
as to give a true and fair view of the state of the
affairs of the Company at the end of the financial
year and of the operating profit as per Policyholders
Account (Technical Account) and of the Loss as per
Shareholders Account (Non Technical Account) of

the Company for the year;
c) The management has taken proper and sufficient
care for the maintenance of adequate accounting
records in accordance with the applicable provisions
of the Insurance Act, 1938 (4 of 1938) and Companies
Act, 1956 (1 of 1956), for safeguarding the assets of
the Company and for preventing and detecting fraud
and other irregularities;
d) The financial statements have been prepared on a
going concern basis;
e) The Company has an internal audit system
commensurate with the size of the Company and
nature of the business.
14. The following are the payments made to individuals, firms,
companies and organizations in which the directors of
the insurer are interested:
Name of the Company in
which directors are
interested
Amount
of Payments
(in Rs000)
Bajaj Auto Ltd.
359,073
Bajaj Auto Finance Ltd.
138
For Bajaj Allianz Life Insurance Company Limited

Heinz Dollberg
Director
Sanjiv Bajaj
Director
Craig Ellis
Director
Ranjit Gupta
Director
Sam Ghosh
Rajesh Viswanathan
Andrew Wakeling
Appointed Actuary
Sameer Bakshi
Company Secretary
Place: Pune
Date: 11th May 2007
12
AUDITORS REPORT
To
The Members of Bajaj Allianz Life Insurance Company Limited
We have audited the attached Balance Sheet of Bajaj Allianz

Life Insurance Company Limited (the Company) as at
31 March 2007, and the related Policyholders Revenue
Account, the Shareholders Profit and Loss Account and
the Receipts and Payments Account for the year ended on
that date, annexed thereto.
The Balance Sheet, the Policyholders Revenue Account,

the Shareholders Profit and Loss Account and the
Receipts and Payments Account referred to in this report
are in agreement with the books of account;
The actuarial valuation of liabilities for life policies in

force is the responsibility of the Companys Appointed
Actuary (the Appointed Actuary). The actuarial valuation
of liabilities for policies in force as at 31 March 2007 has
been duly certified by the Appointed Actuary. The
Appointed Actuary has also certified that, in his opinion,
the assumptions for such valuation are in accordance
with the guidelines and norms, if any, issued by the
Insurance Regulatory and Development Authority (IRDA)
and the Actuarial Society of India in concurrence with
the authority. We have relied upon the Appointed
Actuarys certificate in this regard in forming our
opinion.
On the basis of the written representations received

from the Directors of the Company, as on 31 March
2007 and taken on record by the Board of Directors, no
Director of the Company is disqualified as on 31 March
2007 from being appointed as Director under clause (g)
of sub section (1) of Section 274 to the Companies Act,
1956.
These financial statements are the responsibility of the

management of the Company. Our responsibility is to express
an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing
standards generally accepted in India. These standards
require that we plan and perform the audit to obtain
reasonable assurance as to whether the financial statements
are free of material misstatement. An audit includes
examining on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and
significant estimates made by management, as well as
evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our
opinion.
the Shareholders Profit and Loss Account and the Receipts
and Payments Account have been drawn up in accordance
with the Insurance Act, 1938 (Act 4 of 1938), Insurance
Regulatory and Development Act, 1999, Insurance Regulatory
and Development Authority (Preparation of Financial
Statements and Auditors Report of Insurance Companies)
Regulations 2002 (the Regulations) read with Section 211
of the Companies Act, 1956.
As required by the Regulations, we set out in the Annexure,
a statement certifying the matters specified in paragraph 4
of Schedule C to the Regulations.
In our opinion and to the best of our information and

according to the explanations given to us, we further report
that:
Investments have been valued in accordance with the

provisions of the Insurance Act, 1938 and the Regulations
or orders / directions issued by IRDA in this behalf;
The accounting policies selected by the Company are

appropriate and are in compliance with applicable
accounting standards and with accounting principles,
as prescribed in the Regulations and orders or directions
issued by IRDA in this behalf;

Receipts and Payments Account referred to in this report
are in compliance with the accounting standards
referred to in Section 211 (3C) of the Companies Act,
1956; and

Receipts and Payments Account together with the notes
thereon and attached thereto are prepared in
accordance with the requirements of the Regulations,
the Insurance Act, 1938, the Insurance Regulatory and
Development Act, 1999 and the Companies Act, 1956, to
Further to our comments in the Annexure referred to above,

we report that:
We have obtained all the information and explanations

which, to the best of our knowledge and belief were
necessary for the purposes of the audit and have found
them to be satisfactory;
In our opinion and to the best of our information and

according to the explanations given to us, proper books
of account as required by law have been maintained by
the Company so far as appears from our examination of
those books;
As the Companys accounting system is centralised at

the head office, no returns for the purposes of our
audit are prepared at the branches and other offices
of the Company;
13
the extent applicable and in the manner so required

and give a true and fair view in conformity with
accounting principles generally accepted in India as
applicable to insurance companies:
explanations given to us and to the best of our knowledge

and belief, we certify that:
We have reviewed the management report attached to

the financial statements for the year ended 31st March
2007, and there is no apparent mistake or material
inconsistencies with the financial statements; and
Based on information and explanations received during

the normal course of our audit, managements
representations made to us and the compliance
certificate submitted to the Board by the officers of
the Company charged with compliance and the same
being noted by the Board, nothing has come to our
attention which causes us to believe that the Company
has not complied with the terms and conditions of
registration as per subsection 4 of section 3 of the
Insurance Act, 1938.
(i) in the case of the Balance Sheet, of the state of

affairs of the Company as at 31 March 2007;
(ii) in the case of the Policyholders Revenue Account,
of the surplus for the year ended 31 March 2007;
(iii) in the case of the Shareholders Profit and Loss
Account, of the loss for the year ended 31 March
2007; and
(iv) in the case of the Receipts and Payments Account,
of the receipts and payments for the year ended
31 March 2007.
Further, on the basis of examination of books and records
of the Company and according to the information and
11th May 2007

Pune
KIRTANE & PANDIT

S.R. BATLIBOI & CO.

Suhas Deshpande
Partner
Membership No. 31787
per Hemal Shah

Partner
Annexure to the Auditors Report

(Referred to in the Auditors Report to the members of Bajaj Allianz Life Insurance Company Limited (the Company) on the
accounts for the year ended 31 March 2007)
Auditors Certificate
To the Members of Bajaj Allianz Life Insurance Company Limited
Based on the information and explanations given to us and to the best of our knowledge and belief, we certify that:
We have verified the cash balances, to the extent considered necessary, securities relating to the Companys loans and
investments by actual inspection or on the basis of certificates / confirmations received from custodians and / or
Depository Participants appointed by the Company, as the case may be. At 31st March 2007, none of the Companys assets
involve reversion or life interests;
The Company is not the trustee of any trust; and
No part of the assets of the policyholders funds has been directly or indirectly applied in contravention to the provisions
of the Insurance Act, 1938 relating to the application and investments of the policyholders funds.
This certificate is issued to comply with the requirements of Schedule C of Insurance Regulatory and Development
Authority (Preparation of Financial Statements and Auditors Report of Insurance Companies) Regulations 2002
(the Accounting Regulations) read with Regulation 3 of the Accounting Regulations and may not be suitable for any
other purpose.
11th May 2007

Pune
KIRTANE & PANDIT

S.R. BATLIBOI & CO.

Suhas Deshpande
Partner
per Hemal Shah

Partner
14
Revenue Account for the year ended 31st March 2007

Policyholders Account (Technical Account)
Particulars
Schedule
Current Year
Participating
Total
Individual
Assurance
Individual
Pension
53,099,971
(92,595)
-
3,535,562
(36,049)
-
67,680
(739)
-
53,007,376
3,499,513
66,941
1,153,316
3,714,626
(1,055,011)
(1,036,646)
320,536
336,827
36,147
(23,282)
-
12,774
-
3,096,821
349,692
12,774
17,930
352,451
17,640
-
225
-
34,309
972,355
5,115
-
114
-
SUB-TOTAL
4,473,866
372,447
13,113
TOTAL (A)
57,481,242
3,871,960
80,054
PREMIUMS EARNED - Net

(a) Premium
(b) Reinsurance ceded (Refer Schedule 16 Note 15)
(c) Reinsurance accepted
SUB-TOTAL
INCOME FROM INVESTMENTS
(a) Interest, Dividend & Rent - Gross
(b) Profit on sale / redemption of investments
(c) (Loss on sale / redemption of investments)
(d) Transfer/Gain on revaluation/ change in fair value
(e) Other investment income
OTHER INCOME
Interest on Overdue Premium
Unit Linked Fund Administration / Management Charges, etc.
(Refer Schedule 16 Note 23)
Others
Contribution from the Shareholders account
COMMISSION
9,466,813
424,943
1,472
OPERATING EXPENSES RELATED TO INSURANCE BUSINESS

Provision for doubtful debts
Bad Debts written off
Provision for Fringe Benefit Tax
Provisions (other than taxation)
(a) For diminution in the value of investments (net)
(b) Others
10,730,189
73,054
-
895,903
6,174
-
10,855
75
-
20,270,056
1,327,020
12,402
6,985,351
1,996
303,276
1,996
1,338
-
2,669,859
26,175,201
-
2,156,995
-
60,944
-
35,832,407
2,462,267
62,282
1,378,779
564,521
82,673
532,747
5,370
-
1,241,074
TOTAL (B)
BENEFIT PAID (Net)
Interim Bonuses Paid (Refer Schedule 16 Note 1(n))
Change in valuation of liability in respect of life policies
in force (Refer Schedule 16 Note 1 (e) and Note 8 )
(a) Gross
(b) Fund Reserve (Refer Schedule 16 Note 1(e))
(c) Amount ceded in Reinsurance
(d) Amount accepted in Reinsurance
TOTAL (C)
SURPLUS/ (DEFICIT ) (D) = (A) - (B) - (C)
Balance of previous year
APPROPRIATIONS
Reserve for lapsed unit linked policies unlikely to be revived
(Refer Schedule 16 Note 1(e) and Note 8)
Transfer to Shareholders account
Balance being funds for future appropriations
DETAILS OF TOTAL SURPLUS
Interim Bonuses Paid (a)
Allocation of Bonus to policyholders (b)
Surplus shown in the Revenue Account (c)
Total Surplus [ (a) + (b) + (c) ]
31,303
30,316
987
670,923
585,104
4,383
1,996
281,728
1,378,779
1,996
272,843
82,673
8,885
5,370
1,662,503
357,512
14,255
15
(Amount in Rs. 000 )

Non Participating
Linked
Individual
Assurance
Individual
Annuity
Group
Assurance
Individual
Assurance
Individual
Pension
Group Superannuation
Group
Gratuity
100,453
(1,707)
-
19,497
-
313,098
(10,289)
-
46,923,250
(43,746)
-
1,751,665
(65)
-
68,134
-
320,632
-
98,746
19,497
302,809
46,879,504
1,751,600
68,134
320,632
10,039
(143)
-
3,046
-
15,552
63
(14)
-
734,278
3,489,836
(969,045)
(1,003,416)
302,927
28,308
187,776
(56,819)
(36,802)
16,087
2,502
153
(1,088)
681
290
9,990
651
(4,620)
2,891
1,232
9,896
3,046
15,601
2,554,580
138,550
2,538
10,144
65
-
333,400
19,031
16
71
-
2
-
26
-
28,074
863,308
874
101,265
6
1,007
27
6,775
10,032
3,048
15,627
3,779,362
259,720
3,555
16,962
108,778
22,545
318,436
50,658,866
2,011,320
71,689
337,594
11,407
246
14,733
8,944,424
69,526
24
38
21,685
148
-
552
4
-
8,930
61
-
9,534,019
64,822
-
246,486
1,690
-
2,110
13
-
9,649
67
-
33,240
802
23,724
18,543,265
317,702
2,147
9,754
12,490
-
1,546
-
203,496
-
6,141,074
-
286,140
-
14,100
-
21,891
-
39,524
-
13,178
-
71,425
-
310,562
24,422,891
-
17,432
1,390,046
-
(57)
56,171
-
(144)
306,093
-
52,014
14,724
274,921
30,874,527
1,693,618
70,214
327,840
23,524
27,437
7,019
-
19,791
3,665
1,241,074
-
(672)
672
1,241,074
50,961
7,019
23,456
23,524
7,019
19,791
1,241,074
(672)
23,524
7,019
19,791
1,241,074
(672)
16

Particulars
Schedule
Previous Year
Participating
Total
Individual
Assurance
Individual
Pension
31,335,778
(53,565)
-
3,288,070
(27,773)
-
67,521
(570)
-
31,282,213
3,260,297
66,951
211,084
106,640
(5,307)
-
186,494
106,623
(5,307)
-
6,225
6
-
312,417
287,810
6,231
12,808
218,070
12,552
-
30
-
59,354
1,085,539
19,301
-
533
2,748
SUB-TOTAL
1,688,188
319,663
9,542
TOTAL (A)
32,970,401
3,579,960
76,493
PREMIUMS EARNED - Net

(a) Premium
(b) Reinsurance ceded (Refer Schedule 16 Note 15)
(c) Reinsurance accepted
SUB-TOTAL
(a) Interest, Dividend & Rent - Gross
(d) Transfer/Gain on revaluation/ change in fair value
OTHER INCOME
Interest on Overdue Premium
Unit Linked Fund Administration / Management Charges, etc.
Others
Contribution from the Shareholders account
COMMISSION
3,418,670
511,174
1,635

Provision for doubtful debts
Bad Debts written off
Provision for Fringe Benefit Tax
Provisions (other than taxation)
(a) For diminution in the value of investments (net)
(b) Others
4,868,110
41,020
1,053,774
8,935
11,965
103
8,327,800
1,573,883
13,703
6,534,838
1,210
111,899
1,161
716
49
1,912,292
15,576,070
-
1,405,336
-
62,506
-
24,024,410
1,518,396
63,271
618,191
64,069
487,681
45,066
(481)
481
117,739
TOTAL (B)
BENEFIT PAID (Net)
Interim Bonuses Paid (Refer Schedule 16 Note 1(n))
Change in valuation of liability in respect of life policies
in force (Refer Schedule 16 Note 1 (e) and Note 8 )
(a) Gross
(b) Fund Reserve (Refer Schedule 16 Note 1(e))
(c) Amount ceded in Reinsurance
(d) Amount accepted in Reinsurance
TOTAL (C)
SURPLUS/ (DEFICIT ) (D) = (A) - (B) - (C)
Balance of previous year
APPROPRIATIONS
(Refer Schedule 16 Note 1(e) and Note 8)
Balance being funds for future appropriations
564,521
532,747
DETAILS OF TOTAL SURPLUS

Interim Bonuses Paid (a)
Allocation of Bonus to policyholders (b)
Surplus shown in the Revenue Account (c)
1,210
217,860
618,191
1,161
210,140
487,681
49
7,720
(481)
Total Surplus [ (a) + (b) + (c) ]
837,261
698,982
7,288
17

Non Participating
Linked
Individual
Assurance
Individual
Annuity
Group
Assurance
Individual
Assurance
Individual
Pension
Group
Gratuity
115,793
(208)
-
18,143
(33)
-
160,853
(3,243)
-
26,769,800
(21,463)
-
787,609
(275)
-
37,954
-
90,035
-
115,585
18,110
157,610
26,748,337
787,334
37,954
90,035
4,467
11
-
803
-
1,343
-
11,487
-
222
-
28
-
15
-
4,478
803
1,343
11,487
222
28
15
60
-
166
-
207,031
9,762
888
389
149
-
4
8,584
34
-
37,438
1,006,762
1,862
64,709
8
929
25
1,807
4,687
9,557
1,377
1,262,718
76,555
1,853
2,236
120,272
27,667
158,987
28,011,055
863,889
39,807
92,271
14,496
197
3,988
2,848,592
38,491
62
35
21,407
180
485
4
4,878
41
3,656,303
30,740
115,487
984
953
8
2,858
25
36,083
686
8,907
6,535,635
154,962
1,023
2,918
4,865
-
515
-
41,738
-
6,275,572
-
71,361
-
7,413
-
20,759
-
65,274
-
26,740
-
109,538
-
239,837
14,842,272
-
2,919
634,647
-
44
30,655
-
98
68,496
-
70,139
27,255
151,276
21,357,681
708,927
38,112
89,353
14,050
13,387
(274)
274
(1,196)
4,861
117,739
-
672
-
117,739
27,437
3,665
672
14,050
(274)
(1,196)
117,739
672
14,050
(274)
(1,196)
117,739
672
18

Notes to Financial statements
16
As required by Section 40-B of the Insurance Act, 1938, we certify that all expenses of Management in respect of Life
Insurance business transacted in India by the Company have been fully debited to the Policyholders Revenue Account as
expenses.
The accompanying notes and schedules form an integral part of the financial statements.
As per our report of even date attached
For Kirtane & Pandit

For S. R. Batliboi & Co.

Suhas Deshpande
Partner
Hemal Shah
Partner
Heinz Dollberg
Director
Sanjiv Bajaj
Director
Craig Ellis
Director
Ranjit Gupta
Director
Sam Ghosh
Rajesh Viswanathan
Andrew Wakeling
Appointed Actuary
Sameer Bakshi
Company Secretary
Place : Pune
Date : 11th May 2007
Place : Pune
19
Form A- PL
Profit & Loss account for the year ended 31st March 2007
Shareholders Account (Non Technical Account)
(Amount in Rs. 000)
Current
Year
Particulars
Current
Year
Amounts transferred from the

(a) Interest, Dividends & Rent - Gross
(d) Transfer/Gain on revaluation / change in fair value
Expenses other than those directly related to the

insurance business (Refer Schedule 16 Note 11)
Preliminary Expenses written-off
Others
Provisions (Other than Taxation)
Contribution to the Policyholders Fund
Participating
Individual Assurance
Individual Pension
Non Participating
Individual Annuity
Group Assurance
Linked
Individual Pension
Group Gratuity
Previous
Year
31,303
273,062
23,824
(19,763)
-
113,589
7,236
(13,946)
-
277,123
106,879
53,077
-
3,180
3,566
-
OTHER INCOME
TOTAL(A)
Previous
Year
2,748
8,584
-
863,308
101,265
1,007
6,775
1,006,762
64,709
929
1,807
972,355
1,085,539
1,025,432
1,092,285
(717,006)
(985,406)
27
36
(717,033)
(985,442)
Balance at the beginning of the year
(2,043,096)
(1,057,654)
PROFIT/(LOSS) CARRIED FORWARD TO BALANCE SHEET
(2,760,129)
(2,043,096)
(4.77)
(6.56)
TOTAL(B)
PROFIT / (LOSS) before Tax
Provision for Taxation including Wealth Tax
PROFIT / (LOSS) after Tax
Earning Per Share (Basic & Diluted) (Refer Schedule 16 Note 17)
16
For S. R. Batliboi & Co. For Bajaj Allianz Life Insurance Company Limited
Suhas Deshpande
Hemal Shah
Heinz Dollberg
Sanjiv Bajaj
Craig Ellis
Ranjit Gupta
Partner
Partner
Director
Director
Director
Director
Sam Ghosh
Rajesh Viswanathan
Andrew Wakeling
Sameer Bakshi
Appointed Actuary
Company Secretary
Place : Pune
20
Form A- BS
Balance sheet as at 31st March 2007

(Amount in Rs. 000)
Particulars
Schedule
Current
Year
Current
Year
Previous
Year
Previous
Year
SOURCES OF FUNDS
SHAREHOLDERS FUNDS
Share Capital
Reserves and Surplus
Credit/(Debit) Fair Value Change Account
5
6
SUB TOTAL
BORROWINGS
POLICYHOLDERS FUNDS
Credit/(Debit) Fair Value Change Account
Policy Liabilities (Refer Schedule 16 Note 8)
Participating
Individual Pension
Non Participating
Individual Annuity
Group Assurance
Linked
Individual Pension
Group Gratuity
Reserve for Lapsed unit linked policies

unlikely to be revived
TOTAL
7,005,365
4,998,359
15,443
12,988
3,336,963
150,520
154,036
43,243
198,175
114,511
30,065
126,751
591,016
21,015
-
280,453
3,583
57
144
6,712,906
4,043,047
48,845,768
3,022,633 51,868,401
25,693,200
58,596,750
29,749,235
SUB TOTAL
FUNDS FOR FUTURE APPROPRIATIONS
Participating
Individual Pension
Non Participating
Individual Annuity
Group Assurance
Linked
Individual Pension
Group Gratuity
1,502,338
3,495,310
711
5,493,958
211,463
Insurance Reserves
Provision For Linked Liabilities
Linked Liabilities
Fair Value Change
1,503,680
5,501,600
85
585,104
4,383
532,747
-
50,961
7,019
23,456
27,437
3,665
670,923
1,358,813
672
564,521
117,739
2,029,736
67,631,851
682,260
35,429,854
21
Form A- BS
Balance sheet as at 31st March 2007

(Amount in Rs. 000)
Particulars
Schedule
Current
Year
Current
Year
Previous
Year
Previous
Year
APPLICATION OF FUNDS
INVESTMENTS
Shareholders
Policyholders
Participating
Individual Pension
Non Participating
Individual Annuity
Group Assurance
Linked
Individual Pension
Group Gratuity
6,536,500
8
8A
2,780,868
6,162,724
220,101
3,893,622
150,722
208,183
50,900
231,297
142,148
30,478
138,174
2,152,260
21,112
2,610
1,571
400,149
9,352
1,134
344
9,050,758
4,766,123
ASSETS HELD TO COVER LINKED LIABILITIES

8B
51,868,401
25,693,200
LOANS
18,630
3,406
FIXED ASSETS
Gross Block
Less : Accumulated Depreciation
10
Net Block
1,043,272
510,127
691,544
328,759
533,145
362,785
2,549
Capital work in progress

CURRENT ASSETS
Cash and bank balances
Advances and other Assets
11
12
Sub-Total(A)
LESS: CURRENT LIABILITIES AND PROVISIONS
Current liabilities
Provisions
13
14
Sub-Total(B)
NET CURRENT ASSETS (C) = (A-B)
MISCELLANEOUS EXPENDITURE
(To the extent not written off or adjusted )
1,854
535,694
364,639
4,198,042
854,477
2,958,503
762,890
5,052,519
3,721,393
8,093,047
97,733
3,890,484
52,387
8,190,780
3,942,871
(3,138,261)
(221,478)
2,760,129
2,043,096
67,631,851
35,429,854
15
DEBIT BALANCE IN PROFIT & LOSS ACCOUNT

(Shareholders account )
Total
16
For S. R. Batliboi & Co. For Bajaj Allianz Life Insurance Company Limited
Suhas Deshpande
Hemal Shah
Heinz Dollberg
Sanjiv Bajaj
Craig Ellis
Ranjit Gupta
Partner
Partner
Director
Director
Director
Director
Sam Ghosh
Rajesh Viswanathan
Andrew Wakeling
Sameer Bakshi
Appointed Actuary
Company Secretary
Place : Pune
3,535,562
11,851,243
53,099,971
Single Premium
Total Premium
3,535,562
53,099,971
Total Premium
15,075,068
31,335,778
Single Premium
Total Premium
31,335,778
Outside India
Total Premium
In India
31,335,778
4,168,078
Renewal Premium
Premium Income from Business written:
12,092,632
First Year Premium
Particulars
67,680
3,288,070
3,288,070
3,288,070
1,935,104
1,352,966
Individual
Assurance
67,680
67,680
64,301
3,379
Individual
Pension
67,521
67,521
67,521
61,897
5,624
Individual
Pension
Participating
Outside India
Previous Year
3,535,562
In India
53,099,971
Premium Income from Business written:
944,138
2,591,424
30,846,709
10,402,019
Individual
Assurance
Participating
First Year Premium
Current Year
Renewal Premium
Particulars
Schedule - 1 : Premium (Net of Service Tax)
Schedules forming part of financial statements for the year ended 31st March 2007
115,793
115,793
115,793
76,688
8,025
31,080
Individual
Assurance
100,453
100,453
100,453
49,659
20,052
30,742
Individual
Assurance
18,143
18,143
18,143
18,143
Individual
Annuity
Non Participating
19,497
19,497
19,497
19,497
Individual
Annuity
Non Participating
160,853
160,853
160,853
35,532
38,921
86,400
Group
Assurance
313,098
313,098
313,098
57,879
70,696
184,523
Group
Assurance
26,769,800
26,769,800
26,769,800
14,585,008
2,002,067
10,182,725
Individual
Assurance
46,923,250
46,923,250
46,923,250
10,893,817
7,382,885
28,646,548
Individual
Assurance
787,609
787,609
787,609
359,697
118,025
309,887
Individual
Pension
37,954
37,954
37,954
526
37,428
68,134
68,134
68,134
68,134
90,035
90,035
90,035
3,513
86,522
Group
Gratuity
320,632
320,632
320,632
1,000
5,019
314,613
Group
Gratuity

Linked
1,751,665
1,751,665
1,751,665
829,391
267,642
654,632
Individual
Pension
Linked
22
424,943
9,466,813
Net Commission
1,472
311
1,163
(2)
9,475,667
Total
11,407
9,721
909
962
(185)
Individual
Assurance
3,418,670
(6,476)
3,029,282
219,082
176,782
Previous Year
511,174
(1,392)
394,138
118,428
-
Individual
Assurance
1,635
(29)
576
1,088
-
Individual
Pension
Participating
3,425,146
Total
14,496
(48)
12,678
398
1,468
Individual
Assurance
* Information across line of business has not been disclosed as information is not readily available.
2,276,816
132
991,532
156,666
Agents
Brokers
Corporate Agency
Referral
Breakup of commission expenses ( Gross) incurred to procure business is furnished below (*)
Net Commission
Add : Commission on Reinsurance Accepted

Less : Commission on Reinsurance Ceded
Commission Paid
Direct - First year premium
- Renewal Premium
- Single Premium
Particulars
* Information across line of business has not been disclosed as information is not readily available.
197
(8)
205
Individual
Annuity
Non Participating
246
246
-
Individual
Annuity
Non Participating
Note : Commission on First Year premium includes referral fees amounting to Rs. 622,502 (Previous year 156,666).
5,876,357
2,976,808
622,502
Agents
Brokers
Corporate Agency
Referral
Breakup of commission expenses ( Gross) incurred to procure business is furnished below (*)
288,936
136,759
(752)
Individual
Pension
Participating
Individual
Assurance
8,952,028
395,618
128,021
(8,854)
Current Year
Commission Paid
Direct - First year premium
- Renewal Premium
- Single Premium
Add : Commission on Reinsurance Accepted
Less : Commission on Reinsurance Ceded
Particulars
Schedule - 2 : Commissions
3,988
3,988
-
Group
Assurance
14,733
14,733
-
Group
Assurance
2,848,592
(4,936)
2,585,463
96,548
171,517
Individual
Assurance
8,944,424
8,580,403
252,239
119,696
(7,914)
Individual
Assurance
38,491
(63)
32,342
2,620
3,592
Individual
Pension
24
24
-
62
62
-
Linked
69,526
57,862
4,548
7,117
(1)
Linked
Individual
Pension
35
35
-
Group
Gratuity
38
38
-
Group
Gratuity
23
Total
Employees remuneration, welfare benefits

and other manpower costs
Travel, conveyance and vehicle running
expenses
Training expenses
Rents, rates and taxes
Repairs
Printing and Stationery
Communication expenses
Legal and professional charges
Medical fees
Auditors fees, expenses, etc.
a) as auditor
b) as advisor or in any other capacity,
in respect of
(i) Taxation Matters
(ii) Insurance Matters
(iii) Management Services; and
c) in any other capacity
d) out of pocket expenses
Advertisement and publicity
Interest and bank charges
Others
a) Information technology expenses
b) Insurance, water and electricity
charges
c) Policy stamps
d) Security and housekeeping
e) Marketing expenses
f) Miscellaneous expenses
Depreciation (Refer Schedule 10)
Particulars
375,209
26,758
48,880
113,241
7,929
18,267
87,648
1,135
4,182
126
32
13,917
10,082
19,244
8,132
6,651
5,780
112,644
20,303
15,743
895,903
578,348
1,313,917
93,814
216,136
1,037,040
13,423
49,486
1,500
376
164,674
119,284
227,693
96,217
78,697
68,392
1,332,795
396,087
186,271
10,730,189
10,855
81
70
1,377
302
192
235
99
170
123
597
1,239
97
223
1,071
14
51
4,585
327
Individual
Pension
Participating
Individual
Assurance
4,439,439
316,600
Current Year
21,685
160
139
2,706
593
378
462
195
334
242
1,174
2,783
190
439
2,105
27
100
9,012
643
Individual
Assurance
552
4
4
69
15
10
12
5
9
6
30
68
5
11
54
1
3
230
16
Individual
Annuity
8,930
65
57
1,108
243
155
189
80
137
99
481
1,190
78
180
862
11
41
3,690
263
Group
Assurance
9,534,019
69,830
60,685
1,182,602
364,174
165,280
202,035
85,375
335
146,117
105,842
1,332
513,174
1,166,135
83,242
191,780
920,176
11,911
43,910
3,939,161
280,923
Individual
Assurance
Non Participating
Schedule - 3 : Operating Expenses Related To Insurance Business
246,486
1,820
1,582
30,828
9,833
4,309
5,267
2,226
9
3,809
2,759
35
13,378
28,010
2,170
4,999
23,987
310
1,145
102,687
7,323
2,110
14
12
241
273
34
41
17
30
22
105
206
17
39
188
2
9
803
57
Linked
Individual
Pension
9,649
72
63
1,220
351
170
208
88
151
109
529
1,045
86
198
949
12
45
4,062
290
Group
Gratuity
24
Employees remuneration, welfare benefits

and other manpower costs
Travel, conveyance and vehicle running
expenses
Training expenses
Rents, rates and taxes
Repairs
Printing and Stationery
Communication expenses
Legal and professional charges
Medical fees
Auditors fees, expenses, etc.
(a) as auditor
(b) as advisor or in any other capacity,
in respect of
(i) Taxation Matters
(ii) Insurance Matters
(iii) Management Services; and
(c) in any other capacity
(d) Out of pocket expenses
Advertisement and publicity
Interest and Bank Charges
Others
a) Information technology expenses
b) Insurance, water and electricity
charges
c) Policy stamps
d) Security and housekeeping
e) Marketing expenses
f) Miscellaneous expenses
Depreciation (Refer Schedule 10)
Particulars
456,428
52,999
73,965
46,356
12,733
20,084
49,307
1,987
6,674
218
44
81
38,528
13,223
24,172
12,307
8,387
6,166
106,666
99,891
23,558
1,053,774
243,337
339,602
242,836
58,461
92,211
226,387
9,125
30,642
1,000
200
372
176,896
60,711
110,982
56,506
38,507
28,312
489,743
458,488
108,164
4,868,110
96
71
1,224
1,145
270
11,965
277
141
1
1
442
152
608
849
401
146
231
566
23
77
5,242
Individual
Pension
Participating
Individual
Assurance
2,095,628
Previous Year
169
125
2,155
2,017
476
21,407
488
249
2
778
267
1,071
1,494
1,056
257
406
996
40
135
9,221
Individual
Assurance
4
3
49
46
11
485
11
6
18
6
24
34
21
6
9
23
1
3
210
Individual
Annuity
39
28
490
455
108
4,878
111
57
177
61
243
340
256
58
92
226
9
31
2,096
Group
Assurance
28,857
21,217
367,013
343,565
81,058
3,656,303
83,170
42,345
150
279
132,566
45,497
749
182,357
254,498
190,155
43,811
69,103
169,655
6,839
22,963
1,570,456
Individual
Assurance
Non Participating
Schedule - 3 : Operating Expenses Related to Insurance Business
924
679
11,754
11,002
2,596
115,487
2,664
1,356
5
9
4,246
1,457
24
5,840
8,150
4,479
1,403
2,213
5,433
219
735
50,299
8
6
98
91
22
953
22
11
35
12
49
68
29
12
18
45
2
6
419
Linked
Individual
Pension
23
17
294
276
65
2,858
67
34
106
36
146
204
83
35
55
136
5
18
1,257
Group
Gratuity
25
Insurance Claims:
(a) Claims by Death
(b) Claims by Maturity
(c) Annuities/Pensions payment
(d) UL Withdrawals/Surrenders &
Other Benefits
(Amount ceded in reinsurance):
(a) Claims by Death
Other Benefits
Amount accepted in reinsurance:
(a) Claims by Death
Other Benefits
Total
Benefits paid to claimants:
In India
Outside India
Total
Particulars
Insurance Claims:
(a) Claims by Death
Other Benefits
(Amount ceded in reinsurance):
(a) Claims by Death
Other Benefits
Amount accepted in reinsurance:
(a) Claims by Death
(c) Annuities/Pensions payment,
Other Benefits
Total
In India
Outside India
Total
Particulars
(12,778)
(10,760)
303,276
303,276
303,276
(19,443)
-
(11,080)
-
6,985,351
6,985,351
6,985,351
1,338
1,338
1,338
(358)
-
480
1,216
-
48,752
59,969
12,319
(3,619)
(5,522)
111,899
111,899
111,899
162,814
59,969
551
6,333,950
(16,343)
-
(6,103)
-
6,534,838
6,534,838
6,534,838
716
716
716
80
636
-
Participating
Individual
Individual
Assurance
Pension
22,122
6,228,662
Previous Year
120,750
183,935
7
Participating
Individual
Individual
Assurance
Pension
601,222
184,154
1,836
Current Year
Schedule - 4 : Benefits paid (net)
4,865
4,865
4,865
(581)
(530)
-
262
5,678
36
Individual
Assurance
12,490
12,490
12,490
(320)
(564)
-
2,805
10,067
219
283
203,496
203,496
203,496
(2,405)
-
205,901
-
515
515
515
515
41,738
41,738
41,738
(50)
-
41,788
-
Non Participating
Individual
Group
Annuity
Assurance
1,546
1,546
1,546
1,546
Non Participating
Individual
Individual
Group
Assurance
Annuity
Assurance
6,275,572
6,275,572
6,275,572
(12,044)
-
6,222,881
64,735
-
Individual
Assurance
6,141,074
6,141,074
6,141,074
(3,338)
-
5,951,946
192,466
-
Individual
Assurance
14,100
14,100
14,100
12,451
1,649
-
71,361
71,361
71,361
(100)
-
70,236
1,225
-
7,413
7,413
7,413
7,413
Linked
Individual Group SuperPension
annuation
286,140
286,140
286,140
223,967
62,173
-
20,759
20,759
20,759
20,759
Group
Gratuity
21,891
21,891
21,891
14,891
7,000
-

Linked
Individual Group SuperGroup
Pension
annuation
Gratuity
26
27
Schedule - 5 : Share Capital

Particulars
Authorised Capital
200,000,000 Equity Shares of Rs. 10/- Each
Issued, Subscribed, Called and Paid up Capital
Equity Shares of Rs. 10/- Each
150,368,000 (Previous Year 150,233,800) Equity Shares of Rs.10/- Each
Less : Preliminary Expenses (to the extent not written off)
Total
Current Year
Previous Year
2,000,000
2,000,000
1,503,680
1,502,338
1,503,680
1,502,338
Note : Of the above share capital as of 31st March 2007, 111,272,320 (Previous year: 111,173,012) equity shares are held by the
holding company, Bajaj Auto Ltd.
Schedule - 5A : Pattern of Shareholding (As Certified by Management)

Shareholder
Current Year
Previous Year
Number of
Shares
% of
Holding
Number of
Shares
% of
Holding
111,272,320
74
111,173,012
74
39,095,680
26
39,060,788
26
150,368,000
100
150,233,800
100
PROMOTERS:
Indian
Bajaj Auto Limited
Foreign
Allianz SE
TOTAL
28
Schedule - 6 : Reserves and Surplus

Particulars
Current Year
Current Year
Previous Year
Previous Year
Capital Reserve
Capital Redemption Reserve
Share Premium
Opening balance
3,495,310
Add: Share Premium received during the year
2,006,290
1,176,565
5,501,600
2,318,745
3,495,310
Revaluation Reserve
General Reserve
Catastrophe Reserve
Other Reserve
Balance of Profit & Loss Account
5,501,600
3,495,310
Total
Schedule - 7 : Borrowings
Current Year
Previous Year
Debentures/Bonds
Banks
Financial Institutions
Others
TOTAL
Particulars
29
Schedule - 8 : Investments - Shareholders

Current Year
Previous Year
910,129
472,900
473,914
200,041
250,000
-
Investments in Infrastructure and Social Sector Bonds
789,598
463,767
Other than Approved Investments
169,102
134,775
1,722,015
345,167
Other Approved Securities
Other Investments
(a) Shares
(aa) Equity
(bb)Preference
(b) Mutual Funds
(c) Derivative Instruments
(d) Debentures / Bonds
(e) Other Securities
(aa) Fixed Deposit with banks
(f) Subsidiaries
235,902
1,269,615
155,953
694,092
200,000
-
491,089
314,173
25,136
6,536,500
2,780,868
6,536,500
2,780,868
6,536,500
2,780,868
Particulars
LONG TERM INVESTMENTS
Government securities and Government
guaranteed bonds including Treasury Bills
(Refer Note 1 below)
Other Investments
(a) Shares
(aa) Equity
(bb)Preference
(b) Mutual Funds
(f) Subsidiaries
Investment Properties - Real Estate
SHORT TERM INVESTMENTS


Total
INVESTMENTS
In India
Outside India
Total
Notes :
1.
Includes Rs. 106,040 (Previous Year Rs. 108,576 ) deposited with Deutsche Bank AG, pursuant to Section 7 of the Insurance
Act 1938 (Refer Schedule 16 Note 6 )
2.
Market Value of the above total investments of Rs. 6,536,500 (Previous Year Rs.27,80,868 ) is Rs. 6,480,926 (Previous Year
Rs. 2,762,263)
3.
Historical cost of investment valued on fair value basis is Rs. 235,817 ( Previous Year Rs. 155,242)
3,689,642
597,847
736,943
167,465
770,600
100,000
50,000
50,227
6,162,724
6,162,724
-
597,847
776,943
50,000
167,465
1,000,577
100,000
-
435,524
-
664,955
-
200,602
-
9,050,758
9,050,758
-
Individual
Assurance
220,101
220,101
-
25,000
10,000
185,101
Individual
Pension
Participating
5,056,845
Current Year
208,183
208,183
-
25,312
35,000
147,871
Individual
Assurance
50,900
50,900
-
50,900
Individual
Annuity
Non Participating
231,297
231,297
-
15,989
-
55,483
3,893
155,932
Group
Assurance
Total
9,050,758
6,162,724
220,101
208,183
50,900
231,297
Note:
1. Market Value of the above total investments of Rs. 9,050,758 (Previous year Rs. 4,766,123) is Rs. 8,751,312 (Previous year Rs. 4,671,956)
2. Historical cost of investment valued on fair value basis is Rs. 582,404 (Previous year Rs. 175,927)
TOTAL
In India
Outside India

(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual funds
(aa) Fixed Deposits with Banks
(f) Subsidiaries
(g) Investment Properties - Real Estate
Investments in Infrastructure &
Social Sector Bonds
- Bonds
- Equity
(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual Funds
(f) Subsidiaries
Social Sector Bonds
Particulars
Schedule - 8A : Investments - Policyholders
2,152,260
2,152,260
2,152,260
-
150,375
-
598,966
-
339,959
165,500
50,000
-
30,000
817,460
Individual
Assurance
21,112
21,112
21,112
-
12,549
8,563
Individual
Pension
2,610
2,610
2,610
-
1,379
195
1,036
1,571
1,571
1,571
-
842
389
340
Group
Gratuity

Linked
30
36,500
-
49,640
84,809
25,099
3,893,622
3,893,622
-
188,915
302,998
467,252
188,915
352,643
641,168
4,766,123
4,766,123
-
2,897,957
Individual
Assurance
150,722
150,722
-
150,722
Individual
Pension
Participating
3,423,849
Previous Year
142,148
142,148
-
8,739
133,409
Individual
Assurance
30,478
30,478
-
30,478
Individual
Annuity
Non Participating
138,174
138,174
-
33,053
25,099
49,640
30,382
Group
Assurance
Total
4,766,123
3,893,622
150,722
142,148
30,478
138,174
Note:
1. Market Value of the above total investments of Rs. 9,050,758 (Previous year Rs. 4,766,123) is Rs. 8,751,312 (Previous year Rs. 4,671,956)
2. Historical cost of investment valued on fair value basis is Rs. 582,404 (Previous year Rs. 175,927)
TOTAL
In India
Outside India

(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual funds
(f) Subsidiaries
Social Sector Bonds
- Equity
- Bonds
(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual Funds
(f) Subsidiaries
Social Sector Bonds
Particulars
Schedule - 8A : Investments - Policyholders
400,149
400,149
400,149
-
14,553
-
49,645
165,177
170,774
Individual
Assurance
9,352
9,352
9,352
-
503
-
8,849
Individual
Pension
1,134
1,134
1,134
-
100
-
1,034
344
344
344
-
100
-
244
Group
Gratuity

Linked
31
32
Schedule - 8B : Assets held to cover linked liabilities

Particulars
Current Year
Previous Year
35,552
257,226
28,337,065
1,067,044
14,986,363
646,879
600,000
-
623,991
242,358
7,540,102
-
2,296,551
48,777
204,994
1,042,356
7,606,662
-
2,517,332
485,031
-
491,534
210,950
73,924
44,183
Fixed Deposits with Banks
1,081,000
350,000
Net Current Assets
4,162,350
2,609,377
51,868,401
25,693,200
51,868,401
-
25,693,200
-
51,868,401
25,693,200

(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual Funds
(f) Subsidiaries
(a) Equity
(b) Bonds
(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual Funds
(f) Subsidiaries
(aa) Bonds
(bb) Mutual Fund
Total
INVESTMENTS
In India
Outside India
Total
Historical Cost of above investments is Rs. 48,845,768 ( Previous Year Rs. 21,633,920)
33
Schedule - 9 : Loans
Particulars
SECURITY-WISE CLASSIFICATION
Secured
(a) On mortgage of property
(aa) In India
(bb) Outside India
(b) On Shares, Bonds, Government Securities, etc.
(c) Loan against policies
Total
BORROWER-WISE CLASSIFICATION
(a) Central and State Government
(b) Bank and Financial Institutions
(c) Subsidiaries
(d) Companies
(e) Loan against policies
Total
PERFORMANCE-WISE CLASSIFICATION
(a) Loans classified as standard :
(aa) In India
(bb) Outside India
Total
MATURITY-WISE CLASSIFICATION
(a) Short-Term
(b) Long-Term
Total
Current Year
Previous Year
18,630
3,406
18,630
3,406
18,630
3,406
18,630
3,406
18,630
-
3,406
-
18,630
3,406
18,630
3,406
18,630
3,406
Office Equipment
Note: 1. Refer Note No.1 (h) of Schedule 16
523,045
42,357
Vehicles
Previous Year
8,473
Air Conditioner
691,544
43,393
Information Technology Equipment
Total
56,861
250,777
Furniture & Fittings
4,136
Electrical Fittings
146,673
112,750
Buildings
26,124
Opening
Leasehold Properties
Land-Freehold
Intangible -Computer Software
Particulars
Schedule - 10 : Fixed Assets
168,514
363,518
29,992
5,336
14,016
141,226
7,767
73,852
83,624
7,705
Additions
GROSS BLOCK
15
11,790
6,543
92
1,962
463
2,730
Deductions
691,544
1,043,272
72,349
7,266
57,317
390,041
64,165
4,136
186,602
227,567
33,829
Closing
220,610
328,759
29,826
5,831
10,581
149,016
26,156
1,173
10,147
73,065
22,964
Upto last
year
108,164
186,271
26,678
1,531
6,456
96,559
4,368
262
2,255
44,803
3,359
15
4,903
4,691
20
94
78
20
On Sales/
Adjustments
DEPRECIATION
For the
year
328,759
510,127
56,504
2,671
17,017
245,481
30,446
1,435
12,402
117,848
26,323
To date
362,785
533,145
15,845
4,595
40,300
144,560
33,719
2,701
174,200
109,719
7,506
As at
Year End
NET BLOCK
362,785
12,531
2,642
32,812
101,761
30,705
2,963
102,603
73,608
3,160
Previous
Year
34
35
Schedule - 11 : Cash and Bank Balances

Particulars
Current Year
Previous Year
1.
Cash (including cheques, drafts and stamps)
1,006,433
195,948
2.
Bank Balances
(a) Deposit Accounts
(aa) Short-term (due within 12 months of the date of Balance Sheet )
(bb) Others
(b) Current Accounts
(c) Others
3,191,609
-
267,631
2,494,924
-
Money at Call and Short Notice

(a) With Banks
(b) With Other Institutions
Others
4,198,042
2,958,503
4,198,042
2,958,503
3.
4.
Total
Balances with non-scheduled banks included in 2 and 3 above
Cash and Bank Balances
1.
In India
2.
Outside India
Total
4,198,042
2,958,503
36
Schedule - 12 : Advances and Other Assets

Current Year
Previous Year
Application money for investments
10,221
Prepayments
63,414
61,287
314
250
960
3,391
28,749
-
1,147
3,262
41,743
169
107,049
107,858
Income accrued on investments
248,188
148,571
Outstanding Premium
310,762
243,855
Agents Balances
50
Foreign Agencies Balance
2,933
15,516
Due from subsidiaries/holding company
Deposit with Reserve Bank of India

[pursuant to section 7 of Insurance Act,1938]
131,762
71,603
52,143
1,640
175,437
Total (B)
747,428
655,032
Total (A + B)
854,477
762,890
Particulars
ADVANCES
Reserve deposits with ceding companies
Advances to Directors/Officers
Advance tax paid and taxes deducted at source
Others :
Travel advances
Employee advances
Advances to suppliers
Miscellaneous advances
Total (A)
OTHER ASSETS
Due from other entities carrying on insurance business

(Including amount due from Reinsurers)
Deposits
Others :
Unsettled Investment contract receivable
Others
37
Schedule - 13 : Current Liabilities

Current Year
Previous Year
1,817,710
710,607
81,844
25,093
111,184
16,928
Premium & Other Deposits
1,552,322
1,058,086
Sundry Creditors
4,359,434
1,671,612
110,639
82,131
6,249
1,814
53,665
47,874
276,339
8,093,047
3,890,484
Particulars
Agents Balances
Balances due to other insurance companies
Deposits held on reinsurance ceded
Premium received in advance
Due to Subsidiaries/holding company

Claims Outstanding
Annuities Due
Due to Officers/Directors of the Company
Others :
Payable - unsettled investment contracts
Temporary Overdraft as per the books of account
TOTAL
Schedule - 14 : Provisions
Particulars
Current Year
Current Year
Previous Year
Previous Year
36
40
ForTaxation
(Less Payments and Taxes Deducted at Sources)
Wealth Tax
Service Tax
Fringe Benefit Tax
10,000
10,036
3,500
3,540
For Proposed dividends
For dividend distribution tax
87,697
48,847
97,733
52,387
Others:
For Leave Encashment
Total
Schedule - 15 : Miscellaneous Expenditure
(To the extent not written-off or adjusted)

Particulars
Current Year
Previous Year
Discount allowed in issue of shares/debentures
Others
Total
38
Annexure to Revenue Account-Break Up of

Unit Linked Business (UL) for the year ended 31st March 2007
Particulars
Schedule
Linked Life
Non-Unit
Unit
Total
(1)
(2)
(3)=(1) + (2)
17,632,616
29,290,634
46,923,250
(43,746)
(43,746)
17,588,870
29,290,634
46,879,504
PREMIUMS EARNED NET

(a)
Premium
(b) Reinsurance ceded

SUB-TOTAL
(a)
76,081
658,197
734,278
(b) Profit on sale/redemption of investments
Interest, Dividend & Rent - Gross
3,489,836
3,489,836
(c) (Loss on sale/redemption of investments)
(745)
(968,300)
(969,045)
(1,003,416)
(1,003,416)
(d) Unrealized gain/(loss)

302,927
302,927
75,336
2,479,244
2,554,580
1,568,137
(1,234,737)
333,400
863,308
863,308
28,074
28,074
20,123,725
30,535,141
50,658,866
COMMISSION
8,944,424
8,944,424
9,534,019
9,534,019
64,822
64,822
18,543,265
18,543,265
28,824
6,112,250
6,141,074
OTHER INCOME
(a)
Linked income
UL1
(b) Contribution from Shareholders account

(c) Others
TOTAL (A)
Provision For Taxation (Fringe Benefit Tax)

TOTAL (B)
BENEFITS PAID (NET)
UL2
Interim Bonus Paid

Change In Valuation of Liability In Respect of Life Policies
Change In Valuation Liability
TOTAL (C)
SURPLUS / (DEFICIT) (D) =(A)-(B)-(C)
310,562
310,562
24,422,891
24,422,891
339,386
30,535,141
30,874,527
1,241,074
1,241,074
APPROPRIATIONS
Balance of Previous Year
1,241,074
1,241,074
Balance being funds for future appropriations (D) - (E)
Reserve for lapsed unit linked policies unlikely to be revived (E)
39

Linked Pension
Linked Group
Total Unit Linked
Non-Unit
Unit
Total
Non-Unit
Unit
Total
(4)
(5)
(6)=(4) + (5)
(7)
(8)
(9)= (7) + (8)
(10)=(3)+ (6)+(9)
207,255
1,544,410
1,751,665
9,604
379,162
388,766
49,063,681
(65)
(65)
(43,811)
207,190
1,544,410
1,751,600
9,604
379,162
388,766
49,019,870
686
27,622
28,308
230
12,262
12,492
775,078
187,776
187,776
804
804
3,678,416
(56,819)
(56,819)
(5,708)
(5,708)
(1,031,572)
(36,802)
(36,802)
3,572
3,572
(1,036,646)
16,087
16,087
1,522
1,522
320,536
686
137,864
138,550
230
12,452
12,682
2,705,812
44,221
(25,190)
19,031
2,028
(2,008)
20
352,451
101,265
101,265
7,782
7,782
972,355
874
874
33
33
28,981
354,236
1,657,084
2,011,320
19,677
389,606
409,283
53,079,469
69,526
69,526
62
62
9,014,012
246,486
246,486
11,759
11,759
9,792,264
1,690
1,690
80
80
66,592
317,702
317,702
11,901
11,901
18,872,868
19,102
267,038
286,140
8,649
27,342
35,991
6,463,205
17,432
17,432
(201)
(201)
327,793
1,390,046
1,390,046
362,264
362,264
26,175,201
36,534
1,657,084
1,693,618
8,448
389,606
398,054
32,966,199
(672)
(672)
1,240,402
(672)
(672)
(672)
1,241,074
40
Schedules to Annexure to Revenue Account (UL) forming part of Financial Statements for the year ended 31st March 2007
Schedule - UL1 : Linked Income
(recovered from linked funds) (net of service tax)

Life
Linked Unit
(1)
Pension
Linked Unit
(2)
Group
Linked Unit
(3)
Total
(4)= (1)+(2)+(3)
Fund Administration charges
470,835
19,288
44
490,167
Fund Management charges
439,169
20,768
1,984
461,921
Policy Administration charges
Surrender charges
Switching charges
Mortality charges
540,909
3,544
544,453
Rider Premium charges
117,224
621
117,845
Partial withdrawal charges
Miscellaneous charges
1,568,137
44,221
2,028
1,614,386
Particulars
TOTAL (UL-1)
(d) Other benefits

- Surrender
- Survival
TOTAL (UL2)
28,824
28,824

In India
Outside India
28,824
(d) Other benefits

- Surrender
- Survival
TOTAL (A) - (B)
(c) Annuities / Pensions payment
(3,338)
(3,338)
(a) Claims by Death
Amount Ceded in reinsurance
32,162
(c) Annuities / Pensions payment
Sub Total (A)
32,162
(a) Claims by Death
Insurance Claims
Non Unit
(1)
Sub Total (B)
Sl. No. Particulars
6,112,250
6,112,250
6,112,250
6,112,250
5,951,946
-
160,304
Linked Life
Unit
(2)
Schedule - UL2 : Benefits paid (net)
6,141,074
6,141,074
6,141,074
(3,338)
(3,338)
6,144,412
5,951,946
-
192,466
Total
(3)=(1)+(2)
19,102
19,102
19,102
19,102
19,102
267,038
267,038
267,038
267,038
223,967
-
43,071
Linked Pension
Non-Unit
Unit
(4)
(5)
286,140
286,140
286,140
286,140
223,967
-
62,173
Total
(6)=(4)+(5)
Schedules to Annexure to Revenue Account (UL) forming part of Financial Statements for the year ended 31st March 2007
8,649
8,649
8,649
8,649
8,649
27,342
27,342
27,342
27,342
27,342
-
Linked Group
Non-Unit
Unit
(7)
(8)
35,991
35,991
35,991
35,991
27,342
-
8,649
Total
(9)=(7)+(8)
6,463,205
6,463,205
6,463,205
(3,338)
(3,338)
6,466,543
6,203,255
-
263,288
Total
Unit Linked
(10)=(3)+(6)+(9)
41
42
Schedule - 16 : Notes to financial statements

Background
Bajaj Allianz Life Insurance Company Limited (the Company)
was incorporated on 12th March 2001 as a Company under
the Companies Act, 1956. The Company obtained a license
from the Insurance Regulatory and Development Authority
(IRDA) for carrying on the business of life insurance on
3rd August 2001. The license has been renewed for the
financial year ended 31 March 2007.
The Company is a joint venture between Bajaj Auto Ltd.
(74 percent) and Allianz SE (26 percent). The Company has
a wide range of products in traditional and unit-linked
insurance business.
Premium on lapsed policies is recognized as income when

such policies are reinstated.
In case of linked business, top up premiums paid by
policyholders are entirely unitized and considered as single
premium. This premium is recognised when associated units
are allotted.
Commission received on reinsurance ceded is recognized
as income in the period in which reinsurance premium is
ceded.
Income earned on investments
Interest income is recognised on an accrual basis.
1. Significant Accounting Policies followed by the

Company
Dividend income is recognized when the right to receive

dividend is established.
Basis of Preparation
Premium or discount on acquisition, as the case may be, in

respect of fixed income securities, pertaining to non-linked
investments is amortized on constant yield to maturity basis
over the period of maturity/holding and offset against
interest income.
The accompanying financial statements have been prepared

and presented under the historical cost convention, on
the accrual basis of accounting, in compliance with the
accounting standards (AS) issued by the Institute of
Chartered Accountants of India (ICAI), to the extent
applicable, and in accordance with the provisions of the
Insurance Act, 1938, the Insurance Regulatory and
Development Authority (Preparation of Financial Statements
and Auditors Report of Insurance Companies) Regulations,
2002 (the Regulations), Insurance Regulatory and
Development Authority Act, 1999, various circulars issued
by IRDA and the Companies Act, 1956 to the extent
applicable and the practices prevailing in the insurance
industry. The accounting policies have been consistently
applied by the company and except for changes in
accounting policy discussed in (j) below are consistent with
those used in the previous year.
Use of Estimates
The preparation of financial statements in conformity with
generally accepted accounting principles requires
management to make estimates and assumptions that affect
the reported amounts of assets, liabilities, revenue and
expenses and disclosure of contingent liabilities as on the
date of financial statements. The estimates and assumptions
used in the accompanying financial statements are based
upon managements evaluation of the relevant facts and
circumstances as of the date of the financial statements.
Actual results could differ from those estimates. Any revision
to accounting estimates is recognized prospectively in
current and future periods.
a) Revenue Recognition
Revenues are recognised as under. However recognition is
postponed where ultimate collectibility lacks reasonable
certainty.
Premium Income
Premium (net of service tax), is recognised as income when
due. For linked business, premium is recognized when the
associated units are allotted.
Profit/loss on sale/redemption of securities other than

linked investments is recognized on trade/redemption date
and includes effects of accumulated fair value changes, as
applicable previously recognised, for specific investments
sold/redeemed during the year. Cost of security is
determined on first in first out cost basis.
The realized gains or losses on the debt securities for other
than linked business is the difference between the net
sale consideration and the amortized cost in the books of
the Company as on date of sale.
The realized gains or loss on equity shares and mutual fund
units for other than linked business is the difference
between the net sale consideration and the cost in the
books of the Company.
The realized gains or losses on securities held for linked
business is the difference between the net sale
consideration and the weighted average cost as on the
date of sale.
Fund Management Charges, Fund Administration Charges
and cost of Insurance are accounted for on accrual basis
in accordance with terms and conditions described in the
issued policies.
b) Reinsurance premium
Reinsurance premium ceded is accounted in accordance
with the treaty with reinsurers.
c) Benefits Paid (Including Claims)
Death and surrender claims are accounted for on receipt
of intimation. Maturity claims are accounted when due for
payment. Reinsurance recoveries are accounted for in the
same period as the related claims and netted off against
the claim expense incurred.
Repudiated claims disputed before judicial authorities are
provided for based on the best judgment of the management
43
considering the facts and evidence in respect of each such

claim.
constant yield to maturity basis over the period held to

maturity / sale.
Withdrawals under unit linked policies are accounted in

respective schemes when the associated units are cancelled.
Listed equity shares and mutual fund units are stated at

fair value, in accordance with IRDA Investment (Amendment)
Regulations 2001. Fair value for listed equity shares is the
lowest last quoted closing price on the National Stock
Exchange (NSE) and The Stock Exchange, Mumbai (BSE).
Fair value for mutual fund units is the net asset value on
the Balance Sheet date. Unrealized gains/losses on changes
in fair values of listed equity shares and mutual funds are
taken to the Fair Value Change Account and carried forward
in the Balance Sheet.
d) Acquisition Costs
Acquisition costs such as commission, policy issue expenses
etc. are costs that vary with and are primarily relatable to
the acquisition of new and renewal insurance contracts.
Such costs are expensed in the year in which they are
incurred. Accounting for additional first year commission is
done on an accrual basis, after considering estimated
lapsation. Claw back of the first year commission paid, in
future, if any, will be accounted for in the year in which it
is recovered.
e) Liability for life policies
i) The Company provides for liabilities in respect of all in
force policies and lapsed policies that are likely to be
revived in future, based on actuarial valuation done by
the Appointed Actuary as per gross premium method in
accordance with accepted actuarial practices,
requirements of IRDA and Actuarial Society of India.
ii) Liabilities in respect of unit linked policies which have
lapsed and are not likely to be revived, are shown as a
separate item under the head funds for future
appropriations, until expiry of the revival period. This
is as per IRDA Circular No. 041/IRDA/ACTL/MAR-2006
dated 29 March 2006.
iii) Linked liabilities comprise of unit liability representing
the fund value of policies and non-unit liability for
meeting insurance claims etc. which is based on
actuarial valuation done by the Appointed Actuary.
Actuarial policies and assumptions are given in Note 8 below.
f) Investments
Investments are made in accordance with the Insurance
Act, 1938, the Insurance Regulatory and Development
Authority (Investment) Regulations, 2000, as amended and
circulars / notifications issued by IRDA from time to time.
Investments are recorded on trade date at cost, which
includes brokerage and related taxes, if any and excludes
pre-acquisition interest, if any.
i) Classification
Investments maturing within twelve months from the Balance
Sheet date and investments made with the specific intention
to dispose of within twelve months from Balance Sheet
date are classified as short-term. Investments other than
short term are classified as long-term investments.
Investments are specifically procured and held for
policyholders and shareholders independently. The income
relating to these investments is recognized in the respective
policyholders / shareholders account.
ii) Valuation Shareholders investments and non-linked
policyholders investments
All debt securities are considered as held to maturity and
accordingly stated at historical cost adjusted for
amortization of premium or accretion of discount on
Investment in real estate properties is valued at cost.

iii) Valuation linked business
Listed equity shares are valued at fair value, being the last
quoted closing price on the NSE. In case the equity shares
are not listed on the NSE, then they are valued on the last
quoted closing price on BSE.
Government securities are valued at prices obtained from
Credit Rating Information Services of India Ltd. (CRISIL).
Corporate bonds and debentures are valued on the basis
of CRISIL Bond Valuer.
Treasury bills, certificate of deposits and commercial papers
are valued at cost plus accretion at constant yield to
maturity.
Mutual fund units have been valued at the last available
Net Asset Value declared by the respective mutual fund.
iv) Transfer of investments
Transfer of investments from Shareholders Fund to the
Policyholders Fund is at book value or market price;
whichever is lower.
Transfer of debt securities is at lower of amortized cost or
market price.
Inter fund transfer of Treasury Bills, Certificate of Deposits
and Commercial Papers between unit linked funds is done
at cost plus accretion. All other transfer of investments
between unit linked funds is done at market price.
g) Loans
Loans are stated at historical cost, subject to provision for
impairment, if any.
h) Fixed Assets and Depreciation
Fixed assets are stated at cost of acquisition less
accumulated depreciation. Cost of acquisition includes
incidental expenses relating to acquisition and installation.
In respect of liabilities incurred in acquisition of fixed assets
in foreign exchange, the net gain or loss arising on
conversion/settlement is adjusted in the carrying value of
the respective asset.
Intangible assets comprising software are stated at cost
less amortization.
Depreciation / amortization is provided on Straight Line
Method (SLM) with reference to the managements
assessment of the estimated useful life of the assets or the
rates and in the manner specified by the Schedule XIV of
the Companies Act, 1956, whichever is higher.
44
Depreciation / amortisation is provided at the following

rates:
Asset Class
Rate of Depreciation/
Amortisation
Intangibles - Computer Software
33.33% p.a.
During the year, the Company has changed its accounting

policy for accruing leave encashment from actual basis to
actuarial basis. Such change has no material impact on the
Revenue account.
k) Transactions in Foreign Currency
Furniture & Fittings
6.33% p.a.
Transactions in foreign currency on account of revenue

expenditure are accounted for at the rate prevailing at
the date of the transactions. Current assets and liabilities
are translated at the year-end closing rates. The resulting
exchange gain or loss, if any, is reflected in the profit and
loss account / revenue account.
Information Technology Equipment
33.33% p.a.
l) Taxation
Air Conditioner
10.00% p.a.
Vehicles
20.00% p.a.
Office Equipment
25.00% p.a.
Income Tax expense comprises current tax (i.e. amount of

tax for the period determined in accordance with the
income-tax law including Fringe Benefit Tax) and deferred
tax charge or credit (reflecting the tax effects of timing
differences between the accounting income and taxable
income for the period).
Leasehold Improvements
Over the balance

period of Lease
Buildings
2.00% p.a.
Electrical Fittings
6.33% p.a.
The Company provides pro rata depreciation from the month

in which the asset is acquired / first put to use and upto
the month in which the asset is sold/discarded.
Assets costing individually less than Rs. 5,000 are charged
off as revenue expenses. Assets costing Rs. 5,000 and above,
upto Rs. 20,000, are fully depreciated in the year of
acquisition.
Impairment of Assets
The Company assesses at each Balance Sheet date whether
there is any indication that an asset may be impaired.
If any such indication exists, the Company estimates the
recoverable amount of the asset. An impairment loss is
recognized if such recoverable amount of the asset is less
than its carrying amount. After impairment, depreciation is
provided on the revised carrying amount of the assets over
its remaining useful life.
i) Accounting for leases
Operating leases
Leases where the lessor effectively retains substantially all
the risks and benefits of ownership over the leased term
are classified as operating leases. Operating lease rentals
are recognized as an expense in the profit and loss account/
revenue account on a straight-line basis over the lease
term.
j) Retirement and other staff benefits
The Company makes a contribution to the Statutory
Provident Fund, a defined contribution scheme at the
prescribed rates.
The Company makes a contribution to the Bajaj Auto
Employee Superannuation Scheme, a defined contribution
scheme, for its eligible employees at fixed rates.
The Company makes a contribution towards Employees
Group Gratuity cum Life Assurance (Cash Accumulation)
scheme, a defined benefit scheme of LIC. The Company
provides for Gratuity based on actuarial valuation done as
at the year end by the Life Insurance Corporation of India
(LIC).
Provision for Leave Encashment is accrued and provided
for on the basis of actuarial valuation made at the end of
each accounting year.
Deferred tax is measured based on the tax rates and the

tax laws enacted or substantively enacted at the balance
sheet date. Deferred tax assets are recognised only to the
extent that there is reasonable certainty that sufficient
future taxable income will be available against which such
deferred tax assets can be realised. In situations where
the Company has unabsorbed depreciation or carry forward
tax losses, all deferred tax assets are recognised only if
there is virtual certainty supported by convincing evidence
that they can be realised against future taxable profits.
At each balance sheet date the Company re-assesses
unrecognised deferred tax assets. It recognises
unrecognised deferred tax assets to the extent that it has
become reasonably certain or virtually certain, as the case
may be that sufficient future taxable income will be available
against which such deferred tax assets can be realised.
m) Preliminary Expenses
Preliminary expenses incurred are written off to the Profit
and Loss account in five equal installments commencing
from the year in which they were first incurred, the balance
to the extent not written off is adjusted against share
capital as required by the regulations.
n) Interim Bonus
Bonus paid on settlement of death claims are considered
as interim bonus by the Management.
o) Provisions and Contingent liabilities
The Company creates a provision when there is present
obligation as a result of a past event that probably requires
an outflow of resources and a reliable estimate can be
made of the amount of the obligation. A disclosure for a
contingent liability is made when there is a possible obligation
or a present obligation that may, but probably will not,
require an outflow of resources. When there is a possible
obligation or a present obligation in respect of which the
likelihood of outflow of resources is remote, no provision
or disclosure is made.
p) Service Tax
Service Tax liability on taxable premium is setoff against
available service tax credits from service tax payments made
45
for Insurance Auxiliary and other eligible services. Unutilised

credits, if any, are carried forward under Advances and
other Assets for adjustments / setoff in subsequent
periods, after creating a provision based on estimated
realization of the unutilised credit.
q) Earnings per share
Basic earnings per share is calculated by dividing the net
profit or loss for the year attributed to equity shareholders
by the weighted number of equity shares outstanding during
the year.
For the purpose of calculating diluted earnings per share,
the net profit or loss for the year attributable to equity
shareholders and the equity weighted number of shares
outstanding during the year are adjusted for effects of all
dilutive equity shares.
Statutory disclosures as required by the Regulations
6. Investments as required to be maintained under Section

7 of the Insurance Act, 1938 are as follows:
(Rupees 000)
st
31 March
2007
31st March
2006
7.55% Govt. of India Securities 2010*

(Face Value Rs.50,000)
51,034
51,323
11.99% Govt. of India Securities 2009*

(Face Value Rs.50,000)
55,006
57,253
* This investment is in the custody of Deutsche Bank India

Branches in the Constituent Subsidiary General Ledger
(CSGL) account.
All investments are performing investments.
7. Managerial remuneration
The details of the managerial remuneration included in
employee remuneration and welfare benefits are as follows:
2 Contingent Liabilities
(Rupees 000)
(Rupees 000)
As at 31st
As at 31st
March 2007 March 2006
Particulars
Partly-paid up investments
3,840
6,699
Underwriting commitments
outstanding
Nil
Nil
Claims, other than those under

policies, not acknowledged as debts
375
138
Guarantees given by or on behalf of

the company
Nil
Nil
7,064
7,064
Nil
Nil
Statutory demands/liabilities in
dispute, not provided for *
Reinsurance obligations to the
extent not provided for in accounts
Claims, under policies,
not acknowledged as debts
29,952
11,437
* The Service Tax department has issued an order on the

Company for Rs. 7,064 and applicable interest and
penalty, pertaining to the period August 2002 to
31st December 2004. The Company has filed an appeal against
the order with the Customs, Excise and Service Tax Appellate
Tribunal.
3. The assets of the Company, as in the previous year, are
free from all encumbrances. There are no assets subject
to restructuring.
4. There are no commitments made and outstanding for
loans and investments. The commitments made and
outstanding for fixed assets amount to Rs. 13,163
(Previous Year Rs. 20,872) (net of advances).
5. Value of unsettled contracts relating to investments as
at 31st March 2007 for:
(Rupees 000)
Linked Business
Non-linked Business
31st March 31st March 31st March 31st March

2007
2006
2007
2006
Purchases where deliveries
are pending
581,521
495,569
NIL
47,874
Sales where receipts are

overdue
279,255
100,726
52,143
NIL
Particulars
Salary
Perquisites
st
st
31 March 2007
31 March 2006
6,850
6,850
447
488
The managerial remuneration is in accordance with the

approval accorded by a resolution of the Board of Directors,
a copy of which has been filed with the IRDA as required
under Section 34A of the Insurance Act,1938.
8. Actuarial Valuation
Liabilities for life policies are determined by the Appointed
Actuary in accordance with IRDA regulations and relevant
guidance notes of the Actuarial Society of India.
Non-linked business is reserved using a prospective gross
premium method of valuation. The non-linked business is
predominantly participating and reserves are established
having regard to assumptions as to future experience,
including the interest that will be earned on premiums not
yet received, together with associated bonus rates. Regular
premium participating business is reserved using an interest
rate of 7.50% per annum which compares with a rate of
7.25% per annum used at 31st March 2006.
Single premium participating business is reserved using a
rate of 6.25% per annum, which is same as used at 31st
March 2006. The rate is determined after having regard to
the yield being obtained on relevant matching assets.
Assumptions as to future bonus rates are set to be
consistent with the interest rate assumptions. Provision
has been made for a bonus distribution in respect of business
in force at the valuation date on a basis considered
appropriate by the Appointed Actuary having taken into
account the reasonable expectations of policyholders.
Linked business is reserved using the per unit net asset
value of units plus a non-unit reserve to allow for costs of
insurance and any expenses and commissions in excess of
future charges.
Mortality assumptions are based on the published LIC (19941996) Ultimate Mortality Table with adjustment to reflect
expected experience and with an allowance for adverse
deviation.
46
Assumptions for morbidity and for the incidence of

accidental death are based on terms available from
reinsurers and the standard morbidity rate table CIBT (9496).
The reserve is sufficient to allow for any adverse lapse
experience. The reserve is always sufficient to meet
minimum statutory surrender values.
Commission has been allowed for at the Companys table
rates with an allowance for service tax. Maintenance
expenses have been allowed for in accordance with business
plan assumptions and product filings with the IRDA. An
additional reserve has been included to allow for possible
adverse deviations in experience in excess of offsetting
adjustments in bonus rates and to allow for the contingency
of closure to new business as is required by guidance notes
(GN1) issued by the Actuarial Society of India.
There is a small amount of Group Term business at the
valuation date, reserves for which have been calculated
having regard to the unearned gross premium and expenses
already incurred.
Provision has been made for the possible revival of policies
which have lapsed before the valuation date, having regard
to the experience of the Company. As per IRDA Circular No.
041/IRDA/ACTL/MAR-2006 dated 29th March 2006, a reserve
for lapsed unit linked policies not likely to be revived is
held as a separate item under the head Funds for future
appropriations.
The Appointed Actuary is satisfied that the nature and extent
of reinsurance arrangements require no additional reserve
to be set aside. All reserves have been calculated using
gross exposure and gross office premiums.
The Appointed Actuary confirms, as is required by the IRDA,
that the reserve is sufficient to provide for adverse free
look experience based on assumptions and experience.
9. Claims
Claims settled and remaining unpaid for a period of more
than six months at year-end amount to Rs. Nil (Previous
Year: Rs. Nil.)
10.Allocation of expenses
Operating expenses relating to insurance business are
allocated to specific business segments as under:
12.Percentage of business sector-wise

Current Year
Previous Year
Number
of Policies
Percentage
of policies
Number
of Policies
Percentage
of policies
Rural
431,765
20.77%
133,068
17.03%
Urban
1,647,168
79.23%
648,416
82.97%
Current Year
Social
Previous Year
No. of
Lives
No of
Policies
No. of
Lives
No of
Policies
224,093
122,806
13.Percentage of risk retained and risks reinsured

(Rupees 000)
Particulars
Current Year
Sum at risk
Previous Year
Percentage
Sum at risk
Percentage
Risk retained
687,500,808
80.78%
172,086,898
64.98%
Risk reinsured
163,577,192
19.22%
92,752,300
35.02%
14.During the year the shareholders transferred funds to

Policyholders Account, to make good the deficit, which
existed in the Policyholders Account and transfer to
the statutory reserve. The transfer by the shareholders
is irreversible in nature and shall not be recouped by
the shareholders in the future. The necessary approvals
of the shareholders for the said transfer has been taken
at the Extra Ordinary General Meeting of the
shareholders held on 11th May 2007.
15.Reinsurance is in place on lives where cover is in excess
of the Companys retention limit and this has been
reflected in the Accounts.
16.As per Accounting Standard 18 issued by the Institute
of Chartered Accountants of India, disclosures of
transactions with the related parties have been set out
in a separate statement annexed to this schedule as
Appendix I. The related parties, in respect of which
the disclosures have been made, have been identified
on the basis of disclosures made by the key managerial
persons and taken on record by the Board of Directors.
17. In accordance with Accounting Standard (AS 20) on
Earnings per Share (EPS), the following table reconciles
the numerator and denominator used to calculate basic/
diluted earnings per share.
(a) Expenses, which are directly identifiable, are allocated

on an actual basis
(b) Other operating expenses, which are not directly
identifiable are apportioned based on a combination
of:
New Business Regular Premium;
New Business Single Premium; and
Renewal Premium
11.Expenses directly attributable to shareholders are

charged to the Shareholders Account.
st
st
31 March
2007
31 March
2006
Profit/(Loss) after tax (Rs.000)
(717,033)
(985,442)
Basic earnings before extra-ordinary

items [A] (Rs.000)
(717,033)
(985,442)
Basic earnings after extra-ordinary

items [B] (Rs. 000)
(717,033)
(985,442)
150,250,730
150,105,912
Basic earnings per share [A/C] (Rs)
(4.77)
(6.56)
Basic earnings per share excluding

extraordinary items [B/C] (Rs)
(4.77)
(6.56)
Weighted average no. of equity shares

(par value of Rs. 10 each) [C]
47
As there were no dilutive equity shares issued, or potential

equity shares, no reconciliation between the denominator
used for computation of basic and diluted earnings per
share is necessary.
i) There are no transactions in the nature of sub leases.
18. Operating lease commitments
iii) The period of agreement is generally for three years

and renewable thereafter at the option of the lessee.
The Company has entered into agreements in the nature

of Lease/ Leave and Licence Agreements with different
lessors / licensors for the purpose of establishment of office
premises. These are generally in the nature of operating
leases/ leave and licenses and disclosure required as per
Accounting Standard 19 with regard to the above is as
under:
(Rupees 000)
st
st
31 March
2007
31 March
2006
Not later than one year
209,576
122,855
Later than one year not later

than five years
238,375
182,598
6,511
16,015
Later than five years
ii) Payments recognized in the Revenue Account for the

st
year ended 31 March 2007, is Rs.215,236 (Previous Year
Rs.117,695).
19.i) Previous years figures have been re-grouped / reclassified / re-cast wherever necessary to conform
with current years presentation.
ii) Vide Circular No. 054/IRDA/F & A/FEB-07 dated
February 20th, 2007, IRDA issued instructions for Unit
Linked Disclosure norms. Further vide Circular No.
IRDA/F&A/001/Apr-07 dated April 16th, 2007, IRDA
granted relaxation from the disclosure of figures of
corresponding previous year while preparing the
financial statements for the year ended 31st March
2007. In compliance of the same, figures of
corresponding previous year for unit linked business
are not disclosed as per the new format.
All amounts disclosed in the notes and footnotes to the
financial statements are in rupees in thousands.
48
Schedules forming part of the financial statements for the year ended on 31st March 2007 (continued)
Schedule - 20 : Segment Reporting

The Companys reportable segments are business segments which have been identified in accordance with the regulations.
The operating expenses, investments and other income attributable to the business segments are allocated as mentioned in
Paragraph 10 above. Segment revenues and results have been disclosed in the Financial Statements itself. Segment assets
and liabilities have been identified to the extent possible in the following table. There are no reportable geographical
segments since the Company provides services to customers in the Indian market only and does not distinguish any reportable
regions within India.
Current Year
Particulars
Total
Participating Policyholders
Individual
Individual
Assurance
Pension
6,712,906
5,493,958
211,463
51,868,401
670,923
585,104
4,383
1,358,813
18,630
18,627
Investments
15,587,258
6,162,724
220,101
Assets Held to Cover Linked Liabilities
51,868,401
310,762
295,819
5,780
2,933
2,009
248,188
132,450
1,976
Other Assets
292,594
1,817,710
81,661
283
81,844
23,632
381
4,359,434
17,267
375
6,249
Claims Outstanding
110,639
29,194
209
111,184
4,104
59
1,552,322
146,943
2,102
53,665
Policy Liabilities
Provision for linked liabilities
Funds for Future Appropriations
Loans
Advances & Other Assets

Outstanding Premium
Due from Other Entities carrying on Insurance business
Current Liabilities
Agents Balance
Balance due to other Insurance Companies
Sundry Creditors
Due to Officers of the Company

Temporary overdraft as per books of accounts
Fixed assets are not identifiable to any particular business segment. Depreciation has been allocated based on the assumption
that the use of assets is proportional to the basis referred to in Note 10(b) of Schedule 16.
49

Non-Participating Policyholders
Linked Linked Policyholders

Individual Group Super-
Shareholders
Unallocated
Individual
Individual
Group
Individual
Assurance
Annuity
Assurance
Assurance
Pension
annuation
Gratuity
Group
154,036
43,243
198,175
591,016
21,015
48,951,610
2,408,838
96,819
411,134
50,961
7,019
23,456
1,358,813
208,183
50,900
231,297
2,152,260
21,112
2,610
1,571
6,536,500
48,951,610
2,408,838
96,819
411,134
9,063
100
924
3,136
259
4,737
33,379
198
35
83
71,935
292,594
2,224
47
2,826
1,717,320
13,337
1,324
14
5,993
49,057
1,160
50
233
364
4,341,428
6,249
2,229
37,932
40,737
338
57
102,715
4,249
8,220
304
269,805
18,514
1,106,434
53,665
50
Schedules forming part of the financial statements for the year ended on 31st March 2007 (continued)
Schedule - 20 : Segment Reporting

The Companys reportable segments are business segments which have been identified in accordance with the regulations.
The operating expenses, investments and other income attributable to the business segments are allocated as mentioned in
Paragraph 10 above. Segment revenues and results have been disclosed in the Financial Statements itself. Segment assets
and liabilities have been identified to the extent possible in the following table. There are no reportable geographical
segments since the Company provides services to customers in the Indian market only and does not distinguish any reportable
regions within India.
Previous Year
Particulars
Participating Policyholders
Individual
Individual
Assurance
Pension
4,043,047
3,336,963
150,520
25,693,200
Funds for Future Appropriations
564,521
532,747
117,739
3,406
3,406
7,546,991
3,893,622
150,722
25,693,200
243,855
237,122
4,642
15,516
2,542
148,571
73,408
1,171
Other Assets
354,948
710,607
106,341
345
Balance due to other Insurance Companies
25,093
8,104
135
Payable Unsettled Investment Contracts
47,874
1,671,612
21,267
734
1,814
Claims Outstanding
82,131
30,101
16,928
16,400
399
1,058,086
276,339
Policy Liabilities
Provision for linked liabilities
Loans
Investments
Assets Held to Cover Linked Liabilities
Total
Advances & Other Assets

Outstanding Premium
Due from Other Entities carrying on Insurance business
Current Liabilities
Agents Balance
Sundry Creditors
Due to Officers of the Company

Temporary overdraft as per books of accounts
Fixed assets are not identifiable to any particular business segment. Depreciation has been allocated based on the assumption
that the use of assets is proportional to the basis referred to in Note 10(b) of Schedule 16.
51

Non-Participating Policyholders
Linked Linked Policyholders
Shareholders
Unallocated
144
41,131
104,559
672
117,739
30,478
138,174
400,149
9,352
1,134
344
2,780,868
24,528,719
1,018,791
41,131
104,559
1,991
100
460
12,514
1,410
118
2,242
7,934
182
58,225
3,877
354,948
3,017
43
827
592,015
7,999
13
432
1,613
14,767
42
47,874
32
1,649,579
1,814
3,377
8,306
40,347
129
1,058,086
276,339
Individual
Individual
Group
Individual
Individual Group Super-
Group
Assurance
Annuity
Assurance
Assurance
Pension
annuation
Gratuity
114,511
30,065
126,751
280,453
3,583
57
24,528,719
1,018,791
27,437
3,665
142,148
52
Schedule - 21 : Summary of Financial Statements

Sr.
Particulars
2006-07
****
2005-06
2004-05
2003-04
2002-03
2001-02
***
Policyholders Account
1
Gross premium income
53,099,971 31,335,778 10,016,752
2,207,985
691,749
71,389
Net premium income #
53,007,376 31,282,213
2,192,521
686,197
70,255
9,980,307
Income from investments (Net) @
3,096,821
312,417
84,409
45,178
14,916
Other Income
1,377,045
1,375,771
504,221
413,529
408,345
Total income
57,481,242 32,970,401 10,568,937
Commissions (Net)
Brokerage
Operating Expenses related to insurance

business
Provisions for tax (Fringe Benefit Tax)
10
Total Expenses
11
Payment to policy holders*
12
Increase in actuarial liability**
13
Surplus / (Deficit) from operations
2,651,229
1,109,458
310,312
9,466,813
3,418,670
1,458,351
504,424
124,227
23,517
10,730,189
4,868,110
2,154,636
1,323,717
667,177
251,079
73,054
41,020
20,270,056
8,327,800
3,612,987
1,828,141
791,404
274,596
6,987,345
6,536,048
565,451
27,917
3,658
28,845,062 17,488,362
6,416,858
745,854
274,887
34,113
1,378,779
618,191
(26,359)
49,317
39,509
1,603
277,123
106,879
88,271
135,934
138,519
104,034
(717,006)
(985,406)
(367,515)
(268,073)
(265,486)
(156,386)
27
36
44
57
44
50
(717,033)
(985,442)
Shareholders Account
14
Total income under Shareholders

Account
15
Profit / (loss) before tax
16
Provisions for tax
17
Profit / (loss) after tax
18
Profit / loss carried to Balance Sheet
19
(367,559)
(268,130)
(265,530)
(156,435)
(2,760,129) (2,043,096) (1,057,654)
(690,095)
(421,965)
60,626,486 30,431,495
7,736,819
1,144,717
350,112
35,716
60,919,159 30,459,323
7,736,825
1,144,717
350,112
35,716
Miscellaneous
(A) Policyholders account:
Total funds (including unit linked funds)
Total investments
(including unit linked investments)
Yield on investments (%)
(excluding unit linked investments)
7.17%
9.80%
7.20%
9.68%
12.01%
12.07%
Total funds
(net of debit balance in Profit & Loss A/C)
4,245,236
2,955,263
1,616,518
1,790,826
1,562,173
1,330,843
Total investments
6,536,500
2,780,868
1,636,972
1,407,573
1,287,859
1,098,542
7.36%
5.80%
5.60%
9.68%
12.01%
12.07%
7.24%
8.40%
6.30%
9.68%
12.01%
12.07%
1,500,000
(B) Shareholders account:
Yield on investments (%)

20
Yield on total investments

(excluding unit linked investments)
21
Paid up equity capital
1,503,680
1,502,338
1,500,787
1,500,660
1,500,330
22
Net worth
4,245,236
2,955,263
1,616,518
1,790,826
1,562,173
1,330,843
23
Total Assets
(net of debit balance in Profit & Loss A/C)
64,871,722 33,386,758
9,353,337
2,935,543
1,912,285
1,366,558
24
Earning per share (Rs.)
(4.77)
(6.56)
(2.45)
(1.79)
(1.77)
(1.56)
25
Book value per share (Rs.)
28.23
19.67
10.77
11.93
10.40
8.87
#
@
*
**
***
****
Net of reinsurance
Net of losses
Inclusive of interim bonuses, if any
Includes fund reserve since 2003-04
Figures are only for six months
Refer Schedule 16 Note 19
53
Schedule - 22 : Ratios (Expressed in number of times)
2006-07
2005-06
Participating
0.70
1.23
Non Participating
1.62
3.45
0.998
0.998
New business premium income growth (segment-wise)

(New business premium for current year divided by
new business premium for previous year)
Net retention ratio

(Net premium divided by gross premium)
Ratio of expenses of management

(Expenses of management divided by the total gross direct
premium with Single Premium)
0.20
0.16
Ratio of expenses of management

(Expenses of management divided by the total gross direct
premium without Single Premium)
0.26
0.30
Commission ratio
(Gross Commission paid to Gross premium)
0.18
0.11
Ratio of Policyholders liabilities to Shareholders funds
14.28
10.30
Growth rate of Shareholders funds
1.44
1.83
Ratio of surplus to Policyholders liability (*)
0.02
0.02
Change in net worth
1.44
1.83
10
Profit after tax/ Total income
11
(Total Real Estate + Loans) / Cash & invested assets
0.004
0.005
12
Total investments / (Capital + Surplus)
15.89
11.25
13
Total affiliated investments / (Capital + Surplus)
* Surplus includes Contribution from Shareholders Account
23.
The Revenue Account and Balance Sheet for unit linked business has been annexed to this schedule as Appendix II.
Disclosure for ULIP Business as per Unit Linked Disclosure Norms has been annexed to this schedule as Appendix III.

Heinz Dollberg
Director
Sanjiv Bajaj
Director
Craig Ellis
Director
Ranjit Gupta
Director
Sam Ghosh
Rajesh Viswanathan
Andrew Wakeling
Appointed Actuary
Sameer Bakshi
Company Secretary
Place: Pune
Date: 11th May 2007
54
Related Party Disclosures
Appendix I Refer Schedule 16 Note 16

(Amount in Rs. 000)
Sr. Related Party

No.
Bajaj Auto Ltd.
Relationship
Current Year
Amount
Holding
Company
118
14
993
4,202
1,500
1,240
353,499
2
Bajaj Auto
Finance Ltd.
Group
Company
118
20
832
Bajaj Allianz
General
Insurance
Co. Ltd
Group
Company
3,164
14,422
7,304
2,674
110
54,074
49,647
4
Allianz Insurance Group

Management
Company
Asia Pacific Pte.
Ltd.
Allianz SE
Shareholder
2,108
32,125
2,006,639
Allianz SE
Reinsurance
Branch Asia
Pacific
Group
Company
40,932
15,212
4,423
Sam Ghosh
Key
Management
Personnel
Hind Musafir
Agency Ltd.
Group
Company
7,297
24
Nature of
Transaction
Lease rent expense

of premises
Reimbursement
made of Revenue
expenditure
Subscription to
Equity Capital at par
Deputation expenses
of Chief Investment
Officer
Insurance Premium
received
Insurance Claims
paid
Purchase of
Investments
Lease rent expense
of premises
Society expenses
reimbursed
Insurance Premium
received
Reimbursement
received of Revenue
and Capital expenditure
Reimbursement
made of Revenue and
Capital expenditure
Insurance Premium
payment
Insurance Premium
received
Insurance claims
received
Sale of Investments
Purchase of
Investments
Reimbursement
received of Revenue
expenditure
Reimbursement
made of Revenue
expenditure
Previous Year
Balance
Outstanding
as at 31st
March 2007
Receivable/
(Payable)
Amount
126
14
1,148
2,698
1,260
1,054
126
13
417
5,141
18,795
4,143
1,209
297
308,495
447,312
446
(1,015)
Revenue expenditure
for OPUS
Subscription to
equity capital
(31,326)
9,782
Reinsurance
premium payable
Reinsurance claims
receivable
Reinsurance
Commission
receivable
(40,932)
23,817
15,212
7,959
4,423
3,799
(6,249)
7,338
35
Remuneration
Commission on
Travel Expenses
- 2,319,148
Nature of
Transaction
Lease rent expense

of premises
Reimbursement
made of Revenue
expenditure
Subscription to
Equity Capital at par
Deputation expenses
of Chief Investment
Officer
Insurance Premium
received
Insurance Claims
paid
Purchase of
Investments
Lease rent expense
of premises
Society expenses
reimbursed
Insurance Premium
received
Reimbursement
received of Revenue
and Capital expenditure
Reimbursement
made of Revenue and
Capital expenditure
Insurance Premium
payment
Insurance Premium
received
Insurance claims
received
Sale of Investments
Purchase of
Investments
Reimbursement
received of Revenue
expenditure
Reimbursement
made of Revenue
expenditure
Revenue expenditure
for OPUS
Subscription to
equity capital
Reinsurance
premium payable
Reinsurance claims
receivable
Reinsurance
commission
receivable
Remuneration
Commission on
Travel Expenses
Balance
Outstanding
as at 31st
March 2006
Receivable /
(Payable)
(34,198)
17,430
5,906
(1,814)
Total Income (A)
462
12.207
11.865
75,473
6,361
75,473
726,008
726,008
59,477
64,937
11,124
588
10,536
75,473
726,008
599,233
148,302
21,527
126,775
73,779
1,694
Acc Mid Cap

Pension Fund
734,228
(8,220)
Acc Mid
Cap Fund
1,694
1,694
2,676
(8,220)
(8,220)
462
-
2,156
(5,544)
2,676
-
62
271
993
2,459
256
(1,885)
Acc Mid Cap

Pension Fund
211
1,918
2,111
4,492
1,976
(16,252)
Acc Mid
Cap Fund
Balance
Fund
Balance Plus
Pension Fund
Balanced
Plus Fund
12.153
68,078
5,602
68,078
64,726
3,372
20
3,352
68,078
63,872
4,206
Accelerated
Fund
13.806
1,453,288
105,264
1,453,288
1,453,217
71
71
1,453,288
1,453,288
-
Balance
Fund
14.512
100,612
6,933
100,612
100,610
2
2
100,612
100,612
-
Balance Plus
Pension Fund
15.387
1,025,948
66,677
1,025,948
1,025,939
9
9
1,025,948
1,025,948
-
Balanced
Plus Fund
11.195
35,054
3,131
35,054
35,054
-
35,054
35,054
-
Balancer
Fund
Balancer
Fund
Fund Balance Sheet as at 31st March 2007
2,756
1,450
4,206
456
456
-
3,212
1,907
265
(420)
(207)
384
1,283
Accelerated
Fund
669
669
107
107
-
776
731
12
(88)
212
(91)
Bond
Pension Fund
11.130
6,586
592
6,586
6,586
-
6,586
6,586
-
Balancer
Pension Fund
10.463
35,240
3,368
35,240
22,547
12,695
2
12,693
35,240
34,571
669
Bond
Pension Fund
(Amount in Rs. 000)
Balancer
Pension Fund
(Amount in Rs. 000)
Fund Revenue Account for the year ended 31st March 2007
*Note: The Net Asset Value per unit calculated above is before appropriation/ ex propriation charge.
Net Asset Value per unit (a)/(b) (Rs.) *
F -2
F -3
F -4
F -1
Schedule
(a) Net Assets as per Balance Sheet (Rs. in thousands)

(b) Number of Units Outstanding (in thousands)
Total
Investments
Current Assets
Less : Current Liabilities and Provisions
Net Current Assets
Total
SOURCES OF FUNDS
Policy Holders Funds:
Policy Holders Contribution
Revenue Account
Particulars
FORM A-BS (UL)
Net Income/(Loss) for the Year (A-B)

Add: Revenue Account at the beginning of the year
Fund Revenue Account at the end of the year
Total Expenses (B)
EXPENSES
Fund Management Expenses
Fund Administration Expenses
Other charges
F -5
Schedule
Form A-RA (UL)

Interest Income
Dividend Income
Profit/(Loss) excluding inter scheme
Profit/(Loss) on inter fund transfer/sale of investment
Miscellaneous Income
Unrealised Gain/(Loss)
Particulars
Appendix II Refer Schedule 16 Note 23
55
Total Income (A)
82,952
8,313
9.979
82,952
61,370
21,635
53
21,582
82,952
83,046
(94)
Capital
Guarantee
Fund 2012
5,751
588
9.771
5,751
4,110
1,657
16
1,641
5,751
5,829
(78)
Capital
Guarantee
Fund 2014
(78)
(78)
84
(94)
(94)
6
-
(72)
(10)
84
-
17
2
11
(1)
(101)
Capital
Guarantee
Fund 2014
334
23
39
1
65
(472)
Capital
Guarantee
Fund 2012
43,278
23,159
66,437
18,565
8,200
10,250
115
61,843
15,349
(908)
(545)
46,601
1,346
Cash
Fund
143,258
76,824
220,082
14,684
14,410
274
157,942
47,311
(903)
(738)
109,744
2,528
Cash Plus
Fund
8,108
2,307
10,415
880
820
60
8,988
2,129
211
(102)
6,754
(4)
Cash Plus
Pension
Fund
34,076
15,139
49,215
22,840
10,136
12,670
34
56,916
77,430
(12,010)
(10,149)
6,073
(4,428)
Debt
Fund
40,590
4,082
9.945
40,590
33,753
6,855
18
6,837
40,590
40,789
(199)
Capital
Guarantee
Fund 2017
938,025
83,728
11.203
938,025
899,229
38,994
198
38,796
938,025
871,588
66,437
Cash
Fund
1,766,753
152,070
11.618
1,766,753
1,655,624
111,352
223
111,129
1,766,753
1,546,671
220,082
Cash Plus
Fund
127,098
11,072
11.479
127,098
122,781
4,347
30
4,317
127,098
116,683
10,415
Cash Plus
Pension
Fund
463,872
43,510
10.661
463,872
393,295
70,819
242
70,577
463,872
414,657
49,215
Debt
Fund
(199)
(199)
50
50
-
(149)
152
29
59
27
(416)
Capital
Guarantee
Fund 2017
5,120
2,086
7,206
725
671
54
5,845
5,822
(336)
(391)
1,321
(571)
Debt Plus
Pension
Fund
670,840
60,543
11.080
670,840
428,126
242,803
89
242,714
670,840
611,762
59,078
Debt Plus
Fund
59,265
5,248
11.292
59,265
53,421
5,868
24
5,844
59,265
52,059
7,206
Debt Plus
Pension
Fund
(Amount in Rs. 000)
41,164
17,914
59,078
6,541
6,414
127
47,705
62,362
(5,365)
(6,347)
6,192
(9,137)
Debt Plus
Fund
(Amount in Rs. 000)
F -2
F -3
F -4
F -1
Schedule

Total
Investments
Current Assets
Net Current Assets
Total
SOURCES OF FUNDS
Revenue Account
Particulars
FORM A-BS (UL)

Total Expenses (B)
EXPENSES
Other charges
F -5
Schedule
Form A-RA (UL)

Interest Income
Dividend Income
Particulars
56
7,792,671
1,681,673
145,817
1,535,856
9,328,527
9,328,527
789,669
11.813
F -2
F -3
F -4
1,778,536
128,033
16,120
111,913
1,890,449
1,890,449
100,572
18.797
1,370,130
520,319
1,890,449
Eq. Midcap
Plus Fund
6,941
28,007
34,948
1,762
1,699
63
8,703
206
1,663
17,894
7,215
762
(19,037)
Eq.Midcap
Pension Fund
285,050
958,246
1,243,296
131,682
71,369
59,475
838
416,732
13,965
60,169
484,184
100,645
25,997
(268,228)
Eq. Gain
Fund
349,410
914,673
1,264,083
68,749
30,346
37,932
471
418,159
215
51,563
137,294
76,850
714
151,523
Eq.
Fund
(892)
(892)
3,179
3,179
-
2,287
274
1,947
1,829
(4,994)
2,144
1,087
Eq. Growth
Pension Fund
118,118
11,395
1,101
10,294
128,412
128,412
6,636
19.351
93,464
34,948
128,412
Eq. Midcap
Pension Fund
** Eq. for Equity
993,014
60,998
8,938
52,060
1,045,074
1,045,074
57,190
18.274
800,641
244,433
1,045,074
Eq. Midcap
Fund
5,975,776
320,309
32,433
287,876
6,263,652
6,263,652
257,458
24.329
5,020,356
1,243,296
6,263,652
Eq. Gain
Fund
3,028,089
116,068
93,875
22,193
3,050,282
3,050,282
168,298
18.124
1,786,199
1,264,083
3,050,282
Eq.
Fund
527,515
123,455
9,571
113,884
641,399
641,399
54,197
11.835
642,291
(892)
641,399
Eq. Growth
Pension Fund
29,877
214,556
244,433
23,628
12,872
10,726
30
53,505
2,258
11,815
150,924
22,540
6,159
(140,191)
Eq. Midcap
Fund
9,408,208
(79,681)
9,328,527
Eq. Growth
Fund
62,464
457,855
520,319
26,670
35,261
(79,681)
(79,681)
26,354
316
89,134
8,468
26,073
271,778
81,381
7,418
(305,984)
Eq. Midcap
Plus Fund
16,746
30,578
47,324
1,372
1,315
57
18,118
13
2,258
4,446
7,317
57
4,027
Eq. Index
Pension Fund
1,404,363
1,544
76,007
(74,463)
1,329,900
1,329,900
58,930
22.567
890,746
439,154
1,329,900
Eq. Index
Fund
112,035
11,230
4,463
6,767
118,802
118,802
5,957
19.942
71,478
47,324
118,802
Eq. Index
Pension Fund
(Amount in Rs. 000)
177,200
261,954
439,154
16,041
15,709
332
193,241
251
26,770
25,376
54,322
606
85,916
Eq. Index
Fund
(Amount in Rs. 000)
35,261
-
(44,420)
6,017
24,671
(42,346)
3,286
25,470
(61,518)
Eq. Growth
Fund
F -1
Schedule
SOURCES OF FUNDS
Revenue Account
Total
Investments
Current Assets
Net Current Assets
Total
Particulars
FORM A-BS (UL)

Total Expenses (B)
EXPENSES
Other charges
Total Income (A)
F -5
Schedule
Form A-RA (UL)

Interest Income
Dividend Income
Particulars
57
Total Income (A)
12,353
931,093
931,093
42,365
21.978
11,526,501
11,526,501
460,081
25.053
872,770
62,109
3,786
58,323
931,093
741,152
189,941
Eq. Plus
Pension
Fund
10,903,206
680,056
56,761
623,295
11,526,501
9,294,509
2,231,992
Eq.
Plus
Fund
74,836
115,105
189,941
146,125
651,998
1,579,994
2,231,992
12,219
134
87,189
798,123
144,106
2,019
1,343
10,221
78,726
15,031
4,529
(22,661)
Eq. Plus
Pension
Fund
24,968
120,636
962,604
132,690
49,216
(491,991)
Eq.
Plus
Fund
5,073
5,073
1,169
1,169
-
6,242
8,213
63
(645)
2,068
(3,457)
Income
Bond
Fund
2,834
397
3,231
1,733
748
935
50
4,567
5,466
(238)
(394)
516
(783)
Life Long
Gain
Fund
1,832
1,832
235
235
-
2,067
134
16
(27)
1,944
-
Liquid
Fund
329
329
44
44
-
373
6
2
(8)
373
-
Liquid
Pension
Fund
406,919
39,074
10.414
406,919
355,083
51,866
30
51,836
406,919
401,846
5,073
Income
Bond
Fund
* Eq. for Equity
173,411
14,304
12.123
173,411
145,049
40,207
11,845
28,362
173,411
170,124
3,287
Eq. Index
Pension
Fund-2
110,569
11,179
9.891
110,569
103,381
7,224
36
7,188
110,569
107,338
3,231
Life Long
Gain
Fund
107,784
10,251
10.514
107,784
94,058
13,733
7
13,726
107,784
105,952
1,832
Liquid
Fund
11,446
1,092
10.483
11,446
9,822
1,625
1
1,624
11,446
11,117
329
Liquid
Pension
Fund
3,287
3,287
508
508
-
3,795
41
634
272
468
46
2,334
Eq. Index
Pension
Fund-2
25,846
25,846
12,391
12,391
-
38,237
628
4,648
6,372
4,166
5,378
17,045
Premier
Eq. Growth
Fund
2,686,685
217,461
12.355
2,686,685
2,240,073
546,523
99,911
446,612
2,686,685
2,694,187
(7,502)
Nifty
Index
Fund
1,249,078
103,953
12.016
1,249,078
1,123,237
135,081
9,240
125,841
1,249,078
1,223,232
25,846
Premier
Eq. Growth
Fund
(Amount in Rs. 000)
(7,502)
(7,502)
6,315
6,315
-
(1,187)
365
8,536
856
2,313
990
(14,247)
Nifty
Index
Fund
(Amount in Rs. 000)
F -2
F -3
F -4
F -1
Schedule

Total
Investments
Current Assets
Net Current Assets
Total
SOURCES OF FUNDS
Revenue Account
Particulars
FORM A-BS (UL)

Total Expenses (B)
EXPENSES
Other charges
F -5
Schedule
Form A-RA (UL)

Interest Income
Dividend Income
Particulars
58
Total Income (A)
18,632
1,712
10.886
18,632
85,965
85,965
7,370
11.664
18,632
-
18,632
85,965
85,965
-
18,632
-
Premier
Balancer
Fund
85,965
-
Premier
Balanced
Fund
Premier
Balancer
Fund
Premier
Balanced
Fund
59,519
21,657
81,176
11,226
11,159
67
70,745
78
8,506
2,964
10,772
101
48,324
Premier
Eq.
Fund
55,048
39,009
94,057
19,259
19,192
67
74,307
1,568
10,952
45,771
(671)
4,561
12,126
Premier
Eq. Gain
Fund
1,358
1,358
1,232
1,232
-
2,590
2,855
42
(288)
844
(863)
Premier
Income
Fund
11,342
11,342
3,676
3,676
-
15,018
78
2,023
790
1,238
125
10,764
Premier
Nifty Index
Fund
511,485
38,423
13.312
511,485
511,344
5,386
5,245
141
511,485
430,309
81,176
Premier
Eq.
Fund
* Eq. for Equity
166,625
15,796
10.549
166,625
165,894
4,568
3,837
731
166,625
157,546
9,079
Premier
Debt
Fund
967,608
73,001
13.255
967,608
960,988
14,121
7,501
6,620
967,608
873,551
94,057
Premier
Eq. Gain
Fund
99,260
9,641
10.296
99,260
93,698
5,586
24
5,562
99,260
97,902
1,358
Premier
Income
Fund
378,252
30,981
12.209
378,252
358,205
35,300
15,253
20,047
378,252
366,910
11,342
Premier
Nifty Index
Fund
8,926
153
9,079
5,304
5,239
65
14,230
16,823
(156)
(1,334)
1,647
(2,750)
Premier
Debt
Fund
224
224
855
855
-
1,079
516
1,274
2,098
565
(3,374)
Pure
Stock
Fund
391,326
32,142
12.175
391,326
360,013
32,952
1,639
31,313
391,326
371,812
19,514
Pure
Eq.
Fund
127,959
11,292
11.332
127,959
115,591
12,897
529
12,368
127,959
127,735
224
Pure
Stock
Fund
(Amount in Rs. 000)
8,638
10,876
19,514
4,481
4,414
67
13,119
3,833
8,083
7,194
2,806
(8,797)
Pure
Eq.
Fund
(Amount in Rs. 000)
F -2
F -3
F -4
F -1
Schedule

Total
Investments
Current Assets
Net Current Assets
Total
SOURCES OF FUNDS
Revenue Account
Particulars
FORM A-BS (UL)

Total Expenses (B)
EXPENSES
Other charges
F -5
Schedule
Form A-RA (UL)

Interest Income
Dividend Income
Particulars
59
F -2
F -3
F -4
F -1
Schedule
433,570
38,133
11.370
433,570
6,303
6,303
563
11.189
428,194
5,928
552
5,376
433,570
422,109
11,461
Stable Fund
6,173
133
3
130
6,303
5,845
458
Secure Fund
2,029,922
4,776,171
6,806,093
604,944
467,649
131,988
5,307
2,634,866
317,876
380,205
2,141,320
506,268
325,843
(1,036,646)
Total
51,868,401
51,868,401
47,706,051
4,789,905
627,555
4,162,350
51,868,401
45,062,308
6,806,093
Total
(Amount in Rs. 000)
7,312
4,149
11,461
1,546
72
375
83
458
1,479
67
8,858
447
72
-
9,427
260
(964)
(3,304)
1,126
2,313
Stable Fund
(Amount in Rs. 000)
399
3
(30)
23
76
(24)
Secure Fund

Total
Investments
Current Assets
Net Current Assets
Total
F -5
Schedule
SOURCES OF FUNDS
Revenue Account
Particulars
FORM A-BS (UL)

Total Expenses (B)
EXPENSES
Other charges
Total Income (A)

Interest Income
Dividend Income
Particulars
Form A-RA (UL)
60
704,296
451,994
800,641
Less : Deduction during the year
Closing Balance
* Eq. for Equity
548,339
Add : Addition during the year
Eq.Midcap
Fund
5,829
327
6,156
Capital
Guarantee
Fund 2014
734,228
41,871
776,099
Acc Mid Cap

Fund
93,464
84,930
95,902
82,492
Eq.Midcap
Pension
Fund
40,789
2,229
43,018
Capital
Guarantee
Fund 2017
73,779
2,176
75,955
Acc Mid Cap

Pension
Fund
Opening Balance
Particulars
As at 31 March 2007
st
Schedules to Fund Revenue Account
Closing Balance
Opening Balance
Particulars
As at 31st March 2007
Closing Balance
Opening Balance
Particulars
1,453,288
604,225
1,187,217
870,296
Balance
Fund
100,612
54,469
87,297
67,784
1,025,948
572,644
866,227
732,365
Balance Plus Balanced Plus

Pension
Fund
Fund
35,054
9,021
44,075
Balancer
Fund
6,586
3,254
9,840
1,546,671
5,956,416
5,721,227
1,781,860
Cash
Plus
Fund
116,683
346,244
401,174
61,753
Cash Plus
Pension
Fund
414,657
1,111,689
1,176,930
349,416
Debt
Fund
611,762
1,555,041
1,810,128
356,675
Debt
Plus
Fund
52,059
172,241
185,532
38,768
Debt Plus
Pension
Fund
5,020,356
2,046,229
4,260,597
2,805,988
Eq. Gain
Fund
1,786,199
1,945,715
2,381,223
1,350,691
Eq.
Fund
642,291
51,247
693,538
Eq. Growth
Pension
Fund
890,746
1,708,831
1,858,923
740,654
Eq.
Index
Fund
71,478
132,602
147,285
56,795
Eq. Index
Pension
Fund
9,294,509
7,605,496
9,878,854
7,021,151
Eq.
Plus
Fund
SCHEDULE F1 : POLICYHOLDERS CONTRIBUTION
871,588
1,303,771
1,507,729
667,630
Cash
Fund
Balancer
Pension
Fund
63,872
7,798
35,808
35,862
Accelerated
Fund
83,046
3,361
86,407
1,370,130
1,372,341
1,339,714
1,402,757
Eq.
Midcap Plus
Fund
741,152
756,446
964,483
533,115
Eq. Plus
Pension
Fund
170,124
17,786
187,910
Eq. Index
Pension
Fund-2
(Amount in Rs. 000)
9,408,208
542,635
9,950,843
Eq.
Growth
Fund
(Amount in Rs. 000)
34,571
22,180
56,751
Capital
Guarantee
Fund 2012
(Amount in Rs. 000)
Bond
Pension
Fund
61
873,551
Closing Balance
* Eq. for Equity
723,061
97,902
53,049
150,951
581,557
1,015,055
Premier
Income
Fund
Opening Balance
Particulars
105,952
23,372
129,324
Liquid
Fund
11,117
11,487
22,604
Liquid
Pension
Fund
2,694,187
185,320
2,879,507
Nifty
Index
Fund
1,223,232
97,963
1,321,195
Premier
Eq. Growth
Fund
366,910
35,380
402,290
Premier
Nifty Index
Fund
371,812
115,721
311,790
175,743
Pure
Eq.
Fund
127,735
38,744
166,479
Pure
Stock
Fund
5,845
1,280
1,589
5,536
Secure
Fund
18,632
3,573
22,205
Premier
Balancer
Fund
422,109
27,694
351,194
98,609
Stable
Fund
45,062,308
31,121,059
55,266,420
20,916,947
Total
(Amount in Rs. 000)
85,965
46,190
89,772
42,383
Premier
Balanced
Fund
107,338
35,222
Premier
Eq. Gain
Fund
401,846
Closing Balance
126,242
89,764
52,796
528,088
Life Long
Gain Fund
Income
Bond
Fund
Opening Balance
Particulars
115,988
157,546
819,299
860,857
430,309
292,253
382,618
339,944
Premier
Eq. Fund
(Amount in Rs. 000)
Premier
Debt Fund
62
123,682
599,233
79.36%
20.64%
Grand Total
% of Approved to Total
% of Other than Approved to Total
123,682
-
475,551
16,834
395,046
63,671
-
Acc
Mid Cap
Fund
80.05%
19.95%
64,937
12,953
12,953
-
51,984
2,363
2,948
568
43,129
2,976
-
Acc Mid Cap

Pension
Fund
Total
OTHER INVESTMENTS
Corporate Bonds
Infrastructure Bonds
Equity
Money Market
Mutual Fund
Total
APPROVED INVESTMENTS
Government Bonds
Corporate Bonds
Equity
Money Market
Mutual Fund
Particulars
91.53%
8.47%
64,726
5,483
2,831
2,652
-
59,243
12,490
2,405
13,764
30,584
-
Accelerated
Fund
85.20%
14.80%
26,194
3,878
3,878
-
22,316
4,490
17,826
-
Bond
Pension
Fund
96.36%
3.64%
61,370
2,234
1,984
250
-
59,136
22,684
26,713
9,739
-
Capital
Gurantee
Fund 2012
95.64%
4.36%
4,110
179
179
-
3,931
483
2,563
885
-
Capital
Gurantee
Fund 2014
84.31%
15.69%
33,753
5,296
1,918
3,378
-
28,457
9,510
9,533
9,414
-
Capital
Gurantee
Fund 2017
SCHEDULE F2 : INVESTMENTS
100.00%
0.00%
899,229
899,229
71,136
16,032
812,061
-
Cash
Fund
100.00%
0.00%
1,655,624
1,655,624
58,208
44,533
1,552,883
-
97.76%
2.24%
122,781
2,752
2,752
-
120,029
533
119,496
-
Cash Plus
Pension
Fund
(Amount in Rs. 000)
Cash
Plus
Fund
63
* Eq. for Equity
Grand Total
Total
OTHER INVESTMENTS
Corporate Bonds
Equity
Money Market
Mutual Fund
Total
Government Bonds
Corporate Bonds
Equity
Money Market
Mutual Fund
Particulars
97.59%
2.41%
1,104,913
26,616
20,236
6,380
-
1,078,297
4,173
419,828
305,039
349,257
-
Debt
Fund
97.24%
2.76%
965,077
26,647
24,771
1,876
-
938,430
3,143
365,735
217,298
352,254
-
Debt Plus
Fund
89.99%
10.01%
104,958
10,505
4,876
5,629
-
94,453
48,726
29,073
16,654
-
Debt Plus
Pension Fund
81.69%
18.31%
7,792,671
1,426,808
1,425,608
1,200
-
6,365,863
98,039
104,776
30,526
5,030,362
1,102,160
-
Eq. Growth
Fund
80.05%
19.95%
1,778,536
354,905
354,905
-
1,423,631
108
95,389
8,282
1,182,679
137,173
-
Eq. Midcap
Plus Fund
79.94%
20.06%
993,014
199,195
197,944
1,251
-
793,819
307
150
6,462
659,908
126,992
-
Eq.Midcap
Fund
79.28%
20.72%
118,118
24,474
23,536
938
-
93,644
167
1
872
78,408
14,196
-
Eq.Midcap
Pension Fund
81.25%
18.75%
5,975,776
1,120,330
1,119,330
1,000
-
4,855,446
221,452
57,818
3,888,359
687,817
-
Eq. Gain
Fund
83.39%
16.61%
3,769,689
626,202
626,077
125
-
3,143,487
1,888
25,460
12,905
3,046,948
56,286
-
81.56%
18.44%
527,515
97,248
97,248
-
430,267
18,663
2,416
340,747
68,441
-
Eq. Growth
Pension Fund
(Amount in Rs. 000)
Eq.
Fund
64
* Eq. for Equity
Grand Total
Total
OTHER INVESTMENTS
Corporate Bonds
Equity
Money Market
Mutual Fund
Total
Government Bonds
Corporate Bonds
Equity
Money Market
Mutual Fund
Particulars
83.36%
16.64%
1,890,521
314,672
314,672
-
1,575,849
3,643
2,499
150
1,531,599
37,958
-
Eq. Index
Fund
83.29%
16.71%
161,107
26,929
26,679
250
-
134,178
1
129,904
4,273
-
Eq. Index
Pension
Fund
81.23%
18.77%
10,906,035
2,046,710
2,044,710
2,000
-
8,859,325
19,368
271,720
246,629
7,088,414
1,233,194
-
Eq. Plus
Fund
81.15%
18.85%
872,770
164,559
163,909
650
-
708,211
23,550
10,945
567,193
106,523
-
Eq. Plus
Pension
Fund
84.38%
15.62%
147,989
23,113
23,113
-
124,876
750
112,948
11,178
-
Eq. Index
Pension
Fund-2
99.62%
0.38%
374,848
1,439
1,439
-
373,409
106,145
50,366
216,898
-
Income
Bond
Fund
99.40%
0.60%
103,381
625
625
-
102,756
43,160
11,536
48,060
-
Life Long
Gain
Fund
99.16%
0.84%
94,058
788
788
-
93,270
499
854
91,917
-
Liquid
Fund
100.00%
0.00%
9,822
9,822
9,822
-
84.16%
15.84%
2,255,362
357,231
357,231
-
1,898,131
98
16,853
1,746,045
135,135
-
Nifty
Index
Fund
(Amount in Rs. 000)
Liquid
Pension
Fund
65
* Eq. for Equity
Grand Total
Total
OTHER INVESTMENTS
Corporate Bonds
Equity
Money Market
Mutual Fund
Total
Government Bonds
Corporate Bonds
Equity
Money Market
Mutual Fund
Particulars
81.41%
18.59%
1,123,237
208,774
208,774
-
914,463
9,143
485
727,283
177,552
-
Premier
Eq. Growth
Fund
100.00%
0.00%
214,063
214,063
70,397
34,297
109,369
-
Premier
Debt
Fund
83.09%
16.91%
549,138
92,839
92,714
125
-
456,299
450,827
5,472
-
Premier
Eq.
Fund
81.09%
18.91%
960,988
181,739
181,739
-
779,249
6,700
1,001
3,035
627,404
141,109
-
Premier
Eq. Gain
Fund
93.58%
6.42%
104,310
6,693
6,693
-
97,617
34,567
6,840
56,210
-
Premier
Income
Fund
83.70%
16.30%
366,227
59,709
59,709
-
306,518
1,899
291,071
13,548
-
Premier
Nifty Index
Fund
84.68%
15.32%
360,013
55,152
55,152
-
304,861
49,997
1
254,863
-
Pure
Eq.
Fund
84.61%
15.39%
115,591
17,795
17,795
-
97,796
15,564
82,232
-
Pure
Stock
Fund
95.55%
4.45%
6,173
275
87
188
-
5,898
492
1,743
683
433
2,547
-
Secure
Fund
93.05%
6.95%
428,194
29,780
24,041
5,623
116
-
398,414
1,477
82,340
5,410
27,461
281,726
-
83.95%
16.05%
47,706,051
7,658,209
73,924
7,540,102
44,183
-
40,047,842
240,204
2,161,830
1,115,525
28,337,065
8,193,218
-
Total
(Amount in Rs. 000)
Stable
Fund
66
Unit Collection A/c
Other Current Assets (For Investments) :
Application Money
* Eq. for Equity
1,657
Receivables for Sale of Investments
1,541
115
Capital
Guarantee
Fund 2014
Total
11,124
1,185
303
54
9,355
227
Acc Mid Cap

Pension
Fund
6,855
6,505
342
Capital
Guarantee
Fund 2017
148,302
Dividend Receivable
Cash and bank balance
Accrued Interest
Particulars
Total
10,321
Application Money
2,626
428
133,421
1,506
Acc Mid Cap

Fund
Unit Collection A/c
Dividend Receivable
Accrued Interest
Particulars
71
71
Balance
Fund
Balance Plus
Pension
Fund
Balanced
Plus Fund
38,994
33,997
4,997
Cash
Fund
111,352
98,321
13,031
Cash
Plus
Fund
4,347
4,187
160
Cash Plus
Pension
Fund
70,819
41,921
28,898
Debt
Fund
242,803
219,141
23,662
Debt
Plus
Fund
Balancer
Fund
SCHEDULE F3 : CURRENT ASSETS
3,372
12
2,182
1,178
Accelerated
Fund
5,868
3,476
2,392
Debt Plus
Pension
Fund
Balancer
Pension
Fund
249
863
21,635
20,765
1,681,673
52,251
6,483
1,610,968
11,971
Eq.
Growth
Fund
128,033
33,603
6,615
1,575
79,941
6,299
Eq.
Eq. Midcap
Plus Fund
(Amount in Rs. 000)
12,695
12,446
Capital
Guarantee
Fund 2012
(Amount in Rs. 000)
Bond
Pension
Fund
67
Unit Collection A/c
Application Money
* Eq. for Equity
51,866
Total
Dividend Receivable
7,835
44,031
Income
Bond Fund
Accrued Interest
Particulars
As at 31 March 2007
st
11,395
2,228
476
105
8,582
Eq. Midcap
Pension
Fund
7,224
5,127
2,097
Life Long
Gain Fund
60,998
Total
18,758
Application Money
3,943
829
37,225
243
Eq. Midcap
Fund
Unit Collection A/c
Dividend Receivable
Accrued Interest
Particulars
116,068
2,622
112,143
1,303
Eq.
Fund
123,455
3,807
447
118,216
985
Eq. Growth
Pension
Fund
1,544
1,325
219
Eq. Index
Fund
13,733
13,582
151
Liquid
Fund
1,625
1,621
Liquid
Pension
Fund
546,523
1,397
543,750
1,376
Nifty
Index
Fund
135,081
10,315
1,031
122,024
1,711
Premier
Eq. Growth
Fund
Premier
Balanced
Fund
11,230
111
11,113
Eq. Index
Pension
Fund
320,309
64,006
5,765
234,707
15,831
Eq. Gain
Fund
Premier
Balancer
Fund
680,056
115,484
10,379
526,112
28,081
Eq.
Plus
Fund
1,829
64
40,207
86
40,057
4,568
4,568
Premier
Debt
Fund
5,386
396
4,985
Premier
Eq.
Fund
(Amount in Rs. 000)
62,109
9,834
858
49,588
Eq. Index
Pension
Fund-2
(Amount in Rs. 000)
Eq. Plus
Pension
Fund
68
903
Application Money
* Eq. for Equity
14,121
Total
Unit Collection A/c
9,595
Dividend Receivable
945
2,678
Premier
Eq. Gain
Fund
5,586
3,810
1,776
Premier
Income
Fund
35,300
240
34,921
139
Premier
Nifty
Index Fund
32,952
6,712
487
25,753
Pure
Eq.
Fund
12,897
2,148
149
10,600
Pure
Stock
Fund
Accrued Interest
Particulars
133
32
101
Secure
Fund
5,928
23
5,905
4,789,905
74,955
279,255
35,721
4,227,173
172,801
Total
(Amount in Rs. 000)
Stable
Fund
69
16
Total
8,938
Total
Note : Eq for Equity
294
8,644
Eq.
Midcap
Fund
Unit Payable A/c
Other Current Liabilities:
Payable for purchase of Investments
Particulars
18
15
Capital
Guarantee
Fund 2017
1,101
36
1,065
Eq.Midcap
Pension
Fund
Unit Payable A/c
16
Capital
Guarantee
Fund 2014
Particulars
588
579
Acc Mid Cap

Pension
Fund
21,527
Total
83
21,444
Acc Mid Cap

Fund
Unit Payable A/c
Particulars
Balance
Fund
Balance Plus
Pension
Fund
Balanced
Plus
Fund
Balancer
Fund
223
223
Cash Plus
Fund
-
30
30
242
242
Debt
Fund
89
89
Debt Plus
Fund
32,433
1,568
30,865
Eq. Gain
Fund
93,875
852
93,023
Eq.
Fund
9,571
74
9,497
Eq. Growth
Pension
Fund
76,007
33,483
42,524
Eq. Index
Fund
4,463
41
4,422
Eq. Index
Pension
Fund
SCHEDULE F4 : CURRENT LIABILITIES
198
198
Cash
Fund
Cash Plus
Pension
Fund
20
14
Accelerated
Fund
56,761
1,782
54,979
Eq. Plus
Fund
24
24
Debt Plus
Pension
Fund
Balancer
Pension
Fund
-
53
47
16,120
335
15,785
Eq. Midcap
Plus
Fund
3,786
144
3,642
Eq. Plus
Pension
Fund
11,845
14
11,831
Eq. Index
Pension
Fund-2
(Amount in Rs. 000)
145,817
1,086
144,731
Eq.
Growth
Fund
(Amount in Rs. 000)
Capital
Guarantee
Fund 2012
(Amount in Rs. 000)
Bond
Pension
Fund
70
7,501
Total
200
7,301
Premier
Eq. Gain
Fund
Unit Payable A/c
Particulars
36
36
Life Long
Gain
Fund
24
24
Premier
Income
Fund
30
Total
30
Income
Bond
Fund
Unit Payable A/c
Particulars
Liquid
Pension
Fund
99,911
216
99,695
Nifty
Index
Fund
9,240
251
8,989
Premier
Eq. Growth
Fund
15,253
78
15,175
Premier
Nifty Index
Fund
1,639
66
1,573
Pure
Eq.
Fund
529
17
512
Pure
Stock
Fund
Secure
Fund
Liquid
Fund
Premier
Balancer
Fund
552
524
28
Stable
Fund
627,556
46,035
581,521
Total
(Amount in Rs. 000)
Premier
Balanced
Fund
3,837
3,837
5,245
122
5,123
Premier
Eq.
Fund
(Amount in Rs. 000)
Premier
Debt
Fund
71
Mortality Charge
Rider Premium Charge
Partial Withdrawal Charge
Miscellaneous Charge
-
Acc Mid Cap

Pension
Fund
* Eq. for Equity
Total
Switching Charge
Capital
Guarantee
Fund 2017
Mortality Charge
Surrender Charge
Capital
Guarantee
Fund 2014
Policy Administration Charge
Particulars
For the year ended 31 March 2007
st
Switching Charge
Total
Surrender Charge
Acc Mid Cap

Fund
Particulars
For the year ended 31st March 2007
115
115
Cash
fund
Accelerated
Fund
Balance
Plus Pension
Fund
Balanced
Plus Fund
274
274
Cash Plus
Fund
60
60
Cash Plus
Pension
Fund
34
34
Debt
Fund
127
127
Debt Plus
Fund
Balancer
Fund
SCHEDULE F5 : OTHER EXPENSES
Balance
Fund
54
54
Debt Plus
Pension
Fund
Balancer
Pension
Fund
Eq. Growth
Fund
316
316
Eq. Midcap
Plus
Fund
(Amount in Rs. 000)
Capital
Guarantee
Fund 2012
(Amount in Rs. 000)
Bond
Pension
Fund
72

63
50
Mortality Charge
Total
50
Switching Charge
Life Long
Gain Fund
Surrender Charge
Income
Bond
Fund
30
63
Eq.Midcap
Pension
Fund
Particulars
For the year ended 31 March 2007
st
Total
30
Mortality Charge
Switching Charge
Surrender Charge
Eq.Midcap
Fund
Particulars
Liquid
Fund
838
838
Eq. Gain
Fund
Eq. Growth
Pension
Fund
332
332
Eq. Index
Fund
57
57
Liquid
Pension
Fund
Nifty
Index
Fund
Premier
Eq. Growth
Fund
Eq. Index
Pension
Fund
Premier
Balanced
Fund
471
471
Eq.
Fund
Premier
Balancer
Fund
2,019
2,019
Eq. Plus
Fund
-
65
65
Premier
Debt
Fund
67
67
Premier
Eq.
Fund
(Amount in Rs. 000)
134
134
Eq. Index
Pension
Fund-2
(Amount in Rs. 000)
Eq. Plus
Pension
Fund
73
Mortality Charge
* Eq. for Equity
Total
67
67
Switching Charge
Surrender Charge
Premier
Eq. Gain
Fund
Premier
Income
fund
Particulars
Premier
Nifty Index
Fund
67
67
Pure
Eq.
Fund
Pure
Stock
Fund
Secure
Fund
67
67
5,307
5,307
Total
(Amount in Rs. 000)
Stable
Fund
74
314
251
198
763
379
1,281
260
84
(723)
240
1,142
Life Long Gain
4,080
316
285
4,681
256,929
334
5,914
106
61,268
193,712
276
261,610
Eq. Index
33,008
1,867
1,029
35,904
1,542,120
1,136
20,337
6,465
146,476
1,395,038
8,572
1,578,024
Eq. Plus
90,571
608
6
91,185
36,051
4,393
665
41,109
50,076
42,306
82,085
11,567
135,958
1,274
124
1,398
134,560
1,573
132
1,705
73,438
27,510
12,000
35,633
75,143
152,563
660,731
(650,111)
163,183
871,593
(522,177)
(127,934)
14,064
1,075
236,621
Debt
90
66
156
19,341
8,718
10,000
779
19,497
7,305
26,547
33,852
52,796
379
18
53,193
Life Long Gain
34,216
986
215
35,417
97,866
132,970
306
7
133,283
37,325
1,160,363
(326,566)
871,122
1,033,600
(292,946)
(33,620)
256,929
5,025
968,988
Eq. Index
148,830
7,933
1,339
158,102
1,080,806
1,237,256
1,630
22
1,238,908
165,122
532,603
6,822,614
7,520,339
7,021,151
1,542,120
37,874
8,601,145
Eq. Plus
9
9
816,416
816,416
732,365
84,051
9
816,425
Balanced plus
Balanced plus
10,401
125
729
11,255
73,444
35,344
17,445
(96)
(2,346)
34,352
84,699
418
112
530
105,964
65,241
14,000
27,253
106,494
151,377
556,667
(489,850)
218,194
796,094
(439,419)
(50,431)
15,803
2,111
324,158
Debt Plus
1,038
395
1,433
405,495
184,828
197,580
24,520
406,928
318,393
1,134,796
1,453,189
1,781,860
73,444
3,380
1,858,684
Cash Plus
(Amount in Rs. 000)
3,140
56
271
3,467
15,803
29,751
3,091
(1,337)
(13,959)
1,724
19,270
Cash Plus
(Amount in Rs. 000)
Debt Plus
Total Assets (A+D)

1,083,590
690,789
2,180,075
236,621
53,193
968,988
8,601,145
816,425
324,158
1,858,684
Balanced fund is a fund of funds. The investment objective of this fund is to provide a balanced investment between long-term capital appreciation and current income through investment in the Units
of our Equity and Debt funds.
* Eq. for Equity
328
42,622
2,520,457
(433,408)
2,129,999
Eq.
199,007
357,222
556,229
Cash
Balanced
8,241
6,593
84
271
15,189
14,064
48,393
1,480
(8,841)
(14,437)
2,658
29,253
Debt
Balance Sheet for Unit Linked Business as at 31st March 2006
17,892
14,314
835
678
33,719
800,501
1,698,810
(348,119)
(85,289)
800,501
114,172
2,180,075
6,914
5,530
69
271
12,784
20,019
246
25,667
95
78,670
729,124
418
834,220
Eq.
667,630
20,019
3,140
690,789
15,691
11,448
844
(1,462)
83
6,199
32,803
Cash
LIABILITIES
Policy Holders Contribution (Unit Reserve at Cost)
Balanced Fund Contribution (Unit Reserve at Cost)
870,296
Appreciation in Balanced Funds Assets
213,223
Balanced Fund Contribution Not Yet Invested
71
Profit/(Loss) for Current Year (2005-06)
Previous Years Profit
Total
1,083,590
ASSETS
Investments
Government Securities (Market Value)
Corporate Bonds (Market Value)
Equity Shares (Market Value)
Balanced Fund Investments (Market Value)
1,083,519
Total Investments (A)
1,083,519
Current Assets
71
Bank Fixed Deposits
Dividend Receivable
Interest Accrued on Investments
Total Current Assets (B)
71
Current Liabilities
UL Outstanding Contract Payable
Fund Charges Payable
Bank Charges Payable
UL Brokerage Payable
Total Current Liabilities (C)
Net Current Assets (D) = (B-C)
71
INCOME
Interest Income
Dividend Income
Write-up on T-Bills
Realised Gain / (Loss) on Investments
Unrealised Gains / (Loss) on Investments
Transfer From Shareholders
Write up on Corporate Bonds
Total Income (A)
EXPENSES
Bank Custody Charges
Fund Accounting Charges
Total Expenses (B)
Net Profit/(Loss) for the Year (A-B)
Balanced
Revenue Account for Unit Linked Business for the year ended 31st March 2006
Schedule Forming part of Financial Statement for the year ended 31st March 2007
75
83,909
(27,114)
(4,593)
30,970
(392)
82,780
1,439
96,601
(31,707)
66,333
17,808
23
17,831
1,213
73
98
1,384
16,447
82,780
22,796
56,344
464,386
543,526
132,678
99
5
132,782
27,448
496
144
28,088
104,694
648,220
Eq. Index
Pension
533,115
113,552
1,553
648,220
Eq. Plus
Pension
Balance
Plus Pension
1,842
378
27
198
603
3,298
311
(414)
(952)
202
2,445
Debt Plus
Pension
2,121
297
20
198
515
1,293
618
144
4
577
2,636
Cash Plus
Pension
933,302
17,637
21,164
1,064
662
40,527
870
15,121
3,246
157,332
792,251
5,009
973,829
Eq. Gain
st
1,354
219
219
912
33
167
(42)
426
77
1,573
Accelerated
2
79,269
2
2
79,267
79,267
67,784
11,483
2
79,269
Balance
Plus Pension
39
70
109
15,830
33,964
9,866
4,000
2,073
15,939
11,506
54,188
(47,560)
18,134
79,438
(40,670)
(6,890)
1,842
244
33,964
Debt Plus
Pension
35
70
105
26,250
64,060
5,363
20,335
657
26,355
4,743
33,067
37,810
61,753
2,121
186
64,060
Cash Plus
Pension
11,924
7,242
718
19,884
309,607
3,764,234
327,827
830
834
329,491
94,742
129,703
3,230,182
3,454,627
2,805,988
933,302
24,944
3,764,234
Eq. Gain
28
28
13,477
37,312
12,684
1
820
13,505
1,217
19,108
3,510
23,835
35,862
1,354
96
37,312
Accelerated
Balance Sheet for Unit Linked Business as at 31 March 2006
30,970
558
78
198
834
2,594
161
252
3,007
113,552
14
970
4
6,374
24,423
19
31,804
87
1,948
275
23,096
90,498
655
116,559
Eq. Index
Pension
5
5
2,019
5,619
1,986
38
2,024
2,542
1,058
3,600
5,536
58
25
5,619
Secure
58
34
34
157
26
(71)
(30)
10
92
Secure
214,544
4,182
5,019
410
250
9,861
214
4,068
396
18,979
199,119
1,629
224,405
102
76
178
20,542
102,758
18,187
1
2,532
20,720
10,483
69,264
2,469
82,216
98,609
3,650
499
102,758
Stable
22,096
1,569
276
23,941
8,617
762,895
32,326
58
174
32,558
8,251
104,550
641,477
754,278
548,339
214,544
12
762,895
Eq. Midcap
Fund
(Amount in Rs. 000)
3,650
1,018
221
1,239
5,519
85
340
766
(2,018)
197
4,889
Eq. Midcap
Fund
(Amount in Rs. 000)
Stable
Balanced fund is a fund of funds. The investment objective of this fund is to provide a balanced investment between long-term capital appreciation and current income through investment in the Units of our Equity and Debt funds.
LIABILITIES
Total
ASSETS
Investments
Current Assets
Bank Fixed Deposits
Dividend Receivable
Current Liabilities
Total Assets (A+D)
INCOME
Interest Income
Dividend Income
Write-up on T-Bills
Total Income (A)
EXPENSES
Total Expenses (B)
Eq. Plus
Pension
76
10,876
214
51
265
2
80
133
88
10,838
11,141
Pure Eq.
21,657
558
58
616
63
156
116
21,845
93
22,273
Premier Eq.
39,009
893
62
955
133
199
43
8,337
30,972
280
39,964
Premier
Eq. Gain
153
131
41
172
353
74
40
(165)
23
325
Premier
Debt
82,492
27,995
12
110,499
2,645
15,395
80,594
98,634
15,084
13
15,097
3,043
107
82
3,232
11,865
110,499
86,450
207,769
1,460,359
1,754,578
156,724
248
3,467
160,439
52,020
1,975
410
54,405
106,034
1,860,612
Eq. Midcap
Pension
1,402,757
457,788
67
1,860,612
Eq. Midcap
Plus
7,710
132
51
7,893
37,236
186,619
45,053
76
45,129
31,264
118,119
149,383
175,743
10,876
186,619
Pure Eq.
12,040
349
58
12,447
103,717
361,014
116,066
57
41
116,164
905
12,667
261,265
(17,540)
257,297
356,897
(16,953)
(587)
21,657
361,014
Premier Eq.
38,251
587
62
38,900
104,012
620,566
142,833
71
8
142,912
10,153
85,885
420,516
516,554
581,557
39,009
620,566
Premier
Eq. Gain
69
41
110
111,404
115,260
100,284
10,000
1,230
111,514
17,790
12,377
(26,311)
3,856
141,418
(25,430)
(881)
153
115,260
Premier
Debt
Balance Sheet for Unit Linked Business as at 31st March 2006
27,995
675
55
188
918
10,373
738
357
11,468
457,788
14
589
44
3,815
24,259
192
28,913
1,475
7,646
763
36,365
419,957
3,050
469,256
Eq. Midcap
Pension
4,582,130
55,180
121,442
5,905
6,468
188,995
146,580
82,813
46,830
531,993
3,896,374
83
66,452
4,771,125
43,851
43,851
43,851
42,383
1,468
43,851
Premier
Balance
394,842
30,513
5,204
430,559
2,959,379
25,693,200
2,924,251
350,000
4,021
111,666
3,389,938
1,299,582
4,151,327
17,282,913
22,733,821
20,916,947
82
4,582,130
194,041
25,693,200
Total
(Amount in Rs. 000)
Total
(Amount in Rs. 000)
Premier
Balance
Balanced fund is a fund of funds. The investment objective of this fund is to provide a balanced investment between long-term capital appreciation and current income through investment in the
Units of our Equity and Debt funds.
LIABILITIES
Total
ASSETS
Investments
Current Assets
Bank Fixed Deposits
Dividend Receivable
Current Liabilities
Total Assets (A+D)
INCOME
Interest Income
Dividend Income
Write-up on T-Bills
Total Income (A)
EXPENSES
Total Expenses (B)
Eq. Midcap
Plus
77
78
Schedules forming part of financial statements for year ended 31st March 2007
Appendix III refer Schedule 16 Note 23
Disclosure for Unit Linked Business as per Unit Linked Disclosure Norms:
I.
Performance of Fund: Refer Enclosure A
1.
Investment Management
i)
Activities outsourced: Fund Accounting.
ii)
Fess paid for various activities charged to Policyholders account: Refer Enclosure B.
iii) Basis of Payment of Fees: Refer Enclosure B.

2.
Related party transactions

i)
During the year no brokerage, custodial fees and any other payments and receipts made to/from related parties
(Previous year: NIL).
ii)
Company wise details of investments held in the promoter group along with its percentage to funds under management:
As on 31st March 07 no investments is held in the promoter group (Previous year NIL)
3.
Industry wise Disclosure of Investment Refer Enclosure C.
4.
Unclaimed redemption of Units: As on 31st March 07 there is no unclaimed redemption of units.
5.
Highest, Lowest and Closing NAV at the end of the year: Refer Enclosure D.
6.
Expenses Charged to Fund (percentage basis) :

i)
Annualized expense ratio to average daily assets of the Fund: Refer Enclosure E
7.
Ratio of Gross income to average daily net assets: Refer Enclosure F
8.
There are no doubtful debts on assets as on 31st March 07.
9.
Disclosure of appreciation and/or depreciation in value of investments: Refer Enclosure G
79
Enclosure A : Performance of Fund (Absolute Growth %)

Fund Names
Acc Mid Cap Fund
Acc Mid Cap Pension Fund
Date Of
Inception
24-Jul-06
Current Year
2006-07 (%)
22.39
2005-06 (%)
0.00
2004-05 (%)
0.00
Since
Inception (%)
22.39
18.99
24-Jul-06
18.99
0.00
0.00
Accelerated Fund
18-Nov-04
6.78
8.95
4.62
21.71
Balance Fund
Balance Plus Pension Fund
15-Jan-04
18-Nov-04
7.56
9.10
28.46
28.09
3.49
3.86
38.06
45.13
Balanced Plus Fund
23-Jul-04
8.36
27.13
11.97
54.25
Balancer Fund
24-Jul-06
11.99
0.00
0.00
11.99
Balancer Pension Fund
24-Jul-06
11.34
0.00
0.00
11.34
Bond Pension Fund

Capital GuaranteeFund 2012
24-Jul-06
11-Jan-07
4.46
(0.66)
0.00
0.00
0.00
0.00
4.46
(0.66)
11-Jan-07
(10.39)
0.00
0.00
(10.39)
11-Jan-07
(2.20)
0.00
0.00
(2.20)
Cash Fund
Cash Plus Fund
15-Jan-04
23-Jul-04
5.39
6.99
3.68
5.26
2.53
3.26
12.14
16.29
Cash Plus Pension Fund
18-Nov-04
7.18
5.08
2.02
14.90
Debt Fund
15-Jan-04
3.60
2.50
(1.25)
5.83
Debt Plus Fund

Debt Plus Pension Fund
23-Jul-04
18-Nov-04
5.06
5.61
3.85
3.59
0.28
2.63
9.41
12.27
Equity Fund
15-Jan-04
11.67
65.82
11.26
82.61
Equity Gain Fund
23-Jul-04
4.95
70.84
36.34
144.46
Equity Growth Fund
24-Jul-06
18.45
0.00
0.00
18.45
Equity Growth Pension Fund

Equity Index Fund
24-Jul-06
23-Jul-04
18.66
12.47
0.00
64.90
0.00
23.13
18.66
128.36
101.49
Equity Index Pension Fund
18-Nov-04
13.08
66.74
6.86
Equity Midcap Fund
9-Mar-05
4.20
74.56
0.95
83.62
Equity Midcap Pension Fund

Equity Midcap Plus Fund
9-Mar-05
9-Mar-05
6.80
5.11
78.83
76.80
1.79
1.63
94.41
88.87
Equity Plus Fund
23-Jul-04
6.11
70.32
39.33
151.79
Equity Plus Pension Fund
18-Nov-04
7.08
73.82
18.64
120.82
Equity Index Pension Fund-2

Income Bond Fund
24-Jul-06
10-Jul-06
21.58
4.15
0.00
0.00
0.00
0.00
21.58
4.15
Life Long Gain Fund
23-Jul-04
4.30
2.01
(6.95)
(1.00)
Liquid Fund
10-Jul-06
5.15
0.00
0.00
5.15
Liquid Pension Fund
24-Jul-06
4.84
0.00
0.00
4.84
24-Jul-06
17-Dec-05
23.87
7.25
0.00
8.76
0.00
0.00
23.87
16.65
10.60
Nifty Index Fund

Premier Balanced Fund
Premier Balancer Fund
24-Jul-06
10.60
0.00
0.00
Premier Debt Fund
17-Dec-05
4.11
1.45
0.00
5.62
Premier Equity Fund

Premier Equity Gain Fund
17-Dec-05
17-Dec-05
11.34
5.20
20.20
26.63
0.00
0.00
33.83
33.21
Premier Equity Growth Fund
24-Jul-06
20.51
0.00
0.00
20.51
Premier Income Fund
21-Jul-06
2.79
0.00
0.00
2.79
Premier Nifty Index Fund
24-Jul-06
22.42
0.00
0.00
22.42
17-Dec-05
21-Jul-06
(0.38)
13.66
22.79
0.00
0.00
0.00
22.32
13.66
Secure Fund
15-Oct-04
6.31
3.05
2.29
12.06
Stable Fund
15-Sept-04
4.46
4.69
4.13
13.87
Pure Equity Fund

Pure Stock Fund
80
Enclosure B : Fees Charged to Policyholders Account

(Amt. in Rs. 000)
Particulars
Acc Mid Cap Fund

Accelerated Fund
Balance Fund
Balanced plus Fund
Balancer Fund
Bond Pension Fund
Cash fund
Cash Plus Fund
Debt Fund
Debt Plus Fund
Eq Growth Fund
Eq Midcap Plus Fund
Eq.Midcap Fund
Eq.Midcap Pension Fund
Equity Gain Fund
Equity Fund
Equity Index Fund
Equity Plus Fund
Income Bond Fund
Life Long Gain Fund
Liquid Fund
Liquid Pension Fund
Nifty Index Fund
Premier Balance fund
Premier Debt Fund
Premier Equity Fund
Premier Income fund
Pure Equity Fund
Pure Stock Fund
Secure Fund
Stable Fund
Total
Fund
Management
Expenses
2,676
462
456
107
84
6
50
8,200
14,410
820
10,136
6,414
671
35,261
26,354
12,872
1,699
71,368
30,346
3,179
15,709
1,316
144,106
12,219
508
1,169
748
235
44
6,315
12,391
5,239
11,159
19,192
1,232
3,676
4,414
855
72
1,479
467,649
Fund
Administration
Expenses
10,250
12,670
10,726
59,476
37,932
935
131,988
Basis of Payment of Fees

Fund Management Charges
% of NAV
Fund Administration Charges
% of NAV / Fixed Amount
% of Asset Under Management
Custody Charges
% of Market Value of Investment
Custody
Charges
48
29
3
(33)
56
3
95
(37)
1
370
157
176
(7)
995
67
1,923
Fund
Accounting
Charges
67
245
57
67
71
51
221
67
62
468
315
157
64
1,024
67
50
65
67
67
67
67
3,384
81
Enclosure C: Summary Of Industry Wise Disclosure Of Investments

Industry
Banking Services Industry - Fixed Deposit
Banking Services Industry - Other than Fixed Deposits
Computer Software Industry
Others
Total
Amt in Rs. 000

1,681,000
8,567,601
5,407,527
32,049,923
47,706,051
Exposure (%)
3.52
17.96
11.34
67.18
100.00
Note - Industry exposure does not include cash element
Fundwise Industrywise Disclosure of Investments

Portfolio Name
Acc Mid Cap Fund
Accelerated Fund
Bond Pension Fund
Cash Fund
Cash Plus Fund
Debt Fund
Debt Plus Fund
Eq Growth Fund
Eq Midcap Plus Fund
Eq.Midcap Fund
Equity Gain Fund
Equity Fund
Equity Index Fund
Equity Plus Fund
Income Bond Fund
Life Long Gain Fund
Liquid Fund
Liquid Pension Fund
Nifty Index Fund
Premier Debt Fund
Premier Equity Fund
Premier Income Fund
Pure Equity Fund
Pure Stock Fund
Secure Fund
Stable Fund
Grand Total
Banking Services
Industry
Amt in
Rs. 000
%
84,733
0.83
5,890
0.06
32,125
0.31
17,826
0.17
1,110
0.01
102
0.00
1,073
0.01
809,139
7.90
1,465,592
14.31
119,349
1.16
412,506
4.02
372,676
3.64
21,306
0.21
1,339,451
13.07
228,670
2.23
165,906
1.62
19,270
0.19
982,145
9.58
403,402
3.94
91,378
0.89
212,442
2.07
18,826
0.18
1,669,975
16.29
147,325
1.44
24,046
0.23
204,076
1.99
52,235
0.51
90,322
0.88
9,763
0.10
291,884
2.85
214,089
2.09
109,369
1.07
55,362
0.54
183,268
1.79
56,761
0.55
46,708
0.46
0.00
0.00
3,136
0.03
285,365
2.78
10,248,601
100.00
Computer Software
Industry
Amt in
Rs. 000
%
78,607
1.45
8,631
0.16
3,210
0.06
0.00
2,271
0.04
206
0.00
2,195
0.04
0.00
0.00
0.00
0.00
0.00
0.00
858,238
15.87
236,631
4.38
132,047
2.44
15,689
0.29
670,553
12.40
710,485
13.14
58,198
1.08
357,136
6.60
30,291
0.56
1,222,437
22.61
97,890
1.81
26,336
0.49
0.00
0.00
0.00
0.00
407,141
7.53
125,253
2.32
0.00
105,125
1.94
108,110
2.00
0.00
67,871
1.26
57,814
1.07
18,655
0.34
102
0.00
6,405
0.12
5,407,527
100.00
Others
Amt in
Rs. 000
435,893
50,417
29,392
8,367
57,989
3,802
30,485
90,091
190,032
3,432
692,404
592,401
83,654
5,594,983
1,313,236
695,062
83,159
4,323,080
2,655,802
377,939
1,320,943
111,989
8,013,618
627,554
97,607
170,772
51,146
3,736
59
1,556,338
783,895
104,694
388,652
669,610
47,549
251,647
302,199
96,936
2,935
136,424
32,049,923
%
1.36
0.16
0.09
0.03
0.18
0.01
0.10
0.28
0.59
0.01
2.16
1.85
0.26
17.44
4.10
2.17
0.26
13.49
8.29
1.18
4.12
0.35
25.00
1.96
0.30
0.53
0.16
0.01
0.00
4.86
2.45
0.33
1.21
2.09
0.15
0.79
0.94
0.30
0.01
0.43
100.00
82
Banking Services - Exposure details - Scrip Wise

Instrument
10% SARASWATBANK - 06-May-2008 FD
10.95% ICICI BANK LTD - 03-Mar-2008 FD
11% IDBI - 12-May-2008
11.11% STATE BANK OF HYDERABAD - 03-Mar-2008 FD
11.25% CANARA BANK - 03-Mar-2009 FD
11.25% ICICI BANK LTD - 13-Mar-2009 FD
11.25% SYNDICATE BANK - 17-Mar-2008 FD
11.30% SYNDICATE BANK - 24-Mar-2009 FD
11.30% SYNDICATE BANK - 24-Mar-2009 FD (29/03/07)
11.50% PUNJAB NATIONAL BANK - 21-Mar-2008 FD
6.00% IDBI OMNI BONDS M - 16/01/2009
8.25% ICICI BANK LTD - 13-Aug-2007 FD
8.90% ICICI BANK LTD - 12-Apr-2007 FD
8.96% SYNDICATE BANK - 28-Dec-2007 FD
8.96% SYNDICATE BANK - 29-Dec-2007 FD
Allahabad Bank CD 12 March 2008
Allahabad Bank CD 22 Feb 2008
ALLAHABAD BANK CD- 31-Oct-2007
ALLAHABAD CD 19 Sept 2007
Canara Bank CD 28 Feb 2008
FEDERAL BANK LTD - 29-Jun-2007
HDFC Bank CD 15 June 2007
HDFC Bank CD 28 June 2007
HDFC BANK LTD
HSBC CD 11 July 2007
ICICI Bank CD 03 Jan 2008
ICICI Bank CD 21 May 2007
ICICI Bank CD 29 June 2007
ICICI Bank CD 31 Jul 2007
ICICI Bank CD 6 March 2008
ICICI BANK LTD
ICICI BANK LTD - 04-Apr-2007
ICICI BANK LTD CD - 22-Jun-2007
ICICI Bank Ltd. CD 20 Feb 2008
IDBI Bank CD 05 March 2008
IDBI Bank CD 13 Nov 2007
INDIAN BANK CD - 09-Apr-2007
Indian Bank CD 05 Jun 07
Indian Bank CD 20 Jul 2007
ING Vysya Bank CD 06 Apr 2007
ING VYSYA BANK LTD
KOTAK MAHINDRA BANK CD - 10-Jul-2007
KOTAK MAHINDRA BANK CD- 19-Jun-2007
Kotak Mahindra Bank CD 31 Jul 2007
ORIENTAL BANK OF COMMERCE
PNB CD 28 June 2007
PUNJAB NATIONAL BANK
STATE BANK MYSORE CD 19 March 2008
STATE BANK OF BIKANER & JAIPUR - 11-Jun-2007
STATE BANK OF HYDERABAD- CD 07 Jun 2007
Amt in Rs. 000

50,000
251,000
50,053
100,000
100,000
100,000
50,000
50,000
150,000
100,000
200,000
200,000
46,514
100,000
100,000
80,000
50,000
227,215
45,756
143,287
48,175
501,481
98,041
49,213
147,138
141,884
146,788
93,474
98,876
196,148
97,428
136,016
900,510
49,957
98,251
228,521
136,427
95,232
99,807
98,580
48,852
49,936
75,663
97,815
98,288
97,446
22,112
97,859
636,222
453,006
98,404
49,214
(%)
0.49
2.45
0.49
0.98
0.98
0.98
0.49
0.49
1.46
0.98
1.95
1.95
0.45
0.98
0.98
0.78
0.49
2.22
0.45
1.40
0.47
4.89
0.96
0.48
1.44
1.38
1.43
0.91
0.96
1.91
0.95
1.33
8.76
0.49
0.96
2.23
1.33
0.93
0.97
0.96
0.48
0.49
0.74
0.95
0.96
0.95
0.22
0.95
6.21
4.42
0.96
0.48
83
Banking Services - Exposure details - Scrip Wise

Instrument
STATE BANK OF INDIA
STATE BANK OF INDIA CD- 14-May-2007
STATE BANK OF INDORE CD - 14-May-2007
STATE BANK OF INDORE CD 30 Apr 2007
STATE BANK OF PATIALA - 29-Nov-2007
STATE Bank OF PATIALA -CD 06 Sep 07
STATE BANK OF TRAVANCORE CD- 07-Jan-2008
STATE BANK SAURASHTRA - 21-Jun-2007
UCO Bank CD 07 Feb 2008
UCO Bank CD 21 Apr 2007
UCO Bank CD 29 June 2007
UCOBANK CD - 12-Jul-2007
Union Bank CD 20 March 2008
UTI Bank CD 23 Aug 2007
UTI Bank CD 28 Aug 2007
UTI BANK LTD CD 15-Jun-2007
Yes Bank CD 12 Oct 2007
YESBANK -CD - 30-Oct-2007
Grand Total
Amt in Rs. 000
(%)
917,072
49,541
49,557
49,656
47,445
48,365
93,395
98,281
230,781
49,779
49,047
244,555
452,868
48,211
145,289
98,418
47,992
47,760
10,248,601
8.95
0.48
0.48
0.48
0.46
0.47
0.91
0.96
2.25
0.49
0.48
2.39
4.42
0.47
1.42
0.96
0.47
0.47
100.00
Computer Software Industry- Exposure details - Scrip Wise

Instrument
AZTEC SOFTWARE
HCL TECHNOLOGIES LTD
INFOSYS TECHNOLOGIES LTD
INFOTECH ENTERPRISES LTD
MASTEK LTD
Amt in Rs. 000
(%)
45,143
0.83
89,219
1.65
1,500,563
26,573
27.76
0.49
92,923
1.72
MPHASIS BFL LIMITED
823,201
15.22
NIIT TECHNOLOGIES LIMITED

SATYAM COMPUTER SERVICES LTD
92,188
866,937
1.70
16.03
TATA CONSULTANCY SERVICES LTD
1,340,287
24.79
TULIP IT SERVICES LIMITED

WIPRO LTD
Grand Total
61,599
1.14
468,894
8.67
5,407,527
100.00
84
Appendix III refer Schedule 16 Note 23.
Enclosure D : Highest, Lowest and Closing NAV for the year 2006-07
Fund Names
Closing NAV
31-Mar-07
(Rs.)
Lowest
NAV
(Rs.)
Highest
NAV
(Rs.)
Accelerated Fund
12.171
10.689
12.685
Accelerator M-C Pension Fund
11.898
10.000
13.237
Accelerator Mid-Cap Fund
12.238
10.000
13.580
14.512
11.970
15.206
Balanced Fund
13.806
11.408
14.536
Balanced Plus Fund
15.425
12.825
16.166
Balancer Fund
11.198
9.933
11.665
11.133
10.000
11.554
Bond Fund
10.414
10.000
10.414
Bond Pension Fund
10.446
10.000
10.446
Capital Guarantee Fund- 2012
9.986
9.837
10.102
9.778
9.635
10.115
9.952
9.732
10.116
Cash Fund
11.215
10.654
11.215
Cash Plus Fund
11.628
10.888
11.628
11.490
10.738
11.490
Debt Fund
10.583
10.247
10.616
Debt Plus Fund
10.940
10.448
10.944
11.227
10.668
11.227
Equity Fund
18.262
12.608
20.110
Equity Gain Fund
24.447
17.242
27.138
Equity Growth Fund
11.845
9.564
13.039
11.865
10.000
13.403
Equity Index Fund
22.835
15.649
25.099
20.148
13.798
22.151
Equity Index Pension Fund 2
12.157
10.000
13.384
Equity Midcap Fund
18.362
13.522
20.486
Equity Midcap Pension Fund
19.440
13.977
21.662
Equity Midcap Plus Fund
18.886
13.518
21.064
Equity Plus Fund
25.178
17.454
27.916
22.082
15.303
24.489
Life Long Gain Fund
9.901
9.517
9.901
Liquid Pension Fund
10.483
10.000
10.483
Liquid Fund
10.514
10.000
10.514
Nifty Index Fund
12.387
9.788
13.629
Premier Bal Fund
11.664
9.882
12.179
11.060
10.000
11.529
Premier Bond Fund
10.279
10.000
10.279
Premier Debt Fund
10.562
10.158
10.562
Premier Eq Gain Fund
13.320
9.332
14.787
Premier Equity Fund
13.383
9.238
14.742
12.050
10.000
13.359
Premier Equity Index Fund
12.241
10.000
13.492
Pure Eq Fund
12.231
9.445
13.589
Pure Stock Fund
11.366
10.000
12.625
Secure Gain Fund
11.206
10.562
11.206
Stable Gain Fund
11.387
10.839
11.635
85
Enclosure E : Annualised Expense Ratio to

Average Daily Assets of the Fund
Fund Name
Expense Ratio (%)
Enclosure F : Ratio of Gross Income to

Average Daily Assets of the Fund
Fund Names
Income Ratio (%)
Acc Mid Cap Fund
1.75
Acc Mid Cap Fund
1.75
7.00
Accelerated Fund
1.20
Accelerated Fund
8.45
Bond Pension Fund

0.95
1.25
Bond Pension Fund

7.70
6.84
1.25
5.80
1.25
6.63
Cash fund
Cash Plus Fund
2.26
0.71
Cash fund
Cash Plus Fund
7.54
7.67
0.75
7.68
Debt Fund
2.25
Debt Fund
6.05
Debt Plus Fund

0.71
0.76
Debt Plus Fund

6.20
6.69
Eq Growth Fund
1.75
Eq Growth Fund
Eq Midcap Plus Fund
1.52
Eq Midcap Plus Fund
Eq.Midcap Fund
2.75
Eq.Midcap Fund
22.57

Equity Gain Fund
1.56
2.77

Equity Gain Fund
24.50
14.40
Equity Fund
2.27
Equity Fund
13.78
1.75
Equity Index Fund

1.02
1.04
Equity Index Fund

12.30
13.77
Equity Plus Fund
1.52
Equity Plus Fund
13.43
1.52
13.49

Income Bond Fund
1.25
0.95

Income Bond Fund
9.34
7.88
Life Long Gain Fund
2.32
Life Long Gain Fund
7.16
Liquid Fund
0.95
Liquid Fund
8.36
Liquid Pension Fund
0.95
Liquid Pension Fund
8.02
Nifty Index Fund

1.25
2.75
Nifty Index Fund

2.59
8.49
Premier Debt Fund
2.28
Premier Debt Fund
Premier Equity Fund
2.26
Premier Equity Fund

Premier Income fund
2.26
2.75

Premier Income fund
8.71
7.71
2.75
11.24
Pure Equity Fund
1.52
Pure Equity Fund
7.45
Pure Stock Fund
1.75
Pure Stock Fund
9.12
Secure Fund
Stable Fund
1.20
1.25
Secure Fund
Stable Fund
7.81
7.19
15.32
0.85
22.49
1.26
7.29
14.26
807
-
Corporate Bonds
Equity
Mutual Fund
1,765
(16,253)
(1,445)
(1,445)
-
(14,808)
19
(14,827)
-
Accelerator
Mid Cap
Fund
(1,885)
(14)
(14)
-
(1,871)
2
(1,873)
-
Accelerator
Mid Cap
Pension Fund
(91)
(91)
(91)
-
Bond
Pension
Fund
(473)
7
-
(480)
(120)
(47)
(313)
-
Capital
Guarantee
Fund 2012
(103)
2
-
(105)
(77)
(28)
-
Capital
Guarantee
Fund 2014
(30,153)
(197)
(23,317)
(312)
(1,581)
(124)
(124)
-
(1,457)
(863)
(594)
-
Debt Plus
Pension
Fund
984,992
232,402
232,402
-
752,590
28
1
752,561
-
Eq.
Fund
550,668
241,793
241,793
-
308,875
396
49
308,430
-
Eq.
Gain
Fund
(61,518)
57,489
57,489
-
(119,007)
(136)
(104)
3
(118,770)
-
Eq.
Growth
Fund
Note: The above appreciation/depreciation is the difference between market value and book cost of the investment as at 31st March 2007.
Total (A+B)
Total(B)
(197)
-
(312)
-
(23,005)
(29,956)
Total (A)
Corporate Bonds
Equity
Mutual Fund
Debt Plus
Fund
(215)
(13,341)
(9,449)
-
Debt Fund
(725)
(12,755)
(16,476)
-
Government Bonds
Corporate Bonds
Equity
Money Market
Mutual Fund
Particulars
(30)
(416)
(30)
(29)
(1)
-
Cash
Fund
32
32
-
(448)
(15)
(178)
(255)
-
Capital
Guarantee
Fund 2017
(6)
(6)
(1)
(5)
-
Cash
Plus
Fund
283,713
1,088
* Eq. for Equity
95,890
95,890
-
187,823
2
187,821
-
Eq.
Index
Fund
6,811
6,811
-
(5,723)
22
(5,745)
-
Eq. Growth
Pension
Fund
28,073
8,152
8,152
-
19,921
19,921
-
Eq. Index
Pension
Fund
2,334
2,645
2,645
-
(311)
(311)
-
Eq. Index
Pension
Fund - 2
(Amt. in Rs. 000)
Cash Plus
Pension
Fund
Enclosure - G : Fundwise and Classwise Appreciation/(Depreciation) in value of investments
Total (A+B)
807
958
Total (A)
Total(B)
(212)
(89)
1,259
-
Accelerated
Gain Fund
(Amt. in Rs. 000)
Government Bonds
Corporate Bonds
Equity
Money Market
Mutual Fund
Particulars
86
58,937
Total (A+B)
114,023
38,161
5,232
2,051
2,051
-
3,181
3,181
-
Eq.
Mid Cap Plus
Pension Fund
940,969
429,914
429,914
-
511,055
(67)
549
98
510,475
-
Eq.
Plus
Fund
69,563
33,463
33,463
-
36,100
68
9
36,023
-
Eq. Plus
Pension
Fund
(3,457)
(3,457)
(2,342)
(1,115)
-
Income
Fund
(1,807)
(1,109)
-
(2,916)
-
Government Bonds
Corporate Bonds
Equity
Money Market
Mutual Fund
Total (A)
Corporate Bonds
Equity
Mutual Fund
(2,916)
70,168
29,324
29,324
-
40,844
40,844
-
Premier
Eq.
Fund
43,098
28,538
28,538
-
14,560
35
(1)
14,526
-
Premier
Eq. Gain
Fund
17,044
20,831
20,831
-
(3,787)
13
(3,800)
-
Premier
Eq. Growth
Fund
(864)
(864)
(618)
(246)
-
Premier
Income
Fund
st
10,764
9,530
9,530
-
1,234
1
1,233
-
Premier
Nifty Index
Fund
Pure
Eq.
Fund
(3,374)
(1,640)
(1,640)
-
(1,734)
(1,734)
-
Pure
Stock
Fund
* Eq. for Equity
2,041
(5,713)
(5,713)
-
7,754
7,754
-
Note: The above appreciation/depreciation is the difference between market value and book cost of the investment as at 31 March 2007.
Total (A+B)
Premier
Debt
Fund
Particulars
Total(B)
(1,519)
* Eq. for Equity
Liquid
Fund
(1,519)
(908)
(611)
-
Life Long
Gain
Fund
(14,247)
(55)
4
-
(59)
(50)
(27)
18
-
Secure
Fund
27,036
27,036
-
(41,283)
20
(41,303)
-
Nifty
Index
Fund
(Amt. in Rs. 000)

Liquid
Pension
Fund
418
870
30
840
-
(452)
(1,166)
(235)
949
-
Stable
Fund
3,022,633
1,275,112
(603)
1,275,715
-
1,747,521
(1,243)
(33,304)
(29,980)
1,812,048
-
Total
(Amt. in Rs. 000)
18,804
18,804
-
Total(B)
75,862
40,133
Total (A)
Corporate Bonds
Equity
Mutual Fund
38,161
-
(13)
7
75,868
-
1
(12)
40,144
-
Government Bonds
Corporate Bonds
Equity
Money Market
Mutual Fund
Eq.
Mid Cap
Plus Fund
Eq.
Mid Cap
Fund
Particulars
87
88
Cash Flow Statement for the year ended 31st March 2007
(Amount in Rs. 000)
Current Year
Particulars
Previous Year
Cash Flow from Operating Activities

Receipts from customers
52,965,721
Premium Income
31,153,497
588,493
729,329
53,554,214
31,882,826
Other Income
Interest on overdue premium
Unit linked fund administration/management charges
17,930
12,808
952,087
218,070
34,308
Others
59,354
Cash generated from operations
1,004,325
290,232
54,558,539
32,173,058
Cash paid towards Operating Activities

(8,328,257)
Commission
(6,958,837)
(6,483,901)
(10,515,387)
(4,656,607)
(76,261)
(37,560)
Claims
Other Expenses
(2,946,503)
Direct Taxes Paid
2,661,253
Loans, Advances & Deposits
772,329
(23,217,489)
(13,352,242)
31,341,050
18,820,816
31,341,050
18,820,816
Cash flow before extraordinary item

Extraordinary Item
Net cash from Operating Activities ( A )
Cash Flow from Investing Activities
Purchase of Fixed Assets
(319,404)
Purchase of Investments
(83,123,594)
(165,708)
(26,703,624)
(83,442,998)
Interest & Dividend Received

Proceeds from Sale of Investments
(26,869,332)
628,682
261,942
50,927,847
7,520,686
Net cash from investing activities ( B )
51,556,529
7,782,628
(31,886,469)
(19,086,704)
Cash Flow from Financing activities

Proceeds from Issuance of Share Capital
Share Premium received on issuance of Share Capital
1,342
1,551
2,006,290
2,318,745
2,007,632
2,320,296
Net cash from Financing Activities ( C )
2,007,632
2,320,296
Net increase in Cash & Cash Equivalents ( D = A + B + C )
1,462,213
2,054,408
Cash & Cash equivalents at the beginning of the Year
2,682,164
627,756
Cash & Cash Equivalents at the end of the Year
4,144,377
2,682,164
4,198,042
2,958,503
(53,665)
(276,339)
4,144,377
2,682,164
Components of cash & cash equivalents

Cash and Bank Balances ( as per Sch 11)
Temporary overdraft (as per Sch 13 )

For S. R. Batliboi & Co.
Suhas Deshpande
Hemal Shah
Heinz Dollberg
Sanjiv Bajaj
Craig Ellis
Ranjit Gupta
Partner
Partner
Director
Director
Director
Director
Place : Pune
Sam Ghosh
Rajesh Viswanathan Andrew Wakeling Sameer Bakshi
Appointed Actuary
Company Secretary
89
Balance sheet abstract and Companys general business profile

I.
Registration Details
Registration No.
15959
31
Date
II.
III.
Balance Sheet Date

03
2007
Month
Year
Capital raised during the year (Amount in Rs. 000)

Public Issue
-
Rights Issue
-
Bonus Issue
-
Private Placement
1,342
Position of mobilisation and deployment of funds (Amount in Rs. 000)

Total Liabilities
676,31,851
IV
State Code
11
Total Assets
676,31,851
Source of Funds (Amount in Rs. 000)

Paid-up Capital
1,503,680
Reserves and Surplus (shareholders)

5,501,600
Secured Loans
-
Unsecured Loans
-
Policyholders funds
60,626,486
Others
85
Application of Funds (Amount in Rs. 000)

Net Fixed Assets
535,694
Investments
67,455,659
Net Current Assets

(3,138,261)
Miscellaneous Expenditure
-
Accumulated loss (Shareholders)

2,760,129
Others
18,630
VI. Performance of Company (Amount in Rs. 000)

Turnover
-
Total Expenditure
-
Profit/Loss before tax

(717,006)
Profit/Loss after tax

(717,033)
Accumulated Profits
Earnings per share
(4.77)
Note: Being a life insurance company there is no turnover.
Dividend rate (%)

-
90
VII. Generic Names of Principal Products/Services of Company

Item code no (ITC code)
Product description
Life Insurance Business
Note:
The Company being a life insurance company, the accounts of the Company are not required to be made in accordance with
Schedule VI. Further, the Insurance Act, 1938, requires the accounts of the Company to be split between Policyholders and
Shareholders Account. In view of this, it is not possible to give all the information as required in Part III & Part IV of the
Schedule.

Heinz Dollberg
Director
Sanjiv Bajaj
Director
Craig Ellis
Director
Ranjit Gupta
Director
Sam Ghosh
Rajesh Viswanathan
Andrew Wakeling
Appointed Actuary
Sameer Bakshi
Company Secretary
Place: Pune
Date: 11th May 2007
Notes

Bajaj Allianz Life Insurance Company Limited

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Bajaj Allianz Life Insurance Company Limited

1. MARKET SCENARIO IN THE LIFE INSURANCE INDUSTRY:

The Agency channel largely contributed to the extra

2. SUMMARY OF OPERATIONS FOR THE YEAR:

3. PARTICULARS REGARDING CONSERVATION OF ENERGY

4. FOREIGN EXCHANGE EARNINGS AND EXPENDITURE:

Expenditure in foreign currency

7. DIRECTORS RESPONSIBILITY STATEMENT:

(iv) that the annual accounts have been prepared on a

On behalf of Board of Directors of

Dr. Werner Zedelius

The Company posted a healthy profit of Rs. 662 million

The Gross Written Premiums grew to Rs. 53 billion showing

The Company sold over 2 million individual policies during

The Company is the largest private life insurer in the

Among the Top 50 Service Brands in Brand Equity, as

A significant portion of current years new business premium

Chief Financial Officer

Chief Executive Officer

Head Alternate Channels

Head Strategic Initiatives,

Head Information Technology

Head Operations &

Company Secretary &

Head Internal Audit

With respect to the operations of Bajaj Allianz Life Insurance

The Investment Policy is formulated by the Investment

5. The required solvency margins have been maintained as

6. We certify that the values of all the assets have been

4. The management has not directly or indirectly invested

Market value of investment in debt securities (other

11. We certify that the values, as shown in the Balance

Shareholders Account (Non Technical Account) of

Bajaj Auto Ltd.

Bajaj Auto Finance Ltd.

For Bajaj Allianz Life Insurance Company Limited

The Members of Bajaj Allianz Life Insurance Company Limited

We have audited the attached Balance Sheet of Bajaj Allianz

The Balance Sheet, the Policyholders Revenue Account,

The actuarial valuation of liabilities for life policies in

On the basis of the written representations received

These financial statements are the responsibility of the

In our opinion and to the best of our information and

Investments have been valued in accordance with the

The accounting policies selected by the Company are

The Balance Sheet, the Policyholders Revenue Account,

The Balance Sheet, the Policyholders Revenue Account,

Further to our comments in the Annexure referred to above,

We have obtained all the information and explanations

In our opinion and to the best of our information and

As the Companys accounting system is centralised at

the extent applicable and in the manner so required

explanations given to us and to the best of our knowledge

We have reviewed the management report attached to

Based on information and explanations received during

(i) in the case of the Balance Sheet, of the state of

11th May 2007

KIRTANE & PANDIT

S.R. BATLIBOI & CO.

per Hemal Shah

Annexure to the Auditors Report

The Company is not the trustee of any trust; and

11th May 2007